Cover Page
Cover Page - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-32504 | ||
Entity Registrant Name | TreeHouse Foods, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-2311383 | ||
Entity Address, Address Line One | 2021 Spring Road, | ||
Entity Address, Address Line Two | Suite 600 | ||
Entity Address, City or Town | Oak Brook | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60523 | ||
City Area Code | 708 | ||
Local Phone Number | 483-1300 | ||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | THS | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,822 | ||
Entity Common Stock, Shares Outstanding (in shares) | 54.1 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement for its 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. The registrant’s definitive Proxy Statement will be filed with the Securities and Exchange Commission ("SEC") within 120 days after the end of the fiscal year to which this report relates pursuant to Regulation 14A. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001320695 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 34 |
Auditor Name | DELOITTE & TOUCHE LLP |
Auditor Location | Chicago, IL |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 320,300,000 | $ 43,000,000 |
Receivables, net of allowance for credit losses of $0.4 in both 2023 and 2022 | 175,600,000 | 158,800,000 |
Inventories | 534,000,000 | 554,000,000 |
Prepaid expenses and other current assets | 24,900,000 | 23,200,000 |
Assets of discontinued operations | 0 | 60,400,000 |
Total current assets | 1,054,800,000 | 839,400,000 |
Property, plant, and equipment, net | 737,600,000 | 641,600,000 |
Operating lease right-of-use assets | 193,000,000 | 184,400,000 |
Goodwill | 1,824,700,000 | 1,817,600,000 |
Intangible assets, net | 257,400,000 | 296,000,000 |
Note receivable, net of allowance for credit losses of $0.0 in both 2023 and 2022 | 0 | 427,000,000 |
Other assets, net | 39,100,000 | 47,900,000 |
Total assets | 4,106,600,000 | 4,253,900,000 |
Current liabilities: | ||
Accounts payable | 534,900,000 | 618,700,000 |
Accrued expenses | 169,000,000 | 208,500,000 |
Current portion of long-term debt | 400,000 | 600,000 |
Total current liabilities | 704,300,000 | 827,800,000 |
Long-term debt | 1,396,000,000 | 1,394,000,000 |
Operating lease liabilities | 165,000,000 | 159,100,000 |
Deferred income taxes | 111,400,000 | 108,700,000 |
Other long-term liabilities | 65,100,000 | 77,300,000 |
Total liabilities | 2,441,800,000 | 2,566,900,000 |
Commitments and contingencies (Note 20) | ||
Stockholders’ equity: | ||
Preferred stock, par value $0.01 per share, 10.0 shares authorized, none issued | 0 | 0 |
Common stock, par value $0.01 per share, 90.0 shares authorized, 54.1 and 56.1 shares outstanding as of December 31, 2023 and 2022, respectively | 600,000 | 600,000 |
Treasury stock | (234,200,000) | (133,300,000) |
Additional paid-in capital | 2,223,400,000 | 2,205,400,000 |
Accumulated deficit | (248,900,000) | (302,000,000) |
Accumulated other comprehensive loss | (76,100,000) | (83,700,000) |
Total stockholders’ equity | 1,664,800,000 | 1,687,000,000 |
Total liabilities and stockholders’ equity | $ 4,106,600,000 | $ 4,253,900,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 0.4 | $ 0.4 |
Note receivable, allowance for credit losses | $ 0 | $ 0 |
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, shares outstanding (in shares) | 54,100,000 | 56,100,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Statement [Abstract] | ||||
Net sales | $ 3,431.6 | $ 3,297.1 | $ 2,814.3 | |
Cost of sales | 2,855.5 | 2,774.7 | 2,342.7 | |
Gross profit | 576.1 | 522.4 | 471.6 | |
Operating expenses: | ||||
Selling and distribution | 171.6 | 217.8 | 199.4 | |
General and administrative | 204.1 | 206.5 | 185.2 | |
Amortization expense | 48.2 | 47.9 | 47.3 | |
Other operating expense, net | 5.3 | 62.8 | 83.9 | |
Total operating expenses | 429.2 | 535 | 515.8 | |
Operating income (loss) | 146.9 | (12.6) | (44.2) | |
Other expense (income): | ||||
Interest expense | 74.8 | 69.9 | 72.1 | |
Interest income | (40.1) | (15.5) | (4.7) | |
Loss on extinguishment of debt | 0 | 4.5 | 14.4 | |
(Gain) loss on foreign currency exchange | (1.4) | 1.7 | (0.4) | |
Other expense (income), net | 30.2 | (74.3) | (39.4) | |
Total other expense (income) | 63.5 | (13.7) | 42 | |
Income (loss) before income taxes | 83.4 | 1.1 | (86.2) | |
Income tax expense (benefit) | 24.4 | 10.3 | (17.6) | |
Net income (loss) from continuing operations | 59 | (9.2) | (68.6) | |
Net (loss) income from discontinued operations | (5.9) | (137.1) | 56.1 | |
Net income (loss) | $ 53.1 | $ (146.3) | $ (12.5) | |
Earnings (loss) per common share - basic: | ||||
Continuing operations (in usd per share) | $ 1.06 | $ (0.16) | $ (1.23) | |
Discontinued operations (in usd per share) | (0.11) | (2.45) | 1 | |
Net earnings (loss) per share basic (in usd per share) | [1] | 0.95 | (2.61) | (0.22) |
Earnings (loss) per common share - diluted: | ||||
Continuing operations (in usd per share) | 1.05 | (0.16) | (1.23) | |
Discontinued operations (in usd per share) | (0.10) | (2.45) | 1 | |
Net earnings (loss) per share diluted (in usd per share) | [1] | $ 0.94 | $ (2.61) | $ (0.22) |
Weighted average common shares: | ||||
Basic (in shares) | 55.8 | 56 | 55.9 | |
Diluted (in shares) | 56.4 | 56 | 55.9 | |
[1]The sum of the individual per share amounts may not add due to rounding. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 53.1 | $ (146.3) | $ (12.5) |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 2.8 | (16.1) | (3.6) |
Pension and postretirement benefits adjustments | 4.8 | (14) | 14 |
Other comprehensive income (loss) | 7.6 | (30.1) | 10.4 |
Comprehensive income (loss) | $ 60.7 | $ (176.4) | $ (2.1) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions | Total | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2020 | 58.3 | |||||
Treasury stock, beginning balance (in shares) at Dec. 31, 2020 | (2.4) | |||||
Beginning balance at Dec. 31, 2020 | $ 1,865 | $ 0.6 | $ (108.3) | $ 2,179.9 | $ (143.2) | $ (64) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (12.5) | (12.5) | ||||
Other comprehensive income (loss) | $ 10.4 | 10.4 | ||||
Treasury stock repurchases (in shares) | (0.5) | (0.5) | ||||
Treasury stock repurchases | $ (25) | $ (25) | ||||
Exercise of stock options and issuance of other stock awards (in shares) | 0.4 | |||||
Exercise of stock options and issuance of other stock awards | (8.2) | (8.2) | ||||
Stock-based compensation | 15.7 | 15.7 | ||||
Ending balance (in shares) at Dec. 31, 2021 | 58.7 | |||||
Treasury stock, ending balance (in shares) at Dec. 31, 2021 | (2.9) | |||||
Ending balance at Dec. 31, 2021 | 1,845.4 | $ 0.6 | $ (133.3) | 2,187.4 | (155.7) | (53.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (146.3) | (146.3) | ||||
Other comprehensive income (loss) | $ (30.1) | (30.1) | ||||
Treasury stock repurchases (in shares) | 0 | |||||
Exercise of stock options and issuance of other stock awards (in shares) | 0.3 | |||||
Exercise of stock options and issuance of other stock awards | $ (4.3) | (4.3) | ||||
Stock-based compensation | $ 22.3 | 22.3 | ||||
Ending balance (in shares) at Dec. 31, 2022 | 56.1 | 59 | ||||
Treasury stock, ending balance (in shares) at Dec. 31, 2022 | (2.9) | |||||
Ending balance at Dec. 31, 2022 | $ 1,687 | $ 0.6 | $ (133.3) | 2,205.4 | (302) | (83.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 53.1 | 53.1 | ||||
Other comprehensive income (loss) | $ 7.6 | 7.6 | ||||
Treasury stock repurchases (in shares) | (2.3) | (2.3) | ||||
Treasury stock repurchases | $ (100.9) | $ (100.9) | ||||
Exercise of stock options and issuance of other stock awards (in shares) | 0.3 | |||||
Exercise of stock options and issuance of other stock awards | (6.8) | (6.8) | ||||
Stock-based compensation | $ 24.8 | 24.8 | ||||
Ending balance (in shares) at Dec. 31, 2023 | 54.1 | 59.3 | ||||
Treasury stock, ending balance (in shares) at Dec. 31, 2023 | (5.2) | |||||
Ending balance at Dec. 31, 2023 | $ 1,664.8 | $ 0.6 | $ (234.2) | $ 2,223.4 | $ (248.9) | $ (76.1) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 53.1 | $ (146.3) | $ (12.5) |
Net (loss) income from discontinued operations | (5.9) | (137.1) | 56.1 |
Net income (loss) from continuing operations | 59 | (9.2) | (68.6) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 141.9 | 139.6 | 143.4 |
Stock-based compensation | 24.8 | 19.8 | 14.2 |
Loss on extinguishment of debt | 0 | 4.5 | 14.4 |
Unrealized loss (gain) on derivative contracts | 15.1 | (75.1) | (37.3) |
Deferred income taxes | 3.5 | 9.1 | (9.8) |
Deferred TSA income | (12.3) | (22.7) | 0 |
Other, net | 8.9 | 6.4 | 2.3 |
Changes in operating assets and liabilities, net of acquisitions and divestitures: | |||
Receivables | (15.2) | (8.9) | 61.3 |
Inventories | 51.6 | (128.3) | (57.1) |
Prepaid expenses and other assets | 5.3 | 43.6 | 1 |
Accounts payable | (82.4) | (14.8) | 126.1 |
Accrued expenses and other liabilities | (42.9) | (31.7) | (48.3) |
Net cash provided by (used in) operating activities - continuing operations | 157.3 | (67.7) | 141.6 |
Net cash (used in) provided by operating activities - discontinued operations | 0 | (83) | 183.3 |
Net cash provided by (used in) operating activities | 157.3 | (150.7) | 324.9 |
Cash flows from investing activities: | |||
Additions to property, plant, and equipment | (137) | (85.8) | (69.7) |
Additions to intangible assets | (3.8) | (7.7) | (14.5) |
Proceeds from sale of fixed assets | 0 | 4.8 | 0.4 |
Acquisitions, net of cash acquired | (100.6) | 0 | 0 |
Proceeds from sale of investments | 0 | 0 | 17.2 |
Net cash used in investing activities - continuing operations | (241.4) | (88.7) | (66.6) |
Net cash provided by investing activities - discontinued operations | 468.1 | 500.7 | 49.8 |
Net cash provided by (used in) investing activities | 226.7 | 412 | (16.8) |
Cash flows from financing activities: | |||
Borrowings under Revolving Credit Facility | 2,935.3 | 855.9 | 194.4 |
Payments under Revolving Credit Facility | (2,935.3) | (855.9) | (194.4) |
Repurchases of Notes | 0 | 0 | (602.9) |
Payments on finance lease obligations | (0.6) | (1.1) | (1.6) |
Payment of deferred financing costs | 0 | (2.7) | (8.5) |
Payments on Term Loans | 0 | (514.3) | (1,136.7) |
Proceeds from refinanced Term Loans | 0 | 0 | 1,430 |
Payment of debt premium for extinguishment of debt | 0 | 0 | (9) |
Repurchases of common stock | (100) | 0 | (25) |
Receipts related to stock-based award activities | 0 | 0.4 | 0 |
Payments related to stock-based award activities | (6.9) | (4.7) | (8.2) |
Net cash used in financing activities - continuing operations | (107.5) | (522.4) | (361.9) |
Net cash used in financing activities - discontinued operations | 0 | (0.3) | (0.4) |
Net cash used in financing activities | (107.5) | (522.7) | (362.3) |
Effect of exchange rate changes on cash and cash equivalents | 0.8 | (4.2) | (1.8) |
Net increase (decrease) in cash and cash equivalents | 277.3 | (265.6) | (56) |
Add: Cash and cash equivalents of discontinued operations, beginning of period | 0 | 4.1 | 11.8 |
Less: Cash and cash equivalents of discontinued operations, end of period | 0 | 0 | (4.1) |
Cash and cash equivalents, beginning of year | 43 | 304.5 | 352.8 |
Cash and cash equivalents, end of year | 320.3 | 43 | 304.5 |
Supplemental cash flow disclosures: | |||
Interest paid | 93.7 | 68.1 | 65 |
Net income taxes paid (refunded) | 19.3 | (3) | (14.3) |
Non-cash investing activities: | |||
Accrued purchase of property and equipment | 17.1 | 20.3 | 37.3 |
Accrued other intangible assets | 0.3 | 1.1 | 2.3 |
Right-of-use assets obtained in exchange for lease obligations | 45.1 | 86.8 | 39.5 |
Note receivable issued in exchange for the sale of business net assets | 0 | 425.9 | 0 |
Note receivable increase from paid in kind interest | 3.2 | 1.1 | 0 |
Note receivable purchase price adjustment reduction | (5.1) | 0 | 0 |
Deferred payment from acquisition of seasoned pretzel capability | $ 4 | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The Consolidated Financial Statements include the accounts of TreeHouse Foods, Inc. and its 100% owned direct and indirect subsidiaries (the "Company," "TreeHouse,” "we," "us," or "our"). All intercompany balances and transactions are eliminated in consolidation. Discontinued Operations — On September 29, 2023, the Company completed the sale of its Snack Bars business for approximately $58.7 million in cash. This transaction represents a component of the single plan of disposal from the Company’s strategic review process, which also resulted in the divestiture of a significant portion of the Meal Preparation business during the fourth quarter of 2022. The Snack Bars Transaction further advances the Company's enterprise-wide transformation to simplify its business and build depth around a focused group of high-growth categories. Beginning in the third quarter of 2023, the Snack Bars Business is presented as a component of discontinued operations and has been excluded from continuing operations for all periods presented. Refer to Note 7 for additional information. Segment Information — The Company manages operations on a company-wide basis, thereby making determinations as to the allocation of resources as one segment. We manufacture and distribute private brands food and beverages in North America. Our products are primarily shelf stable and share similar customers and distribution. The Chief Executive Officer, who has been identified as our Chief Operating Decision Maker ("CODM") allocates resources and assesses performance based upon discrete financial information at the consolidated level. We have one segment manager who reports directly to the CODM with incentive compensation based on aggregated consolidated results of the Company. The annual operating plan is prepared and approved by the CODM based on consolidated results of the Company. We operate our business with a centralized financial systems infrastructure, and we share centralized resources for sales, procurement, and general and administrative activities. The majority of our manufacturing plants each produce one food or beverage category. Refer to Note 22 for disaggregation of revenue for additional information of our principal products sold as well as additional geographic information and major customers. Use of Estimates — The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to use judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements, and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from these estimates. Cash and Cash Equivalents — We consider temporary cash investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2023 and 2022, $27.5 million and $1.1 million, respectively, represents cash and cash equivalents held in foreign jurisdictions, in local currencies. The Company is exposed to potential risks associated with its cash and cash equivalents. The Company places its cash and cash equivalents with high credit quality financial institutions. Deposits with these financial institutions may exceed the amount of insurance provided; however, these deposits typically are redeemable upon demand and, therefore, the Company believes the financial risks associated with these financial instruments are minimal. Accounts Receivable — We provide credit terms to customers in-line with industry standards, perform ongoing credit evaluations of our customers, and maintain allowances for potential credit losses based on historical experience. Customer balances are written off after all collection efforts are exhausted. Estimated product returns, which have not been material, are deducted from sales at the time of shipment. Note Receivable — The Note Receivable was classified as held for investment and measured at amortized cost, net of allowance for credit losses. The Company accrued interest income on its note receivable based on the contractual terms of the note which were payable quarterly. Inventories — Inventories are stated at the lower of cost or net realizable value. We value inventories using standard costs which approximates costs determined on the first-in first-out basis. The costs of finished goods inventories include raw materials, labor, and overhead costs. Leases — Right-of-use assets and their corresponding lease liabilities are measured and recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company does not record leases with an initial term of 12 months or less on the balance sheet. Expense for these short-term leases is recognized on a straight-line basis over the lease term. The majority of the Company's leases do not provide an implicit rate; therefore, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments for those leases. The Company has elected the practical expedient to apply discount rates to its lease portfolio based on the portfolio approach. The Company grouped the leases into portfolios by remaining lease term. When determining the lease term, we include renewal or termination options based on whether or not we are reasonably certain to exercise. For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Finance leases are amortized over the shorter of their lease term or their estimated useful lives, and amortization expense is included in depreciation expense. Fixed lease costs represent the explicitly quantified lease payments prescribed by the lease agreement and are included in the measurement of the right-of-use asset and corresponding lease liability. Variable lease payments that depend on an index or a rate are included in the calculation of the right-of-use asset and lease liability based on the index or rate at lease commencement. Other variable lease payments such as those that depend on the usage or performance of an underlying asset are not included in the measurement of the right-of-use asset or lease liability. The Company has elected the practical expedient to combine lease and nonlease components into a single component for all of its leases. Property, Plant, and Equipment — Property, plant, and equipment are stated at acquisition cost, plus capitalized interest on borrowings during the actual construction period of major capital projects. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows: Asset Useful Life Buildings and improvements 12-40 years Machinery and equipment 3-15 years Office furniture and equipment 3-12 years Building and leasehold improvements are depreciated over the shorter of the estimated useful life of the assets or the remaining useful life of the associated building or lease. We perform impairment tests when circumstances indicate that the carrying value of an asset may not be recoverable. Refer to Note 3 for additional information. Expenditures for repairs and maintenance, which do not improve or extend the life of the assets, are expensed as incurred. Goodwill — Goodwill is calculated as the excess of the purchase price of acquired businesses over the fair market value of their identifiable net assets. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies, the expansion of the business into new or growing segments of the industry, and the addition of new employees. Goodwill is evaluated annually in the fourth quarter or more frequently, if events or changes in circumstances require an interim assessment. We assess goodwill for impairment (as of December 31) at the reporting unit level using income and market approaches, employing significant assumptions regarding growth, discount rates, and profitability for our single reporting unit. Our estimates under the income approach are determined based on a discounted cash flow model. The market approach uses a market multiple methodology employing earnings before interest, taxes, depreciation, and amortization ("EBITDA") and applies a range of multiples to those amounts in determining the indicated fair value. In determining the multiples used in this approach, we obtain the multiples for selected peer companies using the most recent publicly available information. In determining the indicated fair value of our reporting unit, the Company concludes based on the income approach, and uses the market approach to corroborate, as the Company believes the income approach is the most reliable indicator of the fair value of its reporting unit. The resulting value is then compared to the carrying value for its reporting unit to determine if impairment is necessary. Intangible Assets — Identifiable intangible assets with finite lives are amortized over their estimated useful lives as follows: Asset Useful Life Customer-related 5 to 20 years Trademarks 10 to 20 years Formulas/recipes 5 to 7 years Computer software 3 to 10 years All amortization expense related to intangible assets is recorded in Amortization expense in the Consolidated Statements of Operations. Indefinite lived trademarks are evaluated for impairment annually in the fourth quarter or more frequently, if events or changes in circumstances indicate that the asset might be impaired. Impairment is indicated when their book value exceeds fair value. If the fair value of an evaluated asset is less than its book value, the asset is written down to fair value, which is generally based on its discounted future cash flows. Amortizable intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an evaluation of the undiscounted cash flows indicates impairment, the asset group is impaired to its estimated fair value, which is generally based on discounted future cash flows, and the impairment is allocated to the individual assets within the asset group. Revenue Recognition — We manufacture and sell food and beverage products to retailers, foodservice distributors, co-manufacturers, and industrial and export channels. Revenue recognition is completed on a point in time basis when product control is transferred to the customer. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms. For each contract, the Company considers the transfer of products, each of which is distinct, to be the identified performance obligation generally satisfied within one year. No payment terms beyond one year are granted at contract inception. Most contracts also include some form of variable consideration. The most common forms of variable consideration include discounts, rebates, and sales returns and allowances. Variable consideration is treated as a reduction in revenue when product revenue is recognized. Depending on the specific type of variable consideration, we use either the expected value or most likely amount method to determine the variable consideration. The Company reviews and updates its estimates and related accruals of variable consideration each period based on the terms of the agreements, historical experience, and any recent changes in the market. The Company does not have significant deferred revenue or unbilled receivable balances arising from transactions with customers. We do not capitalize contract inception costs, as contracts are one year or less. The Company does not incur significant fulfillment costs requiring capitalization. Shipping and handling costs associated with outbound freight are included within Selling and distribution expenses and are accounted for as a fulfillment cost as incurred, including shipping and handling costs after control over a product has transferred to a customer. Shipping and handling costs recorded as a component of Selling and distribution expense were approximately $112.5 million, $140.4 million, and $121.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. In addition, any taxes collected on behalf of government authorities are excluded from net sales. Cost of Sales — Cost of sales represents costs directly related to the manufacture and distribution of our products. Such costs include raw materials, packaging, direct and indirect labor, shipping and handling costs, and overhead which includes depreciation of manufacturing and distribution facilities. Shipping and handling costs included in cost of sales reflect inbound freight, inventory warehouse costs, product loading and handling costs, and costs associated with transporting finished products from our manufacturing facilities to distribution warehouses. Stock-Based Compensation — We measure compensation expense for our equity awards at their grant date fair value. The resulting expense is recognized over the relevant service period. Employment-Related Benefits — We provide a range of benefits to our employees, including pension and postretirement benefits to our eligible employees and retirees. We record annual amounts relating to these plans based on calculations specified by GAAP, which include various actuarial assumptions, such as discount rates, assumed investment rates of return, compensation increases, employee turnover rates, and health care cost trend rates. We make modifications to the actuarial assumptions based on plan changes, current rates, and trends when appropriate. Workers' Compensation — The measurement of the liability for our cost of providing these benefits is largely based upon loss development factors that contemplate a number of variables, including claims history and expected trends. These loss development factors are based on industry factors and, along with the estimated liabilities, are developed by us in consultation with external insurance brokers and actuaries. Changes in loss development factors, claims history, and cost trends could result in substantially different results in the future. Income Taxes — The provision for income taxes includes federal, foreign, state, and local income taxes currently payable, and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using enacted tax rates. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. We account for uncertain tax positions using a "more-likely-than-not" threshold. A tax benefit from an uncertain tax position is recognized if it is more-likely-than-not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position, or the statute of limitations concerning such issues lapses. Derivative Instruments — The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by derivative instruments include interest rate risk, commodity price risk, and market risk associated with the unfunded portion of the Company's deferred compensation liability. Derivative contracts are entered into for periods consistent with the related underlying exposure and do not constitute positions independent of those exposures. The Company does not enter into derivative instruments for trading or speculative purposes. All derivatives are recorded on a gross basis and carried at fair value in our Consolidated Balance Sheets. None of the Company's derivative instruments are accounted for under hedge accounting and the changes in their fair value are recorded in the Consolidated Statements of Operations. Foreign Currency Translation and Transactions — The functional currency of the Company’s foreign operations is the applicable local currency. The functional currency is translated into U.S. dollars for balance sheet accounts using currency exchange rates in effect as of the balance sheet date, and for revenue and expense accounts using a weighted-average exchange rate during the fiscal year. The translation adjustments are deferred as a separate component of Stockholders’ equity in Accumulated other comprehensive loss. Gains or losses resulting from transactions denominated in foreign currencies and intercompany debt that is not of a long-term investment nature are included in (Gain) loss on foreign currency exchange in the Consolidated Statements of Operations. Gains or losses resulting from intercompany debt that is designated a long-term investment are recorded as a separate component of Stockholders' equity in Accumulated other comprehensive loss. Restructuring Expenses — Restructuring charges principally consist of retention, severance, and other employee separation costs, contract termination costs, accelerated depreciation, professional fees, and certain long-lived asset impairments. The Company recognizes restructuring obligations and liabilities for exit and disposal activities at fair value in the period the liability is incurred. One-time employee termination benefits for employee severance costs are expensed evenly starting at the communication date over the period during which the employee is required to render service to receive the severance. Ongoing benefit arrangements for employee severance costs are expensed when they become probable and reasonably estimable. Depreciation expense related to assets that will be disposed of or idled as a part of the restructuring activity is accelerated through the expected date of the asset shut down. Restructuring charges are incurred as a component of Operating income (loss). Research and Development Costs — We record research and development charges to expense as they are incurred and report them in General and administrative expense in our Consolidated Statements of Operations. Expenditures totaled $13.0 million, $12.4 million, and $13.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. Advertising Costs — Advertising costs are expensed as incurred and reported in Selling and distribution expense of our Consolidated Statements of Operations. Expenditures totaled $1.7 million, $1.2 million, and $1.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Earnings (Loss) Per Share from Continuing Operations — Basic earnings per share is computed by dividing net income by the number of weighted average common shares outstanding during the reporting period. The weighted average number of common shares used in the diluted earnings per share calculation is determined using the treasury stock method and includes the incremental effect related to the Company’s outstanding stock-based compensation awards. |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Not yet adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, |
GROWTH, REINVESTMENT, AND RESTR
