0000317540-20-000028 | 10-Q | XBRL Viewer | Cocacola Consolidated INC

Print Document View Excel Document

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 27, 2020	Oct. 25, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 2020
Document Transition Report	false
Entity File Number	0-9286
Entity Registrant Name	COCA-COLA CONSOLIDATED, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-0950585
Entity Address, Address Line One	4100 Coca‑Cola Plaza
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28211
City Area Code	(704)
Local Phone Number	557-4400
Title of 12(b) Security	Common Stock, $1.00 Par Value
Trading Symbol	COKE
Security Exchange Name	NASDAQ
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
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000317540
Current Fiscal Year End Date	--01-03
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,141,447
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,232,242

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Net sales	$ 1,328,484	$ 1,271,029	$ 3,728,720	$ 3,647,600
Cost of sales	856,046	838,805	2,421,686	2,390,289
Gross profit	472,438	432,224	1,307,034	1,257,311
Selling, delivery and administrative expenses	368,594	378,378	1,087,251	1,116,097
Income from operations	103,844	53,846	219,783	141,214
Interest expense, net	9,033	10,965	27,778	35,846
Other expense, net	21,394	20,711	39,826	67,743
Income before income taxes	73,417	22,170	152,179	37,625
Income tax expense	18,363	6,624	38,911	10,801
Net income	55,054	15,546	113,268	26,824
Less: Net income attributable to noncontrolling interest	3,170	2,540	7,153	5,279
Net income attributable to Coca‑Cola Consolidated, Inc.	$ 51,884	$ 13,006	$ 106,115	$ 21,545
Common Stock
Basic net income per share based on net income attributable to Coca‑Cola Consolidated, Inc.:
Common Stock (in dollars per share)	$ 5.53	$ 1.39	$ 11.32	$ 2.30
Weighted average number of Common Stock shares outstanding (in shares)	7,141	7,141	7,141	7,141
Diluted net income per share based on net income attributable to Coca‑Cola Consolidated, Inc.:
Common Stock (in dollars per share)	$ 5.51	$ 1.38	$ 11.25	$ 2.29
Weighted average number of Common Stock shares outstanding - assuming dilution (in shares)	9,430	9,413	9,430	9,409
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.25	$ 0.25	$ 0.75	$ 0.75
Class B Common Stock
Basic net income per share based on net income attributable to Coca‑Cola Consolidated, Inc.:
Common Stock (in dollars per share)	$ 5.53	$ 1.39	$ 11.32	$ 2.30
Weighted average number of Common Stock shares outstanding (in shares)	2,232	2,232	2,232	2,228
Diluted net income per share based on net income attributable to Coca‑Cola Consolidated, Inc.:
Common Stock (in dollars per share)	$ 5.51	$ 1.38	$ 11.24	$ 2.28
Weighted average number of Common Stock shares outstanding - assuming dilution (in shares)	2,289	2,272	2,289	2,268
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.25	$ 0.25	$ 0.75	$ 0.75

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 55,054	$ 15,546	$ 113,268	$ 26,824
Defined benefit plans reclassification including pension costs:
Actuarial gains	896	679	2,689	2,037
Prior service benefits	4	4	11	13
Postretirement benefits reclassification included in benefits costs:
Actuarial gains	66	148	198	443
Prior service costs	0	(244)	0	(731)
Interest rate swap	303	(374)	(710)	(374)
Foreign currency translation adjustment	11	(17)	13	(21)
Other comprehensive income, net of tax	1,280	196	2,201	1,367
Comprehensive income	56,334	15,742	115,469	28,191
Less: Comprehensive income attributable to noncontrolling interest	3,170	2,540	7,153	5,279
Comprehensive income attributable to Coca‑Cola Consolidated, Inc.	$ 53,164	$ 13,202	$ 108,316	$ 22,912

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Current Assets:
Cash and cash equivalents	$ 164,823	$ 9,614
Accounts receivable, trade	453,402	433,552
Allowance for doubtful accounts	(25,050)	(13,782)
Accounts receivable from The Coca‑Cola Company	54,516	62,411
Accounts receivable, other	44,569	43,094
Inventories	207,773	225,926
Prepaid expenses and other current assets	69,829	69,461
Assets held for sale	7,036	0
Total current assets	976,898	830,276
Property, plant and equipment, net	979,210	997,403
Right-of-use assets - operating leases	135,559	111,376
Leased property under financing leases, net	71,281	17,960
Other assets	111,775	113,269
Goodwill	165,903	165,903
Total assets	3,312,893	3,126,926
Current Liabilities:
Current portion of obligations under operating leases	18,812	15,024
Current portion of obligations under financing leases	5,814	9,403
Accounts payable, trade	234,715	187,476
Accounts payable to The Coca‑Cola Company	135,656	108,699
Other accrued liabilities	207,522	208,834
Accrued compensation	74,778	87,813
Accrued interest payable	6,693	4,946
Total current liabilities	683,990	622,195
Deferred income taxes	131,218	125,130
Pension and postretirement benefit obligations	103,431	114,831
Other liabilities	679,361	668,566
Noncurrent portion of obligations under operating leases	121,288	97,765
Noncurrent portion of obligations under financing leases	71,183	17,403
Long-term debt	962,867	1,029,920
Total liabilities	2,753,338	2,675,810
Commitments and Contingencies
Equity:
Capital in excess of par value	128,983	128,983
Retained earnings	480,246	381,161
Accumulated other comprehensive loss	(112,801)	(115,002)
Total equity of Coca‑Cola Consolidated, Inc.	448,238	346,952
Noncontrolling interest	111,317	104,164
Total equity	559,555	451,116
Total liabilities and equity	3,312,893	3,126,926
Common Stock
Equity:
Common Stock	10,204	10,204
Treasury stock, at cost	(60,845)	(60,845)
Class B Common Stock
Equity:
Common Stock	2,860	2,860
Treasury stock, at cost	(409)	(409)
Distribution agreements, net
Current Assets:
Intangible assets, net	859,003	876,096
Customer lists and other identifiable intangible assets, net
Current Assets:
Intangible assets, net	$ 13,264	$ 14,643

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 27, 2020	Dec. 29, 2019
Common Stock
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	10,203,821	10,203,821
Treasury stock, shares (in shares)	3,062,374	3,062,374
Class B Common Stock
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	2,860,356	2,860,356
Treasury stock, shares (in shares)	628,114	628,114

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Cash Flows from Operating Activities:
Net income	$ 113,268	$ 26,824
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense from property, plant and equipment and financing leases	117,203	119,145
Amortization of intangible assets and deferred proceeds, net	17,286	17,271
Fair value adjustment of acquisition related contingent consideration	35,068	62,017
Impairment of property, plant and equipment	7,908	4,144
Deferred income taxes	5,302	5,254
Loss on sale of property, plant and equipment	3,656	5,474
Amortization of debt costs	778	1,032
Stock compensation expense	0	2,045
Change in current assets less current liabilities	69,975	(54,263)
Change in other noncurrent assets	16,360	12,581
Change in other noncurrent liabilities	(11,451)	2,611
Other	1,048	448
Total adjustments	263,133	177,759
Net cash provided by operating activities	376,401	204,583
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(110,717)	(96,747)
Proceeds from the sale of property, plant and equipment	2,397	1,028
Investment in CONA Services LLC	(1,770)	(1,713)
Other distribution agreements	0	(4,654)
Net cash used in investing activities	(110,090)	(102,086)
Cash Flows from Financing Activities:
Payments on revolving credit facility	(280,000)	(376,339)
Borrowings under revolving credit facility	235,000	331,339
Payments on term loan facility and senior notes	(22,500)	(132,500)
Proceeds from issuance of senior notes	0	100,000
Payments of acquisition related contingent consideration	(31,999)	(18,784)
Cash dividends paid	(7,030)	(7,026)
Payments on financing lease obligations	(4,428)	(6,441)
Debt issuance fees	(145)	(305)
Net cash used in financing activities	(111,102)	(110,056)
Net increase (decrease) in cash during period	155,209	(7,559)
Cash at beginning of period	9,614	13,548
Cash at end of period	164,823	5,989
Significant non-cash investing and financing activities:
Additions to leased property under financing leases	61,121	0
Right-of-use assets obtained in exchange for operating lease obligations	38,317	39,213
Additions to property, plant and equipment accrued and recorded in accounts payable, trade	25,477	8,909
Class B Common Stock
Significant non-cash investing and financing activities:
Issuance of Class B Common Stock in connection with stock award	$ 0	$ 4,776

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Class B Common Stock	Total Equity of Coca‑Cola Consolidated, Inc.	Total Equity of Coca‑Cola Consolidated, Inc. Common Stock	Total Equity of Coca‑Cola Consolidated, Inc. Class B Common Stock	Common Stock Common Stock	Common Stock Class B Common Stock	Capital in Excess of Par Value	Capital in Excess of Par Value Class B Common Stock	Retained Earnings	Retained Earnings Common Stock	Retained Earnings Class B Common Stock	Accumulated Other Comprehensive Loss	Treasury Stock - Common Stock Common Stock	Treasury Stock - Common Stock Class B Common Stock	Non- controlling Interest
Beginning Balance at Dec. 30, 2018	$ 455,166			$ 358,187			$ 10,204	$ 2,839	$ 124,228		$ 359,435			$ (77,265)	$ (60,845)	$ (409)	$ 96,979
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	26,824			21,545							21,545						5,279
Other comprehensive income (loss), net of tax	1,367			1,367										1,367
Cash dividends paid: Common Stock ($0.75 per share)		$ (5,356)	$ (1,670)		$ (5,356)	$ (1,670)						$ (5,356)	$ (1,670)
Issuance of 19,224 shares of Class B Common Stock			4,776			4,776		21		$ 4,755
Reclassification of stranded tax effects											19,720			(19,720)
Ending Balance at Sep. 29, 2019	481,107			378,849			10,204	2,860	128,983		393,674			(95,618)	(60,845)	(409)	102,258
Beginning Balance at Jun. 30, 2019														(95,814)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	15,546
Other comprehensive income (loss), net of tax	196
Cash dividends paid: Common Stock ($0.75 per share)		(1,786)	(558)
Ending Balance at Sep. 29, 2019	481,107			378,849			10,204	2,860	128,983		393,674			(95,618)	(60,845)	(409)	102,258
Beginning Balance at Dec. 29, 2019	451,116			346,952			10,204	2,860	128,983		381,161			(115,002)	(60,845)	(409)	104,164
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	113,268			106,115							106,115						7,153
Other comprehensive income (loss), net of tax	2,201			2,201										2,201
Cash dividends paid: Common Stock ($0.75 per share)		(5,356)	(1,674)		$ (5,356)	$ (1,674)						$ (5,356)	$ (1,674)
Ending Balance at Sep. 27, 2020	559,555			448,238			10,204	2,860	128,983		480,246			(112,801)	(60,845)	(409)	111,317
Beginning Balance at Jun. 28, 2020														(114,081)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	55,054
Other comprehensive income (loss), net of tax	1,280
Cash dividends paid: Common Stock ($0.75 per share)		$ (1,785)	$ (559)
Ending Balance at Sep. 27, 2020	$ 559,555			$ 448,238			$ 10,204	$ 2,860	$ 128,983		$ 480,246			$ (112,801)	$ (60,845)	$ (409)	$ 111,317

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical)	9 Months Ended
	Sep. 29, 2019 $ / shares shares
Common Stock
Cash dividend per share (in dollars per share)	$ 0.75
Class B Common Stock
Cash dividend per share (in dollars per share)	$ 0.75
Class B common stock shares issued (in shares) \| shares	19,224

Critical Accounting Policies and Recent Accounting Pronouncements	9 Months Ended
	Sep. 27, 2020
Accounting Policies [Abstract]
Critical Accounting Policies and Recent Accounting Pronouncements	Critical Accounting Policies and Recent Accounting Pronouncements The condensed consolidated financial statements include the accounts of Coca‑Cola Consolidated, Inc. and its majority-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated. The condensed consolidated financial statements reflect all adjustments, including normal, recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results for the interim periods presented: •The financial position as of September 27, 2020 and December 29, 2019. •The results of operations and comprehensive income for the 13-week periods ended September 27, 2020 (the “third quarter” of fiscal 2020 (“2020”)) and September 29, 2019 (the “third quarter” of fiscal 2019 (“2019”)), and the 39-week periods ended September 27, 2020 (the “first nine months” of 2020) and September 29, 2019 (the “first nine months” of 2019). •The changes in cash flows and equity for the first nine months of 2020 and the first nine months of 2019. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accounting policies followed in the presentation of interim financial results are consistent with those followed on an annual basis. These policies are presented in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for 2019 filed with the Securities and Exchange Commission. The preparation of condensed consolidated financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Critical Accounting Policies In the ordinary course of business, the Company has made a number of estimates and assumptions relating to the reporting of its results of operations and financial position in the preparation of its condensed consolidated financial statements in conformity with GAAP. Actual results could differ significantly from those estimates under different assumptions and conditions. The Company included in its Annual Report on Form 10-K for 2019 under the caption “Discussion of Critical Accounting Policies and Estimates and Recent Accounting Pronouncements” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” a discussion of the Company’s most critical accounting policies, which are those the Company believes to be the most important to the portrayal of its financial condition and results of operations and require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Any changes in critical accounting policies and estimates are discussed with the Audit Committee of the Company’s Board of Directors during the quarter in which a change is contemplated and prior to making such change. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected credit losses at the point a loss is probable to occur, rather than expected to occur, which will generally result in earlier recognition of allowances for credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted ASU 2016-13 in the first quarter of 2020 and the adoption did not have a material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which removes, modifies and adds certain disclosure requirements in Accounting Standards Codification Topic 820, Fair Value Measurement. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019. Certain amendments must be applied prospectively while others are to be applied on a retrospective basis to all periods presented. The Company adopted ASU 2018-13 in the first quarter of 2020. See Note 15 for additional information. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” which is effective for fiscal years ending after December 15, 2020. Under this guidance, disclosures will be removed for the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, the amount and timing of assets expected to be returned to the employer, certain related party disclosures, and the effects of a one-percentage-point change in the assumed health care cost trend rates. Additional disclosures will include the weighted average interest crediting rate for plans with promised crediting interest rates and an explanation of the reasons for significant gains and losses related to the benefit obligation for the period. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which will simplify the accounting for income taxes by removing certain exceptions to the general principles in income tax accounting and improve consistent application of and simplify GAAP for other areas of income tax accounting by clarifying and amending existing guidance. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2019-12 will have on its condensed consolidated financial statements.

Related Party Transactions

9 Months Ended

Sep. 27, 2020

Related Party Transactions

The Coca‑Cola Company

The Company’s business consists primarily of the production, marketing and distribution of nonalcoholic beverages of The Coca‑Cola Company, which is the sole owner of the formulas under which the primary components of its soft drink products, either concentrate or syrup, are manufactured.

J. Frank Harrison, III, the Chairman of the Board of Directors and Chief Executive Officer of the Company, together with the trustees of certain trusts established for the benefit of certain relatives of the late J. Frank Harrison, Jr., control shares representing approximately 86% of the total voting power of the Company’s total outstanding Common Stock and Class B Common Stock on a consolidated basis.

As of September 27, 2020, The Coca‑Cola Company owned approximately 27% of the Company’s total outstanding Common Stock and Class B Common Stock on a consolidated basis, representing approximately 5% of the total voting power of the Company’s Common Stock and Class B Common Stock voting together. As long as The Coca‑Cola Company holds the number of shares of the Company’s Common Stock it currently owns, it has the right to have its designee proposed by the Company for nomination to the Company’s Board of Directors, and J. Frank Harrison, III and the trustees of the J. Frank Harrison, Jr. family trusts described above, have agreed to vote the shares of the Company’s Class B Common Stock which they control in favor of such designee. The Coca‑Cola Company does not own any shares of the Company’s Class B Common Stock.

The following table summarizes the significant transactions between the Company and The Coca‑Cola Company:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Payments made by the Company to The Coca‑Cola Company for:
Concentrate, syrup, sweetener and other purchases	$	324,312	$	306,588	$	873,827	$	893,123
Customer marketing programs	34,550		36,597		99,941		109,110
Cold drink equipment parts	5,965		4,519		16,345		18,568
Brand investment programs	4,359		3,616		11,609		10,209

Payments made by The Coca‑Cola Company to the Company for:
Marketing funding support payments	$	21,187	$	25,931	$	58,182	$	74,954
Fountain delivery and equipment repair fees	7,555		10,873		22,990		31,507
Presence marketing funding support on the Company’s behalf	565		2,879		6,445		7,816
Facilitating the distribution of certain brands and packages to other Coca‑Cola bottlers	1,151		1,602		3,469		3,952

In fiscal 2017 (“2017”), The Coca‑Cola Company agreed to provide the Company a fee to compensate the Company for the net economic impact of changes made by The Coca‑Cola Company to the authorized pricing on sales of covered beverages produced at certain manufacturing facilities owned by the Company (the “Legacy Facilities Credit”). The Company immediately recognized

the portion of the Legacy Facilities Credit applicable to a regional manufacturing facility divested in 2017 and the remaining balance of the Legacy Facilities Credit will be amortized as a reduction to cost of sales over a period of 40 years. The portion of the deferred liability that is expected to be amortized in the next 12 months is classified as current.

Coca‑Cola Refreshments USA, Inc. (“CCR”)

The Company, The Coca‑Cola Company and CCR, a wholly owned subsidiary of The Coca‑Cola Company, entered into a comprehensive beverage agreement in 2017 (as amended, the “CBA”). Pursuant to the CBA, the Company is required to make quarterly sub-bottling payments to CCR on a continuing basis in exchange for the grant of exclusive rights to distribute, promote, market and sell the authorized brands of The Coca‑Cola Company and related products in certain distribution territories the Company acquired from CCR. These sub-bottling payments are based on gross profit derived from sales of certain beverages and beverage products that are sold under the same trademarks that identify a covered beverage, beverage product or certain cross-licensed brands.

