false2024Q30000317540--12-31P5YP5Yxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purecoke:categorycoke:segmentcoke:benefitPlancoke:financial_covenantcoke:case00003175402024-01-012024-09-270000317540coke:CommonClassUndefinedMember2024-10-180000317540us-gaap:CommonClassBMember2024-10-1800003175402024-06-292024-09-2700003175402023-07-012023-09-2900003175402023-01-012023-09-290000317540coke:CommonClassUndefinedMember2024-06-292024-09-270000317540coke:CommonClassUndefinedMember2023-07-012023-09-290000317540coke:CommonClassUndefinedMember2024-01-012024-09-270000317540coke:CommonClassUndefinedMember2023-01-012023-09-290000317540us-gaap:CommonClassBMember2024-06-292024-09-270000317540us-gaap:CommonClassBMember2023-07-012023-09-290000317540us-gaap:CommonClassBMember2024-01-012024-09-270000317540us-gaap:CommonClassBMember2023-01-012023-09-2900003175402024-09-2700003175402023-12-310000317540us-gaap:NonrelatedPartyMember2024-09-270000317540us-gaap:NonrelatedPartyMember2023-12-310000317540us-gaap:RelatedPartyMember2024-09-270000317540us-gaap:RelatedPartyMember2023-12-310000317540us-gaap:DistributionRightsMember2024-09-270000317540us-gaap:DistributionRightsMember2023-12-310000317540us-gaap:CustomerListsMember2024-09-270000317540us-gaap:CustomerListsMember2023-12-310000317540coke:CommonClassUndefinedMember2024-09-270000317540coke:CommonClassUndefinedMember2023-12-310000317540us-gaap:CommonClassBMember2023-12-310000317540us-gaap:CommonClassBMember2024-09-2700003175402022-12-3100003175402023-09-290000317540us-gaap:CommonStockMembercoke:CommonClassUndefinedMember2024-06-280000317540us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-06-280000317540us-gaap:AdditionalPaidInCapitalMember2024-06-280000317540us-gaap:RetainedEarningsMember2024-06-280000317540us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-280000317540us-gaap:TreasuryStockCommonMembercoke:CommonClassUndefinedMember2024-06-280000317540us-gaap:TreasuryStockCommonMemberus-gaap:CommonClassBMember2024-06-2800003175402024-06-280000317540us-gaap:RetainedEarningsMember2024-06-292024-09-270000317540us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-292024-09-270000317540us-gaap:RetainedEarningsMembercoke:CommonClassUndefinedMember2024-06-292024-09-270000317540us-gaap:RetainedEarningsMemberus-gaap:CommonClassBMember2024-06-292024-09-270000317540us-gaap:CommonStockMembercoke:CommonClassUndefinedMember2024-06-292024-09-270000317540us-gaap:TreasuryStockCommonMembercoke:CommonClassUndefinedMember2024-06-292024-09-270000317540us-gaap:CommonStockMembercoke:CommonClassUndefinedMember2024-09-270000317540us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-09-270000317540us-gaap:AdditionalPaidInCapitalMember2024-09-270000317540us-gaap:RetainedEarningsMember2024-09-270000317540us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-270000317540us-gaap:TreasuryStockCommonMembercoke:CommonClassUndefinedMember2024-09-270000317540us-gaap:TreasuryStockCommonMemberus-gaap:CommonClassBMember2024-09-270000317540us-gaap:CommonStockMembercoke:CommonClassUndefinedMember2023-12-310000317540us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-12-310000317540us-gaap:AdditionalPaidInCapitalMember2023-12-310000317540us-gaap:RetainedEarningsMember2023-12-310000317540us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000317540us-gaap:TreasuryStockCommonMembercoke:CommonClassUndefinedMember2023-12-310000317540us-gaap:TreasuryStockCommonMemberus-gaap:CommonClassBMember2023-12-310000317540us-gaap:RetainedEarningsMember2024-01-012024-09-270000317540us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-09-270000317540us-gaap:RetainedEarningsMembercoke:CommonClassUndefinedMember2024-01-012024-09-270000317540us-gaap:RetainedEarningsMemberus-gaap:CommonClassBMember2024-01-012024-09-270000317540us-gaap:CommonStockMembercoke:CommonClassUndefinedMember2024-01-012024-09-270000317540us-gaap:TreasuryStockCommonMembercoke:CommonClassUndefinedMember2024-01-012024-09-270000317540us-gaap:CommonStockMembercoke:CommonClassUndefinedMember2023-06-300000317540us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-06-300000317540us-gaap:AdditionalPaidInCapitalMember2023-06-300000317540us-gaap:RetainedEarningsMember2023-06-300000317540us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000317540us-gaap:TreasuryStockCommonMembercoke:CommonClassUndefinedMember2023-06-300000317540us-gaap:TreasuryStockCommonMemberus-gaap:CommonClassBMember2023-06-3000003175402023-06-300000317540us-gaap:RetainedEarningsMember2023-07-012023-09-290000317540us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-290000317540us-gaap:RetainedEarningsMembercoke:CommonClassUndefinedMember2023-07-012023-09-290000317540us-gaap:RetainedEarningsMemberus-gaap:CommonClassBMember2023-07-012023-09-290000317540us-gaap:CommonStockMembercoke:CommonClassUndefinedMember2023-09-290000317540us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-09-290000317540us-gaap:AdditionalPaidInCapitalMember2023-09-290000317540us-gaap:RetainedEarningsMember2023-09-290000317540us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-290000317540us-gaap:TreasuryStockCommonMembercoke:CommonClassUndefinedMember2023-09-290000317540us-gaap:TreasuryStockCommonMemberus-gaap:CommonClassBMember2023-09-290000317540us-gaap:CommonStockMembercoke:CommonClassUndefinedMember2022-12-310000317540us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-12-310000317540us-gaap:AdditionalPaidInCapitalMember2022-12-310000317540us-gaap:RetainedEarningsMember2022-12-310000317540us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000317540us-gaap:TreasuryStockCommonMembercoke:CommonClassUndefinedMember2022-12-310000317540us-gaap:TreasuryStockCommonMemberus-gaap:CommonClassBMember2022-12-310000317540us-gaap:RetainedEarningsMember2023-01-012023-09-290000317540us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-290000317540us-gaap:RetainedEarningsMembercoke:CommonClassUndefinedMember2023-01-012023-09-290000317540us-gaap:RetainedEarningsMemberus-gaap:CommonClassBMember2023-01-012023-09-290000317540coke:JFrankHarrisonIIIMemberus-gaap:CommonClassBMember2024-09-270000317540coke:JFrankHarrisonIIIMember2024-09-270000317540coke:TheCocaColaCompanyMember2024-09-270000317540coke:TenderOfferAndPurchaseAgreementMember2024-05-060000317540coke:TenderOfferMember2024-05-060000317540coke:TenderOfferMembersrt:MinimumMember2024-05-200000317540coke:TenderOfferMembersrt:MaximumMember2024-05-200000317540coke:TenderOfferMember2024-05-200000317540coke:TenderOfferMember2024-06-182024-06-180000317540coke:TenderOfferMember2024-06-180000317540coke:TheCocaColaCompanyMember2024-07-050000317540coke:PurchaseAgreementMember2024-05-200000317540coke:PurchaseAgreementMembercoke:CarolinaCocaColaBottlingInvestmentsMember2024-07-052024-07-050000317540us-gaap:InvestorMember2024-06-292024-09-270000317540us-gaap:InvestorMember2023-07-012023-09-290000317540us-gaap:InvestorMember2024-01-012024-09-270000317540us-gaap:InvestorMember2023-01-012023-09-290000317540coke:CocaColaRefreshmentsMembercoke:ComprehensiveBeverageAgreementMember2024-01-012024-09-270000317540coke:CocaColaRefreshmentsMembercoke:ComprehensiveBeverageAgreementMember2023-01-012023-09-290000317540coke:CocaColaRefreshmentsMembercoke:ComprehensiveBeverageAgreementMember2024-09-270000317540coke:CocaColaRefreshmentsMembercoke:ComprehensiveBeverageAgreementMember2023-12-310000317540us-gaap:OtherAssetsMembercoke:SoutheasternContainerMember2024-09-270000317540us-gaap:OtherAssetsMembercoke:SoutheasternContainerMember2023-12-310000317540us-gaap:OtherAssetsMembercoke:SouthAtlanticCannersMember2024-09-270000317540us-gaap:OtherAssetsMembercoke:SouthAtlanticCannersMember2023-12-310000317540coke:SouthAtlanticCannersMember2023-01-012023-09-290000317540coke:SouthAtlanticCannersMember2024-01-012024-09-270000317540coke:CocaColaBottlerSalesAndServicesCompanyMember2024-09-270000317540coke:CocaColaBottlerSalesAndServicesCompanyMember2023-12-310000317540us-gaap:OtherAssetsMembercoke:CONAServicesLimitedLiabilityCompanyMember2024-09-270000317540us-gaap:OtherAssetsMembercoke:CONAServicesLimitedLiabilityCompanyMember2023-12-310000317540coke:CONAServicesLimitedLiabilityCompanyMember2024-01-012024-09-270000317540coke:CONAServicesLimitedLiabilityCompanyMember2023-01-012023-09-290000317540coke:BeaconInvestmentCorporationMember2024-09-270000317540coke:BeaconInvestmentCorporationMember2023-12-310000317540coke:BeaconInvestmentCorporationMember2024-06-292024-09-270000317540coke:BeaconInvestmentCorporationMember2023-07-012023-09-290000317540coke:BeaconInvestmentCorporationMember2024-01-012024-09-270000317540coke:BeaconInvestmentCorporationMember2023-01-012023-09-290000317540coke:LongTermPerformanceEquityPlanMember2024-01-012024-09-270000317540coke:LongTermPerformanceEquityPlanMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-290000317540coke:LongTermPerformanceEquityPlanMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-06-292024-09-270000317540coke:LongTermPerformanceEquityPlanMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-270000317540coke:LongTermPerformanceEquityPlanMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-290000317540coke:TimingOfSaleMemberus-gaap:TransferredAtPointInTimeMemberus-gaap:RevenueFromContractWithCustomerMember2023-01-012023-09-290000317540coke:TimingOfSaleMemberus-gaap:TransferredAtPointInTimeMemberus-gaap:RevenueFromContractWithCustomerMember2024-01-012024-09-270000317540coke:RepairServiceMembersrt:MinimumMember2024-01-012024-09-270000317540coke:RepairServiceMembersrt:MaximumMember2024-01-012024-09-270000317540us-gaap:TransferredAtPointInTimeMembercoke:NonalcoholicBeverageSegmentMember2024-06-292024-09-270000317540us-gaap:TransferredAtPointInTimeMembercoke:NonalcoholicBeverageSegmentMember2023-07-012023-09-290000317540us-gaap:TransferredAtPointInTimeMembercoke:NonalcoholicBeverageSegmentMember2024-01-012024-09-270000317540us-gaap:TransferredAtPointInTimeMembercoke:NonalcoholicBeverageSegmentMember2023-01-012023-09-290000317540us-gaap:TransferredAtPointInTimeMember2024-06-292024-09-270000317540us-gaap:TransferredAtPointInTimeMember2023-07-012023-09-290000317540us-gaap:TransferredAtPointInTimeMember2024-01-012024-09-270000317540us-gaap:TransferredAtPointInTimeMember2023-01-012023-09-290000317540us-gaap:TransferredOverTimeMembercoke:NonalcoholicBeverageSegmentMember2024-06-292024-09-270000317540us-gaap:TransferredOverTimeMembercoke:NonalcoholicBeverageSegmentMember2023-07-012023-09-290000317540us-gaap:TransferredOverTimeMembercoke:NonalcoholicBeverageSegmentMember2024-01-012024-09-270000317540us-gaap:TransferredOverTimeMembercoke:NonalcoholicBeverageSegmentMember2023-01-012023-09-290000317540us-gaap:TransferredOverTimeMemberus-gaap:AllOtherSegmentsMember2024-06-292024-09-270000317540us-gaap:TransferredOverTimeMemberus-gaap:AllOtherSegmentsMember2023-07-012023-09-290000317540us-gaap:TransferredOverTimeMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-270000317540us-gaap:TransferredOverTimeMemberus-gaap:AllOtherSegmentsMember2023-01-012023-09-290000317540us-gaap:TransferredOverTimeMember2024-06-292024-09-270000317540us-gaap:TransferredOverTimeMember2023-07-012023-09-290000317540us-gaap:TransferredOverTimeMember2024-01-012024-09-270000317540us-gaap:TransferredOverTimeMember2023-01-012023-09-290000317540coke:OtherProductsSalesPostMixAndOtherMember2024-01-012024-09-270000317540coke:BottleOrCanSalesMember2024-01-012024-09-270000317540us-gaap:AllOtherSegmentsMember2024-01-012024-09-270000317540us-gaap:OperatingSegmentsMembercoke:NonalcoholicBeverageSegmentMember2024-06-292024-09-270000317540us-gaap:OperatingSegmentsMembercoke:NonalcoholicBeverageSegmentMember2023-07-012023-09-290000317540us-gaap:OperatingSegmentsMembercoke:NonalcoholicBeverageSegmentMember2024-01-012024-09-270000317540us-gaap:OperatingSegmentsMembercoke:NonalcoholicBeverageSegmentMember2023-01-012023-09-290000317540us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2024-06-292024-09-270000317540us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2023-07-012023-09-290000317540us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2024-01-012024-09-270000317540us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2023-01-012023-09-290000317540us-gaap:IntersegmentEliminationMember2024-06-292024-09-270000317540us-gaap:IntersegmentEliminationMember2023-07-012023-09-290000317540us-gaap:IntersegmentEliminationMember2024-01-012024-09-270000317540us-gaap:IntersegmentEliminationMember2023-01-012023-09-290000317540coke:NewShareRepurchaseProgramMember2024-08-200000317540us-gaap:USTreasurySecuritiesMember2024-09-270000317540us-gaap:CorporateDebtSecuritiesMember2024-09-270000317540us-gaap:CommercialPaperMember2024-09-270000317540us-gaap:AssetBackedSecuritiesMember2024-09-270000317540us-gaap:LandMember2024-09-270000317540us-gaap:LandMember2023-12-310000317540us-gaap:BuildingMember2024-09-270000317540us-gaap:BuildingMember2023-12-310000317540srt:MinimumMemberus-gaap:BuildingMember2024-09-270000317540srt:MaximumMemberus-gaap:BuildingMember2024-09-270000317540us-gaap:MachineryAndEquipmentMember2024-09-270000317540us-gaap:MachineryAndEquipmentMember2023-12-310000317540srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2024-09-270000317540srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2024-09-270000317540us-gaap:TransportationEquipmentMember2024-09-270000317540us-gaap:TransportationEquipmentMember2023-12-310000317540srt:MinimumMemberus-gaap:TransportationEquipmentMember2024-09-270000317540srt:MaximumMemberus-gaap:TransportationEquipmentMember2024-09-270000317540us-gaap:FurnitureAndFixturesMember2024-09-270000317540us-gaap:FurnitureAndFixturesMember2023-12-310000317540srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2024-09-270000317540srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2024-09-270000317540coke:ColdDrinkDispensingEquipmentMember2024-09-270000317540coke:ColdDrinkDispensingEquipmentMember2023-12-310000317540srt:MinimumMembercoke:ColdDrinkDispensingEquipmentMember2024-09-270000317540srt:MaximumMembercoke:ColdDrinkDispensingEquipmentMember2024-09-270000317540us-gaap:LeaseholdsAndLeaseholdImprovementsMember2024-09-270000317540us-gaap:LeaseholdsAndLeaseholdImprovementsMember2023-12-310000317540srt:MinimumMemberus-gaap:LeaseholdsAndLeaseholdImprovementsMember2024-09-270000317540srt:MaximumMemberus-gaap:LeaseholdsAndLeaseholdImprovementsMember2024-09-270000317540us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2024-09-270000317540us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2023-12-310000317540srt:MinimumMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2024-09-270000317540srt:MaximumMemberus-gaap:SoftwareAndSoftwareDevelopmentCostsMember2024-09-270000317540us-gaap:ConstructionInProgressMember2024-09-270000317540us-gaap:ConstructionInProgressMember2023-12-310000317540us-gaap:DistributionRightsMembersrt:MinimumMember2024-09-270000317540us-gaap:DistributionRightsMembersrt:MaximumMember2024-09-270000317540us-gaap:CustomerRelatedIntangibleAssetsMembersrt:MinimumMember2024-09-270000317540us-gaap:CustomerRelatedIntangibleAssetsMembersrt:MaximumMember2024-09-270000317540us-gaap:CustomerRelatedIntangibleAssetsMember2024-09-270000317540us-gaap:CustomerRelatedIntangibleAssetsMember2023-12-310000317540us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2024-06-292024-09-270000317540us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2023-07-012023-09-290000317540us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2024-01-012024-09-270000317540us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2023-01-012023-09-290000317540us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:CommodityContractMember2024-06-292024-09-270000317540us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:CommodityContractMember2023-07-012023-09-290000317540us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:CommodityContractMember2024-01-012024-09-270000317540us-gaap:SellingGeneralAndAdministrativeExpensesMemberus-gaap:CommodityContractMember2023-01-012023-09-290000317540us-gaap:CommodityContractMember2024-09-270000317540us-gaap:CommodityContractMember2023-12-310000317540us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-270000317540us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-270000317540us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-270000317540us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-270000317540us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-270000317540us-gaap:CommodityContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-270000317540us-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-270000317540us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-270000317540us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-270000317540us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-270000317540us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000317540us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000317540us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000317540us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000317540us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000317540us-gaap:CommodityContractMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000317540us-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000317540us-gaap:FairValueInputsLevel1Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000317540us-gaap:FairValueInputsLevel2Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000317540us-gaap:FairValueInputsLevel3Memberus-gaap:CommodityContractMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000317540coke:DistributionAssetsMember2024-09-270000317540us-gaap:FairValueInputsLevel3Member2024-06-280000317540us-gaap:FairValueInputsLevel3Member2023-06-300000317540us-gaap:FairValueInputsLevel3Member2023-12-310000317540us-gaap:FairValueInputsLevel3Member2022-12-310000317540us-gaap:FairValueInputsLevel3Member2024-06-292024-09-270000317540us-gaap:FairValueInputsLevel3Member2023-07-012023-09-290000317540