Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 29, 2019 | Jan. 26, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 29, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | COKE | ||
Entity Registrant Name | COCA-COLA CONSOLIDATED, INC. | ||
Entity Central Index Key | 0000317540 | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,394,350,587 | ||
Entity File Number | 0-9286 | ||
Entity Tax Identification Number | 56-0950585 | ||
Entity Address, Address Line One | 4100 Coca-Cola Plaza | ||
Entity Address, City or Town | Charlotte | ||
Entity Address, State or Province | NC | ||
Entity Address, Postal Zip Code | 28211 | ||
City Area Code | (704) | ||
Local Phone Number | 557-4400 | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, $1.00 Par Value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference in Part III. | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 7,141,447 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,232,242 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Net sales | $ 4,826,549 | $ 4,625,364 | $ 4,287,588 |
Cost of sales | 3,156,047 | 3,069,652 | 2,782,721 |
Gross profit | 1,670,502 | 1,555,712 | 1,504,867 |
Selling, delivery and administrative expenses | 1,489,748 | 1,497,810 | 1,403,320 |
Income from operations | 180,754 | 57,902 | 101,547 |
Interest expense, net | 45,990 | 50,506 | 41,869 |
Other expense, net | 100,539 | 30,853 | 9,565 |
Gain on exchange transactions | 10,170 | 12,893 | |
Income (loss) before income taxes | 34,225 | (13,287) | 63,006 |
Income tax expense (benefit) | 15,665 | 1,869 | (39,841) |
Net income (loss) | 18,560 | (15,156) | 102,847 |
Less: Net income attributable to noncontrolling interest | 7,185 | 4,774 | 6,312 |
Net income (loss) attributable to Coca-Cola Consolidated, Inc. | $ 11,375 | $ (19,930) | $ 96,535 |
Basic net income (loss) per share based on net income (loss) attributable to Coca-Cola Consolidated, Inc.: | |||
Common Stock | $ 1.21 | $ (2.13) | $ 10.35 |
Weighted average number of Common Stock shares outstanding | 7,141 | 7,141 | 7,141 |
Diluted net income (loss) per share based on net income (loss) attributable to Coca-Cola Consolidated, Inc.: | |||
Common Stock | $ 1.21 | $ (2.13) | $ 10.30 |
Weighted average number of Common Stock shares outstanding – assuming dilution | 9,417 | 9,350 | 9,369 |
Class B Common Stock [Member] | |||
Basic net income (loss) per share based on net income (loss) attributable to Coca-Cola Consolidated, Inc.: | |||
Common Stock | $ 1.21 | $ (2.13) | $ 10.35 |
Weighted average number of Common Stock shares outstanding | 2,229 | 2,209 | 2,188 |
Diluted net income (loss) per share based on net income (loss) attributable to Coca-Cola Consolidated, Inc.: | |||
Common Stock | $ 1.19 | $ (2.13) | $ 10.29 |
Weighted average number of Common Stock shares outstanding – assuming dilution | 2,276 | 2,209 | 2,228 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 18,560 | $ (15,156) | $ 102,847 |
Defined benefit plans reclassification including pension costs: | |||
Actuarial gain (loss) | (20,484) | 5,928 | (6,225) |
Prior service credits | 17 | 19 | 18 |
Postretirement benefits reclassification including benefit costs: | |||
Actuarial gain | 3,711 | 12,397 | 6,812 |
Prior service costs | (975) | (1,393) | (1,935) |
Interest rate swap | (270) | ||
Foreign currency translation adjustment | (16) | (14) | 25 |
Other comprehensive income (loss), net of tax | (18,017) | 16,937 | (1,305) |
Comprehensive income | 543 | 1,781 | 101,542 |
Less: Comprehensive income attributable to noncontrolling interest | 7,185 | 4,774 | 6,312 |
Comprehensive income (loss) attributable to Coca-Cola Consolidated, Inc. | $ (6,642) | $ (2,993) | $ 95,230 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 9,614 | $ 13,548 |
Accounts receivable, trade | 433,552 | 436,890 |
Allowance for doubtful accounts | (13,782) | (9,141) |
Accounts receivable from The Coca-Cola Company | 62,411 | 44,915 |
Accounts receivable, other | 43,094 | 30,493 |
Inventories | 225,926 | 210,033 |
Prepaid expenses and other current assets | 69,461 | 70,680 |
Total current assets | 830,276 | 797,418 |
Property, plant and equipment, net | 997,403 | 990,532 |
Right of use assets - operating leases | 111,376 | |
Leased property under financing or capital leases, net | 17,960 | 23,720 |
Other assets | 113,269 | 115,490 |
Goodwill | 165,903 | 165,903 |
Total assets | 3,126,926 | 3,009,928 |
Current liabilities: | ||
Current portion of obligations under operating leases | 15,024 | |
Current portion of obligations under financing or capital leases | 9,403 | 8,617 |
Accounts payable, trade | 187,476 | 152,040 |
Accounts payable to The Coca-Cola Company | 108,699 | 112,425 |
Other accrued liabilities | 208,834 | 250,246 |
Accrued compensation | 87,813 | 72,316 |
Accrued interest payable | 4,946 | 6,093 |
Total current liabilities | 622,195 | 601,737 |
Deferred income taxes | 125,130 | 127,174 |
Pension and postretirement benefit obligations | 114,831 | 85,682 |
Other liabilities | 668,566 | 609,135 |
Noncurrent portion of obligations under operating leases | 97,765 | |
Noncurrent portion of obligations under financing or capital leases | 17,403 | 26,631 |
Long-term debt | 1,029,920 | 1,104,403 |
Total liabilities | 2,675,810 | 2,554,762 |
Commitments and Contingencies | ||
Equity: | ||
Capital in excess of par value | 128,983 | 124,228 |
Retained earnings | 381,161 | 359,435 |
Accumulated other comprehensive loss | (115,002) | (77,265) |
Treasury stock, at cost: | ||
Total equity of Coca-Cola Consolidated, Inc. | 346,952 | 358,187 |
Noncontrolling interest | 104,164 | 96,979 |
Total equity | 451,116 | 455,166 |
Total liabilities and equity | 3,126,926 | 3,009,928 |
Convertible Preferred Stock [Member] | ||
Equity: | ||
Preferred Stock | ||
Nonconvertible Preferred Stock [Member] | ||
Equity: | ||
Preferred Stock | ||
Preferred Stock [Member] | ||
Equity: | ||
Preferred Stock | ||
Common Stock [Member] | ||
Equity: | ||
Common Stock | 10,204 | 10,204 |
Treasury stock, at cost: | ||
Treasury stock | (60,845) | (60,845) |
Class B Common Stock [Member] | ||
Equity: | ||
Common Stock | 2,860 | 2,839 |
Treasury stock, at cost: | ||
Treasury stock | (409) | (409) |
Distribution Agreements [Member] | ||
Current Assets: | ||
Other identifiable intangible assets, net | 876,096 | 900,383 |
Customer Lists and Other Identifiable Intangible Assets [Member] | ||
Current Assets: | ||
Other identifiable intangible assets, net | $ 14,643 | $ 16,482 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 29, 2019 | Dec. 30, 2018 |
Convertible Preferred Stock [Member] | ||
Preferred Stock, par value | $ 100 | $ 100 |
Preferred Stock, shares authorized | 50,000 | 50,000 |
Preferred Stock, shares issued | 0 | 0 |
Nonconvertible Preferred Stock [Member] | ||
Preferred Stock, par value | $ 100 | $ 100 |
Preferred Stock, shares authorized | 50,000 | 50,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock [Member] | ||
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common Stock [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 10,203,821 | 10,203,821 |
Treasury stock, shares | 3,062,374 | 3,062,374 |
Class B Common Stock [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,860,356 | 2,841,132 |
Treasury stock, shares | 628,114 | 628,114 |
Class C Common Stock [Member] | ||
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 0 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 18,560 | $ (15,156) | $ 102,847 |
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 | 156,886 | 164,502 | 150,422 |
Amortization of intangible assets and deferred proceeds, net | 23,030 | 22,754 | 18,419 |
Fair value adjustment of acquisition related contingent consideration | 92,788 | 28,767 | 3,226 |
Impairment of property, plant and equipment | 8,798 | 453 | |
Loss on sale of property, plant and equipment | 6,498 | 7,103 | 4,492 |
Deferred income taxes | 3,987 | 9,366 | (58,111) |
Stock compensation expense | 2,045 | 5,606 | 7,922 |
Amortization of debt costs | 1,313 | 1,477 | 1,082 |
Gain on exchange transactions | (10,170) | (12,893) | |
Proceeds from Legacy Facilities Credit | 1,320 | 30,647 | |
Proceeds from Territory Conversion Fee | 91,450 | ||
System Transformation transactions settlements | (6,996) | ||
Gain on acquisition of Southeastern Container preferred shares in CCR redistribution | (6,012) | ||
Change in current assets less current liabilities (exclusive of acquisitions) | (31,681) | (26,387) | 259 |
Change in other noncurrent assets (exclusive of acquisitions) | 15,201 | 4,347 | (17,916) |
Change in other noncurrent liabilities (exclusive of acquisitions) | (7,203) | (25,122) | (1,100) |
Other | 148 | 19 | 78 |
Total adjustments | 271,810 | 184,035 | 204,969 |
Net cash provided by operating activities | 290,370 | 168,879 | 307,816 |
Cash Flows from Investing Activities: | |||
Additions to property, plant and equipment (exclusive of acquisitions) | (171,374) | (138,235) | (176,601) |
Other distribution agreements | (4,654) | ||
Proceeds from the sale of property, plant and equipment | 4,064 | 5,259 | 608 |
Investment in CONA Services LLC | (1,713) | (2,098) | (3,615) |
Net cash paid for exchange transactions | (13,116) | (19,393) | |
Proceeds from cold drink equipment | 3,789 | 8,400 | |
Acquisition of distribution territories and manufacturing plants, net of cash acquired and purchase price settlements | 456 | (265,060) | |
Portion of Legacy Facilities Credit related to Mobile, Alabama facility | 12,364 | ||
Net cash used in investing activities | (173,677) | (143,945) | (458,895) |
Cash Flows from Financing Activities: | |||
Payments on revolving credit facility | (550,339) | (483,000) | (393,000) |
Borrowing under revolving credit facility | 515,339 | 356,000 | 448,000 |
Payments on term loan facility and senior notes | (140,000) | (7,500) | |
Proceeds from issuance of senior notes | 100,000 | 150,000 | 125,000 |
Payments of acquisition related contingent consideration | (27,182) | (24,683) | (16,738) |
Cash dividends paid | (9,369) | (9,353) | (9,328) |
Payments on financing or capital lease obligations | (8,656) | (8,221) | (7,485) |
Debt issuance fees | (420) | (1,531) | (318) |
Net cash provided by (used in) financing activities | (120,627) | (28,288) | 146,131 |
Net decrease in cash | (3,934) | (3,354) | (4,948) |
Cash at beginning of year | 13,548 | 16,902 | 21,850 |
Cash at end of year | $ 9,614 | $ 13,548 | 16,902 |
Glaceau Distribution Agreement [Member] | |||
Cash Flows from Investing Activities: | |||
Other distribution agreements | $ (15,598) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Class B Common Stock [Member] | Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Retained Earnings [Member]Class B Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock - Common Stock [Member] | Treasury Stock - Common Stock [Member]Class B Common Stock [Member] | Total Equity of Coca-Cola Consolidated, Inc. [Member] | Total Equity of Coca-Cola Consolidated, Inc. [Member]Class B Common Stock [Member] | Non-controlling Interest [Member] |
Beginning Balance at Jan. 01, 2017 | $ 363,024 | $ 10,204 | $ 2,798 | $ 116,769 | $ 301,511 | $ (92,897) | $ (60,845) | $ (409) | $ 277,131 | $ 85,893 | |||
Net income (loss) | 102,847 | 96,535 | 96,535 | 6,312 | |||||||||
Other comprehensive income (loss), net of tax | (1,305) | (1,305) | (1,305) | ||||||||||
Cash dividends paid Common Stock ($1.00 per share) | (7,141) | $ (2,187) | (7,141) | $ (2,187) | (7,141) | $ (2,187) | |||||||
Issuance of shares of Class B Common Stock | 3,669 | 21 | 3,648 | 3,669 | |||||||||
Ending Balance at Dec. 31, 2017 | 458,907 | 10,204 | 2,819 | 120,417 | 388,718 | (94,202) | (60,845) | (409) | 366,702 | 92,205 | |||
Net income (loss) | (15,156) | (19,930) | (19,930) | 4,774 | |||||||||
Other comprehensive income (loss), net of tax | 16,937 | 16,937 | 16,937 | ||||||||||
Cash dividends paid Common Stock ($1.00 per share) | (7,141) | (2,212) | (7,141) | (2,212) | (7,141) | (2,212) | |||||||
Issuance of shares of Class B Common Stock | 3,831 | 20 | 3,811 | 3,831 | |||||||||
Ending Balance at Dec. 30, 2018 | 455,166 | 10,204 | 2,839 | 124,228 | 359,435 | (77,265) | (60,845) | (409) | 358,187 | 96,979 | |||
Net income (loss) | 18,560 | 11,375 | 11,375 | 7,185 | |||||||||
Other comprehensive income (loss), net of tax | (18,017) | (18,017) | (18,017) | ||||||||||
Cash dividends paid Common Stock ($1.00 per share) | (7,141) | $ (2,228) | (7,141) | $ (2,228) | (7,141) | $ (2,228) | |||||||
Issuance of shares of Class B Common Stock | 4,776 | 21 | 4,755 | 4,776 | |||||||||
Reclassification of stranded tax effects | 19,720 | (19,720) | |||||||||||
Ending Balance at Dec. 29, 2019 | $ 451,116 | $ 10,204 | $ 2,860 | $ 128,983 | $ 381,161 | $ (115,002) | $ (60,845) | $ (409) | $ 346,952 | $ 104,164 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Cash dividend per share | $ 1 | $ 1 | $ 1 |
Class B Common Stock [Member] | |||
Cash dividend per share | $ 1 | $ 1 | $ 1 |
Class B common stock shares issued | 19,224 | 20,296 | 21,020 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2019 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | 1. Description of Business and Summary of Significant Accounting Policies Description of Business Coca‑Cola Consolidated, Inc. (the “Company”) produces, markets and distributes nonalcoholic beverages, primarily products of The Coca‑Cola Company, and is the largest Coca‑Cola bottler in the United States. Approximately 85% of the Company’s total bottle/can sales volume to retail customers consists of products of The Coca‑Cola Company, which include some of the most recognized and popular beverage brands in the world. The Company also distributes products for several other beverage companies, including BA Sports Nutrition, LLC (“BodyArmor”), Keurig Dr Pepper Inc. (“Dr Pepper”) and Monster Energy Company (“Monster Energy”). The Company manages its business on the basis of three operating segments. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated revenues and . The additional two operating segments do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, and therefore have been combined into “All Other.” Piedmont Coca-Cola Bottling Partnership (“Piedmont”) is the Company’s only subsidiary that has a significant third-party noncontrolling interest. Piedmont distributes and markets nonalcoholic beverages in portions of North Carolina and South Carolina. The Company provides a portion of these nonalcoholic beverage products to Piedmont at cost and receives a fee for managing the operations of Piedmont pursuant to a management agreement. See Note 2 for additional information. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fiscal Year The Company’s fiscal year generally ends on the Sunday closest to December 31 of each year. The fiscal years presented are the 52‑week periods ended December 29, 2019 (“2019”), December 30, 2018 (“2018”) and December 31, 2017 (“2017”). Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks and cash equivalents, which are highly liquid debt instruments with maturities of less than 90 days. The Company maintains cash deposits with major banks, which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes the risk of any loss is minimal. Accounts Receivable, Trade The Company sells its products to mass merchandisers, supermarkets, convenience stores and other customers and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company’s trade accounts receivable are typically collected within 30 days from the date of sale. Allowance for Doubtful Accounts The Company sells its products and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company evaluates the collectibility of its trade accounts receivable based on a number of factors, including the Company’s historic collections pattern and changes to a specific customer’s ability to meet its financial obligations. The Company has established an allowance for doubtful accounts to adjust the recorded receivable to the estimated amount the Company believes will ultimately be collected. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method for finished products and manufacturing materials and on the average cost method for plastic shells, plastic pallets and other inventories. Property, Plant and Equipment Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements on operating leases are depreciated over the shorter of the estimated useful lives or the term of the lease, including renewal options the Company determines are reasonably assured. Additions and major replacements or betterments are added to the assets at cost. Maintenance and repair costs and minor replacements are charged to expense when incurred. When assets are replaced or otherwise disposed, the cost and accumulated depreciation are removed from the accounts and the gains or losses, if any, are reflected in the statements of operations. Gains or losses on the disposal of manufacturing equipment and manufacturing plants are included in cost of sales. Gains or losses on the disposal of all other property, plant and equipment are included in selling, delivery and administrative (“SD&A”) expenses. The Company evaluates the recoverability of the carrying amount of its property, plant and equipment when events or circumstances indicate the carrying amount of an asset or asset group may not be recoverable. These evaluations are performed at a level where independent cash flows may be attributed to either an asset or an asset group. If the Company determines the carrying amount of an asset or asset group is not recoverable based upon the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair value of the long-lived assets. Leases See Note 10 for information on the Company’s operating lease and financing lease policies. Internal Use Software The Company capitalizes costs incurred in the development or acquisition of internal use software. The Company expenses costs incurred in the preliminary project planning stage. Costs, such as maintenance and training, are also expensed as incurred. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Amortization expense, which is included in depreciation expense, for internal-use software was $7.7 million in 2019, $10.0 million in 2018 and $11.9 million in 2017. Goodwill All business combinations are accounted for using the acquisition method. Goodwill is tested for impairment annually, or more frequently if facts and circumstances indicate such assets may be impaired. The Company performs its annual impairment test, which includes a qualitative assessment to determine whether it is more likely than not that the fair value of the goodwill is below its carrying value, as of the first day of the fourth quarter each year, and more often if there are significant changes in business conditions that could result in impairment. All of the Company’s goodwill resides within one reporting unit within the Nonalcoholic Beverages reportable segment, and, therefore, the Company has determined it has one reporting unit for the purpose of assessing goodwill for potential impairment. The Company uses its overall market capitalization as part of its estimate of fair value of the reporting unit and in assessing the reasonableness of the Company’s internal estimates of fair value. When a quantitative analysis is considered necessary for the annual impairment analysis of goodwill, the Company develops an estimated fair value for the reporting unit considering three different approaches: • market value, using the Company’s stock price plus outstanding debt; • discounted cash flow analysis; and • multiple of earnings before interest, taxes, depreciation and amortization based upon relevant industry data. The estimated fair value of the reporting unit is then compared to its carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount, including goodwill, exceeds its estimated fair value, any excess of the carrying value of goodwill of the reporting unit over its fair value is recorded as an impairment. To the extent the actual and projected cash flows decline in the future or if market conditions or market capitalization significantly deteriorate, the Company may be required to perform an interim impairment analysis that could result in an impairment of goodwill. Distribution Agreements, Customer Lists and Other Identifiable Intangible Assets The Company’s definite-lived intangible assets primarily consist of distribution rights and customer relationships, which have estimated useful lives of 10 to 40 years and five to 12 years, respectively. These assets are amortized on a straight-line basis over their estimated useful lives. Acquisition Related Contingent Consideration Liability The acquisition related contingent consideration liability consists of the estimated amounts due to The Coca‑Cola Company under the Company’s comprehensive beverage agreement with The Coca‑Cola Company and Coca‑Cola Refreshments, USA, Inc. (“CCR”), a wholly owned subsidiary of The Coca‑Cola Company, (the “CBA”) over the remaining useful life of the related distribution rights. Under the CBA, the Company makes quarterly sub-bottling payments to CCR on a continuing basis in exchange for the grant of exclusive rights to distribute, promote, market and sell certain beverages and beverage products in the distribution territories acquired in the System Transformation (as defined in Note 3), but excluding territories the Company acquired in an exchange transaction. This acquisition related contingent consideration is valued using a probability weighted discounted cash flow model based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data, which are considered Level 3 inputs. Each reporting period, the Company adjusts its acquisition related contingent consideration liability related to the distribution territories acquired in the System Transformation, excluding territories the Company acquired in an exchange transaction, to fair value by discounting future expected sub-bottling payments required under the CBA using the Company’s estimated WACC. These future expected sub-bottling payments extend through the life of the related distribution assets acquired in each distribution territory, which is generally 40 Pension and Postretirement Benefit Plans There are two Company-sponsored pension plans. The primary Company-sponsored pension plan (the “Primary Plan”) was frozen as of June 30, 2006 and no benefits accrued to participants after this date. The second Company-sponsored pension plan (the “Bargaining Plan”) is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the plans are based on actuarial determined amounts and are limited to the amounts currently deductible for income tax purposes. The Company also sponsors a postretirement healthcare plan for employees meeting specified criteria The expense and liability amounts recorded for the benefit plans reflect estimates related to interest rates, investment returns, employee turnover and age at retirement, mortality rates and healthcare costs. The discount rate assumptions used to determine the pension and postretirement benefit obligations are based on yield rates available on double-A bonds as of each plan’s measurement date. The service cost components of the net periodic benefit cost of the plans are charged to current operations, and the non-service cost components of net periodic benefit cost of the plans are classified as other expense, net. In addition, certain other union employees are covered by plans provided by their respective union organizations and the Company expenses amounts as paid in accordance with union agreements. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating losses and tax credit carryforwards, as well as differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance will be provided against deferred tax assets if the Company determines it is more likely than not such assets will not ultimately be realized. The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50 percent likely to be realized. The Company records interest and penalties related to uncertain tax positions in income tax expense. Revenue Recognition See Note 4 for information on the Company’s revenue recognition policy. Marketing Programs and Sales Incentives The Company participates in various marketing and sales programs with The Coca‑Cola Company, other beverage companies and customers to increase the sale of its products. In addition, coupon programs are deployed on a territory-specific basis. The cost of these various marketing programs and sales incentives with The Coca‑Cola Company and other beverage companies is included as a deduction to net sales. Programs negotiated with customers include arrangements under which allowances can be earned for attaining agreed-upon sales levels and/or for participating in specific marketing programs. Marketing Funding Support The Company receives marketing funding support payments in cash from The Coca‑Cola Company and other beverage companies. Payments to the Company for marketing programs to promote bottle/can sales volume and fountain syrup sales volume are recognized as a reduction of cost of sales, primarily on a per unit basis, as the product is sold. Payments for periodic programs are recognized in the period during which they are earned. Cash consideration received by a customer from a vendor is presumed to be a reduction of the price of the vendor’s products or services. As such, the cash received is accounted for as a reduction of cost of sales unless it is a specific reimbursement of costs or payments for services. Payments the Company receives from The Coca‑Cola Company and other beverage companies for marketing funding support are classified as reductions of cost of sales. Derivative Financial Instruments The Company is subject to the risk of increased costs arising from adverse changes in certain commodity prices. In the normal course of business, the Company manages these risks through a variety of strategies, including the use of derivative instruments. The Company does not use derivative instruments for trading or speculative purposes. All derivative instruments are recorded at fair value as either assets or liabilities in the Company’s consolidated balance sheets. These derivative instruments are not designated as hedging instruments under GAAP and are used as “economic hedges” to manage certain commodity price risk. Derivative instruments held are marked to market on a monthly basis and recognized in earnings consistent with the expense classification of the underlying hedged item. Settlements of derivative agreements are included in cash flows from operating activities on the Company’s consolidated statements of cash flows. The Company uses several different financial institutions for commodity derivative instruments to minimize the concentration of credit risk. The Company generally pays a fee for these instruments, which is amortized over the corresponding period of the instrument. The Company accounts for its commodity hedges on a mark-to-market basis with any expense or income reflected as an adjustment of related costs which are included in either cost of sales or SD&A expenses. Risk Management Programs The Company uses various insurance structures to manage its workers’ compensation, auto liability, medical and other insurable risks. These structures consist of retentions, deductibles, limits and a diverse group of insurers that serve to strategically finance, transfer and mitigate the financial impact of losses to the Company. Losses are accrued using assumptions and procedures followed in the insurance industry, adjusted for company-specific history and expectations. Cost of Sales Inputs representing a substantial portion of the Company’s cost of sales include: (i) purchases of finished products, (ii) raw material costs, including aluminum cans, plastic bottles and sweetener, (iii) concentrate costs and (iv) manufacturing costs, including labor, overhead and warehouse costs. In addition, cost of sales includes shipping, handling and fuel costs related to the movement of finished goods from manufacturing plants to distribution centers, amortization expense of distribution rights, distribution fees of certain products and marketing credits from brand companies. Selling, Delivery and Administrative Expenses SD&A expenses include the following: sales management labor costs, distribution costs resulting from transporting finished products from distribution centers to customer locations, distribution center overhead including depreciation expense, distribution center warehousing costs, delivery vehicles and cold drink equipment, point-of-sale expenses, advertising expenses, cold drink equipment repair costs, amortization of intangibles and administrative support labor and operating costs. The Company has three primary delivery systems: (i) bulk delivery for large supermarkets, mass merchandisers and club stores, (ii) advanced sale delivery for convenience stores, drug stores, small supermarkets and on-premise accounts and (iii) full-service delivery for its full-service vending customers. Shipping and Handling Costs Shipping and handling costs related to the movement of finished goods from manufacturing locations to distribution centers are included in cost of sales. Shipping and handling costs related to the movement of finished goods from distribution centers to customer locations, including distribution center warehousing costs, are included in SD&A expenses and totaled $623.4 million in 2019, $610.7 million in 2018 and $550.9 million in 2017. Stock Compensation In 2008, the stockholders of the Company approved a performance unit award agreement (the “Performance Unit Award Agreement”) for J. Frank Harrison, III, the Company’s Chairman of the Board of Directors and Chief Executive Officer, consisting of 400,000 performance units (“Units”) subject to vesting in annual increments over a 10-year period starting in fiscal year 2009. The Performance Unit Award Agreement expired at the end of 2018, with the final award issued in the first quarter of 2019 in connection with Mr. Harrison’s services during 2018. In 2018, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) and the Company’s stockholders approved a long-term performance equity plan (the “Long-Term Performance Equity Plan”) to succeed the Performance Unit Award Agreement. Awards granted to Mr. Harrison under the Long-Term Performance Equity Plan will be earned based on the Company’s attainment during a performance period of performance measures specified by the Compensation Committee. Mr. Harrison may elect to have awards earned under the Long‑Term Performance Equity Plan settled in cash and/or shares of Class B Common Stock. See Note 23 for additional information on Mr. Harrison’s stock compensation programs. Net Income Per Share The Company applies the two-class method for calculating and presenting net income per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared or accumulated and participation rights in undistributed earnings. Under this method: (a) Income from continuing operations (“net income”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period. (b) The remaining earnings (“undistributed earnings”) are allocated to Common Stock and Class B Common Stock to the extent each security may share in earnings as if all the earnings for the period had been distributed. The total earnings allocated to each security is determined by adding together the amount allocated for dividends and the amount allocated for a participation feature. (c) The total earnings allocated to each security is then divided by the number of outstanding shares of the security to which the earnings are allocated to determine the earnings per share for the security. (d) Basic and diluted net income per share data are presented for each class of common stock. In applying the two-class method, the Company determined undistributed earnings should be allocated equally on a per share basis between the Common Stock and Class B Common Stock due to the aggregate participation rights of the Class B Common Stock (i.e., the voting and conversion rights) and the Company’s history of paying dividends equally on a per share basis on the Common Stock and Class B Common Stock. Under the Company’s certificate of incorporation, the Board of Directors may declare dividends on Common Stock without declaring equal or any dividends on the Class B Common Stock. Notwithstanding this provision, Class B Common Stock has voting and conversion rights that allow the Class B Common Stock to participate equally on a per share basis with the Common Stock. The Class B Common Stock is entitled to 20 votes per share and the Common Stock is entitled to one vote per share with respect to each matter to be voted upon by the stockholders of the Company. Except as otherwise required by law, the holders of the Class B Common Stock and Common Stock vote together as a single class on all matters submitted to the Company’s stockholders, including the election of the Board of Directors. As a result, the holders of the Class B Common Stock control approximately 86% of the total voting power of the stockholders of the Company and control the election of the Board of Directors. The Board of Directors has declared, and the Company has paid, dividends on the Class B Common Stock and Common Stock and each class of common stock has participated equally in all dividends declared by the Board of Directors and paid by the Company since 1994. The Class B Common Stock conversion rights allow the Class B Common Stock to participate in dividends equally with the Common Stock. The Class B Common Stock is convertible into Common Stock on a one-for-one per share basis at any time at the option of the holder. Accordingly, the holders of the Class B Common Stock can participate equally in any dividends declared on the Common Stock by exercising their conversion rights. Basic net income per share excludes potential common shares that were dilutive and is computed by dividing net income available for common stockholders by the weighted average number of Common and Class B Common shares outstanding. Diluted net income per share for Common Stock and Class B Common Stock gives effect to all securities representing potential common shares that were dilutive and outstanding during the period. The Company does not have anti-dilutive shares. Recently Adopted Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2018‑02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which provides the option to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings. This standard is required to be applied either in the period of adoption or retrospectively to each period in which the changes in the U.S. federal corporate income tax rate pursuant to the Tax Act are recognized. The new guidance was effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted ASU 2018‑02 in 2019 and recognized a cumulative effect adjustment to the opening balance of retained earnings in 2019. The cumulative effect adjustment increased retained earnings by $19.7 million. In February 2016, the FASB issued ASU 2016-02, “Leases” (the “lease standard”). The lease standard requires lessees to recognize a right of use asset and a lease liability for virtually all leases (other than leases meeting the definition of a short-term lease). The new guidance was effective for fiscal years beginning after December 15, 2018 and interim periods beginning the following fiscal year. The Company adopted the lease standard in 2019 using the optional transition method. See Note 10 for additional information on the Company’s adoption of the lease standard. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016‑13, “Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected credit losses at the point a loss is probable to occur, rather than expected to occur, which will generally result in earlier recognition of allowances for credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company plans to adopt ASU 2016‑13 in the first quarter of 2020 and does not expect the impact of adoption to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019‑12, “Simplifying the Accounting for Income Taxes,” which will simplify the accounting for income taxes by removing certain exceptions to the general principles in income tax accounting and improve consistent application of and simplify GAAP for other areas of income tax accounting by clarifying and amending existing guidance. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2019‑12 will have on its consolidated financial statements. |
Piedmont Coca-Cola Bottling Par
Piedmont Coca-Cola Bottling Partnership | 12 Months Ended |
Dec. 29, 2019 | |
Noncontrolling Interest [Abstract] | |
