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:
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|
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|
Fiscal
2013 |
|
|
Fiscal
2012 |
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|
Fiscal
2011 |
|
|
|
(Amounts in
thousands) |
|
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
DSD
|
|
$ |
3,167,256 |
|
|
$ |
2,541,135 |
|
|
$ |
2,291,011 |
|
Warehouse
|
|
|
785,498 |
|
|
|
648,889 |
|
|
|
618,982 |
|
Eliminations:
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|
Sales from Warehouse to
DSD
|
|
|
(132,506 |
) |
|
|
(111,254 |
) |
|
|
(110,870 |
) |
Sales from DSD to
Warehouse
|
|
|
(69,243 |
) |
|
|
(32,279 |
) |
|
|
(25,767 |
) |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,751,005 |
|
|
$ |
3,046,491 |
|
|
$ |
2,773,356 |
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|
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|
|
|
|
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|
|
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|
Depreciation and
amortization:
|
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|
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|
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|
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|
DSD
|
|
$ |
100,792 |
|
|
$ |
84,290 |
|
|
$ |
74,378 |
|
Warehouse
|
|
|
17,032 |
|
|
|
18,267 |
|
|
|
19,768 |
|
Other(1)
|
|
|
667 |
|
|
|
133 |
|
|
|
492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
$ |
118,491 |
|
|
$ |
102,690 |
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|
$ |
94,638 |
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|
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|
Income from
operations:
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|
DSD(2)
|
|
$ |
350,531 |
|
|
$ |
233,196 |
|
|
$ |
203,248 |
|
Warehouse
|
|
|
48,517 |
|
|
|
36,230 |
|
|
|
27,351 |
|
Other(1)
|
|
|
(63,815 |
) |
|
|
(50,915 |
) |
|
|
(41,573 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
$ |
335,233 |
|
|
$ |
218,511 |
|
|
$ |
189,026 |
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|
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|
|
|
|
|
|
|
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|
Net interest (expense)
income
|
|
$ |
(12,860 |
) |
|
$ |
(9,739 |
) |
|
$ |
2,940 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Income before income
taxes
|
|
$ |
322,373 |
|
|
$ |
208,772 |
|
|
$ |
191,966 |
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|
|
|
|
|
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|
Capital
expenditures:
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|
|
|
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|
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 |
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|
As of |
|
|
|
December 28,
2013 |
|
|
December 29,
2012 |
|
Assets:
|
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|
|
|
|
|
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|
DSD
|
|
$ |
2,146,209 |
|
|
$ |
1,638,826 |
|
Warehouse
|
|
|
233,591 |
|
|
|
245,195 |
|
Other(3)
|
|
|
124,214 |
|
|
|
111,828 |
|
|
|
|
|
|
|
|
|
|
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|
$ |
2,504,014 |
|
|
$ |
1,995,849 |
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|
(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):
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|
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 |
|
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|
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|
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 |
|
|
|
|
|
|
|
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