Hostess Brands (TWNK) 10-K/A 17 May 21 2020 FY Annual report (amended) Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2020	May 10, 2021	Jun. 30, 2020
Class of Stock [Line Items]
Document Type	10-K/A
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-37540
Entity Registrant Name	HOSTESS BRANDS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-4168492
Entity Address, Address Line One	7905 Quivira Road,
Entity Address, City or Town	Lenexa,
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66215
City Area Code	816
Local Phone Number	701-4600
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
Entity Shell Company	false
Entity Public Float			$ 1,516,537,841
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement relating to its 2021 annual meeting of stockholders (the “2021 Proxy Statement”) are incorporated by reference into Part III of this Annual Report on Form 10-K/A where indicated. The 2021 Proxy Statement was filed with the U.S. Securities and Exchange Commission on April 30, 2021.
Amendment Flag	true
Entity Central Index Key	0001644406
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Description	This Amendment is being filed solely to (i) restate the financial statements for the accounting error associated with certain warrants previously classified as equity which should have been classified as liabilities (and make corresponding changes to the Risk Factors and the Management’s Discussion and Analysis of Financial Condition and Results of Operations sections in this Amendment) and (ii) amend Part II Item 9A (Controls and Procedures).
Common Class A
Class of Stock [Line Items]
Title of 12(b) Security	Class A Common Stock, par value of $0.0001 per share
Trading Symbol	TWNK
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		131,294,192
Warrant
Class of Stock [Line Items]
Title of 12(b) Security	Warrants, each exercisable for half share of Class A Common Stock
Trading Symbol	TWNKW
Security Exchange Name	NASDAQ
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 173,034	$ 285,087
Accounts receivable, net	125,550	104,892
Inventories	49,348	47,608
Prepaids and other current assets	21,614	15,569
Total current assets	369,546	453,156
Property and equipment, net	303,959	242,384
Intangible assets, net	1,967,903	1,853,315
Goodwill	706,615	535,853
Other assets, net	17,446	12,993
Total assets	3,365,469	3,097,701
Current liabilities:
Long-term debt and lease obligations payable within one year	13,811	11,883
Tax receivable agreement obligations payable within one year	11,800	12,100
Accounts payable	61,428	68,566
Customer trade allowances	46,779	45,715
Warrant liabilities	861	111,305
Accrued expenses and other current liabilities	55,715	21,661
Total current liabilities	190,394	271,230
Long-term debt and lease obligations	1,113,037	975,405
Tax receivable agreement obligations	144,744	126,096
Deferred tax liability	295,009	256,051
Other long-term liabilities	1,560	0
Total liabilities	1,744,744	1,628,782
Commitments and Contingencies (Note 15)
Additional paid in capital	1,281,018	1,123,805
Accumulated other comprehensive loss	(10,407)	(756)
Retained earnings	356,101	251,425
Treasury stock	(6,000)	0
Stockholders’ equity	1,620,725	1,374,487
Non-controlling interest	0	94,432
Total liabilities, stockholders’ equity and non-controlling interest	3,365,469	3,097,701
Common Class A
Current liabilities:
Common Stock	13	12
Common Class B
Current liabilities:
Common Stock	$ 0	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Common Class A
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (shares)	200,000,000	200,000,000
Common stock, issued (shares)	130,347,464	122,108,086
Common stock, outstanding (shares)	130,347,464	122,108,086
Common Class B
Common stock, par value (usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (shares)	50,000,000	50,000,000
Common stock, issued (shares)	0	8,409,834
Common stock, outstanding (shares)	0	8,409,834

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net revenue	$ 1,016,609	$ 907,675	$ 850,389
Cost of goods sold	660,970	607,841	583,112
Gross profit	355,639	299,834	267,277
Operating costs and expenses:
Advertising and marketing	45,724	39,775	35,069
Selling expense	46,729	30,719	30,071
General and administrative	92,860	69,423	52,760
Amortization of customer relationships	26,510	23,377	24,057
Business combination transaction costs	4,282	1,914	297
Tax receivable agreement liability remeasurement	760	186	(1,866)
Gain on foreign currency contract	0	(7,128)	0
Other operating expense	3,464	5,472	5,331
Total operating costs and expenses	220,329	163,738	145,719
Operating income	135,310	136,096	121,558
Other (income) expense:
Interest expense, net	42,826	39,870	39,404
Gain on buyout of tax receivable agreement	0	0	(12,372)
Change in fair value of warrant liabilities	(39,941)	58,816	(79,156)
Other expense	3,723	1,769	146
Total other (income) expense	6,608	100,455	(51,978)
Income before income taxes	128,702	35,641	173,536
Income tax expense	20,405	16,892	12,954
Net income	108,297	18,749	160,582
Less: Net income attributable to the non-controlling interest	3,621	14,450	18,531
Net income attributable to Class A stockholders	$ 104,676	$ 4,299	$ 142,051
Earnings per Class A share:
Basic (usd per share)	$ 0.84	$ 0.04	$ 1.42
Diluted (usd per share)	$ 0.51	$ 0.04	$ 0.61
Weighted-average shares outstanding:
Basic (shares)	124,927,535	110,540,264	99,957,049
Diluted (shares)	127,723,488	111,005,689	103,098,394

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 108,297	$ 18,749	$ 160,582
Other comprehensive income:
Unrealized gain (loss) on interest rate swap designated as a cash flow hedge	(16,870)	(4,063)	2,962
Reclassification into net income	3,886	(1,705)	(775)
Income tax benefit (expense)	3,421	1,222	(470)
Comprehensive income	98,734	14,203	162,299
Less: Comprehensive income attributed to non-controlling interest	2,749	13,292	19,050
Comprehensive income attributed to Class A stockholders	$ 95,985	$ 911	$ 143,249

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Class A	Class B	Total Stockholders’ Equity	Total Stockholders’ EquityCumulative Effect, Period of Adoption, Adjustment	Total Stockholders’ EquityAs Previously Reported	Total Stockholders’ EquityRestatement Adjustment	Common StockClass A	Common StockClass B	Common StockAs Previously ReportedClass A	Common StockAs Previously ReportedClass B	Additional Paid-in Capital	Additional Paid-in CapitalAs Previously Reported	Additional Paid-in CapitalRestatement Adjustment	Accumulated Other Comprehensive Income (Losses)	Accumulated Other Comprehensive Income (Losses)Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Losses)As Previously Reported	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained EarningsAs Previously Reported	Retained EarningsRestatement Adjustment	Treasury Stock	Treasury StockAs Previously Reported	Non-controlling Interest	Non-controlling InterestCumulative Effect, Period of Adoption, Adjustment	Non-controlling InterestAs Previously Reported
Beginning balance, common stock (shares) at Dec. 31, 2017								99,791,000	30,320,000	99,791,000	30,320,000
Beginning balance at Dec. 31, 2017				$ 998,688	$ 198	$ 1,130,333	$ (131,645)	$ 10	$ 3	$ 10	$ 3	$ 892,473	$ 920,723	$ (28,250)	$ 1,318	$ 7	$ 1,318	$ 104,884	$ 191	$ 208,279	$ (103,395)	$ 0	$ 0	$ 342,240	$ 85	$ 342,240
Beginning balance, treasury stock (share) at Dec. 31, 2017																						0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	$ 162,299			143,249											1,198			142,051						19,050
Share‑based compensation (shares)								191,000
Share-based compensation, net of income taxes				5,095								5,095
Exchanges (shares)								64,000	(64,000)
Exchanges				1,370								1,370												(1,370)
Distributions																								(9,551)
Payment of taxes for employee stock awards				(1,025)								(1,025)
Tax receivable agreement arising from exchanges, net of income taxes				(261)								(261)
Ending balance, common stock (shares) at Dec. 31, 2018								100,046,000	30,256,000
Ending balance at Dec. 31, 2018				1,147,314				$ 10	$ 3			897,652			2,523			247,126				$ 0		350,454
Ending balance, treasury stock (share) at Dec. 31, 2018																						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	$ 14,203			911											(3,388)			4,299						13,292
Share‑based compensation (shares)								209,000
Share-based compensation, net of income taxes				7,877								7,877
Exchanges (shares)								21,845,000	(21,845,000)
Exchanges				262,656				$ 2	$ (2)			262,547			109									(262,656)
Distributions																								(6,658)
Exercise of employee stock options (shares)	7,463							7,000
Exercise of employee stock options and warrants				23								23
Payment of taxes for employee stock awards				(1,431)								(1,431)
Tax receivable agreement arising from exchanges, net of income taxes				(42,863)								(42,863)
Ending balance, common stock (shares) at Dec. 31, 2019		122,108,086	8,409,834					122,107,000	8,411,000
Ending balance at Dec. 31, 2019				1,374,487				$ 12	$ 1			1,123,805			(756)			251,425				$ 0		94,432
Ending balance, treasury stock (share) at Dec. 31, 2019																						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	$ 98,734			95,985											(8,691)			104,676						2,749
Share‑based compensation (shares)								223,000
Share-based compensation, net of income taxes				10,838								10,838
Exchanges (shares)								8,411,000	(8,411,000)
Exchanges				93,759				$ 1	$ (1)			94,719			(960)									(93,759)
Distributions																								(3,422)
Exercise of employee stock options (shares)	44,257							50,000
Exercise of employee stock options and warrants				690								690
Payment of taxes for employee stock awards				(1,440)								(1,440)
Reclassification of public warrants				68,503								68,503
Repurchase of common stock (in shares)		(444,444)						(444,000)														(444,000)
Repurchase of common stock		$ (8,000)		(6,000)																		$ (6,000)
Tax receivable agreement arising from exchanges, net of income taxes				(16,097)								(16,097)
Ending balance, common stock (shares) at Dec. 31, 2020		130,347,464	0					130,347,000	0
Ending balance at Dec. 31, 2020				$ 1,620,725				$ 13	$ 0			$ 1,281,018			$ (10,407)			$ 356,101				$ (6,000)		$ 0
Ending balance, treasury stock (share) at Dec. 31, 2020																						444,000

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Adoption of new accounting standards, income tax			$ 83
Income tax, share-based compensation	$ 2,167	$ 1,354	505
Tax receivable agreement arising from exchanges, income taxes	11,818	28,817	33
Comprehensive income	$ 98,734	$ 14,203	$ 162,299

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net income	$ 108,297	$ 18,749	$ 160,582
Depreciation and amortization	54,940	43,334	41,411
Impairment and loss on sale of assets	3,329	1,976	4,970
Non-cash loss on debt modification	0	531	0
Debt discount (premium) amortization	1,289	(747)	(1,079)
Tax receivable agreement remeasurement and gain on buyout	760	185	(14,237)
Change in fair value of warrant liabilities	(39,941)	58,816	(79,156)
Non-cash fees on sale of business	0	1,414	0
Unrealized loss (gain) on foreign currency	2,061	(7,128)	0
Non-cash lease expense	571	0	0
Share-based compensation	8,671	9,231	5,600
Deferred taxes	16,806	14,121	10,255
Change in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable	4,434	(2,570)	(3,667)
Inventories	5,824	(12,477)	3,569
Prepaids and other current assets	(5,301)	265	(510)
Accounts payable and accrued expenses	1,900	14,072	14,418
Customer trade allowances	(4,397)	4,202	1,499
Net cash provided by operating activities	159,243	143,974	143,655
Investing activities
Purchases of property and equipment	(51,983)	(34,875)	(44,585)
Acquisition of business, net of cash	(316,013)	0	(23,160)
Proceeds from sale of business, net of cash	0	63,345	0
Proceeds from sale of assets	0	0	639
Acquisition and development of software assets	(6,269)	(5,609)	(3,839)
Net cash provided by (used in) investing activities	(374,265)	22,861	(70,945)
Financing activities
Repayments of long-term debt and financing lease obligations	(11,168)	(9,894)	(10,105)
Proceeds from long-term debt origination, net of fees paid	136,888	0	0
Debt refinancing costs	0	(7,433)	0
Distributions to non-controlling interest	(3,422)	(6,658)	(9,551)
Repurchase of warrants	(2,000)	0	0
Repurchase of common stock	(6,000)	0	0
Payment of taxes related to the net issuance of employee stock awards	(1,440)	(1,431)	(1,025)
Payments on tax receivable agreement	(10,327)	(2,732)	(41,353)
Proceeds from the exercise of warrants	690	23	0
Net cash provided by (used in) financing activities	103,221	(28,125)	(62,034)
Effect of exchange rate changes on cash and cash equivalents	(252)	0	0
Net increase (decrease) in cash and cash equivalents	(112,053)	138,710	10,676
Cash and cash equivalents at beginning of period	285,087	146,377	135,701
Cash and cash equivalents at end of period	173,034	285,087	146,377
Supplemental Disclosures of Cash Flow Information
Interest paid	41,776	43,986	37,617
Taxes paid	5,825	1,840	3,422
Supplemental disclosure of non-cash investing
Accrued capital expenditures	$ 4,718	$ 2,910	$ 7,858