Piedmont Coca-Cola Bottling Partnership | 2. Piedmont Coca-Cola Bottling Partnership The Company and The Coca‑Cola Company formed Piedmont to distribute and market nonalcoholic beverages primarily in portions of North Carolina and South Carolina. The Company provides a portion of the nonalcoholic beverage products that Piedmont distributes and markets to Piedmont at cost and receives a fee for managing Piedmont’s operations pursuant to a management agreement. All transactions with Piedmont, including the financing arrangements described below, are intercompany transactions and are eliminated in the Company’s consolidated financial statements. Noncontrolling interest represents the portion of Piedmont owned by The Coca‑Cola Company, which was 22.7% for all periods presented. Noncontrolling interest income of $7.2 million in 2019, $4.8 million in 2018 and $6.3 million in 2017 is included in net income on the Company’s consolidated statements of operations. In addition, the amount of consolidated net income attributable to both the Company and noncontrolling interest are shown on the Company’s consolidated statements of operations. Noncontrolling interest is included in the equity section of the Company’s consolidated balance sheets and totaled $ 104.2 million on December 29, 2019 and $ 97.0 million on December 30, 2018 . The Company has agreed to provide financing to Piedmont up to $100.0 million under an agreement that expires on December 31, 2020 with automatic one-year Piedmont has agreed to provide financing to the Company up to $200.0 million under an agreement that expires December 31, 2022 with automatic one-year |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 29, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 3. Related Party Transactions The Coca‑Cola Company The Company’s business consists primarily of the production, marketing and distribution of nonalcoholic beverages of The Coca‑Cola Company, which is the sole owner of the formulas under which the primary components of its soft drink products, either concentrate or syrup, are manufactured. J. Frank Harrison, III, the Chairman of the Board of Directors and Chief Executive Officer of the Company, together with the trustees of certain trusts established for the benefit of certain relatives of the late J. Frank Harrison, Jr., control shares representing approximately 86% of the total voting power of the Company’s total outstanding Common Stock and Class B Common Stock on a consolidated basis. As of December 29, 2019, The Coca‑Cola Company owned approximately 27% of the Company’s total outstanding Common Stock and Class B Common Stock on a consolidated basis, representing approximately 5% of the total voting power of the Company’s Common Stock and Class B Common Stock voting together. As long as The Coca‑Cola Company holds the number of shares of Common Stock it currently owns, it has the right to have its designee proposed by the Company for nomination to the Company’s Board of Directors, and J. Frank Harrison, III and the trustees of the J. Frank Harrison, Jr. family trusts described above, have agreed to vote the shares of the Company’s Class B Common Stock which they control in favor of such designee. The Coca‑Cola Company does not own any shares of the Company’s Class B Common Stock. The following table summarizes the significant transactions between the Company and The Coca‑Cola Company: Fiscal Year (in thousands) 2019 2018 2017 Payments made by the Company to The Coca-Cola Company for: Concentrate, syrup, sweetener and other purchases $ 1,187,889 $ 1,188,818 $ 1,085,898 Customer marketing programs 144,949 145,019 139,542 Cold drink equipment parts 28,209 30,065 25,381 Brand investment programs 13,266 9,063 8,582 Glacéau distribution agreement consideration - - 15,598 Payments made by The Coca-Cola Company to the Company for: Marketing funding support payments $ 98,013 $ 86,483 $ 83,177 Fountain delivery and equipment repair fees 41,714 40,023 35,335 Presence marketing funding support on the Company’s behalf 8,002 8,311 4,843 Facilitating the distribution of certain brands and packages to other Coca-Cola bottlers 5,069 9,683 10,474 Cold drink equipment - 3,789 8,400 Legacy Facilities Credit (excluding portion related to Mobile, Alabama facility) - 1,320 30,647 Conversion of bottling agreements - - 91,450 Portion of Legacy Facilities Credit related to Mobile, Alabama facility - - 12,364 In October 2017, the Company completed a multi-year series of transactions with The Coca‑Cola Company, CCR and Coca‑Cola Bottling Company United, Inc., an independent bottler that is unrelated to the Company, to significantly expand the Company’s distribution and manufacturing operations (the “System Transformation”). The System Transformation included the acquisition and exchange of rights to serve distribution territories and related distribution assets, as well as the acquisition and exchange of regional manufacturing facilities and related manufacturing assets. In 2017, The Coca‑Cola Company agreed to provide the Company a fee to compensate the Company for the net economic impact of changes made by The Coca‑Cola Company to the authorized pricing on sales of covered beverages produced at certain manufacturing facilities owned by Company (the “Legacy Facilities Credit”). The Company immediately recognized the portion of the Legacy Facilities Credit applicable to a regional manufacturing facility in Mobile, Alabama which the Company transferred to CCR in October 2017, and the remaining balance of the Legacy Facilities Credit will be amortized as a reduction to cost of sales over a period of 40 years. The portion of the deferred liability that is expected to be amortized in the next 12 months is classified as current. Additionally, in 2017, the Company made a payment of $15.6 million to obtain the rights to market, promote, distribute and sell glacéau vitaminwater, glacéau smartwater and glacéau vitaminwater zero drops in certain geographic territories including the District of Columbia and portions of Delaware, Maryland and Virginia, pursuant to an agreement entered into by the Company, The Coca‑Cola Company and CCR. This payment represented a portion of the total payment made by The Coca‑Cola Company to terminate a distribution arrangement with a prior distributor in this territory. Coca‑Cola Refreshments USA, Inc. The Company, The Coca-Cola Company and CCR entered into the CBA on March 31, 2017. Pursuant to the CBA, the Company is required to make quarterly sub-bottling payments to CCR on a continuing basis in exchange for the grant of exclusive rights to distribute, promote, market and sell the authorized brands of The Coca‑Cola Company and related products in distribution territories the Company acquired from CCR as part of the System Transformation, but excluding territories the Company acquired in an exchange transaction. These sub-bottling payments are based on gross profit derived from sales of certain beverages and beverage products that are sold under the same trademarks that identify a covered beverage, beverage product or certain cross-licensed brands. Sub-bottling payments to CCR were $27.2 million in 2019, $24.7 million in 2018 and $16.7 million in 2017. The following table summarizes the liability recorded by the Company to reflect the estimated fair value of contingent consideration related to future sub‑bottling payments to CCR: (in thousands) December 29, 2019 December 30, 2018 Current portion of acquisition related contingent consideration $ 41,087 $ 32,993 Noncurrent portion of acquisition related contingent consideration 405,597 349,905 Total acquisition related contingent consideration $ 446,684 $ 382,898 Upon the conversion of the Company’s then-existing bottling agreements in 2017 pursuant to the CBA, the Company received a fee from CCR (the “Territory Conversion Fee”). The Territory Conversion Fee was equivalent to 0.5 times the EBITDA the Company and its subsidiaries generated during the 12-month period ended January 1, 2017 from sales in the distribution territories the Company served prior to the System Transformation of certain beverages owned by or licensed to The Coca‑Cola Company or Monster Energy Company on which the Company and its subsidiaries pay, and The Coca‑Cola Company receives, a facilitation fee. The Territory Conversion Fee was recorded as a deferred liability and will be amortized as a reduction to cost of sales over a period of 40 years. The portion of the deferred liability that is expected to be amortized in the next 12 months is classified as current. The Company previously had a production arrangement with CCR to buy and sell finished products at cost and transported products for CCR to the Company’s and other Coca‑Cola bottlers’ locations. Following the completion of the System Transformation in October 2017, the Company no longer transacts with CCR other than making quarterly sub-bottling payments. During 2017, the Company had purchases from CCR of $114.9 million, gross sales to CCR of $76.7 million and sales to CCR for transporting CCR’s product of $2.0 million. Southeastern Container (“Southeastern”) The Company is a shareholder of Southeastern, a plastic bottle manufacturing cooperative. The Company accounts for Southeastern as an equity method investment. The Company’s investment in Southeastern, which was classified as other assets in the consolidated balance sheets, In 2017, CCR redistributed a portion of its investment in Southeastern. As a result of this redistribution, the Company increased its investment in Southeastern by $6.0 million, which was recorded as income in other expense, net in the consolidated financial statements. South Atlantic Canners, Inc. (“SAC”) The Company is a shareholder of SAC, a manufacturing cooperative in Bishopville, South Carolina. All of SAC’s shareholders are Coca‑Cola bottlers and each has equal voting rights. other assets in the consolidated balance sheets, The Company receives a fee for managing the day-to-day operations of SAC pursuant to a management agreement. Proceeds from management fees received from SAC were $9.1 million in 2019, $9.0 million in 2018 and $9.1 million in 2017. Coca‑Cola Bottlers’ Sales & Services Company, LLC (“CCBSS”) Along with other Coca‑Cola bottlers in the United States and Canada, the Company is a member of CCBSS, a company formed to provide certain procurement and other services with the intention of enhancing the efficiency and competitiveness of the Coca‑Cola bottling system. The Company accounts for CCBSS as an equity method investment and its investment in CCBSS is not material. CCBSS negotiates the procurement for the majority of the Company’s raw materials, excluding concentrate, and the Company receives a rebate from CCBSS for the purchase of these raw materials. The Company had rebates due from CCBSS of $10.0 million on December 29, 2019 and $10.4 million on December 30, 2018, which were classified as accounts receivable, other in the consolidated balance sheets In addition, the Company pays an administrative fee to CCBSS for its services. The Company incurred administrative fees to CCBSS of $2.3 million in 2019, $2.8 million in 2018 and $2.3 million in 2017, which were classified as SD&A expenses in the consolidated statements of operations CONA Services LLC (“CONA”) The Company is a member of CONA, an entity formed with The Coca‑Cola Company and certain other Coca‑Cola bottlers to provide business process and information technology services to its members. The Company accounts for CONA as an equity method investment. The Company’s investment in CONA, which was classified as other assets in the consolidated balance sheets, Pursuant to an amended and restated master services agreement with CONA, the Company is authorized to use the Coke One North America system (the “CONA System”), a uniform information technology system developed to promote operational efficiency and uniformity among North American Coca‑Cola bottlers. In exchange for the Company’s rights to use the CONA System and receive CONA-related services, it is charged service fees by CONA. The Company incurred CONA service fees of $22.2 million in 2019, $21.5 million in 2018 and $12.6 million in 2017. Related Party Leases The Company leases its headquarters office facility and an adjacent office facility in Charlotte, North Carolina from Beacon Investment Corporation, of which J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer of the Company, is the majority stockholder and Morgan H. Everett, Senior Vice President and a director of the Company, is a minority stockholder. The annual base rent the Company is obligated to pay under this lease agreement is subject to adjustment for increases in the Consumer Price Index (the “CPI”) and the lease expires on December 31, 2021. The principal balance outstanding under this lease was $6.8 million on December 29, 2019 and $9.9 million on December 30, 2018. The minimum and contingent rental payments related to this lease were as follows: Fiscal Year (in thousands) 2019 2018 2017 Minimum rental payments $ 3,510 $ 3,511 $ 3,509 Contingent rental payments 1,015 927 877 Total rental payments $ 4,525 $ 4,438 $ 4,386 The contingent rental payments in 2019, 2018 and 2017 were a result of changes in the CPI. Increases or decreases in lease payments that result from changes in the CPI were recorded as adjustments to interest expense, net on the Company’s consolidated statements of operations. Subsequent to the end of the fiscal year, the Company entered into a lease agreement with Beacon Investment Corporation to continue to lease its headquarters office facility and an adjacent office facility in Charlotte, North Carolina. The new lease expires on December 31, 2029 and is not subject to adjustment for increases in the CPI. See Note 10 for additional information. The Company leases the Snyder Production Center and an adjacent sales facility in Charlotte, North Carolina from Harrison Limited Partnership One, which is directly and indirectly owned by trusts of which J. Frank Harrison, III, and Sue Anne H. Wells, a director of the Company, are trustees and beneficiaries and of which Morgan H. Everett is a permissible, discretionary beneficiary. The annual base rent the Company is obligated to pay under this lease agreement is subject to an adjustment for an inflation factor and the lease expires on December 31, 2020. The principal balance outstanding under this lease was $4.3 million on December 29, 2019 and $8.1 million on December 30, 2018. The annual base rent the Company is obligated to pay under the lease is subject to an adjustment for an inflation factor. Rental payments related to this lease were $4.4 million in 2019, $4.2 million in 2018 and $4.1 million in 2017. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 29, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | 4. Revenue Recognition The Company offers a range of nonalcoholic beverage products and flavors designed to meet the demands of its consumers, including both sparkling and still beverages. Sparkling beverages are carbonated beverages and the Company’s principal sparkling beverage is Coca‑Cola. Still beverages include energy products and noncarbonated beverages such as bottled water, tea, ready to drink coffee, enhanced water, juices and sports drinks. The Company’s products are sold and distributed in the United States through various channels, which include selling directly to retail stores and other outlets such as food markets, institutional accounts and vending machine outlets. The Company typically collects payment from customers within 30 days from the date of sale. The Company’s sales are divided into two main categories: (i) bottle/can sales and (ii) other sales. Bottle/can sales include products packaged primarily in plastic bottles and aluminum cans. Bottle/can net pricing is based on the invoice price charged to customers reduced by any promotional allowances. Bottle/can net pricing per unit is impacted by the price charged per package, the sales volume generated for each package and the channels in which those packages are sold. Other sales include sales to other Coca‑Cola bottlers, “post‑mix” products, transportation revenue and equipment maintenance revenue. Post-mix products are dispensed through equipment that mixes fountain syrups with carbonated or still water, enabling fountain retailers to sell finished products to consumers in cups or glasses. The Company’s contracts are derived from customer orders, including customer sales incentives, generated through an order processing and replenishment model. Generally, the Company’s service contracts and contracts related to the delivery of specifically identifiable products have a single performance obligation. Revenues do not include sales or other taxes collected from customers. Bottle/can sales, sales to other Coca‑Cola bottlers and post-mix sales are recognized when control transfers to a customer, which is generally upon delivery and is considered a single point in time (“point in time”). Point in time sales accounted for approximately 96% of the Company’s net sales in 2019, 97% of the Company’s net sales in 2018 and 97% of the Company’s net sales in 2017. Substantially all of the Company’s revenue is recognized at a point in time and is included in the Nonalcoholic Beverages segment. Other sales, which include revenue for service fees related to the repair of cold drink equipment and delivery fees for freight hauling and brokerage services, are recognized over time (“over time”). Revenues related to cold drink equipment repair are recognized as the respective services are completed using a cost-to-cost input method. Repair services are generally completed in less than one day but can extend up to one month. Revenues related to freight hauling and brokerage services are recognized as the delivery occurs using a miles driven output method. Generally, delivery occurs and freight charges are recognized in the same day. Over time sales orders open at the end of a financial period are not material to the Company’s consolidated financial statements. The following table represents a disaggregation of revenue from contracts with customers: Fiscal Year (in thousands) 2019 2018 2017 Point in time net sales: Nonalcoholic Beverages - point in time $ 4,649,037 $ 4,467,945 $ 4,169,910 Total point in time net sales 4,649,037 4,467,945 4,169,910 Over time net sales: Nonalcoholic Beverages - over time 45,391 44,373 37,017 All Other - over time 132,121 113,046 80,661 Total over time net sales 177,512 157,419 117,678 Total net sales $ 4,826,549 $ 4,625,364 $ 4,287,588 The Company participates in various sales programs with The Coca‑Cola Company, other beverage companies and customers to increase the sale of its products. Programs negotiated with customers include arrangements under which allowances can be earned for attaining agreed-upon sales levels. The cost of these various sales incentives is not considered a separate performance obligation and is included as a deduction to net sales. Allowance payments made to customers can be conditional on the achievement of volume targets and/or marketing commitments. Payments made in advance are recorded as prepayments and amortized in the consolidated statements of operations over the relevant period for which the customer commitment is made. In the event there is no separate identifiable benefit or the fair value of such benefit cannot be established, the amortization of the prepayment is included as a reduction to net sales. The Company sells its products and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company evaluates the collectibility of its trade accounts receivable based on a number of factors, including the Company’s historic collections pattern and changes to a specific customer’s ability to meet its financial obligations. The Company has established an allowance for doubtful accounts to adjust the recorded receivable to the estimated amount the Company believes will ultimately be collected. The nature of the Company’s contracts gives rise to several types of variable consideration, including prospective and retrospective rebates. The Company accounts for its prospective and retrospective rebates using the expected value method, which estimates the net price to the customer based on the customer’s expected annual sales volume projections. The Company experiences customer returns primarily as a result of damaged or out-of-date product. At any given time, the Company estimates less than 1% of bottle/can sales and post-mix sales could be at risk for return by customers. The Company’s reserve for customer returns, which was classified as allowance for doubtful accounts in the consolidated balance sheets, |
Segments
Segments | 12 Months Ended |
Dec. 29, 2019 | |
Segment Reporting [Abstract] | |
Segments | 5. Segments The Company evaluates segment reporting in accordance with the FASB Accounting Standards Codification 280, Segment Reporting, each reporting period, including evaluating the reporting package reviewed by the Chief Operating Decision Maker (the “CODM”). The Company has concluded the Chief Executive Officer, the Chief Operating Officer and the Chief Financial Officer, as a group, represent the CODM . Asset information is not provided to the CODM. The Company believes three operating segments exist. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated revenues and . Fiscal Year (in thousands) 2019 2018 2017 Net sales: Nonalcoholic Beverages $ 4,694,428 $ 4,512,318 $ 4,206,927 All Other 345,005 358,625 301,801 Eliminations (1) (212,884 ) (245,579 ) (221,140 ) Consolidated net sales $ 4,826,549 $ 4,625,364 $ 4,287,588 Income from operations: Nonalcoholic Beverages $ 174,133 $ 45,519 $ 90,143 All Other 6,621 12,383 11,404 Consolidated income from operations $ 180,754 $ 57,902 $ 101,547 Depreciation and amortization: Nonalcoholic Beverages $ 169,879 $ 177,448 $ 160,524 All Other 10,037 9,808 8,317 Consolidated depreciation and amortization $ 179,916 $ 187,256 $ 168,841 (1) The entire net sales elimination for each period presented represents net sales from All Other to the Nonalcoholic Beverages segment. Sales between these segments are recognized at either fair market value or cost depending on the nature of the transaction . |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Dec. 29, 2019 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 6. Net Income (Loss) Per Share The following table sets forth the computation of basic net income (loss) per share and diluted net income (loss) per share under the two-class method. See Note 1 for additional information related to net income (loss) per share. Fiscal Year (in thousands, except per share data) 2019 2018 2017 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. $ 11,375 $ (19,930 ) $ 96,535 Less dividends: Common Stock 7,141 7,141 7,141 Class B Common Stock 2,228 2,212 2,187 Total undistributed earnings (losses) $ 2,006 $ (29,283 ) $ 87,207 Common Stock undistributed earnings (losses) – basic $ 1,529 $ (22,365 ) $ 66,754 Class B Common Stock undistributed earnings (losses) – basic 477 (6,918 ) 20,453 Total undistributed earnings (losses) – basic $ 2,006 $ (29,283 ) $ 87,207 Common Stock undistributed earnings (losses) – diluted $ 1,521 $ (22,365 ) $ 66,469 Class B Common Stock undistributed earnings (losses) – diluted 485 (6,918 ) 20,738 Total undistributed earnings (losses) – diluted $ 2,006 $ (29,283 ) $ 87,207 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 1,529 (22,365 ) 66,754 Numerator for basic net income (loss) per Common Stock share $ 8,670 $ (15,224 ) $ 73,895 Fiscal Year (in thousands, except per share data) 2019 2018 2017 Numerator for basic net income (loss) per Class B Common Stock share: Dividends on Class B Common Stock $ 2,228 $ 2,212 $ 2,187 Class B Common Stock undistributed earnings (losses) – basic 477 (6,918 ) 20,453 Numerator for basic net income (loss) per Class B Common Stock share $ 2,705 $ (4,706 ) $ 22,640 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 2,228 2,212 2,187 Common Stock undistributed earnings (losses) – diluted 2,006 (29,283 ) 87,207 Numerator for diluted net income (loss) per Common Stock share $ 11,375 $ (19,930 ) $ 96,535 Numerator for diluted net income (loss) per Class B Common Stock share: Dividends on Class B Common Stock $ 2,228 $ 2,212 $ 2,187 Class B Common Stock undistributed earnings (losses) – diluted 485 (6,918 ) 20,738 Numerator for diluted net income (loss) per Class B Common Stock share $ 2,713 $ (4,706 ) $ 22,925 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 2,229 2,209 2,188 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) 9,417 9,350 9,369 Class B Common Stock weighted average shares outstanding – diluted 2,276 2,209 2,228 Basic net income (loss) per share: Common Stock $ 1.21 $ (2.13 ) $ 10.35 Class B Common Stock $ 1.21 $ (2.13 ) $ 10.35 Diluted net income (loss) per share: Common Stock $ 1.21 $ (2.13 ) $ 10.30 Class B Common Stock $ 1.19 $ (2.13 ) $ 10.29 NOTES TO TABLE (1) For purposes of the diluted net income (loss) per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings (losses) is allocated to Common Stock. (2) For purposes of the diluted net income (loss) per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted. (3) For periods presented during which the Company has net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock included the dilutive effect of shares relative to the Long-Term Performance Equity Plan and Long-Term Performance Equity Plan and Long-Term Performance Equity Plan and (4) The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of the Company’s Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of shares relative to such award are prospectively removed from the denominator for the calculation of diluted net income (loss) per share. ( 5 ) The Company did not have anti-dilutive shares for any periods presented. |
Inventories
Inventories | 12 Months Ended |
Dec. 29, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 7. Inventories Inventories consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Finished products $ 142,363 $ 135,561 Manufacturing materials 45,267 39,840 Plastic shells, plastic pallets and other inventories 38,296 34,632 Total inventories $ 225,926 $ 210,033 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 29, 2019 | |
Prepaid Expense And Other Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | 8. Prepaid expenses and other current assets consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Repair parts $ 28,967 $ 26,846 Prepayments for sponsorship contracts 8,696 7,557 Current portion of income taxes 4,359 6,637 Prepaid software 5,850 6,553 Prepaid marketing 5,658 6,097 Other prepaid expenses and other current assets 15,931 16,990 Total prepaid expenses and other current assets $ 69,461 $ 70,680 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 29, 2019 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | 9. Property, Plant and Equipment, Net The principal categories and estimated useful lives of property, plant and equipment, net were as follows: (in thousands) December 29, 2019 December 30, 2018 Estimated Useful Lives Land $ 76,860 $ 78,242 Buildings 223,500 218,846 8-50 years Machinery and equipment 355,575 328,034 5-20 years Transportation equipment 417,532 372,895 4-20 years Furniture and fixtures 92,059 89,439 3-10 years Cold drink dispensing equipment 489,050 491,161 5-17 years Leasehold and land improvements 145,341 132,837 5-20 years Software for internal use 128,792 122,604 3-10 years Construction in progress 29,369 15,142 Total property, plant and equipment, at cost 1,958,078 1,849,200 Less: Accumulated depreciation and amortization 960,675 858,668 Property, plant and equipment, net $ 997,403 $ 990,532 During 2019, 2018 and 2017, the Company performed periodic reviews of property, plant and equipment and determined no material impairment existed. |
Leases
Leases | 12 Months Ended |
Dec. 29, 2019 | |
Leases [Abstract] | |
Leases | 10. The Company leases office and warehouse space, machinery and other equipment under noncancelable operating lease agreements and also leases certain warehouse space under financing lease agreements. The Company adopted the lease standard using the optional transition method on December 31, 2018, the transition date, and elected to adopt the following practical expedients as accounting policy upon initial adoption of the lease standard: • Short-term lease exception: Allows the Company to not recognize leases with a contractual term of less than 12 months on the balance sheet. • Election to not separate non-lease components: Allows the Company to not separate lease and non-lease components and to account for both components as a single component, recognized on its consolidated balance sheets. • Package of practical expedients for transition: Allows the Company to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) any initial direct costs for any existing leases as of the transition date. • Additional transition method/relief: Allows the Company to apply the transition requirements in the lease standard as of the transition date, with any impact of initially applying the lease standard recognized as a cumulative effect adjustment to retained earnings in the period of adoption. This also requires the Company to maintain previous disclosure requirements for comparative periods. Upon adoption of the lease standard on December 31, 2018, the Company recorded right of use assets for operating leases of $88.0 million and associated lease liabilities of $88.2 million. The adoption of the lease standard did not change previously reported consolidated statements of operations, did not result in a cumulative effect adjustment to retained earnings in the period of adoption and did not impact cash flows. The Company used the following policies and assumptions to evaluate its population of leases: • Determining a lease: The Company assesses contracts at inception to determine whether an arrangement is or includes a lease, which conveys the Company’s right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right of use assets and associated liabilities are recognized at the commencement date and initially measured based on the present value of lease payments over the defined lease term. • Allocating lease and non-lease components: The Company has elected the practical expedient to not separate lease and non-lease components for certain classes of underlying assets. The Company has equipment and vehicle lease agreements, which generally have the lease and associated non-lease components accounted for as a single lease component. The Company has real estate lease agreements with lease and non-lease components, which are generally accounted for separately where applicable. • Discount rate: The Company calculates the discount rate based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company calculates an incremental borrowing rate using a portfolio approach. The incremental borrowing rate is calculated using the contractual lease term and the Company’s borrowing rate. • Lease term: The Company does not recognize leases with a contractual term of less than 12 months on its consolidated balance sheets. Lease expense for these short-term leases is expensed on a straight-line basis over the lease term. • Rent increases or escalation clauses: Certain leases contain scheduled rent increases or escalation clauses, which can be based on the CPI or other rates. The Company assesses each contract individually and applies the appropriate variable payments based on the terms of the agreement. • Renewal options and/or purchase options: Certain leases include renewal options to extend the lease term and/or purchase options to purchase the leased asset. The Company assesses these options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of the Company’s leases do not include renewal periods or purchase options for the measurement of the right of use asset and the associated lease liability. For leases the Company is reasonably certain to renew or purchase, those options are included within the lease term and, therefore, included in the measurement of the right of use asset and the associated lease liability. • Option to terminate: Certain leases include the option to terminate the lease prior to its scheduled expiration. This allows a contractually bound party to terminate its obligation under the lease contract, typically in return for an agreed-upon financial consideration. The terms and conditions of the termination options vary by contract. • Residual value guarantees, restrictions or covenants: The Company’s lease agreements do not contain residual value guarantees, restrictions or covenants. Following is a summary of the weighted average remaining lease term and weighted average discount rate for the Company’s population of leases as of December 29, 2019: Operating Leases Financing Leases Weighted average remaining lease term 10.2 years 4.8 years Weighted average discount rate 4.1 % 5.7 % As of December 29, 2019, the Company had one real estate lease commitment that had not yet commenced. The Company entered into a lease agreement, effective January 1, 2020, with Beacon Investment Corporation to continue to lease its headquarters office facility and an adjacent office facility in Charlotte, North Carolina. The new lease has a 10-year term and expires on December 31, 2029. This lease will be classified as an operating lease and the additional lease liability associated with this lease commitment is expected to be $ 40.2 million. This lease replaces the previous lease agreement, that was classified as a financing lease obligation, was scheduled to expire on December 31, 2021 and had a $ 6.8 million principal balance outstanding as of December 29, 2019. Following is a summary of balances related to the Company’s lease portfolio within the Company’s consolidated statement of operations: (in thousands) 2019 Cost of sales impact: Operating lease costs $ 5,396 Short-term and variable leases 10,267 Depreciation expense from financing leases (1) 1,414 Total cost of sales impact $ 17,077 Selling, delivery and administrative expenses impact: Operating lease costs $ 13,424 Short-term and variable leases 3,338 Depreciation expense from financing leases (1) 4,553 Total selling, delivery and administrative expenses impact $ 21,315 Interest expense, net impact: Interest expense on financing lease obligations (2) $ 2,714 Total interest expense, net impact $ 2,714 Total lease cost $ 41,106 (1) During both 2018 and 2017, the Company had depreciation expense from capital leases of $1.4 million and $4.5 million in cost of sales and SD&A expenses, respectively (2) The Company had interest expense on capital lease obligations The future minimum lease payments related to the Company’s lease portfolio include renewal options the Company has determined to be reasonably assured and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 29, 2019 : (in thousands) Operating Leases Financing 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 Following is a summary of future minimum lease payments for all noncancelable operating leases and capital leases as of December 30, 2018: (in thousands) Operating Leases Capital Total 2019 $ 14,146 $ 10,434 $ 24,580 2020 13,526 10,613 24,139 2021 12,568 6,218 18,786 2022 11,161 2,697 13,858 2023 10,055 2,753 12,808 Thereafter 33,805 8,106 41,911 Total minimum lease payments including interest $ 95,261 $ 40,821 $ 136,082 Less: Amounts representing interest 5,573 Present value of minimum lease principal payments 35,248 Less: Current portion of lease liabilities - capital leases 8,617 Noncurrent portion of lease liabilities - capital leases $ 26,631 Following is a summary of balances related to the Company’s lease portfolio within the Company’s consolidated statement of cash flows: (in thousands) 2019 Cash flows from operating activities impact: Operating leases $ 18,138 Interest payments on financing lease obligations (1) 2,714 Total cash flows from operating activities impact $ 20,852 Cash flows from financing activities impact: Principal payments on financing lease obligations (1) $ 8,656 Total cash flows from financing activities impact $ 8,656 (1) During 2018, the Company had principal payments on capital lease obligations of $8.1 million and interest payments on capital lease obligations of $3.3 million. During 2017, the Company had principal payments on capital lease obligations of $7.7 million and interest payments on capital lease obligations of $3.9 million |
Goodwill
Goodwill | 12 Months Ended |
Dec. 29, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 11. Goodwill A reconciliation of the activity for goodwill in 2019 and 2018 is as follows: Fiscal Year (in thousands) 2019 2018 Beginning balance - goodwill $ 165,903 $ 169,316 Measurement period adjustments (1) - (3,413 ) Ending balance - goodwill $ 165,903 $ 165,903 (1) Measurement period adjustments relate to post-closing adjustments made in accordance with the terms and conditions of the applicable asset purchase agreement or asset exchange agreement for distribution territories acquired or exchanged by the Company in April 2017 and October 2017 as part of the System Transformation. All final post-closing adjustments for these transactions were completed during 2018. The Company’s goodwill resides entirely within the Nonalcoholic Beverages segment. The Company performed its annual impairment test of goodwill as of the first day of the fourth quarter during both 2019 and 2018 and determined there was no impairment of the carrying value of these assets. |