Sub-bottling payments to CCR were $32.0 million during the first nine months of 2020 and $18.8 million during the first nine months of 2019. The following table summarizes the liability recorded by the Company to reflect the estimated fair value of contingent consideration related to future sub-bottling payments to CCR:


(in thousands)	September 27, 2020		December 29, 2019
Current portion of acquisition related contingent consideration	$	41,912	$	41,087
Noncurrent portion of acquisition related contingent consideration	406,741		405,597
Total acquisition related contingent consideration	$	448,653	$	446,684

Upon the conversion of the Company’s then-existing bottling agreements in 2017 pursuant to the CBA, the Company received a fee from CCR (the “Territory Conversion Fee”). The Territory Conversion Fee was recorded as a deferred liability and will be amortized as a reduction to cost of sales over a period of 40 years. The portion of the deferred liability that is expected to be amortized in the next 12 months is classified as current.

Southeastern Container (“Southeastern”)

The Company is a shareholder of Southeastern, a plastic bottle manufacturing cooperative. The Company accounts for Southeastern as an equity method investment. The Company’s investment in Southeastern, which was classified as other assets in the condensed consolidated balance sheets, was $22.8 million as of September 27, 2020 and $23.2 million as of December 29, 2019.

South Atlantic Canners, Inc. (“SAC”)

The Company is a shareholder of SAC, a manufacturing cooperative in Bishopville, South Carolina. All of SAC’s shareholders are Coca‑Cola bottlers and each has equal voting rights. The Company accounts for SAC as an equity method investment. The Company’s investment in SAC, which was classified as other assets in the condensed consolidated balance sheets, was $8.0 million as of September 27, 2020 and $8.2 million as of December 29, 2019.

The Company receives a fee for managing the day-to-day operations of SAC pursuant to a management agreement. Proceeds from management fees received from SAC, which were classified as a reduction to cost of sales in the condensed consolidated statements of operations, were $6.9 million in the first nine months of 2020 and $7.0 million in the first nine months of 2019.

Coca‑Cola Bottlers’ Sales and Services Company, LLC (“CCBSS”)

Along with other Coca‑Cola bottlers in the United States and Canada, the Company is a member of CCBSS, a company formed to provide certain procurement and other services with the intention of enhancing the efficiency and competitiveness of the Coca‑Cola bottling system. The Company accounts for CCBSS as an equity method investment and its investment in CCBSS is not material.

CCBSS negotiates the procurement for the majority of the Company’s raw materials, excluding concentrate, and the Company receives a rebate from CCBSS for the purchase of these raw materials. The Company had rebates due from CCBSS of $13.8 million on September 27, 2020 and $10.0 million on December 29, 2019, which were classified as accounts receivable, other in the condensed consolidated balance sheets.

In addition, the Company pays an administrative fee to CCBSS for its services. The Company incurred administrative fees to CCBSS of $2.1 million in the first nine months of 2020 and $1.7 million in the first nine months of 2019, which were classified as selling, delivery and administrative (“SD&A”) expenses in the condensed consolidated statements of operations.

CONA Services LLC (“CONA”)

The Company is a member of CONA, an entity formed with The Coca‑Cola Company and certain other Coca‑Cola bottlers to provide business process and information technology services to its members. The Company accounts for CONA as an equity method investment. The Company’s investment in CONA, which was classified as other assets in the condensed consolidated balance sheets, was $11.5 million as of September 27, 2020 and $10.5 million as of December 29, 2019.

Pursuant to an amended and restated master services agreement with CONA, the Company is authorized to use the Coke One North America system (the “CONA System”), a uniform information technology system developed to promote operational efficiency and uniformity among North American Coca‑Cola bottlers. In exchange for the Company’s rights to use the CONA System and receive CONA-related services, it is charged service fees by CONA. The Company incurred CONA service fees of $17.4 million in the first nine months of 2020 and $17.7 million in the first nine months of 2019.

Related Party Leases

The Company leases its headquarters office facility and an adjacent office facility in Charlotte, North Carolina from Beacon Investment Corporation (“Beacon”), of which J. Frank Harrison, III is the majority stockholder and Morgan H. Everett, Vice Chair of the Company’s Board of Directors, is a minority stockholder. During the first quarter of 2020, the Company entered into a new lease agreement, effective January 1, 2020, with Beacon to continue to lease its corporate facilities. The new lease expires on December 31, 2029. The principal balance outstanding under the new operating lease was $31.3 million on September 27, 2020 and the principal balance outstanding under the previous financing lease, which was replaced by the new operating lease, was $6.8 million on December 29, 2019.

The Company leases the Snyder Production Center and an adjacent sales facility in Charlotte, North Carolina from Harrison Limited Partnership One (“HLP”), which is directly and indirectly owned by trusts of which J. Frank Harrison, III and Sue Anne H. Wells, a director of the Company, are trustees and beneficiaries and of which Morgan H. Everett is a permissible, discretionary beneficiary. During the third quarter of 2020, the Company entered into an amendment to this lease, effective June 30, 2020, with HLP to extend the term of the original lease agreement by 15 years from December 31, 2020 through December 31, 2035. The principal balance outstanding under the amended lease was $62.6 million on September 27, 2020 and the principal balance outstanding under the lease, prior to being amended, was $4.3 million on December 29, 2019.

A summary of rental payments related to these leases is as follows:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Company headquarters	$	826	$	1,132	$	2,478	$	3,393
Snyder Production Center	1,112		1,080		3,338		3,241

Long-Term Performance Equity Plan

The Long-Term Performance Equity Plan compensates J. Frank Harrison, III based on the Company’s performance. Awards granted under the Long-Term Performance Equity Plan are earned based on the Company’s attainment during a performance period of certain performance measures, each as specified by the Compensation Committee of the Company’s Board of Directors. These awards may be settled in cash and/or shares of the Company’s Class B Common Stock, based on the average of the closing prices of the Company’s Common Stock during the last 20 trading days of the performance period. Compensation expense for the Long-Term Performance Equity Plan, which was included in SD&A expenses in the condensed consolidated statements of operations, was $7.2 million in the first nine months of 2020 and $10.3 million in the first nine months of 2019.

Revenue Recognition

9 Months Ended

Sep. 27, 2020

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue RecognitionThe Company offers a range of nonalcoholic beverage products and flavors, including both sparkling and still beverages, designed to meet the demands of its consumers. Sparkling beverages are carbonated beverages and the Company’s principal sparkling beverage is Coca‑Cola. Still beverages include energy products and noncarbonated beverages such as bottled water, tea, ready to drink coffee, enhanced water, juices and sports drinks.

The Company’s products are sold and distributed in the United States through various channels, which include selling directly to customers, including grocery stores, mass merchandise stores, club stores, convenience stores and drug stores, selling to “on-premise” accounts, where products are typically consumed immediately, such as restaurants, schools, amusement parks and recreational facilities, and selling through other channels such as vending machine outlets. The Company typically collects payment from customers within 30 days from the date of sale.

The Company’s sales are divided into two main categories: (i) bottle/can sales and (ii) other sales. Bottle/can sales include products packaged primarily in plastic bottles and aluminum cans. Bottle/can net pricing is based on the invoice price charged to customers reduced by any promotional allowances. Bottle/can net pricing per unit is impacted by the price charged per package, the sales volume generated for each package and the channels in which those packages are sold. Other sales include sales to other Coca‑Cola bottlers, “post-mix” products, transportation revenue and equipment maintenance revenue. Post-mix products are dispensed through equipment that mixes fountain syrups with carbonated or still water, enabling fountain retailers to sell finished products to consumers in cups or glasses.

The Company’s contracts are derived from customer orders, including customer sales incentives, generated through an order processing and replenishment model. Generally, the Company’s service contracts and contracts related to the delivery of specifically identifiable products have a single performance obligation. Revenues do not include sales or other taxes collected from customers. The Company has defined its performance obligations for its contracts as either at a point in time or over time. Bottle/can sales, sales to other Coca‑Cola bottlers and post-mix sales are recognized when control transfers to a customer, which is generally upon delivery and is considered a single point in time (“point in time”). Point in time sales accounted for approximately 97% of the Company’s net sales in the first nine months of 2020 and approximately 96% of the Company’s net sales in the first nine months of 2019.

Other sales, which include revenue for service fees related to the repair of cold drink equipment and delivery fees for freight hauling and brokerage services, are recognized over time (“over time”). Revenues related to cold drink equipment repair are recognized as the respective services are completed using a cost-to-cost input method. Repair services are generally completed in less than one day but can extend up to one month. Revenues related to freight hauling and brokerage services are recognized as the delivery occurs using a miles driven output method. Generally, delivery occurs and freight charges are recognized in the same day. Over time sales orders open at the end of a financial period are not material to the condensed consolidated financial statements.

The following table represents a disaggregation of revenue from contracts with customers:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Point in time net sales:
Nonalcoholic Beverages - point in time	$	1,286,542	$	1,224,653	$	3,607,502	$	3,512,901
Total point in time net sales	$	1,286,542	$	1,224,653	$	3,607,502	$	3,512,901

Over time net sales:
Nonalcoholic Beverages - over time	$	8,729	$	11,608	$	25,874	$	34,472
All Other - over time	33,213		34,768		95,344		100,227
Total over time net sales	$	41,942	$	46,376	$	121,218	$	134,699

Total net sales	$	1,328,484	$	1,271,029	$	3,728,720	$	3,647,600

The Company participates in various sales programs with The Coca‑Cola Company, other beverage companies and customers to increase the sale of its products. Programs negotiated with customers include arrangements under which allowances can be earned for attaining agreed-upon sales levels. The cost of these various sales incentives is not considered a separate performance obligation and is included as a deduction to net sales.

Allowance payments made to customers can be conditional on the achievement of volume targets and/or marketing commitments. Payments made in advance are recorded as prepayments and amortized in the condensed consolidated statements of operations over the relevant period for which the customer commitment is made. In the event there is no separate identifiable benefit or the fair value of such benefit cannot be established, the amortization of the prepayment is included as a deduction to net sales.

The Company sells its products and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company evaluates the collectability of its trade accounts receivable based on a number of factors, including the Company’s historic collections pattern and changes to a specific customer’s ability to meet its financial obligations. The Company has established an allowance for doubtful accounts to adjust the recorded receivable to the estimated amount the Company believes will ultimately be collected.

The nature of the Company’s contracts gives rise to several types of variable consideration, including prospective and retrospective rebates. The Company accounts for its prospective and retrospective rebates using the expected value method, which estimates the net price to the customer based on the customer’s expected annual sales volume projections.

The Company’s allowance for doubtful accounts in the condensed consolidated balance sheets includes a reserve for customer returns and an allowance for credit losses. The Company experiences customer returns primarily as a result of damaged or out-of-date product. At any given time, the Company estimates less than 1% of bottle/can sales and post-mix sales could be at risk for return by customers. Returned product is recognized as a reduction to net sales. The Company’s reserve for customer returns was $3.6 million as of both September 27, 2020 and December 29, 2019.

The Company estimates an allowance for credit losses, based on historic days’ sales outstanding trends, aged customer balances, previously written-off balances and expected recoveries up to balances previously written off, in order to present the net amount expected to be collected. Accounts receivable balances are written off when determined uncollectible and are recognized as a reduction to the allowance for credit losses. Following is a summary of activity for the allowance for credit losses during the first nine months of 2020:


(in thousands)	First Nine Months 2020
Balance at beginning of year - allowance for credit losses	$	10,232
Additions charged to costs and expenses(1)	14,238
Write-offs, net of recoveries	(2,970)
Balance at end of period - allowance for credit losses	$	21,500

(1)Includes an allowance for credit losses for COVID-19-related collectability risk.

Segments

9 Months Ended

Sep. 27, 2020

Segment Reporting [Abstract]

Segments

The Company evaluates segment reporting in accordance with the FASB Accounting Standards Codification Topic 280, Segment Reporting, each reporting period, including evaluating the reporting package reviewed by the Chief Operating Decision Maker (the “CODM”). The Company has concluded the Chief Executive Officer, the Chief Operating Officer and the Chief Financial Officer, as a group, represent the CODM. Asset information is not provided to the CODM.

The Company believes three operating segments exist. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated net sales and income from operations. The additional two operating segments do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, and, therefore, have been combined into “All Other.”

The Company’s segment results are as follows:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Net sales:
Nonalcoholic Beverages	$	1,295,271	$	1,236,261	$	3,633,376	$	3,547,373
All Other	84,776		92,501		246,406		275,358
Eliminations(1)	(51,563)		(57,733)		(151,062)		(175,131)
Consolidated net sales	$	1,328,484	$	1,271,029	$	3,728,720	$	3,647,600

Income from operations:
Nonalcoholic Beverages	$	108,035	$	48,248	$	227,559	$	120,613
All Other	(4,191)		5,598		(7,776)		20,601
Consolidated income from operations	$	103,844	$	53,846	$	219,783	$	141,214

Depreciation and amortization:
Nonalcoholic Beverages	$	45,066	$	43,067	$	125,733	$	128,986
All Other	3,027		2,521		8,756		7,430
Consolidated depreciation and amortization	$	48,093	$	45,588	$	134,489	$	136,416

(1)The entire net sales elimination represents net sales from the All Other segment to the Nonalcoholic Beverages segment. Sales between these segments are recognized at either fair market value or cost depending on the nature of the transaction.

Net Income Per Share

9 Months Ended

Sep. 27, 2020

Earnings Per Share [Abstract]

Net Income Per Share

The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method:


	Third Quarter				First Nine Months
(in thousands, except per share data)	2020		2019		2020		2019
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income attributable to Coca‑Cola Consolidated, Inc.	$	51,884	$	13,006	$	106,115	$	21,545
Less dividends:
Common Stock	1,785		1,786		5,356		5,356
Class B Common Stock	559		558		1,674		1,670
Total undistributed earnings	$	49,540	$	10,662	$	99,085	$	14,519

Common Stock undistributed earnings – basic	$	37,743	$	8,123	$	75,490	$	11,066
Class B Common Stock undistributed earnings – basic	11,797		2,539		23,595		3,453
Total undistributed earnings – basic	$	49,540	$	10,662	$	99,085	$	14,519

Common Stock undistributed earnings – diluted	$	37,515	$	8,089	$	75,034	$	11,019
Class B Common Stock undistributed earnings – diluted	12,025		2,573		24,051		3,500
Total undistributed earnings – diluted	$	49,540	$	10,662	$	99,085	$	14,519

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	1,785	$	1,786	$	5,356	$	5,356
Common Stock undistributed earnings – basic	37,743		8,123		75,490		11,066
Numerator for basic net income per Common Stock share	$	39,528	$	9,909	$	80,846	$	16,422

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	559	$	558	$	1,674	$	1,670
Class B Common Stock undistributed earnings – basic	11,797		2,539		23,595		3,453
Numerator for basic net income per Class B Common Stock share	$	12,356	$	3,097	$	25,269	$	5,123


	Third Quarter				First Nine Months
(in thousands, except per share data)	2020		2019		2020		2019
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	1,785	$	1,786	$	5,356	$	5,356
Dividends on Class B Common Stock assumed converted to Common Stock	559		558		1,674		1,670
Common Stock undistributed earnings – diluted	49,540		10,662		99,085		14,519
Numerator for diluted net income per Common Stock share	$	51,884	$	13,006	$	106,115	$	21,545

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	559	$	558	$	1,674	$	1,670
Class B Common Stock undistributed earnings – diluted	12,025		2,573		24,051		3,500
Numerator for diluted net income per Class B Common Stock share	$	12,584	$	3,131	$	25,725	$	5,170

Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	7,141		7,141		7,141		7,141
Class B Common Stock weighted average shares outstanding – basic	2,232		2,232		2,232		2,228

Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock)	9,430		9,413		9,430		9,409
Class B Common Stock weighted average shares outstanding – diluted	2,289		2,272		2,289		2,268

Basic net income per share:
Common Stock	$	5.53	$	1.39	$	11.32	$	2.30
Class B Common Stock	$	5.53	$	1.39	$	11.32	$	2.30

Diluted net income per share:
Common Stock	$	5.51	$	1.38	$	11.25	$	2.29
Class B Common Stock	$	5.51	$	1.38	$	11.24	$	2.28

NOTES TO TABLE

(1)For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock.

(2)For purposes of the diluted net income per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted.

(3)For periods presented during which the Company had net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock includes the dilutive effect of shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company had net loss, the unvested shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan.

(4)The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of the Company’s Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of shares relative to such award is prospectively removed from the denominator in the computation of diluted net income per share.

(5)The Company did not have anti-dilutive shares for any periods presented.

Inventories

9 Months Ended

Sep. 27, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Finished products	$	125,388	$	142,363
Manufacturing materials	45,425		45,267
Plastic shells, plastic pallets and other inventories	36,960		38,296
Total inventories	$	207,773	$	225,926

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 27, 2020

Prepaid Expense and Other Assets [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Repair parts	$	28,342	$	28,967
Prepaid taxes	8,099		4,359
Prepaid software	6,462		5,850
Prepaid marketing	6,134		5,658
Prepayments for sponsorship contracts	2,462		8,696
Other prepaid expenses and other current assets	18,330		15,931
Total prepaid expenses and other current assets	$	69,829	$	69,461

Assets Held for Sale

9 Months Ended

Sep. 27, 2020

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

The Company is in the process of integrating its Memphis, Tennessee manufacturing plant with its West Memphis, Arkansas operations, which is expected to greatly expand its West Memphis production capabilities and to reduce its overall production costs. Additionally, the Company is planning to open a new, automated distribution center in Whitestown, Indiana by the spring of 2021, which will allow the Company to consolidate its Anderson, Bloomington, Lafayette, Shelbyville and Speedway, Indiana warehousing and distribution operations into this one new facility. The increased capacity and automation in Whitestown will allow the Company to optimize its supply chain and to better serve its customers and consumers in Indiana and the surrounding areas.