us-gaap:FairValueInputsLevel3Member2024-01-012024-09-270000317540us-gaap:FairValueInputsLevel3Member2023-01-012023-09-290000317540us-gaap:FairValueInputsLevel3Member2024-09-270000317540us-gaap:FairValueInputsLevel3Member2023-09-290000317540us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2024-09-270000317540us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMember2023-09-290000317540us-gaap:PensionPlansDefinedBenefitMember2022-12-3100003175402023-04-012023-12-310000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-06-292024-09-270000317540us-gaap:PensionPlansDefinedBenefitMember2023-07-012023-09-290000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-09-270000317540us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-09-290000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-06-292024-09-270000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-07-012023-09-290000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-09-270000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-09-290000317540coke:ThreePointEightPercentSeniorNotesNovemberTwentyFiveTwoThousandTwentyFiveMemberus-gaap:SeniorNotesMembercoke:PublicDebtMember2024-09-270000317540coke:ThreePointEightPercentSeniorNotesNovemberTwentyFiveTwoThousandTwentyFiveMemberus-gaap:SeniorNotesMembercoke:PublicDebtMember2023-12-310000317540coke:ThreePointNineThreePercentSeniorNotesOctoberTenTwoThousandTwentySixMemberus-gaap:SeniorNotesMembercoke:NonPublicDebtMember2024-09-270000317540coke:ThreePointNineThreePercentSeniorNotesOctoberTenTwoThousandTwentySixMemberus-gaap:SeniorNotesMembercoke:NonPublicDebtMember2023-12-310000317540coke:FivePointTwoFivePercentSeniorNotesJuneOneTwoThousandTwentyNineMemberus-gaap:SeniorNotesMembercoke:PublicDebtMember2024-09-270000317540coke:FivePointTwoFivePercentSeniorNotesJuneOneTwoThousandTwentyNineMemberus-gaap:SeniorNotesMembercoke:PublicDebtMember2023-12-310000317540us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembercoke:NonPublicDebtMember2024-09-270000317540us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembercoke:NonPublicDebtMember2023-12-310000317540coke:ThreePointNineSixPercentSeniorNotesMarchTwentyOneTwoThousandThirtyMemberus-gaap:SeniorNotesMembercoke:NonPublicDebtMember2024-09-270000317540coke:ThreePointNineSixPercentSeniorNotesMarchTwentyOneTwoThousandThirtyMemberus-gaap:SeniorNotesMembercoke:NonPublicDebtMember2023-12-310000317540coke:FivePointFourFivePercentSeniorNotesJuneOneTwoThousandThirtyFourMemberus-gaap:SeniorNotesMembercoke:PublicDebtMember2024-09-270000317540coke:FivePointFourFivePercentSeniorNotesJuneOneTwoThousandThirtyFourMemberus-gaap:SeniorNotesMembercoke:PublicDebtMember2023-12-310000317540coke:A20252029And2034SeniorBondsMemberus-gaap:SeniorNotesMembercoke:PublicDebtMember2024-09-270000317540coke:A20252029And2034SeniorBondsMemberus-gaap:SeniorNotesMembercoke:PublicDebtMember2023-12-310000317540us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembercoke:NonPublicDebtMember2021-07-090000317540coke:FivePointTwoFivePercentSeniorNotesJuneOneTwoThousandTwentyNineMemberus-gaap:SeniorNotesMember2024-05-290000317540coke:FivePointFourFivePercentSeniorNotesJuneOneTwoThousandThirtyFourMemberus-gaap:SeniorNotesMember2024-05-290000317540coke:RevolvingCreditFacilityAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-06-102024-06-100000317540coke:RevolvingCreditFacilityAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2024-06-100000317540coke:RevolvingCreditFacilityAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MinimumMember2024-01-012024-09-270000317540coke:RevolvingCreditFacilityAgreementMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMembersrt:MaximumMember2024-01-012024-09-270000317540coke:SoutheasternMember2024-01-012024-09-270000317540coke:SouthAtlanticCannersMember2024-09-270000317540coke:SoutheasternMember2024-06-292024-09-270000317540coke:SoutheasternMember2023-07-012023-09-290000317540coke:SoutheasternMember2023-01-012023-09-290000317540coke:SouthAtlanticCannersMember2024-06-292024-09-270000317540coke:SouthAtlanticCannersMember2023-07-012023-09-290000317540coke:SouthAtlanticCannersMember2023-12-310000317540coke:SouthAtlanticCannersMember2023-01-012023-12-310000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-06-280000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-06-292024-09-270000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-09-270000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-06-280000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-06-292024-09-270000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-09-270000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-06-280000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-06-292024-09-270000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-09-270000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-06-280000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-06-292024-09-270000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-09-270000317540coke:UnrealizedGainLossOnInvestmentsMember2024-06-280000317540coke:UnrealizedGainLossOnInvestmentsMember2024-06-292024-09-270000317540coke:UnrealizedGainLossOnInvestmentsMember2024-09-270000317540coke:ReclassificationOfStrandedTaxEffectsDueToTCJAMember2024-06-280000317540coke:ReclassificationOfStrandedTaxEffectsDueToTCJAMember2024-06-292024-09-270000317540coke:ReclassificationOfStrandedTaxEffectsDueToTCJAMember2024-09-270000317540coke:PrimaryPlanMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000317540coke:PrimaryPlanMemberus-gaap:PensionPlansDefinedBenefitMember2024-09-270000317540us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-06-300000317540us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-07-012023-09-290000317540us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-09-290000317540us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-06-300000317540us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-07-012023-09-290000317540us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-09-290000317540us-gaap:PensionPlansDefinedBenefitMembercoke:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMember2023-06-300000317540us-gaap:PensionPlansDefinedBenefitMembercoke:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMember2023-07-012023-09-290000317540us-gaap:PensionPlansDefinedBenefitMembercoke:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMember2023-09-290000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-06-300000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-07-012023-09-290000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-09-290000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-06-300000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-07-012023-09-290000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-09-290000317540coke:ReclassificationOfStrandedTaxEffectsDueToTCJAMember2023-06-300000317540coke:ReclassificationOfStrandedTaxEffectsDueToTCJAMember2023-07-012023-09-290000317540coke:ReclassificationOfStrandedTaxEffectsDueToTCJAMember2023-09-290000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-12-310000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-01-012024-09-270000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-12-310000317540coke:BargainingPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-01-012024-09-270000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-12-310000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-01-012024-09-270000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-12-310000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2024-01-012024-09-270000317540coke:UnrealizedGainLossOnInvestmentsMember2023-12-310000317540coke:UnrealizedGainLossOnInvestmentsMember2024-01-012024-09-270000317540coke:ReclassificationOfStrandedTaxEffectsDueToTCJAMember2023-12-310000317540coke:ReclassificationOfStrandedTaxEffectsDueToTCJAMember2024-01-012024-09-270000317540us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-12-310000317540us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-01-012023-09-290000317540us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-12-310000317540us-gaap:PensionPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-01-012023-09-290000317540us-gaap:PensionPlansDefinedBenefitMembercoke:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMember2022-12-310000317540us-gaap:PensionPlansDefinedBenefitMembercoke:AccumulatedDefinedBenefitPlansAdjustmentNetSettlementExpenseAttributableToParentMember2023-01-012023-09-290000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-12-310000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-01-012023-09-290000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2022-12-310000317540us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetPriorServiceCostCreditMember2023-01-012023-09-290000317540coke:ReclassificationOfStrandedTaxEffectsDueToTCJAMember2022-12-310000317540coke:ReclassificationOfStrandedTaxEffectsDueToTCJAMember2023-01-012023-09-29