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS | 3. GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS The Company’s growth, reinvestment, and restructuring activities are part of an enterprise-wide transformation to build long-term sustainable growth and improve profitability for the Company. These activities are aggregated into the following categories: (1) Strategic Growth Initiatives (completed in 2023) – a growth and reinvestment strategy and (2) other (collectively the "Growth, Reinvestment, and Restructuring Programs"). Below is a description of each of the Growth, Reinvestment, and Restructuring Programs: (1) Strategic Growth Initiatives In the first quarter of 2021, the Company began executing on its growth and reinvestment initiatives designed to invest in our commercial organization, adapt the supply chain to better support long-term growth opportunities, and further enable the Company to build greater depth in growth categories. These initiatives were intended to better position the Company to accelerate future revenue and earnings growth, and improve the execution of our strategy to be our customers' preferred manufacturing and distribution partner. This reinvestment program was completed in 2023. The total costs within this program were $115.5 million, comprised of consulting and professional fees, employee-related costs, and investment in information technology. Consulting and professional fees included implementing TreeHouse Management Operating System ("TMOS") initiatives at our manufacturing plants, building digital capabilities, and advancing automation and value engineering in our supply chain network. Employee-related costs primarily consisted of severance, retention, and dedicated employee costs. (2) Other Other costs include restructuring costs incurred for retention, severance, organization redesign, information technology system implementation, costs to exit facilities or production, contract termination costs, and other administrative costs. Retention includes one-time cash recognition payments that were expensed ratably from the fourth quarter of 2021 to the first quarter of 2022 as well as additional cash bonuses and stock-based compensation to drive retention. Dallas Plant Closure During the fourth quarter of 2023, the Company completed the closure of its Dallas, Texas Coffee facility in connection with the integration of the Coffee Roasting Capability and will transition production from Dallas to its Northlake, Texas facility in 2024. As a result of the Dallas plant closure, the Company performed a recoverability assessment on the Dallas facility asset group. Our assessment indicated that the Dallas facility asset group was not recoverable, and we were required to determine the fair value of the facility. Our fair value assessment indicated that the carrying value was in excess of the fair value, and an impairment of $4.7 million of property, plant, and equipment was recognized in our Dallas facility asset group. The impairment charge is included in Other operating expense, net in the Consolidated Statements of Operations. The Company expects the total costs related to the Dallas transition to be approximately $15.0 million, and the cumulative costs incurred to date are $5.0 million, including the impairment charge recorded in the fourth quarter of 2023. Impairment charges are measured by comparing the carrying values of the asset groups to their estimated fair values. The fair value of these assets was based on expected future cash flows using Level 3 inputs under ASC 820. We can provide no assurance regarding the prospect of additional impairment charges in future periods. The costs by activity for the Growth, Reinvestment, and Restructuring Programs are outlined below: Year Ended December 31, 2023 2022 2021 (In millions) Strategic Growth Initiatives $ 15.1 $ 40.4 $ 55.8 Other 31.0 44.7 27.6 Total $ 46.1 $ 85.1 $ 83.4 As part of our growth, reinvestment, and restructuring programs, we generally incur expenses that qualify as exit and disposal costs under U.S. GAAP. These include severance and employee separation costs and other exit costs. Severance and employee separation costs primarily relate to cash severance, non-cash severance, including accelerated equity award compensation expense, pension, and other termination benefits. Other exit costs typically relate to lease and contract terminations. We also incur expenses that are an integral component of, and directly attributable to, our growth, reinvestment, and restructuring activities, which do not qualify as exit and disposal costs under U.S. GAAP. These include asset-related costs and other costs. Asset-related costs primarily relate to accelerated depreciation and certain long-lived asset impairments. Other costs primarily relate to start-up costs of new facilities, consulting and professional fees, information technology implementation, asset relocation costs, and costs to exit facilities. Expenses associated with these programs are recorded in Cost of sales and Other operating expense, net in the Consolidated Statements of Operations. Below is a summary of costs by line item for the Growth, Reinvestment, and Restructuring Programs: Year Ended December 31, 2023 2022 2021 (In millions) Cost of sales $ — $ 0.5 $ — Other operating expense, net 46.1 84.6 83.4 Total $ 46.1 $ 85.1 $ 83.4 Below is a summary of costs by type associated with the Growth, Reinvestment, and Restructuring Programs: Year Ended December 31, 2023 2022 2021 (In millions) Asset-related $ 4.7 $ 0.6 $ — Employee-related 15.5 37.0 27.9 Other costs 25.9 47.5 55.5 Total $ 46.1 $ 85.1 $ 83.4 For the years ended December 31, 2023, 2022, and 2021, asset-related costs primarily consisted of accelerated depreciation and long-lived asset impairment; employee-related costs primarily consisted of retention, severance, and dedicated project employee cost; and other costs primarily consisted of consulting services. Asset-related, employee-related, and other costs are primarily recognized in Other operating expense, net in the Consolidated Statements of Operations. The table below presents the exit cost liability related to severance activity for the Growth, Reinvestment, and Restructuring Programs as of December 31, 2023: Severance Retention Total Exit Cost Liabilities (In millions) Balance as of December 31, 2022 $ 8.8 $ 4.2 $ 13.0 Expenses recognized 4.8 2.3 7.1 Cash payments (8.2) (6.3) (14.5) Balance as of December 31, 2023 $ 5.4 $ 0.2 $ 5.6 The severance and retention liabilities are included in Accrued expenses in the Consolidated Balance Sheets. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | 4. LEASES The Company has operating and finance leases for manufacturing facilities, warehouses and distribution centers, office space, and certain equipment. Remaining lease terms for these leases range from 1 year to 10 years. Some of the Company’s leases include options to extend the leases for up to 17 years, and some include options to terminate the leases within 1 year. Supplemental balance sheet information related to leases are as follows: December 31, Balance Sheet Classification 2023 2022 (In millions) Assets Operating Operating lease right-of-use assets $ 193.0 $ 184.4 Finance Property, plant, and equipment, net 0.6 1.2 Total assets $ 193.6 $ 185.6 Liabilities Current liabilities Operating Accrued expenses $ 40.2 $ 38.6 Finance Current portion of long-term debt 0.4 0.6 Total current liabilities 40.6 39.2 Noncurrent liabilities Operating Operating lease liabilities 165.0 159.1 Finance Long-term debt 0.2 0.6 Total noncurrent liabilities 165.2 159.7 Total lease liabilities $ 205.8 $ 198.9 The weighted-average discount rates for the Company's operating and finance leases are as follows: December 31, Weighted-average discount rate 2023 2022 Operating leases 4.7 % 4.4 % Finance leases 2.7 % 2.7 % The weighted-average remaining lease term of the Company's operating and finance leases are as follows: December 31, Weighted-average remaining lease term 2023 2022 Operating leases 5.5 years 5.9 years Finance leases 1.4 years 2.3 years The components of lease expense are as follows: Year Ended December 31, Statement of Operations Classification 2023 2022 2021 (In millions) Operating lease cost Cost of sales and General and administrative $ 48.7 $ 44.0 $ 37.8 Finance lease cost: Amortization of right-of-use assets Cost of sales and General and administrative 0.7 1.0 1.4 Interest on lease liabilities Interest expense — 0.1 0.1 Total finance lease cost 0.7 1.1 1.5 Variable lease cost (1) Cost of sales and General and administrative 14.8 15.9 15.6 Sublease income Cost of sales, General and administrative, and Other operating expense, net (4.3) (4.1) (3.4) Net lease cost $ 59.9 $ 56.9 $ 51.5 (1) Includes short-term leases, which are immaterial. As of December 31, 2023, future maturities of lease liabilities are as follows: Operating Leases Finance Leases (In millions) 2024 $ 48.8 $ 0.4 2025 46.4 0.2 2026 46.4 — 2027 39.4 — 2028 17.1 — Thereafter 37.2 — Total lease payments 235.3 0.6 Less: Interest (30.1) — Present value of lease liabilities $ 205.2 $ 0.6 Other information related to leases were as follows: Year Ended December 31, 2023 2022 2021 (In millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 47.1 $ 42.1 $ 37.2 Operating cash flows from finance leases — 0.1 0.1 Financing cash flows from finance leases 0.6 1.1 1.6 |
LEASES | 4. LEASES The Company has operating and finance leases for manufacturing facilities, warehouses and distribution centers, office space, and certain equipment. Remaining lease terms for these leases range from 1 year to 10 years. Some of the Company’s leases include options to extend the leases for up to 17 years, and some include options to terminate the leases within 1 year. Supplemental balance sheet information related to leases are as follows: December 31, Balance Sheet Classification 2023 2022 (In millions) Assets Operating Operating lease right-of-use assets $ 193.0 $ 184.4 Finance Property, plant, and equipment, net 0.6 1.2 Total assets $ 193.6 $ 185.6 Liabilities Current liabilities Operating Accrued expenses $ 40.2 $ 38.6 Finance Current portion of long-term debt 0.4 0.6 Total current liabilities 40.6 39.2 Noncurrent liabilities Operating Operating lease liabilities 165.0 159.1 Finance Long-term debt 0.2 0.6 Total noncurrent liabilities 165.2 159.7 Total lease liabilities $ 205.8 $ 198.9 The weighted-average discount rates for the Company's operating and finance leases are as follows: December 31, Weighted-average discount rate 2023 2022 Operating leases 4.7 % 4.4 % Finance leases 2.7 % 2.7 % The weighted-average remaining lease term of the Company's operating and finance leases are as follows: December 31, Weighted-average remaining lease term 2023 2022 Operating leases 5.5 years 5.9 years Finance leases 1.4 years 2.3 years The components of lease expense are as follows: Year Ended December 31, Statement of Operations Classification 2023 2022 2021 (In millions) Operating lease cost Cost of sales and General and administrative $ 48.7 $ 44.0 $ 37.8 Finance lease cost: Amortization of right-of-use assets Cost of sales and General and administrative 0.7 1.0 1.4 Interest on lease liabilities Interest expense — 0.1 0.1 Total finance lease cost 0.7 1.1 1.5 Variable lease cost (1) Cost of sales and General and administrative 14.8 15.9 15.6 Sublease income Cost of sales, General and administrative, and Other operating expense, net (4.3) (4.1) (3.4) Net lease cost $ 59.9 $ 56.9 $ 51.5 (1) Includes short-term leases, which are immaterial. As of December 31, 2023, future maturities of lease liabilities are as follows: Operating Leases Finance Leases (In millions) 2024 $ 48.8 $ 0.4 2025 46.4 0.2 2026 46.4 — 2027 39.4 — 2028 17.1 — Thereafter 37.2 — Total lease payments 235.3 0.6 Less: Interest (30.1) — Present value of lease liabilities $ 205.2 $ 0.6 Other information related to leases were as follows: Year Ended December 31, 2023 2022 2021 (In millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 47.1 $ 42.1 $ 37.2 Operating cash flows from finance leases — 0.1 0.1 Financing cash flows from finance leases 0.6 1.1 1.6 |
RECEIVABLES SALES PROGRAM
RECEIVABLES SALES PROGRAM | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
RECEIVABLES SALES PROGRAM | 5. RECEIVABLES SALES PROGRAM The Company has entered into agreements to sell certain trade accounts receivable to unrelated, third-party financial institutions at a discount (collectively, the "Receivables Sales Program"). The agreements can be terminated by either party with 60 days' notice. The Receivables Sales Program is used by the Company to manage liquidity in a cost-effective manner. The Company has an insignificant retained interest in the receivables sold under the Receivables Sales Program; however, under the agreements, the Company does have collection and administrative responsibilities for the sold receivables. Under the Receivables Sales Program, the maximum amount of outstanding accounts receivables sold at any time is $500.0 million. The following table includes the outstanding amount of accounts receivable sold under the Receivables Sales Program and the receivables collected from customers and not remitted to the financial institutions: December 31, 2023 2022 (In millions) Outstanding accounts receivable sold $ 343.8 $ 347.1 Receivables collected and not remitted to financial institutions 200.2 204.5 Receivables sold under the Receivables Sales Program are derecognized from the Company's Consolidated Balance Sheet at the time of the sale and the proceeds from such sales are reflected as a component of the change in receivables in the operating activities section of the Consolidated Statements of Cash Flows. The receivables collected and not remitted to financial institutions are included in Accounts payable in the Consolidated Balance Sheets. The following table summarizes the cash flows of the Company's accounts receivables associated with the Receivables Sales Program. All amounts in the table below include continuing and discontinued operations: Year Ended December 31, 2023 2022 2021 (In millions) Receivables sold $ 1,850.3 $ 2,320.4 $ 1,846.9 Receivables collected and remitted to financial institutions (1,853.6) (2,330.6) (1,773.9) The loss on sale of receivables from continuing operations represents the discount taken by third-party financial institutions and was $13.9 million, $6.5 million, and $1.6 million for the years ended December 31, 2023, 2022, and 2021, respectively, and is included in Other expense (income), net in the Consolidated Statements of Operations. The Company has not recognized any servicing assets or liabilities as of December 31, 2023 or December 31, 2022, as the fair value of the servicing arrangement as well as the fees earned were not material to the financial statements. 8. NOTE RECEIVABLE As a result of the completion of the sale of a significant portion of the Company’s Meal Preparation business on October 3, 2022, the Company entered into a $425.9 million five-year secured Seller Promissory Note ("Seller Note Credit Agreement") with Rushmore Investment II LLC ("Holdings") and the US Buyer (collectively with Holdings and US Buyer, the "Loan Parties") which matures on October 1, 2027. The Seller Note Credit Agreement sets forth the terms of the Seller Promissory Note and the loan evidenced thereby (the "Seller Loan"). The Seller Loan bears interest at a rate per annum equal to 10% for the first two years thereof, 11% for the third year thereof, 12% for the fourth year thereof, and 13% thereafter, payable quarterly in arrears. For the first year of the Seller Loan, a portion of the interest, of up to 1% per annum, may be paid in kind; all other interest for the first year, and all interest thereafter, is paid in cash. The Seller Loan was measured at fair value on a nonrecurring basis and assessed for credit losses periodically. Management determined that the fair value of the Seller Loan approximated its principal value upon initial recognition, and no premium or discount was recognized. The fair value of the Seller Loan was estimated using the Black-Derman-Toy binomial lattice model ("BDT"). The BDT determines the future evolution of relevant yields and includes unobservable inputs. Accordingly, the fair value of the Company's Seller Loan was classified as Level 3 within the valuation hierarchy. On October 19, 2023, the Company received the $427.5 million repayment of its Seller Note Credit Agreement, which included the outstanding principal balance of $425.2 million and $2.3 million of accrued interest. The repayment of the outstanding principal balance is reflected in Net cash provided by investing activities - discontinued operations in the Consolidated Statements of Cash Flows. The Company will follow its disciplined capital allocation strategy in deploying the proceeds. Note receivable, net |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. INVENTORIES December 31, 2023 2022 (In millions) Raw materials and supplies $ 245.4 $ 215.6 Finished goods 288.6 338.4 Total inventories $ 534.0 $ 554.0 |
ACQUISITIONS AND DIVESTITURES
ACQUISITIONS AND DIVESTITURES | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS AND DIVESTITURES | 7. ACQUISITIONS AND DIVESTITURES Acquisitions Acquisition of Coffee Roasting Capability On June 30, 2023, the Company completed the acquisition of the Direct Ship coffee business and its Northlake, Texas coffee facility (the "Coffee Roasting Capability") from Farmer Brothers Company, a national coffee roaster, wholesaler, equipment servicer and distributor of coffee, tea, and culinary products. The acquisition brings roasting, grinding, flavoring and blending capabilities to the Company's portfolio to complement the Company's existing single-serve pod and ready-to-drink coffee businesses. The total purchase consideration consisted of approximately $90.6 million in cash. The acquisition was funded by borrowings from the Company’s $500.0 million Revolving Credit Facility. The Coffee Roasting Capability was accounted for under the acquisition method of accounting. The Company incurred acquisition-related costs of $2.4 million during the year ended December 31, 2023. These costs are included in General and administrative expense in the Consolidated Statements of Operations. The following table summarizes the preliminary purchase price allocation of the fair value of net tangible assets acquired: (In millions) Cash transferred at close $ 92.2 Purchase price adjustment (1.6) Total consideration transferred $ 90.6 Allocation of consideration to assets acquired: Inventories $ 29.8 Property, plant, and equipment, net 60.8 Total purchase price $ 90.6 Real property and personal property fair values were determined using the cost and market approaches. The purchase price allocation in the table above is preliminary and subject to the finalization of the Company’s valuation analysis. The results of operations of the Coffee Roasting Capability were included in our Consolidated Financial Statements from the date of acquisition. Included in the Company’s Consolidated Statements of Operations are the Coffee Roasting Capability’s net sales of approximately $64.1 million and net loss before income taxes of $3.1 million from the date of acquisition through December 31, 2023. During the fourth quarter of 2023, the Company recorded a purchase price adjustment which reduced the amount of consideration transferred by $1.6 million, decreased inventory by $1.7 million, and increased property, plant, and equipment, net by $0.1 million. Acquisition of Seasoned Pretzel Capability On April 1, 2023, the Company completed the acquisition of a seasoned pretzel capability for a total purchase price of $14.0 million, which included the recognition of $5.4 million within Goodwill in the Consolidated Balance Sheets based on the preliminary purchase price allocation. The purchase price consisted of approximately $10.0 million in cash and a deferred payment of $4.0 million due in the third quarter of 2024. The deferred payment is recognized within Accrued expenses in the Consolidated Balance Sheets as of December 31, 2023. The acquisition is in line with our strategy to build category leadership, depth and capabilities to drive profitable growth. Subsequent Event On January 2, 2024, the Company completed the acquisition of pickle branded assets, including Bick’s pickles, Habitant pickled beets, Woodman’s horseradish, and McLarens pickled onions brands, from The J.M. Smucker Co., a North American producer of coffee, consumer foods, dog snacks, and cat food, for approximately $20.0 million in cash, subject to customary purchase price adjustments. The allocation of the purchase price is expected to consist primarily of inventory. The acquisition is consistent with our strategy and builds depth in our Pickles category by expanding into Canada. Discontinued Operations Sale of the Snack Bars Business On September 29, 2023, the Company completed the sale of its Snack Bars business (the "Snack Bars Transaction" or the "Snack Bars Business") to John B. Sanfilippo & Son, Inc. (the "Snack Bars Business Buyer") for approximately $58.7 million in cash. The Snack Bars Business consists of manufacturing, packaging, and selling snack bars and operated in the Lakeville, Minnesota plant. The Company classified the proceeds within Net cash provided by investing activities - discontinued operations. The Company recognized a gain on disposal of $1.1 million during the year ended December 31, 2023. The gain on disposal is recognized within Net (loss) income from discontinued operations in the Company's Consolidated Statements of Operations. This transaction represents a component of the single plan of disposal from the Company’s strategic review process, which also resulted in the divestiture of a significant portion of the Meal Preparation business during the fourth quarter of 2022. The Snack Bars Transaction further advances the Company's enterprise-wide transformation to simplify its business and build depth around a focused group of high-growth categories. The Company entered into a Transition Services Agreement ("TSA") with John B. Sanfilippo & Son, Inc., which is designed to ensure and facilitate an orderly transfer of business operations. The terms of the TSA are four months with the option to extend up to six Sale of a Significant Portion of the Meal Preparation Business On October 3, 2022, the Company completed the sale of a significant portion of the Company’s Meal Preparation business (the "Meal Preparation Business") to two entities affiliated with Investindustrial: Rushmore Investment III LLC, a Delaware limited liability company ("US Buyer") and 1373978 B.C., ULC, a British Columbia unlimited liability company ("CA Buyer" and together with US Buyer, the "Buyer"). The closing purchase price was $963.8 million, and during the second quarter of 2023, a $20.3 million adjustment to the purchase price was finalized, resulting in a final purchase price of $943.5 million. The final purchase price consisted of approximately $522.6 million in cash and approximately $420.9 million in a five-year secured Seller Promissory Note. Refer to Note 8 for additional information on the secured Seller Promissory Note. The Company recognized expected loss on disposal adjustments of $2.2 million and $128.5 million during the years ended December 31, 2023 and 2022, respectively. The expected loss on disposal is recognized within Net (loss) income from discontinued operations in the Consolidated Statements of Operations. The Meal Preparation Business consists of consumer packaged food manufacturers operating 14 manufacturing facilities in the United States, Canada, and Italy servicing primarily retail grocery customers. The Meal Preparation Business includes 11 categories and sells center of the store grocery and main course meal items, such as pasta, pourable dressings, sauces, red sauces (salsas and pasta sauces), spoonables (mayos and dips), syrups, preserves, dry dinners (macaroni and cheese), dry blends and baking goods, and pie filling as well as pita chips. The Company entered into a Transition Services Agreement with the Buyer, which is designed to ensure and facilitate an orderly transfer of business operations. The services provided under the TSA include, but are not limited to, IT systems implementation, IT and financial shared services, procurement and order processing, customer service, distribution network separation, and a supply agreement. These services terminate at various times up to twenty-four months from the date of sale and certain services can be renewed with a maximum of an additional twelve-month period. Additionally, a $35.0 million credit was provided to the Buyer by TreeHouse to cover initial TSA set-up costs that otherwise would have been incurred by the Buyer ("TSA Credit"). The TSA Credit was included in the fair value of consideration transferred, and it represented deferred income for TreeHouse until the Company incurs the related TSA costs, at which point deferred income was reduced and TSA income recognized. TSA income is recognized as services are performed, and the income received under the TSA was $41.1 million and $22.7 million for the years ended December 31, 2023 and 2022, respectively. The TSA income is classified within Other operating expense, net in the Company's Consolidated Statements of Operations. As of December 31, 2023, the deferred income balance on the TSA Credit was fully utilized with no balance remaining. Sale of the Ready-to-eat Cereal Business On June 1, 2021, the Company simultaneously entered into a definitive agreement and completed the sale of its Ready-to-eat ("RTE") Cereal business to Post Holdings, Inc. ("Post") for a base purchase price of $85.0 million, subject to customary purchase price adjustments, resulting in cash proceeds at closing of $88.0 million. The Company classified the proceeds within Net cash (used in) provided by investing activities - discontinued operations, and a pre-tax gain was recognized on the transaction upon closing of $18.4 million as a component of Net cash provided by investing activities - discontinued operations. The sale of this business was part of the Company's portfolio optimization strategy. RTE Cereal operated as two manufacturing plants located in Lancaster, Ohio and Sparks, Nevada. The Company entered into a Transition Services Agreement ("RTE TSA") with Post, which is designed to ensure and facilitate an orderly transfer of business operations. The services provided under the RTE TSA terminated at various times up to twelve months from the date of sale with certain services renewed for a maximum of an additional six-month period. The RTE TSA ended on December 31, 2022. The income received under the RTE TSA was not material for the year then ended December 31, 2022 or 2021 and was primarily classified within General and administrative expenses or Cost of sales in the Company's Consolidated Statements of Operations depending on the functions being supported by the Company. The Company has reflected these three transactions as a discontinued operation. Unless otherwise noted, amounts and disclosures throughout these Notes to Consolidated Financial Statements relate to the Company's continuing operations. Results of discontinued operations are as follows: Year Ended December 31, 2023 2022 2021 (In millions) Net sales $ 121.3 $ 1,338.9 1,591.2 Cost of sales 127.6 1,186.4 1,355.1 Selling, general, administrative and other operating expense 0.9 123.0 134.1 Amortization expense — 14.5 25.4 Asset impairment — — 9.5 Loss (gain) on sale of business 1.1 128.5 (18.4) Operating (loss) income from discontinued operations (8.3) (113.5) 85.5 Interest expense and other (income) expense (1.1) 20.8 11.5 Income tax (benefit) expense (1.3) 2.8 17.9 (Loss) income from discontinued operations, net of tax $ (5.9) $ (137.1) 56.1 Assets and liabilities of discontinued operations presented in the Consolidated Balance Sheets as of December 31, 2022 include the following: December 31, 2022 (in millions) Inventories $ 35.5 Property, plant, and equipment, net 24.9 Total assets of discontinued operations $ 60.4 |
NOTE RECEIVABLE
NOTE RECEIVABLE | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
