B&G Foods (BGS) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jul. 01, 2023	Jul. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 01, 2023
Entity File Number	001-32316
Entity Registrant Name	B&G FOODS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3918742
Entity Address, Address Line One	Four Gatehall Drive
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	401-6500
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BGS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,291,573
Entity Central Index Key	0001278027
Current Fiscal Year End Date	--12-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 42,772	$ 45,442
Trade accounts receivable, net	142,841	150,019
Inventories	674,682	726,468
Assets held for sale		51,314
Prepaid expenses and other current assets	41,451	37,550
Income tax receivable	12,810	8,024
Total current assets	914,556	1,018,817
Property, plant and equipment, net of accumulated depreciation of $419,243 and $390,821 as of July 1, 2023 and December 31, 2022, respectively	308,405	317,587
Operating lease right-of-use assets	64,600	65,809
Finance lease right-of-use assets	2,362	2,891
Goodwill	619,399	619,241
Other intangible assets, net	1,778,097	1,788,157
Other assets	20,816	19,088
Deferred income taxes	10,472	10,019
Total assets	3,718,707	3,841,609
Current liabilities:
Trade accounts payable	136,308	127,809
Accrued expenses	61,461	64,137
Current portion of operating lease liabilities	15,274	14,616
Current portion of finance lease liabilities	1,057	1,046
Current portion of long-term debt		50,000
Income tax payable	3,346	309
Dividends payable	13,735	13,617
Total current liabilities	231,181	271,534
Long-term debt, net of current portion	2,245,630	2,339,049
Deferred income taxes	302,943	288,712
Long-term operating lease liabilities, net of current portion	49,683	51,727
Long-term finance lease liabilities, net of current portion	1,263	1,795
Other liabilities	21,644	20,626
Total liabilities	2,852,344	2,973,443
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.01 par value per share. Authorized 1,000,000 shares; no shares issued or outstanding
Common stock, $0.01 par value per share. Authorized 125,000,000 shares; 72,291,573 and 71,668,144 shares issued and outstanding as of July 1, 2023 and December 31, 2022, respectively	723	717
Accumulated other comprehensive loss	384	(9,349)
Retained earnings	865,256	876,798
Total stockholders' equity	866,363	868,166
Total liabilities and stockholders' equity	$ 3,718,707	$ 3,841,609

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Property, plant and equipment, accumulated depreciation (in dollars)	$ 419,243	$ 390,821
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, Authorized shares	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, Authorized shares	125,000,000	125,000,000
Common stock, shares issued	72,291,573	71,668,144
Common stock, shares outstanding	72,291,573	71,668,144

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Consolidated Statements of Operations
Net sales	$ 469,637	$ 478,965	$ 981,451	$ 1,011,372
Cost of goods sold	367,361	402,468	764,939	833,587
Gross profit	102,276	76,497	216,512	177,785
Operating (income) and expenses:
Selling, general and administrative expenses	47,872	44,197	94,601	91,037
Amortization expense	5,211	5,359	10,452	10,582
Loss (gain) on sales of assets			85	(7,099)
Operating income	49,193	26,941	111,374	83,265
Other (income) and expenses:
Interest expense, net	35,814	29,941	75,249	56,743
Other income	(936)	(1,848)	(1,857)	(3,687)
Income (loss) before income tax expense (benefit)	14,315	(1,152)	37,982	30,209
Income tax expense (benefit)	3,762	(1,408)	24,014	6,297
Net income	$ 10,553	$ 256	$ 13,968	$ 23,912
Weighted average shares outstanding:
Basic	72,237,482	69,903,828	72,008,119	69,266,967
Diluted	72,379,814	70,286,333	72,087,182	69,651,605
Earnings per share:
Basic	$ 0.15		$ 0.19	$ 0.35
Diluted	0.15		0.19	0.34
Cash dividends declared per share	$ 0.190	$ 0.475	$ 0.380	$ 0.950

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Consolidated Statements of Comprehensive Income
Net Income (Loss)	$ 10,553	$ 256	$ 13,968	$ 23,912
Other comprehensive income (loss):
Foreign currency translation adjustments	4,579	(3,721)	9,739	(1,042)
Pension (loss) gain, net of tax	(6)	20	(6)	41
Other comprehensive income (loss)	4,573	(3,701)	9,733	(1,001)
Comprehensive income (loss)	$ 15,126	$ (3,445)	$ 23,701	$ 22,911

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Total
Beginning balance at Jan. 01, 2022	$ 685	$ 3,547	$ (18,169)	$ 934,191	$ 920,254
Beginning balance (in shares) at Jan. 01, 2022	68,521,651
Increase (Decrease) in Stockholders' Equity
Foreign currency translation			2,679		2,679
Change in pension benefit (net of of income taxes)			21		21
Net income				23,656	23,656
Share-based compensation		791			791
Net issuance of common stock for share-based compensation	$ 3	(3,707)			(3,704)
Net issuance of common stock for share-based compensation (in shares)	261,014
Cancellation of restricted stock for tax withholding upon vesting		(298)			(298)
Cancellation of restricted stock for tax withholding upon vesting (in shares)	(10,871)
Cancellation of restricted stock upon forfeiture (in shares)	(573)
Issuance of common stock in ATM offering	$ 1	3,227			3,228
Issuance of common stock in ATM offering (in shares)	112,353
Stock options exercised		60			60
Stock options exercised (in shares)	2,227
Dividends declared on common stock		(3,620)		(29,101)	(32,721)
Ending balance at Apr. 02, 2022	$ 689		(15,469)	928,746	913,966
Ending balance (in shares) at Apr. 02, 2022	68,885,801
Beginning balance at Jan. 01, 2022	$ 685	3,547	(18,169)	934,191	920,254
Beginning balance (in shares) at Jan. 01, 2022	68,521,651
Increase (Decrease) in Stockholders' Equity
Foreign currency translation					(1,042)
Change in pension benefit (net of of income taxes)					41
Net income					23,912
Ending balance at Jul. 02, 2022	$ 717	29,632	(19,170)	929,002	940,181
Ending balance (in shares) at Jul. 02, 2022	71,670,346
Beginning balance at Apr. 02, 2022	$ 689		(15,469)	928,746	913,966
Beginning balance (in shares) at Apr. 02, 2022	68,885,801
Increase (Decrease) in Stockholders' Equity
Foreign currency translation			(3,721)		(3,721)
Change in pension benefit (net of of income taxes)			20		20
Net income				256	256
Share-based compensation		1,924			1,924
Net issuance of common stock for share-based compensation (in shares)	47,335
Cancellation of restricted stock for tax withholding upon vesting		(28)			(28)
Cancellation of restricted stock for tax withholding upon vesting (in shares)	(1,250)
Cancellation of restricted stock upon forfeiture (in shares)	(1,108)
Issuance of common stock in ATM offering	$ 28	61,780			61,808
Issuance of common stock in ATM offering (in shares)	2,739,568
Dividends declared on common stock		(34,044)			(34,044)
Ending balance at Jul. 02, 2022	$ 717	29,632	(19,170)	929,002	940,181
Ending balance (in shares) at Jul. 02, 2022	71,670,346
Beginning balance at Dec. 31, 2022	$ 717		(9,349)	876,798	$ 868,166
Beginning balance (in shares) at Dec. 31, 2022	71,668,144				71,668,144
Increase (Decrease) in Stockholders' Equity
Foreign currency translation			5,160		$ 5,160
Net income				3,415	3,415
Share-based compensation		664			664
Net issuance of common stock for share-based compensation	$ 5	(1,666)			(1,661)
Net issuance of common stock for share-based compensation (in shares)	557,558
Cancellation of restricted stock for tax withholding upon vesting		(205)			(205)
Cancellation of restricted stock for tax withholding upon vesting (in shares)	(13,488)
Cancellation of restricted stock upon forfeiture (in shares)	(414)
Dividends declared on common stock		1,207		(14,927)	(13,720)
Ending balance at Apr. 01, 2023	$ 722		(4,189)	865,286	861,819
Ending balance (in shares) at Apr. 01, 2023	72,211,800
Beginning balance at Dec. 31, 2022	$ 717		(9,349)	876,798	$ 868,166
Beginning balance (in shares) at Dec. 31, 2022	71,668,144				71,668,144
Increase (Decrease) in Stockholders' Equity
Foreign currency translation					$ 9,739
Change in pension benefit (net of of income taxes)					(6)
Net income					13,968
Ending balance at Jul. 01, 2023	$ 723		384	865,256	$ 866,363
Ending balance (in shares) at Jul. 01, 2023	72,291,573				72,291,573
Beginning balance at Apr. 01, 2023	$ 722		(4,189)	865,286	$ 861,819
Beginning balance (in shares) at Apr. 01, 2023	72,211,800
Increase (Decrease) in Stockholders' Equity
Foreign currency translation			4,579		4,579
Change in pension benefit (net of of income taxes)			(6)		(6)
Net income				10,553	10,553
Share-based compensation		3,166			3,166
Net issuance of common stock for share-based compensation	$ 1	(1)
Net issuance of common stock for share-based compensation (in shares)	82,917
Cancellation of restricted stock for tax withholding upon vesting		(13)			(13)
Cancellation of restricted stock for tax withholding upon vesting (in shares)	(960)
Cancellation of restricted stock upon forfeiture (in shares)	(2,184)
Dividends declared on common stock		$ (3,152)		(10,583)	(13,735)
Ending balance at Jul. 01, 2023	$ 723		$ 384	$ 865,256	$ 866,363
Ending balance (in shares) at Jul. 01, 2023	72,291,573				72,291,573

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Apr. 02, 2022
Consolidated Statements of Changes in Stockholders' Equity
Change in pension benefit, income taxes	$ 5	$ 6	$ 7
Dividends declared on common stock, per share (in dollars per share)	$ 0.190	$ 0.475	$ 0.475

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Cash flows from operating activities:
Net income	$ 13,968	$ 23,912
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35,304	40,299
Amortization of operating lease right-of-use assets	8,905	8,173
Amortization of deferred debt financing costs and bond discount/premium	4,684	2,346
Deferred income taxes	15,097	530
Loss (gain) on sales of assets	177	(7,113)
Gain on extinguishment of debt	(786)
Share-based compensation expense	3,301	2,248
Changes in assets and liabilities, net of effects of businesses acquired:
Trade accounts receivable	7,381	(4,081)
Inventories	57,200	(56,632)
Prepaid expenses and other current assets	(2,332)	(1,977)
Income tax receivable/payable, net	(1,078)	(12,923)
Other assets	(1,042)	(887)
Trade accounts payable	6,639	35,481
Accrued expenses	(16,046)	(9,290)
Other liabilities	1,005	1,041
Net cash provided by operating activities	132,377	21,127
Cash flows from investing activities:
Capital expenditures	(10,605)	(13,200)
Proceeds from sales of assets	51,497	10,429
Payments for acquisition of businesses, net of cash acquired		(27,290)
Net cash provided by investing activities	40,892	(30,061)
Cash flows from financing activities:
Repurchases of senior notes	(23,350)
Repayments of borrowings under term loan facility	(121,000)
Repayments of borrowings under revolving credit facility	(107,500)	(162,500)
Borrowings under revolving credit facility	105,000	185,000
Proceeds from issuance of common stock, net		65,202
Dividends paid	(27,337)	(65,269)
Proceeds from exercise of stock options		60
Payments of tax withholding on behalf of employees for net share settlement of share-based compensation	(1,879)	(4,029)
Net cash provided by financing activities	(176,066)	18,464
Effect of exchange rate fluctuations on cash and cash equivalents	127	(194)
Net (decrease) increase in cash and cash equivalents	(2,670)	9,336
Cash and cash equivalents at beginning of period	45,442	33,690
Cash and cash equivalents at end of period	42,772	43,026
Supplemental disclosures of cash flow information:
Cash interest payments	71,916	53,954
Cash income tax payments	9,991	18,989
Non-cash investing and financing transactions:
Dividends declared and not yet paid	13,735	34,043
Accruals related to purchases of property, plant and equipment	1,525	876
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 6,750	$ 2,588

Nature of Operations

Nature of Operations	6 Months Ended
	Jul. 01, 2023
Nature of Operations
Nature of Operations	(1) Nature of Operations B&G Foods, Inc. is a holding company whose principal assets are the shares of capital stock of its subsidiaries. Unless the context requires otherwise, references in this report to “B&G Foods,” “our company,” “we,” “us” and “our” refer to B&G Foods, Inc. and its subsidiaries. Our financial statements are presented on a consolidated basis. We operate in a single industry segment and manufacture, sell and distribute a diverse portfolio of high-quality shelf-stable and frozen foods across the United States, Canada and Puerto Rico. Our products include frozen and canned vegetables, vegetable, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, crackers, baking powder, baking soda, corn starch, nut clusters and other specialty products. Our products are marketed under many recognized brands, including Ac’cent B&G B&M Baker’s Joy Bear Creek Country Kitchens Brer Rabbit Canoleo Cary’s Clabber Girl Cream of Rice Cream of Wheat Crisco Dash, Davis Devonsheer Don Pepino Durkee Emeril’s Grandma’s Molasses Green Giant Joan of Arc Las Palmas Le Sueur MacDonald’s Mama Mary’s Maple Grove Farms of Vermont McCann’s Molly McButter New York Flatbreads New York Style Old London Ortega Polaner Red Devil Regina Rumford Sa-són Sclafani Spice Islands Spring Tree Sugar Twin Tone’s Trappey’s TrueNorth Underwood Vermont Maid Victoria Weber Wright’s Static Guard

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 01, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Fiscal Year Typically, our fiscal quarters and fiscal year consist of 13 and 52 weeks, respectively, ending on the Saturday closest to December 31 in the case of our fiscal year and fourth fiscal quarter, and on the Saturday closest to the end of the corresponding calendar quarter in the case of our fiscal quarters. As a result, a 53 rd week is added to our fiscal year every five or six years . Generally, in a 53 -week fiscal year our fourth fiscal quarter contains 14 weeks. Our fiscal year ending December 30, 2023 (fiscal 2023) and our fiscal year ended December 31, 2022 (fiscal 2022) each contains 52 weeks. Each quarter of fiscal 2023 and 2022 contains 13 weeks. Basis of Presentation The accompanying unaudited consolidated interim financial statements for the thirteen and twenty-six week periods ended July 1, 2023 (second quarter and first two quarters of 2023) and July 2, 2022 (second quarter and first two quarters of 2022) have been prepared by our company in accordance with generally accepted accounting principles in the United States (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), and include the accounts of B&G Foods, Inc. and its subsidiaries. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, our management believes, to the best of their knowledge, that the disclosures herein are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated. The accompanying unaudited consolidated interim financial statements contain all adjustments that are, in the opinion of management, necessary to present fairly our consolidated financial position as of July 1, 2023, and the results of our operations, comprehensive income, changes in stockholders’ equity and cash flows for the second quarter and first two quarters of 2023 and 2022. Our results of operations for the second quarter and first two quarters of 2023 are not necessarily indicative of the results to be expected for the full year. We have evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited consolidated interim financial statements. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for fiscal 2022 filed with the SEC on February 28, 2023 (which we refer to as our 2022 Annual Report on Form 10-K). Use of Estimates The preparation of financial statements in accordance with GAAP requires our management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates and assumptions made by management involve revenue recognition as it relates to trade and consumer promotion expenses; pension benefits; acquisition accounting fair value allocations; the recoverability of goodwill, other intangible assets, property, plant and equipment and deferred tax assets; and the determination of the useful life of customer relationship and finite-lived trademark intangible assets. Actual results could differ significantly from these estimates and assumptions. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. Volatility in the credit and equity markets can increase the uncertainty inherent in such estimates and assumptions. Recently Issued Accounting Standards – Pending Adoption In October 2021, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) which provides an exception to fair value measurement for revenue contracts acquired in business combinations. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2022. We currently expect to adopt the standard for any business combinations that occur in fiscal 2023 or after. Currently, we do not expect the adoption of this ASU to have a material impact to our consolidated financial statements.