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________________________
FORM 10-Q
______________________________________________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 27, 2024
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number: 0-9286
______________________________________________________________________________________________
COCA-COLA CONSOLIDATED, INC.
(Exact name of registrant as specified in its charter)
______________________________________________________________________________________________
Delaware
56-0950585
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
4100 CocaCola Plaza

Charlotte, NC
28211
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (980) 392-8298
______________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Common Stock, par value $1.00 per share
Trading Symbol(s)
COKE
Name of each exchange on which registered
The Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No  
As of October 18, 2024, there were 7,755,983 shares of the registrant’s Common Stock, par value $1.00 per share, and 1,004,696 shares of the registrant’s Class B Common Stock, par value $1.00 per share, outstanding.



COCACOLA CONSOLIDATED, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 27, 2024
TABLE OF CONTENTS
Page

i


PART I - FINANCIAL INFORMATION
Item 1.    Financial Statements.
COCACOLA CONSOLIDATED, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Third QuarterFirst Nine Months
(in thousands, except per share data)2024202320242023
Net sales$1,765,652 $1,712,428 $5,153,221 $5,022,902 
Cost of sales1,067,616 1,050,878 3,097,916 3,065,669 
Gross profit698,036 661,550 2,055,305 1,957,233 
Selling, delivery and administrative expenses470,981 445,290 1,353,704 1,301,249 
Income from operations227,055 216,260 701,601 655,984 
Interest expense (income), net2,187 (1,516)(2,149)2,766 
Mark-to-market on acquisition related contingent consideration68,592 18,864 90,877 86,038 
Pension plan settlement expense 77,319  117,096 
Other expense, net713 609 2,250 5,146 
Income before taxes155,563 120,984 610,623 444,938 
Income tax expense39,939 28,891 156,446 112,399 
Net income$115,624 $92,093 $454,177 $332,539 
Basic net income per share:
Common Stock$13.20 $9.82 $49.71 $35.47 
Weighted average number of Common Stock shares outstanding7,756 8,369 8,141 8,369 
Class B Common Stock$13.20 $9.82 $49.25 $35.47 
Weighted average number of Class B Common Stock shares outstanding1,005 1,005 1,005 1,005 
Diluted net income per share:
Common Stock$13.18 $9.80 $49.59 $35.38 
Weighted average number of Common Stock shares outstanding – assuming dilution8,772 9,395 9,158 9,398 
Class B Common Stock$13.18 $9.79 $49.00 $35.29 
Weighted average number of Class B Common Stock shares outstanding – assuming dilution1,016 1,026 1,017 1,029 
Cash dividends per share:
Common Stock$0.50 $0.50 $17.50 $4.50 
Class B Common Stock$0.50 $0.50 $17.50 $4.50 












See accompanying notes to condensed consolidated financial statements.
1


COCACOLA CONSOLIDATED, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

Third QuarterFirst Nine Months
(in thousands)2024202320242023
Net income$115,624 $92,093 $454,177 $332,539 
Other comprehensive income, net of tax:
Defined benefit plans reclassification including pension costs:
Actuarial gain (loss) 1,183  (303)
Prior service credits3 3 9 9 
Pension plan settlement 56,028  86,069 
Postretirement benefits reclassification including benefit costs:
Actuarial gain20  60  
Unrealized gain on short-term investments428  255  
Other comprehensive income, net of tax451 57,214 324 85,775 
Comprehensive income$116,075 $149,307 $454,501 $418,314 






































See accompanying notes to condensed consolidated financial statements.
2


COCACOLA CONSOLIDATED, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share data)September 27, 2024December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents$1,236,006 $635,269 
Short-term investments215,044  
Accounts receivable, trade572,859 555,933 
Allowance for doubtful accounts(16,158)(16,060)
Accounts receivable from The Coca‑Cola Company88,447 51,936 
Accounts receivable, other46,833 67,533 
Inventories334,681 321,932 
Prepaid expenses and other current assets93,421 88,585 
Total current assets2,571,133 1,705,128 
Property, plant and equipment, net1,454,746 1,320,563 
Right-of-use assets - operating leases102,330 122,708 
Leased property under financing leases, net3,550 4,785 
Other assets170,304 145,213 
Goodwill165,903 165,903 
Distribution agreements, net798,475 817,143 
Customer lists, net6,283 7,499 
Total assets$5,272,724 $4,288,942 
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of obligations under operating leases$22,323 $26,194 
Current portion of obligations under financing leases2,635 2,487 
Accounts payable, trade346,997 383,562 
Accounts payable to The Coca‑Cola Company229,181 139,499 
Other accrued liabilities276,743 237,994 
Accrued compensation141,074 146,932 
Dividends payable21,902 154,666 
Total current liabilities1,040,855 1,091,334 
Deferred income taxes110,510 128,435 
Pension and postretirement benefit obligations61,615 60,614 
Other liabilities900,076 866,499 
Noncurrent portion of obligations under operating leases85,863 102,271 
Noncurrent portion of obligations under financing leases3,036 5,032 
Long-term debt1,785,782 599,159 
Total liabilities3,987,737 2,853,344 
Commitments and Contingencies
Equity:
Common Stock, $1.00 par value: 30,000,000 shares authorized; 10,832,748 and 11,431,367 shares issued, respectively
10,833 11,431 
Class B Common Stock, $1.00 par value: 10,000,000 shares authorized; 1,632,810 shares issued
1,633 1,633 
Additional paid-in capital135,953 135,953 
Retained earnings1,216,235 1,352,111 
Accumulated other comprehensive loss(3,952)(4,276)
Treasury stock, at cost: Common Stock – 3,076,765 and 3,062,374 shares, respectively
(75,306)(60,845)
Treasury stock, at cost: Class B Common Stock – 628,114 shares
(409)(409)
Total equity1,284,987 1,435,598 
Total liabilities and equity$5,272,724 $4,288,942 
See accompanying notes to condensed consolidated financial statements.
3


