0000317540-22-000009 | 10-K | XBRL Viewer | Cocacola Consolidated INC

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Net sales	$ 5,562,714	$ 5,007,357	$ 4,826,549
Cost of sales	3,608,527	3,238,448	3,156,047
Gross profit	1,954,187	1,768,909	1,670,502
Selling, delivery and administrative expenses	1,515,016	1,455,531	1,489,748
Income from operations	439,171	313,378	180,754
Interest expense, net	33,449	36,735	45,990
Other expense, net	150,573	35,603	100,539
Income before taxes	255,149	241,040	34,225
Income tax expense	65,569	58,943	15,665
Net income	189,580	182,097	18,560
Less: Net income attributable to noncontrolling interest	0	9,604	7,185
Net income attributable to Coca‑Cola Consolidated, Inc.	$ 189,580	$ 172,493	$ 11,375
Common Stock
Basic net income per share based on net income attributable to Coca‑Cola Consolidated, Inc.:
Common Stock (in dollars per share)	$ 20.23	$ 18.40	$ 1.21
Weighted average number of Common Stock shares outstanding (in shares)	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)	$ 20.17	$ 18.30	$ 1.21
Weighted average number of Common Stock shares outstanding – assuming dilution (in shares)	9,400	9,427	9,417
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)	$ 20.23	$ 18.40	$ 1.21
Weighted average number of Common Stock shares outstanding (in shares)	2,232	2,232	2,229
Diluted net income per share based on net income attributable to Coca‑Cola Consolidated, Inc.:
Common Stock (in dollars per share)	$ 20.16	$ 18.28	$ 1.19
Weighted average number of Common Stock shares outstanding – assuming dilution (in shares)	2,259	2,286	2,276

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 189,580	$ 182,097	$ 18,560
Defined benefit plans reclassification including pension costs:
Actuarial gain (loss)	14,965	(673)	(20,484)
Prior service credits	3	15	17
Postretirement benefits reclassification including benefit costs:
Actuarial gain (loss)	3,089	(3,137)	3,711
Prior service costs	0	0	(975)
Interest rate swap	556	(286)	(270)
Foreign currency translation adjustment	(23)	30	(16)
Other comprehensive income (loss), net of tax	18,590	(4,051)	(18,017)
Comprehensive income	208,170	178,046	543
Less: Comprehensive income attributable to noncontrolling interest	0	9,604	7,185
Comprehensive income (loss) attributable to Coca‑Cola Consolidated, Inc.	$ 208,170	$ 168,442	$ (6,642)

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash and cash equivalents	$ 142,314	$ 54,793
Accounts receivable, trade	472,270	425,445
Allowance for doubtful accounts	(17,336)	(21,620)
Accounts receivable from The Coca-Cola Company	57,737	49,203
Accounts receivable, other	33,878	37,084
Inventories	302,851	225,757
Prepaid expenses and other current assets	78,068	74,146
Assets held for sale	6,880	6,429
Total current assets	1,076,662	851,237
Property, plant and equipment, net	1,030,688	1,022,722
Right-of-use assets - operating leases	139,877	134,383
Leased property under financing leases, net	64,211	69,867
Other assets	120,486	111,781
Goodwill	165,903	165,903
Total assets	3,445,570	3,222,450
Current Liabilities:
Current portion of obligations under operating leases	22,048	19,766
Current portion of obligations under financing leases	6,060	5,860
Accounts payable, trade	319,318	217,560
Accounts payable to The Coca-Cola Company	145,671	107,181
Other accrued liabilities	226,769	205,141
Accrued compensation	110,894	87,608
Accrued interest payable	4,096	3,944
Total current liabilities	834,856	647,060
Deferred income taxes	136,432	139,423
Pension and postretirement benefit obligations	93,391	113,325
Other liabilities	758,610	679,280
Noncurrent portion of obligations under operating leases	122,046	119,923
Noncurrent portion of obligations under financing leases	65,006	69,984
Long-term debt	723,443	940,465
Total liabilities	2,733,784	2,709,460
Commitments and Contingencies
Equity:
Additional paid in capital	135,953	135,953
Retained earnings	724,486	544,280
Accumulated other comprehensive loss	(100,463)	(119,053)
Total equity	711,786	512,990
Total liabilities and equity	3,445,570	3,222,450
Convertible Preferred Stock
Equity:
Preferred Stock
Nonconvertible Preferred Stock
Equity:
Preferred Stock
Preferred Stock
Equity:
Preferred Stock
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)
Class C Common Stock
Equity:
Common Stock
Distribution agreements, net
Current Assets:
Intangible assets, net	836,777	853,753
Customer lists, net
Current Assets:
Intangible assets, net	$ 10,966	$ 12,804

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 100.00	$ 100.00
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	0	0
Nonconvertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 100.00	$ 100.00
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	0	0
Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
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
Class C Common Stock
Common stock, par value (in dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	0	0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Cash Flows from Operating Activities:
Net income	$ 189,580	$ 182,097	$ 18,560
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense from property, plant and equipment and financing leases	157,320	155,936	156,886
Amortization of intangible assets and deferred proceeds, net	23,245	23,081	23,030
Fair value adjustment of acquisition related contingent consideration	146,308	31,210	92,788
Deferred payroll taxes under CARES Act	(18,739)	37,412	0
Deferred income taxes	(9,183)	8,737	3,987
Loss on sale of property, plant and equipment	5,921	5,187	6,498
Impairment and abandonment of property, plant and equipment	3,200	8,030	8,798
Amortization of debt costs	1,256	1,050	1,313
Stock compensation expense	0	0	2,045
Change in current assets less current liabilities	30,595	36,901	(31,681)
Change in other noncurrent assets	16,003	21,820	15,201
Change in other noncurrent liabilities	(23,728)	(18,065)	(7,203)
Other	(23)	1,065	148
Total adjustments	332,175	312,364	271,810
Net cash provided by operating activities	521,755	494,461	290,370
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(155,693)	(202,034)	(171,374)
Other distribution agreements	(8,993)	0	(4,654)
Proceeds from the sale of property, plant and equipment	5,274	3,385	4,064
Investment in CONA Services LLC	(2,531)	(1,770)	(1,713)
Net cash used in investing activities	(161,943)	(200,419)	(173,677)
Cash Flows from Financing Activities:
Payments on revolving credit facility	(55,000)	(280,000)	(550,339)
Borrowings under revolving credit facility	55,000	235,000	515,339
Payments on term loan facilities	(287,500)	(45,000)	(140,000)
Borrowings under term loan facility	70,000	0	0
Borrowings under term loan facility	0	0	100,000
Purchase of noncontrolling interest in Piedmont Coca-Cola Bottling Partnership	0	(100,000)	0
Payments of acquisition related contingent consideration	(39,097)	(43,400)	(27,182)
Cash dividends paid	(9,374)	(9,374)	(9,369)
Payments on financing lease obligations	(4,778)	(5,861)	(8,656)
Debt issuance fees	(1,542)	(228)	(420)
Net cash used in financing activities	(272,291)	(248,863)	(120,627)
Net increase (decrease) in cash	87,521	45,179	(3,934)
Cash at beginning of year	54,793	9,614	13,548
Cash at end of year	$ 142,314	$ 54,793	$ 9,614

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - 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	Additional Paid in Capital	Additional Paid in Capital 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	18,560			11,375							11,375						7,185
Other comprehensive income (loss), net of tax	(18,017)			(18,017)										(18,017)
Cash dividends paid: Common Stock ($1.00 per share)		$ (7,141)	$ (2,228)		$ (7,141)	$ (2,228)						$ (7,141)	$ (2,228)
Issuance of shares of Class B Common Stock			4,776			4,776		21		$ 4,755
Reclassification of stranded tax effects	0			0							19,720			(19,720)
Ending 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	182,097			172,493							172,493						9,604
Other comprehensive income (loss), net of tax	(4,051)			(4,051)										(4,051)
Cash dividends paid: Common Stock ($1.00 per share)		(7,141)	(2,233)		(7,141)	(2,233)						(7,141)	(2,233)
Purchase of noncontrolling interest in Piedmont Coca-Cola Bottling Partnership	(106,798)			6,970					6,970								(113,768)
Ending Balance at Dec. 31, 2020	512,990			512,990			10,204	2,860	135,953		544,280			(119,053)	(60,845)	(409)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	189,580			189,580							189,580
Other comprehensive income (loss), net of tax	18,590			18,590										18,590
Cash dividends paid: Common Stock ($1.00 per share)		$ (7,141)	$ (2,233)		$ (7,141)	$ (2,233)						$ (7,141)	$ (2,233)
Ending Balance at Dec. 31, 2021	$ 711,786			$ 711,786			$ 10,204	$ 2,860	$ 135,953		$ 724,486			$ (100,463)	$ (60,845)	$ (409)	$ 0

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Common Stock
Cash dividend per share (in dollars per share)	$ 1.00	$ 1.00	$ 1.00
Class B Common Stock
Cash dividend per share (in dollars per share)	$ 1.00	$ 1.00	$ 1.00
Class B common stock shares issued (in shares)			19,224

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	Description of Business and Summary of Significant Accounting Policies Description of Business Coca‑Cola Consolidated, Inc. (the “Company”) distributes, markets and manufactures nonalcoholic beverages, primarily products of The Coca‑Cola Company, and is the largest Coca‑Cola bottler in the United States. Approximately 83% of the Company’s total bottle/can sales volume to retail customers consists of products of The Coca‑Cola Company, which include some of the most recognized and popular beverage brands in the world. The Company also distributes products for several other beverage companies, including Keurig Dr Pepper Inc. (“Dr Pepper”) and Monster Energy Company (“Monster Energy”). The 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, ready to drink 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 locations, 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 manages its business on the basis of three operating segments. 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.” Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States (“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. Fiscal Year Beginning in 2020, the Company’s fiscal year ends on December 31 of the applicable calendar year. Previously, the Company’s fiscal year generally ended on the Sunday closest to December 31 of each year. The fiscal years presented are the periods ended December 31, 2021 (“2021”), December 31, 2020 (“2020”) and December 29, 2019 (“2019”). Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks and cash equivalents, which are highly liquid debt instruments with maturities of less than 90 days. The Company maintains cash deposits with major banks, which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes the risk of any loss is minimal. Accounts Receivable, Trade 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 typically collects payment from customers within 30 days from the date of sale. Allowance for Doubtful Accounts 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 Company’s allowance for doubtful accounts in the 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 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. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method for finished products and manufacturing materials and on the average cost method for plastic shells, plastic pallets and other inventories. Property, Plant and Equipment Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements on operating leases are depreciated over the shorter of the estimated useful lives or the term of the lease, including renewal options the Company determines are reasonably assured. Additions and major replacements or betterments are added to the assets at cost. Maintenance and repair costs and minor replacements are charged to expense when incurred. When assets are replaced or otherwise disposed, the cost and accumulated depreciation are removed from the accounts and the gains or losses, if any, are reflected in the statements of operations. Gains or losses on the disposal of manufacturing equipment and manufacturing plants are included in cost of sales. Gains or losses on the disposal of all other property, plant and equipment are included in selling, delivery and administrative (“SD&A”) expenses. The Company evaluates the recoverability of the carrying amount of its property, plant and equipment when events or circumstances indicate the carrying amount of an asset or asset group may not be recoverable. These evaluations are performed at a level where independent cash flows may be attributed to either an asset or an asset group. If the Company determines the carrying amount of an asset or asset group is not recoverable based upon the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair values of the long-lived assets. 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 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 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. Internal Use Software The Company capitalizes costs incurred in the development or acquisition of internal use software. The Company expenses costs incurred in the preliminary project planning stage. Costs, such as maintenance and training, are also expensed as incurred. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Amortization expense, which is included in depreciation expense, for internal use software was $5.4 million in 2021, $6.7 million in 2020 and $7.7 million in 2019. Goodwill All business combinations are accounted for using the acquisition method. Goodwill is tested for impairment annually, or more frequently if facts and circumstances indicate such assets may be impaired. The Company performs its annual goodwill impairment test, which includes a qualitative assessment to determine whether it is more likely than not that the fair value of the goodwill is below its carrying value, as of the first day of the fourth quarter each year, and more often if there are significant changes in business conditions that could result in impairment. All of the Company’s goodwill resides within one reporting unit within the Nonalcoholic Beverages reportable segment, and, therefore, the Company has determined it has one reporting unit for the purpose of assessing goodwill for potential impairment. The Company uses its overall market capitalization as part of its estimate of fair value of the reporting unit and in assessing the reasonableness of the Company’s internal estimates of fair value. When a quantitative analysis is considered necessary for the annual impairment analysis of goodwill, the Company develops an estimated fair value for the reporting unit considering three different approaches: •market value, using the Company’s stock price plus outstanding debt; •discounted cash flow analysis; and •multiple of earnings before interest, taxes, depreciation and amortization based upon relevant industry data. The estimated fair value of the reporting unit is then compared to its carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount, including goodwill, exceeds its estimated fair value, any excess of the carrying value of goodwill of the reporting unit over its fair value is recorded as an impairment. To the extent the actual and projected cash flows decline in the future or if market conditions or market capitalization significantly deteriorate, the Company may be required to perform an interim impairment analysis that could result in an impairment of goodwill. During 2021, 2020 and 2019, the Company performed its annual impairment test of goodwill and determined there was no impairment of the carrying value of these assets. Distribution Agreements and Customer Lists The Company’s definite-lived intangible assets consist of distribution agreements and customer lists, which have estimated useful lives of 10 to 40 years and five to 12 years, respectively. These assets are amortized on a straight-line basis over their estimated useful lives. Acquisition Related Contingent Consideration Liability The acquisition related contingent consideration liability consists of the estimated amounts due to The Coca‑Cola Company under the Company’s comprehensive beverage agreements (collectively, the “CBA”) with The Coca‑Cola Company and Coca‑Cola Refreshments USA, Inc. (“CCR”), a wholly owned subsidiary of The Coca‑Cola Company, over the useful life of the related distribution rights. 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. This acquisition related contingent consideration is valued using a probability weighted discounted cash flow model based on internal forecasts and the weighted average cost of capital (“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 subject to sub-bottling fees to fair value by discounting future expected sub-bottling payments required under the CBA using the Company’s estimated WACC. These future expected sub-bottling payments extend through the life of the related distribution assets acquired in each distribution territory, 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 and could materially impact the amount of non-cash expense (or income) recorded each reporting period. Pension and Postretirement Benefit Plans There are two Company-sponsored pension plans. The primary Company-sponsored pension plan (the “Primary Plan”) was frozen as of June 30, 2006 and no benefits accrued to participants after that 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 the amounts currently deductible for income tax purposes. The Company also sponsors a postretirement healthcare plan for employees meeting specified criteria. The expense and liability amounts recorded for the benefit plans reflect estimates related to interest rates, investment returns, employee turnover and age at retirement, mortality rates and healthcare costs. The discount rate assumptions used to determine the pension and postretirement benefit obligations are based on yield rates available on the Aon AA Above Median yield curve as of each plan’s measurement date. The service cost components of the net periodic benefit cost of the plans are charged to current operations, and the non-service cost components of the net periodic benefit cost of the plans are classified as other expense, net. In addition, certain other union employees are covered by plans provided by their respective union organizations and the Company expenses amounts as paid in accordance with union agreements. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating losses and tax credit carryforwards, as well as the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance will be provided against deferred tax assets if the Company determines it is more likely than not such assets will not ultimately be realized. The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50 percent likely to be realized. The Company records interest and penalties related to uncertain tax positions in income tax expense. Revenue Recognition 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”). 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 consolidated financial statements. Marketing Programs and Sales Incentives 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 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 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. Marketing Funding Support The Company receives marketing funding support payments in cash from The Coca‑Cola Company and other beverage companies. Payments to the Company for marketing programs to promote bottle/can sales volume and fountain syrup sales volume are recognized as a reduction to cost of sales, primarily on a per unit basis, as the product is sold. Payments for periodic programs are recognized in the period during which they are earned. Cash consideration received by a customer from a vendor is presumed to be a reduction of the price of the vendor’s products or services. As such, the cash received is accounted for as a reduction to cost of sales unless it is a specific reimbursement of costs or payments for services. Payments the Company receives from The Coca‑Cola Company and other beverage companies for marketing funding support are classified as reductions to cost of sales. 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 counterparties. 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. The Company generally pays a fee for these commodity derivative instruments, which is amortized over the corresponding period of each commodity derivative instrument. Settlements of commodity derivative instruments are included in cash flows from operating activities in the consolidated statements of cash flows. All commodity derivative instruments are recorded at fair value as either assets or liabilities in the 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 consolidated balance sheets and the net amounts of derivative liabilities are recognized in either other accrued liabilities or other liabilities in the consolidated balance sheets. Risk Management Programs The Company uses various insurance structures to manage costs related to workers’ compensation, auto liability, medical and other insurable risks. These structures consist of retentions, deductibles, limits and a diverse group of insurers that serve to strategically finance, transfer and mitigate the financial impact of losses to the Company. Losses are accrued using assumptions and procedures followed in the insurance industry, then adjusted for company-specific history and expectations. Cost of Sales Inputs representing a substantial portion of the Company’s cost of sales include: (i) purchases of finished products, (ii) raw material costs, including aluminum cans, plastic bottles and sweetener, (iii) concentrate costs and (iv) manufacturing costs, including labor, overhead and warehouse costs. In addition, cost of sales includes shipping, handling and fuel costs related to the movement of finished products from manufacturing plants to distribution centers, amortization expense of distribution rights, distribution fees of certain products and marketing credits from brand companies. Selling, Delivery and Administrative Expenses SD&A expenses include the following: sales management labor costs, distribution costs resulting from transporting finished products from distribution centers to customer locations, distribution center overhead including depreciation expense, distribution center warehousing costs, delivery vehicles and cold drink equipment, point-of-sale expenses, advertising expenses, cold drink equipment repair costs, amortization of intangible assets and administrative support labor and operating costs. Shipping and Handling Costs Shipping and handling costs related to the movement of finished products from manufacturing plants to distribution centers are included in cost of sales. Shipping and handling costs related to the movement of finished products from distribution centers to customer locations, including distribution center warehousing costs, are included in SD&A expenses and totaled $674.3 million in 2021, $622.1 million in 2020 and $623.4 million in 2019. Stock Compensation The Company has a long-term performance equity plan (the “Long-Term Performance Equity Plan”) under which awards are earned and granted to Mr. Harrison based on the Company’s attainment during a performance period of performance measures specified by the Compensation Committee of the Company’s Board of Directors. Mr. Harrison may elect to have awards earned under the Long‑Term Performance Equity Plan settled in cash and/or shares of Class B Common Stock. In 2018, the Long-Term Performance Equity Plan replaced a performance unit award agreement (the “Performance Unit Award Agreement”). The Performance Unit Award Agreement expired at the end of 2018, with the final award issued in 2019 in connection with Mr. Harrison’s services during 2018. See Note 2 for additional information on Mr. Harrison’s stock compensation programs. Common Stock and Class B Common Stock The Company has two classes of common stock outstanding, Common Stock and Class B Common Stock. The Common Stock is traded on the NASDAQ Global Select Market under the symbol COKE. There is no established public trading market for the Class B Common Stock. Shares of Class B Common Stock are convertible on a share-for-share basis into shares of Common Stock at any time at the option of the holder. Each share of Common Stock is entitled to one vote per share and each share of Class B Common Stock is entitled to 20 votes per share at all meetings of the Company’s stockholders. Except as otherwise required by law, holders of the Common Stock and the Class B Common Stock vote together as a single class on all matters submitted to the Company’s stockholders, including the election of the Board of Directors. As a result, the holders of the Class B Common Stock control approximately 86% of the total voting power of the stockholders of the Company and control the election of the Board of Directors. In the event of liquidation, there is no preference between the two classes of common stock. Dividends No cash dividend or dividend of property or stock other than stock of the Company, as specifically described in the Company’s Restated Certificate of Incorporation, as amended (the “Restated Certificate of Incorporation”), may be declared and paid on the Class B Common Stock unless an equal or greater dividend is declared and paid on the Common Stock. Under the Restated Certificate of Incorporation, the Board of Directors may declare dividends on the Common Stock without declaring equal or any dividends on the Class B Common Stock. Notwithstanding this provision, the Class B Common Stock has voting and conversion rights that allow the Class B Common Stock to participate equally on a per share basis with the Common Stock. The Board of Directors has declared, and the Company has paid, dividends on the Common Stock and the Class B Common Stock and each class of common stock has participated equally in all dividends declared by the Board of Directors and paid by the Company since 1994. During 2021, 2020 and 2019, dividends of $1.00 per share were declared and paid on both Common Stock and Class B Common Stock. Total cash dividends paid were $9.4 million per year in 2021, 2020 and 2019. Net Income Per Share The Company applies the two-class method for calculating and presenting net income per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared or accumulated and participation rights in undistributed earnings. Under this method: (i)Income from continuing operations (“net income”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period. (ii)The remaining earnings (“undistributed earnings”) are allocated to Common Stock and Class B Common Stock to the extent each security may share in earnings as if all the earnings for the period had been distributed. The total earnings allocated to each security is determined by adding together the amount allocated for dividends and the amount allocated for a participation feature. (iii)The total earnings allocated to each security is then divided by the number of outstanding shares of the security to which the earnings are allocated to determine the earnings per share for the security. (iv)Basic and diluted net income per share data are presented for each class of common stock. In applying the two-class method, the Company determined undistributed earnings should be allocated equally on a per share basis between the Common Stock and Class B Common Stock due to the aggregate participation rights of the Class B Common Stock (i.e., the voting and conversion rights) and the Company’s history of paying dividends equally on a per share basis on the Common Stock and the Class B Common Stock. The Class B Common Stock conversion rights allow the Class B Common Stock to participate in dividends equally with the Common Stock. Class B Common Stock is convertible into Common Stock on a one-for-one per share basis at any time at the option of the holder. Accordingly, the holders of the Class B Common Stock can participate equally in any dividends declared on the Common Stock by exercising their conversion rights. Basic net income per share excludes potential common shares that were dilutive and is computed by dividing net income available for common stockholders by the weighted average number of Common and Class B Common shares outstanding. Diluted net income per share for Common Stock and Class B Common Stock gives effect to all securities representing potential common shares that were dilutive and outstanding during the period. The Company does not have anti-dilutive shares. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019‑12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in income tax accounting and improves consistent application of and simplifies 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 adopted ASU 2019-12 in 2021 and the adoption did not have a material impact on its consolidated financial statements.

