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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________________________
FORM 10-Q
______________________________________________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 28, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number: 0-9286
______________________________________________________________________________________________
COCA-COLA CONSOLIDATED, INC.
(Exact name of registrant as specified in its charter)
______________________________________________________________________________________________
Delaware
56-0950585
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
4100 Coca-Cola Plaza

Charlotte, NC
28211
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (704) 557-4400
______________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Common Stock, $1.00 Par Value
Trading Symbol(s)
COKE
Name of each exchange on which registered
The NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  
As of July 26, 2020, there were 7,141,447 shares of the registrant’s Common Stock, $1.00 par value, and 2,232,242 shares of the registrant’s Class B Common Stock, $1.00 par value, outstanding.




COCA-COLA CONSOLIDATED, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 28, 2020
TABLE OF CONTENTS
Page

i

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
COCA-COLA CONSOLIDATED, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Second QuarterFirst Half
(in thousands, except per share data)2020201920202019
Net sales$1,227,215  $1,273,659  $2,400,236  $2,376,571  
Cost of sales797,914  837,880  1,565,640  1,551,484  
Gross profit429,301  435,779  834,596  825,087  
Selling, delivery and administrative expenses346,183  368,565  718,657  737,719  
Income from operations83,118  67,214  115,939  87,368  
Interest expense, net9,184  11,995  18,745  24,881  
Other expense, net16,134  31,181  18,432  47,032  
Income before income taxes57,800  24,038  78,762  15,455  
Income tax expense15,187  7,182  20,548  4,177  
Net income42,613  16,856  58,214  11,278  
Less: Net income attributable to noncontrolling interest3,044  1,486  3,983  2,739  
Net income attributable to Coca-Cola Consolidated, Inc.$39,569  $15,370  $54,231  $8,539  
Basic net income per share based on net income attributable to Coca-Cola Consolidated, Inc.:
Common Stock$4.23  $1.64  $5.79  $0.91  
Weighted average number of Common Stock shares outstanding7,141  7,141  7,141  7,141  
Class B Common Stock$4.23  $1.64  $5.79  $0.91  
Weighted average number of Class B Common Stock shares outstanding2,232  2,232  2,232  2,225  
Diluted net income per share based on net income attributable to Coca-Cola Consolidated, Inc.:
Common Stock$4.19  $1.64  $5.74  $0.91  
Weighted average number of Common Stock shares outstanding – assuming dilution9,440  9,421  9,440  9,415  
Class B Common Stock$4.18  $1.63  $5.73  $0.90  
Weighted average number of Class B Common Stock shares outstanding – assuming dilution2,299  2,280  2,299  2,274  
Cash dividends per share:
Common Stock$0.25  $0.25  $0.50  $0.50  
Class B Common Stock$0.25  $0.25  $0.50  $0.50  





See accompanying notes to condensed consolidated financial statements.
1

COCA-COLA CONSOLIDATED, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Second QuarterFirst Half
(in thousands)2020201920202019
Net income$42,613  $16,856  $58,214  $11,278  
Other comprehensive income, net of tax:
Defined benefit plans reclassification including pension costs:
Actuarial gains897  679  1,793  1,358  
Prior service benefits3  5  7  9  
Postretirement benefits reclassification included in benefits costs:
Actuarial gains66  147  132  295  
Prior service costs  (243)   (487) 
Interest rate swap2    (1,013)   
Foreign currency translation adjustment3  5  2  (4) 
Other comprehensive income, net of tax971  593  921  1,171  
Comprehensive income43,584  17,449  59,135  12,449  
Less: Comprehensive income attributable to noncontrolling interest3,044  1,486  3,983  2,739  
Comprehensive income attributable to Coca-Cola Consolidated, Inc.$40,540  $15,963  $55,152  $9,710  





























