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Document and Entity Information (USD $)
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12 Months Ended | ||
|---|---|---|---|
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Dec. 26, 2014
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Mar. 02, 2015
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Jun. 27, 2014
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| Document And Entity Information [Abstract] | |||
| Entity Registrant Name | Chefs' Warehouse, Inc. | ||
| Entity Central Index Key | 0001517175 | ||
| Current Fiscal Year End Date | --12-26 | ||
| Document Period End Date | Dec. 26, 2014 | ||
| Document Type | 10-K | ||
| Entity a Well-known Seasoned Issuer | No | ||
| Entity a Voluntary Filer | No | ||
| Entity's Reporting Status Current | Yes | ||
| Trading Symbol | chef | ||
| Amendment Flag | false | ||
| Entity Filer Category | Accelerated Filer | ||
| Document Fiscal Period Focus | FY | ||
| Document Fiscal Year Focus | 2014 | ||
| Entity Common Stock, Shares Outstanding | 25,019,489 | ||
| Entity Public Float | $ 383,811,187 |
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition
Trading symbol of an instrument as listed on an exchange. No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The carrying amount of capitalized computer software costs net of accumulated amortization as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Cumulative translation adjustment resulting from translating foreign currency financial statements into the reporting currency. Reported in equity as part of accumulated other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified |
Dec. 26, 2014
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Dec. 27, 2013
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|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Allowance for accounts receivable | $ 4,675 | $ 3,642 |
| Preferred stock, par value | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred stock, shares issued | ||
| Preferred stock, shares outstanding | ||
| Common stock, par value | $ 0.01 | $ 0.01 |
| Common stock, shares authorized | 100,000,000 | 100,000,000 |
| Common stock, shares issued | 25,031,267 | 25,032,216 |
| Common stock, shares outstanding | 25,031,267 | 25,032,216 |
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
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Dec. 26, 2014
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Dec. 27, 2013
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Dec. 28, 2012
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| Income Statement [Abstract] | |||
| Net sales | $ 836,625 | $ 673,545 | $ 480,292 |
| Cost of sales | 630,573 | 501,181 | 355,288 |
| Gross profit | 206,052 | 172,364 | 125,004 |
| Operating expenses | 173,042 | 135,783 | 96,237 |
| Operating income | 33,010 | 36,581 | 28,767 |
| Interest expense | 8,167 | 7,775 | 3,674 |
| (Gain) loss on sale of assets | (5) | 8 | 18 |
| Income before income taxes | 24,848 | 28,798 | 25,075 |
| Provision for income taxes | 10,633 | 11,808 | 10,564 |
| Net income | 14,215 | 16,990 | 14,511 |
| Other comprehensive income: | |||
| Foreign currency translation adjustments | (479) | (214) | |
| Comprehensive income | $ 13,736 | $ 16,776 | $ 14,511 |
| Net income per share: | |||
| Basic | $ 0.58 | $ 0.78 | $ 0.7 |
| Diluted | $ 0.57 | $ 0.77 | $ 0.69 |
| Weighted average common shares outstanding: | |||
| Basic | 24,638,135 | 21,766,743 | 20,612,407 |
| Diluted | 24,844,565 | 21,995,042 | 20,926,365 |
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- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Shares Surrendered To Pay Withholding Taxes Shares No definition available.
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| X | ||||||||||
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- Definition
Shares Surrendered To Pay Withholding Taxes Value No definition available.
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| X | ||||||||||
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- Definition
Amount of increase in additional paid in capital (APIC) resulting from a tax benefit associated with share-based compensation plan other than an employee stock ownership plan (ESOP). Includes, but is not limited to, excess tax benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares issued which are neither cancelled nor held in the treasury. No definition available.
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of change in fair value of earnout. No definition available.
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| X | ||||||||||
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- Definition
Refers to amount of deferred credits. No definition available.
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| X | ||||||||||
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- Definition
The value of software financing in noncash investing activity. No definition available.
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| X | ||||||||||
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- Definition
Write off of deferred financing fees. No definition available.
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| X | ||||||||||
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- Definition
The aggregate amount of recurring noncash expense charged against earnings in the period to allocate the cost of assets over their estimated remaining economic lives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The increase during the period in capital lease obligations due to entering into new capital leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow from realized tax benefit related to deductible compensation cost reported on the entity's tax return for equity instruments in excess of the compensation cost for those instruments recognized for financial reporting purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The fair value of liabilities assumed in noncash investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of amortization of other deferred costs recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash outflow to satisfy an employee's income tax withholding obligation as part of a net-share settlement of a share-based award. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from a borrowing with the highest claim on the assets of the entity in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from cash and cash items that are not available for withdrawal or usage. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash inflow from borrowings supported by a written promise to pay an obligation that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt and payment of capital lease obligations. No definition available.
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| X | ||||||||||
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- Definition
Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Operations and Basis of Presentation
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12 Months Ended |
|---|---|
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Dec. 26, 2014
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Operations and Basis of Presentation | Note 1 - Operations and Basis of Presentation
Description of Business and Basis of Presentation
The financial statements include the consolidated accounts of The Chefs’ Warehouse, Inc. (the “Company”), and its wholly-owned subsidiaries. The Company’s quarterly periods end on the thirteenth Friday of each quarter. Every six to seven years the Company will add a fourteenth week to its fourth quarter to more closely align its year end to the calendar year. In 2011, this resulted in a 53-week year ended December 30, 2011. The Company operates in one segment, food product distribution, which is concentrated on the East and West Coasts of the United States. The Company’s customer base consists primarily of menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos and specialty food stores.
Consolidation
The consolidated financial statements include all the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with generally accepted accounting principles requires it to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues, expenses and disclosure of contingent assets and liabilities. Estimates are used in determining, among other items, the allowance for doubtful accounts, reserves for inventories, self-insurance reserves for group medical insurance, workers’ compensation insurance, and automobile liability insurance, future cash flows associated with impairment testing for intangible assets (including goodwill) and long-lived assets, useful lives for intangible assets, stock-based compensation and tax reserves. Actual results could differ from estimates. |
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- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Summary of Significant Accounting Policies
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12 Months Ended |
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Dec. 26, 2014
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| Summary Of Significant Accounting Policies | |
| Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies
Revenue Recognition
Revenue from the sale of a product is recognized at the point at which the product is delivered to the customer. The Company grants certain customers sales incentives, such as rebates or discounts and treats these as a reduction of sales at the time the sale is recognized. Sales tax billed to customers is not included in revenue but rather recorded as a liability owed to the respective taxing authorities at the time the sale is recognized.
Cost of Sales (COS)
The Company records cost of sales based upon the net purchase price paid for a product, including applicable freight charges incurred to deliver the product to the Company’s warehouse.
Operating Expenses
Operating expenses include the costs of facilities, product handling and replenishment, protein processing costs, delivery, selling and general administrative activities.
Cash and Cash Equivalents
The Company considers all highly liquid investments with an original maturity of less than three months to be cash equivalents. The Company periodically maintains balances at financial institutions which may exceed Federal Deposit Insurance Corporation insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.
Accounts Receivable
Accounts receivable consist of trade receivables from customers and are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is determined based upon a number of specific criteria, such as whether a customer has filed for or been placed into bankruptcy, has had accounts referred to outside parties for collections or has had accounts significantly past due. The allowance also covers short paid invoices the Company deems to be uncollectable as well as a portion of trade accounts receivable balances projected to become uncollectable based upon historic patterns.
Inventories
Inventories consist primarily of finished goods, food and related food products held for resale and are valued at the lower of cost or market. Our different entities record inventory using a mixture of first-in, first-out and average cost, which we believe approximates first-in, first-out. The Company maintains reserves for slow-moving and obsolete inventories.
Purchase Incentives
The Company receives consideration and product purchase credits from certain vendors that the Company accounts for as a reduction of cost of sales. There are several types of cash consideration received from vendors. The purchase incentive is primarily in the form of a specified amount per pound or per case. For the years ended December 26, 2014, December 27, 2013, and December 28, 2012, the recorded purchase incentives totaled approximately $8,175, $6,653, and $5,134, respectively.
Concentrations of Credit Risks
Financial instruments that subject the Company to concentrations of credit risk consist of cash, temporary cash investments and trade receivables. The Company’s policy is to deposit its cash and temporary cash investments with major financial institutions. The Company distributes its food and related products to a customer base that consists primarily of leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos and specialty food stores. To reduce credit risk, the Company performs ongoing credit evaluations of its customers’ financial conditions. The Company generally does not require collateral. However, the Company, in certain instances, has obtained personal guarantees from certain customers. There is no significant balance with any individual customer.
Equipment and Leasehold Improvements
The Company records equipment and leasehold improvements at cost. Equipment that has been financed through capital leases is recorded at the present value of the minimum lease payments, which approximates cost. Equipment and leasehold improvements, including capital lease assets, are depreciated on a straight-line basis based upon estimated useful life.
Software Costs
The Company capitalizes certain computer software licenses and software implementation costs that are included in software costs in its consolidated balance sheets. These costs were incurred in connection with developing or obtaining computer software for internal use if it has a useful life in excess of one year, in accordance with Accounting Standards Codification (ASC) 350-40 “Internal-Use Software.” Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they allow the software to perform a task that it previously did not perform. Internal use software is amortized on a straight-line basis over a three to seven year period. Capitalized costs include direct acquisitions as well as software and software development acquired under capitalized leases and internal labor where appropriate. Capitalized software purchases and related development costs, net of accumulated amortization, were $5,358 at December 26, 2014 and $2,265 at December 27, 2013.
Impairment of Long-Lived Assets
Long-lived assets, other than goodwill, are reviewed for impairment in accordance with ASC 360-10-35-15, “Impairment or Disposal of Long-Lived Assets” which only requires testing whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If any indicators are present, a recoverability test is performed by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If the net undiscounted cash flows do not exceed the carrying amount (i.e., the asset is not recoverable), an additional step is performed that determines the fair value of the asset and the Company records an impairment, if any.
Debt Issuance Costs
Certain costs associated with the issuance of debt instruments are capitalized and included in non-current assets in the consolidated balance sheets. The Company had unamortized debt issuance costs of $2,751 and $2,803 as of December 26, 2014 and December 27, 2013, respectively. These costs are amortized over the terms of the related debt instruments by effective interest rate method. Amortization of debt issuance costs was $876 for the fiscal year ended December 26, 2014, $647 for the fiscal year ended December 27, 2013, and $446 for the fiscal year ended December 28, 2012.
Intangible Assets
The intangible assets recorded by the Company consist of customer relationships, covenants not to compete and trademarks which are amortized over their useful lives on a schedule that approximates the pattern in which economic benefits of the intangible assets are consumed. Intangible assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Undiscounted cash flows expected to be generated by the related assets are estimated over the assets’ useful lives based on updated projections. If the evaluation indicates that the carrying amount of the asset may not be recoverable, the potential impairment is measured based on a projected discounted cash flow model. There have been no events or changes in circumstances during fiscal 2014, fiscal 2013 or fiscal 2012 indicating that the carrying value of our finite-lived intangible assets are not recoverable.
Goodwill
Goodwill is the excess of the acquisition cost of businesses over the fair value of identifiable net assets acquired in accordance with ASC 350, “Intangibles-Goodwill and Other.” Impairment testing for goodwill is performed at least annually and more frequently if indicators of impairment exist. Impairment testing for goodwill uses a two-step approach, which is performed at the consolidated level, as the Company has a single reporting unit. Step one compares the fair value of the Company (using the market capitalization approach) with its carrying value. If the carrying value exceeds the fair value, there is a potential impairment and step two must be performed. Step two compares the carrying value of the entity’s goodwill to its implied fair value (i.e., fair value of the entity less the fair value of the entity’s assets and liabilities, including identifiable intangible assets). If the carrying value of goodwill exceeds its implied fair value, the excess is required to be recorded as impairment. There have been no events or changes in circumstances during fiscal 2014, fiscal 2013 or fiscal 2012 indicating that goodwill may be impaired.
Employee Benefit Programs
The Company sponsors a defined contribution plan covering substantially all full-time employees (the “401(k) Plan”). Beginning in fiscal 2011, the Company elected to make matching contributions to the 401(k) Plan at 50% of employee contributions to a maximum of six percent of an employee’s salary, capped at $2.5 per associate per year. The Company recognized expense related to the 401(k) Plan totaling $717, $449 and $337, respectively, for the years ended December 26, 2014, December 27, 2013 and December 28, 2012.
Income Taxes
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” Deferred tax assets or liabilities are recorded to reflect the future tax consequences of temporary differences between the financial reporting basis of assets and liabilities and their tax basis at each year-end. These amounts are adjusted, as appropriate, to reflect enacted changes in tax rates expected to be in effect when the temporary differences reverse. The Company follows certain provisions of ASC 740, “Income Taxes” (previously reported as Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109”) which established a single model to address accounting for uncertain tax positions and clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company evaluates uncertain tax positions, if any, by determining if it is more likely than not to be sustained upon examination by the tax authorities. The Company records uncertain tax positions when it is estimable and probable that such liabilities have been incurred. The Company, when required, will accrue interest and penalties related to income tax matters in income tax expense.
Commitments and Contingencies
The Company is subject to various claims and contingencies related to lawsuits, taxes and environmental matters, as well as commitments under contractual and other commercial obligations. The Company recognizes liabilities for contingencies and commitments when a loss is probable and can be reasonably estimated.
Stock-Based Compensation
The Company measures stock-based compensation at the grant date based on the fair value of the award. Restricted stock awards are valued based on the fair value of the stock on the grant date and the related compensation expense is recognized over the service period. Similarly, for time-based restricted stock awards subject to graded vesting, the Company ensures that the compensation expense recognized is at least equal to the vested portion of the award.
Self-Insurance Reserves
Effective October 1, 2011, the Company began maintaining a self-insured group medical program. The program contains stop loss thresholds of $125 per incident and aggregate stop loss thresholds based upon the average number of employees enrolled in the program during the year. The amount in excess of the self-insured levels is fully insured by third party insurers. Liabilities associated with this program are estimated in part by considering historical claims experience and medical cost trends. Projections of future loss expenses are inherently uncertain because of the random nature of insurance claims occurrences and could be significantly affected if future occurrences and claims differ from these assumptions and historical trends.
Effective August 1, 2012, the Company became self-insured for workers’ compensation and automobile liability to deductibles or self-insured retentions of $350 for workers compensation and $250 for automobile liability per occurrence. The amounts in excess of the Company’s deductibles are fully insured by third party insurers. Liabilities associated with this program are estimated in part by considering historical claims experience and cost trends. Projections of future loss expenses are inherently uncertain because of the random nature of insurance claims occurrences and could be significantly affected if future occurrences and claims differ from these assumptions and historical trends.
Fair Value Measurements
The carrying values of the Company’s assets and liabilities approximate the fair values except for the fair value of the Company’s fixed rate debt, which is based on prevailing interest rates and market prices for debt of similar terms and maturities. The carrying amount of the Company’s senior secured notes at December 26, 2014 approximates fair value as the interest rate obtained by the Company approximates the prevailing interest rates for similar instruments. As of December 26, 2014, the Company’s only assets or liabilities measured at fair value were the contingent earn-out liabilities for the Allen Brothers, Queensgate and Euro Gourmet acquisitions. These liabilities were estimated using Level 3 inputs and had fair values of $5,696, $0 and $243 at December 26, 2014, respectively. |
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The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net Income Per Share
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Dec. 26, 2014
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| Net income per share: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Per Share | Note 3 – Net Income per Share
The following table sets forth the computation of basic and diluted earnings per share:
Reconciliation of earnings per share:
We had unvested common shares of 8,903, 20,944 and 0 that were anti-dilutive at December 26, 2014, December 27, 2013, and December 28, 2012, respectively.
