Document and Entity Information
Document and Entity Information - shares | 4 Months Ended | |
Apr. 23, 2022 | May 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 23, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SPTN | |
Entity Registrant Name | SPARTANNASH COMPANY | |
Entity Central Index Key | 0000877422 | |
Current Fiscal Year End Date | --01-02 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 36,126,354 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity File Number | 000-31127 | |
Entity Tax Identification Number | 38-0593940 | |
Entity Address, Address Line One | 850 76th Street, S.W. | |
Entity Address, Address Line Two | P.O. Box 8700 | |
Entity Address, City or Town | Grand Rapids | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 49518 | |
City Area Code | 616 | |
Local Phone Number | 878-2000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | MI | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Apr. 23, 2022 | Jan. 01, 2022 |
Current assets | ||
Cash and cash equivalents | $ 16,330 | $ 10,666 |
Accounts and notes receivable, net | 395,467 | 361,686 |
Inventories, net | 556,322 | 522,324 |
Prepaid expenses and other current assets | 63,772 | 62,517 |
Total current assets | 1,031,891 | 957,193 |
Property and equipment, net | 575,666 | 577,359 |
Goodwill | 181,035 | 181,035 |
Intangible assets, net | 109,400 | 110,960 |
Operating lease assets | 269,278 | 283,040 |
Other assets, net | 96,963 | 97,195 |
Total assets | 2,264,233 | 2,206,782 |
Current liabilities | ||
Accounts payable | 478,964 | 447,451 |
Accrued payroll and benefits | 66,316 | 86,315 |
Other accrued expenses | 63,164 | 67,893 |
Current portion of operating lease liabilities | 47,375 | 47,845 |
Current portion of long-term debt and finance lease liabilities | 5,806 | 6,334 |
Total current liabilities | 661,625 | 655,838 |
Long-term liabilities | ||
Deferred income taxes | 74,396 | 63,692 |
Operating lease liabilities | 252,126 | 266,701 |
Other long-term liabilities | 36,483 | 38,292 |
Long-term debt and finance lease liabilities | 444,299 | 399,390 |
Total long-term liabilities | 807,304 | 768,075 |
Commitments and contingencies (Note 7) | ||
Shareholders’ equity | ||
Common stock, voting, no par value; 100,000 shares authorized; 36,140 and 35,948 shares outstanding | 494,571 | 493,783 |
Preferred stock, no par value, 10,000 shares authorized; no shares outstanding | ||
Accumulated other comprehensive loss | (1,432) | (1,455) |
Retained earnings | 302,165 | 290,541 |
Total shareholders’ equity | 795,304 | 782,869 |
Total liabilities and shareholders’ equity | $ 2,264,233 | $ 2,206,782 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Apr. 23, 2022 | Jan. 01, 2022 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 36,140,000 | 35,948,000 |
Preferred stock, par value | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (Unaudited) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Income Statement [Abstract] | ||
Net sales | $ 2,763,658 | $ 2,657,799 |
Cost of sales | 2,313,075 | 2,239,769 |
Gross profit | 450,583 | 418,030 |
Operating expenses | ||
Selling, general and administrative | 422,182 | 387,937 |
Acquisition and integration | 239 | 59 |
Restructuring and asset impairment, net | 13 | (161) |
Total operating expenses | 422,434 | 387,835 |
Operating earnings | 28,149 | 30,195 |
Other expenses and (income) | ||
Interest expense | 4,185 | 4,589 |
Other, net | (216) | (266) |
Total other expenses, net | 3,969 | 4,323 |
Earnings before income taxes | 24,180 | 25,872 |
Income tax expense | 4,891 | 6,356 |
Net earnings | $ 19,289 | $ 19,516 |
Basic net earnings per share: | $ 0.54 | $ 0.55 |
Diluted net earnings per share: | $ 0.53 | $ 0.54 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net earnings | $ 19,289 | $ 19,516 |
Other comprehensive income, before tax | ||
Postretirement liability adjustment | 30 | 76 |
Income tax expense related to items of other comprehensive income | (7) | (19) |
Total other comprehensive income, after tax | 23 | 57 |
Comprehensive income | $ 19,312 | $ 19,573 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
Balance, value at Jan. 02, 2021 | $ 735,049 | $ 491,819 | $ (2,276) | $ 245,506 |
Balance, shares at Jan. 02, 2021 | 35,851 | |||
Net earnings | 19,516 | 19,516 | ||
Other comprehensive income | 57 | 57 | ||
Dividends | (7,238) | (7,238) | ||
Stock-based employee compensation | 4,185 | $ 4,185 | ||
Stock warrant | 645 | 645 | ||
Issuances of common stock for stock bonus plan and associate stock purchase plan | 385 | $ 385 | ||
Issuances of common stock for stock bonus plan and associate stock purchase plan, shares | 21 | |||
Issuances of restricted stock, shares | 523 | |||
Cancellations of stock-based awards, value | (2,079) | $ (2,079) | ||
Cancellations of stock-based awards, shares | (129) | |||
Balance, value at Apr. 24, 2021 | 750,520 | $ 494,955 | (2,219) | 257,784 |
Balance, shares at Apr. 24, 2021 | 36,266 | |||
Balance, value at Jan. 01, 2022 | $ 782,869 | $ 493,783 | (1,455) | 290,541 |
Balance, shares at Jan. 01, 2022 | 35,948 | 35,948 | ||
Net earnings | $ 19,289 | 19,289 | ||
Other comprehensive income | 23 | 23 | ||
Dividends | (7,665) | (7,665) | ||
Stock-based employee compensation | 4,295 | $ 4,295 | ||
Stock warrant | 673 | 673 | ||
Issuances of common stock for stock bonus plan and associate stock purchase plan | 108 | $ 108 | ||
Issuances of common stock for stock bonus plan and associate stock purchase plan, shares | 3 | |||
Issuances of restricted stock, shares | 369 | |||
Cancellations of stock-based awards, value | (4,288) | $ (4,288) | ||
Cancellations of stock-based awards, shares | (180) | |||
Balance, value at Apr. 23, 2022 | $ 795,304 | $ 494,571 | $ (1,432) | $ 302,165 |
Balance, shares at Apr. 23, 2022 | 36,140 | 36,140 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||
Dividends per share | $ 0.21 | $ 0.20 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Cash flows from operating activities | ||
Net earnings | $ 19,289 | $ 19,516 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Non-cash restructuring, asset impairment, and other charges | (13) | (345) |
Depreciation and amortization | 28,473 | 28,091 |
Non-cash rent | (1,283) | (944) |
LIFO expense | 10,187 | 1,655 |
Postretirement benefits (income) expense | (109) | 960 |
Deferred income taxes | 10,704 | 10,967 |
Stock-based compensation expense | 4,295 | 4,185 |
Stock warrant | 673 | 645 |
Gain on disposals of assets | (77) | (182) |
Other operating activities | 576 | 468 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (33,680) | 11,077 |
Inventories | (44,186) | (62,435) |
Prepaid expenses and other assets | 4,984 | (3,972) |
Accounts payable | 43,032 | (15,539) |
Accrued payroll and benefits | (21,582) | (34,130) |
Current income taxes | (6,553) | 7,251 |
Other accrued expenses and other liabilities | (4,760) | 954 |
Net cash provided by (used in) operating activities | 9,970 | (31,778) |
Cash flows from investing activities | ||
Purchases of property and equipment | (29,938) | (22,124) |
Net proceeds from the sale of assets | 2,581 | 25,826 |
Loans to customers | (130) | |
Payments from customers on loans | 421 | 693 |
Other investing activities | (9) | (8) |
