Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jul. 12, 2014 | Aug. 11, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 12-Jul-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'SPTN | ' |
Entity Registrant Name | 'SPARTANNASH COMPANY | ' |
Entity Central Index Key | '0000877422 | ' |
Current Fiscal Year End Date | '--01-03 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 37,725,521 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Jul. 12, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $6,420 | $9,216 |
Accounts and notes receivable, net | 334,440 | 285,471 |
Inventories, net | 564,628 | 589,497 |
Prepaid expenses and other current assets | 35,675 | 38,423 |
Property and equipment held for sale | ' | 440 |
Total current assets | 941,163 | 923,047 |
Property and equipment, net | 606,969 | 628,482 |
Goodwill | 312,252 | 313,020 |
Other assets, net | 128,850 | 134,514 |
Total assets | 1,989,234 | 1,999,063 |
Current liabilities | ' | ' |
Accounts payable | 375,592 | 364,972 |
Accrued payroll and benefits | 68,893 | 85,495 |
Other accrued expenses | 45,815 | 54,412 |
Deferred income taxes | 26,816 | 23,827 |
Current maturities of long-term debt and capital lease obligations | 7,189 | 7,345 |
Total current liabilities | 524,305 | 536,051 |
Long-term liabilities | ' | ' |
Deferred income taxes | 97,538 | 91,966 |
Postretirement benefits | 19,884 | 22,009 |
Other long-term liabilities | 38,204 | 43,845 |
Long-term debt and capital lease obligations | 576,474 | 598,319 |
Total long-term liabilities | 732,100 | 756,139 |
Commitments and contingencies (Note 7) | ' | ' |
Shareholders' equity | ' | ' |
Common stock, voting, no par value; 100,000 shares authorized; 37,725 and 37,371 shares outstanding | 523,148 | 518,056 |
Preferred stock, no par value, 10,000 shares authorized; no shares outstanding | 0 | ' |
Accumulated other comprehensive loss | -8,500 | -8,794 |
Retained earnings | 218,181 | 197,611 |
Total shareholders' equity | 732,829 | 706,873 |
Total liabilities and shareholders' equity | $1,989,234 | $1,999,063 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Jul. 12, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value | ' | ' |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares outstanding | 37,725 | 37,371 |
Preferred stock, par value | ' | ' |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares outstanding | 0 | 0 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 | Jul. 12, 2014 | Jul. 20, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' | |
Net sales | $1,810,175 | $651,125 | $4,143,902 | $1,431,403 | |
Cost of sales | 1,544,784 | 517,708 | 3,531,961 | 1,126,263 | |
Gross profit | 265,391 | 133,417 | 611,941 | 305,140 | |
Operating expenses | ' | ' | ' | ' | |
Selling, general and administrative | 229,083 | 114,887 | 543,760 | 264,285 | |
Merger transaction and integration | 2,581 | 2,377 | 6,749 | 2,377 | |
Restructuring and asset impairment | 1,078 | 987 | 1,205 | 2,220 | |
Total operating expenses | 232,742 | 118,251 | 551,714 | 268,882 | |
Operating earnings | 32,649 | 15,166 | 60,227 | 36,258 | |
Other income and expenses | ' | ' | ' | ' | |
Interest expense | 5,475 | 2,239 | 12,949 | 6,006 | |
Debt extinguishment | ' | ' | ' | 2,762 | |
Other, net | ' | -8 | 5 | -15 | |
Total other income and expenses | 5,475 | 2,231 | 12,954 | 8,753 | |
Earnings before income taxes and discontinued operations | 27,174 | 12,935 | 47,273 | 27,505 | |
Income taxes | 9,779 | 4,879 | 17,359 | 10,537 | |
Earnings from continuing operations | 17,395 | 8,056 | 29,914 | 16,968 | |
Loss from discontinued operations, net of taxes | -76 | -64 | -285 | -340 | |
Net earnings | $17,319 | $7,992 | $29,629 | $16,628 | |
Basic earnings per share: | ' | ' | ' | ' | |
Earnings from continuing operations | $0.46 | $0.37 | $0.79 | $0.78 | |
Loss from discontinued operations | ' | ' | $0 | ($0.02) | |
Net earnings | $0.46 | $0.37 | $0.79 | $0.76 | |
Diluted earnings per share: | ' | ' | ' | ' | |
Earnings from continuing operations | $0.46 | $0.37 | $0.79 | $0.78 | |
Loss from discontinued operations | ' | ($0.01) | [1] | $0 | ($0.02) |
Net earnings | $0.46 | $0.36 | $0.79 | $0.76 | |
Weighted average shares outstanding: | ' | ' | ' | ' | |
Basic | 37,744 | 21,858 | 37,662 | 21,796 | |
Diluted | 37,810 | 21,940 | 37,738 | 21,875 | |
[1] | Includes rounding |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 | Jul. 12, 2014 | Jul. 20, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net earnings | $17,319 | $7,992 | $29,629 | $16,628 |
Other comprehensive income, before tax | ' | ' | ' | ' |
Pension and postretirement liability adjustment | 204 | 336 | 475 | 509 |
Total other comprehensive income, before tax | 204 | 336 | 475 | 509 |
Income tax benefit related to items of other comprehensive income | -78 | -130 | -181 | -197 |
Total other comprehensive income, after tax | 126 | 206 | 294 | 312 |
Comprehensive income | $17,445 | $8,198 | $29,923 | $16,940 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) (USD $) | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands | ||||
Balance, value at Dec. 28, 2013 | $706,873 | $518,056 | ($8,794) | $197,611 |
Balance, shares at Dec. 28, 2013 | 37,371 | 37,371 | ' | ' |
Net earnings | 29,629 | ' | ' | 29,629 |
Other comprehensive income | 294 | ' | 294 | ' |
Dividends-$0.24 per share | -9,059 | ' | ' | -9,059 |
Stock-based employee compensation | 5,064 | 5,064 | ' | ' |
Issuances of common stock and related tax benefit on stock option exercises and stock bonus plan and from deferred compensation plan, value | 1,165 | 1,165 | ' | ' |
Issuances of common stock and related tax benefit on stock option exercises and stock bonus plan and from deferred compensation plan, shares | ' | 130 | ' | ' |
Issuances of restricted stock and related income tax benefits, value | 492 | 492 | ' | ' |
Issuances of restricted stock and related income tax benefits, shares | ' | 310 | ' | ' |
Cancellations of restricted stock, value | -1,629 | -1,629 | ' | ' |
Cancellations of restricted stock, shares | ' | -86 | ' | ' |
Balance, value at Jul. 12, 2014 | $732,829 | $523,148 | ($8,500) | $218,181 |
Balance, shares at Jul. 12, 2014 | 37,725 | 37,725 | ' | ' |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $) | 6 Months Ended |
Jul. 12, 2014 | |
Statement Of Stockholders Equity [Abstract] | ' |
Dividends per share | $0.24 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 |
Cash flows from operating activities | ' | ' |
Net earnings | $29,629 | $16,628 |
Loss from discontinued operations, net of tax | 285 | 340 |
Earnings from continuing operations | 29,914 | 16,968 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Restructuring and asset impairment charges | 1,205 | 2,220 |
Convertible debt interest | ' | 379 |
Loss on debt extinguishment | ' | 2,762 |
Depreciation and amortization | 47,702 | 21,968 |
LIFO expense | 3,527 | 246 |
Postretirement benefits expense | 2,843 | 81 |
Deferred income taxes | 4,182 | -6,978 |
Stock-based compensation expense | 5,064 | 2,127 |
Excess tax benefit on stock compensation | -601 | -124 |
Other, net | -156 | 50 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -47,178 | -10,603 |
Inventories | 20,305 | 5,750 |
Prepaid expenses and other assets | 3,123 | 6,097 |
Accounts payable | 23,566 | 8,825 |
Accrued payroll and benefits | -17,617 | -4,385 |
Postretirement benefit payments | -4,798 | -211 |
Accrued income taxes | 4,209 | 4,989 |
Other accrued expenses and other liabilities | -11,317 | -2,720 |
Net cash provided by operating activities | 63,973 | 47,441 |
Cash flows from investing activities | ' | ' |
Purchases of property and equipment | -37,620 | -19,526 |
Net proceeds from the sale of assets | 3,427 | 102 |
Loans to customers | -4,544 | ' |
Payments from customers on loans | 2,453 | ' |
Other | -163 | -324 |
Net cash used in investing activities | -36,447 | -19,748 |
Cash flows from financing activities | ' | ' |
Proceeds from revolving credit facility | 557,975 | 310,365 |
Payments on revolving credit facility | -575,729 | -279,210 |
Repurchase of convertible notes | ' | -57,973 |
Repayment of other long-term debt | -4,246 | -2,254 |
Financing fees paid | -436 | -27 |
Excess tax benefit on stock compensation | 601 | 124 |
Proceeds from sale of common stock | 758 | 154 |
Dividends paid | -9,059 | -3,710 |
Net cash used in financing activities | -30,136 | -32,531 |
Cash flows from discontinued operations | ' | ' |
Net cash used in operating activities | -186 | -464 |
Net cash used in discontinued operations | -186 | -464 |
Net decrease in cash and cash equivalents | -2,796 | -5,302 |
Cash and cash equivalents at beginning of period | 9,216 | 8,960 |
Cash and cash equivalents at end of period | $6,420 | $3,658 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Basis of Presentation | 6 Months Ended |
Jul. 12, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies and Basis of Presentation | ' |
Note 1 Summary of Significant Accounting Policies and Basis of Presentation | |
SpartanNash Company was formerly known as Spartan Stores, Inc. Spartan Stores, Inc. began doing business under the assumed name of “SpartanNash Company,” upon completion of the merger with Nash-Finch Company (“Nash-Finch”) on November 19, 2013. The formal name change to SpartanNash Company was approved and became effective after the annual shareholders meeting on May 28, 2014. The accompanying unaudited Condensed Consolidated Financial Statements (the “financial statements”) include the accounts of SpartanNash Company and its subsidiaries (“SpartanNash”). The operating results of Nash-Finch are included in the financial statements for the year-to-date and second quarter ended July 12, 2014 only. All significant intercompany accounts and transactions have been eliminated. | |
In connection with the merger with Nash-Finch, effective November 19, 2013, the Board of Directors of SpartanNash determined to change the Company’s fiscal year end from the last Saturday in March to the Saturday nearest to December 31, beginning with the transition period ended December 28, 2013. Beginning with fiscal 2014 the Company’s interim quarters consist of 12 weeks, except for the first quarter which consists of 16 weeks. As a result of this change, in these financial statements, including the notes thereto, financial results for the current second quarter and year-to-date ended July 12, 2014 are for 12 and 28 weeks, respectively. In addition, our Condensed Consolidated Statements of Earnings include an unaudited 12-week period and 28-week period ended July 20, 2013 and the Condensed Consolidated Statements of Cash Flows for the prior year include an unaudited 28-week period ended July 20, 2013. The prior year financial statements were recast to the new fiscal year format based upon the original fiscal period end dates. As a result, the period end date for the prior year financial statements differs with the current year by one week and the full prior fiscal year will consist of 51 weeks with the fourth quarter comprised of only 11 weeks. | |
In the opinion of management, the accompanying financial statements, taken as a whole, contain all adjustments, which are of a normal recurring nature, necessary to present fairly the financial position of SpartanNash as of July 12, 2014, and the results of its operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 6 Months Ended |
Jul. 12, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Note 2 Recently Issued Accounting Standards | |
