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Business Segment Information
 12 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Business Segment Information Business Segment InformationOur financial results are presented as two reportable segments: Retail and Foodservice. Costs that are directly attributable to either Retail or Foodservice are charged directly to the appropriate segment. Costs that are deemed to be indirect, excluding corporate expenses and other unusual significant transactions, are allocated to the two reportable segments using a reasonable methodology that is consistently applied. We evaluate our segments based on net sales and operating income. In 2021, our Chief Operating Decision Maker (“CODM”), in order to drive enhanced accountability and transparency throughout our organization, initiated a review of functional costs that had historically been part of the indirect costs allocated to our two reportable segments. This review was completed as part of our preparation for our enterprise resource planning system implementation. As a result of this review, our CODM identified certain support functions that were more appropriately presented within corporate expenses to facilitate the management of the business, including assessing segment performance and allocating resources. These changes were effective in 2021, and all historical information was retroactively conformed to the current presentation. These changes had no effect on previously reported consolidated net sales, gross profit, operating income, net income or earnings per share.
Retail - The vast majority of the products we sell in the Retail segment are sold through sales personnel, food brokers and distributors in the United States. We have placement of products in grocery produce departments through our refrigerated salad dressings, vegetable dips and fruit dips. We also have products typically marketed in the shelf-stable section of the grocery store, which include salad dressings, slaw dressing, sauces and croutons. Within the frozen food section of the grocery store, we sell yeast rolls and garlic breads.
Foodservice - The vast majority of the products we sell in the Foodservice segment are sold through sales personnel, food brokers and distributors in the United States. Most of the products we sell in the Foodservice segment are custom-formulated and include salad dressings, sandwich and dipping sauces, frozen breads and yeast rolls. The majority of our Foodservice sales are products sold under private label to restaurants. We also manufacture and sell various branded Foodservice products to distributors. Finally, within this segment, we sold other roll products under a temporary supply agreement resulting from the November 2018 acquisition of Omni Baking Company LLC. The temporary supply agreement was terminated effective October 31, 2020.
As many of our products are similar between our two segments, our procurement, manufacturing, warehousing and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity. Consequently, we do not prepare, and our CODM does not review, separate balance sheets for the reportable segments. As such, our external reporting does not include the presentation of identifiable assets, payments for property additions or depreciation and amortization by reportable segment.
The following table sets forth net sales disaggregated by class of similar products for the Retail and Foodservice segments in each of the years ended June 30:
202220212020
Retail
Shelf-stable dressings, sauces and croutons$375,031 $297,572 $205,062 
Frozen breads331,812 308,482 290,940 
Refrigerated dressings, dips and other208,367 222,909 218,125 
Total Retail net sales$915,210 $828,963 $714,127 
Foodservice
Dressings and sauces$574,264 $477,940 $436,909 
Frozen breads and other186,916 156,457 161,093 
Other roll products— 3,707 22,259 
Total Foodservice net sales$761,180 $638,104 $620,261 
Total net sales$1,676,390 $1,467,067 $1,334,388 
The following table provides an additional disaggregation of Foodservice net sales by type of customer in each of the years ended June 30:
 202220212020
Foodservice
National accounts$588,955 $494,874 $459,880 
Branded and other172,225 139,523 138,122 
Other roll products— 3,707 22,259 
Total Foodservice net sales$761,180 $638,104 $620,261 
The following sets forth certain additional financial information attributable to our reportable segments, certain amounts not allocated among our reportable segments and amounts retained at the corporate level for the years ended June 30:
202220212020
Net Sales (1) (2)
Retail$915,210 $828,963 $714,127 
Foodservice761,180 638,104 620,261 
Total$1,676,390 $1,467,067 $1,334,388 
Operating Income (2) (3)
Retail$151,627 $188,403 $161,487 
Foodservice82,745 89,048 80,475 
Nonallocated Restructuring and Impairment Charges (4)
(25,507)— (886)
Corporate Expenses (5)
(96,954)(91,599)(65,128)
Total$111,911 $185,852 $175,948 
Identifiable Assets (1) (6)
Retail & Foodservice (7)
$1,017,055 $878,389 $771,270 
Corporate73,319 222,896 222,083 
Total$1,090,374 $1,101,285 $993,353 
Payments for Property Additions (3)
Retail & Foodservice (7)
$130,502 $86,792 $81,067 
Corporate1,470 1,073 1,575 
Total$131,972 $87,865 $82,642 
Depreciation and Amortization (3)
Retail & Foodservice (7)
$42,902 $41,356 $35,790 
Corporate2,978 3,153 2,173 
Total$45,880 $44,509 $37,963 
(1)Net sales and long-lived assets are predominately domestic.
(2)All intercompany transactions have been eliminated.
(3)As discussed above, certain prior-year amounts were reclassified in 2021 to conform to the current presentation. These changes had no effect on previously reported consolidated totals.
(4)Reflects restructuring and impairment charges related to the Bantam business and a facility closure in 2022 and a plant closure in 2020, which were not allocated to our two reportable segments due to their unusual nature.
(5)Our Corporate Expenses include various expenses of a general corporate nature, expenditures for Project Ascent and costs related to certain divested or closed nonfood operations. These costs have not been allocated to the Retail and Foodservice segments.
(6)Retail and Foodservice identifiable assets include those assets used in our operations and other intangible assets allocated to purchased businesses. The increase in Retail and Foodservice identifiable assets from June 30, 2021 to June 30, 2022 reflected property additions due to several capacity expansion projects, higher receivables balances due to increased sales, and higher inventory levels due to increased input costs. The increase in Retail and Foodservice identifiable assets from June 30, 2020 to June 30, 2021 reflected property additions due to several capacity expansion projects and higher inventory levels due to increased commodity costs. Corporate assets consist principally of cash and equivalents. The decrease in Corporate assets from June 30, 2021 to June 30, 2022 reflected the decline in cash and equivalents.
(7)As discussed above, we do not present identifiable assets, payments for property additions or depreciation and amortization by reportable segment.
Retail segment net sales attributable to Walmart Inc. (“Walmart”) and Foodservice segment net sales attributable to McLane Company, Inc. (“McLane”), a wholesale distribution subsidiary of Berkshire Hathaway, Inc., for each of the years ended June 30 were as follows:
202220212020
Net sales to Walmart$293,684 $267,090 $241,699 
As a percentage of consolidated net sales18 %18 %18 %
Net sales to McLane$188,717 $184,021 $174,242 
As a percentage of consolidated net sales11 %13 %13 %
Accounts receivable attributable to Walmart and McLane at June 30 as a percentage of consolidated accounts receivable were as follows:
20222021
Walmart24 %27 %
McLane11 %9 %