B&G Foods, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>B&G Foods, Inc. has filed its annual 10-K report for the fiscal year ending December 30, 2023, detailing its financial performance and business operations.</b>

AI Summary

B&G Foods, Inc. (BGS) filed a Annual Report (10-K) with the SEC on February 28, 2024. B&G Foods, Inc. filed its 10-K report for the fiscal year ending December 30, 2023. The filing covers the period from January 1, 2023, to December 30, 2023. The company's principal executive offices are located at Four Gatehall Drive, Suite 110, Parsippany, NJ 07054. B&G Foods, Inc. is incorporated in Delaware. The Standard Industrial Classification code for the company is 2000 (FOOD & KINDRED PRODUCTS).

Why It Matters

For investors and stakeholders tracking B&G Foods, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of B&G Foods' financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue, expenses, assets, liabilities, and other key financial metrics, enabling informed investment decisions.

Risk Assessment

Risk Level: — B&G Foods, Inc. shows moderate risk based on this filing. The company's financial performance and ability to manage debt are key risks, as indicated by the need for detailed financial reporting in the 10-K.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand B&G Foods' performance and outlook.

Key Numbers

• 78624419 — Total Assets (As of 2023-12-30)
• 71668144 — Total Liabilities (As of 2023-12-30)

Key Players & Entities

• B&G Foods, Inc. (company) — Filer name
• Parsippany, NJ (location) — Business address city and state
• DE (location) — State of incorporation
• 2000 (other) — Standard Industrial Classification code
• 2023-12-30 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date

FAQ

Risk Factors

• Financial Performance [medium — financial]: The company's ability to generate sufficient cash flow from operations to meet its obligations and fund its business is critical.
• Debt Management [medium — financial]: The company's level of indebtedness and its ability to service its debt obligations are significant financial considerations.

Industry Context

B&G Foods operates in the food and kindred products industry, a sector characterized by consumer demand, supply chain dynamics, and competitive pressures.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Review the consolidated financial statements for the fiscal year ended December 30, 2023.
2. Analyze the Management's Discussion and Analysis of Financial Condition and Results of Operations section.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year ending December 30, 2023, and no prior period comparison data is available within this specific document excerpt.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share BGS New York Stock Exchan
• $13.92 — uarter, was $ 981,261,530 (based on the $13.92 per share closing price of the registra

Filing Documents

• bgs-20231230x10k.htm (10-K) — 3445KB
• bgs-20231230xex23d1.htm (EX-23.1) — 2KB
• bgs-20231230xex31d1.htm (EX-31.1) — 11KB
• bgs-20231230xex31d2.htm (EX-31.2) — 11KB
• bgs-20231230xex32d1.htm (EX-32.1) — 9KB
• bgs-20231230xex97d1.htm (EX-97.1) — 49KB
• bgs-20231230x10k003.jpg (GRAPHIC) — 28KB
• bgs-20231230xex97d1001.jpg (GRAPHIC) — 16KB
• bgs-20231230xex97d1002.jpg (GRAPHIC) — 11KB
• 0001558370-24-001996.txt (&nbsp;) — 15224KB
• bgs-20231230.xsd (EX-101.SCH) — 80KB
• bgs-20231230_cal.xml (EX-101.CAL) — 133KB
• bgs-20231230_def.xml (EX-101.DEF) — 394KB
• bgs-20231230_lab.xml (EX-101.LAB) — 849KB
• bgs-20231230_pre.xml (EX-101.PRE) — 663KB
• bgs-20231230x10k_htm.xml (XML) — 3055KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 30 Item 1C. Cybersecurity 30 Item 2.

Properties

Properties 32 Item 3.

Legal Proceedings

Legal Proceedings 32 Item 4. Mine Safety Disclosures 32 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 33 Item 6. [ Reserved] 35 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 52 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97 Item 9A.

Controls and Procedures

Controls and Procedures 97 Item 9B. Other Information 98 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 98 PART III Item 10. Directors, Executive Officers and Corporate Governance 99 Item 11.

Executive Compensation

Executive Compensation 99 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99 Item 13. Certain Relationships and Related Transactions, and Director Independence 100 Item 14. Principal Accountant Fees and Services 100 PART IV Item 15. Exhibits, Financial Statement Schedules 101 Item 16. Form 10-K Summary 104

Signatures

Signatures 105 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This report includes forward-looking statements, including, without limitation, the statements under "Management's Discussion and Analysis of Financial Condition and Results of Operations." The words "believes," "belief," "expects," "projects," "intends," "anticipates," "assumes," "could," "should," "estimates," "potential," "seek," "predict," "may," "will" or "plans" and similar references to future periods are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by any forward-looking statements. We believe important factors that could cause actual results to differ materially from our expectations include the following: our substantial leverage; the effects of rising costs for and/or decreases in the supply of commodities, ingredients, packaging, other raw materials, distribution and labor; crude oil prices and their impact on distribution, packaging and energy costs; our ability to successfully implement sales price increases and cost saving measures to offset any cost increases; intense competition, changes in consumer preferences, demand for our products and local economic and market conditions; our continued ability to promote brand equity successfully, to anticipate and respond to new consumer trends, to develop new products and markets, to broaden brand portfolios in order to compete effectively with lower priced products and in markets that are consolidating at the retail and manufacturing levels and to improve productivity; the ability of our company and our supply chain partners to continue to operate manufacturing facilities, distribution centers and other work locations without material disruption, and to procure ingredients, packaging and

Business

Item 1. Business. Overview The terms "B&G Foods," "our," "we" and "us," as used in this report, refer to B&G Foods, Inc. and its wholly owned subsidiaries, except where it is clear that the term refers only to the parent company. Throughout this report, we refer to our fiscal years ended January 1, 2022, December 31, 2022, December 30, 2023 and December 28, 2024 as "fiscal 2021," "fiscal 2022," "fiscal 2023" and "fiscal 2024," respectively. Our fiscal year is the 52 or 53 week reporting period ending on the Saturday closest to December 31. Fiscal 2024 contains, and fiscal 2023, 2022 and 2021 each contained, 52 weeks. B&G Foods manufactures, sells and distributes a diverse portfolio of branded, high quality, shelf-stable and frozen food and household products across the United States, Canada and Puerto Rico. Many of our branded products have leading regional or national market shares. In general, we position our products to appeal to the consumer desiring a high quality and reasonably priced product. We complement our branded product retail sales with institutional and foodservice sales and private label sales. B&G Foods, including our subsidiaries and predecessors, has been in business for over 130 years. We were incorporated in Delaware on November 25, 1996 under the name B Companies Holdings Corp. On August 11, 1997, we changed our name to B&G Foods Holdings Corp. On October 14, 2004, B&G Foods, Inc., then our wholly owned subsidiary, was merged with and into us and we were renamed B&G Foods, Inc. Our company has been built upon a successful track record of both organic and acquisition-related growth. Our goal is to continue to increase sales, profitability and cash flows through organic growth, disciplined acquisitions of complementary branded businesses and new product development. Since 1996, we have successfully acquired and integrated more than 50 brands into our company. The table below includes some of the acquisitions and the divestitures we have

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View this 10-K filing on SEC EDGAR