On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU No. 2014-08 changes the criteria for reporting discontinued operations and modifies related disclosure requirements. The new guidance is effective on a prospective basis for fiscal years beginning after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. The Company is currently assessing the potential impact of ASU No. 2014-08 on its financial statements. | |
On May 28, 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. The new guidance contained in the ASU affects any reporting organization that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company in the first quarter of its fiscal year ending December 30, 2017. Adoption is allowed by either the full retrospective or modified retrospective approach. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company’s financial statements. |
Merger
Merger | 6 Months Ended | ||||||||||||
Jul. 12, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Merger | ' | ||||||||||||
Note 3 Merger | |||||||||||||
On November 19, 2013, Spartan Stores, Inc. completed a merger with Nash-Finch, a food distribution company serving military commissaries and exchanges and independent grocery retailers as well as an operator of retail grocery stores. | |||||||||||||
The merger was accounted for under the provisions of FASB Accounting Standards Codification Topic 805, “Business Combinations.” The related assets acquired and liabilities assumed were recorded at estimated fair values on the acquisition date. | |||||||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed on November 19, 2013. During the measurement period, which will end on November 18, 2014, net adjustments of $6.9 million have been made to the fair values of the assets acquired and liabilities assumed with a corresponding adjustment to goodwill. These adjustments are summarized in the table presented below. The accompanying condensed consolidated balance sheet as of December 28, 2013 has been retrospectively adjusted to reflect these adjustments made as of November 19, 2013 as required by the accounting guidance for business combinations. The valuation process is not complete and the final determination of the fair values may result in further adjustments to the values presented below: | |||||||||||||
(In thousands) | Initial | 2014 | July 12, 2014 | ||||||||||
Valuation | Adjustments | ||||||||||||
to Fair | |||||||||||||
Value | |||||||||||||
Current assets | $ | 790,296 | $ | (2,788 | ) | $ | 787,508 | ||||||
Property and equipment | 369,495 | (22,995 | ) | 346,500 | |||||||||
Goodwill | 43,584 | 6,872 | 50,456 | ||||||||||
Intangible assets | 10,750 | 19,300 | 30,050 | ||||||||||
Other | 38,160 | — | 38,160 | ||||||||||
Total assets acquired | 1,252,285 | 389 | 1,252,674 | ||||||||||
Current liabilities | 353,484 | (14 | ) | 353,470 | |||||||||
Other long-term liabilities | 81,047 | (353 | ) | 80,694 | |||||||||
Long-term debt and capital lease obligations | 438,140 | 756 | 438,896 | ||||||||||
Total liabilities assumed | 872,671 | 389 | 873,060 | ||||||||||
Net assets acquired | $ | 379,614 | $ | — | $ | 379,614 | |||||||
During the second quarter ended July 12, 2014, management of the Company made revisions to the cash flow projections to correct the allocation between certain reporting units related to the valuation analysis completed in 2013. Management has concluded that the purchase accounting effect of the revisions is not material to the consolidated financial statements for any period presented. As a result of the revisions, we have decreased property and equipment by $23.0 million, while increasing intangible assets by $19.3 million and increasing goodwill by $3.7 million. | |||||||||||||
The excess of the purchase price over the fair value of net assets acquired of $50.5 million was preliminarily recorded as goodwill in the condensed consolidated balance sheet and allocated to the Food Distribution segment. The goodwill recognized is attributable primarily to expected synergies and the assembled workforce of Nash-Finch. No goodwill is expected to be deductible for tax purposes. | |||||||||||||
Intangible assets acquired are currently valued as follows: | |||||||||||||
(In thousands) | Intangible | Useful Life | |||||||||||
Assets | |||||||||||||
Trade names | $ | 6,700 | Indefinite | ||||||||||
Customer lists | 5,200 | 7 years | |||||||||||
Customer relationships | 13,500 | 20 years | |||||||||||
Favorable leases | 4,650 | 7 to 22 years | |||||||||||
$ | 30,050 | ||||||||||||
The following supplemental pro forma financial information presents sales and net earnings as if the Nash-Finch Company was acquired on the first day of the 28-week period ended July 20, 2013. This pro forma information is not necessarily indicative of the results that would have been obtained if the acquisition had occurred at the beginning of the 28-week period presented or that may be obtained in the future. | |||||||||||||
July 20, 2013 | |||||||||||||
(In thousands) | 12 weeks | 28 weeks | |||||||||||
ended | ended | ||||||||||||
Net sales | $ | 1,867,080 | $ | 4,132,219 | |||||||||
Net earnings | 17,519 | 28,106 |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 6 Months Ended | ||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
Note 4 Goodwill and Other Intangible Assets | |||||||||||||||||
Changes in the carrying amount of goodwill were as follows: | |||||||||||||||||
(In thousands) | Retail | Food | Total | ||||||||||||||
Distribution | |||||||||||||||||
Balance at December 28, 2013: | |||||||||||||||||
Goodwill | $ | 254,438 | $ | 145,182 | $ | $399,620 | |||||||||||
Accumulated impairment charges | (86,600 | ) | — | (86,600 | ) | ||||||||||||
Goodwill, net | 167,838 | 145,182 | 313,020 | ||||||||||||||
Other | (768 | ) | — | (768 | ) | ||||||||||||
Balance at July 12, 2014: | |||||||||||||||||
Goodwill | 253,670 | 145,182 | 398,852 | ||||||||||||||
Accumulated impairment charges | (86,600 | ) | — | (86,600 | ) | ||||||||||||
Goodwill, net | $ | 167,070 | $ | 145,182 | $ | 312,252 | |||||||||||
The following table reflects the components of amortized intangible assets, included in “Other, net” on the Condensed Consolidated Balance Sheets: | |||||||||||||||||
July 12, 2014 | 28-Dec-13 | ||||||||||||||||
(In thousands) | Gross | Gross | |||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Non-compete agreements | $ | 2,527 | $ | 1,633 | $ | 4,566 | $ | 3,427 | |||||||||
Favorable leases | 8,408 | 2,485 | 8,408 | 2,215 | |||||||||||||
Pharmacy customer script lists | 16,835 | 9,780 | 17,523 | 8,946 | |||||||||||||
Customer relationships | 13,500 | 441 | 13,500 | 78 | |||||||||||||
Trade names | 1,219 | 356 | 1,219 | 233 | |||||||||||||
Franchise fees and other | 400 | 156 | 370 | 129 | |||||||||||||
Total | $ | 42,889 | $ | 14,851 | $ | 45,586 | $ | 15,028 | |||||||||
The weighted average amortization period for amortizable intangible assets is as follows: | |||||||||||||||||
Non-compete agreements | 4.4 years | ||||||||||||||||
Favorable leases | 16.7 years | ||||||||||||||||
Customer lists | 7.1 years | ||||||||||||||||
Customer relationships | 20.0 years | ||||||||||||||||
Trade names | 7.0 years | ||||||||||||||||
Franchise fees and other | 10.4 years | ||||||||||||||||
Estimated amortization expense for fiscal year 2014 through 2018 is as follows: | |||||||||||||||||
(In thousands) | Fiscal | Amortization | |||||||||||||||
Year | Expense | ||||||||||||||||
2014 | $ | 3,649 | |||||||||||||||
2015 | 3,266 | ||||||||||||||||
2016 | 2,718 | ||||||||||||||||
2017 | 2,609 | ||||||||||||||||
2018 | 2,200 | ||||||||||||||||
Indefinite-lived intangible assets that are not amortized consist primarily of trade names and licenses for the sale of alcoholic beverages which totaled $33.1 million and $33.2 million as of July 12, 2014 and December 28, 2013. |
Restructuring_and_Asset_Impair
Restructuring and Asset Impairment | 6 Months Ended | ||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring and Asset Impairment | ' | ||||||||||||||||
Note 5 Restructuring and Asset Impairment | |||||||||||||||||
The following table provides the activity of restructuring costs for the 28 weeks ended July 12, 2014. Accrued restructuring costs recorded in the Condensed Consolidated Balance Sheets are included in “Other accrued expenses” in Current liabilities and “Other long-term liabilities” in Long-term liabilities based on when the obligations are expected to be paid. | |||||||||||||||||
(In thousands) | Lease and | Severance | Total | ||||||||||||||
Ancillary | |||||||||||||||||
Costs | |||||||||||||||||
Balance at December 28, 2013 | $ | 19,496 | $ | 1,035 | $ | 20,531 | |||||||||||
Provision for lease and related ancillary | 236 | — | 236 | (a) | |||||||||||||
costs, net of sublease income | |||||||||||||||||
Provision for severance | — | 266 | 266 | (b) | |||||||||||||
Changes in estimates | (370 | ) | — | (370 | )(c) | ||||||||||||
Accretion expense | 383 | — | 383 | ||||||||||||||
Payments | (4,010 | ) | (1,217 | ) | (5,227 | ) | |||||||||||
Balance at July 12, 2014 | $ | 15,735 | $ | 84 | $ | 15,819 | |||||||||||
(a) | The provision for lease and related ancillary costs represents the initial charges estimated to be incurred for store closings in the Retail segment. | ||||||||||||||||
(b) | The provision for severance includes $0.1 million related to a distribution center closing in the Food Distribution segment and $0.2 million related to store closings in the Retail segment. | ||||||||||||||||
(c) | Goodwill was reduced by $0.3 million as a result of these changes in estimates as the initial charges for certain stores were established in the purchase price allocations for previous acquisitions. | ||||||||||||||||
Included in the liability are lease obligations recorded at the present value of future minimum lease payments, calculated using a risk-free interest rate, and related ancillary costs from the date of closure to the end of the remaining lease term, net of estimated sublease income. | |||||||||||||||||
Restructuring and asset impairment charges included in the Condensed Consolidated Statements of Earnings consisted of the following: | |||||||||||||||||
12 weeks ended | 28 weeks ended | ||||||||||||||||
(In thousands) | July 12, | July 20, | July 12, | July 20, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Asset impairment charges (a) | $ | — | $ | 987 | $ | 906 | $ | 2,220 | |||||||||
Provision for leases and related ancillary costs, net of sublease income, related to store closings (b) | 218 | — | 236 | — | |||||||||||||
Loss (gains) on sales of assets related to stores closed | 320 | — | (998 | ) | — | ||||||||||||
Provision for severance (c) | 70 | — | 266 | — | |||||||||||||
Other costs associated with distribution center and store closings | 163 | — | 887 | — | |||||||||||||
Changes in estimates (d) | 307 | — | (92 | ) | — | ||||||||||||
$ | 1,078 | $ | 987 | $ | 1,205 | $ | 2,220 | ||||||||||
(a) | The asset impairment charges were incurred in the Retail segment due to economic and competitive environment of certain stores. | ||||||||||||||||
(b) | The provision for lease and related ancillary costs, net of sublease income, represents the initial charges estimated to be incurred for store closings in the Retail segment. | ||||||||||||||||
(c) | The provision for severance related to a distribution center closing in the Food Distribution segment and store closings in the Retail segment. | ||||||||||||||||
(d) | The majority of the changes in estimates relates to revised estimates of lease ancillary costs associated with previously closed facilities in the Retail and Food Distribution segments. The Retail and Food Distribution segments realized $(379) and $287, respectively, in the 28 weeks ended July 12, 2014. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||
Jul. 12, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Measurements | ' | ||||||||
