Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jan. 03, 2015 | Feb. 27, 2015 | Jul. 11, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 3-Jan-15 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SPTN | ||
Entity Registrant Name | SPARTANNASH COMPANY | ||
Entity Central Index Key | 877422 | ||
Current Fiscal Year End Date | -2 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 37,818,417 | ||
Entity Public Float | $808,845,136 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $6,443 | $9,216 |
Accounts and notes receivable, net | 282,697 | 285,393 |
Inventories, net | 577,197 | 589,497 |
Prepaid expenses and other current assets | 31,882 | 38,423 |
Property and equipment held for sale | 15,180 | 440 |
Total current assets | 913,399 | 922,969 |
Property and equipment, net | ||
Land and improvements | 76,218 | 85,074 |
Buildings and improvements | 468,236 | 464,558 |
Equipment | 453,339 | 414,754 |
Total property and equipment | 997,793 | 964,386 |
Less accumulated depreciation and amortization | 400,643 | 335,904 |
Property and equipment, net | 597,150 | 628,482 |
Goodwill | 297,280 | 299,186 |
Other assets, net | 124,453 | 133,014 |
Total assets | 1,932,282 | 1,983,651 |
Current liabilities | ||
Accounts payable | 320,037 | 365,584 |
Accrued payroll and benefits | 73,220 | 81,175 |
Other accrued expenses | 44,690 | 50,789 |
Deferred income taxes | 22,494 | 19,909 |
Current maturities of long-term debt and capital lease obligations | 19,758 | 7,345 |
Total current liabilities | 480,199 | 524,802 |
Long-term liabilities | ||
Deferred income taxes | 91,232 | 86,750 |
Postretirement benefits | 23,701 | 22,009 |
Other long-term liabilities | 39,387 | 44,898 |
Long-term debt and capital lease obligations | 550,510 | 598,319 |
Total long-term liabilities | 704,830 | 751,976 |
Commitments and contingencies (Note 8) | ||
Shareholders’ equity | ||
Common stock, voting, no par value; 100,000 shares authorized; 37,524 and 37,371 shares outstanding | 520,791 | 518,056 |
Preferred stock, no par value, 10,000 shares authorized; no shares outstanding | ||
Accumulated other comprehensive loss | -11,655 | -8,794 |
Retained earnings | 238,117 | 197,611 |
Total shareholders’ equity | 747,253 | 706,873 |
Total liabilities and shareholders’ equity | $1,932,282 | $1,983,651 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 37,524,000 | 37,371,000 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_EAR
CONSOLIDATED STATEMENTS OF EARNINGS (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | |
Income Statement [Abstract] | |||||
Net sales | $2,597,230 | $2,015,351 | $7,916,062 | $2,608,160 | |
Cost of sales | 2,110,350 | 1,602,450 | 6,759,988 | 2,062,616 | |
Gross profit | 486,880 | 412,901 | 1,156,074 | 545,544 | |
Operating expenses | |||||
Selling, general and administrative | 433,450 | 370,337 | 1,022,387 | 482,987 | |
Merger transaction and integration | 20,993 | 12,675 | |||
Restructuring and asset impairment | 15,644 | 356 | 6,166 | 1,589 | |
Total operating expenses | 470,087 | 370,693 | 1,041,228 | 484,576 | |
Operating earnings | 16,793 | 42,208 | 114,846 | 60,968 | |
Other income and expenses | |||||
Interest expense | 9,219 | 10,420 | 24,414 | 13,410 | |
Debt extinguishment | 5,527 | 2,285 | 5,047 | ||
Other, net | -23 | -752 | -17 | -756 | |
Total other income and expenses | 14,723 | 11,953 | 24,397 | 17,701 | |
Earnings before income taxes and discontinued operations | 2,070 | 30,255 | 90,449 | 43,267 | |
Income taxes | 841 | 10,352 | 31,329 | 15,425 | |
Earnings from continuing operations | 1,229 | 19,903 | 59,120 | 27,842 | |
Loss from discontinued operations, net of taxes | -488 | -195 | -524 | -432 | |
Net earnings | $741 | $19,708 | $58,596 | $27,410 | |
Basic earnings per share: | |||||
Earnings from continuing operations | $0.05 | $0.91 | $1.57 | $1.28 | |
Loss from discontinued operations | ($0.02) | ($0.01) | ($0.01) | ($0.02) | |
Net earnings | $0.03 | $0.90 | $1.56 | $1.26 | |
Diluted earnings per share: | |||||
Earnings from continuing operations | $0.05 | $0.91 | $1.57 | $1.27 | |
Loss from discontinued operations | ($0.02) | ($0.01) | ($0.02) | [1] | ($0.02) |
Net earnings | $0.03 | $0.90 | $1.55 | $1.25 | |
[1] | Includes rounding. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net earnings | $741 | $19,708 | $58,596 | $27,410 |
Other comprehensive (loss) income, before tax | ||||
Pension and postretirement liability adjustment | 8,316 | -4,785 | 173 | |
Total other comprehensive (loss) income, before tax | 8,316 | -4,785 | 173 | |
Income tax benefit (expense) related to items of other comprehensive income | -3,423 | 1,924 | -67 | |
Total other comprehensive (loss) income, after tax | 4,893 | -2,861 | 106 | |
Comprehensive income | $5,634 | $19,708 | $55,735 | $27,516 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] |
In Thousands | ||||
Balance, value at Mar. 31, 2012 | $323,608 | $155,134 | ($13,793) | $182,267 |
Balance, shares at Mar. 31, 2012 | 22,215 | |||
Net earnings | 27,410 | 27,410 | ||
Other comprehensive income (loss) | 106 | 106 | ||
Dividends | -6,899 | -6,899 | ||
Share repurchase, value | -11,381 | -11,381 | ||
Share repurchase, shares | -634 | |||
Repurchase of equity component of convertible debt, net of taxes | -935 | -935 | ||
Stock-based employee compensation | 4,062 | 4,062 | ||
Issuances of common stock and related tax benefit on stock option exercises and stock bonus plan and from deferred compensation plan, value | 650 | 650 | ||
Issuances of common stock and related tax benefit on stock option exercises and stock bonus plan and from deferred compensation plan, shares | 32 | |||
Issuances of restricted stock and related income tax benefits, value | 35 | 35 | ||
Issuances of restricted stock and related income tax benefits, shares | 226 | |||
Cancellations of restricted stock, value | -1,001 | -1,001 | ||
Cancellations of restricted stock, shares | -88 | |||
Balance, value at Mar. 30, 2013 | 335,655 | 146,564 | -13,687 | 202,778 |
Balance, shares at Mar. 30, 2013 | 21,751 | |||
Net earnings | 741 | 741 | ||
Other comprehensive income (loss) | 4,893 | 4,893 | ||
Dividends | -5,908 | -5,908 | ||
Stock-based employee compensation | 6,951 | 6,951 | ||
Issuances of common stock and related tax benefit on stock option exercises and stock bonus plan and from deferred compensation plan, value | -111 | -111 | ||
Issuances of common stock and related tax benefit on stock option exercises and stock bonus plan and from deferred compensation plan, shares | 29 | |||
Issuances of common stock for merger transaction, value | 379,600 | 379,600 | ||
Issuances of common stock for merger transaction, shares | 16,047 | |||
Issuances of restricted stock and related income tax benefits, value | -15 | -15 | ||
Issuances of restricted stock and related income tax benefits, shares | 228 | |||
Cancellations of restricted stock, value | -14,933 | -14,933 | ||
Cancellations of restricted stock, shares | -684 | |||
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 | 58,596 | 58,596 | ||
Other comprehensive income (loss) | -2,861 | -2,861 | ||
Dividends | -18,090 | -18,090 | ||
Share repurchase, value | -4,987 | -4,987 | ||
Share repurchase, shares | -246 | |||
Stock-based employee compensation | 6,939 | 6,939 | ||
Issuances of common stock and related tax benefit on stock option exercises and stock bonus plan and from deferred compensation plan, value | 1,824 | 1,824 | ||
Issuances of common stock and related tax benefit on stock option exercises and stock bonus plan and from deferred compensation plan, shares | 173 | |||
Issuances of common stock for merger transaction, value | 379,600 | |||
Issuances of restricted stock and related income tax benefits, value | 588 | 588 | ||
Issuances of restricted stock and related income tax benefits, shares | 317 | |||
Cancellations of restricted stock, value | -1,629 | -1,629 | ||
Cancellations of restricted stock, shares | -91 | |||
Balance, value at Jan. 03, 2015 | $747,253 | $520,791 | ($11,655) | $238,117 |
Balance, shares at Jan. 03, 2015 | 37,524 | 37,524 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Statement Of Stockholders Equity [Abstract] | |||
Dividends per share | $0.27 | $0.48 | $0.32 |
Repurchase of equity component of convertible debt, taxes | $587 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Cash flows from operating activities | ||||
Net earnings | $741 | $19,708 | $58,596 | $27,410 |
Loss from discontinued operations, net of tax | 488 | 195 | 524 | 432 |
Earnings from continuing operations | 1,229 | 19,903 | 59,120 | 27,842 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Restructuring and asset impairment charges | 15,644 | 356 | 6,166 | 1,589 |
Convertible debt interest | 2,903 | 3,282 | ||
Loss on debt extinguishment | 5,527 | 2,285 | 5,047 | |
Depreciation and amortization | 37,270 | 29,434 | 88,475 | 38,854 |
LIFO expense | 928 | 984 | 5,603 | 335 |
Postretirement benefits expense | 1,492 | 832 | 2,686 | 651 |
Deferred taxes on income | -3,566 | 4,087 | 3,537 | -4,121 |
Stock-based compensation expense | 6,951 | 3,250 | 6,939 | 4,062 |
Excess tax benefit on stock compensation | -178 | -260 | -699 | -299 |
Other, net | -870 | -333 | -213 | -276 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 40,292 | 8,346 | -517 | -1,941 |
Inventories | 30,791 | -33,621 | 6,004 | -23,750 |
Prepaid expenses and other assets | 3,787 | 2,037 | 13,292 | 6,936 |
Accounts payable | -37,248 | 10,066 | -29,231 | 12,984 |
Accrued payroll and benefits | -23,822 | -5,045 | -8,401 | -325 |
Postretirement benefit payments | -2,964 | -4,406 | -4,155 | -4,514 |
Accrued income taxes | -10,688 | -12,352 | -3,225 | -3,038 |
Other accrued expenses and other liabilities | 186 | -1,170 | -6,308 | -3,977 |
Net cash provided by operating activities | 64,761 | 27,296 | 139,073 | 59,341 |
Cash flows from investing activities | ||||
Purchases of property and equipment | -37,200 | -33,932 | -90,012 | -42,012 |
Net proceeds from the sale of assets | 1,330 | 2,440 | 11,008 | 2,440 |
Acquisitions, net of cash acquired | -20,647 | -13,720 | -13,720 | |
Loans to customers | -58 | -6,429 | ||
Payments from customers on loans | 224 | 3,653 | ||
Other | -819 | 339 | 93 | 236 |
Net cash used in investing activities | -57,170 | -44,873 | -81,687 | -53,056 |
Cash flows from financing activities | ||||
Proceeds from revolving credit facility | 877,033 | 366,545 | 1,062,173 | 504,468 |
Payments on revolving credit facility | -812,239 | -352,696 | -1,079,654 | -456,818 |
Share repurchase | -11,381 | -4,987 | -11,381 | |
Proceeds from long-term borrowings | 9,679 | 9,679 | ||
Repurchase of convertible notes | -57,973 | |||
Repayment of other long-term debt | -53,988 | -4,440 | -20,353 | -5,265 |
Financing fees paid | -9,437 | -2,721 | -870 | -2,721 |
Excess tax benefit on stock compensation | 178 | 260 | 699 | 299 |
Proceeds from sale of common stock | 310 | 325 | 1,120 | 398 |
Dividends paid | -5,908 | -5,159 | -18,090 | -6,899 |
Net cash (used in) provided by financing activities | -4,051 | 412 | -59,962 | -26,213 |
Cash flows from discontinued operations | ||||
Net cash used in operating activities | -421 | -351 | -197 | -451 |
Net cash used in discontinued operations | -421 | -351 | -197 | -451 |
Net (decrease) increase in cash and cash equivalents | 3,119 | -17,516 | -2,773 | -20,379 |
Cash and cash equivalents at beginning of period | 6,097 | 26,476 | 9,216 | 26,476 |
Cash and cash equivalents at end of period | 9,216 | 8,960 | 6,443 | 6,097 |
Supplemental Cash Flow Information: | ||||
Cash paid for interest | 7,765 | 7,038 | 22,990 | 9,422 |
Cash paid for income taxes | $13,951 | $10,240 | $27,429 | $10,240 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Basis of Presentation | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
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. which 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 audited Consolidated Financial Statements (the “financial statements”) include the accounts of SpartanNash Company and its subsidiaries (“SpartanNash”). | |||||||||||||
Fiscal Year: The Company’s fiscal year end is the Saturday nearest to December 31. The fiscal year end was changed from the last Saturday in March in connection with the merger with Nash-Finch, effective beginning with the transition period ended December 28, 2013. As a result of this change, the transition period ended December 28, 2013 was a 39 week period beginning March 31, 2013. Fiscal years ended January 3, 2015 and March 30, 2013 consisted of 53 weeks and 52 weeks, respectively. Beginning with fiscal 2014 the Company’s interim quarters consist of 12 weeks except for the first quarter which consists of 16 weeks. | |||||||||||||
Principles of Consolidation: The consolidated financial statements include the accounts of SpartanNash Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |||||||||||||
Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods might differ from those estimates. | |||||||||||||
Revenue Recognition: We recognize revenue when the sales price is fixed or determinable, collectability is reasonably assured and the customer takes possession of the merchandise. The Military segment recognizes revenues upon the delivery of the product to the commissary or commissaries designated by the Defense Commissary Agency (DeCA), or in the case of overseas commissaries, when the product is delivered to the port designated by DeCA, which is when DeCA takes possession of the merchandise and bears the responsibility for shipping the product to the commissary or overseas warehouse. Revenues from consignment sales are included in our reported sales on a net basis. The Food Distribution segment recognizes revenues when products are delivered or ancillary services are provided. Sales and excise taxes are excluded from revenue. The Retail segment recognizes revenues from the sale of products at the point of sale. Based upon the nature of the products we sell, our customers have limited rights of return which are immaterial. Discounts provided to customers by SpartanNash at the time of sale are recognized as a reduction in sales as the products are sold. SpartanNash does not recognize a sale when it awards customer loyalty points or sells gift cards and gift certificates; rather, a sale is recognized when the customer loyalty points, gift card or gift certificate are redeemed to purchase product. Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions and are excluded from sales revenue as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. | |||||||||||||
Cost of Sales: Cost of sales is the cost of inventory sold during the period, including purchase costs, freight, distribution costs, physical inventory adjustments, markdowns and promotional allowances. Vendor allowances and credits that relate to our buying and merchandising activities consist primarily of promotional allowances, which are generally allowances on purchased quantities and, to a lesser extent, slotting allowances, which are billed to vendors for our merchandising costs such as setting up warehouse infrastructure. Vendor allowances are recognized as a reduction in cost of sales when the related product is sold. Lump sum payments received for multi-year contracts are amortized over the life of the contracts based on contractual terms. The distribution segments include shipping and handling costs in the selling, general and administrative section of operating expenses on the Consolidated Statement of Earnings. | |||||||||||||
Cash and Cash Equivalents: Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. | |||||||||||||
Accounts and Notes Receivable: Accounts and notes receivable are shown net of allowances for credit losses of $5.5 million and $2.0 million as of January 3, 2015 and December 28, 2013, respectively. The increase in allowances for credit losses was due to the accounts and notes receivable balances acquired in the merger with Nash-Finch realizing better than expected collections in relation to the estimated fair value as of the merger date. SpartanNash evaluates the adequacy of its allowances by analyzing the aging of receivables, customer financial condition, historical collection experience, the value of collateral and other economic and industry factors. Actual collections may differ from historical experience, and if economic, business or customer conditions deteriorate significantly, adjustments to these reserves may be required. When SpartanNash becomes aware of factors that indicate a change in a specific customer’s ability to meet its financial obligations, we record a specific reserve for credit losses. Operating results include bad debt expense of $3.0 million, $1.3 million, and $0.9 million for fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. | |||||||||||||
Inventory Valuation: Inventories are valued at the lower of cost or market. Approximately 93.7% and 87.5% of our inventories were valued on the last-in, first-out (LIFO) method at January 3, 2015 and December 28, 2013, respectively. If replacement cost had been used, inventories would have been $50.7 million and $45.1 million higher at January 3, 2015 and December 28, 2013, respectively. The replacement cost method utilizes the most current unit purchase cost to calculate the value of inventories. During fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013, and fiscal year ended March 30, 2013, certain inventory quantities were reduced. The reductions resulted in liquidation of LIFO inventory carried at lower costs prevailing in prior years, the effect of which decreased the LIFO provision in fiscal year ended January 3, 2015, 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013 by $0.8 million, $0.1 million and $1.0 million, respectively. SpartanNash accounts for its Military and Food Distribution inventory using a perpetual system and utilizes the retail inventory method to value inventory for center store products in the Retail segment. Under the retail inventory method, inventory is stated at cost with cost of sales and gross margin calculated by applying a cost ratio to the retail value of inventories. Fresh, pharmacy and fuel products are accounted for at cost in the Retail segment. We evaluate inventory shortages throughout the year based on actual physical counts in our facilities. We record allowances for inventory shortages based on the results of recent physical counts to provide for estimated shortages from the last physical count to the financial statement date. | |||||||||||||
Goodwill and Intangible Assets: Goodwill represents the excess purchase price over the fair value of tangible net assets acquired in business combinations after amounts have been allocated to intangible assets. Goodwill is not amortized, but is reviewed for impairment during the last quarter of each year, or whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount, using a discounted cash flow model and comparable market values of each reporting segment. Measuring the fair value of reporting units is a Level 3 measurement under the fair value hierarchy. See Note 7 for a discussion of levels. | |||||||||||||
Intangible assets primarily consist of trade names, favorable lease agreements, pharmacy prescription lists, customer relationships, franchise agreements and fees, non-compete agreements and liquor licenses. Favorable leases are amortized on a straight-line basis over the related lease terms. Prescription lists and customer relationships are amortized on a straight-line basis over the period of expected benefit. Non-compete agreements are amortized on a straight-line basis over the length of the agreements. Franchise fees are amortized on a straight-line basis over the term of the franchise agreement. An indefinite-lived trade name is not amortized. A trade name with a definite-life is amortized over the expected life of the asset. Liquor licenses are not amortized as they have indefinite lives. Intangible assets are included in other assets in the Consolidated Balance Sheets. | |||||||||||||
Property and Equipment: Property and equipment are recorded at cost. Expenditures which improve or extend the life of the respective assets are capitalized while expenditures for normal repairs and maintenance are charged to operations as incurred. Depreciation expense on land improvements, buildings and improvements and equipment is computed using the straight-line method as follows: | |||||||||||||
Land improvements | 15 years | ||||||||||||
Buildings and improvements | 15 to 40 years | ||||||||||||
Equipment | 3 to 15 years | ||||||||||||
Property under capital leases and leasehold improvements are amortized on a straight-line basis over the shorter of the remaining terms of the leases or the estimated useful lives of the assets. Internal use software is included in property and equipment and amounted to $17.7 million and $19.2 million as of January 3, 2015 and December 28, 2013, respectively. | |||||||||||||
Impairment of Long-Lived Assets: SpartanNash reviews and evaluates long-lived assets for impairment when events or circumstances indicate that the carrying amount of an asset may not be recoverable. When the undiscounted future cash flows are not sufficient to recover an asset’s carrying amount, the fair value is compared to the carrying value to determine the impairment loss to be recorded. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value, less the cost to sell. Fair values are determined by independent appraisals or expected sales prices based upon market participant data developed by third party professionals or by internal licensed real estate professionals. Estimates of future cash flows and expected sales prices are judgments based upon SpartanNash’s experience and knowledge of operations. These estimates project cash flows several years into the future and are affected by changes in the economy, real estate market conditions and inflation. | |||||||||||||
Debt Issuance Costs: Debt issuance costs are amortized over the term of the related financing agreement and are included in Other Assets in the consolidated balance sheets. | |||||||||||||
Insurance Reserves: SpartanNash is primarily self-insured for workers’ compensation, general liability, automobile liability and health care costs. Self-insurance liabilities are recorded based on claims filed and an estimate of claims incurred but not yet reported. Workers’ compensation, general liability and automobile liabilities are actuarially estimated based on available historical information. We have purchased stop-loss coverage to limit our exposure to any significant exposure on a per claim basis. On a per claim basis, our exposure is up to $0.5 million for workers’ compensation, $0.5 million for general liability, up to $0.5 million for automobile liability and $0.5 million for health care. Any projection of losses concerning workers’ compensation, general and automobile and health insurance liability is subject to a considerable degree of variability. Among the causes of this variability are unpredictable external factors affecting future inflation rates, litigation trends, legal interpretations, benefit level changes and claim settlement patterns. Although our estimates of liabilities incurred do not anticipate significant changes in historical trends for these variables, such changes could have a material impact on future claim costs and currently recorded liabilities. | |||||||||||||
A summary of changes in SpartanNash’s self-insurance liability is as follows: | |||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | March 30, 2013 | ||||||||||
Beginning balance | $ | 22,454 | $ | 7,167 | $ | 5,714 | |||||||
Balance assumed in merger | — | 13,248 | — | ||||||||||
Expense | 53,297 | 25,291 | 27,955 | ||||||||||
Claim payments, net of employee contributions | (56,338 | ) | (23,252 | ) | (26,502 | ) | |||||||
Ending balance | $ | 19,413 | $ | 22,454 | $ | 7,167 | |||||||
The current portion of the self-insurance liability was $13.3 million and $13.1 million as of January 3, 2015 and December 28, 2013, respectively, and is included in “Other accrued expenses” in the consolidated balance sheets. The long-term portion was $6.1 million and $9.4 million as of January 3, 2015 and December 28, 2013, respectively, and is included in “Other long-term liabilities” in the Consolidated Balance Sheets. | |||||||||||||
Income Taxes: Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred and other tax assets and liabilities. | |||||||||||||
Earnings per share: Earnings per share (“EPS”) is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends and their respective participation rights in undistributed earnings. Participating securities include non-vested shares of restricted stock in which the participants have non-forfeitable rights to dividends during the performance period. Diluted EPS includes the effects of stock options. | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for continuing operations: | |||||||||||||
(In thousands, except per share amounts) | January 3, | December 28, | March 30, | ||||||||||
2015 | 2013 | 2013 | |||||||||||
(53 weeks) | (39 weeks) | (52 weeks) | |||||||||||
Numerator: | |||||||||||||
Earnings from continuing operation | $ | 59,120 | $ | 1,229 | $ | 27,842 | |||||||
Adjustment for earnings attributable to participating securities | (1,015 | ) | (26 | ) | (709 | ) | |||||||
Earnings from continuing operations used in calculating earnings per share | $ | 58,105 | $ | 1,203 | $ | 27,133 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, including participating securities | 37,641 | 24,137 | 21,773 | ||||||||||
Adjustment for participating securities | (646 | ) | (519 | ) | (554 | ) | |||||||
Shares used in calculating basic earnings per share | 36,995 | 23,618 | 21,219 | ||||||||||
Effect of dilutive stock options | 69 | 92 | 75 | ||||||||||
Shares used in calculating diluted earnings per share | 37,064 | 23,710 | 21,294 | ||||||||||
Basic earnings per share from continuing operations | $ | 1.57 | $ | 0.05 | $ | 1.28 | |||||||
Diluted earnings per share from continuing operations | $ | 1.57 | $ | 0.05 | $ | 1.27 | |||||||
Weighted average shares issuable upon the exercise of stock options that were not included in the earnings per share calculations because they were anti-dilutive were 322,914, 334,172, and 369,969 in fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. | |||||||||||||
Stock-Based Compensation: All share-based payments to employees are recognized in the consolidated financial statements as compensation cost based on the fair value on the date of grant. SpartanNash determined the fair value of stock option awards using the Black-Scholes option-pricing model. The grant date closing price per share of SpartanNash stock is used to estimate the fair value of restricted stock awards and restricted stock units. The value of the portion of awards expected to vest is recognized as expense over the requisite service period. | |||||||||||||
Shareholders’ Equity: SpartanNash’s restated articles of incorporation provide that the board of directors may at any time, and from time to time, provide for the issuance of up to 10 million shares of preferred stock in one or more series, each with such designations as determined by the board of directors. At January 3, 2015 and December 28, 2013, there were no shares of preferred stock outstanding. | |||||||||||||
Advertising Costs: SpartanNash’s advertising costs are expensed as incurred and are included in selling, general and administrative expenses. Advertising expenses were $41.1 million, $15.3 million and $13.6 million in fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. | |||||||||||||
Accumulated Other Comprehensive Income (Loss): We report comprehensive income (loss) that includes our net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenues, expenses, gains and losses that are not included in net earnings such as minimum pension and other post retirement liabilities adjustments and unrealized gains or losses on hedging instruments, but rather are recorded directly in the Consolidated Statements of Shareholders’ Equity. These amounts are also presented in our Consolidated Statements of Comprehensive Income (Loss). As of January 3, 2015 and December 28, 2013, the accumulated other comprehensive loss consisted of the pension and postretirement liability. | |||||||||||||
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 those years. Adoption of this standard in fiscal 2015 is not expected to have a material impact on the Consolidated Financial Statements. | |||||||||||||
On May 28, 2014, the FASB issued ASC 606, “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. We are currently in the process of evaluating the impact of adoption of this ASC on our Consolidated Financial Statements. | |||||||||||||
Merger
Merger | 12 Months Ended | ||||||||||
Jan. 03, 2015 | |||||||||||
Business Combinations [Abstract] | |||||||||||
Merger | Note 2 | ||||||||||
Merger | |||||||||||
On November 19, 2013, Spartan Stores completed a merger with Nash-Finch Company (“Nash-Finch”), a food distribution company serving military commissaries and exchanges and independent grocery retailers and an operator of retail grocery stores. The merger was pursued to create a larger, more balanced company with a broader customer base across multiple food retail and distribution businesses. | |||||||||||
Each outstanding share of the common stock of Nash-Finch converted into 1.20 shares of Spartan Stores common stock. | |||||||||||
Consideration paid for all of the Nash-Finch outstanding shares consisted of the following: | |||||||||||
(In thousands, except share price) | |||||||||||
Spartan Stores common shares issued and deferred | 16,119 | ||||||||||
Trading price | $ | 23.55 | |||||||||
Fair value of shares issued | 379,600 | ||||||||||
Cash paid for fractional shares | 14 | ||||||||||
$ | 379,614 | ||||||||||
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 value on the acquisition date. The operating results of Nash-Finch are included in the consolidated results of operations beginning on November 19, 2013. | |||||||||||
The following table summarizes the fair values of the assets acquired and liabilities assumed on November 19, 2013. During the measurement period, which ended on November 18, 2014, net adjustments of $7.0 million were 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 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. | |||||||||||
(In thousands) | Initial Valuation | 2014 | Final Valuation | ||||||||
Adjustments to | |||||||||||
Fair Value | |||||||||||
Current assets | $ | 790,296 | $ | (2,866 | ) | $ | 787,430 | ||||
Property and equipment | 369,495 | (22,995 | ) | 346,500 | |||||||
Goodwill | 43,584 | (6,962 | ) | 36,622 | |||||||
Intangible assets | 10,750 | 17,800 | 28,550 | ||||||||
Other | 38,160 | - | 38,160 | ||||||||
Total assets acquired | 1,252,285 | (15,023 | ) | 1,237,262 | |||||||
Current liabilities | 353,484 | (11,263 | ) | 342,221 | |||||||
Other long-term liabilities | 81,047 | (4,516 | ) | 76,531 | |||||||
Long-term debt and capital lease obligations | 438,140 | 756 | 438,896 | ||||||||
Total liabilities assumed | 872,671 | (15,023 | ) | 857,648 | |||||||
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, property and equipment was decreased by $23.0 million, while intangible assets were increased by $19.3 million and goodwill was increased by $3.7 million. | |||||||||||
The excess of the purchase price over the fair value of net assets acquired of $36.6 million was recorded as goodwill in the 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 were preliminarily valued as follows: | |||||||||||