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Related Party Transactions

The Coca‑Cola Company

The Company’s business consists primarily of the distribution, marketing and manufacture 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, 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 December 31, 2021, The Coca‑Cola Company owned shares of the Company’s Common Stock representing approximately 5% of the total voting power of the Company’s Common Stock and Class B Common Stock on a consolidated basis. The number of shares of the Company’s Common Stock currently held by The Coca‑Cola Company gives it the right to have a designee proposed by the Company for nomination to the Company’s Board of Directors in the Company’s annual proxy statement. 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 that 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 cash transactions between the Company and The Coca‑Cola Company:


	Fiscal Year
(in thousands)	2021		2020		2019
Payments made by the Company to The Coca-Cola Company(1)	$	1,558,784	$	1,444,492	$	1,374,313
Payments made by The Coca-Cola Company to the Company	207,073		128,749		152,798

(1)This excludes payments made by the Company to Coca-Cola Refreshments USA, Inc., a wholly owned subsidiary of The Coca‑Cola Company, as discussed in the next section.

More than 80% of the payments made by the Company to The Coca‑Cola Company were for concentrate, syrup, sweetener and other finished goods products, which were recorded in cost of sales in the consolidated statements of operations and represent the primary components of the soft drink products the Company manufactures and distributes. Payments made by the Company to The Coca‑Cola Company also included payments for marketing programs associated with large, national customers managed by The Coca‑Cola Company on behalf of the Company, which were recorded as a reduction to net sales in the consolidated statements of operations. Other payments made by the Company to The Coca‑Cola Company related to cold drink equipment parts, fees associated with the rights to distribute certain brands and other customary items.

Payments made by The Coca‑Cola Company to the Company included annual funding in connection with the Company’s agreement to support certain business initiatives developed by The Coca‑Cola Company and funding associated with the delivery of post-mix products to various customers, both of which were recorded as a reduction to cost of sales in the consolidated statements of operations. 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. Payments made by The Coca‑Cola Company to the Company also included transportation services and fountain product delivery and equipment repair services performed by the Company on The Coca‑Cola Company’s equipment, all of which were recorded in net sales in the consolidated statements of operations.

Coca‑Cola Refreshments USA, Inc.

The CBA requires the Company 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 the Company’s sales of certain beverages and beverage products that are sold under the same trademarks that identify a covered beverage, a beverage product or certain cross-licensed brands.

Sub-bottling payments to CCR were $39.1 million in 2021, $43.4 million in 2020 and $27.2 million in 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)	December 31, 2021		December 31, 2020
Current portion of acquisition related contingent consideration	$	51,518	$	36,020
Noncurrent portion of acquisition related contingent consideration	490,587		398,674
Total acquisition related contingent consideration	$	542,105	$	434,694

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 consolidated balance sheets, was $21.7 million as of December 31, 2021 and $21.9 million as of December 31, 2020.

South Atlantic Canners, Inc. (“SAC”)

The Company is a shareholder of SAC, a manufacturing cooperative located 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 consolidated balance sheets, was $8.2 million as of December 31, 2021 and $8.0 million as of December 31, 2020. The Company also guarantees a portion of SAC’s debt; see Note 20 for additional information.

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 recorded as a reduction to cost of sales in the consolidated statements of operations, were $8.7 million in 2021, $9.0 million in 2020 and $9.1 million in 2019.

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

Along with all 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 $7.9 million on December 31, 2021 and $6.3 million on December 31, 2020, which were classified as accounts receivable, other in the consolidated balance sheets.

In addition, the Company pays an administrative fee to CCBSS for its services. The Company incurred administrative fees to CCBSS of $2.9 million in 2021, $2.5 million in 2020 and $2.3 million in 2019, which were classified as SD&A expenses in the 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 consolidated balance sheets, was $13.7 million as of December 31, 2021 and $11.5 million as of December 31, 2020.

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 $24.1 million in 2021, $22.0 million in 2020 and $22.2 million in 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. The annual base rent the Company is obligated to pay is subject to an adjustment for an inflation factor and the lease expires on December 31, 2029. The principal balance outstanding under this lease agreement was $28.2 million on December 31, 2021 and $30.8 million on December 31, 2020.

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. The annual base rent the Company is obligated to pay under the financing lease is subject to an adjustment for an inflation factor and the lease expires on December 31, 2035. The principal balance outstanding under this lease was $59.1 million on December 31, 2021 and $61.9 million on December 31, 2020.

A summary of rental payments for these leases related to 2021, 2020, and 2019 is as follows:


	Fiscal Year
(in thousands)	2021		2020		2019
Company headquarters(1)	$	3,778	$	3,304	$	4,525
Snyder Production Center	4,451		4,451		4,354

(1) 2019 fell under a previous lease agreement with Beacon and included contingent rental payments that were a result of changes in the Consumer Price Index minimum, which were recorded as adjustments to interest expense, net in the consolidated statements of operations.

Long-Term Performance Equity Plan

The Long-Term Performance Equity Plan compensates J. Frank Harrison, III based on the Company’s performance. Awards granted to Mr. Harrison 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 Class B Common Stock, based on the average of the closing prices of shares of 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 consolidated statements of operations, was $9.8 million in 2021, $9.2 million in 2020 and $12.9 million in 2019.

During 2019, J. Frank Harrison, III received 34,700 shares of the Company’s Class B Common Stock in connection with his services as Chairman of the Board of Directors and Chief Executive Officer of the Company during 2018, pursuant to the Performance Unit Award Agreement. The Performance Unit Award Agreement expired at the end of 2018, with the final award issued in 2019. As permitted under the terms of the Performance Unit Award Agreement, 15,476 shares were settled in cash to satisfy tax withholding obligations in connection with the vesting of the performance units and the remaining 19,224 shares increased the total shares of Class B Common Stock outstanding. Compensation expense for the awards issued pursuant to the Performance Unit Award Agreement, recognized based on the closing share price of Common Stock as of the last trading day prior to the end of each fiscal period, was $2.0 million in 2019.

Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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 sales accounted for approximately 97% of the Company’s net sales in 2021, 97% of the Company’s net sales in 2020 and 96% of the Company’s net sales in 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. 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 consolidated financial statements.

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


	Fiscal Year
(in thousands)	2021		2020		2019
Point in time net sales:
Nonalcoholic Beverages - point in time	$	5,389,444	$	4,842,934	$	4,649,037
Total point in time net sales	$	5,389,444	$	4,842,934	$	4,649,037

Over time net sales:
Nonalcoholic Beverages - over time	$	43,225	$	36,236	$	45,391
All Other - over time	130,045		128,187		132,121
Total over time net sales	$	173,270	$	164,423	$	177,512

Total net sales	$	5,562,714	$	5,007,357	$	4,826,549

The Company’s allowance for doubtful accounts in the 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 $3.0 million as of December 31, 2021 and $3.6 million as of December 31, 2020.

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 2021:


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - allowance for credit losses	$	18,070	$	10,232
Additions charged to expenses and as reductions to net sales	4,638		14,265
Deductions	(8,372)		(6,427)
Ending balance - allowance for credit losses	$	14,336	$	18,070

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segments

The Company evaluates segment reporting in accordance with 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:


	Fiscal Year
(in thousands)	2021		2020		2019
Net sales:
Nonalcoholic Beverages	$	5,432,669	$	4,879,170	$	4,694,428
All Other	366,855		332,728		345,005
Eliminations(1)	(236,810)		(204,541)		(212,884)
Consolidated net sales	$	5,562,714	$	5,007,357	$	4,826,549

(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.


	Fiscal Year
(in thousands)	2021		2020		2019
Income from operations:
Nonalcoholic Beverages	$	456,713	$	324,716	$	174,133
All Other	(17,542)		(11,338)		6,621
Consolidated income from operations	$	439,171	$	313,378	$	180,754

Depreciation and amortization:
Nonalcoholic Beverages	$	168,206	$	167,355	$	169,879
All Other	12,359		11,662		10,037
Consolidated depreciation and amortization	$	180,565	$	179,017	$	179,916

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Net Income Per Share

12 Months Ended

Dec. 31, 2021

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. See Note 1 for additional information related to net income per share.


	Fiscal Year
(in thousands, except per share data)	2021		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.	$	189,580	$	172,493	$	11,375
Less dividends:
Common Stock	7,141		7,141		7,141
Class B Common Stock	2,233		2,233		2,228
Total undistributed earnings	$	180,206	$	163,119	$	2,006

Common Stock undistributed earnings – basic	$	137,293	$	124,275	$	1,529
Class B Common Stock undistributed earnings – basic	42,913		38,844		477
Total undistributed earnings – basic	$	180,206	$	163,119	$	2,006

Common Stock undistributed earnings – diluted	$	136,899	$	123,563	$	1,521
Class B Common Stock undistributed earnings – diluted	43,307		39,556		485
Total undistributed earnings – diluted	$	180,206	$	163,119	$	2,006

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	7,141	$	7,141	$	7,141
Common Stock undistributed earnings – basic	137,293		124,275		1,529
Numerator for basic net income per Common Stock share	$	144,434	$	131,416	$	8,670

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	2,233	$	2,233	$	2,228
Class B Common Stock undistributed earnings – basic	42,913		38,844		477
Numerator for basic net income per Class B Common Stock share	$	45,146	$	41,077	$	2,705

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	7,141	$	7,141	$	7,141
Dividends on Class B Common Stock assumed converted to Common Stock	2,233		2,233		2,228
Common Stock undistributed earnings – diluted	180,206		163,119		2,006
Numerator for diluted net income per Common Stock share	$	189,580	$	172,493	$	11,375

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	2,233	$	2,233	$	2,228
Class B Common Stock undistributed earnings – diluted	43,307		39,556		485
Numerator for diluted net income per Class B Common Stock share	$	45,540	$	41,789	$	2,713


	Fiscal Year
(in thousands, except per share data)	2021		2020		2019
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
Class B Common Stock weighted average shares outstanding – basic	2,232		2,232		2,229

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)	9,400		9,427		9,417
Class B Common Stock weighted average shares outstanding – diluted	2,259		2,286		2,276

Basic net income per share:
Common Stock	$	20.23	$	18.40	$	1.21
Class B Common Stock	$	20.23	$	18.40	$	1.21

Diluted net income per share:
Common Stock	$	20.17	$	18.30	$	1.21
Class B Common Stock	$	20.16	$	18.28	$	1.19

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 has 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 and the Performance Unit Award Agreement. For periods presented during which the Company has net loss, the unvested performance units granted pursuant to the Long-Term Performance Equity Plan and the Performance Unit Award Agreement 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 and the Performance Unit Award Agreement.

(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

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Finished products	$	181,751	$	140,080
Manufacturing materials	81,183		47,081
Plastic shells, plastic pallets and other inventories	39,917		38,596
Total inventories	$	302,851	$	225,757

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2021

Prepaid Expense and Other Assets [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Repair parts	$	26,643	$	26,811
Commodity hedges at fair market value	7,714		2,417
Prepaid software	7,038		6,650
Prepaid marketing	4,380		4,773
Prepaid taxes	4,079		8,428
Other prepaid expenses and other current assets	28,214		25,067
Total prepaid expenses and other current assets	$	78,068	$	74,146

Assets Held for Sale

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Assets Held for Sale

As of December 31, 2021, certain properties owned by the Company met the accounting guidance criteria to be classified as assets held for sale. The properties primarily relate to warehousing and distribution operations that have been consolidated into new facilities. All properties classified as held for sale are included in the Nonalcoholic Beverages segment. There are not any liabilities held for sale associated with these properties 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)	December 31, 2021		December 31, 2020
Land	$	2,906	$	2,559
Buildings and leasehold and land improvements	3,974		3,870
Total assets held for sale	$	6,880	$	6,429

An impairment of $1.6 million was recorded in 2020 for the locations classified as assets held for sale as of December 31, 2020 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 consolidated statements of operations and within impairment and abandonment of property, plant and equipment on the consolidated statements of cash flows.

Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2021

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)	December 31, 2021		December 31, 2020		Estimated Useful Lives
Land	$	80,261	$	81,981
Buildings	265,070		240,173		8-50 years
Machinery and equipment	443,592		392,998		5-20 years
Transportation equipment	466,238		445,218		3-20 years
Furniture and fixtures	95,062		96,606		3-10 years
Cold drink dispensing equipment	436,954		465,881		3-17 years
Leasehold and land improvements	178,809		155,077		5-20 years
Software for internal use	47,982		46,569		3-10 years
Construction in progress	23,496		54,505
Total property, plant and equipment, at cost	2,037,464		1,979,008
Less: Accumulated depreciation and amortization	1,006,776		956,286
Property, plant and equipment, net	$	1,030,688	$	1,022,722

During 2021, 2020 and 2019, the Company performed periodic reviews of property, plant and equipment and determined no material impairment existed.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

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


	December 31, 2021		December 31, 2020
Weighted average remaining lease term:
Operating leases	8.3 years		9.4 years
Financing leases	12.5 years		13.4 years
Weighted average discount rate:
Operating leases	3.6	%	4.0	%
Financing leases	3.1	%	3.2	%

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


	Fiscal Year
(in thousands)	2021		2020		2019
Operating lease costs	$	26,385	$	24,823	$	18,820
Short-term and variable leases	17,245		15,305		13,605
Depreciation expense from financing leases	5,656		4,678		5,967
Interest expense on financing lease obligations	2,301		1,728		2,714
Total lease cost	$	51,587	$	46,534	$	41,106

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 December 31, 2021:


(in thousands)	Operating Leases		Financing Leases
2022	$	26,026	$	7,145
2023	24,893		7,201
2024	20,639		7,396
2025	16,740		7,593
2026	15,575		6,100
Thereafter	65,695		49,728
Total minimum lease payments including interest	$	169,568	$	85,163
Less: Amounts representing interest	25,474		14,097
Present value of minimum lease principal payments	144,094		71,066
Less: Current portion of lease liabilities - operating and financing leases	22,048		6,060
Noncurrent portion of lease liabilities - operating and financing leases	$	122,046	$	65,006

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:


(in thousands)	Operating Leases		Financing Leases
2021	$	24,056	$	7,079
2022	20,970		7,145
2023	18,125		7,201
2024	15,330		7,396
2025	13,747		7,593
Thereafter	77,353		55,827
Total minimum lease payments including interest	$	169,581	$	92,241
Less: Amounts representing interest	29,892		16,397
Present value of minimum lease principal payments	139,689		75,844
Less: Current portion of lease liabilities - operating and financing leases	19,766		5,860
Noncurrent portion of lease liabilities - operating and financing leases	$	119,923	$	69,984

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


	Fiscal Year
(in thousands)	2021		2020		2019
Cash flows from operating activities impact:
Operating leases	$	27,642	$	24,718	$	18,138
Interest payments on financing lease obligations	2,301		1,728		2,714
Total cash flows from operating activities impact	$	29,943	$	26,446	$	20,852

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	4,778	$	5,861	$	8,656
Total cash flows from financing activities impact	$	4,778	$	5,861	$	8,656

As of December 31, 2021, the Company had four operating lease commitments that had not yet commenced. These lease commitments have a lease term of approximately three to five years and are expected to commence during the first quarter of 2022. The additional lease liability associated with these lease commitments is expected to be $6.1 million.

Leases

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


	December 31, 2021		December 31, 2020
Weighted average remaining lease term:
Operating leases	8.3 years		9.4 years
Financing leases	12.5 years		13.4 years
Weighted average discount rate:
Operating leases	3.6	%	4.0	%
Financing leases	3.1	%	3.2	%

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


	Fiscal Year
(in thousands)	2021		2020		2019
Operating lease costs	$	26,385	$	24,823	$	18,820
Short-term and variable leases	17,245		15,305		13,605
Depreciation expense from financing leases	5,656		4,678		5,967
Interest expense on financing lease obligations	2,301		1,728		2,714
Total lease cost	$	51,587	$	46,534	$	41,106


(in thousands)	Operating Leases		Financing Leases
2022	$	26,026	$	7,145
2023	24,893		7,201
2024	20,639		7,396
2025	16,740		7,593
2026	15,575		6,100
Thereafter	65,695		49,728
Total minimum lease payments including interest	$	169,568	$	85,163
Less: Amounts representing interest	25,474		14,097
Present value of minimum lease principal payments	144,094		71,066
Less: Current portion of lease liabilities - operating and financing leases	22,048		6,060
Noncurrent portion of lease liabilities - operating and financing leases	$	122,046	$	65,006

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:


(in thousands)	Operating Leases		Financing Leases
2021	$	24,056	$	7,079
2022	20,970		7,145
2023	18,125		7,201
2024	15,330		7,396
2025	13,747		7,593
Thereafter	77,353		55,827
Total minimum lease payments including interest	$	169,581	$	92,241
Less: Amounts representing interest	29,892		16,397
Present value of minimum lease principal payments	139,689		75,844
Less: Current portion of lease liabilities - operating and financing leases	19,766		5,860
Noncurrent portion of lease liabilities - operating and financing leases	$	119,923	$	69,984

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


	Fiscal Year
(in thousands)	2021		2020		2019
Cash flows from operating activities impact:
Operating leases	$	27,642	$	24,718	$	18,138
Interest payments on financing lease obligations	2,301		1,728		2,714
Total cash flows from operating activities impact	$	29,943	$	26,446	$	20,852

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	4,778	$	5,861	$	8,656
Total cash flows from financing activities impact	$	4,778	$	5,861	$	8,656

Distribution Agreements, Net

12 Months Ended

Dec. 31, 2021

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)	December 31, 2021		December 31, 2020
Distribution agreements at cost	$	960,042	$	952,533
Less: Accumulated amortization	123,265		98,780
Distribution agreements, net	$	836,777	$	853,753

Following is a summary of activity for distribution agreements, net during 2021 and 2020:


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - distribution agreements, net	$	853,753	$	876,096
Other distribution agreements	7,509		1,984
Additional accumulated amortization	(24,485)		(24,327)
Ending balance - distribution agreements, net	$	836,777	$	853,753

Subsequent to year-end, the Company entered into an agreement with a related party to acquire $30.1 million of additional distribution rights with an estimated useful life of 40 years.

Assuming no impairment of distribution agreements, net, amortization expense in future years based upon recorded amounts as of December 31, 2021 will be $24.9 million for each fiscal year 2022 through 2026.

Customer Lists, Net

Customer lists, 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)	December 31, 2021		December 31, 2020
Customer lists at cost	$	25,288	$	25,288
Less: Accumulated amortization	14,322		12,484
Customer lists, net	$	10,966	$	12,804

Assuming no impairment of customer lists, net, amortization expense in future years based upon recorded amounts as of December 31, 2021 will be approximately $1.7 million for each fiscal year 2022 through 2026.

Customer Lists, Net

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Customer Lists, 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)	December 31, 2021		December 31, 2020
Distribution agreements at cost	$	960,042	$	952,533
Less: Accumulated amortization	123,265		98,780
Distribution agreements, net	$	836,777	$	853,753

Following is a summary of activity for distribution agreements, net during 2021 and 2020:


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - distribution agreements, net	$	853,753	$	876,096
Other distribution agreements	7,509		1,984
Additional accumulated amortization	(24,485)		(24,327)
Ending balance - distribution agreements, net	$	836,777	$	853,753

Subsequent to year-end, the Company entered into an agreement with a related party to acquire $30.1 million of additional distribution rights with an estimated useful life of 40 years.

Customer Lists, Net

Customer lists, 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)	December 31, 2021		December 31, 2020
Customer lists at cost	$	25,288	$	25,288
Less: Accumulated amortization	14,322		12,484
Customer lists, net	$	10,966	$	12,804

Other Accrued Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Other Accrued Liabilities

Other accrued liabilities consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Accrued insurance costs	$	51,645	$	48,318
Current portion of acquisition related contingent consideration	51,518		36,020
Accrued marketing costs	32,249		38,539
Employee and retiree benefit plan accruals	32,007		31,653
Current portion of deferred payroll taxes under CARES Act	18,739		18,706
Accrued taxes (other than income taxes)	6,638		6,178
All other accrued expenses	33,973		25,727
Total other accrued liabilities	$	226,769	$	205,141

The Company has taken advantage of certain provisions of the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which allowed an employer to defer the deposit and payment of the employer’s portion of social security taxes that would otherwise have been 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. During 2021, the Company repaid the portion of the deferred payroll taxes classified as current as of December 31, 2020. The Company intends to repay the remaining portion of the deferred payroll taxes during 2022, and, thus, classified the remaining balance as current as of December 31, 2021.

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2021

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 counterparties.

Commodity derivative instruments held by the Company are marked to market on a monthly basis and are recognized in earnings consistent with the expense classification of the underlying hedged item. The Company generally pays a fee for these commodity derivative instruments, which is amortized over the corresponding period of each commodity derivative instrument. Settlements of commodity derivative instruments are included in cash flows from operating activities in the 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 consolidated statements of operations:


	Fiscal Year
(in thousands)	2021		2020		2019
Cost of sales	$	3,469	$	1,996	$	6,602
Selling, delivery and administrative expenses	1,772		791		3,536
Total gain	$	5,241	$	2,787	$	10,138

All commodity derivative instruments are recorded at fair value as either assets or liabilities in the 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 consolidated balance sheets and the net amounts of derivative liabilities are recognized in either other accrued liabilities or other liabilities in the 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 consolidated balance sheets:


(in thousands)	December 31, 2021		December 31, 2020

Prepaid expenses and other current assets	$	7,714	$	2,417
Other assets	—		56
Total assets	$	7,714	$	2,473

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


(in thousands)	December 31, 2021		December 31, 2020
Gross commodity derivative instrument assets	$	9,200	$	2,473
Gross commodity derivative instrument liabilities	1,486		—

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

(in thousands)

December 31, 2021

December 31, 2020

Notional amount of outstanding commodity derivative instruments

74,558

23,030

Latest maturity date of outstanding commodity derivative instruments

December 2022

December 2021

Fair Values of Financial Instruments

12 Months Ended

Dec. 31, 2021

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.

Pension plan assets

Level 1

The fair values of the Company’s Level 1 pension plan assets, which are equity securities and fixed income investment vehicles, are valued using the quoted market prices of those securities which are actively traded on national exchanges.

Pension plan assets

Level 2

The fair values of the Company’s Level 2 pension plan assets, which are investments that are pooled with other investments in a commingled fund, are valued using the net asset value produced by the fund manager. The assets within the commingled funds have a readily determinable fair market value.

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.

Long-term debt

Level 2

The carrying amounts of the Company’s variable rate debt approximate the fair values due to variable interest rates with short reset periods. The fair values of the Company’s fixed rate debt 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 WACC derived from market data.