Acquisitions and Divestitures

Acquisitions and Divestitures	6 Months Ended
	Jul. 01, 2023
Acquisitions and Divestitures
Acquisitions and Divestitures	(3) Acquisitions and Divestitures Yuma Acquisition On May 5, 2022, we completed the acquisition of the frozen vegetable manufacturing operations of Growers Express, LLC, whose primary business at the time of the acquisition was co-manufacturing certain Green Giant Green Giant Green Giant Veggie Spirals Green Giant The following table sets forth the allocation of the Yuma acquisition purchase price to the estimated fair value of the net assets acquired at the date of acquisition: ​ ​ ​ ​ ​ Purchase Price Allocation (in thousands): ​ May 5, 2022 Inventories ​ $ 3,342 Prepaid expenses and other current assets ​ ​ 187 Property, plant and equipment, net ​ ​ 12,508 Operating lease right-of-use assets ​ ​ 12,770 Finance lease right-of-use assets ​ ​ 3,529 Other intangible assets, net ​ ​ 4,483 Current portion of operating lease liabilities ​ ​ (1,624) Current portion of finance lease liabilities ​ ​ (1,035) Long-term operating lease liabilities, net of current portion ​ ​ (8,756) Long-term finance lease liabilities, net of current portion ​ ​ (2,493) Goodwill ​ ​ 4,379 Total purchase price (paid in cash) ​ $ 27,290 ​ Unaudited Pro Forma Summary of Operations The Yuma acquisition was not material to our consolidated results of operations or financial position and, therefore, pro forma financial information is not presented. Back to Nature Divestiture On December 15, 2022, we entered into an agreement to sell the Back to Nature Back to Nature During fiscal 2022, we reclassified $157.7 million of assets related to our Back to Nature Back to Nature Effective January 3, 2023, the first business day of fiscal 2023, we completed the Back to Nature Back to Nature ​ ​ ​ ​ Cash received $ 51,414 Less: ​ ​ Assets sold: ​ ​ Trademarks — indefinite-lived intangible assets ​ 109,900 Goodwill ​ 29,500 Customer relationships — finite-lived intangible assets ​ 11,025 Inventories ​ 7,323 Impairment of assets held for sale ​ (106,434) Total assets sold ​ 51,314 Expenses of sale ​ 185 Pre-tax loss on sale of assets $ (85) ​ As a result of the Back to Nature

Inventories

Inventories	6 Months Ended
	Jul. 01, 2023
Inventories
Inventories	(4) Inventories Inventories are stated at the lower of cost or net realizable value and include direct material, direct labor, overhead, warehousing and product transfer costs. Cost is determined using the first-in, first-out and average cost methods. Inventories have been reduced by an allowance for excess, obsolete and unsaleable inventories. The allowance is an estimate based on management’s review of inventories on hand compared to estimated future usage and sales. Inventories consist of the following, as of the dates indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 December 31, 2022 Raw materials and packaging ​ $ 106,425 ​ $ 126,947 Work-in-process ​ ​ 148,924 ​ ​ 208,183 Finished goods ​ 419,333 ​ 391,338 Inventories ​ $ 674,682 ​ $ 726,468 ​

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	6 Months Ended
	Jul. 01, 2023
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	(5) Goodwill and Other Intangible Assets The carrying amounts of goodwill and other intangible assets, as of the dates indicated, consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 ​ December 31, 2022 ​ Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying ​ Amount ​ Amortization ​ Amount ​ Amount ​ Amortization ​ Amount Finite-Lived Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademarks $ 6,800 ​ $ 4,609 ​ $ 2,191 ​ $ 6,800 ​ $ 4,382 ​ $ 2,418 Customer relationships 396,621 ​ 195,199 ​ 201,422 ​ 396,565 ​ 184,966 ​ 211,599 Total finite-lived intangible assets $ 403,421 ​ $ 199,808 ​ $ 203,613 ​ $ 403,365 ​ $ 189,348 ​ $ 214,017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indefinite-Lived Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ ​ ​ ​ ​ $ 619,399 ​ ​ ​ ​ ​ ​ ​ $ 619,241 Trademarks ​ ​ ​ ​ ​ ​ ​ 1,574,484 ​ ​ ​ ​ ​ ​ ​ ​ 1,574,140 Total indefinite-lived intangible assets ​ ​ ​ ​ ​ ​ $ 2,193,883 ​ ​ ​ ​ ​ ​ ​ $ 2,193,381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total goodwill and other intangible assets ​ ​ ​ ​ ​ ​ $ 2,397,496 ​ ​ ​ ​ ​ ​ ​ $ 2,407,398 ​ Amortization expense associated with finite-lived intangible assets was $5.2 million and $10.5 million for the second quarter and first two quarters of 2023, respectively, and $5.4 million and $10.6 million for the second quarter and first two quarters of 2022, respectively, and is recorded in operating expenses. We expect to recognize an additional $10.3 million of amortization expense associated with our finite-lived intangible assets during the remainder of fiscal 2023, and thereafter $20.8 million in each of fiscal 2024 and fiscal 2025 We did not recognize any impairment charges for indefinite-lived intangible assets for the first two quarters of 2023 or the first two quarters of 2022. If, however, operating results for any of our brands, including recently impaired brands and newly acquired brands, deteriorate, at rates in excess of our current projections, we may be required to record non-cash impairment charges to certain intangible assets. In addition, any significant decline in our market capitalization or changes in discount rates, even if due to macroeconomic factors, could put pressure on the carrying value of our goodwill. A determination that all or a portion of our goodwill or indefinite-lived intangible assets are impaired, although a non-cash charge to operations, could have a material adverse effect on our business, consolidated financial condition and results of operations. For a further discussion of our annual impairment testing of goodwill and indefinite-lived intangible assets (trademarks), see Note 2(g), “Summary of Significant Accounting Policies— Goodwill and Other Intangible Assets

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jul. 01, 2023
Long-Term Debt
Long-Term Debt	(6) Long-Term Debt Long-term debt consists of the following, as of the dates indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 December 31, 2022 Revolving credit loans $ 280,000 $ 282,500 Tranche B term loans due 2026 ​ ​ 550,625 ​ ​ 671,625 5.25% senior notes due 2025 ​ ​ 875,610 ​ ​ 900,000 5.25% senior notes due 2027 ​ ​ 550,000 ​ ​ 550,000 Unamortized deferred debt financing costs ​ ​ (9,833) ​ (13,196) Unamortized discount/premium ​ (772) ​ (1,880) Total long-term debt, net of unamortized deferred debt financing costs and discount/premium ​ ​ 2,245,630 ​ ​ 2,389,049 Current portion of long-term debt ​ — ​ (50,000) Long-term debt, net of unamortized deferred debt financing costs and discount/premium, and excluding current portion $ 2,245,630 $ 2,339,049 ​ As of July 1, 2023, the aggregate contractual maturities of long-term debt were as follows (in thousands): ​ ​ ​ ​ ​ Aggregate Contractual Maturities Fiscal year: ​ ​ 2023 remaining $ — 2024 — 2025 1,155,610 2026 550,625 2027 550,000 Thereafter — Total $ 2,256,235 ​ Senior Secured Credit Agreement. During the first quarter of 2023, we made a mandatory prepayment of $50.0 million principal amount of tranche B term loans with proceeds from the Back to Nature During the second quarter of 2023, we amended our credit agreement to transition the interest rate based on LIBOR available for borrowings under the credit agreement and related LIBOR-based mechanics to an interest rate based on SOFR and related SOFR-based mechanics, effective July 1, 2023. Prior to the transition to SOFR, interest under the tranche B term loan facility was determined based on alternative rates that we chose in accordance with our credit agreement, including a base rate per annum plus an applicable margin of 1.00%, and LIBOR plus an applicable margin of 2.50%. Effective July 1, 2023, interest under the tranche B term loan facility is determined based on alternative rates that we may choose in accordance with our credit agreement, including a base rate per annum plus an applicable margin of 1.00%, and SOFR plus an applicable margin of 2.50%. As of July 1, 2023, the available borrowing capacity under the revolving credit facility, net of outstanding letters of credit of $4.6 million, was $515.4 million. Proceeds of the revolving credit facility may be used for general corporate purposes, including acquisitions of targets in the same or a similar line of business as our company, subject to specified criteria. The revolving credit facility matures on December 16, 2025. Prior to the transition to SOFR, interest under the revolving credit facility, including any outstanding letters of credit, was determined based on alternative rates that we chose in accordance with the credit agreement, including a base rate per annum plus an applicable margin ranging from 0.25% to 0.75%, and LIBOR plus an applicable margin ranging from 1.25% to 1.75%, in each case depending on our consolidated leverage ratio. Effective July 1, 2023, interest under the revolving credit facility, including any outstanding letters of credit, is determined based on alternative rates that we may choose in accordance with the credit agreement, including a base rate per annum plus an applicable margin ranging from 0.25% to 0.75%, and SOFR plus an applicable margin ranging from 1.25% to 1.75%, in each case depending on our consolidated leverage ratio. We are required to pay a commitment fee of 0.50% per annum on the unused portion of the revolving credit facility. The maximum letter of credit capacity under the revolving credit facility is $50.0 million, with a fronting fee of 0.25% per annum for all outstanding letters of credit and a letter of credit fee equal to the applicable margin for revolving loans that are SOFR (previously LIBOR) loans. We may prepay term loans or permanently reduce the revolving credit facility commitment under the credit agreement at any time without premium or penalty (other than customary “breakage” costs with respect to the early termination of SOFR (previously LIBOR) loans). Subject to certain exceptions, the credit agreement provides for mandatory prepayment upon certain asset dispositions or casualty events and issuances of indebtedness. Our obligations under the credit agreement are jointly and severally and fully and unconditionally guaranteed on a senior basis by all of our existing and certain future domestic subsidiaries (other than a domestic subsidiary that is a holding company for one or more foreign subsidiaries). The credit agreement is secured by substantially all of our and our domestic subsidiaries’ assets except our and our domestic subsidiaries’ real property. The credit agreement contains customary restrictive covenants, subject to certain permitted amounts and exceptions, including covenants limiting our ability to incur additional indebtedness, pay dividends and make other restricted payments, repurchase shares of our outstanding stock and create certain liens. The credit agreement also contains certain financial maintenance covenants, which, among other things, specify a maximum consolidated leverage ratio and a minimum interest coverage ratio, each ratio as defined in the credit agreement. On June 28, 2022, we amended our credit agreement to temporarily increase the maximum consolidated leverage ratio permitted under our revolving credit facility. The amendment provides that our maximum consolidated leverage ratio (defined as the ratio, determined on a pro forma basis, of our consolidated net debt, as of the last day of any period of four consecutive fiscal quarters to our adjusted EBITDA (as defined in the credit agreement) before share-based compensation for such period), increased from 7.00 to 1.00 to 7.50 to 1.00 for the quarter ended July 2, 2022, and then increased to 8.00 to 1.00 for the quarter ended October 1, 2022 through the quarter ending September 30, 2023. The maximum consolidated leverage ratio will decrease to 7.50 to 1.00 for the quarter ending December 30, 2023 before returning to 7.00 to 1.00 for the quarters ending March 30, 2024 and thereafter. We are also required to maintain a consolidated interest coverage ratio (defined as the ratio, determined on a pro forma basis, of our adjusted EBITDA (before share-based compensation) for any period of four consecutive fiscal quarters to our consolidated interest expense for such period payable in cash) of at least 1.75 to 1.00. As of July 1, 2023, we were in compliance with all of the covenants, including the financial covenants, in the credit agreement. The credit agreement also provides for an incremental term loan and revolving loan facility, pursuant to which we may request that the lenders under the credit agreement, and potentially other lenders, provide unlimited additional amounts of term loans or revolving loans or both on terms substantially consistent with those provided under the credit agreement. Among other things, the utilization of the incremental facility is conditioned on our ability to meet a maximum senior secured leverage ratio of 4.00 to 1.00, and a sufficient number of lenders or new lenders agreeing to participate in the facility. 5.25% Senior Notes due 2025 We used the net proceeds of the April 2017 offering to repay all of the then outstanding borrowings and amounts due under our revolving credit facility and tranche A term loans, to pay related fees and expenses and for general corporate purposes. We used the net proceeds of the November 2017 offering to repay all of the then outstanding borrowings and amounts due under our revolving credit facility, to pay related fees and expenses and for general corporate purposes. Interest on the 5.25% senior notes due 2025 is payable on April 1 and October 1 of each year, commencing October 1, 2017. The 5.25% senior notes due 2025 will mature on April 1, 2025, unless earlier retired or redeemed as described below. We may redeem some or all of the 5.25% senior notes due 2025 at a redemption price of 100% of the principal amount plus accrued and unpaid interest to the date of redemption. In addition, if we undergo a change of control or upon certain asset sales, we may be required to offer to repurchase the 5.25% senior notes due 2025 at the repurchase price set forth in the indenture plus accrued and unpaid interest to the date of repurchase. We may also, from time to time, seek to retire the 5.25% senior notes due 2025 through cash repurchases of the 5.25% senior notes due 2025 and/or exchanges of the 5.25% senior notes due 2025 for equity securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. For example, during the second quarter of 2023, we repurchased $24.4 million aggregate principal amount of the 5.25% senior notes due 2025 in open market purchases at an average discounted repurchase price of 95.74% of such principal amount plus accrued and unpaid interest. This resulted in a pre-tax gain on extinguishment of debt in our second quarter of 2023 of $0.8 million, net of the accelerated amortization of deferred debt financing costs of $0.2 million, which is included in interest expense. As of July 1, 2023, $875.6 million aggregate principal amount of the 5.25% senior notes due 2025 remained outstanding. Our obligations under the 5.25% senior notes due 2025 are jointly and severally and fully and unconditionally guaranteed on a senior basis by all of our existing and certain future domestic subsidiaries. The 5.25% senior notes due 2025 and the subsidiary guarantees are our and the guarantors’ general unsecured obligations and are effectively junior in right of payment to all of our and the guarantors’ secured indebtedness and to all existing and future indebtedness and other liabilities of our non-guarantor subsidiaries; are pari passu The indenture governing the 5.25% senior notes due 2025 contains covenants with respect to us and the guarantors and restricts the incurrence of additional indebtedness and the issuance of capital stock; the payment of dividends or distributions on, and redemption of, capital stock; a number of other restricted payments, including certain investments; creation of specified liens, certain sale-leaseback transactions and sales of certain specified assets; fundamental changes, including consolidation, mergers and transfers of all or substantially all of our assets; and specified transactions with affiliates. Each of the covenants is subject to a number of important exceptions and qualifications. As of July 1, 2023, we were in compliance with all of the covenants in the indenture governing the 5.25% senior notes due 2025. 5.25% Senior Notes due 2027 We used the proceeds of the offering, together with the proceeds of incremental term loans made during the fourth quarter of 2019, to redeem all of our outstanding 4.625% senior notes due 2021, repay a portion of our borrowings under our revolving credit facility, pay related fees and expenses and for general corporate purposes. Interest on the 5.25% senior notes due 2027 is payable on March 15 and September 15 of each year, commencing March 15, 2020. The 5.25% senior notes due 2027 will mature on September 15, 2027, unless earlier retired or redeemed as described below. We may redeem some or all of the 5.25% senior notes due 2027 at a redemption price of 102.625% of the principal amount beginning March 1, 2023 and thereafter at prices declining annually to 101.313% on March 1, 2024 and 100% on or after March 1, 2025, in each case plus accrued and unpaid interest to the date of redemption. In addition, if we undergo a change of control or upon certain asset sales, we may be required to offer to repurchase the 5.25% senior notes due 2027 at the repurchase price set forth in the indenture plus accrued and unpaid interest to the date of repurchase. We may also, from time to time, seek to retire the 5.25% senior notes due 2027 through cash repurchases of the 5.25% senior notes due 2027 and/or exchanges of the 5.25% senior notes due 2027 for equity securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Our obligations under the 5.25% senior notes due 2027 are jointly and severally and fully and unconditionally guaranteed on a senior basis by all of our existing and certain future domestic subsidiaries. The 5.25% senior notes due 2027 and the subsidiary guarantees are our and the guarantors’ general unsecured obligations and are effectively junior in right of payment to all of our and the guarantors’ secured indebtedness and to all existing and future indebtedness and other liabilities of our non-guarantor subsidiaries; are pari passu The indenture governing the 5.25% senior notes due 2027 contains covenants with respect to us and the guarantors and restricts the incurrence of additional indebtedness and the issuance of capital stock; the payment of dividends or distributions on, and redemption of, capital stock; a number of other restricted payments, including certain investments; creation of specified liens, certain sale-leaseback transactions and sales of certain specified assets; fundamental changes, including consolidation, mergers and transfers of all or substantially all of our assets; and specified transactions with affiliates. Each of the covenants is subject to a number of important exceptions and qualifications. As of July 1, 2023, we were in compliance with all of the covenants in the indenture governing the 5.25% senior notes due 2027. Subsidiary Guarantees. Accrued Interest