(In thousands) | Intangible | Useful Life | |||||||||
Assets | |||||||||||
Trade names | $ | 6,700 | Indefinite | ||||||||
Customer lists | 5,100 | 7 years | |||||||||
Customer relationships | 12,100 | 20 years | |||||||||
Favorable leases | 4,650 | 7 to 22 years | |||||||||
$ | 28,550 | ||||||||||
The following table provides net sales and results of operations from the acquired Nash-Finch Company included in the consolidated statements of earnings since November 19, 2013: | |||||||||||
(In thousands) | Year Ended | Period Ended | |||||||||
5-Jan-15 | 28-Dec-13 | ||||||||||
Net sales | $ | 5,248,617 | $ | 563,185 | |||||||
Net earnings | 24,731 | 769 | |||||||||
Included in the net earnings above are merger and integration expenses of $2.6 million and $2.0 million after-tax for the year ended January 3, 2015 and the period ended December 28, 2013, respectively; asset impairment and restructuring charges of $2.9 million and $0.4 million after-tax for the year ended January 5, 2015 and the period ended December 28, 2013, respectively; and debt extinguishment charges of $2.6 million after-tax for the period ended December 28, 2013.. | |||||||||||
The following unaudited supplemental pro forma financial information presents sales and net earnings as if the Nash-Finch Company was acquired on the first day of the fiscal year ended March 30, 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 period presented or that may be obtained in the future. | |||||||||||
(In thousands) | Period Ended | Year Ended | |||||||||
December 28, 2013 | March 30, 2013 | ||||||||||
(39 weeks) | (52 weeks) | ||||||||||
Net sales | $ | 5,896,555 | $ | 7,428,957 | |||||||
Net earnings (loss) | 24,073 | (73,340 | ) | ||||||||
Non-recurring merger transaction and integration costs of $26.5 million were incurred during the 39 week period ended December 28, 2013 of which $21.0 million was included in selling, general and administrative expenses and $5.5 million was included in debt extinguishment charges. Costs associated with the new revolving credit agreement of $9.4 million were capitalized and included in other assets in the Consolidated Balance Sheet. | |||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Goodwill and Other Intangible Assets | Note 3 | ||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||
Changes in the carrying amount of goodwill were as follows: | |||||||||||||||||
(In thousands) | Retail | Food | Total | ||||||||||||||
Distribution | |||||||||||||||||
Balance at March 30, 2013: | |||||||||||||||||
Goodwill | $ | 238,714 | $ | 94,726 | $ | 333,440 | |||||||||||
Accumulated impairment charges | (86,600 | ) | — | (86,600 | ) | ||||||||||||
Goodwill, net | 152,114 | 94,726 | 246,840 | ||||||||||||||
Merger and acquisition | 17,027 | 36,622 | 53,649 | ||||||||||||||
Other | (1,303 | ) | — | (1,303 | ) | ||||||||||||
Balance at December 28, 2013: | |||||||||||||||||
Goodwill | 254,438 | 131,348 | 385,786 | ||||||||||||||
Accumulated impairment charges | (86,600 | ) | — | (86,600 | ) | ||||||||||||
Goodwill, net | 167,838 | 131,348 | 299,186 | ||||||||||||||
Other | (1,906 | ) | — | (1,906 | ) | ||||||||||||
Balance at January 3, 2015: | |||||||||||||||||
Goodwill | 252,532 | 131,348 | 383,880 | ||||||||||||||
Accumulated impairment charges | (86,600 | ) | — | (86,600 | ) | ||||||||||||
Goodwill, net | $ | 165,932 | $ | 131,348 | $ | 297,280 | |||||||||||
The following table reflects the components of amortized intangible assets, included in “Other, net” on the Consolidated Balance Sheets: | |||||||||||||||||
3-Jan-15 | December 28, 2013 | ||||||||||||||||
(In thousands) | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
Non-compete agreements | $ | 2,528 | $ | 1,836 | $ | 4,566 | $ | 3,427 | |||||||||
Favorable leases | 8,408 | 2,718 | 8,408 | 2,215 | |||||||||||||
Pharmacy customer prescription lists | 16,494 | 10,574 | 17,423 | 8,946 | |||||||||||||
Customer relationships | 12,100 | 684 | 12,100 | 78 | |||||||||||||
Trade names | 1,218 | 461 | 1,219 | 233 | |||||||||||||
Franchise fees and other | 514 | 184 | 370 | 129 | |||||||||||||
Total | $ | 41,262 | $ | 16,457 | $ | 44,086 | $ | 15,028 | |||||||||
The weighted average amortization period for amortizable intangible assets is as follows: | |||||||||||||||||
Non-compete agreements | 6.0 years | ||||||||||||||||
Favorable leases | 16.7 years | ||||||||||||||||
Customer lists | 7.2 years | ||||||||||||||||
Customer relationships | 20.0 years | ||||||||||||||||
Trade names | 7.0 years | ||||||||||||||||
Franchise fees and other | 8.6 years | ||||||||||||||||
Amortization expense for intangible assets was $3.7 million, $2.1 million and $2.3 million for the fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013, and fiscal year ended March 30, 2013, respectively. | |||||||||||||||||
Estimated amortization expense for each of the five succeeding fiscal years is as follows: | |||||||||||||||||
(In thousands) | Fiscal Year | Amortization | |||||||||||||||
Expense | |||||||||||||||||
2015 | $ | 3,172 | |||||||||||||||
2016 | 2,624 | ||||||||||||||||
2017 | 2,517 | ||||||||||||||||
2018 | 2,137 | ||||||||||||||||
2019 | 1,836 | ||||||||||||||||
Indefinite-lived intangible assets that are not amortized consist primarily of trade names and licenses for the sale of alcoholic beverages which totaled $33.0 and $33.2 million as of January 3, 2015 and December 28, 2013. |
Restructuring_Asset_Impairment
Restructuring, Asset Impairment and Other | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||
Restructuring, Asset Impairment and Other | Note 4 | ||||||||||||
Restructuring, Asset Impairment and Other | |||||||||||||
The following table provides the activity of restructuring costs for fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013, and fiscal year ended March 30, 2013. Restructuring costs recorded in the 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 March 31, 2012 | $ | 11,102 | $ | — | $ | 11,102 | |||||||
Changes in estimates (Note 3) | (696 | ) | — | (696 | ) (a) | ||||||||
Accretion expense | 384 | — | 384 | ||||||||||
Payments | (2,815 | ) | — | (2,815 | ) | ||||||||
Balance at March 30, 2013 | 7,975 | — | 7,975 | ||||||||||
Assumed with merger | 8,766 | — | 8,766 | ||||||||||
Provision for lease and related ancillary costs, net of sublease income | 4,923 | — | 4,923 | (b) | |||||||||
Provision for severance | — | 1,061 | 1,061 | (c) | |||||||||
Changes in estimates (Note 3) | (1,333 | ) | — | (1,333 | ) (a) | ||||||||
Accretion expense | 249 | — | 249 | ||||||||||
Reclassifications from deferred rent | 1,104 | — | 1,104 | ||||||||||
Payments | (2,188 | ) | (26 | ) | (2,214 | ) | |||||||
Balance at December 28, 2013 | 19,496 | 1,035 | 20,531 | ||||||||||
Provision for lease and related ancillary costs, net of sublease income | 543 | — | 543 | (b) | |||||||||
Provision for severance | — | 306 | 306 | (c) | |||||||||
Changes in estimates (Note 3) | (563 | ) | — | (563 | ) (a) | ||||||||
Accretion expense | 841 | — | 841 | ||||||||||
Payments | (6,329 | ) | (1,261 | ) | (7,590 | ) | |||||||
Balance at January 3, 2015 | $ | 13,988 | $ | 80 | $ | 14,068 | |||||||
(a) | Goodwill was reduced by $1.3 million, $1.3 million and $0.6 million in fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013, and fiscal year ended March 30, 2013, respectively, 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. | ||||||||||||
(b) | The provision for lease and related ancillary costs represents the initial charges estimated to be incurred for store closings in the Retail segment. | ||||||||||||
(c) | 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. | ||||||||||||
Restructuring, asset impairment and other included in the Consolidated Statements of Earnings consisted of the following: | |||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | March 31, 2013 | ||||||||||
Asset impairment charges (a) | $ | 7,550 | $ | 9,691 | $ | 1,682 | |||||||
Provision for leases and related ancillary costs, net of sublease income, related to store closings (b) | 543 | 4,923 | — | ||||||||||
Gains on sales of assets related to closed sites | (4,518 | ) | — | — | |||||||||
Provision for severance (c) | 306 | 1,061 | — | ||||||||||
Other costs associated with distribution center and store closings | 1,504 | — | — | ||||||||||
Changes in estimates (d) | 781 | (31 | ) | (93 | ) | ||||||||
$ | 6,166 | $ | 15,644 | $ | 1,589 | ||||||||
(a) | The asset impairment charges were incurred in the Retail segment due to the economic and competitive environment of certain stores and market deterioration in property held for future development. We utilize a discounted cash flow model and market approach that incorporates unobservable level 3 inputs to test for long-lived asset impairments. | ||||||||||||
(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 relate to revised estimates of lease and ancillary costs associated with previously closed facilities in the Retail and Food Distribution segments. The Retail and Food Distribution segments realized $0.6 million and $0.2, million respectively, in the fiscal year ended January 3, 2015. | ||||||||||||
Lease obligations for closed facilities included in restructuring costs include 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. | |||||||||||||
Long-lived assets are analyzed for impairment whenever circumstances arise that could indicate the carrying value of long-lived assets may not be recoverable. If such circumstances exist, then estimates are made of future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an impairment loss is recognized in the Consolidated Statements of Earnings. Measurement of the impairment loss to be recorded is equal to the excess of the carrying amount of the assets over the discounted future cash flows. When analyzing the assets for impairment, assets are grouped at the lowest level for which there are identifiable cash flows that are largely independent of the cash flows of other groups of assets. |
Accounts_and_Notes_Receivable
Accounts and Notes Receivable | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Accounts and Notes Receivable | Note 5 | |||||||
Accounts and Notes Receivable | ||||||||
Accounts and notes receivable at January 3, 2015 and December 28, 2013 are comprised of the following components: | ||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | ||||||
Customer notes receivable | $ | 1,944 | $ | 5,198 | ||||
Customer accounts receivable | 265,976 | 257,947 | ||||||
Other receivables | 19,554 | 24,285 | ||||||
Allowance for doubtful accounts | (4,777 | ) | (2,037 | ) | ||||
Net current accounts and notes receivable | $ | 282,697 | 285,393 | |||||
Net long-term notes receivable | $ | 21,474 | $ | 24,008 | ||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Note 6 | ||||||||
Long-Term Debt | |||||||||
Long-term debt consists of the following: | |||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||
Senior secured revolving credit facility, | $ | 403,201 | $ | 420,682 | |||||
due November 2018 | |||||||||
6.625% Senior Notes due December 2016 | 50,000 | 50,000 | |||||||
Senior secured term loan, due November 2018 | 46,989 | 60,000 | |||||||
Capital lease obligations (Note 9) | 64,420 | 68,127 | |||||||
Other, 2.61% - 9.25%, due 2015 – 2020 | 5,658 | 6,855 | |||||||
570,268 | 605,664 | ||||||||
Less current portion | 19,758 | 7,345 | |||||||
Total long-term debt | $ | 550,510 | $ | 598,319 | |||||
On November 19, 2013, Spartan Stores entered into a $1 billion Amended and Restated Loan and Security Agreement (the “Credit Agreement”) with Wells Fargo Capital Finance, LLC, as administrative agent (“Wells Fargo”), and certain lenders from time to time party thereto. The Credit Agreement was entered into contemporaneously with the closing of the merger with Nash-Finch Company. The Credit Agreement amends and restates in the entirety each of the previous credit agreements between Wells Fargo (or an affiliate thereof) and Spartan Stores and certain of its subsidiaries and Nash-Finch and certain of its subsidiaries, respectively. | |||||||||
The Credit Agreement had a term of five years, maturing on November 19, 2018, and is a secured credit facility consisting of three tranches. Tranche A is a $900 million secured revolving credit facility; Tranche A-1 is a $40 million secured revolving credit facility; and Tranche A-2 provided for a $60 million term loan at inception. Borrowings under the Credit Agreement are available for general operating expenses, working capital, merger costs, repayment of certain existing Nash-Finch indebtedness and other general corporate purposes. | |||||||||
The Company has the right to request an increase in the maximum amount of the Credit Agreement in such amount as would bring the aggregate loan commitments under the Credit Agreement to a total of up to $1.4 billion. The request will become effective if (a) certain customary conditions specified in the Credit Agreement are met and (b) one or more existing lenders under the Credit Agreement or other financial institutions approved by the administrative agent commit to lend the increased amounts under the Credit Agreement. | |||||||||
The Company’s obligations under the Credit Agreement are secured by substantially all of the personal and real property of the Company. The Company may prepay all loans at any time without penalty. | |||||||||
Availability under the Credit Agreement is based upon advance rates on certain asset categories owned by the Company, including, but not limited to the following: inventory, accounts receivable, real estate, prescription lists and rolling stock. | |||||||||
Indebtedness under the three tranches of the Credit Agreement bear interest subject to a grid based upon Excess Availability as defined in the Credit Agreement at the Company’s election as either Eurodollar loans or Base Rate loans. | |||||||||
The Company incurs an unused line of credit fee on the unused portion of the loan commitments at a rate ranging from 0.25% to 0.375%. | |||||||||
The Credit Agreement imposes certain requirements, including: limitations on dividends and investments (including distributions to subsidiaries designated as unrestricted subsidiaries); limitations on the Company’s ability to incur debt, make loans, acquire other companies, change the nature of the Company’s business, enter a merger or consolidation, or sell assets. These requirements can be more restrictive depending upon the Company’s Excess Availability as defined under the Credit Agreement. | |||||||||
Upon the occurrence, and during the continuance, of an event of default, including but not limited to nonpayment of principal when due, failure to perform or observe certain terms, covenants, or agreements under the Credit Agreement and the other loan documents, and certain defaults of other indebtedness, the administrative agent may terminate the obligation of the lenders under the Credit Agreement to make advances and issue letters of credit and declare any outstanding obligations under the Credit Agreement immediately due and payable. In addition, in the event of insolvency (as defined in the Credit Agreement), the obligation of each lender to make advances and issue letters of credit shall automatically terminate and any outstanding obligations under the Credit Agreement shall immediately become due and payable. | |||||||||
Available borrowings under our $1.0 billion credit facility are based on stipulated advance rates on eligible assets, as defined in the credit agreement. As of January 3, 2015 and December 28, 2013, our senior secured revolving credit facility and senior secured term loan had outstanding borrowings of $450.2 million and $480.7 million, respectively; additional available borrowings under our $1.0 billion credit facility are based on stipulated advance rates on eligible assets, as defined in the credit agreement. The credit agreement requires that SpartanNash maintain excess availability of 10% of the borrowing base as such term is defined in the credit agreement. SpartanNash had excess availability after the 10% covenant of $406.8 million and $406.9 million at January 3, 2015 and December 28, 2013, respectively. Payment of dividends and repurchases of outstanding shares are permitted, provided that certain levels of excess availability are maintained. The credit facility provides for the issuance of letters of credit, of which $11.5 million and $14.2 million were outstanding as of January 3, 2015 and December 28, 2013, respectively. | |||||||||
As of January 3, 2015, Tranche A Eurodollar loans bear interest at rates ranging from LIBOR plus 1.50% to LIBOR plus 2.00% and Tranche A Base Rate loans bear interest at rates ranging from the greatest of (i) Federal Funds Rate plus 1.00% to 1.50% (ii) the Eurodollar Rate plus 1.50% to 2.00%; or (iii) the prime rate as announced by Wells Fargo plus 0.50% to 1.00%. | |||||||||
As of January 3, 2015, Tranche A-1 Eurodollar loans bear interest at rates ranging from LIBOR plus 2.75% to LIBOR plus 3.25% and Tranche A-1 Base Rate loans bear interest at rates ranging from the greatest of (i) the Federal Funds Rate plus 2.25% to 2.75% (ii) the Eurodollar Rate plus 2.75% to 3.25%; or (iii) the prime rate as announced by Wells Fargo plus 1.75% to 2.25%. | |||||||||
As of January 3, 2015 Tranche A-2 Eurodollar loans bear interest at LIBOR plus 5.50% and Tranche A Base Rate loans bear interest at rates representing the greatest of (i) Federal Funds Rate plus 5.00% (ii) the Eurodollar Rate plus 5.50%; or (iii) the prime rate as announced by Wells Fargo plus 4.50%. | |||||||||
On January 9, 2015, SpartanNash Company and certain of its subsidiaries entered into an amendment (the “Amendment”) to the Company’s Amended and Restated Loan and Security Agreement (the “Credit Agreement”) with Wells Fargo Capital Finance, LLC, as administrative agent, and certain lenders from time to time party to the Credit Agreement. The Amendment amends the interest rate grid set forth in the definition of “Applicable Margin” to reduce interest rates by 0.25% for all rates established by reference to Applicable Margin. The Amendment also extends the maturity date of the Loan Agreement from November 19, 2018 to January 9, 2020. In addition, the Amendment provides for certain other amendments to covenants and a schedule, as set forth in the Amendment. | |||||||||
On December 6, 2012, the Company completed a private exchange and sale of $50.0 million aggregate principal amount of newly issued four year unsecured 6.625% Senior Notes due 2016 (“New Notes”) for $40.3 million aggregate principal amount of SpartanNash’s existing Convertible Senior Notes due 2027 and $9.7 million in cash. The New Notes mature on December 15, 2016 and are senior unsecured debt and rank equally in right of payment with the Company’s other existing and future senior debt. The New Notes are effectively subordinated to the Company’s existing and future secured debt to the extent of the value of the assets securing such debt. Interest on the New Notes accrues at a rate of 6.625% per annum. Interest on the New Notes is payable semiannually on June 15 and December 15 of each year. | |||||||||
The Company may redeem the New Notes in whole or in part at any time on or after December 15, 2014, at the option of the Company at the following redemption prices (expressed as percentages of the principal amount), together with accrued and unpaid interest to the date of purchase: | |||||||||
Year of Redemption | Redemption Price | ||||||||
2014 | 103.3125 | % | |||||||
2015 and thereafter | 101.65625 | % | |||||||
During the fiscal year ended March 30, 2013, the Company repurchased the remaining $97.7 million in principal amount of its convertible senior notes resulting in a loss of approximately $5.1 million. The completion of the redemption discharged the Indenture dated as of May 30, 2007 between the Company and the Bank of New York Trust Company, N.A. as Trustee and the Senior Convertible Notes. | |||||||||
The amount of interest expense recognized and the effective interest rate for the Company’s Convertible Senior Notes were as follows: | |||||||||
(In thousands) | March 30, 2013 | ||||||||
Contractual coupon interest | $ | 2,687 | |||||||
Amortization of discount on convertible senior notes | 3,282 | ||||||||
Interest expense | $ | 5,969 | |||||||
Effective interest rate | 8.125 | % | |||||||
The weighted average interest rates including loan fee amortization for fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013 were 4.02%, 5.73% and 8.43%, respectively. | |||||||||
At January 3, 2015, long-term debt was due as follows: | |||||||||
(In thousands) | Fiscal Year | ||||||||
2015 | $ | 19,758 | |||||||
2016 | 67,630 | ||||||||
2017 | 17,888 | ||||||||
2018 | 429,341 | ||||||||
2019 | 6,550 | ||||||||
Thereafter | 29,101 | ||||||||
$ | 570,268 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Fair Value Disclosures [Abstract] | ||||||||
Fair Value Measurements | Note 7 | |||||||
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 January 3, 2015 and December 28, 2013 the estimated fair value and the book value of our debt instruments were as follows: | ||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | ||||||
Book value of debt instruments: | ||||||||
Current maturities of long-term debt and capital lease obligations | $ | 19,758 | $ | 7,345 | ||||
Long-term debt and capital lease obligations | 550,510 | 598,319 | ||||||
Total book value of debt instruments | 570,268 | 605,664 | ||||||
Fair value of debt instruments | 574,008 | 609,682 | ||||||
Excess of fair value over book value | $ | 3,740 | $ | 4,018 | ||||
The estimated fair value of debt is based on market quotes for instruments with similar terms and remaining maturities (level 3 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 totaling $17.9 million and $13.7 as of fiscal year ended January 3, 2015 and 39 week period ended December 28, 2013, respectively, were measured at a fair value of $10.3 million and $4.0 million, respectively, on a nonrecurring basis using Level 3 inputs as defined in the fair value hierarchy. Our accounting and finance team management, who 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 4 for discussion of long-lived asset impairment charges. | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Jan. 03, 2015 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Note 8 | ||||
Commitments and Contingencies | |||||
SpartanNash subleases property at certain locations and received rental income of $5.0 million, $2.2 million, and $1.9 million in the fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013, and fiscal year ended March 30, 2013, respectively. In the event of the customer’s default, SpartanNash would be responsible for fulfilling these lease obligations. The future payment obligations under these leases are disclosed in Note 9. | |||||
Unions represent approximately 8% of SpartanNash’s associates. These associates are covered by collective bargaining agreements. The facilities covered by collective bargaining agreements, the unions representing the covered associates and the expiration dates for each existing collective bargaining agreement are provided in the following table: | |||||
Distribution Center Locations | Union Locals | Expiration dates | |||
Lima, Ohio | IBT 908 | January, 2016 | |||
Bellefontaine, Ohio General Merchandise Service Division | IBT 908 | February, 2016 | |||
Bellefontaine, Ohio GTL Truck Lines Inc. | IBT 908 | February, 2017 | |||
Westville, Indiana | IBT 135 | May-16 | |||
Grand Rapids, Michigan | IBT 406 | October, 2015 | |||
Norfolk, Virginia | IBT 822 | April, 2016 | |||
Columbus, Ohio | IBT 528 | September, 2016 | |||
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 an 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 was 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. | |||||
The Company believed that these lawsuits were 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 would 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 was 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 provided that Nash-Finch would 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 was subject to customary conditions, including approval by the State Court, which would 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 on 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 is not aware of any significant change in funding levels since January 3, 2015. 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. |
Leases
Leases | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Leases [Abstract] | |||||||||||||||||
Leases | Note 9 | ||||||||||||||||
Leases | |||||||||||||||||
A substantial portion of our store and warehouse properties are operated in leased facilities. SpartanNash also leases small ancillary warehouse facilities, tractor and trailer fleet and certain other equipment. Most of the property leases contain renewal options of varying terms. Terms of certain leases contain provisions requiring payment of percentage rent based on sales and payment of executory costs such as property taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premises. Terms of certain leases of transportation equipment contain provisions requiring payment of percentage rent based upon miles driven. Portions of certain property are subleased to others. Operating leases often contain renewal options. In those locations in which it makes economic sense to continue to operate, management expects that, in the normal course of business, leases that expire will be renewed or replaced by other leases. | |||||||||||||||||
Rental expense, net of sublease income, under operating leases consisted of the following: | |||||||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | March 30, 2013 | ||||||||||||||
Minimum rentals | $ | 56,848 | $ | 28,978 | $ | 31,993 | |||||||||||
Contingent rental payments | 563 | 541 | 672 | ||||||||||||||
Sublease rental income | (5,027 | ) | (2,157 | ) | (1,928 | ) | |||||||||||
$ | 52,384 | $ | 27,362 | $ | 30,737 | ||||||||||||
Total future lease commitments of SpartanNash under operating and capital leases in effect at January 3, 2015 are as follows: | |||||||||||||||||
Operating Leases | |||||||||||||||||
(In thousands) | Used in | Subleased | Total | Capital | |||||||||||||
Fiscal Year | Operations | to Others | Leases | ||||||||||||||
2015 | $ | 43,041 | $ | 3,978 | $ | 47,019 | $ | 13,282 | |||||||||
2016 | 35,497 | 3,164 | 38,661 | 10,762 | |||||||||||||
2017 | 28,253 | 2,531 | 30,784 | 10,426 | |||||||||||||
2018 | 23,206 | 2,057 | 25,263 | 10,115 | |||||||||||||
2019 | 14,548 | 1,692 | 16,240 | 9,154 | |||||||||||||
Thereafter | 62,356 | 9,696 | 72,052 | 42,191 | |||||||||||||
Total | $ | 206,901 | $ | 23,118 | $ | 230,019 | 95,930 | ||||||||||
Interest | (31,510 | ) | |||||||||||||||
Present value of minimum lease obligations | 64,420 | ||||||||||||||||
Current maturities | 8,656 | ||||||||||||||||
Long-term capitalized lease obligations | $ | 55,764 | |||||||||||||||
Assets held under capital leases consisted of the following: | |||||||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||||||||||
Buildings and improvements | $ | 72,747 | $ | 75,920 | |||||||||||||
Equipment | 5,695 | 3,272 | |||||||||||||||
78,442 | 79,192 | ||||||||||||||||
Less accumulated amortization and depreciation | 29,842 | 25,157 | |||||||||||||||
Net assets under capitalized leases | $ | 48,600 | $ | 54,035 | |||||||||||||
Amortization expense for property under capital leases was $4.4 million, $2.8 million and $3.8 million in fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. | |||||||||||||||||
Certain retail store facilities are leased to others. Of the stores leased to others, several are owned and others were obtained through leasing arrangements and are accounted for as operating leases. A majority of the leases provide for minimum and contingent rentals based upon stipulated sales volumes and contain renewal options. Certain of the leases contain escalation clauses. | |||||||||||||||||
Owned assets, included in property and equipment, which are leased to others are as follows: | |||||||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||||||||||
Land and improvements | $ | 3,327 | $ | 3,770 | |||||||||||||
Buildings | 10,786 | 10,252 | |||||||||||||||
14,113 | 14,022 | ||||||||||||||||
Less accumulated amortization and depreciation | 5,187 | 4,710 | |||||||||||||||
Net property | $ | 8,926 | $ | 9,312 | |||||||||||||
Future minimum rentals to be received under lease obligations in effect at January 3, 2015 are as follows: | |||||||||||||||||
(In thousands) | Owned | Leased | Total | ||||||||||||||
Fiscal Year | Property | Property | |||||||||||||||
2015 | $ | 3,975 | $ | 4,715 | $ | 8,690 | |||||||||||
2016 | 3,362 | 3,513 | 6,875 | ||||||||||||||
2017 | 2,340 | 2,981 | 5,321 | ||||||||||||||
2018 | 1,230 | 2,416 | 3,646 | ||||||||||||||
2019 | 984 | 1,965 | 2,949 | ||||||||||||||
Thereafter | 2,204 | 10,194 | 12,398 | ||||||||||||||
Total | $ | 14,095 | $ | 25,784 | $ | 39,879 | |||||||||||
Associate_Retirement_Plans
Associate Retirement Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
Associate Retirement Plans | Note 10 | ||||||||||||||||||||||||||||||||||||
Associate Retirement Plans | |||||||||||||||||||||||||||||||||||||
SpartanNash’s retirement programs include pension plans providing non-contributory benefits and salary reduction defined contribution plans providing contributory benefits. Substantially all of SpartanNash’s associates not covered by collective bargaining agreements are covered by either a frozen non-contributory cash balance pension plan, a frozen pension plan, a defined contribution plan or both. Associates covered by collective bargaining agreements are included in multi-employer pension plans. | |||||||||||||||||||||||||||||||||||||
Effective January 1, 2011, the Spartan Stores, Inc. Cash Balance Pension Plan (“Cash Balance Pension Plan”) was frozen and, as a result, additional service credits are no longer added to each associate’s account, however, interest credits will continue to accrue. No additional associates are eligible to participate in the Cash Balance Pension Plan after January 1, 2011. Prior to the plan freeze, the plan benefit formula utilized a cash balance approach. Under the cash balance formula, credits were added annually to a participant’s “account” based on a percent of the participant’s compensation and years of vested service at the beginning of each calendar year. At SpartanNash’s discretion, interest credits are also added annually to a participant’s account based upon the participant’s account balance as of the last day of the immediately preceding calendar year. Annual payments to the pension trust fund are determined in compliance with the Employee Retirement Income Security Act of 1976 (“ERISA”). Plan assets consist principally of common stocks and U.S. government and corporate obligations. The plan does not hold any SpartanNash stock. | |||||||||||||||||||||||||||||||||||||
One of our subsidiaries has a qualified non-contributory pension plan, Retirement Plan for Employees of Super Food Services, Inc. (“Super Foods Plan”), to provide retirement income for certain eligible full-time employees who are not covered by a union retirement plan. Pension benefits under the plan are based on length of service and compensation. Our subsidiary contributes amounts necessary to meet minimum funding requirements. This plan has been curtailed and no new associates can enter the plan. This plan is also frozen for additional service credits. | |||||||||||||||||||||||||||||||||||||
