$FLO
FLOWERS FOODS INC

2016 Q4 Form 10-Q Financial Statement

#000156459016028712 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q1 2015 Q4
Revenue $868.7M $858.4M $885.3M
YoY Change -1.87% -2.16% 4.78%
Cost Of Revenue $450.5M $455.9M $464.0M
YoY Change -2.93% 0.48% 4.76%
Gross Profit $418.3M $402.4M $421.3M
YoY Change -0.71% -4.99% 4.8%
Gross Profit Margin 48.15% 46.88% 47.58%
Selling, General & Admin $341.5M $316.9M $322.1M
YoY Change 6.02% 0.35% 6.63%
% of Gross Profit 81.65% 78.75% 76.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.50M $32.50M $29.42M
YoY Change 10.47% 7.26% -0.23%
% of Gross Profit 7.77% 8.08% 6.98%
Operating Expenses $375.9M $349.4M $351.6M
YoY Change 6.91% -3.32% 16.39%
Operating Profit $42.36M $53.02M $69.75M
YoY Change -39.28% -14.72% -0.9%
Interest Expense -$4.700M -$1.500M $5.992M
YoY Change -178.44% 50.0% -4.66%
% of Operating Profit -11.1% -2.83% 8.59%
Other Income/Expense, Net
YoY Change
Pretax Income $61.45M $50.00M $68.87M
YoY Change -10.78% 23.76% -0.14%
Income Tax $21.20M $17.80M $25.08M
% Of Pretax Income 34.5% 35.6% 36.41%
Net Earnings $13.04M $32.25M $43.80M
YoY Change -70.22% 15.12% -1.8%
Net Earnings / Revenue 1.5% 3.76% 4.95%
Basic Earnings Per Share $0.06 $0.15 $0.21
Diluted Earnings Per Share $0.06 $0.15 $0.21
COMMON SHARES
Basic Shares Outstanding 207.6M 210.8M
Diluted Shares Outstanding 213.3M

Balance Sheet

Concept 2016 Q4 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.500M $14.40M $8.800M
YoY Change -14.77% 92.0% 8.64%
Cash & Equivalents $6.410M $14.38M $8.780M
Short-Term Investments
Other Short-Term Assets $28.13M $47.78M $70.30M
YoY Change -59.99% 10.74% 23.87%
Inventory $110.9M $111.2M $166.4M
Prepaid Expenses $20.90M $15.96M
Receivables $284.1M $269.7M $267.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $476.8M $500.3M $513.3M
YoY Change -7.1% 8.63% 1.63%
LONG-TERM ASSETS
Property, Plant & Equipment $781.0M $805.0M $784.6M
YoY Change -0.46% -0.31% -4.54%
Goodwill $465.6M $464.9M
YoY Change 64.31%
Intangibles $836.0M $875.5M
YoY Change 35.74%
Long-Term Investments
YoY Change
Other Assets $9.758M $7.881M $46.10M
YoY Change -78.83% -34.39% 274.89%
Total Long-Term Assets $2.284B $2.344B $2.239B
YoY Change 2.02% 20.29% 13.53%
TOTAL ASSETS
Total Short-Term Assets $476.8M $500.3M $513.3M
Total Long-Term Assets $2.284B $2.344B $2.239B
Total Assets $2.761B $2.844B $2.752B
YoY Change 0.32% 18.06% 11.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $173.1M $171.9M $183.9M
YoY Change -5.87% 20.53% 24.51%
Accrued Expenses $145.4M $142.3M $133.2M
YoY Change 9.16% 29.6% 2.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $11.70M $74.70M $53.50M
YoY Change -78.13% 116.52% 49.86%
Total Short-Term Liabilities $340.6M $403.7M $381.9M
YoY Change -10.81% 27.95% 13.63%
LONG-TERM LIABILITIES
Long-Term Debt $980.2M $930.0M $843.6M
YoY Change 16.19% 27.59% 8.02%
Other Long-Term Liabilities $48.24M $44.21M $123.5M
YoY Change -60.94% -17.67% 121.19%
Total Long-Term Liabilities $48.24M $44.21M $967.1M
YoY Change -95.01% -81.69% 386.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $340.6M $403.7M $381.9M
Total Long-Term Liabilities $48.24M $44.21M $967.1M
Total Liabilities $388.9M $447.9M $1.524B
YoY Change -74.48% -19.58% 184.8%
SHAREHOLDERS EQUITY
Retained Earnings $910.5M $877.8M
YoY Change 8.5%
Common Stock $644.7M $636.7M
YoY Change 3.69%
Preferred Stock
YoY Change
Treasury Stock (at cost) $261.8M $174.6M
YoY Change -13.57%
Treasury Stock Shares $20.31M $16.46M
Shareholders Equity $1.210B $1.243B $1.228B
YoY Change
Total Liabilities & Shareholders Equity $2.761B $2.844B $2.752B
YoY Change 0.32% 18.06% 11.1%

Cashflow Statement

Concept 2016 Q4 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income $13.04M $32.25M $43.80M
YoY Change -70.22% 15.12% -1.8%
Depreciation, Depletion And Amortization $32.50M $32.50M $29.42M
YoY Change 10.47% 7.26% -0.23%
Cash From Operating Activities $91.90M $37.80M $64.60M
YoY Change 42.26% -59.7% 36.58%
INVESTING ACTIVITIES
Capital Expenditures -$25.70M -$29.50M -$20.70M
YoY Change 24.15% 17.06% 52.21%
Acquisitions
YoY Change
Other Investing Activities $6.900M -$99.00M -$279.0M
YoY Change -102.47% -545.95% -2064.79%
Cash From Investing Activities -$18.80M -$128.5M -$299.7M
YoY Change -93.73% 4183.33% -50050.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -77.30M 96.30M 197.3M
YoY Change -139.18% -205.48% -507.64%
NET CHANGE
Cash From Operating Activities 91.90M 37.80M 64.60M
Cash From Investing Activities -18.80M -128.5M -299.7M
Cash From Financing Activities -77.30M 96.30M 197.3M
Net Change In Cash -4.200M 5.600M -37.80M
YoY Change -88.89% -1220.0% 7460.0%
FREE CASH FLOW
Cash From Operating Activities $91.90M $37.80M $64.60M
Capital Expenditures -$25.70M -$29.50M -$20.70M
Free Cash Flow $117.6M $67.30M $85.30M
