TREEHOUSE FOODS, INC., 10-Q filed on 5/6/2024
Quarterly Report
v3.24.1.u1
Cover - shares
shares in Millions
 3 Months Ended
Mar. 31, 2024
Apr. 30, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-32504  
Entity Registrant Name TreeHouse Foods, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-2311383  
Entity Address, Address Line One 2021 Spring Road,  
Entity Address, Address Line Two Suite 600  
Entity Address, City or Town Oak Brook  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60523  
City Area Code 708  
Local Phone Number 483-1300  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol THS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   52.6
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001320695  
Current Fiscal Year End Date --12-31  
v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 191.8 $ 320.3
Receivables, net 173.2 175.6
Inventories 542.3 534.0
Prepaid expenses and other current assets 48.0 24.9
Total current assets 955.3 1,054.8
Property, plant, and equipment, net 731.0 737.6
Operating lease right-of-use assets 180.5 193.0
Goodwill 1,823.1 1,824.7
Intangible assets, net 246.4 257.4
Other assets, net 25.3 39.1
Total assets 3,961.6 4,106.6
Current liabilities:    
Accounts payable 482.1 534.9
Accrued expenses 146.9 169.0
Current portion of long-term debt 0.3 0.4
Total current liabilities 629.3 704.3
Long-term debt 1,396.5 1,396.0
Operating lease liabilities 153.2 165.0
Deferred income taxes 111.3 111.4
Other long-term liabilities 63.2 65.1
Total liabilities 2,353.5 2,441.8
Commitments and contingencies (Note 16)
Stockholders' equity:    
Preferred stock, par value $0.01 per share, 10.0 shares authorized, none issued 0.0 0.0
Common stock, par value $0.01 per share, 90.0 shares authorized, 53.1 and 54.1 shares outstanding as of March 31, 2024 and December 31, 2023, respectively 0.6 0.6
Treasury stock (278.5) (234.2)
Additional paid-in capital 2,225.3 2,223.4
Accumulated deficit (260.6) (248.9)
Accumulated other comprehensive loss (78.7) (76.1)
Total stockholders' equity 1,608.1 1,664.8
Total liabilities and stockholders' equity $ 3,961.6 $ 4,106.6
v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Preferred stock, par value (in usd per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000.0 10,000,000.0
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 90,000,000.0 90,000,000.0
Common stock, shares outstanding (in shares) 53,100,000 54,100,000
v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Net sales $ 820.7 $ 854.0
Cost of sales 708.7 700.4
Gross profit 112.0 153.6
Operating expenses:    
Selling and distribution 42.9 44.7
General and administrative 55.8 53.4
Amortization expense 12.1 12.0
Other operating expense, net 6.4 2.6
Total operating expenses 117.2 112.7
Operating (loss) income (5.2) 40.9
Other expense:    
Interest expense 15.6 17.8
Interest income (4.0) (14.6)
Loss on foreign currency exchange 3.4 0.3
Other (income) expense, net (4.9) 9.7
Total other expense 10.1 13.2
(Loss) income before income taxes (15.3) 27.7
Income tax (benefit) expense (3.6) 7.3
Net (loss) income from continuing operations (11.7) 20.4
Net loss from discontinued operations 0.0 (5.2)
Net (loss) income $ (11.7) $ 15.2
Earnings (loss) per common share - basic:    
Continuing operations (in usd per share) $ (0.22) $ 0.36
Discontinued operations (in usd per share) 0 (0.09)
Earnings (loss) per share basic (in usd per share) [1] (0.22) 0.27
Earnings (loss) per common share - diluted:    
Continuing operations (in usd per share) (0.22) 0.36
Discontinued operations (in usd per share) 0 (0.09)
Earnings (loss) per share diluted (in usd per share) [1] $ (0.22) $ 0.27
Weighted average common shares:    
Basic (in shares) 53.8 56.1
Diluted (in shares) 53.8 56.7
[1] The sum of the individual per share amounts may not add due to rounding.
v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net (loss) income $ (11.7) $ 15.2
Other comprehensive (loss) income:    
Foreign currency translation adjustments (2.6) 0.3
Other comprehensive (loss) income (2.6) 0.3
Comprehensive (loss) income $ (14.3) $ 15.5
v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common Stock
Treasury Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022   59,000,000.0        
Beginning balance at Dec. 31, 2022 $ 1,687.0 $ 0.6 $ (133.3) $ 2,205.4 $ (302.0) $ (83.7)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022     (2,900,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 15.2       15.2  
Other comprehensive income (loss) $ 0.3         0.3
Treasury stock repurchases (in shares) 0          
Issuance of stock awards (in shares)   200,000        
Issuance of stock awards $ (5.3)     (5.3)    
Stock-based compensation 7.2     7.2    
Ending balance (in shares) at Mar. 31, 2023   59,200,000        
Ending balance at Mar. 31, 2023 $ 1,704.4 $ 0.6 $ (133.3) 2,207.3 (286.8) (83.4)
Treasury stock, ending balance (in shares) at Mar. 31, 2023     (2,900,000)      
Beginning balance (in shares) at Dec. 31, 2023 54,100,000 59,300,000        
Beginning balance at Dec. 31, 2023 $ 1,664.8 $ 0.6 $ (234.2) 2,223.4 (248.9) (76.1)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023     (5,200,000)      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (11.7)       (11.7)  
Other comprehensive income (loss) $ (2.6)         (2.6)
Treasury stock repurchases (in shares) (1,200,000)   (1,200,000)      
Treasury stock repurchases $ (44.3)   $ (44.3)      
Issuance of stock awards (in shares)   200,000        
Issuance of stock awards (3.8)     (3.8)    
Stock-based compensation $ 5.7     5.7    
Ending balance (in shares) at Mar. 31, 2024 53,100,000 59,500,000        
Ending balance at Mar. 31, 2024 $ 1,608.1 $ 0.6 $ (278.5) $ 2,225.3 $ (260.6) $ (78.7)
Treasury stock, ending balance (in shares) at Mar. 31, 2024     (6,400,000)      
v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net (loss) income $ (11.7) $ 15.2
Net loss from discontinued operations 0.0 (5.2)
Net (loss) income from continuing operations (11.7) 20.4
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 36.6 35.1
Stock-based compensation 5.7 7.2
Unrealized (gain) loss on derivative contracts (7.0) 5.9
Deferred TSA income 0.0 (12.3)
Other 5.0 0.7
Changes in operating assets and liabilities, net of acquisitions and divestitures:    
Receivables 2.9 0.5
Inventories (9.6) (38.1)
Prepaid expenses and other assets (8.4) (7.1)
Accounts payable (48.2) (20.3)
Accrued expenses and other liabilities (17.7) (22.5)
Net cash used in operating activities - continuing operations (52.4) (30.5)
Net cash used in operating activities - discontinued operations 0.0 (0.4)
Net cash used in operating activities (52.4) (30.9)
Cash flows from investing activities:    
Capital expenditures (28.3) (31.7)
Proceeds from sale of fixed assets 0.2 0.0
Net cash used in investing activities - continuing operations (28.1) (31.7)
Net cash used in investing activities - discontinued operations 0.0 (0.3)
Net cash used in investing activities (28.1) (32.0)
Cash flows from financing activities:    
Borrowings under Revolving Credit Facility 0.0 770.8
Payments under Revolving Credit Facility 0.0 (732.8)
Payments on financing lease obligations (0.1) (0.2)
Repurchases of common stock (43.9) 0.0
Payments related to stock-based award activities (3.8) (5.3)
Net cash (used in) provided by financing activities - continuing operations (47.8) 32.5
Net cash (used in) provided by financing activities - discontinued operations 0.0 0.0
Net cash (used in) provided by financing activities (47.8) 32.5
Effect of exchange rate changes on cash and cash equivalents (0.2) 2.0
Net decrease in cash and cash equivalents (128.5) (28.4)
Cash and cash equivalents, beginning of period 320.3 43.0
Cash and cash equivalents, end of period 191.8 14.6
Supplemental cash flow disclosures:    
Interest paid 26.3 27.4
Net income taxes paid 0.6 5.5
Non-cash investing activities:    
Capital expenditures incurred but not yet paid 11.7 14.8
Right-of-use assets obtained in exchange for lease obligations (1.7) 8.5
Note receivable increase from paid in kind interest $ 0.0 $ 1.1
v3.24.1.u1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
BASIS OF PRESENTATION
1. BASIS OF PRESENTATION

The unaudited Condensed Consolidated Financial Statements included herein have been prepared by TreeHouse Foods, Inc. and its consolidated subsidiaries (the "Company," "TreeHouse," "we," "us," or "our"), pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to quarterly reporting on Form 10-Q. In our opinion, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been condensed or omitted as permitted by such rules and regulations. The Condensed Consolidated Financial Statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Results of operations for interim periods are not necessarily indicative of annual results.

Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, Additions to property, plant, and equipment and Additions to intangible assets have been condensed into Capital expenditures within the Cash flows from investing activities section of the Condensed Consolidated Statements of Cash Flows. Additionally, Accrued purchase of property and equipment and Accrued other intangible assets have been condensed into Capital expenditures incurred but not yet paid within the Non-cash investing activities section of the Condensed Consolidated Statements of Cash Flows.

Use of Estimates

The preparation of our Condensed Consolidated Financial Statements in conformity with GAAP requires management to use judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from these estimates.

Summary of Significant Accounting Policies

A detailed description of the Company's significant accounting policies can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Segment Information

The Company manages operations on a company-wide basis, thereby making determinations as to the allocation of resources as one segment. We manufacture and distribute private label food and beverages in North America. Our products are primarily shelf stable and share similar customers and distribution. The Chief Executive Officer, who has been identified as our Chief Operating Decision Maker ("CODM") allocates resources and assesses performance based upon discrete financial information at the consolidated level. We have one segment manager who reports directly to the CODM with incentive compensation based on aggregated consolidated results of the Company. The annual operating plan is prepared and approved by the CODM based on consolidated results of the Company. We operate our business with a centralized financial systems infrastructure, and we share centralized resources for sales, procurement, and general and administrative activities. The majority of our manufacturing plants each produce one food or beverage category. Refer to Note 18 for disaggregation of revenue for additional information of our principal products sold.
v3.24.1.u1
RECENT ACCOUNTING PRONOUNCEMENTS
 3 Months Ended
Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
RECENT ACCOUNTING PRONOUNCEMENTS
2. RECENT ACCOUNTING PRONOUNCEMENTS

Not yet adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, the impact of ASU 2023-07 will be limited to certain notes to the Consolidated Financial Statements and therefore is not expected to have an impact on the Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. Upon adoption, the impact of ASU 2023-09 will be limited to certain notes to the Consolidated Financial Statements and therefore is not expected to have an impact on the Consolidated Financial Statements.
v3.24.1.u1
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS
3. GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS

The Company’s Growth, Reinvestment, and Restructuring activities are part of an enterprise-wide transformation to build long-term sustainable growth and improve profitability for the Company. As part of our Growth, Reinvestment, and Restructuring Programs, we generally incur expenses that qualify as exit and disposal costs under U.S. GAAP. These include severance and employee separation costs and other exit costs. Severance and employee separation costs primarily relate to cash severance, non-cash severance, including accelerated equity award compensation expense, pension, and other termination benefits. Other exit costs typically relate to lease and contract terminations. We also incur expenses that are an integral component of, and directly attributable to, our Growth, Reinvestment, and Restructuring activities, which do not qualify as exit and disposal costs under U.S. GAAP. These include asset-related costs and other costs. Asset-related costs primarily relate to accelerated depreciation and certain long-lived asset impairments. Other costs primarily relate to start-up costs of new facilities, consulting and professional fees, retention costs, organizational redesign, information technology system implementation, asset relocation costs, and costs to exit facilities or production.