As of September 27, 2020, certain locations of the Company, which are primarily those included in the Company’s supply chain optimization discussed above, met the accounting guidance criteria to be classified as assets held for sale. All locations classified as held for sale are included in the Nonalcoholic Beverages segment. There are not any liabilities held for sale associated with these locations and none meet the accounting guidance criteria to be classified as discontinued operations.

Following is a summary of the assets held for sale:


(in thousands)	September 27, 2020
Land	$	2,017
Buildings and leasehold and land improvements	5,019
Assets held for sale	$	7,036

An impairment of $1.6 million was recorded for these locations as a result of the net book value exceeding the agreed upon purchase price of one of the locations. This impairment was recorded within cost of sales on the condensed consolidated statements of operations and within impairment of property, plant and equipment on the condensed consolidated statements of cash flows.

Property, Plant and Equipment, Net

9 Months Ended

Sep. 27, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

The principal categories and estimated useful lives of property, plant and equipment, net were as follows:


(in thousands)	September 27, 2020		December 29, 2019		Estimated Useful Lives
Land	$	81,151	$	76,860
Buildings	232,828		223,500		8-50 years
Machinery and equipment	370,116		355,575		5-20 years
Transportation equipment	436,604		417,532		4-20 years
Furniture and fixtures	97,298		92,059		3-10 years
Cold drink dispensing equipment	471,607		489,050		5-17 years
Leasehold and land improvements	150,800		145,341		5-20 years
Software for internal use	129,429		128,792		3-10 years
Construction in progress	37,234		29,369
Total property, plant and equipment, at cost	2,007,067		1,958,078
Less: Accumulated depreciation and amortization	1,027,857		960,675
Property, plant and equipment, net	$	979,210	$	997,403

Leases

9 Months Ended

Sep. 27, 2020

Leases [Abstract]

Leases

The Company leases office and warehouse space, machinery and other equipment under noncancelable operating lease agreements and also leases certain warehouse space under financing lease agreements. The Company uses the following policies and assumptions to evaluate its leases:

•Determining a lease: The Company assesses contracts at inception to determine whether an arrangement is or includes a lease, which conveys the Company’s right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right-of-use assets and associated liabilities are recognized at the commencement date and initially measured based on the present value of lease payments over the defined lease term.

•Allocating lease and non-lease components: The Company has elected the practical expedient to not separate lease and non-lease components for certain classes of underlying assets. The Company has equipment and vehicle lease agreements, which generally have the lease and associated non-lease components accounted for as a single lease component. The Company has real estate lease agreements with lease and non-lease components, which are generally accounted for separately where applicable.

•Calculating the discount rate: The Company calculates the discount rate based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company calculates an incremental borrowing rate using a portfolio approach. The incremental borrowing rate is calculated using the contractual lease term and the Company’s borrowing rate.

•Recognizing leases: The Company does not recognize leases with a contractual term of less than 12 months on its condensed consolidated balance sheets. Lease expense for these short-term leases is expensed on a straight-line basis over the lease term.

•Including rent increases or escalation clauses: Certain leases contain scheduled rent increases or escalation clauses, which can be based on the Consumer Price Index or other rates. The Company assesses each contract individually and applies the appropriate variable payments based on the terms of the agreement.

•Including renewal options and/or purchase options: Certain leases include renewal options to extend the lease term and/or purchase options to purchase the leased asset. The Company assesses these options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of the Company’s leases do not include renewal periods or purchase options for the measurement of the right-of-use asset and the associated lease liability. For leases the Company is reasonably certain to renew or purchase, those options are included within the lease term and, therefore, included in the measurement of the right-of-use asset and the associated lease liability.

•Including options to terminate: Certain leases include the option to terminate the lease prior to its scheduled expiration. This allows a contractually bound party to terminate its obligation under the lease contract, typically in return for an agreed-upon financial consideration. The terms and conditions of the termination options vary by contract.

•Including residual value guarantees, restrictions or covenants: The Company’s lease agreements do not contain residual value guarantees, restrictions or covenants.

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:


	September 27, 2020		December 29, 2019
Weighted average remaining lease term:
Operating leases	9.7 years		10.2 years
Financing leases	13.6 years		4.8 years
Weighted average discount rate:
Operating leases	4.0	%	4.1	%
Financing leases	3.2	%	5.7	%

As of September 27, 2020, the Company had one real estate and two vehicle operating lease commitments that had not yet commenced. These lease commitments are expected to commence during the fourth quarter of 2020 and have lease terms of approximately three years. The additional lease liability associated with these lease commitments is expected to be $2.1 million.

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Cost of sales impact:
Operating lease costs	$	1,397	$	1,356	$	4,167	$	4,039
Short-term and variable leases	3,711		2,814		9,368		7,393
Depreciation expense from financing leases	643		353		1,350		1,060
Total cost of sales impact	$	5,751	$	4,523	$	14,885	$	12,492

SD&A expenses impact:
Operating lease costs	$	4,846	$	3,717	$	14,225	$	9,639
Short-term and variable leases	271		838		1,612		2,676
Depreciation expense from financing leases	772		1,139		1,914		3,415
Total SD&A expenses impact	$	5,889	$	5,694	$	17,751	$	15,730

Interest expense, net impact:
Interest expense on financing lease obligations	$	613	$	666	$	1,120	$	2,083
Total interest expense, net impact	$	613	$	666	$	1,120	$	2,083

Total lease cost	$	12,253	$	10,883	$	33,756	$	30,305

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 27, 2020:


(in thousands)	Operating Leases		Financing Leases		Total
Remainder of 2020	$	5,882	$	1,760	$	7,642
2021	22,603		7,079		29,682
2022	19,535		7,145		26,680
2023	16,839		7,201		24,040
2024	15,336		7,396		22,732
Thereafter	91,125		63,421		154,546
Total minimum lease payments including interest	$	171,320	$	94,002	$	265,322
Less: Amounts representing interest	31,220		17,005		48,225
Present value of minimum lease principal payments	140,100		76,997		217,097
Less: Current portion of lease liabilities - operating and financing leases	18,812		5,814		24,626
Noncurrent portion of lease liabilities - operating and financing leases	$	121,288	$	71,183	$	192,471

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 29, 2019:


(in thousands)	Operating Leases		Financing Leases		Total
2020	$	19,236	$	10,611	$	29,847
2021	16,815		6,215		23,030
2022	14,016		2,694		16,710
2023	11,704		2,750		14,454
2024	10,989		2,808		13,797
Thereafter	67,556		5,406		72,962
Total minimum lease payments including interest	$	140,316	$	30,484	$	170,800
Less: Amounts representing interest	27,527		3,678		31,205
Present value of minimum lease principal payments	112,789		26,806		139,595
Less: Current portion of lease liabilities - operating and financing leases	15,024		9,403		24,427
Noncurrent portion of lease liabilities - operating and financing leases	$	97,765	$	17,403	$	115,168

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:


	First Nine Months
(in thousands)	2020		2019
Cash flows from operating activities impact:
Operating leases	$	14,134	$	13,576
Interest payments on financing lease obligations	1,120		2,083
Total cash flows from operating activities impact	$	15,254	$	15,659

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	4,428	$	6,441
Total cash flows from financing activities impact	$	4,428	$	6,441

Leases

•Including residual value guarantees, restrictions or covenants: The Company’s lease agreements do not contain residual value guarantees, restrictions or covenants.

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:


	September 27, 2020		December 29, 2019
Weighted average remaining lease term:
Operating leases	9.7 years		10.2 years
Financing leases	13.6 years		4.8 years
Weighted average discount rate:
Operating leases	4.0	%	4.1	%
Financing leases	3.2	%	5.7	%

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Cost of sales impact:
Operating lease costs	$	1,397	$	1,356	$	4,167	$	4,039
Short-term and variable leases	3,711		2,814		9,368		7,393
Depreciation expense from financing leases	643		353		1,350		1,060
Total cost of sales impact	$	5,751	$	4,523	$	14,885	$	12,492

SD&A expenses impact:
Operating lease costs	$	4,846	$	3,717	$	14,225	$	9,639
Short-term and variable leases	271		838		1,612		2,676
Depreciation expense from financing leases	772		1,139		1,914		3,415
Total SD&A expenses impact	$	5,889	$	5,694	$	17,751	$	15,730

Interest expense, net impact:
Interest expense on financing lease obligations	$	613	$	666	$	1,120	$	2,083
Total interest expense, net impact	$	613	$	666	$	1,120	$	2,083

Total lease cost	$	12,253	$	10,883	$	33,756	$	30,305


(in thousands)	Operating Leases		Financing Leases		Total
Remainder of 2020	$	5,882	$	1,760	$	7,642
2021	22,603		7,079		29,682
2022	19,535		7,145		26,680
2023	16,839		7,201		24,040
2024	15,336		7,396		22,732
Thereafter	91,125		63,421		154,546
Total minimum lease payments including interest	$	171,320	$	94,002	$	265,322
Less: Amounts representing interest	31,220		17,005		48,225
Present value of minimum lease principal payments	140,100		76,997		217,097
Less: Current portion of lease liabilities - operating and financing leases	18,812		5,814		24,626
Noncurrent portion of lease liabilities - operating and financing leases	$	121,288	$	71,183	$	192,471

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 29, 2019:


(in thousands)	Operating Leases		Financing Leases		Total
2020	$	19,236	$	10,611	$	29,847
2021	16,815		6,215		23,030
2022	14,016		2,694		16,710
2023	11,704		2,750		14,454
2024	10,989		2,808		13,797
Thereafter	67,556		5,406		72,962
Total minimum lease payments including interest	$	140,316	$	30,484	$	170,800
Less: Amounts representing interest	27,527		3,678		31,205
Present value of minimum lease principal payments	112,789		26,806		139,595
Less: Current portion of lease liabilities - operating and financing leases	15,024		9,403		24,427
Noncurrent portion of lease liabilities - operating and financing leases	$	97,765	$	17,403	$	115,168

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:


	First Nine Months
(in thousands)	2020		2019
Cash flows from operating activities impact:
Operating leases	$	14,134	$	13,576
Interest payments on financing lease obligations	1,120		2,083
Total cash flows from operating activities impact	$	15,254	$	15,659

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	4,428	$	6,441
Total cash flows from financing activities impact	$	4,428	$	6,441

Distribution Agreements, Net

9 Months Ended

Sep. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Distribution Agreements, Net

Distribution agreements, net, which are amortized on a straight-line basis and have an estimated useful life of 10 to 40 years, consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Distribution agreements at cost	$	951,677	$	950,549
Less: Accumulated amortization	92,674		74,453
Distribution agreements, net	$	859,003	$	876,096

Customer Lists and Other Identifiable Intangible Assets, Net

Customer lists and other identifiable intangible assets, net, which are amortized on a straight-line basis and have an estimated useful life of five to 12 years, consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Customer lists and other identifiable intangible assets at cost	$	25,288	$	25,288
Less: Accumulated amortization	12,024		10,645
Customer lists and other identifiable intangible assets, net	$	13,264	$	14,643

Customer Lists and Other Identifiable Intangible Assets, Net

9 Months Ended

Sep. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Customer Lists and Other Identifiable Intangible Assets, Net

Distribution Agreements, Net

Distribution agreements, net, which are amortized on a straight-line basis and have an estimated useful life of 10 to 40 years, consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Distribution agreements at cost	$	951,677	$	950,549
Less: Accumulated amortization	92,674		74,453
Distribution agreements, net	$	859,003	$	876,096

Customer Lists and Other Identifiable Intangible Assets, Net

Customer lists and other identifiable intangible assets, net, which are amortized on a straight-line basis and have an estimated useful life of five to 12 years, consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Customer lists and other identifiable intangible assets at cost	$	25,288	$	25,288
Less: Accumulated amortization	12,024		10,645
Customer lists and other identifiable intangible assets, net	$	13,264	$	14,643

Other Accrued Liabilities

9 Months Ended

Sep. 27, 2020

Payables and Accruals [Abstract]

Other Accrued Liabilities

Other accrued liabilities consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Accrued insurance costs	$	47,775	$	44,584
Current portion of acquisition related contingent consideration	41,912		41,087
Accrued marketing costs	35,906		34,947
Employee and retiree benefit plan accruals	27,819		33,699
Current portion of deferred payroll taxes under CARES Act	12,324		—
Accrued taxes (other than income taxes)	9,076		6,366
Checks and transfers yet to be presented for payment from zero balance cash accounts	3,140		20,199
Current deferred proceeds from Territory Conversion Fee	2,286		2,286
Commodity derivative instruments at fair market value	1,376		1,174
Federal income taxes	—		1,651
All other accrued expenses	25,908		22,841
Total other accrued liabilities	$	207,522	$	208,834

The Company has taken advantage of certain provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which allow an employer to defer the deposit and payment of the employer’s portion of social security taxes that would otherwise be due on or after March 27, 2020 and before January 1, 2021. The law permits an employer to deposit half of these deferred payments by December 31, 2021 and the other half by December 31, 2022. The Company intends to repay a portion of the deferred payroll taxes in the next 12 months and has classified this portion as current.

Derivative Financial Instruments

9 Months Ended

Sep. 27, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company is subject to the risk of increased costs arising from adverse changes in certain commodity prices. In the normal course of business, the Company manages these risks through a variety of strategies, including the use of commodity derivative instruments. The Company does not use commodity derivative instruments for trading or speculative purposes. These commodity derivative instruments are not designated as hedging instruments under GAAP and are used as “economic hedges” to manage certain commodity price risk. The Company uses several different financial institutions for commodity derivative instruments to minimize the concentration of credit risk. While the Company would be exposed to credit loss in the event of nonperformance by these counterparties, the Company does not anticipate nonperformance by these parties.

Commodity derivative instruments held by the Company are marked to market on a monthly basis and recognized in earnings consistent with the expense classification of the underlying hedged item. Settlements of commodity derivative instruments are included in cash flows from operating activities in the condensed consolidated statements of cash flows. The following table summarizes pre-tax changes in the fair values of the Company’s commodity derivative instruments and the classification of such changes in the condensed consolidated statements of operations:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Cost of sales	$	1,194	$	487	$	924	$	(482)
Selling, delivery and administrative expenses	575		(74)		(949)		2,575
Total gain (loss)	$	1,769	$	413	$	(25)	$	2,093

All commodity derivative instruments are recorded at fair value as either assets or liabilities in the condensed consolidated balance sheets. The Company has master agreements with the counterparties to its commodity derivative instruments that provide for net settlement of derivative transactions. Accordingly, the net amounts of derivative assets are recognized in either prepaid expenses and other current assets or other assets in the condensed consolidated balance sheets and the net amounts of derivative liabilities are recognized in either other accrued liabilities or other liabilities in the condensed consolidated balance sheets. The

following table summarizes the fair values of the Company’s commodity derivative instruments and the classification of such instruments in the condensed consolidated balance sheets:


(in thousands)	September 27, 2020		December 29, 2019
Assets:
Prepaid expenses and other current assets	$	1,049	$	1,007
Total assets	$	1,049	$	1,007

Liabilities:
Other accrued liabilities	$	1,376	$	1,174
Total liabilities	$	1,376	$	1,174

The following table summarizes the Company’s gross commodity derivative instrument assets and gross commodity derivative instrument liabilities in the condensed consolidated balance sheets:


(in thousands)	September 27, 2020		December 29, 2019
Gross commodity derivative instrument assets	$	1,049	$	3,298
Gross commodity derivative instrument liabilities	1,376		3,465

The following table summarizes the Company’s outstanding commodity derivative instruments:

(in thousands)

September 27, 2020

December 29, 2019

Notional amount of outstanding commodity derivative instruments

73,010

171,699

Latest maturity date of outstanding commodity derivative instruments

December 2020

Fair Values of Financial Instruments

9 Months Ended

Sep. 27, 2020

Fair Value Disclosures [Abstract]

Fair Values of Financial Instruments

GAAP requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories:

•Level 1: Quoted market prices in active markets for identical assets or liabilities.

•Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

•Level 3: Unobservable inputs that are not corroborated by market data.

The below methods and assumptions were used by the Company in estimating the fair values of its financial instruments. There were no transfers of assets or liabilities between levels in any period presented.

Financial Instrument

Fair Value

Level

Methods and Assumptions

Deferred compensation plan assets and liabilities

Level 1

The fair value of the Company’s nonqualified deferred compensation plan for certain executives and other highly compensated employees is based on the fair values of associated assets and liabilities, which are held in mutual funds and are based on the quoted market values of the securities held within the mutual funds.

Commodity derivative instruments

Level 2

The fair values of the Company’s commodity derivative instruments are based on current settlement values at each balance sheet date, which represent the estimated amounts the Company would have received or paid upon termination of these instruments. The Company’s credit risk related to the commodity derivative instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair values of commodity derivative instruments.

Nonpublic variable rate debt

Level 2

The carrying amounts of the Company’s nonpublic variable rate debt approximate the fair values due to variable interest rates with short reset periods.

Nonpublic fixed rate debt

Level 2

The fair values of the Company’s nonpublic fixed rate debt are based on estimated current market prices.

Public debt securities

Level 2

The fair values of the Company’s public debt securities are based on estimated current market prices.

Acquisition related contingent consideration

Level 3

The fair value of the Company’s acquisition related contingent consideration is based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data.