Net cash (used in) provided by investing activities | (26,945) | 4,257 |
Cash flows from financing activities | ||
Proceeds from senior secured credit facility | 420,582 | 484,142 |
Payments on senior secured credit facility | (383,913) | (442,559) |
Repayment of other long-term debt and finance lease liabilities | (2,017) | (1,514) |
Net payments related to stock-based award activities | (4,288) | (2,079) |
Dividends paid | (7,714) | (7,119) |
Other financing activities | (11) | 39 |
Net cash provided by financing activities | 22,639 | 30,910 |
Net increase in cash and cash equivalents | 5,664 | 3,389 |
Cash and cash equivalents at beginning of period | 10,666 | 19,903 |
Cash and cash equivalents at end of period | $ 16,330 | $ 23,292 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Basis of Presentation | 4 Months Ended |
Apr. 23, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Basis of Presentation | Note 1 – Summary of Significant Accounting Policies and Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of SpartanNash Company and its subsidiaries (“SpartanNash” or “the Company”). Intercompany accounts and transactions have been eliminated. For further information, refer to the consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended January 1, 2022. In the opinion of management, the accompanying condensed consolidated financial statements, taken as a whole, contain all adjustments, including normal recurring items, necessary to present fairly the financial position of SpartanNash as of April 23, 2022, and the results of its operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The unaudited information in the condensed consolidated financial statements for the first quarters of 2022 and 2021 include the results of operations of the Company for the 16-week periods ended April 23, 2022 and April 24, 2021, respectively. |
Adoption of New Accounting Stan
Adoption of New Accounting Standards and Recently Issued Accounting Standards | 4 Months Ended |
Apr. 23, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
Adoption of New Accounting Standards and Recently Issued Accounting Standards | Note 2 – Adoption of New Accounting Standards and Recently Issued Accounting Standards As of April 23, 2022 and for the period then ended, there were no recently adopted accounting standards that had a material impact on the Company’s condensed consolidated financial statements. There were no recently issued accounting standards not yet adopted which would have a material effect on the Company’s condensed consolidated financial statements. |
Revenue
Revenue | 4 Months Ended |
Apr. 23, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | N ote 3 Revenue Disaggregation of Revenue The following table provides information about disaggregated revenue by type of products and customers for each of the Company’s reportable segments: 16 Weeks Ended April 23, 2022 (In thousands) Food Distribution Retail Military Total Type of products: Center store (a) $ 473,364 $ 295,056 $ 294,289 $ 1,062,709 Fresh (b) 446,953 299,879 181,101 927,933 Non-food (c) 420,735 131,431 132,404 684,570 Fuel — 54,591 — 54,591 Other 29,805 322 3,728 33,855 Total $ 1,370,857 $ 781,279 $ 611,522 $ 2,763,658 Type of customers: Individuals $ — $ 780,959 $ — $ 780,959 Manufacturers, brokers and distributors 20,425 — 564,731 585,156 Retailers 1,338,852 — 43,063 1,381,915 Other 11,580 320 3,728 15,628 Total $ 1,370,857 $ 781,279 $ 611,522 $ 2,763,658 16 Weeks Ended April 24, 2021 (In thousands) Food Distribution Retail Military Total Type of products: Center store (a) $ 451,777 $ 288,718 $ 282,062 $ 1,022,557 Fresh (b) 447,208 283,035 169,692 899,935 Non-food (c) 402,695 128,136 129,057 659,888 Fuel — 39,181 — 39,181 Other 32,402 374 3,462 36,238 Total $ 1,334,082 $ 739,444 $ 584,273 $ 2,657,799 Type of customers: Individuals $ — $ 739,293 $ — $ 739,293 Manufacturers, brokers and distributors 18,212 — 544,384 562,596 Retailers 1,300,960 — 36,427 1,337,387 Other 14,910 151 3,462 18,523 Total $ 1,334,082 $ 739,444 $ 584,273 $ 2,657,799 (a) Center store includes dry grocery, frozen and beverages. (b) Fresh includes produce, meat, dairy, deli, bakery, prepared proteins, seafood and floral. (c) Non-food includes general merchandise, health and beauty care, tobacco products and pharmacy. Contract Assets and Liabilities Under its contracts with customers, the Company stands ready to deliver product upon receipt of a purchase order. Accordingly, the Company has no performance obligations under its contracts until its customers submit a purchase order. The Company does not receive pre-payment from its customers or enter into commitments to provide goods or services that have terms greater than one year. As the performance obligation is part of a contract that has an original expected duration of less than one year, the Company has applied the practical expedient under ASC 606, Revenue from Contracts with Customers Revenue recognized from performance obligations related to prior periods (for example, due to changes in estimated rebates and incentives impacting the transaction price) was not material in any period presented. For volume-based arrangements, the Company estimates the amount of the advanced funds earned by the retailers based on the expected volume of purchases by the retailer and amortizes the advances as a reduction of the transaction price and revenue earned. These advances are not considered contract assets under ASC 606 as they are not generated through the transfer of goods or services to the retailers. These advances are included in Other assets, net within the condensed consolidated balance sheets. When the Company transfers goods or services to a customer, payment is due subject to normal terms and is not conditional on anything other than the passage of time. Typical payment terms range from due upon receipt to 30 days, depending on the customer. At contract inception, the Company expects that the period of time between the transfer of goods to the customer and when the customer pays for those goods will be less than one year, which is consistent with the Company’s standard payment terms. Accordingly, the Company has elected the practical expedient to not adjust for the effects of a significant financing component. As a result, these amounts are recorded as receivables and not contract assets. The Company had no contract assets for any period presented. The Company does not typically incur incremental costs of obtaining a contract that are contingent upon successful contract execution and would therefore be capitalized. Allowance for Credit Losses Changes to the balance of the allowance for credit losses were as follows: Allowance for Credit Losses Current Accounts Long-term (In thousands) and Notes Receivable Notes Receivable Total Balance at January 1, 2022 $ 4,414 $ 731 $ 5,145 Changes in credit loss estimates 330 — 330 Write-offs charged against the allowance (91 ) — (91 ) Balance at April 23, 2022 $ 4,653 $ 731 $ 5,384 Allowance for Credit Losses Current Accounts Long-term (In thousands) and Notes Receivable Notes Receivable Total Balance at January 2, 2021 $ 6,232 $ 371 $ 6,603 Changes in credit loss estimates (78 ) — (78 ) Write-offs charged against the allowance (281 ) — (281 ) Balance at April 24, 2021 $ 5,873 $ 371 $ 6,244 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 4 Months Ended |
