Coca-Cola Consolidated (COKE) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 27, 2024	Oct. 18, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 2024
Document Transition Report	false
Entity File Number	0-9286
Entity Registrant Name	COCA-COLA CONSOLIDATED, INC.
Entity Incorporation, State or Country Code	DE
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	(980)
Local Phone Number	392-8298
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	COKE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000317540
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,755,983
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,004,696

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Net sales	$ 1,765,652	$ 1,712,428	$ 5,153,221	$ 5,022,902
Cost of sales	1,067,616	1,050,878	3,097,916	3,065,669
Gross profit	698,036	661,550	2,055,305	1,957,233
Selling, delivery and administrative expenses	470,981	445,290	1,353,704	1,301,249
Income from operations	227,055	216,260	701,601	655,984
Interest expense (income), net	2,187	(1,516)	(2,149)	2,766
Mark-to-market on acquisition related contingent consideration	68,592	18,864	90,877	86,038
Pension plan settlement expense	0	77,319	0	117,096
Other expense, net	713	609	2,250	5,146
Income before taxes	155,563	120,984	610,623	444,938
Income tax expense	39,939	28,891	156,446	112,399
Net income	$ 115,624	$ 92,093	$ 454,177	$ 332,539
Common Stock
Basic net income per share:
Common Stock (in dollars per share)	$ 13.20	$ 9.82	$ 49.71	$ 35.47
Weighted average number of Common Stock shares outstanding (in shares)	7,756	8,369	8,141	8,369
Diluted net income per share:
Common Stock (in dollars per share)	$ 13.18	$ 9.80	$ 49.59	$ 35.38
Weighted average number of Common Stock shares outstanding - assuming dilution (in shares)	8,772	9,395	9,158	9,398
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.50	$ 0.50	$ 17.50	$ 4.50
Class B Common Stock
Basic net income per share:
Common Stock (in dollars per share)	$ 13.20	$ 9.82	$ 49.25	$ 35.47
Weighted average number of Common Stock shares outstanding (in shares)	1,005	1,005	1,005	1,005
Diluted net income per share:
Common Stock (in dollars per share)	$ 13.18	$ 9.79	$ 49	$ 35.29
Weighted average number of Common Stock shares outstanding - assuming dilution (in shares)	1,016	1,026	1,017	1,029
Cash dividends per share:
Common Stock (in dollars per share)	$ 0.50	$ 0.50	$ 17.50	$ 4.50

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 115,624	$ 92,093	$ 454,177	$ 332,539
Defined benefit plans reclassification including pension costs:
Actuarial gain (loss)	0	1,183	0	(303)
Prior service credits	3	3	9	9
Pension plan settlement	0	56,028	0	86,069
Postretirement benefits reclassification including benefit costs:
Actuarial gain	20	0	60	0
Unrealized gain on short-term investments	428	0	255	0
Other comprehensive income, net of tax	451	57,214	324	85,775
Comprehensive income	$ 116,075	$ 149,307	$ 454,501	$ 418,314

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 1,236,006	$ 635,269
Short-term investments	215,044	0
Allowance for doubtful accounts	(16,158)	(16,060)
Accounts receivable, other	46,833	67,533
Inventories	334,681	321,932
Prepaid expenses and other current assets	93,421	88,585
Total current assets	2,571,133	1,705,128
Property, plant and equipment, net	1,454,746	1,320,563
Right-of-use assets - operating leases	102,330	122,708
Leased property under financing leases, net	3,550	4,785
Other assets	170,304	145,213
Goodwill	165,903	165,903
Total assets	5,272,724	4,288,942
Current Liabilities:
Current portion of obligations under operating leases	22,323	26,194
Current portion of obligations under financing leases	2,635	2,487
Other accrued liabilities	276,743	237,994
Accrued compensation	141,074	146,932
Dividends payable	21,902	154,666
Total current liabilities	1,040,855	1,091,334
Deferred income taxes	110,510	128,435
Pension and postretirement benefit obligations	61,615	60,614
Other liabilities	900,076	866,499
Noncurrent portion of obligations under operating leases	85,863	102,271
Noncurrent portion of obligations under financing leases	3,036	5,032
Long-term debt	1,785,782	599,159
Total liabilities	3,987,737	2,853,344
Commitments and Contingencies
Equity:
Additional paid-in capital	135,953	135,953
Retained earnings	1,216,235	1,352,111
Accumulated other comprehensive loss	(3,952)	(4,276)
Total equity	1,284,987	1,435,598
Total liabilities and equity	5,272,724	4,288,942
Nonrelated Party
Current Assets:
Accounts receivable	572,859	555,933
Current Liabilities:
Accounts payable	346,997	383,562
Related Party
Current Assets:
Accounts receivable	88,447	51,936
Current Liabilities:
Accounts payable	229,181	139,499
Common Stock
Equity:
Common Stock	10,833	11,431
Treasury stock, at cost	$ (75,306)	$ (60,845)
Common stock, shares issued (in shares)	10,832,748	11,431,367
Class B Common Stock
Equity:
Common Stock	$ 1,633	$ 1,633
Treasury stock, at cost	$ (409)	$ (409)
Common stock, shares issued (in shares)	1,632,810	1,632,810
Distribution agreements, net
Current Assets:
Intangible assets, net	$ 798,475	$ 817,143
Customer lists, net
Current Assets:
Intangible assets, net	$ 6,283	$ 7,499

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 27, 2024	Dec. 31, 2023
Common Stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	10,832,748	11,431,367
Treasury stock, shares (in shares)	3,076,765	3,062,374
Class B Common Stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	1,632,810	1,632,810
Treasury stock, shares (in shares)	628,114	628,114

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Cash Flows from Operating Activities:
Net income	$ 454,177	$ 332,539
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense from property, plant and equipment and financing leases	125,593	113,664
Amortization of intangible assets and deferred proceeds, net	17,586	17,632
Fair value adjustment of acquisition related contingent consideration	90,877	86,038
Deferred income taxes	(18,030)	(34,881)
Loss on sale of property, plant and equipment	4,081	5,863
Amortization of debt costs	1,496	742
Pension plan settlement expense	0	117,096
Change in current assets less current liabilities	55,763	35,791
Change in other noncurrent assets	7,595	13,417
Change in other noncurrent liabilities	(31,245)	(43,352)
Total adjustments	253,716	312,010
Net cash provided by operating activities	707,893	644,549
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(287,333)	(152,260)
Purchases of short-term investments	(283,488)	0
Proceeds from the disposal of short-term investments	72,232	0
Investment in equity method investees	(9,794)	(9,044)
Proceeds from the sale of property, plant and equipment	425	441
Net cash used in investing activities	(507,958)	(160,863)
Cash Flows from Financing Activities:
Proceeds from bond issuance	1,200,000	0
Payments related to share repurchases	(574,009)	0
Cash dividends paid	(163,733)	(42,182)
Payments of acquisition related contingent consideration	(44,243)	(20,979)
Debt issuance fees	(15,365)	(244)
Payments on financing lease obligations	(1,848)	(1,712)
Net cash provided by (used in) financing activities	400,802	(65,117)
Net increase in cash during period	600,737	418,569
Cash at beginning of period	635,269	197,648
Cash at end of period	1,236,006	616,217
Significant non-cash investing and financing activities:
Additions to property, plant and equipment accrued and recorded in accounts payable, trade	34,791	32,388
Right-of-use assets obtained in exchange for operating lease obligations	$ 1,299	$ 4,253

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Common Stock	Class B Common Stock	Common Stock Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Retained Earnings Common Stock	Retained Earnings Class B Common Stock	Accumulated Other Comprehensive Loss	Treasury Stock - Common Stock Common Stock	Treasury Stock - Common Stock Class B Common Stock
Beginning balance at Dec. 31, 2022		$ 1,115,388			$ 11,431	$ 1,633	$ 135,953	$ 1,112,462			$ (84,837)	$ (60,845)	$ (409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		332,539						332,539
Other comprehensive income, net of tax		85,775									85,775
Dividends declared			$ (8,369)	$ (1,005)					$ (8,369)	$ (1,005)
Ending balance at Sep. 29, 2023		1,524,328			11,431	1,633	135,953	1,435,627			938	(60,845)	(409)
Beginning balance at Jun. 30, 2023		1,379,708			11,431	1,633	135,953	1,348,221			(56,276)	(60,845)	(409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		92,093						92,093
Other comprehensive income, net of tax		57,214									57,214
Dividends declared			(4,184)	(503)					(4,184)	(503)
Ending balance at Sep. 29, 2023		1,524,328			11,431	1,633	135,953	1,435,627			938	(60,845)	(409)
Beginning balance at Dec. 31, 2023		1,435,598			11,431	1,633	135,953	1,352,111			(4,276)	(60,845)	(409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		454,177						454,177
Other comprehensive income, net of tax		324									324
Dividends declared			(27,452)	(3,517)					(27,452)	(3,517)
Share repurchases	[1]	(574,143)			(598)			(559,084)				(14,461)
Ending balance at Sep. 27, 2024		1,284,987			10,833	1,633	135,953	1,216,235			(3,952)	(75,306)	(409)
Beginning balance at Jun. 28, 2024		1,195,194			11,431	1,633	135,953	1,685,977			(4,403)	(634,988)	(409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		115,624						115,624
Other comprehensive income, net of tax		451									451
Dividends declared			$ (23,267)	$ (3,015)					$ (23,267)	$ (3,015)
Share repurchases	[1]	0			(598)			(559,084)				559,682
Ending balance at Sep. 27, 2024		$ 1,284,987			$ 10,833	$ 1,633	$ 135,953	$ 1,216,235			$ (3,952)	$ (75,306)	$ (409)
[1]The share repurchases relate to shares repurchased in a tender offer and a separate share repurchase transaction with a subsidiary of The Coca‑Cola Company, both of which are further discussed in Note 2 below.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Common Stock
Dividends declared on common stock (in dollars per share)	$ 3	$ 0.50	$ 3.50	$ 1
Class B Common Stock
Dividends declared on common stock (in dollars per share)	$ 3	$ 0.50	$ 3.50	$ 1

