Segments

3 Months Ended

Mar. 29, 2020

The Company evaluates segment reporting in accordance with the 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. Asset information is not provided to the CODM.

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


	First Quarter
(in thousands)	2020		2019
Net sales:
Nonalcoholic Beverages	$	1,142,581	$	1,072,227
All Other	81,301		87,915
Eliminations⁽¹⁾	(50,861)		(57,230)
Consolidated net sales	$	1,173,021	$	1,102,912

Income from operations:
Nonalcoholic Beverages	$	35,617	$	14,641
All Other	(2,796)		5,513
Consolidated income from operations	$	32,821	$	20,154

Depreciation and amortization:
Nonalcoholic Beverages	$	40,758	$	43,351
All Other	2,801		2,421
Consolidated depreciation and amortization	$	43,559	$	45,772

⁽¹⁾The entire net sales elimination for each period presented represents net sales from the All Other segment 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.