Segments

6 Months Ended

Jun. 30, 2023

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:

	Second Quarter				First Half
(in thousands)	2023		2022		2023		2022
Net sales:
Nonalcoholic Beverages	$	1,714,862	$	1,562,014	$	3,260,274	$	2,935,235
All Other	95,174		105,910		187,550		202,073
Eliminations(1)	(71,204)		(72,709)		(137,350)		(137,735)
Consolidated net sales	$	1,738,832	$	1,595,215	$	3,310,474	$	2,999,573

(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.

	Second Quarter				First Half
(in thousands)	2023		2022		2023		2022
Income from operations:
Nonalcoholic Beverages	$	234,211	$	144,012	$	443,990	$	278,570
All Other	(541)		3,281		(4,266)		(292)
Consolidated income from operations	$	233,670	$	147,293	$	439,724	$	278,278
Depreciation and amortization:
Nonalcoholic Beverages	$	40,695	$	39,771	$	81,259	$	80,057
All Other	2,981		2,812		5,926		5,795
Consolidated depreciation and amortization	$	43,676	$	42,583	$	87,185	$	85,852