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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Coca Cola Consolidated Inc | NASDAQ:COKE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
10.77 | 1.28% | 851.80 | 850.00 | 870.95 | 853.16 | 837.51 | 850.00 | 42,672 | 01:00:00 |
FORM 10-K
|
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 56-0950585 | |||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
|||||||||||||
4100 Coca-Cola Plaza
Charlotte, NC
|
28211 |
|||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $1.00 per share | COKE |
NASDAQ Global Select Market
|
||||||
Securities registered pursuant to Section 12(g) of the Act: None | ||||||||
Large accelerated filer |
☒
|
Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ |
Market Value as of June 28, 2020
|
||||||||
Common Stock, par value $l.00 per share | $1,031,004,025 | |||||||
Class B Common Stock, par value $l.00 per share | * |
Class
|
Outstanding as of January 29, 2021
|
|||||||
Common Stock, par value $1.00 per share | 7,141,447 | |||||||
Class B Common Stock, par value $1.00 per share | 2,232,242 |
Page | ||||||||
Sparkling Beverages | Still Beverages | |||||||||||||||||||||||||
The Coca-Cola Company Products: | ||||||||||||||||||||||||||
Barqs Root Beer | Fanta Zero | AHA | Honest Tea | |||||||||||||||||||||||
Cherry Coca-Cola | Fresca | Coca-Cola Energy | Hubert’s Lemonade | |||||||||||||||||||||||
Cherry Coca-Cola Zero | Mello Yello | Coca-Cola with Coffee | Minute Maid Juices To Go | |||||||||||||||||||||||
Coca-Cola | Mello Yello Zero | Core Power | Peace Tea | |||||||||||||||||||||||
Coca-Cola Orange Vanilla | Minute Maid Sparkling | Dasani | POWERade | |||||||||||||||||||||||
Coca-Cola Vanilla | Pibb Xtra | Dasani Flavors | POWERade Zero | |||||||||||||||||||||||
Coca-Cola Zero Sugar | Seagrams Ginger Ale | FUZE | Tum-E Yummies | |||||||||||||||||||||||
Diet Barqs Root Beer | Sprite | glacéau smartwater | Yup Milk | |||||||||||||||||||||||
Diet Coke | Sprite Zero Sugar | glacéau vitaminwater | ||||||||||||||||||||||||
Fanta | Gold Peak Tea | |||||||||||||||||||||||||
Products Licensed to Us by Other Beverage Companies: | ||||||||||||||||||||||||||
Diet Dr Pepper | Sundrop | BodyArmor products | Monster Energy products | |||||||||||||||||||||||
Diet Sundrop | Dunkin’ Donuts products | NOS® | ||||||||||||||||||||||||
Dr Pepper | Full Throttle | Reign products |
Market | Description |
Approximate
Population |
Manufacturing
Plants |
Number of
Distribution Centers |
||||||||||||||||||||||
Carolinas | The majority of North Carolina and South Carolina and portions of southern Virginia, including Boone, Hickory, Mount Airy, Charlotte, Raleigh, Winston-Salem, Greensboro, Fayetteville, Greenville and New Bern, North Carolina, Conway, Marion, Charleston, Columbia, Greenville and Ridgeland, South Carolina and surrounding areas. | 15 million | Charlotte, NC | 17 | ||||||||||||||||||||||
Central | A significant portion of northeastern Kentucky, the majority of West Virginia and portions of southern Ohio, southeastern Indiana and southwestern Pennsylvania, including Lexington, Louisville and Pikeville, Kentucky, Beckley, Bluefield, Clarksburg, Elkins, Parkersburg, Craigsville and Charleston, West Virginia, Cincinnati and Portsmouth, Ohio and surrounding areas. | 8 million | Cincinnati, OH | 13 | ||||||||||||||||||||||
Mid-Atlantic | The entire state of Maryland, the majority of Virginia and Delaware, the District of Columbia and a portion of south-central Pennsylvania, including Easton, Salisbury, Capitol Heights, Baltimore, Hagerstown and Cumberland, Maryland, Norfolk, Staunton, Alexandria, Roanoke, Richmond, Yorktown and Fredericksburg, Virginia and surrounding areas. | 23 million |
Baltimore, MD
Silver Spring, MD Roanoke, VA Sandston, VA |
11 | ||||||||||||||||||||||
Mid-South | A significant portion of central and southern Arkansas and Tennessee and portions of western Kentucky and northwestern Mississippi, including Little Rock and West Memphis, Arkansas, Cleveland, Cookeville, Johnson City, Knoxville, Memphis and Morristown, Tennessee, Paducah, Kentucky and surrounding areas. | 7 million |
West Memphis, AR
Memphis, TN Nashville, TN |
10 | ||||||||||||||||||||||
Mid-West | A significant portion of Indiana and Ohio and a portion of southeastern Illinois, including Anderson, Bloomington, Evansville, Fort Wayne, Indianapolis, Lafayette and South Bend, Indiana, Akron, Columbus, Dayton, Elyria, Lima, Mansfield, Toledo, Willoughby and Youngstown, Ohio and surrounding areas. | 13 million |
Indianapolis, IN
Portland, IN Twinsburg, OH |
17 | ||||||||||||||||||||||
Total | 66 million | 12 | 68 |
Fiscal Year | ||||||||||||||
2020 | 2019 | |||||||||||||
Approximate percent of the Company’s total bottle/can sales volume | ||||||||||||||
Wal-Mart Stores, Inc. | 19 | % | 19 | % | ||||||||||
The Kroger Company | 13 | % | 12 | % | ||||||||||
Total approximate percent of the Company’s total bottle/can sales volume | 32 | % | 31 | % | ||||||||||
Approximate percent of the Company’s total net sales | ||||||||||||||
Wal-Mart Stores, Inc. | 14 | % | 13 | % | ||||||||||
The Kroger Company | 10 | % | 8 | % | ||||||||||
Total approximate percent of the Company’s total net sales | 24 | % | 21 | % |
Facility Type | Location |
Square
Feet |
Leased /
Owned |
Lease
Expiration |
||||||||||||||||||||||
Corporate Headquarters(1)(3)
|
Charlotte, NC | 172,000 | Leased | 2029 | ||||||||||||||||||||||
Manufacturing Plant | Nashville, TN | 220,000 | Leased | 2024 | ||||||||||||||||||||||
Distribution Center/Manufacturing Plant Combination(2)(3)
|
Charlotte, NC | 650,000 | Leased | 2035 | ||||||||||||||||||||||
Distribution Center | Clayton, NC | 233,000 | Leased | 2026 | ||||||||||||||||||||||
Distribution Center | Erlanger, KY | 301,000 | Leased | 2034 | ||||||||||||||||||||||
Distribution Center | Hanover, MD | 276,000 | Leased | 2034 | ||||||||||||||||||||||
Distribution Center | La Vergne, TN | 220,000 | Leased | 2026 | ||||||||||||||||||||||
Distribution Center | Louisville, KY | 300,000 | Leased | 2030 | ||||||||||||||||||||||
Distribution Center | Memphis, TN | 266,000 | Leased | 2025 | ||||||||||||||||||||||
Warehouse | Charlotte, NC | 380,000 | Leased | 2028 | ||||||||||||||||||||||
Warehouse | Hanover, MD | 278,000 | Leased | 2022 | ||||||||||||||||||||||
Manufacturing Plant | Baltimore, MD | 155,000 | Owned | — | ||||||||||||||||||||||
Manufacturing Plant | Cincinnati, OH | 368,000 | Owned | — | ||||||||||||||||||||||
Manufacturing Plant(4)
|
Memphis, TN | 271,000 | Owned | — | ||||||||||||||||||||||
Manufacturing Plant | Portland, IN | 119,000 | Owned | — | ||||||||||||||||||||||
Manufacturing Plant | Roanoke, VA | 310,000 | Owned | — | ||||||||||||||||||||||
Manufacturing Plant | Silver Spring, MD | 104,000 | Owned | — | ||||||||||||||||||||||
Manufacturing Plant | Twinsburg, OH | 287,000 | Owned | — | ||||||||||||||||||||||
Manufacturing Plant | West Memphis, AR | 116,000 | Owned | — | ||||||||||||||||||||||
Distribution Center/Manufacturing Plant Combination | Indianapolis, IN | 400,000 | Owned | — | ||||||||||||||||||||||
Distribution Center/Manufacturing Plant Combination | Sandston, VA | 319,000 | Owned | — |
Location |
Utilization(1)
|
Location |
Utilization(1)
|
|||||||||||||||||
Silver Spring, MD | 97 | % |
West Memphis, AR(2)
|
75 | % | |||||||||||||||
Nashville, TN | 88 | % | Baltimore, MD | 71 | % | |||||||||||||||
Portland, IN | 88 | % |
Memphis, TN(2)
|
67 | % | |||||||||||||||
Charlotte, NC | 87 | % | Sandston, VA | 67 | % | |||||||||||||||
Roanoke, VA | 81 | % | Indianapolis, IN | 66 | % | |||||||||||||||
Cincinnati, OH | 75 | % | Twinsburg, OH | 56 | % |
Name | Position and Office | Age | ||||||||||||
J. Frank Harrison, III | Chairman of the Board of Directors and Chief Executive Officer | 66 | ||||||||||||
David M. Katz | President and Chief Operating Officer | 52 | ||||||||||||
F. Scott Anthony | Executive Vice President and Chief Financial Officer | 57 | ||||||||||||
Matthew J. Blickley | Senior Vice President, Financial Planning and Chief Accounting Officer | 39 | ||||||||||||
Robert G. Chambless | Executive Vice President, Franchise Beverage Operations | 55 | ||||||||||||
Donell W. Etheridge | Senior Vice President, Product Supply Operations | 52 | ||||||||||||
Morgan H. Everett | Vice Chair of the Board of Directors | 39 | ||||||||||||
E. Beauregarde Fisher III | Executive Vice President, General Counsel and Secretary | 52 | ||||||||||||
Kimberly A. Kuo | Senior Vice President, Public Affairs, Communications and Communities | 50 | ||||||||||||
James L. Matte | Senior Vice President, Human Resources | 61 | ||||||||||||
Jeffrey L. Turney | Senior Vice President, Strategy & Business Transformation | 53 |
Fiscal Year | ||||||||||||||||||||||||||||||||
(in thousands, except per share data) |
2020(1)
|
2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Net sales | $ | 5,007,357 | $ | 4,826,549 | $ | 4,625,364 | $ | 4,287,588 | $ | 3,130,145 | ||||||||||||||||||||||
Cost of sales | 3,238,448 | 3,156,047 | 3,069,652 | 2,782,721 | 1,940,706 | |||||||||||||||||||||||||||
Gross profit | 1,768,909 | 1,670,502 | 1,555,712 | 1,504,867 | 1,189,439 | |||||||||||||||||||||||||||
Selling, delivery and administrative expenses | 1,455,531 | 1,489,748 | 1,497,810 | 1,403,320 | 1,058,240 | |||||||||||||||||||||||||||
Income from operations | 313,378 | 180,754 | 57,902 | 101,547 | 131,199 | |||||||||||||||||||||||||||
Interest expense, net | 36,735 | 45,990 | 50,506 | 41,869 | 36,325 | |||||||||||||||||||||||||||
Other expense, net | 35,603 | 100,539 | 30,853 | 9,565 | 1,470 | |||||||||||||||||||||||||||
Gain (loss) on exchange transactions | — | — | 10,170 | 12,893 | (692) | |||||||||||||||||||||||||||
Income (loss) before taxes | 241,040 | 34,225 | (13,287) | 63,006 | 92,712 | |||||||||||||||||||||||||||
Income tax expense (benefit) | 58,943 | 15,665 | 1,869 | (39,841) | 36,049 | |||||||||||||||||||||||||||
Net income (loss) | 182,097 | 18,560 | (15,156) | 102,847 | 56,663 | |||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interest | 9,604 | 7,185 | 4,774 | 6,312 | 6,517 | |||||||||||||||||||||||||||
Net income (loss) attributable to Coca‑Cola Consolidated, Inc. | $ | 172,493 | $ | 11,375 | $ | (19,930) | $ | 96,535 | $ | 50,146 | ||||||||||||||||||||||
Basic net income (loss) per share based on net income (loss) attributable to Coca‑Cola Consolidated, Inc.: | ||||||||||||||||||||||||||||||||
Common Stock | $ | 18.40 | $ | 1.21 | $ | (2.13) | $ | 10.35 | $ | 5.39 | ||||||||||||||||||||||
Class B Common Stock | $ | 18.40 | $ | 1.21 | $ | (2.13) | $ | 10.35 | $ | 5.39 | ||||||||||||||||||||||
Diluted net income (loss) per share based on net income (loss) attributable to Coca‑Cola Consolidated, Inc.: | ||||||||||||||||||||||||||||||||
Common Stock | $ | 18.30 | $ | 1.21 | $ | (2.13) | $ | 10.30 | $ | 5.36 | ||||||||||||||||||||||
Class B Common Stock | $ | 18.28 | $ | 1.19 | $ | (2.13) | $ | 10.29 | $ | 5.35 | ||||||||||||||||||||||
Cash dividends per share - Common Stock | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||
Cash dividends per share - Class B Common Stock | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||
Net cash provided by operating activities | $ | 494,461 | $ | 290,370 | $ | 168,879 | $ | 307,816 | $ | 161,995 | ||||||||||||||||||||||
Net cash used in investing activities | (200,419) | (173,677) | (143,945) | (458,895) | (452,026) | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (248,863) | (120,627) | (28,288) | 146,131 | 256,383 | |||||||||||||||||||||||||||
Total assets | 3,222,450 | 3,126,926 | 3,009,928 | 3,072,960 | 2,449,484 | |||||||||||||||||||||||||||
Working capital | 204,177 | 208,081 | 195,681 | 155,086 | 135,904 | |||||||||||||||||||||||||||
Acquisition related contingent consideration | 434,694 | 446,684 | 382,898 | 381,291 | 253,437 | |||||||||||||||||||||||||||
Current portion of obligations under financing or capital leases | 5,860 | 9,403 | 8,617 | 8,221 | 7,527 | |||||||||||||||||||||||||||
Noncurrent portion of obligations under financing or capital leases | 69,984 | 17,403 | 26,631 | 35,248 | 41,194 | |||||||||||||||||||||||||||
Long-term debt | 940,465 | 1,029,920 | 1,104,403 | 1,088,018 | 907,254 | |||||||||||||||||||||||||||
Total equity of Coca-Cola Consolidated, Inc. | 512,990 | 346,952 | 358,187 | 366,702 | 277,131 | |||||||||||||||||||||||||||