Critical Accounting Policies

Critical Accounting Policies	9 Months Ended
	Sep. 27, 2024
Accounting Policies [Abstract]
Critical Accounting Policies	Critical Accounting Policies The condensed consolidated financial statements include the accounts and the consolidated operations of Coca‑Cola Consolidated, Inc. and its majority-owned subsidiaries (collectively referred to herein as the “Company”). All significant intercompany accounts and transactions have been eliminated. The condensed consolidated financial statements reflect all adjustments, including normal, recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results for the periods presented. Each of the Company’s quarters, other than the fourth quarter, ends on the Friday closest to the last day of the corresponding quarterly calendar period. The Company’s fourth quarter and fiscal year end on December 31 regardless of the day of the week on which December 31 falls. The condensed consolidated financial statements presented are: • The financial position as of September 27, 2024 and December 31, 2023. • The results of operations, comprehensive income and changes in stockholders’ equity for the three-month periods ended September 27, 2024 (the “third quarter” of fiscal 2024 (“2024”)) and September 29, 2023 (the “third quarter” of fiscal 2023 (“2023”)) and the nine-month periods ended September 27, 2024 (the “first nine months” of 2024) and September 29, 2023 (the “first nine months” of 2023). • The changes in cash flows for the first nine months of 2024 and the first nine months of 2023. The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and the instructions to Form 10-Q and Article 10 of Regulation S-X. The accounting policies followed in the presentation of interim financial results are consistent with those followed on an annual basis. These policies are presented in Note 1 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for 2023 filed with the United States Securities and Exchange Commission. The preparation of condensed consolidated financial statements, in conformity with GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. Critical Accounting Estimates In the ordinary course of business, the Company has made a number of estimates and assumptions relating to the reporting of its results of operations and financial position in the preparation of its condensed consolidated financial statements in conformity with GAAP. Actual results could differ significantly from those estimates under different assumptions and conditions. The Company included in its Annual Report on Form 10-K for 2023 under the caption “Discussion of Critical Accounting Estimates” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” a discussion of the Company’s most critical accounting estimates, which are those the Company believes to be the most important to the portrayal of its financial condition and results of operations and that require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Any changes in critical accounting estimates are discussed with the Audit Committee of the Company’s Board of Directors during the quarter in which a change is contemplated and prior to making such change. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires additional disclosure of significant segment expenses included in the reported measure of segment profit or loss and regularly provided to the Chief Operating Decision Maker (the “CODM”). It also requires disclosure and a description of the composition of other amounts by reportable segment, disclosure of a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods and disclosure of the CODM’s title and process for assessing a reportable segment’s profit or loss. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years beginning after December 15, 2024. The Company has evaluated the impact ASU 2023-07 will have on its consolidated financial statements and does not expect a material impact upon adoption. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of specific categories in the rate reconciliation, including additional information for reconciling items that meet a quantitative threshold, and specific disaggregation of income taxes paid and tax expense. The amendment is effective for annual periods beginning after December 15, 2024. The Company has evaluated the impact ASU 2023-09 will have on its consolidated financial statements and does not expect a material impact upon adoption.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 27, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions J. Frank Harrison, III As of September 27, 2024, J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer of the Company, controlled 1,004,394 shares of the Company’s Class B Common Stock, par value $1.00 per share (“Class B Common Stock”), which represented approximately 72% of the total voting power of the Company’s outstanding Common Stock, par value $1.00 per share (“Common Stock”), and Class B Common Stock on a consolidated basis. The Coca‑Cola Company The Company’s business consists primarily of the distribution, marketing and manufacture of nonalcoholic beverages of The Coca‑Cola Company, which is the sole owner of the formulas under which the primary components of the Company’s soft drink products, either concentrate or syrup, are manufactured. As of September 27, 2024, The Coca‑Cola Company owned shares of the Company’s Common Stock representing approximately 7% of the total voting power of the Company’s outstanding Common Stock and Class B Common Stock on a consolidated basis. The number of shares of the Company’s Common Stock currently held by The Coca‑Cola Company gives it the right to have a designee proposed by the Company for nomination to the Company’s Board of Directors in the Company’s annual proxy statement. J. Frank Harrison, III and the trustees of certain trusts established for the benefit of certain relatives of the late J. Frank Harrison, Jr. have agreed to vote the shares of the Company’s Common Stock and Class B Common Stock that they control in favor of such designee. The Coca‑Cola Company does not own any shares of the Company’s Class B Common Stock. On May 6, 2024, the Company announced its intention to purchase up to $3.10 billion in value of its Common Stock through both a modified “Dutch auction” tender offer (the “Tender Offer”) for up to $2.00 billion of its Common Stock and a separate share purchase agreement (the “Purchase Agreement”) with Carolina Coca-Cola Bottling Investments, Inc., an indirect wholly owned subsidiary of The Coca‑Cola Company (“CCCBI”). On May 20, 2024, the Company launched its offer to purchase, for cash, shares of its Common Stock at prices specified by the tendering stockholders of not less than $850 nor greater than $925 per share, with shares having an aggregate purchase price of no more than $2.00 billion. On June 21, 2024, the Company announced the final results of the Tender Offer, which expired on June 18, 2024. In accordance with the terms and conditions of the Tender Offer, the Company repurchased 14,391.5 shares of its Common Stock at a purchase price of $925 per share, for an aggregate purchase price of $13.3 million, excluding fees and expenses relating to the Tender Offer. The shares repurchased represented 0.2% of the shares of the Company’s Common Stock that were issued and outstanding as of June 18, 2024. Pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI, the Company agreed to purchase and CCCBI agreed to sell, at the purchase price in the Tender Offer, a number of shares of the Company’s Common Stock (the “Share Repurchase”) such that CCCBI would beneficially own shares of the Company’s Common Stock representing 21.5% of the Company’s total outstanding shares of Common Stock and Class B Common Stock immediately following the closing of the Share Repurchase (calculated assuming all issued and outstanding shares of Class B Common Stock were converted into Common Stock and taking into account the shares of Common Stock purchased in the Tender Offer). The Share Repurchase was conditioned on, among other things, the completion of the Tender Offer and, in the case of CCCBI’s obligation to close, the purchase price being no less than $925 per share. On July 5, 2024, the Company repurchased and retired 598,619 shares of its Common Stock in the Share Repurchase at a purchase price of $925 per share, for an aggregate purchase price of $553.7 million. The following table summarizes the significant cash transactions between the Company and The Coca‑Cola Company: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Payments made by the Company to The Coca-Cola Company (1) $ 585,967 $ 552,154 $ 1,582,000 $ 1,544,872 Payments made by The Coca-Cola Company to the Company 65,592 67,890 184,794 170,824 (1) This excludes acquisition related sub-bottling payments made by the Company to CCR (as defined below), a wholly owned subsidiary of The Coca‑Cola Company, as well as the payment made to repurchase shares pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI (as further discussed above). More than 80% of the payments made by the Company to The Coca‑Cola Company were for concentrate, syrup, sweetener and other finished goods products, which were recorded in cost of sales in the condensed consolidated statements of operations and represent the primary components of the soft drink products the Company manufactures and distributes. Payments made by the Company to The Coca‑Cola Company also included payments for marketing programs associated with large, national customers managed by The Coca‑Cola Company on behalf of the Company, which were recorded as a reduction to net sales in the condensed consolidated statements of operations. Other payments made by the Company to The Coca‑Cola Company related to cold drink equipment parts, fees associated with the rights to distribute certain brands and other customary items. Payments made by The Coca‑Cola Company to the Company included annual funding in connection with the Company’s agreement to support certain business initiatives developed by The Coca‑Cola Company and funding associated with the delivery of post-mix products to various customers, both of which were recorded as a reduction to cost of sales in the condensed consolidated statements of operations. 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. Payments made by The Coca‑Cola Company to the Company also included fountain product delivery and equipment repair services performed by the Company on The Coca‑Cola Company’s equipment, all of which were recorded in net sales in the condensed consolidated statements of operations. Coca‑Cola Refreshments USA, Inc. (“CCR”) The Company, The Coca‑Cola Company and CCR entered into comprehensive beverage agreements (collectively, the “CBA”), related to a multi-year series of transactions, which were completed in October 2017, through which the Company acquired and exchanged distribution territories and manufacturing plants (the “System Transformation”). The CBA requires the Company to make quarterly acquisition related 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 certain distribution territories the Company acquired from CCR. These acquisition related sub-bottling payments are based on gross profit derived from the Company’s sales of certain beverages and beverage products that are sold under the same trademarks that identify a covered beverage, a beverage product or certain cross-licensed brands applicable to the System Transformation. Acquisition related sub-bottling payments to CCR were $44.2 million in the first nine months of 2024 and $21.0 million in the first nine months of 2023. The following table summarizes the liability recorded by the Company to reflect the estimated fair value of contingent consideration related to future expected acquisition related sub-bottling payments to CCR: (in thousands) September 27, 2024 December 31, 2023 Current portion of acquisition related contingent consideration $ 75,742 $ 64,528 Noncurrent portion of acquisition related contingent consideration 629,829 604,809 Total acquisition related contingent consideration $ 705,571 $ 669,337 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 condensed consolidated balance sheets, was $21.4 million as of September 27, 2024 and $20.9 million as of December 31, 2023. South Atlantic Canners, Inc. (“SAC”) The Company is a shareholder of SAC, a manufacturing cooperative located in Bishopville, South Carolina. All of SAC’s shareholders are Coca‑Cola bottlers and each has equal voting rights. The Company accounts for SAC as an equity method investment. The Company’s investment in SAC, which was classified as other assets in the condensed consolidated balance sheets, was $23.1 million as of September 27, 2024 and $17.2 million as of December 31, 2023. 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, which were recorded as a reduction to cost of sales in the condensed consolidated statements of operations, were $6.9 million in both the first nine months of 2024 and the first nine months of 2023. Coca‑Cola Bottlers’ Sales & Services Company LLC (“CCBSS”) Along with all 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 $19.8 million as of September 27, 2024 and $14.3 million as of December 31, 2023, which were classified as accounts receivable, other in the condensed consolidated balance sheets. Changes in rebates receivable relate to volatility in raw material prices and the timing of cash receipts of rebates. CONA Services LLC (“CONA”) Along with certain other Coca‑Cola bottlers, the Company is a member of CONA, an entity formed 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 condensed consolidated balance sheets, was $23.8 million as of September 27, 2024 and $22.1 million as of December 31, 2023. 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 service fees to CONA of $20.2 million in the first nine months of 2024 and $20.6 million in the first nine months of 2023. 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 is the majority stockholder and Morgan H. Everett, Vice Chair of the Company’s Board of Directors, is a minority stockholder. The annual base rent the Company is obligated to pay under this lease is subject to an adjustment for an inflation factor and the lease expires on December 31, 2029. The principal balance outstanding under this lease was $20.1 million on September 27, 2024 and $22.5 million on December 31, 2023. Rental payments for this lease were $1.0 million in both the third quarter of 2024 and the third quarter of 2023 and $3.0 million and $2.9 million in the first nine months of 2024 and the first nine months of 2023, respectively. Long-Term Performance Equity Plan The Long-Term Performance Equity Plan compensates J. Frank Harrison, III based on the Company’s performance. Awards granted to Mr. Harrison 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 of the Company’s Board of Directors. These awards may be settled in cash and/or shares of the Company’s Class B Common Stock, based on the average of the closing prices of shares of the Company’s Common Stock during the last 20 trading days of the performance period. Compensation expense for the Long-Term Performance Equity Plan, which was included in selling, delivery and administrative expenses in the condensed consolidated statements of operations, was $2.3 million in both the third quarter of 2024 and the third quarter of 2023 and $8.1 million and $8.0 million in the first nine months of 2024 and the first nine months of 2023, respectively.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 27, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition 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 sales, transportation revenue and equipment maintenance revenue. 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. The Company has defined its performance obligations for its contracts as either at a point in time or over time. 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 98% of the Company’s net sales in both the first nine months of 2024 and the first nine months of 2023. 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 condensed consolidated financial statements. The following table represents a disaggregation of revenue from contracts with customers: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Point in time net sales: Nonalcoholic Beverages - point in time $ 1,736,286 $ 1,677,221 $ 5,063,822 $ 4,911,999 Total point in time net sales $ 1,736,286 $ 1,677,221 $ 5,063,822 $ 4,911,999 Over time net sales: Nonalcoholic Beverages - over time $ 15,209 $ 13,839 $ 42,537 $ 39,335 All Other - over time 14,157 21,368 46,862 71,568 Total over time net sales $ 29,366 $ 35,207 $ 89,399 $ 110,903 Total net sales $ 1,765,652 $ 1,712,428 $ 5,153,221 $ 5,022,902 The Company’s allowance for doubtful accounts in the condensed consolidated balance sheets includes a reserve for customer returns and an allowance for credit losses. 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. Returned product is recognized as a reduction to net sales. The Company’s reserve for customer returns was $5.2 million as of September 27, 2024 and $4.5 million as of December 31, 2023. The Company estimates an allowance for credit losses, based on historic days’ sales outstanding trends, aged customer balances, previously written-off balances and expected recoveries up to balances previously written off, in order to present the net amount expected to be collected. Accounts receivable balances are written off when determined uncollectible and are recognized as a reduction to the allowance for credit losses. Following is a summary of activity for the allowance for credit losses during the first nine months of 2024 and the first nine months of 2023: First Nine Months (in thousands) 2024 2023 Beginning balance - allowance for credit losses $ 11,560 $ 13,119 Additions charged to expenses and as a reduction to net sales 2,254 4,268 Deductions (2,806) (3,328) Ending balance - allowance for credit losses $ 11,008 $ 14,059

Segments

Segments	9 Months Ended
	Sep. 27, 2024
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 believes three operating segments exist. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated net sales and income from operations. 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.” The Company’s segment results are as follows: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Net sales: Nonalcoholic Beverages $ 1,751,495 $ 1,691,060 $ 5,106,359 $ 4,951,334 All Other 86,230 93,636 260,930 281,186 Eliminations (1) (72,073) (72,268) (214,068) (209,618) Consolidated net sales $ 1,765,652 $ 1,712,428 $ 5,153,221 $ 5,022,902 Income from operations: Nonalcoholic Beverages $ 224,072 $ 217,405 $ 691,239 $ 661,395 All Other 2,983 (1,145) 10,362 (5,411) Consolidated income from operations $ 227,055 $ 216,260 $ 701,601 $ 655,984 Depreciation and amortization: Nonalcoholic Beverages $ 44,511 $ 41,003 $ 131,332 $ 122,262 All Other 4,259 3,108 11,847 9,034 Consolidated depreciation and amortization $ 48,770 $ 44,111 $ 143,179 $ 131,296 (1) The entire net sales elimination represents net sales from the All Other segment 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 Per Share

Net Income Per Share	9 Months Ended
	Sep. 27, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method: Third Quarter First Nine Months (in thousands, except per share data) 2024 2023 2024 2023 Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: Net income $ 115,624 $ 92,093 $ 454,177 $ 332,539 Less dividends: Common Stock 3,878 4,184 146,151 37,660 Class B Common Stock 502 503 17,582 4,522 Total undistributed earnings $ 111,244 $ 87,406 $ 290,444 $ 290,357 Common Stock undistributed earnings – basic $ 98,483 $ 78,035 $ 258,529 $ 259,227 Class B Common Stock undistributed earnings – basic 12,761 9,371 31,915 31,130 Total undistributed earnings – basic $ 111,244 $ 87,406 $ 290,444 $ 290,357 Common Stock undistributed earnings – diluted $ 98,359 $ 77,861 $ 258,190 $ 258,565 Class B Common Stock undistributed earnings – diluted 12,885 9,545 32,254 31,792 Total undistributed earnings – diluted $ 111,244 $ 87,406 $ 290,444 $ 290,357 Third Quarter First Nine Months (in thousands, except per share data) 2024 2023 2024 2023 Numerator for basic net income per Common Stock share: Dividends on Common Stock $ 3,878 $ 4,184 $ 146,151 $ 37,660 Common Stock undistributed earnings – basic 98,483 78,035 258,529 259,227 Numerator for basic net income per Common Stock share $ 102,361 $ 82,219 $ 404,680 $ 296,887 Numerator for basic net income per Class B Common Stock share: Dividends on Class B Common Stock $ 502 $ 503 $ 17,582 $ 4,522 Class B Common Stock undistributed earnings – basic 12,761 9,371 31,915 31,130 Numerator for basic net income per Class B Common Stock share $ 13,263 $ 9,874 $ 49,497 $ 35,652 Numerator for diluted net income per Common Stock share: Dividends on Common Stock $ 3,878 $ 4,184 $ 146,151 $ 37,660 Dividends on Class B Common Stock assumed converted to Common Stock 502 503 17,582 4,522 Common Stock undistributed earnings – diluted 111,244 87,406 290,444 290,357 Numerator for diluted net income per Common Stock share $ 115,624 $ 92,093 $ 454,177 $ 332,539 Numerator for diluted net income per Class B Common Stock share: Dividends on Class B Common Stock $ 502 $ 503 $ 17,582 $ 4,522 Class B Common Stock undistributed earnings – diluted 12,885 9,545 32,254 31,792 Numerator for diluted net income per Class B Common Stock share $ 13,387 $ 10,048 $ 49,836 $ 36,314 Denominator for basic net income per Common Stock and Class B Common Stock share: Common Stock weighted average shares outstanding – basic 7,756 8,369 8,141 8,369 Class B Common Stock weighted average shares outstanding – basic 1,005 1,005 1,005 1,005 Denominator for diluted net income 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) 8,772 9,395 9,158 9,398 Class B Common Stock weighted average shares outstanding – diluted 1,016 1,026 1,017 1,029 Basic net income per share: Common Stock $ 13.20 $ 9.82 $ 49.71 $ 35.47 Class B Common Stock $ 13.20 $ 9.82 $ 49.25 $ 35.47 Diluted net income per share: Common Stock $ 13.18 $ 9.80 $ 49.59 $ 35.38 Class B Common Stock $ 13.18 $ 9.79 $ 49.00 $ 35.29 NOTES TO TABLE (1) For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock. (2) For purposes of the diluted net income 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 includes the dilutive effect of unvested performance shares relative to the Long-Term Performance Equity Plan . For periods presented during which the Company has net loss, the unvested performance shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan . (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 unvested performance shares relative to such award is prospectively removed from the denominator in the computation of diluted net income per share. (5) The Company did not have anti-dilutive unvested performance shares for any periods presented. (6) The Company repurchased 14,391.5 shares of its Common Stock in the Tender Offer, which expired on June 18, 2024, and repurchased 598,619 shares of its Common Stock pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI. See Note 2 for additional information on the Tender Offer and the Purchase Agreement. (7) On August 20, 2024, the Company announced that its Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $1.00 billion of the Company’s Common Stock. The new share repurchase authorization is discretionary and has no expiration date. As of September 27, 2024, the Company had not repurchased any shares of Common Stock under the new share repurchase program.

