SpartanNash Company

Annual Report 2016

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MaMaarrccchcc 30,30, 202 13

DecDecDecememmbembbbber r 28,28, 2020131311

DecDecD embemmbbber er 28,28, 202013132

JaJJanuarary 3y 3y 3y 3y 

, 2, 2, 2,  01533

JanJanuaruary 2y 22 2, 2, 20160016

DecDeceembmberer r 31,31,31, 202020161616

$2.$2$2$2$2.616161661

$2.2$22 60606000066

$3.199

AdAddjujujustststedede OOpeperaratitingngng EEEarararninin ngngss (i(i( n n mimim lllll ioionsns))

MarMarMarchchch 30,30,30, 202020131313

DecDecembmbember erer 28,28,28, 20202013131311

DecDecembm er er 28,28, 2020131322

January 33, 20153

JanJanuaruary 2y 2, 2, 2016016

DDecDecDDecembembembeer er eer 31,3131,1, 2020161616

AdAdjujujuuuststssss eded EEEBIBIBITDTDTDAAAAAA (i(in mimimillllllioioionsnsns)))

MarMararMarMarMM rrrch ch chchcccc 30,30, 202 1313

DecDDeceeecDecembembembembererer r 28,28, 200202013131 1

DecDecDeDecembember er 28,8,28,8,8 202002013131322

JanJanJaa uararara y 3y 3y 3y 3, 2, 2, 2, 2015015015333

JanJannanuaruauaruary 2y 222 2, 2, 22016016016016016010

DecDecDecembembembber er er e 31,331,1 20002011616166

$63$63$63$63$63$633

$57$57$57

$77

$106

$97

$127

53r53r5 d wd week impacacactttt

$7.78

$7.65

$7.73

$136

$141

$149

$234

$230

$231

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(cid:55)(cid:55)(cid:82)(cid:87)(cid:55)(cid:82)(cid:87)(cid:55)(cid:55)(cid:55) (cid:68)(cid:79)(cid:3)(cid:68)(cid:79)(cid:79)(cid:79)(cid:79) (cid:71)(cid:71)(cid:72)(cid:69)(cid:71)(cid:72)(cid:69)(cid:71)(cid:72)(cid:69)(cid:71) (cid:87)(cid:87)(cid:87)(cid:87)

(cid:55)(cid:82)(cid:87)(cid:82)(cid:87)(cid:82)(cid:55)(cid:82) (cid:68)(cid:79)(cid:68)(cid:79)(cid:68)(cid:79)(cid:68)(cid:79) (cid:81)(cid:72)(cid:87)(cid:81)(cid:72)(cid:87)(cid:81)(cid:72)(cid:87)(cid:81)(cid:72)(cid:87)(cid:81)(cid:72)(cid:87) (cid:79)(cid:82)(cid:79)(cid:82)(cid:81)(cid:74)(cid:3)(cid:87)(cid:72)(cid:85)(cid:87)(cid:72)(cid:85)(cid:85)(cid:80)(cid:3)(cid:71)(cid:80) (cid:71)(cid:71)(cid:71)(cid:71)(cid:80)(cid:3)(cid:71)(cid:80) (cid:72)(cid:69)(cid:87)(cid:72)(cid:69)(cid:87)(cid:72)(cid:69)(cid:87)(cid:69)(cid:87)(cid:87)(cid:69)(cid:87)(cid:72)(cid:69)(cid:87)(cid:69)(cid:69)

(cid:60)(cid:72)(cid:68)(cid:60)(cid:72)(cid:60)(cid:60)(cid:72)(cid:68)(cid:60)(cid:72)(cid:68)(cid:60)(cid:60)(cid:60)(cid:60) (cid:85)(cid:3)(cid:40)(cid:85)(cid:3)(cid:40)(cid:85) (cid:40)(cid:85)(cid:3)(cid:40)(cid:85)(cid:3)(cid:40)(cid:85) (cid:40)(cid:81)(cid:71)(cid:72)(cid:81)(cid:71)(cid:81)(cid:71)(cid:81)(cid:71)(cid:81)(cid:71)(cid:81) (cid:71)(cid:71)(cid:71)(cid:71)
5252525252525 WeeWeeWeeWeeWeeWeeekskskskskss
3/33/3/3/3/330/20/20/20/20/20/0 0130130130130133

(cid:7)(cid:3)(cid:7)(cid:7) (cid:21)(cid:15)(cid:25)(cid:21)(cid:15)(cid:25)(cid:21)(cid:15)(cid:25)(cid:21)(cid:15)(cid:25)(cid:21)(cid:15)(cid:25)(cid:21) (cid:19)(cid:27)(cid:19)(cid:27)(cid:19)(cid:27)(cid:19)(cid:27)(cid:19)(cid:27)(cid:27)

(cid:21)(cid:19)(cid:17)(cid:21)(cid:21)(cid:21)(cid:21) (cid:28)(cid:8)(cid:28)(cid:8)(cid:28)(cid:8)(cid:28)(cid:8)(cid:28)(cid:8)

(cid:51)(cid:72)(cid:85)(cid:76)(cid:82)(cid:71)(cid:3)(cid:40)(cid:81)(cid:71)(cid:72)(cid:71)
39 Weeks1 
12/28/2013

(cid:7)(cid:3)(cid:3)(cid:21)(cid:15)(cid:24)(cid:28)(cid:26)

(cid:20)(cid:27)(cid:17)(cid:26)(cid:8)

(cid:60)(cid:72)(cid:68)(cid:85)(cid:3)(cid:40)(cid:81)(cid:71)(cid:72)(cid:71)

51 Weeks2
12/28/2013

(cid:7)(cid:3)(cid:3)(cid:22)(cid:15)(cid:20)(cid:28)(cid:19)

(cid:20)(cid:28)(cid:17)(cid:23)(cid:8)

53 Weeks3
1/3/2015

(cid:7)(cid:3)(cid:3)(cid:26)(cid:15)(cid:28)(cid:20)(cid:25)

(cid:20)(cid:23)(cid:17)(cid:25)(cid:8)

52 Weeks
1/2/2016

(cid:7)(cid:3)(cid:3)(cid:26)(cid:15)(cid:25)(cid:24)(cid:21)

(cid:20)(cid:23)(cid:17)(cid:25)(cid:8)

52 Weeks
12/31/2016

$  7,735

14.4%

(cid:25)(cid:20)

(cid:25)(cid:22)(cid:25)(cid:22)(cid:25)(cid:22)(cid:25)(cid:22)(cid:25)

(cid:21)(cid:27)(cid:21)(cid:27)(cid:21)(cid:27)(cid:21)(cid:27)(cid:21)(cid:27)

(cid:22)(cid:20)(cid:22)(cid:22)(cid:22)(cid:22)

(cid:20)(cid:17)(cid:21)(cid:20)(cid:17)(cid:21)(cid:20)(cid:17)(cid:21)(cid:20)(cid:17)(cid:21)(cid:21)(cid:20)(cid:17) (cid:26)(cid:26)(cid:26)(cid:26)(cid:26)(cid:26)

(cid:20)(cid:17)(cid:23)(cid:20)(cid:17)(cid:23)(cid:20)(cid:17)(cid:23)(cid:23)(cid:20)(cid:17)(cid:23)(cid:22)(cid:22)(cid:22)(cid:22)(cid:22)(cid:22)

(cid:20)(cid:19)(cid:25)(cid:20)(cid:19)(cid:20)(cid:19)(cid:20)(cid:19)(cid:20)(cid:19)(cid:25)(cid:20)(cid:19)(cid:20)(cid:20)

(cid:24)(cid:28)(cid:24)(cid:28)(cid:24)(cid:28)(cid:24)(cid:28)(cid:24)(cid:28)(cid:28)

(cid:20)(cid:23)(cid:26)(cid:26)(cid:26)(cid:26)(cid:26)

(cid:20)(cid:23)(cid:20)(cid:23)(cid:20)(cid:20)(cid:23)(cid:20)(cid:20)(cid:23)(cid:20)(cid:23)

(cid:20)(cid:26)

(cid:24)(cid:26)

(cid:20)

(cid:22)(cid:19)

(cid:19)(cid:19)(cid:17)(cid:19)(cid:19)(cid:19) (cid:24)

(cid:20)(cid:17)(cid:21)(cid:20)(cid:17)(cid:21)(cid:20)(cid:17)(cid:21)(cid:20)(cid:17)(cid:21)(cid:17)(cid:21)(cid:22)(cid:22)(cid:22)(cid:22)

(cid:28)(cid:26)(cid:28)(cid:26)(cid:28)(cid:26)(cid:28)(cid:26)(cid:26)

(cid:25)(cid:24)

(cid:24)(cid:28)(cid:24)(cid:24)(cid:28)(cid:24)(cid:24)(cid:28)(cid:24)(cid:24)(cid:28)(cid:24)(cid:24)(cid:28)(cid:24)(cid:28)

(cid:24)(cid:27)(cid:25)(cid:27)(cid:25)(cid:27)(cid:25)(cid:27)(cid:25)(cid:27)(cid:25)(cid:27)(cid:25)

(cid:22)(cid:25)

(cid:26)(cid:26)

(cid:28)

(cid:23)(cid:19)

(cid:19)(cid:17)(cid:22)(cid:28)

(cid:20)(cid:17)(cid:26)(cid:20)(cid:17) (cid:19)

(cid:20)(cid:21)(cid:26)(cid:20)(cid:21)

(cid:28)(cid:26)(cid:28)(cid:26)

(cid:24)(cid:28)(cid:24)(cid:24)(cid:28)(cid:24)

(cid:24)(cid:27)(cid:25)(cid:24)(cid:27)(cid:25)

(cid:20)(cid:20)(cid:24)

(cid:20)(cid:22)(cid:25)

(cid:24)(cid:28)

(cid:26)(cid:19)

(cid:20)(cid:17)(cid:24)(cid:26)

(cid:20)(cid:17)(cid:27)(cid:24)

(cid:21)(cid:22)(cid:23)

(cid:20)(cid:22)(cid:28)

(cid:24)(cid:25)(cid:20)

(cid:24)(cid:24)(cid:24)

(cid:20)(cid:21)(cid:22)

(cid:20)(cid:23)(cid:20)

(cid:25)(cid:22)

(cid:26)(cid:24)

(cid:20)(cid:17)(cid:25)(cid:26)

(cid:20)(cid:17)(cid:28)(cid:27)

(cid:21)(cid:22)(cid:19)

(cid:21)(cid:20)(cid:28)

(cid:23)(cid:27)(cid:26)

(cid:23)(cid:25)(cid:23)

109

149

57

82

1.52

2.19

231

155

431

404074074074040440404

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(cid:3)

 
 
Letter to our Shareholders

Fiscal 2016 was a strong year for SpartanNash as we continued to diversify the Company in ways that will
enable us to extend our success well into the future.

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supply chain network and retail competencies to provide innovative solutions to our customers and pursue
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expectations of our customers and business partners.

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customers.

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Dennis Eidson
Chairman and
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(cid:191)(cid:85)(cid:86)(cid:87)(cid:3)(cid:84)(cid:88)(cid:68)(cid:85)(cid:87)(cid:72)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:21)(cid:19)(cid:20)(cid:25)(cid:17)

(cid:50)(cid:88)(cid:85)(cid:3)(cid:82)(cid:81)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:72)(cid:73)(cid:73)(cid:82)(cid:85)(cid:87)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:85)(cid:72)(cid:68)(cid:87)(cid:72)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:3)(cid:89)(cid:68)(cid:79)(cid:88)(cid:72)(cid:15)(cid:3)(cid:87)(cid:82)(cid:74)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:72)(cid:68)(cid:85)(cid:81)(cid:76)(cid:81)(cid:74)(cid:86)(cid:15)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:79)(cid:92)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:182)(cid:86)(cid:3)(cid:86)(cid:87)(cid:82)(cid:70)(cid:78)(cid:3)(cid:83)(cid:85)(cid:76)(cid:70)(cid:72)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)
(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:27)(cid:25)(cid:8)(cid:3)(cid:76)(cid:81)(cid:3)(cid:191)(cid:86)(cid:70)(cid:68)(cid:79)(cid:3)(cid:21)(cid:19)(cid:20)(cid:25)(cid:17)

BUSINESS SEGMENTS
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In our Food Distribution segment(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:79)(cid:92)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:82)(cid:73)(cid:73)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:75)(cid:72)(cid:79)(cid:83)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:3)(cid:86)(cid:88)(cid:70)(cid:70)(cid:72)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)
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(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:79)(cid:76)(cid:74)(cid:75)(cid:87)(cid:86)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:71)(cid:72)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:81)(cid:74)(cid:3)(cid:72)(cid:73)(cid:191)(cid:70)(cid:76)(cid:72)(cid:81)(cid:70)(cid:76)(cid:72)(cid:86)(cid:3)(cid:68)(cid:70)(cid:85)(cid:82)(cid:86)(cid:86)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:72)(cid:81)(cid:87)(cid:76)(cid:85)(cid:72)(cid:3)(cid:81)(cid:72)(cid:87)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:72)(cid:81)(cid:75)(cid:68)(cid:81)(cid:70)(cid:72)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:73)(cid:85)(cid:72)(cid:86)(cid:75)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:72)(cid:79)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)
as well as lower costs to our customers.

(cid:58)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:70)(cid:84)(cid:88)(cid:76)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:38)(cid:68)(cid:76)(cid:87)(cid:82)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:37)(cid:53)(cid:55)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:76)(cid:93)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:70)(cid:82)(cid:83)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:3)(cid:69)(cid:92)(cid:3)(cid:86)(cid:87)(cid:85)(cid:72)(cid:81)(cid:74)(cid:87)(cid:75)(cid:72)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:73)(cid:85)(cid:72)(cid:86)(cid:75)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)
(cid:82)(cid:73)(cid:73)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:82)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:91)(cid:76)(cid:86)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:88)(cid:86)(cid:87)(cid:82)(cid:80)(cid:72)(cid:85)(cid:86)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:86)(cid:72)(cid:70)(cid:88)(cid:85)(cid:72)(cid:71)(cid:3)(cid:72)(cid:81)(cid:87)(cid:85)(cid:92)(cid:3)(cid:76)(cid:81)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:68)(cid:86)(cid:87)(cid:16)(cid:74)(cid:85)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:85)(cid:72)(cid:86)(cid:75)(cid:79)(cid:92)(cid:3)(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:72)(cid:71)(cid:15)(cid:3)(cid:85)(cid:72)(cid:68)(cid:71)(cid:92)(cid:16)(cid:87)(cid:82)(cid:16)(cid:72)(cid:68)(cid:87)(cid:3)(cid:70)(cid:68)(cid:87)(cid:72)(cid:74)(cid:82)(cid:85)(cid:92)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)
(cid:38)(cid:68)(cid:76)(cid:87)(cid:82)(cid:182)(cid:86)(cid:3)(cid:41)(cid:85)(cid:72)(cid:86)(cid:75)(cid:3)(cid:46)(cid:76)(cid:87)(cid:70)(cid:75)(cid:72)(cid:81)(cid:3)(cid:73)(cid:68)(cid:70)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:76)(cid:81)(cid:3)(cid:44)(cid:81)(cid:71)(cid:76)(cid:68)(cid:81)(cid:68)(cid:83)(cid:82)(cid:79)(cid:76)(cid:86)(cid:17)(cid:3)(cid:55)(cid:75)(cid:72)(cid:3)(cid:78)(cid:76)(cid:87)(cid:70)(cid:75)(cid:72)(cid:81)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:56)(cid:54)(cid:39)(cid:36)(cid:3)(cid:70)(cid:72)(cid:85)(cid:87)(cid:76)(cid:191)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:45)(cid:68)(cid:81)(cid:88)(cid:68)(cid:85)(cid:92)(cid:3)(cid:21)(cid:19)(cid:20)(cid:26)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:69)(cid:72)(cid:74)(cid:76)(cid:81)(cid:3)(cid:85)(cid:68)(cid:80)(cid:83)(cid:76)(cid:81)(cid:74)(cid:3)(cid:88)(cid:83)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:191)(cid:85)(cid:86)(cid:87)(cid:3)(cid:75)(cid:68)(cid:79)(cid:73)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:21)(cid:19)(cid:20)(cid:26)(cid:3)(cid:191)(cid:86)(cid:70)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:17)

(cid:58)(cid:75)(cid:76)(cid:79)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:73)(cid:82)(cid:82)(cid:71)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:71)(cid:88)(cid:86)(cid:87)(cid:85)(cid:92)(cid:3)(cid:85)(cid:72)(cid:80)(cid:68)(cid:76)(cid:81)(cid:86)(cid:3)(cid:75)(cid:76)(cid:74)(cid:75)(cid:79)(cid:92)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:72)(cid:81)(cid:70)(cid:82)(cid:88)(cid:85)(cid:68)(cid:74)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:3)(cid:83)(cid:76)(cid:83)(cid:72)(cid:79)(cid:76)(cid:81)(cid:72)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:87)(cid:85)(cid:72)(cid:81)(cid:74)(cid:87)(cid:75)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:68)(cid:83)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:76)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:81)(cid:72)(cid:87)(cid:90)(cid:82)(cid:85)(cid:78)(cid:15)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:76)(cid:81)(cid:81)(cid:82)(cid:89)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:79)(cid:92)(cid:3)(cid:70)(cid:75)(cid:68)(cid:76)(cid:81)(cid:3)(cid:86)(cid:82)(cid:79)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:73)(cid:82)(cid:82)(cid:71)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
retail customers.

Letter to our Shareholders - continued from previous page

In the Military segment(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:73)(cid:85)(cid:72)(cid:86)(cid:75)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:73)(cid:73)(cid:86)(cid:72)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:82)(cid:81)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:86)(cid:86)(cid:68)(cid:85)(cid:92)(cid:3)(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:3)(cid:86)(cid:82)(cid:73)(cid:87)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:72)(cid:192)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:85)(cid:92)(cid:3)
(cid:83)(cid:85)(cid:72)(cid:86)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:85)(cid:72)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:72)(cid:83)(cid:79)(cid:82)(cid:92)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:71)(cid:76)(cid:89)(cid:72)(cid:85)(cid:86)(cid:76)(cid:191)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:15)(cid:3)(cid:86)(cid:72)(cid:72)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)(cid:79)(cid:76)(cid:81)(cid:72)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:69)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:79)(cid:82)(cid:86)(cid:72)(cid:79)(cid:92)
(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:89)(cid:72)(cid:81)(cid:71)(cid:82)(cid:85)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:68)(cid:81)(cid:71)(cid:72)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:72)(cid:85)(cid:89)(cid:76)(cid:70)(cid:72)(cid:3)(cid:82)(cid:73)(cid:73)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:86)(cid:17)(cid:3)(cid:41)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:80)(cid:82)(cid:85)(cid:72)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:72)(cid:91)(cid:70)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:68)(cid:69)(cid:82)(cid:88)(cid:87)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:39)(cid:72)(cid:38)(cid:36)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)
(cid:81)(cid:72)(cid:90)(cid:3)(cid:76)(cid:81)(cid:76)(cid:87)(cid:76)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:73)(cid:73)(cid:72)(cid:85)(cid:3)(cid:83)(cid:85)(cid:76)(cid:89)(cid:68)(cid:87)(cid:72)(cid:3)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:56)(cid:17)(cid:54)(cid:17)(cid:3)(cid:80)(cid:76)(cid:79)(cid:76)(cid:87)(cid:68)(cid:85)(cid:92)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:86)(cid:86)(cid:68)(cid:85)(cid:76)(cid:72)(cid:86)(cid:17)(cid:3)(cid:58)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:70)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:88)(cid:79)(cid:79)(cid:3)(cid:83)(cid:85)(cid:76)(cid:89)(cid:68)(cid:87)(cid:72)(cid:3)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:82)(cid:79)(cid:79)(cid:3)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:68)(cid:78)(cid:72)(cid:3)(cid:86)(cid:72)(cid:89)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:86)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:72)(cid:73)(cid:73)(cid:72)(cid:70)(cid:87)(cid:3)(cid:82)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:72)(cid:87)(cid:76)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:76)(cid:81)(cid:74)(cid:15)(cid:3)(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:191)(cid:87)(cid:86)(cid:17)

In the Retail segment(cid:15)(cid:3)(cid:86)(cid:68)(cid:79)(cid:72)(cid:86)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:70)(cid:75)(cid:68)(cid:79)(cid:79)(cid:72)(cid:81)(cid:74)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:82)(cid:81)(cid:74)(cid:82)(cid:76)(cid:81)(cid:74)(cid:3)(cid:71)(cid:72)(cid:192)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:85)(cid:92)(cid:3)(cid:83)(cid:85)(cid:72)(cid:86)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:71)(cid:76)(cid:73)(cid:191)(cid:70)(cid:88)(cid:79)(cid:87)(cid:3)(cid:72)(cid:70)(cid:82)(cid:81)(cid:82)(cid:80)(cid:76)(cid:70)(cid:3)(cid:70)(cid:82)(cid:81)(cid:71)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:83)(cid:85)(cid:76)(cid:80)(cid:68)(cid:85)(cid:76)(cid:79)(cid:92)(cid:3)(cid:76)(cid:81)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:49)(cid:82)(cid:85)(cid:87)(cid:75)(cid:3)
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s

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by converting certain stores to the Family Fare (cid:69)(cid:68)(cid:81)(cid:81)(cid:72)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:80)(cid:82)(cid:71)(cid:72)(cid:79)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:79)(cid:72)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:83)(cid:87)(cid:76)(cid:80)(cid:76)(cid:93)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:68)(cid:80)
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(cid:87)

OUTLOOK
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and believe our focus on providing value and innovative solutions to our food distribution and retail customers will continue to serve our 
business well.

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Dave Staples is the right person to lead SpartanNash through the next stages of its development. Dave has been an instrumental member 
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relationship-driven business while advancing our culture and core values.

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Dennis Eidson
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-K

È Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2016.

‘ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
to

For the transition period from

.

OR

Commission File Number: 000-31127

SPARTANNASH COMPANY

(Exact Name of Registrant as Specified in Its Charter)

Michigan
(State or Other Jurisdiction)
of Incorporation or Organization)

850 76th Street, S.W.
P.O. Box 8700
Grand Rapids, Michigan
(Address of Principal Executive Offices)

38-0593940
(I.R.S. Employer
Identification No.)

49518-8700
(Zip Code)

Registrant’s telephone number, including area code: (616) 878-2000

Securities registered pursuant to Section 12(b) of the Securities Exchange Act:

Title of Class

Common Stock, no par value

Name of Exchange on which Registered

NASDAQ Global Select Market

Securities registered pursuant to Section 12(g) of the Securities Exchange Act:
None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes È No ‘
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ‘ No È
Indicate by check mark whether the registrant: (1) has 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 the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days. Yes È No ‘
Indicate by a check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File requirement to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes È No ‘
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. È
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company (as defined in Rule 12b-2 of the Securities Exchange Act).

Large accelerated filer È

Accelerated filer ‘

Non-accelerated filer ‘

Smaller reporting company ‘

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ No È
The aggregate market value of the registrant’s voting and non-voting common equity held by non-affiliates based on the last sales price of
such stock on the NASDAQ Global Select Market on July 15, 2016 (which was the last trading day of the registrant’s second quarter in the
fiscal year ended December 31, 2016) was $1,131,571,729.
The number of shares outstanding of the registrant’s Common Stock, no par value, as of February 28, 2017 was 37,519,304, all of one class.

Part III, Items 10, 11, 12, 13 and 14

Proxy Statement for Annual Meeting to be held May 23, 2017

DOCUMENTS INCORPORATED BY REFERENCE

Forward-Looking Statements

The matters discussed in this Annual Report on Form 10-K, in the Company’s press releases and in the
Company’s website-accessible conference calls with analysts and investor presentations include “forward-
looking statements” about the plans, strategies, objectives, goals or expectations of SpartanNash Company and
subsidiaries (“SpartanNash” or “the Company”). These forward-looking statements are identifiable by words or
phrases indicating that SpartanNash or management “expects,” “anticipates,” “plans,” “believes,” or “estimates,”
or that a particular occurrence or event “will,” “may,” “could,” “should,” or “will likely” result, occur or be
pursued or “continue” in the future, that the “outlook” or “trend” is toward a particular result or occurrence, that
a development is an “opportunity,” “priority,” “strategy,” “focus,” that the Company is “positioned” for a
particular result, or similarly stated expectations. Accounting estimates, such as those described under the
heading “Critical Accounting Policies” in Item 7 of this Annual Report on Form 10-K, are inherently forward-
looking. The Company’s asset impairment and restructuring cost provisions are estimates and actual costs may
be more or less than these estimates and differences may be material. Undue reliance should not be placed on
these forward-looking statements, which speak only as of the date of the Annual Report, other report, release,
presentation, or statement.

In addition to other risks and uncertainties described in connection with the forward-looking statements
contained in this Annual Report on Form 10-K and other periodic reports filed with the Securities and Exchange
Commission (“SEC”), there are many important factors that could cause actual results to differ materially. These
risks and uncertainties include general business conditions, changes in overall economic conditions that impact
consumer spending, the Company’s ability to integrate acquired assets, the impact of competition and other
factors which are often beyond the control of the Company, and other risks listed in Part I, “Item 1A. Risk
Factors,” of this report and risks and uncertainties not presently known to the Company or that the Company
currently deems immaterial.

This section and the discussions contained in Item 1A. “Risk Factors,” and in Item 7, subheading “Critical
Accounting Policies” in this report, both of which are incorporated here by reference, are intended to provide
meaningful cautionary statements for purposes of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. This should not be construed as a complete list of all of the economic, competitive,
governmental, technological and other factors that could adversely affect the Company’s expected consolidated
financial position, results of operations or liquidity. Additional risks and uncertainties not currently known to
SpartanNash or that SpartanNash currently believes are immaterial also may impair its business, operations,
liquidity, financial condition and prospects. The Company undertakes no obligation to update or revise its
forward-looking statements to reflect developments that occur or information obtained after the date of this
Annual Report.

-2-

Item 1.

Business

Overview

PART I

SpartanNash Company (together with its subsidiaries, “SpartanNash” or “the Company”) is a Fortune 400
company whose core businesses include distributing grocery products to independent grocery retailers
(“independent retailers”), select national retailers, food service distributors, its corporate owned retail stores, and
United States (“U.S.”) military commissaries. SpartanNash serves customer locations in 47 states and the District
of Columbia, Europe, Cuba, Puerto Rico, Bahrain and Egypt. As of December 31, 2016, the Company operated
157 supermarkets, primarily under the banners of Family Fare Supermarkets, VG’s Food and Pharmacy, D&W
Fresh Market, Sun Mart and Family Fresh Market. Through its Military division, SpartanNash is the leading
distributor of grocery products to military commissaries in the United States. The Company operates three
reportable business segments: Food Distribution, Military and Retail. For the fiscal year ended December 31,
2016, the Company generated net sales of approximately $7.7 billion.

Established in 1917 as a cooperative grocery distributor, Spartan Stores Inc. (“Spartan Stores”) converted to a
for-profit business corporation in 1973. In January 1999, Spartan Stores began to acquire retail supermarkets in
its focused geographic regions. In August 2000, Spartan Stores common stock became listed on the NASDAQ
Stock Market under the symbol “SPTN.” On November 19, 2013, Spartan Stores merged with Nash-Finch
Company (“Nash-Finch”) and the combined company was named SpartanNash Company. Unless the context
otherwise requires, the use of the terms “SpartanNash,” and “the Company” in this Annual Report on Form 10-K
refers to the surviving corporation SpartanNash Company and, as applicable, its consolidated subsidiaries.

On January 6, 2017, the Company acquired certain assets and assumed certain liabilities of Caito Foods Service
(“Caito”), a leading supplier of fresh fruit and vegetables as well as value-added solutions for retailers, and its
affiliate, Blue Ribbon Transport (“BRT”), which provides temperature-controlled distribution and logistics
services throughout North America. The acquisition strengthens the Company’s fresh product offerings and
value-added services, such as freshly-prepared centerplate and side dish categories, and also complements the
Company’s existing supply chain network.

The Company’s hybrid business model supports the close functioning of its Food Distribution, Military and
Retail operations, optimizing the natural complements of each business segment while also enhancing the ability
of the Company’s independent retailers to compete long-term in the grocery industry. The model produces
operational efficiencies, helps stimulate distribution product demand, and provides sharper visibility and broader
business growth options. In addition, the Food Distribution, Military and Retail diversification provides added
flexibility to pursue the best long-term growth opportunities in each segment.

SpartanNash has established key management priorities for the longer-term strategy of the Company, including
establishing a well-differentiated product offering for its Food Distribution, Military and Retail segments, and
additional strategies designed to create value for its shareholders, retailers and customers. These priorities are:

Food Distribution:

•

•

Integrate and leverage the recent acquisition of Caito Foods Service to strengthen the Company’s
produce and value-added produce and meal solution offerings and increase the size and scope of its
customer base.

Provide innovative and impactful solutions for customers.

• Leverage retail competency and combined distribution platform capabilities to increase business within
the existing account base and to potentially add new distribution categories and take advantage of
current competitive dynamics to supply new customers.

-3-

•

•

Proactively pursue financially and strategically attractive acquisition opportunities.

Increase private brand penetration and overall purchase concentration.

• Enhance the value-added offer to exceed the expectations and further meet the needs of customers.

Military:

• Highlight the resale and sale opportunities available to potential Military customers in all segments to

attract additional customers to the Company’s Military platform.

• Continue to partner with Coastal Pacific Food Distributors, the second largest military distributor of

grocery products, in terms of revenue, to leverage the advantage of a worldwide distribution network.

•

Partner with the Defense Commissary Agency (“DeCA”) in its new initiative to offer a variety of
private brand products to military commissaries worldwide and begin shipping these products during
the first half of fiscal 2017.

Retail:

•

Focus on high quality fresh offerings, value pricing, customer convenience and the associates at
corporate owned retail stores.

• Drive a lean and efficient operating cost structure to increase profits and compete effectively.

• Continue to rationalize existing store base to maximize capital efficiency and enhance profitability.

• Make targeted capital investments to modernize and improve the existing store base.

• Expand consumer relationships with pharmacy, e-commerce and fuel, and personalize target customer

offers.

Supply Chain:

• Leverage competitive position, scale and financial flexibility to further grow the distribution channel.

• Gain efficiencies through productivity and efficiency initiatives and by leveraging one supply chain network

across segments, and further realize benefits from continued investments in the supply chain network.

• Explore synergies with the acquisition of Blue Ribbon Transport to seek opportunities to optimize the

inbound lanes as a larger, integrated company.

Food Distribution Segment

The Company’s Food Distribution segment uses a multi-platform sales approach to distribute grocery products to
independent retailers, select national retailers, food service distributors, and the Company’s corporate owned
retail stores. Total net sales from the Company’s Food Distribution segment, including sales to corporate owned
retail stores that are eliminated in the consolidated financial statements, were approximately $4.4 billion for the
fiscal year ended December 31, 2016. As of the end of fiscal 2016, the Company believes it is the sixth largest
wholesale distributor, in terms of annual revenue, to supermarkets in the United States.

Customers. The Company’s Food Distribution segment supplies grocery products to a diverse group of
approximately 2,100 independent retailers with operations ranging from a single store to supermarket chains with
over 30 stores, food service distributors and the Company’s corporate owned retail stores. As of December 31,
2016, the Company operates in 47 states by leveraging a platform of 17 distribution centers servicing the Food
Distribution and Military segments. This extensive geographic reach drives economies of scale and provides
opportunities for independent retailers to purchase products at competitive prices in order to compete long-term
in the grocery industry.

-4-

Through its Food Distribution segment, the Company also services select national retailers, including Dollar
General. Sales to Dollar General are made to approximately 13,000 of its retail locations, with sales representing
11.2% and 10.7% of consolidated net sales for fiscal 2016 and 2015, respectively. Except for these two fiscal
years, sales to this customer did not exceed 10% of consolidated net sales for any other year presented. The
Company’s Food Distribution customer base is diverse, and no other single customer exceeded 5% of
consolidated net sales in any of the years presented.

The Company’s five largest Food Distribution customers (excluding corporate owned retail stores) accounted for
approximately 39% of total Food Distribution net sales for the fiscal year ended December 31, 2016. In addition,
approximately 83% of Food Distribution net sales for the fiscal year ended December 31, 2016, including sales to
corporate owned retail stores, are either covered under supply agreements with independent retailers or are
intercompany sales.

The recent acquisition of Blue Ribbon Transport on January 6, 2017 expanded the Company’s capability to offer
temperature-controlled distribution and logistics services throughout North America.

Products. The Company’s Food Distribution segment provides a selection of approximately 60,000 stock-
keeping units (SKUs) of nationally branded and private brand grocery products (see “Marketing and
Merchandising – Private Brands”) and perishable food products, including dry groceries, produce, dairy products,
meat, delicatessen items, bakery goods, frozen food, seafood, floral products, general merchandise, beverages,
tobacco products, health and beauty care products and pharmacy. With the acquisition of Caito, the product
offering will include fresh protein-based foods, prepared meals, and value-added products such as fresh-cut fruits
and vegetables and prepared salads. These product offerings, along with best in class services, allow independent
retailers the opportunity to support the majority of their operations with a single supplier. Meeting consumers’
needs will continue to be SpartanNash’s priority as it executes its hybrid business model of Food Distribution,
Military and Retail operations.

Additional Services. The Company offers and provides many of its independent Food Distribution customers
with value-added services, including:

Site identification and market analysis
•
•
Store planning and development
• Marketing, promotion and advertising
• Website design, technology and information services
• Accounting, payroll and tax preparation
• Human resource services
•
• Account management field sales support
InSite and NetNash Business to Business
•
communications
• Digital coupons

Fuel technology

• Coupon redemption
•
Product reclamation
• Graphic services
• Category management
• Real estate services
• Construction management services
•
• Retail pricing
•

Security consulting and investigation
services

Pharmacy retail and procurement services

• Demo program

Military Segment

The Company’s Military segment contracts with manufacturers and brokers to distribute a wide variety of
grocery products primarily to U.S. military commissaries and exchanges.

The distributed grocery products are delivered to over 160 military commissaries and over 440 exchanges located
in more than 45 states across the United States and the District of Columbia, Europe, Cuba, Puerto Rico, Bahrain
and Egypt. The Company’s distribution centers are strategically located among the largest concentration of
military bases in the areas the Company serves and near Atlantic ports used to ship grocery products to overseas
commissaries and exchanges. The Company’s Military segment has an outstanding reputation as a distributor

-5-

focused on U.S. military commissaries and exchanges, based in large measure on its excellent service metrics,
which include fill rate, on-time delivery and shipping accuracy.

