Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 30, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | USFD | ||
Entity Registrant Name | US FOODS HOLDING CORP. | ||
Entity Central Index Key | 1,665,918 | ||
Current Fiscal Year End Date | --12-30 | ||
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 | 215,146,497 | ||
Entity Public Float | $ 3,885,925,322 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 118,849 | $ 131,090 |
Accounts receivable, less allowances of $25,971 and $25,388 | 1,301,631 | 1,226,032 |
Vendor receivables, less allowances of $2,934 and $1,819 | 97,198 | 105,542 |
Inventories—net | 1,207,830 | 1,223,037 |
Prepaid expenses | 80,255 | 72,650 |
Assets held for sale | 5,178 | 21,039 |
Other current assets | 8,440 | 9,781 |
Total current assets | 2,819,381 | 2,789,171 |
PROPERTY AND EQUIPMENT—Net | 1,801,215 | 1,767,611 |
GOODWILL | 3,966,565 | 3,908,484 |
OTHER INTANGIBLES—Net | 363,618 | 386,881 |
DEFERRED TAX ASSETS | 21,505 | 34,405 |
OTHER ASSETS | 64,874 | 57,898 |
TOTAL ASSETS | 9,037,158 | 8,944,450 |
CURRENT LIABILITIES: | ||
Bank checks outstanding | 153,565 | 142,712 |
Accounts payable | 1,289,349 | 1,294,796 |
Accrued expenses and other current liabilities | 450,742 | 455,815 |
Current portion of long-term debt | 109,226 | 75,962 |
Total current liabilities | 2,002,882 | 1,969,285 |
LONG-TERM DEBT | 3,648,055 | 3,705,751 |
DEFERRED TAX LIABILITIES | 263,322 | 380,835 |
OTHER LONG-TERM LIABILITIES | 371,536 | 350,929 |
Total liabilities | 6,285,795 | 6,406,800 |
COMMITMENTS AND CONTINGENCIES (Note 21) | ||
SHAREHOLDERS’ EQUITY: | ||
Common stock, $0.01 par value—600,000 shares authorized; 214,963 and 220,929 issued and outstanding as of December 30, 2017 and December 31, 2016, respectively | 2,150 | 2,209 |
Additional paid-in capital | 2,721,454 | 2,791,264 |
Accumulated earnings (deficit) | 123,514 | (136,460) |
Accumulated other comprehensive loss | (95,755) | (119,363) |
Total shareholders’ equity | 2,751,363 | 2,537,650 |
TOTAL LIABILITIES AND EQUITY | $ 9,037,158 | $ 8,944,450 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowances for accounts receivable | $ 25,971 | $ 25,388 |
Allowances for vendor receivables | $ 2,934 | $ 1,819 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 214,963,000 | 220,929,000 |
Common stock, shares outstanding | 214,963,000 | 220,929,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
NET SALES | $ 24,147,161 | $ 22,918,808 | $ 23,127,532 |
COST OF GOODS SOLD | 19,929,618 | 18,865,536 | 19,114,293 |
Gross profit | 4,217,543 | 4,053,272 | 4,013,239 |
OPERATING EXPENSES: | |||
Distribution, selling and administrative costs | 3,644,290 | 3,585,986 | 3,650,704 |
Restructuring (benefit) charges and tangible asset impairments | (571) | 53,465 | 172,707 |
Total operating expenses | 3,643,719 | 3,639,451 | 3,823,411 |
OPERATING INCOME | 573,824 | 413,821 | 189,828 |
ACQUISITION TERMINATION FEES—Net | 287,500 | ||
INTEREST EXPENSE—Net | 169,582 | 229,080 | 285,175 |
LOSS ON EXTINGUISHMENT OF DEBT | 53,632 | ||
Income before income taxes | 404,242 | 131,109 | 192,153 |
INCOME TAX (BENEFIT) PROVISION | (40,052) | (78,685) | 24,635 |
NET INCOME | 444,294 | 209,794 | 167,518 |
OTHER COMPREHENSIVE INCOME (LOSS)-Net of tax: | |||
Changes in retirement benefit obligations, net | 16,171 | (44,985) | 83,663 |
Unrecognized gain on interest rate swaps, net | 7,437 | ||
COMPREHENSIVE INCOME | $ 467,902 | $ 164,809 | $ 251,181 |
NET INCOME PER SHARE | |||
Basic | $ 2 | $ 1.05 | $ 0.99 |
Diluted | $ 1.97 | $ 1.03 | $ 0.98 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | |||
Basic | 222,383,038 | 200,129,868 | 169,560,616 |
Diluted | 225,663,785 | 204,024,726 | 171,060,720 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Earnings (Deficit) [Member] | Accumulated Other Comprehensive Income ( Loss ) Retirement Benefit Obligations [Member] | Accumulated Other Comprehensive Income ( Loss ) Interest Rate Swaps [Member] | Accumulated Other Comprehensive Income ( Loss ) Total [Member] |
BEGINNING BALANCE at Dec. 27, 2014 | $ 1,622,032 | $ 1,667 | $ 2,292,178 | $ (513,772) | $ (158,041) | $ (158,041) | |
BEGINNING BALANCE (in shares) at Dec. 27, 2014 | 166,667,000 | ||||||
Settlements/reclassifications of Redeemable common stock | (8,091) | (8,091) | |||||
Share-based compensation expense | 8,055 | 8,055 | |||||
Changes in retirement benefit obligations, net of income tax | 83,663 | 83,663 | 83,663 | ||||
Net income | 167,518 | 167,518 | |||||
ENDING BALANCE at Jan. 02, 2016 | 1,873,177 | $ 1,667 | 2,292,142 | (346,254) | (74,378) | (74,378) | |
ENDING BALANCE (in shares) at Jan. 02, 2016 | 166,667,000 | ||||||
Settlements/reclassifications of Redeemable common stock | 43,111 | $ 25 | 43,086 | ||||
Settlements/reclassifications of Redeemable common stock (in shares) | 2,522,000 | ||||||
Share-based compensation expense | 14,856 | 14,856 | |||||
Net proceeds from initial public offering | 1,113,799 | $ 511 | 1,113,288 | ||||
Net proceeds from initial public offering (in shares) | 51,111,000 | ||||||
Cash distribution to shareholders ($3.94 per share - Note 14) | (666,332) | (666,332) | |||||
Proceeds from employee share purchase plan | 3,354 | $ 2 | 3,352 | ||||
Proceeds from employee share purchase plan (in shares) | 174,000 | ||||||
Share-based awards vested/exercised of stock options | $ 4 | (4) | |||||
Share-based awards vested/exercised of stock options (in shares) | 459,000 | ||||||
Common stock and share-based awards settled | (9,124) | (9,124) | |||||
Common stock and share-based awards settled (in shares) | (4,000) | ||||||
Changes in retirement benefit obligations, net of income tax | (44,985) | (44,985) | (44,985) | ||||
Net income | 209,794 | 209,794 | |||||
ENDING BALANCE at Dec. 31, 2016 | 2,537,650 | $ 2,209 | 2,791,264 | (136,460) | (119,363) | (119,363) | |
ENDING BALANCE (in shares) at Dec. 31, 2016 | 220,929,000 | ||||||
Share-based compensation expense | 19,908 | 19,908 | |||||
Proceeds from employee share purchase plan | 15,810 | $ 7 | 15,803 | ||||
Proceeds from employee share purchase plan (in shares) | 645,000 | ||||||
Share-based awards vested/exercised of stock options | $ 18,386 | $ 17 | 18,369 | ||||
Share-based awards vested/exercised of stock options (in shares) | 4,778,199 | 1,676,000 | |||||
Net share-settled stock options | $ 12 | (12) | |||||
Net share-settled stock options (in shares) | 1,192,000 | ||||||
Vested restricted stock units-net | $ 3 | (3) | |||||
Vested restricted stock units-net (in shares) | 280,000 | ||||||
Performance restricted shares-net | $ 2 | (2) | |||||
Performance restricted shares-net (in shares) | 241,000 | ||||||
Tax withholding payments for net share-settled equity awards | $ (28,293) | (28,293) | |||||
Common stock repurchased | (280,000) | $ (100) | (95,580) | (184,320) | |||
Common stock repurchased (in shares) | (10,000,000) | ||||||
Changes in retirement benefit obligations, net of income tax | 16,171 | 16,171 | 16,171 | ||||
Unrecognized gain on interest rate swaps, net of income tax | 7,437 | $ 7,437 | 7,437 | ||||
Net income | 444,294 | 444,294 | |||||
ENDING BALANCE at Dec. 30, 2017 | $ 2,751,363 | $ 2,150 | $ 2,721,454 | $ 123,514 | $ (103,192) | $ 7,437 | $ (95,755) |
ENDING BALANCE (in shares) at Dec. 30, 2017 | 214,963,000 |
Consolidated Statements of Sha6
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | Jan. 08, 2016 | Dec. 31, 2016 |
Statement Of Stockholders Equity [Abstract] | ||
Cash distribution to shareholders, per share | $ 3.94 | $ 3.94 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 444,294 | $ 209,794 | $ 167,518 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 377,877 | 421,371 | 399,247 |
Gain on disposal of property and equipment, net | (3,684) | (6,265) | (2,010) |
Tangible asset impairment charges | 1,807 | 125 | 6,293 |
Loss on extinguishment of debt | 53,632 | ||
Amortization of deferred financing costs | 5,725 | 7,252 | 13,261 |
Amortization of Senior Notes original issue premium | (1,664) | (3,330) | |
Insurance proceeds related to operating activities | 10,499 | 23,243 | |
Insurance benefit in net income | (10,499) | (20,083) | |
Deferred tax (benefit) provision | (122,928) | (80,434) | 17,606 |
Share-based compensation expense | 20,532 | 18,355 | 15,832 |
Provision for doubtful accounts | 17,999 | 11,112 | 12,103 |
Changes in operating assets and liabilities, net of business acquisitions: | |||
(Increase) decrease in receivables | (67,001) | 21,555 | 9,600 |
Decrease (increase) in inventories | 40,403 | (100,579) | (55,047) |
(Increase) decrease in prepaid expenses and other assets | (23,882) | 6,199 | (20,716) |
Increase (decrease) in accounts payable and bank checks outstanding | 16,570 | 131,044 | (71,448) |
Increase (decrease) in accrued expenses and other liabilities | 40,735 | (135,855) | 63,699 |
Net cash provided by operating activities | 748,447 | 555,642 | 555,768 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of businesses—net of cash | (182,210) | (122,294) | (69,481) |
Proceeds from sales of property and equipment | 25,521 | 16,827 | 5,048 |
Purchases of property and equipment | (221,281) | (164,395) | (187,409) |
Investment in Avero, LLC | (7,658) | ||
Investment in marketable securities | (484,624) | ||
Insurance proceeds related to investing activities | 2,771 | ||
Proceeds from redemption of industrial revenue bonds | 22,139 | ||
Purchase of industrial revenue bonds | (22,139) | ||
Net cash used in investing activities | (355,831) | (762,144) | (271,210) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from debt borrowings | 2,549,982 | 2,706,535 | 22,139 |
Proceeds from debt refinancing | 2,213,803 | ||
Principal payments on debt and capital leases | (2,650,157) | (4,140,760) | (109,489) |
Repayment of industrial revenue bonds | (22,139) | ||
Redemption of Old Senior Notes | (1,376,927) | ||
Payment for debt financing costs and fees | (1,477) | (25,941) | (3,573) |
Net proceeds from initial public offering | 1,113,799 | ||
Cash distribution to shareholders | (666,332) | ||
Contingent consideration paid for business acquisitions | (6,375) | ||
Proceeds from employee share purchase plan | 15,810 | 3,354 | |
Proceeds from exercise of stock options | 18,386 | ||
Tax withholding payments for net share-settled equity awards | (28,293) | ||
Proceeds from common stock sales | 2,850 | 500 | |
Common stock repurchased | (280,000) | ||
Common stock and share-based awards settled | (594) | (10,591) | (19,992) |
Net cash used in financing activities | (404,857) | (180,210) | (110,415) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (12,241) | (386,712) | 174,143 |
CASH AND CASH EQUIVALENTS—Beginning of year | 131,090 | 517,802 | 343,659 |
CASH AND CASH EQUIVALENTS—End of year | 118,849 | 131,090 | 517,802 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest (net of amounts capitalized) | 158,310 | 222,742 | 345,732 |
Income taxes paid—net | 11,127 | 4,571 | 7,861 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Property and equipment purchases included in accounts payable | 30,664 | 50,349 | 26,885 |
Capital lease additions | 91,149 | 80,118 | $ 110,097 |
Cashless exercise of equity awards | 30,136 | ||
Contingent consideration payable for acquisition of businesses | $ 4,200 | 8,375 | |
Marketable securities transferred in connection with the legal defeasance of the CMBS Fixed Loan Facility | 484,624 | ||
CMBS Fixed Loan Facility defeasance | 471,615 | ||
Restricted cash transferred to cash and cash equivalents | $ 6,147 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
Overview and Basis of Presentation | 1. OVERVIEW AND BASIS OF PRESENTATION US Foods Holding Corp., a Delaware corporation, and its consolidated subsidiaries are referred to herein as “we,” “our,” “us,” “the Company,” or “US Foods.” US Foods conducts all of its operations through its wholly owned subsidiary US Foods, Inc. and its subsidiaries (“USF”). All of the Company’s indebtedness, as further described in Note 11, Debt, is an obligation of USF. US Foods was previously controlled by investment funds associated with or designated by Clayton, Dubilier & Rice, LLC (“CD&R”) and Kohlberg Kravis Roberts & Co., L.P. (“KKR”), as discussed in Note 14, Related Party Transactions. KKR and CD&R are collectively referred to herein as the “Sponsors”. Business Description —The Company, through USF, operates in one business segment in which it markets and primarily distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the United States. These customers include independently owned single and multi-unit restaurants, regional concepts, national restaurant chains, hospitals, nursing homes, hotels and motels, country clubs, government and military organizations, colleges and universities, and retail locations. Basis of Presentation —The Company operates on a 52-53 week fiscal year, with all periods ending on a Saturday. When a 53-week fiscal year occurs, the Company reports the additional week in the fiscal fourth quarter. The fiscal years ended December 30, 2017, December 31, 2016, and January 2, 2016 are also referred to herein as fiscal years 2017, 2016, and 2015, respectively. The Company’s fiscal years 2017 and 2016 were 52-week fiscal years. The Company’s fiscal year 2015 was a 53-week fiscal year. Initial Public Offering —On June 1, 2016, the Company closed its initial public offering (“IPO”) selling 51,111,111 shares of common stock for a cash offering price of $23.00 per share ($21.9075 per share net of underwriter discounts and commissions and before offering expenses). The net proceeds of the IPO were used to redeem $1,090 million principal of the Company’s 8.5% Senior Notes due June 30, 2019 (the “Old Senior Notes”), and pay the related $23 million early redemption premium. Terminated Acquisition by Sysco —On December 8, 2013, US Foods entered into an agreement and plan of merger (the “Acquisition Agreement”) with Sysco Corporation (“Sysco”) and certain of its subsidiaries, for Sysco to acquire US Foods (the “Acquisition”) on the terms and subject to the conditions set forth in the Acquisition Agreement. On February 2, 2015, the parties entered into an asset purchase agreement (the “Asset Purchase Agreement”) with Performance Food Group, Inc. (“PFG”), through which PFG agreed to purchase eleven USF distribution centers and related assets and liabilities, in connection with and subject to the closing of the Acquisition. In February 2015, following completion of its regulatory review of the proposed Acquisition, the US Federal Trade Commission filed a motion with the U.S. District Court of Columbia (“Court”) seeking a preliminary injunction to block the proposed Acquisition, which the Court granted on June 23, 2015. On June 26, 2015, the parties terminated the Acquisition Agreement, and the Asset Purchase Agreement automatically terminated. Sysco paid the Company a termination fee of $300 million in connection with the termination of the Acquisition Agreement. USF paid a termination fee of $12.5 million to PFG pursuant to the terms of the Asset Purchase Agreement. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation —Consolidated financial statements include the accounts of US Foods and its wholly owned subsidiary, USF. Intercompany transactions have been eliminated in consolidation. Use of Estimates —Consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This 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 these estimates. The most critical estimates used in the preparation of the Company’s consolidated financial statements pertain to the valuation of goodwill and other intangible assets, vendor consideration, self-insurance programs, and income taxes. Cash and Cash Equivalents —The Company considers all highly liquid investments purchased with a maturity of three or fewer months to be cash equivalents. Accounts Receivable —Accounts receivable represent amounts due from customers in the ordinary course of business and are recorded at the invoiced amount and do not bear interest. Receivables are presented net of the allowance for doubtful accounts in the accompanying Consolidated Balance Sheets. The Company evaluates the collectability of its accounts receivable and determines the appropriate allowance for doubtful accounts based on a combination of factors. When the Company determines that a loss is probable, a specific allowance for doubtful accounts is recorded, reducing the receivable to the net amount we reasonably expect to collect. In addition, allowances are recorded for all other receivables based on historic collection trends, write-offs and the aging of receivables. The Company uses specific criteria to determine uncollectible receivables to be written off, including bankruptcy, accounts referred to outside parties for collection, and accounts past due over specified periods. Vendor Consideration and Receivables —The Company participates in various rebate and promotional incentives with its suppliers, primarily through purchase-based programs. Consideration earned, is estimated during the year, as the Company’s obligations under the programs are fulfilled, which is primarily when products are purchased. Changes in the estimated amount of incentives earned, are recognized in the period of change. Vendor consideration is typically deducted from invoices or collected in cash within 30 days of being earned. Vendor receivables represent the uncollected balance of the vendor consideration. Since collections occur primarily from deducting the consideration from the amounts due to the vendor, the Company does not experience significant collectability issues. The Company evaluates the collectability of its vendor receivables based on specific vendor information and vendor collection history. Inventories —The Company’s inventories, consisting mainly of food and other foodservice-related products, are primarily considered finished goods. Inventory costs include the purchase price of the product, freight charges to deliver it to the Company’s warehouses, and depreciation and labor related to processing facilities and equipment, and are net of certain cash or non-cash consideration received from vendors. The Company assesses the need for valuation allowances for slow-moving, excess and obsolete inventories by estimating the net recoverable value of such goods based upon inventory category, inventory age, specifically identified items, and overall economic conditions. The Company records inventories at the lower of cost or market using the last-in, first-out (“LIFO”) method. The base year values of beginning and ending inventories are determined using the inventory price index computation method. This “links” current costs to original costs in the base year when the Company adopted LIFO. At December 30, 2017 and December 31, 2016, the LIFO balance sheet reserves were $130 million and $116 million, respectively. As a result of net changes in LIFO reserves, cost of goods sold increased $14 million in fiscal year 2017, and decreased $18 million and $74 million in fiscal years 2016, and 2015, respectively. Property and Equipment —Property and equipment are stated at cost. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to 40 years. Property and equipment under capital leases and leasehold improvements are amortized on a straight-line basis over the shorter of the remaining term of the related lease or the estimated useful lives of the assets. Routine maintenance and repairs are charged to expense as incurred. Applicable interest charges incurred during the construction of new facilities or development of software for internal use are capitalized as one of the elements of cost and are amortized over the useful life of the respective assets. Property and equipment held and used by the Company are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. For purposes of evaluating the recoverability of property and equipment, the Company compares the carrying value of the asset or asset group to the estimated, undiscounted future cash flows expected to be generated by the long-lived asset or asset group. If the future cash flows do not exceed the carrying value, the carrying value is compared to the fair value of such asset. If the carrying value exceeds the fair value, an impairment charge is recorded for the excess. The Company also assesses the recoverability of its closed facilities actively marketed for sale. If a facility’s carrying value exceeds its fair value, less an estimated cost to sell, an impairment charge is recorded for the excess. Assets held for sale are not depreciated. Impairments are recorded as a component of restructuring and tangible asset impairments in the Consolidated Statements of Comprehensive Income, and a reduction of the asset’s carrying value in the Consolidated Balance Sheets. Goodwill and Other Intangible Assets —Goodwill and other intangible assets include the cost of the acquired business in excess of the fair value of the net tangible assets acquired. Other intangible assets include customer relationships, noncompete agreements, the brand names comprising our portfolio of exclusive brands, and trademarks. As required, we assess goodwill and intangible assets with indefinite lives for impairment annually, or more frequently if events occur that indicate an asset may be impaired. For goodwill and indefinite-lived intangible assets, our policy is to assess for impairment at the beginning of each fiscal third quarter. For other intangible assets with definite lives, we assess for impairment only if events occur that indicate that the carrying amount of an asset may not be recoverable. All goodwill is assigned to the consolidated Company as the reporting unit. Self-Insurance Programs —The Company estimates its liabilities for claims covering general, fleet, and workers’ compensation. Amounts in excess of certain levels, which range from $1-10 million per occurrence, are insured as a risk reduction strategy, to mitigate catastrophic losses. The workers’ compensation liability is discounted, as the amount and timing of cash payments is reliably determinable given the nature of benefits and the level of historic claim volume to support the actuarial assumptions and judgments used to derive the expected loss payment pattern. The amount accrued is discounted using an interest rate that approximates the U.S. Treasury rate consistent with the duration of the liability. However, the inherent uncertainty of future loss projections could cause actual claims to differ from our estimates. We are self-insured for group medical claims not covered under collective bargaining agreements. The Company accrues its self-insured medical liability, including an estimate for incurred but not reported claims, based on known claims and past claims history. These accruals are included in accrued expenses and other long-term liabilities in the Consolidated Balance Sheets. Share-Based Compensation —Certain directors, officers and employees participate in the 2016 US Foods Holding Corp. Omnibus Incentive Plan (the “2016 Plan”) which provides a means through which the Company may grant equity and equity incentive awards of US Foods common stock. Certain officers and employees also hold outstanding equity awards granted pursuant to the 2007 Stock Incentive Plan for Key Employees of USF Holding Corp. and its Affiliates, as amended (“2007 Plan”) which terminated according to its terms on December 21, 2017. The termination of the 2007 Plan has no effect on any outstanding awards, however, no shares of US Foods common stock are available for future issuance under the 2007 Plan. Additionally, most of the Company’s employees are eligible to participate in the US Foods Holding Corp. Amended and Restated Employee Stock Purchase Plan (the “Stock Purchase Plan”), which allows for the purchase of US Foods common stock at a discount of up to 15% of the fair market value of a share at periodic acquisition dates. Shares issued to satisfy employee share-based award programs come from shares reserved for issuance under the respective award programs. US Foods contributes shares to USF for employee purchases, and upon exercise of options or grants of restricted stock and restricted stock units. The Company does not maintain treasury shares, as shares repurchased by the Company are retired upon reacquisition. The Company measures compensation expense for stock-based awards at fair value at the date of grant, and recognizes compensation expense over the service period for awards expected to vest. Forfeitures are recognized as incurred. Fair value is the closing price per share for the Company’s common stock as reported on the NYSE. Prior to the IPO, the grant date fair value was measured at the end of each fiscal quarter using the combination of a market and income approach. The computed value was applied to all stock and stock award activity in the subsequent quarter. Compensation expense for the Stock Purchase Plan represents the difference between the fair market value at acquisition date and the employee purchase price. Redeemable Common Stock —Redeemable common stock is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Prior to the IPO, common stock owned by management and key employees, including vested restricted shares and vested restricted stock units, was subject to certain redemption features and, accordingly was classified as Redeemable common stock. In connection with the IPO, the management stockholder’s agreement was amended, and common stock no longer has a redemption feature that is outside the Company’s control that could require the Company to redeem these shares. Accordingly, the amounts previously reflected in redeemable common stock, were reclassified to shareholders’ equity during the second quarter of 2016. Business Acquisitions —The Company accounts for business acquisitions under the acquisition method. Assets acquired and liabilities assumed are recorded at fair value as of the acquisition date. The operating results of the acquired companies are included in the Company’s consolidated financial statements from the date of acquisition. Revenue Recognition —The Company recognizes revenue from the sale of product when title and risk of loss passes and the customer accepts the goods, which generally occurs at delivery. The Company grants certain customers sales incentives—such as rebates or discounts—and treats these as a reduction of sales at the time the sale is recognized. Sales taxes invoiced to customers and remitted to governmental authorities are excluded from net sales. Cost of Goods Sold —Cost of goods sold includes amounts paid to vendors for products sold—net of vendor consideration and the cost of transportation necessary to bring the products to the Company’s distribution facilities. Depreciation related to processing facilities and equipment is presented in cost of goods sold. Because the majority of the inventories are finished goods, depreciation related to warehouse facilities and equipment is presented in distribution, selling and administrative costs. See inventories section above for discussion of the LIFO impact on cost of goods sold. Shipping and Handling Costs —Shipping and handling costs—which include costs related to the selection of products and their delivery to customers—are presented in distribution, selling and administrative costs. Shipping and handling costs were $1.6 billion in 2017 and 2016, and $1.5 billion in 2015. Income Taxes —The Company accounts for income taxes under the asset and liability method. This requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts 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 during the period that includes the enactment date. Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. An uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Uncertain tax positions are recorded at the largest amount that is more likely than not to be sustained. The Company adjusts the amounts recorded for uncertain tax positions when its judgment changes, as a result of evaluating new information not previously available. These differences are reflected as increases or decreases to income tax expense in the period in which they are determined. Derivative Financial Instruments — The Company utilizes derivative financial instruments to assist in managing its exposure to variable interest rates on certain borrowings. The Company does not enter into derivatives or other financial instruments for trading or speculative purposes. Interest rate swaps, designated as cash flow hedges, are recorded in the Company’s Consolidated Balance sheet at fair value. In the normal course of business, the Company enters into forward purchase agreements to procure fuel, electricity and product commodities related to its business. These agreements often meet the definition of a derivative. However, the Company does not measure its forward purchase commitments at fair value as the amounts under contract meet the physical delivery criteria in the normal purchase exception under GAAP guidance. Concentration Risks —Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. The Company’s cash equivalents are invested primarily in money market funds at major financial institutions. Credit risk related to accounts receivable is dispersed across a larger number of customers located throughout the United States. The Company attempts to reduce credit risk through initial and ongoing credit evaluations of its customers’ financial condition. There were no receivables from any one customer representing more than 5% of our consolidated gross accounts receivable at December 30, 2017 and December 31, 2016. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 3. RECENT ACCOUNTING PRONOUNCEMENTS In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02, Income Statement, Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income . This ASU Tax Cuts and Jobs Act (the “Tax Act”) accumulated other comprehensive income In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815):Targeted Improvements to Accounting for Hedging Activities In May 2017, the FASB issued ASU No. 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting . In March 2017, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments in this update require retrospective presentation in the income statement. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, This ASU should be applied using a retrospective transition method to each period presented. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), Leases In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, The Company has revised its relevant policies and procedures, as applicable, to meet the new accounting, reporting and disclosure requirements of Topic 606 and has updated internal controls accordingly. |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
Dec. 30, 2017 | |
Business Combinations [Abstract] | |
Business Acquisitions | 4. BUSINESS ACQUISITIONS Business acquisitions during fiscal year 2017 included (1) certain assets of The Thompson Co., L.L.C. , Braunger Foods, LLC, and broadline distributors all owned and operated by TOBA Inc., acquired in July; ( the stock of Riverside Food Distributors, LLC, Christiana and Co., the stock of processor, acquired in April Business acquisitions during fiscal year 2016 included (1) the stock of Bay-N-Gulf, Inc., d/b/a Save On Seafood, a seafood processor and distributor, acquired in October; (2) certain assets of Jeraci Food Distributors, Inc., an Italian specialty distributor, acquired in October; (3) the stock of Fresh Unlimited, Inc., d/b/a Freshway Foods, a produce processor, repacker, and distributor, acquired in June; and (4) certain assets of Cara Donna Provisions Co., Inc. and Cara Donna Properties LLC, a broadline distributor, acquired in March. Total consideration consisted of cash of approximately $123 million. Business acquisitions periodically provide for contingent consideration, including earnout agreements in the event certain operating results are achieved, which are generally over periods of up to two years from the respective dates of such acquisitions. The business acquisitions, reflected in the Company’s consolidated financial statements commencing from the date of acquisition, did not materially affect the Company’s results of operations or financial position and, therefore, pro forma financial information has not been provided. Acquisitions are integrated into the Company’s foodservice distribution network and funded primarily with cash from operations. The following table summarizes the purchase price allocations for the 2017 and 2016 business acquisitions as follows (in thousands): 2017 2016 Accounts receivable $ 17,108 $ 22,871 Inventories 25,232 9,493 Other current assets 677 732 Property and equipment 29,492 24,119 Goodwill 58,528 32,570 Other intangible assets 72,050 64,130 Accounts payable (7,986 ) (16,216 ) Accrued expenses and other current liabilities (5,837 ) (12,173 ) Deferred income taxes (7,277 ) — Long-term debt — (2,514 ) Cash paid for acquisitions $ 181,987 $ 123,012 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 30, 2017 | |
Receivables [Abstract] | |
Allowance for Doubtful Accounts | 5. ALLOWANCE FOR DOUBTFUL ACCOUNTS A summary of the activity in the allowance for doubtful accounts for the last three fiscal years is as follows (in thousands): 2017 2016 2015 Balance at beginning of year $ 25,388 $ 22,623 $ 24,989 Charged to costs and expenses 17,999 11,112 12,103 Customer accounts written off—net of recoveries (17,416 ) (8,347 ) (14,469 ) Balance at end of year $ 25,971 $ 25,388 $ 22,623 This table excludes the vendor receivable related allowance for doubtful accounts of $3 million at December 30, 2017, and $2 million at December 31, 2016 and January 2, 2016. |
Accounts Receivable Financing P
Accounts Receivable Financing Program | 12 Months Ended |
Dec. 30, 2017 | |
Text Block [Abstract] | |