YoY Change 37.87% -43.45% 40.07%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2. RECENT ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">In May 2014, the Financial Accounting Standards Board (the &#8220;FASB&#8221;) issued guidance for recognizing revenue in contracts with customers. This guidance requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. There are five steps outlined in the guidance to achieve this core principle. This guidance was originally effective January 1, 2017, the first day of our fiscal 2017.&nbsp;&nbsp;In July 2015, the FASB issued a deferral for one year, making the effective date December 31, 2017, the first day of our fiscal 2018.&nbsp;&nbsp;In March 2016, the FASB amended the initial guidance to clarify the implementation guidance on principal versus agent considerations.&nbsp;&nbsp;In April 2016, the FASB amended the initial guidance to clarify the identification of performance conditions and the licensing implementation guidance.&nbsp;&nbsp;In May 2016, the FASB amended the initial guidance to update certain narrow scopes within the revenue recognition guidance.&nbsp;&nbsp;Early application is permitted, but not before January 1, 2017.&nbsp;&nbsp;Entities will have the option to apply the final standard retrospectively or use a modified retrospective method, recognizing the cumulative effect of the standards in retained earnings at the date of initial application.&nbsp;&nbsp;An entity will not restate prior periods if uses the modified retrospective method, but will be required to disclose the amount by which each financial statement line item is affected in the current reporting period by the application of the standard as compared to the guidance in effect prior to the change, as well as reasons for significant changes.&nbsp;&nbsp;The company intends to adopt the updated standard in the first quarter of fiscal 2018.&nbsp;&nbsp;The company is currently evaluating the impact that implementing this standard will have on its financial statements and disclosures, as well as whether it will use the retrospective or modified retrospective method of adoption.&nbsp;&nbsp;</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August, 2014 the FASB issued guidance that requires management to assess an entity&#8217;s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards.&nbsp;&nbsp;Specifically, the amendments provide a definition of the term substantial doubt, require an evaluation every reporting period including interim periods, provide principles for considering the mitigating effect of management&#8217;s plans, require certain disclosures when substantial doubt is alleviated as a result of consideration of management&#8217;s plans, require an express statement and other disclosures when substantial doubt is not alleviated, and require an assessment for a period of one year after the date of that the financial statements are issued.&nbsp;&nbsp;The amendments for this guidance are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter.&nbsp;&nbsp;The company intends to adopt the updated standard in the fourth quarter of fiscal 2016.&nbsp;&nbsp;The company does not anticipate that this guidance will have a material impact on our Condensed Consolidated Financial Statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2015, the FASB issued guidance that entities should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation.&nbsp;&nbsp;This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December&#160;15, 2016. This guidance must be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period.&nbsp;&nbsp;The company is still analyzing the potential impact of this guidance on the company&#8217;s Condensed Consolidated Financial Statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued guidance that requires an entity to recognize lease liabilities and a right-of-use asset for virtually all leases (other than those that meet the definition of a short-term lease) on the balance sheet and to disclose key information about the entity&#8217;s leasing arrangements.&nbsp;&nbsp;This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with earlier adoption permitted.&nbsp;&nbsp;This guidance must be adopted using a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief.&nbsp;&nbsp;The company intends to adopt the updated standard in the first quarter of fiscal 2019.&nbsp;&nbsp;The company is evaluating the potential impact of this guidance on our Condensed Consolidated Financial Statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2016, the FASB issued guidance to simplify several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows.&nbsp;&nbsp;This guidance is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption is permitted.&nbsp;&nbsp;The company is evaluating the potential impact of this guidance on our Condensed Consolidated Financial Statements and the timing of when we will adopt the guidance.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;color:#252525;font-family:inherit;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2016, the FASB issued guidance on the classification of certain cash receipts and payments in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The guidance must be applied retrospectively to all periods presented but may be applied prospectively if retrospective application would be impracticable. We are currently evaluating the impact that the new guidance will have on our Condensed Consolidated Financial Statements.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have reviewed other recently issued accounting pronouncements and concluded that they are either not applicable to our business or that no material effect is expected upon future adoption.</p></div>