See accompanying notes to condensed consolidated financial statements.
2

COCA-COLA CONSOLIDATED, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share data)June 28, 2020December 29, 2019
ASSETS
Current Assets:
Cash and cash equivalents$77,550  $9,614  
Accounts receivable, trade471,962  433,552  
Allowance for doubtful accounts(21,244) (13,782) 
Accounts receivable from The Coca-Cola Company48,092  62,411  
Accounts receivable, other40,453  43,094  
Inventories211,128  225,926  
Prepaid expenses and other current assets72,170  69,461  
Total current assets900,111  830,276  
Property, plant and equipment, net985,178  997,403  
Right-of-use assets - operating leases134,315  111,376  
Leased property under financing leases, net11,573  17,960  
Other assets109,822  113,269  
Goodwill165,903  165,903  
Distribution agreements, net863,954  876,096  
Customer lists and other identifiable intangible assets, net13,724  14,643  
Total assets$3,184,580  $3,126,926  
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of obligations under operating leases$17,602  $15,024  
Current portion of obligations under financing leases4,070  9,403  
Accounts payable, trade216,138  187,476  
Accounts payable to The Coca-Cola Company139,780  108,699  
Other accrued liabilities190,018  208,834  
Accrued compensation62,168  87,813  
Accrued interest payable4,454  4,946  
Total current liabilities634,230  622,195  
Deferred income taxes147,101  125,130  
Pension and postretirement benefit obligations117,839  114,831  
Other liabilities674,669  668,566  
Noncurrent portion of obligations under operating leases122,053  97,765  
Noncurrent portion of obligations under financing leases12,949  17,403  
Long-term debt970,174  1,029,920  
Total liabilities2,679,015  2,675,810  
Commitments and Contingencies
Equity:
Common Stock, $1.00 par value: 30,000,000 shares authorized; 10,203,821 shares issued
10,204  10,204  
Class B Common Stock, $1.00 par value: 10,000,000 shares authorized; 2,860,356 shares issued
2,860  2,860  
Capital in excess of par value128,983  128,983  
Retained earnings430,706  381,161  
Accumulated other comprehensive loss(114,081) (115,002) 
Treasury stock, at cost:  Common Stock – 3,062,374 shares
(60,845) (60,845) 
Treasury stock, at cost:  Class B Common Stock – 628,114 shares
(409) (409) 
Total equity of Coca-Cola Consolidated, Inc.397,418  346,952  
Noncontrolling interest108,147  104,164  
Total equity505,565  451,116  
Total liabilities and equity$3,184,580  $3,126,926  
See accompanying notes to condensed consolidated financial statements.
3

COCA-COLA CONSOLIDATED, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

First Half
(in thousands)20202019
Cash Flows from Operating Activities:
Net income$58,214  $11,278  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense from property, plant and equipment and financing leases74,878  79,316  
Amortization of intangible assets and deferred proceeds, net11,518  11,512  
Fair value adjustment of acquisition related contingent consideration15,260  43,268  
Loss on sale of property, plant and equipment1,416  4,324  
Deferred income taxes21,670  4,017  
Impairment of property, plant and equipment1,350  1,155  
Stock compensation expense  2,045  
Amortization of debt costs494  752  
Change in current assets less current liabilities20,935  (78,842) 
Change in other noncurrent assets13,420  5,228  
Change in other noncurrent liabilities9,848  4,071  
Other  462  
Total adjustments170,789  77,308  
Net cash provided by operating activities$229,003  $88,586  
Cash Flows from Investing Activities:
Additions to property, plant and equipment$(72,886) $(57,581) 
Other distribution agreements  (4,654) 
Investment in CONA Services LLC(1,582) (486) 
Proceeds from the sale of property, plant and equipment1,764  823  
Net cash used in investing activities$(72,704) $(61,898) 
Cash Flows from Financing Activities:
Payments on revolving credit facility$(280,000) $(186,339) 
Borrowings under revolving credit facility235,000  206,339  
Payments on term loan facility and senior notes(15,000) (132,500) 
Proceeds from issuance of senior notes  100,000  
Payments of acquisition related contingent consideration(20,531) (12,836) 
Cash dividends paid(4,686) (4,682) 
Payments on financing lease obligations(3,001) (4,261) 
Debt issuance fees(145) (265) 
Net cash used in financing activities$(88,363) $(34,544) 
Net increase (decrease) in cash during period$67,936  $(7,856) 
Cash at beginning of period9,614  13,548  
Cash at end of period$77,550  $5,692  
Significant non-cash investing and financing activities:
Right-of-use assets obtained in exchange for lease obligations$32,224  $21,220  
Additions to property, plant and equipment accrued and recorded in accounts payable, trade11,900  10,292  
Issuance of Class B Common Stock in connection with stock award  4,776  