Accounts Receivable Financing Program | 6. ACCOUNTS RECEIVABLE FINANCING PROGRAM Under its accounts receivable financing facility dated as of August 27, 2012, as amended (the “2012 ABS Facility”), USF sells, on a revolving basis, its eligible receivables to a wholly owned, special purpose, bankruptcy remote subsidiary (the “Receivables Company”). The Receivables Company, in turn, grants a continuing security interest in all of its rights, title and interest in the eligible receivables to the administrative agent, for the benefit of the lenders as defined by the 2012 ABS Facility. The Company consolidates the Receivables Company and, consequently, the transfer of the receivables is a transaction internal to the Company and the receivables have not been derecognized from the Company’s Consolidated Balance Sheets. On a daily basis, cash from accounts receivable collections is remitted to the Company as additional eligible receivables are sold to the Receivables Company. If, on a weekly settlement basis, there are not sufficient eligible receivables available as collateral, the Company is required to either provide cash collateral or, in lieu of providing cash collateral, it can pay down its borrowings on the 2012 ABS Facility to cover the shortfall. Due to sufficient eligible receivables available as collateral, no cash collateral was held at December 30, 2017 or December 31, 2016. Included in the Company’s accounts receivable balance as of December 30, 2017 and December 31, 2016 was $964 million and $923 million, respectively, of receivables held as collateral in support of the 2012 ABS Facility. See Note 11, Debt for a further description of the 2012 ABS Facility. |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 30, 2017 | |
Text Block [Abstract] | |
Assets Held for Sale | 7. ASSETS HELD FOR SALE The Company classifies its closed facilities as assets held for sale at the time management commits to a plan to sell the facility, the facility is actively marketed and available for immediate sale, and the sale is expected to be completed within one year. Due to market conditions, certain facilities may be classified as assets held for sale for more than one year as the Company continues to actively market the facilities at reasonable prices. The changes in assets held for sale for fiscal years 2017 and 2016 were as follows (in thousands): 2017 2016 Balance at beginning of year $ 21,039 $ 5,459 Transfers in 4,099 23,201 Assets sold (19,463 ) (7,496 ) Tangible asset impairment charges (497 ) (125 ) Balance at end of the year $ 5,178 $ 21,039 During fiscal year 2017, the Baltimore, Maryland distribution facility and another facility were sold for aggregate proceeds of $22 million, resulting in a $3 million gain. Additionally, an excess portion of a parcel of land, purchased earlier in the year, was transferred to assets held for sale, along with an operating facility that was closed due to the consolidation of operations into a recently acquired facility. The Baltimore distribution facility and the facility acquired as part of the Cara Donna acquisition were closed and transferred to assets held for sale in fiscal year 2016. The Cara Donna facility was subsequently sold in the same year, along with the Fairmont, Minnesota and Lakeland, Florida facilities, for aggregate proceeds of $12 million, resulting in a $4 million gain. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 8. PROPERTY AND EQUIPMENT Property and equipment consisted of the following (in thousands): December 30, 2017 December 31, 2016 Range of Useful Lives Land $ 312,909 $ 303,208 Buildings and building improvements 1,189,634 1,144,041 10–40 years Transportation equipment 949,236 835,089 5–10 years Warehouse equipment 384,361 343,315 5–12 years Office equipment, furniture and software 803,389 772,334 3–7 years Construction in process 87,478 94,075 3,727,007 3,492,062 Less accumulated depreciation and amortization (1,925,792 ) (1,724,451 ) Property and equipment—net $ 1,801,215 $ 1,767,611 Transportation equipment included $444 million and $354 million of capital lease assets at December 30, 2017 and December 31, 2016, respectively. Buildings and building improvements included $97 million of capital lease assets at December 30, 2017 and December 31, 2016. Accumulated amortization of capital lease assets was $181 million and $119 million at December 30, 2017 and December 31, 2016, respectively. Interest capitalized was $2 million and $1 million in fiscal years 2017 and 2016, respectively. Depreciation and amortization expense of property and equipment, including amortization of capital lease assets, was $283 million, $266 million and $253 million for the fiscal years 2017, 2016 and 2015, respectively. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 9. GOODWILL AND OTHER INTANGIBLES Goodwill includes the cost of acquired businesses in excess of the fair value of the tangible net assets acquired. Other intangible assets include customer relationships, noncompete agreements, and the brand names and trademarks comprising the Company’s portfolio of exclusive brands and trademarks. Brand names and trademarks are indefinite-lived intangible assets, and accordingly, are not subject to amortization. Customer relationships and noncompete agreements are intangible assets with definite lives, and are carried at the acquired fair value less accumulated amortization. Customer relationships and noncompete agreements are amortized over the estimated useful lives (two to four years). Amortization expense was $95 million, $155 million and $146 million for fiscal years 2017, 2016 and 2015, respectively. The weighted-average remaining useful life of all customer relationship intangibles was approximately 3 years at December 30, 2017. Amortization of these customer relationship assets is estimated to be $39 million in fiscal years 2018 and 2019, $24 million 2020, and $6 million in fiscal year 2021. Goodwill and Other intangibles consisted of the following (in thousands): December 30, 2017 December 31, 2016 Goodwill $ 3,966,565 $ 3,908,484 Other intangibles—net Customer relationships—amortizable: Gross carrying amount $ 154,230 $ 1,393,799 Accumulated amortization (46,203 ) (1,260,011 ) Net carrying value 108,027 133,788 Noncompete agreements—amortizable: Gross carrying amount 3,950 800 Accumulated amortization (1,159 ) (507 ) Net carrying value 2,791 293 Brand names and trademarks—not amortizing 252,800 252,800 Total other intangibles—net $ 363,618 $ 386,881 The 2017 increases in goodwill and noncompete agreements are attributable to the 2017 business acquisitions, see Note 4, Business Acquisitions. The net decrease in the gross carrying amount of customer relationships is attributable to the write off of the fully amortized intangible asset initially recognized in 2007 upon acquisition of the Company by the Sponsors, partially offset by the 2017 business acquisitions. The Company assesses goodwill and other intangible assets with indefinite lives for impairment annually, or more frequently if events occur that indicate an asset may be impaired. For goodwill and indefinite-lived intangible assets, the Company’s policy is to assess for impairment at the beginning of each fiscal third quarter. For intangible assets with definite lives, the Company assesses impairment only if events occur that indicate that the carrying amount of an asset may not be recoverable. The Company completed its most recent annual impairment assessment for goodwill and indefinite-lived intangible assets as of July 2, 2017, the first day of the third quarter of 2017, with no impairments noted. For goodwill, the reporting unit used in assessing impairment is the Company’s one business segment as described in Note 24, Business Information. The Company’s assessment for impairment of goodwill utilized a combination of discounted cash flow analysis, comparative market multiples, and comparative market transaction multiples, which were weighted 40%, 40% and 20%, respectively, to determine the fair value of the reporting unit for comparison to the corresponding carrying value. Since the Company has been a registrant for over one year, the Company modified the weighting from the prior year (50%, 35% and 15%, respectively) to give more weight to the current actual market capitalization and that of its peers. If the carrying value of the reporting unit exceeds its fair value, the Company must then perform a comparison of the implied fair value of goodwill with its carrying value. If the carrying value of the goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to the excess. Based upon the Company’s fiscal year 2017 annual goodwill impairment analysis, the Company concluded the fair value of its reporting unit exceeded its carrying value. The Company’s fair value estimates of the brand names and trademarks indefinite-lived intangible assets are based on a relief- from-royalty method. The fair value of these intangible assets is determined for comparison to the corresponding carrying value. If the carrying value of these assets exceeds its fair value, an impairment loss is recognized in an amount equal to the excess. Based upon the Company’s fiscal year 2017 annual impairment analysis, the Company concluded the fair value of the Company’s brand names and trademarks exceeded its carrying value. Due to the many variables inherent in estimating fair value and the relative size of the recorded indefinite-lived intangible assets, differences in assumptions may have a material effect on the results of the Company’s impairment analysis. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. FAIR VALUE MEASUREMENTS The Company follows the accounting standards for fair value, where fair value is a market-based measurement, not an entity-specific measurement. The Company’s fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy which prioritizes the inputs used in measuring fair value as follows: • Level 1—observable inputs, such as quoted prices in active markets • Level 2—observable inputs other than those included in Level 1, such as quoted prices for similar assets and liabilities in active or inactive markets that are observable either directly or indirectly, or other inputs that are observable or can be corroborated by observable market data • Level 3—unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions Any transfers of assets or liabilities between Level 1, Level 2, and Level 3 of the fair value hierarchy will be recognized as of the end of the reporting period in which the transfer occurs. There were no transfers between fair value levels in any of the periods presented below. The Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis as of December 30, 2017 and December 31, 2016, aggregated by the level in the fair value hierarchy within which those measurements fall, are as follows (in thousands): December 30, 2017 Level 1 Level 2 Level 3 Total Assets Money market funds $ 1,100 $ — $ — $ 1,100 Interest rate swaps — 12,717 — 12,717 $ 1,100 $ 12,717 $ — $ 13,817 Liabilities Contingent consideration payable for business acquisitions $ — $ — $ 1,000 $ 1,000 December 31, 2016 Level 1 Level 2 Level 3 Total Assets Money market funds $ 31,600 $ — $ — $ 31,600 Liabilities Contingent consideration payable for business acquisitions $ — $ — $ 9,775 $ 9,775 There were no significant assets or liabilities on the Company's Consolidated Balance Sheets measured at fair value on a nonrecurring basis. Recurring Fair Value Measurements Money Market Funds Money market funds include highly liquid investments with a maturity of three or fewer months. They are valued using quoted market prices in active markets and are classified under Level 1 within the fair value hierarchy. Interest Rate Swaps The Company uses interest rate swaps, designated as cash flow hedges, to manage its exposure to interest rate movements on its variable-rate Amended and Restated 2016 Term Loan (as defined in Note 11, Debt). On August 1, 2017, USF entered into four-year interest rate swap agreements with a notional amount of $1.1 billion, reducing to $825 million in the fourth year, effectively converting approximately half of the principal amount of the Amended and Restated 2016 Term Loan from a variable to a fixed rate loan. On November 30, 2017, the interest rate swaps were amended in conjunction with an amendment to the Amended and Restated 2016 Term Loan , see Note 11, Debt. The Company now effectively pays an aggregate rate of 4.21% on the notional amount covered by the interest rate swaps, comprised of 1.71% plus a spread of 2.50%. The Company records its interest rate swaps in the Consolidated Balance Sheet at fair value, based on projections of cash flows and future interest rates. The determination of fair value includes the consideration of any credit valuation adjustments necessary, giving consideration to the creditworthiness of the respective counterparties or the Company, as appropriate. The following table presents the balance sheet location and fair value of the interest rate swaps at December 30, 2017 (in thousands): Asset Derivatives December 30, 2017 Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate swaps Other current assets $ 430 Interest rate swaps Other noncurrent assets $ 12,287 Total $ 12,717 The effective portion of gains and losses on the interest rate swaps are initially recorded in accumulated o ther comprehensive loss and reclassified to interest expense during the period in which the hedged transaction affects income. There was no ineffectiveness attributable to the Company’s interest rate swaps during 2017. As a result of the November 30, 2017 amendment to the Amended and Restated 2016 Term Loan, the interest rate swaps were also amended, resulting in a de-minimis mark-to-market gain. The following table presents the effect of the Company’s interest rate swaps in the Consolidated Statement of Comprehensive Income for the fiscal year ended December 30, 2017 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized in Accumulated Other Comprehensive Loss, net of tax Location of Amounts Reclassified from Accumulated Other Comprehensive Loss Amount of Loss Reclassified from Accumulated Other Comprehensive Loss to Income, net of tax For the year ended December 30, 2017 Interest rate swaps $ 6,252 Interest expense─net $ 1,185 During the next 12 months, the Company estimates that $0.4 million will be reclassified from accumulated other comprehensive loss to interest expense. Credit Risk-Related Contingent Features− The interest swap agreements contain a provision whereby the Company could be declared in default on its hedging obligations if more than $75 million of the Company’s other indebtedness is accelerated. As of December 30, 2017, none of our indebtedness was accelerated. We review counterparty credit risk and currently are not aware of any facts that indicate our counterparties will not be able to comply with the contractual terms of their agreements . Contingent Consideration Payable for Business Acquisitions As discussed in Note 4, Business Acquisitions, contingent consideration may be paid under an earnout agreement for a 2016 business acquisition, primarily in the event certain operating results are achieved, over a two-year period from the respective date of such acquisition. The amounts included in the above table, classified under Level 3 within the fair value hierarchy, represent the estimated fair value of the earnout liability for the respective periods. We estimate the fair value of earnout liabilities based on financial projections of the acquired companies and estimated probability of achievement. Changes in fair value resulting from changes in the estimated amount of contingent consideration are included in distribution, selling and administrative costs in the Consolidated Statements of Comprehensive Income. Other Fair Value Measurements The carrying value of cash, restricted cash, accounts receivable, bank checks outstanding, accounts payable and accrued expenses approximate their fair values due to their short-term maturities. The fair value of the Company’s total debt, approximated its carrying value of $3.8 billion as of December 30, 2017 and December 31, 2016. The December 30, 2017 and December 31, 2016 fair value of the Company’s 5.875% unsecured Senior Notes due June 15, 2024 (the “2016 Senior Notes”), estimated at $0.6 billion, at the end of each period, was classified under Level 2 of the fair value hierarchy, with fair value based upon the closing market price at the end of the reporting period. The fair value of the balance of the Company’s debt is primarily classified under Level 3 of the fair value hierarchy, with fair value estimated based upon a combination of the cash outflows expected under these debt facilities, interest rates that are currently available to the Company for debt with similar terms, and estimates of the Company’s overall credit risk. |
Debt
Debt | 12 Months Ended |
Dec. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 11. DEBT Total debt consisted of the following (in thousands): Interest Rate at Debt Description Maturity December 30, 2017 December 30, 2017 December 31, 2016 ABL Facility October 20, 2020 4.69 % $ 80,000 $ 30,000 2012 ABS Facility September 21, 2020 2.49 580,000 645,000 Amended and Restated 2016 Term Loan (net of $9,963 and $13,318 of unamortized deferred financing costs) June 27, 2023 4.07 2,157,037 2,175,682 2016 Senior Notes (net of $6,229 and $7,185 of unamortized deferred financing costs) June 15, 2024 5.88 593,771 592,815 Obligations under capital leases 2018–2025 2.36 - 6.18 336,603 305,544 Other debt 2018–2031 5.75 - 9.00 9,870 32,672 Total debt 3,757,281 3,781,713 Current portion of long-term debt (109,226 ) (75,962 ) Long-term debt $ 3,648,055 $ 3,705,751 At December 30, 2017, after considering interest rate swaps that fixed the interest rate on $1.1 billion of principal of the Amended and Restated 2016 Term Loan, approximately 54% of the principal amount of the Company’s total debt was at a fixed rate and approximately 46% was at a floating rate. Principal payments to be made on outstanding debt as of December 30, 2017, were as follows (in thousands): 2018 $ 109,226 2019 89,201 2020 743,061 2021 71,841 2022 56,960 Thereafter 2,703,184 $ 3,773,473 Following is a description of each of the Company’s debt instruments outstanding as of December 30, 2017: Revolving Credit Agreement —The Amended and Restated ABL Credit Agreement, dated October 20, 2015, as amended, is USF’s asset backed senior secured revolving loan facility (the “ABL Facility”) and provides for loans under its two tranches: ABL Tranche A-1 and ABL Tranche A, with its capacity limited by a borrowing base. The maximum borrowing available is $1,300 million, with ABL Tranche A-1 at $100 million, and ABL Tranche A at $1,200 million. As of December 30, 2017, USF had $80 million of outstanding borrowings, and had issued letters of credit totaling $412 million under the ABL Facility. Outstanding letters of credit included: (1) $81 million issued to secure USF’s obligations with respect to certain facility leases, (2) $328 million issued in favor of certain commercial insurers securing USF’s obligations with respect to its self-insurance program, and (3) $3 million in letters of credit for other obligations. There was available capacity on the ABL Facility of $807 million at December 30, 2017. As of December 30, 2017, on Tranche A-1 borrowings, USF can periodically elect to pay interest at an alternative base rate (“ABR”), as defined in the ABL Facility, plus 1.50% or the London Inter Bank Offered Rate (“LIBOR”) plus 2.50%. On Tranche A borrowings, USF can periodically elect to pay interest at ABR plus 0.25% or LIBOR plus 1.25%. For both tranches, the interest rate spreads are the lowest provided for in the agreement, based upon USF’s consolidated secured leverage ratio (as defined in the agreement). The ABL Facility also carries letter of credit fees of 1.25% and an unused commitment fee of 0.25%. The weighted-average interest rate on outstanding borrowings for the ABL Facility was 4.29% and 2.65% for fiscal year 2017 and 2016, respectively. Accounts Receivable Financing Program —Under the 2012 ABS Facility, USF sells, on a revolving basis, its eligible receivables to the Receivables Company. See Note 6, Accounts Receivable Financing Program. On September 20, 2017, the 2012 ABS Facility was amended to extend the maturity date from September 30, 2018 to September 21, 2020. There were no other significant changes to the 2012 ABS Facility. The Company incurred $1 million of lender fees and third-party costs related to the amendment, which were capitalized as deferred financing costs and will be amortized to the September 2020 maturity date. The maximum capacity under the 2012 ABS Facility is $800 million. Borrowings under the 2012 ABS Facility were $580 million at December 30, 2017. The Company, at its option, can request additional borrowings up to the maximum commitment, provided sufficient eligible receivables are available as collateral. There was available capacity on the 2012 ABS Facility of $115 million at December 30, 2017 based on eligible receivables as collateral. The 2012 ABS Facility bears interest at LIBOR plus 1.00%, and carries an unused commitment fee of 0.35%. The weighted-average interest rate on outstanding borrowings for the 2012 ABS Facility was 2.18% and 1.69% for fiscal year 2017 and 2016, respectively. Amended and Restated 2016 Term Loan Agreement —The Amended and Restated 2016 Term Loan Credit Agreement, dated June 27, 2016, as amended (the “Amended and Restated 2016 Term Loan”), consists of a senior secured term loan with a carrying value of $2,157 million at December 30, 2017, net of $10 million of unamortized deferred financing costs. Principal repayments of $5.5 million are payable quarterly with the balance due at maturity. The debt may require mandatory repayments if certain assets are sold, as defined in the agreement. The Amended and Restated 2016 Term Loan was amended on February 17, 2017 (the “February 2017 Amendment”) and November 30, 2017 (the “November 2017 Amendment”), in each case and among other things, to reduce the interest rate spread on outstanding borrowings. The February 2017 Amendment reduced the interest rate spread on outstanding borrowings by 25 basis points to a fixed rate of ABR plus 1.75% or LIBOR plus 2.75%, with a LIBOR floor of 0.75%, based on USF’s periodic election. The November 2017 Amendment further reduced the interest rate spread on outstanding borrowings an additional 25 basis points to either ABR plus 1.50% or LIBOR plus 2.50%, based on USF’s periodic election, and reduced the LIBOR floor from 0.75% to zero. The interest rate spread on both ABR and LIBOR borrowings can be further reduced 25 basis points to either ABR plus 1.25% or LIBOR plus 2.25%, if USF’s consolidated secured leverage ratio (as defined in the Amended and Restated 2016 Term Loan) is equal to or less than 1.75:1.00 at the end of the most recent fiscal quarter. At December 30, 2017, USF’s consolidated secured leverage ratio exceeded 1.75:1.00. The Company determined that the terms of both the February 2017 Amendment and the November 2017 Amendment were not substantially different from the previous terms of the Amended and Restated 2016 Term Loan, for substantially all continuing lenders and, accordingly, debt modification accounting was applied. We applied debt extinguishment accounting to the lenders that either exited the term loan facility, or had terms that were substantially different from their original loan agreements. The Company recorded an aggregate of $0.5 million of third-party costs, and write-offs of $1.4 million of unamortized deferred financing costs, related to the February 2017 Amendment and the November 2017 Amendment, in interest expense. Unamortized deferred financing costs of $10 million at November 30, 2017 were carried forward and will be amortized through June 27, 2023, the maturity date of the Amended and Restated 2016 Term Loan. As described in Note 10, Fair Value Measurements, USF entered into four-year interest rate swaps with a notional amount of $1.1 billion, reducing to $825 million in the fourth year, effectively converting approximately half of the principal amount of the Amended and Restated 2016 Term Loan from a variable to a fixed rate loan. On November 30, 2017, the interest rate swaps were amended in conjunction with the November 2017 Amendment, reducing the rate on the portion of the principal amount of the Amended and Restated 2016 Term Loan subject to hedging agreements to 4.21%. 2016 Senior Notes —The 2016 Senior Notes due 2024, with a carrying value of $594 million at December 30, 2017, net of $6 million of unamortized deferred financing costs, bear interest at 5.875%. On or after June 15, 2019, this debt is redeemable, at USF’s option, in whole or in part at a price of 102.938% of the remaining principal, plus accrued and unpaid interest, if any, to the redemption date. On June 15, 2020 and June 15, 2021, the optional redemption price for the debt declines to 101.469% and 100.0%, respectively, of the remaining principal amount, plus accrued and unpaid interest, if any, to the redemption date. Prior to June 15, 2019, up to 40% of the debt may be redeemed with the aggregate proceeds from equity offerings, as defined in the June 27, 2016 Indenture, as supplemented, at a redemption premium of 105.875%. Other Debt –Obligations under capital leases of $337 million at December 30, 2017, consist of amounts due for transportation equipment and building leases. Other debt of $10 million at December 30, 2017 consists primarily of various state industrial revenue bonds. 2016 Debt Transactions and Loss on Extinguishment IPO Proceeds As discussed in Note 1, Overview and Basis of Presentation, in June 2016, US Foods completed its IPO. Net proceeds of $1,114 million were used to redeem $1,090 million in principal of USF’s Old Senior Notes and pay the related $23 million early redemption premium. The balance of the Old Senior Notes was redeemed with proceeds from the June 2016 refinancings further discussed below. June 2016 Refinancings In June 2016, USF entered into a series of transactions to refinance the $2,042 million principal of its term loan, redeem the remaining $258 million principal of its Old Senior Notes and pay the related $6 million early redemption premium. The aggregate principal amount outstanding of the Amended and Restated 2016 Term Loan was increased to $2,200 million. Additionally, USF issued $600 million in principal amount of 2016 Senior Notes. The debt redemption and refinancing transactions completed in June 2016 resulted in a loss on extinguishment of debt of $42 million, consisting of a $29 million early redemption premium related to the Old Senior Notes, $7 million of lender and third-party fees, and a $6 million write-off of certain pre-existing unamortized deferred financing costs and premiums related to the refinanced and redeemed facilities. CMBS Fixed Facility Defeasance On September 23, 2016, USF, through a wholly owned subsidiary, legally defeased the commercial mortgage backed securities facility (the “CMBS Fixed Facility”), scheduled to mature on August 1, 2017. The CMBS Fixed Facility had an outstanding balance of $471 million net of unamortized deferred financing costs of $1 million. The cash outlay for the defeasance of $485 million represented the purchase price of U.S. government securities that would generate sufficient cash flow to fund interest payments from the effective date of the defeasance through, and including the repayment of, the $472 million principal for the CMBS Fixed Facility on February 1, 2017, the earliest date the loan could be prepaid. Security Interests Substantially all of the Company’s assets are pledged under the various debt agreements. Debt under the 2012 ABS Facility is secured by certain designated receivables and, in certain circumstances, by restricted cash. The ABL Facility is secured by certain other designated receivables not pledged under the 2012 ABS Facility, as well as inventory and tractors and trailers owned by the Company. Additionally, the lenders under the ABL Facility have a second priority interest in the assets pledged under the Amended and Restated 2016 Term Loan. USF’s obligations under the Amended and Restated 2016 Term Loan are secured by all of the capital stock of USF and its direct and indirect wholly owned domestic subsidiaries, as defined in the agreements, and substantially all non-real estate assets of USF and its subsidiaries not pledged under the 2012 ABS Facility or the ABL Facility. Additionally, the lenders under the Amended and Restated 2016 Term Loan have a second priority interest in the inventory and tractors and trailers pledged under the ABL Facility. USF’s interest rate swap obligations are secured by the collateral securing the ABL Facility. Pursuant to the terms of the interest rate swap agreement between each of the interest rate swap counterparties and USF, each of the interest rate swap counterparties has agreed that its right to receive payment from the sale of the collateral is subordinate to the rights of the lenders under the ABL Facility. USF is not required to provide additional collateral to its hedge counterparties. Restrictive Covenants The credit facilities, loan agreements and indentures contain customary covenants. These include, among other things, covenants that restrict USF’s ability to incur certain additional indebtedness, create or permit liens on assets, pay dividends, or engage in mergers or consolidations. As of December 30, 2017, USF had $751 million of restricted payment capacity under these covenants, and approximately $2,001 million of its net assets were restricted after taking into consideration the net deferred tax assets and intercompany balances that eliminate in consolidation. Certain debt agreements also contain customary events of default. Those include, without limitation, the failure to pay interest or principal when it is due under the agreements, cross default provisions, the failure of representations and warranties contained in the agreements to be true when made, and certain insolvency events. If a default event occurs and continues, the principal amounts outstanding, together with all accrued unpaid interest and other amounts owed, may be declared immediately due and payable by the lenders. Were such an event to occur, the Company would be forced to seek new financing that may not be on as favorable terms as its current facilities. The Company’s ability to refinance its indebtedness on favorable terms, or at all, is directly affected by the current economic and financial conditions. In addition, the Company’s ability to incur secured indebtedness (which may enable it to achieve more favorable terms than the incurrence of unsecured indebtedness) depends in part on the value of its assets. This, in turn, relies on the strength of its cash flows, results of operations, economic and market conditions, and other factors. |
Accrued Expenses and Other Long
Accrued Expenses and Other Long-Term Liabilities | 12 Months Ended |
Dec. 30, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Long-Term Liabilities | 12. ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accrued expenses and other long-term liabilities consisted of the following (in thousands). P rior year amounts may be reclassified to conform with the 2017 presentation, based on changes in significance. December 30, 2017 December 31, 2016 Accrued expenses and other current liabilities: Salary, wages and bonus expenses $ 161,106 $ 156,999 Operating expenses 67,764 71,140 Workers’ compensation, general and fleet liability 49,081 46,482 Group medical liability 28,974 27,480 Customer rebates and other selling expenses 85,210 80,223 Restructuring 4,586 22,623 Property and sales tax 28,478 25,032 Interest payable 5,578 3,469 Other 19,965 22,367 Total accrued expenses and other current liabilities $ 450,742 $ 455,815 Other long-term liabilities: Workers’ compensation, general and fleet liability $ 121,270 $ 117,890 Accrued pension and other postretirement benefit obligations 130,511 172,895 Unfunded lease obligation 24,138 26,757 Uncertain tax positions 81,237 11,115 Restructuring 749 838 Other 13,631 21,434 Total Other long-term liabilities $ 371,536 $ 350,929 Self-Insured Liabilities — The Company is self-insured for general liability, fleet liability and workers’ compensation claims. Claims in excess of certain levels are insured. The workers’ compensation liability, included in the table above under “workers’ compensation, general liability and fleet liability,” is recorded at present value. This table summarizes self-insurance liability activity for the last three fiscal years (in thousands): 2017 2016 2015 Balance at beginning of the year $ 164,372 $ 172,243 $ 160,904 Charged to costs and expenses 64,236 59,366 77,242 Reinsurance recoverable 8,068 — — Payments (66,325 ) (67,237 ) (65,903 ) Balance at end of the year $ 170,351 $ 164,372 $ 172,243 Discount rate 1.98 % 1.47 % 0.82 % Estimated future payments for self-insured liabilities are as follows (in thousands): 2018 $ 49,651 2019 25,285 2020 18,573 2021 14,140 2022 10,249 Thereafter 61,010 Total self-insured liability payments $ 178,908 Less amount representing interest (8,557 ) Present value of self-insured liability payments $ 170,351 |
Restructuring Liabilities
Restructuring Liabilities | 12 Months Ended |