COCACOLA CONSOLIDATED, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

First Nine Months
(in thousands)20242023
Cash Flows from Operating Activities:
Net income$454,177 $332,539 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense from property, plant and equipment and financing leases125,593 113,664 
Amortization of intangible assets and deferred proceeds, net17,586 17,632 
Fair value adjustment of acquisition related contingent consideration90,877 86,038 
Deferred income taxes(18,030)(34,881)
Loss on sale of property, plant and equipment4,081 5,863 
Amortization of debt costs1,496 742 
Pension plan settlement expense 117,096 
Change in current assets less current liabilities55,763 35,791 
Change in other noncurrent assets7,595 13,417 
Change in other noncurrent liabilities(31,245)(43,352)
Total adjustments253,716 312,010 
Net cash provided by operating activities$707,893 $644,549 
Cash Flows from Investing Activities:
Additions to property, plant and equipment$(287,333)$(152,260)
Purchases of short-term investments(283,488) 
Proceeds from the disposal of short-term investments72,232  
Investment in equity method investees(9,794)(9,044)
Proceeds from the sale of property, plant and equipment425 441 
Net cash used in investing activities$(507,958)$(160,863)
Cash Flows from Financing Activities:
Proceeds from bond issuance$1,200,000 $ 
Payments related to share repurchases(574,009) 
Cash dividends paid(163,733)(42,182)
Payments of acquisition related contingent consideration(44,243)(20,979)
Debt issuance fees(15,365)(244)
Payments on financing lease obligations(1,848)(1,712)
Net cash provided by (used in) financing activities$400,802 $(65,117)
Net increase in cash during period$600,737 $418,569 
Cash at beginning of period635,269 197,648 
Cash at end of period$1,236,006 $616,217 
Significant non-cash investing and financing activities:
Additions to property, plant and equipment accrued and recorded in accounts payable, trade$34,791 $32,388 
Right-of-use assets obtained in exchange for operating lease obligations1,299 4,253 







See accompanying notes to condensed consolidated financial statements.
4


COCACOLA CONSOLIDATED, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)

(in thousands, except per share data)Common
Stock
Class B
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock - Common
Stock
Treasury Stock - Class B Common StockTotal
Equity
Balance on June 28, 2024$11,431 $1,633 $135,953 $1,685,977 $(4,403)$(634,988)$(409)$1,195,194 
Net income— — — 115,624 — — — 115,624 
Other comprehensive income, net of tax— — — — 451 — — 451 
Dividends declared:
Common Stock ($3.00 per share)
— — — (23,267)— — — (23,267)
Class B Common Stock ($3.00 per share)
— — — (3,015)— — — (3,015)
Share repurchases(1)
(598)— — (559,084)— 559,682 —  
Balance on September 27, 2024$10,833 $1,633 $135,953 $1,216,235 $(3,952)$(75,306)$(409)$1,284,987 
Balance on December 31, 2023$11,431 $1,633 $135,953 $1,352,111 $(4,276)$(60,845)$(409)$1,435,598 
Net income— — — 454,177 — — — 454,177 
Other comprehensive income, net of tax— — — — 324 — — 324 
Dividends declared:
Common Stock ($3.50 per share)
— — — (27,452)— — — (27,452)
Class B Common Stock ($3.50 per share)
— — — (3,517)— — — (3,517)
Share repurchases(1)
(598)— — (559,084)— (14,461)— (574,143)
Balance on September 27, 2024$10,833 $1,633 $135,953 $1,216,235 $(3,952)$(75,306)$(409)$1,284,987 

(1)The share repurchases relate to shares repurchased in a tender offer and a separate share repurchase transaction with a subsidiary of The Coca‑Cola Company, both of which are further discussed in Note 2 below.

(in thousands, except per share data)Common
Stock
Class B
Common
Stock
Additional
Paid-in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock - Common
Stock
Treasury Stock - Class B Common StockTotal
Equity
Balance on June 30, 2023$11,431 $1,633 $135,953 $1,348,221 $(56,276)$(60,845)$(409)$1,379,708 
Net income— — — 92,093 — — — 92,093 
Other comprehensive income, net of tax— — — — 57,214 — — 57,214 
Dividends declared:
Common Stock ($0.50 per share)
— — — (4,184)— — — (4,184)
Class B Common Stock ($0.50 per share)
— — — (503)— — — (503)
Balance on September 29, 2023$11,431 $1,633 $135,953 $1,435,627 $938 $(60,845)$(409)$1,524,328 
Balance on December 31, 2022$11,431 $1,633 $135,953 $1,112,462 $(84,837)$(60,845)$(409)$1,115,388 
Net income— — — 332,539 — — — 332,539 
Other comprehensive income, net of tax— — — — 85,775 — — 85,775 
Dividends declared:
Common Stock ($1.00 per share)
— — — (8,369)— — — (8,369)
Class B Common Stock ($1.00 per share)
— — — (1,005)— — — (1,005)
Balance on September 29, 2023$11,431 $1,633 $135,953 $1,435,627 $938 $(60,845)$(409)$1,524,328 
See accompanying notes to condensed consolidated financial statements.
5


COCACOLA CONSOLIDATED, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.    Critical Accounting Policies

The condensed consolidated financial statements include the accounts and the consolidated operations of Coca‑Cola Consolidated, Inc. and its majority-owned subsidiaries (collectively referred to herein as the “Company”). All significant intercompany accounts and transactions have been eliminated. The condensed consolidated financial statements reflect all adjustments, including normal, recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results for the periods presented.

Each of the Company’s quarters, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The Company’s fourth quarter and fiscal year end on December 31 regardless of the day of the week on which December 31 falls. The condensed consolidated financial statements presented are:

The financial position as of September 27, 2024 and December 31, 2023.
The results of operations, comprehensive income and changes in stockholders’ equity for the three-month periods ended September 27, 2024 (the “third quarter” of fiscal 2024 (“2024”)) and September 29, 2023 (the “third quarter” of fiscal 2023 (“2023”)) and the nine-month periods ended September 27, 2024 (the “first nine months” of 2024) and September 29, 2023 (the “first nine months” of 2023).
The changes in cash flows for the first nine months of 2024 and the first nine months of 2023.

The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accounting policies followed in the presentation of interim financial results are consistent with those followed on an annual basis. These policies are presented in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for 2023 filed with the United States Securities and Exchange Commission.

The preparation of condensed consolidated financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Critical Accounting Estimates

In the ordinary course of business, the Company has made a number of estimates and assumptions relating to the reporting of its results of operations and financial position in the preparation of its condensed consolidated financial statements in conformity with GAAP. Actual results could differ significantly from those estimates under different assumptions and conditions. The Company included in its Annual Report on Form 10-K for 2023 under the caption “Discussion of Critical Accounting Estimates” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” a discussion of the Company’s most critical accounting estimates, which are those the Company believes to be the most important to the portrayal of its financial condition and results of operations and that require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain.

Any changes in critical accounting estimates are discussed with the Audit Committee of the Company’s Board of Directors during the quarter in which a change is contemplated and prior to making such change.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires additional disclosure of significant segment expenses included in the reported measure of segment profit or loss and regularly provided to the Chief Operating Decision Maker (the “CODM”). It also requires disclosure and a description of the composition of other amounts by reportable segment, disclosure of a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods and disclosure of the CODM’s title and process for assessing a reportable segment’s profit or loss. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years beginning after December 15, 2024. The Company has evaluated the impact ASU 2023-07 will have on its consolidated financial statements and does not expect a material impact upon adoption.
6



In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of specific categories in the rate reconciliation, including additional information for reconciling items that meet a quantitative threshold, and specific disaggregation of income taxes paid and tax expense. The amendment is effective for annual periods beginning after December 15, 2024. The Company has evaluated the impact ASU 2023-09 will have on its consolidated financial statements and does not expect a material impact upon adoption.

