XML 138 R7.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities:      
Net income $ 430,158 $ 189,580 $ 182,097
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation expense from property, plant and equipment and financing leases 147,962 157,320 155,936
Amortization of intangible assets and deferred proceeds, net 23,628 23,245 23,081
Fair value adjustment of acquisition related contingent consideration 32,301 146,308 31,210
Deferred payroll taxes under CARES Act (18,739) (18,739) 37,412
Deferred income taxes 8,977 (9,183) 8,737
Loss on sale of property, plant and equipment 5,642 5,921 5,187
Amortization of debt costs 1,012 1,256 1,050
Impairment and abandonment of property, plant and equipment 0 3,200 8,030
Change in current assets less current liabilities (74,784) 30,595 36,901
Change in other noncurrent assets 31,779 16,003 21,820
Change in other noncurrent liabilities (33,430) (23,728) (18,065)
Other 0 (23) 1,065
Total adjustments 124,348 332,175 312,364
Net cash provided by operating activities 554,506 521,755 494,461
Cash Flows from Investing Activities:      
Additions to property, plant and equipment (298,611) (155,693) (202,034)
Acquisition of distribution rights (30,649) (8,993) 0
Proceeds from the sale of property, plant and equipment 7,369 5,274 3,385
Investment in CONA Services LLC (3,094) (2,531) (1,770)
Net cash used in investing activities (324,985) (161,943) (200,419)
Cash Flows from Financing Activities:      
Payments on term loan facility and senior notes (125,000) (287,500) (45,000)
Payments of acquisition related contingent consideration (36,515) (39,097) (43,400)
Cash dividends paid (9,374) (9,374) (9,374)
Payments on financing lease obligations (2,988) (4,778) (5,861)
Debt issuance fees (310) (1,542) (228)
Borrowings under term loan facility 0 70,000 0
Payments on revolving credit facility 0 (55,000) (280,000)
Borrowings under revolving credit facility 0 55,000 235,000
Purchase of noncontrolling interest in Piedmont Coca-Cola Bottling Partnership 0 0 (100,000)
Net cash used in financing activities (174,187) (272,291) (248,863)
Net increase in cash 55,334 87,521 45,179
Cash at beginning of year 142,314 54,793 9,614
Cash at end of year $ 197,648 $ 142,314 $ 54,793