Dec. 30, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Liabilities | 13. RESTRUCTURING LIABILITIES The following table summarizes the changes in the restructuring liabilities for the last three fiscal years (in thousands): Severance Facility and Related Closing Costs Costs Total Balance at December 27, 2014 $ 56,450 $ 431 $ 56,881 Current period charges 175,749 36 175,785 Change in estimate (4,196 ) — (4,196 ) Payments and usage—net of accretion (109,369 ) (257 ) (109,626 ) Balance at January 2, 2016 118,634 210 118,844 Current period charges 71,514 2,563 74,077 Change in estimate (21,004 ) 267 (20,737 ) Payments and usage—net of accretion (146,548 ) (2,175 ) (148,723 ) Balance at December 31, 2016 22,596 865 23,461 Current period charges 6,968 — 6,968 Change in estimate (5,007 ) (256 ) (5,263 ) Payments and usage—net of accretion (19,722 ) (109 ) (19,831 ) Balance at December 30, 2017 $ 4,835 $ 500 $ 5,335 The Company periodically closes or consolidates distribution facilities and implements initiatives in its ongoing efforts to reduce costs and improve operating effectiveness. In connection with these activities, the Company incurs various costs including multiemployer pension withdrawal liabilities and settlements, severance and other employee separation costs that are included in the above table. 2017 Activities During fiscal year 2017, the Company incurred a net charge of $2 million, primarily for severance and related costs associated with its efforts to streamline its corporate back office organization and centralize replenishment activities. 2016 Activities During fiscal year 2016, the Company incurred a net charge of $50 million for severance and related costs associated with its efforts to streamline its field operations model, streamline its corporate back office organization, centralize replenishment activities and complete the closure of the Baltimore, Maryland distribution facility. The Company also incurred $3 million in facility closing costs related to a lease termination settlement. 2015 Activities During fiscal year 2015, the Company incurred a net charge of $172 million primarily for severance and related costs related to the field reorganization and closure of the Baltimore, Maryland facility, both announced in 2015, and settlement of the Central States Teamsters Union Pension Plan (“Central States”). The field reorganization included $30 million of severance and related costs. The Baltimore, Maryland distribution facility closure resulted in $55 million of severance and related costs, including $50 million of estimated multiemployer pension withdrawal liabilities, which were settled in fiscal year 2016. In December 2015, the Company reached a settlement with Central States that relieved the Company’s participation in the “legacy” pool and settled the related legacy multiemployer pension withdrawal liability, and commenced the Company as a new employer in the “hybrid” pool of the Central States Teamsters Southeast and Southwest Area Pension Fund. The payment also included the settlement of certain other Central States multiemployer pension withdrawal liabilities relating to facilities closed prior to 2015, and a related labor dispute. The settlement resulted in a restructuring charge of $88 million. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 14. RELATED PARTY TRANSACTIONS FMR LLC, is a holder of approximately 13% of the Company’s outstanding common stock. As of December 30, 2017, investment funds managed by an affiliate of FMR LLC held approximately 1% of the Company’s outstanding debt. Certain FMR LLC affiliates also provide administrative and trustee services for the Company’s 401(k) Plan and provide administrative services for other Company sponsored employee benefit plans. Fees earned by FMR LLC affiliates are not material to the Company’s consolidated financial statements. On December 4, September 18, May 17, and January 31, of fiscal year 2017, the Company closed secondary offerings of its common stock held primarily by the Sponsors. A total of 167,355,545 shares were sold, in the aggregate, however, the Company did not receive any proceeds from the offerings. The December 4, 2017 offering also included the Company’s repurchase of 10,000,000 shares of common stock from the underwriter at $28.00 per share, which was the underwriter’s purchase price. The $280 million paid for the share repurchase reduced additional paid-in capital $96 million, with the remaining $184 million recognized in retained earnings as a constructive dividend. The Company’s share repurchase closed concurrently with the offering, and the shares were retired. The Sponsors share position is now liquidated. In accordance with terms of the prior registration rights agreement with the Sponsors, the Company incurred approximately $5 million of expenses in connection with the offerings, approximately $1 million of which was incurred in 2016. Underwriting discounts and commissions were paid by the selling shareholders. KKR Capital Markets LLC (“KKR Capital Markets”), an affiliate of KKR, received a de minimis fee for services rendered i received The Company was previously a party to consulting agreements with each of the Sponsors pursuant to which each Sponsor provided the Company with ongoing consulting and management advisory services and received fees and reimbursement of related out of pocket expenses. On June 1, 2016, the agreements with each of the Sponsors were terminated. For fiscal year 2016, the Company recorded $36 million in fees and expenses, including an aggregate termination fee of $31 million. In fiscal year 2015, the Company recorded $10 million in fees. All fees paid to the Sponsors, including the termination fees, are reported in distribution, selling and administrative costs in the Consolidated Statements of Comprehensive Income. On January 8, 2016, the Company paid a $666 million, or $3.94 per share, one-time special cash distribution to its shareholders of record as of January 4, 2016, of which $657 million was paid to the Sponsors. The distribution was funded with cash on hand and approximately $314 million of additional borrowings under the Company’s credit facilities. The Company has no current plans to pay future dividends, and has never paid dividends on its common stock, other than the January 2016 one-time cash distribution. Any decision to declare and pay dividends in the future will be made at the sole discretion of our Board of Directors, and could be limited by debt covenants that restrict USF’s ability to make cash distributions to US Foods. |
Share-Based Compensation, Commo
Share-Based Compensation, Common Stock Issuances, Redeemable Common Stock and Common Stock | 12 Months Ended |
Dec. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation, Common Stock Issuances and Common Stock | 15. SHARE-BASED COMPENSATION, COMMON STOCK ISSUANCES AND COMMON STOCK The Compensation Committee of the Board of Directors is authorized to select the officers, employees and directors eligible to participate in the 2016 Plan. The Compensation Committee may determine the specific number of shares to be offered, or options, restricted stock units, stock appreciation rights or shares of restricted stock to be granted to an employee or director. In June 2016, the 2016 Plan was adopted by the Board of Directors and approved by the Company’s shareholders. The 2016 Plan provides for the grant of up to 9 million shares of common stock or stock-based awards. The 2007 Plan terminated according to its terms on December 21, 2017. The termination of the 2007 Plan has no effect on any outstanding awards. Total compensation expense related to share-based payment arrangements was $21 million, $18 million and $16 million for fiscal years 2017, 2016 and 2015, respectively and is reflected in distribution, selling and administrative costs. No share-based compensation cost was capitalized as part of the cost of an asset during those years. The total income tax benefit recorded in the Consolidated Statement of Comprehensive Income was $7 million in fiscal year 2017, and $6 million in fiscal years 2016 and 2015. Common Stock Issuances —Certain employees have purchased stock, pursuant to a management stockholder’s agreement associated with the 2007 Plan. These shares are subject to the terms and conditions (including certain restrictions) of each management stockholder’s agreement, other documents signed at the time of purchase, as well as transfer limitations under the applicable law. In August 2016, the Company’s Board of Directors approved the Stock Purchase Plan. The purpose of the Stock Purchase Plan is to provide eligible employees with the opportunity to acquire common shares of the Company. An eligible employee is a person that: 1) is employed by the Company, and 2) has provided continuous service, works a minimum of 20 hours per week, and works a minimum of five months throughout the year. A person will not be eligible for the grant of any purchase rights if, immediately after the grant of such purchase right, the person owns stock possessing five percent or more of the total combined voting power or value of all classes of shares of the Company or any subsidiary. Participation in the Stock Purchase Plan occurs via payroll deferrals with share purchases occurring quarterly. Shares are purchased based on the closing price of the stock at the end of the designated purchase period. The Stock Purchase Plan provides participants with a discount of up to 15% of the fair market value of the common stock, so the plan is considered compensatory. The Company recorded $3 million and $0.8 million of stock-based compensation expense in 2017 and 2016, respectively, associated with the Stock Purchase Plan. Stock Options —The Company granted to certain employees time-based options (“Time Options”) and performance-based options (“Performance Options”), collectively the (“Options”) to purchase common shares. These Options are subject to the restrictions set forth in the stock option agreements. Shares purchased pursuant to option exercises are governed by the restrictions in the relevant Incentive Plan and management stockholder’s agreements. The Options also contain certain anti-dilution provisions. The Time Options vest and become exercisable ratably over periods of three to five years. This happens either on the anniversary date of the grant or the last day of each fiscal year, beginning with the fiscal year issued. Compensation expense related to Time Options was $4 million in fiscal years 2017 and 2016, and $3 million in fiscal year 2015. The Performance Options also vest and become exercisable ratably over four to five years, either on the anniversary date of the grant or the last day of each fiscal year, beginning with the fiscal year issued, provided that the Company achieves an annual operating performance target, as defined in the applicable stock option agreements. Awards granted prior to 2016 established annual and cumulative targets for each year at the beginning of each respective fiscal year. In this case, the grant date under GAAP was not determined until the performance target for the related options was known. The pre-2016 award also provided for “catch-up vesting” of the Performance Options, if an annual operating performance target was not achieved, but a cumulative operating performance target was achieved. The Company achieved its annual performance targets in fiscal years 2017, 2016 and 2015 and recorded compensation expense of $3 million, $4 million and $5 million, respectively. The 2015 compensation expense of $5 million, included a $2 million catch-up adjustment for awards prior to 2015. The Options are nonqualified, with exercise prices equal to the estimated fair value of a share of common stock at the date of the grant. Exercise prices range from $8.51 to $30.39 per share and generally have a 10-year life. The fair value of each option award is estimated as of the date of grant using a Black-Scholes option-pricing model. The weighted-average assumptions for options granted in fiscal years 2017, 2016 and 2015 are included in the following table. 2017 2016 2015 Expected volatility 31.8 % 28.8 % 36.6 % Expected dividends — — — Risk-free interest rate 1.9 % 1.5 % 1.6 % Expected term (in years) 5.8 5.9 4.8 Expected volatility is calculated leveraging the historical volatility of public companies similar to US Foods. The assumed dividend yield is zero, because the Company has not historically paid dividends. However, as further discussed in Note 14, Related Party Transactions, the Company did pay a special cash distribution in January 2016, which was considered one-time in nature. The risk-free interest rate is the implied zero-coupon yield for U.S. Treasury securities having a maturity approximately equal to the expected term, as of the grant date. Due to a lack of relevant historical data, the simplified approach was used to determine the expected term of the options. The summary of Options outstanding and changes during fiscal year 2017 are presented below. Weighted- Weighted- Weighted- Average Average Average Remaining Time Performance Total Fair Exercise Contractual Options Options Options Value Price Years Outstanding at December 31, 2016 4,973,717 3,688,192 8,661,909 $ 5.65 $ 12.91 Granted 857,181 429,532 1,286,713 $ 11.08 $ 26.72 Exercised (2,418,764 ) (2,359,435 ) (4,778,199 ) $ 5.12 $ 10.15 Forfeited (402,582 ) (152,872 ) (555,454 ) $ 7.54 $ 19.94 Outstanding at December 30, 2017 3,009,552 1,605,417 4,614,969 $ 7.47 $ 18.79 7.2 Vested and exercisable at December 30, 2017 1,230,897 1,242,245 2,473,142 $ 6.10 $ 14.31 5.8 The weighted-average grant date fair value of options granted in fiscal years 2017, 2016 and 2015 was $11.08, $6.28 and $6.91, respectively. During fiscal year 2017, Options were exercised with a total intrinsic value of $86 million, representing the excess of fair value over exercise price. As of December 30, 2017, there was $13 million of total unrecognized compensation costs related to nonvested Options expected to vest under the Stock Option Agreements. That cost is expected to be recognized over a weighted-average period of two years. Restricted Shares —Certain employees received restricted shares (the “Restricted Shares”) in fiscal years 2017 and 2016 granted under the 2016 Plan. Prior to 2017, restricted shares contained time-based vesting (“Time Shares”) and contained non-forfeitable dividend rights. In 2017, performance-based shares (“Performance Shares”) were granted that contained forfeitable dividend rights. Performance Shares are granted at the maximum award amount, and cliff vest at the end of a three-year performance period if specific performance goals, established for each calendar year during the performance period, are achieved. The number of shares eligible to vest at the end of the vesting period may range from zero to 200% of the target award amount, based on the achievement of the performance goals. The fair value of Performance Shares is measured using the market price of our common stock on the date of grant, and recognized over the vesting period for the portion of the award that is expected to vest. Compensation expense for Performance Shares is remeasured at each reporting period, based on management’s evaluation of whether it is probable that performance conditions will be met. The Time Shares granted in 2016 were special awards that permitted immediate vesting. Accordingly, there were no unvested Time Shares at the end of 2016. No Restricted Shares were awarded in fiscal year 2015. The summary of nonvested Performance Shares outstanding and changes during fiscal year 2017 is presented below: Performance Shares Weighted- Average Fair Value Nonvested at December 31, 2016 — $ — Granted 257,766 $ 30.39 Vested — $ — Forfeited (16,453 ) $ 30.39 Nonvested at December 30, 2017 241,313 $ 30.39 The weighted-average grant date fair value for Performance Shares granted in 2017 and 2016 was $30.39 and $14.58, respectively. Compensation expense for Restricted Shares was $1 million, $2 million and $1 million in fiscal years 2017, 2016 and 2015, respectively. At December 30, 2017, there was $3 million of unrecognized compensation cost related to the Performance Shares that is expected to be recognized over a weighted average period of 2 years. Restricted Stock Units —Certain employees have received time-based restricted stock units (“Time RSUs”) and performance-based restricted stock units (“Performance RSUs”), and collectively the (“RSUs”) granted pursuant to the 2007 Plan and, after the IPO, pursuant to the 2016 Plan. The RSUs also contain certain anti-dilution provisions. Time RSUs generally vest ratably over three to four years, starting on the anniversary date of grant. In fiscal years 2017, 2016 and 2015, the Company recognized $6 million, $4 million and $3 million, respectively in compensation expense related to Time RSUs. Prior to 2017, the Performance RSUs were based on the achievement of an annual operating performance target. In periods prior to 2016, those targets also provided for “catch-up” vesting, if an annual performance target was not achieved. In 2017, the Company introduced a new Performance RSU that is based on certain year-over-year growth goals and return on invested capital. The Company also awarded Performance RSUs that were based on the achievement of the annual operating plan. Performance RSUs that were based on the annual operating plan vest ratably over four years, either on the anniversary date of the grant, or the last day of each fiscal year (beginning with the fiscal year issued), provided that the Company achieves an annual operating performance target as defined in the applicable restricted stock unit agreements (“RSU Agreements”). The 2017 Performance RSUs, that were not based on the annual operating plan, were granted with cliff vesting, with share issuance at the end of a three-year performance period, contingent upon the achievement of specific performance goals established for each calendar year during the performance period. The number of shares that may be earned at the end of the vesting periods may range from zero to 200% of the target award amount based on the achievement of the performance goals. The fair value of all Performance RSUs is measured at the market price on the date of grant, and recognized over the vesting period for the portion of the award that is expected to vest. Compensation expense for Performance RSUs is remeasured at each reporting period, based on management’s evaluation of whether it is probable that performance conditions will be met. The Company recognized $3 million of compensation expense in 2017 for Performance RSUs, based on the achievement of the annual operating performance in 2017 and the portion of the Performance RSUs, that are not based on the annual operating plan, that are expected to vest. The Company achieved the annual operating performance targets in fiscal years 2016 and 2015 and recorded compensation charges of $4 million in each of those years. The fiscal year 2015 charge consisted of $3 million relating to fiscal year 2015, and $1 million related to Performance RSUs granted in fiscal year 2013 which met cumulative performance targets in fiscal year 2015. The summary of nonvested RSUs outstanding and changes during fiscal year 2017 is presented below. Weighted- Average Time Performance Total Fair RSUs RSUs RSUs Value Nonvested at December 31, 2016 637,336 242,273 879,609 $ 17.68 Granted 607,432 296,456 903,888 $ 29.77 Vested (213,879 ) (213,695 ) (427,574 ) $ 16.64 Forfeited (121,597 ) (48,481 ) (170,078 ) $ 20.76 Nonvested at December 30, 2017 909,292 276,553 1,185,845 $ 26.79 The weighted-average grant date fair values for RSUs granted in fiscal years 2017, 2016, and 2015 was $29.77, $18.75, and $17.87, respectively. At December 30, 2017, there was $24 million of unrecognized compensation cost related to RSUs that is expected to be recognized over a weighted-average period of 2 years. Equity Appreciation Rights —The Company has an Equity Appreciation Rights (“EAR”) Plan for certain employees. Each EAR represents one phantom share of US Foods common stock. The EARs also contain certain anti-dilution provisions. The EARs become vested and payable at the time of a qualified public offering of equity shares, at the time of involuntary termination, or a change in control, as defined in the agreement. EARs are forfeited upon voluntary termination of the participant’s employment. The EARs are settled in cash upon vesting and, accordingly, are considered liability instruments. No EARs were granted during fiscal years 2017, 2016 and 2015. During 2017, the Company recorded a compensation charge of $1 million for EARs exercised by involuntarily terminated employees. As the EARs are liability instruments, the fair value of the vested awards is re-measured each reporting period until the award is settled. Since vesting of all outstanding EARs is contingent upon performance conditions, as defined in the EAR plan, which are not considered probable, |
Leases
Leases | 12 Months Ended |
Dec. 30, 2017 | |
Leases [Abstract] | |
Leases | 16. LEASES The Company leases various warehouse and office facilities and certain equipment under operating and capital lease agreements that expire at various dates, and in some instances contain renewal provisions. The Company expenses operating lease costs, including any scheduled rent increases, rent holidays or landlord concessions, on a straight-line basis over the lease term. The Company also has an unfunded lease obligation on a distribution facility through 2023. Future minimum lease payments under the above mentioned noncancelable lease agreements, together with contractual sublease income, as of December 30, 2017, are as follows (in thousands): Unfunded Lease Capital Operating Sublease Obligation Leases Leases Income Net 2018 $ 4,269 $ 97,324 $ 32,623 $ (461 ) $ 133,755 2019 4,663 74,438 31,181 (479 ) 109,803 2020 4,809 65,936 29,204 (133 ) 99,816 2021 4,809 53,310 24,424 (22 ) 82,521 2022 4,809 36,687 21,285 — 62,781 Thereafter 4,809 39,311 24,017 — 68,137 Total minimum lease payments (receipts) 28,168 367,006 $ 162,734 $ (1,095 ) $ 556,813 Less amount representing interest (5,830 ) (30,403 ) Present value of minimum lease payments $ 22,338 $ 336,603 Total operating lease expense, included in distribution, selling and administrative costs in the Company’s Consolidated Statements of Comprehensive Income was $44 million, $43 million and $44 million in fiscal years 2017, 2016 and 2015, respectively. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Plans | 17. RETIREMENT PLANS The Company has defined benefit and defined contribution retirement plans for its employees, and provides certain health care benefits to eligible retirees and their dependents. Also, the Company contributes to various multiemployer plans under certain of its collective bargaining agreements. Company Sponsored Defined Benefit Plans —The Company maintains a qualified retirement plan and a nonqualified retirement plan (“Retirement Plans”) that pay benefits to certain employees at retirement, using formulas based on a participant’s years of service and compensation. The Company also maintains postretirement health and welfare plans for certain employees. Amounts related to defined benefit plans and other postretirement plans recognized in the consolidated financial statements are determined on an actuarial basis. The components of net periodic pension and other postretirement benefit costs for the last three fiscal years were as follows (in thousands): Pension Benefits 2017 2016 2015 Components of net periodic pension costs: Service cost $ 2,356 $ 3,849 $ 32,582 Interest cost 39,474 40,459 39,628 Expected return on plan assets (47,828 ) (48,296 ) (54,881 ) Amortization of prior service cost 138 157 195 Amortization of net loss 3,848 8,255 10,394 Settlements 17,785 4,487 3,358 Curtailment 138 — — Special termination benefit — — 422 Net periodic pension costs $ 15,911 $ 8,911 $ 31,698 Other Postretirement Plans 2017 2016 2015 Components of net periodic other postretirement benefit costs: Service cost $ 35 $ 37 $ 37 Interest cost 283 296 264 Amortization of prior service cost (credit) 6 6 (62 ) Amortization of net (gain) loss (148 ) (71 ) 14 Net periodic other postretirement benefit costs $ 176 $ 268 $ 253 In the fourth quarter of 2017, lump sum payments were finalized for a voluntary lump sum offer made in September, to certain former employees participating in the Company sponsored defined benefit plan. The Company incurred non-cash settlement charges of $18 million, $4 million and $3 million in fiscal years 2017, 2016 and 2015, respectively, resulting from lump sum payments. All lump sum payments were paid from pension plan assets. Effective September 30, 2015, non-union participants’ benefits of a USF sponsored defined benefit pension plan were frozen, resulting in a reduction in the benefit obligation included in other long-term liabilities of approximately $91 million, including a $73 million curtailment, with a corresponding decrease to accumulated other comprehensive loss. At the remeasurement date, the plan’s net loss included in accumulated other comprehensive loss exceeded the reduction in the plan’s benefit obligation and, accordingly, no net curtailment gain or loss was recognized in the Consolidated Statements of Comprehensive Income. As a result of the plan freeze, actuarial gains and losses are amortized over the average remaining life expectancy of inactive participants rather than the average remaining service lives of active participants. In the second quarter of 2016, the Company recorded a $22 million increase to its pension obligation, with a corresponding increase to accumulated other comprehensive loss, to correct a computational error related to the September 30, 2015 USF pension plan freeze discussed above. The Company determined the error did not materially impact the financial statements for any of the periods reported. The fiscal year 2016 decrease in net periodic pension costs is primarily attributable to the September 30, 2015 USF pension plan freeze. Changes in plan assets and benefit obligations recorded in accumulated other comprehensive loss for pension and other postretirement benefits for the last three fiscal years were as follows (in thousands): Pension Benefits 2017 2016 2015 Changes recognized in accumulated other comprehensive loss: Actuarial gain (loss) $ 523 $ (64,296 ) $ (3,171 ) Curtailment 138 — 73,191 Prior year correction — (21,917 ) — Amortization of prior service cost 138 157 195 Amortization of net loss 3,848 8,255 10,394 Settlements 17,785 4,487 3,358 Net amount recognized $ 22,432 $ (73,314 ) $ 83,967 Other Postretirement Plans 2017 2016 2015 Changes recognized in accumulated other comprehensive loss: Actuarial gain (loss) $ 181 $ (174 ) $ 1,035 Prior service cost — — (1,291 ) Amortization of prior service cost (credit) 6 6 (62 ) Amortization of net (gain) loss (148 ) (71 ) 14 Net amount recognized $ 39 $ (239 ) $ (304 ) The funded status of the defined benefit plans for the last three fiscal years was as follows (in thousands): Pension Benefits 2017 2016 2015 Change in benefit obligation: Benefit obligation at beginning of period $ 966,234 $ 862,886 $ 970,469 Service cost 2,356 3,849 32,582 Interest cost 39,474 40,459 39,628 Actuarial loss (gain) 76,111 73,855 (73,282 ) Curtailment — — (73,191 ) Prior year correction — 21,917 — Settlements (87,225 ) (16,002 ) (15,287 ) Special termination benefit — — 422 Benefit disbursements (20,655 ) (20,730 ) (18,455 ) Benefit obligation at end of period 976,295 966,234 862,886 Change in plan assets: Fair value of plan assets at beginning of period 799,166 742,341 749,166 Return on plan assets 124,462 57,855 (21,572 ) Employer contribution 35,535 35,702 48,489 Settlements (87,225 ) (16,002 ) (15,287 ) Benefit disbursements (20,655 ) (20,730 ) (18,455 ) Fair value of plan assets at end of period 851,283 799,166 742,341 Net funded status $ (125,012 ) $ (167,068 ) $ (120,545 ) Other Postretirement Plans 2017 2016 2015 Change in benefit obligation: Benefit obligation at beginning of period $ 6,952 $ 6,974 $ 6,789 Service cost 35 37 37 Interest cost 283 296 264 Employee contributions 195 204 209 Actuarial (gain) loss (181 ) 174 (1,035 ) Plan amendment — — 1,291 Benefit disbursements (661 ) (733 ) (581 ) Benefit obligation at end of period 6,623 6,952 6,974 Change in plan assets: Fair value of plan assets at beginning of period — — — Employer contribution 466 529 372 Employee contributions 195 204 209 Benefit disbursements (661 ) (733 ) (581 ) Fair value of plan assets at end of period — — — Net funded status $ (6,623 ) $ (6,952 ) $ (6,974 ) The fiscal year 2017 and 2016 actuarial losses of $76 million and $74 million, respectively, were primarily due to a decrease in discount rates. The 2015 actuarial gain of $73 million was primarily due to an increase in discount rates. Pension Benefits 2017 2016 2015 Amounts recognized in the consolidated balance sheets consist of the following: Accrued benefit obligation—current $ (598 ) $ (549 ) $ (546 ) Accrued benefit obligation—noncurrent (124,414 ) (166,519 ) (119,999 ) Net amount recognized in the consolidated balance sheets $ (125,012 ) $ (167,068 ) $ (120,545 ) Amounts recognized in accumulated other comprehensive loss consist of the following: Prior service cost $ 5 $ 281 $ 438 Net loss 198,990 221,146 147,675 Net loss recognized in accumulated other comprehensive loss $ 198,995 $ 221,427 $ 148,113 Additional information: Accumulated benefit obligation $ 973,946 $ 963,008 $ 854,858 Other Postretirement Plans 2017 2016 2015 Amounts recognized in the consolidated balance sheets consist of the following: Accrued benefit obligation—current $ (527 ) $ (576 ) $ (525 ) Accrued benefit obligation—noncurrent (6,096 ) (6,376 ) (6,449 ) Net amount recognized in the consolidated balance sheets $ (6,623 ) $ (6,952 ) $ (6,974 ) Amounts recognized in accumulated other comprehensive loss consist of the following: Gain, net of prior service cost $ 864 $ 825 $ 1,064 Net gain recognized in accumulated other comprehensive loss $ 864 $ 825 $ 1,064 Pension Benefits Other Postretirement Plans Amounts expected to be amortized from accumulated other comprehensive loss in the next fiscal year: Net loss (gain) $ 3,383 $ (156 ) Prior service cost 5 6 Net expected to be amortized $ 3,388 $ (150 ) Weighted average assumptions used to determine benefit obligations at period-end and net pension costs for the last three fiscal years were as follows: Pension Benefits 2017 2016 2015 Benefit obligation: Discount rate 3.70 % 4.25 % 4.64 % Annual compensation increase 3.60 % 3.60 % 3.60 % Net cost: Discount rate 4.25 % 4.64 % 4.25 % Expected return on plan assets 6.00 % 6.50 % 7.00 % Annual compensation increase 3.60 % 3.60 % 3.60 % Other Postretirement Plans 2017 2016 2015 Benefit obligation—discount rate 3.70 % 4.25 % 4.40 % Net cost—discount rate 4.25 % 4.40 % 4.05 % The measurement date for the pension and other postretirement benefit plans was December 31 for 2017, 2016, and 2015. The Company applies the practical expedient under ASU No. 2015-04, to measure defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year-end. A health care cost trend rate is used in the calculations of postretirement medical benefit plan obligations. The assumed healthcare trend rates for the last three fiscal years were as follows: 2017 2016 2015 Immediate rate 6.70 % 7.40 % 7.40 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2037 2037 2038 A 1% change in the rate would result in a change to the postretirement medical plan obligation of less than $1 million. Retirees covered under these plans are responsible for the cost of coverage in excess of the subsidy, including all future cost increases. In determining the discount rate, the Company determines the implied rate of return on a hypothetical portfolio of high-quality fixed-income investments, for which the timing and amount of cash outflows approximates the estimated pension plan payouts. The discount rate assumption is reviewed annually and revised as appropriate. The expected long-term rate of return on plan assets is derived from a mathematical asset model. This model incorporates assumptions on the various asset class returns, reflecting a combination of historical performance analysis and the forward-looking views of the financial markets regarding the yield on long-term bonds and the historical returns of the major stock markets. The rate of return assumption is reviewed annually and revised as deemed appropriate. The investment objective for our Company sponsored plans is to provide a common investment platform. Investment managers, overseen by the USF Retirement Administration Committee, are expected to adopt and maintain an asset allocation strategy for the plans’ assets designed to address the Retirement Plans’ liability structure. The Company has developed an asset allocation policy and rebalancing policy. We review the major asset classes, through consultation with investment consultants, at least quarterly to determine if the plan assets are performing as expected. The Company’s 2017 strategy targeted a mix of 50% equity securities and 50% long-term debt securities and cash equivalents. The actual mix of investments at December 31, 2017, was 49% equity securities and 51% long-term debt securities and cash equivalents. The Company plans to manage the actual mix of investments to achieve its target mix. The following table (in thousands) sets forth the fair value of our defined benefit plans’ assets by asset fair value hierarchy level. Asset Fair Value as of December 30, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 7,898 $ — $ — $ 7,898 Equities: Domestic 33,967 — — 33,967 International 1,099 — — 1,099 Mutual funds: Domestic equities 37,163 — — 37,163 International equities 32,033 — — 32,033 Long-term debt securities: Corporate debt securities: Domestic — 223,604 — 223,604 International — 26,360 — 26,360 U.S. government securities — 154,906 — 154,906 Government agencies securities — 7,517 — 7,517 Other — 4,437 — 4,437 $ 112,160 $ 416,824 $ — 528,984 Common collective trust funds: Cash equivalents 10,282 Domestic equities 249,366 International equities 62,651 Total investments measured at net asset value as a practical expedient 322,299 Total defined benefit plans’ assets $ 851,283 Asset Fair Value as of December 31, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 10,073 $ — $ — $ 10,073 Equities: Domestic 30,759 — — 30,759 International 829 — — 829 Mutual funds: Domestic equities 37,711 — — 37,711 International equities 28,975 — — 28,975 Long-term debt securities: Corporate debt securities: Domestic — 196,743 — 196,743 International — 20,120 — 20,120 U.S. government securities — 154,007 — 154,007 Government agencies securities — 7,548 — 7,548 Other — 2,545 — 2,545 $ 108,347 $ 380,963 $ — 489,310 Common collective trust funds: Cash equivalents 6,447 Domestic equities 244,152 International equities 