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">11. LITIGATION</p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The company and its subsidiaries from time to time are parties to, or targets of, lawsuits, claims, investigations and proceedings, which are being handled and defended in the ordinary course of business. While the company is unable to predict the outcome of these matters, it believes, based upon currently available facts, that it is remote that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial condition, results of operations or cash flows in the future. However, adverse developments could negatively impact earnings in a particular future fiscal period. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The company&#8217;s facilities are subject to various federal, state and local laws and regulations regarding the discharge of material into the environment and the protection of the environment in other ways. The company is not a party to any material proceedings arising under these regulations. The company believes that compliance with existing environmental laws and regulations will not materially affect the consolidated financial condition, results of operations, cash flows or the competitive position of the company. The company believes it is currently in substantial compliance with all material environmental regulations affecting the company and its properties.&nbsp;&nbsp;On August 9, 2016, the U.S. Department of Labor (the &#8220;DOL&#8221;) notified the company that it was scheduled for a compliance review under the Fair Labor Standards Act.&nbsp;&nbsp;The company is cooperating with the DOL.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At this time, the company is defending 24 complaints filed by distributors alleging that such distributors were misclassified as independent contractors. &#160;Eighteen of these lawsuits seek class and/or collective action treatment. The remaining six cases allege individual claims and do not seek class or collective action treatment. The respective courts have ruled on plaintiffs&#8217; motions for class certification in six of the pending cases, each of which is discussed below: </p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Rehberg et al. v. Flowers Foods, Inc. and Flowers Baking Co. of Jamestown<font style="font-style:normal;">, LLC: In March 2013, the U.S. District Court for the Western District of North Carolina (Charlotte Division) conditionally certified a class action for claims under the Fair Labor Standards Act (&#8220;FLSA&#8221;) related to a complaint filed against the company and one of its subsidiaries on September 12, 2012, by Scott Rehberg and certain other plaintiffs. &#160;The parties are currently participating in mediation pursuant to the court&#8217;s order. </font></p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Martinez et al. v. Flowers Foods, Inc., Flowers Bakeries Brands, Inc., Flowers Baking Co. of California, LLC, and Flowers Baking Co. of Henderson, LLC<font style="font-style:normal;">: &#160;On February 1, 2016, the U.S. District Court for the Central District of California denied a motion for conditional class certification under the FLSA related to a complaint filed against the company and certain of its subsidiaries on July 20, 2016 by Giovanni Martinez and certain other plaintiffs.&nbsp;&nbsp;This lawsuit was settled on confidential terms and was dismissed by the court on July 7, 2016. </font></p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Stewart et al. v. Flowers Foods, Inc. and Flowers Baking Co. of Batesville, LLC<font style="font-style:normal;">: &#160;On August 12, 2016, the U.S. District Court for the Western District of Tennessee granted conditional class certification under the FLSA related to a complaint filed against the company and one of its subsidiaries on July 2, 2015, by Jacky Stewart and certain other plaintiffs. &#160;The court limited the class to distributors operating out of designated warehouse locations in the state of Tennessee only. </font></p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Coyle v. Flowers Foods, Inc. and Holsum Bakery, Inc.