Segment Information

12 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

20.SEGMENT INFORMATION

The Company’s organizational structure consists of two geographic based reportable segments: North America and International, which are also the operating segments. This structure is in line with how the Company’s Chief Operating Decision Maker (“CODM”) assesses the Company’s performance and allocates resources. The Company uses segment net sales and segment Adjusted EBITDA in order to analyze segment results and trends.

Segment Adjusted EBITDA excludes: net interest expense, income taxes, depreciation and amortization, equity in net loss of equity-method investees, stock-based compensation, net, unrealized currency losses, certain litigation and related costs, plant closure related costs, net, productivity and transformation costs, warehouse and manufacturing consolidation and other costs, net, costs associated with acquisitions, divestitures and other transactions, loss (gain) on sale of assets, intangibles and long-lived asset impairments and other adjustments. In addition, Segment Adjusted EBITDA does not include Corporate and Other expenses related to the Company’s centralized administrative functions, which do not specifically relate to a reportable segment. Such Corporate and Other expenses are comprised mainly of compensation and related expenses of certain of the Company’s senior executive officers and other employees who perform duties related to the entire enterprise, litigation expense and expenses for certain professional fees, facilities, and other items which benefit the Company as a whole.

The following tables set forth financial information about each of the Company’s reportable segments. Information about total assets by segment is not disclosed because such information is not reported to or used by the Company’s CODM for purposes of assessing segment performance or allocating resources. Transactions between reportable segments were insignificant for all periods presented.

	Fiscal Year Ended June 30,
	2024			2023			2022
Net Sales:
North America	$	1,055,527		$	1,139,162		$	1,163,132
International		680,759			657,481			728,661
	$	1,736,286		$	1,796,643		$	1,891,793
Segment Adjusted EBITDA:
North America	$	98,728		$	123,443		$	122,235
International		94,974			82,945			110,073
Total Reportable Segments Adjusted EBITDA		193,702			206,388			232,308
Corporate and Other		(39,180	)		(39,766	)		(31,692	)
		154,522			166,622			200,616
Depreciation and amortization		(44,665	)		(50,777	)		(46,849	)
Equity in net loss of equity-method investees		(2,581	)		(1,134	)		(2,902	)
Interest expense, net		(54,232	)		(43,936	)		(10,226	)
Benefit (provision) for income taxes		7,820			14,178			(22,716	)
Stock-based compensation, net		(12,704	)		(14,423	)		(15,611	)
Unrealized currency (losses) gains		(17	)		(929	)		2,259
Certain litigation expenses, net(a)		(7,262	)		1,369			(7,687	)
Restructuring activities
Productivity and transformation costs		(27,741	)		(7,284	)		(8,803	)
Plant closure related costs, net		(5,251	)		(94	)		(929	)
Warehouse/manufacturing consolidation and other costs, net		(995	)		(1,026	)		(2,721	)
CEO succession		—			(5,113	)		—
Acquisitions, divestitures and other
Transaction and integration costs, net		34			(2,018	)		(14,055	)
(Loss) gain on sale of assets		(4,384	)		3,529			9,049
Impairment charges
Intangibles and long-lived asset impairment		(76,143	)		(175,501	)		(1,903	)
Other		(1,443	)		—			351
Net (loss) income	$	(75,042	)	$	(116,537	)	$	77,873

(a) Expenses and items relating to securities class action, baby food litigation and SEC investigation.

The Company’s net sales by product category are as follows:

	Fiscal Year Ended June 30,
	2024		2023		2022
Snacks	$	463,261	$	486,411	$	462,573
Baby & Kids		252,481		284,834		281,018
Beverages		253,008		239,199		292,514
Meal preparation		662,116		653,114		676,683
Personal care		105,420		133,085		179,005
	$	1,736,286	$	1,796,643	$	1,891,793

The Company’s net sales by geographic region, which are generally based on the location of the Company’s subsidiary, are as follows:

	Fiscal Year Ended June 30,
	2024		2023		2022
United States	$	940,367	$	1,025,988	$	1,037,082
United Kingdom		497,150		477,400		500,949
Western Europe		183,609		180,080		227,712
Canada		115,160		113,175		126,050
	$	1,736,286	$	1,796,643	$	1,891,793

The Company’s long-lived assets, which primarily represent net property, plant and equipment, net and operating lease right-of-use assets, net by geographic region are as follows:

	Fiscal Year Ended June 30,
	2024		2023
United States	$	137,398	$	162,798
United Kingdom		125,945		134,908
Western Europe		66,785		72,016
Canada		18,236		22,497
	$	348,364	$	392,219