Distribution Agreements, Net
Distribution Agreements, Net | 12 Months Ended |
Dec. 29, 2019 | |
Distribution Agreements [Member] | |
Other Identifiable Intangible Assets Net | 12. Distribution Agreements, Net Distribution agreements, net, which are amortized on a straight-line basis and have an estimated useful life of 10 to 40 years, consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Distribution agreements at cost $ 950,549 $ 950,559 Less: Accumulated amortization 74,453 50,176 Distribution agreements, net $ 876,096 $ 900,383 A reconciliation of the activity for distribution agreements, net in 2019 and 2018 is as follows: Fiscal Year (in thousands) 2019 2018 Beginning balance - distribution agreements, net $ 900,383 $ 913,352 Other distribution agreements (10 ) 6,332 Measurement period adjustments (1) - 4,700 Additional accumulated amortization (24,277 ) (24,001 ) Ending balance - distribution agreements, net $ 876,096 $ 900,383 (1) Assuming no impairment of distribution agreements, net, amortization expense in future years based upon recorded amounts as of December 29, 2019 will be $24.3 |
Customer Lists and Other Identi
Customer Lists and Other Identifiable Intangible Assets, Net | 12 Months Ended |
Dec. 29, 2019 | |
Customer Lists and Other Identifiable Intangible Assets [Member] | |
Other Identifiable Intangible Assets Net | 13. Customer Lists and Other Identifiable Intangible Assets, Net Customer lists and other identifiable intangible assets, net, which are amortized on a straight-line basis and have an estimated useful life of five to 12 years, consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Customer lists and other identifiable intangible assets at cost $ 25,288 $ 25,288 Less: Accumulated amortization 10,645 8,806 Customer lists and other identifiable intangible assets, net $ 14,643 $ 16,482 Assuming no impairment of customer lists and other identifiable intangible assets, net, amortization expense in future years based upon recorded amounts as of December 29, 2019 will be approximately $1.8 million for each fiscal year 2020 through 2024. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 29, 2019 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | 14. Other Accrued Liabilities Other accrued liabilities consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Accrued insurance costs $ 44,584 $ 37,916 Current portion of acquisition related contingent consideration 41,087 32,993 Accrued marketing costs 34,947 31,475 Employee and retiree benefit plan accruals 33,699 29,300 Checks and transfers yet to be presented for payment from zero balance cash accounts 20,199 72,701 Accrued taxes (other than income taxes) 6,366 4,577 Current deferred proceeds from Territory Conversion Fee 2,286 2,286 Federal income taxes 1,651 - Commodity hedges at fair market value 1,174 10,305 All other accrued expenses 22,841 28,693 Total other accrued liabilities $ 208,834 $ 250,246 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 29, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 15. Derivative Financial Instruments The Company is subject to the risk of increased costs arising from adverse changes in certain commodity prices. In the normal course of business, the Company manages these risks through a variety of strategies, including the use of derivative instruments. The Company does not use derivative instruments for trading or speculative purposes. All derivative instruments are recorded at fair value as either assets or liabilities in the Company’s consolidated balance sheets. These derivative instruments are not designated as hedging instruments under GAAP and are used as “economic hedges” to manage certain commodity price risk. Derivative instruments held are marked to market on a monthly basis and recognized in earnings consistent with the expense classification of the underlying hedged item. Settlements of derivative agreements are included in cash flows from operating activities on the Company’s consolidated statements of cash flows. The Company uses several different financial institutions for commodity derivative instruments to minimize the concentration of credit risk. While the Company would be exposed to credit loss in the event of nonperformance by these counterparties, the Company does not anticipate nonperformance by these parties. The following table summarizes pre-tax changes in the fair value of the Company’s commodity derivative financial instruments and the classification of such changes in the consolidated statements of operations: Fiscal Year (in thousands) Classification of Gain (Loss) 2019 2018 2017 Commodity hedges Cost of sales $ 6,602 $ (10,376 ) $ 2,815 Commodity hedges Selling, delivery and administrative expenses 3,536 (4,349 ) 315 Total gain (loss) $ 10,138 $ (14,725 ) $ 3,130 The following table summarizes the fair values and classification in the consolidated balance sheets of derivative instruments held by the Company: (in thousands) Balance Sheet Classification December 29, 2019 December 30, 2018 Assets: Commodity hedges at fair market value Prepaid expenses and other current assets $ 1,007 $ - Total assets $ 1,007 $ - Liabilities: Commodity hedges at fair market value Other accrued liabilities $ 1,174 $ 10,305 Total liabilities $ 1,174 $ 10,305 The Company has master agreements with the counterparties to its derivative financial agreements that provide for net settlement of derivative transactions. Accordingly, the net amounts of derivative assets are recognized in either prepaid expenses and other current assets or other assets in the Company’s consolidated balance sheets and the net amounts of derivative liabilities are recognized in other accrued liabilities or other liabilities in the consolidated balance sheets. The following table summarizes the Company’s gross derivative assets and gross derivative liabilities in the consolidated balance sheets: (in thousands) December 29, 2019 December 30, 2018 Gross derivative assets $ 3,298 $ 28,305 Gross derivative liabilities 3,465 38,610 The following table summarizes the Company’s outstanding commodity derivative agreements: (in thousands) December 29, 2019 December 30, 2018 Notional amount of outstanding commodity derivative agreements $ 171,699 $ 168,388 Latest maturity date of outstanding commodity derivative agreements December 2020 December 2019 |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Instruments | 16. Fair Values of Financial Instruments GAAP requires assets and liabilities carried at fair value to be classified and disclosed in one of the following categories: • Level 1: Quoted market prices in active markets for identical assets or liabilities. • Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. • Level 3: Unobservable inputs that are not corroborated by market data. The following methods and assumptions were used by the Company in estimating the fair values of its financial instruments. There were no transfers of assets or liabilities between levels in any period presented. Financial Instrument Fair Value Level Method and Assumptions Deferred compensation plan assets and liabilities Level 1 The fair value of the Company’s non-qualified 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 value of the securities held within the mutual funds. Pension plan assets held in trust funds Level 1 The fair value of the Company’s pension plan assets held in trust funds is based on the fair values of the underlying investments, which are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held. Commodity hedging agreements Level 2 The fair values of the Company’s commodity hedging agreements are based on current settlement values at each balance sheet date. The fair values of the commodity hedging agreements at each balance sheet date represent the estimated amounts the Company would have received or paid upon termination of these agreements. The Company’s credit risk related to the derivative financial instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair value of derivative financial instruments. Non-public variable rate debt Level 2 The carrying amounts of the Company’s non-public variable rate debt approximate their fair values due to variable interest rates with short reset periods. Non-public fixed rate debt Level 2 The fair values of the Company’s non-public fixed rate debt are based on estimated current market prices. Public debt securities Level 2 The fair values of the Company’s public debt securities are based on estimated current market prices. Acquisition related contingent consideration Level 3 The fair values of acquisition related contingent consideration are based on internal forecasts and the WACC derived from market data. The following tables summarize, by assets and liabilities, the carrying amounts and fair values by level of the Company’s deferred compensation plan, pension plan assets held in trust funds, commodity hedging agreements, debt and acquisition related contingent consideration: December 29, 2019 Carrying Total Fair Value Fair Value Fair Value (in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Deferred compensation plan assets $ 42,543 $ 42,543 $ 42,543 $ - $ - Pension plan assets held in trust funds 276,085 276,085 276,085 - - Commodity hedging agreements 1,007 1,007 - 1,007 - Liabilities: Deferred compensation plan liabilities 42,543 42,543 42,543 - - Commodity hedging agreements 1,174 1,174 - 1,174 - Non-public variable rate debt 307,250 307,500 - 307,500 - Non-public fixed rate debt 374,723 383,900 - 383,900 - Public debt securities 347,947 367,300 - 367,300 - Acquisition related contingent consideration 446,684 446,684 - - 446,684 December 30, 2018 Carrying Total Fair Value Fair Value Fair Value (in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Deferred compensation plan assets $ 33,160 $ 33,160 $ 33,160 $ - $ - Liabilities: Deferred compensation plan liabilities 33,160 33,160 33,160 - - Commodity hedging agreements 10,305 10,305 - 10,305 - Non-public variable rate debt 372,074 372,500 - 372,500 - Non-public fixed rate debt 274,717 261,200 - 261,200 - Public debt securities 457,612 455,400 - 455,400 - Acquisition related contingent consideration 382,898 382,898 - - 382,898 The acquisition related contingent consideration is valued using a probability weighted discounted cash flow model based on internal forecasts and the WACC derived from market data, which are considered Level 3 inputs. Each reporting period, the Company adjusts its acquisition related contingent consideration liability related to the distribution territories to fair value by discounting future expected sub-bottling payments required under the CBA using the Company’s estimated WACC. The future expected sub-bottling payments extend through the life of the applicable distribution assets acquired in each System Transformation transaction, which is generally 40 The acquisition related contingent consideration is the Company’s only Level 3 asset or liability. A reconciliation of the Level 3 activity is as follows: Fiscal Year (in thousands) 2019 2018 Beginning balance - Level 3 liability $ 382,898 $ 381,291 Measurement period adjustments (1) - 813 Payment of acquisition related contingent consideration (27,182 ) (24,683 ) Reclassification to current payables (1,820 ) (3,290 ) Increase in fair value 92,788 28,767 Ending balance - Level 3 liability $ 446,684 $ 382,898 ( 1 ) Measurement period adjustments relate to post-closing adjustments made in accordance with the terms and conditions of the applicable asset purchase agreement for distribution territories acquired by the Company in April 2017 and October 2017 as part of the System Transformation. All final post-closing adjustments for these transactions were completed during 2018 . The increase in the fair value of the acquisition related contingent consideration liability during 2019 was primarily driven by changes in future cash flow projections of the distribution territories subject to sub-bottling fees and a decrease in the discount rate used to calculate fair value. The increase in the fair value of the acquisition related contingent consideration liability during 2018 was primarily driven by changes in future cash flow projections of the distribution territories subject to sub-bottling fees The anticipated amount the Company could pay annually under acquisition related contingent consideration arrangements is expected to be in the range of |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes The current income tax provision represents the estimated amount of income taxes paid or payable for the year, as well as changes in estimates from prior years. The deferred income tax provision represents the change in deferred tax liabilities and assets. The following table presents the significant components of the provision for income taxes: Fiscal Year (in thousands) 2019 2018 2017 Current: Federal $ 7,505 $ (4,228 ) $ 12,978 State 4,173 (3,269 ) 5,292 Total current provision (benefit) $ 11,678 $ (7,497 ) $ 18,270 Deferred: Federal $ 4,514 $ 5,701 $ (54,232 ) State (527 ) 3,665 (3,879 ) Total deferred provision (benefit) $ 3,987 $ 9,366 $ (58,111 ) Income tax expense (benefit) $ 15,665 $ 1,869 $ (39,841 ) The Company’s effective income tax rate, as calculated by dividing income tax expense (benefit) by income (loss) before income taxes, was 45.8% for 2019, (14.1)% for 2018 and (63.2)% for 2017. The following table provides a reconciliation of income tax expense (benefit) at the statutory federal rate to actual income tax expense (benefit): Fiscal Year 2019 2018 2017 (in thousands) Income tax expense % pre-tax income Income tax expense % pre-tax income Income tax expense % pre-tax income Statutory (income) / expense $ 7,187 21.0 % $ (2,790 ) 21.0 % $ 22,052 35.0 % Nondeductible compensation 4,313 12.6 2,851 (21.5 ) 230 0.4 Meals, entertainment and travel expense 2,440 7.1 2,734 (20.6 ) 3,684 5.8 Noncontrolling interest – Piedmont (1,826 ) (5.3 ) (1,238 ) 9.3 (1,692 ) (2.7 ) State income taxes, net of federal benefit 1,352 4.0 (376 ) 2.8 2,029 3.2 Valuation allowance change 1,290 3.8 1,566 (11.8 ) 2,718 4.3 Nondeductible fees and expenses 887 2.6 568 (4.3 ) 1,151 1.8 Adjustment for uncertain tax positions (805 ) (2.4 ) 694 (5.2 ) (521 ) (0.8 ) Adjustment for federal tax legislation - - (1,989 ) 15.0 (69,014 ) (109.5 ) Other, net 827 2.4 (151 ) 1.2 (478 ) (0.7 ) Income tax expense (benefit) $ 15,665 45.8 % $ 1,869 (14.1)% $ (39,841 ) (63.2)% The Company’s effective income tax rate, as calculated by dividing income tax expense (benefit) by income (loss) before income taxes minus net income attributable to noncontrolling interest, was 57.9% for 2019, (10.3)% for 2018 and (70.3)% for 2017. The Tax Act was signed into law in 2017 and significantly reformed the Internal Revenue Code of 1986, as amended, which included reducing the corporate tax rate to 21% and changing the deductibility of certain expenses. In 2017, the Company recorded an estimated net benefit resulting from its adoption of the Tax Act of $66.6 million to income tax expense (benefit) in its consolidated financial statements and, in 2018, the Company recorded an additional tax benefit of $1.9 million attributable to the re-measurement of its net deferred tax liability in connection with the filing of its 2017 federal income tax return. The Company records liabilities for uncertain tax positions related to certain income tax positions. These liabilities reflect the Company’s best estimate of the ultimate income tax liability based on currently known facts and information. Material changes in facts or information, as well as the expiration of statute and/or settlements with individual tax jurisdictions, may result in material adjustments to these estimates in the future. The Company recognizes potential interest and penalties related to uncertain tax positions in income tax expense (benefit). During 2019, 2018 and 2017, the interest and penalties related to uncertain tax positions recognized in income tax expense (benefit) were not material. In addition, the amount of interest and penalties accrued at December 29, 2019 and December 30, 2018 were not material. The Company had uncertain tax positions, including accrued interest of $2.5 million on December 29, 2019 and $3.1 million on December 30, 2018, all of which would affect the Company’s effective income tax rate if recognized. While it is expected the amount of uncertain tax positions may change in the next 12 months, the Company does not expect such change would have a significant impact on the consolidated financial statements. A reconciliation of uncertain tax positions, excluding accrued interest, is as follows: Fiscal Year (in thousands) 2019 2018 2017 Gross uncertain tax positions at the beginning of the year $ 2,857 $ 2,286 $ 2,679 Increase as a result of tax positions taken in the current period 60 571 966 Reduction as a result of the expiration of the applicable statute of limitations (634 ) - (1,359 ) Gross uncertain tax positions at the end of the year $ 2,283 $ 2,857 $ 2,286 Deferred income taxes are recorded based upon temporary differences between the financial statement and tax bases of assets and liabilities and available net operating loss and tax credit carryforwards. Temporary differences and carryforwards that comprised deferred income tax assets and liabilities were as follows: (in thousands) December 29, 2019 December 30, 2018 Acquisition related contingent consideration $ 110,036 $ 94,323 Operating lease liabilities 27,346 - Deferred compensation 26,788 26,154 Deferred revenue 24,936 25,027 Accrued liabilities 19,266 18,485 Pension 14,124 7,031 Postretirement benefits 13,250 13,843 Charitable contribution carryover 6,622 5,723 Transactional costs 4,857 5,291 Financing or capital lease agreements 2,432 2,871 Net operating loss carryforwards 2,012 7,628 Other 3,022 4,198 Deferred income tax assets $ 254,691 $ 210,574 Less: Valuation allowance for deferred tax assets 7,190 5,899 Net deferred income tax asset $ 247,501 $ 204,675 Intangible assets $ (151,940 ) $ (154,974 ) Depreciation (147,140 ) (131,856 ) Right of use assets - operating leases (26,997 ) - Investment in Piedmont (23,287 ) (24,540 ) Inventory (12,631 ) (10,553 ) Prepaid expenses (7,627 ) (8,680 ) Patronage dividend (3,009 ) (1,246 ) Deferred income tax liabilities $ (372,631 ) $ (331,849 ) Net deferred income tax liability $ (125,130 ) $ (127,174 ) The Company’s deferred income tax assets and liabilities are subject to adjustment in future periods based on the Company’s ongoing evaluations of such deferred assets and liabilities and new information available to the Company. Valuation allowances are recognized on deferred tax assets if the Company believes it is more likely than not that some or all of the deferred tax assets will not be realized. The Company believes the majority of the deferred tax assets will be realized due to the reversal of certain significant temporary differences and anticipated future taxable income from operations. The valuation allowance of $7.2 million on December 29, 2019 and $5.9 million on December 30, 2018 was established primarily for certain loss carryforwards and deferred compensation. The increase in the valuation allowance as of December 29, 2019 was primarily a result of the deductibility of certain deferred compensation. As of December 29, 2019, the Company had no federal net operating losses and $40.1 million of state net operating losses available to reduce future income taxes, which expire in varying amounts through 2038. Prior tax years beginning in year 2002 remain open to examination by the Internal Revenue Service, and various tax years beginning in year 1998 remain open to examination by certain state tax jurisdictions due to loss carryforwards. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 29, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 18. Benefit Plans Executive Benefit Plans The Company has four executive benefit plans: the Supplemental Savings Incentive Plan, the Long-Term Retention Plan, the Officer Retention Plan and the Long-Term Performance Plan. Pursuant to the Supplemental Savings Incentive Plan, as amended and restated effective November 1, 2011, eligible participants may elect to defer a portion of their annual salary and bonus. Participants are immediately vested in all deferred contributions they make and become fully vested in Company contributions upon completion of five years of service, termination of employment due to death or retirement or a change in control. Participant deferrals and Company contributions made in years prior to 2006 are invested in either a fixed benefit option or certain investment funds specified by the Company. Beginning in 2010, the Company may elect at its discretion to match up to 50% of the first 6% of salary, excluding bonuses, deferred by the participant. During 2019, 2018 and 2017, the Company matched 50% of the first 6% of salary, excluding bonuses, deferred by the participant. The Company may also make discretionary contributions to participants’ accounts. The liability under this plan was as follows: (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ 8,893 $ 8,255 Noncurrent liabilities 79,921 73,524 Total liability - Supplemental Savings Incentive Plan $ 88,814 $ 81,779 Under the Long-Term Retention Plan, effective March 5, 2014, the Company accrues a defined amount each year for an eligible participant based upon an award schedule. Amounts awarded may earn an investment return based on certain investment funds specified by the Company. Benefits under the Long-Term Retention Plan are 50% vested until age 51. Beginning at age 51, the vesting percentage increases by 5% each year until the benefits are fully vested at age 60. Participants receive payments from the plan upon retirement or, in certain instances, upon termination of employment. Payments are made in the form of monthly installments over a period of 10, 15 or 20 years. The liability under this plan was as follows: (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ 102 $ 42 Noncurrent liabilities 3,199 2,140 Total liability - Long-Term Retention Plan $ 3,301 $ 2,182 Under the Officer Retention Plan, as amended and restated effective January 1, 2007, eli g (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ 3,267 $ 3,014 Noncurrent liabilities 41,062 42,179 Total liability - Officer Retention Plan $ 44,329 $ 45,193 Under the Long-Term Performance Plan, as amended and restated effective January 1, 2018, the Compensation Committee establishes dollar amounts to which a participant shall be entitled upon attainment of the applicable performance measures. Bonus awards under the Long-Term Performance Plan are made based on the relative achievement of performance measures in terms of the Company-sponsored objectives or objectives related to the performance of the individual participants or of the subsidiary, division, department, region or function in which the participant is employed. The liability under this plan was as follows: (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ 7,252 $ 5,234 Noncurrent liabilities 8,416 5,244 Total liability - Long-Term Performance Plan $ 15,668 $ 10,478 Pension Plans There are two Company-sponsored pension plans. The Primary Plan was frozen as of June 30, 2006 and no benefits accrued to participants after this date. The Bargaining Plan is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the plans are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes. Each year, the Company updates its mortality assumptions used in the calculation of its pension liability using The Society of Actuaries’ latest mortality tables. In 2019 and 2018 , the mortality table reflected a lower increase in longevity. The following tables set forth pertinent information for the two Company-sponsored pension plans: Fiscal Year (in thousands) 2019 2018 Projected benefit obligation at beginning of year $ 278,957 $ 303,918 Service cost 4,853 5,484 Interest cost 12,299 11,350 Actuarial (gain) / loss 47,651 (29,692 ) Benefits paid (11,456 ) (12,103 ) Projected benefit obligation at end of year $ 332,304 $ 278,957 Changes in Projected Benefit Obligation The projected benefit obligations and the accumulated benefit obligations for both Company-sponsored pension plans were in excess of plan assets as of December 29, 2019 and December 30, 2018. The accumulated benefit obligation was $332.3 million on December 29, 2019 and $279.0 million on December 30, 2018. Change in Plan Assets Fiscal Year (in thousands) 2019 2018 Fair value of plan assets at beginning of year $ 256,168 $ 258,513 Actual return on plan assets 29,549 (10,242 ) Employer contributions 4,900 20,000 Benefits paid (13,918 ) (12,103 ) Fair value of plan assets at end of year $ 276,699 $ 256,168 Funded Status (in thousands) December 29, 2019 December 30, 2018 Projected benefit obligation $ (332,304 ) $ (278,957 ) Plan assets at fair value 276,699 256,168 Net funded status $ (55,605 ) $ (22,789 ) Amounts Recognized in the Consolidated Balance Sheets (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ - $ - Noncurrent liabilities (55,605 ) (22,789 ) Total liability - pension plans $ (55,605 ) $ (22,789 ) Net Periodic Pension Cost (Benefit) Fiscal Year (in thousands) 2019 2018 2017 Service cost $ 4,853 $ 5,484 $ 2,553 Interest cost 12,299 11,350 11,938 Expected return on plan assets (10,290 ) (15,415 ) (13,597 ) Recognized net actuarial loss 3,688 3,830 3,402 Amortization of prior service cost 22 25 28 Net periodic pension cost $ 10,572 $ 5,274 $ 4,324 Significant Assumptions Fiscal Year 2019 2018 2017 Projected benefit obligation at the measurement date: Discount rate - Primary Plan 3.36 % 4.47 % 3.80 % Discount rate - Bargaining Plan 3.61 % 4.63 % 3.90 % Weighted average rate of compensation increase N/A N/A N/A Net periodic pension cost for the fiscal year: Discount rate - Primary Plan 4.47 % 3.80 % 4.44 % Discount rate - Bargaining Plan 4.63 % 3.90 % 4.49 % Weighted average expected long-term rate of return of plan assets - Primary Plan (1) 5.00 % 6.00 % 6.00 % Weighted average expected long-term rate of return of plan assets - Bargaining Plan (1) 5.25 % 6.00 % 6.00 % Weighted average rate of compensation increase N/A N/A N/A (1) The weighted average expected long-term rate of return, which is used in computing net periodic pension cost, reflects an estimate of long-term future returns for the pension plan assets net of expenses. The estimate is primarily a function of the asset classes, equities versus fixed income, in which the pension plan assets are invested and the analysis of past performance of these asset classes over a long period of time. The analysis includes expected long-term inflation and the risk premiums associated with equity investments and fixed income investments. The decrease in the discount rates in 2019, as compared to 2018, was the primary driver of actuarial losses in 2019. The increase in the discount rates in 2018, as compared to 2017, was the primary driver of actuarial gains in 2018. The actuarial gains and losses, net of tax, were recorded in other comprehensive loss. Cash Flows (in thousands) Anticipated Future Pension Benefit Payments for the Fiscal Years 2020 $ 12,107 2021 12,824 2022 13,553 2023 14,358 2024 15,061 2025 – 2029 84,464 Contributions to the two Company-sponsored pension plans are expected to be in the range of $7 million to $12 million in 2020. Plan Assets All assets in the Company’s pension plans are invested in institutional investment funds managed by professional investment advisors which hold U.S. equities, international equities and debt securities. The objective of the Company’s investment philosophy is to earn the plans’ targeted rate of return over longer periods without assuming excess investment risk. The weighted average expected long-term rate of return assumption for the pension plan assets, which will be used to compute 2020 net periodic pension costs, is based upon target asset allocation and is determined using forward-looking assumptions in the context of historical returns and volatilities for each asset class. The Company evaluates the rate of return assumption on an annual basis. The Company’s pension plans target asset allocation for 2020, actual asset allocation at December 29, 2019 and December 30, 2018, and the weighted average expected long-term rate of return by asset category were as follows: Target Percentage of Plan Weighted Average Expected Allocation Assets at Fiscal Year-End Long-Term Rate of Return 2020 2019 2018 2020 (1) U.S. debt securities 65 % 57 % 64 % 3.3 % U.S. equity securities 26 % 24 % 25 % 1.6 % International debt securities 0 % 8 % 0 % 0.0 % International equity securities 7 % 9 % 9 % 0.5 % Cash and cash equivalents 2 % 2 % 2 % 0.1 % Total 100 % 100 % 100 % 5.5 % (1) The weighted average expected long-term rate of return of plan assets is 5.50% for the Primary Plan and 6.25% for the Bargaining Plan. Debt securities as of December 29, 2019 are comprised of investments in government and corporate bonds with a weighted average maturity of approximately 14 years and an institutional high yield bond fund with a modified duration of approximately three years. U.S. equity securities include: (i) large capitalization domestic equity funds as represented by the S&P 500 index, (ii) mid-capitalization domestic equity funds as represented by the Russell Mid Cap Growth and Mid Cap Value indexes, (iii) small-capitalization domestic equity funds as represented by the Russell Small Cap Growth and Value indexes and (iv) alternative investment funds as represented by the HFRX Global index and the MSCI US REIT index. The following table summarizes the Company’s pension plan assets held in trust funds. The underlying investments held in trust funds are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. (in thousands) December 29, 2019 December 30, 2018 Pension plan assets held in trust funds - fixed income $ 179,153 $ 164,307 Pension plan assets held in trust funds - equity securities 89,861 86,107 Pension plan assets held in trust funds - cash equivalents 7,071 4,975 Total pension plan assets held in trust funds $ 276,085 $ 255,389 In addition, the Company had other level 1 pension plan assets related to its equity securities of $0.6 million in 2019 and $0.8 million in 2018. The level 1 assets had quoted market prices in active markets for identical assets available for fair value measurement. The Company does not have any unobservable inputs (Level 3) pension plan assets. 401(k) Savings Plan The Company provides a 401(k) Savings Plan for substantially all of its employees who are not part of collective bargaining agreements and for certain employees under collective bargaining agreements. The Company’s matching contribution for employees who are not part of collective bargaining agreements is discretionary, with the option to match contributions for eligible participants up to 5% Postretirement Benefits The Company provides postretirement benefits for employees meeting specified criteria The following tables set forth pertinent information for the Company’s postretirement benefit plan: Reconciliation of Activity Fiscal Year (in thousands) 2019 2018 Benefit obligation at beginning of year $ 64,461 $ 76,665 Service cost 1,496 1,854 Interest cost 2,750 2,694 Plan participants’ contributions 750 776 Actuarial gain (4,191 ) (14,552 ) Benefits paid (3,296 ) (3,042 ) Medicare Part D subsidy reimbursement 86 66 Benefit obligation at end of year $ 62,056 $ 64,461 Reconciliation of Plan Assets Fair Value Fiscal Year (in thousands) 2019 2018 Fair value of plan assets at beginning of year $ - $ - Employer contributions 2,460 2,200 Plan participants’ contributions 750 776 Benefits paid (3,296 ) (3,042 ) Medicare Part D subsidy reimbursement 86 66 Fair value of plan assets at end of year $ - $ - Funded Status (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ 2,831 $ 3,219 Noncurrent liabilities 59,225 61,242 Total liability - postretirement benefits $ 62,056 $ 64,461 Net Periodic Postretirement Benefit Cost Fiscal Year (in thousands) 2019 2018 2017 Service cost $ 1,496 $ 1,854 $ 2,232 Interest cost 2,750 2,694 3,636 Recognized net actuarial loss 730 1,889 2,942 Amortization of prior service cost (1,293 ) (1,847 ) (2,982 ) Net periodic postretirement benefit cost $ 3,683 $ 4,590 $ 5,828 Significant Assumptions Fiscal Year 2019 2018 2017 Benefit obligation discount rate at measurement date 3.32 % 4.41 % 3.72 % Net periodic postretirement benefit cost discount rate for fiscal year 4.41 % 3.72 % 4.36 % Postretirement benefit expense - Pre-Medicare: Weighted average healthcare cost trend rate 7.13 % 7.82 % 6.94 % Trend rate graded down to ultimate rate 4.50 % 4.50 % 4.50 % Ultimate rate year 2026 2025 2025 Postretirement benefit expense - Post-Medicare: Weighted average healthcare cost trend rate 7.11 % 7.74 % 8.07 % Trend rate graded down to ultimate rate 4.50 % 4.50 % 4.50 % Ultimate rate year 2026 2025 2025 A 1% increase or decrease in the annual healthcare cost trend would have impacted the postretirement benefit obligation and service cost and interest cost of the Company’s postretirement benefit plan as follows: (in thousands) 1% Increase 1% Decrease Postretirement benefit obligation at December 29, 2019 $ 8,128 $ (7,123 ) Service cost and interest cost in 2019 548 (489 ) Cash Flows (in thousands) Anticipated Future Postretirement Benefit Payments Reflecting Expected Future Service 2020 $ 2,831 2021 3,003 2022 3,122 2023 3,169 2024 3,439 2025 – 2029 19,138 Anticipated future postretirement benefit payments are shown net of Medicare Part D subsidy reimbursements, which are not material. A reconciliation of the amounts in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost is as follows: (in thousands) December 30, 2018 Actuarial Gain (Loss) Reclassification Adjustments December 29, 2019 Pension Plans: Actuarial loss $ (119,595 ) $ (30,855 ) $ 3,688 $ (146,762 ) Prior service costs (48 ) - 22 (26 ) Postretirement Medical: Actuarial loss (14,658 ) 4,192 730 (9,736 ) Prior service credits 1,293 - (1,293 ) - Total within accumulated other comprehensive loss $ (133,008 ) $ (26,663 ) $ 3,147 $ (156,524 ) The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic cost during 2020 are as follows: (in thousands) Pension Plans Postretirement Medical Total Actuarial loss $ 4,758 $ 350 $ 5,108 Prior service cost 19 - 19 Total expected to be recognized during 2020 $ 4,777 $ 350 $ 5,127 Multiemployer Pension Plans Certain employees of the Company whose employment is covered under collective bargaining agreements participate in a multiemployer pension plan, the Employers-Teamsters Local Union Nos. 175 and 505 Pension Fund (the “Teamsters Plan”). The Company makes monthly contributions to the Teamsters Plan on behalf of such employees. The collective bargaining agreements covering the Teamsters Plan expire at various times through 2022. The Company expects these agreements will be re-negotiated. Participating in the Teamsters Plan involves certain risks in addition to the risks associated with single employer plans, as contributed assets are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the Teamsters Plan, the unfunded obligations of the Teamsters Plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the Teamsters Plan, the Company could be required to pay the Teamsters Plan a withdrawal liability based on the underfunded status of the Teamsters Plan. The Company does not anticipate withdrawing from the Teamsters Plan. In 2015, the Company increased its contribution rates to the Teamsters Plan, with additional increases occurring annually, as part of a rehabilitation plan, which was incorporated into the renewal of collective bargaining agreements with the unions effective April 28, 2014 and adopted by the Company as a rehabilitation plan effective January 1, 2015. This is a result of the Teamsters Plan being certified by its actuary as being in “critical” status for the plan year beginning January 1, 2013. The Company’s participation in the Teamsters Plan is outlined in the table below. A red zone represents less than 80% funding and requires a financial improvement plan (“FIP”) or rehabilitation plan (“RP”). Fiscal Year (in thousands) 2019 2018 2017 Pension Protection Act Zone Status Red Red Red FIP or RP pending or implemented Yes Yes Yes Surcharge imposed Yes Yes Yes Contribution $ 987 $ 763 $ 800 According to the Teamsters Plan’s Form 5500 for both the plan years ending December 30, 2018 and December 31, 2017, the Company was not listed as providing more than 5% of the total contributions. At the date these financial statements were issued, a Form 5500 was not available for the plan year ending December 29, 2019. The Company has a liability recorded for withdrawing from a multiemployer pension plan in 2008 and is required to make payments of approximately $1 million to this multiemployer pension plan each year through 2028. As of December 29, 2019, the Company had $6.4 million remaining on this liability. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 29, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 19. Other Liabilities Other liabilities consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Noncurrent portion of acquisition related contingent consideration $ 405,597 $ 349,905 Accruals for executive benefit plans 141,380 126,103 Noncurrent deferred proceeds from Territory Conversion Fee 82,877 85,163 Noncurrent deferred proceeds from Legacy Facilities Credit 29,569 30,369 Other 9,143 17,595 Total other liabilities $ 668,566 $ 609,135 |