DeCA operates a chain of over 238 commissaries on U.S. military installations throughout the world that sell
approximately $5.2 billion of grocery products annually. DeCA contracts with manufacturers to obtain grocery
products for the commissary system. Manufacturers either deliver the products to the commissaries themselves
or, more commonly, contract with distributors such as SpartanNash to deliver the products. Manufacturers must
authorize the distributors as their official representatives to DeCA, and the distributors must adhere to DeCA’s
frequent delivery system (“FDS”) procedures governing matters such as product identification, ordering and
processing, information exchange and resolution of discrepancies. The Company obtains distribution contracts
with manufacturers through competitive bidding processes and direct negotiations.

As of December 31, 2016, the Company has approximately 250 distribution contracts representing approximately
600 manufacturers that supply products to the DeCA commissary system and various exchange systems.
Generally, larger contracts or those subject to a request-for-proposal process have definitive durations, whereas
smaller contracts generally have indefinite terms; and all contract types allow for termination by either party
without cause upon 30 days prior written notice to the other party. The contracts typically specify the
commissaries and exchanges to supply on behalf of the manufacturer, the manufacturer’s products to be supplied,
service and delivery requirements, and pricing and payment terms. The Company’s ten largest manufacturer
customers represented approximately 43% of the Company’s Military segment sales for the fiscal year ended
December 31, 2016.

As commissaries need to be restocked, DeCA identifies the manufacturer with which an order is to be placed,
determines which distributor is the manufacturer’s official representative for a particular commissary or
exchange location, and then places a product order with that distributor under the auspices of DeCA’s master
contract with the applicable manufacturer. The distributor selects that product from its existing inventory,
delivers it to the commissary or commissaries designated by DeCA, and bills the manufacturer for the product
shipped. The manufacturer then bills DeCA under the terms of its master contract. Overseas commissaries are
serviced in a similar fashion, except that a distributor’s responsibility is to deliver products as and when needed
to the port designated by DeCA, which in turn bears the responsibility for shipping the product to the applicable
commissary or overseas warehouse.

After the Company ships a particular manufacturer’s products to commissaries in response to an order from
DeCA, the Company invoices the manufacturer for the product price plus a drayage fee that is typically based on
a percentage of the purchase price, but may in some cases be based on a dollar amount per case or pound of
product sold. The Company’s order handling and invoicing activities are facilitated by procurement and billing
systems developed specifically for the Military business, which address the unique aspects of its business, and
provides the Company’s manufacturer customers with a web-based, interactive means of accessing critical order,
inventory and delivery information.

On December 8, 2016, the Company was competitively awarded by DeCA to be the exclusive worldwide
supplier of a variety of private brand products to U.S. military commissaries for the first time in the agency’s
history. DeCA stated that its key selection criteria in choosing its partner were simplicity, ease and efficiency of
implementation, cost savings, and ability to support and grow the program in the future. The Company will begin
distribution of certain private brand products in the first half of fiscal 2017.

Retail Segment

As of December 31, 2016, the Company operated 157 corporate owned retail stores in the Midwest and Great
Lakes regions primarily under the banners of Family Fare Supermarkets, VG’s Food and Pharmacy, D&W Fresh
Markets, Sun Mart and Family Fresh Market. Retail banners and numbers of stores are more fully detailed in
Item 2, “Properties,” of this report.

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The Company’s neighborhood market strategy distinguishes its corporate owned retail stores from supercenters
and limited assortment stores by emphasizing convenient locations, demographically-targeted merchandise
selections, high-quality fresh offerings, customer service, value pricing and community involvement.

The Company’s corporate owned retail stores offer nationally branded and private brand grocery products (see
“Marketing and Merchandising – Private Brands”), as well as perishable food products including dry groceries,
produce, dairy products, meat, delicatessen items, bakery goods, frozen food, seafood, floral products, general
merchandise, beverages, tobacco products and health and beauty care products. The private brand grocery
products provide higher retail margins and may help improve customer loyalty by providing quality products at
affordable prices. The Company also offered pharmacy services in 90 of its corporate owned retail stores as of
December 31, 2016. The Company’s corporate owned retail stores range in size from approximately 14,000 to
89,800 total square feet, or on average, approximately 41,000 total square feet per store.

As of December 31, 2016, the Company operated 30 fuel centers primarily at its corporate owned retail stores
operating under the banners Family Fare Quick Stop, D&W Quick Stop, VG’s Quick Stop, Forest Hills Quick
Stop and Sun Mart Express Fuel. These fuel centers offer refueling facilities and in the adjacent convenience
store, a limited variety of popular consumable products. The Company’s prototypical Quick Stop stores are
approximately 1,100 square feet in size. The Company has experienced increased supermarket sales upon
opening fuel centers and initiating cross-merchandising activities.

The Company’s corporate owned retail stores are primarily the result of acquisitions prior to June 2015,
including the merger with Nash-Finch Company in November 2013. The following chart details the changes in
the number of corporate owned retail stores over the last five fiscal years, including the transition year ended
December 28, 2013:

March 30,
2013

December 28,
2013

January 3,
2015

January 2,
2016

December 31,
2016

Number of stores at beginning of year . . . . . .
Stores acquired or added during year . . . . . . .
Stores closed or sold during year . . . . . . . . . .

96
5
—

Number of stores at end of year . . . . . . . . . . .

101

101
78
7

172

172
1
11

162

162
7
6

163

163
—
6

157

During the fiscal year ended December 31, 2016, the Company completed twelve major remodels, four of which
were initiated in fiscal 2015, and also opened one new fuel center. In connection with the remodeling efforts, the
Company converted eight corporate owned retail stores to the Family Fare Supermarkets banner.

The Company expects to continue making targeted capital investments during fiscal 2017 by performing a
number of major remodels at select corporate owned retail stores and, if opportunities arise, by either opening
additional fuel centers or entering into partnerships with existing fuel operations. The Company will continue to
evaluate its store base and may close or sell up to ten stores during the course of 2017 depending on
circumstances and opportunities. In February 2017, two low-performing stores were closed upon lease
expiration. The Company evaluates proposed capital projects based on demographics and competition within
each geographic area, and prioritizes projects based on their expected returns on investment. Approval of
proposed capital projects requires a projected internal rate of return that meets or exceeds the Company’s policy;
however, the Company may undertake projects that do not meet this standard to the extent they represent
required maintenance or necessary infrastructure improvements. In addition, the Company performs a post
completion review of financial results versus its expectation on all major projects. The Company believes that
focusing on such measures provides an appropriate level of discipline in its capital expenditures process.

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Supply Chain Network

The Company has further integrated its supply chain organization to optimize the network, increase asset
utilization and leverage programs that will drive more value for its retailers, customers, and shareholders. The
Company believes its distribution facilities are strategically located to efficiently serve current customers and
also have the available capacity to support future growth. The Company continually evaluates inventory
movement and assigns SKUs to appropriate areas within its distribution facilities to reduce the time required to
stock and pick products and to achieve additional efficiencies.

The Company has several projects planned for the fiscal year ending December 30, 2017. These projects are
designed to further integrate the Company’s supply chain capabilities across distribution centers and thereby
increase efficiency of both inbound and outbound distribution operations. To demonstrate the Company’s
commitment across the entire network, the Company has invested in uniformly branding all tractors with a new
logo that embodies the Company’s tagline, “Taking Food Places®.” Newly purchased trailers will also receive
the new logo layout. In 2017, the Company expects to complete the branding of all existing trailers within the
SpartanNash supply chain. This will allow the Company to increase asset utilization by sharing resources across
all facilities.

Supply Chain Functions. The Company’s distribution network is comprised of 17 distribution centers, which are
utilized to service the Food Distribution and Military segments. The distribution centers provide for
approximately 8.3 million total square feet of warehouse space.

The Company operates a fleet of approximately 500 over-the-road tractors, 500 dry vans, and 1,000 refrigerated
trailers. Through routing optimization systems, the Company carefully manages the more than 50 million miles
its fleet drives annually servicing military commissaries, exchanges, independent retailers, select national
retailers and corporate owned retail stores. The Company is also expanding its effort to equip a portion of its
refrigerated trailers with a refrigeration unit that has the capability to run on electric standby, offering an
economical and environmentally friendly alternative to diesel fuel. The Company remains committed to the
ongoing investment required to maintain a best in class fleet while focusing on low cost and environmentally
friendly solutions.

Products

The Company offers a wide variety of grocery products, general merchandise and health and beauty care,
pharmacy, fuel and other items and services. Consolidated net sales include the net sales of its Food Distribution
business, which exclude sales to corporate owned retail stores, the net sales of its Military segment, and the net
sales of its corporate owned retail stores and fuel centers in its Retail segment.

Refer to Part II, Item 8 of this report under the Reporting Segment Information section in the notes to
consolidated financial statements for additional information about the Company’s sales by type of similar
products and services, which is herein incorporated by reference.

Reporting Segment Financial Data

More detailed information about the Company’s reporting segments can be found in Part II, Item 8 of this report
under the Reporting Segment Information section in the notes to consolidated financial statements, which is
herein incorporated by reference. All of the Company’s sales and assets are in the United States of America.

Discontinued Operations

Certain of the Company’s Food Distribution and Retail operations have been recorded as discontinued
operations. Discontinued operations consist of certain locations that have been closed or sold.

-8-

Marketing and Merchandising

General. The Company continues to align its marketing and merchandising strategies with current consumer
behaviors by delivering initiatives centered on personalization, value beyond price, and health and wellness – all
designed to deliver a superior shopping experience for customers. These strategies seek to use consumer data and
insights to deliver products, promotions, content and experiences to satisfy the consumer’s needs.

The Company believes that data from its “yes” loyalty program gives it competitive insight into consumer
shopping behavior. This gives the Company the flexibility to adapt to rapidly changing conditions by making
tactical and more effective adjustments to its marketing and merchandising programs. In fiscal 2016, the
Company expanded its yes program to the remaining Family Fare stores in the Omaha market and to the
remaining Family Fresh Markets stores in Minnesota and Wisconsin.

The Company’s investment to further strengthen its knowledge of the consumer has continued to drive process
improvements in several areas: a robust self-serve data tool that enables category managers to make consumer
centric merchandising and marketing decisions; new Key Value Items analyses that align pricing for the most
price sensitive items with the most price sensitive customer segments; the development of a customer strategy
that will be used to guide its internal business processes and go-to market strategy; and the evolution of its
customer segmentation that takes it beyond the purchase and transactional behavior to lifestyle. These
accomplishments better position the Company to deliver a shopping experience that constantly responds to the
changing needs of its consumers.

The Company has been building tools and capabilities to enable relevant, personalized content across its
marketing channels and focusing on expanding its digital, social and mobile capabilities. The Company also
implemented a number of capabilities that enables it to more effectively target consumers and more efficiently
develop and execute campaigns. This will help the Company to further build longer-term customer loyalty,
maintain efficient marketing spend and increase return on investment, improve its sales growth opportunities, and
further strengthen its business position. As the Company continues to build these capabilities, along with its other
strategies, the Company will continue to share its marketing and merchandising learnings and best practices
across its wholesale customer base.

The Company believes it can differentiate itself from its competitors by offering a full set of services, from value
added services in its Food Distribution segment to the inclusion of fuel centers and Starbucks Coffee or Caribou
Coffee shops in certain corporate owned retail stores. The Company also provides consumers with fuel purchase
discounts at fuel centers through its corporate owned retail stores or by partnering with third party fuel centers. In
addition, the Company has refined its fuel promotions and executed several pilots to further enhance the
program’s value to the customer.

As of December 31, 2016, the Company offered pharmacy services in 90 of its corporate owned retail stores and
operates three free-standing pharmacy locations. The Company believes the pharmacy service offering in its
corporate owned retail stores is an important part of the consumer experience. In its Michigan pharmacies and a
number of its pharmacies in Minnesota and Nebraska, the Company offers free medications (antibiotics, diabetic
medications and prenatal vitamins) along with generic drugs for $4 and $10, and food solutions for preventative
health and education for its customers.

As consumers increasingly emphasize health and wellness, the Company believes that it can be a provider and
resource for products and services that will support their needs. In fiscal 2016, the Company continued to expand
its offerings and partnerships and undertook the following key initiatives. First, the Company continued to
expand its “Living Well” product offerings through store-within-a-store and in-line merchandising concepts.
Second, the Company established partnerships with health systems and providers to provide wellness specialists-
led store tours to help educate consumers to make healthier food choices. Third, the Company increased its retail
product offering and assortment for organic, gluten-free, meat-free, non-GMO products and other healthier food

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options. The Company is also proud to work with local farmers and vendors to provide as many locally grown
produce and products possible in its stores.

Private Brands. SpartanNash currently markets and distributes over 7,100 total private brand items primarily
under the following brands: Spartan™ and Our Family™ (national brand equivalent or better grocery products);
Open Acres™ (fresh products); Top Care (health and beauty care); Tippy Toes (baby); Full Circle™ (organic and
wellness); B-leve (premium bath and beauty); PAWS Premium (pet supplies); and Valu Time (value). Open Acres
is a new proprietary “fresh” brand launched in fiscal 2016 that includes produce, meat, delicatessen items, bakery
goods and seafood. The Company believes that its private brand offerings are some of its most valuable strategic
assets, demonstrated through customer loyalty and profitability.

The Company has worked to develop a best in class private brand program. The Company added approximately
700 private brand products to its consumer offerings in the past year and plans to introduce approximately
300 additional new items in fiscal 2017. The Company’s products have been frequently recognized for
excellence in packaging design and product development. These awards underscore the Company’s continued
commitment to providing the consumer with quality products at exceptional value. The Company’s focus is and
will continue to be the pursuit of new opportunities and expansion of private brand offerings to its customers.

Competition

The Company’s Food Distribution, Military and Retail segments operate in a highly competitive industry, which
typically result in low profit margins for the industry as a whole. The Company competes with, among others,
regional and national grocery distributors, large chain stores that have integrated wholesale and retail operations,
mass merchandisers, e-commerce providers, limited assortment stores and wholesale membership clubs, many of
whom have greater resources than the Company.

The primary competitive factors in the Food Distribution business include price, service, product quality, variety
and other value-added services. The Company believes its overall service level, which is defined as actual units
shipped divided by actual units ordered, is among industry leaders in terms of performance.

The Company is one of less than ten distributors in the United States with annual sales to the DeCA commissary
system in excess of $100 million that distributes products via the frequent delivery system. The remaining
distributors that supply DeCA tend to be smaller regional and local providers. In addition, manufacturers contract
with others to deliver certain products, such as baking supplies, produce, delicatessen items, soft drinks and
snack items, directly to DeCA commissaries and service exchanges. Because of the narrow margins in this
industry, it is of critical importance for distributors to achieve economies of scale, which is typically a function of
the density or concentration of military bases within the geographic area(s) a distributor serves. As a result, no
single distributor in this industry, by itself, has a nationwide presence. Rather, distributors tend to concentrate on
specific regions, or areas within specific regions, where they can achieve critical mass and utilize warehouse and
distribution facilities efficiently. In addition, distributors that operate larger non-military specific distribution
businesses tend to compete for DeCA commissary business in areas where such business would enable them to
more efficiently utilize the capacity of their existing distribution centers. The Company believes the principal
competitive factors among distributors within this industry are customer service, price, operating efficiencies,
reputation with DeCA and location of distribution centers. The Company believes its competitive position is very
strong with respect to all of these factors within the geographic areas where it competes.

The principal competitive factors in the retail grocery business include the location and image of the store; the
price, quality and variety of the perishable products; and the quality, convenience and consistency of service. The
Company believes it has developed and implemented strategies and processes that allow it to be competitive in
its Retail segment. The Company monitors planned competitor store openings and uses established proactive
strategies to respond to new competition both before and after the competitive store opening. Strategies to react
to competition vary based on many factors, such as the competitor’s format, strengths, weaknesses, pricing and

-10-

sales focus. During the past three fiscal years, 13 competitor supercenters opened in geographic areas in which
the Company currently operates corporate owned retail stores with three additional openings expected to occur
during fiscal 2017. As a result of these openings, the Company believes the majority of its supermarkets compete
with one or more supercenters.

Seasonality

In certain geographic areas, the Company’s sales and operating performance varies with seasonality. Many stores
are dependent on tourism and therefore, are most affected by seasons and weather patterns, including, but not
limited to, the amount and timing of snowfall during the winter months and the range of temperature during the
summer months. The Company’s first quarter is typically its lowest sales quarter. Therefore, operating results are
generally lower during this quarter. All fiscal quarters are 12 weeks, except for the Company’s first quarter,
which is 16 weeks and will generally include the Easter holiday. The fourth quarter includes the Thanksgiving
and Christmas holidays. Fiscal year ended January 3, 2015 contained 53 weeks; therefore, the fourth quarter of
fiscal 2014 consisted of 13 weeks rather than 12 weeks.

Suppliers

The Company purchases products from a large number of national, regional and local suppliers of name brand
and private brand merchandise. The Company has not encountered any material difficulty in procuring or
maintaining an adequate level of products to serve its customers. No single supplier accounts for more than 5%
of the Company’s purchases. The Company continues to develop strategic relationships with key suppliers and
believes this will prove valuable in the development of enhanced promotional programs and consumer value
perceptions.

Intellectual Property

The Company owns valuable intellectual property, including trademarks and other proprietary information, some
of which are of material importance to its business.

Technology

Over the last year the Company has continued to focus on the integration of various key systems from the two
merged companies, Spartan Stores and Nash Finch. The integration has proceeded well and is largely complete.
During the last year there were additional projects completed to accommodate business operations that were
unrelated to the integration of the two companies.

Supply Chain. During fiscal 2016, the Company standardized the Master Data Management systems resulting in
standardized customer, vendor and item information; installed a new centralized suggested pricing system for
support of its wholesale customers; standardized the inbound scheduling system across the entire distribution
network; completed a pilot of a new environmental integrity monitoring system for its transportation fleet, which
will be installed in 2017; began the implementation of a standard order management system across its
distribution network, which will continue over the next two years; and completed the redesign and upgrade of the
communications technology in support of its distribution center network. In the non-integration area, the
Company continued with additional supply chain enhancement projects to support its national accounts business.

Retail Systems. During fiscal 2016, the Company standardized the space planning system for all retail locations
and Food Distribution customers; enhanced its electronic payment system for fuel centers to support fleet
payment cards; upgraded its loyalty systems as it expanded their use in the Omaha, Nebraska locations;
continued to enhance the mobile loyalty application for customer use; and, deployed an integrated ordering
system in the western retail locations in preparation for computer assisted ordering. In non-integration projects,
the Company continued a multi-year customization effort for the major upgrade of point-of-sale (“POS”)

-11-

software in preparation for a pilot in 2017; completed a major upgrade to its self-check-out systems; and
enhanced its pharmacy systems for support of customer interaction through various mobile platforms.

Administrative Systems. During fiscal 2016, the consolidation on to a single accounts receivable system was
substantially completed and will be implemented in the first quarter of 2017; the financial reporting and planning
systems installation was completed; a major upgrade of the human resources and payroll system was completed;
and consolidation on to a single electronic data interface (“EDI”) system was also completed.

Information Technology Infrastructure. The consolidation of four data centers to two data centers was
completed in fiscal 2016 and major enhancements to the disaster recovery and non-stop processing capabilities
between the two data centers were also implemented.

Associates

As of December 31, 2016, the Company employed approximately 14,700 associates, 8,300 on a full-time basis
and 6,400 on a part-time basis. Of the 14,700 associates the Company employs, approximately 1,200 associates,
or 8% of the total workforce, were represented by unions under collective bargaining agreements; the collective
bargaining agreements covering these associates will either expire between October 2017 and September 2019 or
have been extended on their own terms and have a contemplated expiration date in either January 2019 or
February 2019. The Company considers its relations with its union and non-union associates to be good and have
not had any material work stoppages in over twenty years.

Regulation

The Company is subject to federal, state and local laws and regulations concerning the conduct of its business,
including those pertaining to the workforce and the purchase, handling, sale and transportation of its products.
Many of the Company’s products are subject to federal Food and Drug Administration (“FDA”) and
United States Department of Agriculture (“USDA) regulation. The Company believes that it is in substantial
compliance in all material respects with the FDA, USDA and other federal, state and local laws and regulations
governing its businesses.

Forward-Looking Statements

The matters discussed in this Item 1 include forward-looking statements. See “Forward-Looking Statements” at
the beginning of this Annual Report on Form 10-K.

Available Information

The address of the SpartanNash web site is www.spartannash.com. The inclusion of the Company’s website
address in this Form 10-K does not include or incorporate by reference the information on or accessible through
the Company’s website, and the information contained on or accessible through those websites should not be
considered as part of this Form 10-K. The Company makes its Annual Reports on Form 10-K, Quarterly Reports
on Form 10-Q, Current Reports on Form 8-K and other reports (and amendments to those reports) filed or
furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934 available on the Company’s web site
as soon as reasonably practicable after the Company electronically files or furnishes such materials with the SEC.
Interested persons can view such materials without charge by clicking on “For Investors” and then “SEC Filings”
on the Company’s web site. SpartanNash is a “large accelerated filer” within the meaning of Rule 12b-2 under
the Securities Exchange Act.

Item 1A. Risk Factors

The Company faces many risks. If any of the events or circumstances described in the following risk factors
occur, the Company’s financial condition or results of operations may suffer, and the trading price of the

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Company’s common stock could decline. This discussion of risk factors should be read in conjunction with the
other information in this Annual Report on Form 10-K. All of these forward-looking statements are affected by
the risk factors discussed in this item and this discussion of risk factors should be read in conjunction with the
discussion of forward-looking statements, which appears at the beginning of this report.

Business and Operational Risks

The Company operates in an extremely competitive industry. Many of its competitors are much larger than the
Company and may be able to compete more effectively.

The Company’s Food Distribution and Retail segments have many competitors, including regional and national
grocery distributors, large chain stores that have integrated wholesale and retail operations, mass merchandisers,
e-commerce providers, limited assortment stores and wholesale membership clubs. Many of the Company’s
competitors have greater resources than the Company.

The Company’s Military segment faces competition from large national and regional food distributors and
smaller distributors. Industry consolidation, alternative store formats, nontraditional competitors and e-commerce
have contributed to market share losses for traditional grocery stores. These trends have produced even stronger
competition for the Company’s Retail business and for the independent retailers of the Company’s Food
Distribution business. If the Company fails to implement strategies to respond effectively to these competitive
pressures, its operating results could be adversely affected by price reductions, decreased sales or margins, or
loss of customer base. The Company may not be able to compete successfully in this environment.

The Company may not be able to successfully integrate the assets of Caito Foods Service and Blue Ribbon
Transport, and the Company may incur significant costs to integrate and support these and other assets it
acquires.

In January 2017, the Company acquired the assets of Caito Foods Service and its affiliate, Blue Ribbon
Transport. The integration of acquired assets requires significant time and resources, and the Company may not
manage these processes successfully. As part of this acquisition, the Company acquired a newly constructed
Fresh Kitchen facility. The Fresh Kitchen has no history of operations, and the Company may incur difficulties in
commencing its operation and achieving efficient levels of production volume. The Company expects that the
Fresh Kitchen will not be profitable in the short-term, and there is no guarantee it will be profitable in the long-
term. In addition, some grocery retailers previously serviced by Caito Foods Service were anticipated to
discontinue their purchases leading up to the Company’s acquisition of the Caito assets. The Company is making
investments of resources to support the acquired Caito Foods Service and Blue Ribbon Transport assets and
replace any lost business, which will result in significant ongoing operating expenses and may divert resources
and management attention from other areas of the business. If the Company fails to successfully integrate these
assets and develop new business opportunities, it may not realize the benefits expected from the transaction and
its business may be harmed.

The Company’s private brand program for U.S. military commissaries may not achieve the desired results.

In December 2016, the Defense Commissary Agency (“DeCA” or “the Agency”), which operates U.S. military
commissaries worldwide, competitively awarded the Company the contract to support and supply products for
the Agency’s new private brand product program. Private brand products have not previously been offered in the
Agency’s commissaries. The Company expects to invest significant resources as it partners with DeCA to
develop and roll out the new program, and there is no guarantee of its success. The Company expects that DeCA
will face significant competition in each product category from national brands that are familiar to consumers. If
the Agency is unable to shift consumer preferences from national brands to the new private brand, then both
DeCA and the Company may be unable to achieve expected returns from this program, which could have a
material adverse effect on the Company’s business. The success of the program will depend in part on factors
beyond the Company’s control, including the actions of the Agency.

-13-

The Company may not be able to implement its strategy of growth through acquisitions.

Part of the Company’s growth strategy involves selected acquisitions of additional retail grocery stores, grocery
store chains or distribution facilities. Because the Company operates in the Food Distribution business, future
acquisitions of retail grocery stores could result in the Company competing with its independent retailers and
could adversely affect existing business relationships with those customers. As a result, the Company may not be
able to identify suitable acquisition candidates in the future, complete acquisitions or obtain the necessary
financing and this may adversely affect the Company’s ability to grow profitably.

Substantial operating losses may occur if the customers to whom the Company extends credit or for whom the
Company guarantees loans or lease obligations fail to repay the Company.

In the ordinary course of business, the Company advances funds, extends credit and lends money to certain
independent retailers and guarantees some customers’ loan or lease obligations. The Company seeks to obtain
security interest and other credit support in connection with these arrangements but the collateral may not be
sufficient to cover the Company’s exposure. Greater than expected losses from existing or future credit
extensions, loans, guarantee commitments or sublease arrangements could negatively and materially impact the
Company’s operating results and financial condition.

Changes in relationships with the Company’s vendor base may adversely affect its business, margins, and
profitability.

The Company sources the products it sells from a wide variety of vendors. The Company generally does not have
long-term written contracts with its major suppliers that would require them to continue supplying it with
merchandise. The Company depends on its vendors for appropriate allocation of merchandise, assortments of
products, operation of vendor-focused shopping experiences within its stores, and funding for various forms of
promotional allowances. There has been significant consolidation in the food industry, and this consolidation
may continue to the Company’s commercial disadvantage. Such changes could have a material adverse impact
on the Company’s revenues and profitability.

Disruptions to the Company’s information technology systems, including security breaches and cyber-attacks,
could negatively affect the Company’s business.

The Company has complex information technology (“IT”) systems that are important to its business operations.
The Company gathers and stores sensitive information, including personal information about its customers,
vendors and associates, and other proprietary or sensitive information. The Company could incur significant
losses due to disruptions in its systems and business if it were to experience difficulties accessing data stored in
its IT systems or if the sensitive information stored is compromised by third parties.

Although the Company has implemented security programs and disaster recovery facilities and procedures, cyber
threats evolve rapidly and are becoming more sophisticated. Despite the Company’s efforts to secure its
information and systems, cyber attackers may defeat the security measures and compromise the personal
information of customers, associates, vendors and other sensitive information. Associate error, faulty password
management or other problems may compromise the security measures and result in a breach of the Company’s
information systems, systems disruptions, data theft or other criminal activity.

This could result in a loss of sales or profits or cause the Company to incur significant costs to restore its systems
or to reimburse third parties for damages.

Threats to security or the occurrence of severe weather conditions, natural disasters or other unforeseen
events could harm the Company’s business.

The Company’s business could be severely impacted by severe weather conditions, natural disasters, or other
events that could affect the warehouse and transportation infrastructure used by the Company and its vendors to

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supply the Company’s corporate owned retail stores, and Food Distribution and Military customers. While the
Company believes it has adopted commercially reasonable precautions, insurance programs, and contingency
plans; the damage or destruction of Company facilities could compromise the Company’s ability to distribute
products and generate sales. Unseasonable weather conditions that impact growing conditions and the availability
of food could also adversely affect sales, profits and asset values.

Impairment charges for goodwill or other intangible assets could adversely affect the Company’s financial
condition and results of operations.

The Company is required to perform an annual impairment test for goodwill and indefinite-lived intangible assets
in the fourth quarter of each year, or more frequently if indicators are present or changes in circumstances
suggest that impairment may exist. Testing goodwill and other intangible assets for impairment requires
management to make significant estimates about the Company’s future performance, cash flows, and other
assumptions that can be affected by potential changes in economic, industry or market conditions, business
operations, competition, or the Company’s stock price and market capitalization. Changes in these factors, or
changes in actual performance compared with estimates of the Company’s future performance, may affect the
fair value of goodwill or other intangible assets. This could result in the Company recording a non-cash
impairment charge for goodwill or other intangible assets in the period the determination of impairment is made.
The Company cannot accurately predict the amount and timing of any impairment of assets. Should the value of
goodwill or other intangible assets become impaired, the Company’s financial condition and results of operations
may be adversely affected. In January 2017, a new accounting standard was issued that simplifies the subsequent
measurement of goodwill by eliminating Step 2 of the annual goodwill impairment test, which could significantly
impact the amount of impairment charge to be recorded if goodwill was determined to be impaired. Refer to Part
II, Item 8 of this report under the Summary of Significant Accounting Policies and Basis of Presentation section
in the notes to consolidated financial statements for additional information.

The Company may be unable to retain its key management personnel.

The Company’s success depends to a significant degree upon the continued contributions of senior management.
The loss of any key member of the Company’s management team may prevent it from implementing its business
plans in a timely manner. The Company cannot assure that successors of comparable ability will be identified
and appointed and that the Company’s business will not be adversely affected.

Legal, Regulatory and Legislative Risks

The Company’s Military segment is dependent upon domestic and international military operations. A change
in the military commissary system, or level of governmental funding, could negatively impact the Company’s
results of operations and financial condition.

Because the Company’s Military segment sells and distributes grocery products to military commissaries and
exchanges in the United States and overseas, any material changes in the commissary system, the level of
governmental funding to DeCA, military staffing levels, or the locations of bases may have a corresponding
impact on the sales and operating performance of this segment. These changes could include privatization of
some or all of the military commissary system, relocation or consolidation of commissaries and exchanges, base
closings, troop redeployments or consolidations in the geographic areas containing commissaries and exchanges
served by the Company, or a reduction in the number of persons having access to the commissaries and
exchanges. Mandated reductions in the government expenditures, including those imposed as a result of
sequestration, may impact the level of funding to DeCA and could have a material impact on the Company’s
operations.

Safety concerns regarding the Company’s products could harm the Company’s business.

It is sometimes necessary for the Company to recall unsafe, contaminated or defective products. Recall costs can
be material and the Company might not be able to recover costs from its suppliers. Concerns regarding the safety

-15-

of food products sold by the Company could cause customers to avoid purchasing certain products from the
Company, or to seek alternative sources of supply for some or all of their food needs, even if the basis for
concern is outside of the Company’s control. Any loss of confidence on the part of the Company’s customers
would be difficult and costly to overcome. Any real or perceived issue regarding the safety of any food or drug
items sold by the Company, regardless of the cause, could have a substantial and adverse effect on the
Company’s business.

A number of the Company’s associates are covered by collective bargaining agreements, and unions may
attempt to organize additional associates.

Approximately 55% and 16% of the Company’s associates in its Food Distribution and Military business
segments, respectively, are covered by collective bargaining agreements which expire between October 2017 and
September 2019 or which the Company is in the process of negotiating and have contemplated expiration dates in
either January 2019 or February 2019. The Company expects that rising healthcare, pension and other employee
benefit costs, among other issues, will continue to be important topics of negotiation with the labor unions. Upon
the expiration of the Company’s collective bargaining agreements, work stoppages by the affected workers could
occur if the Company is unable to negotiate an acceptable contract with the labor unions. This could significantly
disrupt the Company’s operations. Further, if the Company is unable to control healthcare and pension costs
provided for in the collective bargaining agreements, the Company may experience increased operating costs and
an adverse impact on future results of operations.

While the Company believes that relations with its associates are good, the Company may continue to see
additional union organizing campaigns. The potential for unionization could increase as any new related
legislation or regulations are passed. The Company respects its associates’ right to unionize or not to unionize.
However, the unionization of a significant portion of the Company’s workforce could increase the Company’s
overall costs at the affected locations and adversely affect its flexibility to run its business in the most efficient
manner to remain competitive or acquire new business and could adversely affect its results of operations by
increasing its labor costs or otherwise restricting its ability to maximize the efficiency of its operations.

Costs related to multi-employer pension plans and other postretirement plans could increase.

The Company contributes to the Central States Southeast and Southwest Pension Fund (“Central States Plan” or
“the Plan”), a multi-employer pension plan, based on obligations arising from its collective bargaining
agreements with Teamsters locals 406 and 908. SpartanNash does not administer or control this Plan, and the
Company has relatively little control over the level of contributions the Company is required to make. Currently,
the Central States Plan is underfunded and in critical status, and as a result, contributions are scheduled to
increase. The Company expects that contributions to this Plan will be subject to further increases. Benefit levels
and related issues will continue to create collective bargaining challenges. The amount of any increase or
decrease in its required contributions to this Plan will depend upon the outcome of collective bargaining, the
actions taken by the trustees who manage the Plan, governmental regulations, actual return on investment of Plan
assets, the continued viability and contributions of other contributing employers, and the potential payment of
withdrawal liability should the Company choose to exit a geographic area, among other factors.

The Company maintains defined benefit retirement plans for certain of its associates that do not participate in
multi-employer pension plans. These plans are frozen. Expenses associated with the defined benefit plans may
significantly increase due to changes to actuarial assumptions or investment returns on plan assets that are less
favorable than projected. In addition, changes in the Company’s funding status could adversely affect the
Company’s financial position.

Item 1B. Unresolved Staff Comments

None.

-16-

Item 2.

Properties

The following table lists the locations and approximate square footage of the Company’s distribution centers
used by its Food Distribution and Military segments as of December 31, 2016. The lease expiration dates for the
distribution centers primarily servicing Food Distribution segment range from November 2017 to July 2020, and
for the Military segment range from August 2017 to January 2028. The Company believes that these facilities are
generally well maintained, are generally in good operating condition, have sufficient capacity, and are suitable
and adequate to carry on its business for each of these segments.

Distribution Centers

Location

Grand Rapids, Michigan (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Norfolk, Virginia (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Omaha, Nebraska (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bellefontaine, Ohio (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Oklahoma City, Oklahoma (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Columbus, Georgia (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lima, Ohio (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bloomington, Indiana (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
San Antonio, Texas (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
St. Cloud, Minnesota (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lumberton, North Carolina (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Landover, Maryland (b)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pensacola, Florida (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fargo, North Dakota (a)
Sioux Falls, South Dakota (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bluefield, Virginia (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Minot, North Dakota (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Square Footage

Leased

Owned

Total

188,093
4,384

— 1,179,582
545,073
686,783
— 666,045
— 608,543

531,900

— 517,552
— 471,277
— 461,544
329,046

82,869
386,129
368,088

79,300

— 355,900
— 288,824
196,114
— 187,531
— 185,250

1,179,582
733,166
691,167
666,045
608,543
— 531,900
517,552
471,277
461,544
411,915
— 386,129
— 368,088
355,900
288,824
275,414
187,531
185,250

Total Square Footage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,640,763

6,679,064

8,319,827

(a) Distribution center services the Food Distribution segment.
(b) Distribution center services the Military segment.
(c) Distribution center services both the Food Distribution and Military segments. Based on utilization

estimates at December 31, 2016, the Food Distribution and Military segments utilize 33,365 square feet and
498,535 square feet, respectively. Also, this location requires periodic lease payments to the holder of the
outstanding industrial revenue bond, which is held by the Company. Upon expiration of the lease terms, the
Company will take title to the property upon redemption of the bond.

