Segments (Tables)

3 Months Ended

Mar. 28, 2025

Summary of Financial Information by Segment

The Company’s segment results are as follows:


	First Quarter 2025
(in thousands)	Nonalcoholic Beverages		All Other		Eliminations(1)		Total
Net sales	$	1,569,000	$	75,988	$	(65,011)	$	1,579,977
Cost of goods sold	954,935		45,293		(47,355)		952,873
Gross profit	614,065		30,695		(17,656)		627,104
Selling, delivery and administrative expenses:
Payroll costs(2)	$	265,933	$	12,772	$	—	$	278,705
Fleet costs(3)	23,827		7,683		—		31,510
Depreciation and amortization expense(4)	28,254		538		—		28,792
All other segment items(5)	108,808		7,125		(17,656)		98,277
Total selling, delivery and administrative expenses	426,822		28,118		(17,656)		437,284
Income from operations	$	187,243	$	2,577	$	—	$	189,820

Total depreciation and amortization expense(4)	$	48,048	$	5,325	$	—	$	53,373


	First Quarter 2024
(in thousands)	Nonalcoholic Beverages		All Other		Eliminations(1)		Total
Net sales	$	1,574,712	$	88,102	$	(71,188)	$	1,591,626
Cost of goods sold	946,456		56,761		(52,150)		951,067
Gross profit	628,256		31,341		(19,038)		640,559
Selling, delivery and administrative expenses:
Payroll costs(2)	$	262,697	$	13,276	$	—	$	275,973
Fleet costs(3)	26,078		8,115		—		34,193
Depreciation and amortization expense(4)	25,057		493		—		25,550
All other segment items(5)	102,282		6,193		(19,038)		89,437
Total selling, delivery and administrative expenses	416,114		28,077		(19,038)		425,153
Income from operations	$	212,142	$	3,264	$	—	$	215,406

Total depreciation and amortization expense(4)	$	43,098	$	3,653	$	—	$	46,751

(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.