B&G Foods (BGS) 10-Q9 Nov 222022 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 01, 2022	Oct. 28, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Oct. 01, 2022
Entity File Number	001-32316
Entity Registrant Name	B&G FOODS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3918742
Entity Address, Address Line One	Four Gatehall Drive
Entity Address, City or Town	Parsippany
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07054
City Area Code	973
Local Phone Number	401-6500
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BGS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		71,668,144
Entity Central Index Key	0001278027
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Current assets:
Cash and cash equivalents	$ 60,064	$ 33,690
Trade accounts receivable, net	175,702	145,281
Inventories	805,188	609,794
Assets held for sale	54,245	3,256
Prepaid expenses and other current assets	42,401	38,151
Income tax receivable	11,817	4,284
Total current assets	1,149,417	834,456
Property, plant and equipment, net of accumulated depreciation of $375,797 and $364,182 as of October 1, 2022 and January 1, 2022, respectively	325,890	341,471
Operating lease right-of-use assets	69,565	65,166
Finance lease right-of-use assets	3,155
Goodwill	619,095	644,871
Other intangible assets, net	1,793,034	1,927,119
Other assets	14,004	6,916
Deferred income taxes	9,414	8,546
Total assets	3,983,574	3,828,545
Current liabilities:
Trade accounts payable	228,248	129,861
Accrued expenses	72,677	66,901
Current portion of operating lease liabilities	15,038	12,420
Current portion of finance lease liabilities	1,040
Income tax payable	3	2,557
Dividends payable	34,043	32,548
Total current liabilities	351,049	244,287
Long-term debt	2,418,090	2,267,759
Deferred income taxes	284,038	310,641
Long-term operating lease liabilities, net of current portion	55,032	55,607
Long-term finance lease liabilities, net of current portion	2,058
Other liabilities	31,733	29,997
Total liabilities	3,142,000	2,908,291
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.01 par value per share. Authorized 1,000,000 shares; no shares issued or outstanding
Common stock, $0.01 par value per share. Authorized 125,000,000 shares; 71,670,232 and 68,521,651 shares issued and outstanding as of October 1, 2022 and January 1, 2022, respectively	717	685
Additional paid-in capital		3,547
Accumulated other comprehensive loss	(24,642)	(18,169)
Retained earnings	865,499	934,191
Total stockholders' equity	841,574	920,254
Total liabilities and stockholders' equity	$ 3,983,574	$ 3,828,545

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Consolidated Balance Sheets
Property, plant and equipment, accumulated depreciation (in dollars)	$ 375,797	$ 364,182
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, Authorized shares	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, Authorized shares	125,000,000	125,000,000
Common stock, shares issued	71,670,232	68,521,651
Common stock, shares outstanding	71,670,232	68,521,651

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Consolidated Statements of Operations
Net sales	$ 528,396	$ 514,965	$ 1,539,768	$ 1,484,474
Cost of goods sold	422,635	409,300	1,256,222	1,149,425
Gross profit	105,761	105,665	283,546	335,049
Operating (income) and expenses:
Selling, general and administrative expenses	47,519	46,409	138,556	143,864
Amortization expense	5,427	5,396	16,009	16,231
Gain on sales of assets			(7,099)
Impairment of assets held for sale	103,625		103,625
Operating income (loss)	(50,810)	53,860	32,455	174,954
Other (income) and expenses:
Interest expense, net	31,874	26,630	88,617	80,312
Other income	(1,846)	(1,130)	(5,533)	(3,338)
Income (loss) before income tax expense (benefit)	(80,838)	28,360	(50,629)	97,980
Income tax expense (benefit)	(21,255)	7,613	(14,958)	25,804
Net income (loss)	$ (59,583)	$ 20,747	$ (35,671)	$ 72,176
Weighted average shares outstanding:
Basic	71,670,121	64,844,696	70,068,018	64,734,739
Diluted	72,018,091	65,492,965	70,440,433	65,370,841
Earnings (loss) per share:
Basic	$ (0.83)	$ 0.32	$ (0.51)	$ 1.11
Diluted	(0.83)	0.32	(0.51)	1.10
Cash dividends declared per share	$ 0.475	$ 0.475	$ 1.425	$ 1.425

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ (59,583)	$ 20,747	$ (35,671)	$ 72,176
Other comprehensive income (loss):
Foreign currency translation adjustments	(5,492)	(4,153)	(6,534)	(753)
Amortization of unrecognized prior service cost and pension deferrals, net of tax	20	304	61	942
Other comprehensive income (loss)	(5,472)	(3,849)	(6,473)	189
Comprehensive income (loss)	$ (65,055)	$ 16,898	$ (42,144)	$ 72,365

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Total
Beginning balance at Jan. 02, 2021	$ 643		$ (35,594)	$ 866,828	$ 831,877
Balance (in shares) at Jan. 02, 2021	64,252,859
Increase (Decrease) in Stockholders' Equity
Foreign currency translation			(496)		(496)
Change in pension benefit (net of of income taxes)			334		334
Net income				26,878	26,878
Share-based compensation		$ 432			432
Net issuance of common stock for share-based compensation	$ 1	(1,087)			(1,086)
Net issuance of common stock for share-based compensation (in shares)	82,214
Cancellation of restricted stock for tax withholding upon vesting		(620)			(620)
Cancellation of restricted stock for tax withholding upon vesting (in shares)	(21,462)
Stock options exercised	$ 4	14,048			14,052
Stock options exercised (in shares)	438,900
Dividends declared on common stock		(12,773)		(17,984)	(30,757)
Ending balance at Apr. 03, 2021	$ 648		(35,756)	875,722	840,614
Balance (in shares) at Apr. 03, 2021	64,752,511
Beginning balance at Jan. 02, 2021	$ 643		(35,594)	866,828	831,877
Balance (in shares) at Jan. 02, 2021	64,252,859
Increase (Decrease) in Stockholders' Equity
Foreign currency translation					(753)
Change in pension benefit (net of of income taxes)					942
Net income					72,176
Ending balance at Oct. 02, 2021	$ 649		(35,405)	865,378	830,622
Balance (in shares) at Oct. 02, 2021	64,896,909
Beginning balance at Jan. 02, 2021	$ 643		(35,594)	866,828	831,877
Balance (in shares) at Jan. 02, 2021	64,252,859
Ending balance at Jan. 01, 2022	$ 685	3,547	(18,169)	934,191	$ 920,254
Balance (in shares) at Jan. 01, 2022	68,521,651				68,521,651
Beginning balance at Apr. 03, 2021	$ 648		(35,756)	875,722	$ 840,614
Balance (in shares) at Apr. 03, 2021	64,752,511
Increase (Decrease) in Stockholders' Equity
Foreign currency translation			3,896		3,896
Change in pension benefit (net of of income taxes)			304		304
Net income				24,551	24,551
Share-based compensation		2,305			2,305
Net issuance of common stock for share-based compensation (in shares)	46,377
Cancellation of restricted stock for tax withholding upon vesting		(3)			(3)
Cancellation of restricted stock for tax withholding upon vesting (in shares)	(66)
Cancellation of restricted stock upon forfeiture (in shares)	(956)
Stock options exercised		730			730
Stock options exercised (in shares)	27,212
Dividends declared on common stock		(3,032)		(27,760)	(30,792)
Ending balance at Jul. 03, 2021	$ 648		(31,556)	872,513	841,605
Balance (in shares) at Jul. 03, 2021	64,825,078
Increase (Decrease) in Stockholders' Equity
Foreign currency translation			(4,153)		(4,153)
Change in pension benefit (net of of income taxes)			304		304
Net income				20,747	20,747
Share-based compensation		804			804
Issuance of common stock in ATM offering	$ 1	2,111			2,112
Issuance of common stock in ATM offering (in shares)	70,791
Stock options exercised		29			29
Stock options exercised (in shares)	1,040
Dividends declared on common stock		(2,944)		(27,882)	(30,826)
Ending balance at Oct. 02, 2021	$ 649		(35,405)	865,378	830,622
Balance (in shares) at Oct. 02, 2021	64,896,909
Beginning balance at Jan. 01, 2022	$ 685	3,547	(18,169)	934,191	$ 920,254
Balance (in shares) at Jan. 01, 2022	68,521,651				68,521,651
Increase (Decrease) in Stockholders' Equity
Foreign currency translation			2,679		$ 2,679
Change in pension benefit (net of of income taxes)			21		21
Net income				23,656	23,656
Share-based compensation		791			791
Net issuance of common stock for share-based compensation	$ 3	(3,707)			(3,704)
Net issuance of common stock for share-based compensation (in shares)	261,014
Cancellation of restricted stock for tax withholding upon vesting		(298)			(298)
Cancellation of restricted stock for tax withholding upon vesting (in shares)	(10,871)
Cancellation of restricted stock upon forfeiture (in shares)	(573)
Issuance of common stock in ATM offering	$ 1	3,227			3,228
Issuance of common stock in ATM offering (in shares)	112,353
Stock options exercised		60			60
Stock options exercised (in shares)	2,227
Dividends declared on common stock		(3,620)		(29,101)	(32,721)
Ending balance at Apr. 02, 2022	$ 689		(15,469)	928,746	913,966
Balance (in shares) at Apr. 02, 2022	68,885,801
Beginning balance at Jan. 01, 2022	$ 685	3,547	(18,169)	934,191	$ 920,254
Balance (in shares) at Jan. 01, 2022	68,521,651				68,521,651
Increase (Decrease) in Stockholders' Equity
Foreign currency translation					$ (6,534)
Change in pension benefit (net of of income taxes)					61
Net income					(35,671)
Ending balance at Oct. 01, 2022	$ 717		(24,642)	865,499	$ 841,574
Balance (in shares) at Oct. 01, 2022	71,670,232				71,670,232
Beginning balance at Apr. 02, 2022	$ 689		(15,469)	928,746	$ 913,966
Balance (in shares) at Apr. 02, 2022	68,885,801
Increase (Decrease) in Stockholders' Equity
Foreign currency translation			(3,721)		(3,721)
Change in pension benefit (net of of income taxes)			20		20
Net income				256	256
Share-based compensation		1,924			1,924
Net issuance of common stock for share-based compensation (in shares)	47,335
Cancellation of restricted stock for tax withholding upon vesting		(28)			(28)
Cancellation of restricted stock for tax withholding upon vesting (in shares)	(1,250)
Cancellation of restricted stock upon forfeiture (in shares)	(1,108)
Issuance of common stock in ATM offering	$ 28	61,780			61,808
Issuance of common stock in ATM offering (in shares)	2,739,568
Dividends declared on common stock		(34,044)			(34,044)
Ending balance at Jul. 02, 2022	$ 717	29,632	(19,170)	929,002	940,181
Balance (in shares) at Jul. 02, 2022	71,670,346
Increase (Decrease) in Stockholders' Equity
Foreign currency translation			(5,492)		(5,492)
Change in pension benefit (net of of income taxes)			20		20
Net income				(59,583)	(59,583)
Share-based compensation		472			472
Cancellation of restricted stock for tax withholding upon vesting		(11)			(11)
Cancellation of restricted stock for tax withholding upon vesting (in shares)	(468)
Cancellation of restricted stock upon forfeiture (in shares)	(1,067)
Issuance of common stock in ATM offering		31			31
Issuance of common stock in ATM offering (in shares)	1,421
Dividends declared on common stock		$ (30,124)		(3,920)	(34,044)
Ending balance at Oct. 01, 2022	$ 717		$ (24,642)	$ 865,499	$ 841,574
Balance (in shares) at Oct. 01, 2022	71,670,232				71,670,232

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021
Consolidated Statements of Changes in Stockholders' Equity
Change in pension benefit, income taxes	$ 7	$ 6	$ 7	$ 99	$ 99	$ 108
Dividends declared on common stock, per share (in dollars per share)	$ 0.475	$ 0.475	$ 0.475	$ 0.475	$ 0.475	$ 0.475

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Cash flows from operating activities:
Net income (loss)			$ (35,671)	$ 72,176
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			61,065	61,257
Amortization of operating lease right-of-use assets	$ 4,366	$ 3,354	12,539	9,901
Amortization of deferred debt financing costs and bond discount/premium			3,530	3,444
Deferred income taxes			(27,415)	14,894
Impairment of assets held for sale	103,625		103,625
Gain on sales of assets			(7,094)
Share-based compensation expense			2,984	3,228
Changes in assets and liabilities, net of effects of businesses acquired:
Trade accounts receivable			(31,876)	(46,702)
Inventories			(206,704)	(177,785)
Prepaid expenses and other current assets			(8,926)	(1,559)
Income tax receivable/payable, net			(10,154)	8,705
Other assets			(1,379)	(746)
Trade accounts payable			101,108	83,530
Accrued expenses			(5,856)	(32,921)
Other liabilities			1,816	15,364
Net cash (used in) provided by operating activities			(48,408)	12,786
Cash flows from investing activities:
Capital expenditures			(17,421)	(31,679)
Proceeds from sales of assets			10,430	632
Payments for acquisition of businesses, net of cash acquired			(27,290)
Net cash used in investing activities			(34,281)	(31,047)
Cash flows from financing activities:
Repayments of borrowings under revolving credit facility			(182,500)	(85,000)
Borrowings under revolving credit facility			330,000	155,000
Proceeds from issuance of common stock, net			65,233	2,112
Dividends paid			(99,312)	(92,069)
Proceeds from exercise of stock options			60	14,811
Payments of tax withholding on behalf of employees for net share settlement of share-based compensation			(4,041)	(1,708)
Payments of debt financing costs				(276)
Net cash provided by (used in) financing activities			109,440	(7,130)
Effect of exchange rate fluctuations on cash and cash equivalents			(377)	271
Net increase (decrease) in cash and cash equivalents			26,374	(25,120)
Cash and cash equivalents at beginning of period			33,690	52,182	$ 52,182
Cash and cash equivalents at end of period	60,064	27,062	60,064	27,062	$ 33,690
Supplemental disclosures of cash flow information:
Cash interest payments			79,891	95,771
Cash income tax payments			22,908	2,155
Non-cash investing and financing transactions:
Dividends declared and not yet paid	$ 34,043	$ 30,826	34,043	30,826
Accruals related to purchases of property, plant and equipment			1,197	1,803
Right-of-use assets obtained in exchange for new operating lease liabilities			$ 2,851	$ 32,202

