Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 29, 2018 | Oct. 29, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 29, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | USFD | |
Entity Registrant Name | US FOODS HOLDING CORP. | |
Entity Central Index Key | 1,665,918 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Outstanding (in shares) | 217,307,127 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 88,082 | $ 118,849 |
Accounts receivable, less allowances of $27,468 and $25,971 | 1,390,462 | 1,301,631 |
Vendor receivables, less allowances of $3,068 and $2,934 | 159,882 | 97,198 |
Inventories—net | 1,300,585 | 1,207,830 |
Prepaid expenses | 99,737 | 80,255 |
Assets held for sale | 7,817 | 5,178 |
Other current assets | 26,267 | 8,440 |
Total current assets | 3,072,832 | 2,819,381 |
PROPERTY AND EQUIPMENT—Net | 1,810,231 | 1,801,215 |
GOODWILL | 3,966,863 | 3,966,565 |
OTHER INTANGIBLES—Net | 334,017 | 363,618 |
DEFERRED TAX ASSETS | 6,657 | 21,505 |
OTHER ASSETS | 83,302 | 64,874 |
TOTAL ASSETS | 9,273,902 | 9,037,158 |
CURRENT LIABILITIES: | ||
Bank checks outstanding | 173,566 | 153,565 |
Accounts payable | 1,520,871 | 1,289,349 |
Accrued expenses and other current liabilities | 414,102 | 450,742 |
Current portion of long-term debt | 100,398 | 109,226 |
Total current liabilities | 2,208,937 | 2,002,882 |
LONG-TERM DEBT | 3,410,237 | 3,648,055 |
DEFERRED TAX LIABILITIES | 311,971 | 263,322 |
OTHER LONG-TERM LIABILITIES | 196,032 | 371,536 |
Total liabilities | 6,127,177 | 6,285,795 |
COMMITMENTS AND CONTINGENCIES (Note 18) | ||
SHAREHOLDERS’ EQUITY: | ||
Common stock, $0.01 par value—600,000 shares authorized; 217,302 and 214,963 issued and outstanding as of September 29, 2018 and December 30, 2017, respectively | 2,173 | 2,150 |
Additional paid-in capital | 2,769,150 | 2,721,454 |
Retained earnings | 430,650 | 123,514 |
Accumulated other comprehensive loss | (55,248) | (95,755) |
Total shareholders’ equity | 3,146,725 | 2,751,363 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 9,273,902 | $ 9,037,158 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Allowances for accounts receivable | $ 27,468 | $ 25,971 |
Allowances for vendor receivables | $ 3,068 | $ 2,934 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 217,302,000 | 214,963,000 |
Common stock, outstanding (in shares) | 217,302,000 | 214,963,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
NET SALES | $ 6,152,784 | $ 6,204,194 | $ 18,133,796 | $ 18,151,273 |
COST OF GOODS SOLD | 5,044,449 | 5,105,632 | 14,919,681 | 15,007,354 |
Gross profit | 1,108,335 | 1,098,562 | 3,214,115 | 3,143,919 |
OPERATING EXPENSES: | ||||
Distribution, selling and administrative costs | 929,487 | 908,640 | 2,726,249 | 2,748,683 |
Restructuring (benefit) charges | (360) | 702 | 805 | 3,279 |
Total operating expenses | 929,127 | 909,342 | 2,727,054 | 2,751,962 |
OPERATING INCOME | 179,208 | 189,220 | 487,061 | 391,957 |
OTHER INCOME—Net | (3,172) | (810) | (9,447) | (170) |
INTEREST EXPENSE—Net | 41,843 | 43,211 | 132,688 | 126,099 |
Income before income taxes | 140,537 | 146,819 | 363,820 | 266,028 |
INCOME TAX PROVISION | 26,251 | 51,268 | 56,684 | 78,203 |
NET INCOME | 114,286 | 95,551 | 307,136 | 187,825 |
OTHER COMPREHENSIVE INCOME—Net of tax: | ||||
Changes in retirement benefit obligations | 435 | 1,059 | 26,269 | 3,596 |
Unrecognized gain on interest rate swaps | 1,554 | 2,445 | 14,238 | 2,445 |
COMPREHENSIVE INCOME | $ 116,275 | $ 99,055 | $ 347,643 | $ 193,866 |
NET INCOME PER SHARE | ||||
Basic (in dollars per share) | $ 0.53 | $ 0.43 | $ 1.42 | $ 0.84 |
Diluted (in dollars per share) | $ 0.52 | $ 0.42 | $ 1.41 | $ 0.83 |
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING | ||||
Basic (in shares) | 216,623,903 | 223,807,520 | 215,843,738 | 222,641,854 |
Diluted (in shares) | 218,107,064 | 225,862,274 | 217,696,533 | 226,325,711 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Shares at Par Value | Additional Paid-In Capital | Retained Earnings | Retirement Benefit Obligations | Interest Rate Swaps | Total |
BALANCE (in shares) | 220,929 | ||||||
BALANCE | $ 2,537,650 | $ 2,209 | $ 2,791,264 | $ (136,460) | $ (119,363) | $ (119,363) | |
Share-based compensation expense | $ 2,878 | 2,878 | |||||
Proceeds from employee share purchase plan (in shares) | 140 | ||||||
Proceeds from employee share purchase plan | $ 3,328 | 1 | 3,327 | ||||
Exercise of stock options (in shares) | 675 | ||||||
Exercise of stock options | $ 7,019 | 7 | 7,012 | ||||
Net share-settled stock options (in shares) | 248 | ||||||
Net share-settled stock options | 3 | (3) | |||||
Tax withholding payments for net share-settled equity awards | $ (3,966) | (3,966) | |||||
Changes in retirement benefit obligations, net of income tax | 657 | 657 | 657 | ||||
Unrecognized gain on interest rate swaps, net of income tax | 0 | ||||||
Net income | 26,816 | 26,816 | |||||
Changes in retirement benefit obligations, net of income tax | 3,596 | ||||||
Net income | $ 187,825 | ||||||
BALANCE (in shares) | 221,992 | ||||||
BALANCE | $ 2,574,382 | 2,220 | 2,800,512 | (109,644) | (118,706) | (118,706) | |
Share-based compensation expense | $ 5,139 | 5,139 | |||||
Proceeds from employee share purchase plan (in shares) | 171 | ||||||
Proceeds from employee share purchase plan | $ 4,401 | 2 | 4,399 | ||||
Exercise of stock options (in shares) | 581 | ||||||
Exercise of stock options | $ 3,925 | 5 | 3,920 | ||||
Net share-settled stock options (in shares) | 777 | ||||||
Net share-settled stock options | 8 | (8) | |||||
Vested restricted stock units—net (in shares) | 280 | ||||||
Vested restricted stock units—net | 3 | (3) | |||||
Tax withholding payments for net share-settled equity awards | $ (21,727) | (21,727) | |||||
Changes in retirement benefit obligations, net of income tax | 1,880 | 1,880 | 1,880 | ||||
Unrecognized gain on interest rate swaps, net of income tax | 0 | ||||||
Net income | $ 65,458 | 65,458 | |||||
BALANCE (in shares) | 223,801 | ||||||
BALANCE | $ 2,633,458 | 2,238 | 2,792,232 | (44,186) | (116,826) | (116,826) | |
Share-based compensation expense | $ 6,482 | 6,482 | |||||
Proceeds from employee share purchase plan (in shares) | 184 | ||||||
Proceeds from employee share purchase plan | $ 4,348 | 2 | 4,346 | ||||
Exercise of stock options (in shares) | 348 | ||||||
Exercise of stock options | $ 3,960 | 4 | 3,956 | ||||
Net share-settled stock options (in shares) | 126 | ||||||
Net share-settled stock options | 1 | (1) | |||||
Tax withholding payments for net share-settled equity awards | $ (2,119) | (2,119) | |||||
Changes in retirement benefit obligations, net of income tax | 1,059 | 1,059 | 1,059 | ||||
Unrecognized gain on interest rate swaps, net of income tax | 2,445 | $ 2,445 | 2,445 | ||||
Net income | $ 95,551 | 95,551 | |||||
BALANCE (in shares) | 224,459 | ||||||
BALANCE | $ 2,745,184 | 2,245 | 2,804,896 | 51,365 | (115,767) | 2,445 | (113,322) |
BALANCE (in shares) | 214,963 | ||||||
BALANCE | $ 2,751,363 | 2,150 | 2,721,454 | 123,514 | (103,192) | 7,437 | (95,755) |
Share-based compensation expense | $ 6,560 | 6,560 | |||||
Proceeds from employee share purchase plan (in shares) | 134 | ||||||
Proceeds from employee share purchase plan | $ 3,819 | 1 | 3,818 | ||||
Exercise of stock options (in shares) | 580 | ||||||
Exercise of stock options | $ 7,454 | 6 | 7,448 | ||||
Net share-settled stock options (in shares) | 10 | ||||||
Vested restricted stock units—net (in shares) | 6 | ||||||
Performance restricted shares—net (in shares) | 249 | ||||||
Performance restricted shares—net | 2 | (2) | |||||
Tax withholding payments for net share-settled equity awards | $ (269) | (269) | |||||
Changes in retirement benefit obligations, net of income tax | 603 | 603 | 603 | ||||
Unrecognized gain on interest rate swaps, net of income tax | 9,040 | 9,040 | 9,040 | ||||
Net income | 67,317 | 67,317 | |||||
Changes in retirement benefit obligations, net of income tax | 26,269 | ||||||
Net income | $ 307,136 | ||||||
BALANCE (in shares) | 215,942 | ||||||
BALANCE | $ 2,845,887 | 2,159 | 2,739,009 | 190,831 | (102,589) | 16,477 | (86,112) |
Share-based compensation expense | $ 10,606 | 10,606 | |||||
Proceeds from employee share purchase plan (in shares) | 203 | ||||||
Proceeds from employee share purchase plan | $ 6,297 | 2 | 6,295 | ||||
Exercise of stock options (in shares) | 529 | ||||||
Exercise of stock options | $ 8,151 | 6 | 8,145 | ||||
Net share-settled stock options (in shares) | 20 | ||||||
Vested restricted stock units—net (in shares) | 288 | ||||||
Vested restricted stock units—net | 3 | (3) | |||||
Tax withholding payments for net share-settled equity awards | $ (5,377) | (5,377) | |||||
Changes in retirement benefit obligations, net of income tax | 25,231 | 25,231 | 25,231 | ||||
Unrecognized gain on interest rate swaps, net of income tax | 3,644 | 3,644 | 3,644 | ||||
Net income | $ 125,533 | 125,533 | |||||
BALANCE (in shares) | 216,982 | ||||||
BALANCE | $ 3,019,972 | 2,170 | 2,758,675 | 316,364 | (77,358) | 20,121 | (57,237) |
Share-based compensation expense | $ 3,059 | 3,059 | |||||
Proceeds from employee share purchase plan (in shares) | 174 | ||||||
Proceeds from employee share purchase plan | $ 4,802 | 2 | 4,800 | ||||
Exercise of stock options (in shares) | 182 | ||||||
Exercise of stock options | $ 2,723 | 2 | 2,721 | ||||
Net share-settled stock options (in shares) | 5 | ||||||
Vested restricted stock units—net (in shares) | 1 | ||||||
Performance restricted shares—net (in shares) | (42) | ||||||
Performance restricted shares—net | (1) | 1 | |||||
Tax withholding payments for net share-settled equity awards | $ (106) | (106) | |||||
Changes in retirement benefit obligations, net of income tax | 435 | 435 | 435 | ||||
Unrecognized gain on interest rate swaps, net of income tax | 1,554 | 1,554 | 1,554 | ||||
Net income | $ 114,286 | 114,286 | |||||
BALANCE (in shares) | 217,302 | ||||||
BALANCE | $ 3,146,725 | $ 2,173 | $ 2,769,150 | $ 430,650 | $ (76,923) | $ 21,675 | $ (55,248) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 307,136 | $ 187,825 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 250,449 | 294,685 |
Gain on disposal of property and equipment—net | (1,298) | (20) |
Amortization and write-off of deferred financing costs | 5,617 | 3,433 |
Deferred tax provision | 49,560 | 31,581 |
Share-based compensation expense | 20,457 | 15,060 |
Provision for doubtful accounts | 13,210 | 12,901 |
Changes in operating assets and liabilities, net of business acquisitions: | ||
Increase in receivables | (174,144) | (242,229) |
Increase in inventories | (92,755) | (55,921) |
Increase in prepaid expenses and other assets | (28,291) | (18,102) |
Increase in accounts payable and bank checks outstanding | 264,046 | 278,487 |
Decrease in accrued expenses and other liabilities | (169,967) | (1,268) |
Net cash provided by operating activities | 444,020 | 506,432 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of businesses—net of cash | (299) | (182,823) |
Proceeds from sales of property and equipment | 2,927 | 2,371 |
Purchases of property and equipment | (167,731) | (162,995) |
Proceeds from redemption of industrial revenue bonds | 0 | 22,139 |
Net cash used in investing activities | (165,103) | (321,308) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from debt borrowings | 2,987,107 | 1,711,068 |
Principal payments on debt and capital leases | (3,321,661) | (1,848,732) |
Redemption of industrial revenue bonds | 0 | (22,139) |
Contingent consideration paid for business acquisitions | (1,592) | (6,375) |
Payment for debt financing costs and fees | (816) | (1,256) |
Proceeds from employee share purchase plan | 14,918 | 12,077 |
Proceeds from exercise of stock options | 18,328 | 14,904 |
Tax withholding payments for net share-settled equity awards | (5,752) | (27,812) |
Common stock and share-based awards settled | (211) | (538) |
