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Business Segment Information | 12 Months Ended
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Jun. 30, 2018
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information Effective July 1, 2017, David A. Ciesinski, our President and Chief Operating Officer, succeeded John B. Gerlach, Jr. as CEO. As President and CEO, Mr. Ciesinski became our principal executive officer and CODM. This change resulted in modifications to the CODM’s approach to managing the business, assessing performance and allocating resources. Consequently, beginning on July 1, 2017, our segment reporting structure was amended to align with these changes, and our financial results are now 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. All historical information was retroactively conformed to the current presentation. These segment changes had no effect on previously reported consolidated net sales, operating income, net income or earnings per share. We continue to 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. Our flatbread products and sprouted grain bakery products are generally placed in the specialty bakery/deli section of the grocery store. We also have products typically marketed in the shelf-stable section of the grocery store, which include salad dressing, slaw dressing and croutons. Within the frozen food section of the grocery store, we have prominent market positions of frozen 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. Within our organization, our procurement, manufacturing, warehousing and distribution activities are substantially integrated across our operations in order to maximize efficiency and productivity, as many of our products are similar between the two segments. Consequently, we do not prepare, and the CODM does not review, separate balance sheets for the reportable segments. As such, our external reporting does not include the presentation of identifiable assets, capital expenditures or depreciation and amortization by reportable segment. The following table sets forth net sales contributed by each class of similar products in each of the years ended June 30:
| 2018 |  | 2017 |  | 2016
Retail |  |  |  |  |
Frozen breads | $ | 252,186 |  |  | $ | 253,965 |  |  | $ | 240,799 |
Refrigerated dressings, dips and other | 226,276 |  |  | 221,422 |  |  | 212,640 |
Shelf-stable dressings and croutons | 171,772 |  |  | 166,030 |  |  | 165,945 |
Total Retail net sales | $ | 650,234 |  |  | $ | 641,417 |  |  | $ | 619,384 |
Foodservice |  |  |  |  |
Dressings and sauces | $ | 430,944 |  |  | $ | 427,017 |  |  | $ | 435,747 |
Frozen breads and other | 141,747 |  |  | 133,408 |  |  | 135,978 |
Total Foodservice net sales | $ | 572,691 |  |  | $ | 560,425 |  |  | $ | 571,725 |
Total net sales | $ | 1,222,925 |  |  | $ | 1,201,842 |  |  | $ | 1,191,109 |
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:
| 2018 |  | 2017 |  | 2016
Net Sales (1) (2) |  |  |  |  |
Retail | $ | 650,234 |  |  | $ | 641,417 |  |  | $ | 619,384 |
Foodservice | 572,691 |  |  | 560,425 |  |  | 571,725 |
Total | $ | 1,222,925 |  |  | $ | 1,201,842 |  |  | $ | 1,191,109 |
Operating Income (2) |  |  |  |  |
Retail | $ | 126,391 |  |  | $ | 138,470 |  |  | $ | 134,900 |
Foodservice | 58,432 |  |  | 66,216 |  |  | 61,692 |
Multiemployer Pension Settlement and Related Costs | — |  |  | (17,635 | ) |  | — |
Corporate Expenses (3) | (12,716 | ) |  | (12,303 | ) |  | (12,022 | )
Total | $ | 172,107 |  |  | $ | 174,748 |  |  | $ | 184,570 |
Identifiable Assets (1) (4) |  |  |  |  |
Retail & Foodservice (5) | $ | 589,509 |  |  | $ | 577,509 |  |  | $ | 515,553 |
Corporate | 214,982 |  |  | 138,896 |  |  | 119,179 |
Total | $ | 804,491 |  |  | $ | 716,405 |  |  | $ | 634,732 |
Capital Expenditures |  |  |  |  |
Retail & Foodservice (5) | $ | 31,025 |  |  | $ | 26,031 |  |  | $ | 16,652 |
Corporate | — |  |  | 974 |  |  | 19 |
Total | $ | 31,025 |  |  | $ | 27,005 |  |  | $ | 16,671 |
Depreciation and Amortization |  |  |  |  |
Retail & Foodservice (5) | $ | 26,685 |  |  | $ | 24,752 |  |  | $ | 24,001 |
Corporate | 211 |  |  | 154 |  |  | 146 |
Total | $ | 26,896 |  |  | $ | 24,906 |  |  | $ | 24,147 |
(1) | Net sales and long-lived assets are predominately domestic.
(2) | All intercompany transactions have been eliminated.
(3) | Our Corporate Expenses include various expenses of a general corporate nature, as well as costs related to certain divested or closed nonfood operations, including the expense associated with retirement plans applicable to those closed units. By their very nature, these costs have not been allocated to the Retail and Foodservice segments.
(4) | Retail and Foodservice identifiable assets include those assets used in our operations and other intangible assets allocated to purchased businesses. Corporate assets consist principally of cash and equivalents. The increase in Corporate identifiable assets from June 30, 2017 to June 30, 2018 was primarily due to the increase in cash and equivalents. The increase in Retail and Foodservice identifiable assets from June 30, 2016 to June 30, 2017 was due to the acquisition of Angelic.
(5) | As discussed above, we do not present identifiable assets, capital expenditures 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:
| 2018 |  | 2017 |  | 2016
Net sales to Walmart | $ | 209,860 |  |  | $ | 201,484 |  |  | $ | 189,417 |
As a percentage of consolidated net sales | 17 | % |  | 17 | % |  | 16 | %
Net sales to McLane | $ | 185,226 |  |  | $ | 198,153 |  |  | $ | 232,241 |
As a percentage of consolidated net sales | 15 | % |  | 16 | % |  | 19 | %
Accounts receivable attributable to Walmart and McLane at June 30 as a percentage of consolidated accounts receivable were as follows:
| 2018 |  | 2017
Walmart | 28 | % |  | 26 | %
McLane | 11 | % |  | 12 | %

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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