Short-Term Investments

Short-Term Investments	9 Months Ended
	Sep. 27, 2024
Investments, Debt and Equity Securities [Abstract]
Short-Term Investments	Short-Term Investments Short-term investments that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Short-term investments that are not classified as held-to-maturity are carried at fair value and classified as available-for-sale. As of September 27, 2024, all of the Company’s short-term investments were classified as available-for-sale. As of December 31, 2023, the Company did not have any short-term investments. Realized gains and losses on available-for-sale investments are included in net income. Unrealized gains and losses, net of tax, on available-for-sale investments are included in the condensed consolidated balance sheet as a component of accumulated other comprehensive income (loss). As of September 27, 2024, the Company’s available-for-sale investments consisted of the following cost, unrealized positions and estimated fair value, disaggregated by class of instrument: Gross Unrealized (in thousands) Cost Gains Losses Estimated Fair Value U.S. Treasury securities $ 128,935 $ 124 $ — $ 129,059 Corporate bonds 76,811 193 (1) 77,003 Commercial paper instruments 6,922 15 — 6,937 Asset-backed securities 2,038 7 — 2,045 Total short-term investments $ 214,706 $ 339 $ (1) $ 215,044 As of September 27, 2024, all of the Company’s available-for-sale investments were classified as short-term investments in the condensed consolidated balance sheet and had weighted average maturities of less than one year. The Company did not identify any other-than-temporary impairment on its available-for-sale investments during the first nine months of 2024. The sale and/or maturity of available-for-sale investments resulted in proceeds of $55.6 million and $72.2 million during the third quarter of 2024 and the first nine months of 2024, respectively. There were no gross realized gains or losses in the third quarter of 2024 or the first nine months of 2024. There was no realized activity during the third quarter of 2023 or the first nine months of 2023, as the Company did not have any short-term investments during those periods.

Inventories

Inventories	9 Months Ended
	Sep. 27, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Finished products $ 218,246 $ 207,912 Manufacturing materials 71,848 71,560 Plastic shells, plastic pallets and other inventories 44,587 42,460 Total inventories $ 334,681 $ 321,932

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 27, 2024
Prepaid Expense and Other Assets [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Repair parts $ 32,946 $ 35,256 Prepaid software 9,078 9,427 Prepaid taxes 7,763 9,020 Prepaid marketing 6,372 4,703 Commodity hedges at fair market value 4,087 3,747 Other prepaid expenses and other current assets 33,175 26,432 Total prepaid expenses and other current assets $ 93,421 $ 88,585

Property, Plant and Equipment,

Property, Plant and Equipment, Net	9 Months Ended
	Sep. 27, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net The principal categories and estimated useful lives of property, plant and equipment, net were as follows: (in thousands) September 27, 2024 December 31, 2023 Estimated Useful Life Land $ 132,543 $ 99,858 Buildings 435,775 390,852 8-50 years Machinery and equipment 540,137 498,737 5-20 years Transportation equipment 667,501 611,001 3-20 years Furniture and fixtures 106,146 107,072 3-10 years Cold drink dispensing equipment 454,859 449,508 3-17 years Leasehold and land improvements 165,713 179,146 5-20 years Software for internal use 49,740 49,611 3-10 years Construction in progress 132,167 95,623 Total property, plant and equipment, at cost 2,684,581 2,481,408 Less: Accumulated depreciation and amortization 1,229,835 1,160,845 Property, plant and equipment, net $ 1,454,746 $ 1,320,563

Leases

Leases	9 Months Ended
	Sep. 27, 2024
Leases [Abstract]
Leases	Leases Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: September 27, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 6.4 years 6.7 years Financing leases 3.0 years 3.5 years Weighted average discount rate: Operating leases 3.9 % 3.8 % Financing leases 5.2 % 5.2 % Following is a summary of the Company’s leases within the condensed consolidated statements of operations: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Operating lease costs $ 7,289 $ 8,293 $ 22,553 $ 24,871 Short-term and variable leases 3,421 4,151 9,820 11,942 Depreciation expense from financing leases 412 413 1,235 1,235 Interest expense on financing lease obligations 77 109 253 346 Total lease cost $ 11,199 $ 12,966 $ 33,861 $ 38,394 The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain 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 September 27, 2024: (in thousands) Operating Leases Financing Leases Remainder of 2024 $ 7,402 $ 707 2025 24,090 2,869 2026 20,862 1,233 2027 18,362 338 2028 13,634 345 Thereafter 38,748 620 Total minimum lease payments including interest $ 123,098 $ 6,112 Less: Amounts representing interest 14,912 441 Present value of minimum lease principal payments 108,186 5,671 Less: Current portion of lease liabilities 22,323 2,635 Noncurrent portion of lease liabilities $ 85,863 $ 3,036 Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2023: (in thousands) Operating Leases Financing Leases 2024 $ 29,932 $ 2,808 2025 24,329 2,869 2026 21,115 1,233 2027 18,614 338 2028 13,890 345 Thereafter 39,022 620 Total minimum lease payments including interest $ 146,902 $ 8,213 Less: Amounts representing interest 18,437 694 Present value of minimum lease principal payments 128,465 7,519 Less: Current portion of lease liabilities 26,194 2,487 Noncurrent portion of lease liabilities $ 102,271 $ 5,032 Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows: First Nine Months (in thousands) 2024 2023 Cash flows from operating activities impact: Operating leases $ 22,454 $ 24,666 Interest payments on financing lease obligations 253 346 Total cash flows from operating activities impact $ 22,707 $ 25,012 Cash flows from financing activities impact: Principal payments on financing lease obligations $ 1,848 $ 1,712 Total cash flows from financing activities impact $ 1,848 $ 1,712
Leases	Leases Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: September 27, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 6.4 years 6.7 years Financing leases 3.0 years 3.5 years Weighted average discount rate: Operating leases 3.9 % 3.8 % Financing leases 5.2 % 5.2 % Following is a summary of the Company’s leases within the condensed consolidated statements of operations: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Operating lease costs $ 7,289 $ 8,293 $ 22,553 $ 24,871 Short-term and variable leases 3,421 4,151 9,820 11,942 Depreciation expense from financing leases 412 413 1,235 1,235 Interest expense on financing lease obligations 77 109 253 346 Total lease cost $ 11,199 $ 12,966 $ 33,861 $ 38,394 The future minimum lease payments related to the Company’s leases include renewal options the Company has determined to be reasonably certain 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 September 27, 2024: (in thousands) Operating Leases Financing Leases Remainder of 2024 $ 7,402 $ 707 2025 24,090 2,869 2026 20,862 1,233 2027 18,362 338 2028 13,634 345 Thereafter 38,748 620 Total minimum lease payments including interest $ 123,098 $ 6,112 Less: Amounts representing interest 14,912 441 Present value of minimum lease principal payments 108,186 5,671 Less: Current portion of lease liabilities 22,323 2,635 Noncurrent portion of lease liabilities $ 85,863 $ 3,036 Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2023: (in thousands) Operating Leases Financing Leases 2024 $ 29,932 $ 2,808 2025 24,329 2,869 2026 21,115 1,233 2027 18,614 338 2028 13,890 345 Thereafter 39,022 620 Total minimum lease payments including interest $ 146,902 $ 8,213 Less: Amounts representing interest 18,437 694 Present value of minimum lease principal payments 128,465 7,519 Less: Current portion of lease liabilities 26,194 2,487 Noncurrent portion of lease liabilities $ 102,271 $ 5,032 Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows: First Nine Months (in thousands) 2024 2023 Cash flows from operating activities impact: Operating leases $ 22,454 $ 24,666 Interest payments on financing lease obligations 253 346 Total cash flows from operating activities impact $ 22,707 $ 25,012 Cash flows from financing activities impact: Principal payments on financing lease obligations $ 1,848 $ 1,712 Total cash flows from financing activities impact $ 1,848 $ 1,712

Distribution Agreements, Net

Distribution Agreements, Net	9 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Distribution Agreements, Net	Distribution Agreements, Net Distribution agreements, net, which are amortized on a straight-line basis and have estimated useful lives of 20 to 40 years, consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Distribution agreements at cost $ 990,191 $ 990,191 Less: Accumulated amortization 191,716 173,048 Distribution agreements, net $ 798,475 $ 817,143 Customer lists, net, which are amortized on a straight-line basis and have estimated useful lives of five (in thousands) September 27, 2024 December 31, 2023 Customer lists at cost $ 25,288 $ 25,288 Less: Accumulated amortization 19,005 17,789 Customer lists, net $ 6,283 $ 7,499

Customer Lists, Net

Customer Lists, Net	9 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Customer Lists, Net	Distribution Agreements, Net Distribution agreements, net, which are amortized on a straight-line basis and have estimated useful lives of 20 to 40 years, consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Distribution agreements at cost $ 990,191 $ 990,191 Less: Accumulated amortization 191,716 173,048 Distribution agreements, net $ 798,475 $ 817,143 Customer lists, net, which are amortized on a straight-line basis and have estimated useful lives of five (in thousands) September 27, 2024 December 31, 2023 Customer lists at cost $ 25,288 $ 25,288 Less: Accumulated amortization 19,005 17,789 Customer lists, net $ 6,283 $ 7,499

Supply Chain Finance Program

Supply Chain Finance Program	9 Months Ended
	Sep. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
Supply Chain Finance Program	Supply Chain Finance Program The Company has an agreement with a third-party financial institution to facilitate a supply chain finance program (“SCF program”), which allows qualifying suppliers to sell their receivables from the Company to the financial institution. The participating suppliers negotiate their outstanding receivable arrangements and associated fees directly with the financial institution, and the Company is not party to those agreements. Once a qualifying supplier elects to participate in the SCF program and reaches an agreement with the financial institution, the supplier elects which individual Company invoices it sells to the financial institution. The supplier invoices that have been confirmed as valid under the SCF program require payment in full by the financial institution to the supplier by the original maturity date of the invoice, or discounted payment at an earlier date as agreed upon with the supplier. The Company’s obligations to its suppliers, including amounts due and scheduled payment terms, are not impacted by a supplier’s participation in the SCF program.

Other Accrued Liabilities

Other Accrued Liabilities	9 Months Ended
	Sep. 27, 2024
Payables and Accruals [Abstract]
Other Accrued Liabilities	Other Accrued Liabilities Other accrued liabilities consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Current portion of acquisition related contingent consideration $ 75,742 $ 64,528 Accrued insurance costs 56,545 54,040 Accrued marketing costs 45,602 55,799 Employee and retiree benefit plan accruals 33,045 34,203 Accrued interest payable 27,418 2,520 Accrued taxes (other than income taxes) 8,812 7,474 All other accrued expenses 29,579 19,430 Total other accrued liabilities $ 276,743 $ 237,994

Commodity Derivative Instrument

Commodity Derivative Instruments	9 Months Ended
	Sep. 27, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodity Derivative Instruments	Commodity Derivative 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 this risk through a variety of strategies, including the use of commodity derivative instruments. The Company does not use commodity derivative instruments for trading or speculative purposes. These commodity derivative instruments are not designated as hedging instruments under GAAP and are used as “economic hedges” to manage certain commodity price risk. 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 counterparties. Commodity derivative instruments held by the Company are marked to market on a quarterly basis and are recognized in earnings consistent with the expense classification of the underlying hedged item. The Company generally pays a fee for these commodity derivative instruments, which is amortized over the corresponding period of each commodity derivative instrument. Settlements of commodity derivative instruments are included in cash flows from operating activities in the condensed consolidated statements of cash flows. The following table summarizes pre-tax changes in the fair values of the Company’s commodity derivative instruments and the classification of such changes in the condensed consolidated statements of operations: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Cost of sales $ 1,426 $ (25) $ 1,345 $ (1,517) Selling, delivery and administrative expenses (631) 703 (420) (2,211) Total gain (loss) $ 795 $ 678 $ 925 $ (3,728) All commodity derivative instruments are recorded at fair value as either assets or liabilities in the condensed consolidated balance sheets. The Company has master agreements with the counterparties to its commodity derivative instruments 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 condensed consolidated balance sheets and the net amounts of derivative liabilities are recognized in either other accrued liabilities or other liabilities in the condensed consolidated balance sheets. The following table summarizes the fair values of the Company’s commodity derivative instruments and the classification of such instruments in the condensed consolidated balance sheets: (in thousands) September 27, 2024 December 31, 2023 Assets: Prepaid expenses and other current assets $ 4,087 $ 3,747 Other assets 585 — Total assets $ 4,672 $ 3,747 The following table summarizes the Company’s gross commodity derivative instrument assets and gross commodity derivative instrument liabilities in the condensed consolidated balance sheets: (in thousands) September 27, 2024 December 31, 2023 Gross commodity derivative instrument assets $ 4,672 $ 3,747 Gross commodity derivative instrument liabilities — — The following table summarizes the Company’s outstanding commodity derivative instruments: (in thousands) September 27, 2024 December 31, 2023 Notional amount of outstanding commodity derivative instruments $ 61,455 $ 50,187 Latest maturity date of outstanding commodity derivative instruments December 2025 December 2024