Physical case volume | 358,812 | 343,242 | 337,711 | 323,836 | 243,578 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | Change | |||||||||||||||||
Net sales | $ | 5,007,357 | $ | 4,826,549 | $ | 180,808 | ||||||||||||||
Cost of sales | 3,238,448 | 3,156,047 | 82,401 | |||||||||||||||||
Gross profit | 1,768,909 | 1,670,502 | 98,407 | |||||||||||||||||
Selling, delivery and administrative expenses | 1,455,531 | 1,489,748 | (34,217) | |||||||||||||||||
Income from operations | 313,378 | 180,754 | 132,624 | |||||||||||||||||
Interest expense, net | 36,735 | 45,990 | (9,255) | |||||||||||||||||
Other expense, net | 35,603 | 100,539 | (64,936) | |||||||||||||||||
Income before taxes | 241,040 | 34,225 | 206,815 | |||||||||||||||||
Income tax expense | 58,943 | 15,665 | 43,278 | |||||||||||||||||
Net income | 182,097 | 18,560 | 163,537 | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | 9,604 | 7,185 | 2,419 | |||||||||||||||||
Net income attributable to Coca‑Cola Consolidated, Inc. | 172,493 | 11,375 | 161,118 | |||||||||||||||||
Other comprehensive loss, net of tax | (4,051) | (18,017) | 13,966 | |||||||||||||||||
Comprehensive income (loss) attributable to Coca‑Cola Consolidated, Inc. | $ | 168,442 | $ | (6,642) | $ | 175,084 |
2020 | Attributable to: | |||||||
$ | 191.2 | Increase in net sales related to increased sales volume | ||||||
74.3 | Increase in net sales related to an increase in average bottle/can sales price per unit to retail customers | |||||||
(70.7) | Decrease in net sales related to the decrease in fountain syrup sales mainly sold in on-premise locations, which were impacted by COVID-19 | |||||||
(12.5) | Decrease in sales volume to other Coca-Cola bottlers | |||||||
(1.5) | Other | |||||||
$ | 180.8 | Total increase in net sales |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | % Change | |||||||||||||||||
Bottle/can sales: | ||||||||||||||||||||
Sparkling beverages | $ | 2,760,827 | $ | 2,582,478 | 6.9 | % | ||||||||||||||
Still beverages | 1,641,716 | 1,558,944 | 5.3 | % | ||||||||||||||||
Total bottle/can sales | 4,402,543 | 4,141,422 | 6.3 | % | ||||||||||||||||
Other sales: | ||||||||||||||||||||
Sales to other Coca‑Cola bottlers | 329,574 | 342,062 | (3.7) | % | ||||||||||||||||
Post-mix and other | 275,240 | 343,065 | (19.8) | % | ||||||||||||||||
Total other sales | 604,814 | 685,127 | (11.7) | % | ||||||||||||||||
Total net sales | $ | 5,007,357 | $ | 4,826,549 | 3.7 | % |
Fiscal Year | ||||||||||||||
2020 | 2019 | |||||||||||||
Approximate percent of the Company’s total bottle/can sales volume | ||||||||||||||
Wal-Mart Stores, Inc. | 19 | % | 19 | % | ||||||||||
The Kroger Company | 13 | % | 12 | % | ||||||||||
Total approximate percent of the Company’s total bottle/can sales volume | 32 | % | 31 | % | ||||||||||
Approximate percent of the Company’s total net sales | ||||||||||||||
Wal-Mart Stores, Inc. | 14 | % | 13 | % | ||||||||||
The Kroger Company | 10 | % | 8 | % | ||||||||||
Total approximate percent of the Company’s total net sales | 24 | % | 21 | % |
2020 | Attributable to: | |||||||
$ | 100.8 | Increase in cost of sales related to increased sales volume | ||||||
(48.1) | Decrease in cost of sales related to the decrease in fountain syrup sales mainly sold in on-premise locations, which were impacted by COVID-19 | |||||||
45.5 | Increase in cost of sales primarily related to the change in product mix to meet consumer preferences | |||||||
(13.2) | Decrease in sales volume to other Coca-Cola bottlers | |||||||
(2.6) | Other | |||||||
$ | 82.4 | Total increase in cost of sales |
2020 | Attributable to: | |||||||
$ | (27.6) | Decrease in a number of expense categories due to COVID-19-related reductions in discretionary spending, including travel and entertainment and marketing-related expenses | ||||||
(10.4) | Decrease in incentive compensation and payroll, partially offset by employee benefit costs, primarily as a result of the elimination of certain field-based positions and reduced overtime hours | |||||||
3.8 | Other | |||||||
$ | (34.2) | Total decrease in SD&A expenses |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Increase in the fair value of the acquisition related contingent consideration liability | $ | 31,210 | $ | 92,788 | ||||||||||
Non-service cost component of net periodic benefit cost | 4,393 | 7,907 | ||||||||||||
Other | — | (156) | ||||||||||||
Other expense, net | $ | 35,603 | $ | 100,539 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Net sales: | ||||||||||||||
Nonalcoholic Beverages | $ | 4,879,170 | $ | 4,694,428 | ||||||||||
All Other | 332,728 | 345,005 | ||||||||||||
Eliminations(1)
|
(204,541) | (212,884) | ||||||||||||
Consolidated net sales | $ | 5,007,357 | $ | 4,826,549 | ||||||||||
Income from operations: | ||||||||||||||
Nonalcoholic Beverages | $ | 324,716 | $ | 174,133 | ||||||||||
All Other | (11,338) | 6,621 | ||||||||||||
Consolidated income from operations | $ | 313,378 | $ | 180,754 |
Fiscal Year | ||||||||||||||||||||
(in millions) | 2020 | 2019 | Change | |||||||||||||||||
Physical case volume | 358.8 | 343.2 | 4.5 | % | ||||||||||||||||
Volume related to extra days in fiscal year | 4.6 | — | ||||||||||||||||||
Comparable physical case volume | 354.2 | 343.2 | 3.2 | % |
Fiscal Year 2020 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | Net sales |
Gross
profit |
SD&A
expenses |
Income from
operations |
Income before
income taxes |
Net
income |
Basic net income
per share |
|||||||||||||||||||||||||||||||||||||
Reported results (GAAP) | $ | 5,007,357 | $ | 1,768,909 | $ | 1,455,531 | $ | 313,378 | $ | 241,040 | $ | 172,493 | $ | 18.40 | ||||||||||||||||||||||||||||||
Fair value adjustment of acquisition related contingent consideration(1)
|
— | — | — | — | 31,210 | 23,408 | 2.50 | |||||||||||||||||||||||||||||||||||||
Fair value adjustments for commodity derivative instruments(2)
|
— | (1,996) | 791 | (2,787) | (2,787) | (2,090) | (0.22) | |||||||||||||||||||||||||||||||||||||
Supply chain optimization and consolidation(3)
|
— | 4,984 | 596 | 4,388 | 4,388 | 3,291 | 0.35 | |||||||||||||||||||||||||||||||||||||
Results of extra days in fiscal year(4)
|
(58,899) | (21,707) | (14,353) | (7,354) | (7,354) | (5,516) | (0.59) | |||||||||||||||||||||||||||||||||||||
Total reconciling items | (58,899) | (18,719) | (12,966) | (5,753) | 25,457 | 19,093 | 2.04 | |||||||||||||||||||||||||||||||||||||
Adjusted results (non-GAAP) | $ | 4,948,458 | $ | 1,750,190 | $ | 1,442,565 | $ | 307,625 | $ | 266,497 | $ | 191,586 | $ | 20.44 |
Adjusted percentage change versus 2019 | 2.5 | % | 4.8 | % | (2.1) | % | 57.4 | % |
Fiscal Year 2019 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share data) | Net sales |
Gross
profit |
SD&A
expenses |
Income from
operations |
Income before
income taxes |
Net
income |
Basic net income
per share |
|||||||||||||||||||||||||||||||||||||
Reported results (GAAP) | $ | 4,826,549 | $ | 1,670,502 | $ | 1,489,748 | $ | 180,754 | $ | 34,225 | $ | 11,375 | $ | 1.21 | ||||||||||||||||||||||||||||||
Fair value adjustment of acquisition related contingent consideration(1)
|
— | — | — | — | 92,788 | 69,591 | 7.43 | |||||||||||||||||||||||||||||||||||||
Fair value adjustments for commodity derivative instruments(2)
|
— | (6,602) | 3,536 | (10,138) | (10,138) | (7,604) | (0.81) | |||||||||||||||||||||||||||||||||||||
Supply chain optimization and consolidation(3)
|
— | 5,625 | (4,952) | 10,577 | 10,577 | 7,933 | 0.85 | |||||||||||||||||||||||||||||||||||||
Capitalization threshold change for certain assets(5)
|
— | — | (7,305) | 7,305 | 7,305 | 5,479 | 0.58 | |||||||||||||||||||||||||||||||||||||
System Transformation expenses(6)
|
— | — | (6,915) | 6,915 | 6,915 | 5,200 | 0.56 | |||||||||||||||||||||||||||||||||||||
Total reconciling items | — | (977) | (15,636) | 14,659 | 107,447 | 80,599 | 8.61 | |||||||||||||||||||||||||||||||||||||
Adjusted results (non-GAAP) | $ | 4,826,549 | $ | 1,669,525 | $ | 1,474,112 | $ | 195,413 | $ | 141,672 | $ | 91,974 | $ | 9.82 |
(in thousands) | Maturity Date | December 31, 2020 | December 29, 2019 | |||||||||||||||||
Term loan facility(1)
|
6/7/2021 | $ | 217,500 | $ | 262,500 | |||||||||||||||
Senior notes | 2/27/2023 | 125,000 | 125,000 | |||||||||||||||||
Revolving credit facility | 6/8/2023 | — | 45,000 | |||||||||||||||||
Senior bonds and unamortized discount on senior bonds(2)
|
11/25/2025 | 349,957 | 349,948 | |||||||||||||||||
Senior notes | 10/10/2026 | 100,000 | 100,000 | |||||||||||||||||
Senior notes | 3/21/2030 | 150,000 | 150,000 | |||||||||||||||||
Debt issuance costs | (1,992) | (2,528) | ||||||||||||||||||
Long-term debt | $ | 940,465 | $ | 1,029,920 |
Long-Term Debt | |||||
Standard & Poor’s | BBB | ||||
Moody’s | Baa2 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Beginning balance - Level 3 liability | $ | 446,684 | $ | 382,898 | ||||||||||
Payment of acquisition related contingent consideration | (43,400) | (27,182) | ||||||||||||
Reclassification to current payables | 200 | (1,820) | ||||||||||||
Increase in fair value | 31,210 | 92,788 | ||||||||||||
Ending balance - Level 3 liability | $ | 434,694 | $ | 446,684 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Cash Sources: | ||||||||||||||
Net cash provided by operating activities(1)
|
$ | 494,461 | $ | 290,370 | ||||||||||
Borrowings under revolving credit facility | 235,000 | 515,339 | ||||||||||||
Proceeds from the sale of property, plant and equipment | 3,385 | 4,064 | ||||||||||||
Proceeds from issuance of senior notes | — | 100,000 | ||||||||||||
Total cash sources | $ | 732,846 | $ | 909,773 | ||||||||||
Cash Uses: | ||||||||||||||
Payments on revolving credit facility | $ | 280,000 | $ | 550,339 | ||||||||||
Additions to property, plant and equipment | 202,034 | 171,374 | ||||||||||||
Purchase of noncontrolling interest in Piedmont | 100,000 | — | ||||||||||||
Payments on term loan facility and senior bonds | 45,000 | 140,000 | ||||||||||||
Payments of acquisition related contingent consideration | 43,400 | 27,182 | ||||||||||||
Cash dividends paid | 9,374 | 9,369 | ||||||||||||
Payments on financing or capital lease obligations | 5,861 | 8,656 | ||||||||||||
Other distribution agreements | — | 4,654 | ||||||||||||
Other | 1,998 | 2,133 | ||||||||||||
Total cash uses | $ | 687,667 | $ | 913,707 | ||||||||||
Net increase (decrease) in cash | $ | 45,179 | $ | (3,934) |
Contractual Obligation Payments Due During | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Total | Fiscal 2021 | Fiscal 2022 | Fiscal 2023 | Fiscal 2024 | Fiscal 2025 | Thereafter | |||||||||||||||||||||||||||||||||||||
Total debt, net of interest | $ | 942,500 | $ | 217,500 | $ | — | $ | 125,000 | $ | — | $ | 350,000 | $ | 250,000 | ||||||||||||||||||||||||||||||
Estimated interest on debt obligations(1)
|
153,036 | 28,488 | 27,270 | 23,853 | 23,170 | 22,062 | 28,193 | |||||||||||||||||||||||||||||||||||||
Acquisition related contingent consideration | 434,694 | 36,020 | 27,723 | 28,368 | 28,912 | 29,463 | 284,208 | |||||||||||||||||||||||||||||||||||||
SAC purchase obligation(2)
|
362,068 | 103,448 | 103,448 | 103,448 | 51,724 | — | — | |||||||||||||||||||||||||||||||||||||
Executive benefit plans | 174,481 | 32,681 | 22,606 | 14,582 | 9,442 | 10,045 | 85,125 | |||||||||||||||||||||||||||||||||||||
Operating lease obligations | 169,581 | 24,056 | 20,970 | 18,125 | 15,330 | 13,747 | 77,353 | |||||||||||||||||||||||||||||||||||||
Long-term marketing contractual arrangements(3)
|
164,895 | 35,224 | 30,314 | 21,302 | 16,974 | 15,110 | 45,971 | |||||||||||||||||||||||||||||||||||||
Financing lease obligations | 92,241 | 7,079 | 7,145 | 7,201 | 7,396 | 7,593 | 55,827 | |||||||||||||||||||||||||||||||||||||
Purchase orders(4)
|
84,921 | 84,921 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Postretirement benefit obligations(5)
|
67,665 | 2,886 | 2,983 | 3,151 | 3,341 | 3,494 | 51,810 | |||||||||||||||||||||||||||||||||||||
Obligation for exiting multiemployer pension plan | 5,836 | 974 | 974 | 974 | 974 | 974 | 966 | |||||||||||||||||||||||||||||||||||||
Total contractual obligations | $ | 2,651,918 | $ | 573,277 | $ | 243,433 | $ | 346,004 | $ | 157,263 | $ | 452,488 | $ | 879,453 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Increase (decrease) in cost of sales | $ | (518) | $ | 8,318 | ||||||||||