Apr. 23, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 4 – Goodwill and Other Intangible Assets The Company has three reporting units; however, no goodwill exists within the Retail or Military reporting units. The carrying amount of goodwill recorded within the Food Distribution reporting unit was $181.0 million as of April 23, 2022 and January 1, 2022. The Company has indefinite-lived intangible assets that are not amortized, consisting primarily of indefinite-lived trade names and liquor licenses. The carrying amount of indefinite-lived intangible assets was $67.6 million as of April 23, 2022 and January 1, 2022. The Company reviews goodwill and other indefinite-lived intangible assets for impairment annually, during the fourth quarter of each year, and more frequently if circumstances indicate impairment is probable. Such circumstances have not arisen in the current fiscal year. Testing goodwill and other indefinite-lived intangible assets for impairment requires management to make significant estimates about the Company’s future performance, cash flows, and other assumptions that can be affected by potential changes in economic, industry or market conditions, business operations, competition, or the Company’s stock price and market capitalization. |
Restructuring and Asset Impairm
Restructuring and Asset Impairment | 4 Months Ended |
Apr. 23, 2022 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Asset Impairment | Note 5 – Restructuring and Asset Impairment The following table provides the activity of reserves for closed properties for the 16-week period ended April 23, 2022. Included in the liability are lease-related ancillary costs from the date of closure to the end of the remaining lease term, as well as related severance. Reserves for closed properties recorded in the condensed consolidated balance sheets are included in “Other accrued expenses” in Current liabilities and “Other long-term liabilities” in Long-term liabilities based on the timing of when the obligations are expected to be paid. Reserves for severance are recorded in “Accrued payroll and benefits”. Reserves for Closed Properties Lease Ancillary (In thousands) Costs Severance Total Balance at January 1, 2022 $ 3,124 $ — $ 3,124 Provision for severance — 9 9 Changes in estimates (27 ) — (27 ) Accretion expense 22 — 22 Payments (373 ) (9 ) (382 ) Balance at April 23, 2022 $ 2,746 $ — $ 2,746 Restructuring and asset impairment, net in the condensed consolidated statements of earnings consisted of the following: 16 Weeks Ended April 23, April 24, (In thousands) 2022 2021 Asset impairment charges (a) $ — $ 756 Provision for closing charges — 583 Gain on sales of assets related to closed facilities (b) — (1,860 ) Provision for severance 9 84 Other costs associated with site closures (c) 31 335 Changes in estimates (27 ) (59 ) Total $ 13 $ (161 ) (a) Asset impairment charges in the prior year were incurred primarily in the Retail segment and relate to previously closed locations. (b) Gain on sales of assets in the prior year primarily relates to the sales of pharmacy customer lists related to store closings in the Retail segment. (c) Other costs in the current year and prior year primarily relate to Retail store closings. Long-lived assets which are not recoverable are measured at fair value on a nonrecurring basis using Level 3 inputs |
Fair Value Measurements
Fair Value Measurements | 4 Months Ended |
Apr. 23, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6 – Fair Value Measurements ASC 820, Fair Value Measurement 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. 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. For discussion of the fair value measurements related to goodwill, and long - or indefinite-lived asset impairment charges, refer to Notes 4 and 5 . At April 23 , 202 2 and January 1 , 20 2 2 , the book value and estimated fair value of the Company’s debt instruments, excluding debt financing costs, were as follows : April 23, January 1, (In thousands) 2022 2022 Book value of debt instruments, excluding debt financing costs: Current maturities of long-term debt and finance lease liabilities $ 5,806 $ 6,334 Long-term debt and finance lease liabilities 446,497 402,065 Total book value of debt instruments 452,303 408,399 Fair value of debt instruments, excluding debt financing costs 453,689 414,667 Excess of fair value over book value $ 1,386 $ 6,268 The estimated fair value of debt is based on market quotes for instruments with similar terms and remaining maturities (Level 2 inputs and valuation techniques). |
Commitments and Contingencies
Commitments and Contingencies | 4 Months Ended |
Apr. 23, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7 – Commitments and Contingencies The Company is engaged from time-to-time in routine legal proceedings incidental to its business. The Company does not believe that these routine legal proceedings, taken as a whole, will have a material impact on its 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 Company’s consolidated financial position, operating results or liquidity. The Company has contributed and is required to continue making contributions to the Central States Southeast and Southwest Pension Fund (the “Central States Plan” or the “Plan”), a multi-employer pension plan, based on obligations arising from certain of its collective bargaining agreements. If the Company were to cease making such contributions and triggered a withdrawal from the Plan, it is possible that the Company would be obligated to pay withdrawal liability to the Plan if the Plan is underfunded at the time of such withdrawal. Based on the most recent information available to the Company, management believes that the Plan’s present value of actuarial accrued liabilities significantly exceeds the value of the assets held in the Plan’s trust to pay benefits. Management is not aware of any facts that could give rise to any assessment of withdrawal liability against the Company or any significant change in funding levels in the Plan since January 1, 2022. Due to uncertainty regarding future factors that could trigger withdrawal liability, as well as the absence of specific information regarding matters such as the Plan’s current financial situation, we are unable to determine with certainty the current amount of the Plan’s underfunding and/or the Company’s current potential withdrawal liability exposure in the event of a future withdrawal from the Plan. Any adjustment for withdrawal liability would be recorded when it is probable that a liability exists and can be reasonably determined. On March 10, 2021, the United States Congress passed the American Rescue Plan Act of 2021 (the “Act”), which provides financial relief to certain failing multiemployer pension plans. In accordance with the interim guidance issued by the Pension Benefit Guaranty Corporation on July 9, 2021, the Act is designed to prevent such plans from becoming insolvent for the next 30 years. As the Central States Plan is in a critical and declining status, it has applied and is expected to qualify for relief under the Act. The legislation and the available relief are designed to alleviate the risk of insolvency of the Plan for the next 30 years. |