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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements
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Dec. 26, 2014
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | Note 4 – Fair Value Measurements
The Company accounts for certain assets and liabilities at fair value. The Company categorizes each of its fair value measurements in one of the following three levels based on the lowest level input that is significant to the fair value measurement in its entirety:
Level 1 - Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets.
Level 2 - Observable inputs other than quoted prices in active markets for identical assets and liabilities include the following:
If the asset has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset.
Level 3 - Inputs to the valuation methodology are unobservable (i.e., supported by little or no market activity) and significant to the fair value measure.
Assets and Liabilities Measured at Fair Value
As of December 26, 2014 the Company’s only assets or liabilities measured at fair value were the contingent earn-out liabilities for the Allen Brothers, Euro Gourmet and Queensgate acquisitions. These liabilities were estimated using Level 3 inputs and had fair values of $5,696, $243 and $0 at December 26, 2014, respectively. These liabilities are reflected as accrued liabilities and other liabilities and deferred credits on the balance sheet. The fair value of contingent consideration was determined based on a probability-based approach which includes projected results, percentage probability of occurrence and the application of a discount rate to present value the payments. A significant change in projected results, discount rate, or probabilities of occurrence could result in a significantly higher or lower fair value measurement.
The following table presents the changes in Level 3 contingent consideration liability:
Fair Value of Financial Instruments
The carrying amounts reported in the Company’s consolidated balance sheets for accounts receivable and accounts payable approximate fair value, due to the immediate to short-term maturity of these financial instruments. The fair values of the current and former revolving credit facilities and term loans approximated their book values as of December 26, 2014 and December 27, 2013, as these instruments had variable interest rates that reflected current market rates. The carrying amount of the Company’s senior secured notes at December 26, 2014 approximates fair value, as the interest rate obtained by the Company approximates the prevailing interest rates for similar instruments. |
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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisitions
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Dec. 26, 2014
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| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | Note 5 – Acquisitions
The Company accounts for acquisitions in accordance with ASC 805 “Business Combinations”. Assets acquired and liabilities assumed are recorded in the accompanying consolidated balance sheets at their estimated fair values, as of the acquisition date. Results of operations are included in the Company’s financial statements from the date of acquisition. For the acquisitions noted below, the Company used the income approach to determine the fair value of the customer relationships, the relief from royalty method to determine the fair value of trademarks and the comparison of economic income using the with/without approach to determine the fair value of non-compete agreements. The Company used Level 3 inputs to determine the fair value of all these intangible assets.
On December 11, 2013, the Company acquired substantially all the assets of Allen Brothers, Inc. (and its subsidiaries) based in Chicago, Illinois. Founded in 1893, Allen Brothers is a leading processor and distributor of premium quality meats to the nation’s finest restaurants, hotels, casinos and country clubs. In addition, Allen Brothers supplies many of those same high quality products to consumers through a direct mail and e-commerce platform. The total purchase price for the business is estimated to be approximately $30,670, which includes approximately $23,939 paid at closing with cash proceeds from the Company’s September 2013 common stock offering. The remaining $6,731 represents pension liabilities the Company assumed of $2,878 and earnout consideration of $6,000 to be paid upon the achievement of certain performance milestones over the next four years following the closing, offset by $2,147 received as an adjustment to the purchase price. The Company expensed $300 of professional fees in operating expenses related to the acquisition during the year ended December 27, 2013. During fiscal 2014, the Company completed a valuation of the tangible and intangible assets of Allen Brothers as of the acquisition date. These assets were valued at fair value using Level 3 inputs. Customer lists will be amortized over 20 years and trademarks will be amortized over 40 years. Goodwill for the Allen Brothers acquisition will be amortized over 15 years for tax purposes.
On May 1, 2013, the Company acquired 100% of the equity interests of Qzina Specialty Foods North America Inc. (“Qzina”), a British Columbia, Canada corporation based in Pompano Beach, Florida. Founded in 1982, Qzina is a leading supplier of gourmet chocolate, dessert and pastry products dedicated to the pastry professional. At the time of its acquisition, Qzina supplied some of the finest restaurants, bakeries, patisseries, chocolatiers, hotels and cruise lines throughout the U.S. and Canada. The total purchase price for Qzina was approximately $31,796, net of $578 of cash and was funded with borrowings under the revolving credit facility portion of the Company’s senior secured credit facilities. In the third quarter of 2014, the Company received a settlement of $491 from the prior owners of Qzina directly related to disputes regarding the working capital adjustment. The Company reduced goodwill by $400 and used $91 to offset legal fees that were incurred in connection with the dispute. The Company expensed $149 of legal fees in operating expenses related to the acquisition in the year ended December 27, 2013. The Company has completed a formal valuation of the tangible and intangible assets of Qzina, as of the acquisition date. These assets were valued at fair value using Level 3 inputs. Other intangible assets consist of trademarks, which will be amortized over 20 years, customer relationships, which will be amortized over 20 years and covenants not to compete, which will be amortized over 2-5 years. Goodwill for the Qzina acquisition is not deductible for tax purposes.
On December 31, 2012, the Company purchased substantially all the assets of Queensgate Foodservice (“Queensgate”), a foodservice distributor based in Cincinnati, Ohio. The purchase price for Queensgate was approximately $21,934, which the Company financed with borrowings under the revolving credit facility portion of the Company’s then-existing senior secured credit facilities. Additionally, the purchase price could have been increased by up to $2,400 based upon the achievement of certain EBITDA milestones over a two-year period following the closing. This contingent consideration was not earned, as Queensgate did not meet the EBITDA threshold requiring payment for fiscal 2014 and 2013 results, and was recorded as a reduction of operating expenses. The Company expensed $69 of legal fees in operating expenses related to the acquisition in the year ended December 27, 2013. The Company has completed a formal valuation of the tangible and intangible assets of Queensgate. These assets were valued at fair value using Level 3 inputs. Other intangible assets consist of customer relationships, which will be amortized over 7 years, and covenants not to compete, which will be amortized over 5 years. Goodwill for the Queensgate acquisition will be amortized for tax purposes over 15 years.
On August 10, 2012, the Company acquired 100% of the outstanding equity interests of Michael’s for approximately $52,973, net of $536 of cash. In August of 2013, we paid the sellers $335 to settle a dispute over the final working capital settlement. Michael’s distributes an extensive portfolio of custom cut beef, seafood and other center-of-the-plate products to many of the leading restaurants, country clubs, hotels and casinos in Ohio, Indiana, Illinois, Tennessee, Michigan, Kentucky, West Virginia and western Pennsylvania. The Company financed the purchase price with borrowings under the revolving credit facility portion of the Company’s then-existing senior secured credit facilities. During the year ended December 28, 2012, the Company expensed $85 of legal fees in operating expenses related to the acquisition. The Company has completed a formal valuation of the intangible and certain tangible assets of Michael’s. The financial statements reflect the results of the valuation of the goodwill, intangible assets and fixed assets the Company acquired in the transaction. These assets were valued at fair value using Level 3 inputs. Other intangible assets consist of customer relationships, which will be amortized over 10 years, two trademarks, which will be amortized over 12-20 years, and covenants not to compete, which will be amortized over 5 years. Goodwill for the Michael’s acquisition will be amortized for tax purposes over a period of 15 years.
On April 27, 2012, the Company acquired 100% of the outstanding common stock of Praml International, Ltd., a Nevada corporation (“Praml”), for approximately $19,548 in cash. Praml is a leading specialty foodservice company that has serviced the Las Vegas and Reno markets for over 20 years. The Company financed the purchase price with borrowings under the revolving credit facility portion of the Company’s then-existing senior secured credit facilities. During the year ended December 28, 2012, the Company expensed $23 of legal fees in operating expenses related to the acquisition. The Company has completed a valuation of the tangible and intangible assets of Praml. These assets were valued at fair value using Level 3 inputs. Other intangible assets consist of customer relationships, which will be amortized over 11 years, covenants not to compete, which will be amortized over 6 years, and two trademarks, which will be amortized over 1-20 years. Goodwill for the Praml acquisition is not deductible for tax purposes.
The table below details the assets and liabilities acquired as part of the acquisitions of Allen Brothers, which was effective as of December 9, 2013, Qzina, which was effective as of May 1, 2013, Queensgate, which was effective as of December 31, 2012, Michael’s, which was effective as of August 10, 2012, and Praml, which was effective as of April 27, 2012, and the allocation of the purchase price paid in connection with these acquisitions.
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The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Inventory
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Dec. 26, 2014
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| Inventory Disclosure [Abstract] | |
| Inventory | Note 6 – Inventory
Inventory consists of finished product. Our different entities record inventory using a mixture of first-in, first-out and average cost, which we believe approximates first-in, first-out. Inventory is reflected net of reserves for shrinkage and obsolescence totaling $1,130 and $683 at December 26, 2014 and December 27, 2013, respectively. |
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The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Restricted Cash
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Dec. 26, 2014
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| Receivables [Abstract] | |
| Restricted Cash | Note 7 – Restricted Cash
On April 26, 2012, Dairyland HP LLC, an indirectly wholly-owned subsidiary of the Company (“DHP”), entered into a financing arrangement under the New Markets Tax Credit (“NMTC”) program under the Internal Revenue Code of 1986, as amended (the “Code”), pursuant to which Commercial Lending II LLC (“CLII”), a community development entity and a subsidiary of JPMorgan Chase Bank, N.A. (“Chase”), provided to DHP an $11,000 construction loan (the “NMTC Loan”) to help fund DHP’s expansion and build-out of the Company’s new Bronx, New York distribution facility. The proceeds from the NMTC Loan were fully utilized during fiscal 2014. Prior to their use, the proceeds from this loan were reflected as restricted cash on the balance sheet. For more information on the NMTC Loan see Note 10. |
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The entire disclosure for assets that are restricted in their use, generally by contractual agreements or regulatory requirements. This would include, but not limited to, a description of the restricted assets and the terms of the restriction. No definition available.
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Equipment and Leasehold Improvements
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Dec. 26, 2014
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| Equipment and Leasehold Improvements | Note 8 – Equipment and Leasehold Improvements
Plant, equipment and leasehold improvements consisted of the following:
Construction-in-process at December 26, 2014 and December 27, 2013 relates primarily to the build out of our new distribution facility in Bronx, New York, the build out of our new distribution facility in Las Vegas, Nevada and the costs incurred related to the implementation of our JD Edwards ERP system. The Company expects to spend approximately $20,000 in fiscal 2015 to complete these projects.
At December 26, 2014, December 27, 2013 and December 28, 2012, the Company had $509, $820 and $679, respectively, of equipment and vehicles financed by capital leases. The Company recorded depreciation of $96, $211 and $132 on these assets for the years ended December 26, 2014, December 27, 2013 and December 28, 2012, respectively.
Depreciation expense was $2,166, $2,024 and $1,730 for the fiscal years ended December 26, 2014, December 27, 2013 and December 28, 2012, respectively.
Capitalized software is recorded net of accumulated amortization of $2,423 and $1,572 for the fiscal years ended December 26, 2014 and December 27, 2013, respectively. Amortization expense on software was $851, $286 and $221 for the fiscal years ended December 26, 2014, December 27, 2013, and December 28, 2012, respectively. |
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The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Goodwill and Other Intangible Assets
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Dec. 26, 2014
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| Goodwill and Other Intangible Assets | Note 9 – Goodwill and Other Intangible Assets
The changes in the carrying amount of goodwill are presented as follows:
Other intangible assets consist of customer relationships being amortized over a period ranging from four to twenty years, trademarks being amortized over a period of one to forty years, and non-compete agreements being amortized over a period of two to six years. Other intangible assets were consisted of the following at December 26, 2014 and December 27, 2013:
Amortization expense for other intangibles was $5,130, $4,796 and $1,858 for the years ended December 26, 2014, December 27, 2013 and December 28, 2012, respectively. At December 27, 2013, other amortizable intangibles represented the initial purchase price allocation for Allen Brothers.
As of December 26, 2014, estimated amortization expense for other intangible assets for each of the next five years and thereafter is as follows:
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The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Debt Obligations
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Dec. 26, 2014
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| Debt Obligations | Note 10 – Debt Obligations
Debt obligations as of December 26, 2014 and December 27, 2013 consisted of the following:
On April 25, 2012, Dairyland USA Corporation, The Chefs’ Warehouse Mid-Atlantic, LLC, Bel Canto Foods, LLC, The Chefs’ Warehouse West Coast, LLC, The Chefs’ Warehouse of Florida, LLC (each, a “Borrower” and collectively, the “Borrowers”), the Company and Chefs’ Warehouse Parent, LLC (together with the Company, the “Guarantors”) entered into a senior secured credit facility (the “Credit Agreement”) with the lenders from time to time party thereto, Chase, as Administrative Agent, and the other parties thereto. The Credit Agreement replaced the credit agreement that the Borrowers and the Guarantors entered into in connection with the Company’s initial public offering. On August 29, 2012, Michael’s Finer Meats Holdings, LLC and Michael’s Finer Meats, LLC each was added as a Guarantor under the Credit Agreement. On January 24, 2013, The Chefs’ Warehouse Midwest, LLC was added as a Guarantor under the Credit Agreement. On October 18, 2013, CW LV Real Estate LLC was added as a Guarantor under the Amended and Restated Credit Agreement. On January 10, 2014, Allen Brothers and The Great Steakhouse Steaks, LLC were added as Guarantors under the Amended and Restated Credit Agreement.
The Credit Agreement provided for a senior secured term loan facility (the “Term Loan Facility”) in the aggregate amount of up to $40,000 (the loans thereunder, the “Term Loans”) and a senior secured revolving loan facility (the “Revolving Credit Facility” and, together with the Term Loan Facility, the “Credit Facilities”) of up to an aggregate amount of $100,000 (the loans thereunder, the “Revolving Credit Loans”). The Credit Agreement also provided that the Borrowers could, at their option, increase the aggregate amount of borrowings under either the Revolving Credit Facility or the Term Loan Facility in an aggregate amount up to $40,000 (but in not less than $10,000 increments) (the “Accordion”) without the consent of any lenders not participating in such increase, subject to certain customary conditions and lenders committing to provide the increase in funding. The final maturity of the Term Loans and Revolving Credit Facility was April 25, 2017. Subject to adjustment for prepayments, the Company was required to make quarterly principal payments on the Term Loans on June 30, September 30, December 31 and March 31, with the first four quarterly payments equal to $1,000 per quarter and the last sixteen quarterly payments equal to $1,500 per quarter, with the remaining balance due upon maturity.
The Credit Facilities were secured by substantially all the assets of the Borrowers and the Guarantors with the exception of equity interests in and assets of DHP. Borrowings under the Credit Facilities bore interest at the Company’s option of either (i) the alternate base rate (representing the greatest of (1) Chase’s prime rate, (2) the federal funds effective rate for overnight borrowings plus 1/2 of 1% and (3) the Adjusted LIBO Rate for one month plus 2.50%, plus in each case the applicable margin of 0.50% for Revolving Credit Loans or Term Loans or (ii), in the case of Eurodollar Borrowings (as defined in the Credit Agreement), the Adjusted LIBO Rate plus the applicable margin of 3.0% for Revolving Credit Loans or Term Loans. The Credit Agreement also included financial covenants that required the Company to meet targeted leverage and fixed charge ratios.
On September 28, 2012, the Borrowers exercised the Accordion under the Credit Agreement in full to increase the aggregate commitments under the Revolving Credit Facility by $40,000. As a result of the Borrowers’ exercise of the Accordion, borrowing capacity under the Revolving Credit Loans increased from $100,000 to $140,000. All other terms of the Credit Agreement were unchanged.
