Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segments

Segments

The Company evaluates segment reporting in accordance with FASB Accounting Standards Codification Topic 280, Segment Reporting, each reporting period, including evaluating the reporting package reviewed by the Chief Operating Decision Maker (the “CODM”). The Company has concluded the Chief Executive Officer, the Chief Operating Officer and the Chief Financial Officer, as a group, represent the CODM. Asset information is not provided to the CODM.

The Company believes three operating segments exist. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated net sales and income from operations. The additional two operating segments do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, and, therefore, have been combined into “All Other.”

The Company’s segment results are as follows:

	Fiscal Year
(in thousands)	2022		2021		2020
Net sales:
Nonalcoholic Beverages	$	6,081,357	$	5,432,669	$	4,879,170
All Other	399,359		366,855		332,728
Eliminations(1)	(279,759)		(236,810)		(204,541)
Consolidated net sales	$	6,200,957	$	5,562,714	$	5,007,357

(1)The entire net sales elimination represents net sales from the All Other segment to the Nonalcoholic Beverages segment. Sales between these segments are recognized at either fair market value or cost depending on the nature of the transaction.

	Fiscal Year
(in thousands)	2022		2021		2020
Income from operations:
Nonalcoholic Beverages	$	639,136	$	456,713	$	324,716
All Other	1,911		(17,542)		(11,338)
Consolidated income from operations	$	641,047	$	439,171	$	313,378
Depreciation and amortization:
Nonalcoholic Beverages	$	159,845	$	168,206	$	167,355
All Other	11,745		12,359		11,662
Consolidated depreciation and amortization	$	171,590	$	180,565	$	179,017