Utz Brands (UTZ) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity Registrant Name	Utz Brands, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-38686
Entity Tax Identification Number	85-2751850
Entity Address, Address Line One	900 High Street
Entity Address, City or Town	Hanover
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	17331
City Area Code	717
Local Phone Number	637-6644
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	UTZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001739566
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		82,530,122
Class V Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		58,349,000

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 66,574	$ 52,023
Accounts receivable, less allowance of $3,077 and $2,933, respectively	137,962	135,130
Inventories	100,710	104,666
Prepaid expenses and other assets	44,539	30,997
Current portion of notes receivable	4,581	5,237
Total current assets	354,366	328,053
Non-current Assets
Assets held for sale	0	7,559
Property, plant and equipment, net	300,050	318,881
Goodwill	870,695	915,295
Intangible assets, net	1,012,447	1,063,413
Non-current portion of notes receivable	9,968	12,413
Other assets	102,590	101,122
Total non-current assets	2,295,750	2,418,683
Total assets	2,650,116	2,746,736
Current Liabilities
Current portion of term debt	12,034	21,086
Current portion of other notes payable	7,365	7,649
Accounts payable	121,793	124,361
Accrued expenses and other	68,263	77,590
Total current liabilities	209,455	230,686
Non-current portion of term debt and revolving credit facility	785,539	878,511
Non-current portion of other notes payable	17,291	19,174
Non-current accrued expenses and other	73,843	76,720
Non-current warrant liability	42,192	43,272
Deferred tax liability	116,068	114,690
Total non-current liabilities	1,034,933	1,132,367
Total liabilities	1,244,388	1,363,053
Commitments and Contingencies
Equity
Additional paid-in capital	955,280	944,573
Accumulated deficit	(293,750)	(298,049)
Accumulated other comprehensive income	24,413	22,958
Total stockholders' equity	685,957	669,496
Noncontrolling interest	719,771	714,187
Total equity	1,405,728	1,383,683
Total liabilities and equity	2,650,116	2,746,736
Class A Common Stock
Equity
Common stock	8	8
Class V Common Stock
Equity
Common stock	$ 6	$ 6

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, less allowance	$ 3,077	$ 2,933
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	81,530,122	81,187,977
Common stock outstanding (in shares)	81,530,122	81,187,977
Class V Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	61,249,000	61,249,000
Common stock issued (in shares)	59,349,000	59,349,000
Common stock outstanding (in shares)	59,349,000	59,349,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Income Statement [Abstract]
Net sales	$ 356,190	$ 362,853	$ 702,713	$ 714,286
Cost of goods sold	231,436	245,460	458,386	492,397
Gross profit	124,754	117,393	244,327	221,889
Selling, distribution, and administrative expenses
Selling and distribution	73,780	66,869	147,446	131,915
Administrative	30,813	47,584	66,595	88,624
Total selling, distribution, and administrative expenses	104,593	114,453	214,041	220,539
Gain (loss) on sale of assets, net	2,373	(279)	1,903	(787)
Income from operations	22,534	2,661	32,189	563
Other income (expense), net
Gain on sale of business	0	0	44,015	0
Interest expense	(10,209)	(15,019)	(24,040)	(29,397)
Loss on debt extinguishment	(1,273)	0	(1,273)	0
Other income	198	272	1,108	1,887
Gain on remeasurement of warrant liability	12,888	2,808	1,080	576
Other income (expense), net	1,604	(11,939)	20,890	(26,934)
Income (loss) before taxes	24,138	(9,278)	53,079	(26,371)
Income tax (benefit) expense	(1,309)	(725)	25,236	(3,336)
Net income (loss)	25,447	(8,553)	27,843	(23,035)
Net (income) loss attributable to noncontrolling interest	(5,599)	4,429	(11,986)	9,784
Net income (loss) attributable to controlling interest	$ 19,848	$ (4,124)	$ 15,857	$ (13,251)
Income (loss) per Class A Common stock: (in dollars)
Basic (in dollars per share)	$ 0.24	$ (0.05)	$ 0.19	$ (0.16)
Diluted (in dollars per share)	$ 0.23	$ (0.05)	$ 0.19	$ (0.16)
Weighted-average shares of Class A Common stock outstanding
Basic (in shares)	81,457,014	81,063,457	81,423,240	81,020,732
Diluted (in shares)	84,954,412	81,063,457	84,762,662	81,020,732
Net income (loss)	$ 25,447	$ (8,553)	$ 27,843	$ (23,035)
Other comprehensive income (loss):
Change in fair value of interest rate swap	(2,142)	9,572	2,517	(753)
Comprehensive income (loss)	23,305	1,019	30,360	(23,788)
Net comprehensive (income) loss attributable to noncontrolling interest	(4,696)	383	(13,048)	10,105
Net comprehensive income (loss) attributable to controlling interest	$ 18,609	$ 1,402	$ 17,312	$ (13,683)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class V Common Stock	Total Stockholders' Equity	Common Stock Class A Common Stock	Common Stock Class V Common Stock	Additional Paid-in Capital	Accumulated (Deficit)	Accumulated Other Comprehensive Income	Non-controlling Interest
Beginning balance (in shares) at Jan. 01, 2023					80,882,334	59,349,000
Beginning balance at Jan. 01, 2023	$ 1,451,684			$ 703,146	$ 8	$ 6	$ 926,919	$ (254,564)	$ 30,777	$ 748,538
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)					130,534
Share-based compensation	4,634			4,634			4,634
Payments of tax withholding requirements for employee stock awards	(589)			(589)			(589)
Net income (loss)	(14,482)			(9,127)				(9,127)		(5,355)
Cash dividends declared	(56)			(56)				(56)
Other comprehensive income (loss)	(10,325)			(5,958)					(5,958)	(4,367)
Ending balance (in shares) at Apr. 02, 2023					81,012,868	59,349,000
Ending balance at Apr. 02, 2023	1,430,866			692,050	$ 8	$ 6	930,964	(263,747)	24,819	738,816
Beginning balance (in shares) at Jan. 01, 2023					80,882,334	59,349,000
Beginning balance at Jan. 01, 2023	1,451,684			703,146	$ 8	$ 6	926,919	(254,564)	30,777	748,538
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(23,035)
Ending balance (in shares) at Jul. 02, 2023					81,141,417	59,349,000
Ending balance at Jul. 02, 2023	1,420,184			688,517	$ 8	$ 6	935,269	(277,111)	30,345	731,667
Beginning balance (in shares) at Apr. 02, 2023					81,012,868	59,349,000
Beginning balance at Apr. 02, 2023	1,430,866			692,050	$ 8	$ 6	930,964	(263,747)	24,819	738,816
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)					128,549
Share-based compensation	4,305			4,305			4,305
Net income (loss)	(8,553)			(4,124)				(4,124)		(4,429)
Cash dividends declared	(9,240)			(9,240)				(9,240)
Distribution to noncontrolling interest	(6,766)									(6,766)
Other comprehensive income (loss)	9,572			5,526					5,526	4,046
Ending balance (in shares) at Jul. 02, 2023					81,141,417	59,349,000
Ending balance at Jul. 02, 2023	1,420,184			688,517	$ 8	$ 6	935,269	(277,111)	30,345	731,667
Beginning balance (in shares) at Dec. 31, 2023		81,187,977	59,349,000		81,187,977	59,349,000
Beginning balance at Dec. 31, 2023	1,383,683			669,496	$ 8	$ 6	944,573	(298,049)	22,958	714,187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)					218,850
Share-based compensation	3,913			3,913			3,913
Payments of tax withholding requirements for employee stock awards	(1,397)			(1,397)			(1,397)
Deferred tax impact from divestiture	5,138			3,003			3,003			2,135
Net income (loss)	2,397			(3,990)				(3,990)		6,387
Cash dividends declared	(4,803)			(4,803)				(4,803)
Distribution to noncontrolling interest	(3,502)									(3,502)
Other comprehensive income (loss)	4,659			2,694					2,694	1,965
Ending balance (in shares) at Mar. 31, 2024					81,406,827	59,349,000
Ending balance at Mar. 31, 2024	1,390,088			668,916	$ 8	$ 6	950,092	(306,842)	25,652	721,172
Beginning balance (in shares) at Dec. 31, 2023		81,187,977	59,349,000		81,187,977	59,349,000
Beginning balance at Dec. 31, 2023	1,383,683			669,496	$ 8	$ 6	944,573	(298,049)	22,958	714,187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	27,843
Ending balance (in shares) at Jun. 30, 2024		81,530,122	59,349,000		81,530,122	59,349,000
Ending balance at Jun. 30, 2024	1,405,728			685,957	$ 8	$ 6	955,280	(293,750)	24,413	719,771
Beginning balance (in shares) at Mar. 31, 2024					81,406,827	59,349,000
Beginning balance at Mar. 31, 2024	1,390,088			668,916	$ 8	$ 6	950,092	(306,842)	25,652	721,172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)					123,295
Share-based compensation	5,261			5,261			5,261
Deferred tax impact from divestiture	(72)			(73)			(73)
Net income (loss)	25,447			19,848				19,848		5,599
Cash dividends declared	(4,940)			(4,940)				(4,940)
Special excess cash dividend	(1,816)			(1,816)				(1,816)
Distribution to noncontrolling interest	(3,502)									(3,502)
Tax distribution	(2,596)									(2,596)
Other comprehensive income (loss)	(2,142)			(1,239)					(1,239)	(903)
Ending balance (in shares) at Jun. 30, 2024		81,530,122	59,349,000		81,530,122	59,349,000
Ending balance at Jun. 30, 2024	$ 1,405,728			$ 685,957	$ 8	$ 6	$ 955,280	$ (293,750)	$ 24,413	$ 719,771