Associate Retirement Plans
Associate Retirement Plans | 4 Months Ended |
Apr. 23, 2022 | |
Compensation And Retirement Disclosure [Abstract] | |
Associate Retirement Plans | Note 8 – Associate Retirement Plans During each of the 16- week periods ended April 23, 2022 and April 24, 2021, the Company recognized net periodic postretirement benefit costs of $0.2 million related to the SpartanNash Retiree Medical Plan (“Retiree Medical Plan”). In the first quarter of the current year, the Company realized a gain of $0.2 million related to a refund from the annuity provider associated with an ineligible participant previously included in the terminated SpartanNash Company Pension Plan. These amounts are included in “Other, net” in the condensed consolidated statements of earnings. The Company expects to make total contributions of approximately $0.5 million in 2022 to the Retiree Medical Plan and has made $0.1 million in the year-to-date period. The Company’s retirement programs also include defined contribution plans providing contributory benefits, as well as executive compensation plans for a select group of management personnel and/or highly compensated associates. Multi-Employer Plans In addition to the plans listed above, the Company participates in the Central States Southeast and Southwest Pension Fund, the Michigan Conference of Teamsters and Ohio Conference of Teamsters Health and Welfare plans (collectively referred to as “multi-employer plans”), and other company-sponsored defined contribution plans for most associates covered by collective bargaining agreements. With respect to the Company’s participation in the Central States Plan, expense is recognized as contributions are payable. The Company’s contributions during the 16-week periods ended April 23, 2022 and April 24, 2021 were $3.8 million and $4.6 million, respectively. See Note 7 for further information regarding contingencies related to the Company’s participation in the Central States Plan. |
Income Taxes
Income Taxes | 4 Months Ended |
Apr. 23, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9 – Income Taxes The effective income tax rate was 20.2% and 24.6% On March 27, 2020, the U.S. government enacted tax legislation to provide economic stimulus and support businesses and individuals during the COVID-19 pandemic, referred to as the CARES Act. In connection with the CARES Act, the Company recorded net discrete income tax benefits of $9.3 million in 2020 associated with the additional deductibility of certain expenses combined with provisions which enable companies to carry back tax losses to years prior to the enactment of the Tax Cuts and Jobs Act (“Tax Reform”), when the federal statutory income tax rate was 35%. In the first quarter of 2021, the Company received tax refunds totaling $25.7 million related to the amended prior year returns. |
Share-Based Payments
Share-Based Payments | 4 Months Ended |
Apr. 23, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Payments | Note 10 – Share-Based Payments Share-Based Employee Awards The Company sponsors shareholder-approved stock incentive plans that provide for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance share units, dividend equivalent rights, and other stock-based and stock-related awards to directors, officers and other key associates. Share-based compensation expense recognized and included in “Selling, general and administrative expenses” in the condensed consolidated statements of earnings, and related tax impacts were as follows: 16 Weeks Ended (In thousands) April 23, 2022 April 24, 2021 Restricted stock expense $ 4,295 $ 4,185 Income tax benefit (2,590 ) (979 ) Restricted stock expense, net of tax $ 1,705 $ 3,206 The following table summarizes activity in the stock incentive plans for the 16 weeks ended April 23, 2022: Weighted Restricted Average Stock Grant-Date Awards Fair Value Outstanding at January 1, 2022 1,031,837 $ 17.56 Granted 369,098 28.40 Vested (452,444 ) 17.58 Cancelled/Forfeited (36,344 ) 17.93 Outstanding at April 23, 2022 912,147 $ 21.92 As of April 23, 2022, total unrecognized compensation cost related to non-vested restricted stock awards granted under the Company’s stock incentive plans is $12.4 million and is expected to be recognized over a weighted average period of 2.3 years. Stock Warrant On October 7, 2020, in connection with its entry into a commercial agreement with Amazon.com, Inc. (“Amazon”), the Company issued Amazon.com NV Investment Holdings LLC, a subsidiary of Amazon, a warrant to acquire up to an aggregate of 5,437,272 shares of the Company’s common stock (the “Warrant”), subject to certain vesting conditions. Warrant shares equivalent to 2.5% of the Company’s outstanding and issuable shares, or 1,087,455 shares, vested upon the signing of the commercial agreement, and had a grant date fair value of $5.51 per share. Warrant shares equivalent to up to 10.0% of the Company’s outstanding and issuable shares, or 4,349,817 shares, may vest in connection with conditions defined by the terms of the Warrant, as Amazon makes payments to the Company in connection with the commercial supply agreement, in increments of $200 million, and had a grant date fair value of $5.33 per share. Upon vesting, shares may be acquired at an exercise price of $17.7257. The right to purchase shares in connection with the Warrant expires on October 7, 2027. Share-based payment expense recognized as a reduction of “Net sales” in the condensed consolidated statements of earnings, and related tax benefits were as follows: 16 Weeks Ended (In thousands) April 23, 2022 April 24, 2021 Warrant expense $ 673 $ 645 Income tax benefit (50 ) (57 ) Warrant expense, net of tax $ 623 $ 588 The following table summarizes stock warrant activity for the 16 weeks ended April 23, 2022: Warrant Outstanding and nonvested at January 1, 2022 3,914,833 Vested (108,746 ) Outstanding and nonvested at April 23, 2022 3,806,087 As of April 23, 2022, total unrecognized cost related to non-vested warrant shares was $20.0 million, which may be expensed as vesting conditions are satisfied over the remaining term of the agreement, or 5.5 years. Warrants representing 1,631,185 shares are vested and exercisable. As of April 23, 2022, nonvested warrant shares had an intrinsic value of $61.7 million, and vested warrant shares had an intrinsic value of $26.4 million. |
Earnings Per Share
Earnings Per Share | 4 Months Ended |