During the fiscal year ended January 3, 2015, terminated vested participants of the Cash Balance Pension Plan and the Super Foods Plan were offered a temporary opportunity to elect to receive a lump sum distribution. As a result, distributions of $10.6 million were made and a resulting settlement accounting charge of $1.6 million was incurred. | |||||||||||||||||||||||||||||||||||||
On January 1, 2015, the Super Foods Plan was merged into the Cash Balance Pension Plan which was renamed the SpartanNash Cash Balance Pension Plan. The merging of the plans will result in lower administrative fees and reduced cash funding. | |||||||||||||||||||||||||||||||||||||
SpartanNash also maintains a Supplemental Executive Retirement Plan (“SERP”), which provides nonqualified deferred compensation benefits to SpartanNash key employees and executive officers. Benefits under the SERP are paid from SpartanNash’s general assets as there is no separate trust established to fund benefits. | |||||||||||||||||||||||||||||||||||||
Expense for employer matching and profit sharing contributions made to defined contribution plans totaled $13.6 million, $4.8 million and $4.8 million in fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. | |||||||||||||||||||||||||||||||||||||
We also have deferred compensation plans for a select group of management or highly compensated associates. The plans are unfunded and permit participants to defer receipt of a portion of their base salary, annual bonus or long-term incentive compensation which would otherwise be paid to them. The deferred amounts, plus earnings, are distributed following the associate’s termination of employment. Earnings are based on the performance of phantom investments elected by the participant from a portfolio of investment options. | |||||||||||||||||||||||||||||||||||||
SpartanNash also has two separate trusts established for the protection of cash balances owed to participants in our deferred compensation plans. We were required to fund these trusts with 125% of our pre-merger liability to plan participants. This requirement was specified by the plan documents. We currently have cash balances in these trusts, which are administered by Wells Fargo. When we make payments to plan participants, we submit a claim to the trust for reimbursement. The corporate-owned life insurance was intended in the past to mirror our liability to participants in the deferred compensation plan. It was our intention to mirror the investments chosen by plan participants so as to minimize our risk if the phantom investments chosen by the plan participants increased in value. The net cash surrender value of approximately $5.2 million at January 3, 2015 is recorded on the balance sheet in Other Long-term Assets. These policies have an aggregate amount of life insurance coverage of approximately $66 million. | |||||||||||||||||||||||||||||||||||||
SpartanNash also holds additional variable universal life insurance policies on certain key associates intended to fund distributions under some of the deferred compensation plans referenced above. The company-owned policies have annual premium payments of $0.8 million. The net cash surrender value of approximately $4.2 and $3.3 million at January 3, 2015 and December 28, 2013, respectively, is recorded in the accompanying consolidated balance sheets in Other Long-term Assets. These policies have an aggregate amount of life insurance coverage of approximately $15 million. | |||||||||||||||||||||||||||||||||||||
SpartanNash and certain subsidiaries provide health care benefits to retired associates who were not covered by collective bargaining arrangements during their employment (“covered associates”) under the SpartanNash Company Retiree Medical Plan (“SpartanNash Medical Plan”). Former Spartan Stores associates who have at least 30 years of service or 10 years of service and have attained age 55, and who were not covered by collective bargaining arrangements during their employment qualify as covered associates. Qualified covered associates that retired prior to March 31, 1992 receive major medical insurance with deductible and coinsurance provisions until age 65 and Medicare supplemental benefits thereafter. Covered associates retiring after April 1, 1992 are eligible for monthly postretirement health care benefits of $5 multiplied by the associate’s years of service. This benefit is in the form of a credit against the monthly insurance premium. The retiree pays the balance of the premium. Associates hired after December 31, 2001 are not eligible for these benefits. | |||||||||||||||||||||||||||||||||||||
The following tables set forth the actuarial present value of benefit obligations, funded status, change in benefit obligation, change in plan assets, weighted average assumptions used in actuarial calculations and components of net periodic benefit costs for SpartanNash’s pension and postretirement benefit plans excluding multi-employer plans. The accrued benefit costs are reported in Postretirement benefits in the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||||
Cash Balance Pension Plan | Super Foods Plan | ||||||||||||||||||||||||||||||||||||
SERP | |||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | January 3, | December 28, | January 3, | December 28, | January 3, | December 28, | |||||||||||||||||||||||||||||||
2015 | 2013 | 2015 | 2013 | 2015 | 2013 | ||||||||||||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||||||||||||
Projected Benefit Obligation | |||||||||||||||||||||||||||||||||||||
Beginning of year | $ | 57,825 | $ | 60,202 | $ | 44,675 | $ | — | $ | 856 | $ | 877 | |||||||||||||||||||||||||
Obligation assumed in merger | — | — | — | 44,915 | — | — | |||||||||||||||||||||||||||||||
Interest cost | 2,225 | 1,682 | 1,998 | 234 | 35 | 24 | |||||||||||||||||||||||||||||||
Actuarial (gain) loss | 2,579 | (427 | ) | 3,380 | 6 | 101 | 1 | ||||||||||||||||||||||||||||||
Benefits paid | (10,188 | ) | (3,632 | ) | (9,460 | ) | (480 | ) | (78 | ) | (46 | ) | |||||||||||||||||||||||||
End of year | $ | 52,441 | $ | 57,825 | $ | 40,593 | $ | 44,675 | $ | 914 | $ | 856 | |||||||||||||||||||||||||
Fair value of plan assets | |||||||||||||||||||||||||||||||||||||
Beginning of year | $ | 66,977 | $ | 64,590 | $ | 38,972 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Assets assumed in merger | — | — | — | 38,147 | — | — | |||||||||||||||||||||||||||||||
Actual return on plan assets | 2,872 | 6,019 | 2,220 | 1,305 | — | — | |||||||||||||||||||||||||||||||
Company contributions | — | — | 2,325 | — | 78 | 46 | |||||||||||||||||||||||||||||||
Benefits paid | (10,188 | ) | (3,632 | ) | (9,460 | ) | (480 | ) | (78 | ) | (46 | ) | |||||||||||||||||||||||||
Plan assets at fair value at measurement date | $ | 59,661 | $ | 66,977 | $ | 34,057 | $ | 38,972 | $ | — | $ | — | |||||||||||||||||||||||||
Funded (unfunded) status | $ | 7,220 | $ | 9,152 | $ | (6,536 | ) | $ | (5,703 | ) | $ | (914 | ) | $ | (856 | ) | |||||||||||||||||||||
Components of net amount recognized in financial position: | |||||||||||||||||||||||||||||||||||||
Noncurrent assets | $ | 7,220 | $ | 9,152 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Current liabilities | — | — | — | — | (100 | ) | (91 | ) | |||||||||||||||||||||||||||||
Noncurrent liabilities | — | — | (6,536 | ) | (5,703 | ) | (814 | ) | (765 | ) | |||||||||||||||||||||||||||
Net asset/(liability) | $ | 7,220 | $ | 9,152 | $ | (6,536 | ) | $ | (5,703 | ) | $ | (914 | ) | $ | (856 | ) | |||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||||||||||||||||||||||||||
Net unrecognized actuarial loss (gain) | $ | 14,557 | $ | 14,568 | $ | 2,015 | $ | (1,041 | ) | $ | 408 | $ | 337 | ||||||||||||||||||||||||
Weighted average assumptions at measurement date: | |||||||||||||||||||||||||||||||||||||
Discount rate | 3.6 | % | 4.35 | % | 3.85 | % | 4.65 | % | 3.6 | % | 4.35 | % | |||||||||||||||||||||||||
Expected return on plan assets | 5.5 | % | 5.95 | % | 5.5 | % | 5.7 | % | N/A | N/A | |||||||||||||||||||||||||||
The accumulated benefit obligation for all of the defined benefit pension plans was $93.9 million and $103.4 million at January 3, 2015 and December 28, 2013, respectively. | |||||||||||||||||||||||||||||||||||||
SpartanNash Medical Plan | |||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | January 3, | December 28, | |||||||||||||||||||||||||||||||||||
2015 | 2013 | ||||||||||||||||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||||||||||||
Accumulated Benefit Obligation | |||||||||||||||||||||||||||||||||||||
Beginning of year | $ | 7,967 | $ | 9,982 | |||||||||||||||||||||||||||||||||
Service cost | 186 | 194 | |||||||||||||||||||||||||||||||||||
Interest cost | 394 | 287 | |||||||||||||||||||||||||||||||||||
Plan amendments | — | (582 | ) | ||||||||||||||||||||||||||||||||||
Actuarial loss (gain) | 1,593 | (1,665 | ) | ||||||||||||||||||||||||||||||||||
Benefits paid | (235 | ) | (249 | ) | |||||||||||||||||||||||||||||||||
End of year | $ | 9,905 | $ | 7,967 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | |||||||||||||||||||||||||||||||||||||
Beginning of year | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Employer contributions | 235 | 249 | |||||||||||||||||||||||||||||||||||
Benefits paid | (235 | ) | (249 | ) | |||||||||||||||||||||||||||||||||
Plan assets at fair value at measurement date | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Unfunded status | $ | (9,905 | ) | $ | (7,967 | ) | |||||||||||||||||||||||||||||||
Components of net amount recognized in financial position: | |||||||||||||||||||||||||||||||||||||
Current liabilities | $ | (319 | ) | $ | (323 | ) | |||||||||||||||||||||||||||||||
Non-current liabilities | (9,586 | ) | (7,644 | ) | |||||||||||||||||||||||||||||||||
Net liability | $ | (9,905 | ) | $ | (7,967 | ) | |||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 2,554 | $ | 981 | |||||||||||||||||||||||||||||||||
Prior service credit | (724 | ) | (882 | ) | |||||||||||||||||||||||||||||||||
$ | 1,830 | $ | 99 | ||||||||||||||||||||||||||||||||||
Weighted average assumption at measurement date: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.15 | % | 5.05 | % | |||||||||||||||||||||||||||||||||
Components of net periodic benefit cost (income) | |||||||||||||||||||||||||||||||||||||
Cash Balance Pension Plan | Super Foods Plan | ||||||||||||||||||||||||||||||||||||
(In thousands) | January 3, | December 28, | March 31, | January 3, | December 28, | ||||||||||||||||||||||||||||||||
2015 | 2013 | 2013 | 2015 | 2013 | |||||||||||||||||||||||||||||||||
Interest cost | $ | 2,225 | $ | 1,682 | $ | 2,587 | $ | 1,998 | $ | 234 | |||||||||||||||||||||||||||
Expected return on plan assets | (3,547 | ) | (3,069 | ) | (4,499 | ) | (2,190 | ) | (258 | ) | |||||||||||||||||||||||||||
Amortization of actuarial net loss | 970 | 976 | 1,279 | — | — | ||||||||||||||||||||||||||||||||
Net periodic benefit (income) cost | (352 | ) | (411 | ) | (633 | ) | (192 | ) | (24 | ) | |||||||||||||||||||||||||||
Settlement expense | 2,294 | 621 | — | 294 | — | ||||||||||||||||||||||||||||||||
Total expense (income) | $ | 1,942 | $ | 210 | $ | (633 | ) | $ | 102 | $ | (24 | ) | |||||||||||||||||||||||||
Weighted average assumptions at measurement date: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.35 | % | 3.9 | % | 4.5 | % | 4.65 | % | 4.6 | % | |||||||||||||||||||||||||||
Expected return on plan assets | 5.95 | % | 6.55 | % | 7.5 | % | 5.7 | % | 6 | % | |||||||||||||||||||||||||||
SERP | |||||||||||||||||||||||||||||||||||||
(In thousands) | January 3, | December 28, | March 30, | ||||||||||||||||||||||||||||||||||
2015 | 2013 | 2013 | |||||||||||||||||||||||||||||||||||
Interest cost | 35 | 24 | 39 | ||||||||||||||||||||||||||||||||||
Amortization of actuarial net loss | 30 | 23 | 32 | ||||||||||||||||||||||||||||||||||
Net periodic benefit cost | 65 | 47 | 71 | ||||||||||||||||||||||||||||||||||
Settlement expense | — | — | 50 | ||||||||||||||||||||||||||||||||||
Total expense | $ | 65 | $ | 47 | $ | 121 | |||||||||||||||||||||||||||||||
Weighted average assumption at measurement date: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.35 | % | 3.9 | % | 4.5 | % | |||||||||||||||||||||||||||||||
SpartanNash Medical Plan | |||||||||||||||||||||||||||||||||||||
(In thousands) | January 3, | December 28, | March 30, | ||||||||||||||||||||||||||||||||||
2015 | 2013 | 2013 | |||||||||||||||||||||||||||||||||||
Service cost | $ | 186 | $ | 194 | $ | 194 | |||||||||||||||||||||||||||||||
Interest cost | 394 | 287 | 404 | ||||||||||||||||||||||||||||||||||
Amortization of prior service credit | (158 | ) | (42 | ) | (54 | ) | |||||||||||||||||||||||||||||||
Amortization of actuarial net loss | 20 | 134 | 137 | ||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 442 | $ | 573 | $ | 681 | |||||||||||||||||||||||||||||||
Weighted average assumption at measurement date: | |||||||||||||||||||||||||||||||||||||
Discount rate | 5.05 | % | 3.9 | % | 4.5 | % | |||||||||||||||||||||||||||||||
The net actuarial loss and prior service cost included in “Accumulated Other Comprehensive Income” and expected to be recognized in net periodic benefit cost during fiscal year 2015 are as follows: | |||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
(In thousands) | Cash Balance | Super Foods | SERP | ||||||||||||||||||||||||||||||||||
Pension Plan | Plan | ||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 827 | $ | — | $ | 42 | |||||||||||||||||||||||||||||||
(In thousands) | Spartan Stores | ||||||||||||||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||||||||||||||
Prior service credit | $ | (158 | ) | ||||||||||||||||||||||||||||||||||
Net actuarial loss | 173 | ||||||||||||||||||||||||||||||||||||
Prior service costs (credits) are amortized on a straight-line basis over the average remaining service period of active participants. Actuarial gains and losses for the Cash Balance Pension Plan are amortized over the average remaining service life of active participants when the accumulation of such gains and losses exceeds 10% of the greater of the projected benefit obligation and the fair value of plan assets. As a result of the continued separation of participants from the other pension plan, almost all participants are inactive. Actuarial gains and losses are recognized over the average remaining life expectancy of inactive participants. | |||||||||||||||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement plan. Assumed health care cost trend rates were as follows: | |||||||||||||||||||||||||||||||||||||
January 3, | December 28, | March 31, | |||||||||||||||||||||||||||||||||||
2015 | 2013 | 2013 | |||||||||||||||||||||||||||||||||||
Pre – 65 | 7.75 | % | 8 | % | 8.5 | % | |||||||||||||||||||||||||||||||
Post – 65 | 6.85 | % | 7 | % | 7.5 | % | |||||||||||||||||||||||||||||||
The effect of a one-percentage point increase or decrease in assumed health care cost trend rates on the total service and interest components and the post-retirement benefit obligations would be less than $0.1 million. | |||||||||||||||||||||||||||||||||||||
SpartanNash has assumed an average long-term expected return on Cash Balance Pension Plan assets of 5.50% as of January 3, 2015. The expected return assumption was modeled by third-party investment portfolio managers, based on asset allocations and the expected return and risk components of the various asset classes in the portfolio. Determining projected stock and bond returns and then applying these returns to the target asset allocations of the plan assets developed the expected return. Equity returns were based primarily on historical returns of the S&P 500 Index. Fixed-income projected returns were based primarily on historical returns for the broad U.S. bond market. This overall return assumption is believed to be reasonable over a longer-term period that is consistent with the liabilities. SpartanNash has assumed an average long-term expected return on the Super Foods Plan assets of 5.50% as of January 3, 2015. The expected return assumption was based on asset allocations and the expected return and risk components of the various asset classes in the portfolio. This assumption is assumed to be reasonable over a long-term period that is consistent with the liabilities. | |||||||||||||||||||||||||||||||||||||
SpartanNash has an investment policy for the Cash Balance Pension Plan with a long-term asset allocation mix designed to meet the long-term retirement obligations. The asset allocation mix is reviewed periodically and, on a regular basis, actual allocations are rebalanced to approximate the prevailing targets. The following table summarizes both the targeted allocation of the Cash Balance Pension Plan’s weighted-average asset allocation by asset category and actual allocations as of January 3, 2015 and December 28, 2013: | |||||||||||||||||||||||||||||||||||||
Cash Balance Pension Plan Assets | |||||||||||||||||||||||||||||||||||||
Asset Category | January 3, | December 28, | |||||||||||||||||||||||||||||||||||
Target | 2015 | 2013 | |||||||||||||||||||||||||||||||||||
Equity securities | 15 | % | 14.8 | % | 63.5 | % | |||||||||||||||||||||||||||||||
Fixed income | 85 | 84.6 | 35.8 | ||||||||||||||||||||||||||||||||||
Cash equivalents | 0 | 0.6 | 0.7 | ||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||||
The investment policy emphasizes the following key objectives: (1) provide benefit security to participants by maximizing the return on Plan assets at an acceptable risk level (2) maintain adequate liquidity for current benefit payments (3) avoid unexpected increases in pension expense and (4) within the scope of the above objectives, minimize long term funding to the Plan. | |||||||||||||||||||||||||||||||||||||
SpartanNash has an investment policy for the Super Foods Plan with a long-term asset allocation mix designed to meet the long-term retirement obligations by investing in equity, fixed income and other securities to cover cash flow requirements of the plan and minimize long-term costs. The asset allocation mix is reviewed periodically and, on a regular basis, actual allocations are rebalanced to approximate the prevailing targets. The following table summarizes both the targeted allocation of the Super Foods Plan’s weighted-average asset allocation by asset category and actual allocations as of January 3, 2015: | |||||||||||||||||||||||||||||||||||||
Super Foods Plan Assets | |||||||||||||||||||||||||||||||||||||
Asset Category | Target | January 3, | December 28, | ||||||||||||||||||||||||||||||||||
Range | 2015 | 2013 | |||||||||||||||||||||||||||||||||||
Equity securities | 55.0 - 65.0 | % | 59 | % | 63.7 | % | |||||||||||||||||||||||||||||||
Fixed income | 35.0 - 45.0 | 41 | 36.3 | ||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||||
Upon the merger of the Cash Balance Pension Plan and the Super Foods Plan on January 1, 2015, a third-party fiduciary manages the plan assets under a pre-determined glide path based on funded status, interest rates, mortality tables and expected return on assets. | |||||||||||||||||||||||||||||||||||||
The fair value of the pension plans’ assets at January 3, 2015 by asset category is as follows: | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||||||||||||||||||||
markets for | observable | unobservable | |||||||||||||||||||||||||||||||||||
identical assets | inputs | inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||
Mutual funds | $ | 29,851 | $ | 29,851 | $ | — | $ | — | |||||||||||||||||||||||||||||
Pooled funds | 45,737 | — | 45,737 | — | |||||||||||||||||||||||||||||||||
Money market fund | 381 | — | 381 | — | |||||||||||||||||||||||||||||||||
Guaranteed annuity contract | 17,749 | — | — | 17,749 | |||||||||||||||||||||||||||||||||
Total fair value | $ | 93,718 | $ | 29,851 | $ | 46,118 | $ | 17,749 | |||||||||||||||||||||||||||||
The fair value of the pension plans’ assets at December 28, 2013 by asset category is as follows: | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||||||||||||||||||||
markets for | observable | unobservable | |||||||||||||||||||||||||||||||||||
identical assets | inputs | inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||
Mutual funds | $ | 87,439 | $ | 87,439 | $ | — | $ | — | |||||||||||||||||||||||||||||
Money market fund | 439 | — | 439 | — | |||||||||||||||||||||||||||||||||
Guaranteed annuity contract | 18,071 | — | — | 18,071 | |||||||||||||||||||||||||||||||||
Total fair value | $ | 105,949 | $ | 87,439 | $ | 439 | $ | 18,071 | |||||||||||||||||||||||||||||
Level 3 assets consisted of the guaranteed annuity contracts. A reconciliation of the beginning and ending balances for Level 3 assets follows: | |||||||||||||||||||||||||||||||||||||
(In thousands) | January 3, | December 28, | |||||||||||||||||||||||||||||||||||
2015 | 2013 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 18,071 | $ | 3,890 | |||||||||||||||||||||||||||||||||
Balance assumed in merger | — | 14,324 | |||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (1,402 | ) | (578 | ) | |||||||||||||||||||||||||||||||||
Interest income | 799 | 236 | |||||||||||||||||||||||||||||||||||
Realized gains | 281 | 199 | |||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 17,749 | $ | 18,071 | |||||||||||||||||||||||||||||||||
See Note 7 for a discussion of the levels of the fair value hierarchy. The assets’ fair value measurement level above is based on the lowest level of any input that is significant to the fair value measurement. | |||||||||||||||||||||||||||||||||||||
The following is a description of the valuation methods used for the plans’ assets measured at fair value in the above tables: | |||||||||||||||||||||||||||||||||||||
— | Cash & money market funds: The carrying value approximates fair value. | ||||||||||||||||||||||||||||||||||||
— | Mutual Funds: These investments are publicly traded investments, which are valued using the net asset value (NAV). The NAV of the mutual funds is a quoted price in an active market. The NAV is determined once a day after the closing of the exchange based upon the underlying assets in the fund, less the fund’s liabilities, expressed on a per-share basis. The NAV is a quoted price in an active market and classified within level 1 of the fair value hierarchy of ASC 820. | ||||||||||||||||||||||||||||||||||||
— | Pooled Funds: The plan holds units of various Aon Hewitt Group Trust Funds offered through a private placement. The units are valued daily using the net asset value (“NAV”). The NAV’s are based on the fair value of each fund’s underlying investments. Level 1 assets are priced using quotes for trades occurring in active markets for the identical asset. Level 2 assets are priced using observable inputs for the asset (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level 3 assets are priced using observable inputs. | ||||||||||||||||||||||||||||||||||||
— | Guaranteed Annuity Contracts: The guaranteed annuitys contracts are immediate participation contracts held with insurance companies that act as custodian of the pension plans’ assets. The guaranteed annuity contracts are stated at contract value as determined by the custodians, which approximate fair values. We evaluate the general financial condition of the custodians as a component of validating whether the calculated contract value is an accurate approximation of fair value. The review of the general financial condition of the custodians is considered obtainable/observable through the review of readily available financial information the custodians are required to file with the Securities and Exchange Commission. The group annuity contracts are classified within level 3 of the valuation hierarchy of ASC 820. | ||||||||||||||||||||||||||||||||||||
The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuations methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement. | |||||||||||||||||||||||||||||||||||||
SpartanNash expects to make contributions of $0.7 million to the Cash Balance Plan in the fiscal year ending January 2, 2016. | |||||||||||||||||||||||||||||||||||||
The following estimated benefit payments are expected to be paid in the following fiscal years: | |||||||||||||||||||||||||||||||||||||
(In thousands) | Pension Benefits and SERP Benefits | Post-retirement Benefits | |||||||||||||||||||||||||||||||||||
2015 | $ | 8,498 | $ | 383 | |||||||||||||||||||||||||||||||||
2016 | 8,271 | 406 | |||||||||||||||||||||||||||||||||||
2017 | 8,177 | 443 | |||||||||||||||||||||||||||||||||||
2018 | 7,639 | 485 | |||||||||||||||||||||||||||||||||||
2019 | 7,375 | 523 | |||||||||||||||||||||||||||||||||||
2020 to 2024 | 32,146 | 3,127 | |||||||||||||||||||||||||||||||||||
In addition to the plans described above, SpartanNash participates in the Central States Southeast and Southwest Areas pension plan and, the Michigan Conference of Teamsters and Ohio Conference of Teamsters Health and Welfare plans (collectively referred to as “multiemployer plans”) and other company sponsored defined contribution plans for most associates covered by collective bargaining agreements. | |||||||||||||||||||||||||||||||||||||
SpartanNash contributes to these multiemployer plans under the terms contained in existing collective bargaining agreements and in the amounts set forth within these agreements. The health and welfare plans provide medical, dental, pharmacy, vision, and other ancillary benefits to active employees and retirees as determined by the trustees of the plan. The vast majority of SpartanNash’s contributions benefits active employees and as such, may not constitute contributions to a postretirement benefit plan. However, SpartanNash is unable to separate contribution amounts to postretirement benefit plans from contribution amounts paid for active participants in the plan. | |||||||||||||||||||||||||||||||||||||
In regards to SpartanNash’s participation in the Central States Southeast and Southwest Areas pension plan, expense is recognized as contributions are funded and in accordance with accounting standards. SpartanNash contributed $12.9 million, $6.8 million and $8.2 million to this plan for fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. The risk of participating in a multi-employer pension plan is different from the risk associated with single-employer plans in the following respects: | |||||||||||||||||||||||||||||||||||||
a. | Assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers. | ||||||||||||||||||||||||||||||||||||
b. | If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. | ||||||||||||||||||||||||||||||||||||
c. | If a company chooses to stop participating in some multi-employer plans, or makes market exits or otherwise has participation in the plan drop below certain levels, the company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. | ||||||||||||||||||||||||||||||||||||
SpartanNash’s participation in the Central States Southeast and Southwest Areas pension plan is outlined in the tables below which provide additional information about the collective bargaining agreements associated with this multi-employer plan in which SpartanNash participates. The EIN/Pension Plan Number column provides the Employee Identification Number (“EIN”) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status (“PPA”) available in 2014 and 2013 relates to the plans’ two most recent fiscal year-ends. The zone status is based on information that SpartanNash received from the plan and is certified by each plan’s actuary. Among other factors, red zone status plans are generally less than 65 percent funded and are considered in critical status. The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented by the trustees of each plan. | |||||||||||||||||||||||||||||||||||||
Pension | EIN – Pension | Plan | Pension | FIP/RP | Contributions | Surcharges | |||||||||||||||||||||||||||||||
Month / | Protection Act | Status | Imposed or | ||||||||||||||||||||||||||||||||||
Day End | Zone Status | Pending/ | Amortization | ||||||||||||||||||||||||||||||||||
Fund | Plan Number | Date | 2014 | 2013 | Implemented | 2014 | 2013 | 2012 | Provisions | ||||||||||||||||||||||||||||
Central States, Southeast and Southwest Areas Pension Fund | 36-6044243-001 | 31-Dec | Red | Red | Implemented | $ | 12,858 | $ | 6,822 | $ | 8,248 | (b) | |||||||||||||||||||||||||
Pension Fund | Total Collective | Expiration Date | Percentage of | Over 5% | |||||||||||||||||||||||||||||||||
Bargaining | Associates under | Contribution 2014 | |||||||||||||||||||||||||||||||||||
Agreements (a) | Collective Bargaining | ||||||||||||||||||||||||||||||||||||
Agreement | |||||||||||||||||||||||||||||||||||||
Central States, Southeast and Southwest Areas Pension Fund | 4 | 10/2015 to 02/2017 | 8.00% | No | |||||||||||||||||||||||||||||||||
(a) | SpartanNash is party to four collective-bargaining agreements that require contributions to the Central States, Southeast and Southwest Areas Pension Plan. These agreements cover warehouse personnel and drivers in Grand Rapids, Michigan, Bellefontaine, Ohio and Lima, Ohio distribution centers. In the last contract negotiation, the Agreement covering the Bellefontaine facility warehouse employees was consolidated into the GMS Agreement. | ||||||||||||||||||||||||||||||||||||
(b) | SpartanNash is party to four collective-bargaining agreements that require contributions to the Central States, Southeast and Southwest Areas Pension Plan. The agreement that covers warehouse personnel and drivers in the Grand Rapids, Michigan distribution center has no surcharges imposed or amortization provisions while the agreements that cover warehouse personnel and drivers in the Bellefontaine, Ohio and Lima, Ohio distribution centers does have surcharges imposed or amortization provisions. | ||||||||||||||||||||||||||||||||||||
At the date the financial statements were issued, Form 5500 was generally not available for the plan year ended in 2014. | |||||||||||||||||||||||||||||||||||||
See Note 8 for further information regarding SpartanNash’s participation in the Central States, Southeast and Southwest Areas Pension Fund. |
Other_Comprehensive_Income_or_
Other Comprehensive Income or Loss | 12 Months Ended |
Jan. 03, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income or Loss | Note 11 |
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. As of January 3, 2015 and December 28, 2013 AOCI is the cumulative balance related to pension and other postretirement benefits. | |
During fiscal year ended January 3, 2015, $2.9 million was reclassified from the Consolidated Statement of Earnings to AOCI, of which $4.8 million decreased selling, general and administrative expenses and $1.9 million increased income taxes. During the 39 week period ended December 28, 2013, $4.9 million was reclassified from AOCI to the Consolidated Statement of Earnings, of which $8.3 million increased selling, general and administrative expenses and $3.4 million reduced income taxes. During the fiscal year ended March 30, 2013, $0.1 million was reclassified from AOCI to the Consolidated Statement of Earnings, of which $0.2 million increased selling, general and administrative expenses and $0.1 million reduced income taxes. |
Taxes_on_Income
Taxes on Income | 12 Months Ended | ||||||||||
Jan. 03, 2015 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Taxes on Income | Note 12 | ||||||||||
Taxes on Income | |||||||||||
The income tax provision for continuing operations is made up of the following components: | |||||||||||