Net cash used in financing activities | (309,679) | (168,803) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (30,762) | 16,321 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period | 119,184 | 131,436 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period | 88,422 | 147,757 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest (net of amounts capitalized) | 118,181 | 106,132 |
Income taxes paid—net | 65,464 | 4,885 |
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Property and equipment purchases included in accounts payable | 15,533 | 18,656 |
Capital lease additions | 81,553 | 76,554 |
Cashless exercise of equity awards | 1,466 | 29,195 |
Contingent consideration payable for business acquisitions | $ 0 | $ 4,200 |
Overview and Basis of Presentat
Overview and Basis of Presentation | 9 Months Ended |
Sep. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Presentation | 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 Holding Corp. conducts all of its operations through its wholly owned subsidiary US Foods, Inc. (“USF”) and its subsidiaries. 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 13, Related Party Transactions. KKR and CD&R, collectively referred to herein as the “Former Sponsors,” completed the sale of their shares of the Company's common stock during 2017. 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 fourth quarter. Fiscal years 2018 and 2017 are 52-week fiscal years. The consolidated financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the applicable rules and regulations of the SEC. Certain information and disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures included herein are adequate to make the information presented not misleading. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the 2017 Annual Report. The consolidated interim financial statements reflect all adjustments (consisting of normal recurring items, unless otherwise disclosed) necessary for the fair presentation of the financial position, results of operations and cash flows for the interim periods presented. The results of operations for interim periods are not necessarily indicative of the results that might be achieved for the full year. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 29, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company’s only hedging activities are its interest rate swaps designated as cash flow hedges. As discussed in Note 18, Commitments and Contingencies, 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 in Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging . The Company prospectively adopted this guidance at the beginning of fiscal year 2018, with no impact to its financial position or results of operations. In May 2017, the FASB issued ASU No. 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU provides guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. This ASU should be applied prospectively to an award modified on or after the adoption date. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this guidance at the beginning of fiscal year 2018, with no impact to its financial position or results of operations, as the Company has not modified any share-based payment awards since adoption. 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. This ASU requires an employer to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the statement of comprehensive income separately from the service cost component and outside of operating income. Additionally, only the service cost component is eligible for capitalization, when applicable. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The amendments in this update require retrospective presentation in the statement of comprehensive income. The amendments allow a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. The Company retrospectively adopted this guidance at the beginning of fiscal year 2018. For the 13-weeks and 39-weeks ended September 30, 2017 , $0.8 million and $0.2 million , respectively, of net periodic benefit credits, other than the service cost components, were reclassified to other income—net, in the Company's Consolidated Statement of Comprehensive Income. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The amendment also eliminates the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This guidance is effective for the annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company adopted this guidance as of the first day of its fiscal third quarter of 2018, in conjunction with its annual impairment assessment for goodwill, with no impact to its financial position or results of operations. See Note 9, Goodwill and Other Intangibles for a discussion of the Company's fiscal year 2018 annual impairment analysis. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which clarifies the presentation of restricted cash on the statement of cash flows. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning and ending cash balances on the statement of cash flows. The Company retrospectively adopted this standard at the beginning of fiscal year 2018, resulting in immaterial increases in the beginning and ending balances of cash, cash equivalents and restricted cash in the Company’s Consolidated Statement of Cash Flows for the 39-weeks ended September 30, 2017 . For the periods presented, cash, cash equivalents and restricted cash consisted of the following: September 29, 2018 December 30, 2017 Cash and cash equivalents $ 88,082 $ 118,849 Restricted cash included in other assets 340 335 Total cash, cash equivalents and restricted cash $ 88,422 $ 119,184 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , to amend the guidance on the classification and measurement of financial instruments. ASU No. 2016-01 was further amended in February 2018 by ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10)—Recognition and Measurement of Financial Assets and Financial Liabilities . The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. The new guidance also amends certain disclosure requirements associated with the fair value of financial instruments. The Company adopted the guidance in this ASU at the beginning of fiscal year 2018, with no impact to its financial position or results of operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which has been introduced as ASC Topic 606. Topic 606, as amended, replaces Topic 605, the previous revenue recognition guidance. The new standard’s core principle is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the Company expects to be entitled in exchange for those goods or services. The new standard also results in enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improves guidance for multiple-element arrangements. The Company adopted this standard at the beginning of fiscal year 2018, with no significant impact to its financial position or results of operations , using the modified retrospective method. See Note 3, Revenue Recognition. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which provides new guidance on the accounting for implementation, set-up, and other upfront costs incurred in a hosted cloud computing arrangement. Under the new guidance, entities will apply the same criteria for capitalizing implementation costs as they would for an internal-use software license arrangement. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. This ASU can be adopted prospectively to eligible costs incurred on or after the date of adoption or retrospectively. The Company does not expect the adoption of the new guidance under the standard to materially affect its financial position or results of operations. In February 2018, the FASB issued ASU No. 2018-02, Income Statement, Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income . This ASU permits an entity to reclassify the income tax effects of the 2017 Tax Cuts and Jobs Act (the “Tax Act”) on items within accumulated other comprehensive income to retained earnings. The FASB refers to these amounts as “stranded tax effects.” The amendments in this ASU also require certain disclosures about stranded tax effects. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company is currently reviewing the provisions of the new standard. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires entities to use a forward looking, expected loss model to estimate credit losses. It also requires additional disclosure related to credit quality of trade and other receivables, including information related to management’s estimate of credit allowances. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company does not expect the adoption of the provisions of the new standard to materially affect its financial position or results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes ASC 840, Leases . This update requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity's leasing arrangements. Upon adoption of this guidance, we will use a modified retrospective transition approach, which includes a number of practical expedients. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company has significantly completed its process of gathering lease data, reviewing its lease portfolio, and completing an impacts assessment with respect to the adoption of the provisions of the new standard. The adoption of this new standard is expected to have a material impact on the Company's financial position through the recognition of its lease obligations and the corresponding right of use assets. However, the new standard is not expected to have a material impact on the Company's results of operations. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | REVENUE RECOGNITION In accordance with ASC 606, Revenue from Contracts with Customers , revenue is recognized when a customer obtains control of promised goods or services. The Company adopted this standard at the beginning of fiscal year 2018 , with no significant impact to its financial position or results of operations , using the modified retrospective method. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services. To achieve this core principle, the Company applies the following five steps: 1) Identify the contract with a customer A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. For the Company, the contract is the approved sales order, which may also be supplemented by other agreements that formalize various terms and conditions with customers, including restaurant chains, government organizations or group purchase organizations. The Company applies judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer. 2) Identify the performance obligation in the contract Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer. For the Company, this includes the delivery of food and food-related products, which provide immediate benefit to the customer. While certain additional services may be identified within a contract, we have concluded that those services are individually immaterial in the context of the contract with the customer and therefore not assessed as performance obligations. 3) Determine the transaction price The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer, and is generally stated on the approved sales order. Variable consideration, which typically includes volume-based rebates or discounts, are estimated utilizing the most likely amount method. 4) Allocate the transaction price to performance obligations in the contract Since our contracts contain a single performance obligation, delivery of food and food-related products, the transaction price is allocated to that single performance obligation. 5) Recognize Revenue when or as the Company satisfies a performance obligation The Company recognizes revenue from the sale of food and food-related products when title and risk of loss passes and the customer accepts the goods, which generally occurs at delivery. Customer sales incentives such as volume-based rebates or discounts are treated 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. Shipping and handling costs are treated as fulfillment costs and presented in distribution, selling and administrative costs. The Company does not have any material outstanding performance obligations, contract assets and liabilities or capitalized contract acquisition costs. The following table presents the disaggregation of revenue according to sales mix for the Company’s principal product categories: 13-Weeks Ended 39-Weeks Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Meats and seafood $ 2,197,598 $ 2,284,793 $ 6,483,493 $ 6,572,115 Dry grocery products 1,070,276 1,073,266 3,181,471 3,199,275 Refrigerated and frozen grocery products 979,150 947,235 2,896,108 2,821,887 Dairy 646,072 652,775 1,905,682 1,895,589 Equipment, disposables and supplies 594,379 577,535 1,722,100 1,689,571 Beverage products 336,787 331,220 990,905 982,327 Produce 328,522 337,370 954,037 990,509 Net sales $ 6,152,784 $ 6,204,194 $ 18,133,796 $ 18,151,273 |
