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Segments
 6 Months Ended
Jun. 30, 2019
Segment Reporting [Abstract]  
Segments

4.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. Asset information is not provided to the CODM. The Company believes four operating segments exist. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated revenues and income from operations. 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)

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonalcoholic Beverages(1)

 

$

1,238,885

 

 

$

1,192,282

 

 

$

2,311,112

 

 

$

2,232,704

 

All Other

 

 

94,942

 

 

 

93,398

 

 

 

182,857

 

 

 

179,997

 

Eliminations(2)

 

 

(60,168

)

 

 

(65,677

)

 

 

(117,398

)

 

 

(127,941

)

Consolidated net sales

 

$

1,273,659

 

 

$

1,220,003

 

 

$

2,376,571

 

 

$

2,284,760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonalcoholic Beverages

 

$

57,724

 

 

$

16,089

 

 

$

72,365

 

 

$

(6,656

)

All Other

 

 

9,490

 

 

 

3,590

 

 

 

15,003

 

 

 

7,338

 

Consolidated income from operations

 

$

67,214

 

 

$

19,679

 

 

$

87,368

 

 

$

682

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonalcoholic Beverages

 

$

42,568

 

 

$

44,220

 

 

$

85,919

 

 

$

89,045

 

All Other

 

 

2,488

 

 

 

2,467

 

 

 

4,909

 

 

 

4,862

 

Consolidated depreciation and amortization

 

$

45,056

 

 

$

46,687

 

 

$

90,828

 

 

$

93,907

 

 

(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 $7.3 million in the second quarter of 2018 and $14.6 million in the first half of 2018. See Note 3 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.