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 01, 2023
Fair Value Measurements
Fair Value Measurements	(7) Fair Value Measurements The authoritative accounting literature relating to fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The accounting literature outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and the accounting literature details the disclosures that are required for items measured at fair value. Financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy under the accounting literature. The three levels are as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value driver is observable for the asset or liability, either directly or indirectly. Level 3—Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. Cash and cash equivalents, trade accounts receivable, income tax receivable, trade accounts payable, accrued expenses, income tax payable and dividends payable are reflected in the consolidated balance sheets at carrying value, which approximates fair value due to the short-term nature of these instruments. The carrying values and fair values of our revolving credit loans, term loans and senior notes as of July 1, 2023 and December 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 ​ ​ December 31, 2022 ​ Carrying Value Fair Value Carrying Value Fair Value Revolving credit loans ​ $ 280,000 ​ $ 280,000 (1) $ 282,500 ​ $ 282,500 (1) Tranche B term loans due 2026 ​ ​ 549,009 (2) ​ 539,401 (3) ​ 668,532 (2) ​ 636,777 (3) 5.25% senior notes due 2025 ​ ​ 876,454 (4) ​ 839,205 (3) ​ 901,213 (4) ​ 790,625 (3) 5.25% senior notes due 2027 ​ $ 550,000 ​ $ 470,250 (3) $ 550,000 ​ $ 420,558 (3) (1) Fair values are estimated based on Level 2 inputs, which were quoted prices for identical or similar instruments in markets that are not active. (2) The carrying value of the tranche B term loans includes a discount. At July 1, 2023 and December 31, 2022, the face amount of the tranche B term loans was $550.6 million and $671.6 million, respectively. (3) Fair values are estimated based on quoted market prices. (4) The carrying value of the 5.25% senior notes due 2025 includes a premium. At July 1, 2023 and December 31, 2022, the face amount of the 5.25% senior notes due 2025 was $875.6 million and $900.0 million, respectively. There was no Level 3 activity during the second quarter or first two quarters of 2023 or 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jul. 01, 2023
Accumulated Other Comprehensive Loss.
Accumulated Other Comprehensive Loss	(8) Accumulated Other Comprehensive Loss The reclassifications from accumulated other comprehensive loss (AOCL) for the second quarter and first two quarters of 2023 and 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from AOCL ​ Amounts Reclassified from AOCL ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ Affected Line Item in ​ July 1, July 2, July 1, July 2, ​ the Statement Where Details about AOCL Components 2023 2022 2023 2022 Net Income is Presented Defined benefit pension plan items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of unrecognized (gain) loss $ (11) ​ $ 26 ​ $ (11) ​ $ 54 ​ See (1) below Accumulated other comprehensive (gain) loss before tax (11) ​ 26 ​ (11) ​ 54 ​ Total before tax Tax benefit (expense) 5 ​ (6) ​ 5 ​ (13) ​ Income tax expense (benefit) Total reclassification $ (6) ​ $ 20 ​ $ (6) ​ $ 41 ​ Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 10, “Pension Benefits,” for additional information. ​ Changes in AOCL for the first two quarters of 2023 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ Defined Benefit ​ Translation ​ ​ ​ ​ Pension Plan Items Adjustments Total Balance at December 31, 2022 $ 2,445 $ (11,794) $ (9,349) Other comprehensive income before reclassifications ​ — ​ 9,739 ​ 9,739 Amounts reclassified from AOCL ​ (6) ​ — ​ (6) Net current period other comprehensive income ​ (6) ​ 9,739 ​ 9,733 Balance at July 1, 2023 $ 2,439 $ (2,055) $ 384 ​

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jul. 01, 2023
Stockholders' Equity
Stockholders' Equity	(9) Stockholders’ Equity At-The-Market Equity Offering Program During the first quarter of 2022, we sold 112,353 shares of our common stock under the ATM equity offering program. We generated $3.3 million in gross proceeds, or $29.37 per share, from the sales and paid commissions to the sales agents of approximately $0.1 million. During the second quarter of 2022, we sold 2,739,568 shares of our common stock under the ATM equity offering program. We generated $63.2 million in gross proceeds, or $23.08 per share, from the sales and paid commissions to the sales agents of approximately $1.3 million and incurred other fees and expenses of approximately $0.1 million. We used the net proceeds from shares sold under the ATM equity offering program during the first two quarters of 2022 to repay revolving credit loans, to pay offering fees and expenses, and for general corporate purposes. Future sales of shares, if any, under the ATM equity offering program will be made by means of transactions that are deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including block trades and sales made in ordinary brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices. The timing and amount of any sales will be determined by a variety of factors considered by us. We intend to use the net proceeds from any future sales of our common stock under the ATM offering for general corporate purposes, which could include, among other things, repayment, refinancing, redemption or repurchase of long-term debt or possible acquisitions. As of July 1, 2023, 10,000,000 shares of our common stock remain authorized and available for issuance under our ATM equity offering program. Omnibus Incentive Compensation Plan. ​

Pension Benefits

Pension Benefits	6 Months Ended
	Jul. 01, 2023
Pension Benefits
Pension Benefits	(10) Pension Benefits Company-Sponsored Defined Benefit Pension Plans . As of July 1, 2023, we had four company-sponsored defined benefit pension plans covering approximately 22% of our employees. Three of these defined benefit pension plans are for the benefit of certain of our union employees and one is for the benefit of salaried and certain hourly employees. The benefits in the salaried and hourly plan are based on each employee’s years of service and compensation, as defined. Newly hired employees are no longer eligible to participate in any of our four company-sponsored defined benefit pension plans. Net periodic pension cost for our four company-sponsored defined benefit pension plans for the second quarter and first two quarters of 2023 and 2022 includes the following components (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ July 1, ​ July 2, ​ July 1, ​ July 2, ​ 2023 2022 2023 2022 Service cost—benefits earned during the period $ 1,305 ​ $ 2,192 ​ $ 2,593 ​ $ 4,488 Interest cost on projected benefit obligation 1,858 ​ 1,365 ​ 3,718 ​ 2,736 Expected return on plan assets (2,782) ​ (3,236) ​ (5,563) ​ (6,473) Amortization of unrecognized (gain) loss (11) ​ 26 ​ (11) ​ 54 Net periodic pension cost $ 370 ​ $ 347 ​ $ 737 ​ $ 805 ​ During the first two quarters of 2023 and 2022, we did not make any contributions to our company-sponsored defined benefit pension plans. During the remainder of fiscal 2023, we expect to make approximately $2.5 million of contributions. Multi-Employer Defined Benefit Pension Plan . In connection with the closure and sale of the Portland, Maine manufacturing facility, we withdrew from participation in the plan during the fourth quarter of 2021. As a result, we are required to make monthly withdrawal liability payments to the plan over 20 years . These payments amount to approximately $0.9 million on an annual basis beginning March 1, 2022. Accordingly, the present value of the remaining payments amounting to $13.2 million as of July 1, 2023 is reflected as a liability on our unaudited consolidated balance sheet.