NOTE RECEIVABLE | 5. RECEIVABLES SALES PROGRAM The Company has entered into agreements to sell certain trade accounts receivable to unrelated, third-party financial institutions at a discount (collectively, the "Receivables Sales Program"). The agreements can be terminated by either party with 60 days' notice. The Receivables Sales Program is used by the Company to manage liquidity in a cost-effective manner. The Company has an insignificant retained interest in the receivables sold under the Receivables Sales Program; however, under the agreements, the Company does have collection and administrative responsibilities for the sold receivables. Under the Receivables Sales Program, the maximum amount of outstanding accounts receivables sold at any time is $500.0 million. The following table includes the outstanding amount of accounts receivable sold under the Receivables Sales Program and the receivables collected from customers and not remitted to the financial institutions: December 31, 2023 2022 (In millions) Outstanding accounts receivable sold $ 343.8 $ 347.1 Receivables collected and not remitted to financial institutions 200.2 204.5 Receivables sold under the Receivables Sales Program are derecognized from the Company's Consolidated Balance Sheet at the time of the sale and the proceeds from such sales are reflected as a component of the change in receivables in the operating activities section of the Consolidated Statements of Cash Flows. The receivables collected and not remitted to financial institutions are included in Accounts payable in the Consolidated Balance Sheets. The following table summarizes the cash flows of the Company's accounts receivables associated with the Receivables Sales Program. All amounts in the table below include continuing and discontinued operations: Year Ended December 31, 2023 2022 2021 (In millions) Receivables sold $ 1,850.3 $ 2,320.4 $ 1,846.9 Receivables collected and remitted to financial institutions (1,853.6) (2,330.6) (1,773.9) The loss on sale of receivables from continuing operations represents the discount taken by third-party financial institutions and was $13.9 million, $6.5 million, and $1.6 million for the years ended December 31, 2023, 2022, and 2021, respectively, and is included in Other expense (income), net in the Consolidated Statements of Operations. The Company has not recognized any servicing assets or liabilities as of December 31, 2023 or December 31, 2022, as the fair value of the servicing arrangement as well as the fees earned were not material to the financial statements. 8. NOTE RECEIVABLE As a result of the completion of the sale of a significant portion of the Company’s Meal Preparation business on October 3, 2022, the Company entered into a $425.9 million five-year secured Seller Promissory Note ("Seller Note Credit Agreement") with Rushmore Investment II LLC ("Holdings") and the US Buyer (collectively with Holdings and US Buyer, the "Loan Parties") which matures on October 1, 2027. The Seller Note Credit Agreement sets forth the terms of the Seller Promissory Note and the loan evidenced thereby (the "Seller Loan"). The Seller Loan bears interest at a rate per annum equal to 10% for the first two years thereof, 11% for the third year thereof, 12% for the fourth year thereof, and 13% thereafter, payable quarterly in arrears. For the first year of the Seller Loan, a portion of the interest, of up to 1% per annum, may be paid in kind; all other interest for the first year, and all interest thereafter, is paid in cash. The Seller Loan was measured at fair value on a nonrecurring basis and assessed for credit losses periodically. Management determined that the fair value of the Seller Loan approximated its principal value upon initial recognition, and no premium or discount was recognized. The fair value of the Seller Loan was estimated using the Black-Derman-Toy binomial lattice model ("BDT"). The BDT determines the future evolution of relevant yields and includes unobservable inputs. Accordingly, the fair value of the Company's Seller Loan was classified as Level 3 within the valuation hierarchy. On October 19, 2023, the Company received the $427.5 million repayment of its Seller Note Credit Agreement, which included the outstanding principal balance of $425.2 million and $2.3 million of accrued interest. The repayment of the outstanding principal balance is reflected in Net cash provided by investing activities - discontinued operations in the Consolidated Statements of Cash Flows. The Company will follow its disciplined capital allocation strategy in deploying the proceeds. Note receivable, net |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT, AND EQUIPMENT | 9. PROPERTY, PLANT, AND EQUIPMENT December 31, 2023 2022 (In millions) Land $ 35.2 $ 26.4 Buildings and improvements 367.2 308.0 Machinery and equipment 1,042.5 968.9 Construction in progress 97.4 65.7 Total 1,542.3 1,369.0 Less accumulated depreciation (804.7) (727.4) Property, plant, and equipment, net $ 737.6 $ 641.6 Depreciation expense was $93.7 million, $91.7 million, and $96.1 million in 2023, 2022, and 2021, respectively. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | 10. GOODWILL AND INTANGIBLE ASSETS Goodwill Changes in the carrying amount of goodwill, which include no accumulated impairment losses, for the years ended December 31, 2023 and 2022 are as follows: Goodwill (In millions) Balance at January 1, 2022 $ 1,821.9 Foreign currency exchange adjustments (4.3) Balance at December 31, 2022 1,817.6 Acquisition 5.4 Foreign currency exchange adjustments 1.7 Balance at December 31, 2023 $ 1,824.7 The Company performed the annual impairment assessment on goodwill as of December 31, 2023 and 2022, noting no impairment losses. Intangible Assets The gross carrying amounts and accumulated amortization of intangible assets as of December 31, 2023 and 2022 are as follows: December 31, 2023 2022 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets with finite lives: Customer-related $ 549.3 $ (364.1) $ 185.2 $ 542.9 $ (329.5) $ 213.4 Trademarks 18.7 (15.9) 2.8 18.7 (14.6) 4.1 Formulas/recipes 15.5 (14.9) 0.6 15.1 (14.7) 0.4 Computer software 209.0 (146.2) 62.8 205.6 (133.5) 72.1 Total finite lived intangibles 792.5 (541.1) 251.4 782.3 (492.3) 290.0 Intangible assets with indefinite lives: Trademarks 6.0 — 6.0 6.0 — 6.0 Total intangible assets $ 798.5 $ (541.1) $ 257.4 $ 788.3 $ (492.3) $ 296.0 The Company performed the annual impairment assessment on indefinite-lived intangibles as of December 31, 2023 and 2022, resulting in no impairment losses. Estimated amortization expense on intangible assets for the next five years is as follows: (In millions) 2024 $ 47.9 2025 47.0 2026 44.3 2027 42.1 2028 39.4 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | 11. ACCRUED EXPENSES Accrued expenses consist of: December 31, 2023 2022 (In millions) Payroll and benefits $ 50.3 $ 71.6 Operating lease liabilities 40.2 38.6 Trade promotion liabilities 20.2 19.5 Health insurance, workers' compensation, and other insurance costs 16.1 17.6 Taxes 9.8 6.4 Derivative contracts 8.0 0.3 Interest 7.3 8.7 Marketing liabilities 5.0 6.3 Other accrued liabilities 12.1 39.5 Total $ 169.0 $ 208.5 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 12. INCOME TAXES The components of Income (loss) before income taxes are as follows: Year Ended December 31, 2023 2022 2021 (In millions) Domestic $ 75.5 $ 13.6 $ (82.9) Foreign 7.9 (12.5) (3.3) Income (loss) before income taxes $ 83.4 $ 1.1 $ (86.2) The following table presents the components of the 2023, 2022, and 2021 provision for income taxes: Year Ended December 31, 2023 2022 2021 (In millions) Current: Federal $ 15.3 $ 0.1 $ (6.4) State 4.3 (0.3) 1.0 Foreign 1.3 1.4 (2.4) Total current 20.9 1.2 (7.8) Deferred: Federal 4.1 3.1 (9.5) State (1.2) 8.7 (0.7) Foreign 0.6 (2.7) 0.4 Total deferred 3.5 9.1 (9.8) Total income tax expense (benefit) $ 24.4 $ 10.3 $ (17.6) The following is a reconciliation of income tax expense (benefit) computed at the U.S. federal statutory tax rate to the income tax expense (benefit) reported in the Consolidated Statements of Operations: Year Ended December 31, 2023 2022 2021 (In millions) Tax at statutory rate $ 17.5 $ 0.2 $ (18.1) Nondeductible officers' compensation 3.2 1.3 1.5 State income taxes (1) 2.4 6.6 0.2 Effect of cross-border tax laws 1.3 — 0.6 Excess tax benefits related to stock-based compensation 0.9 3.0 0.4 Tax credits (0.5) (0.7) (0.7) Uncertain tax positions (0.5) (2.5) (2.9) Canadian restructuring (2) — 1.6 — Nondeductible transaction costs — 1.4 — CARES Act — — 1.9 Other, net 0.1 (0.6) (0.5) Total provision for income taxes $ 24.4 $ 10.3 $ (17.6) (1) 2023, 2022, and 2021 State income taxes are inclusive of a valuation allowance of $0.1 million, $5.0 million, and $2.4 million, respectively, recorded against certain deferred tax assets. (2) In anticipation of the sale of a significant portion of the Meal Preparation business, the Company completed a Canadian restructuring resulting in a $1.6 million tax impact during 2022. The tax effects of temporary differences giving rise to deferred income tax assets and liabilities were: December 31, 2023 2022 (In millions) Deferred tax assets: Loss and credit carryovers $ 197.4 $ 208.6 Lease liabilities 51.0 49.8 Interest limitation carryover 16.9 19.7 Accrued liabilities 14.4 18.0 Pension and postretirement benefits 8.3 10.6 Stock compensation 4.4 6.3 Other 18.2 14.2 Total deferred tax assets 310.6 327.2 Valuation allowance (178.2) (186.4) Total deferred tax assets, net of valuation allowance 132.4 140.8 Deferred tax liabilities: Fixed assets and intangible assets (191.2) (194.2) Lease assets (49.2) (48.5) Other (2.4) (5.5) Total deferred tax liabilities (242.8) (248.2) Net deferred income tax liability $ (110.4) $ (107.4) The following table details the Company's tax attributes primarily related to net operating losses, tax credits, and capital losses for which it has recorded deferred tax assets: Tax Attributes Gross Attribute Amount Net Attribute Amount Expiration Years (In millions) Foreign net operating losses $ 4.6 $ 1.2 2029 – 2042 State net operating losses 313.4 10.9 2024 – 2043 Federal credits — 6.7 2027 State credits — 9.7 2024 – 2037 Federal capital loss 621.9 130.6 2024 – 2027 State capital loss 842.3 29.4 2024 – 2027 Foreign capital loss 49.2 6.5 N/A Other — 2.4 2024 – 2037 Total $ 197.4 The Company assessed the realizability of its deferred tax assets and has recorded valuation allowances for certain foreign non-capital loss carryforwards, state net operating loss carryforwards, and state tax credit carryforwards that will more likely than not expire unused. In addition, the Company has recorded a full valuation allowance against the deferred tax asset of $166.5 million it established for capital losses resulting from divestitures. The Company or one of its subsidiaries files income tax returns in the U.S., Canada, and various U.S. states. In the U.S. federal jurisdiction, the Company is open to examination for the tax years ended December 31, 2021 and forward; for Canadian purposes, the Company is generally open to examination for the tax year ended December 31, 2016 and forward; and for the various U.S. states the Company is generally open to examination for the tax year ended December 31, 2019 and forward. Our Canadian operations are under exam by the Canadian Revenue Agency ("CRA") for tax years 2012 through 2020. These examinations are expected to be completed in 2024. During the year, the Company recorded adjustments to its unrecognized tax benefits. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 2021 (In millions) Unrecognized tax benefits beginning balance $ 1.5 $ 7.1 $ 10.7 Additions based on tax positions of prior years — — 0.5 Reductions resulting from dispositions — (2.2) — Reductions due to statute lapses (0.4) (0.4) (4.1) Reductions related to settlements with taxing authorities — (2.9) — Foreign currency translation — (0.1) — Unrecognized tax benefits ending balance $ 1.1 $ 1.5 $ 7.1 Unrecognized tax benefits are included in Other long-term liabilities of the Consolidated Balance Sheets. Of the amount accrued at December 31, 2023 and 2022, $1.0 million and $1.2 million, respectively, would impact Net income (loss) from continuing operations when settled. Of the amounts accrued at December 31, 2023 and 2022, none and $0.2 million, respectively relates to unrecognized tax benefits assumed in prior acquisitions, which have been indemnified by the previous owners. Management estimates that it is reasonably possible that the total amount of unrecognized tax benefits could decrease by as much as $1.0 million within the next 12 months, primarily as a result of the resolution of audits currently in progress and the lapsing of statutes of limitations. Approximately all of the $1.0 million would affect net income when settled. The timing of cash settlement, if any, cannot be reasonably estimated for uncertain tax benefits. The Company recognizes interest (income) expense and penalties related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2023, 2022, and 2021, the Company recognized $(0.1) million, $(0.1) million, and $(0.9) million of interest and penalties in income tax expense from continuing operations, respectively. The Company has accrued approximately $0.4 million and $0.4 million for the payment of interest and penalties at December 31, 2023 and 2022, respectively, of which none and $0.1 million are indemnified as of December 31, 2023 and 2022, respectively. On March 27, 2020, the CARES Act, which features several tax provisions and other measures that assist businesses impacted by the economic effects of the COVID-19 pandemic, was signed into law. One of the significant tax provisions was a five-year carryback allowance for net operating losses ("NOL") generated in tax years 2018-2020. The Company has recorded a $1.9 million income tax expense related to the NOL carryback provisions of the CARES Act for the year ended December 31, 2021. |
LONG-TERM DEBT
LONG-TERM DEBT | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | 13. LONG-TERM DEBT December 31, 2023 2022 (In millions) Term Loan A $ 316.4 $ 316.4 Term Loan A-1 588.6 588.6 2028 Notes 500.0 500.0 Finance leases 0.6 1.2 Total outstanding debt 1,405.6 1,406.2 Deferred financing costs (9.2) (11.6) Less current portion (0.4) (0.6) Total long-term debt $ 1,396.0 $ 1,394.0 The scheduled maturities of outstanding debt, excluding deferred financing costs, at December 31, 2023 are as follows (in millions): 2024 $ 0.4 2025 0.2 2026 588.6 2027 — 2028 816.4 Thereafter — Total outstanding debt $ 1,405.6 Credit Agreement — On December 1, 2017, the Company entered into the Second Amended and Restated Credit Agreement (the "Credit Agreement"). The senior unsecured credit facility includes a revolving credit facility (the "Revolving Credit Facility" or the "Revolver") and two term loans. The Company has executed six amendments to the Credit Agreement. During the year ended December 31, 2023, the Credit Agreement has been amended as follows: • On February 17, 2023, the Company entered into Amendment No. 6 to the Credit Agreement. Amendment No. 6 implemented the replacement provisions for LIBOR with rates based on Term SOFR, plus a credit spread adjustment of 0.10%. The material terms and conditions under the Credit Agreement are otherwise substantially consistent with those contained in the Credit Agreement prior to Amendment No. 6. Loss on Extinguishment of Debt — The Company incurred a loss on extinguishment of debt as follows: • During the year ended December 31, 2022, the Company paid down debt of $500.0 million which consisted of $174.8 million on Term Loan A and $325.2 million on Term Loan A-1 and reduced the revolving credit commitment from $750.0 million to an aggregate amount of $500.0 million. The Company incurred a loss on extinguishment of debt totaling $4.5 million representing the write-off of deferred financing costs in connection with the debt prepayment and revolving credit commitment reduction in October 2022. • During the year ended December 31, 2021, the Company incurred a loss on extinguishment of debt totaling $14.4 million, which included a premium of $9.0 million and a write-off of deferred financing costs of $5.4 million in connection with the redemption of its 2024 Notes completed on March 31, 2021 and Credit Agreement refinancing executed on March 26, 2021. Revolving Credit Facility — As of December 31, 2023, the Company had remaining availability of $471.0 million under its $500.0 million Revolving Credit Facility, and there were $29.0 million in letters of credit under the Revolving Credit Facility that were issued but undrawn, which have been included as a reduction to the calculation of available credit. Under the Credit Agreement, the Revolving Credit Facility matures on March 26, 2026. Interest is payable quarterly or, if earlier, at the end of the applicable interest period in arrears on any outstanding borrowings under the Revolving Credit Facility. The interest rates applicable to the Revolving Credit Facility are based upon the Company’s consolidated net leverage ratio or the Company’s Corporate Credit Rating, whichever results in lower pricing, and are determined by either (i) Term SOFR, plus a credit spread adjustment of 0.10%, plus a margin ranging from 1.20% to 1.70%, or (ii) a Base Rate (as defined in the Credit Agreement), plus a margin ranging from 0.20% to 0.70%. The unused fee on the Revolving Credit Facility is also based on the Company’s consolidated net leverage ratio or the Company’s Corporate Credit Rating, whichever results in lower pricing, and accrues at a rate ranging from 0.20% to 0.35%. The Credit Agreement is fully and unconditionally, as well as jointly and severally, guaranteed by our 100% owned direct and indirect domestic subsidiaries: Bay Valley Foods, LLC; Cottage Bakery, Inc.; Linette Quality Chocolates, Inc.; Pickles Manufacturing LLC; Protenergy Holdings, Inc.; Protenergy Natural Foods, Inc.; Ralcorp Frozen Bakery Products, Inc.; Refrigerated Dough, Inc.; Sturm Foods, Inc.; TreeHouse Foods Services, LLC; TreeHouse Private Brands, Inc.; and certain other domestic subsidiaries that may become guarantors in the future, which are collectively known as the "Guarantor Subsidiaries." The Credit Agreement contains various financial and restrictive covenants and requires that the Company maintain a consolidated net leverage ratio of no greater than 4.50 to 1.0. The Credit Agreement also contains cross-default provisions which could result in the acceleration of payments in the event TreeHouse or the Guarantor Subsidiaries (i) fails to make a payment when due in respect of any indebtedness or guarantee having an aggregate principal amount greater than $75.0 million or (ii) fails to observe or perform any other agreement or condition related to such indebtedness or guarantee as a result of which the holder(s) of such debt are permitted to accelerate the payment of such debt. Term Loan A — On December 1, 2017, the Company entered into a $500 million term loan and amended the loan to extend the maturity date to March 26, 2028. The interest rates applicable to Term Loan A are based upon the Company’s consolidated net leverage ratio or the Company’s Corporate Credit Rating, whichever results in lower pricing, and are determined by either (i) Term SOFR, plus a credit spread adjustment of 0.10%, plus a margin ranging from 1.675% to 2.175%, or (ii) a Base Rate (as defined in the Credit Agreement), plus a margin ranging from 0.675% to 1.175%. As a result of the principal prepayment of $174.8 million on Term Loan A in October 2022, principal amortization payments are no longer due on a quarterly basis, and the remaining principal balance is due at maturity. Interest is payable quarterly or, if earlier, at the end of the applicable interest period in arrears on any outstanding borrowings under Term Loan A. Term Loan A is subject to substantially the same covenants as the Revolving Credit Facility, and also has the same Guarantor Subsidiaries. Term Loan A-1 — On December 1, 2017, the Company entered into a term loan and amended the loan amount to $930 million and extended the maturity date to March 26, 2026. The interest rates applicable to Term Loan A-1 are the same as those applicable to the Revolving Credit Facility (other than, for the avoidance of doubt, the unused fee). As a result of the principal prepayment of $325.2 million on Term Loan A-1 in October 2022, principal amortization payments are no longer due on a quarterly basis, and the remaining principal balance is due at maturity. Interest is payable quarterly or, if earlier, at the end of the applicable interest period in arrears on any outstanding borrowing under Term Loan A-1. Term Loan A-1 is subject to substantially the same covenants as the Revolving Credit Facility, and has the same Guarantor Subsidiaries. 2028 Notes — On September 9, 2020, the Company completed its public offering of $500 million aggregate principal amount of the 2028 Notes. The 2028 Notes pay interest at the rate of 4.000% per annum and mature on September 1, 2028. Interest is payable on the 2028 Notes on March 1 and September 1 of each year. The payments began on March 1, 2021. The Company may redeem some or all of the 2028 Notes at redemption prices set forth in the Indenture, plus accrued and unpaid interest to the redemption date. Subject to certain limitations, in the event of a change of control of the Company, the Company will be required to make an offer to purchase the 2028 Notes at a purchase price equal to 101% of the principal amount of the 2028 Notes, plus accrued and unpaid interest to the date of purchase. The Company issued the 2028 Notes pursuant to a single base Indenture among the Company, the Guarantor Subsidiaries, and the Trustee. The Indenture provides, among other things, that the 2028 Notes will be senior unsecured obligations of the Company. The Company’s payment obligations under the 2028 Notes are fully and unconditionally, as well as joint and severally, guaranteed on a senior unsecured basis by the Guarantor Subsidiaries, in addition to any future domestic subsidiaries that guarantee or become borrowers under its credit facility or guarantee certain other indebtedness incurred by the Company or its restricted subsidiaries. The Indenture governing the 2028 Notes contains customary event of default provisions (including, without limitation, defaults relating to the failure to pay at final maturity or the acceleration of certain other indebtedness). If an event of default occurs and is continuing, the trustee under the Indenture or holders of at least 25% in principal amount of such notes may declare the principal amount and accrued and unpaid interest, if any, on all such notes to be due and payable. The Indenture also contains restrictive covenants that, among other things, limit the ability of the Company and the Guarantor Subsidiaries to: (i) incur additional indebtedness and issue certain preferred shares, (ii) make certain distributions, investments and other restricted payments, (iii) sell certain assets, (iv) agree to restrictions on the ability of restricted subsidiaries to make payments to the Company, (v) create liens, (vi) merge, consolidate or sell substantially all of the Company’s assets (vii) enter into certain transactions with affiliates, and (viii) engage in certain sale and leaseback transactions. The foregoing limitations are subject to exceptions as set forth in the Indenture. In addition, if in the future, the 2028 Notes have an investment grade credit rating by both Moody’s Investors Services, Inc. and Standard & Poor’s Ratings Services, certain of these covenants will, thereafter, no longer apply to the 2028 Notes for so long as the 2028 Notes are rated investment grade by the two rating agencies. Interest Rate Swap Agreements — As of December 31, 2023, the Company had entered into long-term interest rate swap agreements to mitigate its variable rate debt exposures. The notional amount of these agreements is $1,175.0 million as of December 31, 2023 and $875.0 million as of December 31, 2022. Beginning July 1, 2023, SOFR became the reference rate for the Company's interest rate swap agreements as a result of LIBOR ceasing to be a representative rate. Refer to Note 21 for additional information regarding the Company's interest rate swap agreements. Fair Value — At December 31, 2023, the aggregate fair value of the Company's total debt was $1,350.5 million and its carrying value was $1,405.0 million. At December 31, 2022, the aggregate fair value of the Company's total debt was $1,335.8 million and its carrying value was $1,405.0 million. The fair values of Term Loan A and Term Loan A-1 were estimated using present value techniques and market-based interest rates and credit spreads. The fair value of the Company's 2028 Notes was estimated based on quoted market prices for similar instruments due to their infrequent trading volume. Accordingly, the fair value of the Company's debt is classified as Level 2 within the valuation hierarchy. Finance Lease Obligations and Other — The Company owes $0.6 million related to finance leases. Finance lease obligations represent machinery and equipment financing obligations, which are payable in monthly installments of principal and interest, and are collateralized by the related assets financed. Refer to Note 4 for additional information regarding the Company's finance leases. Deferred Financing Costs — As of December 31, 2023 and December 31, 2022, deferred financing costs of $9.2 million and $11.6 million were included as a direct deduction from outstanding long-term debt. Fees associated with the Revolving Credit Facility are presented in Other assets, net. Deferred financing costs are amortized over their estimated useful lives based on the terms of their respective agreements. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | 14. STOCKHOLDERS' EQUITY Common Stock — The Company has authorized 90 million shares of common stock with a par value of $0.01 per share. No dividends have been declared or paid. Share Repurchase Authorization — On November 2, 2017, the Company announced that the Board of Directors adopted a stock repurchase program. The stock repurchase program authorizes the Company to repurchase up to $400 million of the Company’s common stock at any time, or from time to time. Any repurchases under the program may be made by means of open market transactions, negotiated block transactions, or otherwise, including pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The size and timing of any repurchases will depend on price, market and business conditions, and other factors. The Company has the ability to make discretionary repurchases up to an annual cap of $150 million under the $400 million total authorization. Any shares repurchased will be held as treasury stock. On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022, which imposed a 1.0% excise tax on share repurchases (net of share issuances) made after December 31, 2022. As a result, the Company accrued approximately $0.9 million of excise tax in connection with the share repurchases it completed during the year ended December 31, 2023, which was recorded as an adjustment to the cost basis of repurchased shares in treasury stock and within Accrued expenses on the Company’s Consolidated Balance Sheets as of December 31, 2023. The following table summarizes the Company's repurchases of its common stock: Year Ended December 31, 2023 2022 2021 (In millions, except per share data) Shares repurchased 2.3 — 0.5 Weighted average price per share $ 43.38 $ — $ 50.88 Total cost, excluding excise tax $ 100.0 $ — $ 25.0 Excise tax $ 0.9 $ — $ — Preferred Stock — The Company has authorized 10 million shares of preferred stock with a par value of $0.01 per share. No preferred stock has been issued. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | 15. EARNINGS PER SHARE The following table summarizes the effect of the share-based compensation awards on the weighted average number of shares outstanding used in calculating diluted earnings (loss) per share: Year Ended December 31, 2023 2022 2021 (In millions) Weighted average common shares outstanding 55.8 56.0 55.9 Assumed exercise/vesting of equity awards (1) 0.6 — — Weighted average diluted common shares outstanding 56.4 56.0 55.9 (1) Incremental shares from equity awards are computed by the treasury stock method. For the years ended December 31, 2022 and 2021, the weighted average common shares outstanding is the same for the computations of both basic and diluted shares outstanding because the Company had a net loss from continuing operations for the period. Equity awards, excluded from our computation of diluted earnings per share because they were anti-dilutive, were 1.1 million, 1.4 million, and 1.