Nature of Operations

Nature of Operations	9 Months Ended
Nature of Operations	Oct. 01, 2022
Nature of Operations
Nature of Operations	(1) Nature of Operations B&G Foods, Inc. is a holding company whose principal assets are the shares of capital stock of its subsidiaries. Unless the context requires otherwise, references in this report to “B&G Foods,” “our company,” “we,” “us” and “our” refer to B&G Foods, Inc. and its subsidiaries. Our financial statements are presented on a consolidated basis. We operate in a single industry segment and manufacture, sell and distribute a diverse portfolio of high-quality shelf-stable and frozen foods across the United States, Canada and Puerto Rico. Our products include frozen and canned vegetables, vegetable, canola and other cooking oils, vegetable shortening, cooking sprays, oatmeal and other hot cereals, fruit spreads, canned meats and beans, bagel chips, spices, seasonings, hot sauces, wine vinegar, maple syrup, molasses, salad dressings, pizza crusts, Mexican-style sauces, dry soups, taco shells and kits, salsas, pickles, peppers, tomato-based products, cookies and crackers, baking powder, baking soda, corn starch, nut clusters and other specialty products. Our products are marketed under many recognized brands, including Ac’cent B&G B&M Back to Nature Baker’s Joy Bear Creek Country Kitchens Brer Rabbit Canoleo Cary’s Clabber Girl Cream of Rice Cream of Wheat Crisco Dash, Davis Devonsheer Don Pepino Durkee Emeril’s Grandma’s Molasses Green Giant Joan of Arc Las Palmas Le Sueur MacDonald’s Mama Mary’s Maple Grove Farms of Vermont McCann’s Molly McButter New York Flatbreads New York Style Old London Ortega Polaner Red Devil Regina Rumford Sa-són Sclafani Spice Islands Spring Tree Sugar Twin Tone’s Trappey’s TrueNorth Underwood Vermont Maid Victoria Weber Wright’s Static Guard

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Oct. 01, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Fiscal Year Typically, our fiscal quarters and fiscal year consist of 13 and 52 weeks, respectively, ending on the Saturday closest to December 31 in the case of our fiscal year and fourth fiscal quarter, and on the Saturday closest to the end of the corresponding calendar quarter in the case of our fiscal quarters. As a result, a 53 rd week is added to our fiscal year every five or six years . Generally, in a 53 -week fiscal year our fourth fiscal quarter contains 14 weeks. Our fiscal year ending December 31, 2022 (fiscal 2022) and our fiscal year ended January 1, 2022 (fiscal 2021) each contains 52 weeks. Each quarter of fiscal 2022 and 2021 contains 13 weeks. Basis of Presentation The accompanying unaudited consolidated interim financial statements for the thirteen and thirty-nine week periods ended October 1, 2022 (third quarter and first three quarters of 2022) and October 2, 2021 (third quarter and first three quarters of 2021) have been prepared by our company in accordance with generally accepted accounting principles in the United States (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), and include the accounts of B&G Foods, Inc. and its subsidiaries. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, our management believes, to the best of their knowledge, that the disclosures herein are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated. The accompanying unaudited consolidated interim financial statements contain all adjustments that are, in the opinion of management, necessary to present fairly our consolidated financial position as of October 1, 2022, and the results of our operations, comprehensive income (loss), changes in stockholders’ equity and cash flows for the third quarter and first three quarters of 2022 and 2021. Our results of operations for the third quarter and first three quarters of 2022 are not necessarily indicative of the results to be expected for the full year. We have evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited consolidated interim financial statements. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for fiscal 2021 filed with the SEC on March 1, 2022 (which we refer to as our 2021 Annual Report on Form 10-K). Use of Estimates The preparation of financial statements in accordance with GAAP requires our management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates and assumptions made by management involve revenue recognition as it relates to trade and consumer promotion expenses; pension benefits; acquisition accounting fair value allocations; the recoverability of goodwill, other intangible assets, property, plant and equipment and deferred tax assets; and the determination of the useful life of customer relationship and finite-lived trademark intangible assets. Actual results could differ significantly from these estimates and assumptions. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. Volatility in the credit and equity markets can increase the uncertainty inherent in such estimates and assumptions. Accounting Standards Adopted in Fiscal 2022 or Fiscal 2021 In December 2019, the Financial Accounting Standards Board (FASB) issued a new accounting standards update (ASU) that removes certain exceptions for recognizing deferred taxes for certain investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group. This guidance became effective during the first quarter of 2021. The adoption of this ASU did not have a material impact to our consolidated financial statements or related disclosures. Recently Issued Accounting Standards – Pending Adoption In October 2021, the FASB issued a new ASU which provides an exception to fair value measurement for revenue contracts acquired in business combinations. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2022. We currently expect to adopt the standard during fiscal 2023 for any business combinations that occur in fiscal 2023 or after. Currently, we do not expect the adoption of this ASU to have a material impact to our consolidated financial statements. In March 2020, the FASB issued a new ASU which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates such as LIBOR, which is set to cease after June 30, 2023. The update may be applied as of the beginning of the interim period that includes March 12, 2020 through December 31, 2022. We currently expect to adopt the standard during fiscal 2022. We are in the process of evaluating the impact of the adoption of this ASU. LIBOR is used to determine interest under our revolving credit facility and our tranche B term loans due 2026. Currently, however, we do not expect the adoption of this ASU to have a material impact to our consolidated financial statements.

Acquisitions

Acquisitions	9 Months Ended
Acquisitions	Oct. 01, 2022
Acquisitions
Acquisitions	(3) Acquisitions Yuma Acquisition On May 5, 2022, we completed the acquisition of the frozen vegetable operations of Growers Express, LLC, whose primary business at the time of the acquisition was co-manufacturing certain Green Giant Green Giant Green Giant Veggie Spirals Green Giant The following table sets forth the preliminary allocation of the Yuma acquisition purchase price to the estimated fair value of the net assets acquired at the date of acquisition. The preliminary purchase price allocation may be adjusted as a result of the finalization of our purchase price allocation procedures related to the assets acquired and liabilities assumed. We anticipate completing the purchase price allocation during fiscal 2023. Preliminary Purchase Price Allocation (in thousands): May 5, 2022 Inventories $ 3,342 Prepaid expenses and other current assets 187 Property, plant and equipment, net 12,508 Operating lease right-of-use assets 12,770 Finance lease right-of-use assets 3,529 Other intangible assets, net 4,483 Current portion of operating lease liabilities (1,624) Current portion of finance lease liabilities (1,035) Long-term operating lease liabilities, net of current portion (8,756) Long-term finance lease liabilities, net of current portion (2,493) Goodwill 4,379 Total purchase price (paid in cash) $ 27,290

Inventories

Inventories	9 Months Ended
Inventories	Oct. 01, 2022
Inventories
Inventories	(4) Inventories Inventories are stated at the lower of cost or net realizable value and include direct material, direct labor, overhead, warehousing and product transfer costs. Cost is determined using the first-in, first-out and average cost methods. Inventories have been reduced by an allowance for excess, obsolete and unsaleable inventories. The allowance is an estimate based on management’s review of inventories on hand compared to estimated future usage and sales. During the third quarter of 2022, we reclassified $7.4 million of inventories to assets held for sale. See Note 18, “Assets Held for Sale.” Inventories consist of the following, as of the dates indicated (in thousands): October 1, 2022 January 1, 2022 Raw materials and packaging $ 149,041 $ 94,799 Work-in-process 204,471 145,102 Finished goods 451,676 369,893 Inventories $ 805,188 $ 609,794

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
Goodwill and Other Intangible Assets	Oct. 01, 2022
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	(5) Goodwill and Other Intangible Assets The carrying amounts of goodwill and other intangible assets, as of the dates indicated, consist of the following (in thousands): October 1, 2022 January 1, 2022 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Finite-Lived Intangible Assets Trademarks $ 6,800 $ 4,269 $ 2,531 $ 6,800 $ 3,929 $ 2,871 Customer relationships 396,513 179,833 216,680 406,963 167,860 239,103 Total finite-lived intangible assets $ 403,313 $ 184,102 $ 219,211 $ 413,763 $ 171,789 $ 241,974 Indefinite-Lived Intangible Assets Goodwill $ 619,095 $ 644,871 Trademarks $ 1,573,823 $ 1,685,145 Amortization expense associated with finite-lived intangible assets was $5.4 million and $16.0 million for the third quarter and first three quarters of 2022, respectively, and $5.4 million and $16.2 million the third quarter and first three quarters of 2021, respectively, and is recorded in operating expenses. We expect to recognize an additional $5.2 million of amortization expense associated with our finite-lived intangible assets during the remainder of fiscal 2022, and thereafter $20.8 million in each of fiscal 2023, fiscal 2024 2025 During the third quarter of 2022, we reclassified the assets of our Back to Nature We did not recognize any impairment charges for indefinite-lived intangible assets for the first three quarters of 2021. During the third quarter of fiscal 2022, we partially impaired the Back to Nature Static Guard Molly McButter Goodwill and Other Intangible Assets