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023
Cash flows from operating activities
Net income (loss)	$ 27,843	$ (23,035)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Impairment and other charges	0	9,548
Depreciation and amortization	35,883	40,405
Gain on sale of business	(44,015)	0
Gain on remeasurement of warrant liability	(1,080)	(576)
(Gain) loss on sale of assets	(1,903)	787
Loss on debt extinguishment	1,273	0
Share-based compensation	9,174	8,939
Deferred taxes	6,445	(2,003)
Deferred financing costs	2,509	451
Changes in assets and liabilities:
Accounts receivable, net	(9,628)	(3,992)
Inventories	(3,969)	(4,379)
Prepaid expenses and other assets	(15,140)	(11,687)
Accounts payable and accrued expenses and other	(7,561)	(18,773)
Net cash used in operating activities	(169)	(4,315)
Cash flows from investing activities
Purchases of property and equipment	(37,781)	(30,158)
Purchases of intangibles	(9,220)	0
Proceeds from sale of property and equipment	24,062	959
Proceeds from sale of business	167,500	0
Proceeds from sale of routes	13,669	12,446
Proceeds from the sale of IO notes	1,544	2,161
Notes receivable	(18,834)	(16,191)
Net cash provided by (used in) investing activities	140,940	(30,783)
Cash flows from financing activities
Borrowings on line of credit	92,000	61,000
Repayments on line of credit	(47,191)	0
Borrowings on term debt and notes payable	16,618	3,246
Repayments on term debt and notes payable	(166,608)	(11,785)
Payment of debt issuance cost	(733)	0
Payments of tax withholding requirements for employee stock awards	(1,397)	(589)
Dividends paid	(9,428)	(9,281)
Distribution to noncontrolling interest	(9,481)	(6,766)
Net cash (used in) provided by financing activities	(126,220)	35,825
Net increase in cash and cash equivalents	14,551	727
Cash and cash equivalents at beginning of period	52,023	72,930
Cash and cash equivalents at end of period	$ 66,574	$ 73,657

OPERATIONS AND SUMMARY OF SIGNI

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – The accompanying consolidated financial statements comprise the financial statements of Utz Brands, Inc. ("UBI" or the "Company") and its wholly owned subsidiaries. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial statements and pursuant to the accounting and disclosure rules and regulations of the U.S. Securities and Exchange Commission (the "SEC"). They do not include all information and notes required by U.S. GAAP for annual financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the Notes to Consolidated Financial Statements included in the Company’s financial statements for the year ended December 31, 2023. The balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements as of and for the year ended December 31, 2023. In the opinion of management, such financial information reflects all normal and recurring adjustments necessary for a fair presentation of the financial position and the results of operations for such interim periods in accordance with the U.S. GAAP. Operating results for the interim period are not necessarily indicative of the results that may be expected for any future period or for the full year. The consolidated interim financial statements, including our significant accounting policies, should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2023. All intercompany transactions and balances have been eliminated in consolidation. Prior Period Revision - Consolidated Statement of Cash Flows – For the twenty-six weeks ended June 30, 2024, the Company disclosed the borrowings of lines of credit and repayments of lines of credit as separate line items within the financing activities section of the Consolidated Statement of Cash Flows. The Company has corrected these line items for the twenty-six weeks ended July 2, 2023 for comparability purposes and deems the change to that period to be immaterial. Revenue Recognition – The Company’s revenues primarily consist of the sale of salty snack items to customers, including supermarkets, mass merchants, club stores, dollar and discount stores, convenience stores, independent grocery stores, drug stores, food service, vending, military, and other channels. The Company sells its products in most regions of the United States primarily through its direct-store delivery ("DSD") network, direct to warehouse shipments, and third-party distributors. These revenue contracts generally have a single performance obligation. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs, some of which are recorded in Selling and distribution. Amounts billed and due from customers are classified as accounts receivables and require payment on a short-term basis and, therefore, the Company does not have any significant financing components. The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. Applicable shipping and handling are included in customer billing and are recorded as revenue as the products’ control is transferred to customers. The Company assesses the goods promised in customer purchase orders and identifies a performance obligation for each promise to transfer a good that is distinct. The Company offers various forms of trade promotions and the methodologies for determining these provisions are dependent on local customer pricing and promotional practices, which range from contractually fixed percentage price reductions to provisions based on actual occurrence or performance. The Company’s promotional activities are conducted either through the retail trade or directly with consumers and include activities such as in store displays and events, feature price discounts, consumer coupons, and loyalty programs. The costs of these activities are recognized at the time the related revenue is recorded, which normally precedes the actual cash expenditure. The recognition of these costs therefore requires management judgment regarding the volume of promotional offers that will be redeemed by either the retail trade customer or consumer. These estimates are made using various techniques including historical data on performance of similar promotional programs. The Company has reserves in place of $18.2 million as of June 30, 2024, which include adjustments taken by customers of $8.9 million that are awaiting final processing and reserves of $17.4 million as of December 31, 2023, which include adjustments taken by customers of $6.2 million that are awaiting final processing. Differences between estimated expense and actual redemptions are recognized as a change in management estimate as actual redemptions are incurred. Recently Issued Accounting Standards – In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes: Improvements to Income Tax Disclosures, to amend existing income tax disclosure guidance, primarily requiring more detailed disclosures for income taxes paid and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on the Company's income tax disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures,

DIVESTITURES

DIVESTITURES	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES On February 5, 2024, the Company sold certain assets and brands to affiliates of Our Home™, an operating company of Better-for-You brands (“Our Home”). Under the agreement, affiliates of Our Home purchased the Good Health and R.W. Garcia brands, the Lincolnton, NC, and Lititz, PA manufacturing facilities and certain related assets, and assumed the Company’s Las Vegas, NV facility lease and manufacturing operations (the "Good Health and R.W. Garcia Sale") for $167.5 million, subject to customary adjustments. The following table summarizes the net assets and liabilities included in the Good Health and R.W. Garcia Sale on February 5, 2024: Property, plant, and equipment, net $ 27,483 Goodwill 44,600 Intangible assets, net 44,327 Net working capital adjustments 7,075 Net assets sold $ 123,485 The Company recognized a gain on the Good Health and R.W. Garcia Sale of $44.0 million. The gain on the Good Health and R.W. Garcia Sale is recognized as Gain on sale of business in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the twenty-six weeks ended June 30, 2024. On April 22, 2024, the Company sold to Our Home™ its Berlin, PA, and Fitchburg, MA manufacturing facilities and certain related assets (the “Manufacturing Facilities Sale”). The total consideration for the transactions is $18.5 million related to the facilities and certain inventory, subject to customary adjustments. The Company recognized a gain on the Manufacturing Facilities Sale of $4.3 million.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Finished goods $ 67,707 $ 65,673 Raw materials 25,309 29,757 Maintenance parts 7,694 9,236 Total inventories $ 100,710 $ 104,666 In connection with the Good Health and R.W. Garcia Sale in February 2024 and the Manufacturing Facilities Sale in April 2024, the Company sold inventory of $6.3 million and $1.6 million, respectively. See Note 2. Divestitures .