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | 16. STOCK-BASED COMPENSATION The Board of Directors adopted, and the Company’s Stockholders approved, the "TreeHouse Foods, Inc. Equity and Incentive Plan" (the "Plan"). Under the Plan, the Compensation Committee may grant awards of various types of compensation, including stock options, restricted stock, restricted stock units, performance shares, performance units, other types of stock-based awards, and other cash-based compensation. On April 27, 2023, the Plan was amended and restated to increase the number of shares available for issuance under the Plan by 5.0 million shares. The maximum number of shares authorized to be awarded under the Plan is approximately 22.5 million, of which approximately 6.8 million remained available at December 31, 2023. Total compensation expense related to stock-based payments and the related income tax benefit recognized in Net income (loss) from continuing operations are as follows: Year Ended December 31, 2023 2022 2021 (In millions) Compensation expense related to stock-based payments $ 24.8 $ 19.8 $ 14.2 Related income tax benefit 5.9 4.7 3.6 The Company estimates that certain key executives and all directors will complete the required service conditions associated with their awards. For all other employees, the Company estimates its forfeiture rate based on historical experience. All amounts below include continuing and discontinued operations. Stock Options — Stock options granted under the plan during 2022 have a three year vesting schedule, vest one-third on the second anniversary of the grant date and two-thirds on the third anniversary of the grant date, and expire ten years from the grant date. Stock options are generally only granted to employees and non-employee directors. The following table summarizes stock option activity during 2023: Employee Weighted Weighted Aggregate (In thousands) (In millions) Outstanding, at January 1, 2023 1,258 $ 72.09 3.5 $ 2.1 Forfeited (26) 42.69 Expired (654) 80.22 Outstanding, at December 31, 2023 578 64.20 5.1 — Vested/expected to vest, at December 31, 2023 553 65.15 5.0 — Exercisable, at December 31, 2023 288 85.82 1.8 — Year Ended December 31, 2023 2022 2021 (In millions) Intrinsic value of stock options exercised $ — $ 0.1 $ — Unrecognized compensation costs related to nonvested options totaled $2.1 million at December 31, 2023 and are expected to be recognized over a weighted average period of 1.4 years. There was no tax benefit recognized from stock option exercises for the years ended December 31, 2023, 2022, and 2021. Stock options are valued using the Black-Scholes option pricing model. Expected volatility is based on the historical volatility of the Company’s stock price. The risk-free rate for periods within the contractual life of the stock options is based on the U.S. Treasury yield curve in effect at the time of the grant. We based our expected term on the simplified method as described under the SEC Staff Accounting Bulletin No. 107. The weighted average assumptions used to calculate the value of the stock option awards granted are presented as follows (no stock options were granted in 2023 and 2021): Year Ended December 31, 2022 Dividend yield 0 % Risk-free rate 2.93 % Expected volatility 38.54 % Expected term (in years) 6.33 Restricted Stock Units — Employee restricted stock unit awards generally vest based on the passage of time in approximately three equal installments on each of the first three • On June 9, 2022, restricted stock unit awards were granted that vest on the passage of time on the eighteen month anniversary of the grant date. The fair value of the awards was $37.90 on approximately 62,000 units granted. • On December 29, 2021, restricted stock unit awards granted to certain executive members of management that vest on the passage of time in approximately three equal installments on each of the three six month anniversaries of the grant date. The fair value of the awards was $40.03 on approximately 51,200 units granted. Non-employee director restricted stock units generally vest on the first anniversary of the grant date. Certain non-employee directors have elected to defer receipt of their awards until either their departure from the Board of Directors or a specified date beyond the first anniversary of the grant date. The following table summarizes the restricted stock unit activity during the year ended December 31, 2023: Employee Weighted Director Weighted (In thousands) (In thousands) Nonvested, at January 1, 2023 632 $ 37.08 71 $ 35.88 Granted 330 47.45 23 52.81 Vested (303) 39.06 (49) 30.70 Forfeited (86) 39.95 — — Nonvested, at December 31, 2023 573 41.57 45 50.14 Earned and deferred, at December 31, 2023 22 47.37 Year Ended December 31, 2023 2022 2021 (In millions) Fair value of vested restricted stock units $ 17.2 $ 13.1 $ 22.6 Tax benefit recognized from vested restricted stock units 2.9 2.5 3.8 Unrecognized compensation costs related to nonvested restricted stock units are approximately $16.0 million as of December 31, 2023 and will be recognized over a weighted average period of 1.6 years. The grant date fair value of the awards is equal to the Company's closing stock price on the grant date. Performance Units — Performance unit awards are granted to certain members of management. These awards contain both service and performance conditions, and for certain executive members of management, a market condition, in each case as described below. • For awards granted in years prior to 2020, for each year of the three-year performance period, one-third of the units will accrue, multiplied by a predefined percentage generally between 0% and 200%, depending on the achievement of certain operating performance measures. Accrued shares are not earned until the end of the full three-year performance period. • For performance unit awards granted in 2020 through 2023, performance goals are set and measured annually with one-quarter of the units eligible to accrue for each year in the three-year performance period. Accrued shares are earned at the end of each performance period but remain subject to forfeiture until the third anniversary of the grant date. Additionally, for the cumulative three-year performance period, one-quarter of the units will accrue. For both the annual and cumulative shares, the earned shares are equal to the number of units granted multiplied by a predefined percentage generally between 0% and 200%, depending on the achievement of certain operating performance measures. • From 2021 through 2023, certain executive members of management received awards that were measured using a relative total shareholder return ("TSR") market condition over a three-year performance goal. The units will accrue, multiplied by a predefined percentage between 0% and 150% for the relative TSR measure, depending on the achievement attainment over the three-year performance period based on the Company’s absolute annualized TSR relative to the annualized TSR of a Peer Group. The fair value of the portion of the awards based on relative TSR was valued using a Monte Carlo simulation model with a grant date fair value of $50.43 on approximately 22,000 units granted in 2023, a grant-date fair value of $26.84 on approximately 52,600 units granted in 2022, and a grant-date fair value of $59.16 on approximately 23,200 units granted in 2021. • During the second quarter of 2022, the Company made grants to certain of the Company’s named executive officers and certain other executive officers of performance-based restricted stock units (the "PBRSU Awards"). The PBRSU Awards include a relative TSR market condition over a two-year performance period beginning on the date of grant. The units will accrue, multiplied by a predefined percentage between 0% to 450% for the relative TSR measure, depending on the achievement attainment over the two-year performance period based on Company’s absolute annualized TSR relative to the annualized TSR of the S&P Food & Beverage Select Industry Index (the "Index"). The fair value of the awards was valued using a Monte Carlo simulation model with a weighted average grant-date fair value of $58.36 on approximately 239,300 units granted in 2022. These awards will be converted to stock or cash, at the discretion of the Compensation Committee, generally, on the third anniversary of the grant date with the exception of the PBRSU Awards on the second anniversary. The Company intends to settle these awards in stock and has the shares available to do so. Performance unit awards with market conditions are valued using a Monte Carlo simulation model. Expected volatility is based on the historical volatility of the Company’s stock price, average Peer Group stock price, or the total return value of the Index. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant with a term equivalent to the expected term of the award. The expected term is the time period from the grant date to the end of the performance period. The weighted average assumptions used in the Monte Carlo simulations were as follows: Year Ended December 31, 2023 2022 2021 Dividend yield 0 % 0 % 0 % Risk-free rate 3.87 % 2.36 % 0.30 % Expected volatility (TreeHouse Foods, Inc.) 35.17 % 36.84 % 35.65 % Expected volatility (Peer Group) 35.04 % 36.64 % 37.72 % Expected volatility (Index) N/A 16.30 % N/A Expected term (in years) 2.80 2.14 2.75 The following table summarizes the performance unit activity during the year ended December 31, 2023: Performance Weighted (In thousands) Nonvested, at January 1, 2023 620 $ 45.23 Granted 99 47.73 Vested (98) 42.73 Forfeited (87) 42.90 Nonvested, at December 31, 2023 534 47.44 Year Ended December 31, 2023 2022 2021 (In millions) Fair value of vested performance units $ 5.0 $ 2.4 $ 5.6 Tax benefit recognized from performance units vested 0.4 0.3 0.3 Unrecognized compensation costs related to nonvested performance units are estimated to be approximately $6.8 million as of December 31, 2023 and are expected to be recognized over a weighted average period of 0.9 years. The fair value of the portion of the awards earned based on market conditions were valued using a Monte Carlo simulation model. For other awards, the grant date fair value is equal to the Company's closing stock price on the date of grant. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | 17. ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consists of the following components, all of which are net of tax: Foreign Unrecognized Accumulated (In millions) Balance at January 1, 2021 $ (67.3) $ 3.3 $ (64.0) Other comprehensive (loss) income before reclassifications (3.6) 13.5 9.9 Reclassifications from accumulated other comprehensive loss (3) — 0.5 0.5 Other comprehensive (loss) income (3.6) 14.0 10.4 Balance at December 31, 2021 (70.9) 17.3 (53.6) Other comprehensive loss before reclassifications (11.5) (14.3) (25.8) Reclassifications from accumulated other comprehensive loss (3) (4) (4.6) 0.3 (4.3) Other comprehensive loss (16.1) (14.0) (30.1) Balance at December 31, 2022 (87.0) 3.3 (83.7) Other comprehensive income 2.8 4.8 7.6 Balance at December 31, 2023 $ (84.2) $ 8.1 $ (76.1) (1) The tax impact of the foreign currency translation adjustment was insignificant for the years ended December 31, 2023, 2022, and 2021. (2) The unrecognized pension and postretirement benefits are presented net of tax of $1.6 million, $(4.5) million, and $4.5 million for the years ended December 31, 2023, 2022, and 2021 respectively. (3) Refer to Note 18 for additional information regarding reclassifications of unrecognized pension and postretirement benefits. (4) In connection with the completion of the sale of a significant portion of the Company’s Meal Preparation business on October 3, 2022, the Company completed the liquidation of its investment in its Italian subsidiary. Accordingly, $4.6 million of accumulated foreign currency translation adjustments were reclassified from accumulated other comprehensive loss and into earnings. This amount was recognized within Net (loss) income from discontinued operations in the Consolidated Statements of Operations for the year ended December 31, 2022. |
EMPLOYEE PENSION AND POSTRETIRE
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS | 18. EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS Defined Contribution Plans — Certain of our union and non-union employees participate in savings and profit sharing plans. These plans generally provide for salary reduction contributions to the plans on behalf of the participants of between 1% and 80% of a participant’s annual compensation and provide for employer matching and profit sharing contributions. The Company established tax-qualified defined contribution plans and group registered savings plans to manage the assets. On a continuing operations basis, for the years ended December 31, 2023, 2022, and 2021, the Company made matching and profit sharing contributions to the plans of $14.0 million, $14.3 million, and $15.2 million, respectively. Pension and Postretirement Benefits — Certain employees and retirees participate in pension and other postretirement benefit plans. Employee benefit plan obligations and expenses included in the Consolidated Financial Statements are determined based on plan assumptions, employee demographic data, including years of service and compensation, benefits and claims paid, and employer contributions. The information below includes the activities of the Company's continuing and discontinued operations. Pension benefits for eligible salaried and non-union employees were frozen in 2002 for years of creditable service. For these employees, incremental pension benefits are only earned for changes in compensation affecting final average pay. Pension benefits earned by union employees covered by collective bargaining agreements, but not participating in multiemployer pension plans, are earned based on creditable years of service and the specified benefit amounts negotiated as part of the collective bargaining agreements. The Company’s funding policy provides that annual contributions to the pension plan master trust will be at least equal to the minimum amounts required by Employee Retirement Income Security Act of 1974, as amended. The Company estimates that its 2024 contributions to its pension plans will be $3.0 million. The measurement date for the defined benefit pension plans is December 31. Certain employees participate in benefit programs that provide certain health care and life insurance benefits for retired employees and their eligible dependents. The plans are unfunded. The Company estimates that its 2024 contributions to its postretirement benefit plans will be $1.2 million. The measurement date for the other postretirement benefit plans is December 31. The Company established a tax-qualified pension plan and master trust to manage the portion of the pension plan assets related to eligible salaried, non-union, and union employees not covered by a multiemployer pension plan. We also retain investment consultants to assist our Benefit Plans Committee with formulating a long-term investment policy for the master trust. The expected long-term rate of return on assets is based on projecting long-term market returns for the various asset classes in which the plan’s assets are invested, weighted by the target asset allocations. The estimated ranges are primarily based on observations of historical asset returns and their historical volatility. In determining the expected returns, we also consider consensus forecasts of certain market and economic factors that influence returns, such as inflation, gross domestic product trends, and dividend yields. Active management of the plan assets may result in adjustments to the historical returns. We review the rate of return assumption annually. Our investment objectives are to minimize the volatility of the value of our pension assets relative to our pension liabilities and to ensure assets are sufficient to pay plan benefits. We have a broad pension de-risking strategy intended to align the characteristics of our assets relative to our liabilities. The strategy targets investments depending on the funded status of the obligation. We anticipate this strategy will continue in future years and will be dependent upon market conditions and plan characteristics. In October 2023, the pension plans completed an annuity lift-out, a transaction that provided for the purchase of an annuity contract to fund pension plan annuities of retirees, as part of our de-risking strategy. This annuity lift-out impacted approximately 1,300 retirees, as well as reduced $33.5 million in pension obligations and $33.5 million in plan assets which were transferred to an insurance company. The transfer of plan assets is considered to be a lump sum settlement payment that reduced the pension plan’s projected benefit obligation in 2023. At December 31, 2023, our master trust was invested as follows: investments in fixed income were at 51%; investments in equity securities were at 27%; investments in hedge funds were at 4%; investments in real estate were at 2%; and cash and cash equivalents were 16%. The allocation of our master trust investments as of December 31, 2023 is generally consistent with the targets set forth by our Benefit Plans Committee. Pension plan assets are categorized based on the following fair value hierarchy: • Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Inputs other than quoted priced included in Level 1 that are observable for the asset or liability through corroboration with observable market data. • Level 3: Unobservable inputs, which valued based on our estimates of assumptions that market participants would use in pricing the assets or liability. Investments that are valued using net asset value (NAV) (or its equivalent) practical expedient have not been categorized in the fair value hierarchy but are included to reconcile to the amounts presented in our Obligations and Funded Status table. The fair value of the Company’s pension plan assets at December 31, 2023 and 2022 is as follows: December 31, 2023 December 31, 2022 Total Level 1 Total Level 1 (in millions) Cash and cash equivalents $ 1.3 $ 1.3 $ 1.7 $ 1.7 Equity funds 53.6 53.6 — — Fixed income funds 7.5 7.5 — — Real estate funds 4.5 4.5 — — Fair value of plan assets in the fair value hierarchy 66.9 66.9 1.7 1.7 Cash and cash equivalents 30.7 — Equity funds — 93.2 Fixed income funds 92.4 122.3 Hedge funds 6.9 12.7 Investments measured at NAV 130.0 228.2 Total $ 196.9 $ 229.9 Cash and cash equivalents - Includes cash and cash equivalents such as short-term marketable securities. Cash and cash equivalents include money market funds traded in active markets that were categorized as level 1. Other cash and cash equivalents valued based upon NAV are included as a reconciling item to the fair value table. Equity funds - Includes domestic and international equity funds traded in active markets and are categorized as level 1 investments. Other equity funds valued based upon NAV are included as a reconciling item to the fair value table. Fixed income funds - Includes fixed income funds that are primarily made up of various fixed income securities traded in active markets and are categorized as level 1 investments. Other fixed income funds valued based upon NAV and are included as a reconciling item to the fair value table. Real estate funds - Includes investments in real estate funds traded in active markets and are categorized as level 1 investments. Hedge funds - Includes hedge funds that are not traded in active markets and are valued based upon NAV and included as a reconciling item to the fair value table. The following table summarizes information about our pension and postretirement benefit plans for the years ended December 31, 2023 and 2022: Pension Benefits Postretirement 2023 2022 2023 2022 (in millions) Change in projected benefit obligation: Projected benefit obligation, at beginning of year $ 254.8 $ 330.9 $ 17.8 $ 23.3 Service cost 0.3 0.5 — — Interest cost 12.3 9.2 0.8 0.6 Actuarial loss (gain) (1) 2.8 (65.5) (2.2) (4.6) Annuity lift-out (2) (33.5) — — — Benefits paid (19.8) (20.3) (1.3) (1.5) Projected benefit obligation, at end of year $ 216.9 $ 254.8 $ 15.1 $ 17.8 Change in plan assets: Fair value of plan assets, at beginning of year $ 229.9 $ 323.3 $ — $ — Actual gain (loss) on plan assets 19.6 (73.8) — — Company contributions 0.7 0.7 1.2 1.5 Annuity lift-out (2) (33.5) — — — Benefits paid (19.8) (20.3) (1.2) (1.5) Fair value of plan assets, at end of year $ 196.9 $ 229.9 $ — $ — Funded status of the plan $ (20.0) $ (24.9) $ (15.1) $ (17.8) Amounts recognized in the Consolidated Balance Sheets: Current liability $ (0.7) $ (0.7) $ (1.2) $ (1.5) Noncurrent liability (19.3) (24.2) (13.9) (16.3) Net amount recognized $ (20.0) $ (24.9) $ (15.1) $ (17.8) Amounts recognized in Accumulated other Net actuarial (gain) loss $ (1.9) $ 2.6 $ (8.9) $ (7.2) Prior service cost — 0.2 — — Total, before tax effect $ (1.9) $ 2.8 $ (8.9) $ (7.2) (1) The actuarial gains and losses for the pension plans in 2023 and 2022 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans. For the postretirement benefits plan, the 2023 actuarial gain was primarily due to the change in the assumed health care costs for the plan, while the 2022 actuarial gain was primarily due to the change in discount rate used to measure the benefit obligation. (2) Annuity lift-out is a 2023 transaction that provided for the purchase of an annuity contract to fund pension plan annuities of retirees. Pension Benefits 2023 2022 (In millions) Accumulated benefit obligation $ 216.7 $ 254.5 The following table provides a summary of pension benefit plans whose projected benefit obligations and accumulated benefit obligations exceed the fair value of their respective plan assets: Pension Benefits 2023 2022 (In millions) Aggregate projected benefit obligation $ 216.9 $ 254.8 Aggregate accumulated benefit obligation 216.7 254.5 Aggregate fair value of plan assets 196.9 229.9 Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Weighted average assumptions used to determine the pension benefit obligations: Discount rate (1) 4.96 % 5.16 % 4.95 % 5.15 % Rate of compensation increases 3.10 % 3.10 % — — (1) For the year ended December 31, 2023, the Company recognized a settlement charge related to the annuity lift-out. The discount rate for the settlement charge had a weighted average of 5.81%. The key actuarial assumptions used to determine the postretirement benefit obligations as of December 31, 2023 and 2022 are as follows: 2023 2022 Pre-65 Post-65 Pre-65 Post-65 Health care cost trend rates: Health care cost trend rate for next year 7.16 % 7.93 % 6.12 % 6.62 % Ultimate rate 4.50 % 4.50 % 4.50 % 4.50 % Year ultimate rate achieved 2032 2032 2030 2030 The following table summarizes the net periodic cost of our pension and postretirement benefit plans for the years ended December 31, 2023, 2022, and 2021: Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 (In millions) (In millions) Components of net periodic costs: Service cost $ 0.3 $ 0.5 $ 1.0 $ — $ — $ — Interest cost 12.3 9.2 8.8 0.8 0.6 0.7 Expected return on plan assets (13.0) (15.1) (13.8) — — — Amortization of unrecognized prior service cost 0.1 0.1 0.2 — — — Amortization of unrecognized net loss 0.4 0.3 0.5 (0.5) — — Annuity lift-out (1) 0.3 — — — — — Curtailment (2) — — (0.7) — — (0.4) Net periodic cost (benefit) $ 0.4 $ (5.0) $ (4.0) $ 0.3 $ 0.6 $ 0.3 (1) For the year ended December 31, 2023, the Company recognized a settlement charge related to the annuity lift-out within Other expense (income), net in the Consolidated Statements of Operations. (2) For the year ended December 31, 2021, the Company recognized a curtailment gain related to the sale of the RTE Cereal business within Cost of sales in the Consolidated Statements of Operations. Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Weighted average assumptions used to determine the periodic benefit costs: Discount rate (1) (2) 5.16 % 2.86 % 2.50 % 5.15 % 2.80 % 2.50 % Rate of compensation increases 3.10 % 3.00 % 3.00 % — — — Expected return on plan assets 6.25 % 4.85 % 4.40 % — — — (1) For the year ended December 31, 2023, the Company recognized a settlement charge related to the annuity lift-out. The discount rate for the settlement charge had a weighted average of 5.81%. (2) For the year ended December 31, 2021, the Company recognized a curtailment gain related to the sale of the RTE Cereal business. The discount rate for the curtailment gain was 2.75%. Estimated future pension and postretirement benefit payments from the plans are as follows: Pension Postretirement (In millions) 2024 $ 18.3 $ 1.2 2025 16.9 1.2 2026 16.9 1.2 2027 16.8 1.3 2028 16.4 1.2 2029-2033 78.5 5.9 Multiemployer Pension Plans - The Company contributes to several multiemployer pension plans on behalf of employees covered by collective bargaining agreements. These plans are administered jointly by management and union representatives and cover substantially all full-time and certain part-time union employees who are not covered by other plans. The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: (1) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and (3) if the Company chooses to stop participating in a multiemployer plan, we could, under certain circumstances, be liable for unfunded vested benefits or other expenses of jointly administered union/management plans. The Company’s participation in multiemployer pension plans is outlined in the table below. The EIN column provides the Employer Identification Number ("EIN") of each plan. Unless otherwise noted, the most recent Pension Protection Act zone status available in December 31, 2023 and 2022 is for the plan’s years ended December 31, 2022, and 2021, respectively. The zone status is based on information that the Company received from the plan, and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are 65% to 80% funded, and plans in the green zone are at least 80% funded. The FIP column indicates plans for which a financial improvement plan ("FIP") is either pending or has been implemented. The last column lists the expiration dates of the collective bargaining agreements to which the plans are subject. There have been no other significant changes in the number of Company employees covered by the multiemployer plans or other significant events that would affect the comparability of contributions to the plans. The following table lists information about the Company's individually significant multiemployer pension plans: Pension TreeHouse Foods Expiration EIN / Pension Plan Year Ended FIP Contributions Surcharge Of Collective Plan Name Plan Number 2022 2021 (yes or no) 2023 2022 2021 (yes or no) Agreement(s) Bakery and Confectionery Union and Industry 7/17/2027 International Pension Fund 52-6118572 / 001 Red Red Yes $ 1.7 $ 1.8 $ 2.0 Yes 12/4/2023 (2) Central States Southeast and Southwest Areas Pension Fund 36-6044243 / 001 Red Red Yes 1.3 1.1 1.1 Yes 12/31/2025 Rockford Area Dairy Industry Local 754, Intl. Brotherhood of Teamsters Retirement Pension Plan (1) 36-6067654 / 001 Green Green No 0.6 0.6 0.6 No 4/30/2026 (1) A subsidiary of the Company was listed in the plan’s Form 5500 as providing more than 5.0% of the total contributions for the plan's year ended December 31, 2022 and 2021. (2) Following the contract expiration on December 4, 2023, the parties continue to bargain in good faith and have additional bargaining dates scheduled during the first quarter of 2024. At the date these financial statements were issued, Forms 5500 were not available for the multiemployer pension plans for the plan year ended December 31, 2023. No withdrawal liabilities were established related to multiemployer pension plans, as withdrawal from the remaining plans is not probable as of December 31, 2023. Multiemployer Plans Other Than Pensions - The Company contributes to certain multiemployer postretirement benefit plans other than pensions on behalf of employees covered by collective bargaining agreements. These plans are administered jointly by management and union representatives and cover all eligible retirees. These plans are primarily health and welfare funds and carry the same multiemployer risks as identified at the beginning of this Note. Total contributions to these plans were $2.4 million, $2.5 million, and $0.3 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
OTHER OPERATING EXPENSE, NET
OTHER OPERATING EXPENSE, NET | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER OPERATING EXPENSE, NET | 19. OTHER OPERATING EXPENSE, NET The Company incurred other operating expense for the years ended December 31, 2023, 2022, and 2021, which consisted of the following: Year Ended December 31, 2023 2022 2021 (In millions) Growth, reinvestment, and restructuring programs (1) $ 46.1 $ 84.6 $ 83.4 TSA income (2) (41.7) (22.7) — Other 0.9 0.9 0.5 Total other operating expense, net $ 5.3 $ 62.8 $ 83.9 (1) Refer to Note 3 for additional information. (2) Refer to Note 7 for additional information. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 20. COMMITMENTS AND CONTINGENCIES Product Recall and Related Costs On September 22, 2023, the Company initiated a voluntary recall of certain broth products produced at its Cambridge, Maryland facility. These broth products may have the potential for non-pathogenic microbial contamination due to lack of sterility assurance. For the year ended December 31, 2023, the Company recognized incremental charges of $27.0 million related to the product recall, comprised of a $1.3 million reduction in Net sales for product returns and $25.7 million in Cost of sales related to plant shutdown charges, inventory write-offs, and logistics costs in the Consolidated Statements of Operations. The Company is seeking to recover the recall-related costs through its insurance coverage, and such recoveries are recorded in the period in which the recoveries are determined to be probable of realization. Shareholder Class Action and Related Derivative Actions The Company, as nominal defendant, and certain of its directors, officers and former directors and officers are parties to the following shareholder derivative suits: (i) Wells v. Reed, et al. , Case No. 2016-CH-16359 (filed Dec. 22, 2016 in the Circuit Court of Cook County, Illinois), asserting state law claims for breach of fiduciary duty, unjust enrichment and corporate waste; and (ii) City of Ann Arbor Employees' Retirement System v. Reed, et al. , Case No. 2019-CH-06753 (filed June 3, 2019 in the Circuit Court of Cook County, Illinois), asserting claims breach of fiduciary duty, aiding and abetting breaches of fiduciary duty and contribution and indemnification from the individual defendants for losses incurred by the Company. Essentially, each of the complaints allege that TreeHouse, under the authority and control of the individual defendants: (i) made certain false and misleading statements regarding the Company's business, operations, and future prospects; and (ii) failed to disclose that (a) the Company's private label business was underperforming; (b) the Company's Flagstone Foods business was underperforming; (c) the Company's acquisition strategy was underperforming; (d) the Company had overstated its full-year 2016 guidance; and (e) TreeHouse's statements lacked reasonable basis. The complaints allege, among other things, that these actions artificially inflated the market price of TreeHouse common stock and resulted in harm to the Company, including the filing of the MPERS class action (see below). Each of these cases involves allegations similar to those in an earlier-filed, resolved federal securities class action, Public Employees' Retirement Systems of Mississippi v. TreeHouse Foods, Inc., et al., Case No. 1:16-cv-10632 (" MPERS" ) (filed Nov. 16, 2016), in the United States District Court for the Northern District of Illinois brought on behalf of a class of all purchasers of TreeHouse common stock from January 20, 2016 through and including November 2, 2016. The MPERS complaint asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and was based on essentially the same facts described above. The parties filed a stipulation of settlement to resolve the MPERS class action for a cash payment of $27.0 million (funded by D&O insurance) in exchange for dismissal with prejudice of the class claims and full releases. After briefing, preliminary approval, notice and a hearing, on November 17, 2021, the Court granted final approval of the settlement and entered a final judgment dismissing the case with prejudice on a classwide basis. Due to the similarity of the derivative complaints, Ann Arbor was consolidated with Wells. On August 26, 2022, plaintiffs in the consolidated Wells case filed a second amended complaint, which was dismissed in its entirety with prejudice on March 15, 2023. The plaintiffs filed a notice of appeal on March 16, 2023, and the appeal was fully briefed as of August 17, 2023. Other Claims In addition, the Company is party in the ordinary course of business to certain claims, litigation, audits, and investigations. The Company will record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company believes it has established adequate accruals for liabilities that are probable and reasonably estimable that may be incurred in connection with any such currently pending or threatened matter. In the Company's opinion, the eventual resolution of such matters, either individually or in the aggregate, is not expected to have a material impact on the Company's financial position, results of operations, or cash flows. However, litigation is inherently unpredictable and resolutions or dispositions of claims or lawsuits by settlement or otherwise could have an adverse impact on our financial position, results of operations or cash flows for the reporting period in which any such resolution or disposition occurs. In February 2014, TreeHouse, along with its 100% owned subsidiaries, Bay Valley Foods, LLC and Sturm Foods, Inc., filed suit against Keurig Dr. Pepper Inc.'s wholly-owned subsidiary, Keurig Green Mountain ("KGM"), in the U.S. District Court for the Southern District of New York captioned TreeHouse Foods, Inc. et al. v. Green Mountain Coffee Roasters, Inc. et al . asserting claims under the federal antitrust laws, various state antitrust laws and unfair competition statutes, contending that KGM had monopolized alleged markets for single serve coffee brewers and single serve coffee pods. The Company is seeking monetary damages, declaratory relief, injunctive relief, and attorneys' fees. The matter remains pending, with summary judgment, motions to exclude certain expert opinions, and discovery sanctions motions fully briefed. On March 28, 2022, the Magistrate Judge issued a non-public Opinion and Order granting in part and denying in part the TreeHouse sanctions motion against KGM and denying the KGM sanctions motion against TreeHouse. KGM has appealed a portion of the Opinion and Order awarding sanctions to the Company. KGM is denying the allegations made by the Company in the litigation. The Company has not recorded any amount in its Consolidated Financial Statements as of December 31, 2023. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | 21. DERIVATIVE INSTRUMENTS Interest Rate Swap Agreements — The Company manages its exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and by utilizing interest rate swaps to hedge our exposure to changes in interest rates, to reduce the volatility of our financing costs, and to achieve a desired proportion of fixed versus floating-rate debt, based on current and projected market conditions. The Company has entered into long-term interest rate swap agreements to lock into a fixed interest rate base that have a notional value of $1,175.0 million as of December 31, 2023 and $875.0 million as of December 31, 2022. Beginning July 1, 2023, SOFR became the reference rate for the Company's interest rate swap agreements as a result of LIBOR ceasing to be a representative rate. Under the terms of the agreements, the weighted average fixed interest rate base for the $875.0 million of interest rate swaps maturing on February 28, 2025 is approximately 2.91%, and for the $300.0 million of interest rate swaps effective February 28, 2025 through February 29, 2028, is approximately 3.99%. In January 2024, the Company entered into additional interest rate swap agreements to lock into a fixed interest rate base. The agreements have a notional value of $300.0 million, effective February 28, 2025 through February 29, 2028. Under the terms of the agreements entered in January 2024, the weighted average fixed interest rate base for the $300.0 million of interest rate swaps is approximately 3.38%. Commodity Contracts — Certain commodities the Company uses in the production and distribution of its products are exposed to market price risk. The Company utilizes derivative contracts to manage this risk. The majority of commodity forward contracts are not derivatives, and those that are generally qualify for the normal purchases and normal sales scope exception under the guidance for derivative instruments and hedging activities and, therefore, are not subject to its provisions. For derivative commodity contracts that do not qualify for the normal purchases and normal sales scope exception, the Company accounts for the contracts as derivatives. The Company’s derivative commodity contracts may include contracts for diesel, oil, plastics, resin, and other commodity contracts that do not meet the requirements for the normal purchases and normal sales scope exception. Diesel contracts are used to manage the Company’s risk associated with the underlying cost of diesel fuel used to deliver products. Contracts for oil, plastics, and resin are used to manage the Company’s risk associated with the underlying commodity cost of a significant component used in packaging materials. Other commodity contracts that are derivatives that do not meet the normal purchases and normal sales scope exception are used to manage the price risk associated with raw material costs. As of December 31, 2023 and 2022, the notional value of the commodity contracts outstanding was $24.4 million and $8.9 million, respectively. These commodity contracts have maturities expiring throughout 2024 as of December 31, 2023. Total Return Swap Contract — The Company had an economic hedge program that used a total return swap contract to hedge the market risk associated with the unfunded portion of the Company's deferred compensation liability. The total return swap contract trades generally had a duration of one month and were rebalanced and re-hedged at the end of each monthly term. The total return swap contract was measured at fair value and recognized in the Consolidated Balance Sheets, with changes in value being recognized in the Consolidated Statements of Operations. At December 31, 2023, the Company had no outstanding and unsettled total return swap contracts, and at December 31, 2022, the notional value of the total return swap contract was $3.9 million. The following table identifies the fair value of each derivative instrument: December 31, 2023 2022 (In millions) Asset derivatives Commodity contracts $ 1.9 $ — Interest rate swap agreements 17.9 27.2 $ 19.8 $ 27.2 Liability derivatives Commodity contracts $ 0.8 $ 0.3 Interest rate swap agreements 7.2 — $ 8.0 $ 0.3 As of December 31, 2023 and 2022, asset derivatives are included within Prepaid expense and other current assets for commodity contracts and Other assets, net for interest rate swap agreements, and liability derivatives are included within Accrued expenses in the Consolidated Balance Sheets. The fair values of the commodity contracts, interest rate swap agreements, and the total return swap contract are determined using Level 2 inputs. Level 2 inputs are inputs other than quoted market prices that are observable for an asset or liability, either directly or indirectly. The fair values of the commodity contracts, interest rate swap agreements, and total return swap contract are based on an analysis comparing the contract rates to the market rates at the balance sheet date. We recognized the following gains and losses on our derivative contracts in the Consolidated Statements of Operations: Location of Gain (Loss) Year Ended Recognized in Net Income (Loss) 2023 2022 2021 (In millions) Mark-to-market unrealized gain (loss): Commodity contracts Other expense (income), net $ 1.4 $ (3.3) $ (8.9) Interest rate swap agreements Other expense (income), net (16.5) 78.4 46.2 Total unrealized (loss) gain $ (15.1) $ 75.1 $ 37.3 Realized gain (loss): Commodity contracts Manufacturing related to Cost of sales and transportation related to Selling and distribution $ — $ 17.8 $ 31.6 Interest rate swap agreements Interest expense 19.3 (10.7) (24.9) Total return swap contract General and administrative — (1.2) 1.0 Total realized gain $ 19.3 $ 5.9 $ 7.7 Total gain $ 4.2 $ 81.0 $ 45.0 |
DISAGGREGATION OF REVENUE, GEOG
DISAGGREGATION OF REVENUE, GEOGRAPHIC INFORMATION, AND MAJOR CUSTOMERS | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
DISAGGREGATION OF REVENUE, GEOGRAPHIC INFORMATION, AND MAJOR CUSTOMERS | 22. DISAGGREGATION OF REVENUE, GEOGRAPHIC INFORMATION, AND MAJOR CUSTOMERS The principal products that comprise our different product category groups are as follows: Product Category Group Principal Products Snacking Candy; cookies; crackers; in-store bakery items; pretzels; and frozen griddle items Beverages & drink mixes Broths/stocks; non-dairy creamer; powdered beverages and other blends; ready-to-drink beverages; coffee; and tea Grocery Cheese & pudding; hot cereal; pickles; and refrigerated dough Revenue disaggregated by product category groups is as follows: Year Ended December 31, 2023 2022 2021 (In millions) Snacking $ 1,295.2 $ 1,229.3 $ 1,011.1 Beverages & drink mixes 1,158.1 1,136.2 975.2 Grocery 978.3 931.6 828.0 Total net sales $ 3,431.6 $ 3,297.1 $ 2,814.3 Revenue disaggregated by sales channel is as follows: Year Ended December 31, 2023 2022 2021 (In millions) Retail grocery $ 2,727.3 $ 2,573.6 $ 2,181.0 Co-manufacturing 425.8 477.1 414.9 Food-away-from-home and other 278.5 246.4 218.4 Total net sales $ 3,431.6 $ 3,297.1 $ 2,814.3 Geographic Information — The Company had net sales from customers outside of the United States of approximately 5.1%, 5.1%, and 5.2% of total consolidated net sales from continuing operations in 2023, 2022, and 2021, respectively, with 4.0%, 3.8%, and 3.9% of total consolidated net sales from continuing operations going to Canada in 2023, 2022, and 2021, respectively. Net sales are determined based on the customer destination where the products are shipped. Long-lived assets consist of net property, plant, and equipment. The geographic location of long-lived assets is as follows: December 31, 2023 2022 (In millions) Long-lived assets: United States $ 645.0 $ 555.5 Canada 92.6 86.1 Total $ 737.6 $ 641.6 Major Customers — Walmart Inc. and affiliates accounted for approximately 22.4%, 21.1%, and 20.6% of consolidated net sales from continuing operations in December 31, 2023, 2022, and 2021. No other customer accounted for more than 10% of our consolidated net sales from continuing operations. |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS (unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS (unaudited) | 23. QUARTERLY RESULTS OF OPERATIONS (unaudited) The following is a summary of our unaudited quarterly results of operations for 2023: Quarter First Second Third Fourth (In millions, except per share data) Fiscal 2023 Net sales $ 854.0 $ 803.5 $ 863.3 $ 910.8 Gross profit 153.6 133.2 137.5 151.8 Income before income taxes from continuing operations 27.7 31.4 13.5 10.8 Net income from continuing operations 20.4 22.4 9.8 6.4 Net (loss) income from discontinued operations (5.2) 0.9 (2.7) 1.1 Net income 15.2 23.3 7.1 7.5 Earnings (loss) per common share - basic: Continuing operations $ 0.36 $ 0.40 $ 0.18 $ 0.12 Discontinued operations (0.09) 0.02 (0.05) 0.02 Earnings per share - basic (1) $ 0.27 $ 0.41 $ 0.13 $ 0.14 Earnings (loss) per common share - diluted: Continuing operations $ 0.36 $ 0.39 $ 0.17 $ 0.12 Discontinued operations (0.09) 0.02 (0.05) 0.02 Earnings per share - diluted (1) $ 0.27 $ 0.41 $ 0.13 $ 0.14 (1) The sum of the individual per share amounts may not add due to rounding. In addition, the sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding. The following is a summary of our unaudited quarterly results of operations for 2022: Quarter First Second Third Fourth (In millions, except per share data) Fiscal 2022 Net sales $ 742.2 $ 765.3 $ 832.9 $ 956.7 Gross profit 103.3 111.2 132.9 175.0 (Loss) income before income taxes from continuing operations (11.1) (31.2) (9.2) 52.6 Net (loss) income from continuing operations (10.0) (26.9) (12.0) 39.7 Net income (loss) from discontinued operations 7.0 (2.5) (78.5) (63.1) Net loss (3.0) (29.4) (90.5) (23.4) Earnings (loss) per common share - basic: Continuing operations $ (0.18) $ (0.48) $ (0.21) $ 0.71 Discontinued operations 0.13 (0.04) (1.40) (1.12) Earnings (loss) per share - basic (1) $ (0.05) $ (0.53) $ (1.61) $ (0.42) Earnings (loss) per common share - diluted: Continuing operations $ (0.18) $ (0.48) $ (0.21) $ 0.70 Discontinued operations 0.13 (0.04) (1.40) (1.11) Earnings (loss) per share - diluted (1) $ (0.05) $ (0.53) $ (1.61) $ (0.41) (1) The sum of the individual per share amounts may not add due to rounding. In addition, the sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding. |
Schedule II - VALUATION AND QUA
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - VALUATION AND QUALIFYING ACCOUNTS | Deferred Tax Valuation Allowance Balance Additions Reductions Balance End (In millions) 2021 $ (160.2) $ (2.4) $ 0.8 $ (161.8) 2022 (161.8) (27.4) 2.8 (186.4) 2023 (186.4) (2.5) 10.7 (178.2) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net Income (Loss) | $ 7.5 | $ 7.1 | $ 23.3 | $ 15.2 | $ (23.4) | $ (90.5) | $ (29.4) | $ (3) | $ 53.1 | $ (146.3) | $ (12.5) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Discontinued Operations | Discontinued Operations — |
Segment Information | Segment Information |
Use of Estimates | Use of Estimates — The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to use judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Consolidated Financial Statements, and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents — We consider temporary cash investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2023 and 2022, $27.5 million and $1.1 million, respectively, represents cash and cash equivalents held in foreign jurisdictions, in local currencies. The Company is exposed to potential risks associated with its cash and cash equivalents. The Company places its cash and cash equivalents with high credit quality financial institutions. Deposits with these financial institutions may exceed the amount of insurance provided; however, these deposits typically are redeemable upon demand and, therefore, the Company believes the financial risks associated with these financial instruments are minimal. |
Accounts Receivable | Accounts Receivable — We provide credit terms to customers in-line with industry standards, perform ongoing credit evaluations of our customers, and maintain allowances for potential credit losses based on historical experience. Customer balances are written off after all collection efforts are exhausted. Estimated product returns, which have not been material, are deducted from sales at the time of shipment. |
Note Receivable | Note Receivable — |
Inventories | Inventories — Inventories are stated at the lower of cost or net realizable value. We value inventories using standard costs which approximates costs determined on the first-in first-out basis. The costs of finished goods inventories include raw materials, labor, and overhead costs. |
Leases | Leases — Right-of-use assets and their corresponding lease liabilities are measured and recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company does not record leases with an initial term of 12 months or less on the balance sheet. Expense for these short-term leases is recognized on a straight-line basis over the lease term. The majority of the Company's leases do not provide an implicit rate; therefore, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of future payments for those leases. The Company has elected the practical expedient to apply discount rates to its lease portfolio based on the portfolio approach. The Company grouped the leases into portfolios by remaining lease term. When determining the lease term, we include renewal or termination options based on whether or not we are reasonably certain to exercise. For operating leases, lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Finance leases are amortized over the shorter of their lease term or their estimated useful lives, and amortization expense is included in depreciation expense. Fixed lease costs represent the explicitly quantified lease payments prescribed by the lease agreement and are included in the measurement of the right-of-use asset and corresponding lease liability. Variable lease payments that depend on an index or a rate are included in the calculation of the right-of-use asset and lease liability based on the index or rate at lease commencement. Other variable lease payments such as those that depend on the usage or performance of an underlying asset are not included in the measurement of the right-of-use asset or lease liability. The Company has elected the practical expedient to combine lease and nonlease components into a single component for all of its leases. |
Property, Plant, and Equipment | Property, Plant, and Equipment — Property, plant, and equipment are stated at acquisition cost, plus capitalized interest on borrowings during the actual construction period of major capital projects. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows: Asset Useful Life Buildings and improvements 12-40 years Machinery and equipment 3-15 years Office furniture and equipment 3-12 years Building and leasehold improvements are depreciated over the shorter of the estimated useful life of the assets or the remaining useful life of the associated building or lease. We perform impairment tests when circumstances indicate that the carrying value of an asset may not be recoverable. Refer to Note 3 for additional information. Expenditures for repairs and maintenance, which do not improve or extend the life of the assets, are expensed as incurred. |
Goodwill and Intangible Assets | Goodwill — Goodwill is calculated as the excess of the purchase price of acquired businesses over the fair market value of their identifiable net assets. Goodwill represents the value the Company expects to achieve through the implementation of operational synergies, the expansion of the business into new or growing segments of the industry, and the addition of new employees. Goodwill is evaluated annually in the fourth quarter or more frequently, if events or changes in circumstances require an interim assessment. We assess goodwill for impairment (as of December 31) at the reporting unit level using income and market approaches, employing significant assumptions regarding growth, discount rates, and profitability for our single reporting unit. Our estimates under the income approach are determined based on a discounted cash flow model. The market approach uses a market multiple methodology employing earnings before interest, taxes, depreciation, and amortization ("EBITDA") and applies a range of multiples to those amounts in determining the indicated fair value. In determining the multiples used in this approach, we obtain the multiples for selected peer companies using the most recent publicly available information. In determining the indicated fair value of our reporting unit, the Company concludes based on the income approach, and uses the market approach to corroborate, as the Company believes the income approach is the most reliable indicator of the fair value of its reporting unit. The resulting value is then compared to the carrying value for its reporting unit to determine if impairment is necessary. Intangible Assets — Identifiable intangible assets with finite lives are amortized over their estimated useful lives as follows: Asset Useful Life Customer-related 5 to 20 years Trademarks 10 to 20 years Formulas/recipes 5 to 7 years Computer software 3 to 10 years All amortization expense related to intangible assets is recorded in Amortization expense in the Consolidated Statements of Operations. Indefinite lived trademarks are evaluated for impairment annually in the fourth quarter or more frequently, if events or changes in circumstances indicate that the asset might be impaired. Impairment is indicated when their book value exceeds fair value. If the fair value of an evaluated asset is less than its book value, the asset is written down to fair value, which is generally based on its discounted future cash flows. Amortizable intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an evaluation of the undiscounted cash flows indicates impairment, the asset group is impaired to its estimated fair value, which is generally based on discounted future cash flows, and the impairment is allocated to the individual assets within the asset group. |
Revenue Recognition | Revenue Recognition — We manufacture and sell food and beverage products to retailers, foodservice distributors, co-manufacturers, and industrial and export channels. Revenue recognition is completed on a point in time basis when product control is transferred to the customer. In general, control transfers to the customer when the product is shipped or delivered to the customer based upon applicable shipping terms. For each contract, the Company considers the transfer of products, each of which is distinct, to be the identified performance obligation generally satisfied within one year. No payment terms beyond one year are granted at contract inception. Most contracts also include some form of variable consideration. The most common forms of variable consideration include discounts, rebates, and sales returns and allowances. Variable consideration is treated as a reduction in revenue when product revenue is recognized. Depending on the specific type of variable consideration, we use either the expected value or most likely amount method to determine the variable consideration. The Company reviews and updates its estimates and related accruals of variable consideration each period based on the terms of the agreements, historical experience, and any recent changes in the market. The Company does not have significant deferred revenue or unbilled receivable balances arising from transactions with customers. We do not capitalize contract inception costs, as contracts are one year or less. The Company does not incur significant fulfillment costs requiring capitalization. Shipping and handling costs associated with outbound freight are included within Selling and distribution expenses and are accounted for as a fulfillment cost as incurred, including shipping and handling costs after control over a product has transferred to a customer. Shipping and handling costs recorded as a component of Selling and distribution expense were approximately $112.5 million, $140.4 million, and $121.9 million for the years ended December 31, 2023, 2022, and 2021, respectively. In addition, any taxes collected on behalf of government authorities are excluded from net sales. |
Cost of Sales | Cost of Sales — Cost of sales represents costs directly related to the manufacture and distribution of our products. Such costs include raw materials, packaging, direct and indirect labor, shipping and handling costs, and overhead which includes depreciation of manufacturing and distribution facilities. Shipping and handling costs included in cost of sales reflect inbound freight, inventory warehouse costs, product loading and handling costs, and costs associated with transporting finished products from our manufacturing facilities to distribution warehouses. |
Stock-Based Compensation | Stock-Based Compensation |
Employment-Related Benefits | Employment-Related Benefits — We provide a range of benefits to our employees, including pension and postretirement benefits to our eligible employees and |
Workers' Compensation | Workers' Compensation — The measurement of the liability for our cost of providing these benefits is largely based upon loss development factors that contemplate a number of variables, including claims history and expected trends. These loss development factors are based on industry factors and, along with the estimated liabilities, are developed by us in consultation with external insurance brokers and actuaries. Changes in loss development factors, claims history, and cost trends could result in substantially different results in the future. |
Income Taxes | Income Taxes — The provision for income taxes includes federal, foreign, state, and local income taxes currently payable, and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using enacted tax rates. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. We account for uncertain tax positions using a "more-likely-than-not" threshold. A tax benefit from an uncertain tax position is recognized if it is more-likely-than-not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position, or the statute of limitations concerning such issues lapses. |
Derivatives Instruments | Derivative Instruments — The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by derivative instruments include interest rate risk, commodity price risk, and market risk associated with the unfunded portion of the Company's deferred compensation liability. Derivative contracts are entered into for periods consistent with the related underlying exposure and do not constitute positions independent of those exposures. The Company does not enter into derivative instruments for trading or speculative purposes. All derivatives are recorded on a gross basis and carried at fair value in our Consolidated Balance Sheets. None of the Company's derivative instruments are accounted for under hedge accounting and the changes in their fair value are recorded in the Consolidated Statements of Operations. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions |
Restructuring Expenses | Restructuring Expenses |
Research and Development Costs | Research and Development Costs |
Advertising Costs | Advertising Costs |
Earnings (Loss) per share from Continuing Operations | Earnings (Loss) Per Share from Continuing Operations — Basic earnings per share is computed by dividing net income by the number of weighted average common shares outstanding during the reporting period. The weighted average number of common shares used in the diluted earnings per share calculation is determined using the treasury stock method and includes the incremental effect related to the Company’s outstanding stock-based compensation awards. |
Recently Issued Accounting Pronouncements | 2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Not yet adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property, Plant, and Equipment | Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows: Asset Useful Life Buildings and improvements 12-40 years Machinery and equipment 3-15 years Office furniture and equipment 3-12 years December 31, 2023 2022 (In millions) Land $ 35.2 $ 26.4 Buildings and improvements 367.2 308.0 Machinery and equipment 1,042.5 968.9 Construction in progress 97.4 65.7 Total 1,542.3 1,369.0 Less accumulated depreciation (804.7) (727.4) Property, plant, and equipment, net $ 737.6 $ 641.6 |
Schedule of Estimated Useful Lives of Intangible Assets | Identifiable intangible assets with finite lives are amortized over their estimated useful lives as follows: Asset Useful Life Customer-related 5 to 20 years Trademarks 10 to 20 years Formulas/recipes 5 to 7 years Computer software 3 to 10 years The gross carrying amounts and accumulated amortization of intangible assets as of December 31, 2023 and 2022 are as follows: December 31, 2023 2022 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets with finite lives: Customer-related $ 549.3 $ (364.1) $ 185.2 $ 542.9 $ (329.5) $ 213.4 Trademarks 18.7 (15.9) 2.8 18.7 (14.6) 4.1 Formulas/recipes 15.5 (14.9) 0.6 15.1 (14.7) 0.4 Computer software 209.0 (146.2) 62.8 205.6 (133.5) 72.1 Total finite lived intangibles 792.5 (541.1) 251.4 782.3 (492.3) 290.0 Intangible assets with indefinite lives: Trademarks 6.0 — 6.0 6.0 — 6.0 Total intangible assets $ 798.5 $ (541.1) $ 257.4 $ 788.3 $ (492.3) $ 296.0 |
GROWTH, REINVESTMENT, AND RES_2
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Aggregate Expenses Incurred Associated with Facility Closure | Below is a summary of costs by line item for the Growth, Reinvestment, and Restructuring Programs: Year Ended December 31, 2023 2022 2021 (In millions) Cost of sales $ — $ 0.5 $ — Other operating expense, net 46.1 84.6 83.4 Total $ 46.1 $ 85.1 $ 83.4 Below is a summary of costs by type associated with the Growth, Reinvestment, and Restructuring Programs: Year Ended December 31, 2023 2022 2021 (In millions) Asset-related $ 4.7 $ 0.6 $ — Employee-related 15.5 37.0 27.9 Other costs 25.9 47.5 55.5 Total $ 46.1 $ 85.1 $ 83.4 |
Schedule of Activity of Restructuring Program Liabilities | The table below presents the exit cost liability related to severance activity for the Growth, Reinvestment, and Restructuring Programs as of December 31, 2023: Severance Retention Total Exit Cost Liabilities (In millions) Balance as of December 31, 2022 $ 8.8 $ 4.2 $ 13.0 Expenses recognized 4.8 2.3 7.1 Cash payments (8.2) (6.3) (14.5) Balance as of December 31, 2023 $ 5.4 $ 0.2 $ 5.6 |
Restructuring and Margin Improvement Activities Categories | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Aggregate Expenses Incurred Associated with Facility Closure | The costs by activity for the Growth, Reinvestment, and Restructuring Programs are outlined below: Year Ended December 31, 2023 2022 2021 (In millions) Strategic Growth Initiatives $ 15.1 $ 40.4 $ 55.8 Other 31.0 44.7 27.6 Total $ 46.1 $ 85.1 $ 83.4 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases are as follows: December 31, Balance Sheet Classification 2023 2022 (In millions) Assets Operating Operating lease right-of-use assets $ 193.0 $ 184.4 Finance Property, plant, and equipment, net 0.6 1.2 Total assets $ 193.6 $ 185.6 Liabilities Current liabilities Operating Accrued expenses $ 40.2 $ 38.6 Finance Current portion of long-term debt 0.4 0.6 Total current liabilities 40.6 39.2 Noncurrent liabilities Operating Operating lease liabilities 165.0 159.1 Finance Long-term debt 0.2 0.6 Total noncurrent liabilities 165.2 159.7 Total lease liabilities $ 205.8 $ 198.9 |
Schedule of Weighted-average Discount Rates for Company's Operating and Finance Leases and Components of Lease Expense | The weighted-average discount rates for the Company's operating and finance leases are as follows: December 31, Weighted-average discount rate 2023 2022 Operating leases 4.7 % 4.4 % Finance leases 2.7 % 2.7 % The weighted-average remaining lease term of the Company's operating and finance leases are as follows: December 31, Weighted-average remaining lease term 2023 2022 Operating leases 5.5 years 5.9 years Finance leases 1.4 years 2.3 years The components of lease expense are as follows: Year Ended December 31, Statement of Operations Classification 2023 2022 2021 (In millions) Operating lease cost Cost of sales and General and administrative $ 48.7 $ 44.0 $ 37.8 Finance lease cost: Amortization of right-of-use assets Cost of sales and General and administrative 0.7 1.0 1.4 Interest on lease liabilities Interest expense — 0.1 0.1 Total finance lease cost 0.7 1.1 1.5 Variable lease cost (1) Cost of sales and General and administrative 14.8 15.9 15.6 Sublease income Cost of sales, General and administrative, and Other operating expense, net (4.3) (4.1) (3.4) Net lease cost $ 59.9 $ 56.9 $ 51.5 (1) Includes short-term leases, which are immaterial. |
