0000317540-23-000049 | 10-Q | XBRL Viewer | Cocacola Consolidated INC

Related Party Transactions

9 Months Ended

Sep. 29, 2023

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 the Company’s soft drink products, either concentrate or syrup, are manufactured.

As of September 29, 2023, J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer of the Company, controlled 1,004,394 shares of the Company’s Class B Common Stock, which represented approximately 71% of the total voting power of the Company’s outstanding Common Stock and Class B Common Stock on a consolidated basis.

As of September 29, 2023, The Coca‑Cola Company owned shares of the Company’s Common Stock representing approximately 9% of the total voting power of the Company’s outstanding 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 certain trusts established for the benefit of certain relatives of the late J. Frank Harrison, Jr. have agreed to vote the shares of the Company’s Common Stock and 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:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Payments made by the Company to The Coca-Cola Company(1)	$	552,154	$	481,021	$	1,544,872	$	1,411,300
Payments made by The Coca-Cola Company to the Company	67,890		67,540		170,824		187,810

(1)This excludes acquisition related sub-bottling payments made by the Company to CCR (as defined below), a wholly owned subsidiary of The Coca‑Cola Company, but includes the purchase price of certain additional BODYARMOR distribution rights, each as discussed below.

On January 1, 2022, the Company entered into an agreement to acquire $30.1 million of additional BODYARMOR distribution rights with an estimated useful life of 40 years.

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 condensed 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 condensed 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 condensed 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 condensed consolidated statements of operations.

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

The Company, The Coca‑Cola Company and CCR entered into comprehensive beverage agreements (collectively, the “CBA”), related to a multi-year series of transactions, which were completed in October 2017, through which the Company acquired and exchanged distribution territories and manufacturing plants (the “System Transformation”). The CBA requires the Company to make quarterly acquisition related 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 acquisition related 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 applicable to the System Transformation.

Acquisition related sub-bottling payments to CCR were $21.0 million in the first nine months of 2023 and $28.4 million in the first nine months of 2022. The following table summarizes the liability recorded by the Company to reflect the estimated fair value of contingent consideration related to future expected acquisition related sub-bottling payments to CCR:


(in thousands)	September 29, 2023		December 31, 2022
Current portion of acquisition related contingent consideration	$	55,355	$	40,060
Noncurrent portion of acquisition related contingent consideration	550,295		501,431
Total acquisition related contingent consideration	$	605,650	$	541,491

Southeastern Container (“Southeastern”)

The Company is a shareholder of Southeastern, a plastic bottle manufacturing cooperative. The Company accounts for Southeastern as an equity method investment. The Company’s investment in Southeastern, which was classified as other assets in the condensed consolidated balance sheets, was $21.8 million as of September 29, 2023 and $21.2 million as of December 31, 2022.

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 condensed consolidated balance sheets, was $14.9 million as of September 29, 2023 and $8.2 million as of December 31, 2022. 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 condensed consolidated statements of operations, were $6.9 million in the first nine months of 2023 and $6.7 million in the first nine months of 2022.

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 $19.5 million on September 29, 2023 and $25.7 million on December 31, 2022, which were classified as accounts receivable, other in the condensed consolidated balance sheets. Changes in rebates receivable relate to volatility in raw material prices and the timing of cash receipts of rebates.

CONA Services LLC (“CONA”)

Along with certain other Coca‑Cola bottlers, the Company is a member of CONA, an entity formed to provide business process and information technology services to its members. The Company accounts for CONA as an equity method investment. The Company’s investment in CONA, which was classified as other assets in the condensed consolidated balance sheets, was $20.6 million as of September 29, 2023 and $16.9 million as of December 31, 2022.

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 service fees to CONA of $20.6 million in the first nine months of 2023 and $19.9 million in the first nine months of 2022.

Related Party Leases

The Company leases its headquarters office facility and an adjacent office facility in Charlotte, North Carolina from Beacon Investment Corporation, 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 under this lease is subject to an adjustment for an inflation factor and the lease expires on December 31, 2029. The principal balance outstanding under this lease was $23.2 million on September 29, 2023 and $25.5 million on December 31, 2022.

A summary of rental payments for related party leases for the third quarter and the first nine months of 2023 and 2022 is as follows:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Company headquarters	$	983	$	963	$	2,949	$	2,890
Snyder Production Center(1)	—		—		—		927

(1)The lease for the Snyder Production Center and an adjacent sales facility in Charlotte, North Carolina (together, the “Snyder Production Center”) was terminated during the first quarter of 2022 in connection with the purchase of the Snyder Production Center by CCBCC Operations, LLC, a wholly owned subsidiary of the Company.

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 the Company’s Class B Common Stock, based on the average of the closing prices of shares of the Company’s Common Stock during the last 20 trading days of the performance period. Compensation expense for the Long-Term Performance Equity Plan, which was included in selling, delivery and administrative (“SD&A”) expenses in the condensed consolidated statements of operations, was $2.3 million in both the third quarter of 2023 and the third quarter of 2022 and $8.0 million and $7.9 million in the first nine months of 2023 and the first nine months of 2022, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

Revenue Recognition - Summary of Disaggregation of Revenue from Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 1,712,428	$ 1,628,589	$ 5,022,902	$ 4,628,162
Point in Time Net Sales
Disaggregation of Revenue [Line Items]
Net sales	1,677,221	1,587,771	4,911,999	4,500,277
Point in Time Net Sales \| Nonalcoholic Beverages
Disaggregation of Revenue [Line Items]
Net sales	1,677,221	1,587,771	4,911,999	4,500,277
Over Time Net Sales
Disaggregation of Revenue [Line Items]
Net sales	35,207	40,818	110,903	127,885
Over Time Net Sales \| Nonalcoholic Beverages
Disaggregation of Revenue [Line Items]
Net sales	13,839	12,294	39,335	35,023
Over Time Net Sales \| All Other
Disaggregation of Revenue [Line Items]
Net sales	$ 21,368	$ 28,524	$ 71,568	$ 92,862

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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.

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+ Details

Pension and Postretirement Benefit Obligations (Tables)

9 Months Ended

Sep. 29, 2023

Retirement Benefits [Abstract]

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

The components of total pension expense were as follows:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Service cost	$	1,099	$	1,860	$	3,298	$	5,581
Interest cost	517		2,659		7,533		7,977
Expected return on plan assets	(609)		(2,036)		(6,437)		(6,107)
Recognized net actuarial loss	—		989		1,946		2,966
Amortization of prior service cost	4		—		12		—
Net periodic pension cost	1,011		3,472		6,352		10,417
Settlement expense	77,319		—		117,096		—
Total pension expense	$	78,330	$	3,472	$	123,448	$	10,417

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


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Service cost	$	294	$	383	$	882	$	1,150
Interest cost	697		474		2,092		1,423
Recognized net actuarial loss	—		92		—		275
Net periodic postretirement benefit cost	$	991	$	949	$	2,974	$	2,848

Net Income Per Share (Tables)

9 Months Ended

Sep. 29, 2023

Earnings Per Share [Abstract]

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

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


	Third Quarter				First Nine Months
(in thousands, except per share data)	2023		2022		2023		2022
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income	$	92,093	$	118,761	$	332,539	$	311,713
Less dividends:
Common Stock	4,184		2,092		37,660		5,970
Class B Common Stock	503		251		4,522		1,060
Total undistributed earnings	$	87,406	$	116,418	$	290,357	$	304,683

Common Stock undistributed earnings – basic	$	78,035	$	103,937	$	259,227	$	261,064
Class B Common Stock undistributed earnings – basic	9,371		12,481		31,130		43,619
Total undistributed earnings – basic	$	87,406	$	116,418	$	290,357	$	304,683

Common Stock undistributed earnings – diluted	$	77,861	$	103,583	$	258,565	$	260,065
Class B Common Stock undistributed earnings – diluted	9,545		12,835		31,792		44,618
Total undistributed earnings – diluted	$	87,406	$	116,418	$	290,357	$	304,683

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	4,184	$	2,092	$	37,660	$	5,970
Common Stock undistributed earnings – basic	78,035		103,937		259,227		261,064
Numerator for basic net income per Common Stock share	$	82,219	$	106,029	$	296,887	$	267,034

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	503	$	251	$	4,522	$	1,060
Class B Common Stock undistributed earnings – basic	9,371		12,481		31,130		43,619
Numerator for basic net income per Class B Common Stock share	$	9,874	$	12,732	$	35,652	$	44,679

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	4,184	$	2,092	$	37,660	$	5,970
Dividends on Class B Common Stock assumed converted to Common Stock	503		251		4,522		1,060
Common Stock undistributed earnings – diluted	87,406		116,418		290,357		304,683
Numerator for diluted net income per Common Stock share	$	92,093	$	118,761	$	332,539	$	311,713

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	503	$	251	$	4,522	$	1,060
Class B Common Stock undistributed earnings – diluted	9,545		12,835		31,792		44,618
Numerator for diluted net income per Class B Common Stock share	$	10,048	$	13,086	$	36,314	$	45,678


	Third Quarter				First Nine Months
(in thousands, except per share data)	2023		2022		2023		2022
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	8,369		8,369		8,369		8,032
Class B Common Stock weighted average shares outstanding – basic	1,005		1,005		1,005		1,342

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)	9,395		9,406		9,398		9,410
Class B Common Stock weighted average shares outstanding – diluted	1,026		1,037		1,029		1,378

Basic net income per share:
Common Stock	$	9.82	$	12.67	$	35.47	$	33.25
Class B Common Stock	$	9.82	$	12.67	$	35.47	$	33.29

Diluted net income per share:
Common Stock	$	9.80	$	12.63	$	35.38	$	33.13
Class B Common Stock	$	9.79	$	12.62	$	35.29	$	33.15

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. For periods presented during which the Company has net loss, the unvested shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan.

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

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

Segments

9 Months Ended

Sep. 29, 2023

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:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Net sales:
Nonalcoholic Beverages	$	1,691,060	$	1,600,065	$	4,951,334	$	4,535,300
All Other	93,636		101,136		281,186		303,209
Eliminations(1)	(72,268)		(72,612)		(209,618)		(210,347)
Consolidated net sales	$	1,712,428	$	1,628,589	$	5,022,902	$	4,628,162

(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.


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Income from operations:
Nonalcoholic Beverages	$	217,405	$	189,218	$	661,395	$	467,788
All Other	(1,145)		712		(5,411)		420
Consolidated income from operations	$	216,260	$	189,930	$	655,984	$	468,208

Depreciation and amortization:
Nonalcoholic Beverages	$	41,003	$	39,578	$	122,262	$	119,635
All Other	3,108		2,953		9,034		8,748
Consolidated depreciation and amortization	$	44,111	$	42,531	$	131,296	$	128,383

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Related Party Transactions - Summary of Rental Payments Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Company headquarters
Related Party Transaction [Line Items]
Rental payments related to leases	$ 983	$ 963	$ 2,949	$ 2,890
Snyder Production Center
Related Party Transaction [Line Items]
Rental payments related to leases	$ 0	$ 0	$ 0	$ 927

Critical Accounting Policies	9 Months Ended
Critical Accounting Policies	Sep. 29, 2023
Accounting Policies [Abstract]
Critical Accounting Policies	Critical Accounting Policies The condensed consolidated financial statements include the accounts and the consolidated operations of Coca‑Cola Consolidated, Inc. and its majority-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated. The condensed consolidated financial statements reflect all adjustments, including normal, recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. Each of the Company’s quarters, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The Company’s fourth quarter and fiscal year end on December 31 regardless of the day of the week on which December 31 falls. The condensed consolidated financial statements presented are: •The financial position as of September 29, 2023 and December 31, 2022. •The results of operations, comprehensive income and changes in stockholders’ equity for the three-month periods ended September 29, 2023 (the “third quarter” of fiscal 2023 (“2023”)) and September 30, 2022 (the “third quarter” of fiscal 2022 (“2022”)) and the nine-month periods ended September 29, 2023 (the “first nine months” of 2023) and September 30, 2022 (the “first nine months” of 2022). •The changes in cash flows for the first nine months of 2023 and the first nine months of 2022. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accounting policies followed in the presentation of interim financial results are consistent with those followed on an annual basis. These policies are presented in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for 2022 filed with the United States Securities and Exchange Commission. The preparation of condensed consolidated financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Critical Accounting Estimates In the ordinary course of business, the Company has made a number of estimates and assumptions relating to the reporting of its results of operations and financial position in the preparation of its condensed consolidated financial statements in conformity with GAAP. Actual results could differ significantly from those estimates under different assumptions and conditions. The Company included in its Annual Report on Form 10-K for 2022 under the caption “Discussion of Critical Accounting Estimates” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” a discussion of the Company’s most critical accounting estimates, which are those the Company believes to be the most important to the portrayal of its financial condition and results of operations and require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Any changes in critical accounting estimates are discussed with the Audit Committee of the Company’s Board of Directors during the quarter in which a change is contemplated and prior to making such change. Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities-Supplier Finance Programs,” which requires additional quantitative and qualitative disclosures related to a company’s supply chain finance programs to enhance the transparency of these programs. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted ASU 2022-04 in the first quarter of 2023, with the exception of the amendment on rollforward information, and the adoption did not have a material impact on its condensed consolidated financial statements. See Note 12 for disclosures related to the Company’s supply chain finance program.