Strategic Growth Initiatives

The Company began executing on its Strategic Growth Initiatives in 2021 and completed the program in 2023. These initiatives were designed to invest in our commercial organization, adapt the supply chain to better support long-term growth opportunities, and further enable the Company to build greater depth in growth categories. The total costs within this program were $115.5 million, comprised of consulting and professional fees, employee-related costs, and investment in information technology. The costs incurred for the three months ended March 31, 2023 were $7.0 million.

Facility Closures

During the fourth quarter of 2023, the Company completed the closure of its Dallas, Texas Coffee facility in connection with the integration of the Coffee Roasting Capability and is transitioning production from Dallas to its Northlake, Texas facility in 2024. Additionally, during the first quarter of 2024, the Company announced the closure of its Sioux Falls, South Dakota facility in connection with the integration of the Seasoned Pretzel Capability and is transitioning production from Sioux Falls to its Hanover, Pennsylvania facility in 2024. The Company expects the total costs related to these facility closures to be approximately $15.0 million, and the cumulative costs incurred to date are $6.9 million. The costs incurred for the three months ended March 31, 2024 were $1.9 million.
Below is a summary of costs by type associated with the Growth, Reinvestment, and Restructuring Programs:
Three Months Ended
March 31,
20242023
 (In millions)
Employee-related$2.6 $4.3 
Other costs4.1 11.0 
Total$6.7 $15.3 
 
For the three months ended March 31, 2024 and 2023, employee-related costs primarily consisted of retention and severance; and other costs primarily consisted of consulting services and third party costs related to facility plant closures. Employee-related and other costs are recognized in Other operating expense, net of the Condensed Consolidated Statements of Operations. 

The table below presents the exit cost liabilities related to severance activity for the Growth, Reinvestment, and Restructuring Programs as of March 31, 2024:  
 Severance
 (In millions)
Balance as of December 31, 2023$5.4 
Expenses recognized0.9 
Cash payments(3.0)
Balance as of March 31, 2024$3.3 
 
The severance liabilities are included in Accrued expenses in the Condensed Consolidated Balance Sheets.
v3.24.1.u1
RECEIVABLES SALES PROGRAM
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
RECEIVABLES SALES PROGRAM
4. RECEIVABLES SALES PROGRAM
 
The Company has entered into agreements to sell certain trade accounts receivable to unrelated, third-party financial institutions at a discount (collectively, the "Receivables Sales Program"). The agreements can be terminated by either party with 60 days' notice. The Receivables Sales Program is used by the Company to manage liquidity in a cost-effective manner. The Company has an insignificant retained interest in the receivables sold under the Receivables Sales Program; however, under the agreements, the Company does have collection and administrative responsibilities for the sold receivables. Under the Receivables Sales Program, the maximum amount of outstanding accounts receivables sold at any time is $500.0 million.

The following table includes the outstanding amount of accounts receivable sold under the Receivables Sales Program and the receivables collected from customers and not remitted to the financial institutions:
March 31, 2024December 31, 2023
 (In millions)
Outstanding accounts receivable sold$243.2 $343.8 
Receivables collected and not remitted to financial institutions132.1 200.2 
Receivables sold under the Receivables Sales Program are derecognized from the Company's Condensed Consolidated Balance Sheet at the time of the sale and the proceeds from such sales are reflected as a component of the change in receivables in the operating activities section of the Condensed Consolidated Statements of Cash Flows. The receivables collected and not remitted to financial institutions are included in Accounts payable in the Condensed Consolidated Balance Sheets.
The following table summarizes the cash flows of the Company's accounts receivable associated with the Receivables Sales Program:
Three Months Ended March 31,
20242023
 (In millions)
Receivables sold$243.2 $471.9 
Receivables collected and remitted to financial institutions(343.8)(489.7)

The loss on sale of receivables represents the discount taken by third-party financial institutions and was $2.0 million and $3.3 million for the three months ended March 31, 2024 and 2023, respectively, and is included in Other (income) expense, net in the Condensed Consolidated Statements of Operations. The Company has not recognized any servicing assets or liabilities as of March 31, 2024 or December 31, 2023, as the fair value of the servicing arrangement as well as the fees earned were not material to the financial statements.
v3.24.1.u1
INVENTORIES
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
INVENTORIES
5. INVENTORIES

March 31, 2024December 31, 2023
 (In millions)
Raw materials and supplies$235.6 $245.4 
Finished goods306.7 288.6 
Total inventories$542.3 $534.0 
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS AND DIVESTITURES
6. ACQUISITIONS AND DIVESTITURES

Acquisitions

Acquisition of Pickle Branded Assets

On January 2, 2024, the Company completed the acquisition of pickle branded assets, including Bick’s pickles, Habitant pickled beets, Woodman’s horseradish, and McLarens pickled onions brands (the "Pickle Branded Assets"), from The J.M. Smucker Co., a North American producer of coffee, consumer foods, dog snacks, and cat food. The acquisition is consistent with our strategy and builds depth in our Pickles category by expanding into Canada. The purchase consideration consisted of approximately $20.0 million in cash transferred at close, and subsequent to March 31, 2024, the Company transferred an additional $5.9 million as a purchase price adjustment resulting in a final total purchase price of $25.9 million. The purchase of the Pickle Branded Assets was accounted for as an Asset Acquisition.

The following table summarizes the purchase price allocation of the fair value of net tangible and intangible assets acquired:

(In millions)
Cash transferred at close$20.0 
Purchase price adjustment5.9 
Total consideration transferred$25.9 
Allocation of consideration to assets acquired:
Inventories$25.2 
Trademarks0.7 
Total purchase price$25.9 

Intangible assets acquired included trademarks with an estimated life of 10 years.
Acquisition of Coffee Roasting Capability

On June 30, 2023, the Company completed the acquisition of the Direct Ship coffee business and its Northlake, Texas coffee facility (the "Coffee Roasting Capability") from Farmer Brothers Company, a national coffee roaster, wholesaler, equipment servicer and distributor of coffee, tea, and culinary products. The acquisition brings roasting, grinding, flavoring and blending capabilities to the Company's portfolio to complement the Company's existing single-serve pod and ready-to-drink coffee businesses. The purchase consideration consisted of approximately $90.6 million in cash. The acquisition was funded by borrowings from the Company’s $500.0 million Revolving Credit Facility.

The following table summarizes the preliminary purchase price allocation of the fair value of net tangible assets acquired:

(In millions)
Cash transferred at close$92.2 
Purchase price adjustment(1.6)
Total consideration transferred$90.6 
Allocation of consideration to assets acquired:
Inventories$29.8 
Property, plant, and equipment, net60.8 
Total purchase price$90.6 

Real property and personal property fair values were determined using the cost and market approaches. The purchase price allocation in the table above is preliminary and subject to the finalization of the Company’s valuation analysis.

Acquisition of Seasoned Pretzel Capability

On April 1, 2023, the Company completed the acquisition of a seasoned pretzel capability for a total purchase price of $14.0 million, which included the recognition of $5.4 million within Goodwill in the Condensed Consolidated Balance Sheets based on the preliminary purchase price allocation. The purchase price consisted of approximately $10.0 million in cash and a deferred payment of $4.0 million due in the third quarter of 2024. The deferred payment is recognized within Accrued expenses in the Condensed Consolidated Balance Sheets as of March 31, 2024. The acquisition is in line with our strategy to build category leadership, depth and capabilities to drive profitable growth.
Discontinued Operations

Sale of the Snack Bars Business

On September 29, 2023, the Company completed the sale of its Snack Bars business (the "Snack Bars Transaction" or the "Snack Bars Business") to John B. Sanfilippo & Son, Inc. for approximately $58.7 million in cash. The Snack Bars Business consists of manufacturing, packaging, and selling snack bars and operated in the Lakeville, Minnesota plant. The Snack Bars Transaction further advances the Company's enterprise-wide transformation to simplify its business and build depth around a focused group of high-growth categories.

The Company entered into a Transition Services Agreement ("TSA") with John B. Sanfilippo & Son, Inc., which is designed to ensure and facilitate an orderly transfer of business operations. The TSA ended in the first quarter of 2024. TSA income is recognized as services are performed, and the income received under the TSA was $0.1 million for the three months ended March 31, 2024. The TSA income is classified within Other operating expense, net in the Company's Condensed Consolidated Statements of Operations.

Sale of a Significant Portion of the Meal Preparation Business

On October 3, 2022, the Company completed the sale of a significant portion of the Company’s Meal Preparation business (the "Meal Preparation Business") to two entities affiliated with Investindustrial: Rushmore Investment III LLC, a Delaware limited liability company ("US Buyer") and 1373978 B.C., ULC, a British Columbia unlimited liability company ("CA Buyer" and together with US Buyer, the "Buyer"). The closing purchase price was $963.8 million, and during the second quarter of 2023, a $20.3 million adjustment to the purchase price was finalized, resulting in a final purchase price of $943.5 million. The final purchase price consisted of approximately $522.6 million in cash and approximately $420.9 million in a five-year secured Seller Promissory Note. During the three months ended March 31, 2023, the Company recognized $10.7 million within Interest income in the Condensed Consolidated Statements of Operations related to the Seller Promissory Note. The Seller Promissory Note was repaid on October 19, 2023, and no interest income was recognized in 2024. Additionally, the Company recognized an expected loss on disposal adjustment of $4.5 million for the three months ended March 31, 2023.