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


	December 31, 2021
(in thousands)	Carrying Amount		Total Fair Value		Fair Value Level 1		Fair Value Level 2		Fair Value Level 3
Assets:
Deferred compensation plan assets	$	60,461	$	60,461	$	60,461	$	—	$	—
Pension plan assets	328,250		328,250		313,893		14,357		—
Commodity derivative instruments	7,714		7,714		—		7,714		—
Liabilities:
Deferred compensation plan liabilities	60,461		60,461		60,461		—		—
Long-term debt	723,443		772,600		—		772,600		—
Acquisition related contingent consideration	542,105		542,105		—		—		542,105


	December 31, 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	$	51,742	$	51,742	$	51,742	$	—	$	—
Pension plan assets	319,699		319,699		308,849		10,850		—
Commodity derivative instruments	2,473		2,473		—		2,473		—
Liabilities:
Deferred compensation plan liabilities	51,742		51,742		51,742		—		—
Long-term debt	940,465		1,015,700		—		1,015,700		—
Acquisition related contingent consideration	434,694		434,694		—		—		434,694

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 subject to sub-bottling fees 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 the 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 expense (or income) 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:


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - Level 3 liability	$	434,694	$	446,684
Payment of acquisition related contingent consideration	(39,097)		(43,400)
Reclassification to current payables	200		200
Increase in fair value	146,308		31,210
Ending balance - Level 3 liability	$	542,105	$	434,694

As of December 31, 2021 and December 31, 2020, discount rates of 7.5% were utilized in the valuation of the Company’s acquisition related contingent consideration liability. The increase in the fair value of the acquisition related contingent consideration liability in 2021 was primarily driven by higher projections of future cash flows in the distribution territories subject to sub-bottling fees. This fair value adjustment was recorded in other expense, net in the consolidated statement of operations.

The Company anticipates that the amount it could pay annually under the acquisition related contingent consideration arrangements for the distribution territories subject to sub-bottling fees will be in the range of $35 million to $62 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

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The current income tax provision represents the estimated amount of income taxes paid or payable for the year, as well as changes in estimates from prior years. The deferred income tax provision represents the change in deferred tax liabilities and assets. The following table presents the significant components of the provision for income taxes:


	Fiscal Year
(in thousands)	2021		2020		2019
Current:
Federal	$	59,308	$	38,665	$	7,505
State	15,444		11,541		4,173
Total current provision	$	74,752	$	50,206	$	11,678

Deferred:
Federal	$	(4,966)	$	8,052	$	4,514
State	(4,217)		685		(527)
Total deferred provision (benefit)	$	(9,183)	$	8,737	$	3,987

Income tax expense	$	65,569	$	58,943	$	15,665

The Company’s effective income tax rate, calculated by dividing income tax expense by income before taxes, was 25.7% for 2021, 24.5% for 2020 and 45.8% for 2019. The following table provides a reconciliation of income tax expense at the statutory federal rate to actual income tax expense:


	Fiscal Year
	2021				2020				2019
(in thousands)	Income tax expense		% pre-tax income		Income tax expense		% pre-tax income		Income tax expense		% pre-tax income
Statutory expense	$	53,581	21.0	%	$	50,618	21.0	%	$	7,187	21.0	%
State income taxes, net of federal benefit	9,522		3.7		9,258		3.8		1,352		4.0
Nondeductible compensation	3,545		1.4		3,007		1.3		4,313		12.6
Meals, entertainment and travel expense	2,028		0.8		1,476		0.6		2,440		7.1
Adjustment for uncertain tax positions	(984)		(0.4)		114		—		(805)		(2.4)
Valuation allowance change	(902)		(0.4)		(1,900)		(0.8)		1,290		3.8
Nondeductible fees and expenses	47		—		311		0.1		887		2.6
Noncontrolling interest – Piedmont	—		—		(2,447)		(1.0)		(1,826)		(5.3)
Other, net	(1,268)		(0.4)		(1,494)		(0.5)		827		2.4
Income tax expense	$	65,569	25.7	%	$	58,943	24.5	%	$	15,665	45.8	%

The Company’s effective income tax rate, calculated by dividing income tax expense by income before taxes minus net income attributable to noncontrolling interest, was 25.5% for 2020 and 57.9% for 2019. The Company had no net income attributable to noncontrolling interest during 2021.

The Company records liabilities for uncertain tax positions related to income tax positions. These liabilities reflect the Company’s best estimate of the ultimate income tax liability based on known facts and information. Material changes in facts or information, as well as the expiration of statutes of limitations and/or settlements with individual tax jurisdictions, may result in material adjustments to these estimates in the future.

The Company recognizes potential interest and penalties related to uncertain tax positions in income tax expense. During 2021, 2020 and 2019, the interest and penalties related to uncertain tax positions recognized in income tax expense were not material. In addition, the amount of interest and penalties accrued at December 31, 2021 and December 31, 2020 were not material.

The Company had uncertain tax positions, including accrued interest, of $1.7 million on December 31, 2021 and $2.6 million on December 31, 2020, 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 consolidated financial statements.

A reconciliation of uncertain tax positions, excluding accrued interest, is as follows:


	Fiscal Year
(in thousands)	2021		2020		2019
Beginning balance - gross uncertain tax positions	$	2,161	$	2,283	$	2,857
Increase as a result of tax positions taken in the current year	59		61		60
Increase as a result of tax positions taken in a prior year	—		504		—
Reduction as a result of the expiration of the applicable statute of limitations	(966)		(687)		(634)
Ending balance - gross uncertain tax positions	$	1,254	$	2,161	$	2,283

Deferred income taxes are recorded based upon temporary differences between the financial statement and tax bases of assets and liabilities and available net operating loss and tax credit carryforwards. Temporary differences and carryforwards that comprised deferred income tax assets and liabilities were as follows:


(in thousands)	December 31, 2021		December 31, 2020
Acquisition related contingent consideration	$	133,114	$	107,769
Operating lease liabilities	35,382		34,632
Deferred revenue	26,852		27,882
Accrued liabilities	26,253		22,341
Deferred compensation	24,018		26,269
Postretirement benefits	13,969		14,726
Pension	4,617		11,055
Transactional costs	3,976		4,451
Financing lease agreements	1,820		1,618
Net operating loss carryforwards	1,418		1,628
Charitable contribution carryover	631		3,236
Other	3,199		10,138
Deferred income tax assets	$	275,249	$	265,745
Less: Valuation allowance for deferred tax assets	4,372		5,325
Net deferred income tax asset	$	270,877	$	260,420

Intangible assets	$	(177,214)	$	(182,585)
Depreciation	(173,124)		(159,359)
Right-of-use assets - operating leases	(34,347)		(33,316)
Inventory	(13,481)		(13,709)
Prepaid expenses	(6,774)		(6,319)
Patronage dividend	(2,369)		(4,555)
Deferred income tax liabilities	$	(407,309)	$	(399,843)

Net deferred income tax liability	$	(136,432)	$	(139,423)

The Company’s deferred income tax assets and liabilities are subject to adjustment in future periods based on the Company’s ongoing evaluations of such deferred assets and liabilities and new information available to the Company.

Valuation allowances are recognized on deferred tax assets if the Company believes it is more likely than not that some or all of the deferred tax assets will not be realized. The Company believes the majority of the deferred tax assets will be realized due to the reversal of certain significant temporary differences and anticipated future taxable income from operations.

The valuation allowance of $4.4 million on December 31, 2021 and $5.3 million on December 31, 2020 was established primarily for certain loss carryforwards and deferred compensation.

As of December 31, 2021, the Company had no federal net operating losses and $29.8 million of state net operating losses available to reduce future income taxes, which expire in varying amounts through 2041.

Prior tax years beginning in year 2018 remain open to examination by the Internal Revenue Service, and various tax years beginning in year 1999 remain open to examination by certain state tax jurisdictions due to loss carryforwards.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Benefit Plans

Executive Benefit Plans

In addition to the Company’s Director Deferral Plan, the Company has four executive benefit plans: the Supplemental Savings Incentive Plan, the Long-Term Retention Plan, the Officer Retention Plan and the Long-Term Performance Plan. The Company also has a Long-Term Performance Equity Plan, as discussed in Note 2.

Pursuant to the Supplemental Savings Incentive Plan, as amended and restated effective November 1, 2011, and as further amended thereafter, eligible participants may elect to defer a portion of their annual salary and bonus. Participants are immediately vested in all deferred contributions they make and become fully vested in Company contributions upon completion of five years of service with the Company, termination of employment due to death or retirement or a change in control. Participant deferrals and Company contributions made in years prior to 2006 are invested in either a fixed benefit option or certain investment funds determined by the participant. Beginning in 2010, the Company may elect at its discretion to match up to 50% of the first 6% of salary, excluding bonuses, deferred by the participant. During 2021, 2020 and 2019, the Company matched 50% of the first 6% of salary, excluding bonuses, deferred by the participant. The Company may also make discretionary contributions to participants’ accounts.

Under the Director Deferral Plan, as amended and restated effective January 1, 2014, non-employee directors may defer payment of all or a portion of their annual retainer and meeting fees until they no longer serve on the Board of Directors. There is no Company matching contribution under the Director Deferral Plan. The liability under these two deferral plans was as follows:


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	10,111	$	11,132
Noncurrent liabilities	84,664		80,890
Total liability - Supplemental Savings Incentive Plan and Director Deferral Plan	$	94,775	$	92,022

Under the Long-Term Retention Plan, effective March 5, 2014, the Company accrues a defined amount each year for an eligible participant based upon an award schedule. Amounts awarded may earn an investment return based on certain investment funds specified by the Company. Benefits under the Long-Term Retention Plan are 50% vested until age 51. Beginning at age 51, the vesting percentage increases by 5% each year until the benefits are fully vested at age 60. Participants receive payments from the plan upon retirement or, in certain instances, upon termination of employment. Payments are made in the form of monthly installments over a period of 10, 15 or 20 years. The liability under this plan was as follows:


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	178	$	137
Noncurrent liabilities	6,815		4,728
Total liability - Long-Term Retention Plan	$	6,993	$	4,865

Under the Officer Retention Plan, as amended and restated effective January 1, 2007, eligible participants may elect to receive an annuity payable in equal monthly installments over a 10-, 15- or 20-year period commencing at retirement or, in certain instances, upon termination of employment. The benefits under the Officer Retention Plan increase with each year of participation as set forth in an agreement between the participant and the Company. Benefits under the Officer Retention Plan are 50% vested until age 51. Beginning at age 51, the vesting percentage increases by 5% each year until the benefits are fully vested at age 60. The liability under this plan was as follows:


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	4,036	$	4,176
Noncurrent liabilities	37,008		38,605
Total liability - Officer Retention Plan	$	41,044	$	42,781

Under the Long-Term Performance Plan, as amended and restated effective January 1, 2018, the Compensation Committee of the Board of Directors establishes dollar amounts to which a participant shall be entitled upon attainment of the applicable performance measures. Bonus awards under the Long-Term Performance Plan are made based on the relative achievement of performance

measures in terms of the Company-sponsored objectives or objectives related to the performance of the individual participant or of the subsidiary, division, department, region or function in which the participant is employed. The liability under this plan was as follows:


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	8,247	$	8,515
Noncurrent liabilities	7,675		7,866
Total liability - Long-Term Performance Plan	$	15,922	$	16,381

Pension Plans

There are two Company-sponsored pension plans. The Primary Plan was frozen as of June 30, 2006 and no benefits accrued to participants after that date. 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 the amounts currently deductible for income tax purposes. The Company updates its mortality assumptions used in the calculation of its pension liability each year using The Society of Actuaries’ latest mortality tables and mortality projection scales.

The following tables set forth pertinent information for the two Company-sponsored pension plans:


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - projected benefit obligation	$	368,245	$	332,304
Service cost	7,529		6,331
Interest cost	9,846		10,957
Actuarial (gain) loss	(12,735)		31,300
Benefits paid	(13,410)		(12,647)
Ending balance - projected benefit obligation	$	359,475	$	368,245

Changes in Projected Benefit Obligation

The projected benefit obligations and the accumulated benefit obligations for both Company-sponsored pension plans were in excess of plan assets as of December 31, 2021 and December 31, 2020. The accumulated benefit obligation was $359.5 million on December 31, 2021 and $368.2 million on December 31, 2020.

The increase in the discount rates in 2021, as compared to 2020, was the primary driver of actuarial gains in 2021. The decrease in discount rates in 2020, as compared to 2019, was the primary driver of actuarial losses in 2020. The actuarial gains and losses, net of tax, were recorded in accumulated other comprehensive loss in the consolidated balance sheets.

Change in Plan Assets


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - plan assets at fair value	$	319,699	$	276,699
Actual return on plan assets	16,427		40,680
Employer contributions	6,800		16,250
Benefits and expenses paid	(14,676)		(13,930)
Ending balance - plan assets at fair value	$	328,250	$	319,699

Funded Status


(in thousands)	December 31, 2021		December 31, 2020
Projected benefit obligation	$	(359,475)	$	(368,245)
Plan assets at fair value	328,250		319,699
Net funded status	$	(31,225)	$	(48,546)

Amounts Recognized in the Consolidated Balance Sheets


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	—	$	—
Noncurrent liabilities	(31,225)		(48,546)
Total liability - pension plans	$	(31,225)	$	(48,546)

Net Periodic Pension Cost


	Fiscal Year
(in thousands)	2021		2020		2019
Service cost	$	7,529	$	6,331	$	4,853
Interest cost	9,846		10,957		12,299
Expected return on plan assets	(13,000)		(13,617)		(10,290)
Recognized net actuarial loss	4,954		4,619		3,688
Amortization of prior service cost	3		19		22
Net periodic pension cost	$	9,332	$	8,309	$	10,572

Significant Assumptions


	Fiscal Year
	2021		2020		2019
Projected benefit obligation at the measurement date:
Discount rate - Primary Plan	2.97	%	2.66	%	3.36	%
Discount rate - Bargaining Plan	3.31	%	3.12	%	3.61	%
Weighted average rate of compensation increase	N/A		N/A		N/A
Net periodic pension cost for the fiscal year:
Discount rate - Primary Plan	2.66	%	3.36	%	4.47	%
Discount rate - Bargaining Plan	3.12	%	3.61	%	4.63	%
Weighted average expected long-term rate of return of plan assets - Primary Plan(1)	4.75	%	5.50	%	5.00	%
Weighted average expected long-term rate of return of plan assets - Bargaining Plan(1)	5.75	%	6.25	%	5.25	%
Weighted average rate of compensation increase	N/A		N/A		N/A

(1)The weighted average expected long-term rate of return assumption for the pension plan assets, which was used to compute net periodic pension cost, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions set at the beginning of each fiscal year.

Cash Flows


(in thousands)	Anticipated Future Pension Benefit Payments for the Fiscal Years
2022	$	14,276
2023	15,111
2024	15,731
2025	16,474
2026	17,090
2027 - 2031	92,221

Contributions to the two Company-sponsored pension plans are expected to be in the range of $20 million to $30 million in 2022.

Plan Assets

All assets in the Company’s pension plans are invested in institutional investment funds managed by professional investment advisors which hold U.S. equities, international equities and debt securities. The objective of the Company’s investment philosophy is to earn the plans’ targeted rate of return over longer periods without assuming excess investment risk. The weighted average expected long-term rate of return assumption for the pension plan assets, which will be used to compute 2022 net periodic pension costs, is based

upon target asset allocation and is determined using forward-looking performance and duration assumptions in the context of historical returns and volatilities for each asset class. The Company evaluates the rate of return assumption on an annual basis. The Company’s pension plans target asset allocation for 2022, actual asset allocation at December 31, 2021 and December 31, 2020, and the weighted average expected long-term rate of return by asset category for the Primary Plan were as follows:


	Percentage of Plan Assets at Fiscal Year-End				Target Allocation		Weighted Average Expected Long-Term Rate of Return
	2021		2020		2022		2022
U.S. debt securities	87	%	58	%	98	%	2.94	%
U.S. equity securities	—	%	24	%	—	%	—	%
International debt securities	10	%	8	%	—	%	—	%
International equity securities	—	%	8	%	—	%	—	%
Cash and cash equivalents	3	%	2	%	2	%	0.06	%
Total	100	%	100	%	100	%	3.00	%

The Company’s pension plans target asset allocation for 2022, actual asset allocation at December 31, 2021 and December 31, 2020, and the weighted average expected long-term rate of return by asset category for the Bargaining Plan were as follows:


	Percentage of Plan Assets at Fiscal Year-End				Target Allocation		Weighted Average Expected Long-Term Rate of Return
	2021		2020		2022		2022
U.S. debt securities	46	%	46	%	41	%	2.26	%
U.S. equity securities	40	%	39	%	47	%	2.59	%
International debt securities	2	%	2	%	—	%	—	%
International equity securities	11	%	12	%	11	%	0.59	%
Cash and cash equivalents	1	%	1	%	1	%	0.06	%
Total	100	%	100	%	100	%	5.50	%

Debt securities as of December 31, 2021 are comprised of investments in government and corporate bonds with a weighted average maturity of approximately 13 years for the Primary Plan and approximately 22 years for the Bargaining Plan. Both plans also hold an institutional high yield bond fund with a modified duration of approximately 3 years. U.S. equity securities include: (i) large-capitalization domestic equity funds as represented by the S&P 500 index, (ii) mid-capitalization domestic equity funds as represented by the Russell Mid Cap Growth and Value indexes, (iii) small-capitalization domestic equity funds as represented by the Russell Small Cap Growth and Value indexes and (iv) alternative investment funds as represented by the HFRX Global index and the MSCI US REIT index. International equity securities include companies from both developed and emerging markets outside the United States. Cash and cash equivalents have a weighted average duration of less than one year.

The following table summarizes the Company’s pension plan assets, which are classified as Level 1 and Level 2 for fair value measurement. The Company does not have any Level 3 pension plan assets. See Note 15 for additional information.


(in thousands)	December 31, 2021		December 31, 2020
Pension plan assets - fixed income	$	300,670	$	205,812
Pension plan assets - equity securities	18,867		106,424
Pension plan assets - cash and cash equivalents	8,713		7,463
Total pension plan assets	$	328,250	$	319,699

401(k) Savings Plan

The Company provides a 401(k) Savings Plan for substantially all of its employees who are not part of collective bargaining agreements and for certain employees under collective bargaining agreements. The Company’s matching contribution for employees who are not part of collective bargaining agreements is discretionary, with the option to match contributions for eligible participants up to 5% based on the Company’s financial results. For all years presented, the Company matched the maximum 5% of participants’ contributions. The Company’s matching contribution for employees who are part of collective bargaining agreements is determined in accordance with negotiated formulas for the respective employees. The total expense for the Company’s matching contributions to the 401(k) Savings Plan was $24.8 million in 2021, $22.7 million in 2020 and $21.7 million in 2019.

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 prefund these benefits and has the right to modify or terminate certain of these benefits in the future.

The following tables set forth pertinent information for the Company’s postretirement benefit plan:

Reconciliation of Activity


	Fiscal Year
(in thousands)	2021		2020
Benefit obligation at beginning of year	$	67,665	$	62,056
Service cost	1,516		1,454
Interest cost	1,772		2,031
Plan participants’ contributions	930		753
Actuarial (gain) loss	(3,414)		4,555
Benefits paid	(3,313)		(3,184)
Benefit obligation at end of year	$	65,156	$	67,665

Reconciliation of Plan Assets Fair Value


	Fiscal Year
(in thousands)	2021		2020
Fair value of plan assets at beginning of year	$	—	$	—
Employer contributions	2,383		2,431
Plan participants’ contributions	930		753
Benefits paid	(3,313)		(3,184)
Fair value of plan assets at end of year	$	—	$	—

Funded Status


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	(2,990)	$	(2,886)
Noncurrent liabilities	(62,166)		(64,779)
Total liability - postretirement benefits	$	(65,156)	$	(67,665)

Net Periodic Postretirement Benefit Cost


	Fiscal Year
(in thousands)	2021		2020		2019
Service cost	$	1,516	$	1,454	$	1,496
Interest cost	1,772		2,031		2,750
Recognized net actuarial loss	682		383		730
Amortization of prior service cost	—		—		(1,293)
Net periodic postretirement benefit cost	$	3,970	$	3,868	$	3,683

Significant Assumptions


	Fiscal Year
	2021		2020		2019
Benefit obligation discount rate at measurement date	2.98	%	2.70	%	3.32	%
Net periodic postretirement benefit cost discount rate for fiscal year	2.70	%	3.32	%	4.41	%

Postretirement benefit expense - Pre-Medicare:
Weighted average healthcare cost trend rate	6.26	%	6.53	%	7.13	%
Trend rate graded down to ultimate rate	4.50	%	4.50	%	4.50	%
Ultimate rate year	2029		2028		2026

Postretirement benefit expense - Post-Medicare:
Weighted average healthcare cost trend rate	6.54	%	6.73	%	7.11	%
Trend rate graded down to ultimate rate	4.50	%	4.50	%	4.50	%
Ultimate rate year	2029		2028		2026

Cash Flows


(in thousands)	Anticipated Future Postretirement Benefit Payments Reflecting Expected Future Service
2022	$	2,990
2023	3,114
2024	3,321
2025	3,399
2026	3,629
2027 - 2031	20,356

A reconciliation of the amounts in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost is as follows:


(in thousands)	December 31, 2020		Actuarial Loss		Reclassification Adjustments		December 31, 2021
Pension Plans:
Actuarial loss	$	(147,664)	$	14,897	$	4,954	$	(127,813)
Prior service costs	(7)		—		3		(4)
Postretirement Benefits:
Actuarial loss	(13,908)		3,414		682		(9,812)
Total within accumulated other comprehensive loss	$	(161,579)	$	18,311	$	5,639	$	(137,629)

Multiemployer Pension Plans

Certain employees of the Company whose employment is covered under collective bargaining agreements participate in a multiemployer pension plan, the Employers-Teamsters Local Union Nos. 175 and 505 Pension Fund (the “Teamsters Plan”). The Company makes monthly contributions to the Teamsters Plan on behalf of such employees. The collective bargaining agreements covering the Teamsters Plan expire at various times through 2024. The Company expects these agreements will be re-negotiated.

Participating in the Teamsters Plan involves certain risks in addition to the risks associated with single employer pension plans, as contributed assets are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the Teamsters Plan, the unfunded obligations of the Teamsters Plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the Teamsters Plan, the Company could be required to pay the Teamsters Plan a withdrawal liability based on the underfunded status of the Teamsters Plan. The Company does not anticipate withdrawing from the Teamsters Plan.

In 2015, the Company increased its contribution rates to the Teamsters Plan, with additional increases occurring annually, as part of a rehabilitation plan, which was incorporated into the renewal of collective bargaining agreements with the unions effective

April 28, 2014 and adopted by the Company as a rehabilitation plan effective January 1, 2015. This is a result of the Teamsters Plan being certified by its actuary as being in “critical” status for the plan year beginning January 1, 2013.

The Company’s participation in the Teamsters Plan is outlined in the table below. A red zone represents less than 80% funding and requires a financial improvement plan (“FIP”) or rehabilitation plan (“RP”).

Fiscal Year

(in thousands)

2021

2020

2019

Pension Protection Act Zone Status

Red

FIP or RP pending or implemented

Yes

Surcharge imposed

Yes

Contribution

933

924

987

According to the Teamsters Plan’s Form 5500 for both the plan years ended December 31, 2020 and December 29, 2019, the Company was not listed as providing more than 5% of the total contributions. At the date these financial statements were issued, a Form 5500 was not available for the plan year ended December 31, 2021.