Increase (decrease) in SD&A expenses | 2,343 | (1,922) | ||||||||||||
Net impact | $ | 1,825 | $ | 6,396 |
(in thousands) | 0.25% Increase | 0.25% Decrease | ||||||||||||
Increase (decrease) in: | ||||||||||||||
Projected benefit obligation for Primary Plan at December 31, 2020 | $ | (11,299) | $ | 11,990 | ||||||||||
Net periodic pension cost for Primary Plan in 2020 | 11 | (24) |
(in thousands) | 0.25% Increase | 0.25% Decrease | ||||||||||||
Increase (decrease) in: | ||||||||||||||
Projected benefit obligation for Bargaining Plan at December 31, 2020 | $ | (2,308) | $ | 2,498 | ||||||||||
Net periodic pension cost for Bargaining Plan in 2020 | (501) | 540 |
(in thousands) | 0.25% Increase | 0.25% Decrease | ||||||||||||
Increase (decrease) in: | ||||||||||||||
Postretirement benefit obligation at December 31, 2020 | $ | (2,166) | $ | 2,293 | ||||||||||
Net periodic postretirement benefit cost in 2020 | (143) | 150 |
Fiscal Year | ||||||||||||||||||||
(in thousands, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales | $ | 5,007,357 | $ | 4,826,549 | $ | 4,625,364 | ||||||||||||||
Cost of sales | 3,238,448 | 3,156,047 | 3,069,652 | |||||||||||||||||
Gross profit | 1,768,909 | 1,670,502 | 1,555,712 | |||||||||||||||||
Selling, delivery and administrative expenses | 1,455,531 | 1,489,748 | 1,497,810 | |||||||||||||||||
Income from operations | 313,378 | 180,754 | 57,902 | |||||||||||||||||
Interest expense, net | 36,735 | 45,990 | 50,506 | |||||||||||||||||
Other expense, net | 35,603 | 100,539 | 30,853 | |||||||||||||||||
Gain on exchange transactions | — | — | 10,170 | |||||||||||||||||
Income (loss) before taxes | 241,040 | 34,225 | (13,287) | |||||||||||||||||
Income tax expense | 58,943 | 15,665 | 1,869 | |||||||||||||||||
Net income (loss) | 182,097 | 18,560 | (15,156) | |||||||||||||||||
Less: Net income attributable to noncontrolling interest | 9,604 | 7,185 | 4,774 | |||||||||||||||||
Net income (loss) attributable to Coca‑Cola Consolidated, Inc. | $ | 172,493 | $ | 11,375 | $ | (19,930) | ||||||||||||||
Basic net income (loss) per share based on net income (loss) attributable to Coca‑Cola Consolidated, Inc.: | ||||||||||||||||||||
Common Stock | $ | 18.40 | $ | 1.21 | $ | (2.13) | ||||||||||||||
Weighted average number of Common Stock shares outstanding | 7,141 | 7,141 | 7,141 | |||||||||||||||||
Class B Common Stock | $ | 18.40 | $ | 1.21 | $ | (2.13) | ||||||||||||||
Weighted average number of Class B Common Stock shares outstanding | 2,232 | 2,229 | 2,209 | |||||||||||||||||
Diluted net income (loss) per share based on net income (loss) attributable to Coca‑Cola Consolidated, Inc.: | ||||||||||||||||||||
Common Stock | $ | 18.30 | $ | 1.21 | $ | (2.13) | ||||||||||||||
Weighted average number of Common Stock shares outstanding – assuming dilution | 9,427 | 9,417 | 9,350 | |||||||||||||||||
Class B Common Stock | $ | 18.28 | $ | 1.19 | $ | (2.13) | ||||||||||||||
Weighted average number of Class B Common Stock shares outstanding – assuming dilution | 2,286 | 2,276 | 2,209 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Net income (loss) | $ | 182,097 | $ | 18,560 | $ | (15,156) | ||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||
Defined benefit plans reclassification including pension costs: | ||||||||||||||||||||
Actuarial gain (loss) | (673) | (20,484) | 5,928 | |||||||||||||||||
Prior service credits | 15 | 17 | 19 | |||||||||||||||||
Postretirement benefits reclassification including benefit costs: | ||||||||||||||||||||
Actuarial gain (loss) | (3,137) | 3,711 | 12,397 | |||||||||||||||||
Prior service costs | — | (975) | (1,393) | |||||||||||||||||
Interest rate swap | (286) | (270) | — | |||||||||||||||||
Foreign currency translation adjustment | 30 | (16) | (14) | |||||||||||||||||
Other comprehensive income (loss), net of tax | (4,051) | (18,017) | 16,937 | |||||||||||||||||
Comprehensive income | 178,046 | 543 | 1,781 | |||||||||||||||||
Less: Comprehensive income attributable to noncontrolling interest | 9,604 | 7,185 | 4,774 | |||||||||||||||||
Comprehensive income (loss) attributable to Coca‑Cola Consolidated, Inc. | $ | 168,442 | $ | (6,642) | $ | (2,993) |
(in thousands, except share data) | December 31, 2020 | December 29, 2019 | ||||||||||||
ASSETS | ||||||||||||||
Current Assets: | ||||||||||||||
Cash and cash equivalents | $ | 54,793 | $ | 9,614 | ||||||||||
Accounts receivable, trade | 425,445 | 433,552 | ||||||||||||
Allowance for doubtful accounts | (21,620) | (13,782) | ||||||||||||
Accounts receivable from The Coca-Cola Company | 49,203 | 62,411 | ||||||||||||
Accounts receivable, other | 37,084 | 43,094 | ||||||||||||
Inventories | 225,757 | 225,926 | ||||||||||||
Prepaid expenses and other current assets | 74,146 | 69,461 | ||||||||||||
Assets held for sale | 6,429 | — | ||||||||||||
Total current assets | 851,237 | 830,276 | ||||||||||||
Property, plant and equipment, net | 1,022,722 | 997,403 | ||||||||||||
Right-of-use assets - operating leases | 134,383 | 111,376 | ||||||||||||
Leased property under financing leases, net | 69,867 | 17,960 | ||||||||||||
Other assets | 111,781 | 113,269 | ||||||||||||
Goodwill | 165,903 | 165,903 | ||||||||||||
Distribution agreements, net | 853,753 | 876,096 | ||||||||||||
Customer lists, net | 12,804 | 14,643 | ||||||||||||
Total assets | $ | 3,222,450 | $ | 3,126,926 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current liabilities: | ||||||||||||||
Current portion of obligations under operating leases | $ | 19,766 | $ | 15,024 | ||||||||||
Current portion of obligations under financing leases | 5,860 | 9,403 | ||||||||||||
Accounts payable, trade | 217,560 | 187,476 | ||||||||||||
Accounts payable to The Coca-Cola Company | 107,181 | 108,699 | ||||||||||||
Other accrued liabilities | 205,141 | 208,834 | ||||||||||||
Accrued compensation | 87,608 | 87,813 | ||||||||||||
Accrued interest payable | 3,944 | 4,946 | ||||||||||||
Total current liabilities | 647,060 | 622,195 | ||||||||||||
Deferred income taxes | 139,423 | 125,130 | ||||||||||||
Pension and postretirement benefit obligations | 113,325 | 114,831 | ||||||||||||
Other liabilities | 679,280 | 668,566 | ||||||||||||
Noncurrent portion of obligations under operating leases | 119,923 | 97,765 | ||||||||||||
Noncurrent portion of obligations under financing leases | 69,984 | 17,403 | ||||||||||||
Long-term debt | 940,465 | 1,029,920 | ||||||||||||
Total liabilities | 2,709,460 | 2,675,810 | ||||||||||||
Commitments and Contingencies | ||||||||||||||
Equity: | ||||||||||||||
Convertible Preferred Stock, $100.00 par value: authorized - 50,000 shares; issued - none
|
||||||||||||||
Nonconvertible Preferred Stock, $100.00 par value: authorized - 50,000 shares; issued - none
|
||||||||||||||
Preferred Stock, $0.01 par value: authorized - 20,000,000 shares; issued - none
|
||||||||||||||
Common Stock, $1.00 par value: authorized - 30,000,000 shares; issued - 10,203,821 shares
|
10,204 | 10,204 | ||||||||||||
Class B Common Stock, $1.00 par value: authorized - 10,000,000 shares; issued - 2,860,356 shares
|
2,860 | 2,860 | ||||||||||||
Class C Common Stock, $1.00 par value: authorized - 20,000,000 shares; issued - none
|
||||||||||||||
Additional paid in capital | 135,953 | 128,983 | ||||||||||||
Retained earnings | 544,280 | 381,161 | ||||||||||||
Accumulated other comprehensive loss | (119,053) | (115,002) | ||||||||||||
Treasury stock, at cost: Common Stock - 3,062,374 shares
|
(60,845) | (60,845) | ||||||||||||
Treasury stock, at cost: Class B Common Stock - 628,114 shares
|
(409) | (409) | ||||||||||||
Total equity of Coca-Cola Consolidated, Inc. | 512,990 | 346,952 | ||||||||||||
Noncontrolling interest | — | 104,164 | ||||||||||||
Total equity | 512,990 | 451,116 | ||||||||||||
Total liabilities and equity | $ | 3,222,450 | $ | 3,126,926 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Net income (loss) | $ | 182,097 | $ | 18,560 | $ | (15,156) | ||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation expense from property, plant and equipment and financing or capital leases | 155,936 | 156,886 | 164,502 | |||||||||||||||||
Amortization of intangible assets and deferred proceeds, net | 23,081 | 23,030 | 22,754 | |||||||||||||||||
Fair value adjustment of acquisition related contingent consideration | 31,210 | 92,788 | 28,767 | |||||||||||||||||
Deferred income taxes | 8,737 | 3,987 | 9,366 | |||||||||||||||||
Impairment of property, plant and equipment | 8,030 | 8,798 | 453 | |||||||||||||||||
Loss on sale of property, plant and equipment | 5,187 | 6,498 | 7,103 | |||||||||||||||||
Amortization of debt costs | 1,050 | 1,313 | 1,477 | |||||||||||||||||
Stock compensation expense | — | 2,045 | 5,606 | |||||||||||||||||
Gain on exchange transactions | — | — | (10,170) | |||||||||||||||||
Proceeds from Legacy Facilities Credit | — | — | 1,320 | |||||||||||||||||
Change in current assets less current liabilities | 55,607 | (31,681) | (26,387) | |||||||||||||||||
Change in other noncurrent assets | 21,820 | 15,201 | 4,347 | |||||||||||||||||
Change in other noncurrent liabilities | 641 | (7,203) | (25,122) | |||||||||||||||||
Other | 1,065 | 148 | 19 | |||||||||||||||||
Total adjustments | 312,364 | 271,810 | 184,035 | |||||||||||||||||
Net cash provided by operating activities | $ | 494,461 | $ | 290,370 | $ | 168,879 | ||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Additions to property, plant and equipment | $ | (202,034) | $ | (171,374) | $ | (138,235) | ||||||||||||||
Proceeds from the sale of property, plant and equipment | 3,385 | 4,064 | 5,259 | |||||||||||||||||
Investment in CONA Services LLC | (1,770) | (1,713) | (2,098) | |||||||||||||||||
Other distribution agreements | — | (4,654) | — | |||||||||||||||||
Net cash paid for exchange transactions | — | — | (13,116) | |||||||||||||||||
Proceeds from cold drink equipment | — | — | 3,789 | |||||||||||||||||
Acquisition of distribution territories and manufacturing plants, net of cash acquired and purchase price settlements | — | — | 456 | |||||||||||||||||
Net cash used in investing activities | $ | (200,419) | $ | (173,677) | $ | (143,945) | ||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Payments on revolving credit facility | $ | (280,000) | $ | (550,339) | $ | (483,000) | ||||||||||||||
Borrowings under revolving credit facility | 235,000 | 515,339 | 356,000 | |||||||||||||||||
Payments on term loan facility and senior bonds | (45,000) | (140,000) | (7,500) | |||||||||||||||||
Proceeds from issuance of senior notes | — | 100,000 | 150,000 | |||||||||||||||||
Purchase of noncontrolling interest in Piedmont Coca-Cola Bottling Partnership | (100,000) | — | — | |||||||||||||||||
Payments of acquisition related contingent consideration | (43,400) | (27,182) | (24,683) | |||||||||||||||||
Cash dividends paid | (9,374) | (9,369) | (9,353) | |||||||||||||||||
Payments on financing or capital lease obligations | (5,861) | (8,656) | (8,221) | |||||||||||||||||
Debt issuance fees | (228) | (420) | (1,531) | |||||||||||||||||
Net cash used in financing activities | $ | (248,863) | $ | (120,627) | $ | (28,288) | ||||||||||||||
Net increase (decrease) in cash | $ | 45,179 | $ | (3,934) | $ | (3,354) | ||||||||||||||
Cash at beginning of year | 9,614 | 13,548 | 16,902 | |||||||||||||||||
Cash at end of year | $ | 54,793 | $ | 9,614 | $ | 13,548 |
(in thousands, except share data) |
Common
Stock |
Class B
Common Stock |
Additional Paid in Capital |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Treasury
Stock - Common Stock |
Treasury
Stock - Class B Common Stock |
Total
Equity of Coca-Cola Consolidated, Inc. |
Non-
controlling Interest |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance on December 31, 2017 | $ | 10,204 | $ | 2,819 | $ | 120,417 | $ | 388,718 | $ | (94,202) | $ | (60,845) | $ | (409) | $ | 366,702 | $ | 92,205 | $ | 458,907 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | (19,930) | — | — | — | (19,930) | 4,774 | (15,156) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 16,937 | — | — | 16,937 | — | 16,937 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock ($1.00 per share)
|
— | — | — | (7,141) | — | — | — | (7,141) | — | (7,141) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Common Stock
($1.00 per share)
|
— | — | — | (2,212) | — | — | — | (2,212) | — | (2,212) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 20,296 shares of Class B Common Stock