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net, consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Land $ 25,861 $ 28,561 Buildings 112,506 123,603 Machinery and equipment 212,126 248,886 Land improvements 2,651 3,887 Building improvements 2,472 5,163 Construction-in-progress 57,306 35,533 412,922 445,633 Less: accumulated depreciation (112,872) (126,752) Property, plant and equipment, net $ 300,050 $ 318,881 Depreciation expense was $8.2 million and $10.6 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $17.0 million and $20.9 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Depreciation expense is included in cost of goods sold, selling, distribution, and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss). During the thirteen weeks ended July 2, 2023, the Company permanently ceased operations at the Company’s manufacturing facility located in Birmingham, AL (the “Birmingham Facility”) effective in June 2023 (the “Manufacturing Closure”). Golden Flake® and other products that were produced at the Birmingham Facility continue to be produced at other manufacturing facilities. The Manufacturing Closure reduced the Company's workforce by approximately 130 employees and the Company maintains its distribution center in Birmingham. The Company recorded expense of $8.9 million in connection with the Manufacturing Closure, which includes $1.3 million in severance and related costs and $7.6 million of asset impairments related to fixed assets. The severance and related expenses were recorded in the cost of goods sold line on the Consolidated Statement of Operations and Comprehensive Income (Loss) for the thirteen weeks ended July 2, 2023. The fixed asset impairments are recorded in the administrative expenses line on the Consolidated Statement of Operations and Comprehensive Income (Loss) for the thirteen weeks ended July 2, 2023. In addition, during the twenty-six weeks ended July 2, 2023, the Company recognized expense of $1.9 million related to the impairment of property, plant, and equipment unrelated to the Manufacturing Closure. During the twenty-six weeks ended June 30, 2024, the Company sold the Birmingham Facility for proceeds of $6.0 million and its Gramercy, LA facility for $1.8 million. Both of these facilities were classified as Assets held for sale on the Consolidated Balance Sheet at December 31, 2023. During the twenty-six weeks ended June 30, 2024, in connection with the Good Health and R.W. Garcia Sale as described in Note 2. Divestitures, the Company sold its Lincolnton, NC, and Lititz, PA manufacturing facilities and certain related assets having a net book value of $27.5 million. Also, during the twenty-six weeks ended June 30, 2024 in connection with the Manufacturing Facilities Sale as described in Note 2. Divestitures , the Company sold its Berlin, PA and Fitchburg, MA manufacturing facilities having a net book value of $12.2 million and recognized a gain on the Manufacturing Facilities Sale of $4.3 million.

GOODWILL AND INTANGIBLE ASSETS,

GOODWILL AND INTANGIBLE ASSETS, NET	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS, NET	GOODWILL AND INTANGIBLE ASSETS, NET A rollforward of goodwill is as follows: (in thousands) December 31, 2023 $ 915,295 Good Health and R.W. Garcia Sale, Note 2. Divestitures (44,600) Balance as of June 30, 2024 $ 870,695 Intangible assets, net, consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Subject to amortization: Distributor/customer relationships $ 647,712 $ 677,930 Trademarks 59,920 63,850 Amortizable assets, gross 707,632 741,780 Accumulated amortization (133,842) (120,405) Amortizable assets, net 573,790 621,375 Not subject to amortization: Trade names 428,733 434,513 Route assets 9,924 7,525 Intangible assets, net $ 1,012,447 $ 1,063,413 During the thirteen weeks ended March 31, 2024, the Company sold customer relationships and trademarks in the amount of $26.0 million and $18.3 million, respectively, related to the Good Health and R.W. Garcia Sale. See Note 2. Divestitures for further discussion. In addition, during the thirteen weeks ended June 30, 2024, the Company paid $9.2 million to purchase an indefinite life intangible right for use of a third party brand name. This intangible is included in indefinite life trade names. There were no other significant changes to intangible assets during the twenty-six weeks ended June 30, 2024 and July 2, 2023 other than those which arise from the normal course of business from buying and selling of Company-owned route assets and amortization. Amortization of the distributor/customer relationships, technology, and trade names amounted to $9.0 million and $9.4 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $18.3 million and $18.8 million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. The expense related to the amortization of intangibles is included in administrative expenses on the Consolidated Statements of Operations and Comprehensive Income (Loss).

NOTES RECEIVABLE

NOTES RECEIVABLE	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
NOTES RECEIVABLE	NOTES RECEIVABLE Contracts are executed between the Company and independent operators (“IOs”) for the sale of the product distribution routes, including a note in favor of the Company, in certain cases. The notes bear interest at rates ranging from 4.50% to 10.55% with terms ranging generally from two Note 10. Contingencies.

ACCRUED EXPENSES AND OTHER

ACCRUED EXPENSES AND OTHER	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER	ACCRUED EXPENSES AND OTHER Current accrued expenses and other consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Accrued compensation and benefits $ 14,294 $ 21,466 Operating right of use liability 15,770 14,992 Insurance liabilities 6,111 6,811 Accrued freight and manufacturing related costs 2,758 4,424 Accrued dividends and distributions 10,020 7,972 Accrued interest 1,031 13,280 Deferred transition services and other fees (a) 11,364 — Other accrued expenses 6,915 8,645 Total accrued expenses and other $ 68,263 $ 77,590 (a) See Note 2. Divestitures , for further discussion. Non-current accrued expenses and other consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Operating right of use liability $ 42,715 $ 43,928 Tax Receivable Agreement liability 24,264 24,297 Supplemental retirement and salary continuation plans 6,864 6,559 Long-term portion of an interest rate hedge liability — 1,936 Total accrued expenses and other $ 73,843 $ 76,720

TERM DEBT, REVOLVING CREDIT FAC

TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE	TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE Term Debt and Revolving Credit Facility On April 17, 2024, the Company amended its Term Loan B to refinance in full all of the $630.0 million outstanding term loan and reduce the interest rate from the Secured Overnight Financing Rate ("SOFR") plus the applicable rate of 3.00% plus a credit spread adjustment to SOFR plus the applicable rate of 2.75%, as well as certain other changes. Other material terms of the Term Loan B, including the January 2028 maturity date, remain unchanged. The Company recorded a loss on debt extinguishment of $1.3 million related to the refinancing of its Term Loan B in its Consolidated Statement of Operations and Comprehensive Income (Loss) for the thirteen weeks ended June 30, 2024 and twenty-six weeks ended June 30, 2024. On April 17, 2024, the Company amended its ABL facility to reduce the rate from SOFR plus the applicable rate ranging from 1.50%-2.00% plus a credit spread adjustment to SOFR plus the applicable rate ranging from 1.50%-2.00%, as well as certain other changes. Other material terms of the ABL, including maturity date, remain unchanged. Term debt and revolving credit facilities consisted of the following: Debt (in thousands) Original Principal Balance Maturity Date As of June 30, 2024 As of December 31, 2023 Term Loan B $ 795,000 January-28 $ 630,335 $ 771,335 Real Estate Term Loan (1) $ 88,140 October-32 60,923 80,184 Equipment loans (2) $ 79,814 66,861 56,482 ABL facility (3) October-27 45,177 368 Net impact of debt issuance costs and original issue discounts (5,723) (8,772) Total long-term debt 797,573 899,597 Less: current portion (12,034) (21,086) Long term portion of term debt and financing obligations $ 785,539 $ 878,511 (1) Loan by City National Bank which is secured by a majority of the real estate assets of the Company ("Real Estate Term Loan"). (2) Equipment loans have varying maturities from November 2024 to September 2028. (3) Asset-based revolving credit facility ("ABL facility"). In connection with the Good Health and R.W. Garcia Sale as described in Note 2. Divestitures and Note 4. Property, Plant and Equipment, Net , the Company made a $141.0 million accelerated payment on its Term Loan B and $8.5 million payment on its Real Estate Term Loan during twenty-six weeks ended June 30, 2024. In addition, in connection with the Manufacturing Facilities Sale as described in Note 2. Divestitures and Note 4. Property, Plant and Equipment, Net , the Company made an additional payment of $9.2 million on its Real Estate Term Loan during the thirteen weeks ended June 30, 2024. Other Notes Payable and Capital Leases Amounts outstanding under notes payable and capital leases consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Note payable – IO notes $ 13,768 $ 16,478 Finance lease obligations 10,788 10,145 Other 100 200 Total notes payable 24,656 26,823 Less: current portion (7,365) (7,649) Long term portion of notes payable $ 17,291 $ 19,174 Interest Expense Interest expense consisted of the following: (in thousands) Thirteen weeks ended June 30, 2024 Thirteen weeks ended July 2, 2023 Twenty-six weeks ended June 30, 2024 Twenty-six weeks ended July 2, 2023 Company’s long-term debt $ 9,191 $ 14,247 $ 20,973 $ 28,389 Amortization of deferred financing fees 749 446 2,509 451 IO loans 269 326 558 557 Total interest $ 10,209 $ 15,019 $ 24,040 $ 29,397

