Segment, Geographic, and Customer Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Segment, Geographic, and Customer Information

Segment, Geographic, and Customer Information

    Our business is organized into three operating and reportable segments, Americas Foods & Beverages, Americas Fresh Foods and Europe Foods & Beverages, based on our go-to-markets strategies, customer bases, and the objectives of our businesses. Our segments align with how our chief operating decision maker, our CEO, monitors operating performance, allocates resources, and deploys capital.

The Americas Foods & Beverages segment offers products in the plant-based foods and beverages, coffee creamers and beverages, and premium dairy product categories throughout North America, our Americas Fresh Foods segment offers organic greens and produce throughout North America, and our Europe Foods & Beverages segment offers plant-based food and beverage products throughout Europe. We sell our products to a variety of customers, including grocery stores, mass merchandisers, club stores, and convenience stores, as well as various away-from-home channels, including foodservice outlets, across North America and Europe. We sell our products in North America and Europe primarily through our direct sales force and independent brokers and distributors. We utilize ten manufacturing plants, multiple distribution centers, and three strategic co-packers across the United States. Additionally, we have three plants across Europe in the United Kingdom, Belgium and France, each supported by an integrated supply chain. We also utilize third-party co-packers across Europe for certain products.

We evaluate the performance of our segments based on sales and operating income. The amounts in the following tables are obtained from reports used by our chief operating decision maker. There are no significant non-cash items reported in segment profit or loss other than depreciation and amortization.

In addition, the expense related to share-based compensation, which has not been allocated to our segments, is reflected entirely within the caption “Corporate and other”.

The following table presents the summarized income statement amounts by segment:

	Three months ended June 30,						Six months ended June 30,
	2015			2014			2015			2014
	(In thousands)
Total net sales:
Americas Foods & Beverages	$	639,784		$	556,461		$	1,280,510		$	1,114,971
Americas Fresh Foods	151,231			153,060			290,878			299,151
Europe Foods & Beverages	132,617			128,405			263,385			254,027
Total	$	923,632		$	837,926		$	1,834,773		$	1,668,149
Operating income:
Americas Foods & Beverages	$	74,339		$	60,000		$	148,282		$	126,038
Americas Fresh Foods	14,805			14,052			22,568			22,588
Europe Foods & Beverages	16,744			14,013			31,108			24,410
Total reportable segment operating income	$	105,888		$	88,065		$	201,958		$	173,036
Corporate and other	(28,886		)	(21,290		)	(54,887		)	(52,076		)
Total operating income	$	77,002		$	66,775		$	147,071		$	120,960
Other expense:
Interest expense	$	13,933		$	7,512		$	22,600		$	13,234
Other expense, net	988			3,548			4,787			4,356
Income before taxes	$	62,081		$	55,715		$	119,684		$	103,370
Depreciation and amortization:
Americas Foods & Beverages	$	16,305		$	15,518		$	32,797		$	30,445
Americas Fresh Foods	6,134			6,242			12,166			12,499
Europe Foods & Beverages	4,795			5,677			9,237			11,349
Corporate and other	573			298			1,137			575
Total	$	27,807		$	27,735		$	55,337		$	54,868

The following tables present sales amounts by product categories:

	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
	(In thousands)
Total net sales:
Americas Foods & Beverages
Plant-based food and beverages	$	220,933	$	175,661	$	427,258	$	347,160
Coffee creamers and beverages	242,750		228,055		500,520		461,221
Premium dairy	176,101		152,745		352,732		306,590
Americas Foods & Beverages net sales	639,784		556,461		1,280,510		1,114,971
Americas Fresh Foods
Organic greens and produce	151,231		153,060		290,878		299,151
Americas Fresh Foods net sales	151,231		153,060		290,878		299,151
Europe Foods & Beverages
Plant-based food and beverages	132,617		128,405		263,385		254,027
Europe Foods & Beverages net sales	132,617		128,405		263,385		254,027
Total net sales	$	923,632	$	837,926	$	1,834,773	$	1,668,149

The following tables present assets and capital expenditures by segment:

	June 30, 2015		December 31, 2014
	(In thousands)
Assets:
Americas Foods & Beverages	$	2,041,751	$	1,935,524
Americas Fresh Foods	724,044		713,211
Europe Foods & Beverages	584,602		563,963
Corporate	134,966		160,143
Total	$	3,485,363	$	3,372,841

	Three months ended June 30,				Six months ended June 30,
	2015		2014		2015		2014
	(In thousands)
Capital expenditures:
Americas Foods & Beverages	$	31,355	$	82,679	$	78,086	$	117,689
Americas Fresh Foods	8,442		4,991		14,440		8,261
Europe Foods & Beverages	17,445		13,260		37,823		21,247
Corporate	115		898		243		1,658
Total	$	57,357	$	101,828	$	130,592	$	148,855

Significant Customers

The Company had a single customer that represented 13.2% and 12.7% of our consolidated net sales in the three months ended June 30, 2015 and 2014, respectively. The same customer represented 13.8% and 13.6% of our consolidated net sales in the six months ended June 30, 2015 and 2014, respectively. Sales to this customer are primarily included in our Americas Foods & Beverages segment.