v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION
18. SEGMENT INFORMATION

Segment Information —The Company has one reportable segment, which manufactures and distributes private brands food and beverages. Our products are primarily shelf stable and share similar customers and distribution. The Company derives revenue primarily in North America and manages the business activities on a consolidated basis. Those business activities include selling snacking offerings, beverages and drink mix offerings, and other grocery offerings across various channels including retail grocery, co-manufacturing, and food-away-from-home customers in shelf stable, refrigerated, and frozen formats. The majority of our manufacturing plants each produce one food or beverage category. We operate our business with a centralized financial systems infrastructure, and we share centralized resources for procurement and general and administrative activities. The accounting policies of the segment are the same as those described in the Summary of Significant Accounting Policies for the Company and can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

The Chief Executive Officer ("CEO") has been identified as our Chief Operating Decision Maker ("CODM"). We have one segment manager who reports directly to the CODM, with their incentive compensation based on the consolidated results of the Company. The Company manages operations on a company-wide basis, thereby making determinations as to the allocation of resources as one segment. The annual operating plan is prepared and approved by the CODM based on consolidated results of the Company. The CODM uses discrete financial information at the consolidated level to assess performance for the segment and decides how to allocate resources based on the Company's consolidated Net loss, which is reported on the Condensed Consolidated Statement of Operations. The measure of segment assets is reported on the Condensed Consolidated Balance Sheet as Total assets.
Reported segment revenue, segment profit or loss, and significant segment expenses are as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(In millions)(In millions)
Net sales$798.0 $788.5 $1,590.0 $1,609.2 
Cost of sales658.8 660.2 1,335.6 1,368.9 
Selling, distribution, general, and administrative:
Freight out and commissions25.0 24.9 51.0 56.7 
Direct selling, general, and administrative16.5 9.7 34.6 19.8 
Corporate selling, general, and administrative44.8 55.1 92.8 111.9 
Amortization expense13.2 12.1 26.3 24.2 
Asset impairment— 19.3 — 19.3 
Other operating expense, net(1)12.4 11.2 27.9 17.6 
Total other expense(2)32.9 16.9 71.0 27.0 
Income tax benefit(2.7)(4.2)(14.5)(7.8)
Net loss$(2.9)$(16.7)$(34.7)$(28.4)

(1)Other operating expense, net includes other segment items, primarily including expenses related to Restructuring programs. Refer to Note 3 to our Condensed Consolidated Financial Statements for additional information.
(2)Total other expense includes other segment items, primarily including interest expense, interest income, loss on extinguishment of debt, foreign currency exchange, and mark-to-market adjustments on derivatives.

Disaggregation of Revenue — The principal products that comprise our different product category groups are as follows:

Product Category GroupPrincipal Products
SnackingCandy; cookies; crackers; in-store bakery items; pretzels; and frozen griddle items
Beverages & drink mixesBroths/stocks; non-dairy creamer; powdered beverages and other blends; ready-to-drink beverages (production ceased in the first quarter of 2025); coffee; and tea
GroceryCheese & pudding; hot cereal; pickles; and refrigerated dough

Revenue disaggregated by product category groups is as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
 (In millions)(In millions)
Snacking$289.3 $308.9 $554.8 $623.7 
Beverages & drink mixes285.9 244.5 589.0 512.2 
Grocery222.8 235.1 446.2 473.3 
Total net sales$798.0 $788.5 $1,590.0 $1,609.2 
Revenue disaggregated by sales channel is as follows:

Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
 (In millions)(In millions)
Retail grocery$625.6 $607.5 $1,250.0 $1,257.4 
Co-manufacturing84.0 104.2 175.4 204.2 
Food-away-from-home and other88.4 76.8 164.6 147.6 
Total net sales$798.0 $788.5 $1,590.0 $1,609.2