The following tables summarize the carrying amounts and fair values by level of the Company’s deferred compensation plan, commodity derivative instruments, debt and acquisition related contingent consideration:


	September 27, 2020
(in thousands)	Carrying Amount		Total Fair Value		Fair Value Level 1		Fair Value Level 2		Fair Value Level 3
Assets:
Deferred compensation plan assets	$	46,602	$	46,602	$	46,602	$	—	$	—
Commodity derivative instruments	1,049		1,049		—		1,049		—
Liabilities:
Deferred compensation plan liabilities	46,602		46,602		46,602		—		—
Commodity derivative instruments	1,376		1,376		—		1,376		—
Nonpublic variable rate debt	239,882		240,000		—		240,000		—
Nonpublic fixed rate debt	374,747		402,500		—		402,500		—
Public debt securities	348,238		390,200		—		390,200		—
Acquisition related contingent consideration	448,653		448,653		—		—		448,653


	December 29, 2019
(in thousands)	Carrying Amount		Total Fair Value		Fair Value Level 1		Fair Value Level 2		Fair Value Level 3
Assets:
Deferred compensation plan assets	$	42,543	$	42,543	$	42,543	$	—	$	—
Commodity derivative instruments	1,007		1,007		—		1,007		—
Liabilities:
Deferred compensation plan liabilities	42,543		42,543		42,543		—		—
Commodity derivative instruments	1,174		1,174		—		1,174		—
Nonpublic variable rate debt	307,250		307,500		—		307,500		—
Nonpublic fixed rate debt	374,723		383,900		—		383,900		—
Public debt securities	347,947		367,300		—		367,300		—
Acquisition related contingent consideration	446,684		446,684		—		—		446,684

The acquisition related contingent consideration was valued using a probability weighted discounted cash flow model based on internal forecasts and the WACC derived from market data, which are considered Level 3 inputs. Each reporting period, the Company adjusts its acquisition related contingent consideration liability related to the distribution territories to fair value by discounting future expected sub-bottling payments required under the CBA using the Company’s estimated WACC.

The future expected sub-bottling payments extend through the life of applicable distribution assets acquired from CCR, which is generally 40 years. As a result, the fair value of the acquisition related contingent consideration liability is impacted by the Company’s WACC, management’s estimate of the amounts that will be paid in the future under the CBA, and current sub-bottling payments (all Level 3 inputs). Changes in any of these Level 3 inputs, particularly the underlying risk-free interest rate used to estimate the Company’s WACC, could result in material changes to the fair value of the acquisition related contingent consideration liability and could materially impact the amount of non-cash income or expense recorded each reporting period.

The acquisition related contingent consideration liability is the Company’s only Level 3 asset or liability. A summary of the Level 3 activity is as follows:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Beginning balance - Level 3 liability	$	441,113	$	412,450	$	446,684	$	382,898
Payments of acquisition related contingent consideration	(11,468)		(5,948)		(31,999)		(18,784)
Reclassification to current payables	(800)		(60)		(1,100)		(940)
Increase in fair value	19,808		18,749		35,068		62,017
Ending balance - Level 3 liability	$	448,653	$	425,191	$	448,653	$	425,191

The increase in the fair value of the acquisition related contingent consideration liability during the first nine months of 2020 was primarily driven by changes in future cash flow projections of the distribution territories subject to sub-bottling fees, partially offset by an increase in the discount rate used to calculate the fair value. The increase in the fair value of the acquisition related contingent consideration liability during the first nine months of 2019 was primarily driven by a decrease in the discount rate used to calculate the fair value and changes in future cash flow projections of the distribution territories subject to sub-bottling fees. These fair value adjustments were recorded in other expense, net in the condensed consolidated statements of operations.

The anticipated amount the Company could pay annually under acquisition related contingent consideration arrangements is expected to be in the range of $28 million to $53 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 27, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate, calculated by dividing income tax expense by income before income taxes, was 25.6% for the first nine months of 2020 and 28.7% for the first nine months of 2019. The decrease in the effective income tax rate was primarily driven by improved financial results. The Company’s effective income tax rate, calculated by dividing income tax expense by income before income taxes minus net income attributable to noncontrolling interest, was 26.8% for the first nine months of 2020 and 33.4% for the first nine months of 2019. The Company had uncertain tax positions, including accrued interest, of $3.4 million on September 27, 2020 and $2.5 million on December 29, 2019, all of which would affect the Company’s effective income tax rate if recognized. While it is expected the amount of uncertain tax positions may change in the next 12 months, the Company does not expect such change would have a significant impact on the condensed consolidated financial statements. Prior tax years beginning in year 2002 remain open to examination by the Internal Revenue Service, and various tax years beginning in year 1998 remain open to examination by certain state taxing authorities.

Pension and Postretirement Benefit Obligations

9 Months Ended

Sep. 27, 2020

Retirement Benefits [Abstract]

Pension and Postretirement Benefit Obligations

Pension Plans

There are two Company-sponsored pension plans. The primary Company-sponsored pension plan was frozen as of June 30, 2006 and no benefits accrued to participants after this date. The second Company-sponsored pension plan (the “Bargaining Plan”) is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the plans are based on actuarially determined amounts and are limited to amounts currently deductible for income tax purposes.

The components of net periodic pension cost were as follows:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Service cost	$	1,659	$	1,207	$	4,976	$	3,620
Interest cost	2,760		3,063		8,280		9,188
Expected return on plan assets	(3,382)		(2,574)		(10,148)		(7,722)
Recognized net actuarial loss	1,189		901		3,568		2,702
Amortization of prior service cost	5		5		14		17
Net periodic pension cost	$	2,231	$	2,602	$	6,690	$	7,805

The Company contributed $16.3 million to the two Company-sponsored pension plans during the first nine months of 2020 and does not anticipate making additional contributions during the fourth quarter of 2020.

Postretirement Benefits

The Company provides postretirement benefits for employees meeting specified criteria. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. The Company does not pre-fund these benefits and has the right to modify or terminate certain of these benefits in the future.

The components of net periodic postretirement benefit cost were as follows:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Service cost	$	376	$	389	$	1,128	$	1,167
Interest cost	504		694		1,511		2,080
Recognized net actuarial loss	88		196		263		587
Amortization of prior service cost	—		(324)		—		(970)
Net periodic postretirement benefit cost	$	968	$	955	$	2,902	$	2,864

Other Liabilities

9 Months Ended

Sep. 27, 2020

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Noncurrent portion of acquisition related contingent consideration	$	406,741	$	405,597
Accruals for executive benefit plans	140,795		141,380
Noncurrent deferred proceeds from Territory Conversion Fee	81,162		82,877
Noncurrent deferred proceeds from Legacy Facilities Credit	28,970		29,569
Noncurrent portion of deferred payroll taxes under CARES Act	12,324		—
Other	9,369		9,143
Total other liabilities	$	679,361	$	668,566

Long-Term Debt

9 Months Ended

Sep. 27, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Debt

Following is a summary of the Company’s long-term debt:


(in thousands)	Maturity Date	Interest Rate	Interest Paid	Public or Nonpublic	September 27, 2020		December 29, 2019
Term loan facility(1)	6/7/2021	Variable	Varies	Nonpublic	$	240,000	$	262,500
Senior notes	2/27/2023	3.28%	Semi-annually	Nonpublic	125,000		125,000
Revolving credit facility(2)	6/8/2023	Variable	Varies	Nonpublic	—		45,000
Senior notes	11/25/2025	3.80%	Semi-annually	Public	350,000		350,000
Senior notes	10/10/2026	3.93%	Quarterly	Nonpublic	100,000		100,000
Senior notes	3/21/2030	3.96%	Quarterly	Nonpublic	150,000		150,000
Unamortized discount on senior notes(3)	11/25/2025				(45)		(52)
Debt issuance costs					(2,088)		(2,528)
Long-term debt					$	962,867	$	1,029,920

(1)The Company intends to refinance principal payments due in the next 12 months under the term loan facility, and has the capacity to do so under its revolving credit facility, which is classified as long-term debt. As such, any amounts due in the next 12 months were classified as noncurrent.

(2)The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million, which may be increased at the Company’s option to $750 million, subject to obtaining commitments from the lenders and satisfying other conditions specified in the credit agreement. The Company currently believes all banks participating in the revolving credit facility have the ability to and will meet any funding requests from the Company.

(3)The senior notes due in 2025 were issued at 99.975% of par.

The Company mitigates its financing risk by using multiple financial institutions and only entering into credit arrangements with institutions with investment grade credit ratings. The Company monitors counterparty credit ratings on an ongoing basis.

In 2019, the Company entered into a $100 million fixed rate swap maturing June 7, 2021, to hedge a portion of the interest rate risk on the Company’s term loan facility. This interest rate swap is designated as a cash flow hedging instrument and changes in its fair value are not expected to be material to the condensed consolidated balance sheets. Changes in the fair value of this interest rate swap were classified as accumulated other comprehensive loss on the condensed consolidated balance sheets and included in the condensed consolidated statements of comprehensive income.

The indenture under which the Company’s public debt was issued does not include financial covenants but does limit the incurrence of certain liens and encumbrances as well as indebtedness by the Company’s subsidiaries in excess of certain amounts. The agreements under which the Company’s nonpublic debt was issued include two financial covenants: a consolidated cash flow/fixed charges ratio and a consolidated funded indebtedness/cash flow ratio, each as defined in the respective agreement. The Company was in compliance with these covenants as of September 27, 2020. These covenants do not currently, and the Company does not anticipate they will, restrict its liquidity or capital resources.

All outstanding long-term debt has been issued by the Company and none has been issued by any of its subsidiaries. There are no guarantees of the Company’s debt.

Commitments and Contingencies

9 Months Ended

Sep. 27, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Manufacturing Cooperatives

The Company is obligated to purchase at least 80% of its requirements of plastic bottles for certain designated territories from Southeastern. The Company is also obligated to purchase 17.5 million cases of finished product from SAC on an annual basis through June 2024. The Company purchased 21.9 million cases and 22.2 million cases of finished product from SAC in the first nine months of 2020 and the first nine months of 2019, respectively.

The following table summarizes the Company’s purchases from these manufacturing cooperatives:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Purchases from Southeastern	$	31,196	$	31,178	$	94,835	$	102,118
Purchases from SAC	37,006		42,870		119,225		120,309
Total purchases from manufacturing cooperatives	$	68,202	$	74,048	$	214,060	$	222,427

The Company guarantees a portion of SAC’s debt, which expires at various dates through 2024. The amount guaranteed was $14.7 million on both September 27, 2020 and December 29, 2019. In the event SAC fails to fulfill its commitments under the related debt, the Company would be responsible for payment to the lenders up to the level of the guarantee. The Company does not anticipate SAC will fail to fulfill its commitments related to the debt. The Company further believes SAC has sufficient assets, including production equipment, facilities and working capital, and the ability to adjust selling prices of its products to adequately mitigate the risk of material loss from the Company’s guarantee.

The Company holds no assets as collateral against the SAC guarantee, the fair value of which is immaterial to the condensed consolidated financial statements. The Company monitors its investment in SAC and would be required to write down its investment if an impairment, other than a temporary impairment, was identified. No impairment of the Company’s investment in SAC was identified as of September 27, 2020, and there was no impairment identified in 2019.

Other Commitments and Contingencies

The Company has standby letters of credit, primarily related to its property and casualty insurance programs. These letters of credit totaled $37.6 million on September 27, 2020 and $35.6 million on December 29, 2019.

The Company participates in long-term marketing contractual arrangements with certain prestige properties, athletic venues and other locations. As of September 27, 2020, the future payments related to these contractual arrangements, which expire at various dates through 2033, amounted to $168.1 million.

The Company is involved in various claims and legal proceedings which have arisen in the ordinary course of its business. Although it is difficult to predict the ultimate outcome of these claims and legal proceedings, management believes the ultimate disposition of these matters will not have a material adverse effect on the financial condition, results of operations or cash flows of the Company. No material amount of loss in excess of recorded amounts is believed to be reasonably possible as a result of these claims and legal proceedings.

The Company is subject to audits by tax authorities in jurisdictions where it conducts business. These audits may result in assessments that are subsequently resolved with the authorities or potentially through the courts. Management believes the Company has adequately provided for any assessments likely to result from these audits; however, final assessments, if any, could be different than the amounts recorded in the condensed consolidated financial statements.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 27, 2020

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (“AOCI(L)”) is comprised of adjustments to the Company’s pension and postretirement medical benefit plans, the interest rate swap on the Company’s term loan facility and the foreign currency translation for a subsidiary of the Company that performs data analysis and provides consulting services outside the United States.

Following is a summary of AOCI(L) for the third quarter of 2020 and the third quarter of 2019:


(in thousands)	June 28, 2020		Pre-tax Activity		Tax Effect		September 27, 2020
Net pension activity:
Actuarial loss	$	(91,381)	$	1,189	$	(293)	$	(90,485)
Prior service costs	—		5		(1)		4
Net postretirement benefits activity:
Actuarial loss	(1,059)		88		(22)		(993)
Prior service costs	(624)		—		—		(624)
Interest rate swap	(1,283)		402		(99)		(980)
Foreign currency translation adjustment	(14)		15		(4)		(3)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(114,081)	$	1,699	$	(419)	$	(112,801)


(in thousands)	June 30, 2019		Pre-tax Activity		Tax Effect		September 29, 2019
Net pension activity:
Actuarial loss	$	(71,332)	$	901	$	(222)	$	(70,653)
Prior service costs	(15)		5		(1)		(11)
Net postretirement benefits activity:
Actuarial loss	(4,607)		196		(48)		(4,459)
Prior service costs	(136)		(324)		80		(380)
Interest rate swap	—		(496)		122		(374)
Foreign currency translation adjustment	(4)		(23)		6		(21)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(95,814)	$	259	$	(63)	$	(95,618)

Following is a summary of AOCI(L) for the first nine months of 2020 and the first nine months of 2019:


(in thousands)	December 29, 2019		Pre-tax Activity		Tax Effect		September 27, 2020
Net pension activity:
Actuarial loss	$	(93,174)	$	3,568	$	(879)	$	(90,485)
Prior service costs	(7)		14		(3)		4
Net postretirement benefits activity:
Actuarial loss	(1,191)		263		(65)		(993)
Prior service costs	(624)		—		—		(624)
Interest rate swap	(270)		(942)		232		(980)
Foreign currency translation adjustment	(16)		18		(5)		(3)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(115,002)	$	2,921	$	(720)	$	(112,801)


(in thousands)	December 30, 2018		Pre-tax Activity		Tax Effect		September 29, 2019
Net pension activity:
Actuarial loss	$	(72,690)	$	2,702	$	(665)	$	(70,653)
Prior service costs	(24)		17		(4)		(11)
Net postretirement benefits activity:
Actuarial loss	(4,902)		587		(144)		(4,459)
Prior service costs	351		(970)		239		(380)
Interest rate swap	—		(496)		122		(374)
Foreign currency translation adjustment	—		(26)		5		(21)
Reclassification of stranded tax effects	—		—		(19,720)		(19,720)
Total AOCI(L)	$	(77,265)	$	1,814	$	(20,167)	$	(95,618)

Following is a summary of the impact of AOCI(L) on the condensed consolidated statements of operations:


	Third Quarter 2020
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	363	$	55	$	—	$	—	$	418
Selling, delivery and administrative expenses	831		33		402		15		1,281
Subtotal pre-tax	1,194		88		402		15		1,699
Income tax expense	294		22		99		4		419
Total after tax effect	$	900	$	66	$	303	$	11	$	1,280


	Third Quarter 2019
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	265	$	(67)	$	—	$	—	$	198
Selling, delivery and administrative expenses	641		(61)		(496)		(23)		61
Subtotal pre-tax	906		(128)		(496)		(23)		259
Income tax expense	223		(32)		(122)		(6)		63
Total after tax effect	$	683	$	(96)	$	(374)	$	(17)	$	196


	First Nine Months 2020
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,057	$	160	$	—	$	—	$	1,217
Selling, delivery and administrative expenses	2,525		103		(942)		18		1,704
Subtotal pre-tax	3,582		263		(942)		18		2,921
Income tax expense	882		65		(232)		5		720
Total after tax effect	$	2,700	$	198	$	(710)	$	13	$	2,201


	First Nine Months 2019
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	794	$	(200)	$	—	$	—	$	594
Selling, delivery and administrative expenses	1,925		(183)		(496)		(26)		1,220
Subtotal pre-tax	2,719		(383)		(496)		(26)		1,814
Income tax expense	669		(95)		(122)		(5)		447
Total after tax effect	$	2,050	$	(288)	$	(374)	$	(21)	$	1,367

Supplemental Disclosures of Cash Flow Information

9 Months Ended

Sep. 27, 2020

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information

Changes in current assets and current liabilities affecting cash flows were as follows:


	First Nine Months
(in thousands)	2020		2019
Accounts receivable, trade	$	(19,850)	$	(11,638)
Allowance for doubtful accounts	11,268		4,169
Accounts receivable from The Coca‑Cola Company	7,895		(15,509)
Accounts receivable, other	(1,475)		(9,621)
Inventories	18,153		(21,719)
Prepaid expenses and other current assets	(368)		(8,478)
Accounts payable, trade	40,937		44,506
Accounts payable to The Coca‑Cola Company	26,957		23,155
Other accrued liabilities	(2,254)		(58,493)
Accrued compensation	(13,035)		(1,946)
Accrued interest payable	1,747		1,311
Change in current assets less current liabilities	$	69,975	$	(54,263)