Debt
Debt | 12 Months Ended |
Dec. 29, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 20. Debt Following is a summary of the Company’s debt: (in thousands) Maturity Date Interest Rate Interest Paid Public or Nonpublic December 29, 2019 December 30, 2018 Senior notes (1) 4/15/2019 7.00% Semi-annually Public $ - $ 110,000 Term loan facility (1) 6/7/2021 Variable Varies Nonpublic 262,500 292,500 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 80,000 Senior notes 11/25/2025 3.80% Semi-annually Public 350,000 350,000 Senior notes 10/10/2026 3.93% Quarterly Nonpublic 100,000 - Senior notes 3/21/2030 3.96% Quarterly Nonpublic 150,000 150,000 Unamortized discount on senior notes (3) 4/15/2019 - (78 ) Unamortized discount on senior notes (3) 11/25/2025 (52 ) (61 ) Debt issuance costs (2,528 ) (2,958 ) Long-term debt $ 1,029,920 $ 1,104,403 (1) (2) The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million, which may be increased at the Company’s option to $750 million, subject to obtaining commitments from the lenders and satisfying other conditions specified in the credit agreement. The Company currently believes all banks participating in the revolving credit facility have the ability to and will meet any funding requests from the Company. ( 3 ) The principal maturities of debt outstanding on December 29, 2019 were as follows: (in thousands) Debt Maturities Fiscal 2020 $ 45,000 Fiscal 2021 217,500 Fiscal 2022 - Fiscal 2023 170,000 Fiscal 2024 - Thereafter 600,000 Total debt $ 1,032,500 The Company mitigates its financing risk by using multiple financial institutions and only entering into credit arrangements with institutions with investment grade credit ratings. The Company monitors counterparty credit ratings on an ongoing basis. In April 2019, the Company sold $100 million aggregate principal amount of senior unsecured notes due in 2026 to MetLife Investment Advisors, LLC (“MetLife”) and certain of its affiliates pursuant to a Note Purchase and Private Shelf Agreement dated January 23, 2019 between the Company, MetLife and the other parties thereto. These notes bear interest at 3.93%, payable quarterly in arrears and will mature on October 10, 2026, unless earlier redeemed by the Company. The Company used the proceeds to refinance the senior notes due on April 15, 2019. The Company may request that MetLife consider the purchase of additional senior unsecured notes of the Company under the agreement in an aggregate principal amount of up to $200 million. In July 2019, the Company entered into a $100 million fixed rate swap maturing June 7, 2021, to hedge a portion of the interest rate risk on the Company’s term loan facility. This interest rate swap is designated as a cash flow hedging instrument and is not expected to be material to the consolidated balance sheets. Changes in the fair value of this interest rate swap were classified as accumulated other loss on the consolidated balance sheets and included in the consolidated statements of comprehensive income. The indentures under which the Company’s public debt was issued do not include financial covenants but do limit the incurrence of certain liens and encumbrances as well as indebtedness by the Company’s subsidiaries in excess of certain amounts. The agreements under which the Company’s nonpublic debt were issued include two financial covenants: a consolidated cash flow/fixed charges ratio and a consolidated funded indebtedness/cash flow ratio, each as defined in the respective agreements. The Company was in compliance with these covenants as of December 29, 2019 . These covenants do not currently, and the Company does not anticipate they will, restrict its liquidity or capital resources. All outstanding long-term debt has been issued by the Company and none has been issued by any of its subsidiaries. There are no guarantees of the Company’s debt. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 21. Commitments and Contingencies Manufacturing Cooperatives The Company is obligated to purchase at least 80% of its requirements of plastic bottles for certain designated territories from Southeastern. The Company is also obligated to purchase 17.5 million cases of finished product from SAC on an annual basis through June 2024. The Company purchased 29.4 million cases, 29.2 million cases and 29.9 million cases of finished product from SAC in 2019, 2018 and 2017, respectively. The following table summarizes the Company’s purchases from these manufacturing cooperatives: Fiscal Year (in thousands) 2019 2018 2017 Purchases from Southeastern $ 132,328 $ 125,352 $ 108,528 Purchases from SAC 160,189 155,583 148,511 Total purchases from manufacturing cooperatives $ 292,517 $ 280,935 $ 257,039 The Company guarantees a portion of SAC’s debt, which expires at various dates through 2024. The amounts guaranteed were $14.7 million on December 29, 2019 and $23.9 million on December 30, 2018. In the event SAC fails to fulfill its commitments under the related debt, the Company would be responsible for payments to the lenders up to the level of the guarantee. The Company does not anticipate SAC will fail to fulfill its commitment related to the debt. The Company further believes SAC has sufficient assets, including production equipment, facilities and working capital, and the ability to adjust selling prices of its products to adequately mitigate the risk of material loss from the Company’s guarantee. The Company holds no assets as collateral against the SAC guarantee, the fair value of which is immaterial to the Company’s consolidated financial statements. The Company monitors its investment in SAC and would be required to write down its investment if an impairment was identified and the Company determined it to be other than temporary. No impairment of the Company’s investment in SAC was identified as of December 29, 2019, and there was no impairment identified in 2019, 2018 or 2017. Other Commitments and Contingencies The Company has standby letters of credit, primarily related to its property and casualty insurance programs. These letters of credit totaled $35.6 million on both December 29, 2019 and December 30, 2018. The Company participates in long-term marketing contractual arrangements with certain prestige properties, athletic venues and other locations. As of December 29, 2019, the future payments related to these contractual arrangements, which expire at various dates through 2033, amounted to $195.4 million. The Company is involved in various claims and legal proceedings which have arisen in the ordinary course of its business. Although it is difficult to predict the ultimate outcome of these claims and legal proceedings, management believes that the ultimate disposition of these matters will not have a material adverse effect on the financial condition, cash flows or results of operations of the Company. No material amount of loss in excess of recorded amounts is believed to be reasonably possible as a result of these claims and legal proceedings. The Company is subject to audits by tax authorities in jurisdictions where it conducts business. These audits may result in assessments that are subsequently resolved with the authorities or potentially through the courts. Management believes the Company has adequately provided for any assessments likely to result from these audits; however, final assessments, if any, could be different than the amounts recorded in the consolidated financial statements. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 29, 2019 | |
Risks And Uncertainties [Abstract] | |
Risks and Uncertainties | 22. Risks and Uncertainties Approximately 85% of the Company’s total bottle/can sales volume to retail customers consists of products of The Coca‑Cola Company, which is the sole supplier of these products or of the concentrates or syrups required to manufacture these products. The remaining bottle/can sales volume to retail customers consists of products of other beverage companies. The Company has beverage agreements with The Coca‑Cola Company and other beverage companies under which it has various requirements. Failure to meet the requirements of these beverage agreements could result in the loss of distribution rights for the respective products. The Company faces concentration risks related to a few customers comprising a large portion of the Company’s annual sales volume and net revenue. The following table summarizes the percentage of the Company’s total bottle/can sales volume to its largest customers, as well as the percentage of the Company’s total net sales, which are included in the Nonalcoholic Beverages segment, that such volume represents. No other customer represented greater than 10% of the Company’s total net sales for any years presented. Fiscal Year 2019 2018 2017 Approximate percent of the Company’s total bottle/can sales volume Wal-Mart Stores, Inc. 19 % 19 % 19 % The Kroger Company 12 % 11 % 10 % Total approximate percent of the Company’s total bottle/can sales volume 31 % 30 % 29 % Approximate percent of the Company’s total net sales Wal-Mart Stores, Inc. 13 % 14 % 13 % The Kroger Company 8 % 8 % 7 % Total approximate percent of the Company’s total net sales 21 % 22 % 20 % The Company purchases all of its aluminum cans from two domestic suppliers and all of its plastic bottles from two manufacturing cooperatives. See Note 3 and Note 21 for additional information. The Company is exposed to price risk on commodities such as aluminum, corn and resin which affects the cost of raw materials used in the production of finished products. The Company both produces and procures these finished products. Examples of the raw materials affected are aluminum cans and plastic bottles used for packaging and high fructose corn syrup used as a product ingredient. Further, the Company is exposed to commodity price risk on crude oil which impacts the Company’s cost of fuel used in the movement and delivery of the Company’s products. The Company participates in commodity hedging and risk mitigation programs administered both by CCBSS and by the Company. In addition, there is no limit on the price The Coca‑Cola Company and other beverage companies can charge for concentrate. Certain liabilities of the Company, including floating rate debt, retirement benefit obligations and the Company’s pension liability, are subject to risk of changes in both long-term and short-term interest rates. The Company’s contingent consideration liability resulting from the acquisition of the distribution territories acquired in the System Transformation, excluding territories the Company acquired in an exchange transaction, is subject to risk as a result of changes in the Company’s probability weighted discounted cash flow model, which is based on internal forecasts, and changes in the Company’s WACC, which is derived from market data. Approximately 14% of the Company’s labor force is covered by collective bargaining agreements. The Company’s collective bargaining agreements, which generally have 3- to 5-year terms, expire at various dates through 2024. Terms and conditions of new labor union agreements could increase the Company’s exposure to work interruptions or stoppages. |
Capital Transactions
Capital Transactions | 12 Months Ended |
Dec. 29, 2019 | |
Equity [Abstract] | |
Capital Transactions | 23. Capital Transactions During the first quarter of each year presented, J. Frank Harrison, III received shares of the Company’s Class B Common Stock in connection with his services as Chairman of the Board of Directors and Chief Executive Officer of the Company during the prior year, pursuant to the Performance Unit Award Agreement. The Performance Unit Award Agreement expired at the end of 2018, with the final award issued in 2019. As permitted under the terms of the Performance Unit Award Agreement, a number of shares were settled in cash each year to satisfy tax withholding obligations in connection with the vesting of the performance units. The remaining number of shares increased the total shares of Class B Common Stock outstanding. A summary of the awards issued in 2019, 2018 and 2017 is as follows: Fiscal Year 2019 2018 2017 Date of approval for award March 5, 2019 March 6, 2018 March 7, 2017 Fiscal year of service covered by award 2018 2017 2016 Shares settled in cash 15,476 16,504 18,980 Increase in Class B Common Stock shares outstanding 19,224 20,296 21,020 Total Class B Common Stock awarded 34,700 36,800 40,000 Compensation expense for the awards issued pursuant to the Performance Unit Award Agreement, recognized based on the closing share price of the last trading day prior to the end of each fiscal period, was $2.0 million in 2019, $5.6 million in 2018 and $7.9 million in 2017. In 2018, the Compensation Committee and the Company’s stockholders approved the Long-Term Performance Equity Plan, which compensates J. Frank Harrison, III based on the Company’s performance. The Long-Term Performance Equity Plan succeeded the Performance Unit Award Agreement upon its expiration. Awards granted under the Long-Term Performance Equity Plan are earned based on the Company’s attainment during a performance period of certain performance measures, each as specified by the Compensation Committee. These awards may be settled in cash and/or shares of Class B Common Stock, based on the average of the closing prices of shares of Common Stock during the last 20 trading days of the performance period. Compensation expense for the Long-Term Performance Equity Plan, which is included in SD&A expenses on the consolidated statements of operations, was $12.9 million in 2019 and $2.0 million in 2018. The Company has two classes of common stock outstanding, Common Stock and Class B Common Stock. The Common Stock is traded on the NASDAQ Global Select Market sm No cash dividend or dividend of property or stock other than stock of the Company, as specifically described in the Company’s certificate of incorporation, may be declared and paid on the Class B Common Stock unless an equal or greater dividend is declared and paid on the Common Stock. During 2019, 2018 and 2017, dividends of $1.00 per share were declared and paid on both Common Stock and Class B Common Stock. Total cash dividends paid were $9.4 million in 2019, $9.4 million in 2018 and $9.3 million in 2017. Each share of Common Stock is entitled to one vote per share and each share of Class B Common Stock is entitled to 20 votes per share at all meetings of shareholders. Except as otherwise required by law, holders of the Common Stock and Class B Common Stock vote together as a single class on all matters brought before the Company’s stockholders. In the event of liquidation, there is no preference between the two classes of common stock. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 29, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 24. Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) (“AOCI(L)”) is comprised of adjustments relative to the Company’s pension and postretirement medical benefit plans and foreign currency translation adjustments required for a subsidiary of the Company that performs data analysis and provides consulting services outside the United States. A summary of AOCI(L) for 2019, 2018 and 2017 is as follows: Gains (Losses) During the Period Reclassification to Income December 30, Pre-tax Tax Pre-tax Tax December 29, (in thousands) 2018 Activity Effect Activity Effect 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 December 31, Pre-tax Tax Pre-tax Tax December 30, (in thousands) 2017 Activity Effect Activity Effect 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 ) Gains (Losses) During the Period Reclassification to Income January 1, Pre-tax Tax Pre-tax Tax December 31, (in thousands) 2017 Activity Effect Activity Effect 2017 Net pension activity: Actuarial loss $ (72,393 ) $ (11,219 ) $ 2,768 $ 3,402 $ (1,176 ) $ (78,618 ) Prior service costs (61 ) - - 28 (10 ) (43 ) Net postretirement benefits activity: Actuarial loss (24,111 ) (1,796 ) 443 11,199 (3,034 ) (17,299 ) Prior service credits 3,679 - - (2,982 ) 1,047 1,744 Foreign currency translation adjustment (11 ) - - 40 (15 ) 14 Total AOCI(L) $ (92,897 ) $ (13,015 ) $ 3,211 $ 11,687 $ (3,188 ) $ (94,202 ) A summary of the impact on the statements of operations line items is as follows: 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 SD&A expenses 2,707 (352 ) (359 ) (19 ) 1,977 Subtotal pre-tax 3,710 (563 ) (359 ) (19 ) 2,769 Income tax expense (benefit) 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 SD&A expenses 2,968 35 (19 ) 2,984 Subtotal pre-tax 3,854 42 (19 ) 3,877 Income tax expense (benefit) 950 10 (5 ) 955 Total after tax effect $ 2,904 $ 32 $ (14 ) $ 2,922 Fiscal 2017 (in thousands) Net Pension Activity Net Postretirement Benefits Activity Foreign Currency Translation Adjustment Total Cost of sales $ 377 $ (9 ) $ - $ 368 SD&A expenses 3,053 (31 ) 40 3,062 Subtotal pre-tax 3,430 (40 ) 40 3,430 Income tax expense (benefit) 1,186 (50 ) 15 1,151 Total after tax effect $ 2,244 $ 10 $ 25 $ 2,279 |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 29, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 25. Supplemental Disclosures of Cash Flow Information Changes in current assets and current liabilities affecting cash were as follows: Fiscal Year (in thousands) 2019 2018 2017 Accounts receivable, trade, net $ 7,979 $ (39,333 ) $ (121,203 ) Accounts receivable from The Coca-Cola Company (17,496 ) 11,643 3,272 Accounts receivable, other (12,601 ) 8,467 (9,190 ) Inventories (15,893 ) (26,415 ) 2,527 Prepaid expenses and other current assets 458 29,785 (22,870 ) Accounts payable, trade 28,808 (36,355 ) 73,603 Accounts payable to The Coca-Cola Company 938 (36,095 ) 33,757 Other accrued liabilities (40,955 ) 62,892 31,525 Accrued compensation 18,228 (1,943 ) 7,351 Accrued interest payable (1,147 ) 967 1,487 Change in current assets less current liabilities (exclusive of acquisitions) $ (31,681 ) $ (26,387 ) $ 259 The Company had the following net cash payments (refunds) during the period for interest and income taxes: Fiscal Year (in thousands) 2019 2018 2017 Interest $ 43,397 $ 45,067 $ 39,609 Income taxes 6,309 (36,991 ) 30,965 The Company had the following significant noncash investing and financing activities: Fiscal Year (in thousands) 2019 2018 2017 Right of use assets obtained in exchange for lease obligations $ 38,713 $ - $ - Additions to property, plant and equipment accrued and recorded in accounts payable, trade 19,452 13,675 22,329 Issuance of Class B Common Stock in connection with stock award 4,776 3,831 3,669 Estimated fair value related to divestitures completed in October 2017 - - 151,434 Gain on acquisition of Southeastern Container preferred shares in CCR redistribution - - 6,012 Accounts receivable from The Coca-Cola Company for adjustments to the cash purchase price for the acquisitions completed in April 2017 - - 4,707 Capital lease obligations incurred - - 2,233 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 29, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 26. Quarterly Financial Data (Unaudited) The unaudited quarterly financial data for the fiscal years ended December 29, 2019 and December 30, 2018 is included in the following tables. Sales volume has historically been the highest in the second and third quarter of each fiscal year. Additional meaningful financial information is included in the table following each presented period. 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 ) Quarter Ended (in thousands, except per share data) April 1, 2018 July 1, 2018 September 30, 2018 December 30, 2018 Net sales $ 1,064,757 $ 1,220,003 $ 1,204,033 $ 1,136,571 Gross profit 357,641 404,708 412,716 380,647 Income (loss) from operations (18,997 ) 19,679 44,404 12,816 Net income (loss) attributable to Coca-Cola Consolidated, Inc. (14,185 ) (3,933 ) 25,164 (26,976 ) Basic net income (loss) per share based on net income (loss) attributable to Coca-Cola Consolidated, Inc.: Common Stock $ (1.52 ) $ (0.42 ) $ 2.69 $ (2.88 ) Class B Common Stock $ (1.52 ) $ (0.42 ) $ 2.69 $ (2.88 ) Diluted net income (loss) per share based on net income (loss) attributable to Coca-Cola Consolidated, Inc.: Common Stock $ (1.52 ) $ (0.42 ) $ 2.69 $ (2.88 ) Class B Common Stock $ (1.52 ) $ (0.42 ) $ 2.68 $ (2.87 ) Additional Information for 2018: Quarter Ended (in thousands) April 1, 2018 July 1, 2018 September 30, 2018 December 30, 2018 Pre-tax income/(expense) impact: Expenses related to the System Transformation $ (12,450 ) $ (9,871 ) $ (10,417 ) $ (10,598 ) Gain on exchange transactions - - 10,170 - Expenses related to workforce optimization - (4,810 ) - (3,745 ) |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 29, 2019 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts and Reserves | Schedule II COCA-COLA CONSOLIDATED, INC. VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Allowance for Doubtful Accounts Fiscal Year (in thousands) 2019 2018 2017 Balance at beginning of year $ 9,141 $ 7,606 $ 4,448 Additions charged to expenses and as reductions to net sales 9,769 9,964 4,464 Deductions 5,128 8,429 1,306 Balance at end of year $ 13,782 $ 9,141 $ 7,606 Deferred Income Tax Valuation Allowance Fiscal Year (in thousands) 2019 2018 2017 Balance at beginning of year $ 5,899 $ 4,337 $ 1,618 Adjustment for federal tax legislation (1) - - 2,419 Additions charged to costs and expenses 1,291 1,562 877 Deductions credited to expense - - 577 Balance at end of year $ 7,190 $ 5,899 $ 4,337 (1) In 2017, the Company increased its valuation allowance as a result of the deductibility of certain deferred compensation based on the current interpretation of the Tax Act. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2019 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Coca‑Cola Consolidated, Inc. (the “Company”) produces, markets and distributes nonalcoholic beverages, primarily products of The Coca‑Cola Company, and is the largest Coca‑Cola bottler in the United States. Approximately 85% of the Company’s total bottle/can sales volume to retail customers consists of products of The Coca‑Cola Company, which include some of the most recognized and popular beverage brands in the world. The Company also distributes products for several other beverage companies, including BA Sports Nutrition, LLC (“BodyArmor”), Keurig Dr Pepper Inc. (“Dr Pepper”) and Monster Energy Company (“Monster Energy”). The Company manages its business on the basis of three operating segments. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated revenues and . The additional two operating segments do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, and therefore have been combined into “All Other.” Piedmont Coca-Cola Bottling Partnership (“Piedmont”) is the Company’s only subsidiary that has a significant third-party noncontrolling interest. Piedmont distributes and markets nonalcoholic beverages in portions of North Carolina and South Carolina. The Company provides a portion of these nonalcoholic beverage products to Piedmont at cost and receives a fee for managing the operations of Piedmont pursuant to a management agreement. See Note 2 for additional information. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fiscal Year | Fiscal Year The Company’s fiscal year generally ends on the Sunday closest to December 31 of each year. The fiscal years presented are the 52‑week periods ended December 29, 2019 (“2019”), December 30, 2018 (“2018”) and December 31, 2017 (“2017”). |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks and cash equivalents, which are highly liquid debt instruments with maturities of less than 90 days. The Company maintains cash deposits with major banks, which, from time to time, may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes the risk of any loss is minimal. |
Accounts Receivable, Trade | Accounts Receivable, Trade The Company sells its products to mass merchandisers, supermarkets, convenience stores and other customers and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company’s trade accounts receivable are typically collected within 30 days from the date of sale. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company sells its products and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company evaluates the collectibility of its trade accounts receivable based on a number of factors, including the Company’s historic collections pattern and changes to a specific customer’s ability to meet its financial obligations. The Company has established an allowance for doubtful accounts to adjust the recorded receivable to the estimated amount the Company believes will ultimately be collected. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method for finished products and manufacturing materials and on the average cost method for plastic shells, plastic pallets and other inventories. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements on operating leases are depreciated over the shorter of the estimated useful lives or the term of the lease, including renewal options the Company determines are reasonably assured. Additions and major replacements or betterments are added to the assets at cost. Maintenance and repair costs and minor replacements are charged to expense when incurred. When assets are replaced or otherwise disposed, the cost and accumulated depreciation are removed from the accounts and the gains or losses, if any, are reflected in the statements of operations. Gains or losses on the disposal of manufacturing equipment and manufacturing plants are included in cost of sales. Gains or losses on the disposal of all other property, plant and equipment are included in selling, delivery and administrative (“SD&A”) expenses. The Company evaluates the recoverability of the carrying amount of its property, plant and equipment when events or circumstances indicate the carrying amount of an asset or asset group may not be recoverable. These evaluations are performed at a level where independent cash flows may be attributed to either an asset or an asset group. If the Company determines the carrying amount of an asset or asset group is not recoverable based upon the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair value of the long-lived assets. |
Leases | Leases See Note 10 for information on the Company’s operating lease and financing lease policies. The Company leases office and warehouse space, machinery and other equipment under noncancelable operating lease agreements and also leases certain warehouse space under financing lease agreements. The Company adopted the lease standard using the optional transition method on December 31, 2018, the transition date, and elected to adopt the following practical expedients as accounting policy upon initial adoption of the lease standard: • Short-term lease exception: Allows the Company to not recognize leases with a contractual term of less than 12 months on the balance sheet. • Election to not separate non-lease components: Allows the Company to not separate lease and non-lease components and to account for both components as a single component, recognized on its consolidated balance sheets. • Package of practical expedients for transition: Allows the Company to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) any initial direct costs for any existing leases as of the transition date. • Additional transition method/relief: Allows the Company to apply the transition requirements in the lease standard as of the transition date, with any impact of initially applying the lease standard recognized as a cumulative effect adjustment to retained earnings in the period of adoption. This also requires the Company to maintain previous disclosure requirements for comparative periods. Upon adoption of the lease standard on December 31, 2018, the Company recorded right of use assets for operating leases of $88.0 million and associated lease liabilities of $88.2 million. The adoption of the lease standard did not change previously reported consolidated statements of operations, did not result in a cumulative effect adjustment to retained earnings in the period of adoption and did not impact cash flows. The Company used the following policies and assumptions to evaluate its population of leases: • Determining a lease: The Company assesses contracts at inception to determine whether an arrangement is or includes a lease, which conveys the Company’s right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right of use assets and associated liabilities are recognized at the commencement date and initially measured based on the present value of lease payments over the defined lease term. • Allocating lease and non-lease components: The Company has elected the practical expedient to not separate lease and non-lease components for certain classes of underlying assets. The Company has equipment and vehicle lease agreements, which generally have the lease and associated non-lease components accounted for as a single lease component. The Company has real estate lease agreements with lease and non-lease components, which are generally accounted for separately where applicable. • Discount rate: The Company calculates the discount rate based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company calculates an incremental borrowing rate using a portfolio approach. The incremental borrowing rate is calculated using the contractual lease term and the Company’s borrowing rate. • Lease term: The Company does not recognize leases with a contractual term of less than 12 months on its consolidated balance sheets. Lease expense for these short-term leases is expensed on a straight-line basis over the lease term. • Rent increases or escalation clauses: Certain leases contain scheduled rent increases or escalation clauses, which can be based on the CPI or other rates. The Company assesses each contract individually and applies the appropriate variable payments based on the terms of the agreement. • Renewal options and/or purchase options: Certain leases include renewal options to extend the lease term and/or purchase options to purchase the leased asset. The Company assesses these options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of the Company’s leases do not include renewal periods or purchase options for the measurement of the right of use asset and the associated lease liability. For leases the Company is reasonably certain to renew or purchase, those options are included within the lease term and, therefore, included in the measurement of the right of use asset and the associated lease liability. • Option to terminate: Certain leases include the option to terminate the lease prior to its scheduled expiration. This allows a contractually bound party to terminate its obligation under the lease contract, typically in return for an agreed-upon financial consideration. The terms and conditions of the termination options vary by contract. • Residual value guarantees, restrictions or covenants: The Company’s lease agreements do not contain residual value guarantees, restrictions or covenants. Following is a summary of the weighted average remaining lease term and weighted average discount rate for the Company’s population of leases as of December 29, 2019: Operating Leases Financing Leases Weighted average remaining lease term 10.2 years 4.8 years Weighted average discount rate 4.1 % 5.7 % As of December 29, 2019, the Company had one real estate lease commitment that had not yet commenced. The Company entered into a lease agreement, effective January 1, 2020, with Beacon Investment Corporation to continue to lease its headquarters office facility and an adjacent office facility in Charlotte, North Carolina. The new lease has a 10-year term and expires on December 31, 2029. This lease will be classified as an operating lease and the additional lease liability associated with this lease commitment is expected to be $ 40.2 million. This lease replaces the previous lease agreement, that was classified as a financing lease obligation, was scheduled to expire on December 31, 2021 and had a $ 6.8 million principal balance outstanding as of December 29, 2019. Following is a summary of balances related to the Company’s lease portfolio within the Company’s consolidated statement of operations: (in thousands) 2019 Cost of sales impact: Operating lease costs $ 5,396 Short-term and variable leases 10,267 Depreciation expense from financing leases (1) 1,414 Total cost of sales impact $ 17,077 Selling, delivery and administrative expenses impact: Operating lease costs $ 13,424 Short-term and variable leases 3,338 Depreciation expense from financing leases (1) 4,553 Total selling, delivery and administrative expenses impact $ 21,315 Interest expense, net impact: Interest expense on financing lease obligations (2) $ 2,714 Total interest expense, net impact $ 2,714 Total lease cost $ 41,106 (1) During both 2018 and 2017, the Company had depreciation expense from capital leases of $1.4 million and $4.5 million in cost of sales and SD&A expenses, respectively (2) The Company had interest expense on capital lease obligations The future minimum lease payments related to the Company’s lease portfolio include renewal options the Company has determined to be reasonably assured and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 29, 2019 : (in thousands) Operating Leases Financing 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 Following is a summary of future minimum lease payments for all noncancelable operating leases and capital leases as of December 30, 2018: (in thousands) Operating Leases Capital Total 2019 $ 14,146 $ 10,434 $ 24,580 2020 13,526 10,613 24,139 2021 12,568 6,218 18,786 2022 11,161 2,697 13,858 2023 10,055 2,753 12,808 Thereafter 33,805 8,106 41,911 Total minimum lease payments including interest $ 95,261 $ 40,821 $ 136,082 Less: Amounts representing interest 5,573 Present value of minimum lease principal payments 35,248 Less: Current portion of lease liabilities - capital leases 8,617 Noncurrent portion of lease liabilities - capital leases $ 26,631 Following is a summary of balances related to the Company’s lease portfolio within the Company’s consolidated statement of cash flows: (in thousands) 2019 Cash flows from operating activities impact: Operating leases $ 18,138 Interest payments on financing lease obligations (1) 2,714 Total cash flows from operating activities impact $ 20,852 Cash flows from financing activities impact: Principal payments on financing lease obligations (1) $ 8,656 Total cash flows from financing activities impact $ 8,656 (1) During 2018, the Company had principal payments on capital lease obligations of $8.1 million and interest payments on capital lease obligations of $3.3 million. During 2017, the Company had principal payments on capital lease obligations of $7.7 million and interest payments on capital lease obligations of $3.9 million |
Internal Use Software | Internal Use Software The Company capitalizes costs incurred in the development or acquisition of internal use software. The Company expenses costs incurred in the preliminary project planning stage. Costs, such as maintenance and training, are also expensed as incurred. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Amortization expense, which is included in depreciation expense, for internal-use software was $7.7 million in 2019, $10.0 million in 2018 and $11.9 million in 2017. |
Goodwill | Goodwill All business combinations are accounted for using the acquisition method. Goodwill is tested for impairment annually, or more frequently if facts and circumstances indicate such assets may be impaired. The Company performs its annual impairment test, which includes a qualitative assessment to determine whether it is more likely than not that the fair value of the goodwill is below its carrying value, as of the first day of the fourth quarter each year, and more often if there are significant changes in business conditions that could result in impairment. All of the Company’s goodwill resides within one reporting unit within the Nonalcoholic Beverages reportable segment, and, therefore, the Company has determined it has one reporting unit for the purpose of assessing goodwill for potential impairment. The Company uses its overall market capitalization as part of its estimate of fair value of the reporting unit and in assessing the reasonableness of the Company’s internal estimates of fair value. When a quantitative analysis is considered necessary for the annual impairment analysis of goodwill, the Company develops an estimated fair value for the reporting unit considering three different approaches: • market value, using the Company’s stock price plus outstanding debt; • discounted cash flow analysis; and • multiple of earnings before interest, taxes, depreciation and amortization based upon relevant industry data. The estimated fair value of the reporting unit is then compared to its carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount, including goodwill, exceeds its estimated fair value, any excess of the carrying value of goodwill of the reporting unit over its fair value is recorded as an impairment. To the extent the actual and projected cash flows decline in the future or if market conditions or market capitalization significantly deteriorate, the Company may be required to perform an interim impairment analysis that could result in an impairment of goodwill. |