2.    Related Party Transactions

J. Frank Harrison, III

As of September 27, 2024, J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer of the Company, controlled 1,004,394 shares of the Company’s Class B Common Stock, par value $1.00 per share (“Class B Common Stock”), which represented approximately 72% of the total voting power of the Company’s outstanding Common Stock, par value $1.00 per share (“Common Stock”), and Class B Common Stock on a consolidated basis.

The Coca‑Cola Company

The Company’s business consists primarily of the distribution, marketing and manufacture of nonalcoholic beverages of The Coca‑Cola Company, which is the sole owner of the formulas under which the primary components of the Company’s soft drink products, either concentrate or syrup, are manufactured.

As of September 27, 2024, The Coca‑Cola Company owned shares of the Company’s Common Stock representing approximately 7% of the total voting power of the Company’s outstanding Common Stock and Class B Common Stock on a consolidated basis. The number of shares of the Company’s Common Stock currently held by The Coca‑Cola Company gives it the right to have a designee proposed by the Company for nomination to the Company’s Board of Directors in the Company’s annual proxy statement. J. Frank Harrison, III and the trustees of certain trusts established for the benefit of certain relatives of the late J. Frank Harrison, Jr. have agreed to vote the shares of the Company’s Common Stock and Class B Common Stock that they control in favor of such designee. The Coca‑Cola Company does not own any shares of the Company’s Class B Common Stock.

On May 6, 2024, the Company announced its intention to purchase up to $3.10 billion in value of its Common Stock through both a modified “Dutch auction” tender offer (the “Tender Offer”) for up to $2.00 billion of its Common Stock and a separate share purchase agreement (the “Purchase Agreement”) with Carolina Coca-Cola Bottling Investments, Inc., an indirect wholly owned subsidiary of The Coca‑Cola Company (“CCCBI”). On May 20, 2024, the Company launched its offer to purchase, for cash, shares of its Common Stock at prices specified by the tendering stockholders of not less than $850 nor greater than $925 per share, with shares having an aggregate purchase price of no more than $2.00 billion. On June 21, 2024, the Company announced the final results of the Tender Offer, which expired on June 18, 2024. In accordance with the terms and conditions of the Tender Offer, the Company repurchased 14,391.5 shares of its Common Stock at a purchase price of $925 per share, for an aggregate purchase price of $13.3 million, excluding fees and expenses relating to the Tender Offer. The shares repurchased represented 0.2% of the shares of the Company’s Common Stock that were issued and outstanding as of June 18, 2024.

Pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI, the Company agreed to purchase and CCCBI agreed to sell, at the purchase price in the Tender Offer, a number of shares of the Company’s Common Stock (the “Share Repurchase”) such that CCCBI would beneficially own shares of the Company’s Common Stock representing 21.5% of the Company’s total outstanding shares of Common Stock and Class B Common Stock immediately following the closing of the Share Repurchase (calculated assuming all issued and outstanding shares of Class B Common Stock were converted into Common Stock and taking into account the shares of Common Stock purchased in the Tender Offer). The Share Repurchase was conditioned on, among other things, the completion of the Tender Offer and, in the case of CCCBI’s obligation to close, the purchase price being no less than $925 per share. On July 5, 2024, the Company repurchased and retired 598,619 shares of its Common Stock in the Share Repurchase at a purchase price of $925 per share, for an aggregate purchase price of $553.7 million.

7


The following table summarizes the significant cash transactions between the Company and The Coca‑Cola Company:

Third QuarterFirst Nine Months
(in thousands)2024202320242023
Payments made by the Company to The Coca-Cola Company(1)
$585,967 $552,154 $1,582,000 $1,544,872 
Payments made by The Coca-Cola Company to the Company65,592 67,890 184,794 170,824 

(1)This excludes acquisition related sub-bottling payments made by the Company to CCR (as defined below), a wholly owned subsidiary of The Coca‑Cola Company, as well as the payment made to repurchase shares pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI (as further discussed above).

More than 80% of the payments made by the Company to The Coca‑Cola Company were for concentrate, syrup, sweetener and other finished goods products, which were recorded in cost of sales in the condensed consolidated statements of operations and represent the primary components of the soft drink products the Company manufactures and distributes. Payments made by the Company to The Coca‑Cola Company also included payments for marketing programs associated with large, national customers managed by The Coca‑Cola Company on behalf of the Company, which were recorded as a reduction to net sales in the condensed consolidated statements of operations. Other payments made by the Company to The Coca‑Cola Company related to cold drink equipment parts, fees associated with the rights to distribute certain brands and other customary items.

Payments made by The Coca‑Cola Company to the Company included annual funding in connection with the Company’s agreement to support certain business initiatives developed by The Coca‑Cola Company and funding associated with the delivery of post-mix products to various customers, both of which were recorded as a reduction to cost of sales in the condensed consolidated statements of operations. Post-mix products are dispensed through equipment that mixes fountain syrups with carbonated or still water, enabling fountain retailers to sell finished products to consumers in cups or glasses. Payments made by The Coca‑Cola Company to the Company also included fountain product delivery and equipment repair services performed by the Company on The Coca‑Cola Company’s equipment, all of which were recorded in net sales in the condensed consolidated statements of operations.

Coca‑Cola Refreshments USA, Inc. (“CCR”)

The Company, The Coca‑Cola Company and CCR entered into comprehensive beverage agreements (collectively, the “CBA”), related to a multi-year series of transactions, which were completed in October 2017, through which the Company acquired and exchanged distribution territories and manufacturing plants (the “System Transformation”). The CBA requires the Company to make quarterly acquisition related sub-bottling payments to CCR on a continuing basis in exchange for the grant of exclusive rights to distribute, promote, market and sell the authorized brands of The Coca‑Cola Company and related products in certain distribution territories the Company acquired from CCR. These acquisition related sub-bottling payments are based on gross profit derived from the Company’s sales of certain beverages and beverage products that are sold under the same trademarks that identify a covered beverage, a beverage product or certain cross-licensed brands applicable to the System Transformation.

Acquisition related sub-bottling payments to CCR were $44.2 million in the first nine months of 2024 and $21.0 million in the first nine months of 2023. The following table summarizes the liability recorded by the Company to reflect the estimated fair value of contingent consideration related to future expected acquisition related sub-bottling payments to CCR:

(in thousands)September 27, 2024December 31, 2023
Current portion of acquisition related contingent consideration$75,742 $64,528 
Noncurrent portion of acquisition related contingent consideration629,829 604,809 
Total acquisition related contingent consideration$705,571 $669,337 

Southeastern Container (“Southeastern”)

The Company is a shareholder of Southeastern, a plastic bottle manufacturing cooperative. The Company accounts for Southeastern as an equity method investment. The Company’s investment in Southeastern, which was classified as other assets in the condensed consolidated balance sheets, was $21.4 million as of September 27, 2024 and $20.9 million as of December 31, 2023.

South Atlantic Canners, Inc. (“SAC”)

The Company is a shareholder of SAC, a manufacturing cooperative located in Bishopville, South Carolina. All of SAC’s shareholders are Coca‑Cola bottlers and each has equal voting rights. The Company accounts for SAC as an equity method
8


investment. The Company’s investment in SAC, which was classified as other assets in the condensed consolidated balance sheets, was $23.1 million as of September 27, 2024 and $17.2 million as of December 31, 2023.