Fair Values of Financial Instru

Fair Values of Financial Instruments	9 Months Ended
	Sep. 27, 2024
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	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 below 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 Methods and Assumptions Deferred compensation plan assets and liabilities Level 1 The fair value of the Company’s nonqualified deferred compensation plan for certain executives and other highly compensated employees is based on the fair values of associated assets and liabilities, which are held in mutual funds and are based on the quoted market prices of the securities held within the mutual funds. Short-term investments Level 1 The fair values of the Company’s Level 1 short-term investments, which are U.S. Treasury securities, corporate bonds and asset-backed securities, are based on the quoted market prices of those securities which are actively traded on national exchanges. Short-term investments Level 2 The fair values of the Company’s Level 2 short-term investments, which are commercial paper instruments, are based on estimated current market prices and have readily determinable fair market values. Commodity derivative instruments Level 2 The fair values of the Company’s commodity derivative instruments are based on current settlement values at each balance sheet date, which represent the estimated amounts the Company would have received or paid upon termination of these instruments. The Company’s credit risk related to the commodity derivative instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair values of commodity derivative instruments. Long-term debt Level 2 The carrying amounts of the Company’s variable rate debt approximate the fair values due to variable interest rates with short reset periods. The fair values of the Company’s fixed rate debt are based on estimated current market prices. Acquisition related contingent consideration Level 3 The fair value of the Company’s acquisition related contingent consideration is based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data. The following tables summarize the carrying amounts and the fair values by level of the Company’s deferred compensation plan assets and liabilities, short-term investments, commodity derivative instruments, long‑term debt and acquisition related contingent consideration: September 27, 2024 (in thousands) Carrying Total Fair Value Fair Value Fair Value Assets: Deferred compensation plan assets $ 79,791 $ 79,791 $ 79,791 $ — $ — Short-term investments 215,044 215,044 208,107 6,937 — Commodity derivative instruments 4,672 4,672 — 4,672 — Liabilities: Deferred compensation plan liabilities 79,791 79,791 79,791 — — Long-term debt 1,785,782 1,853,400 — 1,853,400 — Acquisition related contingent consideration 705,571 705,571 — — 705,571 December 31, 2023 (in thousands) Carrying Total Fair Value Fair Value Fair Value Assets: Deferred compensation plan assets $ 64,769 $ 64,769 $ 64,769 $ — $ — Commodity derivative instruments 3,747 3,747 — 3,747 — Liabilities: Deferred compensation plan liabilities 64,769 64,769 64,769 — — Long-term debt 599,159 579,000 — 579,000 — Acquisition related contingent consideration 669,337 669,337 — — 669,337 The acquisition related contingent consideration was 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 subject to acquisition related sub-bottling payments to fair value by discounting future expected acquisition related sub-bottling payments required under the CBA using the Company’s estimated WACC. The future expected acquisition related sub-bottling payments extend through the life of the related distribution assets acquired in each distribution territory, which is generally 40 years. As a result, the fair value of the acquisition related contingent consideration liability is impacted by the Company’s WACC, management’s estimate of the acquisition related sub-bottling payments that will be made in the future under the CBA, and current acquisition related sub-bottling payments (all Level 3 inputs). Changes in any of these Level 3 inputs, particularly the underlying risk-free interest rate used to estimate the Company’s WACC, could result in material changes to the fair value of the acquisition related contingent consideration liability and could materially impact the amount of non-cash expense (or income) recorded each reporting period. The acquisition related contingent consideration liability is the Company’s only Level 3 asset or liability. A summary of the Level 3 activity is as follows: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Beginning balance - Level 3 liability $ 657,246 $ 594,389 $ 669,337 $ 541,491 Payments of acquisition related contingent consideration (20,567) (7,603) (44,243) (20,979) Reclassification to current payables 300 — (10,400) (900) Increase in fair value 68,592 18,864 90,877 86,038 Ending balance - Level 3 liability $ 705,571 $ 605,650 $ 705,571 $ 605,650 As of September 27, 2024 and September 29, 2023, a WACC of 8.6% and 9.2%, respectively, was utilized in the valuation of the Company’s acquisition related contingent consideration liability. The increase in the fair value of the acquisition related contingent consideration liability during the first nine months of 2024 was primarily driven by higher projections of future cash flows in the distribution territories subject to acquisition related sub-bottling payments. This fair value adjustment was recorded in mark-to-market on acquisition related contingent consideration in the condensed consolidated statement of operations for the first nine months of 2024. For the next five

Income Taxes

Income Taxes	9 Months Ended
	Sep. 27, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate was 25.6% for the first nine months of 2024 and 25.3% for the first nine months of 2023. The Company’s income tax expense was $156.4 million for the first nine months of 2024 and $112.4 million for the first nine months of 2023. The increase in income tax expense was primarily attributable to higher income before taxes during the first nine months of 2024 compared to the first nine months of 2023. The Company had uncertain tax positions, including accrued interest, of $0.5 million on September 27, 2024 and $0.4 million on December 31, 2023, 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 material impact on the condensed consolidated financial statements. Prior tax years beginning in year 2020 remain open to examination by the Internal Revenue Service, and various tax years beginning in year 2000 remain open to examination by certain state tax jurisdictions due to loss carryforwards.

Pension and Postretirement Bene

Pension and Postretirement Benefit Obligations	9 Months Ended
	Sep. 27, 2024
Retirement Benefits [Abstract]
Pension and Postretirement Benefit Obligations	Pension and Postretirement Benefit Obligations Pension Plans The Company has historically sponsored two 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 that date. The Primary Plan was terminated during 2023, as discussed below. 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. During the second quarter of 2023, the Company began recognizing the termination of the Primary Plan. The Company recognized settlement expense of $112.8 million during the final three quarters of 2023 in conjunction with the full settlement of the Primary Plan benefit liabilities. This settlement expense related primarily to the reclassification of the gross actuarial losses associated with the Primary Plan out of accumulated other comprehensive loss and was recorded as pension plan settlement expense in the consolidated statement of operations for 2023. See Note 22 for additional information related to the impact on accumulated other comprehensive loss of the Primary Plan termination during 2023. The components of total pension expense were as follows: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Service cost $ 1,092 $ 1,099 $ 3,274 $ 3,298 Interest cost 588 517 1,765 7,533 Expected return on plan assets (762) (609) (2,287) (6,437) Recognized net actuarial loss — — — 1,946 Amortization of prior service cost 4 4 12 12 Net periodic pension cost 922 1,011 2,764 6,352 Settlement expense — 77,319 — 117,096 Total pension expense $ 922 $ 78,330 $ 2,764 $ 123,448 Contributions to the Bargaining Plan are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes. The Company contributed $2.0 million to the Bargaining Plan during the first nine months of 2024 to fund the ongoing projected benefit obligation of the Bargaining Plan. The Company does not anticipate making additional contributions to the Bargaining Plan during the fourth quarter of 2024. Postretirement Benefits The Company provides postretirement benefits for employees meeting specified qualifying criteria . The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. The Company does not prefund these benefits and has the right to modify or terminate certain of these benefits in the future. The components of net periodic postretirement benefit cost were as follows: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Service cost $ 310 $ 294 $ 930 $ 882 Interest cost 781 697 2,343 2,092 Recognized net actuarial loss 26 — 78 — Net periodic postretirement benefit cost $ 1,117 $ 991 $ 3,351 $ 2,974

Other Liabilities

Other Liabilities	9 Months Ended
	Sep. 27, 2024
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other liabilities consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Noncurrent portion of acquisition related contingent consideration $ 629,829 $ 604,809 Accruals for executive benefit plans 162,635 153,428 Noncurrent deferred proceeds from related parties 97,878 100,176 Other 9,734 8,086 Total other liabilities $ 900,076 $ 866,499

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Following is a summary of the Company’s long-term debt: (in thousands) Maturity Interest Interest Public/ September 27, December 31, Senior bonds (the “2025 Senior Bonds”) (1) 11/25/2025 3.800% Semi-annually Public $ 350,000 $ 350,000 Senior notes 10/10/2026 3.930% Quarterly Nonpublic 100,000 100,000 Senior bonds (the “2029 Senior Bonds”) (2) 6/1/2029 5.250% Semi-annually Public 700,000 — Revolving credit facility (3) 6/10/2029 Variable Varies Nonpublic — — Senior notes 3/21/2030 3.960% Quarterly Nonpublic 150,000 150,000 Senior bonds (the “2034 Senior Bonds”) (4) 6/1/2034 5.450% Semi-annually Public 500,000 — Unamortized discount on senior bonds (1)(2)(4) Various (1,553) (17) Debt issuance costs (12,665) (824) Total long-term debt $ 1,785,782 $ 599,159 (1) The 2025 Senior Bonds were issued at 99.975% of par. (2) The 2029 Senior Bonds were issued at 99.843% of par. (3) The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million. 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. (4) The 2034 Senior Bonds were issued at 99.893% of par. 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. On May 29, 2024, the Company completed the issuance and sale of $700 million aggregate principal amount of the 2029 Senior Bonds and $500 million aggregate principal amount of the 2034 Senior Bonds. The 2029 Senior Bonds and the 2034 Senior Bonds are the Company’s senior unsecured obligations and rank equally with the Company’s existing senior unsecured and unsubordinated indebtedness. The 2029 Senior Bonds mature on June 1, 2029 and the 2034 Senior Bonds mature on June 1, 2034, in each case, unless earlier redeemed or repurchased by the Company. The 2029 Senior Bonds bear interest at a rate of 5.250% per annum and the 2034 Senior Bonds bear interest at a rate of 5.450% per annum. The Company will pay interest on the 2029 Senior Bonds and the 2034 Senior Bonds semi-annually in arrears on June 1 and December 1 of each year, commencing December 1, 2024. On June 10, 2024, the Company entered into an amended and restated credit agreement (the “Revolving Credit Facility Agreement”), providing for a five-year unsecured revolving credit facility with an aggregate maximum borrowing capacity of $500 million (the “Revolving Credit Facility”), maturing on June 10, 2029. The Revolving Credit Facility Agreement replaced the Company’s previous credit agreement, dated as of July 9, 2021. Subject to obtaining commitments from lenders and satisfying other conditions specified therein, at the Company’s option, the Revolving Credit Facility may be increased by up to $250 million. Borrowings under the Revolving Credit Facility bear interest at a per annum rate equal to, at the Company’s option, either (i) the Base Rate (as defined in the Revolving Credit Facility Agreement) plus an applicable rate or (ii) Term SOFR (as defined in the Revolving Credit Facility Agreement) plus the SOFR Adjustment (as defined in the Revolving Credit Facility Agreement) and an applicable rate, depending on the rating for the Company’s long-term senior unsecured, non-credit-enhanced debt (“Debt Rating”). In addition, the Company must pay a facility fee on the lenders’ aggregate commitments under the Revolving Credit Facility ranging from 0.060% to 0.175% per annum, depending on the Company’s Debt Rating. 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. The indentures under which the 2025 Senior Bonds, the 2029 Senior Bonds and the 2034 Senior Bonds were 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, including the Revolving Credit Facility, was 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 agreement. The Company was in compliance with these covenants as of September 27, 2024. These covenants have not restricted the Company’s 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 long-term debt.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 27, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 16.0 million cases of finished product from SAC on an annual basis through June 2034. The Company purchased 19.0 million cases and 19.3 million cases of finished product from SAC in the first nine months of 2024 and the first nine months of 2023, respectively. The following table summarizes the Company’s purchases from these manufacturing cooperatives: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Purchases from Southeastern $ 34,887 $ 31,087 $ 108,983 $ 113,673 Purchases from SAC 55,056 47,505 154,981 150,217 Total purchases from manufacturing cooperatives $ 89,943 $ 78,592 $ 263,964 $ 263,890 The Company guarantees a portion of SAC’s debt, which matures in 2028, based on the ratio of SAC’s total liabilities to SAC’s shareholders’ equity as of December 31 of each year. As of September 27, 2024 and December 31, 2023, the amount of the Company’s guarantee of SAC’s debt was $0 and $9.5 million, respectively. In the event SAC fails to fulfill its commitments under the related debt, the Company would be responsible for payment to the lenders up to the level of the guarantee. The Company does not anticipate SAC will fail to fulfill its commitments related to the debt. The Company further believes SAC has sufficient assets, including production equipment, facilities and working capital, and the ability to adjust the selling prices of its products to adequately mitigate the risk of material loss relating to the Company’s guarantee. The Company holds no assets as collateral against the SAC guarantee, the fair value of which is immaterial to the condensed consolidated financial statements. The Company monitors its investment in SAC and would be required to write down its investment if an impairment, other than a temporary impairment, was identified. No impairment of the Company’s investment in SAC was identified as of September 27, 2024, and there was no impairment identified in 2023. 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 $39.0 million on September 27, 2024 and $37.6 million on December 31, 2023. The Company participates in long-term marketing contractual arrangements with certain prestige properties, athletic venues and other locations. As of September 27, 2024, the future payments related to these contractual arrangements, which expire at various dates through 2034, amounted to $139.6 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 the ultimate disposition of these matters will not have a material adverse effect on the financial condition, results of operations or cash flows 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 condensed consolidated financial statements.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 27, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) (“AOCI(L)”) is comprised of adjustments to the Company’s pension and postretirement medical benefit plans and unrealized gains/losses on the Company’s short-term investments. Following is a summary of AOCI(L) for the third quarter of 2024 and the third quarter of 2023: (in thousands) June 28, 2024 Pre-tax Activity Tax Effect September 27, 2024 Net pension activity: Actuarial gain $ 533 $ — $ — $ 533 Prior service costs (91) 4 (1) (88) Net postretirement benefits activity: Actuarial gain 761 26 (6) 781 Prior service costs (624) — — (624) Unrealized (loss) gain on short-term investments (173) 566 (138) 255 Reclassification of stranded tax effects (4,809) — — (4,809) Total AOCI(L) $ (4,403) $ 596 $ (145) $ (3,952) As of September 27, 2024, there were no gross actuarial losses or prior service costs included in accumulated other comprehensive loss associated with the Primary Plan, as the Primary Plan settlement was completed during 2023. All pension activity during 2024 was related to the Bargaining Plan. (in thousands) June 30, 2023 Pre-tax Activity Tax Effect September 29, 2023 Net pension activity: Actuarial loss $ (72,626) $ 1,567 $ (384) $ (71,443) Prior service costs (99) 4 (1) (96) Pension plan settlement 30,041 77,319 (36,202) 71,158 Net postretirement benefits activity: Actuarial gain 6,752 — — 6,752 Prior service costs (624) — — (624) Reclassification of stranded tax effects (19,720) — 14,911 (4,809) Total AOCI(L) $ (56,276) $ 78,890 $ (21,676) $ 938 Following is a summary of AOCI(L) for the first nine months of 2024 and the first nine months of 2023: (in thousands) December 31, 2023 Pre-tax Activity Tax Effect September 27, 2024 Net pension activity: Actuarial gain $ 533 $ — $ — $ 533 Prior service costs (97) 12 (3) (88) Net postretirement benefits activity: Actuarial gain 721 78 (18) 781 Prior service costs (624) — — (624) Unrealized gain on short-term investments — 338 (83) 255 Reclassification of stranded tax effects (4,809) — — (4,809) Total AOCI(L) $ (4,276) $ 428 $ (104) $ (3,952) (in thousands) December 31, 2022 Pre-tax Activity Tax Effect September 29, 2023 Net pension activity: Actuarial loss $ (71,140) $ (401) $ 98 $ (71,443) Prior service costs (105) 12 (3) (96) Pension plan settlement — 117,096 (45,938) 71,158 Net postretirement benefits activity: Actuarial gain 6,752 — — 6,752 Prior service costs (624) — — (624) Reclassification of stranded tax effects (19,720) — 14,911 (4,809) Total AOCI(L) $ (84,837) $ 116,707 $ (30,932) $ 938

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	9 Months Ended
	Sep. 27, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Disclosures of Cash Flow Information	Supplemental Disclosures of Cash Flow Information Changes in current assets and current liabilities affecting cash were as follows: First Nine Months (in thousands) 2024 2023 Short-term investments $ (3,450) $ — Accounts receivable, trade (16,881) (26,086) Allowance for doubtful accounts 98 2,015 Accounts receivable from The Coca‑Cola Company (36,511) (19,911) Accounts receivable, other 20,713 1,779 Inventories (12,749) 27,144 Prepaid expenses and other current assets (4,836) 2,954 Accounts payable, trade (13,194) 7,628 Accounts payable to The Coca‑Cola Company 89,682 17,904 Other accrued liabilities 38,749 23,566 Accrued compensation (5,858) (1,202) Change in current assets less current liabilities $ 55,763 $ 35,791