<font style="font-style:normal;">: &#160;On August 30, 2016, the U.S. District Court for the District of Arizona granted class certification under the FLSA related to a complaint filed against the company and one of its subsidiaries on July 20, 2015 by Terry Coyle. </font></p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">McCurley v. Flowers Foods, Inc. and Derst Baking Co., LLC<font style="font-style:normal;">: On October 24, 2016, the U.S. District Court for the District of South Carolina granted conditional class certification under the FLSA related to a complaint filed against the company and one of its subsidiaries in January 20, 2016 by Paul McCurley. </font></p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:6pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:15pt;line-height:11pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:6pt;margin-bottom:0pt;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Neff et al. v. Flowers Foods, Inc., Lepage Bakeries Park Street, LLC, and CK Sales Co., LLC:<font style="font-style:normal;"> On November 7, 2016, the U.S. District Court for the District of Vermont granted conditional class certification the FLSA related to a complaint filed against the company and certain of its subsidiaries on December 2, 2015 by Nick Neff and certain other plaintiffs. </font></p></td></tr></table></div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:3.33%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The company and/or its respective subsidiaries are vigorously defending all of these lawsuits. Given the stage of the complaints and the claims and issues presented, except for lawsuits disclosed herein that have reached a settlement or agreement in principle, the company cannot reasonably estimate at this time the possible loss or range of loss, if any, that may arise from the unresolved lawsuits. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 8, 2016, Flowers Foods' subsidiary, Lepage Bakeries, reached an agreement to settle a lawsuit seeking class action treatment (<font style="font-style:italic;">Bokanoski et al. v. Lepage Bakeries Park Street, LLC and CK Sales Co., LLC</font>), originally filed by Bart Bokanoski and certain other plaintiffs in the U.S. District Court for the District of Connecticut on January 6, 2015, for $1.25 million, including attorneys' fees. The settlement also includes certain non-economic terms which are intended to strengthen and enhance the independent contractor model. This agreement, which includes 49 territories, is subject to court approval.&nbsp;&nbsp;This settlement is recorded in selling, distribution and administrative expenses in our Condensed Consolidated Statements of Income for the twelve and forty weeks ended October 8, 2016.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.33%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On August 12, 2016, a class action complaint was filed in the U.S. District Court for the Southern District of New York by Chris B. Hendley (the &#8220;Hendley complaint&#8221;) against the company and certain senior members of management (collectively, the &#8220;defendants&#8221;). On August 17, 2016, another class action complaint was filed in the U.S. District Court for the Southern District of New York by Scott Dovell, II (the &#8220;Dovell complaint&#8221; and together with the Hendley complaint, the &#8220;complaints&#8221;) against the defendants. Plaintiffs in the complaints are securities holders that acquired company securities between February 7, 2013 and August 10, 2016. The complaints generally allege that the defendants made materially false and/or misleading statements and/or failed to disclose that (1) the company&#8217;s labor practices were not in compliance with applicable federal laws and regulations; (2) such non-compliance exposed the company to legal liability and/or negative regulatory action; and (3) as a result, the defendants&#8217; statements about the company&#8217;s business, operations, and prospects were false and misleading and/or lacked a reasonable basis. The counts of the complaints are asserted against the defendants pursuant to Sections 10(b) and 20(a) of the Exchange Act and&#160;Rule 10b-5&#160;under the Exchange Act. The complaints seek (1) class certification under the Federal Rules of Civil Procedure, (2) compensatory damages in favor of the plaintiffs and all other class members against the defendants, jointly and severally, for all damages sustained as a result of wrongdoing, in an amount to be proven at trial, including interest, and (3) awarding plaintiffs and the class their reasonable costs and expenses incurred in the actions, including counsel and expert fees. The company and/or its respective subsidiaries are vigorously defending these lawsuits. Given the stage of the complaints and the claims and issues presented, the company cannot reasonably estimate at this time the possible loss or range of loss, if any, that may arise from the unresolved lawsuits.</p></div>