The Company entered into a Transition Services Agreement ("TSA") with the Buyer, which is designed to ensure and facilitate an orderly transfer of business operations. All TSA services are expected to be exited by the end of the second quarter of 2024. TSA income is recognized as services are performed, and the income received under the TSA was $0.4 million and $13.4 million for the three months ended March 31, 2024 and 2023, respectively. The TSA income is classified within Other operating expense, net in the Company's Condensed Consolidated Statements of Operations.

The Company has reflected both of these transactions as discontinued operations. Unless otherwise noted, amounts and disclosures throughout these Notes to Condensed Consolidated Financial Statements relate to the Company's continuing operations.

Results of discontinued operations are as follows:

Three Months Ended
March 31,
2023
(In millions)
Net sales$40.8 
Cost of sales42.1 
Selling, general, administrative and other operating expenses0.3 
Loss on sale of business
4.5 
Operating loss from discontinued operations
(6.1)
Interest and other income
(1.1)
Income tax expense
0.2 
Net loss from discontinued operations$(5.2)
v3.24.1.u1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
7. GOODWILL AND INTANGIBLE ASSETS
 
Goodwill

Changes in the carrying amount of goodwill, which include no accumulated impairment losses, for the three months ended March 31, 2024 are as follows:
Goodwill
 (In millions)
Balance at December 31, 2023$1,824.7 
Foreign currency exchange adjustments(1.6)
Balance at March 31, 2024$1,823.1 

Intangible Assets

The gross carrying amounts and accumulated amortization of intangible assets as of March 31, 2024 and December 31, 2023 are as follows:

 March 31, 2024December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
 (In millions)
Intangible assets with finite lives:      
Customer-related$548.4 $(372.0)$176.4 $549.3 $(364.1)$185.2 
Trademarks19.4 (16.2)3.2 18.7 (15.9)2.8 
Formulas/recipes15.5 (15.0)0.5 15.5 (14.9)0.6 
Computer software209.8 (149.5)60.3 209.0 (146.2)62.8 
Total finite lived intangibles793.1 (552.7)240.4 792.5 (541.1)251.4 
Intangible assets with indefinite lives:
Trademarks6.0 — 6.0 6.0 — 6.0 
Total intangible assets$799.1 $(552.7)$246.4 $798.5 $(541.1)$257.4 
v3.24.1.u1
INCOME TAXES
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
8. INCOME TAXES
 
Income taxes were recognized at effective rates of 23.5% for the three months ended March 31, 2024, compared to 26.4% for the three months ended March 31, 2023. The change in the Company's effective tax rate for the three months ended March 31, 2024 compared to 2023 is primarily driven by changes in the amount of non-deductible executive compensation and the tax effect of cross-border tax laws. Our effective tax rate may change from period to period based on recurring and non-recurring factors, including the jurisdictional mix of earnings, enacted tax legislation, state income taxes, settlement of tax audits, and the expiration of the statute of limitations in relation to unrecognized tax benefits.

Management estimates that it is reasonably possible that the total amount of unrecognized tax benefits could decrease by as much as $1.0 million within the next 12 months, primarily as a result of the lapsing of statutes of limitations. Approximately all of the $1.0 million could affect net income when settled. The timing of cash settlement, if any, cannot be reasonably estimated for uncertain tax benefits.
v3.24.1.u1
LONG-TERM DEBT
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
LONG-TERM DEBT
9. LONG-TERM DEBT
 
March 31, 2024December 31, 2023
 (In millions)
Term Loan A$316.4 $316.4 
Term Loan A-1588.6 588.6 
2028 Notes500.0 500.0 
Finance leases0.4 0.6 
Total outstanding debt1,405.4 1,405.6 
Deferred financing costs(8.6)(9.2)
Less current portion(0.3)(0.4)
Total long-term debt$1,396.5 $1,396.0 

Revolving Credit Facility — As of March 31, 2024, the Company had remaining availability of $471.0 million under its $500 million Revolving Credit Facility, and there were $29.0 million in letters of credit under the Revolving Credit Facility that were issued but undrawn, which have been included as a reduction to the calculation of available credit. Under the Credit Agreement, the Revolving Credit Facility matures on March 26, 2026.
Fair Value — At March 31, 2024, the aggregate fair value of the Company's total debt was $1,353.9 million and its carrying value was $1,405.0 million. At December 31, 2023, the aggregate fair value of the Company's total debt was $1,350.5 million and its carrying value was $1,405.0 million. The fair values of Term Loan A and Term Loan A-1 were estimated using present value techniques and market-based interest rates and credit spreads. The fair value of the Company's 2028 Notes was estimated based on quoted market prices for similar instruments due to their infrequent trading volume. Accordingly, the fair value of the Company's debt is classified as Level 2 within the valuation hierarchy.
v3.24.1.u1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
STOCKHOLDERS' EQUITY
10. STOCKHOLDERS' EQUITY

Share Repurchase Authorization — On November 2, 2017, the Company announced that the Board of Directors adopted a stock repurchase program. The stock repurchase program authorizes the Company to repurchase up to $400 million of the Company's common stock at any time, or from time to time. Any repurchases under the program may be made by means of open market transactions, negotiated block transactions, or otherwise, including pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The size and timing of any repurchases will depend on price, market and business conditions, and other factors. The Company has the ability to make discretionary repurchases up to an annual cap of $150 million under the $400 million total authorization of which $122.8 million remained available under the stock repurchase program as of March 31, 2024. The stock repurchase program does not have an expiration date. Any shares repurchased will be held as treasury stock.

During the three months ended March 31, 2024, the Company repurchased approximately 1.2 million shares of common stock at a weighted average share price of $36.61 for a total of $43.9 million. There were no shares repurchased during the three months ended March 31, 2023. Subsequent to March 31, 2024, the Company repurchased approximately 0.6 million shares of common stock at a weighted average share price of $36.95 for a total of $20.6 million.

The Company accrued approximately $0.4 million of excise tax in connection with the share repurchases it completed during the quarter ended March 31, 2024, which was recorded as an adjustment to the cost basis of repurchased shares in treasury stock and within Accrued expenses on the Company’s Condensed Consolidated Balance Sheets as of March 31, 2024.
v3.24.1.u1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
11. EARNINGS PER SHARE

The following table summarizes the effect of the share-based compensation awards on the weighted average number of shares outstanding used in calculating diluted earnings (loss) per share:
 
Three Months Ended
March 31,
20242023
(In millions)
Weighted average common shares outstanding53.8 56.1 
Assumed exercise/vesting of equity awards (1)— 0.6 
Weighted average diluted common shares outstanding53.8 56.7 
 
(1)For the three months ended March 31, 2024, the weighted average common shares outstanding is the same for the computations of both basic and diluted shares outstanding because the Company had a net loss from continuing operations for the period. Equity awards, excluded from our computation of diluted earnings per share because they were anti-dilutive, were 0.6 million and 1.2 million for the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
STOCK-BASED COMPENSATION
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION
12. STOCK-BASED COMPENSATION

The Board of Directors adopted, and the Company's stockholders approved, the "TreeHouse Foods, Inc. Equity and Incentive Plan" (the "Plan"). Under the Plan, the Compensation Committee may grant awards of various types of compensation, including stock options, restricted stock, restricted stock units, performance shares, performance units, other types of stock-based awards, and other cash-based compensation. The maximum number of shares authorized to be awarded under the Plan is approximately 22.5 million as of March 31, 2024.

Total compensation expense related to stock-based payments and the related income tax benefit recognized in Net (loss) income from continuing operations are as follows:
Three Months Ended
March 31,
20242023
(In millions)
Compensation expense related to stock-based payments$5.7 $7.2 
Related income tax benefit1.4 0.9 

All amounts below include continuing and discontinued operations.
Stock Options — Stock options granted under the Plan during 2022 have a three year vesting schedule, vest one-third on the second anniversary of the grant date and two-thirds on the third anniversary of the grant date, and expire ten years from the grant date. Stock options are generally only granted to employees and non-employee directors.

The following table summarizes stock option activity during 2024:
Employee
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term (yrs.)		Aggregate
Intrinsic
Value
(In thousands)(In millions)
Outstanding, at December 31, 2023578 $64.20 5.1$— 
Expired(2)80.42 
Outstanding, at March 31, 2024576 64.16 4.9— 
Vested/expected to vest, at March 31, 2024557 64.89 4.7— 
Exercisable, at March 31, 2024287 85.85 1.6— 
Unrecognized compensation costs related to nonvested options totaled $1.7 million at March 31, 2024 and are expected to be recognized over a weighted average period of 1.1 years.

Restricted Stock Units — Employee restricted stock unit awards generally vest based on the passage of time in approximately three equal installments on each of the first three anniversaries of the grant date.

Non-employee director restricted stock units generally vest on the first anniversary of the grant date. Certain non-employee directors have elected to defer receipt of their awards until either their departure from the Board of Directors or a specified date beyond the first anniversary of the grant date.

The following table summarizes the restricted stock unit activity during the three months ended March 31, 2024:
 
Employee
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Director
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
 (In thousands) (In thousands) 
Nonvested, at December 31, 2023573 $41.57 45 $50.14 
Granted480 37.05 1 40.95 
Vested(232)41.20 — — 
Forfeited(40)41.19 — — 
Nonvested, at March 31, 2024781 38.92 46 49.86 
Earned and deferred, at March 31, 202422 47.37 
 
 Three Months Ended
March 31,
 20242023
 (In millions)
Fair value of vested restricted stock units$8.8 $11.1 
Tax benefit recognized from vested restricted stock units1.4 1.6 
 
Unrecognized compensation costs related to nonvested restricted stock units are approximately $29.2 million as of March 31, 2024 and will be recognized over a weighted average period of 2.3 years. The grant date fair value of the awards is equal to the Company's closing stock price on the grant date.
Performance Units — Performance unit awards are granted to certain members of management. These awards contain both service and performance conditions, and for certain executive members of management, a market condition, in each case as described below.

