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Business Segment Information | 3 Months Ended
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Mar. 29, 2025
Business Segment Information |
Business Segment Information |
(17) | Business Segment Information
We operate in, and report results by, four reportable segments (which we also refer to as business units or reporting units): Specialty, Meals, Frozen & Vegetables and Spices & Flavor Solutions. Segment net sales, segment adjusted expenses and segment adjusted EBITDA are the primary measures used by our chief operating decision maker (CODM) to evaluate segment operating performance and to decide how to allocate resources to our reportable segments. Our CODM is our chief executive officer. We define segment adjusted expenses as cost of goods sold and other expenses incurred by our business segments to run day-to-day operations. We define segment adjusted EBITDA as segment net sales less segment adjusted expenses. Segment adjusted expenses and segment adjusted EBITDA exclude unallocated corporate items, depreciation and amortization, acquisition/divestiture-related and non-recurring expenses, impairment of intangible assets, goodwill and assets held for sale, gains and losses on sales of assets, interest expense, and income tax expense or benefit. Unallocated corporate items consist of centrally managed corporate functions, including selling, marketing, procurement, centralized administrative functions, insurance, and other similar expenses not directly tied to segment operating performance. Depreciation and amortization expenses are neither maintained nor available by reporting unit, as our manufacturing, warehouse, and distribution activities are centrally managed. These items that are centrally managed at the corporate level, and therefore excluded from the measures of segment adjusted expenses and segment adjusted EBITDA, are reviewed by our CODM. Our CODM also compares segment net sales and segment adjusted EBITDA to performance-based compensation metrics to assess the performance of each segment and utilizes this review to allocate resources, make investment decisions, and deploy assets. Expenses that are managed centrally but can be attributed to a segment, such as warehousing and transportation expenses, are generally allocated to segments based on net sales. Information about total assets by operating segment is not provided to or reviewed by our CODM. Our reportable segment results were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Thirteen Weeks Ended
​ | ​ | March 29, | ​ | March 30,
​ | ​ | 2025 | ​ | 2024
Segment net sales: | ​ | ​ | ​ | ​ | ​ | ​
Specialty | ​ | $ | 134,400 | ​ | $ | 154,729
Meals | ​ | ​ | 106,142 | ​ | ​ | 120,031
Frozen & Vegetables | ​ | ​ | 93,119 | ​ | ​ | 104,887
Spices & Flavor Solutions | ​ | ​ | 91,741 | ​ | ​ | 95,576
Total segment net sales | ​ | ​ | 425,402 | ​ | ​ | 475,223
​ | ​ | ​ | ​ | ​ | ​ | ​
Segment adjusted expenses: | ​ | ​ | ​ | ​ | ​ | ​
Specialty | ​ | ​ | 100,880 | ​ | ​ | 117,537
Meals | ​ | ​ | 81,168 | ​ | ​ | 94,402
Frozen & Vegetables | ​ | ​ | 94,592 | ​ | ​ | 97,057
Spices & Flavor Solutions | ​ | ​ | 65,472 | ​ | ​ | 66,907
Total segment adjusted expenses | ​ | ​ | 342,112 | ​ | ​ | 375,903
​ | ​ | ​ | ​ | ​ | ​ | ​
Segment adjusted EBITDA: | ​ | ​ | ​ | ​ | ​ | ​
Specialty | ​ | ​ | 33,520 | ​ | ​ | 37,192
Meals | ​ | ​ | 24,974 | ​ | ​ | 25,629
Frozen & Vegetables | ​ | ​ | (1,473) | ​ | ​ | 7,830
Spices & Flavor Solutions | ​ | ​ | 26,269 | ​ | ​ | 28,669
Total segment adjusted EBITDA | ​ | $ | 83,290 | ​ | $ | 99,320
​ | ​ | ​ | ​ | ​ | ​ | ​
Unallocated corporate expenses | ​ | $ | 24,152 | ​ | $ | 24,275
Depreciation and amortization | ​ | ​ | 16,838 | ​ | ​ | 17,209
Acquisition/divestiture-related and non-recurring expenses | ​ | ​ | 2,313 | ​ | ​ | 1,637
Impairment of goodwill | ​ | ​ | — | ​ | ​ | 70,580
Impairment of property, plant and equipment, net | ​ | ​ | 2,994 | ​ | ​ | —
Loss on sales of assets | ​ | ​ | — | ​ | ​ | 135
Interest expense, net | ​ | ​ | 37,758 | ​ | ​ | 37,825
Income tax benefit | ​ | ​ | (1,600) | ​ | ​ | (12,102)
Net income (loss) | ​ | $ | 835 | ​ | $ | (40,239)
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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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