Leases

Leases	6 Months Ended
	Jul. 01, 2023
Leases
Leases	(11) Leases Operating Leases and Finance Lease . We determine whether an arrangement is a lease at inception. We have operating and finance leases for certain of our manufacturing facilities, distribution centers, warehouse and storage facilities, machinery and equipment, and office equipment. Our leases have remaining lease terms of one year to seven years , some of which include options to extend the lease term for up to ten years , and some of which include options to terminate the lease within one year . We consider these options in determining the lease term used to establish our right-of use assets and lease liabilities. Our operating and finance leases are included in the accompanying unaudited consolidated balance sheets in the following line items (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ July 1, December 31, ​ 2023 2022 Right-of-use assets: ​ ​ ​ ​ ​ Operating lease right-of-use assets $ 64,600 ​ $ 65,809 Finance lease right-of-use assets ​ 2,362 ​ ​ 2,891 Total lease right-of-use assets $ 66,962 ​ $ 68,700 ​ ​ ​ ​ ​ ​ Operating lease liabilities: ​ ​ ​ ​ ​ Current portion of operating lease liabilities $ 15,274 ​ $ 14,616 Long-term operating lease liabilities, net of current portion ​ 49,683 ​ ​ 51,727 Total operating lease liabilities $ 64,957 ​ $ 66,343 ​ ​ ​ ​ ​ ​ Finance lease liabilities: ​ ​ ​ ​ ​ Current portion of finance lease liabilities $ 1,057 ​ $ 1,046 Long-term finance lease liabilities, net of current portion ​ 1,263 ​ ​ 1,795 Total finance lease liabilities $ 2,320 ​ $ 2,841 ​ The following table shows supplemental information related to leases (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ July 1, July 2, July 1, July 2, ​ 2023 2022 2023 2022 Operating cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of operating lease liabilities $ 4,488 ​ $ 4,273 ​ $ 9,082 ​ $ 8,194 Cash paid for amounts included in the measurement of finance lease liabilities $ 274 ​ $ — ​ $ 549 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The components of operating lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of goods sold $ 2,728 ​ $ 2,595 ​ $ 5,464 ​ $ 4,849 Selling, general and administrative expenses ​ 1,727 ​ ​ 1,718 ​ ​ 3,441 ​ ​ 3,324 Total operating lease costs $ 4,455 ​ $ 4,313 ​ $ 8,905 ​ $ 8,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The components of finance lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation of finance right-of-use assets $ 266 ​ $ 109 ​ $ 530 ​ $ 109 Interest on finance lease liabilities ​ 14 ​ ​ 8 ​ ​ 30 ​ ​ 8 Total finance lease costs $ 280 ​ $ 117 ​ $ 560 ​ $ 117 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net lease costs $ 4,735 ​ $ 4,430 ​ $ 9,465 ​ $ 8,290 ​ Total rent expense was $5.1 million, including the operating lease costs of $4.5 million stated above, for the second quarter of 2023 and $10.1 million, including the operating lease costs of $8.9 million stated above, for the first two quarters of 2023. Total rent expense was $4.6 million, including the operating lease costs of $4.3 million stated above, for the second quarter of 2022 and $9.1 million, including the operating lease costs of $8.2 million stated above, for the first two quarters of 2022. Because none of our operating or finance leases provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We have lease agreements that contain both lease and non-lease components. With the exception of our real estate leases, we account for our leases as a single lease component. The following table shows the weighted average lease term and weighted average discount rate for our ROU assets: ​ ​ ​ ​ ​ ​ ​ July 1, ​ December 31, ​ 2023 ​ 2022 Weighted average remaining lease term (years) ​ ​ ​ ​ ​ Operating leases ​ 5.2 ​ ​ 5.3 Finance lease ​ 2.2 ​ ​ 2.7 Weighted average discount rate ​ ​ ​ ​ ​ Operating leases ​ 2.91% ​ ​ 2.72% Finance lease ​ 2.30% ​ ​ 2.30% ​ As of July 1, 2023, the maturities of lease liabilities were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Finance Lease ​ Total Maturities of Lease Liabilities Fiscal year: ​ ​ ​ ​ ​ ​ ​ ​ 2023 remaining $ 8,597 ​ $ 549 ​ $ 9,146 2024 ​ 16,004 ​ ​ 1,099 ​ ​ 17,103 2025 15,315 ​ 732 ​ 16,047 2026 10,693 ​ — ​ 10,693 2027 6,841 ​ — ​ 6,841 Thereafter ​ 12,588 ​ ​ — ​ ​ 12,588 Total undiscounted future minimum lease payments ​ 70,038 ​ ​ 2,380 ​ ​ 72,418 Less: Imputed interest (5,081) ​ (60) ​ (5,141) Total present value of future lease liabilities $ 64,957 ​ $ 2,320 ​ $ 67,277 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 01, 2023
Commitments and Contingencies
Commitments and Contingencies	(12) Commitments and Contingencies Legal Proceedings. Environmental. Collective Bargaining Agreements As of the date of this report, two of our collective bargaining agreements are scheduled to expire in the next twelve months. The collective bargaining agreement for our Brooklyn, New York facility, which covers approximately 52 employees, is scheduled to expire on December 31, 2023, and the collective bargaining agreement for our Terre Haute, Indiana facility, which covers approximately 103 employees, is scheduled to expire on March 30, 2024. While we believe that our relations with our union employees are in general good, we cannot assure you that we will be able to negotiate new collective bargaining agreements for our Brooklyn or Terre Haute facilities on terms satisfactory to us, or at all, and without production interruptions, including labor stoppages. At this time, however, management does not expect that the outcome of these negotiations will have a material adverse impact on our business, financial condition or results of operations. Severance and Change of Control Agreements.

Earnings per Share

Earnings per Share	6 Months Ended
	Jul. 01, 2023
Earnings per Share
Earnings per Share	(13) Earnings per Share Basic earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding. Diluted earnings per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding plus all additional shares of common stock that would have been outstanding if potentially dilutive shares of common stock had been issued upon the exercise of stock options or in connection with performance shares that may be earned under long-term incentive awards as of the grant date, in the case of the stock options, and as of the beginning of the period, in the case of the performance shares, using the treasury stock method. For the second quarter of 2023 and 2022, there were 1,695,755 and 721,427, respectively, shares of common stock issuable upon the exercise of stock options excluded from the calculation of diluted weighted average shares outstanding because the effect would have been anti-dilutive on diluted earnings per share. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ July 1, July 2, July 1, July 2, ​ 2023 2022 2023 2022 Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 72,237,482 ​ ​ 69,903,828 ​ ​ 72,008,119 ​ ​ 69,266,967 Net effect of potentially dilutive share-based compensation awards ​ 142,332 ​ ​ 382,505 ​ ​ 79,063 ​ ​ 384,638 Diluted ​ 72,379,814 ​ ​ 70,286,333 ​ ​ 72,087,182 ​ ​ 69,651,605 ​

Business and Credit Concentrati

Business and Credit Concentrations and Geographic Information	6 Months Ended
	Jul. 01, 2023
Business and Credit Concentrations and Geographic Information
Business and Credit Concentrations and Geographic Information	(14) Business and Credit Concentrations and Geographic Information Our exposure to credit loss in the event of non-payment of accounts receivable by customers is estimated in the amount of the allowance for doubtful accounts. We perform ongoing credit evaluations of the financial condition of our customers. Our top ten customers accounted for approximately 61.1% and 60.6% of consolidated net sales for the first two quarters of 2023 and 2022, respectively. Other than Walmart, which accounted for approximately 29.7% and 28.9% of our consolidated net sales for the first two quarters of 2023 and 2022, respectively, no single customer accounted for more than 10.0% of our consolidated net sales for the first two quarters of 2023 or 2022. Our top ten customers accounted for approximately 64.7% and 60.3% of our consolidated trade accounts receivables as of July 1, 2023 and December 31, 2022, respectively. Other than Walmart, which accounted for approximately 30.6% and 30.6% of our consolidated trade accounts receivables as of July 1, 2023 and December 31, 2022, no single customer accounted for more than 10.0% of our consolidated trade accounts receivables. As of July 1, 2023, we do not believe we have any significant concentration of credit risk with respect to our consolidated trade accounts receivables with any single customer whose failure or nonperformance would materially affect our results other than as described above with respect to Walmart. During the first two quarters of 2023 and 2022, our sales to customers in foreign countries represented approximately 8.6% and 8.1%, respectively, of net sales. Our foreign sales are primarily to customers in Canada.

Share-Based Payments

Share-Based Payments	6 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Payments	(15) Share-Based Payments The following table details our stock option activity for the first two quarters of fiscal 2023 (dollars in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted Average ​ ​ ​ ​ ​ ​ Average ​ Contractual Life ​ Aggregate ​ Options Exercise Price Remaining (Years) Intrinsic Value Outstanding at December 31, 2022 820,141 ​ $ 31.38 6.24 ​ $ — Granted 949,995 ​ $ 20.00 ​ ​ ​ ​ Exercised — ​ $ — ​ ​ ​ ​ ​ Forfeited — ​ $ — ​ ​ ​ ​ ​ Expired ​ (24,386) ​ $ 37.04 ​ ​ ​ ​ ​ Outstanding at July 1, 2023 1,745,750 ​ $ 25.11 7.93 ​ $ 48 Exercisable at July 1, 2023 566,873 ​ $ 30.05 5.11 ​ $ — ​ The fair value of the options was estimated on the date of grant using the Black-Scholes option-pricing model utilizing the following assumptions. Expected volatility was based on both historical and implied volatilities of our common stock over the estimated expected term of the award. The expected term of the options granted represents the period of time that options were expected to be outstanding and is generally based on the “simplified method” in accordance with accounting guidance. We generally utilize the simplified method to determine the expected term of the options as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. However, a portion of the options granted during the first quarter of 2023 were granted with exercise prices significantly above the closing price on the date of grant. For those options, we modified the method for determining the expected term and adjusted to or towards the full remaining contractual life. The risk-free interest rate for the expected term of options is based on the U.S. Treasury implied yield at the date of grant. The assumptions used in the Black-Scholes option-pricing model for options granted during the first two quarters of 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Weighted average grant date fair value ​ $ 2.71 $ 3.73 Expected volatility ​ ​ 39.6% - 43.3% ​ ​ 39.5% Expected term ​ ​ 5.5 years - 8.3 years ​ ​ 5.5 years Risk-free interest rate ​ ​ 3.6% - 3.7% ​ ​ 3.0% Dividend yield ​ ​ 5.4% - 5.9% ​ ​ 8.5% ​ The following table details the activity in our performance share long-term incentive awards (LTIAs) for the first two quarters of 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Grant Date Fair Value ​ Performance Shares (1) (per share) (2) Outstanding at December 31, 2022 1,072,274 ​ $ 20.26 Granted 998,191 ​ $ 13.00 Vested (360,926) ​ $ 10.84 Forfeited (102,771) ​ $ 29.32 Outstanding at July 1, 2023 1,606,768 ​ $ 17.29 (1) Solely for purposes of this table, the number of performance shares is based on the participants earning the maximum number of performance shares (i.e., 233.333% or 300% , as applicable, of the target number of performance shares). (2) The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes), reduced by the present value of expected dividends using the risk-free interest-rate, as the award holders are not entitled to dividends or dividend equivalents during the vesting period. The following table details the activity in our restricted stock for the first two quarters of 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of Shares ​ Grant Date Fair Value ​ of Restricted Stock (per share) (1) Outstanding at December 31, 2022 83,294 ​ $ 26.51 Granted 329,821 ​ $ 15.17 Vested (40,944) ​ $ 24.66 Forfeited (2,598) ​ $ 18.63 Outstanding at July 1, 2023 369,573 ​ $ 16.65 (1) The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes). The following table details the number of shares of common stock issued by our company during the second quarter and first two quarters of 2023 and 2022 upon the vesting of performance share LTIAs, the exercise of stock options, the issuance of restricted stock and other share-based compensation net of cancellations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ July 1, July 2, July 1, July 2, ​ 2023 2022 2023 2022 Number of performance shares vested ​ — ​ — ​ 360,926 ​ 337,284 Shares withheld for tax withholding ​ — ​ — ​ (131,803) ​ (125,152) Shares of common stock issued for performance share LTIAs ​ — ​ — ​ 229,123 ​ 212,132 Shares of common stock issued upon the exercise of stock options ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,227 Shares of common stock issued to non-employee directors for annual equity grants ​ 81,531 ​ 46,773 ​ 81,531 ​ 46,773 Shares of restricted common stock issued to employees ​ ​ 1,386 ​ ​ 562 ​ ​ 329,821 ​ ​ 49,444 Shares of restricted stock withheld and cancelled for tax withholding upon vesting ​ ​ (960) ​ ​ (1,250) ​ ​ (14,448) ​ ​ (12,121) Shares of restricted stock cancelled upon forfeiture ​ ​ (2,184) ​ ​ (1,108) ​ ​ (2,598) ​ ​ (1,681) Net shares of common stock issued ​ 79,773 ​ 44,977 ​ 623,429 ​ 296,774 ​ The following table sets forth the compensation expense recognized for share-based payments (performance share LTIAs, restricted stock, stock options, non-employee director stock grants and other share-based payments) during the second quarter and first two quarters of 2023 and 2022 and where that expense is reflected in our consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ July 1, ​ July 2, ​ July 1, ​ July 2, Consolidated Statements of Operations Location 2023 2022 2023 2022 Compensation expense included in cost of goods sold $ 620 ​ $ 232 ​ $ 734 ​ $ 439 Compensation expense included in selling, general and administrative expenses 1,754 ​ 926 ​ 2,567 ​ 1,809 Total compensation expense for share-based payments $ 2,374 ​ $ 1,158 ​ $ 3,301 ​ $ 2,248 ​ As of July 1, 2023, there was $10.2 million of unrecognized compensation expense related to performance share LTIAs, which is expected to be recognized over the next 2.5 years, $5.1 million of unrecognized compensation expense related to restricted stock, which is expected to be recognized over the next 2.8 years, and $2.8 million of unrecognized compensation expense related to stock options, which is expected to be recognized over the next 3.8 years.