59,257 Total investments measured at net asset value as a practical expedient 309,856 Total defined benefit plans’ assets $ 799,166 A description of the valuation methodologies used for assets measured at fair value is as follows: • Cash and cash equivalents are valued at original cost plus accrued interest. • Equities are valued at the closing price reported on the active market on which individual securities are traded. • Mutual funds are valued at the closing price reported on the active market on which individual funds are traded. • Common collective trust funds are valued at the net asset value of the shares held at the December 31, 2017 and 2016 measurement dates. This class represents investments in actively managed, common collective trust funds that invest primarily in equity securities, which may include common stocks, options and futures. Investments are valued at the net asset value per share, multiplied by the number of shares held as of the measurement date. • Long-term debt securities are valued at the estimated price a dealer will pay for the individual securities. Estimated future benefit payments, under Company sponsored plans as of December 30, 2017, were as follows (in thousands): Pension Benefits Other Postretirement Plans 2018 $ 53,888 $ 536 2019 46,852 527 2020 46,232 539 2021 45,402 514 2022 45,136 495 Subsequent five years 224,429 2,368 The Company expects to contribute $36 million to the Retirement Plans in fiscal year 2018. Other Company Sponsored Benefit Plans —Substantially all employees are eligible to participate in a Company sponsored defined contribution 401(k) Plan, which provides for Company matching on the participant’s contributions of up to 100% of the first 3% of participant’s compensation, and 50% of the next 2% of a participant’s compensation, for a maximum Company matching contribution of 4%. Through the third quarter of 2015, Company matching contributions were 50% of the first 6% of a participant’s compensation. The Company’s contributions to this plan were $46 million, $44 million and $32 million in fiscal years 2017, 2016 and 2015, respectively. The Company, at its discretion, may make additional contributions to the 401(k) Plan. The Company made no discretionary contributions under the 401(k) plan in fiscal years 2017, 2016 and 2015. Multiemployer Pension Plans —The Company contributes to numerous multiemployer pension plans under the terms of collective bargaining agreements that cover certain of its union-represented employees. The Company does not administer these multiemployer pension plans. The risks of participating in multiemployer pension plans differ from traditional single-employer defined benefit plans as follows: • Assets contributed to a multiemployer pension plan by one employer may be used to provide benefits to the employees of other participating employers. • If a participating employer stops contributing to a multiemployer pension plan, the unfunded obligations of the plan may be borne by the remaining participating employers. • If the Company elects to stop participation in a multiemployer pension plan, or if the number of the Company’s employees participating in a plan is reduced to a certain degree over certain periods of time, The Company’s participation in multiemployer pension plans for the year ended December 30, 2017, is outlined in the tables below. The Company considers significant plans to be those plans to which the Company contributed more than 5% of total contributions to the plan in a given plan year, or for which the Company believes its estimated withdrawal liability, should it decide to voluntarily withdraw from the plan, may be material to the Company. For each plan that is considered individually significant to the Company, the following information is provided. • The EIN/Plan Number column provides the Employee Identification Number (“EIN”) and the three-digit plan number (“PN”) assigned to a plan by the Internal Revenue Service. • The most recent Pension Protection Act (“PPA”) zone status available for 2017 and 2016 is for the plan years beginning in 2017 and 2016, respectively. The zone status is based on information provided to participating employers by each plan and is certified by the plan’s actuary. A plan in the red zone has been determined to be in critical status, or critical and declining status, based on criteria established under the Internal Revenue Code (the “Code”), and is generally less than 65% funded. Plans are generally considered “critical and declining” if they are projected to become insolvent within 20 years. A plan in the yellow zone has been determined to be in endangered status, based on criteria established under the Code, and is generally less than 80% but more than 65% funded. A plan in the green zone has been determined to be neither in critical status nor in endangered status, and is generally at least 80% 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. In addition to regular plan contributions, participating employers may be subject to a surcharge if the plan is in the red zone. • The Surcharge Imposed column indicates whether a surcharge has been imposed on participating employers contributing to the plan. • The Expiration Dates column indicates the expiration dates of the collective-bargaining agreements to which the plans are subject. Pension Fund EIN/ Plan Number PPA Zone Status FIP/RP Status Pending/ Implemented Surcharge Imposed Expiration Dates 2017 2016 Western Conference of Teamsters Pension Trust Fund 91-6145047/001 Green Green N/A No 3/31/18 to 3/31/20 Minneapolis Food Distributing Industry Pension Plan 41-6047047/001 Green Green Implemented No 4/1/21 Teamster Pension Trust Fund of Philadelphia and Vicinity 23-1511735/001 Yellow Yellow Implemented No 2/10/18 (1) Local 703 I.B. of T. Grocery and Food Employees’ Pension Plan 36-6491473/001 Green Green N/A No 6/30/18 United Teamsters Trust Fund A 13-5660513/001 Yellow Yellow Implemented No 5/30/19 Warehouse Employees Local 169 and Employers Joint Pension Fund (2) 23-6230368/001 Red Red Implemented No 2/10/18 (1) Local 705 I.B. of T. Pension Trust Fund 36-6492502/001 Yellow Red Implemented No 12/29/18 (1) The collective bargaining agreement for this pension fund is operating under an extension through March 2018. (2) Local 169 filed a Notice of Critical and Declining Status in 2017. The following table provides information about the Company’s contributions to its multiemployer pension plans. For plans that are not individually significant to the Company, the total amount of USF contributions is aggregated. Prior year contribution amounts have been reclassified to other funds (below) for plans no longer considered significant in 2017. USF Contributions Exceed 5% of USF Contribution (1)(2) Total Plan Contributions (3) (in thousands) 2017 2016 2015 2016 2015 Pension Fund Western Conference of Teamsters Pension Trust Fund $ 10,780 $ 10,104 $ 10,227 No No Minneapolis Food Distributing Industry Pension Plan 5,399 5,162 5,200 Yes Yes Teamster Pension Trust Fund of Philadelphia and Vicinity 3,917 3,442 3,461 No No Local 703 I.B. of T. Grocery and Food Employees’ Pension Plan 1,482 1,258 1,366 Yes Yes United Teamsters Trust Fund A 1,741 1,668 1,554 Yes Yes Warehouse Employees Local 169 and Employers Joint Pension Fund 846 900 897 Yes Yes Local 705 I.B. of T. Pension Trust Fund 3,122 2,923 2,729 No No Other Funds 6,853 7,179 8,196 — — $ 34,140 $ 32,636 $ 33,630 (1) Contributions made to these plans during the Company’s fiscal year, which may not coincide with the plans’ fiscal years. (2) Contributions do not include payments related to multiemployer pension withdrawals/settlements. (3) Indicates whether the Company was listed in the respective multiemployer plan Form 5500 for the applicable plan year as having made more than 5% of total contributions to the plan. If the Company elects to voluntarily withdraw from multiemployer pension plans, it would be responsible for its proportionate share of the respective plan’s unfunded vested liability. Based on the latest information available from plan administrators, the Company estimates its aggregate withdrawal liability from the multiemployer pension plans in which it participates to be approximately $120 million as of December 30, 2017. Actual withdrawal liabilities incurred by the Company, if it were to withdraw from one or more plans, could be materially different from the estimates noted here, based on better or more timely information from plan administrators or other changes affecting the respective plan’s funded status. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 18. EARNINGS PER SHARE The Company computes earnings per share (“EPS”) in accordance with ASC 260, Earnings per Share Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding. Diluted EPS is computed using the weighted average number of shares of common stock, plus the effect of potentially dilutive securities. Stock options, non-vested restricted shares with forfeitable dividend rights, non-vested restricted stock units, and employee stock purchase plan deferrals are considered potentially dilutive securities. The following table sets forth the computation of basic and diluted earnings per share: 2017 2016 2015 Numerator (in thousands): Net income $ 444,294 $ 209,794 $ 167,518 Denominator: Weighted-average common shares outstanding 222,383,038 200,129,868 169,560,616 Dilutive effect of Share-based awards 3,280,747 3,894,858 1,500,104 Weighted-average dilutive shares outstanding 225,663,785 204,024,726 171,060,720 Basic earnings per share $ 2.00 $ 1.05 $ 0.99 Diluted earnings per share $ 1.97 $ 1.03 $ 0.98 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 30, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | 19. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents changes in accumulated other comprehensive loss, by component, for the last three fiscal years, (in thousands): 2017 2016 2015 Accumulated other comprehensive loss components Retirement benefit obligations: Balance at beginning of period (1) $ (119,363 ) $ (74,378 ) $ (158,041 ) Other comprehensive income (loss) before reclassifications 704 (64,470 ) (2,136 ) Current year prior service cost — — (1,291 ) Amortization of prior service cost (2) (3) 144 163 133 Amortization of net loss (2) (3) 3,700 8,184 10,408 Settlements (2) (3) 17,785 4,487 3,358 Curtailment (4) 138 — 73,191 Prior year correction (4) — (21,917 ) — Total before income tax 22,471 (73,553 ) 83,663 Income tax provision (benefit) (5) 6,300 (28,568 ) — Current period comprehensive income (loss), net of tax 16,171 (44,985 ) 83,663 Balance at end of period (1) $ (103,192 ) $ (119,363 ) $ (74,378 ) Interest rate swaps: Balance at beginning of period (1) $ — $ — $ — Change in fair value of interest rate swaps 10,236 — — Amounts reclassified to interest expense 1,939 — — Total before income tax 12,175 — — Income tax provision 4,738 — — Current period comprehensive income, net of tax 7,437 — — Balance at end of period (1) $ 7,437 $ — $ — Accumulated other comprehensive loss at end of period (1) $ (95,755 ) $ (119,363 ) $ (74,378 ) (1) Amounts are presented net of tax. (2) Included in the computation of net periodic benefit costs. See Note 17, Retirement Plans for additional information. (3) Included in distribution, selling and administrative expenses in the Consolidated Statements of Comprehensive Income. (4) The fiscal year 2015 curtailment is due to freeze of non-union participants’ benefits of a USF sponsored defined benefit pension plan. In fiscal year 2016, the curtailment was corrected for a computational error. See Note 17, Retirement Plans. (5) No impact in fiscal year 2015 due to the Company’s full valuation allowance on its net deferred income tax assets. See Note 20, Income Taxes. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 20. INCOME TAXES The income tax (benefit) provision for the last three fiscal years consisted of the following (in thousands): 2017 2016 2015 Current: Federal $ 73,792 $ 1,110 $ 5,307 State 9,084 639 1,722 Current income tax provision 82,876 1,749 7,029 Deferred: Federal (133,182 ) (15,095 ) 15,117 State 10,254 (65,339 ) 2,489 Deferred income tax (benefit) provision (122,928 ) (80,434 ) 17,606 Total income tax (benefit) provision $ (40,052 ) $ (78,685 ) $ 24,635 The Company’s effective income tax rates for the fiscal years ended December 30, 2017, December 31, 2016 and January 2, 2016 were (10)%, (60)% and 13%, respectively. The determination of the Company’s overall effective tax rate requires the use of estimates. The effective tax rate reflects the income earned and taxed in U.S. federal and various state jurisdictions based on enacted tax law, permanent differences between book and tax items, tax credits and the Company’s change in relative contribution to income for each jurisdiction. Changes in tax laws and rates may affect recorded deferred tax assets and liabilities and the Company’s effective tax rate in the future. On December 22, 2017 the U.S. government enacted comprehensive tax legislation referred to herein as the Tax Act. The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to (1) a reduction of the U.S. federal corporate tax rate and (2) bonus depreciation that permits full expensing of qualified property. The SEC staff issued Staff Accounting Bulletin 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740 , Income Taxes Income Taxes , Income Taxes The Tax Act reduced the corporate tax rate to 21 percent, effective January 1, 2018 and provided for bonus depreciation that allows for full expensing of qualified assets placed into service after September 27, 2017. Our accounting for the reduction of the corporate tax rate and bonus depreciation that allows for full expensing of qualified property is incomplete, However, the Company was able to determine a reasonable estimate of the impact of the corporate tax rate reduction and bonus depreciation that will allow for full expensing of qualified property. Consequently, we have recorded a provisional decrease to our deferred tax liabilities of $173 million with a corresponding adjustment to deferred income tax benefit of $173 million for the year ended December 30, 2017 related to the reduction of the corporate tax rate. Additionally, we have recorded a provisional increase in our net deferred tax liabilities of $4 million with a corresponding adjustment of $4 million to other long-term liabilities for the year ended December 30, 2017 related to bonus depreciation that allowed for full expensing of qualified property. The income tax effects for these positions require further analysis to prepare the accounting related to the income tax effects of the Tax Act in reasonable detail. The accounting for these items is expected to be complete when the 2017 U.S. federal income tax return is filed in 2018. The reconciliation of the (benefit) provision for income taxes from continuing operations at the U.S. federal statutory income tax rate of 35% to the Company’s income taxes for the last three fiscal years is shown below (in thousands). 2017 2016 2015 Federal income taxes computed at statutory rate $ 141,485 $ 45,888 $ 67,254 State income taxes, net of federal income tax benefit 16,023 1,886 2,776 Stock-based compensation (26,150 ) (2,873 ) 438 Non-deductible expenses 5,349 4,700 2,911 Change in the valuation allowance for deferred tax assets (806 ) (127,518 ) (47,531 ) Net operating loss expirations 927 1,563 1,860 Tax credits (3,675 ) (3,217 ) — Change in unrecognized tax benefits (1,147 ) 647 (1,946 ) Change in U.S. federal statutory tax rate (173,057 ) — — Other 999 239 (1,127 ) Total income tax (benefit) provision $ (40,052 ) $ (78,685 ) $ 24,635 Temporary differences and carryforwards that created significant deferred tax assets and liabilities were as follows (in thousands): December 30, 2017 December 31, 2016 Deferred tax assets: Allowance for doubtful accounts $ 7,416 $ 10,552 Accrued employee benefits 6,472 35,020 Restructuring reserves 4,646 14,885 Workers’ compensation, general and fleet liabilities 42,958 61,118 Deferred income 162 470 Deferred financing costs 1,744 5,379 Postretirement benefit obligations 23,350 51,618 Net operating loss carryforwards 86,246 162,511 Other accrued expenses 9,819 30,429 Total gross deferred tax assets 182,813 371,982 Less valuation allowance (28,962 ) (24,274 ) Total net deferred tax assets 153,851 347,708 Deferred tax liabilities: Property and equipment (92,092 ) (216,556 ) Inventories (29,802 ) (41,765 ) Intangibles (273,774 ) (435,817 ) Total deferred tax liabilities (395,668 ) (694,138 ) Net deferred tax liability $ (241,817 ) $ (346,430 ) The net deferred tax liabilities presented in the Consolidated Balance Sheets were as follows (in thousands). December 30, 2017 December 31, 2016 Noncurrent deferred tax assets $ 21,505 $ 34,405 Noncurrent deferred tax liability (263,322 ) (380,835 ) Net deferred tax liability $ (241,817 ) $ (346,430 ) As of December 30, 2017, the Company had tax affected state net operating loss carryforwards of $86 million, which will expire at various dates from 2018 to 2037. The Company’s net operating loss carryforwards expire as follows (in millions): State 2018-2022 $ 25 2023-2027 42 2028-2032 14 2033-2037 5 $ 86 The Company also has state credit carryforwards of $12 million. The U.S. federal and state net operating loss carryforwards in the income tax returns filed included unrecognized tax benefits taken in prior years. The net operating losses for which a deferred tax asset is recognized for financial statement purposes in accordance with ASC 740, Income Taxes Because of the change of ownership provisions of the Tax Reform Act of 1986, use of a portion of the Company’s domestic net operating losses and tax credit carryforwards may be limited in future periods. Further, a portion of the carryforwards may expire before being applied to reduce future income tax liabilities. We released the previously recorded valuation allowance against our U.S. federal net deferred tax assets and certain of our state net deferred tax assets in fiscal year 2016 as we determined it was more likely than not that the deferred tax assets would be realized. We maintained a valuation allowance on certain state net operating loss and tax credit carryforwards expected to expire unutilized as a result of insufficient forecasted taxable income in the carryforward period or the utilization of which is subject to limitation. The decision to release the valuation allowance was made after management considered all available evidence, both positive and negative, including but not limited to, historical operating results, cumulative income in recent years, forecasted earnings, and a reduction of uncertainty regarding forecasted earnings as a result of developments in certain customer and strategic initiatives during 2016. A summary of the activity in the valuation allowance for the last three fiscal years is as follows (in thousands): 2017 2016 2015 Balance at beginning of period $ 24,274 $ 151,792 $ 232,163 Expense (benefit) recognized 4,688 (127,518 ) (47,531 ) Other comprehensive income — — (32,484 ) Other — — (356 ) Balance at end of period $ 28,962 $ 24,274 $ 151,792 The calculation of the Company’s tax liabilities involves uncertainties in the application of complex tax laws and regulations in U.S. federal and state jurisdictions. The Company 1) records unrecognized tax benefits as liabilities in accordance with ASC 740, Income Taxes Reconciliation of the beginning and ending amount of unrecognized tax benefits as of fiscal years 2017, 2016, and 2015 was as follows (in thousands): Balance at December 27, 2014 $ 46,584 Gross decreases due to positions taken in prior years (4,856 ) Gross increases due to positions taken in current year — Decreases due to lapses of statute of limitations (15 ) Increases due to changes in tax rates 92 Positions assumed in business acquisition 3,279 Balance at January 2, 2016 45,084 Gross increases due to positions taken in prior years 4,743 Gross increases due to positions taken in current year — Decreases due to lapses of statute of limitations (767 ) Increases due to changes in tax rates 180 Balance at December 31, 2016 49,240 Gross increases due to positions taken in prior years 71,801 Gross decreases due to positions taken in prior years (3,602 ) Gross decreases due to positions taken in current year (5,098 ) Decreases due to lapses of statute of limitations (319 ) Decreases due to changes in tax rates (3,837 ) Balance at December 30, 2017 $ 108,185 The Company believes it is reasonably possible that the liability for unrecognized tax benefits will decrease by approximately $64 million in the next 12 months as a result of the completion of tax audits, the expiration of the statute of limitations, or the receipt of affirmative written consent of the IRS to change a method of accounting. Included in the balance of unrecognized tax benefits at the end of fiscal years 2017, 2016 and 2015 was $60 million, $43 million and $40 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate. The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. As of December 30, 2017, the Company had accrued interest and penalties of approximately $5 million, and $4 million as of December 31, 2016 and January 2, 2016. The Company files U.S. federal and state income tax returns in jurisdictions with varying statutes of limitations. Our 2007 through 2016 U.S. federal tax years, and various state tax years from 2000 through 2016, remain subject to income tax examinations by the relevant taxing authorities. Prior to 2007, the Company was owned by Royal Ahold N.V. (“Ahold”). Ahold has indemnified the Company for 2007 pre-closing consolidated U.S. federal and certain combined state income taxes, and the Company is responsible for all other taxes, and interest and penalties. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 21. COMMITMENTS AND CONTINGENCIES Purchase Commitments —The Company enters into purchase orders with vendors and other parties in the ordinary course of business, and has a limited number of purchase contracts with certain vendors that require it to buy a predetermined volume of products. As of December 30, 2017, the Company had $741 million of purchase orders and purchase contract commitments to be purchased in fiscal year 2018, that are not recorded in the Consolidated Balance Sheets. To minimize fuel cost risk, the Company enters into forward purchase commitments for a portion of its projected diesel fuel requirements. At December 30, 2017, the Company had diesel fuel forward purchase commitments totaling $33 million through June 2018. The Company also enters into forward purchase agreements for electricity. As of December 30, 2017 the Company had electricity forward purchase commitments totaling $5 million through July 2020. The Company does not measure its forward purchase commitments for fuel and electricity at fair value, as the amounts under contract meet the physical delivery criteria in the normal purchase exception under GAAP guidance. Legal Proceedings —The Company and its subsidiaries are parties to a number of legal proceedings arising from the normal course of business. These legal proceedings, whether pending, threatened or unasserted, if decided adversely to or settled by the Company, may result in liabilities material to its financial position, results of operations, or cash flows. The Company recognized provisions with respect to the proceedings, where appropriate, in the Consolidated Balance Sheets. It is possible that the Company could be required to make expenditures, in excess of the established provisions, in amounts that cannot be reasonably estimated. However, the Company believes that the ultimate resolution of these proceedings will not have a material adverse effect on its consolidated financial position, results of operations, or cash flows. It is the Company’s policy to expense attorney fees as incurred. Insurance Recoveries — —On April 28, 2014, a tornado damaged a distribution facility and its contents, including building improvements, equipment and inventory. Business from the damaged facility was temporarily transferred to other Company distribution facilities until July 2015, when a new state-of-the-art distribution facility became operational. The Company had insurance coverage on the distribution facility and its contents, as well as business interruption insurance. In fiscal year 2015, the Company received proceeds of $26 million of which $6 million was recognized as a receivable in 2014. The remaining $20 million of proceeds received and recognized in fiscal year 2015 represented the recovery of current and prior year operating costs, for a net $11 million recognized as a benefit in 2015. The Company received the final insurance settlement and recognized a net benefit of $10 million in 2016. The Company classified $3 million related to the damaged distribution facility as cash flows provided by investing activities in fiscal year 2015, in its Consolidated Statement of Cash Flows. Insurance proceeds of $10 million and $23 million related to damaged inventory and business interruption costs are classified as cash flows provided by operating activities in fiscal years 2016 and 2015, respectively, in the Consolidated Statements of Cash Flows. |
US Foods Holding Corp. Condense
US Foods Holding Corp. Condensed Financial Information | 12 Months Ended |
Dec. 30, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
US Foods Holding Corp. Condensed Financial Information | 22. US FOODS HOLDING CORP. CONDENSED FINANCIAL INFORMATION These condensed parent company financial statements should be read in conjunction with the consolidated financial statements. Under terms of its debt agreements, the net assets of USF, our wholly owned subsidiary, are restricted from being transferred to US Foods in the form of loans, advances or dividends—with the exception of income tax payments, share-based compensation settlements and minor administrative costs. As of December 30, 2017, USF had $751 million of restricted payment capacity under these covenants, and approximately $2,001 million of its net assets were restricted after taking into consideration the net deferred tax assets and intercompany balances that eliminate in consolidation. See Note 15, Share-Based Compensation, Common Stock Issuances and Common Stock for a discussion of the Company’s equity related transactions. In the condensed parent company financial statements below, the investment in subsidiary, USF, is accounted for using the equity method. Condensed Parent Company Balance Sheets (In thousands) December 30, 2017 December 31, 2016 ASSETS Cash and cash equivalents $ 138 $ 138 Other assets — 837 Investment in subsidiary 2,846,716 2,638,105 TOTAL ASSETS $ 2,846,854 $ 2,639,080 LIABILITIES AND EQUITY Intercompany payable $ 348 $ 348 Deferred tax liabilities 25,032 $ 101,082 Other liabilities 70,111 — Total liabilities 95,491 101,430 COMMITMENTS AND CONTINGENCIES (Note 21) SHAREHOLDERS’ EQUITY Common stock, $.01 par value—600,000 shares authorized; 214,963 and 220,929 issued and outstanding as of December 30, 2017 and December 31, 2016 2,150 2,209 Additional paid-in capital 2,721,454 2,791,264 Accumulated earnings (deficit) 123,514 (136,460 ) Accumulated other comprehensive loss (95,755 ) (119,363 ) Total shareholders’ equity 2,751,363 2,537,650 TOTAL LIABILITIES AND EQUITY $ 2,846,854 $ 2,639,080 Condensed Parent Company Statements of Comprehensive Income (In thousands) Fiscal Years Ended December 30, 2017 December 31, 2016 January 2, 2016 OPERATING EXPENSES $ — $ 4,746 $ — OPERATING LOSS — (4,746 ) — ACQUSITION TERMINATION FEE — — 300,000 INTEREST INCOME — 103 241 (Loss) income before income taxes — (4,643 ) 300,241 INCOME TAX (BENEFIT) PROVISION (5,103 ) 104,565 34,340 Income (loss) before equity in net earnings (loss) of subsidiary 5,103 (109,208 ) 265,901 EQUITY IN NET EARNINGS (LOSS) OF SUBSIDIARY 439,191 319,002 (98,383 ) NET INCOME 444,294 209,794 167,518 OTHER COMPREHENSIVE (LOSS) INCOME—Net of tax: Changes in retirement benefit obligations, net 16,171 (44,985 ) 83,663 Unrecognized gain on interest rate swaps, net 7,437 — — COMPREHENSIVE INCOME $ 467,902 $ 164,809 $ 251,181 Condensed Parent Company Statements of Cash Flows (In thousands) Fiscal Years Ended December 30, 2017 December 31, 2016 January 2, 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 444,294 $ 209,794 $ 167,518 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Equity in net (earnings) loss of subsidiary (439,191 ) (319,002 ) 98,383 Deferred income tax (benefit) provision (77,082 ) 106,482 27,084 Changes in operating assets and liabilities: Decrease (increase) in other assets 837 (837 ) — (Decrease) increase in intercompany payable — (6,845 ) 7,193 Increase (decrease) in accrued expenses and other liabilities 71,142 (63 ) 63 Net cash (used in) provided by operating activities — (10,471 ) 300,241 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in subsidiary — (1,113,919 ) — Cash distribution from subsidiary 280,000 374,332 — Net cash provided by (used in) investing activities 280,000 (739,587 ) — CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from initial public offering — 1,113,799 — Cash distribution to shareholders — (666,332 ) — Proceeds from common stock sales — 2,850 — Common stock repurchased (280,000 ) — — Common stock and share-based awards settled — (362 ) — Net cash (used in) provided by financing activities (280,000 ) 449,955 — NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS — (300,103 ) 300,241 CASH AND CASH EQUIVALENTS—Beginning of year 138 300,241 — CASH AND CASH EQUIVALENTS—End of year $ 138 $ 138 $ 300,241 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (Unaudited) | 23. QUARTERLY FINANCIAL INFORMATION (Unaudited) Financial information for each quarter in the fiscal years ended December 30, 2017 and December 31, 2016, is set forth below (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter Fiscal Year (In thousands) Fiscal year ended December 30, 2017 Net sales $ 5,788,425 $ 6,158,654 $ 6,204,194 $ 5,995,888 $ 24,147,161 Cost of goods sold 4,797,117 5,104,605 5,105,632 4,922,264 19,929,618 Gross profit 991,308 1,054,049 1,098,562 1,073,624 4,217,543 Operating expenses 914,784 928,475 908,532 891,928 3,643,719 Interest expense—net 41,886 41,003 43,211 43,482 169,582 Income before income taxes 34,638 84,571 146,819 138,214 404,242 Income tax provision (benefit) 7,822 19,113 51,268 (118,255 ) (40,052 ) Net income $ 26,816 $ 65,458 $ 95,551 $ 256,469 $ 444,294 Net income per share: Basic $ 0.12 $ 0.29 $ 0.43 $ 1.16 $ 2.00 Diluted $ 0.12 $ 0.29 $ 0.42 $ 1.15 $ 1.97 Fiscal year ended December 31, 2016 Net sales $ 5,593,149 $ 5,806,758 $ 5,840,963 $ 5,677,938 $ 22,918,808 Cost of goods sold 4,633,381 4,772,721 4,808,426 4,651,008 18,865,536 Gross profit 959,768 1,034,037 1,032,537 1,026,930 4,053,272 Operating expenses 875,091 935,600 917,446 911,314 3,639,451 Interest expense—net 70,559 70,245 48,956 39,320 229,080 Loss on extinguishment of debt — 42,149 11,483 — 53,632 Income (loss) before income taxes 14,118 (13,957 ) 54,652 76,296 131,109 Income tax provision (benefit) 807 (565 ) (78,359 ) (568 ) (78,685 ) Net income (loss) $ 13,311 $ (13,392 ) $ 133,011 $ 76,864 $ 209,794 Net income (loss) per share: Basic $ 0.08 $ (0.07 ) $ 0.60 $ 0.35 $ 1.05 Diluted $ 0.08 $ (0.07 ) $ 0.59 $ 0.34 $ 1.03 |
Business Information
Business Information | 12 Months Ended |
Dec. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Information | 24. BUSINESS INFORMATION The Company’s consolidated results represents the results of its one business segment based on how the Company’s chief operating decision maker, the Chief Executive Officer, views the business for purposes of evaluating performance and making operating decisions. The Company markets and, primarily, distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the United States. The Company uses a centralized management structure, and its strategies and initiatives are implemented and executed consistently across the organization to maximize value to the organization as a whole. The Company uses shared resources for sales, procurement, and general and administrative activities across each of its distribution centers and operations. The Company’s distribution centers form a single network to reach its customers; it is common for a single customer to make purchases from several different distribution centers. Capital projects, whether for cost savings or generating incremental revenue, are evaluated based on estimated economic returns to the organization as a whole. The following table presents the sales mix for the Company’s principal product categories for the last three fiscal years (in thousands): 2017 2016 2015 Meats and seafood $ 8,692,213 $ 8,120,738 $ 8,391,997 Dry grocery products 4,266,200 4,127,013 4,123,584 Refrigerated and frozen grocery products 3,798,737 3,653,037 3,582,517 Dairy 2,533,207 2,380,112 2,457,516 Equipment, disposables and supplies 2,243,243 2,165,744 2,171,006 Beverage products 1,306,347 1,267,723 1,279,201 Produce 1,307,214 1,204,441 1,121,711 $ 24,147,161 $ 22,918,808 $ 23,127,532 No single customer accounted for more than 3% of the Company’s consolidated net sales for fiscal years 2017, 2016 and 2015. However, customers purchasing through one group purchasing organization accounted for approximately 13% of consolidated net sales in fiscal year 2017, and 12% of consolidated net sales in fiscal years 2016 and 2015. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation —Consolidated financial statements include the accounts of US Foods and its wholly owned subsidiary, USF. Intercompany transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates —Consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This 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 these estimates. The most critical estimates used in the preparation of the Company’s consolidated financial statements pertain to the valuation of goodwill and other intangible assets, vendor consideration, self-insurance programs, and income taxes. |
