Segments

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segments

SegmentsThe Company evaluates segment reporting in accordance with Financial Accounting Standards Board 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 net sales 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:

	Third Quarter				First Nine Months
(in thousands)	2022		2021		2022		2021
Net sales:
Nonalcoholic Beverages	$	1,600,065	$	1,426,971	$	4,535,300	$	4,061,976
All Other	101,136		88,991		303,209		272,132
Eliminations(1)	(72,612)		(58,530)		(210,347)		(173,733)
Consolidated net sales	$	1,628,589	$	1,457,432	$	4,628,162	$	4,160,375
Income from operations:
Nonalcoholic Beverages	$	189,218	$	144,130	$	467,788	$	363,544
All Other	712		(7,099)		420		(11,468)
Consolidated income from operations	$	189,930	$	137,031	$	468,208	$	352,076
Depreciation and amortization:
Nonalcoholic Beverages	$	39,578	$	44,313	$	119,635	$	126,088
All Other	2,953		3,145		8,748		9,253
Consolidated depreciation and amortization	$	42,531	$	47,458	$	128,383	$	135,341

(1)The entire net sales elimination 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.