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Descr i ption of Business Hostess Brands, Inc. is a Delaware corporation headquartered in Lenexa, Kansas. The consolidated financial statements include the accounts of Hostess Brands, Inc. and its subsidiaries (collectively, the “Company”). The Company is a leading packaged food company focused on developing, manufacturing, marketing, selling and distributing snack products, including sweet baked goods, cookies and wafers in North America. The Hostess® brand dates back to 1919 when Hostess® CupCake was introduced to the public, followed by Twinkies® in 1930. Basis of Presentation The Company’s operations are conducted through operating subsidiaries that are wholly-owned by the Company. The consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned, majority-owned or controlled subsidiaries, collectively referred to as the Company. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with current period presentation. As discussed in Note 2. Restatement of Previously Issued Financial Statements, the consolidated financial statements have been restated to reflect certain warrants as liabilities rather than equity. Prior to the final exchange of Class B stock (as described below), the Company's operating subsidiaries were wholly-owned by Hostess Holdings, a direct subsidiary of Hostess Brands, Inc. Hostess Brands, Inc. held 100% of the general partnership interest in Hostess Holdings and a majority of the limited partnership interests therein and consolidated Hostess Holdings in the Company’s consolidated financial statements. The remaining limited partnership interests in Hostess Holdings were held by the holders of Class B stock. C. Dean Metropoulos and entities under his control (the “Metropoulos Entities”) held their equity investment in the Company primarily through Class B limited partnership units (“Class B Units”) in Hostess Holdings LP (“Hostess Holdings”) and an equal number of shares of the Company’s Class B common stock (“Class B Stock”). Each Class B Unit, together with a share of Class B Stock held by the Metropoulos Entities, was exchangeable for a share of the Company’s Class A common stock. The interest of the Class B Units was reflected in the consolidated financial statements as a non-controlling interest. During the year ended December 31, 2020, the Metropoulos Entities exchanged all of their remaining Class B Units and Class B Stock for Class A common stock. At December 31, 2020, there are no outstanding Class B Units or Class B stock and there is no non-controlling interest reported on the December 31, 2020 consolidated balance sheet. Subsequent to the Metropoulos Entities' final exchange of Class B Units, all subsidiaries including, Hostess Holdings, are wholly owned by the Company. Prior to the final exchange of Class B Units, the Company determined that Hostess Holdings, a limited partnership, was a variable interest entity (“VIE”) and that the Company was the primary beneficiary of the VIE. The Company determined that, due to its ownership of Hostess Holdings’ general partnership units, the Company had the power to direct all of the activities of Hostess Holdings, with no substantive kick-out rights or participating rights by the limited partners individually or as a group. Hostess Holdings constituted the majority of the assets of the Company. The Company has one reportable segment: Snacking (formerly known as Sweet Baked Goods). For the year ended December 31, 2019, the Company had two reportable segments: Sweet Baked Goods and In-Store Bakery. The Company sold its In-Store Bakery operations on August 30, 2019. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its majority-owned or controlled subsidiaries (including those for which the Company was the primary beneficiary of a VIE), collectively referred to as the Company. All intercompany balances and transactions have been eliminated in consolidation. Adoption of New Accounting Standards On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”), 2016-13 Financial Instruments-Credit Losses : Measurement of Credit Losses on Financial Instruments ( “Topic 326” ) . This ASU requires entities to measure the impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. This ASU is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. The adoption of this standard did not have a material impact on the consolidated financial statements. On January 1, 2019, the Company adopted ASU No. 2016-02, Leases, along with the related ASUs 2018-01, 2018-10 and 2018-11 (collectively, “Topic 842”). Topic 842 requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12 months. To adopt this standard, the Company utilized a modified retrospective transition method. Under this approach, the results for reporting periods beginning January 1, 2019 are presented under Topic 842. Prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting standards. There was no cumulative effect of applying Topic 842 to the opening balance of retained earnings. The Company has elected to apply the practical expedients under Topic 842 which allow entities to not reassess the lease classification for expired or existing leases and to not reassess if expired or existing contracts contain leases under the Topic 842 definition. The Company has also elected to use hindsight when determining the lease term of existing leases. As a result of the adoption, on January 1, 2019, the Company recognized right of use assets of $8.2 million, offset by associated accumulated amortization of $5.2 million and corresponding lease liabilities of $3.0 million. The recognition of leases subsequent to the adoption of Topic 842 is further described in Note 16. Commitments and Contingencies. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements and for the reported amounts of revenues and expenses during the reporting period. Management utilizes estimates, including, but not limited to, valuation and useful lives of tangible and intangible assets, inputs used to calculate the Tax Receivable Agreement liability including increases in tax basis related to exchanges, future cash tax savings rate, and the allocation of the liability between short-term and long-term based on when the Company realizes certain tax attributes and reserves for trade and promotional allowances. Actual results could differ from these estimates. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less when purchased as cash equivalents and are recorded at cost. Under the Company’s cash management system, checks that have been issued and are out of the control of the Company, but which have not cleared the bank by the balance sheet date, are reported as a reduction of cash. Accounts Receivable Accounts receivable represents amounts invoiced to customers for which the Company’s obligation to the customer has been satisfied. As of December 31, 2020 and 2019, the Company’s accounts receivable were $125.6 million and $104.9 million, respectively, which have been reduced by allowances for damages occurring during shipment, quality claims and doubtful accounts in the amount of $3.5 million and $2.7 million, respectively. Inventories Inventories are stated at the lower of cost or market on a first-in first-out basis. Abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage) are expensed in the period they are incurred. The components of inventories are as follows : (In thousands) December 31, December 31, Ingredients and packaging $ 22,965 $ 21,439 Finished goods 23,583 22,513 Inventory in transit to customers 2,800 3,656 $ 49,348 $ 47,608 Property and Equipment Property and equipment acquired in business combinations were assigned useful lives for purposes of depreciation that the Company believes to be the remaining useful life of such assets. Additions to property and equipment are recorded at cost and depreciated straight line over estimated useful lives of 15 to 50 years for buildings and land improvements and 3 to 20 years for machinery and equipment. In order to maximize the efficiency of the Company’s operations and to operate the acquired equipment, occasionally the Company will remove and relocate equipment between bakeries. Such removal and relocation costs are expensed as incurred. Reinstallation costs are capitalized if the useful life is extended or the equipment is significantly improved. Otherwise, reinstallation costs are expensed as incurred. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing property and equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the capitalized cost and related accumulated depreciation are removed from the balance sheet and any resulting gain or loss is recognized in the consolidated statements of operations. The Company assesses property, plant and equipment for impairment when circumstances arise which could change its use or expected life. For the years ended December 31, 2020, 2019 and 2018 the Company recorded impairment losses of $2.9 million, $0.5 million and $1.4 million, respectively, in the Snacking segment (formerly referred to as Sweet Baked Goods, or “SBG”). Software Costs Costs associated with computer software projects during the preliminary project stage are expensed as incurred. Once management authorizes and commits to funding a project, appropriate application development stage costs are capitalized. Capitalization ceases when the project is substantially complete and the software is ready for its intended use. Upgrades and enhancements to software are capitalized when such enhancements are determined to provide additional functionality. Training and maintenance costs associated with software applications are expensed as incurred. Included in the caption “Other assets” in the consolidated balance sheets is capitalized software in the amount of approximately $14.7 million and $11.9 million at December 31, 2020 and 2019, respectively. Capitalized software costs are amortized over their estimated useful life of up to five years commencing when such assets are ready for their intended use. Software amortization expense included in general and administrative expense in the consolidated statements of operations was $5.3 million for the year ended December 31, 2020, and $2.7 million for both years ended December 31, 2019 and 2018. Goodwill and Intangible Assets At December 31, 2020 and 2019, the goodwill balances of $706.6 million and $535.9 million, respectively, represent the excess of the amount the Company paid for the acquisition of Hostess Holdings from the Metropoulos Entities and other former equity holders in a 2016 transaction over the fair value of the assets acquired and liabilities assumed. The December 31, 2020 goodwill balance also reflects the excess of the amount the Company paid for the acquisition of Voortman over the fair value of the assets acquired and liabilities assumed. The resulting goodwill was allocated to the Snacking reporting segment. Goodwill by reporting segment is tested for impairment annually by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting segment is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative assessment for some or all reporting units and perform a quantitative impairment test. For the 2020 and 2019 annual impairment tests, the Company elected to perform the qualitative test. No indicators of impairment were noted. The Company’s indefinite-lived intangible assets consist of trademarks and trade names. The $1,538.6 million and $1,408.6 million balances at December 31, 2020 and 2019, respectively, were recognized as part of the 2016 acquisition of Hostess Holdings and the 2018 acquisition of the Cloverhill Business. The December 31, 2020 balance also includes trademarks and trade names from the acquisition of Voortman. The trademarks and trade names are integral to the Company’s identity and are expected to contribute indefinitely to its corporate cash flows. Fair value for trademarks and trade names was determined using the income approach, which is considered to be Level 3 within the fair value hierarchy. The application of the income approach was premised on a royalty savings method, whereby the trademark and trade names are valued by reference to the amount of royalty income they could generate if they were licensed, in an arm’s-length transaction, to a third party. These assets have been assigned an indefinite life and therefore are not amortized but rather evaluated for impairment annually using the qualitative or quantitative methods similar to goodwill. For the quantitative assessment, the valuation of trademarks and trade names are determined using the relief of royalty method. Significant assumptions used in this method include future trends in sales, a royalty rate and a discount rate to be applied to the forecasted revenue stream. During the year ended December 31, 2019, the Company recognized an impairment charge of $1.0 million to the In-Store Bakery goodwill and intangibles. See Note 8. Goodwill and Intangible Assets for more information on impairment charges. Also, the Company has finite-lived intangible assets, net of accumulated amortization of $429.3 million and $444.7 million on December 31, 2020 and 2019 respectively, that consist of customer relationships that were recognized as part of the Hostess Holdings, Voortman and Cloverhill acquisitions. For customer relationships, the application of the income approach (Level 3) was premised on an excess earnings method, whereby the customer relationships are valued by the earnings expected to be generated from those customers after other capital charges. Definite-lived intangible assets are being amortized on a straight-line basis over the estimated remaining useful lives of the assets. Reserves for Self-Insurance Benefits The Company’s employee health plan is self-insured by the Company up to a stop-loss amount of $0.3 million for each participant per plan year. In addition, the Company maintains insurance programs covering its exposure to workers’ compensation. Such programs include the retention of certain levels of risks and costs through high deductibles and other risk retention strategies. Included in the accrued expenses in the consolidated balance sheets is a reserve for healthcare claims in the amount of approximately $2.2 million and $2.0 million at December 31, 2020 and 2019, respectively, and a reserve for workers’ compensation claims of $2.9 million and $2.7 million at December 31, 2020 and 2019, respectively. Leases Subsequent to its adoption of Topic 842 on January 1, 2019, the Company recognizes a right of use asset and corresponding lease liability on the consolidated balance sheet for all lease transactions with terms of more than 12 months. Agreements are determined to contain a lease if they convey the use and control of an underlying physical asset. Based on the nature of the lease transaction, leases are either classified as financing or operating. Under both classifications, the right of use asset and liability are initially valued based on the present value of the future minimum lease payments using an effective borrowing rate at the inception of the lease. The Company determined the effective borrowing rate based on its expected incremental borrowing rate on collateralized debt. At December 31, 2020, 3.6% was the weighted average effective borrowing rates for outstanding operating leases. Under a financing lease, interest expense related to the lease liability is recognized over the lease term using an effective interest rate method and right of use assets are amortized straight-line over the term of the lease. Under an operating lease, minimum lease payments are expensed straight-line over the lease term. Lease liabilities are amortized using an effective interest rate method and right of use assets are reduced based on the excess of the sum of the straight-line lease expense and the reduction of the lease liability over the actual lease payments. At December 31, 2020, the weighted average remaining terms on operating leases were approximately eight years. Variable lease payments, such as taxes and insurance, are expensed as incurred. Expenses related to leases with original terms less than 12 months (short-term leases) are expensed as incurred. For all leases related to distribution, bakery and corporate facilities, the Company has elected not to separate non-lease components from lease components. At December 31, 2020, right of use assets related to operating leases are included in property and equipment, net on the consolidated balance sheet (see Note 6. Property and Equipment). Lease liabilities for operating leases are included in the current and non-current portions of long-term debt and lease obligations on the consolidated balance sheet (see Note 11. Debt). Revenue Recognition Net revenue consists primarily of sales of packaged food products. The Company recognizes revenue when the obligations under the terms of its agreements with customers have been satisfied. The Company’s obligation is satisfied when control of the product is transferred to its customers along with the title, risk of loss and rewards of ownership. Depending on the arrangement with the customer, these criteria are met either at the time the product is shipped or when the product is received by such customer. Customers are invoiced at the time of shipment or customer pickup based on credit terms established in accordance with industry practice. Invoices generally require payment within 30 days. Net revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for that product. Amounts billed to customers related to shipping and handling are classified as net revenue. A provision for payment discounts and other allowances is estimated based on the Company’s historical performance or specific terms with the customer. The Company generally does not accept product returns and provides these allowances for anticipated expired or damaged products. Trade promotions, consisting primarily of customer pricing allowances and merchandising funds are offered through various programs to customers. A provision for estimated trade promotions is recorded as a reduction of revenue in the same period when the sale is recognized. The Company also offers rebates based on purchase levels, product placement locations in retail stores and advertising placed by customers. The ultimate cost of these programs is dependent on certain factors such as actual purchase volumes or customer activities and is the subject of significant management estimates. The Company accounts for these programs as variable consideration and recognizes a reduction in revenue in the same period as the underlying program. For product produced by third parties, management evaluates whether the Company is the principal (i.e., report revenue on a gross basis) or agent (i.e., report revenue on a net basis). Management has determined that it is the principal in all cases, since it establishes its own pricing for such product, generally assumes the credit risk for amounts billed to its customers, and often takes physical control of the product before it is shipped to customers. The following tables disaggregate revenue by geographical market and category: Year Ended December 31, 2020 (In thousands) Sweet Baked Goods In-Store Bakery Cookies Total United States $ 920,388 $ — $ 77,692 $ 998,080 Canada — — 18,529 18,529 $ 920,388 $ — $ 96,221 $ 1,016,609 Year Ended December 31, 2019 (In thousands) Sweet Baked Goods In-Store Bakery Cookies Total United States $ 878,973 $ 28,702 $ — $ 907,675 Canada — — — — $ 878,973 $ 28,702 $ — $ 907,675 The Company has one customer that accounted for 10% or more of the Company’s total net revenue. The percentage of total net revenues for this customer is presented below by segment: Year Ended Year Ended Year Ended Snacking 20.2 % 23.3 % 20.4 % In-Store Bakery 0.0 % 0.3 % 0.6 % Total 20.2 % 23.6 % 21.0 % Foreign Currency Remeasurement Certain Voortman sales and production related costs are denominated in the Canadian dollar (“CAD”). CAD transactions have been remeasured into U.S. dollars (“USD”) on the consolidated statement of operations using the average exchange rate for the reporting period. Balances expected to be settled in CAD have been remeasured into USD on the consolidated balance sheet using the exchange rate at the end of the period. During the year ended December 31, 2020, the Company recognized losses on remeasurement of $1.8 million, reported within other expense on the consolidated statement of operations. Equity Compensation The grant date fair values of stock options are valued using the Black-Scholes option-pricing model, including a simplified method to estimate the number of periods to exercise date (i.e., the expected option term). Management has determined that the equity plan has not been in place for a sufficient amount of time to estimate the post vesting exercise behavior. Therefore, it will continue to use this simplified method until such time as it has sufficient history to provide a reasonable basis to estimate the expected term. Forfeitures are recognized as a reduction of expense as incurred. For awards which have market conditions, compensation expense is calculated based on the number of shares expected to vest after assessing the probability that the performance or market criteria will be met. For market-based awards, probability is not reassessed and compensation expense is not remeasured subsequent to the initial assessment on the grant date. Collective Bargaining Agreements As of December 31, 2020, approximately 41%, of t he Company’s em ployees are covered by collective bargaining agreements. None of these agreements expire before December 31, 2021. Employee Benefit Plans The Company provides several benefit plans for employees depending upon employee eligibility. The Company has a health care plan, a defined contribution retirement plan (401(k)), company-sponsored life insurance, and other benefit plans. The Company’s contributions to the defined contribution retirement plan were $2.0 million, $1.8 million and $1.9 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company offers an annual incentive plan based upon annual operating targets. Final payout is approved by the board of directors or a committee thereof. As of December 31, 2020 and 2019 there was $14.2 million and $6.8 million accrued for this plan, respectively. Income Taxes The Company is subject to U.S. federal, state and local income taxes as well as Canadian income tax on certain subsidiaries. Prior to the final exchange of Class B units, Hostess Brands, Inc. owned a controlling interest in Hostess Holdings, which is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Hostess Holdings was not directly subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Hostess Holdings was passed through to and included in the taxable income or loss of its partners, including the Company. The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the difference is expected to reverse. Additionally, the impact of changes in the enacted tax rates and laws on deferred taxes, if any, is reflected in the financial statements in the period of enactment. The Company recognizes the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs (see Note 15. Income Taxes). Derivatives The Company has outstanding public and private placement warrants which were originated in the 2015 initial public offering of a special purpose acquisition company (“SPAC”), which subsequently acquired Hostess Holdings in 2016 in a transaction that resulted in the Company becoming the parent company of Hostess Holdings. Due to certain provisions in the warrant agreement, the Company concluded that certain warrants do not meet the criteria to be classified in stockholders’ equity. In periods in which the public and private warrants meet the definition of a liability-classified derivative under Accounting Standards Codification (“ASC”) 815, the Company recognized these warrants within current liabilities on the consolidated balance sheet at fair value, with subsequent changes in fair value recognized in the consolidated statement of operations at each reporting date. The Company has entered into interest rate swap contracts to mitigate its exposure to changes in the variable interest rate on its long-term debt. The Company has also entered into Canadian Dollar (CAD) purchase contracts to mitigate its exposure to foreign currency exchanges rates on its CAD denominated production costs. Both interest rate swap contracts and CAD purchase contracts are designated as cash flow hedges. Changes in the fair value of these instruments are recognized in accumulated other comprehensive income in the consolidated balance sheets and reclassified into earnings in the period in which the hedged transaction affects earnings. Hedging ineffectiveness, if any, is recognized as a component of interest expense for interest rate swap contracts and costs of goods sold for CAD purchase contracts in the consolidated statements of operations. Payments made under the interest rate swap contracts are included in the supplemental disclosure of interest paid in the consolidated statements of cash flows. The Company also used a CAD purchase contract to mitigate the impact of foreign currency exchange rates on its January 2020 purchase of Voortman. This contract was settled during the year ended December 31, 2020 and did not qualify as a cash flow hedge. Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the best extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. New Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company is evaluating the impact the new standard will have on the consolidated financial statements and related disclosures but do not anticipate a material impact. In December 2019, ASU 2019-12 “Income Taxes: Simplifying the Accounting for Income Taxes (Topic 740)” was issued. This ASU simplifies the accounting for certain income tax related items, including intraperiod tax allocations, deferred taxes related to foreign subsidiaries and step-up in tax basis of goodwill. The ASU is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company is still assessing the impact of this update.

Restatement of Previously Issue

Restatement of Previously Issued Financial Statements	12 Months Ended
	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Restatement of Previously Issued Financial Statements	Restatement of Previously Issued Financial Statements On April 12, 2021, the SEC issued a statement (the “SEC Statement”) on the accounting and reporting considerations for warrants issued by SPACs. The SEC Statement discussed certain features of warrants issued in SPAC transactions that may be common across many entities. The SEC Statement indicated that when one or more of such features is included in a warrant, the warrant should be classified as a liability at fair value, with changes in fair value each period reported in earnings. Following consideration of the guidance in the SEC Statement, the Company concluded that certain of its warrants should have been classified as liabilities, rather than equity, and should be measured at fair value in the affected financial statements, with changes in fair value each period reported in earnings. As such, the Company is restating its financial statements for the affected periods included in this Annual Report. The impact of the restatement on the balance sheets as of December 31, 2020 and 2019 and statements of operations for the years ended December 31, 2020, 2019 and 2018 are presented below. The impact of the restatement on the December 31, 2017 stockholders' equity balances is presented on the consolidated statement of stockholders' equity. Additionally, see Note 17. Unaudited Quarterly Financial Data (As Restated) for the restatement impacts to the quarterly periods during the year ended December 31, 2020. Regarding the statement of cash flows, the adjustments below to net income were offset by adjustments to non-cash operating activities within cash flow provided by operations. The restatement had no impact on total net cash flows from operating, investing or financing activities. (In thousands) As of December 31, 2020 As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 3,365,469 $ — $ 3,365,469 Warrant liabilities — 861 861 Total current liabilities 189,533 861 190,394 Total liabilities 1,743,883 861 1,744,744 Additional paid in capital 1,238,765 42,253 1,281,018 Retained earnings 399,215 (43,114) 356,101 Stockholder's equity 1,621,586 (861) 1,620,725 Total liabilities, stockholder's equity and non-controlling interest $ 3,365,469 $ — $ 3,365,469 (In thousands, except shares and per share data) For the Year Ended December 31, 2020 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 135,310 $ — $ 135,310 Change in fair value of warrant liabilities — (39,941) (39,941) Total other (income) expense 46,549 (39,941) 6,608 Income before income taxes 88,761 39,941 128,702 Net income 68,356 39,941 108,297 Net income attributable to Class A stockholders $ 64,735 $ 39,941 $ 104,676 Earnings per Class A share: Basic $ 0.52 0.32 $ 0.84 Diluted $ 0.51 — $ 0.51 Weighted-average shares outstanding: Basic 124,927,535 — 124,927,535 Diluted 127,723,488 — 127,723,488 As of December 31, 2019 (In thousands) As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 3,097,701 $ — $ 3,097,701 Liabilities and stockholder's equity Warrant liabilities — 111,305 111,305 Total current liabilities 159,925 111,305 271,230 Total liabilities 1,517,477 111,305 1,628,782 Additional paid in capital 1,152,055 (28,250) 1,123,805 Retained earnings 334,480 (83,055) 251,425 Stockholder's equity 1,485,792 (111,305) 1,374,487 Total liabilities, stockholder's equity and non-controlling interest $ 3,097,701 $ — $ 3,097,701 (In thousands, except shares and per share data) For the Year Ended December 31, 2019 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 136,096 $ — $ 136,096 Change in fair value of warrant liabilities — 58,816 58,816 Total other expense 41,639 58,816 100,455 Income before income taxes 94,457 (58,816) 35,641 Net income 77,565 (58,816) 18,749 Net income attributable to Class A stockholders $ 63,115 $ (58,816) $ 4,299 Earnings per Class A share: Basic $ 0.57 $ (0.53) $ 0.04 Diluted $ 0.55 $ (0.51) $ 0.04 Weighted-average shares outstanding: Basic 110,540,264 — 110,540,264 Diluted 114,699,447 (3,693,758) 111,005,689 (In thousands, except shares and per share data) For the Year Ended December 31, 2018 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 121,558 $ — $ 121,558 Change in fair value of warrant liabilities — (79,156) (79,156) Total other (income) expense 27,178 (79,156) (51,978) Income before income taxes 94,380 79,156 173,536 Net income 81,426 79,156 160,582 Net income attributable to Class A stockholders $ 62,895 $ 79,156 $ 142,051 Earnings per Class A share: Basic $ 0.63 $ 0.79 $ 1.42 Diluted $ 0.61 $ — $ 0.61 Weighted-average shares outstanding: Basic 99,957,049 — 99,957,049 Diluted 103,098,394 — 103,098,394

Business Combinations and Dives

Business Combinations and Divestitures	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Business Combinations and Divestitures	Business Combinations and Divestitures Voortman Acquisition On January 3, 2020, the Company completed the acquisition of all of the shares of the parent company of Voortman, a manufacturer of premium, branded wafers as well as sugar-free and specialty cookies for approximately $328.7 million ($427.0 million CAD), reflecting final working capital and other closing statement adjustments. Net cash outflow related to the purchase price during the year ended December 31, 2020 was $316.0 million. This net cash outflow reflects a non-cash gain on a related foreign currency contract of $6.9 million, cash acquired of $1.6 million and a liability outstanding as of December 31, 2020 for certain purchase price adjustments of $4.2 million. The acquisition of Voortman diversifies and expands the Company’s product offerings and manufacturing capabilities in the adjacent cookie category. The acquisition also leverages the Company’s customer reach and lean and agile business model. The combined Company expects to realize additional benefits of scale via sharing established, efficient infrastructure and strengthening collaborative retail partnerships in the United States and Canada. During the year ended December 31, 2020, working capital and other adjustments of $4.7 million were made to goodwill. Included in other non-current liabilities in the table below is a $1.3 million liability for pre-acquisition uncertain tax positions. It is offset by a non-current receivable balance of $1.3 million representing expected recovery through indemnifications. As of December 31, 2020, the Company has finalized the following purchase price allocation: (In thousands) Cash $ 1,639 Accounts receivable 24,848 Inventory 7,564 Income tax receivable 7,522 Other current assets 420 Property and equipment 32,028 Customer relationships (1) 11,100 Trade names (2) 130,000 Goodwill (3) 170,762 Other non-current assets 1,320 Accounts payable and accrued expenses (6,172) Customer trade allowances (5,428) Lease liabilities (6,420) Deferred taxes (39,149) Other non-current liabilities (1,320) Assets acquired and liabilities assumed $ 328,714 (1) Customer relationships were valued through application of the income approach (Level 3). Under this approach, revenue, operating expenses and other costs associated with existing customers were estimated in order to derive cash flows attributable to the existing customer relationships. The resulting cash flows were then discounted to present value to arrive at the fair value of existing customer relationships as of the valuation date. The estimated useful lives by operating segment ranging from one (2) The trade names were valued through application of the income approach (level 3), involving the estimation of likely future sales and an appropriate royalty rate. The trade name and trademarks are estimated to have indefinite useful lives as the Company expects a market participant would use the trade name and trademarks in perpetuity based on their historical strength and consumer recognition. (3) Goodwill represents the excess of the consideration transferred over the fair values of the assets acquired and liabilities assumed. It is primarily attributable to synergies and intangible assets such as assembled workforce which are not separately recognizable. During the year ended December 31, 2020 and 2019, the Company incurred $4.3 million and $1.9 million, respectively, of expenses related to this acquisition. These expenses are classified as business combination transaction costs on the consolidated statement of operations. The following unaudited pro forma combined financial information presents the Company’s results as though the acquisition of Voortman had occurred at January 1, 2019. The unaudited pro forma consolidated financial information has been prepared using the acquisition method of accounting in accordance with U.S. GAAP: Twelve Months Ended (In thousands) December 31, December 31, (unaudited, pro forma) Net revenue $ 1,016,609 $ 1,007,140 Net income 108,297 11,612 In-Store Bakery Divestiture On August 30, 2019, the Company sold its In-Store Bakery operations, including relevant trademarks and licensing agreements, to an unrelated party. The operations included products that were primarily sold in the in-store bakery section of U.S. retail channels. The Company divested the operations to provide more focus on future investment in areas of its business that better leverage its core competencies. The Company received proceeds from the divestiture of $65.0 million prior to transaction expenses and subject to certain post-closing adjustments. In connection with the sale, during the year ended December 31, 2019, the Company recognized transaction expenses of $2.1 million and a loss on disposal of $0.3 million within other operating expenses on the consolidated statements of operations.

