FLOWERS FOODS INC Segments Disclosure
Note 4. Segments
Our CODM evaluates operating performance based on net income adjusted for items impacting comparability as detailed below. The CODM uses adjusted net income for the annual budgeting and monthly forecasting process. The CODM considers budget-to-current forecast and prior forecast-to-current forecast variances for adjusted net income on a period basis for evaluating performance and making decisions about allocating capital and other resources.
Detailed below are expense items impacting comparability for Fiscal 2025, 2024, and 2023 (amounts in thousands):
|
|
Fiscal 2025 |
|
|
Fiscal 2024 |
|
|
Fiscal 2023 |
|
|
Footnote |
|||
|
|
53 weeks |
|
|
52 weeks |
|
|
52 weeks |
|
|
Disclosure |
|||
|
|
(Amounts in thousands) |
|
|
|
|||||||||
Business process improvement costs |
|
$ |
3,368 |
|
|
$ |
4,529 |
|
|
$ |
21,521 |
|
|
Note 2 |
Restructuring charges |
|
|
6,083 |
|
|
|
7,403 |
|
|
|
7,099 |
|
|
Note 5 |
Restructuring-related implementation costs |
|
|
19,529 |
|
|
|
2,979 |
|
|
|
— |
|
|
Note 5 |
Plant closure costs and impairment of assets |
|
|
7,397 |
|
|
|
10,310 |
|
|
|
7,298 |
|
|
Note 2 |
Impairment of intangible assets |
|
|
135,981 |
|
|
|
— |
|
|
|
— |
|
|
Note 2, 10 |
Acquisition and integration-related costs |
|
|
17,904 |
|
|
|
2,008 |
|
|
|
3,712 |
|
|
Note 2, 6 |
Loss on inferior ingredients |
|
|
2,657 |
|
|
|
— |
|
|
|
— |
|
|
Note 2 |
Legal settlements and related costs |
|
|
902 |
|
|
|
3,800 |
|
|
|
137,529 |
|
|
Note 23 |
Pension plan settlement loss |
|
|
— |
|
|
|
241 |
|
|
|
— |
|
|
Note 21 |
|
|
$ |
193,821 |
|
|
$ |
31,270 |
|
|
$ |
177,159 |
|
|
|
Our single reportable segment net sales, net income, and significant expenses are as follows for Fiscal 2025, 2024, and 2023 (amounts in thousands):
|
|
Fiscal 2025 |
|
|
Fiscal 2024 |
|
|
Fiscal 2023 |
|
|||
|
|
53 weeks |
|
|
52 weeks |
|
|
52 weeks |
|
|||
|
|
(Amounts in thousands, except per share data) |
|
|||||||||
Net sales |
|
$ |
5,256,479 |
|
|
$ |
5,103,487 |
|
|
$ |
5,090,830 |
|
Materials, supplies, labor and other production costs (exclusive of depreciation and amortization) |
|
|
|
|
|
|
|
|
|
|||
Ingredients |
|
|
1,276,947 |
|
|
|
1,313,585 |
|
|
|
1,430,136 |
|
Workforce-related costs |
|
|
763,711 |
|
|
|
747,612 |
|
|
|
702,036 |
|
Packaging |
|
|
194,582 |
|
|
|
188,481 |
|
|
|
197,748 |
|
Other(1) |
|
|
452,345 |
|
|
|
327,542 |
|
|
|
302,216 |
|
Total materials, supplies, labor and other production costs (exclusive of depreciation and amortization) |
|
|
2,687,585 |
|
|
|
2,577,220 |
|
|
|
2,632,136 |
|
Selling, distribution, and administrative expenses |
|
|
|
|
|
|
|
|
|
|||
Workforce-related costs |
|
|
690,408 |
|
|
|
616,013 |
|
|
|
562,982 |
|
Distributor distribution fees |
|
|
620,779 |
|
|
|
678,385 |
|
|
|
715,561 |
|
Other(2) |
|
|
764,181 |
|
|
|
706,654 |
|
|
|
841,175 |
|
Total selling, distribution, and administrative expenses |
|
|
2,075,368 |
|
|
|
2,001,052 |
|
|
|
2,119,718 |
|
Depreciation |
|
|
128,412 |
|
|
|
127,577 |
|
|
|
117,788 |
|
Amortization |
|
|
38,925 |
|
|
|
31,373 |
|
|
|
32,218 |
|
Right-of-use financing lease amortization |
|
|
90 |
|
|
|
260 |
|
|
|
1,703 |
|
Plant closure costs and impairment of assets |
|
|
7,397 |
|
|
|
10,310 |
|
|
|
7,298 |
|
Restructuring charges |
|
|
6,083 |
|
|
|
7,403 |
|
|
|
7,099 |
|
Loss on inferior ingredients |
|
|
2,657 |
|
|
|
— |
|
|
|
— |
|
Impairment of intangible assets |
|
|
135,981 |
|
|
|
— |
|
|
|
— |
|
Interest expense |
|
|
76,665 |
|
|
|
37,129 |
|
|
|
36,609 |
|
Interest income |
|
|
(17,371 |
) |
|
|
(17,506 |
) |
|
|
(20,577 |
) |
Other components of net periodic pension and postretirement benefits |
|
|
(381 |
) |
|
|
(273 |
) |
|
|
(269 |
) |
Income before income taxes |
|
|
115,068 |
|
|
|
328,942 |
|
|
|
157,107 |
|
Income tax expense |
|
|
31,243 |
|
|
|
80,826 |
|
|
|
33,691 |
|
Net income |
|
$ |
83,825 |
|
|
$ |
248,116 |
|
|
$ |
123,416 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Feb 25, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2018 | Feb 20, 2019 | |
| 2017 | Feb 21, 2018 | |
| 2016 | Feb 23, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.