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Segments | 3 Months Ended
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Mar. 28, 2025
Segment Reporting [Abstract] |
Segments | Segments The Company evaluates segment reporting in accordance with FASB Accounting Standards Codification Topic 280, Segment Reporting, each reporting period, including evaluating the reporting package reviewed by 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. Segment asset information is not provided to the CODM. The Company has three operating segments, each identified by its unique products and services. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated net sales and income from operations. The additional two operating segments, which include Data Ventures, Inc. and the Red Classic subsidiaries, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, and, therefore, have been combined into “All Other.” The accounting policies of the Nonalcoholic Beverages segment are the same as those described in the summary of significant accounting policies presented in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for 2024. The CODM uses net sales, gross profit and income from operations in the annual budgeting and forecasting process. Monthly, the CODM considers budget-to-actual variances and current year to prior year variances for these profit measures when making strategic business decisions and allocating resources to Company operations. The Company’s segment results are as follows:
|  | First Quarter 2025
(in thousands) |  | Nonalcoholic Beverages |  | All Other |  | Eliminations(1) |  | Total
Net sales |  | $ | 1,569,000 |  |  | $ | 75,988 |  |  | $ | (65,011) |  |  | $ | 1,579,977 |
Cost of goods sold |  | 954,935 |  |  | 45,293 |  |  | (47,355) |  |  | 952,873 |
Gross profit |  | 614,065 |  |  | 30,695 |  |  | (17,656) |  |  | 627,104 |
Selling, delivery and administrative expenses: |  |  |  |  |  |  |  |
Payroll costs(2) |  | $ | 265,933 |  |  | $ | 12,772 |  |  | $ | — |  |  | $ | 278,705 |
Fleet costs(3) |  | 23,827 |  |  | 7,683 |  |  | — |  |  | 31,510 |
Depreciation and amortization expense(4) |  | 28,254 |  |  | 538 |  |  | — |  |  | 28,792 |
All other segment items(5) |  | 108,808 |  |  | 7,125 |  |  | (17,656) |  |  | 98,277 |
Total selling, delivery and administrative expenses |  | 426,822 |  |  | 28,118 |  |  | (17,656) |  |  | 437,284 |
Income from operations |  | $ | 187,243 |  |  | $ | 2,577 |  |  | $ | — |  |  | $ | 189,820 |
Total depreciation and amortization expense(4) |  | $ | 48,048 |  |  | $ | 5,325 |  |  | $ | — |  |  | $ | 53,373 |
|  | First Quarter 2024
(in thousands) |  | Nonalcoholic Beverages |  | All Other |  | Eliminations(1) |  | Total
Net sales |  | $ | 1,574,712 |  |  | $ | 88,102 |  |  | $ | (71,188) |  |  | $ | 1,591,626 |
Cost of goods sold |  | 946,456 |  |  | 56,761 |  |  | (52,150) |  |  | 951,067 |
Gross profit |  | 628,256 |  |  | 31,341 |  |  | (19,038) |  |  | 640,559 |
Selling, delivery and administrative expenses: |  |  |  |  |  |  |  |
Payroll costs(2) |  | $ | 262,697 |  |  | $ | 13,276 |  |  | $ | — |  |  | $ | 275,973 |
Fleet costs(3) |  | 26,078 |  |  | 8,115 |  |  | — |  |  | 34,193 |
Depreciation and amortization expense(4) |  | 25,057 |  |  | 493 |  |  | — |  |  | 25,550 |
All other segment items(5) |  | 102,282 |  |  | 6,193 |  |  | (19,038) |  |  | 89,437 |
Total selling, delivery and administrative expenses |  | 416,114 |  |  | 28,077 |  |  | (19,038) |  |  | 425,153 |
Income from operations |  | $ | 212,142 |  |  | $ | 3,264 |  |  | $ | — |  |  | $ | 215,406 |
Total depreciation and amortization expense(4) |  | $ | 43,098 |  |  | $ | 3,653 |  |  | $ | — |  |  | $ | 46,751 |
(1)The entire net sales elimination represents net sales from the All Other segment to the Nonalcoholic Beverages segment. The entire cost of goods sold and SD&A eliminations represent costs incurred by the All Other segment in the generation of net sales to the Nonalcoholic Beverages segment. (2)Payroll costs includes compensation, incentive plans, defined contribution plans, healthcare benefits and tax-advantaged spending accounts. (3)Fleet costs includes fleet repairs, maintenance and fuel and oil costs. (4)Total depreciation and amortization expense is included within both cost of goods sold and SD&A expenses. For segment reporting, the difference between total depreciation and amortization expense and the portion within SD&A expenses is the amount within cost of goods sold. (5)All other segment items includes information technology costs, stewardship, insurance and other costs incurred in the selling and delivery of the Company’s products.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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