Cash and Cash Equivalents | Cash and Cash Equivalents —The Company considers all highly liquid investments purchased with a maturity of three or fewer months to be cash equivalents. |
Accounts Receivable | Accounts Receivable —Accounts receivable represent amounts due from customers in the ordinary course of business and are recorded at the invoiced amount and do not bear interest. Receivables are presented net of the allowance for doubtful accounts in the accompanying Consolidated Balance Sheets. The Company evaluates the collectability of its accounts receivable and determines the appropriate allowance for doubtful accounts based on a combination of factors. When the Company determines that a loss is probable, a specific allowance for doubtful accounts is recorded, reducing the receivable to the net amount we reasonably expect to collect. In addition, allowances are recorded for all other receivables based on historic collection trends, write-offs and the aging of receivables. The Company uses specific criteria to determine uncollectible receivables to be written off, including bankruptcy, accounts referred to outside parties for collection, and accounts past due over specified periods. |
Vendor Consideration and Receivables | Vendor Consideration and Receivables —The Company participates in various rebate and promotional incentives with its suppliers, primarily through purchase-based programs. Consideration earned, is estimated during the year, as the Company’s obligations under the programs are fulfilled, which is primarily when products are purchased. Changes in the estimated amount of incentives earned, are recognized in the period of change. Vendor consideration is typically deducted from invoices or collected in cash within 30 days of being earned. Vendor receivables represent the uncollected balance of the vendor consideration. Since collections occur primarily from deducting the consideration from the amounts due to the vendor, the Company does not experience significant collectability issues. The Company evaluates the collectability of its vendor receivables based on specific vendor information and vendor collection history. |
Inventories | Inventories —The Company’s inventories, consisting mainly of food and other foodservice-related products, are primarily considered finished goods. Inventory costs include the purchase price of the product, freight charges to deliver it to the Company’s warehouses, and depreciation and labor related to processing facilities and equipment, and are net of certain cash or non-cash consideration received from vendors. The Company assesses the need for valuation allowances for slow-moving, excess and obsolete inventories by estimating the net recoverable value of such goods based upon inventory category, inventory age, specifically identified items, and overall economic conditions. The Company records inventories at the lower of cost or market using the last-in, first-out (“LIFO”) method. The base year values of beginning and ending inventories are determined using the inventory price index computation method. This “links” current costs to original costs in the base year when the Company adopted LIFO. At December 30, 2017 and December 31, 2016, the LIFO balance sheet reserves were $130 million and $116 million, respectively. As a result of net changes in LIFO reserves, cost of goods sold increased $14 million in fiscal year 2017, and decreased $18 million and $74 million in fiscal years 2016, and 2015, respectively. |
Property and Equipment | Property and Equipment —Property and equipment are stated at cost. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets, which range from three to 40 years. Property and equipment under capital leases and leasehold improvements are amortized on a straight-line basis over the shorter of the remaining term of the related lease or the estimated useful lives of the assets. Routine maintenance and repairs are charged to expense as incurred. Applicable interest charges incurred during the construction of new facilities or development of software for internal use are capitalized as one of the elements of cost and are amortized over the useful life of the respective assets. Property and equipment held and used by the Company are tested for recoverability whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. For purposes of evaluating the recoverability of property and equipment, the Company compares the carrying value of the asset or asset group to the estimated, undiscounted future cash flows expected to be generated by the long-lived asset or asset group. If the future cash flows do not exceed the carrying value, the carrying value is compared to the fair value of such asset. If the carrying value exceeds the fair value, an impairment charge is recorded for the excess. The Company also assesses the recoverability of its closed facilities actively marketed for sale. If a facility’s carrying value exceeds its fair value, less an estimated cost to sell, an impairment charge is recorded for the excess. Assets held for sale are not depreciated. Impairments are recorded as a component of restructuring and tangible asset impairments in the Consolidated Statements of Comprehensive Income, and a reduction of the asset’s carrying value in the Consolidated Balance Sheets. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets —Goodwill and other intangible assets include the cost of the acquired business in excess of the fair value of the net tangible assets acquired. Other intangible assets include customer relationships, noncompete agreements, the brand names comprising our portfolio of exclusive brands, and trademarks. As required, we assess goodwill and intangible assets with indefinite lives for impairment annually, or more frequently if events occur that indicate an asset may be impaired. For goodwill and indefinite-lived intangible assets, our policy is to assess for impairment at the beginning of each fiscal third quarter. For other intangible assets with definite lives, we assess for impairment only if events occur that indicate that the carrying amount of an asset may not be recoverable. All goodwill is assigned to the consolidated Company as the reporting unit. |
Self-Insurance Programs | Self-Insurance Programs —The Company estimates its liabilities for claims covering general, fleet, and workers’ compensation. Amounts in excess of certain levels, which range from $1-10 million per occurrence, are insured as a risk reduction strategy, to mitigate catastrophic losses. The workers’ compensation liability is discounted, as the amount and timing of cash payments is reliably determinable given the nature of benefits and the level of historic claim volume to support the actuarial assumptions and judgments used to derive the expected loss payment pattern. The amount accrued is discounted using an interest rate that approximates the U.S. Treasury rate consistent with the duration of the liability. However, the inherent uncertainty of future loss projections could cause actual claims to differ from our estimates. We are self-insured for group medical claims not covered under collective bargaining agreements. The Company accrues its self-insured medical liability, including an estimate for incurred but not reported claims, based on known claims and past claims history. These accruals are included in accrued expenses and other long-term liabilities in the Consolidated Balance Sheets. |
Share-Based Compensation | Share-Based Compensation —Certain directors, officers and employees participate in the 2016 US Foods Holding Corp. Omnibus Incentive Plan (the “2016 Plan”) which provides a means through which the Company may grant equity and equity incentive awards of US Foods common stock. Certain officers and employees also hold outstanding equity awards granted pursuant to the 2007 Stock Incentive Plan for Key Employees of USF Holding Corp. and its Affiliates, as amended (“2007 Plan”) which terminated according to its terms on December 21, 2017. The termination of the 2007 Plan has no effect on any outstanding awards, however, no shares of US Foods common stock are available for future issuance under the 2007 Plan. Additionally, most of the Company’s employees are eligible to participate in the US Foods Holding Corp. Amended and Restated Employee Stock Purchase Plan (the “Stock Purchase Plan”), which allows for the purchase of US Foods common stock at a discount of up to 15% of the fair market value of a share at periodic acquisition dates. Shares issued to satisfy employee share-based award programs come from shares reserved for issuance under the respective award programs. US Foods contributes shares to USF for employee purchases, and upon exercise of options or grants of restricted stock and restricted stock units. The Company does not maintain treasury shares, as shares repurchased by the Company are retired upon reacquisition. The Company measures compensation expense for stock-based awards at fair value at the date of grant, and recognizes compensation expense over the service period for awards expected to vest. Forfeitures are recognized as incurred. Fair value is the closing price per share for the Company’s common stock as reported on the NYSE. Prior to the IPO, the grant date fair value was measured at the end of each fiscal quarter using the combination of a market and income approach. The computed value was applied to all stock and stock award activity in the subsequent quarter. Compensation expense for the Stock Purchase Plan represents the difference between the fair market value at acquisition date and the employee purchase price. |
Redeemable Common Stock | Redeemable Common Stock —Redeemable common stock is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Prior to the IPO, common stock owned by management and key employees, including vested restricted shares and vested restricted stock units, was subject to certain redemption features and, accordingly was classified as Redeemable common stock. In connection with the IPO, the management stockholder’s agreement was amended, and common stock no longer has a redemption feature that is outside the Company’s control that could require the Company to redeem these shares. Accordingly, the amounts previously reflected in redeemable common stock, were reclassified to shareholders’ equity during the second quarter of 2016. |
Business Acquisitions | Business Acquisitions —The Company accounts for business acquisitions under the acquisition method. Assets acquired and liabilities assumed are recorded at fair value as of the acquisition date. The operating results of the acquired companies are included in the Company’s consolidated financial statements from the date of acquisition. |
Revenue Recognition | Revenue Recognition —The Company recognizes revenue from the sale of product when title and risk of loss passes and the customer accepts the goods, which generally occurs at delivery. The Company grants certain customers sales incentives—such as rebates or discounts—and treats these as a reduction of sales at the time the sale is recognized. Sales taxes invoiced to customers and remitted to governmental authorities are excluded from net sales. |
Cost of Goods Sold | Cost of Goods Sold —Cost of goods sold includes amounts paid to vendors for products sold—net of vendor consideration and the cost of transportation necessary to bring the products to the Company’s distribution facilities. Depreciation related to processing facilities and equipment is presented in cost of goods sold. Because the majority of the inventories are finished goods, depreciation related to warehouse facilities and equipment is presented in distribution, selling and administrative costs. See inventories section above for discussion of the LIFO impact on cost of goods sold. |
Shipping and Handling Costs | Shipping and Handling Costs —Shipping and handling costs—which include costs related to the selection of products and their delivery to customers—are presented in distribution, selling and administrative costs. Shipping and handling costs were $1.6 billion in 2017 and 2016, and $1.5 billion in 2015. |
Income Taxes | Income Taxes —The Company accounts for income taxes under the asset and liability method. This requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts 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 during the period that includes the enactment date. Net deferred tax assets are recorded to the extent the Company believes these assets will more likely than not be realized. An uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Uncertain tax positions are recorded at the largest amount that is more likely than not to be sustained. The Company adjusts the amounts recorded for uncertain tax positions when its judgment changes, as a result of evaluating new information not previously available. These differences are reflected as increases or decreases to income tax expense in the period in which they are determined. |
Derivative Financial Instruments | Derivative Financial Instruments — The Company utilizes derivative financial instruments to assist in managing its exposure to variable interest rates on certain borrowings. The Company does not enter into derivatives or other financial instruments for trading or speculative purposes. Interest rate swaps, designated as cash flow hedges, are recorded in the Company’s Consolidated Balance sheet at fair value. In the normal course of business, the Company enters into forward purchase agreements to procure fuel, electricity and product commodities related to its business. These agreements often meet the definition of a derivative. However, the Company does not measure its forward purchase commitments at fair value as the amounts under contract meet the physical delivery criteria in the normal purchase exception under GAAP guidance. |
Concentration Risks | Concentration Risks —Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash equivalents and accounts receivable. The Company’s cash equivalents are invested primarily in money market funds at major financial institutions. Credit risk related to accounts receivable is dispersed across a larger number of customers located throughout the United States. The Company attempts to reduce credit risk through initial and ongoing credit evaluations of its customers’ financial condition. There were no receivables from any one customer representing more than 5% of our consolidated gross accounts receivable at December 30, 2017 and December 31, 2016. |
Recent Accounting Pronouncements | In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02, Income Statement, Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income . This ASU Tax Cuts and Jobs Act (the “Tax Act”) accumulated other comprehensive income In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815):Targeted Improvements to Accounting for Hedging Activities In May 2017, the FASB issued ASU No. 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting . In March 2017, the FASB issued ASU No. 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments in this update require retrospective presentation in the income statement. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, This ASU should be applied using a retrospective transition method to each period presented. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), Leases In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, The Company has revised its relevant policies and procedures, as applicable, to meet the new accounting, reporting and disclosure requirements of Topic 606 and has updated internal controls accordingly. |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Business Combinations [Abstract] | |
Purchase Price Allocations for Business Acquisitions | The following table summarizes the purchase price allocations for the 2017 and 2016 business acquisitions as follows (in thousands): 2017 2016 Accounts receivable $ 17,108 $ 22,871 Inventories 25,232 9,493 Other current assets 677 732 Property and equipment 29,492 24,119 Goodwill 58,528 32,570 Other intangible assets 72,050 64,130 Accounts payable (7,986 ) (16,216 ) Accrued expenses and other current liabilities (5,837 ) (12,173 ) Deferred income taxes (7,277 ) — Long-term debt — (2,514 ) Cash paid for acquisitions $ 181,987 $ 123,012 |
Allowance for Doubtful Accoun34
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Receivables [Abstract] | |
Summary of Activity in Allowance for Doubtful Accounts | A summary of the activity in the allowance for doubtful accounts for the last three fiscal years is as follows (in thousands): 2017 2016 2015 Balance at beginning of year $ 25,388 $ 22,623 $ 24,989 Charged to costs and expenses 17,999 11,112 12,103 Customer accounts written off—net of recoveries (17,416 ) (8,347 ) (14,469 ) Balance at end of year $ 25,971 $ 25,388 $ 22,623 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Text Block [Abstract] | |
Schedule of Assets Held for Sale Activity | The changes in assets held for sale for fiscal years 2017 and 2016 were as follows (in thousands): 2017 2016 Balance at beginning of year $ 21,039 $ 5,459 Transfers in 4,099 23,201 Assets sold (19,463 ) (7,496 ) Tangible asset impairment charges (497 ) (125 ) Balance at end of the year $ 5,178 $ 21,039 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following (in thousands): December 30, 2017 December 31, 2016 Range of Useful Lives Land $ 312,909 $ 303,208 Buildings and building improvements 1,189,634 1,144,041 10–40 years Transportation equipment 949,236 835,089 5–10 years Warehouse equipment 384,361 343,315 5–12 years Office equipment, furniture and software 803,389 772,334 3–7 years Construction in process 87,478 94,075 3,727,007 3,492,062 Less accumulated depreciation and amortization (1,925,792 ) (1,724,451 ) Property and equipment—net $ 1,801,215 $ 1,767,611 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangibles, Net | Goodwill and Other intangibles consisted of the following (in thousands): December 30, 2017 December 31, 2016 Goodwill $ 3,966,565 $ 3,908,484 Other intangibles—net Customer relationships—amortizable: Gross carrying amount $ 154,230 $ 1,393,799 Accumulated amortization (46,203 ) (1,260,011 ) Net carrying value 108,027 133,788 Noncompete agreements—amortizable: Gross carrying amount 3,950 800 Accumulated amortization (1,159 ) (507 ) Net carrying value 2,791 293 Brand names and trademarks—not amortizing 252,800 252,800 Total other intangibles—net $ 363,618 $ 386,881 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The Company’s assets and liabilities measured at fair value on a recurring and nonrecurring basis as of December 30, 2017 and December 31, 2016, aggregated by the level in the fair value hierarchy within which those measurements fall, are as follows (in thousands): December 30, 2017 Level 1 Level 2 Level 3 Total Assets Money market funds $ 1,100 $ — $ — $ 1,100 Interest rate swaps — 12,717 — 12,717 $ 1,100 $ 12,717 $ — $ 13,817 Liabilities Contingent consideration payable for business acquisitions $ — $ — $ 1,000 $ 1,000 December 31, 2016 Level 1 Level 2 Level 3 Total Assets Money market funds $ 31,600 $ — $ — $ 31,600 Liabilities Contingent consideration payable for business acquisitions $ — $ — $ 9,775 $ 9,775 |
Schedule of Balance Sheet Location and Fair Value of Company’s Interest Rate Swaps | The following table presents the balance sheet location and fair value of the interest rate swaps at December 30, 2017 (in thousands): Asset Derivatives December 30, 2017 Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate swaps Other current assets $ 430 Interest rate swaps Other noncurrent assets $ 12,287 Total $ 12,717 |
Schedule of Effect of Company Interest Rate Swaps in Consolidated Statement of Comprehensive Income | The following table presents the effect of the Company’s interest rate swaps in the Consolidated Statement of Comprehensive Income for the fiscal year ended December 30, 2017 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain Recognized in Accumulated Other Comprehensive Loss, net of tax Location of Amounts Reclassified from Accumulated Other Comprehensive Loss Amount of Loss Reclassified from Accumulated Other Comprehensive Loss to Income, net of tax For the year ended December 30, 2017 Interest rate swaps $ 6,252 Interest expense─net $ 1,185 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Debt Disclosure [Abstract] | |
Components of Total Debt | Total debt consisted of the following (in thousands): Interest Rate at Debt Description Maturity December 30, 2017 December 30, 2017 December 31, 2016 ABL Facility October 20, 2020 4.69 % $ 80,000 $ 30,000 2012 ABS Facility September 21, 2020 2.49 580,000 645,000 Amended and Restated 2016 Term Loan (net of $9,963 and $13,318 of unamortized deferred financing costs) June 27, 2023 4.07 2,157,037 2,175,682 2016 Senior Notes (net of $6,229 and $7,185 of unamortized deferred financing costs) June 15, 2024 5.88 593,771 592,815 Obligations under capital leases 2018–2025 2.36 - 6.18 336,603 305,544 Other debt 2018–2031 5.75 - 9.00 9,870 32,672 Total debt 3,757,281 3,781,713 Current portion of long-term debt (109,226 ) (75,962 ) Long-term debt $ 3,648,055 $ 3,705,751 |
Principal Payments on Outstanding Debt | Principal payments to be made on outstanding debt as of December 30, 2017, were as follows (in thousands): 2018 $ 109,226 2019 89,201 2020 743,061 2021 71,841 2022 56,960 Thereafter 2,703,184 $ 3,773,473 |
Accrued Expenses and Other Lo40
Accrued Expenses and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Long-Term Liabilities | Accrued expenses and other long-term liabilities consisted of the following (in thousands). P rior year amounts may be reclassified to conform with the 2017 presentation, based on changes in significance. December 30, 2017 December 31, 2016 Accrued expenses and other current liabilities: Salary, wages and bonus expenses $ 161,106 $ 156,999 Operating expenses 67,764 71,140 Workers’ compensation, general and fleet liability 49,081 46,482 Group medical liability 28,974 27,480 Customer rebates and other selling expenses 85,210 80,223 Restructuring 4,586 22,623 Property and sales tax 28,478 25,032 Interest payable 5,578 3,469 Other 19,965 22,367 Total accrued expenses and other current liabilities $ 450,742 $ 455,815 Other long-term liabilities: Workers’ compensation, general and fleet liability $ 121,270 $ 117,890 Accrued pension and other postretirement benefit obligations 130,511 172,895 Unfunded lease obligation 24,138 26,757 Uncertain tax positions 81,237 11,115 Restructuring 749 838 Other 13,631 21,434 Total Other long-term liabilities $ 371,536 $ 350,929 |
Summary of Self-Insurance Liability Activity | This table summarizes self-insurance liability activity for the last three fiscal years (in thousands): 2017 2016 2015 Balance at beginning of the year $ 164,372 $ 172,243 $ 160,904 Charged to costs and expenses 64,236 59,366 77,242 Reinsurance recoverable 8,068 — — Payments (66,325 ) (67,237 ) (65,903 ) Balance at end of the year $ 170,351 $ 164,372 $ 172,243 Discount rate 1.98 % 1.47 % 0.82 % |
Estimated Future Payments for Self-Insured Liabilities | Estimated future payments for self-insured liabilities are as follows (in thousands): 2018 $ 49,651 2019 25,285 2020 18,573 2021 14,140 2022 10,249 Thereafter 61,010 Total self-insured liability payments $ 178,908 Less amount representing interest (8,557 ) Present value of self-insured liability payments $ 170,351 |
Restructuring Liabilities (Tabl
Restructuring Liabilities (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Restructuring And Related Activities [Abstract] | |
Summary of Changes in Restructuring Liabilities | The following table summarizes the changes in the restructuring liabilities for the last three fiscal years (in thousands): Severance Facility and Related Closing Costs Costs Total Balance at December 27, 2014 $ 56,450 $ 431 $ 56,881 Current period charges 175,749 36 175,785 Change in estimate (4,196 ) — (4,196 ) Payments and usage—net of accretion (109,369 ) (257 ) (109,626 ) Balance at January 2, 2016 118,634 210 118,844 Current period charges 71,514 2,563 74,077 Change in estimate (21,004 ) 267 (20,737 ) Payments and usage—net of accretion (146,548 ) (2,175 ) (148,723 ) Balance at December 31, 2016 22,596 865 23,461 Current period charges 6,968 — 6,968 Change in estimate (5,007 ) (256 ) (5,263 ) Payments and usage—net of accretion (19,722 ) (109 ) (19,831 ) Balance at December 30, 2017 $ 4,835 $ 500 $ 5,335 |
Share-Based Compensation, Com42
Share-Based Compensation, Common Stock Issuances, Redeemable Common Stock and Common Stock (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Weighted-Average Assumptions for Options Granted | The weighted-average assumptions for options granted in fiscal years 2017, 2016 and 2015 are included in the following table. 2017 2016 2015 Expected volatility 31.8 % 28.8 % 36.6 % Expected dividends — — — Risk-free interest rate 1.9 % 1.5 % 1.6 % Expected term (in years) 5.8 5.9 4.8 |
Summary of Options Outstanding | The summary of Options outstanding and changes during fiscal year 2017 are presented below. Weighted- Weighted- Weighted- Average Average Average Remaining Time Performance Total Fair Exercise Contractual Options Options Options Value Price Years Outstanding at December 31, 2016 4,973,717 3,688,192 8,661,909 $ 5.65 $ 12.91 Granted 857,181 429,532 1,286,713 $ 11.08 $ 26.72 Exercised (2,418,764 ) (2,359,435 ) (4,778,199 ) $ 5.12 $ 10.15 Forfeited (402,582 ) (152,872 ) (555,454 ) $ 7.54 $ 19.94 Outstanding at December 30, 2017 3,009,552 1,605,417 4,614,969 $ 7.47 $ 18.79 7.2 Vested and exercisable at December 30, 2017 1,230,897 1,242,245 2,473,142 $ 6.10 $ 14.31 5.8 |
Summary of Nonvested Restricted Shares | The summary of nonvested RSUs outstanding and changes during fiscal year 2017 is presented below. Weighted- Average Time Performance Total Fair RSUs RSUs RSUs Value Nonvested at December 31, 2016 637,336 242,273 879,609 $ 17.68 Granted 607,432 296,456 903,888 $ 29.77 Vested (213,879 ) (213,695 ) (427,574 ) $ 16.64 Forfeited (121,597 ) (48,481 ) (170,078 ) $ 20.76 Nonvested at December 30, 2017 909,292 276,553 1,185,845 $ 26.79 |
Performance Shares [Member] | |
Summary of Nonvested Restricted Shares | The summary of nonvested Performance Shares outstanding and changes during fiscal year 2017 is presented below: Performance Shares Weighted- Average Fair Value Nonvested at December 31, 2016 — $ — Granted 257,766 $ 30.39 Vested — $ — Forfeited (16,453 ) $ 30.39 Nonvested at December 30, 2017 241,313 $ 30.39 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Leases [Abstract] | |
Noncancelable Lease Agreements, Minimum Lease Payments | Future minimum lease payments under the above mentioned noncancelable lease agreements, together with contractual sublease income, as of December 30, 2017, are as follows (in thousands): Unfunded Lease Capital Operating Sublease Obligation Leases Leases Income Net 2018 $ 4,269 $ 97,324 $ 32,623 $ (461 ) $ 133,755 2019 4,663 74,438 31,181 (479 ) 109,803 2020 4,809 65,936 29,204 (133 ) 99,816 2021 4,809 53,310 24,424 (22 ) 82,521 2022 4,809 36,687 21,285 — 62,781 Thereafter 4,809 39,311 24,017 — 68,137 Total minimum lease payments (receipts) 28,168 367,006 $ 162,734 $ (1,095 ) $ 556,813 Less amount representing interest (5,830 ) (30,403 ) Present value of minimum lease payments $ 22,338 $ 336,603 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Components of Net Periodic Pension and Other Postretirement Benefit Costs | The components of net periodic pension and other postretirement benefit costs for the last three fiscal years were as follows (in thousands): Pension Benefits 2017 2016 2015 Components of net periodic pension costs: Service cost $ 2,356 $ 3,849 $ 32,582 Interest cost 39,474 40,459 39,628 Expected return on plan assets (47,828 ) (48,296 ) (54,881 ) Amortization of prior service cost 138 157 195 Amortization of net loss 3,848 8,255 10,394 Settlements 17,785 4,487 3,358 Curtailment 138 — — Special termination benefit — — 422 Net periodic pension costs $ 15,911 $ 8,911 $ 31,698 Other Postretirement Plans 2017 2016 2015 Components of net periodic other postretirement benefit costs: Service cost $ 35 $ 37 $ 37 Interest cost 283 296 264 Amortization of prior service cost (credit) 6 6 (62 ) Amortization of net (gain) loss (148 ) (71 ) 14 Net periodic other postretirement benefit costs $ 176 $ 268 $ 253 |
Changes in Plan Assets and Benefit Obligations | Changes in plan assets and benefit obligations recorded in accumulated other comprehensive loss for pension and other postretirement benefits for the last three fiscal years were as follows (in thousands): Pension Benefits 2017 2016 2015 Changes recognized in accumulated other comprehensive loss: Actuarial gain (loss) $ 523 $ (64,296 ) $ (3,171 ) Curtailment 138 — 73,191 Prior year correction — (21,917 ) — Amortization of prior service cost 138 157 195 Amortization of net loss 3,848 8,255 10,394 Settlements 17,785 4,487 3,358 Net amount recognized $ 22,432 $ (73,314 ) $ 83,967 Other Postretirement Plans 2017 2016 2015 Changes recognized in accumulated other comprehensive loss: Actuarial gain (loss) $ 181 $ (174 ) $ 1,035 Prior service cost — — (1,291 ) Amortization of prior service cost (credit) 6 6 (62 ) Amortization of net (gain) loss (148 ) (71 ) 14 Net amount recognized $ 39 $ (239 ) $ (304 ) |
Funded Status of the Defined Benefit Plans | The funded status of the defined benefit plans for the last three fiscal years was as follows (in thousands): Pension Benefits 2017 2016 2015 Change in benefit obligation: Benefit obligation at beginning of period $ 966,234 $ 862,886 $ 970,469 Service cost 2,356 3,849 32,582 Interest cost 39,474 40,459 39,628 Actuarial loss (gain) 76,111 73,855 (73,282 ) Curtailment — — (73,191 ) Prior year correction — 21,917 — Settlements (87,225 ) (16,002 ) (15,287 ) Special termination benefit — — 422 Benefit disbursements (20,655 ) (20,730 ) (18,455 ) Benefit obligation at end of period 976,295 966,234 862,886 Change in plan assets: Fair value of plan assets at beginning of period 799,166 742,341 749,166 Return on plan assets 124,462 57,855 (21,572 ) Employer contribution 35,535 35,702 48,489 Settlements (87,225 ) (16,002 ) (15,287 ) Benefit disbursements (20,655 ) (20,730 ) (18,455 ) Fair value of plan assets at end of period 851,283 799,166 742,341 Net funded status $ (125,012 ) $ (167,068 ) $ (120,545 ) Other Postretirement Plans 2017 2016 2015 Change in benefit obligation: Benefit obligation at beginning of period $ 6,952 $ 6,974 $ 6,789 Service cost 35 37 37 Interest cost 283 296 264 Employee contributions 195 204 209 Actuarial (gain) loss (181 ) 174 (1,035 ) Plan amendment — — 1,291 Benefit disbursements (661 ) (733 ) (581 ) Benefit obligation at end of period 6,623 6,952 6,974 Change in plan assets: Fair value of plan assets at beginning of period — — — Employer contribution 466 529 372 Employee contributions 195 204 209 Benefit disbursements (661 ) (733 ) (581 ) Fair value of plan assets at end of period — — — Net funded status $ (6,623 ) $ (6,952 ) $ (6,974 ) Pension Benefits 2017 2016 2015 Amounts recognized in the consolidated balance sheets consist of the following: Accrued benefit obligation—current $ (598 ) $ (549 ) $ (546 ) Accrued benefit obligation—noncurrent (124,414 ) (166,519 ) (119,999 ) Net amount recognized in the consolidated balance sheets $ (125,012 ) $ (167,068 ) $ (120,545 ) Amounts recognized in accumulated other comprehensive loss consist of the following: Prior service cost $ 5 $ 281 $ 438 Net loss 198,990 221,146 147,675 Net loss recognized in accumulated other comprehensive loss $ 198,995 $ 221,427 $ 148,113 Additional information: Accumulated benefit obligation $ 973,946 $ 963,008 $ 854,858 Other Postretirement Plans 2017 2016 2015 Amounts recognized in the consolidated balance sheets consist of the following: Accrued benefit obligation—current $ (527 ) $ (576 ) $ (525 ) Accrued benefit obligation—noncurrent (6,096 ) (6,376 ) (6,449 ) Net amount recognized in the consolidated balance sheets $ (6,623 ) $ (6,952 ) $ (6,974 ) Amounts recognized in accumulated other comprehensive loss consist of the following: Gain, net of prior service cost $ 864 $ 825 $ 1,064 Net gain recognized in accumulated other comprehensive loss $ 864 $ 825 $ 1,064 Pension Benefits Other Postretirement Plans Amounts expected to be amortized from accumulated other comprehensive loss in the next fiscal year: Net loss (gain) $ 3,383 $ (156 ) Prior service cost 5 6 Net expected to be amortized $ 3,388 $ (150 ) |
Assumptions to Determine Benefit Obligations at Period-end and Net Pension Costs | Weighted average assumptions used to determine benefit obligations at period-end and net pension costs for the last three fiscal years were as follows: Pension Benefits 2017 2016 2015 Benefit obligation: Discount rate 3.70 % 4.25 % 4.64 % Annual compensation increase 3.60 % 3.60 % 3.60 % Net cost: Discount rate 4.25 % 4.64 % 4.25 % Expected return on plan assets 6.00 % 6.50 % 7.00 % Annual compensation increase 3.60 % 3.60 % 3.60 % Other Postretirement Plans 2017 2016 2015 Benefit obligation—discount rate 3.70 % 4.25 % 4.40 % Net cost—discount rate 4.25 % 4.40 % 4.05 % |
Assumed Health Care Trend Rates | The assumed healthcare trend rates for the last three fiscal years were as follows: 2017 2016 2015 Immediate rate 6.70 % 7.40 % 7.40 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year the rate reaches the ultimate trend rate 2037 2037 2038 |