Exit Costs

Exit Costs	12 Months Ended
	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Exit Costs	Exit Costs Subsequent to the Company’s acquisition of Voortman, activities were initiated to transition Voortman’s distribution model to the Company’s direct-to-warehouse distribution model. The Company has incurred costs to exit Voortman’s direct-store-delivery model, including severance and contract termination costs related to third-party distributor and leasing relationships. Total costs were $12.9 million through completion of the transition in 2020. During the year ended December 31, 2020, contract termination costs of $8.3 million were recognized in selling expense on the consolidated statement of operations. During the year ended December 31, 2020, severance costs of $4.6 million, were recognized within general and administrative expenses on the consolidated statement of operations. Reserves for these activities are reported within accrued expenses on the consolidated balance sheet and had the following activity during the year ended December 31, 2020: (In thousands) Severance Contract Termination Total Charges recorded $ 4,632 $ 8,278 $ 12,910 Payments made (4,063) (7,913) (11,976) Impact of change in exchange rates on CAD denominated liability (33) (365) (398) Reserve balance as of December 31, 2020 $ 536 $ — $ 536

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Hostess Brands, Inc. 2016 Equity Incentive Plan The Hostess Brands, Inc. 2016 Equity Incentive Plan (the “2016 Plan”) provides for the granting of various equity-based incentive awards to members of the Board of Directors of the Company, employees and service providers to the Company. The types of equity-based awards that may be granted under the 2016 Plan include: stock options, stock appreciation rights (SARs), restricted stock, restricted stock units (RSUs), and other stock-based awards. There are 7,150,000 registered shares of Class A common stock reserved for issuance under the 2016 Plan. All awards issued under the 2016 Plan may only be settled in shares of Class A common stock. As of December 31, 2020, 2,770,885 shares remained available for issuance under the 2016 Plan. Share-based compensation expense totaled approximately $8.7 million, $9.2 million and $5.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. Restricted Stock Units (“RSUs”) The fair value of RSU awards is calculated based on the closing market price of the Company’s Class A Common Stock on the date of grant. Compensation expense is recognized straight-line over the requisite service period of the awards, ranging from one The vesting of certain RSU awards is contingent upon the Company’s Class A Common Stock achieving a certain total stockholder return (“TSR”) in relation to a group of its peers, measured over a three year period. Depending on the actual performance over the measurement period, an award recipient has the opportunity to receive up to 200% of the granted awards. At December 31, 2020 and 2019 there were 0.4 million and 0.3 million RSU awards with TSR performance conditions outstanding, respectively. Upon an employee’s termination, certain RSU awards provide that unvested awards will be forfeited and the shares of common stock underlying such award will become available for issuance under the 2016 Plan. Other RSU awards provide for accelerated vesting upon an employee's termination under certain circumstances. The following table summarizes the activity of the Company’s unvested RSUs: Restricted Stock Weighted Average Unvested as of December 31, 2018 895,784 $ 14.46 Total Granted 721,985 12.76 Forfeited (298,601) 14.96 Vested(1) (415,033) 14.26 Unvested as of December 31, 2019 904,135 12.99 Total Granted 628,801 12.99 Forfeited (285,991) 14.54 Vested(2) (198,677) 12.17 Unvested as of December 31, 2020 1,048,268 $ 13.95 (1) Includes 108,012 shares withheld to satisfy $1.4 million of employee tax obligations upon vesting. (2) Includes 78,728 shares withheld to satisfy $1.1 million of employee tax obligations upon vesting. As of December 31, 2020 there was $8.1 million of total unrecognized compensation cost, related to non-vested RSUs granted under the 2016 Plan; that cost is expected to be recognized over a weighted average remaining period of approximately 1.7 years. As of December 31, 2020 there were no awards outstanding for which it was not probable that the performance conditions would be met. For the years ended December 31, 2020 and 2019, $6.3 million and $7.2 million, respectively, of compensation expense related to the RSUs was recognized within general and administrative expenses on the consolidated statements of operations. Stock Options The following table includes the significant inputs used to determine the fair value of options issued under the 2016 plan. Year Ended Year Ended Expected volatility (1) 26.34% 26.66% Expected dividend yield (2) —% —% Expected option term (3) 6.00 years 6.00 years Risk-free rate (4) 1.6% 1.8% (1) The expected volatility assumption was calculated based on a peer group analysis of stock price volatility with a look back period based on the expected term and ending on the grant date. (2) From its inception through December 31, 2020, the Company has not paid any dividends on its common stock. As of the stock option grant date, the Company does not anticipate paying any dividends on common stock over the term of the stock options. Option holders have no right to dividends prior to the exercise of the options. (3) The Company utilized the simplified method to determine the expected term of the stock options since the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. (4) The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant which corresponds to the expected term of the stock options. The stock options vest in equal annual installments on varying dates through 2022. The maximum term under the grant agreement is ten years. As of December 31, 2020, there was $3.2 million of total unrecognized compensation cost related to non-vested stock options outstanding under the 2016 Plan; that cost is expected to be recognized over the vesting periods. For the years ended December 31, 2020 and 2019, there was $2.4 million and $2.0 million, respectively, of expense related to the stock options recognized within general and administrative costs on the consolidated statements of operations. The weighted average grant-date fair value of options granted in years ended December 31, 2020, 2019 and 2018 was $4.04, $3.76, and $5.04, respectively. The following table summarizes the activity of the Company’s unvested stock options: Number Weighted Average Weighted Outstanding as of December 31, 2018 943,939 5.54 $ 13.54 Granted 905,421 — 11.59 Exercised (7,463) — 13.11 Forfeited (124,226) — 12.42 Outstanding as of December 31, 2019 1,717,671 8.35 $ 13.35 Exercisable as of December 31, 2019 486,663 7.35 $ 15.43 Granted 703,329 — 13.69 Exercised (44,257) — 11.35 Forfeited (305,628) — 13.93 Outstanding as of December 31, 2020 2,071,115 7.95 $ 13.43 Exercisable as of December 31, 2020 787,671 7.01 $ 14.20

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consists of the following: (In thousands) December 31, December 31, Land and buildings $ 59,774 $ 53,683 Right of use assets - operating 31,354 23,771 Machinery and equipment 255,821 209,382 Construction in progress 25,041 5,878 371,990 292,714 Less accumulated depreciation (68,031) (50,330) $ 303,959 $ 242,384 Depreciation expense was $23.1 million, $17.2 million and $14.6 million for the years ended December 31, 2020, 2019, 2018, respectively.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company has one reportable segment: Snacking (formally known as Sweet Baked Goods). For the years ended December 31, 2019 and 2018, the Company had two reportable segments: Sweet Baked Goods and In-Store Bakery. As of January 3, 2020, the Company added the newly acquired Voortman operations into the reportable segment previously known as Sweet Baked Goods and renamed the segment as “Snacking”. The Company’s Snacking segment consists of sweet baked goods, cookies, wafers and bread products that are sold under the Hostess®, Dolly Madison®, Cloverhill®, Big Texas® and Voortman® brands. The In-Store Bakery segment consisted primarily of Superior on Main® branded and private label products sold through the in-store bakery section of grocery and club stores. The Company divested its In-Store Bakery operations on August 30, 2019. Subsequent to the sale, Snacking is the Company's single reportable segment. The Company evaluates performance and allocates resources based on net revenue and gross profit. Information regarding the operations of these reportable segments is as follows: (In thousands) Year Ended Year Ended Year Ended Net revenue: Snacking $ 1,016,609 $ 878,973 $ 808,355 In-Store Bakery — 28,702 42,034 Net revenue $ 1,016,609 $ 907,675 $ 850,389 Depreciation and amortization (1): Snacking $ 54,940 $ 41,732 $ 38,607 In-Store Bakery — 1,602 2,804 Depreciation and amortization $ 54,940 $ 43,334 $ 41,411 Gross profit: Snacking $ 355,639 $ 293,648 $ 258,995 In-Store Bakery — 6,186 8,282 Gross profit $ 355,639 $ 299,834 $ 267,277 Capital expenditures (2): Snacking $ 58,953 $ 35,354 $ 53,394 In-Store Bakery — 182 354 Capital expenditures $ 58,953 $ 35,536 $ 53,748 (1) Depreciation and amortization include charges to net income classified as costs of goods sold and general and administrative expenses on the consolidated statements of operations. (2) Capital expenditures consists of purchases of property and equipment and acquisition and development of software assets paid in cash or acquired through accounts payable. For the years ended December 31, 2020 and 2019, total assets on the consolidated balance sheet are entirely attributed to the Snacking segment.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company recognized goodwill in January of 2020 related to its acquisition of Voortman based on a valuation performed to determine the fair value of the acquired assets. During the year ended December 31, 2020, the preliminary valuation was adjusted, resulting in an increase to goodwill of $4.7 million. The valuation was finalized in the fourth quarter of 2020. The Voortman goodwill was incorporated into the Company's Snacking reporting segment. Goodwill and intangible assets as of December 31, 2020 and 2019 were recognized as part of the Hostess Business Combination and the Voortman and Cloverhill Business acquisitions. During the year ended December 31, 2019, the Company recognized an impairment charge of $1.0 million related to its In-Store Bakery reporting unit, within other operating expense on the consolidated statements of operations. During the year ended December 31, 2019, the Company divested its In-Store Bakery segment (see Note 3. Business Combinations and Divestitures). G oodwill activity is presented below by reportable segment: (In thousands) Snacking In-Store Bakery Total Balance as of December 31, 2018 $ 535,853 $ 39,792 $ 575,645 Impairment — (1,000) (1,000) Divestiture — (38,792) (38,792) Balance as of December 31, 2019 535,853 — 535,853 Acquisition of Voortman 170,762 — 170,762 Balance as of December 31, 2020 $ 706,615 $ — $ 706,615 Intangible assets consist of the following: (In thousands) December 31, December 31, Intangible assets with indefinite lives (Trademarks and Trade Names) $ 1,538,631 $ 1,408,630 Intangible assets with definite lives (Customer Relationships) 526,813 515,713 Less accumulated amortization (Customer Relationships) (97,541) (71,028) Intangible assets, net $ 1,967,903 $ 1,853,315 The Company recognized additional trade names and customer relationships intangible assets during the year ended December 31, 2020 related to the acquisition of Voortman. See Note 3. Business Combinations and Divestitures for additional details. During the year ended December 31, 2019, the Company divested of its In-Store Bakery segment, resulting in a reduction of intangible assets, net of $24.5 million. Amortization expense was $26.5 million, $23.4 million and $24.1 million for the years ended December 31, 2020, 2019 and 2018 respectively. The unamortized portion of customer relationships will be expensed over their remaining useful life, from 4 to 19 years. The weighted-average amortization period as of December 31, 2020 for customer relationships was 18.7 years. Future expected amortization expense is as follows: (In thousands) 2021 $ 23,512 2022 23,512 2023 23,512 2024 23,512 2025 22,752 2026 and thereafter 312,472

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Included in accrued expenses are the following: (In thousands) December 31, December 31, Incentive compensation $ 16,199 $ 6,840 Interest rate and foreign currency contracts 13,694 704 Payroll, vacation and other compensation 9,886 3,389 Accrued interest 4,815 4,870 Other 11,121 5,858 $ 55,715 $ 21,661

Tax Receivable Agreement

Tax Receivable Agreement	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Tax Receivable Agreement	Tax Receivable Agreement The Tax Receivable Agreement generally provides for the payment by the Company to the legacy Hostess Equity Holders of 85% of the net cash savings, if any, in U.S. federal, state and local income taxes that the Company realizes (or is deemed to realize in certain circumstances) in periods after the closing of the 2016 acquisition (which periods may extend, unless the Tax Receivable Agreement is terminated early in accordance with its terms, for more than 15 years following any exchange of Class B Units of Hostess Holdings for shares of the Company’s Class A common stock or the cash equivalent thereof) as a result of (i) certain increases in tax basis resulting from the 2016 acquisition; (ii) certain tax attributes of Hostess Holdings and its subsidiaries existing prior to the 2016 acquisition and prior to subsequent exchanges of Class B Units; (iii) certain increases in tax basis resulting from exchanges of Class B Units; (iv) imputed interest deemed to be paid by the Company as a result of payments it makes under the Tax Receivable Agreement; and (v) certain increases in tax basis resulting from payments the Company makes under the Tax Receivable Agreement. The Company will retain the benefit of the remaining 15% of these cash savings. Certain payments under the Tax Receivable Agreement will be made to the Metropoulos Entities in accordance with specified percentages, regardless of the source of the applicable tax attribute. The Company recognizes a liability on the consolidated balance sheet based on the undiscounted estimated future payments under the Tax Receivable Agreement. Significant inputs used to estimate the future expected payments include a 26.5% cash tax savings rate. The following table summarizes activity related to the Tax Receivable Agreement obligations: (In thousands) Balance December 31, 2018 $ 69,063 Exchange of Class B units for Class A shares 71,679 Remeasurement due to disposal of In-Store Bakery operations 1,779 Remeasurement due to change in estimated state tax rate (1,593) Payments (2,732) Balance December 31, 2019 138,196 Exchange of Class B units for Class A shares 27,915 Remeasurement due to tax law change 610 Remeasurement due to change in estimated state tax rate 150 Payments (10,327) Balance December 31, 2020 $ 156,544 During the year ended December 31, 2020, the Tax Receivable Agreement obligations increased $27.9 million due to additional tax basis realized from the exchange of Class B Units and $0.8 million for tax law and rate remeasurements. During the year ended December 31, 2019, the Company remeasured the Tax Receivable Agreement obligations due to changes in state tax rates resulting in a $1.6 million benefit as the Company decreased its estimated cash tax savings rate from 26.9% to 26.4%. Additionally, the disposition of the In-Store Bakery operations resulted in a $1.8 million expense recognized on the consolidated statement of operations. As of December 31, 2020 the future expected payments under the Tax Receivable Agreement are as follows: (In thousands) 2021 $ 11,800 2022 9,000 2023 9,700 2024 9,900 2025 9,800 Thereafter 106,344

Debt

Debt	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt On January 3, 2020, the Company originated a $140.0 million incremental term loan through an amendment to its existing credit agreement. The Company received proceeds of $136.9 million, net of fees incurred of $3.1 million. The proceeds, together with cash on hand, financed the purchase of Voortman (see Note 3. Business Combinations and Divestitures). The terms, conditions and covenants applicable to the incremental term loan are the same as the terms, conditions and covenants applicable to the Fourth Term Loan. The term loan requires quarterly payments of interest at a rate of the greater of the applicable LIBOR or 0.75% per annum plus a margin of 2.25% per annum and principal payments at a rate of 0.25% of the aggregate principal balance per quarter with the remaining principal amount due upon maturity on August 3, 2025. A term loan was originated on October 1, 2019 through an amendment to an existing credit agreement held by the Company’s subsidiary, Hostess Brands, LLC (referred to below as the “Fourth Term Loan”). It requires quarterly payments of interest at a rate of the greater of the applicable LIBOR or 0.75% per annum (“New LIBOR Floor”) plus a margin of 2.25% per annum and principal at a rate of 0.25% of the aggregate principal balance with the remaining principal amount due upon maturity on August 3, 2025. The Fourth Term Loan is secured by substantially all of Hostess Brands, LLC’s present and future assets. The Fourth Term Loan refinanced the remaining balance of $976.4 million on the Third New First Lien Term Loan (“Third Term Loan”) through a non-cash refinancing transaction. The Third Term Loan was originated through an amendment to an existing credit agreement held by Hostess Brands, LLC on November 20, 2017 and required quarterly payments of interest at a rate equal to the New LIBOR Floor plus a margin of 2.50% per annum and principal at a rate of 0.25% of the aggregate principal balance with the remaining principal amount due upon maturity on August 3, 2022. A summary of the carrying value of the debt and the lease obligations is as follows: (In thousands) December 31, December 31, Term Loan (3.0% as of December 31, 2020) Principal $ 1,102,763 $ 973,930 Unamortized debt premiums, discounts and issuance costs (4,917) (3,094) 1,097,846 970,836 Lease obligations 29,002 16,452 Total debt and lease obligations 1,126,848 987,288 Less: Amounts due within one year (13,811) (11,883) Long-term portion $ 1,113,037 $ 975,405 At December 31, 2020 and 2019, the approximate fair value of the Company's aggregate term loan balance was $1,109.3 million and $977.6 million, respectively. The fair value is calculated using current interest rates and pricing from financial institutions (Level 2 inputs). At December 31, 2020, minimum debt repayments under the Fourth Term Loan are due as follows: (In thousands) 2021 $ 11,167 2022 11,167 2023 11,167 2024 11,167 2025 1,058,095 Revolving Credit Facility On October 1, 2019, Hostess Brands, LLC amended its Revolving Credit Agreement (the “Revolver”), providing for borrowings up to $100.0 million, a stated maturity date of August 3, 2024 and secured by liens on substantially all of Hostess Brands, LLC’s present and future assets, including accounts receivable and inventories, as defined in the Revolver. The Revolver is ranked equally with the Fourth Term Loan in regards to secured liens. The Revolver has an annual commitment fee on the unused portion of between 0.375% and 0.50% annually based upon the unused percentage. Interest on borrowings under the Revolver is, at Hostess Brands, LLC’s option, either the applicable LIBOR plus a margin of 2.25% per annum or the base rate plus a margin of 1.25% per annum. Prior to the amendment the Revolver originated on August 3, 2015 had a stated maturity date of August 3, 2020 and an annual commitment fee on the unused portion of between 0.375% and 0.50% annually based upon the unused percentage. Interest on borrowings under the Revolver was, at Hostess Brands, LLC’s option, either the applicable LIBOR plus a margin of between 3.00% and 3.50% per annum or the base rate plus a margin of 2.00% to 2.50% per annum. All other significant terms and provisions were unchanged by the amendment.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Warrants As of December 31, 2020 and 2019, there were 53,936,776 and 48,453,154 public warrants, and 541,658 and 8,046,636 private placement warrants outstanding, respectively. Each warrant entitles its holder to purchase one-half of one share of Class A common stock at an exercise price of $5.75 per half share, to be exercised only for a whole number of shares of Class A common stock. The warrants expire on November 4, 2021, or earlier upon redemption or liquidation. The Company may call the outstanding public warrants for redemption at a price of $0.01 per warrant, if the last sale price of the Company’s common stock equals or exceeds $24.00 per share for any 20 trading days within a 30-trading day period ending on the third business day before the Company sends the notice of redemption to the warrant holders. The private placement warrants, however, are nonredeemable so long as they are held by Gores Sponsor, LLC or its permitted transferees. The potential resale of the private placement warrants to the public has been registered with the SEC. When sold to the public, the private placement warrants will become public warrants. The warrant agreement contains a tender offer provision that when paired with a two-class equity structure causes all warrants to be precluded from equity classification. Subsequent to the collapse of the two-class structure in November 2020 when all remaining Class B shares were exchanged for Class A shares, the tender offer provision no longer precludes the public warrants from being equity-classified. As a result, the $68.5 million liability related to the public warrants was reclassified to equity in November 2020. There are provisions specific to the private warrants which cause them to continue to be liability classified subsequent to the exchange. As of December 31, 2020, the outstanding private warrants remain liability classified and subject to fair value measurement. The fair value of the warrants is measured on a recurring basis by comparison to available market information. The value of the each public warrant up until they were no longer classified as liabilities was based on the public trading price of the warrant (Level 1 fair value measurement). The fair value of each private warrant was evaluated and determined to be substantially the same as that of a public warrant and therefore considered to be a Level 2 fair value measurement.Gains and losses related to the warrants are reflected in the change in fair value of warrant liabilities in the consolidated statement of operations. Interest Rate Swaps To reduce the effect of interest rate fluctuations, the Company entered into an interest rate swap contract with a counter party to make a series of payments based on a fixed interest rate of 1.78% and receive a series of payments based on the greater of LIBOR or 0.75%. Both the fixed and floating payment streams are based on a notional amount of $500 million at the inception of the contract and are reduced by $100 million each year of the five-year contract. As of December 31, 2020, the notional amount was $200 million. The Company entered into this transaction to reduce its exposure to changes in cash flows associated with its variable rate debt and has designated this derivative as a cash flow hedge. At December 31, 2020, the effective fixed interest rate on the long-term debt hedged by this contract was 4.03%. In February 2020, the Company entered into additional five-year interest rate swap contracts to further reduce the effect of interest rate fluctuations on its variable-rate debt. The notional value of these contracts was $500 million. Under the terms of the contracts, the Company makes quarterly payments based on fixed interest rates ranging from 1.11% to 1.64% and receives quarterly payments based on the greater of LIBOR or 0.75%. The Company has designated these contracts as cash flow hedges. At December 31, 2020, the effective interest rate on the long-term debt hedged by these contracts was 3.76%. Foreign Currency Contracts To reduce the effect of fluctuations in CAD denominated expenses relative to their US dollar equivalents originating from its Canadian operations, the Company entered into CAD purchase contracts during the year ended December 31, 2020. The contracts provide for the Company to sell a total of $11.5 million USD for $14.6 million of CAD at varying defined settlement dates through the end of 2021. The Company has designated these contracts as cash flow hedges. In connection with the agreement to purchase Voortman as described in Note 3. Business Combinations and Divestitures, the Company entered into a deal-contingent foreign currency contract to hedge the $440 million CAD forecasted purchase price and a portion of the subsequent expected conversion costs. The contract was settled in cash following the completion of the purchase on January 3, 2020. A summary of the fair value of foreign currency and interest rate contracts is as follows: (In thousands) December 31, December 31, Asset derivatives Location Foreign currency contracts (1) Other current assets $ — $ 7,128 Liability derivatives Location Interest rate swap contracts (2) Accrued expenses $ 13,688 $ 704 Foreign currency contracts (1) Accrued expenses 6 — $ 13,694 $ 704 (1) The fair values of foreign currency contracts are measured on a recurring basis by comparison to available market information on similar contracts (Level 2) (2) The fair values of these contracts are measured on a recurring basis by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves (Level 2). A summary of the gains and losses related to foreign currency and interest rate contracts in the consolidated statement of operations is as follows: (In thousands) Year Ended Year Ended Year Ended Gain (loss) on derivative contracts designated as cash flow hedges Location Interest rate swap contracts Interest expense, net $ (3,886) $ 1,705 $ 775 Gain (loss) on other derivative contracts Location Foreign currency contracts Gain on foreign currency contract — 7,128 — Foreign currency contracts Other expense (274) — — $ (274) $ 7,128 $ — For interest rate swap contracts, unrealized expense recognized in accumulated other comprehensive income as of December 31, 2020 of $4.7 million is expected to be reclassified into interest expense through December 31, 2021. For foreign currency contracts, unrealized expense recognized in accumulated other comprehensive income as of December 31, 2020 of less than $0.1 million is expected to be reclassified into cost of goods sold through December 31, 2021.