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE	DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE Derivative Financial Instruments The Company uses interest rate swaps to manage its interest rate exposure on its Term Loan B and its Real Estate Term Loan. The interest rate swaps are recorded on the Company’s Consolidated Balance Sheets at fair value. See Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable . In conjunction with Real Estate Term Loan pay downs during the twenty-six weeks ended June 30, 2024 discussed within Note 8. Term Debt, Revolving Credit Facility, and Other Notes Payable and estimated future pay downs, the Company determined that $36.7 million of hedged forecasted transactions were not probable of occurring. As such, effective February 1, 2024, the Company de-designated its interest rate hedge accounting on its Real Estate Term Loan and re-designated a new interest hedging relationship totaling $47.0 million. As a result, the Company immediately reclassified $0.3 million of accumulated other comprehensive income to earnings which is reflected as a decrease to interest expense within the Consolidated Statements of Operations and Comprehensive Income (Loss). As of June 30, 2024, $46.5 million and $36.3 million of the notional of the Company's interest rate swap is designated under interest rate hedge accounting and at fair value with mark-to-market adjustments recorded immediately in earnings, respectively. For the thirteen weeks ended and twenty-six weeks ended June 30, 2024, the Company recognized $0.3 million and $0.7 million, respectively, as a decrease to interest expense within the Consolidated Statements of Operations and Comprehensive Income (Loss). As of and for the twenty-six weeks ended June 30, 2024, there were no changes to the hedge accounting related to Term Loan B. Warrant Liabilities As of each of June 30, 2024 and December 31, 2023, there were 7,200,000 private placement warrants outstanding which are accounted for as derivative liabilities pursuant to ASC 815-40. A reconciliation of the changes in the warrant liability during the twenty-six weeks ended June 30, 2024 is as follows: (in thousands) Fair value of warrant liabilities as of December 31, 2023 $ 43,272 Loss on remeasurement of warrant liability 11,808 Fair value of warrant liabilities as of March 31, 2024 $ 55,080 Gain on remeasurement of warrant liability (12,888) Fair value of warrant liabilities as of June 30, 2024 $ 42,192 Purchase Commitments The Company has outstanding purchase commitments for specific quantities at fixed prices for certain key ingredients to economically hedge commodity input prices. These purchase commitments totaled $93.7 million as of June 30, 2024 and $66.7 million as of December 31, 2023. The Company accrues for losses on firm purchase commitments in a loss position at the end of each reporting period to the extent that there is an active observable market. The Company has recorded purchase commitment gains (losses) totaling $0.1 million and $2.4 million for the thirteen weeks ended June 30, 2024 and July 2, 2023, respectively, and $0.9 million and $(0.3) million for the twenty-six weeks ended June 30, 2024 and July 2, 2023, respectively. Fair Value The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of June 30, 2024: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 66,574 $ — $ — $ 66,574 Commodity contracts — 122 — 122 Interest rate swaps — 34,655 — 34,655 Total assets $ 66,574 $ 34,777 $ — $ 101,351 Liabilities: Commodity contracts $ — $ 961 $ — $ 961 Private placement warrants — 42,192 — 42,192 Debt — 797,573 — 797,573 Total liabilities $ — $ 840,726 $ — $ 840,726 The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 31, 2023: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 52,023 $ — $ — $ 52,023 Commodity contracts — 211 — 211 Interest rate swaps — 33,332 — 33,332 Total assets $ 52,023 $ 33,543 $ — $ 85,566 Liabilities: Commodity contracts $ — $ 2,094 $ — $ 2,094 Interest rate swaps — 1,936 — 1,936 Private placement warrants — 43,272 — 43,272 Debt — 899,597 — 899,597 Total liabilities $ — $ 946,899 $ — $ 946,899

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES Litigation Matters The Company is involved in litigation and other matters incidental to the conduct of its business, the results of which, in the opinion of management, are not likely to be material to the Company’s financial condition, results of operations or cash flows. Guarantees The Company partially guarantees loans made to IOs by Bank of America for the purchase of routes. The outstanding balance of loans guaranteed that were issued by Bank of America was $59.1 million and $52.8 million at June 30, 2024 and December 31, 2023, respectively, which are accounted for as an off balance sheet arrangement. As discussed in Note 6. Notes Receivable , the Company also sold notes receivable on its books to Bank of America during fiscal years 2023, and 2024, which the Company partially guarantees. The outstanding balance of notes purchased by Bank of America at June 30, 2024 and December 31, 2023 was $12.3 million and $14.8 million, respectively. Due to the structure of the transactions, the sale did not qualify for sale accounting treatment, and as such the Company records the notes payable obligation owed by the IOs to the financial institution on its Consolidated Balance Sheets; the corresponding notes receivable also remained on the Company’s Consolidated Balance Sheets. The maximum amount of future payments the Company could be required to make under these guarantees equates to 25% of the outstanding loan balance on the first day of each calendar year plus 25% of the amount of any new loans issued during such calendar year. Additionally, the Company guarantees loans for the purchase of routes made by two other banks. The outstanding balances of these loans were $2.2 million and $2.9 million at June 30, 2024 and December 31, 2023, respectively, of which $1.8 million and $2.2 million was included in the Company's Consolidated Balance Sheets at June 30, 2024 and December 31, 2023, respectively. The maximum amount of future payments the Company could be required to make under the guarantees equates to 25% of the outstanding loan balance. All of the above IO loans are collateralized by the routes for which the loans are made. Accordingly, the Company has the ability to recover substantially all of the outstanding loan value upon default.