Business Acquisitions
Business Acquisitions | 9 Months Ended |
Sep. 29, 2018 | |
Business Combinations [Abstract] | |
Business Acquisitions | BUSINESS ACQUISITIONS There were no business acquisitions completed during the 39-weeks ended September 29, 2018 . Acquisitions completed during fiscal year 2017 included three broadline and two specialty distributors for cash consideration of approximately $182 million . Business acquisitions periodically provide for contingent consideration, including earnout payments in the event certain operating results are achieved during a defined post-closing period. During the 39-weeks ended September 29, 2018 , the Company paid approximately $0.5 million of contingent consideration for the first year of a two -year post-closing earnout period related to a 2016 business acquisition. As of September 29, 2018 , potential aggregate contingent consideration outstanding for business acquisitions was approximately $5 million , including approximately $0.5 million for the estimated fair value of earnout liabilities. The 2017 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. The 2017 acquisitions were integrated into the Company’s foodservice distribution network and funded primarily with cash from operations. The following table summarizes the purchase price allocations recognized for the 2017 acquisitions as follows: December 30, 2017 Accounts receivable $ 17,108 Inventories 25,232 Other current assets 677 Property and equipment 29,492 Goodwill 58,528 Other intangible assets 72,050 Accounts payable (7,986 ) Accrued expenses and other current liabilities (5,837 ) Deferred income taxes (7,277 ) Cash paid for acquisitions $ 181,987 |
Inventories
Inventories | 9 Months Ended |
Sep. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES The Company’s inventories, consisting mainly of food and other food-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, or date of acquisition in the case of a business acquisition, where applicable. At September 29, 2018 and December 30, 2017 , the LIFO balance sheet reserves were $129 million and $130 million , respectively. As a result of changes in LIFO reserves, cost of goods sold decreased $9 million and $26 million for the 13-weeks ended September 29, 2018 and September 30, 2017 , respectively, and decreased $1 million and increased $14 million for the 39-weeks ended September 29, 2018 and September 30, 2017 , respectively. |
Accounts Receivable Financing P
Accounts Receivable Financing Program | 9 Months Ended |
Sep. 29, 2018 | |
Receivables [Abstract] | |
Accounts Receivable Financing Program | ACCOUNTS RECEIVABLE FINANCING PROGRAM Under its accounts receivable financing facility, dated as of August 27, 2012, as amended (the “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 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. Included in the Company’s accounts receivable balance as of September 29, 2018 and December 30, 2017 was $1,033 million and $964 million , respectively, of receivables held as collateral in support of the ABS Facility. See Note 11, Debt, for a further description of the ABS Facility. |
Assets Held for Sale
Assets Held for Sale | 9 Months Ended |
Sep. 29, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale | 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. During the fiscal third quarter of 2018, the Company closed a distribution facility and transferred its business activities to another of the Company's distribution facilities. The changes in assets held for sale for the 39-weeks ended September 29, 2018 were as follows: Balance at December 30, 2017 $ 5,178 Transfer in 2,639 Balance at September 29, 2018 $ 7,817 |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 29, 2018 | |
Property, Plant and Equipment [Abstract] | |
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 terms of the related lease or the estimated useful lives of the assets. At September 29, 2018 and December 30, 2017 , property and equipment-net included accumulated depreciation of $2,072 million and $1,926 million , respectively. Depreciation expense was $75 million and $71 million for the 13-weeks ended September 29, 2018 and September 30, 2017 , respectively, and $220 million and $210 million for the 39-weeks ended September 29, 2018 and September 30, 2017 , respectively. |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 9 Months Ended |
Sep. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 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 $10 million for each of the 13-weeks ended September 29, 2018 and September 30, 2017 , and $30 million and $85 million for the 39-weeks ended September 29, 2018 and September 30, 2017 , respectively. Goodwill and other intangibles—net consisted of the following: September 29, 2018 December 30, 2017 Goodwill $ 3,966,863 $ 3,966,565 Other intangibles—net Customer relationships—amortizable: Gross carrying amount $ 154,230 $ 154,230 Accumulated amortization (75,121 ) (46,203 ) Net carrying value 79,109 108,027 Noncompete agreements—amortizable: Gross carrying amount 3,950 3,950 Accumulated amortization (1,842 ) (1,159 ) Net carrying value 2,108 2,791 Brand names and trademarks—not amortizing 252,800 252,800 Total other intangibles—net $ 334,017 $ 363,618 The 2018 increase in goodwill is attributable to net purchase price adjustments related to 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 1, 2018 , the first day of the third quarter of 2018 , with no impairments noted. For goodwill, the reporting unit used in assessing impairment is the Company’s one business segment as described in Note 19, Business Information. The Company performed the annual goodwill impairment assessment using a qualitative approach to determine whether it is more likely than not that the fair value of goodwill is less than its carrying value. In performing the qualitative assessment, the Company identified and considered the significance of relevant key factors, events, and circumstances that affect the fair value of its goodwill. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as actual and planned financial performance. Based upon the Company’s qualitative fiscal 2018 annual goodwill impairment analysis, the Company concluded that it is more likely than not that the fair value of goodwill exceeded its carrying value and there is no risk of impairment. 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 2018 annual impairment analysis, the Company concluded the fair value of its 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 | 9 Months Ended |
Sep. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 for 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 at 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 basis as of September 29, 2018 and December 30, 2017 , aggregated by the level in the fair value hierarchy within which those measurements fall, were as follows: September 29, 2018 Level 1 Level 2 Level 3 Total Assets Money market funds $ 700 $ — $ — $ 700 Interest rate swaps — 31,743 — 31,743 $ 700 $ 31,743 $ — $ 32,443 Liabilities Contingent consideration payable for business acquisition $ — $ — $ 500 $ 500 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 acquisition $ — $ — $ 1,000 $ 1,000 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. Derivative Financial Instruments The Company uses interest rate swaps, designated as cash flow hedges, to manage its exposure to interest rate movements in connection with its variable-rate Term Loan Facility (as defined in Note 11, Debt). On August 1, 2017, USF entered into four -year interest rate swap agreements, as amended, 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 Term Loan Facility from a variable to a fixed rate loan. After giving effect to the June 22, 2018 amendment to the Term Loan Facility, the Company now effectively pays an aggregate rate of 3.71% on the notional amount covered by the interest rate swaps, comprised of 1.71% plus a spread of 2.00% (see Note 11, Debt). The Company records its interest rate swaps in its Consolidated Balance Sheets 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 September 29, 2018 and December 30, 2017 : Fair Value Balance Sheet Location September 29, 2018 December 30, 2017 Derivatives designated as hedging instruments Interest rate swaps Other current assets $ 8,836 $ 430 Interest rate swaps Other noncurrent assets $ 22,907 $ 12,287 Total $ 31,743 $ 12,717 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. The following table presents the effect of the Company’s interest rate swaps in its Consolidated Statement of Comprehensive Income f or the 13-weeks and 39-weeks ended September 29, 2018 and September 30, 2017 : 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 (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss to Income, net of tax For the 13-weeks ended September 29, 2018 Interest rate swaps $ 2,311 Interest expense—net $ (757 ) For the 13-weeks ended September 30, 2017 Interest rate swaps $ 1,888 Interest expense—net $ 557 For the 39-weeks ended September 29, 2018 Interest rate swaps $ 15,188 Interest expense—net $ (950 ) For the 39-weeks ended September 30, 2017 Interest rate swaps $ 1,888 Interest expense—net $ 557 During the next twelve months, the Company estimates that $10 million will be reclassified from accumulated other comprehensive loss to income. 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 September 29, 2018 , 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 in the event certain operating results are achieved during a defined post-closing period. 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 Company's Consolidated Statements of Comprehensive Income. Other Fair Value Measurements The carrying value of 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, $3.5 billion and $3.8 billion as of September 29, 2018 and December 30, 2017 , respectively, approximated its carrying value at the end of each period. The September 29, 2018 and December 30, 2017 fair value of the Company’s 5.875% unsecured Senior Notes due June 15, 2024 (the “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 | 9 Months Ended |
Sep. 29, 2018 | |
Debt Disclosure [Abstract] | |
