XML 41 R29.htm IDEA: XBRL DOCUMENT v3.23.2
Business Segment Information (Tables)
 12 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Disaggregation Of Net Sales By Class Of Similar Products
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 
Disaggregation Of Foodservice Net Sales By Type Of Customer
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 
Summary Of Financial Information Attributable To Reportable Segments
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.
Net Sales To Major Customers
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 %
Percentage Of Receivables Due From Major Customers
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 %