-17-

The following table lists the retail banner, number of stores, location and approximate square footage under each
banner as of December 31, 2016.

Retail Segment

Grocery Store Retail Banner

Location

Family Fare Supermarkets . . . . Michigan, Minnesota,

Nebraska, North Dakota, Iowa

VG’s Food and Pharmacy . . . . Michigan
D&W Fresh Markets . . . . . . . . Michigan
Sun Mart . . . . . . . . . . . . . . . . . . Colorado, Minnesota,

Nebraska

Econofoods . . . . . . . . . . . . . . . . Minnesota, Wisconsin
Dan’s Super Market . . . . . . . . . North Dakota
Family Fresh Market

. . . . . . . . Minnesota, Nebraska,
Wisconsin
Valu Land . . . . . . . . . . . . . . . . . Michigan
Family Thrift Center
Supermercado Nuestra

. . . . . . . . South Dakota

Familia . . . . . . . . . . . . . . . . . Nebraska

No Frills . . . . . . . . . . . . . . . . . . Iowa, Nebraska
Forest Hills Foods . . . . . . . . . . Michigan
Pick ‘n Save . . . . . . . . . . . . . . . Ohio
Germantown Fresh Market
. . . Ohio
Prairie Market . . . . . . . . . . . . . . South Dakota
Dillonvale IGA . . . . . . . . . . . . . Ohio
Madison Fresh Market . . . . . . . Wisconsin
Purdue Fresh Market
Wholesale Food Outlet . . . . . . . Iowa

. . . . . . . . Indiana

Leased

Owned

Total

Number of
Stores

Square
Feet

Number of
Stores

Square
Feet

Number of
Stores

Square
Feet

75

10
9
2

4
6
1

5
3

1
3
1
1
1
1
1
1
1
1

3,258,578

461,720
437,860
55,333

137,533
278,477
32,650

112,908
127,107

22,540
61,060
50,791
45,608
31,764
32,528
25,627
21,470
21,622
19,620

7

1
2
8

4
—
5

—
1

2
—
—
—
—
—
—
—
—
—

30

346,419

37,223
84,458
241,612

95,635
—
249,904

—
64,075

83,279
—
—
—
—
—
—
—
—
—

82

11
11
10

8
6
6

5
4

3
3
1
1
1
1
1
1
1
1

3,604,997

498,943
522,318
296,945

233,168
278,477
282,554

112,908
191,182

105,819
61,060
50,791
45,608
31,764
32,528
25,627
21,470
21,622
19,620

1,202,605

157

6,437,401

Total . . . . . . . . . . . . . . . . . . . . .

127

5,234,796

The Company also owns one fuel center that is not reflected in the retail square footage above: a Family Fare Quick
Stop in Michigan that is not included with a corporate owned retail store but is adjacent to the Company’s corporate
headquarters. Also not reflected in the retail square footage above are three stand-alone pharmacies located in Cannon
Falls, Minnesota; Clear Lake, Iowa; and Barron, Wisconsin.

The Company’s service centers are located in Grand Rapids, Michigan; Minneapolis, Minnesota; and Norfolk,
Virginia; consisting of office space of approximately 286,100 square feet in Company-owned buildings and 26,300
square feet in leased facilities. The Company also leases two additional off-site storage facilities consisting of
approximately 50,300 square feet.

Item 3.

Legal Proceedings

The Company is engaged from time-to-time in routine legal proceedings incidental to its business. The Company does
not believe that these routine legal proceedings, taken as a whole, will have a material impact on its business or
financial condition. While the ultimate effect of such actions cannot be predicted with certainty, management believes
that their outcome will not result in a material adverse effect on the Company’s consolidated financial position,
operating results or liquidity.

Various lawsuits and claims, arising in the ordinary course of business, are pending or have been asserted against the
Company. While the ultimate effect of such lawsuits and claims cannot be predicted with certainty, management
believes that their outcome will not result in an adverse effect on the Company’s consolidated financial position,

-18-

operating results or liquidity. Legal proceedings, various lawsuits, claims, and other matters are more fully
described in Part II, Item 8 of this report under the Commitments and Contingencies section in the notes to
consolidated financial statements, which is herein incorporated by reference.

Item 4. Mine Safety Disclosure

Not Applicable

-19-

PART II

Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters

SpartanNash common stock is traded on the NASDAQ Global Select Market under the trading symbol “SPTN.”

Stock sale prices are based on transactions reported on the NASDAQ Global Select Market. Information on
quarterly high and low sales prices for SpartanNash common stock for each of the last two fiscal years is as
follows:

Common stock price – High . . . . . . . . . . . . . . . . .
Common stock price – Low . . . . . . . . . . . . . . . . . .

$39.96
17.66

$39.96
27.27

$33.89
27.96

$31.48
25.29

$31.01
17.66

Year Ended December 31, 2016

Full Year
(52 Weeks)

4th Quarter
(12 Weeks)

3rd Quarter
(12 Weeks)

2nd Quarter
(12 Weeks)

1st Quarter
(16 Weeks)

Year Ended January 2, 2016

Full Year
(52 Weeks)

4th Quarter
(12 Weeks)

3rd Quarter
(12 Weeks)

2nd Quarter
(12 Weeks)

1st Quarter
(16 Weeks)

Common stock price – High . . . . . . . . . . . . . . . . .
Common stock price – Low . . . . . . . . . . . . . . . . . .

$33.89
20.99

$28.94
20.99

$33.84
24.85

$33.89
30.11

$32.73
24.44

At February 28, 2017, there were approximately 1,305 shareholders of record of SpartanNash common stock.
The Company has paid a quarterly cash dividend every quarter since the fourth quarter of fiscal 2006.

The table below outlines quarterly dividends paid on SpartanNash common stock in each of the last three fiscal
years as well as the Board of Directors’ recently approved quarterly dividend:

Effective Quarter

Dividend per
common share

1st through 4th quarters Fiscal January 3, 2015 . . . . . . . .
1st through 4th quarters Fiscal January 2, 2016 . . . . . . . .
1st through 4th quarters Fiscal December 31, 2016 . . . . .
1st quarter Fiscal December 30, 2017 . . . . . . . . . . . . . . . .

$0.120
0.135
0.150
0.165

Under its senior revolving credit facility, the Company is generally permitted to pay dividends in any fiscal year
up to an amount such that all cash dividends, together with any cash distributions and share repurchases, do not
exceed $35.0 million. Additionally, the Company is generally permitted to pay cash dividends and repurchase
shares in excess of $35.0 million in any fiscal year so long as its Excess Availability, as defined in the senior
revolving credit facility, is in excess of 10% of the Total Borrowing Base, as defined in the senior revolving
credit facility, before and after giving effect to the repurchases and dividends.

Although the Company expects to continue to pay a quarterly cash dividend, adoption of a dividend policy does
not commit the Board of Directors to declare future dividends. Each future dividend will be considered and
declared by the Board of Directors at its discretion. Whether the Board of Directors continues to declare
dividends and repurchase shares depends on a number of factors, including the Company’s future financial
condition, anticipated profitability and cash flows, and compliance with the terms of its credit facilities. In May
2011, the Board of Directors authorized a five-year share repurchase program for up to $50 million of
SpartanNash’s common stock that expired in May 2016. During the first quarter of fiscal 2016, the Board of
Directors authorized a new five-year share repurchase program for an additional $50 million of SpartanNash’s
common stock.

During the fiscal years ended December 31, 2016, January 2, 2016 and January 3, 2015 the Company
repurchased 396,030; 282,363; and 245,956 shares of common stock under its $50 million share repurchase

-20-

program that expired in May 2016 for approximately $9.0 million, $9.0 million and $5.0 million, respectively.
The Company did not repurchase any shares under its new $50 million share repurchase program for the fiscal
year ended December 31, 2016.

The equity compensation plans table in Part III, Item 12 of this report is herein incorporated by reference.

There were no purchases of the Company’s own common stock during the last quarter of the fiscal year ended
December 31, 2016.

Performance Graph

Set forth below is a graph comparing the cumulative total shareholder return on SpartanNash common stock to
that of the Russell 2000 Total Return Index and the NASDAQ Retail Trade Index, over a period beginning
March 31, 2012 and ending on December 31, 2016.

Cumulative total return is measured by the sum of (1) the cumulative amount of dividends for the measurement
period, assuming dividend reinvestment, and (2) the difference between the share price at the end and the
beginning of the measurement period, divided by the share price at the beginning of the measurement period.

Comparison of 5 Year Cumulative Total Return
Assumes Initial Investment of $100
January 2016

SpartanNash

Russell 2000 Total Return Index

NASDAQ Retail Trade

250.00

200.00

150.00

100.00

50.00

0.00

3/31/2012

3/30/2013

12/28/2013

1/3/2015

1/2/2016

12/31/2016

The dollar values for total shareholder return plotted above are shown in the table below:

March 31,
2012

March 30,
2013

December 28,
2013

January 3,
2015

January 2,
2016

December 31,
2016

SpartanNash . . . . . . . . . . . . . . . . . . . . .
Russell 2000 Total Return Index . . . . .
NASDAQ Retail Trade . . . . . . . . . . . . .

$100.00
100.00
100.00

$ 98.80
116.30
108.66

$135.32
143.33
129.42

$150.40
149.95
144.64

$128.71
144.03
151.89

$239.79
174.72
154.23

The information set forth under the Heading “Performance Graph” shall not be deemed to be “soliciting
material” or to be “filed” with the Commission or subject to Regulation 14A or 14C, or to the liabilities of
Section 18 of the Exchange Act, except to the extent that the registrant specifically requests that such information
be treated as soliciting material or specifically incorporates it by reference into a filing under the Securities Act
or the Exchange Act.

-21-

Item 6.

Selected Financial Data

The following table provides selected historical consolidated financial information of SpartanNash for each of the
five fiscal years and periods ended March 30, 2013 through December 31, 2016. For comparability purposes, the
Company has also provided selected historical consolidated financial information for the 51-week period ended
December 28, 2013.

(In thousands, except per share data)

Statements of Earnings Data:
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . .

Gross profit
Selling, general and administrative

. . . . . . . . . . . . . . . . . . . . . . . . . .

expenses . . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition . . . . . . . .
Restructuring charges and asset

Year Ended

Period Ended

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

December 28,
2013
(51 Weeks)

December 28,
2013 (a)
(39 Weeks)

Fiscal Year
Ended

March 30,
2013
(52 Weeks)

$7,734,600
6,623,106

$7,651,973 $7,916,062
6,759,988
6,536,291

$3,190,039
2,570,516

$2,597,230
2,110,350

$2,608,160
2,062,616

1,111,494

1,115,682

1,156,074

619,523

486,880

545,544

963,652
6,959

975,572
8,433

1,022,387
12,675

546,100
20,993

433,450
20,993

482,987
—

impairment (b) . . . . . . . . . . . . . . . . . . . . . .

32,116

8,802

6,166

Operating earnings . . . . . . . . . . . . . . . . . . . . .
Interest expense . . . . . . . . . . . . . . . . . . . . . . .
Loss on debt extinguishment . . . . . . . . . . . . .
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . .

108,767
19,082
247
(525)

122,875
21,820
1,171
(375)

114,846
24,414
—
(17)

16,877

35,553
12,209
8,289
(27)

15,082
5,914

9,168

(725)

8,443

0.39

0.39
0.36
0.36
0.35

$

$

15,644

16,793
9,219
5,527
(23)

2,070
841

1,229

(488)

741

0.05

0.05
0.03
0.03
0.27

$

$

1,589

60,968
13,410
5,047
(756)

43,267
15,425

27,842

(432)

27,410

1.28

1.27
1.26
1.25
0.32

89,963
32,907

57,056

(228)

56,828

1.52

1.52
1.52
1.51
0.60

$

$

$

$

100,259
37,093

63,166

90,449
31,329

59,120

(456)

(524)

62,710 $

58,596

1.68 $

1.57

1.67
1.67
1.66
0.54

1.57
1.56
1.55
0.48

$

$

$1,930,336
559,722
387,507

$1,917,263 $1,923,455
597,150
455,694

583,698
396,263

$1,973,366
628,482
418,076

$1,973,366
628,482
418,076

$ 784,595
272,126
10,869

413,675
825,407

467,793
790,779

541,683
747,253

588,034
706,873

588,034
706,873

143,114
335,655

Earnings before income taxes and

discontinued operations . . . . . . . . . . . . . . .
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . .

Earnings from continuing operations . . . . . . .
Loss from discontinued operations, net of

taxes (c) . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . .

Basic earnings from continuing operations

per share . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted earnings from continuing operations
per share . . . . . . . . . . . . . . . . . . . . . . . . . . .
Basic earnings per share . . . . . . . . . . . . . . . . .
Diluted earnings per share . . . . . . . . . . . . . . .
Cash dividends declared per share . . . . . . . . .
Balance Sheet Data:
Total assets (d) (e) . . . . . . . . . . . . . . . . . . . . .
Property and equipment, net
. . . . . . . . . . . . .
Working capital (d) (e) . . . . . . . . . . . . . . . . . .
Long-term debt and capital lease

obligations (e)

. . . . . . . . . . . . . . . . . . . . . .
Shareholders’ equity . . . . . . . . . . . . . . . . . . .

(a) The operating results of Nash-Finch are included in the consolidated results of operations beginning on November 19, 2013.
The Company’s fiscal year end was changed from the last Saturday in March beginning with the transition year ended
December 28, 2013.

(b) See Part II, Item 8 of this report under the Restructuring Charges and Asset Impairment section in the notes to consolidated

financial statements.

(c) See Part II, Item 8 of this report under the Summary of Significant Accounting Policies and Basis of Presentation section in

the notes to consolidated financial statements.

-22-

(d) See Part II, Item 8 of this report under the Summary of Significant Accounting Policies and Basis of Presentation section
in the notes to consolidated financial statements. Due to the retrospective adoption of ASU 2015-17, “Balance Sheet
Classification of Deferred Taxes” in fiscal 2015, deferred income taxes were reclassified from Current assets and Current
liabilities to Long-term liabilities for all periods presented. This resulted in a decrease in Total assets of $2,310 at
March 30, 2013 as this was the only fiscal year presented with deferred income taxes included as a component of current
assets. Additionally, adoption of this standard resulted in an increase (decrease) in Working capital of $22,494, $19,909
and $(2,310) at January 3, 2015, December 28, 2013 and March 30, 2013, respectively.

(e) See Part II, Item 8 of this report under the Summary of Significant Accounting Policies and Basis of Presentation section

in the notes to consolidated financial statements. Due to the retrospective adoption of ASU 2015-03, “Interest –
Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs” in fiscal 2016, debt issuance costs were
reclassified from Other assets, net to Long-term liabilities for all periods presented. This resulted in a decrease in Total
assets and Long-term debt and capital lease obligations of $8,185, $8,827, 10,285 and $2,762 at January 2,
2016, January 3, 2015, December 28, 2013 and March 30, 2013, respectively.

Historical data is not necessarily indicative of the Company’s future results of operations or financial condition.
See discussion of “Risk Factors” in Part I, Item 1A of this report; “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in Part II, Item 7 of this report; and the consolidated financial
statements and notes thereto in Part II, Item 8 of this Annual Report on Form 10-K.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

About SpartanNash

SpartanNash, headquartered in Grand Rapids, Michigan, is a leading multi-regional grocery distributor and
grocery retailer whose core businesses include distributing grocery products to independent grocery retailers
(“independent retailers”), select national retailers, its corporate owned retail stores, and U.S. military
commissaries. Through its Military division, SpartanNash is the leading distributor of grocery products to
military commissaries in the United States. The Company operates three reportable business segments: Food
Distribution, Military and Retail.

The Company’s Food Distribution segment provides a wide variety of nationally branded and private brand
grocery products and perishable food products to approximately 2,100 independent retailers, food service
distributors and the Company’s corporate owned retail stores. The Food Distribution segment currently conducts
business in 47 states, primarily in the Midwest, Great Lakes, and Southeast regions of the United States. Through
its Food Distribution segment, the Company also services select national retailers, including Dollar General.
Sales to Dollar General are made to approximately 13,000 of its retail locations.

The Company’s Military segment contracts with manufacturers to distribute a wide variety of grocery products
primarily to military commissaries and exchanges located in the United States, the District of Columbia, Europe,
Cuba, Puerto Rico, Bahrain and Egypt. The Company has over 40 years of experience acting as a distributor to
U.S. military commissaries and exchanges.

As of December 31, 2016, the Company’s Retail segment operated 157 corporate owned retail stores in the
Midwest and Great Lakes regions primarily under the banners of Family Fare Supermarkets, VG’s Food and
Pharmacy, D&W Fresh Markets, Sun Mart and Family Fresh Market. As of December 31, 2016, the Company
also offered pharmacy services in 90 of its corporate owned stores and operated 30 fuel centers. The retail stores
have a “neighborhood market” focus to distinguish them from supercenters and limited assortment stores.

The Company’s fiscal year end is the Saturday closest to December 31. All fiscal quarters are 12 weeks, except
for the Company’s first quarter, which is 16 weeks and will generally include the Easter holiday. The fourth
quarter includes the Thanksgiving and Christmas holidays. Fiscal year ended January 3, 2015 contained
53 weeks; therefore, the fourth quarter of fiscal 2014 consisted of 13 weeks rather than 12 weeks.

-23-

In certain geographic areas, the Company’s sales and operating performance may vary with seasonality. Many
stores are dependent on tourism and therefore, are most affected by seasons and weather patterns, including, but
not limited to, the amount and timing of snowfall during the winter months and the range of temperature during
the summer months. The Company’s first quarter is typically its lowest sales quarter. Therefore, operating results
are generally lower during this quarter.

Recent Developments

On January 6, 2017, the Company acquired certain assets and assumed certain liabilities of Caito Foods Service
(“Caito”) and Blue Ribbon Transport (“BRT”) for $217.6 million in cash, in addition to reimbursing Caito for
certain transaction costs and providing certain earn-out opportunities, which could be offset by a reimbursement
of a portion of the purchase price if certain performance targets are not met. Founded in Indianapolis in 1965,
Caito is a leading supplier of produce to grocery retailers and food service distributors across 22 states in the
Southeast, Midwest and Eastern United States. Through its affiliate, BRT, the company also offers temperature-
controlled distribution and logistics services throughout North America. Caito and BRT service customers from
facilities in Indiana, Ohio and Florida.

Caito also has a central fresh cut fruit and vegetable facility in Indianapolis and a recently completed, new
118,000 square foot Fresh Kitchen facility, also in Indianapolis. The $32 million Fresh Kitchen will process,
cook, and package fresh protein-based foods and complete meals, with the facility commencing production in the
first half of fiscal 2017. The Company acquired Caito and BRT to strengthen its fresh product offerings to its
existing customer base and to expand into fast-growing, value-added services, such as freshly-prepared
centerplate and side dish categories.

On December 8, 2016, the Company announced that it had been competitively awarded by the Defense
Commissary Agency (“DeCA”) the program to provide a variety of private brand products to commissaries for
the first time in the agency’s history. As part of the arrangement, the Company will be the exclusive worldwide
supplier of private brand products to U.S. military commissaries and will sell grocery products directly to DeCA.
The Company will begin to roll out these products in the first half of fiscal 2017 and looks forward to partnering
with DeCA on this new initiative to provide quality private brand products at competitive prices to military
commissaries all over the world. The Company anticipates a steady ramp up of private brand products throughout
fiscal 2017, but expects minimal financial benefit next year due to the anticipated costs to launch the program.

On December 20, 2016, SpartanNash Company and certain of its subsidiaries amended its senior secured credit
facility (the “Credit Agreement”) at a cost of $2.4 million, which was capitalized as debt issuance costs and
presented as a deduction from the carrying amount of the related liability on the consolidated balance sheet. The
principal changes of the amendment were to reduce the number of tiers in the pricing grid from three to two,
reset the advance rate on real estate to 75%, provide the ability to increase the size of the term loan by $33
million, and extend the maturity date of the agreement, which was set to expire on January 8, 2020, to
December 20, 2021.

Overview of Fiscal 2016

In fiscal 2016, the Company continued to execute on its strategy to leverage its supply chain network to
successfully drive new and existing customer supply business, as well as to drive results in its retail business
through capital investments, which included the completion of twelve major store remodels, four of which were
initiated in fiscal 2015, one store upgrade, and one new fuel center, and the expansion of consumer-centric
merchandising and marketing programs. Consistent with its objective to pursue strategic opportunities, the
Company announced the acquisition of Caito Foods Service and Blue Ribbon Transport, which closed in January
2017, as well as the selection by DeCA to be the exclusive worldwide supplier of private brand products to U.S.
military commissaries, beginning in the second quarter of fiscal 2017. Despite the challenging operating
environment, the Company delivered against its initiatives, strengthened its foundation and core competencies,
and positioned itself for continued earnings growth in 2017 and beyond.

-24-

In addition to the recent developments outlined above, fiscal 2016 accomplishments and highlights include:

• The Company realized sales growth in its Food Distribution segment due to new business gains and

growth of existing accounts. The Company continues to focus on new business prospects to drive sales
and related profits, including opportunities within the alternative channel space and those in which the
Company offers supply chain solutions to complicated logistics issues.

• The Company continued to integrate its supply chain organization to further optimize the network and

increase asset utilization. In the first quarter, the Company consolidated its Westville, Indiana
warehouse into its Lima, Ohio facility. In the second quarter, the Company consolidated its warehouse
in Statesboro, Georgia, which was underutilized, into its facility in Columbus, Georgia, which now
services both Food Distribution and Military customers. The Company expects that the consolidation
of these facilities will lead to lower costs over time for its customers, as well as enhanced product
freshness and selection.

• The Company initiated the roll out of Open Acres™, a new private brand for fresh items. This new

brand features items in meat, deli, bakery and produce. The introduction of the brand closes a gap in
the private brands portfolio that existed in the non-Michigan footprint. Open Acres™ commits to
deliver national brand quality or better products at a significant savings to consumers in both corporate
owned and independent retail store locations.

• The Company continued to expand its private brand program and living well offering for both

independent retailers and its corporate owned retail stores. This expanded offering includes the natural
and organic Full Circle™ private brand line as well as a significant increase in SKUs across organic
produce and healthier specialty items.

• The Company meaningfully outperformed industry trends in the Military segment by generating sales
from new business associated with the distribution of fresh products to commissaries, lessening the
impact of overall declines at the DeCA-operated commissaries.

• The Company held grand re-openings of eight newly remodeled and re-bannered stores in Omaha,
bringing the total number of Family Fare Supermarkets in this region to 14. As part of the grand
re-openings, the Company completed the roll out of its customer loyalty program to all Family Fare
Supermarkets in this region.

• The Company continued to invest in analytical capabilities to provide helpful data and insights to help
drive more targeted and personalized marketing as well as more relevant product and assortment
selections. With the use of a refined customer segmentation dataset, the Company looks to better
understand customer buying patterns in each of the regions in which it operates and believes the
advancements will drive greater engagement by better matching product selection and overall value
proposition to customer desires.

The above developments and highlights helped position the Company for future earnings growth, but they also
present other challenges and potential changes in trends that will impact fiscal 2017. By building on the results of
fiscal 2016, the Company expects to see growth in year-over-year sales in the Food Distribution segment,
continued challenges with sales at DeCA impacting the Military segment, and slightly negative to flat
comparable retail store sales that improve throughout the course of the year. With the Caito Fresh Kitchen
facility commencing production in the first half of fiscal 2017, the Company is optimistic about the opportunities
to offer fresh protein-based foods and prepared meals to its customers but expects minimal contributions from the
Fresh Kitchen as that operation ramps up during fiscal 2017. In the Military segment, the Company expects
limited contributions from the DeCA private brand program in the second half of the year as the program is
rolled out. The Company expects deflation to eventually subside in the second half of the year, and as a result,
does not expect a similar deflation-related LIFO benefit in the fourth quarter of fiscal 2017. Lastly, the Company
anticipates benefits from certain efficiency initiatives to be realized in the second half of the year.

-25-

The Company expects the net long-term debt to Adjusted EBITDA ratio to be under 2.5 times by the end of fiscal
2017, excluding any new merger and acquisition activity.

Results of Operations

The following table sets forth items from the Company’s consolidated statements of earnings as a percentage of
net sales and the year-to-year percentage change:

Percentage of Net Sales

Percentage Change

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

12/31/2016
to 1/2/2016
52 vs. 52 Weeks

1/2/2016
to 1/3/2015
52 vs. 53 Weeks

100.0
14.4

12.5
0.1

0.4

1.4
0.2

1.2
0.5*

0.7

—

0.7

100.0
14.6

100.0
14.6

12.8*
0.1

0.1

1.6
0.3

1.3
0.5

0.8

—

0.8

12.9
0.1*

0.1

1.5
0.4*

1.1
0.4

0.7

—

0.7

1.1
(0.4)

(1.2)
(17.5)

264.9

(11.5)
(16.9)

(10.3)
(11.3)

(9.7)

(50.0)

(9.4)

(3.3)
(3.5)

(4.6)
(33.5)

42.8

7.0
(7.3)

10.8
18.4

6.8

(13.0)

7.0

Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . .
Selling, general and administrative

expenses . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition . . . . . . .
Restructuring charges and asset

impairment

. . . . . . . . . . . . . . . . . . . . . . .

Operating earnings . . . . . . . . . . . . . . . . . . .
Other income and expenses . . . . . . . . . . . . .

Earnings before income taxes and

discontinued operations . . . . . . . . . . . . . .
Income taxes . . . . . . . . . . . . . . . . . . . . . . . .

Earnings from continuing operations . . . . .
Loss from discontinued operations, net of

taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net earnings . . . . . . . . . . . . . . . . . . . . . . . . .

* Difference due to rounding

Results of Continuing Operations for Fiscal Year Ended December 31, 2016 Compared to Fiscal Year Ended
January 2, 2016

Net Sales

(In thousands)

Year Ended

December 31,
2016
(52 Weeks)

Percentage of
Total Net
Sales

January 2,
2016
(52 Weeks)

Percentage of
Total
Net Sales

Variance

Percentage
Change

Food Distribution . . . . . . . . . . . .
Military . . . . . . . . . . . . . . . . . . . .
Retail . . . . . . . . . . . . . . . . . . . . . .

$3,454,541
2,197,014
2,083,045

44.7% $3,305,094
2,207,161
28.4
2,139,718
26.9

43.2% $149,447
(10,147)
28.8
(56,673)
28.0

Total net sales . . . . . . . . . . . . . . .

$7,734,600

100.0% $7,651,973

100.0% $ 82,627

4.5
(0.5)
(2.6)

1.1

Net sales for the fiscal year ended December 31, 2016 (“fiscal 2016”) increased $82.6 million, or 1.1%, from
$7.65 billion in the fiscal year ended January 2, 2016 (“fiscal 2015” or “prior year”), to $7.73 billion. The
increase was primarily driven by business gains from new and existing customers in the Food Distribution and
Military segments, which more than offset the negative impact of food deflation on all segments; lower sales at
the DeCA-operated commissaries; and lower sales attributable to both the decrease in comparable retail store
sales and the closure of retail stores.

-26-

Food Distribution net sales, after intercompany eliminations, increased $149.4 million, or 4.5%, to $3.45 billion
in fiscal 2016 from $3.31 billion in the prior year. The increase was primarily due to business gains from new
and existing customers, which more than offset the negative impact of deflation.

Military net sales decreased $10.1 million, or 0.5%, to $2.20 billion in fiscal 2016 from $2.21 billion in the prior
year. The decrease was primarily due to lower sales at the DeCA-operated commissaries, partially offset by new
business gains associated with the distribution of fresh products.

Retail net sales decreased $56.7 million, or 2.6%, to $2.08 billion in fiscal 2016 from $2.14 billion in the prior
year. Comparable store sales for the year, excluding fuel, improved to -2.4 percent from -2.9 percent in the prior
year. Despite four consecutive quarters of improved comparable store sales trends, the ongoing deflationary
environment and continued challenging economic conditions, particularly in certain western geographies,
contributed to the lower sales at Retail. Specifically, the decrease in net sales was attributable to the negative
comparable store sales and $40.0 million of lower sales due to the closure of retail stores and a fuel center,
partially offset by $40.0 million of full-year net sales contributions from stores acquired in fiscal 2015. The
Company defines a retail store as comparable when it is in operation for 14 accounting periods (a period equals
four weeks), regardless of remodels, expansions, or relocated stores. The Company’s definition of comparable
store sales may differ from similarly titled measures at other companies.

Gross Profit – Gross profit represents net sales less cost of sales, which include purchase costs, in-bound freight,
physical inventory adjustments, markdowns and promotional allowances. Vendor allowances that relate to the
buying and merchandising activities consist primarily of promotional allowances, which are generally allowances
on purchased quantities and, to a lesser extent, slotting allowances, which are billed to vendors for the
Company’s merchandising costs, such as setting up warehouse infrastructure. Vendor allowances associated with
product cost are recognized as a reduction in cost of sales when the product is sold. Lump sum payments
received for multi-year contracts are amortized over the life of the contracts based on contractual terms.

Gross profit was $1.11 billion in fiscal 2016 compared to $1.12 billion in the prior year. As a percent of net sales,
gross profit decreased from 14.6% to 14.4% primarily due to the mix of business operations and the impact of
continued deflation.

Selling, General and Administrative Expenses – Selling, general and administrative (“SG&A”) expenses consist
primarily of salaries and wages, employee benefits, warehousing costs, store occupancy costs, shipping and
handling, utilities, equipment rental, depreciation and other administrative costs.

SG&A expenses decreased $11.9 million, or 0.4%, to $963.7 million in fiscal 2016 from $975.6 million in the
prior year, representing 12.5% of net sales in fiscal 2016 compared to 12.8% in the prior year. The decrease was
primarily attributable to benefits from merger synergies and cost reduction efforts, lower depreciation associated
with fully depreciated assets, and the impact of retail store closures, partially offset by higher health care and
other benefit costs. The decrease in the rate to net sales was primarily due to the factors mentioned previously.

Merger Integration and Acquisition Expenses – Merger integration and acquisition expenses consist of costs to
integrate operations following the merger with Nash-Finch, primarily system upgrades and implementations, as
well as costs incurred in connection with fiscal 2016 and 2015 acquisitions. Merger integration and acquisition
expenses decreased in fiscal 2016 as a result of completing various merger integration activities and despite
acquisition-related costs associated with the Caito and BRT acquisition.

Restructuring Charges and Asset Impairment – Fiscal 2016 included $32.1 million of restructuring and asset
impairment charges primarily related to the closure of four retail stores and two distribution centers, which were
part of the Company’s warehouse and retail store rationalization plan, as well as asset impairment charges
associated with certain underperforming retail stores. Fiscal 2015 included $8.8 million of restructuring and asset
impairment charges primarily related to the closures of six retail stores and one distribution center, as well as
asset impairment charges associated with certain underperforming retail stores.

-27-

Operating Earnings

Year Ended

(In thousands)

December 31,
2016
(52 weeks)

Percentage of
Net Sales

Food Distribution . . . . . . . . . . . . .
Military . . . . . . . . . . . . . . . . . . . .
Retail . . . . . . . . . . . . . . . . . . . . . .

$ 85,093
12,160
11,514

Operating earnings . . . . . . . . . . . .

$108,767

2.5%
0.6
0.6

1.4%

January 2,
2016
(52 weeks)

$ 78,841
17,059
26,975

$122,875

Percentage of
Net Sales

2.4%
0.8
1.3

1.6%

Variance

$ 6,252
(4,899)
(15,461)

$(14,108)

Change in
Percentage of
Net Sales

0.1
(0.2)
(0.7)

(0.2)

Operating earnings decreased $14.1 million, or 11.5%, to $108.8 million in fiscal 2016 from $122.9 million in
the prior year. The decrease was primarily due to higher restructuring and asset impairment charges of
$23.3 million and the impact of food deflation, which more than offset the sales growth at Food Distribution and
lower operating expenses due in part to lower depreciation and productivity and efficiency initiatives.

Food Distribution operating earnings increased $6.3 million, or 7.9%, to $85.1 million in fiscal 2016 from
$78.8 million in the prior year. The increase was driven by sales growth from new and existing business, and
lower operating expenses associated with supply chain improvements and lower depreciation, partially offset by
higher costs for warehouse closings and health care benefits, as well as the negative impact of deflation.

Military operating earnings decreased $4.9 million, or 28.7%, to $12.2 million in fiscal 2016 from $17.1 million
in the prior year. The decrease was primarily due to lower sales at the DeCA-operated commissaries and the
negative impact of deflation, which more than offset new business gains associated with the distribution of fresh
products as well as lower restructuring and asset impairment charges that did not recur in fiscal 2016.

Retail operating earnings decreased $15.5 million, or 2.6%, to $11.5 million in fiscal 2016 from $27.0 million in
the prior year. The decrease was primarily due to higher restructuring and impairment charges and a decrease in
comparable stores sales, partially offset by favorable rebate programs, higher fuel margins, and lower occupancy
costs.

Interest Expense – Interest expense decreased $2.7 million, or 12.5%, to $19.1 million in fiscal 2016 from
$21.8 million in the prior year. The decrease was primarily attributable to lower debt levels and lower interest
rates primarily due to the prepayment of $50.0 million of Senior Notes in the prior year.

Debt Extinguishment – A loss on debt extinguishment of $0.2 million was incurred in fiscal 2016 in connection
with the amendment of the senior secured credit facility. A loss on debt extinguishment of $1.2 million was
incurred in fiscal 2015 in connection with the prepayment of the Senior Notes (see Debt Management under
“Liquidity and Capital Resources”).

Income Taxes – The effective income tax rates were 36.6% and 37.0% for fiscal 2016 and 2015, respectively.
The differences from the statutory Federal rates in fiscal 2016 and 2015 were primarily due to state income taxes.
Effective tax rates and the components thereof are not expected to fluctuate significantly in fiscal 2017 from
fiscal 2016 results.

-28-

Results of Continuing Operations for 52 Week Fiscal Year Ended January 2, 2016 Compared to 53 Week
Fiscal Year Ended January 3, 2015

Net Sales

(In thousands)

Year Ended

January 2,
2016

(52 weeks)

Percentage of
Total
Net Sales

January 3,
2015
(53 weeks)

Percentage of
Total Net
Sales

Variance

Percentage
Change

Food Distribution . . . . . . . . . . . .
Military . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . .
Retail

$3,305,094
2,207,161
2,139,718

43.2% $3,356,331
2,275,512
28.8
2,284,219
28.0

42.4% $ (51,237)
(68,351)
28.7
(144,501)
28.9

Total net sales . . . . . . . . . . . . . .

