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BUSINESS SEGMENTS | 12 Months Ended
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Aug. 03, 2024
Segment Reporting [Abstract] |
BUSINESS SEGMENTS | NOTE 16—BUSINESS SEGMENTS The Company has two reportable segments: Wholesale and Retail. These reportable segments are two distinct businesses, each with a different customer base, marketing strategy and management structure. The Company organizes and operates the Wholesale reportable segment through three U.S geographic regions: East, Central and West, and Canada Wholesale, which is operated separately from the U.S. Wholesale business. The U.S. Wholesale and Canada Wholesale operating segments have similar products and services, customer channels, distribution methods and economic characteristics, and therefore have been aggregated into a single reportable segment. Reportable segments are reviewed on an annual basis, or more frequently if events or circumstances indicate a change in reportable segments has occurred. The Wholesale reportable segment is engaged in the distribution of grocery and non-food products, and provides support services to retailers in the United States and Canada. The Retail reportable segment derives revenues from the sale of groceries and other products at retail locations operated by the Company. The Company has additional operating segments that do not meet the quantitative thresholds for reportable segments and are therefore aggregated under the caption of Other. Other includes a single location food manufacturing business, which engages in the importing, roasting, packaging and distributing of nuts, dried fruit, seeds, trail mixes, granola, natural and organic snack items and confections, and the Company’s natural branded product lines, primarily Blue Marble Brands. Other also includes certain corporate operating expenses that are not allocated to operating segments, which include, among other expenses, restructuring, acquisition and integration related expenses, share-based compensation, and salaries, retainers, and other related expenses of certain officers and all directors. Wholesale records revenues related to sales to Retail at gross margin rates consistent with sales to other similar wholesale customers. Segment earnings include revenues and costs attributable to each of the respective business segments and certain allocated corporate overhead, based on the segment’s estimated consumption of corporately managed resources. The Company’s measure of segment profit is Adjusted EBITDA, as disclosed below. The Company allocates certain corporate capital expenditures and identifiable assets to its business segments and retains certain depreciation expense related to those assets within Other. Non-operating expenses that are not allocated to the operating segments are included in the Other segment. The following table provides information by reportable segment, including Net sales, Adjusted EBITDA, with a reconciliation to (Loss) income before income taxes, depreciation and amortization, and payments for capital expenditures:
(in millions) |  | 2024 |  | 2023 |  | 2022
Net sales: |  |  |  |  |  |
Wholesale(1) |  | $ | 29,853 |  |  | $ | 29,142 |  |  | $ | 27,824 |
Retail |  | 2,436 |  |  | 2,480 |  |  | 2,468 |
Other |  | 215 |  |  | 224 |  |  | 219 |
Eliminations |  | (1,524) |  |  | (1,574) |  |  | (1,583) |
Total Net sales |  | $ | 30,980 |  |  | $ | 30,272 |  |  | $ | 28,928 |
Adjusted EBITDA: |  |  |  |  |  |
Wholesale |  | $ | 476 |  |  | $ | 540 |  |  | $ | 696 |
Retail |  | 8 |  |  | 70 |  |  | 98 |
Other |  | 30 |  |  | 31 |  |  | 44 |
Eliminations |  | 4 |  |  | (1) |  |  | (9) |
Adjustments: |  |  |  |  |  |
Net income attributable to noncontrolling interests |  | 2 |  |  | 6 |  |  | 6 |
Net periodic benefit income, excluding service cost |  | 15 |  |  | 29 |  |  | 40 |
Interest expense, net |  | (162) |  |  | (144) |  |  | (155) |
Other income, net |  | 2 |  |  | 2 |  |  | 2 |
Depreciation and amortization |  | (319) |  |  | (304) |  |  | (285) |
Share-based compensation |  | (37) |  |  | (38) |  |  | (43) |
LIFO charge |  | (7) |  |  | (119) |  |  | (158) |
Restructuring, acquisition, and integration related expenses |  | (36) |  |  | (8) |  |  | (21) |
(Loss) gain on sale of assets and other asset charges |  | (57) |  |  | (30) |  |  | 87 |
Multi-employer pension plan withdrawal (charges) benefit |  | — |  |  | (1) |  |  | 8 |
Other retail expense |  | — |  |  | (1) |  |  | — |
Business transformation costs |  | (52) |  |  | (25) |  |  | — |
Other adjustments |  | (4) |  |  | — |  |  | — |
(Loss) income before income taxes |  | $ | (137) |  |  | $ | 7 |  |  | $ | 310 |
Depreciation and amortization: |  |  |  |  |  |
Wholesale |  | $ | 272 |  |  | $ | 263 |  |  | $ | 254 |
Retail |  | 35 |  |  | 36 |  |  | 29 |
Other |  | 12 |  |  | 5 |  |  | 2 |
Total depreciation and amortization |  | $ | 319 |  |  | $ | 304 |  |  | $ | 285 |
Payments for capital expenditures: |  |  |  |  |  |
Wholesale |  | $ | 322 |  |  | $ | 290 |  |  | $ | 224 |
Retail |  | 23 |  |  | 33 |  |  | 27 |
Total capital expenditures |  | $ | 345 |  |  | $ | 323 |  |  | $ | 251 |
(1)For fiscal 2024, 2023 and 2022, as presented in Note 3—Revenue Recognition, the Company recorded $1,272 million, $1,331 million and $1,358 million, respectively, within Net sales in its Wholesale reportable segment attributable to Wholesale to Retail sales that have been eliminated upon consolidation. Total assets by reportable segment were as follows:
(in millions) |  | August 3, 2024 |  | July 29, 2023
Assets: |  |  |  |
Wholesale |  | $ | 6,563 |  |  | $ | 6,405 |
Retail |  | 606 |  |  | 648 |
Other |  | 401 |  |  | 377 |
Eliminations |  | (42) |  |  | (36) |
Total assets |  | $ | 7,528 |  |  | $ | 7,394 |

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- Definition The entire disclosure for reporting segments including data and tables. 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