(In thousands) | January 3, 2015 | December 28, 2013 | March 31, 2013 | ||||||||
Currently payable: | |||||||||||
Federal | $ | 27,015 | $ | 3,897 | $ | 17,056 | |||||
State | 777 | 510 | 2,490 | ||||||||
Total currently payable | 27,792 | 4,407 | 19,546 | ||||||||
Deferred: | |||||||||||
Federal | 3,362 | 531 | (3,361 | ) | |||||||
State | 175 | (4,097 | ) | (760 | ) | ||||||
Total deferred | 3,537 | (3,566 | ) | (4,121 | ) | ||||||
Total | $ | 31,329 | $ | 841 | $ | 15,425 | |||||
The effective income tax rates are different from the statutory federal income tax rates for the following reasons: | |||||||||||
January 3, 2015 | December 28, 2013 | March 30, 2013 | |||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||
State taxes, net of federal income tax benefit | 2.9 | (112.7 | ) | 2.6 | |||||||
Charitable product donations | (0.4 | ) | (13.4 | ) | (0.8 | ) | |||||
Non-deductible merger expenses | - | 101.3 | — | ||||||||
Change in tax contingencies | (2.7 | ) | 36.9 | 0.3 | |||||||
Domestic product activities deduction | (0.2 | ) | (8.6 | ) | (0.2 | ) | |||||
Non-deductible expenses | 0.9 | 3.8 | 0.5 | ||||||||
Other, net | (0.9 | ) | (1.7 | ) | (1.7 | ) | |||||
Effective income tax rate | 34.6 | % | 40.6 | % | 35.7 | % | |||||
Deferred tax assets and liabilities resulting from temporary differences as of January 3, 2015 and December 28, 2013 are as follows: | |||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||||
Deferred tax assets: | |||||||||||
Employee benefits | $ | 29,842 | $ | 29,417 | |||||||
Accrued workers’ compensation | 3,074 | 4,216 | |||||||||
Allowance for doubtful accounts | 2,951 | 2,927 | |||||||||
Intangible assets | 1,128 | 1,945 | |||||||||
Restructuring | 1,947 | 2,244 | |||||||||
Deferred revenue | 1,843 | 2,401 | |||||||||
Accrued rent | 4,635 | 4,551 | |||||||||
Accrued insurance | 1,107 | 1,322 | |||||||||
All other | 5,627 | 3,776 | |||||||||
Total deferred tax assets | 52,154 | 52,799 | |||||||||
Deferred tax liabilities: | |||||||||||
Property and equipment | 47,860 | 53,279 | |||||||||
Inventory | 51,616 | 50,514 | |||||||||
Goodwill | 53,628 | 44,082 | |||||||||
Convertible debt interest | 789 | 1,055 | |||||||||
Leases | 10,585 | 8,912 | |||||||||
All other | 1,402 | 1,616 | |||||||||
Total deferred tax liabilities | 165,880 | 159,458 | |||||||||
Net deferred tax liability | $ | (113,726 | ) | $ | (106,659 | ) | |||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||||
Balance at beginning of year | $ | 8,805 | $ | 2,648 | |||||||
Liability assumed in merger | - | 1,754 | |||||||||
Gross increases – tax positions taken in prior years | 161 | 16 | |||||||||
Gross decreases – tax positions taken in prior years | (5,812 | ) | -1,338 | ||||||||
Gross increases – tax positions taken in current year | 650 | 5,725 | |||||||||
Lapse of statute of limitations | (1,625 | ) | - | ||||||||
Balance at end of year | $ | 2,179 | $ | 8,805 | |||||||
SpartanNash anticipates that $0.8 million of the unrecognized tax benefits will be settled prior to January 2, 2016. SpartanNash recognizes interest and penalties accrued related to unrecognized tax benefits in income tax expense. As of January 3, 2015, the balance of unrecognized tax benefits included tax positions, including interest and penalties, of $1.3 million that would reduce SpartanNash’s effective income tax rate if recognized in future periods. | |||||||||||
SpartanNash or its subsidiaries file income tax returns with federal, state and local tax authorities within the United States. During fiscal 2014, federal tax authorities completed an audit of Nash-Finch Company’s 2010 through 2012 tax years. No adjustments that would have a substantial impact on the effective tax rate occurred. With few exceptions, we are no longer subject to U.S. federal, state or local examinations by tax authorities for fiscal years before March 27, 2010. Income tax returns related to the former Nash-Finch Company, with few exceptions, are no longer subject to U.S. federal, state or local examinations by tax authorities for the fiscal year ended January 1, 2011 and earlier. | |||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||||||||||||
Jan. 03, 2015 | ||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||
Share-Based Compensation | Note 13 | |||||||||||||
Stock-Based Compensation | ||||||||||||||
SpartanNash has two shareholder-approved ten-year stock incentive plans covering 2,900,000 shares of SpartanNash’s common stock: the Spartan Stores, Inc. Stock Incentive Plan of 2005 (the “2005 Plan”) and the Nash-Finch Company 2009 Incentive Award Plan (the “2009 Plan”). The 2009 Plan was assumed in connection with the merger of Spartan Stores and Nash-Finch Company, and SpartanNash Company may issue shares under the 2009 Plan, but only to associates who were not employed by Spartan Stores or its affiliates at the time of the merger. The plans 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. Shares issued, as a result of stock option exercises, will be funded with the issuance of new shares. Holders of restricted stock and stock awards are entitled to participate in cash dividends and dividend equivalents. As of January 3, 2015, 449,418 shares and 483,271 shares remained unissued under the 2005 Plan and the 2009 Plan, respectively. | ||||||||||||||
Stock option awards were granted with an exercise price equal to the market value of SpartanNash common stock at the date of grant, vested and became exercisable in 25 percent increments over a four-year service period and have a maximum contractual term of ten years. Upon a “Change in Control”, as defined by the Plan, all outstanding options vest immediately. The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option-pricing model. Expected volatility was determined based upon a combination of historical volatility of SpartanNash common stock and the expected volatilities of guideline companies that are comparable to SpartanNash in most significant respects to reflect management’s best estimate of SpartanNash’s future volatility over the option term. Due to certain events that were considered unusual and/or infrequent in nature, and that resulted in significant business changes during the limited historical exercise period, management did not believe that SpartanNash’s historical exercise data provided a reasonable basis upon which to estimate the expected term of stock options. Therefore, the expected term of stock options granted was determined using the “simplified” method as described in SEC Staff Accounting Bulletins that uses the following formula: ((vesting term + original contract term)/2). The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant, using U.S. constant maturities with remaining terms equal to the expected term. Expected dividend yield is based on historical dividend payments. No stock options were granted in fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013. | ||||||||||||||
The following table summarizes stock option activity for the three years ended January 3, 2015: | ||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Under | Average | Average | Intrinsic Value | |||||||||||
Options | Exercise | Remaining | (In thousands) | |||||||||||
Price | Contractual | |||||||||||||
Life Years | ||||||||||||||
Options outstanding at March 31, 2012 | 703,129 | 18.43 | 5.53 | 1,926 | ||||||||||
Exercised | (25,050 | ) | 8.1 | 210 | ||||||||||
Cancelled/Forfeited | (24,608 | ) | 18.64 | |||||||||||
Options outstanding at March 30, 2013 | 653,471 | 18.82 | 4.65 | 1,428 | ||||||||||
Exercised | (24,976 | ) | 9.49 | 298 | ||||||||||
Cancelled/Forfeited | (41,729 | ) | 17.71 | |||||||||||
Options outstanding at December 28, 2013 | 586,766 | 19.3 | 4.01 | 2,965 | ||||||||||
Exercised | (88,152 | ) | 12.68 | 869 | ||||||||||
Cancelled/Forfeited | (4,131 | ) | 3.25 | |||||||||||
Options outstanding at January 3, 2015 | 494,483 | 20.61 | 3.3 | 2,772 | ||||||||||
Options exercisable at March 30, 2013 | 619,658 | 19.09 | 4.57 | 1,304 | ||||||||||
Options exercisable at December 28, 2013 | 586,766 | 19.3 | 4.01 | 2,965 | ||||||||||
Options exercisable at January 3, 2015 | 494,483 | $ | 20.61 | 3.3 | $ | 2,772 | ||||||||
Vested and expected to vest in the future at January 3, 2015 | 494,483 | $ | 20.61 | $ | 2,772 | |||||||||
Cash received from option exercises was $1.1 million, $0.3 million and $0.2 million during fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. | ||||||||||||||
Restricted shares awarded to employees vest ratably over a four-year service period and one year for grants to the Board of Directors. Awards granted to employees prior to fiscal 2012 vest ratably over a five-year service period. Awards are subject to certain transfer restrictions and forfeiture prior to vesting. All shares fully vest upon a “Change in Control” as defined by the Plan. Compensation expense, representing the fair value of the stock at the measurement date of the award, is recognized over the required service period. On December 17, 2013, the Board of Directors approved a modification to the outstanding restricted stock awards to provide for continued vesting upon retirement. As a result, incremental expense of $4.2 million was recognized to reflect the cumulative compensation expense recognized over the required service period of each restricted shareholder. | ||||||||||||||
The following table summarizes restricted stock activity for fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013: | ||||||||||||||
Shares | Weighted | |||||||||||||
Average | ||||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Outstanding and nonvested at March 31, 2012 | 580,893 | 16.48 | ||||||||||||
Granted | 215,014 | 17.78 | ||||||||||||
Vested | (217,737 | ) | 17.47 | |||||||||||
Forfeited | (31,988 | ) | 16.52 | |||||||||||
Outstanding and nonvested at March 30, 2013 | 546,182 | 16.59 | ||||||||||||
Granted | 227,207 | 18.07 | ||||||||||||
Vested | (225,600 | ) | 16.94 | |||||||||||
Forfeited | (28,954 | ) | 16.94 | |||||||||||
Outstanding and nonvested at December 28, | 518,835 | $ | 23.56 | |||||||||||
2013 | ||||||||||||||
Granted | 317,827 | 22.63 | ||||||||||||
Vested | (219,894 | ) | 23.56 | |||||||||||
Forfeited | (16,115 | ) | 23.03 | |||||||||||
Outstanding and nonvested at January 3, 2015 | 600,653 | $ | 23.08 | |||||||||||
The total fair value of shares vested during fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013 was $4.7 million, $3.6 million and $3.9 million, respectively. | ||||||||||||||
Share-based compensation expense recognized and included in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings and related tax benefits were as follows: | ||||||||||||||
(In thousands) | January 3, | December 28, | March 31, | |||||||||||
2015 | 2013 | 2013 | ||||||||||||
Stock options | $ | - | $ | 14 | $ | 196 | ||||||||
Restricted stock | 6,939 | 6,937 | 3,866 | |||||||||||
Tax benefits | (2,632 | ) | (2,640 | ) | (1,572 | ) | ||||||||
$ | 4,307 | $ | 4,311 | $ | 2,490 | |||||||||
As of January 3, 2015, total unrecognized compensation cost related to non-vested share-based awards granted under our stock incentive plans was $4.6 million for restricted stock. The remaining compensation costs not yet recognized are expected to be recognized over a weighted average period of 2.3 years for restricted stock. All compensation costs related to stock options have been recognized. | ||||||||||||||
SpartanNash recognized tax deductions of $5.9 million, $4.1 million and $4.3 million related to the exercise of stock options and the vesting of restricted stock during fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. | ||||||||||||||
SpartanNash has a stock bonus plan covering 300,000 shares of SpartanNash common stock. Under the provisions of this plan, certain officers and key associates of SpartanNash may elect to receive a portion of their annual bonus in common stock rather than cash and will be granted additional shares of common stock worth 30% of the portion of the bonus they elect to receive in stock. After the shares are issued the holder is not able to sell or otherwise transfer the shares until the end of the holding period which is currently 12 months. Compensation expense is recorded based upon the market price of the stock as of the measurement date. A total of 56,225 shares remained unissued under the plan at January 3, 2015. | ||||||||||||||
SpartanNash has an associate stock purchase plan covering 200,000 shares of SpartanNash common stock. The plan provides that associates of SpartanNash and its subsidiaries may purchase shares at 95% of the fair market value. As of January 3, 2015, 43,469 shares had been issued under the plan. The associate stock purchase plan was suspended during the 39 week period ended December 28, 2013 in conjunction with the merger with Nash-Finch Company and cash balances were refunded to participants. The associate stock purchase plan was reinstated in April 2014. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 12 Months Ended |
Jan. 03, 2015 | |
Risks And Uncertainties [Abstract] | |
Concentration of Credit Risk | Note 14 |
Concentration of Credit Risk | |
We provide financial assistance in the form of loans to some of our independent retailers for inventories, store fixtures and equipment and store improvements. Loans are generally secured by liens on real estate, inventory and/or equipment, personal guarantees and other types of collateral, and are generally repayable over a period of five to seven years. We establish allowances for doubtful accounts based upon periodic assessments of the credit risk of specific customers, collateral value, historical trends and other information. We believe that adequate provisions have been recorded for any doubtful accounts. In addition, we may guarantee debt and lease obligations of retailers. In the event these retailers are unable to meet their debt service payments or otherwise experience an event of default, we would be unconditionally liable for the outstanding balance of their debt and lease obligations, which would be due in accordance with the underlying agreements. | |
As of January 3, 2015, we have guaranteed outstanding lease obligations of a number of Food Distribution customers in the amount of $0.5 million. In the normal course of business, we also sublease and assign to third parties various leases. As of January 3, 2015, we estimate the present value of our maximum potential obligation, with respect to the subleases to be approximately $16.2 million and assigned leases to be approximately $5.5 million. We have also guaranteed the bank debt of a Food Distribution customer in the amount of $2.0 million. | |
For guarantees issued after December 31, 2002, we are required to recognize an initial liability for the fair value of the obligation assumed under the guarantee. The maximum undiscounted payments we would be required to make in the event of default under the guarantees is $0.5 million for leases and $2.0 million for debt, which are referenced above. These guarantees are secured by certain business assets and personal guarantees of the respective customers. We believe these customers will be able to perform under the lease agreements and that no payments will be required and no loss will be incurred under the guarantees. A liability representing the fair value of the obligations assumed under the guarantees is included in the accompanying consolidated financial statements. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended |
Jan. 03, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 15 |
Supplemental Cash Flow Information | |
Non-cash financing activities include the issuance of restricted stock to employees and directors of $7.2 million, $4.1 million and $3.9 million for fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively, and the exchange of $40.3 million of Convertible Senior Notes for New Notes in the fiscal year ended March 30, 2013. Non-cash investing activities include capital expenditures included in accounts payable of $3.4 million, $16.5 million and $3.3 million for fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively, and the issuance of common stock related to the merger with Nash-Finch Company of $379.6 million in the 39 week period ended December 28, 2013. In fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, SpartanNash entered into capital lease agreements totaling $2.4 million, $1.5 million and $4.0 million, respectively. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Discontinued Operations | Note 16 | ||||||||
Discontinued Operations | |||||||||
Certain of our retail and food distribution operations have been recorded as discontinued operations. Results of the discontinued operations are excluded from the accompanying notes to the consolidated financial statements for all periods presented, unless otherwise noted. | |||||||||
The results of discontinued operations reported on the Consolidated Statements of Earnings are reported net of tax. | |||||||||
Discontinued operations did not have sales for fiscal year ended January 3, 2015 and the 39 week period ended December 28, 2013. Significant assets and liabilities of discontinued operations are as follows: | |||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||
Current assets | $ | - | $ | 23 | |||||
Property, net | 3,165 | 3,167 | |||||||
Other long-term assets | 1,577 | 1,577 | |||||||
Current liabilities | 189 | 183 | |||||||
Long-term liabilities | 40 | 41 | |||||||
Reporting_Segment_Information
Reporting Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Reporting Segment Information | Note 17 | ||||||||||||||||||||||||
Reporting Segment Information | |||||||||||||||||||||||||
We sell and distribute products that are typically found in supermarkets. Our operating segments reflect the manner in which the business is managed and how the Company allocates resources and assesses performance internally. SpartanNash’s chief operating decision maker is the Chief Executive Officer. Our business is classified by management into three reportable segments: Military, Food Distribution and Retail. These reportable segments are three distinct businesses, each with a different customer base and management structure. We review our reportable segments on an annual basis, or more frequently if events or circumstances indicate a change in reportable segments has occurred. | |||||||||||||||||||||||||
Our Food Distribution segment consists of 12 distribution centers that supply independently operated retail food stores, our corporate owned stores and other customers with dry grocery, produce, dairy, meat, delicatessen, bakery, beverages, frozen food, seafood, floral, general merchandise, pharmacy and health and beauty care items. Sales to independent retail customers and inter-segment sales are recorded based upon both a “cost plus” model and a “variable mark-up” model which varies by commodity and servicing distribution center. To supply its wholesale customers, SpartanNash operates a fleet of tractors, conventional trailers and refrigerated trailers. | |||||||||||||||||||||||||
The Military segment consists of eight distribution centers that distribute products primarily to military commissaries and exchanges under contracts with the manufacturers of products. | |||||||||||||||||||||||||
The Retail segment operates 162 supermarkets in the Midwest. Our retail supermarkets are operated under banners including Family Fare Supermarkets, No Frills, Bag ‘N Save, Family Fresh Markets, D&W Fresh Markets, Sun Mart and Econo Foods. Our retail supermarkets typically offer dry groceries, produce, dairy products, meat, frozen food, seafood, floral products, general merchandise, beverages, tobacco products, health and beauty care products, delicatessen items and bakery goods. In 79 of our supermarkets, we also offer pharmacy services and 29 fuel centers were in operation as of January 3, 2015. | |||||||||||||||||||||||||
The allocation of intersegment profit and corporate level expenses to the reporting segments was historically 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. As previously disclosed, subsequent to the merger management commenced an evaluation of potential methodologies for allocating intersegment profit and corporate level expenses to the reporting segments to determine the most appropriate manner for the newly merged operations. Management completed the evaluation during fiscal 2015 and the new allocation methodology reflects the manner in which the business is now managed and how management allocates resources and assesses performance. In accordance with generally accepted accounting principles, results for the fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and the year ended March 30, 2013 have been revised to reflect the new allocation methodologies. There was no impact to consolidated financial results. | |||||||||||||||||||||||||
Identifiable assets represent total assets directly associated with the reporting segments. Eliminations in assets identified to segments include intercompany receivables, payables and investments. | |||||||||||||||||||||||||
The following tables set forth information about SpartanNash by reporting segment: | |||||||||||||||||||||||||
(In thousands) | Military | Food | Retail | Total | |||||||||||||||||||||
Distribution | |||||||||||||||||||||||||
Year Ended January 3, 2015 (53 weeks) | |||||||||||||||||||||||||
Net sales to external customers | $ | 2,275,512 | $ | 3,356,331 | $ | 2,284,219 | $ | 7,916,062 | |||||||||||||||||
Inter-segment sales | — | 1,005,844 | — | 1,005,844 | |||||||||||||||||||||
Merger transaction and integration expenses | 27 | 12,644 | 4 | 12,675 | |||||||||||||||||||||
Depreciation and amortization | 11,350 | 29,816 | 45,828 | 86,994 | |||||||||||||||||||||
Operating earnings | 21,721 | 54,802 | 38,323 | 114,846 | |||||||||||||||||||||
Capital expenditures | 15,088 | 31,953 | 42,971 | 90,012 | |||||||||||||||||||||
39 Week Period Ended December 28, 2013 | |||||||||||||||||||||||||
Net sales to external customers | $ | 248,643 | $ | 1,095,759 | $ | 1,252,828 | $ | 2,597,230 | |||||||||||||||||
Inter-segment sales | — | 533,470 | — | 533,470 | |||||||||||||||||||||
Merger transaction and integration expenses | — | 20,993 | — | 20,993 | |||||||||||||||||||||
Depreciation and amortization | 1,412 | 7,706 | 27,964 | 37,082 | |||||||||||||||||||||
Operating earnings | 1,901 | (1,328 | ) | 16,220 | 16,793 | ||||||||||||||||||||
Capital expenditures | 2,246 | 13,867 | 21,087 | 37,200 | |||||||||||||||||||||
Year Ended March 30, 2013 (52 weeks) | |||||||||||||||||||||||||
Net sales to external customers | $ | 1,120,650 | $ | 1,487,510 | $ | 2,608,160 | |||||||||||||||||||
Inter-segment sales | 634,525 | — | 634,525 | ||||||||||||||||||||||
Depreciation and amortization | 6,346 | 32,735 | 39,081 | ||||||||||||||||||||||
Operating earnings | 23,920 | 37,048 | 60,968 | ||||||||||||||||||||||
Capital expenditures | 8,797 | 33,215 | 42,012 | ||||||||||||||||||||||
January 3, | December 28, | March 31, | |||||||||||||||||||||||
2015 | 2013 | 2013 | |||||||||||||||||||||||
Total Assets at Year End | |||||||||||||||||||||||||
Military | $ | 435,647 | $ | 451,518 | $ | — | |||||||||||||||||||
Food Distribution | 763,914 | 805,468 | 254,326 | ||||||||||||||||||||||
Retail | 727,979 | 721,898 | 529,840 | ||||||||||||||||||||||
Discontinued operations | 4,742 | 4,767 | 5,501 | ||||||||||||||||||||||
Total | $ | 1,932,282 | $ | 1,983,651 | $ | 789,667 | |||||||||||||||||||
SpartanNash offers a wide variety of grocery products, general merchandise and health and beauty care, pharmacy, fuel and other items and services. The following table presents sales by type of similar product and services: | |||||||||||||||||||||||||
(Dollars in thousands) | 3-Jan-15 | December 28, 2013 | March 30, 2013 | ||||||||||||||||||||||
(53 weeks) | (39 weeks) | (52 weeks) | |||||||||||||||||||||||
Non-perishables (1) | $ | 4,998,895 | 63.1 | % | $ | 1,393,157 | 53.6 | % | $ | 1,289,461 | 49.4 | % | |||||||||||||
Perishables (2) | 2,449,562 | 31 | 894,783 | 34.5 | 930,659 | 35.7 | |||||||||||||||||||
Fuel | 178,111 | 2.2 | 145,631 | 5.6 | 179,012 | 6.9 | |||||||||||||||||||
Pharmacy | 289,494 | 3.7 | 163,659 | 6.3 | 209,028 | 8 | |||||||||||||||||||
Consolidated net sales | $ | 7,916,062 | 100 | % | $ | 2,597,230 | 100 | % | $ | 2,608,160 | 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. | ||||||||||||||||||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited) | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information (unaudited) | Note 18 | ||||||||||||||||
Quarterly Financial Information (unaudited) | |||||||||||||||||
Earnings per share amounts for each quarter are required to be computed independently and may not equal the amount computed for the total year. Common stock prices are the high and low sales prices for transactions reported on the NASDAQ Global Select Market for each period. | |||||||||||||||||
(In thousands, except per share data) | Full Year | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||||
Fiscal January 3, 2015 | (53 weeks) | (13 weeks) | (12 weeks) | (12 weeks) | (16 weeks) | ||||||||||||
Net sales | $ | 7,916,062 | $ | 1,962,589 | $ | 1,809,571 | $ | 1,810,175 | $ | 2,333,727 | |||||||
Gross profit | 1,156,074 | 282,213 | 261,409 | 265,114 | 347,338 | ||||||||||||
Merger transaction and integration expenses | 12,675 | 4,547 | 1,379 | 2,581 | 4,168 | ||||||||||||
Restructuring and asset impairment charges (gains) | 6,166 | 6,233 | (1,272 | ) | 1,078 | 127 | |||||||||||
Earnings from continuing operations before income taxes | 90,449 | 15,030 | 28,146 | 27,174 | 20,099 | ||||||||||||
Earnings from continuing operations | 59,120 | 12,037 | 17,169 | 17,395 | 12,519 | ||||||||||||
Discontinued operations, net of taxes | (524 | ) | (166 | ) | (73 | ) | (76 | ) | (209 | ) | |||||||
Net earnings | 58,596 | $ | 11,871 | $ | 17,096 | $ | 17,319 | $ | 12,310 | ||||||||
Earnings from continuing operations per share: | |||||||||||||||||
Basic | $ | 1.57 | $ | 0.32 | $ | 0.46 | $ | 0.46 | $ | 0.33 | |||||||
Diluted | 1.57 | 0.32 | 0.45 | 0.46 | 0.33 | ||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | $ | 1.56 | $ | 0.32 | $ | 0.45 | $ | 0.46 | $ | 0.33 | |||||||
Diluted | 1.55 | 0.32 | 0.45 | 0.46 | 0.33 | ||||||||||||
Dividends | $ | 18,090 | $ | 4,502 | $ | 4,529 | $ | 4,526 | $ | 4,533 | |||||||
Common stock price – High | 26.89 | 26.89 | 22.5 | 24.68 | 25.74 | ||||||||||||
Common stock price – Low | 19.16 | 19.88 | 19.16 | 19.44 | 21 | ||||||||||||
(In thousands, except per share data) | Full Year | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||
Fiscal December 28, 2013 | (39 weeks) | (15 weeks) | (12 weeks) | (12 weeks) | |||||||||||||
Net sales | $ | 2,597,230 | $ | 1,335,354 | $ | 649,471 | $ | 612,405 | |||||||||
Gross profit | 486,880 | 225,308 | 136,296 | 125,276 | |||||||||||||
Merger transaction and integration expenses | 20,993 | 15,519 | 3,638 | 1,836 | |||||||||||||
Restructuring and asset impairment charges | 15,644 | 14,657 | — | 987 | |||||||||||||
Debt extinguishment | 5,527 | 5,527 | — | — | |||||||||||||
Earnings (loss) from continuing operations before income taxes | 2,070 | (21,480 | ) | 15,870 | 7,680 | ||||||||||||
Earnings (loss) from continuing operations | 1,229 | (13,670 | ) | 10,115 | 4,784 | ||||||||||||
Discontinued operations, net of taxes | (488 | ) | (322 | ) | (65 | ) | (101 | ) | |||||||||
Net earnings (loss) | $ | 741 | $ | (13,992 | ) | $ | 10,050 | $ | 4,683 | ||||||||
Earnings (loss) from continuing operations per share: | |||||||||||||||||
Basic | $ | 0.05 | $ | (0.49 | ) | $ | 0.46 | $ | 0.22 | ||||||||
Diluted | 0.05 | (0.49 | ) | 0.46 | 0.22 | ||||||||||||
Net earnings (loss) per share: | |||||||||||||||||
Basic | $ | 0.03 | $ | (0.50 | ) | $ | 0.46 | $ | 0.21 | ||||||||
Diluted | 0.03 | (0.50 | ) | 0.46 | 0.21 | ||||||||||||
Dividends | $ | 5,908 | $ | 1,969 | $ | 1,969 | $ | 1,970 | |||||||||
Common stock price – High | 24.78 | 24.78 | 24.4 | 19.73 | |||||||||||||
Common stock price – Low | 16.1 | 21.02 | 17.9 | 16.1 | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Basis of Presentation (Policies) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Fiscal Year | Fiscal Year: The Company’s fiscal year end is the Saturday nearest to December 31. The fiscal year end was changed from the last Saturday in March in connection with the merger with Nash-Finch, effective beginning with the transition period ended December 28, 2013. As a result of this change, the transition period ended December 28, 2013 was a 39 week period beginning March 31, 2013. Fiscal years ended January 3, 2015 and March 30, 2013 consisted of 53 weeks and 52 weeks, respectively. Beginning with fiscal 2014 the Company’s interim quarters consist of 12 weeks except for the first quarter which consists of 16 weeks. | ||||||||||||
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of SpartanNash Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. | ||||||||||||
Use of Estimates | Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods might differ from those estimates. | ||||||||||||
Revenue Recognition | Revenue Recognition: We recognize revenue when the sales price is fixed or determinable, collectability is reasonably assured and the customer takes possession of the merchandise. The Military segment recognizes revenues upon the delivery of the product to the commissary or commissaries designated by the Defense Commissary Agency (DeCA), or in the case of overseas commissaries, when the product is delivered to the port designated by DeCA, which is when DeCA takes possession of the merchandise and bears the responsibility for shipping the product to the commissary or overseas warehouse. Revenues from consignment sales are included in our reported sales on a net basis. The Food Distribution segment recognizes revenues when products are delivered or ancillary services are provided. Sales and excise taxes are excluded from revenue. The Retail segment recognizes revenues from the sale of products at the point of sale. Based upon the nature of the products we sell, our customers have limited rights of return which are immaterial. Discounts provided to customers by SpartanNash at the time of sale are recognized as a reduction in sales as the products are sold. SpartanNash does not recognize a sale when it awards customer loyalty points or sells gift cards and gift certificates; rather, a sale is recognized when the customer loyalty points, gift card or gift certificate are redeemed to purchase product. Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions and are excluded from sales revenue as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. | ||||||||||||
Cost of Sales | Cost of Sales: Cost of sales is the cost of inventory sold during the period, including purchase costs, freight, distribution costs, physical inventory adjustments, markdowns and promotional allowances. Vendor allowances and credits that relate to our buying and merchandising activities consist primarily of promotional allowances, which are generally allowances on purchased quantities and, to a lesser extent, slotting allowances, which are billed to vendors for our merchandising costs such as setting up warehouse infrastructure. Vendor allowances are recognized as a reduction in cost of sales when the related product is sold. Lump sum payments received for multi-year contracts are amortized over the life of the contracts based on contractual terms. The distribution segments include shipping and handling costs in the selling, general and administrative section of operating expenses on the Consolidated Statement of Earnings. | ||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents consist of cash and highly liquid investments with an original maturity of three months or less at the date of purchase. | ||||||||||||