Equity

Equity	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Equity	Equity The Company’s authorized common stock consists of three classes: 200,000,000 shares of Class A common stock, 50,000,000 shares of Class B Stock, and 10,000,000 shares of Class F common stock (none of which were issued and outstanding at December 31, 2020 or 2019). As of December 31, 2020 and 2019, there were 130,347,464 and 122,108,086 shares of Class A common stock issued and outstanding, respectively. As of December 31, 2020 there were no shares of Class B common stock issued and outstanding. At December 31, 2019, there were 8,409,834 shares of Class B common stock issued and outstanding. Shares of Class A common stock and Class B Stock have identical voting rights. However, shares of Class B Stock do not participate in earnings or dividends of the Company. Ownership of shares of Class B Stock is restricted to owners of Class B Units in Hostess Holdings. Class B units in Hostess Holdings may be exchanged (together with the cancellation of an equivalent number of shares of Class B Stock) by the holders thereof for, at the election of the Company, shares of Class A common stock or the cash equivalent of such shares. During the year ended December 31, 2020, all remaining outstanding Class B units were exchanged for Class A Common Stock. During the year ended December 31, 2020, the Company's Board of Directors approved a securities repurchase program of up to $100 million of the Company's outstanding securities. As of December 31, 2020, $8.0 million has been used under this authorization to repurchase 444,444 Class A shares at $13.50 per share and 2,000,000 private placement warrants at $1 each. The repurchased Class A shares are included in treasury stock on the consolidated balance sheet.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings per Share	Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to the Company’s Class A stockholders for the period by the weighted average number of Class A common shares outstanding for the period excluding non-vested restricted stock awards. In computing dilutive earnings per share, basic earnings per share is adjusted for the assumed issuance of all applicable potentially dilutive share-based awards, including: public and private placement warrants, RSUs, restricted stock awards, and stock options. Below are basic and diluted earnings per share: (As Restated) Year Ended Year Ended Year Ended Numerator: (in thousands) Net income attributable to Class A stockholders - basic $ 104,676 $ 4,299 $ 142,051 Impact of change in fair value of warrant liabilities (39,941) — (79,156) Numerator for diluted earnings per share 64,735 4,299 62,895 Denominator: Weighted-average Class A shares outstanding - basic (excluding non-vested restricted stock awards) 124,927,535 110,540,264 99,957,049 Dilutive effect of warrants 2,525,863 — 3,021,239 Dilutive effect of RSUs 270,090 465,425 120,106 Weighted-average shares outstanding - diluted 127,723,488 111,005,689 103,098,394 Earnings per Class A share - basic $ 0.84 $ 0.04 $ 1.42 Earnings per Class A share - dilutive $ 0.51 $ 0.04 $ 0.61 For warrants that are liability-classified, during periods when the impact is dilutive, the Company assumes share settlement of the instruments as of the beginning of the reporting period and adjusts the numerator to remove the change in fair value of the warrant liability and adjusts the denominator to include the dilutive shares calculated using the treasury stock method. For all years presented, the dilutive effect of stock options were excluded from the computation of diluted earnings per share because the assumed proceeds from the awards’ exercise were greater than the average market price of the common shares.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The income tax expense (benefit) consisted of the following: (In thousands) Year Ended Year Ended Year Ended Current tax expense Federal $ 2,120 $ 1,724 $ 622 State and local 1,479 1,047 2,077 Foreign — — — Total Current 3,599 2,771 2,699 Deferred tax expense (benefit) Federal 17,204 14,859 14,476 State and local 3,750 (738) (4,221) Foreign (4,148) — — Total Deferred 16,806 14,121 10,255 Income tax expense, net $ 20,405 $ 16,892 $ 12,954 Income (loss) before income taxes consists of the following: (As Restated) (In thousands) Year Ended Year Ended Year Ended Earnings before income taxes United States $ 144,075 $ 35,641 $ 173,536 Foreign (15,373) — — Income before income taxes $ 128,702 $ 35,641 $ 173,536 For the years ended December 31, 2020, 2019, and 2018, the effective income tax rate differs from the federal statutory income tax rate as explained below: (As Restated) Year Ended Year Ended Year Ended U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Change in fair value of warrant liabilities (6.5) 34.7 (9.6) State and local income taxes, net of federal benefit 2.8 12.3 2.4 Income attributable to non-controlling interest (0.6) (8.5) (2.2) Foreign rate differential (0.6) — — Change in state tax rate 0.6 (12.8) (3.3) Tax law change (0.8) — — Gain on TRA buyout — — (0.8) Other — 0.7 — Effective income tax rate 15.9 % 47.4 % 7.5 % Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the accompanying consolidated balance sheets. These temporary differences result in taxable or deductible amounts in future years. Details of the Company’s deferred tax assets and liabilities are summarized as follows: (In thousands) As of As of Deferred tax assets Imputed interest $ 6,744 $ 6,198 Tax credits 4,582 2,599 Derivative instruments 3,495 — Net operating loss carryforwards 2,601 249 Accrued liabilities 4,870 — Stock-based compensation 3,449 — Other 4,443 1,343 Total deferred tax assets 30,184 10,389 Deferred tax liabilities Investment in partnership — (266,440) Goodwill and intangible assets (277,563) — Property and equipment (46,732) — Other (898) — Total deferred tax liabilities (325,193) (266,440) Total Deferred tax assets and liabilities $ (295,009) $ (256,051) The recognition of deferred tax assets is based on management’s belief that it is more likely than not that the tax benefits associated with temporary differences, net operating loss carryforwards and tax credits will be utilized. The Company assesses the recoverability of the deferred tax assets on an ongoing basis. In making this assessment, the Company considers all positive and negative evidence, and all potential sources of taxable income including scheduled reversals of deferred tax liabilities, tax-planning strategies, projected future taxable income and recent financial performance. At December 31, 2020 and 2019 the Company had $12.3 million and $2.6 million, respectively, of current income taxes receivable included in prepaids and other current assets on the consolidated balance sheet. The global intangible low-taxed income (“GILTI”) provisions require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. The Company is electing to account for GILTI tax in the period in which it is incurred. The Company recognizes in the consolidated financial statements the benefit of a tax position only if the impact is more likely than not of being sustained on audit based on the technical merits of the position. As of December 31, 2020, the Company had $1.6 million of gross unrecognized tax benefits, which would have a net $1.6 million impact on the effective tax rate, if recognized. The change for 2020 primarily relates to additional gross unrecognized benefits for acquired tax positions. The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits: Year Ended Balance at January 1 $ — Additions for tax positions acquired 1,320 Additions for tax positions of current year 240 Total current $ 1,560 Interest and penalties related to income tax liabilities, if incurred, are included in income tax expense in the consolidated statements The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and certain subsidiaries in Canada. For federal and state tax purposes, the Company and its subsidiaries are generally subject to examination for three years after the income tax returns are filed. As such, U.S. federal and state income tax returns filed for periods since 2017 remain open for examination by tax authorities. In Canada, tax returns are subject to examination for four years after the notice of assessment is issued. Canadian tax returns filed for periods since 2016 remain open for examination. The Company generated $3.0 million of Kansas High Performance Incentive Program (“HPIP”) Credits during 2020 which is included within the current year state and local income taxes, net of federal benefit. The HPIP credits provide a 10% investment tax credit for qualified business facilities located in Kansas. The Company has gross state credits of $5.8 million as of December 31, 2020 which will expire from 2027 to 2036 if unutilized. At December 31, 2020, the Company and its foreign subsidiaries have gross state net operating losses of approximately $4.2 million and Canadian net operating losses of $8.7 million. Unless utilized, the state net operating losses carryforwards expire from 2030 to 2036 and the Canadian net operating losses expire in 2040. The Company believes that its foreign subsidiaries have invested or will invest any undistributed earnings indefinitely, or the earnings will be remitted in a tax-neutral transaction, and, therefore, does not provide deferred taxes on the cumulative undistributed earnings of our foreign subsidiaries.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Accruals and the Potential Effect of Litigation From time to time, the Company is subject to various legal actions, lawsuits, claims and proceedings related to products, employment, environmental regulations, and other matters incidental to its businesses. Based upon information presently known, the Company does not believe that the ultimate resolution of such matters will have a material effect on the Company’s financial position, although the final resolution of such matters could have a material effect on its results of operations or cash flows in the period of resolution. Liabilities related to legal proceedings are recorded when it is probable that a liability has been incurred and the associated amount can be reasonably estimated. Where the estimated amount of loss is within a range of amounts and no amount within the range is a better estimate than any other amount, the low end of the range is accrued. As additional information becomes available, the potential liabilities related to these matters are reassessed and the estimates revised, if necessary. These accrued liabilities are subject to change in the future based on new developments in each matter, or changes in circumstances, which could have a material effect on the Company’s financial condition and results of operations. Lease Commitments Operating Leases As of December 31, 2020 the Company has leases outstanding for its commercial office, Burlington Ontario bakery and primary distribution center under noncancellable operating lease arrangements. The future minimum lease payments under these agreements as of December 31, 2020 are shown below. (In thousands) 2021 $ 3,998 2022 4,421 2023 4,366 2024 5,099 2025 5,254 Thereafter 9,614 Financing Leases The Company entered into a bond-lease agreement with the Development Authority of Columbus, Georgia on December 1, 2013, which was amended in December, 2016. The bond-lease transaction required the Company to exchange its property to the taxing jurisdiction for tax-exempt bonds issued in the name of the Company not to exceed $18 million. As the issuer and holder of the bonds, the Company is not required to make lease payments. On December 16, 2013, the Company received an ad valorem tax agreement from the Columbus, Georgia Board of Tax Assessors granting tax abatement for the real and personal property located at the Company’s Columbus, Georgia bakery through 2023. The Company has elected to use the right of offset under ASC 210-20 to net the asset and the liability. The table below shows the composition of lease expenses for the period subsequent to the adoption of Topic 842: (In thousands) Year Ended Year Ended Reduction of right of use asset, financing lease $ — $ 133 Interest, financing lease — 16 Operating lease expense 5,722 3,070 Short-term lease expense 2,633 968 Variable lease expense 1,763 1,076 $ 10,118 $ 5,263 For short-term leases, Hostess records rent expense in its consolidated statements of operations on a straight-line basis over the lease term. Variable lease payments, which primarily include taxes, insurance and common area maintenance, are expensed as incurred. During the year ended December 31, 2020, the Company amended the existing lease for its Burlington Ontario production facility. The amendment extended the lease term through October 2030 and provided for two five-year extensions, at the Company's option. During the year ended December 31, 2019, the Company entered into a lease agreement for its new distribution center in Edgerton, Kansas. The agreement has a base term of six and a half years with two five year extensions. The right of use of use asset and lease liability were calculated using the six and a half year term. Contractual Commitments The Company is a party to various long-term arrangements through advance purchase contracts to lock in prices for certain high-volume raw materials and packaging components for normal product production requirements. These advance purchase arrangements are contractual agreements and can only be canceled with a termination penalty that is based upon the current market price of the commodity at the time of cancellation. These agreements qualify for the “normal purchase” exception under accounting standards; and the purchases under these contracts are included as a component of cost of goods sold. Contractual commitments were as follows: (In thousands) Total Committed Commitments within 1 year Commitments beyond 1 year Ingredients $ 127,775 $ 115,628 $ 12,147 Packaging 71,715 71,715 — Letters of Credit The Company is a party to Letter of Credit arrangements to provide for the issuance of standby letters of credit in the amount of $5.5 million and $4.2 million for the years ended 2020 and 2019, respectively. The arrangements support the collateral requirements for insurance. The Letters of Credit are 100% secured through our Revolver.

Unaudited Quarterly Financial D

Unaudited Quarterly Financial Data (As Restated)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Unaudited Quarterly Financial Data (As Restated)	Unaudited Quarterly Financial Data (As Restated) Below is summarized quarterly financial data for 2020 reflecting adjustments made in connection with the restatement as described in Note 2. Restatement of Previously Issued Financial Statements: (In thousands, except shares and per share data) For the Three Months Ended December 31, 2020 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 44,232 $ — $ 44,232 Change in fair value of warrant liabilities — 25,037 25,037 Net income (loss) 24,373 (25,037) (664) Net income (loss) attributable to Class A stockholders 23,612 (25,037) (1,425) Earnings (loss) per Class A share: Basic 0.18 (0.19) (0.01) Diluted 0.18 (0.19) (0.01) Weighted-average shares outstanding: Basic 127,959,039 — 127,959,039 Diluted 132,402,533 (4,049,574) 128,352,959 As of September 30, 2020 (In thousands) As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 3,339,843 $ — $ 3,339,843 Warrant liabilities — 46,327 46,327 Total current liabilities 196,372 46,327 242,699 Total liabilities 1,730,828 46,327 1,777,155 Additional paid in capital 1,185,003 (28,250) 1,156,753 Retained earnings 375,603 (18,077) 357,526 Stockholder's equity 1,549,615 (46,327) 1,503,288 Total liabilities, stockholder's equity and non-controlling interest 3,339,843 — 3,339,843 (In thousands, except shares and per share data) For the Three Months Ended September 30, 2020 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 41,337 $ — $ 41,337 Change in fair value of warrant liabilities — (2,260) (2,260) Net income 23,973 2,260 26,233 Net income attributable to Class A stockholders 22,605 2,260 24,865 Earnings per Class A share: Basic 0.18 0.02 0.20 Diluted 0.18 — 0.18 Weighted-average shares outstanding: Basic 124,905,538 — 124,905,538 Diluted 127,586,881 — 127,586,881 As of June 30, 2020 (In thousands) As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 3,319,623 $ — $ 3,319,623 Warrant liabilities — 48,587 48,587 Total current liabilities 203,033 48,587 251,620 Total liabilities 1,733,196 48,587 1,781,783 Additional paid in capital 1,176,815 (28,250) 1,148,565 Retained earnings 352,998 (20,337) 332,661 Stockholder's equity 1,518,792 (48,587) 1,470,205 Total liabilities, stockholder's equity and non-controlling interest 3,319,623 — 3,319,623 (In thousands, except shares and per share data) For the Three Months Ended June 30, 2020 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 34,575 $ — $ 34,575 Change in fair value of warrant liabilities — 16,382 16,382 Net income 17,370 (16,382) 988 Net income (loss) attributable to Class A stockholders 16,170 (16,382) (212) Earnings per Class A share: Basic 0.13 (0.13) — Diluted 0.13 (0.13) — Weighted-average shares outstanding: Basic 123,123,656 — 123,123,656 Diluted 124,576,409 (758,005) 123,818,404 As of March 31, 2020 (In thousands) As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 3,289,577 $ — $ 3,289,577 Warrant liabilities — 32,205 32,205 Total current liabilities 185,026 32,205 217,231 Total liabilities 1,718,476 32,205 1,750,681 Additional paid in capital 1,163,263 (28,250) 1,135,013 Retained earnings 336,828 (3,955) 332,873 Stockholder's equity 1,490,541 (32,205) 1,458,336 Total liabilities, stockholder's equity and non-controlling interest 3,289,577 — 3,289,577 (In thousands, except shares and per share data) For the Three Months Ended March 31, 2020 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 15,166 $ — $ 15,166 Change in fair value of warrant liabilities — (79,100) (79,100) Net income 2,640 79,100 81,740 Net income attributable to Class A stockholders 2,348 79,100 81,448 Earnings per Class A share: Basic 0.02 0.64 0.66 Diluted 0.02 — 0.02 Weighted-average shares outstanding: Basic 123,123,656 — 123,123,656 Diluted 126,075,126 — 126,075,126