Note 6 Fair Value Measurements | |||||||||
Financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable and long-term debt. The carrying amounts of cash and cash equivalents, accounts and notes receivable, and accounts payable approximate fair value because of the short-term maturities of these financial instruments. At July 12, 2014 and December 28, 2013 the estimated fair value and the book value of our debt instruments were as follows: | |||||||||
(In thousands) | July 12, 2014 | December 28, 2013 | |||||||
Book value of debt instruments: | |||||||||
Current maturities of long-term debt and capital lease obligations | $ | 7,189 | $ | 7,345 | |||||
Long-term debt and capital lease obligations | 576,474 | 598,319 | |||||||
Total book value of debt instruments | 583,663 | 605,664 | |||||||
Fair value of debt instruments | 587,898 | 609,682 | |||||||
Excess of fair value over book value | $ | 4,235 | $ | 4,018 | |||||
The estimated fair value of debt is based on market quotes for instruments with similar terms and remaining maturities (level 2 valuation technique). | |||||||||
ASC 820 prioritizes the inputs to valuation techniques used to measure fair value into the following hierarchy: | |||||||||
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||||
Level 3: Unobservable inputs for the asset or liability, reflecting the reporting entity’s own assumptions about the assumptions that market participants would use in pricing. | |||||||||
Long-lived assets with a book value of $0.9 million and $3.6 million in the 28 week periods ended July 12, 2014 and July 20, 2013, respectively, were measured at a fair value of $0.0 million and $1.4 million, respectively, on a nonrecurring basis using Level 3 inputs as defined in the fair value hierarchy. Our accounting and finance team management, which report to the chief financial officer, determine our valuation policies and procedures. The development and determination of the unobservable inputs for level 3 fair value measurements and fair value calculations are the responsibility of our accounting and finance team management and are approved by the chief financial officer. Fair value of long-lived assets is determined by estimating the amount and timing of net future cash flows, discounted using a risk-adjusted rate of interest. SpartanNash estimates future cash flows based on experience and knowledge of the market in which the assets are located, and when necessary, uses real estate brokers. See Note 5 for discussion of long-lived asset impairment charges. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jul. 12, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 7 Commitments and Contingencies | |
We are engaged from time-to-time in routine legal proceedings incidental to our business. We do not believe that these routine legal proceedings, taken as a whole, will have a material impact on our business or financial condition. While the ultimate effect of such actions cannot be predicted with certainty, management believes that their outcome will not result in a material adverse effect on the consolidated financial position, operating results or liquidity of SpartanNash. | |
On or about July 24, 2013, a putative class action complaint (the “State Court Action”) was filed in the District Court for the Fourth Judicial District, State of Minnesota, County of Hennepin (the “State Court”), by a stockholder of Nash-Finch Company in connection with the pending merger with Spartan Stores, Inc. The State Court Action is styled Greenblatt v. Nash-Finch Co. et al., Case No. 27-cv-13-13710. That complaint was amended on August 28, 2013, after Spartan Stores filed a registration statement with the Securities and Exchange Commission containing a preliminary version of the joint proxy statement/prospectus. On September 9, 2013, the defendants filed motions to dismiss the State Court Action. On or about September 19, 2013, a second putative class action complaint (the “Federal Court Action” and, together with the State Court Action, the “Putative Class Actions”) was filed in the United States District Court for the District of Minnesota (the “Federal Court”), by a stockholder of Nash-Finch. The Federal Court Action was styled Benson v. Covington et al., Case No. 0:13-cv-02574. | |
The Putative Class Actions alleged that the directors of Nash-Finch breached their fiduciary duties by, among other things, approving a merger that provided for inadequate consideration under circumstances involving certain alleged conflicts of interest; that the merger agreement included allegedly preclusive deal protection provisions; and that Nash-Finch and Spartan Stores allegedly aided and abetted the directors in breaching their duties to Nash-Finch’s stockholders. Both Putative Class Actions also alleged that the preliminary joint proxy statement/prospectus was false and misleading due to the omission of a variety of allegedly material information. The complaint in the Federal Court Action also asserted additional claims individually on behalf of the plaintiff under the federal securities laws. The Putative Class Actions sought, on behalf of their putative classes, various remedies, including enjoining the merger from being consummated in accordance with its agreed-upon terms, damages, and costs and disbursements relating to the lawsuit. | |
SpartanNash believed that these lawsuits are without merit; however, to eliminate the burden, expense and uncertainties inherent in such litigation, Nash-Finch and Spartan Stores agreed, as part of settlement discussions, to make certain supplemental disclosures in the joint proxy statement/prospectus requested by the Putative Class Actions in the definitive joint proxy statement/prospectus. On October 30, 2013, the defendants entered into the Memorandum of Understanding regarding the settlement of the Putative Class Actions. The Memorandum of Understanding outlined the terms of the parties’ agreement in principle to settle and release all claims which were or could have been asserted in the Putative Class Actions. In consideration for such settlement and release, Nash-Finch and Spartan Stores acknowledged that the supplemental disclosures in the joint proxy statement/prospectus were made in response to the Putative Class Actions. The Memorandum of Understanding contemplated that the parties will use their best efforts to agree upon, execute and present to the State Court for approval a stipulation of settlement within thirty days after the later of the date that the Merger is consummated or the date that plaintiffs and their counsel have confirmed the fairness, adequacy, and reasonableness of the settlement, and that upon execution of such stipulation, and as a condition to final approval of the settlement, the plaintiff in the Federal Action would withdraw the claims in and cause to be dismissed the Federal Action, with any individual claims being dismissed with prejudice. The Memorandum of Understanding provides that Nash-Finch will pay, on behalf of all defendants, the plaintiffs’ attorneys’ fees and expenses, subject to approval by the State Court, in an amount not to exceed $550,000. On February 11, 2014, the parties executed the Stipulation and Agreement Compromise, Settlement and Release (the “Stipulation of Settlement.”) to resolve, discharge and settle the Putative Class Actions. The Stipulation of Settlement is subject to customary conditions, including approval by the State Court, which will consider the fairness, reasonableness and adequacy of such settlement. On February 18, 2014, the Federal Court entered a final order dismissing the Federal Court Action with prejudice. On February 28, 2014, pursuant to the terms of the Stipulation of Settlement, the plaintiffs in the State Court Action filed an unopposed motion for preliminary approval of class action settlement, conditional certification of class, and approval of notice to be furnished to the class. On March 7, 2014, the State Court entered an order preliminarily approving the Settlement Stipulation, subject to a hearing, scheduled for May 20, 2014. At the hearing on May 20, 2014, the Settlement Stipulation was approved. On July 21, 2014, the appeals period expired and the matter is now closed. | |
SpartanNash contributes to the Central States multi-employer pension plan based on obligations arising from its collective bargaining agreements in Bellefontaine, Ohio, Lima, Ohio, and Grand Rapids, Michigan covering its distribution center union associates. This plan provides retirement benefits to participants based on their service to contributing employers. The benefits are paid from assets held in trust for that purpose. Trustees are appointed by contributing employers and unions; however, SpartanNash is not a trustee. The trustees typically are responsible for determining the level of benefits to be provided to participants, as well as for such matters as the investment of the assets and the administration of the plan. SpartanNash currently contributes to the Central States, Southeast and Southwest Areas Pension Fund under the terms outlined in the “Primary Schedule” of Central States’ Rehabilitation Plan. This schedule requires varying increases in employer contributions over the previous year’s contribution. Increases are set within the collective bargaining agreement and vary by location. | |
Based on the most recent information available to SpartanNash, management believes that the present value of actuarial accrued liabilities in this multi-employer plan significantly exceeds the value of the assets held in trust to pay benefits. Because SpartanNash is one of a number of employers contributing to this plan, it is difficult to ascertain what the exact amount of the underfunding would be, although management anticipates that SpartanNash’s contributions to this plan will increase each year. Management believes that funding levels have not changed significantly since December 28, 2013. To reduce this underfunding, management expects meaningful increases in expense as a result of required incremental multi-employer pension plan contributions in future years. Any adjustment for withdrawal liability will be recorded when it is probable that a liability exists and can be reasonably determined. |
Associate_Retirement_Plans
Associate Retirement Plans | 6 Months Ended | ||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Associate Retirement Plans | ' | ||||||||||||||||
Note 8 Associate Retirement Plans | |||||||||||||||||
The following table provides the components of net periodic pension and postretirement benefit costs for the 12 weeks and 28 weeks ended July 12, 2014 and July 20, 2013: | |||||||||||||||||
(In thousands) | Cash Balance | Super Foods | |||||||||||||||
12 Weeks Ended | Pension Plan | Pension Plan | |||||||||||||||
July 12, | July 20, | July 12, | |||||||||||||||
2014 | 2013 | 2014 | |||||||||||||||
Interest cost | $ | 557 | $ | 517 | $ | 461 | |||||||||||
Expected return on plan assets | (868 | ) | (944 | ) | (532 | ) | |||||||||||
Recognized actuarial net loss | 228 | 300 | — | ||||||||||||||
Net periodic income | $ | (83 | ) | $ | (127 | ) | $ | (71 | ) | ||||||||
Settlement expense | 522 | — | — | ||||||||||||||
Total expense (income) | $ | 439 | $ | (127 | ) | $ | (71 | ) | |||||||||
(In thousands) | SERP | Spartan Stores | |||||||||||||||
12 Weeks Ended | Medical Plan | ||||||||||||||||
July 12, | July 20, | July 12, | July 20, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | — | $ | — | $ | 43 | $ | 59 | |||||||||
Interest cost | 8 | 8 | 91 | 89 | |||||||||||||
Amortization of prior service cost | — | — | (37 | ) | (13 | ) | |||||||||||
Recognized actuarial net loss | 7 | 6 | 5 | 41 | |||||||||||||