•For performance unit awards granted in 2021 through 2023, performance goals are set and measured annually with one-quarter of the units eligible to accrue for each year in the three-year performance period. Accrued shares are earned at the end of each performance period but remain subject to forfeiture until the third anniversary of the grant date. Additionally, for the cumulative three-year performance period, one-quarter of the units will accrue. For both the annual and cumulative shares, the earned shares are equal to the number of units granted multiplied by a predefined percentage generally between 0% and 200%, depending on the achievement of certain operating performance measures.
•For performance unit awards granted in 2024, performance goals were established upfront and will be measured over a cumulative three-year performance period. The units will accrue each month, multiplied by a predefined percentage between 0% and 200%, depending on the achievement of certain operating performance measures. Accrued shares are not earned until the end of the full three-year performance period and remain subject to forfeiture until the third anniversary of the grant date.
•For performance unit awards granted in 2021 through 2024, certain executive members of management received awards that were measured using a relative total shareholder return ("TSR") market condition over a three-year performance goal. The units will accrue, multiplied by a predefined percentage between 0% and 150% for years 2021 through 2023 and between 0% and 200% for 2024, for the relative TSR measure, depending on the achievement attainment over the three-year performance period based on the Company's absolute annualized TSR relative to the annualized TSR of a Peer Group. The fair value of the portion of the awards based on relative TSR was valued using a Monte Carlo simulation model with a grant-date fair value of $37.56 on approximately 35,800 units granted in 2024.
•During the second quarter of 2022, the Company made grants to certain of the Company’s named executive officers and certain other executive officers of performance-based restricted stock units (the "PBRSU Awards"). The PBRSU Awards include a relative TSR market condition over a two-year performance period beginning on the date of grant. The units will accrue, multiplied by a predefined percentage between 0% to 450% for the relative TSR measure, depending on the achievement attainment over the two-year performance period based on Company’s absolute annualized TSR relative to the annualized TSR of the S&P Food & Beverage Select Industry Index (the "Index"). The fair value of the awards was valued using a Monte Carlo simulation model with a weighted average grant-date fair value of $58.36 on approximately 239,300 units granted in 2022.

These awards will be converted to stock or cash, at the discretion of the Compensation Committee, generally, on the third anniversary of the grant date with the exception of the PBRSU Awards on the second anniversary. The Company intends to settle these awards in stock and has the shares available to do so.

Performance unit awards with market conditions are valued using a Monte Carlo simulation model. Expected volatility is based on the historical volatility of the Company’s stock price, average Peer Group stock price, or the total return value of the Index. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of the grant with a term equivalent to the expected term of the award. The expected term is the time period from the grant date to the end of the performance period. The weighted average assumptions used in the Monte Carlo simulations were as follows:

Three Months Ended
March 31,
2024
Dividend yield0 %
Risk-free rate4.50 %
Expected volatility (TreeHouse Foods, Inc.)34.34 %
Expected volatility (Peer Group)33.56 %
Expected term (in years)2.79
The following table summarizes the performance unit activity during the three months ended March 31, 2024:
Performance
Units		Weighted
Average
Grant Date
Fair Value
 (In thousands) 
Nonvested, at December 31, 2023534 $47.44 
Granted143 36.95 
Vested(45)43.32 
Forfeited(44)50.99 
Nonvested, at March 31, 2024588 44.91 
 
 Three Months Ended
March 31,
 20242023
 (In millions)
Fair value of vested performance units$1.7 $3.7 
Tax benefit recognized from performance units vested0.1 0.4 

Unrecognized compensation costs related to nonvested performance units are estimated to be approximately $10.0 million as of March 31, 2024 and are expected to be recognized over a weighted average period of 1.3 years. The fair value of the portion of the awards granted based on market conditions were valued using a Monte Carlo simulation model. For other awards, the grant date fair value is equal to the Company's closing stock price on the date of grant.
v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE LOSS
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE LOSS
13. ACCUMULATED OTHER COMPREHENSIVE LOSS
 
Accumulated other comprehensive loss consists of the following components, all of which are net of tax:
 
Foreign
Currency
Translation (1)		Unrecognized
Pension and
Postretirement
Benefits (1)		Accumulated
Other
Comprehensive
Loss
 (In millions)
Balance at December 31, 2022$(87.0)$3.3 $(83.7)
Other comprehensive income0.3 — 0.3 
Balance at March 31, 2023$(86.7)$3.3 $(83.4)
Balance at December 31, 2023$(84.2)$8.1 $(76.1)
Other comprehensive loss
(2.6)— (2.6)
Balance at March 31, 2024$(86.8)$8.1 $(78.7)
 
(1)The tax impact of the foreign currency translation adjustment and the unrecognized pension and postretirement benefits reclassification was insignificant for the three months ended March 31, 2024 and 2023.
v3.24.1.u1
EMPLOYEE RETIREMENT AND POSTRETIREMENT BENEFITS
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
EMPLOYEE RETIREMENT AND POSTRETIREMENT BENEFITS
14. EMPLOYEE RETIREMENT AND POSTRETIREMENT BENEFITS

Pension, Profit Sharing, and Postretirement Benefits — Certain employees and retirees participate in pension and other postretirement benefit plans. Employee benefit plan obligations and expenses included in the Condensed Consolidated Financial Statements are determined based on plan assumptions, employee demographic data, including years of service and compensation, benefits and claims paid, and employer contributions. The information below includes the activities of the Company's continuing and discontinued operations.

Components of net periodic pension cost are as follows:
 
Three Months Ended
March 31,
 20242023
 (In millions)
Service cost$0.1 $0.1 
Interest cost2.6 3.2 
Expected return on plan assets(2.7)(3.4)
Amortization of unrecognized net loss0.1 0.1 
Net periodic pension cost
$0.1 $— 

Components of net periodic postretirement cost are as follows:
Three Months Ended
March 31,
 20242023
 (In millions)
Interest cost$0.2 $0.2 
Amortization of unrecognized net gain(0.1)(0.1)
Net periodic postretirement cost$0.1 $0.1 

The service cost components of net periodic pension and postretirement costs were recognized in Cost of sales and the other components were recognized in Other (income) expense, net of the Condensed Consolidated Statements of Operations.
v3.24.1.u1
OTHER OPERATING EXPENSE, NET
 3 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
OTHER OPERATING EXPENSE, NET
15. OTHER OPERATING EXPENSE, NET

The Company incurred other operating expense, net, for the three months ended March 31, 2024 and 2023, which consisted of the following: 
Three Months Ended
March 31,
20242023
(In millions)
Growth, reinvestment, and restructuring programs (1)$6.7 $15.3 
TSA income (2)(0.5)(13.4)
Other0.2 0.7 
Other operating expense, net$6.4 $2.6 

(1)     Refer to Note 3 for more information.
(2)    Refer to Note 6 for more information.
v3.24.1.u1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
16. COMMITMENTS AND CONTINGENCIES

Shareholder Class Action and Related Derivative Actions

The Company, as nominal defendant, and certain of its directors, officers and former directors and officers are parties to the following shareholder derivative suits:

(i)Wells v. Reed, et al., Case No. 2016-CH-16359 (filed Dec. 22, 2016 in the Circuit Court of Cook County, Illinois), asserting state law claims for breach of fiduciary duty, unjust enrichment and corporate waste; and
(ii)City of Ann Arbor Employees' Retirement System v. Reed, et al., Case No. 2019-CH-06753 (filed June 3, 2019 in the Circuit Court of Cook County, Illinois), asserting claims breach of fiduciary duty, aiding and abetting breaches of fiduciary duty and contribution and indemnification from the individual defendants for losses incurred by the Company.

Essentially, each of the complaints allege that TreeHouse, under the authority and control of the individual defendants: (i) made certain false and misleading statements regarding the Company's business, operations, and future prospects; and (ii) failed to disclose that (a) the Company's private label business was underperforming; (b) the Company's Flagstone Foods business was underperforming; (c) the Company's acquisition strategy was underperforming; (d) the Company had overstated its full-year 2016 guidance; and (e) TreeHouse's statements lacked reasonable basis. The complaints allege, among other things, that these actions artificially inflated the market price of TreeHouse common stock and resulted in harm to the Company, including the filing of the MPERS class action (see below).

Each of these cases involves allegations similar to those in an earlier-filed, resolved federal securities class action, Public Employees' Retirement Systems of Mississippi v. TreeHouse Foods, Inc., et al., Case No. 1:16-cv-10632 ("MPERS") (filed Nov. 16, 2016), in the United States District Court for the Northern District of Illinois brought on behalf of a class of all purchasers of TreeHouse common stock from January 20, 2016 through and including November 2, 2016. The MPERS complaint asserted claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and was based on essentially the same facts described above. The parties filed a stipulation of settlement to resolve the MPERS class action for a cash payment of $27.0 million (funded by D&O insurance) in exchange for dismissal with prejudice of the class claims and full releases. After briefing, preliminary approval, notice and a hearing, on November 17, 2021, the Court granted final approval of the settlement and entered a final judgment dismissing the case with prejudice on a classwide basis.

Due to the similarity of the derivative complaints, Ann Arbor was consolidated with Wells. On August 26, 2022, plaintiffs in the consolidated Wells case filed a second amended complaint, which was dismissed in its entirety with prejudice on March 15, 2023. The plaintiffs filed a notice of appeal on March 16, 2023, and the appeal was fully briefed as of August 17, 2023. On March 22, 2024, the Appellate Court reversed the state trial court’s dismissal of the consolidated amended complaint, the complaint was reinstated, and the case was remanded to the state trial court for further proceedings.

Other Claims

In addition, the Company is party in the ordinary course of business to certain claims, litigation, audits, and investigations. The Company will record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company believes it has established adequate accruals for liabilities that are probable and reasonably estimable that may be incurred in connection with any such currently pending or threatened matter. In the Company's opinion, the eventual resolution of such matters, either individually or in the aggregate, is not expected to have a material impact on the Company's financial position, results of operations, or cash flows. However, litigation is inherently unpredictable and resolutions or dispositions of claims or lawsuits by settlement or otherwise could have an adverse impact on our financial position, results of operations or cash flows for the reporting period in which any such resolution or disposition occurs.
In February 2014, TreeHouse, along with its 100% owned subsidiaries, Bay Valley Foods, LLC and Sturm Foods, Inc., filed suit against Keurig Dr. Pepper Inc.'s wholly-owned subsidiary, Keurig Green Mountain ("KGM"), in the U.S. District Court for the Southern District of New York captioned TreeHouse Foods, Inc. et al. v. Green Mountain Coffee Roasters, Inc. et al. asserting claims under the federal antitrust laws, various state antitrust laws and unfair competition statutes, contending that KGM had monopolized alleged markets for single serve coffee brewers and single serve coffee pods. The Company is seeking monetary damages, declaratory relief, injunctive relief, and attorneys' fees. The matter remains pending, with summary judgment, motions to exclude certain expert opinions, and discovery sanctions motions fully briefed. On March 28, 2022, the Magistrate Judge issued a non-public Opinion and Order granting in part and denying in part the TreeHouse sanctions motion against KGM and denying the KGM sanctions motion against TreeHouse. KGM has appealed a portion of the Opinion and Order awarding sanctions to the Company. Most recently, the Judge appointed a special master to resolve disputes about whether certain portions of the case record could be made public. The special master made the last of his decisions on these disputes on January 5, 2024, and the Judge adopted all of the special master’s decisions on March 24, 2024. Following these decisions, the parties expect that public versions of summary judgment and other briefing will be filed in the near term. KGM is denying the allegations made by the Company in the litigation. The Company has not recorded any amount in its Condensed Consolidated Financial Statements as of March 31, 2024.
v3.24.1.u1
DERIVATIVE INSTRUMENTS
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS
17. DERIVATIVE INSTRUMENTS

Interest Rate Swap Agreements - The Company manages its exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and by utilizing interest rate swaps to hedge our exposure to changes in interest rates, to reduce the volatility of our financing costs, and to achieve a desired proportion of fixed versus floating-rate debt, based on current and projected market conditions.