Distribution Agreements, Customer Lists and Other Identifiable Intangible Assets | Distribution Agreements, Customer Lists and Other Identifiable Intangible Assets The Company’s definite-lived intangible assets primarily consist of distribution rights and customer relationships, which have estimated useful lives of 10 to 40 years and five to 12 years, respectively. These assets are amortized on a straight-line basis over their estimated useful lives. |
Acquisition Related Contingent Consideration Liability | Acquisition Related Contingent Consideration Liability The acquisition related contingent consideration liability consists of the estimated amounts due to The Coca‑Cola Company under the Company’s comprehensive beverage agreement with The Coca‑Cola Company and Coca‑Cola Refreshments, USA, Inc. (“CCR”), a wholly owned subsidiary of The Coca‑Cola Company, (the “CBA”) over the remaining useful life of the related distribution rights. Under the CBA, the Company makes quarterly sub-bottling payments to CCR on a continuing basis in exchange for the grant of exclusive rights to distribute, promote, market and sell certain beverages and beverage products in the distribution territories acquired in the System Transformation (as defined in Note 3), but excluding territories the Company acquired in an exchange transaction. This acquisition related contingent consideration is valued using a probability weighted discounted cash flow model based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data, which are considered Level 3 inputs. Each reporting period, the Company adjusts its acquisition related contingent consideration liability related to the distribution territories acquired in the System Transformation, excluding territories the Company acquired in an exchange transaction, to fair value by discounting future expected sub-bottling payments required under the CBA using the Company’s estimated WACC. These future expected sub-bottling payments extend through the life of the related distribution assets acquired in each distribution territory, which is generally 40 |
Pension and Postretirement Benefit Plans | Pension and Postretirement Benefit Plans There are two Company-sponsored pension plans. The primary Company-sponsored pension plan (the “Primary Plan”) was frozen as of June 30, 2006 and no benefits accrued to participants after this date. The second Company-sponsored pension plan (the “Bargaining Plan”) is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the plans are based on actuarial determined amounts and are limited to the amounts currently deductible for income tax purposes. The Company also sponsors a postretirement healthcare plan for employees meeting specified criteria The expense and liability amounts recorded for the benefit plans reflect estimates related to interest rates, investment returns, employee turnover and age at retirement, mortality rates and healthcare costs. The discount rate assumptions used to determine the pension and postretirement benefit obligations are based on yield rates available on double-A bonds as of each plan’s measurement date. The service cost components of the net periodic benefit cost of the plans are charged to current operations, and the non-service cost components of net periodic benefit cost of the plans are classified as other expense, net. In addition, certain other union employees are covered by plans provided by their respective union organizations and the Company expenses amounts as paid in accordance with union agreements. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating losses and tax credit carryforwards, as well as differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance will be provided against deferred tax assets if the Company determines it is more likely than not such assets will not ultimately be realized. The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50 percent likely to be realized. The Company records interest and penalties related to uncertain tax positions in income tax expense. |
Revenue Recognition | Revenue Recognition See Note 4 for information on the Company’s revenue recognition policy. The Company offers a range of nonalcoholic beverage products and flavors designed to meet the demands of its consumers, including both sparkling and still beverages. Sparkling beverages are carbonated beverages and the Company’s principal sparkling beverage is Coca‑Cola. Still beverages include energy products and noncarbonated beverages such as bottled water, tea, ready to drink coffee, enhanced water, juices and sports drinks. The Company’s products are sold and distributed in the United States through various channels, which include selling directly to retail stores and other outlets such as food markets, institutional accounts and vending machine outlets. The Company typically collects payment from customers within 30 days from the date of sale. The Company’s sales are divided into two main categories: (i) bottle/can sales and (ii) other sales. Bottle/can sales include products packaged primarily in plastic bottles and aluminum cans. Bottle/can net pricing is based on the invoice price charged to customers reduced by any promotional allowances. Bottle/can net pricing per unit is impacted by the price charged per package, the sales volume generated for each package and the channels in which those packages are sold. Other sales include sales to other Coca‑Cola bottlers, “post‑mix” products, transportation revenue and equipment maintenance revenue. Post-mix products are dispensed through equipment that mixes fountain syrups with carbonated or still water, enabling fountain retailers to sell finished products to consumers in cups or glasses. The Company’s contracts are derived from customer orders, including customer sales incentives, generated through an order processing and replenishment model. Generally, the Company’s service contracts and contracts related to the delivery of specifically identifiable products have a single performance obligation. Revenues do not include sales or other taxes collected from customers. Bottle/can sales, sales to other Coca‑Cola bottlers and post-mix sales are recognized when control transfers to a customer, which is generally upon delivery and is considered a single point in time (“point in time”). Point in time sales accounted for approximately 96% of the Company’s net sales in 2019, 97% of the Company’s net sales in 2018 and 97% of the Company’s net sales in 2017. Substantially all of the Company’s revenue is recognized at a point in time and is included in the Nonalcoholic Beverages segment. Other sales, which include revenue for service fees related to the repair of cold drink equipment and delivery fees for freight hauling and brokerage services, are recognized over time (“over time”). Revenues related to cold drink equipment repair are recognized as the respective services are completed using a cost-to-cost input method. Repair services are generally completed in less than one day but can extend up to one month. Revenues related to freight hauling and brokerage services are recognized as the delivery occurs using a miles driven output method. Generally, delivery occurs and freight charges are recognized in the same day. Over time sales orders open at the end of a financial period are not material to the Company’s consolidated financial statements. The following table represents a disaggregation of revenue from contracts with customers: Fiscal Year (in thousands) 2019 2018 2017 Point in time net sales: Nonalcoholic Beverages - point in time $ 4,649,037 $ 4,467,945 $ 4,169,910 Total point in time net sales 4,649,037 4,467,945 4,169,910 Over time net sales: Nonalcoholic Beverages - over time 45,391 44,373 37,017 All Other - over time 132,121 113,046 80,661 Total over time net sales 177,512 157,419 117,678 Total net sales $ 4,826,549 $ 4,625,364 $ 4,287,588 The Company participates in various sales programs with The Coca‑Cola Company, other beverage companies and customers to increase the sale of its products. Programs negotiated with customers include arrangements under which allowances can be earned for attaining agreed-upon sales levels. The cost of these various sales incentives is not considered a separate performance obligation and is included as a deduction to net sales. Allowance payments made to customers can be conditional on the achievement of volume targets and/or marketing commitments. Payments made in advance are recorded as prepayments and amortized in the consolidated statements of operations over the relevant period for which the customer commitment is made. In the event there is no separate identifiable benefit or the fair value of such benefit cannot be established, the amortization of the prepayment is included as a reduction to net sales. The Company sells its products and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company evaluates the collectibility of its trade accounts receivable based on a number of factors, including the Company’s historic collections pattern and changes to a specific customer’s ability to meet its financial obligations. The Company has established an allowance for doubtful accounts to adjust the recorded receivable to the estimated amount the Company believes will ultimately be collected. The nature of the Company’s contracts gives rise to several types of variable consideration, including prospective and retrospective rebates. The Company accounts for its prospective and retrospective rebates using the expected value method, which estimates the net price to the customer based on the customer’s expected annual sales volume projections. The Company experiences customer returns primarily as a result of damaged or out-of-date product. At any given time, the Company estimates less than 1% of bottle/can sales and post-mix sales could be at risk for return by customers. The Company’s reserve for customer returns, which was classified as allowance for doubtful accounts in the consolidated balance sheets, |
Marketing Programs and Sales Incentives | Marketing Programs and Sales Incentives The Company participates in various marketing and sales programs with The Coca‑Cola Company, other beverage companies and customers to increase the sale of its products. In addition, coupon programs are deployed on a territory-specific basis. The cost of these various marketing programs and sales incentives with The Coca‑Cola Company and other beverage companies is included as a deduction to net sales. Programs negotiated with customers include arrangements under which allowances can be earned for attaining agreed-upon sales levels and/or for participating in specific marketing programs. |
Marketing Funding Support | Marketing Funding Support The Company receives marketing funding support payments in cash from The Coca‑Cola Company and other beverage companies. Payments to the Company for marketing programs to promote bottle/can sales volume and fountain syrup sales volume are recognized as a reduction of cost of sales, primarily on a per unit basis, as the product is sold. Payments for periodic programs are recognized in the period during which they are earned. Cash consideration received by a customer from a vendor is presumed to be a reduction of the price of the vendor’s products or services. As such, the cash received is accounted for as a reduction of cost of sales unless it is a specific reimbursement of costs or payments for services. Payments the Company receives from The Coca‑Cola Company and other beverage companies for marketing funding support are classified as reductions of cost of sales. |
Derivative Financial Instruments | Derivative Financial Instruments The Company is subject to the risk of increased costs arising from adverse changes in certain commodity prices. In the normal course of business, the Company manages these risks through a variety of strategies, including the use of derivative instruments. The Company does not use derivative instruments for trading or speculative purposes. All derivative instruments are recorded at fair value as either assets or liabilities in the Company’s consolidated balance sheets. These derivative instruments are not designated as hedging instruments under GAAP and are used as “economic hedges” to manage certain commodity price risk. Derivative instruments held are marked to market on a monthly basis and recognized in earnings consistent with the expense classification of the underlying hedged item. Settlements of derivative agreements are included in cash flows from operating activities on the Company’s consolidated statements of cash flows. The Company uses several different financial institutions for commodity derivative instruments to minimize the concentration of credit risk. The Company generally pays a fee for these instruments, which is amortized over the corresponding period of the instrument. The Company accounts for its commodity hedges on a mark-to-market basis with any expense or income reflected as an adjustment of related costs which are included in either cost of sales or SD&A expenses. |
Risk Management Programs | Risk Management Programs The Company uses various insurance structures to manage its workers’ compensation, auto liability, medical and other insurable risks. These structures consist of retentions, deductibles, limits and a diverse group of insurers that serve to strategically finance, transfer and mitigate the financial impact of losses to the Company. Losses are accrued using assumptions and procedures followed in the insurance industry, adjusted for company-specific history and expectations. |
Cost of Sales | Cost of Sales Inputs representing a substantial portion of the Company’s cost of sales include: (i) purchases of finished products, (ii) raw material costs, including aluminum cans, plastic bottles and sweetener, (iii) concentrate costs and (iv) manufacturing costs, including labor, overhead and warehouse costs. In addition, cost of sales includes shipping, handling and fuel costs related to the movement of finished goods from manufacturing plants to distribution centers, amortization expense of distribution rights, distribution fees of certain products and marketing credits from brand companies. |
Selling, Delivery and Administrative Expenses | Selling, Delivery and Administrative Expenses SD&A expenses include the following: sales management labor costs, distribution costs resulting from transporting finished products from distribution centers to customer locations, distribution center overhead including depreciation expense, distribution center warehousing costs, delivery vehicles and cold drink equipment, point-of-sale expenses, advertising expenses, cold drink equipment repair costs, amortization of intangibles and administrative support labor and operating costs. The Company has three primary delivery systems: (i) bulk delivery for large supermarkets, mass merchandisers and club stores, (ii) advanced sale delivery for convenience stores, drug stores, small supermarkets and on-premise accounts and (iii) full-service delivery for its full-service vending customers. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs related to the movement of finished goods from manufacturing locations to distribution centers are included in cost of sales. Shipping and handling costs related to the movement of finished goods from distribution centers to customer locations, including distribution center warehousing costs, are included in SD&A expenses and totaled $623.4 million in 2019, $610.7 million in 2018 and $550.9 million in 2017. |
Stock Compensation | Stock Compensation In 2008, the stockholders of the Company approved a performance unit award agreement (the “Performance Unit Award Agreement”) for J. Frank Harrison, III, the Company’s Chairman of the Board of Directors and Chief Executive Officer, consisting of 400,000 performance units (“Units”) subject to vesting in annual increments over a 10-year period starting in fiscal year 2009. The Performance Unit Award Agreement expired at the end of 2018, with the final award issued in the first quarter of 2019 in connection with Mr. Harrison’s services during 2018. In 2018, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) and the Company’s stockholders approved a long-term performance equity plan (the “Long-Term Performance Equity Plan”) to succeed the Performance Unit Award Agreement. Awards granted to Mr. Harrison under the Long-Term Performance Equity Plan will be earned based on the Company’s attainment during a performance period of performance measures specified by the Compensation Committee. Mr. Harrison may elect to have awards earned under the Long‑Term Performance Equity Plan settled in cash and/or shares of Class B Common Stock. See Note 23 for additional information on Mr. Harrison’s stock compensation programs. |
Net Income Per Share | Net Income Per Share The Company applies the two-class method for calculating and presenting net income per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared or accumulated and participation rights in undistributed earnings. Under this method: (a) Income from continuing operations (“net income”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period. (b) The remaining earnings (“undistributed earnings”) are allocated to Common Stock and Class B Common Stock to the extent each security may share in earnings as if all the earnings for the period had been distributed. The total earnings allocated to each security is determined by adding together the amount allocated for dividends and the amount allocated for a participation feature. (c) The total earnings allocated to each security is then divided by the number of outstanding shares of the security to which the earnings are allocated to determine the earnings per share for the security. (d) Basic and diluted net income per share data are presented for each class of common stock. In applying the two-class method, the Company determined undistributed earnings should be allocated equally on a per share basis between the Common Stock and Class B Common Stock due to the aggregate participation rights of the Class B Common Stock (i.e., the voting and conversion rights) and the Company’s history of paying dividends equally on a per share basis on the Common Stock and Class B Common Stock. Under the Company’s certificate of incorporation, the Board of Directors may declare dividends on Common Stock without declaring equal or any dividends on the Class B Common Stock. Notwithstanding this provision, Class B Common Stock has voting and conversion rights that allow the Class B Common Stock to participate equally on a per share basis with the Common Stock. The Class B Common Stock is entitled to 20 votes per share and the Common Stock is entitled to one vote per share with respect to each matter to be voted upon by the stockholders of the Company. Except as otherwise required by law, the holders of the Class B Common Stock and Common Stock vote together as a single class on all matters submitted to the Company’s stockholders, including the election of the Board of Directors. As a result, the holders of the Class B Common Stock control approximately 86% of the total voting power of the stockholders of the Company and control the election of the Board of Directors. The Board of Directors has declared, and the Company has paid, dividends on the Class B Common Stock and Common Stock and each class of common stock has participated equally in all dividends declared by the Board of Directors and paid by the Company since 1994. The Class B Common Stock conversion rights allow the Class B Common Stock to participate in dividends equally with the Common Stock. The Class B Common Stock is convertible into Common Stock on a one-for-one per share basis at any time at the option of the holder. Accordingly, the holders of the Class B Common Stock can participate equally in any dividends declared on the Common Stock by exercising their conversion rights. Basic net income per share excludes potential common shares that were dilutive and is computed by dividing net income available for common stockholders by the weighted average number of Common and Class B Common shares outstanding. Diluted net income per share for Common Stock and Class B Common Stock gives effect to all securities representing potential common shares that were dilutive and outstanding during the period. The Company does not have anti-dilutive shares. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2018‑02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which provides the option to reclassify stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) from accumulated other comprehensive income to retained earnings. This standard is required to be applied either in the period of adoption or retrospectively to each period in which the changes in the U.S. federal corporate income tax rate pursuant to the Tax Act are recognized. The new guidance was effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company adopted ASU 2018‑02 in 2019 and recognized a cumulative effect adjustment to the opening balance of retained earnings in 2019. The cumulative effect adjustment increased retained earnings by $19.7 million. In February 2016, the FASB issued ASU 2016-02, “Leases” (the “lease standard”). The lease standard requires lessees to recognize a right of use asset and a lease liability for virtually all leases (other than leases meeting the definition of a short-term lease). The new guidance was effective for fiscal years beginning after December 15, 2018 and interim periods beginning the following fiscal year. The Company adopted the lease standard in 2019 using the optional transition method. See Note 10 for additional information on the Company’s adoption of the lease standard. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016‑13, “Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected credit losses at the point a loss is probable to occur, rather than expected to occur, which will generally result in earlier recognition of allowances for credit losses. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company plans to adopt ASU 2016‑13 in the first quarter of 2020 and does not expect the impact of adoption to have a material impact on its consolidated financial statements. In December 2019, the FASB issued ASU 2019‑12, “Simplifying the Accounting for Income Taxes,” which will simplify the accounting for income taxes by removing certain exceptions to the general principles in income tax accounting and improve consistent application of and simplify GAAP for other areas of income tax accounting by clarifying and amending existing guidance. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2019‑12 will have on its consolidated financial statements. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Significant Transactions between Company and The Coca-Cola Company | The following table summarizes the significant transactions between the Company and The Coca‑Cola Company: Fiscal Year (in thousands) 2019 2018 2017 Payments made by the Company to The Coca-Cola Company for: Concentrate, syrup, sweetener and other purchases $ 1,187,889 $ 1,188,818 $ 1,085,898 Customer marketing programs 144,949 145,019 139,542 Cold drink equipment parts 28,209 30,065 25,381 Brand investment programs 13,266 9,063 8,582 Glacéau distribution agreement consideration - - 15,598 Payments made by The Coca-Cola Company to the Company for: Marketing funding support payments $ 98,013 $ 86,483 $ 83,177 Fountain delivery and equipment repair fees 41,714 40,023 35,335 Presence marketing funding support on the Company’s behalf 8,002 8,311 4,843 Facilitating the distribution of certain brands and packages to other Coca-Cola bottlers 5,069 9,683 10,474 Cold drink equipment - 3,789 8,400 Legacy Facilities Credit (excluding portion related to Mobile, Alabama facility) - 1,320 30,647 Conversion of bottling agreements - - 91,450 Portion of Legacy Facilities Credit related to Mobile, Alabama facility - - 12,364 |
Summary of Liability to Estimated Fair Value of Contingent Consideration | The following table summarizes the liability recorded by the Company to reflect the estimated fair value of contingent consideration related to future sub‑bottling payments to CCR: (in thousands) December 29, 2019 December 30, 2018 Current portion of acquisition related contingent consideration $ 41,087 $ 32,993 Noncurrent portion of acquisition related contingent consideration 405,597 349,905 Total acquisition related contingent consideration $ 446,684 $ 382,898 |
Minimum Rentals and Contingent Rental Payments | The minimum and contingent rental payments related to this lease were as follows: Fiscal Year (in thousands) 2019 2018 2017 Minimum rental payments $ 3,510 $ 3,511 $ 3,509 Contingent rental payments 1,015 927 877 Total rental payments $ 4,525 $ 4,438 $ 4,386 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregation of Revenue from Contracts with Customers | The following table represents a disaggregation of revenue from contracts with customers: Fiscal Year (in thousands) 2019 2018 2017 Point in time net sales: Nonalcoholic Beverages - point in time $ 4,649,037 $ 4,467,945 $ 4,169,910 Total point in time net sales 4,649,037 4,467,945 4,169,910 Over time net sales: Nonalcoholic Beverages - over time 45,391 44,373 37,017 All Other - over time 132,121 113,046 80,661 Total over time net sales 177,512 157,419 117,678 Total net sales $ 4,826,549 $ 4,625,364 $ 4,287,588 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Segment | The Company’s segment results are as follows: Fiscal Year (in thousands) 2019 2018 2017 Net sales: Nonalcoholic Beverages $ 4,694,428 $ 4,512,318 $ 4,206,927 All Other 345,005 358,625 301,801 Eliminations (1) (212,884 ) (245,579 ) (221,140 ) Consolidated net sales $ 4,826,549 $ 4,625,364 $ 4,287,588 Income from operations: Nonalcoholic Beverages $ 174,133 $ 45,519 $ 90,143 All Other 6,621 12,383 11,404 Consolidated income from operations $ 180,754 $ 57,902 $ 101,547 Depreciation and amortization: Nonalcoholic Beverages $ 169,879 $ 177,448 $ 160,524 All Other 10,037 9,808 8,317 Consolidated depreciation and amortization $ 179,916 $ 187,256 $ 168,841 (1) The entire net sales elimination for each period presented represents net sales from All Other to the Nonalcoholic Beverages segment. Sales between these segments are recognized at either fair market value or cost depending on the nature of the transaction . |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic Net Loss Per Share and Diluted Net Loss Per Share | The following table sets forth the computation of basic net income (loss) per share and diluted net income (loss) per share under the two-class method. See Note 1 for additional information related to net income (loss) per share. Fiscal Year (in thousands, except per share data) 2019 2018 2017 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. $ 11,375 $ (19,930 ) $ 96,535 Less dividends: Common Stock 7,141 7,141 7,141 Class B Common Stock 2,228 2,212 2,187 Total undistributed earnings (losses) $ 2,006 $ (29,283 ) $ 87,207 Common Stock undistributed earnings (losses) – basic $ 1,529 $ (22,365 ) $ 66,754 Class B Common Stock undistributed earnings (losses) – basic 477 (6,918 ) 20,453 Total undistributed earnings (losses) – basic $ 2,006 $ (29,283 ) $ 87,207 Common Stock undistributed earnings (losses) – diluted $ 1,521 $ (22,365 ) $ 66,469 Class B Common Stock undistributed earnings (losses) – diluted 485 (6,918 ) 20,738 Total undistributed earnings (losses) – diluted $ 2,006 $ (29,283 ) $ 87,207 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 1,529 (22,365 ) 66,754 Numerator for basic net income (loss) per Common Stock share $ 8,670 $ (15,224 ) $ 73,895 Fiscal Year (in thousands, except per share data) 2019 2018 2017 Numerator for basic net income (loss) per Class B Common Stock share: Dividends on Class B Common Stock $ 2,228 $ 2,212 $ 2,187 Class B Common Stock undistributed earnings (losses) – basic 477 (6,918 ) 20,453 Numerator for basic net income (loss) per Class B Common Stock share $ 2,705 $ (4,706 ) $ 22,640 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 2,228 2,212 2,187 Common Stock undistributed earnings (losses) – diluted 2,006 (29,283 ) 87,207 Numerator for diluted net income (loss) per Common Stock share $ 11,375 $ (19,930 ) $ 96,535 Numerator for diluted net income (loss) per Class B Common Stock share: Dividends on Class B Common Stock $ 2,228 $ 2,212 $ 2,187 Class B Common Stock undistributed earnings (losses) – diluted 485 (6,918 ) 20,738 Numerator for diluted net income (loss) per Class B Common Stock share $ 2,713 $ (4,706 ) $ 22,925 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 2,229 2,209 2,188 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) 9,417 9,350 9,369 Class B Common Stock weighted average shares outstanding – diluted 2,276 2,209 2,228 Basic net income (loss) per share: Common Stock $ 1.21 $ (2.13 ) $ 10.35 Class B Common Stock $ 1.21 $ (2.13 ) $ 10.35 Diluted net income (loss) per share: Common Stock $ 1.21 $ (2.13 ) $ 10.30 Class B Common Stock $ 1.19 $ (2.13 ) $ 10.29 NOTES TO TABLE (1) For purposes of the diluted net income (loss) per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings (losses) is allocated to Common Stock. (2) For purposes of the diluted net income (loss) per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted. (3) For periods presented during which the Company has net income, the denominator for diluted net income per share for Common Stock and Class B Common Stock included the dilutive effect of shares relative to the Long-Term Performance Equity Plan and Long-Term Performance Equity Plan and Long-Term Performance Equity Plan and (4) The Long-Term Performance Equity Plan awards may be settled in cash and/or shares of the Company’s Class B Common Stock. Once an election has been made to settle an award in cash, the dilutive effect of shares relative to such award are prospectively removed from the denominator for the calculation of diluted net income (loss) per share. ( 5 ) The Company did not have anti-dilutive shares for any periods presented. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Finished products $ 142,363 $ 135,561 Manufacturing materials 45,267 39,840 Plastic shells, plastic pallets and other inventories 38,296 34,632 Total inventories $ 225,926 $ 210,033 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Prepaid Expense And Other Assets [Abstract] | |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Repair parts $ 28,967 $ 26,846 Prepayments for sponsorship contracts 8,696 7,557 Current portion of income taxes 4,359 6,637 Prepaid software 5,850 6,553 Prepaid marketing 5,658 6,097 Other prepaid expenses and other current assets 15,931 16,990 Total prepaid expenses and other current assets $ 69,461 $ 70,680 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Property Plant And Equipment [Abstract] | |
Principal Categories and Estimated Useful Lives of Property, Plant and Equipment, Net | The principal categories and estimated useful lives of property, plant and equipment, net were as follows: (in thousands) December 29, 2019 December 30, 2018 Estimated Useful Lives Land $ 76,860 $ 78,242 Buildings 223,500 218,846 8-50 years Machinery and equipment 355,575 328,034 5-20 years Transportation equipment 417,532 372,895 4-20 years Furniture and fixtures 92,059 89,439 3-10 years Cold drink dispensing equipment 489,050 491,161 5-17 years Leasehold and land improvements 145,341 132,837 5-20 years Software for internal use 128,792 122,604 3-10 years Construction in progress 29,369 15,142 Total property, plant and equipment, at cost 1,958,078 1,849,200 Less: Accumulated depreciation and amortization 960,675 858,668 Property, plant and equipment, net $ 997,403 $ 990,532 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Leases [Abstract] | |
Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Population of Leases | Following is a summary of the weighted average remaining lease term and weighted average discount rate for the Company’s population of leases as of December 29, 2019: Operating Leases Financing Leases Weighted average remaining lease term 10.2 years 4.8 years Weighted average discount rate 4.1 % 5.7 % |
Summary of Balances Related to Lease Portfolio within Consolidated Statement of Operations | Following is a summary of balances related to the Company’s lease portfolio within the Company’s consolidated statement of operations: (in thousands) 2019 Cost of sales impact: Operating lease costs $ 5,396 Short-term and variable leases 10,267 Depreciation expense from financing leases (1) 1,414 Total cost of sales impact $ 17,077 Selling, delivery and administrative expenses impact: Operating lease costs $ 13,424 Short-term and variable leases 3,338 Depreciation expense from financing leases (1) 4,553 Total selling, delivery and administrative expenses impact $ 21,315 Interest expense, net impact: Interest expense on financing lease obligations (2) $ 2,714 Total interest expense, net impact $ 2,714 Total lease cost $ 41,106 (1) During both 2018 and 2017, the Company had depreciation expense from capital leases of $1.4 million and $4.5 million in cost of sales and SD&A expenses, respectively (2) The Company had interest expense on capital lease obligations |
Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases | The future minimum lease payments related to the Company’s lease portfolio include renewal options the Company has determined to be reasonably assured and exclude payments to landlords for real estate taxes and common area maintenance. Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 29, 2019 : (in thousands) Operating Leases Financing 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 |
Summary of Future Minimum Lease Payments For Noncancelable Operating And Capital Leases | Following is a summary of future minimum lease payments for all noncancelable operating leases and capital leases as of December 30, 2018: (in thousands) Operating Leases Capital Total 2019 $ 14,146 $ 10,434 $ 24,580 2020 13,526 10,613 24,139 2021 12,568 6,218 18,786 2022 11,161 2,697 13,858 2023 10,055 2,753 12,808 Thereafter 33,805 8,106 41,911 Total minimum lease payments including interest $ 95,261 $ 40,821 $ 136,082 Less: Amounts representing interest 5,573 Present value of minimum lease principal payments 35,248 Less: Current portion of lease liabilities - capital leases 8,617 Noncurrent portion of lease liabilities - capital leases $ 26,631 |
Summary of Balances Related to Lease Portfolio within Consolidated Statement of Cash Flow | Following is a summary of balances related to the Company’s lease portfolio within the Company’s consolidated statement of cash flows: (in thousands) 2019 Cash flows from operating activities impact: Operating leases $ 18,138 Interest payments on financing lease obligations (1) 2,714 Total cash flows from operating activities impact $ 20,852 Cash flows from financing activities impact: Principal payments on financing lease obligations (1) $ 8,656 Total cash flows from financing activities impact $ 8,656 (1) During 2018, the Company had principal payments on capital lease obligations of $8.1 million and interest payments on capital lease obligations of $3.3 million. During 2017, the Company had principal payments on capital lease obligations of $7.7 million and interest payments on capital lease obligations of $3.9 million |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Reconciliation of Activity for Goodwill | A reconciliation of the activity for goodwill in 2019 and 2018 is as follows: Fiscal Year (in thousands) 2019 2018 Beginning balance - goodwill $ 165,903 $ 169,316 Measurement period adjustments (1) - (3,413 ) Ending balance - goodwill $ 165,903 $ 165,903 (1) Measurement period adjustments relate to post-closing adjustments made in accordance with the terms and conditions of the applicable asset purchase agreement or asset exchange agreement for distribution territories acquired or exchanged by the Company in April 2017 and October 2017 as part of the System Transformation. All final post-closing adjustments for these transactions were completed during 2018. |