Accounts and Notes Receivable | Accounts and Notes Receivable: Accounts and notes receivable are shown net of allowances for credit losses of $5.5 million and $2.0 million as of January 3, 2015 and December 28, 2013, respectively. The increase in allowances for credit losses was due to the accounts and notes receivable balances acquired in the merger with Nash-Finch realizing better than expected collections in relation to the estimated fair value as of the merger date. SpartanNash evaluates the adequacy of its allowances by analyzing the aging of receivables, customer financial condition, historical collection experience, the value of collateral and other economic and industry factors. Actual collections may differ from historical experience, and if economic, business or customer conditions deteriorate significantly, adjustments to these reserves may be required. When SpartanNash becomes aware of factors that indicate a change in a specific customer’s ability to meet its financial obligations, we record a specific reserve for credit losses. Operating results include bad debt expense of $3.0 million, $1.3 million, and $0.9 million for fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. | ||||||||||||
Inventory Valuation | Inventory Valuation: Inventories are valued at the lower of cost or market. Approximately 93.7% and 87.5% of our inventories were valued on the last-in, first-out (LIFO) method at January 3, 2015 and December 28, 2013, respectively. If replacement cost had been used, inventories would have been $50.7 million and $45.1 million higher at January 3, 2015 and December 28, 2013, respectively. The replacement cost method utilizes the most current unit purchase cost to calculate the value of inventories. During fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013, and fiscal year ended March 30, 2013, certain inventory quantities were reduced. The reductions resulted in liquidation of LIFO inventory carried at lower costs prevailing in prior years, the effect of which decreased the LIFO provision in fiscal year ended January 3, 2015, 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013 by $0.8 million, $0.1 million and $1.0 million, respectively. SpartanNash accounts for its Military and Food Distribution inventory using a perpetual system and utilizes the retail inventory method to value inventory for center store products in the Retail segment. Under the retail inventory method, inventory is stated at cost with cost of sales and gross margin calculated by applying a cost ratio to the retail value of inventories. Fresh, pharmacy and fuel products are accounted for at cost in the Retail segment. We evaluate inventory shortages throughout the year based on actual physical counts in our facilities. We record allowances for inventory shortages based on the results of recent physical counts to provide for estimated shortages from the last physical count to the financial statement date. | ||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets: Goodwill represents the excess purchase price over the fair value of tangible net assets acquired in business combinations after amounts have been allocated to intangible assets. Goodwill is not amortized, but is reviewed for impairment during the last quarter of each year, or whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount, using a discounted cash flow model and comparable market values of each reporting segment. Measuring the fair value of reporting units is a Level 3 measurement under the fair value hierarchy. See Note 7 for a discussion of levels. | ||||||||||||
Intangible assets primarily consist of trade names, favorable lease agreements, pharmacy prescription lists, customer relationships, franchise agreements and fees, non-compete agreements and liquor licenses. Favorable leases are amortized on a straight-line basis over the related lease terms. Prescription lists and customer relationships are amortized on a straight-line basis over the period of expected benefit. Non-compete agreements are amortized on a straight-line basis over the length of the agreements. Franchise fees are amortized on a straight-line basis over the term of the franchise agreement. An indefinite-lived trade name is not amortized. A trade name with a definite-life is amortized over the expected life of the asset. Liquor licenses are not amortized as they have indefinite lives. Intangible assets are included in other assets in the Consolidated Balance Sheets. | |||||||||||||
Property and Equipment | Property and Equipment: Property and equipment are recorded at cost. Expenditures which improve or extend the life of the respective assets are capitalized while expenditures for normal repairs and maintenance are charged to operations as incurred. Depreciation expense on land improvements, buildings and improvements and equipment is computed using the straight-line method as follows: | ||||||||||||
Land improvements | 15 years | ||||||||||||
Buildings and improvements | 15 to 40 years | ||||||||||||
Equipment | 3 to 15 years | ||||||||||||
Property under capital leases and leasehold improvements are amortized on a straight-line basis over the shorter of the remaining terms of the leases or the estimated useful lives of the assets. Internal use software is included in property and equipment and amounted to $17.7 million and $19.2 million as of January 3, 2015 and December 28, 2013, respectively. | |||||||||||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets: SpartanNash reviews and evaluates long-lived assets for impairment when events or circumstances indicate that the carrying amount of an asset may not be recoverable. When the undiscounted future cash flows are not sufficient to recover an asset’s carrying amount, the fair value is compared to the carrying value to determine the impairment loss to be recorded. Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value, less the cost to sell. Fair values are determined by independent appraisals or expected sales prices based upon market participant data developed by third party professionals or by internal licensed real estate professionals. Estimates of future cash flows and expected sales prices are judgments based upon SpartanNash’s experience and knowledge of operations. These estimates project cash flows several years into the future and are affected by changes in the economy, real estate market conditions and inflation. | ||||||||||||
Debt Issuance Costs | Debt Issuance Costs: Debt issuance costs are amortized over the term of the related financing agreement and are included in Other Assets in the consolidated balance sheets. | ||||||||||||
Insurance Reserves | Insurance Reserves: SpartanNash is primarily self-insured for workers’ compensation, general liability, automobile liability and health care costs. Self-insurance liabilities are recorded based on claims filed and an estimate of claims incurred but not yet reported. Workers’ compensation, general liability and automobile liabilities are actuarially estimated based on available historical information. We have purchased stop-loss coverage to limit our exposure to any significant exposure on a per claim basis. On a per claim basis, our exposure is up to $0.5 million for workers’ compensation, $0.5 million for general liability, up to $0.5 million for automobile liability and $0.5 million for health care. Any projection of losses concerning workers’ compensation, general and automobile and health insurance liability is subject to a considerable degree of variability. Among the causes of this variability are unpredictable external factors affecting future inflation rates, litigation trends, legal interpretations, benefit level changes and claim settlement patterns. Although our estimates of liabilities incurred do not anticipate significant changes in historical trends for these variables, such changes could have a material impact on future claim costs and currently recorded liabilities. | ||||||||||||
A summary of changes in SpartanNash’s self-insurance liability is as follows: | |||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | March 30, 2013 | ||||||||||
Beginning balance | $ | 22,454 | $ | 7,167 | $ | 5,714 | |||||||
Balance assumed in merger | — | 13,248 | — | ||||||||||
Expense | 53,297 | 25,291 | 27,955 | ||||||||||
Claim payments, net of employee contributions | (56,338 | ) | (23,252 | ) | (26,502 | ) | |||||||
Ending balance | $ | 19,413 | $ | 22,454 | $ | 7,167 | |||||||
The current portion of the self-insurance liability was $13.3 million and $13.1 million as of January 3, 2015 and December 28, 2013, respectively, and is included in “Other accrued expenses” in the consolidated balance sheets. The long-term portion was $6.1 million and $9.4 million as of January 3, 2015 and December 28, 2013, respectively, and is included in “Other long-term liabilities” in the Consolidated Balance Sheets. | |||||||||||||
Income Taxes | Income Taxes: Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred and other tax assets and liabilities. | ||||||||||||
Earnings per share | Earnings per share: Earnings per share (“EPS”) is computed using the two-class method. The two-class method determines earnings per share for each class of common stock and participating securities according to dividends and their respective participation rights in undistributed earnings. Participating securities include non-vested shares of restricted stock in which the participants have non-forfeitable rights to dividends during the performance period. Diluted EPS includes the effects of stock options. | ||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for continuing operations: | |||||||||||||
(In thousands, except per share amounts) | January 3, | December 28, | March 30, | ||||||||||
2015 | 2013 | 2013 | |||||||||||
(53 weeks) | (39 weeks) | (52 weeks) | |||||||||||
Numerator: | |||||||||||||
Earnings from continuing operation | $ | 59,120 | $ | 1,229 | $ | 27,842 | |||||||
Adjustment for earnings attributable to participating securities | (1,015 | ) | (26 | ) | (709 | ) | |||||||
Earnings from continuing operations used in calculating earnings per share | $ | 58,105 | $ | 1,203 | $ | 27,133 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, including participating securities | 37,641 | 24,137 | 21,773 | ||||||||||
Adjustment for participating securities | (646 | ) | (519 | ) | (554 | ) | |||||||
Shares used in calculating basic earnings per share | 36,995 | 23,618 | 21,219 | ||||||||||
Effect of dilutive stock options | 69 | 92 | 75 | ||||||||||
Shares used in calculating diluted earnings per share | 37,064 | 23,710 | 21,294 | ||||||||||
Basic earnings per share from continuing operations | $ | 1.57 | $ | 0.05 | $ | 1.28 | |||||||
Diluted earnings per share from continuing operations | $ | 1.57 | $ | 0.05 | $ | 1.27 | |||||||
Weighted average shares issuable upon the exercise of stock options that were not included in the earnings per share calculations because they were anti-dilutive were 322,914, 334,172, and 369,969 in fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation: All share-based payments to employees are recognized in the consolidated financial statements as compensation cost based on the fair value on the date of grant. SpartanNash determined the fair value of stock option awards using the Black-Scholes option-pricing model. The grant date closing price per share of SpartanNash stock is used to estimate the fair value of restricted stock awards and restricted stock units. The value of the portion of awards expected to vest is recognized as expense over the requisite service period. | ||||||||||||
Shareholders' Equity | Shareholders’ Equity: SpartanNash’s restated articles of incorporation provide that the board of directors may at any time, and from time to time, provide for the issuance of up to 10 million shares of preferred stock in one or more series, each with such designations as determined by the board of directors. At January 3, 2015 and December 28, 2013, there were no shares of preferred stock outstanding. | ||||||||||||
Advertising Costs | Advertising Costs: SpartanNash’s advertising costs are expensed as incurred and are included in selling, general and administrative expenses. Advertising expenses were $41.1 million, $15.3 million and $13.6 million in fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013, respectively. | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss): We report comprehensive income (loss) that includes our net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to revenues, expenses, gains and losses that are not included in net earnings such as minimum pension and other post retirement liabilities adjustments and unrealized gains or losses on hedging instruments, but rather are recorded directly in the Consolidated Statements of Shareholders’ Equity. These amounts are also presented in our Consolidated Statements of Comprehensive Income (Loss). As of January 3, 2015 and December 28, 2013, the accumulated other comprehensive loss consisted of the pension and postretirement liability. | ||||||||||||
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 those years. Adoption of this standard in fiscal 2015 is not expected to have a material impact on the Consolidated Financial Statements. | |||||||||||||
On May 28, 2014, the FASB issued ASC 606, “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. We are currently in the process of evaluating the impact of adoption of this ASC on our Consolidated 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 value on the acquisition date. The operating results of Nash-Finch are included in the consolidated results of operations beginning on November 19, 2013. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Basis of Presentation (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Property and Equipment Estimated Useful Lives | Depreciation expense on land improvements, buildings and improvements and equipment is computed using the straight-line method as follows: | ||||||||||||
Land improvements | 15 years | ||||||||||||
Buildings and improvements | 15 to 40 years | ||||||||||||
Equipment | 3 to 15 years | ||||||||||||
Summary of Changes in SpartanNash's Self-Insurance Liability | A summary of changes in SpartanNash’s self-insurance liability is as follows: | ||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | March 30, 2013 | ||||||||||
Beginning balance | $ | 22,454 | $ | 7,167 | $ | 5,714 | |||||||
Balance assumed in merger | — | 13,248 | — | ||||||||||
Expense | 53,297 | 25,291 | 27,955 | ||||||||||
Claim payments, net of employee contributions | (56,338 | ) | (23,252 | ) | (26,502 | ) | |||||||
Ending balance | $ | 19,413 | $ | 22,454 | $ | 7,167 | |||||||
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: | ||||||||||||
(In thousands, except per share amounts) | January 3, | December 28, | March 30, | ||||||||||
2015 | 2013 | 2013 | |||||||||||
(53 weeks) | (39 weeks) | (52 weeks) | |||||||||||
Numerator: | |||||||||||||
Earnings from continuing operation | $ | 59,120 | $ | 1,229 | $ | 27,842 | |||||||
Adjustment for earnings attributable to participating securities | (1,015 | ) | (26 | ) | (709 | ) | |||||||
Earnings from continuing operations used in calculating earnings per share | $ | 58,105 | $ | 1,203 | $ | 27,133 | |||||||
Denominator: | |||||||||||||
Weighted average shares outstanding, including participating securities | 37,641 | 24,137 | 21,773 | ||||||||||
Adjustment for participating securities | (646 | ) | (519 | ) | (554 | ) | |||||||
Shares used in calculating basic earnings per share | 36,995 | 23,618 | 21,219 | ||||||||||
Effect of dilutive stock options | 69 | 92 | 75 | ||||||||||
Shares used in calculating diluted earnings per share | 37,064 | 23,710 | 21,294 | ||||||||||
Basic earnings per share from continuing operations | $ | 1.57 | $ | 0.05 | $ | 1.28 | |||||||
Diluted earnings per share from continuing operations | $ | 1.57 | $ | 0.05 | $ | 1.27 | |||||||
Merger_Tables
Merger (Tables) | 12 Months Ended | ||||||||||
Jan. 03, 2015 | |||||||||||
Business Combinations [Abstract] | |||||||||||
Business Acquisitions Consideration Transferred | Consideration paid for all of the Nash-Finch outstanding shares consisted of the following: | ||||||||||
(In thousands, except share price) | |||||||||||
Spartan Stores common shares issued and deferred | 16,119 | ||||||||||
Trading price | $ | 23.55 | |||||||||
Fair value of shares issued | 379,600 | ||||||||||
Cash paid for fractional shares | 14 | ||||||||||
$ | 379,614 | ||||||||||
Fair Values of Assets Acquired and Liabilities Assumed | These adjustments are summarized in the table presented below. The accompanying 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. | ||||||||||
(In thousands) | Initial Valuation | 2014 | Final Valuation | ||||||||
Adjustments to | |||||||||||
Fair Value | |||||||||||
Current assets | $ | 790,296 | $ | (2,866 | ) | $ | 787,430 | ||||
Property and equipment | 369,495 | (22,995 | ) | 346,500 | |||||||
Goodwill | 43,584 | (6,962 | ) | 36,622 | |||||||
Intangible assets | 10,750 | 17,800 | 28,550 | ||||||||
Other | 38,160 | - | 38,160 | ||||||||
Total assets acquired | 1,252,285 | (15,023 | ) | 1,237,262 | |||||||
Current liabilities | 353,484 | (11,263 | ) | 342,221 | |||||||
Other long-term liabilities | 81,047 | (4,516 | ) | 76,531 | |||||||
Long-term debt and capital lease obligations | 438,140 | 756 | 438,896 | ||||||||
Total liabilities assumed | 872,671 | (15,023 | ) | 857,648 | |||||||
Net assets acquired | $ | 379,614 | $ | - | $ | 379,614 | |||||
Intangible Assets Acquired | Intangible assets acquired were preliminarily valued as follows: | ||||||||||
(In thousands) | Intangible | Useful Life | |||||||||
Assets | |||||||||||
Trade names | $ | 6,700 | Indefinite | ||||||||
Customer lists | 5,100 | 7 years | |||||||||
Customer relationships | 12,100 | 20 years | |||||||||
Favorable leases | 4,650 | 7 to 22 years | |||||||||
$ | 28,550 | ||||||||||
Summary of Results of Operations | The following table provides net sales and results of operations from the acquired Nash-Finch Company included in the consolidated statements of earnings since November 19, 2013: | ||||||||||
(In thousands) | Year Ended | Period Ended | |||||||||
5-Jan-15 | 28-Dec-13 | ||||||||||
Net sales | $ | 5,248,617 | $ | 563,185 | |||||||
Net earnings | 24,731 | 769 | |||||||||
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 period presented or that may be obtained in the future. | ||||||||||
(In thousands) | Period Ended | Year Ended | |||||||||
December 28, 2013 | March 30, 2013 | ||||||||||
(39 weeks) | (52 weeks) | ||||||||||
Net sales | $ | 5,896,555 | $ | 7,428,957 | |||||||
Net earnings (loss) | 24,073 | (73,340 | ) | ||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
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 March 30, 2013: | |||||||||||||||||
Goodwill | $ | 238,714 | $ | 94,726 | $ | 333,440 | |||||||||||
Accumulated impairment charges | (86,600 | ) | — | (86,600 | ) | ||||||||||||
Goodwill, net | 152,114 | 94,726 | 246,840 | ||||||||||||||
Merger and acquisition | 17,027 | 36,622 | 53,649 | ||||||||||||||
Other | (1,303 | ) | — | (1,303 | ) | ||||||||||||
Balance at December 28, 2013: | |||||||||||||||||
Goodwill | 254,438 | 131,348 | 385,786 | ||||||||||||||
Accumulated impairment charges | (86,600 | ) | — | (86,600 | ) | ||||||||||||
Goodwill, net | 167,838 | 131,348 | 299,186 | ||||||||||||||
Other | (1,906 | ) | — | (1,906 | ) | ||||||||||||
Balance at January 3, 2015: | |||||||||||||||||
Goodwill | 252,532 | 131,348 | 383,880 | ||||||||||||||
Accumulated impairment charges | (86,600 | ) | — | (86,600 | ) | ||||||||||||
Goodwill, net | $ | 165,932 | $ | 131,348 | $ | 297,280 | |||||||||||
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 Consolidated Balance Sheets: | ||||||||||||||||
3-Jan-15 | December 28, 2013 | ||||||||||||||||
(In thousands) | Gross | Accumulated | Gross | Accumulated | |||||||||||||
Carrying | Amortization | Carrying | Amortization | ||||||||||||||
Amount | Amount | ||||||||||||||||
Non-compete agreements | $ | 2,528 | $ | 1,836 | $ | 4,566 | $ | 3,427 | |||||||||
Favorable leases | 8,408 | 2,718 | 8,408 | 2,215 | |||||||||||||
Pharmacy customer prescription lists | 16,494 | 10,574 | 17,423 | 8,946 | |||||||||||||
Customer relationships | 12,100 | 684 | 12,100 | 78 | |||||||||||||
Trade names | 1,218 | 461 | 1,219 | 233 | |||||||||||||
Franchise fees and other | 514 | 184 | 370 | 129 | |||||||||||||
Total | $ | 41,262 | $ | 16,457 | $ | 44,086 | $ | 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 | 6.0 years | ||||||||||||||||
Favorable leases | 16.7 years | ||||||||||||||||
Customer lists | 7.2 years | ||||||||||||||||
Customer relationships | 20.0 years | ||||||||||||||||
Trade names | 7.0 years | ||||||||||||||||
Franchise fees and other | 8.6 years | ||||||||||||||||
Schedule of Estimated Amortization Expense for Future | Estimated amortization expense for each of the five succeeding fiscal years is as follows: | ||||||||||||||||
(In thousands) | Fiscal Year | Amortization | |||||||||||||||
Expense | |||||||||||||||||
2015 | $ | 3,172 | |||||||||||||||
2016 | 2,624 | ||||||||||||||||
2017 | 2,517 | ||||||||||||||||
2018 | 2,137 | ||||||||||||||||
2019 | 1,836 | ||||||||||||||||
Restructuring_Asset_Impairment1
Restructuring, Asset Impairment and Other (Tables) | 12 Months Ended | ||||||||||||
Jan. 03, 2015 | |||||||||||||
Restructuring And Related Activities [Abstract] | |||||||||||||
Schedule of Activity of Restructuring Costs | |||||||||||||
(In thousands) | Lease and | Severance | Total | ||||||||||
Ancillary Costs | |||||||||||||
Balance at March 31, 2012 | $ | 11,102 | $ | — | $ | 11,102 | |||||||
Changes in estimates (Note 3) | (696 | ) | — | (696 | ) (a) | ||||||||
Accretion expense | 384 | — | 384 | ||||||||||
Payments | (2,815 | ) | — | (2,815 | ) | ||||||||
Balance at March 30, 2013 | 7,975 | — | 7,975 | ||||||||||
Assumed with merger | 8,766 | — | 8,766 | ||||||||||
Provision for lease and related ancillary costs, net of sublease income | 4,923 | — | 4,923 | (b) | |||||||||
Provision for severance | — | 1,061 | 1,061 | (c) | |||||||||
Changes in estimates (Note 3) | (1,333 | ) | — | (1,333 | ) (a) | ||||||||
Accretion expense | 249 | — | 249 | ||||||||||
Reclassifications from deferred rent | 1,104 | — | 1,104 | ||||||||||
Payments | (2,188 | ) | (26 | ) | (2,214 | ) | |||||||
Balance at December 28, 2013 | 19,496 | 1,035 | 20,531 | ||||||||||
Provision for lease and related ancillary costs, net of sublease income | 543 | — | 543 | (b) | |||||||||
Provision for severance | — | 306 | 306 | (c) | |||||||||
Changes in estimates (Note 3) | (563 | ) | — | (563 | ) (a) | ||||||||
Accretion expense | 841 | — | 841 | ||||||||||
Payments | (6,329 | ) | (1,261 | ) | (7,590 | ) | |||||||
Balance at January 3, 2015 | $ | 13,988 | $ | 80 | $ | 14,068 | |||||||
— | Goodwill was reduced by $1.3 million, $1.3 million and $0.6 million in fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013, and fiscal year ended March 30, 2013, respectively, 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. | ||||||||||||
— | The provision for lease and related ancillary costs represents the initial charges estimated to be incurred for store closings in the Retail segment. | ||||||||||||
— | 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. | ||||||||||||
Schedule of Restructuring, Asset Impairment and Other | Restructuring, asset impairment and other included in the Consolidated Statements of Earnings consisted of the following: | ||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | March 31, 2013 | ||||||||||
Asset impairment charges (a) | $ | 7,550 | $ | 9,691 | $ | 1,682 | |||||||
Provision for leases and related ancillary costs, net of sublease income, related to store closings (b) | 543 | 4,923 | — | ||||||||||
Gains on sales of assets related to closed sites | (4,518 | ) | — | — | |||||||||
Provision for severance (c) | 306 | 1,061 | — | ||||||||||
Other costs associated with distribution center and store closings | 1,504 | — | — | ||||||||||
Changes in estimates (d) | 781 | (31 | ) | (93 | ) | ||||||||
$ | 6,166 | $ | 15,644 | $ | 1,589 | ||||||||
— | The asset impairment charges were incurred in the Retail segment due to the economic and competitive environment of certain stores and market deterioration in property held for future development. We utilize a discounted cash flow model and market approach that incorporates unobservable level 3 inputs to test for long-lived asset impairments. | ||||||||||||
— | 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. | ||||||||||||
— | The provision for severance related to a distribution center closing in the Food Distribution segment and store closings in the Retail segment. | ||||||||||||
— | The majority of the changes in estimates relate to revised estimates of lease and ancillary costs associated with previously closed facilities in the Retail and Food Distribution segments. The Retail and Food Distribution segments realized $0.6 million and $0.2, million respectively, in the fiscal year ended January 3, 2015. |
Accounts_and_Notes_Receivable_
Accounts and Notes Receivable (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Receivables [Abstract] | ||||||||
Summary of Changes in Accounts and Notes Receivable | Accounts and notes receivable at January 3, 2015 and December 28, 2013 are comprised of the following components: | |||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | ||||||
Customer notes receivable | $ | 1,944 | $ | 5,198 | ||||
Customer accounts receivable | 265,976 | 257,947 | ||||||
Other receivables | 19,554 | 24,285 | ||||||
Allowance for doubtful accounts | (4,777 | ) | (2,037 | ) | ||||
Net current accounts and notes receivable | $ | 282,697 | 285,393 | |||||
Net long-term notes receivable | $ | 21,474 | $ | 24,008 | ||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Debt Instruments | Long-term debt consists of the following: | ||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||
Senior secured revolving credit facility, | $ | 403,201 | $ | 420,682 | |||||
due November 2018 | |||||||||
6.625% Senior Notes due December 2016 | 50,000 | 50,000 | |||||||
Senior secured term loan, due November 2018 | 46,989 | 60,000 | |||||||
Capital lease obligations (Note 9) | 64,420 | 68,127 | |||||||
Other, 2.61% - 9.25%, due 2015 – 2020 | 5,658 | 6,855 | |||||||
570,268 | 605,664 | ||||||||
Less current portion | 19,758 | 7,345 | |||||||
Total long-term debt | $ | 550,510 | $ | 598,319 | |||||
Details of Senior Notes Redemption Percentage | The Company may redeem the New Notes in whole or in part at any time on or after December 15, 2014, at the option of the Company at the following redemption prices (expressed as percentages of the principal amount), together with accrued and unpaid interest to the date of purchase: | ||||||||
Year of Redemption | Redemption Price | ||||||||
2014 | 103.3125 | % | |||||||
2015 and thereafter | 101.65625 | % | |||||||
Summary of Interest Expense Recognized and Effective Interest | The amount of interest expense recognized and the effective interest rate for the Company’s Convertible Senior Notes were as follows: | ||||||||
(In thousands) | March 30, 2013 | ||||||||
Contractual coupon interest | $ | 2,687 | |||||||
Amortization of discount on convertible senior notes | 3,282 | ||||||||
Interest expense | $ | 5,969 | |||||||
Effective interest rate | 8.125 | % | |||||||
Details of Long Term Debt Due | At January 3, 2015, long-term debt was due as follows: | ||||||||
(In thousands) | Fiscal Year | ||||||||
2015 | $ | 19,758 | |||||||
2016 | 67,630 | ||||||||
2017 | 17,888 | ||||||||
2018 | 429,341 | ||||||||
2019 | 6,550 | ||||||||
Thereafter | 29,101 | ||||||||
$ | 570,268 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||
Jan. 03, 2015 | ||||||||
Fair Value Disclosures [Abstract] | ||||||||
Schedule of Estimated Fair Value and Book Value of Debt Instruments | At January 3, 2015 and December 28, 2013 the estimated fair value and the book value of our debt instruments were as follows: | |||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | ||||||
Book value of debt instruments: | ||||||||
Current maturities of long-term debt and capital lease obligations | $ | 19,758 | $ | 7,345 | ||||
Long-term debt and capital lease obligations | 550,510 | 598,319 | ||||||
Total book value of debt instruments | 570,268 | 605,664 | ||||||
Fair value of debt instruments | 574,008 | 609,682 | ||||||
Excess of fair value over book value | $ | 3,740 | $ | 4,018 | ||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Jan. 03, 2015 | |||||
Commitments And Contingencies Disclosure [Abstract] | |||||
Schedule of Unions Representing Employees and the Expiration Date for Agreements | The facilities covered by collective bargaining agreements, the unions representing the covered associates and the expiration dates for each existing collective bargaining agreement are provided in the following table | ||||
Distribution Center Locations | Union Locals | Expiration dates | |||
Lima, Ohio | IBT 908 | January, 2016 | |||
Bellefontaine, Ohio General Merchandise Service Division | IBT 908 | February, 2016 | |||
Bellefontaine, Ohio GTL Truck Lines Inc. | IBT 908 | February, 2017 | |||
Westville, Indiana | IBT 135 | May-16 | |||
Grand Rapids, Michigan | IBT 406 | October, 2015 | |||
Norfolk, Virginia | IBT 822 | April, 2016 | |||
Columbus, Ohio | IBT 528 | September, 2016 | |||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Leases [Abstract] | |||||||||||||||||
Rental Expense, Net of Sublease Income | Rental expense, net of sublease income, under operating leases consisted of the following: | ||||||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | March 30, 2013 | ||||||||||||||
Minimum rentals | $ | 56,848 | $ | 28,978 | $ | 31,993 | |||||||||||
Contingent rental payments | 563 | 541 | 672 | ||||||||||||||
Sublease rental income | (5,027 | ) | (2,157 | ) | (1,928 | ) | |||||||||||
$ | 52,384 | $ | 27,362 | $ | 30,737 | ||||||||||||
Future Lease Commitments Under Operating Leases and Capital Leases | Total future lease commitments of SpartanNash under operating and capital leases in effect at January 3, 2015 are as follows: | ||||||||||||||||
Operating Leases | |||||||||||||||||
(In thousands) | Used in | Subleased | Total | Capital | |||||||||||||
Fiscal Year | Operations | to Others | Leases | ||||||||||||||
2015 | $ | 43,041 | $ | 3,978 | $ | 47,019 | $ | 13,282 | |||||||||
2016 | 35,497 | 3,164 | 38,661 | 10,762 | |||||||||||||
2017 | 28,253 | 2,531 | 30,784 | 10,426 | |||||||||||||
2018 | 23,206 | 2,057 | 25,263 | 10,115 | |||||||||||||
2019 | 14,548 | 1,692 | 16,240 | 9,154 | |||||||||||||
Thereafter | 62,356 | 9,696 | 72,052 | 42,191 | |||||||||||||
Total | $ | 206,901 | $ | 23,118 | $ | 230,019 | 95,930 | ||||||||||
Interest | (31,510 | ) | |||||||||||||||
Present value of minimum lease obligations | 64,420 | ||||||||||||||||
Current maturities | 8,656 | ||||||||||||||||
Long-term capitalized lease obligations | $ | 55,764 | |||||||||||||||
Assets Held Under Capital Leases | Assets held under capital leases consisted of the following: | ||||||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||||||||||
Buildings and improvements | $ | 72,747 | $ | 75,920 | |||||||||||||
Equipment | 5,695 | 3,272 | |||||||||||||||