Schedule of Future Maturities of Finance Lease Liabilities | As of December 31, 2023, future maturities of lease liabilities are as follows: Operating Leases Finance Leases (In millions) 2024 $ 48.8 $ 0.4 2025 46.4 0.2 2026 46.4 — 2027 39.4 — 2028 17.1 — Thereafter 37.2 — Total lease payments 235.3 0.6 Less: Interest (30.1) — Present value of lease liabilities $ 205.2 $ 0.6 |
Schedule of Future Maturities of Operating Lease Liabilities | As of December 31, 2023, future maturities of lease liabilities are as follows: Operating Leases Finance Leases (In millions) 2024 $ 48.8 $ 0.4 2025 46.4 0.2 2026 46.4 — 2027 39.4 — 2028 17.1 — Thereafter 37.2 — Total lease payments 235.3 0.6 Less: Interest (30.1) — Present value of lease liabilities $ 205.2 $ 0.6 |
Schedule of Other Information Related to Leases | Other information related to leases were as follows: Year Ended December 31, 2023 2022 2021 (In millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 47.1 $ 42.1 $ 37.2 Operating cash flows from finance leases — 0.1 0.1 Financing cash flows from finance leases 0.6 1.1 1.6 |
RECEIVABLES SALES PROGRAM (Tabl
RECEIVABLES SALES PROGRAM (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Receivable Sales Program | The following table includes the outstanding amount of accounts receivable sold under the Receivables Sales Program and the receivables collected from customers and not remitted to the financial institutions: December 31, 2023 2022 (In millions) Outstanding accounts receivable sold $ 343.8 $ 347.1 Receivables collected and not remitted to financial institutions 200.2 204.5 The following table summarizes the cash flows of the Company's accounts receivables associated with the Receivables Sales Program. All amounts in the table below include continuing and discontinued operations: Year Ended December 31, 2023 2022 2021 (In millions) Receivables sold $ 1,850.3 $ 2,320.4 $ 1,846.9 Receivables collected and remitted to financial institutions (1,853.6) (2,330.6) (1,773.9) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | December 31, 2023 2022 (In millions) Raw materials and supplies $ 245.4 $ 215.6 Finished goods 288.6 338.4 Total inventories $ 534.0 $ 554.0 |
ACQUISITIONS AND DIVESTITURES (
ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Preliminary Purchase Price Allocation of the Fair Value of Net Tangible Assets Acquired | The following table summarizes the preliminary purchase price allocation of the fair value of net tangible assets acquired: (In millions) Cash transferred at close $ 92.2 Purchase price adjustment (1.6) Total consideration transferred $ 90.6 Allocation of consideration to assets acquired: Inventories $ 29.8 Property, plant, and equipment, net 60.8 Total purchase price $ 90.6 |
Schedule of Disposal Groups, Including Discontinued Operations | Results of discontinued operations are as follows: Year Ended December 31, 2023 2022 2021 (In millions) Net sales $ 121.3 $ 1,338.9 1,591.2 Cost of sales 127.6 1,186.4 1,355.1 Selling, general, administrative and other operating expense 0.9 123.0 134.1 Amortization expense — 14.5 25.4 Asset impairment — — 9.5 Loss (gain) on sale of business 1.1 128.5 (18.4) Operating (loss) income from discontinued operations (8.3) (113.5) 85.5 Interest expense and other (income) expense (1.1) 20.8 11.5 Income tax (benefit) expense (1.3) 2.8 17.9 (Loss) income from discontinued operations, net of tax $ (5.9) $ (137.1) 56.1 Assets and liabilities of discontinued operations presented in the Consolidated Balance Sheets as of December 31, 2022 include the following: December 31, 2022 (in millions) Inventories $ 35.5 Property, plant, and equipment, net 24.9 Total assets of discontinued operations $ 60.4 |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant, and Equipment | Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows: Asset Useful Life Buildings and improvements 12-40 years Machinery and equipment 3-15 years Office furniture and equipment 3-12 years December 31, 2023 2022 (In millions) Land $ 35.2 $ 26.4 Buildings and improvements 367.2 308.0 Machinery and equipment 1,042.5 968.9 Construction in progress 97.4 65.7 Total 1,542.3 1,369.0 Less accumulated depreciation (804.7) (727.4) Property, plant, and equipment, net $ 737.6 $ 641.6 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill, which include no accumulated impairment losses, for the years ended December 31, 2023 and 2022 are as follows: Goodwill (In millions) Balance at January 1, 2022 $ 1,821.9 Foreign currency exchange adjustments (4.3) Balance at December 31, 2022 1,817.6 Acquisition 5.4 Foreign currency exchange adjustments 1.7 Balance at December 31, 2023 $ 1,824.7 |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets, with Finite Lives | Identifiable intangible assets with finite lives are amortized over their estimated useful lives as follows: Asset Useful Life Customer-related 5 to 20 years Trademarks 10 to 20 years Formulas/recipes 5 to 7 years Computer software 3 to 10 years The gross carrying amounts and accumulated amortization of intangible assets as of December 31, 2023 and 2022 are as follows: December 31, 2023 2022 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets with finite lives: Customer-related $ 549.3 $ (364.1) $ 185.2 $ 542.9 $ (329.5) $ 213.4 Trademarks 18.7 (15.9) 2.8 18.7 (14.6) 4.1 Formulas/recipes 15.5 (14.9) 0.6 15.1 (14.7) 0.4 Computer software 209.0 (146.2) 62.8 205.6 (133.5) 72.1 Total finite lived intangibles 792.5 (541.1) 251.4 782.3 (492.3) 290.0 Intangible assets with indefinite lives: Trademarks 6.0 — 6.0 6.0 — 6.0 Total intangible assets $ 798.5 $ (541.1) $ 257.4 $ 788.3 $ (492.3) $ 296.0 |
Schedule of Gross Carrying Amounts of Intangible Assets, with Indefinite Lives | The gross carrying amounts and accumulated amortization of intangible assets as of December 31, 2023 and 2022 are as follows: December 31, 2023 2022 Gross Accumulated Net Gross Accumulated Net (In millions) Intangible assets with finite lives: Customer-related $ 549.3 $ (364.1) $ 185.2 $ 542.9 $ (329.5) $ 213.4 Trademarks 18.7 (15.9) 2.8 18.7 (14.6) 4.1 Formulas/recipes 15.5 (14.9) 0.6 15.1 (14.7) 0.4 Computer software 209.0 (146.2) 62.8 205.6 (133.5) 72.1 Total finite lived intangibles 792.5 (541.1) 251.4 782.3 (492.3) 290.0 Intangible assets with indefinite lives: Trademarks 6.0 — 6.0 6.0 — 6.0 Total intangible assets $ 798.5 $ (541.1) $ 257.4 $ 788.3 $ (492.3) $ 296.0 |
Schedule of Estimated Amortization Expense on Intangible Assets | Estimated amortization expense on intangible assets for the next five years is as follows: (In millions) 2024 $ 47.9 2025 47.0 2026 44.3 2027 42.1 2028 39.4 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of: December 31, 2023 2022 (In millions) Payroll and benefits $ 50.3 $ 71.6 Operating lease liabilities 40.2 38.6 Trade promotion liabilities 20.2 19.5 Health insurance, workers' compensation, and other insurance costs 16.1 17.6 Taxes 9.8 6.4 Derivative contracts 8.0 0.3 Interest 7.3 8.7 Marketing liabilities 5.0 6.3 Other accrued liabilities 12.1 39.5 Total $ 169.0 $ 208.5 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Loss Before Income Taxes | The components of Income (loss) before income taxes are as follows: Year Ended December 31, 2023 2022 2021 (In millions) Domestic $ 75.5 $ 13.6 $ (82.9) Foreign 7.9 (12.5) (3.3) Income (loss) before income taxes $ 83.4 $ 1.1 $ (86.2) |
Schedule of Provision for Income Taxes | The following table presents the components of the 2023, 2022, and 2021 provision for income taxes: Year Ended December 31, 2023 2022 2021 (In millions) Current: Federal $ 15.3 $ 0.1 $ (6.4) State 4.3 (0.3) 1.0 Foreign 1.3 1.4 (2.4) Total current 20.9 1.2 (7.8) Deferred: Federal 4.1 3.1 (9.5) State (1.2) 8.7 (0.7) Foreign 0.6 (2.7) 0.4 Total deferred 3.5 9.1 (9.8) Total income tax expense (benefit) $ 24.4 $ 10.3 $ (17.6) |
Schedule of Reconciliation of Income Tax Expense Computed at U.S. Federal Statutory Tax Rate to Income Tax Expense | The following is a reconciliation of income tax expense (benefit) computed at the U.S. federal statutory tax rate to the income tax expense (benefit) reported in the Consolidated Statements of Operations: Year Ended December 31, 2023 2022 2021 (In millions) Tax at statutory rate $ 17.5 $ 0.2 $ (18.1) Nondeductible officers' compensation 3.2 1.3 1.5 State income taxes (1) 2.4 6.6 0.2 Effect of cross-border tax laws 1.3 — 0.6 Excess tax benefits related to stock-based compensation 0.9 3.0 0.4 Tax credits (0.5) (0.7) (0.7) Uncertain tax positions (0.5) (2.5) (2.9) Canadian restructuring (2) — 1.6 — Nondeductible transaction costs — 1.4 — CARES Act — — 1.9 Other, net 0.1 (0.6) (0.5) Total provision for income taxes $ 24.4 $ 10.3 $ (17.6) (1) 2023, 2022, and 2021 State income taxes are inclusive of a valuation allowance of $0.1 million, $5.0 million, and $2.4 million, respectively, recorded against certain deferred tax assets. (2) In anticipation of the sale of a significant portion of the Meal Preparation business, the Company completed a Canadian restructuring resulting in a $1.6 million tax impact during 2022. |
Schedule of Tax Effects of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities | The tax effects of temporary differences giving rise to deferred income tax assets and liabilities were: December 31, 2023 2022 (In millions) Deferred tax assets: Loss and credit carryovers $ 197.4 $ 208.6 Lease liabilities 51.0 49.8 Interest limitation carryover 16.9 19.7 Accrued liabilities 14.4 18.0 Pension and postretirement benefits 8.3 10.6 Stock compensation 4.4 6.3 Other 18.2 14.2 Total deferred tax assets 310.6 327.2 Valuation allowance (178.2) (186.4) Total deferred tax assets, net of valuation allowance 132.4 140.8 Deferred tax liabilities: Fixed assets and intangible assets (191.2) (194.2) Lease assets (49.2) (48.5) Other (2.4) (5.5) Total deferred tax liabilities (242.8) (248.2) Net deferred income tax liability $ (110.4) $ (107.4) |
Schedule of Operating Loss Carryforwards | The following table details the Company's tax attributes primarily related to net operating losses, tax credits, and capital losses for which it has recorded deferred tax assets: Tax Attributes Gross Attribute Amount Net Attribute Amount Expiration Years (In millions) Foreign net operating losses $ 4.6 $ 1.2 2029 – 2042 State net operating losses 313.4 10.9 2024 – 2043 Federal credits — 6.7 2027 State credits — 9.7 2024 – 2037 Federal capital loss 621.9 130.6 2024 – 2027 State capital loss 842.3 29.4 2024 – 2027 Foreign capital loss 49.2 6.5 N/A Other — 2.4 2024 – 2037 Total $ 197.4 |
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 2021 (In millions) Unrecognized tax benefits beginning balance $ 1.5 $ 7.1 $ 10.7 Additions based on tax positions of prior years — — 0.5 Reductions resulting from dispositions — (2.2) — Reductions due to statute lapses (0.4) (0.4) (4.1) Reductions related to settlements with taxing authorities — (2.9) — Foreign currency translation — (0.1) — Unrecognized tax benefits ending balance $ 1.1 $ 1.5 $ 7.1 |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | December 31, 2023 2022 (In millions) Term Loan A $ 316.4 $ 316.4 Term Loan A-1 588.6 588.6 2028 Notes 500.0 500.0 Finance leases 0.6 1.2 Total outstanding debt 1,405.6 1,406.2 Deferred financing costs (9.2) (11.6) Less current portion (0.4) (0.6) Total long-term debt $ 1,396.0 $ 1,394.0 |
Scheduled Maturities of Outstanding Debt, Excluding Deferred Financing Costs | The scheduled maturities of outstanding debt, excluding deferred financing costs, at December 31, 2023 are as follows (in millions): 2024 $ 0.4 2025 0.2 2026 588.6 2027 — 2028 816.4 Thereafter — Total outstanding debt $ 1,405.6 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Repurchases of Common Stock | The following table summarizes the Company's repurchases of its common stock: Year Ended December 31, 2023 2022 2021 (In millions, except per share data) Shares repurchased 2.3 — 0.5 Weighted average price per share $ 43.38 $ — $ 50.88 Total cost, excluding excise tax $ 100.0 $ — $ 25.0 Excise tax $ 0.9 $ — $ — |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Effect of Share-Based Compensation Awards on Weighted Average Number of Shares Outstanding Used in Calculating Diluted Earnings Per Share | The following table summarizes the effect of the share-based compensation awards on the weighted average number of shares outstanding used in calculating diluted earnings (loss) per share: Year Ended December 31, 2023 2022 2021 (In millions) Weighted average common shares outstanding 55.8 56.0 55.9 Assumed exercise/vesting of equity awards (1) 0.6 — — Weighted average diluted common shares outstanding 56.4 56.0 55.9 (1) Incremental shares from equity awards are computed by the treasury stock method. For the years ended December 31, 2022 and 2021, the weighted average common shares outstanding is the same for the computations of both basic and diluted shares outstanding because the Company had a net loss from continuing operations for the period. Equity awards, excluded from our computation of diluted earnings per share because they were anti-dilutive, were 1.1 million, 1.4 million, and 1.6 million for the years ended December 31, 2023, 2022, and 2021, respectively. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Total Compensation Expense | Total compensation expense related to stock-based payments and the related income tax benefit recognized in Net income (loss) from continuing operations are as follows: Year Ended December 31, 2023 2022 2021 (In millions) Compensation expense related to stock-based payments $ 24.8 $ 19.8 $ 14.2 Related income tax benefit 5.9 4.7 3.6 |
Schedule of Stock Option Activity | The following table summarizes stock option activity during 2023: Employee Weighted Weighted Aggregate (In thousands) (In millions) Outstanding, at January 1, 2023 1,258 $ 72.09 3.5 $ 2.1 Forfeited (26) 42.69 Expired (654) 80.22 Outstanding, at December 31, 2023 578 64.20 5.1 — Vested/expected to vest, at December 31, 2023 553 65.15 5.0 — Exercisable, at December 31, 2023 288 85.82 1.8 — |
Schedule of Highlight of Stock Options Activity | Year Ended December 31, 2023 2022 2021 (In millions) Intrinsic value of stock options exercised $ — $ 0.1 $ — |
Schedule of Weighted Average Assumptions Used to Calculate the Value of Awards Granted | The weighted average assumptions used to calculate the value of the stock option awards granted are presented as follows (no stock options were granted in 2023 and 2021): Year Ended December 31, 2022 Dividend yield 0 % Risk-free rate 2.93 % Expected volatility 38.54 % Expected term (in years) 6.33 |
Schedule of Restricted Stock Unit Activity | The following table summarizes the restricted stock unit activity during the year ended December 31, 2023: Employee Weighted Director Weighted (In thousands) (In thousands) Nonvested, at January 1, 2023 632 $ 37.08 71 $ 35.88 Granted 330 47.45 23 52.81 Vested (303) 39.06 (49) 30.70 Forfeited (86) 39.95 — — Nonvested, at December 31, 2023 573 41.57 45 50.14 Earned and deferred, at December 31, 2023 22 47.37 |
Schedule of Highlights of Restricted Stock Unit Activity | Year Ended December 31, 2023 2022 2021 (In millions) Fair value of vested restricted stock units $ 17.2 $ 13.1 $ 22.6 Tax benefit recognized from vested restricted stock units 2.9 2.5 3.8 |
Schedule of Assumptions Used in the Monte Carlo Simulation | The weighted average assumptions used in the Monte Carlo simulations were as follows: Year Ended December 31, 2023 2022 2021 Dividend yield 0 % 0 % 0 % Risk-free rate 3.87 % 2.36 % 0.30 % Expected volatility (TreeHouse Foods, Inc.) 35.17 % 36.84 % 35.65 % Expected volatility (Peer Group) 35.04 % 36.64 % 37.72 % Expected volatility (Index) N/A 16.30 % N/A Expected term (in years) 2.80 2.14 2.75 |
Schedule of Performance Unit Activity | The following table summarizes the performance unit activity during the year ended December 31, 2023: Performance Weighted (In thousands) Nonvested, at January 1, 2023 620 $ 45.23 Granted 99 47.73 Vested (98) 42.73 Forfeited (87) 42.90 Nonvested, at December 31, 2023 534 47.44 |
Schedule of Highlight of Performance Unit Activity | Year Ended December 31, 2023 2022 2021 (In millions) Fair value of vested performance units $ 5.0 $ 2.4 $ 5.6 Tax benefit recognized from performance units vested 0.4 0.3 0.3 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss Net of Tax Except for Foreign Currency Translation Adjustment | Accumulated other comprehensive loss consists of the following components, all of which are net of tax: Foreign Unrecognized Accumulated (In millions) Balance at January 1, 2021 $ (67.3) $ 3.3 $ (64.0) Other comprehensive (loss) income before reclassifications (3.6) 13.5 9.9 Reclassifications from accumulated other comprehensive loss (3) — 0.5 0.5 Other comprehensive (loss) income (3.6) 14.0 10.4 Balance at December 31, 2021 (70.9) 17.3 (53.6) Other comprehensive loss before reclassifications (11.5) (14.3) (25.8) Reclassifications from accumulated other comprehensive loss (3) (4) (4.6) 0.3 (4.3) Other comprehensive loss (16.1) (14.0) (30.1) Balance at December 31, 2022 (87.0) 3.3 (83.7) Other comprehensive income 2.8 4.8 7.6 Balance at December 31, 2023 $ (84.2) $ 8.1 $ (76.1) (1) The tax impact of the foreign currency translation adjustment was insignificant for the years ended December 31, 2023, 2022, and 2021. (2) The unrecognized pension and postretirement benefits are presented net of tax of $1.6 million, $(4.5) million, and $4.5 million for the years ended December 31, 2023, 2022, and 2021 respectively. (3) Refer to Note 18 for additional information regarding reclassifications of unrecognized pension and postretirement benefits. (4) In connection with the completion of the sale of a significant portion of the Company’s Meal Preparation business on October 3, 2022, the Company completed the liquidation of its investment in its Italian subsidiary. Accordingly, $4.6 million of accumulated foreign currency translation adjustments were reclassified from accumulated other comprehensive loss and into earnings. This amount was recognized within Net (loss) income from discontinued operations in the Consolidated Statements of Operations for the year ended December 31, 2022. |
EMPLOYEE PENSION AND POSTRETI_2
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Fair Value of Pension Plan Assets, by Asset Category | The fair value of the Company’s pension plan assets at December 31, 2023 and 2022 is as follows: December 31, 2023 December 31, 2022 Total Level 1 Total Level 1 (in millions) Cash and cash equivalents $ 1.3 $ 1.3 $ 1.7 $ 1.7 Equity funds 53.6 53.6 — — Fixed income funds 7.5 7.5 — — Real estate funds 4.5 4.5 — — Fair value of plan assets in the fair value hierarchy 66.9 66.9 1.7 1.7 Cash and cash equivalents 30.7 — Equity funds — 93.2 Fixed income funds 92.4 122.3 Hedge funds 6.9 12.7 Investments measured at NAV 130.0 228.2 Total $ 196.9 $ 229.9 |
Schedule of Information about Pension and Postretirement Benefit Plans | The following table summarizes information about our pension and postretirement benefit plans for the years ended December 31, 2023 and 2022: Pension Benefits Postretirement 2023 2022 2023 2022 (in millions) Change in projected benefit obligation: Projected benefit obligation, at beginning of year $ 254.8 $ 330.9 $ 17.8 $ 23.3 Service cost 0.3 0.5 — — Interest cost 12.3 9.2 0.8 0.6 Actuarial loss (gain) (1) 2.8 (65.5) (2.2) (4.6) Annuity lift-out (2) (33.5) — — — Benefits paid (19.8) (20.3) (1.3) (1.5) Projected benefit obligation, at end of year $ 216.9 $ 254.8 $ 15.1 $ 17.8 Change in plan assets: Fair value of plan assets, at beginning of year $ 229.9 $ 323.3 $ — $ — Actual gain (loss) on plan assets 19.6 (73.8) — — Company contributions 0.7 0.7 1.2 1.5 Annuity lift-out (2) (33.5) — — — Benefits paid (19.8) (20.3) (1.2) (1.5) Fair value of plan assets, at end of year $ 196.9 $ 229.9 $ — $ — Funded status of the plan $ (20.0) $ (24.9) $ (15.1) $ (17.8) Amounts recognized in the Consolidated Balance Sheets: Current liability $ (0.7) $ (0.7) $ (1.2) $ (1.5) Noncurrent liability (19.3) (24.2) (13.9) (16.3) Net amount recognized $ (20.0) $ (24.9) $ (15.1) $ (17.8) Amounts recognized in Accumulated other Net actuarial (gain) loss $ (1.9) $ 2.6 $ (8.9) $ (7.2) Prior service cost — 0.2 — — Total, before tax effect $ (1.9) $ 2.8 $ (8.9) $ (7.2) (1) The actuarial gains and losses for the pension plans in 2023 and 2022 were primarily related to a change in the discount rate used to measure the benefit obligations of those plans. For the postretirement benefits plan, the 2023 actuarial gain was primarily due to the change in the assumed health care costs for the plan, while the 2022 actuarial gain was primarily due to the change in discount rate used to measure the benefit obligation. (2) |
Schedule of Accumulated and Projected Benefit Obligations | Pension Benefits 2023 2022 (In millions) Accumulated benefit obligation $ 216.7 $ 254.5 |
Schedule of Pension Benefit Plans whose Projected Benefit Obligations and Accumulated Benefit Obligations Exceed Fair Value of Plan Assets | The following table provides a summary of pension benefit plans whose projected benefit obligations and accumulated benefit obligations exceed the fair value of their respective plan assets: Pension Benefits 2023 2022 (In millions) Aggregate projected benefit obligation $ 216.9 $ 254.8 Aggregate accumulated benefit obligation 216.7 254.5 Aggregate fair value of plan assets 196.9 229.9 |
Schedule of Accumulated Benefit Obligation and Weighted Average Assumptions Used | Pension Benefits Postretirement Benefits 2023 2022 2023 2022 Weighted average assumptions used to determine the pension benefit obligations: Discount rate (1) 4.96 % 5.16 % 4.95 % 5.15 % Rate of compensation increases 3.10 % 3.10 % — — (1) For the year ended December 31, 2023, the Company recognized a settlement charge related to the annuity lift-out. The discount rate for the settlement charge had a weighted average of 5.81%. |
Schedule of Key Actuarial Assumptions Used to Determine Postretirement Benefit Obligations | The key actuarial assumptions used to determine the postretirement benefit obligations as of December 31, 2023 and 2022 are as follows: 2023 2022 Pre-65 Post-65 Pre-65 Post-65 Health care cost trend rates: Health care cost trend rate for next year 7.16 % 7.93 % 6.12 % 6.62 % Ultimate rate 4.50 % 4.50 % 4.50 % 4.50 % Year ultimate rate achieved 2032 2032 2030 2030 |
Schedule of Net Periodic Cost of Pension and Postretirement Benefit Plans | The following table summarizes the net periodic cost of our pension and postretirement benefit plans for the years ended December 31, 2023, 2022, and 2021: Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 (In millions) (In millions) Components of net periodic costs: Service cost $ 0.3 $ 0.5 $ 1.0 $ — $ — $ — Interest cost 12.3 9.2 8.8 0.8 0.6 0.7 Expected return on plan assets (13.0) (15.1) (13.8) — — — Amortization of unrecognized prior service cost 0.1 0.1 0.2 — — — Amortization of unrecognized net loss 0.4 0.3 0.5 (0.5) — — Annuity lift-out (1) 0.3 — — — — — Curtailment (2) — — (0.7) — — (0.4) Net periodic cost (benefit) $ 0.4 $ (5.0) $ (4.0) $ 0.3 $ 0.6 $ 0.3 (1) For the year ended December 31, 2023, the Company recognized a settlement charge related to the annuity lift-out within Other expense (income), net in the Consolidated Statements of Operations. (2) For the year ended December 31, 2021, the Company recognized a curtailment gain related to the sale of the RTE Cereal business within Cost of sales in the Consolidated Statements of Operations. |
Schedule of Weighted Average Assumptions Used | Pension Benefits Postretirement Benefits 2023 2022 2021 2023 2022 2021 Weighted average assumptions used to determine the periodic benefit costs: Discount rate (1) (2) 5.16 % 2.86 % 2.50 % 5.15 % 2.80 % 2.50 % Rate of compensation increases 3.10 % 3.00 % 3.00 % — — — Expected return on plan assets 6.25 % 4.85 % 4.40 % — — — (1) For the year ended December 31, 2023, the Company recognized a settlement charge related to the annuity lift-out. The discount rate for the settlement charge had a weighted average of 5.81%. (2) For the year ended December 31, 2021, the Company recognized a curtailment gain related to the sale of the RTE Cereal business. The discount rate for the curtailment gain was 2.75%. |
Schedule of Estimated Future Pension and Postretirement Benefit Payments | Estimated future pension and postretirement benefit payments from the plans are as follows: Pension Postretirement (In millions) 2024 $ 18.3 $ 1.2 2025 16.9 1.2 2026 16.9 1.2 2027 16.8 1.3 2028 16.4 1.2 2029-2033 78.5 5.9 |
Schedule of Multiemployer Pension Plans | The following table lists information about the Company's individually significant multiemployer pension plans: Pension TreeHouse Foods Expiration EIN / Pension Plan Year Ended FIP Contributions Surcharge Of Collective Plan Name Plan Number 2022 2021 (yes or no) 2023 2022 2021 (yes or no) Agreement(s) Bakery and Confectionery Union and Industry 7/17/2027 International Pension Fund 52-6118572 / 001 Red Red Yes $ 1.7 $ 1.8 $ 2.0 Yes 12/4/2023 (2) Central States Southeast and Southwest Areas Pension Fund 36-6044243 / 001 Red Red Yes 1.3 1.1 1.1 Yes 12/31/2025 Rockford Area Dairy Industry Local 754, Intl. Brotherhood of Teamsters Retirement Pension Plan (1) 36-6067654 / 001 Green Green No 0.6 0.6 0.6 No 4/30/2026 (1) A subsidiary of the Company was listed in the plan’s Form 5500 as providing more than 5.0% of the total contributions for the plan's year ended December 31, 2022 and 2021. (2) Following the contract expiration on December 4, 2023, the parties continue to bargain in good faith and have additional bargaining dates scheduled during the first quarter of 2024. |
OTHER OPERATING EXPENSE, NET (T
OTHER OPERATING EXPENSE, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Expense | The Company incurred other operating expense for the years ended December 31, 2023, 2022, and 2021, which consisted of the following: Year Ended December 31, 2023 2022 2021 (In millions) Growth, reinvestment, and restructuring programs (1) $ 46.1 $ 84.6 $ 83.4 TSA income (2) (41.7) (22.7) — Other 0.9 0.9 0.5 Total other operating expense, net $ 5.3 $ 62.8 $ 83.9 (1) Refer to Note 3 for additional information. (2) Refer to Note 7 for additional information. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative, Fair Value, and Location on Condensed Consolidated Balance Sheet | The following table identifies the fair value of each derivative instrument: December 31, 2023 2022 (In millions) Asset derivatives Commodity contracts $ 1.9 $ — Interest rate swap agreements 17.9 27.2 $ 19.8 $ 27.2 Liability derivatives Commodity contracts $ 0.8 $ 0.3 Interest rate swap agreements 7.2 — $ 8.0 $ 0.3 |
Schedule of Gains and Losses on Derivative Contracts | We recognized the following gains and losses on our derivative contracts in the Consolidated Statements of Operations: Location of Gain (Loss) Year Ended Recognized in Net Income (Loss) 2023 2022 2021 (In millions) Mark-to-market unrealized gain (loss): Commodity contracts Other expense (income), net $ 1.4 $ (3.3) $ (8.9) Interest rate swap agreements Other expense (income), net (16.5) 78.4 46.2 Total unrealized (loss) gain $ (15.1) $ 75.1 $ 37.3 Realized gain (loss): Commodity contracts Manufacturing related to Cost of sales and transportation related to Selling and distribution $ — $ 17.8 $ 31.6 Interest rate swap agreements Interest expense 19.3 (10.7) (24.9) Total return swap contract General and administrative — (1.2) 1.0 Total realized gain $ 19.3 $ 5.9 $ 7.7 Total gain $ 4.2 $ 81.0 $ 45.0 |
DISAGGREGATION OF REVENUE, GE_2
DISAGGREGATION OF REVENUE, GEOGRAPHIC INFORMATION, AND MAJOR CUSTOMERS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Revenue Disaggregated by Product Category | Revenue disaggregated by product category groups is as follows: Year Ended December 31, 2023 2022 2021 (In millions) Snacking $ 1,295.2 $ 1,229.3 $ 1,011.1 Beverages & drink mixes 1,158.1 1,136.2 975.2 Grocery 978.3 931.6 828.0 Total net sales $ 3,431.6 $ 3,297.1 $ 2,814.3 Revenue disaggregated by sales channel is as follows: Year Ended December 31, 2023 2022 2021 (In millions) Retail grocery $ 2,727.3 $ 2,573.6 $ 2,181.0 Co-manufacturing 425.8 477.1 414.9 Food-away-from-home and other 278.5 246.4 218.4 Total net sales $ 3,431.6 $ 3,297.1 $ 2,814.3 |
Schedule of Financial Information Relating to Reportable Segments | The geographic location of long-lived assets is as follows: December 31, 2023 2022 (In millions) Long-lived assets: United States $ 645.0 $ 555.5 Canada 92.6 86.1 Total $ 737.6 $ 641.6 |
QUARTERLY RESULTS OF OPERATIO_2
QUARTERLY RESULTS OF OPERATIONS (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Unaudited Quarterly Results of Operations | The following is a summary of our unaudited quarterly results of operations for 2023: Quarter First Second Third Fourth (In millions, except per share data) Fiscal 2023 Net sales $ 854.0 $ 803.5 $ 863.3 $ 910.8 Gross profit 153.6 133.2 137.5 151.8 Income before income taxes from continuing operations 27.7 31.4 13.5 10.8 Net income from continuing operations 20.4 22.4 9.8 6.4 Net (loss) income from discontinued operations (5.2) 0.9 (2.7) 1.1 Net income 15.2 23.3 7.1 7.5 Earnings (loss) per common share - basic: Continuing operations $ 0.36 $ 0.40 $ 0.18 $ 0.12 Discontinued operations (0.09) 0.02 (0.05) 0.02 Earnings per share - basic (1) $ 0.27 $ 0.41 $ 0.13 $ 0.14 Earnings (loss) per common share - diluted: Continuing operations $ 0.36 $ 0.39 $ 0.17 $ 0.12 Discontinued operations (0.09) 0.02 (0.05) 0.02 Earnings per share - diluted (1) $ 0.27 $ 0.41 $ 0.13 $ 0.14 (1) The sum of the individual per share amounts may not add due to rounding. In addition, the sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding. The following is a summary of our unaudited quarterly results of operations for 2022: Quarter First Second Third Fourth (In millions, except per share data) Fiscal 2022 Net sales $ 742.2 $ 765.3 $ 832.9 $ 956.7 Gross profit 103.3 111.2 132.9 175.0 (Loss) income before income taxes from continuing operations (11.1) (31.2) (9.2) 52.6 Net (loss) income from continuing operations (10.0) (26.9) (12.0) 39.7 Net income (loss) from discontinued operations 7.0 (2.5) (78.5) (63.1) Net loss (3.0) (29.4) (90.5) (23.4) Earnings (loss) per common share - basic: Continuing operations $ (0.18) $ (0.48) $ (0.21) $ 0.71 Discontinued operations 0.13 (0.04) (1.40) (1.12) Earnings (loss) per share - basic (1) $ (0.05) $ (0.53) $ (1.61) $ (0.42) Earnings (loss) per common share - diluted: Continuing operations $ (0.18) $ (0.48) $ (0.21) $ 0.70 Discontinued operations 0.13 (0.04) (1.40) (1.11) Earnings (loss) per share - diluted (1) $ (0.05) $ (0.53) $ (1.61) $ (0.41) (1) The sum of the individual per share amounts may not add due to rounding. In addition, the sum of the quarters may not equal the total year amount due to the impact of changes in average quarterly shares outstanding and rounding. |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) segment segment_manager | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 29, 2023 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Owned direct and indirect subsidiaries, percentage | 100% | |||