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 29, 2023

Prepaid Expense and Other Assets [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Repair parts	$	35,304	$	35,088
Prepaid software	8,629		7,398
Prepaid taxes	6,918		7,829
Prepaid marketing	5,499		4,303
Commodity hedges at fair market value	1,080		4,808
Other prepaid expenses and other current assets	33,879		34,837
Total prepaid expenses and other current assets	$	91,309	$	94,263

Commitments and Contingencies - Summary of Company's Purchases from Manufacturing Cooperatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	$ 78,592	$ 88,943	$ 263,890	$ 258,139
Southeastern
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	31,087	40,358	113,673	113,626
SAC
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	$ 47,505	$ 48,585	$ 150,217	$ 144,513

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 332,539	$ 311,713
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense from property, plant and equipment and financing leases	113,664	110,661
Amortization of intangible assets and deferred proceeds, net	17,632	17,722
Pension plan settlement expense	117,096	0
Fair value adjustment of acquisition related contingent consideration	86,038	21,132
Deferred income taxes	(34,881)	10,749
Loss on sale of property, plant and equipment	5,863	2,855
Amortization of debt costs	742	768
Deferred payroll taxes under CARES Act	0	(18,739)
Change in current assets less current liabilities	35,791	(61,657)
Change in other noncurrent assets	13,417	27,806
Change in other noncurrent liabilities	(43,352)	(28,701)
Total adjustments	312,010	82,596
Net cash provided by operating activities	644,549	394,309
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(152,260)	(183,929)
Investment in equity method investees	(9,044)	(1,538)
Proceeds from the sale of property, plant and equipment	441	5,348
Acquisition of distribution rights	0	(30,149)
Net cash used in investing activities	(160,863)	(210,268)
Cash Flows from Financing Activities:
Cash dividends paid	(42,182)	(7,030)
Payments of acquisition related contingent consideration	(20,979)	(28,421)
Payments on financing lease obligations	(1,712)	(2,441)
Debt issuance fees	(244)	(219)
Payments on term loan facility and senior notes	0	(125,000)
Net cash used in financing activities	(65,117)	(163,111)
Net increase in cash during period	418,569	20,930
Cash at beginning of period	197,648	142,314
Cash at end of period	616,217	163,244
Significant non-cash investing and financing activities:
Additions to property, plant and equipment accrued and recorded in accounts payable, trade	32,388	20,049
Right-of-use assets obtained in exchange for operating lease obligations	4,253	18,703
Reductions to leased property under financing leases	$ 0	$ 55,465

Property, Plant and Equipment, Net - Summary of Principal Categories and Estimated Useful Lives of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 2,342,372	$ 2,289,993
Less: Accumulated depreciation and amortization	1,137,529	1,106,263
Property, plant and equipment, net	1,204,843	1,183,730
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	99,790	88,185
Buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 354,509	352,114
Buildings \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	8 years
Buildings \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	50 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 483,003	462,640
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	20 years
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 538,446	515,752
Transportation equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Transportation equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	20 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 101,327	102,099
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Cold drink dispensing equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 441,132	438,879
Cold drink dispensing equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Cold drink dispensing equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	17 years
Leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 168,617	177,940
Leasehold and land improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Leasehold and land improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	20 years
Software for internal use
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 48,670	48,581
Software for internal use \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Software for internal use \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 106,878	$ 103,803

Related Party Transactions - Summary of Liability to Estimated Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Current portion of acquisition related contingent consideration	$ 55,355	$ 40,060
Noncurrent portion of acquisition related contingent consideration	550,295	501,431
CCR \| Comprehensive Beverage Agreement
Related Party Transaction [Line Items]
Current portion of acquisition related contingent consideration	55,355	40,060
Noncurrent portion of acquisition related contingent consideration	550,295	501,431
Total acquisition related contingent consideration	$ 605,650	$ 541,491

Revenue Recognition

9 Months Ended

Sep. 29, 2023

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 sales, transportation revenue and equipment maintenance revenue.

The Company’s contracts are derived from customer orders, including customer sales incentives, generated through an order processing and replenishment model. Generally, the Company’s service contracts and contracts related to the delivery of specifically identifiable products have a single performance obligation. Revenues do not include sales or other taxes collected from customers. The Company has defined its performance obligations for its contracts as either at a point in time or over time. Bottle/can sales, sales to other Coca‑Cola bottlers and post-mix sales are recognized when control transfers to a customer, which is generally upon delivery and is considered a single point in time (“point in time”). Point in time sales accounted for approximately 98% of the Company’s net sales in the first nine months of 2023 and approximately 97% of the Company’s net sales in the first nine months of 2022.

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

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


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Point in time net sales:
Nonalcoholic Beverages - point in time	$	1,677,221	$	1,587,771	$	4,911,999	$	4,500,277
Total point in time net sales	$	1,677,221	$	1,587,771	$	4,911,999	$	4,500,277

Over time net sales:
Nonalcoholic Beverages - over time	$	13,839	$	12,294	$	39,335	$	35,023
All Other - over time	21,368		28,524		71,568		92,862
Total over time net sales	$	35,207	$	40,818	$	110,903	$	127,885

Total net sales	$	1,712,428	$	1,628,589	$	5,022,902	$	4,628,162

The Company’s allowance for doubtful accounts in the condensed consolidated balance sheets includes a reserve for customer returns and an allowance for credit losses. The Company experiences customer returns primarily as a result of damaged or out-of-date product. At any given time, the Company estimates less than 1% of bottle/can sales and post-mix sales could be at risk for return by customers. Returned product is recognized as a reduction to net sales. The Company’s reserve for customer returns was $4.1 million as of September 29, 2023 and $3.0 million as of December 31, 2022.

The Company estimates an allowance for credit losses, based on historic days’ sales outstanding trends, aged customer balances, previously written-off balances and expected recoveries up to balances previously written off, in order to present the net amount expected to be collected. Accounts receivable balances are written off when determined uncollectible and are recognized as a reduction to the allowance for credit losses. Following is a summary of activity for the allowance for credit losses during the first nine months of 2023 and the first nine months of 2022:


	First Nine Months
(in thousands)	2023		2022
Beginning balance - allowance for credit losses	$	13,119	$	14,336
Additions charged to expenses and as a reduction to net sales	4,268		1,987
Deductions	(3,328)		(3,706)
Ending balance - allowance for credit losses	$	14,059	$	12,617

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 12
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Net Income Per Share

9 Months Ended

Sep. 29, 2023

Earnings Per Share [Abstract]

Net Income Per Share

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


	Third Quarter				First Nine Months
(in thousands, except per share data)	2023		2022		2023		2022
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income	$	92,093	$	118,761	$	332,539	$	311,713
Less dividends:
Common Stock	4,184		2,092		37,660		5,970
Class B Common Stock	503		251		4,522		1,060
Total undistributed earnings	$	87,406	$	116,418	$	290,357	$	304,683

Common Stock undistributed earnings – basic	$	78,035	$	103,937	$	259,227	$	261,064
Class B Common Stock undistributed earnings – basic	9,371		12,481		31,130		43,619
Total undistributed earnings – basic	$	87,406	$	116,418	$	290,357	$	304,683

Common Stock undistributed earnings – diluted	$	77,861	$	103,583	$	258,565	$	260,065
Class B Common Stock undistributed earnings – diluted	9,545		12,835		31,792		44,618
Total undistributed earnings – diluted	$	87,406	$	116,418	$	290,357	$	304,683

Numerator for basic net income per Common Stock share:
Dividends on Common Stock	$	4,184	$	2,092	$	37,660	$	5,970
Common Stock undistributed earnings – basic	78,035		103,937		259,227		261,064
Numerator for basic net income per Common Stock share	$	82,219	$	106,029	$	296,887	$	267,034

Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	503	$	251	$	4,522	$	1,060
Class B Common Stock undistributed earnings – basic	9,371		12,481		31,130		43,619
Numerator for basic net income per Class B Common Stock share	$	9,874	$	12,732	$	35,652	$	44,679

Numerator for diluted net income per Common Stock share:
Dividends on Common Stock	$	4,184	$	2,092	$	37,660	$	5,970
Dividends on Class B Common Stock assumed converted to Common Stock	503		251		4,522		1,060
Common Stock undistributed earnings – diluted	87,406		116,418		290,357		304,683
Numerator for diluted net income per Common Stock share	$	92,093	$	118,761	$	332,539	$	311,713

Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock	$	503	$	251	$	4,522	$	1,060
Class B Common Stock undistributed earnings – diluted	9,545		12,835		31,792		44,618
Numerator for diluted net income per Class B Common Stock share	$	10,048	$	13,086	$	36,314	$	45,678


	Third Quarter				First Nine Months
(in thousands, except per share data)	2023		2022		2023		2022
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic	8,369		8,369		8,369		8,032
Class B Common Stock weighted average shares outstanding – basic	1,005		1,005		1,005		1,342

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)	9,395		9,406		9,398		9,410
Class B Common Stock weighted average shares outstanding – diluted	1,026		1,037		1,029		1,378

Basic net income per share:
Common Stock	$	9.82	$	12.67	$	35.47	$	33.25
Class B Common Stock	$	9.82	$	12.67	$	35.47	$	33.29

Diluted net income per share:
Common Stock	$	9.80	$	12.63	$	35.38	$	33.13
Class B Common Stock	$	9.79	$	12.62	$	35.29	$	33.15

NOTES TO TABLE

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

Commitments and Contingencies - Narrative (Details) case in Millions, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 29, 2023 USD ($) case	Sep. 30, 2022 case	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Letters of credit totaled	$ 37.6		$ 37.6
Long-term marketing contractual arrangements	$ 137.3
Southeastern
Loss Contingencies [Line Items]
Purchase requirements of plastic bottles, percentage (at least)	80.00%
SAC
Loss Contingencies [Line Items]
Cases of finished product obligated to purchase on an annual basis \| case	17.5
Purchased number of cases, finished product from SAC \| case	19.3	20.1
Debt guarantee for related party	$ 9.5		9.5
Impairment of investment	$ 0.0		$ 0.0

Leases - Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Operating Leases
Remainder of 2023	$ 7,690
2024	28,915	$ 31,697
2025	22,940	27,663
2026	19,773	21,628
2027	17,487	19,036
Thereafter	51,741
Total minimum lease payments including interest	148,546	168,623
Less: Amounts representing interest	18,894	22,225
Present value of minimum lease principal payments	129,652	146,398
Less: Current portion of lease liabilities - operating leases	26,074	27,635
Noncurrent portion of lease liabilities - operating leases	103,578	118,763
Financing Leases
Remainder of 2023	692
2024	2,808	2,750
2025	2,869	2,808
2026	1,233	2,869
2027	338	1,233
Thereafter	965
Total minimum lease payments including interest	8,905	10,964
Less: Amounts representing interest	795	1,142
Present value of minimum lease principal payments	8,110	9,822
Less: Current portion of lease liabilities - financing leases	2,440	2,303
Noncurrent portion of lease liabilities - financing leases	$ 5,670	$ 7,519

