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Segments
 6 Months Ended
Jul. 01, 2018
Segment Reporting [Abstract]  
Segments

23.Segments

 

The Company evaluates segment reporting in accordance with the FASB Accounting Standards Codification 280, Segment Reporting, each reporting period, including evaluating the reporting package reviewed by the Chief Operation Decision Maker (“CODM”). The Company has concluded the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, as a group, represent the CODM. In conjunction with the completion of the System Transformation Transactions in October 2017 and integration of acquired operations, management continues to assess whether changes are necessary to the Company’s reportable segments.

 

The Company believes four operating segments exist. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated revenues, income from operations and assets. The additional three 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)

 

2018

 

 

2017

 

2018

 

 

2017

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonalcoholic Beverages(1)

 

$

1,199,551

 

 

$

1,149,791

 

$

2,247,280

 

 

$

1,997,736

 

All Other(1)

 

 

93,398

 

 

 

78,053

 

 

179,997

 

 

 

139,295

 

Eliminations(2)

 

 

(65,677

)

 

 

(58,553

)

 

(127,941

)

 

 

(102,038

)

Consolidated net sales

 

$

1,227,272

 

 

$

1,169,291

 

$

2,299,336

 

 

$

2,034,993

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonalcoholic Beverages

 

$

16,089

 

 

$

43,511

 

$

(6,656

)

 

$

56,387

 

All Other

 

 

3,590

 

 

 

5,144

 

 

7,338

 

 

 

7,218

 

Consolidated income from operations

 

$

19,679

 

 

$

48,655

 

$

682

 

 

$

63,605

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonalcoholic Beverages

 

$

44,220

 

 

$

40,013

 

$

89,045

 

 

$

73,015

 

All Other

 

 

2,467

 

 

 

2,053

 

 

4,862

 

 

 

4,032

 

Consolidated depreciation and amortization

 

$

46,687

 

 

$

42,066

 

$

93,907

 

 

$

77,047

 

 

 

(1)

In order to correct an error in the prior year segment presentation, the Company revised net sales by $41.6 million for the second quarter of 2017 and $57.2 million for the first half of 2017 to reflect sales in the Nonalcoholic Beverages segment which were previously attributed to All Other. Total net sales remain unchanged in prior periods and these revisions were not considered material to the prior periods presented.

 

(2)

The entire net sales elimination for each period presented represents net sales from All Other 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.