Fair Value of Defined Benefit Plans' Assets by Asset Fair Value Hierarchy Level | The following table (in thousands) sets forth the fair value of our defined benefit plans’ assets by asset fair value hierarchy level. Asset Fair Value as of December 30, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 7,898 $ — $ — $ 7,898 Equities: Domestic 33,967 — — 33,967 International 1,099 — — 1,099 Mutual funds: Domestic equities 37,163 — — 37,163 International equities 32,033 — — 32,033 Long-term debt securities: Corporate debt securities: Domestic — 223,604 — 223,604 International — 26,360 — 26,360 U.S. government securities — 154,906 — 154,906 Government agencies securities — 7,517 — 7,517 Other — 4,437 — 4,437 $ 112,160 $ 416,824 $ — 528,984 Common collective trust funds: Cash equivalents 10,282 Domestic equities 249,366 International equities 62,651 Total investments measured at net asset value as a practical expedient 322,299 Total defined benefit plans’ assets $ 851,283 Asset Fair Value as of December 31, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 10,073 $ — $ — $ 10,073 Equities: Domestic 30,759 — — 30,759 International 829 — — 829 Mutual funds: Domestic equities 37,711 — — 37,711 International equities 28,975 — — 28,975 Long-term debt securities: Corporate debt securities: Domestic — 196,743 — 196,743 International — 20,120 — 20,120 U.S. government securities — 154,007 — 154,007 Government agencies securities — 7,548 — 7,548 Other — 2,545 — 2,545 $ 108,347 $ 380,963 $ — 489,310 Common collective trust funds: Cash equivalents 6,447 Domestic equities 244,152 International equities 59,257 Total investments measured at net asset value as a practical expedient 309,856 Total defined benefit plans’ assets $ 799,166 |
Estimated Future Benefit Payments | Estimated future benefit payments, under Company sponsored plans as of December 30, 2017, were as follows (in thousands): Pension Benefits Other Postretirement Plans 2018 $ 53,888 $ 536 2019 46,852 527 2020 46,232 539 2021 45,402 514 2022 45,136 495 Subsequent five years 224,429 2,368 |
Multiemployer Pension Plans | Pension Fund EIN/ Plan Number PPA Zone Status FIP/RP Status Pending/ Implemented Surcharge Imposed Expiration Dates 2017 2016 Western Conference of Teamsters Pension Trust Fund 91-6145047/001 Green Green N/A No 3/31/18 to 3/31/20 Minneapolis Food Distributing Industry Pension Plan 41-6047047/001 Green Green Implemented No 4/1/21 Teamster Pension Trust Fund of Philadelphia and Vicinity 23-1511735/001 Yellow Yellow Implemented No 2/10/18 (1) Local 703 I.B. of T. Grocery and Food Employees’ Pension Plan 36-6491473/001 Green Green N/A No 6/30/18 United Teamsters Trust Fund A 13-5660513/001 Yellow Yellow Implemented No 5/30/19 Warehouse Employees Local 169 and Employers Joint Pension Fund (2) 23-6230368/001 Red Red Implemented No 2/10/18 (1) Local 705 I.B. of T. Pension Trust Fund 36-6492502/001 Yellow Red Implemented No 12/29/18 (1) The collective bargaining agreement for this pension fund is operating under an extension through March 2018. (2) Local 169 filed a Notice of Critical and Declining Status in 2017. The following table provides information about the Company’s contributions to its multiemployer pension plans. For plans that are not individually significant to the Company, the total amount of USF contributions is aggregated. Prior year contribution amounts have been reclassified to other funds (below) for plans no longer considered significant in 2017. USF Contributions Exceed 5% of USF Contribution (1)(2) Total Plan Contributions (3) (in thousands) 2017 2016 2015 2016 2015 Pension Fund Western Conference of Teamsters Pension Trust Fund $ 10,780 $ 10,104 $ 10,227 No No Minneapolis Food Distributing Industry Pension Plan 5,399 5,162 5,200 Yes Yes Teamster Pension Trust Fund of Philadelphia and Vicinity 3,917 3,442 3,461 No No Local 703 I.B. of T. Grocery and Food Employees’ Pension Plan 1,482 1,258 1,366 Yes Yes United Teamsters Trust Fund A 1,741 1,668 1,554 Yes Yes Warehouse Employees Local 169 and Employers Joint Pension Fund 846 900 897 Yes Yes Local 705 I.B. of T. Pension Trust Fund 3,122 2,923 2,729 No No Other Funds 6,853 7,179 8,196 — — $ 34,140 $ 32,636 $ 33,630 (1) Contributions made to these plans during the Company’s fiscal year, which may not coincide with the plans’ fiscal years. (2) Contributions do not include payments related to multiemployer pension withdrawals/settlements. (3) Indicates whether the Company was listed in the respective multiemployer plan Form 5500 for the applicable plan year as having made more than 5% of total contributions to the plan. |
Contributions to Multiemployer Pension Plans | The following table provides information about the Company’s contributions to its multiemployer pension plans. For plans that are not individually significant to the Company, the total amount of USF contributions is aggregated. Prior year contribution amounts have been reclassified to other funds (below) for plans no longer considered significant in 2017. USF Contributions Exceed 5% of USF Contribution (1)(2) Total Plan Contributions (3) (in thousands) 2017 2016 2015 2016 2015 Pension Fund Western Conference of Teamsters Pension Trust Fund $ 10,780 $ 10,104 $ 10,227 No No Minneapolis Food Distributing Industry Pension Plan 5,399 5,162 5,200 Yes Yes Teamster Pension Trust Fund of Philadelphia and Vicinity 3,917 3,442 3,461 No No Local 703 I.B. of T. Grocery and Food Employees’ Pension Plan 1,482 1,258 1,366 Yes Yes United Teamsters Trust Fund A 1,741 1,668 1,554 Yes Yes Warehouse Employees Local 169 and Employers Joint Pension Fund 846 900 897 Yes Yes Local 705 I.B. of T. Pension Trust Fund 3,122 2,923 2,729 No No Other Funds 6,853 7,179 8,196 — — $ 34,140 $ 32,636 $ 33,630 (1) Contributions made to these plans during the Company’s fiscal year, which may not coincide with the plans’ fiscal years. (2) Contributions do not include payments related to multiemployer pension withdrawals/settlements. (3) Indicates whether the Company was listed in the respective multiemployer plan Form 5500 for the applicable plan year as having made more than 5% of total contributions to the plan. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: 2017 2016 2015 Numerator (in thousands): Net income $ 444,294 $ 209,794 $ 167,518 Denominator: Weighted-average common shares outstanding 222,383,038 200,129,868 169,560,616 Dilutive effect of Share-based awards 3,280,747 3,894,858 1,500,104 Weighted-average dilutive shares outstanding 225,663,785 204,024,726 171,060,720 Basic earnings per share $ 2.00 $ 1.05 $ 0.99 Diluted earnings per share $ 1.97 $ 1.03 $ 0.98 |
Changes in Accumulated Other 46
Changes in Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table presents changes in accumulated other comprehensive loss, by component, for the last three fiscal years, (in thousands): 2017 2016 2015 Accumulated other comprehensive loss components Retirement benefit obligations: Balance at beginning of period (1) $ (119,363 ) $ (74,378 ) $ (158,041 ) Other comprehensive income (loss) before reclassifications 704 (64,470 ) (2,136 ) Current year prior service cost — — (1,291 ) Amortization of prior service cost (2) (3) 144 163 133 Amortization of net loss (2) (3) 3,700 8,184 10,408 Settlements (2) (3) 17,785 4,487 3,358 Curtailment (4) 138 — 73,191 Prior year correction (4) — (21,917 ) — Total before income tax 22,471 (73,553 ) 83,663 Income tax provision (benefit) (5) 6,300 (28,568 ) — Current period comprehensive income (loss), net of tax 16,171 (44,985 ) 83,663 Balance at end of period (1) $ (103,192 ) $ (119,363 ) $ (74,378 ) Interest rate swaps: Balance at beginning of period (1) $ — $ — $ — Change in fair value of interest rate swaps 10,236 — — Amounts reclassified to interest expense 1,939 — — Total before income tax 12,175 — — Income tax provision 4,738 — — Current period comprehensive income, net of tax 7,437 — — Balance at end of period (1) $ 7,437 $ — $ — Accumulated other comprehensive loss at end of period (1) $ (95,755 ) $ (119,363 ) $ (74,378 ) (1) Amounts are presented net of tax. (2) Included in the computation of net periodic benefit costs. See Note 17, Retirement Plans for additional information. (3) Included in distribution, selling and administrative expenses in the Consolidated Statements of Comprehensive Income. (4) The fiscal year 2015 curtailment is due to freeze of non-union participants’ benefits of a USF sponsored defined benefit pension plan. In fiscal year 2016, the curtailment was corrected for a computational error. See Note 17, Retirement Plans. (5) No impact in fiscal year 2015 due to the Company’s full valuation allowance on its net deferred income tax assets. See Note 20, Income Taxes. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax (Benefit) Provision | The income tax (benefit) provision for the last three fiscal years consisted of the following (in thousands): 2017 2016 2015 Current: Federal $ 73,792 $ 1,110 $ 5,307 State 9,084 639 1,722 Current income tax provision 82,876 1,749 7,029 Deferred: Federal (133,182 ) (15,095 ) 15,117 State 10,254 (65,339 ) 2,489 Deferred income tax (benefit) provision (122,928 ) (80,434 ) 17,606 Total income tax (benefit) provision $ (40,052 ) $ (78,685 ) $ 24,635 |
Reconciliation of (Benefit) Provision for Income Taxes from Continuing Operations | The reconciliation of the (benefit) provision for income taxes from continuing operations at the U.S. federal statutory income tax rate of 35% to the Company’s income taxes for the last three fiscal years is shown below (in thousands). 2017 2016 2015 Federal income taxes computed at statutory rate $ 141,485 $ 45,888 $ 67,254 State income taxes, net of federal income tax benefit 16,023 1,886 2,776 Stock-based compensation (26,150 ) (2,873 ) 438 Non-deductible expenses 5,349 4,700 2,911 Change in the valuation allowance for deferred tax assets (806 ) (127,518 ) (47,531 ) Net operating loss expirations 927 1,563 1,860 Tax credits (3,675 ) (3,217 ) — Change in unrecognized tax benefits (1,147 ) 647 (1,946 ) Change in U.S. federal statutory tax rate (173,057 ) — — Other 999 239 (1,127 ) Total income tax (benefit) provision $ (40,052 ) $ (78,685 ) $ 24,635 |
Significant Deferred Tax Assets and Liabilities | Temporary differences and carryforwards that created significant deferred tax assets and liabilities were as follows (in thousands): December 30, 2017 December 31, 2016 Deferred tax assets: Allowance for doubtful accounts $ 7,416 $ 10,552 Accrued employee benefits 6,472 35,020 Restructuring reserves 4,646 14,885 Workers’ compensation, general and fleet liabilities 42,958 61,118 Deferred income 162 470 Deferred financing costs 1,744 5,379 Postretirement benefit obligations 23,350 51,618 Net operating loss carryforwards 86,246 162,511 Other accrued expenses 9,819 30,429 Total gross deferred tax assets 182,813 371,982 Less valuation allowance (28,962 ) (24,274 ) Total net deferred tax assets 153,851 347,708 Deferred tax liabilities: Property and equipment (92,092 ) (216,556 ) Inventories (29,802 ) (41,765 ) Intangibles (273,774 ) (435,817 ) Total deferred tax liabilities (395,668 ) (694,138 ) Net deferred tax liability $ (241,817 ) $ (346,430 ) |
Net Deferred Tax Liabilities in Balance Sheet | The net deferred tax liabilities presented in the Consolidated Balance Sheets were as follows (in thousands). December 30, 2017 December 31, 2016 Noncurrent deferred tax assets $ 21,505 $ 34,405 Noncurrent deferred tax liability (263,322 ) (380,835 ) Net deferred tax liability $ (241,817 ) $ (346,430 ) |
Net Operating Loss Carryforwards Expire | As of December 30, 2017, the Company had tax affected state net operating loss carryforwards of $86 million, which will expire at various dates from 2018 to 2037. The Company’s net operating loss carryforwards expire as follows (in millions): State 2018-2022 $ 25 2023-2027 42 2028-2032 14 2033-2037 5 $ 86 |
Summary of Activity in Valuation Allowance | A summary of the activity in the valuation allowance for the last three fiscal years is as follows (in thousands): 2017 2016 2015 Balance at beginning of period $ 24,274 $ 151,792 $ 232,163 Expense (benefit) recognized 4,688 (127,518 ) (47,531 ) Other comprehensive income — — (32,484 ) Other — — (356 ) Balance at end of period $ 28,962 $ 24,274 $ 151,792 |
Reconciliation of Unrecognized Tax Benefits | Reconciliation of the beginning and ending amount of unrecognized tax benefits as of fiscal years 2017, 2016, and 2015 was as follows (in thousands): Balance at December 27, 2014 $ 46,584 Gross decreases due to positions taken in prior years (4,856 ) Gross increases due to positions taken in current year — Decreases due to lapses of statute of limitations (15 ) Increases due to changes in tax rates 92 Positions assumed in business acquisition 3,279 Balance at January 2, 2016 45,084 Gross increases due to positions taken in prior years 4,743 Gross increases due to positions taken in current year — Decreases due to lapses of statute of limitations (767 ) Increases due to changes in tax rates 180 Balance at December 31, 2016 49,240 Gross increases due to positions taken in prior years 71,801 Gross decreases due to positions taken in prior years (3,602 ) Gross decreases due to positions taken in current year (5,098 ) Decreases due to lapses of statute of limitations (319 ) Decreases due to changes in tax rates (3,837 ) Balance at December 30, 2017 $ 108,185 |
US Foods Holding Corp. Conden48
US Foods Holding Corp. Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Condensed Balance Sheet | Condensed Parent Company Balance Sheets (In thousands) December 30, 2017 December 31, 2016 ASSETS Cash and cash equivalents $ 138 $ 138 Other assets — 837 Investment in subsidiary 2,846,716 2,638,105 TOTAL ASSETS $ 2,846,854 $ 2,639,080 LIABILITIES AND EQUITY Intercompany payable $ 348 $ 348 Deferred tax liabilities 25,032 $ 101,082 Other liabilities 70,111 — Total liabilities 95,491 101,430 COMMITMENTS AND CONTINGENCIES (Note 21) SHAREHOLDERS’ EQUITY Common stock, $.01 par value—600,000 shares authorized; 214,963 and 220,929 issued and outstanding as of December 30, 2017 and December 31, 2016 2,150 2,209 Additional paid-in capital 2,721,454 2,791,264 Accumulated earnings (deficit) 123,514 (136,460 ) Accumulated other comprehensive loss (95,755 ) (119,363 ) Total shareholders’ equity 2,751,363 2,537,650 TOTAL LIABILITIES AND EQUITY $ 2,846,854 $ 2,639,080 |
Schedule of Condensed Statement of Comprehensive Income (Loss) | Condensed Parent Company Statements of Comprehensive Income (In thousands) Fiscal Years Ended December 30, 2017 December 31, 2016 January 2, 2016 OPERATING EXPENSES $ — $ 4,746 $ — OPERATING LOSS — (4,746 ) — ACQUSITION TERMINATION FEE — — 300,000 INTEREST INCOME — 103 241 (Loss) income before income taxes — (4,643 ) 300,241 INCOME TAX (BENEFIT) PROVISION (5,103 ) 104,565 34,340 Income (loss) before equity in net earnings (loss) of subsidiary 5,103 (109,208 ) 265,901 EQUITY IN NET EARNINGS (LOSS) OF SUBSIDIARY 439,191 319,002 (98,383 ) NET INCOME 444,294 209,794 167,518 OTHER COMPREHENSIVE (LOSS) INCOME—Net of tax: Changes in retirement benefit obligations, net 16,171 (44,985 ) 83,663 Unrecognized gain on interest rate swaps, net 7,437 — — COMPREHENSIVE INCOME $ 467,902 $ 164,809 $ 251,181 |
Schedule of Condensed Statements of Cash Flows | Condensed Parent Company Statements of Cash Flows (In thousands) Fiscal Years Ended December 30, 2017 December 31, 2016 January 2, 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 444,294 $ 209,794 $ 167,518 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Equity in net (earnings) loss of subsidiary (439,191 ) (319,002 ) 98,383 Deferred income tax (benefit) provision (77,082 ) 106,482 27,084 Changes in operating assets and liabilities: Decrease (increase) in other assets 837 (837 ) — (Decrease) increase in intercompany payable — (6,845 ) 7,193 Increase (decrease) in accrued expenses and other liabilities 71,142 (63 ) 63 Net cash (used in) provided by operating activities — (10,471 ) 300,241 CASH FLOWS FROM INVESTING ACTIVITIES: Investment in subsidiary — (1,113,919 ) — Cash distribution from subsidiary 280,000 374,332 — Net cash provided by (used in) investing activities 280,000 (739,587 ) — CASH FLOWS FROM FINANCING ACTIVITIES: Net proceeds from initial public offering — 1,113,799 — Cash distribution to shareholders — (666,332 ) — Proceeds from common stock sales — 2,850 — Common stock repurchased (280,000 ) — — Common stock and share-based awards settled — (362 ) — Net cash (used in) provided by financing activities (280,000 ) 449,955 — NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS — (300,103 ) 300,241 CASH AND CASH EQUIVALENTS—Beginning of year 138 300,241 — CASH AND CASH EQUIVALENTS—End of year $ 138 $ 138 $ 300,241 |
Quarterly Financial Informati49
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Financial information for each quarter in the fiscal years ended December 30, 2017 and December 31, 2016, is set forth below (in thousands, except per share data): First Second Third Fourth Quarter Quarter Quarter Quarter Fiscal Year (In thousands) Fiscal year ended December 30, 2017 Net sales $ 5,788,425 $ 6,158,654 $ 6,204,194 $ 5,995,888 $ 24,147,161 Cost of goods sold 4,797,117 5,104,605 5,105,632 4,922,264 19,929,618 Gross profit 991,308 1,054,049 1,098,562 1,073,624 4,217,543 Operating expenses 914,784 928,475 908,532 891,928 3,643,719 Interest expense—net 41,886 41,003 43,211 43,482 169,582 Income before income taxes 34,638 84,571 146,819 138,214 404,242 Income tax provision (benefit) 7,822 19,113 51,268 (118,255 ) (40,052 ) Net income $ 26,816 $ 65,458 $ 95,551 $ 256,469 $ 444,294 Net income per share: Basic $ 0.12 $ 0.29 $ 0.43 $ 1.16 $ 2.00 Diluted $ 0.12 $ 0.29 $ 0.42 $ 1.15 $ 1.97 Fiscal year ended December 31, 2016 Net sales $ 5,593,149 $ 5,806,758 $ 5,840,963 $ 5,677,938 $ 22,918,808 Cost of goods sold 4,633,381 4,772,721 4,808,426 4,651,008 18,865,536 Gross profit 959,768 1,034,037 1,032,537 1,026,930 4,053,272 Operating expenses 875,091 935,600 917,446 911,314 3,639,451 Interest expense—net 70,559 70,245 48,956 39,320 229,080 Loss on extinguishment of debt — 42,149 11,483 — 53,632 Income (loss) before income taxes 14,118 (13,957 ) 54,652 76,296 131,109 Income tax provision (benefit) 807 (565 ) (78,359 ) (568 ) (78,685 ) Net income (loss) $ 13,311 $ (13,392 ) $ 133,011 $ 76,864 $ 209,794 Net income (loss) per share: Basic $ 0.08 $ (0.07 ) $ 0.60 $ 0.35 $ 1.05 Diluted $ 0.08 $ (0.07 ) $ 0.59 $ 0.34 $ 1.03 |
Business Information (Tables)
Business Information (Tables) | 12 Months Ended |
Dec. 30, 2017 | |
Segment Reporting [Abstract] | |
Sales Mix for Principal Product Categories | The following table presents the sales mix for the Company’s principal product categories for the last three fiscal years (in thousands): 2017 2016 2015 Meats and seafood $ 8,692,213 $ 8,120,738 $ 8,391,997 Dry grocery products 4,266,200 4,127,013 4,123,584 Refrigerated and frozen grocery products 3,798,737 3,653,037 3,582,517 Dairy 2,533,207 2,380,112 2,457,516 Equipment, disposables and supplies 2,243,243 2,165,744 2,171,006 Beverage products 1,306,347 1,267,723 1,279,201 Produce 1,307,214 1,204,441 1,121,711 $ 24,147,161 $ 22,918,808 $ 23,127,532 |
Overview and Basis of Present51
Overview and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Millions | Jun. 01, 2016USD ($)$ / sharesshares | Dec. 30, 2017USD ($)Segment |
Basis Of Presentation [Line Items] | ||
Business segment | Segment | 1 | |
Sysco Corporation [Member] | ||
Basis Of Presentation [Line Items] | ||
Date of Acquisition | Dec. 8, 2013 | |
Termination fees received in connection with termination of acquisition agreement | $ 300 | |
PFG [Member] | ||
Basis Of Presentation [Line Items] | ||
Termination fees in connection with termination of acquisition agreement | $ 12.5 | |
IPO [Member] | ||
Basis Of Presentation [Line Items] | ||
Transaction date | Jun. 1, 2016 | |
Number of shares sold | shares | 51,111,111 | |
Price per share | $ / shares | $ 23 | |
Price per share net of underwriting discounts | $ / shares | $ 21.9075 | |
Senior Notes [Member] | ||
Basis Of Presentation [Line Items] | ||
Principal redeemed | $ 1,090 | |
Interest Rate | 8.50% | 5.88% |
Contractual Maturity | Jun. 30, 2019 | |
Loss on early redemption premium | $ 23 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies (Detail) | 12 Months Ended | ||
Dec. 30, 2017USD ($)Customershares | Dec. 31, 2016USD ($)Customer | Jan. 02, 2016USD ($) | |
Schedule Of Significant Accounting Policies [Line Items] | |||
Accounts receivable collection period | 30 days | ||
LIFO balance sheet reserves | $ 130,000,000 | $ 116,000,000 | |
Effect of LIFO reserves on cost of goods sold increase decrease | 14,000,000 | (18,000,000) | $ (74,000,000) |
Shipping and handling costs | $ 1,600,000,000 | $ 1,600,000,000 | $ 1,500,000,000 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Number of customers | Customer | 1 | 1 | |
Concentration risk, percentage | 5.00% | 5.00% | |
2007 Plan [Member] | Employee Stock Purchase Plan [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
common stock available for future issuance | shares | 0 | ||
Minimum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 3 years | ||
Risk reduction strategy | $ 1,000,000 | ||
Maximum [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 40 years | ||
Risk reduction strategy | $ 10,000,000 | ||
Maximum [Member] | Employee Stock Purchase Plan [Member] | |||
Schedule Of Significant Accounting Policies [Line Items] | |||
Purchase of common stock discount, percentage | 15.00% |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||
Cash consideration for acquisition | $ 182,000 | $ 123,000 |
Contingent consideration period | 2 years | |
Earnout contingent consideration paid for business acquisition | $ 8,000 | |
Contingent consideration included as part of fair value of assets and liabilities as on acquisition date | 6,375 | |
Aggregate contingent consideration outstanding for acquisition | 6,000 | |
Estimated fair value of earnout liabilities | $ 1,000 |
Business Acquisitions - Purchas
Business Acquisitions - Purchase Price Allocations for Business Acquisitions (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Business Combinations [Abstract] | ||
Accounts receivable | $ 17,108 | $ 22,871 |
Inventories | 25,232 | 9,493 |
Other current assets | 677 | 732 |
Property and equipment | 29,492 | 24,119 |
Goodwill | 58,528 | 32,570 |
Other intangible assets | 72,050 | 64,130 |
Accounts payable | (7,986) | (16,216) |
Accrued expenses and other current liabilities | (5,837) | (12,173) |
Deferred income taxes | (7,277) | |
Long-term debt | (2,514) | |
Cash paid for acquisitions | $ 181,987 | $ 123,012 |
Allowance for Doubtful Accoun55
Allowance for Doubtful Accounts - Summary of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Schedule Of Financial Receivables [Line Items] | |||
Balance at beginning of year | $ 24,274 | $ 151,792 | $ 232,163 |
Balance at end of year | 28,962 | 24,274 | 151,792 |
Allowance for Doubtful Accounts [Member] | |||
Schedule Of Financial Receivables [Line Items] | |||
Balance at beginning of year | 25,388 | 22,623 | 24,989 |
Charged to costs and expenses | 17,999 | 11,112 | 12,103 |
Customer accounts written off—net of recoveries | (17,416) | (8,347) | (14,469) |
Balance at end of year | $ 25,971 | $ 25,388 | $ 22,623 |
Allowance for Doubtful Accoun56
Allowance for Doubtful Accounts - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Receivables [Abstract] | |||
Allowances for vendor receivables | $ 2,934 | $ 1,819 | $ 2,000 |
Accounts Receivable Financing57
Accounts Receivable Financing Program - Additional Information (Detail) - 2012 ABS Facility [Member] - USD ($) | Dec. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Cash collateral held | $ 0 | $ 0 |
Accounts receivable | $ 964,000,000 | $ 923,000,000 |
Assets Held for Sale - Schedule
Assets Held for Sale - Schedule of Assets Held for Sale Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Long Lived Assets Held For Sale [Line Items] | ||
Balance at beginning of year | $ 3,492,062 | |
Balance at end of the year | 3,727,007 | $ 3,492,062 |
Discontinued Operations, Held-for-sale [Member] | ||
Long Lived Assets Held For Sale [Line Items] | ||
Balance at beginning of year | 21,039 | 5,459 |
Transfers in | 4,099 | 23,201 |
Assets sold | (19,463) | (7,496) |
Tangible asset impairment charges | (497) | (125) |
Balance at end of the year | $ 5,178 | $ 21,039 |
Assets Held for Sale - Addition
Assets Held for Sale - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Assets Of Disposal Group Including Discontinued Operation Current [Abstract] | ||
Assets Held for Sale, net proceeds | $ 22 | $ 12 |
Gain on disposition of assets | $ 3 | $ 4 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 3,727,007 | $ 3,492,062 |
Less accumulated depreciation and amortization | (1,925,792) | (1,724,451) |
Property and equipment—net | $ 1,801,215 | 1,767,611 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Useful life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Useful life | 40 years | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 312,909 | 303,208 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 1,189,634 | 1,144,041 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Useful life | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Useful life | 40 years | |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 949,236 | 835,089 |
Transportation Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Useful life | 5 years | |
Transportation Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Useful life | 10 years | |
Warehouse Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 384,361 | 343,315 |
Warehouse Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Useful life | 5 years | |
Warehouse Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Useful life | 12 years | |
Office Equipment, Furniture and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 803,389 | 772,334 |
Office Equipment, Furniture and Software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Useful life | 3 years | |
Office Equipment, Furniture and Software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Useful life | 7 years | |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 87,478 | $ 94,075 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Accumulated amortization of capital lease assets | $ 181,000 | $ 119,000 | |
Interest Capitalized | 2,000 | 1,000 | |
Depreciation and amortization expense | 377,877 | 421,371 | $ 399,247 |
Transportation Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital lease assets | 444,000 | 354,000 | |
Building and Building Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital lease assets | 97,000 | 97,000 | |
Property and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 283,000 | $ 266,000 | $ 253,000 |
Goodwill and Other Intangible62
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) | Jul. 02, 2017 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Other Intangible Assets [Line Items] | ||||
Amortization expense | $ 95,000,000 | $ 155,000,000 | $ 146,000,000 | |
Goodwill, impairment | $ 0 | |||
Indefinite-lived intangible assets, impairment | $ 0 | |||
Discounted Cash Flow [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Percentage of fair value of the reporting unit | 40.00% | 50.00% | ||
Comparative Market Multiples [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Percentage of fair value of the reporting unit | 40.00% | 35.00% | ||
Comparative Market Transaction Multiples [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Percentage of fair value of the reporting unit | 20.00% | 15.00% | ||
Customer Relationship [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Weighted-average remaining useful lives of intangible assets | 3 years | |||
Future Amortization Expense, 2018 | $ 39,000,000 | |||
Future Amortization Expense, 2019 | 39,000,000 | |||
Future Amortization Expense, 2020 | 24,000,000 | |||
Future Amortization Expense, 2021 | $ 6,000,000 | |||
Customer Relationship [Member] | Minimum [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Estimated useful lives of intangible assets | 2 years | |||
Customer Relationship [Member] | Maximum [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Estimated useful lives of intangible assets | 4 years | |||
Noncompete Agreements [Member] | Minimum [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Estimated useful lives of intangible assets | 2 years | |||
Noncompete Agreements [Member] | Maximum [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Estimated useful lives of intangible assets | 4 years |
Goodwill and Other Intangible63
Goodwill and Other Intangibles - Schedule of Goodwill and Other Intangibles, Net (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Other Intangible Assets [Line Items] | ||
Goodwill | $ 3,966,565 | $ 3,908,484 |
Total other intangibles—net | 363,618 | 386,881 |
Brand Names and Trademarks [Member] | ||
Other Intangible Assets [Line Items] | ||
Brand names and trademarks-not amortizing | 252,800 | 252,800 |
Customer Relationship [Member] | ||
Other Intangible Assets [Line Items] | ||
Gross carrying amount | 154,230 | 1,393,799 |
Accumulated amortization | (46,203) | (1,260,011) |
Net carrying value | 108,027 | 133,788 |
Noncompete Agreements [Member] | ||
Other Intangible Assets [Line Items] | ||
Gross carrying amount | 3,950 | 800 |
Accumulated amortization | (1,159) | (507) |
Net carrying value | $ 2,791 | $ 293 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Aug. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jun. 01, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Transfers of assets from level 1 to level 2 | $ 0 | $ 0 | |||
Transfers of assets from level 2 to level 1 | 0 | 0 | |||
Transfers of liabilities from level 1 to level 2 | 0 | 0 | |||
Transfers of liabilities from level 2 to level 1 | 0 | 0 | |||
Transfers of assets into level 3 | 0 | 0 | |||
Transfers of assets out of level 3 | 0 | 0 | |||
Transfers of liabilities into level 3 | 0 | 0 | |||
Transfers of liabilities out of level 3 | $ 0 | 0 | |||
Contingent consideration in the event of certain operating results are achieved, period | 2 years | ||||
Net carrying value of debt | $ 3,800,000,000 | 3,800,000,000 | |||
Scenario Forecast [Member] | Interest Expense - Net [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Reclassified from accumulated other comprehensive loss to interest expense | $ 400,000 | ||||
Interest Rate Swap [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Amount of company's other indebtedness | $ 75,000,000 | ||||
Amended and Restated 2016 Term Loan [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Interest Rate | 4.07% | ||||
Debt instrument, maturity date | Jun. 27, 2023 | ||||
Amended and Restated 2016 Term Loan [Member] | Interest Rate Swap [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Interest rate swap agreements term | 4 years | ||||
Notional amount of debt hedged | $ 1,100,000,000 | ||||
Notional amount of debt hedged | $ 825,000,000 | ||||
Aggregate rate on notional amount | 4.21% | ||||
Variable rate on notional amount | 1.71% | ||||
Basis spread on variable rate on notional amount | 2.50% | ||||
Net carrying value of debt | $ 1,100,000,000 | ||||
Senior Notes [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Interest Rate | 5.88% | 8.50% | |||
Debt instrument, maturity date | Jun. 15, 2024 | ||||
Senior Notes [Member] | The 2016 Senior Notes [Member] | Level 2 [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Interest Rate | 5.875% | ||||
Debt instrument, maturity date | Jun. 15, 2024 | ||||
Fair value of Senior Notes | $ 600,000,000 | $ 600,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Liabilities | ||
Contingent consideration payable for business acquisitions | $ 6,000 | |
Recurring Fair Value Measurements [Member] | ||
Assets | ||
Money market funds | 1,100 | $ 31,600 |
Interest rate swaps | 12,717 | |
Total assets | 13,817 | |
Liabilities | ||
Contingent consideration payable for business acquisitions | 1,000 | 9,775 |
Recurring Fair Value Measurements [Member] | Level 1 [Member] | ||
Assets | ||
Money market funds | 1,100 | 31,600 |
Total assets | 1,100 | |
Recurring Fair Value Measurements [Member] | Level 2 [Member] | ||
Assets | ||
Interest rate swaps | 12,717 | |
Total assets | 12,717 | |
Recurring Fair Value Measurements [Member] | Level 3 [Member] | ||
Liabilities | ||
Contingent consideration payable for business acquisitions | $ 1,000 | $ 9,775 |
Fair Value Measurements - Sch66
Fair Value Measurements - Schedule of Balance Sheet Location and Fair Value of Company's Interest Rate Swaps (Detail) - Derivatives Designated as Hedging Instruments [Member] $ in Thousands | Dec. 30, 2017USD ($) |
Derivatives Fair Value [Line Items] | |
Interest rate swaps | $ 12,717 |
Other Current Assets [Member] | |
Derivatives Fair Value [Line Items] | |
Interest rate swaps | 430 |
Other Non current Assets [Member] | |
Derivatives Fair Value [Line Items] | |
Interest rate swaps | $ 12,287 |
Fair Value Measurements - Sch67
Fair Value Measurements - Schedule of Effect of Company Interest Rate Swaps in Consolidated Statement of Comprehensive Income (Detail) - Cash Flow Hedging [Member] - Interest Rate Swap [Member] - Interest Expense - Net [Member] $ in Thousands | 12 Months Ended |
Dec. 30, 2017USD ($) | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |
Amount of Gain Recognized in Accumulated Other Comprehensive Loss, net of tax | $ 6,252 |
Amount of Loss Reclassified from Accumulated Other Comprehensive Loss to Income, net of tax | $ 1,185 |
Debt - Components of Total Debt
Debt - Components of Total Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jun. 01, 2016 | |
Debt Instrument [Line Items] | |||
Total debt | $ 3,757,281 | $ 3,781,713 | |
Current portion of long-term debt | (109,226) | (75,962) | |
Long-term debt | 3,648,055 | 3,705,751 | |
Amended and Restated 2016 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 2,157,037 | 2,175,682 | |
Contractual Maturity | Jun. 27, 2023 | ||
Interest Rate | 4.07% | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 593,771 | 592,815 | |
Contractual Maturity | Jun. 15, 2024 | ||
Interest Rate | 5.88% | 8.50% | |
Obligations Under Capital Leases [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 336,603 | 305,544 | |
Obligations Under Capital Leases [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Contractual Maturity | 2,018 | ||
Interest Rate | 2.36% | ||
Obligations Under Capital Leases [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Contractual Maturity | 2,025 | ||
Interest Rate | 6.18% | ||
ABL Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 80,000 | 30,000 | |
Contractual Maturity | Oct. 20, 2020 | ||