|
— | 20 | 3,811 | — | — | — | — | 3,831 | — | 3,831 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance on December 30, 2018 | $ | 10,204 | $ | 2,839 | $ | 124,228 | $ | 359,435 | $ | (77,265) | $ | (60,845) | $ | (409) | $ | 358,187 | $ | 96,979 | $ | 455,166 | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 11,375 | — | — | — | 11,375 | 7,185 | 18,560 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (18,017) | — | — | (18,017) | — | (18,017) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock ($1.00 per share)
|
— | — | — | (7,141) | — | — | — | (7,141) | — | (7,141) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Common Stock
($1.00 per share)
|
— | — | — | (2,228) | — | — | — | (2,228) | — | (2,228) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of 19,224 shares of Class B Common Stock
|
— | 21 | 4,755 | — | — | — | — | 4,776 | — | 4,776 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of stranded tax effects | — | — | — | 19,720 | (19,720) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance on December 29, 2019 | $ | 10,204 | $ | 2,860 | $ | 128,983 | $ | 381,161 | $ | (115,002) | $ | (60,845) | $ | (409) | $ | 346,952 | $ | 104,164 | $ | 451,116 | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 172,493 | — | — | — | 172,493 | 9,604 | 182,097 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | (4,051) | — | — | (4,051) | — | (4,051) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock ($1.00 per share)
|
— | — | — | (7,141) | — | — | — | (7,141) | — | (7,141) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class B Common Stock
($1.00 per share)
|
— | — | — | (2,233) | — | — | — | (2,233) | — | (2,233) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interest in Piedmont Coca-Cola Bottling Partnership | — | — | 6,970 | — | — | — | — | 6,970 | (113,768) | (106,798) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance on December 31, 2020 | $ | 10,204 | $ | 2,860 | $ | 135,953 | $ | 544,280 | $ | (119,053) | $ | (60,845) | $ | (409) | $ | 512,990 | $ | — | $ | 512,990 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Payments made by the Company to The Coca-Cola Company for: | ||||||||||||||||||||
Concentrate, syrup, sweetener and other purchases | $ | 1,174,616 | $ | 1,187,889 | $ | 1,188,818 | ||||||||||||||
Customer marketing programs | 132,874 | 144,949 | 145,019 | |||||||||||||||||
Purchase of noncontrolling interest in Piedmont | 100,000 | — | — | |||||||||||||||||
Cold drink equipment parts | 21,523 | 28,209 | 30,065 | |||||||||||||||||
Brand investment programs | 15,479 | 13,266 | 9,063 | |||||||||||||||||
Payments made by The Coca-Cola Company to the Company for: | ||||||||||||||||||||
Marketing funding support payments | $ | 82,967 | $ | 98,013 | $ | 86,483 | ||||||||||||||
Fountain delivery and equipment repair fees | 32,810 | 41,714 | 40,023 | |||||||||||||||||
Presence marketing funding support on the Company’s behalf | 8,434 | 8,002 | 8,311 | |||||||||||||||||
Facilitating the distribution of certain brands and packages to other Coca-Cola bottlers | 4,538 | 5,069 | 9,683 | |||||||||||||||||
Cold drink equipment | — | — | 3,789 | |||||||||||||||||
Legacy Facilities Credit (excluding portion related to Mobile, Alabama facility) | — | — | 1,320 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Current portion of acquisition related contingent consideration | $ | 36,020 | $ | 41,087 | ||||||||||
Noncurrent portion of acquisition related contingent consideration | 398,674 | 405,597 | ||||||||||||
Total acquisition related contingent consideration | $ | 434,694 | $ | 446,684 |
Fiscal Year | ||||||||||||||
2019 | 2018 | |||||||||||||
Date of approval for award | March 5, 2019 | March 6, 2018 | ||||||||||||
Fiscal year of service covered by award | 2018 | 2017 | ||||||||||||
Shares settled in cash | 15,476 | 16,504 | ||||||||||||
Increase in Class B Common Stock shares outstanding | 19,224 | 20,296 | ||||||||||||
Total Class B Common Stock awarded | 34,700 | 36,800 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Point in time net sales: | ||||||||||||||||||||
Nonalcoholic Beverages - point in time | $ | 4,842,934 | $ | 4,649,037 | $ | 4,467,945 | ||||||||||||||
Total point in time net sales | 4,842,934 | 4,649,037 | 4,467,945 | |||||||||||||||||
Over time net sales: | ||||||||||||||||||||
Nonalcoholic Beverages - over time | 36,236 | 45,391 | 44,373 | |||||||||||||||||
All Other - over time | 128,187 | 132,121 | 113,046 | |||||||||||||||||
Total over time net sales | 164,423 | 177,512 | 157,419 | |||||||||||||||||
Total net sales | $ | 5,007,357 | $ | 4,826,549 | $ | 4,625,364 |
(in thousands) | Fiscal Year 2020 | |||||||
Beginning balance - allowance for credit losses | $ | 10,232 | ||||||
Additions charged to costs and expenses | 14,265 | |||||||
Write-offs, net of recoveries | (6,427) | |||||||
Ending balance - allowance for credit losses | $ | 18,070 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Net sales: | ||||||||||||||||||||
Nonalcoholic Beverages | $ | 4,879,170 | $ | 4,694,428 | $ | 4,512,318 | ||||||||||||||
All Other | 332,728 | 345,005 | 358,625 | |||||||||||||||||
Eliminations(1)
|
(204,541) | (212,884) | (245,579) | |||||||||||||||||
Consolidated net sales | $ | 5,007,357 | $ | 4,826,549 | $ | 4,625,364 | ||||||||||||||
Income from operations: | ||||||||||||||||||||
Nonalcoholic Beverages | $ | 324,716 | $ | 174,133 | $ | 45,519 | ||||||||||||||
All Other | (11,338) | 6,621 | 12,383 | |||||||||||||||||
Consolidated income from operations | $ | 313,378 | $ | 180,754 | $ | 57,902 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Depreciation and amortization: | ||||||||||||||||||||
Nonalcoholic Beverages | $ | 167,355 | $ | 169,879 | $ | 177,448 | ||||||||||||||
All Other | 11,662 | 10,037 | 9,808 | |||||||||||||||||
Consolidated depreciation and amortization | $ | 179,017 | $ | 179,916 | $ | 187,256 |
Fiscal Year | ||||||||||||||||||||
(in thousands, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Numerator for basic and diluted net income (loss) per Common Stock and Class B Common Stock share: | ||||||||||||||||||||
Net income (loss) attributable to Coca-Cola Consolidated, Inc. | $ | 172,493 | $ | 11,375 | $ | (19,930) | ||||||||||||||
Less dividends: | ||||||||||||||||||||
Common Stock | 7,141 | 7,141 | 7,141 | |||||||||||||||||
Class B Common Stock | 2,233 | 2,228 | 2,212 | |||||||||||||||||
Total undistributed earnings (losses) | $ | 163,119 | $ | 2,006 | $ | (29,283) | ||||||||||||||
Common Stock undistributed earnings (losses) – basic | $ | 124,275 | $ | 1,529 | $ | (22,365) | ||||||||||||||
Class B Common Stock undistributed earnings (losses) – basic | 38,844 | 477 | (6,918) | |||||||||||||||||
Total undistributed earnings (losses) – basic | $ | 163,119 | $ | 2,006 | $ | (29,283) | ||||||||||||||
Common Stock undistributed earnings (losses) – diluted | $ | 123,563 | $ | 1,521 | $ | (22,365) | ||||||||||||||
Class B Common Stock undistributed earnings (losses) – diluted | 39,556 | 485 | (6,918) | |||||||||||||||||
Total undistributed earnings (losses) – diluted | $ | 163,119 | $ | 2,006 | $ | (29,283) | ||||||||||||||
Numerator for basic net income (loss) per Common Stock share: | ||||||||||||||||||||
Dividends on Common Stock | $ | 7,141 | $ | 7,141 | $ | 7,141 | ||||||||||||||
Common Stock undistributed earnings (losses) – basic | 124,275 | 1,529 | (22,365) | |||||||||||||||||
Numerator for basic net income (loss) per Common Stock share | $ | 131,416 | $ | 8,670 | $ | (15,224) | ||||||||||||||
Numerator for basic net income (loss) per Class B Common Stock share: | ||||||||||||||||||||
Dividends on Class B Common Stock | $ | 2,233 | $ | 2,228 | $ | 2,212 | ||||||||||||||
Class B Common Stock undistributed earnings (losses) – basic | 38,844 | 477 | (6,918) | |||||||||||||||||
Numerator for basic net income (loss) per Class B Common Stock share | $ | 41,077 | $ | 2,705 | $ | (4,706) | ||||||||||||||
Numerator for diluted net income (loss) per Common Stock share: | ||||||||||||||||||||
Dividends on Common Stock | $ | 7,141 | $ | 7,141 | $ | 7,141 | ||||||||||||||
Dividends on Class B Common Stock assumed converted to Common Stock | 2,233 | 2,228 | 2,212 | |||||||||||||||||
Common Stock undistributed earnings (losses) – diluted | 163,119 | 2,006 | (29,283) | |||||||||||||||||
Numerator for diluted net income (loss) per Common Stock share | $ | 172,493 | $ | 11,375 | $ | (19,930) | ||||||||||||||
Numerator for diluted net income (loss) per Class B Common Stock share: | ||||||||||||||||||||
Dividends on Class B Common Stock | $ | 2,233 | $ | 2,228 | $ | 2,212 | ||||||||||||||
Class B Common Stock undistributed earnings (losses) – diluted | 39,556 | 485 | (6,918) | |||||||||||||||||
Numerator for diluted net income (loss) per Class B Common Stock share | $ | 41,789 | $ | 2,713 | $ | (4,706) |
Fiscal Year | ||||||||||||||||||||
(in thousands, except per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Denominator for basic net income (loss) per Common Stock and Class B Common Stock share: | ||||||||||||||||||||
Common Stock weighted average shares outstanding – basic | 7,141 | 7,141 | 7,141 | |||||||||||||||||
Class B Common Stock weighted average shares outstanding – basic | 2,232 | 2,229 | 2,209 | |||||||||||||||||
Denominator for diluted net income (loss) per Common Stock and Class B Common Stock share: | ||||||||||||||||||||
Common Stock weighted average shares outstanding – diluted (assumes conversion of Class B Common Stock to Common Stock) | 9,427 | 9,417 | 9,350 | |||||||||||||||||
Class B Common Stock weighted average shares outstanding – diluted | 2,286 | 2,276 | 2,209 | |||||||||||||||||
Basic net income (loss) per share: | ||||||||||||||||||||
Common Stock | $ | 18.40 | $ | 1.21 | $ | (2.13) | ||||||||||||||
Class B Common Stock | $ | 18.40 | $ | 1.21 | $ | (2.13) | ||||||||||||||
Diluted net income (loss) per share: | ||||||||||||||||||||
Common Stock | $ | 18.30 | $ | 1.21 | $ | (2.13) | ||||||||||||||
Class B Common Stock | $ | 18.28 | $ | 1.19 | $ | (2.13) |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Finished products | $ | 140,080 | $ | 142,363 | ||||||||||
Manufacturing materials | 47,081 | 45,267 | ||||||||||||
Plastic shells, plastic pallets and other inventories | 38,596 | 38,296 | ||||||||||||
Total inventories | $ | 225,757 | $ | 225,926 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Repair parts | $ | 26,811 | $ | 28,967 | ||||||||||
Prepaid taxes | 8,428 | 4,359 | ||||||||||||
Prepaid software | 6,650 | 5,850 | ||||||||||||
Prepaid marketing | 4,773 | 5,658 | ||||||||||||
Commodity hedges at fair market value | 2,417 | 1,007 | ||||||||||||
Prepayments for sponsorship contracts | 569 | 8,696 | ||||||||||||
Other prepaid expenses and other current assets | 24,498 | 14,924 | ||||||||||||
Total prepaid expenses and other current assets | $ | 74,146 | $ | 69,461 |
(in thousands) | December 31, 2020 | |||||||
Land | $ | 2,559 | ||||||
Buildings and leasehold and land improvements | 3,870 | |||||||
Assets held for sale | $ | 6,429 |
(in thousands) | December 31, 2020 | December 29, 2019 | Estimated Useful Lives | |||||||||||||||||
Land | $ | 81,981 | $ | 76,860 | ||||||||||||||||
Buildings | 240,173 | 223,500 |
8-50 years
|
|||||||||||||||||
Machinery and equipment | 392,998 | 355,575 |
5-20 years
|
|||||||||||||||||
Transportation equipment | 445,218 | 417,532 |
4-20 years
|
|||||||||||||||||
Furniture and fixtures | 96,606 | 92,059 |
3-10 years
|
|||||||||||||||||
Cold drink dispensing equipment | 465,881 | 489,050 |
5-17 years
|
|||||||||||||||||
Leasehold and land improvements | 155,077 | 145,341 |
5-20 years
|
|||||||||||||||||
Software for internal use | 46,569 | 128,792 |
3-10 years
|
|||||||||||||||||
Construction in progress | 54,505 | 29,369 | ||||||||||||||||||
Total property, plant and equipment, at cost | 1,979,008 | 1,958,078 | ||||||||||||||||||
Less: Accumulated depreciation and amortization | 956,286 | 960,675 | ||||||||||||||||||
Property, plant and equipment, net | $ | 1,022,722 | $ | 997,403 |
December 31, 2020 | December 29, 2019 | |||||||||||||
Weighted average remaining lease term: | ||||||||||||||
Operating leases | 9.4 years | 10.2 years | ||||||||||||
Financing leases | 13.4 years | 4.8 years | ||||||||||||
Weighted average discount rate: | ||||||||||||||