The Company receives a fee for managing the day-to-day operations of SAC pursuant to a management agreement. Proceeds from management fees received from SAC, which were recorded as a reduction to cost of sales in the condensed consolidated statements of operations, were $6.9 million in both the first nine months of 2024 and the first nine months of 2023.

Coca‑Cola Bottlers’ Sales & Services Company LLC (“CCBSS”)

Along with all other Coca‑Cola bottlers in the United States and Canada, the Company is a member of CCBSS, a company formed to provide certain procurement and other services with the intention of enhancing the efficiency and competitiveness of the Coca‑Cola bottling system. The Company accounts for CCBSS as an equity method investment and its investment in CCBSS is not material.

CCBSS negotiates the procurement for the majority of the Company’s raw materials, excluding concentrate, and the Company receives a rebate from CCBSS for the purchase of these raw materials. The Company had rebates due from CCBSS of $19.8 million as of September 27, 2024 and $14.3 million as of December 31, 2023, which were classified as accounts receivable, other in the condensed consolidated balance sheets. Changes in rebates receivable relate to volatility in raw material prices and the timing of cash receipts of rebates.

CONA Services LLC (“CONA”)

Along with certain other Coca‑Cola bottlers, the Company is a member of CONA, an entity formed to provide business process and information technology services to its members. The Company accounts for CONA as an equity method investment. The Company’s investment in CONA, which was classified as other assets in the condensed consolidated balance sheets, was $23.8 million as of September 27, 2024 and $22.1 million as of December 31, 2023.

Pursuant to an amended and restated master services agreement with CONA, the Company is authorized to use the Coke One North America system (the “CONA System”), a uniform information technology system developed to promote operational efficiency and uniformity among North American Coca‑Cola bottlers. In exchange for the Company’s rights to use the CONA System and receive CONA-related services, it is charged service fees by CONA. The Company incurred service fees to CONA of $20.2 million in the first nine months of 2024 and $20.6 million in the first nine months of 2023.

Related Party Leases

The Company leases its headquarters office facility and an adjacent office facility in Charlotte, North Carolina from Beacon Investment Corporation, of which J. Frank Harrison, III is the majority stockholder and Morgan H. Everett, Vice Chair of the Company’s Board of Directors, is a minority stockholder. The annual base rent the Company is obligated to pay under this lease is subject to an adjustment for an inflation factor and the lease expires on December 31, 2029. The principal balance outstanding under this lease was $20.1 million on September 27, 2024 and $22.5 million on December 31, 2023. Rental payments for this lease were $1.0 million in both the third quarter of 2024 and the third quarter of 2023 and $3.0 million and $2.9 million in the first nine months of 2024 and the first nine months of 2023, respectively.

Long-Term Performance Equity Plan

The Long-Term Performance Equity Plan compensates J. Frank Harrison, III based on the Company’s performance. Awards granted to Mr. Harrison under the Long-Term Performance Equity Plan are earned based on the Company’s attainment during a performance period of certain performance measures, each as specified by the Compensation Committee of the Company’s Board of Directors. These awards may be settled in cash and/or shares of the Company’s Class B Common Stock, based on the average of the closing prices of shares of the Company’s Common Stock during the last 20 trading days of the performance period. Compensation expense for the Long-Term Performance Equity Plan, which was included in selling, delivery and administrative expenses in the condensed consolidated statements of operations, was $2.3 million in both the third quarter of 2024 and the third quarter of 2023 and $8.1 million and $8.0 million in the first nine months of 2024 and the first nine months of 2023, respectively.

3.    Revenue Recognition

The Company’s sales are divided into two main categories: (i) bottle/can sales and (ii) other sales. Bottle/can sales include products packaged primarily in plastic bottles and aluminum cans. Bottle/can net pricing is based on the invoice price charged to
9


customers reduced by any promotional allowances. Bottle/can net pricing per unit is impacted by the price charged per package, the sales volume generated for each package and the channels in which those packages are sold. Other sales include sales to other Coca‑Cola bottlers, post-mix sales, transportation revenue and equipment maintenance revenue.

The Company’s contracts are derived from customer orders, including customer sales incentives, generated through an order processing and replenishment model. Generally, the Company’s service contracts and contracts related to the delivery of specifically identifiable products have a single performance obligation. Revenues do not include sales or other taxes collected from customers. The Company has defined its performance obligations for its contracts as either at a point in time or over time. Bottle/can sales, sales to other Coca‑Cola bottlers and post-mix sales are recognized when control transfers to a customer, which is generally upon delivery and is considered a single point in time (“point in time”). Point in time sales accounted for approximately 98% of the Company’s net sales in both the first nine months of 2024 and the first nine months of 2023.

Other sales, which include revenue for service fees related to the repair of cold drink equipment and delivery fees for freight hauling and brokerage services, are recognized over time (“over time”). Revenues related to cold drink equipment repair are recognized as the respective services are completed using a cost-to-cost input method. Repair services are generally completed in less than one day but can extend up to one month. Revenues related to freight hauling and brokerage services are recognized as the delivery occurs using a miles driven output method. Generally, delivery occurs and freight charges are recognized in the same day. Over time sales orders open at the end of a financial period are not material to the condensed consolidated financial statements.

The following table represents a disaggregation of revenue from contracts with customers:

Third QuarterFirst Nine Months
(in thousands)2024202320242023
Point in time net sales:
Nonalcoholic Beverages - point in time$1,736,286 $1,677,221 $5,063,822 $4,911,999 
Total point in time net sales$1,736,286 $1,677,221 $5,063,822 $4,911,999 
Over time net sales:
Nonalcoholic Beverages - over time$15,209 $13,839 $42,537 $39,335 
All Other - over time14,157 21,368 46,862 71,568 
Total over time net sales$29,366 $35,207 $89,399 $110,903 
Total net sales$1,765,652 $1,712,428 $5,153,221 $5,022,902 

The Company’s allowance for doubtful accounts in the condensed consolidated balance sheets includes a reserve for customer returns and an allowance for credit losses. The Company experiences customer returns primarily as a result of damaged or out-of-date product. At any given time, the Company estimates less than 1% of bottle/can sales and post-mix sales could be at risk for return by customers. Returned product is recognized as a reduction to net sales. The Company’s reserve for customer returns was $5.2 million as of September 27, 2024 and $4.5 million as of December 31, 2023.

The Company estimates an allowance for credit losses, based on historic days’ sales outstanding trends, aged customer balances, previously written-off balances and expected recoveries up to balances previously written off, in order to present the net amount expected to be collected. Accounts receivable balances are written off when determined uncollectible and are recognized as a reduction to the allowance for credit losses. Following is a summary of activity for the allowance for credit losses during the first nine months of 2024 and the first nine months of 2023:

First Nine Months
(in thousands)20242023
Beginning balance - allowance for credit losses$11,560 $13,119 
Additions charged to expenses and as a reduction to net sales2,254 4,268 
Deductions(2,806)(3,328)
Ending balance - allowance for credit losses$11,008 $14,059 

10


4.    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 CODM. The Company has concluded the Chief Executive Officer, the Chief Operating Officer and the Chief Financial Officer, as a group, represent the CODM. Segment 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:

Third QuarterFirst Nine Months
(in thousands)2024202320242023
Net sales:
Nonalcoholic Beverages$1,751,495 $1,691,060 $5,106,359 $4,951,334 
All Other86,230 93,636 260,930 281,186 
Eliminations(1)
(72,073)(72,268)(214,068)(209,618)
Consolidated net sales$1,765,652 $1,712,428 $5,153,221 $5,022,902 
Income from operations:
Nonalcoholic Beverages$224,072 $217,405 $691,239 $661,395 
All Other2,983 (1,145)10,362 (5,411)
Consolidated income from operations$227,055 $216,260 $701,601 $655,984 
Depreciation and amortization:
Nonalcoholic Beverages$44,511 $41,003 $131,332 $122,262 
All Other4,259 3,108 11,847 9,034 
Consolidated depreciation and amortization$48,770 $44,111 $143,179 $131,296 

(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.