Apr. 23, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 11 – Earnings Per Share Outstanding nonvested restricted stock awards under the 2015 Stock Incentive Plan contain nonforfeitable rights to dividends or dividend equivalents, which participate in undistributed earnings with common stock. These awards are classified as participating securities and are included in the calculation of basic earnings per share. Awards under the 2020 Stock Incentive Plan do not contain nonforfeitable rights to dividends or dividend equivalents and are therefore not classified as participating securities. The dilutive impact of both the restricted stock awards and warrants are presented below, as applicable. The following table sets forth the computation of basic and diluted net earnings per share: 16 Weeks Ended (In thousands, except per share amounts) April 23, 2022 April 24, 2021 Numerator: Net earnings $ 19,289 $ 19,516 Adjustment for earnings attributable to participating securities (273 ) (426 ) Net earnings used in calculating earnings per share $ 19,016 $ 19,090 Denominator: Weighted average shares outstanding, including participating securities 35,566 35,765 Adjustment for participating securities (504 ) (781 ) Shares used in calculating basic earnings per share 35,062 34,984 Effect of dilutive stock warrant 648 86 Effect of dilutive restricted stock awards 168 25 Shares used in calculating diluted earnings per share 35,878 35,095 Basic earnings per share $ 0.54 $ 0.55 Diluted earnings per share $ 0.53 $ 0.54 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 4 Months Ended |
Apr. 23, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Note 12 – Supplemental Cash Flow Information Supplemental cash flow information is as follows: 16 Weeks Ended (In thousands) April 23, 2022 April 24, 2021 Non-cash investing activities: Capital expenditures included in accounts payable $ 3,756 $ 8,392 Operating lease asset additions 1,117 424 Finance lease asset additions 10,006 62 Non-cash financing activities: Dividends declared but unpaid 151 131 Recognition of operating lease liabilities 1,117 424 Recognition of finance lease liabilities 10,006 62 Other supplemental cash flow information: Cash paid for interest 3,059 3,560 |
Reporting Segment Information
Reporting Segment Information | 4 Months Ended |
Apr. 23, 2022 | |
Segment Reporting [Abstract] | |
Reporting Segment Information | Note 13 – Reporting Segment Information The following tables set forth information about the Company by reporting segment: (In thousands) Food Distribution Retail Military Total 16 Weeks Ended April 23, 2022 Net sales to external customers $ 1,370,857 $ 781,279 $ 611,522 $ 2,763,658 Inter-segment sales 339,786 161 — 339,947 Acquisition and integration — 239 — 239 Restructuring and asset impairment, net 11 2 — 13 Depreciation and amortization 10,092 14,189 4,192 28,473 Operating earnings 26,684 27 1,438 28,149 Capital expenditures 13,100 12,673 4,165 29,938 16 Weeks Ended April 24, 2021 Net sales to external customers $ 1,334,082 $ 739,444 $ 584,273 $ 2,657,799 Inter-segment sales 310,631 173 — 310,804 Acquisition and integration — 59 — 59 Restructuring and asset impairment, net (18 ) (143 ) — (161 ) Depreciation and amortization 9,790 14,241 4,060 28,091 Operating earnings (loss) 21,146 14,192 (5,143 ) 30,195 Capital expenditures 9,956 9,135 3,033 22,124 April 23, January 1, (In thousands) 2022 2022 Total Assets Food Distribution $ 1,115,265 $ 1,092,851 Retail 743,122 747,342 Military 405,846 366,589 Total $ 2,264,233 $ 2,206,782 |
Revenue (Tables)
Revenue (Tables) | 4 Months Ended |
Apr. 23, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Information about Disaggregated Revenue of Reportable Segments | The following table provides information about disaggregated revenue by type of products and customers for each of the Company’s reportable segments: 16 Weeks Ended April 23, 2022 (In thousands) Food Distribution Retail Military Total Type of products: Center store (a) $ 473,364 $ 295,056 $ 294,289 $ 1,062,709 Fresh (b) 446,953 299,879 181,101 927,933 Non-food (c) 420,735 131,431 132,404 684,570 Fuel — 54,591 — 54,591 Other 29,805 322 3,728 33,855 Total $ 1,370,857 $ 781,279 $ 611,522 $ 2,763,658 Type of customers: Individuals $ — $ 780,959 $ — $ 780,959 Manufacturers, brokers and distributors 20,425 — 564,731 585,156 Retailers 1,338,852 — 43,063 1,381,915 Other 11,580 320 3,728 15,628 Total $ 1,370,857 $ 781,279 $ 611,522 $ 2,763,658 16 Weeks Ended April 24, 2021 (In thousands) Food Distribution Retail Military Total Type of products: Center store (a) $ 451,777 $ 288,718 $ 282,062 $ 1,022,557 Fresh (b) 447,208 283,035 169,692 899,935 Non-food (c) 402,695 128,136 129,057 659,888 Fuel — 39,181 — 39,181 Other 32,402 374 3,462 36,238 Total $ 1,334,082 $ 739,444 $ 584,273 $ 2,657,799 Type of customers: Individuals $ — $ 739,293 $ — $ 739,293 Manufacturers, brokers and distributors 18,212 — 544,384 562,596 Retailers 1,300,960 — 36,427 1,337,387 Other 14,910 151 3,462 18,523 Total $ 1,334,082 $ 739,444 $ 584,273 $ 2,657,799 (a) Center store includes dry grocery, frozen and beverages. (b) Fresh includes produce, meat, dairy, deli, bakery, prepared proteins, seafood and floral. (c) Non-food includes general merchandise, health and beauty care, tobacco products and pharmacy. |
Summary of Changes in Allowance for Credit Losses | Allowance for Credit Losses Changes to the balance of the allowance for credit losses were as follows: Allowance for Credit Losses Current Accounts Long-term (In thousands) and Notes Receivable Notes Receivable Total Balance at January 1, 2022 $ 4,414 $ 731 $ 5,145 Changes in credit loss estimates 330 — 330 Write-offs charged against the allowance (91 ) — (91 ) Balance at April 23, 2022 $ 4,653 $ 731 $ 5,384 Allowance for Credit Losses Current Accounts Long-term (In thousands) and Notes Receivable Notes Receivable Total Balance at January 2, 2021 $ 6,232 $ 371 $ 6,603 Changes in credit loss estimates (78 ) — (78 ) Write-offs charged against the allowance (281 ) — (281 ) Balance at April 24, 2021 $ 5,873 $ 371 $ 6,244 |
Restructuring and Asset Impai_2
Restructuring and Asset Impairment (Tables) | 4 Months Ended |
Apr. 23, 2022 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Activity of Reserves for Closed Properties | The following table provides the activity of reserves for closed properties for the 16-week period ended April 23, 2022. Included in the liability are lease-related ancillary costs from the date of closure to the end of the remaining lease term, as well as related severance. Reserves for closed properties recorded in the condensed consolidated balance sheets are included in “Other accrued expenses” in Current liabilities and “Other long-term liabilities” in Long-term liabilities based on the timing of when the obligations are expected to be paid. Reserves for severance are recorded in “Accrued payroll and benefits”. Reserves for Closed Properties Lease Ancillary (In thousands) Costs Severance Total Balance at January 1, 2022 $ 3,124 $ — $ 3,124 Provision for severance — 9 9 Changes in estimates (27 ) — (27 ) Accretion expense 22 — 22 Payments (373 ) (9 ) (382 ) Balance at April 23, 2022 $ 2,746 $ — $ 2,746 |
Schedule of Restructuring and Asset Impairment, Net | Restructuring and asset impairment, net in the condensed consolidated statements of earnings consisted of the following: 16 Weeks Ended April 23, April 24, (In thousands) 2022 2021 Asset impairment charges (a) $ — $ 756 Provision for closing charges — 583 Gain on sales of assets related to closed facilities (b) — (1,860 ) Provision for severance 9 84 Other costs associated with site closures (c) 31 335 Changes in estimates (27 ) (59 ) Total $ 13 $ (161 ) (a) Asset impairment charges in the prior year were incurred primarily in the Retail segment and relate to previously closed locations. (b) Gain on sales of assets in the prior year primarily relates to the sales of pharmacy customer lists related to store closings in the Retail segment. (c) Other costs in the current year and prior year primarily relate to Retail store closings. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 4 Months Ended |