The Company has entered into long-term interest rate swap agreements to lock into a fixed interest rate base that have a notional value of $1,475.0 million as of March 31, 2024 and $1,175.0 million as of December 31, 2023. Under the terms of the agreements, the weighted average fixed interest rate base for the $875.0 million of interest rate swaps maturing on February 28, 2025 is approximately 2.91%, and for the $600.0 million of interest rate swaps effective February 28, 2025 through February 29, 2028, is approximately 3.68%.

Commodity Contracts - Certain commodities the Company uses in the production and distribution of its products are exposed to market price risk. The Company utilizes derivative contracts to manage this risk. The majority of commodity forward contracts are not derivatives, and those that are generally qualify for the normal purchases and normal sales scope exception under the guidance for derivative instruments and hedging activities and, therefore, are not subject to its provisions. For derivative commodity contracts that do not qualify for the normal purchases and normal sales scope exception, the Company accounts for the contracts as derivatives.

The Company's derivative commodity contracts may include contracts for diesel, oil, plastics, resin, and other commodity contracts that do not meet the requirements for the normal purchases and normal sales scope exception. Diesel contracts are used to manage the Company's risk associated with the underlying cost of diesel fuel used to deliver products. Contracts for oil, plastics, and resin are used to manage the Company's risk associated with the underlying commodity cost of a significant component used in packaging materials. Other commodity contracts that are derivatives that do not meet the normal purchases and normal sales scope exception are used to manage the price risk associated with raw material costs. As of March 31, 2024 and December 31, 2023, the notional value of the commodity contracts outstanding was $64.2 million and $24.4 million, respectively. These commodity contracts have maturities expiring throughout 2023 and 2024 as of March 31, 2024.
 The following table identifies the fair value of each derivative instrument:
 Balance Sheet LocationMarch 31, 2024December 31, 2023
(In millions)
Asset derivatives
Commodity contractsPrepaid expenses and other current assets$1.0 $1.9 
Interest rate swap agreementsPrepaid expenses and other current assets17.5 — 
Interest rate swap agreementsOther assets, net2.9 17.9 
 $21.4 $19.8 
Liability derivatives
Commodity contractsAccrued expenses$0.3 $0.8 
Interest rate swap agreementsAccrued expenses2.3 7.2 
 $2.6 $8.0 

The fair values of the commodity contracts and interest rate swap agreements are determined using Level 2 inputs. Level 2 inputs are inputs other than quoted market prices that are observable for an asset or liability, either directly or indirectly. The fair values of the commodity contracts and interest rate swap agreements are based on an analysis comparing the contract rates to the market rates at the balance sheet date.

We recognized the following gains and losses on our derivative contracts in the Condensed Consolidated Statements of Operations:
Location of Gain (Loss)Three Months Ended
March 31,
 
Recognized in Net (Loss) Income
20242023
  (In millions)
Mark-to-market unrealized gain (loss)  
Commodity contractsOther (income) expense, net$(0.4)$0.3 
Interest rate swap agreementsOther (income) expense, net7.4 (6.2)
Total unrealized gain (loss)
 $7.0 $(5.9)
Realized gain (loss) 
Commodity contractsManufacturing related to Cost of sales and transportation related to Selling and distribution$1.5 $— 
Interest rate swap agreementsInterest expense5.6 3.6 
Total realized gain
 $7.1 $3.6 
Total gain (loss)
 $14.1 $(2.3)
v3.24.1.u1
DISAGGREGATION OF REVENUE
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
DISAGGREGATION OF REVENUE
18. DISAGGREGATION OF REVENUE

The principal products that comprise our different product category groups are as follows:

Product Category GroupPrincipal Products
SnackingCandy; cookies; crackers; in-store bakery items; pretzels; and frozen griddle items
Beverages & drink mixesBroths/stocks; non-dairy creamer; powdered beverages and other blends; ready-to-drink beverages; coffee; and tea
GroceryCheese & pudding; hot cereal; pickles; and refrigerated dough
Revenue disaggregated by product category groups is as follows:

Three Months Ended
March 31,
 20242023
 (In millions)
Snacking$314.8 $317.8 
Beverages & drink mixes267.7 291.3 
Grocery238.2 244.9 
Total net sales$820.7 $854.0 
Revenue disaggregated by sales channel is as follows:

Three Months Ended
March 31,
 20242023
 (In millions)
Retail grocery$649.9 $679.2 
Co-manufacturing100.0 109.4 
Food-away-from-home and other70.8 65.4 
Total net sales$820.7 $854.0 
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net (loss) income $ (11.7) $ 15.2
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Reclassification
Reclassification

Certain prior year amounts have been reclassified to conform to the current year presentation. Specifically, Additions to property, plant, and equipment and Additions to intangible assets have been condensed into Capital expenditures within the Cash flows from investing activities section of the Condensed Consolidated Statements of Cash Flows. Additionally, Accrued purchase of property and equipment and Accrued other intangible assets have been condensed into Capital expenditures incurred but not yet paid within the Non-cash investing activities section of the Condensed Consolidated Statements of Cash Flows.
Use of Estimates
Use of Estimates

The preparation of our Condensed Consolidated Financial Statements in conformity with GAAP requires management to use judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from these estimates.
Segment Information
Segment Information
The Company manages operations on a company-wide basis, thereby making determinations as to the allocation of resources as one segment. We manufacture and distribute private label food and beverages in North America. Our products are primarily shelf stable and share similar customers and distribution. The Chief Executive Officer, who has been identified as our Chief Operating Decision Maker ("CODM") allocates resources and assesses performance based upon discrete financial information at the consolidated level. We have one segment manager who reports directly to the CODM with incentive compensation based on aggregated consolidated results of the Company. The annual operating plan is prepared and approved by the CODM based on consolidated results of the Company. We operate our business with a centralized financial systems infrastructure, and we share centralized resources for sales, procurement, and general and administrative activities. The majority of our manufacturing plants each produce one food or beverage category.
Recently Adopted Accounting Pronouncements Not yet adopted
Not yet adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, the impact of ASU 2023-07 will be limited to certain notes to the Consolidated Financial Statements and therefore is not expected to have an impact on the Consolidated Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. Upon adoption, the impact of ASU 2023-09 will be limited to certain notes to the Consolidated Financial Statements and therefore is not expected to have an impact on the Consolidated Financial Statements.
v3.24.1.u1
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS (Tables)
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Aggregate Expenses Incurred Associated with Facility Closure
Below is a summary of costs by type associated with the Growth, Reinvestment, and Restructuring Programs:
Three Months Ended
March 31,
20242023
 (In millions)
Employee-related$2.6 $4.3 
Other costs4.1 11.0 
Total$6.7 $15.3 
Schedule of Activity of Restructuring Program Liabilities
The table below presents the exit cost liabilities related to severance activity for the Growth, Reinvestment, and Restructuring Programs as of March 31, 2024:  
 Severance
 (In millions)
Balance as of December 31, 2023$5.4 
Expenses recognized0.9 
Cash payments(3.0)
Balance as of March 31, 2024$3.3 
v3.24.1.u1
RECEIVABLES SALES PROGRAM (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Receivable Sales Program
The following table includes the outstanding amount of accounts receivable sold under the Receivables Sales Program and the receivables collected from customers and not remitted to the financial institutions:
March 31, 2024December 31, 2023
 (In millions)
Outstanding accounts receivable sold$243.2 $343.8 
Receivables collected and not remitted to financial institutions132.1 200.2 
The following table summarizes the cash flows of the Company's accounts receivable associated with the Receivables Sales Program:
Three Months Ended March 31,
20242023
 (In millions)
Receivables sold$243.2 $471.9 
Receivables collected and remitted to financial institutions(343.8)(489.7)
v3.24.1.u1
INVENTORIES (Tables)
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
March 31, 2024December 31, 2023
 (In millions)
Raw materials and supplies$235.6 $245.4 
Finished goods306.7 288.6 
Total inventories$542.3 $534.0 
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES (Tables)
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Schedule of Business Acquisitions Consideration
The following table summarizes the purchase price allocation of the fair value of net tangible and intangible assets acquired:

(In millions)
Cash transferred at close$20.0 
Purchase price adjustment5.9 
Total consideration transferred$25.9 
Allocation of consideration to assets acquired:
Inventories$25.2 
Trademarks0.7 
Total purchase price$25.9 
The following table summarizes the preliminary purchase price allocation of the fair value of net tangible assets acquired:

(In millions)
Cash transferred at close$92.2 
Purchase price adjustment(1.6)
Total consideration transferred$90.6 
Allocation of consideration to assets acquired:
Inventories$29.8 
Property, plant, and equipment, net60.8 
Total purchase price$90.6 
Schedule of Preliminary Purchase Price Allocation of Fair value of Net Tangible Assets Acquired
The following table summarizes the purchase price allocation of the fair value of net tangible and intangible assets acquired:

(In millions)
Cash transferred at close$20.0 
Purchase price adjustment5.9 
Total consideration transferred$25.9 
Allocation of consideration to assets acquired:
Inventories$25.2 
Trademarks0.7 
Total purchase price$25.9 
The following table summarizes the preliminary purchase price allocation of the fair value of net tangible assets acquired:

(In millions)
Cash transferred at close$92.2 
Purchase price adjustment(1.6)
Total consideration transferred$90.6 
Allocation of consideration to assets acquired:
Inventories$29.8 
Property, plant, and equipment, net60.8 
Total purchase price$90.6 
Schedule of Discontinued Operations
Results of discontinued operations are as follows:

Three Months Ended
March 31,
2023
(In millions)
Net sales$40.8 
Cost of sales42.1 
Selling, general, administrative and other operating expenses0.3 
Loss on sale of business
4.5 
Operating loss from discontinued operations
(6.1)
Interest and other income
(1.1)
Income tax expense
0.2 
Net loss from discontinued operations$(5.2)
v3.24.1.u1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
Changes in the carrying amount of goodwill, which include no accumulated impairment losses, for the three months ended March 31, 2024 are as follows:
Goodwill
 (In millions)
Balance at December 31, 2023$1,824.7 
Foreign currency exchange adjustments(1.6)
Balance at March 31, 2024$1,823.1 
Schedule of Gross Carrying Amounts and Accumulated Amortization of Intangible Assets, with Finite Lives
The gross carrying amounts and accumulated amortization of intangible assets as of March 31, 2024 and December 31, 2023 are as follows:

 March 31, 2024December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
 (In millions)
Intangible assets with finite lives:      
Customer-related$548.4 $(372.0)$176.4 $549.3 $(364.1)$185.2 
Trademarks19.4 (16.2)3.2 18.7 (15.9)2.8 
Formulas/recipes15.5 (15.0)0.5 15.5 (14.9)0.6 
Computer software209.8 (149.5)60.3 209.0 (146.2)62.8 
Total finite lived intangibles793.1 (552.7)240.4 792.5 (541.1)251.4 
Intangible assets with indefinite lives:
Trademarks6.0 — 6.0 6.0 — 6.0 
Total intangible assets$799.1 $(552.7)$246.4 $798.5 $(541.1)$257.4 
Schedule of Gross Carrying Amounts of Intangible Assets, with Indefinite Lives
The gross carrying amounts and accumulated amortization of intangible assets as of March 31, 2024 and December 31, 2023 are as follows:

 March 31, 2024December 31, 2023
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
 (In millions)
Intangible assets with finite lives:      
Customer-related$548.4 $(372.0)$176.4 $549.3 $(364.1)$185.2 
Trademarks19.4 (16.2)3.2 18.7 (15.9)2.8 
Formulas/recipes15.5 (15.0)0.5 15.5 (14.9)0.6 
Computer software209.8 (149.5)60.3 209.0 (146.2)62.8 
Total finite lived intangibles793.1 (552.7)240.4 792.5 (541.1)251.4 
Intangible assets with indefinite lives:
Trademarks6.0 — 6.0 6.0 — 6.0 
Total intangible assets$799.1 $(552.7)$246.4 $798.5 $(541.1)$257.4 
v3.24.1.u1
LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
March 31, 2024December 31, 2023
 (In millions)
Term Loan A$316.4 $316.4 
Term Loan A-1588.6 588.6 
2028 Notes500.0 500.0 
Finance leases0.4 0.6 
Total outstanding debt1,405.4 1,405.6 
Deferred financing costs(8.6)(9.2)
Less current portion(0.3)(0.4)
Total long-term debt$1,396.5 $1,396.0 
v3.24.1.u1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Effect of Share-Based Compensation Awards on Weighted Average Number of Shares Outstanding Used in Calculating Diluted Earnings (Loss) Per Share
The following table summarizes the effect of the share-based compensation awards on the weighted average number of shares outstanding used in calculating diluted earnings (loss) per share:
 
Three Months Ended
March 31,
20242023
(In millions)
Weighted average common shares outstanding53.8 56.1 
Assumed exercise/vesting of equity awards (1)— 0.6 
Weighted average diluted common shares outstanding53.8 56.7 
 
(1)For the three months ended March 31, 2024, the weighted average common shares outstanding is the same for the computations of both basic and diluted shares outstanding because the Company had a net loss from continuing operations for the period. Equity awards, excluded from our computation of diluted earnings per share because they were anti-dilutive, were 0.6 million and 1.2 million for the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Total Compensation Expense
Total compensation expense related to stock-based payments and the related income tax benefit recognized in Net (loss) income from continuing operations are as follows:
Three Months Ended
March 31,
20242023
(In millions)
Compensation expense related to stock-based payments$5.7 $7.2 
Related income tax benefit1.4 0.9 
Schedule of Stock Option Activity
The following table summarizes stock option activity during 2024:
Employee
Options		Weighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term (yrs.)		Aggregate
Intrinsic
Value
(In thousands)(In millions)
Outstanding, at December 31, 2023578 $64.20 5.1$— 
Expired(2)80.42 
Outstanding, at March 31, 2024576 64.16 4.9— 
Vested/expected to vest, at March 31, 2024557 64.89 4.7— 
Exercisable, at March 31, 2024287 85.85 1.6— 
Schedule of Restricted Stock Unit Activity
The following table summarizes the restricted stock unit activity during the three months ended March 31, 2024:
 
Employee
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value		Director
Restricted
Stock Units		Weighted
Average
Grant Date
Fair Value
 (In thousands) (In thousands) 
Nonvested, at December 31, 2023573 $41.57 45 $50.14 
Granted480 37.05 1 40.95 
Vested(232)41.20 — — 
Forfeited(40)41.19 — — 
Nonvested, at March 31, 2024781 38.92 46 49.86 
Earned and deferred, at March 31, 202422 47.37 
Schedule of Highlight of Restricted Stock Unit Activity
 Three Months Ended
March 31,
 20242023
 (In millions)
Fair value of vested restricted stock units$8.8 $11.1 
Tax benefit recognized from vested restricted stock units1.4 1.6 
Schedule of Assumptions Used in the Monte Carlo Simulation The weighted average assumptions used in the Monte Carlo simulations were as follows:
Three Months Ended
March 31,
2024
Dividend yield0 %
Risk-free rate4.50 %
Expected volatility (TreeHouse Foods, Inc.)34.34 %
Expected volatility (Peer Group)33.56 %
Expected term (in years)2.79
Schedule of Performance Unit Activity
The following table summarizes the performance unit activity during the three months ended March 31, 2024:
Performance
Units		Weighted
Average
Grant Date
Fair Value
 (In thousands) 
Nonvested, at December 31, 2023534 $47.44 
Granted143 36.95 
Vested(45)43.32 
Forfeited(44)50.99 
Nonvested, at March 31, 2024588 44.91 
Schedule of Highlight of Performance Unit Activity
 Three Months Ended
March 31,
 20242023
 (In millions)
Fair value of vested performance units$1.7 $3.7 
Tax benefit recognized from performance units vested0.1 0.4 
v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Loss Net of Tax
Accumulated other comprehensive loss consists of the following components, all of which are net of tax:
 
Foreign
Currency
Translation (1)		Unrecognized
Pension and
Postretirement
Benefits (1)		Accumulated
Other
Comprehensive
Loss
 (In millions)
Balance at December 31, 2022$(87.0)$3.3 $(83.7)
Other comprehensive income0.3 — 0.3 
Balance at March 31, 2023$(86.7)$3.3 $(83.4)
Balance at December 31, 2023$(84.2)$8.1 $(76.1)
Other comprehensive loss
(2.6)— (2.6)
Balance at March 31, 2024$(86.8)$8.1 $(78.7)
 
(1)The tax impact of the foreign currency translation adjustment and the unrecognized pension and postretirement benefits reclassification was insignificant for the three months ended March 31, 2024 and 2023.
v3.24.1.u1
EMPLOYEE RETIREMENT AND POSTRETIREMENT BENEFITS (Tables)
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Net Periodic Pension Cost and Postretirement Cost
Components of net periodic pension cost are as follows:
 
Three Months Ended
March 31,
 20242023
 (In millions)
Service cost$0.1 $0.1 
Interest cost2.6 3.2 
Expected return on plan assets(2.7)(3.4)
Amortization of unrecognized net loss0.1 0.1 
Net periodic pension cost
$0.1 $— 

Components of net periodic postretirement cost are as follows:
Three Months Ended
March 31,
 20242023
 (In millions)
Interest cost$0.2 $0.2 
Amortization of unrecognized net gain(0.1)(0.1)
Net periodic postretirement cost$0.1 $0.1 
v3.24.1.u1
OTHER OPERATING EXPENSE, NET (Tables)
 3 Months Ended
Mar. 31, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Operating Expense, Net
The Company incurred other operating expense, net, for the three months ended March 31, 2024 and 2023, which consisted of the following: 
Three Months Ended
March 31,
20242023
(In millions)
Growth, reinvestment, and restructuring programs (1)$6.7 $15.3 
TSA income (2)(0.5)(13.4)
Other0.2 0.7 
Other operating expense, net$6.4 $2.6 

(1)     Refer to Note 3 for more information.
(2)    Refer to Note 6 for more information.
v3.24.1.u1
DERIVATIVE INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Value of Derivative Instrument The following table identifies the fair value of each derivative instrument:
 Balance Sheet LocationMarch 31, 2024December 31, 2023
(In millions)
Asset derivatives
Commodity contractsPrepaid expenses and other current assets$1.0 $1.9 
Interest rate swap agreementsPrepaid expenses and other current assets17.5 — 
Interest rate swap agreementsOther assets, net2.9 17.9 
 $21.4 $19.8 
Liability derivatives
Commodity contractsAccrued expenses$0.3 $0.8 
Interest rate swap agreementsAccrued expenses2.3 7.2 
 $2.6 $8.0 
Schedule of Gains and Losses on Derivative Contracts
We recognized the following gains and losses on our derivative contracts in the Condensed Consolidated Statements of Operations:
Location of Gain (Loss)Three Months Ended
March 31,
 
Recognized in Net (Loss) Income
20242023
  (In millions)
Mark-to-market unrealized gain (loss)  
Commodity contractsOther (income) expense, net$(0.4)$0.3 
Interest rate swap agreementsOther (income) expense, net7.4 (6.2)
Total unrealized gain (loss)
 $7.0 $(5.9)
Realized gain (loss) 
Commodity contractsManufacturing related to Cost of sales and transportation related to Selling and distribution$1.5 $— 
Interest rate swap agreementsInterest expense5.6 3.6 
Total realized gain
 $7.1 $3.6 
Total gain (loss)
 $14.1 $(2.3)
v3.24.1.u1
DISAGGREGATION OF REVENUE (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Revenue Disaggregated by Product Category and Sales Channel
Revenue disaggregated by product category groups is as follows:

Three Months Ended
March 31,
 20242023
 (In millions)
Snacking$314.8 $317.8 
Beverages & drink mixes267.7 291.3 
Grocery238.2 244.9 
Total net sales$820.7 $854.0 
Revenue disaggregated by sales channel is as follows:

Three Months Ended
March 31,
 20242023
 (In millions)
Retail grocery$649.9 $679.2 
Co-manufacturing100.0 109.4 
Food-away-from-home and other70.8 65.4 
Total net sales$820.7 $854.0 
v3.24.1.u1
BASIS OF PRESENTATION - Additional Information (Details)
 3 Months Ended
Mar. 31, 2024
segment_manager
segment
Accounting Policies [Abstract]  
Number of operating segments | segment 1
Number of segment managers | segment_manager 1
v3.24.1.u1
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 6.7 $ 15.3
Strategic Growth Initiatives    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs incurred 115.5  
Restructuring charges   $ 7.0
Facility Closures    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs incurred 6.9  
Restructuring charges 1.9  
Expected cost $ 15.0  
v3.24.1.u1
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS - Aggregate Expenses Incurred Associated with Facility Closure (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 6.7 $ 15.3
Employee-related    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 2.6 4.3
Other costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 4.1 $ 11.0
v3.24.1.u1
GROWTH, REINVESTMENT, AND RESTRUCTURING PROGRAMS - Reconciliation of Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Restructuring Reserve [Roll Forward]    
Expenses recognized $ 6.7 $ 15.3
Severance    
Restructuring Reserve [Roll Forward]    
Beginning Balance 5.4  
Cash payments (3.0)  
Ending Balance 3.3  
Severance | Expenses recognized    
Restructuring Reserve [Roll Forward]    
Expenses recognized $ 0.9  
v3.24.1.u1
RECEIVABLES SALES PROGRAM - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Receivables Sales Agreement [Line Items]    
Termination period 60 days  
Loss on sale of receivables $ 2,000,000 $ 3,300,000
Maximum    
Receivables Sales Agreement [Line Items]    
Receivables held for sale $ 500,000,000  
v3.24.1.u1
RECEIVABLES SALES PROGRAM - Accounts Receivable Sold the Receivable Sales Program (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Receivables [Abstract]      
Outstanding accounts receivable sold $ 243.2   $ 343.8
Receivables collected and not remitted to financial institutions 132.1   $ 200.2
Receivables sold 243.2 $ 471.9  
Receivables collected and remitted to financial institutions $ (343.8) $ (489.7)  
v3.24.1.u1
INVENTORIES (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 235.6 $ 245.4
Finished goods 306.7 288.6
Total inventories $ 542.3 $ 534.0
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES - Acquisition Additional Information (Details) - USD ($)
 1 Months Ended
Jan. 02, 2024
Jun. 30, 2023
Apr. 01, 2023
May 06, 2024
Mar. 31, 2024
Dec. 31, 2023
Business Acquisition [Line Items]            
Goodwill         $ 1,823,100,000 $ 1,824,700,000
Revolving Credit Facility            
Business Acquisition [Line Items]            
Revolving credit facility   $ 500,000,000     $ 500,000,000  
Pickle Branded Assets            
Business Acquisition [Line Items]            
Cash transferred at close $ 20,000,000          
Purchase price adjustment 5,900,000          
Purchase price $ 25,900,000          
Pickle Branded Assets | Trademarks            
Business Acquisition [Line Items]            
Estimated useful life of trademarks 10 years          
Pickle Branded Assets | Subsequent Event            
Business Acquisition [Line Items]            
Purchase price adjustment       $ 5,900,000    
Purchase price       $ 25,900,000    
Coffee Roasting Capability            
Business Acquisition [Line Items]            
Cash transferred at close   92,200,000        
Purchase price adjustment   (1,600,000)        
Purchase price   $ 90,600,000        
Pretzel Business Acquisition            
Business Acquisition [Line Items]            
Cash transferred at close     $ 10,000,000      
Purchase price     14,000,000      
Goodwill     5,400,000      
Deferred payment     $ 4,000,000      
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES - Preliminary Purchase Price Allocation of Fair Value of Net Tangible Assets Acquired (Details) - USD ($)
$ in Millions
Jan. 02, 2024
Jun. 30, 2023
Pickle Branded Assets    
Business Acquisition [Line Items]    
Cash transferred at close $ 20.0  
Purchase price adjustment 5.9  
Total consideration transferred 25.9  
Allocation of consideration to assets acquired:    
Inventories 25.2  
Total purchase price 25.9  
Pickle Branded Assets | Trademarks    
Allocation of consideration to assets acquired:    
Trademarks $ 0.7  
Coffee Roasting Capability    
Business Acquisition [Line Items]    
Cash transferred at close   $ 92.2
Purchase price adjustment   (1.6)
Total consideration transferred   90.6
Allocation of consideration to assets acquired:    
Inventories   29.8
Property, plant, and equipment, net   60.8
Total purchase price   $ 90.6
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES - Divestures Additional Information (Details)
 3 Months Ended
Jun. 30, 2023
USD ($)
Mar. 31, 2024
USD ($)
Mar. 31, 2023
USD ($)
Sep. 29, 2023
USD ($)
Oct. 03, 2022
USD ($)
entity
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
TSA, income received   $ 500,000 $ 13,400,000    
Disposed of by sale | Snack Bars Business          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Cash consideration       $ 58,700,000  
TSA, income received   100,000      
Disposed of by sale | Meal Preparation          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Cash consideration $ 943,500,000       $ 963,800,000
TSA, income received   400,000 13,400,000    
Number of purchasing entities | entity         2
Reduction in purchase price consideration 20,300,000        
Proceeds from divestitures 522,600,000        
Note receivable $ 420,900,000        
Note receivable, term 5 years        
Interest income   $ 0 10,700,000    
Loss on sale of business     $ 4,500,000    
v3.24.1.u1
ACQUISITIONS AND DIVESTITURES - Results of Discontinued Operations on Income Statement (Details) - Disposed of by sale - Snack Bars Business and Meal Preparation
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Net sales $ 40.8
Cost of sales 42.1
Selling, general, administrative and other operating expenses 0.3
Loss on sale of business 4.5
Operating loss from discontinued operations (6.1)
Interest and other income (1.1)
Income tax expense 0.2
Net loss from discontinued operations $ (5.2)
v3.24.1.u1
GOODWILL AND INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Accumulated impairment losses $ 0
Goodwill [Roll Forward]  
Beginning Balance 1,824,700,000
Foreign currency exchange adjustments (1,600,000)
Ending Balance $ 1,823,100,000
v3.24.1.u1
GOODWILL AND INTANGIBLE ASSETS - Gross Carrying Amounts and Accumulated Amortization of Intangible Assets, with Finite Lives (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 793.1 $ 792.5
Accumulated Amortization (552.7) (541.1)
Net Carrying Amount 240.4 251.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Gross Carrying Amount 799.1 798.5
Accumulated Amortization (552.7) (541.1)
Intangible assets, net 246.4 257.4
Trademarks    
Indefinite-lived Intangible Assets [Line Items]    
Intangible assets with indefinite lives: 6.0 6.0
Customer-related    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 548.4 549.3
Accumulated Amortization (372.0) (364.1)
Net Carrying Amount 176.4 185.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (372.0) (364.1)
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 19.4 18.7
Accumulated Amortization (16.2) (15.9)
Net Carrying Amount 3.2 2.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (16.2) (15.9)
Formulas/recipes    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 15.5 15.5
Accumulated Amortization (15.0) (14.9)
Net Carrying Amount 0.5 0.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization (15.0) (14.9)
Computer software    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 209.8 209.0
Accumulated Amortization (149.5) (146.2)
Net Carrying Amount 60.3 62.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Accumulated Amortization $ (149.5) $ (146.2)
v3.24.1.u1
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Effective income tax rate 23.50% 26.40%
Decrease in unrecognized tax benefits is reasonably possible $ 1.0  
v3.24.1.u1
LONG-TERM DEBT (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Finance leases $ 0.4 $ 0.6
Total outstanding debt 1,405.4 1,405.6
Deferred financing costs (8.6) (9.2)
Less current portion (0.3) (0.4)
Total long-term debt 1,396.5 1,396.0
2028 Notes    
Debt Instrument [Line Items]    
2028 Notes 500.0 500.0
Term Loan A    
Debt Instrument [Line Items]    
Term loan 316.4 316.4
Term Loan A-1    
Debt Instrument [Line Items]    
Term loan $ 588.6 $ 588.6
v3.24.1.u1
LONG-TERM DEBT - Additional Information (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Debt Instrument [Line Items]      
Long-term debt, fair value $ 1,353,900,000 $ 1,350,500,000  
Long-term debt, carrying value 1,405,000,000 $ 1,405,000,000  
Revolving Credit Facility      
Debt Instrument [Line Items]      
Revolving credit facility available 471,000,000    
Revolving credit facility, maximum borrowing capacity 500,000,000   $ 500,000,000
Letters of credit facility issued but undrawn $ 29,000,000    
v3.24.1.u1
STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($)
 1 Months Ended 3 Months Ended
May 06, 2024
Mar. 31, 2024
Mar. 31, 2023
Nov. 02, 2017
Equity, Class of Treasury Stock [Line Items]        
Shares repurchased (in shares)   1,200,000 0  
Weighted average price per share (in usd per share)   $ 36.61    
Value of shares repurchased   $ 43,900,000    
Excise tax in connection with share repurchases   400,000    
Subsequent Event        
Equity, Class of Treasury Stock [Line Items]        
Shares repurchased (in shares) 600,000      
Weighted average price per share (in usd per share) $ 36.95      
Value of shares repurchased $ 20,600,000      
Common Stock        
Equity, Class of Treasury Stock [Line Items]        
Stock repurchase program, expected annual cap       $ 150,000,000
Remaining authorized repurchase amount   $ 122,800,000    
Common Stock | Maximum        
Equity, Class of Treasury Stock [Line Items]        
Stock repurchase program, authorized amount       $ 400,000,000
v3.24.1.u1
EARNINGS PER SHARE (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Earnings Per Share [Abstract]    
Weighted average common shares outstanding (in shares) 53.8 56.1
Assumed exercise/vesting of equity awards (in shares) 0.0 0.6
Weighted average diluted common shares outstanding (in shares) 53.8 56.7
Equity awards, excluded from computation of diluted earnings (in shares) 0.6 1.2
v3.24.1.u1
STOCK-BASED COMPENSATION - Additional Information (Details)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended 36 Months Ended 39 Months Ended
Mar. 31, 2024
USD ($)
installment
$ / shares
shares
Jun. 30, 2022
$ / shares
shares
Dec. 31, 2022
Dec. 31, 2023
Mar. 31, 2024
USD ($)
shares
Stock Option          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period     3 years    
Award expiration period 10 years        
Compensation costs, unrecognized | $ $ 1.7       $ 1.7
Compensation costs, recognition weighted average remaining period (in years) 1 year 1 month 6 days        
Stock Option | Vesting in year 1          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage     33.00%    
Stock Option | Vesting in year 2          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting percentage     67.00%    
Employee Restricted Stock Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 3 years        