78,442 | 79,192 | ||||||||||||||||
Less accumulated amortization and depreciation | 29,842 | 25,157 | |||||||||||||||
Net assets under capitalized leases | $ | 48,600 | $ | 54,035 | |||||||||||||
Property and Equipment Owned Assets Leased to Others | Owned assets, included in property and equipment, which are leased to others are as follows: | ||||||||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||||||||||
Land and improvements | $ | 3,327 | $ | 3,770 | |||||||||||||
Buildings | 10,786 | 10,252 | |||||||||||||||
14,113 | 14,022 | ||||||||||||||||
Less accumulated amortization and depreciation | 5,187 | 4,710 | |||||||||||||||
Net property | $ | 8,926 | $ | 9,312 | |||||||||||||
Future Minimum Rentals to be Received Under Lease Obligations | Future minimum rentals to be received under lease obligations in effect at January 3, 2015 are as follows: | ||||||||||||||||
(In thousands) | Owned | Leased | Total | ||||||||||||||
Fiscal Year | Property | Property | |||||||||||||||
2015 | $ | 3,975 | $ | 4,715 | $ | 8,690 | |||||||||||
2016 | 3,362 | 3,513 | 6,875 | ||||||||||||||
2017 | 2,340 | 2,981 | 5,321 | ||||||||||||||
2018 | 1,230 | 2,416 | 3,646 | ||||||||||||||
2019 | 984 | 1,965 | 2,949 | ||||||||||||||
Thereafter | 2,204 | 10,194 | 12,398 | ||||||||||||||
Total | $ | 14,095 | $ | 25,784 | $ | 39,879 | |||||||||||
Associate_Retirement_Plans_Tab
Associate Retirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||||||||||||||||||
Schedule of Benefit Obligations, Pension & Postretirement Benefit Plans | The following tables set forth the actuarial present value of benefit obligations, funded status, change in benefit obligation, change in plan assets, weighted average assumptions used in actuarial calculations and components of net periodic benefit costs for SpartanNash’s pension and postretirement benefit plans excluding multi-employer plans. The accrued benefit costs are reported in Postretirement benefits in the consolidated balance sheets. | ||||||||||||||||||||||||||||||||||||
Cash Balance Pension Plan | Super Foods Plan | ||||||||||||||||||||||||||||||||||||
SERP | |||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | January 3, | December 28, | January 3, | December 28, | January 3, | December 28, | |||||||||||||||||||||||||||||||
2015 | 2013 | 2015 | 2013 | 2015 | 2013 | ||||||||||||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||||||||||||
Projected Benefit Obligation | |||||||||||||||||||||||||||||||||||||
Beginning of year | $ | 57,825 | $ | 60,202 | $ | 44,675 | $ | — | $ | 856 | $ | 877 | |||||||||||||||||||||||||
Obligation assumed in merger | — | — | — | 44,915 | — | — | |||||||||||||||||||||||||||||||
Interest cost | 2,225 | 1,682 | 1,998 | 234 | 35 | 24 | |||||||||||||||||||||||||||||||
Actuarial (gain) loss | 2,579 | (427 | ) | 3,380 | 6 | 101 | 1 | ||||||||||||||||||||||||||||||
Benefits paid | (10,188 | ) | (3,632 | ) | (9,460 | ) | (480 | ) | (78 | ) | (46 | ) | |||||||||||||||||||||||||
End of year | $ | 52,441 | $ | 57,825 | $ | 40,593 | $ | 44,675 | $ | 914 | $ | 856 | |||||||||||||||||||||||||
Fair value of plan assets | |||||||||||||||||||||||||||||||||||||
Beginning of year | $ | 66,977 | $ | 64,590 | $ | 38,972 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Assets assumed in merger | — | — | — | 38,147 | — | — | |||||||||||||||||||||||||||||||
Actual return on plan assets | 2,872 | 6,019 | 2,220 | 1,305 | — | — | |||||||||||||||||||||||||||||||
Company contributions | — | — | 2,325 | — | 78 | 46 | |||||||||||||||||||||||||||||||
Benefits paid | (10,188 | ) | (3,632 | ) | (9,460 | ) | (480 | ) | (78 | ) | (46 | ) | |||||||||||||||||||||||||
Plan assets at fair value at measurement date | $ | 59,661 | $ | 66,977 | $ | 34,057 | $ | 38,972 | $ | — | $ | — | |||||||||||||||||||||||||
Funded (unfunded) status | $ | 7,220 | $ | 9,152 | $ | (6,536 | ) | $ | (5,703 | ) | $ | (914 | ) | $ | (856 | ) | |||||||||||||||||||||
Components of net amount recognized in financial position: | |||||||||||||||||||||||||||||||||||||
Noncurrent assets | $ | 7,220 | $ | 9,152 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Current liabilities | — | — | — | — | (100 | ) | (91 | ) | |||||||||||||||||||||||||||||
Noncurrent liabilities | — | — | (6,536 | ) | (5,703 | ) | (814 | ) | (765 | ) | |||||||||||||||||||||||||||
Net asset/(liability) | $ | 7,220 | $ | 9,152 | $ | (6,536 | ) | $ | (5,703 | ) | $ | (914 | ) | $ | (856 | ) | |||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||||||||||||||||||||||||||
Net unrecognized actuarial loss (gain) | $ | 14,557 | $ | 14,568 | $ | 2,015 | $ | (1,041 | ) | $ | 408 | $ | 337 | ||||||||||||||||||||||||
Weighted average assumptions at measurement date: | |||||||||||||||||||||||||||||||||||||
Discount rate | 3.6 | % | 4.35 | % | 3.85 | % | 4.65 | % | 3.6 | % | 4.35 | % | |||||||||||||||||||||||||
Expected return on plan assets | 5.5 | % | 5.95 | % | 5.5 | % | 5.7 | % | N/A | N/A | |||||||||||||||||||||||||||
SpartanNash Medical Plan | |||||||||||||||||||||||||||||||||||||
(In thousands, except percentages) | January 3, | December 28, | |||||||||||||||||||||||||||||||||||
2015 | 2013 | ||||||||||||||||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||||||||||||
Accumulated Benefit Obligation | |||||||||||||||||||||||||||||||||||||
Beginning of year | $ | 7,967 | $ | 9,982 | |||||||||||||||||||||||||||||||||
Service cost | 186 | 194 | |||||||||||||||||||||||||||||||||||
Interest cost | 394 | 287 | |||||||||||||||||||||||||||||||||||
Plan amendments | — | (582 | ) | ||||||||||||||||||||||||||||||||||
Actuarial loss (gain) | 1,593 | (1,665 | ) | ||||||||||||||||||||||||||||||||||
Benefits paid | (235 | ) | (249 | ) | |||||||||||||||||||||||||||||||||
End of year | $ | 9,905 | $ | 7,967 | |||||||||||||||||||||||||||||||||
Fair value of plan assets | |||||||||||||||||||||||||||||||||||||
Beginning of year | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Employer contributions | 235 | 249 | |||||||||||||||||||||||||||||||||||
Benefits paid | (235 | ) | (249 | ) | |||||||||||||||||||||||||||||||||
Plan assets at fair value at measurement date | $ | — | $ | — | |||||||||||||||||||||||||||||||||
Unfunded status | $ | (9,905 | ) | $ | (7,967 | ) | |||||||||||||||||||||||||||||||
Components of net amount recognized in financial position: | |||||||||||||||||||||||||||||||||||||
Current liabilities | $ | (319 | ) | $ | (323 | ) | |||||||||||||||||||||||||||||||
Non-current liabilities | (9,586 | ) | (7,644 | ) | |||||||||||||||||||||||||||||||||
Net liability | $ | (9,905 | ) | $ | (7,967 | ) | |||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 2,554 | $ | 981 | |||||||||||||||||||||||||||||||||
Prior service credit | (724 | ) | (882 | ) | |||||||||||||||||||||||||||||||||
$ | 1,830 | $ | 99 | ||||||||||||||||||||||||||||||||||
Weighted average assumption at measurement date: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.15 | % | 5.05 | % | |||||||||||||||||||||||||||||||||
Components of Net Periodic Pension and Postretirement Benefit Cost (Income) | Components of net periodic benefit cost (income) | ||||||||||||||||||||||||||||||||||||
Cash Balance Pension Plan | Super Foods Plan | ||||||||||||||||||||||||||||||||||||
(In thousands) | January 3, | December 28, | March 31, | January 3, | December 28, | ||||||||||||||||||||||||||||||||
2015 | 2013 | 2013 | 2015 | 2013 | |||||||||||||||||||||||||||||||||
Interest cost | $ | 2,225 | $ | 1,682 | $ | 2,587 | $ | 1,998 | $ | 234 | |||||||||||||||||||||||||||
Expected return on plan assets | (3,547 | ) | (3,069 | ) | (4,499 | ) | (2,190 | ) | (258 | ) | |||||||||||||||||||||||||||
Amortization of actuarial net loss | 970 | 976 | 1,279 | — | — | ||||||||||||||||||||||||||||||||
Net periodic benefit (income) cost | (352 | ) | (411 | ) | (633 | ) | (192 | ) | (24 | ) | |||||||||||||||||||||||||||
Settlement expense | 2,294 | 621 | — | 294 | — | ||||||||||||||||||||||||||||||||
Total expense (income) | $ | 1,942 | $ | 210 | $ | (633 | ) | $ | 102 | $ | (24 | ) | |||||||||||||||||||||||||
Weighted average assumptions at measurement date: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.35 | % | 3.9 | % | 4.5 | % | 4.65 | % | 4.6 | % | |||||||||||||||||||||||||||
Expected return on plan assets | 5.95 | % | 6.55 | % | 7.5 | % | 5.7 | % | 6 | % | |||||||||||||||||||||||||||
SERP | |||||||||||||||||||||||||||||||||||||
(In thousands) | January 3, | December 28, | March 30, | ||||||||||||||||||||||||||||||||||
2015 | 2013 | 2013 | |||||||||||||||||||||||||||||||||||
Interest cost | 35 | 24 | 39 | ||||||||||||||||||||||||||||||||||
Amortization of actuarial net loss | 30 | 23 | 32 | ||||||||||||||||||||||||||||||||||
Net periodic benefit cost | 65 | 47 | 71 | ||||||||||||||||||||||||||||||||||
Settlement expense | — | — | 50 | ||||||||||||||||||||||||||||||||||
Total expense | $ | 65 | $ | 47 | $ | 121 | |||||||||||||||||||||||||||||||
Weighted average assumption at measurement date: | |||||||||||||||||||||||||||||||||||||
Discount rate | 4.35 | % | 3.9 | % | 4.5 | % | |||||||||||||||||||||||||||||||
SpartanNash Medical Plan | |||||||||||||||||||||||||||||||||||||
(In thousands) | January 3, | December 28, | March 30, | ||||||||||||||||||||||||||||||||||
2015 | 2013 | 2013 | |||||||||||||||||||||||||||||||||||
Service cost | $ | 186 | $ | 194 | $ | 194 | |||||||||||||||||||||||||||||||
Interest cost | 394 | 287 | 404 | ||||||||||||||||||||||||||||||||||
Amortization of prior service credit | (158 | ) | (42 | ) | (54 | ) | |||||||||||||||||||||||||||||||
Amortization of actuarial net loss | 20 | 134 | 137 | ||||||||||||||||||||||||||||||||||
Net periodic benefit cost | $ | 442 | $ | 573 | $ | 681 | |||||||||||||||||||||||||||||||
Weighted average assumption at measurement date: | |||||||||||||||||||||||||||||||||||||
Discount rate | 5.05 | % | 3.9 | % | 4.5 | % | |||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income | The net actuarial loss and prior service cost included in “Accumulated Other Comprehensive Income” and expected to be recognized in net periodic benefit cost during fiscal year 2015 are as follows: | ||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||
(In thousands) | Cash Balance | Super Foods | SERP | ||||||||||||||||||||||||||||||||||
Pension Plan | Plan | ||||||||||||||||||||||||||||||||||||
Net actuarial loss | $ | 827 | $ | — | $ | 42 | |||||||||||||||||||||||||||||||
(In thousands) | Spartan Stores | ||||||||||||||||||||||||||||||||||||
Medical Plan | |||||||||||||||||||||||||||||||||||||
Prior service credit | $ | (158 | ) | ||||||||||||||||||||||||||||||||||
Net actuarial loss | 173 | ||||||||||||||||||||||||||||||||||||
Effect of Assumed Health Care Cost Rate on Post Retirement Plan Reported | Assumed health care cost trend rates have a significant effect on the amounts reported for the postretirement plan. Assumed health care cost trend rates were as follows: | ||||||||||||||||||||||||||||||||||||
January 3, | December 28, | March 31, | |||||||||||||||||||||||||||||||||||
2015 | 2013 | 2013 | |||||||||||||||||||||||||||||||||||
Pre – 65 | 7.75 | % | 8 | % | 8.5 | % | |||||||||||||||||||||||||||||||
Post – 65 | 6.85 | % | 7 | % | 7.5 | % | |||||||||||||||||||||||||||||||
Summary of Fair Value Pension Plan Asset | The fair value of the pension plans’ assets at January 3, 2015 by asset category is as follows: | ||||||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||||||||||||||||||||
markets for | observable | unobservable | |||||||||||||||||||||||||||||||||||
identical assets | inputs | inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||
Mutual funds | $ | 29,851 | $ | 29,851 | $ | — | $ | — | |||||||||||||||||||||||||||||
Pooled funds | 45,737 | — | 45,737 | — | |||||||||||||||||||||||||||||||||
Money market fund | 381 | — | 381 | — | |||||||||||||||||||||||||||||||||
Guaranteed annuity contract | 17,749 | — | — | 17,749 | |||||||||||||||||||||||||||||||||
Total fair value | $ | 93,718 | $ | 29,851 | $ | 46,118 | $ | 17,749 | |||||||||||||||||||||||||||||
The fair value of the pension plans’ assets at December 28, 2013 by asset category is as follows: | |||||||||||||||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||||||||||||||
(In thousands) | Total | Quoted prices in | Significant | Significant | |||||||||||||||||||||||||||||||||
markets for | observable | unobservable | |||||||||||||||||||||||||||||||||||
identical assets | inputs | inputs | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||||||||||
Mutual funds | $ | 87,439 | $ | 87,439 | $ | — | $ | — | |||||||||||||||||||||||||||||
Money market fund | 439 | — | 439 | — | |||||||||||||||||||||||||||||||||
Guaranteed annuity contract | 18,071 | — | — | 18,071 | |||||||||||||||||||||||||||||||||
Total fair value | $ | 105,949 | $ | 87,439 | $ | 439 | $ | 18,071 | |||||||||||||||||||||||||||||
Summary of Reconciliation of Beginning and Ending Balances for Level 3 Assets | Level 3 assets consisted of the guaranteed annuity contracts. A reconciliation of the beginning and ending balances for Level 3 assets follows: | ||||||||||||||||||||||||||||||||||||
(In thousands) | January 3, | December 28, | |||||||||||||||||||||||||||||||||||
2015 | 2013 | ||||||||||||||||||||||||||||||||||||
Balance, beginning of year | $ | 18,071 | $ | 3,890 | |||||||||||||||||||||||||||||||||
Balance assumed in merger | — | 14,324 | |||||||||||||||||||||||||||||||||||
Purchases, sales, issuances and settlements, net | (1,402 | ) | (578 | ) | |||||||||||||||||||||||||||||||||
Interest income | 799 | 236 | |||||||||||||||||||||||||||||||||||
Realized gains | 281 | 199 | |||||||||||||||||||||||||||||||||||
Balance, end of year | $ | 17,749 | $ | 18,071 | |||||||||||||||||||||||||||||||||
Estimated Benefit Payments Expected to be Paid | The following estimated benefit payments are expected to be paid in the following fiscal years: | ||||||||||||||||||||||||||||||||||||
(In thousands) | Pension Benefits and SERP Benefits | Post-retirement Benefits | |||||||||||||||||||||||||||||||||||
2015 | $ | 8,498 | $ | 383 | |||||||||||||||||||||||||||||||||
2016 | 8,271 | 406 | |||||||||||||||||||||||||||||||||||
2017 | 8,177 | 443 | |||||||||||||||||||||||||||||||||||
2018 | 7,639 | 485 | |||||||||||||||||||||||||||||||||||
2019 | 7,375 | 523 | |||||||||||||||||||||||||||||||||||
2020 to 2024 | 32,146 | 3,127 | |||||||||||||||||||||||||||||||||||
Multi-Employer Pension Plan and Other Defined Contribution Plans | |||||||||||||||||||||||||||||||||||||
Pension | EIN – Pension | Plan | Pension | FIP/RP | Contributions | Surcharges | |||||||||||||||||||||||||||||||
Month / | Protection Act | Status | Imposed or | ||||||||||||||||||||||||||||||||||
Day End | Zone Status | Pending/ | Amortization | ||||||||||||||||||||||||||||||||||
Fund | Plan Number | Date | 2014 | 2013 | Implemented | 2014 | 2013 | 2012 | Provisions | ||||||||||||||||||||||||||||
Central States, Southeast and Southwest Areas Pension Fund | 36-6044243-001 | 31-Dec | Red | Red | Implemented | $ | 12,858 | $ | 6,822 | $ | 8,248 | (b) | |||||||||||||||||||||||||
Collective Bargaining Agreements Associated with Significant Multi-Employer Plans | |||||||||||||||||||||||||||||||||||||
Pension Fund | Total Collective | Expiration Date | Percentage of | Over 5% | |||||||||||||||||||||||||||||||||
Bargaining | Associates under | Contribution 2014 | |||||||||||||||||||||||||||||||||||
Agreements (a) | Collective Bargaining | ||||||||||||||||||||||||||||||||||||
Agreement | |||||||||||||||||||||||||||||||||||||
Central States, Southeast and Southwest Areas Pension Fund | 4 | 10/2015 to 02/2017 | 8.00% | No | |||||||||||||||||||||||||||||||||
Cash Balance Pension Plan [Member] | |||||||||||||||||||||||||||||||||||||
Summary of Actual Assets Allocation | The following table summarizes both the targeted allocation of the Cash Balance Pension Plan’s weighted-average asset allocation by asset category and actual allocations as of January 3, 2015 and December 28, 2013: | ||||||||||||||||||||||||||||||||||||
Cash Balance Pension Plan Assets | |||||||||||||||||||||||||||||||||||||
Asset Category | January 3, | December 28, | |||||||||||||||||||||||||||||||||||
Target | 2015 | 2013 | |||||||||||||||||||||||||||||||||||
Equity securities | 15 | % | 14.8 | % | 63.5 | % | |||||||||||||||||||||||||||||||
Fixed income | 85 | 84.6 | 35.8 | ||||||||||||||||||||||||||||||||||
Cash equivalents | 0 | 0.6 | 0.7 | ||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||||
Super Foods Plan [Member] | |||||||||||||||||||||||||||||||||||||
Summary of Actual Assets Allocation | The following table summarizes both the targeted allocation of the Super Foods Plan’s weighted-average asset allocation by asset category and actual allocations as of January 3, 2015: | ||||||||||||||||||||||||||||||||||||
Super Foods Plan Assets | |||||||||||||||||||||||||||||||||||||
Asset Category | Target | January 3, | December 28, | ||||||||||||||||||||||||||||||||||
Range | 2015 | 2013 | |||||||||||||||||||||||||||||||||||
Equity securities | 55.0 - 65.0 | % | 59 | % | 63.7 | % | |||||||||||||||||||||||||||||||
Fixed income | 35.0 - 45.0 | 41 | 36.3 | ||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||||||||
Taxes_on_Income_Tables
Taxes on Income (Tables) | 12 Months Ended | ||||||||||
Jan. 03, 2015 | |||||||||||
Income Tax Disclosure [Abstract] | |||||||||||
Summary of Income Tax Provision for Continuing Operations | The income tax provision for continuing operations is made up of the following components: | ||||||||||
(In thousands) | January 3, 2015 | December 28, 2013 | March 31, 2013 | ||||||||
Currently payable: | |||||||||||
Federal | $ | 27,015 | $ | 3,897 | $ | 17,056 | |||||
State | 777 | 510 | 2,490 | ||||||||
Total currently payable | 27,792 | 4,407 | 19,546 | ||||||||
Deferred: | |||||||||||
Federal | 3,362 | 531 | (3,361 | ) | |||||||
State | 175 | (4,097 | ) | (760 | ) | ||||||
Total deferred | 3,537 | (3,566 | ) | (4,121 | ) | ||||||
Total | $ | 31,329 | $ | 841 | $ | 15,425 | |||||
Reconciliation of Statutory Federal Income Tax Rates | The effective income tax rates are different from the statutory federal income tax rates for the following reasons: | ||||||||||
January 3, 2015 | December 28, 2013 | March 30, 2013 | |||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | |||||
State taxes, net of federal income tax benefit | 2.9 | (112.7 | ) | 2.6 | |||||||
Charitable product donations | (0.4 | ) | (13.4 | ) | (0.8 | ) | |||||
Non-deductible merger expenses | - | 101.3 | — | ||||||||
Change in tax contingencies | (2.7 | ) | 36.9 | 0.3 | |||||||
Domestic product activities deduction | (0.2 | ) | (8.6 | ) | (0.2 | ) | |||||
Non-deductible expenses | 0.9 | 3.8 | 0.5 | ||||||||
Other, net | (0.9 | ) | (1.7 | ) | (1.7 | ) | |||||
Effective income tax rate | 34.6 | % | 40.6 | % | 35.7 | % | |||||
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities resulting from temporary differences as of January 3, 2015 and December 28, 2013 are as follows: | ||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||||
Deferred tax assets: | |||||||||||
Employee benefits | $ | 29,842 | $ | 29,417 | |||||||
Accrued workers’ compensation | 3,074 | 4,216 | |||||||||
Allowance for doubtful accounts | 2,951 | 2,927 | |||||||||
Intangible assets | 1,128 | 1,945 | |||||||||
Restructuring | 1,947 | 2,244 | |||||||||
Deferred revenue | 1,843 | 2,401 | |||||||||
Accrued rent | 4,635 | 4,551 | |||||||||
Accrued insurance | 1,107 | 1,322 | |||||||||
All other | 5,627 | 3,776 | |||||||||
Total deferred tax assets | 52,154 | 52,799 | |||||||||
Deferred tax liabilities: | |||||||||||
Property and equipment | 47,860 | 53,279 | |||||||||
Inventory | 51,616 | 50,514 | |||||||||
Goodwill | 53,628 | 44,082 | |||||||||
Convertible debt interest | 789 | 1,055 | |||||||||
Leases | 10,585 | 8,912 | |||||||||
All other | 1,402 | 1,616 | |||||||||
Total deferred tax liabilities | 165,880 | 159,458 | |||||||||
Net deferred tax liability | $ | (113,726 | ) | $ | (106,659 | ) | |||||
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||||
Balance at beginning of year | $ | 8,805 | $ | 2,648 | |||||||
Liability assumed in merger | - | 1,754 | |||||||||
Gross increases – tax positions taken in prior years | 161 | 16 | |||||||||
Gross decreases – tax positions taken in prior years | (5,812 | ) | -1,338 | ||||||||
Gross increases – tax positions taken in current year | 650 | 5,725 | |||||||||
Lapse of statute of limitations | (1,625 | ) | - | ||||||||
Balance at end of year | $ | 2,179 | $ | 8,805 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | |||||||||||||
Jan. 03, 2015 | ||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||||
Summary of Stock Option Activity | The following table summarizes stock option activity for the three years ended January 3, 2015: | |||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||
Under | Average | Average | Intrinsic Value | |||||||||||
Options | Exercise | Remaining | (In thousands) | |||||||||||
Price | Contractual | |||||||||||||
Life Years | ||||||||||||||
Options outstanding at March 31, 2012 | 703,129 | 18.43 | 5.53 | 1,926 | ||||||||||
Exercised | (25,050 | ) | 8.1 | 210 | ||||||||||
Cancelled/Forfeited | (24,608 | ) | 18.64 | |||||||||||
Options outstanding at March 30, 2013 | 653,471 | 18.82 | 4.65 | 1,428 | ||||||||||
Exercised | (24,976 | ) | 9.49 | 298 | ||||||||||
Cancelled/Forfeited | (41,729 | ) | 17.71 | |||||||||||
Options outstanding at December 28, 2013 | 586,766 | 19.3 | 4.01 | 2,965 | ||||||||||
Exercised | (88,152 | ) | 12.68 | 869 | ||||||||||
Cancelled/Forfeited | (4,131 | ) | 3.25 | |||||||||||
Options outstanding at January 3, 2015 | 494,483 | 20.61 | 3.3 | 2,772 | ||||||||||
Options exercisable at March 30, 2013 | 619,658 | 19.09 | 4.57 | 1,304 | ||||||||||
Options exercisable at December 28, 2013 | 586,766 | 19.3 | 4.01 | 2,965 | ||||||||||
Options exercisable at January 3, 2015 | 494,483 | $ | 20.61 | 3.3 | $ | 2,772 | ||||||||
Vested and expected to vest in the future at January 3, 2015 | 494,483 | $ | 20.61 | $ | 2,772 | |||||||||
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity for fiscal year ended January 3, 2015, the 39 week period ended December 28, 2013 and fiscal year ended March 30, 2013: | |||||||||||||
Shares | Weighted | |||||||||||||
Average | ||||||||||||||
Grant-Date | ||||||||||||||
Fair Value | ||||||||||||||
Outstanding and nonvested at March 31, 2012 | 580,893 | 16.48 | ||||||||||||
Granted | 215,014 | 17.78 | ||||||||||||
Vested | (217,737 | ) | 17.47 | |||||||||||
Forfeited | (31,988 | ) | 16.52 | |||||||||||
Outstanding and nonvested at March 30, 2013 | 546,182 | 16.59 | ||||||||||||
Granted | 227,207 | 18.07 | ||||||||||||
Vested | (225,600 | ) | 16.94 | |||||||||||
Forfeited | (28,954 | ) | 16.94 | |||||||||||
Outstanding and nonvested at December 28, | 518,835 | $ | 23.56 | |||||||||||
2013 | ||||||||||||||
Granted | 317,827 | 22.63 | ||||||||||||
Vested | (219,894 | ) | 23.56 | |||||||||||
Forfeited | (16,115 | ) | 23.03 | |||||||||||
Outstanding and nonvested at January 3, 2015 | 600,653 | $ | 23.08 | |||||||||||
Schedule of Compensation Cost for Share-Based Payment Arrangements, Allocation of Share-Based Compensation Costs | Share-based compensation expense recognized and included in “Selling, general and administrative expenses” in the Consolidated Statements of Earnings and related tax benefits were as follows: | |||||||||||||
(In thousands) | January 3, | December 28, | March 31, | |||||||||||
2015 | 2013 | 2013 | ||||||||||||
Stock options | $ | - | $ | 14 | $ | 196 | ||||||||
Restricted stock | 6,939 | 6,937 | 3,866 | |||||||||||
Tax benefits | (2,632 | ) | (2,640 | ) | (1,572 | ) | ||||||||
$ | 4,307 | $ | 4,311 | $ | 2,490 | |||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||
Jan. 03, 2015 | |||||||||
Discontinued Operations And Disposal Groups [Abstract] | |||||||||
Schedule of Significant Assets and Liabilities of Discontinued Operations | Discontinued operations did not have sales for fiscal year ended January 3, 2015 and the 39 week period ended December 28, 2013. Significant assets and liabilities of discontinued operations are as follows: | ||||||||
(In thousands) | 3-Jan-15 | December 28, 2013 | |||||||
Current assets | $ | - | $ | 23 | |||||
Property, net | 3,165 | 3,167 | |||||||
Other long-term assets | 1,577 | 1,577 | |||||||
Current liabilities | 189 | 183 | |||||||
Long-term liabilities | 40 | 41 | |||||||
Reporting_Segment_Information_
Reporting Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Operating Segment | The following tables set forth information about SpartanNash by reporting segment: | ||||||||||||||||||||||||
(In thousands) | Military | Food | Retail | Total | |||||||||||||||||||||
Distribution | |||||||||||||||||||||||||
Year Ended January 3, 2015 (53 weeks) | |||||||||||||||||||||||||
Net sales to external customers | $ | 2,275,512 | $ | 3,356,331 | $ | 2,284,219 | $ | 7,916,062 | |||||||||||||||||
Inter-segment sales | — | 1,005,844 | — | 1,005,844 | |||||||||||||||||||||
Merger transaction and integration expenses | 27 | 12,644 | 4 | 12,675 | |||||||||||||||||||||
Depreciation and amortization | 11,350 | 29,816 | 45,828 | 86,994 | |||||||||||||||||||||
Operating earnings | 21,721 | 54,802 | 38,323 | 114,846 | |||||||||||||||||||||
Capital expenditures | 15,088 | 31,953 | 42,971 | 90,012 | |||||||||||||||||||||
39 Week Period Ended December 28, 2013 | |||||||||||||||||||||||||
Net sales to external customers | $ | 248,643 | $ | 1,095,759 | $ | 1,252,828 | $ | 2,597,230 | |||||||||||||||||
Inter-segment sales | — | 533,470 | — | 533,470 | |||||||||||||||||||||
Merger transaction and integration expenses | — | 20,993 | — | 20,993 | |||||||||||||||||||||
Depreciation and amortization | 1,412 | 7,706 | 27,964 | 37,082 | |||||||||||||||||||||
Operating earnings | 1,901 | (1,328 | ) | 16,220 | 16,793 | ||||||||||||||||||||
Capital expenditures | 2,246 | 13,867 | 21,087 | 37,200 | |||||||||||||||||||||
Year Ended March 30, 2013 (52 weeks) | |||||||||||||||||||||||||
Net sales to external customers | $ | 1,120,650 | $ | 1,487,510 | $ | 2,608,160 | |||||||||||||||||||
Inter-segment sales | 634,525 | — | 634,525 | ||||||||||||||||||||||
Depreciation and amortization | 6,346 | 32,735 | 39,081 | ||||||||||||||||||||||
Operating earnings | 23,920 | 37,048 | 60,968 | ||||||||||||||||||||||
Capital expenditures | 8,797 | 33,215 | 42,012 | ||||||||||||||||||||||
January 3, | December 28, | March 31, | |||||||||||||||||||||||
2015 | 2013 | 2013 | |||||||||||||||||||||||
Total Assets at Year End | |||||||||||||||||||||||||
Military | $ | 435,647 | $ | 451,518 | $ | — | |||||||||||||||||||
Food Distribution | 763,914 | 805,468 | 254,326 | ||||||||||||||||||||||
Retail | 727,979 | 721,898 | 529,840 | ||||||||||||||||||||||
Discontinued operations | 4,742 | 4,767 | 5,501 | ||||||||||||||||||||||
Total | $ | 1,932,282 | $ | 1,983,651 | $ | 789,667 | |||||||||||||||||||
Summary of Sales by Type of Similar Products and Services | The following table presents sales by type of similar product and services: | ||||||||||||||||||||||||
(Dollars in thousands) | 3-Jan-15 | December 28, 2013 | March 30, 2013 | ||||||||||||||||||||||
(53 weeks) | (39 weeks) | (52 weeks) | |||||||||||||||||||||||
Non-perishables (1) | $ | 4,998,895 | 63.1 | % | $ | 1,393,157 | 53.6 | % | $ | 1,289,461 | 49.4 | % | |||||||||||||
Perishables (2) | 2,449,562 | 31 | 894,783 | 34.5 | 930,659 | 35.7 | |||||||||||||||||||
Fuel | 178,111 | 2.2 | 145,631 | 5.6 | 179,012 | 6.9 | |||||||||||||||||||
Pharmacy | 289,494 | 3.7 | 163,659 | 6.3 | 209,028 | 8 | |||||||||||||||||||
Consolidated net sales | $ | 7,916,062 | 100 | % | $ | 2,597,230 | 100 | % | $ | 2,608,160 | 100 | % | |||||||||||||
— | Consists primarily of general merchandise, grocery, beverages, snacks and frozen foods. | ||||||||||||||||||||||||
— | Consists primarily of produce, dairy, meat, bakery, deli, floral and seafood. | ||||||||||||||||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Jan. 03, 2015 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | |||||||||||||||||
(In thousands, except per share data) | Full Year | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | ||||||||||||
Fiscal January 3, 2015 | (53 weeks) | (13 weeks) | (12 weeks) | (12 weeks) | (16 weeks) | ||||||||||||
Net sales | $ | 7,916,062 | $ | 1,962,589 | $ | 1,809,571 | $ | 1,810,175 | $ | 2,333,727 | |||||||
Gross profit | 1,156,074 | 282,213 | 261,409 | 265,114 | 347,338 | ||||||||||||
Merger transaction and integration expenses | 12,675 | 4,547 | 1,379 | 2,581 | 4,168 | ||||||||||||
Restructuring and asset impairment charges (gains) | 6,166 | 6,233 | (1,272 | ) | 1,078 | 127 | |||||||||||
Earnings from continuing operations before income taxes | 90,449 | 15,030 | 28,146 | 27,174 | 20,099 | ||||||||||||
Earnings from continuing operations | 59,120 | 12,037 | 17,169 | 17,395 | 12,519 | ||||||||||||
Discontinued operations, net of taxes | (524 | ) | (166 | ) | (73 | ) | (76 | ) | (209 | ) | |||||||
Net earnings | 58,596 | $ | 11,871 | $ | 17,096 | $ | 17,319 | $ | 12,310 | ||||||||
Earnings from continuing operations per share: | |||||||||||||||||
Basic | $ | 1.57 | $ | 0.32 | $ | 0.46 | $ | 0.46 | $ | 0.33 | |||||||
Diluted | 1.57 | 0.32 | 0.45 | 0.46 | 0.33 | ||||||||||||
Net earnings per share: | |||||||||||||||||
Basic | $ | 1.56 | $ | 0.32 | $ | 0.45 | $ | 0.46 | $ | 0.33 | |||||||
Diluted | 1.55 | 0.32 | 0.45 | 0.46 | 0.33 | ||||||||||||
Dividends | $ | 18,090 | $ | 4,502 | $ | 4,529 | $ | 4,526 | $ | 4,533 | |||||||
Common stock price – High | 26.89 | 26.89 | 22.5 | 24.68 | 25.74 | ||||||||||||
Common stock price – Low | 19.16 | 19.88 | 19.16 | 19.44 | 21 | ||||||||||||
(In thousands, except per share data) | Full Year | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||
Fiscal December 28, 2013 | (39 weeks) | (15 weeks) | (12 weeks) | (12 weeks) | |||||||||||||
Net sales | $ | 2,597,230 | $ | 1,335,354 | $ | 649,471 | $ | 612,405 | |||||||||
Gross profit | 486,880 | 225,308 | 136,296 | 125,276 | |||||||||||||
Merger transaction and integration expenses | 20,993 | 15,519 | 3,638 | 1,836 | |||||||||||||
Restructuring and asset impairment charges | 15,644 | 14,657 | — | 987 | |||||||||||||
Debt extinguishment | 5,527 | 5,527 | — | — | |||||||||||||
Earnings (loss) from continuing operations before income taxes | 2,070 | (21,480 | ) | 15,870 | 7,680 | ||||||||||||
Earnings (loss) from continuing operations | 1,229 | (13,670 | ) | 10,115 | 4,784 | ||||||||||||
Discontinued operations, net of taxes | (488 | ) | (322 | ) | (65 | ) | (101 | ) | |||||||||
Net earnings (loss) | $ | 741 | $ | (13,992 | ) | $ | 10,050 | $ | 4,683 | ||||||||
Earnings (loss) from continuing operations per share: | |||||||||||||||||
Basic | $ | 0.05 | $ | (0.49 | ) | $ | 0.46 | $ | 0.22 | ||||||||
Diluted | 0.05 | (0.49 | ) | 0.46 | 0.22 | ||||||||||||
Net earnings (loss) per share: | |||||||||||||||||
Basic | $ | 0.03 | $ | (0.50 | ) | $ | 0.46 | $ | 0.21 | ||||||||
Diluted | 0.03 | (0.50 | ) | 0.46 | 0.21 | ||||||||||||
Dividends | $ | 5,908 | $ | 1,969 | $ | 1,969 | $ | 1,970 | |||||||||
Common stock price – High | 24.78 | 24.78 | 24.4 | 19.73 | |||||||||||||
Common stock price – Low | 16.1 | 21.02 | 17.9 | 16.1 | |||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies and Basis of Presentation - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Allowance for doubtful accounts | $2 | $5.50 | |
Bad debt expenses | 1.3 | 3 | 0.9 |
Inventories valued on LIFO method | 87.50% | 93.70% | |
Under Value of carrying value of inventories than its replacement value | 45.1 | 50.7 | |
Effect on income due to change in LIFO valuation on liquidation | 0.1 | 0.8 | 1 |