Net periodic cost | $ | 15 | $ | 14 | $ | 102 | $ | 176 | |||||||||
(In thousands) | Cash Balance | Super Foods | |||||||||||||||
28 Weeks Ended | Pension Plan | Pension Plan | |||||||||||||||
July 12, | July 20, | July 12, | |||||||||||||||
2014 | 2013 | 2014 | |||||||||||||||
Interest cost | $ | 1,298 | $ | 1,287 | $ | 1,075 | |||||||||||
Expected return on plan assets | (2,024 | ) | (2,297 | ) | (1,241 | ) | |||||||||||
Recognized actuarial net loss | 533 | 695 | — | ||||||||||||||
Net periodic income | $ | (193 | ) | $ | (315 | ) | $ | (166 | ) | ||||||||
Settlement expense | 522 | — | — | ||||||||||||||
Total expense (income) | $ | 329 | $ | (315 | ) | $ | (166 | ) | |||||||||
(In thousands) | SERP | Spartan Stores | |||||||||||||||
28 Weeks Ended | Medical Plan | ||||||||||||||||
July 12, | July 20, | July 12, | July 20, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | — | $ | — | $ | 100 | $ | 124 | |||||||||
Interest cost | 19 | 20 | 212 | 211 | |||||||||||||
Amortization of prior service cost | — | — | (85 | ) | (29 | ) | |||||||||||
Recognized actuarial net loss | 16 | 16 | 11 | 86 | |||||||||||||
Net periodic cost | $ | 35 | $ | 36 | $ | 238 | $ | 392 | |||||||||
The Company made contributions of $0.9 million to the Super Foods Pension Plan during the 28 weeks and 12 weeks ended July 12, 2014, and expects to make contributions totaling $2.4 million for the fiscal year ending January 3, 2015. No contributions were made to the Cash Balance Pension Plan for the 28 weeks ended July 12, 2014, nor are any expected to be made for the fiscal year ending January 3, 2015. | |||||||||||||||||
As previously stated in Note 7, SpartanNash contributes to the Central States Southeast and Southwest Areas Pension Fund (“Fund”) (EIN 7456500) under the terms of the existing collective bargaining agreements and in the amounts set forth in the related collective bargaining agreements. Spartan Nash’s employer contributions during the 39-week transition fiscal year ended December 28, 2013 totaled $6.8 million, which Fund administrators represent is less than 5% of total employer contributions to the Fund. SpartanNash’s employer contributions for the 28 weeks ended July 12, 2014 and July 20, 2013 were $7.3 million and $5.1 million, respectively. |
Other_Comprehensive_Income_or_
Other Comprehensive Income or Loss | 6 Months Ended |
Jul. 12, 2014 | |
Equity [Abstract] | ' |
Other Comprehensive Income or Loss | ' |
Note 9 Other Comprehensive Income or Loss | |
SpartanNash reports comprehensive income or loss in accordance with ASU 2012-13, “Comprehensive Income,” in the financial statements. Total comprehensive income is defined as all changes in shareholders’ equity during a period, other than those resulting from investments by and distributions to shareholders. Generally, for SpartanNash, total comprehensive income equals net earnings plus or minus adjustments for pension and other postretirement benefits. | |
While total comprehensive income is the activity in a period and is largely driven by net earnings in that period, accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other comprehensive income, net of tax, as of the balance sheet date. For SpartanNash, AOCI is the cumulative balance related to pension and other postretirement benefits. | |
During the 12 week periods ended July 12, 2014 and July 20, 2013, $0.1 million and $0.2 million, respectively, was reclassified from AOCI to the Condensed Consolidated Statement of Earnings, of which $0.2 million and $0.3 million, respectively, increased selling, general and administrative expenses and $0.1 million reduced income taxes in each period. During the 28 weeks ended July 12, 2014 and July 20, 2013, $0.3 million was reclassified from AOCI to the Condensed Consolidated Statement of Earnings, of which $0.5 million increased selling, general and administrative expenses and $0.2 million reduced income taxes. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jul. 12, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 10 Income Taxes | |
The effective income tax rate was 36.0% and 37.7% for the 12 weeks ended July 12, 2014 and July 20, 2013, respectively. For the 28 weeks ended July 12, 2014 and July 20, 2013, the effective income tax rate was 36.7% and 38.3%, respectively. The difference from the Federal statutory rate in the current year was due primarily to state income taxes, partially offset by a benefit for the favorable settlement of an unrecognized tax liability established in the prior year. The differences from the Federal statutory rate in the prior year were due primarily to state income taxes. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | ||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Note 11 Share-Based Compensation | |||||||||||||||||
SpartanNash has three shareholder-approved stock incentive plans that provide for the granting of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, stock awards, and other stock-based awards to directors, officers and other key associates. | |||||||||||||||||
SpartanNash accounts for share-based compensation awards in accordance with the provisions of ASC Topic 718 which requires that share-based payment transactions be accounted for using a fair value method and the related compensation cost recognized in the financial statements over the period that an employee is required to provide services in exchange for the award. SpartanNash recognized share-based compensation expense (net of tax) of $0.7 million ($0.02 per diluted share) and $0.6 million ($0.03 per diluted share) for the 12 weeks ended July 12, 2014 and July 20, 2013, respectively, as a component of Operating expenses and Income taxes in the Condensed Consolidated Statements of Earnings. Share-based compensation expense (net of tax) was $3.1 million ($0.08 per diluted share) and $1.3 million ($0.06 per diluted share) for the 28 weeks ended July 12, 2014 and July 20, 2013, respectively. | |||||||||||||||||
The following table summarizes activity in the share-based compensation plans for the 28 weeks ended July 12, 2014: | |||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Shares | Average | Restricted | Average | ||||||||||||||
Under | Exercise | Stock | Grant-Date | ||||||||||||||
Options | Price | Awards | Fair Value | ||||||||||||||
Outstanding at December 28, 2013 | 586,766 | $ | 19.3 | 518,835 | $ | 23.56 | |||||||||||
Granted | — | — | 310,612 | 22.66 | |||||||||||||
Exercised/Vested | (54,120 | ) | 12.27 | (219,894 | ) | 16.41 | |||||||||||
Cancelled/Forfeited | (4,131 | ) | 3.25 | (10,656 | ) | 21.71 | |||||||||||
Outstanding at July 12, 2014 | 528,515 | $ | 20.14 | 598,897 | $ | 23.1 | |||||||||||
Vested and expected to vest in the future at July 12, 2014 | 528,515 | $ | 20.14 | ||||||||||||||
Exercisable at July 12, 2014 | 528,515 | $ | 20.14 | ||||||||||||||
There were no stock options granted during the 28 weeks ended July 12, 2014 and July 20, 2013. | |||||||||||||||||
As of July 12, 2014, total unrecognized compensation cost related to non-vested share-based awards granted under our stock incentive plans was $6.3 million for restricted stock. The remaining compensation costs not yet recognized are expected to be recognized over a weighted average period of 2.5 years for restricted stock. All compensation costs related to stock options have been recognized. |
Discontinued_Operations
Discontinued Operations | 6 Months Ended |
Jul. 12, 2014 | |
Discontinued Operations And Disposal Groups [Abstract] | ' |
Discontinued Operations | ' |
Note 12 Discontinued Operations | |
Results of the discontinued operations are excluded from the accompanying notes to the financial statements for all periods presented, unless otherwise noted. There were no operations that were reclassified to discontinued operations during the 28 weeks ended July 12, 2014. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Note 13 Earnings Per Share | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for continuing operations: | |||||||||||||||||
12 weeks ended | 28 weeks ended | ||||||||||||||||
(In thousands, except per share amounts) | July 12, | July 20, | July 12, | July 20, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Earnings from continuing operations | $ | 17,395 | $ | 8,056 | $ | 29,914 | $ | 16,968 | |||||||||
Adjustment for earnings attributable to participating securities | (296 | ) | (184 | ) | (535 | ) | (410 | ) | |||||||||
Earnings from continuing operations used in calculating earnings per share | $ | 17,099 | $ | 7,872 | $ | 29,379 | $ | 16,558 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding, including participating securities | 37,744 | 21,858 | 37,662 | 21,796 | |||||||||||||
Adjustment for participating securities | (642 | ) | (499 | ) | (673 | ) | (527 | ) | |||||||||
Shares used in calculating basic earnings per share | 37,102 | 21,359 | 36,989 | 21,269 | |||||||||||||
Effect of dilutive stock options | 66 | 82 | 76 | 79 | |||||||||||||
Shares used in calculating diluted earnings per share | 37,168 | 21,441 | 37,065 | 21,348 | |||||||||||||
Basic earnings per share from continuing operations | $ | 0.46 | $ | 0.37 | $ | 0.79 | $ | 0.78 | |||||||||
Diluted earnings per share from continuing operations | $ | 0.46 | $ | 0.37 | $ | 0.79 | $ | 0.78 | |||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 6 Months Ended |
Jul. 12, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Supplemental Cash Flow Information | ' |
Note 14 Supplemental Cash Flow Information | |
Non-cash financing activities include the issuance of restricted stock to employees and directors of $7.0 million and $3.8 million for the 28 weeks ended July 12, 2014 and July 20, 2013, respectively. Non-cash investing activities include capital expenditures included in accounts payable of $3.8 million and $1.2 million for the 28 weeks ended July 12, 2014 and July 20, 2013, respectively. |
Operating_Segment_Information
Operating Segment Information | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Operating Segment Information | ' | ||||||||||||||||||||||||||||||||
Note 15 Operating Segment Information | |||||||||||||||||||||||||||||||||
The allocation of intersegment revenues and expenses to the reporting segments was performed for the legacy Spartan Stores operations and the legacy Nash-Finch Company operations using methodologies consistent with Spartan Stores’ and Nash-Finch Company’s respective historical practices. Management is in the process of evaluating potential methodologies for allocating intersegment revenues and expenses to the reporting segments to determine the most appropriate manner for the newly merged operations. The future allocation methodology could result in reporting segment operating results that are materially different than currently reported. | |||||||||||||||||||||||||||||||||
The following tables set forth information about SpartanNash by operating segment: | |||||||||||||||||||||||||||||||||
(In thousands) | Military | Food | Retail | Total | |||||||||||||||||||||||||||||
Distribution | |||||||||||||||||||||||||||||||||
12 Week Period Ended July 12, 2014 | |||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 502,402 | $ | 767,926 | $ | 539,847 | $ | 1,810,175 | |||||||||||||||||||||||||
Inter-segment sales | — | 243,866 | — | 243,866 | |||||||||||||||||||||||||||||
Merger transaction and integration expenses | 24 | 2,554 | 3 | 2,581 | |||||||||||||||||||||||||||||
Depreciation and amortization | 1,486 | 7,705 | 10,226 | 19,417 | |||||||||||||||||||||||||||||
Operating earnings | 6,731 | 11,128 | 14,790 | 32,649 | |||||||||||||||||||||||||||||
Capital expenditures | 2,653 | 3,423 | 8,705 | 14,781 | |||||||||||||||||||||||||||||