See accompanying notes to condensed consolidated financial statements.
4

COCA-COLA CONSOLIDATED, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)

(in thousands, except share data)
Common
Stock
Class B
Common
Stock
Capital
in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock - Common
Stock
Treasury
Stock - Class B
Common
Stock
Total
Equity
of Coca-Cola
Consolidated,
Inc.
Non-
controlling
Interest
Total
Equity
Balance on December 30, 2018$10,204  $2,839  $124,228  $359,435  $(77,265) $(60,845) $(409) $358,187  $96,979  $455,166  
Net income—  —  —  8,539  —  —  —  8,539  2,739  11,278  
Other comprehensive income, net of tax—  —  —  —  1,171  —  —  1,171  —  1,171  
Cash dividends paid:
Common Stock ($0.50 per share)
—  —  —  (3,570) —  —  —  (3,570) —  (3,570) 
Class B Common Stock ($0.50 per share)
—  —  —  (1,112) —  —  —  (1,112) —  (1,112) 
Issuance of 19,224 shares of Class B Common Stock
—  21  4,755  —  —  —  —  4,776  —  4,776  
Reclassification of stranded tax effects—  —  —  19,720  (19,720) —  —  —  —  —  
Balance on June 30, 2019$10,204  $2,860  $128,983  $383,012  $(95,814) $(60,845) $(409) $367,991  $99,718  $467,709  
Balance on December 29, 2019$10,204  $2,860  $128,983  $381,161  $(115,002) $(60,845) $(409) $346,952  $104,164  $451,116  
Net income—  —  —  54,231  —  —  —  54,231  3,983  58,214  
Other comprehensive loss, net of tax—  —  —  —  921  —  —  921  —  921  
Cash dividends paid:
Common Stock ($0.50 per share)
—  —  —  (3,571) —  —  —  (3,571) —  (3,571) 
Class B Common Stock ($0.50 per share)
—  —  —  (1,115) —  —  —  (1,115) —  (1,115) 
Balance on June 28, 2020$10,204  $2,860  $128,983  $430,706  $(114,081) $(60,845) $(409) $397,418  $108,147  $505,565  


























See accompanying notes to condensed consolidated financial statements.
5

COCA-COLA CONSOLIDATED, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. Critical Accounting Policies and Recent Accounting Pronouncements

The condensed consolidated financial statements include the accounts of Coca-Cola Consolidated, Inc. and its majority-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated. The condensed consolidated financial statements reflect all adjustments, including normal, recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results for the interim periods presented:

The financial position as of June 28, 2020 and December 29, 2019.
The results of operations and comprehensive income for the 13-week periods ended June 28, 2020 (the “second quarter” of fiscal 2020 (“2020”)) and June 30, 2019 (the “second quarter” of fiscal 2019 (“2019”)), and the 26-week periods ended June 28, 2020 (the “first half” of 2020) and June 30, 2019 (the “first half” of 2019).
The changes in cash flows and equity for the first half of 2020 and the first half of 2019.

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accounting policies followed in the presentation of interim financial results are consistent with those followed on an annual basis. These policies are presented in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for 2019 filed with the Securities and Exchange Commission.

The preparation of condensed consolidated financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Critical Accounting Policies

In the ordinary course of business, the Company has made a number of estimates and assumptions relating to the reporting of results of operations and financial position in the preparation of its condensed consolidated financial statements in conformity with GAAP. Actual results could differ significantly from those estimates under different assumptions and conditions. The Company included in its Annual Report on Form 10-K for 2019 under the caption “Discussion of Critical Accounting Policies and Estimates and Recent Accounting Pronouncements” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” a discussion of the Company’s most critical accounting policies, which are those the Company believes to be the most important to the portrayal of its financial condition and results of operations and require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Any changes in critical accounting policies and estimates are discussed with the Audit Committee of the Board of Directors of the Company during the quarter in which a change is contemplated and prior to making such change.

Recently Adopted Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected credit losses at the point a loss is probable to occur, rather than expected to occur, which will generally result in earlier recognition of allowances for credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company adopted ASU 2016-13 in the first quarter of 2020 and the adoption did not have a material impact on its condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement,” which removes, modifies and adds certain disclosu