The Company has a liability recorded for withdrawing from a multiemployer pension plan in 2008 and is required to make payments of approximately $1 million to this multiemployer pension plan each year through 2028. As of December 31, 2021, the Company had $5.2 million remaining on this liability.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Other Liabilities

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Noncurrent portion of acquisition related contingent consideration	$	490,587	$	398,674
Accruals for executive benefit plans	147,135		144,101
Noncurrent deferred proceeds from related parties	106,304		109,361
Noncurrent portion of deferred payroll taxes under CARES Act	—		18,706
Other	14,584		8,438
Total other liabilities	$	758,610	$	679,280

In 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 plants owned by the Company (the “Legacy Facilities Credit”), which was recorded as a deferred liability and will be amortized as a reduction to cost of sales over a period of 40 years.

Also in 2017, upon the conversion of the Company’s then-existing bottling agreements pursuant to the CBA, the Company received a fee from CCR (the “Territory Conversion Fee”), which was recorded as a deferred liability and will be amortized as a reduction to cost of sales over a period of 40 years. Together, the Legacy Facilities Credit and the Territory Conversion Fee are “deferred proceeds from related parties.”

Long-Term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

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


(in thousands)	Maturity Date	Interest Rate	Interest Paid	Public / Nonpublic	December 31, 2021		December 31, 2020
2016 Term Loan Facility(1)	6/7/2021	Variable	Varies	Nonpublic	$	—	$	217,500
Senior notes	2/27/2023	3.28%	Semi-annually	Nonpublic	125,000		125,000
2021 Term Loan Facility(2)	7/9/2024	Variable	Varies	Nonpublic	—		—
Senior bonds(3)	11/25/2025	3.80%	Semi-annually	Public	350,000		350,000
2021 Revolving Credit Facility	7/9/2026	Variable	Varies	Nonpublic	—		—
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 bonds(3)	11/25/2025				(34)		(43)
Debt issuance costs					(1,523)		(1,992)
Total long-term debt					$	723,443	$	940,465

(1)As of December 31, 2020, the 2016 Term Loan Facility (as defined below) balance was classified as long term as the Company intended to refinance outstanding principal payments due in the next 12 months using the 2018 Revolving Credit Facility (as defined below), which was classified as long-term debt, and the Company was not restricted by any subjective acceleration clause within the agreement for the 2018 Revolving Credit Facility.

(2)The 2021 Term Loan Facility was fully repaid during the fourth quarter of 2021.

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

The principal maturities of debt outstanding on December 31, 2021 were as follows:


(in thousands)	Debt Maturities
2022	$	—
2023	125,000
2024	—
2025	350,000
2026	100,000
Thereafter	150,000
Long-term debt	$	725,000

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.

On June 7, 2021, the Company used a combination of cash on hand and borrowings under its previous revolving credit facility (the “2018 Revolving Credit Facility”) to repay the remaining balance of its previous term loan facility (the “2016 Term Loan Facility”) that matured on that date.

On July 9, 2021, the Company entered into a credit agreement, providing for a five-year unsecured revolving credit facility with an aggregate maximum borrowing capacity of $500 million (the “2021 Revolving Credit Facility”), maturing on July 9, 2026. Borrowings under the 2021 Revolving Credit Facility bear interest at a base rate or adjusted LIBOR, at the Company’s option, plus an applicable rate, depending on the rating for the Company’s long-term senior unsecured, non-credit-enhanced debt (“Debt Rating”). The 2021 Revolving Credit Facility’s underlying credit agreement includes successor LIBOR rate provisions, providing that the Secured Overnight Funding Rate will be used as the LIBOR replacement rate for borrowings under the facility after June 30, 2023, unless the Company and its lenders agree to an alternative reference rate based on prevailing market convention at the replacement date. In addition, the Company must pay a facility fee on the lenders’ aggregate commitments under the 2021 Revolving Credit Facility ranging from 0.060% to 0.175% per annum, depending on the Company’s Debt Rating. The Company currently believes all banks participating in the 2021 Revolving Credit Facility have the ability to and will meet any funding requests from the Company. The 2021 Revolving Credit Facility replaced the 2018 Revolving Credit Facility, which had a maturity date of June 8, 2023.

Also on July 9, 2021, the Company entered into a term loan agreement, providing for a three-year senior unsecured term loan facility in the aggregate principal amount of $70 million (the “2021 Term Loan Facility”), maturing on July 9, 2024. Borrowings under the 2021 Term Loan Facility bore interest at a base rate or adjusted LIBOR, at the Company’s option, plus an applicable rate, depending on the Company’s Debt Rating. The entire amount of the 2021 Term Loan Facility was fully drawn on July 9, 2021. The Company

used approximately $55 million of the proceeds of the 2021 Term Loan Facility to repay outstanding indebtedness under the 2018 Revolving Credit Facility and used the remaining proceeds for general corporate purposes. During the fourth quarter of 2021, the Company repaid the $70 million of borrowings outstanding under the 2021 Term Loan Facility.

The indenture under which the Company’s senior bonds were 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 December 31, 2021. 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

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 28.0 million cases, 28.3 million cases and 29.4 million cases of finished product from SAC in 2021, 2020 and 2019, respectively.

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


	Fiscal Year
(in thousands)	2021		2020		2019
Purchases from Southeastern	$	125,142	$	125,659	$	132,328
Purchases from SAC	169,399		155,858		160,189
Total purchases from manufacturing cooperatives	$	294,541	$	281,517	$	292,517

The Company guarantees a portion of SAC’s debt, which expires in 2024. The amount guaranteed was $9.5 million on December 31, 2021 and $14.7 million on December 31, 2020. 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 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 December 31, 2021, and there was no impairment identified in 2021, 2020 or 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 both December 31, 2021 and December 31, 2020.

The Company participates in long-term marketing contractual arrangements with certain prestige properties, athletic venues and other locations. As of December 31, 2021, the future payments related to these contractual arrangements, which expire at various dates through 2033, amounted to $137.0 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 consolidated financial statements.

Risks and Uncertainties

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Risks and Uncertainties

Approximately 83% of the Company’s total bottle/can sales volume to retail customers consists of products of The Coca‑Cola Company, which is the sole supplier of these products or of the concentrates or syrups required to manufacture these products. The remaining bottle/can sales volume to retail customers consists of products of other beverage companies. The Company has beverage agreements with The Coca‑Cola Company and other beverage companies under which it has various requirements. Failure to meet the requirements of these beverage agreements could result in the loss of distribution rights for the respective products.

The Company faces concentration risks related to a few customers comprising a large portion of the Company’s annual sales volume and net revenue. The following table summarizes the percentage of the Company’s total bottle/can sales volume to its largest customers, as well as the percentage of the Company’s total net sales, which are included in the Nonalcoholic Beverages segment, that such volume represents. No other customer represented greater than 10% of the Company’s total net sales for any years presented.


	Fiscal Year
	2021		2020		2019
Approximate percent of the Company’s total bottle/can sales volume
Wal-Mart Stores, Inc.	20	%	19	%	19	%
The Kroger Company	13	%	13	%	12	%
Total approximate percent of the Company’s total bottle/can sales volume	33	%	32	%	31	%

Approximate percent of the Company’s total net sales
Wal-Mart Stores, Inc.	14	%	14	%	13	%
The Kroger Company	9	%	10	%	8	%
Total approximate percent of the Company’s total net sales	23	%	24	%	21	%

The Company purchases all of the plastic bottles used in its manufacturing plants from Southeastern and Western Container, two manufacturing cooperatives the Company co-owns with several other Coca‑Cola bottlers, and a majority of its aluminum cans from two domestic suppliers. The Company began sourcing aluminum cans from international locations in 2020. See Note 2 and Note 20 for additional information.

The Company is exposed to price risk on commodities such as aluminum, corn and PET resin (a petroleum- or plant-based product), which affects the cost of raw materials used in the production of its finished products. The Company both produces and procures these finished products. Examples of the raw materials affected are aluminum cans and plastic bottles used for packaging and high fructose corn syrup used as a product ingredient. Further, the Company is exposed to commodity price risk on crude oil, which impacts the Company’s cost of fuel used in the movement and delivery of the Company’s products. The Company participates in commodity hedging and risk mitigation programs, including programs administered by CCBSS and programs we administer.

Certain liabilities of the Company, including floating rate debt, retirement benefit obligations and the Company’s pension liability, are subject to risk of changes in both long-term and short-term interest rates.

The Company’s contingent consideration liability resulting from the acquisition of certain distribution territories is subject to risk as a result of changes in the Company’s probability weighted discounted cash flow model, which is based on internal forecasts, and changes in the Company’s WACC, which is derived from market data.

Approximately 13% of the Company’s labor force is covered by collective bargaining agreements. The Company’s collective bargaining agreements, which generally have 3- to 5-year terms, expire at various dates through 2026. Terms and conditions of new labor union agreements could increase the Company’s exposure to work interruptions or stoppages.

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

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 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 2021, 2020 and 2019:


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 31, 2020		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2021
Net pension activity:
Actuarial loss	$	(93,847)	$	14,897	$	(3,658)	$	4,954	$	(1,228)	$	(78,882)
Prior service credits	8		—		—		3		—		11
Net postretirement benefits activity:
Actuarial loss	(4,328)		3,414		(838)		682		(169)		(1,239)
Prior service costs	(624)		—		—		—		—		(624)
Interest rate swap(1)	(556)		—		—		739		(183)		—
Foreign currency translation adjustment	14		—		—		(32)		9		(9)
Reclassification of stranded tax effects	(19,720)		—		—		—		—		(19,720)
Total AOCI(L)	$	(119,053)	$	18,311	$	(4,496)	$	6,346	$	(1,571)	$	(100,463)

(1)In 2019, the Company entered into a $100 million fixed rate swap to hedge a portion of the interest rate risk on the 2016 Term Loan Facility, both of which matured on June 7, 2021. This interest rate swap was designated as a cash flow hedging instrument and changes in its fair value were not material to the consolidated balance sheets.


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 29, 2019		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2020
Net pension activity:
Actuarial loss	$	(93,174)	$	(5,521)	$	1,369	$	4,619	$	(1,140)	$	(93,847)
Prior service credits (costs)	(7)		—		—		19		(4)		8
Net postretirement benefits activity:
Actuarial loss	(1,191)		(4,555)		1,129		383		(94)		(4,328)
Prior service costs	(624)		—		—		—		—		(624)
Interest rate swap	(270)		—		—		(378)		92		(556)
Foreign currency translation adjustment	(16)		—		—		41		(11)		14
Reclassification of stranded tax effects	(19,720)		—		—		—		—		(19,720)
Total AOCI(L)	$	(115,002)	$	(10,076)	$	2,498	$	4,684	$	(1,157)	$	(119,053)


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 30, 2018		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 29, 2019
Net pension activity:
Actuarial loss	$	(72,690)	$	(30,855)	$	7,590	$	3,688	$	(907)	$	(93,174)
Prior service costs	(24)		—		—		22		(5)		(7)
Net postretirement benefits activity:
Actuarial loss	(4,902)		4,192		(1,031)		730		(180)		(1,191)
Prior service credits (costs)	351		—		—		(1,293)		318		(624)
Interest rate swap	—		—		—		(359)		89		(270)
Foreign currency translation adjustment	—		—		—		(19)		3		(16)
Reclassification of stranded tax effects	—		—		(19,720)		—		—		(19,720)
Total AOCI(L)	$	(77,265)	$	(26,663)	$	(13,161)	$	2,769	$	(682)	$	(115,002)

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


	Fiscal Year 2021
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,341	$	496	$	—	$	—	$	1,837
Selling, delivery and administrative expenses	3,616		186		739		(32)		4,509
Subtotal pre-tax	4,957		682		739		(32)		6,346
Income tax expense	1,228		169		183		(9)		1,571
Total after tax effect	$	3,729	$	513	$	556	$	(23)	$	4,775


	Fiscal Year 2020
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,393	$	146	$	—	$	—	$	1,539
Selling, delivery and administrative expenses	3,245		237		(378)		41		3,145
Subtotal pre-tax	4,638		383		(378)		41		4,684
Income tax expense	1,144		94		(92)		11		1,157
Total after tax effect	$	3,494	$	289	$	(286)	$	30	$	3,527


	Fiscal Year 2019
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,003	$	(211)	$	—	$	—	$	792
Selling, delivery and administrative expenses	2,707		(352)		(359)		(19)		1,977
Subtotal pre-tax	3,710		(563)		(359)		(19)		2,769
Income tax expense	912		(138)		(89)		(3)		682
Total after tax effect	$	2,798	$	(425)	$	(270)	$	(16)	$	2,087

Supplemental Disclosures of Cash Flow Information

12 Months Ended

Dec. 31, 2021

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information

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


	Fiscal Year
(in thousands)	2021		2020		2019
Accounts receivable, trade	$	(46,825)	$	8,107	$	3,338
Allowance for doubtful accounts	(4,284)		7,838		4,641
Accounts receivable from The Coca-Cola Company	(8,534)		13,208		(17,496)
Accounts receivable, other	3,206		6,010		(12,601)
Inventories	(77,094)		169		(15,893)
Prepaid expenses and other current assets	(3,922)		(4,685)		458
Accounts payable, trade	84,959		31,378		28,808
Accounts payable to The Coca-Cola Company	38,490		(1,518)		938
Other accrued liabilities	21,161		(22,399)		(40,955)
Accrued compensation	23,286		(205)		18,228
Accrued interest payable	152		(1,002)		(1,147)
Change in current assets less current liabilities	$	30,595	$	36,901	$	(31,681)

The Company had the following net cash payments during the period for interest and income taxes:


	Fiscal Year
(in thousands)	2021		2020		2019
Income taxes	$	70,988	$	55,755	$	6,309
Interest	29,142		34,257		43,397

The Company had the following significant non-cash investing and financing activities:


	Fiscal Year
(in thousands)	2021		2020		2019
Additions to property, plant and equipment accrued and recorded in accounts payable, trade	$	35,809	$	17,025	$	19,452
Right-of-use assets obtained in exchange for operating lease obligations	26,907		42,698		38,713
Additions to leased property under financing leases	—		61,121		—
Issuance of Class B Common Stock in connection with stock award	—		—		4,776

Schedule II - Valuation and Qualifying Accounts and Reserves

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts and Reserves

Schedule II

COCA-COLA CONSOLIDATED, INC.

VALUATION AND QUALIFYING ACCOUNTS AND RESERVES

Allowance for Doubtful Accounts


	Fiscal Year
(in thousands)	2021		2020		2019
Beginning balance - allowance for doubtful accounts	$	21,620	$	13,782	$	9,141
Additions charged to expenses and as reductions to net sales	4,088		14,265		9,769
Deductions	(8,372)		(6,427)		(5,128)
Ending balance - allowance for doubtful accounts	$	17,336	$	21,620	$	13,782

Deferred Income Tax Valuation Allowance


	Fiscal Year
(in thousands)	2021		2020		2019
Beginning balance - valuation allowance for deferred tax assets	$	5,325	$	7,190	$	5,899
Additions charged to costs and expenses	—		163		1,291
Deductions credited to expense	(953)		(2,028)		—
Ending balance - valuation allowance for deferred tax assets	$	4,372	$	5,325	$	7,190

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States (“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.
Fiscal Year	Fiscal Year Beginning in 2020, the Company’s fiscal year ends on December 31 of the applicable calendar year. Previously, the Company’s fiscal year generally ended on the Sunday closest to December 31 of each year. The fiscal years presented are the periods ended December 31, 2021 (“2021”), December 31, 2020 (“2020”) and December 29, 2019 (“2019”).
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks and cash equivalents, which are highly liquid debt instruments with maturities of less than 90 days. The Company maintains cash deposits with major banks, which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes the risk of any loss is minimal.
Accounts Receivable, Trade	Accounts Receivable, Trade 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 typically collects payment from customers within 30 days from the date of sale.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts 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 Company’s allowance for doubtful accounts in the 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 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.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method for finished products and manufacturing materials and on the average cost method for plastic shells, plastic pallets and other inventories.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements on operating leases are depreciated over the shorter of the estimated useful lives or the term of the lease, including renewal options the Company determines are reasonably assured. Additions and major replacements or betterments are added to the assets at cost. Maintenance and repair costs and minor replacements are charged to expense when incurred. When assets are replaced or otherwise disposed, the cost and accumulated depreciation are removed from the accounts and the gains or losses, if any, are reflected in the statements of operations. Gains or losses on the disposal of manufacturing equipment and manufacturing plants are included in cost of sales. Gains or losses on the disposal of all other property, plant and equipment are included in selling, delivery and administrative (“SD&A”) expenses. The Company evaluates the recoverability of the carrying amount of its property, plant and equipment when events or circumstances indicate the carrying amount of an asset or asset group may not be recoverable. These evaluations are performed at a level where independent cash flows may be attributed to either an asset or an asset group. If the Company determines the carrying amount of an asset or asset group is not recoverable based upon the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair values of the long-lived assets.
Leases	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 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 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.
Internal Use Software	Internal Use Software The Company capitalizes costs incurred in the development or acquisition of internal use software. The Company expenses costs incurred in the preliminary project planning stage. Costs, such as maintenance and training, are also expensed as incurred. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Amortization expense, which is included in depreciation expense, for internal use software was $5.4 million in 2021, $6.7 million in 2020 and $7.7 million in 2019.
Goodwill	Goodwill All business combinations are accounted for using the acquisition method. Goodwill is tested for impairment annually, or more frequently if facts and circumstances indicate such assets may be impaired. The Company performs its annual goodwill impairment test, which includes a qualitative assessment to determine whether it is more likely than not that the fair value of the goodwill is below its carrying value, as of the first day of the fourth quarter each year, and more often if there are significant changes in business conditions that could result in impairment. All of the Company’s goodwill resides within one reporting unit within the Nonalcoholic Beverages reportable segment, and, therefore, the Company has determined it has one reporting unit for the purpose of assessing goodwill for potential impairment. The Company uses its overall market capitalization as part of its estimate of fair value of the reporting unit and in assessing the reasonableness of the Company’s internal estimates of fair value. When a quantitative analysis is considered necessary for the annual impairment analysis of goodwill, the Company develops an estimated fair value for the reporting unit considering three different approaches: •market value, using the Company’s stock price plus outstanding debt; •discounted cash flow analysis; and •multiple of earnings before interest, taxes, depreciation and amortization based upon relevant industry data. The estimated fair value of the reporting unit is then compared to its carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount, including goodwill, exceeds its estimated fair value, any excess of the carrying value of goodwill of the reporting unit over its fair value is recorded as an impairment. To the extent the actual and projected cash flows decline in the future or if market conditions or market capitalization significantly deteriorate, the Company may be required to perform an interim impairment analysis that could result in an impairment of goodwill.
Distribution Agreements and Customer Lists	Distribution Agreements and Customer Lists The Company’s definite-lived intangible assets consist of distribution agreements and customer lists, which have estimated useful lives of 10 to 40 years and five to 12 years, respectively. These assets are amortized on a straight-line basis over their estimated useful lives.
Acquisition Related Contingent Consideration Liability	Acquisition Related Contingent Consideration Liability The acquisition related contingent consideration liability consists of the estimated amounts due to The Coca‑Cola Company under the Company’s comprehensive beverage agreements (collectively, the “CBA”) with The Coca‑Cola Company and Coca‑Cola Refreshments USA, Inc. (“CCR”), a wholly owned subsidiary of The Coca‑Cola Company, over the useful life of the related distribution rights. 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. This acquisition related contingent consideration is valued using a probability weighted discounted cash flow model based on internal forecasts and the weighted average cost of capital (“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 subject to sub-bottling fees to fair value by discounting future expected sub-bottling payments required under the CBA using the Company’s estimated WACC. These future expected sub-bottling payments extend through the life of the related distribution assets acquired in each distribution territory, 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 and could materially impact the amount of non-cash expense (or income) recorded each reporting period.
Pension and Postretirement Benefit Plans	Pension and Postretirement Benefit Plans There are two Company-sponsored pension plans. The primary Company-sponsored pension plan (the “Primary Plan”) was frozen as of June 30, 2006 and no benefits accrued to participants after that 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 the amounts currently deductible for income tax purposes. The Company also sponsors a postretirement healthcare plan for employees meeting specified criteria. The expense and liability amounts recorded for the benefit plans reflect estimates related to interest rates, investment returns, employee turnover and age at retirement, mortality rates and healthcare costs. The discount rate assumptions used to determine the pension and postretirement benefit obligations are based on yield rates available on the Aon AA Above Median yield curve as of each plan’s measurement date. The service cost components of the net periodic benefit cost of the plans are charged to current operations, and the non-service cost components of the net periodic benefit cost of the plans are classified as other expense, net. In addition, certain other union employees are covered by plans provided by their respective union organizations and the Company expenses amounts as paid in accordance with union agreements.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating losses and tax credit carryforwards, as well as the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance will be provided against deferred tax assets if the Company determines it is more likely than not such assets will not ultimately be realized. The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50 percent likely to be realized. The Company records interest and penalties related to uncertain tax positions in income tax expense.
Revenue Recognition	Revenue Recognition 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”). 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 consolidated financial statements. 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 sales accounted for approximately 97% of the Company’s net sales in 2021, 97% of the Company’s net sales in 2020 and 96% of the Company’s net sales in 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. 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 consolidated financial statements.
Marketing Programs and Sales Incentives	Marketing Programs and Sales Incentives 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 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 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.
Marketing Funding Support	Marketing Funding Support The Company receives marketing funding support payments in cash from The Coca‑Cola Company and other beverage companies. Payments to the Company for marketing programs to promote bottle/can sales volume and fountain syrup sales volume are recognized as a reduction to cost of sales, primarily on a per unit basis, as the product is sold. Payments for periodic programs are recognized in the period during which they are earned. Cash consideration received by a customer from a vendor is presumed to be a reduction of the price of the vendor’s products or services. As such, the cash received is accounted for as a reduction to cost of sales unless it is a specific reimbursement of costs or payments for services. Payments the Company receives from The Coca‑Cola Company and other beverage companies for marketing funding support are classified as reductions to cost of sales.
Derivative Financial Instruments	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 counterparties. 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. The Company generally pays a fee for these commodity derivative instruments, which is amortized over the corresponding period of each commodity derivative instrument. Settlements of commodity derivative instruments are included in cash flows from operating activities in the consolidated statements of cash flows. All commodity derivative instruments are recorded at fair value as either assets or liabilities in the 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 consolidated balance sheets and the net amounts of derivative liabilities are recognized in either other accrued liabilities or other liabilities in the consolidated balance sheets.
Risk Management Programs	Risk Management Programs The Company uses various insurance structures to manage costs related to workers’ compensation, auto liability, medical and other insurable risks. These structures consist of retentions, deductibles, limits and a diverse group of insurers that serve to strategically finance, transfer and mitigate the financial impact of losses to the Company. Losses are accrued using assumptions and procedures followed in the insurance industry, then adjusted for company-specific history and expectations.
Cost of Sales	Cost of Sales Inputs representing a substantial portion of the Company’s cost of sales include: (i) purchases of finished products, (ii) raw material costs, including aluminum cans, plastic bottles and sweetener, (iii) concentrate costs and (iv) manufacturing costs, including labor, overhead and warehouse costs. In addition, cost of sales includes shipping, handling and fuel costs related to the movement of finished products from manufacturing plants to distribution centers, amortization expense of distribution rights, distribution fees of certain products and marketing credits from brand companies.
Selling, Delivery and Administrative Expenses	Selling, Delivery and Administrative Expenses SD&A expenses include the following: sales management labor costs, distribution costs resulting from transporting finished products from distribution centers to customer locations, distribution center overhead including depreciation expense, distribution center warehousing costs, delivery vehicles and cold drink equipment, point-of-sale expenses, advertising expenses, cold drink equipment repair costs, amortization of intangible assets and administrative support labor and operating costs.
Shipping and Handling Costs	Shipping and Handling Costs Shipping and handling costs related to the movement of finished products from manufacturing plants to distribution centers are included in cost of sales. Shipping and handling costs related to the movement of finished products from distribution centers to customer locations, including distribution center warehousing costs, are included in SD&A expenses and totaled $674.3 million in 2021, $622.1 million in 2020 and $623.4 million in 2019.
Stock Compensation	Stock Compensation The Company has a long-term performance equity plan (the “Long-Term Performance Equity Plan”) under which awards are earned and granted to Mr. Harrison based on the Company’s attainment during a performance period of performance measures specified by the Compensation Committee of the Company’s Board of Directors. Mr. Harrison may elect to have awards earned under the Long‑Term Performance Equity Plan settled in cash and/or shares of Class B Common Stock. In 2018, the Long-Term Performance Equity Plan replaced a performance unit award agreement (the “Performance Unit Award Agreement”). The Performance Unit Award Agreement expired at the end of 2018, with the final award issued in 2019 in connection with Mr. Harrison’s services during 2018. See Note 2 for additional information on Mr. Harrison’s stock compensation programs.
Common Stock and Class B Common Stock and Dividends	Common Stock and Class B Common Stock The Company has two classes of common stock outstanding, Common Stock and Class B Common Stock. The Common Stock is traded on the NASDAQ Global Select Market under the symbol COKE. There is no established public trading market for the Class B Common Stock. Shares of Class B Common Stock are convertible on a share-for-share basis into shares of Common Stock at any time at the option of the holder. Each share of Common Stock is entitled to one vote per share and each share of Class B Common Stock is entitled to 20 votes per share at all meetings of the Company’s stockholders. Except as otherwise required by law, holders of the Common Stock and the Class B Common Stock vote together as a single class on all matters submitted to the Company’s stockholders, including the election of the Board of Directors. As a result, the holders of the Class B Common Stock control approximately 86% of the total voting power of the stockholders of the Company and control the election of the Board of Directors. In the event of liquidation, there is no preference between the two classes of common stock. Dividends No cash dividend or dividend of property or stock other than stock of the Company, as specifically described in the Company’s Restated Certificate of Incorporation, as amended (the “Restated Certificate of Incorporation”), may be declared and paid on the Class B Common Stock unless an equal or greater dividend is declared and paid on the Common Stock. Under the Restated Certificate of Incorporation, the Board of Directors may declare dividends on the Common Stock without declaring equal or any dividends on the Class B Common Stock. Notwithstanding this provision, the Class B Common Stock has voting and conversion rights that allow the Class B Common Stock to participate equally on a per share basis with the Common Stock.
Net Income Per Share	Net Income Per Share The Company applies the two-class method for calculating and presenting net income per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared or accumulated and participation rights in undistributed earnings. Under this method: (i)Income from continuing operations (“net income”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period. (ii)The remaining earnings (“undistributed earnings”) are allocated to Common Stock and Class B Common Stock to the extent each security may share in earnings as if all the earnings for the period had been distributed. The total earnings allocated to each security is determined by adding together the amount allocated for dividends and the amount allocated for a participation feature. (iii)The total earnings allocated to each security is then divided by the number of outstanding shares of the security to which the earnings are allocated to determine the earnings per share for the security. (iv)Basic and diluted net income per share data are presented for each class of common stock. In applying the two-class method, the Company determined undistributed earnings should be allocated equally on a per share basis between the Common Stock and Class B Common Stock due to the aggregate participation rights of the Class B Common Stock (i.e., the voting and conversion rights) and the Company’s history of paying dividends equally on a per share basis on the Common Stock and the Class B Common Stock. The Class B Common Stock conversion rights allow the Class B Common Stock to participate in dividends equally with the Common Stock. Class B Common Stock is convertible into Common Stock on a one-for-one per share basis at any time at the option of the holder. Accordingly, the holders of the Class B Common Stock can participate equally in any dividends declared on the Common Stock by exercising their conversion rights. Basic net income per share excludes potential common shares that were dilutive and is computed by dividing net income available for common stockholders by the weighted average number of Common and Class B Common shares outstanding. Diluted net income per share for Common Stock and Class B Common Stock gives effect to all securities representing potential common shares that were dilutive and outstanding during the period. The Company does not have anti-dilutive shares.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2019‑12, “Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in income tax accounting and improves consistent application of and simplifies 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 adopted ASU 2019-12 in 2021 and the adoption did not have a material impact on its consolidated financial statements.