SUPPLEMENTARY CASH FLOW INFORMA

SUPPLEMENTARY CASH FLOW INFORMATION	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTARY CASH FLOW INFORMATION	SUPPLEMENTARY CASH FLOW INFORMATION (in thousands) Twenty-six weeks ended June 30, 2024 Twenty-six weeks ended July 2, 2023 Cash paid for interest $ 34,523 $ 28,613 Refunds related to income taxes $ 154 $ 387 Payments for income taxes $ 25,645 $ 2,564 Finance lease additions $ 2,307 $ 1,194 The Company presents the gain on the sale of disposals of property and equipment, and the gain on the sale of routes within gain on sale of assets within the Consolidated Statement of Operations and Consolidated Statement of Cash Flows.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company is subject to federal and state income taxes with respect to our allocable share of any taxable income or loss of UBH, as well as any standalone income or loss the Company generates. UBH is treated as a partnership for federal income tax purposes, and for most applicable state and local income tax purposes, and generally does not pay income taxes in most jurisdictions. Instead, UBH taxable income or loss is passed through to its members, including the Company. Despite its partnership treatment, UBH is liable for income taxes in those states not recognizing its pass-through status and for certain of its subsidiaries not taxed as pass-through entities. The Company has acquired various domestic entities taxed as corporations, which are now wholly owned by us or our subsidiaries. Where required or allowed, these subsidiaries also file and pay tax as a consolidated group for federal and state income tax purposes. The Company anticipates this structure to remain in existence for the foreseeable future. The Company recorded income tax benefit of $1.3 million and expense of $25.2 million for the thirteen and twenty-six weeks ended June 30, 2024, respectively. Comparably, the Company recorded income tax benefit for the thirteen and twenty-six weeks ended July 2, 2023 of $0.7 million and $3.3 million, respectively. The effective tax rates for the thirteen and twenty-six weeks ended June 30, 2024 were (5.4)% and 47.5%, respectively. Comparably, the effective tax rates for the thirteen and twenty-six weeks ended July 2, 2023 were 7.8% and 12.7%, respectively. The Company’s effective tax rates differ from the federal statutory rate of 21% primarily due to the impact of UBH, which is a partnership, is not taxed at the Company level, and is required to allocate some of its taxable results to the Continuing Members, as well as state taxes and the fair value impact of warrant liabilities. The Company’s effective tax rate for the thirteen and twenty-six weeks ended June 30, 2024 are 1.8% and 1.9%, respectively before consideration of any discrete items. During the thirteen and twenty-six weeks ended June 30, 2024, the effective tax rate was impacted by the sale of certain assets and brands to affiliates of Our Home™ and statutory state tax rate changes which resulted in a discrete tax (benefit) and expense of $(1.5) million and $25.1 million, respectively. The Company regularly evaluates valuation allowances established for deferred tax assets (“DTA's”) for which future realization is uncertain. The Company assessed the available positive and negative evidence to estimate whether future taxable income would be generated to permit use of the existing DTA's. As of June 30, 2024, a significant piece of objective negative evidence evaluated was the twelve-quarter cumulative loss before taxes. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. The Company determined that there is uncertainty regarding the utilization of certain DTA's such as the investment in UBH, federal operating losses subject to annual limitations due to “change in ownership” provisions, and state net operating losses where the Company does not expect to continue to have nexus. Therefore, a valuation allowance has been recorded against the DTA's for which it is more likely than not they will not be realized. The Company has DTA’s related to its investment in the partnership that are expected to be realized in the ordinary course of operations or generate future net operating losses for which a portion will have an indefinite carryforward period. Additionally, the Company has deferred tax liabilities (“DTL’s”) related to its investment in the partnership that will not reverse in the ordinary course of business and will only reverse when the partnership is sold or liquidated. The Company has no intention of disposing of or liquidating the partnership and therefore has not considered the indefinite lived DTL as a source of income to offset other DTA’s. In weighing positive and negative evidence, both objective and subjective, including its twelve-quarter cumulative loss, the Company has recorded a valuation allowance against its DTA’s related to net operating losses and deductible book/tax differences and recorded a DTL primarily related to the book over tax basis in the investment in the partnership that will not reverse in the ordinary course of business. The Company considered that an indefinite lived DTL may be considered as a source of taxable income for an indefinite lived DTA; however, given our indefinite lived DTL will only reverse upon sale or liquidation, the Company determined that it was more appropriate to record a valuation allowance against a portion of its DTA’s. The amount of DTA considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as projections for growth. As of June 30, 2024, tax years 2020 through 2024 remain open and subject to examination by the Internal Revenue Service and the majority of the states where the Company has nexus, and tax years 2019 through 2024 remain open and subject to examination in selected states that have a four-year statute of limitations. Upon audit, tax authorities may challenge all or part of a tax position. A tax position successfully challenged by a taxing authority could result in an adjustment to our provision for income taxes in the period in which a final determination is made. The Company did not maintain any unrecognized tax benefits as of June 30, 2024 and December 31, 2023. Tax receivable agreement liability Pursuant to an election under section 754 of the Internal Revenue Code, the Company obtained an increase in its share of the tax basis in the net assets of UBH when it was deemed to purchase UBH units from a third party then holding common and preferred interest of the Continuing Members and purchased UBH units from the Continuing Members per the Business Combination Agreement. The Continuing Members have the option to exchange UBH units along with the forfeiture of a corresponding number of Class V Common Stock of the Company for UBI common stock post-Business Combination. The Company intends to treat any such exchanges as direct purchases for U.S. federal income tax purposes, which is expected to further increase its share of the tax basis in the net assets of UBH. The increases in tax basis may reduce the amounts the Company would otherwise pay in the future to various tax authorities. They may also decrease gains (or increase losses) on future dispositions of certain capital assets to the extent tax basis is allocated to those capital assets. Pursuant to the Business Combination Agreement, the Company entered into the Tax Receivable Agreement in connection with the Business Combination (the “Tax Receivable Agreement” or "TRA") , which provides for the payment by the Company of 85% of the amount of any tax benefits realized as a result of (i) increases in the share of the tax basis in the net assets of UBH resulting from the Business Combination and any future exchanges by the Continuing Members of UBH units for UBI common stock; (ii) tax basis increases attributable to payments made under the TRA; and (iii) tax amortization deductions attributable to the acquisition of Kennedy and the election to treat the transaction as an asset deal for tax purposes (the "TRA Payments"). The rights of each party under the TRA other than the Company are assignable, subject to certain restrictions. The timing and amount of aggregate payments due under the TRA may vary based on a number of factors, including the timing and amount of taxable income generated by the Company each year, as well as the tax rate then applicable, among other factors. As of June 30, 2024 and December 31, 2023, the Company had a liability of $24.3 million and $24.3 million, respectively, related to its projected obligations under the TRA, which is reflected as current and non-current accrued expenses in the Consolidated Balance Sheets.

INCOME (LOSS) PER SHARE

INCOME (LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
INCOME (LOSS) PER SHARE	INCOME (LOSS) PER SHARE Basic income (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding during the periods. Diluted income (loss) per share is based on the weighted average number of shares of Class A Common Stock issued and outstanding and the effect of all dilutive common stock equivalents and potentially dilutive share-based awards outstanding during the periods. The following table reconciles the numerators and denominators used in the computations of both basic and diluted income (loss) per share: (in thousands, except share data) Thirteen weeks ended June 30, 2024 Thirteen weeks ended July 2, 2023 Twenty-six weeks ended June 30, 2024 Twenty-six weeks ended July 2, 2023 Numerator: Net income (loss) attributable to common stockholders $ 19,848 $ (4,124) $ 15,857 $ (13,251) Denominator: Weighted average Class A Common Stock shares, basic 81,457,014 81,063,457 81,423,240 81,020,732 Dilutive securities included in diluted earnings per share calculation: Warrants 2,600,077 — 2,574,638 — RSUs 539,622 — 436,799 — PSUs 305,818 — 285,102 — Stock options 51,881 — 42,883 — Total dilutive weighted average shares 84,954,412 81,063,457 84,762,662 81,020,732 Basic income (loss) per share $ 0.24 $ (0.05) $ 0.19 $ (0.16) Diluted income (loss) per share $ 0.23 $ (0.05) $ 0.19 $ (0.16) Class V Common Stock not subject to (income) loss per share calculation 59,349,000 59,349,000 59,349,000 59,349,000 Net income (loss) attributable to noncontrolling interest $ 5,599 $ (4,429) $ 11,986 $ (9,784) The diluted income (loss) per share computation excludes the effect of certain warrants, restricted stock units ("RSUs"), performance stock units ("PSUs"), and stock options granted to directors and management which convert to Class A Common Stock upon vesting or being exercised, as their inclusion would have been anti-dilutive. Anti-dilutive securities excluded from diluted income per share calculation are as follows: Thirteen weeks ended June 30, 2024 Thirteen weeks ended July 2, 2023 Twenty-six weeks ended June 30, 2024 Twenty-six weeks ended July 2, 2023 Warrants — 2,376,961 — 2,288,240 RSUs — 268,153 — 195,431 PSUs — 125,634 — 114,863 Stock options — 7,009 — 4,233

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company performed a review of events subsequent to the balance sheet date through the date the financial statements were issued and determined that there were no such events requiring recognition or disclosure in the financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 19,848	$ (4,124)	$ 15,857	$ (13,251)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