Net Sales by Brand

Net Sales by Brand	6 Months Ended
	Jul. 01, 2023
Net Sales by Brand
Net Sales by Brand	(16) Net Sales by Brand The following table sets forth net sales by brand (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ ​ July 1, ​ July 2, ​ July 1, ​ July 2, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Brand: (1)(2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crisco ​ $ 67,002 ​ $ 71,849 ​ $ 139,451 ​ $ 150,932 Clabber Girl (3) ​ ​ 27,443 ​ ​ 19,102 ​ ​ 54,935 ​ ​ 40,090 Back to Nature (4) ​ ​ 1,878 ​ ​ 11,312 ​ ​ 3,464 ​ ​ 27,306 All Other Specialty Brands Total ​ ​ 57,514 ​ ​ 52,584 ​ ​ 118,610 ​ ​ 115,266 Specialty Brands Total ​ ​ 153,837 ​ ​ 154,847 ​ ​ 316,460 ​ ​ 333,594 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green Giant (5) ​ 78,087 ​ 82,425 ​ ​ 169,184 ​ 180,398 Green Giant ​ ​ 21,284 ​ ​ 23,077 ​ ​ 47,560 ​ ​ 50,562 Green Giant Le Sueur ​ ​ 8,391 ​ ​ 7,089 ​ ​ 17,224 ​ ​ 17,396 Frozen & Vegetables Brands Total ​ ​ 107,762 ​ ​ 112,591 ​ ​ 233,968 ​ ​ 248,356 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ortega ​ ​ 35,633 ​ ​ 35,825 ​ ​ 74,077 ​ ​ 78,384 Maple Grove Farms of Vermont ​ ​ 22,003 ​ ​ 21,377 ​ ​ 44,502 ​ ​ 43,286 Cream of Wheat ​ ​ 17,626 ​ ​ 17,300 ​ ​ 38,246 ​ ​ 38,267 All Other Meals Brands Total ​ ​ 38,881 ​ ​ 37,072 ​ ​ 79,267 ​ ​ 77,551 Meals Brands Total ​ ​ 114,143 ​ ​ 111,574 ​ ​ 236,092 ​ ​ 237,488 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Spices & Seasonings (6) ​ ​ 64,194 ​ ​ 67,544 ​ ​ 134,639 ​ ​ 130,620 Dash ​ ​ 17,061 ​ ​ 17,642 ​ ​ 34,810 ​ ​ 34,256 All Other Spices & Flavor Solutions Brands ​ ​ 12,640 ​ ​ 14,767 ​ ​ 25,482 ​ ​ 27,058 Spices & Flavor Solutions Brands Total ​ ​ 93,895 ​ ​ 99,953 ​ ​ 194,931 ​ ​ 191,934 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Net Sales ​ $ 469,637 ​ $ 478,965 ​ $ 981,451 ​ $ 1,011,372 (1) Table includes net sales for each of our brands whose net sales for the first two quarters of 2023 or 2022 equaled or exceeded 3% of our total net sales for those periods, and for all other brands in the aggregate by category. (2) Net sales for each brand includes branded net sales and, if applicable, any private label and foodservice net sales attributable to the brand. (3) Includes net sales for multiple brands acquired as part of the Clabber Girl acquisition that we completed on May 15, 2019, including, among others, the Clabber Girl , Rumford , Davis , Hearth Club and Royal brands of retail baking powder, baking soda and corn starch, and the Royal brand of foodservice dessert mixes. (4) We completed the Back to Nature sale on January 3, 2023. See Note 3, “Acquisitions and Divestitures.” Net sales for the second quarter and first two quarters of 2023 includes net sales of certain Back to Nature products not part of the divestiture that we will soon transition to another brand name. (5) For the second quarter and first two quarters of 2023, includes net sales from the Yuma acquisition, which was completed on May 5, 2022. See Note 3, “Acquisitions and Divestitures.” (6) Includes net sales for multiple brands acquired as part of the spices & seasonings acquisition that we completed on November 21, 2016, as well as more recent spices & seasonings products launched and sold under license. Does not include net sales for Dash and our other legacy spices & seasonings brands.

Sale of Portland, Maine Manufac

Sale of Portland, Maine Manufacturing Facility	6 Months Ended
	Jul. 01, 2023
Sale of Portland, Maine Manufacturing Facility
Sale of Portland, Maine Manufacturing Facility	(17) Sale of Portland, Maine Manufacturing Facility During the first quarter of 2022, we completed the sale of our Portland, Maine manufacturing facility and 13.5 acre property and separately sold certain equipment that had been used at the facility. We received sales proceeds for the property and the equipment of approximately $11.1 million in the aggregate and recognized a gain of $7.1 million, which is recorded in “Gain on sales of assets” in the accompanying unaudited consolidated statements of operations. The positive impact during the first quarter of 2022 of the gain on sales was partially offset by approximately $2.2 million of expenses incurred during the first quarter of 2022 relating to the closure of the facility and the transfer of manufacturing operations, resulting in a net benefit of $4.9 million from the gain on sale. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 01, 2023
Summary of Significant Accounting Policies
Fiscal Year	Fiscal Year Typically, our fiscal quarters and fiscal year consist of 13 and 52 weeks, respectively, ending on the Saturday closest to December 31 in the case of our fiscal year and fourth fiscal quarter, and on the Saturday closest to the end of the corresponding calendar quarter in the case of our fiscal quarters. As a result, a 53 rd week is added to our fiscal year every five or six years . Generally, in a 53 -week fiscal year our fourth fiscal quarter contains 14 weeks. Our fiscal year ending December 30, 2023 (fiscal 2023) and our fiscal year ended December 31, 2022 (fiscal 2022) each contains 52 weeks. Each quarter of fiscal 2023 and 2022 contains 13 weeks.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated interim financial statements for the thirteen and twenty-six week periods ended July 1, 2023 (second quarter and first two quarters of 2023) and July 2, 2022 (second quarter and first two quarters of 2022) have been prepared by our company in accordance with generally accepted accounting principles in the United States (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), and include the accounts of B&G Foods, Inc. and its subsidiaries. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, our management believes, to the best of their knowledge, that the disclosures herein are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated. The accompanying unaudited consolidated interim financial statements contain all adjustments that are, in the opinion of management, necessary to present fairly our consolidated financial position as of July 1, 2023, and the results of our operations, comprehensive income, changes in stockholders’ equity and cash flows for the second quarter and first two quarters of 2023 and 2022. Our results of operations for the second quarter and first two quarters of 2023 are not necessarily indicative of the results to be expected for the full year. We have evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited consolidated interim financial statements. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for fiscal 2022 filed with the SEC on February 28, 2023 (which we refer to as our 2022 Annual Report on Form 10-K).
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires our management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates and assumptions made by management involve revenue recognition as it relates to trade and consumer promotion expenses; pension benefits; acquisition accounting fair value allocations; the recoverability of goodwill, other intangible assets, property, plant and equipment and deferred tax assets; and the determination of the useful life of customer relationship and finite-lived trademark intangible assets. Actual results could differ significantly from these estimates and assumptions. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. Volatility in the credit and equity markets can increase the uncertainty inherent in such estimates and assumptions.
Accounting Standards Adopted and Recently Issued Accounting Standards	Recently Issued Accounting Standards – Pending Adoption In October 2021, the Financial Accounting Standards Board (FASB) issued a new Accounting Standards Update (ASU) which provides an exception to fair value measurement for revenue contracts acquired in business combinations. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2022. We currently expect to adopt the standard for any business combinations that occur in fiscal 2023 or after. Currently, we do not expect the adoption of this ASU to have a material impact to our consolidated financial statements.

Acquisitions and Divestiture (T

Acquisitions and Divestiture (Tables)	6 Months Ended
	Jul. 01, 2023
Acquisitions and Divestitures
Schedule of divestiture	​ ​ ​ ​ Cash received $ 51,414 Less: ​ ​ Assets sold: ​ ​ Trademarks — indefinite-lived intangible assets ​ 109,900 Goodwill ​ 29,500 Customer relationships — finite-lived intangible assets ​ 11,025 Inventories ​ 7,323 Impairment of assets held for sale ​ (106,434) Total assets sold ​ 51,314 Expenses of sale ​ 185 Pre-tax loss on sale of assets $ (85)
Yuma Acquisition
Acquisitions and Divestitures
Schedule of allocation of purchase price to the estimated fair value of the net assets acquired	​ ​ ​ ​ ​ Purchase Price Allocation (in thousands): ​ May 5, 2022 Inventories ​ $ 3,342 Prepaid expenses and other current assets ​ ​ 187 Property, plant and equipment, net ​ ​ 12,508 Operating lease right-of-use assets ​ ​ 12,770 Finance lease right-of-use assets ​ ​ 3,529 Other intangible assets, net ​ ​ 4,483 Current portion of operating lease liabilities ​ ​ (1,624) Current portion of finance lease liabilities ​ ​ (1,035) Long-term operating lease liabilities, net of current portion ​ ​ (8,756) Long-term finance lease liabilities, net of current portion ​ ​ (2,493) Goodwill ​ ​ 4,379 Total purchase price (paid in cash) ​ $ 27,290

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jul. 01, 2023
Inventories
Summary of Inventories	Inventories consist of the following, as of the dates indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 December 31, 2022 Raw materials and packaging ​ $ 106,425 ​ $ 126,947 Work-in-process ​ ​ 148,924 ​ ​ 208,183 Finished goods ​ 419,333 ​ 391,338 Inventories ​ $ 674,682 ​ $ 726,468

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	6 Months Ended
	Jul. 01, 2023
Goodwill and Other Intangible Assets
Schedule of goodwill and other intangible assets	The carrying amounts of goodwill and other intangible assets, as of the dates indicated, consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 ​ December 31, 2022 ​ Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying ​ Amount ​ Amortization ​ Amount ​ Amount ​ Amortization ​ Amount Finite-Lived Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Trademarks $ 6,800 ​ $ 4,609 ​ $ 2,191 ​ $ 6,800 ​ $ 4,382 ​ $ 2,418 Customer relationships 396,621 ​ 195,199 ​ 201,422 ​ 396,565 ​ 184,966 ​ 211,599 Total finite-lived intangible assets $ 403,421 ​ $ 199,808 ​ $ 203,613 ​ $ 403,365 ​ $ 189,348 ​ $ 214,017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Indefinite-Lived Intangible Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill ​ ​ ​ ​ ​ ​ $ 619,399 ​ ​ ​ ​ ​ ​ ​ $ 619,241 Trademarks ​ ​ ​ ​ ​ ​ ​ 1,574,484 ​ ​ ​ ​ ​ ​ ​ ​ 1,574,140 Total indefinite-lived intangible assets ​ ​ ​ ​ ​ ​ $ 2,193,883 ​ ​ ​ ​ ​ ​ ​ $ 2,193,381 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total goodwill and other intangible assets ​ ​ ​ ​ ​ ​ $ 2,397,496 ​ ​ ​ ​ ​ ​ ​ $ 2,407,398

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jul. 01, 2023
Long-Term Debt
Schedule of long-term debt	Long-term debt consists of the following, as of the dates indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 December 31, 2022 Revolving credit loans $ 280,000 $ 282,500 Tranche B term loans due 2026 ​ ​ 550,625 ​ ​ 671,625 5.25% senior notes due 2025 ​ ​ 875,610 ​ ​ 900,000 5.25% senior notes due 2027 ​ ​ 550,000 ​ ​ 550,000 Unamortized deferred debt financing costs ​ ​ (9,833) ​ (13,196) Unamortized discount/premium ​ (772) ​ (1,880) Total long-term debt, net of unamortized deferred debt financing costs and discount/premium ​ ​ 2,245,630 ​ ​ 2,389,049 Current portion of long-term debt ​ — ​ (50,000) Long-term debt, net of unamortized deferred debt financing costs and discount/premium, and excluding current portion $ 2,245,630 $ 2,339,049
Schedule of aggregate contractual maturities of long-term debt	​ ​ ​ ​ ​ Aggregate Contractual Maturities Fiscal year: ​ ​ 2023 remaining $ — 2024 — 2025 1,155,610 2026 550,625 2027 550,000 Thereafter — Total $ 2,256,235

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 01, 2023
Fair Value Measurements
Summary of carrying values and fair values of our revolving credit loans, term loans and senior notes	The carrying values and fair values of our revolving credit loans, term loans and senior notes as of July 1, 2023 and December 31, 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2023 ​ ​ December 31, 2022 ​ Carrying Value Fair Value Carrying Value Fair Value Revolving credit loans ​ $ 280,000 ​ $ 280,000 (1) $ 282,500 ​ $ 282,500 (1) Tranche B term loans due 2026 ​ ​ 549,009 (2) ​ 539,401 (3) ​ 668,532 (2) ​ 636,777 (3) 5.25% senior notes due 2025 ​ ​ 876,454 (4) ​ 839,205 (3) ​ 901,213 (4) ​ 790,625 (3) 5.25% senior notes due 2027 ​ $ 550,000 ​ $ 470,250 (3) $ 550,000 ​ $ 420,558 (3) (1) Fair values are estimated based on Level 2 inputs, which were quoted prices for identical or similar instruments in markets that are not active. (2) The carrying value of the tranche B term loans includes a discount. At July 1, 2023 and December 31, 2022, the face amount of the tranche B term loans was $550.6 million and $671.6 million, respectively. (3) Fair values are estimated based on quoted market prices. (4) The carrying value of the 5.25% senior notes due 2025 includes a premium. At July 1, 2023 and December 31, 2022, the face amount of the 5.25% senior notes due 2025 was $875.6 million and $900.0 million, respectively.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jul. 01, 2023
Accumulated Other Comprehensive Loss.
Schedule of reclassification from accumulated other comprehensive loss	The reclassifications from accumulated other comprehensive loss (AOCL) for the second quarter and first two quarters of 2023 and 2022 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified from AOCL ​ Amounts Reclassified from AOCL ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ Affected Line Item in ​ July 1, July 2, July 1, July 2, ​ the Statement Where Details about AOCL Components 2023 2022 2023 2022 Net Income is Presented Defined benefit pension plan items ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization of unrecognized (gain) loss $ (11) ​ $ 26 ​ $ (11) ​ $ 54 ​ See (1) below Accumulated other comprehensive (gain) loss before tax (11) ​ 26 ​ (11) ​ 54 ​ Total before tax Tax benefit (expense) 5 ​ (6) ​ 5 ​ (13) ​ Income tax expense (benefit) Total reclassification $ (6) ​ $ 20 ​ $ (6) ​ $ 41 ​ Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 10, “Pension Benefits,” for additional information.
Schedule of changes in accumulated other comprehensive loss	Changes in AOCL for the first two quarters of 2023 were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ Defined Benefit ​ Translation ​ ​ ​ ​ Pension Plan Items Adjustments Total Balance at December 31, 2022 $ 2,445 $ (11,794) $ (9,349) Other comprehensive income before reclassifications ​ — ​ 9,739 ​ 9,739 Amounts reclassified from AOCL ​ (6) ​ — ​ (6) Net current period other comprehensive income ​ (6) ​ 9,739 ​ 9,733 Balance at July 1, 2023 $ 2,439 $ (2,055) $ 384

Pension Benefits (Tables)