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 92,093	$ 118,761	$ 332,539	$ 311,713
Defined benefit plans reclassification including pension costs:
Actuarial gain (loss)	1,183	746	(303)	2,237
Prior service credits	3	0	9	0
Pension plan settlement	56,028	0	86,069	0
Postretirement benefits reclassification including benefit costs:
Actuarial gain	0	69	0	207
Other comprehensive income, net of tax	57,214	815	85,775	2,444
Comprehensive income	$ 149,307	$ 119,576	$ 418,314	$ 314,157

Supplemental Disclosures of Cash Flow Information

9 Months Ended

Sep. 29, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosures of Cash Flow Information

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


	First Nine Months
(in thousands)	2023		2022
Accounts receivable, trade	$	(26,086)	$	(84,756)
Allowance for doubtful accounts	2,015		(1,719)
Accounts receivable from The Coca‑Cola Company	(19,911)		10,992
Accounts receivable, other	1,779		(36,290)
Inventories	27,144		(10,848)
Prepaid expenses and other current assets	2,954		(13,891)
Accounts payable, trade	7,628		18,927
Accounts payable to The Coca‑Cola Company	17,904		44,214
Other accrued liabilities	20,401		(780)
Accrued compensation	(1,202)		10,698
Accrued interest payable	3,165		1,796
Change in current assets less current liabilities	$	35,791	$	(61,657)

Critical Accounting Policies (Policies)	9 Months Ended
Critical Accounting Policies (Policies)	Sep. 29, 2023
Accounting Policies [Abstract]
Critical Accounting Estimates	Critical Accounting Estimates In the ordinary course of business, the Company has made a number of estimates and assumptions relating to the reporting of its results of operations and financial position in the preparation of its condensed consolidated financial statements in conformity with GAAP. Actual results could differ significantly from those estimates under different assumptions and conditions. The Company included in its Annual Report on Form 10-K for 2022 under the caption “Discussion of Critical Accounting Estimates” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” a discussion of the Company’s most critical accounting estimates, which are those the Company believes to be the most important to the portrayal of its financial condition and results of operations and require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Any changes in critical accounting estimates are discussed with the Audit Committee of the Company’s Board of Directors during the quarter in which a change is contemplated and prior to making such change.
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 sales, transportation revenue and equipment maintenance revenue. The Company’s contracts are derived from customer orders, including customer sales incentives, generated through an order processing and replenishment model. Generally, the Company’s service contracts and contracts related to the delivery of specifically identifiable products have a single performance obligation. Revenues do not include sales or other taxes collected from customers. The Company has defined its performance obligations for its contracts as either at a point in time or over time. Bottle/can sales, sales to other Coca‑Cola bottlers and post-mix sales are recognized when control transfers to a customer, which is generally upon delivery and is considered a single point in time (“point in time”). Point in time sales accounted for approximately 98% of the Company’s net sales in the first nine months of 2023 and approximately 97% of the Company’s net sales in the first nine months of 2022. Other sales, which include revenue for service fees related to the repair of cold drink equipment and delivery fees for freight hauling and brokerage services, are recognized over time (“over time”). Revenues related to cold drink equipment repair are recognized as the respective services are completed using a cost-to-cost input method. Repair services are generally completed in less than one day but can extend up to one month. Revenues related to freight hauling and brokerage services are recognized as the delivery occurs using a miles driven output method. Generally, delivery occurs and freight charges are recognized in the same day. Over time sales orders open at the end of a financial period are not material to the condensed consolidated financial statements.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities-Supplier Finance Programs,” which requires additional quantitative and qualitative disclosures related to a company’s supply chain finance programs to enhance the transparency of these programs. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted ASU 2022-04 in the first quarter of 2023, with the exception of the amendment on rollforward information, and the adoption did not have a material impact on its condensed consolidated financial statements. See Note 12 for disclosures related to the Company’s supply chain finance program.

Leases - Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases, Year End (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Operating Leases
2023	$ 28,915	$ 31,697
2024	22,940	27,663
2025	19,773	21,628
2026	17,487	19,036
2027		17,227
Thereafter		51,372
Total minimum lease payments including interest	148,546	168,623
Less: Amounts representing interest	18,894	22,225
Present value of minimum lease principal payments	129,652	146,398
Less: Current portion of lease liabilities - operating leases	26,074	27,635
Noncurrent portion of lease liabilities - operating leases	103,578	118,763
Financing Leases
2023	2,808	2,750
2024	2,869	2,808
2025	1,233	2,869
2026	338	1,233
2027		338
Thereafter		966
Total minimum lease payments including interest	8,905	10,964
Less: Amounts representing interest	795	1,142
Present value of minimum lease principal payments	8,110	9,822
Less: Current portion of lease liabilities - financing leases	2,440	2,303
Noncurrent portion of lease liabilities - financing leases	$ 5,670	$ 7,519

Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Noncurrent portion of acquisition related contingent consideration	$ 550,295	$ 501,431
Accruals for executive benefit plans	143,503	137,771
Noncurrent deferred proceeds from related parties	100,942	103,240
Other	8,809	10,915
Total other liabilities	$ 803,549	$ 753,357

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Class B Common Stock	Common Stock Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Common Stock	Retained Earnings Class B Common Stock	Accumulated Other Comprehensive Income (Loss)	Treasury Stock, Common Common Stock	Treasury Stock, Common Class B Common Stock
Beginning Balance at Dec. 31, 2021	$ 711,786			$ 10,204	$ 2,860	$ 135,953	$ 724,486			$ (100,463)	$ (60,845)	$ (409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	311,713						311,713
Other comprehensive income, net of tax	2,444									2,444
Dividends declared, common stock		$ (5,970)	$ (1,060)					$ (5,970)	$ (1,060)
Conversion of 1,227,546 shares of Class B Common Stock				(1,227)	1,227
Ending Balance at Sep. 30, 2022	1,018,913			11,431	1,633	135,953	1,029,169			(98,019)	(60,845)	(409)
Beginning Balance at Jul. 01, 2022	901,680			11,431	1,633	135,953	912,751			(98,834)	(60,845)	(409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	118,761						118,761
Other comprehensive income, net of tax	815									815
Dividends declared, common stock		(2,092)	(251)					(2,092)	(251)
Ending Balance at Sep. 30, 2022	1,018,913			11,431	1,633	135,953	1,029,169			(98,019)	(60,845)	(409)
Beginning Balance at Dec. 31, 2022	1,115,388			11,431	1,633	135,953	1,112,462			(84,837)	(60,845)	(409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	332,539						332,539
Other comprehensive income, net of tax	85,775									85,775
Dividends declared, common stock		(8,369)	(1,005)					(8,369)	(1,005)
Ending Balance at Sep. 29, 2023	1,524,328			11,431	1,633	135,953	1,435,627			938	(60,845)	(409)
Beginning Balance at Jun. 30, 2023	1,379,708			11,431	1,633	135,953	1,348,221			(56,276)	(60,845)	(409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	92,093						92,093
Other comprehensive income, net of tax	57,214									57,214
Dividends declared, common stock		$ (4,184)	$ (503)					$ (4,184)	$ (503)
Ending Balance at Sep. 29, 2023	$ 1,524,328			$ 11,431	$ 1,633	$ 135,953	$ 1,435,627			$ 938	$ (60,845)	$ (409)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2

+ Details

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt issuance costs	$ (858)	$ (1,157)
Total long-term debt	$ 599,123	598,817
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 bonds	(19)	(26)
2021 Revolving Credit Facility \| Revolving Credit Facility \| Non-public \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	0
3.93% Senior Notes 10/10/2026 \| Non-public \| 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 \| Non-public \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.96%
Long-term debt, gross	$ 150,000	$ 150,000

Commodity Derivative Instruments - Summary of Outstanding Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Commodity derivative instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of outstanding commodity derivative instruments	$ 20,076	$ 61,128

Property, Plant and Equipment, Net

9 Months Ended

Sep. 29, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

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


(in thousands)	September 29, 2023		December 31, 2022		Estimated Useful Lives
Land	$	99,790	$	88,185
Buildings	354,509		352,114		8-50 years
Machinery and equipment	483,003		462,640		5-20 years
Transportation equipment	538,446		515,752		3-20 years
Furniture and fixtures	101,327		102,099		3-10 years
Cold drink dispensing equipment	441,132		438,879		3-17 years
Leasehold and land improvements	168,617		177,940		5-20 years
Software for internal use	48,670		48,581		3-10 years
Construction in progress	106,878		103,803
Total property, plant and equipment, at cost	2,342,372		2,289,993
Less: Accumulated depreciation and amortization	1,137,529		1,106,263
Property, plant and equipment, net	$	1,204,843	$	1,183,730

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 92,093	$ 118,761	$ 332,539	$ 311,713

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Leases - Summary of Balances Related to Leases within Condensed Consolidated Statement of Cash Flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Cash flows from operating activities impact:
Operating leases	$ 24,666	$ 21,502
Interest payments on financing lease obligations	346	753
Total cash flows from operating activities impact	25,012	22,255
Cash flows from financing activities impact:
Principal payments on financing lease obligations	1,712	2,441
Total cash flows from financing activities impact	$ 1,712	$ 2,441

Related Party Transactions (Tables)

9 Months Ended

Sep. 29, 2023

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:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Payments made by the Company to The Coca-Cola Company(1)	$	552,154	$	481,021	$	1,544,872	$	1,411,300
Payments made by The Coca-Cola Company to the Company	67,890		67,540		170,824		187,810

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 expected acquisition related sub-bottling payments to CCR:


(in thousands)	September 29, 2023		December 31, 2022
Current portion of acquisition related contingent consideration	$	55,355	$	40,060
Noncurrent portion of acquisition related contingent consideration	550,295		501,431
Total acquisition related contingent consideration	$	605,650	$	541,491

Summary of Rental Payments Related to Leases

A summary of rental payments for related party leases for the third quarter and the first nine months of 2023 and 2022 is as follows:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Company headquarters	$	983	$	963	$	2,949	$	2,890
Snyder Production Center(1)	—		—		—		927

Cover - shares	9 Months Ended
Cover - shares	Sep. 29, 2023	Oct. 20, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2023
Document Transition Report	false
Entity File Number	0-9286
Entity Registrant Name	COCA-COLA CONSOLIDATED, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-0950585
Entity Address, Address Line One	4100 Coca‑Cola Plaza
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28211
City Area Code	(980)
Local Phone Number	392-8298
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	COKE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000317540
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,368,993
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,004,696

Long-Term Debt - Summary of Debt, Footnotes (Details) - USD ($)	Sep. 29, 2023	Jul. 09, 2021
3.80% Senior Notes 11/25/2025 \| Public \| Senior Notes
Debt Instrument [Line Items]
Senior notes, issued at par percentage	99.975%
2021 Revolving Credit Facility Agreement \| Non-public \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate maximum borrowing capacity		$ 500,000,000

Fair Values of Financial Instruments

9 Months Ended

Sep. 29, 2023

Fair Value Disclosures [Abstract]

Fair Values of Financial Instruments

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

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

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

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

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

Financial Instrument

Fair Value
Level

Methods and Assumptions

Deferred compensation plan assets and liabilities

Level 1

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

Commodity derivative instruments

Level 2

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

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 weighted average cost of capital (“WACC”) derived from market data.

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


	September 29, 2023
(in thousands)	Carrying Amount		Total Fair Value		Fair Value Level 1		Fair Value Level 2		Fair Value Level 3
Assets:
Deferred compensation plan assets	$	58,817	$	58,817	$	58,817	$	—	$	—
Commodity derivative instruments	1,080		1,080		—		1,080		—
Liabilities:
Deferred compensation plan liabilities	58,817		58,817		58,817		—		—

Long-term debt	599,123		568,900		—		568,900		—
Acquisition related contingent consideration	605,650		605,650		—		—		605,650


	December 31, 2022
(in thousands)	Carrying Amount		Total Fair Value		Fair Value Level 1		Fair Value Level 2		Fair Value Level 3
Assets:
Deferred compensation plan assets	$	51,257	$	51,257	$	51,257	$	—	$	—
Commodity derivative instruments	4,808		4,808		—		4,808		—
Liabilities:
Deferred compensation plan liabilities	51,257		51,257		51,257		—		—
Long-term debt	598,817		575,900		—		575,900		—
Acquisition related contingent consideration	541,491		541,491		—		—		541,491

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 acquisition related sub-bottling payments to fair value by discounting future expected acquisition related sub-bottling payments required under the CBA using the Company’s estimated WACC.