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Pay vs Performance Disclosure
Net income	$ 115,624	$ 92,093	$ 454,177	$ 332,539

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 27, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Critical Accounting Policies (P

Critical Accounting Policies (Policies)	9 Months Ended
	Sep. 27, 2024
Accounting Policies [Abstract]
Critical Accounting Estimates	Critical Accounting Estimates In the ordinary course of business, the Company has made a number of estimates and assumptions relating to the reporting of its results of operations and financial position in the preparation of its condensed consolidated financial statements in conformity with GAAP. Actual results could differ significantly from those estimates under different assumptions and conditions. The Company included in its Annual Report on Form 10-K for 2023 under the caption “Discussion of Critical Accounting Estimates” in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” a discussion of the Company’s most critical accounting estimates, which are those the Company believes to be the most important to the portrayal of its financial condition and results of operations and that require management’s most difficult, subjective and complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Any changes in critical accounting estimates are discussed with the Audit Committee of the Company’s Board of Directors during the quarter in which a change is contemplated and prior to making such change.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires additional disclosure of significant segment expenses included in the reported measure of segment profit or loss and regularly provided to the Chief Operating Decision Maker (the “CODM”). It also requires disclosure and a description of the composition of other amounts by reportable segment, disclosure of a reportable segment’s profit or loss and assets currently required by Topic 280 in interim periods and disclosure of the CODM’s title and process for assessing a reportable segment’s profit or loss. The new guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years beginning after December 15, 2024. The Company has evaluated the impact ASU 2023-07 will have on its consolidated financial statements and does not expect a material impact upon adoption. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires disclosure of specific categories in the rate reconciliation, including additional information for reconciling items that meet a quantitative threshold, and specific disaggregation of income taxes paid and tax expense. The amendment is effective for annual periods beginning after December 15, 2024. The Company has evaluated the impact ASU 2023-09 will have on its consolidated financial statements and does not expect a material impact upon adoption.
Revenue Recognition	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 sales, transportation revenue and equipment maintenance revenue. 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. The Company has defined its performance obligations for its contracts as either at a point in time or over time. 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 98% of the Company’s net sales in both the first nine months of 2024 and the first nine months of 2023. 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 condensed consolidated financial statements.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 27, 2024
Related Party Transactions [Abstract]
Summary of Significant Transactions between Company and the Coca-cola Company	The following table summarizes the significant cash transactions between the Company and The Coca‑Cola Company: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Payments made by the Company to The Coca-Cola Company (1) $ 585,967 $ 552,154 $ 1,582,000 $ 1,544,872 Payments made by The Coca-Cola Company to the Company 65,592 67,890 184,794 170,824 (1) This excludes acquisition related sub-bottling payments made by the Company to CCR (as defined below), a wholly owned subsidiary of The Coca‑Cola Company, as well as the payment made to repurchase shares pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI (as further discussed above).
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 expected acquisition related sub-bottling payments to CCR: (in thousands) September 27, 2024 December 31, 2023 Current portion of acquisition related contingent consideration $ 75,742 $ 64,528 Noncurrent portion of acquisition related contingent consideration 629,829 604,809 Total acquisition related contingent consideration $ 705,571 $ 669,337

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 27, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregation of Revenue from Contracts With Customers	The following table represents a disaggregation of revenue from contracts with customers: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Point in time net sales: Nonalcoholic Beverages - point in time $ 1,736,286 $ 1,677,221 $ 5,063,822 $ 4,911,999 Total point in time net sales $ 1,736,286 $ 1,677,221 $ 5,063,822 $ 4,911,999 Over time net sales: Nonalcoholic Beverages - over time $ 15,209 $ 13,839 $ 42,537 $ 39,335 All Other - over time 14,157 21,368 46,862 71,568 Total over time net sales $ 29,366 $ 35,207 $ 89,399 $ 110,903 Total net sales $ 1,765,652 $ 1,712,428 $ 5,153,221 $ 5,022,902
Summary of Activity for Allowance for Credit Losses	Following is a summary of activity for the allowance for credit losses during the first nine months of 2024 and the first nine months of 2023: First Nine Months (in thousands) 2024 2023 Beginning balance - allowance for credit losses $ 11,560 $ 13,119 Additions charged to expenses and as a reduction to net sales 2,254 4,268 Deductions (2,806) (3,328) Ending balance - allowance for credit losses $ 11,008 $ 14,059

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 27, 2024
Segment Reporting [Abstract]
Summary of Financial Information by Segment	The Company’s segment results are as follows: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Net sales: Nonalcoholic Beverages $ 1,751,495 $ 1,691,060 $ 5,106,359 $ 4,951,334 All Other 86,230 93,636 260,930 281,186 Eliminations (1) (72,073) (72,268) (214,068) (209,618) Consolidated net sales $ 1,765,652 $ 1,712,428 $ 5,153,221 $ 5,022,902 Income from operations: Nonalcoholic Beverages $ 224,072 $ 217,405 $ 691,239 $ 661,395 All Other 2,983 (1,145) 10,362 (5,411) Consolidated income from operations $ 227,055 $ 216,260 $ 701,601 $ 655,984 Depreciation and amortization: Nonalcoholic Beverages $ 44,511 $ 41,003 $ 131,332 $ 122,262 All Other 4,259 3,108 11,847 9,034 Consolidated depreciation and amortization $ 48,770 $ 44,111 $ 143,179 $ 131,296 (1) The entire net sales elimination represents net sales from the All Other segment 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 Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 27, 2024
Earnings Per Share [Abstract]
Summary of Computation of Basic Net Income Per Share and Diluted Net Income Per Share	The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method: Third Quarter First Nine Months (in thousands, except per share data) 2024 2023 2024 2023 Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: Net income $ 115,624 $ 92,093 $ 454,177 $ 332,539 Less dividends: Common Stock 3,878 4,184 146,151 37,660 Class B Common Stock 502 503 17,582 4,522 Total undistributed earnings $ 111,244 $ 87,406 $ 290,444 $ 290,357 Common Stock undistributed earnings – basic $ 98,483 $ 78,035 $ 258,529 $ 259,227 Class B Common Stock undistributed earnings – basic 12,761 9,371 31,915 31,130 Total undistributed earnings – basic $ 111,244 $ 87,406 $ 290,444 $ 290,357 Common Stock undistributed earnings – diluted $ 98,359 $ 77,861 $ 258,190 $ 258,565 Class B Common Stock undistributed earnings – diluted 12,885 9,545 32,254 31,792 Total undistributed earnings – diluted $ 111,244 $ 87,406 $ 290,444 $ 290,357 Third Quarter First Nine Months (in thousands, except per share data) 2024 2023 2024 2023 Numerator for basic net income per Common Stock share: Dividends on Common Stock $ 3,878 $ 4,184 $ 146,151 $ 37,660 Common Stock undistributed earnings – basic 98,483 78,035 258,529 259,227 Numerator for basic net income per Common Stock share $ 102,361 $ 82,219 $ 404,680 $ 296,887 Numerator for basic net income per Class B Common Stock share: Dividends on Class B Common Stock $ 502 $ 503 $ 17,582 $ 4,522 Class B Common Stock undistributed earnings – basic 12,761 9,371 31,915 31,130 Numerator for basic net income per Class B Common Stock share $ 13,263 $ 9,874 $ 49,497 $ 35,652 Numerator for diluted net income per Common Stock share: Dividends on Common Stock $ 3,878 $ 4,184 $ 146,151 $ 37,660 Dividends on Class B Common Stock assumed converted to Common Stock 502 503 17,582 4,522 Common Stock undistributed earnings – diluted 111,244 87,406 290,444 290,357 Numerator for diluted net income per Common Stock share $ 115,624 $ 92,093 $ 454,177 $ 332,539 Numerator for diluted net income per Class B Common Stock share: Dividends on Class B Common Stock $ 502 $ 503 $ 17,582 $ 4,522 Class B Common Stock undistributed earnings – diluted 12,885 9,545 32,254 31,792 Numerator for diluted net income per Class B Common Stock share $ 13,387 $ 10,048 $ 49,836 $ 36,314 Denominator for basic net income per Common Stock and Class B Common Stock share: Common Stock weighted average shares outstanding – basic 7,756 8,369 8,141 8,369 Class B Common Stock weighted average shares outstanding – basic 1,005 1,005 1,005 1,005 Denominator for diluted net income 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) 8,772 9,395 9,158 9,398 Class B Common Stock weighted average shares outstanding – diluted 1,016 1,026 1,017 1,029 Basic net income per share: Common Stock $ 13.20 $ 9.82 $ 49.71 $ 35.47 Class B Common Stock $ 13.20 $ 9.82 $ 49.25 $ 35.47 Diluted net income per share: Common Stock $ 13.18 $ 9.80 $ 49.59 $ 35.38 Class B Common Stock $ 13.18 $ 9.79 $ 49.00 $ 35.29 NOTES TO TABLE (1) For purposes of the diluted net income per share computation for Common Stock, all shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock. (2) For purposes of the diluted net income 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 includes the dilutive effect of unvested performance shares relative to the Long-Term Performance Equity Plan . For periods presented during which the Company has net loss, the unvested performance shares granted pursuant to the Long-Term Performance Equity Plan are excluded from the computation of diluted net loss per share, as the effect would have been anti-dilutive. See Note 2 for additional information on the Long-Term Performance Equity Plan . (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 unvested performance shares relative to such award is prospectively removed from the denominator in the computation of diluted net income per share. (5) The Company did not have anti-dilutive unvested performance shares for any periods presented. (6) The Company repurchased 14,391.5 shares of its Common Stock in the Tender Offer, which expired on June 18, 2024, and repurchased 598,619 shares of its Common Stock pursuant to the Purchase Agreement entered into on May 6, 2024 with CCCBI. See Note 2 for additional information on the Tender Offer and the Purchase Agreement. (7) On August 20, 2024, the Company announced that its Board of Directors had approved a new share repurchase program under which the Company is authorized to repurchase up to $1.00 billion of the Company’s Common Stock. The new share repurchase authorization is discretionary and has no expiration date. As of September 27, 2024, the Company had not repurchased any shares of Common Stock under the new share repurchase program.

Short-Term Investments (Tables)

Short-Term Investments (Tables)	9 Months Ended
	Sep. 27, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-Sale Debt Securities	As of September 27, 2024, the Company’s available-for-sale investments consisted of the following cost, unrealized positions and estimated fair value, disaggregated by class of instrument: Gross Unrealized (in thousands) Cost Gains Losses Estimated Fair Value U.S. Treasury securities $ 128,935 $ 124 $ — $ 129,059 Corporate bonds 76,811 193 (1) 77,003 Commercial paper instruments 6,922 15 — 6,937 Asset-backed securities 2,038 7 — 2,045 Total short-term investments $ 214,706 $ 339 $ (1) $ 215,044

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 27, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Finished products $ 218,246 $ 207,912 Manufacturing materials 71,848 71,560 Plastic shells, plastic pallets and other inventories 44,587 42,460 Total inventories $ 334,681 $ 321,932

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 27, 2024
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) September 27, 2024 December 31, 2023 Repair parts $ 32,946 $ 35,256 Prepaid software 9,078 9,427 Prepaid taxes 7,763 9,020 Prepaid marketing 6,372 4,703 Commodity hedges at fair market value 4,087 3,747 Other prepaid expenses and other current assets 33,175 26,432 Total prepaid expenses and other current assets $ 93,421 $ 88,585

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	9 Months Ended
	Sep. 27, 2024
Property, Plant and Equipment [Abstract]
Summary of 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) September 27, 2024 December 31, 2023 Estimated Useful Life Land $ 132,543 $ 99,858 Buildings 435,775 390,852 8-50 years Machinery and equipment 540,137 498,737 5-20 years Transportation equipment 667,501 611,001 3-20 years Furniture and fixtures 106,146 107,072 3-10 years Cold drink dispensing equipment 454,859 449,508 3-17 years Leasehold and land improvements 165,713 179,146 5-20 years Software for internal use 49,740 49,611 3-10 years Construction in progress 132,167 95,623 Total property, plant and equipment, at cost 2,684,581 2,481,408 Less: Accumulated depreciation and amortization 1,229,835 1,160,845 Property, plant and equipment, net $ 1,454,746 $ 1,320,563

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 27, 2024
Leases [Abstract]
Summary of Weighted Average Remaining Lease Term and Discount Rate and Leases Within Condensed Consolidated Statement of Operations	Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: September 27, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 6.4 years 6.7 years Financing leases 3.0 years 3.5 years Weighted average discount rate: Operating leases 3.9 % 3.8 % Financing leases 5.2 % 5.2 % Following is a summary of the Company’s leases within the condensed consolidated statements of operations: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Operating lease costs $ 7,289 $ 8,293 $ 22,553 $ 24,871 Short-term and variable leases 3,421 4,151 9,820 11,942 Depreciation expense from financing leases 412 413 1,235 1,235 Interest expense on financing lease obligations 77 109 253 346 Total lease cost $ 11,199 $ 12,966 $ 33,861 $ 38,394
Summary of Future Minimum Lease Payments for Noncancelable Operating Leases	Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 27, 2024: (in thousands) Operating Leases Financing Leases Remainder of 2024 $ 7,402 $ 707 2025 24,090 2,869 2026 20,862 1,233 2027 18,362 338 2028 13,634 345 Thereafter 38,748 620 Total minimum lease payments including interest $ 123,098 $ 6,112 Less: Amounts representing interest 14,912 441 Present value of minimum lease principal payments 108,186 5,671 Less: Current portion of lease liabilities 22,323 2,635 Noncurrent portion of lease liabilities $ 85,863 $ 3,036 Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2023: (in thousands) Operating Leases Financing Leases 2024 $ 29,932 $ 2,808 2025 24,329 2,869 2026 21,115 1,233 2027 18,614 338 2028 13,890 345 Thereafter 39,022 620 Total minimum lease payments including interest $ 146,902 $ 8,213 Less: Amounts representing interest 18,437 694 Present value of minimum lease principal payments 128,465 7,519 Less: Current portion of lease liabilities 26,194 2,487 Noncurrent portion of lease liabilities $ 102,271 $ 5,032
Summary of Future Minimum Lease Payments for Noncancelable Finance Leases	Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of September 27, 2024: (in thousands) Operating Leases Financing Leases Remainder of 2024 $ 7,402 $ 707 2025 24,090 2,869 2026 20,862 1,233 2027 18,362 338 2028 13,634 345 Thereafter 38,748 620 Total minimum lease payments including interest $ 123,098 $ 6,112 Less: Amounts representing interest 14,912 441 Present value of minimum lease principal payments 108,186 5,671 Less: Current portion of lease liabilities 22,323 2,635 Noncurrent portion of lease liabilities $ 85,863 $ 3,036 Following is a summary of future minimum lease payments for all noncancelable operating leases and financing leases as of December 31, 2023: (in thousands) Operating Leases Financing Leases 2024 $ 29,932 $ 2,808 2025 24,329 2,869 2026 21,115 1,233 2027 18,614 338 2028 13,890 345 Thereafter 39,022 620 Total minimum lease payments including interest $ 146,902 $ 8,213 Less: Amounts representing interest 18,437 694 Present value of minimum lease principal payments 128,465 7,519 Less: Current portion of lease liabilities 26,194 2,487 Noncurrent portion of lease liabilities $ 102,271 $ 5,032
Summary of Leases Within Condensed Consolidated Statement of Cash Flow	Following is a summary of the Company’s leases within the condensed consolidated statements of cash flows: First Nine Months (in thousands) 2024 2023 Cash flows from operating activities impact: Operating leases $ 22,454 $ 24,666 Interest payments on financing lease obligations 253 346 Total cash flows from operating activities impact $ 22,707 $ 25,012 Cash flows from financing activities impact: Principal payments on financing lease obligations $ 1,848 $ 1,712 Total cash flows from financing activities impact $ 1,848 $ 1,712