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s operations are conducted through operating subsidiaries that are wholly-owned by the Company. The consolidated financial statements included herein have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned, majority-owned or controlled subsidiaries, collectively referred to as the Company. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with current period presentation. As discussed in Note 2. Restatement of Previously Issued Financial Statements, the consolidated financial statements have been restated to reflect certain warrants as liabilities rather than equity. Prior to the final exchange of Class B stock (as described below), the Company's operating subsidiaries were wholly-owned by Hostess Holdings, a direct subsidiary of Hostess Brands, Inc. Hostess Brands, Inc. held 100% of the general partnership interest in Hostess Holdings and a majority of the limited partnership interests therein and consolidated Hostess Holdings in the Company’s consolidated financial statements. The remaining limited partnership interests in Hostess Holdings were held by the holders of Class B stock. C. Dean Metropoulos and entities under his control (the “Metropoulos Entities”) held their equity investment in the Company primarily through Class B limited partnership units (“Class B Units”) in Hostess Holdings LP (“Hostess Holdings”) and an equal number of shares of the Company’s Class B common stock (“Class B Stock”). Each Class B Unit, together with a share of Class B Stock held by the Metropoulos Entities, was exchangeable for a share of the Company’s Class A common stock. The interest of the Class B Units was reflected in the consolidated financial statements as a non-controlling interest. During the year ended December 31, 2020, the Metropoulos Entities exchanged all of their remaining Class B Units and Class B Stock for Class A common stock. At December 31, 2020, there are no outstanding Class B Units or Class B stock and there is no non-controlling interest reported on the December 31, 2020 consolidated balance sheet. Subsequent to the Metropoulos Entities' final exchange of Class B Units, all subsidiaries including, Hostess Holdings, are wholly owned by the Company. Prior to the final exchange of Class B Units, the Company determined that Hostess Holdings, a limited partnership, was a variable interest entity (“VIE”) and that the Company was the primary beneficiary of the VIE. The Company determined that, due to its ownership of Hostess Holdings’ general partnership units, the Company had the power to direct all of the activities of Hostess Holdings, with no substantive kick-out rights or participating rights by the limited partners individually or as a group. Hostess Holdings constituted the majority of the assets of the Company. The Company has one reportable segment: Snacking (formerly known as Sweet Baked Goods). For the year ended December 31, 2019, the Company had two reportable segments: Sweet Baked Goods and In-Store Bakery. The Company sold its In-Store Bakery operations on August 30, 2019.
Principles of Consolidation	Principles of ConsolidationThe accompanying consolidated financial statements include the accounts of the Company and its majority-owned or controlled subsidiaries (including those for which the Company was the primary beneficiary of a VIE), collectively referred to as the Company. All intercompany balances and transactions have been eliminated in consolidation.
Adoption of New Accounting Standards	Adoption of New Accounting Standards On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”), 2016-13 Financial Instruments-Credit Losses : Measurement of Credit Losses on Financial Instruments ( “Topic 326” ) . This ASU requires entities to measure the impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. This ASU is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. The adoption of this standard did not have a material impact on the consolidated financial statements. New Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company is evaluating the impact the new standard will have on the consolidated financial statements and related disclosures but do not anticipate a material impact. In December 2019, ASU 2019-12 “Income Taxes: Simplifying the Accounting for Income Taxes (Topic 740)” was issued. This ASU simplifies the accounting for certain income tax related items, including intraperiod tax allocations, deferred taxes related to foreign subsidiaries and step-up in tax basis of goodwill. The ASU is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company is still assessing the impact of this update.
Use of Estimates	Use of EstimatesThe preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the financial statements and for the reported amounts of revenues and expenses during the reporting period. Management utilizes estimates, including, but not limited to, valuation and useful lives of tangible and intangible assets, inputs used to calculate the Tax Receivable Agreement liability including increases in tax basis related to exchanges, future cash tax savings rate, and the allocation of the liability between short-term and long-term based on when the Company realizes certain tax attributes and reserves for trade and promotional allowances. Actual results could differ from these estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less when purchased as cash equivalents and are recorded at cost. Under the Company’s cash management system, checks that have been issued and are out of the control of the Company, but which have not cleared the bank by the balance sheet date, are reported as a reduction of cash.
Accounts Receivable	Accounts ReceivableAccounts receivable represents amounts invoiced to customers for which the Company’s obligation to the customer has been satisfied.
Inventories	Inventories Inventories are stated at the lower of cost or market on a first-in first-out basis. Abnormal amounts of idle facility expense, freight, handling costs, and wasted material (spoilage) are expensed in the period they are incurred.
Property and Equipment	Property and Equipment Property and equipment acquired in business combinations were assigned useful lives for purposes of depreciation that the Company believes to be the remaining useful life of such assets. Additions to property and equipment are recorded at cost and depreciated straight line over estimated useful lives of 15 to 50 years for buildings and land improvements and 3 to 20 years for machinery and equipment. In order to maximize the efficiency of the Company’s operations and to operate the acquired equipment, occasionally the Company will remove and relocate equipment between bakeries. Such removal and relocation costs are expensed as incurred. Reinstallation costs are capitalized if the useful life is extended or the equipment is significantly improved. Otherwise, reinstallation costs are expensed as incurred. Expenditures for repairs and maintenance are charged to expense when incurred. Expenditures for major renewals and betterments, which extend the useful lives of existing property and equipment, are capitalized and depreciated. Upon retirement or disposition of property and equipment, the capitalized cost and related accumulated depreciation are removed from the balance sheet and any resulting gain or loss is recognized in the consolidated statements of operations.
Software Costs	Software Costs Costs associated with computer software projects during the preliminary project stage are expensed as incurred. Once management authorizes and commits to funding a project, appropriate application development stage costs are capitalized. Capitalization ceases when the project is substantially complete and the software is ready for its intended use. Upgrades and enhancements to software are capitalized when such enhancements are determined to provide additional functionality. Training and maintenance costs associated with software applications are expensed as incurred.
Goodwill and Intangible Assets	Goodwill and Intangible Assets At December 31, 2020 and 2019, the goodwill balances of $706.6 million and $535.9 million, respectively, represent the excess of the amount the Company paid for the acquisition of Hostess Holdings from the Metropoulos Entities and other former equity holders in a 2016 transaction over the fair value of the assets acquired and liabilities assumed. The December 31, 2020 goodwill balance also reflects the excess of the amount the Company paid for the acquisition of Voortman over the fair value of the assets acquired and liabilities assumed. The resulting goodwill was allocated to the Snacking reporting segment. Goodwill by reporting segment is tested for impairment annually by either performing a qualitative evaluation or a quantitative test. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting segment is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative assessment for some or all reporting units and perform a quantitative impairment test. For the 2020 and 2019 annual impairment tests, the Company elected to perform the qualitative test. No indicators of impairment were noted. The Company’s indefinite-lived intangible assets consist of trademarks and trade names. The $1,538.6 million and $1,408.6 million balances at December 31, 2020 and 2019, respectively, were recognized as part of the 2016 acquisition of Hostess Holdings and the 2018 acquisition of the Cloverhill Business. The December 31, 2020 balance also includes trademarks and trade names from the acquisition of Voortman. The trademarks and trade names are integral to the Company’s identity and are expected to contribute indefinitely to its corporate cash flows. Fair value for trademarks and trade names was determined using the income approach, which is considered to be Level 3 within the fair value hierarchy. The application of the income approach was premised on a royalty savings method, whereby the trademark and trade names are valued by reference to the amount of royalty income they could generate if they were licensed, in an arm’s-length transaction, to a third party. These assets have been assigned an indefinite life and therefore are not amortized but rather evaluated for impairment annually using the qualitative or quantitative methods similar to goodwill. For the quantitative assessment, the valuation of trademarks and trade names are determined using the relief of royalty method. Significant assumptions used in this method include future trends in sales, a royalty rate and a discount rate to be applied to the forecasted revenue stream. During the year ended December 31, 2019, the Company recognized an impairment charge of $1.0 million to the In-Store Bakery goodwill and intangibles. See Note 8. Goodwill and Intangible Assets for more information on impairment charges.
Reserves for Self-Insurance Benefits	Reserves for Self-Insurance BenefitsThe Company’s employee health plan is self-insured by the Company up to a stop-loss amount of $0.3 million for each participant per plan year. In addition, the Company maintains insurance programs covering its exposure to workers’ compensation. Such programs include the retention of certain levels of risks and costs through high deductibles and other risk retention strategies.
Leases	Leases Subsequent to its adoption of Topic 842 on January 1, 2019, the Company recognizes a right of use asset and corresponding lease liability on the consolidated balance sheet for all lease transactions with terms of more than 12 months. Agreements are determined to contain a lease if they convey the use and control of an underlying physical asset. Based on the nature of the lease transaction, leases are either classified as financing or operating. Under both classifications, the right of use asset and liability are initially valued based on the present value of the future minimum lease payments using an effective borrowing rate at the inception of the lease. The Company determined the effective borrowing rate based on its expected incremental borrowing rate on collateralized debt. At December 31, 2020, 3.6% was the weighted average effective borrowing rates for outstanding operating leases. Under a financing lease, interest expense related to the lease liability is recognized over the lease term using an effective interest rate method and right of use assets are amortized straight-line over the term of the lease. Under an operating lease, minimum lease payments are expensed straight-line over the lease term. Lease liabilities are amortized using an effective interest rate method and right of use assets are reduced based on the excess of the sum of the straight-line lease expense and the reduction of the lease liability over the actual lease payments. At December 31, 2020, the weighted average remaining terms on operating leases were approximately eight years. Variable lease payments, such as taxes and insurance, are expensed as incurred. Expenses related to leases with original terms less than 12 months (short-term leases) are expensed as incurred. For all leases related to distribution, bakery and corporate facilities, the Company has elected not to separate non-lease components from lease components. At December 31, 2020, right of use assets related to operating leases are included in property and equipment, net on the consolidated balance sheet (see Note 6. Property and Equipment). Lease liabilities for operating leases are included in the current and non-current portions of long-term debt and lease obligations on the consolidated balance sheet (see Note 11. Debt).
Revenue Recognition	Revenue Recognition Net revenue consists primarily of sales of packaged food products. The Company recognizes revenue when the obligations under the terms of its agreements with customers have been satisfied. The Company’s obligation is satisfied when control of the product is transferred to its customers along with the title, risk of loss and rewards of ownership. Depending on the arrangement with the customer, these criteria are met either at the time the product is shipped or when the product is received by such customer. Customers are invoiced at the time of shipment or customer pickup based on credit terms established in accordance with industry practice. Invoices generally require payment within 30 days. Net revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for that product. Amounts billed to customers related to shipping and handling are classified as net revenue. A provision for payment discounts and other allowances is estimated based on the Company’s historical performance or specific terms with the customer. The Company generally does not accept product returns and provides these allowances for anticipated expired or damaged products. Trade promotions, consisting primarily of customer pricing allowances and merchandising funds are offered through various programs to customers. A provision for estimated trade promotions is recorded as a reduction of revenue in the same period when the sale is recognized. The Company also offers rebates based on purchase levels, product placement locations in retail stores and advertising placed by customers. The ultimate cost of these programs is dependent on certain factors such as actual purchase volumes or customer activities and is the subject of significant management estimates. The Company accounts for these programs as variable consideration and recognizes a reduction in revenue in the same period as the underlying program. For product produced by third parties, management evaluates whether the Company is the principal (i.e., report revenue on a gross basis) or agent (i.e., report revenue on a net basis). Management has determined that it is the principal in all cases, since it establishes its own pricing for such product, generally assumes the credit risk for amounts billed to its customers, and often takes physical control of the product before it is shipped to customers.
Foreign Currency Remeasurement	Foreign Currency RemeasurementCertain Voortman sales and production related costs are denominated in the Canadian dollar (“CAD”). CAD transactions have been remeasured into U.S. dollars (“USD”) on the consolidated statement of operations using the average exchange rate for the reporting period. Balances expected to be settled in CAD have been remeasured into USD on the consolidated balance sheet using the exchange rate at the end of the period.
Equity Compensation	Equity Compensation The grant date fair values of stock options are valued using the Black-Scholes option-pricing model, including a simplified method to estimate the number of periods to exercise date (i.e., the expected option term). Management has determined that the equity plan has not been in place for a sufficient amount of time to estimate the post vesting exercise behavior. Therefore, it will continue to use this simplified method until such time as it has sufficient history to provide a reasonable basis to estimate the expected term. Forfeitures are recognized as a reduction of expense as incurred. For awards which have market conditions, compensation expense is calculated based on the number of shares expected to vest after assessing the probability that the performance or market criteria will be met. For market-based awards, probability is not reassessed and compensation expense is not remeasured subsequent to the initial assessment on the grant date.
Income Taxes	Income Taxes The Company is subject to U.S. federal, state and local income taxes as well as Canadian income tax on certain subsidiaries. Prior to the final exchange of Class B units, Hostess Brands, Inc. owned a controlling interest in Hostess Holdings, which is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Hostess Holdings was not directly subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Hostess Holdings was passed through to and included in the taxable income or loss of its partners, including the Company. The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the difference is expected to reverse. Additionally, the impact of changes in the enacted tax rates and laws on deferred taxes, if any, is reflected in the financial statements in the period of enactment.
Derivatives	Derivatives The Company has outstanding public and private placement warrants which were originated in the 2015 initial public offering of a special purpose acquisition company (“SPAC”), which subsequently acquired Hostess Holdings in 2016 in a transaction that resulted in the Company becoming the parent company of Hostess Holdings. Due to certain provisions in the warrant agreement, the Company concluded that certain warrants do not meet the criteria to be classified in stockholders’ equity. In periods in which the public and private warrants meet the definition of a liability-classified derivative under Accounting Standards Codification (“ASC”) 815, the Company recognized these warrants within current liabilities on the consolidated balance sheet at fair value, with subsequent changes in fair value recognized in the consolidated statement of operations at each reporting date. The Company has entered into interest rate swap contracts to mitigate its exposure to changes in the variable interest rate on its long-term debt. The Company has also entered into Canadian Dollar (CAD) purchase contracts to mitigate its exposure to foreign currency exchanges rates on its CAD denominated production costs. Both interest rate swap contracts and CAD purchase contracts are designated as cash flow hedges. Changes in the fair value of these instruments are recognized in accumulated other comprehensive income in the consolidated balance sheets and reclassified into earnings in the period in which the hedged transaction affects earnings. Hedging ineffectiveness, if any, is recognized as a component of interest expense for interest rate swap contracts and costs of goods sold for CAD purchase contracts in the consolidated statements of operations. Payments made under the interest rate swap contracts are included in the supplemental disclosure of interest paid in the consolidated statements of cash flows.
Fair Value Measurement	Fair Value Measurements The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the best extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.
New Accounting Pronouncements	Adoption of New Accounting Standards On January 1, 2020, the Company adopted Accounting Standards Update (“ASU”), 2016-13 Financial Instruments-Credit Losses : Measurement of Credit Losses on Financial Instruments ( “Topic 326” ) . This ASU requires entities to measure the impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. This ASU is effective for fiscal years beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. The adoption of this standard did not have a material impact on the consolidated financial statements. New Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company is evaluating the impact the new standard will have on the consolidated financial statements and related disclosures but do not anticipate a material impact. In December 2019, ASU 2019-12 “Income Taxes: Simplifying the Accounting for Income Taxes (Topic 740)” was issued. This ASU simplifies the accounting for certain income tax related items, including intraperiod tax allocations, deferred taxes related to foreign subsidiaries and step-up in tax basis of goodwill. The ASU is effective for fiscal years beginning after December 15, 2020 and early adoption is permitted. The Company is still assessing the impact of this update.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Components of Inventories	The components of inventories are as follows : (In thousands) December 31, December 31, Ingredients and packaging $ 22,965 $ 21,439 Finished goods 23,583 22,513 Inventory in transit to customers 2,800 3,656 $ 49,348 $ 47,608
Disaggregation of Revenue	The following tables disaggregate revenue by geographical market and category: Year Ended December 31, 2020 (In thousands) Sweet Baked Goods In-Store Bakery Cookies Total United States $ 920,388 $ — $ 77,692 $ 998,080 Canada — — 18,529 18,529 $ 920,388 $ — $ 96,221 $ 1,016,609 Year Ended December 31, 2019 (In thousands) Sweet Baked Goods In-Store Bakery Cookies Total United States $ 878,973 $ 28,702 $ — $ 907,675 Canada — — — — $ 878,973 $ 28,702 $ — $ 907,675
Customer Concentration Risk	The Company has one customer that accounted for 10% or more of the Company’s total net revenue. The percentage of total net revenues for this customer is presented below by segment: Year Ended Year Ended Year Ended Snacking 20.2 % 23.3 % 20.4 % In-Store Bakery 0.0 % 0.3 % 0.6 % Total 20.2 % 23.6 % 21.0 %

Restatement of Previously Iss_2

Restatement of Previously Issued Financial Statements (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	(In thousands) As of December 31, 2020 As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 3,365,469 $ — $ 3,365,469 Warrant liabilities — 861 861 Total current liabilities 189,533 861 190,394 Total liabilities 1,743,883 861 1,744,744 Additional paid in capital 1,238,765 42,253 1,281,018 Retained earnings 399,215 (43,114) 356,101 Stockholder's equity 1,621,586 (861) 1,620,725 Total liabilities, stockholder's equity and non-controlling interest $ 3,365,469 $ — $ 3,365,469 (In thousands, except shares and per share data) For the Year Ended December 31, 2020 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 135,310 $ — $ 135,310 Change in fair value of warrant liabilities — (39,941) (39,941) Total other (income) expense 46,549 (39,941) 6,608 Income before income taxes 88,761 39,941 128,702 Net income 68,356 39,941 108,297 Net income attributable to Class A stockholders $ 64,735 $ 39,941 $ 104,676 Earnings per Class A share: Basic $ 0.52 0.32 $ 0.84 Diluted $ 0.51 — $ 0.51 Weighted-average shares outstanding: Basic 124,927,535 — 124,927,535 Diluted 127,723,488 — 127,723,488 As of December 31, 2019 (In thousands) As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 3,097,701 $ — $ 3,097,701 Liabilities and stockholder's equity Warrant liabilities — 111,305 111,305 Total current liabilities 159,925 111,305 271,230 Total liabilities 1,517,477 111,305 1,628,782 Additional paid in capital 1,152,055 (28,250) 1,123,805 Retained earnings 334,480 (83,055) 251,425 Stockholder's equity 1,485,792 (111,305) 1,374,487 Total liabilities, stockholder's equity and non-controlling interest $ 3,097,701 $ — $ 3,097,701 (In thousands, except shares and per share data) For the Year Ended December 31, 2019 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 136,096 $ — $ 136,096 Change in fair value of warrant liabilities — 58,816 58,816 Total other expense 41,639 58,816 100,455 Income before income taxes 94,457 (58,816) 35,641 Net income 77,565 (58,816) 18,749 Net income attributable to Class A stockholders $ 63,115 $ (58,816) $ 4,299 Earnings per Class A share: Basic $ 0.57 $ (0.53) $ 0.04 Diluted $ 0.55 $ (0.51) $ 0.04 Weighted-average shares outstanding: Basic 110,540,264 — 110,540,264 Diluted 114,699,447 (3,693,758) 111,005,689 (In thousands, except shares and per share data) For the Year Ended December 31, 2018 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 121,558 $ — $ 121,558 Change in fair value of warrant liabilities — (79,156) (79,156) Total other (income) expense 27,178 (79,156) (51,978) Income before income taxes 94,380 79,156 173,536 Net income 81,426 79,156 160,582 Net income attributable to Class A stockholders $ 62,895 $ 79,156 $ 142,051 Earnings per Class A share: Basic $ 0.63 $ 0.79 $ 1.42 Diluted $ 0.61 $ — $ 0.61 Weighted-average shares outstanding: Basic 99,957,049 — 99,957,049 Diluted 103,098,394 — 103,098,394

