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Business Segment Information
 12 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
Our 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.
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 Chief Operating Decision Maker 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:
202320222021
Retail
Shelf-stable dressings, sauces and croutons$422,646 $375,031 $297,572 
Frozen breads343,450 331,812 308,482 
Refrigerated dressings, dips and other199,274 208,367 222,909 
Total Retail net sales$965,370 $915,210 $828,963 
Foodservice
Dressings and sauces$642,153 $574,264 $477,940 
Frozen breads and other215,004 186,916 156,457 
Other roll products— — 3,707 
Total Foodservice net sales$857,157 $761,180 $638,104 
Total net sales$1,822,527 $1,676,390 $1,467,067 
The following table provides an additional disaggregation of Foodservice net sales by type of customer in each of the years ended June 30:
 202320222021
Foodservice
National accounts$676,665 $588,955 $494,874 
Branded and other180,492 172,225 139,523 
Other roll products— — 3,707 
Total Foodservice net sales$857,157 $761,180 $638,104 
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:
202320222021
Net Sales (1) (2)
Retail$965,370 $915,210 $828,963 
Foodservice857,157 761,180 638,104 
Total$1,822,527 $1,676,390 $1,467,067 
Operating Income (2)
Retail$139,464 $151,627 $188,403 
Foodservice106,349 82,745 89,048 
Nonallocated Restructuring and Impairment Charges (3)
— (25,507)— 
Corporate Expenses (4)
(104,305)(96,954)(91,599)
Total$141,508 $111,911 $185,852 
Identifiable Assets (1) (5)
Retail & Foodservice (6)
$984,341 $1,017,055 $878,389 
Corporate128,653 73,319 222,896 
Total$1,112,994 $1,090,374 $1,101,285 
Payments for Property Additions
Retail & Foodservice (6)
$89,475 $130,502 $86,792 
Corporate706 1,470 1,073 
Total$90,181 $131,972 $87,865 
Depreciation and Amortization
Retail & Foodservice (6)
$47,001 $42,902 $41,356 
Corporate4,209 2,978 3,153 
Total$51,210 $45,880 $44,509 
(1)Net sales and long-lived assets are predominately domestic.
(2)All intercompany transactions have been eliminated.
(3)Reflects restructuring and impairment charges related to the Bantam business and a facility closure in 2022, which were not allocated to our two reportable segments due to their unusual nature.
(4)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.
(5)Retail and Foodservice identifiable assets include those assets used in our operations and other intangible assets allocated to purchased businesses. The decrease in Retail and Foodservice identifiable assets from June 30, 2022 to June 30, 2023 reflected a decline in intangible assets due to impairment charges and lower receivables balances due to the impact of advance customer orders in the prior year ahead of our ERP go-live, as partially offset by property additions due to a capacity expansion project. 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. Corporate assets consist principally of cash and equivalents. The increase in Corporate assets from June 30, 2022 to June 30, 2023 reflected the increase in cash and equivalents as well as prepaid income taxes. The decrease in Corporate assets from June 30, 2021 to June 30, 2022 reflected the decline in cash and equivalents.
(6)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:
202320222021
Net sales to Walmart$323,718 $293,684 $267,090 
As a percentage of consolidated net sales18 %18 %18 %
Net sales to McLane$205,264 $188,717 $184,021 
As a percentage of consolidated net sales11 %11 %13 %
Accounts receivable attributable to Walmart and McLane at June 30 as a percentage of consolidated accounts receivable were as follows:
20232022
Walmart29 %24 %
McLane9 %11 %