Distribution Agreements, Net (T

Distribution Agreements, Net (Tables)	9 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Distribution Agreements, Net	Distribution agreements, net, which are amortized on a straight-line basis and have estimated useful lives of 20 to 40 years, consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Distribution agreements at cost $ 990,191 $ 990,191 Less: Accumulated amortization 191,716 173,048 Distribution agreements, net $ 798,475 $ 817,143 Customer lists, net, which are amortized on a straight-line basis and have estimated useful lives of five (in thousands) September 27, 2024 December 31, 2023 Customer lists at cost $ 25,288 $ 25,288 Less: Accumulated amortization 19,005 17,789 Customer lists, net $ 6,283 $ 7,499

Customer Lists, Net (Tables)

Customer Lists, Net (Tables)	9 Months Ended
	Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Customer Lists, Net	Distribution agreements, net, which are amortized on a straight-line basis and have estimated useful lives of 20 to 40 years, consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Distribution agreements at cost $ 990,191 $ 990,191 Less: Accumulated amortization 191,716 173,048 Distribution agreements, net $ 798,475 $ 817,143 Customer lists, net, which are amortized on a straight-line basis and have estimated useful lives of five (in thousands) September 27, 2024 December 31, 2023 Customer lists at cost $ 25,288 $ 25,288 Less: Accumulated amortization 19,005 17,789 Customer lists, net $ 6,283 $ 7,499

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	9 Months Ended
	Sep. 27, 2024
Payables and Accruals [Abstract]
Summary of Other Accrued Liabilities	Other accrued liabilities consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Current portion of acquisition related contingent consideration $ 75,742 $ 64,528 Accrued insurance costs 56,545 54,040 Accrued marketing costs 45,602 55,799 Employee and retiree benefit plan accruals 33,045 34,203 Accrued interest payable 27,418 2,520 Accrued taxes (other than income taxes) 8,812 7,474 All other accrued expenses 29,579 19,430 Total other accrued liabilities $ 276,743 $ 237,994

Commodity Derivative Instrume_2

Commodity Derivative Instruments (Tables)	9 Months Ended
	Sep. 27, 2024
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 values of the Company’s commodity derivative instruments and the classification of such changes in the condensed consolidated statements of operations: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Cost of sales $ 1,426 $ (25) $ 1,345 $ (1,517) Selling, delivery and administrative expenses (631) 703 (420) (2,211) Total gain (loss) $ 795 $ 678 $ 925 $ (3,728)
Summary of Fair Values and Classification in Condensed Consolidated Balance Sheets of Derivative Instruments	The following table summarizes the fair values of the Company’s commodity derivative instruments and the classification of such instruments in the condensed consolidated balance sheets: (in thousands) September 27, 2024 December 31, 2023 Assets: Prepaid expenses and other current assets $ 4,087 $ 3,747 Other assets 585 — Total assets $ 4,672 $ 3,747
Summary of Gross Derivative Assets and Gross Commodity Derivative Assets and Liabilities in Condensed Consolidated Balance Sheets	The following table summarizes the Company’s gross commodity derivative instrument assets and gross commodity derivative instrument liabilities in the condensed consolidated balance sheets: (in thousands) September 27, 2024 December 31, 2023 Gross commodity derivative instrument assets $ 4,672 $ 3,747 Gross commodity derivative instrument liabilities — —
Summary of Outstanding Commodity Derivative Instruments	The following table summarizes the Company’s outstanding commodity derivative instruments: (in thousands) September 27, 2024 December 31, 2023 Notional amount of outstanding commodity derivative instruments $ 61,455 $ 50,187 Latest maturity date of outstanding commodity derivative instruments December 2025 December 2024

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 27, 2024
Fair Value Disclosures [Abstract]
Summary of Methods and Assumptions Used in Estimating Fair Value	The below 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 Methods and Assumptions Deferred compensation plan assets and liabilities Level 1 The fair value of the Company’s nonqualified deferred compensation plan for certain executives and other highly compensated employees is based on the fair values of associated assets and liabilities, which are held in mutual funds and are based on the quoted market prices of the securities held within the mutual funds. Short-term investments Level 1 The fair values of the Company’s Level 1 short-term investments, which are U.S. Treasury securities, corporate bonds and asset-backed securities, are based on the quoted market prices of those securities which are actively traded on national exchanges. Short-term investments Level 2 The fair values of the Company’s Level 2 short-term investments, which are commercial paper instruments, are based on estimated current market prices and have readily determinable fair market values. Commodity derivative instruments Level 2 The fair values of the Company’s commodity derivative instruments are based on current settlement values at each balance sheet date, which represent the estimated amounts the Company would have received or paid upon termination of these instruments. The Company’s credit risk related to the commodity derivative instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair values of commodity derivative instruments. Long-term debt Level 2 The carrying amounts of the Company’s variable rate debt approximate the fair values due to variable interest rates with short reset periods. The fair values of the Company’s fixed rate debt are based on estimated current market prices. Acquisition related contingent consideration Level 3 The fair value of the Company’s acquisition related contingent consideration is based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data.
Summary of Deferred Compensation Plan, Commodity Derivative Instruments, Debt and Acquisition Related Contingent Consideration	The following tables summarize the carrying amounts and the fair values by level of the Company’s deferred compensation plan assets and liabilities, short-term investments, commodity derivative instruments, long‑term debt and acquisition related contingent consideration: September 27, 2024 (in thousands) Carrying Total Fair Value Fair Value Fair Value Assets: Deferred compensation plan assets $ 79,791 $ 79,791 $ 79,791 $ — $ — Short-term investments 215,044 215,044 208,107 6,937 — Commodity derivative instruments 4,672 4,672 — 4,672 — Liabilities: Deferred compensation plan liabilities 79,791 79,791 79,791 — — Long-term debt 1,785,782 1,853,400 — 1,853,400 — Acquisition related contingent consideration 705,571 705,571 — — 705,571 December 31, 2023 (in thousands) Carrying Total Fair Value Fair Value Fair Value Assets: Deferred compensation plan assets $ 64,769 $ 64,769 $ 64,769 $ — $ — Commodity derivative instruments 3,747 3,747 — 3,747 — Liabilities: Deferred compensation plan liabilities 64,769 64,769 64,769 — — Long-term debt 599,159 579,000 — 579,000 — Acquisition related contingent consideration 669,337 669,337 — — 669,337
Summary of Acquisition Related Contingent Consideration Liability	A summary of the Level 3 activity is as follows: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Beginning balance - Level 3 liability $ 657,246 $ 594,389 $ 669,337 $ 541,491 Payments of acquisition related contingent consideration (20,567) (7,603) (44,243) (20,979) Reclassification to current payables 300 — (10,400) (900) Increase in fair value 68,592 18,864 90,877 86,038 Ending balance - Level 3 liability $ 705,571 $ 605,650 $ 705,571 $ 605,650

Pension and Postretirement Be_2

Pension and Postretirement Benefit Obligations (Tables)	9 Months Ended
	Sep. 27, 2024
Retirement Benefits [Abstract]
Summary of Components of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost	The components of total pension expense were as follows: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Service cost $ 1,092 $ 1,099 $ 3,274 $ 3,298 Interest cost 588 517 1,765 7,533 Expected return on plan assets (762) (609) (2,287) (6,437) Recognized net actuarial loss — — — 1,946 Amortization of prior service cost 4 4 12 12 Net periodic pension cost 922 1,011 2,764 6,352 Settlement expense — 77,319 — 117,096 Total pension expense $ 922 $ 78,330 $ 2,764 $ 123,448 The components of net periodic postretirement benefit cost were as follows: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Service cost $ 310 $ 294 $ 930 $ 882 Interest cost 781 697 2,343 2,092 Recognized net actuarial loss 26 — 78 — Net periodic postretirement benefit cost $ 1,117 $ 991 $ 3,351 $ 2,974

Other Liabilities (Tables)

Other Liabilities (Tables)	9 Months Ended
	Sep. 27, 2024
Other Liabilities Disclosure [Abstract]
Summary of Other Liabilities	Other liabilities consisted of the following: (in thousands) September 27, 2024 December 31, 2023 Noncurrent portion of acquisition related contingent consideration $ 629,829 $ 604,809 Accruals for executive benefit plans 162,635 153,428 Noncurrent deferred proceeds from related parties 97,878 100,176 Other 9,734 8,086 Total other liabilities $ 900,076 $ 866,499

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 27, 2024
Debt Disclosure [Abstract]
Summary of Long-term Debt	Following is a summary of the Company’s long-term debt: (in thousands) Maturity Interest Interest Public/ September 27, December 31, Senior bonds (the “2025 Senior Bonds”) (1) 11/25/2025 3.800% Semi-annually Public $ 350,000 $ 350,000 Senior notes 10/10/2026 3.930% Quarterly Nonpublic 100,000 100,000 Senior bonds (the “2029 Senior Bonds”) (2) 6/1/2029 5.250% Semi-annually Public 700,000 — Revolving credit facility (3) 6/10/2029 Variable Varies Nonpublic — — Senior notes 3/21/2030 3.960% Quarterly Nonpublic 150,000 150,000 Senior bonds (the “2034 Senior Bonds”) (4) 6/1/2034 5.450% Semi-annually Public 500,000 — Unamortized discount on senior bonds (1)(2)(4) Various (1,553) (17) Debt issuance costs (12,665) (824) Total long-term debt $ 1,785,782 $ 599,159 (1) The 2025 Senior Bonds were issued at 99.975% of par. (2) The 2029 Senior Bonds were issued at 99.843% of par. (3) The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million. 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. (4) The 2034 Senior Bonds were issued at 99.893% of par.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 27, 2024
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: Third Quarter First Nine Months (in thousands) 2024 2023 2024 2023 Purchases from Southeastern $ 34,887 $ 31,087 $ 108,983 $ 113,673 Purchases from SAC 55,056 47,505 154,981 150,217 Total purchases from manufacturing cooperatives $ 89,943 $ 78,592 $ 263,964 $ 263,890

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 27, 2024
Equity [Abstract]
Summary of Accumulated Other Comprehensive (Loss)	Following is a summary of AOCI(L) for the third quarter of 2024 and the third quarter of 2023: (in thousands) June 28, 2024 Pre-tax Activity Tax Effect September 27, 2024 Net pension activity: Actuarial gain $ 533 $ — $ — $ 533 Prior service costs (91) 4 (1) (88) Net postretirement benefits activity: Actuarial gain 761 26 (6) 781 Prior service costs (624) — — (624) Unrealized (loss) gain on short-term investments (173) 566 (138) 255 Reclassification of stranded tax effects (4,809) — — (4,809) Total AOCI(L) $ (4,403) $ 596 $ (145) $ (3,952) As of September 27, 2024, there were no gross actuarial losses or prior service costs included in accumulated other comprehensive loss associated with the Primary Plan, as the Primary Plan settlement was completed during 2023. All pension activity during 2024 was related to the Bargaining Plan. (in thousands) June 30, 2023 Pre-tax Activity Tax Effect September 29, 2023 Net pension activity: Actuarial loss $ (72,626) $ 1,567 $ (384) $ (71,443) Prior service costs (99) 4 (1) (96) Pension plan settlement 30,041 77,319 (36,202) 71,158 Net postretirement benefits activity: Actuarial gain 6,752 — — 6,752 Prior service costs (624) — — (624) Reclassification of stranded tax effects (19,720) — 14,911 (4,809) Total AOCI(L) $ (56,276) $ 78,890 $ (21,676) $ 938 Following is a summary of AOCI(L) for the first nine months of 2024 and the first nine months of 2023: (in thousands) December 31, 2023 Pre-tax Activity Tax Effect September 27, 2024 Net pension activity: Actuarial gain $ 533 $ — $ — $ 533 Prior service costs (97) 12 (3) (88) Net postretirement benefits activity: Actuarial gain 721 78 (18) 781 Prior service costs (624) — — (624) Unrealized gain on short-term investments — 338 (83) 255 Reclassification of stranded tax effects (4,809) — — (4,809) Total AOCI(L) $ (4,276) $ 428 $ (104) $ (3,952) (in thousands) December 31, 2022 Pre-tax Activity Tax Effect September 29, 2023 Net pension activity: Actuarial loss $ (71,140) $ (401) $ 98 $ (71,443) Prior service costs (105) 12 (3) (96) Pension plan settlement — 117,096 (45,938) 71,158 Net postretirement benefits activity: Actuarial gain 6,752 — — 6,752 Prior service costs (624) — — (624) Reclassification of stranded tax effects (19,720) — 14,911 (4,809) Total AOCI(L) $ (84,837) $ 116,707 $ (30,932) $ 938

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	9 Months Ended
	Sep. 27, 2024
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: First Nine Months (in thousands) 2024 2023 Short-term investments $ (3,450) $ — Accounts receivable, trade (16,881) (26,086) Allowance for doubtful accounts 98 2,015 Accounts receivable from The Coca‑Cola Company (36,511) (19,911) Accounts receivable, other 20,713 1,779 Inventories (12,749) 27,144 Prepaid expenses and other current assets (4,836) 2,954 Accounts payable, trade (13,194) 7,628 Accounts payable to The Coca‑Cola Company 89,682 17,904 Other accrued liabilities 38,749 23,566 Accrued compensation (5,858) (1,202) Change in current assets less current liabilities $ 55,763 $ 35,791