Long-Term Debt

Long-Term Debt	9 Months Ended
Long-Term Debt	Oct. 01, 2022
Long-Term Debt
Long-Term Debt	(6) Long-Term Debt Long-term debt consists of the following, as of the dates indicated (in thousands): October 1, 2022 January 1, 2022 Revolving credit loans $ 312,500 $ 165,000 Tranche B term loans due 2026 671,625 671,625 5.25% senior notes due 2025 900,000 900,000 5.25% senior notes due 2027 550,000 550,000 Unamortized deferred debt financing costs (14,107) (16,805) Unamortized discount/premium (1,928) (2,061) Total long-term debt, net of unamortized deferred debt financing costs and discount/premium 2,418,090 2,267,759 As of October 1, 2022, the aggregate contractual maturities of long-term debt were as follows (in thousands): Aggregate Contractual Maturities Fiscal year: 2022 remaining $ — 2023 — 2024 — 2025 1,212,500 2026 671,625 Thereafter 550,000 Total $ 2,434,125 Senior Secured Credit Agreement. On December 16, 2020, we amended our amended and restated credit agreement, dated as of October 2, 2015, and previously amended on March 30, 2017, November 20, 2017 and October 10, 2019. Among other things, the amendment provided for a $300.0 million add-on tranche B term loan facility, which closed and funded on December 16, 2020. The add-on tranche B term loans were issued at a price equal to 99.00% of their face value. The add-on term loans have the same terms as, and are fungible with, $371.6 million of tranche B term loans. We used the net proceeds of the add-on term loans to repay a portion of the revolving credit facility borrowings used to finance the Crisco Interest under the tranche B term loan facility is determined based on alternative rates that we may choose in accordance with our credit agreement, including a base rate per annum plus an applicable margin of 1.00%, and LIBOR plus an applicable margin of 2.50%. The December 2020 amendment also increased the revolver capacity from $700.0 million to $800.0 million and extended the maturity date of our revolving credit facility from November 21, 2022 to December 16, 2025. As of October 1, 2022, the available borrowing capacity under the revolving credit facility, net of outstanding letters of credit of $4.8 million, was $482.7 million. Proceeds of the revolving credit facility may be used for general corporate purposes, including acquisitions of targets in the same or a similar line of business as our company, subject to specified criteria. The revolving credit facility matures on December 16, 2025. Interest under the revolving credit facility, including any outstanding letters of credit, is determined based on alternative rates that we may choose in accordance with the credit agreement, including a base rate per annum plus an applicable margin ranging from 0.25% to 0.75%, and LIBOR plus an applicable margin ranging from 1.25% to 1.75%, in each case depending on our consolidated leverage ratio. We are required to pay a commitment fee of 0.50% per annum on the unused portion of the revolving credit facility. The maximum letter of credit capacity under the revolving credit facility is $50.0 million, with a fronting fee of 0.25% per annum for all outstanding letters of credit and a letter of credit fee equal to the applicable margin for revolving loans that are Eurodollar (LIBOR) loans. We may prepay term loans or permanently reduce the revolving credit facility commitment under the credit agreement at any time without premium or penalty (other than customary “breakage” costs with respect to the early termination of LIBOR loans). Subject to certain exceptions, the credit agreement provides for mandatory prepayment upon certain asset dispositions or casualty events and issuances of indebtedness. Our obligations under the credit agreement are jointly and severally and fully and unconditionally guaranteed on a senior basis by all of our existing and certain future domestic subsidiaries (other than a domestic subsidiary that is a holding company for one or more foreign subsidiaries). The credit agreement is secured by substantially all of our and our domestic subsidiaries’ assets except our and our domestic subsidiaries’ real property. The credit agreement contains customary restrictive covenants, subject to certain permitted amounts and exceptions, including covenants limiting our ability to incur additional indebtedness, pay dividends and make other restricted payments, repurchase shares of our outstanding stock and create certain liens. The credit agreement also contains certain financial maintenance covenants, which, among other things, specify a maximum consolidated leverage ratio and a minimum interest coverage ratio, each ratio as defined in the credit agreement. On June 28, 2022, we amended our credit agreement to temporarily increase the maximum consolidated leverage ratio permitted under our revolving credit facility. The amendment provides that our maximum consolidated leverage ratio (defined as the ratio, determined on a pro forma basis, of consolidated net debt, as of the last day of any period of four consecutive fiscal quarters to adjusted EBITDA (as defined in the credit agreement) before share-based compensation for such period), increased from 7.00 to 1.00 to 7.50 to 1.00 for the quarter ending July 2, 2022, and then increased to 8.00 to 1.00 for the quarter ending October 1, 2022 through the quarter ending September 30, 2023. The maximum consolidated leverage ratio will decrease to 7.50 to 1.00 for the quarter ending December 30, 2023 before returning to 7.00 to 1.00 for the quarters ending March 30, 2024 and thereafter. We are also required to maintain a consolidated interest coverage ratio (defined as the ratio, determined on a pro forma basis, of our adjusted EBITDA (before share-based compensation) for any period of four consecutive fiscal quarters to our consolidated interest expense for such period payable in cash) of at least 1.75 to 1.00. As of October 1, 2022, we were in compliance with all of the covenants, including the financial covenants, in the credit agreement. The credit agreement also provides for an incremental term loan and revolving loan facility, pursuant to which we may request that the lenders under the credit agreement, and potentially other lenders, provide unlimited additional amounts of term loans or revolving loans or both on terms substantially consistent with those provided under the credit agreement. Among other things, the utilization of the incremental facility is conditioned on our ability to meet a maximum senior secured leverage ratio of 4.00 to 1.00, and a sufficient number of lenders or new lenders agreeing to participate in the facility. 5.25% Senior Notes due 2025 We used the net proceeds of the April 2017 offering to repay all of the then outstanding borrowings and amounts due under our revolving credit facility and tranche A term loans, to pay related fees and expenses and for general corporate purposes. We used the net proceeds of the November 2017 offering to repay all of the then outstanding borrowings and amounts due under our revolving credit facility, to pay related fees and expenses and for general corporate purposes. Interest on the 5.25% senior notes due 2025 is payable on April 1 and October 1 of each year, commencing October 1, 2017. The 5.25% senior notes due 2025 will mature on April 1, 2025, unless earlier retired or redeemed as described below. We may redeem some or all of the 5.25% senior notes due 2025 at a redemption price of 101.3125% beginning April 1, 2022 and 100% on or after April 1, 2023, in each case plus accrued and unpaid interest to the date of redemption. In addition, if we undergo a change of control or upon certain asset sales, we may be required to offer to repurchase the 5.25% senior notes due 2025 at the repurchase price set forth in the indenture plus accrued and unpaid interest to the date of repurchase. We may also, from time to time, seek to retire the 5.25% senior notes due 2025 through cash repurchases of the 5.25% senior notes due 2025 and/or exchanges of the 5.25% senior notes due 2025 for equity securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Our obligations under the 5.25% senior notes due 2025 are jointly and severally and fully and unconditionally guaranteed on a senior basis by all of our existing and certain future domestic subsidiaries. The 5.25% senior notes due 2025 and the subsidiary guarantees are our and the guarantors’ general unsecured obligations and are effectively junior in right of payment to all of our and the guarantors’ secured indebtedness and to all existing and future indebtedness and other liabilities of our non-guarantor subsidiaries; are pari passu The indenture governing the 5.25% senior notes due 2025 contains covenants with respect to us and the guarantors and restricts the incurrence of additional indebtedness and the issuance of capital stock; the payment of dividends or distributions on, and redemption of, capital stock; a number of other restricted payments, including certain investments; creation of specified liens, certain sale-leaseback transactions and sales of certain specified assets; fundamental changes, including consolidation, mergers and transfers of all or substantially all of our assets; and specified transactions with affiliates. Each of the covenants is subject to a number of important exceptions and qualifications. As of October 1, 2022, we were in compliance with all of the covenants in the indenture governing the 5.25% senior notes due 2025. 5.25% Senior Notes due 2027 We used the proceeds of the offering, together with the proceeds of incremental term loans made during the fourth quarter of 2019, to redeem all of our outstanding 4.625% senior notes due 2021, repay a portion of our borrowings under our revolving credit facility, pay related fees and expenses and for general corporate purposes. Interest on the 5.25% senior notes due 2027 is payable on March 15 and September 15 of each year, commencing March 15, 2020. The 5.25% senior notes due 2027 will mature on September 15, 2027, unless earlier retired or redeemed as described below. We may redeem some or all of the 5.25% senior notes due 2027 at a redemption price of 103.938% beginning March 1, 2022 and thereafter at prices declining annually to 100% on or after March 1, 2025, in each case plus accrued and unpaid interest to the date of redemption. In addition, if we undergo a change of control or upon certain asset sales, we may be required to offer to repurchase the 5.25% senior notes due 2027 at the repurchase price set forth in the indenture plus accrued and unpaid interest to the date of repurchase. We may also, from time to time, seek to retire the 5.25% senior notes due 2027 through cash repurchases of the 5.25% senior notes due 2027 and/or exchanges of the 5.25% senior notes due 2027 for equity securities, in open market purchases, privately negotiated transactions or otherwise. Such repurchases or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. Our obligations under the 5.25% senior notes due 2027 are jointly and severally and fully and unconditionally guaranteed on a senior basis by all of our existing and certain future domestic subsidiaries. The 5.25% senior notes due 2027 and the subsidiary guarantees are our and the guarantors’ general unsecured obligations and are effectively junior in right of payment to all of our and the guarantors’ secured indebtedness and to all existing and future indebtedness and other liabilities of our non-guarantor subsidiaries; are pari passu The indenture governing the 5.25% senior notes due 2027 contains covenants with respect to us and the guarantors and restricts the incurrence of additional indebtedness and the issuance of capital stock; the payment of dividends or distributions on, and redemption of, capital stock; a number of other restricted payments, including certain investments; creation of specified liens, certain sale-leaseback transactions and sales of certain specified assets; fundamental changes, including consolidation, mergers and transfers of all or substantially all of our assets; and specified transactions with affiliates. Each of the covenants is subject to a number of important exceptions and qualifications. As of October 1, 2022, we were in compliance with all of the covenants in the indenture governing the 5.25% senior notes due 2027. Subsidiary Guarantees. Accrued Interest

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Oct. 01, 2022
Fair Value Measurements
Fair Value Measurements	(7) Fair Value Measurements The authoritative accounting literature relating to fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The accounting literature outlines a valuation framework and creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures. Under GAAP, certain assets and liabilities must be measured at fair value, and the accounting literature details the disclosures that are required for items measured at fair value. Financial assets and liabilities are measured using inputs from the three levels of the fair value hierarchy under the accounting literature. The three levels are as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Observable inputs other than Level 1 quoted prices, such as quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value driver is observable for the asset or liability, either directly or indirectly. Level 3—Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. Cash and cash equivalents, trade accounts receivable, income tax receivable, trade accounts payable, accrued expenses, income tax payable and dividends payable are reflected in the consolidated balance sheets at carrying value, which approximates fair value due to the short-term nature of these instruments. The carrying values and fair values of our revolving credit loans, term loans and senior notes as of October 1, 2022 and January 1, 2022 were as follows (in thousands): October 1, 2022 January 1, 2022 Carrying Value Fair Value Carrying Value Fair Value Revolving credit loans $ 312,500 $ 312,500 (1) $ 165,000 $ 165,000 (1) Tranche B term loans due 2026 668,349 (2) 629,919 (3) 667,811 (2) 666,141 (3) 5.25% senior notes due 2025 901,348 (4) 777,413 (3) 901,753 (4) 920,915 (3) 5.25% senior notes due 2027 $ 550,000 $ 443,300 (3) $ 550,000 $ 567,875 (3) (1) Fair values are estimated based on Level 2 inputs, which were quoted prices for identical or similar instruments in markets that are not active. (2) The carrying value of the tranche B term loans includes a discount. At October 1, 2022 and January 1, 2022, the face amount of the tranche B term loans was $671.6 million. (3) Fair values are estimated based on quoted market prices. (4) The carrying value of the 5.25% senior notes due 2025 includes a premium. At October 1, 2022 and January 1, 2022, the face amount of the 5.25% senior notes due 2025 was $900.0 million. There was no Level 3 activity during the third quarter or first three quarters of 2022 or 2021.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
Accumulated Other Comprehensive Loss	Oct. 01, 2022
Accumulated Other Comprehensive Loss.
Accumulated Other Comprehensive Loss	(8) Accumulated Other Comprehensive Loss The reclassifications from accumulated other comprehensive loss (AOCL) for the third quarter and first three quarters of 2022 and 2021 were as follows (in thousands): Amounts Reclassified from AOCL Amounts Reclassified from AOCL Thirteen Weeks Ended Thirty-nine Weeks Ended Affected Line Item in October 1, October 2, October 1, October 2, the Statement Where Details about AOCL Components 2022 2021 2022 2021 Net Income is Presented Defined benefit pension plan items Amortization of unrecognized loss $ 27 $ 403 $ 81 $ 1,248 See (1) below Accumulated other comprehensive loss before tax 27 403 81 1,248 Total before tax Tax expense (7) (99) (20) (306) Income tax expense Total reclassification $ 20 $ 304 $ 61 $ 942 Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 10, “Pension Benefits,” for additional information. Changes in AOCL for the first three quarters of 2022 were as follows (in thousands): Foreign Currency Defined Benefit Translation Pension Plan Items Adjustments Total Balance at January 1, 2022 $ (9,344) $ (8,825) $ (18,169) Other comprehensive income (loss) before reclassifications — (6,534) (6,534) Amounts reclassified from AOCL 61 — 61 Net current period other comprehensive income (loss) 61 (6,534) (6,473) Balance at October 1, 2022 $ (9,283) $ (15,359) $ (24,642)

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Oct. 01, 2022
Stockholders' Equity
Stockholders' Equity	(9) Stockholders’ Equity Stock Repurchase Program We did not repurchase any shares of our common stock during the first three quarters of 2022 or the first three quarters of 2021. At-The-Market Equity Offering Program During fiscal 2021, we sold 3,695,706 shares of our common stock under the ATM equity offering program. We generated $112.5 million in gross proceeds, or $30.44 per share, from the sales and paid commissions to the sales agents of approximately $2.2 million and incurred other fees and expenses of approximately $0.4 million. During the first quarter of 2022, we sold 112,353 shares of our common stock under the ATM equity offering program. We generated $3.3 million in gross proceeds, or $29.37 per share, from the sales and paid commissions to the sales agents of approximately $0.1 million. During the second quarter of 2022, we sold 2,739,568 shares of our common stock under the ATM equity offering program. We generated $63.2 million in gross proceeds, or $23.08 per share, from the sales and paid commissions to the sales agents of approximately $1.3 million and incurred other fees and expenses of approximately $0.1 million. During the third quarter of 2022, we sold 1,421 shares of our common stock under the ATM equity offering program. We generated less than $0.1 million in gross proceeds, or $22.16 per share, from the sales and paid commissions to the sales agents and incurred other fees and expenses totaling less than $0.1 million. In the aggregate since the inception of the ATM equity offering program during the third quarter of 2021, we have sold 6,549,048 shares of common stock and generated $179.0 million in gross proceeds, or $27.34 per share, and paid commissions to the sales agents of approximately $3.6 million and incurred other fees and expenses of approximately $0.6 million. Future sales of shares, if any, under the ATM equity offering program will be made by means of transactions that are deemed to be “at-the-market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended, including block trades and sales made in ordinary brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices. The timing and amount of any sales will be determined by a variety of factors considered by us. We used the net proceeds from shares sold under the ATM equity offering program during fiscal 2021 and the first three quarters of 2022 to repay revolving credit loans, to pay offering fees and expenses, and for general corporate purposes. We intend to use the net proceeds from any future sales of our common stock under the ATM offering for general corporate purposes, which could include, among other things, repayment, refinancing, redemption or repurchase of long-term debt or possible acquisitions.