The future expected acquisition related 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 acquisition related sub-bottling payments that will be made in the future under the CBA, and current acquisition related 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:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Beginning balance - Level 3 liability	$	594,389	$	522,259	$	541,491	$	542,105
Payments of acquisition related contingent consideration	(7,603)		(9,711)		(20,979)		(28,421)
Reclassification to current payables	—		1,800		(900)		2,100
Increase in fair value	18,864		22,568		86,038		21,132
Ending balance - Level 3 liability	$	605,650	$	536,916	$	605,650	$	536,916

As of September 29, 2023 and September 30, 2022, discount rates of 9.2% and 9.3%, respectively, 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 the first nine months of 2023 was primarily driven by higher projections of future cash flows in the distribution territories subject to acquisition related sub-bottling payments. This fair value adjustment was recorded in other expense, net in the condensed consolidated statement of operations for the first nine months of 2023.

For the next five future years, the Company anticipates that the amount it could pay annually under the acquisition related contingent consideration arrangements for the distribution territories subject to acquisition related sub-bottling payments will be in the range of approximately $45 million to $65 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

Inventories (Tables)

9 Months Ended

Sep. 29, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Finished products	$	211,128	$	211,089
Manufacturing materials	63,939		89,300
Plastic shells, plastic pallets and other inventories	45,334		47,156
Total inventories	$	320,401	$	347,545

Supply Chain Finance Program (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Outstanding obligation current	$ 50,500	$ 44,200

Leases - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Population of Leases (Details)	Sep. 29, 2023	Dec. 31, 2022
Operating leases
Weighted average remaining lease term (in years)	6 years 9 months 18 days	7 years 2 months 12 days
Weighted average discount rate	3.70%	3.60%
Financing leases
Weighted average remaining lease term (in years)	3 years 8 months 12 days	4 years 3 months 18 days
Weighted average discount rate	5.20%	5.20%

Fair Values of Financial Instruments - Summary of Acquisition Related Contingent Consideration Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Business Combination, Contingent Consideration, Liability [Roll Forward]
Payments of acquisition related contingent consideration			$ (20,979)	$ (28,421)
Increase in fair value			86,038	21,132
Level 3
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance - Level 3 liability	$ 594,389	$ 522,259	541,491	542,105
Payments of acquisition related contingent consideration	(7,603)	(9,711)	(20,979)	(28,421)
Reclassification to current payables	0	1,800	(900)	2,100
Increase in fair value	18,864	22,568	86,038	21,132
Ending balance - Level 3 liability	$ 605,650	$ 536,916	$ 605,650	$ 536,916

Leases

9 Months Ended

Sep. 29, 2023

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:


	September 29, 2023		December 31, 2022
Weighted average remaining lease term:
Operating leases	6.8 years		7.2 years
Financing leases	3.7 years		4.3 years
Weighted average discount rate:
Operating leases	3.7	%	3.6	%
Financing leases	5.2	%	5.2	%

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


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Operating lease costs	$	8,293	$	7,750	$	24,871	$	22,389
Short-term and variable leases	4,151		3,731		11,942		11,006
Depreciation expense from financing leases	413		411		1,235		1,903
Interest expense on financing lease obligations	109		139		346		753
Total lease cost	$	12,966	$	12,031	$	38,394	$	36,051

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a

summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 29, 2023:


(in thousands)	Operating Leases		Financing Leases
Remainder of 2023	$	7,690	$	692
2024	28,915		2,808
2025	22,940		2,869
2026	19,773		1,233
2027	17,487		338
Thereafter	51,741		965
Total minimum lease payments including interest	$	148,546	$	8,905
Less: Amounts representing interest	18,894		795
Present value of minimum lease principal payments	129,652		8,110
Less: Current portion of lease liabilities	26,074		2,440
Noncurrent portion of lease liabilities	$	103,578	$	5,670

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2022:


(in thousands)	Operating Leases		Financing Leases
2023	$	31,697	$	2,750
2024	27,663		2,808
2025	21,628		2,869
2026	19,036		1,233
2027	17,227		338
Thereafter	51,372		966
Total minimum lease payments including interest	$	168,623	$	10,964
Less: Amounts representing interest	22,225		1,142
Present value of minimum lease principal payments	146,398		9,822
Less: Current portion of lease liabilities	27,635		2,303
Noncurrent portion of lease liabilities	$	118,763	$	7,519

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


	First Nine Months
(in thousands)	2023		2022
Cash flows from operating activities impact:
Operating leases	$	24,666	$	21,502
Interest payments on financing lease obligations	346		753
Total cash flows from operating activities impact	$	25,012	$	22,255

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	1,712	$	2,441
Total cash flows from financing activities impact	$	1,712	$	2,441

Leases

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


	September 29, 2023		December 31, 2022
Weighted average remaining lease term:
Operating leases	6.8 years		7.2 years
Financing leases	3.7 years		4.3 years
Weighted average discount rate:
Operating leases	3.7	%	3.6	%
Financing leases	5.2	%	5.2	%

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


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Operating lease costs	$	8,293	$	7,750	$	24,871	$	22,389
Short-term and variable leases	4,151		3,731		11,942		11,006
Depreciation expense from financing leases	413		411		1,235		1,903
Interest expense on financing lease obligations	109		139		346		753
Total lease cost	$	12,966	$	12,031	$	38,394	$	36,051

summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 29, 2023:


(in thousands)	Operating Leases		Financing Leases
Remainder of 2023	$	7,690	$	692
2024	28,915		2,808
2025	22,940		2,869
2026	19,773		1,233
2027	17,487		338
Thereafter	51,741		965
Total minimum lease payments including interest	$	148,546	$	8,905
Less: Amounts representing interest	18,894		795
Present value of minimum lease principal payments	129,652		8,110
Less: Current portion of lease liabilities	26,074		2,440
Noncurrent portion of lease liabilities	$	103,578	$	5,670

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2022:


(in thousands)	Operating Leases		Financing Leases
2023	$	31,697	$	2,750
2024	27,663		2,808
2025	21,628		2,869
2026	19,036		1,233
2027	17,227		338
Thereafter	51,372		966
Total minimum lease payments including interest	$	168,623	$	10,964
Less: Amounts representing interest	22,225		1,142
Present value of minimum lease principal payments	146,398		9,822
Less: Current portion of lease liabilities	27,635		2,303
Noncurrent portion of lease liabilities	$	118,763	$	7,519

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


	First Nine Months
(in thousands)	2023		2022
Cash flows from operating activities impact:
Operating leases	$	24,666	$	21,502
Interest payments on financing lease obligations	346		753
Total cash flows from operating activities impact	$	25,012	$	22,255

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	1,712	$	2,441
Total cash flows from financing activities impact	$	1,712	$	2,441

Segments - Summary of Financial Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Net sales:
Consolidated net sales	$ 1,712,428	$ 1,628,589	$ 5,022,902	$ 4,628,162
Income from operations:
Consolidated income from operations	216,260	189,930	655,984	468,208
Depreciation and amortization:
Consolidated depreciation and amortization	44,111	42,531	131,296	128,383
Operating Segments \| Nonalcoholic Beverages
Net sales:
Consolidated net sales	1,691,060	1,600,065	4,951,334	4,535,300
Income from operations:
Consolidated income from operations	217,405	189,218	661,395	467,788
Depreciation and amortization:
Consolidated depreciation and amortization	41,003	39,578	122,262	119,635
Operating Segments \| All Other
Net sales:
Consolidated net sales	93,636	101,136	281,186	303,209
Income from operations:
Consolidated income from operations	(1,145)	712	(5,411)	420
Depreciation and amortization:
Consolidated depreciation and amortization	3,108	2,953	9,034	8,748
Eliminations
Net sales:
Consolidated net sales	$ (72,268)	$ (72,612)	$ (209,618)	$ (210,347)

Supplemental Disclosures of Cash Flow Information - Summary of Changes in Current Assets and Current Liabilities Affecting Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Accounts receivable, trade	$ (26,086)	$ (84,756)
Allowance for doubtful accounts	2,015	(1,719)
Accounts receivable from The Coca‑Cola Company	(19,911)	10,992
Accounts receivable, other	1,779	(36,290)
Inventories	27,144	(10,848)
Prepaid expenses and other current assets	2,954	(13,891)
Accounts payable, trade	7,628	18,927
Accounts payable to The Coca‑Cola Company	17,904	44,214
Other accrued liabilities	20,401	(780)
Accrued compensation	(1,202)	10,698
Accrued interest payable	3,165	1,796
Change in current assets less current liabilities	$ 35,791	$ (61,657)

Distribution Agreements, Net - Narrative (Details) - Distribution agreements, net	Sep. 29, 2023
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	20 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	40 years

Customer Lists, Net

9 Months Ended

Sep. 29, 2023

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 20 to 40 years, consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Distribution agreements at cost	$	990,191	$	990,191
Less: Accumulated amortization	166,825		148,156
Distribution agreements, net	$	823,366	$	842,035

Following is a summary of activity for distribution agreements, net during the first nine months of 2023 and the first nine months of 2022:


	First Nine Months
(in thousands)	2023		2022
Beginning balance - distribution agreements, net	$	842,035	$	836,777
Other distribution agreements	—		30,149
Additional accumulated amortization	(18,669)		(18,669)
Ending balance - distribution agreements, net	$	823,366	$	848,257

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)	September 29, 2023		December 31, 2022
Customer lists at cost	$	25,288	$	25,288
Less: Accumulated amortization	17,384		16,123
Customer lists, net	$	7,904	$	9,165

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 29, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pension and Postretirement Benefit Obligations

9 Months Ended

Sep. 29, 2023

Retirement Benefits [Abstract]

Pension and Postretirement Benefit Obligations

Pension Plans

The Company has historically sponsored two 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.

In 2022, the Company began the process of terminating the Primary Plan. In connection with the termination process, the Company offered a lump sum benefit payout option to certain plan participants. During the second quarter of 2023, payments were made to those participants who selected the lump sum benefit payout option. The Company recognized a settlement expense of $39.8 million in the second quarter of 2023 related primarily to pre-tax actuarial losses associated with the lump sum benefit payments that were reclassified out of accumulated other comprehensive income (loss).

The remaining assets of the Primary Plan were used to purchase a group annuity contract that transferred the remaining Primary Plan benefit liabilities to an insurance company during the third quarter of 2023. Upon full settlement of the Primary Plan benefit liabilities, the remainder of the gross actuarial losses associated with the Primary Plan were reclassified out of accumulated other

comprehensive income (loss), resulting in a settlement expense of $77.3 million during the third quarter of 2023. There was no remaining liability for the unfunded portion of the Primary Plan as of September 29, 2023.

As of September 29, 2023, there were no gross actuarial losses included in accumulated other comprehensive income (loss) associated with the Primary Plan. As of December 31, 2022, there were approximately $117 million of gross actuarial losses included in accumulated other comprehensive income (loss) associated with the Primary Plan.

The components of total pension expense were as follows:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Service cost	$	1,099	$	1,860	$	3,298	$	5,581
Interest cost	517		2,659		7,533		7,977
Expected return on plan assets	(609)		(2,036)		(6,437)		(6,107)
Recognized net actuarial loss	—		989		1,946		2,966
Amortization of prior service cost	4		—		12		—
Net periodic pension cost	1,011		3,472		6,352		10,417
Settlement expense	77,319		—		117,096		—
Total pension expense	$	78,330	$	3,472	$	123,448	$	10,417

The Company contributed $12.0 million to fund the termination of the Primary Plan during the first nine months of 2023. The Company contributed $4.3 million to the Bargaining Plan during the first nine months of 2023 to fund the ongoing projected benefit obligation of the Bargaining Plan. The Company does not anticipate making additional contributions to the Bargaining Plan during the fourth quarter of 2023.