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Purchase Price Allocation	As of December 31, 2020, the Company has finalized the following purchase price allocation: (In thousands) Cash $ 1,639 Accounts receivable 24,848 Inventory 7,564 Income tax receivable 7,522 Other current assets 420 Property and equipment 32,028 Customer relationships (1) 11,100 Trade names (2) 130,000 Goodwill (3) 170,762 Other non-current assets 1,320 Accounts payable and accrued expenses (6,172) Customer trade allowances (5,428) Lease liabilities (6,420) Deferred taxes (39,149) Other non-current liabilities (1,320) Assets acquired and liabilities assumed $ 328,714 (1) Customer relationships were valued through application of the income approach (Level 3). Under this approach, revenue, operating expenses and other costs associated with existing customers were estimated in order to derive cash flows attributable to the existing customer relationships. The resulting cash flows were then discounted to present value to arrive at the fair value of existing customer relationships as of the valuation date. The estimated useful lives by operating segment ranging from one (2) The trade names were valued through application of the income approach (level 3), involving the estimation of likely future sales and an appropriate royalty rate. The trade name and trademarks are estimated to have indefinite useful lives as the Company expects a market participant would use the trade name and trademarks in perpetuity based on their historical strength and consumer recognition.
Business Acquisition, Pro Forma Financial Information	The following unaudited pro forma combined financial information presents the Company’s results as though the acquisition of Voortman had occurred at January 1, 2019. The unaudited pro forma consolidated financial information has been prepared using the acquisition method of accounting in accordance with U.S. GAAP: Twelve Months Ended (In thousands) December 31, December 31, (unaudited, pro forma) Net revenue $ 1,016,609 $ 1,007,140 Net income 108,297 11,612

Exit Costs (Tables)

Exit Costs (Tables)	12 Months Ended
	Dec. 31, 2020
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	Reserves for these activities are reported within accrued expenses on the consolidated balance sheet and had the following activity during the year ended December 31, 2020: (In thousands) Severance Contract Termination Total Charges recorded $ 4,632 $ 8,278 $ 12,910 Payments made (4,063) (7,913) (11,976) Impact of change in exchange rates on CAD denominated liability (33) (365) (398) Reserve balance as of December 31, 2020 $ 536 $ — $ 536

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of the Activity of Unvested RSUs	The following table summarizes the activity of the Company’s unvested RSUs: Restricted Stock Weighted Average Unvested as of December 31, 2018 895,784 $ 14.46 Total Granted 721,985 12.76 Forfeited (298,601) 14.96 Vested(1) (415,033) 14.26 Unvested as of December 31, 2019 904,135 12.99 Total Granted 628,801 12.99 Forfeited (285,991) 14.54 Vested(2) (198,677) 12.17 Unvested as of December 31, 2020 1,048,268 $ 13.95 (1) Includes 108,012 shares withheld to satisfy $1.4 million of employee tax obligations upon vesting. (2) Includes 78,728 shares withheld to satisfy $1.1 million of employee tax obligations upon vesting.
Schedule of Assumptions	The following table includes the significant inputs used to determine the fair value of options issued under the 2016 plan. Year Ended Year Ended Expected volatility (1) 26.34% 26.66% Expected dividend yield (2) —% —% Expected option term (3) 6.00 years 6.00 years Risk-free rate (4) 1.6% 1.8% (1) The expected volatility assumption was calculated based on a peer group analysis of stock price volatility with a look back period based on the expected term and ending on the grant date. (2) From its inception through December 31, 2020, the Company has not paid any dividends on its common stock. As of the stock option grant date, the Company does not anticipate paying any dividends on common stock over the term of the stock options. Option holders have no right to dividends prior to the exercise of the options. (3) The Company utilized the simplified method to determine the expected term of the stock options since the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. (4) The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant which corresponds to the expected term of the stock options.
Summary of the Activity of Unvested Stock Options	The following table summarizes the activity of the Company’s unvested stock options: Number Weighted Average Weighted Outstanding as of December 31, 2018 943,939 5.54 $ 13.54 Granted 905,421 — 11.59 Exercised (7,463) — 13.11 Forfeited (124,226) — 12.42 Outstanding as of December 31, 2019 1,717,671 8.35 $ 13.35 Exercisable as of December 31, 2019 486,663 7.35 $ 15.43 Granted 703,329 — 13.69 Exercised (44,257) — 11.35 Forfeited (305,628) — 13.93 Outstanding as of December 31, 2020 2,071,115 7.95 $ 13.43 Exercisable as of December 31, 2020 787,671 7.01 $ 14.20

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consists of the following: (In thousands) December 31, December 31, Land and buildings $ 59,774 $ 53,683 Right of use assets - operating 31,354 23,771 Machinery and equipment 255,821 209,382 Construction in progress 25,041 5,878 371,990 292,714 Less accumulated depreciation (68,031) (50,330) $ 303,959 $ 242,384

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Operations and Total Assets	Information regarding the operations of these reportable segments is as follows: (In thousands) Year Ended Year Ended Year Ended Net revenue: Snacking $ 1,016,609 $ 878,973 $ 808,355 In-Store Bakery — 28,702 42,034 Net revenue $ 1,016,609 $ 907,675 $ 850,389 Depreciation and amortization (1): Snacking $ 54,940 $ 41,732 $ 38,607 In-Store Bakery — 1,602 2,804 Depreciation and amortization $ 54,940 $ 43,334 $ 41,411 Gross profit: Snacking $ 355,639 $ 293,648 $ 258,995 In-Store Bakery — 6,186 8,282 Gross profit $ 355,639 $ 299,834 $ 267,277 Capital expenditures (2): Snacking $ 58,953 $ 35,354 $ 53,394 In-Store Bakery — 182 354 Capital expenditures $ 58,953 $ 35,536 $ 53,748 (1) Depreciation and amortization include charges to net income classified as costs of goods sold and general and administrative expenses on the consolidated statements of operations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Activity of Goodwill	Goodwill activity is presented below by reportable segment: (In thousands) Snacking In-Store Bakery Total Balance as of December 31, 2018 $ 535,853 $ 39,792 $ 575,645 Impairment — (1,000) (1,000) Divestiture — (38,792) (38,792) Balance as of December 31, 2019 535,853 — 535,853 Acquisition of Voortman 170,762 — 170,762 Balance as of December 31, 2020 $ 706,615 $ — $ 706,615
Schedule of Indefinite-Lived Intangible Assets	ntangible assets consist of the following: (In thousands) December 31, December 31, Intangible assets with indefinite lives (Trademarks and Trade Names) $ 1,538,631 $ 1,408,630 Intangible assets with definite lives (Customer Relationships) 526,813 515,713 Less accumulated amortization (Customer Relationships) (97,541) (71,028) Intangible assets, net $ 1,967,903 $ 1,853,315
Schedule of Finite-Lived Intangible Assets	ntangible assets consist of the following: (In thousands) December 31, December 31, Intangible assets with indefinite lives (Trademarks and Trade Names) $ 1,538,631 $ 1,408,630 Intangible assets with definite lives (Customer Relationships) 526,813 515,713 Less accumulated amortization (Customer Relationships) (97,541) (71,028) Intangible assets, net $ 1,967,903 $ 1,853,315
Future Amortization Expense	Future expected amortization expense is as follows: (In thousands) 2021 $ 23,512 2022 23,512 2023 23,512 2024 23,512 2025 22,752 2026 and thereafter 312,472

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Included in accrued expenses are the following: (In thousands) December 31, December 31, Incentive compensation $ 16,199 $ 6,840 Interest rate and foreign currency contracts 13,694 704 Payroll, vacation and other compensation 9,886 3,389 Accrued interest 4,815 4,870 Other 11,121 5,858 $ 55,715 $ 21,661

Tax Receivable Agreement (Table

Tax Receivable Agreement (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Summary of Tax Receivable Agreement	The following table summarizes activity related to the Tax Receivable Agreement obligations: (In thousands) Balance December 31, 2018 $ 69,063 Exchange of Class B units for Class A shares 71,679 Remeasurement due to disposal of In-Store Bakery operations 1,779 Remeasurement due to change in estimated state tax rate (1,593) Payments (2,732) Balance December 31, 2019 138,196 Exchange of Class B units for Class A shares 27,915 Remeasurement due to tax law change 610 Remeasurement due to change in estimated state tax rate 150 Payments (10,327) Balance December 31, 2020 $ 156,544
Future Expected Payments Under Tax Receivable Arrangement	As of December 31, 2020 the future expected payments under the Tax Receivable Agreement are as follows: (In thousands) 2021 $ 11,800 2022 9,000 2023 9,700 2024 9,900 2025 9,800 Thereafter 106,344

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Summary of Debt and Capital Lease Obligation	A summary of the carrying value of the debt and the lease obligations is as follows: (In thousands) December 31, December 31, Term Loan (3.0% as of December 31, 2020) Principal $ 1,102,763 $ 973,930 Unamortized debt premiums, discounts and issuance costs (4,917) (3,094) 1,097,846 970,836 Lease obligations 29,002 16,452 Total debt and lease obligations 1,126,848 987,288 Less: Amounts due within one year (13,811) (11,883) Long-term portion $ 1,113,037 $ 975,405
Schedule of Maturities of Long-term Debt	At December 31, 2020, minimum debt repayments under the Fourth Term Loan are due as follows: (In thousands) 2021 $ 11,167 2022 11,167 2023 11,167 2024 11,167 2025 1,058,095

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of the Fair Value of Foreign Currency and Interest Rate Contracts	A summary of the fair value of foreign currency and interest rate contracts is as follows: (In thousands) December 31, December 31, Asset derivatives Location Foreign currency contracts (1) Other current assets $ — $ 7,128 Liability derivatives Location Interest rate swap contracts (2) Accrued expenses $ 13,688 $ 704 Foreign currency contracts (1) Accrued expenses 6 — $ 13,694 $ 704 (1) The fair values of foreign currency contracts are measured on a recurring basis by comparison to available market information on similar contracts (Level 2) (2) The fair values of these contracts are measured on a recurring basis by netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves (Level 2).
Summary of the Gains and Losses Related to Foreign Currency and Interest Rate Contracts in the Consolidated Statement of Operations	A summary of the gains and losses related to foreign currency and interest rate contracts in the consolidated statement of operations is as follows: (In thousands) Year Ended Year Ended Year Ended Gain (loss) on derivative contracts designated as cash flow hedges Location Interest rate swap contracts Interest expense, net $ (3,886) $ 1,705 $ 775 Gain (loss) on other derivative contracts Location Foreign currency contracts Gain on foreign currency contract — 7,128 — Foreign currency contracts Other expense (274) — — $ (274) $ 7,128 $ —

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Basic and Diluted Net Income Per Share	Below are basic and diluted earnings per share: (As Restated) Year Ended Year Ended Year Ended Numerator: (in thousands) Net income attributable to Class A stockholders - basic $ 104,676 $ 4,299 $ 142,051 Impact of change in fair value of warrant liabilities (39,941) — (79,156) Numerator for diluted earnings per share 64,735 4,299 62,895 Denominator: Weighted-average Class A shares outstanding - basic (excluding non-vested restricted stock awards) 124,927,535 110,540,264 99,957,049 Dilutive effect of warrants 2,525,863 — 3,021,239 Dilutive effect of RSUs 270,090 465,425 120,106 Weighted-average shares outstanding - diluted 127,723,488 111,005,689 103,098,394 Earnings per Class A share - basic $ 0.84 $ 0.04 $ 1.42 Earnings per Class A share - dilutive $ 0.51 $ 0.04 $ 0.61

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The income tax expense (benefit) consisted of the following: (In thousands) Year Ended Year Ended Year Ended Current tax expense Federal $ 2,120 $ 1,724 $ 622 State and local 1,479 1,047 2,077 Foreign — — — Total Current 3,599 2,771 2,699 Deferred tax expense (benefit) Federal 17,204 14,859 14,476 State and local 3,750 (738) (4,221) Foreign (4,148) — — Total Deferred 16,806 14,121 10,255 Income tax expense, net $ 20,405 $ 16,892 $ 12,954
Schedule of Income (Loss) Before Income Taxes, Domestic and Foreign	Income (loss) before income taxes consists of the following: (As Restated) (In thousands) Year Ended Year Ended Year Ended Earnings before income taxes United States $ 144,075 $ 35,641 $ 173,536 Foreign (15,373) — — Income before income taxes $ 128,702 $ 35,641 $ 173,536
Schedule of Effective Income Tax Rate Reconciliation	For the years ended December 31, 2020, 2019, and 2018, the effective income tax rate differs from the federal statutory income tax rate as explained below: (As Restated) Year Ended Year Ended Year Ended U.S. federal statutory income tax rate 21.0 % 21.0 % 21.0 % Change in fair value of warrant liabilities (6.5) 34.7 (9.6) State and local income taxes, net of federal benefit 2.8 12.3 2.4 Income attributable to non-controlling interest (0.6) (8.5) (2.2) Foreign rate differential (0.6) — — Change in state tax rate 0.6 (12.8) (3.3) Tax law change (0.8) — — Gain on TRA buyout — — (0.8) Other — 0.7 — Effective income tax rate 15.9 % 47.4 % 7.5 %
Schedule of Deferred Tax Assets and Liabilities	Details of the Company’s deferred tax assets and liabilities are summarized as follows: (In thousands) As of As of Deferred tax assets Imputed interest $ 6,744 $ 6,198 Tax credits 4,582 2,599 Derivative instruments 3,495 — Net operating loss carryforwards 2,601 249 Accrued liabilities 4,870 — Stock-based compensation 3,449 — Other 4,443 1,343 Total deferred tax assets 30,184 10,389 Deferred tax liabilities Investment in partnership — (266,440) Goodwill and intangible assets (277,563) — Property and equipment (46,732) — Other (898) — Total deferred tax liabilities (325,193) (266,440) Total Deferred tax assets and liabilities $ (295,009) $ (256,051)
Schedule of Unrecognized Tax Benefits Roll Forward	The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits: Year Ended Balance at January 1 $ — Additions for tax positions acquired 1,320 Additions for tax positions of current year 240 Total current $ 1,560

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Operating Lease Payments	The future minimum lease payments under these agreements as of December 31, 2020 are shown below. (In thousands) 2021 $ 3,998 2022 4,421 2023 4,366 2024 5,099 2025 5,254 Thereafter 9,614
Components of Lease Expense	The table below shows the composition of lease expenses for the period subsequent to the adoption of Topic 842: (In thousands) Year Ended Year Ended Reduction of right of use asset, financing lease $ — $ 133 Interest, financing lease — 16 Operating lease expense 5,722 3,070 Short-term lease expense 2,633 968 Variable lease expense 1,763 1,076 $ 10,118 $ 5,263
Contractual Commitments	Contractual commitments were as follows: (In thousands) Total Committed Commitments within 1 year Commitments beyond 1 year Ingredients $ 127,775 $ 115,628 $ 12,147 Packaging 71,715 71,715 —

Unaudited Quarterly Financial_2

Unaudited Quarterly Financial Data (As Restated) (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Financial Data	Below is summarized quarterly financial data for 2020 reflecting adjustments made in connection with the restatement as described in Note 2. Restatement of Previously Issued Financial Statements: (In thousands, except shares and per share data) For the Three Months Ended December 31, 2020 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 44,232 $ — $ 44,232 Change in fair value of warrant liabilities — 25,037 25,037 Net income (loss) 24,373 (25,037) (664) Net income (loss) attributable to Class A stockholders 23,612 (25,037) (1,425) Earnings (loss) per Class A share: Basic 0.18 (0.19) (0.01) Diluted 0.18 (0.19) (0.01) Weighted-average shares outstanding: Basic 127,959,039 — 127,959,039 Diluted 132,402,533 (4,049,574) 128,352,959 As of September 30, 2020 (In thousands) As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 3,339,843 $ — $ 3,339,843 Warrant liabilities — 46,327 46,327 Total current liabilities 196,372 46,327 242,699 Total liabilities 1,730,828 46,327 1,777,155 Additional paid in capital 1,185,003 (28,250) 1,156,753 Retained earnings 375,603 (18,077) 357,526 Stockholder's equity 1,549,615 (46,327) 1,503,288 Total liabilities, stockholder's equity and non-controlling interest 3,339,843 — 3,339,843 (In thousands, except shares and per share data) For the Three Months Ended September 30, 2020 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 41,337 $ — $ 41,337 Change in fair value of warrant liabilities — (2,260) (2,260) Net income 23,973 2,260 26,233 Net income attributable to Class A stockholders 22,605 2,260 24,865 Earnings per Class A share: Basic 0.18 0.02 0.20 Diluted 0.18 — 0.18 Weighted-average shares outstanding: Basic 124,905,538 — 124,905,538 Diluted 127,586,881 — 127,586,881 As of June 30, 2020 (In thousands) As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 3,319,623 $ — $ 3,319,623 Warrant liabilities — 48,587 48,587 Total current liabilities 203,033 48,587 251,620 Total liabilities 1,733,196 48,587 1,781,783 Additional paid in capital 1,176,815 (28,250) 1,148,565 Retained earnings 352,998 (20,337) 332,661 Stockholder's equity 1,518,792 (48,587) 1,470,205 Total liabilities, stockholder's equity and non-controlling interest 3,319,623 — 3,319,623 (In thousands, except shares and per share data) For the Three Months Ended June 30, 2020 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 34,575 $ — $ 34,575 Change in fair value of warrant liabilities — 16,382 16,382 Net income 17,370 (16,382) 988 Net income (loss) attributable to Class A stockholders 16,170 (16,382) (212) Earnings per Class A share: Basic 0.13 (0.13) — Diluted 0.13 (0.13) — Weighted-average shares outstanding: Basic 123,123,656 — 123,123,656 Diluted 124,576,409 (758,005) 123,818,404 As of March 31, 2020 (In thousands) As Previously Reported Restatement Adjustment As Restated Balance Sheet Total assets $ 3,289,577 $ — $ 3,289,577 Warrant liabilities — 32,205 32,205 Total current liabilities 185,026 32,205 217,231 Total liabilities 1,718,476 32,205 1,750,681 Additional paid in capital 1,163,263 (28,250) 1,135,013 Retained earnings 336,828 (3,955) 332,873 Stockholder's equity 1,490,541 (32,205) 1,458,336 Total liabilities, stockholder's equity and non-controlling interest 3,289,577 — 3,289,577 (In thousands, except shares and per share data) For the Three Months Ended March 31, 2020 Statement of Operations As Previously Reported Restatement Adjustment As Restated Operating income $ 15,166 $ — $ 15,166 Change in fair value of warrant liabilities — (79,100) (79,100) Net income 2,640 79,100 81,740 Net income attributable to Class A stockholders 2,348 79,100 81,448 Earnings per Class A share: Basic 0.02 0.64 0.66 Diluted 0.02 — 0.02 Weighted-average shares outstanding: Basic 123,123,656 — 123,123,656 Diluted 126,075,126 — 126,075,126

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Description of Business (Details) - segment	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Number of reportable segments	1	2	2

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Adoption of New Accounting Standards (Details) - Accounting Standards Update 2016-02 $ in Millions	Jan. 01, 2019USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use asset	$ 8.2
Right of use asset, accumulated amortization	5.2
Lease liability	$ 3

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Accounts receivable	$ 125,550	$ 104,892
Reserve to cover allowances for damages occurring during shipment, quality claims and doubtful accounts	$ 3,500	$ 2,700

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Ingredients and packaging	$ 22,965	$ 21,439
Finished goods	23,583	22,513
Inventory in transit to customers	2,800	3,656
Inventories	$ 49,348	$ 47,608