Operating leases | 4.0 | % | 4.1 | % | ||||||||||
Financing leases | 3.2 | % | 5.7 | % |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Operating lease costs | $ | 24,823 | $ | 18,820 | ||||||||||
Short-term and variable leases | 15,305 | 13,605 | ||||||||||||
Depreciation expense from financing leases(1)
|
4,678 | 5,967 | ||||||||||||
Interest expense on financing lease obligations(1)
|
1,728 | 2,714 | ||||||||||||
Total lease cost | $ | 46,534 | $ | 41,106 |
(in thousands) | Operating Leases | Financing Leases | Total | |||||||||||||||||
2021 | $ | 24,056 | $ | 7,079 | $ | 31,135 | ||||||||||||||
2022 | 20,970 | 7,145 | 28,115 | |||||||||||||||||
2023 | 18,125 | 7,201 | 25,326 | |||||||||||||||||
2024 | 15,330 | 7,396 | 22,726 | |||||||||||||||||
2025 | 13,747 | 7,593 | 21,340 | |||||||||||||||||
Thereafter | 77,353 | 55,827 | 133,180 | |||||||||||||||||
Total minimum lease payments including interest | $ | 169,581 | $ | 92,241 | $ | 261,822 | ||||||||||||||
Less: Amounts representing interest | 29,892 | 16,397 | 46,289 | |||||||||||||||||
Present value of minimum lease principal payments | 139,689 | 75,844 | 215,533 | |||||||||||||||||
Less: Current portion of lease liabilities - operating and financing leases | 19,766 | 5,860 | 25,626 | |||||||||||||||||
Noncurrent portion of lease liabilities - operating and financing leases | $ | 119,923 | $ | 69,984 | $ | 189,907 |
(in thousands) | Operating Leases | Financing Leases | Total | |||||||||||||||||
2020 | $ | 19,236 | $ | 10,611 | $ | 29,847 | ||||||||||||||
2021 | 16,815 | 6,215 | 23,030 | |||||||||||||||||
2022 | 14,016 | 2,694 | 16,710 | |||||||||||||||||
2023 | 11,704 | 2,750 | 14,454 | |||||||||||||||||
2024 | 10,989 | 2,808 | 13,797 | |||||||||||||||||
Thereafter | 67,556 | 5,406 | 72,962 | |||||||||||||||||
Total minimum lease payments including interest | $ | 140,316 | $ | 30,484 | $ | 170,800 | ||||||||||||||
Less: Amounts representing interest | 27,527 | 3,678 | 31,205 | |||||||||||||||||
Present value of minimum lease principal payments | 112,789 | 26,806 | 139,595 | |||||||||||||||||
Less: Current portion of lease liabilities - operating and financing leases | 15,024 | 9,403 | 24,427 | |||||||||||||||||
Noncurrent portion of lease liabilities - operating and financing leases | $ | 97,765 | $ | 17,403 | $ | 115,168 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Cash flows from operating activities impact: | ||||||||||||||
Operating leases | $ | 24,718 | $ | 18,138 | ||||||||||
Interest payments on financing lease obligations(1)
|
1,728 | 2,714 | ||||||||||||
Total cash flows from operating activities impact | $ | 26,446 | $ | 20,852 | ||||||||||
Cash flows from financing activities impact: | ||||||||||||||
Principal payments on financing lease obligations(1)
|
$ | 5,861 | $ | 8,656 | ||||||||||
Total cash flows from financing activities impact | $ | 5,861 | $ | 8,656 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Distribution agreements at cost | $ | 952,533 | $ | 950,549 | ||||||||||
Less: Accumulated amortization | 98,780 | 74,453 | ||||||||||||
Distribution agreements, net | $ | 853,753 | $ | 876,096 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Beginning balance - distribution agreements, net | $ | 876,096 | $ | 900,383 | ||||||||||
Other distribution agreements | 1,984 | (10) | ||||||||||||
Additional accumulated amortization | (24,327) | (24,277) | ||||||||||||
Ending balance - distribution agreements, net | $ | 853,753 | $ | 876,096 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Customer lists at cost | $ | 25,288 | $ | 25,288 | ||||||||||
Less: Accumulated amortization | 12,484 | 10,645 | ||||||||||||
Customer lists, net | $ | 12,804 | $ | 14,643 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Accrued insurance costs | $ | 48,318 | $ | 44,584 | ||||||||||
Accrued marketing costs | 38,539 | 34,947 | ||||||||||||
Current portion of acquisition related contingent consideration | 36,020 | 41,087 | ||||||||||||
Employee and retiree benefit plan accruals | 31,653 | 33,699 | ||||||||||||
Current portion of deferred payroll taxes under CARES Act | 18,706 | — | ||||||||||||
Accrued taxes (other than income taxes) | 6,178 | 6,366 | ||||||||||||
Checks and transfers yet to be presented for payment from zero balance cash accounts | 2,793 | 20,199 | ||||||||||||
Federal income taxes | — | 1,651 | ||||||||||||
Commodity hedges at fair market value | — | 1,174 | ||||||||||||
All other accrued expenses | 22,934 | 25,127 | ||||||||||||
Total other accrued liabilities | $ | 205,141 | $ | 208,834 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Cost of sales | $ | 1,996 | $ | 6,602 | $ | (10,376) | ||||||||||||||
Selling, delivery and administrative expenses | 791 | 3,536 | (4,349) | |||||||||||||||||
Total gain (loss) | $ | 2,787 | $ | 10,138 | $ | (14,725) |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Assets: | ||||||||||||||
Prepaid expenses and other current assets | $ | 2,417 | $ | 1,007 | ||||||||||
Other assets | 56 | — | ||||||||||||
Total assets | $ | 2,473 | $ | 1,007 | ||||||||||
Liabilities: | ||||||||||||||
Other accrued liabilities | $ | — | $ | 1,174 | ||||||||||
Total liabilities | $ | — | $ | 1,174 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Gross commodity derivative instrument assets | $ | 2,473 | $ | 3,298 | ||||||||||
Gross commodity derivative instrument liabilities | — | 3,465 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Notional amount of outstanding commodity derivative instruments | $ | 23,030 | $ | 171,699 | ||||||||||
Latest maturity date of outstanding commodity derivative instruments | December 2021 | December 2020 |
Financial Instrument |
Fair Value
Level |
Method and Assumptions | ||||||||||||
Deferred compensation plan assets and liabilities | Level 1 | The fair value of the Company’s nonqualified deferred compensation plan for certain executives and other highly compensated employees is based on the fair values of associated assets and liabilities, which are held in mutual funds and are based on the quoted market values of the securities held within the mutual funds. | ||||||||||||
Pension plan assets | Level 1 | The fair values of the Company’s Level 1 pension plan assets, which are equity securities and fixed income investment vehicles, are valued using the quoted market prices of those securities which are actively traded on national exchanges. | ||||||||||||
Pension plan assets | Level 2 | The fair values of the Company’s Level 2 pension plan assets, which are investments that are pooled with other investments in a commingled fund, are valued using the net asset value produced by the fund manager. The assets within the commingled funds have a readily determinable fair market value. | ||||||||||||
Commodity derivative instruments | Level 2 | The fair values of the Company’s commodity derivative instruments are based on current settlement values at each balance sheet date, which represent the estimated amounts the Company would have received or paid upon termination of these instruments. The Company’s credit risk related to the commodity derivative instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair values of commodity derivative instruments. | ||||||||||||
Long-term debt | Level 2 | The carrying amounts of the Company’s variable rate debt approximate the fair values due to variable interest rates with short reset periods. The fair values of the Company’s fixed rate debt are based on estimated current market prices. | ||||||||||||
Acquisition related contingent consideration | Level 3 | The fair value of the Company’s acquisition related contingent consideration is based on internal forecasts and the WACC derived from market data. |
December 31, 2020 | ||||||||||||||||||||||||||||||||
(in thousands) |
Carrying
Amount |
Total
Fair Value |
Fair Value
Level 1 |
Fair Value
Level 2 |
Fair Value
Level 3 |
|||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Deferred compensation plan assets | $ | 51,742 | $ | 51,742 | $ | 51,742 | $ | — | $ | — | ||||||||||||||||||||||
Pension plan assets | 319,699 | 319,699 | 308,849 | 10,850 | — | |||||||||||||||||||||||||||
Commodity derivative instruments | 2,473 | 2,473 | — | 2,473 | — | |||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Deferred compensation plan liabilities | 51,742 | 51,742 | 51,742 | — | — | |||||||||||||||||||||||||||
Long-term debt | 940,465 | 1,015,700 | — | 1,015,700 | — | |||||||||||||||||||||||||||
Acquisition related contingent consideration | 434,694 | 434,694 | — | — | 434,694 |
December 29, 2019 | ||||||||||||||||||||||||||||||||
(in thousands) |
Carrying
Amount |
Total
Fair Value |
Fair Value
Level 1 |
Fair Value
Level 2 |
Fair Value
Level 3 |
|||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Deferred compensation plan assets | $ | 42,543 | $ | 42,543 | $ | 42,543 | $ | — | $ | — | ||||||||||||||||||||||
Pension plan assets | 276,085 | 276,085 | 276,085 | — | — | |||||||||||||||||||||||||||
Commodity derivative instruments | 1,007 | 1,007 | — | 1,007 | — | |||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Deferred compensation plan liabilities | 42,543 | 42,543 | 42,543 | — | — | |||||||||||||||||||||||||||
Commodity derivative instruments | 1,174 | 1,174 | — | 1,174 | — | |||||||||||||||||||||||||||
Long-term debt | 1,029,920 | 1,058,700 | — | 1,058,700 | — | |||||||||||||||||||||||||||
Acquisition related contingent consideration | 446,684 | 446,684 | — | — | 446,684 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Beginning balance - Level 3 liability | $ | 446,684 | $ | 382,898 | ||||||||||
Payment of acquisition related contingent consideration | (43,400) | (27,182) | ||||||||||||
Reclassification to current payables | 200 | (1,820) | ||||||||||||
Increase in fair value | 31,210 | 92,788 | ||||||||||||
Ending balance - Level 3 liability | $ | 434,694 | $ | 446,684 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Current: | ||||||||||||||||||||
Federal | $ | 38,665 | $ | 7,505 | $ | (4,228) | ||||||||||||||
State | 11,541 | 4,173 | (3,269) | |||||||||||||||||
Total current provision (benefit) | $ | 50,206 | $ | 11,678 | $ | (7,497) | ||||||||||||||
Deferred: | ||||||||||||||||||||
Federal | $ | 8,052 | $ | 4,514 | $ | 5,701 | ||||||||||||||
State | 685 | (527) | 3,665 | |||||||||||||||||
Total deferred provision (benefit) | $ | 8,737 | $ | 3,987 | $ | 9,366 | ||||||||||||||
Income tax expense | $ | 58,943 | $ | 15,665 | $ | 1,869 |
Fiscal Year | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
(in thousands) |
Income
tax expense |
% pre-tax
income |
Income
tax expense |
% pre-tax
income |
Income
tax expense |
% pre-tax
loss |
||||||||||||||||||||||||||||||||
Statutory (income) / expense | $ | 50,618 | 21.0 | % | $ | 7,187 | 21.0 | % | $ | (2,790) | 21.0 | % | ||||||||||||||||||||||||||
State income taxes, net of federal benefit | 9,258 | 3.8 | 1,352 | 4.0 | (376) | 2.8 | ||||||||||||||||||||||||||||||||
Nondeductible compensation | 3,007 | 1.3 | 4,313 | 12.6 | 2,851 | (21.5) | ||||||||||||||||||||||||||||||||
Noncontrolling interest – Piedmont | (2,447) | (1.0) | (1,826) | (5.3) | (1,238) | 9.3 | ||||||||||||||||||||||||||||||||
Valuation allowance change | (1,900) | (0.8) | 1,290 | 3.8 | 1,566 | (11.8) | ||||||||||||||||||||||||||||||||
Meals, entertainment and travel expense | 1,476 | 0.6 | 2,440 | 7.1 | 2,734 | (20.6) | ||||||||||||||||||||||||||||||||
Nondeductible fees and expenses | 311 | 0.1 | 887 | 2.6 | 568 | (4.3) | ||||||||||||||||||||||||||||||||
Adjustment for uncertain tax positions | 114 | — | (805) | (2.4) | 694 | (5.2) | ||||||||||||||||||||||||||||||||
Adjustment for federal tax legislation | — | — | — | — | (1,989) | 15.0 | ||||||||||||||||||||||||||||||||
Other, net | (1,494) | (0.5) | 827 | 2.4 | (151) | 1.2 | ||||||||||||||||||||||||||||||||
Income tax expense | $ | 58,943 | 24.5 | % | $ | 15,665 | 45.8 | % | $ | 1,869 | (14.1) | % |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Beginning balance - gross uncertain tax positions | $ | 2,283 | $ | 2,857 | $ | 2,286 | ||||||||||||||
Increase as a result of tax positions taken in the current year | 61 | 60 | 571 | |||||||||||||||||
Increase as a result of tax positions taken in a prior year | 504 | — | — | |||||||||||||||||
Reduction as a result of the expiration of the applicable statute of limitations | (687) | (634) | — | |||||||||||||||||