Number of operating segments | segment | 1 | |||
Number of segment managers | segment_manager | 1 | |||
Cash and cash equivalents | $ 320.3 | $ 43 | ||
Research and development charges | 13 | 12.4 | $ 13.6 | |
Advertising costs | 1.7 | 1.2 | 1.7 | |
Shipping and Handling | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Shipping and handling costs | 112.5 | 140.4 | $ 121.9 | |
Foreign Jurisdictions | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | $ 27.5 | $ 1.1 | ||
Disposed of by Sale | Snack Bars Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash consideration | $ 58.7 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Assets (Details) | Dec. 31, 2023 |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 12 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Machinery and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Machinery and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 15 years |
Office furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Office furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Useful life | 12 years |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Intangible Assets (Details) | Dec. 31, 2023 |
Customer-related | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 5 years |
Customer-related | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 20 years |
Trademarks | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
Trademarks | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 20 years |
Formulas/recipes | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 5 years |
Formulas/recipes | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 7 years |
Computer software | Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 3 years |
Computer software | Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Useful life | 10 years |
GROWTH, REINVESTMENT, AND RES_3
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS - Additional Information (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Strategic Growth Initiatives | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring costs incurred | $ 115.5 |
Other | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring costs incurred | 5 |
Impairment of property, plant and equipment | 4.7 |
Expected cost | $ 15 |
GROWTH, REINVESTMENT, AND RES_4
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS - Aggregate Expenses Incurred Associated with Facility Closure (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 46.1 | $ 85.1 | $ 83.4 |
Cost of sales | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0 | 0.5 | 0 |
Other operating expense, net | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 46.1 | 84.6 | 83.4 |
Restructuring and Margin Improvement Activities Categories | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 46.1 | 85.1 | 83.4 |
Restructuring and Margin Improvement Activities Categories | Strategic Growth Initiatives | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 15.1 | 40.4 | 55.8 |
Restructuring and Margin Improvement Activities Categories | Other | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 31 | 44.7 | 27.6 |
Asset-related | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4.7 | 0.6 | 0 |
Employee-related | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 15.5 | 37 | 27.9 |
Other costs | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 25.9 | $ 47.5 | $ 55.5 |
GROWTH, REINVESTMENT, AND RES_5
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS - Reconciliation of Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restructuring Reserve [Roll Forward] | |||
Expenses recognized | $ 46.1 | $ 85.1 | $ 83.4 |
Other Restructuring and Plant Closing Costs | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 13 | ||
Cash payments | (14.5) | ||
Ending Balance | 5.6 | 13 | |
Other Restructuring and Plant Closing Costs | Operating Expense | |||
Restructuring Reserve [Roll Forward] | |||
Expenses recognized | 7.1 | ||
Other Restructuring and Plant Closing Costs | Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 8.8 | ||
Cash payments | (8.2) | ||
Ending Balance | 5.4 | 8.8 | |
Other Restructuring and Plant Closing Costs | Severance | Operating Expense | |||
Restructuring Reserve [Roll Forward] | |||
Expenses recognized | 4.8 | ||
Other Restructuring and Plant Closing Costs | Retention | |||
Restructuring Reserve [Roll Forward] | |||
Beginning Balance | 4.2 | ||
Cash payments | (6.3) | ||
Ending Balance | 0.2 | $ 4.2 | |
Other Restructuring and Plant Closing Costs | Retention | Operating Expense | |||
Restructuring Reserve [Roll Forward] | |||
Expenses recognized | $ 2.3 |
LEASES - Additional Information
LEASES - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating and financing leases, renewal term (in years) | 17 years |
Lessee, operating and financing leases, termination term (in years) | 1 year |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating and financing leases, remaining term of contract (in years) | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Lessee, operating and financing leases, remaining term of contract (in years) | 10 years |
LEASES - Supplemental Balance S
LEASES - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Operating | $ 193 | $ 184.4 |
Finance | 0.6 | 1.2 |
Total assets | 193.6 | 185.6 |
Current liabilities | ||
Operating | 40.2 | 38.6 |
Finance | 0.4 | 0.6 |
Total current liabilities | 40.6 | 39.2 |
Noncurrent liabilities | ||
Operating | 165 | 159.1 |
Finance | 0.2 | 0.6 |
Total noncurrent liabilities | 165.2 | 159.7 |
Total lease liabilities | $ 205.8 | $ 198.9 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Long-lived assets: | Long-lived assets: |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses | Accrued expenses |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Current portion of long-term debt | Current portion of long-term debt |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total long-term debt | Total long-term debt |
LEASES - Weighted-average Disco
LEASES - Weighted-average Discount Rates for Operating and Finance Leases (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average discount rate, Operating leases | 4.70% | 4.40% |
Weighted-average discount rate, Finance leases | 2.70% | 2.70% |
LEASES - Weighted-average Remai
LEASES - Weighted-average Remaining Lease Term of Operating and Finance Leases (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term, Operating leases | 5 years 6 months | 5 years 10 months 24 days |
Weighted-average remaining lease term, Finance leases | 1 year 4 months 24 days | 2 years 3 months 18 days |
LEASES - Components of Lease Ex
LEASES - Components of Lease Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 48.7 | $ 44 | $ 37.8 |
Finance lease cost: | |||
Amortization of right-of-use assets | 0.7 | 1 | 1.4 |
Interest on lease liabilities | 0 | 0.1 | 0.1 |
Total finance lease cost | 0.7 | 1.1 | 1.5 |
Variable lease cost | 14.8 | 15.9 | 15.6 |
Sublease income | (4.3) | (4.1) | (3.4) |
Net lease cost | $ 59.9 | $ 56.9 | $ 51.5 |
LEASES - Operating and Finance
LEASES - Operating and Finance Lease Liability (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 48.8 | |
2025 | 46.4 | |
2026 | 46.4 | |
2027 | 39.4 | |
2028 | 17.1 | |
Thereafter | 37.2 | |
Total lease payments | 235.3 | |
Less: Interest | (30.1) | |
Present value of lease liabilities | 205.2 | |
Finance Leases | ||
2024 | 0.4 | |
2025 | 0.2 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Total lease payments | 0.6 | |
Less: Interest | 0 | |
Present value of lease liabilities | $ 0.6 | $ 1.2 |
LEASES - Other Information Rela
LEASES - Other Information Relating to Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 47.1 | $ 42.1 | $ 37.2 |
Operating cash flows from finance leases | 0 | 0.1 | 0.1 |
Financing cash flows from finance leases | $ 0.6 | $ 1.1 | $ 1.6 |
RECEIVABLES SALES PROGRAM - Add
RECEIVABLES SALES PROGRAM - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables Sales Agreement [Line Items] | |||
Termination period | 60 days | ||
Loss on sale of receivables from continuing operations | $ 13,900,000 | $ 6,500,000 | $ 1,600,000 |
Maximum | |||
Receivables Sales Agreement [Line Items] | |||
Proceeds from receivables sales, maximum | $ 500,000,000 |
RECEIVABLES SALES PROGRAM - Acc
RECEIVABLES SALES PROGRAM - Accounts Receivable Sold the Receivable Sales Program (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Outstanding accounts receivable sold | $ 343.8 | $ 347.1 | |
Receivables collected and not remitted to financial institutions | 200.2 | 204.5 | |
Receivables sold | 1,850.3 | 2,320.4 | $ 1,846.9 |
Receivables collected and remitted to financial institutions | $ (1,853.6) | $ (2,330.6) | $ (1,773.9) |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 245.4 | $ 215.6 |
Finished goods | 288.6 | 338.4 |
Total inventories | $ 534 | $ 554 |
ACQUISITIONS AND DIVESTITURES -
ACQUISITIONS AND DIVESTITURES - Additional Information (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||
Jan. 02, 2024 USD ($) | Sep. 29, 2023 USD ($) | Jun. 30, 2023 USD ($) | Apr. 01, 2023 USD ($) | Oct. 03, 2022 USD ($) facility category | Jun. 01, 2021 USD ($) manufacturing_plant | Dec. 31, 2023 USD ($) transaction | Dec. 31, 2023 USD ($) transaction | Dec. 31, 2023 USD ($) transaction | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Goodwill | $ 1,824,700,000 | $ 1,824,700,000 | $ 1,824,700,000 | $ 1,817,600,000 | $ 1,821,900,000 | ||||||
Deferred payment from acquisition of seasoned pretzel capability | 4,000,000 | 0 | 0 | ||||||||
TSA, income received | $ 41,700,000 | 22,700,000 | 0 | ||||||||
Number of transactions | transaction | 3 | 3 | 3 | ||||||||
Disposed of by Sale | Snack Bars Business | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Cash consideration | $ 58,700,000 | ||||||||||
Gain (loss) on sale of business | $ 1,100,000 | ||||||||||
Term of TSA | 4 months | ||||||||||
Extension term of TSA | 6 months | ||||||||||
TSA, term of notice issued before termination | 14 days | ||||||||||
TSA, income received | 600,000 | ||||||||||
Disposed of by Sale | Meal Preparation | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Cash consideration | $ 943,500,000 | $ 963,800,000 | |||||||||
Gain (loss) on sale of business | (2,200,000) | (128,500,000) | |||||||||
Reduction in purchase price consideration | 20,300,000 | ||||||||||
Proceeds from divestitures | 522,600,000 | ||||||||||
Note receivable | $ 420,900,000 | ||||||||||
Note receivable, term | 5 years | ||||||||||
Number of manufacturing facilities | facility | 14 | ||||||||||
Number of categories | category | 11 | ||||||||||
TSA, maximum term | 24 months | ||||||||||
TSA, renewal term | 12 months | ||||||||||
TSA, credit provided to Buyer | $ 35,000,000 | ||||||||||
TSA, income received | 41,100,000 | 22,700,000 | |||||||||
Disposed of by Sale | RTE Cereal | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Cash consideration | $ 85,000,000 | ||||||||||
Proceeds from divestitures | $ 88,000,000 | ||||||||||
TSA, maximum term | 12 months | ||||||||||
TSA, renewal term | 6 months | ||||||||||
Pre-tax gain recognized | $ 18,400,000 | ||||||||||
Number of manufacturing plants disposed | manufacturing_plant | 2 | ||||||||||
Revolving Credit Facility | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revolving credit facility | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | 500,000,000 | $ 500,000,000 | $ 750,000,000 | |||||
Coffee Roasting Capability | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Consideration transferred | 90,600,000 | ||||||||||
Acquisition related costs | 2,400,000 | ||||||||||
Net sales | 64,100,000 | ||||||||||
Net loss before income taxes | $ 3,100,000 | ||||||||||
Reduction in amount of consideration transferred | 1,600,000 | $ 1,600,000 | |||||||||
Decreased inventory | 1,700,000 | ||||||||||
Increased property plant and equipment | $ 100,000 | ||||||||||
Purchase price | $ 92,200,000 | ||||||||||
Pretzel Business Acquisition | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Consideration transferred | $ 14,000,000 | ||||||||||
Goodwill | 5,400,000 | ||||||||||
Deferred payment from acquisition of seasoned pretzel capability | 4,000,000 | ||||||||||
Purchase price | $ 10,000,000 | ||||||||||
Bick’s Pickles, Habitant Pickled Beets, Woodman’s Horseradish And McLarens Pickled Onions | Subsequent Event | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Purchase price | $ 20,000,000 |
ACQUISITIONS AND DIVESTITURES_2
ACQUISITIONS AND DIVESTITURES - Preliminary Purchase Price Allocation of the Fair Value of Net Tangible Assets Acquired (Details) - Coffee Roasting Capability - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2023 | |
Business Acquisition [Line Items] | ||
Cash transferred at close | $ 92.2 | |
Purchase price adjustment | (1.6) | $ (1.6) |
Total consideration transferred | 90.6 | |
Allocation of consideration to assets acquired: | ||
Inventories | 29.8 | |
Property, plant, and equipment, net | 60.8 | |
Total purchase price | $ 90.6 |
ACQUISITIONS AND DIVESTITURES_3
ACQUISITIONS AND DIVESTITURES - Results of Discontinued Operations on Income Statement (Details) - Disposed of by Sale - Snack Bars Business, Meal Preparation And RTE Cereal - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | $ 121.3 | $ 1,338.9 | $ 1,591.2 |
Cost of sales | 127.6 | 1,186.4 | 1,355.1 |
Selling, general, administrative and other operating expenses | 0.9 | 123 | 134.1 |
Amortization expense | 0 | 14.5 | 25.4 |
Asset impairment | 0 | 0 | 9.5 |
(Gain) loss on sale of business | 1.1 | 128.5 | (18.4) |
Operating income (loss) from discontinued operations | (8.3) | (113.5) | 85.5 |
Interest expense and other (income) expense | (1.1) | ||
Interest expense and other (income) expense | 20.8 | 11.5 | |
Income tax expense (benefit) | (1.3) | 2.8 | 17.9 |
Net income (loss) from discontinued operations | $ (5.9) | $ (137.1) | $ 56.1 |
ACQUISITIONS AND DIVESTITURES_4
ACQUISITIONS AND DIVESTITURES - Results of Discontinued Operations on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total assets of discontinued operations | $ 0 | $ 60.4 |
Disposed of by Sale | Snack Bars Business, Meal Preparation And RTE Cereal | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Inventories | 35.5 | |
Property, plant, and equipment, net | 24.9 | |
Total assets of discontinued operations | $ 60.4 |
NOTE RECEIVABLE (Details)
NOTE RECEIVABLE (Details) - USD ($) | 12 Months Ended | |||
Oct. 19, 2023 | Oct. 03, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | ||||
Note receivable | $ 425,900,000 | |||
Note receivable, term | 5 years | |||
Interest rate, year one | 10% | |||
Interest rate, year three | 11% | |||
Interest rate, year four | 12% | |||
Interest rate thereafter | 13% | |||
Financing receivables, interest | 1% | |||
Proceeds from repayment of Seller Note Credit Agreement | $ 427,500,000 | |||
Allowance for expected credit losses | 425,200,000 | $ 0 | $ 427,000,000 | |
Accrued interest | $ 2,300,000 | |||
Interest income | $ 34,500,000 | $ 10,600,000 | ||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Allowance for expected credit losses |
PROPERTY, PLANT, AND EQUIPMEN_2
PROPERTY, PLANT, AND EQUIPMENT - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 1,542.3 | $ 1,369 | |
Less accumulated depreciation | (804.7) | (727.4) | |
Property, plant, and equipment, net | 737.6 | 641.6 | |
Depreciation | 93.7 | 91.7 | $ 96.1 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 35.2 | 26.4 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 367.2 | 308 | |
Machinery and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 1,042.5 | 968.9 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | $ 97.4 | $ 65.7 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 1,817.6 | $ 1,821.9 |
Acquisitions | 5.4 | |
Foreign currency exchange adjustments | 1.7 | (4.3) |
Ending Balance | $ 1,824.7 | $ 1,817.6 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Impairment losses | $ 0 | $ 0 |
Impairment of intangible assets, indefinite-lived | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS - Gross Carrying Amounts and Accumulated Amortization of Intangible Assets, with Finite Lives (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 792.5 | $ 782.3 |
Accumulated Amortization | (541.1) | (492.3) |
Net Carrying Amount | 251.4 | 290 |
Gross Carrying Amount | 798.5 | 788.3 |
Accumulated Amortization | (541.1) | (492.3) |
Net Carrying Amount | 257.4 | 296 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets with indefinite lives: | 6 | 6 |
Customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 549.3 | 542.9 |
Accumulated Amortization | (364.1) | (329.5) |
Net Carrying Amount | 185.2 | 213.4 |
Accumulated Amortization | (364.1) | (329.5) |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18.7 | 18.7 |
Accumulated Amortization | (15.9) | (14.6) |
Net Carrying Amount | 2.8 | 4.1 |
Accumulated Amortization | (15.9) | (14.6) |
Formulas/recipes | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 15.5 | 15.1 |
Accumulated Amortization | (14.9) | (14.7) |
Net Carrying Amount | 0.6 | 0.4 |
Accumulated Amortization | (14.9) | (14.7) |
Computer software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 209 | 205.6 |
Accumulated Amortization | (146.2) | (133.5) |
Net Carrying Amount | 62.8 | 72.1 |
Accumulated Amortization | $ (146.2) | $ (133.5) |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS - Estimated Amortization Expense on Intangible Assets (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 47.9 |
2025 | 47 |
2026 | 44.3 |
2027 | 42.1 |
2028 | $ 39.4 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Payroll and benefits | $ 50.3 | $ 71.6 |
Operating lease liabilities | 40.2 | 38.6 |
Trade promotion liabilities | 20.2 | 19.5 |
Health insurance, workers' compensation, and other insurance costs | 16.1 | 17.6 |
Taxes | 9.8 | 6.4 |
Derivative contracts | 8 | 0.3 |
Interest | 7.3 | 8.7 |
Marketing liabilities | 5 | 6.3 |
Other accrued liabilities | 12.1 | 39.5 |
Total | $ 169 | $ 208.5 |
INCOME TAXES - Components of Lo
INCOME TAXES - Components of Loss Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ 75.5 | $ 13.6 | $ (82.9) | ||||||||
Foreign | 7.9 | (12.5) | (3.3) | ||||||||
Income (loss) before income taxes | $ 10.8 | $ 13.5 | $ 31.4 | $ 27.7 | $ 52.6 | $ (9.2) | $ (31.2) | $ (11.1) | $ 83.4 | $ 1.1 | $ (86.2) |
INCOME TAXES - Components of Pr
INCOME TAXES - Components of Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 15.3 | $ 0.1 | $ (6.4) |
State | 4.3 | (0.3) | 1 |
Foreign | 1.3 | 1.4 | (2.4) |
Total current | 20.9 | 1.2 | (7.8) |
Deferred: | |||
Federal | 4.1 | 3.1 | (9.5) |
State | (1.2) | 8.7 | (0.7) |
Foreign | 0.6 | (2.7) | 0.4 |
Total deferred | 3.5 | 9.1 | (9.8) |
Total income tax expense (benefit) | $ 24.4 | $ 10.3 | $ (17.6) |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Tax Expense Computed at U.S. Federal Statutory Tax Rate to Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Tax at statutory rate | $ 17.5 | $ 0.2 | $ (18.1) |
Nondeductible officers' compensation | 3.2 | 1.3 | 1.5 |
State income taxes | 2.4 | 6.6 | 0.2 |
Effect of cross-border tax laws | 1.3 | 0 | 0.6 |
Excess tax benefits related to stock-based compensation | 0.9 | 3 | 0.4 |
Tax credits | (0.5) | (0.7) | (0.7) |
Uncertain tax positions | (0.5) | (2.5) | (2.9) |
Canadian restructuring | 0 | 1.6 | 0 |
Nondeductible transaction costs | 0 | 1.4 | 0 |
CARES Act | 0 | 0 | 1.9 |
Other, net | 0.1 | (0.6) | (0.5) |
Total income tax expense (benefit) | 24.4 | 10.3 | (17.6) |
Valuation allowance recorded against deferred tax asset | $ 0.1 | $ 5 | $ 2.4 |
INCOME TAXES - Tax Effects of T
INCOME TAXES - Tax Effects of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Loss and credit carryovers | $ 197.4 | $ 208.6 |
Lease liabilities | 51 | 49.8 |
Interest limitation carryover | 16.9 | 19.7 |
Accrued liabilities | 14.4 | 18 |
Pension and postretirement benefits | 8.3 | 10.6 |
Stock compensation | 4.4 | 6.3 |
Other | 18.2 | 14.2 |
Total deferred tax assets | 310.6 | 327.2 |
Valuation allowance | (178.2) | (186.4) |
Total deferred tax assets, net of valuation allowance | 132.4 | 140.8 |
Deferred tax liabilities: | ||
Fixed assets and intangible assets | (191.2) | (194.2) |
Lease assets | (49.2) | (48.5) |
Other | (2.4) | (5.5) |
Total deferred tax liabilities | (242.8) | (248.2) |
Net deferred income tax liability | $ (110.4) | $ (107.4) |
INCOME TAXES - Income Taxes - D
INCOME TAXES - Income Taxes - Details of Tax Attributed Related to Net Operating Losses, Credits And Capital Losses (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Gross Attribute Amount | ||
Foreign net operating losses | $ 4.6 | |
State net operating losses | 313.4 | |
Federal credits | 0 | |
State credits | 0 | |
Federal capital loss | 621.9 | |
State capital loss | 842.3 | |
Foreign capital loss | 49.2 | |
Net Attribute Amount | ||
Foreign net operating losses | 1.2 | |
State net operating losses | 10.9 | |
Federal credits | 6.7 | |
State credits | 9.7 | |
Federal capital loss | 130.6 | |
State capital loss | 29.4 | |
Foreign capital loss | 6.5 | |
Other | 2.4 | |
Total | $ 197.4 | $ 208.6 |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Deferred tax asset on capital loss | $ 166,500,000 | ||
Unrecognized tax benefits that would impact the effective tax rate, if reversed | 1,000,000 | $ 1,200,000 | |
Unrecognized tax benefits assumed in prior acquisitions | 0 | 200,000 | |
Decrease in total amount of unrecognized tax benefits within the next 12 months | 1,000,000 | ||
Unrecognized tax benefits, recognized interest and penalties in income tax expense (benefit) | (100,000) | (100,000) | $ (900,000) |
Unrecognized tax benefits, accrued payment of interest and penalties | 400,000 | 400,000 | |
Unrecognized tax benefits, accrued payment of interest and penalties, subject to in | $ 0 | $ 100,000 | |
CARES Act, income tax expense | $ 1,900,000 |
INCOME TAXES - Reconciliation_2
INCOME TAXES - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits beginning balance | $ 1.5 | $ 7.1 | $ 10.7 |
Additions based on tax positions of prior years | 0 | 0 | 0.5 |
Reductions resulting from dispositions | 0 | (2.2) | 0 |
Reductions due to statute lapses | (0.4) | (0.4) | (4.1) |
Reductions related to settlements with taxing authorities | 0 | (2.9) | 0 |
Foreign currency translation | 0 | 0 | |
Foreign currency translation | (0.1) | ||
Unrecognized tax benefits ending balance | $ 1.1 | $ 1.5 | $ 7.1 |
LONG-TERM DEBT - Schedule of Lo
LONG-TERM DEBT - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Finance leases | $ 0.6 | $ 1.2 |
Total outstanding debt | 1,405.6 | 1,406.2 |
Deferred financing costs | (9.2) | (11.6) |
Less current portion | (0.4) | (0.6) |
Total long-term debt | 1,396 | 1,394 |
2028 Notes | ||
Debt Instrument [Line Items] | ||
Senior notes | 500 | 500 |
Term Loan A | ||
Debt Instrument [Line Items] | ||
Term Loan | 316.4 | 316.4 |
Term Loan A-1 | ||
Debt Instrument [Line Items] | ||
Term Loan | $ 588.6 | $ 588.6 |
LONG-TERM DEBT - Scheduled Matu
LONG-TERM DEBT - Scheduled Maturities of Outstanding Debt, Excluding Deferred Financing Costs (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 0.4 | |
2025 | 0.2 | |
2026 | 588.6 | |
2027 | 0 | |
2028 | 816.4 | |
Thereafter | 0 | |
Total outstanding debt | $ 1,405.6 | $ 1,406.2 |
LONG-TERM DEBT - Additional Inf
LONG-TERM DEBT - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||
Feb. 17, 2023 | Sep. 09, 2020 USD ($) | Dec. 01, 2017 USD ($) term_loan | Oct. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) amendment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Payments on Term Loans | $ 0 | $ 514,300,000 | $ 1,136,700,000 | |||||
Loss on extinguishment of debt | $ 0 | 4,500,000 | 14,400,000 | |||||
Debt instrument covenant consolidated net leverage ratio (no greater than) | 4.50 | |||||||
Long-term debt, fair value | $ 1,350,500,000 | 1,335,800,000 | ||||||
Long-term debt, carrying value | 1,405,000,000 | 1,405,000,000 | ||||||
Finance leases | 600,000 | 1,200,000 | ||||||
Deferred financing costs | 9,200,000 | 11,600,000 | ||||||
Long-term Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Deferred financing costs | 9,200,000 | 11,600,000 | ||||||
Machinery and equipment | ||||||||
Debt Instrument [Line Items] | ||||||||
Finance leases | $ 600,000 | |||||||
Direct and Indirect Guarantor Subsidiaries | ||||||||
Debt Instrument [Line Items] | ||||||||
Ownership percentage of direct and indirect Guarantor subsidiaries | 100% | |||||||
Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, unused fee rate | 0.20% | |||||||
Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, unused fee rate | 0.35% | |||||||
2024 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Loss on extinguishment of debt | 4,500,000 | 14,400,000 | ||||||
Unamortized premium | 9,000,000 | |||||||
Write off of debt issuance costs | 5,400,000 | |||||||
2028 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 500,000,000 | |||||||
Stated debt interest rate | 4% | |||||||
Indenture accreted amount due and payable percentage | 25% | |||||||
2028 Notes | Change of control | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption price, percentage | 101% | |||||||
Interest Rate Swap | ||||||||
Debt Instrument [Line Items] | ||||||||
Notional amount | $ 1,175,000,000 | 875,000,000 | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of term loans | term_loan | 2 | |||||||
Number of credit amendments | amendment | 6 | |||||||
Revolving credit facility - maximum borrowing capacity | $ 500,000,000 | 500,000,000 | $ 750,000,000 | $ 500,000,000 | ||||
Revolving credit facility available | 471,000,000 | |||||||
Letters of credit facility issued but undrawn | 29,000,000 | |||||||
Minimum payment default amount that triggers a Cross default provision | $ 75,000,000 | |||||||
Revolving Credit Facility | Secured Overnight Financing Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit spread adjustment | 0.10% | 0.10% | ||||||
Revolving Credit Facility | Secured Overnight Financing Rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit spread adjustment | 1.20% | |||||||
Revolving Credit Facility | Secured Overnight Financing Rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit spread adjustment | 1.70% | |||||||
Revolving Credit Facility | Base Rate Margin | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit spread adjustment | 0.20% | |||||||
Revolving Credit Facility | Base Rate Margin | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit spread adjustment | 0.70% | |||||||
Term Loan A and A-1 | ||||||||
Debt Instrument [Line Items] | ||||||||
Payments on Term Loans | 500,000,000 | |||||||
Term Loan A | ||||||||
Debt Instrument [Line Items] | ||||||||
Payments on Term Loans | $ 174,800,000 | 174,800,000 | ||||||
Aggregate principal amount | $ 500,000,000 | |||||||
Term Loan A | Secured Overnight Financing Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit spread adjustment | 0.10% | |||||||
Term Loan A | Secured Overnight Financing Rate | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit spread adjustment | 1.675% | |||||||
Term Loan A | Secured Overnight Financing Rate | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit spread adjustment | 2.175% | |||||||
Term Loan A | Base Rate Margin | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit spread adjustment | 0.675% | |||||||
Term Loan A | Base Rate Margin | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit spread adjustment | 1.175% | |||||||
Term Loan A-1 | ||||||||
Debt Instrument [Line Items] | ||||||||
Payments on Term Loans | $ 325,200,000 | $ 325,200,000 | ||||||
Aggregate principal amount | $ 930,000,000 |
STOCKHOLDERS' EQUITY - Addition
STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 02, 2017 | |
Stockholders Equity Note [Line Items] | |||||
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 | 90,000,000 | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Common stock, dividend declared (in usd per share) | $ 0 | ||||
Excise tax | $ 900,000 | $ 900,000 | $ 0 | $ 0 | |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | ||
Preferred stock, par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | ||
Common Stock | |||||
Stockholders Equity Note [Line Items] | |||||
Stock repurchase program, expected annual cap | $ 150,000,000 | ||||
Common Stock | Maximum | |||||
Stockholders Equity Note [Line Items] | |||||
Stock repurchase program, authorized amount | $ 400,000,000 |
STOCKHOLDERS' EQUITY - Repurcha
STOCKHOLDERS' EQUITY - Repurchase of Common Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||||
Shares repurchased (in shares) | 2.3 | 0 | 0.5 | |
Weighted average price per share (in usd per share) | $ 43.38 | $ 0 | $ 50.88 | |
Total cost, excluding excise tax | $ 100 | $ 0 | $ 25 | |
Excise tax | $ 0.9 | $ 0.9 | $ 0 | $ 0 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding (in shares) | 55.8 | 56 | 55.9 |
Assumed exercise/vesting of equity awards (in shares) | 0.6 | 0 | 0 |
Weighted average diluted common shares outstanding (in shares) | 56.4 | 56 | 55.9 |
Equity awards, excluded from computation of diluted earnings (in shares) | 1.1 | 1.4 | 1.6 |
STOCK-BASED COMPENSATION - Addi
STOCK-BASED COMPENSATION - Additional Information (Details) | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||||