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 05, 2024 USD ($) shares	Jun. 18, 2024 USD ($) $ / shares shares	Sep. 27, 2024 USD ($) $ / shares shares	Sep. 29, 2023 USD ($)	Sep. 27, 2024 USD ($) $ / shares shares	Sep. 29, 2023 USD ($)	May 20, 2024 USD ($) $ / shares	May 06, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares
Related Party Transaction [Line Items]
Payments of acquisition related contingent consideration					$ 44,243	$ 20,979
Lease liability, operating lease			$ 108,186		108,186				$ 128,465
Operating leases					$ 22,454	24,666
Long-Term Performance Equity Plan
Related Party Transaction [Line Items]
Award settled in cash or shares, average closing prices of shares during trading days of performance period (in days)					20 days
Long-Term Performance Equity Plan | Selling, delivery and administrative expenses
Related Party Transaction [Line Items]
Selling, distribution and administrative expenses			$ 2,300	$ 2,300	$ 8,100	8,000
Tender Offer and Purchase Agreement
Related Party Transaction [Line Items]
Authorized repurchase amount								$ 3,100,000
Tender Offer
Related Party Transaction [Line Items]
Authorized repurchase amount							$ 2,000,000	$ 2,000,000
Shares repurchased (in shares) | shares		14,391.5
Shares repurchased (in dollars per share) | $ / shares		$ 925
Shares repurchased, value		$ 13,300
Percentage of shares repurchased		0.20%
Tender Offer | Minimum
Related Party Transaction [Line Items]
Shares issued, price per share (in usd per share) | $ / shares							$ 850
Tender Offer | Maximum
Related Party Transaction [Line Items]
Shares issued, price per share (in usd per share) | $ / shares							925
Purchase Agreement
Related Party Transaction [Line Items]
Shares issued, price per share (in usd per share) | $ / shares							$ 925
Class B Common Stock
Related Party Transaction [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 1		$ 1				$ 1
Common Stock
Related Party Transaction [Line Items]
Common stock, par value (in dollars per share) | $ / shares			$ 1		$ 1				$ 1
J. Frank Harrison, III
Related Party Transaction [Line Items]
Voting power of stock held by related party (as a percent)			72%		72%
J. Frank Harrison, III | Class B Common Stock
Related Party Transaction [Line Items]
Voting power of stock held by related party (in shares) | shares			1,004,394		1,004,394
The Coca-Cola Company
Related Party Transaction [Line Items]
Voting power of stock held by related party (as a percent)			7%		7%
Percentage of stock held by related party, percent	21.50%
Carolina Coca-Cola Bottling Investments | Purchase Agreement
Related Party Transaction [Line Items]
Stock repurchased and retired (in shares) | shares	598,619
Stock repurchased and retired, value	$ 553,700
The Coca-Cola Company
Related Party Transaction [Line Items]
Payments made to related party for concentrate syrup, sweetener, finished products and other purchases (as a percent)					0.80
CCR | Comprehensive Beverage Agreement
Related Party Transaction [Line Items]
Payments of acquisition related contingent consideration					$ 44,200	21,000
Southeastern Container | Other Assets
Related Party Transaction [Line Items]
Equity investments			$ 21,400		21,400				$ 20,900
SAC
Related Party Transaction [Line Items]
Proceeds from management fees received from SAC, classified as reduction of cost of sales					6,900	6,900
SAC | Other Assets
Related Party Transaction [Line Items]
Equity investments			23,100		23,100				17,200
CCBSS
Related Party Transaction [Line Items]
Accounts receivable			19,800		19,800				14,300
CONA
Related Party Transaction [Line Items]
Service fees					20,200	20,600
CONA | Other Assets
Related Party Transaction [Line Items]
Equity investments			23,800		23,800				22,100
Beacon, Company Headquarters
Related Party Transaction [Line Items]
Lease liability, operating lease			20,100		20,100				$ 22,500
Operating leases			$ 1,000	$ 1,000	$ 3,000	$ 2,900

Related Party Transactions - Su

Related Party Transactions - Summary of Significant Transactions between Company and the Coca-cola Company (Details) - The Coca-Cola Company - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Related Party Transaction [Line Items]
Payments made by the Company to The Coca-Cola Company	$ 585,967	$ 552,154	$ 1,582,000	$ 1,544,872
Payments made by The Coca-Cola Company to the Company	$ 65,592	$ 67,890	$ 184,794	$ 170,824

Related Party Transactions - _2

Related Party Transactions - Summary of Liability to Estimated Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Current portion of acquisition related contingent consideration	$ 75,742	$ 64,528
Noncurrent portion of acquisition related contingent consideration	629,829	604,809
CCR | Comprehensive Beverage Agreement
Related Party Transaction [Line Items]
Current portion of acquisition related contingent consideration	75,742	64,528
Noncurrent portion of acquisition related contingent consideration	629,829	604,809
Total acquisition related contingent consideration	$ 705,571	$ 669,337

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 27, 2024 USD ($) category	Sep. 29, 2023	Dec. 31, 2023 USD ($)
Revenue From Contract With Customer [Line Items]
Number of sales categories | category	2
Reserve for customer return | $	$ 5.2		$ 4.5
Repair Service | Minimum
Revenue From Contract With Customer [Line Items]
General period for completion of services	1 day
Repair Service | Maximum
Revenue From Contract With Customer [Line Items]
General period for completion of services	1 month
Bottle/Can Sales
Revenue From Contract With Customer [Line Items]
Sales return estimated percentage (less than)	1%
Post-Mix and Other
Revenue From Contract With Customer [Line Items]
Sales return estimated percentage (less than)	1%
Revenue From Contract With Customer Benchmark | Timing of Sale | Point in Time Net Sales
Revenue From Contract With Customer [Line Items]
Sales (as a percent)	98%	98%

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregation of Revenue from Contracts With Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,765,652	$ 1,712,428	$ 5,153,221	$ 5,022,902
Point in Time Net Sales
Disaggregation of Revenue [Line Items]
Net sales	1,736,286	1,677,221	5,063,822	4,911,999
Point in Time Net Sales | Nonalcoholic Beverages
Disaggregation of Revenue [Line Items]
Net sales	1,736,286	1,677,221	5,063,822	4,911,999
Over Time Net Sales
Disaggregation of Revenue [Line Items]
Net sales	29,366	35,207	89,399	110,903
Over Time Net Sales | Nonalcoholic Beverages
Disaggregation of Revenue [Line Items]
Net sales	15,209	13,839	42,537	39,335
Over Time Net Sales | All Other
Disaggregation of Revenue [Line Items]
Net sales	$ 14,157	$ 21,368	$ 46,862	$ 71,568

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Activity for Allowance for Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - allowance for credit losses	$ 11,560	$ 13,119
Additions charged to expenses and as a reduction to net sales	2,254	4,268
Deductions	(2,806)	(3,328)
Ending balance - allowance for credit losses	$ 11,008	$ 14,059

Segments - Narrative (Details)

Segments - Narrative (Details)	9 Months Ended
	Sep. 27, 2024 segment
Segment Reporting Information [Line Items]
Number of operating segments	3
All Other
Segment Reporting Information [Line Items]
Number of operating segments	2

Segments - Summary of Financial

Segments - Summary of Financial Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Net sales:
Consolidated net sales	$ 1,765,652	$ 1,712,428	$ 5,153,221	$ 5,022,902
Income from operations:
Consolidated income from operations	227,055	216,260	701,601	655,984
Depreciation and amortization:
Consolidated depreciation and amortization	48,770	44,111	143,179	131,296
Operating Segments | Nonalcoholic Beverages
Net sales:
Consolidated net sales	1,751,495	1,691,060	5,106,359	4,951,334
Income from operations:
Consolidated income from operations	224,072	217,405	691,239	661,395
Depreciation and amortization:
Consolidated depreciation and amortization	44,511	41,003	131,332	122,262
Operating Segments | All Other
Net sales:
Consolidated net sales	86,230	93,636	260,930	281,186
Income from operations:
Consolidated income from operations	2,983	(1,145)	10,362	(5,411)
Depreciation and amortization:
Consolidated depreciation and amortization	4,259	3,108	11,847	9,034
Eliminations
Net sales:
Consolidated net sales	$ (72,073)	$ (72,268)	$ (214,068)	$ (209,618)

Net Income Per Share - Summary

Net Income Per Share - Summary of Computation of Basic Net Income Per Share and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Jul. 05, 2024	Jun. 18, 2024	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Aug. 20, 2024	May 20, 2024	May 06, 2024
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income			$ 115,624	$ 92,093	$ 454,177	$ 332,539
Less dividends:
Total undistributed earnings – basic			111,244	87,406	290,444	290,357
Total undistributed earnings – diluted			111,244	87,406	$ 290,444	$ 290,357
Diluted net income per share:
Percentage undistributed earnings allocated to common stock diluted (as a percent)					100%	100%
Anti-dilutive shares (in shares)					0	0
Tender Offer
Diluted net income per share:
Shares repurchased (in shares)		14,391.5
Authorized repurchase amount								$ 2,000,000	$ 2,000,000
Purchase Agreement | Carolina Coca-Cola Bottling Investments
Diluted net income per share:
Stock repurchased and retired (in shares)	598,619
New Share Repurchase Program
Diluted net income per share:
Authorized repurchase amount							$ 1,000,000
Common Stock
Less dividends:
Common Stock			3,878	4,184	$ 146,151	$ 37,660
Total undistributed earnings – basic			98,483	78,035	258,529	259,227
Total undistributed earnings – diluted			98,359	77,861	258,190	258,565
Numerator for basic net income per Common Stock share:
Numerator for basic net income per Common Stock share			102,361	82,219	404,680	296,887
Numerator for diluted net income per Common Stock share:
Numerator for diluted net income per Common Stock share			$ 115,624	$ 92,093	$ 454,177	$ 332,539
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic (in shares)			7,756,000	8,369,000	8,141,000	8,369,000
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted (assuming conversion of Class B Common Stock to Common Stock) (in shares)			8,772,000	9,395,000	9,158,000	9,398,000
Basic net income per share:
Common Stock (in dollars per share)			$ 13.20	$ 9.82	$ 49.71	$ 35.47
Diluted net income per share:
Common Stock (in dollars per share)			$ 13.18	$ 9.80	$ 49.59	$ 35.38
Class B Common Stock
Less dividends:
Common Stock			$ 502	$ 503	$ 17,582	$ 4,522
Total undistributed earnings – basic			12,761	9,371	31,915	31,130
Total undistributed earnings – diluted			12,885	9,545	32,254	31,792
Numerator for basic net income per Common Stock share:
Numerator for basic net income per Common Stock share			13,263	9,874	49,497	35,652
Numerator for diluted net income per Common Stock share:
Numerator for diluted net income per Common Stock share			$ 13,387	$ 10,048	$ 49,836	$ 36,314
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic (in shares)			1,005,000	1,005,000	1,005,000	1,005,000
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted (assuming conversion of Class B Common Stock to Common Stock) (in shares)			1,016,000	1,026,000	1,017,000	1,029,000
Basic net income per share:
Common Stock (in dollars per share)			$ 13.20	$ 9.82	$ 49.25	$ 35.47
Diluted net income per share:
Common Stock (in dollars per share)			$ 13.18	$ 9.79	$ 49	$ 35.29

Short-Term Investments - Summar

Short-Term Investments - Summary of Available-for-Sale Debt Securities (Details) $ in Thousands	Sep. 27, 2024 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 214,706
Gross Unrealized Gains	339
Gross Unrealized Losses	(1)
Estimated Fair Value	215,044
U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Cost	128,935
Gross Unrealized Gains	124
Gross Unrealized Losses	0
Estimated Fair Value	129,059
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Cost	76,811
Gross Unrealized Gains	193
Gross Unrealized Losses	(1)
Estimated Fair Value	77,003
Commercial paper instruments
Debt Securities, Available-for-Sale [Line Items]
Cost	6,922
Gross Unrealized Gains	15
Gross Unrealized Losses	0
Estimated Fair Value	6,937
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Cost	2,038
Gross Unrealized Gains	7
Gross Unrealized Losses	0
Estimated Fair Value	$ 2,045

Short-Term Investments - Narrat

Short-Term Investments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds from disposal of short-term investments	$ 55,600,000		$ 72,232,000	$ 0
Realized gain (loss) from short-term investments	$ 0	$ 0	$ 0	0
Short-term investments		$ 0		$ 0

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished products	$ 218,246	$ 207,912
Manufacturing materials	71,848	71,560
Plastic shells, plastic pallets and other inventories	44,587	42,460
Total inventories	$ 334,681	$ 321,932

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets [Abstract]
Repair parts	$ 32,946	$ 35,256
Prepaid software	9,078	9,427
Prepaid taxes	7,763	9,020
Prepaid marketing	6,372	4,703
Commodity hedges at fair market value	4,087	3,747
Other prepaid expenses and other current assets	33,175	26,432
Total prepaid expenses and other current assets	$ 93,421	$ 88,585

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Principal Categories and Estimated Useful Lives of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 2,684,581	$ 2,481,408
Less: Accumulated depreciation and amortization	1,229,835	1,160,845
Property, plant and equipment, net	1,454,746	1,320,563
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	132,543	99,858
Buildings
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 435,775	390,852
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	8 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	50 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 540,137	498,737
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	20 years
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 667,501	611,001
Transportation equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Transportation equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	20 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 106,146	107,072
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Cold drink dispensing equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 454,859	449,508
Cold drink dispensing equipment | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Cold drink dispensing equipment | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	17 years
Leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 165,713	179,146
Leasehold and land improvements | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	5 years
Leasehold and land improvements | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	20 years
Software for internal use
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 49,740	49,611
Software for internal use | Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	3 years
Software for internal use | Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Life	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 132,167	$ 95,623

Leases - Summary of Weighted Av

Leases - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Population of Leases (Details)	Sep. 27, 2024	Dec. 31, 2023
Operating leases
Weighted average remaining lease term (in years)	6 years 4 months 24 days	6 years 8 months 12 days
Weighted average discount rate	3.90%	3.80%
Financing leases
Weighted average remaining lease term (in years)	3 years	3 years 6 months
Weighted average discount rate	5.20%	5.20%

Leases - Summary of Balances Re

Leases - Summary of Balances Related to Lease Portfolio within Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Leases [Abstract]
Operating lease costs	$ 7,289	$ 8,293	$ 22,553	$ 24,871
Short-term and variable leases	3,421	4,151	9,820	11,942
Depreciation expense from financing leases	412	413	1,235	1,235
Interest expense on financing lease obligations	77	109	253	346
Total lease cost	$ 11,199	$ 12,966	$ 33,861	$ 38,394