Ending balance - gross uncertain tax positions | $ | 2,161 | $ | 2,283 | $ | 2,857 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Acquisition related contingent consideration | $ | 107,769 | $ | 110,036 | ||||||||||
Operating lease liabilities | 34,632 | 27,346 | ||||||||||||
Deferred revenue | 27,882 | 24,936 | ||||||||||||
Deferred compensation | 26,269 | 26,788 | ||||||||||||
Accrued liabilities | 22,341 | 19,266 | ||||||||||||
Postretirement benefits | 14,726 | 13,250 | ||||||||||||
Pension | 11,055 | 14,124 | ||||||||||||
Transactional costs | 4,451 | 4,857 | ||||||||||||
Charitable contribution carryover | 3,236 | 6,622 | ||||||||||||
Net operating loss carryforwards | 1,628 | 2,012 | ||||||||||||
Financing lease agreements | 1,618 | 2,432 | ||||||||||||
Other | 10,138 | 3,022 | ||||||||||||
Deferred income tax assets | $ | 265,745 | $ | 254,691 | ||||||||||
Less: Valuation allowance for deferred tax assets | 5,325 | 7,190 | ||||||||||||
Net deferred income tax asset | $ | 260,420 | $ | 247,501 | ||||||||||
Intangible assets | $ | (182,585) | $ | (151,940) | ||||||||||
Depreciation | (159,359) | (147,140) | ||||||||||||
Right-of-use assets - operating leases | (33,316) | (26,997) | ||||||||||||
Inventory | (13,709) | (12,631) | ||||||||||||
Prepaid expenses | (6,319) | (7,627) | ||||||||||||
Patronage dividend | (4,555) | (3,009) | ||||||||||||
Investment in Piedmont | — | (23,287) | ||||||||||||
Deferred income tax liabilities | $ | (399,843) | $ | (372,631) | ||||||||||
Net deferred income tax liability | $ | (139,423) | $ | (125,130) |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Current liabilities | $ | 11,132 | $ | 8,893 | ||||||||||
Noncurrent liabilities | 80,890 | 79,921 | ||||||||||||
Total liability - Supplemental Savings Incentive Plan and Director Deferral Plan | $ | 92,022 | $ | 88,814 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Current liabilities | $ | 137 | $ | 102 | ||||||||||
Noncurrent liabilities | 4,728 | 3,199 | ||||||||||||
Total liability - Long-Term Retention Plan | $ | 4,865 | $ | 3,301 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Current liabilities | $ | 4,176 | $ | 3,267 | ||||||||||
Noncurrent liabilities | 38,605 | 41,062 | ||||||||||||
Total liability - Officer Retention Plan | $ | 42,781 | $ | 44,329 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Current liabilities | $ | 8,515 | $ | 7,252 | ||||||||||
Noncurrent liabilities | 7,866 | 8,416 | ||||||||||||
Total liability - Long-Term Performance Plan | $ | 16,381 | $ | 15,668 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Beginning balance - projected benefit obligation | $ | 332,304 | $ | 278,957 | ||||||||||
Service cost | 6,331 | 4,853 | ||||||||||||
Interest cost | 10,957 | 12,299 | ||||||||||||
Actuarial loss | 31,300 | 47,651 | ||||||||||||
Benefits paid | (12,647) | (11,456) | ||||||||||||
Ending balance - projected benefit obligation | $ | 368,245 | $ | 332,304 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Beginning balance - plan assets at fair value | $ | 276,699 | $ | 256,168 | ||||||||||
Actual return on plan assets | 40,680 | 29,549 | ||||||||||||
Employer contributions | 16,250 | 4,900 | ||||||||||||
Benefits paid | (13,930) | (13,918) | ||||||||||||
Ending balance - plan assets at fair value | $ | 319,699 | $ | 276,699 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Projected benefit obligation | $ | (368,245) | $ | (332,304) | ||||||||||
Plan assets at fair value | 319,699 | 276,699 | ||||||||||||
Net funded status | $ | (48,546) | $ | (55,605) |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Current liabilities | $ | — | $ | — | ||||||||||
Noncurrent liabilities | (48,546) | (55,605) | ||||||||||||
Total liability - pension plans | $ | (48,546) | $ | (55,605) |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Service cost | $ | 6,331 | $ | 4,853 | $ | 5,484 | ||||||||||||||
Interest cost | 10,957 | 12,299 | 11,350 | |||||||||||||||||
Expected return on plan assets | (13,617) | (10,290) | (15,415) | |||||||||||||||||
Recognized net actuarial loss | 4,619 | 3,688 | 3,830 | |||||||||||||||||
Amortization of prior service cost | 19 | 22 | 25 | |||||||||||||||||
Net periodic pension cost | $ | 8,309 | $ | 10,572 | $ | 5,274 |
Fiscal Year | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Projected benefit obligation at the measurement date: | ||||||||||||||||||||
Discount rate - Primary Plan | 2.66 | % | 3.36 | % | 4.47 | % | ||||||||||||||
Discount rate - Bargaining Plan | 3.12 | % | 3.61 | % | 4.63 | % | ||||||||||||||
Weighted average rate of compensation increase | N/A | N/A | N/A | |||||||||||||||||
Net periodic pension cost for the fiscal year: | ||||||||||||||||||||
Discount rate - Primary Plan | 3.36 | % | 4.47 | % | 3.80 | % | ||||||||||||||
Discount rate - Bargaining Plan | 3.61 | % | 4.63 | % | 3.90 | % | ||||||||||||||
Weighted average expected long-term rate of return of plan assets - Primary Plan(1)
|
5.50 | % | 5.00 | % | 6.00 | % | ||||||||||||||
Weighted average expected long-term rate of return of plan assets - Bargaining Plan(1)
|
6.25 | % | 5.25 | % | 6.00 | % | ||||||||||||||
Weighted average rate of compensation increase | N/A | N/A | N/A |
(in thousands) |
Anticipated Future Pension Benefit
Payments for the Fiscal Years |
|||||||
2021 | $ | 13,526 | ||||||
2022 | 14,312 | |||||||
2023 | 15,100 | |||||||
2024 | 15,736 | |||||||
2025 | 16,377 | |||||||
2026 - 2030 | 89,826 |
Percentage of Plan
Assets at Fiscal Year-End |
Target
Allocation |
Weighted Average Expected
Long-Term Rate of Return |
||||||||||||||||||||||||
2020 | 2019 | 2021 | 2021 | |||||||||||||||||||||||
U.S. debt securities | 58 | % | 57 | % | 65 | % | 3.09 | % | ||||||||||||||||||
U.S. equity securities | 24 | % | 23 | % | 26 | % | 1.24 | % | ||||||||||||||||||
International debt securities | 8 | % | 9 | % | — | % | — | % | ||||||||||||||||||
International equity securities | 8 | % | 8 | % | 7 | % | 0.32 | % | ||||||||||||||||||
Cash and cash equivalents | 2 | % | 3 | % | 2 | % | 0.10 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 4.75 | % |
Percentage of Plan
Assets at Fiscal Year-End |
Target
Allocation |
Weighted Average Expected
Long-Term Rate of Return |
||||||||||||||||||||||||
2020 | 2019 | 2021 | 2021 | |||||||||||||||||||||||
U.S. debt securities | 46 | % | 46 | % | 40 | % | 2.30 | % | ||||||||||||||||||
U.S. equity securities | 39 | % | 39 | % | 46 | % | 2.65 | % | ||||||||||||||||||
International debt securities | 2 | % | 2 | % | — | % | — | % | ||||||||||||||||||
International equity securities | 12 | % | 12 | % | 12 | % | 0.68 | % | ||||||||||||||||||
Cash and cash equivalents | 1 | % | 1 | % | 2 | % | 0.12 | % | ||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 5.75 | % |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Pension plan assets - fixed income | $ | 205,812 | $ | 179,153 | ||||||||||
Pension plan assets - equity securities(1)
|
106,424 | 89,861 | ||||||||||||
Pension plan assets - cash and cash equivalents | 7,463 | 7,071 | ||||||||||||
Total pension plan assets | $ | 319,699 | $ | 276,085 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Benefit obligation at beginning of year | $ | 62,056 | $ | 64,461 | ||||||||||
Service cost | 1,454 | 1,496 | ||||||||||||
Interest cost | 2,031 | 2,750 | ||||||||||||
Plan participants’ contributions | 753 | 750 | ||||||||||||
Actuarial (gain) loss | 4,555 | (4,191) | ||||||||||||
Benefits paid | (3,184) | (3,296) | ||||||||||||
Medicare Part D subsidy reimbursement | — | 86 | ||||||||||||
Benefit obligation at end of year | $ | 67,665 | $ | 62,056 |
Fiscal Year | ||||||||||||||
(in thousands) | 2020 | 2019 | ||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | ||||||||||
Employer contributions | 2,431 | 2,460 | ||||||||||||
Plan participants’ contributions | 753 | 750 | ||||||||||||
Benefits paid | (3,184) | (3,296) | ||||||||||||
Medicare Part D subsidy reimbursement | — | 86 | ||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Current liabilities | $ | (2,886) | $ | (2,831) | ||||||||||
Noncurrent liabilities | (64,779) | (59,225) | ||||||||||||
Total liability - postretirement benefits | $ | (67,665) | $ | (62,056) |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Service cost | $ | 1,454 | $ | 1,496 | $ | 1,854 | ||||||||||||||
Interest cost | 2,031 | 2,750 | 2,694 | |||||||||||||||||
Recognized net actuarial loss | 383 | 730 | 1,889 | |||||||||||||||||
Amortization of prior service cost | — | (1,293) | (1,847) | |||||||||||||||||
Net periodic postretirement benefit cost | $ | 3,868 | $ | 3,683 | $ | 4,590 |
Fiscal Year | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Benefit obligation discount rate at measurement date | 2.70 | % | 3.32 | % | 4.41 | % | ||||||||||||||
Net periodic postretirement benefit cost discount rate for fiscal year | 3.32 | % | 4.41 | % | 3.72 | % | ||||||||||||||
Postretirement benefit expense - Pre-Medicare: | ||||||||||||||||||||
Weighted average healthcare cost trend rate | 6.53 | % | 7.13 | % | 7.82 | % | ||||||||||||||
Trend rate graded down to ultimate rate | 4.50 | % | 4.50 | % | 4.50 | % | ||||||||||||||
Ultimate rate year | 2028 | 2026 | 2025 | |||||||||||||||||
Postretirement benefit expense - Post-Medicare: | ||||||||||||||||||||
Weighted average healthcare cost trend rate | 6.73 | % | 7.11 | % | 7.74 | % | ||||||||||||||
Trend rate graded down to ultimate rate | 4.50 | % | 4.50 | % | 4.50 | % | ||||||||||||||
Ultimate rate year | 2028 | 2026 | 2025 |
(in thousands) |
Anticipated Future Postretirement Benefit
Payments Reflecting Expected Future Service |
|||||||
2021 | $ | 2,886 | ||||||
2022 | 2,983 | |||||||
2023 | 3,151 | |||||||
2024 | 3,341 | |||||||
2025 | 3,494 | |||||||
2026 - 2030 | 19,300 |
(in thousands) |
December 29,
2019 |
Actuarial
Loss |
Reclassification
Adjustments |
December 31,
2020 |
||||||||||||||||||||||
Pension Plans: | ||||||||||||||||||||||||||
Actuarial loss | $ | (146,762) | $ | (5,521) | $ | 4,619 | $ | (147,664) | ||||||||||||||||||
Prior service costs | (26) | — | 19 | (7) | ||||||||||||||||||||||
Postretirement Benefits: | ||||||||||||||||||||||||||
Actuarial loss | (9,736) | (4,555) | 383 | (13,908) | ||||||||||||||||||||||
Total within accumulated other comprehensive loss | $ | (156,524) | $ | (10,076) | $ | 5,021 | $ | (161,579) |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Pension Protection Act Zone Status | Red | Red | Red | |||||||||||||||||
FIP or RP pending or implemented | Yes | Yes | Yes | |||||||||||||||||
Surcharge imposed | Yes | Yes | Yes | |||||||||||||||||
Contribution | $ | 924 | $ | 987 | $ | 763 |
(in thousands) | December 31, 2020 | December 29, 2019 | ||||||||||||
Noncurrent portion of acquisition related contingent consideration | $ | 398,674 | $ | 405,597 | ||||||||||
Accruals for executive benefit plans | 144,101 | 141,380 | ||||||||||||
Noncurrent deferred proceeds from Territory Conversion Fee | 80,591 | 82,877 | ||||||||||||
Noncurrent deferred proceeds from Legacy Facilities Credit | 28,770 | 29,569 | ||||||||||||
Noncurrent portion of deferred payroll taxes under CARES Act | 18,706 | — | ||||||||||||
Other | 8,438 | 9,143 | ||||||||||||
Total other liabilities | $ | 679,280 | $ | 668,566 |
(in thousands) |
Maturity
Date |
Interest
Rate |
Interest
Paid |
Public /
Nonpublic |
December 31,
2020 |
December 29,
2019 |
||||||||||||||||||||||||||||||||
Term loan facility(1)
|
6/7/2021 | Variable | Varies | Nonpublic | $ | 217,500 | $ | 262,500 | ||||||||||||||||||||||||||||||
Senior notes | 2/27/2023 | 3.28% | Semi-annually | Nonpublic | 125,000 | 125,000 | ||||||||||||||||||||||||||||||||
Revolving credit facility(2)
|
6/8/2023 | Variable | Varies | Nonpublic | — | 45,000 | ||||||||||||||||||||||||||||||||
Senior bonds(3)
|
11/25/2025 | 3.80% | Semi-annually | Public | 350,000 | 350,000 | ||||||||||||||||||||||||||||||||
Senior notes | 10/10/2026 | 3.93% | Quarterly | Nonpublic | 100,000 | 100,000 | ||||||||||||||||||||||||||||||||
Senior notes | 3/21/2030 | 3.96% | Quarterly | Nonpublic | 150,000 | 150,000 | ||||||||||||||||||||||||||||||||
Unamortized discount on senior bonds(3)
|
11/25/2025 | (43) | (52) | |||||||||||||||||||||||||||||||||||
Debt issuance costs | (1,992) | (2,528) | ||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 940,465 | $ | 1,029,920 |
(in thousands) | Debt Maturities | |||||||