Critical Accounting Policies and Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 27, 2020
Accounting Policies [Abstract]
Critical Accounting Policies	Critical Accounting Policies In the ordinary course of business, the Company has made a number of estimates and assumptions relating to the reporting of its results of operations and financial position in the preparation of its condensed consolidated financial statements in conformity with GAAP. Actual results could differ significantly from those estimates under different assumptions and conditions. The Company included in its Annual Report on Form 10-K for 2019 under the caption “Discussion of Critical Accounting Policies and Estimates and Recent Accounting Pronouncements” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” a discussion of the Company’s most critical accounting policies, which are those the Company believes to be the most important to the portrayal of its financial condition and results of operations and require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Any changes in critical accounting policies and estimates are discussed with the Audit Committee of the Company’s Board of Directors during the quarter in which a change is contemplated and prior to making such change.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected credit losses at the point a loss is probable to occur, rather than expected to occur, which will generally result in earlier recognition of allowances for credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted ASU 2016-13 in the first quarter of 2020 and the adoption did not have a material impact on its condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which removes, modifies and adds certain disclosure requirements in Accounting Standards Codification Topic 820, Fair Value Measurement. This ASU is effective for annual and interim reporting periods beginning after December 15, 2019. Certain amendments must be applied prospectively while others are to be applied on a retrospective basis to all periods presented. The Company adopted ASU 2018-13 in the first quarter of 2020. See Note 15 for additional information. Recently Issued Accounting Pronouncements In August 2018, the FASB issued ASU 2018-14, “Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans,” which is effective for fiscal years ending after December 15, 2020. Under this guidance, disclosures will be removed for the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, the amount and timing of assets expected to be returned to the employer, certain related party disclosures, and the effects of a one-percentage-point change in the assumed health care cost trend rates. Additional disclosures will include the weighted average interest crediting rate for plans with promised crediting interest rates and an explanation of the reasons for significant gains and losses related to the benefit obligation for the period. In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes,” which will simplify the accounting for income taxes by removing certain exceptions to the general principles in income tax accounting and improve consistent application of and simplify GAAP for other areas of income tax accounting by clarifying and amending existing guidance. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2019-12 will have on its condensed consolidated financial statements.
Revenue Recognition	The Company’s products are sold and distributed in the United States through various channels, which include selling directly to customers, including grocery stores, mass merchandise stores, club stores, convenience stores and drug stores, selling to “on-premise” accounts, where products are typically consumed immediately, such as restaurants, schools, amusement parks and recreational facilities, and selling through other channels such as vending machine outlets. The Company typically collects payment from customers within 30 days from the date of sale. The Company’s sales are divided into two main categories: (i) bottle/can sales and (ii) other sales. Bottle/can sales include products packaged primarily in plastic bottles and aluminum cans. Bottle/can net pricing is based on the invoice price charged to customers reduced by any promotional allowances. Bottle/can net pricing per unit is impacted by the price charged per package, the sales volume generated for each package and the channels in which those packages are sold. Other sales include sales to other Coca‑Cola bottlers, “post-mix” products, transportation revenue and equipment maintenance revenue. Post-mix products are dispensed through equipment that mixes fountain syrups with carbonated or still water, enabling fountain retailers to sell finished products to consumers in cups or glasses. The Company’s contracts are derived from customer orders, including customer sales incentives, generated through an order processing and replenishment model. Generally, the Company’s service contracts and contracts related to the delivery of specifically identifiable products have a single performance obligation. Revenues do not include sales or other taxes collected from customers. The Company has defined its performance obligations for its contracts as either at a point in time or over time. Bottle/can sales, sales to other Coca‑Cola bottlers and post-mix sales are recognized when control transfers to a customer, which is generally upon delivery and is considered a single point in time (“point in time”). Point in time sales accounted for approximately 97% of the Company’s net sales in the first nine months of 2020 and approximately 96% of the Company’s net sales in the first nine months of 2019. Other sales, which include revenue for service fees related to the repair of cold drink equipment and delivery fees for freight hauling and brokerage services, are recognized over time (“over time”). Revenues related to cold drink equipment repair are recognized as the respective services are completed using a cost-to-cost input method. Repair services are generally completed in less than one day but can extend up to one month. Revenues related to freight hauling and brokerage services are recognized as the delivery occurs using a miles driven output method. Generally, delivery occurs and freight charges are recognized in the same day. Over time sales orders open at the end of a financial period are not material to the condensed consolidated financial statements. The Company participates in various sales programs with The Coca‑Cola Company, other beverage companies and customers to increase the sale of its products. Programs negotiated with customers include arrangements under which allowances can be earned for attaining agreed-upon sales levels. The cost of these various sales incentives is not considered a separate performance obligation and is included as a deduction to net sales. Allowance payments made to customers can be conditional on the achievement of volume targets and/or marketing commitments. Payments made in advance are recorded as prepayments and amortized in the condensed consolidated statements of operations over the relevant period for which the customer commitment is made. In the event there is no separate identifiable benefit or the fair value of such benefit cannot be established, the amortization of the prepayment is included as a deduction to net sales. The Company sells its products and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company evaluates the collectability of its trade accounts receivable based on a number of factors, including the Company’s historic collections pattern and changes to a specific customer’s ability to meet its financial obligations. The Company has established an allowance for doubtful accounts to adjust the recorded receivable to the estimated amount the Company believes will ultimately be collected. The nature of the Company’s contracts gives rise to several types of variable consideration, including prospective and retrospective rebates. The Company accounts for its prospective and retrospective rebates using the expected value method, which estimates the net price to the customer based on the customer’s expected annual sales volume projections.
Lessees	The Company leases office and warehouse space, machinery and other equipment under noncancelable operating lease agreements and also leases certain warehouse space under financing lease agreements. The Company uses the following policies and assumptions to evaluate its leases: •Determining a lease: The Company assesses contracts at inception to determine whether an arrangement is or includes a lease, which conveys the Company’s right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right-of-use assets and associated liabilities are recognized at the commencement date and initially measured based on the present value of lease payments over the defined lease term. •Allocating lease and non-lease components: The Company has elected the practical expedient to not separate lease and non-lease components for certain classes of underlying assets. The Company has equipment and vehicle lease agreements, which generally have the lease and associated non-lease components accounted for as a single lease component. The Company has real estate lease agreements with lease and non-lease components, which are generally accounted for separately where applicable. •Calculating the discount rate: The Company calculates the discount rate based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company calculates an incremental borrowing rate using a portfolio approach. The incremental borrowing rate is calculated using the contractual lease term and the Company’s borrowing rate. •Recognizing leases: The Company does not recognize leases with a contractual term of less than 12 months on its condensed consolidated balance sheets. Lease expense for these short-term leases is expensed on a straight-line basis over the lease term. •Including rent increases or escalation clauses: Certain leases contain scheduled rent increases or escalation clauses, which can be based on the Consumer Price Index or other rates. The Company assesses each contract individually and applies the appropriate variable payments based on the terms of the agreement. •Including renewal options and/or purchase options: Certain leases include renewal options to extend the lease term and/or purchase options to purchase the leased asset. The Company assesses these options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of the Company’s leases do not include renewal periods or purchase options for the measurement of the right-of-use asset and the associated lease liability. For leases the Company is reasonably certain to renew or purchase, those options are included within the lease term and, therefore, included in the measurement of the right-of-use asset and the associated lease liability. •Including options to terminate: Certain leases include the option to terminate the lease prior to its scheduled expiration. This allows a contractually bound party to terminate its obligation under the lease contract, typically in return for an agreed-upon financial consideration. The terms and conditions of the termination options vary by contract. •Including residual value guarantees, restrictions or covenants: The Company’s lease agreements do not contain residual value guarantees, restrictions or covenants.

Related Party Transactions (Tables)

9 Months Ended

Sep. 27, 2020

Summary of Significant Transactions between Company and The Coca-Cola Company

The following table summarizes the significant transactions between the Company and The Coca‑Cola Company:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Payments made by the Company to The Coca‑Cola Company for:
Concentrate, syrup, sweetener and other purchases	$	324,312	$	306,588	$	873,827	$	893,123
Customer marketing programs	34,550		36,597		99,941		109,110
Cold drink equipment parts	5,965		4,519		16,345		18,568
Brand investment programs	4,359		3,616		11,609		10,209

Payments made by The Coca‑Cola Company to the Company for:
Marketing funding support payments	$	21,187	$	25,931	$	58,182	$	74,954
Fountain delivery and equipment repair fees	7,555		10,873		22,990		31,507
Presence marketing funding support on the Company’s behalf	565		2,879		6,445		7,816
Facilitating the distribution of certain brands and packages to other Coca‑Cola bottlers	1,151		1,602		3,469		3,952

Summary of Liability to Estimated Fair Value of Contingent Consideration

The following table summarizes the liability recorded by the Company to reflect the estimated fair value of contingent consideration related to future sub-bottling payments to CCR:


(in thousands)	September 27, 2020		December 29, 2019
Current portion of acquisition related contingent consideration	$	41,912	$	41,087
Noncurrent portion of acquisition related contingent consideration	406,741		405,597
Total acquisition related contingent consideration	$	448,653	$	446,684

Summary of Rental Payments Related to Leases

A summary of rental payments related to these leases is as follows:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Company headquarters	$	826	$	1,132	$	2,478	$	3,393
Snyder Production Center	1,112		1,080		3,338		3,241

Revenue Recognition (Tables)

9 Months Ended

Sep. 27, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue from Contracts with Customers

The following table represents a disaggregation of revenue from contracts with customers:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Point in time net sales:
Nonalcoholic Beverages - point in time	$	1,286,542	$	1,224,653	$	3,607,502	$	3,512,901
Total point in time net sales	$	1,286,542	$	1,224,653	$	3,607,502	$	3,512,901

Over time net sales:
Nonalcoholic Beverages - over time	$	8,729	$	11,608	$	25,874	$	34,472
All Other - over time	33,213		34,768		95,344		100,227
Total over time net sales	$	41,942	$	46,376	$	121,218	$	134,699

Total net sales	$	1,328,484	$	1,271,029	$	3,728,720	$	3,647,600

Summary of Activity for Allowance for Credit Losses

Following is a summary of activity for the allowance for credit losses during the first nine months of 2020:


(in thousands)	First Nine Months 2020
Balance at beginning of year - allowance for credit losses	$	10,232
Additions charged to costs and expenses(1)	14,238
Write-offs, net of recoveries	(2,970)
Balance at end of period - allowance for credit losses	$	21,500

(1)Includes an allowance for credit losses for COVID-19-related collectability risk

Segments (Tables)

9 Months Ended

Sep. 27, 2020

Segment Reporting [Abstract]

Summary of Financial Information by Segment

The Company’s segment results are as follows:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Net sales:
Nonalcoholic Beverages	$	1,295,271	$	1,236,261	$	3,633,376	$	3,547,373
All Other	84,776		92,501		246,406		275,358
Eliminations(1)	(51,563)		(57,733)		(151,062)		(175,131)
Consolidated net sales	$	1,328,484	$	1,271,029	$	3,728,720	$	3,647,600

Income from operations:
Nonalcoholic Beverages	$	108,035	$	48,248	$	227,559	$	120,613
All Other	(4,191)		5,598		(7,776)		20,601
Consolidated income from operations	$	103,844	$	53,846	$	219,783	$	141,214

Depreciation and amortization:
Nonalcoholic Beverages	$	45,066	$	43,067	$	125,733	$	128,986
All Other	3,027		2,521		8,756		7,430
Consolidated depreciation and amortization	$	48,093	$	45,588	$	134,489	$	136,416

Net Income Per Share (Tables)

9 Months Ended

Sep. 27, 2020

Earnings Per Share [Abstract]

Computation of Basic Net Income Per Share and Diluted Net Income Per Share

The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method:


	Third Quarter				First Nine Months
(in thousands, except per share data)	2020		2019		2020		2019
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income attributable to Coca‑Cola Consolidated, Inc.	$	51,884	$	13,006	$	106,115	$	21,545
Less dividends:
Common Stock	1,785		1,786		5,356		5,356
Class B Common Stock	559		558		1,674		1,670
Total undistributed earnings	$	49,540	$	10,662	$	99,085	$	14,519

Common Stock undistributed earnings – basic	$	37,743	$	8,123	$	75,490	$	11,066
Class B Common Stock undistributed earnings – basic	11,797		2,539		23,595		3,453
Total undistributed earnings – basic	$	49,540	$	10,662	$	99,085	$	14,519

Common Stock undistributed earnings – diluted	$	37,515	$	8,089	$	75,034	$	11,019
Class B Common Stock undistributed earnings – diluted	12,025		2,573		24,051		3,500
Total undistributed earnings – diluted	$	49,540	$	10,662	$	99,085	$	14,519

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	1,785	$	1,786	$	5,356	$	5,356
Common Stock undistributed earnings – basic	37,743		8,123		75,490		11,066
Numerator for basic net income per Common Stock share	$	39,528	$	9,909	$	80,846	$	16,422

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	559	$	558	$	1,674	$	1,670
Class B Common Stock undistributed earnings – basic	11,797		2,539		23,595		3,453
Numerator for basic net income per Class B Common Stock share	$	12,356	$	3,097	$	25,269	$	5,123


	Third Quarter				First Nine Months
(in thousands, except per share data)	2020		2019		2020		2019
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	1,785	$	1,786	$	5,356	$	5,356
Dividends on Class B Common Stock assumed converted to Common Stock	559		558		1,674		1,670
Common Stock undistributed earnings – diluted	49,540		10,662		99,085		14,519
Numerator for diluted net income per Common Stock share	$	51,884	$	13,006	$	106,115	$	21,545

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	559	$	558	$	1,674	$	1,670
Class B Common Stock undistributed earnings – diluted	12,025		2,573		24,051		3,500
Numerator for diluted net income per Class B Common Stock share	$	12,584	$	3,131	$	25,725	$	5,170

Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	7,141		7,141		7,141		7,141
Class B Common Stock weighted average shares outstanding – basic	2,232		2,232		2,232		2,228

Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock)	9,430		9,413		9,430		9,409
Class B Common Stock weighted average shares outstanding – diluted	2,289		2,272		2,289		2,268

Basic net income per share:
Common Stock	$	5.53	$	1.39	$	11.32	$	2.30
Class B Common Stock	$	5.53	$	1.39	$	11.32	$	2.30

Diluted net income per share:
Common Stock	$	5.51	$	1.38	$	11.25	$	2.29
Class B Common Stock	$	5.51	$	1.38	$	11.24	$	2.28

NOTES TO TABLE

(5)The Company did not have anti-dilutive shares for any periods presented.

Inventories (Tables)

9 Months Ended

Sep. 27, 2020

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Finished products	$	125,388	$	142,363
Manufacturing materials	45,425		45,267
Plastic shells, plastic pallets and other inventories	36,960		38,296
Total inventories	$	207,773	$	225,926

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 27, 2020

Prepaid Expense and Other Assets [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Repair parts	$	28,342	$	28,967
Prepaid taxes	8,099		4,359
Prepaid software	6,462		5,850
Prepaid marketing	6,134		5,658
Prepayments for sponsorship contracts	2,462		8,696
Other prepaid expenses and other current assets	18,330		15,931
Total prepaid expenses and other current assets	$	69,829	$	69,461

Assets Held for Sale (Tables)

9 Months Ended

Sep. 27, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of Assets Held for Sale

Following is a summary of the assets held for sale:


(in thousands)	September 27, 2020
Land	$	2,017
Buildings and leasehold and land improvements	5,019
Assets held for sale	$	7,036

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 27, 2020

Property, Plant and Equipment [Abstract]

Principal Categories and Estimated Useful Lives of Property, Plant and Equipment, Net

The principal categories and estimated useful lives of property, plant and equipment, net were as follows:


(in thousands)	September 27, 2020		December 29, 2019		Estimated Useful Lives
Land	$	81,151	$	76,860
Buildings	232,828		223,500		8-50 years
Machinery and equipment	370,116		355,575		5-20 years
Transportation equipment	436,604		417,532		4-20 years
Furniture and fixtures	97,298		92,059		3-10 years
Cold drink dispensing equipment	471,607		489,050		5-17 years
Leasehold and land improvements	150,800		145,341		5-20 years
Software for internal use	129,429		128,792		3-10 years
Construction in progress	37,234		29,369
Total property, plant and equipment, at cost	2,007,067		1,958,078
Less: Accumulated depreciation and amortization	1,027,857		960,675
Property, plant and equipment, net	$	979,210	$	997,403

Leases (Tables)

9 Months Ended

Sep. 27, 2020

Leases [Abstract]

Summary of Weighted Average Remaining Lease Term and Discount Rate and Leases within Condensed Consolidated Statement of Operations

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:


	September 27, 2020		December 29, 2019
Weighted average remaining lease term:
Operating leases	9.7 years		10.2 years
Financing leases	13.6 years		4.8 years
Weighted average discount rate:
Operating leases	4.0	%	4.1	%
Financing leases	3.2	%	5.7	%

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Cost of sales impact:
Operating lease costs	$	1,397	$	1,356	$	4,167	$	4,039
Short-term and variable leases	3,711		2,814		9,368		7,393
Depreciation expense from financing leases	643		353		1,350		1,060
Total cost of sales impact	$	5,751	$	4,523	$	14,885	$	12,492

SD&A expenses impact:
Operating lease costs	$	4,846	$	3,717	$	14,225	$	9,639
Short-term and variable leases	271		838		1,612		2,676
Depreciation expense from financing leases	772		1,139		1,914		3,415
Total SD&A expenses impact	$	5,889	$	5,694	$	17,751	$	15,730

Interest expense, net impact:
Interest expense on financing lease obligations	$	613	$	666	$	1,120	$	2,083
Total interest expense, net impact	$	613	$	666	$	1,120	$	2,083

Total lease cost	$	12,253	$	10,883	$	33,756	$	30,305

Summary of Future Minimum Lease Payments for Noncancelable Operating Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 27, 2020:


(in thousands)	Operating Leases		Financing Leases		Total
Remainder of 2020	$	5,882	$	1,760	$	7,642
2021	22,603		7,079		29,682
2022	19,535		7,145		26,680
2023	16,839		7,201		24,040
2024	15,336		7,396		22,732
Thereafter	91,125		63,421		154,546
Total minimum lease payments including interest	$	171,320	$	94,002	$	265,322
Less: Amounts representing interest	31,220		17,005		48,225
Present value of minimum lease principal payments	140,100		76,997		217,097
Less: Current portion of lease liabilities - operating and financing leases	18,812		5,814		24,626
Noncurrent portion of lease liabilities - operating and financing leases	$	121,288	$	71,183	$	192,471

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 29, 2019:


(in thousands)	Operating Leases		Financing Leases		Total
2020	$	19,236	$	10,611	$	29,847
2021	16,815		6,215		23,030
2022	14,016		2,694		16,710
2023	11,704		2,750		14,454
2024	10,989		2,808		13,797
Thereafter	67,556		5,406		72,962
Total minimum lease payments including interest	$	140,316	$	30,484	$	170,800
Less: Amounts representing interest	27,527		3,678		31,205
Present value of minimum lease principal payments	112,789		26,806		139,595
Less: Current portion of lease liabilities - operating and financing leases	15,024		9,403		24,427
Noncurrent portion of lease liabilities - operating and financing leases	$	97,765	$	17,403	$	115,168

Summary of Future Minimum Lease Payments for Noncancelable Finance Leases

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 27, 2020:


(in thousands)	Operating Leases		Financing Leases		Total
Remainder of 2020	$	5,882	$	1,760	$	7,642
2021	22,603		7,079		29,682
2022	19,535		7,145		26,680
2023	16,839		7,201		24,040
2024	15,336		7,396		22,732
Thereafter	91,125		63,421		154,546
Total minimum lease payments including interest	$	171,320	$	94,002	$	265,322
Less: Amounts representing interest	31,220		17,005		48,225
Present value of minimum lease principal payments	140,100		76,997		217,097
Less: Current portion of lease liabilities - operating and financing leases	18,812		5,814		24,626
Noncurrent portion of lease liabilities - operating and financing leases	$	121,288	$	71,183	$	192,471

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 29, 2019:


(in thousands)	Operating Leases		Financing Leases		Total
2020	$	19,236	$	10,611	$	29,847
2021	16,815		6,215		23,030
2022	14,016		2,694		16,710
2023	11,704		2,750		14,454
2024	10,989		2,808		13,797
Thereafter	67,556		5,406		72,962
Total minimum lease payments including interest	$	140,316	$	30,484	$	170,800
Less: Amounts representing interest	27,527		3,678		31,205
Present value of minimum lease principal payments	112,789		26,806		139,595
Less: Current portion of lease liabilities - operating and financing leases	15,024		9,403		24,427
Noncurrent portion of lease liabilities - operating and financing leases	$	97,765	$	17,403	$	115,168

Summary of Leases within Condensed Consolidated Statement of Cash Flow

Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows:


	First Nine Months
(in thousands)	2020		2019
Cash flows from operating activities impact:
Operating leases	$	14,134	$	13,576
Interest payments on financing lease obligations	1,120		2,083
Total cash flows from operating activities impact	$	15,254	$	15,659

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	4,428	$	6,441
Total cash flows from financing activities impact	$	4,428	$	6,441

Distribution Agreements, Net (Tables)

9 Months Ended

Sep. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Distribution Agreements, Net

Distribution agreements, net, which are amortized on a straight-line basis and have an estimated useful life of 10 to 40 years, consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Distribution agreements at cost	$	951,677	$	950,549
Less: Accumulated amortization	92,674		74,453
Distribution agreements, net	$	859,003	$	876,096

Customer lists and other identifiable intangible assets, net, which are amortized on a straight-line basis and have an estimated useful life of five to 12 years, consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Customer lists and other identifiable intangible assets at cost	$	25,288	$	25,288
Less: Accumulated amortization	12,024		10,645
Customer lists and other identifiable intangible assets, net	$	13,264	$	14,643

Customer Lists and Other Identifiable Intangible Assets, Net (Tables)

9 Months Ended

Sep. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Customer Lists and Other Identifiable Intangible Assets, Net

Distribution agreements, net, which are amortized on a straight-line basis and have an estimated useful life of 10 to 40 years, consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Distribution agreements at cost	$	951,677	$	950,549
Less: Accumulated amortization	92,674		74,453
Distribution agreements, net	$	859,003	$	876,096

Customer lists and other identifiable intangible assets, net, which are amortized on a straight-line basis and have an estimated useful life of five to 12 years, consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Customer lists and other identifiable intangible assets at cost	$	25,288	$	25,288
Less: Accumulated amortization	12,024		10,645
Customer lists and other identifiable intangible assets, net	$	13,264	$	14,643

Other Accrued Liabilities (Tables)

9 Months Ended

Sep. 27, 2020

Payables and Accruals [Abstract]

Summary of Other Accrued Liabilities

Other accrued liabilities consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Accrued insurance costs	$	47,775	$	44,584
Current portion of acquisition related contingent consideration	41,912		41,087
Accrued marketing costs	35,906		34,947
Employee and retiree benefit plan accruals	27,819		33,699
Current portion of deferred payroll taxes under CARES Act	12,324		—
Accrued taxes (other than income taxes)	9,076		6,366
Checks and transfers yet to be presented for payment from zero balance cash accounts	3,140		20,199
Current deferred proceeds from Territory Conversion Fee	2,286		2,286
Commodity derivative instruments at fair market value	1,376		1,174
Federal income taxes	—		1,651
All other accrued expenses	25,908		22,841
Total other accrued liabilities	$	207,522	$	208,834

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 27, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Pre-Tax Changes in Fair Value

The following table summarizes pre-tax changes in the fair values of the Company’s commodity derivative instruments and the classification of such changes in the condensed consolidated statements of operations:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Cost of sales	$	1,194	$	487	$	924	$	(482)
Selling, delivery and administrative expenses	575		(74)		(949)		2,575
Total gain (loss)	$	1,769	$	413	$	(25)	$	2,093

Summary of Fair Values and Classification in Condensed Consolidated Balance Sheets of Derivative Instruments

The

following table summarizes the fair values of the Company’s commodity derivative instruments and the classification of such instruments in the condensed consolidated balance sheets:


(in thousands)	September 27, 2020		December 29, 2019
Assets:
Prepaid expenses and other current assets	$	1,049	$	1,007
Total assets	$	1,049	$	1,007

Liabilities:
Other accrued liabilities	$	1,376	$	1,174
Total liabilities	$	1,376	$	1,174

Summary of Gross Derivative Assets and Gross Commodity Derivative Assets and Liabilities in Condensed Consolidated Balance Sheets

The following table summarizes the Company’s gross commodity derivative instrument assets and gross commodity derivative instrument liabilities in the condensed consolidated balance sheets:


(in thousands)	September 27, 2020		December 29, 2019
Gross commodity derivative instrument assets	$	1,049	$	3,298
Gross commodity derivative instrument liabilities	1,376		3,465

Summary of Outstanding Commodity Derivative Instruments

The following table summarizes the Company’s outstanding commodity derivative instruments:

(in thousands)

September 27, 2020

December 29, 2019

Notional amount of outstanding commodity derivative instruments

73,010

171,699

Latest maturity date of outstanding commodity derivative instruments

December 2020

Fair Values of Financial Instruments (Tables)

9 Months Ended

Sep. 27, 2020

Fair Value Disclosures [Abstract]

Methods and Assumptions Used in Estimating Fair Value

Financial Instrument

Fair Value

Level

Methods and Assumptions

Deferred compensation plan assets and liabilities

Level 1

Commodity derivative instruments

Level 2

Nonpublic variable rate debt

Level 2

The carrying amounts of the Company’s nonpublic variable rate debt approximate the fair values due to variable interest rates with short reset periods.

Nonpublic fixed rate debt

Level 2

The fair values of the Company’s nonpublic fixed rate debt are based on estimated current market prices.

Public debt securities

Level 2

The fair values of the Company’s public debt securities are based on estimated current market prices.

Acquisition related contingent consideration

Level 3

The fair value of the Company’s acquisition related contingent consideration is based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data.

Deferred Compensation Plan, Commodity Derivative Instruments, Debt and Acquisition Related Contingent Consideration


	September 27, 2020
(in thousands)	Carrying Amount		Total Fair Value		Fair Value Level 1		Fair Value Level 2		Fair Value Level 3
Assets:
Deferred compensation plan assets	$	46,602	$	46,602	$	46,602	$	—	$	—
Commodity derivative instruments	1,049		1,049		—		1,049		—
Liabilities:
Deferred compensation plan liabilities	46,602		46,602		46,602		—		—
Commodity derivative instruments	1,376		1,376		—		1,376		—
Nonpublic variable rate debt	239,882		240,000		—		240,000		—
Nonpublic fixed rate debt	374,747		402,500		—		402,500		—
Public debt securities	348,238		390,200		—		390,200		—
Acquisition related contingent consideration	448,653		448,653		—		—		448,653


	December 29, 2019
(in thousands)	Carrying Amount		Total Fair Value		Fair Value Level 1		Fair Value Level 2		Fair Value Level 3
Assets:
Deferred compensation plan assets	$	42,543	$	42,543	$	42,543	$	—	$	—
Commodity derivative instruments	1,007		1,007		—		1,007		—
Liabilities:
Deferred compensation plan liabilities	42,543		42,543		42,543		—		—
Commodity derivative instruments	1,174		1,174		—		1,174		—
Nonpublic variable rate debt	307,250		307,500		—		307,500		—
Nonpublic fixed rate debt	374,723		383,900		—		383,900		—
Public debt securities	347,947		367,300		—		367,300		—
Acquisition related contingent consideration	446,684		446,684		—		—		446,684

Summary of Acquisition Related Contingent Consideration Liability

The acquisition related contingent consideration liability is the Company’s only Level 3 asset or liability. A summary of the Level 3 activity is as follows:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Beginning balance - Level 3 liability	$	441,113	$	412,450	$	446,684	$	382,898
Payments of acquisition related contingent consideration	(11,468)		(5,948)		(31,999)		(18,784)
Reclassification to current payables	(800)		(60)		(1,100)		(940)
Increase in fair value	19,808		18,749		35,068		62,017
Ending balance - Level 3 liability	$	448,653	$	425,191	$	448,653	$	425,191

Pension and Postretirement Benefit Obligations (Tables)

9 Months Ended

Sep. 27, 2020

Retirement Benefits [Abstract]

Components of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

The components of net periodic pension cost were as follows:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Service cost	$	1,659	$	1,207	$	4,976	$	3,620
Interest cost	2,760		3,063		8,280		9,188
Expected return on plan assets	(3,382)		(2,574)		(10,148)		(7,722)
Recognized net actuarial loss	1,189		901		3,568		2,702
Amortization of prior service cost	5		5		14		17
Net periodic pension cost	$	2,231	$	2,602	$	6,690	$	7,805

The components of net periodic postretirement benefit cost were as follows:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Service cost	$	376	$	389	$	1,128	$	1,167
Interest cost	504		694		1,511		2,080
Recognized net actuarial loss	88		196		263		587
Amortization of prior service cost	—		(324)		—		(970)
Net periodic postretirement benefit cost	$	968	$	955	$	2,902	$	2,864

Other Liabilities (Tables)

9 Months Ended

Sep. 27, 2020

Other Liabilities Disclosure [Abstract]

Summary of Other Liabilities

Other liabilities consisted of the following:


(in thousands)	September 27, 2020		December 29, 2019
Noncurrent portion of acquisition related contingent consideration	$	406,741	$	405,597
Accruals for executive benefit plans	140,795		141,380
Noncurrent deferred proceeds from Territory Conversion Fee	81,162		82,877
Noncurrent deferred proceeds from Legacy Facilities Credit	28,970		29,569
Noncurrent portion of deferred payroll taxes under CARES Act	12,324		—
Other	9,369		9,143
Total other liabilities	$	679,361	$	668,566

Long-Term Debt (Tables)

9 Months Ended

Sep. 27, 2020

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Following is a summary of the Company’s long-term debt:


(in thousands)	Maturity Date	Interest Rate	Interest Paid	Public or Nonpublic	September 27, 2020		December 29, 2019
Term loan facility(1)	6/7/2021	Variable	Varies	Nonpublic	$	240,000	$	262,500
Senior notes	2/27/2023	3.28%	Semi-annually	Nonpublic	125,000		125,000
Revolving credit facility(2)	6/8/2023	Variable	Varies	Nonpublic	—		45,000
Senior notes	11/25/2025	3.80%	Semi-annually	Public	350,000		350,000
Senior notes	10/10/2026	3.93%	Quarterly	Nonpublic	100,000		100,000
Senior notes	3/21/2030	3.96%	Quarterly	Nonpublic	150,000		150,000
Unamortized discount on senior notes(3)	11/25/2025				(45)		(52)
Debt issuance costs					(2,088)		(2,528)
Long-term debt					$	962,867	$	1,029,920

(3)The senior notes due in 2025 were issued at 99.975% of par.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 27, 2020

Commitments and Contingencies Disclosure [Abstract]

Summary of Company's Purchases from Manufacturing Cooperatives

The following table summarizes the Company’s purchases from these manufacturing cooperatives:


	Third Quarter				First Nine Months
(in thousands)	2020		2019		2020		2019
Purchases from Southeastern	$	31,196	$	31,178	$	94,835	$	102,118
Purchases from SAC	37,006		42,870		119,225		120,309
Total purchases from manufacturing cooperatives	$	68,202	$	74,048	$	214,060	$	222,427

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 27, 2020

Equity [Abstract]

Summary of Accumulated Other Comprehensive (Loss)

Following is a summary of AOCI(L) for the third quarter of 2020 and the third quarter of 2019:


(in thousands)	June 28, 2020		Pre-tax Activity		Tax Effect		September 27, 2020
Net pension activity:
Actuarial loss	$	(91,381)	$	1,189	$	(293)	$	(90,485)
Prior service costs	—		5		(1)		4
Net postretirement benefits activity:
Actuarial loss	(1,059)		88		(22)		(993)
Prior service costs	(624)		—		—		(624)
Interest rate swap	(1,283)		402		(99)		(980)
Foreign currency translation adjustment	(14)		15		(4)		(3)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(114,081)	$	1,699	$	(419)	$	(112,801)


(in thousands)	June 30, 2019		Pre-tax Activity		Tax Effect		September 29, 2019
Net pension activity:
Actuarial loss	$	(71,332)	$	901	$	(222)	$	(70,653)
Prior service costs	(15)		5		(1)		(11)
Net postretirement benefits activity:
Actuarial loss	(4,607)		196		(48)		(4,459)
Prior service costs	(136)		(324)		80		(380)
Interest rate swap	—		(496)		122		(374)
Foreign currency translation adjustment	(4)		(23)		6		(21)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(95,814)	$	259	$	(63)	$	(95,618)

Following is a summary of AOCI(L) for the first nine months of 2020 and the first nine months of 2019:


(in thousands)	December 29, 2019		Pre-tax Activity		Tax Effect		September 27, 2020
Net pension activity:
Actuarial loss	$	(93,174)	$	3,568	$	(879)	$	(90,485)
Prior service costs	(7)		14		(3)		4
Net postretirement benefits activity:
Actuarial loss	(1,191)		263		(65)		(993)
Prior service costs	(624)		—		—		(624)
Interest rate swap	(270)		(942)		232		(980)
Foreign currency translation adjustment	(16)		18		(5)		(3)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(115,002)	$	2,921	$	(720)	$	(112,801)


(in thousands)	December 30, 2018		Pre-tax Activity		Tax Effect		September 29, 2019
Net pension activity:
Actuarial loss	$	(72,690)	$	2,702	$	(665)	$	(70,653)
Prior service costs	(24)		17		(4)		(11)
Net postretirement benefits activity:
Actuarial loss	(4,902)		587		(144)		(4,459)
Prior service costs	351		(970)		239		(380)
Interest rate swap	—		(496)		122		(374)
Foreign currency translation adjustment	—		(26)		5		(21)
Reclassification of stranded tax effects	—		—		(19,720)		(19,720)
Total AOCI(L)	$	(77,265)	$	1,814	$	(20,167)	$	(95,618)

Summary of Impact of Accumulated Other Comprehensive Income (Loss) on Statement of Operations

Following is a summary of the impact of AOCI(L) on the condensed consolidated statements of operations:


	Third Quarter 2020
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	363	$	55	$	—	$	—	$	418
Selling, delivery and administrative expenses	831		33		402		15		1,281
Subtotal pre-tax	1,194		88		402		15		1,699
Income tax expense	294		22		99		4		419
Total after tax effect	$	900	$	66	$	303	$	11	$	1,280


	Third Quarter 2019
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	265	$	(67)	$	—	$	—	$	198
Selling, delivery and administrative expenses	641		(61)		(496)		(23)		61
Subtotal pre-tax	906		(128)		(496)		(23)		259
Income tax expense	223		(32)		(122)		(6)		63
Total after tax effect	$	683	$	(96)	$	(374)	$	(17)	$	196


	First Nine Months 2020
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,057	$	160	$	—	$	—	$	1,217
Selling, delivery and administrative expenses	2,525		103		(942)		18		1,704
Subtotal pre-tax	3,582		263		(942)		18		2,921
Income tax expense	882		65		(232)		5		720
Total after tax effect	$	2,700	$	198	$	(710)	$	13	$	2,201


	First Nine Months 2019
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	794	$	(200)	$	—	$	—	$	594
Selling, delivery and administrative expenses	1,925		(183)		(496)		(26)		1,220
Subtotal pre-tax	2,719		(383)		(496)		(26)		1,814
Income tax expense	669		(95)		(122)		(5)		447
Total after tax effect	$	2,050	$	(288)	$	(374)	$	(21)	$	1,367