Compensation costs, unrecognized | $ $ 29.2       29.2
Compensation costs, recognition weighted average remaining period (in years) 2 years 3 months 18 days        
Share based compensation arrangement, award vesting period, number of installments | installment 3        
Granted (in usd per share) | $ / shares $ 37.05        
Granted (in shares) 480,000        
Performance Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Compensation costs, unrecognized | $ $ 10.0       $ 10.0
Compensation costs, recognition weighted average remaining period (in years) 1 year 3 months 18 days        
Performance based compensation period 3 years        
Granted (in usd per share) | $ / shares $ 36.95        
Granted (in shares) 143,000        
Performance Units | Executive Members          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Performance based compensation period       3 years 3 years
Accrual of units       25.00%  
Grant-date fair value (in usd per share) | $ / shares $ 37.56        
Units granted (in shares) 35,800        
Performance Units | Executive Officer          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Performance based compensation period   2 years      
Granted (in usd per share) | $ / shares   $ 58.36      
Granted (in shares)   239,300      
Performance Units | Minimum | Executive Members          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Predefined percentage for calculation of performance unit awards 0.00%     0.00%  
Predefined percentage for calculation of performance achievement unit awards 0.00%     0.00%  
Performance Units | Minimum | Executive Officer          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Predefined percentage for calculation of performance achievement unit awards   0.00%      
Performance Units | Maximum | Executive Members          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Predefined percentage for calculation of performance unit awards 200.00%     200.00%  
Predefined percentage for calculation of performance achievement unit awards 200.00%     150.00%  
Performance Units | Maximum | Executive Officer          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Predefined percentage for calculation of performance achievement unit awards   450.00%      
TreeHouse Foods, Inc. Equity and Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum number of shares available to be awarded (in shares) 22,500,000       22,500,000
v3.24.1.u1
STOCK-BASED COMPENSATION - Schedule of Total Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]    
Compensation expense related to stock-based payments $ 5.7 $ 7.2
Related income tax benefit $ 1.4 $ 0.9
v3.24.1.u1
STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - Stock Option - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Employee Options    
Beginning balance (in shares) 578  
Expired (in shares) (2)  
Ending balance (in shares) 576 578
Vested/expected to vest (in shares) 557  
Exercisable (in shares) 287  
Weighted Average Exercise Price    
Beginning balance (in usd per share) $ 64.20  
Expired (in usd per share) 80.42  
Ending balance (in usd per share) 64.16 $ 64.20
Vested/expected to vest (in usd per share) 64.89  
Exercisable (in usd per share) $ 85.85  
Weighted Average Remaining Contractual Term (yrs.)    
Outstanding 4 years 10 months 24 days 5 years 1 month 6 days
Vested/expected to vest 4 years 8 months 12 days  
Exercisable 1 year 7 months 6 days  
Aggregate Intrinsic Value    
Beginning balance $ 0.0  
Ending balance 0.0 $ 0.0
Vested/expected to vest 0.0  
Exercisable $ 0.0  
v3.24.1.u1
STOCK-BASED COMPENSATION - Schedule of Restricted Stock and Restricted Stock Unit Activity (Details)
shares in Thousands
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Employee Restricted Stock Units  
Employee Restricted Stock Units  
Beginning balance (in shares) | shares 573
Granted (in shares) | shares 480
Vested (in shares) | shares (232)
Forfeited (in shares) | shares (40)
Ending balance (in shares) | shares 781
Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (in usd per share) | $ / shares $ 41.57
Granted (in usd per share) | $ / shares 37.05
Vested (in usd per share) | $ / shares 41.20
Forfeited (in usd per share) | $ / shares 41.19
Outstanding, ending balance (in usd per share) | $ / shares $ 38.92
Director Restricted Stock Units  
Employee Restricted Stock Units  
Beginning balance (in shares) | shares 45
Granted (in shares) | shares 1
Vested (in shares) | shares 0
Forfeited (in shares) | shares 0
Ending balance (in shares) | shares 46
Earned and deferred (in shares) | shares 22
Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (in usd per share) | $ / shares $ 50.14
Granted (in usd per share) | $ / shares 40.95
Vested (in usd per share) | $ / shares 0
Forfeited (in usd per share) | $ / shares 0
Outstanding, ending balance (in usd per share) | $ / shares 49.86
Earned and deferred (in usd per share) | $ / shares $ 47.37
v3.24.1.u1
STOCK-BASED COMPENSATION - Schedule of Employee and Director Restricted Stock and Restricted Stock Highlights (Details) - Employee Restricted Stock Units - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Fair value of vested restricted stock units $ 8.8 $ 11.1
Tax benefit recognized from vested restricted stock units $ 1.4 $ 1.6
v3.24.1.u1
STOCK-BASED COMPENSATION - Shareholder Return Market Condition and Assumptions (Details) - Performance Units
 3 Months Ended
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Dividend yield 0.00%
Risk-free rate 4.50%
Expected term (in years) 2 years 9 months 14 days
Expected volatility (TreeHouse Foods, Inc.)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility 34.34%
Expected volatility (Peer Group)  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Expected volatility 33.56%
v3.24.1.u1
STOCK-BASED COMPENSATION - Schedule of Performance Unit Activity (Details) - Performance Units
shares in Thousands
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Performance Units  
Beginning balance (in shares) | shares 534
Granted (in shares) | shares 143
Vested (in shares) | shares (45)
Forfeited (in shares) | shares (44)
Ending balance (in shares) | shares 588
Weighted Average Grant Date Fair Value  
Outstanding, beginning balance (in usd per share) | $ / shares $ 47.44
Granted (in usd per share) | $ / shares 36.95
Vested (in usd per share) | $ / shares 43.32
Forfeited (in usd per share) | $ / shares 50.99
Outstanding, ending balance (in usd per share) | $ / shares $ 44.91
v3.24.1.u1
STOCK-BASED COMPENSATION - Schedule of Performance Unit Highlights (Details) - Performance Units - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Fair value of vested performance units $ 1.7 $ 3.7
Tax benefit recognized from performance units vested $ 0.1 $ 0.4
v3.24.1.u1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance $ 1,664.8 $ 1,687.0
Other comprehensive income (loss) (2.6) 0.3
Ending balance 1,608.1 1,704.4
Accumulated Other Comprehensive Loss    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (76.1) (83.7)
Other comprehensive income (loss) (2.6) 0.3
Ending balance (78.7) (83.4)
Foreign Currency Translation    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance (84.2) (87.0)
Other comprehensive income (loss) (2.6) 0.3
Ending balance (86.8) (86.7)
Unrecognized Pension and Postretirement Benefits    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Beginning balance 8.1 3.3
Other comprehensive income (loss) 0.0 0.0
Ending balance $ 8.1 $ 3.3
v3.24.1.u1
EMPLOYEE RETIREMENT AND POSTRETIREMENT BENEFITS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pension Benefits    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Service cost $ 0.1 $ 0.1
Interest cost 2.6 3.2
Expected return on plan assets (2.7) (3.4)
Amortization of unrecognized net loss 0.1 0.1
Net periodic pension cost 0.1 0.0
Postretirement Benefits    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Interest cost 0.2 0.2
Amortization of unrecognized net loss (0.1) (0.1)
Net periodic pension cost $ 0.1 $ 0.1
v3.24.1.u1
OTHER OPERATING EXPENSE, NET (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Other Income and Expenses [Abstract]    
Growth, reinvestment, and restructuring programs $ 6.7 $ 15.3
TSA, income (0.5) (13.4)
Other 0.2 0.7
Other operating expense, net $ 6.4 $ 2.6
v3.24.1.u1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Loss contingency, cash payment $ 27.0
v3.24.1.u1
DERIVATIVE INSTRUMENTS - Additional Information (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Interest Rate Swap Agreements    
Derivative [Line Items]    
Derivative notional amount $ 1,475,000,000 $ 1,175,000,000
Interest Rate Swaps Due February 28, 2025    
Derivative [Line Items]    
Derivative notional amount $ 875,000,000  
Weighted average fixed interest rate 2.91%  
Interest Rate Swaps Effective February 28, 2025 Through February 29, 2028    
Derivative [Line Items]    
Derivative notional amount $ 600,000,000  
Weighted average fixed interest rate 3.68%  
Diesel Contract    
Derivative [Line Items]    
Derivative, nonmonetary notional amount 64,200,000 24,400,000
v3.24.1.u1
DERIVATIVE INSTRUMENTS - Fair Value of Derivative Instrument (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Derivatives, Fair Value [Line Items]    
Asset derivatives $ 21.4 $ 19.8
Liability derivatives 2.6 8.0
Commodity contracts | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 1.0 1.9
Commodity contracts | Accrued expenses    
Derivatives, Fair Value [Line Items]    
Liability derivatives 0.3 0.8
Interest rate swap agreements | Prepaid expenses and other current assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 17.5 0.0
Interest rate swap agreements | Other assets, net    
Derivatives, Fair Value [Line Items]    
Asset derivatives 2.9 17.9
Interest rate swap agreements | Accrued expenses    
Derivatives, Fair Value [Line Items]    
Liability derivatives $ 2.3 $ 7.2
v3.24.1.u1
DERIVATIVE INSTRUMENTS - Gains and Losses on Derivative Contracts (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
Mark-to-market unrealized gain (loss), derivative $ 7.0 $ (5.9)
Total unrealized gain (loss) 7.0 (5.9)
Total realized gain 7.1 3.6
Total gain (loss) 14.1 (2.3)
Commodity contracts | Other (income) expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Mark-to-market unrealized gain (loss), commodity contracts (0.4) 0.3
Commodity contracts | Manufacturing related to Cost of sales and transportation related to Selling and distribution    
Derivative Instruments, Gain (Loss) [Line Items]    
Total realized gain 1.5 0.0
Interest rate swap agreements | Other (income) expense, net    
Derivative Instruments, Gain (Loss) [Line Items]    
Mark-to-market unrealized gain (loss), derivative 7.4 (6.2)
Interest rate swap agreements | Interest expense    
Derivative Instruments, Gain (Loss) [Line Items]    
Total realized gain $ 5.6 $ 3.6
v3.24.1.u1
DISAGGREGATION OF REVENUE (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Segment Reporting Information [Line Items]    
Net sales $ 820.7 $ 854.0
Retail grocery    
Segment Reporting Information [Line Items]    
Net sales 649.9 679.2
Co-manufacturing    
Segment Reporting Information [Line Items]    
Net sales 100.0 109.4
Food-away-from-home and other    
Segment Reporting Information [Line Items]    
Net sales 70.8 65.4
Snacking    
Segment Reporting Information [Line Items]    
Net sales 314.8 317.8
Beverages & drink mixes    
Segment Reporting Information [Line Items]    
Net sales 267.7 291.3
Grocery    
Segment Reporting Information [Line Items]    
Net sales $ 238.2 $ 244.9