Fiscal 2021 | $ | 217,500 | ||||||
Fiscal 2022 | — | |||||||
Fiscal 2023 | 125,000 | |||||||
Fiscal 2024 | — | |||||||
Fiscal 2025 | 350,000 | |||||||
Thereafter | 250,000 | |||||||
Long-term debt | $ | 942,500 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Purchases from Southeastern | $ | 125,659 | $ | 132,328 | $ | 125,352 | ||||||||||||||
Purchases from SAC | 155,858 | 160,189 | 155,583 | |||||||||||||||||
Total purchases from manufacturing cooperatives | $ | 281,517 | $ | 292,517 | $ | 280,935 |
Fiscal Year | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Approximate percent of the Company’s total bottle/can sales volume | ||||||||||||||||||||
Wal-Mart Stores, Inc. | 19 | % | 19 | % | 19 | % | ||||||||||||||
The Kroger Company | 13 | % | 12 | % | 11 | % | ||||||||||||||
Total approximate percent of the Company’s total bottle/can sales volume | 32 | % | 31 | % | 30 | % | ||||||||||||||
Approximate percent of the Company’s total net sales | ||||||||||||||||||||
Wal-Mart Stores, Inc. | 14 | % | 13 | % | 14 | % | ||||||||||||||
The Kroger Company | 10 | % | 8 | % | 8 | % | ||||||||||||||
Total approximate percent of the Company’s total net sales | 24 | % | 21 | % | 22 | % |
Gains (Losses) During the Period | Reclassification to Income | |||||||||||||||||||||||||||||||||||||
(in thousands) |
December 29,
2019 |
Pre-tax
Activity |
Tax
Effect |
Pre-tax
Activity |
Tax
Effect |
December 31,
2020 |
||||||||||||||||||||||||||||||||
Net pension activity: | ||||||||||||||||||||||||||||||||||||||
Actuarial loss | $ | (93,174) | $ | (5,521) | $ | 1,369 | $ | 4,619 | $ | (1,140) | $ | (93,847) | ||||||||||||||||||||||||||
Prior service costs | (7) | — | — | 19 | (4) | 8 | ||||||||||||||||||||||||||||||||
Net postretirement benefits activity: | ||||||||||||||||||||||||||||||||||||||
Actuarial loss | (1,191) | (4,555) | 1,129 | 383 | (94) | (4,328) | ||||||||||||||||||||||||||||||||
Prior service credits | (624) | — | — | — | — | (624) | ||||||||||||||||||||||||||||||||
Interest rate swap | (270) | — | — | (378) | 92 | (556) | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (16) | — | — | 41 | (11) | 14 | ||||||||||||||||||||||||||||||||
Reclassification of stranded tax effects | (19,720) | — | — | — | — | (19,720) | ||||||||||||||||||||||||||||||||
Total AOCI(L) | $ | (115,002) | $ | (10,076) | $ | 2,498 | $ | 4,684 | $ | (1,157) | $ | (119,053) |
Gains (Losses) During the Period | Reclassification to Income | |||||||||||||||||||||||||||||||||||||
(in thousands) |
December 30,
2018 |
Pre-tax
Activity |
Tax
Effect |
Pre-tax
Activity |
Tax
Effect |
December 29,
2019 |
||||||||||||||||||||||||||||||||
Net pension activity: | ||||||||||||||||||||||||||||||||||||||
Actuarial loss | $ | (72,690) | $ | (30,855) | $ | 7,590 | $ | 3,688 | $ | (907) | $ | (93,174) | ||||||||||||||||||||||||||
Prior service costs | (24) | — | — | 22 | (5) | (7) | ||||||||||||||||||||||||||||||||
Net postretirement benefits activity: | ||||||||||||||||||||||||||||||||||||||
Actuarial loss | (4,902) | 4,192 | (1,031) | 730 | (180) | (1,191) | ||||||||||||||||||||||||||||||||
Prior service credits | 351 | — | — | (1,293) | 318 | (624) | ||||||||||||||||||||||||||||||||
Interest rate swap | — | — | — | (359) | 89 | (270) | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | — | — | — | (19) | 3 | (16) | ||||||||||||||||||||||||||||||||
Reclassification of stranded tax effects | — | — | (19,720) | — | — | (19,720) | ||||||||||||||||||||||||||||||||
Total AOCI(L) | $ | (77,265) | $ | (26,663) | $ | (13,161) | $ | 2,769 | $ | (682) | $ | (115,002) |
Gains (Losses) During the Period | Reclassification to Income | |||||||||||||||||||||||||||||||||||||
(in thousands) |
December 31,
2017 |
Pre-tax
Activity |
Tax
Effect |
Pre-tax
Activity |
Tax
Effect |
December 30,
2018 |
||||||||||||||||||||||||||||||||
Net pension activity: | ||||||||||||||||||||||||||||||||||||||
Actuarial loss | $ | (78,618) | $ | 4,036 | $ | (993) | $ | 3,830 | $ | (945) | $ | (72,690) | ||||||||||||||||||||||||||
Prior service costs | (43) | — | — | 25 | (6) | (24) | ||||||||||||||||||||||||||||||||
Net postretirement benefits activity: | ||||||||||||||||||||||||||||||||||||||
Actuarial loss | (17,299) | 14,552 | (3,580) | 1,889 | (464) | (4,902) | ||||||||||||||||||||||||||||||||
Prior service credits | 1,744 | — | — | (1,847) | 454 | 351 | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 14 | — | — | (19) | 5 | — | ||||||||||||||||||||||||||||||||
Total AOCI(L) | $ | (94,202) | $ | 18,588 | $ | (4,573) | $ | 3,878 | $ | (956) | $ | (77,265) |
Fiscal 2020 | ||||||||||||||||||||||||||||||||
(in thousands) |
Net Pension
Activity |
Net Postretirement
Benefits Activity |
Interest Rate
Swap |
Foreign Currency
Translation Adjustment |
Total | |||||||||||||||||||||||||||
Cost of sales | $ | 1,393 | $ | 146 | $ | — | $ | — | $ | 1,539 | ||||||||||||||||||||||
Selling, delivery and administrative expenses | 3,245 | 237 | (378) | 41 | 3,145 | |||||||||||||||||||||||||||
Subtotal pre-tax | 4,638 | 383 | (378) | 41 | 4,684 | |||||||||||||||||||||||||||
Income tax expense | 1,144 | 94 | (92) | 11 | 1,157 | |||||||||||||||||||||||||||
Total after tax effect | $ | 3,494 | $ | 289 | $ | (286) | $ | 30 | $ | 3,527 |
Fiscal 2019 | ||||||||||||||||||||||||||||||||
(in thousands) |
Net Pension
Activity |
Net Postretirement
Benefits Activity |
Interest Rate
Swap |
Foreign Currency
Translation Adjustment |
Total | |||||||||||||||||||||||||||
Cost of sales | $ | 1,003 | $ | (211) | $ | — | $ | — | $ | 792 | ||||||||||||||||||||||
Selling, delivery and administrative expenses | 2,707 | (352) | (359) | (19) | 1,977 | |||||||||||||||||||||||||||
Subtotal pre-tax | 3,710 | (563) | (359) | (19) | 2,769 | |||||||||||||||||||||||||||
Income tax expense | 912 | (138) | (89) | (3) | 682 | |||||||||||||||||||||||||||
Total after tax effect | $ | 2,798 | $ | (425) | $ | (270) | $ | (16) | $ | 2,087 |
Fiscal 2018 | ||||||||||||||||||||||||||
(in thousands) |
Net Pension
Activity |
Net Postretirement
Benefits Activity |
Foreign Currency
Translation Adjustment |
Total | ||||||||||||||||||||||
Cost of sales | $ | 886 | $ | 7 | $ | — | $ | 893 | ||||||||||||||||||
Selling, delivery and administrative expenses | 2,968 | 35 | (19) | 2,984 | ||||||||||||||||||||||
Subtotal pre-tax | 3,854 | 42 | (19) | 3,877 | ||||||||||||||||||||||
Income tax expense | 950 | 10 | (5) | 955 | ||||||||||||||||||||||
Total after tax effect | $ | 2,904 | $ | 32 | $ | (14) | $ | 2,922 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Accounts receivable, trade | $ | 8,107 | $ | 3,338 | $ | (40,868) | ||||||||||||||
Allowance for doubtful accounts | 7,838 | 4,641 | 1,535 | |||||||||||||||||
Accounts receivable from The Coca-Cola Company | 13,208 | (17,496) | 11,643 | |||||||||||||||||
Accounts receivable, other | 6,010 | (12,601) | 8,467 | |||||||||||||||||
Inventories | 169 | (15,893) | (26,415) | |||||||||||||||||
Prepaid expenses and other current assets | (4,685) | 458 | 29,785 | |||||||||||||||||
Accounts payable, trade | 31,378 | 28,808 | (36,355) | |||||||||||||||||
Accounts payable to The Coca-Cola Company | (1,518) | 938 | (36,095) | |||||||||||||||||
Other accrued liabilities | (3,693) | (40,955) | 62,892 | |||||||||||||||||
Accrued compensation | (205) | 18,228 | (1,943) | |||||||||||||||||
Accrued interest payable | (1,002) | (1,147) | 967 | |||||||||||||||||
Change in current assets less current liabilities | $ | 55,607 | $ | (31,681) | $ | (26,387) |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Income taxes | $ | 55,755 | $ | 6,309 | $ | (36,991) | ||||||||||||||
Interest | 34,257 | 43,397 | 45,067 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Additions to leased property under financing leases | $ | 61,121 | $ | — | $ | — | ||||||||||||||
Right-of-use assets obtained in exchange for operating lease obligations | 42,698 | 38,713 | — | |||||||||||||||||
Additions to property, plant and equipment accrued and recorded in accounts payable, trade | 17,025 | 19,452 | 13,675 | |||||||||||||||||
Issuance of Class B Common Stock in connection with stock award | — | 4,776 | 3,831 |
Quarter Ended | ||||||||||||||||||||||||||
(in thousands, except per share data) |
March 29,
2020 |
June 28,
2020 |
September 27,
2020 |
December 31,
2020 |
||||||||||||||||||||||
Net sales | $ | 1,173,021 | $ | 1,227,215 | $ | 1,328,484 | $ | 1,278,637 | ||||||||||||||||||
Gross profit | 405,295 | 429,301 | 472,438 | 461,875 | ||||||||||||||||||||||
Income from operations | 32,821 | 83,118 | 103,844 | 93,595 | ||||||||||||||||||||||
Net income attributable to Coca‑Cola Consolidated, Inc. | 14,662 | 39,569 | 51,884 | 66,378 | ||||||||||||||||||||||
Basic net income per share based on net income attributable to Coca‑Cola Consolidated, Inc.: | ||||||||||||||||||||||||||
Common Stock | $ | 1.56 | $ | 4.23 | $ | 5.53 | $ | 7.08 | ||||||||||||||||||
Class B Common Stock | $ | 1.56 | $ | 4.23 | $ | 5.53 | $ | 7.08 | ||||||||||||||||||
Diluted net income per share based on net income attributable to Coca‑Cola Consolidated, Inc.: | ||||||||||||||||||||||||||
Common Stock | $ | 1.55 | $ | 4.19 | $ | 5.51 | $ | 7.05 | ||||||||||||||||||
Class B Common Stock | $ | 1.55 | $ | 4.18 | $ | 5.51 | $ | 7.04 |
Additional Information for 2020: | Quarter Ended | |||||||||||||||||||||||||
(in thousands) |
March 29,
2020 |
June 28,
2020 |
September 27,
2020 |
December 31,
2020 |
||||||||||||||||||||||
Pre-tax income (expense) impact: | ||||||||||||||||||||||||||
Expenses related to supply chain and asset optimization | $ | (77) | $ | (641) | $ | (3,122) | $ | (548) | ||||||||||||||||||
Income related to extra days in fiscal year(1)
|
— | — | — | 7,354 |
Quarter Ended | ||||||||||||||||||||||||||
(in thousands, except per share data) |
March 31,
2019 |
June 30,
2019 |
September 29,
2019 |
December 29,
2019 |
||||||||||||||||||||||
Net sales | $ | 1,102,912 | $ | 1,273,659 | $ | 1,271,029 | $ | 1,178,949 | ||||||||||||||||||
Gross profit | 389,308 | 435,779 | 432,224 | 413,191 | ||||||||||||||||||||||
Income from operations | 20,154 | 67,214 | 53,846 | 39,540 | ||||||||||||||||||||||
Net income (loss) attributable to Coca‑Cola Consolidated, Inc. | (6,831) | 15,370 | 13,006 | (10,170) | ||||||||||||||||||||||
Basic net income (loss) per share based on net income (loss) attributable to Coca‑Cola Consolidated, Inc.: | ||||||||||||||||||||||||||
Common Stock | $ | (0.73) | $ | 1.64 | $ | 1.39 | $ | (1.09) | ||||||||||||||||||
Class B Common Stock | $ | (0.73) | $ | 1.64 | $ | 1.39 | $ | (1.09) | ||||||||||||||||||
Diluted net income (loss) per share based on net income (loss) attributable to Coca‑Cola Consolidated, Inc.: | ||||||||||||||||||||||||||
Common Stock | $ | (0.73) | $ | 1.64 | $ | 1.38 | $ | (1.08) | ||||||||||||||||||
Class B Common Stock | $ | (0.73) | $ | 1.63 | $ | 1.38 | $ | (1.09) |
Additional Information for 2019: | Quarter Ended | |||||||||||||||||||||||||
(in thousands) |
March 31,
2019 |
June 30,
2019 |
September 29,
2019 |
December 29,
2019 |
||||||||||||||||||||||
Pre-tax expense impact: | ||||||||||||||||||||||||||
Expenses related to the System Transformation | $ | (4,730) | $ | (2,185) | $ | — | $ | — | ||||||||||||||||||
Expenses related to supply chain and asset optimization | — | (1,294) | (3,581) | (5,702) |
Exhibit
No. |
Description |
Incorporated by Reference or
Filed/Furnished Herewith |
||||||||||||
3.1 | Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 2, 2017 (File No. 0‑9286). | |||||||||||||
3.2 | Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on January 2, 2019 (File No. 0-9286). | |||||||||||||
3.3 | Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on January 2, 2019 (File No. 0-9286). | |||||||||||||
4.1 | Exhibit 4.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019 (File No. 0‑9286). | |||||||||||||
4.2 | Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on February 19, 2019 (File No. 0‑9286). | |||||||||||||
4.3 | Exhibit 4.2 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2002 (File No. 0‑9286). | |||||||||||||
4.4 | Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on November 25, 2015 (File No. 0‑9286). | |||||||||||||
4.5 | Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on November 25, 2015 (File No. 0‑9286). | |||||||||||||
4.6 |
Exhibit 4.4 to the Company’s Registration Statement on Form S-3 filed on December 15, 2020 (File No. 333-251358).