Apr. 27, 2023 shares | Jun. 09, 2022 $ / shares shares | Dec. 29, 2021 installment $ / shares shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2023 USD ($) installment $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 | Dec. 31, 2023 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Tax benefit recognized from stock option exercises | $ | $ 0 | $ 0 | $ 0 | ||||||
Granted (in shares) | 0 | 0 | |||||||
Stock Option | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation arrangement, award vesting period | 3 years | ||||||||
Share based compensation arrangement, award expiration period | 10 years | ||||||||
Compensation costs, unrecognized | $ | $ 2,100,000 | $ 2,100,000 | |||||||
Compensation costs, recognition weighted average remaining period (in years) | 1 year 4 months 24 days | ||||||||
Stock Option | Vesting in year 1 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 33% | ||||||||
Stock Option | Vesting in year 2 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 67% | ||||||||
Employee Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation arrangement, award vesting period | 18 months | 3 years | |||||||
Compensation costs, unrecognized | $ | $ 16,000,000 | 16,000,000 | |||||||
Compensation costs, recognition weighted average remaining period (in years) | 1 year 7 months 6 days | ||||||||
Share based compensation arrangement, award vesting period, number of installments | installment | 3 | ||||||||
Granted (in usd per share) | $ / shares | $ 37.90 | $ 40.03 | $ 47.45 | ||||||
Granted (in shares) | 62,000 | 51,200 | 330,000 | ||||||
Employee Restricted Stock Units | Executive Members | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share based compensation arrangement, award vesting period | 6 months | ||||||||
Share based compensation arrangement, award vesting period, number of installments | installment | 3 | ||||||||
Performance Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation costs, unrecognized | $ | $ 6,800,000 | $ 6,800,000 | |||||||
Compensation costs, recognition weighted average remaining period (in years) | 10 months 24 days | ||||||||
Granted (in usd per share) | $ / shares | $ 47.73 | ||||||||
Granted (in shares) | 99,000 | ||||||||
Performance based compensation period | 3 years | ||||||||
Accrual of units (as a percent) | 25% | 25% | 33.33% | ||||||
Performance Units | Executive Members | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance based compensation period | 3 years | ||||||||
Grant-date fair value (in usd per share) | $ / shares | $ 50.43 | $ 26.84 | $ 59.16 | ||||||
Units granted | 22,000 | 52,600 | 23,200 | ||||||
Performance Units | Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in usd per share) | $ / shares | $ 58.36 | ||||||||
Granted (in shares) | 239,300 | ||||||||
Performance based compensation period | 2 years | ||||||||
Performance Units | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Predefined percentage for calculation of performance unit awards | 0% | ||||||||
Performance Units | Minimum | Executive Members | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Predefined percentage for calculation of performance unit awards | 0% | ||||||||
Predefined percentage for calculation of performance achievement unit awards | 0% | ||||||||
Performance Units | Minimum | Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Predefined percentage for calculation of performance achievement unit awards | 0% | ||||||||
Performance Units | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Predefined percentage for calculation of performance unit awards | 200% | ||||||||
Performance Units | Maximum | Executive Members | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Predefined percentage for calculation of performance unit awards | 200% | ||||||||
Predefined percentage for calculation of performance achievement unit awards | 150% | ||||||||
Performance Units | Maximum | Executive Officer | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Predefined percentage for calculation of performance achievement unit awards | 450% | ||||||||
TreeHouse Foods, Inc. Equity and Incentive Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Additional number of shares available to be awarded (in shares) | 5,000,000 | ||||||||
Maximum number of shares authorized to be awarded (in shares) | 22,500,000 | 22,500,000 | |||||||
Shares available (in shares) | 6,800,000 | 6,800,000 |
STOCK-BASED COMPENSATION - Sche
STOCK-BASED COMPENSATION - Schedule of Total Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Compensation expense related to stock-based payments | $ 24.8 | $ 19.8 | $ 14.2 |
Related income tax benefit | $ 5.9 | $ 4.7 | $ 3.6 |
STOCK-BASED COMPENSATION - Sc_2
STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Options | |||
Granted (in shares) | 0 | 0 | |
Stock Option | |||
Employee Options | |||
Beginning balance (in shares) | 1,258,000 | ||
Forfeited (in shares) | (26,000) | ||
Expired (in shares) | (654,000) | ||
Ending balance (in shares) | 578,000 | 1,258,000 | |
Vested/expected to vest, at December 31, 2023 | 553,000 | ||
Exercisable, at December 31, 2023 | 288,000 | ||
Weighted Average Exercise Price | |||
Beginning balance (in usd per share) | $ 72.09 | ||
Forfeited (in usd per share) | 42.69 | ||
Expired (in usd per share) | 80.22 | ||
Ending balance (in usd per share) | 64.20 | $ 72.09 | |
Vested/expected to vest, at December 31, 2023 | 65.15 | ||
Exercisable, at December 31, 2023 | $ 85.82 | ||
Weighted Average Remaining Contractual Term (yrs.) | |||
Outstanding | 5 years 1 month 6 days | 3 years 6 months | |
Vested/expected to vest, at December 31, 2023 | 5 years | ||
Exercisable, at December 31, 2023 | 1 year 9 months 18 days | ||
Aggregate Intrinsic Value | |||
Beginning balance | $ 2.1 | ||
Ending balance | 0 | $ 2.1 | |
Vested/expected to vest | 0 | ||
Exercisable | $ 0 |
STOCK-BASED COMPENSATION - Sc_3
STOCK-BASED COMPENSATION - Schedule of Employee and Director Stock Option Highlights (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of stock options exercised | $ 0 | $ 0.1 | $ 0 |
STOCK-BASED COMPENSATION - Assu
STOCK-BASED COMPENSATION - Assumptions Used to Calculate Value of Option Awards Granted (Details) - Stock Option | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0% |
Risk-free rate | 2.93% |
Expected volatility | 38.54% |
Expected term (in years) | 6 years 3 months 29 days |
STOCK-BASED COMPENSATION - Sc_4
STOCK-BASED COMPENSATION - Schedule of Restricted Stock and Restricted Stock Unit Activity (Details) - $ / shares | 12 Months Ended | ||
Jun. 09, 2022 | Dec. 29, 2021 | Dec. 31, 2023 | |
Employee Restricted Stock Units | |||
Restricted Stock Units | |||
Beginning balance (in shares) | 632,000 | ||
Granted (in shares) | 62,000 | 51,200 | 330,000 |
Vested (in shares) | (303,000) | ||
Forfeited (in shares) | (86,000) | ||
Ending balance (in shares) | 573,000 | ||
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning balance (in usd per share) | $ 37.08 | ||
Granted (in usd per share) | $ 37.90 | $ 40.03 | 47.45 |
Vested (in usd per share) | 39.06 | ||
Forfeited (in usd per share) | 39.95 | ||
Outstanding, ending balance (in usd per share) | $ 41.57 | ||
Director Restricted Stock Units | |||
Restricted Stock Units | |||
Beginning balance (in shares) | 71,000 | ||
Granted (in shares) | 23,000 | ||
Vested (in shares) | (49,000) | ||
Forfeited (in shares) | 0 | ||
Ending balance (in shares) | 45,000 | ||
Vested and deferred (in shares) | 22,000 | ||
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning balance (in usd per share) | $ 35.88 | ||
Granted (in usd per share) | 52.81 | ||
Vested (in usd per share) | 30.70 | ||
Forfeited (in usd per share) | 0 | ||
Outstanding, ending balance (in usd per share) | 50.14 | ||
Vested and deferred (in usd per share) | $ 47.37 |
STOCK-BASED COMPENSATION - Sc_5
STOCK-BASED COMPENSATION - Schedule of Employee and Director Restricted Stock and Restricted Stock Highlights (Details) - Employee Restricted Stock Units and Director Restricted Stock Units - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of vested restricted stock units | $ 17.2 | $ 13.1 | $ 22.6 |
Tax benefit recognized from vested restricted stock units | $ 2.9 | $ 2.5 | $ 3.8 |
STOCK-BASED COMPENSATION - Shar
STOCK-BASED COMPENSATION - Shareholder Return Market Condition and Assumptions (Details) - Performance Units | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0% | 0% | 0% |
Risk-free rate | 3.87% | 2.36% | 0.30% |
Expected term (in years) | 2 years 9 months 18 days | 2 years 1 month 20 days | 2 years 9 months |
Tree House Foods | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 35.17% | 36.84% | 35.65% |
Peer Group | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 35.04% | 36.64% | 37.72% |
Index | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 16.30% |
STOCK-BASED COMPENSATION - Sc_6
STOCK-BASED COMPENSATION - Schedule of Performance Unit Activity (Details) - Performance Units shares in Thousands | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Performance Units | |
Beginning balance (in shares) | shares | 620 |
Granted (in shares) | shares | 99 |
Vested (in shares) | shares | (98) |
Forfeited (in shares) | shares | (87) |
Ending balance (in shares) | shares | 534 |
Weighted Average Grant Date Fair Value | |
Outstanding, beginning balance (in usd per share) | $ / shares | $ 45.23 |
Granted (in usd per share) | $ / shares | 47.73 |
Vested (in usd per share) | $ / shares | 42.73 |
Forfeited (in usd per share) | $ / shares | 42.90 |
Outstanding, ending balance (in usd per share) | $ / shares | $ 47.44 |
STOCK-BASED COMPENSATION - Sc_7
STOCK-BASED COMPENSATION - Schedule of Performance Unit Highlights (Details) - Performance Units - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of vested performance units | $ 5 | $ 2.4 | $ 5.6 |
Tax benefit recognized from performance units vested | $ 0.4 | $ 0.3 | $ 0.3 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Accumulated Other Comprehensive Loss Net of Tax Except for Foreign Currency Translation Adjustment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 1,687 | $ 1,845.4 | $ 1,865 |
Other comprehensive income (loss) before reclassifications | (25.8) | 9.9 | |
Reclassifications from accumulated other comprehensive (loss) income | (4.3) | 0.5 | |
Other comprehensive income (loss) | 7.6 | (30.1) | 10.4 |
Ending balance | 1,664.8 | 1,687 | 1,845.4 |
Disposed of by Sale | Meal Preparation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Reclassified from accumulated other comprehensive loss | 4.6 | ||
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (87) | (70.9) | (67.3) |
Other comprehensive income (loss) before reclassifications | (11.5) | (3.6) | |
Reclassifications from accumulated other comprehensive (loss) income | (4.6) | 0 | |
Other comprehensive income (loss) | 2.8 | (16.1) | (3.6) |
Ending balance | (84.2) | (87) | (70.9) |
Unrecognized Pension and Postretirement Benefits | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 3.3 | 17.3 | 3.3 |
Other comprehensive income (loss) before reclassifications | (14.3) | 13.5 | |
Reclassifications from accumulated other comprehensive (loss) income | 0.3 | 0.5 | |
Other comprehensive income (loss) | 4.8 | (14) | 14 |
Ending balance | 8.1 | 3.3 | 17.3 |
Income taxes | 1.6 | (4.5) | 4.5 |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (83.7) | (53.6) | (64) |
Other comprehensive income (loss) | 7.6 | (30.1) | 10.4 |
Ending balance | $ (76.1) | $ (83.7) | $ (53.6) |
EMPLOYEE PENSION AND POSTRETI_3
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 USD ($) retiree | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution made by the company | $ 14 | $ 14.3 | $ 15.2 | |
Number of retirees impacted | retiree | 1,300 | |||
Pension Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution made by the company | 0.7 | 0.7 | ||
Pension plan contribution for next year | 3 | |||
Settlement cost | $ 33.5 | 33.5 | 0 | |
Aggregate fair value of plan assets | $ 33.5 | $ 33.5 | 0 | |
Pension Benefits | Equity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan asset allocation | 27% | |||
Pension Benefits | Fixed Income Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan asset allocation | 51% | |||
Pension Benefits | Hedge Funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan asset allocation | 4% | |||
Pension Benefits | Real Estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan asset allocation | 2% | |||
Pension Benefits | Cash and Cash Equivalents | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of plan asset allocation | 16% | |||
Postretirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution made by the company | $ 1.2 | 1.5 | ||
Pension plan contribution for next year | 1.2 | |||
Settlement cost | 0 | 0 | ||
Aggregate fair value of plan assets | 0 | 0 | ||
Multiemployer plans contribution | $ 2.4 | $ 2.5 | $ 0.3 | |
Minimum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of participant's annual compensation for employer matching and profit sharing contributions | 1% | |||
Maximum | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of participant's annual compensation for employer matching and profit sharing contributions | 80% | |||
Maximum | Pension Benefits | Equity Securities | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Targeted equities percentage under investment policy | 65% |
EMPLOYEE PENSION AND POSTRETI_4
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS - Fair Value of Pension Plan Assets, by Asset Category (Details) - Pension Benefits - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 196.9 | $ 229.9 | $ 323.3 |
Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 66.9 | 1.7 | |
Total | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1.3 | 1.7 | |
Total | Equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 53.6 | 0 | |
Total | Fixed income funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 7.5 | 0 | |
Total | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 4.5 | 0 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 66.9 | 1.7 | |
Level 1 | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 1.3 | 1.7 | |
Level 1 | Equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 53.6 | 0 | |
Level 1 | Fixed income funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 7.5 | 0 | |
Level 1 | Real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 4.5 | 0 | |
NAV | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 130 | 228.2 | |
NAV | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 30.7 | 0 | |
NAV | Equity funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 0 | 93.2 | |
NAV | Fixed income funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | 92.4 | 122.3 | |
NAV | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total | $ 6.9 | $ 12.7 |
EMPLOYEE PENSION AND POSTRETI_5
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Information about Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in plan assets: | ||||
Company contributions | $ 14 | $ 14.3 | $ 15.2 | |
Amounts recognized in Accumulated other comprehensive loss: | ||||
Accumulated benefit obligation | 216.7 | 254.5 | ||
Pension Benefits | ||||
Change in projected benefit obligation: | ||||
Projected benefit obligation, at beginning of year | 254.8 | 330.9 | ||
Service cost | 0.3 | 0.5 | 1 | |
Interest cost | 12.3 | 9.2 | 8.8 | |
Actuarial loss (gain) | 2.8 | (65.5) | ||
Settlement cost | $ (33.5) | (33.5) | 0 | |
Benefits paid | (19.8) | (20.3) | ||
Projected benefit obligation, at end of year | 216.9 | 254.8 | 330.9 | |
Change in plan assets: | ||||
Fair value of plan assets, at beginning of year | 229.9 | 323.3 | ||
Actual gain (loss) on plan assets | 19.6 | (73.8) | ||
Company contributions | 0.7 | 0.7 | ||
Annuity lift-out | $ (33.5) | (33.5) | 0 | |
Benefits paid | (19.8) | (20.3) | ||
Fair value of plan assets, at end of year | 196.9 | 229.9 | 323.3 | |
Funded status of the plan | (20) | (24.9) | ||
Amounts recognized in the Consolidated Balance Sheets: | ||||
Current liability | (0.7) | (0.7) | ||
Noncurrent liability | (19.3) | (24.2) | ||
Net amount recognized | (20) | (24.9) | ||
Amounts recognized in Accumulated other comprehensive loss: | ||||
Net actuarial (gain) loss | (1.9) | 2.6 | ||
Prior service cost | 0 | 0.2 | ||
Total, before tax effect | (1.9) | 2.8 | ||
Postretirement Benefits | ||||
Change in projected benefit obligation: | ||||
Projected benefit obligation, at beginning of year | 17.8 | 23.3 | ||
Service cost | 0 | 0 | 0 | |
Interest cost | 0.8 | 0.6 | 0.7 | |
Actuarial loss (gain) | (2.2) | (4.6) | ||
Settlement cost | 0 | 0 | ||
Benefits paid | (1.3) | (1.5) | ||
Projected benefit obligation, at end of year | 15.1 | 17.8 | 23.3 | |
Change in plan assets: | ||||
Fair value of plan assets, at beginning of year | 0 | 0 | ||
Actual gain (loss) on plan assets | 0 | 0 | ||
Company contributions | 1.2 | 1.5 | ||
Annuity lift-out | 0 | 0 | ||
Benefits paid | (1.2) | (1.5) | ||
Fair value of plan assets, at end of year | 0 | 0 | $ 0 | |
Funded status of the plan | (15.1) | (17.8) | ||
Amounts recognized in the Consolidated Balance Sheets: | ||||
Current liability | (1.2) | (1.5) | ||
Noncurrent liability | (13.9) | (16.3) | ||
Net amount recognized | (15.1) | (17.8) | ||
Amounts recognized in Accumulated other comprehensive loss: | ||||
Net actuarial (gain) loss | (8.9) | (7.2) | ||
Prior service cost | 0 | 0 | ||
Total, before tax effect | $ (8.9) | $ (7.2) |
EMPLOYEE PENSION AND POSTRETI_6
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Pension Benefit Plans (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Aggregate projected benefit obligation | $ 216.9 | $ 254.8 |
Aggregate accumulated benefit obligation | 216.7 | 254.5 |
Aggregate fair value of plan assets | $ 196.9 | $ 229.9 |
EMPLOYEE PENSION AND POSTRETI_7
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS - Accumulated Benefit Obligation and Weighted Average Assumptions Used (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Weighted average assumptions used to determine the pension benefit obligations: | |||
Discount rate for the settlement charge on weighted average | 5.81% | ||
Discount rate for the curtailment gain | 2.75% | ||
Pension Benefits | |||
Weighted average assumptions used to determine the pension benefit obligations: | |||
Discount rate | 4.96% | 5.16% | |
Rate of compensation increases | 3.10% | 3.10% | |
Postretirement Benefits | |||
Weighted average assumptions used to determine the pension benefit obligations: | |||
Discount rate | 4.95% | 5.15% | |
Rate of compensation increases | 0% | 0% |
EMPLOYEE PENSION AND POSTRETI_8
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS - Key Actuarial Assumptions Used to Determine Postretirement Benefit Obligations (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Retirement Benefits [Abstract] | ||
Health care cost trend rate for next year, Pre-65 | 7.16% | 6.12% |
Health care cost trend rate for next year, Post-65 | 7.93% | 6.62% |
Ultimate rate, Pre-65 | 4.50% | 4.50% |
Ultimate rate, Post-65 | 4.50% | 4.50% |
EMPLOYEE PENSION AND POSTRETI_9
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS - Schedule of Net Periodic Cost of Pension and Postretirement Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 0.3 | $ 0.5 | $ 1 |
Interest cost | 12.3 | 9.2 | 8.8 |
Expected return on plan assets | (13) | (15.1) | (13.8) |
Amortization of unrecognized prior service cost | 0.1 | 0.1 | 0.2 |
Amortization of unrecognized net loss | 0.4 | 0.3 | 0.5 |
Annuity lift-out | 0.3 | 0 | 0 |
Curtailment | 0 | 0 | (0.7) |
Net periodic cost (benefit) | 0.4 | (5) | (4) |
Postretirement Benefits | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0.8 | 0.6 | 0.7 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of unrecognized prior service cost | 0 | 0 | 0 |
Amortization of unrecognized net loss | (0.5) | 0 | 0 |
Annuity lift-out | 0 | 0 | 0 |
Curtailment | 0 | 0 | (0.4) |
Net periodic cost (benefit) | $ 0.3 | $ 0.6 | $ 0.3 |
EMPLOYEE PENSION AND POSTRET_10
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS - Weighted Average Assumptions Used to Determine Pension Benefit Costs (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted average assumptions used to determine the periodic benefit costs: | |||
Discount rate for the settlement charge on weighted average | 5.81% | ||
Discount rate for the curtailment gain | 2.75% | ||
Pension Benefits | |||
Weighted average assumptions used to determine the periodic benefit costs: | |||
Discount rate | 5.16% | 2.86% | 2.50% |
Rate of compensation increases | 3.10% | 3% | |
Expected return on plan assets | 6.25% | 4.85% | 4.40% |
Pension Benefits | Maximum | |||
Weighted average assumptions used to determine the periodic benefit costs: | |||
Rate of compensation increases | 3% | ||
Postretirement Benefits | |||
Weighted average assumptions used to determine the periodic benefit costs: | |||
Discount rate | 5.15% | 2.80% | 2.50% |
EMPLOYEE PENSION AND POSTRET_11
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS - Estimated Future Pension and Postretirement Benefit Payments (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 18.3 |
2025 | 16.9 |
2026 | 16.9 |
2027 | 16.8 |
2028 | 16.4 |
2029-2033 | 78.5 |
Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 1.2 |
2025 | 1.2 |
2026 | 1.2 |
2027 | 1.3 |
2028 | 1.2 |
2029-2033 | $ 5.9 |
EMPLOYEE PENSION AND POSTRET_12
EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS - Multiemployer Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Maximum | |||
Multiemployer Plans [Line Items] | |||
Percentage of total contributions | 5% | 5% | |
Bakery and Confectionery Union and Industry International Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans contribution | $ 1.7 | $ 1.8 | $ 2 |
Central States Southeast and Southwest Areas Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans contribution | 1.3 | 1.1 | 1.1 |
Rockford Area Dairy Industry Local 754, Intl. Brotherhood of Teamsters Retirement Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans contribution | $ 0.6 | $ 0.6 | $ 0.6 |
OTHER OPERATING EXPENSE, NET (D
OTHER OPERATING EXPENSE, NET (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Growth, reinvestment, and restructuring programs | $ 46.1 | $ 84.6 | $ 83.4 |
TSA income | (41.7) | (22.7) | 0 |
Other | 0.9 | 0.9 | 0.5 |
Total other operating expense, net | $ 5.3 | $ 62.8 | $ 83.9 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | |||
Cost of sales | $ 2,855.5 | $ 2,774.7 | $ 2,342.7 |
Loss contingency, cash payment | 27 | ||
Damages from Product Defects | |||
Loss Contingencies [Line Items] | |||
Incremental charges | 27 | ||
Reduction in net sales for estimated product returns | 1.3 | ||
Cost of sales | $ 25.7 |
DERIVATIVE INSTRUMENTS - Additi
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($) | Jan. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Interest rate swap agreements | |||
Derivative [Line Items] | |||
Notional amount | $ 1,175,000,000 | $ 875,000,000 | |
Interest rate swap agreements | Subsequent Event | |||
Derivative [Line Items] | |||
Notional amount | $ 300,000,000 | ||
Weighted average fixed interest rate | 3.38% | ||
Interest Rate Swaps Due February 28, 2025 | |||
Derivative [Line Items] | |||
Notional amount | $ 875,000,000 | ||
Weighted average fixed interest rate | 2.91% | ||
Interest Rate Swaps Effective February 28, 2025 Through February 29, 2028 | |||
Derivative [Line Items] | |||
Notional amount | $ 300,000,000 | ||
Weighted average fixed interest rate | 3.99% | ||
Diesel Contract | |||
Derivative [Line Items] | |||
Notional amount | $ 24,400,000 | 8,900,000 | |
Total return swap contract | |||
Derivative [Line Items] | |||
Notional amount | $ 0 | $ 3,900,000 |
DERIVATIVE INSTRUMENTS - Deriva
DERIVATIVE INSTRUMENTS - Derivative, Fair Value, and Location on Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Asset derivative, fair value | $ 19.8 | $ 27.2 |
Liability derivative, fair value | 8 | 0.3 |
Commodity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivative, fair value | 1.9 | 0 |
Liability derivative, fair value | 0.8 | 0.3 |
Interest rate swap agreements | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivative, fair value | 17.9 | 27.2 |
Liability derivative, fair value | $ 7.2 | $ 0 |
DERIVATIVE INSTRUMENTS - Gains
DERIVATIVE INSTRUMENTS - Gains and Losses on Derivative Contracts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Mark to market unrealized gain (loss), derivative | $ (15.1) | $ 75.1 | $ 37.3 |
Total unrealized (loss) gain | (15.1) | 75.1 | 37.3 |
Total realized gain | 19.3 | 5.9 | 7.7 |
Total gain | $ 4.2 | 81 | 45 |
Manufacturing related to Cost of sales and transportation related to Selling and distribution | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of sales, Selling and distribution | ||
Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest expense | ||
General and administrative | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | General and administrative | ||
Commodity contracts | Other expense (income), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Mark to market unrealized gain (loss), commodity contracts | $ 1.4 | (3.3) | (8.9) |
Commodity contracts | Manufacturing related to Cost of sales and transportation related to Selling and distribution | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total realized gain | 0 | 17.8 | 31.6 |
Interest rate swap agreements | Other expense (income), net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Mark to market unrealized gain (loss), derivative | (16.5) | 78.4 | 46.2 |
Interest rate swap agreements | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total realized gain | 19.3 | (10.7) | (24.9) |
Total return swap contract | General and administrative | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total realized gain | $ 0 | $ (1.2) | $ 1 |
DISAGGREGATION OF REVENUE, GE_3
DISAGGREGATION OF REVENUE, GEOGRAPHIC INFORMATION, AND MAJOR CUSTOMERS - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 910.8 | $ 863.3 | $ 803.5 | $ 854 | $ 956.7 | $ 832.9 | $ 765.3 | $ 742.2 | $ 3,431.6 | $ 3,297.1 | $ 2,814.3 |
Retail grocery | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 2,727.3 | 2,573.6 | 2,181 | ||||||||
Co-manufacturing | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 425.8 | 477.1 | 414.9 | ||||||||
Food-away-from-home and other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 278.5 | 246.4 | 218.4 | ||||||||
Snacking | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,295.2 | 1,229.3 | 1,011.1 | ||||||||
Beverages & drink mixes | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 1,158.1 | 1,136.2 | 975.2 | ||||||||
Grocery | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 978.3 | $ 931.6 | $ 828 |
DISAGGREGATION OF REVENUE, GE_4
DISAGGREGATION OF REVENUE, GEOGRAPHIC INFORMATION, AND MAJOR CUSTOMERS - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sales Revenue, Net | Customer Concentration Risk | Walmart Stores, Inc. and affiliates | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 22.40% | 21.10% | 20.60% |
Sales Revenue, Net | Customer Concentration Risk | Non-U.S | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 5.10% | 5.10% | 5.20% |
Sales Revenue, Net | Geographic Concentration Risk | Canada | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 4% | 3.80% | 3.90% |
Trade Receivables | Customer Concentration Risk | Walmart Stores, Inc. and affiliates | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 11.20% |
DISAGGREGATION OF REVENUE, GE_5
DISAGGREGATION OF REVENUE, GEOGRAPHIC INFORMATION, AND MAJOR CUSTOMERS - Long-Lived Assets by Geographic Region (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Long-lived assets: | $ 737.6 | $ 641.6 |
United States | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets: | 645 | 555.5 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets: | $ 92.6 | $ 86.1 |
QUARTERLY RESULTS OF OPERATIO_3
QUARTERLY RESULTS OF OPERATIONS (unaudited) - Schedule of Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||
Net sales | $ 910.8 | $ 863.3 | $ 803.5 | $ 854 | $ 956.7 | $ 832.9 | $ 765.3 | $ 742.2 | $ 3,431.6 | $ 3,297.1 | $ 2,814.3 | |||
Gross profit | 151.8 | 137.5 | 133.2 | 153.6 | 175 | 132.9 | 111.2 | 103.3 | 576.1 | 522.4 | 471.6 | |||
Income before income taxes from continuing operations | 10.8 | 13.5 | 31.4 | 27.7 | 52.6 | (9.2) | (31.2) | (11.1) | 83.4 | 1.1 | (86.2) | |||
Net income from continuing operations | 6.4 | 9.8 | 22.4 | 20.4 | 39.7 | (12) | (26.9) | (10) | 59 | (9.2) | (68.6) | |||
Net (loss) income from discontinued operations | 1.1 | (2.7) | 0.9 | (5.2) | (63.1) | (78.5) | (2.5) | 7 | (5.9) | (137.1) | 56.1 | |||
Net income (loss) | $ 7.5 | $ 7.1 | $ 23.3 | $ 15.2 | $ (23.4) | $ (90.5) | $ (29.4) | $ (3) | $ 53.1 | $ (146.3) | $ (12.5) | |||
Earnings (loss) per common share - basic: | ||||||||||||||
Continuing operations (in usd per share) | $ 0.12 | $ 0.18 | $ 0.40 | $ 0.36 | $ 0.71 | $ (0.21) | $ (0.48) | $ (0.18) | $ 1.06 | $ (0.16) | $ (1.23) | |||
Discontinued operations (in usd per share) | 0.02 | (0.05) | 0.02 | (0.09) | (1.12) | (1.40) | (0.04) | 0.13 | (0.11) | (2.45) | 1 | |||
Net earnings (loss) per share basic (in usd per share) | 0.14 | 0.13 | 0.41 | 0.27 | (0.42) | (1.61) | (0.53) | (0.05) | 0.95 | [1] | (2.61) | [1] | (0.22) | [1] |
Earnings (loss) per common share - diluted: | ||||||||||||||
Continuing operations (in usd per share) | 0.12 | 0.17 | 0.39 | 0.36 | 0.70 | (0.21) | (0.48) | (0.18) | 1.05 | (0.16) | (1.23) | |||
Discontinued operations (in usd per share) | 0.02 | (0.05) | 0.02 | (0.09) | (1.11) | (1.40) | (0.04) | 0.13 | (0.10) | (2.45) | 1 | |||
Net earnings (loss) per share diluted (in usd per share) | $ 0.14 | $ 0.13 | $ 0.41 | $ 0.27 | $ (0.41) | $ (1.61) | $ (0.53) | $ (0.05) | $ 0.94 | [1] | $ (2.61) | [1] | $ (0.22) | [1] |
[1]The sum of the individual per share amounts may not add due to rounding. |
Schedule II - VALUATION AND Q_2
Schedule II - VALUATION AND QUALIFYING ACCOUNTS - Deferred Tax Valuation Allowance (Details) - Deferred Tax Valuation Allowance - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance Beginning of Year | $ (186.4) | $ (161.8) | $ (160.2) |
Additions | (2.5) | (27.4) | (2.4) |
Reductions | 10.7 | 2.8 | 0.8 |
Balance End of Year | $ (178.2) | $ (186.4) | $ (161.8) |