Distribution Agreements, Net (T
Distribution Agreements, Net (Tables) - Distribution Agreements [Member] | 12 Months Ended |
Dec. 29, 2019 | |
Other Identifiable Intangible Assets Net | Distribution agreements, net, which are amortized on a straight-line basis and have an estimated useful life of 10 to 40 years, consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Distribution agreements at cost $ 950,549 $ 950,559 Less: Accumulated amortization 74,453 50,176 Distribution agreements, net $ 876,096 $ 900,383 |
Reconciliation of Activity for Other Identifiable Intangible Assets Net | A reconciliation of the activity for distribution agreements, net in 2019 and 2018 is as follows: Fiscal Year (in thousands) 2019 2018 Beginning balance - distribution agreements, net $ 900,383 $ 913,352 Other distribution agreements (10 ) 6,332 Measurement period adjustments (1) - 4,700 Additional accumulated amortization (24,277 ) (24,001 ) Ending balance - distribution agreements, net $ 876,096 $ 900,383 (1) |
Customer Lists and Other Iden_2
Customer Lists and Other Identifiable Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Customer Lists and Other Identifiable Intangible Assets [Member] | |
Other Identifiable Intangible Assets Net | Customer lists and other identifiable intangible assets, net, which are amortized on a straight-line basis and have an estimated useful life of five to 12 years, consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Customer lists and other identifiable intangible assets at cost $ 25,288 $ 25,288 Less: Accumulated amortization 10,645 8,806 Customer lists and other identifiable intangible assets, net $ 14,643 $ 16,482 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Payables And Accruals [Abstract] | |
Summary of Other Accrued Liabilities | Other accrued liabilities consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Accrued insurance costs $ 44,584 $ 37,916 Current portion of acquisition related contingent consideration 41,087 32,993 Accrued marketing costs 34,947 31,475 Employee and retiree benefit plan accruals 33,699 29,300 Checks and transfers yet to be presented for payment from zero balance cash accounts 20,199 72,701 Accrued taxes (other than income taxes) 6,366 4,577 Current deferred proceeds from Territory Conversion Fee 2,286 2,286 Federal income taxes 1,651 - Commodity hedges at fair market value 1,174 10,305 All other accrued expenses 22,841 28,693 Total other accrued liabilities $ 208,834 $ 250,246 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Pre-Tax Changes in Fair Value | The following table summarizes pre-tax changes in the fair value of the Company’s commodity derivative financial instruments and the classification of such changes in the consolidated statements of operations: Fiscal Year (in thousands) Classification of Gain (Loss) 2019 2018 2017 Commodity hedges Cost of sales $ 6,602 $ (10,376 ) $ 2,815 Commodity hedges Selling, delivery and administrative expenses 3,536 (4,349 ) 315 Total gain (loss) $ 10,138 $ (14,725 ) $ 3,130 |
Summary of Fair Values and Classification in Consolidated Balance Sheets of Derivative Instruments | The following table summarizes the fair values and classification in the consolidated balance sheets of derivative instruments held by the Company: (in thousands) Balance Sheet Classification December 29, 2019 December 30, 2018 Assets: Commodity hedges at fair market value Prepaid expenses and other current assets $ 1,007 $ - Total assets $ 1,007 $ - Liabilities: Commodity hedges at fair market value Other accrued liabilities $ 1,174 $ 10,305 Total liabilities $ 1,174 $ 10,305 |
Summary of Gross Derivative Assets and Gross Derivative Liabilities in Consolidated Balance Sheets | The following table summarizes the Company’s gross derivative assets and gross derivative liabilities in the consolidated balance sheets: (in thousands) December 29, 2019 December 30, 2018 Gross derivative assets $ 3,298 $ 28,305 Gross derivative liabilities 3,465 38,610 |
Summary of Outstanding Commodity Derivative Agreements | The following table summarizes the Company’s outstanding commodity derivative agreements: (in thousands) December 29, 2019 December 30, 2018 Notional amount of outstanding commodity derivative agreements $ 171,699 $ 168,388 Latest maturity date of outstanding commodity derivative agreements December 2020 December 2019 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Fair Value Disclosures [Abstract] | |
Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration | The following tables summarize, by assets and liabilities, the carrying amounts and fair values by level of the Company’s deferred compensation plan, pension plan assets held in trust funds, commodity hedging agreements, debt and acquisition related contingent consideration: December 29, 2019 Carrying Total Fair Value Fair Value Fair Value (in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Deferred compensation plan assets $ 42,543 $ 42,543 $ 42,543 $ - $ - Pension plan assets held in trust funds 276,085 276,085 276,085 - - Commodity hedging agreements 1,007 1,007 - 1,007 - Liabilities: Deferred compensation plan liabilities 42,543 42,543 42,543 - - Commodity hedging agreements 1,174 1,174 - 1,174 - Non-public variable rate debt 307,250 307,500 - 307,500 - Non-public fixed rate debt 374,723 383,900 - 383,900 - Public debt securities 347,947 367,300 - 367,300 - Acquisition related contingent consideration 446,684 446,684 - - 446,684 December 30, 2018 Carrying Total Fair Value Fair Value Fair Value (in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets: Deferred compensation plan assets $ 33,160 $ 33,160 $ 33,160 $ - $ - Liabilities: Deferred compensation plan liabilities 33,160 33,160 33,160 - - Commodity hedging agreements 10,305 10,305 - 10,305 - Non-public variable rate debt 372,074 372,500 - 372,500 - Non-public fixed rate debt 274,717 261,200 - 261,200 - Public debt securities 457,612 455,400 - 455,400 - Acquisition related contingent consideration 382,898 382,898 - - 382,898 |
Summary of Reconciliation of Acquisition Related Contingent Consideration | The acquisition related contingent consideration is the Company’s only Level 3 asset or liability. A reconciliation of the Level 3 activity is as follows: Fiscal Year (in thousands) 2019 2018 Beginning balance - Level 3 liability $ 382,898 $ 381,291 Measurement period adjustments (1) - 813 Payment of acquisition related contingent consideration (27,182 ) (24,683 ) Reclassification to current payables (1,820 ) (3,290 ) Increase in fair value 92,788 28,767 Ending balance - Level 3 liability $ 446,684 $ 382,898 ( 1 ) Measurement period adjustments relate to post-closing adjustments made in accordance with the terms and conditions of the applicable asset purchase agreement for distribution territories acquired by the Company in April 2017 and October 2017 as part of the System Transformation. All final post-closing adjustments for these transactions were completed during 2018 . |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Income Tax Disclosure [Abstract] | |
Significant Components of the Provision for Income Taxes | The following table presents the significant components of the provision for income taxes: Fiscal Year (in thousands) 2019 2018 2017 Current: Federal $ 7,505 $ (4,228 ) $ 12,978 State 4,173 (3,269 ) 5,292 Total current provision (benefit) $ 11,678 $ (7,497 ) $ 18,270 Deferred: Federal $ 4,514 $ 5,701 $ (54,232 ) State (527 ) 3,665 (3,879 ) Total deferred provision (benefit) $ 3,987 $ 9,366 $ (58,111 ) Income tax expense (benefit) $ 15,665 $ 1,869 $ (39,841 ) |
Reconciliation of Income Tax Expense (benefit) at Statutory Federal Rate to Actual Income Tax Expense (benefit) | The following table provides a reconciliation of income tax expense (benefit) at the statutory federal rate to actual income tax expense (benefit): Fiscal Year 2019 2018 2017 (in thousands) Income tax expense % pre-tax income Income tax expense % pre-tax income Income tax expense % pre-tax income Statutory (income) / expense $ 7,187 21.0 % $ (2,790 ) 21.0 % $ 22,052 35.0 % Nondeductible compensation 4,313 12.6 2,851 (21.5 ) 230 0.4 Meals, entertainment and travel expense 2,440 7.1 2,734 (20.6 ) 3,684 5.8 Noncontrolling interest – Piedmont (1,826 ) (5.3 ) (1,238 ) 9.3 (1,692 ) (2.7 ) State income taxes, net of federal benefit 1,352 4.0 (376 ) 2.8 2,029 3.2 Valuation allowance change 1,290 3.8 1,566 (11.8 ) 2,718 4.3 Nondeductible fees and expenses 887 2.6 568 (4.3 ) 1,151 1.8 Adjustment for uncertain tax positions (805 ) (2.4 ) 694 (5.2 ) (521 ) (0.8 ) Adjustment for federal tax legislation - - (1,989 ) 15.0 (69,014 ) (109.5 ) Other, net 827 2.4 (151 ) 1.2 (478 ) (0.7 ) Income tax expense (benefit) $ 15,665 45.8 % $ 1,869 (14.1)% $ (39,841 ) (63.2)% |
Reconciliation of Uncertain Tax Positions Excluding Accrued Interest | A reconciliation of uncertain tax positions, excluding accrued interest, is as follows: Fiscal Year (in thousands) 2019 2018 2017 Gross uncertain tax positions at the beginning of the year $ 2,857 $ 2,286 $ 2,679 Increase as a result of tax positions taken in the current period 60 571 966 Reduction as a result of the expiration of the applicable statute of limitations (634 ) - (1,359 ) Gross uncertain tax positions at the end of the year $ 2,283 $ 2,857 $ 2,286 |
Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities | Temporary differences and carryforwards that comprised deferred income tax assets and liabilities were as follows: (in thousands) December 29, 2019 December 30, 2018 Acquisition related contingent consideration $ 110,036 $ 94,323 Operating lease liabilities 27,346 - Deferred compensation 26,788 26,154 Deferred revenue 24,936 25,027 Accrued liabilities 19,266 18,485 Pension 14,124 7,031 Postretirement benefits 13,250 13,843 Charitable contribution carryover 6,622 5,723 Transactional costs 4,857 5,291 Financing or capital lease agreements 2,432 2,871 Net operating loss carryforwards 2,012 7,628 Other 3,022 4,198 Deferred income tax assets $ 254,691 $ 210,574 Less: Valuation allowance for deferred tax assets 7,190 5,899 Net deferred income tax asset $ 247,501 $ 204,675 Intangible assets $ (151,940 ) $ (154,974 ) Depreciation (147,140 ) (131,856 ) Right of use assets - operating leases (26,997 ) - Investment in Piedmont (23,287 ) (24,540 ) Inventory (12,631 ) (10,553 ) Prepaid expenses (7,627 ) (8,680 ) Patronage dividend (3,009 ) (1,246 ) Deferred income tax liabilities $ (372,631 ) $ (331,849 ) Net deferred income tax liability $ (125,130 ) $ (127,174 ) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Changes in Projected Benefit Obligation | The following tables set forth pertinent information for the two Company-sponsored pension plans: Fiscal Year (in thousands) 2019 2018 Projected benefit obligation at beginning of year $ 278,957 $ 303,918 Service cost 4,853 5,484 Interest cost 12,299 11,350 Actuarial (gain) / loss 47,651 (29,692 ) Benefits paid (11,456 ) (12,103 ) Projected benefit obligation at end of year $ 332,304 $ 278,957 |
Change in Plan Assets | Change in Plan Assets Fiscal Year (in thousands) 2019 2018 Fair value of plan assets at beginning of year $ 256,168 $ 258,513 Actual return on plan assets 29,549 (10,242 ) Employer contributions 4,900 20,000 Benefits paid (13,918 ) (12,103 ) Fair value of plan assets at end of year $ 276,699 $ 256,168 |
Funded Status | Funded Status (in thousands) December 29, 2019 December 30, 2018 Projected benefit obligation $ (332,304 ) $ (278,957 ) Plan assets at fair value 276,699 256,168 Net funded status $ (55,605 ) $ (22,789 ) |
Amounts Recognized in the Consolidated Balance Sheet | Amounts Recognized in the Consolidated Balance Sheets (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ - $ - Noncurrent liabilities (55,605 ) (22,789 ) Total liability - pension plans $ (55,605 ) $ (22,789 ) |
Net Periodic Pension Cost (Benefit) | Net Periodic Pension Cost (Benefit) Fiscal Year (in thousands) 2019 2018 2017 Service cost $ 4,853 $ 5,484 $ 2,553 Interest cost 12,299 11,350 11,938 Expected return on plan assets (10,290 ) (15,415 ) (13,597 ) Recognized net actuarial loss 3,688 3,830 3,402 Amortization of prior service cost 22 25 28 Net periodic pension cost $ 10,572 $ 5,274 $ 4,324 |
Significant Assumptions | Significant Assumptions Fiscal Year 2019 2018 2017 Projected benefit obligation at the measurement date: Discount rate - Primary Plan 3.36 % 4.47 % 3.80 % Discount rate - Bargaining Plan 3.61 % 4.63 % 3.90 % Weighted average rate of compensation increase N/A N/A N/A Net periodic pension cost for the fiscal year: Discount rate - Primary Plan 4.47 % 3.80 % 4.44 % Discount rate - Bargaining Plan 4.63 % 3.90 % 4.49 % Weighted average expected long-term rate of return of plan assets - Primary Plan (1) 5.00 % 6.00 % 6.00 % Weighted average expected long-term rate of return of plan assets - Bargaining Plan (1) 5.25 % 6.00 % 6.00 % Weighted average rate of compensation increase N/A N/A N/A (1) The weighted average expected long-term rate of return, which is used in computing net periodic pension cost, reflects an estimate of long-term future returns for the pension plan assets net of expenses. The estimate is primarily a function of the asset classes, equities versus fixed income, in which the pension plan assets are invested and the analysis of past performance of these asset classes over a long period of time. The analysis includes expected long-term inflation and the risk premiums associated with equity investments and fixed income investments. |
Weighted Average Expected Long-Term Rate of Return | The Company’s pension plans target asset allocation for 2020, actual asset allocation at December 29, 2019 and December 30, 2018, and the weighted average expected long-term rate of return by asset category were as follows: Target Percentage of Plan Weighted Average Expected Allocation Assets at Fiscal Year-End Long-Term Rate of Return 2020 2019 2018 2020 (1) U.S. debt securities 65 % 57 % 64 % 3.3 % U.S. equity securities 26 % 24 % 25 % 1.6 % International debt securities 0 % 8 % 0 % 0.0 % International equity securities 7 % 9 % 9 % 0.5 % Cash and cash equivalents 2 % 2 % 2 % 0.1 % Total 100 % 100 % 100 % 5.5 % (1) The weighted average expected long-term rate of return of plan assets is 5.50% for the Primary Plan and 6.25% for the Bargaining Plan. |
Summary of Pension Plan Assets Held in Trust Funds | The following table summarizes the Company’s pension plan assets held in trust funds. The underlying investments held in trust funds are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. (in thousands) December 29, 2019 December 30, 2018 Pension plan assets held in trust funds - fixed income $ 179,153 $ 164,307 Pension plan assets held in trust funds - equity securities 89,861 86,107 Pension plan assets held in trust funds - cash equivalents 7,071 4,975 Total pension plan assets held in trust funds $ 276,085 $ 255,389 |
Reconciliation of Activity in Postretirement Benefit Plan | Reconciliation of Activity Fiscal Year (in thousands) 2019 2018 Benefit obligation at beginning of year $ 64,461 $ 76,665 Service cost 1,496 1,854 Interest cost 2,750 2,694 Plan participants’ contributions 750 776 Actuarial gain (4,191 ) (14,552 ) Benefits paid (3,296 ) (3,042 ) Medicare Part D subsidy reimbursement 86 66 Benefit obligation at end of year $ 62,056 $ 64,461 |
Reconciliation of Plan Assets Fair Value in Postretirement Benefit Plan | Reconciliation of Plan Assets Fair Value Fiscal Year (in thousands) 2019 2018 Fair value of plan assets at beginning of year $ - $ - Employer contributions 2,460 2,200 Plan participants’ contributions 750 776 Benefits paid (3,296 ) (3,042 ) Medicare Part D subsidy reimbursement 86 66 Fair value of plan assets at end of year $ - $ - |
Funded Status in Postretirement Benefit Plan | Funded Status (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ 2,831 $ 3,219 Noncurrent liabilities 59,225 61,242 Total liability - postretirement benefits $ 62,056 $ 64,461 |
Components of Net Periodic Postretirement Benefit Cost | Net Periodic Postretirement Benefit Cost Fiscal Year (in thousands) 2019 2018 2017 Service cost $ 1,496 $ 1,854 $ 2,232 Interest cost 2,750 2,694 3,636 Recognized net actuarial loss 730 1,889 2,942 Amortization of prior service cost (1,293 ) (1,847 ) (2,982 ) Net periodic postretirement benefit cost $ 3,683 $ 4,590 $ 5,828 |
Significant Assumptions | Significant Assumptions Fiscal Year 2019 2018 2017 Benefit obligation discount rate at measurement date 3.32 % 4.41 % 3.72 % Net periodic postretirement benefit cost discount rate for fiscal year 4.41 % 3.72 % 4.36 % Postretirement benefit expense - Pre-Medicare: Weighted average healthcare cost trend rate 7.13 % 7.82 % 6.94 % Trend rate graded down to ultimate rate 4.50 % 4.50 % 4.50 % Ultimate rate year 2026 2025 2025 Postretirement benefit expense - Post-Medicare: Weighted average healthcare cost trend rate 7.11 % 7.74 % 8.07 % Trend rate graded down to ultimate rate 4.50 % 4.50 % 4.50 % Ultimate rate year 2026 2025 2025 |
A 1% Increase or Decrease in Annual Healthcare Cost | A 1% increase or decrease in the annual healthcare cost trend would have impacted the postretirement benefit obligation and service cost and interest cost of the Company’s postretirement benefit plan as follows: (in thousands) 1% Increase 1% Decrease Postretirement benefit obligation at December 29, 2019 $ 8,128 $ (7,123 ) Service cost and interest cost in 2019 548 (489 ) |
Reconciliation of Amounts in Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost | A reconciliation of the amounts in accumulated other comprehensive loss not yet recognized as components of net periodic benefit cost is as follows: (in thousands) December 30, 2018 Actuarial Gain (Loss) Reclassification Adjustments December 29, 2019 Pension Plans: Actuarial loss $ (119,595 ) $ (30,855 ) $ 3,688 $ (146,762 ) Prior service costs (48 ) - 22 (26 ) Postretirement Medical: Actuarial loss (14,658 ) 4,192 730 (9,736 ) Prior service credits 1,293 - (1,293 ) - Total within accumulated other comprehensive loss $ (133,008 ) $ (26,663 ) $ 3,147 $ (156,524 ) |
Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Pension Costs or Postretirement Benefits Costs in 2020 | The amounts in accumulated other comprehensive loss expected to be recognized as components of net periodic cost during 2020 are as follows: (in thousands) Pension Plans Postretirement Medical Total Actuarial loss $ 4,758 $ 350 $ 5,108 Prior service cost 19 - 19 Total expected to be recognized during 2020 $ 4,777 $ 350 $ 5,127 |
Multiemployer Plans | The Company’s participation in the Teamsters Plan is outlined in the table below. A red zone represents less than 80% funding and requires a financial improvement plan (“FIP”) or rehabilitation plan (“RP”). Fiscal Year (in thousands) 2019 2018 2017 Pension Protection Act Zone Status Red Red Red FIP or RP pending or implemented Yes Yes Yes Surcharge imposed Yes Yes Yes Contribution $ 987 $ 763 $ 800 |
Supplemental Savings Incentive Plan [Member] | |
Liability Under Executive Benefit Plans | The liability under this plan was as follows: (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ 8,893 $ 8,255 Noncurrent liabilities 79,921 73,524 Total liability - Supplemental Savings Incentive Plan $ 88,814 $ 81,779 |
Long-Term Retention Plan [Member] | |
Liability Under Executive Benefit Plans | The liability under this plan was as follows: (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ 102 $ 42 Noncurrent liabilities 3,199 2,140 Total liability - Long-Term Retention Plan $ 3,301 $ 2,182 |
Officer Retention Plan [Member] | |
Liability Under Executive Benefit Plans | The liability under this plan was as follows: (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ 3,267 $ 3,014 Noncurrent liabilities 41,062 42,179 Total liability - Officer Retention Plan $ 44,329 $ 45,193 |
Long-Term Performance Plan [Member] | |
Liability Under Executive Benefit Plans | The liability under this plan was as follows: (in thousands) December 29, 2019 December 30, 2018 Current liabilities $ 7,252 $ 5,234 Noncurrent liabilities 8,416 5,244 Total liability - Long-Term Performance Plan $ 15,668 $ 10,478 |
Pension Plans [Member] | |
Anticipated Future Pension Benefit Payments | Cash Flows (in thousands) Anticipated Future Pension Benefit Payments for the Fiscal Years 2020 $ 12,107 2021 12,824 2022 13,553 2023 14,358 2024 15,061 2025 – 2029 84,464 |
Postretirement Benefits [Member] | |
Anticipated Future Pension Benefit Payments | Cash Flows (in thousands) Anticipated Future Postretirement Benefit Payments Reflecting Expected Future Service 2020 $ 2,831 2021 3,003 2022 3,122 2023 3,169 2024 3,439 2025 – 2029 19,138 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Liabilities | Other liabilities consisted of the following: (in thousands) December 29, 2019 December 30, 2018 Noncurrent portion of acquisition related contingent consideration $ 405,597 $ 349,905 Accruals for executive benefit plans 141,380 126,103 Noncurrent deferred proceeds from Territory Conversion Fee 82,877 85,163 Noncurrent deferred proceeds from Legacy Facilities Credit 29,569 30,369 Other 9,143 17,595 Total other liabilities $ 668,566 $ 609,135 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Following is a summary of the Company’s debt: (in thousands) Maturity Date Interest Rate Interest Paid Public or Nonpublic December 29, 2019 December 30, 2018 Senior notes (1) 4/15/2019 7.00% Semi-annually Public $ - $ 110,000 Term loan facility (1) 6/7/2021 Variable Varies Nonpublic 262,500 292,500 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 80,000 Senior notes 11/25/2025 3.80% Semi-annually Public 350,000 350,000 Senior notes 10/10/2026 3.93% Quarterly Nonpublic 100,000 - Senior notes 3/21/2030 3.96% Quarterly Nonpublic 150,000 150,000 Unamortized discount on senior notes (3) 4/15/2019 - (78 ) Unamortized discount on senior notes (3) 11/25/2025 (52 ) (61 ) Debt issuance costs (2,528 ) (2,958 ) Long-term debt $ 1,029,920 $ 1,104,403 (1) (2) The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million, which may be increased at the Company’s option to $750 million, subject to obtaining commitments from the lenders and satisfying other conditions specified in the credit agreement. The Company currently believes all banks participating in the revolving credit facility have the ability to and will meet any funding requests from the Company. ( 3 ) |
Principal Maturities of Debt Outstanding | The principal maturities of debt outstanding on December 29, 2019 were as follows: (in thousands) Debt Maturities Fiscal 2020 $ 45,000 Fiscal 2021 217,500 Fiscal 2022 - Fiscal 2023 170,000 Fiscal 2024 - Thereafter 600,000 Total debt $ 1,032,500 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Company's Purchases from Manufacturing Cooperatives | The following table summarizes the Company’s purchases from these manufacturing cooperatives: Fiscal Year (in thousands) 2019 2018 2017 Purchases from Southeastern $ 132,328 $ 125,352 $ 108,528 Purchases from SAC 160,189 155,583 148,511 Total purchases from manufacturing cooperatives $ 292,517 $ 280,935 $ 257,039 |
Risks and Uncertainties (Tables
Risks and Uncertainties (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Risks And Uncertainties [Abstract] | |
Summary of Percentage of Total Bottle/Can Sales Volume and Percentage Total Net Sales to Its Largest Customers | The following table summarizes the percentage of the Company’s total bottle/can sales volume to its largest customers, as well as the percentage of the Company’s total net sales, which are included in the Nonalcoholic Beverages segment, that such volume represents. No other customer represented greater than 10% of the Company’s total net sales for any years presented. Fiscal Year 2019 2018 2017 Approximate percent of the Company’s total bottle/can sales volume Wal-Mart Stores, Inc. 19 % 19 % 19 % The Kroger Company 12 % 11 % 10 % Total approximate percent of the Company’s total bottle/can sales volume 31 % 30 % 29 % Approximate percent of the Company’s total net sales Wal-Mart Stores, Inc. 13 % 14 % 13 % The Kroger Company 8 % 8 % 7 % Total approximate percent of the Company’s total net sales 21 % 22 % 20 % |
Capital Transactions (Tables)
Capital Transactions (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Equity [Abstract] | |
Summary of Awards | A summary of the awards issued in 2019, 2018 and 2017 is as follows: Fiscal Year 2019 2018 2017 Date of approval for award March 5, 2019 March 6, 2018 March 7, 2017 Fiscal year of service covered by award 2018 2017 2016 Shares settled in cash 15,476 16,504 18,980 Increase in Class B Common Stock shares outstanding 19,224 20,296 21,020 Total Class B Common Stock awarded 34,700 36,800 40,000 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Equity [Abstract] | |
Summary of Accumulated Other Comprehensive (Loss) | A summary of AOCI(L) for 2019, 2018 and 2017 is as follows: Gains (Losses) During the Period Reclassification to Income December 30, Pre-tax Tax Pre-tax Tax December 29, (in thousands) 2018 Activity Effect Activity Effect 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 December 31, Pre-tax Tax Pre-tax Tax December 30, (in thousands) 2017 Activity Effect Activity Effect 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 ) Gains (Losses) During the Period Reclassification to Income January 1, Pre-tax Tax Pre-tax Tax December 31, (in thousands) 2017 Activity Effect Activity Effect 2017 Net pension activity: Actuarial loss $ (72,393 ) $ (11,219 ) $ 2,768 $ 3,402 $ (1,176 ) $ (78,618 ) Prior service costs (61 ) - - 28 (10 ) (43 ) Net postretirement benefits activity: Actuarial loss (24,111 ) (1,796 ) 443 11,199 (3,034 ) (17,299 ) Prior service credits 3,679 - - (2,982 ) 1,047 1,744 Foreign currency translation adjustment (11 ) - - 40 (15 ) 14 Total AOCI(L) $ (92,897 ) $ (13,015 ) $ 3,211 $ 11,687 $ (3,188 ) $ (94,202 ) |
Summary of Impact of Accumulated Other Comprehensive Income (Loss) on Income Statement | A summary of the impact on the statements of operations line items is as follows: 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 SD&A expenses 2,707 (352 ) (359 ) (19 ) 1,977 Subtotal pre-tax 3,710 (563 ) (359 ) (19 ) 2,769 Income tax expense (benefit) 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 SD&A expenses 2,968 35 (19 ) 2,984 Subtotal pre-tax 3,854 42 (19 ) 3,877 Income tax expense (benefit) 950 10 (5 ) 955 Total after tax effect $ 2,904 $ 32 $ (14 ) $ 2,922 Fiscal 2017 (in thousands) Net Pension Activity Net Postretirement Benefits Activity Foreign Currency Translation Adjustment Total Cost of sales $ 377 $ (9 ) $ - $ 368 SD&A expenses 3,053 (31 ) 40 3,062 Subtotal pre-tax 3,430 (40 ) 40 3,430 Income tax expense (benefit) 1,186 (50 ) 15 1,151 Total after tax effect $ 2,244 $ 10 $ 25 $ 2,279 |
Supplemental Disclosures of C_2
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Changes in Current Assets and Current Liabilities Affecting Cash Flows | Changes in current assets and current liabilities affecting cash were as follows: Fiscal Year (in thousands) 2019 2018 2017 Accounts receivable, trade, net $ 7,979 $ (39,333 ) $ (121,203 ) Accounts receivable from The Coca-Cola Company (17,496 ) 11,643 3,272 Accounts receivable, other (12,601 ) 8,467 (9,190 ) Inventories (15,893 ) (26,415 ) 2,527 Prepaid expenses and other current assets 458 29,785 (22,870 ) Accounts payable, trade 28,808 (36,355 ) 73,603 Accounts payable to The Coca-Cola Company 938 (36,095 ) 33,757 Other accrued liabilities (40,955 ) 62,892 31,525 Accrued compensation 18,228 (1,943 ) 7,351 Accrued interest payable (1,147 ) 967 1,487 Change in current assets less current liabilities (exclusive of acquisitions) $ (31,681 ) $ (26,387 ) $ 259 |
Net Cash Payments (Refunds) During the Period for Interest and Income Taxes | The Company had the following net cash payments (refunds) during the period for interest and income taxes: Fiscal Year (in thousands) 2019 2018 2017 Interest $ 43,397 $ 45,067 $ 39,609 Income taxes 6,309 (36,991 ) 30,965 |
Significant Noncash Investing and Financing Activities | The Company had the following significant noncash investing and financing activities: Fiscal Year (in thousands) 2019 2018 2017 Right of use assets obtained in exchange for lease obligations $ 38,713 $ - $ - Additions to property, plant and equipment accrued and recorded in accounts payable, trade 19,452 13,675 22,329 Issuance of Class B Common Stock in connection with stock award 4,776 3,831 3,669 Estimated fair value related to divestitures completed in October 2017 - - 151,434 Gain on acquisition of Southeastern Container preferred shares in CCR redistribution - - 6,012 Accounts receivable from The Coca-Cola Company for adjustments to the cash purchase price for the acquisitions completed in April 2017 - - 4,707 Capital lease obligations incurred - - 2,233 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 29, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | The unaudited quarterly financial data for the fiscal years ended December 29, 2019 and December 30, 2018 is included in the following tables. Sales volume has historically been the highest in the second and third quarter of each fiscal year. Additional meaningful financial information is included in the table following each presented period. 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 ) Quarter Ended (in thousands, except per share data) April 1, 2018 July 1, 2018 September 30, 2018 December 30, 2018 Net sales $ 1,064,757 $ 1,220,003 $ 1,204,033 $ 1,136,571 Gross profit 357,641 404,708 412,716 380,647 Income (loss) from operations (18,997 ) 19,679 44,404 12,816 Net income (loss) attributable to Coca-Cola Consolidated, Inc. (14,185 ) (3,933 ) 25,164 (26,976 ) Basic net income (loss) per share based on net income (loss) attributable to Coca-Cola Consolidated, Inc.: Common Stock $ (1.52 ) $ (0.42 ) $ 2.69 $ (2.88 ) Class B Common Stock $ (1.52 ) $ (0.42 ) $ 2.69 $ (2.88 ) Diluted net income (loss) per share based on net income (loss) attributable to Coca-Cola Consolidated, Inc.: Common Stock $ (1.52 ) $ (0.42 ) $ 2.69 $ (2.88 ) Class B Common Stock $ (1.52 ) $ (0.42 ) $ 2.68 $ (2.87 ) Additional Information for 2018: Quarter Ended (in thousands) April 1, 2018 July 1, 2018 September 30, 2018 December 30, 2018 Pre-tax income/(expense) impact: Expenses related to the System Transformation $ (12,450 ) $ (9,871 ) $ (10,417 ) $ (10,598 ) Gain on exchange transactions - - 10,170 - Expenses related to workforce optimization - (4,810 ) - (3,745 ) |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | Apr. 30, 2008 | Dec. 29, 2019USD ($)SegmentBenefit_PlanVoteshares | Dec. 30, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 28, 2008shares |
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Bottle and can volume to retail customers | 85.00% | ||||
Number of operating segments | Segment | 3 | ||||
Number of additional operating segments do not meet quantitative thresholds for separate reporting | Segment | 2 | ||||
Period of collection of trade account receivable | 30 days | ||||
Amortization expenses of internal-use software | $ 7.7 | $ 10 | $ 11.9 | ||
Percentage of maximum tax benefit | 50.00% | ||||
Number of votes per share | Vote | 1 | ||||
Percentage control of total voting power | 86.00% | ||||
Class B Common Stock is convertible into Common Stock Ratio | one-for-one per share | ||||
Anti-dilutive shares | shares | 0 | 0 | 0 | ||
Cumulative effect adjustment increase in retained earnings | $ 19.7 | ||||
Class B Common Stock [Member] | |||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Performance units authorized | shares | 400,000 | ||||
Term of performance unit award agreement | 10 years | ||||
Performance unit award agreement expiration period | 2018 | 2018 | |||
Number of votes per share | Vote | 20 | ||||
Selling, Delivery and Administrative Expenses [Member] | |||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Shipping and handling costs | $ 623.4 | $ 610.7 | $ 550.9 | ||
Net Pension Activity [Member] | |||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Number of company-sponsored pension plans | Benefit_Plan | 2 | ||||
Minimum [Member] | Distribution Rights [Member] | |||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 10 years | ||||
Minimum [Member] | Customer Relationships [Member] | |||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 5 years | ||||
Maximum [Member] | Distribution Rights [Member] | |||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 40 years | ||||
Maximum [Member] | Customer Relationships [Member] | |||||
Description Of Business And Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life | 12 years |
Piedmont Coca-Cola Bottling P_2
Piedmont Coca-Cola Bottling Partnership - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Minority Interest [Line Items] | |||
Noncontrolling interest income | $ 7,185,000 | $ 4,774,000 | $ 6,312,000 |
Noncontrolling interest | 104,164,000 | $ 96,979,000 | |
Piedmont Coca-Cola Bottling Partnership [Member] | Financing Agreement Provided from Company to Piedmont [Member] | |||
Minority Interest [Line Items] | |||
Finance under financial agreement | $ 100,000,000 | ||
Financial agreement expiration date | Dec. 31, 2020 | ||
Automatic renewal period of financial agreement | 1 year | ||
Period of prior written notice for cancellation | 10 days | ||
Subsidiary's intercompany interest rate over the Company's average rate | 0.50% | ||
Amounts outstanding under financing agreement with subsidiary | $ 0 | ||
Piedmont Coca-Cola Bottling Partnership [Member] | |||
Minority Interest [Line Items] | |||
Minority interest | 22.70% | 22.70% | 22.70% |
Piedmont Coca-Cola Bottling Partnership [Member] | Financing Agreement Provided form Piedmont to Company [Member] | |||
Minority Interest [Line Items] | |||
Financial agreement expiration date | Dec. 31, 2022 | ||
Automatic renewal period of financial agreement | 1 year | ||
Financing under agreement | $ 200,000,000 | ||
Revolving loan agreement maturity period | 30 days | ||
Interest rate percentage over revolving loan agreement | 1.74% | ||
Amount outstanding under financing agreement from subsidiary | $ 163,300,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019USD ($) | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2017 | |
Related Party Transaction [Line Items] | ||||
Payment to The Coca-Cola Company | $ 4,654 | |||
Payment of acquisition related contingent consideration | 27,182 | $ 24,683 | $ 16,738 | |
Territory conversion fee equivalent to EBITDA | 0.5 | |||
Purchases from | 292,517 | 280,935 | 257,039 | |
Accounts receivable from The Coca-Cola Company | 62,411 | 44,915 | ||
Principal balance outstanding under lease | $ 26,806 | |||
Glaceau Distribution Termination Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payment to The Coca-Cola Company | $ 15,600 | |||
Legacy Facilities Credit [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amortization period as reduction to cost of sales | 40 years | |||
The Coca-Cola Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of interest held in outstanding common stock by The Coca-Cola Company | 27.00% | |||
Voting power of stock held by related party | 5.00% | |||
Payment to The Coca-Cola Company | $ 15,598 | |||
Harrison Family [Member] | ||||
Related Party Transaction [Line Items] | ||||
Voting power of stock held by related party | 86.00% | |||
CCR [Member] | ||||
Related Party Transaction [Line Items] | ||||
Amortization period as reduction to cost of sales | 40 years | |||
CCR [Member] | Transportation [Member] | ||||
Related Party Transaction [Line Items] | ||||
Sales to | $ 2,000 | |||
CCR [Member] | Comprehensive Beverage Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payment of acquisition related contingent consideration | $ 27,200 | 24,700 | 16,700 | |
CCR [Member] | Production Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchases from | 114,900 | |||
Gross sales to | 76,700 | |||
Southeastern [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchases from | 132,328 | 125,352 | 108,528 | |
Southeastern [Member] | Other Expense, Net [Member] | ||||
Related Party Transaction [Line Items] | ||||
Increase in investment | 6,000 | |||
Southeastern [Member] | Other Assets [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity investments | 23,200 | 23,600 | ||
SAC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Purchases from | 160,189 | 155,583 | 148,511 | |
Proceeds from management fees received from SAC | 9,100 | 9,000 | 9,100 | |
SAC [Member] | Other Assets [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity investments | 8,200 | 8,200 | ||
CCBSS [Member] | ||||
Related Party Transaction [Line Items] | ||||
Accounts receivable from The Coca-Cola Company | 10,000 | 10,400 | ||
Administrative fees due to CCBSS | 2,300 | 2,800 | 2,300 | |
CONA [Member] | ||||
Related Party Transaction [Line Items] | ||||
Service fees | 22,200 | 21,500 | 12,600 | |
CONA [Member] | Other Assets [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity investments | 10,500 | 8,000 | ||
Beacon Investment Corporation | ||||
