Safeway 2013 Annual Report Download - page 59
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Table of Contents
the loss is a $310.8 million charge which represents the estimated multiemployer pension plan withdrawal liability. See Note N.
Genuardi's In January 2012, Safeway announced the planned sale or closure of its Genuardi’s stores, located in the Eastern United States.
These transactions were completed during 2012 with cash proceeds of $107.0 million and a pre-tax gain of $52.4 million ($31.9 million after
tax).
The notes to the consolidated financial statements exclude discontinued operations, unless otherwise noted. Historical financial information
for CSL and Dominick's presented in the consolidated income statements has been reclassified to discontinued operations to conform to
current-year presentation. The historical operating results of Genuardi's stores have not been reflected in discontinued operations because
the historical financial operating results were not material to the Company's consolidated financial statements for all periods presented.
Financial information for discontinued operations is shown below (in millions):
2012 2011
Sales and other revenue:
CSL (1) $6,695.8 $6,726.9
Dominick's
1,465.2
1,568.6
Total $8,161.0 $8,295.5
Income (loss) from discontinued operations, before income taxes:
CSL (1) $442.3 $462.3
Dominick's
(50.4)
(38.7)
Total
$391.9
$423.6
Gain (loss) on sale or disposal of operations, net of lease exit costs, before income
taxes:
CSL (2)
$ —
$ —
Dominick's
—
—
Genuardi's
52.4
—
Total $52.4 $ —
Total income from discontinued operations before income taxes
$444.3
$423.6
Income taxes on discontinued operations
(140.8)
(272.6)
Income from discontinued operations, net of tax
$303.5
$151.0
(1) For CSL, 2013 reflects 44 weeks of activity compared to 52 weeks in 2012 and 2011.
(2) In accordance with 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 Company transferred the cumulative translation adjustment relating to Canadian
operations from Accumulated Other Comprehensive Loss on the balance sheet to gain on the Sale of Canadian Operations.
59