Capitalized computer software | 19.2 | 17.7 | |
Workers' compensation liability | 0.5 | ||
General liability | 0.5 | ||
Automobile liability | 0.5 | ||
Health care insurance liability | 0.5 | ||
Current portion of self insurance liability | 13.1 | 13.3 | |
Long term portion of self insurance liability | 9.4 | 6.1 | |
Weighted average shares not included in earnings per share calculations | 334,172 | 322,914 | 369,969 |
Issuance of preferred stock | 10,000,000 | 10,000,000 | |
Preferred stock, shares outstanding | 0 | 0 | |
Advertising expenses | $15.30 | $41.10 | $13.60 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies and Basis of Presentation - Property And Equipment Estimated Useful Lives (Detail) | 12 Months Ended |
Jan. 03, 2015 | |
Land improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Minimum [Member] | Buildings and improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Minimum [Member] | Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Maximum [Member] | Buildings and improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Maximum [Member] | Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 15 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies and Basis of Presentation - Summary of Changes in SpartanNash's Self-Insurance Liability (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Payables And Accruals [Abstract] | |||
Beginning balance | $7,167 | $22,454 | $5,714 |
Balance assumed in merger | 13,248 | ||
Expense | 25,291 | 53,297 | 27,955 |
Claim payments, net of employee contributions | -23,252 | -56,338 | -26,502 |
Ending balance | $22,454 | $19,413 | $7,167 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies and Basis of Presentation - Schedule of Computation of Basic and Diluted Earnings Per Share For Continuing Operations (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Sep. 14, 2013 | Jun. 22, 2013 | Apr. 19, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Numerator: | |||||||||||
Earnings from continuing operation | $12,037 | $17,169 | $17,395 | $10,115 | $4,784 | $12,519 | ($13,670) | $1,229 | $19,903 | $59,120 | $27,842 |
Adjustment for earnings attributable to participating securities | -26 | -1,015 | -709 | ||||||||
Earnings from continuing operations used in calculating earnings per share | $1,203 | $58,105 | $27,133 | ||||||||
Denominator: | |||||||||||
Weighted average shares outstanding, including participating securities | 24,137 | 37,641 | 21,773 | ||||||||
Adjustment for participating securities | -519 | -646 | -554 | ||||||||
Shares used in calculating basic earnings per share | 23,618 | 36,995 | 21,219 | ||||||||
Effect of dilutive stock options | 92 | 69 | 75 | ||||||||
Shares used in calculating diluted earnings per share | 23,710 | 37,064 | 21,294 | ||||||||
Basic earnings per share from continuing operations | $0.32 | $0.46 | $0.46 | $0.46 | $0.22 | $0.33 | ($0.49) | $0.05 | $0.91 | $1.57 | $1.28 |
Diluted earnings per share from continuing operations | $0.32 | $0.45 | $0.46 | $0.46 | $0.22 | $0.33 | ($0.49) | $0.05 | $0.91 | $1.57 | $1.27 |
Merger_Additional_Information_
Merger - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 12, 2014 | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | Nov. 19, 2013 | |
Business Acquisition [Line Items] | |||||
Common stock exchange ratio per share | 1.2 | ||||
Intangible assets adjustments | $19,300,000 | ||||
Property and equipment adjustments | -23,000,000 | ||||
Goodwill adjustments | 3,700,000 | ||||
Goodwill | 299,186,000 | 297,280,000 | 246,840,000 | ||
Merger related expense | 2,000,000 | 2,600,000 | |||
Restructuring charges | 400,000 | 2,900,000 | |||
Extinguishment of debt | 2,600,000 | ||||
Non-recurring transaction and integration cost | 26,500,000 | ||||
Debt extinguishment charges [Member] | |||||
Business Acquisition [Line Items] | |||||
Non-recurring transaction and integration cost | 5,500,000 | ||||
Revolving credit agreement [Member] | |||||
Business Acquisition [Line Items] | |||||
Capitalized costs, new revolving credit agreement | 9,400,000 | ||||
Selling, general and administrative expenses [Member] | |||||
Business Acquisition [Line Items] | |||||
Non-recurring transaction and integration cost | 21,000,000 | ||||
Food Distribution Segment [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | 36,600,000 | ||||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | ||||
Fair Value Adjustments [Member] | |||||
Business Acquisition [Line Items] | |||||
Intangible assets adjustments | 7,000,000 | ||||
Goodwill | ($6,962,000) |
Merger_Business_Acquisitions_C
Merger - Business Acquisitions Consideration Transferred (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 |
Business Combinations [Abstract] | ||
Spartan Stores common shares issued and deferred | 16,119 | |
Trading price | $23.55 | |
Fair value of shares issued | $379,600 | $379,600 |
Cash paid for fractional shares | 14 | |
Total | $379,614 |
Merger_Fair_Values_of_Assets_A
Merger - Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Mar. 30, 2013 | Nov. 19, 2013 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $297,280 | $299,186 | $246,840 | |
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 | -2,866 | |||
Property and equipment | -22,995 | |||
Goodwill | -6,962 | |||
Intangible assets | 17,800 | |||
Total assets acquired | -15,023 | |||
Current liabilities | -11,263 | |||
Other long-term liabilities | -4,516 | |||
Long-term debt and capital lease obligations | 756 | |||
Total liabilities assumed | -15,023 | |||
Final Valuation [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 787,430 | |||
Property and equipment | 346,500 | |||
Goodwill | 36,622 | |||
Intangible assets | 28,550 | |||
Other | 38,160 | |||
Total assets acquired | 1,237,262 | |||
Current liabilities | 342,221 | |||
Other long-term liabilities | 76,531 | |||
Long-term debt and capital lease obligations | 438,896 | |||
Total liabilities assumed | 857,648 | |||
Net assets acquired | $379,614 |
Merger_Intangible_Assets_Acqui
Merger - Intangible Assets Acquired (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 03, 2015 |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Intangible Assets | $28,550 |
Trade Name [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Intangible Assets | 6,700 |
Useful Life | Indefinite |
Customer lists [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Intangible Assets | 5,100 |
Useful Life | 7 years |
Customer relationships [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Intangible Assets | 12,100 |
Useful Life | 20 years |
Favorable leases [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Intangible Assets | $4,650 |
Favorable leases [Member] | Minimum [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Useful Life | 7 years |
Favorable leases [Member] | Maximum [Member] | |
Acquired Finite And Indefinite-Lived Intangible Assets [Line Items] | |
Useful Life | 22 years |
Merger_Summary_of_Results_of_O
Merger - Summary of Results of Operations (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Sep. 14, 2013 | Jun. 22, 2013 | Apr. 19, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | Dec. 28, 2013 |
Business Acquisition [Line Items] | ||||||||||||
Net sales | $1,962,589 | $1,809,571 | $1,810,175 | $649,471 | $612,405 | $2,333,727 | $1,335,354 | $2,597,230 | $2,015,351 | $7,916,062 | $2,608,160 | |
Net earnings | 11,871 | 17,096 | 17,319 | 10,050 | 4,683 | 12,310 | -13,992 | 741 | 19,708 | 58,596 | 27,410 | |
Nash-Finch Company [Member] | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Net sales | 5,248,617 | 563,185 | ||||||||||
Net earnings | $24,731 | $769 |
Merger_Pro_Forma_Effect_on_Ope
Merger - Pro Forma Effect on Operating Results (Detail) (Nash-Finch Company [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Mar. 30, 2013 |
Nash-Finch Company [Member] | ||
Business Acquisition [Line Items] | ||
Net sales | $5,896,555 | $7,428,957 |
Net earnings (loss) | $24,073 | ($73,340) |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Goodwill [Line Items] | |||
Goodwill | $385,786 | $383,880 | $333,440 |
Accumulated impairment charges | -86,600 | -86,600 | -86,600 |
Goodwill, net | 299,186 | 297,280 | 246,840 |
Merger and acquisition | 53,649 | ||
Other | -1,303 | -1,906 | |
Retail [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 254,438 | 252,532 | 238,714 |
Accumulated impairment charges | -86,600 | -86,600 | -86,600 |
Goodwill, net | 167,838 | 165,932 | 152,114 |
Merger and acquisition | 17,027 | ||
Other | -1,303 | -1,906 | |
Food Distribution [Member] | |||
Goodwill [Line Items] | |||
Goodwill | 131,348 | 131,348 | 94,726 |
Goodwill, net | 131,348 | 131,348 | 94,726 |
Merger and acquisition | $36,622 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Components of Amortized Intangible Assets , Includes in Other Net (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ||
Gross Carrying Amount | $41,262 | $44,086 |
Accumulated Amortization | 16,457 | 15,028 |
Non-compete agreements [Member] | ||
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ||
Gross Carrying Amount | 2,528 | 4,566 |
Accumulated Amortization | 1,836 | 3,427 |
Favorable leases [Member] | ||
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ||
Gross Carrying Amount | 8,408 | 8,408 |
Accumulated Amortization | 2,718 | 2,215 |
Pharmacy customer prescription lists [Member] | ||
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ||
Gross Carrying Amount | 16,494 | 17,423 |
Accumulated Amortization | 10,574 | 8,946 |
Customer relationships [Member] | ||
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ||
Gross Carrying Amount | 12,100 | 12,100 |
Accumulated Amortization | 684 | 78 |
Trade Name [Member] | ||
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ||
Gross Carrying Amount | 1,218 | 1,219 |
Accumulated Amortization | 461 | 233 |
Franchise fees and other [Member] | ||
Schedule Of Intangible Assets Other Than Goodwill [Line Items] | ||
Gross Carrying Amount | 514 | 370 |
Accumulated Amortization | $184 | $129 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Weighted Average Amortization Period for Amortizable Intangible Assets (Detail) | 12 Months Ended |
Jan. 03, 2015 | |
Non-compete agreements [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Useful Life | 6 years |
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 2 months 12 days |
Customer relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Weighted Average Useful Life | 20 years |
Trade Name [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 | 8 years 7 months 6 days |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Indefinite Lived Intangible Assets Excluding Goodwill [Abstract] | |||
Amortization expenses of intangible assets | $2.10 | $3.70 | $2.30 |
Indefinite lived intangible assets not amortized | $33.20 | $33 |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Future (Detail) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2015 | $3,172 |
2016 | 2,624 |
2017 | 2,517 |
2018 | 2,137 |
2019 | $1,836 |
Restructuring_Asset_Impairment2
Restructuring, Asset Impairment and Other - Schedule of Activity of Restructuring Costs (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Restructuring Cost And Reserve [Line Items] | |||
Beginning balance | $7,975 | $20,531 | $11,102 |
Assumed with merger | 8,766 | ||
Provision for severance | 1,061 | 306 | |
Changes in estimates | -1,333 | -563 | -696 |
Accretion expense | 249 | 841 | 384 |
Reclassifications from deferred rent | 1,104 | ||
Payments | -2,214 | -7,590 | -2,815 |
Ending balance | 20,531 | 14,068 | 7,975 |
Business Restructuring Reserves [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Provision for lease and related ancillary costs, net of sublease income | 4,923 | 543 | |
Lease and Ancillary Costs [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Beginning balance | 7,975 | 19,496 | 11,102 |
Assumed with merger | 8,766 | ||
Changes in estimates | -1,333 | -563 | -696 |
Accretion expense | 249 | 841 | 384 |
Reclassifications from deferred rent | 1,104 | ||
Payments | -2,188 | -6,329 | -2,815 |
Ending balance | 19,496 | 13,988 | 7,975 |
Lease and Ancillary Costs [Member] | Business Restructuring Reserves [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Provision for lease and related ancillary costs, net of sublease income | 4,923 | 543 | |
Severance [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Beginning balance | 1,035 | ||
Provision for severance | 1,061 | 306 | |
Payments | -26 | -1,261 | |
Ending balance | $1,035 | $80 |
Restructuring_Asset_Impairment3
Restructuring, Asset Impairment and Other - Schedule of Activity of Restructuring Costs (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | |
Restructuring Cost And Reserve [Line Items] | |||
Provision for severance | $1,061,000 | $306,000 | |
Reduction in goodwill | -1,300,000 | -1,300,000 | -600,000 |
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_Asset_Impairment4
Restructuring, Asset Impairment and Other - Schedule of Restructuring,Asset Impairment and Other (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Jun. 22, 2013 | Apr. 19, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Restructuring Cost And Reserve [Line Items] | ||||||||||
Asset impairment charges | $9,691 | $7,550 | $1,682 | |||||||
Gains on sales of assets related to closed sites | -4,518 | |||||||||
Provision for severance | 1,061 | 306 | ||||||||
Other costs associated with distribution center and store closings | 1,504 | |||||||||
Changes in estimates | -31 | 781 | -93 | |||||||
Restructuring, asset impairment and other | 6,233 | -1,272 | 1,078 | 987 | 127 | 14,657 | 15,644 | 356 | 6,166 | 1,589 |
Business Restructuring Reserves [Member] | ||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||
Provision for leases and related ancillary costs, net of sublease income, related to store closings | $4,923 | $543 |
Restructuring_Asset_Impairment5
Restructuring, Asset Impairment and Other - Schedule of Restructuring,Asset Impairment and Other (Parenthetical) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Restructuring Cost And Reserve [Line Items] | |||
Changes in estimates | ($31) | $781 | ($93) |
Retail Segment [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Changes in estimates | 600 | ||
Food Distribution Segment [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Changes in estimates | $200 |
Accounts_and_Notes_Receivable_1
Accounts and Notes Receivable - Summary of Changes in Accounts and Notes Receivable (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Customer notes receivable | $1,944 | $5,198 |
Customer accounts receivable | 265,976 | 257,947 |
Other receivables | 19,554 | 24,285 |
Allowance for doubtful accounts | -4,777 | -2,037 |
Net current accounts and notes receivable | 282,697 | 285,393 |
Net long-term notes receivable | $21,474 | $24,008 |
Long_Term_Debt_Summary_of_Debt
Long Term Debt - Summary of Debt Instruments (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Senior secured revolving credit facility, due November 2018 | $403,201 | $420,682 |
6.625% Senior Notes due December 2016 | 50,000 | 50,000 |
Senior secured term loan, due November 2018 | 46,989 | 60,000 |
Capital lease obligations | 64,420 | 68,127 |
Other, 2.61% - 9.25%, due 2015 – 2020 | 5,658 | 6,855 |
Total book value of debt instruments | 570,268 | 605,664 |
Less current portion | 19,758 | 7,345 |
Total long-term debt | $550,510 | $598,319 |
Long_Term_Debt_Summary_of_Debt1
Long Term Debt - Summary of Debt Instruments (Parenthetical) (Detail) | 9 Months Ended | 12 Months Ended |
Dec. 28, 2013 | Jan. 03, 2015 | |
Revolving credit agreement [Member] | ||
Debt Instrument [Line Items] | ||
Notes maturity date | 19-Nov-18 | 19-Nov-18 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Notes maturity date | 15-Dec-16 | 15-Dec-16 |
Senior notes, rate | 6.63% | 6.63% |
Senior Secured Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Notes maturity date | 19-Nov-18 | 19-Nov-18 |
Long-term Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate Range, Minimum | 2.61% | 2.61% |
Interest Rate Range, Maximum | 9.25% | 9.25% |
Other debt, due date, start | 2015 | 2015 |
Other debt, due date, end | 2020 | 2020 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 9 Months Ended | 0 Months Ended | |||
Jan. 03, 2015 | Dec. 28, 2013 | Dec. 06, 2012 | Mar. 30, 2013 | Jan. 09, 2015 | Nov. 19, 2013 | |
Debt Instrument [Line Items] | ||||||
Available borrowings under credit facility | 1,400,000,000 | |||||
Weighted average interest rate of convertible senior notes | 4.02% | 5.73% | 8.43% | |||
Subsequent Event [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument applicable margin interest rate | 0.25% | |||||
Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused portion of loan commitments rate | 0.25% | |||||
Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused portion of loan commitments rate | 0.38% | |||||
Tranche A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate description | As of January 3, 2015, Tranche A Eurodollar loans bear interest at rates ranging from LIBOR plus 1.50% to LIBOR plus 2.00% and Tranche A Base Rate loans bear interest at rates ranging from the greatest of (i) Federal Funds Rate plus 1.00% to 1.50% (ii) the Eurodollar Rate plus 1.50% to 2.00%; or (iii) the prime rate as announced by Wells Fargo plus 0.50% to 1.00%. | |||||
Tranche A [Member] | Minimum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 1.50% | |||||
Tranche A [Member] | Minimum [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 1.00% | |||||
Tranche A [Member] | Minimum [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 1.50% | |||||
Tranche A [Member] | Maximum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 2.00% | |||||
Tranche A [Member] | Maximum [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 1.50% | |||||
Tranche A [Member] | Maximum [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 2.00% | |||||
Tranche A-1 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate description | As of January 3, 2015, Tranche A-1 Eurodollar loans bear interest at rates ranging from LIBOR plus 2.75% to LIBOR plus 3.25% and Tranche A-1 Base Rate loans bear interest at rates ranging from the greatest of (i) the Federal Funds Rate plus 2.25% to 2.75% (ii) the Eurodollar Rate plus 2.75% to 3.25%; or (iii) the prime rate as announced by Wells Fargo plus 1.75% to 2.25%. | |||||
Tranche A-1 [Member] | Minimum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 2.75% | |||||
Tranche A-1 [Member] | Minimum [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 2.25% | |||||
Tranche A-1 [Member] | Minimum [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 2.75% | |||||
Tranche A-1 [Member] | Maximum [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 3.25% | |||||
Tranche A-1 [Member] | Maximum [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 2.75% | |||||
Tranche A-1 [Member] | Maximum [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 3.25% | |||||
Tranche A-2 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate description | As of January 3, 2015 Tranche A-2 Eurodollar loans bear interest at LIBOR plus 5.50% and Tranche A Base Rate loans bear interest at rates representing the greatest of (i) Federal Funds Rate plus 5.00% (ii) the Eurodollar Rate plus 5.50%; or (iii) the prime rate as announced by Wells Fargo plus 4.50%. | |||||
Tranche A-2 [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 5.50% | |||||
Tranche A-2 [Member] | Federal Funds Effective Swap Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 5.00% | |||||
Tranche A-2 [Member] | Eurodollar [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 5.50% | |||||
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notes maturity date | 15-Dec-16 | 15-Dec-16 | ||||
Senior notes, rate | 6.63% | 6.63% | ||||
Convertible Subordinated Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of outstanding convertible senior notes repurchased | 97,700,000 | |||||
Loss expected on redemption of convertible senior notes | 5,100,000 | |||||
Wells Fargo Capital Finance, LLC [Member] | Amended and Restated Loan and Security Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available borrowings under credit facility | 1,000,000,000 | |||||
Wells Fargo Capital Finance, LLC [Member] | Tranche A [Member] | Minimum [Member] | Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 0.50% | |||||
Wells Fargo Capital Finance, LLC [Member] | Tranche A [Member] | Maximum [Member] | Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 1.00% | |||||
Wells Fargo Capital Finance, LLC [Member] | Tranche A-1 [Member] | Minimum [Member] | Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 1.75% | |||||
Wells Fargo Capital Finance, LLC [Member] | Tranche A-1 [Member] | Maximum [Member] | Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 2.25% | |||||
Wells Fargo Capital Finance, LLC [Member] | Tranche A-2 [Member] | Prime Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
LIBOR plus interest rate | 4.50% | |||||
Revolving credit agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available borrowings under credit facility | 1,000,000,000 | |||||
Secured revolving credit facility | 450,200,000 | 480,700,000 | ||||
Credit agreement term | 5 years | |||||
Number of tranches | 3 | |||||
Notes maturity date | 19-Nov-18 | 19-Nov-18 | ||||
Revolving credit agreement [Member] | Tranche A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available borrowings under credit facility | 900,000,000 | |||||
Revolving credit agreement [Member] | Tranche A-1 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available borrowings under credit facility | 40,000,000 | |||||
Revolving credit agreement [Member] | Tranche A-2 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Secured revolving credit facility | 60,000,000 | |||||
Spartan Nash [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maintenance of excess borrowing base | 10.00% | |||||
Current borrowing available under credit facility | 406,800,000 | 406,900,000 | ||||
Spartan Nash [Member] | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unsecured 6.625% senior notes maturity period | 4 years | |||||
Senior notes, rate | 6.63% | |||||
Spartan Nash [Member] | Unsecured Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of senior notes | 50,000,000 | |||||
Spartan Nash [Member] | Convertible Subordinated Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Private exchange sale amount received in cash | 9,700,000 | |||||
Amount received on exchange of convertible senior notes | 40,300,000 | |||||
Letter of credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unused borrowing capacity | 11,500,000 | 14,200,000 |
Long_Term_Debt_Details_of_Seni
Long Term Debt - Details of Senior Notes Redemption Percentage (Detail) | 12 Months Ended |
Jan. 03, 2015 | |
2014 [Member] | |
Debt Instrument [Line Items] | |
Redemption price (expressed as percentage of the principal amount) | 103.31% |
2015 and Thereafter [Member] | |
Debt Instrument [Line Items] | |
Redemption price (expressed as percentage of the principal amount) | 101.66% |
Long_Term_Debt_Summary_of_Inte
Long Term Debt - Summary of Interest Expense Recognized and Effective Interest (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 05, 2013 | Mar. 30, 2013 |
Debt Instrument [Line Items] | ||
Amortization of discount on convertible senior notes | $2,903 | $3,282 |
Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Contractual coupon interest | 2,687 | |
Amortization of discount on convertible senior notes | 3,282 | |
Interest expense | $5,969 | |
Effective interest rate | 8.13% |
Long_Term_Debt_Details_of_Long
Long Term Debt - Details of Long Term Debt Due (Detail) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Long Term Debt [Abstract] | |
2015 | $19,758 |
2016 | 67,630 |
2017 | 17,888 |
2018 | 429,341 |
2019 | 6,550 |
Thereafter | 29,101 |
Total | $570,268 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Estimated Fair Value and Book Value of Debt Instruments (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Book value of debt instruments: | ||
Current maturities of long-term debt and capital lease obligations | $19,758 | $7,345 |
Long-term debt and capital lease obligations | 550,510 | 598,319 |
Total book value of debt instruments | 570,268 | 605,664 |
Fair value of debt instruments | 574,008 | 609,682 |
Excess of fair value over book value | $3,740 | $4,018 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | ||
Long-lived assets | $17.90 | $13.70 |
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 | $10.30 | $4 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | |
Commitments And Contingencies [Line Items] | |||
Rents Received from Subleases | $2,200,000 | $5,000,000 | $1,900,000 |
Percentage of Associates Represent By Union | 8.00% | ||
Maximum [Member] | Nash-Finch Company [Member] | |||
Commitments And Contingencies [Line Items] | |||
Legal fees and expense | $550,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Unions Representing Employees and the Expiration Date for Agreements (Detail) | 12 Months Ended |
Jan. 03, 2015 | |
Lima Ohio [Member] | |
Commitments And Contingencies [Line Items] | |
Union Locals | IBT 908 |
Expiration dates | 2016-01 |
Bellefontaine Ohio General Merchandise Service Division [Member] | |
Commitments And Contingencies [Line Items] | |
Union Locals | IBT 908 |
Expiration dates | 2016-02 |
Bellefontaine Ohio GTL Truck Lines Inc [Member] | |
Commitments And Contingencies [Line Items] | |
Union Locals | IBT 908 |
Expiration dates | 2017-02 |
Westville Indiana [Member] | |
Commitments And Contingencies [Line Items] | |
Union Locals | IBT 135 |
Expiration dates | 2016-05 |
Grand Rapids Michigan [Member] | |
Commitments And Contingencies [Line Items] | |
Union Locals | IBT 406 |
Expiration dates | 2015-10 |
Norfolk Virginia [Member] | |
Commitments And Contingencies [Line Items] | |
Union Locals | IBT 822 |
Expiration dates | 2016-04 |
Columbus Ohio [Member] | |
Commitments And Contingencies [Line Items] | |
Union Locals | IBT 528 |
Expiration dates | 2016-09 |
Leases_Rental_Expense_Net_of_S
Leases - Rental Expense, Net of Sublease Income (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Operating Leases Rent Expense [Abstract] | |||
Minimum rentals | $28,978 | $56,848 | $31,993 |
Contingent rental payments | 541 | 563 | 672 |
Sublease rental income | -2,157 | -5,027 | -1,928 |
Operating leases, rent expense, net, total | $27,362 | $52,384 | $30,737 |
Leases_Future_Lease_Commitment
Leases - Future Lease Commitments Under Operating Leases and Capital Leases (Detail) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
Operating Leases, 2015 | $47,019 |
Operating Leases, 2016 | 38,661 |
Operating Leases, 2017 | 30,784 |
Operating Leases, 2018 | 25,263 |
Operating Leases, 2019 | 16,240 |
Operating Leases, Thereafter | 72,052 |
Operating Leases, Total | 230,019 |
Capital Leases, 2015 | 13,282 |
Capital Leases, 2016 | 10,762 |
Capital Leases, 2017 | 10,426 |
Capital Leases, 2018 | 10,115 |
Capital Leases, 2019 | 9,154 |
Capital Leases, Thereafter | 42,191 |
Capital Leases, Total | 95,930 |
Capital Leases, Interest | -31,510 |
Capital Leases, Present value of minimum lease obligations | 64,420 |
Capital Leases, Current maturities | 8,656 |
Capital Leases, Long-term obligations | 55,764 |
Used in Operations [Member] | |
Operating Leased Assets [Line Items] | |
Operating Leases, 2015 | 43,041 |
Operating Leases, 2016 | 35,497 |
Operating Leases, 2017 | 28,253 |
Operating Leases, 2018 | 23,206 |
Operating Leases, 2019 | 14,548 |
Operating Leases, Thereafter | 62,356 |
Operating Leases, Total | 206,901 |
Subleased to Others [Member] | |
Operating Leased Assets [Line Items] | |
Operating Leases, 2015 | 3,978 |
Operating Leases, 2016 | 3,164 |
Operating Leases, 2017 | 2,531 |
Operating Leases, 2018 | 2,057 |
Operating Leases, 2019 | 1,692 |
Operating Leases, Thereafter | 9,696 |
Operating Leases, Total | $23,118 |
Leases_Assets_Held_Under_Capit
Leases - Assets Held Under Capital Leases (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Capital Leases [Line Items] | ||
Assets held under capital leases | $78,442 | $79,192 |
Less accumulated amortization and depreciation | 29,842 | 25,157 |
Net assets under capitalized leases | 48,600 | 54,035 |
Buildings and improvements [Member] | ||
Schedule Of Capital Leases [Line Items] | ||
Assets held under capital leases | 72,747 | 75,920 |
Equipment [Member] | ||
Schedule Of Capital Leases [Line Items] | ||
Assets held under capital leases | $5,695 | $3,272 |
Leases_Additional_Information_
Leases - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Leases [Abstract] | |||
Amortization expense for property under capital leases | $2.80 | $4.40 | $3.80 |
Leases_Property_and_Equipment_
Leases - Property and Equipment Owned Assets Leased to Others (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Capital Leased Assets [Line Items] | ||
Property and equipment, owned assets, leased | $14,113 | $14,022 |
Less accumulated amortization and depreciation | 5,187 | 4,710 |
Net property | 8,926 | 9,312 |
Land improvements [Member] | ||
Capital Leased Assets [Line Items] | ||
Property and equipment, owned assets, leased | 3,327 | 3,770 |
Building [Member] | ||
Capital Leased Assets [Line Items] | ||
Property and equipment, owned assets, leased | $10,786 | $10,252 |
Leases_Future_Minimum_Rentals_
Leases - Future Minimum Rentals to be Received Under Lease Obligations (Detail) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Schedule of Leases Future Minimum Payments Receivable [Line Items] | |
Operating Lease, 2015 | $8,690 |
Operating Lease, 2016 | 6,875 |
Operating Lease, 2017 | 5,321 |
Operating Lease, 2018 | 3,646 |
Operating Lease, 2019 | 2,949 |
Operating Lease, Thereafter | 12,398 |
Operating Lease, Total | 39,879 |
Owned Property [Member] | |
Schedule of Leases Future Minimum Payments Receivable [Line Items] | |
Operating Lease, 2015 | 3,975 |
Operating Lease, 2016 | 3,362 |
Operating Lease, 2017 | 2,340 |
Operating Lease, 2018 | 1,230 |
Operating Lease, 2019 | 984 |
Operating Lease, Thereafter | 2,204 |
Operating Lease, Total | 14,095 |
Leased Property [Member] | |
Schedule of Leases Future Minimum Payments Receivable [Line Items] | |
Operating Lease, 2015 | 4,715 |
Operating Lease, 2016 | 3,513 |
Operating Lease, 2017 | 2,981 |
Operating Lease, 2018 | 2,416 |
Operating Lease, 2019 | 1,965 |
Operating Lease, Thereafter | 10,194 |
Operating Lease, Total | $25,784 |
Associate_Retirement_Plans_Add
Associate Retirement Plans - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | Mar. 31, 2012 | Jan. 02, 2016 | |
Age | |||||
Trust | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plans expense | $4,800,000 | $13,600,000 | $4,800,000 | ||
Number of Trusts | 2 | ||||
Percentage of trust funded with pre-merger liability to plan participants | 125.00% | ||||
Life insurance cash surrender value | 5,200,000 | ||||
Life insurance coverage | 66,000,000 | ||||
Annual premium payments | 800,000 | ||||
Cash surrender value of plan assets included in other long term assets | 133,014,000 | 124,453,000 | |||
Aggregate amount of life insurance coverage | 15,000,000 | ||||
Defined contribution plans maximum requisite service period | 30 years | ||||
Defined contribution plan employees minimum period of service | 10 years | ||||
Defined contribution plan employees age to eligible under the plan | 55 | ||||
Maximum age of major medical insurance with deductible and coinsurance provisions | 65 | ||||
Multiplier effect of Monthly postretirement health care benefits to covered employees | 5 | ||||