Food | Retail | Total | |||||||||||||||||||||||||||||||
Distribution | |||||||||||||||||||||||||||||||||
12 Week Period Ended July 20, 2013 | |||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 271,890 | $ | 379,235 | $ | 651,125 | |||||||||||||||||||||||||||
Inter-segment sales | 160,209 | — | 160,209 | ||||||||||||||||||||||||||||||
Merger transaction and integration expenses | 2,377 | — | 2,377 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 2,087 | 7,405 | 9,492 | ||||||||||||||||||||||||||||||
Operating earnings | 6,765 | 8,401 | 15,166 | ||||||||||||||||||||||||||||||
Capital expenditures | 2,562 | 7,237 | 9,799 | ||||||||||||||||||||||||||||||
Military | Food | Retail | Total | ||||||||||||||||||||||||||||||
Distribution | |||||||||||||||||||||||||||||||||
28 Week Period Ended July 12, 2014 | |||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 1,186,569 | $ | 1,738,928 | $ | 1,218,405 | $ | 4,143,902 | |||||||||||||||||||||||||
Inter-segment sales | — | 555,682 | — | 555,682 | |||||||||||||||||||||||||||||
Merger transaction and integration expenses | 24 | 6,722 | 3 | 6,749 | |||||||||||||||||||||||||||||
Depreciation and amortization | 5,679 | 17,433 | 23,858 | 46,970 | |||||||||||||||||||||||||||||
Operating earnings | 12,292 | 25,489 | 22,446 | 60,227 | |||||||||||||||||||||||||||||
Capital expenditures | 12,848 | 9,990 | 14,782 | 37,620 | |||||||||||||||||||||||||||||
Food | Retail | Total | |||||||||||||||||||||||||||||||
Distribution | |||||||||||||||||||||||||||||||||
28 Week Period Ended July 20, 2013 | |||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 608,596 | $ | 822,807 | $ | 1,431,403 | |||||||||||||||||||||||||||
Inter-segment sales | 359,082 | — | 359,082 | ||||||||||||||||||||||||||||||
Merger transaction and integration expenses | 2,377 | — | 2,377 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 4,903 | 17,315 | 22,218 | ||||||||||||||||||||||||||||||
Operating earnings | 26,086 | 10,172 | 36,258 | ||||||||||||||||||||||||||||||
Capital expenditures | 5,469 | 14,057 | 19,526 | ||||||||||||||||||||||||||||||
July 12, | December 28, | ||||||||||||||||||||||||||||||||
2014 | 2013* | ||||||||||||||||||||||||||||||||
Total Assets | |||||||||||||||||||||||||||||||||
Military | $ | 483,482 | $ | 451,556 | |||||||||||||||||||||||||||||
Food Distribution | 802,130 | 820,728 | |||||||||||||||||||||||||||||||
Retail | 698,917 | 722,012 | |||||||||||||||||||||||||||||||
Discontinued operations | 4,705 | 4,767 | |||||||||||||||||||||||||||||||
Total | $ | 1,989,234 | $ | 1,999,063 | |||||||||||||||||||||||||||||
* | See Note 3. | ||||||||||||||||||||||||||||||||
The following table presents sales by type of similar product and services: | |||||||||||||||||||||||||||||||||
12 Weeks Ended | 28 Weeks Ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | July 12, 2014 | July 20, 2013 | July 12, 2014 | July 20, 2013 | |||||||||||||||||||||||||||||
Non-perishables (1) | $ | 1,131,903 | 62.5 | % | $ | 315,081 | 48.4 | % | $ | 2,606,963 | 62.9 | % | $ | 700,507 | 48.9 | % | |||||||||||||||||
Perishables (2) | 566,828 | 31.3 | 240,539 | 36.9 | 1,285,832 | 31 | 516,741 | 36.1 | |||||||||||||||||||||||||
Pharmacy | 65,033 | 3.6 | 48,147 | 7.4 | 149,726 | 3.6 | 112,333 | 7.9 | |||||||||||||||||||||||||
Fuel | 46,411 | 2.6 | 47,358 | 7.3 | 101,381 | 2.5 | 101,822 | 7.1 | |||||||||||||||||||||||||
Consolidated net sales | $ | 1,810,175 | 100 | % | $ | 651,125 | 100 | % | $ | 4,143,902 | 100 | % | $ | 1,431,403 | 100 | % | |||||||||||||||||
(1) | Consists primarily of general merchandise, grocery, beverages, snacks and frozen foods. | ||||||||||||||||||||||||||||||||
(2) | Consists primarily of produce, dairy, meat, bakery, deli, floral and seafood. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Basis of Presentation (Policies) | 6 Months Ended |
Jul. 12, 2014 | |
Accounting Policies [Abstract] | ' |
Fiscal Year | ' |
In connection with the merger with Nash-Finch, effective November 19, 2013, the Board of Directors of SpartanNash determined to change the Company’s fiscal year end from the last Saturday in March to the Saturday nearest to December 31, beginning with the transition period ended December 28, 2013. Beginning with fiscal 2014 the Company’s interim quarters consist of 12 weeks, except for the first quarter which consists of 16 weeks. As a result of this change, in these financial statements, including the notes thereto, financial results for the current second quarter and year-to-date ended July 12, 2014 are for 12 and 28 weeks, respectively. In addition, our Condensed Consolidated Statements of Earnings include an unaudited 12-week period and 28-week period ended July 20, 2013 and the Condensed Consolidated Statements of Cash Flows for the prior year include an unaudited 28-week period ended July 20, 2013. The prior year financial statements were recast to the new fiscal year format based upon the original fiscal period end dates. As a result, the period end date for the prior year financial statements differs with the current year by one week and the full prior fiscal year will consist of 51 weeks with the fourth quarter comprised of only 11 weeks. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
On April 10, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08 “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” ASU No. 2014-08 changes the criteria for reporting discontinued operations and modifies related disclosure requirements. The new guidance is effective on a prospective basis for fiscal years beginning after December 15, 2014, and interim periods within annual periods beginning on or after December 15, 2015. The Company is currently assessing the potential impact of ASU No. 2014-08 on its financial statements. | |
On May 28, 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” which provides guidance for revenue recognition. The new guidance contained in the ASU affects any reporting organization that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company in the first quarter of its fiscal year ending December 30, 2017. Adoption is allowed by either the full retrospective or modified retrospective approach. The Company is currently in the process of evaluating the impact of adoption of this ASU on the Company’s financial statements. | |
Business Combinations | ' |
The merger was accounted for under the provisions of FASB Accounting Standards Codification Topic 805, “Business Combinations.” The related assets acquired and liabilities assumed were recorded at estimated fair values on the acquisition date. |
Merger_Tables
Merger (Tables) | 6 Months Ended | ||||||||||||
Jul. 12, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The valuation process is not complete and the final determination of the fair values may result in further adjustments to the values presented below: | |||||||||||||
(In thousands) | Initial | 2014 | July 12, 2014 | ||||||||||
Valuation | Adjustments | ||||||||||||
to Fair | |||||||||||||
Value | |||||||||||||
Current assets | $ | 790,296 | $ | (2,788 | ) | $ | 787,508 | ||||||
Property and equipment | 369,495 | (22,995 | ) | 346,500 | |||||||||
Goodwill | 43,584 | 6,872 | 50,456 | ||||||||||
Intangible assets | 10,750 | 19,300 | 30,050 | ||||||||||
Other | 38,160 | — | 38,160 | ||||||||||
Total assets acquired | 1,252,285 | 389 | 1,252,674 | ||||||||||
Current liabilities | 353,484 | (14 | ) | 353,470 | |||||||||
Other long-term liabilities | 81,047 | (353 | ) | 80,694 | |||||||||
Long-term debt and capital lease obligations | 438,140 | 756 | 438,896 | ||||||||||
Total liabilities assumed | 872,671 | 389 | 873,060 | ||||||||||
Net assets acquired | $ | 379,614 | $ | — | $ | 379,614 | |||||||
Intangible Assets Acquired | ' | ||||||||||||
Intangible assets acquired are currently valued as follows: | |||||||||||||
(In thousands) | Intangible | Useful Life | |||||||||||
Assets | |||||||||||||
Trade names | $ | 6,700 | Indefinite | ||||||||||
Customer lists | 5,200 | 7 years | |||||||||||
Customer relationships | 13,500 | 20 years | |||||||||||
Favorable leases | 4,650 | 7 to 22 years | |||||||||||
$ | 30,050 | ||||||||||||
Pro Forma Effect on Operating Results | ' | ||||||||||||
This pro forma information is not necessarily indicative of the results that would have been obtained if the acquisition had occurred at the beginning of the 28-week period presented or that may be obtained in the future. | |||||||||||||
July 20, 2013 | |||||||||||||
(In thousands) | 12 weeks | 28 weeks | |||||||||||
ended | ended | ||||||||||||
Net sales | $ | 1,867,080 | $ | 4,132,219 | |||||||||
Net earnings | 17,519 | 28,106 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||
Changes in the carrying amount of goodwill were as follows: | |||||||||||||||||
(In thousands) | Retail | Food | Total | ||||||||||||||
Distribution | |||||||||||||||||
Balance at December 28, 2013: | |||||||||||||||||
Goodwill | $ | 254,438 | $ | 145,182 | $ | $399,620 | |||||||||||
Accumulated impairment charges | (86,600 | ) | — | (86,600 | ) | ||||||||||||
Goodwill, net | 167,838 | 145,182 | 313,020 | ||||||||||||||
Other | (768 | ) | — | (768 | ) | ||||||||||||
Balance at July 12, 2014: | |||||||||||||||||
Goodwill | 253,670 | 145,182 | 398,852 | ||||||||||||||
Accumulated impairment charges | (86,600 | ) | — | (86,600 | ) | ||||||||||||
Goodwill, net | $ | 167,070 | $ | 145,182 | $ | 312,252 | |||||||||||
Schedule of Components of Amortized Intangible Assets, Includes in Other Net | ' | ||||||||||||||||
The following table reflects the components of amortized intangible assets, included in “Other, net” on the Condensed Consolidated Balance Sheets: | |||||||||||||||||
July 12, 2014 | 28-Dec-13 | ||||||||||||||||
(In thousands) | Gross | Gross | |||||||||||||||
Carrying | Accumulated | Carrying | Accumulated | ||||||||||||||
Amount | Amortization | Amount | Amortization | ||||||||||||||
Non-compete agreements | $ | 2,527 | $ | 1,633 | $ | 4,566 | $ | 3,427 | |||||||||
Favorable leases | 8,408 | 2,485 | 8,408 | 2,215 | |||||||||||||
Pharmacy customer script lists | 16,835 | 9,780 | 17,523 | 8,946 | |||||||||||||
Customer relationships | 13,500 | 441 | 13,500 | 78 | |||||||||||||
Trade names | 1,219 | 356 | 1,219 | 233 | |||||||||||||
Franchise fees and other | 400 | 156 | 370 | 129 | |||||||||||||
Total | $ | 42,889 | $ | 14,851 | $ | 45,586 | $ | 15,028 | |||||||||
Summary of Weighted Average Amortization Period for Amortizable Intangible Assets | ' | ||||||||||||||||
The weighted average amortization period for amortizable intangible assets is as follows: | |||||||||||||||||
Non-compete agreements | 4.4 years | ||||||||||||||||
Favorable leases | 16.7 years | ||||||||||||||||
Customer lists | 7.1 years | ||||||||||||||||
Customer relationships | 20.0 years | ||||||||||||||||
Trade names | 7.0 years | ||||||||||||||||
Franchise fees and other | 10.4 years | ||||||||||||||||
Schedule of Estimated Amortization Expense for Future | ' | ||||||||||||||||
Estimated amortization expense for fiscal year 2014 through 2018 is as follows: | |||||||||||||||||
(In thousands) | Fiscal | Amortization | |||||||||||||||
Year | Expense | ||||||||||||||||
2014 | $ | 3,649 | |||||||||||||||
2015 | 3,266 | ||||||||||||||||
2016 | 2,718 | ||||||||||||||||
2017 | 2,609 | ||||||||||||||||
2018 | 2,200 |
Restructuring_and_Asset_Impair1
Restructuring and Asset Impairment (Tables) | 6 Months Ended | ||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Schedule of Activity of Restructuring Costs | ' | ||||||||||||||||
The following table provides the activity of restructuring costs for the 28 weeks ended July 12, 2014. Accrued restructuring costs recorded in the Condensed Consolidated Balance Sheets are included in “Other accrued expenses” in Current liabilities and “Other long-term liabilities” in Long-term liabilities based on when the obligations are expected to be paid. | |||||||||||||||||