Debt | DEBT Total debt consisted of the following: Debt Description Maturity Interest Rate at September 29, 2018 September 29, 2018 December 30, 2017 ABL Facility October 20, 2020 6.75 % $ 29,000 $ 80,000 ABS Facility September 21, 2020 3.26 390,000 580,000 Term Loan Facility (net of $6,269 and $9,963 of June 27, 2023 4.24 2,144,231 2,157,037 Senior Notes (net of $5,514 and $6,229 of June 15, 2024 5.88 594,486 593,771 Obligations under capital leases 2018–2025 2.36 - 6.18 343,651 336,603 Other debt 2018–2031 5.75 - 9.00 9,267 9,870 Total debt 3,510,635 3,757,281 Current portion of long-term debt (100,398 ) (109,226 ) Long-term debt $ 3,410,237 $ 3,648,055 At September 29, 2018 , after considering interest rate swaps, as described in Note 10, Fair Value Measurements, that fixed the interest rate on $1.1 billion of the principal amount of the Term Loan Facility, approximately 42% of the Company’s total debt was at a floating rate. Revolving Credit Agreement —Amendment No. 5 to the ABL Credit Agreement, dated as of October 20, 2015, as amended, provides for USF’s asset backed senior secured revolving loan facility (the “ABL Facility”) of up to $1,300 million , with its capacity limited by a borrowing base. As of September 29, 2018 , USF had $29 million of outstanding borrowings, and had issued letters of credit totaling $377 million , under the ABL Facility. Outstanding letters of credit included: (1) $299 million issued in favor of certain commercial insurers securing USF’s obligations with respect to its self-insurance program, (2) $77 million issued to secure USF’s obligations with respect to certain facility leases, and (3) $1 million in letters of credit for other obligations. There was available capacity on the ABL Facility of $894 million at September 29, 2018 . As of September 29, 2018 , USF can periodically elect to pay interest at an alternative base rate (“ABR”), as defined in the agreement, or the London Inter Bank Offered Rate (“LIBOR”) plus applicable interest rate spreads as provided for in the agreement. 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. Accounts Receivable Financing Program —Under the ABS Facility, USF sells, on a revolving basis, its eligible receivables to the Receivables Company. See Note 6, Accounts Receivable Financing Program. The maximum capacity under the ABS Facility is $800 million . Borrowings under the ABS Facility were $390 million at September 29, 2018 . 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 ABS Facility of $365 million at September 29, 2018 based on eligible receivables as collateral. Term Loan Agreement —The Second Amendment to the Credit Agreement, dated as of June 27, 2016, as amended, provides USF with a $2.1 billion senior secured term loan facility (the “Term Loan Facility”). On June 22, 2018, the Term Loan Facility was amended to lower the interest rate margins under the Term Loan Facility to 2.00% for LIBOR borrowings and 1.00% for ABR borrowings. The table above reflects the September 29, 2018 interest rate on the unhedged portion of the Term Loan Facility. With respect to the portion of the Term Loan Facility subject to interest rate hedging agreements ( $1.1 billion as of September 29, 2018 ), the June 22, 2018 amendment reduced the effective interest rate to 3.71% . In connection with the June 22, 2018 amendment of the Term Loan Facility, under accounting guidance, the Company applied modification accounting to the majority of the continuing lenders as the terms were not substantially different from the terms that applied to those lenders prior to the amendment. For the remaining lenders, the Company applied debt extinguishment accounting. The Company recorded $0.5 million of third-party costs and a write-off of $2.6 million of unamortized deferred financing costs, related to the June 22, 2018 amendment, in interest expense. Unamortized deferred financing costs of $7 million at June 30, 2018 were carried forward and will be amortized through June 27, 2023, the maturity date of the Term Loan Facility. Restrictive Covenants USF’s 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, and engage in mergers or consolidations. As of September 29, 2018 , USF had $929 million of restricted payment capacity under these covenants, and approximately $2,218 million of its net assets were restricted after taking into consideration the net deferred tax assets and intercompany balances that eliminate in consolidation . |
Restructuring Liabilities
Restructuring Liabilities | 9 Months Ended |
Sep. 29, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Liabilities | RESTRUCTURING LIABILITIES The following table summarizes the changes in the restructuring liabilities for the 39-weeks ended September 29, 2018 : Severance and Related Costs Facility Closing Costs Total Balance at December 30, 2017 $ 4,835 $ 500 $ 5,335 Current period charges 805 — 805 Payments and usage —net of accretion (4,301 ) — (4,301 ) Balance at September 29, 2018 $ 1,339 $ 500 $ 1,839 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 may incur various costs including multiemployer pension withdrawal liabilities, severance and other employee separation costs. During the 39-weeks ended September 29, 2018 , $1 million was recognized primarily for severance and related costs associated with a 2018 distribution facility closure and additional costs for prior year initiatives. During the 39-weeks ended September 30, 2017 , the Company incurred a net charge of $3 million for severance and related costs associated with its efforts to streamline its corporate back office organization and centralize replenishment activities. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 29, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Based solely on information provided in its most recent public filings, FMR LLC and its affiliates held approximately 10% of the Company’s outstanding common stock. As reported by the Company’s administrative agent, as of September 29, 2018 , investment funds managed by an affiliate of FMR LLC held approximately $55 million in principal amount of the Term Loan Facility. Certain FMR LLC affiliates provide recordkeeping 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. During fiscal year 2017 , the Company completed four secondary offerings of its common stock held primarily by the Former Sponsors. Following the completion of the final offering in December 2017, the Former Sponsors no longer hold any shares of the Company’s common stock. The Company did not receive any proceeds from the offerings. In accordance with terms of the previously effective registration rights agreement with the Former Sponsors, the Company incurred approximately $4 million of expenses in connection with the offerings during the 39-weeks ended September 30, 2017 . Underwriting discounts and commissions were paid by the selling shareholders. |
Retirement Plans
Retirement Plans | 9 Months Ended |
Sep. 29, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | 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. The components of net periodic benefit (credits) costs for pension and other postretirement benefits, for Company sponsored plans, are provided below: 13-Weeks Ended Pension Benefits Other Postretirement Plans September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Components of net periodic benefit (credits) costs Service cost $ 536 $ 755 $ 9 $ 7 Interest cost 9,076 9,329 58 68 Expected return on plan assets (12,890 ) (11,943 ) — — Amortization of prior service cost 1 35 2 2 Amortization of net loss (gain) 620 785 (39 ) (86 ) Settlements — 1,000 — — Net periodic (credits) benefit costs $ (2,657 ) $ (39 ) $ 30 $ (9 ) 39-Weeks Ended Pension Benefits Other Postretirement Plans September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Components of net periodic benefit (credits) costs Service cost $ 1,670 $ 1,767 $ 26 $ 26 Interest cost 26,738 29,606 176 212 Expected return on plan assets (38,488 ) (35,871 ) — — Amortization of prior service cost 3 104 5 5 Amortization of net loss (gain) 2,236 2,886 (117 ) (112 ) Settlements — 3,000 — — Net periodic (credits) benefit costs $ (7,841 ) $ 1,492 $ 90 $ 131 The service cost component of net periodic (credits) benefit costs is included in distribution, selling and administrative costs, while the other components of net periodic (credits) benefit costs are included in other income—net, respectively, in the Company's Consolidated Statements of Comprehensive Income. The Company contributed approximately $70 million to its defined benefit and other postretirement plans during the 39-weeks ended September 29, 2018 , of which $35 million was incremental to its originally planned 2018 contributions. As a result of the incremental contribution, the Company remeasured its defined benefit pension liability as of May 31, 2018, resulting in a reduction in the benefit obligation of $33 million , with a corresponding benefit to accumulated other comprehensive loss. The remeasurement resulted in an immaterial increase in the 2018 annual net periodic (credits) benefit costs. The Company has completed substantially all of the 2018 contributions to its defined benefit and other postretirement plans. The Company’s employees are eligible to participate in a Company sponsored defined contribution 401(k) plan that provides for Company matching on the participant’s contributions of up to 100% of the first 3% of a participant’s compensation and 50% of the next 2% of a participant’s compensation, for a maximum Company matching contribution of 4% . The Company’s 401(k) plan matching contributions were $11 million for each of the 13-weeks ended September 29, 2018 and September 30, 2017 , and $36 million and $34 million for the 39-weeks ended September 29, 2018 and September 30, 2017 , respectively. The Company also contributes to numerous multiemployer pension plans under the terms of certain collective bargaining agreements that cover its union-represented employees. The Company does not administer these multiemployer pension plans. The Company’s contributions to these plans were $9 million for each of the 13-weeks ended September 29, 2018 and September 30, 2017 , and $27 million and $26 million for the 39-weeks ended September 29, 2018 and September 30, 2017 , respectively. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 29, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share (“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, 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 EPS: 13-Weeks Ended 39-Weeks Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Numerator: Net income $ 114,286 $ 95,551 $ 307,136 $ 187,825 Denominator: Weighted-average common shares outstanding 216,623,903 223,807,520 215,843,738 222,641,854 Dilutive effect of share-based awards 1,483,161 2,054,754 1,852,795 3,683,857 Weighted-average dilutive shares outstanding 218,107,064 225,862,274 217,696,533 226,325,711 Basic earnings per share $ 0.53 $ 0.43 $ 1.42 $ 0.84 Diluted earnings per share $ 0.52 $ 0.42 $ 1.41 $ 0.83 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 29, 2018 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents changes in accumulated other comprehensive loss by component for the periods presented: 13-Weeks Ended 39-Weeks Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Accumulated other comprehensive loss components Retirement benefit obligations: Balance at beginning of period (1) $ (77,358 ) $ (116,826 ) $ (103,192 ) $ (119,363 ) Reclassification adjustments: Amortization of prior service cost (2) (3) 3 37 8 109 Amortization of net loss (2) (3) 581 699 2,119 2,774 Pension remeasurement (4) — — 33,180 — Settlements (2) (3) — 1,000 — 3,000 Total before income tax 584 1,736 35,307 5,883 Income tax provision 149 677 9,038 2,287 Current period comprehensive income, net of tax 435 1,059 26,269 3,596 Balance at end of period (1) $ (76,923 ) $ (115,767 ) $ (76,923 ) $ (115,767 ) Interest rate swaps: Balance at beginning of period (1) $ 20,121 $ — $ 7,437 $ — Change in fair value of interest rate swaps 3,106 3,091 20,414 3,091 Amounts reclassified to interest expense — net (1,017 ) 911 (1,277 ) 911 Total before income tax 2,089 4,002 19,137 4,002 Income tax provision 535 1,557 4,899 1,557 Current period comprehensive income, net of tax 1,554 2,445 14,238 2,445 Balance at end of period (1) $ 21,675 $ 2,445 $ 21,675 $ 2,445 Accumulated other comprehensive loss at end of period (1) $ (55,248 ) $ (113,322 ) $ (55,248 ) $ (113,322 ) (1) Amounts are presented net of tax. (2) Included in the computation of net periodic benefit costs. See Note 14, Retirement Plans, for additional information. (3) Included in other income—net in the Consolidated Statements of Comprehensive Income. (4) Resulting from the $35 million incremental contribution to the Company's defined benefit pension plan. See Note 14, Retirement Plans, for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES 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 various United States federal and state jurisdictions based on enacted tax law, permanent differences between book and tax items, tax credits and the Company’s change in relative income in each jurisdiction. On December 22, 2017 the U.S. government enacted comprehensive tax legislation referred to herein as the Tax Act. The Tax Act made 