Supplemental Disclosures of Cash Flow Information (Tables)

9 Months Ended

Sep. 27, 2020

Supplemental Cash Flow Elements [Abstract]

Summary of Changes in Current Assets and Current Liabilities Affecting Cash Flows

Changes in current assets and current liabilities affecting cash flows were as follows:


	First Nine Months
(in thousands)	2020		2019
Accounts receivable, trade	$	(19,850)	$	(11,638)
Allowance for doubtful accounts	11,268		4,169
Accounts receivable from The Coca‑Cola Company	7,895		(15,509)
Accounts receivable, other	(1,475)		(9,621)
Inventories	18,153		(21,719)
Prepaid expenses and other current assets	(368)		(8,478)
Accounts payable, trade	40,937		44,506
Accounts payable to The Coca‑Cola Company	26,957		23,155
Other accrued liabilities	(2,254)		(58,493)
Accrued compensation	(13,035)		(1,946)
Accrued interest payable	1,747		1,311
Change in current assets less current liabilities	$	69,975	$	(54,263)

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
	Jun. 30, 2020	Sep. 27, 2020	Sep. 29, 2019	Dec. 31, 2017	Dec. 29, 2019
Related Party Transaction [Line Items]
Payments of acquisition related contingent consideration		$ 31,999	$ 18,784
Accounts receivable from related party		54,516			$ 62,411
Lease liability, operating lease		140,100			112,789
Lease liability, finance lease		76,997			26,806
Stock compensation expense		$ 0	2,045
Long-Term Performance Equity Plan
Related Party Transaction [Line Items]
Award settled in cash or shares, average closing prices of shares during trading days of performance period		20 days
Long-Term Performance Equity Plan \| Selling, delivery and administrative expenses
Related Party Transaction [Line Items]
Stock compensation expense		$ 7,200	10,300
Legacy Facilities Credit
Related Party Transaction [Line Items]
Amortization period as reduction to cost of sales				40 years
Harrison Family
Related Party Transaction [Line Items]
Voting power of stock held by related party		86.00%
The Coca-Cola Company
Related Party Transaction [Line Items]
Voting power of stock held by related party		5.00%
Percentage of interest held in outstanding common stock by The Coca-Cola Company		27.00%
CCR \| Comprehensive Beverage Agreement
Related Party Transaction [Line Items]
Amortization period as reduction to cost of sales				40 years
Payments of acquisition related contingent consideration		$ 32,000	18,800
Southeastern \| Other Assets
Related Party Transaction [Line Items]
Equity investments		22,800			23,200
SAC
Related Party Transaction [Line Items]
Proceeds from management fees received from SAC, classified as reduction of cost of sales		6,900	7,000
SAC \| Other Assets
Related Party Transaction [Line Items]
Equity investments		8,000			8,200
CCBSS
Related Party Transaction [Line Items]
Accounts receivable from related party		13,800			10,000
Administrative fees due to CCBSS		2,100	1,700
CONA
Related Party Transaction [Line Items]
Service fees		17,400	$ 17,700
CONA \| Other Assets
Related Party Transaction [Line Items]
Equity investments		11,500			10,500
Beacon, Company Headquarters
Related Party Transaction [Line Items]
Lease liability, operating lease		31,300
Lease liability, finance lease					6,800
HLP, SPC & Adjacent Sales Facility
Related Party Transaction [Line Items]
Lease liability, finance lease		$ 62,600			$ 4,300
Harrison Limited Partnership One
Related Party Transaction [Line Items]
Amendment to finance lease, extension term	15 years

Related Party Transactions - Summary of Significant Transactions between Company and The Coca-Cola Company (Detail) - The Coca-Cola Company - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Payments made by the Company to The Coca‑Cola Company for:
Concentrate, syrup, sweetener and other purchases	$ 324,312	$ 306,588	$ 873,827	$ 893,123
Customer marketing programs	34,550	36,597	99,941	109,110
Cold drink equipment parts	5,965	4,519	16,345	18,568
Brand investment programs	4,359	3,616	11,609	10,209
Payments made by The Coca‑Cola Company to the Company for:
Marketing funding support payments	21,187	25,931	58,182	74,954
Fountain delivery and equipment repair fees	7,555	10,873	22,990	31,507
Presence marketing funding support on the Company’s behalf	565	2,879	6,445	7,816
Facilitating the distribution of certain brands and packages to other Coca‑Cola bottlers	$ 1,151	$ 1,602	$ 3,469	$ 3,952

Related Party Transactions - Summary of Liability to Estimated Fair Value of Contingent Consideration (Detail) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Related Party Transaction [Line Items]
Current portion of acquisition related contingent consideration	$ 41,912	$ 41,087
Noncurrent portion of acquisition related contingent consideration	406,741	405,597
CCR \| Comprehensive Beverage Agreement
Related Party Transaction [Line Items]
Current portion of acquisition related contingent consideration	41,912	41,087
Noncurrent portion of acquisition related contingent consideration	406,741	405,597
Total acquisition related contingent consideration	$ 448,653	$ 446,684

Related Party Transactions - Summary of Rental Payments Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Company Headquarters
Related Party Transaction [Line Items]
Rental payments related to leases	$ 826	$ 1,132	$ 2,478	$ 3,393
Snyder Production Center
Related Party Transaction [Line Items]
Rental payments related to leases	$ 1,112	$ 1,080	$ 3,338	$ 3,241

Revenue Recognition - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 27, 2020 USD ($) category	Sep. 29, 2019	Dec. 29, 2019 USD ($)
Revenue From Contract With Customer [Line Items]
Typical payment collection, period after date of sale	30 days
Number of sales categories \| category	2
Reserve for customer return \| $	$ 3.6		$ 3.6
Repair Service \| Minimum
Revenue From Contract With Customer [Line Items]
General period for completion of services	1 day
Repair Service \| Maximum
Revenue From Contract With Customer [Line Items]
General period for completion of services	1 month
Bottle/Can Sales
Revenue From Contract With Customer [Line Items]
Sales return estimated percentage (less than)	1.00%
Post-Mix and Other
Revenue From Contract With Customer [Line Items]
Sales return estimated percentage (less than)	1.00%
Point in Time Net Sales
Revenue From Contract With Customer [Line Items]
Sales percentage	97.00%	96.00%

Revenue Recognition - Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 1,328,484	$ 1,271,029	$ 3,728,720	$ 3,647,600
Point in Time Net Sales
Disaggregation of Revenue [Line Items]
Net sales	1,286,542	1,224,653	3,607,502	3,512,901
Point in Time Net Sales \| Nonalcoholic Beverages
Disaggregation of Revenue [Line Items]
Net sales	1,286,542	1,224,653	3,607,502	3,512,901
Over Time Net Sales
Disaggregation of Revenue [Line Items]
Net sales	41,942	46,376	121,218	134,699
Over Time Net Sales \| Nonalcoholic Beverages
Disaggregation of Revenue [Line Items]
Net sales	8,729	11,608	25,874	34,472
Over Time Net Sales \| All Other
Disaggregation of Revenue [Line Items]
Net sales	$ 33,213	$ 34,768	$ 95,344	$ 100,227

Revenue Recognition - Summary of Activity in Allowance for Credit Losses (Details) $ in Thousands	9 Months Ended
	Sep. 27, 2020 USD ($)
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year - allowance for credit losses	$ 10,232
Additions charged to costs and expenses	14,238
Write-offs, net of recoveries	(2,970)
Balance at end of period - allowance for credit losses	$ 21,500

Segments - Additional Information (Detail)	9 Months Ended
Segments - Additional Information (Detail)	Sep. 27, 2020 segment
Segment Reporting Information [Line Items]
Number of operating segments	3
All Other
Segment Reporting Information [Line Items]
Number of operating segments	2

Segments - Summary of Financial Information by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Net sales:
Consolidated net sales	$ 1,328,484	$ 1,271,029	$ 3,728,720	$ 3,647,600
Income from operations:
Consolidated income from operations	103,844	53,846	219,783	141,214
Depreciation and amortization:
Consolidated depreciation and amortization	48,093	45,588	134,489	136,416
Operating Segments \| Nonalcoholic Beverages
Net sales:
Consolidated net sales	1,295,271	1,236,261	3,633,376	3,547,373
Income from operations:
Consolidated income from operations	108,035	48,248	227,559	120,613
Depreciation and amortization:
Consolidated depreciation and amortization	45,066	43,067	125,733	128,986
Operating Segments \| All Other
Net sales:
Consolidated net sales	84,776	92,501	246,406	275,358
Income from operations:
Consolidated income from operations	(4,191)	5,598	(7,776)	20,601
Depreciation and amortization:
Consolidated depreciation and amortization	3,027	2,521	8,756	7,430
Eliminations
Net sales:
Consolidated net sales	$ (51,563)	$ (57,733)	$ (151,062)	$ (175,131)

Net Income Per Share - Computation of Basic Net Income Per Share and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income attributable to Coca‑Cola Consolidated, Inc.	$ 51,884	$ 13,006	$ 106,115	$ 21,545
Less dividends:
Total undistributed earnings – basic	49,540	10,662	99,085	14,519
Total undistributed earnings – diluted	49,540	10,662	99,085	14,519
Common Stock
Less dividends:
Common Stock	1,785	1,786	5,356	5,356
Total undistributed earnings – basic	37,743	8,123	75,490	11,066
Total undistributed earnings – diluted	37,515	8,089	75,034	11,019
Numerator for basic net income per Common Stock share:
Numerator for basic net income per Common Stock share	39,528	9,909	80,846	16,422
Numerator for diluted net income per Common Stock share:
Numerator for diluted net income per Common Stock share	$ 51,884	$ 13,006	$ 106,115	$ 21,545
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic (in shares)	7,141	7,141	7,141	7,141
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted (in shares)	9,430	9,413	9,430	9,409
Basic net income per share:
Common Stock (in dollars per share)	$ 5.53	$ 1.39	$ 11.32	$ 2.30
Diluted net income per share:
Common Stock (in dollars per share)	$ 5.51	$ 1.38	$ 11.25	$ 2.29
Class B Common Stock
Less dividends:
Common Stock	$ 559	$ 558	$ 1,674	$ 1,670
Total undistributed earnings – basic	11,797	2,539	23,595	3,453
Total undistributed earnings – diluted	12,025	2,573	24,051	3,500
Numerator for basic net income per Common Stock share:
Numerator for basic net income per Common Stock share	12,356	3,097	25,269	5,123
Numerator for diluted net income per Common Stock share:
Numerator for diluted net income per Common Stock share	$ 12,584	$ 3,131	$ 25,725	$ 5,170
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic (in shares)	2,232	2,232	2,232	2,228
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted (in shares)	2,289	2,272	2,289	2,268
Basic net income per share:
Common Stock (in dollars per share)	$ 5.53	$ 1.39	$ 11.32	$ 2.30
Diluted net income per share:
Common Stock (in dollars per share)	$ 5.51	$ 1.38	$ 11.24	$ 2.28

Net Income Per Share - Computation of Basic Net Income Per Share and Diluted Net Income Per Share, Textual (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Earnings Per Share [Abstract]
Percentage undistributed earnings allocated to common stock diluted	100.00%	100.00%	100.00%	100.00%
Anti-dilutive shares	0	0	0	0

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Inventory Disclosure [Abstract]
Finished products	$ 125,388	$ 142,363
Manufacturing materials	45,425	45,267
Plastic shells, plastic pallets and other inventories	36,960	38,296
Total inventories	$ 207,773	$ 225,926

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Prepaid Expense and Other Assets [Abstract]
Repair parts	$ 28,342	$ 28,967
Prepaid taxes	8,099	4,359
Prepaid software	6,462	5,850
Prepaid marketing	6,134	5,658
Prepayments for sponsorship contracts	2,462	8,696
Other prepaid expenses and other current assets	18,330	15,931
Total prepaid expenses and other current assets	$ 69,829	$ 69,461

Assets Held for Sale (Details) - USD ($) $ in Thousands		9 Months Ended
Assets Held for Sale (Details) - USD ($) $ in Thousands	Sep. 27, 2020	Sep. 27, 2020	Sep. 29, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment of property, plant and equipment		$ 7,908	$ 4,144
Assets Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale	$ 7,036	7,036
Impairment of property, plant and equipment	1,600
Assets Held for Sale \| Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant, and equipment	2,017	2,017
Assets Held for Sale \| Buildings and leasehold and land improvements
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Property, plant, and equipment	$ 5,019	$ 5,019

Property, Plant and Equipment, Net - Principal Categories and Estimated Useful Lives of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Dec. 29, 2019
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 2,007,067	$ 1,958,078
Less: Accumulated depreciation and amortization	1,027,857	960,675
Property, plant and equipment, net	979,210	997,403
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	81,151	76,860
Buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 232,828	223,500
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	8 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	50 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 370,116	355,575
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	20 years
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 436,604	417,532
Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	4 years
Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	20 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 97,298	92,059
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	10 years
Cold drink dispensing equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 471,607	489,050
Cold drink dispensing equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	5 years
Cold drink dispensing equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	17 years
Leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 150,800	145,341
Leasehold and land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	5 years
Leasehold and land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	20 years
Software for internal use
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 129,429	128,792
Software for internal use \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Software for internal use \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 37,234	$ 29,369

Leases - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Population of Leases (Detail)	Sep. 27, 2020	Dec. 29, 2019
Operating leases
Weighted average remaining lease term	9 years 8 months 12 days	10 years 2 months 12 days
Weighted average discount rate	4.00%	4.10%
Financing leases
Weighted average remaining lease term	13 years 7 months 6 days	4 years 9 months 18 days
Weighted average discount rate	3.20%	5.70%

Leases - Additional Information (Detail) $ in Millions	Sep. 27, 2020 USD ($) lease_commitment
Leases [Abstract]
Number of real estate lease commitments not yet commenced	1
Number of vehicle lease commitments not yet commenced	2
Lease commitments not yet commenced, lease term	3 years
Lease commitments not yet commenced, additional lease liability \| $	$ 2.1

Leases - Summary of Balances Related to Lease Portfolio within Condensed Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Lessee Disclosure [Line Items]
Total lease cost	$ 12,253	$ 10,883	$ 33,756	$ 30,305
Cost of sales
Lessee Disclosure [Line Items]
Operating lease costs	1,397	1,356	4,167	4,039
Short-term and variable leases	3,711	2,814	9,368	7,393
Depreciation expense from financing leases	643	353	1,350	1,060
Total lease cost	5,751	4,523	14,885	12,492
SD&A expenses
Lessee Disclosure [Line Items]
Operating lease costs	4,846	3,717	14,225	9,639
Short-term and variable leases	271	838	1,612	2,676
Depreciation expense from financing leases	772	1,139	1,914	3,415
Total lease cost	5,889	5,694	17,751	15,730
Interest expense, net
Lessee Disclosure [Line Items]
Interest expense on financing lease obligations	613	666	1,120	2,083
Total lease cost	$ 613	$ 666	$ 1,120	$ 2,083

Leases - Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases (Detail) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Operating Leases
Remainder of 2020	$ 5,882
2020		$ 19,236
2021	22,603	16,815
2022	19,535	14,016
2023	16,839	11,704
2024	15,336	10,989
Thereafter	91,125	67,556
Total minimum lease payments including interest	171,320	140,316
Less: Amounts representing interest	31,220	27,527
Present value of minimum lease principal payments	140,100	112,789
Less: Current portion of lease liabilities - operating leases	18,812	15,024
Noncurrent portion of lease liabilities - operating leases	121,288	97,765
Financing Leases
Remainder of 2020	1,760
2020		10,611
2021	7,079	6,215
2022	7,145	2,694
2023	7,201	2,750
2024	7,396	2,808
Thereafter	63,421	5,406
Total minimum lease payments including interest	94,002	30,484
Less: Amounts representing interest	17,005	3,678
Present value of minimum lease principal payments	76,997	26,806
Less: Current portion of lease liabilities - financing leases	5,814	9,403
Noncurrent portion of lease liabilities - financing leases	71,183	17,403
Total
Remainder of 2020	7,642
2020		29,847
2021	29,682	23,030
2022	26,680	16,710
2023	24,040	14,454
2024	22,732	13,797
Thereafter	154,546	72,962
Total minimum lease payments including interest	265,322	170,800
Less: Amounts representing interest	48,225	31,205
Present value of minimum lease principal payments	217,097	139,595
Less: Current portion of lease liabilities - operating and financing leases	24,626	24,427
Noncurrent portion of lease liabilities - operating and financing leases	$ 192,471	$ 115,168

Leases - Summary of Balances Related to Leases within Condensed Consolidated Statement of Cash Flow (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Cash flows from operating activities impact:
Operating leases	$ 14,134	$ 13,576
Interest payments on financing lease obligations	1,120	2,083
Total cash flows from operating activities impact	15,254	15,659
Cash flows from financing activities impact:
Principal payments on financing lease obligations	4,428	6,441
Total cash flows from financing activities impact	$ 4,428	$ 6,441

Distribution Agreements, Net - Additional Information (Details) - Distribution agreements, net	9 Months Ended
	Sep. 27, 2020
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	10 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	40 years

Distribution Agreements, Net (Detail) - Distribution agreements, net - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Finite-Lived Intangible Assets [Line Items]
Distribution agreements at cost	$ 951,677	$ 950,549
Less: Accumulated amortization	92,674	74,453
Intangible assets, net	$ 859,003	$ 876,096

Customer Lists and Other Identifiable Intangible Assets, Net - Additional Information (Detail) - Customer lists and other identifiable intangible assets, net	9 Months Ended
	Sep. 27, 2020
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	12 years