Related Party Transaction [Line Items] | ||||
Principal balance outstanding under lease | $ 6,800 | 9,900 | ||
Lease expiration date | Dec. 31, 2021 | |||
Operating Lease expiration date | Dec. 31, 2029 | |||
HLP, SPC & Adjacent Sales Facility [Member] | ||||
Related Party Transaction [Line Items] | ||||
Principal balance outstanding under lease | $ 4,300 | 8,100 | ||
Lease expiration date | Dec. 31, 2020 | |||
Rental payments related to leases | $ 4,400 | $ 4,200 | $ 4,100 |
Related Party Transactions - Su
Related Party Transactions - Summary of Significant Transactions between Company and The Coca-Cola Company (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Glacéau distribution agreement consideration | $ 4,654 | ||
Cold drink equipment | $ 3,789 | $ 8,400 | |
Legacy Facilities Credit (excluding portion related to Mobile, Alabama facility) | 1,320 | 30,647 | |
Portion of Legacy Facilities Credit related to Mobile, Alabama facility | 12,364 | ||
The Coca-Cola Company [Member] | |||
Related Party Transaction [Line Items] | |||
Concentrate, syrup, sweetener and other purchases | 1,187,889 | 1,188,818 | 1,085,898 |
Customer marketing programs | 144,949 | 145,019 | 139,542 |
Cold drink equipment parts | 28,209 | 30,065 | 25,381 |
Brand investment programs | 13,266 | 9,063 | 8,582 |
Glacéau distribution agreement consideration | 15,598 | ||
Marketing funding support payments | 98,013 | 86,483 | 83,177 |
Fountain delivery and equipment repair fees | 41,714 | 40,023 | 35,335 |
Presence marketing funding support on the Company’s behalf | 8,002 | 8,311 | 4,843 |
Facilitating the distribution of certain brands and packages to other Coca-Cola bottlers | $ 5,069 | 9,683 | 10,474 |
Cold drink equipment | 3,789 | 8,400 | |
Legacy Facilities Credit (excluding portion related to Mobile, Alabama facility) | $ 1,320 | 30,647 | |
Conversion of bottling agreements | 91,450 | ||
Portion of Legacy Facilities Credit related to Mobile, Alabama facility | $ 12,364 |
Related Party Transactions - _2
Related Party Transactions - Summary of Liability to Estimated Fair Value of Contingent Consideration (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Related Party Transaction [Line Items] | ||
Current portion of acquisition related contingent consideration | $ 41,087 | $ 32,993 |
Noncurrent portion of acquisition related contingent consideration | 405,597 | 349,905 |
CCR [Member] | Comprehensive Beverage Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Current portion of acquisition related contingent consideration | 41,087 | 32,993 |
Noncurrent portion of acquisition related contingent consideration | 405,597 | 349,905 |
Total acquisition related contingent consideration | $ 446,684 | $ 382,898 |
Related Party Transactions - Mi
Related Party Transactions - Minimum Rentals and Contingent Rental Payments (Detail) - Beacon Investment Corporation [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Minimum rental payments | $ 3,510 | $ 3,511 | $ 3,509 |
Contingent rental payments | 1,015 | 927 | 877 |
Total rental payments | $ 4,525 | $ 4,438 | $ 4,386 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 29, 2019USD ($)Category | Dec. 30, 2018USD ($) | Dec. 31, 2017 | |
Revenue From Contract With Customer [Line Items] | |||
Description of payment from customers | within 30 days from the date of sale | ||
Number of sales | Category | 2 | ||
Reserve for customer return | $ | $ 3.6 | $ 2.3 | |
Bottle/Can Sales [Member] | Post-Mix and Other [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Sales return estimated percentage | 1.00% | ||
Point in Time Net Sales [Member] | |||
Revenue From Contract With Customer [Line Items] | |||
Sales percentage | 96.00% | 97.00% | 97.00% |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 1,178,949 | $ 1,271,029 | $ 1,273,659 | $ 1,102,912 | $ 1,136,571 | $ 1,204,033 | $ 1,220,003 | $ 1,064,757 | $ 4,826,549 | $ 4,625,364 | $ 4,287,588 |
Point in Time Net Sales [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 4,649,037 | 4,467,945 | 4,169,910 | ||||||||
Point in Time Net Sales [Member] | Nonalcoholic Beverages [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 4,649,037 | 4,467,945 | 4,169,910 | ||||||||
Over Time Net Sales [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 177,512 | 157,419 | 117,678 | ||||||||
Over Time Net Sales [Member] | Nonalcoholic Beverages [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | 45,391 | 44,373 | 37,017 | ||||||||
Over Time Net Sales [Member] | All Other - Over Time [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales | $ 132,121 | $ 113,046 | $ 80,661 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 29, 2019Segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
All Other [Member] | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 2 |
Segments - Summary of Financial
Segments - Summary of Financial Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Net sales: | ||||||||||||
Net sales | $ 1,178,949 | $ 1,271,029 | $ 1,273,659 | $ 1,102,912 | $ 1,136,571 | $ 1,204,033 | $ 1,220,003 | $ 1,064,757 | $ 4,826,549 | $ 4,625,364 | $ 4,287,588 | |
Income from operations: | ||||||||||||
Income from operations | $ 39,540 | $ 53,846 | $ 67,214 | $ 20,154 | $ 12,816 | $ 44,404 | $ 19,679 | $ (18,997) | 180,754 | 57,902 | 101,547 | |
Depreciation and amortization: | ||||||||||||
Depreciation and Amortization | 179,916 | 187,256 | 168,841 | |||||||||
Operating Segments [Member] | Nonalcoholic Beverages [Member] | ||||||||||||
Net sales: | ||||||||||||
Net sales | 4,694,428 | 4,512,318 | 4,206,927 | |||||||||
Income from operations: | ||||||||||||
Income from operations | 174,133 | 45,519 | 90,143 | |||||||||
Depreciation and amortization: | ||||||||||||
Depreciation and Amortization | 169,879 | 177,448 | 160,524 | |||||||||
Operating Segments [Member] | All Other [Member] | ||||||||||||
Net sales: | ||||||||||||
Net sales | 345,005 | 358,625 | 301,801 | |||||||||
Income from operations: | ||||||||||||
Income from operations | 6,621 | 12,383 | 11,404 | |||||||||
Depreciation and amortization: | ||||||||||||
Depreciation and Amortization | 10,037 | 9,808 | 8,317 | |||||||||
Eliminations [Member] | ||||||||||||
Net sales: | ||||||||||||
Net sales | [1] | $ (212,884) | $ (245,579) | $ (221,140) | ||||||||
[1] | The entire net sales elimination for each period presented represents net sales from All Other to the Nonalcoholic Beverages segment. Sales between these segments are recognized at either fair market value or cost depending on the nature of the transaction . |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic Net Loss Per Share and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
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. | $ (10,170) | $ 13,006 | $ 15,370 | $ (6,831) | $ (26,976) | $ 25,164 | $ (3,933) | $ (14,185) | $ 11,375 | $ (19,930) | $ 96,535 |
Less dividends: | |||||||||||
Dividends on Common Stock | 7,141 | 7,141 | 7,141 | ||||||||
Total undistributed earnings (losses) – basic | 2,006 | (29,283) | 87,207 | ||||||||
Total undistributed earnings (losses) – diluted | 2,006 | (29,283) | 87,207 | ||||||||
Numerator for basic net income (loss) per Common Stock share: | |||||||||||
Numerator for basic net income (loss) per Common Stock share | 8,670 | (15,224) | 73,895 | ||||||||
Numerator for diluted net income (loss) per Common Stock share: | |||||||||||
Numerator for diluted net income (loss) per Common Stock share | $ 11,375 | $ (19,930) | $ 96,535 | ||||||||
Denominator for basic net income (loss) per Common Stock and Class B Common Stock share: | |||||||||||
Weighted average number of Common Stock shares outstanding | 7,141 | 7,141 | 7,141 | ||||||||
Denominator for diluted net income (loss) per Common share: | |||||||||||
Weighted average number of Common Stock shares outstanding – assuming dilution | 9,417 | 9,350 | 9,369 | ||||||||
Basic net income (loss) per share: | |||||||||||
Common Stock | $ (1.09) | $ 1.39 | $ 1.64 | $ (0.73) | $ (2.88) | $ 2.69 | $ (0.42) | $ (1.52) | $ 1.21 | $ (2.13) | $ 10.35 |
Diluted net income (loss) per share: | |||||||||||
Common Stock | (1.08) | 1.38 | 1.64 | (0.73) | (2.88) | 2.69 | (0.42) | (1.52) | $ 1.21 | $ (2.13) | $ 10.30 |
Class B Common Stock [Member] | |||||||||||
Less dividends: | |||||||||||
Dividends on Common Stock | $ 2,228 | $ 2,212 | $ 2,187 | ||||||||
Total undistributed earnings (losses) – basic | 477 | (6,918) | 20,453 | ||||||||
Total undistributed earnings (losses) – diluted | 485 | (6,918) | 20,738 | ||||||||
Numerator for basic net income (loss) per Common Stock share: | |||||||||||
Numerator for basic net income (loss) per Common Stock share | 2,705 | (4,706) | 22,640 | ||||||||
Numerator for diluted net income (loss) per Common Stock share: | |||||||||||
Numerator for diluted net income (loss) per Common Stock share | $ 2,713 | $ (4,706) | $ 22,925 | ||||||||
Denominator for basic net income (loss) per Common Stock and Class B Common Stock share: | |||||||||||
Weighted average number of Common Stock shares outstanding | 2,229 | 2,209 | 2,188 | ||||||||
Denominator for diluted net income (loss) per Common share: | |||||||||||
Weighted average number of Common Stock shares outstanding – assuming dilution | 2,276 | 2,209 | 2,228 | ||||||||
Basic net income (loss) per share: | |||||||||||
Common Stock | (1.09) | 1.39 | 1.64 | (0.73) | (2.88) | 2.69 | (0.42) | (1.52) | $ 1.21 | $ (2.13) | $ 10.35 |
Diluted net income (loss) per share: | |||||||||||
Common Stock | $ (1.09) | $ 1.38 | $ 1.63 | $ (0.73) | $ (2.87) | $ 2.68 | $ (0.42) | $ (1.52) | $ 1.19 | $ (2.13) | $ 10.29 |
Common Stock [Member] | |||||||||||
Less dividends: | |||||||||||
Total undistributed earnings (losses) – basic | $ 1,529 | $ (22,365) | $ 66,754 | ||||||||
Total undistributed earnings (losses) – diluted | $ 1,521 | $ (22,365) | $ 66,469 |
Net Income (Loss) Per Share -_2
Net Income (Loss) Per Share - Computation of Basic Net Loss Per Share and Diluted Net Loss Per Share (Parenthetical) (Detail) - shares | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Percentage undistributed earnings (losses) allocated to common stock diluted | 100.00% | 100.00% | 100.00% |
Anti-dilutive shares | 0 | 0 | 0 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 142,363 | $ 135,561 |
Manufacturing materials | 45,267 | 39,840 |
Plastic shells, plastic pallets and other inventories | 38,296 | 34,632 |
Total inventories | $ 225,926 | $ 210,033 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Prepaid Expense And Other Assets [Abstract] | ||
Repair parts | $ 28,967 | $ 26,846 |
Prepayments for sponsorship contracts | 8,696 | 7,557 |
Current portion of income taxes | 4,359 | 6,637 |
Prepaid software | 5,850 | 6,553 |
Prepaid marketing | 5,658 | 6,097 |
Other prepaid expenses and other current assets | 15,931 | 16,990 |
Total prepaid expenses and other current assets | $ 69,461 | $ 70,680 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Principal Categories and Estimated Useful Lives of Property, Plant and Equipment, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 1,958,078 | $ 1,849,200 |
Less: Accumulated depreciation and amortization | 960,675 | 858,668 |
Property, plant and equipment, net | 997,403 | 990,532 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 76,860 | 78,242 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 223,500 | 218,846 |
Buildings [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 8 years | |
Buildings [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 50 years | |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 355,575 | 328,034 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 20 years | |
Transportation Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 417,532 | 372,895 |
Transportation Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 4 years | |
Transportation Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 20 years | |
Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 92,059 | 89,439 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 10 years | |
Cold Drink Dispensing Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 489,050 | 491,161 |
Cold Drink Dispensing Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Cold Drink Dispensing Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 17 years | |
Leasehold and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 145,341 | 132,837 |
Leasehold and Land Improvements [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Leasehold and Land Improvements [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 20 years | |
Software for Internal Use [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 128,792 | 122,604 |
Software for Internal Use [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 3 years | |
Software for Internal Use [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 10 years | |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 29,369 | $ 15,142 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||
Impairment expense | $ 0 | $ 0 | $ 0 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 31, 2018 | Dec. 30, 2018 | |
Lessee Lease Description [Line Items] | |||
Short-term Lease description | Allows the Company to not recognize leases with a contractual term of less than 12 months on the balance sheet. | ||
Right of use assets for operating leases | $ 111,376 | $ 88,000 | |
Lease liabilities for operating leases | 112,789 | $ 88,200 | |
Principal balance outstanding under lease | $ 26,806 | ||
Beacon Investment Corporation [Member] | |||
Lessee Lease Description [Line Items] | |||
Lessee, operating lease commitments, not yet commenced, lease term | 10 years | ||
Lessee, operating lease commitments, not yet commenced, lease expiration date | Dec. 31, 2029 | ||
Lessee, operating lease commitment, not yet commenced, expense | $ 40,200 | ||
Financing lease expiration date | Dec. 31, 2021 | ||
Principal balance outstanding under lease | $ 6,800 | $ 9,900 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Population of Leases (Detail) | Dec. 29, 2019 |
Leases [Abstract] | |
Operating leases, weighted average remaining lease term | 10 years 2 months 12 days |
Operating leases, weighted average discount rate | 4.10% |
Financing leases, weighted average remaining lease term | 4 years 9 months 18 days |
Financing leases, weighted average discount rate | 5.70% |
Leases - Summary of Balances Re
Leases - Summary of Balances Related to Lease Portfolio within Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Lessee Disclosure [Line Items] | ||||
Total lease cost | $ 41,106 | |||
Cost of Sales [Member] | ||||
Lessee Disclosure [Line Items] | ||||
Operating lease costs | 5,396 | |||
Short-term and variable leases | 10,267 | |||
Depreciation expense from financing leases | 1,414 | [1] | $ 1,400 | $ 1,400 |
Total lease cost | 17,077 | |||
Selling, Delivery and Administrative Expenses [Member] | ||||
Lessee Disclosure [Line Items] | ||||
Operating lease costs | 13,424 | |||
Short-term and variable leases | 3,338 | |||
Depreciation expense from financing leases | 4,553 | [1] | 4,500 | 4,500 |
Total lease cost | 21,315 | |||
Interest Expense, Net [Member] | ||||
Lessee Disclosure [Line Items] | ||||
Interest expense on financing lease obligations | 2,714 | [2] | $ 3,300 | $ 3,900 |
Total lease cost | $ 2,714 | |||
[1] | During both 2018 and 2017, the Company had depreciation expense from capital leases of $1.4 million and $4.5 million in cost of sales and SD&A expenses, respectively | |||
[2] | The Company had interest expense on capital lease obligations |
Leases - Summary of Balances _2
Leases - Summary of Balances Related to Lease Portfolio within Consolidated Statement of Operations (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Cost of Sales [Member] | ||||
Lessee Disclosure [Line Items] | ||||
Depreciation expense from capital leases | $ 1,414 | [1] | $ 1,400 | $ 1,400 |
Selling, Delivery and Administrative Expenses [Member] | ||||
Lessee Disclosure [Line Items] | ||||
Depreciation expense from capital leases | 4,553 | [1] | 4,500 | 4,500 |
Interest Expense, Net [Member] | ||||
Lessee Disclosure [Line Items] | ||||
Interest expense on capital lease obligations | $ 2,714 | [2] | $ 3,300 | $ 3,900 |
[1] | During both 2018 and 2017, the Company had depreciation expense from capital leases of $1.4 million and $4.5 million in cost of sales and SD&A expenses, respectively | |||
[2] | The Company had interest expense on capital lease obligations |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 31, 2018 | Dec. 30, 2018 |
Lessee Disclosure [Line Items] | |||
Operating Leases, 2020 | $ 19,236 | ||
Operating Leases, 2021 | 16,815 | ||
Operating Leases, 2022 | 14,016 | ||
Operating Leases, 2023 | 11,704 | ||
Operating Leases, 2024 | 10,989 | ||
Operating Leases, Thereafter | 67,556 | ||
Total operating leases including interest | 140,316 | ||
Less: Amounts representing interest | 27,527 | ||
Present value of minimum lease principal payments | 112,789 | $ 88,200 | |
Less: Current portion of lease liabilities - operating leases | 15,024 | ||
Noncurrent portion of lease liabilities - operating leases | 97,765 | ||
Financing Leases, 2020 | 10,611 | ||
Financing Leases, 2021 | 6,215 | ||
Financing Leases, 2022 | 2,694 | ||
Financing Leases, 2023 | 2,750 | ||
Financing Leases, 2024 | 2,808 | ||
Financing Leases, Thereafter | 5,406 | ||
Total financing leases including interest | 30,484 | ||
Less: Amounts representing interest | 3,678 | ||
Present value of minimum lease principal payments | 26,806 | ||
Less: Current portion of lease liabilities - financing leases | 9,403 | $ 8,617 | |
Noncurrent portion of lease liabilities - financing leases | 17,403 | $ 26,631 | |
Total Operating and Financing Leases [Member] | |||
Lessee Disclosure [Line Items] | |||
Total future minimum payments due in 2020 | 29,847 | ||
Total future minimum payments due in 2021 | 23,030 | ||
Total future minimum payments due in 2022 | 16,710 | ||
Total future minimum payments due in 2023 | 14,454 | ||
Total future minimum payments due in 2024 | 13,797 | ||
Total future minimum payments due, in Thereafter | 72,962 | ||
Total minimum lease payments including interest | 170,800 | ||
Less: Amounts representing interest | 31,205 | ||
Present value of minimum lease principal payments | 139,595 | ||
Less: Current portion of lease liabilities - operating and financing leases | 24,427 | ||
Noncurrent portion of lease liabilities - operating and financing leases | $ 115,168 |
Leases - Summary of Future Mi_2
Leases - Summary of Future Minimum Lease Payments For Noncancelable Operating And Capital Leases (Detail) $ in Thousands | Dec. 30, 2018USD ($) |
Lessee Disclosure [Line Items] | |
Operating Leases, 2019 | $ 14,146 |
Operating Leases, 2020 | 13,526 |
Operating Leases, 2021 | 12,568 |
Operating Leases, 2022 | 11,161 |
Operating Leases, 2023 | 10,055 |
Operating Leases, Thereafter | 33,805 |
Total Operating Leases | 95,261 |
Capital Leases, 2019 | 10,434 |
Capital Leases, 2020 | 10,613 |
Capital Leases, 2021 | 6,218 |
Capital Leases, 2022 | 2,697 |
Capital Leases, 2023 | 2,753 |
Capital Leases, Thereafter | 8,106 |
Total Capital Leases including interest | 40,821 |
Less: Amounts representing interest | 5,573 |
Present value of minimum lease principal payments | 35,248 |
Less: Current portion of lease liabilities - capital leases | 8,617 |
Noncurrent portion of lease liabilities - capital leases | 26,631 |
Total Capital And Operating Leases [Member] | |
Lessee Disclosure [Line Items] | |
Total future minimum payments due in 2019 | 24,580 |
Total future minimum payments due in 2020 | 24,139 |
Total future minimum payments due in 2021 | 18,786 |
Total future minimum payments due in 2022 | 13,858 |
Total future minimum payments due in 2023 | 12,808 |
Total future minimum payments due, in Thereafter | 41,911 |
Total minimum lease payments including interest | $ 136,082 |
Leases - Summary of Balances _3
Leases - Summary of Balances Related to Lease Portfolio within Consolidated Statement of Cash Flow (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Cash flows from operating activities impact: | ||||
Operating leases | $ 18,138 | |||
Interest payments on financing lease obligations | 2,714 | [1] | $ 3,300 | $ 3,900 |
Total cash flows from operating activities impact | 20,852 | |||
Cash flows from financing activities impact: | ||||
Principal payments on financing lease obligations | 8,656 | [1] | $ 8,100 | $ 7,700 |
Total cash flows from financing activities impact | $ 8,656 | |||
[1] | During 2018, the Company had principal payments on capital lease obligations of $8.1 million and interest payments on capital lease obligations of $3.3 million. During 2017, the Company had principal payments on capital lease obligations of $7.7 million and interest payments on capital lease obligations of $3.9 million |
Leases - Summary of Balances _4
Leases - Summary of Balances Related to Lease Portfolio within Consolidated Statement of Cash Flow (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | [1] | Dec. 30, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | ||||
Principal payments on capital lease obligations | $ 8,656 | $ 8,100 | $ 7,700 | |
Interest payments on capital lease obligations | $ 2,714 | $ 3,300 | $ 3,900 | |
[1] | During 2018, the Company had principal payments on capital lease obligations of $8.1 million and interest payments on capital lease obligations of $3.3 million. During 2017, the Company had principal payments on capital lease obligations of $7.7 million and interest payments on capital lease obligations of $3.9 million |
Goodwill - Schedule of Reconcil
Goodwill - Schedule of Reconciliation of Activity for Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | ||
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Beginning balance - goodwill | $ 165,903 | $ 169,316 | |
Goodwill, Measurement period adjustments | [1] | 0 | (3,413) |
Ending balance - goodwill | $ 165,903 | $ 165,903 | |
[1] | Measurement period adjustments relate to post-closing adjustments made in accordance with the terms and conditions of the applicable asset purchase agreement or asset exchange agreement for distribution territories acquired or exchanged by the Company in April 2017 and October 2017 as part of the System Transformation. All final post-closing adjustments for these transactions were completed during 2018. |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment of the carrying value of goodwill | $ 0 | $ 0 |
Distribution Agreements, Net -
Distribution Agreements, Net - Additional Information (Detail) | 12 Months Ended |
Dec. 29, 2019USD ($) | |
Finite Lived Intangible Assets [Line Items] | |
Impairment of distribution agreements, net | $ 0 |
Distribution Agreements [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Amortization expense for 2020 | 24,300,000 |
Amortization expense for 2021 | 24,300,000 |
Amortization expense for 2022 | 24,300,000 |
Amortization expense for 2023 | 24,300,000 |
Amortization expense for 2024 | $ 24,300,000 |
Distribution Agreements [Member] | Minimum [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Distribution Agreements [Member] | Maximum [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Estimated useful life | 40 years |
Distribution Agreements, Net _2
Distribution Agreements, Net - Other Identifiable Intangible Assets Net (Detail) - Distribution Agreements [Member] - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | |||
Distribution agreements at cost | $ 950,549 | $ 950,559 | |
Less: Accumulated amortization | 74,453 | 50,176 | |
Total other identifiable intangible assets, net | $ 876,096 | $ 900,383 | $ 913,352 |
Distribution Agreements, Net _3
Distribution Agreements, Net - Reconciliation of Activity for Other Identifiable Intangible Assets Net (Detail) - Distribution Agreements [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | ||
Finite Lived Intangible Assets [Line Items] | |||
Total Other Identifiable Intangible Assets, Beginning Balance | $ 900,383 | $ 913,352 | |
Other distribution agreements | (10) | 6,332 | |
Measurement period adjustment | [1] | 4,700 | |
Additional accumulated amortization | (24,277) | (24,001) | |
Total Other Identifiable Intangible Assets, Ending Balance | $ 876,096 | $ 900,383 | |
[1] | Measurement period adjustments relate to post-closing adjustments made in accordance with the terms and conditions of the applicable asset purchase agreement or asset exchange agreement for distribution territories acquired or exchanged by the Company in October 2017 as part of the System Transformation. All final post-closing adjustments for these transactions were completed during 2018. The adjustments to amortization expense associated with these measurement period adjustments were not material to the consolidated financial statements. |
Customer Lists and Other Iden_3
Customer Lists and Other Identifiable Intangible Assets, Net - Additional Information (Detail) | 12 Months Ended |
Dec. 29, 2019USD ($) | |
Finite Lived Intangible Assets [Line Items] | |
Impairment of finite-lived identifiable intangible assets | $ 0 |
Customer Lists and Other Identifiable Intangible Assets [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Amortization expense for 2020 | 1,800,000 |
Amortization expense for 2021 | 1,800,000 |
Amortization expense for 2022 | 1,800,000 |
Amortization expense for 2023 | 1,800,000 |
Amortization expense for 2024 | $ 1,800,000 |
Customer Lists and Other Identifiable Intangible Assets [Member] | Minimum [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Estimated useful life | 5 years |
Customer Lists and Other Identifiable Intangible Assets [Member] | Maximum [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Estimated useful life | 12 years |
Customer Lists and Other Iden_4
Customer Lists and Other Identifiable Intangible Assets, Net - Other Identifiable Intangible Assets (Detail) - Customer Lists and Other Identifiable Intangible Assets [Member] - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Finite Lived Intangible Assets [Line Items] | ||
Other identifiable intangible assets, cost | $ 25,288 | $ 25,288 |
Less: Accumulated amortization | 10,645 | 8,806 |
Total other identifiable intangible assets, net | $ 14,643 | $ 16,482 |
Other Accrued Liabilities - Sum
Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Accrued insurance costs | $ 44,584 | $ 37,916 |
Current portion of acquisition related contingent consideration | 41,087 | 32,993 |
Accrued marketing costs | 34,947 | 31,475 |
Employee and retiree benefit plan accruals | 33,699 | 29,300 |
Checks and transfers yet to be presented for payment from zero balance cash accounts | 20,199 | 72,701 |
Accrued taxes (other than income taxes) | 6,366 | 4,577 |
Current deferred proceeds from Territory Conversion Fee | 2,286 | 2,286 |
Federal income taxes | 1,651 | |
Commodity hedges at fair market value | 1,174 | 10,305 |
All other accrued expenses | 22,841 | 28,693 |
Total other accrued liabilities | $ 208,834 | $ 250,246 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Pre-Tax Changes in Fair Value (Detail) - Commodity Contract [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) | $ 10,138 | $ (14,725) | $ 3,130 |
Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) | 6,602 | (10,376) | 2,815 |
Selling, Delivery and Administrative Expenses [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gain (loss) | $ 3,536 | $ (4,349) | $ 315 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Fair Values and Classification in Consolidated Balance Sheets of Derivative Instruments (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Assets: | ||
Total assets | $ 1,007 | |
Liabilities: | ||
Total liabilities | 1,174 | $ 10,305 |
Commodity Contract [Member] | Not Designated as Hedging Instruments [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Assets: | ||
Total assets | 1,007 | |
Commodity Contract [Member] | Not Designated as Hedging Instruments [Member] | Other Accrued Liabilities [Member] | ||
Liabilities: | ||
Total liabilities | $ 1,174 | $ 10,305 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Gross Derivative Assets and Gross Derivative Liabilities in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Gross derivative assets | $ 3,298 | $ 28,305 |
Gross derivative liabilities | $ 3,465 | $ 38,610 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Outstanding Commodity Derivative Agreements (Detail) - Commodity Hedging Agreements [Member] - USD ($) | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Notional amount of outstanding commodity derivative agreements | $ 171,699,000 | $ 168,388,000 |
Latest maturity date of outstanding commodity derivative agreements | 2020-12 | 2019-12 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | 0 | $ 0 | $ 0 |
Amount payable annually under acquisition related contingent consideration arrangements, value, low | 27,000,000 | ||
Amount payable annually under acquisition related contingent consideration arrangements, value, high | $ 51,000,000 | ||
System Transformation Transactions [Member] | Maximum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Estimated useful life | 40 years |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments - Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 |
Assets: | |||
Pension plan assets held in trust funds | $ 276,085 | $ 255,389 | |
Commodity hedging agreements | 1,007 | ||
Liabilities: | |||
Commodity hedging agreements | 1,174 | 10,305 | |
Fair Value Level 1 [Member] | |||
Assets: | |||
Deferred compensation plan assets | 42,543 | 33,160 | |
Pension plan assets held in trust funds | 276,085 | ||
Liabilities: | |||
Deferred compensation plan liabilities | 42,543 | 33,160 | |
Fair Value Level 2 [Member] | |||
Liabilities: | |||
Non-public variable rate debt | 307,500 | 372,500 | |
Non-public fixed rate debt | 383,900 | 261,200 | |
Public debt securities | 367,300 | 455,400 | |
Fair Value Level 2 [Member] | Commodity Contract [Member] | |||
Assets: | |||
Commodity hedging agreements | 1,007 | ||
Liabilities: | |||
Commodity hedging agreements | 1,174 | 10,305 | |
Fair Value Level 3 [Member] | |||
Liabilities: | |||
Acquisition related contingent consideration | 446,684 | 382,898 | $ 381,291 |
Carrying Amount [Member] | |||
Assets: | |||
Deferred compensation plan assets | 42,543 | 33,160 | |
Pension plan assets held in trust funds | 276,085 | ||
Liabilities: | |||
Deferred compensation plan liabilities | 42,543 | 33,160 | |
Non-public variable rate debt | 307,250 | 372,074 | |
Non-public fixed rate debt | 374,723 | 274,717 | |
Public debt securities | 347,947 | 457,612 | |
Acquisition related contingent consideration | 446,684 | 382,898 | |
Carrying Amount [Member] | Commodity Contract [Member] | |||
Assets: | |||
Commodity hedging agreements | 1,007 | ||
Liabilities: | |||
Commodity hedging agreements | 1,174 | 10,305 | |
Total Fair Value [Member] | |||
Assets: | |||
Deferred compensation plan assets | 42,543 | 33,160 | |
Pension plan assets held in trust funds | 276,085 | ||
Liabilities: | |||
Deferred compensation plan liabilities | 42,543 | 33,160 | |
Acquisition related contingent consideration | 446,684 | 382,898 | |
Non-public variable rate debt | 307,500 | 372,500 | |
Non-public fixed rate debt | 383,900 | 261,200 | |
Public debt securities | 367,300 | 455,400 | |
Total Fair Value [Member] | Commodity Contract [Member] | |||
Assets: | |||
Commodity hedging agreements | 1,007 | ||
Liabilities: | |||
Commodity hedging agreements | $ 1,174 | $ 10,305 |
Fair Values of Financial Inst_5
Fair Values of Financial Instruments - Summary of Reconciliation of Acquisition Related Contingent Consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Payment of acquisition related contingent consideration | $ 27,182 | $ 24,683 | $ 16,738 | |
Increase in fair value | 92,788 | 28,767 | 3,226 | |
Level 3 [Member] | ||||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Beginning balance - Level 3 liability | 382,898 | 381,291 | ||
Measurement period adjustments | [1] | 813 | ||
Payment of acquisition related contingent consideration | (27,182) | (24,683) | ||
Reclassification to current payables | (1,820) | (3,290) | ||
Increase in fair value | 92,788 | 28,767 | ||
Ending balance - Level 3 liability | $ 446,684 | $ 382,898 | $ 381,291 | |
[1] | Measurement period adjustments relate to post-closing adjustments made in accordance with the terms and conditions of the applicable asset purchase agreement for distribution territories acquired by the Company in April 2017 and October 2017 as part of the System Transformation. All final post-closing adjustments for these transactions were completed during 2018 . |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 7,505 | $ (4,228) | $ 12,978 |
State | 4,173 | (3,269) | 5,292 |
Total current provision (benefit) | 11,678 | (7,497) | 18,270 |
Deferred: | |||
Federal | 4,514 | 5,701 | (54,232) |
State | (527) | 3,665 | (3,879) |
Total deferred provision (benefit) | 3,987 | 9,366 | (58,111) |
Income tax expense (benefit) | $ 15,665 | $ 1,869 | $ (39,841) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | |||
Effective income tax rate | 45.80% | (14.10%) | (63.20%) |
Effective income tax rate with noncontrolling interest | 57.90% | (10.30%) | (70.30%) |
Federal corporate tax rate | 21.00% | 21.00% | 35.00% |
Tax Cuts and Jobs Act of 2017, change in tax rate income tax benefit net | $ 66,600,000 | ||
Provisional tax benefit related to re-measurement of net deferred tax liability | $ 1,900,000 | ||
Uncertain tax positions | $ 2,500,000 | 3,100,000 | |
Uncertain tax positions that would affect income tax rate | 2,500,000 | 3,100,000 | |
Change in uncertain tax positions, expected material impact on consolidated financial statements | 0 | ||
Valuation allowance for deferred tax assets | 7,190,000 | $ 5,899,000 | |
State and Local Jurisdiction [Member] | |||
Income Tax [Line Items] | |||
Net operating losses | $ 40,100,000 | ||
Net operating loss carryforwards expiration ending year | 2038 | ||
Federal Tax Authority [Member] | |||
Income Tax [Line Items] | |||
Net operating losses | $ 0 | ||
Earliest Tax Year [Member] | Internal Revenue Service [Member] | |||
Income Tax [Line Items] | |||
Tax year open for examination | 2002 | ||
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | |||
Income Tax [Line Items] | |||
Tax year open for examination | 1998 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense (benefit) at Statutory Federal Rate to Actual Income Tax Expense (benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Statutory (income) / expense | $ 7,187 | $ (2,790) | $ 22,052 |
Nondeductible compensation | 4,313 | 2,851 | 230 |
Meals, entertainment and travel expense | 2,440 | 2,734 | 3,684 |
Noncontrolling interest – Piedmont | (1,826) | (1,238) | (1,692) |
State income taxes, net of federal benefit | 1,352 | (376) | 2,029 |
Valuation allowance change | 1,290 | 1,566 | 2,718 |
Nondeductible fees and expenses | 887 | 568 | 1,151 |
Adjustment for uncertain tax positions | (805) | 694 | (521) |
Adjustment for federal tax legislation | (1,989) | (69,014) | |
Other, net | 827 | (151) | (478) |
Income tax expense (benefit) | $ 15,665 | $ 1,869 | $ (39,841) |
Statutory (income) / expense | 21.00% | 21.00% | 35.00% |
Nondeductible compensation | 12.60% | (21.50%) | 0.40% |
Meals, entertainment and travel expense | 7.10% | (20.60%) | 5.80% |
Noncontrolling interest – Piedmont | (5.30%) | 9.30% | (2.70%) |
State income taxes, net of federal benefit | 4.00% | 2.80% | 3.20% |
Valuation allowance change | 3.80% | (11.80%) | 4.30% |
Nondeductible fees and expenses | 2.60% | (4.30%) | 1.80% |
Adjustment for uncertain tax positions | (2.40%) | (5.20%) | (0.80%) |
Adjustment for federal tax legislation | 15.00% | (109.50%) | |
Other, net | 2.40% | 1.20% | (0.70%) |
Income tax expense (benefit) | 45.80% | (14.10%) | (63.20%) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Uncertain Tax Positions Excluding Accrued Interest (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Gross uncertain tax positions at the beginning of the year | $ 2,857 | $ 2,286 | $ 2,679 |
Increase as a result of tax positions taken in the current period | 60 | 571 | 966 |
Reduction as a result of the expiration of the applicable statute of limitations | (634) | (1,359) | |
Gross uncertain tax positions at the end of the year | $ 2,283 | $ 2,857 | $ 2,286 |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Income Tax Disclosure [Abstract] | ||
Acquisition related contingent consideration | $ 110,036 | $ 94,323 |
Operating lease liabilities | 27,346 | |
Deferred compensation | 26,788 | 26,154 |
Deferred revenue | 24,936 | 25,027 |
Accrued liabilities | 19,266 | 18,485 |
Pension | 14,124 | 7,031 |
Postretirement benefits | 13,250 | 13,843 |
Charitable contribution carryover | 6,622 | 5,723 |
Transactional costs | 4,857 | 5,291 |
Financing or capital lease agreements | 2,432 | 2,871 |
Net operating loss carryforwards | 2,012 | 7,628 |
Other | 3,022 | 4,198 |
Deferred income tax assets | 254,691 | 210,574 |
Less: Valuation allowance for deferred tax assets | 7,190 | 5,899 |
Net deferred income tax asset | 247,501 | 204,675 |
Intangible assets | (151,940) | (154,974) |