Apr. 23, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Book Value and Estimated Fair Value of Debt Instruments, Excluding Debt Financing Costs | At April 23 , 202 2 and January 1 , 20 2 2 , the book value and estimated fair value of the Company’s debt instruments, excluding debt financing costs, were as follows : April 23, January 1, (In thousands) 2022 2022 Book value of debt instruments, excluding debt financing costs: Current maturities of long-term debt and finance lease liabilities $ 5,806 $ 6,334 Long-term debt and finance lease liabilities 446,497 402,065 Total book value of debt instruments 452,303 408,399 Fair value of debt instruments, excluding debt financing costs 453,689 414,667 Excess of fair value over book value $ 1,386 $ 6,268 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 4 Months Ended |
Apr. 23, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Allocation of Stock-Based Compensation Expense in Condensed Consolidated Statements of Operations | Share-based compensation expense recognized and included in “Selling, general and administrative expenses” in the condensed consolidated statements of earnings, and related tax impacts were as follows: 16 Weeks Ended (In thousands) April 23, 2022 April 24, 2021 Restricted stock expense $ 4,295 $ 4,185 Income tax benefit (2,590 ) (979 ) Restricted stock expense, net of tax $ 1,705 $ 3,206 |
Summary of Stock Incentive Plans Activity | The following table summarizes activity in the stock incentive plans for the 16 weeks ended April 23, 2022: Weighted Restricted Average Stock Grant-Date Awards Fair Value Outstanding at January 1, 2022 1,031,837 $ 17.56 Granted 369,098 28.40 Vested (452,444 ) 17.58 Cancelled/Forfeited (36,344 ) 17.93 Outstanding at April 23, 2022 912,147 $ 21.92 |
Summary of Share-based Payment Expense Recognized as a Reduction of Net Sales in Condensed Consolidated Statements of Operations | Share-based payment expense recognized as a reduction of “Net sales” in the condensed consolidated statements of earnings, and related tax benefits were as follows: 16 Weeks Ended (In thousands) April 23, 2022 April 24, 2021 Warrant expense $ 673 $ 645 Income tax benefit (50 ) (57 ) Warrant expense, net of tax $ 623 $ 588 |
Summary of Stock Warrant Activity | The following table summarizes stock warrant activity for the 16 weeks ended April 23, 2022: Warrant Outstanding and nonvested at January 1, 2022 3,914,833 Vested (108,746 ) Outstanding and nonvested at April 23, 2022 3,806,087 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 4 Months Ended |
Apr. 23, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted net earnings per share: 16 Weeks Ended (In thousands, except per share amounts) April 23, 2022 April 24, 2021 Numerator: Net earnings $ 19,289 $ 19,516 Adjustment for earnings attributable to participating securities (273 ) (426 ) Net earnings used in calculating earnings per share $ 19,016 $ 19,090 Denominator: Weighted average shares outstanding, including participating securities 35,566 35,765 Adjustment for participating securities (504 ) (781 ) Shares used in calculating basic earnings per share 35,062 34,984 Effect of dilutive stock warrant 648 86 Effect of dilutive restricted stock awards 168 25 Shares used in calculating diluted earnings per share 35,878 35,095 Basic earnings per share $ 0.54 $ 0.55 Diluted earnings per share $ 0.53 $ 0.54 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 4 Months Ended |
Apr. 23, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information is as follows: 16 Weeks Ended (In thousands) April 23, 2022 April 24, 2021 Non-cash investing activities: Capital expenditures included in accounts payable $ 3,756 $ 8,392 Operating lease asset additions 1,117 424 Finance lease asset additions 10,006 62 Non-cash financing activities: Dividends declared but unpaid 151 131 Recognition of operating lease liabilities 1,117 424 Recognition of finance lease liabilities 10,006 62 Other supplemental cash flow information: Cash paid for interest 3,059 3,560 |
Reporting Segment Information (
Reporting Segment Information (Tables) | 4 Months Ended |
Apr. 23, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Operating Segment | The following tables set forth information about the Company by reporting segment: (In thousands) Food Distribution Retail Military Total 16 Weeks Ended April 23, 2022 Net sales to external customers $ 1,370,857 $ 781,279 $ 611,522 $ 2,763,658 Inter-segment sales 339,786 161 — 339,947 Acquisition and integration — 239 — 239 Restructuring and asset impairment, net 11 2 — 13 Depreciation and amortization 10,092 14,189 4,192 28,473 Operating earnings 26,684 27 1,438 28,149 Capital expenditures 13,100 12,673 4,165 29,938 16 Weeks Ended April 24, 2021 Net sales to external customers $ 1,334,082 $ 739,444 $ 584,273 $ 2,657,799 Inter-segment sales 310,631 173 — 310,804 Acquisition and integration — 59 — 59 Restructuring and asset impairment, net (18 ) (143 ) — (161 ) Depreciation and amortization 9,790 14,241 4,060 28,091 Operating earnings (loss) 21,146 14,192 (5,143 ) 30,195 Capital expenditures 9,956 9,135 3,033 22,124 April 23, January 1, (In thousands) 2022 2022 Total Assets Food Distribution $ 1,115,265 $ 1,092,851 Retail 743,122 747,342 Military 405,846 366,589 Total $ 2,264,233 $ 2,206,782 |
Revenue - Summary of Informatio
Revenue - Summary of Information about Disaggregated Revenue of Reportable Segments (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 2,763,658 | $ 2,657,799 |
Center store [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,062,709 | 1,022,557 |
Fresh [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 927,933 | 899,935 |
Non-food [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 684,570 | 659,888 |
Other Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 33,855 | 36,238 |
Fuel [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 54,591 | 39,181 |
Individuals Customer [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 780,959 | 739,293 |
Manufacturers, brokers and distributors [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 585,156 | 562,596 |
Retailers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,381,915 | 1,337,387 |
Other Customers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 15,628 | 18,523 |
Food Distribution [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,370,857 | 1,334,082 |
Food Distribution [Member] | Center store [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 473,364 | 451,777 |
Food Distribution [Member] | Fresh [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 446,953 | 447,208 |
Food Distribution [Member] | Non-food [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 420,735 | 402,695 |
Food Distribution [Member] | Other Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 29,805 | 32,402 |
Food Distribution [Member] | Manufacturers, brokers and distributors [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 20,425 | 18,212 |
Food Distribution [Member] | Retailers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 1,338,852 | 1,300,960 |