Customer Lists and Other Identifiable Intangible Assets, Net (Detail) - Customer lists and other identifiable intangible assets, net - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Finite-Lived Intangible Assets [Line Items]
Customer lists and other identifiable intangible assets at cost	$ 25,288	$ 25,288
Less: Accumulated amortization	12,024	10,645
Intangible assets, net	$ 13,264	$ 14,643

Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Payables and Accruals [Abstract]
Accrued insurance costs	$ 47,775	$ 44,584
Current portion of acquisition related contingent consideration	41,912	41,087
Accrued marketing costs	35,906	34,947
Employee and retiree benefit plan accruals	27,819	33,699
Current portion of deferred payroll taxes under CARES Act	12,324
Accrued taxes (other than income taxes)	9,076	6,366
Checks and transfers yet to be presented for payment from zero balance cash accounts	3,140	20,199
Current deferred proceeds from Territory Conversion Fee	2,286	2,286
Commodity derivative instruments at fair market value	1,376	1,174
Federal income taxes	0	1,651
All other accrued expenses	25,908	22,841
Total other accrued liabilities	$ 207,522	$ 208,834

Derivative Financial Instruments - Summary of Pre-Tax Changes in Fair Value (Detail) - Commodity derivative instruments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	$ 1,769	$ 413	$ (25)	$ 2,093
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	1,194	487	924	(482)
Selling, delivery and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	$ 575	$ (74)	$ (949)	$ 2,575

Derivative Financial Instruments - Summary of Fair Values and Classification in Condensed Consolidated Balance Sheets of Derivative Instruments (Detail) - Commodity derivative instruments - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Assets:
Total assets	$ 1,049	$ 1,007
Liabilities:
Total liabilities	1,376	1,174
Gross commodity derivative instrument assets	1,049	3,298
Gross commodity derivative instrument liabilities	1,376	3,465
Prepaid expenses and other current assets
Assets:
Total assets	1,049	1,007
Other accrued liabilities
Liabilities:
Total liabilities	$ 1,376	$ 1,174

Derivative Financial Instruments - Summary of Outstanding Commodity Derivative Instruments (Detail) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Commodity derivative instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of outstanding commodity derivative instruments	$ 73,010	$ 171,699

Fair Values of Financial Instruments - Deferred Compensation Plan, Commodity Derivative Instruments, Debt and Acquisition Related Contingent Consideration (Detail) - USD ($) $ in Thousands	Sep. 27, 2020	Jun. 28, 2020	Dec. 29, 2019	Sep. 29, 2019	Jun. 30, 2019	Dec. 30, 2018
Commodity derivative instruments
Assets:
Commodity derivative instruments	$ 1,049		$ 1,007
Liabilities:
Commodity derivative instruments	1,376		1,174
Fair Value Level 3
Liabilities:
Acquisition related contingent consideration	448,653	$ 441,113	446,684	$ 425,191	$ 412,450	$ 382,898
Carrying Amount
Assets:
Deferred compensation plan assets	46,602		42,543
Liabilities:
Deferred compensation plan liabilities	46,602		42,543
Nonpublic variable rate debt	239,882		307,250
Nonpublic fixed rate debt	374,747		374,723
Public debt securities	348,238		347,947
Acquisition related contingent consideration	448,653		446,684
Carrying Amount \| Commodity derivative instruments
Assets:
Commodity derivative instruments	1,049		1,007
Liabilities:
Commodity derivative instruments	1,376		1,174
Total Fair Value
Assets:
Deferred compensation plan assets	46,602		42,543
Liabilities:
Deferred compensation plan liabilities	46,602		42,543
Nonpublic variable rate debt	240,000		307,500
Nonpublic fixed rate debt	402,500		383,900
Public debt securities	390,200		367,300
Acquisition related contingent consideration	448,653		446,684
Total Fair Value \| Commodity derivative instruments
Assets:
Commodity derivative instruments	1,049		1,007
Liabilities:
Commodity derivative instruments	1,376		1,174
Total Fair Value \| Fair Value Level 1
Assets:
Deferred compensation plan assets	46,602		42,543
Liabilities:
Deferred compensation plan liabilities	46,602		42,543
Nonpublic variable rate debt	0		0
Nonpublic fixed rate debt	0		0
Public debt securities	0		0
Acquisition related contingent consideration	0		0
Total Fair Value \| Fair Value Level 1 \| Commodity derivative instruments
Assets:
Commodity derivative instruments	0		0
Liabilities:
Commodity derivative instruments	0		0
Total Fair Value \| Fair Value Level 2
Assets:
Deferred compensation plan assets	0		0
Liabilities:
Deferred compensation plan liabilities	0		0
Nonpublic variable rate debt	240,000		307,500
Nonpublic fixed rate debt	402,500		383,900
Public debt securities	390,200		367,300
Acquisition related contingent consideration	0		0
Total Fair Value \| Fair Value Level 2 \| Commodity derivative instruments
Assets:
Commodity derivative instruments	1,049		1,007
Liabilities:
Commodity derivative instruments	1,376		1,174
Total Fair Value \| Fair Value Level 3
Assets:
Deferred compensation plan assets	0		0
Liabilities:
Deferred compensation plan liabilities	0		0
Nonpublic variable rate debt	0		0
Nonpublic fixed rate debt	0		0
Public debt securities	0		0
Acquisition related contingent consideration	448,653		446,684
Total Fair Value \| Fair Value Level 3 \| Commodity derivative instruments
Assets:
Commodity derivative instruments	0		0
Liabilities:
Commodity derivative instruments	$ 0		$ 0

Fair Values of Financial Instruments - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 27, 2020 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount payable annually under acquisition related contingent consideration arrangements, value, low	$ 28
Amount payable annually under acquisition related contingent consideration arrangements, value, high	$ 53
Distribution Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated useful life	40 years

Fair Values of Financial Instruments - Summary of Acquisition Related Contingent Consideration Liability (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Business Combination, Contingent Consideration, Liability [Roll Forward]
Payments of acquisition related contingent consideration			$ (31,999)	$ (18,784)
Increase in fair value			35,068	62,017
Level 3
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance - Level 3 liability	$ 441,113	$ 412,450	446,684	382,898
Payments of acquisition related contingent consideration	(11,468)	(5,948)	(31,999)	(18,784)
Reclassification to current payables	(800)	(60)	(1,100)	(940)
Increase in fair value	19,808	18,749	35,068	62,017
Ending balance - Level 3 liability	$ 448,653	$ 425,191	$ 448,653	$ 425,191

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Dec. 29, 2019
Income Tax Disclosure [Abstract]
Effective income tax rate	25.60%	28.70%
Effective income tax rate with noncontrolling interest	26.80%	33.40%
Uncertain tax positions	$ 3.4		$ 2.5
Uncertain tax positions that would affect tax rate	$ 3.4		$ 2.5

Pension and Postretirement Benefit Obligations - Components of Net Periodic Pension Cost (Detail) - Pension Plans - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,659	$ 1,207	$ 4,976	$ 3,620
Interest cost	2,760	3,063	8,280	9,188
Expected return on plan assets	(3,382)	(2,574)	(10,148)	(7,722)
Recognized net actuarial loss	1,189	901	3,568	2,702
Amortization of prior service cost	5	5	14	17
Net periodic pension/postretirement benefit cost	$ 2,231	$ 2,602	$ 6,690	$ 7,805

Pension and Postretirement Benefit Obligations - Additional Information (Detail) - Pension Plans	9 Months Ended
	Sep. 27, 2020 USD ($) benefit_plan
Defined Benefit Plan Disclosure [Line Items]
Company contribution to pension plans during the period	$ 16,300,000
Number of company-sponsored pension plans \| benefit_plan	2
Benefit pension plan, expected contributions, remainder of fiscal year	$ 0

Pension and Postretirement Benefit Obligations - Components of Net Periodic Postretirement Benefit Cost (Detail) - Net Postretirement Benefits Activity - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 376	$ 389	$ 1,128	$ 1,167
Interest cost	504	694	1,511	2,080
Recognized net actuarial loss	88	196	263	587
Amortization of prior service cost	0	(324)	0	(970)
Net periodic pension/postretirement benefit cost	$ 968	$ 955	$ 2,902	$ 2,864

Other Liabilities - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 27, 2020	Dec. 29, 2019
Other Liabilities Disclosure [Abstract]
Noncurrent portion of acquisition related contingent consideration	$ 406,741	$ 405,597
Accruals for executive benefit plans	140,795	141,380
Noncurrent deferred proceeds from Territory Conversion Fee	81,162	82,877
Noncurrent deferred proceeds from Legacy Facilities Credit	28,970	29,569
Noncurrent portion of deferred payroll taxes under CARES Act	12,324
Other	9,369	9,143
Total other liabilities	$ 679,361	$ 668,566

Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Dec. 29, 2019
Debt Instrument [Line Items]
Debt issuance costs	$ (2,088)	$ (2,528)
Long-term debt	$ 962,867	1,029,920
Revolving Credit Facility \| Non-public \| Line of Credit
Debt Instrument [Line Items]
Maturity Date	Jun. 08, 2023
Interest Rate, Term	Variable
Interest Paid	Varies
Long-term debt, gross	$ 0	45,000
Term Loan Facility \| Non-public \| Term Loan
Debt Instrument [Line Items]
Maturity Date	Jun. 07, 2021
Interest Rate, Term	Variable
Interest Paid	Varies
Long-term debt, gross	$ 240,000	262,500
3.28% Senior Notes 2/27/2023 \| Non-public \| Senior Notes
Debt Instrument [Line Items]
Maturity Date	Feb. 27, 2023
Interest Rate	3.28%
Interest Paid	Semi-annually
Long-term debt, gross	$ 125,000	125,000
3.80% Senior Notes 11/25/2025 \| Public \| Senior Notes
Debt Instrument [Line Items]
Maturity Date	Nov. 25, 2025
Interest Rate	3.80%
Interest Paid	Semi-annually
Long-term debt, gross	$ 350,000	350,000
Unamortized discount on senior notes	$ (45)	(52)
3.93% Senior Notes 10/10/2026 \| Non-public \| Senior Notes
Debt Instrument [Line Items]
Maturity Date	Oct. 10, 2026
Interest Rate	3.93%
Interest Paid	Quarterly
Long-term debt, gross	$ 100,000	100,000
3.96% Senior Notes 3/21/2030 \| Non-public \| Senior Notes
Debt Instrument [Line Items]
Maturity Date	Mar. 21, 2030
Interest Rate	3.96%
Interest Paid	Quarterly
Long-term debt, gross	$ 150,000	$ 150,000

Long-Term Debt - Summary of Debt, Footnotes (Detail)	Sep. 27, 2020 USD ($)
3.80% Senior Notes 11/25/2025 \| Public \| Senior Notes
Debt Instrument [Line Items]
Senior notes, issued at par percentage	99.975%
Revolving Credit Facility \| Non-public
Debt Instrument [Line Items]
Aggregate maximum borrowing capacity	$ 500,000,000
Line of credit facility maximum borrowing capacity increased amount subject to obtaining commitments	$ 750,000,000

Long-Term Debt - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 27, 2020	Dec. 29, 2019
Debt Instrument [Line Items]
Debt issued by subsidiaries	$ 0
Guarantees of company debt	$ 0
Term Loan Facility \| Non-public \| Term Loan
Debt Instrument [Line Items]
Maturity date of debt instruments	Jun. 07, 2021
Term Loan Facility \| Fixed Rate Swap \| Non-public \| Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 100,000,000
Maturity date of debt instruments	Jun. 07, 2021

Commitments and Contingencies - Additional Information (Detail)	9 Months Ended		12 Months Ended
	Sep. 27, 2020 USD ($) product	Sep. 29, 2019 product	Dec. 29, 2019 USD ($)
Loss Contingencies [Line Items]
Letters of credit totaled	$ 37,600,000		$ 35,600,000
Long-term marketing contractual arrangements	$ 168,100,000
Southeastern
Loss Contingencies [Line Items]
Purchase requirements of plastic bottles, percentage (at least)	80.00%
SAC
Loss Contingencies [Line Items]
Cases of finished product obligated to purchase on an annual basis \| product	17,500,000
Purchased number of cases finished product from SAC \| product	21,900,000	22,200,000
Debt guarantee for related party	$ 14,700,000		14,700,000
Impairment of investment	$ 0		$ 0

Commitments and Contingencies - Summary of Company's Purchases from Manufacturing Cooperatives (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	$ 68,202	$ 74,048	$ 214,060	$ 222,427
Southeastern
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	31,196	31,178	94,835	102,118
SAC
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	$ 37,006	$ 42,870	$ 119,225	$ 120,309

Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			$ 451,116	$ 455,166
Pre-tax Activity	$ 1,699	$ 259	2,921	1,814
Tax Effect	(419)	(63)	(720)	(20,167)
Ending Balance	559,555	481,107	559,555	481,107
Reclassification of stranded tax effects
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(19,720)	(19,720)	(19,720)	0
Pre-tax Activity	0	0	0	0
Tax Effect	0	0	0	(19,720)
Ending Balance	(19,720)	(19,720)	(19,720)	(19,720)
Total AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(114,081)	(95,814)	(115,002)	(77,265)
Ending Balance	(112,801)	(95,618)	(112,801)	(95,618)
Interest rate swap
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(1,283)	0	(270)	0
Pre-tax Activity	402	(496)	(942)	(496)
Tax Effect	(99)	122	232	122
Ending Balance	(980)	(374)	(980)	(374)
Foreign currency translation adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(14)	(4)	(16)	0
Pre-tax Activity	15	(23)	18	(26)
Tax Effect	(4)	6	(5)	5
Ending Balance	(3)	(21)	(3)	(21)
Net Pension Activity \| Actuarial loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(91,381)	(71,332)	(93,174)	(72,690)
Pre-tax Activity	1,189	901	3,568	2,702
Tax Effect	(293)	(222)	(879)	(665)
Ending Balance	(90,485)	(70,653)	(90,485)	(70,653)
Net Pension Activity \| Prior service costs
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	0	(15)	(7)	(24)
Pre-tax Activity	5	5	14	17
Tax Effect	(1)	(1)	(3)	(4)
Ending Balance	4	(11)	4	(11)
Net Postretirement Benefits Activity \| Actuarial loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(1,059)	(4,607)	(1,191)	(4,902)
Pre-tax Activity	88	196	263	587
Tax Effect	(22)	(48)	(65)	(144)
Ending Balance	(993)	(4,459)	(993)	(4,459)
Net Postretirement Benefits Activity \| Prior service costs
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(624)	(136)	(624)	351
Pre-tax Activity	0	(324)	0	(970)
Tax Effect	0	80	0	239
Ending Balance	$ (624)	$ (380)	$ (624)	$ (380)

Accumulated Other Comprehensive Income (Loss) - Summary of Impact of Accumulated Other Comprehensive Income (Loss) on Statement of Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019	Sep. 27, 2020	Sep. 29, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ 856,046	$ 838,805	$ 2,421,686	$ 2,390,289
Selling, delivery and administrative expenses	368,594	378,378	1,087,251	1,116,097
Subtotal pre-tax	(73,417)	(22,170)	(152,179)	(37,625)
Income tax expense	18,363	6,624	38,911	10,801
Total after tax effect	(51,884)	(13,006)	(106,115)	(21,545)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	418	198	1,217	594
Selling, delivery and administrative expenses	1,281	61	1,704	1,220
Subtotal pre-tax	1,699	259	2,921	1,814
Income tax expense	419	63	720	447
Total after tax effect	1,280	196	2,201	1,367
Reclassification out of Accumulated Other Comprehensive Income \| Interest Rate Swap
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	0	0	0	0
Selling, delivery and administrative expenses	402	(496)	(942)	(496)
Subtotal pre-tax	402	(496)	(942)	(496)
Income tax expense	99	(122)	(232)	(122)
Total after tax effect	303	(374)	(710)	(374)
Reclassification out of Accumulated Other Comprehensive Income \| Foreign Currency Translation Adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	0	0	0	0
Selling, delivery and administrative expenses	15	(23)	18	(26)
Subtotal pre-tax	15	(23)	18	(26)
Income tax expense	4	(6)	5	(5)
Total after tax effect	11	(17)	13	(21)
Reclassification out of Accumulated Other Comprehensive Income \| Net Pension Activity \| Defined Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	363	265	1,057	794
Selling, delivery and administrative expenses	831	641	2,525	1,925
Subtotal pre-tax	1,194	906	3,582	2,719
Income tax expense	294	223	882	669
Total after tax effect	900	683	2,700	2,050
Reclassification out of Accumulated Other Comprehensive Income \| Net Postretirement Benefits Activity \| Defined Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	55	(67)	160	(200)
Selling, delivery and administrative expenses	33	(61)	103	(183)
Subtotal pre-tax	88	(128)	263	(383)
Income tax expense	22	(32)	65	(95)
Total after tax effect	$ 66	$ (96)	$ 198	$ (288)

Supplemental Disclosures of Cash Flow Information - Summary of Changes in Current Assets and Current Liabilities Affecting Cash Flows (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2020	Sep. 29, 2019
Supplemental Cash Flow Elements [Abstract]
Accounts receivable, trade	$ (19,850)	$ (11,638)
Allowance for doubtful accounts	11,268	4,169
Accounts receivable from The Coca‑Cola Company	7,895	(15,509)
Accounts receivable, other	(1,475)	(9,621)
Inventories	18,153	(21,719)
Prepaid expenses and other current assets	(368)	(8,478)
Accounts payable, trade	40,937	44,506
Accounts payable to The Coca‑Cola Company	26,957	23,155
Other accrued liabilities	(2,254)	(58,493)
Accrued compensation	(13,035)	(1,946)
Accrued interest payable	1,747	1,311
Change in current assets less current liabilities	$ 69,975	$ (54,263)