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Snacking
Property, Plant and Equipment [Line Items]
Impairment loss of production line	$ 2.9	$ 0.5	$ 1.4
Land and buildings | Minimum
Property, Plant and Equipment [Line Items]
Property, and equipment, useful life (years)	15 years
Land and buildings | Maximum
Property, Plant and Equipment [Line Items]
Property, and equipment, useful life (years)	50 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, and equipment, useful life (years)	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, and equipment, useful life (years)	20 years

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Software Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Capitalized computer software	$ 14.7	$ 11.9
Capitalized software costs, useful life	5 years
Capitalized software costs, amortization expense	$ 5.3	$ 2.7	$ 2.7

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2018
Goodwill [Line Items]
Goodwill	$ 535,853	$ 706,615	$ 575,645
Customer relationships
Goodwill [Line Items]
Intangible assets with definite lives (customer relationships)	444,700	429,300
In-Store Bakery
Goodwill [Line Items]
Goodwill	0	0	$ 39,792
Goodwill and intangible asset impairment	1,000
Trade names
Goodwill [Line Items]
Intangible assets with indefinite lives (Trademarks and Trade Names)	$ 1,408,600	$ 1,538,600

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Reserves for Self-Insurance Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Stop-loss amount	$ 0.3
Self-insurance reserves	2.2	$ 2
Accrued interest	$ 2.9	$ 2.7

Summary of Significant Accou_12

Summary of Significant Accounting Policies - Leases (Details)	Dec. 31, 2020
Accounting Policies [Abstract]
Weighted average effective borrowing rate, operating leases	3.60%
Average remaining terms, operating leases	8 years

Summary of Significant Accou_13

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Invoice payment period (years)	30 days
Disaggregation of Revenue [Line Items]
Net revenue	$ 1,016,609	$ 907,675	$ 850,389
Sweet Baked Goods
Disaggregation of Revenue [Line Items]
Net revenue	920,388	878,973
In-Store Bakery
Disaggregation of Revenue [Line Items]
Net revenue	0	28,702	$ 42,034
Cookies
Disaggregation of Revenue [Line Items]
Net revenue	96,221	0
United States
Disaggregation of Revenue [Line Items]
Net revenue	998,080	907,675
United States | Sweet Baked Goods
Disaggregation of Revenue [Line Items]
Net revenue	920,388	878,973
United States | In-Store Bakery
Disaggregation of Revenue [Line Items]
Net revenue	0	28,702
United States | Cookies
Disaggregation of Revenue [Line Items]
Net revenue	77,692	0
Canada
Disaggregation of Revenue [Line Items]
Net revenue	18,529	0
Canada | Sweet Baked Goods
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Canada | In-Store Bakery
Disaggregation of Revenue [Line Items]
Net revenue	0	0
Canada | Cookies
Disaggregation of Revenue [Line Items]
Net revenue	$ 18,529	$ 0

Summary of Significant Accou_14

Summary of Significant Accounting Policies - Concentrations (Details) - Customer concentration risk - One Customer - Consolidated net revenues	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Concentration risk, percentage	20.20%	23.60%	21.00%
Snacking
Concentration Risk [Line Items]
Concentration risk, percentage	20.20%	23.30%	20.40%
In-Store Bakery
Concentration Risk [Line Items]
Concentration risk, percentage	0.00%	0.30%	0.60%

Summary of Significant Accou_15

Summary of Significant Accounting Policies - Foreign Currency Remeasurment (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Accounting Policies [Abstract]
Foreign currency transaction loss on remeasurement	$ 1.8

Summary of Significant Accou_16

Summary of Significant Accounting Policies - Collective Bargaining Agreements (Details)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Percentage of employees covered by collective bargaining agreements	41.00%

Summary of Significant Accou_17

Summary of Significant Accounting Policies - Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Health care contributions, by the Company	$ 2	$ 1.8	$ 1.9
Accrued incentive	$ 14.2	$ 6.8

Restatement of Previously Iss_3

Restatement of Previously Issued Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Balance Sheet
Total assets	$ 3,365,469	$ 3,339,843	$ 3,319,623	$ 3,289,577	$ 3,365,469	$ 3,097,701
Warrant liabilities	861	46,327	48,587	32,205	861	111,305
Total current liabilities	190,394	242,699	251,620	217,231	190,394	271,230
Total liabilities	1,744,744	1,777,155	1,781,783	1,750,681	1,744,744	1,628,782
Additional paid in capital	1,281,018	1,156,753	1,148,565	1,135,013	1,281,018	1,123,805
Retained earnings	356,101	357,526	332,661	332,873	356,101	251,425
Stockholder's equity	1,620,725	1,503,288	1,470,205	1,458,336	1,620,725	1,374,487
Total liabilities, stockholder's equity and non-controlling interest	3,365,469	3,339,843	3,319,623	3,289,577	3,365,469	3,097,701
Statement of Operations
Operating income	44,232	41,337	34,575	15,166	135,310	136,096	$ 121,558
Change in fair value of warrant liabilities	25,037	(2,260)	16,382	(79,100)	(39,941)	58,816	(79,156)
Total other (income) expense					6,608	100,455	(51,978)
Income before income taxes					128,702	35,641	173,536
Net income	(664)	26,233	988	81,740	108,297	18,749	160,582
Net income attributable to Class A stockholders - basic	$ (1,425)	$ 24,865	$ (212)	$ 81,448	$ 104,676	$ 4,299	$ 142,051
Earnings per Class A share:
Basic (usd per share)	$ (0.01)	$ 0.20	$ 0	$ 0.66	$ 0.84	$ 0.04	$ 1.42
Diluted (usd per share)	$ (0.01)	$ 0.18	$ 0	$ 0.02	$ 0.51	$ 0.04	$ 0.61
Weighted-average shares outstanding:
Basic (shares)	127,959,039	124,905,538	123,123,656	123,123,656	124,927,535	110,540,264	99,957,049
Diluted (shares)	128,352,959	127,586,881	123,818,404	126,075,126	127,723,488	111,005,689	103,098,394
As Previously Reported
Balance Sheet
Total assets	$ 3,365,469	$ 3,339,843	$ 3,319,623	$ 3,289,577	$ 3,365,469	$ 3,097,701
Warrant liabilities	0	0	0	0	0	0
Total current liabilities	189,533	196,372	203,033	185,026	189,533	159,925
Total liabilities	1,743,883	1,730,828	1,733,196	1,718,476	1,743,883	1,517,477
Additional paid in capital	1,238,765	1,185,003	1,176,815	1,163,263	1,238,765	1,152,055
Retained earnings	399,215	375,603	352,998	336,828	399,215	334,480
Stockholder's equity	1,621,586	1,549,615	1,518,792	1,490,541	1,621,586	1,485,792
Total liabilities, stockholder's equity and non-controlling interest	3,365,469	3,339,843	3,319,623	3,289,577	3,365,469	3,097,701
Statement of Operations
Operating income	44,232	41,337	34,575	15,166	135,310	136,096	$ 121,558
Change in fair value of warrant liabilities	0	0	0	0	0	0	0
Total other (income) expense					46,549	41,639	27,178
Income before income taxes					88,761	94,457	94,380
Net income	24,373	23,973	17,370	2,640	68,356	77,565	81,426
Net income attributable to Class A stockholders - basic	$ 23,612	$ 22,605	$ 16,170	$ 2,348	$ 64,735	$ 63,115	$ 62,895
Earnings per Class A share:
Basic (usd per share)	$ 0.18	$ 0.18	$ 0.13	$ 0.02	$ 0.52	$ 0.57	$ 0.63
Diluted (usd per share)	$ 0.18	$ 0.18	$ 0.13	$ 0.02	$ 0.51	$ 0.55	$ 0.61
Weighted-average shares outstanding:
Basic (shares)	127,959,039	124,905,538	123,123,656	123,123,656	124,927,535	110,540,264	99,957,049
Diluted (shares)	132,402,533	127,586,881	124,576,409	126,075,126	127,723,488	114,699,447	103,098,394
Restatement Adjustment
Balance Sheet
Total assets	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Warrant liabilities	861	46,327	48,587	32,205	861	111,305
Total current liabilities	861	46,327	48,587	32,205	861	111,305
Total liabilities	861	46,327	48,587	32,205	861	111,305
Additional paid in capital	42,253	(28,250)	(28,250)	(28,250)	42,253	(28,250)
Retained earnings	(43,114)	(18,077)	(20,337)	(3,955)	(43,114)	(83,055)
Stockholder's equity	(861)	(46,327)	(48,587)	(32,205)	(861)	(111,305)
Total liabilities, stockholder's equity and non-controlling interest	0	0	0	0	0	0
Statement of Operations
Operating income	0	0	0	0	0	0	$ 0
Change in fair value of warrant liabilities	25,037	(2,260)	16,382	(79,100)	(39,941)	58,816	(79,156)
Total other (income) expense					(39,941)	58,816	(79,156)
Income before income taxes					39,941	(58,816)	79,156
Net income	(25,037)	2,260	(16,382)	79,100	39,941	(58,816)	79,156
Net income attributable to Class A stockholders - basic	$ (25,037)	$ 2,260	$ (16,382)	$ 79,100	$ 39,941	$ (58,816)	$ 79,156
Earnings per Class A share:
Basic (usd per share)	$ (0.19)	$ 0.02	$ (0.13)	$ 0.64	$ 0.32	$ (0.53)	$ 0.79
Diluted (usd per share)	$ (0.19)	$ 0	$ (0.13)	$ 0	$ 0	$ (0.51)	$ 0
Weighted-average shares outstanding:
Basic (shares)	0	0	0	0	0	0	0
Diluted (shares)	(4,049,574)	0	(758,005)	0	0	(3,693,758)	0

Business Combinations - Additio

Business Combinations - Additional Information (Details) $ in Thousands, $ in Millions	Jan. 03, 2020USD ($)	Jan. 03, 2020CAD ($)	Aug. 30, 2019USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Net gain on related foreign currency contract				$ (2,061)	$ 7,128	$ 0
Portion of purchase cost deposited into escrow account				4,700
Business combination transaction costs				4,282	1,914	297
Non-cash fees on sale of business				0	1,414	$ 0
In-Store Bakery
Business Acquisition [Line Items]
Proceeds from divestiture			$ 65,000
Non-cash fees on sale of business					2,100
In-Store Bakery | Other operating expenses
Business Acquisition [Line Items]
Loss on disposal					300
Voortman
Business Acquisition [Line Items]
Consideration transferred during acquisition	$ 328,700	$ 427
Net cash outflow				316,000
Net gain on related foreign currency contract				6,900
Cash				1,639
Purchase price adjustments receivable				4,200
Portion of purchase cost deposited into escrow account				4,700
Other non-current liabilities				1,320
Non-current receivable balance				1,300
Business combination transaction costs				$ 4,300	$ 1,900

Business Combinations - Purchas

Business Combinations - Purchase Price Allocation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Goodwill	$ 706,615	$ 535,853	$ 575,645
Voortman
Business Acquisition [Line Items]
Cash	1,639
Accounts receivable	24,848
Inventory	7,564
Income tax receivable	7,522
Other current assets	420
Property and equipment	32,028
Goodwill	170,762
Other non-current assets	1,320
Accounts payable and accrued expenses	(6,172)
Customer trade allowances	(5,428)
Lease liabilities	(6,420)
Deferred taxes	(39,149)
Other non-current liabilities	(1,320)
Assets acquired and liabilities assumed	328,714
Voortman | Customer relationships
Business Acquisition [Line Items]
Customer relationships	$ 11,100
Voortman | Customer relationships | Maximum
Business Acquisition [Line Items]
Estimated useful life, finite lived intangible asset	8 years
Voortman | Customer relationships | Minimum
Business Acquisition [Line Items]
Estimated useful life, finite lived intangible asset	1 year
Voortman | Trade names
Business Acquisition [Line Items]
Trade names	$ 130,000

Business Combinations - Busines

Business Combinations - Business Acquisition, Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Net revenue					$ 1,016,609	$ 907,675	$ 850,389
Net income	$ (664)	$ 26,233	$ 988	$ 81,740	108,297	18,749	$ 160,582
Voortman
Business Acquisition [Line Items]
Net revenue					1,016,609	1,007,140
Net income					$ 108,297	$ 11,612

Exit Costs - Narrative (Details

Exit Costs - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Restructuring and Related Activities [Abstract]
Restructuring costs incurred to date	$ 12.9
Contract termination costs	8.3
Severance costs	$ 4.6

Exit Costs - Restructuring and

Exit Costs - Restructuring and Related Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Restructuring Cost and Reserve [Line Items]
Charges recorded	$ 12,910
Payments made	(11,976)
Impact of change in exchange rates on CAD denominated liability	(398)
Reserve balance as of December 31, 2020	536
Severance
Restructuring Cost and Reserve [Line Items]
Charges recorded	4,632
Payments made	(4,063)
Impact of change in exchange rates on CAD denominated liability	(33)
Reserve balance as of December 31, 2020	536
Contract Termination
Restructuring Cost and Reserve [Line Items]
Charges recorded	8,278
Payments made	(7,913)
Impact of change in exchange rates on CAD denominated liability	(365)
Reserve balance as of December 31, 2020	$ 0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 8.7	$ 9.2	$ 5.6
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (shares)	7,150,000
Shares available for issuance, 2016 Plan (shares)	2,770,885

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Units, Narrative (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining period	1 year 8 months 12 days
Allocated share-based compensation expense	$ 8.7	$ 9.2	$ 5.6
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units outstanding with performance obligations Related to TSR (shares)	0.4	0.3
Total unrecognized compensation cost	$ 8.1
RSUs | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$ 6.3	$ 7.2
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of awards	1 year
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Requisite service period of awards	3 years
Total Sharebased Return Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Percentage of granted units, eligible to be received	200.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of the Activity of Unvested RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Additional Paid-in Capital
Weighted Average Grant Date Fair Value
Employee tax obligations	$ 1,440	$ 1,431	$ 1,025
RSUs
Restricted Stock Units
Unvested at beginning of period (shares)	904,135,000	895,784,000
Total Granted (shares)	628,801,000	721,985,000
Forfeited (shares)	(285,991,000)	(298,601,000)
Vested (shares)	(198,677,000)	(415,033,000)
Unvested at end of period (shares)	1,048,268,000	904,135,000	895,784,000
Weighted Average Grant Date Fair Value
Unvested at beginning of period (usd per share)	$ 12.99	$ 14.46
Total Granted (usd per share)	12.99	12.76
Forfeited (usd per share)	14.54	14.96
Vested (usd per share)	12.17	14.26
Unvested at end of period (usd per share)	$ 13.95	$ 12.99	$ 14.46
Withheld to satisfy employee tax obligations (shares)	78,728	108,012
RSUs | Additional Paid-in Capital
Weighted Average Grant Date Fair Value
Employee tax obligations	$ 1,100	$ 1,400

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Assumptions (Details) - Option	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility (as a percent)	26.34%	26.66%
Expected dividend yield (as a percent)	0.00%	0.00%
Expected option term	6 years	6 years
Risk-free rate (as a percent)	1.60%	1.80%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options, Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum term under grant agreement	10 years
Total unrecognized compensation cost related to non-vested stock options	$ 3.2
Compensation expense	$ 8.7	$ 9.2	$ 5.6
Granted (usd per share)	$ 4.04	$ 3.76	$ 5.04
Option | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 2.4	$ 2

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of the Activity of Unvested Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Number of Options
Outstanding at beginning of period (shares)	1,717,671	943,939
Granted (shares)	703,329	905,421
Exercised (shares)	(44,257)	(7,463)
Forfeited (shares)	(305,628)	(124,226)
Outstanding at end of period (shares)	2,071,115	1,717,671	943,939
Number of Options, Exercisable (shares)	787,671,000	486,663
Weighted Average Remaining Contractual Life (years)	7 years 11 months 12 days	8 years 4 months 6 days	5 years 6 months 14 days
Weighted average remaining contractual life, exercisable (years)	7 years 3 days	7 years 4 months 6 days
Weighted Average Exercise Price
Outstanding at beginning of period (usd per share)	$ 13.35	$ 13.54
Granted (usd per share)	13.69	11.59
Exercised (usd per share)	11.35	13.11
Forfeited (usd per share)	13.93	12.42
Outstanding at end of period (usd per share)	13.43	13.35	$ 13.54
Weighted average exercise price, exercisable (usd per share)	$ 14.20	$ 15.43

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 371,990	$ 292,714
Less accumulated depreciation	(68,031)	(50,330)
Property and equipment, net	303,959	242,384
Depreciation expense	23,100	17,200	$ 14,600
Land and buildings
Property, Plant and Equipment [Line Items]
Property and equipment, gross	59,774	53,683
Right of use assets - operating
Property, Plant and Equipment [Line Items]
Property and equipment, gross	31,354	23,771
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	255,821	209,382
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 25,041	$ 5,878

Segment Reporting (Details)

Segment Reporting (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segment	Dec. 31, 2019USD ($)segment	Dec. 31, 2018USD ($)segment
Segment Reporting [Abstract]
Number of reportable segments | segment	1	2	2
Segment Reporting Information [Line Items]
Net revenue	$ 1,016,609	$ 907,675	$ 850,389
Depreciation and amortization	54,940	43,334	41,411
Gross profit	355,639	299,834	267,277
Capital expenditures	58,953	35,536	53,748
Snacking
Segment Reporting Information [Line Items]
Net revenue	1,016,609	878,973	808,355
Depreciation and amortization	54,940	41,732	38,607
Gross profit	355,639	293,648	258,995
Capital expenditures	58,953	35,354	53,394
In-Store Bakery
Segment Reporting Information [Line Items]
Net revenue	0	28,702	42,034
Depreciation and amortization	0	1,602	2,804
Gross profit	0	6,186	8,282
Capital expenditures	$ 0	$ 182	$ 354

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Goodwill, adjustment	$ 4,700
Impairment charges		$ 1,000
Amortization expense	$ 26,510	23,377	$ 24,057
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-average amortization period	18 years 8 months 12 days
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Remaining amortization period	4 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Remaining amortization period	19 years
In-Store Bakery
Finite-Lived Intangible Assets [Line Items]
Impairment charges		$ 1,000
Reduction of intangible assets, net due to divestiture of segment	$ 24,500

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Goodwill Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Beginning balance	$ 535,853	$ 575,645
Impairment		(1,000)
Divestiture		(38,792)
Acquisition of Voortman	170,762
Ending balance	706,615	535,853
Snacking
Goodwill [Roll Forward]
Beginning balance	535,853	535,853
Impairment		0
Divestiture		0
Acquisition of Voortman	170,762
Ending balance	706,615	535,853
In-Store Bakery
Goodwill [Roll Forward]
Beginning balance	0	39,792
Impairment		(1,000)
Divestiture		(38,792)
Acquisition of Voortman	0
Ending balance	$ 0	$ 0

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible assets, net	$ 1,967,903	$ 1,853,315
Trade names
Indefinite-lived Intangible Assets [Line Items]
Intangible assets with indefinite lives (Trademarks and Trade Names)	1,538,631	1,408,630
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets with definite lives (Customer Relationships)	526,813	515,713
Less accumulated amortization (Customer Relationships)	$ (97,541)	$ (71,028)

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Future Amortization (Details) - Customer relationships $ in Thousands	Dec. 31, 2020USD ($)
Finite-Lived Intangible Assets [Line Items]
2021	$ 23,512
2022	23,512
2023	23,512
2024	23,512
2025	22,752
2026 and thereafter	$ 312,472

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Incentive compensation	$ 16,199	$ 6,840
Interest rate and foreign currency contracts	13,694	704
Payroll, vacation and other compensation	9,886	3,389
Accrued interest	4,815	4,870
Other	11,121	5,858
Accrued expenses and other current liabilities	$ 55,715	$ 21,661