Food Distribution [Member] | Other Customers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 11,580 | 14,910 |
Retail [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 781,279 | 739,444 |
Retail [Member] | Center store [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 295,056 | 288,718 |
Retail [Member] | Fresh [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 299,879 | 283,035 |
Retail [Member] | Non-food [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 131,431 | 128,136 |
Retail [Member] | Other Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 322 | 374 |
Retail [Member] | Fuel [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 54,591 | 39,181 |
Retail [Member] | Individuals Customer [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 780,959 | 739,293 |
Retail [Member] | Other Customers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 320 | 151 |
Military [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 611,522 | 584,273 |
Military [Member] | Center store [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 294,289 | 282,062 |
Military [Member] | Fresh [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 181,101 | 169,692 |
Military [Member] | Non-food [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 132,404 | 129,057 |
Military [Member] | Other Products [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 3,728 | 3,462 |
Military [Member] | Manufacturers, brokers and distributors [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 564,731 | 544,384 |
Military [Member] | Retailers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | 43,063 | 36,427 |
Military [Member] | Other Customers [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total revenue | $ 3,728 | $ 3,462 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) | 4 Months Ended |
Apr. 23, 2022USD ($) | |
Disaggregation Of Revenue [Line Items] | |
Revenue recognition performance obligation | $ 0 |
Revenue, remaining performance obligation, optional exemption, performance obligation | true |
Revenue recognition contract terms | 30 days |
Contract assets | $ 0 |
Maximum [Member] | |
Disaggregation Of Revenue [Line Items] | |
Revenue recognition contract terms | 1 year |
Revenue - Summary of Changes in
Revenue - Summary of Changes in Allowance for Credit Losses (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Beginning balance | $ 5,145 | $ 6,603 |
Changes in credit loss estimates | 330 | (78) |
Write-offs charged against the allowance | (91) | (281) |
Ending balance | 5,384 | 6,244 |
Current Accounts and Notes Receivable [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Beginning balance | 4,414 | 6,232 |
Changes in credit loss estimates | 330 | (78) |
Write-offs charged against the allowance | (91) | (281) |
Ending balance | 4,653 | 5,873 |
Long Term Notes Receivable [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Beginning balance | 731 | 371 |
Ending balance | $ 731 | $ 371 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) | 4 Months Ended | |
Apr. 23, 2022USD ($)Segment | Jan. 01, 2022USD ($) | |
Goodwill [Line Items] | ||
Number of reporting units | Segment | 3 | |
Goodwill | $ 181,035,000 | $ 181,035,000 |
Indefinite-lived intangible assets | 67,600,000 | 67,600,000 |
Retail [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 0 | |
Military [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 0 | |
Food Distribution [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 181,000,000 | $ 181,000,000 |
Restructuring and Asset Impai_3
Restructuring and Asset Impairment - Schedule of Activity of Reserves for Closed Properties (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | $ 3,124 | |
Provision for severance | 9 | $ 84 |
Changes in estimates | (27) | |
Accretion expense | 22 | |
Payments | (382) | |
Ending balance | 2,746 | |
Lease and Ancillary Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Beginning balance | 3,124 | |
Changes in estimates | (27) | |
Accretion expense | 22 | |
Payments | (373) | |
Ending balance | 2,746 | |
Severance [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Provision for severance | 9 | |
Payments | $ (9) |
Restructuring and Asset Impai_4
Restructuring and Asset Impairment - Schedule of Restructuring and Asset Impairment, Net (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Restructuring Cost And Reserve [Line Items] | ||
Asset impairment charges | $ 756 | |
Gain on sales of assets related to closed facilities | $ (77) | (182) |
Provision for severance | 9 | 84 |
Other costs associated with site closures | 31 | 335 |
Changes in estimates | (27) | (59) |
Restructuring and asset impairment | $ 13 | (161) |
Business Restructuring Reserves [Member] | Lease and Ancillary Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Provision for closing charges | 583 | |
Facility Closing [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Gain on sales of assets related to closed facilities | $ (1,860) |
Restructuring and Asset Impai_5
Restructuring and Asset Impairment - Additional Information (Detail) - USD ($) | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Restructuring Cost And Reserve [Line Items] | ||
Impairment charges | $ 756,000 | |
Fair Value Measurements Nonrecurring [Member] | Significant unobservable inputs (Level 3) [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Long-lived assets | 2,600,000 | |
Long-lived assets measured fair value on nonrecurring basis | 1,800,000 | |
Impairment charges | $ 0 | $ 800,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Book Value and Estimated Fair Value of Debt Instruments, Excluding Debt Financing Costs (Detail) - USD ($) $ in Thousands | Apr. 23, 2022 | Jan. 01, 2022 |
Book value of debt instruments, excluding debt financing costs: | ||
Current maturities of long-term debt and finance lease liabilities | $ 5,806 | $ 6,334 |
Long-term debt and finance lease liabilities | 446,497 | 402,065 |
Total book value of debt instruments | 452,303 | 408,399 |
Fair value of debt instruments, excluding debt financing costs | 453,689 | 414,667 |
Excess of fair value over book value | $ 1,386 | $ 6,268 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Jul. 09, 2021 |
Commitments And Contingencies Disclosure [Abstract] | |
Multiemployer plan number of years relief from risk of insolvency | 30 years |
Associate Retirement Plans - Ad
Associate Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Pension contributions during last plan year | $ 3.8 | $ 4.6 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit (income) expense | 0.2 | |
Retiree Medical Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected Company contribution for remainder of fiscal year | 0.5 | |
Standard pension funding carryover | 0.1 | |
SpartanNash Retiree Medical Plan Plan [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit (income) expense | $ 0.2 | $ 0.2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 4 Months Ended | 12 Months Ended | ||
Apr. 23, 2022 | Apr. 24, 2021 | Jan. 02, 2021 | Dec. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 20.20% | 24.60% | ||
Net discrete income tax benefits of CARES Act | $ 9.3 | |||
Federal statutory income tax rate | 35.00% | |||
