Safeway 2013 Annual Report Download - page 58
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Table of Contents
of this update did not impact Safeway's financial position, results of operations or cash flows as it was disclosure-only in nature.
In March 2013, the FASB issued ASU No. 2013-05, “Parent's Accounting for the Cumulative Translation Adjustment upon Derecognition of
Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity.” The ASU clarifies that when a
parent entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other
than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the
guidance in Accounting Standards Codification 830-30 to release any related cumulative translation adjustment into net income. The ASU
provides that the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or
substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The Company early adopted
ASU No. 2013-05 and the effect is included in the gain on the sale of CSL in Note B.
Assets and Liabilities Held for Sale In the fourth quarter of 2013, the Company announced its intention to exit the Chicago market,
where it operated 72 Dominick's stores. During the fourth quarter of 2013, the Company sold or closed its Dominick's stores. Certain
Dominick's properties were classified as held for sale at year end. Additionally, the Company had other real estate assets held for sale at
December 28, 2013. Assets and liabilities held for sale at December 28, 2013 were as follows (in millions):
Dominick's property, net, held for sale
Other United States real estate assets held for sale
Total assets held for sale
Dominick's
Deferred gain on property dispositions
Obligations under capital leases
Deferred rent
Other liabilities
Total liabilities held for sale (1)
(1) Included in Other Accrued Liabilities on the consolidated balance sheet.
Discontinued Operations
Sale of Canadian Operations On November 3, 2013, Safeway completed the Sale of Canadian Operations to Sobeys for CAD5.8 billion
(USD5.6 billion) in cash plus the assumption of certain liabilities.
Dominick's During the fourth quarter of 2013, Safeway sold or closed all Dominick's stores. In 2013, cash proceeds on the sale of these
stores were $72.2 million, with a pre-tax loss of $493.1 million. Included in
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