Pension Benefits (Tables)	6 Months Ended
	Jul. 01, 2023
Pension Benefits
Schedule of components of net periodic pension costs	Net periodic pension cost for our four company-sponsored defined benefit pension plans for the second quarter and first two quarters of 2023 and 2022 includes the following components (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ July 1, ​ July 2, ​ July 1, ​ July 2, ​ 2023 2022 2023 2022 Service cost—benefits earned during the period $ 1,305 ​ $ 2,192 ​ $ 2,593 ​ $ 4,488 Interest cost on projected benefit obligation 1,858 ​ 1,365 ​ 3,718 ​ 2,736 Expected return on plan assets (2,782) ​ (3,236) ​ (5,563) ​ (6,473) Amortization of unrecognized (gain) loss (11) ​ 26 ​ (11) ​ 54 Net periodic pension cost $ 370 ​ $ 347 ​ $ 737 ​ $ 805

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jul. 01, 2023
Leases
Operating leases and finance leases on the Balance Sheets	​ ​ ​ ​ ​ ​ ​ ​ July 1, December 31, ​ 2023 2022 Right-of-use assets: ​ ​ ​ ​ ​ Operating lease right-of-use assets $ 64,600 ​ $ 65,809 Finance lease right-of-use assets ​ 2,362 ​ ​ 2,891 Total lease right-of-use assets $ 66,962 ​ $ 68,700 ​ ​ ​ ​ ​ ​ Operating lease liabilities: ​ ​ ​ ​ ​ Current portion of operating lease liabilities $ 15,274 ​ $ 14,616 Long-term operating lease liabilities, net of current portion ​ 49,683 ​ ​ 51,727 Total operating lease liabilities $ 64,957 ​ $ 66,343 ​ ​ ​ ​ ​ ​ Finance lease liabilities: ​ ​ ​ ​ ​ Current portion of finance lease liabilities $ 1,057 ​ $ 1,046 Long-term finance lease liabilities, net of current portion ​ 1,263 ​ ​ 1,795 Total finance lease liabilities $ 2,320 ​ $ 2,841
Supplemental information related to leases	The following table shows supplemental information related to leases (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ July 1, July 2, July 1, July 2, ​ 2023 2022 2023 2022 Operating cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of operating lease liabilities $ 4,488 ​ $ 4,273 ​ $ 9,082 ​ $ 8,194 Cash paid for amounts included in the measurement of finance lease liabilities $ 274 ​ $ — ​ $ 549 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The components of operating lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of goods sold $ 2,728 ​ $ 2,595 ​ $ 5,464 ​ $ 4,849 Selling, general and administrative expenses ​ 1,727 ​ ​ 1,718 ​ ​ 3,441 ​ ​ 3,324 Total operating lease costs $ 4,455 ​ $ 4,313 ​ $ 8,905 ​ $ 8,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The components of finance lease costs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation of finance right-of-use assets $ 266 ​ $ 109 ​ $ 530 ​ $ 109 Interest on finance lease liabilities ​ 14 ​ ​ 8 ​ ​ 30 ​ ​ 8 Total finance lease costs $ 280 ​ $ 117 ​ $ 560 ​ $ 117 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net lease costs $ 4,735 ​ $ 4,430 ​ $ 9,465 ​ $ 8,290
Schedule of weighted average remaining lease term and weighted average discount rate	The following table shows the weighted average lease term and weighted average discount rate for our ROU assets: ​ ​ ​ ​ ​ ​ ​ July 1, ​ December 31, ​ 2023 ​ 2022 Weighted average remaining lease term (years) ​ ​ ​ ​ ​ Operating leases ​ 5.2 ​ ​ 5.3 Finance lease ​ 2.2 ​ ​ 2.7 Weighted average discount rate ​ ​ ​ ​ ​ Operating leases ​ 2.91% ​ ​ 2.72% Finance lease ​ 2.30% ​ ​ 2.30%
Summary of maturities of lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases Finance Lease ​ Total Maturities of Lease Liabilities Fiscal year: ​ ​ ​ ​ ​ ​ ​ ​ 2023 remaining $ 8,597 ​ $ 549 ​ $ 9,146 2024 ​ 16,004 ​ ​ 1,099 ​ ​ 17,103 2025 15,315 ​ 732 ​ 16,047 2026 10,693 ​ — ​ 10,693 2027 6,841 ​ — ​ 6,841 Thereafter ​ 12,588 ​ ​ — ​ ​ 12,588 Total undiscounted future minimum lease payments ​ 70,038 ​ ​ 2,380 ​ ​ 72,418 Less: Imputed interest (5,081) ​ (60) ​ (5,141) Total present value of future lease liabilities $ 64,957 ​ $ 2,320 ​ $ 67,277

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jul. 01, 2023
Earnings per Share
Schedule of calculations related to basic and diluted earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ July 1, July 2, July 1, July 2, ​ 2023 2022 2023 2022 Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 72,237,482 ​ ​ 69,903,828 ​ ​ 72,008,119 ​ ​ 69,266,967 Net effect of potentially dilutive share-based compensation awards ​ 142,332 ​ ​ 382,505 ​ ​ 79,063 ​ ​ 384,638 Diluted ​ 72,379,814 ​ ​ 70,286,333 ​ ​ 72,087,182 ​ ​ 69,651,605

Share-Based Payments (Tables)

Share-Based Payments (Tables)	6 Months Ended
	Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock option activity	The following table details our stock option activity for the first two quarters of fiscal 2023 (dollars in thousands, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted Average ​ ​ ​ ​ ​ ​ Average ​ Contractual Life ​ Aggregate ​ Options Exercise Price Remaining (Years) Intrinsic Value Outstanding at December 31, 2022 820,141 ​ $ 31.38 6.24 ​ $ — Granted 949,995 ​ $ 20.00 ​ ​ ​ ​ Exercised — ​ $ — ​ ​ ​ ​ ​ Forfeited — ​ $ — ​ ​ ​ ​ ​ Expired ​ (24,386) ​ $ 37.04 ​ ​ ​ ​ ​ Outstanding at July 1, 2023 1,745,750 ​ $ 25.11 7.93 ​ $ 48 Exercisable at July 1, 2023 566,873 ​ $ 30.05 5.11 ​ $ —
Schedule of stock options, valuation assumption	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Weighted average grant date fair value ​ $ 2.71 $ 3.73 Expected volatility ​ ​ 39.6% - 43.3% ​ ​ 39.5% Expected term ​ ​ 5.5 years - 8.3 years ​ ​ 5.5 years Risk-free interest rate ​ ​ 3.6% - 3.7% ​ ​ 3.0% Dividend yield ​ ​ 5.4% - 5.9% ​ ​ 8.5%
Schedule of non-vested performance share LTIAs	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of ​ Grant Date Fair Value ​ Performance Shares (1) (per share) (2) Outstanding at December 31, 2022 1,072,274 ​ $ 20.26 Granted 998,191 ​ $ 13.00 Vested (360,926) ​ $ 10.84 Forfeited (102,771) ​ $ 29.32 Outstanding at July 1, 2023 1,606,768 ​ $ 17.29 (1) Solely for purposes of this table, the number of performance shares is based on the participants earning the maximum number of performance shares (i.e., 233.333% or 300% , as applicable, of the target number of performance shares). (2) The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes), reduced by the present value of expected dividends using the risk-free interest-rate, as the award holders are not entitled to dividends or dividend equivalents during the vesting period.
Restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Number of Shares ​ Grant Date Fair Value ​ of Restricted Stock (per share) (1) Outstanding at December 31, 2022 83,294 ​ $ 26.51 Granted 329,821 ​ $ 15.17 Vested (40,944) ​ $ 24.66 Forfeited (2,598) ​ $ 18.63 Outstanding at July 1, 2023 369,573 ​ $ 16.65 (1) The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes).
Schedule of number of shares of common stock issued by entity upon the vesting of performance share long-term incentive awards other share based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ July 1, July 2, July 1, July 2, ​ 2023 2022 2023 2022 Number of performance shares vested ​ — ​ — ​ 360,926 ​ 337,284 Shares withheld for tax withholding ​ — ​ — ​ (131,803) ​ (125,152) Shares of common stock issued for performance share LTIAs ​ — ​ — ​ 229,123 ​ 212,132 Shares of common stock issued upon the exercise of stock options ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,227 Shares of common stock issued to non-employee directors for annual equity grants ​ 81,531 ​ 46,773 ​ 81,531 ​ 46,773 Shares of restricted common stock issued to employees ​ ​ 1,386 ​ ​ 562 ​ ​ 329,821 ​ ​ 49,444 Shares of restricted stock withheld and cancelled for tax withholding upon vesting ​ ​ (960) ​ ​ (1,250) ​ ​ (14,448) ​ ​ (12,121) Shares of restricted stock cancelled upon forfeiture ​ ​ (2,184) ​ ​ (1,108) ​ ​ (2,598) ​ ​ (1,681) Net shares of common stock issued ​ 79,773 ​ 44,977 ​ 623,429 ​ 296,774
Schedule of compensation expense recognized for share-based payments	The following table sets forth the compensation expense recognized for share-based payments (performance share LTIAs, restricted stock, stock options, non-employee director stock grants and other share-based payments) during the second quarter and first two quarters of 2023 and 2022 and where that expense is reflected in our consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ July 1, ​ July 2, ​ July 1, ​ July 2, Consolidated Statements of Operations Location 2023 2022 2023 2022 Compensation expense included in cost of goods sold $ 620 ​ $ 232 ​ $ 734 ​ $ 439 Compensation expense included in selling, general and administrative expenses 1,754 ​ 926 ​ 2,567 ​ 1,809 Total compensation expense for share-based payments $ 2,374 ​ $ 1,158 ​ $ 3,301 ​ $ 2,248

Net Sales by Brand (Tables)

Net Sales by Brand (Tables)	6 Months Ended
	Jul. 01, 2023
Net Sales by Brand
Schedule of net sales by brand	The following table sets forth net sales by brand (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen Weeks Ended ​ Twenty-six Weeks Ended ​ ​ July 1, ​ July 2, ​ July 1, ​ July 2, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 Brand: (1)(2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Crisco ​ $ 67,002 ​ $ 71,849 ​ $ 139,451 ​ $ 150,932 Clabber Girl (3) ​ ​ 27,443 ​ ​ 19,102 ​ ​ 54,935 ​ ​ 40,090 Back to Nature (4) ​ ​ 1,878 ​ ​ 11,312 ​ ​ 3,464 ​ ​ 27,306 All Other Specialty Brands Total ​ ​ 57,514 ​ ​ 52,584 ​ ​ 118,610 ​ ​ 115,266 Specialty Brands Total ​ ​ 153,837 ​ ​ 154,847 ​ ​ 316,460 ​ ​ 333,594 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Green Giant (5) ​ 78,087 ​ 82,425 ​ ​ 169,184 ​ 180,398 Green Giant ​ ​ 21,284 ​ ​ 23,077 ​ ​ 47,560 ​ ​ 50,562 Green Giant Le Sueur ​ ​ 8,391 ​ ​ 7,089 ​ ​ 17,224 ​ ​ 17,396 Frozen & Vegetables Brands Total ​ ​ 107,762 ​ ​ 112,591 ​ ​ 233,968 ​ ​ 248,356 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ortega ​ ​ 35,633 ​ ​ 35,825 ​ ​ 74,077 ​ ​ 78,384 Maple Grove Farms of Vermont ​ ​ 22,003 ​ ​ 21,377 ​ ​ 44,502 ​ ​ 43,286 Cream of Wheat ​ ​ 17,626 ​ ​ 17,300 ​ ​ 38,246 ​ ​ 38,267 All Other Meals Brands Total ​ ​ 38,881 ​ ​ 37,072 ​ ​ 79,267 ​ ​ 77,551 Meals Brands Total ​ ​ 114,143 ​ ​ 111,574 ​ ​ 236,092 ​ ​ 237,488 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Spices & Seasonings (6) ​ ​ 64,194 ​ ​ 67,544 ​ ​ 134,639 ​ ​ 130,620 Dash ​ ​ 17,061 ​ ​ 17,642 ​ ​ 34,810 ​ ​ 34,256 All Other Spices & Flavor Solutions Brands ​ ​ 12,640 ​ ​ 14,767 ​ ​ 25,482 ​ ​ 27,058 Spices & Flavor Solutions Brands Total ​ ​ 93,895 ​ ​ 99,953 ​ ​ 194,931 ​ ​ 191,934 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Net Sales ​ $ 469,637 ​ $ 478,965 ​ $ 981,451 ​ $ 1,011,372 (1) Table includes net sales for each of our brands whose net sales for the first two quarters of 2023 or 2022 equaled or exceeded 3% of our total net sales for those periods, and for all other brands in the aggregate by category. (2) Net sales for each brand includes branded net sales and, if applicable, any private label and foodservice net sales attributable to the brand. (3) Includes net sales for multiple brands acquired as part of the Clabber Girl acquisition that we completed on May 15, 2019, including, among others, the Clabber Girl , Rumford , Davis , Hearth Club and Royal brands of retail baking powder, baking soda and corn starch, and the Royal brand of foodservice dessert mixes. (4) We completed the Back to Nature sale on January 3, 2023. See Note 3, “Acquisitions and Divestitures.” Net sales for the second quarter and first two quarters of 2023 includes net sales of certain Back to Nature products not part of the divestiture that we will soon transition to another brand name. (5) For the second quarter and first two quarters of 2023, includes net sales from the Yuma acquisition, which was completed on May 5, 2022. See Note 3, “Acquisitions and Divestitures.” (6) Includes net sales for multiple brands acquired as part of the spices & seasonings acquisition that we completed on November 21, 2016, as well as more recent spices & seasonings products launched and sold under license. Does not include net sales for Dash and our other legacy spices & seasonings brands.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Fiscal Year (Details)	6 Months Ended	12 Months Ended
	Jul. 01, 2023	Jan. 01, 2022
Fiscal Year
Number of weeks in fiscal period	364 days
Number of weeks in each fiscal quarter	91 days	98 days
Number of weeks in fourth fiscal quarter		371 days
Minimum
Fiscal Year
Number of years between 53 week fiscal years	5 years
Maximum
Fiscal Year
Number of years between 53 week fiscal years	6 years

