XML 30 R2.htm IDEA: XBRL DOCUMENT v3.25.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
VII. Pay Versus Performance
 
                   
Value of Initial Fixed
$100 Investment Based

On:
       
Year
(a)
 
Summary
Compensation
Table Total
for PEO
($)

(b)
 
Compensation
Actually Paid
to PEO
($)

(c)
 
Average
Summary
Compensation
Table Total for
Non-PEO

Named Executive
Officers
($)

(d)
 
Average
Compensation
Actually Paid
to Non-PEO

Named Executive
Officers
($)

(e)
 
Total
Shareholder
Return

($)

(f)
 
Peer Group
Shareholder
Return

($)

(g)
 
Net Income
(in thousands)
($)

(h)
 
Income
from
Operations
(in thousands)
($)

(i)
2024
 
19,033,392
 
19,033,392
 
4,103,916
 
4,142,222
 
447.02
 
129.61
 
633,125
 
920,350
2023
 
19,781,002
 
18,691,804
 
4,012,668
 
3,945,318
 
322.05
 
128.64
 
408,375
 
834,451
2022
 
14,689,127
 
14,689,127
 
3,080,257
 
3,219,288
 
176.08
 
133.81
 
430,158
 
641,047
2021
 
13,545,136
 
13,512,275
 
2,937,130
 
2,982,161
 
212.36
 
124.18
 
189,580
 
439,171
2020
 
12,467,192
 
12,280,332
 
2,398,616
 
2,400,346
 
 91.05
 
107.23
 
172,493
 
313,378
Compensation Actually Paid to PEO (Column (c))
The amount reported for each year in column (c) is equal to (i) the amount reported in column (b) for J. Frank Harrison, III, Coca-Cola Consolidated’s principal executive officer (“PEO”) for each of the covered years,
minus
(ii) the aggregate change in the present value of Mr. Harrison’s benefits under the ORP during the covered year
plus
(iii) the aggregate value of Mr. Harrison’s benefits under the ORP attributable to his service during the covered year. Mr. Harrison fully accrued his benefit under the ORP prior to 2020 and benefit accruals under the Company’s traditional,
tax-qualified
defined benefit pension plan (which was terminated effective May 31, 2022) were frozen in 2006. Therefore, there were no service costs for benefit accruals by Mr. Harrison under the ORP during the covered years. Mr. Harrison did not receive any stock or option awards during the covered years.
The following table provides information regarding the calculation for the Compensation Actually Paid (“CAP”) to Mr. Harrison for fiscal years 2024, 2023, 2022, 2021 and 2020:
 
Year
  
Summary
Compensation Table
Total for PEO
($)
  
Deduct Aggregate
Change in Actual
Present Value
in ORP
($)
  
Add Service Costs &
Prior Service Costs
for ORP
($)
  
Compensation
Actually Paid
to PEO
($)
2024
  
19,033,392
  
    —
  
  
19,033,392
2023
  
19,781,002
  
1,089,198
  
  
18,691,804
2022
  
14,689,127
  
    —
  
  
14,689,127
2021
  
13,545,136
  
   32,861
  
  
13,512,275
2020
  
12,467,192
  
  186,860
  
  
12,280,332
Average Compensation Actually Paid to
Non-PEO
Named Executive Officers (Column (e))
The amount reported for each year in column (e) is equal to (i) the amount reported in column (d) for F. Scott Anthony, David M. Katz, Robert G. Chambless and E. Beauregarde Fisher III, the
non-PEO
named executive officers for each of the covered years,
minus
(ii) the average of the aggregate change in the present value of their benefits under the ORP during the covered year
plus
(iii) the average of the aggregate value of their benefits under the ORP attributable to their service during the covered year. None of the
non-PEO
named executive officers received any stock or option awards during the covered years.
 
The following table provides information regarding the calculation for the CAP to the
non-PEO
named executive officers for fiscal years 2024, 2023, 2022, 2021 and 2020:
 
Year
  
Average Summary
Compensation Table
Total for Non-PEO

Named Executive

Officers
($)
  
Deduct Average of the
Aggregate Change in
Actual Present Value
in ORP
($)
  
Add Average Service
Costs & Prior Service
Costs for ORP
($)
  