OPERATIONS AND SUMMARY OF SIG_2

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Consolidation	All intercompany transactions and balances have been eliminated in consolidation.
Prior Period Revision	Prior Period Revision - Consolidated Statement of Cash Flows – For the twenty-six weeks ended June 30, 2024, the Company disclosed the borrowings of lines of credit and repayments of lines of credit as separate line items within the financing activities section of the Consolidated Statement of Cash Flows. The Company has corrected these line items for the twenty-six weeks ended July 2, 2023 for comparability purposes and deems the change to that period to be immaterial.
Revenue Recognition	Revenue Recognition – The Company’s revenues primarily consist of the sale of salty snack items to customers, including supermarkets, mass merchants, club stores, dollar and discount stores, convenience stores, independent grocery stores, drug stores, food service, vending, military, and other channels. The Company sells its products in most regions of the United States primarily through its direct-store delivery ("DSD") network, direct to warehouse shipments, and third-party distributors. These revenue contracts generally have a single performance obligation. Revenue, which includes shipping and handling charges billed to the customer, is reported net of variable consideration and consideration payable to customers, including applicable discounts, returns, allowances, trade promotion, consumer coupon redemption, unsaleable product, and other costs, some of which are recorded in Selling and distribution. Amounts billed and due from customers are classified as accounts receivables and require payment on a short-term basis and, therefore, the Company does not have any significant financing components. The Company recognizes revenue when (or as) performance obligations are satisfied by transferring control of the goods to customers. Control is transferred upon delivery of the goods to the customer. Shipping and/or handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs. Applicable shipping and handling are included in customer billing and are recorded as revenue as the products’ control is transferred to customers. The Company assesses the goods promised in customer purchase orders and identifies a performance obligation for each promise to transfer a good that is distinct.
Recently Issued Accounting Standards	Recently Issued Accounting Standards – In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes: Improvements to Income Tax Disclosures, to amend existing income tax disclosure guidance, primarily requiring more detailed disclosures for income taxes paid and the effective tax rate reconciliation. The ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. The Company is currently evaluating the ASU to determine its impact on the Company's income tax disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures,

DIVESTITURES (Tables)

DIVESTITURES (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Net Assets and Liabilities	The following table summarizes the net assets and liabilities included in the Good Health and R.W. Garcia Sale on February 5, 2024: Property, plant, and equipment, net $ 27,483 Goodwill 44,600 Intangible assets, net 44,327 Net working capital adjustments 7,075 Net assets sold $ 123,485

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Finished goods $ 67,707 $ 65,673 Raw materials 25,309 29,757 Maintenance parts 7,694 9,236 Total inventories $ 100,710 $ 104,666

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment, Net	Property, plant and equipment, net, consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Land $ 25,861 $ 28,561 Buildings 112,506 123,603 Machinery and equipment 212,126 248,886 Land improvements 2,651 3,887 Building improvements 2,472 5,163 Construction-in-progress 57,306 35,533 412,922 445,633 Less: accumulated depreciation (112,872) (126,752) Property, plant and equipment, net $ 300,050 $ 318,881

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	A rollforward of goodwill is as follows: (in thousands) December 31, 2023 $ 915,295 Good Health and R.W. Garcia Sale, Note 2. Divestitures (44,600) Balance as of June 30, 2024 $ 870,695
Schedule of Indefinite-Lived Intangible Assets	Intangible assets, net, consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Subject to amortization: Distributor/customer relationships $ 647,712 $ 677,930 Trademarks 59,920 63,850 Amortizable assets, gross 707,632 741,780 Accumulated amortization (133,842) (120,405) Amortizable assets, net 573,790 621,375 Not subject to amortization: Trade names 428,733 434,513 Route assets 9,924 7,525 Intangible assets, net $ 1,012,447 $ 1,063,413

ACCRUED EXPENSES AND OTHER (Tab

ACCRUED EXPENSES AND OTHER (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other	Current accrued expenses and other consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Accrued compensation and benefits $ 14,294 $ 21,466 Operating right of use liability 15,770 14,992 Insurance liabilities 6,111 6,811 Accrued freight and manufacturing related costs 2,758 4,424 Accrued dividends and distributions 10,020 7,972 Accrued interest 1,031 13,280 Deferred transition services and other fees (a) 11,364 — Other accrued expenses 6,915 8,645 Total accrued expenses and other $ 68,263 $ 77,590 (a) See Note 2. Divestitures , for further discussion. Non-current accrued expenses and other consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Operating right of use liability $ 42,715 $ 43,928 Tax Receivable Agreement liability 24,264 24,297 Supplemental retirement and salary continuation plans 6,864 6,559 Long-term portion of an interest rate hedge liability — 1,936 Total accrued expenses and other $ 73,843 $ 76,720

TERM DEBT, REVOLVING CREDIT F_2

TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Term debt and revolving credit facilities consisted of the following: Debt (in thousands) Original Principal Balance Maturity Date As of June 30, 2024 As of December 31, 2023 Term Loan B $ 795,000 January-28 $ 630,335 $ 771,335 Real Estate Term Loan (1) $ 88,140 October-32 60,923 80,184 Equipment loans (2) $ 79,814 66,861 56,482 ABL facility (3) October-27 45,177 368 Net impact of debt issuance costs and original issue discounts (5,723) (8,772) Total long-term debt 797,573 899,597 Less: current portion (12,034) (21,086) Long term portion of term debt and financing obligations $ 785,539 $ 878,511 (1) Loan by City National Bank which is secured by a majority of the real estate assets of the Company ("Real Estate Term Loan"). (2) Equipment loans have varying maturities from November 2024 to September 2028. (3) Asset-based revolving credit facility ("ABL facility").
Schedule of Amounts Outstanding Under Notes Payable	Amounts outstanding under notes payable and capital leases consisted of the following: (in thousands) As of June 30, 2024 As of December 31, 2023 Note payable – IO notes $ 13,768 $ 16,478 Finance lease obligations 10,788 10,145 Other 100 200 Total notes payable 24,656 26,823 Less: current portion (7,365) (7,649) Long term portion of notes payable $ 17,291 $ 19,174
Schedule of Interest Expense	Interest expense consisted of the following: (in thousands) Thirteen weeks ended June 30, 2024 Thirteen weeks ended July 2, 2023 Twenty-six weeks ended June 30, 2024 Twenty-six weeks ended July 2, 2023 Company’s long-term debt $ 9,191 $ 14,247 $ 20,973 $ 28,389 Amortization of deferred financing fees 749 446 2,509 451 IO loans 269 326 558 557 Total interest $ 10,209 $ 15,019 $ 24,040 $ 29,397

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Reconciliation of the Changes in the Warrant Liability	A reconciliation of the changes in the warrant liability during the twenty-six weeks ended June 30, 2024 is as follows: (in thousands) Fair value of warrant liabilities as of December 31, 2023 $ 43,272 Loss on remeasurement of warrant liability 11,808 Fair value of warrant liabilities as of March 31, 2024 $ 55,080 Gain on remeasurement of warrant liability (12,888) Fair value of warrant liabilities as of June 30, 2024 $ 42,192
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of June 30, 2024: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 66,574 $ — $ — $ 66,574 Commodity contracts — 122 — 122 Interest rate swaps — 34,655 — 34,655 Total assets $ 66,574 $ 34,777 $ — $ 101,351 Liabilities: Commodity contracts $ — $ 961 $ — $ 961 Private placement warrants — 42,192 — 42,192 Debt — 797,573 — 797,573 Total liabilities $ — $ 840,726 $ — $ 840,726 The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis based upon the level within the fair value hierarchy in which the fair value measurements fall, as of December 31, 2023: (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash and cash equivalents $ 52,023 $ — $ — $ 52,023 Commodity contracts — 211 — 211 Interest rate swaps — 33,332 — 33,332 Total assets $ 52,023 $ 33,543 $ — $ 85,566 Liabilities: Commodity contracts $ — $ 2,094 $ — $ 2,094 Interest rate swaps — 1,936 — 1,936 Private placement warrants — 43,272 — 43,272 Debt — 899,597 — 899,597 Total liabilities $ — $ 946,899 $ — $ 946,899

SUPPLEMENTARY CASH FLOW INFOR_2

SUPPLEMENTARY CASH FLOW INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental	(in thousands) Twenty-six weeks ended June 30, 2024 Twenty-six weeks ended July 2, 2023 Cash paid for interest $ 34,523 $ 28,613 Refunds related to income taxes $ 154 $ 387 Payments for income taxes $ 25,645 $ 2,564 Finance lease additions $ 2,307 $ 1,194