Pension Benefits

Pension Benefits	9 Months Ended
Pension Benefits	Oct. 01, 2022
Pension Benefits
Pension Benefits	(10) Pension Benefits Company-Sponsored Defined Benefit Pension Plans . As of October 1, 2022, we had four company-sponsored defined benefit pension plans covering approximately 26% of our employees. Three of these defined benefit pension plans are for the benefit of certain of our union employees and one is for the benefit of salaried and certain hourly employees. The benefits in the salaried and hourly plan are based on each employee’s years of service and compensation, as defined. Newly hired employees are no longer eligible to participate in any of our four company-sponsored defined benefit pension plans. Net periodic pension cost for our four company-sponsored defined benefit pension plans for the third quarter and first three quarters of 2022 and 2021 includes the following components (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Service cost—benefits earned during the period $ 2,191 $ 2,602 $ 6,679 $ 7,831 Interest cost on projected benefit obligation 1,364 1,207 4,100 3,640 Expected return on plan assets (3,236) (2,728) (9,709) (8,212) Amortization of unrecognized loss 27 403 81 1,248 Net periodic pension cost $ 346 $ 1,484 $ 1,151 $ 4,507 During the first three quarters of 2022, we did not make any contributions to our company-sponsored defined benefit pension plans, and during the first three quarters of 2021, we made contributions to our company-sponsored defined benefit pension plans of $2.5 million. During the remainder of fiscal 2022, we expect to make approximately $2.5 million of contributions. Multi-Employer Defined Benefit Pension Plan . B&G Foods made contributions to the plan of approximately $0.5 million during the first three quarters of 2021. These contributions represented less than five percent of total contributions made to the plan. We did not make any contributions to the plan during the first three quarters of 2022. In connection with the closure and sale of the Portland, Maine manufacturing facility, we withdrew from participation in the plan during the fourth quarter of 2021. As a result, we are required to make monthly withdrawal liability payments to the plan over 20 years . These payments amount to approximately $0.9 million on an annual basis beginning March 1, 2022. Accordingly, as of October 1, 2022, the present value of the remaining payments amounting to $13.6 million is reflected as a liability on our unaudited consolidated balance sheet.

Leases

Leases	9 Months Ended
Leases	Oct. 01, 2022
Leases
Leases	(11) Leases Operating Leases and Finance Lease . Operating leases and a finance lease are included in the accompanying unaudited consolidated balance sheets in the following line items (in thousands): October 1, January 1, 2022 2022 Right-of-use assets: Operating lease right-of-use assets $ 69,565 $ 65,166 Finance lease right-of-use assets 3,155 — Total lease right-of-use assets $ 72,720 $ 65,166 Operating lease liabilities: Current portion of operating lease liabilities $ 15,038 $ 12,420 Long-term operating lease liabilities, net of current portion 55,032 55,607 Total operating lease liabilities $ 70,070 $ 68,027 Finance lease liabilities: Current portion of finance lease liabilities $ 1,040 $ — Long-term finance lease liabilities, net of current portion 2,058 — Total finance lease liabilities $ 3,098 $ — We determine whether an arrangement is a lease at inception. We have operating leases for certain of our manufacturing facilities, distribution centers, warehouse and storage facilities, machinery and equipment, and office equipment. Our leases have remaining lease terms of one year to seven years , some of which include options to extend the lease term for up to five years , and some of which include options to terminate the lease within one year . In connection with the Yuma acquisition, we acquired a finance lease along with several operating leases. We consider these options in determining the lease term used to establish our right-of use assets and lease liabilities. The following table shows supplemental information related to leases (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 4,311 $ 3,359 $ 12,505 $ 9,782 The components of operating lease costs were as follows: Cost of goods sold $ 2,720 $ 1,168 $ 7,569 $ 3,510 Selling, general and administrative expenses 1,646 2,186 4,970 6,391 Total operating lease costs $ 4,366 $ 3,354 $ 12,539 $ 9,901 The components of finance lease costs were as follows: Depreciation of finance right-of-use assets $ 264 $ — $ 373 $ — Interest on finance lease liabilities 19 — 27 — Total finance lease costs $ 283 $ — $ 400 $ — Total net lease costs $ 4,649 $ 3,354 $ 12,939 $ 9,901 Total rent expense was $4.9 million, including the operating lease costs of $4.4 million stated above, for the third quarter of 2022, and $14.0 million, including the operating lease costs of $12.5 million stated above, for the first three quarters of 2022. Total rent expense was $4.0 million, including the operating lease costs of $3.4 million stated above, for the third quarter of 2021, and $12.1 million, including the operating lease costs of $9.9 million stated above, for the first three quarters of 2021. Because neither our operating leases nor our finance lease provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We have lease agreements that contain both lease and non-lease components. With the exception of our real estate leases, we account for our leases as a single lease component. The following table shows the weighted average lease term and weighted average discount rate for our ROU assets: October 1, January 1, 2022 2022 Weighted average remaining lease term (years) Operating leases 5.6 5.5 Finance lease 3.0 N/A Weighted average discount rate Operating leases 2.54% 2.61% Finance lease 2.30% N/A As of October 1, 2022, the maturities of lease liabilities were as follows (in thousands): Operating Leases Finance Lease Total Maturities of Lease Liabilities Fiscal year: 2022 remaining $ 4,332 $ 275 $ 4,607 2023 16,027 1,099 17,126 2024 14,240 1,099 15,339 2025 13,558 732 14,290 2026 10,152 — 10,152 Thereafter 16,661 — 16,661 Total undiscounted future minimum lease payments 74,970 3,205 78,175 Less: Imputed interest (4,900) (107) (5,007) Total present value of future lease payments $ 70,070 $ 3,098 $ 73,168

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Oct. 01, 2022
Commitments and Contingencies
Commitments and Contingencies	(12) Commitments and Contingencies Legal Proceedings. Environmental. Collective Bargaining Agreements As of the date of this report, we have only one collective bargaining agreement that is scheduled to expire in the next twelve months. The collective bargaining agreement covering employees at our Cincinnati, Ohio facility, which covers approximately 120 employees, is scheduled to expire on April 30, 2023. While we believe that our relations with our union employees are in general good, we cannot assure you that we will be able to negotiate a new collective bargaining agreement for our Cincinnati facility on terms satisfactory to us, or at all, and without production interruptions, including labor stoppages. At this time, however, management does not expect that the outcome of these negotiations will have a material adverse impact on our business, financial condition or results of operations. Severance and Change of Control Agreements.

Earnings (Loss) per Share

Earnings (Loss) per Share	9 Months Ended
Earnings (Loss) per Share	Oct. 01, 2022
Earnings (Loss) per Share
Earnings (Loss) per Share	(13) Earnings (Loss) per Share Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding plus all additional shares of common stock that would have been outstanding if potentially dilutive shares of common stock had been issued upon the exercise of stock options or in connection with performance shares that may be earned under long-term incentive awards as of the grant date, in the case of the stock options, and as of the beginning of the period, in the case of the performance shares, using the treasury stock method. For the third quarter of 2022 and 2021, there were 827,730 and 513,844, respectively, shares of common stock issuable upon the exercise of stock options excluded from the calculation of diluted weighted average shares outstanding because the effect would have been anti-dilutive on diluted earnings (loss) per share. Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Weighted average shares outstanding: Basic 71,670,121 64,844,696 70,068,018 64,734,739 Net effect of potentially dilutive share-based compensation awards 347,970 648,269 372,415 636,102 Diluted 72,018,091 65,492,965 70,440,433 65,370,841

Business and Credit Concentrati

Business and Credit Concentrations and Geographic Information	9 Months Ended
	Oct. 01, 2022
Business and Credit Concentrations and Geographic Information
Business and Credit Concentrations and Geographic Information	(14) Business and Credit Concentrations and Geographic Information Our exposure to credit loss in the event of non-payment of accounts receivable by customers is estimated in the amount of the allowance for doubtful accounts. We perform ongoing credit evaluations of the financial condition of our customers. Our top ten customers accounted for approximately 60.3% and 60.8% of consolidated net sales for the first three quarters of 2022 and 2021, respectively. Other than Walmart, which accounted for approximately 27.6% and 28.0% of our consolidated net sales for the first three quarters of 2022 and 2021, respectively, no single customer accounted for more than 10.0% of our consolidated net sales for the first three quarters of 2022 or 2021. Our top ten customers accounted for approximately 57.2% and 59.8% of our consolidated trade accounts receivables as of October 1, 2022 and January 1, 2022, respectively. Other than Walmart, which accounted for approximately 26.9% and 28.9% of our consolidated trade accounts receivables as of October 1, 2022 and January 1, 2022, no single customer accounted for more than 10.0% of our consolidated trade accounts receivables. As of October 1, 2022, we do not believe we have any significant concentration of credit risk with respect to our consolidated trade accounts receivables with any single customer whose failure or nonperformance would materially affect our results other than as described above with respect to Walmart. During the first three quarters of 2022 and 2021, our sales to customers in foreign countries represented approximately 8.2% and 8.1%, respectively, of net sales. Our foreign sales are primarily to customers in Canada.

Share-Based Payments

Share-Based Payments	9 Months Ended
Share-Based Payments	Oct. 01, 2022
Share-Based Payments
Share-Based Payments	(15) Share-Based Payments The following table details our stock option activity for the first three quarters of fiscal 2022 (dollars in thousands, except per share data): Weighted Weighted Average Average Contractual Life Aggregate Options Exercise Price Remaining (Years) Intrinsic Value Outstanding at January 1, 2022 789,226 $ 31.86 7.03 $ 1,245 Granted 44,239 $ 22.49 Exercised (2,227) $ 26.80 Forfeited — $ — Expired (3,508) $ 31.30 Outstanding at October 1, 2022 827,730 $ 31.37 6.43 $ — Exercisable at October 1, 2022 554,609 $ 30.97 5.23 $ — The fair value of the options was estimated on the date of grant using the Black-Scholes option-pricing model utilizing the following assumptions. Expected volatility was based on both historical and implied volatilities of our common stock over the estimated expected term of the award. The expected term of the options granted represents the period of time that options were expected to be outstanding and is based on the “simplified method” in accordance with accounting guidance. We utilized the simplified method to determine the expected term of the options as we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury implied yield at the date of grant. The assumptions used in the Black-Scholes option-pricing model during the first three quarters of 2022 and 2021 were as follows: 2022 2021 Weighted average grant date fair value $ 3.73 $ 6.48 Expected volatility 39.53% 37.3% - 38.8% Expected term 5.5 years 5.5 - 6.5 years Risk-free interest rate 3.0% 0.9% - 1.1% Dividend yield 8.5% 5.6% - 6.3% The following table details the activity in our performance share long-term incentive awards (LTIAs) for the first three quarters of 2022: Weighted Average Number of Grant Date Fair Value Performance Shares (1) (per share) (2) Outstanding at January 1, 2022 1,140,381 $ 20.08 Granted 350,427 $ 21.81 Vested (337,284) $ 19.75 Forfeited (94,890) $ 24.38 Outstanding at October 1, 2022 1,058,634 $ 20.37 (1) Solely for purposes of this table, the number of performance shares is based on the participants earning the maximum number of performance shares (i.e., 200% to 233% of the target number of performance shares). (2) The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes), reduced by the present value of expected dividends using the risk-free interest-rate, as the award holders are not entitled to dividends or dividend equivalents during the vesting period. The following table details the activity in our restricted stock for the first three quarters of 2022: Weighted Average Number of Shares Grant Date Fair Value of Restricted Stock (per share) (1) Outstanding at January 1, 2022 74,461 $ 24.78 Granted 49,444 $ 27.30 Vested (32,367) $ 23.27 Forfeited (2,748) $ 26.24 Outstanding at October 1, 2022 88,790 $ 26.69 (1) The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes). The following table details the number of shares of common stock issued by our company during the third quarter and first three quarters of 2022 and 2021 upon the vesting of performance share LTIAs, the exercise of stock options, the issuance of restricted stock and other share-based compensation net of cancellations: Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Number of performance shares vested — — 337,284 86,523 Shares withheld for tax withholding — — (125,152) (35,281) Shares of common stock issued for performance share LTIAs — — 212,132 51,242 Shares of common stock issued upon the exercise of stock options — 1,040 2,227 467,152 Shares of common stock issued to non-employee directors for annual equity grants — — 46,773 39,251 Shares of restricted common stock issued to employees — — 49,444 38,098 Shares of restricted stock withheld and cancelled for tax withholding upon vesting (468) — (12,589) (21,528) Shares of restricted stock cancelled upon forfeiture (1,067) — (2,748) (956) Net shares of common stock issued (cancelled) (1,535) 1,040 295,239 573,259 The following table sets forth the compensation expense recognized for share-based payments (performance share LTIAs, restricted stock, stock options, non-employee director stock grants and other share-based payments) during the third quarter and first three quarters of 2022 and 2021 and where that expense is reflected in our consolidated statements of operations (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, Consolidated Statements of Operations Location 2022 2021 2022 2021 Compensation expense included in cost of goods sold $ 95 $ 180 $ 534 $ 638 Compensation expense included in selling, general and administrative expenses 641 923 2,450 2,590 Total compensation expense for share-based payments $ 736 $ 1,103 $ 2,984 $ 3,228 As of October 1, 2022, there was $0.3 million of unrecognized compensation expense related to performance share LTIAs, which is expected to be recognized over the next 0.25 years, $2.0 million of unrecognized compensation expense related to restricted stock, which is expected to be recognized over the next 2.7 years, and $1.0 million of unrecognized compensation expense related to stock options, which is expected to be recognized over the next 1.6 years.