|
|||||||||||||
10.1 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 11, 2018 (File No. 0‑9286). | |||||||||||||
10.2 | Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 17, 2018 (File No. 0‑9286). | |||||||||||||
10.3 | Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 3, 2016 (File No. 0‑9286). | |||||||||||||
10.4 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 17, 2018 (File No. 0‑9286). | |||||||||||||
10.5 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 20, 2017 (File No. 0‑9286). | |||||||||||||
10.6 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 25, 2018 (File No. 0‑9286). | |||||||||||||
10.7 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 14, 2018 (File No. 0‑9286). | |||||||||||||
10.8 | Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on July 25, 2018 (File No. 0‑9286). | |||||||||||||
10.9 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 5, 2019 (File No. 0‑9286). | |||||||||||||
10.10 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 5, 2019 (File No. 0‑9286). |
Exhibit
No. |
Description |
Incorporated by Reference or
Filed/Furnished Herewith |
||||||||||||
10.11** | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 2, 2015 (File No. 0‑9286). | |||||||||||||
10.12** | Exhibit 10.17 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2018 (File No. 0‑9286). | |||||||||||||
10.13** | Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q/A for the quarter ended July 3, 2016 (File No. 0‑9286). | |||||||||||||
10.14** | Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q/A for the quarter ended July 3, 2016 (File No. 0‑9286). | |||||||||||||
10.15** | Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 2, 2017 (File No. 0‑9286). | |||||||||||||
10.16 |
Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 27, 2020 (File No. 0‑9286).
|
|||||||||||||
10.17** | Exhibit 10.71 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (File No. 0‑9286). | |||||||||||||
10.18 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 4, 2017 (File No. 0‑9286). | |||||||||||||
10.19 | Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on April 4, 2017 (File No. 0‑9286). | |||||||||||||
10.20** | Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 2, 2017 (File No. 0‑9286). | |||||||||||||
10.21** | Exhibit 10.6 to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 2, 2017 (File No. 0‑9286). | |||||||||||||
10.22** | Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 2, 2017 (File No. 0‑9286). | |||||||||||||
10.23** |
Amendment to Comprehensive Beverage Agreements, dated October 2, 2017, by and between the Company, CCBCC Operations, LLC, a wholly owned subsidiary of the Company (as successor in interest to Piedmont Coca‑Cola Bottling Partnership), The Coca-Cola Company, Coca-Cola Refreshments USA, Inc. and CCBC of Wilmington, Inc.
|
Exhibit 10.72 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (File No. 0‑9286). | ||||||||||||
10.24** | Exhibit 10.74 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (File No. 0‑9286). | |||||||||||||
10.25** | Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 1, 2018 (File No. 0‑9286). | |||||||||||||
10.26** | Exhibit 10.5 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 (File No. 0‑9286). | |||||||||||||
10.27*** | Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2019 (File No. 0‑9286). |
Exhibit
No. |
Description |
Incorporated by Reference or
Filed/Furnished Herewith |
||||||||||||
10.28** | Exhibit 10.7 to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 2, 2017 (File No. 0‑9286). | |||||||||||||
10.29 | Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 2, 2017 (File No. 0‑9286). | |||||||||||||
10.30 | Exhibit 10.73 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (File No. 0‑9286). | |||||||||||||
10.31 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on February 19, 2009 (File No. 0‑9286). | |||||||||||||
10.32 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 26, 2009 (File No. 0‑9286). | |||||||||||||
10.33 |
Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 7, 2020 (File No. 0‑9286).
|
|||||||||||||
10.34 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 21, 2006 (File No. 0‑9286). | |||||||||||||
10.35 | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on January 3, 2020 (File No. 0‑9286). | |||||||||||||
10.36+ | Exhibit 10.40 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019 (File No. 0‑9286). | |||||||||||||
10.37* | Exhibit 10.41 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019 (File No. 0‑9286). | |||||||||||||
10.38* | Exhibit 10.42 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2019 (File No. 0‑9286). | |||||||||||||
10.39* | Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended July 4, 2010 (File No. 0‑9286). | |||||||||||||
10.40* | Exhibit 10.31 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2012 (File No. 0‑9286). | |||||||||||||
10.41* | Exhibit 10.56 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2018 (File No. 0‑9286). | |||||||||||||
10.42* | Exhibit 10.17 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2006 (File No. 0‑9286). | |||||||||||||
10.43* | Exhibit 10.58 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 30, 2018 (File No. 0‑9286). | |||||||||||||
10.44* | Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 1, 2007 (File No. 0‑9286). |
Exhibit
No. |
Description |
Incorporated by Reference or
Filed/Furnished Herewith |
||||||||||||
10.45* | Exhibit 10.32 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2008 (File No. 0‑9286). | |||||||||||||
10.46* | Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2014 (File No. 0‑9286). | |||||||||||||
10.47* | Appendix A to the Company’s Definitive Proxy Statement on Schedule 14A filed on March 26, 2018 (File No. 0‑9286). | |||||||||||||
10.48* | Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2019 (File No. 0‑9286). | |||||||||||||
10.49* | Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2019 (File No. 0‑9286). | |||||||||||||
10.50* | Exhibit 10.24 to the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2006 (File No. 0‑9286). | |||||||||||||
10.51* | Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 13, 2018 (File No. 0‑9286). | |||||||||||||
10.52* |
Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 6, 2020 (File No. 0‑9286).
|
|||||||||||||
10.53* |
Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 28, 2020 (File No. 0‑9286).
|
|||||||||||||
21 | Filed herewith. | |||||||||||||
23 | Filed herewith. | |||||||||||||
31.1 | Filed herewith. | |||||||||||||
31.2 | Filed herewith. | |||||||||||||
32 | Furnished herewith. | |||||||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed herewith. | ||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | Filed herewith. | ||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | Filed herewith. | ||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | Filed herewith. | ||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | Filed herewith. | ||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | Filed herewith. | ||||||||||||
104 | Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | Filed herewith. |
* | Indicates a management contract or compensatory plan or arrangement. | ||||
** | Certain portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. | ||||
*** | Certain confidential portions of this exhibit have been redacted in accordance with Item 601(b)(10) of Regulation S‑K. | ||||
+ | Certain schedules and similar supporting attachments to this agreement have been omitted, and the Company agrees to furnish supplemental copies of any such schedules and similar supporting attachments to the Securities and Exchange Commission upon request. |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Beginning balance - allowance for doubtful accounts | $ | 13,782 | $ | 9,141 | $ | 7,606 | ||||||||||||||
Additions charged to expenses and as reductions to net sales | 14,265 | 9,769 | 9,964 | |||||||||||||||||
Deductions | (6,427) | (5,128) | (8,429) | |||||||||||||||||
Ending balance - allowance for doubtful accounts | $ | 21,620 | $ | 13,782 | $ | 9,141 |
Fiscal Year | ||||||||||||||||||||
(in thousands) | 2020 | 2019 | 2018 | |||||||||||||||||
Beginning balance - valuation allowance for deferred tax assets | $ | 7,190 | $ | 5,899 | $ | 4,337 | ||||||||||||||
Additions charged to costs and expenses | 163 | 1,291 | 1,562 | |||||||||||||||||
Deductions credited to expense | (2,028) | — | — | |||||||||||||||||
Ending balance - valuation allowance for deferred tax assets | $ | 5,325 | $ | 7,190 | $ | 5,899 |
COCA-COLA CONSOLIDATED, INC.
(REGISTRANT) |
||||||||||||||
Date: February 26, 2021 | By: | /s/ J. Frank Harrison, III | ||||||||||||
J. Frank Harrison, III | ||||||||||||||
Chairman of the Board of Directors | ||||||||||||||
and Chief Executive Officer |
Signature | Title | Date | ||||||||||||||||||
By: | /s/ J. Frank Harrison, III | Chairman of the Board of Directors and | February 26, 2021 | |||||||||||||||||
J. Frank Harrison, III | Chief Executive Officer | |||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||||
By: | /s/ F. Scott Anthony | Executive Vice President and Chief Financial Officer | February 26, 2021 | |||||||||||||||||
F. Scott Anthony | (Principal Financial Officer) | |||||||||||||||||||
By: | /s/ Matthew J. Blickley | Senior Vice President, Financial Planning and | February 26, 2021 | |||||||||||||||||
Matthew J. Blickley | Chief Accounting Officer | |||||||||||||||||||
(Principal Accounting Officer) | ||||||||||||||||||||
By: | /s/ Sharon A. Decker | Director | February 26, 2021 | |||||||||||||||||
Sharon A. Decker | ||||||||||||||||||||
By: | /s/ Morgan H. Everett | Vice Chair of the Board of Directors | February 26, 2021 | |||||||||||||||||
Morgan H. Everett | ||||||||||||||||||||
By: | /s/ James R. Helvey, III | Director | February 26, 2021 | |||||||||||||||||
James R. Helvey, III | ||||||||||||||||||||
By: | /s/ William H. Jones | Director | February 26, 2021 | |||||||||||||||||
William H. Jones | ||||||||||||||||||||
By: | /s/ Umesh M. Kasbekar | Vice Chairman of the Board of Directors | February 26, 2021 | |||||||||||||||||
Umesh M. Kasbekar | ||||||||||||||||||||
By: | /s/ David M. Katz | Director | February 26, 2021 | |||||||||||||||||
David M. Katz | ||||||||||||||||||||
By: | /s/ Jennifer K. Mann | Director | February 26, 2021 | |||||||||||||||||
Jennifer K. Mann | ||||||||||||||||||||
By: | /s/ James H. Morgan | Director | February 26, 2021 | |||||||||||||||||
James H. Morgan | ||||||||||||||||||||
By: | /s/ John W. Murrey, III | Director | February 26, 2021 | |||||||||||||||||
John W. Murrey, III | ||||||||||||||||||||
By: | /s/ Sue Anne H. Wells | Director | February 26, 2021 | |||||||||||||||||
Sue Anne H. Wells | ||||||||||||||||||||
By: | /s/ Dennis A. Wicker | Director | February 26, 2021 | |||||||||||||||||
Dennis A. Wicker | ||||||||||||||||||||
By: | /s/ Richard T. Williams | Director | February 26, 2021 | |||||||||||||||||
Richard T. Williams |
1 Year Coca Cola Consolidated Chart |
1 Month Coca Cola Consolidated Chart |
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