XML 56 R13.htm IDEA: XBRL DOCUMENT v3.25.4
Segments
 12 Months Ended
Dec. 31, 2025
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 Chief Operating Decision Maker (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.

As of December 31, 2025, the Company has two 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 accounting policies of the Nonalcoholic Beverages operating segment are the same as those described in the summary of significant accounting policies presented in Note 1. The additional operating segment, which includes the Red Classic subsidiaries, does not meet the quantitative threshold for separate reporting and, therefore, has been reported as “All Other.”

Previously, the Company had three operating segments, Nonalcoholic Beverages and two additional operating segments, which included Data Ventures, Inc. and the Red Classic subsidiaries. Since the two additional operating segments did not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, they were combined into “All Other.” As of December 31, 2025, the Data Ventures, Inc. operating segment was liquidated, dissolved and merged into the Nonalcoholic Beverages operating segment. For reporting purposes, all periods presented have been retroactively adjusted to reflect the dissolution of the Data Ventures, Inc. operating segment within the “All Other” bucket and the merger of the Data Ventures, Inc. operating segment with the Nonalcoholic Beverages operating segment.

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 2025
(in thousands)Nonalcoholic BeveragesAll Other
Eliminations(1)
Total
Net sales$7,183,782 $325,969 $(281,696)$7,228,055 
Cost of goods sold4,380,271 186,810 (211,388)4,355,693 
Gross profit2,803,511 139,159 (70,308)2,872,362 
Selling, delivery and administrative expenses:
Payroll costs(2)
$1,203,097 $50,542 $— $1,253,639 
Fleet costs(3)
99,135 31,216 — 130,351 
Depreciation and amortization expense(4)
115,744 2,204 — 117,948 
All other segment items(5)
460,370 29,706 (70,308)419,768 
Total selling, delivery and administrative expenses1,878,346 113,668 (70,308)1,921,706 
Income from operations$925,165 $25,491 $— $950,656 
Total depreciation and amortization expense(4)
$197,602 $20,928 $— $218,530 
Fiscal Year 2024
(in thousands)Nonalcoholic BeveragesAll Other
Eliminations(1)
Total
Net sales$6,839,368 $342,892 $(282,544)$6,899,716 
Cost of goods sold4,138,869 219,204 (211,536)4,146,537 
Gross profit2,700,499 123,688 (71,008)2,753,179 
Selling, delivery and administrative expenses:
Payroll costs(2)
$1,149,363 $50,668 $— $1,200,031 
Fleet costs(3)
103,444 31,475 — 134,919 
Depreciation and amortization expense(4)
103,451 1,993 — 105,444 
All other segment items(5)
437,014 26,429 (71,008)392,435 
Total selling, delivery and administrative expenses1,793,272 110,565 (71,008)1,832,829 
Income from operations$907,227 $13,123 $— $920,350 
Total depreciation and amortization expense(4)
$177,527 $16,264 $— $193,791 

Fiscal Year 2023
(in thousands)Nonalcoholic BeveragesAll Other
Eliminations(1)
Total
Net sales$6,562,972 $367,422 $(276,536)$6,653,858 
Cost of goods sold3,999,292 263,307 (207,452)4,055,147 
Gross profit2,563,680 104,115 (69,084)2,598,711 
Selling, delivery and administrative expenses:
Payroll costs(2)
$1,097,684 $53,894 $— $1,151,578 
Fleet costs(3)
106,235 32,945 — 139,180 
Depreciation and amortization expense(4)
95,330 2,104 — 97,434 
All other segment items(5)
422,939 22,213 (69,084)376,068 
Total selling, delivery and administrative expenses1,722,188 111,156 (69,084)1,764,260 
Income from operations$841,492 $(7,041)$— $834,451 
Total depreciation and amortization expense(4)
$164,494 $12,472 $— $176,966 

(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.