Net Sales by Brand

Net Sales by Brand	9 Months Ended
Net Sales by Brand	Oct. 01, 2022
Net Sales by Brand
Net Sales by Brand	(16) Net Sales by Brand The following table sets forth net sales by brand (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Brand: (1) Green Giant (2) $ 81,791 $ 85,693 $ 262,089 $ 258,369 Crisco 98,508 71,217 249,440 187,715 Spices & Seasonings (3) 63,074 68,143 193,694 216,140 Ortega 38,551 37,559 116,935 117,360 Green Giant (4) 32,037 41,430 82,599 90,662 Clabber Girl (5) 25,883 20,443 65,973 55,436 Maple Grove Farms of Vermont 19,588 20,170 62,874 61,001 Cream of Wheat 18,322 15,218 56,589 47,614 Dash 15,666 17,328 49,922 55,544 All other brands 134,976 137,764 399,653 394,633 Total $ 528,396 $ 514,965 $ 1,539,768 $ 1,484,474 (1) Table includes net sales for each of our brands whose net sales for the first three quarters of 2022 or fiscal 2021 equaled or exceeded 3% of our total net sales for those periods, and for all other brands in the aggregate. Net sales for each brand includes branded net sales and, if applicable, any private label and foodservice net sales attributable to the brand. (2) For the third quarter and first three quarters of 2022, includes net sales from the Yuma acquisition, which was completed on May 5, 2022. See Note 3, “Acquisitions.” (3) Includes net sales for multiple brands acquired as part of the spices & seasonings acquisition that we completed on November 21, 2016, as well as more recent spices & seasonings products launched and sold under license. Does not include net sales for Dash and our other legacy spices & seasonings brands. (4) Does not include net sales of the Le Sueur brand. Net sales of the Le Sueur brand are included below in “All other brands.” (5) Includes net sales for multiple brands acquired as part of the Clabber Girl acquisition that we completed on May 15, 2019, including, among others, the Clabber Girl , Rumford , Davis , Hearth Club and Royal brands of retail baking powder, baking soda and corn starch, and the Royal brand of foodservice dessert mixes.

Sale of Portland, Maine Manufac

Sale of Portland, Maine Manufacturing Facility	9 Months Ended
Sale of Portland, Maine Manufacturing Facility	Oct. 01, 2022
Sale of Portland, Maine Manufacturing Facility
Sale of Portland, Maine Manufacturing Facility	(17) Sale of Portland, Maine Manufacturing Facility During the third quarter of 2021, we entered into an agreement to sell our Portland, Maine manufacturing facility and 13.5 acre property. The sale closed during the first quarter of 2022. During the first quarter of 2022, we also sold certain equipment that had been used at the facility. We received sales proceeds for the property and the equipment of approximately $11.1 million in the aggregate and we recognized a gain on the sales of $7.1 million, which is recorded in “Gain on sales of assets” in the accompanying unaudited consolidated statements of operations. The positive impact during the first quarter of 2022 of the gain on sales was partially offset by approximately $2.2 million of expenses incurred during the first quarter of 2022 relating to the closure of the facility and the transfer of manufacturing operations.

Assets Held for Sale

Assets Held for Sale	9 Months Ended
Assets Held for Sale	Oct. 01, 2022
Assets Held for Sale.
Assets Held for Sale	(18) Assets Held for Sale During the third quarter of 2022, we reclassified $157.9 million of assets related to our Back to Nature The following table sets forth the assets held for sale at October 1, 2022 relating to the pending sale of the Back to Nature October 1, 2022 Trademarks — indefinite-lived intangible assets $ 109,900 Goodwill 29,500 Customer relationships — finite-lived intangible assets 11,025 Inventories 7,445 Assets held for sale before impairments 157,870 Impairments of assets held for sale (103,625) Assets held for sale $ 54,245

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Oct. 01, 2022
Summary of Significant Accounting Policies
Fiscal Year	Fiscal Year Typically, our fiscal quarters and fiscal year consist of 13 and 52 weeks, respectively, ending on the Saturday closest to December 31 in the case of our fiscal year and fourth fiscal quarter, and on the Saturday closest to the end of the corresponding calendar quarter in the case of our fiscal quarters. As a result, a 53 rd week is added to our fiscal year every five or six years . Generally, in a 53 -week fiscal year our fourth fiscal quarter contains 14 weeks. Our fiscal year ending December 31, 2022 (fiscal 2022) and our fiscal year ended January 1, 2022 (fiscal 2021) each contains 52 weeks. Each quarter of fiscal 2022 and 2021 contains 13 weeks.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated interim financial statements for the thirteen and thirty-nine week periods ended October 1, 2022 (third quarter and first three quarters of 2022) and October 2, 2021 (third quarter and first three quarters of 2021) have been prepared by our company in accordance with generally accepted accounting principles in the United States (GAAP) pursuant to the rules and regulations of the Securities and Exchange Commission (SEC), and include the accounts of B&G Foods, Inc. and its subsidiaries. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted pursuant to such rules and regulations. However, our management believes, to the best of their knowledge, that the disclosures herein are adequate to make the information presented not misleading. All intercompany balances and transactions have been eliminated. The accompanying unaudited consolidated interim financial statements contain all adjustments that are, in the opinion of management, necessary to present fairly our consolidated financial position as of October 1, 2022, and the results of our operations, comprehensive income (loss), changes in stockholders’ equity and cash flows for the third quarter and first three quarters of 2022 and 2021. Our results of operations for the third quarter and first three quarters of 2022 are not necessarily indicative of the results to be expected for the full year. We have evaluated subsequent events for disclosure through the date of issuance of the accompanying unaudited consolidated interim financial statements. The accompanying unaudited consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for fiscal 2021 filed with the SEC on March 1, 2022 (which we refer to as our 2021 Annual Report on Form 10-K).
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with GAAP requires our management to make a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Some of the more significant estimates and assumptions made by management involve revenue recognition as it relates to trade and consumer promotion expenses; pension benefits; acquisition accounting fair value allocations; the recoverability of goodwill, other intangible assets, property, plant and equipment and deferred tax assets; and the determination of the useful life of customer relationship and finite-lived trademark intangible assets. Actual results could differ significantly from these estimates and assumptions. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors that management believes to be reasonable under the circumstances, including the current economic environment. We adjust such estimates and assumptions when facts and circumstances dictate. Volatility in the credit and equity markets can increase the uncertainty inherent in such estimates and assumptions.
Accounting Standards Adopted and Recently Issued Accounting Standards	Accounting Standards Adopted in Fiscal 2022 or Fiscal 2021 In December 2019, the Financial Accounting Standards Board (FASB) issued a new accounting standards update (ASU) that removes certain exceptions for recognizing deferred taxes for certain investments, performing intraperiod allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for goodwill and allocating taxes to members of a consolidated group. This guidance became effective during the first quarter of 2021. The adoption of this ASU did not have a material impact to our consolidated financial statements or related disclosures. Recently Issued Accounting Standards – Pending Adoption In October 2021, the FASB issued a new ASU which provides an exception to fair value measurement for revenue contracts acquired in business combinations. This ASU is effective for annual and interim periods in fiscal years beginning after December 15, 2022. We currently expect to adopt the standard during fiscal 2023 for any business combinations that occur in fiscal 2023 or after. Currently, we do not expect the adoption of this ASU to have a material impact to our consolidated financial statements. In March 2020, the FASB issued a new ASU which provides optional guidance for a limited time to ease the potential accounting burden associated with transitioning away from reference rates such as LIBOR, which is set to cease after June 30, 2023. The update may be applied as of the beginning of the interim period that includes March 12, 2020 through December 31, 2022. We currently expect to adopt the standard during fiscal 2022. We are in the process of evaluating the impact of the adoption of this ASU. LIBOR is used to determine interest under our revolving credit facility and our tranche B term loans due 2026. Currently, however, we do not expect the adoption of this ASU to have a material impact to our consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
Acquisitions (Tables)	Oct. 01, 2022
Yuma Acquisition
Acquisitions and Divestitures
Schedule of allocation of purchase price to the estimated fair value of the net assets acquired	Preliminary Purchase Price Allocation (in thousands): May 5, 2022 Inventories $ 3,342 Prepaid expenses and other current assets 187 Property, plant and equipment, net 12,508 Operating lease right-of-use assets 12,770 Finance lease right-of-use assets 3,529 Other intangible assets, net 4,483 Current portion of operating lease liabilities (1,624) Current portion of finance lease liabilities (1,035) Long-term operating lease liabilities, net of current portion (8,756) Long-term finance lease liabilities, net of current portion (2,493) Goodwill 4,379 Total purchase price (paid in cash) $ 27,290

Inventories (Tables)

Inventories (Tables)	9 Months Ended
Inventories (Tables)	Oct. 01, 2022
Inventories
Summary of Inventories	Inventories consist of the following, as of the dates indicated (in thousands): October 1, 2022 January 1, 2022 Raw materials and packaging $ 149,041 $ 94,799 Work-in-process 204,471 145,102 Finished goods 451,676 369,893 Inventories $ 805,188 $ 609,794

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
Goodwill and Other Intangible Assets (Tables)	Oct. 01, 2022
Goodwill and Other Intangible Assets
Schedule of goodwill and other intangible assets	The carrying amounts of goodwill and other intangible assets, as of the dates indicated, consist of the following (in thousands): October 1, 2022 January 1, 2022 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Finite-Lived Intangible Assets Trademarks $ 6,800 $ 4,269 $ 2,531 $ 6,800 $ 3,929 $ 2,871 Customer relationships 396,513 179,833 216,680 406,963 167,860 239,103 Total finite-lived intangible assets $ 403,313 $ 184,102 $ 219,211 $ 413,763 $ 171,789 $ 241,974 Indefinite-Lived Intangible Assets Goodwill $ 619,095 $ 644,871 Trademarks $ 1,573,823 $ 1,685,145

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
Long-Term Debt (Tables)	Oct. 01, 2022
Long-Term Debt
Schedule of long-term debt	Long-term debt consists of the following, as of the dates indicated (in thousands): October 1, 2022 January 1, 2022 Revolving credit loans $ 312,500 $ 165,000 Tranche B term loans due 2026 671,625 671,625 5.25% senior notes due 2025 900,000 900,000 5.25% senior notes due 2027 550,000 550,000 Unamortized deferred debt financing costs (14,107) (16,805) Unamortized discount/premium (1,928) (2,061) Total long-term debt, net of unamortized deferred debt financing costs and discount/premium 2,418,090 2,267,759
Schedule of aggregate contractual maturities of long-term debt	Aggregate Contractual Maturities Fiscal year: 2022 remaining $ — 2023 — 2024 — 2025 1,212,500 2026 671,625 Thereafter 550,000 Total $ 2,434,125

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Oct. 01, 2022
Fair Value Measurements
Summary of carrying values and fair values of our revolving credit loans, term loans and senior notes	The carrying values and fair values of our revolving credit loans, term loans and senior notes as of October 1, 2022 and January 1, 2022 were as follows (in thousands): October 1, 2022 January 1, 2022 Carrying Value Fair Value Carrying Value Fair Value Revolving credit loans $ 312,500 $ 312,500 (1) $ 165,000 $ 165,000 (1) Tranche B term loans due 2026 668,349 (2) 629,919 (3) 667,811 (2) 666,141 (3) 5.25% senior notes due 2025 901,348 (4) 777,413 (3) 901,753 (4) 920,915 (3) 5.25% senior notes due 2027 $ 550,000 $ 443,300 (3) $ 550,000 $ 567,875 (3) (1) Fair values are estimated based on Level 2 inputs, which were quoted prices for identical or similar instruments in markets that are not active. (2) The carrying value of the tranche B term loans includes a discount. At October 1, 2022 and January 1, 2022, the face amount of the tranche B term loans was $671.6 million. (3) Fair values are estimated based on quoted market prices. (4) The carrying value of the 5.25% senior notes due 2025 includes a premium. At October 1, 2022 and January 1, 2022, the face amount of the 5.25% senior notes due 2025 was $900.0 million.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Oct. 01, 2022
Accumulated Other Comprehensive Loss.
Schedule of reclassification from accumulated other comprehensive loss	The reclassifications from accumulated other comprehensive loss (AOCL) for the third quarter and first three quarters of 2022 and 2021 were as follows (in thousands): Amounts Reclassified from AOCL Amounts Reclassified from AOCL Thirteen Weeks Ended Thirty-nine Weeks Ended Affected Line Item in October 1, October 2, October 1, October 2, the Statement Where Details about AOCL Components 2022 2021 2022 2021 Net Income is Presented Defined benefit pension plan items Amortization of unrecognized loss $ 27 $ 403 $ 81 $ 1,248 See (1) below Accumulated other comprehensive loss before tax 27 403 81 1,248 Total before tax Tax expense (7) (99) (20) (306) Income tax expense Total reclassification $ 20 $ 304 $ 61 $ 942 Net of tax (1) These items are included in the computation of net periodic pension cost. See Note 10, “Pension Benefits,” for additional information.
Schedule of changes in accumulated other comprehensive loss	Changes in AOCL for the first three quarters of 2022 were as follows (in thousands): Foreign Currency Defined Benefit Translation Pension Plan Items Adjustments Total Balance at January 1, 2022 $ (9,344) $ (8,825) $ (18,169) Other comprehensive income (loss) before reclassifications — (6,534) (6,534) Amounts reclassified from AOCL 61 — 61 Net current period other comprehensive income (loss) 61 (6,534) (6,473) Balance at October 1, 2022 $ (9,283) $ (15,359) $ (24,642)