Postretirement Benefits

The Company provides postretirement benefits for employees meeting specified qualifying 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 components of net periodic postretirement benefit cost were as follows:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Service cost	$	294	$	383	$	882	$	1,150
Interest cost	697		474		2,092		1,423
Recognized net actuarial loss	—		92		—		275
Net periodic postretirement benefit cost	$	991	$	949	$	2,974	$	2,848

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Liabilities

9 Months Ended

Sep. 29, 2023

Other Liabilities Disclosure [Abstract]

Other Liabilities

Other liabilities consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Noncurrent portion of acquisition related contingent consideration	$	550,295	$	501,431
Accruals for executive benefit plans	143,503		137,771
Noncurrent deferred proceeds from related parties	100,942		103,240
Other	8,809		10,915
Total other liabilities	$	803,549	$	753,357

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 29, 2023

Prepaid Expense and Other Assets [Abstract]

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Repair parts	$	35,304	$	35,088
Prepaid software	8,629		7,398
Prepaid taxes	6,918		7,829
Prepaid marketing	5,499		4,303
Commodity hedges at fair market value	1,080		4,808
Other prepaid expenses and other current assets	33,879		34,837
Total prepaid expenses and other current assets	$	91,309	$	94,263

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Shares converted (in shares)				1,227,546
Common Stock
Dividends declared (in dollars per share)	$ 0.50	$ 0.25	$ 1.00	$ 0.75
Class B Common Stock
Dividends declared (in dollars per share)	$ 0.50	$ 0.25	$ 1.00	$ 0.75

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 29, 2023

Equity [Abstract]

Summary of Accumulated Other Comprehensive (Loss)

Following is a summary of AOCI(L) for the third quarter of 2023 and the third quarter of 2022:


(in thousands)	June 30, 2023		Pre-tax Activity		Tax Effect		September 29, 2023
Net pension activity:
Actuarial loss	$	(72,626)	$	1,567	$	(384)	$	(71,443)
Prior service costs	(99)		4		(1)		(96)
Pension plan settlement(1)	30,041		77,319		(36,202)		71,158
Net postretirement benefits activity:
Actuarial gain	6,752		—		—		6,752
Prior service costs	(624)		—		—		(624)
Reclassification of stranded tax effects(1)	(19,720)		—		14,911		(4,809)
Total AOCI(L)	$	(56,276)	$	78,890	$	(21,676)	$	938

(1)The stranded tax effect activity for the third quarter of 2023 is associated with the full settlement of the Primary Plan benefit liabilities.


(in thousands)	July 1, 2022		Pre-tax Activity		Tax Effect		September 30, 2022
Net pension activity:
Actuarial loss	$	(77,391)	$	989	$	(243)	$	(76,645)
Prior service credits	11		—		—		11
Net postretirement benefits activity:
Actuarial loss	(1,101)		92		(23)		(1,032)
Prior service costs	(624)		—		—		(624)
Foreign currency translation adjustment	(9)		—		—		(9)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(98,834)	$	1,081	$	(266)	$	(98,019)

Following is a summary of AOCI(L) for the first nine months of 2023 and the first nine months of 2022:


(in thousands)	December 31, 2022		Pre-tax Activity		Tax Effect		September 29, 2023
Net pension activity:
Actuarial loss	$	(71,140)	$	(401)	$	98	$	(71,443)
Prior service costs	(105)		12		(3)		(96)
Pension plan settlement	—		117,096		(45,938)		71,158
Net postretirement benefits activity:
Actuarial gain	6,752		—		—		6,752
Prior service costs	(624)		—		—		(624)
Reclassification of stranded tax effects	(19,720)		—		14,911		(4,809)
Total AOCI(L)	$	(84,837)	$	116,707	$	(30,932)	$	938


(in thousands)	December 31, 2021		Pre-tax Activity		Tax Effect		September 30, 2022
Net pension activity:
Actuarial loss	$	(78,882)	$	2,966	$	(729)	$	(76,645)
Prior service credits	11		—		—		11
Net postretirement benefits activity:
Actuarial loss	(1,239)		275		(68)		(1,032)
Prior service costs	(624)		—		—		(624)
Foreign currency translation adjustment	(9)		—		—		(9)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(100,463)	$	3,241	$	(797)	$	(98,019)

Customer Lists, Net (Tables)

9 Months Ended

Sep. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Customer Lists, Net

Distribution agreements, net, which are amortized on a straight-line basis and have an estimated useful life of 20 to 40 years, consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Distribution agreements at cost	$	990,191	$	990,191
Less: Accumulated amortization	166,825		148,156
Distribution agreements, net	$	823,366	$	842,035

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)	September 29, 2023		December 31, 2022
Customer lists at cost	$	25,288	$	25,288
Less: Accumulated amortization	17,384		16,123
Customer lists, net	$	7,904	$	9,165

Property, Plant and Equipment, Net (Tables)

9 Months Ended

Sep. 29, 2023

Property, Plant and Equipment [Abstract]

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

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


(in thousands)	September 29, 2023		December 31, 2022		Estimated Useful Lives
Land	$	99,790	$	88,185
Buildings	354,509		352,114		8-50 years
Machinery and equipment	483,003		462,640		5-20 years
Transportation equipment	538,446		515,752		3-20 years
Furniture and fixtures	101,327		102,099		3-10 years
Cold drink dispensing equipment	441,132		438,879		3-17 years
Leasehold and land improvements	168,617		177,940		5-20 years
Software for internal use	48,670		48,581		3-10 years
Construction in progress	106,878		103,803
Total property, plant and equipment, at cost	2,342,372		2,289,993
Less: Accumulated depreciation and amortization	1,137,529		1,106,263
Property, plant and equipment, net	$	1,204,843	$	1,183,730

Other Liabilities (Tables)

9 Months Ended

Sep. 29, 2023

Other Liabilities Disclosure [Abstract]

Summary of Other Liabilities

Other liabilities consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Noncurrent portion of acquisition related contingent consideration	$	550,295	$	501,431
Accruals for executive benefit plans	143,503		137,771
Noncurrent deferred proceeds from related parties	100,942		103,240
Other	8,809		10,915
Total other liabilities	$	803,549	$	753,357

Fair Values of Financial Instruments - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 29, 2023 USD ($)	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time period for acquisition related contingent consideration arrangements	5 years
Amount payable annually under acquisition related contingent consideration arrangements, value, low	$ 45
Amount payable annually under acquisition related contingent consideration arrangements, value, high	$ 65
Fair Value Level 3 \| Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisition related contingent consideration liability, measurement input percentage	0.092	0.093
Distribution Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated useful life (in years)	40 years

Long-Term Debt (Tables)

9 Months Ended

Sep. 29, 2023

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	September 29, 2023		December 31, 2022
Senior bonds(1)	11/25/2025	3.80%	Semi-annually	Public	$	350,000	$	350,000
Revolving credit facility(2)(3)	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(1)	11/25/2025				(19)		(26)
Debt issuance costs					(858)		(1,157)
Total long-term debt					$	599,123	$	598,817

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

(2)The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million. The Company currently believes all banks participating in the revolving credit facility have the ability to and will meet any funding requests from the Company.

(3)During the first nine months of 2023, the Company amended its revolving credit facility to complete the transition of the interest rate index from the London InterBank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR), as contemplated in the revolving credit facility.

- 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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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Net sales	$ 1,712,428	$ 1,628,589	$ 5,022,902	$ 4,628,162
Cost of sales	1,050,878	1,007,482	3,065,669	2,948,820
Gross profit	661,550	621,107	1,957,233	1,679,342
Selling, delivery and administrative expenses	445,290	431,177	1,301,249	1,211,134
Income from operations	216,260	189,930	655,984	468,208
Interest (income) expense, net	(1,516)	6,083	2,766	20,928
Pension plan settlement expense	77,319	0	117,096	0
Other expense, net	19,473	24,746	91,184	27,666
Income before taxes	120,984	159,101	444,938	419,614
Income tax expense	28,891	40,340	112,399	107,901
Net income	$ 92,093	$ 118,761	$ 332,539	$ 311,713
Common Stock
Basic net income per share:
Common Stock (in dollars per share)	$ 9.82	$ 12.67	$ 35.47	$ 33.25
Weighted average number of Common Stock shares outstanding (in shares)	8,369	8,369	8,369	8,032
Diluted net income per share:
Common Stock (in dollars per share)	$ 9.80	$ 12.63	$ 35.38	$ 33.13
Weighted average number of Common Stock shares outstanding - assuming dilution (in shares)	9,395	9,406	9,398	9,410
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.50	$ 0.25	$ 4.50	$ 0.75
Class B Common Stock
Basic net income per share:
Common Stock (in dollars per share)	$ 9.82	$ 12.67	$ 35.47	$ 33.29
Weighted average number of Common Stock shares outstanding (in shares)	1,005	1,005	1,005	1,342
Diluted net income per share:
Common Stock (in dollars per share)	$ 9.79	$ 12.62	$ 35.29	$ 33.15
Weighted average number of Common Stock shares outstanding - assuming dilution (in shares)	1,026	1,037	1,029	1,378
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.50	$ 0.25	$ 4.50	$ 0.75

Pension and Postretirement Benefit Obligations - Components of Net Periodic Postretirement Benefit Cost (Details) - Postretirement Benefits - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 294	$ 383	$ 882	$ 1,150
Interest cost	697	474	2,092	1,423
Recognized net actuarial loss	0	92	0	275
Net periodic postretirement benefit cost	$ 991	$ 949	$ 2,974	$ 2,848

Distribution Agreements, Net (Tables)

9 Months Ended

Sep. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Distribution Agreements, Net

Distribution agreements, net, which are amortized on a straight-line basis and have an estimated useful life of 20 to 40 years, consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Distribution agreements at cost	$	990,191	$	990,191
Less: Accumulated amortization	166,825		148,156
Distribution agreements, net	$	823,366	$	842,035

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)	September 29, 2023		December 31, 2022
Customer lists at cost	$	25,288	$	25,288
Less: Accumulated amortization	17,384		16,123
Customer lists, net	$	7,904	$	9,165

Summary of Reconciliation of Activity for Distribution Agreements, Net

Following is a summary of activity for distribution agreements, net during the first nine months of 2023 and the first nine months of 2022:


	First Nine Months
(in thousands)	2023		2022
Beginning balance - distribution agreements, net	$	842,035	$	836,777
Other distribution agreements	—		30,149
Additional accumulated amortization	(18,669)		(18,669)
Ending balance - distribution agreements, net	$	823,366	$	848,257

Other Accrued Liabilities

9 Months Ended

Sep. 29, 2023

Payables and Accruals [Abstract]

Other Accrued Liabilities

Other accrued liabilities consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Current portion of acquisition related contingent consideration	$	55,355	$	40,060
Accrued insurance costs	54,025		54,180
Accrued marketing costs	38,179		33,375
Employee and retiree benefit plan accruals	33,986		31,711
Accrued taxes (other than income taxes)	8,076		7,127
All other accrued expenses	29,080		31,847
Total other accrued liabilities	$	218,701	$	198,300

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished products	$ 211,128	$ 211,089
Manufacturing materials	63,939	89,300
Plastic shells, plastic pallets and other inventories	45,334	47,156
Total inventories	$ 320,401	$ 347,545

Long-Term Debt - Narrative (Details)	9 Months Ended
Long-Term Debt - Narrative (Details)	Sep. 29, 2023 USD ($) financial_covenant
Debt Disclosure [Abstract]
Number of financial covenants \| financial_covenant	2
Debt issued by subsidiaries	$ 0
Guarantees of company debt	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 29, 2023	Dec. 31, 2022
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)	11,431,367	11,431,367
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)	1,632,810	1,632,810
Treasury stock, shares (in shares)	628,114	628,114

Pension and Postretirement Benefit Obligations - Summary of Components of Total Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 29, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]
Pension plan settlement expense	$ 77,319	$ 39,800	$ 0	$ 117,096	$ 0
Total pension expense	78,330		3,472	123,448	10,417
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,099		1,860	3,298	5,581
Interest cost	517		2,659	7,533	7,977
Expected return on plan assets	(609)		(2,036)	(6,437)	(6,107)
Recognized net actuarial loss	0		989	1,946	2,966
Amortization of prior service cost	4		0	12	0
Net periodic postretirement benefit cost	$ 1,011		$ 3,472	$ 6,352	$ 10,417

Supply Chain Finance Program	9 Months Ended
Supply Chain Finance Program	Sep. 29, 2023
Commitments and Contingencies Disclosure [Abstract]
Supply Chain Finance Program	Supply Chain Finance ProgramThe Company has an agreement with a third-party financial institution to facilitate a supply chain finance (“SCF”) program, which allows qualifying suppliers to sell their receivables from the Company to the financial institution. The participating suppliers negotiate their outstanding receivable arrangements and associated fees directly with the financial institution, and the Company is not party to those agreements. Once a qualifying supplier elects to participate in the SCF program and reaches an agreement with the financial institution, the supplier elects which individual Company invoices it sells to the financial institution. The supplier invoices that have been confirmed as valid under the SCF program require payment in full by the financial institution to the supplier by the original maturity date of the invoice, or discounted payment at an earlier date as agreed upon with the supplier. The Company’s obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by a supplier’s participation in the SCF program.All outstanding amounts related to suppliers participating in the SCF program are recorded in accounts payable, trade in the condensed consolidated balance sheets, and associated payments are included in operating activities in the condensed consolidated statements of cash flows. The Company’s outstanding confirmed obligations included in accounts payable, trade in the condensed consolidated balance sheets were $50.5 million as of September 29, 2023 and $44.2 million as of December 31, 2022.