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 . In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740, Income Taxes is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740, Income Taxes on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. The Tax Act reduced the federal corporate income tax rate to 21% , effective January 1, 2018, and provided for bonus depreciation that allows for full expensing of qualified assets placed into service after September 27, 2017. In 2017 and the 26-weeks ended June 30, 2018, the Company recorded provisional amounts of the impact of the corporate tax rate reduction and bonus depreciation that allows for full expensing of qualified property. Consequently, the Company recorded a provisional decrease to deferred tax liabilities of $173 million with a corresponding adjustment to deferred income tax benefit of $173 million for the fiscal year ended December 30, 2017 related to the reduction of the corporate tax rate. Additionally, the Company recorded a provisional increase in net deferred tax liabilities of $4 million with a corresponding adjustment of $4 million to other long-term liabilities for the fiscal year ended December 30, 2017 related to bonus depreciation that allowed for full expensing of qualified property. The Company has substantially completed its accounting of the tax effects of the Tax Act. In the 39-weeks ended September 29, 2018 , the Company recorded a decrease to deferred tax liabilities of $7 million and a decrease to current taxes payable of $1 million with a corresponding adjustment to income tax benefit of $8 million related to the reduction of the corporate tax rate. The $8 million income tax benefit was primarily the result of the $35 million of incremental contributions to the Company’s defined benefit and other postretirement plans and changes in the method of accounting reflected in the 2017 tax returns as filed. As a result, the Company’s accounting for the ultimate income tax effects of the Tax Act has been substantially finalized and the measurement period under SAB 118 ended as of the 39-weeks ended September 29, 2018 . The Company estimated its annual effective tax rate for the full fiscal year and applied the annual effective tax rate to the results of the 39-weeks ended September 29, 2018 and September 30, 2017 for purposes of determining its year-to-date tax provision. The effective tax rate for the 13-weeks ended September 29, 2018 of 19% varied from the 21% federal corporate tax rate, primarily as a result of state income taxes and the recognition of various discrete tax items. The discrete tax items included a tax benefit of $4 million , primarily related to the adjustments to finalize provisional amounts recorded as of December 30, 2017 related to the reduction of the federal corporate tax rate and a tax benefit of $4 million , primarily related to the reduction of an unrecognized tax benefit due to the receipt of an affirmative written consent from the Internal Revenue Service (the “IRS”) to change a method of accounting. The effective tax rate for the 13-weeks ended September 30, 2017 of 35% is equivalent to the 35% federal corporate tax rate, primarily as a result of state income taxes being offset by the recognition of various discrete tax items. The discrete tax items included a tax benefit of $7 million , primarily related to excess tax benefits associated with share-based compensation. The effective tax rate for the 39-weeks ended September 29, 2018 of 16% varied from the 21% federal corporate tax rate, primarily as a result of state income taxes and the recognition of various discrete tax items. The discrete tax items included a tax benefit of $21 million , primarily related to the reduction of an unrecognized tax benefit due to the receipt of an affirmative written consent from the IRS to change a method of accounting, a tax benefit of $6 million , primarily related to excess tax benefits associated with share-based compensation and a tax benefit of $8 million resulting from the adjustments to finalize provisional amounts recorded as of December 30, 2017 related to the reduction of the federal corporate tax rate. The effective tax rate for the 39-weeks ended September 30, 2017 of 29% varied from the 35% federal corporate tax rate, primarily as a result of state income taxes and the recognition of various discrete tax items. The discrete tax items included a tax benefit of $27 million , primarily related to excess tax benefits associated with share-based compensation. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 September 29, 2018 , the Company had $804 million of purchase orders and purchase contract commitments, for products to be purchased in the remainder of fiscal year 2018 and in 2019, that were not recorded in the Company's 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 September 29, 2018 , the Company had diesel fuel forward purchase commitments totaling $25 million through June 2019 . Additionally, as of September 29, 2018 , the Company had electricity forward purchase commitments totaling $5 million through June 2021 . 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 its 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. |
Business Information
Business Information | 9 Months Ended |
Sep. 29, 2018 | |
Segment Reporting [Abstract] | |
Business Information | BUSINESS INFORMATION The Company’s consolidated results represent 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. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 29, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, to better align a company’s risk management activities and financial reporting for hedging relationships, simplify the hedge accounting requirements, and improve the disclosures of hedging arrangements. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company’s only hedging activities are its interest rate swaps designated as cash flow hedges. As discussed in Note 18, Commitments and Contingencies, 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 in Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging . The Company prospectively adopted this guidance at the beginning of fiscal year 2018, with no impact to its financial position or results of operations. In May 2017, the FASB issued ASU No. 2017-09, Compensation — Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU provides guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting. This ASU should be applied prospectively to an award modified on or after the adoption date. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this guidance at the beginning of fiscal year 2018, with no impact to its financial position or results of operations, as the Company has not modified any share-based payment awards since adoption. 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. This ASU requires an employer to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the statement of comprehensive income separately from the service cost component and outside of operating income. Additionally, only the service cost component is eligible for capitalization, when applicable. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The amendments in this update require retrospective presentation in the statement of comprehensive income. The amendments allow a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements. The Company retrospectively adopted this guidance at the beginning of fiscal year 2018. For the 13-weeks and 39-weeks ended September 30, 2017 , $0.8 million and $0.2 million , respectively, of net periodic benefit credits, other than the service cost components, were reclassified to other income—net, in the Company's Consolidated Statement of Comprehensive Income. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The amendment also eliminates the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This guidance is effective for the annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company adopted this guidance as of the first day of its fiscal third quarter of 2018, in conjunction with its annual impairment assessment for goodwill, with no impact to its financial position or results of operations. See Note 9, Goodwill and Other Intangibles for a discussion of the Company's fiscal year 2018 annual impairment analysis. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which clarifies the presentation of restricted cash on the statement of cash flows. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning and ending cash balances on the statement of cash flows. The Company retrospectively adopted this standard at the beginning of fiscal year 2018, resulting in immaterial increases in the beginning and ending balances of cash, cash equivalents and restricted cash in the Company’s Consolidated Statement of Cash Flows for the 39-weeks ended September 30, 2017 . For the periods presented, cash, cash equivalents and restricted cash consisted of the following: September 29, 2018 December 30, 2017 Cash and cash equivalents $ 88,082 $ 118,849 Restricted cash included in other assets 340 335 Total cash, cash equivalents and restricted cash $ 88,422 $ 119,184 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , to amend the guidance on the classification and measurement of financial instruments. ASU No. 2016-01 was further amended in February 2018 by ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10)—Recognition and Measurement of Financial Assets and Financial Liabilities . The new guidance requires entities to measure equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. The new guidance also amends certain disclosure requirements associated with the fair value of financial instruments. The Company adopted the guidance in this ASU at the beginning of fiscal year 2018, with no impact to its financial position or results of operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which has been introduced as ASC Topic 606. Topic 606, as amended, replaces Topic 605, the previous revenue recognition guidance. The new standard’s core principle is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration (that is, payment) to which the Company expects to be entitled in exchange for those goods or services. The new standard also results in enhanced disclosures about revenue, provides guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improves guidance for multiple-element arrangements. The Company adopted this standard at the beginning of fiscal year 2018, with no significant impact to its financial position or results of operations , using the modified retrospective method. See Note 3, Revenue Recognition. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract , which provides new guidance on the accounting for implementation, set-up, and other upfront costs incurred in a hosted cloud computing arrangement. Under the new guidance, entities will apply the same criteria for capitalizing implementation costs as they would for an internal-use software license arrangement. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. This ASU can be adopted prospectively to eligible costs incurred on or after the date of adoption or retrospectively. The Company does not expect the adoption of the new guidance under the standard to materially affect its financial position or results of operations. In February 2018, the FASB issued ASU No. 2018-02, Income Statement, Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income . This ASU permits an entity to reclassify the income tax effects of the 2017 Tax Cuts and Jobs Act (the “Tax Act”) on items within accumulated other comprehensive income to retained earnings. The FASB refers to these amounts as “stranded tax effects.” The amendments in this ASU also require certain disclosures about stranded tax effects. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The amendments in this ASU should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company is currently reviewing the provisions of the new standard. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires entities to use a forward looking, expected loss model to estimate credit losses. It also requires additional disclosure related to credit quality of trade and other receivables, including information related to management’s estimate of credit allowances. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company does not expect the adoption of the provisions of the new standard to materially affect its financial position or results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes ASC 840, Leases . This update requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key information about the entity's leasing arrangements. Upon adoption of this guidance, we will use a modified retrospective transition approach, which includes a number of practical expedients. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company has significantly completed its process of gathering lease data, reviewing its lease portfolio, and completing an impacts assessment with respect to the adoption of the provisions of the new standard. The adoption of this new standard is expected to have a material impact on the Company's financial position through the recognition of its lease obligations and the corresponding right of use assets. However, the new standard is not expected to have a material impact on the Company's results of operations. |