Tax Receivable Agreement - Narr

Tax Receivable Agreement - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Tax receivable arrangement, remeasurement due to exchange of class B units	$ 27,915	$ 71,679
Tax receivable agreement, remeasurement due to state tax rate and standards update	800
Remeasurement due to change in estimated state tax rate	$ (150)	$ 1,593
Tax receivable agreement, cash tax savings rate		26.40%	26.90%
Remeasurement due to tax law change		$ 1,779
Hostess Holdings
Business Acquisition [Line Items]
Tax receivable arrangement, tax savings percent owed	85.00%
Tax receivable arrangement, term (more than)	15 years
Tax receivable arrangement, tax savings percent retained	15.00%
Fair value inputs, tax savings rate	26.50%

Tax Receivable Agreement - Summ

Tax Receivable Agreement - Summary of Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Tax Receivable Agreement Liability [Roll Forward]
Beginning balance	$ 138,196	$ 69,063
Exchange of Class B units for Class A shares	27,915	71,679
Remeasurement due to disposal of In-Store Bakery operations		1,779
Remeasurement due to tax law change	610
Remeasurement due to change in estimated state tax rate	150	(1,593)
Payments	(10,327)	(2,732)
Ending balance	$ 156,544	$ 138,196

Tax Receivable Agreement - Futu

Tax Receivable Agreement - Future Expected Payments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
2021	$ 11,800
2022	9,000
2023	9,700
2024	9,900
2025	9,800
Thereafter	$ 106,344

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Jan. 03, 2020	Oct. 01, 2019	Nov. 20, 2017	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Proceeds from long-term debt origination, net of fees paid				$ 136,888,000	$ 0	$ 0
Term Loan
Debt Instrument [Line Items]
Amount of incremental term loans entered into in order to finance transaction	$ 140,000,000
Proceeds from long-term debt origination, net of fees paid	136,900,000
Debt issuance costs	$ 3,100,000
Interest rate on aggregate principal balance	0.25%
Fair value of long term debt				$ 1,109,300,000	$ 977,600,000
Term Loan | New LIBOR Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.75%
Term Loan | LIBOR Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Term Loan | Fourth Term Loan
Debt Instrument [Line Items]
Interest rate on aggregate principal balance		0.25%
Term Loan | Fourth Term Loan | New LIBOR Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.75%
Term Loan | Fourth Term Loan | LIBOR Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		2.25%
Term Loan | Third Term Loan
Debt Instrument [Line Items]
Interest rate on aggregate principal balance			0.25%
Long-term debt, principal balance			$ 976,400,000
Term Loan | Third Term Loan | LIBOR Floor
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)			2.50%

Debt - Schedule of Long-Term De

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Lease obligations	$ 29,002	$ 16,452
Total debt and lease obligations	1,126,848	987,288
Less: Amounts due within one year	(13,811)	(11,883)
Long-term portion	1,113,037	975,405
Term Loan | First Term Loan
Debt Instrument [Line Items]
Term Loan (3.0% as of December 31, 2020)	1,102,763	973,930
Unamortized debt premiums, discounts and issuance costs	(4,917)	(3,094)
Long-term debt	$ 1,097,846	$ 970,836
Effective fixed interest rate on long-term debt	3.00%

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-term Debt (Details) - Fourth Term Loan - Term Loan $ in Thousands	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
2021	$ 11,167
2022	11,167
2023	11,167
2024	11,167
2025	$ 1,058,095

Debt - Revolving Credit Facilit

Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Oct. 01, 2019
Line of Credit Facility [Line Items]
Long-term line of credit	$ 0	$ 0
LIBOR
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	2.25%
Base Rate
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	1.25%
Minimum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.375%
Minimum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	3.00%
Minimum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	2.00%
Maximum
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.50%
Maximum | LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	3.50%
Maximum | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Hostess Brands, LLC
Line of Credit Facility [Line Items]
Line of credit, amount to be issued			$ 100,000,000

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Feb. 29, 2020USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2020CAD ($)shares	Nov. 30, 2020USD ($)	Dec. 31, 2019shares	Dec. 31, 2018USD ($)
Cash Flow Hedge
Derivative [Line Items]
Maximum contracted sales amount		$ 11,500,000	$ 14.6
Interest rate swap contracts
Derivative [Line Items]
Interest rate swap contracts, unrealized expenses expected to be reclassified		(4,700,000)
Foreign currency contracts
Derivative [Line Items]
Foreign currency contracts, unrealized expenses expected to be reclassified		100,000
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge
Derivative [Line Items]
Fixed interest rate						1.78%
Notional amount		200,000,000				$ 500,000,000
Reduction in notional amount per year		$ 100,000,000
Term of contract		5 years
Effective fixed interest rate on long-term debt		4.03%	4.03%
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | Term Loan
Derivative [Line Items]
Notional amount	$ 500,000,000
Term of contract	5 years
Effective fixed interest rate on long-term debt		3.76%	3.76%
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | Term Loan | Minimum
Derivative [Line Items]
Fixed interest rate	1.11%
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | Term Loan | Maximum
Derivative [Line Items]
Fixed interest rate	1.64%
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | LIBOR
Derivative [Line Items]
Basis spread on variable rate (as a percent)						0.75%
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedge | LIBOR | Term Loan
Derivative [Line Items]
Basis spread on variable rate (as a percent)	0.75%
Designated as Hedging Instrument | Foreign currency contracts
Derivative [Line Items]
Notional amount			$ 440
Common Class A
Derivative [Line Items]
Class of warrant, number of securities called (in shares) | shares		0.5	0.5
Exercise price of warrant (usd per share) | $ / shares		$ 5.75
Public Warrants
Derivative [Line Items]
Warrants outstanding (in shares) | shares		53,936,776	53,936,776		48,453,154
Warrants redemption price (usd per share) | $ / shares		$ 0.01
Share price (usd per share) | $ / shares		$ 24
Warrants trading days threshold		20 days
Warrants trading day period before redemption		30 days
Warrants classified to equity				$ 68,500,000
Private placement warrants
Derivative [Line Items]
Warrants outstanding (in shares) | shares		541,658	541,658		8,046,636

Derivative Instruments - Summar

Derivative Instruments - Summary of the Fair Value of Foreign Currency and Interest Rate Contracts (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Liability derivatives	$ 13,694	$ 704
Other current assets | Foreign currency contracts
Derivative [Line Items]
Asset derivatives	0	7,128
Accrued expenses | Foreign currency contracts
Derivative [Line Items]
Liability derivatives	6	0
Accrued expenses | Interest rate swap contracts
Derivative [Line Items]
Liability derivatives	$ 13,688	$ 704

Derivative Instruments - Summ_2

Derivative Instruments - Summary of the Gains and Losses Related to Foreign Currency and Interest Rate Contracts in the Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Gain (loss) on derivative contracts designated as cash flow hedges	$ (3,886)	$ 1,705	$ 775
Gain (loss) on other derivative contracts	(274)	7,128	0
Interest rate swap contracts | Interest expense, net
Derivative [Line Items]
Gain (loss) on derivative contracts designated as cash flow hedges	(3,886)	1,705	775
Foreign currency contracts | Gain on foreign currency contract
Derivative [Line Items]
Gain (loss) on other derivative contracts	0	7,128	0
Foreign currency contracts | Other expense
Derivative [Line Items]
Gain (loss) on other derivative contracts	$ (274)	$ 0	$ 0

Equity (Details)

Equity (Details)	12 Months Ended
	Dec. 31, 2020USD ($)class$ / sharesshares	Dec. 31, 2019shares
Class of Stock [Line Items]
Common stock, number of classes | class	3
Private placement warrants
Class of Stock [Line Items]
Treasury stock purchased (in shares)	2,000,000
Treasury stock purchased (in dollars per share) | $ / shares	$ 1
Common Class A
Class of Stock [Line Items]
Common stock, authorized (shares)	200,000,000	200,000,000
Common stock, issued (shares)	130,347,464	122,108,086
Common stock, outstanding (shares)	130,347,464	122,108,086
Stock repurchase authorization | $	$ 100,000,000
Repurchase of common stock | $	$ 8,000,000
Treasury stock purchased (in shares)	444,444
Treasury stock purchased (in dollars per share) | $ / shares	$ 13.50
Common Class B
Class of Stock [Line Items]
Common stock, authorized (shares)	50,000,000	50,000,000
Common stock, issued (shares)	0	8,409,834
Common stock, outstanding (shares)	0	8,409,834
Common Class F
Class of Stock [Line Items]
Common stock, authorized (shares)	10,000,000
Common stock, issued (shares)	0	0
Common stock, outstanding (shares)	0	0

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator: (in thousands)
Net income attributable to Class A stockholders - basic	$ (1,425)	$ 24,865	$ (212)	$ 81,448	$ 104,676	$ 4,299	$ 142,051
Change in fair value of warrant liabilities	$ 25,037	$ (2,260)	$ 16,382	$ (79,100)	(39,941)	58,816	(79,156)
Numerator for diluted earnings per share					$ 64,735	$ 4,299	$ 62,895
Denominator:
Weighted-average Class A shares outstanding - basic (excluding non-vested restricted stock awards) (shares)	127,959,039	124,905,538	123,123,656	123,123,656	124,927,535	110,540,264	99,957,049
Dilutive effect of warrants (shares)					2,525,863	0	3,021,239
Dilutive effect of RSAs and RSUs (shares)					270,090	465,425	120,106
Weighted-average shares outstanding - diluted (shares)	128,352,959	127,586,881	123,818,404	126,075,126	127,723,488	111,005,689	103,098,394
Earnings per Class A share - basic (usd per share)	$ (0.01)	$ 0.20	$ 0	$ 0.66	$ 0.84	$ 0.04	$ 1.42
Earnings per Class A share - dilutive (usd per share)	$ (0.01)	$ 0.18	$ 0	$ 0.02	$ 0.51	$ 0.04	$ 0.61

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax expense
Federal	$ 2,120	$ 1,724	$ 622
State and local	1,479	1,047	2,077
Foreign	0	0	0
Total Current	3,599	2,771	2,699
Deferred tax expense (benefit)
Federal	17,204	14,859	14,476
State and local	3,750	(738)	(4,221)
Foreign	(4,148)	0	0
Total Deferred	16,806	14,121	10,255
Income tax expense, net	$ 20,405	$ 16,892	$ 12,954

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income (Loss) Before Income Taxes, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Earnings before income taxes
United States	$ 144,075	$ 35,641	$ 173,536
Foreign	(15,373)	0	0
Income before income taxes	$ 128,702	$ 35,641	$ 173,536

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Change in fair value of warrant liabilities	(6.50%)	34.70%	(9.60%)
State and local income taxes, net of federal benefit	2.80%	12.30%	2.40%
Income attributable to non-controlling interest	(0.60%)	(8.50%)	(2.20%)
Foreign rate differential	(0.60%)	0.00%	0.00%
Change in state tax rate	0.60%	(12.80%)	(3.30%)
Tax law change	(0.80%)	0.00%	0.00%
Gain on TRA buyout	0.00%	0.00%	(0.80%)
Other	0.00%	0.70%	0.00%
Effective income tax rate	15.90%	47.40%	7.50%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Imputed interest	$ 6,744	$ 6,198
Tax credits	4,582	2,599
Derivative instruments	3,495	0
Net operating loss carryforwards	2,601	249
Accrued liabilities	4,870	0
Stock-based compensation	3,449	0
Other	4,443	1,343
Total deferred tax assets	30,184	10,389
Investment in partnership	0	(266,440)
Goodwill and intangible assets	(277,563)	0
Property and equipment	(46,732)	0
Other	(898)	0
Total deferred tax liabilities	(325,193)	(266,440)
Total Deferred tax assets and liabilities	$ (295,009)	$ (256,051)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Unrecognized tax benefits, gross	$ 1,560	$ 0
Unrecognized tax benefits that would impact effective tax rate	1,600
State Tax Authority
Operating Loss Carryforwards [Line Items]
State income tax credit carryforward	5,800
Operating loss carryforwards	4,200
State Tax Authority | Kansas High Performance Incentive Program Credits
Operating Loss Carryforwards [Line Items]
State income tax credit carryforward	3,000
Canada Revenue Agency
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	8,700
Prepaid Expenses and Other Current Assets
Operating Loss Carryforwards [Line Items]
Income taxes receivable, current	$ 12,300	$ 2,600

Income Taxes - Summary of Unrec

Income Taxes - Summary of Unrecognized Tax Benefits (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits, beginning balance	$ 0
Additions for tax positions acquired	1,320
Additions for tax positions of current year	240
Unrecognized tax benefits, ending balance	$ 1,560

Commitments and Contingencies -

Commitments and Contingencies - Operating Leases (Details) $ in Thousands	Dec. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 3,998
2022	4,421
2023	4,366
2024	5,099
2025	5,254
Thereafter	$ 9,614

Commitments and Contingencies_2

Commitments and Contingencies - Financing Leases (Details) $ in Millions	Dec. 31, 2020USD ($)renewal_period
Capital Leased Assets [Line Items]
Finance lease, base term (years)	6 years 6 months
Finance lease, number of extension periods | renewal_period	2
Finance lease, extension period (years)	5 years
Development Authority of Columbus, GA | Maximum
Capital Leased Assets [Line Items]
Tax-exempt bond | $	$ 18

Commitments and Contingencies_3

Commitments and Contingencies - Composition of Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Reduction of right of use asset, financing lease	$ 0	$ 133
Interest, financing lease	0	16
Operating lease expense	5,722	3,070
Short-term lease expense	2,633	968
Variable lease expense	1,763	1,076
Total lease expenses	$ 10,118	$ 5,263

Commitments and Contingencies_4

Commitments and Contingencies - Contractual Commitments (Details) $ in Thousands	Dec. 31, 2020USD ($)
Ingredients
Long-term Purchase Commitment [Line Items]
Total Committed	$ 127,775
Commitments within 1 year	115,628
Commitments beyond 1 year	12,147
Packaging
Long-term Purchase Commitment [Line Items]
Total Committed	71,715
Commitments within 1 year	71,715
Commitments beyond 1 year	$ 0

Commitments and Contingencies_5

Commitments and Contingencies - Letters of Credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Line of Credit Facility [Line Items]
Line of credit secured, percent	100.00%
Standby Letters of Credit
Line of Credit Facility [Line Items]
Line of credit, amount to be issued	$ 5.5	$ 4.2

Unaudited Quarterly Financial_3

Unaudited Quarterly Financial Data (As Restated) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Operations
Operating income	$ 44,232	$ 41,337	$ 34,575	$ 15,166	$ 135,310	$ 136,096	$ 121,558
Change in fair value of warrant liabilities	25,037	(2,260)	16,382	(79,100)	(39,941)	58,816	(79,156)
Net income	(664)	26,233	988	81,740	108,297	18,749	160,582
Net income attributable to Class A stockholders - basic	$ (1,425)	$ 24,865	$ (212)	$ 81,448	$ 104,676	$ 4,299	$ 142,051
Earnings (loss) per Class A share:
Basic (usd per share)	$ (0.01)	$ 0.20	$ 0	$ 0.66	$ 0.84	$ 0.04	$ 1.42
Diluted (usd per share)	$ (0.01)	$ 0.18	$ 0	$ 0.02	$ 0.51	$ 0.04	$ 0.61
Weighted-average shares outstanding:
Basic (shares)	127,959,039	124,905,538	123,123,656	123,123,656	124,927,535	110,540,264	99,957,049
Diluted (shares)	128,352,959	127,586,881	123,818,404	126,075,126	127,723,488	111,005,689	103,098,394
Balance Sheet
Total assets	$ 3,365,469	$ 3,339,843	$ 3,319,623	$ 3,289,577	$ 3,365,469	$ 3,097,701
Warrant liabilities	861	46,327	48,587	32,205	861	111,305
Total current liabilities	190,394	242,699	251,620	217,231	190,394	271,230
Total liabilities	1,744,744	1,777,155	1,781,783	1,750,681	1,744,744	1,628,782
Additional paid in capital	1,281,018	1,156,753	1,148,565	1,135,013	1,281,018	1,123,805
Retained earnings	356,101	357,526	332,661	332,873	356,101	251,425
Stockholder's equity	1,620,725	1,503,288	1,470,205	1,458,336	1,620,725	1,374,487
Total liabilities, stockholder's equity and non-controlling interest	3,365,469	3,339,843	3,319,623	3,289,577	3,365,469	3,097,701
As Previously Reported
Statement of Operations
Operating income	44,232	41,337	34,575	15,166	135,310	136,096	$ 121,558
Change in fair value of warrant liabilities	0	0	0	0	0	0	0
Net income	24,373	23,973	17,370	2,640	68,356	77,565	81,426
Net income attributable to Class A stockholders - basic	$ 23,612	$ 22,605	$ 16,170	$ 2,348	$ 64,735	$ 63,115	$ 62,895
Earnings (loss) per Class A share:
Basic (usd per share)	$ 0.18	$ 0.18	$ 0.13	$ 0.02	$ 0.52	$ 0.57	$ 0.63
Diluted (usd per share)	$ 0.18	$ 0.18	$ 0.13	$ 0.02	$ 0.51	$ 0.55	$ 0.61
Weighted-average shares outstanding:
Basic (shares)	127,959,039	124,905,538	123,123,656	123,123,656	124,927,535	110,540,264	99,957,049
Diluted (shares)	132,402,533	127,586,881	124,576,409	126,075,126	127,723,488	114,699,447	103,098,394
Balance Sheet
Total assets	$ 3,365,469	$ 3,339,843	$ 3,319,623	$ 3,289,577	$ 3,365,469	$ 3,097,701
Warrant liabilities	0	0	0	0	0	0
Total current liabilities	189,533	196,372	203,033	185,026	189,533	159,925
Total liabilities	1,743,883	1,730,828	1,733,196	1,718,476	1,743,883	1,517,477
Additional paid in capital	1,238,765	1,185,003	1,176,815	1,163,263	1,238,765	1,152,055
Retained earnings	399,215	375,603	352,998	336,828	399,215	334,480
Stockholder's equity	1,621,586	1,549,615	1,518,792	1,490,541	1,621,586	1,485,792
Total liabilities, stockholder's equity and non-controlling interest	3,365,469	3,339,843	3,319,623	3,289,577	3,365,469	3,097,701
Restatement Adjustment
Statement of Operations
Operating income	0	0	0	0	0	0	$ 0
Change in fair value of warrant liabilities	25,037	(2,260)	16,382	(79,100)	(39,941)	58,816	(79,156)
Net income	(25,037)	2,260	(16,382)	79,100	39,941	(58,816)	79,156
Net income attributable to Class A stockholders - basic	$ (25,037)	$ 2,260	$ (16,382)	$ 79,100	$ 39,941	$ (58,816)	$ 79,156
Earnings (loss) per Class A share:
Basic (usd per share)	$ (0.19)	$ 0.02	$ (0.13)	$ 0.64	$ 0.32	$ (0.53)	$ 0.79
Diluted (usd per share)	$ (0.19)	$ 0	$ (0.13)	$ 0	$ 0	$ (0.51)	$ 0
Weighted-average shares outstanding:
Basic (shares)	0	0	0	0	0	0	0
Diluted (shares)	(4,049,574)	0	(758,005)	0	0	(3,693,758)	0
Balance Sheet
Total assets	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Warrant liabilities	861	46,327	48,587	32,205	861	111,305
Total current liabilities	861	46,327	48,587	32,205	861	111,305
Total liabilities	861	46,327	48,587	32,205	861	111,305
Additional paid in capital	42,253	(28,250)	(28,250)	(28,250)	42,253	(28,250)
Retained earnings	(43,114)	(18,077)	(20,337)	(3,955)	(43,114)	(83,055)
Stockholder's equity	(861)	(46,327)	(48,587)	(32,205)	(861)	(111,305)
Total liabilities, stockholder's equity and non-controlling interest	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0