Net Income Per Share - Summary of Computation of Basic Net Income Per Share and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income	$ 92,093	$ 118,761	$ 332,539	$ 311,713
Less dividends:
Total undistributed earnings – basic	87,406	116,418	290,357	304,683
Total undistributed earnings – diluted	87,406	116,418	$ 290,357	$ 304,683
Diluted net income per share:
Percentage undistributed earnings allocated to common stock diluted			100.00%	100.00%
Anti-dilutive shares (in shares)			0	0
Common Stock
Less dividends:
Common Stock	4,184	2,092	$ 37,660	$ 5,970
Total undistributed earnings – basic	78,035	103,937	259,227	261,064
Total undistributed earnings – diluted	77,861	103,583	258,565	260,065
Numerator for basic net income per Common Stock share:
Numerator for basic net income per Common Stock share	82,219	106,029	296,887	267,034
Numerator for diluted net income per Common Stock share:
Numerator for diluted net income per Common Stock share	$ 92,093	$ 118,761	$ 332,539	$ 311,713
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic (in shares)	8,369,000	8,369,000	8,369,000	8,032,000
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted (assuming conversion of Class B Common Stock to Common Stock) (in shares)	9,395,000	9,406,000	9,398,000	9,410,000
Basic net income per share:
Common Stock (in dollars per share)	$ 9.82	$ 12.67	$ 35.47	$ 33.25
Diluted net income per share:
Common Stock (in dollars per share)	$ 9.80	$ 12.63	$ 35.38	$ 33.13
Class B Common Stock
Less dividends:
Common Stock	$ 503	$ 251	$ 4,522	$ 1,060
Total undistributed earnings – basic	9,371	12,481	31,130	43,619
Total undistributed earnings – diluted	9,545	12,835	31,792	44,618
Numerator for basic net income per Common Stock share:
Numerator for basic net income per Common Stock share	9,874	12,732	35,652	44,679
Numerator for diluted net income per Common Stock share:
Numerator for diluted net income per Common Stock share	$ 10,048	$ 13,086	$ 36,314	$ 45,678
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic (in shares)	1,005,000	1,005,000	1,005,000	1,342,000
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted (assuming conversion of Class B Common Stock to Common Stock) (in shares)	1,026,000	1,037,000	1,029,000	1,378,000
Basic net income per share:
Common Stock (in dollars per share)	$ 9.82	$ 12.67	$ 35.47	$ 33.29
Diluted net income per share:
Common Stock (in dollars per share)	$ 9.79	$ 12.62	$ 35.29	$ 33.15

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 29, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Company's Purchases from Manufacturing Cooperatives

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


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Purchases from Southeastern	$	31,087	$	40,358	$	113,673	$	113,626
Purchases from SAC	47,505		48,585		150,217		144,513
Total purchases from manufacturing cooperatives	$	78,592	$	88,943	$	263,890	$	258,139

Commodity Derivative Instruments

9 Months Ended

Sep. 29, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Commodity Derivative Instruments

Commodity Derivative InstrumentsThe 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 this risk 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 condensed consolidated statements of cash flows. The following table summarizes pre-tax changes in the fair values of the Company’s commodity derivative instruments and the classification of such changes in the condensed consolidated statements of operations:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Cost of sales	$	(25)	$	1,100	$	(1,517)	$	(5,069)
Selling, delivery and administrative expenses	703		(4,711)		(2,211)		2,512
Total gain (loss)	$	678	$	(3,611)	$	(3,728)	$	(2,557)

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


(in thousands)	September 29, 2023		December 31, 2022

Prepaid expenses and other current assets	$	1,080	$	4,808

Total assets	$	1,080	$	4,808

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


(in thousands)	September 29, 2023		December 31, 2022
Gross commodity derivative instrument assets	$	1,080	$	4,808
Gross commodity derivative instrument liabilities	—		—

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

(in thousands)

September 29, 2023

December 31, 2022

Notional amount of outstanding commodity derivative instruments

20,076

61,128

Latest maturity date of outstanding commodity derivative instruments

December 2023

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 29, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) (“AOCI(L)”) is comprised of adjustments to the Company’s pension and postretirement medical benefit plans and the foreign currency translation for a subsidiary of the Company that performs data analysis and formerly provided consulting services outside the United States.

Following is a summary of AOCI(L) for the third quarter of 2023 and the third quarter of 2022:


(in thousands)	June 30, 2023		Pre-tax Activity		Tax Effect		September 29, 2023
Net pension activity:
Actuarial loss	$	(72,626)	$	1,567	$	(384)	$	(71,443)
Prior service costs	(99)		4		(1)		(96)
Pension plan settlement(1)	30,041		77,319		(36,202)		71,158
Net postretirement benefits activity:
Actuarial gain	6,752		—		—		6,752
Prior service costs	(624)		—		—		(624)
Reclassification of stranded tax effects(1)	(19,720)		—		14,911		(4,809)
Total AOCI(L)	$	(56,276)	$	78,890	$	(21,676)	$	938

(1)The stranded tax effect activity for the third quarter of 2023 is associated with the full settlement of the Primary Plan benefit liabilities.


(in thousands)	July 1, 2022		Pre-tax Activity		Tax Effect		September 30, 2022
Net pension activity:
Actuarial loss	$	(77,391)	$	989	$	(243)	$	(76,645)
Prior service credits	11		—		—		11
Net postretirement benefits activity:
Actuarial loss	(1,101)		92		(23)		(1,032)
Prior service costs	(624)		—		—		(624)
Foreign currency translation adjustment	(9)		—		—		(9)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(98,834)	$	1,081	$	(266)	$	(98,019)

Following is a summary of AOCI(L) for the first nine months of 2023 and the first nine months of 2022:


(in thousands)	December 31, 2022		Pre-tax Activity		Tax Effect		September 29, 2023
Net pension activity:
Actuarial loss	$	(71,140)	$	(401)	$	98	$	(71,443)
Prior service costs	(105)		12		(3)		(96)
Pension plan settlement	—		117,096		(45,938)		71,158
Net postretirement benefits activity:
Actuarial gain	6,752		—		—		6,752
Prior service costs	(624)		—		—		(624)
Reclassification of stranded tax effects	(19,720)		—		14,911		(4,809)
Total AOCI(L)	$	(84,837)	$	116,707	$	(30,932)	$	938


(in thousands)	December 31, 2021		Pre-tax Activity		Tax Effect		September 30, 2022
Net pension activity:
Actuarial loss	$	(78,882)	$	2,966	$	(729)	$	(76,645)
Prior service credits	11		—		—		11
Net postretirement benefits activity:
Actuarial loss	(1,239)		275		(68)		(1,032)
Prior service costs	(624)		—		—		(624)
Foreign currency translation adjustment	(9)		—		—		(9)
Reclassification of stranded tax effects	(19,720)		—		—		(19,720)
Total AOCI(L)	$	(100,463)	$	3,241	$	(797)	$	(98,019)

Distribution Agreements, Net - Summary of Reconciliation of Activity for Distribution Agreements, Net (Details) - Distribution agreements, net - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Finite-lived Intangible Assets [Roll Forward]
Beginning balance - distribution agreements, net	$ 842,035	$ 836,777
Other distribution agreements	0	30,149
Additional accumulated amortization	(18,669)	(18,669)
Ending balance - distribution agreements, net	$ 823,366	$ 848,257

Revenue Recognition - Summary of Activity for Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - allowance for credit losses	$ 13,119	$ 14,336
Additions charged to expenses and as a reduction to net sales	4,268	1,987
Deductions	(3,328)	(3,706)
Ending balance - allowance for credit losses	$ 14,059	$ 12,617

- Definition

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

+ References + Details

Pension and Postretirement Benefit Obligations - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 29, 2023 USD ($) benefit_plan	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 29, 2023 USD ($) benefit_plan	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Pension plan settlement expense	$ 77,319	$ 39,800	$ 0	$ 117,096	$ 0
Remaining liability, unfunded portion	$ 0			$ 0
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Number of company-sponsored pension plans \| benefit_plan	2			2
Pension Plans \| Primary Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses included in accumulated other comprehensive loss	$ 0			$ 0		$ 117,000
Employer contributions				12,000
Pension Plans \| Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions				4,300
Expected contributions	$ 0			$ 0

Revenue Recognition - Narrative (Details) $ in Millions	9 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Sep. 29, 2023 USD ($) category	Sep. 30, 2022	Dec. 31, 2022 USD ($)
Revenue From Contract With Customer [Line Items]
Number of sales categories \| category	2
Reserve for customer return \| $	$ 4.1		$ 3.0
Repair Service \| Minimum
Revenue From Contract With Customer [Line Items]
General period for completion of services	1 day
Repair Service \| Maximum
Revenue From Contract With Customer [Line Items]
General period for completion of services	1 month
Bottle/Can Sales
Revenue From Contract With Customer [Line Items]
Sales return estimated percentage (less than)	1.00%
Post-Mix and Other
Revenue From Contract With Customer [Line Items]
Sales return estimated percentage (less than)	1.00%
Revenue From Contract With Customer Benchmark \| Timing of Sale \| Point in Time Net Sales
Revenue From Contract With Customer [Line Items]
Sales percentage	98.00%	97.00%

Distribution Agreements, Net

9 Months Ended

Sep. 29, 2023

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 20 to 40 years, consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Distribution agreements at cost	$	990,191	$	990,191
Less: Accumulated amortization	166,825		148,156
Distribution agreements, net	$	823,366	$	842,035

Following is a summary of activity for distribution agreements, net during the first nine months of 2023 and the first nine months of 2022:


	First Nine Months
(in thousands)	2023		2022
Beginning balance - distribution agreements, net	$	842,035	$	836,777
Other distribution agreements	—		30,149
Additional accumulated amortization	(18,669)		(18,669)
Ending balance - distribution agreements, net	$	823,366	$	848,257

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)	September 29, 2023		December 31, 2022
Customer lists at cost	$	25,288	$	25,288
Less: Accumulated amortization	17,384		16,123
Customer lists, net	$	7,904	$	9,165

Distribution Agreements, Net - Summary of Distribution Agreements, Net (Details) - Distribution agreements, net - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Distribution agreements at cost	$ 990,191	$ 990,191
Less: Accumulated amortization	166,825	148,156
Distribution agreements, net	$ 823,366	$ 842,035	$ 848,257	$ 836,777

Other Accrued Liabilities - Summary of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Current portion of acquisition related contingent consideration	$ 55,355	$ 40,060
Accrued insurance costs	54,025	54,180
Accrued marketing costs	38,179	33,375
Employee and retiree benefit plan accruals	33,986	31,711
Accrued taxes (other than income taxes)	8,076	7,127
All other accrued expenses	29,080	31,847
Total other accrued liabilities	$ 218,701	$ 198,300