Revenue Recognition | REVENUE RECOGNITION In accordance with ASC 606, Revenue from Contracts with Customers , revenue is recognized when a customer obtains control of promised goods or services. The Company adopted this standard at the beginning of fiscal year 2018 , with no significant impact to its financial position or results of operations , using the modified retrospective method. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services. To achieve this core principle, the Company applies the following five steps: 1) Identify the contract with a customer A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the goods or services to be transferred and identifies the payment terms related to these goods or services, (ii) the contract has commercial substance and (iii) the Company determines that collection of substantially all consideration for goods or services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. For the Company, the contract is the approved sales order, which may also be supplemented by other agreements that formalize various terms and conditions with customers, including restaurant chains, government organizations or group purchase organizations. The Company applies judgment in determining the customer’s ability and intention to pay, which is based on a variety of factors including the customer’s historical payment experience or, in the case of a new customer, published credit and financial information pertaining to the customer. 2) Identify the performance obligation in the contract Performance obligations promised in a contract are identified based on the goods or services that will be transferred to the customer. For the Company, this includes the delivery of food and food-related products, which provide immediate benefit to the customer. While certain additional services may be identified within a contract, we have concluded that those services are individually immaterial in the context of the contract with the customer and therefore not assessed as performance obligations. 3) Determine the transaction price The transaction price is determined based on the consideration to which the Company will be entitled in exchange for transferring goods or services to the customer, and is generally stated on the approved sales order. Variable consideration, which typically includes volume-based rebates or discounts, are estimated utilizing the most likely amount method. 4) Allocate the transaction price to performance obligations in the contract Since our contracts contain a single performance obligation, delivery of food and food-related products, the transaction price is allocated to that single performance obligation. 5) Recognize Revenue when or as the Company satisfies a performance obligation The Company recognizes revenue from the sale of food and food-related products when title and risk of loss passes and the customer accepts the goods, which generally occurs at delivery. Customer sales incentives such as volume-based rebates or discounts are treated 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. Shipping and handling costs are treated as fulfillment costs and presented in distribution, selling and administrative costs. The Company does not have any material outstanding performance obligations, contract assets and liabilities or capitalized contract acquisition costs. |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | For the periods presented, cash, cash equivalents and restricted cash consisted of the following: September 29, 2018 December 30, 2017 Cash and cash equivalents $ 88,082 $ 118,849 Restricted cash included in other assets 340 335 Total cash, cash equivalents and restricted cash $ 88,422 $ 119,184 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue According to Sales Mix for Principal Product Categories | The following table presents the disaggregation of revenue according to sales mix for the Company’s principal product categories: 13-Weeks Ended 39-Weeks Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Meats and seafood $ 2,197,598 $ 2,284,793 $ 6,483,493 $ 6,572,115 Dry grocery products 1,070,276 1,073,266 3,181,471 3,199,275 Refrigerated and frozen grocery products 979,150 947,235 2,896,108 2,821,887 Dairy 646,072 652,775 1,905,682 1,895,589 Equipment, disposables and supplies 594,379 577,535 1,722,100 1,689,571 Beverage products 336,787 331,220 990,905 982,327 Produce 328,522 337,370 954,037 990,509 Net sales $ 6,152,784 $ 6,204,194 $ 18,133,796 $ 18,151,273 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Business Combinations [Abstract] | |
Purchase Price Allocations Recognized for Acquisitions | The following table summarizes the purchase price allocations recognized for the 2017 acquisitions as follows: December 30, 2017 Accounts receivable $ 17,108 Inventories 25,232 Other current assets 677 Property and equipment 29,492 Goodwill 58,528 Other intangible assets 72,050 Accounts payable (7,986 ) Accrued expenses and other current liabilities (5,837 ) Deferred income taxes (7,277 ) Cash paid for acquisitions $ 181,987 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Changes in Assets Held for Sale | The changes in assets held for sale for the 39-weeks ended September 29, 2018 were as follows: Balance at December 30, 2017 $ 5,178 Transfer in 2,639 Balance at September 29, 2018 $ 7,817 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Other Intangibles, Net | Goodwill and other intangibles—net consisted of the following: September 29, 2018 December 30, 2017 Goodwill $ 3,966,863 $ 3,966,565 Other intangibles—net Customer relationships—amortizable: Gross carrying amount $ 154,230 $ 154,230 Accumulated amortization (75,121 ) (46,203 ) Net carrying value 79,109 108,027 Noncompete agreements—amortizable: Gross carrying amount 3,950 3,950 Accumulated amortization (1,842 ) (1,159 ) Net carrying value 2,108 2,791 Brand names and trademarks—not amortizing 252,800 252,800 Total other intangibles—net $ 334,017 $ 363,618 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | The Company’s assets and liabilities measured at fair value on a recurring basis as of September 29, 2018 and December 30, 2017 , aggregated by the level in the fair value hierarchy within which those measurements fall, were as follows: September 29, 2018 Level 1 Level 2 Level 3 Total Assets Money market funds $ 700 $ — $ — $ 700 Interest rate swaps — 31,743 — 31,743 $ 700 $ 31,743 $ — $ 32,443 Liabilities Contingent consideration payable for business acquisition $ — $ — $ 500 $ 500 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 acquisition $ — $ — $ 1,000 $ 1,000 |
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 September 29, 2018 and December 30, 2017 : Fair Value Balance Sheet Location September 29, 2018 December 30, 2017 Derivatives designated as hedging instruments Interest rate swaps Other current assets $ 8,836 $ 430 Interest rate swaps Other noncurrent assets $ 22,907 $ 12,287 Total $ 31,743 $ 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 its Consolidated Statement of Comprehensive Income f or the 13-weeks and 39-weeks ended September 29, 2018 and September 30, 2017 : 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 (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss to Income, net of tax For the 13-weeks ended September 29, 2018 Interest rate swaps $ 2,311 Interest expense—net $ (757 ) For the 13-weeks ended September 30, 2017 Interest rate swaps $ 1,888 Interest expense—net $ 557 For the 39-weeks ended September 29, 2018 Interest rate swaps $ 15,188 Interest expense—net $ (950 ) For the 39-weeks ended September 30, 2017 Interest rate swaps $ 1,888 Interest expense—net $ 557 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Debt Disclosure [Abstract] | |
Components of Total Debt | Total debt consisted of the following: Debt Description Maturity Interest Rate at September 29, 2018 September 29, 2018 December 30, 2017 ABL Facility October 20, 2020 6.75 % $ 29,000 $ 80,000 ABS Facility September 21, 2020 3.26 390,000 580,000 Term Loan Facility (net of $6,269 and $9,963 of June 27, 2023 4.24 2,144,231 2,157,037 Senior Notes (net of $5,514 and $6,229 of June 15, 2024 5.88 594,486 593,771 Obligations under capital leases 2018–2025 2.36 - 6.18 343,651 336,603 Other debt 2018–2031 5.75 - 9.00 9,267 9,870 Total debt 3,510,635 3,757,281 Current portion of long-term debt (100,398 ) (109,226 ) Long-term debt $ 3,410,237 $ 3,648,055 |
Restructuring Liabilities (Tabl
Restructuring Liabilities (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Restructuring and Related Activities [Abstract] | |
Summary of Changes in Restructuring Liabilities | The following table summarizes the changes in the restructuring liabilities for the 39-weeks ended September 29, 2018 : Severance and Related Costs Facility Closing Costs Total Balance at December 30, 2017 $ 4,835 $ 500 $ 5,335 Current period charges 805 — 805 Payments and usage —net of accretion (4,301 ) — (4,301 ) Balance at September 29, 2018 $ 1,339 $ 500 $ 1,839 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit (Credit) Costs for Pensions and Other Postretirement Benefits | The components of net periodic benefit (credits) costs for pension and other postretirement benefits, for Company sponsored plans, are provided below: 13-Weeks Ended Pension Benefits Other Postretirement Plans September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Components of net periodic benefit (credits) costs Service cost $ 536 $ 755 $ 9 $ 7 Interest cost 9,076 9,329 58 68 Expected return on plan assets (12,890 ) (11,943 ) — — Amortization of prior service cost 1 35 2 2 Amortization of net loss (gain) 620 785 (39 ) (86 ) Settlements — 1,000 — — Net periodic (credits) benefit costs $ (2,657 ) $ (39 ) $ 30 $ (9 ) 39-Weeks Ended Pension Benefits Other Postretirement Plans September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Components of net periodic benefit (credits) costs Service cost $ 1,670 $ 1,767 $ 26 $ 26 Interest cost 26,738 29,606 176 212 Expected return on plan assets (38,488 ) (35,871 ) — — Amortization of prior service cost 3 104 5 5 Amortization of net loss (gain) 2,236 2,886 (117 ) (112 ) Settlements — 3,000 — — Net periodic (credits) benefit costs $ (7,841 ) $ 1,492 $ 90 $ 131 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted EPS | The following table sets forth the computation of basic and diluted EPS: 13-Weeks Ended 39-Weeks Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Numerator: Net income $ 114,286 $ 95,551 $ 307,136 $ 187,825 Denominator: Weighted-average common shares outstanding 216,623,903 223,807,520 215,843,738 222,641,854 Dilutive effect of share-based awards 1,483,161 2,054,754 1,852,795 3,683,857 Weighted-average dilutive shares outstanding 218,107,064 225,862,274 217,696,533 226,325,711 Basic earnings