$7,651,973

100.0% $7,916,062

100.0% $(264,089)

(1.5)
(3.0)
(6.3)

(3.3)

Net sales for the fiscal year ended January 2, 2016 (“fiscal 2015”) decreased $264.1 million, or 3.3%, to
$7.65 billion from $7.92 billion in the fiscal year ended January 3, 2015 (“fiscal 2014”). Excluding the extra
week in fiscal 2014, which accounted for $135.2 million of net sales, the decrease of 1.7% was primarily due to
decreases in comparable retail store sales, excluding fuel; lower sales resulting from retail store and fuel center
closures; lower retail fuel prices; and lower sales at the DeCA-operated commissaries.

Food Distribution net sales, after intercompany eliminations, decreased $51.2 million, or 1.5%, to $3.31 billion in
fiscal 2015 from $3.36 billion in fiscal 2014. Excluding the extra week in fiscal 2014, which accounted for
$56.5 million of net sales, and despite low inflation, net sales increased 1.7% primarily due to net new business.

Military net sales decreased $68.4 million, or 3.0%, to $2.21 billion in fiscal 2015 from $2.28 billion in fiscal
2014. Excluding the extra week in fiscal 2014, which accounted for $36.9 million of net sales, the decrease of
1.4% was primarily due to lower sales at the DeCA-operated commissaries.

Retail net sales decreased $144.5 million, or 6.3%, to $2.14 billion in fiscal 2015 from $2.28 billion in fiscal
2014. Excluding the extra week in fiscal 2014, which accounted for $41.8 million of net sales in fiscal 2014, the
decrease of 4.6% was primarily due to $71.1 million of lower sales due to the closure of retail stores and fuel
centers, a 2.9% decrease in comparable stores sales, excluding fuel, and significantly lower fuel prices compared
to fiscal 2014, partially offset by $53.2 million of net sales from stores acquired in fiscal 2015.

The decline in comparable store sales reflects the low inflationary environment and increased competition
primarily in the western geographic areas, as well as the unseasonably warm weather in the Michigan geographic
area in the fourth quarter of fiscal 2015. The Company defines a retail store as comparable when it is in operation
for 14 accounting periods (a period equals four weeks), and it includes remodeled, expanded and relocated stores
in comparable stores.

Gross Profit – Gross profit represents net sales less cost of sales, which include purchase costs, in-bound freight,
physical inventory adjustments, markdowns and promotional allowances. Vendor allowances that relate to the
buying and merchandising activities consist primarily of promotional allowances, which are generally allowances
on purchased quantities and, to a lesser extent, slotting allowances, which are billed to vendors for the
Company’s merchandising costs, such as setting up warehouse infrastructure. Vendor allowances associated with
product cost are recognized as a reduction in cost of sales when the product is sold. Lump sum payments
received for multi-year contracts are amortized over the life of the contracts based on contractual terms

Gross profit for fiscal 2015 was $1.12 billion compared to $1.16 billion in fiscal 2014, representing 14.6% of net
sales in both years. Higher fuel margin rates in fiscal 2015 were offset by the net impact of low inflation related
gains and LIFO expense, as well as a higher mix of lower margin Military and Food Distribution sales.

-29-

Selling, General and Administrative Expenses – Selling, general and administrative (“SG&A”) expenses consist
primarily of salaries and wages, employee benefits, warehousing costs, store occupancy costs, shipping and
handling, utilities, equipment rental, depreciation and other administrative costs.

SG&A expenses decreased $46.8 million, or 4.6%, to $975.6 million in fiscal 2015 from $1.02 billion in fiscal
2014, and were 12.8% of net sales in fiscal 2015 compared to 12.9% in fiscal 2014. Excluding the extra week in
fiscal 2014, SG&A expenses decreased $31.3 million, or 3.1%, and the percent to net sales in fiscal 2014 was
12.9%. The decrease was due primarily to benefits from merger synergies, cost improvements resulting from
productivity and efficiency initiatives, the impact of store closures, and lower healthcare and transportation costs.
The decrease in the rate to net sales was primarily due to expense control initiatives, benefits from merger
synergies and lower healthcare costs.

Merger Integration and Acquisition Expenses – Merger integration and acquisition expenses consist of costs to
integrate operations following the merger with Nash-Finch as well as costs incurred in connection with fiscal
2015 acquisitions. Merger integration and acquisition expenses for fiscal 2015 decreased $4.3 million, or 33.5%,
from $12.7 million in fiscal 2014 to $8.4 million.

Restructuring Charges and Asset Impairment – Fiscal 2015 consisted of $8.8 million in charges primarily
related to underperforming retail stores and costs related to the closure of retail stores and distribution centers,
partially offset by the gains on sales of assets related to a previously closed food distribution center and retail
stores and the favorable settlements of lease terminations of previously closed stores. Fiscal 2014 included
charges of $6.2 million related to underperforming retail stores and costs associated with closed retail stores and
a closed distribution center.

Operating Earnings

Year Ended

(In thousands)

January 2, 2016
(52 weeks)

Percentage of
Net Sales

Food Distribution . . . . . . . . . . .
Military . . . . . . . . . . . . . . . . . . .
Retail . . . . . . . . . . . . . . . . . . . . .

$ 78,841
17,059
26,975

Operating earnings . . . . . . . . . .

$122,875

2.4%
0.8
1.3

1.6%

January 3,
2015
(53 weeks)

$ 54,802
21,721
38,323

$114,846

Percentage of
Net Sales

1.6%
1.0
1.7

1.5%

Variance

$ 24,039
(4,662)
(11,348)

$ 8,029

Change in
Percentage of
Net Sales

0.8
(0.2)
(0.4)

0.1

Operating earnings increased $8.0 million, or 7.0%, to $122.9 million in fiscal 2015 from $114.8 million in fiscal
2014. The increase was primarily due to lower operating expenses due in part to productivity, efficiency and cost
control initiatives as well as the mix of business operations, partially offset by lower inflation related gains and
higher restructuring and asset impairment compared to fiscal 2014.

Food Distribution operating earnings increased $24.0 million, or 43.9%, to $78.8 million in fiscal 2015 from
$54.8 million in fiscal 2014. The increase was primarily driven by lower operating expenses associated with
productivity and efficiency initiatives, as well as lower merger integration costs and depreciation.

Military operating earnings decreased $4.7 million, or 21.5%, to $17.1 million in fiscal 2015 from $21.7 million
in fiscal 2014. The decrease was primarily due to lower sales at the DeCA-operated commissaries, lower
inflation related gains, and warehouse closing charges, partially offset by lower operating expenses and
transportation costs.

Retail operating earnings decreased $11.3 million, or 29.6%, to $27.0 million in fiscal 2015 from $38.3 million
in fiscal 2014. The decrease was primarily due to a decrease in comparable store sales, higher acquisition costs

-30-

related to stores acquired in fiscal 2015, partially offset by the impact of store closures, contributions from the
stores acquired in fiscal 2015, and higher fuel margins.

Interest Expense – Interest expense decreased $2.6 million, or 10.6%, to $21.8 million in fiscal 2015 from $24.4
million in fiscal 2014. The decrease in interest expense was primarily due to decreased borrowings and lower
interest rates resulting from the amended senior secured credit agreement. On January 9, 2015, the Company
amended its credit agreement which reduced the interest rate.

Debt Extinguishment – A loss on debt extinguishment of $1.2 million was incurred in fiscal 2015 in connection
with the prepayment of the Senior Notes.

Income Taxes – The effective income tax rates were 37.0% and 34.6% for fiscal 2015 and 2014, respectively.
The difference from the statutory Federal rate in fiscal 2015 was primarily due to state income taxes. The fiscal
2014 effective rate differs from the Federal statutory rate primarily due to the favorable settlement of
unrecognized tax liabilities, partially offset by state income taxes.

Non-GAAP Financial Measures

Adjusted Operating Earnings

Adjusted operating earnings is a non-GAAP operating financial measure that the Company defines as operating
earnings plus or minus adjustments for items that do not reflect the ongoing operating activities of the Company
and costs associated with the closing of operational locations.

The Company believes that adjusted operating earnings provide a meaningful representation of its operating
performance for the Company as a whole and for its operating segments. The Company considers adjusted
operating earnings as an additional way to measure operating performance on an ongoing basis. Adjusted
operating earnings is meant to reflect the ongoing operating performance of all of its distribution and retail
operations; consequently, it excludes the impact of items that could be considered “non-operating” or “non-core”
in nature, and also excludes the contributions of activities classified as discontinued operations. Because adjusted
operating earnings and adjusted operating earnings by segment are performance measures that management uses
to allocate resources, assess performance against its peers and evaluate overall performance, the Company
believes it provides useful information for both management and its investors. In addition, securities analysts,
fund managers and other shareholders and stakeholders that communicate with the Company request its
operating financial results in an adjusted operating earnings format.

Adjusted operating earnings and adjusted operating earnings by segment are not measures of performance under
accounting principles generally accepted in the United States of America (“GAAP”), and should not be
considered as a substitute for operating earnings, cash flows from operating activities and other income or cash
flow statement data. The Company’s definitions of adjusted operating earnings and adjusted operating earnings
by segment may not be identical to similarly titled measures reported by other companies.

-31-

Following is a reconciliation of operating earnings to adjusted operating earnings for the fiscal years ended
December 31, 2016, January 2, 2016 and January 3, 2015.

(In thousands)

Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments:

Merger integration and acquisition expenses . . . . . . . . . . . . . . . . . . . . .
Restructuring charges and asset impairment
. . . . . . . . . . . . . . . . . . . . .
Fees and expenses related to tax planning strategies . . . . . . . . . . . . . . .
Severance associated with cost reduction initiatives . . . . . . . . . . . . . . .
Pension settlement charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted operating earnings, including 53rd week . . . . . . . . . . . . . . . . . . . .
53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted operating earnings, excluding 53rd week . . . . . . . . . . . . . . . . . . . .

Reconciliation of operating earnings to adjusted operating earnings by

segment:

Food Distribution:
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments:

Merger integration and acquisition expenses . . . . . . . . . . . . . . . . . . . . .
Restructuring charges (gains) and asset impairment
. . . . . . . . . . . . . . .
Fees and expenses related to tax planning strategies . . . . . . . . . . . . . . .
Severance associated with cost reduction initiatives . . . . . . . . . . . . . . .
Pension settlement charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted operating earnings, including 53rd week . . . . . . . . . . . . . . . . . . . .
53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted operating earnings, excluding 53rd week . . . . . . . . . . . . . . . . . . . .

Military:
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments:

Merger integration and acquisition expenses . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . .
Restructuring (gains) charges and asset impairment
Fees and expenses related to tax planning strategies . . . . . . . . . . . . . . .
Severance associated with cost reduction initiatives . . . . . . . . . . . . . . .
Pension settlement charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted operating earnings, including 53rd week . . . . . . . . . . . . . . . . . . . .
53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted operating earnings, excluding 53rd week . . . . . . . . . . . . . . . . . . . .

Retail:
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments:

Merger integration and acquisition expenses . . . . . . . . . . . . . . . . . . . . .
Restructuring charges and asset impairment
. . . . . . . . . . . . . . . . . . . . .
Fees and expenses related to tax planning strategies . . . . . . . . . . . . . . .
Severance associated with cost reduction initiatives . . . . . . . . . . . . . . .
Pension settlement charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted operating earnings, including 53rd week . . . . . . . . . . . . . . . . . . . .
53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjusted operating earnings, excluding 53rd week . . . . . . . . . . . . . . . . . . . .

-32-

Year Ended

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 weeks)

$108,767

$122,875

$114,846

6,959
32,116
—
859
—
148,701
—
$148,701

8,433
8,802
569
549
—
141,228
—
$141,228

12,675
6,166
900
—
1,578
136,165
(3,673)
$132,492

$ 85,093

$ 78,841

$ 54,802

3,703
5,068
—
229
—
94,093
—
$ 94,093

2,037
(216)
282
150
—
81,094
—
$ 81,094

12,644
(241)
485
—
801
68,491
(1,132)
$ 67,359

$ 12,160

$ 17,059

$ 21,721

1
(473)
—
245
—
11,933
—
$ 11,933

—
1,048
75
125
—
18,307
—
$ 18,307

27
—
87
—
67
21,902
(573)
$ 21,329

$ 11,514

$ 26,975

$ 38,323

3,255
27,521
—
385
—
42,675
—
$ 42,675

6,396
7,970
212
274
—
41,827
—
$ 41,827

4
6,407
328
—
710
45,772
(1,968)
$ 43,804

Adjusted Earnings from Continuing Operations

Adjusted earnings from continuing operations is a non-GAAP operating financial measure that the Company
defines as earnings from continuing operations plus or minus adjustments for items that do not reflect the
ongoing operating activities of the Company and costs associated with the closing of operational locations.

The Company believes that adjusted earnings from continuing operations provide a meaningful representation of
its operating performance for the Company. The Company considers adjusted earnings from continuing
operations as an additional way to measure operating performance on an ongoing basis. Adjusted earnings from
continuing operations is meant to reflect the ongoing operating performance of all of its distribution and retail
operations; consequently, it excludes the impact of items that could be considered “non-operating” or “non-core”
in nature, and also excludes the contributions of activities classified as discontinued operations. Because adjusted
earnings from continuing operations is a performance measure that management uses to allocate resources, assess
performance against its peers and evaluate overall performance, the Company believes it provides useful
information for both management and its investors. In addition, securities analysts, fund managers and other
shareholders and stakeholders that communicate with the Company request its operating financial results in
adjusted earnings from continuing operations format.

Adjusted earnings from continuing operations is not a measure of performance under accounting principles
generally accepted in the United States of America, and should not be considered as a substitute for net earnings,
cash flows from operating activities and other income or cash flow statement data. The Company’s definition of
adjusted earnings from continuing operations may not be identical to similarly titled measures reported by other
companies.

-33-

Following is a reconciliation of earnings from continuing operations to adjusted earnings from continuing
operations for the fiscal years ended December 31, 2016, January 2, 2016 and January 3, 2015.

(In thousands, except per share data)

December 31, 2016
(52 Weeks)

Year Ended

January 2, 2016
(52 Weeks)

January 3, 2015
(53 Weeks)

Earnings

per diluted
share

Earnings

per diluted
share

Earnings

per diluted
share

Earnings from continuing operations . . . . . . . $ 57,056
Adjustments:

Merger integration and

acquisition expenses . . . . . . . . . . . . . .

6,959

Restructuring charges and asset

impairment . . . . . . . . . . . . . . . . . . . . .

32,116

Fees and expenses related to tax

planning strategies . . . . . . . . . . . . . . .

Severance associated with cost

reduction initiatives . . . . . . . . . . . . . .
Pension settlement charges . . . . . . . . . .
Loss on debt extinguishment . . . . . . . . .

—

859
—
247

Total adjustments . . . . . . . . . . . . . . . . . .
Favorable settlement of unrecognized

tax liability . . . . . . . . . . . . . . . . . . . . .
Tax planning strategies . . . . . . . . . . . . .
Income tax effect on adjustments (a) . . .

40,181

—
—
(15,071)

$1.52

$63,166

$1.67

$59,120

$ 1.57

8,433

8,802

569

549
—
1,171

19,524

—
(730)
(7,374)

12,675

6,166

900

—
1,578
—

21,319

(1,849)
—
(8,646)

Total adjustments, net of taxes . . . . . . .

25,110

0.67

11,420

0.31*

10,824

0.28*

Adjusted earnings from continuing

operations, including 53rd week . . . . . . . .
53rd week . . . . . . . . . . . . . . . . . . . . . . . .

82,166
—

2.19
—

74,586
—

1.98
—

69,944
(2,022)

1.85
(0.05)

Adjusted earnings from continuing

operations, excluding 53rd week . . . . . . . . $ 82,166

$2.19

$74,586

$1.98

$67,922

$ 1.80

*Includes rounding

(a) The income tax effect on adjustments is computed by applying the effective tax rate, before discrete items,

to the total adjustment for the fiscal year.

Adjusted EBITDA

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“adjusted EBITDA”) is a non-GAAP
operating financial measure that the Company defines as net earnings plus interest, discontinued operations,
depreciation and amortization, and other non-cash items including deferred (stock) compensation, the LIFO
provision, as well as adjustments for items that do not reflect the ongoing operating activities of the Company
and costs associated with the closing of operational locations.

The Company believes that adjusted EBITDA provides a meaningful representation of its operating performance for
the Company as a whole and for its operating segments. The Company considers adjusted EBITDA as an additional
way to measure operating performance on an ongoing basis. Adjusted EBITDA is meant to reflect the ongoing
operating performance of all of its distribution and retail operations; consequently, it excludes the impact of items
that could be considered “non-operating” or “non-core” in nature, and also excludes the contributions of activities
classified as discontinued operations. Because adjusted EBITDA and adjusted EBITDA by segment are
performance measures that management uses to allocate resources, assess performance against its peers and

-34-

evaluate overall performance, the Company believes it provides useful information for both management and its
investors. In addition, securities analysts, fund managers and other shareholders and stakeholders that communicate
with the Company request its operating financial results in an adjusted EBITDA format.

Adjusted EBITDA and adjusted EBITDA by segment are not measures of performance under accounting
principles generally accepted in the United States of America, and should not be considered as a substitute for net
earnings, cash flows from operating activities and other income or cash flow statement data. The Company’s
definitions of adjusted EBITDA and adjusted EBITDA by segment may not be identical to similarly titled
measures reported by other companies.

Following is a reconciliation of net earnings to adjusted EBITDA for the fiscal years ended December 31,
2016, January 2, 2016 and January 3, 2015.

(In thousands)

Year Ended

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss from discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . .
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other expenses, net

$ 56,828
228
32,907
18,804

$ 62,710
456
37,093
22,616

January 3,
2015
(53 weeks)

$ 58,596
524
31,329
24,397

Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments:

108,767

122,875

114,846

LIFO (benefit) expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition expenses . . . . . . . . . . . . . . . . . . . .
Restructuring charges and asset impairment . . . . . . . . . . . . . . . . . . . . .
Fees and expenses related to tax planning strategies . . . . . . . . . . . . . . .
Pension settlement charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other non-cash gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,919)
77,246
6,959
32,116
—
—
7,936
(148)

(1,201)
83,334
8,433
8,802
569
—
7,240
(530)

5,604
86,994
12,675
6,166
900
1,578
6,939
(1,260)

Adjusted EBITDA, including 53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . .
53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

230,957
—

229,522
—

234,442
(3,673)

Adjusted EBITDA, excluding 53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . .

$230,957

$229,522

$230,769

Reconciliation of operating earnings to adjusted EBITDA by segment:
Food Distribution:
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments:

$ 85,093

$ 78,841

$ 54,802

LIFO (benefit) expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition expenses . . . . . . . . . . . . . . . . . . . .
Restructuring charges (gains) and asset impairment . . . . . . . . . . . . . . .
Fees and expenses related to tax planning strategies . . . . . . . . . . . . . . .
Pension settlement charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other non-cash charges (gains) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(1,128)
21,397
3,703
5,068
—
—
3,491
152

(1,634)
26,127
2,037
(216)
282
—
3,337
49

2,893
29,816
12,644
(241)
485
801
3,258
(318)

Adjusted EBITDA, including 53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . .
53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

117,776
—

108,823
—

104,140
(1,132)

Adjusted EBITDA, excluding 53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . .

$117,776

$108,823

$103,008

-35-

(In thousands)

Military:
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments:

LIFO (benefit) expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition expenses . . . . . . . . . . . . . . . . . . . . .
Restructuring (gains) charges and asset impairment . . . . . . . . . . . . . . .
Fees and expenses related to tax planning strategies . . . . . . . . . . . . . . .
Pension settlement charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other non-cash charges (gains) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted EBITDA, including 53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Year Ended

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 weeks)

$12,160

$17,059

$21,721

(331)
11,484
1
(473)
—
—
1,347
261

24,449
—

108
12,081
—
1,048
75
—
1,137
235

31,743
—

1,262
11,350
27
—
87
67
577
(62)

35,029
(573)

Adjusted EBITDA, excluding 53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . .

$24,449

$31,743

$34,456

Retail:
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments:

LIFO (benefit) expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition expenses . . . . . . . . . . . . . . . . . . . . .
Restructuring charges and asset impairment . . . . . . . . . . . . . . . . . . . . .
Fees and expenses related to tax planning strategies . . . . . . . . . . . . . . .
Pension settlement charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other non-cash gains . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjusted EBITDA, including 53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$11,514

$26,975

$38,323

(460)
44,365
3,255
27,521
—
—
3,098
(561)

88,732
—

325
45,126
6,396
7,970
212
—
2,766
(814)

88,956
—

1,449
45,828
4
6,407
328
710
3,104
(880)

95,273
(1,968)

Adjusted EBITDA, excluding 53rd week . . . . . . . . . . . . . . . . . . . . . . . . . . .

$88,732

$88,956

$93,305

Critical Accounting Policies

The preparation of financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of
contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including those
related to bad debts, inventories, intangible assets, assets held for sale, long-lived assets, income taxes, self-
insurance reserves, restructuring costs, retirement benefits, stock-based compensation, contingencies and
litigation. Management bases its estimates on historical experience and various other assumptions that are
believed to be reasonable under the circumstances, the results of which form the basis for making judgments
about the carrying value of assets and liabilities that may not be readily apparent from other sources. Based on
the Company’s ongoing review, the Company makes adjustments it considers appropriate under the facts and
circumstances. This discussion and analysis of the Company’s financial condition and results of operations is
based upon the Company’s consolidated financial statements. The Company believes these accounting policies
and others set forth in Part II, Item 8 of this report under the Summary of Significant Accounting Policies and
Basis of Presentation section in the notes to consolidated financial statements should be reviewed as they are
integral to understanding the Company’s financial condition and results of operations. The Company has
discussed the development, selection and disclosure of these accounting policies with the Audit Committee of the
Board of Directors.

-36-

An accounting policy is considered critical if: a) it requires an accounting estimate to be made based on
assumptions about matters that are highly uncertain at the time the estimate is made, and b) different estimates
that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur
periodically, could materially impact the Company’s consolidated financial statements. The Company considers
the following accounting policies to represent the more critical estimates and assumptions used in the preparation
of its consolidated financial statements:

Inventories

Inventories are valued at the lower of cost or market, the majority of which use the last-in, first-out (“LIFO”)
method. The remaining inventories are valued on the first-in, first-out (“FIFO”) method. The Company accounts
for its Food Distribution and Military inventory using a perpetual system and utilizes the retail inventory method
(“RIM”) to value inventory for center store products in the Retail segment. Under the RIM, inventory is stated at
cost with cost of sales and gross margin calculated by applying a cost ratio to the retail value of inventories.
Fresh, pharmacy and fuel products are accounted for at cost in the Retail segment. The Company evaluates
inventory shortages throughout the year based on actual physical counts in its facilities. The Company records
allowances for inventory shortages based on the results of recent physical counts to provide for estimated
shortages from the last physical count to the financial statement date. The estimates and assumptions used in
valuing inventories, including those used in past calculations, are reviewed and applied consistently, and as a
result, the Company believes the estimates and assumptions are both reasonable and accurate. The Company does
not anticipate future changes to the estimates or assumptions used in valuing inventories, but it does anticipate
that inflation and/or deflation will continue to have a significant impact on the Company’s LIFO reserve as price
changes represent a significant driver of the calculation.

Vendor Funds, Allowances and Credits

The Company receives funds from many of its vendors when purchasing products to sell to its corporate owned
retail stores and independent retailers. Given the highly promotional nature of the retail supermarket industry,
vendor allowances are generally intended to help defray the costs of promotion, advertising and selling the
vendor’s products. Vendor allowances that relate to the Company’s buying and merchandising activities consist
primarily of promotional allowances, which are generally allowances on purchased quantities and, to a lesser
extent, slotting allowances, which are billed to vendors for the Company’s merchandising costs such as setting up
warehouse infrastructure. The proper recognition and timing of accounting for these items are significant to the
reporting of the results of the Company’s operations. Vendor allowances are recognized as a reduction in cost of
sales when the related product is sold. Lump sum payments received for multi-year contracts are amortized over
the life of the contracts based on contractual terms.

Customer Exposure and Credit Risk

Allowance for Doubtful Accounts – Methodology. The Company evaluates the collectability of its accounts and
notes receivable based on a combination of factors. In most circumstances when the Company becomes aware of
factors that may indicate a deterioration in a specific customer’s ability to meet its financial obligations (e.g.,
reductions of product purchases, deteriorating store conditions, changes in payment patterns), the Company
records a specific reserve to reduce the receivable to an amount the Company reasonably believes will be
collected. In determining the adequacy of the reserves, the Company analyzes factors such as the value of any
collateral, customer financial statements, historical collection experience, aging of receivables and other
economic and industry factors. It is possible that the accuracy of the estimation process could be materially
affected by different judgments as to the collectability based on information considered and further deterioration
of accounts. If circumstances change (e.g., further evidence of material adverse creditworthiness, additional
accounts become credit risks, store closures), the Company’s estimates of the recoverability of amounts due
could be reduced by a material amount, including to zero.

-37-

Funds Advanced to Independent Retailers. The Company advances funds to certain independent retailers which
are earned by the retailers primarily through achieving specified purchase volume requirements, as outlined in
their supply agreements with the Company, or in limited instances, for remaining a SpartanNash customer for a
specified time period. These advances must be repaid if the purchase volume requirements are not met or if the
retailer no longer remains a customer for the specified time period. In the event these retailers are unable to repay
these advances or otherwise experience an event of default, the Company may be unable to recover the unearned
portion of the funds advanced to these independent retailers. The Company evaluates the recoverability of these
advances based on a number of factors, including anticipated and historical purchase volume, the value of any
collateral, customer financial statements and other economic and industry factors, and establishes a reserve for
the advances as necessary.

Guarantees of Debt and Lease Obligations of Others. The Company may guarantee debt and lease obligations of
independent retailers. In the event these retailers are unable to meet their debt service payments or otherwise
experience an event of default, the Company would be unconditionally liable for the outstanding balance of their
debt and lease obligations, which would be due in accordance with the underlying agreements.

The Company has guaranteed the outstanding lease obligations of certain independent retailers and bank debt for
one independent retailer. These guarantees, which are secured by certain business assets and personal guarantees
of the respective independent retailers, represent the maximum undiscounted payments the Company would be
required to make in the event of default. The Company believes these independent retailers will be able to
perform under the lease agreements and that no payments will be required and no loss will be incurred under the
guarantees. A liability representing the fair value of the obligations assumed under the guarantees is included in
the accompanying consolidated financial statements.

The Company also subleases and assigns various leases to third parties. In circumstances when the Company
becomes aware of factors that indicate deterioration in a third party’s ability to meet its financial obligations
guaranteed or assigned by SpartanNash, the Company records a specific reserve in the amount the Company
reasonably believes it will be obligated to pay on the third party’s behalf, net of any anticipated recoveries from
the third party. In determining the adequacy of these reserves, the Company analyzes factors such as those
described above in “Allowance for Doubtful Accounts – Methodology” and “Lease Commitments.” It is possible
that the accuracy of the estimation process could be materially affected by different judgments as to the
obligations based on information considered and further deterioration of accounts, with the potential for a
corresponding adverse effect on operating results and cash flows. Triggering these guarantees or obligations
under assigned leases would not, however, result in cross default of the Company’s debt, but could restrict
resources available for general business initiatives. Refer to Part II, Item 8 of this report under the Concentration
of Credit Risk section in the notes to consolidated financial statements for additional information regarding
customer exposure and credit risk.

Business Combinations

The Company accounts for acquired businesses using the purchase method of accounting, which requires that the
assets acquired and liabilities assumed be recorded at their estimated fair values as of the acquisition date, with
any excess purchase price over the estimated fair values of the net assets acquired being recorded as goodwill.

Significant judgment is required in estimating the fair value of intangible assets and in assigning their respective
useful lives. The fair value estimates are based on available historical information and on future expectations and
assumptions deemed reasonable by the Company but are inherently uncertain. Also, determining the estimated
useful life of an intangible asset requires judgment based on the Company’s expected use of the asset, as
different types of intangible assets will have different useful lives and certain assets may even be considered to
have indefinite useful lives. The Company typically utilizes the income method to estimate the fair value of
intangible assets, which discounts the projected future cash flows attributable to the respective assets. Significant
estimates and assumptions inherent in the valuation reflect a consideration of other marketplace competition and

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include the amount and timing of future cash flows (including expected growth rates and profitability) and the
discount rate applied to the cash flows. Unanticipated market or macroeconomic events and circumstances may
occur that could affect the accuracy or validity of the estimates and assumptions.

Goodwill

Goodwill is tested for impairment on an annual basis (during the last quarter of the fiscal year), or whenever
events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit
below its carrying amount. For purposes of its goodwill impairment testing, the Company maintains three
reporting units, which are the same as the Company’s reporting segments; however, no goodwill currently exists
within the Military segment. Fair values are determined based on the discounted cash flows and comparable
market values of each reporting segment. If the fair value of the reporting unit is less than its carrying value, the
fair value of the implied goodwill is calculated as the difference between the fair value of the reporting unit and
the fair value of the underlying assets and liabilities, excluding goodwill. An impairment charge is recorded for
any excess of the carrying value over the implied fair value. The Company’s goodwill impairment analysis also
includes a comparison of the aggregate estimated fair value of each reporting unit to the Company’s total market
capitalization. Therefore, a significant and sustained decline in the Company’s stock price could result in
goodwill impairment charges. During times of financial market volatility, significant judgment is given to
determine the underlying cause of the decline and whether stock price declines are short-term in nature or
indicative of an event or change in circumstances. When testing goodwill for impairment, the Company’s
corporate owned retail stores represent components of its Retail segment. Stores have been aggregated and
deemed a single reporting unit as they have similar economic characteristics.

Determining market values using a discounted cash flow method requires that the Company make significant
estimates and assumptions, including long-term projections of cash flows, market conditions and appropriate
discount rates. The Company’s judgments are based on the perspective of a market participant, historical
experience, current market trends and other information. In estimating future cash flows, the Company utilizes
internally generated three-year forecasts for sales and operating profits, including capital expenditures, and a
3.0% long-term assumed growth rate of cash flows for periods after the three-year forecast for both the Food
Distribution and Retail segments. The future estimated cash flows were discounted using a rate of 10.5% and
8.8% for the Food Distribution and Retail segments, respectively. The Company generally develops its forecasts
based on recent sales data for existing operations and other factors. While the Company believes that the
estimates and assumptions underlying the valuation methodology are reasonable, different assumptions could
result in different outcomes.

Based on the Company’s annual review during the fiscal years ended December 31, 2016, January 2, 2016 and
January 3, 2015, no goodwill impairment charge was required to be recorded. As of the date of the most recent
goodwill impairment test, which utilized data and assumptions as of October 8, 2016, the Food Distribution
reporting unit had a fair value that was substantially in excess of its carrying value and the fair value of the Retail
reporting unit, which had $190.5 million of recorded goodwill as of the assessment date, exceeded its carrying
value by 13.1%. The fair value calculations contain significant judgments and estimates related to the Retail
reporting unit’s projected weighted average cost of capital, future revenues and cash flows, and overall
profitability. These judgments and estimates are impacted by a number of different factors, both internal and
external, that could result in changes in the estimates and their related outcomes. Specifically, certain changes in
economic, industry or market conditions, business operations, competition, or the Company’s performance could
affect the estimates used in the fair value calculations.

The Company has sufficient available information, both current and historical, to support its assumptions,
judgments and estimates; however, if actual results are not consistent with the Company’s estimates it could
result in the Company recording a significant non-cash impairment charge. From a sensitivity perspective, no
goodwill impairment charge would be required for the Retail reporting unit even if the estimate of future
discounted cash flow was 10% lower or if the discount rate increased by 60 basis points. However, if the

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Company’s stock price experiences a significant and sustained decline or other events or changes in
circumstances occur, such as interest rate increases, which can significantly impact the projected weighted
average cost of capital; changes in macroeconomic conditions; or operating results of the Retail reporting unit not
meeting the Company’s estimates; it could result in the Company recording a significant non-cash impairment
charge.

Impairment of Long-Lived Assets Other Than Goodwill

Long-lived assets to be held and used are evaluated for impairment when events or circumstances indicate that
the carrying amount of an asset may not be recoverable. When the undiscounted future cash flows are not
sufficient to recover an asset’s carrying amount, the fair value is compared to the carrying value to determine the
impairment loss to be recorded. Long-lived assets are evaluated at the asset-group level, which is the lowest level
for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities.
Impairments of long-lived assets were $15.6 million, $4.2 million and $7.6 million for the fiscal years ended
December 31, 2016, January 2, 2016 and January 3, 2015, respectively.

Estimates of future cash flows and expected sales prices are judgments based upon the Company’s experience
and knowledge of operations. These estimates project cash flows several years into the future and are affected by
changes in the economy, real estate market conditions and inflation.

Long-lived assets to be disposed of are reported at the lower of carrying amount or fair value, less cost to sell.
Management determines fair values using independent appraisals, quotes or expected sales prices developed by
internal real estate professionals. Estimates of expected sales prices are judgments based upon the Company’s
experience, knowledge of market conditions and current offers received. Changes in market conditions, the
economic environment and other factors, including the Company’s ability to effectively compete and react to
competitor openings, can significantly impact these estimates. While the Company believes that the estimates
and assumptions underlying the valuation methodology are reasonable, different assumptions could result in a
different outcome.

Reserves for Closed Properties

The Company records reserves for closed properties that are subject to long-term lease commitments based upon
the future minimum lease payments and related ancillary costs from the date of closure to the end of the
remaining lease term, net of estimated sublease rentals that could be reasonably expected to be obtained for the
property. Future cash flows are based on contractual lease terms and knowledge of the geographic area in which
the closed site is located. These estimates are subject to multiple factors, including inflation, ability to sublease
the property and other economic conditions. Internally developed estimates of sublease rentals are based upon the
geographic areas in which the properties are located, the results of previous efforts to sublease similar properties,
and the current economic environment. Reserves may be adjusted in the future based upon the actual resolution
of each of these factors. For any closed site reserves recorded as part of purchase accounting prior to the adoption
of Accounting Standards Codification (“ASC”) Topic 805, adjustments that decrease the liability are generally
recorded as a reduction of goodwill. At December 31, 2016, reserves for closed properties for distribution center
and store lease and ancillary costs totaling $21.9 million are recorded net of approximately $0.2 million of
existing sublease rentals. Based upon the current economic environment, the Company does not believe that it
will be able to obtain any additional sublease rentals. A 5% increase/decrease in future estimated ancillary costs
would result in a $0.6 million increase/decrease in the restructuring charge liability.

Insurance Reserves

SpartanNash is self-insured through self-insurance retentions or high deductible programs for workers’
compensation, general liability, and automobile liability, and is also self-insured for healthcare costs. Self-
insurance liabilities are recorded based on claims filed and an estimate of claims incurred but not yet reported.