Customer Lists, Net - Summary of Customer Lists, Net (Details) - Customer lists, net - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Customer lists at cost	$ 25,288	$ 25,288
Less: Accumulated amortization	17,384	16,123
Distribution agreements, net	$ 7,904	$ 9,165

Long-Term Debt

9 Months Ended

Sep. 29, 2023

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	September 29, 2023		December 31, 2022
Senior bonds(1)	11/25/2025	3.80%	Semi-annually	Public	$	350,000	$	350,000
Revolving credit facility(2)(3)	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(1)	11/25/2025				(19)		(26)
Debt issuance costs					(858)		(1,157)
Total long-term debt					$	599,123	$	598,817

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

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

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 September 29, 2023. These covenants have not restricted, and are not expected to restrict, the Company’s 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 long-term 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Commodity Derivative Instruments (Tables)

9 Months Ended

Sep. 29, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Pre-tax Changes in Fair Value

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


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Cost of sales	$	(25)	$	1,100	$	(1,517)	$	(5,069)
Selling, delivery and administrative expenses	703		(4,711)		(2,211)		2,512
Total gain (loss)	$	678	$	(3,611)	$	(3,728)	$	(2,557)

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

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


(in thousands)	September 29, 2023		December 31, 2022

Prepaid expenses and other current assets	$	1,080	$	4,808

Total assets	$	1,080	$	4,808

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

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


(in thousands)	September 29, 2023		December 31, 2022
Gross commodity derivative instrument assets	$	1,080	$	4,808
Gross commodity derivative instrument liabilities	—		—

Summary of Outstanding Commodity Derivative Instruments

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

(in thousands)

September 29, 2023

December 31, 2022

Notional amount of outstanding commodity derivative instruments

20,076

61,128

Latest maturity date of outstanding commodity derivative instruments

December 2023

Commitments and Contingencies

9 Months Ended

Sep. 29, 2023

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 19.3 million cases and 20.1 million cases of finished product from SAC in the first nine months of 2023 and the first nine months of 2022, respectively.

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


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Purchases from Southeastern	$	31,087	$	40,358	$	113,673	$	113,626
Purchases from SAC	47,505		48,585		150,217		144,513
Total purchases from manufacturing cooperatives	$	78,592	$	88,943	$	263,890	$	258,139

The Company guarantees a portion of SAC’s debt, which expires in 2028. The amount guaranteed was $9.5 million on both September 29, 2023 and December 31, 2022. 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 the selling prices of its products to adequately mitigate the risk of material loss relating to the Company’s guarantee.

The Company holds no assets as collateral against the SAC guarantee, the fair value of which is immaterial to the condensed consolidated financial statements. The Company monitors its investment in SAC and would be required to write down its investment if an impairment, other than a temporary impairment, was identified. No impairment of the Company’s investment in SAC was identified as of September 29, 2023, and there was no impairment identified in 2022.

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 September 29, 2023 and December 31, 2022.

The Company participates in long-term marketing contractual arrangements with certain prestige properties, athletic venues and other locations. As of September 29, 2023, the future payments related to these contractual arrangements, which expire at various dates through 2033, amounted to $137.3 million.

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

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

Related Party Transactions - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended
	Jan. 01, 2022 USD ($)	Sep. 29, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 29, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Payments of acquisition related contingent consideration				$ 20,979	$ 28,421
Lease liability, operating lease		$ 129,652		$ 129,652		$ 146,398
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 (in days)				20 days
Long-Term Performance Equity Plan \| Selling, delivery and administrative expenses
Related Party Transaction [Line Items]
Selling, distribution and administrative expenses		$ 2,300	$ 2,300	$ 8,000	7,900
J. Frank Harrison, III
Related Party Transaction [Line Items]
Voting power of stock held by related party (as a percent)		71.00%		71.00%
J. Frank Harrison, III \| Class B Common Stock
Related Party Transaction [Line Items]
Voting power of stock held by related party (in shares) \| shares		1,004,394		1,004,394
The Coca-Cola Company
Related Party Transaction [Line Items]
Voting power of stock held by related party (as a percent)		9.00%		9.00%
Payments made to related party for concentrate syrup, sweetener, finished products and other purchases (as a percent)				0.80
The Coca-Cola Company \| Distribution agreements, net \| Agreement To Acquire Additional Distribution Rights
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 30,100
Estimated useful life (in years)	40 years
CCR \| Comprehensive Beverage Agreement
Related Party Transaction [Line Items]
Payments of acquisition related contingent consideration				$ 21,000	28,400
Southeastern Container \| Other Assets
Related Party Transaction [Line Items]
Equity investments		$ 21,800		21,800		21,200
SAC
Related Party Transaction [Line Items]
Proceeds from management fees received from SAC, classified as reduction of cost of sales				6,900	6,700
SAC \| Other Assets
Related Party Transaction [Line Items]
Equity investments		14,900		14,900		8,200
CCBSS
Related Party Transaction [Line Items]
Accounts receivable		19,500		19,500		25,700
CONA
Related Party Transaction [Line Items]
Service fees				20,600	$ 19,900
CONA \| Other Assets
Related Party Transaction [Line Items]
Equity investments		20,600		20,600		16,900
Beacon, Company Headquarters
Related Party Transaction [Line Items]
Lease liability, operating lease		$ 23,200		$ 23,200		$ 25,500

Segments (Tables)

9 Months Ended

Sep. 29, 2023

Segment Reporting [Abstract]

Summary of Financial Information by Segment

The Company’s segment results are as follows:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Net sales:
Nonalcoholic Beverages	$	1,691,060	$	1,600,065	$	4,951,334	$	4,535,300
All Other	93,636		101,136		281,186		303,209
Eliminations(1)	(72,268)		(72,612)		(209,618)		(210,347)
Consolidated net sales	$	1,712,428	$	1,628,589	$	5,022,902	$	4,628,162


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Income from operations:
Nonalcoholic Beverages	$	217,405	$	189,218	$	661,395	$	467,788
All Other	(1,145)		712		(5,411)		420
Consolidated income from operations	$	216,260	$	189,930	$	655,984	$	468,208

Depreciation and amortization:
Nonalcoholic Beverages	$	41,003	$	39,578	$	122,262	$	119,635
All Other	3,108		2,953		9,034		8,748
Consolidated depreciation and amortization	$	44,111	$	42,531	$	131,296	$	128,383

Segments - Narrative (Details)	9 Months Ended
Segments - Narrative (Details)	Sep. 29, 2023 segment
Segment Reporting Information [Line Items]
Number of operating segments	3
All Other
Segment Reporting Information [Line Items]
Number of operating segments	2

Related Party Transactions - Summary of Significant Transactions between Company and the Coca-cola Company (Details) - The Coca-Cola Company - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Payments made by the company to the coca-cola company	$ 552,154	$ 481,021	$ 1,544,872	$ 1,411,300
Payments made by The Coca-Cola Company to the Company	$ 67,890	$ 67,540	$ 170,824	$ 187,810

Customer Lists, Net - Narrative (Details) - Customer lists, net	Sep. 29, 2023
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	12 years

Commodity Derivative Instruments - Summary of Pre-tax Changes in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	$ 678	$ (3,611)	$ (3,728)	$ (2,557)
Commodity derivative instruments \| Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	(25)	1,100	(1,517)	(5,069)
Commodity derivative instruments \| Selling, delivery and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	$ 703	$ (4,711)	$ (2,211)	$ 2,512

Other Accrued Liabilities (Tables)

9 Months Ended

Sep. 29, 2023

Payables and Accruals [Abstract]

Summary of Other Accrued Liabilities

Other accrued liabilities consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Current portion of acquisition related contingent consideration	$	55,355	$	40,060
Accrued insurance costs	54,025		54,180
Accrued marketing costs	38,179		33,375
Employee and retiree benefit plan accruals	33,986		31,711
Accrued taxes (other than income taxes)	8,076		7,127
All other accrued expenses	29,080		31,847
Total other accrued liabilities	$	218,701	$	198,300

Income Taxes	9 Months Ended
Income Taxes	Sep. 29, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate was 25.3% for the first nine months of 2023 and 25.7% for the first nine months of 2022. The Company’s income tax expense was $112.4 million for the first nine months of 2023 and $107.9 million for the first nine months of 2022. The increase in income tax expense was primarily attributable to higher income before taxes during the first nine months of 2023 compared to the first nine months of 2022. The Company had uncertain tax positions, including accrued interest, of $0.4 million on September 29, 2023 and $0.3 million on December 31, 2022, 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 material impact on the condensed consolidated financial statements. Prior tax years beginning in year 2019 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Values of Financial Instruments (Tables)

9 Months Ended

Sep. 29, 2023

Fair Value Disclosures [Abstract]

Summary of Methods and Assumptions Used in Estimating Fair Value

Financial Instrument

Fair Value
Level

Methods and Assumptions

Deferred compensation plan assets and liabilities

Level 1

Commodity derivative instruments

Level 2

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 weighted average cost of capital (“WACC”) derived from market data.

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


	September 29, 2023
(in thousands)	Carrying Amount		Total Fair Value		Fair Value Level 1		Fair Value Level 2		Fair Value Level 3
Assets:
Deferred compensation plan assets	$	58,817	$	58,817	$	58,817	$	—	$	—
Commodity derivative instruments	1,080		1,080		—		1,080		—
Liabilities:
Deferred compensation plan liabilities	58,817		58,817		58,817		—		—

Long-term debt	599,123		568,900		—		568,900		—
Acquisition related contingent consideration	605,650		605,650		—		—		605,650


	December 31, 2022
(in thousands)	Carrying Amount		Total Fair Value		Fair Value Level 1		Fair Value Level 2		Fair Value Level 3
Assets:
Deferred compensation plan assets	$	51,257	$	51,257	$	51,257	$	—	$	—
Commodity derivative instruments	4,808		4,808		—		4,808		—
Liabilities:
Deferred compensation plan liabilities	51,257		51,257		51,257		—		—
Long-term debt	598,817		575,900		—		575,900		—
Acquisition related contingent consideration	541,491		541,491		—		—		541,491

Summary of Acquisition Related Contingent Consideration Liability

A summary of the Level 3 activity is as follows:


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Beginning balance - Level 3 liability	$	594,389	$	522,259	$	541,491	$	542,105
Payments of acquisition related contingent consideration	(7,603)		(9,711)		(20,979)		(28,421)
Reclassification to current payables	—		1,800		(900)		2,100
Increase in fair value	18,864		22,568		86,038		21,132
Ending balance - Level 3 liability	$	605,650	$	536,916	$	605,650	$	536,916

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 616,217	$ 197,648
Allowance for doubtful accounts	(18,134)	(16,119)
Accounts receivable, other	52,852	54,631
Inventories	320,401	347,545
Prepaid expenses and other current assets	91,309	94,263
Total current assets	1,676,475	1,245,801
Property, plant and equipment, net	1,204,843	1,183,730
Right-of-use assets - operating leases	123,635	140,588
Leased property under financing leases, net	5,196	6,431
Other assets	133,960	115,892
Goodwill	165,903	165,903
Total assets	4,141,282	3,709,545
Current Liabilities:
Current portion of obligations under operating leases	26,074	27,635
Current portion of obligations under financing leases	2,440	2,303
Other accrued liabilities	218,701	198,300
Accrued compensation	125,719	126,921
Accrued interest payable	5,842	2,677
Dividends payable	0	32,808
Total current liabilities	907,833	905,156
Deferred income taxes	143,907	150,222
Pension and postretirement benefit obligations	53,294	60,323
Other liabilities	803,549	753,357
Noncurrent portion of obligations under operating leases	103,578	118,763
Noncurrent portion of obligations under financing leases	5,670	7,519
Long-term debt	599,123	598,817
Total liabilities	2,616,954	2,594,157
Commitments and Contingencies
Equity:
Additional paid-in capital	135,953	135,953
Retained earnings	1,435,627	1,112,462
Accumulated other comprehensive income (loss)	938	(84,837)
Total equity	1,524,328	1,115,388
Total liabilities and equity	4,141,282	3,709,545
Nonrelated Party
Current Assets:
Accounts receivable	558,133	532,047
Current Liabilities:
Accounts payable	348,370	351,729
Related Party
Current Assets:
Accounts receivable	55,697	35,786
Current Liabilities:
Accounts payable	180,687	162,783
Common Stock
Equity:
Common Stock	11,431	11,431
Treasury stock, at cost	(60,845)	(60,845)
Class B Common Stock
Equity:
Common Stock	1,633	1,633
Treasury stock, at cost	(409)	(409)
Distribution agreements, net
Current Assets:
Intangible assets, net	823,366	842,035
Customer lists, net
Current Assets:
Intangible assets, net	$ 7,904	$ 9,165