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Significant Transactions Between Company and the Coca-cola Company

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


	Fiscal Year
(in thousands)	2021		2020		2019
Payments made by the Company to The Coca-Cola Company(1)	$	1,558,784	$	1,444,492	$	1,374,313
Payments made by The Coca-Cola Company to the Company	207,073		128,749		152,798

(1)This excludes payments made by the Company to Coca-Cola Refreshments USA, Inc., a wholly owned subsidiary of The Coca‑Cola Company, as discussed in the next section.

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)	December 31, 2021		December 31, 2020
Current portion of acquisition related contingent consideration	$	51,518	$	36,020
Noncurrent portion of acquisition related contingent consideration	490,587		398,674
Total acquisition related contingent consideration	$	542,105	$	434,694

Summary of Rental Payments Related to Leases

A summary of rental payments for these leases related to 2021, 2020, and 2019 is as follows:


	Fiscal Year
(in thousands)	2021		2020		2019
Company headquarters(1)	$	3,778	$	3,304	$	4,525
Snyder Production Center	4,451		4,451		4,354

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2021

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:


	Fiscal Year
(in thousands)	2021		2020		2019
Point in time net sales:
Nonalcoholic Beverages - point in time	$	5,389,444	$	4,842,934	$	4,649,037
Total point in time net sales	$	5,389,444	$	4,842,934	$	4,649,037

Over time net sales:
Nonalcoholic Beverages - over time	$	43,225	$	36,236	$	45,391
All Other - over time	130,045		128,187		132,121
Total over time net sales	$	173,270	$	164,423	$	177,512

Total net sales	$	5,562,714	$	5,007,357	$	4,826,549

Summary of Activity for Allowance for Credit Losses

Following is a summary of activity for the allowance for credit losses during 2021:


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - allowance for credit losses	$	18,070	$	10,232
Additions charged to expenses and as reductions to net sales	4,638		14,265
Deductions	(8,372)		(6,427)
Ending balance - allowance for credit losses	$	14,336	$	18,070

Segments (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Summary of Financial Information by Segment

The Company’s segment results are as follows:


	Fiscal Year
(in thousands)	2021		2020		2019
Net sales:
Nonalcoholic Beverages	$	5,432,669	$	4,879,170	$	4,694,428
All Other	366,855		332,728		345,005
Eliminations(1)	(236,810)		(204,541)		(212,884)
Consolidated net sales	$	5,562,714	$	5,007,357	$	4,826,549


	Fiscal Year
(in thousands)	2021		2020		2019
Income from operations:
Nonalcoholic Beverages	$	456,713	$	324,716	$	174,133
All Other	(17,542)		(11,338)		6,621
Consolidated income from operations	$	439,171	$	313,378	$	180,754

Depreciation and amortization:
Nonalcoholic Beverages	$	168,206	$	167,355	$	169,879
All Other	12,359		11,662		10,037
Consolidated depreciation and amortization	$	180,565	$	179,017	$	179,916

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

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


	Fiscal Year
(in thousands, except per share data)	2021		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.	$	189,580	$	172,493	$	11,375
Less dividends:
Common Stock	7,141		7,141		7,141
Class B Common Stock	2,233		2,233		2,228
Total undistributed earnings	$	180,206	$	163,119	$	2,006

Common Stock undistributed earnings – basic	$	137,293	$	124,275	$	1,529
Class B Common Stock undistributed earnings – basic	42,913		38,844		477
Total undistributed earnings – basic	$	180,206	$	163,119	$	2,006

Common Stock undistributed earnings – diluted	$	136,899	$	123,563	$	1,521
Class B Common Stock undistributed earnings – diluted	43,307		39,556		485
Total undistributed earnings – diluted	$	180,206	$	163,119	$	2,006

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	7,141	$	7,141	$	7,141
Common Stock undistributed earnings – basic	137,293		124,275		1,529
Numerator for basic net income per Common Stock share	$	144,434	$	131,416	$	8,670

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	2,233	$	2,233	$	2,228
Class B Common Stock undistributed earnings – basic	42,913		38,844		477
Numerator for basic net income per Class B Common Stock share	$	45,146	$	41,077	$	2,705

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	7,141	$	7,141	$	7,141
Dividends on Class B Common Stock assumed converted to Common Stock	2,233		2,233		2,228
Common Stock undistributed earnings – diluted	180,206		163,119		2,006
Numerator for diluted net income per Common Stock share	$	189,580	$	172,493	$	11,375

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	2,233	$	2,233	$	2,228
Class B Common Stock undistributed earnings – diluted	43,307		39,556		485
Numerator for diluted net income per Class B Common Stock share	$	45,540	$	41,789	$	2,713


	Fiscal Year
(in thousands, except per share data)	2021		2020		2019
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
Class B Common Stock weighted average shares outstanding – basic	2,232		2,232		2,229

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)	9,400		9,427		9,417
Class B Common Stock weighted average shares outstanding – diluted	2,259		2,286		2,276

Basic net income per share:
Common Stock	$	20.23	$	18.40	$	1.21
Class B Common Stock	$	20.23	$	18.40	$	1.21

Diluted net income per share:
Common Stock	$	20.17	$	18.30	$	1.21
Class B Common Stock	$	20.16	$	18.28	$	1.19

NOTES TO TABLE

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

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Finished products	$	181,751	$	140,080
Manufacturing materials	81,183		47,081
Plastic shells, plastic pallets and other inventories	39,917		38,596
Total inventories	$	302,851	$	225,757

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2021

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)	December 31, 2021		December 31, 2020
Repair parts	$	26,643	$	26,811
Commodity hedges at fair market value	7,714		2,417
Prepaid software	7,038		6,650
Prepaid marketing	4,380		4,773
Prepaid taxes	4,079		8,428
Other prepaid expenses and other current assets	28,214		25,067
Total prepaid expenses and other current assets	$	78,068	$	74,146

Assets Held for Sale (Tables)

12 Months Ended

Dec. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Summary of Assets Held for Sale

Following is a summary of the assets held for sale:


(in thousands)	December 31, 2021		December 31, 2020
Land	$	2,906	$	2,559
Buildings and leasehold and land improvements	3,974		3,870
Total assets held for sale	$	6,880	$	6,429

- 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.

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+ Details

Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

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)	December 31, 2021		December 31, 2020		Estimated Useful Lives
Land	$	80,261	$	81,981
Buildings	265,070		240,173		8-50 years
Machinery and equipment	443,592		392,998		5-20 years
Transportation equipment	466,238		445,218		3-20 years
Furniture and fixtures	95,062		96,606		3-10 years
Cold drink dispensing equipment	436,954		465,881		3-17 years
Leasehold and land improvements	178,809		155,077		5-20 years
Software for internal use	47,982		46,569		3-10 years
Construction in progress	23,496		54,505
Total property, plant and equipment, at cost	2,037,464		1,979,008
Less: Accumulated depreciation and amortization	1,006,776		956,286
Property, plant and equipment, net	$	1,030,688	$	1,022,722

Leases (Tables)

12 Months Ended

Dec. 31, 2021

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:


	December 31, 2021		December 31, 2020
Weighted average remaining lease term:
Operating leases	8.3 years		9.4 years
Financing leases	12.5 years		13.4 years
Weighted average discount rate:
Operating leases	3.6	%	4.0	%
Financing leases	3.1	%	3.2	%

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


	Fiscal Year
(in thousands)	2021		2020		2019
Operating lease costs	$	26,385	$	24,823	$	18,820
Short-term and variable leases	17,245		15,305		13,605
Depreciation expense from financing leases	5,656		4,678		5,967
Interest expense on financing lease obligations	2,301		1,728		2,714
Total lease cost	$	51,587	$	46,534	$	41,106

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 December 31, 2021:


(in thousands)	Operating Leases		Financing Leases
2022	$	26,026	$	7,145
2023	24,893		7,201
2024	20,639		7,396
2025	16,740		7,593
2026	15,575		6,100
Thereafter	65,695		49,728
Total minimum lease payments including interest	$	169,568	$	85,163
Less: Amounts representing interest	25,474		14,097
Present value of minimum lease principal payments	144,094		71,066
Less: Current portion of lease liabilities - operating and financing leases	22,048		6,060
Noncurrent portion of lease liabilities - operating and financing leases	$	122,046	$	65,006

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:


(in thousands)	Operating Leases		Financing Leases
2021	$	24,056	$	7,079
2022	20,970		7,145
2023	18,125		7,201
2024	15,330		7,396
2025	13,747		7,593
Thereafter	77,353		55,827
Total minimum lease payments including interest	$	169,581	$	92,241
Less: Amounts representing interest	29,892		16,397
Present value of minimum lease principal payments	139,689		75,844
Less: Current portion of lease liabilities - operating and financing leases	19,766		5,860
Noncurrent portion of lease liabilities - operating and financing leases	$	119,923	$	69,984

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 December 31, 2021:


(in thousands)	Operating Leases		Financing Leases
2022	$	26,026	$	7,145
2023	24,893		7,201
2024	20,639		7,396
2025	16,740		7,593
2026	15,575		6,100
Thereafter	65,695		49,728
Total minimum lease payments including interest	$	169,568	$	85,163
Less: Amounts representing interest	25,474		14,097
Present value of minimum lease principal payments	144,094		71,066
Less: Current portion of lease liabilities - operating and financing leases	22,048		6,060
Noncurrent portion of lease liabilities - operating and financing leases	$	122,046	$	65,006

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2020:


(in thousands)	Operating Leases		Financing Leases
2021	$	24,056	$	7,079
2022	20,970		7,145
2023	18,125		7,201
2024	15,330		7,396
2025	13,747		7,593
Thereafter	77,353		55,827
Total minimum lease payments including interest	$	169,581	$	92,241
Less: Amounts representing interest	29,892		16,397
Present value of minimum lease principal payments	139,689		75,844
Less: Current portion of lease liabilities - operating and financing leases	19,766		5,860
Noncurrent portion of lease liabilities - operating and financing leases	$	119,923	$	69,984

Summary of Balances Related to Lease Portfolio within Consolidated Statement of Cash Flow

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


	Fiscal Year
(in thousands)	2021		2020		2019
Cash flows from operating activities impact:
Operating leases	$	27,642	$	24,718	$	18,138
Interest payments on financing lease obligations	2,301		1,728		2,714
Total cash flows from operating activities impact	$	29,943	$	26,446	$	20,852

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	4,778	$	5,861	$	8,656
Total cash flows from financing activities impact	$	4,778	$	5,861	$	8,656

Distribution Agreements, Net (Tables)

12 Months Ended

Dec. 31, 2021

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)	December 31, 2021		December 31, 2020
Distribution agreements at cost	$	960,042	$	952,533
Less: Accumulated amortization	123,265		98,780
Distribution agreements, net	$	836,777	$	853,753

Customer lists, 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)	December 31, 2021		December 31, 2020
Customer lists at cost	$	25,288	$	25,288
Less: Accumulated amortization	14,322		12,484
Customer lists, net	$	10,966	$	12,804

Reconciliation of Activity for Distribution Agreements, Net

Following is a summary of activity for distribution agreements, net during 2021 and 2020:


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - distribution agreements, net	$	853,753	$	876,096
Other distribution agreements	7,509		1,984
Additional accumulated amortization	(24,485)		(24,327)
Ending balance - distribution agreements, net	$	836,777	$	853,753

Customer Lists, Net (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Customer Lists, 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)	December 31, 2021		December 31, 2020
Distribution agreements at cost	$	960,042	$	952,533
Less: Accumulated amortization	123,265		98,780
Distribution agreements, net	$	836,777	$	853,753

Customer lists, 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)	December 31, 2021		December 31, 2020
Customer lists at cost	$	25,288	$	25,288
Less: Accumulated amortization	14,322		12,484
Customer lists, net	$	10,966	$	12,804

Other Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Summary of Other Accrued Liabilities

Other accrued liabilities consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Accrued insurance costs	$	51,645	$	48,318
Current portion of acquisition related contingent consideration	51,518		36,020
Accrued marketing costs	32,249		38,539
Employee and retiree benefit plan accruals	32,007		31,653
Current portion of deferred payroll taxes under CARES Act	18,739		18,706
Accrued taxes (other than income taxes)	6,638		6,178
All other accrued expenses	33,973		25,727
Total other accrued liabilities	$	226,769	$	205,141

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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 consolidated statements of operations:


	Fiscal Year
(in thousands)	2021		2020		2019
Cost of sales	$	3,469	$	1,996	$	6,602
Selling, delivery and administrative expenses	1,772		791		3,536
Total gain	$	5,241	$	2,787	$	10,138

Summary of Fair Values and Classification in 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 consolidated balance sheets:


(in thousands)	December 31, 2021		December 31, 2020

Prepaid expenses and other current assets	$	7,714	$	2,417
Other assets	—		56
Total assets	$	7,714	$	2,473

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

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


(in thousands)	December 31, 2021		December 31, 2020
Gross commodity derivative instrument assets	$	9,200	$	2,473
Gross commodity derivative instrument liabilities	1,486		—

Summary of Outstanding Commodity Derivative Agreements

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

(in thousands)

December 31, 2021

December 31, 2020

Notional amount of outstanding commodity derivative instruments

74,558

23,030

Latest maturity date of outstanding commodity derivative instruments

December 2022

December 2021

Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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

Pension plan assets

Level 1

Pension plan assets

Level 2

Commodity derivative instruments

Level 2

Long-term debt

Level 2

Acquisition related contingent consideration

Level 3

The fair value of the Company’s acquisition related contingent consideration is based on internal forecasts and the WACC derived from market data.

Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration


	December 31, 2021
(in thousands)	Carrying Amount		Total Fair Value		Fair Value Level 1		Fair Value Level 2		Fair Value Level 3
Assets:
Deferred compensation plan assets	$	60,461	$	60,461	$	60,461	$	—	$	—
Pension plan assets	328,250		328,250		313,893		14,357		—
Commodity derivative instruments	7,714		7,714		—		7,714		—
Liabilities:
Deferred compensation plan liabilities	60,461		60,461		60,461		—		—
Long-term debt	723,443		772,600		—		772,600		—
Acquisition related contingent consideration	542,105		542,105		—		—		542,105


	December 31, 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	$	51,742	$	51,742	$	51,742	$	—	$	—
Pension plan assets	319,699		319,699		308,849		10,850		—
Commodity derivative instruments	2,473		2,473		—		2,473		—
Liabilities:
Deferred compensation plan liabilities	51,742		51,742		51,742		—		—
Long-term debt	940,465		1,015,700		—		1,015,700		—
Acquisition related contingent consideration	434,694		434,694		—		—		434,694

Summary of Reconciliation of Acquisition Related Contingent Consideration Liability

A summary of the Level 3 activity is as follows:


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - Level 3 liability	$	434,694	$	446,684
Payment of acquisition related contingent consideration	(39,097)		(43,400)
Reclassification to current payables	200		200
Increase in fair value	146,308		31,210
Ending balance - Level 3 liability	$	542,105	$	434,694

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Significant Components of the Provision for Income Taxes

The following table presents the significant components of the provision for income taxes:


	Fiscal Year
(in thousands)	2021		2020		2019
Current:
Federal	$	59,308	$	38,665	$	7,505
State	15,444		11,541		4,173
Total current provision	$	74,752	$	50,206	$	11,678

Deferred:
Federal	$	(4,966)	$	8,052	$	4,514
State	(4,217)		685		(527)
Total deferred provision (benefit)	$	(9,183)	$	8,737	$	3,987

Income tax expense	$	65,569	$	58,943	$	15,665

Reconciliation of Income Tax Expense at Statutory Federal Rate to Actual Income Tax Expense

The following table provides a reconciliation of income tax expense at the statutory federal rate to actual income tax expense:


	Fiscal Year
	2021				2020				2019
(in thousands)	Income tax expense		% pre-tax income		Income tax expense		% pre-tax income		Income tax expense		% pre-tax income
Statutory expense	$	53,581	21.0	%	$	50,618	21.0	%	$	7,187	21.0	%
State income taxes, net of federal benefit	9,522		3.7		9,258		3.8		1,352		4.0
Nondeductible compensation	3,545		1.4		3,007		1.3		4,313		12.6
Meals, entertainment and travel expense	2,028		0.8		1,476		0.6		2,440		7.1
Adjustment for uncertain tax positions	(984)		(0.4)		114		—		(805)		(2.4)
Valuation allowance change	(902)		(0.4)		(1,900)		(0.8)		1,290		3.8
Nondeductible fees and expenses	47		—		311		0.1		887		2.6
Noncontrolling interest – Piedmont	—		—		(2,447)		(1.0)		(1,826)		(5.3)
Other, net	(1,268)		(0.4)		(1,494)		(0.5)		827		2.4
Income tax expense	$	65,569	25.7	%	$	58,943	24.5	%	$	15,665	45.8	%

Reconciliation of Uncertain Tax Positions Excluding Accrued Interest

A reconciliation of uncertain tax positions, excluding accrued interest, is as follows:


	Fiscal Year
(in thousands)	2021		2020		2019
Beginning balance - gross uncertain tax positions	$	2,161	$	2,283	$	2,857
Increase as a result of tax positions taken in the current year	59		61		60
Increase as a result of tax positions taken in a prior year	—		504		—
Reduction as a result of the expiration of the applicable statute of limitations	(966)		(687)		(634)
Ending balance - gross uncertain tax positions	$	1,254	$	2,161	$	2,283

Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities

Temporary differences and carryforwards that comprised deferred income tax assets and liabilities were as follows:


(in thousands)	December 31, 2021		December 31, 2020
Acquisition related contingent consideration	$	133,114	$	107,769
Operating lease liabilities	35,382		34,632
Deferred revenue	26,852		27,882
Accrued liabilities	26,253		22,341
Deferred compensation	24,018		26,269
Postretirement benefits	13,969		14,726
Pension	4,617		11,055
Transactional costs	3,976		4,451
Financing lease agreements	1,820		1,618
Net operating loss carryforwards	1,418		1,628
Charitable contribution carryover	631		3,236
Other	3,199		10,138
Deferred income tax assets	$	275,249	$	265,745
Less: Valuation allowance for deferred tax assets	4,372		5,325
Net deferred income tax asset	$	270,877	$	260,420

Intangible assets	$	(177,214)	$	(182,585)
Depreciation	(173,124)		(159,359)
Right-of-use assets - operating leases	(34,347)		(33,316)
Inventory	(13,481)		(13,709)
Prepaid expenses	(6,774)		(6,319)
Patronage dividend	(2,369)		(4,555)
Deferred income tax liabilities	$	(407,309)	$	(399,843)

Net deferred income tax liability	$	(136,432)	$	(139,423)

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Liability Under Executive Benefit Plans

The liability under these two deferral plans was as follows:


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	10,111	$	11,132
Noncurrent liabilities	84,664		80,890
Total liability - Supplemental Savings Incentive Plan and Director Deferral Plan	$	94,775	$	92,022

The liability under this plan was as follows:


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	178	$	137
Noncurrent liabilities	6,815		4,728
Total liability - Long-Term Retention Plan	$	6,993	$	4,865

The liability under this plan was as follows:


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	4,036	$	4,176
Noncurrent liabilities	37,008		38,605
Total liability - Officer Retention Plan	$	41,044	$	42,781

The liability under this plan was as follows:


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	8,247	$	8,515
Noncurrent liabilities	7,675		7,866
Total liability - Long-Term Performance Plan	$	15,922	$	16,381

Changes in Projected Benefit Obligation

The following tables set forth pertinent information for the two Company-sponsored pension plans:


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - projected benefit obligation	$	368,245	$	332,304
Service cost	7,529		6,331
Interest cost	9,846		10,957
Actuarial (gain) loss	(12,735)		31,300
Benefits paid	(13,410)		(12,647)
Ending balance - projected benefit obligation	$	359,475	$	368,245

Change in Plan Assets


	Fiscal Year
(in thousands)	2021		2020
Beginning balance - plan assets at fair value	$	319,699	$	276,699
Actual return on plan assets	16,427		40,680
Employer contributions	6,800		16,250
Benefits and expenses paid	(14,676)		(13,930)
Ending balance - plan assets at fair value	$	328,250	$	319,699

Funded Status


(in thousands)	December 31, 2021		December 31, 2020
Projected benefit obligation	$	(359,475)	$	(368,245)
Plan assets at fair value	328,250		319,699
Net funded status	$	(31,225)	$	(48,546)

Amounts Recognized in the Consolidated Balance Sheet

Amounts Recognized in the Consolidated Balance Sheets


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	—	$	—
Noncurrent liabilities	(31,225)		(48,546)
Total liability - pension plans	$	(31,225)	$	(48,546)

Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost

Net Periodic Pension Cost


	Fiscal Year
(in thousands)	2021		2020		2019
Service cost	$	7,529	$	6,331	$	4,853
Interest cost	9,846		10,957		12,299
Expected return on plan assets	(13,000)		(13,617)		(10,290)
Recognized net actuarial loss	4,954		4,619		3,688
Amortization of prior service cost	3		19		22
Net periodic pension cost	$	9,332	$	8,309	$	10,572

Net Periodic Postretirement Benefit Cost


	Fiscal Year
(in thousands)	2021		2020		2019
Service cost	$	1,516	$	1,454	$	1,496
Interest cost	1,772		2,031		2,750
Recognized net actuarial loss	682		383		730
Amortization of prior service cost	—		—		(1,293)
Net periodic postretirement benefit cost	$	3,970	$	3,868	$	3,683

Significant Assumptions


	Fiscal Year
	2021		2020		2019
Projected benefit obligation at the measurement date:
Discount rate - Primary Plan	2.97	%	2.66	%	3.36	%
Discount rate - Bargaining Plan	3.31	%	3.12	%	3.61	%
Weighted average rate of compensation increase	N/A		N/A		N/A
Net periodic pension cost for the fiscal year:
Discount rate - Primary Plan	2.66	%	3.36	%	4.47	%
Discount rate - Bargaining Plan	3.12	%	3.61	%	4.63	%
Weighted average expected long-term rate of return of plan assets - Primary Plan(1)	4.75	%	5.50	%	5.00	%
Weighted average expected long-term rate of return of plan assets - Bargaining Plan(1)	5.75	%	6.25	%	5.25	%
Weighted average rate of compensation increase	N/A		N/A		N/A

Anticipated Future Pension and Postretirement Benefit Payments

Cash Flows


(in thousands)	Anticipated Future Pension Benefit Payments for the Fiscal Years
2022	$	14,276
2023	15,111
2024	15,731
2025	16,474
2026	17,090
2027 - 2031	92,221

Cash Flows


(in thousands)	Anticipated Future Postretirement Benefit Payments Reflecting Expected Future Service
2022	$	2,990
2023	3,114
2024	3,321
2025	3,399
2026	3,629
2027 - 2031	20,356

Target Asset Allocation, Actual Asset Allocation, and Weighted Average Expected Long-Term Rate of Return and Summary of Pension Plan Assets


	Percentage of Plan Assets at Fiscal Year-End				Target Allocation		Weighted Average Expected Long-Term Rate of Return
	2021		2020		2022		2022
U.S. debt securities	87	%	58	%	98	%	2.94	%
U.S. equity securities	—	%	24	%	—	%	—	%
International debt securities	10	%	8	%	—	%	—	%
International equity securities	—	%	8	%	—	%	—	%
Cash and cash equivalents	3	%	2	%	2	%	0.06	%
Total	100	%	100	%	100	%	3.00	%


	Percentage of Plan Assets at Fiscal Year-End				Target Allocation		Weighted Average Expected Long-Term Rate of Return
	2021		2020		2022		2022
U.S. debt securities	46	%	46	%	41	%	2.26	%
U.S. equity securities	40	%	39	%	47	%	2.59	%
International debt securities	2	%	2	%	—	%	—	%
International equity securities	11	%	12	%	11	%	0.59	%
Cash and cash equivalents	1	%	1	%	1	%	0.06	%
Total	100	%	100	%	100	%	5.50	%


(in thousands)	December 31, 2021		December 31, 2020
Pension plan assets - fixed income	$	300,670	$	205,812
Pension plan assets - equity securities	18,867		106,424
Pension plan assets - cash and cash equivalents	8,713		7,463
Total pension plan assets	$	328,250	$	319,699

Reconciliation of Activity in Postretirement Benefit Plan

The following tables set forth pertinent information for the Company’s postretirement benefit plan:

Reconciliation of Activity


	Fiscal Year
(in thousands)	2021		2020
Benefit obligation at beginning of year	$	67,665	$	62,056
Service cost	1,516		1,454
Interest cost	1,772		2,031
Plan participants’ contributions	930		753
Actuarial (gain) loss	(3,414)		4,555
Benefits paid	(3,313)		(3,184)
Benefit obligation at end of year	$	65,156	$	67,665

Reconciliation of Plan Assets Fair Value in Postretirement Benefit Plan

Reconciliation of Plan Assets Fair Value


	Fiscal Year
(in thousands)	2021		2020
Fair value of plan assets at beginning of year	$	—	$	—
Employer contributions	2,383		2,431
Plan participants’ contributions	930		753
Benefits paid	(3,313)		(3,184)
Fair value of plan assets at end of year	$	—	$	—

Funded Status in Postretirement Benefit Plan

Funded Status


(in thousands)	December 31, 2021		December 31, 2020
Current liabilities	$	(2,990)	$	(2,886)
Noncurrent liabilities	(62,166)		(64,779)
Total liability - postretirement benefits	$	(65,156)	$	(67,665)

Significant Assumptions


	Fiscal Year
	2021		2020		2019
Benefit obligation discount rate at measurement date	2.98	%	2.70	%	3.32	%
Net periodic postretirement benefit cost discount rate for fiscal year	2.70	%	3.32	%	4.41	%

Postretirement benefit expense - Pre-Medicare:
Weighted average healthcare cost trend rate	6.26	%	6.53	%	7.13	%
Trend rate graded down to ultimate rate	4.50	%	4.50	%	4.50	%
Ultimate rate year	2029		2028		2026

Postretirement benefit expense - Post-Medicare:
Weighted average healthcare cost trend rate	6.54	%	6.73	%	7.11	%
Trend rate graded down to ultimate rate	4.50	%	4.50	%	4.50	%
Ultimate rate year	2029		2028		2026

Reconciliation of Amounts in Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost

A reconciliation of the amounts in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost is as follows:


(in thousands)	December 31, 2020		Actuarial Loss		Reclassification Adjustments		December 31, 2021
Pension Plans:
Actuarial loss	$	(147,664)	$	14,897	$	4,954	$	(127,813)
Prior service costs	(7)		—		3		(4)
Postretirement Benefits:
Actuarial loss	(13,908)		3,414		682		(9,812)
Total within accumulated other comprehensive loss	$	(161,579)	$	18,311	$	5,639	$	(137,629)

Multiemployer Plans

Fiscal Year

(in thousands)

2021

2020

2019

Pension Protection Act Zone Status

Red

FIP or RP pending or implemented

Yes

Surcharge imposed

Yes

Contribution

933

924

987

Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Other Liabilities Disclosure [Abstract]

Summary of Other Liabilities

Other liabilities consisted of the following:


(in thousands)	December 31, 2021		December 31, 2020
Noncurrent portion of acquisition related contingent consideration	$	490,587	$	398,674
Accruals for executive benefit plans	147,135		144,101
Noncurrent deferred proceeds from related parties	106,304		109,361
Noncurrent portion of deferred payroll taxes under CARES Act	—		18,706
Other	14,584		8,438
Total other liabilities	$	758,610	$	679,280

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

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 / Nonpublic	December 31, 2021		December 31, 2020
2016 Term Loan Facility(1)	6/7/2021	Variable	Varies	Nonpublic	$	—	$	217,500
Senior notes	2/27/2023	3.28%	Semi-annually	Nonpublic	125,000		125,000
2021 Term Loan Facility(2)	7/9/2024	Variable	Varies	Nonpublic	—		—
Senior bonds(3)	11/25/2025	3.80%	Semi-annually	Public	350,000		350,000
2021 Revolving Credit Facility	7/9/2026	Variable	Varies	Nonpublic	—		—
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 bonds(3)	11/25/2025				(34)		(43)
Debt issuance costs					(1,523)		(1,992)
Total long-term debt					$	723,443	$	940,465

(2)The 2021 Term Loan Facility was fully repaid during the fourth quarter of 2021.

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

Principal Maturities of Debt Outstanding

The principal maturities of debt outstanding on December 31, 2021 were as follows:


(in thousands)	Debt Maturities
2022	$	—
2023	125,000
2024	—
2025	350,000
2026	100,000
Thereafter	150,000
Long-term debt	$	725,000

- 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

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-Subparagraph (SX 210.12-04(a))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 835
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

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:


	Fiscal Year
(in thousands)	2021		2020		2019
Purchases from Southeastern	$	125,142	$	125,659	$	132,328
Purchases from SAC	169,399		155,858		160,189
Total purchases from manufacturing cooperatives	$	294,541	$	281,517	$	292,517

Risks and Uncertainties (Tables)

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Summary of Percentage of Total Bottle/Can Sales Volume and Percentage Total Net Sales to Its Largest Customers

The following table summarizes the percentage of the Company’s total bottle/can sales volume to its largest customers, as well as the percentage of the Company’s total net sales, which are included in the Nonalcoholic Beverages segment, that such volume represents. No other customer represented greater than 10% of the Company’s total net sales for any years presented.


	Fiscal Year
	2021		2020		2019
Approximate percent of the Company’s total bottle/can sales volume
Wal-Mart Stores, Inc.	20	%	19	%	19	%
The Kroger Company	13	%	13	%	12	%
Total approximate percent of the Company’s total bottle/can sales volume	33	%	32	%	31	%

Approximate percent of the Company’s total net sales
Wal-Mart Stores, Inc.	14	%	14	%	13	%
The Kroger Company	9	%	10	%	8	%
Total approximate percent of the Company’s total net sales	23	%	24	%	21	%

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Summary of Accumulated Other Comprehensive (Loss)

Following is a summary of AOCI(L) for 2021, 2020 and 2019:


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 31, 2020		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2021
Net pension activity:
Actuarial loss	$	(93,847)	$	14,897	$	(3,658)	$	4,954	$	(1,228)	$	(78,882)
Prior service credits	8		—		—		3		—		11
Net postretirement benefits activity:
Actuarial loss	(4,328)		3,414		(838)		682		(169)		(1,239)
Prior service costs	(624)		—		—		—		—		(624)
Interest rate swap(1)	(556)		—		—		739		(183)		—
Foreign currency translation adjustment	14		—		—		(32)		9		(9)
Reclassification of stranded tax effects	(19,720)		—		—		—		—		(19,720)
Total AOCI(L)	$	(119,053)	$	18,311	$	(4,496)	$	6,346	$	(1,571)	$	(100,463)


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 29, 2019		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 31, 2020
Net pension activity:
Actuarial loss	$	(93,174)	$	(5,521)	$	1,369	$	4,619	$	(1,140)	$	(93,847)
Prior service credits (costs)	(7)		—		—		19		(4)		8
Net postretirement benefits activity:
Actuarial loss	(1,191)		(4,555)		1,129		383		(94)		(4,328)
Prior service costs	(624)		—		—		—		—		(624)
Interest rate swap	(270)		—		—		(378)		92		(556)
Foreign currency translation adjustment	(16)		—		—		41		(11)		14
Reclassification of stranded tax effects	(19,720)		—		—		—		—		(19,720)
Total AOCI(L)	$	(115,002)	$	(10,076)	$	2,498	$	4,684	$	(1,157)	$	(119,053)


			Gains (Losses) During the Period				Reclassification to Income
(in thousands)	December 30, 2018		Pre-tax Activity		Tax Effect		Pre-tax Activity		Tax Effect		December 29, 2019
Net pension activity:
Actuarial loss	$	(72,690)	$	(30,855)	$	7,590	$	3,688	$	(907)	$	(93,174)
Prior service costs	(24)		—		—		22		(5)		(7)
Net postretirement benefits activity:
Actuarial loss	(4,902)		4,192		(1,031)		730		(180)		(1,191)
Prior service credits (costs)	351		—		—		(1,293)		318		(624)
Interest rate swap	—		—		—		(359)		89		(270)
Foreign currency translation adjustment	—		—		—		(19)		3		(16)
Reclassification of stranded tax effects	—		—		(19,720)		—		—		(19,720)
Total AOCI(L)	$	(77,265)	$	(26,663)	$	(13,161)	$	2,769	$	(682)	$	(115,002)

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

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


	Fiscal Year 2021
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,341	$	496	$	—	$	—	$	1,837
Selling, delivery and administrative expenses	3,616		186		739		(32)		4,509
Subtotal pre-tax	4,957		682		739		(32)		6,346
Income tax expense	1,228		169		183		(9)		1,571
Total after tax effect	$	3,729	$	513	$	556	$	(23)	$	4,775


	Fiscal Year 2020
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,393	$	146	$	—	$	—	$	1,539
Selling, delivery and administrative expenses	3,245		237		(378)		41		3,145
Subtotal pre-tax	4,638		383		(378)		41		4,684
Income tax expense	1,144		94		(92)		11		1,157
Total after tax effect	$	3,494	$	289	$	(286)	$	30	$	3,527


	Fiscal Year 2019
(in thousands)	Net Pension Activity		Net Postretirement Benefits Activity		Interest Rate Swap		Foreign Currency Translation Adjustment		Total
Cost of sales	$	1,003	$	(211)	$	—	$	—	$	792
Selling, delivery and administrative expenses	2,707		(352)		(359)		(19)		1,977
Subtotal pre-tax	3,710		(563)		(359)		(19)		2,769
Income tax expense	912		(138)		(89)		(3)		682
Total after tax effect	$	2,798	$	(425)	$	(270)	$	(16)	$	2,087

Supplemental Disclosures of Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2021

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 were as follows:


	Fiscal Year
(in thousands)	2021		2020		2019
Accounts receivable, trade	$	(46,825)	$	8,107	$	3,338
Allowance for doubtful accounts	(4,284)		7,838		4,641
Accounts receivable from The Coca-Cola Company	(8,534)		13,208		(17,496)
Accounts receivable, other	3,206		6,010		(12,601)
Inventories	(77,094)		169		(15,893)
Prepaid expenses and other current assets	(3,922)		(4,685)		458
Accounts payable, trade	84,959		31,378		28,808
Accounts payable to The Coca-Cola Company	38,490		(1,518)		938
Other accrued liabilities	21,161		(22,399)		(40,955)
Accrued compensation	23,286		(205)		18,228
Accrued interest payable	152		(1,002)		(1,147)
Change in current assets less current liabilities	$	30,595	$	36,901	$	(31,681)

Net Cash Payments (Refunds) During the Period for Interest and Income Taxes

The Company had the following net cash payments during the period for interest and income taxes:


	Fiscal Year
(in thousands)	2021		2020		2019
Income taxes	$	70,988	$	55,755	$	6,309
Interest	29,142		34,257		43,397

Significant Noncash Investing and Financing Activities

The Company had the following significant non-cash investing and financing activities:


	Fiscal Year
(in thousands)	2021		2020		2019
Additions to property, plant and equipment accrued and recorded in accounts payable, trade	$	35,809	$	17,025	$	19,452
Right-of-use assets obtained in exchange for operating lease obligations	26,907		42,698		38,713
Additions to leased property under financing leases	—		61,121		—
Issuance of Class B Common Stock in connection with stock award	—		—		4,776

Description of Business and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) segment reporting_unit benefit_plan category stock vote $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 29, 2019 USD ($) $ / shares shares
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of operating segments \| segment	3
Number of additional operating segments do not meet quantitative thresholds for separate reporting \| segment	2
Period of collection of trade account receivable	30 days
Amortization expenses of internal-use software	$ 5,400,000	$ 6,700,000	$ 7,700,000
Number of reporting units \| reporting_unit	1
Impairment of the carrying value of goodwill	$ 0	0	0
Number of sales categories \| category	2
Number of classes of common stock outstanding \| stock	2
Percentage control of total voting power	86.00%
Payment of dividend	$ 9,374,000	$ 9,374,000	$ 9,369,000
Anti-dilutive shares (in shares) \| shares	0	0	0
Total Bottle/Can Sales Volume
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage of related party products volume to customers	83.00%
Common Stock
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of votes per share \| vote	1
Dividend is declared and paid on the Common Stock (in dollars per share) \| $ / shares	$ 1.00	$ 1.00	$ 1.00
Class B Common Stock
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of votes per share \| vote	20
Dividend is declared and paid on the Common Stock (in dollars per share) \| $ / shares	$ 1.00	$ 1.00	$ 1.00
Class B Common stock convertible into common Stock, conversion ratio	1
SD&A Expenses
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Shipping and handling costs	$ 674,300,000	$ 622,100,000	$ 623,400,000
Pension Plans
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of company-sponsored pension plans \| benefit_plan	2
Minimum \| Distribution Agreements
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	10 years
Minimum \| Customer Lists
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Maximum \| Distribution Agreements
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	40 years
Maximum \| Customer Lists
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	12 years
Bottle/Can Sales
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Sales return estimated percentage (less than)	1.00%
Post-Mix and Other
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Sales return estimated percentage (less than)	1.00%
Repair Service \| Minimum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
General period for completion of services (less than for minimum)	1 day
Repair Service \| Maximum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
General period for completion of services (less than for minimum)	1 month

Related Party Transactions - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 29, 2019 USD ($) shares
Related Party Transaction [Line Items]
Payment of acquisition related contingent consideration	$ 39,097	$ 43,400	$ 27,182
Accounts receivable from related party	57,737	49,203
Lease liabilities for operating leases	144,094	139,689
Principal balance outstanding under lease	71,066	75,844
Share based compensation	$ 0	0	$ 2,045
Class B Common Stock
Related Party Transaction [Line Items]
Issuance of stock (in shares) \| shares			34,700
Shares settled in cash (in shares) \| shares			15,476
Class B common stock shares issued (in shares) \| shares			19,224
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
Performance Unit Award Agreement
Related Party Transaction [Line Items]
Share based compensation			$ 2,000
SD&A Expenses \| Long-Term Performance Equity Plan
Related Party Transaction [Line Items]
Share based compensation	$ 9,800	9,200	12,900
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%
Payments made to related party for concentrate syrup, sweetener, finished products and other purchases (as a percent)	0.80
CCR \| Comprehensive Beverage Agreement
Related Party Transaction [Line Items]
Payment of acquisition related contingent consideration	$ 39,100	43,400	27,200
Southeastern \| Other assets
Related Party Transaction [Line Items]
Equity investments	21,700	21,900
SAC
Related Party Transaction [Line Items]
Proceeds from management fees received from SAC, classified as reduction of cost of sales	8,700	9,000	9,100
SAC \| Other assets
Related Party Transaction [Line Items]
Equity investments	8,200	8,000
CCBSS
Related Party Transaction [Line Items]
Accounts receivable from related party	7,900	6,300
Administrative fees due to CCBSS	2,900	2,500	2,300
CONA
Related Party Transaction [Line Items]
Service fees	24,100	22,000	$ 22,200
CONA \| Other assets
Related Party Transaction [Line Items]
Equity investments	13,700	11,500
Beacon Investment Corporation
Related Party Transaction [Line Items]
Lease liabilities for operating leases	28,200	30,800
HLP, SPC & Adjacent Sales Facility
Related Party Transaction [Line Items]
Principal balance outstanding under lease	$ 59,100	$ 61,900

Related Party Transactions - Summary of Significant Transactions between Company and The Coca-Cola Company (Details) - The Coca-Cola Company - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Related Party Transaction [Line Items]
Payments made by the Company to The Coca-Cola Company	$ 1,558,784	$ 1,444,492	$ 1,374,313
Payments made by The Coca-Cola Company to the Company	$ 207,073	$ 128,749	$ 152,798