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation (Details) $ in Thousands	Jul. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 05, 2022 USD ($) employee
Allocation:
Goodwill	$ 619,399	$ 619,241
Yuma Acquisition
Acquisitions and Divestitures
Number of employees transfer to company | employee			160
Allocation:
Inventories			$ 3,342
Prepaid expenses and other current assets			187
Property, plant and equipment, net			12,508
Operating lease right-of-use assets			12,770
Finance lease right-of-use assets			3,529
Other intangible assets, net			4,483
Current portion of operating lease liabilities			(1,624)
Current portion of finance lease liabilities			(1,035)
Long-term operating lease liabilities, net of current portion			(8,756)
Long-term finance lease liabilities, net of current portion			(2,493)
Goodwill			4,379
Total purchase price (paid in cash)			$ 27,290

Acquisitions - Back to Nature D

Acquisitions - Back to Nature Divestiture (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 03, 2023	Dec. 31, 2022	Sep. 30, 2022	Jul. 01, 2023	Dec. 15, 2022
Acquisitions and Divestitures
Total assets sold		$ 51,300
Pre-tax loss on sale of assets	$ (100)
Back to Nature brand
Acquisitions and Divestitures
Valuation allowance recorded against deferred tax asset				$ 14,700
Back to Nature brand | Disposal group, Held for sale
Acquisitions and Divestitures
Cash received				51,414	$ 51,400
Goodwill				29,500
Inventories				7,323
Impairment of assets held for sale				(106,434)
Total assets sold				51,314
Expenses of sale				185
Pre-tax loss on sale of assets				(85)
Intangible Assets Gross Including Goodwill		157,700
Goodwill and Intangible Asset Impairment			$ (103,600)
Asset Impairment Charges		$ 2,800
Back to Nature brand | Disposal group, Held for sale | Customer relationships
Acquisitions and Divestitures
Intangible assets				11,025
Back to Nature brand | Disposal group, Held for sale | Trademarks
Acquisitions and Divestitures
Intangible assets				$ 109,900

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Inventories
Raw materials and packaging	$ 106,425	$ 126,947
Work-in-process	148,924	208,183
Finished goods	419,333	391,338
Inventories	$ 674,682	$ 726,468

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Goodwill and Other Intangible Assets
Amortization expense	$ 5,211	$ 5,359	$ 10,452	$ 10,582
Amortizable Intangible Assets
Finite-Lived Intangible Assets, Gross	403,421		403,421		$ 403,365
Accumulated Amortization	199,808		199,808		189,348
Net Carrying Amount	203,613		203,613		214,017
Unamortizable Intangible Assets
Goodwill	619,399		619,399		619,241
Total indefinite-lived intangible assets	2,193,883		2,193,883		2,193,381
Indefinite-Lived Intangible Assets, including Goodwill	2,397,496		2,397,496		2,407,398
Future amortization expense
Remainder of fiscal 2023	10,300		10,300
2024	20,800		20,800
2025	20,800		20,800
2026	20,100		20,100
2027	15,200		15,200
2028	13,200		13,200
Acquisitions.
Impairment of intangible assets			0	$ 0
Trademarks
Unamortizable Intangible Assets
Unamortizable intangible assets excluding goodwill	1,574,484		1,574,484		1,574,140
Trademarks
Amortizable Intangible Assets
Finite-Lived Intangible Assets, Gross	6,800		6,800		6,800
Accumulated Amortization	4,609		4,609		4,382
Net Carrying Amount	2,191		2,191		2,418
Customer Relationship Intangibles
Amortizable Intangible Assets
Finite-Lived Intangible Assets, Gross	396,621		396,621		396,565
Accumulated Amortization	195,199		195,199		184,966
Net Carrying Amount	$ 201,422		$ 201,422		$ 211,599

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Back to Nature Business (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Goodwill and Other Intangible Assets
Impairment of intangible assets	$ 0	$ 0

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022	Sep. 26, 2019	Nov. 20, 2017	Apr. 03, 2017
Information related to long-term debt
Outstanding principal	$ 2,256,235
Unamortized deferred debt financing costs	(9,833)	$ (13,196)
Unamortized discount/premium	(772)	(1,880)
Total long-term debt, net of unamortized deferred debt financing costs and discount/premium	2,245,630	2,389,049
Current portion of long-term debt		(50,000)
Long-term debt, net of unamortized deferred debt financing costs and discount/premium, and excluding current portion	2,245,630	2,339,049
Revolving credit loans
Information related to long-term debt
Outstanding principal	280,000	282,500
Tranche B Term Loan 2026
Information related to long-term debt
Outstanding principal	550,625	671,625
5.25% Senior Notes due 2025
Information related to long-term debt
Outstanding principal	$ 875,610	$ 900,000
Interest rate (as a percent)	5.25%	5.25%		5.25%	5.25%
5.25% Senior Notes due 2027
Information related to long-term debt
Outstanding principal	$ 550,000	$ 550,000
Interest rate (as a percent)	5.25%	5.25%	5.25%

Long-Term Debt - Activity (Deta

Long-Term Debt - Activity (Details) $ in Thousands				1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 01, 2023 USD ($)	Jul. 02, 2022	Jun. 27, 2022	Jan. 31, 2023 USD ($)	Jul. 01, 2023 USD ($)	Apr. 01, 2023	Mar. 31, 2023 USD ($)	Jul. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 26, 2019 USD ($)	Nov. 20, 2017 USD ($)	Apr. 03, 2017 USD ($)
Information related to senior notes
Outstanding principal	$ 2,256,235				$ 2,256,235			$ 2,256,235
Gain on extinguishment of debt								786
Accrued Interest
Accrued interest	21,200				21,200			21,200	$ 21,700
Revolving credit loans
Information related to senior notes
Outstanding principal	280,000				280,000			280,000	282,500
Outstanding letters of credit	4,600				4,600			4,600
Available borrowing capacity	$ 515,400				$ 515,400			$ 515,400
Commitment fees (as a percent)								0.50%
Consolidated leverage ratio		7.50
Revolving credit loans | Minimum
Information related to senior notes
Interest rate added to variable base rate (as a percent)	1.25%							1.25%
Debt Instrument, Consolidated Interest Coverage Ratio								1.75
Revolving credit loans | Maximum
Information related to senior notes
Interest rate added to variable base rate (as a percent)	1.75%							1.75%
Consolidated leverage ratio			7
Senior secured leverage ratio	4				4			4
Revolving credit loans | Maximum | From October 1st 2022 To September 30th 2023
Information related to senior notes
Consolidated leverage ratio								8
Revolving credit loans | Maximum | Quarter Ending December 30, 2023
Information related to senior notes
Consolidated leverage ratio								7.50
Revolving credit loans | Maximum | Quarters Ending March 30, 2024 And Thereafter
Information related to senior notes
Consolidated leverage ratio								7
Revolving credit loans | Base rate | Minimum
Information related to senior notes
Interest rate added to variable base rate (as a percent)	0.25%							0.25%
Revolving credit loans | Base rate | Maximum
Information related to senior notes
Interest rate added to variable base rate (as a percent)	0.75%							0.75%
Letters of credit facility
Information related to senior notes
Maximum capacity available	$ 50,000				$ 50,000			$ 50,000
Fronting fee (as a percent)								0.25%
4.625% Senior Notes due 2021
Information related to senior notes
Interest rate (as a percent)	4.625%				4.625%			4.625%
5.25% Senior Notes due 2025
Information related to senior notes
Debt issuance price (as a percent)											101%	100%
Outstanding principal	$ 875,610				$ 875,610			$ 875,610	$ 900,000
Principal amount of notes											$ 400,000	$ 500,000
Interest rate (as a percent)	5.25%				5.25%			5.25%	5.25%		5.25%	5.25%
Percentage of principal amount redeemed or which may redeem					95.74%
Gain on extinguishment of debt					$ 800
Amortization of deferred debt financing costs					200
Principal amount of debt repurchased	$ 24,400				24,400			$ 24,400
5.25% Senior Notes due 2025 | Redemption period one
Information related to senior notes
Redemption price (as a percent)								100%
5.25% Senior Notes due 2027
Information related to senior notes
Debt issuance price (as a percent)										100%
Outstanding principal	$ 550,000				$ 550,000			$ 550,000	$ 550,000
Principal amount of notes										$ 550,000
Interest rate (as a percent)	5.25%				5.25%			5.25%	5.25%	5.25%
5.25% Senior Notes due 2027 | Redemption period one
Information related to senior notes
Redemption price (as a percent)								102.625%
5.25% Senior Notes due 2027 | Redemption period two
Information related to senior notes
Redemption price (as a percent)								101.313%
5.25% Senior Notes due 2027 | Redemption period three
Information related to senior notes
Redemption price (as a percent)								100%
Tranche B Term Loan 2026
Information related to senior notes
Outstanding principal	$ 550,625				$ 550,625			$ 550,625	$ 671,625
Debt Instrument , Mandatory Prepayment				$ 50,000
Debt Instrument , Optional Prepayment							$ 71,000
Tranche B Term Loan Facility | Base rate
Information related to senior notes
Interest rate added to variable base rate (as a percent)	1%					1%
Tranche B Term Loan Facility | Applicable Margin [Member]
Information related to senior notes
Interest rate added to variable base rate (as a percent)	2.50%					2.50%

Long-Term Debt - Contractual Ma

Long-Term Debt - Contractual Maturities (Details) $ in Thousands	Jul. 01, 2023 USD ($)
Aggregate contractual maturities of long-term debt
2025	$ 1,155,610
2026	550,625
2027	550,000
Total	$ 2,256,235

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Financial assets and liabilities at fair value
Long-term Debt.	$ 2,245,630		$ 2,245,630		$ 2,389,049
Changes in level 3
Level 3 activity	0	$ 0	0	$ 0
Tranche B Term Loans due 2026
Financial assets and liabilities at fair value
Face amount of senior notes	$ 550,600		$ 550,600		$ 671,600
5.25% Senior Notes due 2025
Financial assets and liabilities at fair value
Interest rate (as a percent)	5.25%		5.25%		5.25%
Face amount of senior notes	$ 875,600		$ 875,600		$ 900,000
5.25% Senior Notes due 2027
Financial assets and liabilities at fair value
Interest rate (as a percent)	5.25%		5.25%		5.25%
Carrying Value | Revolving credit loans
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	$ 280,000		$ 280,000		$ 282,500
Carrying Value | Tranche B Term Loans due 2026
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	549,009		549,009		668,532
Carrying Value | 5.25% Senior Notes due 2025
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	876,454		876,454		901,213
Carrying Value | 5.25% Senior Notes due 2027
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	550,000		550,000		550,000
Fair value measured on recurring basis | Fair Value | Revolving credit loans | Level 2
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	280,000		280,000		282,500
Fair value measured on recurring basis | Fair Value | Tranche B Term Loans due 2026
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	539,401		539,401		636,777
Fair value measured on recurring basis | Fair Value | 5.25% Senior Notes due 2025 | Level 1
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	839,205		839,205		790,625
Fair value measured on recurring basis | Fair Value | 5.25% Senior Notes due 2027
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	$ 470,250		$ 470,250		$ 420,558

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022	Apr. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Reclassification from AOCL
Tax benefit (expense)	$ 3,762		$ (1,408)		$ 24,014	$ 6,297
Net of tax	(10,553)	$ (3,415)	(256)	$ (23,656)	(13,968)	(23,912)
Defined benefit pension plan | Amount Reclassified from AOCL
Reclassification from AOCL
Total before tax	(11)		26		(11)	54
Tax benefit (expense)	5		(6)		5	(13)
Net of tax	(6)		20		(6)	41
Amortization of unrecognized (gain) loss | Amount Reclassified from AOCL
Reclassification from AOCL
Total before tax	$ (11)		$ 26		$ (11)	$ 54

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 861,819	$ 913,966	$ 868,166	$ 920,254
Net current period other comprehensive income	4,573	(3,701)	9,733	(1,001)
Ending balance	866,363	940,181	866,363	940,181
Defined Benefit Pension Plan
Changes in accumulated other comprehensive income (loss)
Beginning balance			2,445
Amounts reclassified from AOCL			(6)
Net current period other comprehensive income			(6)
Ending balance	2,439		2,439
Foreign Currency Translation Adjustments
Changes in accumulated other comprehensive income (loss)
Beginning balance			(11,794)
Other comprehensive income before reclassifications			9,739
Net current period other comprehensive income			9,739
Ending balance	(2,055)		(2,055)
Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive income (loss)
Beginning balance	(4,189)	(15,469)	(9,349)	(18,169)
Other comprehensive income before reclassifications			9,739
Amounts reclassified from AOCL			(6)
Net current period other comprehensive income			9,733
Ending balance	$ 384	$ (19,170)	$ 384	$ (19,170)

Stockholders' Equity - At-The-M

Stockholders' Equity - At-The-Market Equity Offering Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 02, 2022	Jul. 02, 2022	Jul. 01, 2023	May 17, 2023
Stockholders' Equity
Proceeds from issuance of common stock, net		$ 65,202
ATM Equity Offering
Stockholders' Equity
Issuance of common stock in ATM offering (in shares)	112,353	2,739,568
Shares Issued, Price Per Share	$ 29.37	$ 23.08
Payment of sales agents commission	$ 100	$ 1,300
Proceeds from issuance of common stock, net	$ 3,300	63,200
Aggregate number of common shares			10,000,000
Deferred fees and expenses		$ 100
Shares of common stock available for grant			5,432,804	5,000,000

Pension Benefits (Details)

Pension Benefits (Details) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($) plan	Jul. 02, 2022 USD ($)
Pension Benefits
Number of defined benefit pension plans sponsored by company	4
Percentage of employees covered by defined benefit pension plans	22%
Number of defined benefit pension plans sponsored by company for union employees	3
Number of defined benefit pension plans sponsored by company for salaried and certain hourly employees	1
Change in plan assets:
Employer contributions | $	$ 0	$ 0