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Workers’ compensation, general liability and automobile liabilities are actuarially estimated based on available
historical information on an undiscounted basis. The Company has purchased stop-loss coverage to limit its
exposure on a per claim basis for its self-insurance retentions and high deductible programs. On a per claim
basis, the Company’s exposure is up to $0.5 million for workers’ compensation, general liability and automobile
liability, and $0.5 million for healthcare per covered life per year. Refer to Part II, Item 8 of this report under the
Summary of Significant Accounting Policies and Basis of Presentation section in the notes to consolidated
financial statements for additional information related to self-insurance reserves.

Any projection of losses concerning insurance reserves is subject to a degree of variability. Among the causes of
variability are unpredictable external factors affecting future inflation rates, discount rates, litigation trends,
changing regulations, legal interpretations, benefit level changes and claim settlement patterns. Although the
Company’s estimates of liabilities incurred do not anticipate significant changes in historical trends for these
variables, such changes could have a material impact on future claim costs and currently recorded liabilities. The
impact of many of these variables is difficult to estimate.

Pension

Accounting for defined benefit pension plans involves estimating the cost of benefits to be provided in the future,
based on vested years of service, and attributing those costs over the time period each employee works. The
significant factors affecting the Company’s pension costs are the fair values of plan assets and the selections of
management’s key assumptions, including the expected return on plan assets and the discount rate used by the
Company’s actuary to calculate its liability. The Company considers current market conditions, including
changes in interest rates and investment returns, in selecting these assumptions. The discount rate is based on
current investment yields on high quality fixed-income investments and projected cash flow obligations.
Expected return on plan assets is based on projected returns by asset class on broad, publicly traded equity and
fixed-income indices, as well as the Company’s target asset allocation, which is designed to meet the Company’s
long-term pension requirements. While the Company believes the assumptions selected are reasonable,
significant differences in its actual experience, plan amendments or significant changes in the fair value of its
plan assets may materially affect its pension obligations and its future expense.

Sensitivities to changes in the major assumptions for the SpartanNash Company Pension Plan and the
SpartanNash Company Retiree Medical Plan as of December 31, 2016, are as follows:

(In millions, except percentages)

Expected return on plan assets – SpartanNash

Percentage
Point
Change

Projected Benefit Obligation
Decrease / (Increase)

Expense
Decrease / (Increase)

Company Pension Plan . . . . . . . . . . . . . . . . . . . . . . .

+/-0.75

N/A

$0.6 / $(0.6)

Discount rate – SpartanNash Company Pension

Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

+/-0.75

$4.0 / $(4.4)

Discount rate – SpartanNash Company Retiree

Medical Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

+/-0.75

$0.8 / $(0.9)

N/A

N/A

Refer to Part II, Item 8 of this report under the Associate Retirement Plans section in the notes to consolidated
financial statements for additional information related to the assumptions used to estimate the cost of benefits
and for details related to changes in the funded status of the defined benefit pension plans.

Income Taxes

SpartanNash is subject to periodic audits by the Internal Revenue Service and other state and local taxing
authorities. These audits may challenge certain of the Company’s tax positions such as the timing and amount of
income credits and deductions and the allocation of taxable income to various tax jurisdictions. The Company
evaluates its tax positions and establishes liabilities in accordance with the applicable accounting guidance on

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uncertainty in income taxes. These tax uncertainties are reviewed as facts and circumstances change and are
adjusted accordingly. This requires significant management judgment in estimating final outcomes. Actual
results could materially differ from these estimates and could significantly affect the Company’s effective
income tax rate and cash flows in future years. The Company recognizes deferred tax assets and liabilities for the
expected tax consequences of temporary differences between the tax bases of assets and liabilities and their
reported amounts using enacted tax rates in effect for the year in which it expects the differences to
reverse. Refer to Part II, Item 8 of this report under the Taxes on Income section in the notes to consolidated
financial statements for additional information on income taxes.

Liquidity and Capital Resources

Cash Flow Information

The following table summarizes the Company’s consolidated statements of cash flows for the fiscal years ended
December 31, 2016, January 2, 2016 and January 3, 2015:

(In thousands)

Cash flow activities

Year Ended

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . .
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash used in discontinued operations . . . . . . . . . . . . . . . . . . . . . .

$154,524
(68,227)
(83,927)
(738)

$ 219,489
(95,300)
(107,696)
(217)

$139,073
(81,687)
(59,962)
(197)

Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . .
Cash and cash equivalents at beginning of fiscal year . . . . . . . . . . . . . .

1,632
22,719

16,276
6,443

(2,773)
9,216

Cash and cash equivalents at end of fiscal year . . . . . . . . . . . . . . . . . . . .

$ 24,351

$ 22,719

$

6,443

Net cash provided by operating activities. Net cash provided by operating activities decreased during the fiscal
year ended December 31, 2016 (“fiscal 2016” or “current year”) over the fiscal year ended January 2, 2016
(“fiscal 2015” or “prior year”) by approximately $65.0 million. The decrease was primarily due to customer
advances and higher inventory levels to support sales growth and the timing of working capital requirements and
income tax payments.

Net cash provided by operating activities increased during fiscal 2015 over the fiscal year ended January 3, 2015
(“fiscal 2014”) by approximately $80.4 million. The increase was primarily due to changes in working capital,
which were largely the result of inventory management initiatives and the timing of payments in the prior year.

During the fiscal years ended December 31, 2016, January 2, 2016 and January 3, 2015, the Company paid
$35.8 million, $23.5 million and $27.4 million, respectively, in income tax payments.

Net cash used in investing activities. Net cash used in investing activities decreased $27.1 million in fiscal 2016
compared to fiscal 2015 primarily due to $41.5 million of payments for acquisitions in the prior year, partially
offset by $14.9 million of lower proceeds on the sales of assets of previously closed facilities compared to fiscal
2015.

Net cash used in investing activities increased $13.6 million in fiscal 2015 compared to fiscal 2014 primarily due
to $41.5 million of payments for fiscal 2015 acquisitions, partially offset by $10.6 million of lower capital
expenditure related payments and $9.9 million of higher proceeds on the sales of assets of previously closed
facilities compared to fiscal 2014.

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The Food Distribution, Military and Retail segments utilized 26.0%, 8.8% and 65.2% of capital expenditures,
respectively, for the fiscal year ended December 31, 2016. Expenditures for fiscal 2016 primarily related to retail
store remodels and upgrades, which include eight major store remodels, one store upgrade, and one new fuel
center, as well as various IT system upgrades and implementations to better streamline processes and meet the
operational needs of the Company. The Company expects capital expenditures to range from $70 million to
$72 million for fiscal 2017.

Net cash used in financing activities. Net cash used in financing activities decreased $23.8 million during fiscal
2016 over fiscal 2015 primarily due to the $50.0 million prepayment of the Senior Notes in the prior year and an
additional $23.4 million of payments on the senior secured credit facility in the current year.

Net cash used in financing activities increased $47.7 million during fiscal 2015 over fiscal 2014 primarily due to
the $50.0 million prepayment of the Senior Notes.

Net cash used in discontinued operations. Net cash used in discontinued operations contains the net cash flows of
the Company’s Food Distribution and Retail discontinued operations and is primarily composed of facility
maintenance expenditures.

Debt Management

Total debt, including capital lease obligations and current maturities, decreased $55.7 million to $431.1 million
as of December 31, 2016 from $486.8 million at January 2, 2016. The decrease in total debt was primarily driven
by payments on the senior secured credit facility as a result of cash provided by operating activities exceeding
working capital requirements and payments on capital lease obligations.

In December 2016, SpartanNash Company and certain of its subsidiaries amended its senior secured credit
facility (the “Credit Agreement”). The principal changes of the amendment were to reduce the number of tiers in
the pricing grid from three to two, reset the advance rate on real estate to 75%, provide the ability to increase the
size of the term loan by $33 million, and extend the maturity date of the agreement, which was set to expire on
January 8, 2020, to December 20, 2021. The Credit Agreement provides for borrowings of $1.0 billion,
consisting of three tranches: a $900 million secured revolving credit facility (Tranche A), a $40 million secured
revolving credit facility (Tranche A-1), and a $60 million term loan (Tranche A-2). The Company has the ability
to increase the size of the Credit Agreement by an additional $400 million, subject to certain conditions in the
Credit Agreement. The Company’s obligations under the related Credit Agreement are secured by substantially
all of the Company’s personal and real property. The Company may repay all loans in whole or in part at any
time without penalty.

Liquidity

The Company’s principal sources of liquidity are cash flows generated from operations and its senior secured
credit facility, which has maximum available credit of $1.0 billion. As of December 31, 2016, the senior secured
credit facility had outstanding borrowings of $386.1 million. Additional available borrowings under the
Company’s $1.0 billion Credit Agreement are based on stipulated advance rates on eligible assets, as defined in
the Credit Agreement. The Credit Agreement requires that the Company maintains Excess Availability of 10% of
the borrowing base, as defined in the Credit Agreement. The Company had excess availability after the 10%
requirement of $415.8 million at December 31, 2016. Payment of dividends and repurchases of outstanding
shares are permitted, provided that certain levels of excess availability are maintained. The credit facility
provides for the issuance of letters of credit, of which $9.6 million were outstanding as of December 31, 2016.
The revolving credit facility matures December 2021, and is secured by substantially all of the Company’s assets.
The Company believes that cash generated from operating activities and available borrowings under the Credit
Agreement will be sufficient to meet anticipated requirements for working capital, capital expenditures, dividend
payments, and debt service obligations for the foreseeable future. However, there can be no assurance that the

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business will continue to generate cash flow at or above current levels or that the Company will maintain its
ability to borrow under the Credit Agreement.

The Company’s current ratio (current assets to current liabilities) was 1.77:1.00 at December 31, 2016 compared
to 1.81:1.00 at January 2, 2016, and its investment in working capital was $387.5 million at December 31, 2016
compared to $396.3 million at January 2, 2016. Net debt to total capital ratio decreased to 0.33:1.00 at
December 31, 2016 from 0.37:1.00 at January 2, 2016.

As discussed in the Recent Developments section, on January 6, 2017, the Company purchased Caito and BRT.
The acquisition was funded with proceeds under the Credit Agreement.

Total net debt is a non-GAAP financial measure that is defined as long-term debt and capital lease obligations,
plus current maturities of long-term debt and capital lease obligations, less cash and cash equivalents. The
Company believes both management and its investors find the information useful because it reflects the amount
of long-term debt obligations that are not covered by available cash and temporary investments. Total net debt is
not a substitute for GAAP financial measures and may differ from similarly titled measures of other companies.

Following is a reconciliation of long-term debt and capital lease obligations to total net long-term debt and
capital lease obligations as of December 31, 2016 and January 2, 2016.

(In thousands)

Current maturities of long-term debt and capital lease obligations . . . . . . . . . . .
Long-term debt and capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

December 31, 2016

January 2, 2016

$ 17,424
413,675

431,099
(24,351)

$ 19,003
467,793

486,796
(22,719)

Total net long-term debt

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$406,748

$464,077

Contractual Obligations

The table below presents the Company’s significant contractual obligations as of December 31, 2016 (a):

(In thousands)

Long-term debt (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Estimated interest on long-term debt . . . . . . . . . . . . . .
Capital leases (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest on capital lease . . . . . . . . . . . . . . . . . . . . . . . .
Operating leases (c) . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lease and ancillary costs of closed sites, including

imputed interest . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchase obligations (merchandise) (d) . . . . . . . . . . . .
Unrecognized tax liabilities, including interest . . . . . .
Self-insurance liability . . . . . . . . . . . . . . . . . . . . . . . . .

Total
Amount
Committed

$391,109
44,228
48,255
22,596
253,647

Amount Committed By Period

Less
than 1
year

1-3 years

3-5 years

$ 11,557
9,765
5,867
3,394
51,072

$ 20,000
17,710
12,077
5,614
79,096

$359,552
16,753
6,742
4,196
45,762

$

More
than 5
years

—
—
23,569
9,392
77,717

21,932
53,418
2,489
14,730

3,209
25,919
924
8,292

5,030
19,451
1,565
4,178

4,888
4,066
—
1,513

8,805
3,982
—
747

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$852,404

$119,999

$164,721

$443,472

$124,212

(a) Excludes funding of pension and other postretirement benefit obligations. The Company does not expect to
make payments to its defined benefit pension plans in fiscal 2017. Also excludes contributions under
various multi-employer pension and health and welfare plans, which totals $13.4 million and $14.3 million,
respectively, for the fiscal year ended December 31, 2016. For additional information, refer to Part II, Item 8
of this report under the Associate Retirement Plans section in the notes to consolidated financial statements.

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(b) Refer to Part II, Item 8 of this report under the Long-Term Debt section in the notes to consolidated

financial statements for additional information regarding long-term debt.

(c) Operating and capital lease obligations do not include common area maintenance, insurance or tax payments
for which the Company is also obligated. For the fiscal year ended December 31, 2016, these charges
totaled approximately $17.4 million.

(d) The amount of purchase obligations shown in this table represents the amount of product the Company is
contractually obligated to purchase in order to earn $10.9 million in advanced contract monies that are
receivable under the contracts. At December 31, 2016, $1.9 million in advanced contract monies has been
received under these contracts where recognition has been deferred on the consolidated balance sheet. If the
Company does not fulfill these purchase obligations, it would only be obligated to repay the unearned
upfront contract monies. The amount shown here does not include the following: a) purchase obligations
made in the normal course of business as those obligations involve purchase orders based on current
Company needs that are typically cancelable and/or fulfilled by vendors within a very short period of time;
b) agreements that are cancelable by the Company without significant penalty, including contracts for
routine outsourced services; and c) contracts that do not contain minimum annual purchase commitments
but include other standard contractual considerations that must be fulfilled in order to earn advanced
contract monies that have been received.

The Company has also made certain commercial commitments that extend beyond December 31, 2016. These
commitments include standby letters of credit and guarantees of certain Food Distribution customer lease
obligations. The following summarizes these commitments as of December 31, 2016:

(In thousands)

Total
Amount
Committed

Standby Letters of Credit (a)
. . . . . . . . . . .
Guarantees (b) . . . . . . . . . . . . . . . . . . . . . . .

$ 9,605
1,945

Total Other Commercial Commitments . . .

$11,550

Amount Committed By Period

Less than 1
year

$9,605
329

$9,934

1-3 years

3-5 years

More than 5
years

$ —
657

$657

$ —
657

$657

$ —
302

$302

(a) Letters of credit supports the Company’s self-insurance obligations.
(b) Refer to Part II, Item 8 of this report under the Summary of Significant Accounting Policies and Basis of

Presentation section and the Concentration of Credit Risk section in the notes to consolidated financial
statements for additional information regarding debt guarantees, lease guarantees and assigned leases. The
amount shown here includes interest.

Cash Dividends

The Company paid a quarterly cash dividend of $0.15, $0.135 and $0.12 per common share in each quarter of the
fiscal years ended December 31, 2016, January 2, 2016 and January 3, 2015, respectively. Under the Credit
Agreement, the Company is generally permitted to pay dividends in any fiscal year up to an amount such that all
cash dividends, together with any cash distributions and share repurchases, do not exceed $35.0 million.
Additionally, the Company is generally permitted to pay cash dividends in excess of $35.0 million in any fiscal
year so long as its Excess Availability, as defined in the Credit Agreement, is in excess of 10% of the Total
Borrowing Base, as defined in the Credit Agreement, before and after giving effect to the repurchases and
dividends. Although the Company currently expects to continue to pay a quarterly cash dividend, adoption of a
dividend policy does not commit the Board of Directors to declare future dividends. Each future dividend will be
considered and declared by the Board of Directors at its discretion. Whether the Board of Directors continues to
declare dividends depends on a number of factors, including the Company’s future financial condition,
anticipated profitability and cash flows and compliance with the terms of its credit facilities.

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Recently Adopted Accounting Standards

Refer to Part II, Item 8 of this report under the Summary of Significant Accounting Policies and Basis of
Presentation section in the notes to consolidated financial statements for additional information.

Item 7A. Quantitative and Qualitative Disclosure About Market Risk

The Company is exposed to industry related price changes on several commodities, such as dairy, meat and
produce that it buys and sells in all of its segments. These products are purchased for and sold from inventory in
the ordinary course of business. The Company is also exposed to other general commodity price changes such as
utilities, insurance and fuel costs.

The Company had $386.1 million of variable rate debt as of December 31, 2016. The weighted average interest
rate on debt outstanding for the fiscal year ended December 31, 2016 was 3.70%.

At December 31, 2016 and January 2, 2016, the estimated fair value of the Company’s long-term debt, including
current maturities, was higher than book value by approximately $1.4 million and $2.1 million, respectively. The
estimated fair values were based on market quotes for instruments with similar terms and remaining maturities.

The following table sets forth the future principal payments of the Company’s outstanding debt and related
weighted average interest rates for the outstanding instruments as of December 31, 2016:

(In thousands, except rates)

Fair Value

Total

2017

2018

2019

2020

2021

Thereafter

December 31, 2016

Aggregate Payments by Fiscal Year

Fixed rate debt

Principal payable . . . . $ 54,678 $ 53,283 $ 7,424 $ 8,655 $ 6,468 $ 4,654 $
Average interest

2,513

$23,569

rate . . . . . . . . . . . . .

6.66% 6.76% 7.06% 7.57% 7.81%

7.92%

8.13%

Variable rate debt

Principal payable . . . . $386,081 $386,081 $10,000 $10,000 $ 6,954 $ — $359,127
Average interest

$ —

rate . . . . . . . . . . . . .

2.59% 2.54% 2.45% 2.37% 2.33%

2.33%

-46-

Item 8.

Financial Statements and Supplementary Data

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of
SpartanNash Company and Subsidiaries
Grand Rapids, Michigan

We have audited the accompanying consolidated balance sheets of SpartanNash Company and subsidiaries (the
“Company”) as of December 31, 2016 and January 2, 2016, and the related consolidated statements of earnings,
comprehensive income, shareholders’ equity, and cash flows for each of the fiscal years ended January 3,
2015, January 2, 2016 and December 31, 2016. These consolidated financial statements are the responsibility of
the Company’s management. Our responsibility is to express an opinion on the consolidated financial statements
based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement. An audit includes examining, on
a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit
also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for
our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2016 and January 2, 2016, and the results of their operations and
their cash flows for each of the fiscal years ended January 3, 2015, January 2, 2016 and December 31, 2016, in
conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the Company’s internal control over financial reporting as of December 31, 2016, based on the
criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission and our report dated March 1, 2017 expressed an unqualified
opinion on the Company’s internal control over financial reporting.

/s/ DELOITTE & TOUCHE LLP
Grand Rapids, Michigan
March 1, 2017

-47-

CONSOLIDATED BALANCE SHEETS

SpartanNash Company and Subsidiaries
(In thousands)

December 31, 2016

January 2, 2016

Assets
Current assets

Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts and notes receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Inventories, net
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . .
Property and equipment held for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24,351
291,568
539,857
37,187
521

893,484

559,722
322,686
154,444

$

22,719
317,183
521,164
22,521
—

883,587

583,698
322,902
127,076

Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,930,336

$1,917,263

Liabilities and Shareholders’ Equity
Current liabilities

Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued payroll and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current maturities of long-term debt and capital lease obligations . . . . . . .

$ 372,432
75,333
40,788
17,424

$ 353,688
71,973
42,660
19,003

Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

505,977

487,324

Long-term liabilities

Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Postretirement benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term debt and capital lease obligations . . . . . . . . . . . . . . . . . . . . . . .

Total long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123,243
16,266
45,768
413,675

598,952

116,600
16,008
38,759
467,793

639,160

Commitments and contingencies (Note 9)
Shareholders’ equity

Common stock, voting, no par value; 100,000 shares authorized; 37,539

and 37,600 shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

521,984

521,698

Preferred stock, no par value, 10,000 shares authorized; no shares

outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

—
(11,437)
314,860

825,407

—
(11,447)
280,528

790,779

Total liabilities and shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,930,336

$1,917,263

See notes to consolidated financial statements.

-48-

CONSOLIDATED STATEMENTS OF EARNINGS

SpartanNash Company and Subsidiaries
(In thousands, except per share data)

December 31,
2016
(52 Weeks)

Year Ended

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cost of sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$7,734,600
6,623,106

$7,651,973
6,536,291

$7,916,062
6,759,988

Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating expenses

1,111,494

1,115,682

1,156,074

Selling, general and administrative . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition . . . . . . . . . . . . . . . . . . . . . . . . .
Restructuring charges and asset impairment . . . . . . . . . . . . . . . . . .

963,652
6,959
32,116

975,572
8,433
8,802

1,022,387
12,675
6,166

Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,002,727

992,807

1,041,228

Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other (income) and expenses

Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loss on debt extinguishment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total other expenses, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Earnings before income taxes and discontinued operations . . . . . . .
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Earnings from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . .
Loss from discontinued operations, net of taxes . . . . . . . . . . . . . . . . .

Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Basic earnings per share:

Earnings from continuing operations . . . . . . . . . . . . . . . . . . . . . . . .
Loss from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . .

Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Diluted earnings per share:

Earnings from continuing operations . . . . . . . . . . . . . . . . . . . . . . . .
Loss from discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . .

Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

108,767

122,875

114,846

19,082
247
(525)

18,804

89,963
32,907

57,056
(228)

56,828

1.52
—*

1.52

1.52
(0.01)

1.51

$

$

$

$

$

21,820
1,171
(375)

22,616

100,259
37,093

63,166
(456)

62,710

1.68
(0.01)

1.67

1.67
(0.01)

1.66

$

$

$

$

$

24,414
—
(17)

24,397

90,449
31,329

59,120
(524)

58,596

1.57
(0.01)

1.56

1.57
(0.02)*

1.55

$

$

$

$

$

* Includes rounding.

See notes to consolidated financial statements.

-49-

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

SpartanNash Company and Subsidiaries
(In thousands)

Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income (loss), before tax

Pension and postretirement liability adjustment

. . . . . . . . . . . . . . . .

Total other comprehensive income (loss), before tax . . . . . . . . . . . . . .
Income tax (expense) benefit related to items of other comprehensive
income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total other comprehensive income (loss), after tax . . . . . . . . . . . . . . . .

December 31,
2016
(52 Weeks)

Year Ended

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

$56,828

$62,710

$58,596

14

14

(4)

10

429

429

(221)

208

(4,785)

(4,785)

1,924

(2,861)

Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$56,838

$62,918

$55,735

See notes to consolidated financial statements.

-50-

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

SpartanNash Company and Subsidiaries
(In thousands)

Balance at December 28, 2013 . . . . . . .
Net earnings . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive loss . . . . . . . . . . . .
Dividends – $0.48 per share . . . . . . . . . .
Share repurchase . . . . . . . . . . . . . . . . . . .
Stock-based employee compensation . . .
Issuance of common stock and related
tax benefit on stock option exercises
and stock bonus plan . . . . . . . . . . . . . .

Issuance of restricted stock and related

income tax benefits . . . . . . . . . . . . . . .
Cancellations of stock-based awards . . .
Balance at January 3, 2015 . . . . . . . . .
Net earnings . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income . . . . . . . . .
Dividends – $0.54 per share . . . . . . . . . .
Share repurchase . . . . . . . . . . . . . . . . . . .
Stock-based employee compensation . . .
Issuance of common stock and related
tax benefit on stock option exercises
and stock bonus plan and from
deferred compensation plan . . . . . . . .

Issuance of restricted stock and related

income tax benefits . . . . . . . . . . . . . . .
Cancellations of stock-based awards . . .
Balance at January 2, 2016 . . . . . . . . .
Net earnings . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income . . . . . . . . .
Dividends – $0.60 per share . . . . . . . . . .
Share repurchase . . . . . . . . . . . . . . . . . . .
Stock-based employee compensation . . .
Issuance of common stock and related
tax benefit on stock option exercises
and stock bonus plan . . . . . . . . . . . . . .

Issuance of restricted stock and related

income tax benefits . . . . . . . . . . . . . . .
Cancellations of stock-based awards . . .
Balance at December 31, 2016 . . . . . . .

Shares
Outstanding

Common
Stock

37,371
—
—
—
(246)
—

$518,056
—
—
—
(4,987)
6,939

173

1,824

317
(91)
37,524
—
—
—
(282)
—

588
(1,629)
520,791
—
—
—
(9,000)
7,240

223

4,279

315
(180)
37,600
—
—
—
(396)
—

1,114
(2,726)
521,698
—
—
—
(9,000)
7,936

Accumulated
Other
Comprehensive
Income (Loss)

$ (8,794)
—
(2,861)
—

Retained
Earnings

$197,611
58,596
—
(18,090)

—

—

—

—

—
(11,655)
—
208
—

—
238,117
62,710
—
(20,299)

—

—

—

—

—
(11,447)
—
10
—
—
—

—
280,528
56,828
—
(22,496)
—
—

Total

$706,873
58,596
(2,861)
(18,090)
(4,987)
6,939

1,824

588
(1,629)
747,253
62,710
208
(20,299)
(9,000)
7,240

4,279

1,114
(2,726)
790,779
56,828
10
(22,496)
(9,000)
7,936

144

3,697

—

—

3,697

315
(124)
37,539

(118)
(2,229)
$521,984

—
—
$(11,437)

—
—
$314,860

(118)
(2,229)
$825,407

See notes to consolidated financial statements.

-51-

CONSOLIDATED STATEMENTS OF CASH FLOWS

SpartanNash Company and Subsidiaries
(In thousands)

Year Ended

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

Cash flows from operating activities

Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Loss from discontinued operations, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Earnings from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments to reconcile net earnings to net cash provided by operating activities:

Non-cash restructuring, asset impairment and other charges . . . . . . . . . . . . . . . .
Loss on debt extinguishment
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LIFO (income) expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Postretirement benefits expense (income)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred taxes on income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess tax benefit on stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Changes in operating assets and liabilities:

Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued payroll and benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Postretirement benefit payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . . .

56,828
228

57,056

32,191
247
79,183
(1,919)
1,780
6,761
7,936
(438)
(254)

30,537
(18,456)
(45,506)
21,946
(1,036)
(413)
(15,091)

$

62,710 $
456

63,166

9,755
1,171
84,905
(1,201)
(41)
2,512
7,240
(1,308)
(22)

(33,063)
59,473
(545)
30,250
(1,903)
(1,013)
113

58,596
524

59,120

6,166
—
88,475
5,603
2,686
3,537
6,939
(699)
(213)

(517)
6,004
13,292
(29,231)
(8,401)
(4,155)
(9,533)

Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

154,524

219,489

139,073

Cash flows from investing activities

Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net proceeds from the sale of assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisitions, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Loans to customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payments from customers on loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from company owned life insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(73,429)
5,989
—
(1,962)
2,183
—
(1,008)

(68,227)

(79,394)
20,928
(41,517)
(1,450)
1,733
5,004
(604)

(95,300)

(90,012)
11,008
—
(6,429)
3,653
—
93

(81,687)

Cash flows from financing activities

Proceeds from senior secured credit facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payments on senior secured credit facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Share repurchase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepayment of senior notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Debt extinguishment costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayment of other long-term debt
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financing fees paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess tax benefit on stock compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,341,215
(1,384,958)
(9,000)
—
—
(9,146)
(2,498)
438
2,518
(22,496)

1,089,979
(1,110,344)
(9,000)
(50,000)
(831)
(10,157)
(2,013)
1,308
3,661
(20,299)

1,062,173
(1,079,654)
(4,987)
—
—
(20,353)
(870)
699
1,120
(18,090)

Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(83,927)

(107,696)

(59,962)

Cash flows from discontinued operations

Net cash used in operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash provided by investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net cash used in discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents at beginning of fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . .

(738)
—

(738)

1,632
22,719

(740)
523

(217)

16,276
6,443

(197)
—

(197)

(2,773)
9,216

Cash and cash equivalents at end of fiscal year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

24,351

$

22,719 $

6,443

See notes to consolidated financial statements.

-52-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Summary of Significant Accounting Policies and Basis of Presentation

Principles of Consolidation: The consolidated financial statements are prepared in conformity with accounting
principles generally accepted in the United State of America (“GAAP”) and include the accounts of SpartanNash
Company and its subsidiaries (“SpartanNash” or “the Company”). Intercompany accounts and transactions have
been eliminated.

Fiscal Year: The Company’s fiscal year end is the Saturday nearest to December 31. All fiscal quarters are
12 weeks, except for the Company’s first quarter, which is 16 weeks. The fiscal year ended January 3, 2015
contained 53 weeks; therefore, the fourth quarter of fiscal 2014 contained 13 weeks rather than 12 weeks.

Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to
make estimates and assumptions that affect amounts reported therein. Due to the inherent uncertainty involved in
making estimates, actual results reported in future periods might differ from those estimates.

Revenue Recognition: The Company recognizes revenue when the sales price is fixed or determinable,
collectability is reasonably assured, and the customer takes possession of the merchandise. The Military segment
recognizes revenues upon the delivery of the product to the commissary or commissaries designated by the
Defense Commissary Agency (DeCA), or in the case of overseas commissaries, when the product is delivered to
the port designated by DeCA, which is when DeCA takes possession of the merchandise and bears the
responsibility for shipping the product to the commissary or overseas warehouse. Revenues from consignment
sales are included in the Company’s reported sales on a net basis. The Food Distribution segment recognizes
revenues when products are delivered or ancillary services are provided. Sales and excise taxes are excluded
from revenue. The Retail segment recognizes revenues from the sale of products at the point of sale. Based upon
the nature of the products the Company sells, its customers have limited rights of return which are immaterial.
Discounts provided by the Company to customers at the time of sale are recognized as a reduction in sales as the
products are sold. The Company does not recognize a sale when it awards customer loyalty points or sells gift
cards and gift certificates; rather, a sale is recognized when the customer loyalty points, gift card or gift
certificate are redeemed to purchase product. Sales taxes collected from customers are remitted to the appropriate
taxing jurisdictions and are excluded from sales revenue as the Company considers itself a pass-through conduit
for collecting and remitting sales taxes.

Cost of Sales: Cost of sales is the cost of inventory sold during the period, including purchase costs, in-bound
freight, physical inventory adjustments, markdowns and promotional allowances. Vendor allowances and credits
that relate to the Company’s buying and merchandising activities consist primarily of promotional allowances,
which are generally allowances on purchased quantities and, to a lesser extent, slotting allowances, which are
billed to vendors for the Company’s merchandising costs such as setting up warehouse infrastructure. Vendor
allowances are recognized as a reduction in cost of sales when the related product is sold. Lump sum payments
received for multi-year contracts are amortized over the life of the contracts based on contractual terms. The
distribution segments include shipping and handling costs in the selling, general and administrative section of
operating expenses on the consolidated statement of earnings.

Cash and Cash Equivalents: Cash and cash equivalents consist of cash and highly liquid investments with an
original maturity of three months or less at the date of purchase.

Accounts and Notes Receivable: Accounts and notes receivable are shown net of allowances for credit losses of
$6.7 million and $6.8 million as of December 31, 2016 and January 2, 2016, respectively. The Company
evaluates the adequacy of its allowances by analyzing the aging of receivables, customer financial condition,
historical collection experience, the value of collateral and other economic and industry factors. Actual

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

collections may differ from historical experience, and if economic, business or customer conditions deteriorate
significantly, adjustments to these reserves may be required. When the Company becomes aware of factors that
indicate a change in a specific customer’s ability to meet its financial obligations, the Company records a specific
reserve for credit losses. Operating results include bad debt expense of $1.4 million, $2.1 million and
$3.0 million for fiscal years ended December 31, 2016, January 2, 2016 and January 3, 2015, respectively.

Inventory Valuation: Inventories are valued at the lower of cost or market. Approximately 86.7% and 88.2% of
the Company’s inventories were valued on the last-in, first-out (LIFO) method at December 31, 2016 and
January 2, 2016, respectively. If replacement cost had been used, inventories would have been $47.6 million and
$49.5 million higher at December 31, 2016 and January 2, 2016, respectively. The replacement cost method
utilizes the most current unit purchase cost to calculate the value of inventories. During fiscal years ended
December 31, 2016, January 2, 2016 and January 3, 2015, certain inventory quantities were reduced. The
reductions resulted in liquidation of LIFO inventory carried at lower costs prevailing in prior years, the effect of
which decreased the LIFO provision in fiscal years ended December 31, 2016, January 2, 2016 and January 3,
2015 by $0.2 million, $0.6 million and $0.8 million, respectively. The Company accounts for its Food
Distribution and Military inventory using a perpetual system and utilizes the retail inventory method (“RIM”) to
value inventory for center store products in the Retail segment. Under RIM, inventory is stated at cost with cost
of sales and gross margin calculated by applying a cost ratio to the retail value of inventories. Fresh, pharmacy
and fuel products are accounted for at cost in the Retail segment. The Company evaluates inventory shortages
throughout the year based on actual physical counts in its facilities. The Company records allowances for
inventory shortages based on the results of recent physical counts to provide for estimated shortages from the last
physical count to the financial statement date.

Goodwill and Intangible Assets: Goodwill represents the excess purchase price over the fair value of tangible net
assets acquired in business combinations after amounts have been allocated to intangible assets. Goodwill is not
amortized, but is reviewed for impairment during the last quarter of each year, or whenever events occur or
circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying
amount, using a discounted cash flow model and comparable market values of each reporting segment.
Measuring the fair value of reporting units is a Level 3 measurement under the fair value hierarchy. See Note 8
for a discussion of levels.

Intangible assets primarily consist of trade names, customer relationships, favorable lease agreements, pharmacy
prescription lists, franchise agreements and fees, non-compete agreements and liquor licenses. The following
assets are amortized on a straight-line basis over the period of time in which their expected benefits will be
realized: favorable leases (related lease terms), prescription lists and customer relationships (period of expected
benefit), non-compete agreements and franchise fees (length of agreements), and trade names with definite lives
(expected life of the assets). Indefinite-lived trade names are not amortized but are tested at least annually for
impairment, and liquor licenses are also not amortized as they have indefinite lives. Intangible assets are included
in “Other Assets, net” in the consolidated balance sheets.

Property and Equipment: Property and equipment are recorded at cost. Expenditures which improve or extend
the life of the respective assets are capitalized, whereas expenditures for normal repairs and maintenance are
charged to operations as incurred. Depreciation expense on land improvements, buildings and improvements, and
equipment is computed using the straight-line method as follows:

Land improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Buildings and improvements . . . . . . . . . . . . . . . . . . . . .
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15 years
15 to 40 years
3 to 15 years

-54-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Property under capital leases and leasehold improvements are amortized on a straight-line basis over the shorter
of the remaining terms of the leases or the estimated useful lives of the assets. Internal use software is included in
property and equipment and amounted to $32.9 million and $20.3 million as of December 31, 2016 and
January 2, 2016, respectively.

Impairment of Long-Lived Assets: The Company reviews and evaluates long-lived assets for impairment when
events or circumstances indicate that the carrying amount of an asset may not be recoverable. When the
undiscounted expected future cash flows are not sufficient to recover an asset’s carrying amount, the fair value is
compared to the carrying value to determine the impairment loss to be recorded. Long-lived assets to be disposed
of are reported at the lower of carrying amount or fair value, less the cost to sell. Fair values are determined by
independent appraisals or expected sales prices based upon market participant data developed by third party
professionals or by internal licensed real estate professionals. Estimates of future cash flows and expected sales
prices are judgments based upon the Company’s experience and knowledge of operations. These estimates
project cash flows several years into the future and are affected by changes in the economy, real estate market
conditions and inflation.

