Flowers Foods, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Flowers Foods, Inc. has filed its 2023 10-K annual report detailing its financial performance and corporate information.</b>

AI Summary

FLOWERS FOODS INC (FLO) filed a Annual Report (10-K) with the SEC on February 21, 2024. Flowers Foods, Inc. filed its 10-K report for the fiscal year ending December 30, 2023. The filing covers the period ending 20231230. The company's principal executive offices are located at 1919 Flowers Circle, Thomasville, GA 31757. The filing includes details on various financial instruments and benefit plans, such as Non-Qualified Pension Plans and Series B Preferred Stock. Key dates mentioned include 2024-02-21 (filing date) and 2023-12-30 (fiscal year end).

Why It Matters

For investors and stakeholders tracking FLOWERS FOODS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Flowers Foods' financial health, operational details, and strategic outlook for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed information on various financial elements, benefit plans, and award grants within the filing allows stakeholders to understand the company's financial structure, executive compensation, and long-term liabilities.

Risk Assessment

Risk Level: low — FLOWERS FOODS INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative news or events, indicating a low level of immediate risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to assess Flowers Foods' performance and identify potential investment opportunities or risks.

Key Numbers

• 20231230 — Fiscal Year End (Conformed period of report)
• 20240221 — Filing Date (Filed as of date)
• 186 — Public Document Count (Number of documents in the filing)
• 001-16247 — SEC File Number (SEC file number for the company)

Key Players & Entities

• FLOWERS FOODS INC (company) — Filer name
• Thomasville, GA (location) — Business address city and state
• 0000950170-24-017647 (filing_id) — Accession number
• 20231230 (date) — Conformed period of report
• 20240221 (date) — Filed as of date
• 0001128928 (cik) — Central Index Key
• FOOD & KINDRED PRODUCTS (industry) — Standard Industrial Classification
• 9122269110 (phone) — Business phone

FAQ

Industry Context

Flowers Foods, Inc. operates within the food and kindred products industry, specifically in the bakery sector. This filing is a standard annual report required for publicly traded companies in this sector.

Regulatory Implications

As a publicly traded company, Flowers Foods, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements, including income statements, balance sheets, and cash flow statements.
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and future outlook.
3. Examine the risk factors section to understand potential challenges and uncertainties facing Flowers Foods.

Key Dates

• 2023-12-30: Fiscal Year End — End of the reporting period for the 10-K
• 2024-02-21: Filing Date — Date the 10-K was officially filed with the SEC

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K report, providing the latest annual financial and operational data for Flowers Foods, Inc.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FLO NYSE Securities reg
• $4 — rk Stock Exchange on July 15, 2023, was $4 ,947,059,441 . The number of shares o
• $350 million — our ERP system will cost approximately $350 million (of which approximately 34% has been or
• $275 million — osts were estimated to be approximately $275 million. The increase in estimated costs result
• $214 million — related to the project of approximately $214 million. See Item 1A., Risk Factors , "We may e
• $1.5 billion — Own's sales, at estimated retail, were $1.5 billion for Fiscal 2023. Nature's Own Honey W
• $1.0 billion — DKB's sales, at estimated retail, were $1.0 billion for Fiscal 2023. Canyon Bakehouse, ac
• $164 million — ouse's sales, at estimated retail, were $164 million for Fiscal 2023. Wonder , over 100 ye
• $512 million — nder's sales, at estimated retail, were $512 million for Fiscal 2023 (Source: Circana Total

Filing Documents

• flo-20231230.htm (10-K) — 5311KB
• flo-ex4_8.htm (EX-4.8) — 22KB
• flo-ex10_42.htm (EX-10.42) — 129KB
• flo-ex10_43.htm (EX-10.43) — 79KB
• flo-ex21_1.htm (EX-21.1) — 61KB
• flo-ex23.htm (EX-23) — 3KB
• flo-ex31_1.htm (EX-31.1) — 11KB
• flo-ex31_2.htm (EX-31.2) — 11KB
• flo-ex32.htm (EX-32) — 10KB
• flo-ex97.htm (EX-97) — 38KB
• img176210593_0.jpg (GRAPHIC) — 102KB
• img176210593_1.jpg (GRAPHIC) — 658KB
• 0000950170-24-017647.txt (&nbsp;) — 28742KB
• flo-20231230.xsd (EX-101.SCH) — 3542KB
• flo-20231230_htm.xml (XML) — 6222KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 21 Item 1C. Cybersecurity 21 Item 2.

Properties

Properties 22 Item 3.

Legal Proceedings

Legal Proceedings 23 Item 4. Mine Safety Disclosures 23 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24 Item 6. [Reserved] 25 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 26 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 42 Item 9A.

Controls and Procedures

Controls and Procedures 42 Item 9B. Other Information 43 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 43 PART III Item 10. Directors, Executive Officers and Corporate Governance 44 Item 11.

Executive Compensation

Executive Compensation 44 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 44 Item 13. Certain Relationships and Related Transactions, and Director Independence 45 Item 14. Principal Accountant Fees and Services 45 PART IV Item 15. Exhibits and Financial Statement Schedules 46 Item 16. Form 10-K Summary 51

Forward-Looking Statements

Forward-Looking Statements Forward-looking statements are based on current information and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. Certain factors that may cause actual results, performance, liquidity, and achievements to differ materially from those projected are discussed in this Annual Report on Form 10-K (the "Form 10-K") and may include, but are not limited to: unexpected changes in any of the following: (i) general economic and business conditions; (ii) the competitive setting in which we operate, including advertising or promotional strategies by us or our competitors, as well as changes in consumer demand; (iii) interest rates and other terms available to us on our borrowings; (iv) supply chain conditions and any related impact on energy and raw materials costs and availability and hedging counter-party risks; (v) relationships with or increased costs related to our employees and third-party service providers; (vi) laws and regulations (including environmental and health-related issues); and (v

B usiness

Item 1. B usiness The Company Flowers Foods, Inc. (which we reference to herein as "we," "our," "us," the "company," "Flowers" or "Flowers Foods"), founded in 1919 as a Georgia corporation and headquartered in Thomasville, Georgia, is currently the second-largest producer and marketer of packaged bakery foods in the United States ("U.S."). Our principal products include breads, buns, rolls, snack items, bagels, English muffins, and tortillas and are sold under a variety of brand names, including Nature's Own, Dave's Killer Bread ("DKB"), Wonder, Canyon Bakehouse, Tastykake, and Mrs. Freshley's. Our brands are among the best known in the baking industry. Many of our brands have a major presence in the product categories in which they compete. Flowers' strategic priorities include developing our team, focusing on our brands, prioritizing our margins, and proactively seeking out smart, disciplined acquisitions and are described further in the following section. We believe executing on our strategic priorities will drive future growth and margin expansion and deliver meaningful shareholder value over time. Current Inflationary Economic Environment and Other Macroeconomic Factors We continue to monitor the impact of the inflationary economic environment, supply chain disruptions, labor shortages, the conflict between Russia and Ukraine, and the conflict in the Middle East on our business. Our results for Fiscal 2023 continued to benefit from a more optimized sales mix of branded retail products as compared to pre-pandemic periods. However, we experienced significant input cost inflation for commodities and transportation, and, to a lesser extent, for labor in the current and prior year periods. To mitigate the ongoing cost pressures, we implemented price increases during the first quarter of Fiscal 2023 and midway through the second quarter of Fiscal 2023. Additionally, in both the current and prior year, we experienced supply chain disruptions and capacity c

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View this 10-K filing on SEC EDGAR