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