us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">18. ACCELERATED SHARE REPURCHASE PROGRAM</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">On March 16, 2016, the company announced that we entered into an accelerated share repurchase program (&#8220;ASR&#8221;) agreement to repurchase an aggregate of $120.0 million of the company&#8217;s common stock.&nbsp;&nbsp;Under the terms of the ASR, the company paid $120.0 million in cash and received an initial delivery of 5.6 million shares immediately.&nbsp;&nbsp;The final number of shares repurchased was based on the daily volume-weighted average stock price over the life of the transaction, less a negotiated discount.&nbsp;&nbsp;During the second quarter of fiscal 2016, a total of 0.9 million shares were issued to the company at the time of final settlement.&nbsp;&nbsp;The ASR met all applicable criteria for equity classification and, therefore, was not accounted for as a derivative instrument.&nbsp;&nbsp;Shares repurchased under the ASR were added to our treasury shares.&nbsp;&nbsp;The company funded the ASR with borrowings on its credit facility and cash on hand.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the forty weeks ended October 8, 2016, 6.9 million shares, at a cost of $126.3 million, of the company&#8217;s common stock were repurchased (and settled) under an authorized share repurchase plan and the ASR.&nbsp;&nbsp;From the inception of the plan through October 8, 2016, 67.8 million shares, at a cost of $630.4 million, have been repurchased.</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">ESTIMATES &#8212; The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The company believes the following critical accounting estimates affect its more significant judgments and estimates used in the preparation of its consolidated financial statements: revenue recognition, derivative instruments, valuation of long-lived assets, goodwill and other intangible assets, self-insurance reserves, income tax expense and accruals, pension obligations, stock-based compensation, and commitments and contingencies. These estimates are summarized in the company&#8217;s Annual Report on Form 10-K for the fiscal year ended January 2, 2016.</p></div>
us-gaap Additional Information About Entitys Reportable Segments
AdditionalInformationAboutEntitysReportableSegments
SEGMENTS — Flowers Foods currently operates two business segments: a direct-store-delivery (“DSD”) segment (“DSD Segment”) and a warehouse delivery segment (“Warehouse Segment”). The DSD Segment (84% of total year to date sales) currently operates 39 plants that produce a wide variety of fresh bakery foods, including fresh breads, buns, rolls, tortillas, and snack cakes. These products are sold through a DSD route delivery system to retail and foodservice customers in the Southeast, Mid-Atlantic, New England, Southwest, California and select markets in Nevada, the Midwest and the Pacific Northwest. The Warehouse Segment (16% of total year to date sales) currently operates ten plants that produce snack cakes, breads and rolls for national retail, foodservice, vending, and co-pack customers and deliver through customers’ warehouse channels. The Warehouse Segment also operates one baking ingredient mix facility
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24
CY2016Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1542000
CY2015Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2468000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1915000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2603000
CY2016Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2015Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
2462000
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions
7282000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10503000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
23366000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Increase Decrease
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsPeriodIncreaseDecrease
248872
flo Percentage Of Change In Grants Maximum
PercentageOfChangeInGrantsMaximum
0.27
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Nonvested
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueNonvested
1335
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P1Y
flo Share Based Compensation Arrangement By Share Based Payment Award Maximum Exercisable Period For Stock Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumExercisablePeriodForStockOptions
P9Y
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
3699000
CY2015Q4 us-gaap Share Based Compensation
ShareBasedCompensation
2483000
CY2016Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
1118000
CY2016Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
1118000
CY2016Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
117732000
CY2016Q1 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
86610000
CY2016Q3 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1
-4600000
us-gaap Defined Benefit Plans Estimated Future Employer Contributions In Current Fiscal Year
DefinedBenefitPlansEstimatedFutureEmployerContributionsInCurrentFiscalYear
0
CY2016Q4 us-gaap Pension Contributions
PensionContributions
1000000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
22300000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
20500000
CY2016Q4 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
6500000
CY2015Q4 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
6000000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.351
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.354
CY2016Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5600000

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