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Segment Information | 12 Months Ended
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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 |

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