Segments

3 Months Ended

Apr. 01, 2022

Segment Reporting [Abstract]

Segments

Segments

The Company evaluates segment reporting in accordance with Financial Accounting Standards Board 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:

	First Quarter
(in thousands)	2022		2021
Net sales:
Nonalcoholic Beverages	$	1,373,221	$	1,235,090
All Other	96,163		89,949
Eliminations(1)	(65,026)		(55,182)
Consolidated net sales	$	1,404,358	$	1,269,857
Income from operations:
Nonalcoholic Beverages	$	134,558	$	95,042
All Other	(3,573)		(858)
Consolidated income from operations	$	130,985	$	94,184
Depreciation and amortization:
Nonalcoholic Beverages	$	40,286	$	40,551
All Other	2,983		2,975
Consolidated depreciation and amortization	$	43,269	$	43,526

(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.