Average
Compensation
Actually Paid to
Non-PEO
Named
Executive Officers
($)
2024
  
4,103,916
  
  93,895
  
132,201
  
4,142,222
2023
  
4,012,668
  
 181,313
  
113,962
  
3,945,318
2022
  
3,080,257
  
    —
  
139,032
  
3,219,288
2021
  
2,937,130
  
  85,045
  
130,076
  
2,982,161
2020
  
2,398,616
  
 102,672
  
104,402
  
2,400,346
Total Shareholder Return (Column (f))
The amounts shown in column (f) assume $100 was invested on December 27, 2019 (the last trading day of the Company’s fiscal year ended December 29, 2019) in Common Stock, and that all dividends were reinvested on a quarterly basis.
Peer Group Shareholder Return (Column (g))
The amounts shown in column (g) assume $100 was invested on December 27, 2019 in each of the companies in a peer group composed of Keurig Dr Pepper Inc., National Beverage Corp.,
The Coca-Cola Company
and PepsiCo, Inc., and that all dividends were reinvested on a quarterly basis. The returns for the companies included in the peer group have been weighted on the basis of the total market capitalization for each company.
The previous peer group was composed of Keurig Dr Pepper Inc., National Beverage Corp., The
Coca-Cola
Company, Primo Water Corporation (f/k/a Cott Corporation) and PepsiCo, Inc. Primo Water Corporation is no longer in the peer group due to its merger with BlueTriton Brands, Inc. effective November 11, 2024, which resulted in the formation of a new company, Primo Brands Corporation.
Income from Operations (Column (i))
The amounts shown in column (i) are income from operations as reported in the Company’s consolidated statements of operations for fiscal years 2024, 2023, 2022, 2021 and 2020.
       
Company Selected Measure Name Income from Operations        
Named Executive Officers, Footnote The amount reported for each year in column (c) is equal to (i) the amount reported in column (b) for J. Frank Harrison, III, Coca-Cola Consolidated’s principal executive officer (“PEO”) for each of the covered years,
minus
(ii) the aggregate change in the present value of Mr. Harrison’s benefits under the ORP during the covered year
plus
(iii) the aggregate value of Mr. Harrison’s benefits under the ORP attributable to his service during the covered year. Mr. Harrison fully accrued his benefit under the ORP prior to 2020 and benefit accruals under the Company’s traditional,
tax-qualified
defined benefit pension plan (which was terminated effective May 31, 2022) were frozen in 2006. Therefore, there were no service costs for benefit accruals by Mr. Harrison under the ORP during the covered years. Mr. Harrison did not receive any stock or option awards during the covered years.
       
Peer Group Issuers, Footnote
The amounts shown in column (g) assume $100 was invested on December 27, 2019 in each of the companies in a peer group composed of Keurig Dr Pepper Inc., National Beverage Corp.,
The Coca-Cola Company
and PepsiCo, Inc., and that all dividends were reinvested on a quarterly basis. The returns for the companies included in the peer group have been weighted on the basis of the total market capitalization for each company.
The previous peer group was composed of Keurig Dr Pepper Inc., National Beverage Corp., The
Coca-Cola
Company, Primo Water Corporation (f/k/a Cott Corporation) and PepsiCo, Inc. Primo Water Corporation is no longer in the peer group due to its merger with BlueTriton Brands, Inc. effective November 11, 2024, which resulted in the formation of a new company, Primo Brands Corporation.
       
PEO Total Compensation Amount $ 19,033,392 $ 19,781,002 $ 14,689,127 $ 13,545,136 $ 12,467,192
PEO Actually Paid Compensation Amount $ 19,033,392 18,691,804 14,689,127 13,512,275 12,280,332
Adjustment To PEO Compensation, Footnote
The following table provides information regarding the calculation for the Compensation Actually Paid (“CAP”) to Mr. Harrison for fiscal years 2024, 2023, 2022, 2021 and 2020:
 
Year
  
Summary
Compensation Table
Total for PEO
($)
  
Deduct Aggregate
Change in Actual
Present Value
in ORP
($)
  
Add Service Costs &
Prior Service Costs
for ORP
($)
  
Compensation
Actually Paid
to PEO
($)
2024
  
19,033,392
  
    —
  
  
19,033,392
2023
  
19,781,002
  
1,089,198
  
  
18,691,804
2022
  
14,689,127
  
    —
  
  
14,689,127
2021
  
13,545,136
  
   32,861
  
  
13,512,275
2020
  
12,467,192
  
  186,860
  
  
12,280,332
       
Non-PEO NEO Average Total Compensation Amount $ 4,103,916 4,012,668 3,080,257 2,937,130 2,398,616
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,142,222 3,945,318 3,219,288 2,982,161 2,400,346
Adjustment to Non-PEO NEO Compensation Footnote
The following table provides information regarding the calculation for the CAP to the
non-PEO
named executive officers for fiscal years 2024, 2023, 2022, 2021 and 2020:
 
Year
  
Average Summary
Compensation Table
Total for Non-PEO

Named Executive

Officers
($)
  