Pension Benefits - Net Periodic

Pension Benefits - Net Periodic Pension Cost, AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Components of net periodic pension cost
Service cost-benefits earned during the period	$ 1,305	$ 2,192	$ 2,593	$ 4,488
Interest cost on projected benefit obligation	1,858	1,365	3,718	2,736
Expected return on plan assets	(2,782)	(3,236)	(5,563)	(6,473)
Amortization of unrecognized (gain) loss	(11)	26	(11)	54
Net periodic pension cost	370	$ 347	737	$ 805
Contributions made for the remainder	$ 2,500		$ 2,500

Pension Benefits - Multi-Employ

Pension Benefits - Multi-Employer Defined Benefit Pension Plan (Details) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Multi-Employer Defined Benefit Pension Plan
Defined benefit plan, withdrawal liability	$ 13.2
Defined benefit plan withdrawal liability payout period	20 years
Defined benefit plan, withdrawal liability, annual installments	$ 0.9

Leases (Details)

Leases (Details)	6 Months Ended
	Jul. 01, 2023
Lessee, Lease, Description [Line Items]
Option to terminate	true
Operating lease existence of option To terminate	true
Lessee, Operating Lease, Terminate Term	1 year
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	7 years
Remaining lease term	10 years

Leases - Operating Leases and F

Leases - Operating Leases and Finance Leases on Balance Sheets (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Right-of-use assets:
Operating lease right-of-use assets	$ 64,600	$ 65,809
Finance lease right-of-use assets	2,362	2,891
Total lease right-of-use assets	66,962	68,700
Operating lease liabilities:
Current portion of operating lease liabilities	15,274	14,616
Long-term operating lease liabilities, net of current portion	49,683	51,727
Total operating lease liabilities	64,957	66,343
Finance lease liabilities:
Current portion of finance lease liabilities	1,057	1,046
Long-term finance lease liabilities, net of current portion	1,263	1,795
Total finance lease liabilities	$ 2,320	$ 2,841

Leases - Supplemental informati

Leases - Supplemental information related to leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Leases
Operating cash flows - Cash paid for amounts included in the measurement of operating lease liabilities	$ 4,488	$ 4,273	$ 9,082	$ 8,194
Cash paid for amounts included in the measurement of financing lease liabilities	274		549
Cost of goods sold	2,728	2,595	5,464	4,849
Selling, general and administrative expenses	1,727	1,718	3,441	3,324
Total operating lease costs	4,455	4,313	8,905	8,173
Depreciation of finance right-of-use assets	266	109	530	109
Interest on finance lease liabilities	14	8	30	8
Total finance lease costs	280	117	560	117
Total net lease costs	4,735	4,430	9,465	8,290
Total rent expense	$ 5,100	$ 4,600	$ 10,100	$ 9,100

Leases - Lease term and discoun

Leases - Lease term and discount rate for our ROU (Details)	Jul. 01, 2023	Dec. 31, 2022
Leases
Weighted average remaining lease term - Operating leases (years)	5 years 2 months 12 days	5 years 3 months 18 days
Weighted average remaining lease term - Finance lease (years)	2 years 2 months 12 days	2 years 8 months 12 days
Weighted average discount rate - Operating leases	2.91%	2.72%
Weighted average discount rate - Finance lease	2.30%	2.30%

Leases - Maturity of lease liab

Leases - Maturity of lease liabilities (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Operating Leases
2023 remaining	$ 8,597
2024	16,004
2025	15,315
2026	10,693
2027	6,841
Thereafter	12,588
Total undiscounted future minimum lease payments	70,038
Less: Imputed interest	(5,081)
Total present value of future operating lease liabilities	64,957	$ 66,343
Finance Lease
2023 remaining	549
2024	1,099
2025	732
Total undiscounted future minimum lease payments	2,380
Less: Imputed interest	(60)
Total finance lease liabilities	2,320	$ 2,841
Total Maturities of Lease Liabilities
2023 remaining	9,146
2024	17,103
2025	16,047
2026	10,693
2027	6,841
Thereafter	12,588
Total undiscounted future minimum lease payments	72,418
Less: Imputed interest	(5,141)
Total present value of future lease payments	$ 67,277

Commitments and Contingencies -

Commitments and Contingencies - Collective Bargaining (Details)	6 Months Ended
	Jul. 01, 2023 employee agreement
Information related to Collective Bargaining Agreements
Number of employees	3,047
Number of employees covered under collective bargaining agreements
Information related to Collective Bargaining Agreements
Number of employees	1,678
Percentage of employees	55.10%
Number of employees covered under collective bargaining agreements expiring with next 12 months
Information related to Collective Bargaining Agreements
Collective bargaining agreements expiration period	12 months
Number of collective bargaining agreements expiring within one year | agreement	2
Number of employees covered under collective bargaining agreements expiring with next 12 months | Collective Bargaining Agreement Covering Brooklyn Facility [Member]
Information related to Collective Bargaining Agreements
Number of employees	52
Number of employees covered under collective bargaining agreements expiring with next 12 months | Collective Bargaining Agreement Covering Terre Haute Facility Member
Information related to Collective Bargaining Agreements
Number of employees	103

Earnings per Share (Details)

Earnings per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Earnings per Share
Antidilutive securities excluded from computation of loss per share	1,695,755	721,427
Weighted average shares outstanding:
Basic (in shares)	72,237,482	69,903,828	72,008,119	69,266,967
Net effect of potentially dilutive share-based compensation awards (in shares)	142,332	382,505	79,063	384,638
Diluted (in shares)	72,379,814	70,286,333	72,087,182	69,651,605

Business and Credit Concentra_2

Business and Credit Concentrations and Geographic Information (Details) - customer	6 Months Ended		12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Net sales | Consolidated net sales | Foreign
Business and Credit Concentrations
Percentage of concentration risk	8.60%	8.10%
Net sales | Consolidated net sales | Top ten customers
Business and Credit Concentrations
Number of top customers	10	10
Percentage of concentration risk	61.10%	60.60%
Net sales | Consolidated net sales | Other than Walmart
Business and Credit Concentrations
Percentage of concentration risk	29.70%	28.90%
Accounts receivable | Trade accounts receivables | Top ten customers
Business and Credit Concentrations
Number of top customers	10		10
Percentage of concentration risk	64.70%		60.30%
Accounts receivable | Trade accounts receivables | Other than Walmart
Business and Credit Concentrations
Percentage of concentration risk	30.60%		30.60%

Share-Based Payments - Performa

Share-Based Payments - Performance (Details) - Performance shares	6 Months Ended
	Jul. 01, 2023 $ / shares shares
Number of Shares
Balance at the beginning of the period (in shares) | shares	1,072,274
Granted (in shares) | shares	998,191
Vested (in shares) | shares	(360,926)
Forfeited (in shares) | shares	(102,771)
Balance at the end of the period (in shares) | shares	1,606,768
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 20.26
Granted (in dollars per share) | $ / shares	13
Vested (in dollars per share) | $ / shares	10.84
Forfeited (in dollars per share) | $ / shares	29.32
Balance at the end of the period (in dollars per share) | $ / shares	$ 17.29
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of target number of shares that may be earned	233.333%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of target number of shares that may be earned	300%

Share-Based Payments - Restrict

Share-Based Payments - Restricted Stock (Details) - Restricted Stock	6 Months Ended
	Jul. 01, 2023 $ / shares shares
Number of Shares
Balance at the beginning of the period (in shares) | shares	83,294
Granted (in shares) | shares	329,821
Vested (in shares) | shares	(40,944)
Forfeited (in shares) | shares	(2,598)
Balance at the end of the period (in shares) | shares	369,573
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 26.51
Granted (in dollars per share) | $ / shares	15.17
Vested (in dollars per share) | $ / shares	24.66
Forfeited (in dollars per share) | $ / shares	18.63
Balance at the end of the period (in dollars per share) | $ / shares	$ 16.65

Share-Based Payments - Stock Op

Share-Based Payments - Stock Options (Details) - Employee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Options
Outstanding at beginning of fiscal period (in shares)	820,141
Granted (in shares)	949,995
Expired (in shares)	(24,386)
Outstanding at end of quarter (in shares)	1,745,750		820,141
Exercisable at end of quarter (In shares)	566,873
Weighted Average Exercise Price
Outstanding at beginning of fiscal period (in dollar per share)	$ 31.38
Granted (in dollars per share)	20
Expired (in dollars per share)	37.04
Outstanding at end of quarter (in dollar per share)	25.11		$ 31.38
Exercisable at end of quarter ( in dollars per share)	$ 30.05
Weighted Average Contractual Life Remaining (Years)
Weighted Average Contractual Life Remaining (Years)	7 years 11 months 4 days		6 years 2 months 26 days
Exercisable, Weighted Average Contractual Life Remaining (Years)	5 years 1 month 9 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value	$ 48
Assumptions:
Weighted average grant date fair value (in dollars per share)	$ 2.71	$ 3.73
Expected volatility (as a percent)		39.50%
Expected volatility, minimum (as a percent)	39.60%
Expected volatility, maximum (as a percent)	43.30%
Expected term		5 years 6 months
Risk-free interest rate (as a percent)		3%
Dividend yield (as a percent)		8.50%
Minimum
Assumptions:
Expected term	5 years 6 months
Maximum
Assumptions:
Expected term	8 years 3 months 18 days

Share-Based Payments - Other Ve

Share-Based Payments - Other Vested (Details) - shares	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Net shares of common stock issued	79,773	44,977	623,429	296,774
Performance shares
Share based compensation expense related to long-term incentive plans
Number of performance shares vested			360,926
Performance shares | Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Number of performance shares vested			360,926	337,284
Shares withheld for tax withholding			(131,803)	(125,152)
Shares of restricted common stock issued			229,123	212,132
Employee Stock Option [Member] | Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Shares of restricted common stock issued				2,227
Restricted Stock
Share based compensation expense related to long-term incentive plans
Number of performance shares vested			40,944
Restricted Stock | Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Shares withheld for tax withholding	(960)	(1,250)	(14,448)	(12,121)
Cancellation of restricted stock upon forfeiture (in shares)	(2,184)	(1,108)	(2,598)	(1,681)
Restricted Stock | Employee | Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Shares of restricted common stock issued	1,386	562	329,821	49,444
Annual Equity Grants | Non-Employee Directors | Non-employee director | Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Shares of restricted common stock issued	81,531	46,773	81,531	46,773

Share-Based Payments - Share-ba

Share-Based Payments - Share-based payments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Compensation expense
Total compensation expense for share-based payments	$ 2,374	$ 1,158	$ 3,301	$ 2,248
Performance shares | LTIA 2019-2023 Plan
Compensation expense
Unrecognized compensation expense, other than stock option	10,200		$ 10,200
Period over which unrecognized compensation expense is expected to be recognized			2 years 6 months
Restricted Stock | LTIA 2019-2023 Plan
Compensation expense
Unrecognized compensation expense, other than stock option	5,100		$ 5,100
Period over which unrecognized compensation expense is expected to be recognized			2 years 9 months 18 days
Employee Stock Option [Member] | LTIA 2019-2023 Plan
Compensation expense
Unrecognized compensation expense, stock option	2,800		$ 2,800
Period over which unrecognized compensation expense is expected to be recognized			3 years 9 months 18 days
Cost of Sales
Compensation expense
Total compensation expense for share-based payments	620	232	$ 734	439
Selling, General and Administrative Expenses
Compensation expense
Total compensation expense for share-based payments	$ 1,754	$ 926	$ 2,567	$ 1,809

Net Sales by Brand (Details)

Net Sales by Brand (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Dec. 31, 2022
Brand
Total net sales	$ 469,637	$ 478,965	$ 981,451	$ 1,011,372
Specific brand sale to total sale (as a percent)			3%		3%
Crisco
Brand
Total net sales	67,002	71,849	$ 139,451	150,932
Clabber Girl
Brand
Total net sales	27,443	19,102	54,935	40,090
Back to Nature
Brand
Total net sales	1,878	11,312	3,464	27,306
All Other Specialty Brands Total
Brand
Total net sales	57,514	52,584	118,610	115,266
Specialty Brands Total
Brand
Total net sales	153,837	154,847	316,460	333,594
Green Giant - frozen
Brand
Total net sales	78,087	82,425	169,184	180,398
Green Giant - shelf stable
Brand
Total net sales	21,284	23,077	47,560	50,562
Green Giant - Le Sueur
Brand
Total net sales	8,391	7,089	17,224	17,396
Frozen & Vegetables Brands
Brand
Total net sales	107,762	112,591	233,968	248,356
Ortega
Brand
Total net sales	35,633	35,825	74,077	78,384
Maple Grove Farms of Vermont
Brand
Total net sales	22,003	21,377	44,502	43,286
Cream of Wheat
Brand
Total net sales	17,626	17,300	38,246	38,267
All Other Meals Brands Total
Brand
Total net sales	38,881	37,072	79,267	77,551
Meals Brands Total
Brand
Total net sales	114,143	111,574	236,092	237,488
Spices and Seasonings
Brand
Total net sales	64,194	67,544	134,639	130,620
Dash
Brand
Total net sales	17,061	17,642	34,810	34,256
All Other Spices & Flavor Solutions Brands
Brand
Total net sales	12,640	14,767	25,482	27,058
Spices & Flavor Solutions Brands Total
Brand
Total net sales	$ 93,895	$ 99,953	$ 194,931	$ 191,934

Sale of Portland, Maine Manuf_2

Sale of Portland, Maine Manufacturing Facility (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Apr. 02, 2022 USD ($) a	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
Gain on sale of assets		$ (85)	$ 7,099
Proceeds from Sale of Productive Assets		$ 51,497	$ 10,429
Portland Maine Manufacturing Facility Sale [Member]
Restructuring Cost and Reserve [Line Items]
Area of property held for sale | a	13.5
Gain on sale of assets	$ 7,100
Net benefit from the gain on sale	4,900
Proceeds from Sale of Productive Assets	11,100
Restructuring expenses	$ 2,200

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jul. 02, 2022	Apr. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 10,553	$ 3,415	$ 256	$ 23,656	$ 13,968	$ 23,912

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false