Leases (Tables)

9 Months Ended

Sep. 29, 2023

Leases [Abstract]

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

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


	September 29, 2023		December 31, 2022
Weighted average remaining lease term:
Operating leases	6.8 years		7.2 years
Financing leases	3.7 years		4.3 years
Weighted average discount rate:
Operating leases	3.7	%	3.6	%
Financing leases	5.2	%	5.2	%

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


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Operating lease costs	$	8,293	$	7,750	$	24,871	$	22,389
Short-term and variable leases	4,151		3,731		11,942		11,006
Depreciation expense from financing leases	413		411		1,235		1,903
Interest expense on financing lease obligations	109		139		346		753
Total lease cost	$	12,966	$	12,031	$	38,394	$	36,051

Summary of Future Minimum Lease Payments for Noncancelable Operating Leases

Following is a

summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 29, 2023:


(in thousands)	Operating Leases		Financing Leases
Remainder of 2023	$	7,690	$	692
2024	28,915		2,808
2025	22,940		2,869
2026	19,773		1,233
2027	17,487		338
Thereafter	51,741		965
Total minimum lease payments including interest	$	148,546	$	8,905
Less: Amounts representing interest	18,894		795
Present value of minimum lease principal payments	129,652		8,110
Less: Current portion of lease liabilities	26,074		2,440
Noncurrent portion of lease liabilities	$	103,578	$	5,670

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2022:


(in thousands)	Operating Leases		Financing Leases
2023	$	31,697	$	2,750
2024	27,663		2,808
2025	21,628		2,869
2026	19,036		1,233
2027	17,227		338
Thereafter	51,372		966
Total minimum lease payments including interest	$	168,623	$	10,964
Less: Amounts representing interest	22,225		1,142
Present value of minimum lease principal payments	146,398		9,822
Less: Current portion of lease liabilities	27,635		2,303
Noncurrent portion of lease liabilities	$	118,763	$	7,519

Summary of Future Minimum Lease Payments for Noncancelable Finance Leases

Following is a

summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 29, 2023:


(in thousands)	Operating Leases		Financing Leases
Remainder of 2023	$	7,690	$	692
2024	28,915		2,808
2025	22,940		2,869
2026	19,773		1,233
2027	17,487		338
Thereafter	51,741		965
Total minimum lease payments including interest	$	148,546	$	8,905
Less: Amounts representing interest	18,894		795
Present value of minimum lease principal payments	129,652		8,110
Less: Current portion of lease liabilities	26,074		2,440
Noncurrent portion of lease liabilities	$	103,578	$	5,670

Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2022:


(in thousands)	Operating Leases		Financing Leases
2023	$	31,697	$	2,750
2024	27,663		2,808
2025	21,628		2,869
2026	19,036		1,233
2027	17,227		338
Thereafter	51,372		966
Total minimum lease payments including interest	$	168,623	$	10,964
Less: Amounts representing interest	22,225		1,142
Present value of minimum lease principal payments	146,398		9,822
Less: Current portion of lease liabilities	27,635		2,303
Noncurrent portion of lease liabilities	$	118,763	$	7,519

Summary of Leases Within Condensed Consolidated Statement of Cash Flow

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


	First Nine Months
(in thousands)	2023		2022
Cash flows from operating activities impact:
Operating leases	$	24,666	$	21,502
Interest payments on financing lease obligations	346		753
Total cash flows from operating activities impact	$	25,012	$	22,255

Cash flows from financing activities impact:
Principal payments on financing lease obligations	$	1,712	$	2,441
Total cash flows from financing activities impact	$	1,712	$	2,441

Commodity Derivative Instruments - Summary of Fair Values and Classification in Condensed Consolidated Balance Sheets of Derivative Instruments (Details) - Commodity derivative instruments - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Total assets	$ 1,080	$ 4,808
Gross commodity derivative instrument assets	1,080	4,808
Gross commodity derivative instrument liabilities	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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+ Details

Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 1,379,708	$ 901,680	$ 1,115,388	$ 711,786
Ending Balance	1,524,328	1,018,913	1,524,328	1,018,913
Reclassification of stranded tax effects
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(19,720)	(19,720)	(19,720)	(19,720)
Pre-tax Activity	0	0	0	0
Tax Effect	14,911	0	14,911	0
Ending Balance	(4,809)	(19,720)	(4,809)	(19,720)
Total AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(56,276)	(98,834)	(84,837)	(100,463)
Pre-tax Activity	78,890	1,081	116,707	3,241
Tax Effect	(21,676)	(266)	(30,932)	(797)
Ending Balance	938	(98,019)	938	(98,019)
Foreign currency translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		(9)		(9)
Pre-tax Activity		0		0
Tax Effect		0		0
Ending Balance		(9)		(9)
Pension Plan \| Actuarial loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(72,626)	(77,391)	(71,140)	(78,882)
Pre-tax Activity	1,567	989	(401)	2,966
Tax Effect	(384)	(243)	98	(729)
Ending Balance	(71,443)	(76,645)	(71,443)	(76,645)
Pension Plan \| Prior service costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(99)	11	(105)	11
Pre-tax Activity	4	0	12	0
Tax Effect	(1)	0	(3)	0
Ending Balance	(96)	11	(96)	11
Pension Plan \| Pension plan settlement
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	30,041		0
Pre-tax Activity	77,319		117,096
Tax Effect	36,202		45,938
Ending Balance	71,158		71,158
Postretirement Benefits \| Actuarial loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	6,752	(1,101)	6,752	(1,239)
Pre-tax Activity	0	92	0	275
Tax Effect	0	(23)	0	(68)
Ending Balance	6,752	(1,032)	6,752	(1,032)
Postretirement Benefits \| Prior service costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(624)	(624)	(624)	(624)
Pre-tax Activity	0	0	0	0
Tax Effect	0	0	0	0
Ending Balance	$ (624)	$ (624)	$ (624)	$ (624)

Inventories

9 Months Ended

Sep. 29, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


(in thousands)	September 29, 2023		December 31, 2022
Finished products	$	211,128	$	211,089
Manufacturing materials	63,939		89,300
Plastic shells, plastic pallets and other inventories	45,334		47,156
Total inventories	$	320,401	$	347,545

Fair Values of Financial Instruments - Summary of Deferred Compensation Plan, Commodity Derivative Instruments, Debt and Acquisition Related Contingent Consideration (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jul. 01, 2022	Dec. 31, 2021
Commodity derivative instruments
Assets:
Commodity derivative instruments	$ 1,080		$ 4,808
Fair Value Level 3
Liabilities:
Acquisition related contingent consideration	605,650	$ 594,389	541,491	$ 536,916	$ 522,259	$ 542,105
Carrying Amount
Assets:
Deferred compensation plan assets	58,817		51,257
Liabilities:
Deferred compensation plan liabilities	58,817		51,257
Long-term debt	599,123		598,817
Acquisition related contingent consideration	605,650		541,491
Carrying Amount \| Commodity derivative instruments
Assets:
Commodity derivative instruments	1,080		4,808
Total Fair Value
Assets:
Deferred compensation plan assets	58,817		51,257
Liabilities:
Deferred compensation plan liabilities	58,817		51,257
Long-term debt	568,900		575,900
Acquisition related contingent consideration	605,650		541,491
Total Fair Value \| Commodity derivative instruments
Assets:
Commodity derivative instruments	1,080		4,808
Total Fair Value \| Fair Value Level 1
Assets:
Deferred compensation plan assets	58,817		51,257
Liabilities:
Deferred compensation plan liabilities	58,817		51,257
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
Liabilities:
Deferred compensation plan liabilities	0		0
Long-term debt	568,900		575,900
Acquisition related contingent consideration	0		0
Total Fair Value \| Fair Value Level 2 \| Commodity derivative instruments
Assets:
Commodity derivative instruments	1,080		4,808
Total Fair Value \| Fair Value Level 3
Assets:
Deferred compensation plan assets	0		0
Liabilities:
Deferred compensation plan liabilities	0		0
Long-term debt	0		0
Acquisition related contingent consideration	605,650		541,491
Total Fair Value \| Fair Value Level 3 \| Commodity derivative instruments
Assets:
Commodity derivative instruments	$ 0		$ 0

Revenue Recognition (Tables)

9 Months Ended

Sep. 29, 2023

Revenue from Contract with Customer [Abstract]

Summary of Disaggregation of Revenue from Contracts With Customers

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


	Third Quarter				First Nine Months
(in thousands)	2023		2022		2023		2022
Point in time net sales:
Nonalcoholic Beverages - point in time	$	1,677,221	$	1,587,771	$	4,911,999	$	4,500,277
Total point in time net sales	$	1,677,221	$	1,587,771	$	4,911,999	$	4,500,277

Over time net sales:
Nonalcoholic Beverages - over time	$	13,839	$	12,294	$	39,335	$	35,023
All Other - over time	21,368		28,524		71,568		92,862
Total over time net sales	$	35,207	$	40,818	$	110,903	$	127,885

Total net sales	$	1,712,428	$	1,628,589	$	5,022,902	$	4,628,162

Summary of Activity for Allowance for Credit Losses

Following is a summary of activity for the allowance for credit losses during the first nine months of 2023 and the first nine months of 2022:


	First Nine Months
(in thousands)	2023		2022
Beginning balance - allowance for credit losses	$	13,119	$	14,336
Additions charged to expenses and as a reduction to net sales	4,268		1,987
Deductions	(3,328)		(3,706)
Ending balance - allowance for credit losses	$	14,059	$	12,617

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Repair parts	$ 35,304	$ 35,088
Prepaid software	8,629	7,398
Prepaid taxes	6,918	7,829
Prepaid marketing	5,499	4,303
Commodity hedges at fair market value	1,080	4,808
Other prepaid expenses and other current assets	33,879	34,837
Total prepaid expenses and other current assets	$ 91,309	$ 94,263

Leases - Summary of Balances Related to Lease Portfolio within Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease costs	$ 8,293	$ 7,750	$ 24,871	$ 22,389
Short-term and variable leases	4,151	3,731	11,942	11,006
Depreciation expense from financing leases	413	411	1,235	1,903
Interest expense on financing lease obligations	109	139	346	753
Total lease cost	$ 12,966	$ 12,031	$ 38,394	$ 36,051

Supplemental Disclosures of Cash Flow Information (Tables)

9 Months Ended

Sep. 29, 2023

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:


	First Nine Months
(in thousands)	2023		2022
Accounts receivable, trade	$	(26,086)	$	(84,756)
Allowance for doubtful accounts	2,015		(1,719)
Accounts receivable from The Coca‑Cola Company	(19,911)		10,992
Accounts receivable, other	1,779		(36,290)
Inventories	27,144		(10,848)
Prepaid expenses and other current assets	2,954		(13,891)
Accounts payable, trade	7,628		18,927
Accounts payable to The Coca‑Cola Company	17,904		44,214
Other accrued liabilities	20,401		(780)
Accrued compensation	(1,202)		10,698
Accrued interest payable	3,165		1,796
Change in current assets less current liabilities	$	35,791	$	(61,657)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 29, 2023	Sep. 30, 2022	Sep. 29, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate			25.30%	25.70%
Income tax expense	$ 28,891	$ 40,340	$ 112,399	$ 107,901
Uncertain tax positions	400		400		$ 300
Uncertain tax positions that would affect tax rate	$ 400		$ 400		$ 300

- Definition

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

+ References + Details