Reserves for Closed Properties: The Company records reserves for closed properties that are subject to long-term
lease commitments based upon the future minimum lease payments and related ancillary costs from the date of
closure to the end of the remaining lease term, net of estimated sublease rentals that could be reasonably
expected to be obtained for the property. Future cash flows are based on contractual lease terms and knowledge
of the geographic area in which the closed site is located. These estimates are subject to multiple factors,
including inflation, ability to sublease the property and other economic conditions. Internally developed
estimates of sublease rentals are based upon the geographic areas in which the properties are located, the results
of previous efforts to sublease similar properties, and the current economic environment. The reserved expenses
are paid over the remaining lease terms, which range from one to 12 years. Adjustments to closed property
reserves primarily relate to changes in subtenant income or actual exit costs differing from original estimates.
Adjustments are made for changes in estimates in the period in which the changes become known. The current
portion of the future lease obligations of stores is included in “Other accrued expenses,” and the long-term
portion is included in “Other long-term liabilities” in the consolidated balance sheets.

Debt Issuance Costs: Debt issuance costs are amortized over the term of the related financing agreement and are
included as a direct deduction from the carrying amount of the related debt liability in “Long-term debt and
capital lease obligations” in the consolidated balance sheets.

Insurance Reserves: SpartanNash is self-insured through self-insurance retentions or high deductible programs
for workers’ compensation, general liability, and automobile liability, and is also self-insured for healthcare
costs. Self-insurance liabilities are recorded based on claims filed and an estimate of claims incurred but not yet
reported. Workers’ compensation, general liability and automobile liabilities are actuarially estimated based on
available historical information on an undiscounted basis. The Company has purchased stop-loss coverage to
limit its exposure to any significant exposure on a per claim basis for its self-insurance retentions and high
deductible programs. On a per claim basis, the Company’s exposure is up to $0.5 million for workers’
compensation, general liability and automobile liability and $0.5 million for healthcare per covered life per year.
Any projection of losses concerning workers’ compensation, general liability, automobile liability and healthcare
costs is subject to a considerable degree of variability. Among the causes of this variability are unpredictable
external factors affecting future inflation rates, discount rates, litigation trends, changing regulations, legal
interpretations, benefit level changes and claim settlement patterns. Although the Company’s estimates of
liabilities incurred do not anticipate significant changes in historical trends for these variables, such changes
could have a material impact on future claim costs and currently recorded liabilities.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A summary of changes in the Company’s self-insurance liability is as follows:

(In thousands)

December 31,
2016

January 2,
2016

January 3,
2015

Balance at beginning of period . . . . . . . . . . . . . . . . .
Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Claim payments, net of employee contributions . . . .

$ 14,466
49,560
(49,296)

$ 19,413
43,851
(48,798)

$ 22,454
53,297
(56,338)

Balance at end of period . . . . . . . . . . . . . . . . . . . . . .

$ 14,730

$ 14,466

$ 19,413

The current portion of the self-insurance liability was $8.3 million and $8.2 million as of December 31, 2016 and
January 2, 2016, respectively, and is included in “Other accrued expenses” in the consolidated balance sheets.
The long-term portion was $6.4 million and $6.2 million as of December 31, 2016 and January 2, 2016,
respectively, and is included in “Other long-term liabilities” in the consolidated balance sheets.

Income Taxes: Deferred income tax assets and liabilities are computed for differences between the financial
statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future.
Such deferred income tax asset and liability computations are based on enacted tax laws and rates applicable to
periods in which the differences are expected to affect taxable income. Valuation allowances are established
when necessary to reduce deferred tax assets to the amounts expected to be realized. Income tax expense is the
tax payable or refundable for the period plus or minus the change during the period in deferred and other tax
assets and liabilities.

Earnings per share: Earnings per share (“EPS”) is computed using the two-class method. The two-class method
determines EPS for each class of common stock and participating securities according to dividends and their
respective participation rights in undistributed earnings. Participating securities include non-vested shares of
restricted stock in which the participants have non-forfeitable rights to dividends during the performance period.
Diluted EPS includes the effects of stock options.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table sets forth the computation of basic and diluted EPS for continuing operations:

(In thousands, except per share amounts)

Numerator:

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

Earnings from continuing operations . . . . . . . .
Adjustment for earnings attributable to

$57,056

$63,166

$59,120

participating securities . . . . . . . . . . . . . . . . .

(1,011)

(1,098)

(1,015)

Earnings from continuing operations used in

calculating earnings per share . . . . . . . . . . .

$56,045

$62,068

$58,105

Denominator:

Weighted average shares outstanding,

including participating securities . . . . . . . . .
Adjustment for participating securities . . . . . .

37,483
(664)

37,612
(654)

37,641
(646)

Shares used in calculating basic earnings per

share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effect of dilutive stock options . . . . . . . . . . . .

Shares used in calculating diluted earnings per
share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Basic earnings per share from continuing

36,819
73

36,958
106

36,995
69

36,892

37,064

37,064

operations . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

1.52

$

1.68

$

1.57

Diluted earnings per share from continuing

operations . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

1.52

$

1.67

$

1.57

Weighted average shares issuable upon the exercise of stock options that were not included in the EPS
calculations because they were anti-dilutive were 322,914 for the fiscal year ended January 3, 2015. There were
no anti-dilutive stock options in fiscal years ended December 31, 2016 and January 2, 2016.

Stock-Based Compensation: All share-based payments to associates are recognized in the consolidated financial
statements as compensation cost based on the fair value on the date of grant. The grant date closing price per
share of SpartanNash stock is used to estimate the fair value of restricted stock awards and restricted stock units.
The value of the portion of awards expected to vest is recognized as expense over the requisite service period.

Shareholders’ Equity: The Company’s restated articles of incorporation provide that the Board of Directors may
at any time, and from time to time, provide for the issuance of up to 10 million shares of preferred stock in one or
more series, each with such designations as determined by the Board of Directors. At December 31, 2016 and
January 2, 2016, there were no shares of preferred stock outstanding.

Advertising Costs: The Company’s advertising costs are expensed as incurred and are included in Selling,
general and administrative expenses. Advertising expenses were $46.6 million, $47.7 million and $41.1 million
for fiscal years ended December 31, 2016, January 2, 2016 and January 3, 2015, respectively.

Accumulated Other Comprehensive Income (Loss): The Company reports comprehensive income (loss) that
includes net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) refers to
revenues, expenses, gains and losses that are not included in net earnings, such as pension and other

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

postretirement liability adjustments, but rather are recorded directly to shareholders’ equity. These amounts are
also presented in the consolidated statements of comprehensive income. As of December 31, 2016 and January 2,
2016, the accumulated other comprehensive loss relates to the pension and postretirement liability.

Discontinued operations: Certain of the Company’s Food Distribution and Retail operations have been recorded
as discontinued operations. Results of discontinued operations are excluded from the accompanying notes to the
consolidated financial statements for all periods presented, unless otherwise noted. Results of discontinued
operations reported on the consolidated statements of earnings are reported net of tax.

Recently Issued Accounting Standards

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update
(“ASU”) 2017-04, “Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment.”
ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 of the goodwill
impairment test. If a reporting unit fails Step 1 of the goodwill impairment test, entities are no longer required to
compute the implied fair value of goodwill following the same procedure that would be required in determining
the fair value of assets acquired and liabilities assumed in a business combination. Instead, the guidance requires
an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit
with its carrying amount and to recognize an impairment charge for the amount by which the carrying amount
exceeds the reporting unit’s fair value. The new guidance is effective for the Company in fiscal year ending
January 2, 2021. Early adoption is permitted for interim or annual goodwill impairment tests performed on
testing dates after January 1, 2017. The Company is currently evaluating the impact of adoption of this standard
on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation: Improvements to
Employee Share-Based Payment Accounting.” ASU 2016-09 provides for simplification of several aspects of the
accounting for share-based payment transactions, including income tax consequences, classification of awards as
either equity or liabilities and classification on the statement of cash flows. The new guidance is effective for the
Company in the first quarter of its fiscal year ending December 30, 2017. Early adoption is permitted for any
entity in any interim or annual period. The Company does not expect the adoption of this standard to have a
material impact on its consolidated financial statements.

In March 2016, the FASB issued ASU 2016-04, “Liabilities – Extinguishment of Liabilities: Recognition of
Breakage for Certain Prepaid Stored-Value Products.” ASU 2016-04 amends the guidance on extinguishing
financial liabilities for certain prepaid stored-value products. The new guidance requires entities that sell prepaid
stored-value products redeemable for goods, services or cash at third-party merchants to recognize breakage for
those liabilities consistent with the breakage guidance outlined in ASU 2014-09, “Revenue from Contracts with
Customers.” The new guidance is effective for the Company in the first quarter of its fiscal year ending
December 29, 2018. The Company is currently in the process of evaluating the impact of adoption of this
standard on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 provides guidance for lease
accounting, and stipulates that lessees will need to recognize a right-of-use asset and a lease liability for
substantially all leases (other than leases that meet the definition of a short-term lease). The liability will be equal
to the present value of lease payments. Treatment in the consolidated statements of earnings will be similar to the
current treatment of operating and capital leases. The new guidance is effective on a modified retrospective basis
for the Company in the first quarter of its fiscal year ending December 28, 2019. The Company is currently in the
process of evaluating the impact of adoption of this standard on its consolidated financial statements.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In May 2015, the FASB issued ASU 2015-07, “Fair Value Measurement: Disclosures for Investments in Certain
Entities that Calculate Net Asset Value Per Share (or its Equivalent).” ASU 2015-07 removes the requirement to
make certain disclosures as well as categorize within the fair value hierarchy all investments for which fair value
is measured using the net asset value (“NAV”) as a practical expedient. The Company adopted the new standard
in fiscal 2016 on a retrospective basis for all periods presented. Adoption of this standard changed certain fair
value hierarchy disclosures but overall did not have a material impact on the financial statements.

In April 2015, the FASB issued ASU 2015-03, “Interest – Imputation of Interest: Simplifying the Presentation of
Debt Issuance Costs.” In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent
Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” The standards require that
debt issuance costs related to a recognized debt liability, including a line of credit, be presented in the balance
sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, and
amortized ratably over the term of the debt liability. The Company adopted the new standards in the first quarter
of fiscal 2016 on a retrospective basis for all periods presented. Adoption of the standards resulted in an
$8.2 million reduction of Other assets and Long-term debt related to unamortized debt issuance costs on the
consolidated balance sheet as of January 2, 2016.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09
provides guidance for revenue recognition. The new guidance affects any reporting organization that either enters
into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial
assets unless those contracts are within the scope of other standards. The standard’s core principle is that a
company will recognize revenue when it transfers promised goods or services to customers in an amount that
reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In
August 2015, the FASB issued ASU 2015-14, “Deferral of the Effective Date,” which results in the guidance
being effective for the Company in the first quarter of its fiscal year ending December 29, 2018. The adoption
will include updates as provided under ASU 2016-08, “Principal versus Agent Considerations (Reporting
Revenue Gross versus Net);” ASU 2016-10, “Identifying Performance Obligations and Licensing;” and
ASU 2016-12, “Narrow-Scope Improvements and Practical Expedients.” Adoption is allowed by either the full
retrospective or modified retrospective approach. The Company is currently in the process of evaluating the
impact of adoption of this standard on its consolidated financial statements.

The Company is currently in the process of evaluating the impact of adoption of this standard on its consolidated
financial statements and is substantially complete with its initial evaluation of the major focus areas that could
impact the Company. From a principal versus agent considerations perspective, the Company has evaluated its
significant arrangements and has determined that revenue recognition on a gross reporting basis will remain
relatively unchanged, with the exception of a few smaller contracts that could be reported on a net basis
depending on the nature of the arrangements and management’s final assessment. As it pertains to the Food
Distribution and Military segments, the Company determined that the promised goods or services outlined in the
contracts with customers are immaterial in the context of the contracts, and therefore, the Company expects the
amount and timing of revenue to remain unchanged. Many of these contracts also include contingent amounts of
variable consideration, and the Company expects there to be few, if any, changes to the timing of revenue as the
Company currently recognizes these amounts under the presumption that they are fixed and determinable. The
Company also expects there to be few, if any, changes to revenue recognition in its Retail segment based on how
the Company currently records gift card breakage and loyalty rewards, which are immaterial with respect to the
consolidated financial statements. The Company expects to complete its evaluation and implementation of the
standard in mid-2017 and is currently in the process of updating its existing accounting policies as well as
implementing processes and controls to address the relevant changes that will result from adopting the new
standard.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 2 – Acquisitions

On June 16, 2015, the Company acquired certain assets and assumed certain liabilities of Dan’s Super Market,
Inc. (Dan’s) for a total purchase price of $32.6 million. Dan’s was a six-store chain serving Bismarck and
Mandan, North Dakota, and was not a customer of the SpartanNash Food Distribution segment prior to the
acquisition. The Company acquired the Dan’s stores to strengthen its offering in this region from both a retail
and distribution perspective. During the measurement period, which ended June 15, 2016, there were no material
adjustments made to the initial fair values of the assets acquired and liabilities assumed as part of the Dan’s
acquisition.

Note 3 – Accounts and Notes Receivable

Accounts and notes receivable are comprised of the following:

(In thousands)

December 31,
2016

January 2,
2016

Customer notes receivable . . . . . . . . . . . . . . . . . . . . . . .
Customer accounts receivable . . . . . . . . . . . . . . . . . . . .
Other receivables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allowance for doubtful accounts . . . . . . . . . . . . . . . . . .

$

3,219
252,778
42,142
(6,571)

$

2,385
282,153
37,817
(5,172)

Net current accounts and notes receivable . . . . . . . . . .

$291,568

$317,183

Long-term notes receivable . . . . . . . . . . . . . . . . . . . . . .
Allowance for doubtful accounts . . . . . . . . . . . . . . . . . .

15,393
(139)

21,774
(1,597)

Net long-term notes receivable . . . . . . . . . . . . . . . . . . .

$ 15,254

$ 20,177

Note 4 – Property and Equipment

Property and equipment consists of the following:

(In thousands)

Land and improvements . . . . . . . . . . . . . . . . . . . . . . .
Buildings and improvements . . . . . . . . . . . . . . . . . . .
Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total property and equipment . . . . . . . . . . . . . . . . . . .
Less accumulated depreciation and amortization . . . .

December 31,
2016

January 2,
2016

$

76,409
483,687
529,705

1,089,801
530,079

$

73,524
483,764
502,283

1,059,571
475,873

Property and equipment, net . . . . . . . . . . . . . . . . . . . .

$ 559,722

$ 583,698

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 5 – Goodwill and Other Intangible Assets

Changes in the carrying amount of goodwill were as follows:

(In thousands)

Balance at January 3, 2015:

Food
Distribution

Retail

Total

Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated impairment charges . . . . . . . . . . .

$131,348
—

$252,532
(86,600)

$383,880
(86,600)

Goodwill, net

. . . . . . . . . . . . . . . . . . . . . . . . . . .

131,348

165,932

297,280

Acquisition (Dan’s)

. . . . . . . . . . . . . . . . . . . . . .

1,019

24,603

25,622

Balance at January 2, 2016:

Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated impairment charges . . . . . . . . . . .

Goodwill, net

. . . . . . . . . . . . . . . . . . . . . . . . . . .

132,367
—

132,367

277,135
(86,600)

409,502
(86,600)

190,535

322,902

Other (Note 6) . . . . . . . . . . . . . . . . . . . . . . . . . . .

—

(216)

(216)

Balance at December 31, 2016:

Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated impairment charges . . . . . . . . . . .

132,367
—

276,919
(86,600)

409,286
(86,600)

Goodwill, net

. . . . . . . . . . . . . . . . . . . . . . . . . . .

$132,367

$190,319

$322,686

The following table reflects the components of amortized intangible assets, included in “Other assets, net” on the
consolidated balance sheets:

(In thousands)

Non-compete agreements . . . . . . . . . . . . . .
Favorable leases . . . . . . . . . . . . . . . . . . . . .
Pharmacy customer prescription lists . . . . .
Customer relationships . . . . . . . . . . . . . . . .
Trade names . . . . . . . . . . . . . . . . . . . . . . . .
Franchise fees and other . . . . . . . . . . . . . . .

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

December 31, 2016

January 2, 2016

Gross
Carrying
Amount

$ 1,244
8,744
7,168
17,633
1,068
929

$36,786

Accumulated
Amortization

$

978
3,807
3,445
2,187
236
270

$10,923

Gross
Carrying
Amount

$ 1,306
8,744
7,887
17,542
1,068
559

$37,106

Accumulated
Amortization

$ 725
3,248
3,441
1,308
86
205

$9,013

The weighted average amortization periods for amortizable intangible assets as of December 31, 2016 are as
follows:

Non-compete agreements . . . . . . . . . . . . . . . . . . . . . . . . . . .
Favorable leases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pharmacy customer prescription lists . . . . . . . . . . . . . . . . . .
Customer relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Trade names . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Franchise fees and other . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.0 years
15.7 years
7.4 years
20.0 years
7.0 years
9.2 years

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Amortization expense for intangible assets was $3.0 million, $3.3 million and $3.7 million for the fiscal years
ended December 31, 2016, January 2, 2016 and January 3, 2015, respectively.

Estimated amortization expense for each of the five succeeding fiscal years is as follows:

(In thousands)

Fiscal Year

2017

2018

2019

2020

2021

Amortization expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,835

$2,607

$2,489

$2,115

$1,394

Indefinite-lived intangible assets that are not amortized, consisting primarily of trade names and licenses for the
sale of alcoholic beverages, totaled $34.3 million and $35.1 million as of December 31, 2016 and January 2,
2016, respectively.

Note 6 – Restructuring Charges and Asset Impairment

The following table summarizes the reserve activity for closed properties for the fiscal years ended December 31,
2016, January 2, 2016 and January 3, 2015. Reserves for closed properties recorded in the consolidated balance
sheets are included in “Other accrued expenses” in Current liabilities and “Other long-term liabilities” in Long-
term liabilities based on when the obligations are expected to be paid.

(In thousands)

Balance at December 28, 2013 . . . . . . . .
Provision for closing charges (a) . . . . . . . .
Provision for severance (b) . . . . . . . . . . . .
Changes in estimates (c) . . . . . . . . . . . . . .
Accretion expense . . . . . . . . . . . . . . . . . . .
Payments . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance at January 3, 2015 . . . . . . . . . . .
Provision for closing charges (a) . . . . . . . .
Provision for severance (b) . . . . . . . . . . . .
Changes in estimates (c) . . . . . . . . . . . . . .
Lease termination adjustment (d) . . . . . . .
Accretion expense . . . . . . . . . . . . . . . . . . .
Payments . . . . . . . . . . . . . . . . . . . . . . . . . .

Balance at January 2, 2016 . . . . . . . . . . .
Provision for closing charges (a) . . . . . . . .
Provision for severance (b) . . . . . . . . . . . .
Changes in estimates (c) . . . . . . . . . . . . . .
Lease termination adjustment (d) . . . . . . .
Accretion expense . . . . . . . . . . . . . . . . . . .
Payments . . . . . . . . . . . . . . . . . . . . . . . . . .

Lease and
Ancillary Costs

Severance

Total

$19,496
543
—
(563)
841
(6,329)

13,988
7,200
—
(56)
(1,745)
592
(5,531)

14,448
13,925
—
689
(2,437)
675
(5,368)

$ 1,035
—
306
—
—
(1,261)

$20,531
543
306
(563)
841
(7,590)

80
—
395
(80)
—
—
(395)

—
—
919
(40)
—
—
(879)

14,068
7,200
395
(136)
(1,745)
592
(5,926)

14,448
13,925
919
649
(2,437)
675
(6,247)

Balance at December 31, 2016 . . . . . . . .

$21,932

$ — $21,932

(a) The provision for closing charges represents initial costs estimated to be incurred for lease and related

ancillary costs, net of sublease income, related to store and distribution center closings in the Retail and
Food Distribution segments, respectively.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(b) The provision for severance represents severance charges made in connection with property closures.
(c) As a result of changes in estimates, goodwill was reduced by $0.2 million and $1.3 million in the fiscal

years ended December 31, 2016 and January 3, 2015, respectively, as the initial charges for certain stores
were adjusted in the purchase price allocations for previous acquisitions.

(d) The lease termination adjustment represents the benefit recognized in connection with lease buyouts on

previously closed stores. The lease liabilities were formerly included in the Company’s restructuring cost
liability based on initial estimates.

Restructuring charges and asset impairment included in the consolidated statements of earnings consisted of the
following:

(In thousands)

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

Asset impairment charges (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for closing charges (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gain on sales of assets related to closed facilities (c) . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for severance (d)
Other costs associated with distribution center and store closings (e) . . . . . .
Changes in estimates (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lease termination adjustment (g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$15,586
13,925
(134)
919
3,692
865
(2,737)

$ 4,220
7,200
(2,997)
395
1,865
(136)
(1,745)

$ 7,550
543
(4,518)
306
1,504
781
—

$32,116

$ 8,802

$ 6,166

(a) Asset impairment charges were recorded in each fiscal year presented in the Retail segment in connection
with the Company’s store rationalization plan and the underperformance of certain retail stores. Asset
impairment charges of $880 were recorded in the fiscal year ended January 2, 2016 in connection with the
closure of a distribution center in the Military segment.

(b) The provision for closing charges represents initial costs estimated to be incurred for lease and related

ancillary costs, net of sublease income, related to property closures. In each fiscal year presented, closing
charges were recorded for store closings in the Retail segment, particularly retail stores in the western
geographies in connection with the Company’s store rationalization plan. In fiscal 2016, closing charges
were also recorded in the Food Distribution segment associated with the closure of a distribution center.

(c) The gain on sales of assets in fiscal 2016 relate to gains on the sale of vacant land in the Military segment
and net gains on the sale of previously closed stores in the Retail segment, partially offset by losses on the
sale of a closed distribution center in the Food Distribution segment. The gain on sales of assets in the fiscal
year ended January 2, 2016 resulted from the sale of a closed distribution center in the Food Distribution
segment and net gains on the sales of closed stores in the Retail segment. The gains on sales of assets in the
fiscal year ended January 3, 2015 resulted from sales of closed stores in the Retail segment.

(d) The provision for severance relates to distribution center closings in the Food Distribution and Military

segments and store closings in the Retail segment.

(e) Other closing costs associated with distribution center and store closings represent additional costs, mainly
labor, inventory transfer and other administrative costs, incurred in connection with winding down certain
operations in the Food Distribution and Retail segments.

(f) The changes in estimates relate to revised estimates of lease, ancillary and severance costs associated with

previously closed facilities, primarily in the Retail and Food Distribution segments.

(g) The lease termination adjustment represents the benefits recognized in connection with lease buyouts on

previously closed stores.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Lease obligations for closed facilities included in restructuring costs include the present value of future minimum
lease payments, calculated using a risk-free interest rate, and related ancillary costs from the date of closure to
the end of the remaining lease term, net of estimated sublease income.

Long-lived assets are analyzed for impairment whenever circumstances arise that could indicate the carrying
value of long-lived assets may not be recoverable. If such circumstances exist, then estimates are made of future
cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected
cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, an
impairment loss is recognized in the consolidated statements of earnings. Measurement of the impairment loss to
be recorded is equal to the excess of the carrying amount of the assets over the discounted future cash flows.
When analyzing the assets for impairment, assets are grouped at the lowest level for which there are identifiable
cash flows that are largely independent of the cash flows of other groups of assets.

Note 7 – Long-Term Debt

Long-term debt consists of the following:

(In thousands)

Senior secured revolving credit facility, due December 2021 . . . . . . . . . . . . . . . . . . . . .
Senior secured term loan, due December 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital lease obligations (Note 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other, 2.61% – 8.75%, due 2019 – 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total debt – principal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unamortized debt issuance costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

December 31,
2016

January 2,
2016

$359,127
26,954
48,255
5,028

439,364
(8,265)

431,099
17,424

$394,982
34,842
58,599
6,558

494,981
(8,185)

486,796
19,003

Total long-term debt

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$413,675

$467,793

In December 2016, SpartanNash Company and certain of its subsidiaries amended its senior secured credit
facility (the “Credit Agreement”). The principal changes of the amendment were to reduce the number of tiers in
the pricing grid from three to two, reset the advance rate on real estate to 75%, provide the ability to increase the
size of the term loan by $33 million, and extend the maturity date of the agreement, which was set to expire on
January 8, 2020, to December 20, 2021. The Credit Agreement provides for borrowings of $1.0 billion,
consisting of three tranches: a $900 million secured revolving credit facility (Tranche A), a $40 million secured
revolving credit facility (Tranche A-1), and a $60 million term loan (Tranche A-2). The Company has the ability
to increase the size of the Credit Agreement by an additional $400 million, subject to certain conditions in the
Credit Agreement. The Company’s obligations under the related Credit Agreement are secured by substantially
all of the Company’s personal and real property. The Company may repay all loans in whole or in part at any
time without penalty.

Availability under the Credit Agreement is based upon advance rates on certain asset categories owned by the
Company, including, but not limited to the following: inventory, accounts receivable, real estate, prescription
lists, cigarette tax stamps, and rolling stock.

The Credit Agreement imposes certain requirements, including: limitations on dividends and investments,
limitations on the Company’s ability to incur debt, make loans, acquire other companies, change the nature of the

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Company’s business, enter a merger or consolidation, or sell assets. These requirements can be more restrictive
depending upon the Company’s Excess Availability, as defined under the Credit Agreement.

Borrowings under the three tranches of the credit facility bear interest at the Company’s option as either
Eurodollar loans or Base Rate loans, subject to a grid based upon Excess Availability. As of December 31, 2016,
the interest rate terms are as follows:

Credit Facility
Tranche

Outstanding
as of
December 31, 2016

Tranche A

$325,000

Eurodollar Rate

LIBOR plus 1.50%
to 1.75%

Tranche A-1

$ 34,127

LIBOR plus 2.75%
to 3.00%

Base Rate

Greater of: (i) the Federal Funds Rate plus 1.00% to

1.25%
(ii) the Eurodollar Rate plus 1.25% to 1.50%
(iii) the prime rate plus 0.25% to 0.50%
Greater of: (i) the Federal Funds Rate plus 2.25% to

2.50%
(ii) the Eurodollar Rate plus 2.50% to 2.75%
(iii) the prime rate plus 1.50% to 1.75%

Tranche A-2

$ 26,954

LIBOR plus 5.25%

Greater of: (i) the Federal Funds Rate plus 4.75%

(ii) the Eurodollar Rate plus 5.25%
(iii) the prime rate plus 4.25%

The Company also incurs an unused line of credit fee on the unused portion of the loan commitments at a rate of
0.25% .

As of December 31, 2016 and January 2, 2016, the secured revolving credit facilities and senior secured term
loan had total outstanding borrowings of $386.1 million and $429.8 million, respectively. The Credit Agreement
requires that the Company maintain Excess Availability of 10% of the borrowing base, as defined in the Credit
Agreement. The Company is in compliance with all financial covenants as of December 31, 2016 and had Excess
Availability after the 10% requirement of $415.8 million and $334.3 million at December 31, 2016 and
January 2, 2016, respectively. The credit facility provides for the issuance of letters of credit, of which
$9.6 million and $11.1 million were outstanding as of December 31, 2016 and January 2, 2016, respectively.

In November 2015, the Company called for redemption all of the outstanding $50.0 million aggregate principal
amount of the 6.625% Senior Notes due December 2016 (the “Notes”). The Company redeemed the Notes for
cash, using borrowings under its revolving credit facility, on December 15, 2015. Notes called for redemption
became due and payable on the redemption date at a cash redemption price of 101.65625% of the principal
amount of the Notes, plus accrued and unpaid interest. A loss on debt extinguishment of $1.2 million was
incurred consisting of the redemption premium and the write-off of unamortized issuance costs.

The weighted average interest rate for all borrowings, including loan fee amortization, was 3.70% for the fiscal
year ended December 31, 2016.

At December 31, 2016, aggregate annual maturities and scheduled payments of long-term debt are as follows:

(In thousands)

2017

2018

2019

2020

2021

Thereafter

Total

Maturities . . . . . . . . . . . . . . . . . . . . .

$17,424

$18,655

$13,422

$4,654

$361,640

$23,569

$439,364

Fiscal Year

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 8 – Fair Value Measurements

Financial instruments include cash and cash equivalents, accounts and notes receivable, accounts payable and
long-term debt. The carrying amounts of cash and cash equivalents, accounts and notes receivable, and accounts
payable approximate fair value because of the short-term maturities of these financial instruments. The book
value and estimated fair value of the Company’s debt instruments, excluding debt financing costs, were as
follows:

(In thousands)

Book value of debt instruments, excluding debt financing costs:

Current maturities of long-term debt and capital lease obligations . . . .
Long-term debt and capital lease obligations . . . . . . . . . . . . . . . . . . . .

Total book value of debt instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair value of debt instruments, excluding debt financing costs . . . . . . . . . .

December 31,
2016

January 2,
2016

$ 17,424
421,940

439,364
440,759

$ 19,003
475,978

494,981
497,116

Excess of fair value over book value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

1,395

$

2,135

The estimated fair value of debt is based on market quotes for instruments with similar terms and remaining
maturities (Level 2 inputs and valuation techniques).

Accounting Standards Codification (“ASC”) Topic 820 prioritizes the inputs to valuation techniques used to
measure fair value into the following hierarchy:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly or indirectly.

Level 3: Unobservable inputs for the asset or liability, reflecting the reporting entity’s own assumptions
about the assumptions that market participants would use in pricing.

Long-lived assets are measured at fair value on a nonrecurring basis using Level 3 inputs as defined in the fair
value hierarchy. As of the fiscal years ended December 31, 2016 and January 2, 2016, assets with a book value of
$20.1 million and $11.9 million were measured at a fair value of $4.5 million and $7.7 million, respectively. Fair
value of long-lived assets is determined by estimating the amount and timing of net future cash flows, discounted
using a risk-adjusted rate of interest. The Company estimates future cash flows based on experience and
knowledge of the geographic area in which the assets are located, and when necessary, uses real estate brokers.
See Note 6 for discussion of long-lived asset impairment charges.

Note 9 – Commitments and Contingencies

The Company subleases property at certain locations and for the fiscal years ended December 31,
2016, January 2, 2016 and January 3, 2015, received rental income of $4.8 million, $5.3 million and $5.0 million,
respectively. In the event of the customer’s default, the Company would be responsible for fulfilling these lease
obligations. The future payment obligations under these leases are disclosed in Note 10.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Unions represent approximately 8% of SpartanNash’s associates. These associates are covered by collective
bargaining agreements. The facilities covered by collective bargaining agreements, the unions representing the
covered associates and the expiration dates for each existing collective bargaining agreement are provided in the
following table:

Distribution Center Locations

Union Locals

Expiration Dates

Lima, Ohio (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Bellefontaine, Ohio GTL Truck Lines, Inc. (a) . . . . . . . . . . . . . . . . .
Bellefontaine, Ohio General Merchandise Service Division (a) . . . .
Grand Rapids, Michigan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Landover, Maryland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Norfolk, Virginia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Columbus, Georgia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

IBT 908
IBT 908
IBT 908
IBT 406
IBT 639
IBT 822
IBT 528

January, 2019
February, 2019
February, 2019
October, 2017
February, 2018
April, 2019
September, 2019

(a) The Company is in the process of negotiating contract extensions at these locations, which have been

updated with the contemplated expiration dates.

The Company is engaged from time-to-time in routine legal proceedings incidental to its business. The Company
does not believe that these routine legal proceedings, taken as a whole, will have a material impact on its
business or financial condition. While the ultimate effect of such actions cannot be predicted with certainty,
management believes that their outcome will not result in an adverse effect on the Company’s consolidated
financial position, operating results or liquidity.

The Company contributes to the Central States Southeast and Southwest Pension Fund (“Central States Plan” or
“the Plan”), a multi-employer pension plan, based on obligations arising from its collective bargaining agreements
in Bellefontaine, Ohio, Lima, Ohio, and Grand Rapids, Michigan covering its supply chain associates at those
locations. This Plan provides retirement benefits to participants based on their service to contributing employers.
The benefits are paid from assets held in trust for that purpose. Trustees are appointed by contributing employers
and unions; however, SpartanNash is not a trustee. The trustees typically are responsible for determining the level of
benefits to be provided to participants, as well as for such matters as the investment of the assets and the
administration of the plan. The Company currently contributes to the Central States Plan under the terms outlined in
the “Primary Schedule” of Central States’ Rehabilitation Plan or those outlined in the “Default Schedule.” Both the
Primary and Default schedules require varying increases in employer contributions over the previous year’s
contribution. Increases are set within the collective bargaining agreement and vary by location.

On December 13, 2014, Congress passed the Multi-employer Pension Reform Act of 2014 (“MPRA”). The
MPRA is intended to address funding shortfalls in both multi-employer pension plans and the Pension Benefit
Guaranty Corporation. As the Plan’s application to suspend payment of pension benefits under the provisions of
the MPRA was denied, the MPRA is unlikely to significantly impact the Plan.

Based on the most recent information available to the Company, management believes that the present value of
actuarial accrued liabilities in this multi-employer plan significantly exceeds the value of the assets held in trust
to pay benefits. Because SpartanNash is one of a number of employers contributing to this plan, it is difficult to
ascertain what the exact amount of the underfunding would be, although management anticipates that the
Company’s contributions to this plan will increase each year. Management is not aware of any significant change
in funding levels since December 31, 2016. To reduce this underfunding, management expects meaningful
increases in expense as a result of required incremental multi-employer pension plan contributions in future
years. Any adjustment for withdrawal liability will be recorded when it is probable that a liability exists and can
be reasonably determined.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 10 – Leases

A substantial portion of the Company’s retail stores and warehouse properties are operated in leased facilities.
The Company also leases small ancillary warehouse facilities, the tractor and trailer fleet, and certain other
equipment. Most of the property leases contain renewal options of varying terms. Terms of certain leases contain
provisions requiring payment of percentage rent based on sales and payment of executory costs such as property
taxes, utilities, insurance, maintenance and other occupancy costs applicable to the leased premises. Terms of
certain leases of transportation equipment contain provisions requiring payment of percentage rent based upon
miles driven. Certain properties or portions thereof are subleased to others. Operating leases often contain
renewal options. In those locations in which it makes economic sense to continue to operate, management
expects that, in the normal course of business, leases that expire will be renewed or replaced by other leases.

Rental expense, net of sublease income, under operating leases consisted of the following:

(In thousands)

Minimum rentals . . . . . . . . . . . . . . . . . . . . . . . . . . .
Contingent rental payments . . . . . . . . . . . . . . . . . . .
Sublease rental income . . . . . . . . . . . . . . . . . . . . . . .