Depreciation | (147,140) | (131,856) |
Right of use assets - operating leases | (26,997) | |
Investment in Piedmont | (23,287) | (24,540) |
Inventory | (12,631) | (10,553) |
Prepaid expenses | (7,627) | (8,680) |
Patronage dividend | (3,009) | (1,246) |
Deferred income tax liabilities | (372,631) | (331,849) |
Net deferred income tax liability | $ (125,130) | $ (127,174) |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019USD ($)Benefit_Plan | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $ 332,300 | $ 279,000 | |
Weighted average duration of institutional government and corporate bonds | 14 years | ||
Weighted average duration of high yield bond | 3 years | ||
Plan assets at fair value | $ 276,085 | $ 255,389 | |
Multiemployer plans status green zone minimum funded percentage | 80.00% | ||
Multiemployer plans listing in pension funds minimum contribution reckoning percent | 5.00% | ||
Multiemployer pension plan withdrawing liability recorded | $ 6,400 | ||
Multiemployer pension plan withdrawing annual payment amount | $ 1,000 | ||
Rehabilitation Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer pension plan Rehabilitation Plan adoption effective date | Jan. 1, 2015 | ||
Collective bargaining agreement, effective date | Apr. 28, 2014 | ||
Employer-Teamsters and Pension Trust Fund [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Multiemployer plans collective bargaining remainder of arrangements, expiration year | 2022 | ||
401(k) Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company maximum contribution percentage under plan | 5.00% | 5.00% | 5.00% |
Cost recognized | $ 21,700 | $ 21,200 | $ 18,400 |
Fair Value Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 276,085 | ||
Equity Securities [Member] | Fair Value Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 600 | $ 800 | |
Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average duration of cash and cash equivalents | 3 months | ||
Executive Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of executive benefit plans | Benefit_Plan | 4 | ||
Supplemental Savings Incentive Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions vesting period | 5 years | ||
Company maximum contribution percentage under plan | 50.00% | 50.00% | 50.00% |
Company actual contribution percentage under plan | 50.00% | 50.00% | 50.00% |
Participant contributions percentage under plan | 6.00% | 6.00% | 6.00% |
Long-Term Retention Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Vested percentage until age 51 under plan | 50.00% | ||
Age vesting percentage increases | 51 years | ||
Annual vested percentage increase under plan beginning at age 51 | 5.00% | ||
Fully vested age | 60 years | ||
Annuity to eligible participants installment payment period one | 10 years | ||
Annuity to eligible participants installment payment period two | 15 years | ||
Annuity to eligible participants installment payment period three | 20 years | ||
Officer Retention Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Vested percentage until age 51 under plan | 50.00% | ||
Age vesting percentage increases | 51 years | ||
Annual vested percentage increase under plan beginning at age 51 | 5.00% | ||
Fully vested age | 60 years | ||
Annuity to eligible participants installment payment period one | 10 years | ||
Annuity to eligible participants installment payment period two | 15 years | ||
Annuity to eligible participants installment payment period three | 20 years | ||
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Number of company-sponsored pension plans | Benefit_Plan | 2 | ||
Benefit pension plan, contributions | $ 12,107 | ||
Plan assets at fair value | 276,699 | $ 256,168 | $ 258,513 |
Pension Plans [Member] | Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit pension plan, contributions | 7,000 | ||
Pension Plans [Member] | Maximum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit pension plan, contributions | $ 12,000 |
Benefit Plans - Liability Under
Benefit Plans - Liability Under Executive Benefit Plans (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | $ 33,699 | $ 29,300 |
Supplemental Savings Incentive Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 8,893 | 8,255 |
Noncurrent liabilities | 79,921 | 73,524 |
Total liability | 88,814 | 81,779 |
Long-Term Retention Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 102 | 42 |
Noncurrent liabilities | 3,199 | 2,140 |
Total liability | 3,301 | 2,182 |
Officer Retention Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 3,267 | 3,014 |
Noncurrent liabilities | 41,062 | 42,179 |
Total liability | 44,329 | 45,193 |
Long-Term Performance Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 7,252 | 5,234 |
Noncurrent liabilities | 8,416 | 5,244 |
Total liability | $ 15,668 | $ 10,478 |
Benefit Plans - Changes in Proj
Benefit Plans - Changes in Projected Benefit Obligation (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 278,957 | $ 303,918 | |
Service cost | 4,853 | 5,484 | $ 2,553 |
Interest cost | 12,299 | 11,350 | 11,938 |
Actuarial (gain) / loss | 47,651 | (29,692) | |
Benefits paid | (11,456) | (12,103) | |
Benefit obligation at end of year | $ 332,304 | $ 278,957 | $ 303,918 |
Benefit Plans - Change in Plan
Benefit Plans - Change in Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 255,389 | |
Fair value of plan assets at end of year | 276,085 | $ 255,389 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 256,168 | 258,513 |
Actual return on plan assets | 29,549 | (10,242) |
Employer contributions | 4,900 | 20,000 |
Benefits paid | (13,918) | (12,103) |
Fair value of plan assets at end of year | $ 276,699 | $ 256,168 |
Benefit Plans - Funded Status (
Benefit Plans - Funded Status (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 276,085 | $ 255,389 | |
Noncurrent liabilities | 114,831 | 85,682 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | (332,304) | (278,957) | $ (303,918) |
Plan assets at fair value | 276,699 | 256,168 | 258,513 |
Net funded status | (55,605) | (22,789) | |
Noncurrent liabilities | 55,605 | 22,789 | |
Total liability - postretirement benefits | 55,605 | 22,789 | |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | (62,056) | (64,461) | (76,665) |
Plan assets at fair value | 0 | 0 | $ 0 |
Current liabilities | 2,831 | 3,219 | |
Noncurrent liabilities | 59,225 | 61,242 | |
Total liability - postretirement benefits | $ 62,056 | $ 64,461 |
Benefit Plans - Amounts Recogni
Benefit Plans - Amounts Recognized in the Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (114,831) | $ (85,682) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | (55,605) | (22,789) |
Total liability - pension plans | $ (55,605) | $ (22,789) |
Benefit Plans - Net Periodic Pe
Benefit Plans - Net Periodic Pension Cost (Benefit) (Detail) - Pension Plans [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 4,853 | $ 5,484 | $ 2,553 |
Interest cost | 12,299 | 11,350 | 11,938 |
Expected return on plan assets | (10,290) | (15,415) | (13,597) |
Recognized net actuarial loss | 3,688 | 3,830 | 3,402 |
Amortization of prior service cost | 22 | 25 | 28 |
Net periodic pension cost | $ 10,572 | $ 5,274 | $ 4,324 |
Benefit Plans - Significant Ass
Benefit Plans - Significant Assumptions Used (Detail) | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Net periodic pension cost for the fiscal year: | ||||
Weighted average expected long-term rate of return of plan assets | [1] | 5.50% | ||
Primary Plan [Member] | ||||
Net periodic pension cost for the fiscal year: | ||||
Weighted average expected long-term rate of return of plan assets | 5.50% | |||
Bargaining Plan [Member] | ||||
Net periodic pension cost for the fiscal year: | ||||
Weighted average expected long-term rate of return of plan assets | 6.25% | |||
Pension Plans [Member] | Primary Plan [Member] | ||||
Projected benefit obligation at the measurement date: | ||||
Discount rate | 3.36% | 4.47% | 3.80% | |
Net periodic pension cost for the fiscal year: | ||||
Discount rate | 4.47% | 3.80% | 4.44% | |
Weighted average expected long-term rate of return of plan assets | [2] | 5.00% | 6.00% | 6.00% |
Pension Plans [Member] | Bargaining Plan [Member] | ||||
Projected benefit obligation at the measurement date: | ||||
Discount rate | 3.61% | 4.63% | 3.90% | |
Net periodic pension cost for the fiscal year: | ||||
Discount rate | 4.63% | 3.90% | 4.49% | |
Weighted average expected long-term rate of return of plan assets | [2] | 5.25% | 6.00% | 6.00% |
Postretirement Benefits [Member] | ||||
Projected benefit obligation at the measurement date: | ||||
Discount rate | 3.32% | 4.41% | 3.72% | |
Net periodic pension cost for the fiscal year: | ||||
Discount rate | 4.41% | 3.72% | 4.36% | |
Pre Medicare [Member] | ||||
Postretirement benefit expense - Pre-Medicare: | ||||
Weighted average healthcare cost trend rate | 7.13% | 7.82% | 6.94% | |
Trend rate graded down to ultimate rate | 4.50% | 4.50% | 4.50% | |
Ultimate rate year | 2026 | 2025 | 2025 | |
Post Medicare [Member] | ||||
Postretirement benefit expense - Pre-Medicare: | ||||
Weighted average healthcare cost trend rate | 7.11% | 7.74% | 8.07% | |
Trend rate graded down to ultimate rate | 4.50% | 4.50% | 4.50% | |
Ultimate rate year | 2026 | 2025 | 2025 | |
[1] | The weighted average expected long-term rate of return of plan assets is 5.50% for the Primary Plan and 6.25% for the Bargaining Plan. | |||
[2] | The weighted average expected long-term rate of return, which is used in computing net periodic pension cost, reflects an estimate of long-term future returns for the pension plan assets net of expenses. The estimate is primarily a function of the asset classes, equities versus fixed income, in which the pension plan assets are invested and the analysis of past performance of these asset classes over a long period of time. The analysis includes expected long-term inflation and the risk premiums associated with equity investments and fixed income investments. |
Benefit Plans - Anticipated Fut
Benefit Plans - Anticipated Future Pension Benefit Payments (Detail) $ in Thousands | Dec. 29, 2019USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 12,107 |
2021 | 12,824 |
2022 | 13,553 |
2023 | 14,358 |
2024 | 15,061 |
2025 – 2029 | 84,464 |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 2,831 |
2021 | 3,003 |
2022 | 3,122 |
2023 | 3,169 |
2024 | 3,439 |
2025 – 2029 | $ 19,138 |
Benefit Plans - Weighted Averag
Benefit Plans - Weighted Average Expected Long-Term Rate of Return (Detail) | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | ||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation 2020 | 100.00% | ||
Percentage of Plan Assets at Fiscal Year-End | 100.00% | 100.00% | |
Weighted Average Expected Long-Term Rate of Return - 2020 | [1] | 5.50% | |
U.S. Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation 2020 | 65.00% | ||
Percentage of Plan Assets at Fiscal Year-End | 57.00% | 64.00% | |
Weighted Average Expected Long-Term Rate of Return - 2020 | [1] | 3.30% | |
U.S. Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation 2020 | 26.00% | ||
Percentage of Plan Assets at Fiscal Year-End | 24.00% | 25.00% | |
Weighted Average Expected Long-Term Rate of Return - 2020 | [1] | 1.60% | |
International Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation 2020 | 0.00% | ||
Percentage of Plan Assets at Fiscal Year-End | 8.00% | 0.00% | |
Weighted Average Expected Long-Term Rate of Return - 2020 | [1] | 0.00% | |
International Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation 2020 | 7.00% | ||
Percentage of Plan Assets at Fiscal Year-End | 9.00% | 9.00% | |
Weighted Average Expected Long-Term Rate of Return - 2020 | [1] | 0.50% | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation 2020 | 2.00% | ||
Percentage of Plan Assets at Fiscal Year-End | 2.00% | 2.00% | |
Weighted Average Expected Long-Term Rate of Return - 2020 | [1] | 0.10% | |
[1] | The weighted average expected long-term rate of return of plan assets is 5.50% for the Primary Plan and 6.25% for the Bargaining Plan. |
Benefit Plans - Weighted Aver_2
Benefit Plans - Weighted Average Expected Long-Term Rate of Return (Parenthetical) (Detail) | 12 Months Ended | |
Dec. 29, 2019 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average expected long-term rate of return of plan assets | 5.50% | [1] |
Primary Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average expected long-term rate of return of plan assets | 5.50% | |
Bargaining Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average expected long-term rate of return of plan assets | 6.25% | |
[1] | The weighted average expected long-term rate of return of plan assets is 5.50% for the Primary Plan and 6.25% for the Bargaining Plan. |
Benefit Plans - Summary of Pens
Benefit Plans - Summary of Pension Plan Assets Held in Trust Funds (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets held in trust funds | $ 276,085 | $ 255,389 |
Pension Plan Assets Held in Trust Funds - Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets held in trust funds | 179,153 | 164,307 |
Pension Plan Assets Held in Trust Funds - Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets held in trust funds | 89,861 | 86,107 |
Pension Plan Assets Held in Trust Funds - Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total pension plan assets held in trust funds | $ 7,071 | $ 4,975 |
Benefit Plans - Reconciliation
Benefit Plans - Reconciliation of Benefit Obligation (Detail) - Postretirement Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 64,461 | $ 76,665 | |
Service cost | 1,496 | 1,854 | $ 2,232 |
Interest cost | 2,750 | 2,694 | 3,636 |
Plan participants’ contributions | 750 | 776 | |
Actuarial gain | (4,191) | (14,552) | |
Benefits paid | (3,296) | (3,042) | |
Medicare Part D subsidy reimbursement | 86 | 66 | |
Benefit obligation at end of year | $ 62,056 | $ 64,461 | $ 76,665 |
Benefit Plans - Reconciliatio_2
Benefit Plans - Reconciliation of Plan Assets Fair Value (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 255,389 | |
Fair value of plan assets at end of year | 276,085 | $ 255,389 |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Employer contributions | 2,460 | 2,200 |
Plan participants’ contributions | 750 | 776 |
Benefits paid | (3,296) | (3,042) |
Medicare Part D subsidy reimbursement | 86 | 66 |
Fair value of plan assets at end of year | $ 0 | $ 0 |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Postretirement Benefit Cost (Detail) - Net Postretirement Benefits Activity [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,496 | $ 1,854 | $ 2,232 |
Interest cost | 2,750 | 2,694 | 3,636 |
Recognized net actuarial loss | 730 | 1,889 | 2,942 |
Amortization of prior service cost | (1,293) | (1,847) | (2,982) |
Net periodic pension cost | $ 3,683 | $ 4,590 | $ 5,828 |
Benefit Plans - A 1% Increase o
Benefit Plans - A 1% Increase or Decrease in Annual Healthcare Cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 29, 2019USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Postretirement benefit obligation 1% Increase | $ 8,128 |
Postretirement benefit obligation 1% Decrease | (7,123) |
Service cost and interest cost 1% Increase | 548 |
Service cost and interest cost 1% Decrease | $ (489) |
Benefit Plans - Reconciliatio_3
Benefit Plans - Reconciliation of Amounts in Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost (Detail) $ in Thousands | 12 Months Ended |
Dec. 29, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial gain (loss) | $ (26,663) |
Reclassification Adjustments, Actuarial loss | 3,147 |
Net periodic benefit cost, beginning balance | (133,008) |
Net periodic benefit cost, ending balance | (156,524) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss, beginning balance | (119,595) |
Actuarial gain (loss) | (30,855) |
Reclassification Adjustments, Actuarial loss | 3,688 |
Actuarial loss, ending balance | (146,762) |
Prior service (cost) credits, beginning balance | (48) |
Reclassification Adjustments, Prior service (cost) credits | 22 |
Prior service (cost) credits, ending balance | (26) |
Postretirement Medical [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss, beginning balance | (14,658) |
Actuarial gain (loss) | 4,192 |
Reclassification Adjustments, Actuarial loss | 730 |
Actuarial loss, ending balance | (9,736) |
Prior service (cost) credits, beginning balance | 1,293 |
Reclassification Adjustments, Prior service (cost) credits | $ (1,293) |
Benefit Plans - Amounts in Accu
Benefit Plans - Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Pension Costs or Postretirement Benefits Costs in 2020 (Detail) $ in Thousands | Dec. 29, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | $ 5,108 |
Prior service cost | 19 |
Total expected to be recognized | 5,127 |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | 4,758 |
Prior service cost | 19 |
Total expected to be recognized | 4,777 |
Postretirement Medical [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | 350 |
Total expected to be recognized | $ 350 |
Benefit Plans - Multiemployer P
Benefit Plans - Multiemployer Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Multiemployer Plans [Line Items] | |||
Pension trust fund, Contribution | $ 987 | $ 763 | $ 800 |
Employer-Teamsters and Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Pension Trust Fund | Red | Red | Red |
Pension trust fund FIP/RP Status pending/implemented | Implemented | Implemented | Implemented |
Pension trust fund, Surcharge imposed | Yes | Yes | Yes |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 29, 2019 | Dec. 30, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Noncurrent portion of acquisition related contingent consideration | $ 405,597 | $ 349,905 |
Accruals for executive benefit plans | 141,380 | 126,103 |
Noncurrent deferred proceeds from Territory Conversion Fee | 82,877 | 85,163 |
Noncurrent deferred proceeds from Legacy Facilities Credit | 29,569 | 30,369 |
Other | 9,143 | 17,595 |
Total other liabilities | $ 668,566 | $ 609,135 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 29, 2019 | Dec. 30, 2018 | |
Debt Instrument [Line Items] | ||
Debt issuance costs | $ (2,528) | $ (2,958) |
Long-term debt | $ 1,029,920 | 1,104,403 |
Revolving Credit Facility [Member] | Non-public [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jun. 8, 2023 | |
Line of credit | $ 45,000 | 80,000 |
Interest Rate, Term | Variable | |
Interest Paid | Varies | |
7.00% Senior Notes 4/15/2019 [Member] | Public [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Apr. 15, 2019 | |
Interest Rate | 7.00% | |
Senior Notes | 110,000 | |
Unamortized discount on Senior Notes | (78) | |
Interest Paid | Semi-annually | |
Term Loan Facility [Member] | Non-public [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jun. 7, 2021 | |
Term Loan Facility | $ 262,500 | 292,500 |
Interest Rate, Term | Variable | |
Interest Paid | Varies | |
3.28% Senior Notes 2/27/2023 [Member] | Non-public [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Feb. 27, 2023 | |
Interest Rate | 3.28% | |
Senior Notes | $ 125,000 | 125,000 |
Interest Paid | Semi-annually | |
3.80% Senior Notes 11/25/2025 [Member] | Public [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Nov. 25, 2025 | |
Interest Rate | 3.80% | |
Senior Notes | $ 350,000 | 350,000 |
Unamortized discount on Senior Notes | $ (52) | (61) |
Interest Paid | Semi-annually | |
3.93% Senior Notes 10/10/2026 [Member] | Non-public [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Oct. 10, 2026 | |
Interest Rate | 3.93% | |
Senior Notes | $ 100,000 | |
Interest Paid | Quarterly | |
3.96% Senior Notes 3/21/2030 [Member] | Non-public [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | Mar. 21, 2030 | |
Interest Rate | 3.96% | |
Senior Notes | $ 150,000 | $ 150,000 |
Interest Paid | Quarterly |
Debt - Summary of Debt (Parenth
Debt - Summary of Debt (Parenthetical) (Detail) | Dec. 29, 2019USD ($) |
7.00% Senior Notes 2019 [Member] | |
Debt Instrument [Line Items] | |
Senior notes, issued at par percentage | 98.238% |
3.80% Senior Notes 2025 [Member] | |
Debt Instrument [Line Items] | |
Senior notes, issued at par percentage | 99.975% |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Aggregate maximum borrowing capacity | $ 500,000,000 |
Line of credit facility maximum borrowing capacity increased amount subject to obtaining commitments | $ 750,000,000 |
Debt - Principal Maturities of
Debt - Principal Maturities of Debt Outstanding (Detail) $ in Thousands | Dec. 29, 2019USD ($) |
Debt Disclosure [Abstract] | |
Fiscal 2020 | $ 45,000 |
Fiscal 2021 | 217,500 |
Fiscal 2023 | 170,000 |
Thereafter | 600,000 |
Total debt | $ 1,032,500 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2019 | Apr. 30, 2019 | Dec. 29, 2019 | |
Debt Instrument [Line Items] | |||
Debt issued by subsidiaries | $ 0 | ||
Guarantees of company debt | $ 0 | ||
Senior Unsecured Notes Due in 2026 [Member] | MetLife Investment Advisors LLC and Certain of Its Affiliates [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 100,000,000 | ||
Debt instrument, interest rate | 3.93% | ||
Debt instrument, frequency of periodic payment | quarterly | ||
Maturity date of debt instruments | Oct. 10, 2026 | ||
Aggregate maximum borrowing capacity | $ 200,000,000 | ||
Term Loan Facility [Member] | Non-public [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, frequency of periodic payment | Varies | ||
Maturity date of debt instruments | Jun. 7, 2021 | ||
Term Loan Facility [Member] | Fixed Rate Swap [Member] | Non-public [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 100,000,000 | ||
Maturity date of debt instruments | Jun. 7, 2021 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 29, 2019USD ($)Product | Dec. 30, 2018USD ($)Product | Dec. 31, 2017USD ($)Product | |
Loss Contingencies [Line Items] | |||
Letters of credit totaled | $ 35,600,000 | $ 35,600,000 | |
Long-term marketing contractual arrangements | $ 195,400,000 | ||
Southeastern [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase requirements of plastic bottles | 80.00% | ||
SAC [Member] | |||
Loss Contingencies [Line Items] | |||
Cases of finished product obligated to purchase on an annual basis | Product | 17,500,000 | ||
Purchased number of cases finished product from SAC | Product | 29,400,000 | 29,200,000 | 29,900,000 |
Debt guarantee for related party | $ 14,700,000 | $ 23,900,000 | |
Guaranteed portion of SAC's and Southeastern's debt, collateral held | The Company holds no assets as collateral against the SAC guarantee | ||
Impairment of investment | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Company's Purchases from Manufacturing Cooperatives (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Total purchases from manufacturing cooperatives | $ 292,517 | $ 280,935 | $ 257,039 |
Southeastern [Member] | |||
Loss Contingencies [Line Items] | |||
Total purchases from manufacturing cooperatives | 132,328 | 125,352 | 108,528 |
SAC [Member] | |||
Loss Contingencies [Line Items] | |||
Total purchases from manufacturing cooperatives | $ 160,189 | $ 155,583 | $ 148,511 |
Risks and Uncertainties - Addit
Risks and Uncertainties - Additional Information (Detail) | 12 Months Ended | ||
Dec. 29, 2019CustomerSupplierEntity | Dec. 30, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | |||
Number of domestic supplier of aluminum cans | Supplier | 2 | ||
Number of entities in which reporting entity is shareholder and purchases all plastic bottles | Entity | 2 | ||
Coke Bottle Can Sales Volume Product [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage of related party products volume to customers | 85.00% | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers other than major customers representing more than ten percent of sales | Customer | 0 | ||
Concentration risk, percentage | 21.00% | 22.00% | 20.00% |
Collective Bargaining Agreements [Member] | Labor Force Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 14.00% | ||
Collective Bargaining Agreements [Member] | Labor Force Concentration Risk [Member] | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Multi-employer plans collective bargaining arrangements, expiration term | 3 years | ||
Collective Bargaining Agreements [Member] | Labor Force Concentration Risk [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Multi-employer plans collective bargaining arrangements, expiration term | 5 years |
Risks and Uncertainties - Summa
Risks and Uncertainties - Summary of Percentage of Total Bottle/Can Sales Volume and Percentage Total Net Sales to Its Largest Customers (Detail) | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Coke Bottle Can Sales Volume Product [Member] | Product Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 31.00% | 30.00% | 29.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 21.00% | 22.00% | 20.00% |
Wal-Mart Stores, Inc. [Member] | Coke Bottle Can Sales Volume Product [Member] | Product Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 19.00% | 19.00% | 19.00% |
Wal-Mart Stores, Inc. [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 13.00% | 14.00% | 13.00% |
The Kroger Company [Member] | Coke Bottle Can Sales Volume Product [Member] | Product Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12.00% | 11.00% | 10.00% |
The Kroger Company [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 8.00% | 8.00% | 7.00% |
Capital Transactions - Addition
Capital Transactions - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 30, 2008 | Dec. 29, 2019USD ($)VoteStock$ / shares | Dec. 30, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 28, 2008 |
Capital Transactions [Line Items] | |||||
Share based compensation | $ 2,045 | $ 5,606 | $ 7,922 | ||
Number of classes of common stock outstanding | Stock | 2 | ||||
Dividend is declared and paid on the Common Stock | $ / shares | $ 1 | $ 1 | $ 1 | ||
Payment of dividend | $ 9,369 | $ 9,353 | $ 9,328 | ||
Number of votes per share | Vote | 1 | ||||
Long-Term Performance Equity Plan [Member] | |||||
Capital Transactions [Line Items] | |||||
Award settled in cash or shares, average closing prices of shares during trading days of performance period | 20 days | ||||
Long-Term Performance Equity Plan [Member] | Selling, Delivery and Administrative Expenses [Member] | |||||
Capital Transactions [Line Items] | |||||
Share based compensation | $ 12,900 | $ 2,000 | |||
Class B Common Stock [Member] | |||||
Capital Transactions [Line Items] | |||||
Performance unit award agreement expiration period | 2018 | 2018 | |||
Dividend is declared and paid on the Common Stock | $ / shares | $ 1 | $ 1 | $ 1 | ||
Number of votes per share | Vote | 20 |
Capital Transactions - Summary
Capital Transactions - Summary of the Awards Each Year (Detail) - Class B Common Stock [Member] - shares | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Schedule Of Capitalization Equity [Line Items] | |||
Date of approval for award | Mar. 5, 2019 | Mar. 6, 2018 | Mar. 7, 2017 |
Fiscal year of service covered by award | 2018 | 2017 | 2016 |
Shares settled in cash | 15,476 | 16,504 | 18,980 |
Increase in Class B Common Stock shares outstanding | 19,224 | 20,296 | 21,020 |
Total Class B Common Stock awarded | 34,700 | 36,800 | 40,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive (Loss) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | $ 455,166 | $ 458,907 | $ 363,024 |
Gains (Losses) During the Period, Pre-tax Activity | (26,663) | 18,588 | (13,015) |
Gains (Losses) During the Period, Tax Effect | (13,161) | (4,573) | 3,211 |
Reclassification to income, Pre-tax Activity | 2,769 | 3,878 | 11,687 |
Reclassification to income, Tax Effect | (682) | (956) | (3,188) |
Ending Balance | 451,116 | 455,166 | 458,907 |
Reclassification of Stranded Tax Effects [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Gains (Losses) During the Period, Tax Effect | (19,720) | ||
Ending Balance | (19,720) | ||
Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Reclassification to income, Pre-tax Activity | (359) | ||
Reclassification to income, Tax Effect | 89 | ||
Ending Balance | (270) | ||
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 14 | (11) | |
Reclassification to income, Pre-tax Activity | (19) | (19) | 40 |
Reclassification to income, Tax Effect | 3 | 5 | (15) |
Ending Balance | (16) | 14 | |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (77,265) | (94,202) | (92,897) |
Ending Balance | (115,002) | (77,265) | (94,202) |
Net Pension Activity [Member] | Actuarial Loss [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (72,690) | (78,618) | (72,393) |
Gains (Losses) During the Period, Pre-tax Activity | (30,855) | 4,036 | (11,219) |
Gains (Losses) During the Period, Tax Effect | 7,590 | (993) | 2,768 |
Reclassification to income, Pre-tax Activity | 3,688 | 3,830 | 3,402 |
Reclassification to income, Tax Effect | (907) | (945) | (1,176) |
Ending Balance | (93,174) | (72,690) | (78,618) |
Net Pension Activity [Member] | Prior Service Costs [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (24) | (43) | (61) |
Reclassification to income, Pre-tax Activity | 22 | 25 | 28 |
Reclassification to income, Tax Effect | (5) | (6) | (10) |
Ending Balance | (7) | (24) | (43) |
Net Postretirement Benefits Activity [Member] | Actuarial Loss [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | (4,902) | (17,299) | (24,111) |
Gains (Losses) During the Period, Pre-tax Activity | 4,192 | 14,552 | (1,796) |
Gains (Losses) During the Period, Tax Effect | (1,031) | (3,580) | 443 |
Reclassification to income, Pre-tax Activity | 730 | 1,889 | 11,199 |
Reclassification to income, Tax Effect | (180) | (464) | (3,034) |
Ending Balance | (1,191) | (4,902) | (17,299) |
Net Postretirement Benefits Activity [Member] | Prior Service Costs [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning Balance | 351 | 1,744 | 3,679 |
Reclassification to income, Pre-tax Activity | (1,293) | (1,847) | (2,982) |
Reclassification to income, Tax Effect | 318 | 454 | 1,047 |
Ending Balance | $ (624) | $ 351 | $ 1,744 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Summary of Impact on Income Statement Line Items (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | $ 3,156,047 | $ 3,069,652 | $ 2,782,721 | ||||||||
SD&A expenses | 1,489,748 | 1,497,810 | 1,403,320 | ||||||||
Subtotal pre-tax | (34,225) | 13,287 | (63,006) | ||||||||
Income tax expense (benefit) | (15,665) | (1,869) | 39,841 | ||||||||
Total after tax effect | $ 10,170 | $ (13,006) | $ (15,370) | $ 6,831 | $ 26,976 | $ (25,164) | $ 3,933 | $ 14,185 | (11,375) | 19,930 | (96,535) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | 792 | 893 | 368 | ||||||||
SD&A expenses | 1,977 | 2,984 | 3,062 | ||||||||
Subtotal pre-tax | 2,769 | 3,877 | 3,430 | ||||||||
Income tax expense (benefit) | 682 | 955 | 1,151 | ||||||||
Total after tax effect | 2,087 | 2,922 | 2,279 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Interest Rate Swap [Member] | |||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
SD&A expenses | (359) | ||||||||||
Subtotal pre-tax | (359) | ||||||||||
Income tax expense (benefit) | (89) | ||||||||||
Total after tax effect | (270) | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Foreign Currency Translation Adjustment [Member] | |||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
SD&A expenses | (19) | (19) | 40 | ||||||||
Subtotal pre-tax | (19) | (19) | 40 | ||||||||
Income tax expense (benefit) | (3) | (5) | 15 | ||||||||
Total after tax effect | (16) | (14) | 25 | ||||||||
Net Pension Activity [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | 1,003 | 886 | 377 | ||||||||
SD&A expenses | 2,707 | 2,968 | 3,053 | ||||||||
Subtotal pre-tax | 3,710 | 3,854 | 3,430 | ||||||||
Income tax expense (benefit) | 912 | 950 | 1,186 | ||||||||
Total after tax effect | 2,798 | 2,904 | 2,244 | ||||||||
Net Postretirement Benefits Activity [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | (211) | 7 | (9) | ||||||||
SD&A expenses | (352) | 35 | (31) | ||||||||
Subtotal pre-tax | (563) | 42 | (40) | ||||||||
Income tax expense (benefit) | (138) | 10 | (50) | ||||||||
Total after tax effect | $ (425) | $ 32 | $ 10 |
Supplemental Disclosures of C_3
Supplemental Disclosures of Cash Flow Information - Summary of Changes in Current Assets and Current Liabilities Affecting Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable, trade, net | $ 7,979 | $ (39,333) | $ (121,203) |
Accounts receivable from The Coca-Cola Company | (17,496) | 11,643 | 3,272 |
Accounts receivable, other | (12,601) | 8,467 | (9,190) |
Inventories | (15,893) | (26,415) | 2,527 |
Prepaid expenses and other current assets | 458 | 29,785 | (22,870) |
Accounts payable, trade | 28,808 | (36,355) | 73,603 |
Accounts payable to The Coca-Cola Company | 938 | (36,095) | 33,757 |
Other accrued liabilities | (40,955) | 62,892 | 31,525 |
Accrued compensation | 18,228 | (1,943) | 7,351 |
Accrued interest payable | (1,147) | 967 | 1,487 |
Change in current assets less current liabilities (exclusive of acquisitions) | $ (31,681) | $ (26,387) | $ 259 |
Supplemental Disclosures of C_4
Supplemental Disclosures of Cash Flow Information - Net Cash Payments (Refunds) During the Period for Interest and Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest | $ 43,397 | $ 45,067 | $ 39,609 |
Income taxes | $ 6,309 | $ (36,991) | $ 30,965 |
Supplemental Disclosures of C_5
Supplemental Disclosures of Cash Flow Information - Significant Noncash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Noncash Investing And Financing Activities [Line Items] | |||
Right of use assets obtained in exchange for lease obligations | $ 38,713 | ||
Additions to property, plant and equipment accrued and recorded in accounts payable, trade | 19,452 | $ 13,675 | $ 22,329 |
Estimated fair value related to divestitures completed in October 2017 | 151,434 | ||
Gain on acquisition of Southeastern Container preferred shares in CCR redistribution | 6,012 | ||
Accounts receivable from The Coca-Cola Company for adjustments to the cash purchase price for the acquisitions completed in April 2017 | 4,707 | ||
Capital lease obligations incurred | 2,233 | ||
Class B Common Stock [Member] | |||
Noncash Investing And Financing Activities [Line Items] | |||
Issuance of Class B Common Stock in connection with stock award | $ 4,776 | $ 3,831 | $ 3,669 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | |
Net sales | $ 1,178,949 | $ 1,271,029 | $ 1,273,659 | $ 1,102,912 | $ 1,136,571 | $ 1,204,033 | $ 1,220,003 | $ 1,064,757 | $ 4,826,549 | $ 4,625,364 | $ 4,287,588 |
Gross profit | 413,191 | 432,224 | 435,779 | 389,308 | 380,647 | 412,716 | 404,708 | 357,641 | 1,670,502 | 1,555,712 | 1,504,867 |
Income (loss) from operations | 39,540 | 53,846 | 67,214 | 20,154 | 12,816 | 44,404 | 19,679 | (18,997) | 180,754 | 57,902 | 101,547 |
Net income (loss) attributable to Coca-Cola Consolidated, Inc. | $ (10,170) | $ 13,006 | $ 15,370 | $ (6,831) | $ (26,976) | $ 25,164 | $ (3,933) | $ (14,185) | $ 11,375 | $ (19,930) | $ 96,535 |
Common Stock, Basic | $ (1.09) | $ 1.39 | $ 1.64 | $ (0.73) | $ (2.88) | $ 2.69 | $ (0.42) | $ (1.52) | $ 1.21 | $ (2.13) | $ 10.35 |
Common Stock, Diluted | (1.08) | 1.38 | 1.64 | (0.73) | (2.88) | 2.69 | (0.42) | (1.52) | 1.21 | (2.13) | 10.30 |
Class B Common Stock [Member] | |||||||||||
Common Stock, Basic | (1.09) | 1.39 | 1.64 | (0.73) | (2.88) | 2.69 | (0.42) | (1.52) | 1.21 | (2.13) | 10.35 |
Common Stock, Diluted | $ (1.09) | $ 1.38 | $ 1.63 | $ (0.73) | $ (2.87) | $ 2.68 | $ (0.42) | $ (1.52) | $ 1.19 | $ (2.13) | $ 10.29 |
Quarterly Financial Data (Una_4
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||||
Dec. 29, 2019 | Sep. 29, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | |
Expenses Related to the System Transformation [Member] | ||||||||
Pre-tax expense impact: | $ (2,185) | $ (4,730) | $ (10,598) | $ (10,417) | $ (9,871) | $ (12,450) | ||
Expenses Related to Supply Chain And Asset Optimization [Member] | ||||||||
Pre-tax expense impact: | $ (5,702) | $ (3,581) | $ (1,294) | |||||
Exchange Transaction [Member] | ||||||||
Pre-tax expense impact: | $ 10,170 | |||||||
Expenses Related to Workforce Optimization [Member] | ||||||||
Pre-tax expense impact: | $ (3,745) | $ (4,810) |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 29, 2019 | Dec. 30, 2018 | Dec. 31, 2017 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of year | $ 9,141 | $ 7,606 | $ 4,448 | |
Additions charged to costs, expenses and as reductions to net sales | 9,769 | 9,964 | 4,464 | |
Deductions | 5,128 | 8,429 | 1,306 | |
Balance at end of year | 13,782 | 9,141 | 7,606 | |
Deferred Income Tax Valuation Allowance [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of year | 5,899 | 4,337 | 1,618 | |
Adjustment for federal tax legislation | [1] | 2,419 | ||
Additions charged to costs, expenses and as reductions to net sales | 1,291 | 1,562 | 877 | |
Deductions credited to expense | 577 | |||
Balance at end of year | $ 7,190 | $ 5,899 | $ 4,337 | |
[1] | In 2017, the Company increased its valuation allowance as a result of the deductibility of certain deferred compensation based on the current interpretation of the Tax Act. |