Related Party Transactions - Summary of Liability to Estimated Fair Value of Contingent Consideration (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Current portion of acquisition related contingent consideration	$ 51,518	$ 36,020
Noncurrent portion of acquisition related contingent consideration	490,587	398,674
CCR \| Comprehensive Beverage Agreement
Related Party Transaction [Line Items]
Current portion of acquisition related contingent consideration	51,518	36,020
Noncurrent portion of acquisition related contingent consideration	490,587	398,674
Total acquisition related contingent consideration	$ 542,105	$ 434,694

Related Party Transactions - Summary of Rental Payments Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Beacon Investment Corporation
Related Party Transaction [Line Items]
Related parties, rental paymets	$ 3,778	$ 3,304	$ 4,525
HLP, SPC & Adjacent Sales Facility
Related Party Transaction [Line Items]
Related parties, rental paymets	$ 4,451	$ 4,451	$ 4,354

Revenue Recognition - Narrative (Details) $ in Millions	12 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Dec. 31, 2021 USD ($) category	Dec. 31, 2020 USD ($)	Dec. 29, 2019
Revenue From Contract With Customer [Line Items]
Number of sales categories \| category	2
Reserve for customer return \| $	$ 3.0	$ 3.6
Repair Service \| Minimum
Revenue From Contract With Customer [Line Items]
General period for completion of services (less than for minimum)	1 day
Repair Service \| Maximum
Revenue From Contract With Customer [Line Items]
General period for completion of services (less than for minimum)	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 Benchmark \| Timing Of Sale
Revenue From Contract With Customer [Line Items]
Sales percentage	97.00%	97.00%	96.00%

Revenue Recognition - Disaggregation of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 5,562,714	$ 5,007,357	$ 4,826,549
Point in Time Net Sales
Disaggregation of Revenue [Line Items]
Net sales	5,389,444	4,842,934	4,649,037
Point in Time Net Sales \| Nonalcoholic Beverages
Disaggregation of Revenue [Line Items]
Net sales	5,389,444	4,842,934	4,649,037
Over Time Net Sales
Disaggregation of Revenue [Line Items]
Net sales	173,270	164,423	177,512
Over Time Net Sales \| Nonalcoholic Beverages
Disaggregation of Revenue [Line Items]
Net sales	43,225	36,236	45,391
Over Time Net Sales \| All Other
Disaggregation of Revenue [Line Items]
Net sales	$ 130,045	$ 128,187	$ 132,121

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition - Summary of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - allowance for credit losses	$ 18,070	$ 10,232
Additions charged to expenses and as reductions to net sales	4,638	14,265
Deductions	(8,372)	(6,427)
Ending balance - allowance for credit losses	$ 14,336	$ 18,070

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Segments - Additional Information (Details)	12 Months Ended
Segments - Additional Information (Details)	Dec. 31, 2021 segment
Segment Reporting Information [Line Items]
Number of operating segments	3
Other Segments
Segment Reporting Information [Line Items]
Number of operating segments	2

Segments - Summary of Financial Information by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Net sales:
Consolidated net sales	$ 5,562,714	$ 5,007,357	$ 4,826,549
Income from operations:
Consolidated income from operations	439,171	313,378	180,754
Depreciation and amortization:
Consolidated depreciation and amortization	180,565	179,017	179,916
Operating Segments \| Nonalcoholic Beverages
Net sales:
Consolidated net sales	5,432,669	4,879,170	4,694,428
Income from operations:
Consolidated income from operations	456,713	324,716	174,133
Depreciation and amortization:
Consolidated depreciation and amortization	168,206	167,355	169,879
Operating Segments \| Other Segments
Net sales:
Consolidated net sales	366,855	332,728	345,005
Income from operations:
Consolidated income from operations	(17,542)	(11,338)	6,621
Depreciation and amortization:
Consolidated depreciation and amortization	12,359	11,662	10,037
Eliminations
Net sales:
Consolidated net sales	$ (236,810)	$ (204,541)	$ (212,884)

Net Income Per Share - Computation of Basic Net Income (Loss) Per Share and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 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.	$ 189,580	$ 172,493	$ 11,375
Less dividends:
Total undistributed earnings – basic	180,206	163,119	2,006
Total undistributed earnings – diluted	180,206	163,119	2,006
Common Stock
Less dividends:
Common Stock	7,141	7,141	7,141
Total undistributed earnings – basic	137,293	124,275	1,529
Total undistributed earnings – diluted	136,899	123,563	1,521
Numerator for basic net income per Common Stock share:
Numerator for basic net income per Common Stock share	144,434	131,416	8,670
Numerator for diluted net income per Common Stock share:
Numerator for diluted net income per Common Stock share	$ 189,580	$ 172,493	$ 11,375
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
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted (in shares)	9,400	9,427	9,417
Basic net income per share:
Common Stock (in dollars per share)	$ 20.23	$ 18.40	$ 1.21
Diluted net income per share:
Common Stock (in dollars per share)	$ 20.17	$ 18.30	$ 1.21
Class B Common Stock
Less dividends:
Common Stock	$ 2,233	$ 2,233	$ 2,228
Total undistributed earnings – basic	42,913	38,844	477
Total undistributed earnings – diluted	43,307	39,556	485
Numerator for basic net income per Common Stock share:
Numerator for basic net income per Common Stock share	45,146	41,077	2,705
Numerator for diluted net income per Common Stock share:
Numerator for diluted net income per Common Stock share	$ 45,540	$ 41,789	$ 2,713
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	2,229
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted (in shares)	2,259	2,286	2,276
Basic net income per share:
Common Stock (in dollars per share)	$ 20.23	$ 18.40	$ 1.21
Diluted net income per share:
Common Stock (in dollars per share)	$ 20.16	$ 18.28	$ 1.19

Net Income Per Share - Computation of Basic Net Income (Loss) Per Share and Diluted Net Income (Loss) Per Share, Textual (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Earnings Per Share [Abstract]
Percentage undistributed earnings (losses) allocated to common stock diluted	100.00%	100.00%	100.00%
Anti-dilutive shares (in shares)	0	0	0

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished products	$ 181,751	$ 140,080
Manufacturing materials	81,183	47,081
Plastic shells, plastic pallets and other inventories	39,917	38,596
Total inventories	$ 302,851	$ 225,757

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets [Abstract]
Repair parts	$ 26,643	$ 26,811
Commodity hedges at fair market value	7,714	2,417
Prepaid software	7,038	6,650
Prepaid marketing	4,380	4,773
Prepaid taxes	4,079	8,428
Other prepaid expenses and other current assets	28,214	25,067
Total prepaid expenses and other current assets	$ 78,068	$ 74,146

Assets Held for Sale (Details) - USD ($) $ in Thousands	12 Months Ended
Assets Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment and abandonment of property, plant and equipment	$ 3,200	$ 8,030	$ 8,798
Assets Held for Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total assets held for sale	6,880	6,429
Impairment and abandonment 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	2,906	2,559
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	$ 3,974	$ 3,870

Property, Plant and Equipment, Net - Principal Categories and Estimated Useful Lives of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 2,037,464	$ 1,979,008
Less: Accumulated depreciation and amortization	1,006,776	956,286
Property, plant and equipment, net	1,030,688	1,022,722
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	80,261	81,981
Buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 265,070	240,173
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	$ 443,592	392,998
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	$ 466,238	445,218
Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 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	$ 95,062	96,606
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	$ 436,954	465,881
Cold drink dispensing equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 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	$ 178,809	155,077
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	$ 47,982	46,569
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	$ 23,496	$ 54,505

Leases - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Population of Leases (Details)	Dec. 31, 2021	Dec. 31, 2020
Operating leases
Weighted average remaining lease term	8 years 3 months 18 days	9 years 4 months 24 days
Weighted average discount rate	3.60%	4.00%
Financing leases
Weighted average remaining lease term	12 years 6 months	13 years 4 months 24 days
Weighted average discount rate	3.10%	3.20%

Leases - Summary of Balances Related to Lease Portfolio within Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Leases [Abstract]
Operating lease costs	$ 26,385	$ 24,823	$ 18,820
Short-term and variable leases	17,245	15,305	13,605
Depreciation expense from financing leases	5,656	4,678	5,967
Interest expense on financing lease obligations	2,301	1,728	2,714
Total lease cost	$ 51,587	$ 46,534	$ 41,106

Leases - Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
Year One	$ 26,026	$ 24,056
Year Two	24,893	20,970
Year Three	20,639	18,125
Year Four	16,740	15,330
Year Five	15,575	13,747
Thereafter	65,695	77,353
Total minimum lease payments including interest	169,568	169,581
Less: Amounts representing interest	25,474	29,892
Present value of minimum lease principal payments	144,094	139,689
Less: Current portion of lease liabilities - operating and financing leases	22,048	19,766
Noncurrent portion of lease liabilities - operating and financing leases	122,046	119,923
Financing Leases
Year One	7,145	7,079
Year Two	7,201	7,145
Year Three	7,396	7,201
Year Four	7,593	7,396
Year Five	6,100	7,593
Thereafter	49,728	55,827
Total minimum lease payments including interest	85,163	92,241
Less: Amounts representing interest	14,097	16,397
Present value of minimum lease principal payments	71,066	75,844
Less: Current portion of lease liabilities - operating and financing leases	6,060	5,860
Noncurrent portion of lease liabilities - operating and financing leases	$ 65,006	$ 69,984

Leases - Summary of Balances Related to Lease Portfolio within Consolidated Statement of Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Cash flows from operating activities impact:
Operating leases	$ 27,642	$ 24,718	$ 18,138
Interest payments on financing lease obligations	2,301	1,728	2,714
Total cash flows from operating activities impact	29,943	26,446	20,852
Cash flows from financing activities impact:
Principal payments on financing lease obligations	4,778	5,861	8,656
Total cash flows from financing activities impact	$ 4,778	$ 5,861	$ 8,656

Leases - Additional Information (Details) $ in Millions	Dec. 31, 2021 USD ($) lease_commitment
Debt Instrument [Line Items]
Lease commitments not yet commenced \| lease_commitment	4
Lease commitments not yet commenced, additional lease liability \| $	$ 6.1
Minimum
Debt Instrument [Line Items]
Lease commitments not yet commenced, lease term	3 years
Maximum
Debt Instrument [Line Items]
Lease commitments not yet commenced, lease term	5 years

Distribution Agreements, Net - Narrative (Details) - Distribution agreements, net - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Feb. 22, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense for 2022		$ 24.9
Amortization expense for 2023		24.9
Amortization expense for 2024		24.9
Amortization expense for 2025		24.9
Amortization expense for 2026		$ 24.9
Subsequent Event \| Affiliated Entity \| Agreement To Acquire Additional Distribution Rights
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	40 years
Related party transaction, amount of transaction	$ 30.1
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 - Components of Distribution Agreements, Net (Details) - Distribution agreements, net - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Finite-Lived Intangible Assets [Line Items]
Distribution agreements at cost	$ 960,042	$ 952,533
Less: Accumulated amortization	123,265	98,780
Total finite-lived intangible assets	$ 836,777	$ 853,753	$ 876,096

Distribution Agreements, Net - Reconciliation of Activity for Other Identifiable Intangible Assets Net (Details) - Distribution agreements, net - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-lived Intangible Assets [Roll Forward]
Beginning balance - distribution agreements, net	$ 853,753	$ 876,096
Other distribution agreements	7,509	1,984
Additional accumulated amortization	(24,485)	(24,327)
Ending balance - distribution agreements, net	$ 836,777	$ 853,753

Customer Lists, Net - Narrative (Details) - Customer lists, net $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Finite-Lived Intangible Assets [Line Items]
Amortization expense for 2022	$ 1.7
Amortization expense for 2023	1.7
Amortization expense for 2024	1.7
Amortization expense for 2025	1.7
Amortization expense for 2026	$ 1.7
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, Net - Other Identifiable Intangible Assets (Details) - Customer lists, net - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Total finite-lived intangible assets	$ 10,966	$ 12,804
Customer lists at cost	25,288	25,288
Less: Accumulated amortization	14,322	12,484
Total finite-lived intangible assets	$ 10,966	$ 12,804

Other Accrued Liabilities - Summary of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued insurance costs	$ 51,645	$ 48,318
Current portion of acquisition related contingent consideration	51,518	36,020
Accrued marketing costs	32,249	38,539
Employee and retiree benefit plan accruals	32,007	31,653
Current portion of deferred payroll taxes under CARES Act	18,739	18,706
Accrued taxes (other than income taxes)	6,638	6,178
All other accrued expenses	33,973	25,727
Total other accrued liabilities	$ 226,769	$ 205,141

Derivative Financial Instruments - Summary of Pre-Tax Changes in Fair Value (Details) - Commodity derivative instruments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	$ 5,241	$ 2,787	$ 10,138
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	3,469	1,996	6,602
Selling, delivery and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Total gain	$ 1,772	$ 791	$ 3,536

Derivative Financial Instruments - Summary of Fair Values and Classification in Consolidated Balance Sheets of Derivative Instruments (Details) - Commodity derivative instruments - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Total assets	$ 7,714	$ 2,473
Gross commodity derivative instrument assets	9,200	2,473
Gross commodity derivative instrument liabilities	1,486	0
Prepaid expenses and other current assets
Assets:
Total assets	7,714	2,417
Other assets
Assets:
Total assets	$ 0	$ 56

Derivative Financial Instruments - Summary of Outstanding Commodity Derivative Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Commodity derivative instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of outstanding commodity derivative instruments	$ 74,558	$ 23,030

Fair Values of Financial Instruments - Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Commodity derivative instruments
Assets:
Commodity derivative instruments	$ 7,714	$ 2,473
Fair Value Level 3
Liabilities:
Acquisition related contingent consideration	542,105	434,694	$ 446,684
Carrying Amount
Assets:
Deferred compensation plan assets	60,461	51,742
Pension plan assets	328,250	319,699
Liabilities:
Deferred compensation plan liabilities	60,461	51,742
Long-term debt	723,443	940,465
Acquisition related contingent consideration	542,105	434,694
Carrying Amount \| Commodity derivative instruments
Assets:
Commodity derivative instruments	7,714	2,473
Total Fair Value
Assets:
Deferred compensation plan assets	60,461	51,742
Pension plan assets	328,250	319,699
Liabilities:
Deferred compensation plan liabilities	60,461	51,742
Long-term debt	772,600	1,015,700
Acquisition related contingent consideration	542,105	434,694
Total Fair Value \| Commodity derivative instruments
Assets:
Commodity derivative instruments	7,714	2,473
Total Fair Value \| Fair Value Level 1
Assets:
Deferred compensation plan assets	60,461	51,742
Pension plan assets	313,893	308,849
Liabilities:
Deferred compensation plan liabilities	60,461	51,742
Long-term debt	0	0
Acquisition related contingent consideration	0	0
Total Fair Value \| Fair Value Level 1 \| Commodity derivative instruments
Assets:
Commodity derivative instruments	0	0
Total Fair Value \| Fair Value Level 2
Assets:
Deferred compensation plan assets	0	0
Pension plan assets	14,357	10,850
Liabilities:
Deferred compensation plan liabilities	0	0
Long-term debt	772,600	1,015,700
Acquisition related contingent consideration	0	0
Total Fair Value \| Fair Value Level 2 \| Commodity derivative instruments
Assets:
Commodity derivative instruments	7,714	2,473
Total Fair Value \| Fair Value Level 3
Assets:
Deferred compensation plan assets	0	0
Pension plan assets	0	0
Liabilities:
Deferred compensation plan liabilities	0	0
Long-term debt	0	0
Acquisition related contingent consideration	542,105	434,694
Total Fair Value \| Fair Value Level 3 \| Commodity derivative instruments
Assets:
Commodity derivative instruments	$ 0	$ 0

Fair Values of Financial Instruments - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amount payable annually under acquisition related contingent consideration arrangements, value, low	$ 35
Amount payable annually under acquisition related contingent consideration arrangements, value, high	$ 62
Discount Rate \| Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisition related contingent consideration liability, measurement input	0.075	0.075
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 Reconciliation of Acquisition Related Contingent Consideration Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Business Combination, Contingent Consideration, Liability [Roll Forward]
Payment of acquisition related contingent consideration	$ (39,097)	$ (43,400)	$ (27,182)
Increase in fair value	146,308	31,210	92,788
Level 3
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance - Level 3 liability	434,694	446,684
Payment of acquisition related contingent consideration	(39,097)	(43,400)
Reclassification to current payables	200	200
Increase in fair value	146,308	31,210
Ending balance - Level 3 liability	$ 542,105	$ 434,694	$ 446,684

Income Taxes - Significant Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Current:
Federal	$ 59,308	$ 38,665	$ 7,505
State	15,444	11,541	4,173
Total current provision	74,752	50,206	11,678
Deferred:
Federal	(4,966)	8,052	4,514
State	(4,217)	685	(527)
Total deferred provision (benefit)	(9,183)	8,737	3,987
Income tax expense	$ 65,569	$ 58,943	$ 15,665

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Income Tax [Line Items]
Effective income tax rate	25.70%	24.50%	45.80%
Effective income tax rate with noncontrolling interest	0.00%	25.50%	57.90%
Uncertain tax positions	$ 1,700	$ 2,600
Uncertain tax positions that would affect income tax rate	1,700	2,600
Change in uncertain tax positions, expected material impact on consolidated financial statements	0
Valuation allowance for deferred tax assets	4,372	$ 5,325
Federal
Income Tax [Line Items]
Net operating losses	0
State
Income Tax [Line Items]
Net operating losses	$ 29,800

Income Taxes - Reconciliation of Income Tax Expense at Statutory Federal Rate to Actual Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Income tax expense
Statutory expense	$ 53,581	$ 50,618	$ 7,187
State income taxes, net of federal benefit	9,522	9,258	1,352
Nondeductible compensation	3,545	3,007	4,313
Meals, entertainment and travel expense	2,028	1,476	2,440
Adjustment for uncertain tax positions	(984)	114	(805)
Valuation allowance change	(902)	(1,900)	1,290
Nondeductible fees and expenses	47	311	887
Noncontrolling interest – Piedmont	0	(2,447)	(1,826)
Other, net	(1,268)	(1,494)	827
Income tax expense	$ 65,569	$ 58,943	$ 15,665
% pre-tax income (loss)
Statutory expense	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	3.70%	3.80%	4.00%
Nondeductible compensation	1.40%	1.30%	12.60%
Meals, entertainment and travel expense	0.80%	0.60%	7.10%
Adjustment for uncertain tax positions	(0.40%)	0.00%	(2.40%)
Valuation allowance change	(0.40%)	(0.80%)	3.80%
Nondeductible fees and expenses	0.00%	0.10%	2.60%
Noncontrolling interest – Piedmont	0.00%	(1.00%)	(5.30%)
Other, net	(0.40%)	(0.50%)	2.40%
Income tax expense	25.70%	24.50%	45.80%

Income Taxes - Reconciliation of Uncertain Tax Positions Excluding Accrued Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance - gross uncertain tax positions	$ 2,161	$ 2,283	$ 2,857
Increase as a result of tax positions taken in the current year	59	61	60
Increase as a result of tax positions taken in a prior year	0	504	0
Reduction as a result of the expiration of the applicable statute of limitations	(966)	(687)	(634)
Ending balance - gross uncertain tax positions	$ 1,254	$ 2,161	$ 2,283

Income Taxes - Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Acquisition related contingent consideration	$ 133,114	$ 107,769
Operating lease liabilities	35,382	34,632
Deferred revenue	26,852	27,882
Accrued liabilities	26,253	22,341
Deferred compensation	24,018	26,269
Postretirement benefits	13,969	14,726
Pension	4,617	11,055
Transactional costs	3,976	4,451
Financing lease agreements	1,820	1,618
Net operating loss carryforwards	1,418	1,628
Charitable contribution carryover	631	3,236
Other	3,199	10,138
Deferred income tax assets	275,249	265,745
Less: Valuation allowance for deferred tax assets	4,372	5,325
Net deferred income tax asset	270,877	260,420
Intangible assets	(177,214)	(182,585)
Depreciation	(173,124)	(159,359)
Right-of-use assets - operating leases	(34,347)	(33,316)
Inventory	(13,481)	(13,709)
Prepaid expenses	(6,774)	(6,319)
Patronage dividend	(2,369)	(4,555)
Deferred income tax liabilities	(407,309)	(399,843)
Net deferred income tax liability	$ (136,432)	$ (139,423)

Benefit Plans - Narrative (Details) $ in Thousands	12 Months Ended
Benefit Plans - Narrative (Details) $ in Thousands	Dec. 31, 2021 USD ($) benefit_plan	Dec. 31, 2020 USD ($)	Dec. 29, 2019 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Multiemployer plans status red zone minimum funded percentage	80.00%
Multiemployer pension plan withdrawing annual payment amount	$ 1,000
Multiemployer pension plan withdrawing liability recorded	$ 5,200
401(k) Savings Plan
Defined Benefit Plan Disclosure [Line Items]
Company maximum contribution percentage under plan	5.00%	5.00%	5.00%
Company actual contribution percentage under plan	5.00%	5.00%	5.00%
Cost recognized	$ 24,800	$ 22,700	$ 21,700
Executive Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Number of executive benefit plans \| benefit_plan	4
Executive Benefit Plans \| Supplemental Savings Incentive Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions vesting period	5 years
Company maximum contribution percentage under plan	50.00%
Participant contributions percentage under plan	6.00%
Company actual contribution percentage under plan	50.00%	50.00%	50.00%
Company actual matching contribution, percent of employees' salary	6.00%	6.00%	6.00%
Executive Benefit Plans \| Long-Term Retention Plan
Defined Benefit Plan Disclosure [Line Items]
Vested percentage until age 51 under plan	50.00%
Age vesting percentage increases	51 years
Annual vested percentage increase under plan beginning at age 51	5.00%
Fully vested age	60 years
Annuity to eligible participants installment payment period one	10 years
Annuity to eligible participants installment payment period two	15 years
Annuity to eligible participants installment payment period three	20 years
Executive Benefit Plans \| Officer Retention Plan
Defined Benefit Plan Disclosure [Line Items]
Vested percentage until age 51 under plan	50.00%
Age vesting percentage increases	51 years
Annual vested percentage increase under plan beginning at age 51	5.00%
Fully vested age	60 years
Annuity to eligible participants installment payment period one	10 years
Annuity to eligible participants installment payment period two	15 years
Annuity to eligible participants installment payment period three	20 years
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Number of company-sponsored pension plans \| benefit_plan	2
Accumulated benefit obligation	$ 359,500	$ 368,200
Benefit pension plan, contributions	$ 14,276
Weighted average duration of high yield bond	3 years
Pension Plans \| Minimum
Defined Benefit Plan Disclosure [Line Items]
Benefit pension plan, contributions	$ 20,000
Pension Plans \| Maximum
Defined Benefit Plan Disclosure [Line Items]
Benefit pension plan, contributions	$ 30,000
Weighted average duration of cash and cash equivalents	1 year
Pension Plans \| Primary Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted average duration of institutional government and corporate bonds	13 years
Pension Plans \| Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Weighted average duration of institutional government and corporate bonds	22 years