December 31,
2016
(52 Weeks)

$57,478
314
(4,830)

January 2,
2016
(52 Weeks)

$57,625
267
(5,311)

January 3,
2015
(53 Weeks)

$56,848
563
(5,027)

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$52,962

$52,581

$52,384

The Company’s total future lease commitments under operating and capital leases in effect at December 31, 2016
are as follows:

(In thousands)

Operating Leases

Used in
Operations

Subleased
to Others

Total

Capital
Leases

Fiscal Year
2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 49,236
43,231
32,681
25,723
18,258
76,745

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$245,874

$1,836
1,822
1,362
1,087
694
972

$7,773

$ 51,072
45,053
34,043
26,810
18,952
77,717

$253,647

$ 9,261
9,048
8,643
6,449
4,489
32,961

70,851

Interest

(22,596)

Present value of minimum lease obligations
Current maturities

48,255
5,867

Long-term capitalized lease obligations

$ 42,388

-68-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Assets held under capital leases consisted of the following:

(In thousands)

Building and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equipment

Assets under capitalized leases . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less accumulated amortization and depreciation . . . . . . . . . . . . .

December 31,
2016

January 2,
2016

$61,831
3,403

65,234
25,163

$72,297
5,281

77,578
31,372

Net assets under capitalized leases . . . . . . . . . . . . . . . . . . . . . . . .

$40,071

$46,206

Amortization expense for property under capital leases was $5.2 million, $3.6 million and $4.4 million in fiscal
years ended December 31, 2016, January 2, 2016 and January 3, 2015, respectively.

Certain retail store facilities, either owned or obtained through leasing arrangements, are leased to others. A
majority of the leases provide for minimum and contingent rentals based upon stipulated sales volumes and
contain renewal options. Certain of the leases contain escalation clauses.

Owned assets, included in property and equipment, which are leased to others are as follows:

(In thousands)

Land and improvements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Buildings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Long-term debt and capital lease obligations . . . . . . . . . . . .
Less accumulated amortization and depreciation . . . . . . . . . . . . .

December 31,
2016

January 2,
2016

$ 3,860
13,948

17,808
7,625

$ 3,508
10,640

14,148
5,890

Net property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$10,183

$ 8,258

Future minimum rentals to be received under lease obligations in effect at December 31, 2016 are as follows:

(In thousands)

2017

2018

2019

2020

2021

Thereafter

Total

Owned property . . . . . . . . . . . . . . . . . . . . . . $3,158
4,372
Leased property . . . . . . . . . . . . . . . . . . . . . .

$2,119
3,384

$1,326
2,122

$ 963
1,571

$ 694
854

$ 839
1,118

$ 9,099
13,421

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $7,530

$5,503

$3,448

$2,534

$1,548

$1,957

$22,520

Fiscal Year

Note 11 – Associate Retirement Plans

The Company’s retirement programs include pension plans providing non-contributory benefits and salary
deferral defined contribution plans. Substantially all of the Company’s associates not covered by collective
bargaining agreements are covered by a frozen non-contributory pension plan, a defined contribution plan, or
both. Associates covered by collective bargaining agreements at the Company’s Columbus, Georgia; Norfolk,
Virginia; and Landover, Maryland facilities all participate in the Company’s defined contribution plan; the
remaining associates covered under collective bargaining agreements participate in a multi-employer pension
plan.

-69-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Defined Contribution Plans

Expense for employer matching and profit sharing contributions made to defined contribution plans totaled
$11.9 million, $21.1 million and $13.6 million in fiscal years end December 31, 2016, January 2, 2016 and
January 3, 2015, respectively.

Executive Compensation Plans

The Company has a deferred compensation plan for a select group of management personnel or highly
compensated associates. The plan is unfunded and permits participants to defer receipt of a portion of their base
salary, annual bonus, or long-term incentive compensation which would otherwise be paid to them. The deferred
amounts, plus earnings, are distributed following the associate’s termination of employment. Earnings are based
on the performance of hypothetical investments elected by the participant from a portfolio of investment options.

The Company had two separate trusts established for the protection of cash balances owed to participants in its
deferred compensation plans. The Company was required, as specified by the plan documents, to fund these
trusts with 125% of its pre-merger liability to plan participants. These trusts were terminated in 2015 and the
Company received cash proceeds from the liquidation of corporate owned life insurance policies of $5.0 million.

The Company also holds variable universal life insurance policies on certain key associates intended to fund
distributions under the deferred compensation plan referenced above. The net cash surrender value of
approximately $4.2 million at both December 31, 2016 and January 2, 2016, is recorded in “Other assets, net” in
the consolidated balance sheets. These policies have an aggregate amount of life insurance coverage of
approximately $15.0 million.

Defined Benefit Plans

The Company sponsors defined benefit pension plans for certain associates. The pension benefits are primarily
based on years of service and compensation, with some differences resulting from the nature of how benefits
were calculated under the Company’s legacy defined benefit plans, as described below.

The Spartan Stores, Inc. Cash Balance Pension Plan (“Cash Balance Pension Plan”), a non-contributory cash
balance pension plan, was frozen effective January 1, 2011. As a result of the freeze, no additional associates
were eligible to participate in the plan after January 1, 2011, and additional service credits were no longer added
to each participant’s account; however, interest credits continue to accrue. Prior to the plan freeze, the plan
benefit formula utilized a cash balance approach whereby credits were added annually to a participant’s account
based on compensation and years of vested service, with interest credits also added to the participant’s account at
the Company’s discretion.

The Retirement Plan for Employees of Super Food Services, Inc. (“Super Foods Plan”), a qualified non-
contributory pension plan offered by one of the Company’s subsidiaries, provides retirement income for certain
eligible full-time associates who are not covered by a union retirement plan. Pension benefits under the plan are
based on length of service and compensation, and contributions meet the minimum funding requirements. This
plan has been curtailed and no new associates can enter the plan. This plan was frozen effective January 1, 1998.

On December 31, 2014, the Super Foods Plan was merged into the Cash Balance Pension Plan and renamed the
SpartanNash Company Pension Plan. The merging of the plans resulted in lower administrative fees and reduced
cash funding. Annual payments to the pension trust fund are determined in compliance with the Employee
Retirement Income Security Act of 1976 (“ERISA”). Plan assets consist principally of U.S. government and
corporate obligations and common stocks. The plan does not hold any SpartanNash stock.

-70-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

If lump sum distributions are made in an amount exceeding annual interest cost, settlement accounting is
triggered and the resulting settlement expense is recorded as a component of total pension expense (income).
During the fiscal year ended December 31, 2016, lump sum distributions of $2.8 million were made and a
resulting pension settlement charge of $0.7 million was incurred. During the fiscal year ended January 3, 2015,
terminated vested participants of the Cash Balance Pension Plan and the Super Foods Plan were offered a
temporary opportunity to elect to receive a lump sum distribution, and total lump sum distributions of
$10.6 million were made. As a result of these distributions, and normal lump sum distributions, a pension
settlement charge of $1.6 million was incurred in fiscal 2014.

Postretirement Medical Plans

SpartanNash Company and certain subsidiaries provide healthcare benefits to retired associates who were not
covered by collective bargaining arrangements during their employment (“covered associates”) under the
SpartanNash Company Retiree Medical Plan (“SpartanNash Medical Plan”). Former Spartan Stores, Inc.
associates who have at least 10 years of service and have attained age 55, and who were not covered by collective
bargaining arrangements during their employment, qualify as covered associates. Qualified covered associates
that retired prior to March 31, 1992 receive major medical insurance with deductible and coinsurance provisions
until age 65 and Medicare supplemental benefits thereafter. Covered associates retiring after April 1, 1992 are
eligible for monthly postretirement healthcare benefits of $5 multiplied by the associate’s years of service. This
benefit is in the form of a credit against the monthly insurance premium. The retiree pays the balance of the
premium. Associates hired after December 31, 2001 are not eligible for these benefits.

The following tables set forth the actuarial present value of benefit obligations, funded status, change in benefit
obligation, change in plan assets, weighted average assumptions used in actuarial calculations and components of
net periodic benefit costs for the Company’s significant pension and postretirement benefit plans, excluding
multi-employer plans. The prepaid, current accrued, and noncurrent accrued benefit costs associated with pension
and postretirement benefits are reported in “Other assets, net,” “Accrued payroll and benefits,” and
“Postretirement benefits,” respectively, in the consolidated balance sheets.

(In thousands, except percentages)

Funded Status
Projected/Accumulated benefit obligation:
. . . . . . . . . . . . . . . . . . . . . . . . . .
Balance at beginning of year
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actuarial loss (gain) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SpartanNash Company
Pension Plan

SpartanNash
Medical Plan

December 31,
2016

January 2,
2016

December 31,
2016

January 2,
2016

$83,398
—
2,977
1,598
(7,623)

$93,034
—
3,325
(4,985)
(7,976)

$ 9,179
187
345
213
(261)

$ 9,905
231
404
(1,117)
(244)

Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$80,350

$83,398

$ 9,663

$ 9,179

Fair value of plan assets:
. . . . . . . . . . . . . . . . . . . . . . . . . .
Balance at beginning of year
Actual return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . .
Company contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$84,753
4,852
—
(7,623)

$93,718
(1,639)
650
(7,976)

$ —
—
261
(261)

$ —
—
244
(244)

Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$81,982

$84,753

$ —

$ —

Funded (unfunded) status . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,632

$ 1,355

$(9,663)

$(9,179)

-71-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands, except percentages)

Components of net amount recognized in consolidated

balance sheets:

SpartanNash Company
Pension Plan

SpartanNash
Medical Plan

December 31,
2016

January 2,
2016

December 31,
2016

January 2,
2016

Noncurrent assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncurrent liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,632
—
—

Net asset (liability) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,632

$ 1,355
—
—

$ 1,355

$ —
(412)
(9,251)

$ —
(340)
(8,839)

$(9,663)

$(9,179)

Amounts recognized in accumulated other comprehensive

income:

Net actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prior service credit

$16,938
—

Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . .

$16,938

$17,322
—

$17,322

$ 1,434
(408)

$ 1,263
(566)

$ 1,026

$

697

Weighted average assumptions at measurement date:
Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . .
Ultimate health care cost trend rate . . . . . . . . . . . . . . . . . . . . .

3.82%
4.83%
N/A

4.04%
5.05%
N/A

4.26%
N/A
5.00%

4.55%
N/A
5.00%

SpartanNash Company Pension Plan

SpartanNash Medical Plan

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)
(a)

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

(In thousands, except percentages)

Components of net periodic
benefit cost (income):

Service cost . . . . . . . . . . . . . . . . . . .
Interest cost . . . . . . . . . . . . . . . . . . .
Amortization of prior service

cost . . . . . . . . . . . . . . . . . . . . . . .
Expected return on plan assets . . . .
Recognized actuarial net loss . . . . .

Net periodic benefit (income)

expense . . . . . . . . . . . . . . . . . . . .
Settlement expense . . . . . . . . . . . . .

$ (586)
692

Total expense (income)

. . . . . . . . .

$

106

$ —
2,977

$ —
3,325

$ — $ 187
345

4,223

$ 231
404

—
(4,269)
706

—
(4,923)
827

$ (771)
—

$ (771)

—
(5,737)
970

(158)
—
42

$ (544)
2,588

$ 2,044

$ 416
—

$ 416

(158)
—
174

$ 651
—

$ 651

$ 186
394

(158)
—
20

$ 442
—

$ 442

Weighted average assumptions

used to determine net periodic
benefit cost (income):

Discount rate . . . . . . . . . . . . . . . . . .
Expected return on plan assets . . . .

4.04% 3.75% 4.35%/4.65%
5.05% 5.50% 5.95%/5.70%

4.55%
N/A

4.15%
N/A

5.05%
N/A

On December 31, 2014, the Super Foods Plan was merged into the Cash Balance Pension Plan and renamed the
SpartanNash Company Pension Plan.
(a) Amounts reflect the combined values of the Cash Balance Pension Plan and Super Foods Plan. For

weighted average assumptions, these reflect the assumptions used for the Cash Balance Pension Plan and
the Super Foods Plan, respectively.

-72-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The net actuarial loss and prior service cost included in “Accumulated Other Comprehensive Income” and
expected to be recognized in net periodic benefit cost during fiscal year 2017 are as follows:

(In thousands)

SpartanNash
Company
Pension Plan

Prior service credit
. . . . . . . . . . . . . . . . . . . . . . . . . . .
Net actuarial loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ —
222

SpartanNash
Medical Plan

$(158)
59

Prior service costs (credits) are amortized on a straight-line basis over the average remaining service period of
active participants. Actuarial gains and losses for the SpartanNash Company Pension Plan are amortized over the
average remaining service life of active participants when the accumulation of such gains and losses exceeds
10% of the greater of the projected benefit obligation and the fair value of plan assets.

Assumed healthcare cost trend rates have a significant effect on the amounts reported for the postretirement plan.
Assumed healthcare cost trend rates used to determine net periodic benefit cost (income) were as follows:

Pre-65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Post-65 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.50%
8.40%

7.75%
6.85%

8.00%
7.00%

December 31,
2016

January 2,
2016

January 3,
2015

The effect of a one-percentage point increase or decrease in assumed healthcare cost trend rates on the total
service and interest components and the post-retirement benefit obligations would be less than $0.1 million.

Expected Return on Assets and Investment Strategy

The Company has assumed an average long-term expected return on the SpartanNash Company Pension Plan
assets of 4.83% as of December 31, 2016. The expected return assumption was modeled by third-party
investment portfolio managers, based on asset allocations and the expected return and risk components of the
various asset classes in the portfolio. Determining projected stock and bond returns and then applying these
returns to the target asset allocations of the plan assets developed the expected return. Equity returns were based
primarily on historical returns of the S&P 500 Index. Fixed-income projected returns were based primarily on
historical returns for the broad U.S. bond market. This overall return assumption is believed to be reasonable
over a longer-term period that is consistent with the liabilities.

The Company has an investment policy for the SpartanNash Company Pension Plan with a long-term asset
allocation mix designed to meet the long-term retirement obligations by investing in equity, fixed income and
other securities to cover cash flow requirements of the plan and minimize long-term costs. The asset allocation
mix is reviewed periodically and, on a regular basis, actual allocations are rebalanced to approximate the
prevailing targets. The following table summarizes both the targeted allocation of the SpartanNash Company
Pension Plan’s weighted-average asset allocation by asset category and actual allocations as of December 31,
2016 and January 2, 2016:

Asset Category

Target (a)

Actual

December 31,
2016

December 31,
2016

January 2,
2016

Equity securities . . . . . . . . . . . . . . . . . . . . . . . . . .
Fixed income . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . .

20.0%
80.0
—

20.8%
76.9
2.3

30.6%
68.5
0.9

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

100.0%

100.0%

100.0%

-73-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(a) At the end of fiscal 2015, the Company updated the target allocation of the SpartanNash Company Pension
Plan investment portfolio to reduce its return-seeking equity securities to approximate a 20% allocation.
The Company continually evaluated financial market conditions and prudently transitioned the pension plan
assets to approximate the revised target allocation as of December 31, 2016.

The investment policy emphasizes the following key objectives: (1) provide benefit security to participants by
maximizing the return on plan assets at an acceptable risk level (2) maintain adequate liquidity for current benefit
payments (3) avoid unexpected increases in pension expense and (4) within the scope of the above objectives,
minimize long term funding to the plan.

The fair values of the pension plan assets at December 31, 2016 and January 2, 2016, by asset category, are as
follows:

(In thousands)

Fair Value of Assets as of December 31, 2016

Total

Level 1

Level 2

Level 3

NAV (a)

Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pooled funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Money market fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guaranteed annuity contract . . . . . . . . . . . . . . . . . . . . . . . . . .

$14,178
50,506
1,872
15,426

$ — $ — $ — $14,178
— 50,506
—
—
—
— 15,426

—
1,872

—
—
—

Total fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$81,982

$ — $1,872

$15,426

$64,684

(In thousands)

Fair Value of Assets as of January 2, 2016

Total

Level 1

Level 2

Level 3

NAV (a)

Mutual funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Pooled funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Money market fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Guaranteed annuity contract . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 9,401
58,355
799
16,198

$ — $ — $ — $ 9,401
— 58,355
—
—
799
—
—
— 16,198

—
—
—

Total fair value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$84,753

$ — $ 799

$16,198

$67,756

(a) Assets are measured at the net asset value (“NAV”) (or its equivalent) on a non-active market, and therefore,

have not been classified in the fair value hierarchy.

Level 3 assets consisted of the guaranteed annuity contracts. A reconciliation of the beginning and ending
balances for Level 3 assets is as follows:

(In thousands)

Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchases, sales, issuances and settlements, net
. . . . . . . . . . . . . . . . . . . . . .
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized gains (losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

December 31,
2016

January 2,
2016

$16,198
(1,733)
631
330

$17,749
(2,227)
680
(4)

Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$15,426

$16,198

See Note 8 for a discussion of the levels of the fair value hierarchy. The assets’ fair value measurement level
above is based on the lowest level of any input that is significant to the fair value measurement.

-74-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following is a description of the valuation methods used for the plans’ assets measured at fair value in the
above tables:

Cash & money market funds: The carrying value approximates fair value. Money market funds are valued on a
daily basis at the NAV using the amortized cost of the securities held in the fund. Because amortized cost does
not meet the criteria for an active market, money market funds are classified within Level 2 of the fair value
hierarchy of ASC 820.

Mutual Funds: These investments are valued using the NAV as a practical expedient to estimate fair value and
are not classified in the fair value hierarchy. The NAV is determined once a day after the closing of the exchange
based upon the underlying assets in the fund, less the fund’s liabilities, expressed on a per-share basis. Mutual
funds held by the SpartanNash Company Pension Plan are open end mutual funds that are registered with the
Securities and Exchange Commission (“SEC”). These funds are required to publish their daily NAV and to
transact at that price. The mutual funds held by the SpartanNash Company Pension Plan are therefore deemed to
be actively traded.

Pooled Funds: The plan holds units of various Aon Hewitt Group Trust Funds offered through a private
placement. The units are valued daily using the NAV as a practical expedient to estimate fair value. The NAV’s
are based on the fair value of each fund’s underlying investments, and are not classified in the fair value
hierarchy. The practical expedient is not used when it is determined to be probable that the investment will be
sold for an amount different than the reported NAV.

Guaranteed Annuity Contracts: The guaranteed annuity contracts are immediate participation contracts held with
insurance companies that act as custodian of the pension plans’ assets. The guaranteed annuity contracts are
stated at contract value as determined by the custodians, which approximate fair values. The Company evaluates
the general financial condition of the custodians as a component of validating whether the calculated contract
value is an accurate approximation of fair value. The review of the general financial condition of the custodians
is considered obtainable/observable through the review of readily available financial information the custodians
are required to file with the SEC. The group annuity contracts are classified within Level 3 of the valuation
hierarchy of ASC 820.

The methods described above may produce a fair value calculation that may not be indicative of net realizable
value or reflective of future fair values. Furthermore, while the Company believes its valuations methods are
appropriate and consistent with other market participants, the use of different methodologies or assumptions to
determine the fair value of certain financial instruments could result in a different fair value measurement.

The Company does not expect to make any contributions to the SpartanNash Company Pension Plan in the fiscal
year ending December 30, 2017. The Company expects to make contributions of $0.4 million to the SpartanNash
Medical Plan in the fiscal year ending December 30, 2017.

The following estimated benefit payments are expected to be paid in the following fiscal years:

(In thousands)

2017

2018

2019

2020

2021

2022 to 2026

Pension benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Post-retirement medical benefits . . . . . . . . . . . . . . . . .

$8,875
412

$8,174
453

$7,740
494

$7,242
530

$7,361
562

$27,705
3,199

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Multi-Employer Health and Welfare Plans

In addition to the plans described above, the Company participates in the Michigan Conference of Teamsters and
Ohio Conference of Teamsters Health and Welfare plans. The Company contributes to these multi-employer
plans under the terms contained in existing collective bargaining agreements and in the amounts set forth within
these agreements. The health and welfare plans provide medical, dental, pharmacy, vision, and other ancillary
benefits to active associates and retirees, as determined by the trustees of the plan. The vast majority of the
Company’s contributions benefit active associates, and as such, may not constitute contributions to a
postretirement benefit plan. However, the Company is unable to separate contribution amounts for postretirement
benefits from contribution amounts paid for active participants in the plan. These plans have a significant surplus
of funds held in reserve in excess of claims incurred, and there is no potential withdrawal liability related to the
Company’s participation in the plans. With respect to the Company’s participation in these plans, expense is
recognized as contributions are funded. The Company contributed $14.3 million, $15.1 million and $14.3 million
to these plans for fiscal years ended December 31, 2016, January 2, 2016 and January 3, 2015, respectively.

Multi-Employer Pension Plan

The Company also participates in the Central States Southeast and Southwest Areas Pension Plan (“Central
States Plan” or “the Plan”). The Company contributes to this multi-employer pension plan under the terms
contained in existing collective bargaining agreements and in the amounts set forth within these agreements.
With respect to the Company’s participation in the Central States Plan, expense is recognized as contributions are
funded. The Company contributed $13.4 million, $12.9 million and $12.9 million to this plan for fiscal years
ended December 31, 2016, January 2, 2016 and January 3, 2015, respectively. The risk of participating in a
multi-employer pension plan is different from the risk associated with single-employer plans in the following
respects:

a. Assets contributed to the multi-employer plan by one employer may be used to provide benefits to

associates of other participating employers.

b.

c.

If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be
borne by the remaining participating employers.

If a company chooses to stop participating in a multi-employer plan, makes market exits such as
closing a distribution center without opening another one in the same locale, or otherwise has
participation in the plan drop below certain levels, the company may be required to pay those plans an
amount based on the underfunded status of the plan, referred to as a withdrawal liability.

The Company’s participation in the Central States Plan is outlined in the tables below, which provide additional
information about the collective bargaining agreements associated with this multi-employer plan. Unless
otherwise noted, the most recent Pension Protection Act (“PPA”) zone status available in 2016 and 2015 relates
to the Plan’s two most recent fiscal year-ends. The zone status is based on information that the Company
received from the Plan and is certified by each plan’s actuary. Among other factors, red zone status plans are
generally less than 65% funded and are considered in critical status. The FIP/RP Status Pending/Implemented
column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either
pending or has been implemented by the trustees of each plan. On December 13, 2014, Congress passed the
Multi-employer Pension Reform Act of 2014 (“MPRA”). The MPRA is intended to address funding shortfalls in
both multi-employer pension plans and the Pension Benefit Guaranty Corporation. As the Plan’s application to
suspend payments of pension benefits under the provisions of the MPRA was denied, the MPRA is unlikely to

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

significantly impact the Plan. See Note 9 for further information regarding the Company’s participation in the
Central States Plan.

EIN – Pension
Plan Number

Pension
Protection
Act Zone
Status

2016

2015

Plan
Month /
Day End
Date

FIP / RP
Status
Pending /
Implemented

Expiration Dates of
Collective
Bargaining
Agreements

Percentage
of
Associates
under
Collective
Bargaining
Agreements

2016 Company
Contributions
More Than 5%
of Total Plan
Contributions

36-6044243-001 (a) . . . .

12/31

Red Red Implemented

10/2017 to 9/2019

8%

No

(a) SpartanNash is party to four collective-bargaining agreements that require contributions to the Central
States Plan. These agreements cover warehouse personnel and drivers in Grand Rapids, Michigan;
Bellefontaine, Ohio; and Lima, Ohio. In the last contract negotiation, the Agreement covering the
Bellefontaine warehouse associates was consolidated into the General Merchandise Services (“GMS”)
Agreement. The collective-bargaining agreement that covers warehouse personnel and drivers in the Grand
Rapids, Michigan distribution center has no surcharges imposed while the agreements that cover warehouse
personnel and drivers in the Bellefontaine, Ohio and Lima, Ohio distribution centers do have permanent
surcharges imposed due to the failure to adopt the trustee recommended rehabilitation plan.

As of the date the financial statements were issued, Form 5500 was not available for the plan year ended in 2016.

Note 12 – Accumulated Other Comprehensive Income or Loss

Accumulated other comprehensive income or loss (“AOCI”) represents the cumulative balance of other
comprehensive income (loss), net of tax, as of the end of the reporting period and relates to pension and other
postretirement benefit obligation adjustments. Changes in AOCI are as follows:

(In thousands)

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

Balance at beginning of the fiscal year, net of tax . . . . . . . . . . . . . . . . . . . . .
Other comprehensive loss before reclassifications . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income tax benefit

$(11,447)
(643)
236

$(11,655) $ (8,794)
(8,195)
3,138

(455)
114

Other comprehensive loss, net of tax, before reclassifications . . . . . . .

Amortization of amounts included in net periodic benefit cost (a) . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income tax expense (b)

Amounts reclassified out of AOCI, net of tax . . . . . . . . . . . . . . . . . . . .

Other comprehensive income (loss), net of tax . . . . . . . . . . . . . . .

(407)

657
(240)

417

10

(341)

884
(335)

549

208

(5,057)

3,410
(1,214)

2,196

(2,861)

Balance at end of the fiscal year, net of tax . . . . . . . . . . . . . . . . . . . . . . . . . .

$(11,437)

$(11,447) $(11,655)

(a) Reclassified from AOCI into Selling, general and administrative expense. Amortization of amounts included

in net periodic benefit cost include amortization of prior service cost and amortization of net actuarial loss.

(b) Reclassified from AOCI into Income taxes expense.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 13 – Taxes on Income

The income tax provision for continuing operations is made up of the following components:

(In thousands)

Current income tax expense:

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

Federal
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total current income tax expense . . . . . . . . .

Deferred income tax expense (benefit):

Federal
. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total deferred income tax expense . . . . . . . .

$22,936
3,210

26,146

6,509
252

6,761

$31,437
3,144

34,581

3,255
(743)

2,512

$27,015
777

27,792

3,362
175

3,537

Total income tax expense . . . . . . . . . . . . . . . . . . .

$32,907

$37,093

$31,329

A reconciliation of the statutory federal rate to the effective rate is as follows:

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

Federal statutory income tax rate . . . . . . . . . . . . . . .
State taxes, net of federal income tax benefit
. . . . .
Charitable product donations . . . . . . . . . . . . . . . . . .
Changes in tax contingencies . . . . . . . . . . . . . . . . . .
Domestic production activities deduction . . . . . . . .
Non-deductible expenses . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other, net

Effective income tax rate . . . . . . . . . . . . . . . . . . . . .

35.0%
2.5
(0.5)
—
(0.3)
0.5
(0.6)

36.6%

35.0%
1.6
(0.3)
(0.1)
(0.2)
0.4
0.6

37.0%

35.0%
2.9
(0.4)
(2.7)
(0.2)
0.9
(0.9)

34.6%

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Deferred tax assets and liabilities resulting from temporary differences as of December 31, 2016 and January 2,
2016 are as follows:

(In thousands)

Deferred tax assets:

December 31,
2016

January 2,
2016

Employee benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued workers’ compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Allowance for doubtful accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Restructuring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued rent
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 30,626
2,624
2,945
2,060
6,087
2,990
3,555
1,279
4,417

$ 29,218
2,712
3,341
326
732
2,047
3,884
866
6,804

Total deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

56,583

49,930

Deferred tax liabilities:

Property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Leases (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
All other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

52,401
46,332
79,904
—
1,189

43,201
48,120
62,005
12,279
925

Total deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

179,826

166,530

Net deferred tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$123,243

$116,600

(a) Beginning in fiscal 2016, lease related items are classified together with the associated property and

equipment or intangible asset items.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(In thousands)

December 31,
2016

January 2,
2016

Balance at beginning of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross increases – tax positions taken in prior years . . . . . . . . . . . . . . . . . . . . . . . . .
Gross decreases – tax positions taken in prior years . . . . . . . . . . . . . . . . . . . . . . . . .
Gross increases – tax positions taken in current year
. . . . . . . . . . . . . . . . . . . . . . . .
Lapse of statute of limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,211
184
(2)
718
(742)

Balance at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$2,369

$2,179
186
(105)
660
(709)

$2,211

Unrecognized tax benefits of $0.9 million are set to expire prior to December 30, 2017. The Company recognizes
interest and penalties accrued related to unrecognized tax benefits in income tax expense. The amount of
unrecognized tax benefits, including interest and penalties, that would reduce the Company’s effective income
tax rate if recognized in future periods was $1.3 million as of December 31, 2016.

SpartanNash or its subsidiaries file income tax returns with federal, state and local tax authorities within the
United States. With few exceptions, SpartanNash is no longer subject to U.S. federal, state or local examinations
by tax authorities for fiscal years before March 31, 2012. Income tax returns related to the former Nash-Finch

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Company, with few exceptions, are no longer subject to U.S. federal, state or local examinations by tax
authorities for the fiscal year ended December 29, 2012 and earlier.

Note 14 – Stock-Based Compensation

The Company has a shareholder-approved 10-year stock incentive plan covering 2,500,000 shares of
SpartanNash’s common stock. The SpartanNash Company Stock Incentive Plan of 2015 (the “2015 Plan”)
provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, stock
awards, and other stock-based and stock-related awards to directors, officers and other key associates. Shares
issued, as a result of stock option exercises, will be funded with the issuance of new shares. Holders of restricted
stock and stock awards are entitled to participate in cash dividends and dividend equivalents. As of December 31,
2016, a total of 2,193,985 shares remained unissued under the 2015 Plan.

All outstanding unvested stock options and unvested shares of restricted stock vest immediately upon a “Change
in Control,” as defined by the Plan. The Company has not issued any stock options since 2009 and all
outstanding options are vested.

The following table summarizes stock option activity for the three years ended December 31, 2016:

Shares
Under
Options

Weighted
Average
Exercise
Price

Weighted
Average
Remaining
Contractual
Life Years

Aggregate
Intrinsic Value
(in thousands)

Options outstanding and exercisable at

December 28, 2013 . . . . . . . . . . . . . . . . . . . .
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cancelled/Forfeited . . . . . . . . . . . . . . . . . . . . . . .

586,766
(88,152)
(4,131)

$19.30
12.68
3.25

Options outstanding and exercisable at

January 3, 2015 . . . . . . . . . . . . . . . . . . . . . . .
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cancelled/Forfeited . . . . . . . . . . . . . . . . . . . . . . .

494,483
(185,627)
(63)

Options outstanding and exercisable at

January 2, 2016 . . . . . . . . . . . . . . . . . . . . . . .
Exercised . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cancelled/Forfeited . . . . . . . . . . . . . . . . . . . . . . .

308,793
(107,338)
(938)

20.61
19.72
11.50

21.15
23.46
14.36

Options outstanding and exercisable at

4.01

3.30

2.46

$2,965
869

2,772
1,543

773
1,043

December 31, 2016 . . . . . . . . . . . . . . . . . . . .

200,517

$19.94

1.65

$3,929

Cash received from option exercises was $2.5 million, $3.7 million and $1.1 million during fiscal years ended
December 31, 2016, January 2, 2016 and January 3, 2015, respectively.

Restricted shares awarded to associates vest ratably over a four-year service period and over one year for grants
to the Board of Directors. Awards are subject to forfeiture and certain transfer restrictions prior to vesting. All
shares fully vest upon a “Change in Control,” as defined by the Plan. Compensation expense, representing the
fair value of the stock at the measurement date of the award, is recognized over the required service period.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes restricted stock activity for fiscal years ended December 31, 2016, January 2,
2016 and January 3, 2015:

Outstanding and nonvested at December 28, 2013 . . . . . . . . . . . . . . . . . . .
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Outstanding and nonvested at January 3, 2015 . . . . . . . . . . . . . . . . . . . . . .
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Outstanding and nonvested at January 2, 2016 . . . . . . . . . . . . . . . . . . . . . .
Granted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Vested . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Forfeited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Weighted
Average
Grant-Date
Fair Value

$23.56
22.63
23.56
23.03

23.08
26.59
23.19
23.85

24.75
28.34
24.56
25.80

Shares

518,835
317,827
(219,894)
(16,115)

600,653
314,595
(265,737)
(11,956)

637,555
314,944
(255,156)
(37,200)

Outstanding and nonvested at December 31, 2016 . . . . . . . . . . . . . . . . . . .

660,143

$26.48

The total fair value of shares vested during fiscal years ended December 31, 2016, January 2, 2016 and
January 3, 2015 was $6.6 million, $7.6 million and $4.7 million, respectively.

Stock-based compensation expense recognized and included in “Selling, general and administrative expenses” in
the consolidated statements of earnings, and related tax benefits were as follows:

(In thousands)

December 31,
2016
(52 Weeks)

Restricted stock . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 7,936
(2,976)

January 2,
2016
(52 Weeks)

$ 7,240
(2,758)

January 3,
2015
(53 Weeks)

$ 6,939
(2,632)

Stock-based compensation expense, net of tax . . . .

$ 4,960

$ 4,482

$ 4,307

As of December 31, 2016, total unrecognized compensation cost related to non-vested share-based awards
granted under the stock incentive plans was $5.8 million for restricted stock. The remaining compensation costs
not yet recognized are expected to be recognized over a weighted average period of 2.3 years for restricted stock.
All compensation costs related to stock options have been recognized.

The Company recognized tax deductions of $8.0 million, $9.5 million and $5.9 million related to the exercise of
stock options and the vesting of restricted stock during fiscal years ended December 31, 2016, January 2, 2016
and January 3, 2015, respectively.

The Company has a stock bonus plan covering 300,000 shares of SpartanNash common stock. Under the
provisions of this plan, certain officers and key associates may elect to receive a portion of their annual bonus in
common stock rather than cash and will be granted additional shares of common stock worth 20% of the portion
of the bonus they elect to receive in stock. After the shares are issued, the holder is not able to sell or otherwise
transfer the shares until the end of the holding period, which is currently 24 months. Compensation expense is

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

recorded based upon the market price of the stock as of the measurement date. A total of 21,169 shares remained
unissued under the stock bonus plan at December 31, 2016.

The Company also has an associate stock purchase plan covering 200,000 shares of SpartanNash common stock.
The plan provides that associates of the Company may purchase shares at 95% of the fair market value. The
associate stock purchase plan was suspended during the 39-week period ended December 28, 2013 in
conjunction with the merger with Nash-Finch and was reinstated in April 2014.As of December 31, 2016, a total
of 70,960 shares had been issued under the plan.

Note 15 – Concentration of Credit Risk

The Company provides financial assistance in the form of loans to certain independent retailers for inventories,
store fixtures and equipment and store improvements. Loans are generally secured by liens on real estate,
inventory and/or equipment, personal guarantees and other types of collateral, and are generally repayable over a
period of five to seven years. The Company establishes allowances for doubtful accounts based upon periodic
assessments of the credit risk of specific customers, collateral value, historical trends and other information. The
Company believes that adequate provisions have been recorded for any doubtful accounts. In addition, the
Company may guarantee debt and lease obligations of independent retailers. In the event these retailers are
unable to meet their debt service payments or otherwise experience an event of default, the Company would be
unconditionally liable for the outstanding balance of their debt and lease obligations, which would be due in
accordance with the underlying agreements.