Pension Benefits (Tables)

Pension Benefits (Tables)	9 Months Ended
Pension Benefits (Tables)	Oct. 01, 2022
Pension Benefits
Schedule of components of net periodic pension costs	Net periodic pension cost for our four company-sponsored defined benefit pension plans for the third quarter and first three quarters of 2022 and 2021 includes the following components (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Service cost—benefits earned during the period $ 2,191 $ 2,602 $ 6,679 $ 7,831 Interest cost on projected benefit obligation 1,364 1,207 4,100 3,640 Expected return on plan assets (3,236) (2,728) (9,709) (8,212) Amortization of unrecognized loss 27 403 81 1,248 Net periodic pension cost $ 346 $ 1,484 $ 1,151 $ 4,507

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Oct. 01, 2022
Leases
Operating leases and finance leases on the Balance Sheets	Operating leases and a finance lease are included in the accompanying unaudited consolidated balance sheets in the following line items (in thousands): October 1, January 1, 2022 2022 Right-of-use assets: Operating lease right-of-use assets $ 69,565 $ 65,166 Finance lease right-of-use assets 3,155 — Total lease right-of-use assets $ 72,720 $ 65,166 Operating lease liabilities: Current portion of operating lease liabilities $ 15,038 $ 12,420 Long-term operating lease liabilities, net of current portion 55,032 55,607 Total operating lease liabilities $ 70,070 $ 68,027 Finance lease liabilities: Current portion of finance lease liabilities $ 1,040 $ — Long-term finance lease liabilities, net of current portion 2,058 — Total finance lease liabilities $ 3,098 $ —
Supplemental information related to leases	The following table shows supplemental information related to leases (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Operating cash flow information: Cash paid for amounts included in the measurement of operating lease liabilities $ 4,311 $ 3,359 $ 12,505 $ 9,782 The components of operating lease costs were as follows: Cost of goods sold $ 2,720 $ 1,168 $ 7,569 $ 3,510 Selling, general and administrative expenses 1,646 2,186 4,970 6,391 Total operating lease costs $ 4,366 $ 3,354 $ 12,539 $ 9,901 The components of finance lease costs were as follows: Depreciation of finance right-of-use assets $ 264 $ — $ 373 $ — Interest on finance lease liabilities 19 — 27 — Total finance lease costs $ 283 $ — $ 400 $ — Total net lease costs $ 4,649 $ 3,354 $ 12,939 $ 9,901
Schedule of weighted average remaining lease term and weighted average discount rate	The following table shows the weighted average lease term and weighted average discount rate for our ROU assets: October 1, January 1, 2022 2022 Weighted average remaining lease term (years) Operating leases 5.6 5.5 Finance lease 3.0 N/A Weighted average discount rate Operating leases 2.54% 2.61% Finance lease 2.30% N/A
Summary of maturities of lease liabilities	Operating Leases Finance Lease Total Maturities of Lease Liabilities Fiscal year: 2022 remaining $ 4,332 $ 275 $ 4,607 2023 16,027 1,099 17,126 2024 14,240 1,099 15,339 2025 13,558 732 14,290 2026 10,152 — 10,152 Thereafter 16,661 — 16,661 Total undiscounted future minimum lease payments 74,970 3,205 78,175 Less: Imputed interest (4,900) (107) (5,007) Total present value of future lease payments $ 70,070 $ 3,098 $ 73,168

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	9 Months Ended
Earnings (Loss) per Share (Tables)	Oct. 01, 2022
Earnings (Loss) per Share
Schedule of calculations related to basic and diluted earnings (loss) per share	Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Weighted average shares outstanding: Basic 71,670,121 64,844,696 70,068,018 64,734,739 Net effect of potentially dilutive share-based compensation awards 347,970 648,269 372,415 636,102 Diluted 72,018,091 65,492,965 70,440,433 65,370,841

Share-Based Payments (Tables)

Share-Based Payments (Tables)	9 Months Ended
Share-Based Payments (Tables)	Oct. 01, 2022
Share-Based Payments
Schedule of stock option activity	The following table details our stock option activity for the first three quarters of fiscal 2022 (dollars in thousands, except per share data): Weighted Weighted Average Average Contractual Life Aggregate Options Exercise Price Remaining (Years) Intrinsic Value Outstanding at January 1, 2022 789,226 $ 31.86 7.03 $ 1,245 Granted 44,239 $ 22.49 Exercised (2,227) $ 26.80 Forfeited — $ — Expired (3,508) $ 31.30 Outstanding at October 1, 2022 827,730 $ 31.37 6.43 $ — Exercisable at October 1, 2022 554,609 $ 30.97 5.23 $ —
Schedule of stock options, valuation assumption	2022 2021 Weighted average grant date fair value $ 3.73 $ 6.48 Expected volatility 39.53% 37.3% - 38.8% Expected term 5.5 years 5.5 - 6.5 years Risk-free interest rate 3.0% 0.9% - 1.1% Dividend yield 8.5% 5.6% - 6.3%
Schedule of non-vested performance share LTIAs	Weighted Average Number of Grant Date Fair Value Performance Shares (1) (per share) (2) Outstanding at January 1, 2022 1,140,381 $ 20.08 Granted 350,427 $ 21.81 Vested (337,284) $ 19.75 Forfeited (94,890) $ 24.38 Outstanding at October 1, 2022 1,058,634 $ 20.37 (1) Solely for purposes of this table, the number of performance shares is based on the participants earning the maximum number of performance shares (i.e., 200% to 233% of the target number of performance shares). (2) The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes), reduced by the present value of expected dividends using the risk-free interest-rate, as the award holders are not entitled to dividends or dividend equivalents during the vesting period.
Restricted stock activity	Weighted Average Number of Shares Grant Date Fair Value of Restricted Stock (per share) (1) Outstanding at January 1, 2022 74,461 $ 24.78 Granted 49,444 $ 27.30 Vested (32,367) $ 23.27 Forfeited (2,748) $ 26.24 Outstanding at October 1, 2022 88,790 $ 26.69 (1) The fair value of the awards was determined based upon the closing price of our common stock on the applicable measurement dates (i.e., the deemed grant dates for accounting purposes).
Schedule of number of shares of common stock issued by entity upon the vesting of performance share long-term incentive awards other share based compensation	Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Number of performance shares vested — — 337,284 86,523 Shares withheld for tax withholding — — (125,152) (35,281) Shares of common stock issued for performance share LTIAs — — 212,132 51,242 Shares of common stock issued upon the exercise of stock options — 1,040 2,227 467,152 Shares of common stock issued to non-employee directors for annual equity grants — — 46,773 39,251 Shares of restricted common stock issued to employees — — 49,444 38,098 Shares of restricted stock withheld and cancelled for tax withholding upon vesting (468) — (12,589) (21,528) Shares of restricted stock cancelled upon forfeiture (1,067) — (2,748) (956) Net shares of common stock issued (cancelled) (1,535) 1,040 295,239 573,259
Schedule of compensation expense recognized for share-based payments	The following table sets forth the compensation expense recognized for share-based payments (performance share LTIAs, restricted stock, stock options, non-employee director stock grants and other share-based payments) during the third quarter and first three quarters of 2022 and 2021 and where that expense is reflected in our consolidated statements of operations (in thousands): Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, Consolidated Statements of Operations Location 2022 2021 2022 2021 Compensation expense included in cost of goods sold $ 95 $ 180 $ 534 $ 638 Compensation expense included in selling, general and administrative expenses 641 923 2,450 2,590 Total compensation expense for share-based payments $ 736 $ 1,103 $ 2,984 $ 3,228

Net Sales by Brand (Tables)

Net Sales by Brand (Tables)	9 Months Ended
Net Sales by Brand (Tables)	Oct. 01, 2022
Net Sales by Brand
Schedule of net sales by brand	Thirteen Weeks Ended Thirty-nine Weeks Ended October 1, October 2, October 1, October 2, 2022 2021 2022 2021 Brand: (1) Green Giant (2) $ 81,791 $ 85,693 $ 262,089 $ 258,369 Crisco 98,508 71,217 249,440 187,715 Spices & Seasonings (3) 63,074 68,143 193,694 216,140 Ortega 38,551 37,559 116,935 117,360 Green Giant (4) 32,037 41,430 82,599 90,662 Clabber Girl (5) 25,883 20,443 65,973 55,436 Maple Grove Farms of Vermont 19,588 20,170 62,874 61,001 Cream of Wheat 18,322 15,218 56,589 47,614 Dash 15,666 17,328 49,922 55,544 All other brands 134,976 137,764 399,653 394,633 Total $ 528,396 $ 514,965 $ 1,539,768 $ 1,484,474 (1) Table includes net sales for each of our brands whose net sales for the first three quarters of 2022 or fiscal 2021 equaled or exceeded 3% of our total net sales for those periods, and for all other brands in the aggregate. Net sales for each brand includes branded net sales and, if applicable, any private label and foodservice net sales attributable to the brand. (2) For the third quarter and first three quarters of 2022, includes net sales from the Yuma acquisition, which was completed on May 5, 2022. See Note 3, “Acquisitions.” (3) Includes net sales for multiple brands acquired as part of the spices & seasonings acquisition that we completed on November 21, 2016, as well as more recent spices & seasonings products launched and sold under license. Does not include net sales for Dash and our other legacy spices & seasonings brands. (4) Does not include net sales of the Le Sueur brand. Net sales of the Le Sueur brand are included below in “All other brands.” (5) Includes net sales for multiple brands acquired as part of the Clabber Girl acquisition that we completed on May 15, 2019, including, among others, the Clabber Girl , Rumford , Davis , Hearth Club and Royal brands of retail baking powder, baking soda and corn starch, and the Royal brand of foodservice dessert mixes.

Assets Held for Sale (Tables)

Assets Held for Sale (Tables)	9 Months Ended
Assets Held for Sale (Tables)	Oct. 01, 2022
Assets Held for Sale.
Schedule of divestiture	October 1, 2022 Trademarks — indefinite-lived intangible assets $ 109,900 Goodwill 29,500 Customer relationships — finite-lived intangible assets 11,025 Inventories 7,445 Assets held for sale before impairments 157,870 Impairments of assets held for sale (103,625) Assets held for sale $ 54,245

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	9 Months Ended	12 Months Ended
Summary of Significant Accounting Policies (Details)	Oct. 01, 2022	Jan. 02, 2021
Fiscal Year
Number of weeks in fiscal period	364 days
Number of weeks in fourth fiscal quarter		371 days
Number of weeks in each fiscal quarter	91 days	98 days
Minimum
Fiscal Year
Number of years between 53 week fiscal years	5 years
Maximum
Fiscal Year
Number of years between 53 week fiscal years	6 years

Acquisitions - Purchase Price A

Acquisitions - Purchase Price Allocation (Details) $ in Thousands	Oct. 01, 2022 USD ($)	May 05, 2022 USD ($) employee	Jan. 01, 2022 USD ($)
Allocation:
Goodwill	$ 619,095		$ 644,871
Yuma Acquisition
Allocation:
Inventories		$ 3,342
Prepaid expenses and other current assets		187
Property, plant and equipment, net		12,508
Operating lease right-of-use assets		12,770
Finance lease right-of-use assets		3,529
Other intangible assets, net		4,483
Current portion of operating lease liabilities		(1,624)
Current portion of finance lease liabilities		(1,035)
Long-term operating lease liabilities, net of current portion		(8,756)
Long-term finance lease liabilities, net of current portion		(2,493)
Goodwill		4,379
Total purchase price (paid in cash)		$ 27,290
Number of employees transfer to company \| employee		160

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Inventories
Raw materials and packaging	$ 149,041	$ 94,799
Work-in-process	204,471	145,102
Finished goods	451,676	369,893
Inventories	805,188	$ 609,794
Inventory gross	$ 7,400

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Goodwill and Other Intangible Assets
Amortization expense	$ 5,427	$ 5,396	$ 16,009	$ 16,231
Amortizable Intangible Assets
Customer relationships - finite-lived intangible assets	403,313		403,313		$ 413,763
Accumulated Amortization	184,102		184,102		171,789
Net Carrying Amount	219,211		219,211		241,974
Unamortizable Intangible Assets
Goodwill	619,095		619,095		644,871
Future amortization expense
Remainder of fiscal 2022	5,200		5,200
2023	20,800		20,800
2024	20,800		20,800
2025	20,800		20,800
2026	20,100		20,100
2027	15,300		15,300
Acquisitions.
Impairment of intangible assets				$ 0
Trademarks
Unamortizable Intangible Assets
Unamortizable intangible assets excluding goodwill	1,573,823		1,573,823		1,685,145
Static Guard and Molly M Butter Brands
Unamortizable Intangible Assets
Unamortizable intangible assets excluding goodwill	83,300		83,300		36,500
Trademarks
Amortizable Intangible Assets
Customer relationships - finite-lived intangible assets	6,800		6,800		6,800
Accumulated Amortization	4,269		4,269		3,929
Net Carrying Amount	2,531		2,531		2,871
Customer Relationship Intangibles
Amortizable Intangible Assets
Customer relationships - finite-lived intangible assets	396,513		396,513		406,963
Accumulated Amortization	179,833		179,833		167,860
Net Carrying Amount	$ 216,680		$ 216,680		$ 239,103