per share $ 0.53 $ 0.43 $ 1.42 $ 0.84 Diluted earnings per share $ 0.52 $ 0.42 $ 1.41 $ 0.83 |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 29, 2018 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table presents changes in accumulated other comprehensive loss by component for the periods presented: 13-Weeks Ended 39-Weeks Ended September 29, 2018 September 30, 2017 September 29, 2018 September 30, 2017 Accumulated other comprehensive loss components Retirement benefit obligations: Balance at beginning of period (1) $ (77,358 ) $ (116,826 ) $ (103,192 ) $ (119,363 ) Reclassification adjustments: Amortization of prior service cost (2) (3) 3 37 8 109 Amortization of net loss (2) (3) 581 699 2,119 2,774 Pension remeasurement (4) — — 33,180 — Settlements (2) (3) — 1,000 — 3,000 Total before income tax 584 1,736 35,307 5,883 Income tax provision 149 677 9,038 2,287 Current period comprehensive income, net of tax 435 1,059 26,269 3,596 Balance at end of period (1) $ (76,923 ) $ (115,767 ) $ (76,923 ) $ (115,767 ) Interest rate swaps: Balance at beginning of period (1) $ 20,121 $ — $ 7,437 $ — Change in fair value of interest rate swaps 3,106 3,091 20,414 3,091 Amounts reclassified to interest expense — net (1,017 ) 911 (1,277 ) 911 Total before income tax 2,089 4,002 19,137 4,002 Income tax provision 535 1,557 4,899 1,557 Current period comprehensive income, net of tax 1,554 2,445 14,238 2,445 Balance at end of period (1) $ 21,675 $ 2,445 $ 21,675 $ 2,445 Accumulated other comprehensive loss at end of period (1) $ (55,248 ) $ (113,322 ) $ (55,248 ) $ (113,322 ) (1) Amounts are presented net of tax. (2) Included in the computation of net periodic benefit costs. See Note 14, Retirement Plans, for additional information. (3) Included in other income—net in the Consolidated Statements of Comprehensive Income. (4) Resulting from the $35 million incremental contribution to the Company's defined benefit pension plan. See Note 14, Retirement Plans, for additional information. |
Overview and Basis of Present_2
Overview and Basis of Presentation - Additional Information (Detail) | 9 Months Ended |
Sep. 29, 2018segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business segment | 1 |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
ASU 2017-07 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Net periodic benefit credits, other than service cost components, reclassified to other income—net | $ (0.8) | $ (0.2) |
Recent Accounting Pronounceme_5
Recent Accounting Pronouncements - Schedule of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Accounting Changes and Error Corrections [Abstract] | ||||
Cash and cash equivalents | $ 88,082 | $ 118,849 | ||
Restricted cash included in other assets | 340 | 335 | ||
Total cash, cash equivalents and restricted cash | $ 88,422 | $ 119,184 | $ 147,757 | $ 131,436 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue According to Sales Mix for Principal Product Categories (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 6,152,784 | $ 6,204,194 | $ 18,133,796 | $ 18,151,273 |
Meats and seafood | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 2,197,598 | 2,284,793 | 6,483,493 | 6,572,115 |
Dry grocery products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,070,276 | 1,073,266 | 3,181,471 | 3,199,275 |
Refrigerated and frozen grocery products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 979,150 | 947,235 | 2,896,108 | 2,821,887 |
Dairy | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 646,072 | 652,775 | 1,905,682 | 1,895,589 |
Equipment, disposables and supplies | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 594,379 | 577,535 | 1,722,100 | 1,689,571 |
Beverage products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 336,787 | 331,220 | 990,905 | 982,327 |
Produce | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 328,522 | $ 337,370 | $ 954,037 | $ 990,509 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Detail) $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 29, 2018USD ($)business | Dec. 30, 2017broadline_distributor | Dec. 30, 2017USD ($) | Dec. 30, 2017specialty_distributor | |
Business Combinations [Abstract] | ||||
Business acquisitions during the period | 0 | 3 | 2 | |
Cash consideration for acquisition | $ 182 | |||
Estimated fair value of earnout liabilities | $ 0.5 | |||
Post-closing earnout period | 2 years | |||
Aggregate contingent consideration outstanding for acquisition | $ 5 |
Business Acquisitions - Purchas
Business Acquisitions - Purchase Price Allocations Recognized for Acquisitions (Detail) $ in Thousands | Dec. 30, 2017USD ($) |
Business Combinations [Abstract] | |
Accounts receivable | $ 17,108 |
Inventories | 25,232 |
Other current assets | 677 |
Property and equipment | 29,492 |
Goodwill | 58,528 |
Other intangible assets | 72,050 |
Accounts payable | (7,986) |
Accrued expenses and other current liabilities | (5,837) |
Deferred income taxes | (7,277) |
Cash paid for acquisitions | $ 181,987 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Inventory Disclosure [Abstract] | |||||
LIFO balance sheet reserves | $ 129 | $ 129 | $ 130 | ||
Effect of LIFO reserves on cost of goods sold | $ (9) | $ (26) | $ (1) | $ 14 |
Accounts Receivable Financing_2
Accounts Receivable Financing Program - Additional Information (Detail) - USD ($) $ in Millions | Sep. 29, 2018 | Dec. 30, 2017 |
ABS Facility | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 1,033 | $ 964 |
Assets Held for Sale - Addition
Assets Held for Sale - Additional Information (Detail) - Discontinued Operations, Held-for-sale $ in Thousands | 9 Months Ended |
Sep. 29, 2018USD ($) | |
Movement in Property, Plant and Equipment [Roll Forward] | |
Balance, beginning of period | $ 5,178 |
Transfer in | 2,639 |
Balance, end of period | $ 7,817 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, accumulated depreciation | $ 2,072 | $ 2,072 | $ 1,926 | ||
Depreciation expense | $ 75 | $ 71 | $ 220 | $ 210 | |
Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of assets | 3 years | ||||
Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Estimated useful lives of assets | 40 years |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |
Sep. 29, 2018USD ($) | Sep. 29, 2018USD ($)reporting_unit | Sep. 30, 2017USD ($) | |
Other Intangible Assets [Line Items] | |||
Amortization expense | $ 10,000,000 | $ 30,000,000 | $ 85,000,000 |
Goodwill, impairment | 0 | ||
Number of business segments | reporting_unit | 1 | ||
Indefinite-lived intangible assets, impairment | $ 0 | ||
Customer Relationship | Minimum | |||
Other Intangible Assets [Line Items] | |||
Estimated useful lives of intangible assets | 2 years | ||
Customer Relationship | Maximum | |||
Other Intangible Assets [Line Items] | |||
Estimated useful lives of intangible assets | 4 years | ||
Noncompete Agreements | Minimum | |||
Other Intangible Assets [Line Items] | |||
Estimated useful lives of intangible assets | 2 years | ||
Noncompete Agreements | Maximum | |||
Other Intangible Assets [Line Items] | |||
Estimated useful lives of intangible assets | 4 years |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Schedule of Goodwill and Other Intangibles, Net (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Other intangibles—net | ||
Goodwill | $ 3,966,863 | $ 3,966,565 |
Total other intangibles—net | 334,017 | 363,618 |
Brand Names and Trademarks | ||
Other intangibles—net | ||
Brand names and trademarks—not amortizing | 252,800 | 252,800 |
Customer Relationship | ||
Other intangibles—net | ||
Gross carrying amount | 154,230 | 154,230 |
Accumulated amortization | (75,121) | (46,203) |
Net carrying value | 79,109 | 108,027 |
Noncompete Agreements | ||
Other intangibles—net | ||
Gross carrying amount | 3,950 | 3,950 |
Accumulated amortization | (1,842) | (1,159) |
Net carrying value | $ 2,108 | $ 2,791 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Aug. 01, 2017 | Sep. 29, 2018 | Dec. 30, 2017 | Jun. 22, 2018 |
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 | ||
Reclassified from accumulated other comprehensive loss to income | 10,000,000 | |||
Total debt fair value debt | 3,500,000,000 | 3,800,000,000 | ||
Interest Rate Swap | ||||
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 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate | 4.24% | |||
Amended and Restated 2016 Term Loan | Interest Rate Swap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative 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 | 3.71% | |||
Variable rate on notional amount | 1.71% | |||
Basis spread on variable rate on notional amount | 2.00% | |||
Senior Notes | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate | 5.88% | |||
Senior Notes | 2016 Senior Notes | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate | 5.875% | |||
Fair value of debt | $ 600,000,000 | $ 600,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Liabilities | ||
Contingent consideration payable for business acquisition | $ 5,000 | |
Recurring Fair Value Measurements | ||
Assets | ||
Money market funds | 700 | $ 1,100 |
Interest rate swaps | 31,743 | 12,717 |
Total assets | 32,443 | 13,817 |
Liabilities | ||
Contingent consideration payable for business acquisition | 500 | 1,000 |
Recurring Fair Value Measurements | Level 1 | ||
Assets | ||
Money market funds | 700 | 1,100 |
Interest rate swaps | 0 | 0 |
Total assets | 700 | 1,100 |
Liabilities | ||
Contingent consideration payable for business acquisition | 0 | 0 |
Recurring Fair Value Measurements | Level 2 | ||
Assets | ||
Money market funds | 0 | 0 |
Interest rate swaps | 31,743 | 12,717 |
Total assets | 31,743 | 12,717 |
Liabilities | ||
Contingent consideration payable for business acquisition | 0 | 0 |
Recurring Fair Value Measurements | Level 3 | ||
Assets | ||
Money market funds | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ||
Contingent consideration payable for business acquisition | $ 500 | $ 1,000 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Balance Sheet Location and Fair Value of Company's Interest Rate Swaps (Detail) - Derivatives designated as hedging instruments - USD ($) $ in Thousands | Sep. 29, 2018 | Dec. 30, 2017 |
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 31,743 | $ 12,717 |
Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | 8,836 | 430 |
Other noncurrent assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate swaps | $ 22,907 | $ 12,287 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Effect of Company Interest Rate Swaps in Consolidated Statement of Comprehensive Income (Detail) - Cash Flow Hedging - Interest Rate Swap - Interest expense—net - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Amount of Gain Recognized in Accumulated Other Comprehensive Loss, net of tax | $ 2,311 | $ 1,888 | $ 15,188 | $ 1,888 |
Amount of (Gain) Loss Reclassified from Accumulated Other Comprehensive Loss to Income, net of tax | $ (757) | $ 557 | $ (950) | $ 557 |
Debt - Components of Total Debt
Debt - Components of Total Debt (Detail) - USD ($) $ in Thousands | Sep. 29, 2018 | Jun. 30, 2018 | Dec. 30, 2017 |
Debt Instrument [Line Items] | |||
Total debt | $ 3,510,635 | $ 3,757,281 | |
Current portion of long-term debt | (100,398) | (109,226) | |
Long-term debt | $ 3,410,237 | 3,648,055 | |
Amended and Restated 2016 Term Loan | |||
Debt Instrument [Line Items] | |||
Interest Rate at June 30, 2018 | 4.24% | ||
Total debt | $ 2,144,231 | 2,157,037 | |
Unamortized deferred financing costs | $ 6,269 | $ 7,000 | 9,963 |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest Rate at June 30, 2018 | 5.88% | ||
Total debt | $ 594,486 | 593,771 | |
Unamortized deferred financing costs | 5,514 | 6,229 | |
Obligations under capital leases | |||
Debt Instrument [Line Items] | |||
Total debt | $ 343,651 | 336,603 | |
ABL Facility | |||
Debt Instrument [Line Items] | |||
Interest Rate at June 30, 2018 | 6.75% | ||
Total debt | $ 29,000 | 80,000 | |
ABS Facility | |||
Debt Instrument [Line Items] | |||
Interest Rate at June 30, 2018 | 3.26% | ||
Total debt | $ 390,000 | 580,000 | |
Other debt | |||
