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Risks and Uncertainties | 12 Months Ended
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Dec. 31, 2024
Risks and Uncertainties [Abstract] |
Risks and Uncertainties | 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 sales. The table below 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 of the years presented.
|  | Fiscal Year
|  | 2024 |  | 2023 |  | 2022
Approximate percent of the Company’s total bottle/can sales volume: |  |  |  |  |  |
Walmart Inc.(1) |  | 21 | % |  | 21 | % |  | 20 | %
The Kroger Co.(2) |  | 15 | % |  | 14 | % |  | 14 | %
Total approximate percent of the Company’s total bottle/can sales volume |  | 36 | % |  | 35 | % |  | 34 | %
Approximate percent of the Company’s total net sales: |  |  |  |  |  |
Walmart Inc.(1) |  | 17 | % |  | 17 | % |  | 16 | %
The Kroger Co.(2) |  | 12 | % |  | 11 | % |  | 11 | %
Total approximate percent of the Company’s total net sales |  | 29 | % |  | 28 | % |  | 27 | %
(1)Includes bottle/can sales volume related to the Walmart, Sam’s Club and Walmart Neighborhood Market chains. (2)Includes bottle/can sales volume related to the Kroger and Harris Teeter chains. The Company purchases all of the plastic bottles used in its manufacturing plants from Southeastern and Western Container, two manufacturing cooperatives the Company co-owns with several other Coca‑Cola bottlers, and all of its aluminum cans from two domestic suppliers. See Note 2 and Note 21 for additional information. The Company is exposed to price risk on commodities such as aluminum, corn and PET resin (a petroleum- or plant-based product), which affects the cost of raw materials used in the production of its 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, including programs administered by CCBSS and programs the Company administers. Certain liabilities of the Company, including 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 acquisition related contingent consideration liability related to the distribution territories subject to acquisition related sub-bottling payments 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 15% of the Company’s workforce is covered by collective bargaining agreements. The Company’s collective bargaining agreements, which generally have three- to five-year terms, expire at various dates through 2029. Terms and conditions of new labor union agreements could increase the Company’s exposure to work interruptions or stoppages.

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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent + Details
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