On April 26, 2012, DHP entered into a financing arrangement under the NMTC program under the Code, pursuant to which CLII provided to DHP the NMTC Loan to help fund DHP’s expansion and build-out of its new Bronx, New York facility, which construction is required under the lease agreement related to such facility. The NMTC Loan is evidenced by a Mortgage Note, dated as of April 26, 2012 (the “Mortgage Note”), between DHP, as maker, and CLII, as payee. Under the Mortgage Note, DHP is obligated to pay CLII (i) monthly interest payments on the principal balance then outstanding and (ii) the entire unpaid principal balance then due and owing on April 26, 2017. Interest accrues under the Mortgage Note at 1.00% per annum for as long as DHP is not in default thereunder, which interest shall be calculated on the basis of the actual number of days elapsed over a year of 360 days.
On April 17, 2013, the Borrowers, the Guarantors and the lenders a party thereto entered into an Amendment and Restatement Agreement to amend and restate the Credit Agreement (the “Amended and Restated Credit Agreement”). On May 31, 2013, Qzina Specialty Foods North America (USA), Inc., QZ Acquisition (USA), Inc., The Chefs’ Warehouse Pastry Division, Inc., Qzina Specialty Foods (Ambassador), Inc., Qzina Specialty Foods, Inc. (WA), and Qzina Specialty Foods, Inc. (FL) were added as Guarantors under the Amended and Restated Credit Agreement.
The Amended and Restated Credit Agreement amends and restates the Term Loan Facility and the Revolving Credit Facility. The Amended and Restated Credit Agreement provides for $36,000 in principal amount of Term Loans under the Term Loan Facility and up to an aggregate amount of $140,000 of Revolving Credit Loans under the Revolving Credit Facility. The sub-limits for letters of credit and swingline loans under the Credit Facilities were unchanged. Unutilized commitments under the revolving credit facility portion of the Amended and Restated Credit Agreement are subject to a per annum fee of from 0.35% to 0.45%, based on the Company’s leverage ratio. A fronting fee of 0.25% per annum is payable on the face amount of each letter of credit issued under the Credit Facilities.
The final maturity of the Credit Facilities remains April 25, 2017. Subject to adjustment for prepayments, the Company is required to make quarterly principal payments on the Term Loans on June 30, September 30, December 31 and March 31 of each year, with each quarterly payment equal to $1,500, with the remaining balance due upon maturity.
After giving effect to the amendment and restatement thereof, borrowings under the Credit Facilities continue to be secured by all the assets of the Borrowers and Guarantors, with the exception of the equity interests in and assets of DHP, and borrowings thereunder will bear interest at the Company’s option of either (i) the alternate base rate (representing the greatest of (1) Chase’s prime rate, (2) the federal funds effective rate for overnight borrowings plus 1/2 of 1.00% and (3) the adjusted LIBO rate for one month plus 2.50%) plus in each case an applicable margin of from 1.75% to 2.25%, based on the Company’s leverage ratio, or (ii) in the case of Eurodollar Borrowings (as defined in the Amended and Restated Credit Agreement), the adjusted LIBO rate plus an applicable margin of from 2.75% to 3.25%, based on the Company’s leverage ratio. The LIBO rate is the rate for Eurodollar deposits for a period equal to one, three or six months (as selected by the applicable Borrower) appearing on Reuters Screen LIBOR01 Page (or any successor or substitute page on such screen), at approximately 11:00 a.m. London time, two business days prior to the commencement of the applicable interest period. The Amended and Restated Credit Agreement also includes financial covenants that require the Company to meet targeted leverage and fixed charge ratios.
On April 17, 2013, the Company issued $100,000 in guaranteed senior secured notes (the “Notes”) to Prudential Capital Group, an institutional investment division of Prudential Financial, Inc., through a private placement transaction pursuant to a Note Purchase and Guarantee Agreement dated April 17, 2013 (the “Note Purchase and Guarantee Agreement”). The Notes bear an annual interest rate of 5.9% and mature in 2023. The Notes must be repaid in two equal installments of $50,000. The first payment is due on April 17, 2018. The second payment is due at maturity on April 17, 2023. The proceeds from the private placement of the Notes were used to repay borrowings under the Revolving Credit Facility. The Notes have financial covenants that are substantially similar to the financial covenants for the Amended and Restated Credit Agreement.
During fiscal 2014, the Company entered into various amendments to the Amended and Restated Credit Agreement to effect the following changes: (i) permit one of the Company’s subsidiaries to incur up to $15,000 of permitted indebtedness and associated liens to obtain construction and permit mortgage financing for a new warehouse facility in Las Vegas, Nevada, (ii) increase the basket for additional indebtedness that is not otherwise permitted by the terms of the Amended and Restated Credit Agreement from $5,000 to $10,000, (iii) eliminate the Company’s requirement to achieve a certain minimum Fixed Charge Coverage Ratio (as defined in the Amended and Restated Credit Agreement) as of September 30, 2014 and to amend the Fixed Charge Coverage Ratio definition (A) to account for the significant investments the Company has made, and expects to continue to make, in its business to support its growth and (B) to eliminate the deduction of the unfinanced portion of Capital Expenditures (as defined in the Amended and Restated Credit Agreement) from the calculation of EBITDA utilized to calculate the Fixed Charge Coverage Ratio, (iv) permit a sale-leaseback transaction involving the Company’s Las Vegas distribution facility that is currently under construction, (v) increase the amount of assets that the loan parties may sell in any twelve month period in transactions not otherwise permitted from $1,000 to $5,000, (vi) adjust certain financial covenants and the periods during which the loan parties must comply with such covenants, and (vii) set a maximum permitted amount of Capital Expenditures that may be made or incurred by the loan parties in future fiscal years. The Note Purchase and Guarantee Agreement was similarly amended to modify the Note Purchase and Guarantee Agreement in the same manner as the Amended and Restated Credit Agreement.
As of December 26, 2014, the Borrowers and Guarantors were in compliance with all debt covenants under the Amended and Restated Credit Agreement, as amended, the Notes and the Note Purchase and Guarantee Agreement, as amended, DHP was in compliance with all debt covenants under the NMTC Loan and the Company had reserved $4,845 of the Revolving Credit Facility for the issuance of letters of credit. As of December 26, 2014, funds totaling $135,155 were available for borrowing under the Revolving Credit Facility. |
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Stockholders' Equity
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| Stockholders' Equity | Note 11 – Stockholders’ Equity
On September 25, 2013, the Company completed a public offering of 3,800,000 shares of its common stock at $21.00 per share, and certain existing stockholders sold an additional 1,375,000 shares, including 675,000 shares sold to the underwriters to cover over-allotments. The Company recognized proceeds of approximately $75,037 after deducting underwriting fees and commissions and estimated offering expenses. The Company utilized approximately $12,500 of the net proceeds from the offering to repay outstanding borrowings under the Revolving Credit Facility, and subsequently used $23,939 to finance its acquisition of Allen Brothers, $2,063 to finance its acquisition of Euro Gourmet and the remainder for general corporate purposes.
Equity Incentive Plan
The Company has adopted the 2011 Omnibus Equity Incentive Plan (the “Equity Plan”). The purpose of the Equity Plan is to promote the interests of the Company and its stockholders by (i) attracting and retaining key officers, employees and directors; (ii) motivating such individuals by means of performance related incentives to achieve long-range performance goals; (iii) enabling such individuals to participate in the long-term growth and financial success of the Company; (iv) encouraging ownership of stock in the Company by such individuals; and (v) linking their compensation to the long-term interests of the Company and its stockholders.
The Equity Plan is administered by the Compensation Committee (the “Committee”) of the Board of Directors and allows for the issuance of stock options, stock appreciation rights (“SARs”), restricted share awards (“RSAs”), restricted share units, performance awards, or other stock-based awards. Stock option exercise prices are fixed by the Committee but shall not be less than the fair market value of a common share on the date of the grant of the option, except in the case of substitute awards. Similarly, the grant price of an SAR may not be less than the fair market value of a common share on the date of the grant. The Committee will determine the expiration date of each stock option and SAR, but in no case shall the stock option or SAR be exercisable after the expiration of ten years from the date of the grant. The Company plans to issue new shares upon exercise of any stock options. The Equity Plan provided 1,750,000 shares available for grant, of which no more than 1,000,000 could be for Incentive Stock Options. As of December 26, 2014, there were 1,078,511 shares available for grant.
On August 2, 2011, the Company granted RSAs totaling 206,666 shares to two employees. The awards were valued at $18.01 per share, representing the closing price of the Company’s common stock on August 2, 2011. Fifty percent of the awards (103,333 shares) vested immediately resulting in a compensation charge of $1,861 and the remainder of the awards, a total of 103,333 shares, were scheduled to vest in equal amounts on each of the next four anniversary dates of the grant of which $193 was recognized as compensation expense during fiscal 2011. During fiscal 2014, 2013 and 2012, the Company recognized expense totaling $54, $93 and $1,055 on these RSAs, respectively. This included a charge for $713 during fiscal 2012 related to the accelerated vesting of 41,334 RSAs issued to the Company’s former chief operating officer as part of his separation from the Company. Through December 26, 2014, RSAs granted in 2011 totaling 25,830 shares were forfeited.
On November 2, 2011, the Company granted RSAs totaling 5,652 shares to its four independent directors which vested on the date of the first annual stockholders’ meeting. These shares were valued at $14.30 each (the closing price of our common stock on November 2, 2011). The Company recognized $38 of expense related to these grants in fiscal 2012.
During fiscal 2012, the Company issued 229,031 RSAs to its employees and independent directors at a weighted average grant date fair value of $17.63 each. Of these awards, 34,783 RSAs were performance-based grants. The Company recognized no expense on the performance-based grants in fiscal 2014, 2013 or 2012 because the Company did not achieve the performance targets applicable to those periods. The remaining awards were time-based grants which will vest over 4-5 years from the date of grant. During fiscal 2014, 2013 and 2012 the Company recognized expense totaling $631, $742 and $454, respectively, on the time-based grants. Through December 26, 2014, 35,441 of the RSAs granted in 2012 were forfeited. During fiscal 2012, 8,582 RSAs, which were issued prior to the Company’s initial public offering, were forfeited.
During fiscal 2013, the Company granted 268,889 RSAs to its employees and independent directors at a weighted average grant date fair value of $16.90 each. Of these awards, 183,700 were performance-based grants. The Company recognized no expense on the performance-based grants during fiscal 2014 and 2013, because the Company did not achieve the performance targets applicable to fiscal 2014 and 2013. The remaining awards were time-based grants which will vest between one and four years from the date of grant. During fiscal 2014 and 2013, the Company recognized expense totaling $355 and $375 on these time-based RSAs. During fiscal 2014, 20,681 of the time vesting RSAs and 37,432 of the performance-vesting RSAs were forfeited. During fiscal 2013, 2,108 of the time vesting RSAs and 8,692 of the performance-vesting RSAs were forfeited.
During fiscal 2014, the Company granted 91,176 RSAs to its employees and independent directors at a weighted average grant date fair value of $19.78 each. Of these awards, 27,201 were performance-based grants. The Company recognized no expense on the performance-based grants during fiscal 2014, because the Company did not achieve the performance targets applicable to fiscal 2014. The remaining awards were time-based grants which will vest between one and four years from the date of grant. During fiscal 2014, the Company recognized expense totaling $334 on these time-based RSAs.
At December 26, 2014, the Company had 374,567 of unvested RSAs outstanding. At December 26, 2014, the total unrecognized compensation cost for these unvested RSAs was $6,208, and the weighted-average remaining useful life was approximately 14 months. Of this total, $2,484 related to RSAs with time-based vesting provisions and $3,724 related to RSAs with performance-based vesting provisions. At December 26, 2014, the weighted-average remaining useful lives were approximately 15 months for time-based vesting RSAs and 13months for the performance-based vesting RSAs. No compensation expense related to the Company’s RSAs has been capitalized.
The Company has not issued any type of equity award other than RSAs under the Equity Plan. |
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The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Leases
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| Leases | Note 12 – Leases
The Company leases various warehouse and office facilities and certain vehicles and equipment under long-term operating lease agreements that expire at various dates, with related parties and with others. See Note 15 for additional discussion of related party transactions. The Company records operating lease costs, including any determinable rent increases, on a straight-line basis over the lease term. As of December 26, 2014, the Company is obligated under non-cancelable operating lease agreements to make future minimum lease payments as follows:
Total rent expense for operating leases for the years ended December 26, 2014, December 27, 2013 and December 28, 2012 was $16,381, $13,529 and $10,172, respectively. One of the Company’s subsidiaries, Dairyland USA Corporation, subleases one of its distribution centers from TCW Leasing Co., LLC (“TCW”), an entity controlled by the Company’s founders. TCW leases the distribution center from the New York City Industrial Development Agency. In connection with this sublease arrangement and TCW’s obligations to its mortgage lender, Dairyland USA Corporation and two of the Company’s other subsidiaries initially were required to act as guarantors of TCW’s mortgage obligation on the distribution center. The mortgage payoff date is December 2029 and the potential obligation under this guarantee totaled $9,328 at December 26, 2014. By agreement dated July 1, 2005, the lender released all three of the Company’s subsidiaries from their guaranty obligations, provided the sublease between Dairyland USA Corporation and TCW remains in full force and effect. During fiscal 2014, the Company and its subsidiaries were in full compliance with that requirement. In addition, during the first quarter of 2015, TCW plans to refinance its mortgage with another lender, with the result that the Company and its subsidiaries will be unconditionally and fully released from any guaranty of TCW’s mortgage loan.
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The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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| Income Taxes | Note 13 – Income Taxes
The provision for income taxes consists of the following for the years ended December 26, 2014, December 27, 2013 and December 28, 2012:
The income tax expense differed from the total statutory income tax expense as computed by applying the statutory federal income tax rate to income before taxes. The reasons for the differences for the years ended December 26, 2014, December 27, 2013 and December 28, 2012 are set forth and quantified in the following table:
Deferred tax assets and liabilities at December 26, 2014 and December 27, 2013 consist of the following:
The deferred tax provision results from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company files income tax returns in the U.S. Federal and various state and local jurisdictions as well as the Canadian Federal and provincial districts. For Federal income tax purposes, the 2011 through 2014 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations and the fact that we have not yet filed our tax return for 2014. For state tax purposes, the 2010 through 2013 tax years remain open for examination by the tax authorities under a four-year statute of limitations. The Company records interest and penalties, if any, in income tax expense.
At December 26, 2014, the Company had a federal net loss carryforward of $323 which resulted from the Company’s acquisition of Qzina in 2013. This federal net loss carryforward expires in fiscal 2033. The Company also acquired state net loss carryforwards totaling $1,725 upon completion of the Qzina acquisition in 2013. The state net loss carryforwards expire between 2031 and 2033. During 2014, the Company generated state net loss carryforwards of $142 from operations. These state net loss carryforwards expire between 2019 and 2034.
The foreign net loss carryforward represents the foreign deductions impact from the deferred tax assets and liabilities related to the Qzina acquisition. These net loss carryforwards are fully reserved for as the foreign tax credit is disallowed as a result of IRC Section 901(m), which does not allow use of foreign tax credits on the portion of the deductions to a step-up in basis of the assets.
For financial reporting purposes, income from operations before income taxes for our foreign subsidiaries was $1,108 for the year ended December 26, 2014. We had no foreign operations prior to fiscal 2013. Since it is our intention to indefinitely reinvest these earnings, no U.S. taxes have been provided for these amounts. If we changed our reinvestment policy and decided to remit earnings as a dividend, a deferred tax liability would arise. Determination of the amount of unrecognized deferred tax liability on these unremitted taxes is not practicable.