In the ordinary course of business, the Company advances funds to certain independent retailers which are earned
by the retailers primarily through achieving specified purchase volume requirements, as outlined in their supply
agreements with the Company, or in limited instances, for remaining a SpartanNash customer for a specified time
period. These advances must be repaid if the purchase volume requirements are not met or if the retailer no
longer remains a customer for the specified time period. The Company has an unearned advanced amount to one
independent retailer for an amount representing approximately two percent of the Company’s total assets as of
December 31, 2016. The Company’s collateral related to this advance is a security interest in the business assets
of the independent retailer’s stores. However, in the event of default, the Company may be unable to recover the
unearned portion of the funds advanced to this independent retailer. Based on the uncertainty associated with
estimating the value of the collateral and the risks related to taking possession of and divesting the secured
business assets, the Company cannot reasonably estimate the amount of advanced funds, if any that may be
considered at risk. Accordingly, the Company has not established a related reserve for the unearned portion of
advanced funds.

As of December 31, 2016, the Company has guaranteed bank debt for one independent retailer in the amount of
$1.7 million. This guarantee, which is secured by certain business assets and personal guarantees of the retailer,
represents the maximum undiscounted payments the Company would be required to make in the event of default.
The Company believes this independent retailer will be able to perform under the loan agreement and that no
payments will be required and no loss will be incurred under the guarantee. The fair value of the obligation
assumed under the guarantee is not material. In the ordinary course of business, the Company also subleases and
assigns various leases to third parties. As of December 31, 2016, the Company estimates the present value of its
maximum potential obligations for subleases and assigned leases to be approximately $11.3 million and $15.6
million, respectively.

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SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 16 – Supplemental Cash Flow Information

Supplemental cash flow information is as follows:

(In thousands)

Non-cash financing activities:

December 31,
2016
(52 Weeks)

January 2,
2016
(52 Weeks)

January 3,
2015
(53 Weeks)

Issuance of note payable on purchase of assets . . . . . . . . . . . . . . . . . . .
Recognition of capital lease obligations . . . . . . . . . . . . . . . . . . . . . . . .
Derecognition of capital lease obligations . . . . . . . . . . . . . . . . . . . . . . .
Deferred gain on derecognition of capital lease obligations . . . . . . . . .

$ — $ 2,000
3,236
—
—

3,536
(6,068)
3,052

$ —
2,423
—
—

Non-cash investing activities:

Capital expenditures included in accounts payable . . . . . . . . . . . . . . . .
Receipt of notes receivable on sale of assets . . . . . . . . . . . . . . . . . . . . .
Capital lease asset additions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital lease asset disposals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5,465
—
3,536
(3,016)

8,896
4,531
3,236
—

3,370
—
2,423
—

Other supplemental cash flow information:

Cash paid for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash paid for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16,184
35,836

19,178
23,531

22,990
27,429

Note 17 – Reporting Segment Information

SpartanNash sells and distributes products that are typically found in supermarkets. The operating segments
reflect the manner in which the business is managed and how the Company allocates resources and assesses
performance internally. The Company’s chief operating decision maker is the Chief Executive Officer, who
determines the allocation of resources and, through a regular review of financial information, assesses the
performance of the operating segments. The business is classified by management into three reportable segments:
Food Distribution, Military and Retail. These reportable segments are three distinct businesses, each with a
different customer base, management structure, and basis for determining budgets, forecasts, and executive
compensation. The Company reviews its reportable segments on an annual basis, or more frequently if events or
circumstances indicate a change in reportable segments has occurred.

The Company’s Food Distribution segment, consisting of 11 distribution centers, one of which is shared with the
Military segment, supplies grocery products, including dry groceries, produce, dairy products, meat, delicatessen
items, bakery goods, frozen food, seafood, floral products, general merchandise, beverages, tobacco products,
health and beauty care products and pharmacy to a diverse group of independent retailers, select national
retailers, food service distributors and the Company’s corporate owned retail stores. Sales to independent
retailers and inter-segment sales are recorded based upon both a “cost plus” model and a “variable mark-up”
model, which vary by commodity and servicing distribution center. To supply its wholesale customers, the
Company operates a fleet of tractors, conventional trailers and refrigerated trailers.

The Military segment contracts with manufacturers to distribute a wide variety of grocery products primarily to
U.S. military commissaries and exchanges from its 7 distribution centers, one of which is shared with the Food
Distribution segment. The contracts typically specify the commissaries and exchanges to supply on behalf of the
manufacturer, the manufacturer’s products to be supplied, service and delivery requirements and pricing and
payment terms.

The Retail segment operated 157 corporate owned retail stores and 30 fuel centers in the Midwest and Great
Lakes regions as of December 31, 2016. The Company’s retail stores typically offer dry groceries, produce, dairy

-83-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

products, meat, delicatessen items, bakery goods, frozen food, seafood, floral products, general merchandise,
beverages, tobacco products and health and beauty care products. The Company also offered pharmacy services
in 90 of its corporate owned retail stores as of December 31, 2016.

Identifiable assets represent total assets directly associated with the reporting segments. Eliminations in assets
identified to segments include intercompany receivables, payables and investments.

The following tables set forth information about the Company by reporting segment:

(In thousands)

Year Ended December 31, 2016 (52 Weeks):
Net sales to external customers . . . . . . . . . . . . . . . . . . . . . .
Inter-segment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition expenses . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . .
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Year Ended January 2, 2016 (52 weeks):
Net sales to external customers . . . . . . . . . . . . . . . . . . . . . .
Inter-segment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition expenses . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . .
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Year Ended January 3, 2015 (53 Weeks):
Net sales to external customers . . . . . . . . . . . . . . . . . . . . . .
Inter-segment sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition expenses . . . . . . . . . . .
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . .
Operating earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Food
Distribution

$3,454,541
918,095
3,703
21,397
85,093
19,075

$3,305,094
973,512
2,037
26,127
78,841
17,967

$3,356,331
1,005,844
12,644
29,816
54,802
31,953

(In thousands)

Total Assets

Military

Retail

Total

$2,197,014
—
1
11,484
12,160
6,447

$2,207,161
—
—
12,081
17,059
3,768

$2,275,512
—
27
11,350
21,721
15,088

$2,083,045
—
3,255
44,365
11,514
47,907

$2,139,718
—
6,396
45,126
26,975
57,659

$7,734,600
918,095
6,959
77,246
108,767
73,429

$7,651,973
973,512
8,433
83,334
122,875
79,394

$2,284,219

$7,916,062
— 1,005,844
12,675
4
86,994
45,828
114,846
38,323
90,012
42,971

December 31,
2016

January 2,
2016

Food Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Military . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 776,725
395,737
754,625
3,249

$ 750,277
415,140
747,359
4,487

Total

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,930,336

$1,917,263

-84-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company offers a wide variety of grocery products, general merchandise and health and beauty care,
pharmacy, fuel, and other items and services. The following table presents sales by type of similar product and
services:

(In thousands, except percentages)

December 31, 2016
(52 Weeks)

January 2, 2016
(52 Weeks)

January 3, 2015
(53 Weeks)

Non-perishables (a)
. . . . . . . . . . . . . . . . . . .
Perishables (b) . . . . . . . . . . . . . . . . . . . . . . .
Pharmacy . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fuel (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$4,908,142
2,359,829
356,010
110,619

63.5% $4,845,763
2,373,829
30.5
310,377
4.6
122,004
1.4

63.3% $4,998,895
2,449,562
31.0
289,494
4.1
178,111
1.6

63.1%
31.0
3.7
2.2

Consolidated net sales . . . . . . . . . . . . . . . . .

$7,734,600

100.0% $7,651,973

100.0% $7,916,062

100.0%

(a) Consists primarily of general merchandise, dry groceries, beverages, health and beauty care products,

tobacco products and frozen foods.

(b) Consists primarily of produce, dairy, meat, bakery goods, delicatessen items, floral products and seafood.
(c) Fuel sales are specific to the Retail segment only.

Note 18 – Quarterly Financial Information (Unaudited)

Earnings per share amounts for each quarter are required to be computed independently and may not equal the
amount computed for the total year.

(In thousands, except per share amounts)

Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition . . . . . . . .
Restructuring charges and asset

Year Ended December 31, 2016

Full Year
(52 Weeks)

4th Quarter
(12 Weeks)

3rd Quarter
(12 Weeks)

2nd Quarter
(12 Weeks)

1st Quarter
(16 Weeks)

$7,734,600
1,111,494
6,959

$1,828,183
259,258
2,722

$1,800,085
255,295
2,427

$1,827,562
262,699
913

$2,278,770
334,242
897

impairment

. . . . . . . . . . . . . . . . . . . . . . . .

32,116

8,402

2,662

5,748

15,304

Earnings before income taxes and

discontinued operations . . . . . . . . . . . . . . .
Earnings from continuing operations . . . . . .
(Loss) earnings from discontinued

operations, net of taxes . . . . . . . . . . . . . . .
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . .
Earnings from continuing operations per

share:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . .

Net earnings per share:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

$

$

$

89,963
57,056

(228)
56,828

1.52
1.52

1.52
1.51
22,496

$

$

$

$

20,079
12,806

39
12,845

0.34
0.34

0.34
0.34
5,623

$

$

$

$

25,594
16,730

(82)
16,648

0.45
0.45

0.44
0.44
5,620

$

$

$

$

28,303
17,560

(76)
17,484

0.47
0.47

0.47
0.47
5,621

$

$

$

$

15,987
9,960

(109)
9,851

0.27
0.27

0.26
0.26
5,632

-85-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(In thousands, except per share amounts)

Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . .
Merger integration and acquisition . . . . . . . .
Restructuring charges (gains) and asset

Year Ended January 2, 2016

Full Year
(52 Weeks)

4th Quarter
(12 Weeks)

3rd Quarter
(12 Weeks)

2nd Quarter
(12 Weeks)

1st Quarter
(16 Weeks)

$7,651,973
1,115,682
8,433

$1,768,025
258,345
1,181

$1,775,401
259,049
4,417

$1,795,864
262,042
151

$2,312,683
336,246
2,684

impairment

. . . . . . . . . . . . . . . . . . . . . . . .

8,802

1,040

760

(336)

7,338

Earnings before income taxes and

discontinued operations . . . . . . . . . . . . . . .
Earnings from continuing operations . . . . . .
(Loss) earnings from discontinued

operations, net of taxes . . . . . . . . . . . . . . .
Net earnings . . . . . . . . . . . . . . . . . . . . . . . . . .
Earnings from continuing operations per

share:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . .

Net earnings per share:

Basic . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . .

Note 19- Subsequent Events

100,259
63,166

(456)
62,710

1.68
1.67

1.67
1.66
20,299

$

$

$

$

$

$

$

$

26,813
17,164

(435)
16,729

0.46
0.46

0.44
0.44
5,076

$

$

$

$

24,389
15,248

145
15,393

0.41
0.40

0.41
0.41
5,072

$

$

$

$

31,926
20,307

(46)
20,261

0.54
0.54

0.54
0.54
5,059

$

$

$

$

17,131
10,447

(120)
10,327

0.28
0.28

0.27
0.27
5,092

On January 6, 2017, the Company acquired certain assets and assumed certain liabilities of Caito Foods Service
(“Caito”) and Blue Ribbon Transport (“BRT”) for $217.6 million in cash, in addition to reimbursing Caito for
certain transaction costs and providing certain earn-out opportunities that have the potential to pay the sellers an
additional $27.4 million, collectively, if the business achieves certain performance targets. If certain performance
targets are not met in the first year after acquisition, the Company will be reimbursed a portion of the initial
purchase price at an amount not to exceed the sum of: a) $15.0 million, representing the funds paid into escrow,
and b) any earn-out opportunities earned by the sellers. The reduction in purchase price, if applicable, will first
be applied to funds paid into escrow and then as an offset against and a reduction to any payments owed on the
various earn-out opportunities. The acquisition was funded with proceeds from the Company’s Credit Agreement
(Note 7).

Founded in Indianapolis in 1965, Caito Foods Service is a leading supplier of fresh fruits and vegetables as well
as value-added meal solutions to grocery retailers and food service distributors across 22 states in the Southeast,
Midwest and Eastern United States. Through its affiliate, Blue Ribbon Transport, the company also offers
temperature-controlled distribution and logistics services throughout North America. Caito and BRT service
customers from facilities in Indiana, Ohio and Florida. Caito also has a central fresh cut fruit and vegetable
facility in Indianapolis and a recently completed new 118,000 square foot Fresh Kitchen facility, also in
Indianapolis. The $32 million Fresh Kitchen will process, cook, and package fresh protein-based foods and
complete meals, with the facility expected to commence production in the first half of fiscal 2017. The Company
acquired Caito and BRT to strengthen its fresh product offerings to its existing customer base and to expand into
fast-growing, value-added services, such as freshly-prepared centerplate and side dish categories.

-86-

SPARTANNASH COMPANY AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The acquired assets and assumed liabilities were recorded at their estimated fair values as of the acquisition date
and were based on preliminary estimates. These estimates are subject to revision upon the finalization of the
valuations of the acquired real estate and intangible assets. Any adjustments will be made prior to January 5,
2018. The excess of the purchase price over the fair value of net assets acquired, preliminarily estimated at
$46.0 million, will be recorded as goodwill in the consolidated balance sheet and allocated to the Food
Distribution segment. The goodwill recognized is attributable primarily to expected synergies and the assembled
workforce of Caito and BRT. The Company expects that all goodwill attributable to the acquisition will be
deductible for tax purposes.

-87-

Item 9.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Not applicable.

Item 9A. Controls and Procedures

Disclosure Controls and Procedures

An evaluation of the effectiveness of the design and operation of SpartanNash Company’s disclosure controls
and procedures (as currently defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) was
performed as of December 31, 2016 (the “Evaluation Date”). This evaluation was performed under the
supervision and with the participation of SpartanNash Company’s management, including its Chief Executive
Officer (“CEO”), Chief Financial Officer (“CFO”) and Chief Accounting Officer (“CAO”). As of the Evaluation
Date, SpartanNash Company’s management, including the CEO, CFO and CAO, concluded that SpartanNash’s
disclosure controls and procedures were effective as of the Evaluation Date to ensure that material information
required to be disclosed in the reports that the Company files or submits under the Exchange Act is recorded,
processed, summarized and reported within the time periods specified by the Securities and Exchange
Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and
procedures designed to ensure that information required to be disclosed in the reports that the Company files or
submits under the Securities Exchange Act of 1934 is accumulated and communicated to management, including
its principal executive and principal financial officers as appropriate to allow for timely decisions regarding
required disclosure.

Management’s Report on Internal Control Over Financial Reporting

The management of SpartanNash Company, including its Chief Executive Officer, Chief Financial Officer and
Chief Accounting Officer, is responsible for establishing and maintaining adequate internal control over financial
reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934. SpartanNash
Company’s internal controls were designed by, or under the supervision of, the Chief Executive Officer, Chief
Financial Officer and Chief Accounting Officer, and effected by the Company’s Board of Directors, management
and other personnel, to provide reasonable assurance regarding the reliability of its financial reporting and the
preparation and presentation of the consolidated financial statements for external purposes in accordance with
accounting principles generally accepted in the United States and includes those policies and procedures that
(1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions
and dispositions of the assets of SpartanNash Company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of SpartanNash Company are being made only in
accordance with authorizations of management and directors of SpartanNash Company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
SpartanNash Company’s assets that could have a material effect on the financial statements.

Management of SpartanNash Company conducted an evaluation of the effectiveness of its internal controls over
financial reporting based on the framework in Internal Control—Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission. This evaluation included review of the
documentation of controls, evaluation of the design effectiveness of controls, testing of the operating
effectiveness of controls and a conclusion on this evaluation. Through this evaluation, management did not
identify any material weakness in the Company’s internal control. There are inherent limitations in the
effectiveness of any system of internal control over financial reporting. Based on the evaluation, management has
concluded that SpartanNash Company’s internal control over financial reporting was effective as of
December 31, 2016.

The registered public accounting firm that audited the consolidated financial statements included in this
Form 10-K Annual Report has issued an attestation report on the effectiveness of the Company’s internal control
over financial reporting as of December 31, 2016 as stated in their report on the following page.

-88-

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of
SpartanNash Company and Subsidiaries
Grand Rapids, Michigan

We have audited the internal control over financial reporting of SpartanNash Company and subsidiaries (the
“Company”) as of December 31, 2016, based on criteria established in Internal Control – Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company’s
management is responsible for maintaining effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over financial reporting, included in the accompanying
Management’s Report on Internal Controls over Financial Reporting. Our responsibility is to express an opinion
on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether effective internal control over financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, assessing the risk that a material
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe
that our audit provides a reasonable basis for our opinion.

A company’s internal control over financial reporting is a process designed by, or under the supervision of, the
company’s principal executive and principal financial officers, or persons performing similar functions, and
effected by the company’s board of directors, management, and other personnel to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.

Because of the inherent limitations of internal control over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may not be
prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal
control over financial reporting to future periods are subject to the risk that the controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.

In our opinion, the Company maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2016, based on the criteria established in Internal Control – Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), the consolidated financial statements as of and for the year ended December 31, 2016 of the Company and our
report dated March 1, 2017 expressed an unqualified opinion on those consolidated financial statements.

/s/ DELOITTE & TOUCHE LLP

Grand Rapids, Michigan
March 1, 2017

-89-

Changes in Internal Controls Over Financial Reporting

During the last fiscal quarter, there was no change in SpartanNash’s internal control over financial reporting that
has materially affected, or is reasonably likely to materially affect, SpartanNash’s internal control over financial
reporting.

-90-

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The information required by this item is here incorporated by reference from the sections titled “The Board of
Directors,” “SpartanNash’s Executive Officers,” “Section 16(a) Beneficial Ownership Reporting Compliance,”
“Corporate Governance Principles,” and “Transactions with Related Persons” in SpartanNash’s definitive proxy
statement relating to its annual meeting of shareholders to be held in 2017.

Item 11. Executive Compensation

The information required by this item is here incorporated by reference from the sections entitled “Executive
Compensation,” “Potential Payments Upon Termination or Change in Control,” “Compensation of Directors,”
“Compensation Committee Interlocks and Insider Participation” and “Compensation Committee Report” in
SpartanNash’s definitive proxy statement relating to its annual meeting of shareholders to be held in 2017.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder

Matters

The information required by this item is here incorporated by reference from the section titled “Ownership of
SpartanNash Stock” in SpartanNash’s definitive proxy statement relating to its annual meeting of shareholders to
be held in 2017.

The following table provides information about SpartanNash’s equity compensation plans regarding the number
of securities to be issued under these plans, the weighted-average exercise prices of options outstanding under
these plans and the number of securities available for future issuance as of the end of fiscal 2016.

EQUITY COMPENSATION PLANS

Number of securities to
be issued upon exercise
of outstanding options,
warrants and rights

Weighted-average exercise
price of outstanding options,
warrants and rights

Number of securities remaining
available for future issuance
under equity compensation
plans (excluding securities
reflected in column (1)

Plan Category

(1)

(2)

(3)

Equity compensation Plans approved by
. . . . . . . . . . . . . .

security holders (a)

Equity compensation plans not

200,517

19.94

approved by security holders . . . . . . .

—

Not applicable

Total . . . . . . . . . . . . . . . . . . . . . . . .

200,517

19.94

2,215,154

—

2,215,154

(a) Consists of the Spartan Stores, Inc. 2001 Stock Bonus Plan and the Stock Incentive Plan of 2015. The

numbers of shares reflected in column (3) in the table above with respect to the Stock Incentive Plan of 2015
(2,193,985 shares) and the 2001 Stock Bonus Plan (21,169 shares) represent shares that may be issued other
than upon the exercise of an option, warrant or right. Each plan listed above contains customary anti-
dilution provisions that are applicable in the event of a stock split or certain other changes in SpartanNash’s
capitalization.

Item 13. Certain Relationships and Related Transactions, and Director Independence

The information required by this item is here incorporated by reference from the section titled “Transactions with
Related Persons” and the table captioned “Board of Directors Committee Membership” in SpartanNash’s
definitive proxy statement relating to its annual meeting of shareholders to be held in 2017.

-91-

Item 14. Principal Accountant Fees and Services

The information required by this item is here incorporated by reference from the section titled “Independent
Auditors” in SpartanNash’s definitive proxy statement relating to its annual meeting of shareholders to be held in
2017.

-92-

Item 15. Exhibits and Financial Statement Schedules

PART IV

(a) The following documents are filed as part of this Report:

1.

Financial Statements.

A. In Item 8.

Reports of Independent Registered Public Accounting Firm of Deloitte & Touche LLP dated
March 1, 2017

Consolidated Balance Sheets at December 31, 2016 and January 2, 2016

Consolidated Statements of Earnings for the years ended December 31, 2016, January 2, 2016 and
January 3, 2015

Consolidated Statements of Comprehensive Income for the years ended December 31,
2016, January 2, 2016 and January 3, 2015

Consolidated Statements of Shareholders’ Equity for the years ended December 31,
2016, January 2, 2016 and January 3, 2015

Consolidated Statements of Cash Flows for the years ended December 31, 2016, January 2, 2016
and January 3, 2015

Notes to Consolidated Financial Statements

2.

Financial Statement Schedules.

Schedules are omitted because the required information is either inapplicable or presented in the
consolidated financial statements or related notes.

3. Exhibits.

The information required by this Section (a)(3) of Item 15 is set forth on the exhibit index that follows
the Signatures page of this Form 10-K and is incorporated herein by reference.

-93-

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, SpartanNash
Company (the Registrant) has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

Date: March 1, 2017

SPARTANNASH COMPANY
(Registrant)

By

/S/ DENNIS EIDSON

Dennis Eidson
Chairman and Chief Executive Officer
(Principal Executive Officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the
following persons on behalf of SpartanNash Company and in the capacities and on the dates indicated.

March 1, 2017

March 1, 2017

March 1, 2017

March 1, 2017

March 1, 2017

March 1, 2017

March 1, 2017

March 1, 2017

March 1, 2017

*
M. Shân Atkins
Director

/S/ DENNIS EIDSON

Dennis Eidson
Chairman, Chief Executive Officer and Director
(Principal Executive Officer)

*
Mickey P. Foret
Director

*
Dr. Frank M. Gambino
Director

*
Douglas A. Hacker
Director

*
Yvonne R. Jackson
Director

*
Elizabeth A. Nickels
Director

*
Timothy J. O’Donovan
Director

*
Hawthorne Proctor
Director

By

By

By

By

By

By

By

By

By

-94-

March 1, 2017

March 1, 2017

March 1, 2017

March 1, 2017

By

By

By

*By

*
William R. Voss
Director

/S/ CHRISTOPHER P. MEYERS

Christopher P. Meyers
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

/S/

TAMMY R. HURLEY
Tammy R. Hurley
Vice President, Finance and Chief Accounting Officer
(Principal Accounting Officer)

/S/ DENNIS EIDSON

Dennis Eidson
Attorney-in-Fact

-95-

Exhibit
Number

2.1

2.2

2.3

3.1

3.2

10.1

10.2

10.3

10.4*

10.5*

10.6*

10.7*

EXHIBIT INDEX

Document

Agreement and Plan of Merger by and among the Company, Nash-Finch Company, and SS
Delaware, Inc. dated July 21, 2013. Previously filed as an exhibit to the Company’s Current Report
on Form 8-K filed on July 22, 2013. Incorporated herein by reference.

Asset Purchase Agreement dated as of November 3, 2016 by and among SpartanNash Company,
Caito Food Service, Inc., Blue Ribbon Transport, Inc., and Matthew Caito as Seller’s
Representative. Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed
on January 9, 2017. Incorporated herein by reference.

Amendment to Asset Purchase Agreement dated as of January 6, 2017 by and among SpartanNash
Company, Caito Food Service, Inc., Blue Ribbon Transport, Inc., and Matthew Caito as Seller’s
Representative. Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed
on January 9, 2017. Incorporated herein by reference.

Restated Articles of Incorporation of SpartanNash Company, as amended. Previously filed as an
exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 23, 2016.
Incorporated herein by reference.

Bylaws of SpartanNash Company, as amended.

Amended and Restated Loan and Security Agreement, among Spartan Stores, Inc. and certain of its
subsidiaries, as borrowers, and Wells Fargo Capital Finance, LLC, as administrative agent, and
certain lenders from time to time party thereto, dated November 19, 2013. Previously filed as an
exhibit to the Company’s Current Report on Form 8-K filed on November 19, 2013. Incorporated
herein by reference.

Amendment No. 1 to Amended and Restated Loan and Security Agreement, dated January 9, 2015,
among SpartanNash Company and certain of its subsidiaries, as borrowers, and Wells Fargo
Capital Finance, LLC, as administrative agent, and certain lenders from time to time party thereto.
Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on January 12,
2015. Incorporated herein by reference.

Amendment No. 2 to Amended and Restated Loan and Security Agreement, dated December 20,
2016, among SpartanNash Company and certain of its subsidiaries, as borrowers, and Wells Fargo
Capital Finance, LLC, as administrative agent, and certain lenders from time to time party thereto.
Previously filed as an exhibit to the Company’s Current Report on Form 8-K filed on December
21, 2016. Incorporated herein by reference.

Amended and Restated SpartanNash Company Executive Cash Incentive Plan of 2015. Previously
filed as an exhibit to the Company’s Current Report on Form 8-K filed on June 3, 2015.
Incorporated herein by reference.

Form of 2016 Long-Term Executive Incentive Plan Award. Previously filed as an exhibit to the
Company’s Quarterly Report on Form 10-Q for the quarter ended April 23, 2016. Incorporated
herein by reference.

Form of 2015 Long-Term Executive Incentive Plan Award. Previously filed as an exhibit to the
Company’s Quarterly Report on Form 10-Q for the quarter ended April 25, 2015. Incorporated
herein by reference.

Form of 2014 Long-Term Executive Incentive Plan Award. Previously filed as an exhibit to the
Company’s Quarterly Report on Form 10-Q for the quarter ended April 19, 2014. Incorporated
herein by reference.

-96-

Exhibit
Number

10.8*

10.9*

10.10*

10.11*

10.12*

10.13*

10.14*

10.15*

10.16*

10.17*

10.18*

21

23

24

31.1

31.2

31.3

32.1

Document

SpartanNash Company Stock Incentive Plan of 2015. Previously filed as an exhibit to the
Company’s Form S-8 filed on June 4, 2015. Incorporated herein by reference.

SpartanNash Company Supplemental Executive Retirement Plan, as amended. Previously filed as
an exhibit to the Company’s Annual Report on Form 10-K for the year ended March 27, 2010.
Incorporated herein by reference.

SpartanNash Company Supplemental Executive Savings Plan. Previously filed as an exhibit to the
Company’s Form S-8 Registration Statement filed on December 21, 2001. Incorporated herein by
reference.

SpartanNash Company 2001 Stock Bonus Plan. Previously filed as an exhibit to the Company’s
Transition Report on Form 10-K for the period ended December 28, 2013. Incorporated herein by
reference.

Form of Restricted Stock Award to Executive Officers. Previously filed as an exhibit to
SpartanNash Company’s Quarterly Report on Form 10-Q for the quarter ending April 25, 2015.
Incorporated herein by reference.

Form of Restricted Stock Award to Non-Employee Directors. Previously filed as an exhibit to the
Company’s Quarterly Report on Form 10-Q for the quarter ending April 25, 2015. Incorporated
herein by reference.

Form of Executive Employment Agreement between SpartanNash Company and certain executive
officers, as amended. Previously filed as an exhibit to the Company’s Annual Report on Form 10-
K for the year ended March 31, 2012. Incorporated herein by reference.

Form of Executive Employment Agreement between SpartanNash Company and certain executive
officers.

Form of Executive Severance Agreement between SpartanNash Company and certain executive
officers as amended. Previously filed as an exhibit to the Company’s Annual Report on Form 10-K
for the year ended March 31, 2012. Incorporated herein by reference.

Form of Executive Severance Agreement between SpartanNash Company and certain executive
officers.

Form of Indemnification Agreement. Previously filed as an exhibit to the Company’s Annual
Report on Form 10-K for the period ended January 2, 2016. Incorporated herein by reference.

Subsidiaries of SpartanNash Company.

Consent of Independent Registered Public Accounting Firm.

Powers of Attorney.

Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.

Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.

Certification of Chief Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.

Certification pursuant to 18 U.S.C. § 1350. This exhibit is furnished, not filed, in accordance with
SEC Release Number 33-8212.

-97-

Exhibit
Number

Document

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

* These documents are management contracts or compensation plans or arrangements required to be filed as

exhibits to this Form 10-K.

-98-

Exhibit 31.1

CERTIFICATION

I, Dennis Eidson, certify that:

1. I have reviewed this Annual Report on Form 10-K of SpartanNash Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to

state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure

controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures

to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in

this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that
occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s Board
of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control

over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process,
summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a

significant role in the registrant’s internal control over financial reporting.

Date: March 1, 2017

/S/ DENNIS EIDSON

Dennis Eidson
Chairman and Chief Executive Officer
(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION

I, Christopher P. Meyers, certify that:

1. I have reviewed this Annual Report on Form 10-K of SpartanNash Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to

state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure

controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures

to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in

this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that
occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s Board
of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control

over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process,
summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a

significant role in the registrant’s internal control over financial reporting.

Date: March 1, 2017

/S/ CHRISTOPHER P. MEYERS

Christopher P. Meyers
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

Exhibit 31.3

CERTIFICATION

I, Tammy R. Hurley, certify that:

1. I have reviewed this Annual Report on Form 10-K of SpartanNash Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to

state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure

controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures

to be designed under our supervision, to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in

this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that
occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of
internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s Board
of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control

over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process,
summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a

significant role in the registrant’s internal control over financial reporting.

Date: March 1, 2017

/S/ TAMMY R. HURLEY

Tammy R. Hurley
Vice President, Finance and Chief Accounting
Officer
(Principal Accounting Officer)

Exhibit 32.1

CERTIFICATION

Pursuant to 18 U.S.C. § 1350, each of the undersigned hereby certifies in his capacity as an officer of
SpartanNash Company (the “Company”) that the Annual Report of the Company on Form 10-K for the
accounting period ended December 31, 2016 fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 and that information contained in such report fairly presents, in all material
respects, the financial condition of the Company at the end of such period and the results of operations of the
Company for such period.

This Certificate is given pursuant to 18 U.S.C. § 1350 and for no other purpose.

Dated: March 1, 2017

/S/ DENNIS EIDSON

Dated: March 1, 2017

Dennis Eidson
Chairman and Chief Executive Officer
(Principal Executive Officer)

/S/ CHRISTOPHER P. MEYERS
Christopher P. Meyers
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)

Dated: March 1, 2017

/S/ TAMMY R. HURLEY

Tammy R. Hurley
Vice President, Finance and Chief Accounting Officer
(Principal Accounting Officer)

A signed original of this written statement has been provided to SpartanNash Company and will be retained by
SpartanNash Company and furnished to the Securities and Exchange Commission or its staff upon request.

2016 SpartanNash Annual Report

(cid:37)(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:82)(cid:73)(cid:3)(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:86)
Dennis Eidson
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M. Shan Atkins1, 2
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Mickey P. Foret1, 2
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Dr. Frank M. Gambino2
(cid:51)(cid:85)(cid:82)(cid:73)(cid:72)(cid:86)(cid:86)(cid:82)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:48)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:39)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:82)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:41)(cid:82)(cid:82)(cid:71)(cid:3)(cid:9)(cid:3)(cid:38)(cid:82)(cid:81)(cid:86)(cid:88)(cid:80)(cid:72)(cid:85)(cid:3)(cid:51)(cid:68)(cid:70)(cid:78)(cid:68)(cid:74)(cid:72)(cid:71)(cid:3)(cid:42)(cid:82)(cid:82)(cid:71)(cid:86)(cid:3)(cid:48)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)
(cid:51)(cid:85)(cid:82)(cid:74)(cid:85)(cid:68)(cid:80)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:43)(cid:68)(cid:90)(cid:82)(cid:85)(cid:87)(cid:75)(cid:3)(cid:38)(cid:82)(cid:79)(cid:79)(cid:72)(cid:74)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:37)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:58)(cid:72)(cid:86)(cid:87)(cid:72)(cid:85)(cid:81)(cid:3)(cid:48)(cid:76)(cid:70)(cid:75)(cid:76)(cid:74)(cid:68)(cid:81)(cid:3)(cid:56)(cid:81)(cid:76)(cid:89)(cid:72)(cid:85)(cid:86)(cid:76)(cid:87)(cid:92)

Douglas A. Hacker1, 3
(cid:44)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:37)(cid:88)(cid:86)(cid:76)(cid:81)(cid:72)(cid:86)(cid:86)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:15)(cid:3)(cid:73)(cid:82)(cid:85)(cid:80)(cid:72)(cid:85)(cid:3)(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:57)(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:15)(cid:3)(cid:54)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)
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Yvonne R. Jackson1, 3
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Elizabeth A. Nickels2
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Timothy J. O’Donovan1, 3
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Maj. Gen. (Ret.) Hawthorne L. Proctor2
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David M. Staples
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William R. Voss1, 3
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1(cid:3)(cid:49)(cid:82)(cid:80)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:42)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)
2 Audit Committee
3 Compensation Committee

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A copy of SpartanNash’s Annual Report to the Securities
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year ending December 31, 2016 may be obtained by any
shareholder without charge by writing to:

SpartanNash Company
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(cid:25)(cid:20)(cid:25)(cid:17)(cid:27)(cid:26)(cid:27)(cid:17)(cid:27)(cid:26)(cid:28)(cid:22)

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(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:50)(cid:73)(cid:191)(cid:70)(cid:72)(cid:85)(cid:86)
Dennis Eidson
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David M. Staples
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Theodore C. Adornato
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Edward L. Brunot
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David deS. Couch
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Tammy R. Hurley
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Kathleen M. Mahoney
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Christopher P. Meyers
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Larry Pierce
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Yvonne S. Trupiano
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Daniel C. Persinger
Assistant Secretary 

(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:44)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)
Transfer Agent
Computershare
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Independent Registered Public Accounting Firm
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Suite 600
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SpartanNash received the following 
honors and awards in 2016:

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(cid:3)

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At SpartanNash, we’re taking
food places through our 
wholesale food and military 
distribution channels and
corporate-owned retail stores.

But we don’t stop there.

We’re taking our offerings 
to new and exciting places 
-- setting the table with
locally sourced products, an 
abundance of fresh produce 
and healthy prepared meal
options, thousands of private
brand selections, diverse 
specialty items and plates for 
every palate. Along the way, 
we’re delivering great food to
be shared across the country
and around the world.

SpartanNash Company
850 76th Street SW
PO Box 8700
Grand Rapids, MI  49518-8700
spartannash.com