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Back to Nature Business (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of intangible assets		$ 0
Inventories	$ 805,188		$ 609,794
Discontinued Operations, Held-for-sale \| Back to Nature brand
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill	29,500
Inventories	7,400
Non-cash impairment charges	103,625
Discontinued Operations, Held-for-sale \| Back to Nature brand \| Customer Relationship Intangibles
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Indefinite-lived intangible assets	11,000
Discontinued Operations, Held-for-sale \| Back to Nature brand \| Trademarks
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Indefinite-lived intangible assets	$ 109,900

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022	Dec. 15, 2020	Sep. 26, 2019	Nov. 20, 2017	Apr. 03, 2017
Information related to long-term debt
Outstanding principal	$ 2,434,125
Unamortized deferred financing costs	(14,107)	$ (16,805)
Unamortized discount/premium	(1,928)	(2,061)
Total long-term debt, net of unamortized deferred debt financing costs and discount/premium	2,418,090	2,267,759
Revolving credit loans
Information related to long-term debt
Outstanding principal	312,500	165,000
Tranche B Term Loan 2026
Information related to long-term debt
Outstanding principal	671,625	671,625	$ 371,600
5.25% Senior Notes due 2025
Information related to long-term debt
Outstanding principal	$ 900,000	$ 900,000
Interest rate (as a percent)	5.25%	5.25%			5.25%	5.25%
5.25% Senior Notes due 2027
Information related to long-term debt
Outstanding principal	$ 550,000	$ 550,000
Interest rate (as a percent)	5.25%	5.25%		5.25%

Long-Term Debt - Activity (Deta

Long-Term Debt - Activity (Details) $ in Thousands				9 Months Ended
Long-Term Debt - Activity (Details) $ in Thousands	Jul. 02, 2022	Jun. 27, 2022	Dec. 16, 2020 USD ($)	Oct. 01, 2022 USD ($)	Jan. 01, 2022 USD ($)	Dec. 15, 2020 USD ($)	Oct. 10, 2019	Sep. 26, 2019 USD ($)	Nov. 20, 2017 USD ($)	Apr. 03, 2017 USD ($)
Information related to senior notes
Outstanding principal				$ 2,434,125
Accrued Interest
Accrued interest				$ 25,900	$ 20,700
LIBOR
Information related to senior notes
Interest rate added to variable base rate (as a percent)				2.50%
Base rate
Information related to senior notes
Interest rate added to variable base rate (as a percent)				1%
Revolving credit loans
Information related to senior notes
Outstanding principal				$ 312,500	165,000
Maximum capacity available			$ 800,000			$ 700,000
Outstanding letters of credit				4,800
Available borrowing capacity				$ 482,700
Commitment fees (as a percent)				0.50%
Consolidated leverage ratio	7.50
Revolving credit loans \| Minimum
Information related to senior notes
Debt Instrument, Consolidated Interest Coverage Ratio				1.75
Revolving credit loans \| Maximum
Information related to senior notes
Consolidated leverage ratio		7
Senior secured leverage ratio				4
Revolving credit loans \| Maximum \| From October 1st 2022 To September 30th 2023
Information related to senior notes
Consolidated leverage ratio				8
Revolving credit loans \| Maximum \| Quarter Ending December 30, 2023
Information related to senior notes
Consolidated leverage ratio				7.50
Revolving credit loans \| Maximum \| Quarters Ending March 30, 2024 And Thereafter
Information related to senior notes
Consolidated leverage ratio				7
Revolving credit loans \| LIBOR \| Minimum
Information related to senior notes
Interest rate added to variable base rate (as a percent)				1.25%
Revolving credit loans \| LIBOR \| Maximum
Information related to senior notes
Interest rate added to variable base rate (as a percent)				1.75%
Revolving credit loans \| Base rate \| Minimum
Information related to senior notes
Interest rate added to variable base rate (as a percent)				0.25%
Revolving credit loans \| Base rate \| Maximum
Information related to senior notes
Interest rate added to variable base rate (as a percent)				0.75%
Letters of credit facility
Information related to senior notes
Maximum capacity available				$ 50,000
Fronting fee (as a percent)				0.25%
4.625% Senior Notes due 2021
Information related to senior notes
Interest rate (as a percent)							4.625%
5.25% Senior Notes due 2025
Information related to senior notes
Debt issuance price (as a percent)									101%	100%
Outstanding principal				$ 900,000	$ 900,000
Principal amount of notes									$ 400,000	$ 500,000
Interest rate (as a percent)				5.25%	5.25%				5.25%	5.25%
5.25% Senior Notes due 2025 \| Redemption period one
Information related to senior notes
Redemption price (as a percent)				101.3125%
5.25% Senior Notes due 2025 \| Redemption period two
Information related to senior notes
Redemption price (as a percent)				100%
5.25% Senior Notes due 2027
Information related to senior notes
Debt issuance price (as a percent)								100%
Outstanding principal				$ 550,000	$ 550,000
Principal amount of notes								$ 550,000
Interest rate (as a percent)				5.25%	5.25%			5.25%
5.25% Senior Notes due 2027 \| Redemption period one
Information related to senior notes
Redemption price (as a percent)				103.938%
5.25% Senior Notes due 2027 \| Redemption period two
Information related to senior notes
Redemption price (as a percent)				100%
Tranche B Term Loan 2026
Information related to senior notes
Increase in principal of debt			$ 300,000
Debt issuance price (as a percent)			99%
Outstanding principal				$ 671,625	$ 671,625	$ 371,600

Long-Term Debt - Contractual Ma

Long-Term Debt - Contractual Maturities (Details) $ in Thousands	Oct. 01, 2022 USD ($)
Aggregate contractual maturities of long-term debt
2025	$ 1,212,500
2026	671,625
Thereafter	550,000
Outstanding principal	$ 2,434,125

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Fair Value Measurements (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Jul. 02, 2022	Jan. 01, 2022
Changes in level 3
Level 3 activity	$ 0	$ 0	$ 0	$ 0
Tranche B Term Loans due 2026
Financial assets and liabilities at fair value
Face amount of senior notes	$ 671,600		$ 671,600			$ 671,600
5.25% Senior Notes due 2025
Financial assets and liabilities at fair value
Interest rate (as a percent)	5.25%		5.25%		5.25%	5.25%
Face amount of senior notes	$ 900,000		$ 900,000			$ 900,000
5.25% Senior Notes due 2027
Financial assets and liabilities at fair value
Interest rate (as a percent)					5.25%	5.25%
Carrying Value \| Revolving credit loans
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	312,500		312,500			$ 165,000
Carrying Value \| Tranche B Term Loans due 2026
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	668,349		668,349			667,811
Carrying Value \| 5.25% Senior Notes due 2025
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	901,348		901,348			901,753
Carrying Value \| 5.25% Senior Notes due 2027
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	550,000		550,000			550,000
Fair value measured on recurring basis \| Fair Value \| Revolving credit loans \| Level 2
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	312,500		312,500			165,000
Fair value measured on recurring basis \| Fair Value \| Tranche B Term Loans due 2026
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	629,919		629,919			666,141
Fair value measured on recurring basis \| Fair Value \| 5.25% Senior Notes due 2025 \| Level 1
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	777,413		777,413			920,915
Fair value measured on recurring basis \| Fair Value \| 5.25% Senior Notes due 2027
Financial assets and liabilities at fair value
Term loans and senior notes, fair value	$ 443,300		$ 443,300			$ 567,875

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Reclassifications (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Oct. 02, 2021	Jul. 03, 2021	Apr. 03, 2021	Oct. 01, 2022	Oct. 02, 2021
Reclassification from AOCL
Income tax expense (benefit)	$ (21,255)			$ 7,613			$ (14,958)	$ 25,804
Net income	59,583	$ (256)	$ (23,656)	(20,747)	$ (24,551)	$ (26,878)	35,671	(72,176)
Defined benefit pension plan \| Amount Reclassified from AOCL
Reclassification from AOCL
Total before tax	27			403			81	1,248
Income tax expense (benefit)	(7)			(99)			(20)	(306)
Net income	20			304			61	942
Amortization of unrecognized loss \| Amount Reclassified from AOCL
Reclassification from AOCL
Total before tax	$ 27			$ 403			$ 81	$ 1,248

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 940,181	$ 841,605	$ 920,254	$ 831,877
Net current period other comprehensive income (loss)	(5,472)	(3,849)	(6,473)	189
Ending balance	841,574	830,622	841,574	830,622
Defined benefit pension plan
Changes in accumulated other comprehensive income (loss)
Beginning balance			(9,344)
Amounts reclassified from AOCL			61
Net current period other comprehensive income (loss)			61
Ending balance	(9,283)		(9,283)
Foreign Currency Translation Adjustments
Changes in accumulated other comprehensive income (loss)
Beginning balance			(8,825)
Other comprehensive income (loss) before reclassifications			(6,534)
Net current period other comprehensive income (loss)			(6,534)
Ending balance	(15,359)		(15,359)
Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive income (loss)
Beginning balance	(19,170)	(31,556)	(18,169)	(35,594)
Other comprehensive income (loss) before reclassifications			(6,534)
Amounts reclassified from AOCL			61
Net current period other comprehensive income (loss)			(6,473)
Ending balance	$ (24,642)	$ (35,405)	$ (24,642)	$ (35,405)

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Oct. 01, 2022	Jul. 02, 2022	Apr. 02, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022	Aug. 23, 2021	Mar. 10, 2021
Stockholders' Equity
Stock repurchased (in shares)					0	0
Proceeds from issuance of common stock, net					$ 65,233	$ 2,112
Maximum
Stockholders' Equity
Value of stock authorized for repurchase									$ 50,000
Common Stock
Stockholders' Equity
Issuance of common stock in ATM offering (in shares)	1,421	2,739,568	112,353	70,791
ATM Equity Offering
Stockholders' Equity
Aggregate number of common shares								7,500,000
Issuance of common stock in ATM offering (in shares)	1,421	2,739,568	112,353	6,549,048			3,695,706
Proceeds from issuance of common stock, net		$ 63,200	$ 3,300	$ 179,000			$ 112,500
Shares Issued, Price Per Share	$ 22.16	$ 23.08	$ 29.37	$ 27.34	$ 22.16	$ 27.34	$ 30.44
Payment of sales agents commission		$ 1,300	$ 100	$ 3,600			$ 2,200
Deferred fees and expenses		$ 100		$ 600			$ 400
ATM Equity Offering \| Maximum
Stockholders' Equity
Proceeds from issuance of common stock, net	$ 100
Deferred fees and expenses	$ 100

Pension Benefits (Details)

Pension Benefits (Details) $ in Millions	9 Months Ended
Pension Benefits (Details) $ in Millions	Oct. 01, 2022 USD ($) plan	Oct. 02, 2021 USD ($)
Pension Benefits
Number of defined benefit pension plans sponsored by company	4
Percentage of employees covered by defined benefit pension plans	26%
Number of defined benefit pension plans sponsored by company for union employees	3
Number of defined benefit pension plans sponsored by company for salaried and certain hourly employees	1
Employer contributions \| $	$ 0	$ 2.5

Pension Benefits - Net Periodic

Pension Benefits - Net Periodic Pension Cost, AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Components of net periodic pension cost
Service cost-benefits earned during the period	$ 2,191	$ 2,602	$ 6,679	$ 7,831
Interest cost on projected benefit obligation	1,364	1,207	4,100	3,640
Expected return on plan assets	(3,236)	(2,728)	(9,709)	(8,212)
Amortization of unrecognized loss	27	403	81	1,248
Net periodic pension cost	346	$ 1,484	1,151	$ 4,507
Contributions made for the remainder	$ 2,500		$ 2,500

Pension Benefits - Multi-Employ

Pension Benefits - Multi-Employer Defined Benefit Pension Plan (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021
Multi-Employer Defined Benefit Pension Plan
Contribution to the multi-employer plan	$ 0	$ 0.5
Maximum contribution to multi-employer plan (as a percent)	5%
Defined benefit plan, withdrawal liability	$ 13.6
Defined benefit plan withdrawal liability payout period	20 years
Defined benefit plan, withdrawal liability, annual installments	$ 0.9

Leases (Details)

Leases (Details)	9 Months Ended
Leases (Details)	Oct. 01, 2022
Lessee, Lease, Description [Line Items]
Option to terminate	true
Operating lease existence of option To terminate	true
Lessee, Operating Lease, Terminate Term	1 year
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	7 years
Operating lease renewal term	5 years

Leases - Operating Leases and F

Leases - Operating Leases and Finance Leases on Balance Sheets (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Right-of-use assets:
Operating lease right-of-use assets	$ 69,565	$ 65,166
Finance lease right-of-use assets	3,155
Total lease right-of-use assets	72,720	65,166
Operating lease liabilities:
Current portion of operating lease liabilities	15,038	12,420
Long-term operating lease liabilities, net of current portion	55,032	55,607
Total operating lease liabilities	70,070	$ 68,027
Finance lease liabilities:
Current portion of finance lease liabilities	1,040
Long-term finance lease liabilities, net of current portion	2,058
Total finance lease liabilities	$ 3,098