Debt Instrument [Line Items] | |||
Total debt | $ 9,267 | $ 9,870 | |
Minimum | Obligations under capital leases | |||
Debt Instrument [Line Items] | |||
Interest Rate at June 30, 2018 | 2.36% | ||
Minimum | Other debt | |||
Debt Instrument [Line Items] | |||
Interest Rate at June 30, 2018 | 5.75% | ||
Maximum | Obligations under capital leases | |||
Debt Instrument [Line Items] | |||
Interest Rate at June 30, 2018 | 6.18% | ||
Maximum | Other debt | |||
Debt Instrument [Line Items] | |||
Interest Rate at June 30, 2018 | 9.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) - Interest Rate Swap - Amended and Restated 2016 Term Loan $ in Billions | Sep. 29, 2018USD ($) |
Debt Instrument [Line Items] | |
Total debt | $ 1.1 |
Percentage of principal amount of total debt borrowed at floating rate | 42.00% |
Debt - Revolving Credit Agreeme
Debt - Revolving Credit Agreement - Additional Information (Detail) - USD ($) | Sep. 29, 2018 | Dec. 30, 2017 |
ABL Facility | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, outstanding amount | $ 29,000,000 | $ 80,000,000 |
ABL Senior Secured Revolving Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 1,300,000,000 | |
Letters of credit, outstanding amount | 377,000,000 | |
Available capacity | 894,000,000 | |
ABL Senior Secured Revolving Facility | Standby Letters of Credit for Self Insurance Program | ||
Debt Instrument [Line Items] | ||
Letters of credit, outstanding amount | 299,000,000 | |
ABL Senior Secured Revolving Facility | Other Obligations | ||
Debt Instrument [Line Items] | ||
Letters of credit, outstanding amount | 1,000,000 | |
Obligations under capital leases | ABL Senior Secured Revolving Facility | ||
Debt Instrument [Line Items] | ||
Letters of credit, outstanding amount | $ 77,000,000 |
Debt - Accounts Receivable Fina
Debt - Accounts Receivable Financing Program - Additional Information (Detail) - USD ($) | Sep. 29, 2018 | Dec. 30, 2017 |
Debt Instrument [Line Items] | ||
Term loan facility | $ 3,510,635,000 | $ 3,757,281,000 |
ABS Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 800,000,000 | |
Term loan facility | 390,000,000 | $ 580,000,000 |
Available capacity | $ 365,000,000 |
Debt - Term Loan Agreement - Ad
Debt - Term Loan Agreement - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 22, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 29, 2018 | Jun. 30, 2018 | Dec. 30, 2017 |
Debt Instrument [Line Items] | ||||||||
Term loan facility | $ 3,510,635 | $ 3,510,635 | $ 3,757,281 | |||||
Third-party costs | 41,843 | $ 43,211 | 132,688 | $ 126,099 | ||||
Amended and Restated 2016 Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan facility | 2,144,231 | 2,144,231 | 2,157,037 | |||||
Unamortized deferred financing costs | 6,269 | 6,269 | $ 7,000 | $ 9,963 | ||||
Amended and Restated 2016 Term Loan | Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Portion of term loan facility | $ 1,100,000 | $ 1,100,000 | ||||||
Reduction in effective interest rate | 3.71% | |||||||
Amended and Restated 2016 Term Loan | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 2.00% | |||||||
Amended and Restated 2016 Term Loan | ABR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 1.00% | |||||||
Amended and Restated 2016 Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Third-party costs | $ 500 | |||||||
Write off of unamortized deferred financing costs | $ 2,600 | |||||||
Subsequent Event | Amended and Restated 2016 Term Loan | Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Portion of term loan facility | $ 1,100,000 |
Debt - Restrictive Covenants -
Debt - Restrictive Covenants - Additional Information (Detail) $ in Millions | Sep. 29, 2018USD ($) |
Debt Disclosure [Abstract] | |
Restricted payment capacity | $ 929 |
Restricted asset | $ 2,218 |
Restructuring Liabilities - Sum
Restructuring Liabilities - Summary of Changes in Restructuring Liabilities (Detail) $ in Thousands | 9 Months Ended |
Sep. 29, 2018USD ($) | |
Restructuring Reserve [Roll Forward] | |
December 30, 2017 | $ 5,335 |
Current period charges | 805 |
Payments and usage—net of accretion | (4,301) |
September 29, 2018 | 1,839 |
Severance and Related Costs | |
Restructuring Reserve [Roll Forward] | |
December 30, 2017 | 4,835 |
Current period charges | 805 |
Payments and usage—net of accretion | (4,301) |
September 29, 2018 | 1,339 |
Facility Closing Costs | |
Restructuring Reserve [Roll Forward] | |
December 30, 2017 | 500 |
Current period charges | 0 |
Payments and usage—net of accretion | 0 |
September 29, 2018 | $ 500 |
Restructuring Liabilities - Add
Restructuring Liabilities - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 29, 2018 | Sep. 30, 2017 | |
Restructuring and Related Activities [Abstract] | ||
Change in estimates of prior year initiatives | $ 1 | |
Net costs recognized related to initiatives launched in late 2016 | $ 3 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 30, 2017 | Sep. 29, 2018 | |
Secondary Offerings | |||
Related Party Transaction [Line Items] | |||
Expenses related to shares sold | $ 4,000,000 | ||
FMR LLC | Amended and Restated 2016 Term Loan | |||
Related Party Transaction [Line Items] | |||
Principal amount | $ 55,000,000 | ||
FMR LLC | US Foods Holding Corp | |||
Related Party Transaction [Line Items] | |||
Percentage of company's outstanding common stock | 10.00% | ||
Sponsor | Follow-on Offerings | |||
Related Party Transaction [Line Items] | |||
Proceeds from common stock sales | $ 0 |
Retirement Plans - Components o
Retirement Plans - Components of Net Periodic Benefit (Credits) Costs for Pension and Other Postretirement Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 536 | $ 755 | $ 1,670 | $ 1,767 |
Interest cost | 9,076 | 9,329 | 26,738 | 29,606 |
Expected return on plan assets | (12,890) | (11,943) | (38,488) | (35,871) |
Amortization of prior service cost | 1 | 35 | 3 | 104 |
Amortization of net loss (gain) | 620 | 785 | 2,236 | 2,886 |
Settlements | 0 | 1,000 | 0 | 3,000 |
Net periodic (credits) benefit costs | (2,657) | (39) | (7,841) | 1,492 |
Other Postretirement Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 9 | 7 | 26 | 26 |
Interest cost | 58 | 68 | 176 | 212 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 2 | 2 | 5 | 5 |
Amortization of net loss (gain) | (39) | (86) | (117) | (112) |
Settlements | 0 | 0 | 0 | 0 |
Net periodic (credits) benefit costs | $ 30 | $ (9) | $ 90 | $ 131 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions | May 31, 2018 | Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||||
Additional contribution to defined benefit and other post retirement plans | $ 70 | ||||
Incremental to planned contributions | 35 | ||||
Reduction in benefit obligation | $ 33 | ||||
Company's contributions to plan | $ 9 | $ 9 | $ 27 | $ 26 | |
Defined Contribution Plan 401K | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum Company matching contribution | 4.00% | ||||
Company's contributions to plan | $ 11 | $ 11 | $ 36 | $ 34 | |
Defined Contribution Plan 401K | First 3% of Participants Compensation | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Matching contributions | 100.00% | ||||
Participant's compensation for which company matches contribution | 3.00% | ||||
Defined Contribution Plan 401K | Next 2% of Participants Compensation | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Matching contributions | 50.00% | ||||
Participant's compensation for which company matches contribution | 2.00% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Numerator: | ||||||||
Net income | $ 114,286 | $ 125,533 | $ 67,317 | $ 95,551 | $ 65,458 | $ 26,816 | $ 307,136 | $ 187,825 |
Denominator: | ||||||||
Weighted-average common shares outstanding (in shares) | 216,623,903 | 223,807,520 | 215,843,738 | 222,641,854 | ||||
Dilutive effect of share-based awards (in shares) | 1,483,161 | 2,054,754 | 1,852,795 | 3,683,857 | ||||
Weighted-average dilutive shares outstanding (in shares) | 218,107,064 | 225,862,274 | 217,696,533 | 226,325,711 | ||||
Basic earnings per share (in dollars per share) | $ 0.53 | $ 0.43 | $ 1.42 | $ 0.84 | ||||
Diluted earnings per share (in dollars per share) | $ 0.52 | $ 0.42 | $ 1.41 | $ 0.83 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Loss - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Balance at beginning of period | $ 3,019,972 | $ 2,633,458 | $ 2,751,363 | $ 2,537,650 |
Unrecognized gain on interest rate swaps | 1,554 | 2,445 | 14,238 | 2,445 |
Balance at end of period | 3,146,725 | 2,745,184 | 3,146,725 | 2,745,184 |
Incremental to planned contributions | 35,000 | |||
Accumulated defined benefit plans adjustment attributable to parent | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Balance at beginning of period | (77,358) | (116,826) | (103,192) | (119,363) |
Total before income tax | 584 | 1,736 | 35,307 | 5,883 |
Income tax provision | 149 | 677 | 9,038 | 2,287 |
Current period comprehensive income, net of tax | 435 | 1,059 | 26,269 | 3,596 |
Balance at end of period | (76,923) | (115,767) | (76,923) | (115,767) |
Amortization of prior service cost | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from other comprehensive loss, before tax | 3 | 37 | 8 | 109 |
Amortization of net loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from other comprehensive loss, before tax | 581 | 699 | 2,119 | 2,774 |
Pension remeasurement | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from other comprehensive loss, before tax | 0 | 0 | 33,180 | 0 |
Settlements | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts reclassified from other comprehensive loss, before tax | 0 | 1,000 | 0 | 3,000 |
Accumulated net gain (loss) from cash flow hedges attributable to parent | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Balance at beginning of period | 20,121 | 0 | 7,437 | 0 |
AOCI attributable to parent | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Balance at beginning of period | (57,237) | (116,826) | (95,755) | (119,363) |
Balance at end of period | (55,248) | (113,322) | (55,248) | (113,322) |
Interest Rate Swap | Accumulated net gain (loss) from cash flow hedges attributable to parent | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Change in fair value of interest rate swaps | 3,106 | 3,091 | 20,414 | 3,091 |
Total before income tax | 2,089 | 4,002 | 19,137 | 4,002 |
Income tax provision | 535 | 1,557 | 4,899 | 1,557 |
Current period comprehensive income, net of tax | 2,445 | 2,445 | ||
Unrecognized gain on interest rate swaps | 1,554 | 14,238 | ||
Balance at end of period | 21,675 | 2,445 | 21,675 | 2,445 |
Interest Rate Swap | Amounts reclassified to interest expense—net | 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 | $ (1,017) | $ 911 | $ (1,277) | $ 911 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 29, 2018 | Sep. 30, 2017 | Sep. 29, 2018 | Sep. 30, 2017 | Dec. 30, 2017 | |
Income Taxes [Line Items] | |||||
Decrease to deferred tax liabilities | $ 7 | $ 173 | |||
Adjustment to deferred income tax benefit | $ 173 | 8 | 4 | ||
Increase to deferred tax liabilities | 4 | ||||
Adjustment to other long-term liabilities | $ 4 | ||||
Incremental to planned contributions | 35 | ||||
Provisional decrease to deferred tax liabilities | $ 1 | ||||
Effective tax rate | 19.00% | 35.00% | 16.00% | 29.00% | |
Income tax benefit related to excess tax benefits | $ 7 | $ 6 | $ 27 | ||
Accounting Standards Update 2015-17 | Internal Revenue Service (IRS) | |||||
Income Taxes [Line Items] | |||||
Income tax benefit related to reduction of unrecognized tax benefit | $ 21 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | Sep. 29, 2018USD ($) |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Purchase commitments | $ 804 |
Electricity | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Purchase commitments | 5 |
Diesel Fuel | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Purchase commitments | $ 25 |
Business Information - Addition
Business Information - Additional Information (Detail) | 9 Months Ended |
Sep. 29, 2018segment | |
Segment Reporting [Abstract] | |
Number of operating business segments | 1 |