There was an examination of the 2010-2012 New York state tax returns. It was asserted during the audit that the QEZE tax credit in New York state, which is a credit of the franchise tax owed for doing business in a qualified enterprise zone, should have started being phased out in 20% increments in 2010. The Company began to phase-out the QEZE credit in 2011. It was also asserted during the audit that the QEZE credit was only applicable to the ratio of tax for the Company’s Dairyland subsidiary. The company is currently disputing this argument and has accounted for a more-likely-than-not final assessment for the tax years 2010-2013 of $511, net of federal tax benefit. If all the Company’s proposals are rejected, the Company believes the final assessment will be $725, net of federal tax benefit. |
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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Employee Benefit Plans
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12 Months Ended |
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Dec. 26, 2014
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| Employee Benefit Plans | |
| Employee Benefit Plans | Note 14 – Employee Benefit Plans
Employee Tax-Deferred Savings Plan
The Company offers a 401(k) Plan to all full-time employees that provides for tax-deferred salary deductions for eligible employees. Employees may choose to make voluntary contributions of their annual compensation to the 401(k) Plan, limited to an annual maximum amount as set periodically by the Internal Revenue Service. Beginning in 2011, the Company provided discretionary matching contributions equal to 50 percent of the employee’s contribution amount, up to a maximum of six percent of the employee’s annual salary, capped at $2.5 per associate per year. Matching contributions begin vesting after two years and are fully vested after six years. Employee contributions are fully vested when made. Under the 401(k) Plan there is no option available to the employee to receive or purchase the Company’s common stock. Matching contributions under the 401(k) Plan were $717 for fiscal 2014, $449 for fiscal 2013 and $337 for fiscal 2012. |
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The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. No definition available.
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Related Parties
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12 Months Ended |
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Dec. 26, 2014
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| Related Party Transactions [Abstract] | |
| Related Parties | Note 15 – Related Parties
The Company leases two warehouse facilities from related parties. These facilities are owned by entities owned 100% by Christopher Pappas, the Company’s chairman, president and chief executive officer, John Pappas, the Company’s vice chairman and one of its directors, and Dean Facatselis, a former non-employee director of the Company and the brother-in-law of Messrs. Pappas, and are deemed to be affiliates of these individuals. Expense related to the above facilities was $1,564 for the year ended December 26, 2014 and $1,537 for the years ended December 27, 2013 and December 28, 2012, respectively.
One of the Company’s non-employee directors, Stephen Hanson, was the President and a 50% owner of a New York City-based multi-concept restaurant operator holding company until December 2013. Certain subsidiaries of this holding company are customers of the Company and its subsidiaries that purchased an aggregate of approximately $3,609, $3,616 and $3,200 of products from us during fiscal 2014, fiscal 2013 and fiscal 2012, respectively.
Each of Christopher Pappas, John Pappas and Dean Facatselis owns 8.33% of a New York City-based restaurant customer of the Company and its subsidiaries that purchased an aggregate of approximately $144, $195 and $213 of products from the Company during fiscal 2014, fiscal 2013 and fiscal 2012, respectively. Messrs. Pappas and Facatselis have no other interest in the restaurant other than these equal interests and are not involved in the day-to-day operation or management of this restaurant.
John Pappas’s brother-in-law, Constantine Papataros, is one of the Company’s employees. The Company paid him approximately $185, $170 and $140 in total compensation during fiscal 2014, fiscal 2013 and fiscal 2012, respectively.
Christopher Pappas’s brother, John Pappas, is one of the Company’s employees and a member of the Company’s Board of Directors. The Company paid John Pappas approximately $447, $452 and $302 in total compensation for fiscal 2014, fiscal 2013 and fiscal 2012, respectively. John Pappas did not receive any compensation in fiscal 2014, fiscal 2013 or fiscal 2012 for his service on the Company’s Board of Directors.
An entity owned by Messrs. C. Pappas, J. Couri and S. Hanson own an interest in an aircraft that we use for business purposes in the course of our operations. Each of Messrs. C. Pappas, J. Couri and S. Hanson paid for their respective ownership interests (25% for each individual) in the aircraft himself and bears his respective share of all operating, personnel and maintenance costs associated with the operation of the aircraft. In 2014, we made payments of $280 for use of such aircraft, which included $264 paid directly to an entity not owned by Messrs. C. Pappas, J. Couri or S. Hanson, that manages the aircraft. |
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The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments and Contingencies
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| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Note 16 – Commitments and Contingencies
Guarantees
One of the Company’s subsidiaries, Dairyland USA Corporation, subleases one of its distribution centers from TCW Leasing Co., LLC (“TCW”), an entity controlled by the Company’s founders. TCW leases the distribution center from the New York City Industrial Development Agency. In connection with this sublease arrangement and TCW’s obligations to its mortgage lender, Dairyland USA Corporation and two of the Company’s other subsidiaries initially were required to act as guarantors of TCW’s mortgage obligation on the distribution center. The mortgage payoff date is December 2029 and the potential obligation under this guarantee totaled $9,328 at December 26, 2014. By agreement dated July 1, 2005, the lender released all three of the Company’s subsidiaries from their guaranty obligations, provided the sublease between Dairyland USA Corporation and TCW remains in full force and effect. During fiscal 2014, the Company and its subsidiaries were in full compliance with that requirement. In addition, during the first quarter of 2015, TCW plans to refinance its mortgage with another lender, with the result that the Company and its subsidiaries will be unconditionally and fully released from any guaranty of TCW’s mortgage loan.
Legal Contingencies
The Company is involved in various legal proceedings. The Company establishes reserves for specific legal proceedings when it determines that the likelihood of an unfavorable outcome is probable and the amount of loss can be reasonably estimated. Management has also identified certain other legal matters where the Company believes an unfavorable outcome is reasonably possible and/or for which no estimate of possible losses can be made. Management believes that the total liabilities to the Company that may arise as a result of currently pending legal proceedings will not have a material adverse effect on the Company taken as a whole.
Tax Audits
The Company is involved in various tax matters, with respect to some of which the outcome is uncertain. These audits may result in the assessment of additional taxes that are subsequently resolved with authorities or potentially through the courts. Refer to Note 13 for further information.
Risk Management Programs
The Company maintains a self-insured group medical program. The program contains individual stop loss thresholds of $125 per incident and aggregate stop loss thresholds based upon the average number of employees enrolled in the program throughout the year. The amount in excess of the self-insured levels is fully insured by third party insurers. Liabilities associated with this program are estimated in part by considering historical claims experience and medical cost trends. Projections of future loss expenses are inherently uncertain because of the random nature of insurance claims occurrences and could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. The Company’s self-insurance reserves for its medical program totaled $574 and $378 at December 26, 2014 and December 27, 2013, respectively.
The Company maintains an insurance program for its automobile liability and workers compensation insurance subject to deductibles or self-insured retentions of $350 for workers compensation and $250 for automobile liability per occurrence. The amounts in excess of our deductibles are fully insured by third party insurers. Liabilities associated with this program are estimated in part by considering historical claims experience and cost trends. Projections of future loss expenses are inherently uncertain because of the random nature of insurance claims occurrences and could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. The Company’s self-insurance reserves for its automobile liability program totaled $928 and $777 at December 26, 2014 and December 27, 2013, respectively. Self-insurance reserves for workers compensation totaled $2,911 and $1,559 at December 26, 2014 and December 27, 2013, respectively.
Workforce (unaudited)
As of December 26, 2014 we had approximately 1,281 full-time and part-time employees, 159 of whom (approximately 12.4%) are represented by unions. Of the 159 represented by unions, 121 are operating under a collective bargaining agreement. This agreement expires in August of 2017 and we expect we will be able to renegotiate the agreement on satisfactory terms at that time. We do not contribute to a pension plan on behalf of our union employees. The Company believes its relations with its employees are generally satisfactory.
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Valuation Reserves | Note 17 – Valuation Reserves
A summary of the activity in the accounts receivable allowance for doubtful accounts appears below:
A summary of activity in the inventory valuation reserve appears below:
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The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Disclosure Quarterly Results [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Results | Note 18 – Quarterly Results (unaudited)
The quarterly results of the Company for the years ended December 26, 2014 and December 27, 2013 are as follows:
(1) The Company recorded a recovery of approximately $1,500 related to the settlement with the prior owners of Michael’s of a dispute associated with the inventory issues it previously experienced at Michael’s. This recovery was reflected as a reduction of operating expenses. (2) Beginning in the fourth quarter of 2014 the Company began to reflect the results of the Euro Gourmet acquisition. (3) Beginning in the first quarter of 2013 the Company began to reflect the results of the Queensgate acquisition. (4) Beginning in the second quarter of 2013 the Company began to reflect the results of the Qzina acquisition. The Company also closed on its $100,000 Notes offering in the second quarter of 2013. (5) The Company completed its secondary offering of 3,800,000 shares in the third quarter of 2013. (6) Beginning in the fourth quarter of 2013 the Company began to reflect the results of the Allen Brothers acquisition. In the fourth quarter of 2013, the Company recorded a $900 adjustment to cost of sales related to the previously disclosed overstatement of inventory at Michael’s. |
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The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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Dec. 26, 2014
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| Subsequent Events [Abstract] | |
| Subsequent Events | Note 19 – Subsequent Event On January 11, 2015, the Company entered into a definitive agreement to acquire substantially all of the assets and certain equity interests of Del Monte Capitol Meat Co. and certain related entities (“Del Monte”) for approximately $191,200 (subject to customary working capital adjustments as well as final audited results of the acquired entities) consisting of (i) $127,500 in cash, which will be funded from cash on hand and additional borrowings under our existing credit arrangements, (ii) 1.2 million shares of our common stock (valued at $22.00 per share), and (iii) $38,300 in convertible subordinated notes with a six-year maturity bearing interest at 2.5% with a conversion price of $29.70 per share. In addition, the Company has agreed to pay additional contingent consideration that is expected to total approximately $25,500 (subject to certain conditions and upon the successful achievement of adjusted EBITDA targets over the six years following the closing of the acquisition). The transaction is subject to the satisfaction of customary closing conditions and is expected to close near the end of the first quarter of 2015 or early in the second quarter of 2015. On January 11, 2015, the Company entered into an amendment to the Amended and Restated Credit Agreement, as previously amended, that will become effective upon consummation of the Del Monte acquisition to, among other things, (i) replace the definition of Leverage Ratio with definitions of Total Leverage Ratio and Senior Secured Leverage Ratio (each as defined in the Amended and Restated Credit Agreement) and establish limits on the amount of leverage and senior secured leverage that the loan parties may incur, which limits shall decrease through September 30, 2016, (ii) modify the applicable rate for borrowings under the Amended and Restated Credit Agreement to provide for an increased interest rate when the loan parties’ Total Leverage Ratio is equal to, or greater than, 4.25 to 1.00, (iii) permit the acquisition of Del Monte and the related issuance of the Company’s common stock and up to $38,250 of subordinated debt pursuant thereto, and payment of the earn-out consideration in connection with the acquisition of Del Monte so long as the loan parties are not in default under the Amended and Restated Credit Agreement, and (iv) create an expansion option whereby Borrowers may increase the borrowings available under the Amended and Restated Credit Agreement in increments of at least $10,000, such that the aggregate increases do not exceed $60,000. The Company entered into a corresponding amendment to the Note Purchase and Guarantee Agreement that will become effective upon consummation of the Del Monte acquisition to effect similar changes to the Note Purchase and Guarantee Agreement, with the exception of providing for the possibility of increased borrowings.