Accumulated benefit obligation | 103,400,000 | 93,900,000 | |||
Actuarial gains and losses are amortized when accumulation of such gains and losses exceeds | 10.00% | ||||
Percentage point increase or decrease in assumed health care cost trend rate | 1.00% | ||||
Pension contributions during last plan year | 6,822 | 12,858 | 8,248 | ||
Red zone fund status | Less than 65 percent | ||||
Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
1% increase or decrease in assumed health care cost trend rate in accumulated postretirement benefit obligation | 100,000 | ||||
Status or red zone plans | 65.00% | ||||
Cash Surrender Value [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Cash surrender value of plan assets included in other long term assets | 3,300,000 | 4,200,000 | |||
Cash Balance Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Distribution charges | 10,600,000 | ||||
Settlement accounting charge | 1,600,000 | ||||
Average long-term expected return on pension plan assets | 5.95% | 5.50% | |||
Cash Balance Pension Plan [Member] | Forecast [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Standard pension funding carryover | 700,000 | ||||
Super Foods Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Distribution charges | 10,600,000 | ||||
Settlement accounting charge | 1,600,000 | ||||
Average long-term expected return on pension plan assets | 5.70% | 5.50% | |||
Central States, Southeast and Southwest Areas Pension Fund [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension contributions during last plan year | $6,800,000 | $12,900,000 | $8,200,000 |
Associate_Retirement_Plans_Sch
Associate Retirement Plans - Schedule of Benefit Obligations, Pension & Postretirement Benefit Plans (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Benefit Obligation | |||
Benefit obligation at end of year | $103,400 | $93,900 | |
Fair value of plan assets | |||
Plan assets at fair value at end of year | 105,949 | 93,718 | |
Components of net amount recognized in financial position: | |||
Noncurrent liabilities | -22,009 | -23,701 | |
Cash Balance Pension Plan [Member] | |||
Benefit Obligation | |||
Projected Benefit Obligation Beginning of the year | 60,202 | 57,825 | |
Interest cost | 1,682 | 2,225 | 2,587 |
Actuarial (gain) loss | -427 | 2,579 | |
Benefits paid | -3,632 | -10,188 | |
Projected Benefit Obligation Ending of the year | 57,825 | 52,441 | 60,202 |
Fair value of plan assets | |||
Beginning of year | 64,590 | 66,977 | |
Actual return on plan assets | 6,019 | 2,872 | |
Benefits paid | -3,632 | -10,188 | |
Plan assets at fair value at end of year | 66,977 | 59,661 | 64,590 |
Funded (unfunded) status | 9,152 | 7,220 | |
Components of net amount recognized in financial position: | |||
Noncurrent assets | 9,152 | 7,220 | |
Net asset/(liability) | 9,152 | 7,220 | |
Amounts recognized in accumulated other comprehensive income: | |||
Net unrecognized actuarial loss (gain) | 14,568 | 14,557 | |
Weighted average assumptions at measurement date: | |||
Discount rate | 4.35% | 3.60% | |
Expected return on plan assets | 5.95% | 5.50% | |
Super Foods Plan [Member] | |||
Benefit Obligation | |||
Projected Benefit Obligation Beginning of the year | 44,675 | ||
Obligation assumed in merger | 44,915 | ||
Interest cost | 234 | 1,998 | |
Actuarial (gain) loss | 6 | 3,380 | |
Benefits paid | -480 | -9,460 | |
Projected Benefit Obligation Ending of the year | 44,675 | 40,593 | |
Fair value of plan assets | |||
Beginning of year | 38,972 | ||
Assets assumed in merger | 38,147 | ||
Actual return on plan assets | 1,305 | 2,220 | |
Company contributions | 2,325 | ||
Benefits paid | -480 | -9,460 | |
Plan assets at fair value at end of year | 38,972 | 34,057 | |
Funded (unfunded) status | -5,703 | -6,536 | |
Components of net amount recognized in financial position: | |||
Noncurrent liabilities | -5,703 | -6,536 | |
Net asset/(liability) | -5,703 | -6,536 | |
Amounts recognized in accumulated other comprehensive income: | |||
Net unrecognized actuarial loss (gain) | -1,041 | 2,015 | |
Weighted average assumptions at measurement date: | |||
Discount rate | 4.65% | 3.85% | |
Expected return on plan assets | 5.70% | 5.50% | |
SERP [Member] | |||
Benefit Obligation | |||
Projected Benefit Obligation Beginning of the year | 877 | 856 | |
Interest cost | 24 | 35 | 39 |
Actuarial (gain) loss | 1 | 101 | |
Benefits paid | -46 | -78 | |
Projected Benefit Obligation Ending of the year | 856 | 914 | 877 |
Fair value of plan assets | |||
Company contributions | 46 | 78 | |
Benefits paid | -46 | -78 | |
Funded (unfunded) status | -856 | -914 | |
Components of net amount recognized in financial position: | |||
Current liabilities | -91 | -100 | |
Noncurrent liabilities | -765 | -814 | |
Net asset/(liability) | -856 | -914 | |
Amounts recognized in accumulated other comprehensive income: | |||
Net unrecognized actuarial loss (gain) | 337 | 408 | |
Weighted average assumptions at measurement date: | |||
Discount rate | 4.35% | 3.60% | |
SpartanNash Medical Plan [Member] | |||
Benefit Obligation | |||
Benefit obligation at beginning of year | 9,982 | 7,967 | |
Service cost | 194 | 186 | 194 |
Interest cost | 287 | 394 | 404 |
Plan amendments | -582 | ||
Actuarial (gain) loss | -1,665 | 1,593 | |
Benefits paid | -249 | -235 | |
Benefit obligation at end of year | 7,967 | 9,905 | 9,982 |
Fair value of plan assets | |||
Company contributions | 249 | 235 | |
Benefits paid | -249 | -235 | |
Funded (unfunded) status | -7,967 | -9,905 | |
Components of net amount recognized in financial position: | |||
Current liabilities | -323 | -319 | |
Noncurrent liabilities | -7,644 | -9,586 | |
Net asset/(liability) | -7,967 | -9,905 | |
Amounts recognized in accumulated other comprehensive income: | |||
Net unrecognized actuarial loss (gain) | 981 | 2,554 | |
Prior service credit | -882 | -724 | |
Total | $99 | $1,830 | |
Weighted average assumptions at measurement date: | |||
Discount rate | 5.05% | 4.15% |
Associate_Retirement_Plans_Com
Associate Retirement Plans - Components of Net Periodic Pension and Postretirement Benefit Cost (Income) (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Cash Balance Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $1,682 | $2,225 | $2,587 |
Expected return on plan assets | -3,069 | -3,547 | -4,499 |
Amortization of actuarial net loss | 976 | 970 | 1,279 |
Net periodic benefit (income) cost | -411 | -352 | -633 |
Settlement expense | 621 | 2,294 | |
Total expense (income) | 210 | 1,942 | -633 |
Weighted average assumptions at measurement date: | |||
Discount rate | 3.90% | 4.35% | 4.50% |
Expected return on plan assets | 6.55% | 5.95% | 7.50% |
Super Foods Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 234 | 1,998 | |
Expected return on plan assets | -258 | -2,190 | |
Net periodic benefit (income) cost | -24 | -192 | |
Settlement expense | 294 | ||
Total expense (income) | -24 | 102 | |
Weighted average assumptions at measurement date: | |||
Discount rate | 4.60% | 4.65% | |
Expected return on plan assets | 6.00% | 5.70% | |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 24 | 35 | 39 |
Amortization of actuarial net loss | 23 | 30 | 32 |
Net periodic benefit (income) cost | 47 | 65 | 71 |
Settlement expense | 50 | ||
Total expense (income) | 47 | 65 | 121 |
Weighted average assumptions at measurement date: | |||
Discount rate | 3.90% | 4.35% | 4.50% |
SpartanNash Medical Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 194 | 186 | 194 |
Interest cost | 287 | 394 | 404 |
Amortization of prior service credit | -42 | -158 | -54 |
Amortization of actuarial net loss | 134 | 20 | 137 |
Total expense (income) | $573 | $442 | $681 |
Weighted average assumptions at measurement date: | |||
Discount rate | 3.90% | 5.05% | 4.50% |
Associate_Retirement_Plans_Sch1
Associate Retirement Plans - Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jan. 03, 2015 |
Cash Balance Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | $827 |
SERP [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial loss | 42 |
Spartan Stores Medical Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Prior service credit | -158 |
Net actuarial loss | $173 |
Associate_Retirement_Plans_Eff
Associate Retirement Plans - Effect of Assumed Health Care Cost Rate on Post Retirement Plan Reported (Detail) | 9 Months Ended | 12 Months Ended | |
Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | |
Defined Benefit Plan Assumed Health Care Cost Trend Rates [Abstract] | |||
Pre – 65 | 8.00% | 7.75% | 8.50% |
Post – 65 | 7.00% | 6.85% | 7.50% |
Associate_Retirement_Plans_Sum
Associate Retirement Plans - Summary of Actual Assets Allocation (Detail) | 12 Months Ended | |
Jan. 03, 2015 | Dec. 28, 2013 | |
Cash Balance Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target | 100.00% | |
Plan Assets | 100.00% | 100.00% |
Cash Balance Pension Plan [Member] | Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target | 15.00% | |
Plan Assets | 14.80% | 63.50% |
Cash Balance Pension Plan [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target | 85.00% | |
Plan Assets | 84.60% | 35.80% |
Cash Balance Pension Plan [Member] | Cash equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target | 0.00% | |
Plan Assets | 0.60% | 0.70% |
Super Foods Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 100.00% | 100.00% |
Target Range, Maximum | 100.00% | |
Super Foods Plan [Member] | Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 59.00% | 63.70% |
Target Range, Minimum | 55.00% | |
Target Range, Maximum | 65.00% | |
Super Foods Plan [Member] | Fixed income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 41.00% | 36.30% |
Target Range, Minimum | 35.00% | |
Target Range, Maximum | 45.00% |
Associate_Retirement_Plans_Sum1
Associate Retirement Plans - Summary of Fair Value Pension Plan Asset (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 | Mar. 30, 2013 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | $93,718 | $105,949 | |
Quoted prices in markets for identical assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 29,851 | 87,439 | |
Significant observable inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 46,118 | 439 | |
Significant unobservable inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 17,749 | 18,071 | |
Mutual funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 29,851 | 87,439 | |
Mutual funds [Member] | Quoted prices in markets for identical assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 29,851 | 87,439 | |
Pooled funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 45,737 | ||
Pooled funds [Member] | Significant observable inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 45,737 | ||
Money market fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 381 | 439 | |
Money market fund [Member] | Significant observable inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 381 | 439 | |
Guaranteed annuity contract [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | 17,749 | 18,071 | |
Guaranteed annuity contract [Member] | Significant unobservable inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total fair value | $17,749 | $18,071 | $3,890 |
Associate_Retirement_Plans_Sum2
Associate Retirement Plans - Summary of Reconciliation of Beginning and Ending Balances for Level 3 Assets (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at fair value at end of year | $105,949 | $93,718 |
Guaranteed annuity contract [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at fair value at end of year | 18,071 | 17,749 |
Significant unobservable inputs (Level 3) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets at fair value at end of year | 18,071 | 17,749 |
Significant unobservable inputs (Level 3) [Member] | Guaranteed annuity contract [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Beginning of year | 3,890 | 18,071 |
Balance assumed in merger | 14,324 | |
Purchases, sales, issuances and settlements, net | -578 | -1,402 |
Interest income | 236 | 799 |
Realized gains | 199 | 281 |
Plan assets at fair value at end of year | $18,071 | $17,749 |
Associate_Retirement_Plans_Est
Associate Retirement Plans - Estimated Benefit Payments Expected to be Paid (Detail) (USD $) | Jan. 03, 2015 |
In Thousands, unless otherwise specified | |
Pension Benefits and SERP Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $8,498 |
2016 | 8,271 |
2017 | 8,177 |
2018 | 7,639 |
2019 | 7,375 |
2020 to 2024 | 32,146 |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 383 |
2016 | 406 |
2017 | 443 |
2018 | 485 |
2019 | 523 |
2020 to 2024 | $3,127 |
Associate_Retirement_Plans_Mul
Associate Retirement Plans - Multi-Employer Pension Plan and Other Defined Contribution Plans (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Dec. 28, 2013 | Jan. 03, 2015 | Mar. 31, 2012 | |
Compensation And Retirement Disclosure [Abstract] | |||
EIN - Pension Plan Number | 36-6044243-001 | ||
Plan Month / Day End Date | -19 | ||
Pension Protection Act Zone Status | Red | Red | |
FIP/RP Status Pending / Implemented | Implemented | ||
Contributions | $6,822 | $12,858 | $8,248 |
Associate_Retirement_Plans_Col
Associate Retirement Plans - Collective Bargaining Agreements Associated with Significant Multi-Employer Plans (Detail) | 12 Months Ended |
Jan. 03, 2015 | |
Agreement | |
Defined Benefit Plan Disclosure [Line Items] | |
Total Collective Bargaining Agreements | 4 |
Percentage of Associates Represent By Union | 8.00% |
Over 5 % Contribution 2014 | No |
Minimum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expiration Date | 31-Oct-15 |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expiration Date | 28-Feb-17 |
Other_Comprehensive_Income_or_1
Other Comprehensive Income or Loss - Additional Information (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Sep. 14, 2013 | Jun. 22, 2013 | Apr. 19, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net earnings | $11,871,000 | $17,096,000 | $17,319,000 | $10,050,000 | $4,683,000 | $12,310,000 | ($13,992,000) | $741,000 | $19,708,000 | $58,596,000 | $27,410,000 |
Selling, general and administrative | 433,450,000 | 370,337,000 | 1,022,387,000 | 482,987,000 | |||||||
Reclassification from AOCI | |||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net earnings | 4,900,000 | 2,900,000 | 100,000 | ||||||||
Selling, general and administrative | 8,300,000 | -4,800,000 | 200,000 | ||||||||
Decreased/Increased in income taxes | $3,400,000 | $1,900,000 | $100,000 |
Taxes_on_Income_Summary_of_Inc
Taxes on Income - Summary of Income Tax Provision for Continuing Operations (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Currently payable: | ||||
Federal | $3,897 | $27,015 | $17,056 | |
State | 510 | 777 | 2,490 | |
Total currently payable | 4,407 | 27,792 | 19,546 | |
Deferred: | ||||
Federal | 531 | 3,362 | -3,361 | |
State | -4,097 | 175 | -760 | |
Total deferred | -3,566 | 4,087 | 3,537 | -4,121 |
Total | $841 | $10,352 | $31,329 | $15,425 |
Taxes_on_Income_Reconciliation
Taxes on Income - Reconciliation of Statutory Federal Income Tax Rates (Detail) | 9 Months Ended | 12 Months Ended | |
Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of federal income tax benefit | -112.70% | 2.90% | 2.60% |
Charitable product donations | -13.40% | -0.40% | -0.80% |
Non-deductible merger expenses | 101.30% | ||
Change in tax contingencies | 36.90% | -2.70% | 0.30% |
Domestic product activities deduction | -8.60% | -0.20% | -0.20% |
Non-deductible expenses | 3.80% | 0.90% | 0.50% |
Other, net | -1.70% | -0.90% | -1.70% |
Effective income tax rate | 40.60% | 34.60% | 35.70% |
Taxes_on_Income_Summary_of_Def
Taxes on Income - Summary of Deferred Tax Assets and Liabilities (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Employee benefits | $29,842 | $29,417 |
Accrued workers’ compensation | 3,074 | 4,216 |
Allowance for doubtful accounts | 2,951 | 2,927 |
Intangible assets | 1,128 | 1,945 |
Restructuring | 1,947 | 2,244 |
Deferred revenue | 1,843 | 2,401 |
Accrued rent | 4,635 | 4,551 |
Accrued insurance | 1,107 | 1,322 |
All other | 5,627 | 3,776 |
Total deferred tax assets | 52,154 | 52,799 |
Deferred tax liabilities: | ||
Property and equipment | 47,860 | 53,279 |
Inventory | 51,616 | 50,514 |
Goodwill | 53,628 | 44,082 |
Convertible debt interest | 789 | 1,055 |
Leases | 10,585 | 8,912 |
All other | 1,402 | 1,616 |
Total deferred tax liabilities | 165,880 | 159,458 |
Net deferred tax liability | ($113,726) | ($106,659) |
Taxes_on_Income_Reconciliation1
Taxes on Income - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | ||
Balance at beginning of year | $2,648 | $8,805 |
Liability assumed in merger | 1,754 | |
Gross increases – tax positions taken in prior years | 16 | 161 |
Gross decreases – tax positions taken in prior years | -1,338 | -5,812 |
Gross increases – tax positions taken in current year | 5,725 | 650 |
Lapse of statute of limitations | -1,625 | |
Balance at end of year | $8,805 | $2,179 |
Taxes_on_Income_Additional_Inf
Taxes on Income - Additional Information (Detail) (USD $) | 0 Months Ended | |
In Millions, unless otherwise specified | Jan. 02, 2016 | Jan. 03, 2015 |
Income Tax Expense Benefit Continuing Operations [Line Items] | ||
Uncertain tax positions included in unrecognized tax benefits | $1.30 | |
Forecast [Member] | ||
Income Tax Expense Benefit Continuing Operations [Line Items] | ||
Impact of unrecognized tax benefits settlement on effective tax rate | $0.80 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 0 Months Ended | |
Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | Dec. 17, 2013 | |
OptionPlan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of approved stock incentive plans | 2 | |||
Maximum Contractual term | 4 years 4 days | 3 years 3 months 18 days | 4 years 6 months 26 days | |
Shares available for Grant under the Plan | 2,900,000 | |||
Shares unissued | 56,225 | |||
Cash received from option exercises | $300,000 | $1,100,000 | $200,000 | |
Fair value of share vested | 3,600,000 | 4,700,000 | 3,900,000 | |
Tax deductions related to the exercise of stock option and vesting of restricted stock | 2,640,000 | 2,632,000 | 1,572,000 | |
Stock purchase plan | 300,000 | |||
Granted additional shares of common stock, percentage | 30.00% | |||
Share based payment share restriction period | 12 months | |||
Purchase price of common stock | 95.00% | |||
Stock option issued | 43,469 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum Contractual term | 10 years | |||
Stock options vesting percentage per year | 25.00% | |||
Stock option award period | 4 years | |||
Stock options granted | 0 | 0 | 0 | |
Tax deductions related to the exercise of stock option and vesting of restricted stock | 4,100,000 | 5,900,000 | 4,300,000 | |
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option award period | 4 years | |||
Stock incentive plan, period | 5 years | |||
Award granted condition | Awards granted to employees prior to fiscal 2012 vest ratably over a five-year service period. | |||
Incremental expense recognized | 4,200,000 | |||
Unrecognized compensation cost | $4,600,000 | |||
Unrecognized compensation cost, weighted average period of recognition | 2 years 3 months 18 days | |||
Restricted Stock Awards [Member] | Board of Directors Chairman [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option award period | 1 year | |||
2005 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum Contractual term | 10 years | |||
Shares unissued | 449,418 | |||
2009 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares unissued | 483,271 | |||
Associate Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock purchase plan | 200,000 |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | Mar. 31, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Shares Under Options, Outstanding, Beginning balance | 653,471 | 586,766 | 703,129 | |
Shares Under Options, Exercised | -24,976 | -88,152 | -25,050 | |
Shares Under Options, Cancelled/Forfeited | -41,729 | -4,131 | -24,608 | |
Shares Under Options, Outstanding, Ending balance | 586,766 | 494,483 | 653,471 | 703,129 |
Shares Under Options, Exercisable | 586,766 | 494,483 | 619,658 | |
Shares Under Options, Vested and expected to vest in the future at January 3, 2015 | 494,483 | |||
Weighted Average Exercise Price, Options outstanding, Beginning balance | $18.82 | $19.30 | $18.43 | |
Weighted Average Exercise Price, Exercised | $9.49 | $12.68 | $8.10 | |
Weighted Average Exercise Price, Cancelled/Forfeited | $17.71 | $3.25 | $18.64 | |
Weighted Average Exercise Price, Options outstanding, Ending balance | $19.30 | $20.61 | $18.82 | $18.43 |
Weighted Average Exercise Price, Exercisable | $19.30 | $20.61 | $19.09 | |
Weighted Average Exercise Price, Vested and expected to vest in the future at January 3, 2015 | $20.61 | |||
Weighted Average Remaining Contractual Life Years, Options outstanding | 4 years 4 days | 3 years 3 months 18 days | 4 years 7 months 24 days | 5 years 6 months 11 days |
Weighted Average Remaining Contractual Life Years, Exercisable | 4 years 4 days | 3 years 3 months 18 days | 4 years 6 months 26 days | |
Aggregate Intrinsic Value, Options outstanding, Beginning balance | $1,428 | $2,965 | $1,926 | |
Aggregate Intrinsic Value, Exercised | 298 | 869 | 210 | |
Aggregate Intrinsic Value, Options outstanding, Ending balance | 2,965 | 2,772 | 1,428 | 1,926 |
Aggregate Intrinsic Value, Exercisable | 2,965 | 2,772 | 1,304 | |
Aggregate Intrinsic Value, Vested and expected to vest in the future at January 3, 2015 | $2,772 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) (Restricted Stock Awards [Member], USD $) | 9 Months Ended | 12 Months Ended | |
Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 | |
Restricted Stock Awards [Member] | |||
Schedule Of Restricted Stock Activity [Line Items] | |||
Shares, Outstanding and nonvested, Beginning balance | 546,182 | 518,835 | 580,893 |
Shares, Granted | 227,207 | 317,827 | 215,014 |
Shares, Vested | -225,600 | -219,894 | -217,737 |
Shares, Forfeited | -28,954 | -16,115 | -31,988 |
Shares Outstanding and nonvested, Ending balance | 518,835 | 600,653 | 546,182 |
Weighted Average Grant-Date Fair Value, Outstanding and nonvested, Beginning balance | $16.59 | $23.56 | $16.48 |
Weighted Average Grant-Date Fair Value, Granted | $18.07 | $22.63 | $17.78 |
Weighted Average Grant-Date Fair Value, Vested | $16.94 | $23.56 | $17.47 |
Weighted Average Grant-Date Fair Value, Forfeited | $16.94 | $23.03 | $16.52 |
Weighted Average Grant-Date Fair Value, Outstanding and nonvested, ending balance | $23.56 | $23.08 | $16.59 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Compensation Cost for Share-Based Payment Arrangements, Allocation of Share-Based Compensation Costs (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | |||
Stock options | $14 | $196 | |
Restricted stock | 6,937 | 6,939 | 3,866 |
Tax benefits | -2,640 | -2,632 | -1,572 |
Total | $4,311 | $4,307 | $2,490 |
Concentration_of_Credit_Risk_A
Concentration of Credit Risk - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 03, 2015 |
Concentration Of Credit Risk [Line Items] | |
Outstanding lease obligations | $0.50 |
Present value of potential obligation with respect to sub-lease | 16.2 |
Assigned sublease obligation | 5.5 |
Bank debt guaranteed obligation | 2 |
Payments required under guarantee | 0 |
Loss incurred under guarantee | 0 |
Debt | |
Concentration Of Credit Risk [Line Items] | |
Maximum undiscounted payments, default of guarantees | 2 |
Lease Agreements [Member] | |
Concentration Of Credit Risk [Line Items] | |
Maximum undiscounted payments, default of guarantees | $0.50 |
Minimum [Member] | |
Concentration Of Credit Risk [Line Items] | |
Loan repayable period | 5 years |
Maximum [Member] | |
Concentration Of Credit Risk [Line Items] | |
Loan repayable period | 7 years |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Schedule Of Supplemental Cash Flow [Line Items] | |||
Restricted stock issuance | $4.10 | $7.20 | $3.90 |
Convertible Senior notes exchanged for new notes | 40.3 | ||
Capital expenditures recorded in current liabilities | 16.5 | 3.4 | 3.3 |
Capital lease agreements totaling | 1.5 | 2.4 | 4 |
Nash-Finch Company [Member] | |||
Schedule Of Supplemental Cash Flow [Line Items] | |||
Issuance of common Stocks | $379.60 |
Discontinued_Operations_Schedu
Discontinued Operations - Schedule of Significant Assets and Liabilities of Discontinued Operations (Detail) (USD $) | Jan. 03, 2015 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | ||
Disposal Group Including Discontinued Operation Classified Balance Sheet Disclosures [Abstract] | ||
Current assets | $23 | |
Property, net | 3,165 | 3,167 |
Other long-term assets | 1,577 | 1,577 |
Current liabilities | 189 | 183 |
Long-term liabilities | $40 | $41 |
Reporting_Segment_Information_1
Reporting Segment Information - Additional Information (Detail) | 12 Months Ended |
Jan. 03, 2015 | |
Segment | |
PharmacyServices | |
Fuel_Center | |
Distribution_Centers | |
Supermarkets | |
Segment Reporting [Abstract] | |
Number of Reportable Segment | 3 |
Number of distribution centers | 12 |
Number of military distribution centers | 8 |
Number of supermarkets | 162 |
Number of supermarkets offers pharmacy services | 79 |
Number of fuel centers operated | 29 |
Reporting_Segment_Information_2
Reporting Segment Information - Schedule of Segment Reporting Information, by Operating Segment (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Sep. 14, 2013 | Jun. 22, 2013 | Apr. 19, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $1,962,589 | $1,809,571 | $1,810,175 | $649,471 | $612,405 | $2,333,727 | $1,335,354 | $2,597,230 | $2,015,351 | $7,916,062 | $2,608,160 |
Merger transaction and integration expenses | 4,547 | 1,379 | 2,581 | 3,638 | 1,836 | 4,168 | 15,519 | 20,993 | 12,675 | ||
Depreciation and amortization | 37,082 | 86,994 | 39,081 | ||||||||
Operating earnings | 16,793 | 42,208 | 114,846 | 60,968 | |||||||
Capital expenditures | 37,200 | 33,932 | 90,012 | 42,012 | |||||||
Total Assets | 1,932,282 | 1,983,651 | 1,983,651 | 1,932,282 | 789,667 | ||||||
Discontinued Operations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total Assets | 4,742 | 4,767 | 4,767 | 4,742 | 5,501 | ||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 2,597,230 | 7,916,062 | 2,608,160 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | -533,470 | -1,005,844 | -634,525 | ||||||||
Military [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Merger transaction and integration expenses | 27 | ||||||||||
Depreciation and amortization | 1,412 | 11,350 | |||||||||
Operating earnings | 1,901 | 21,721 | |||||||||
Capital expenditures | 2,246 | 15,088 | |||||||||
Total Assets | 435,647 | 451,518 | 451,518 | 435,647 | |||||||
Military [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 248,643 | 2,275,512 | |||||||||
Food Distribution [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Merger transaction and integration expenses | 20,993 | 12,644 | |||||||||
Depreciation and amortization | 7,706 | 29,816 | 6,346 | ||||||||
Operating earnings | -1,328 | 54,802 | 23,920 | ||||||||
Capital expenditures | 13,867 | 31,953 | 8,797 | ||||||||
Total Assets | 763,914 | 805,468 | 805,468 | 763,914 | 254,326 | ||||||
Food Distribution [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 1,095,759 | 3,356,331 | 1,120,650 | ||||||||
Food Distribution [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | -533,470 | -1,005,844 | -634,525 | ||||||||
Retail [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Merger transaction and integration expenses | 4 | ||||||||||
Depreciation and amortization | 27,964 | 45,828 | 32,735 | ||||||||
Operating earnings | 16,220 | 38,323 | 37,048 | ||||||||
Capital expenditures | 21,087 | 42,971 | 33,215 | ||||||||
Total Assets | 727,979 | 721,898 | 721,898 | 727,979 | 529,840 | ||||||
Retail [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $1,252,828 | $2,284,219 | $1,487,510 |
Reporting_Segment_Information_3
Reporting Segment Information - Summary of Sales by Type of Similar Products and Services (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Sep. 14, 2013 | Jun. 22, 2013 | Apr. 19, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Revenue from External Customer [Line Items] | |||||||||||
Consolidated net sales | $1,962,589 | $1,809,571 | $1,810,175 | $649,471 | $612,405 | $2,333,727 | $1,335,354 | $2,597,230 | $2,015,351 | $7,916,062 | $2,608,160 |
Percentage Consolidated Net Sale | 100.00% | 100.00% | 100.00% | ||||||||
Fuel [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Consolidated net sales | 145,631 | 178,111 | 179,012 | ||||||||
Percentage Consolidated Net Sale | 5.60% | 2.20% | 6.90% | ||||||||
Non Perishables | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Consolidated net sales | 1,393,157 | 4,998,895 | 1,289,461 | ||||||||
Percentage Consolidated Net Sale | 53.60% | 63.10% | 49.40% | ||||||||
Perishables | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Consolidated net sales | 894,783 | 2,449,562 | 930,659 | ||||||||
Percentage Consolidated Net Sale | 34.50% | 31.00% | 35.70% | ||||||||
Pharmacy [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Consolidated net sales | $163,659 | $289,494 | $209,028 | ||||||||
Percentage Consolidated Net Sale | 6.30% | 3.70% | 8.00% |
Quarterly_Financial_Informatio2
Quarterly Financial Information (unaudited) - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Jan. 03, 2015 | Oct. 04, 2014 | Jul. 12, 2014 | Sep. 14, 2013 | Jun. 22, 2013 | Apr. 19, 2014 | Dec. 28, 2013 | Dec. 28, 2013 | Jan. 05, 2013 | Jan. 03, 2015 | Mar. 30, 2013 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $1,962,589 | $1,809,571 | $1,810,175 | $649,471 | $612,405 | $2,333,727 | $1,335,354 | $2,597,230 | $2,015,351 | $7,916,062 | $2,608,160 |
Gross profit | 282,213 | 261,409 | 265,114 | 136,296 | 125,276 | 347,338 | 225,308 | 486,880 | 412,901 | 1,156,074 | 545,544 |
Merger transaction and integration expenses | 4,547 | 1,379 | 2,581 | 3,638 | 1,836 | 4,168 | 15,519 | 20,993 | 12,675 | ||
Restructuring and asset impairment | 6,233 | -1,272 | 1,078 | 987 | 127 | 14,657 | 15,644 | 356 | 6,166 | 1,589 | |
Debt extinguishment | 5,527 | 5,527 | 2,285 | 5,047 | |||||||
Earnings (loss) from continuing operations before income taxes | 15,030 | 28,146 | 27,174 | 15,870 | 7,680 | 20,099 | -21,480 | 2,070 | 30,255 | 90,449 | 43,267 |
Earnings from continuing operations | 12,037 | 17,169 | 17,395 | 10,115 | 4,784 | 12,519 | -13,670 | 1,229 | 19,903 | 59,120 | 27,842 |
Discontinued operations, net of taxes | -166 | -73 | -76 | -65 | -101 | -209 | -322 | -488 | -195 | -524 | -432 |
Net earnings | 11,871 | 17,096 | 17,319 | 10,050 | 4,683 | 12,310 | -13,992 | 741 | 19,708 | 58,596 | 27,410 |
Earnings (loss) from continuing operations per share: | |||||||||||
Earnings from continuing operations | $0.32 | $0.46 | $0.46 | $0.46 | $0.22 | $0.33 | ($0.49) | $0.05 | $0.91 | $1.57 | $1.28 |
Earnings from continuing operations | $0.32 | $0.45 | $0.46 | $0.46 | $0.22 | $0.33 | ($0.49) | $0.05 | $0.91 | $1.57 | $1.27 |
Net earnings (loss) per share: | |||||||||||
Basic | $0.32 | $0.45 | $0.46 | $0.46 | $0.21 | $0.33 | ($0.50) | $0.03 | $0.90 | $1.56 | $1.26 |
Diluted | $0.32 | $0.45 | $0.46 | $0.46 | $0.21 | $0.33 | ($0.50) | $0.03 | $0.90 | $1.55 | $1.25 |
Dividends | $4,502 | $4,529 | $4,526 | $1,969 | $1,970 | $4,533 | $1,969 | $5,908 | $18,090 | $6,899 | |
Common stock price – High | $26.89 | $22.50 | $24.68 | $24.40 | $19.73 | $25.74 | $24.78 | $24.78 | $26.89 | ||
Common stock price – Low | $19.88 | $19.16 | $19.44 | $17.90 | $16.10 | $21 | $21.02 | $16.10 | $19.16 |