5.    Net Income Per Share

The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method:

Third QuarterFirst Nine Months
(in thousands, except per share data)2024202320242023
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income$115,624 $92,093 $454,177 $332,539 
Less dividends:
Common Stock3,878 4,184 146,151 37,660 
Class B Common Stock502 503 17,582 4,522 
Total undistributed earnings$111,244 $87,406 $290,444 $290,357 
Common Stock undistributed earnings – basic$98,483 $78,035 $258,529 $259,227 
Class B Common Stock undistributed earnings – basic12,761 9,371 31,915 31,130 
Total undistributed earnings – basic$111,244 $87,406 $290,444 $290,357 
Common Stock undistributed earnings – diluted$98,359 $77,861 $258,190 $258,565 
Class B Common Stock undistributed earnings – diluted12,885 9,545 32,254 31,792 
Total undistributed earnings – diluted$111,244 $87,406 $290,444 $290,357 
11


Third QuarterFirst Nine Months
(in thousands, except per share data)2024202320242023
Numerator for basic net income per Common Stock share:
Dividends on Common Stock$3,878 $4,184 $146,151 $37,660 
Common Stock undistributed earnings – basic98,483 78,035 258,529 259,227 
Numerator for basic net income per Common Stock share$102,361 $82,219 $404,680 $296,887 
Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock$502 $503 $17,582 $4,522 
Class B Common Stock undistributed earnings – basic12,761 9,371 31,915 31,130 
Numerator for basic net income per Class B Common Stock share$13,263 $9,874 $49,497 $35,652 
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock$3,878 $4,184 $146,151 $37,660 
Dividends on Class B Common Stock assumed converted to Common Stock502 503 17,582 4,522 
Common Stock undistributed earnings – diluted111,244 87,406 290,444 290,357 
Numerator for diluted net income per Common Stock share$115,624 $92,093 $454,177 $332,539 
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock$502 $503 $17,582 $4,522 
Class B Common Stock undistributed earnings – diluted12,885 9,545 32,254 31,792 
Numerator for diluted net income per Class B Common Stock share$13,387 $10,048 $49,836 $36,314 
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic7,756 8,369 8,141 8,369 
Class B Common Stock weighted average shares outstanding – basic1,005 1,005 1,005 1,005 
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock)8,772 9,395 9,158 9,398 
Class B Common Stock weighted average shares outstanding – diluted1,016 1,026 1,017 1,029 
Basic net income per share:
Common Stock$13.20 $9.82 $49.71 $35.47 
Class B Common Stock$13.20 $9.82 $49.25 $35.47 
Diluted net income per share:
Common Stock$13.18 $9.80 $49.59 $35.38 
Class B Common Stock$13.18 $9.79 $49.00 $35.29 

NOTES TO TABLE

(1)For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock.
(2)For purposes of the diluted net income per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted.
(3)For periods presented during which the Company has net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock includes the dilutive effect of unvested performance shares relative to the Long-Term Performance Equity Plan. For periods presented during which the Company has net loss, the unvested performance shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan.
12


(4)The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of the Company’s Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of unvested performance shares relative to such award is prospectively removed from the denominator in the computation of diluted net income per share.
(5)The Company did not have anti-dilutive unvested performance shares for any periods presented.
(6)The Company repurchased 14,391.5 shares of its Common Stock in the Tender Offer, which expired on June 18, 2024, and repurchased 598,619 shares of its Common Stock pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI. See Note 2 for additional information on the Tender Offer and the Purchase Agreement.
(7)On August 20, 2024, the Company announced that its Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $1.00 billion of the Company’s Common Stock. The new share repurchase authorization is discretionary and has no expiration date. As of September 27, 2024, the Company had not repurchased any shares of Common Stock under the new share repurchase program.

6.Short-Term Investments

Short-term investments that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Short-term investments that are not classified as held-to-maturity are carried at fair value and classified as available-for-sale. As of September 27, 2024, all of the Company’s short-term investments were classified as available-for-sale. As of December 31, 2023, the Company did not have any short-term investments. Realized gains and losses on available-for-sale investments are included in net income. Unrealized gains and losses, net of tax, on available-for-sale investments are included in the condensed consolidated balance sheet as a component of accumulated other comprehensive income (loss).

As of September 27, 2024, the Company’s available-for-sale investments consisted of the following cost, unrealized positions and estimated fair value, disaggregated by class of instrument:

 Gross Unrealized
(in thousands)CostGainsLossesEstimated Fair Value
U.S. Treasury securities$128,935 $124 $ $129,059 
Corporate bonds76,811 193 (1)77,003 
Commercial paper instruments6,922 15  6,937 
Asset-backed securities2,038 7  2,045 
Total short-term investments$214,706 $339 $(1)$215,044 

As of September 27, 2024, all of the Company’s available-for-sale investments were classified as short-term investments in the condensed consolidated balance sheet and had weighted average maturities of less than one year. The Company did not identify any other-than-temporary impairment on its available-for-sale investments during the first nine months of 2024.

The sale and/or maturity of available-for-sale investments resulted in proceeds of $55.6 million and $72.2 million during the third quarter of 2024 and the first nine months of 2024, respectively. There were no gross realized gains or losses in the third quarter of 2024 or the first nine months of 2024. There was no realized activity during the third quarter of 2023 or the first nine months of 2023, as the Company did not have any short-term investments during those periods.

7.    Inventories

Inventories consisted of the following:

(in thousands)September 27, 2024December 31, 2023
Finished products$218,246 $207,912 
Manufacturing materials71,848 71,560 
Plastic shells, plastic pallets and other inventories44,587 42,460 
Total inventories$334,681 $321,932 

13


8.    Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:

(in thousands)September 27, 2024December 31, 2023
Repair parts$32,946 $35,256 
Prepaid software9,078 9,427 
Prepaid taxes7,763 9,020 
Prepaid marketing6,372 4,703 
Commodity hedges at fair market value4,087 3,747 
Other prepaid expenses and other current assets33,175 26,432 
Total prepaid expenses and other current assets$93,421 $88,585 

9.    Property, Plant and Equipment, Net

The principal categories and estimated useful lives of property, plant and equipment, net were as follows:

(in thousands)September 27, 2024December 31, 2023Estimated Useful Life
Land$132,543 $99,858 
Buildings435,775 390,852 
8-50 years
Machinery and equipment540,137 498,737 
5-20 years
Transportation equipment667,501 611,001 
3-20 years
Furniture and fixtures106,146 107,072 
3-10 years
Cold drink dispensing equipment454,859 449,508 
3-17 years
Leasehold and land improvements165,713 179,146 
5-20 years
Software for internal use49,740 49,611 
3-10 years
Construction in progress132,167 95,623 
Total property, plant and equipment, at cost2,684,581 2,481,408 
Less: Accumulated depreciation and amortization1,229,835 1,160,845 
Property, plant and equipment, net$1,454,746 $1,320,563 

10.    Leases

Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

September 27, 2024December 31, 2023
Weighted average remaining lease term:
Operating leases6.4 years6.7 years
Financing leases3.0 years3.5 years
Weighted average discount rate:
Operating leases3.9 %3.8 %
Financing leases5.2 %5.2 %

Following is a summary of the Company’s leases within the condensed consolidated statements of operations:

Third QuarterFirst Nine Months
(in thousands)2024202320242023
Operating lease costs$7,289 $8,293 $22,553 $24,871 
Short-term and variable leases3,421 4,151 9,820 11,942 
Depreciation expense from financing leases412 413 1,235 1,235 
Interest expense on financing lease obligations77 109 253 346 
Total lease cost$11,199 $12,966 $33,861 $38,394 

The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain and exclude payments to landlords for real estate taxes and common area maintenance. Following is a
14


summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 27, 2024:

(in thousands)Operating LeasesFinancing Leases
Remainder of 2024$7,402 $707 
202524,090 2,869 
202620,862 1,233 
202718,362