Leases - Supplemental informati

Leases - Supplemental information related to leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Leases
Operating cash flows - Cash paid for amounts included in the measurement of operating lease liabilities	$ 4,311	$ 3,359	$ 12,505	$ 9,782
Cost of goods sold	2,720	1,168	7,569	3,510
Selling, general and administrative expenses	1,646	2,186	4,970	6,391
Total operating lease costs	4,366	3,354	12,539	9,901
Depreciation of finance right-of-use assets	264		373
Interest on finance lease liabilities	19		27
Total finance lease costs	283		400
Total net lease costs	4,649	3,354	12,939	9,901
Total rent expense	$ 4,900	$ 4,000	$ 14,000	$ 12,100

Leases - Lease term and discoun

Leases - Lease term and discount rate for our ROU (Details)	Oct. 01, 2022	Jan. 01, 2022
Leases
Weighted average remaining lease term - Operating leases (years)	5 years 7 months 6 days	5 years 6 months
Weighted average remaining lease term - Finance lease (years)	3 years
Weighted average discount rate - Operating leases	2.54%	2.61%
Weighted average discount rate - Finance lease	2.30%

Leases - Maturity of lease liab

Leases - Maturity of lease liabilities (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Jan. 01, 2022
Operating Leases
2022 remaining	$ 4,332
2023	16,027
2024	14,240
2025	13,558
2026	10,152
Thereafter	16,661
Total undiscounted future minimum lease payments	74,970
Less: Imputed interest	(4,900)
Total present value of future operating lease liabilities	70,070	$ 68,027
Finance Lease
2022 remaining	275
2023	1,099
2024	1,099
2025	732
Total undiscounted future minimum lease payments	3,205
Less: Imputed interest	(107)
Total finance lease liabilities	3,098
Total Maturities of Lease Liabilities
2022 remaining	4,607
2023	17,126
2024	15,339
2025	14,290
2026	10,152
Thereafter	16,661
Total undiscounted future minimum lease payments	78,175
Less: Imputed interest	(5,007)
Total present value of future lease payments	$ 73,168

Commitments and Contingencies -

Commitments and Contingencies - Collective Bargaining (Details)	9 Months Ended
	Oct. 01, 2022 employee agreement
Information related to Collective Bargaining Agreements
Number of employees	2,982
Number of employees covered under collective bargaining agreements
Information related to Collective Bargaining Agreements
Number of employees	1,665
Percentage of employees	55.80%
Number of employees covered under collective bargaining agreements expiring with next 12 months
Information related to Collective Bargaining Agreements
Collective bargaining agreements expiration period	12 months
Number of collective bargaining agreements expiring within one year \| agreement	1
Number of employees covered under collective bargaining agreements expiring with next 12 months \| Collective Bargaining Agreement Covering Cincinnati, Ohio Facility
Information related to Collective Bargaining Agreements
Number of employees	120

Earnings (Loss) per Share (Deta

Earnings (Loss) per Share (Details) - shares	3 Months Ended		9 Months Ended
Earnings (Loss) per Share (Details) - shares	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Earnings (Loss) per Share
Antidilutive securities excluded from computation of loss per share	827,730	513,844
Weighted average shares outstanding:
Basic (in shares)	71,670,121	64,844,696	70,068,018	64,734,739
Net effect of potentially dilutive share-based compensation awards (in shares)	347,970	648,269	372,415	636,102
Diluted (in shares)	72,018,091	65,492,965	70,440,433	65,370,841

Business and Credit Concentra_2

Business and Credit Concentrations and Geographic Information (Details) - customer	9 Months Ended		12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Net sales \| Consolidated net sales \| Top ten customers
Business and Credit Concentrations
Number of top customers	10	10
Percentage of concentration risk	60.30%	60.80%
Net sales \| Consolidated net sales \| Other than Walmart
Business and Credit Concentrations
Percentage of concentration risk	27.60%	28%
Accounts receivable \| Trade accounts receivables \| Top ten customers
Business and Credit Concentrations
Number of top customers	10		10
Percentage of concentration risk	57.20%		59.80%
Accounts receivable \| Trade accounts receivables \| Other than Walmart
Business and Credit Concentrations
Percentage of concentration risk	26.90%		28.90%
Foreign \| Net sales \| Consolidated net sales
Business and Credit Concentrations
Percentage of concentration risk	8.20%	8.10%

Share-Based Payments - Stock Op

Share-Based Payments - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Assumptions:
Expected term	5 years 6 months
Stock Option
Options
Outstanding at beginning of fiscal period (in shares)	789,226
Granted (in shares)	44,239
Exercised (in shares)	(2,227)
Expired (in shares)	(3,508)
Outstanding at end of quarter (in shares)	827,730		789,226
Exercisable at end of quarter (In shares)	554,609
Weighted Average Exercise Price
Outstanding at beginning of fiscal period (in dollar per share)	$ 31.86
Granted (in dollars per share)	22.49
Exercised (in dollars per share)	26.80
Expired (in dollars per share)	31.30
Outstanding at end of quarter (in dollar per share)	31.37		$ 31.86
Exercisable at end of quarter ( in dollars per share)	$ 30.97
Weighted Average Contractual Life Remaining (Years)
Weighted Average Contractual Life Remaining (Years)	6 years 5 months 4 days		7 years 10 days
Exercisable, Weighted Average Contractual Life Remaining (Years)	5 years 2 months 23 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value			$ 1,245
Assumptions:
Weighted average grant date fair value (in dollars per share)	$ 3.73	$ 6.48
Expected volatility (as a percent)	39.53%
Expected volatility, minimum (as a percent)		37.30%
Expected volatility, maximum (as a percent)		38.80%
Risk-free interest rate (as a percent)	3%
Risk-free interest rate, minimum (as a percent)		0.90%
Risk-free interest rate, maximum (as a percent)		1.10%
Dividend yield (as a percent)	8.50%
Stock Option \| Minimum
Assumptions:
Expected term		5 years 6 months
Dividend yield (as a percent)		5.60%
Stock Option \| Maximum
Assumptions:
Expected term		6 years 6 months
Dividend yield (as a percent)		6.30%

Share-Based Payments - Performa

Share-Based Payments - Performance (Details) - Performance shares - $ / shares	9 Months Ended	12 Months Ended
	Oct. 01, 2022	Jan. 01, 2022
Number of Shares
Balance at the beginning of the period (in shares)	1,140,381
Granted (in shares)	350,427
Vested (in shares)	(337,284)
Forfeited (in shares)	(94,890)
Balance at the end of the period (in shares)	1,058,634	1,140,381
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 20.08
Granted (in dollars per share)	21.81
Vested (in dollars per share)	19.75
Forfeited (in dollars per share)	24.38
Balance at the end of the period (in dollars per share)	$ 20.37	$ 20.08
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of target number of shares that may be earned		200%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Percentage of target number of shares that may be earned	233%

Share-Based Payments - Restrict

Share-Based Payments - Restricted Stock (Details)	9 Months Ended
Share-Based Payments - Restricted Stock (Details)	Oct. 01, 2022 $ / shares shares
Performance shares
Number of Shares
Balance at the beginning of the period (in shares) \| shares	1,140,381
Granted (in shares) \| shares	350,427
Vested (in shares) \| shares	(337,284)
Forfeited (in shares) \| shares	(94,890)
Balance at the end of the period (in shares) \| shares	1,058,634
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 20.08
Granted (in dollars per share) \| $ / shares	21.81
Vested (in dollars per share) \| $ / shares	19.75
Forfeited (in dollars per share) \| $ / shares	24.38
Balance at the end of the period (in dollars per share) \| $ / shares	$ 20.37
Restricted Stock
Number of Shares
Balance at the beginning of the period (in shares) \| shares	74,461
Granted (in shares) \| shares	49,444
Vested (in shares) \| shares	(32,367)
Forfeited (in shares) \| shares	(2,748)
Balance at the end of the period (in shares) \| shares	88,790
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 24.78
Granted (in dollars per share) \| $ / shares	27.30
Vested (in dollars per share) \| $ / shares	23.27
Forfeited (in dollars per share) \| $ / shares	26.24
Balance at the end of the period (in dollars per share) \| $ / shares	$ 26.69

Share-Based Payments - Other Ve

Share-Based Payments - Other Vested (Details) - shares	3 Months Ended		9 Months Ended
Share-Based Payments - Other Vested (Details) - shares	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Net shares of common stock issued (cancelled)	(1,535,000)	1,040,000	295,239,000	573,259,000
Non-employee director \| Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Shares of restricted common stock issued			46,773,000	39,251,000
Performance shares
Share based compensation expense related to long-term incentive plans
Number of performance shares vested			337,284
Performance shares \| Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Number of performance shares vested			337,284,000	86,523,000
Shares withheld for tax withholding			(125,152,000)	(35,281,000)
Shares of restricted common stock issued			212,132,000	51,242,000
Stock Option \| Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Shares of restricted common stock issued		1,040,000	2,227,000	467,152,000
Restricted Stock
Share based compensation expense related to long-term incentive plans
Number of performance shares vested			32,367
Restricted Stock \| Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Shares withheld for tax withholding	(468,000)		(12,589,000)	(21,528,000)
Cancellation of restricted stock upon forfeiture (in shares)	(1,067,000)		(2,748,000)	(956,000)
Restricted Stock \| Employee \| Common Class A [Member]
Share based compensation expense related to long-term incentive plans
Shares of restricted common stock issued			49,444,000	38,098,000

Share-Based Payments - Share-ba

Share-Based Payments - Share-based payments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Compensation expense
Total compensation expense for share-based payments	$ 736	$ 1,103	$ 2,984	$ 3,228
Performance shares
Compensation expense
Unrecognized compensation expense, other than stock option	300		$ 300
Period over which unrecognized compensation expense is expected to be recognized			3 months
Restricted Stock
Compensation expense
Unrecognized compensation expense, other than stock option	2,000		$ 2,000
Period over which unrecognized compensation expense is expected to be recognized			2 years 8 months 12 days
Stock Option
Compensation expense
Unrecognized compensation expense, stock option	1,000		$ 1,000
Period over which unrecognized compensation expense is expected to be recognized			1 year 7 months 6 days
Cost of Sales
Compensation expense
Total compensation expense for share-based payments	95	180	$ 534	638
Selling, General and Administrative Expenses
Compensation expense
Total compensation expense for share-based payments	$ 641	$ 923	$ 2,450	$ 2,590

Net Sales by Brand (Details)

Net Sales by Brand (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Net Sales by Brand (Details) - USD ($) $ in Thousands	Oct. 01, 2022	Oct. 02, 2021	Oct. 01, 2022	Oct. 02, 2021
Brand
Net sales	$ 528,396	$ 514,965	$ 1,539,768	$ 1,484,474
Specific brand sale to total sale (as a percent)			3%	3%
Green Giant - frozen
Brand
Net sales	81,791	85,693	$ 262,089	$ 258,369
Crisco
Brand
Net sales	98,508	71,217	249,440	187,715
Spices and Seasonings
Brand
Net sales	63,074	68,143	193,694	216,140
Ortega
Brand
Net sales	38,551	37,559	116,935	117,360
Green Giant - shelf stable
Brand
Net sales	32,037	41,430	82,599	90,662
Maple Grove Farms of Vermont
Brand
Net sales	19,588	20,170	62,874	61,001
Clabber Girl
Brand
Net sales	25,883	20,443	65,973	55,436
Dash
Brand
Net sales	15,666	17,328	49,922	55,544
Cream of Wheat
Brand
Net sales	18,322	15,218	56,589	47,614
All other brands
Brand
Net sales	$ 134,976	$ 137,764	$ 399,653	$ 394,633

Sale of Portland, Maine Manuf_2

Sale of Portland, Maine Manufacturing Facility (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 02, 2022 USD ($)	Oct. 01, 2022 USD ($)	Oct. 02, 2021 USD ($) a
Restructuring Cost and Reserve [Line Items]
Gain on sale of assets		$ 7,099
Proceeds from Sale of Productive Assets		$ 10,430	$ 632
Portland Maine Manufacturing Facility Sale [Member]
Restructuring Cost and Reserve [Line Items]
Area of property held for sale \| a			13.5
Gain on sale of assets	$ 7,100
Proceeds from Sale of Productive Assets	11,100
Restructuring expenses	$ 2,200

Assets Held for Sale - Schedule

Assets Held for Sale - Schedule of assets held for sale (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Oct. 01, 2022	Oct. 02, 2021	Jan. 01, 2022
Assets Held for Sale
Customer relationships - finite-lived intangible assets	$ 403,313		$ 413,763
Inventories	7,400
Impairment of intangible assets		$ 0
Customer Relationship Intangibles
Assets Held for Sale
Customer relationships - finite-lived intangible assets	396,513		$ 406,963
Discontinued Operations, Held-for-sale \| Back to Nature brand
Assets Held for Sale
Goodwill	29,500
Inventories	7,445
Assets held for sale before impairments	157,870
Impairments of assets held for sale	(103,625)
Assets held for sale	54,245
Discontinued Operations, Held-for-sale \| Back to Nature brand \| Customer Relationship Intangibles
Assets Held for Sale
Trademarks - indefinite-lived intangible assets	11,000
Customer relationships - finite-lived intangible assets	11,025
Discontinued Operations, Held-for-sale \| Back to Nature brand \| Trademarks
Assets Held for Sale
Trademarks - indefinite-lived intangible assets	$ 109,900