Interest Rate | 4.69% | ||
2012 ABS Facility [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 580,000 | 645,000 | |
Contractual Maturity | Sep. 21, 2020 | ||
Interest Rate | 2.49% | ||
Other Debt [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | $ 9,870 | $ 32,672 | |
Other Debt [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Contractual Maturity | 2,018 | ||
Interest Rate | 5.75% | ||
Other Debt [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Contractual Maturity | 2,031 | ||
Interest Rate | 9.00% |
Debt - Components of Total De69
Debt - Components of Total Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Amended and Restated 2016 Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | $ 9,963 | $ 13,318 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized deferred financing costs | $ 6,229 | $ 7,185 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Billions | Dec. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 3.8 | $ 3.8 |
Interest Rate Swap [Member] | Amended and Restated 2016 Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1.1 | |
Percentage of principal amount of total debt borrowed at fixed rate | 54.00% | |
Percentage of principal amount of total debt borrowed at floating rate | 46.00% |
Debt - Principal Payments on Ou
Debt - Principal Payments on Outstanding Debt (Detail) $ in Thousands | Dec. 30, 2017USD ($) |
Long Term Debt By Maturity [Abstract] | |
2,018 | $ 109,226 |
2,019 | 89,201 |
2,020 | 743,061 |
2,021 | 71,841 |
2,022 | 56,960 |
Thereafter | 2,703,184 |
Total debt | $ 3,773,473 |
Debt - Revolving Credit Agreeme
Debt - Revolving Credit Agreement - Additional Information (Detail) - ABL Senior Secured Revolving Facility [Member] - USD ($) | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,300,000,000 | |
Revolving credit facility, outstanding amount | 80,000,000 | |
Available capacity on the ABL Facility | $ 807,000,000 | |
Interest rate | ABR, plus 1.50% or the London Inter Bank Offered Rate ("LIBOR") plus 2.50%. | |
Interest rate | ABR plus 0.25% or LIBOR plus 1.25% | |
Interest rate on letter of credit fees | 1.25% | |
Revolving credit facility unused commitment fee | 0.25% | |
Weighted-average interest rate on outstanding borrowings | 4.29% | 2.65% |
Standby Letters of Credit for Self Insurance Program [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, outstanding amount | $ 328,000,000 | |
Other Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, outstanding amount | 3,000,000 | |
Letter of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, outstanding amount | 412,000,000 | |
ABL Tranche A-1 [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 100,000,000 | |
ABL Tranche A-1 [Member] | ABR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable interest rate | 1.50% | |
ABL Tranche A-1 [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable interest rate | 2.50% | |
ABL Tranche A [Member] | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 1,200,000,000 | |
Maturity date description | The maximum borrowing available is $1,300 million, with ABL Tranche A-1 at $100 million, and ABL Tranche A at $1,200 million. | |
ABL Tranche A [Member] | ABR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable interest rate | 0.25% | |
ABL Tranche A [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable interest rate | 1.25% | |
Obligations Under Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit, outstanding amount | $ 81,000,000 |
Debt - Accounts Receivable Fina
Debt - Accounts Receivable Financing Program - Additional Information (Detail) - USD ($) | Sep. 20, 2017 | Sep. 19, 2017 | Dec. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Credit facility, maturity date | Sep. 21, 2020 | Sep. 30, 2018 | ||
Lender fees and third party costs | $ 1,000,000 | |||
Total debt | 3,800,000,000 | $ 3,800,000,000 | ||
2012 ABS Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 800,000,000 | |||
Total debt | 580,000,000 | |||
Available capacity | $ 115,000,000 | |||
Interest rate description | LIBOR plus 1.00% | |||
Percentage of unused commitment fee | 0.35% | |||
Weighted-average interest rate on outstanding borrowings | 2.18% | 1.69% | ||
2012 ABS Facility [Member] | LIBOR [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 1.00% |
Debt - Term Loan Agreement - Ad
Debt - Term Loan Agreement - Additional Information (Detail) - USD ($) | Nov. 30, 2017 | Nov. 29, 2017 | Aug. 01, 2017 | Feb. 17, 2017 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Debt Instrument [Line Items] | |||||||||||||||
Total debt | $ 3,800,000,000 | $ 3,800,000,000 | $ 3,800,000,000 | $ 3,800,000,000 | |||||||||||
Interest expense | 43,482,000 | $ 43,211,000 | $ 41,003,000 | $ 41,886,000 | 39,320,000 | $ 48,956,000 | $ 70,245,000 | $ 70,559,000 | 169,582,000 | 229,080,000 | $ 285,175,000 | ||||
Amended and Restated 2016 Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Unamortized deferred financing costs | 9,963,000 | $ 13,318,000 | 9,963,000 | $ 13,318,000 | |||||||||||
Amended and Restated 2016 Term Loan [Member] | Interest Rate Swap [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Total debt | 1,100,000,000 | 1,100,000,000 | |||||||||||||
Interest rate swap agreements term | 4 years | ||||||||||||||
Notional amount of debt hedged | $ 1,100,000,000 | ||||||||||||||
Notional amount of debt hedged | $ 825,000,000 | ||||||||||||||
Derivative interest rate | 4.21% | ||||||||||||||
Amended and Restated 2016 Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Total debt | 2,157,000,000 | 2,157,000,000 | |||||||||||||
Unamortized deferred financing costs | $ 10,000,000 | $ 10,000,000 | 10,000,000 | ||||||||||||
Principal repayments | $ 5,500,000 | ||||||||||||||
Reduction of basis points | (25.00%) | (25.00%) | (25.00%) | ||||||||||||
Interest rate above base rate | 1.50% | 1.75% | 1.25% | ||||||||||||
Floor interest rate on basis spread | 0.00% | 0.75% | 0.75% | ||||||||||||
Interest expense | $ 500,000 | ||||||||||||||
Write-off of unamortized deferred financing costs | $ 1,400,000 | ||||||||||||||
Amended and Restated 2016 Term Loan [Member] | Maximum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Consolidated secured leverage ratio | 175.00% | ||||||||||||||
Amended and Restated 2016 Term Loan [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Consolidated secured leverage ratio | 175.00% | 175.00% | |||||||||||||
Amended and Restated 2016 Term Loan [Member] | LIBOR [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable interest rate | 2.50% | 2.75% | 2.25% |
Debt - Senior Notes - Additiona
Debt - Senior Notes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Total debt | $ 3,800 | $ 3,800 |
2016 Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 594 | |
Unamortized deferred financing costs | $ 6 | |
Interest Rate | 5.875% | |
Redemption premium percentage | 40.00% | |
2016 Senior Notes [Member] | On or After June 15, 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price percentage of principal amount | 102.938% | |
2016 Senior Notes [Member] | June 15, 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price percentage of principal amount | 101.469% | |
2016 Senior Notes [Member] | June 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Redemption price percentage of principal amount | 100.00% |
Debt - Other Debt - Additional
Debt - Other Debt - Additional Information (Detail) - USD ($) $ in Millions | Dec. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 3,800 | $ 3,800 |
Obligations Under Capital Leases [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 337 | |
State Industrial Revenue Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Other debt | $ 10 |
Debt - Debt Transactions and Lo
Debt - Debt Transactions and Loss on Extinguishment - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 01, 2017 | Sep. 23, 2016 | Jun. 01, 2016 | Jun. 30, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Dec. 31, 2016 | Dec. 30, 2017 |
Debt Instrument [Line Items] | ||||||||
Proceeds from IPO | $ 1,114,000 | $ 1,113,799 | ||||||
Aggregate principal amount of debt | $ 3,773,473 | |||||||
Loss on extinguishment of debt | $ 11,483 | $ 42,149 | 53,632 | |||||
Total debt | 3,800,000 | 3,800,000 | ||||||
CMBS Fixed Facility [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | $ 12,000 | |||||||
Total debt | 471,000 | |||||||
Unamortized deferred financing cost | 1,000 | |||||||
Purchase price | 485,000 | |||||||
Repayment of outstanding principal | $ 472,000 | |||||||
Other costs | $ 1,000 | |||||||
2016 Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount of debt | $ 600,000 | |||||||
Total debt | 594,000 | |||||||
Unamortized deferred financing cost | 6,000 | |||||||
Amended 2011 Term Loan [Member] | June 2016 Refinancings [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount of debt | 2,042,000 | |||||||
After Amendment [Member] | June 2016 Refinancings [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount of debt | 2,200,000 | |||||||
Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal redeemed | 1,090,000 | |||||||
Loss on early redemption premium | $ 23,000 | |||||||
Unamortized deferred financing cost | $ 7,185 | $ 6,229 | ||||||
Old Senior Notes [Member] | Notes Payable to Banks [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on early redemption premium | 29,000 | |||||||
Loss on extinguishment of debt | 42,000 | |||||||
Expense of debt extinguishment costs | 7,000 | |||||||
Write-off of unamortized deferred financing costs | 6,000 | |||||||
Old Senior Notes [Member] | June 2016 Refinancings [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount of debt | $ 258,000 |
Debt - Restrictive Covenants -
Debt - Restrictive Covenants - Additional Information (Detail) $ in Millions | Dec. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
Restricted payment capacity | $ 751 |
Restricted asset | $ 2,001 |
Accrued Expenses and Other Lo79
Accrued Expenses and Other Long-Term Liabilities - Accrued Expenses and Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Accrued expenses and other current liabilities: | ||
Salary, wages and bonus expenses | $ 161,106 | $ 156,999 |
Operating expenses | 67,764 | 71,140 |
Workers’ compensation, general and fleet liability | 49,081 | 46,482 |
Group medical liability | 28,974 | 27,480 |
Customer rebates and other selling expenses | 85,210 | 80,223 |
Restructuring | 4,586 | 22,623 |
Property and sales tax | 28,478 | 25,032 |
Interest payable | 5,578 | 3,469 |
Other | 19,965 | 22,367 |
Total accrued expenses and other current liabilities | 450,742 | 455,815 |
Other long-term liabilities: | ||
Workers’ compensation, general and fleet liability | 121,270 | 117,890 |
Accrued pension and other postretirement benefit obligations | 130,511 | 172,895 |
Unfunded lease obligation | 24,138 | 26,757 |
Uncertain tax positions | 81,237 | 11,115 |
Restructuring | 749 | 838 |
Other | 13,631 | 21,434 |
Total Other long-term liabilities | $ 371,536 | $ 350,929 |
Accrued Expenses and Other Lo80
Accrued Expenses and Other Long-Term Liabilities - Summary of Self-Insurance Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Payables And Accruals [Abstract] | |||
Balance at beginning of the year | $ 164,372 | $ 172,243 | $ 160,904 |
Charged to costs and expenses | 64,236 | 59,366 | 77,242 |
Reinsurance recoverable | 8,068 | ||
Payments | (66,325) | (67,237) | (65,903) |
Balance at end of the year | $ 170,351 | $ 164,372 | $ 172,243 |
Discount rate | 1.98% | 1.47% | 0.82% |
Accrued Expenses and Other Lo81
Accrued Expenses and Other Long-Term Liabilities - Estimated Future Payments for Self-Insured Liabilities (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||||
2,018 | $ 49,651 | |||
2,019 | 25,285 | |||
2,020 | 18,573 | |||
2,021 | 14,140 | |||
2,022 | 10,249 | |||
Thereafter | 61,010 | |||
Total self-insured liability payments | 178,908 | |||
Less amount representing interest | (8,557) | |||
Present value of self-insured liability payments | $ 170,351 | $ 164,372 | $ 172,243 | $ 160,904 |
Restructuring Liabilities - Sum
Restructuring Liabilities - Summary of Changes in Restructuring Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Balance at beginning of period | $ 23,461 | $ 118,844 | $ 56,881 |
Current period charges | 6,968 | 74,077 | 175,785 |
Change in estimate | (5,263) | (20,737) | (4,196) |
Payments and usage—net of accretion | (19,831) | (148,723) | (109,626) |
Balance at end of period | 5,335 | 23,461 | 118,844 |
Severance and Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance at beginning of period | 22,596 | 118,634 | 56,450 |
Current period charges | 6,968 | 71,514 | 175,749 |
Change in estimate | (5,007) | (21,004) | (4,196) |
Payments and usage—net of accretion | (19,722) | (146,548) | (109,369) |
Balance at end of period | 4,835 | 22,596 | 118,634 |
Facility Closing Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Balance at beginning of period | 865 | 210 | 431 |
Current period charges | 2,563 | 36 | |
Change in estimate | (256) | 267 | |
Payments and usage—net of accretion | (109) | (2,175) | (257) |
Balance at end of period | $ 500 | $ 865 | $ 210 |
Restructuring Liabilities - Add
Restructuring Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Severance and related costs | $ 2,000 | $ 50,000 | $ 172,000 |
Facility closing costs related to a lease termination settlement | 3,000 | ||
Estimated withdrawal liabilities | 34,140 | 32,636 | 33,630 |
Restructuring charge | $ 6,968 | 74,077 | 175,785 |
Central States Teamsters Union Pension Plan [Member] | Related Facilities Union Contracts [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charge | $ 88,000 | ||
Streamline Field Operations [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and related costs | 30,000 | ||
Baltimore Maryland Distribution Facility [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Severance and related costs | 55,000 | ||
Baltimore Maryland Distribution Facility [Member] | Multi Employer Pension Withdrawal Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Estimated withdrawal liabilities | $ 50,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Dec. 04, 2017 | Jan. 31, 2017 | Jun. 01, 2016 | Jan. 08, 2016 | Jan. 04, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Nov. 30, 2017 |
Related Party Transaction [Line Items] | |||||||||||
Proceeds from common stock sales | $ 2,850,000 | $ 500,000 | |||||||||
Retained earnings | $ (123,514,000) | 136,460,000 | |||||||||
Lender fees | $ 1,000,000 | ||||||||||
Aggregate fees and expenses | $ 36,000,000 | $ 10,000,000 | |||||||||
Termination fee | $ 31,000,000 | ||||||||||
Cash distribution paid | $ 666,000,000 | ||||||||||
Cash distribution paid to Sponsors | $ 657,000,000 | ||||||||||
Distribution declared and paid per share | $ 3.94 | $ 3.94 | |||||||||
Dividends payment description | The Company has no current plans to pay future dividends, and has never paid dividends on its common stock, other than the January 2016 one-time cash distribution. Any decision to declare and pay dividends in the future will be made at the sole discretion of our Board of Directors, and could be limited by debt covenants that restrict USF’s ability to make cash distributions to US Foods. | ||||||||||
KKR Capital Markets LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Lender fees | $ 0 | ||||||||||
Cost of services rendered in connection with debt refinancing transactions | $ 1,000,000 | ||||||||||
Secondary Offerings [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Expenses related to shares sold | $ 5,000,000 | $ 1,000,000 | |||||||||
IPO [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of shares sold | 51,111,111 | ||||||||||
IPO [Member] | KKR Capital Markets LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Underwriter discounts and commissions | $ 5,000,000 | ||||||||||
FMR LLC [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of Company's outstanding debt managed by affiliate | 1.00% | ||||||||||
FMR LLC [Member] | US Foods Holding Corp [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of company's outstanding common stock | 13.00% | ||||||||||
Sponsor | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of shares to be repurchased | 10,000,000 | ||||||||||
Common stock repurchase, price per share | $ 28 | ||||||||||
Stock repurchase program amount paid | $ 280,000,000 | ||||||||||
Additional paid in capital reduction due to share repurchase program | 96,000,000 | ||||||||||
Retained earnings | $ 184,000,000 | ||||||||||
Sponsor | Follow-on Offerings [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of shares sold | 167,355,545 | ||||||||||
Proceeds from common stock sales | $ 0 | ||||||||||
USF Credit Facility [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Line of credit outstanding amount | $ 314,000,000 |
Share-Based Compensation, Com85
Share-Based Compensation, Common Stock Issuances and Common Stock - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Shares granted | 1,286,713 | |||
Share-based compensation expense | $ 20,532,000 | $ 18,355,000 | $ 15,832,000 | |
Company recorded compensation expense | $ 3,000,000 | $ 4,000,000 | $ 5,000,000 | |
Stock options, Exercise price per share, lower range | $ 8.51 | |||
Stock options, Exercise price per share, upper range | 30.39 | |||
Weighted-average grant date fair value | $ 11.08 | $ 6.28 | $ 6.91 | |
Cash outflow for the excess of fair value over exercise price of stock options exercised | $ 4,000,000 | $ 6,000,000 | ||
Intrinsic value | $ 86,000,000 | |||
Granted | $ 29.77 | |||
Share-based compensation, shares outstanding | 1,185,845 | 879,609 | ||
Weighted average exercise price outstanding | $ 26.79 | $ 17.68 | ||
Stock Purchase Plan [member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Stock purchase plan eligible employees to purchase shares, Description | In August 2016, the Company’s Board of Directors approved the Stock Purchase Plan. The purpose of the Stock Purchase Plan is to provide eligible employees with the opportunity to acquire common shares of the Company. An eligible employee is a person that: 1) is employed by the Company, and 2) has provided continuous service, works a minimum of 20 hours per week, and works a minimum of five months throughout the year. A person will not be eligible for the grant of any purchase rights if, immediately after the grant of such purchase right, the person owns stock possessing five percent or more of the total combined voting power or value of all classes of shares of the Company or any subsidiary. | |||
Time Options [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Shares granted | 857,181 | |||
Share-based compensation expense | $ 4,000,000 | $ 4,000,000 | 3,000,000 | |
Performance Options 2015 [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Company recorded compensation expense | 5,000,000 | |||
Compensation charges recorded for achieving performance target | 3,000,000 | |||
Performance Options Prior to 2015 [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Company recorded compensation expense | $ 2,000,000 | |||
Employee Stock Option [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, vesting period | 10 years | |||
Expected dividends | 0.00% | |||
Unrecognized compensation cost related to options | $ 13,000,000 | |||
Weighted average recognition period | 2 years | |||
Performance Shares [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, vesting period | 3 years | |||
Weighted average recognition period | 2 years | |||
Granted | $ 30.39 | $ 14.58 | ||
Unrecognized compensation cost | $ 3,000 | |||
Share-based compensation, shares outstanding | 241,313 | |||
Weighted average exercise price outstanding | $ 30.39 | |||
Restricted Stock [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation expense | $ 1,000,000 | $ 2,000,000 | $ 1,000,000 | |
Share-based compensation, shares granted | 0 | |||
Time Shares [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, shares granted | 0 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, vesting period | 4 years | |||
Weighted average recognition period | 2 years | |||
Granted | $ 29.77 | $ 18.75 | $ 17.87 | |
Unrecognized compensation cost | $ 24,000,000 | |||
Compensation charges recorded for achieving performance target | 4,000,000 | $ 4,000,000 | ||
Time Based Restricted Stock Units [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation expense | $ 6,000,000 | $ 4,000,000 | 3,000,000 | |
Share-based compensation, shares outstanding | 909,292 | 637,336 | ||
Performance Restricted Stock Units [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, vesting period | 3 years | |||
Compensation charges recorded for achieving performance target | $ 3,000,000 | |||
Share-based compensation, shares outstanding | 276,553 | 242,273 | ||
Performance Based RSU Grant 2013 [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Compensation charges recorded for achieving performance target | $ 1,000,000 | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation expense | $ 1,000,000 | |||
Unrecognized compensation cost related to options | $ 0 | |||
Share-based compensation, shares granted | 0 | 0 | 0 | |
Share-based compensation, shares outstanding | 378,658 | |||
Weighted average exercise price outstanding | $ 9.80 | |||
Liability recognized, amount | $ 0 | |||
Employee Stock Purchase Plan [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation expense | 3,000,000 | $ 800,000 | ||
Employee Stock Purchase Plan [Member] | Call Option | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation expense | 21,000,000 | 18,000,000 | $ 16,000,000 | |
Share-based compensation cost capitalized | 0 | 0 | 0 | |
Income tax benefit related to share-based compensation expense | $ 7,000,000 | $ 6,000,000 | $ 6,000,000 | |
Maximum [Member] | Time Options [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Options vesting and exercisable period | 5 years | |||
Maximum [Member] | Performance Options [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Options vesting and exercisable period | 5 years | |||
Maximum [Member] | Performance Shares [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, vesting percentage | 200.00% | |||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, vesting period | 4 years | |||
Maximum [Member] | Performance Restricted Stock Units [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, vesting percentage | 200.00% | |||
Maximum [Member] | Employee Stock Purchase Plan [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Purchase of common stock discount, percentage | 15.00% | |||
Minimum [Member] | Time Options [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Options vesting and exercisable period | 3 years | |||
Minimum [Member] | Performance Options [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Options vesting and exercisable period | 4 years | |||
Minimum [Member] | Performance Shares [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, vesting percentage | 0.00% | |||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, vesting period | 3 years | |||
Minimum [Member] | Performance Restricted Stock Units [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Share-based compensation, vesting percentage | 0.00% | |||
2016 Plan [Member] | Maximum [Member] | ||||
Schedule Of Share Based Compensation Arrangements [Line Items] | ||||
Shares granted | 9,000,000 |
Share-Based Compensation, Com86
Share-Based Compensation, Common Stock Issuances and Common Stock - Weighted-Average Assumptions for Options Granted (Detail) - Employee Stock Option [Member] | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 31.80% | 28.80% | 36.60% |
Expected dividends | 0.00% | ||
Risk-free interest rate | 1.90% | 1.50% | 1.60% |
Expected term (in years) | 5 years 9 months 18 days | 5 years 10 months 24 days | 4 years 9 months 18 days |
Share-Based Compensation, Com87
Share-Based Compensation, Common Stock Issuances and Common Stock - Summary of Options Outstanding (Detail) - $ / shares | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, beginning balance | 8,661,909 | ||
Options granted | 1,286,713 | ||
Options exercised | (4,778,199) | ||
Options forfeited | (555,454) | ||
Outstanding, ending balance | 4,614,969 | 8,661,909 | |
Outstanding, vested and exercisable | 2,473,142 | ||
Average Fair Value Outstanding, beginning balance | $ 5.65 | ||
Average Fair Value granted | 11.08 | $ 6.28 | $ 6.91 |
Average Fair Value exercised | 5.12 | ||
Average Fair Value forfeited | 7.54 | ||
Average Fair Value Outstanding, ending balance | 7.47 | 5.65 | |
Average Fair Value Vested and exercisable | 6.10 | ||
Average Exercise Price Outstanding, beginning balance | 12.91 | ||
Average Exercise Price granted | 26.72 | ||
Average Exercise Price exercised | 10.15 | ||
Average Exercise Price forfeited | 19.94 | ||
Average Exercise Price Outstanding, ending balance | 18.79 | $ 12.91 | |
Average Exercise Price Vested and exercisable | $ 14.31 | ||
Remaining contractual term, Outstanding | 7 years 2 months 12 days | ||
Remaining contractual term, Vested and exercisable | 5 years 9 months 18 days | ||
Time Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, beginning balance | 4,973,717 | ||
Options granted | 857,181 | ||
Options exercised | (2,418,764) | ||
Options forfeited | (402,582) | ||
Outstanding, ending balance | 3,009,552 | 4,973,717 | |
Outstanding, vested and exercisable | 1,230,897 | ||
Performance Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, beginning balance | 3,688,192 | ||
Options granted | 429,532 | ||
Options exercised | (2,359,435) | ||
Options forfeited | (152,872) | ||
Outstanding, ending balance | 1,605,417 | 3,688,192 | |
Outstanding, vested and exercisable | 1,242,245 |
Share-Based Compensation, Com88
Share-Based Compensation, Common Stock Issuances and Common Stock - Summary of Nonvested Restricted Shares (Detail) - $ / shares | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance | 879,609 | |
Granted | 903,888 | |
Vested | (427,574) | |
Forfeited | (170,078) | |
Ending balance | 1,185,845 | 879,609 |
Beginning balance | $ 17.68 | |
Weighted Average Fair Value Granted | 29.77 | |
Weighted Average Fair Value Vested | 16.64 | |
Weighted Average Fair Value Forfeited | 20.76 | |
Ending balance | $ 26.79 | $ 17.68 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted | 257,766 | |
Forfeited | (16,453) | |
Ending balance | 241,313 | |
Weighted Average Fair Value Granted | $ 30.39 | $ 14.58 |
Weighted Average Fair Value Forfeited | 30.39 | |
Ending balance | $ 30.39 |
Share-Based Compensation, Com89
Share-Based Compensation, Common Stock Issuances and Common Stock - Summary of Nonvested Restricted Stock Units (Detail) | 12 Months Ended |
Dec. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 879,609 |
Granted | 903,888 |
Vested | (427,574) |
Forfeited | (170,078) |
Ending balance | 1,185,845 |
Beginning balance | $ / shares | $ 17.68 |
Granted | $ / shares | 29.77 |
Vested | $ / shares | 16.64 |
Forfeited | $ / shares | 20.76 |
Ending balance | $ / shares | $ 26.79 |
Time Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 637,336 |
Granted | 607,432 |
Vested | (213,879) |
Forfeited | (121,597) |
Ending balance | 909,292 |
Performance Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance | 242,273 |
Granted | 296,456 |
Vested | (213,695) |
Forfeited | (48,481) |
Ending balance | 276,553 |
Leases - Noncancelable Lease Ag
Leases - Noncancelable Lease Agreements, Minimum Lease Payments (Detail) $ in Thousands | Dec. 30, 2017USD ($) |
Leases [Line Items] | |
2,018 | $ 32,623 |
2,019 | 31,181 |
2,020 | 29,204 |
2,021 | 24,424 |
2,022 | 21,285 |
Thereafter | 24,017 |
Total minimum lease payments (receipts) | 162,734 |
2,018 | (461) |
2,019 | (479) |
2,020 | (133) |
2,021 | (22) |
Total minimum lease payments (receipts) | (1,095) |
2,018 | 133,755 |
2,019 | 109,803 |
2,020 | 99,816 |
2,021 | 82,521 |
2,022 | 62,781 |
Thereafter | 68,137 |
Total minimum lease payments (receipts) | 556,813 |
Obligations Under Capital Leases [Member] | |
Leases [Line Items] | |
2,018 | 97,324 |
2,019 | 74,438 |
2,020 | 65,936 |
2,021 | 53,310 |
2,022 | 36,687 |
Thereafter | 39,311 |
Total minimum lease payments (receipts) | 367,006 |
Less amount representing interest | (30,403) |
Present value of minimum lease payments | 336,603 |
Unfunded Lease Obligation [Member] | |
Leases [Line Items] | |
2,018 | 4,269 |
2,019 | 4,663 |
2,020 | 4,809 |
2,021 | 4,809 |
2,022 | 4,809 |
Thereafter | 4,809 |
Total minimum lease payments (receipts) | 28,168 |
Less amount representing interest | (5,830) |
Present value of minimum lease payments | $ 22,338 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Distribution, Selling and Administrative Costs [Member] | |||
Leases [Line Items] | |||
Total operating lease expense | $ 44 | $ 43 | $ 44 |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Pension and Other Postretirement Benefit Costs (Credits) (Detail) - USD ($) | Sep. 30, 2015 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Curtailment | $ 0 | |||
Pension Benefits [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | $ 2,356,000 | $ 3,849,000 | $ 32,582,000 | |
Interest cost | 39,474,000 | 40,459,000 | 39,628,000 | |
Expected return on plan assets | (47,828,000) | (48,296,000) | (54,881,000) | |
Amortization of prior service cost (credit) | 138,000 | 157,000 | 195,000 | |
Amortization of net (gain) loss | 3,848,000 | 8,255,000 | 10,394,000 | |
Settlements | 17,785,000 | 4,487,000 | 3,358,000 | |
Curtailment | 138,000 | |||
Special termination benefit | 422,000 | |||
Net periodic benefit costs | 15,911,000 | 8,911,000 | 31,698,000 | |
Other Postretirement Plans [Member] | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 35,000 | 37,000 | 37,000 | |
Interest cost | 283,000 | 296,000 | 264,000 | |
Amortization of prior service cost (credit) | 6,000 | 6,000 | (62,000) | |
Amortization of net (gain) loss | (148,000) | (71,000) | 14,000 | |
Net periodic benefit costs | $ 176,000 | $ 268,000 | $ 253,000 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Jul. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Settlement charge included in net periodic pension costs | $ 18,000,000 | $ 4,000,000 | $ 3,000,000 | ||
Reduction in benefit obligation | $ 91,000,000 | ||||
Curtailment | 73,000,000 | ||||
Curtailment gain loss | $ 0 | ||||
Increase in pension obligation | $ 22,000,000 | ||||
Company's anticipated contributions | 36,000,000 | ||||
Withdrawal liabilities related to multiemployer plan | $ 120,000,000 | ||||
Zone Red [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Criteria established under the Internal Revenue Code, funded status percentage | Less than 65 percent | ||||
Multiemployer plans insolvency period | 20 years | ||||
Certified zone status | Red | ||||
Zone Yellow [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Criteria established under the Internal Revenue Code, funded status percentage | Between 65 and less than 80 percent | ||||
Certified zone status | Yellow | ||||
Zone Green [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Criteria established under the Internal Revenue Code, funded status percentage | At least 80 percent | ||||
Certified zone status | Green | ||||
Defined Contribution Plan 401K [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Future minimum percentage of annual contribution under related facilities | 4.00% | 6.00% | |||
Matching contributions | 50.00% | ||||
Company's contributions to plan | $ 46,000,000 | 44,000,000 | $ 32,000,000 | ||
Discretionary contributions | $ 0 | $ 0 | $ 0 | ||
First 3% of Participants Compensation [Member] | Defined Contribution Plan 401K [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Matching contributions | 100.00% | ||||
Future minimum percentage of annual contribution under related facilities | 3.00% | ||||
Next 2% of Participants Compensation [Member] | Defined Contribution Plan 401K [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Matching contributions | 50.00% | ||||
Future minimum percentage of annual contribution under related facilities | 2.00% | ||||
Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Define benefit target plan assets allocations | 50.00% | ||||
Define benefit actual plan assets allocations | 49.00% | ||||
Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Define benefit target plan assets allocations | 50.00% | ||||
Define benefit actual plan assets allocations | 51.00% | ||||
Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in health care cost | $ 1,000,000 | ||||
Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Minimum Contribution by the employer to multi-employer plans as percentage of total contribution | 5.00% |
Retirement Plans - Changes in P
Retirement Plans - Changes in Plan Assets and Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Changes recognized in accumulated other comprehensive loss: | |||
Net amount recognized | $ (16,171) | $ 44,985 | $ (83,663) |
Pension Benefits [Member] | |||
Changes recognized in accumulated other comprehensive loss: | |||
Actuarial gain (loss) | 523 | (64,296) | (3,171) |
Curtailment | 138 | 73,191 | |
Prior year correction | (21,917) | ||
Amortization of net loss (gain) | 3,848 | 8,255 | 10,394 |
Amortization of prior service cost (credit) | 138 | 157 | 195 |
Amortization of net loss (gain) | 3,848 | 8,255 | 10,394 |
Settlements | 17,785 | 4,487 | 3,358 |
Net amount recognized | 22,432 | (73,314) | 83,967 |
Other Postretirement Plans [Member] | |||
Changes recognized in accumulated other comprehensive loss: | |||
Actuarial gain (loss) | 181 | (174) | 1,035 |
Prior service cost | (1,291) | ||
Amortization of net loss (gain) | (148) | (71) | 14 |
Amortization of prior service cost (credit) | 6 | 6 | (62) |
Amortization of net loss (gain) | (148) | (71) | 14 |
Net amount recognized | $ 39 | $ (239) | $ (304) |
Retirement Plans - Funded Statu
Retirement Plans - Funded Status of the Defined Benefit Plans (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
Change in benefit obligation: | ||||
Curtailment | $ (73,000) | |||
Change in plan assets: | ||||
Fair value of plan assets at beginning of period | $ 799,166 | |||
Fair value of plan assets at end of period | 851,283 | $ 799,166 | ||