Upon effectiveness of the January 2015 amendment described above, borrowings under the Amended and Restated Credit Agreement will bear interest at the Company’s option of either (i) the alternate base rate (representing the greatest of (1) Chase’s prime rate, (2) the federal funds effective rate for overnight borrowings plus 1/2 of 1.00% and (3) the adjusted LIBO rate for one month plus 2.50%) plus in each case an applicable margin of from 1.75% to 2.50%, based on the Total Leverage Ratio (as defined in the Amended and Restated Credit Agreement), or (ii) in the case of Eurodollar Borrowings (as defined in the Amended and Restated Credit Agreement), the adjusted LIBO rate plus an applicable margin of from 2.75% to 3.50%, based on the Total Leverage Ratio. |
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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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Summary of Significant Accounting Policies (Policies)
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12 Months Ended |
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Dec. 26, 2014
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| Summary Of Significant Accounting Policies Policies | |
| Revenue Recognition | Revenue Recognition
Revenue from the sale of a product is recognized at the point at which the product is delivered to the customer. The Company grants certain customers sales incentives, such as rebates or discounts and treats these as a reduction of sales at the time the sale is recognized. Sales tax billed to customers is not included in revenue but rather recorded as a liability owed to the respective taxing authorities at the time the sale is recognized. |
| Cost of Sales | Cost of Sales (COS)
The Company records cost of sales based upon the net purchase price paid for a product, including applicable freight charges incurred to deliver the product to the Company’s warehouse. |
| Operating Expenses | Operating Expenses
Operating expenses include the costs of facilities, product handling and replenishment, protein processing costs, delivery, selling and general administrative activities. |
| Cash and Cash Equivalents | Cash and Cash Equivalents
The Company considers all highly liquid investments with an original maturity of less than three months to be cash equivalents. The Company periodically maintains balances at financial institutions which may exceed Federal Deposit Insurance Corporation insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts. |
| Accounts Receivable | Accounts Receivable
Accounts receivable consist of trade receivables from customers and are recorded net of an allowance for doubtful accounts. The allowance for doubtful accounts is determined based upon a number of specific criteria, such as whether a customer has filed for or been placed into bankruptcy, has had accounts referred to outside parties for collections or has had accounts significantly past due. The allowance also covers short paid invoices the Company deems to be uncollectable as well as a portion of trade accounts receivable balances projected to become uncollectable based upon historic patterns. |
| Inventories | Inventories
Inventories consist primarily of finished goods, food and related food products held for resale and are valued at the lower of cost or market. Our different entities record inventory using a mixture of first-in, first-out and average cost, which we believe approximates first-in, first-out. The Company maintains reserves for slow-moving and obsolete inventories. |
| Purchase Incentives | Purchase Incentives
The Company receives consideration and product purchase credits from certain vendors that the Company accounts for as a reduction of cost of sales. There are several types of cash consideration received from vendors. The purchase incentive is primarily in the form of a specified amount per pound or per case. For the years ended December 26, 2014, December 27, 2013, and December 28, 2012, the recorded purchase incentives totaled approximately $8,175, $6,653, and $5,134, respectively. |
| Concentrations of Credit Risks | Concentrations of Credit Risks
Financial instruments that subject the Company to concentrations of credit risk consist of cash, temporary cash investments and trade receivables. The Company’s policy is to deposit its cash and temporary cash investments with major financial institutions. The Company distributes its food and related products to a customer base that consists primarily of leading menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolatiers, cruise lines, casinos and specialty food stores. To reduce credit risk, the Company performs ongoing credit evaluations of its customers’ financial conditions. The Company generally does not require collateral. However, the Company, in certain instances, has obtained personal guarantees from certain customers. There is no significant balance with any individual customer. |
| Equipment and Leasehold Improvements | Equipment and Leasehold Improvements
The Company records equipment and leasehold improvements at cost. Equipment that has been financed through capital leases is recorded at the present value of the minimum lease payments, which approximates cost. Equipment and leasehold improvements, including capital lease assets, are depreciated on a straight-line basis based upon estimated useful life. |
| Software Costs | Software Costs
The Company capitalizes certain computer software licenses and software implementation costs that are included in software costs in its consolidated balance sheets. These costs were incurred in connection with developing or obtaining computer software for internal use if it has a useful life in excess of one year, in accordance with Accounting Standards Codification (ASC) 350-40 “Internal-Use Software.” Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they allow the software to perform a task that it previously did not perform. Internal use software is amortized on a straight-line basis over a three to seven year period. Capitalized costs include direct acquisitions as well as software and software development acquired under capitalized leases and internal labor where appropriate. Capitalized software purchases and related development costs, net of accumulated amortization, were $5,358 at December 26, 2014 and $2,265 at December 27, 2013. |
| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets
Long-lived assets, other than goodwill, are reviewed for impairment in accordance with ASC 360-10-35-15, “Impairment or Disposal of Long-Lived Assets” which only requires testing whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. If any indicators are present, a recoverability test is performed by comparing the carrying amount of the asset to the net undiscounted cash flows expected to be generated from the asset. If the net undiscounted cash flows do not exceed the carrying amount (i.e., the asset is not recoverable), an additional step is performed that determines the fair value of the asset and the Company records an impairment, if any. |
| Debt Issuance Costs | Debt Issuance Costs
Certain costs associated with the issuance of debt instruments are capitalized and included in non-current assets in the consolidated balance sheets. The Company had unamortized debt issuance costs of $2,751 and $2,803 as of December 26, 2014 and December 27, 2013, respectively. These costs are amortized over the terms of the related debt instruments by effective interest rate method. Amortization of debt issuance costs was $876 for the fiscal year ended December 26, 2014, $647 for the fiscal year ended December 27, 2013, and $446 for the fiscal year ended December 28, 2012. |
| Intangible Assets | Intangible Assets
The intangible assets recorded by the Company consist of customer relationships, covenants not to compete and trademarks which are amortized over their useful lives on a schedule that approximates the pattern in which economic benefits of the intangible assets are consumed. Intangible assets with finite lives are tested for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Undiscounted cash flows expected to be generated by the related assets are estimated over the assets’ useful lives based on updated projections. If the evaluation indicates that the carrying amount of the asset may not be recoverable, the potential impairment is measured based on a projected discounted cash flow model. There have been no events or changes in circumstances during fiscal 2014, fiscal 2013 or fiscal 2012 indicating that the carrying value of our finite-lived intangible assets are not recoverable. |
| Goodwill | Goodwill
Goodwill is the excess of the acquisition cost of businesses over the fair value of identifiable net assets acquired in accordance with ASC 350, “Intangibles-Goodwill and Other.” Impairment testing for goodwill is performed at least annually and more frequently if indicators of impairment exist. Impairment testing for goodwill uses a two-step approach, which is performed at the consolidated level, as the Company has a single reporting unit. Step one compares the fair value of the Company (using the market capitalization approach) with its carrying value. If the carrying value exceeds the fair value, there is a potential impairment and step two must be performed. Step two compares the carrying value of the entity’s goodwill to its implied fair value (i.e., fair value of the entity less the fair value of the entity’s assets and liabilities, including identifiable intangible assets). If the carrying value of goodwill exceeds its implied fair value, the excess is required to be recorded as impairment. There have been no events or changes in circumstances during fiscal 2014, fiscal 2013 or fiscal 2012 indicating that goodwill may be impaired. |
| Employee Benefit Programs | Employee Benefit Programs
The Company sponsors a defined contribution plan covering substantially all full-time employees (the “401(k) Plan”). Beginning in fiscal 2011, the Company elected to make matching contributions to the 401(k) Plan at 50% of employee contributions to a maximum of six percent of an employee’s salary, capped at $2.5 per associate per year. The Company recognized expense related to the 401(k) Plan totaling $717, $449 and $337, respectively, for the years ended December 26, 2014, December 27, 2013 and December 28, 2012. |
| Income Taxes | Income Taxes
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” Deferred tax assets or liabilities are recorded to reflect the future tax consequences of temporary differences between the financial reporting basis of assets and liabilities and their tax basis at each year-end. These amounts are adjusted, as appropriate, to reflect enacted changes in tax rates expected to be in effect when the temporary differences reverse. The Company follows certain provisions of ASC 740, “Income Taxes” (previously reported as Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109”) which established a single model to address accounting for uncertain tax positions and clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. The Company evaluates uncertain tax positions, if any, by determining if it is more likely than not to be sustained upon examination by the tax authorities. The Company records uncertain tax positions when it is estimable and probable that such liabilities have been incurred. The Company, when required, will accrue interest and penalties related to income tax matters in income tax expense. |
| Commitments and Contingencies | Commitments and Contingencies
The Company is subject to various claims and contingencies related to lawsuits, taxes and environmental matters, as well as commitments under contractual and other commercial obligations. The Company recognizes liabilities for contingencies and commitments when a loss is probable and can be reasonably estimated. |
| Stock-Based Compensation | Stock-Based Compensation
The Company measures stock-based compensation at the grant date based on the fair value of the award. Restricted stock awards are valued based on the fair value of the stock on the grant date and the related compensation expense is recognized over the service period. Similarly, for time-based restricted stock awards subject to graded vesting, the Company ensures that the compensation expense recognized is at least equal to the vested portion of the award. |
| Self-Insurance Reserves | Self-Insurance Reserves
Effective October 1, 2011, the Company began maintaining a self-insured group medical program. The program contains stop loss thresholds of $125 per incident and aggregate stop loss thresholds based upon the average number of employees enrolled in the program during the year. The amount in excess of the self-insured levels is fully insured by third party insurers. Liabilities associated with this program are estimated in part by considering historical claims experience and medical cost trends. Projections of future loss expenses are inherently uncertain because of the random nature of insurance claims occurrences and could be significantly affected if future occurrences and claims differ from these assumptions and historical trends.
Effective August 1, 2012, the Company became self-insured for workers’ compensation and automobile liability to deductibles or self-insured retentions of $350 for workers compensation and $250 for automobile liability per occurrence. The amounts in excess of the Company’s deductibles are fully insured by third party insurers. Liabilities associated with this program are estimated in part by considering historical claims experience and cost trends. Projections of future loss expenses are inherently uncertain because of the random nature of insurance claims occurrences and could be significantly affected if future occurrences and claims differ from these assumptions and historical trends. |
| Fair Value Measurements | Fair Value Measurements
The carrying values of the Company’s assets and liabilities approximate the fair values except for the fair value of the Company’s fixed rate debt, which is based on prevailing interest rates and market prices for debt of similar terms and maturities. The carrying amount of the Company’s senior secured notes at December 26, 2014 approximates fair value as the interest rate obtained by the Company approximates the prevailing interest rates for similar instruments. As of December 26, 2014, the Company’s only assets or liabilities measured at fair value were the contingent earn-out liabilities for the Allen Brothers, Queensgate and Euro Gourmet acquisitions. These liabilities were estimated using Level 3 inputs and had fair values of $5,696, $0 and $243 at December 26, 2014, respectively. |
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Incentive Income Policy No definition available.
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Software Costs Policy No definition available.
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Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for credit risk. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for recognition of costs in the period which correspond to the sales and revenue categories presented in the statement of operations. The accounting policy may include the amount and nature of costs incurred, provisions associated with inventories, purchase discounts, freight and other costs included in cost of sales incurred and recorded in the period. This disclosure also includes the nature of costs of sales incurred and recorded in the statement of operations for the period relating to transactions with related parties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for costs incurred to obtain or issue debt, the effects of refinancings, method of amortizing deferred financing costs and original issue discount, and classifications of debt on the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities. No definition available.
|
| X | ||||||||||
|
- Definition
Disclosure of accounting policy for goodwill. This accounting policy also may address how an entity assesses and measures impairment of goodwill, how reporting units are determined, how goodwill is allocated to such units, and how the fair values of the reporting units are determined. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for finite-lived intangible assets. This accounting policy also might address: (1) the amortization method used; (2) the useful lives of such assets; and (3) how the entity assesses and measures impairment of such assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for plans, other than pension plans, that provide postretirement benefits (including both defined benefit and defined contribution plans). This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Disclosure of accounting policy for inclusion of significant items in the selling, general and administrative (or similar) expense report caption. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Net Income Per Share (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 26, 2014
|
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| Net income per share: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of earnings per share | The following table sets forth the computation of basic and diluted earnings per share:
Reconciliation of earnings per share:
|
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value Measurements (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 26, 2014
|
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| Fair Value Measurements Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in Level 3 contingent consideration liability | The following table presents the changes in Level 3 contingent consideration liability:
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| X | ||||||||||
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- Details
|
| X | ||||||||||
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- Definition
Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisitions (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 26, 2014
|
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| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets and liabilities acquired | The table below details the assets and liabilities acquired as part of the acquisitions of Allen Brothers, which was effective as of December 9, 2013, Qzina, which was effective as of May 1, 2013, Queensgate, which was effective as of December 31, 2012, Michael’s, which was effective as of August 10, 2012, and Praml, which was effective as of April 27, 2012, and the allocation of the purchase price paid in connection with these acquisitions.
|
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Equipment and Leasehold Improvements (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 26, 2014
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Plant, Equipment and Leasehold Improvements | Plant, equipment and leasehold improvements consisted of the following:
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Goodwill and Other Intangible Assets (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 26, 2014
|
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill | The changes in the carrying amount of goodwill are presented as follows:
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| Schedule of other intangible assets | Other intangible assets were consisted of the following at December 26, 2014 and December 27, 2013:
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| Schedule of estimated future amortization expense | As of December 26, 2014, estimated amortization expense for other intangible assets for each of the next five years and thereafter is as follows:
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| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Tabular disclosure of goodwill and intangible assets, which may be broken down by segment or major class. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Debt Obligations (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 26, 2014
|
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Debt Obligations | Debt obligations as of December 26, 2014 and December 27, 2013 consisted of the following:
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
|
|
Leases (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Dec. 26, 2014
|
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| Leases Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Future Minimum Lease Payments | As of December 26, 2014, the Company is obligated under non-cancelable operating lease agreements to make future minimum lease payments as follows:
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Income Taxes (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 26, 2014
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| Income Taxes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of provision for income taxes | The provision for income taxes consists of the following for the years ended December 26, 2014, December 27, 2013 and December 28, 2012:
|
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| Schedule of income tax reconciliation | The reasons for the differences for the years ended December 26, 2014, December 27, 2013 and December 28, 2012 are set forth and quantified in the following table:
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| Schedule of deferred tax assets and liabilities | Deferred tax assets and liabilities at December 26, 2014 and December 27, 2013 consist of the following:
|
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Valuation Reserves (Tables)
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 26, 2014
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| Valuation Reserves Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule fo allowance for doubtful accounts | A summary of the activity in the accounts receivable allowance for doubtful accounts appears below:
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| Schedule of inventory valuation reserve | A summary of activity in the inventory valuation reserve appears below:
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
Quarterly Results (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 26, 2014
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| Quarterly Results Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of quarterly results | The quarterly results of the Company for the years ended December 26, 2014 and December 27, 2013 are as follows:
(1) The Company recorded a recovery of approximately $1,500 related to the settlement with the prior owners of Michael’s of a dispute associated with the inventory issues it previously experienced at Michael’s. This recovery was reflected as a reduction of operating expenses. (2) Beginning in the fourth quarter of 2014 the Company began to reflect the results of the Euro Gourmet acquisition. (3) Beginning in the first quarter of 2013 the Company began to reflect the results of the Queensgate acquisition. (4) Beginning in the second quarter of 2013 the Company began to reflect the results of the Qzina acquisition. The Company also closed on its $100,000 Notes offering in the second quarter of 2013. (5) The Company completed its secondary offering of 3,800,000 shares in the third quarter of 2013. (6) Beginning in the fourth quarter of 2013 the Company began to reflect the results of the Allen Brothers acquisition. In the fourth quarter of 2013, the Company recorded a $900 adjustment to cost of sales related to the previously disclosed overstatement of inventory at Michael’s. |
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Summary of Significant Accounting Policies (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | 1 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
|
Dec. 26, 2014
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Dec. 27, 2013
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Dec. 28, 2012
|
Aug. 01, 2013
Automobiles [Member]
|
Aug. 01, 2013
Workers Compensation [Member]
|
Dec. 11, 2013
Allen Brothers, Inc & Subsidiaries [Member]
|
Dec. 26, 2014
Allen Brothers, Inc & Subsidiaries [Member]
Fair Value Inputs Level 3 [Member]
|
Dec. 26, 2014
Queensgate Foodservice [Member]
Fair Value Inputs Level 3 [Member]
|
Dec. 26, 2014
Euro Gourmet [Member]
Fair Value Inputs Level 3 [Member]
|
|
| Total purchase incentives | $ 8,175 | $ 6,653 | $ 5,134 | ||||||
| Capitalized software costs, net of accumulated amortization | 5,358 | 2,265 | |||||||
| Unamortized debt issuance costs | 2,751 | 2,803 | |||||||
| Amortization of debt issuance costs | 876 | 647 | 446 | ||||||
| Matching contribution percentage | 50.00% | ||||||||
| Maximum employer contribution percentage of employee's salary | 6.00% | ||||||||
| Employee benefit program expense | 717 | 449 | 337 | ||||||
| Self-insurance stoploss threshold | 125 | ||||||||
| Self insured retention amount per claim | 250 | 350 | |||||||
| Contingent earn-out liabilities, fair value | $ 6,000 | $ 5,690 | $ 0 | $ 243 | |||||
| X | ||||||||||
|
- Definition
Self Insured Retention Amount Per Claim No definition available.
|
| X | ||||||||||
|
- Definition
The stoploss threshold per incident related to self-insured group medical plans. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of liability recognized arising from contingent consideration in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The carrying amount of capitalized computer software costs net of accumulated amortization as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of discretionary contributions made by an employer to a defined contribution plan. No definition available.