(In thousands) | Lease and | Severance | Total | ||||||||||||||
Ancillary | |||||||||||||||||
Costs | |||||||||||||||||
Balance at December 28, 2013 | $ | 19,496 | $ | 1,035 | $ | 20,531 | |||||||||||
Provision for lease and related ancillary | 236 | — | 236 | (a) | |||||||||||||
costs, net of sublease income | |||||||||||||||||
Provision for severance | — | 266 | 266 | (b) | |||||||||||||
Changes in estimates | (370 | ) | — | (370 | )(c) | ||||||||||||
Accretion expense | 383 | — | 383 | ||||||||||||||
Payments | (4,010 | ) | (1,217 | ) | (5,227 | ) | |||||||||||
Balance at July 12, 2014 | $ | 15,735 | $ | 84 | $ | 15,819 | |||||||||||
(a) | The provision for lease and related ancillary costs represents the initial charges estimated to be incurred for store closings in the Retail segment. | ||||||||||||||||
(b) | The provision for severance includes $0.1 million related to a distribution center closing in the Food Distribution segment and $0.2 million related to store closings in the Retail segment. | ||||||||||||||||
(c) | Goodwill was reduced by $0.3 million as a result of these changes in estimates as the initial charges for certain stores were established in the purchase price allocations for previous acquisitions. | ||||||||||||||||
Schedule of Restructuring and Asset Impairment | ' | ||||||||||||||||
Restructuring and asset impairment charges included in the Condensed Consolidated Statements of Earnings consisted of the following: | |||||||||||||||||
12 weeks ended | 28 weeks ended | ||||||||||||||||
(In thousands) | July 12, | July 20, | July 12, | July 20, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Asset impairment charges (a) | $ | — | $ | 987 | $ | 906 | $ | 2,220 | |||||||||
Provision for leases and related ancillary costs, net of sublease income, related to store closings (b) | 218 | — | 236 | — | |||||||||||||
Loss (gains) on sales of assets related to stores closed | 320 | — | (998 | ) | — | ||||||||||||
Provision for severance (c) | 70 | — | 266 | — | |||||||||||||
Other costs associated with distribution center and store closings | 163 | — | 887 | — | |||||||||||||
Changes in estimates (d) | 307 | — | (92 | ) | — | ||||||||||||
$ | 1,078 | $ | 987 | $ | 1,205 | $ | 2,220 | ||||||||||
(a) | The asset impairment charges were incurred in the Retail segment due to economic and competitive environment of certain stores. | ||||||||||||||||
(b) | The provision for lease and related ancillary costs, net of sublease income, represents the initial charges estimated to be incurred for store closings in the Retail segment. | ||||||||||||||||
(c) | The provision for severance related to a distribution center closing in the Food Distribution segment and store closings in the Retail segment. | ||||||||||||||||
(d) | The majority of the changes in estimates relates to revised estimates of lease ancillary costs associated with previously closed facilities in the Retail and Food Distribution segments. The Retail and Food Distribution segments realized $(379) and $287, respectively, in the 28 weeks ended July 12, 2014. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||
Jul. 12, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Schedule of Estimated Fair Value and Book Value of Debt Instruments | ' | ||||||||
At July 12, 2014 and December 28, 2013 the estimated fair value and the book value of our debt instruments were as follows: | |||||||||
(In thousands) | July 12, | December 28, | |||||||
2014 | 2013 | ||||||||
Book value of debt instruments: | |||||||||
Current maturities of long-term debt and capital lease obligations | $ | 7,189 | $ | 7,345 | |||||
Long-term debt and capital lease obligations | 576,474 | 598,319 | |||||||
Total book value of debt instruments | 583,663 | 605,664 | |||||||
Fair value of debt instruments | 587,898 | 609,682 | |||||||
Excess of fair value over book value | $ | 4,235 | $ | 4,018 | |||||
Associate_Retirement_Plans_Tab
Associate Retirement Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Pension and Postretirement Benefit Costs | ' | ||||||||||||||||
The following table provides the components of net periodic pension and postretirement benefit costs for the 12 weeks and 28 weeks ended July 12, 2014 and July 20, 2013: | |||||||||||||||||
(In thousands) | Cash Balance | Super Foods | |||||||||||||||
12 Weeks Ended | Pension Plan | Pension Plan | |||||||||||||||
July 12, | July 20, | July 12, | |||||||||||||||
2014 | 2013 | 2014 | |||||||||||||||
Interest cost | $ | 557 | $ | 517 | $ | 461 | |||||||||||
Expected return on plan assets | (868 | ) | (944 | ) | (532 | ) | |||||||||||
Recognized actuarial net loss | 228 | 300 | — | ||||||||||||||
Net periodic income | $ | (83 | ) | $ | (127 | ) | $ | (71 | ) | ||||||||
Settlement expense | 522 | — | — | ||||||||||||||
Total expense (income) | $ | 439 | $ | (127 | ) | $ | (71 | ) | |||||||||
(In thousands) | SERP | Spartan Stores | |||||||||||||||
12 Weeks Ended | Medical Plan | ||||||||||||||||
July 12, | July 20, | July 12, | July 20, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | — | $ | — | $ | 43 | $ | 59 | |||||||||
Interest cost | 8 | 8 | 91 | 89 | |||||||||||||
Amortization of prior service cost | — | — | (37 | ) | (13 | ) | |||||||||||
Recognized actuarial net loss | 7 | 6 | 5 | 41 | |||||||||||||
Net periodic cost | $ | 15 | $ | 14 | $ | 102 | $ | 176 | |||||||||
(In thousands) | Cash Balance | Super Foods | |||||||||||||||
28 Weeks Ended | Pension Plan | Pension Plan | |||||||||||||||
July 12, | July 20, | July 12, | |||||||||||||||
2014 | 2013 | 2014 | |||||||||||||||
Interest cost | $ | 1,298 | $ | 1,287 | $ | 1,075 | |||||||||||
Expected return on plan assets | (2,024 | ) | (2,297 | ) | (1,241 | ) | |||||||||||
Recognized actuarial net loss | 533 | 695 | — | ||||||||||||||
Net periodic income | $ | (193 | ) | $ | (315 | ) | $ | (166 | ) | ||||||||
Settlement expense | 522 | — | — | ||||||||||||||
Total expense (income) | $ | 329 | $ | (315 | ) | $ | (166 | ) | |||||||||
(In thousands) | SERP | Spartan Stores | |||||||||||||||
28 Weeks Ended | Medical Plan | ||||||||||||||||
July 12, | July 20, | July 12, | July 20, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | — | $ | — | $ | 100 | $ | 124 | |||||||||
Interest cost | 19 | 20 | 212 | 211 | |||||||||||||
Amortization of prior service cost | — | — | (85 | ) | (29 | ) | |||||||||||
Recognized actuarial net loss | 16 | 16 | 11 | 86 | |||||||||||||
Net periodic cost | $ | 35 | $ | 36 | $ | 238 | $ | 392 | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Share-Based Compensation Activity | ' | ||||||||||||||||
The following table summarizes activity in the share-based compensation plans for the 28 weeks ended July 12, 2014: | |||||||||||||||||
Weighted | Weighted | ||||||||||||||||
Shares | Average | Restricted | Average | ||||||||||||||
Under | Exercise | Stock | Grant-Date | ||||||||||||||
Options | Price | Awards | Fair Value | ||||||||||||||
Outstanding at December 28, 2013 | 586,766 | $ | 19.3 | 518,835 | $ | 23.56 | |||||||||||
Granted | — | — | 310,612 | 22.66 | |||||||||||||
Exercised/Vested | (54,120 | ) | 12.27 | (219,894 | ) | 16.41 | |||||||||||
Cancelled/Forfeited | (4,131 | ) | 3.25 | (10,656 | ) | 21.71 | |||||||||||
Outstanding at July 12, 2014 | 528,515 | $ | 20.14 | 598,897 | $ | 23.1 | |||||||||||
Vested and expected to vest in the future at July 12, 2014 | 528,515 | $ | 20.14 | ||||||||||||||
Exercisable at July 12, 2014 | 528,515 | $ | 20.14 | ||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share for Continuing Operations | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for continuing operations: | |||||||||||||||||
12 weeks ended | 28 weeks ended | ||||||||||||||||
(In thousands, except per share amounts) | July 12, | July 20, | July 12, | July 20, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Earnings from continuing operations | $ | 17,395 | $ | 8,056 | $ | 29,914 | $ | 16,968 | |||||||||
Adjustment for earnings attributable to participating securities | (296 | ) | (184 | ) | (535 | ) | (410 | ) | |||||||||
Earnings from continuing operations used in calculating earnings per share | $ | 17,099 | $ | 7,872 | $ | 29,379 | $ | 16,558 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding, including participating securities | 37,744 | 21,858 | 37,662 | 21,796 | |||||||||||||
Adjustment for participating securities | (642 | ) | (499 | ) | (673 | ) | (527 | ) | |||||||||
Shares used in calculating basic earnings per share | 37,102 | 21,359 | 36,989 | 21,269 | |||||||||||||
Effect of dilutive stock options | 66 | 82 | 76 | 79 | |||||||||||||
Shares used in calculating diluted earnings per share | 37,168 | 21,441 | 37,065 | 21,348 | |||||||||||||
Basic earnings per share from continuing operations | $ | 0.46 | $ | 0.37 | $ | 0.79 | $ | 0.78 | |||||||||
Diluted earnings per share from continuing operations | $ | 0.46 | $ | 0.37 | $ | 0.79 | $ | 0.78 | |||||||||
Operating_Segment_Information_
Operating Segment Information (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jul. 12, 2014 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Operating Segment | ' | ||||||||||||||||||||||||||||||||
The following tables set forth information about SpartanNash by operating segment: | |||||||||||||||||||||||||||||||||
(In thousands) | Military | Food | Retail | Total | |||||||||||||||||||||||||||||
Distribution | |||||||||||||||||||||||||||||||||
12 Week Period Ended July 12, 2014 | |||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 502,402 | $ | 767,926 | $ | 539,847 | $ | 1,810,175 | |||||||||||||||||||||||||
Inter-segment sales | — | 243,866 | — | 243,866 | |||||||||||||||||||||||||||||
Merger transaction and integration expenses | 24 | 2,554 | 3 | 2,581 | |||||||||||||||||||||||||||||
Depreciation and amortization | 1,486 | 7,705 | 10,226 | 19,417 | |||||||||||||||||||||||||||||
Operating earnings | 6,731 | 11,128 | 14,790 | 32,649 | |||||||||||||||||||||||||||||
Capital expenditures | 2,653 | 3,423 | 8,705 | 14,781 | |||||||||||||||||||||||||||||
Food | Retail | Total | |||||||||||||||||||||||||||||||
Distribution | |||||||||||||||||||||||||||||||||
12 Week Period Ended July 20, 2013 | |||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 271,890 | $ | 379,235 | $ | 651,125 | |||||||||||||||||||||||||||
Inter-segment sales | 160,209 | — | 160,209 | ||||||||||||||||||||||||||||||
Merger transaction and integration expenses | 2,377 | — | 2,377 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 2,087 | 7,405 | 9,492 | ||||||||||||||||||||||||||||||
Operating earnings | 6,765 | 8,401 | 15,166 | ||||||||||||||||||||||||||||||
Capital expenditures | 2,562 | 7,237 | 9,799 | ||||||||||||||||||||||||||||||
Military | Food | Retail | Total | ||||||||||||||||||||||||||||||
Distribution | |||||||||||||||||||||||||||||||||
28 Week Period Ended July 12, 2014 | |||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 1,186,569 | $ | 1,738,928 | $ | 1,218,405 | $ | 4,143,902 | |||||||||||||||||||||||||
Inter-segment sales | — | 555,682 | — | 555,682 | |||||||||||||||||||||||||||||
Merger transaction and integration expenses | 24 | 6,722 | 3 | 6,749 | |||||||||||||||||||||||||||||
Depreciation and amortization | 5,679 | 17,433 | 23,858 | 46,970 | |||||||||||||||||||||||||||||
Operating earnings | 12,292 | 25,489 | 22,446 | 60,227 | |||||||||||||||||||||||||||||
Capital expenditures | 12,848 | 9,990 | 14,782 | 37,620 | |||||||||||||||||||||||||||||
Food | Retail | Total | |||||||||||||||||||||||||||||||
Distribution | |||||||||||||||||||||||||||||||||