Net funded status | (125,012) | (167,068) | $ (120,545) | |
Amounts recognized in the consolidated balance sheets consist of the following: | ||||
Accrued benefit obligation—noncurrent | (130,511) | (172,895) | ||
Pension Benefits [Member] | ||||
Change in benefit obligation: | ||||
Benefit obligation at beginning of period | 966,234 | 862,886 | 970,469 | |
Service cost | 2,356 | 3,849 | 32,582 | |
Interest cost | 39,474 | 40,459 | 39,628 | |
Actuarial loss (gain) | 76,111 | 73,855 | (73,282) | |
Curtailment | (73,191) | |||
Prior year correction | 21,917 | |||
Settlements | (87,225) | (16,002) | (15,287) | |
Special termination benefit | 422 | |||
Benefit disbursements | (20,655) | (20,730) | (18,455) | |
Benefit obligation at end of period | 976,295 | 966,234 | 862,886 | |
Change in plan assets: | ||||
Fair value of plan assets at beginning of period | 799,166 | 742,341 | 749,166 | |
Return on plan assets | 124,462 | 57,855 | (21,572) | |
Employer contribution | 35,535 | 35,702 | 48,489 | |
Settlements | (87,225) | (16,002) | (15,287) | |
Benefit disbursements | (20,655) | (20,730) | (18,455) | |
Fair value of plan assets at end of period | 851,283 | 799,166 | 742,341 | |
Amounts recognized in the consolidated balance sheets consist of the following: | ||||
Accrued benefit obligation—current | (598) | (549) | (546) | |
Accrued benefit obligation—noncurrent | (124,414) | (166,519) | (119,999) | |
Net amount recognized in the consolidated balance sheets | (125,012) | (167,068) | (120,545) | |
Amounts recognized in accumulated other comprehensive loss consist of the following: | ||||
Prior service cost | 5 | 281 | 438 | |
Net gain (loss) | 198,990 | 221,146 | 147,675 | |
Net gain (loss) recognized in accumulated other comprehensive loss | 198,995 | 221,427 | 148,113 | |
Accumulated benefit obligation | 973,946 | 963,008 | 854,858 | |
Amounts expected to be amortized from accumulated other comprehensive loss in the next fiscal year: | ||||
Net loss (gain) | 3,383 | |||
Prior service cost | 5 | |||
Net expected to be amortized | 3,388 | |||
Other Postretirement Plans [Member] | ||||
Change in benefit obligation: | ||||
Benefit obligation at beginning of period | 6,952 | 6,974 | 6,789 | |
Service cost | 35 | 37 | 37 | |
Interest cost | 283 | 296 | 264 | |
Employee contributions | 195 | 204 | 209 | |
Actuarial loss (gain) | (181) | 174 | (1,035) | |
Plan amendment | 1,291 | |||
Benefit disbursements | (661) | (733) | (581) | |
Benefit obligation at end of period | 6,623 | 6,952 | 6,974 | |
Change in plan assets: | ||||
Employer contribution | 466 | 529 | 372 | |
Employee contributions | 195 | 204 | 209 | |
Benefit disbursements | (661) | (733) | (581) | |
Net funded status | (6,623) | (6,952) | (6,974) | |
Amounts recognized in the consolidated balance sheets consist of the following: | ||||
Accrued benefit obligation—current | (527) | (576) | (525) | |
Accrued benefit obligation—noncurrent | (6,096) | (6,376) | (6,449) | |
Net amount recognized in the consolidated balance sheets | (6,623) | (6,952) | (6,974) | |
Amounts recognized in accumulated other comprehensive loss consist of the following: | ||||
Net gain (loss) | 864 | 825 | 1,064 | |
Net gain (loss) recognized in accumulated other comprehensive loss | 864 | $ 825 | $ 1,064 | |
Amounts expected to be amortized from accumulated other comprehensive loss in the next fiscal year: | ||||
Net loss (gain) | (156) | |||
Prior service cost | 6 | |||
Net expected to be amortized | $ (150) |
Retirement Plans - Assumptions
Retirement Plans - Assumptions to Determine Benefit Obligations at Period-end and Net Pension Costs (Detail) | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Pension Benefits [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation, discount rate | 3.70% | 4.25% | 4.64% |
Benefit obligation, annual compensation increase | 3.60% | 3.60% | 3.60% |
Net cost, discount rate | 4.25% | 4.64% | 4.25% |
Net cost, expected return on plan assets | 6.00% | 6.50% | 7.00% |
Net cost, annual compensation increase | 3.60% | 3.60% | 3.60% |
Other Postretirement Plans [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Benefit obligation, discount rate | 3.70% | 4.25% | 4.40% |
Net cost, discount rate | 4.25% | 4.40% | 4.05% |
Retirement Plans - Assumed Heal
Retirement Plans - Assumed Health Care Trend Rates (Detail) | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |||
Immediate rate | 6.70% | 7.40% | 7.40% |
Ultimate trend rate | 4.50% | 4.50% | 4.50% |
Year the rate reaches the ultimate trend rate | 2,037 | 2,037 | 2,038 |
Retirement Plans - Fair Value o
Retirement Plans - Fair Value of Defined Benefit Plans' Assets by Asset Fair Value Hierarchy Level (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 851,283 | $ 799,166 |
Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 528,984 | 489,310 |
Total Investments Measured at Net Asset Value as a Practical Expedient [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 322,299 | 309,856 |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,898 | 10,073 |
Mutual Funds [Member] | Domestic Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37,163 | 37,711 |
Mutual Funds [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 32,033 | 28,975 |
Debt Securities [Member] | Domestic Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 223,604 | 196,743 |
Debt Securities [Member] | Foreign Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 26,360 | 20,120 |
Debt Securities [Member] | U.S. Government Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 154,906 | 154,007 |
Debt Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,517 | 7,548 |
Debt Securities [Member] | Other Debt Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 4,437 | 2,545 |
Common Collective Trust Funds [Member] | Domestic Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 249,366 | 244,152 |
Common Collective Trust Funds [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 62,651 | 59,257 |
Common Collective Trust Funds [Member] | Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10,282 | 6,447 |
Equity Securities [Member] | Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 33,967 | |
Equity Securities [Member] | Domestic Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 30,759 | |
Equity Securities [Member] | International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,099 | |
Equity Securities [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 829 | |
Level 1 [Member] | Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 112,160 | 108,347 |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,898 | 10,073 |
Level 1 [Member] | Mutual Funds [Member] | Domestic Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 37,163 | 37,711 |
Level 1 [Member] | Mutual Funds [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 32,033 | 28,975 |
Level 1 [Member] | Equity Securities [Member] | Domestic [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 33,967 | |
Level 1 [Member] | Equity Securities [Member] | Domestic Equities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 30,759 | |
Level 1 [Member] | Equity Securities [Member] | International [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1,099 | |
Level 1 [Member] | Equity Securities [Member] | International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 829 | |
Level 2 [Member] | Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 416,824 | 380,963 |
Level 2 [Member] | Debt Securities [Member] | Domestic Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 223,604 | 196,743 |
Level 2 [Member] | Debt Securities [Member] | Foreign Corporate Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 26,360 | 20,120 |
Level 2 [Member] | Debt Securities [Member] | U.S. Government Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 154,906 | 154,007 |
Level 2 [Member] | Debt Securities [Member] | US Government Agencies Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 7,517 | 7,548 |
Level 2 [Member] | Debt Securities [Member] | Other Debt Obligations [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 4,437 | $ 2,545 |
Retirement Plans - Estimated Fu
Retirement Plans - Estimated Future Benefit Payments (Detail) $ in Thousands | Dec. 30, 2017USD ($) |
Pension Benefits [Member] | |
Defined Benefit Plan Estimated Future Employer Contribution [Line Items] | |
2,018 | $ 53,888 |
2,019 | 46,852 |
2,020 | 46,232 |
2,021 | 45,402 |
2,022 | 45,136 |
Subsequent five years | 224,429 |
Other Postretirement Plans [Member] | |
Defined Benefit Plan Estimated Future Employer Contribution [Line Items] | |
2,018 | 536 |
2,019 | 527 |
2,020 | 539 |
2,021 | 514 |
2,022 | 495 |
Subsequent five years | $ 2,368 |
Retirement Plans - Multiemploye
Retirement Plans - Multiemployer Pension Plans (Detail) | 12 Months Ended | |
Dec. 30, 2017 | Dec. 31, 2016 | |
Western Conference of Teamsters Pension Trust Fund [Member] | ||
Multiemployer Plans [Line Items] | ||
EIN | 916,145,047 | |
Plan Number | 1 | |
PPA Zone Status | Green | Green |
FIP/RP Status Pending/ Implemented | NA | |
Surcharge Imposed | No | |
Expiration Dates | Mar. 31, 2018 | |
Expiration Dates | Mar. 31, 2020 | |
Minneapolis Food Distributing Industry Pension Plan [Member] | ||
Multiemployer Plans [Line Items] | ||
EIN | 416,047,047 | |
Plan Number | 1 | |
PPA Zone Status | Green | Green |
FIP/RP Status Pending/ Implemented | Implemented | |
Surcharge Imposed | No | |
Expiration Dates | Apr. 1, 2021 | |
Teamster Pension Trust Fund of Philadelphia and Vicinity [Member] | ||
Multiemployer Plans [Line Items] | ||
EIN | 231,511,735 | |
Plan Number | 1 | |
PPA Zone Status | Yellow | Yellow |
FIP/RP Status Pending/ Implemented | Implemented | |
Surcharge Imposed | No | |
Expiration Dates | Oct. 2, 2018 | |
Local 703 I.B. of T. Grocery and Food Employees Pension Plan [Member] | ||
Multiemployer Plans [Line Items] | ||
EIN | 366,491,473 | |
Plan Number | 1 | |
PPA Zone Status | Green | Green |
FIP/RP Status Pending/ Implemented | NA | |
Surcharge Imposed | No | |
Expiration Dates | Jun. 30, 2018 | |
United Teamsters Trust Fund A [Member] | ||
Multiemployer Plans [Line Items] | ||
EIN | 135,660,513 | |
Plan Number | 1 | |
PPA Zone Status | Yellow | Yellow |
FIP/RP Status Pending/ Implemented | Implemented | |
Surcharge Imposed | No | |
Expiration Dates | May 30, 2019 | |
Warehouse Employees Local 169 and Employers Joint Pension Fund [Member] | ||
Multiemployer Plans [Line Items] | ||
EIN | 236,230,368 | |
Plan Number | 1 | |
PPA Zone Status | Red | Red |
FIP/RP Status Pending/ Implemented | Implemented | |
Surcharge Imposed | No | |
Expiration Dates | Feb. 10, 2018 | |
Local 705 I.B. of T. Pension Trust Fund [Member] | ||
Multiemployer Plans [Line Items] | ||
EIN | 366,492,502 | |
Plan Number | 1 | |
PPA Zone Status | Red | Red |
FIP/RP Status Pending/ Implemented | Implemented | |
Surcharge Imposed | No | |
Expiration Dates | Dec. 29, 2018 |
Retirement Plans - Contribution
Retirement Plans - Contributions to Multiemployer Pension Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Multiemployer Plans [Line Items] | |||
USF Contributions | $ 34,140 | $ 32,636 | $ 33,630 |
Western Conference of Teamsters Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
USF Contributions | 10,780 | $ 10,104 | $ 10,227 |
USF Contributions Exceed 5% of Total Plan contributions | false | false | |
Minneapolis Food Distributing Industry Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
USF Contributions | 5,399 | $ 5,162 | $ 5,200 |
USF Contributions Exceed 5% of Total Plan contributions | true | true | |
Teamster Pension Trust Fund of Philadelphia and Vicinity [Member] | |||
Multiemployer Plans [Line Items] | |||
USF Contributions | 3,917 | $ 3,442 | $ 3,461 |
USF Contributions Exceed 5% of Total Plan contributions | false | false | |
Local 703 I.B. of T. Grocery and Food Employees Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
USF Contributions | 1,482 | $ 1,258 | $ 1,366 |
USF Contributions Exceed 5% of Total Plan contributions | true | true | |
United Teamsters Trust Fund A [Member] | |||
Multiemployer Plans [Line Items] | |||
USF Contributions | 1,741 | $ 1,668 | $ 1,554 |
USF Contributions Exceed 5% of Total Plan contributions | true | true | |
Warehouse Employees Local 169 and Employers Joint Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
USF Contributions | 846 | $ 900 | $ 897 |
USF Contributions Exceed 5% of Total Plan contributions | true | true | |
Local 705 I.B. of T. Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
USF Contributions | 3,122 | $ 2,923 | $ 2,729 |
USF Contributions Exceed 5% of Total Plan contributions | false | false | |
Other Funds [Member] | |||
Multiemployer Plans [Line Items] | |||
USF Contributions | $ 6,853 | $ 7,179 | $ 8,196 |
USF Contributions Exceed 5% of Total Plan contributions | false | false |
Retirement Plans - Contribut102
Retirement Plans - Contributions to Multiemployer Pension Plans (Parenthetical) (Detail) | 12 Months Ended |
Dec. 30, 2017 | |
Minimum [Member] | |
Multiemployer Plans [Line Items] | |
Minimum Contribution by the employer to multi-employer plans as percentage of total contribution | 5.00% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Numerator: | |||||||||||
Net income | $ 256,469 | $ 95,551 | $ 65,458 | $ 26,816 | $ 76,864 | $ 133,011 | $ (13,392) | $ 13,311 | $ 444,294 | $ 209,794 | $ 167,518 |
Denominator: | |||||||||||
Weighted-average common shares outstanding | 222,383,038 | 200,129,868 | 169,560,616 | ||||||||
Dilutive effect of Share-based awards | 3,280,747 | 3,894,858 | 1,500,104 | ||||||||
Weighted-average dilutive shares outstanding | 225,663,785 | 204,024,726 | 171,060,720 | ||||||||
Basic earnings per share | $ 1.16 | $ 0.43 | $ 0.29 | $ 0.12 | $ 0.35 | $ 0.60 | $ (0.07) | $ 0.08 | $ 2 | $ 1.05 | $ 0.99 |
Diluted earnings per share | $ 1.15 | $ 0.42 | $ 0.29 | $ 0.12 | $ 0.34 | $ 0.59 | $ (0.07) | $ 0.08 | $ 1.97 | $ 1.03 | $ 0.98 |
Changes in Accumulated Other104
Changes in Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
BEGINNING BALANCE | $ 2,537,650 | $ 1,873,177 | $ 1,622,032 |
ENDING BALANCE | 2,751,363 | 2,537,650 | 1,873,177 |
Accumulated Other Comprehensive Income ( Loss ) Retirement Benefit Obligations [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
BEGINNING BALANCE | (119,363) | (74,378) | (158,041) |
Other comprehensive income (loss) before reclassifications | 704 | (64,470) | (2,136) |
Amounts reclassified from Other comprehensive loss, before tax | 22,471 | (73,553) | 83,663 |
Income tax provision (benefit) | 6,300 | (28,568) | |
Current period comprehensive income (loss), net of tax | 16,171 | (44,985) | 83,663 |
ENDING BALANCE | (103,192) | (119,363) | (74,378) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from Other comprehensive loss, before tax | (1,291) | ||
Accumulated Defined Benefit Plans Adjustment, Amortization Net Prior Service Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from Other comprehensive loss, before tax | 144 | 163 | 133 |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from Other comprehensive loss, before tax | 3,700 | 8,184 | 10,408 |
Accumulated Defined Benefit Plans Adjustment Settlement Curtailment Gain Loss Net Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from Other comprehensive loss, before tax | 17,785 | 4,487 | 3,358 |
Accumulated Defined Benefit Plans Adjustment Curtailment [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from Other comprehensive loss, before tax | 138 | 73,191 | |
Accumulated Defined Benefit Plans Adjustment, Prior Period Correction Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from Other comprehensive loss, before tax | (21,917) | ||
AOCI Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
BEGINNING BALANCE | (119,363) | (74,378) | (158,041) |
ENDING BALANCE | (95,755) | $ (119,363) | $ (74,378) |
Interest Rate Swap [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
ENDING BALANCE | 7,437 | ||
Change in fair value of interest rate swaps | 10,236 | ||
Total before income tax | 12,175 | ||
Income tax provision | 4,738 | ||
Current period comprehensive income, net of tax | 7,437 | ||
Interest Rate Swap [Member] | Interest Expense - Net [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amounts reclassified from Other comprehensive loss, before tax | $ 1,939 |
Income Taxes - Income Tax (Bene
Income Taxes - Income Tax (Benefit) Provision (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Current: | |||||||||||
Federal | $ 73,792 | $ 1,110 | $ 5,307 | ||||||||
State | 9,084 | 639 | 1,722 | ||||||||
Current income tax provision | 82,876 | 1,749 | 7,029 | ||||||||
Deferred: | |||||||||||
Federal | (133,182) | (15,095) | 15,117 | ||||||||
State | 10,254 | (65,339) | 2,489 | ||||||||
Deferred income tax (benefit) provision | (122,928) | (80,434) | 17,606 | ||||||||
Total income tax (benefit) provision | $ (118,255) | $ 51,268 | $ 19,113 | $ 7,822 | $ (568) | $ (78,359) | $ (565) | $ 807 | $ (40,052) | $ (78,685) | $ 24,635 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Income Taxes [Line Items] | ||||
Effective income tax rates | (10.00%) | (60.00%) | 13.00% | |
Variation of effective tax rate from federal statutory tax rate | 35.00% | 35.00% | 35.00% | |
Decrease to deferred tax liabilities | $ 173,000 | |||
Adjustment to deferred income tax benefit | 173,000 | |||
Increase to deferred tax liabilities | 4,000 | |||
Adjustment to other long-term liabilities | 4,000 | |||
Deferred tax assets, related to federal and state net operating losses | $ 86,246 | $ 162,511 | ||
Operating loss carryforward expiration start year | 2,018 | |||
Operating loss carryforward expiration end year | 2,037 | |||
Decrease in unrecognized tax benefits reasonably possible | $ 64,000 | |||
Unrecognized tax benefits that would impact tax rate if recognized | 60,000 | 43,000 | $ 40,000 | |
Other Tax Benefits [Member] | ||||
Income Taxes [Line Items] | ||||
Accrued interest and penalties related to unrecognized tax benefits | 5,000 | $ 4,000 | $ 4,000 | |
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Deferred tax assets, related to federal and state net operating losses | 86,000 | |||
State [Member] | ||||
Income Taxes [Line Items] | ||||
Minimum tax credit carryforwards | $ 12,000 | |||
Scenario Forecast [Member] | ||||
Income Taxes [Line Items] | ||||
Variation of effective tax rate from federal statutory tax rate | 21.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of (Benefit) Provision for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||||
Federal income taxes computed at statutory rate | $ 141,485 | $ 45,888 | $ 67,254 | ||||||||
State income taxes, net of federal income tax benefit | 16,023 | 1,886 | 2,776 | ||||||||
Stock-based compensation | (26,150) | (2,873) | 438 | ||||||||
Non-deductible expenses | 5,349 | 4,700 | 2,911 | ||||||||
Change in the valuation allowance for deferred tax assets | (806) | (127,518) | (47,531) | ||||||||
Net operating loss expirations | 927 | 1,563 | 1,860 | ||||||||
Tax credits | (3,675) | (3,217) | |||||||||
Change in unrecognized tax benefits | (1,147) | 647 | (1,946) | ||||||||
Change in U.S. federal statutory tax rate | (173,057) | ||||||||||
Other | 999 | 239 | (1,127) | ||||||||
Total income tax (benefit) provision | $ (118,255) | $ 51,268 | $ 19,113 | $ 7,822 | $ (568) | $ (78,359) | $ (565) | $ 807 | $ (40,052) | $ (78,685) | $ 24,635 |
Income Taxes - Significant Defe
Income Taxes - Significant Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Allowance for doubtful accounts | $ 7,416 | $ 10,552 |
Accrued employee benefits | 6,472 | 35,020 |
Restructuring reserves | 4,646 | 14,885 |
Workers’ compensation, general and fleet liabilities | 42,958 | 61,118 |
Deferred income | 162 | 470 |
Deferred financing costs | 1,744 | 5,379 |
Postretirement benefit obligations | 23,350 | 51,618 |
Net operating loss carryforwards | 86,246 | 162,511 |
Other accrued expenses | 9,819 | 30,429 |
Total gross deferred tax assets | 182,813 | 371,982 |
Less valuation allowance | (28,962) | (24,274) |
Total net deferred tax assets | 153,851 | 347,708 |
Deferred tax liabilities: | ||
Property and equipment | (92,092) | (216,556) |
Inventories | (29,802) | (41,765) |
Intangibles | (273,774) | (435,817) |
Total deferred tax liabilities | (395,668) | (694,138) |
Net deferred tax liability | $ (241,817) | $ (346,430) |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Liabilities in Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Noncurrent deferred tax assets | $ 21,505 | $ 34,405 |
Noncurrent deferred tax liability | (263,322) | (380,835) |
Net deferred tax liability | $ (241,817) | $ (346,430) |
Income Taxes - Net Operating Lo
Income Taxes - Net Operating Loss Carryforwards Expire (Detail) $ in Millions | Dec. 30, 2017USD ($) |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforward State | $ 86 |
2018-2022 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforward State | 25 |
2023-2027 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforward State | 42 |
2028-2032 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforward State | 14 |
2033-2037 [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforward State | $ 5 |
Income Taxes - Summary of Activ
Income Taxes - Summary of Activity in Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 24,274 | $ 151,792 | $ 232,163 |
Expense (benefit) recognized | 4,688 | (127,518) | (47,531) |
Other comprehensive income | (32,484) | ||
Other | (356) | ||
Balance at end of year | $ 28,962 | $ 24,274 | $ 151,792 |
Income Taxes - Reconciliatio112
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits, beginning balance | $ 49,240 | $ 45,084 | $ 46,584 |
Gross decreases due to positions taken in prior years | (3,602) | (4,856) | |
Gross increases due to positions taken in prior years | 71,801 | ||
Gross increases due to positions taken in current year | 4,743 | ||
Decreases due to lapses of statute of limitations | (319) | (767) | (15) |
Increases due to changes in tax rates | 180 | 92 | |
Positions assumed in business acquisition | 3,279 | ||
Unrecognized tax benefits, ending balance | 108,185 | $ 49,240 | $ 45,084 |
Gross decreases due to positions taken in current year | (5,098) | ||
Decreases due to changes in tax rates | $ (3,837) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 | Dec. 30, 2017 | |
Gain Contingencies [Line Items] | ||||
Purchase commitments | $ 741,000 | |||
Insurance recovery benefit | $ 10,499 | $ 20,083 | ||
Insurance recoveries related to cash flows from investing activities | 2,771 | |||
Insurance recoveries related to cash flows from operating activities | 10,499 | 23,243 | ||
Insurance Recoveries-Tornado Loss [Member] | ||||
Gain Contingencies [Line Items] | ||||
Initial payments received | 26,000 | |||
Insurance recoveries received | 20,000 | $ 6,000 | ||
Insurance Recoveries-Tornado Loss [Member] | Distribution, Selling and Administrative Costs [Member] | ||||
Gain Contingencies [Line Items] | ||||
Insurance recovery benefit | $ 10,000 | $ 11,000 | ||
Electricity [Member] | ||||
Gain Contingencies [Line Items] | ||||
Purchase commitments | 5,000 | |||
Diesel Fuel [Member] | ||||
Gain Contingencies [Line Items] | ||||
Purchase commitments | $ 33,000 |
US Food Holding Corp - Addition
US Food Holding Corp - Additional Information (Detail) $ in Millions | Dec. 30, 2017USD ($) |
Restricted payment capacity | $ 751 |
Restricted asset | 2,001 |
US Foods Holding Corp. [Member] | |
Restricted payment capacity | 751 |
Restricted asset | $ 2,001 |
Condensed Parent Company Balanc
Condensed Parent Company Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 27, 2014 |
ASSETS | ||||
Cash and cash equivalents | $ 118,849 | $ 131,090 | $ 517,802 | $ 343,659 |
TOTAL ASSETS | 9,037,158 | 8,944,450 | ||
LIABILITIES AND EQUITY | ||||
Deferred tax liabilities | 263,322 | 380,835 | ||
Other liabilities | 371,536 | 350,929 | ||
Total liabilities | 6,285,795 | 6,406,800 | ||
COMMITMENTS AND CONTINGENCIES (Note 21) | ||||
SHAREHOLDERS’ EQUITY | ||||
Common stock, $0.01 par value—600,000 shares authorized; 214,963 and 220,929 issued and outstanding as of December 30, 2017 and December 31, 2016, respectively | 2,150 | 2,209 | ||
Additional paid-in capital | 2,721,454 | 2,791,264 | ||
Accumulated earnings (deficit) | 123,514 | (136,460) | ||
Accumulated other comprehensive loss | (95,755) | (119,363) | ||
Total shareholders’ equity | 2,751,363 | 2,537,650 | 1,873,177 | $ 1,622,032 |
TOTAL LIABILITIES AND EQUITY | 9,037,158 | 8,944,450 | ||
US Foods Holding Corp. [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 138 | 138 | $ 300,241 | |
Other assets | 837 | |||
Investment in subsidiary | 2,846,716 | 2,638,105 | ||
TOTAL ASSETS | 2,846,854 | 2,639,080 | ||
LIABILITIES AND EQUITY | ||||
Intercompany payable | 348 | 348 | ||
Deferred tax liabilities | 25,032 | 101,082 | ||
Other liabilities | 70,111 | |||
Total liabilities | 95,491 | 101,430 | ||
COMMITMENTS AND CONTINGENCIES (Note 21) | ||||
SHAREHOLDERS’ EQUITY | ||||
Common stock, $0.01 par value—600,000 shares authorized; 214,963 and 220,929 issued and outstanding as of December 30, 2017 and December 31, 2016, respectively | 2,150 | 2,209 | ||
Additional paid-in capital | 2,721,454 | 2,791,264 | ||
Accumulated earnings (deficit) | 123,514 | (136,460) | ||
Accumulated other comprehensive loss | (95,755) | (119,363) | ||
Total shareholders’ equity | 2,751,363 | 2,537,650 | ||
TOTAL LIABILITIES AND EQUITY | $ 2,846,854 | $ 2,639,080 |
Condensed Parent Company Bal116
Condensed Parent Company Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 30, 2017 | Dec. 31, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 214,963,000 | 220,929,000 |
Common stock, shares outstanding | 214,963,000 | 220,929,000 |
US Foods Holding Corp. [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 600,000 | 600,000 |
Common stock, shares issued | 214,963 | 220,929 |
Common stock, shares outstanding | 214,963 | 220,929 |
Condensed Parent Company Statem
Condensed Parent Company Statement of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
OPERATING EXPENSES | $ 891,928 | $ 908,532 | $ 928,475 | $ 914,784 | $ 911,314 | $ 917,446 | $ 935,600 | $ 875,091 | $ 3,643,719 | $ 3,639,451 | $ 3,823,411 |
OPERATING LOSS | 573,824 | 413,821 | 189,828 | ||||||||
ACQUSITION TERMINATION FEE | 287,500 | ||||||||||
INCOME TAX (BENEFIT) PROVISION | (118,255) | 51,268 | 19,113 | 7,822 | (568) | (78,359) | (565) | 807 | (40,052) | (78,685) | 24,635 |
NET INCOME | $ 256,469 | $ 95,551 | $ 65,458 | $ 26,816 | $ 76,864 | $ 133,011 | $ (13,392) | $ 13,311 | 444,294 | 209,794 | 167,518 |
Changes in retirement benefit obligations, net | 16,171 | (44,985) | 83,663 | ||||||||
Unrecognized gain on interest rate swaps, net | 7,437 | ||||||||||
COMPREHENSIVE INCOME | 467,902 | 164,809 | 251,181 | ||||||||
US Foods Holding Corp. [Member] | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
OPERATING EXPENSES | 4,746 | ||||||||||
OPERATING LOSS | (4,746) | ||||||||||
ACQUSITION TERMINATION FEE | 300,000 | ||||||||||
INTEREST INCOME | 103 | 241 | |||||||||
(Loss) income before income taxes | (4,643) | 300,241 | |||||||||
INCOME TAX (BENEFIT) PROVISION | (5,103) | 104,565 | 34,340 | ||||||||
Income (loss) before equity in net earnings (loss) of subsidiary | 5,103 | (109,208) | 265,901 | ||||||||
EQUITY IN NET EARNINGS (LOSS) OF SUBSIDIARY | 439,191 | 319,002 | (98,383) | ||||||||
NET INCOME | 444,294 | 209,794 | 167,518 | ||||||||
Changes in retirement benefit obligations, net | 16,171 | (44,985) | 83,663 | ||||||||
Unrecognized gain on interest rate swaps, net | 7,437 | ||||||||||
COMPREHENSIVE INCOME | $ 467,902 | $ 164,809 | $ 251,181 |
Condensed Parent Company Sta118
Condensed Parent Company Statements of Cash Flows (Detail) - USD ($) $ in Thousands | Jun. 01, 2016 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | $ 256,469 | $ 95,551 | $ 65,458 | $ 26,816 | $ 76,864 | $ 133,011 | $ (13,392) | $ 13,311 | $ 444,294 | $ 209,794 | $ 167,518 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Deferred tax (benefit) provision | (122,928) | (80,434) | 17,606 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Increase (decrease) in accrued expenses and other liabilities | 40,735 | (135,855) | 63,699 | |||||||||
Net cash provided by operating activities | 748,447 | 555,642 | 555,768 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Net cash used in investing activities | (355,831) | (762,144) | (271,210) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net proceeds from initial public offering | $ 1,114,000 | 1,113,799 | ||||||||||
Cash distribution to shareholders | (666,332) | |||||||||||
Proceeds from common stock sales | 2,850 | 500 | ||||||||||
Common stock repurchased | (280,000) | |||||||||||
Common stock and share-based awards settled | (594) | (10,591) | (19,992) | |||||||||
Net cash used in financing activities | (404,857) | (180,210) | (110,415) | |||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (12,241) | (386,712) | 174,143 | |||||||||
CASH AND CASH EQUIVALENTS—Beginning of year | 131,090 | 517,802 | 131,090 | 517,802 | 343,659 | |||||||
CASH AND CASH EQUIVALENTS—End of year | 118,849 | 131,090 | 118,849 | 131,090 | 517,802 | |||||||
US Foods Holding Corp. [Member] | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net income | 444,294 | 209,794 | 167,518 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||
Equity in net (earnings) loss of subsidiary | (439,191) | (319,002) | 98,383 | |||||||||
Deferred tax (benefit) provision | (77,082) | 106,482 | 27,084 | |||||||||
Changes in operating assets and liabilities: | ||||||||||||
Decrease (increase) in other assets | 837 | (837) | ||||||||||
(Decrease) increase in intercompany payable | (6,845) | 7,193 | ||||||||||
Increase (decrease) in accrued expenses and other liabilities | 71,142 | (63) | 63 | |||||||||
Net cash provided by operating activities | (10,471) | 300,241 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Investment in subsidiary | (1,113,919) | |||||||||||
Cash distribution from subsidiary | 280,000 | 374,332 | ||||||||||
Net cash used in investing activities | 280,000 | (739,587) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net proceeds from initial public offering | 1,113,799 | |||||||||||
Cash distribution to shareholders | (666,332) | |||||||||||
Proceeds from common stock sales | 2,850 | |||||||||||
Common stock repurchased | (280,000) | |||||||||||
Common stock and share-based awards settled | (362) | |||||||||||
Net cash used in financing activities | (280,000) | 449,955 | ||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (300,103) | 300,241 | ||||||||||
CASH AND CASH EQUIVALENTS—Beginning of year | $ 138 | $ 300,241 | 138 | 300,241 | ||||||||
CASH AND CASH EQUIVALENTS—End of year | $ 138 | $ 138 | $ 138 | $ 138 | $ 300,241 |
Quarterly Financial Informat119
Quarterly Financial Information (Unaudited) - Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 5,995,888 | $ 6,204,194 | $ 6,158,654 | $ 5,788,425 | $ 5,677,938 | $ 5,840,963 | $ 5,806,758 | $ 5,593,149 | $ 24,147,161 | $ 22,918,808 | $ 23,127,532 |
Cost of goods sold | 4,922,264 | 5,105,632 | 5,104,605 | 4,797,117 | 4,651,008 | 4,808,426 | 4,772,721 | 4,633,381 | 19,929,618 | 18,865,536 | 19,114,293 |
Gross profit | 1,073,624 | 1,098,562 | 1,054,049 | 991,308 | 1,026,930 | 1,032,537 | 1,034,037 | 959,768 | 4,217,543 | 4,053,272 | 4,013,239 |
Operating expenses | 891,928 | 908,532 | 928,475 | 914,784 | 911,314 | 917,446 | 935,600 | 875,091 | 3,643,719 | 3,639,451 | 3,823,411 |
Interest expense | 43,482 | 43,211 | 41,003 | 41,886 | 39,320 | 48,956 | 70,245 | 70,559 | 169,582 | 229,080 | 285,175 |
LOSS ON EXTINGUISHMENT OF DEBT | 11,483 | 42,149 | 53,632 | ||||||||
Income (loss) before income taxes | 138,214 | 146,819 | 84,571 | 34,638 | 76,296 | 54,652 | (13,957) | 14,118 | 404,242 | 131,109 | 192,153 |
INCOME TAX (BENEFIT) PROVISION | (118,255) | 51,268 | 19,113 | 7,822 | (568) | (78,359) | (565) | 807 | (40,052) | (78,685) | 24,635 |
NET INCOME | $ 256,469 | $ 95,551 | $ 65,458 | $ 26,816 | $ 76,864 | $ 133,011 | $ (13,392) | $ 13,311 | $ 444,294 | $ 209,794 | $ 167,518 |
Net income (loss) per share: | |||||||||||
Basic | $ 1.16 | $ 0.43 | $ 0.29 | $ 0.12 | $ 0.35 | $ 0.60 | $ (0.07) | $ 0.08 | $ 2 | $ 1.05 | $ 0.99 |
Diluted | $ 1.15 | $ 0.42 | $ 0.29 | $ 0.12 | $ 0.34 | $ 0.59 | $ (0.07) | $ 0.08 | $ 1.97 | $ 1.03 | $ 0.98 |
Business Information - Addition
Business Information - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Segment Reporting Information [Line Items] | |||
Number of operating business segments | 1 | ||
Sales Revenue, Net [Member] | Group Purchasing Organization [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk | 13.00% | 12.00% | 12.00% |
Business Information - Sales Mi
Business Information - Sales Mix for Company's Product Categories (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Product Type Reporting Information [Line Items] | |||||||||||
NET SALES | $ 5,995,888 | $ 6,204,194 | $ 6,158,654 | $ 5,788,425 | $ 5,677,938 | $ 5,840,963 | $ 5,806,758 | $ 5,593,149 | $ 24,147,161 | $ 22,918,808 | $ 23,127,532 |
Meats and Seafood [Member] | |||||||||||
Product Type Reporting Information [Line Items] | |||||||||||
NET SALES | 8,692,213 | 8,120,738 | 8,391,997 | ||||||||
Dry Grocery Products [Member] | |||||||||||
Product Type Reporting Information [Line Items] | |||||||||||
NET SALES | 4,266,200 | 4,127,013 | 4,123,584 | ||||||||
Refrigerated and Frozen Grocery Products [Member] | |||||||||||
Product Type Reporting Information [Line Items] | |||||||||||
NET SALES | 3,798,737 | 3,653,037 | 3,582,517 | ||||||||
Dairy [Member] | |||||||||||
Product Type Reporting Information [Line Items] | |||||||||||
NET SALES | 2,533,207 | 2,380,112 | 2,457,516 | ||||||||
Equipment, Disposables and Supplies [Member] | |||||||||||
Product Type Reporting Information [Line Items] | |||||||||||
NET SALES | 2,243,243 | 2,165,744 | 2,171,006 | ||||||||
Beverage Products [Member] | |||||||||||
Product Type Reporting Information [Line Items] | |||||||||||
NET SALES | 1,306,347 | 1,267,723 | 1,279,201 | ||||||||
Produce [Member] | |||||||||||
Product Type Reporting Information [Line Items] | |||||||||||
NET SALES | $ 1,307,214 | $ 1,204,441 | $ 1,121,711 |