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| X | ||||||||||
|
- Definition
Percentage of employees' gross pay for which the employer contributes a matching contribution to a defined contribution plan. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage employer matches of the employee's percentage contribution matched. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate cash discounts given by the entity for goods sold to customers including, but not limited to, early payments of accounts due. For example, selling terms of "2/10, net 30" entitle a customer to a 2% discount for prompt payment within 10 days, otherwise full payment is expected in 30 days. Discounts are a deduction from gross revenue in arriving at net revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Net Income per Share (Details Narrative) (Unvested Common Shares [Member])
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
|
|
Unvested Common Shares [Member]
|
|||
| Anti-dilutive shares | 8,903 | 20,944 | 0 |
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Net Income per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 26, 2014
|
Sep. 26, 2014
|
Jun. 27, 2014
|
Mar. 28, 2014
|
Dec. 27, 2013
|
Sep. 27, 2013
|
Jun. 28, 2013
|
Mar. 29, 2013
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
|||||||||||||||||||
| Net income per share: | |||||||||||||||||||||||||||||
| Net income | $ 5,199 | [1] | $ 4,207 | [2] | $ 3,820 | $ 989 | $ 4,838 | [3] | $ 4,160 | [4] | $ 5,345 | [5] | $ 2,647 | [6] | $ 14,215 | $ 16,990 | $ 14,511 | ||||||||||||
| Net income per share: | |||||||||||||||||||||||||||||
| Basic | $ 0.21 | [1] | $ 0.17 | [2] | $ 0.16 | $ 0.04 | $ 0.2 | [3] | $ 0.2 | [4] | $ 0.26 | [5] | $ 0.13 | [6] | $ 0.58 | $ 0.78 | $ 0.7 | ||||||||||||
| Diluted | $ 0.21 | [1] | $ 0.17 | [2] | $ 0.15 | $ 0.04 | $ 0.19 | [3] | $ 0.2 | [4] | $ 0.25 | [5] | $ 0.13 | [6] | $ 0.57 | $ 0.77 | $ 0.69 | ||||||||||||
| Weighted average common shares: | |||||||||||||||||||||||||||||
| Basic | 24,638,135 | 21,766,743 | 20,612,407 | ||||||||||||||||||||||||||
| Diluted | 24,844,565 | 21,995,042 | 20,926,365 | ||||||||||||||||||||||||||
| Numerator: | |||||||||||||||||||||||||||||
| Net income | $ 5,199 | [1] | $ 4,207 | [2] | $ 3,820 | $ 989 | $ 4,838 | [3] | $ 4,160 | [4] | $ 5,345 | [5] | $ 2,647 | [6] | $ 14,215 | $ 16,990 | $ 14,511 | ||||||||||||
| Denominator: | |||||||||||||||||||||||||||||
| Weighted average basic common shares outstanding | 24,638,135 | 21,766,743 | 20,612,407 | ||||||||||||||||||||||||||
| Dilutive effect of unvested common shares | 206,430 | 228,299 | 313,958 | ||||||||||||||||||||||||||
| Weighted average diluted common shares outstanding | 24,844,565 | 21,995,042 | 20,926,365 | ||||||||||||||||||||||||||
|
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Fair Value Measurements (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
Dec. 26, 2014
Queensgate Foodservice [Member]
Fair Value Inputs Level 3 [Member]
|
Dec. 11, 2013
Allen Brothers, Inc & Subsidiaries [Member]
|
Dec. 26, 2014
Allen Brothers, Inc & Subsidiaries [Member]
Fair Value Inputs Level 3 [Member]
|
Dec. 26, 2014
Euro Gourmet [Member]
Fair Value Inputs Level 3 [Member]
|
|
| Contingent earn-out liabilities, fair value | $ 0 | $ 6,000 | $ 5,690 | $ 243 | |||
| Change in fair value of earnouts | $ (1,581) | $ (1,157) | |||||
| X | ||||||||||
|
- Definition
Amount of change in fair value of earnout. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of liability recognized arising from contingent consideration in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) recognized on the income statement for financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of purchases of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair value of financial instrument classified as a liability measured using unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisitions (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 26, 2014
Trademarks [Member]
|
Dec. 27, 2013
Trademarks [Member]
|
Dec. 27, 2013
Other amortizable intangibles [Member]
|
Dec. 26, 2014
Customer relationships [Member]
|
Dec. 27, 2013
Customer relationships [Member]
|
Dec. 11, 2013
Allen Brothers, Inc & Subsidiaries [Member]
|
Sep. 25, 2013
Allen Brothers, Inc & Subsidiaries [Member]
|
Dec. 26, 2014
Allen Brothers, Inc & Subsidiaries [Member]
|
Dec. 27, 2013
Allen Brothers, Inc & Subsidiaries [Member]
|
Dec. 09, 2013
Allen Brothers, Inc & Subsidiaries [Member]
|
Dec. 11, 2013
Allen Brothers, Inc & Subsidiaries [Member]
Goodwill [Member]
|
Dec. 11, 2013
Allen Brothers, Inc & Subsidiaries [Member]
Customer Lists [Member]
|
Dec. 11, 2013
Allen Brothers, Inc & Subsidiaries [Member]
Trademarks [Member]
|
May 01, 2013
Qzina Specialty Foods North America Inc [Member]
|
Dec. 26, 2014
Qzina Specialty Foods North America Inc [Member]
|
Dec. 27, 2013
Qzina Specialty Foods North America Inc [Member]
|
May 01, 2013
Qzina Specialty Foods North America Inc [Member]
Other amortizable intangibles [Member]
|
May 01, 2013
Qzina Specialty Foods North America Inc [Member]
Customer relationships [Member]
|
May 01, 2013
Qzina Specialty Foods North America Inc [Member]
Covenants [Member]
Minimum [Member]
|
May 01, 2013
Qzina Specialty Foods North America Inc [Member]
Covenants [Member]
Maximum [Member]
|
Dec. 31, 2012
Queensgate Foodservice [Member]
|
Dec. 27, 2013
Queensgate Foodservice [Member]
|
Dec. 31, 2012
Queensgate Foodservice [Member]
Goodwill [Member]
|
Dec. 31, 2012
Queensgate Foodservice [Member]
Customer relationships [Member]
|
Dec. 31, 2012
Queensgate Foodservice [Member]
Covenants [Member]
|
Aug. 10, 2012
Michael's [Member]
Number
|
Dec. 26, 2014
Michael's [Member]
|
Dec. 28, 2012
Michael's [Member]
|
Aug. 10, 2012
Michael's [Member]
Goodwill [Member]
|
Aug. 10, 2012
Michael's [Member]
Trademarks [Member]
Minimum [Member]
|
Aug. 10, 2012
Michael's [Member]
Trademarks [Member]
Maximum [Member]
|
Aug. 10, 2012
Michael's [Member]
Customer relationships [Member]
|
Aug. 10, 2012
Michael's [Member]
Covenants [Member]
|
Apr. 27, 2012
Praml International, Ltd [Member]
Number
|
Dec. 26, 2014
Praml International, Ltd [Member]
|
Dec. 28, 2012
Praml International, Ltd [Member]
|
Apr. 27, 2012
Praml International, Ltd [Member]
Trademarks [Member]
Minimum [Member]
|
Apr. 27, 2012
Praml International, Ltd [Member]
Trademarks [Member]
Maximum [Member]
|
Apr. 27, 2012
Praml International, Ltd [Member]
Customer relationships [Member]
|
Apr. 27, 2012
Praml International, Ltd [Member]
Covenants [Member]
|
|
| Description of acquired entity | Allen Brothers is a leading processor and distributor of premium quality meats to the nation’s finest restaurants, hotels, casinos and country clubs. In addition, Allen Brothers supplies many of those same high quality products to consumers through a direct mail and e-commerce platform. |
Qzina is a leading supplier of gourmet chocolate, dessert and pastry products dedicated to the pastry professional. At the time of its acquisition, Qzina supplied some of the finest restaurants, bakeries, patisseries, chocolatiers, hotels and cruise lines throughout the U.S. and Canada. |
Michael’s distributes an extensive portfolio of custom cut beef, seafood and other center-of-the-plate products to many of the leading restaurants, country clubs, hotels and casinos in Ohio, Indiana, Illinois, Tennessee, Michigan, Kentucky, West Virginia and western Pennsylvania. |
Praml is a leading specialty foodservice company that has serviced the Las Vegas and Reno markets for over 20 years. |
||||||||||||||||||||||||||||||||||||||
| Total purchase price | $ 30,670 | $ 21,792 | $ 31,974 | $ 21,934 | $ 53,845 | $ 19,548 | ||||||||||||||||||||||||||||||||||||
| Cash paid to acquire businesses | 23,939 | 23,939 | 31,796 | 52,973 | ||||||||||||||||||||||||||||||||||||||
| Pension liabilites assumed and contingent earnout consideration to be paid | 6,731 | |||||||||||||||||||||||||||||||||||||||||
| Pension liabilites assumed | 2,878 | |||||||||||||||||||||||||||||||||||||||||
| Contingent earn-out liabilities | 6,000 | |||||||||||||||||||||||||||||||||||||||||
| Period of performance milestones | 2 years | |||||||||||||||||||||||||||||||||||||||||
| Transaction costs | 300 | |||||||||||||||||||||||||||||||||||||||||
| Amortization period | 181 months | 154 months | 270 months | 239 months | 119 months | 131 months | 132 months | 15 years | 20 years | 40 years | 20 years | 20 years | 2 years | 5 years | 15 years | 7 years | 5 years | 15 years | 20 years | 12 years | 10 years | 5 years | 1 year | 20 years | 11 years | 6 years | ||||||||||||||||
| Percentage of acquired voting interest | 100.00% | 100.00% | 100.00% | |||||||||||||||||||||||||||||||||||||||
| Preacquisition settlement amount | 491 | 335 | ||||||||||||||||||||||||||||||||||||||||
| Reduction in goodwill | 400 | |||||||||||||||||||||||||||||||||||||||||
| Legal Fees | 91 | 149 | 69 | 85 | 23 | |||||||||||||||||||||||||||||||||||||
| Additional purchase price | $ 2,400 | |||||||||||||||||||||||||||||||||||||||||
| Number of intangible assets acquired | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Refers to additional purchase consideration from business acquisition. No definition available.
|
| X | ||||||||||
|
- Definition
Refers to number of intangible assets acquired from business acquisition. No definition available.
|
| X | ||||||||||
|
- Definition
Refers to period of performance milestones in'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of direct costs of the business combination including legal, accounting, and other costs incurred to consummate the business acquisition. No definition available.
|
| X | ||||||||||
|
- Definition
With respect to a business combination completed during the period, this element provides a description of the business, other than the name, which may include the industry, size, products and other important information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Percentage of voting equity interests acquired at the acquisition date in the business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount paid or received to resolve the preacquisition contingency. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of liability recognized arising from contingent consideration in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of other liabilities due within one year or within the normal operating cycle, if longer, assumed at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount recognized for assets, including goodwill, in excess of (less than) the aggregate liabilities assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Remaining amortization period of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense provided in the period for legal costs incurred on or before the balance sheet date pertaining to resolved, pending or threatened litigation, including arbitration and mediation proceedings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisitions (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
Dec. 11, 2013
Allen Brothers, Inc & Subsidiaries [Member]
|
Dec. 09, 2013
Allen Brothers, Inc & Subsidiaries [Member]
|
Dec. 09, 2013
Allen Brothers, Inc & Subsidiaries [Member]
Trademarks [Member]
|
Dec. 09, 2013
Allen Brothers, Inc & Subsidiaries [Member]
Customer relationships [Member]
|
May 01, 2013
Qzina Specialty Foods North America Inc [Member]
|
May 01, 2013
Qzina Specialty Foods North America Inc [Member]
Trademarks [Member]
|
May 01, 2013
Qzina Specialty Foods North America Inc [Member]
Customer relationships [Member]
|
May 01, 2013
Qzina Specialty Foods North America Inc [Member]
Noncompete Agreements [Member]
|
Dec. 31, 2012
Queensgate Foodservice [Member]
|
Dec. 31, 2012
Queensgate Foodservice [Member]
Customer relationships [Member]
|
Dec. 31, 2012
Queensgate Foodservice [Member]
Noncompete Agreements [Member]
|
Aug. 10, 2012
Michael's [Member]
|
Aug. 10, 2012
Michael's [Member]
Trademarks [Member]
|
Aug. 10, 2012
Michael's [Member]
Customer relationships [Member]
|
Aug. 10, 2012
Michael's [Member]
Noncompete Agreements [Member]
|
Apr. 27, 2012
Praml International, Ltd [Member]
|
Apr. 27, 2012
Praml International, Ltd [Member]
Trademarks [Member]
|
Apr. 27, 2012
Praml International, Ltd [Member]
Customer relationships [Member]
|
Apr. 27, 2012
Praml International, Ltd [Member]
Noncompete Agreements [Member]
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Business Acquisition [Line Items] | ||||||||||||||||||||||
| Current assets | $ 15,797 | $ 22,498 | $ 4,140 | $ 16,161 | $ 3,315 | |||||||||||||||||
| Intangibles | 4,782 | 2,522 | 4,411 | 6,070 | 2,480 | 1,520 | 2,920 | 12,724 | 12,431 | 477 | 1,369 | 4,187 | 1,254 | |||||||||
| Goodwill | 78,508 | 78,026 | 45,359 | 10,924 | 5,445 | 15,243 | 12,239 | 12,866 | ||||||||||||||
| Fixed assets | 4,370 | 906 | 1,909 | 2,871 | ||||||||||||||||||
| Other assets | 33 | |||||||||||||||||||||
| Deferred tax assets | 29 | |||||||||||||||||||||
| Deferred tax liability | (4,302) | (863) | (2,676) | |||||||||||||||||||
| Capital leases | (137) | (343) | ||||||||||||||||||||
| Earn-out liability | (6,322) | (2,118) | ||||||||||||||||||||
| Pension exit liability | (2,878) | |||||||||||||||||||||
| Unfavorable leases | (6) | |||||||||||||||||||||
| Current liabilities | (7,436) | (5,391) | (817) | (2,744) | (767) | |||||||||||||||||
| Cash purchase price | $ 30,670 | $ 21,792 | $ 31,974 | $ 21,934 | $ 53,845 | $ 19,548 |
| X | ||||||||||
|
- Definition
The amount of liability arising from the seller of a business is to obtain additional future compensation based on the business achieving certain future financial goals. recognized as of the acquisition date. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of liability arising pension exit recognized as of the acquisition date. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of liability arising unfavorable leases recognized as of the acquisition date. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of capital lease obligation, assumed at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer, acquired at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of liabilities due within one year or within the normal operating cycle, if longer, assumed at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax asset attributable to deductible temporary differences and carryforwards that are expected to be realized or consumed after one year or the normal operating cycle, if longer, acquired at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences due after one year or the normal operating cycle, if longer, assumed at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of identifiable intangible assets recognized as of the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of other assets expected to be realized or consumed after one year or the normal operating cycle, if longer, acquired at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of property, plant, and equipment recognized as of the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount recognized for assets, including goodwill, in excess of (less than) the aggregate liabilities assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Inventory (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
Dec. 26, 2014
|
Dec. 27, 2013
|
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Reserves for shrinkage and obsolescence | $ 1,130 | $ 683 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of valuation reserve for inventory. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Restricted Cash (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
Dec. 26, 2014
|
Dec. 27, 2013
|
Apr. 26, 2012
|
|---|---|---|---|
| Receivables [Abstract] | |||
| Restricted cash generated from construction loan | $ 5,578 | $ 11,000 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Equipment and Leasehold Improvements (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
|
| Amount expected to be spent to complete projects | $ 20,000 | ||
| Assets financed by capital lease | 509 | 820 | 679 |
| Depreciation | 2,166 | 2,024 | 1,730 |
| Accumulated amortization | 18,085 | 15,887 | |
|
Assets Held Under Capital Leases [Member]
|
|||
| Depreciation | 96 | 211 | 132 |
|
Computer Software Intangible Asset [Member]
|
|||
| Amortization | 851 | 286 | 221 |
| Accumulated amortization | $ 2,423 | $ 1,572 | |
| X | ||||||||||
|
- Definition
Amount to be expended to complete projects already in-process. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before accumulated depreciation of leased physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The expense recognized in the current period that allocates the cost of nonproduction tangible assets over their useful lives. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Equipment and Leasehold Improvements (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
|
| Equipment and leasehold improvements, Gross | $ 66,023 | $ 43,476 |
| Less: accumulated depreciation and amortization | (18,085) | (15,887) |
| Equipment and leasehold improvements, net | 47,938 | 27,589 |
|
Land [Member]
|
||
| Equipment and leasehold improvements, Gross | 1,464 | 1,464 |
|
Buildings [Member]
|
||
| Useful Lives | 20 years | |
| Equipment and leasehold improvements, Gross | 3,672 | 3,672 |
|
Machinery and equipment [Member]
|
||
| Equipment and leasehold improvements, Gross | 7,220 | 7,111 |
|
Machinery and equipment [Member] | Minimum [Member]
|
||
| Useful Lives | 5 years | |
|
Machinery and equipment [Member] | Maximum [Member]
|
||
| Useful Lives | 10 years | |
|
Computers, data processing and other equipment [Member]
|
||
| Equipment and leasehold improvements, Gross | 6,424 | 6,006 |
|
Computers, data processing and other equipment [Member] | Minimum [Member]
|
||
| Useful Lives | 3 years | |
