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Segments (Tables)
 9 Months Ended
Sep. 29, 2019
Segment Reporting [Abstract]  
Summary of Financial Information by Segment

The Company’s segment results are as follows:

 

 

 

Third Quarter

 

 

First Nine Months

 

(in thousands)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonalcoholic Beverages(1)

 

$

1,236,261

 

 

$

1,172,584

 

 

$

3,547,373

 

 

$

3,405,288

 

All Other

 

 

92,501

 

 

 

93,493

 

 

 

275,358

 

 

 

273,490

 

Eliminations(2)

 

 

(57,733

)

 

 

(62,044

)

 

 

(175,131

)

 

 

(189,985

)

Consolidated net sales

 

$

1,271,029

 

 

$

1,204,033

 

 

$

3,647,600

 

 

$

3,488,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonalcoholic Beverages

 

$

48,248

 

 

$

39,361

 

 

$

120,613

 

 

$

32,705

 

All Other

 

 

5,598

 

 

 

5,043

 

 

 

20,601

 

 

 

12,381

 

Consolidated income from operations

 

$

53,846

 

 

$

44,404

 

 

$

141,214

 

 

$

45,086

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonalcoholic Beverages

 

$

43,067

 

 

$

44,050

 

 

$

128,986

 

 

$

133,095

 

All Other

 

 

2,521

 

 

 

2,539

 

 

 

7,430

 

 

 

7,401

 

Consolidated depreciation and amortization

 

$

45,588

 

 

$

46,589

 

 

$

136,416

 

 

$

140,496

 

 

(1)

The Company historically presented consideration paid to customers under certain contractual arrangements for exclusive distribution rights and sponsorship privileges as a marketing expense within SD&A expenses. The Company has now determined such amounts should be presented as a reduction to net sales and has revised the presentation of previously issued financial statements to correct for this error. Net sales and SD&A expenses were revised by $7.6 million in the third quarter of 2018 and $22.2 million in the first nine months of 2018. See Note 4 to the condensed consolidated financial statements for additional information.

(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.