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Business Information
 12 Months Ended
Dec. 28, 2024
Segment Reporting [Abstract]  
BUSINESS INFORMATION BUSINESS INFORMATION
The Company operates as one operating segment. The Company markets, sells, and distributes fresh, frozen and dry food and non-food products to foodservice customers throughout the U.S. The Company uses a centralized management structure, and its strategies and initiatives are implemented and executed consistently across the organization. The Company uses shared resources for sales, procurement, and general and administrative activities across each of its distribution facilities and operations. The Company’s distribution facilities form a single network to reach its customers; it is common for a single customer to make purchases from several different distribution facilities. Capital projects, whether for cost savings or generating incremental revenue, are evaluated based on estimated economic returns to the organization as a whole.
The Company’s consolidated results represent the results of its one operating segment based on how the Company’s chief operating decision maker (the “CODM”), the Chief Executive Officer (the “CEO”), views the business for purposes of evaluating performance and making operating decisions.
The CODM utilizes the U.S. GAAP measurement of consolidated net income to assess financial performance and allocate resources. This financial metric is used by the CODM to make key operating decisions, such as allocation of budget between net sales, cost of goods sold, distribution costs and selling and administrative costs. The measure of segment assets is reported on the Company’s Consolidated Balance Sheets as total consolidated assets. In addition, the measure of capital expenditures, depreciation and amortization is reported on the Company’s Consolidated Statements of Cash Flows. The following table presents selected financial information with respect to the Company’s single operating segment for the fiscal years ended 2024, 2023 and 2022:
Fiscal Years Ended
December 28, 2024December 30, 2023December 31, 2022
Net sales $37,877 $35,597 $34,057 
Cost of goods sold 31,343 29,449 28,565 
Distribution costs2,578 2,387 2,287 
Selling and administrative costs 2,834 2,730 2,599 
Restructuring activity and asset impairment charges23 14 12 
Other expense (income)—net6 (6)(22)
Interest expense—net315 324 255 
Loss on extinguishment of debt10 21 — 
Recognition of net actuarial loss for pension settlement
124 — — 
Income tax provision150 172 96 
Net income$494 $506 $265 
During the fiscal year 2024, the Company began offering a supplier financing program, in which participating suppliers may, at their sole discretion, make offers to finance one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. No third parties have signed the supplier finance program agreements as of December 28, 2024.
No single customer accounted for more than 2% of the Company’s consolidated net sales in fiscal year 2024, 2% of the Company’s consolidated net sales in fiscal year 2023 and 3% of the Company’s consolidated net sales in fiscal year 2022. However, customers who are members of one group purchasing organization accounted, in the aggregate, for approximately 14% of the Company’s consolidated net sales in fiscal year 2024, 14% of the Company’s consolidated net sales in fiscal year 2023 and 12% of the Company’s consolidated net sales for fiscal year 2022.