|
Computers, data processing and other equipment [Member] | Maximum [Member]
|
||
| Useful Lives | 7 years | |
|
Leasehold improvements [Member]
|
||
| Equipment and leasehold improvements, Gross | 9,057 | 9,091 |
|
Leasehold improvements [Member] | Minimum [Member]
|
||
| Useful Lives | 7 years | |
|
Leasehold improvements [Member] | Maximum [Member]
|
||
| Useful Lives | 15 years | |
|
Furniture and fixtures [Member]
|
||
| Useful Lives | 7 years | |
| Equipment and leasehold improvements, Gross | 904 | 622 |
|
Vehicles [Member]
|
||
| Equipment and leasehold improvements, Gross | 987 | 1,001 |
|
Vehicles [Member] | Minimum [Member]
|
||
| Useful Lives | 5 years | |
|
Vehicles [Member] | Maximum [Member]
|
||
| Useful Lives | 7 years | |
|
Other [Member]
|
||
| Useful Lives | 7 years | |
| Equipment and leasehold improvements, Gross | 95 | 95 |
|
Construction-in-process [Member]
|
||
| Equipment and leasehold improvements, Gross | $ 36,200 | $ 14,414 |
| X | ||||||||||
|
- Definition
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
|
Goodwill and Other Intangible Assets (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
|
| Goodwill Roll Forward | ||
| Beginning Balance | $ 78,026 | $ 45,359 |
| Goodwill increases | 564 | 32,719 |
| Foreign currency translation | (82) | (52) |
| Ending Balance | $ 78,508 | $ 78,026 |
| X | ||||||||||
|
- Definition
Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase in asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized resulting from a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) from foreign currency translation adjustments of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Remaining amortization period of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Goodwill and Other Intangible Assets (Details 2) (USD $)
In Thousands, unless otherwise specified |
Dec. 26, 2014
|
|---|---|
| Estimated amortization in fiscal year: | |
| 2015 | $ 5,255 |
| 2016 | 5,198 |
| 2017 | 5,162 |
| 2018 | 4,023 |
| 2019 | 3,745 |
| Thereafter | 27,102 |
| Total | $ 50,485 |
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Debt Obligations (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Apr. 17, 2023
Senior secured notes [Member]
|
Apr. 17, 2018
Senior secured notes [Member]
|
Apr. 17, 2013
Senior secured notes [Member]
|
Dec. 26, 2014
Credit Facilities [Member]
|
Apr. 17, 2013
Credit Facilities [Member]
Amended and Restated Credit Agreement [Member]
|
Dec. 26, 2014
Credit Facilities [Member]
Amended and Restated Credit Agreement [Member]
|
Sep. 28, 2012
Revolving Credit Facility [Member]
|
Apr. 25, 2012
Revolving Credit Facility [Member]
|
Dec. 26, 2014
Revolving Credit Facility [Member]
|
Apr. 17, 2013
Revolving Credit Facility [Member]
Amended and Restated Credit Agreement [Member]
|
Apr. 25, 2012
Revolving Credit Facility [Member]
Maximum [Member]
|
Apr. 17, 2013
Revolving Credit Facility [Member]
Maximum [Member]
Amended and Restated Credit Agreement [Member]
|
Apr. 25, 2012
Revolving Credit Facility [Member]
Minimum [Member]
|
Apr. 17, 2013
Revolving Credit Facility [Member]
Minimum [Member]
Amended and Restated Credit Agreement [Member]
|
Apr. 25, 2012
Term Loan [Member]
|
Apr. 17, 2013
Term Loan [Member]
Amended and Restated Credit Agreement [Member]
|
Apr. 25, 2012
Term Loan [Member]
Maximum [Member]
|
Apr. 25, 2012
Term Loan [Member]
Minimum [Member]
|
Apr. 26, 2012
New Markets Tax Credit Loan [Member]
|
Dec. 26, 2014
New Markets Tax Credit Loan [Member]
|
Dec. 26, 2014
Letters of credit [Member]
Revolving Credit Facility [Member]
|
|
| Debt Instrument [Line Items] | |||||||||||||||||||||||
| Maximum aggregate amount | $ 100,000 | $ 140,000 | $ 100,000 | $ 140,000 | $ 40,000 | $ 36,000 | |||||||||||||||||
| Maximum increase aggregate amount | 40,000 | 40,000 | 10,000 | 40,000 | 10,000 | ||||||||||||||||||
| Maturity date | Dec. 31, 2029 | Dec. 31, 2029 | Apr. 25, 2017 | Apr. 25, 2017 | Apr. 25, 2017 | Apr. 26, 2017 | |||||||||||||||||
| Description of payment terms | Quarterly principal payments on the Term Loans on June 30, September 30, December 31 and March 31, with the first four quarterly payments equal to $1,000 per quarter and the last sixteen quarterly payments equal to $1,500 per quarter, with the remaining balance due upon maturity | Quarterly principal payments on the Term Loans on June 30, September 30, December 31 and March 31 of each year, with each quarterly payment equal to $1,500, with the remaining balance due upon maturity. | (i) monthly interest payments on the principal balance then outstanding and (ii) the entire unpaid principal balance then due and owing on April 26, 2017. | ||||||||||||||||||||
| Description of collateral | Secured by substantially all the assets of the Borrowers and the Guarantors with the exception of equity interests in and assets of DHP. | ||||||||||||||||||||||
| Description of interest | (i) the alternate base rate (representing the greatest of (1) Chase’s prime rate, (2) the federal funds effective rate for overnight borrowings plus 1/2 of 1% and (3) the Adjusted LIBO Rate for one month plus 2.50%) plus in each case the applicable margin of 0.50% for Revolving Credit Loans or Term Loans or (ii), in the case of Eurodollar Borrowings (as defined in the Credit Agreement), the Adjusted LIBO Rate plus the applicable margin of 3.0% for Revolving Credit Loans or Term Loans. | (i) the alternate base rate (representing the greatest of (1) Chase’s prime rate, (2) the federal funds effective rate for overnight borrowings plus 1/2 of 1.00% and (3) the adjusted LIBO rate for one month plus 2.50%) plus in each case an applicable margin of from 1.75% to 2.25%, based on the Company’s leverage ratio, or (ii) in the case of Eurodollar Borrowings (as defined in the Amended and Restated Credit Agreement), the adjusted LIBO rate plus an applicable margin of from 2.75% to 3.25%, based on the Company’s leverage ratio. | |||||||||||||||||||||
| Interest rate | 5.90% | 1.00% | |||||||||||||||||||||
| Percentage of unutilized commitments fee | 0.45% | 0.35% | |||||||||||||||||||||
| Percentage of fronting fee | 0.25% | ||||||||||||||||||||||
| Maturity year | 2023 | ||||||||||||||||||||||
| Repayments of debt | 50,000 | 50,000 | |||||||||||||||||||||
| Unused capacity issuance | 4,845 | ||||||||||||||||||||||
| Maximum debt borrowing capacity | $ 135,155 | ||||||||||||||||||||||
| Description of amendments payment terms | (i) permit one of the Company’s subsidiaries to incur up to $15,000 of permitted indebtedness and associated liens to obtain construction and permit mortgage financing for a new warehouse facility in Las Vegas, Nevada, (ii) increase the basket for additional indebtedness that is not otherwise permitted by the terms of the Amended and Restated Credit Agreement from $5,000 to $10,000, (iii) eliminate the Company’s requirement to achieve a certain minimum Fixed Charge Coverage Ratio (as defined in the Amended and Restated Credit Agreement) as of September 30, 2014 and to amend the Fixed Charge Coverage Ratio definition (A) to account for the significant investments the Company has made, and expects to continue to make, in its business to support its growth and (B) to eliminate the deduction of the unfinanced portion of Capital Expenditures (as defined in the Amended and Restated Credit Agreement) from the calculation of EBITDA utilized to calculate the Fixed Charge Coverage Ratio, (iv) permit a sale-leaseback transaction involving the Company’s Las Vegas distribution facility that is currently under construction, (v) increase the amount of assets that the loan parties may sell in any twelve month period in transactions not otherwise permitted from $1,000 to $5,000, (vi) adjust certain financial covenants and the periods during which the loan parties must comply with such covenants, and (vii) set a maximum permitted amount of Capital Expenditures that may be made or incurred by the loan parties in future fiscal years. The Note Purchase and Guarantee Agreement was similarly amended to modify the Note Purchase and Guarantee Agreement in the same manner as the Amended and Restated Credit Agreement. |
||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Refers to debt instrument maturity year in CCYY format. No definition available.
|
| X | ||||||||||
|
- Definition
Refers to during period of debt instrument payment revised terms. No definition available.
|
| X | ||||||||||
|
- Definition
Refers to amount of percentage of fronting fee. No definition available.
|
| X | ||||||||||
|
- Definition
Discussion of whether the debt instrument is secured or unsecured, and, if secured, a description of the collateral and guarantees required or provided. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net increase or decrease in the carrying amount of the debt instrument for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Description of the interest rate as being fixed or variable, and, if variable, identification of the index or rate on which the interest rate is based and the number of points or percentage added to that index or rate to set the rate, and other pertinent information, such as frequency of rate resets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Description of the payment terms of the debt instrument (for example, whether periodic payments include principal and frequency of payments) and discussion about any contingencies associated with the payment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unused borrowing capacity under the long-term financing arrangement that is available to the entity as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations. No definition available.
|
|
Debt Obligations (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 26, 2014
|
Dec. 27, 2013
|
Jun. 28, 2013
|
|---|---|---|---|
| Total debt obligations | $ 143,536 | ||
| Less: current installments | (7,736) | (6,867) | |
| Total debt obligations excluding current installments | 135,800 | 140,847 | |
|
Senior secured notes [Member]
|
|||
| Total debt obligations | 100,000 | 100,000 | 100,000 |
|
Term Loan [Member]
|
|||
| Total debt obligations | 27,000 | 33,000 | |
|
New Markets Tax Credit Loan [Member]
|
|||
| Total debt obligations | 11,000 | 11,000 | |
|
Capital leases and financed software [Member]
|
|||
| Total debt obligations | $ 5,536 | $ 3,714 |
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Stockholders' Equity (Details Narrative) (USD $)
In Thousands, except Share data, unless otherwise specified |
0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 25, 2013
|
Sep. 27, 2013
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
Dec. 30, 2011
|
Dec. 26, 2014
Omnibus Equity Incentive Plan [Member]
|
Dec. 30, 2011
Omnibus Equity Incentive Plan [Member]
|
Sep. 25, 2013
Revolving Credit Facility [Member]
|
Dec. 11, 2013
Allen Brothers, Inc & Subsidiaries [Member]
|
Sep. 25, 2013
Allen Brothers, Inc & Subsidiaries [Member]
|
Sep. 25, 2013
Euro Gourmet [Member]
|
Aug. 02, 2011
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
|
Dec. 26, 2014
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
|
Dec. 27, 2013
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
|
Dec. 28, 2012
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
|
Dec. 26, 2014
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 28, 2012
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 26, 2014
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 27, 2013
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Nov. 02, 2011
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
Non-Employee Directors [Member]
|
Dec. 28, 2012
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
Non-Employee Directors [Member]
|
Aug. 02, 2011
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
Former chief operating officer [Member]
|
Nov. 02, 2011
Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
Officer [Member]
|
Dec. 26, 2014
Performance-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
|
Dec. 28, 2012
Performance-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 26, 2014
Performance-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 27, 2013
Performance-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 26, 2014
Time-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
|
Dec. 26, 2014
Time-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 27, 2013
Time-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 31, 2012
Time-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 26, 2014
Time-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 27, 2013
Time-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Dec. 27, 2013
Time-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Minimum [Member]
Employees And Independent Directors [Member]
|
Dec. 26, 2014
Time-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Minimum [Member]
Employees And Independent Directors [Member]
|
Dec. 27, 2013
Time-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Maximum [Member]
Employees And Independent Directors [Member]
|
Dec. 26, 2014
Time-based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Maximum [Member]
Employees And Independent Directors [Member]
|
Dec. 26, 2014
Time based restricted share [Member]
Omnibus Equity Incentive Plan [Member]
Employees And Independent Directors [Member]
|
Aug. 02, 2011
Second Vested Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
|
Aug. 02, 2011
First Vested Restricted share awards [Member]
Omnibus Equity Incentive Plan [Member]
|
Dec. 30, 2011
Incentive Stock Options
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||
| Numbers of common shares issued (in shares) | 3,800,000 | 3,800,000 | ||||||||||||||||||||||||||||||||||||||||
| Share price shares sold at | $ 21.00 | |||||||||||||||||||||||||||||||||||||||||
| Shares sold by existing shareholders | 1,375,000 | |||||||||||||||||||||||||||||||||||||||||
| Shares sold to cover underwriter costs | 675,000 | |||||||||||||||||||||||||||||||||||||||||
| Proceeds from public offering of common stock | $ 75,037 | $ 75,037 | ||||||||||||||||||||||||||||||||||||||||
| Payments of revolving credit line | 19,100 | 145,800 | 190,640 | 394,714 | 12,500 | |||||||||||||||||||||||||||||||||||||
| Cash paid to acquire businesses | 23,939 | 23,939 | 2,063 | |||||||||||||||||||||||||||||||||||||||
| Number of shares authorized for grant | 1,750,000 | 1,000,000 | ||||||||||||||||||||||||||||||||||||||||
| Number of shares available for grant | 1,078,511 | |||||||||||||||||||||||||||||||||||||||||
| Number of shares granted | 206,666 | 91,176 | 229,031 | 91,176 | 268,889 | 5,652 | 34,783 | 183,700 | 85,189 | 85,189 | ||||||||||||||||||||||||||||||||
| Share price | $ 18.01 | $ 14.30 | ||||||||||||||||||||||||||||||||||||||||
| Number of vested shares | 103,333 | 103,333 | ||||||||||||||||||||||||||||||||||||||||
| Share based compensation expense | 1,374 | 1,210 | 1,547 | 2,097 | 54 | 93 | 1,055 | 38 | 631 | 742 | 454 | 355 | 375 | 334 | 193 | 1,861 | ||||||||||||||||||||||||||
| Description of vesting arrangements | Vested on the date of the first annual stockholders’ meeting. | Next four anniversary dates of the grant | ||||||||||||||||||||||||||||||||||||||||
| Accelerated compensation cost | 713 | |||||||||||||||||||||||||||||||||||||||||
| Number of accelerated shares | 41,334 | |||||||||||||||||||||||||||||||||||||||||
| Number of shares forfeited | 25,830 | 35,441 | 8,582 | 35,441 | 37,432 | 8,692 | 20,681 | 2,108 | 20,681 | 2,108 | ||||||||||||||||||||||||||||||||
| Weighted average grant date fair value | $ 17.63 | $ 19.78 | $ 16.90 | |||||||||||||||||||||||||||||||||||||||
| Vesting period | 4 years | 1 year | 5 years | 4 years | ||||||||||||||||||||||||||||||||||||||
| Number of nonvested shares outstanding | 374,567 | 3,724 | 2,484 | |||||||||||||||||||||||||||||||||||||||
| Total unrecognized compensation cost | $ 6,208 | |||||||||||||||||||||||||||||||||||||||||
| Weighted average remaining term | 14 months | 13 months | 15 months | |||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The number of shares sold during teh period by existing stockholders. No definition available.
|
| X | ||||||||||
|
- Definition
Unrecognized cost of unvested share-based awards, other than options, awarded to employees as compensation. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Additional share-based compensation cost recognized as a result of an occurrence of an event that accelerates its recognition. No definition available.
|
| X | ||||||||||
|
- Definition
Number of shares for which recognition of compensation cost was accelerated. No definition available.
|
| X | ||||||||||
|
- Definition
Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average remaining contractual term for equity-based awards excluding options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of shares under non-option equity instrument agreements that were either cancelled or expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net number of non-option equity instruments granted to participants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the number of shares into which fully vested and expected to vest stock options outstanding can be converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Description of pertinent provisions of equity-based compensation awards that have actual or potential impact upon the company's financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Price of a single share of a number of saleable stocks of a company. No definition available.
|
| X | ||||||||||
|
- Definition
Amount per share or per unit of equity securities issued by non-development stage entity. No definition available.
|
| X | ||||||||||
|
- Definition
Number of shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders. No definition available.