Deduct Average of the
Aggregate Change in
Actual Present Value
in ORP
($)
  
Add Average Service
Costs & Prior Service
Costs for ORP
($)
  
Average
Compensation
Actually Paid to
Non-PEO
Named
Executive Officers
($)
2024
  
4,103,916
  
  93,895
  
132,201
  
4,142,222
2023
  
4,012,668
  
 181,313
  
113,962
  
3,945,318
2022
  
3,080,257
  
    —
  
139,032
  
3,219,288
2021
  
2,937,130
  
  85,045
  
130,076
  
2,982,161
2020
  
2,398,616
  
 102,672
  
104,402
  
2,400,346
       
Compensation Actually Paid vs. Total Shareholder Return
Relationship between Compensation Actually Paid and Total Shareholder Return
The graph below reflects the relationship between t
h
e PEO and average
non-PEO
named executive officer CAP and the Company’s cumulative indexed total shareholder return (TSR) (assuming an initial fixed investment of $100 on December 27, 2019) for fiscal years 2020, 2021, 2022, 2023 and 2024:
 
 
LOGO
       
Compensation Actually Paid vs. Net Income
Relationship between Compensation Actually Paid and Net Income
The graph below reflects the relationship between the PEO and average
non-PEO
named executive officer CAP and the Company’s net income for fiscal years 2020, 2021, 2022, 2023 and 2024:
 
 
LOGO
       
Compensation Actually Paid vs. Company Selected Measure
Relationship between Compensation Actually Paid and Income from Operations
The graph below reflects the relationship between the PEO and average
non-PEO
named executive officer CAP and the Company’s income from operations for fiscal years 2020, 2021, 2022, 2023 and 2024:
 
 
LOGO
       
Total Shareholder Return Vs Peer Group
Relationship between Compensation Actually Paid and Total Shareholder Return
The graph below reflects the relationship between t
h
e PEO and average
non-PEO
named executive officer CAP and the Company’s cumulative indexed total shareholder return (TSR) (assuming an initial fixed investment of $100 on December 27, 2019) for fiscal years 2020, 2021, 2022, 2023 and 2024:
 
 
LOGO
       
Tabular List, Table
Tabular List of Financial Performance Measures
The following table pr
esents
the financial performance measures that the Company considers to have been the most important in linking PEO and
non-PEO
named executive officer CAP in fiscal 2024 to Company performance. The financial performance measures in this table are not ranked.
Most Important Financial Performance Measures
 
1
   Income from Operations
2
   EBIT
(1)
3
   EBIT Margin
(1)
4
   Free Cash Flow
(1)
5
   Revenue
(1)
 
(1)
“EBIT,” “EBIT Margin,” “Free Cash Flow” and “Revenue” are
non-GAAP
financial performance measures. See Appendix A for a reconciliation to GAAP financial measures.
       
Total Shareholder Return Amount $ 447.02 322.05 176.08 212.36 91.05
Peer Group Total Shareholder Return Amount 129.61 128.64 133.81 124.18 107.23
Net Income (Loss) $ 633,125,000 $ 408,375,000 $ 430,158,000 $ 189,580,000 $ 172,493,000
Company Selected Measure Amount 920,350,000 834,451,000 641,047,000 439,171,000 313,378,000
PEO Name J. Frank Harrison        
Additional 402(v) Disclosure
The amounts shown in column (f) assume $100 was invested on December 27, 2019 (the last trading day of the Company’s fiscal year ended December 29, 2019) in Common Stock, and that all dividends were reinvested on a quarterly basis.
The amounts shown in column (i) are income from operations as reported in the Company’s consolidated statements of operations for fiscal years 2024, 2023, 2022, 2021 and 2020.
       
Measure:: 1          
Pay vs Performance Disclosure          
Name Income from Operations        
Measure:: 2          
Pay vs Performance Disclosure          
Name EBIT        
Measure:: 3          
Pay vs Performance Disclosure          
Name EBIT Margin        
Measure:: 4          
Pay vs Performance Disclosure          
Name Free Cash Flow        
Measure:: 5          
Pay vs Performance Disclosure          
Name Revenue        
PEO | Deduct Average Of The Aggregate Change In Actual Present Value In ORP [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount   $ (1,089,198)   $ (32,861) $ (186,860)
Non-PEO NEO | Deduct Average Of The Aggregate Change In Actual Present Value In ORP [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (93,895) (181,313)   (85,045) (102,672)
Non-PEO NEO | Add Average Service Costs & Prior Service Costs For ORP [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 132,201 $ 113,962 $ 139,032 $ 130,076 $ 104,402