Proceeds from income tax refunds related to amended prior year returns | $ 25.7 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Allocation of Stock-Based Compensation Expense in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | ||
Restricted stock expense | $ 4,295 | $ 4,185 |
Income tax benefit | (2,590) | (979) |
Restricted stock expense, net of tax | $ 1,705 | $ 3,206 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Stock Incentive Plans Activity (Detail) - Restricted Stock Awards [Member] | 4 Months Ended |
Apr. 23, 2022$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Awards, Outstanding, Beginning balance | shares | 1,031,837 |
Restricted Stock Awards, Granted | shares | 369,098 |
Restricted Stock Awards, Vested | shares | (452,444) |
Restricted Stock Awards, Cancelled/Forfeited | shares | (36,344) |
Restricted Stock Awards, Outstanding, Ending balance | shares | 912,147 |
Weighted Average Grant-Date Fair Value, Beginning balance | $ / shares | $ 17.56 |
Weighted Average Grant-Date Fair Value, Granted | $ / shares | 28.40 |
Weighted Average Grant-Date Fair Value, Vested | $ / shares | 17.58 |
Weighted Average Grant-Date Fair Value, Cancelled/Forfeited | $ / shares | 17.93 |
Weighted Average Grant-Date Fair Value, Ending balance | $ / shares | $ 21.92 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Oct. 07, 2020 | Apr. 23, 2022 | Jan. 01, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock warrant, outstanding and nonvested | 3,806,087 | 3,914,833 | |
Unrecognized cost related to non-vested warrant shares | $ 20 | ||
Non-vested warrant shares expensed as vesting conditions are satisfied over the remaining term | 5 years 6 months | ||
Warrant shares, vested and exercisable | 1,631,185 | ||
Non-vested warrant shares, intrinsic value | $ 61.7 | ||
Vested warrant shares, intrinsic value | 26.4 | ||
NV Investment Holdings [Member] | Commercial Agreement [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Warrant to acquire number of securities, common stock shares | 5,437,272 | ||
Exercise price | $ 17.7257 | ||
Warrant commercial supply agreement | $ 200 | ||
Right to purchase warrant, expiration date | Oct. 7, 2027 | ||
NV Investment Holdings [Member] | Commercial Agreement [Member] | Warrants One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of warrant, outstanding and issuable shares | 2.50% | ||
Warrant to purchase number of securities, common stock shares vested | 1,087,455 | ||
Warrant grant date fair value per share | $ 5.51 | ||
NV Investment Holdings [Member] | Commercial Agreement [Member] | Warrants Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of warrant, outstanding and issuable shares | 10.00% | ||
Warrant grant date fair value per share | $ 5.33 | ||
Stock warrant, outstanding and nonvested | 4,349,817 | ||
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 12.4 | ||
Unrecognized compensation cost, weighted average period of recognition | 2 years 3 months 18 days |
Share-Based Payments - Summar_3
Share-Based Payments - Summary of Share-based Payment Expense Recognized as a Reduction of Net Sales in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Employee Service Share Based Compensation Aggregate Disclosures [Abstract] | ||
Warrant expense | $ 673 | $ 645 |
Income tax benefit | (50) | (57) |
Warrant expense, net of tax | $ 623 | $ 588 |
Share-Based Payments - Summar_4
Share-Based Payments - Summary of Stock Warrant Activity (Detail) | 4 Months Ended |
Apr. 23, 2022shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock warrant, outstanding and nonvested | 3,914,833 |
Vested | (108,746) |
Stock warrant, outstanding and nonvested | 3,806,087 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Numerator: | ||
Net earnings | $ 19,289 | $ 19,516 |
Adjustment for earnings attributable to participating securities | (273) | (426) |
Net earnings used in calculating earnings per share | $ 19,016 | $ 19,090 |
Denominator: | ||
Weighted average shares outstanding, including participating securities | 35,566 | 35,765 |
Adjustment for participating securities | (504) | (781) |
Shares used in calculating basic earnings per share | 35,062 | 34,984 |
Shares used in calculating diluted earnings per share | 35,878 | 35,095 |
Basic net earnings per share: | $ 0.54 | $ 0.55 |
Diluted net earnings per share: | $ 0.53 | $ 0.54 |
Stock Warrant [Member] | ||
Denominator: | ||
Effect of dilutive restricted stock awards | 648 | 86 |
Restricted Stock Awards [Member] | ||
Denominator: | ||
Effect of dilutive restricted stock awards | 168 | 25 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands | 4 Months Ended | |
Apr. 23, 2022 | Apr. 24, 2021 | |
Non-cash investing activities: | ||
Capital expenditures included in accounts payable | $ 3,756 | $ 8,392 |
Operating lease asset additions | 1,117 | 424 |
Finance lease asset additions | 10,006 | 62 |
Non-cash financing activities: | ||
Dividends declared but unpaid | 151 | 131 |
Recognition of operating lease liabilities | 1,117 | 424 |
Recognition of finance lease liabilities | 10,006 | 62 |
Other supplemental cash flow information: | ||
Cash paid for interest | $ 3,059 | $ 3,560 |
Reporting Segment Information -
Reporting Segment Information - Schedule of Segment Reporting Information, by Operating Segment (Detail) - USD ($) $ in Thousands | 4 Months Ended | ||
Apr. 23, 2022 | Apr. 24, 2021 | Jan. 01, 2022 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,763,658 | $ 2,657,799 | |
Acquisition and integration | 239 | 59 | |
Restructuring and asset impairment, net | 13 | (161) | |
Depreciation and amortization | 28,473 | 28,091 | |
Operating earnings (loss) | 28,149 | 30,195 | |
Capital expenditures | 29,938 | 22,124 | |
Total Assets | 2,264,233 | $ 2,206,782 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,763,658 | 2,657,799 | |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 339,947 | 310,804 | |
Food Distribution [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,370,857 | 1,334,082 | |
Restructuring and asset impairment, net | 11 | (18) | |
Depreciation and amortization | 10,092 | 9,790 | |
Operating earnings (loss) | 26,684 | 21,146 | |
Capital expenditures | 13,100 | 9,956 | |
Total Assets | 1,115,265 | 1,092,851 | |
Food Distribution [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,370,857 | 1,334,082 | |
Food Distribution [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 339,786 | 310,631 | |
Retail [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 781,279 | 739,444 | |
Acquisition and integration | 239 | 59 | |
Restructuring and asset impairment, net | 2 | (143) | |
Depreciation and amortization | 14,189 | 14,241 | |
Operating earnings (loss) | 27 | 14,192 | |
Capital expenditures | 12,673 | 9,135 | |
Total Assets | 743,122 | 747,342 | |
Retail [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 781,279 | 739,444 | |
Retail [Member] | Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 161 | 173 | |
Military [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 611,522 | 584,273 | |
Depreciation and amortization | 4,192 | 4,060 | |
Operating earnings (loss) | 1,438 | (5,143) | |
Capital expenditures | 4,165 | 3,033 | |
Total Assets | 405,846 | $ 366,589 | |
Military [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 611,522 | $ 584,273 |