INCOME (LOSS) PER SHARE (Tables

INCOME (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles the numerators and denominators used in the computations of both basic and diluted income (loss) per share: (in thousands, except share data) Thirteen weeks ended June 30, 2024 Thirteen weeks ended July 2, 2023 Twenty-six weeks ended June 30, 2024 Twenty-six weeks ended July 2, 2023 Numerator: Net income (loss) attributable to common stockholders $ 19,848 $ (4,124) $ 15,857 $ (13,251) Denominator: Weighted average Class A Common Stock shares, basic 81,457,014 81,063,457 81,423,240 81,020,732 Dilutive securities included in diluted earnings per share calculation: Warrants 2,600,077 — 2,574,638 — RSUs 539,622 — 436,799 — PSUs 305,818 — 285,102 — Stock options 51,881 — 42,883 — Total dilutive weighted average shares 84,954,412 81,063,457 84,762,662 81,020,732 Basic income (loss) per share $ 0.24 $ (0.05) $ 0.19 $ (0.16) Diluted income (loss) per share $ 0.23 $ (0.05) $ 0.19 $ (0.16) Class V Common Stock not subject to (income) loss per share calculation 59,349,000 59,349,000 59,349,000 59,349,000 Net income (loss) attributable to noncontrolling interest $ 5,599 $ (4,429) $ 11,986 $ (9,784)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The diluted income (loss) per share computation excludes the effect of certain warrants, restricted stock units ("RSUs"), performance stock units ("PSUs"), and stock options granted to directors and management which convert to Class A Common Stock upon vesting or being exercised, as their inclusion would have been anti-dilutive. Anti-dilutive securities excluded from diluted income per share calculation are as follows: Thirteen weeks ended June 30, 2024 Thirteen weeks ended July 2, 2023 Twenty-six weeks ended June 30, 2024 Twenty-six weeks ended July 2, 2023 Warrants — 2,376,961 — 2,288,240 RSUs — 268,153 — 195,431 PSUs — 125,634 — 114,863 Stock options — 7,009 — 4,233

OPERATIONS AND SUMMARY OF SIG_3

OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Promotional program reserve	$ 18.2	$ 17.4
Promotional program, adjustments taken by customer	$ 8.9	$ 6.2

DIVESTITURES - Additional Infor

DIVESTITURES - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 22, 2024	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023	Feb. 05, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of business		$ 0	$ 0	$ 44,015	$ 0
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale consideration						$ 167,500
Gain on sale of business				$ 44,000
Advance for operating expense						$ 18,700
Discontinued Operations, Disposed of by Sale | Berlin, PA, and Fitchburg, MA Manufacturing Facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale consideration	$ 18,500
Gain on sale of business	$ 4,300

DIVESTITURES - Schedule of Net

DIVESTITURES - Schedule of Net Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Feb. 05, 2024	Dec. 31, 2023
Assets disposed:
Goodwill	$ 870,695		$ 915,295
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale
Assets disposed:
Property, plant, and equipment, net		$ 27,483
Goodwill		44,600
Intangible assets, net		44,327
Net working capital adjustments		7,075
Net assets sold		$ 123,485

INVENTORIES - Schedule of Inven

INVENTORIES - Schedule of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished goods	$ 67,707	$ 65,673
Raw materials	25,309	29,757
Maintenance parts	7,694	9,236
Total inventories	$ 100,710	$ 104,666

INVENTORIES - Additional Inform

INVENTORIES - Additional Information (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions	Apr. 22, 2024	Feb. 05, 2024
Good Health And R. W. Garcia Sale
Inventory [Line Items]
Inventories		$ 6.3
Berlin, PA, and Fitchburg, MA Manufacturing Facilities
Inventory [Line Items]
Inventories	$ 1.6

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 412,922	$ 445,633
Less: accumulated depreciation	(112,872)	(126,752)
Property, plant and equipment, net	300,050	318,881
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment	25,861	28,561
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment	112,506	123,603
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment	212,126	248,886
Land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,651	3,887
Building improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment	2,472	5,163
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 57,306	$ 35,533

PROPERTY, PLANT AND EQUIPMENT_4

PROPERTY, PLANT AND EQUIPMENT, NET - Additional Information (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 22, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jul. 02, 2023 USD ($) employee	Jun. 30, 2024 USD ($)	Jul. 02, 2023 USD ($)	Feb. 05, 2024 USD ($)
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 8,200	$ 10,600	$ 17,000	$ 20,900
Reduction in workforce | employee			130
Impairment and other charges				0	9,548
Gain on sale of business		$ 0	$ 0	44,015	0
Birmingham Facility | Non Cash Expenses
Property, Plant and Equipment [Line Items]
Impairment and other charges			7,600
Birmingham Facility | Employee Severance
Property, Plant and Equipment [Line Items]
Restructuring charges			1,300
Birmingham Facility | Facility Closing
Property, Plant and Equipment [Line Items]
Impairment loss			1,900		$ 1,900
Birmingham Facility | Manufacturing Closure
Property, Plant and Equipment [Line Items]
Restructuring charges			$ 8,900
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, net						$ 27,483
Gain on sale of business				44,000
Discontinued Operations, Disposed of by Sale | Berlin, PA, and Fitchburg, MA Manufacturing Facilities
Property, Plant and Equipment [Line Items]
Sale of productive assets	$ 12,200
Gain on sale of business	$ 4,300
Discontinued Operations, Disposed of by Sale | Birmingham Facility
Property, Plant and Equipment [Line Items]
Sale of productive assets				6,000
Discontinued Operations, Disposed of by Sale | Gramercy, LA Facility
Property, Plant and Equipment [Line Items]
Sale of productive assets				$ 1,800

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 915,295
Ending balance	870,695
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale
Goodwill [Roll Forward]
Good Health and R.W. Garcia Sale, Note 2. Divestitures	$ (44,600)

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS, NET - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortizable assets, gross	$ 707,632	$ 741,780
Accumulated amortization	(133,842)	(120,405)
Amortizable assets, net	573,790	621,375
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	1,012,447	1,063,413
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	428,733	434,513
Route assets
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	9,924	7,525
Distributor/customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortizable assets, gross	647,712	677,930
Trademarks
Finite-Lived Intangible Assets [Line Items]
Amortizable assets, gross	$ 59,920	$ 63,850

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Proceeds from sale of intangible assets				$ 13,669	$ 12,446
Amortization of intangible assets	$ 9,000		$ 9,400	$ 18,300	$ 18,800
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale | Trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase of indefinite life intangible asset	$ 9,200
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale | Distributor/customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Proceeds from sale of intangible assets		$ 26,000
Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale | Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Proceeds from sale of intangible assets		$ 18,300

NOTES RECEIVABLE (Details)

NOTES RECEIVABLE (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) bank	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other notes receivable	$ 4,581	$ 5,237
IO Notes Receivable | Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other notes receivable	$ 14,500	$ 17,600
Number of banks | bank	1
IO Notes Receivable | Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	4.50%
Term of agreement	2 years
IO Notes Receivable | Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	10.55%
Term of agreement	10 years

ACCRUED EXPENSES AND OTHER - Cu

ACCRUED EXPENSES AND OTHER - Current Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 14,294	$ 21,466
Operating right of use liability	15,770	14,992
Insurance liabilities	6,111	6,811
Accrued freight and manufacturing related costs	2,758	4,424
Accrued dividends and distributions	10,020	7,972
Accrued interest	1,031	13,280
Deferred transaction services and other fees	11,364	0
Other accrued expenses	6,915	8,645
Total accrued expenses and other	$ 68,263	$ 77,590

ACCRUED EXPENSES AND OTHER - No

ACCRUED EXPENSES AND OTHER - Noncurrent Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Operating right of use liability	$ 42,715	$ 43,928
Tax Receivable Agreement liability	24,264	24,297
Supplemental retirement and salary continuation plans	6,864	6,559
Long-term portion of an interest rate hedge liability	0	1,936
Total accrued expenses and other	$ 73,843	$ 76,720

TERM DEBT, REVOLVING CREDIT F_3

TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE - Additional Information (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Apr. 17, 2024	Apr. 16, 2024	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Debt Instrument [Line Items]
Loss on debt extinguishment			$ 1,273	$ 0	$ 1,273	$ 0
Term Loan B | Secured Debt
Debt Instrument [Line Items]
Original Principal Balance	$ 630,000		795,000		795,000
Basis spread on variable rate	2.75%	3%
Loss on debt extinguishment			1,300		1,300
Term Loan B | Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale
Debt Instrument [Line Items]
Repayments of long-term debt					141,000
Real Estate Term Loan | Discontinued Operations, Disposed of by Sale | Good Health And R. W. Garcia Sale
Debt Instrument [Line Items]
Repayments of long-term debt					$ 8,500
Real Estate Term Loan | Discontinued Operations, Disposed of by Sale | Berlin, PA, and Fitchburg, MA Manufacturing Facilities
Debt Instrument [Line Items]
Repayments of long-term debt			$ 9,200
ABL Facility | Minimum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%	1.50%
ABL Facility | Maximum | Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Basis spread on variable rate	2%	2%