Benefit Plans - Liability Under Executive Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	$ 32,007	$ 31,653
Executive Benefit Plans \| Supplemental Savings Incentive Plan and Director Deferral Plan
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	10,111	11,132
Noncurrent liabilities	84,664	80,890
Total liability	94,775	92,022
Executive Benefit Plans \| Long-Term Retention Plan
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	178	137
Noncurrent liabilities	6,815	4,728
Total liability	6,993	4,865
Executive Benefit Plans \| Officer Retention Plan
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	4,036	4,176
Noncurrent liabilities	37,008	38,605
Total liability	41,044	42,781
Executive Benefit Plans \| Long-Term Performance Plan
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	8,247	8,515
Noncurrent liabilities	7,675	7,866
Total liability	$ 15,922	$ 16,381

Benefit Plans - Changes in Projected Benefit Obligation (Details) - Pension Plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance - projected benefit obligation	$ 368,245	$ 332,304
Service cost	7,529	6,331	$ 4,853
Interest cost	9,846	10,957	12,299
Actuarial (gain) loss	(12,735)	31,300
Benefits paid	(13,410)	(12,647)
Ending balance - projected benefit obligation	$ 359,475	$ 368,245	$ 332,304

Benefit Plans - Change in Plan Assets (Details) - Pension Plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance - plan assets at fair value	$ 319,699	$ 276,699
Actual return on plan assets	16,427	40,680
Employer contributions	6,800	16,250
Benefits and expenses paid	(14,676)	(13,930)
Ending balance - plan assets at fair value	$ 328,250	$ 319,699

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Benefit Plans - Funded Status, Pension Plans (Details) - Pension Plans - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ (359,475)	$ (368,245)	$ (332,304)
Plan assets at fair value	328,250	319,699	$ 276,699
Net funded status	$ (31,225)	$ (48,546)

- Definition

+ References + Details

Benefit Plans - Amounts Recognized in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (93,391)	$ (113,325)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	0	0
Noncurrent liabilities	(31,225)	(48,546)
Total liability - pension plans	$ (31,225)	$ (48,546)

Benefit Plans - Net Periodic Pension Cost (Details) - Pension Plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 7,529	$ 6,331	$ 4,853
Interest cost	9,846	10,957	12,299
Expected return on plan assets	(13,000)	(13,617)	(10,290)
Recognized net actuarial loss	4,954	4,619	3,688
Amortization of prior service cost	3	19	22
Net periodic pension/postretirement benefit cost	$ 9,332	$ 8,309	$ 10,572

Benefit Plans - Significant Assumptions Used, Pension Plans (Details) - Pension Plans	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Primary Plan
Projected benefit obligation at the measurement date:
Discount rate	2.97%	2.66%	3.36%
Net periodic pension cost for the fiscal year:
Discount rate	2.66%	3.36%	4.47%
Weighted average expected long-term rate of return of plan assets	4.75%	5.50%	5.00%
Bargaining Plan
Projected benefit obligation at the measurement date:
Discount rate	3.31%	3.12%	3.61%
Net periodic pension cost for the fiscal year:
Discount rate	3.12%	3.61%	4.63%
Weighted average expected long-term rate of return of plan assets	5.75%	6.25%	5.25%

Benefit Plans - Anticipated Future Pension Benefit Payments (Details) - Pension Plans $ in Thousands	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2022	$ 14,276
2023	15,111
2024	15,731
2025	16,474
2026	17,090
2027 - 2031	$ 92,221

Benefit Plans - Weighted Average Expected Long-Term Rate of Return (Details) - Pension Plans	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Primary Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		100.00%	100.00%
Weighted Average Expected Long-Term Rate of Return - 2022		4.75%	5.50%	5.00%
Primary Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	100.00%
Weighted Average Expected Long-Term Rate of Return - 2022	3.00%
Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		100.00%	100.00%
Weighted Average Expected Long-Term Rate of Return - 2022		5.75%	6.25%	5.25%
Bargaining Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	100.00%
Weighted Average Expected Long-Term Rate of Return - 2022	5.50%
U.S. debt securities \| Primary Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		87.00%	58.00%
U.S. debt securities \| Primary Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	98.00%
Weighted Average Expected Long-Term Rate of Return - 2022	2.94%
U.S. debt securities \| Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		46.00%	46.00%
U.S. debt securities \| Bargaining Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	41.00%
Weighted Average Expected Long-Term Rate of Return - 2022	2.26%
U.S. equity securities \| Primary Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		0.00%	24.00%
U.S. equity securities \| Primary Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	0.00%
Weighted Average Expected Long-Term Rate of Return - 2022	0.00%
U.S. equity securities \| Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		40.00%	39.00%
U.S. equity securities \| Bargaining Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	47.00%
Weighted Average Expected Long-Term Rate of Return - 2022	2.59%
International debt securities \| Primary Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		10.00%	8.00%
International debt securities \| Primary Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	0.00%
Weighted Average Expected Long-Term Rate of Return - 2022	0.00%
International debt securities \| Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		2.00%	2.00%
International debt securities \| Bargaining Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	0.00%
Weighted Average Expected Long-Term Rate of Return - 2022	0.00%
International equity securities \| Primary Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		0.00%	8.00%
International equity securities \| Primary Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	0.00%
Weighted Average Expected Long-Term Rate of Return - 2022	0.00%
International equity securities \| Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		11.00%	12.00%
International equity securities \| Bargaining Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	11.00%
Weighted Average Expected Long-Term Rate of Return - 2022	0.59%
Cash and cash equivalents \| Primary Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		3.00%	2.00%
Cash and cash equivalents \| Primary Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	2.00%
Weighted Average Expected Long-Term Rate of Return - 2022	0.06%
Cash and cash equivalents \| Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of Plan Assets at Fiscal Year-End		1.00%	1.00%
Cash and cash equivalents \| Bargaining Plan \| Forecast
Defined Benefit Plan Disclosure [Line Items]
Target Allocation 2022	1.00%
Weighted Average Expected Long-Term Rate of Return - 2022	0.06%

Benefit Plans - Summary of Pension Plan Assets (Details) - Pension Plans - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets	$ 328,250	$ 319,699	$ 276,699
Pension plan assets - fixed income
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets	300,670	205,812
Pension plan assets - equity securities
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets	18,867	106,424
Pension plan assets - cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets	$ 8,713	$ 7,463

- Definition

+ References + Details

Benefit Plans - Reconciliation of Benefit Obligation (Details) - Postretirement Benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance - projected benefit obligation	$ 67,665	$ 62,056
Service cost	1,516	1,454	$ 1,496
Interest cost	1,772	2,031	2,750
Plan participants’ contributions	930	753
Actuarial (gain) loss	(3,414)	4,555
Benefits paid	(3,313)	(3,184)
Ending balance - projected benefit obligation	$ 65,156	$ 67,665	$ 62,056

Benefit Plans - Reconciliation of Plan Assets Fair Value (Details) - Postretirement Benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Beginning balance - plan assets at fair value	$ 0	$ 0
Employer contributions	2,383	2,431
Plan participants’ contributions	930	753
Benefits and expenses paid	(3,313)	(3,184)
Ending balance - plan assets at fair value	$ 0	$ 0

- Definition

Amount of contribution received by defined benefit plan from employer which increases plan assets.

+ References + Details

- Definition

+ References + Details

Benefit Plans - Funded Status, Postretirement Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (93,391)	$ (113,325)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	(2,990)	(2,886)
Noncurrent liabilities	(62,166)	(64,779)
Total liability - pension plans	$ (65,156)	$ (67,665)

Benefit Plans - Components of Net Periodic Postretirement Benefit Cost (Details) - Postretirement Benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,516	$ 1,454	$ 1,496
Interest cost	1,772	2,031	2,750
Recognized net actuarial loss	682	383	730
Amortization of prior service cost	0	0	(1,293)
Net periodic pension/postretirement benefit cost	$ 3,970	$ 3,868	$ 3,683

Benefit Plans - Significant Assumptions Used, Postretirement Benefits (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation discount rate at measurement date	2.98%	2.70%	3.32%
Net periodic postretirement benefit cost discount rate for fiscal year	2.70%	3.32%	4.41%
Pre Medicare
Defined Benefit Plan Disclosure [Line Items]
Weighted average healthcare cost trend rate	6.26%	6.53%	7.13%
Trend rate graded down to ultimate rate	4.50%	4.50%	4.50%
Post Medicare
Defined Benefit Plan Disclosure [Line Items]
Weighted average healthcare cost trend rate	6.54%	6.73%	7.11%
Trend rate graded down to ultimate rate	4.50%	4.50%	4.50%

Benefit Plans - Anticipated Future Postretirement Benefit Payments (Details) - Postretirement Benefits $ in Thousands	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2022	$ 2,990
2023	3,114
2024	3,321
2025	3,399
2026	3,629
2027 - 2031	$ 20,356

Benefit Plans - Reconciliation of Amounts in Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Actuarial loss
Actuarial Loss	$ 18,311
Prior service costs
Actuarial Loss, Prior service costs	0
Total within accumulated other comprehensive loss
Net periodic benefit cost, beginning balance	(161,579)
Reclassification Adjustments	5,639
Net periodic benefit cost, ending balance	(137,629)
Pension Plans
Actuarial loss
Actuarial loss, beginning balance	(147,664)
Actuarial Loss	14,897
Reclassification Adjustments	4,954
Actuarial loss, ending balance	(127,813)
Prior service costs
Prior service costs, beginning balance	(7)
Reclassification Adjustments	3
Prior service costs, ending balance	(4)
Postretirement Benefits
Actuarial loss
Actuarial loss, beginning balance	(13,908)
Actuarial Loss	3,414
Reclassification Adjustments	682
Actuarial loss, ending balance	$ (9,812)

Benefit Plans - Multiemployer Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Teamsters Plan
Multiemployer Plans [Line Items]
Contribution	$ 933	$ 924	$ 987

Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Noncurrent portion of acquisition related contingent consideration	$ 490,587	$ 398,674
Accruals for executive benefit plans	147,135	144,101
Noncurrent deferred proceeds from related parties	106,304	109,361
Noncurrent portion of deferred payroll taxes under CARES Act	0	18,706
Other	14,584	8,438
Total other liabilities	$ 758,610	$ 679,280

Other Liabilities - Narrative (Details)	12 Months Ended
Other Liabilities - Narrative (Details)	Dec. 31, 2017
Legacy Facilities Credit
Defined Benefit Plan Disclosure [Line Items]
Amortization period as reduction to cost of sales	40 years
CCR \| Comprehensive Beverage Agreement
Defined Benefit Plan Disclosure [Line Items]
Amortization period as reduction to cost of sales	40 years

Long-Term Debt - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt issuance costs	$ (1,523)	$ (1,992)
Total long-term debt	723,443	940,465
2016 Term Loan Facility \| Nonpublic \| Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	217,500
3.28% Senior Notes 2/27/2023 \| Nonpublic \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.28%
Long-term debt, gross	$ 125,000	125,000
2021 Term Loan Facility \| Nonpublic \| Term Loan
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	0
3.80% Senior Notes 11/25/2025 \| Public \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.80%
Long-term debt, gross	$ 350,000	350,000
Unamortized discount on senior notes	$ (34)	(43)
Senior notes, issued at par percentage	99.975%
2021 Revolving Credit Facility Agreement \| Revolving Credit Facility \| Nonpublic \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	0
3.93% Senior Notes 10/10/2026 \| Nonpublic \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.93%
Long-term debt, gross	$ 100,000	100,000
3.96% Senior Notes 3/21/2030 \| Nonpublic \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.96%
Long-term debt, gross	$ 150,000	$ 150,000

Long-Term Debt - Principal Maturities of Debt Outstanding (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Debt Disclosure [Abstract]
2022	$ 0
2023	125,000
2024	0
2025	350,000
2026	100,000
Thereafter	150,000
Long-term debt	$ 725,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Long-Term Debt - Narrative (Details)		3 Months Ended	12 Months Ended
Long-Term Debt - Narrative (Details)	Jul. 09, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) financial_covenant
Debt Instrument [Line Items]
Long-term debt		$ 725,000,000	$ 725,000,000
Number of financial covenants \| financial_covenant			2
Debt issued by subsidiaries		0	$ 0
Guarantees of company debt		0	$ 0
2021 Revolving Credit Facility Agreement \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, term (in years)	5 years
Aggregate maximum borrowing capacity	$ 500,000,000
2021 Revolving Credit Facility Agreement \| Revolving Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.06%
2021 Revolving Credit Facility Agreement \| Revolving Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.175%
2021 Term Loan Facility \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, term (in years)	3 years
Long-term debt	$ 70,000,000
Repayments of debt		$ 70,000,000
2018 Revolving Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Repayments of debt	$ 55,000,000

Commitments and Contingencies - Narrative (Details) product in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) case product	Dec. 31, 2020 USD ($) product	Dec. 29, 2019 USD ($) product
Loss Contingencies [Line Items]
Letters of credit totaled	$ 37.6	$ 37.6
Long-term marketing contractual arrangements	$ 137.0
Southeastern
Loss Contingencies [Line Items]
Purchase requirements of plastic bottles	80.00%
SAC
Loss Contingencies [Line Items]
Cases of finished product obligated to purchase on an annual basis \| case	17,500,000
Purchased number of cases finished product from SAC \| product	28.0	28.3	29.4
Debt guarantee for related party	$ 9.5	$ 14.7
Impairment of investment	$ 0.0	$ 0.0	$ 0.0

Commitments and Contingencies - Summary of Company's Purchases from Manufacturing Cooperatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	$ 294,541	$ 281,517	$ 292,517
Southeastern
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	125,142	125,659	132,328
SAC
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	$ 169,399	$ 155,858	$ 160,189

Risks and Uncertainties - Narrative (Details)	12 Months Ended
Risks and Uncertainties - Narrative (Details)	Dec. 31, 2021 entity supplier
Concentration Risk [Line Items]
Number of entities in which reporting entity is shareholder and purchases majority of plastic bottles \| entity	2
Number of entities in which reporting entity is shareholder and purchases majority of aluminum cans \| supplier	2
Total Bottle/Can Sales Volume
Concentration Risk [Line Items]
Concentration risk percentage of related party products volume to customers	83.00%
Collective Bargaining Agreements \| Labor Force Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%
Collective Bargaining Agreements \| Labor Force Concentration Risk \| Minimum
Concentration Risk [Line Items]
Multi-employer plans collective bargaining arrangements, expiration term	3 years
Collective Bargaining Agreements \| Labor Force Concentration Risk \| Maximum
Concentration Risk [Line Items]
Multi-employer plans collective bargaining arrangements, expiration term	5 years

Risks and Uncertainties - Summary of Percentage of Total Bottle/Can Sales Volume and Percentage Total Net Sales to Its Largest Customers (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Wal-Mart Stores, Inc And The Kroger Company \| Total Bottle/Can Sales Volume \| Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	33.00%	32.00%	31.00%
Wal-Mart Stores, Inc And The Kroger Company \| Total Net Sales \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	23.00%	24.00%	21.00%
Wal-Mart Stores, Inc. \| Total Bottle/Can Sales Volume \| Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	20.00%	19.00%	19.00%
Wal-Mart Stores, Inc. \| Total Net Sales \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	14.00%	13.00%
The Kroger Company \| Total Bottle/Can Sales Volume \| Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	13.00%	12.00%
The Kroger Company \| Total Net Sales \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	9.00%	10.00%	8.00%

Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 512,990	$ 451,116	$ 455,166
Ending Balance	711,786	512,990	451,116
Reclassification of stranded tax effects
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(19,720)	(19,720)	0
Gains (Losses) During the Period, Pre-tax Activity	0	0	0
Gains (Losses) During the Period, Tax Effect	0	0	(19,720)
Reclassification to Income, Pre-tax Activity	0	0	0
Reclassification to Income, Tax Effect	0	0	0
Ending Balance	(19,720)	(19,720)	(19,720)
Total AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(119,053)	(115,002)	(77,265)
Gains (Losses) During the Period, Pre-tax Activity	18,311	(10,076)	(26,663)
Gains (Losses) During the Period, Tax Effect	(4,496)	2,498	(13,161)
Reclassification to Income, Pre-tax Activity	6,346	4,684	2,769
Reclassification to Income, Tax Effect	(1,571)	(1,157)	(682)
Ending Balance	(100,463)	(119,053)	(115,002)
Interest rate swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(556)	(270)	0
Gains (Losses) During the Period, Pre-tax Activity	0	0	0
Gains (Losses) During the Period, Tax Effect	0	0	0
Reclassification to Income, Pre-tax Activity	739	(378)	(359)
Reclassification to Income, Tax Effect	(183)	92	89
Ending Balance	0	(556)	(270)
Debt instrument, face amount			100,000
Foreign currency translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	14	(16)	0
Gains (Losses) During the Period, Pre-tax Activity	0	0	0
Gains (Losses) During the Period, Tax Effect	0	0	0
Reclassification to Income, Pre-tax Activity	(32)	41	(19)
Reclassification to Income, Tax Effect	9	(11)	3
Ending Balance	(9)	14	(16)
Net Pension Activity \| Actuarial loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(93,847)	(93,174)	(72,690)
Gains (Losses) During the Period, Pre-tax Activity	14,897	(5,521)	(30,855)
Gains (Losses) During the Period, Tax Effect	(3,658)	1,369	7,590
Reclassification to Income, Pre-tax Activity	4,954	4,619	3,688
Reclassification to Income, Tax Effect	(1,228)	(1,140)	(907)
Ending Balance	(78,882)	(93,847)	(93,174)
Net Pension Activity \| Prior service credits (costs)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	8	(7)	(24)
Gains (Losses) During the Period, Pre-tax Activity	0	0	0
Gains (Losses) During the Period, Tax Effect	0	0	0
Reclassification to Income, Pre-tax Activity	3	19	22
Reclassification to Income, Tax Effect	0	(4)	(5)
Ending Balance	11	8	(7)
Net Postretirement Benefits Activity \| Actuarial loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(4,328)	(1,191)	(4,902)
Gains (Losses) During the Period, Pre-tax Activity	3,414	(4,555)	4,192
Gains (Losses) During the Period, Tax Effect	(838)	1,129	(1,031)
Reclassification to Income, Pre-tax Activity	682	383	730
Reclassification to Income, Tax Effect	(169)	(94)	(180)
Ending Balance	(1,239)	(4,328)	(1,191)
Net Postretirement Benefits Activity \| Prior service credits (costs)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(624)	(624)	351
Gains (Losses) During the Period, Pre-tax Activity	0	0	0
Gains (Losses) During the Period, Tax Effect	0	0	0
Reclassification to Income, Pre-tax Activity	0	0	(1,293)
Reclassification to Income, Tax Effect	0	0	318
Ending Balance	$ (624)	$ (624)	$ (624)

Accumulated Other Comprehensive Income (Loss) - Summary of Impact on Income Statement Line Items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ 3,608,527	$ 3,238,448	$ 3,156,047
Selling, delivery and administrative expenses	1,515,016	1,455,531	1,489,748
Subtotal pre-tax	(255,149)	(241,040)	(34,225)
Income tax expense	65,569	58,943	15,665
Total after tax effect	(189,580)	(172,493)	(11,375)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	1,837	1,539	792
Selling, delivery and administrative expenses	4,509	3,145	1,977
Subtotal pre-tax	6,346	4,684	2,769
Income tax expense	1,571	1,157	682
Total after tax effect	4,775	3,527	2,087
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
Selling, delivery and administrative expenses	739	(378)	(359)
Subtotal pre-tax	739	(378)	(359)
Income tax expense	183	(92)	(89)
Total after tax effect	556	(286)	(270)
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
Selling, delivery and administrative expenses	(32)	41	(19)
Subtotal pre-tax	(32)	41	(19)
Income tax expense	(9)	11	(3)
Total after tax effect	(23)	30	(16)
Net Pension Activity \| Reclassification out of Accumulated Other Comprehensive Income \| Defined Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	1,341	1,393	1,003
Selling, delivery and administrative expenses	3,616	3,245	2,707
Subtotal pre-tax	4,957	4,638	3,710
Income tax expense	1,228	1,144	912
Total after tax effect	3,729	3,494	2,798
Net Postretirement Benefits Activity \| Reclassification out of Accumulated Other Comprehensive Income \| Defined Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	496	146	(211)
Selling, delivery and administrative expenses	186	237	(352)
Subtotal pre-tax	682	383	(563)
Income tax expense	169	94	(138)
Total after tax effect	$ 513	$ 289	$ (425)

Supplemental Disclosures of Cash Flow Information - Summary of Changes in Current Assets and Current Liabilities Affecting Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Supplemental Cash Flow Elements [Abstract]
Accounts receivable, trade	$ (46,825)	$ 8,107	$ 3,338
Allowance for doubtful accounts	(4,284)	7,838	4,641
Accounts receivable from The Coca-Cola Company	(8,534)	13,208	(17,496)
Accounts receivable, other	3,206	6,010	(12,601)
Inventories	(77,094)	169	(15,893)
Prepaid expenses and other current assets	(3,922)	(4,685)	458
Accounts payable, trade	84,959	31,378	28,808
Accounts payable to The Coca-Cola Company	38,490	(1,518)	938
Other accrued liabilities	21,161	(22,399)	(40,955)
Accrued compensation	23,286	(205)	18,228
Accrued interest payable	152	(1,002)	(1,147)
Change in current assets less current liabilities	$ 30,595	$ 36,901	$ (31,681)

Supplemental Disclosures of Cash Flow Information - Net Cash Payments (Refunds) During the Period for Interest and Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Supplemental Cash Flow Elements [Abstract]
Income taxes	$ 70,988	$ 55,755	$ 6,309
Interest	$ 29,142	$ 34,257	$ 43,397

Supplemental Disclosures of Cash Flow Information - Significant Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Noncash Investing And Financing Activities [Line Items]
Additions to property, plant and equipment accrued and recorded in accounts payable, trade	$ 35,809	$ 17,025	$ 19,452
Right-of-use assets obtained in exchange for operating lease obligations	26,907	42,698	38,713
Additions to leased property under financing leases	0	61,121	0
Class B Common Stock
Noncash Investing And Financing Activities [Line Items]
Issuance of Class B Common Stock in connection with stock award	$ 0	$ 0	$ 4,776

Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 29, 2019
Allowance for Doubtful Accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 21,620	$ 13,782	$ 9,141
Additions charged to expenses and as reductions to net sales	4,088	14,265	9,769
Deductions	(8,372)	(6,427)	(5,128)
Ending balance	17,336	21,620	13,782
Valuation Allowance for Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	5,325	7,190	5,899
Additions charged to expenses and as reductions to net sales	0	163	1,291
Deductions credited to expense	(953)	(2,028)	0
Ending balance	$ 4,372	$ 5,325	$ 7,190