28 Week Period Ended July 20, 2013 | |||||||||||||||||||||||||||||||||
Net sales to external customers | $ | 608,596 | $ | 822,807 | $ | 1,431,403 | |||||||||||||||||||||||||||
Inter-segment sales | 359,082 | — | 359,082 | ||||||||||||||||||||||||||||||
Merger transaction and integration expenses | 2,377 | — | 2,377 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 4,903 | 17,315 | 22,218 | ||||||||||||||||||||||||||||||
Operating earnings | 26,086 | 10,172 | 36,258 | ||||||||||||||||||||||||||||||
Capital expenditures | 5,469 | 14,057 | 19,526 | ||||||||||||||||||||||||||||||
July 12, | December 28, | ||||||||||||||||||||||||||||||||
2014 | 2013* | ||||||||||||||||||||||||||||||||
Total Assets | |||||||||||||||||||||||||||||||||
Military | $ | 483,482 | $ | 451,556 | |||||||||||||||||||||||||||||
Food Distribution | 802,130 | 820,728 | |||||||||||||||||||||||||||||||
Retail | 698,917 | 722,012 | |||||||||||||||||||||||||||||||
Discontinued operations | 4,705 | 4,767 | |||||||||||||||||||||||||||||||
Total | $ | 1,989,234 | $ | 1,999,063 | |||||||||||||||||||||||||||||
* | See Note 3. | ||||||||||||||||||||||||||||||||
Summary of Sales by Type of Similar Products and Services | ' | ||||||||||||||||||||||||||||||||
The following table presents sales by type of similar product and services: | |||||||||||||||||||||||||||||||||
12 Weeks Ended | 28 Weeks Ended | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | July 12, 2014 | July 20, 2013 | July 12, 2014 | July 20, 2013 | |||||||||||||||||||||||||||||
Non-perishables (1) | $ | 1,131,903 | 62.5 | % | $ | 315,081 | 48.4 | % | $ | 2,606,963 | 62.9 | % | $ | 700,507 | 48.9 | % | |||||||||||||||||
Perishables (2) | 566,828 | 31.3 | 240,539 | 36.9 | 1,285,832 | 31 | 516,741 | 36.1 | |||||||||||||||||||||||||
Pharmacy | 65,033 | 3.6 | 48,147 | 7.4 | 149,726 | 3.6 | 112,333 | 7.9 | |||||||||||||||||||||||||
Fuel | 46,411 | 2.6 | 47,358 | 7.3 | 101,381 | 2.5 | 101,822 | 7.1 | |||||||||||||||||||||||||
Consolidated net sales | $ | 1,810,175 | 100 | % | $ | 651,125 | 100 | % | $ | 4,143,902 | 100 | % | $ | 1,431,403 | 100 | % | |||||||||||||||||
(1) | Consists primarily of general merchandise, grocery, beverages, snacks and frozen foods. | ||||||||||||||||||||||||||||||||
(2) | Consists primarily of produce, dairy, meat, bakery, deli, floral and seafood. |
Merger_Additional_Information_
Merger - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jul. 12, 2014 | Dec. 28, 2013 | Jul. 12, 2014 | Jul. 12, 2014 | |
Food Distribution Segment [Member] | Fair Value Adjustments [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Intangible assets adjustments | $19,300,000 | ' | ' | $6,900,000 |
Property and equipment adjustments | -23,000,000 | ' | ' | ' |
Goodwill adjustments | 3,700,000 | ' | ' | ' |
Goodwill | $312,252,000 | $313,020,000 | $50,500,000 | ' |
Merger_Fair_Values_of_Assets_A
Merger - Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Jul. 12, 2014 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Current assets | $787,508 |
Property and equipment | 346,500 |
Goodwill | 50,456 |
Intangible assets | 30,050 |
Other | 38,160 |
Total assets acquired | 1,252,674 |
Current liabilities | 353,470 |
Other long-term liabilities | 80,694 |
Long-term debt and capital lease obligations | 438,896 |
Total liabilities assumed | 873,060 |
Net assets acquired | 379,614 |
Initial Valuation [Member] | ' |
Business Acquisition [Line Items] | ' |
Current assets | 790,296 |
Property and equipment | 369,495 |
Goodwill | 43,584 |
Intangible assets | 10,750 |
Other | 38,160 |
Total assets acquired | 1,252,285 |
Current liabilities | 353,484 |
Other long-term liabilities | 81,047 |
Long-term debt and capital lease obligations | 438,140 |
Total liabilities assumed | 872,671 |
Net assets acquired | 379,614 |
Fair Value Adjustments [Member] | ' |
Business Acquisition [Line Items] | ' |
Current assets | -2,788 |
Property and equipment | -22,995 |
Goodwill | 6,872 |
Intangible assets | 19,300 |
Total assets acquired | 389 |
Current liabilities | -14 |
Other long-term liabilities | -353 |
Long-term debt and capital lease obligations | 756 |
Total liabilities assumed | $389 |
Merger_Intangible_Assets_Acqui
Merger - Intangible Assets Acquired (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jul. 12, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible Assets | $30,050 |
Trade names [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible Assets | 6,700 |
Useful Life | 'Indefinite |
Customer lists [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible Assets | 5,200 |
Useful Life | '7 years |
Customer relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible Assets | 13,500 |
Useful Life | '20 years |
Favorable leases [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Intangible Assets | $4,650 |
Favorable leases [Member] | Minimum [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '7 years |
Favorable leases [Member] | Maximum [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '22 years |
Merger_Pro_Forma_Effect_on_Ope
Merger - Pro Forma Effect on Operating Results (Detail) (Nash-Finch Company [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jul. 20, 2013 | Jul. 20, 2013 |
Nash-Finch Company [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Net sales | $1,867,080 | $4,132,219 |
Net earnings | $17,519 | $28,106 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jul. 12, 2014 | Dec. 28, 2013 |
Schedule Of Goodwill And Intangible Assets [Line Items] | ' | ' |
Other | ($768) | ' |
Goodwill | 398,852 | 399,620 |
Accumulated impairment charges | -86,600 | -86,600 |
Goodwill, net | 312,252 | 313,020 |
Retail [Member] | ' | ' |
Schedule Of Goodwill And Intangible Assets [Line Items] | ' | ' |
Other | -768 | ' |
Goodwill | 253,670 | 254,438 |
Accumulated impairment charges | -86,600 | -86,600 |
Goodwill, net | 167,070 | 167,838 |
Food Distribution [Member] | ' | ' |
Schedule Of Goodwill And Intangible Assets [Line Items] | ' | ' |
Goodwill | 145,182 | 145,182 |
Goodwill, net | $145,182 | $145,182 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Components of Amortized Intangible Assets , Includes in Other Net (Detail) (USD $) | Jul. 12, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | $42,889 | $45,586 |
Accumulated Amortization | 14,851 | 15,028 |
Non-compete agreements [Member] | ' | ' |
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 2,527 | 4,566 |
Accumulated Amortization | 1,633 | 3,427 |
Favorable leases [Member] | ' | ' |
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 8,408 | 8,408 |
Accumulated Amortization | 2,485 | 2,215 |
Pharmacy customer script lists [Member] | ' | ' |
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 16,835 | 17,523 |
Accumulated Amortization | 9,780 | 8,946 |
Customer relationships [Member] | ' | ' |
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 13,500 | 13,500 |
Accumulated Amortization | 441 | 78 |
Trade names [Member] | ' | ' |
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 1,219 | 1,219 |
Accumulated Amortization | 356 | 233 |
Franchise fees and other [Member] | ' | ' |
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 400 | 370 |
Accumulated Amortization | $156 | $129 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Weighted Average Amortization Period for Amortizable Intangible Assets (Detail) | 6 Months Ended |
Jul. 12, 2014 | |
Non-compete agreements [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Useful Life | '4 years 4 months 24 days |
Favorable leases [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Useful Life | '16 years 8 months 12 days |
Customer lists [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Useful Life | '7 years 1 month 6 days |
Customer relationships [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Useful Life | '20 years |
Trade names [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Useful Life | '7 years |
Franchise fees and other [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted Average Useful Life | '10 years 4 months 24 days |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Future (Detail) (USD $) | Jul. 12, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $3,649 |
2015 | 3,266 |
2016 | 2,718 |
2017 | 2,609 |
2018 | $2,200 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | Jul. 12, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Indefinite Lived Intangible Assets Excluding Goodwill [Abstract] | ' | ' |
Indefinite lived intangible assets not amortized | $33.10 | $33.20 |
Restructuring_and_Asset_Impair2
Restructuring and Asset Impairment- Schedule of Activity of Restructuring Costs (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jul. 12, 2014 | Jul. 12, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | ' | $20,531 |
Provision for lease and related ancillary costs, net of sublease income | 218 | 236 |
Provision for severance | 70 | 266 |
Changes in estimates | ' | -370 |
Accretion expense | ' | 383 |
Payments | ' | -5,227 |
Ending balance | 15,819 | 15,819 |
Lease and Ancillary Costs [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | ' | 19,496 |
Provision for lease and related ancillary costs, net of sublease income | ' | 236 |
Provision for severance | ' | 0 |
Changes in estimates | ' | -370 |
Accretion expense | ' | 383 |
Payments | ' | -4,010 |
Ending balance | 15,735 | 15,735 |
Severance [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning balance | ' | 1,035 |
Provision for lease and related ancillary costs, net of sublease income | ' | 0 |
Provision for severance | ' | 266 |
Changes in estimates | ' | 0 |
Accretion expense | ' | 0 |
Payments | ' | -1,217 |
Ending balance | $84 | $84 |
Restructuring_and_Asset_Impair3
Restructuring and Asset Impairment- Schedule of Activity of Restructuring Costs (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
Jul. 12, 2014 | Jul. 12, 2014 | |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Provision for severance | $70,000 | $266,000 |
Reduction in goodwill | ' | 300,000 |
Food Distribution Segment [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Provision for severance | ' | 100,000 |
Retail Segment [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Provision for severance | ' | $200,000 |
Restructuring_and_Asset_Impair4
Restructuring and Asset Impairment - Schedule of Restructuring,Asset Impairment and Other (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 | Jul. 12, 2014 | Jul. 20, 2013 |
Restructuring And Related Activities [Abstract] | ' | ' | ' | ' |
Asset impairment charges | $0 | $987 | $906 | $2,220 |
Provision for leases and related ancillary costs, net of sublease income, related to store closings | 218 | ' | 236 | ' |
Loss (gains) on sales of assets related to stores closed | 320 | ' | -998 | ' |
Provision for severance | 70 | ' | 266 | ' |
Other costs associated with distribution center and store closings | 163 | ' | 887 | ' |
Changes in estimates | 307 | ' | -92 | ' |
Restructuring, asset impairment and other | $1,078 | $987 | $1,205 | $2,220 |
Restructuring_and_Asset_Impair5
Restructuring and Asset Impairment - Schedule of Restructuring,Asset Impairment and Other (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jul. 12, 2014 | Jul. 12, 2014 |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Changes in estimates | $307 | ($92) |
Retail Segment [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Changes in estimates | ' | -379 |
Food Distribution Segment [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Changes in estimates | ' | $287 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Estimated Fair Value and Book Value of Debt Instruments (Detail) (USD $) | Jul. 12, 2014 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Book value of debt instruments: | ' | ' |
