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, 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, Dash, Davis, Devonsheer, Don Pepino, Durkee, Emeril’s, Farmwise, Grandma’s Molasses, Green Giant, JJ Flats, 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, SnackWell’s, Spice Islands, Spring Tree, Sugar Twin, Tone’s, Trappey’s, TrueNorth, Underwood, Vermont Maid, Victoria, Weber and Wright’s. We also sell and distribute
Static Guard, a household product
brand. We compete in the retail grocery, foodservice, specialty,
private label, club and mass merchandiser channels of distribution.
We sell and distribute our products directly and via a network of
independent brokers and distributors to supermarket chains,
foodservice outlets, mass merchants, warehouse clubs, non-food
outlets and specialty distributors.
(2)
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Summary of Significant
Accounting Policies
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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 53rd
week is added to our fiscal year
every
five or
six years. In a 53-week
fiscal year our fourth fiscal quarter contains 14 weeks.
Our fiscal year ending January 2, 2021 (fiscal 2020) contains 53
weeks and our fiscal year ended December 28, 2019 (fiscal
2019) contains 52
weeks. The first three quarters of
fiscal 2020 and all quarters of fiscal 2019 contain
13 weeks, and the fourth quarter of fiscal 2020
contains 14 weeks.
Basis of
Presentation
The accompanying unaudited consolidated interim financial
statements for the thirteen and twenty-six week periods ended
June 27, 2020 (second quarter and first two quarters of
2020) and June 29, 2019 (second quarter and first two quarters of
2019) 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
June 27, 2020, and the results of our operations,
comprehensive income, changes in stockholders equity and cash flows
for the second quarter and first two quarters of 2020 and 2019. Our
results of operations for the second quarter and first two quarters
of 2020 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 2019 filed with the SEC on February 26,
2020.