Segments

12 Months Ended

Dec. 31, 2024

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 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 has three operating segments, each identified by its unique products and services. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated net sales and income from operations. The additional two operating segments, which include Data Ventures, Inc. and the Red Classic subsidiaries, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, and, therefore, have been combined into “All Other.” The accounting policies of the Nonalcoholic Beverages segment are the same as those described in the summary of significant accounting policies.

The CODM uses net sales, gross profit and income from operations in the annual budgeting and forecasting process. Monthly, the CODM considers budget-to-actual variances and current year to prior year variances for these profit measures when making strategic business decisions and allocating resources to Company operations.

The Company’s segment results are as follows:

	Fiscal Year 2024
(in thousands)	Nonalcoholic Beverages		All Other		Eliminations(1)		Total
Net sales	$	6,839,045	$	346,377	$	(285,706)	$	6,899,716
Cost of goods sold	4,138,869		219,204		(211,536)		4,146,537
Gross profit	2,700,176		127,173		(74,170)		2,753,179
Selling, delivery and administrative expenses:
Payroll costs(2)	$	1,146,375	$	53,656	$	—	$	1,200,031
Fleet costs(3)	103,444		31,475		—		134,919
Depreciation and amortization expense(4)	103,444		2,000		—		105,444
All other segment items(5)	439,686		26,919		(74,170)		392,435
Total selling, delivery and administrative expenses	1,792,949		114,050		(74,170)		1,832,829
Income from operations	$	907,227	$	13,123	$	—	$	920,350
Total depreciation and amortization expense(4)	$	177,521	$	16,270	$	—	$	193,791

	Fiscal Year 2023
(in thousands)	Nonalcoholic Beverages		All Other		Eliminations(1)		Total
Net sales	$	6,562,622	$	370,748	$	(279,512)	$	6,653,858
Cost of goods sold	3,999,292		263,307		(207,452)		4,055,147
Gross profit	2,563,330		107,441		(72,060)		2,598,711
Selling, delivery and administrative expenses:
Payroll costs(2)	$	1,094,849	$	56,729	$	—	$	1,151,578
Fleet costs(3)	106,235		32,945		—		139,180
Depreciation and amortization expense(4)	95,320		2,114		—		97,434
All other segment items(5)	425,434		22,694		(72,060)		376,068
Total selling, delivery and administrative expenses	1,721,838		114,482		(72,060)		1,764,260
Income from operations	$	841,492	$	(7,041)	$	—	$	834,451
Total depreciation and amortization expense(4)	$	164,484	$	12,482	$	—	$	176,966

	Fiscal Year 2022
(in thousands)	Nonalcoholic Beverages		All Other		Eliminations(1)		Total
Net sales	$	6,081,357	$	399,360	$	(279,760)	$	6,200,957
Cost of goods sold	3,852,819		288,894		(218,710)		3,923,003
Gross profit	2,228,538		110,466		(61,050)		2,277,954
Selling, delivery and administrative expenses:
Payroll costs(2)	$	1,023,634	$	56,434	$	—	$	1,080,068
Fleet costs(3)	82,308		26,705		—		109,013
Depreciation and amortization expense(4)	92,301		2,232		—		94,533
All other segment items(5)	391,159		23,184		(61,050)		353,293
Total selling, delivery and administrative expenses	1,589,402		108,555		(61,050)		1,636,907
Income from operations	$	639,136	$	1,911	$	—	$	641,047
Total depreciation and amortization expense(4)	$	159,845	$	11,745	$	—	$	171,590

(1)The entire net sales elimination represents net sales from the All Other segment to the Nonalcoholic Beverages segment. The entire cost of goods sold and SD&A eliminations represent costs incurred by the All Other segment in the generation of net sales to the Nonalcoholic Beverages segment.

(2)Payroll costs includes compensation, incentive plans, defined contribution plans, healthcare benefits and tax-advantaged spending accounts.

(3)Fleet costs includes fleet repairs, maintenance and fuel and oil costs.

(4)Total depreciation and amortization expense is included within both cost of goods sold and SD&A expenses. For segment reporting, the difference between total depreciation and amortization expense and the portion within SD&A expenses is the amount within cost of goods sold.

(5)All other segment items includes information technology costs, stewardship, insurance and other costs incurred in the selling and delivery of the Company’s products.