Current maturities of long-term debt and capital lease obligations | $7,189 | $7,345 |
Long-term debt and capital lease obligations | 576,474 | 598,319 |
Total book value of debt instruments | 583,663 | 605,664 |
Fair value of debt instruments | 587,898 | 609,682 |
Excess of fair value over book value | $4,235 | $4,018 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Jul. 12, 2014 | Jul. 20, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Long-lived assets | $0.90 | $3.60 |
Significant unobservable inputs (Level 3) [Member] | ' | ' |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ' | ' |
Long-lived assets measured fair value on nonrecurring basis | $0 | $1.40 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Maximum [Member], Nash-Finch Company [Member], USD $) | 6 Months Ended |
Jul. 12, 2014 | |
Maximum [Member] | Nash-Finch Company [Member] | ' |
Contingencies And Commitments [Line Items] | ' |
Legal fees and expense | $550,000 |
Associate_Retirement_Plans_Com
Associate Retirement Plans - Components of Net Periodic Pension and Postretirement Benefit Costs (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 | Jul. 12, 2014 | Jul. 20, 2013 |
Cash Balance Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | $557 | $517 | $1,298 | $1,287 |
Expected return on plan assets | -868 | -944 | -2,024 | -2,297 |
Recognized actuarial net loss | 228 | 300 | 533 | 695 |
Net periodic income | -83 | -127 | -193 | -315 |
Settlement expense | 522 | ' | 522 | ' |
Total expense (income) | 439 | -127 | 329 | -315 |
Super Foods Pension Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 461 | ' | 1,075 | ' |
Expected return on plan assets | -532 | ' | -1,241 | ' |
Net periodic income | -71 | ' | -166 | ' |
Total expense (income) | -71 | ' | -166 | ' |
SERP [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Interest cost | 8 | 8 | 19 | 20 |
Recognized actuarial net loss | 7 | 6 | 16 | 16 |
Total expense (income) | 15 | 14 | 35 | 36 |
Spartan Stores Medical Plan [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 43 | 59 | 100 | 124 |
Interest cost | 91 | 89 | 212 | 211 |
Amortization of prior service cost | -37 | -13 | -85 | -29 |
Recognized actuarial net loss | 5 | 41 | 11 | 86 |
Total expense (income) | $102 | $176 | $238 | $392 |
Associate_Retirement_Plans_Add
Associate Retirement Plans - Additional Information (Detail) (USD $) | 6 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 | Dec. 28, 2013 | Jul. 12, 2014 | Jul. 12, 2014 | Jan. 03, 2015 | Jul. 12, 2014 | Jan. 03, 2015 |
Central States, Southeast and Southwest Areas Pension Fund [Member] | Central States, Southeast and Southwest Areas Pension Fund [Member] | Central States, Southeast and Southwest Areas Pension Fund [Member] | Super Foods Pension Plan [Member] | Super Foods Pension Plan [Member] | Super Foods Pension Plan [Member] | Cash Balance Pension Plan [Member] | Cash Balance Pension Plan [Member] | |
Forecast [Member] | Forecast [Member] | |||||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Standard pension funding carryover | ' | ' | ' | $0.90 | $0.90 | $2.40 | $0 | $0 |
Pension contributions during plan year | $7.30 | $5.10 | $6.80 | ' | ' | ' | ' | ' |
Maximum company contribution as percentage of total employer contributions | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Other_Comprehensive_Income_or_1
Other Comprehensive Income or Loss - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 | Jul. 12, 2014 | Jul. 20, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Income loss reclassified from AOCI | $0.10 | $0.20 | $0.30 | $0.30 |
Increase in selling general and administrative expenses | 0.2 | 0.3 | 0.5 | 0.5 |
Decreased/Increased in income taxes | ($0.10) | ($0.10) | ($0.20) | ($0.20) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jul. 12, 2014 | Jul. 20, 2013 | Jul. 12, 2014 | Jul. 20, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective income tax rate | 36.00% | 37.70% | 36.70% | 38.30% |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 | Jul. 12, 2014 | Jul. 20, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation expense, Net of Tax | $0.70 | $0.60 | $3.10 | $1.30 |
Share based compensation expense Per diluted share, Net of Tax | $0.02 | $0.03 | $0.08 | $0.06 |
Stock options granted | ' | ' | 0 | ' |
Spartan Nash [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of approved stock incentive plans | ' | ' | 3 | ' |
Restricted Stock Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unrecognized compensation cost | $6.30 | ' | $6.30 | ' |
Unrecognized compensation cost, weighted average period of recognition | ' | ' | '2 years 6 months | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options granted | ' | ' | 0 | 0 |
ShareBased_Compensation_Summar
Share-Based Compensation - Summary of Share-Based Compensation Activity (Detail) (USD $) | 6 Months Ended |
Jul. 12, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares Under Options, Outstanding, Beginning balance | 586,766 |
Shares Under Options, Granted | 0 |
Shares Under Options, Exercised/Vested | -54,120 |
Shares Under Options, Cancelled/Forfeited | -4,131 |
Shares Under Options, Outstanding, Ending balance | 528,515 |
Shares Under Options, Vested and expected to vest in the future at July 12, 2014 | 528,515 |
Shares Under Options, Exercisable | 528,515 |
Weighted Average Exercise Price, Option outstanding, Beginning balance | $19.30 |
Weighted Average Exercise Price, Granted | $0 |
Weighted Average Exercise Price, Exercised/Vested | $12.27 |
Weighted Average Exercise Price, Cancelled/Forfeited | $3.25 |
Weighted Average Exercise Price, Ending balance | $20.14 |
Weighted Average Exercise Price, Vested and expected to vest in the future at July 12, 2014 | $20.14 |
Weighted Average Exercise Price, Exercisable | $20.14 |
Restricted Stock Awards, Outstanding, Beginning balance | 518,835 |
Restricted Stock Awards, Granted | 310,612 |
Restricted Stock Awards, Exercised/Vested | -219,894 |
Restricted Stock Awards, Cancelled/Forfeited | -10,656 |
Restricted Stock Awards, Outstanding, Ending balance | 598,897 |
Weighted Average Grant-Date Fair Value, Beginning balance | $23.56 |
Weighted Average Grant-Date Fair Value, Granted | $22.66 |
Weighted Average Grant-Date Fair Value, Exercised/Vested | $16.41 |
Weighted Average Grant-Date Fair Value/ Cancelled/Forfeited | $21.71 |
Weighted Average Grant-Date Fair Value, Ending balance | $23.10 |
Earnings_Per_Share_Schedule_of
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share for Continuing Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 | Jul. 12, 2014 | Jul. 20, 2013 |
Numerator: | ' | ' | ' | ' |
Earnings from continuing operations | $17,395 | $8,056 | $29,914 | $16,968 |
Adjustment for earnings attributable to participating securities | -296 | -184 | -535 | -410 |
Earnings from continuing operations used in calculating earnings per share | $17,099 | $7,872 | $29,379 | $16,558 |
Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding, including participating securities | 37,744 | 21,858 | 37,662 | 21,796 |
Adjustment for participating securities | -642 | -499 | -673 | -527 |
Shares used in calculating basic earnings per share | 37,102 | 21,359 | 36,989 | 21,269 |
Shares used in calculating basic earnings per share | 37,102 | 21,359 | 36,989 | 21,269 |
Effect of dilutive stock options | 66 | 82 | 76 | 79 |
Shares used in calculating diluted earnings per share | 37,168 | 21,441 | 37,065 | 21,348 |
Basic earnings per share from continuing operations | $0.46 | $0.37 | $0.79 | $0.78 |
Diluted earnings per share from continuing operations | $0.46 | $0.37 | $0.79 | $0.78 |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 |
Supplemental Cash Flow Elements [Abstract] | ' | ' |
Restricted stock issuance | $7 | $3.80 |
Capital expenditures recorded in current liabilities | $3.80 | $1.20 |
Operating_Segment_Information_1
Operating Segment Information - Schedule of Segment Reporting Information, by Operating Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 | Jul. 12, 2014 | Jul. 20, 2013 | Dec. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Merger transaction and integration expenses | $2,581 | $2,377 | $6,749 | $2,377 | ' |
Depreciation and amortization | 19,417 | 9,492 | 46,970 | 22,218 | ' |
Operating earnings | 32,649 | 15,166 | 60,227 | 36,258 | ' |
Capital expenditures | 14,781 | 9,799 | 37,620 | 19,526 | ' |
Total assets | 1,989,234 | ' | 1,989,234 | ' | 1,999,063 |
Discontinued Operations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | 4,705 | ' | 4,705 | ' | 4,767 |
Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Inter-segment sales | 1,810,175 | 651,125 | 4,143,902 | 1,431,403 | ' |
Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Inter-segment sales | -243,866 | -160,209 | -555,682 | -359,082 | ' |
Military [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Merger transaction and integration expenses | 24 | ' | 24 | ' | ' |
Depreciation and amortization | 1,486 | ' | 5,679 | ' | ' |
Operating earnings | 6,731 | ' | 12,292 | ' | ' |
Capital expenditures | 2,653 | ' | 12,848 | ' | ' |
Total assets | 483,482 | ' | 483,482 | ' | 451,556 |
Military [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Inter-segment sales | 502,402 | ' | 1,186,569 | ' | ' |
Food Distribution [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Merger transaction and integration expenses | 2,554 | 2,377 | 6,722 | 2,377 | ' |
Depreciation and amortization | 7,705 | 2,087 | 17,433 | 4,903 | ' |
Operating earnings | 11,128 | 6,765 | 25,489 | 26,086 | ' |
Capital expenditures | 3,423 | 2,562 | 9,990 | 5,469 | ' |
Total assets | 802,130 | ' | 802,130 | ' | 820,728 |
Food Distribution [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Inter-segment sales | 767,926 | 271,890 | 1,738,928 | 608,596 | ' |
Food Distribution [Member] | Intersegment Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Inter-segment sales | -243,866 | -160,209 | -555,682 | -359,082 | ' |
Retail [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Merger transaction and integration expenses | 3 | ' | 3 | ' | ' |
Depreciation and amortization | 10,226 | 7,405 | 23,858 | 17,315 | ' |
Operating earnings | 14,790 | 8,401 | 22,446 | 10,172 | ' |
Capital expenditures | 8,705 | 7,237 | 14,782 | 14,057 | ' |
Total assets | 698,917 | ' | 698,917 | ' | 722,012 |
Retail [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Inter-segment sales | $539,847 | $379,235 | $1,218,405 | $822,807 | ' |
Operating_Segment_Information_2
Operating Segment Information - Summary of Sales by Type of Similar Products and Services (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 12, 2014 | Jul. 20, 2013 | Jul. 12, 2014 | Jul. 20, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Consolidated net sales | $1,810,175 | $651,125 | $4,143,902 | $1,431,403 |
Percentage Consolidated Net Sale | 100.00% | 100.00% | 100.00% | 100.00% |
Non Perishables [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Consolidated net sales | 1,131,903 | 315,081 | 2,606,963 | 700,507 |
Percentage Consolidated Net Sale | 62.50% | 48.40% | 62.90% | 48.90% |
Perishables [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Consolidated net sales | 566,828 | 240,539 | 1,285,832 | 516,741 |
Percentage Consolidated Net Sale | 31.30% | 36.90% | 31.00% | 36.10% |
Pharmacy [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Consolidated net sales | 65,033 | 48,147 | 149,726 | 112,333 |
Percentage Consolidated Net Sale | 3.60% | 7.40% | 3.60% | 7.90% |
Fuel [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Consolidated net sales | $46,411 | $47,358 | $101,381 | $101,822 |
Percentage Consolidated Net Sale | 2.60% | 7.30% | 2.50% | 7.10% |