TERM DEBT, REVOLVING CREDIT F_4

TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Apr. 17, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total long-term debt	$ 797,573		$ 899,597
Net impact of debt issuance costs and original issue discounts	(5,723)		(8,772)
Less: current portion	(12,034)		(21,086)
Long term portion of term debt and financing obligations	785,539		878,511
Real Estate Term Loan
Debt Instrument [Line Items]
Original Principal Balance	88,140
Real Estate Term Loan | Line of Credit
Debt Instrument [Line Items]
Total long-term debt	60,923		80,184
ABL Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total long-term debt	45,177		368
Secured Debt | Term Loan B
Debt Instrument [Line Items]
Original Principal Balance	795,000	$ 630,000
Total long-term debt	630,335		771,335
Equipment loans
Debt Instrument [Line Items]
Original Principal Balance	79,814
Total long-term debt	$ 66,861		$ 56,482

TERM DEBT, REVOLVING CREDIT F_5

TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE - Schedule of Amounts Outstanding Under Notes Payable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Notes payable gross	$ 797,573	$ 899,597
Finance lease obligations	10,788	10,145
Note payable – IO notes
Debt Instrument [Line Items]
Notes payable gross	13,768	16,478
Other
Debt Instrument [Line Items]
Notes payable gross	100	200
Total notes payable
Debt Instrument [Line Items]
Total notes payable	24,656	26,823
Less: current portion	(7,365)	(7,649)
Long term portion of notes payable	$ 17,291	$ 19,174

TERM DEBT, REVOLVING CREDIT F_6

TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Debt Disclosure [Abstract]
Company’s long-term debt	$ 9,191	$ 14,247	$ 20,973	$ 28,389
Amortization of deferred financing fees	749	446	2,509	451
IO loans	269	326	558	557
Total interest	$ 10,209	$ 15,019	$ 24,040	$ 29,397

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Feb. 01, 2024	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023	Dec. 31, 2023
Derivative [Line Items]
Purchase commitments		$ 93.7		$ 93.7		$ 66.7
Purchase commitment gains (losses)		$ 0.1	$ 2.4	$ 0.9	$ (0.3)
Private Placement Warrants
Derivative [Line Items]
Warrants outstanding (in shares)		7,200,000		7,200,000		7,200,000
Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Estimated future paydowns not probable of occurring				$ 36.7
Accumulated other comprehensive income reclassified to earnings reflected as a decrease to interest expense	$ 0.3	$ 0.3		0.7
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 47	46.5		46.5
Interest rate swaps | Cash Flow Hedging | Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount		$ 36.3		$ 36.3

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE - Schedule of Reconciliation of the Changes in the Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Reconciliation Of Changes In Warrant Liability [Roll Forward]
Fair value of warrant liabilities, beginning balance	$ 55,080	$ 43,272		$ 43,272
Loss (gain) on remeasurement of warrant liability	(12,888)	11,808	$ (2,808)	(1,080)	$ (576)
Fair value of warrant liabilities, ending balance	$ 42,192	$ 55,080		$ 42,192

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS, PURCHASE COMMITMENTS, WARRANTS AND FAIR VALUE - Schedule of Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 66,574	$ 52,023
Total assets	101,351	85,566
Debt	797,573	899,597
Total liabilities	840,726	946,899
Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity contracts	122	211
Derivative liabilities	961	2,094
Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	34,655	33,332
Derivative liabilities		1,936
Private placement warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	42,192	43,272
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	66,574	52,023
Total assets	66,574	52,023
Debt	0	0
Total liabilities	0	0
Level 1 | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity contracts	0	0
Derivative liabilities	0	0
Level 1 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Derivative liabilities		0
Level 1 | Private placement warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total assets	34,777	33,543
Debt	797,573	899,597
Total liabilities	840,726	946,899
Level 2 | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity contracts	122	211
Derivative liabilities	961	2,094
Level 2 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	34,655	33,332
Derivative liabilities		1,936
Level 2 | Private placement warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	42,192	43,272
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total assets	0	0
Debt	0	0
Total liabilities	0	0
Level 3 | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodity contracts	0	0
Derivative liabilities	0	0
Level 3 | Interest rate swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Derivative liabilities		0
Level 3 | Private placement warrants
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 0	$ 0

CONTINGENCIES (Details)

CONTINGENCIES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) bank	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Outstanding balance of guaranteed loans	$ 797,573	$ 899,597
Bank Of America
Other Commitments [Line Items]
Maximum future payment of guaranteed loans	25%
Cadence Bank
Other Commitments [Line Items]
Maximum future payment of guaranteed loans	25%
Payment Guarantee
Other Commitments [Line Items]
Number of banks making guaranteed loans | bank	2
Payment Guarantee | Bank Of America
Other Commitments [Line Items]
Loan guarantee, amount	$ 59,100	52,800
Notes purchased	12,300	14,800
Payment Guarantee | M&T Bank
Other Commitments [Line Items]
Loan guarantee, amount	1,800	2,200
Outstanding balance of guaranteed loans	$ 2,200	$ 2,900

SUPPLEMENTARY CASH FLOW INFOR_3

SUPPLEMENTARY CASH FLOW INFORMATION - Schedule of Cash Flow, Supplemental (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 34,523	$ 28,613
Refunds related to income taxes	154	387
Payments for income taxes	25,645	2,564
Finance lease additions	$ 2,307	$ 1,194

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (1,309)	$ (725)	$ 25,236	$ (3,336)
Effective income tax rate	(5.40%)	7.80%	47.50%	12.70%
Effective income tax rate, before discrete items	1.80%		1.90%
Sale of assets, discrete tax expense	$ (1,500)		$ (1,500)
Statutory state tax rate, amount	25,100		25,100
TRA liabilty	$ 24,264		$ 24,264		$ 24,297

INCOME (LOSS) PER SHARE - Sched

INCOME (LOSS) PER SHARE - Schedule of Earnings (Loss) Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Numerator:
Net income (loss) attributable to common stockholders	$ 19,848	$ (4,124)	$ 15,857	$ (13,251)
Denominator:
Weighted average Class A Common Stock shares, basic (in shares)	81,457,014	81,063,457	81,423,240	81,020,732
Total dilutive weighted average shares (in shares)	84,954,412	81,063,457	84,762,662	81,020,732
Basic income (loss) per share (in dollars per share)	$ 0.24	$ (0.05)	$ 0.19	$ (0.16)
Diluted income (loss) per share (in dollars per share)	$ 0.23	$ (0.05)	$ 0.19	$ (0.16)
Net income (loss) attributable to noncontrolling interest	$ 5,599	$ (4,429)	$ 11,986	$ (9,784)
Warrants
Denominator:
Dilutive securities (in shares)	2,600,077	0	2,574,638	0
RSUs
Denominator:
Dilutive securities (in shares)	539,622	0	436,799	0
PSUs
Denominator:
Dilutive securities (in shares)	305,818	0	285,102	0
Stock options
Denominator:
Dilutive securities (in shares)	51,881	0	42,883	0
Class V Common Stock
Denominator:
Class V Common Stock not subject to (income) loss per share calculation (in shares)	59,349,000	59,349,000	59,349,000	59,349,000

INCOME (LOSS) PER SHARE - Sch_2

INCOME (LOSS) PER SHARE - Schedule of Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jul. 02, 2023	Jun. 30, 2024	Jul. 02, 2023
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings per share calculation (in shares)	0	2,376,961	0	2,288,240
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings per share calculation (in shares)	0	268,153	0	195,431
PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings per share calculation (in shares)	0	125,634	0	114,863
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from diluted earnings per share calculation (in shares)	0	7,009	0	4,233

INCOME (LOSS) PER SHARE - Addit

INCOME (LOSS) PER SHARE - Additional Information (Details) - Class V Common Stock	6 Months Ended
	Jun. 30, 2024 shares	Dec. 31, 2023 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, conversion ratio	1
Common stock issued (in shares)	59,349,000	59,349,000
Common stock outstanding (in shares)	59,349,000	59,349,000