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Segment Reporting
12 Months Ended
Dec. 28, 2013
Segment Reporting
Note 21. Segment Reporting

The company’s DSD Segment produces fresh and frozen packaged bread, rolls, and snack products and the Warehouse Segment produces frozen bread, rolls, tortillas, and snack products. The company evaluates each segment’s performance based on income or loss before interest and income taxes, excluding unallocated expenses, and charges which the company’s management deems to be an overall corporate cost or a cost not reflective of the segments’ core operating businesses. Information regarding the operations in these reportable segments is as follows for fiscal years 2013, 2012, and 2011:

 

     Fiscal
2013
    Fiscal
2012
    Fiscal
2011
 
     (Amounts in thousands)  

Sales:

      

DSD

   $ 3,167,256      $ 2,541,135      $ 2,291,011   

Warehouse

     785,498        648,889        618,982   

Eliminations:

      

Sales from Warehouse to DSD

     (132,506     (111,254     (110,870

Sales from DSD to Warehouse

     (69,243     (32,279     (25,767
  

 

 

   

 

 

   

 

 

 
   $ 3,751,005      $ 3,046,491      $ 2,773,356   
  

 

 

   

 

 

   

 

 

 

Depreciation and amortization:

      

DSD

   $ 100,792      $ 84,290      $ 74,378   

Warehouse

     17,032        18,267        19,768   

Other(1)

     667        133        492   
  

 

 

   

 

 

   

 

 

 
   $ 118,491      $ 102,690      $ 94,638   
  

 

 

   

 

 

   

 

 

 

Income from operations:

      

DSD(2)

   $ 350,531      $ 233,196      $ 203,248   

Warehouse

     48,517        36,230        27,351   

Other(1)

     (63,815     (50,915     (41,573
  

 

 

   

 

 

   

 

 

 
   $ 335,233      $ 218,511      $ 189,026   
  

 

 

   

 

 

   

 

 

 

Net interest (expense) income

   $ (12,860   $ (9,739   $ 2,940   
  

 

 

   

 

 

   

 

 

 

Income before income taxes

   $ 322,373      $ 208,772      $ 191,966   
  

 

 

   

 

 

   

 

 

 

Capital expenditures:

      

DSD

   $ 80,528      $ 52,375      $ 61,017   

Warehouse

     8,187        10,809        14,379   

Other(1)

     10,466        4,075        3,766   
  

 

 

   

 

 

   

 

 

 
   $ 99,181      $ 67,259      $ 79,162   
  

 

 

   

 

 

   

 

 

 

 

     As of  
     December 28,
2013
     December 29,
2012
 

Assets:

     

DSD

   $ 2,146,209       $ 1,638,826   

Warehouse

     233,591         245,195   

Other(3)

     124,214         111,828   
  

 

 

    

 

 

 
   $ 2,504,014       $ 1,995,849   
  

 

 

    

 

 

 

 

(1) Represents the company’s corporate head office amounts and acquisition costs.
(2) Includes the gain on acquisition of $50.1 million in fiscal 2013.

 

(3) Represents the company’s corporate head office assets including primarily cash and cash equivalents, deferred taxes and deferred financing costs.

Sales by product category in each reportable segment are as follows for fiscal years 2013, 2012, and 2011 (amounts in thousands):

 

     Fiscal 2013      Fiscal 2012      Fiscal 2011  
     Total      DSD      Warehouse      Total      DSD      Warehouse      Total      DSD      Warehouse  

Branded Retail

   $ 2,046,916       $ 1,905,002       $ 141,914       $ 1,590,726       $ 1,486,887       $ 103,839       $ 1,421,229       $ 1,326,992       $ 94,237   

Store Branded Retail

     645,117         504,587         140,530         544,670         426,771         117,899         499,661         373,971         125,690   

Non-retail and Other

     1,058,972         688,424         370,548         911,095         595,198         315,897         852,466         564,281         288,185   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 3,751,005       $ 3,098,013       $ 652,992       $ 3,046,491       $ 2,508,856       $ 537,635       $ 2,773,356       $ 2,265,244       $ 508,112