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Leases (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
|
| Rent expense for operating leases | $ 16,381 | $ 13,529 | $ 10,172 |
| Mortgage loan payoff date | Dec. 31, 2029 | Dec. 31, 2029 | |
|
Guarantee of Dairyland USA [Member]
|
|||
| Potential Obligation | $ 9,328 | ||
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reflects the estimated amount of loss from the specified contingency as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Leases (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 26, 2014
|
|---|---|
| Future minimum lease payments for Fiscal Year: | |
| 2015 | $ 12,375 |
| 2016 | 11,520 |
| 2017 | 10,562 |
| 2018 | 8,836 |
| 2019 | 7,725 |
| Thereafter | 37,019 |
| Total minimum lease payments | 88,037 |
|
Real Estate [Member] | Related Party [Member]
|
|
| Future minimum lease payments for Fiscal Year: | |
| 2015 | 489 |
| 2016 | 499 |
| 2017 | 509 |
| 2018 | 519 |
| 2019 | 529 |
| Thereafter | 2,661 |
| Total minimum lease payments | 5,206 |
|
Real Estate [Member] | Third Party [Member]
|
|
| Future minimum lease payments for Fiscal Year: | |
| 2015 | 5,559 |
| 2016 | 5,158 |
| 2017 | 4,909 |
| 2018 | 4,389 |
| 2019 | 3,772 |
| Thereafter | 31,405 |
| Total minimum lease payments | 55,192 |
|
Vehicles [Member] | Third Party [Member]
|
|
| Future minimum lease payments for Fiscal Year: | |
| 2015 | 5,612 |
| 2016 | 5,421 |
| 2017 | 5,049 |
| 2018 | 3,898 |
| 2019 | 3,424 |
| Thereafter | 2,953 |
| Total minimum lease payments | 26,357 |
|
Other [Member] | Third Party [Member]
|
|
| Future minimum lease payments for Fiscal Year: | |
| 2015 | 715 |
| 2016 | 442 |
| 2017 | 95 |
| 2018 | 30 |
| 2019 | |
| Thereafter | |
| Total minimum lease payments | $ 1,282 |
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Details Narative) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 26, 2014
State [Member]
|
May 01, 2013
Qzina Specialty Foods North America Inc [Member]
State [Member]
|
Dec. 26, 2014
Qzina Specialty Foods North America Inc [Member]
Federal [Member]
|
|
| Foreign income from continuing operations before income tax | $ 1,108 | ||||
| Net loss carryforwards | 4,428 | 142 | 1,725 | 323 | |
| Estimated tax assessment | 511 | ||||
| Estimated final tax assessment | $ 725 |
| X | ||||||||||
|
- Definition
The portion of earnings or loss from continuing operations before income taxes that is attributable to foreign operations, which is defined as Income or Loss generated from operations located outside the entity's country of domicile. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of operating loss carryforward, before tax effects, available to reduce future taxable income under enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of the unrecognized tax benefit of a position taken for which it is reasonably possible that the total amount thereof will significantly increase or decrease within twelve months of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of unrecognized tax benefits pertaining to uncertain tax positions taken in tax returns. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
|
| Current income tax expense (benefit) | |||
| Federal | $ 7,411 | $ 8,402 | $ 8,173 |
| Foreign | 114 | 86 | |
| State | 2,935 | 2,350 | 2,474 |
| Total current income tax expense | 10,460 | 10,838 | 10,647 |
| Deferred income tax expense (benefit) | |||
| Federal | 92 | 830 | (69) |
| Foreign | 30 | ||
| State | 51 | 140 | (14) |
| Total deferred income tax expense (benefit) | 173 | 970 | (83) |
| Total income tax expense | $ 10,633 | $ 11,808 | $ 10,564 |
| X | ||||||||||
|
- Definition
Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of current foreign income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred foreign income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Income Taxes (Details 1) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
|
| Income Taxes Details 1 | |||
| Statutory U.S. Federal tax | $ 8,697 | $ 10,079 | $ 8,776 |
| Differences due to: | |||
| Other permanent differences | 266 | 293 | 215 |
| State and local taxes, net of federal benefit | 1,499 | 1,705 | 1,525 |
| Foreign tax rate differential | 74 | 86 | |
| Change in prior year tax estimate | 227 | (185) | 147 |
| Other, net | (130) | (170) | (99) |
| Total income tax expense | $ 10,633 | $ 11,808 | $ 10,564 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to foreign income tax expense (benefit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other nondeductible expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to tax exempt income, equity in earnings (loss) of an unconsolidated subsidiary, minority noncontrolling interest income (loss), tax holiday, disposition of a business, disposition of an asset, repatriation of foreign earnings, repatriation of foreign earnings jobs creation act of 2004, increase (decrease) in enacted tax rate, prior year income taxes, increase (decrease) in deferred tax asset valuation allowance, and other adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to revisions of previously reported income tax expense (benefit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to state and local income tax expense (benefit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Deferred Tax Assets, Other Assets, Noncurrent No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Tax Assets Receivables And Inventories No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Deferred Tax Liabilities, Other Liabilities, Noncurrent No definition available.
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences expected to be realized or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards, net of deferred tax liability attributable to taxable temporary differences expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount after allocation of valuation allowances of noncurrent deferred tax asset attributable to deductible temporary differences and carryforwards. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible domestic operating loss carryforwards. Excludes state and local operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible state and local operating loss carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible foreign tax credit carryforwards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from compensated absences (includes, but not limited to, sick and personal days). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from share-based compensation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from other provisions, reserves, allowances, and accruals not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from deferred rent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from estimated losses under self insurance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from unrealized losses on foreign currency transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences from intangible assets other than goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount of noncurrent deferred tax liabilities, which result from applying the applicable tax rate to taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of deferred tax consequences attributable to taxable temporary differences derived from prepaid expenses. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of deferred tax liability attributable to taxable temporary differences from property, plant, and equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Employee Benefit Plans (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
|
| Employee Benefit Plans Details Narrative | |||
| Employers contribution to employees under 401k plan | 50.00% | ||
| Maximum employees contribution under 401k plan | 6.00% | ||
| Matching contribution under 401k plan | $ 717 | $ 449 | $ 337 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of discretionary contributions made by an employer to a defined contribution plan. No definition available.
|
| X | ||||||||||
|
- Definition
Percentage employer matches of the employee's percentage contribution matched. No definition available.
|
| X | ||||||||||
|
- Definition
Maximum percentage of employee gross pay the employee may contribute to a defined contribution plan. No definition available.
|
| X | ||||||||||
|
- Definition
Expenses incurred related to the management of aircraft from non-affiliated parties that are used in the entity's business operations. No definition available.
|
| X | ||||||||||
|
- Definition
Number Of Facilities Leased No definition available.
|
| X | ||||||||||
|
- Definition
Refers to ownership percentage interest in facilities owned by entities controlled by company's stockholders. No definition available.
|
| X | ||||||||||
|
- Definition
Expenses incurred related to the lease of aircraft from outside third parties that are used in the entity's business operations. No definition available.
|
| X | ||||||||||
|
- Definition
Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Expenditures for salaries for officers and non-officers. Does not include allocated share-based compensation, pension and post-retirement benefit expense or other labor-related non-salary expense. For commercial and industrial companies, excludes any direct and overhead labor that is included in cost of goods sold. No definition available.
|
|
Commitments and Contingencies (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
|
| Commitments And Contingencies Details Narrative | ||
| Individual stop loss thresholds under self-insured group medical program | $ 125 | |
| Self-insurance reserves | 574 | 378 |
| Self-insurance reserves for automobile liability program | 928 | 777 |
| Self-insurance reserves for workers compensation | $ 2,911 | $ 1,559 |
| Number of total full-time and part-time employees | 1,281 | |
| Number of unions employees | 159 | |
| Number of employees under collective bargaining agreement | 121 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Refers to during period of number of employees under collective bargaining agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Refers to during period of number of total full time employees. No definition available.
|
| X | ||||||||||
|
- Definition
Refers to during period of number of unions employees. No definition available.
|
| X | ||||||||||
|
- Definition
Refers to during period of self insurance reserves for automobile liability program. No definition available.
|
| X | ||||||||||
|
- Definition
Refers to during period of self insurance reserves for workers compensation. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of stop-loss insurance recoveries. In stop-loss insurance, prepaid health care providers or associated entities transfer portions of their financial risks to other companies. A provider typically contracts to recover health care costs in excess of stated amounts during the contract periods. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount (including both current and noncurrent portions) of accrued known and estimated losses incurred as of the balance sheet date for which no insurance coverage exists, and for which a claim has been made or is probable of being asserted, typically arising from workmen's compensation-type of incidents and personal injury to nonemployees from accidents on the entity's property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Valuation Reserves (Details) (Allowance For Doubtful Accounts [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
|
|
Allowance For Doubtful Accounts [Member]
|
|||
| Balance at beginning of period | $ 3,642 | $ 3,440 | $ 2,900 |
| Charged to costs and expenses | 1,195 | 924 | 1,434 |
| Customer accounts written off, net of recoveries | (162) | (722) | (894) |
| Balance at end of period | $ 4,675 | $ 3,642 | $ 3,440 |
| X | ||||||||||
|
- Definition
Total of the adjustments in a given period to allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, charged to costs and expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Valuation Reserves (Details 1) (Inventory Valuation Reserve [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
|
|
Inventory Valuation Reserve [Member]
|
|||
| Balance at beginning of period | $ 683 | $ 650 | $ 575 |
| Charged to costs and expenses | 3,422 | 3,051 | 1,948 |
| Inventory written off | (2,975) | (3,018) | (1,873) |
| Balance at end of period | $ 1,130 | $ 683 | $ 650 |
| X | ||||||||||
|
- Definition
Total of the adjustments in a given period to allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of allowances and reserves, the valuation and qualifying accounts that are either netted against the cost of an asset (in order to value it at its carrying value) or that reflect a liability established to represent expected future costs, charged to costs and expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Quarterly Results (unaudited) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Sep. 25, 2013
|
Dec. 26, 2014
|
Sep. 26, 2014
|
Jun. 27, 2014
|
Mar. 28, 2014
|
Dec. 27, 2013
|
Sep. 27, 2013
|
Jun. 28, 2013
|
Mar. 29, 2013
|
Dec. 26, 2014
|
Dec. 27, 2013
|
Dec. 28, 2012
|
|||||||||||||||||||
| Revenues | $ 228,228 | [1] | $ 208,070 | [2] | $ 213,144 | $ 187,183 | $ 193,388 | [3] | $ 170,581 | [4] | $ 170,157 | [5] | $ 139,419 | [6] | $ 836,625 | $ 673,545 | $ 480,292 | |||||||||||||
| Gross profit | 56,889 | [1] | 50,693 | [2] | 52,402 | 46,068 | 49,211 | [3] | 43,957 | [4] | 44,042 | [5] | 35,154 | [6] | 206,052 | 172,364 | 125,004 | |||||||||||||
| Operating profit | 11,669 | [1] | 9,033 | [2] | 8,557 | 3,751 | 10,194 | [3] | 9,435 | [4] | 11,055 | [5] | 5,897 | [6] | 33,010 | 36,581 | 28,767 | |||||||||||||
| Income (loss) before income taxes | 9,566 | [1] | 7,132 | [2] | 6,458 | 1,692 | 8,013 | [3] | 7,107 | [4] | 9,148 | [5] | 4,530 | [6] | 24,848 | 28,798 | 25,075 | |||||||||||||
| Net income (loss) | 5,199 | [1] | 4,207 | [2] | 3,820 | 989 | 4,838 | [3] | 4,160 | [4] | 5,345 | [5] | 2,647 | [6] | 14,215 | 16,990 | 14,511 | |||||||||||||
| Basic net income (loss) per share | $ 0.21 | [1] | $ 0.17 | [2] | $ 0.16 | $ 0.04 | $ 0.2 | [3] | $ 0.2 | [4] | $ 0.26 | [5] | $ 0.13 | [6] | $ 0.58 | $ 0.78 | $ 0.7 | |||||||||||||
| Diluted net income (loss) per share | $ 0.21 | [1] | $ 0.17 | [2] | $ 0.15 | $ 0.04 | $ 0.19 | [3] | $ 0.2 | [4] | $ 0.25 | [5] | $ 0.13 | [6] | $ 0.57 | $ 0.77 | $ 0.69 | |||||||||||||
| Numbers of common shares issued (in shares) | 3,800,000 | 3,800,000 | ||||||||||||||||||||||||||||
| Debt obligations | 143,536 | 143,536 | ||||||||||||||||||||||||||||
|
Senior secured notes [Member]
|
||||||||||||||||||||||||||||||
| Debt obligations | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
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- Definition
Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Quarterly Results (Details Narrative) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended |
|---|---|
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Dec. 27, 2013
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| Quarterly Results Details Narrative | |
| Adjustment to cost of sales for inventory overstatement | $ 900 |
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- Definition
Adjustment to cost of sales recognized in the period for inventory overstatement. No definition available.
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- Details
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Subsequent Events (Details Narrative) (USD $)
In Thousands, except Share data, unless otherwise specified |
0 Months Ended | 3 Months Ended | 0 Months Ended | ||||
|---|---|---|---|---|---|---|---|
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Sep. 25, 2013
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Sep. 27, 2013
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Dec. 26, 2014
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Dec. 27, 2013
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Jan. 11, 2015
Subsequent Event [Member]
Del Monte Capitol Meat Co [Member]
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Jan. 11, 2015
Subsequent Event [Member]
Del Monte Capitol Meat Co [Member]
Maximum [Member]
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Jan. 11, 2015
Subsequent Event [Member]
Del Monte Capitol Meat Co [Member]
Minimum [Member]
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| Total purchase price | $ 191,200 | ||||||
| Cash paid to acquire businesses | 127,500 | ||||||
| Additional purchase price | 25,500 | ||||||
| Common stock price per share | $ 0.01 | $ 0.01 | $ 22.00 | ||||
| Common stock shares issued | 3,800,000 | 3,800,000 | 1,200 | ||||
| Convertible subordinated notes | 38,300 | ||||||
| Conversion price of convertible subordinated notes | $ 29.70 | ||||||
| Convertible subordinated notes with bearing interest | 2.50% | ||||||
| Borrowings under the Restated Credit Agreement | $ 10,000 | $ 60,000 | |||||
| Description of LIBO rate | Upon effectiveness of the January 2015 amendment described above, borrowings under the Amended and Restated Credit Agreement will bear interest at the Company’s option of either (i) the alternate base rate (representing the greatest of (1) Chase’s prime rate, (2) the federal funds effective rate for overnight borrowings plus 1/2 of 1.00% and (3) the adjusted LIBO rate for one month plus 2.50%) plus in each case an applicable margin of from 1.75% to 2.50%, based on the Total Leverage Ratio (as defined in the Amended and Restated Credit Agreement), or (ii) in the case of Eurodollar Borrowings (as defined in the Amended and Restated Credit Agreement), the adjusted LIBO rate plus an applicable margin of from 2.75% to 3.50%, based on the Total Leverage Ratio. |
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| Total Leverage Ratio | 2.75% | 3.50% | |||||
| Leverage ratio in case of Eurodollar Borrowings | 1.75% | 2.50% | |||||
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- Definition
Refers to during period of borrowings under restated credit agreement. No definition available.
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- Definition
Refers to additional purchase consideration from business acquisition. No definition available.
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- Definition
Refers to during period of leverage ratio. No definition available.
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- Definition
Refers to during period of leverage ratio. No definition available.
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- Definition
Amount recognized for assets, including goodwill, in excess of (less than) the aggregate liabilities assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Including the current and noncurrent portions, the carrying value of convertible subordinated debt, as of the balance sheet date, initially scheduled to be repaid after one year or beyond the normal operating cycle if longer. This form of debt can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder, and places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
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- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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