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Operating Leases
Remainder of 2024	$ 7,402
2025	24,090	$ 29,932
2026	20,862	24,329
2027	18,362	21,115
2028	13,634	18,614
Thereafter	38,748
Total minimum lease payments including interest	123,098	146,902
Less: Amounts representing interest	14,912	18,437
Present value of minimum lease principal payments	108,186	128,465
Less:  Current portion of lease liabilities - operating leases	22,323	26,194
Noncurrent portion of lease liabilities - operating leases	85,863	102,271
Financing Leases
Remainder of 2024	707
2025	2,869	2,808
2026	1,233	2,869
2027	338	1,233
2028	345	338
Thereafter	620
Total minimum lease payments including interest	6,112	8,213
Less: Amounts representing interest	441	694
Present value of minimum lease principal payments	5,671	7,519
Less: Current portion of lease liabilities - financing leases	2,635	2,487
Noncurrent portion of lease liabilities - financing leases	$ 3,036	$ 5,032

Leases - Summary of Future Mi_2

Leases - Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases, Year End (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Operating Leases
Remainder of 2024	$ 7,402
2024	24,090	$ 29,932
2025	20,862	24,329
2026	18,362	21,115
2027	13,634	18,614
2028		13,890
Thereafter		39,022
Total minimum lease payments including interest	123,098	146,902
Less: Amounts representing interest	14,912	18,437
Present value of minimum lease principal payments	108,186	128,465
Less:  Current portion of lease liabilities - operating leases	22,323	26,194
Noncurrent portion of lease liabilities - operating leases	85,863	102,271
Financing Leases
Remainder of 2024	707
2024	2,869	2,808
2025	1,233	2,869
2026	338	1,233
2027	345	338
2028		345
Thereafter		620
Total minimum lease payments including interest	6,112	8,213
Less: Amounts representing interest	441	694
Present value of minimum lease principal payments	5,671	7,519
Less: Current portion of lease liabilities - financing leases	2,635	2,487
Noncurrent portion of lease liabilities - financing leases	$ 3,036	$ 5,032

Leases - Summary of Balances _2

Leases - Summary of Balances Related to Leases within Condensed Consolidated Statement of Cash Flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Cash flows from operating activities impact:
Operating leases	$ 22,454	$ 24,666
Interest payments on financing lease obligations	253	346
Total cash flows from operating activities impact	22,707	25,012
Cash flows from financing activities impact:
Principal payments on financing lease obligations	1,848	1,712
Total cash flows from financing activities impact	$ 1,848	$ 1,712

Distribution Agreements, Net -

Distribution Agreements, Net - Narrative (Details) - Distribution agreements, net	Sep. 27, 2024
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	20 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	40 years

Distribution Agreements, Net _2

Distribution Agreements, Net - Summary of Distribution Agreements, Net (Details) - Distribution agreements, net - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Distribution agreements at cost	$ 990,191	$ 990,191
Less: Accumulated amortization	191,716	173,048
Distribution agreements, net	$ 798,475	$ 817,143

Customer Lists, Net - Narrative

Customer Lists, Net - Narrative (Details) - Customer lists, net	Sep. 27, 2024
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life (in years)	12 years

Customer Lists, Net - Summary o

Customer Lists, Net - Summary of Customer Lists, Net (Details) - Customer lists, net - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Customer lists at cost	$ 25,288	$ 25,288
Less: Accumulated amortization	19,005	17,789
Distribution agreements, net	$ 6,283	$ 7,499

Supply Chain Finance Program (D

Supply Chain Finance Program (Details) - USD ($) $ in Millions	Sep. 27, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Outstanding obligation current	$ 59.8	$ 55.1

Other Accrued Liabilities - Sum

Other Accrued Liabilities - Summary of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Current portion of acquisition related contingent consideration	$ 75,742	$ 64,528
Accrued insurance costs	56,545	54,040
Accrued marketing costs	45,602	55,799
Employee and retiree benefit plan accruals	33,045	34,203
Accrued interest payable	27,418	2,520
Accrued taxes (other than income taxes)	8,812	7,474
All other accrued expenses	29,579	19,430
Total other accrued liabilities	$ 276,743	$ 237,994

Commodity Derivative Instrume_3

Commodity Derivative Instruments - Summary of Pre-tax Changes in Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	$ 795	$ 678	$ 925	$ (3,728)
Commodity derivative instruments | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	1,426	(25)	1,345	(1,517)
Commodity derivative instruments | Selling, delivery and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Total gain (loss)	$ (631)	$ 703	$ (420)	$ (2,211)

Commodity Derivative Instrume_4

Commodity Derivative Instruments - Summary of Fair Values and Classification in Condensed Consolidated Balance Sheets of Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Assets:
Prepaid expenses and other current assets	$ 4,087	$ 3,747
Commodity derivative instruments
Assets:
Prepaid expenses and other current assets	4,087	3,747
Other assets	585	0
Total assets	4,672	3,747
Gross commodity derivative instrument assets	4,672	3,747
Gross commodity derivative instrument liabilities	$ 0	$ 0

Commodity Derivative Instrume_5

Commodity Derivative Instruments - Summary of Outstanding Commodity Derivative Instruments (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Commodity derivative instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of outstanding commodity derivative instruments	$ 61,455	$ 50,187

Fair Values of Financial Inst_3

Fair Values of Financial Instruments - Summary of Deferred Compensation Plan, Commodity Derivative Instruments, Debt and Acquisition Related Contingent Consideration (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024	Dec. 31, 2023	Sep. 29, 2023	Jun. 30, 2023	Dec. 31, 2022
Assets:
Short-term investments	$ 215,044		$ 0
Commodity derivative instruments
Assets:
Commodity derivative instruments	4,672		3,747
Fair Value Level 3
Liabilities:
Acquisition related contingent consideration	705,571	$ 657,246	669,337	$ 605,650	$ 594,389	$ 541,491
Carrying Amount
Assets:
Deferred compensation plan assets	79,791		64,769
Short-term investments	215,044
Liabilities:
Deferred compensation plan liabilities	79,791		64,769
Long-term debt	1,785,782		599,159
Acquisition related contingent consideration	705,571		669,337
Carrying Amount | Commodity derivative instruments
Assets:
Commodity derivative instruments	4,672		3,747
Total Fair Value
Assets:
Deferred compensation plan assets	79,791		64,769
Short-term investments	215,044
Liabilities:
Deferred compensation plan liabilities	79,791		64,769
Long-term debt	1,853,400		579,000
Acquisition related contingent consideration	705,571		669,337
Total Fair Value | Commodity derivative instruments
Assets:
Commodity derivative instruments	4,672		3,747
Total Fair Value | Fair Value Level 1
Assets:
Deferred compensation plan assets	79,791		64,769
Short-term investments	208,107
Liabilities:
Deferred compensation plan liabilities	79,791		64,769
Long-term debt	0		0
Acquisition related contingent consideration	0		0
Total Fair Value | Fair Value Level 1 | Commodity derivative instruments
Assets:
Commodity derivative instruments	0		0
Total Fair Value | Fair Value Level 2
Assets:
Deferred compensation plan assets	0		0
Short-term investments	6,937
Liabilities:
Deferred compensation plan liabilities	0		0
Long-term debt	1,853,400		579,000
Acquisition related contingent consideration	0		0
Total Fair Value | Fair Value Level 2 | Commodity derivative instruments
Assets:
Commodity derivative instruments	4,672		3,747
Total Fair Value | Fair Value Level 3
Assets:
Deferred compensation plan assets	0		0
Short-term investments	0
Liabilities:
Deferred compensation plan liabilities	0		0
Long-term debt	0		0
Acquisition related contingent consideration	705,571		669,337
Total Fair Value | Fair Value Level 3 | Commodity derivative instruments
Assets:
Commodity derivative instruments	$ 0		$ 0

Fair Values of Financial Inst_4

Fair Values of Financial Instruments - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 27, 2024 USD ($)	Sep. 29, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time period for acquisition related contingent consideration arrangements	5 years
Amount payable annually under acquisition related contingent consideration arrangements, value, low	$ 50
Amount payable annually under acquisition related contingent consideration arrangements, value, high	$ 80
Fair Value Level 3 | Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisition related contingent consideration liability, measurement input (as a percent)	0.086	0.092
Distribution Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated useful life (in years)	40 years

Fair Values of Financial Inst_5

Fair Values of Financial Instruments - Summary of Acquisition Related Contingent Consideration Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Business Combination, Contingent Consideration, Liability [Roll Forward]
Payments of acquisition related contingent consideration			$ (44,243)	$ (20,979)
Increase in fair value	$ 68,592	$ 18,864	90,877	86,038
Level 3
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance - Level 3 liability	657,246	594,389	669,337	541,491
Payments of acquisition related contingent consideration	(20,567)	(7,603)	(44,243)	(20,979)
Reclassification to current payables	300	0	(10,400)	(900)
Increase in fair value	68,592	18,864	90,877	86,038
Ending balance - Level 3 liability	$ 705,571	$ 605,650	$ 705,571	$ 605,650

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)			25.60%	25.30%
Income tax expense	$ 39,939	$ 28,891	$ 156,446	$ 112,399
Uncertain tax positions	$ 500		$ 500
Uncertain tax positions that would affect tax rate					$ 400

Pension and Postretirement Be_3

Pension and Postretirement Benefit Obligations - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024 USD ($)	Sep. 29, 2023 USD ($)	Sep. 27, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 29, 2023 USD ($)	Dec. 31, 2022 benefitPlan
Defined Benefit Plan Disclosure [Line Items]
Pension plan settlement expense	$ 0	$ 77,319	$ 0	$ 112,800	$ 117,096
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Number of company-sponsored pension plans | benefitPlan						2
Pension Plans | Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Current employer contributions			$ 2,000

Pension and Postretirement Be_4

Pension and Postretirement Benefit Obligations - Summary of Components of Total Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Dec. 31, 2023	Sep. 29, 2023
Defined Benefit Plan Disclosure [Line Items]
Settlement expense	$ 0	$ 77,319	$ 0	$ 112,800	$ 117,096
Total pension expense	922	78,330	2,764		123,448
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost		1,099			3,298
Interest cost		517			7,533
Expected return on plan assets		(609)			(6,437)
Recognized net actuarial loss		0			1,946
Amortization of prior service cost		4			12
Net periodic postretirement benefit cost		$ 1,011			$ 6,352
Pension Plans | Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	1,092		3,274
Interest cost	588		1,765
Expected return on plan assets	(762)		(2,287)
Recognized net actuarial loss	0		0
Amortization of prior service cost	4		12
Net periodic postretirement benefit cost	$ 922		$ 2,764

Pension and Postretirement Be_5

Pension and Postretirement Benefit Obligations - Components of Net Periodic Postretirement Benefit Cost (Details) - Postretirement Benefits - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 310	$ 294	$ 930	$ 882
Interest cost	781	697	2,343	2,092
Recognized net actuarial loss	26	0	78	0
Net periodic postretirement benefit cost	$ 1,117	$ 991	$ 3,351	$ 2,974

Other Liabilities - Summary of

Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Noncurrent portion of acquisition related contingent consideration	$ 629,829	$ 604,809
Accruals for executive benefit plans	162,635	153,428
Noncurrent deferred proceeds from related parties	97,878	100,176
Other	9,734	8,086
Total other liabilities	$ 900,076	$ 866,499

Long-Term Debt - Summary of Lon

Long-Term Debt - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 27, 2024	May 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt issuance costs	$ (12,665)		$ (824)
Total long-term debt	1,785,782		599,159
Revolving Credit Facility | Non-public | Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		0
3.80% Senior Notes 11/25/2025 | Public | Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.80%
Long-term debt, gross	$ 350,000		350,000
3.93% Senior Notes 10/10/2026 | Non-public | Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.93%
Long-term debt, gross	$ 100,000		100,000
5.25% Senior Notes 6/1/2029 | Senior Notes
Debt Instrument [Line Items]
Interest Rate		5.25%
5.25% Senior Notes 6/1/2029 | Public | Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.25%
Long-term debt, gross	$ 700,000		0
3.96% Senior Notes 3/21/2030 | Non-public | Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.96%
Long-term debt, gross	$ 150,000		150,000
5.45% Senior Notes 6/1/2034 | Senior Notes
Debt Instrument [Line Items]
Interest Rate		5.45%
5.45% Senior Notes 6/1/2034 | Public | Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.45%
Long-term debt, gross	$ 500,000		0
2025, 2029, and 2034 Senior Bonds | Public | Senior Notes
Debt Instrument [Line Items]
Unamortized discount on senior bonds	$ (1,553)		$ (17)

Long-Term Debt - Summary of Deb

Long-Term Debt - Summary of Debt, Footnotes (Details) - USD ($) $ in Millions	Sep. 27, 2024	Jul. 09, 2021
Non-public | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate maximum borrowing capacity		$ 500
3.80% Senior Notes 11/25/2025 | Public | Senior Notes
Debt Instrument [Line Items]
Senior notes, issued at par (as a percent)	99.975%
5.25% Senior Notes 6/1/2029 | Public | Senior Notes
Debt Instrument [Line Items]
Senior notes, issued at par (as a percent)	99.843%
5.45% Senior Notes 6/1/2034 | Public | Senior Notes
Debt Instrument [Line Items]
Senior notes, issued at par (as a percent)	99.893%

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)		9 Months Ended
	Jun. 10, 2024 USD ($)	Sep. 27, 2024 USD ($) financial_covenant	May 29, 2024 USD ($)
Debt Instrument [Line Items]
Number of financial covenants | financial_covenant		2
Debt issued by subsidiaries		$ 0
Guarantees of company debt		$ 0
5.25% Senior Notes 6/1/2029 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 700,000,000
Debt instrument, interest rate			5.25%
5.45% Senior Notes 6/1/2034 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 500,000,000
Debt instrument, interest rate			5.45%
Revolving Credit Facility Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, term (in years)	5 years
Aggregate maximum borrowing capacity	$ 500,000,000
Line of credit facility, accordion feature, increase limit	$ 250,000,000
Revolving Credit Facility Agreement | Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.06%
Revolving Credit Facility Agreement | Line of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.175%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) case in Millions, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 27, 2024 USD ($) case	Sep. 29, 2023 case	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Letters of credit totaled	$ 39		$ 37.6
Long-term marketing contractual arrangements	$ 139.6
Southeastern
Loss Contingencies [Line Items]
Purchase requirements of plastic bottles, percentage (at least)	80%
SAC
Loss Contingencies [Line Items]
Cases of finished product obligated to purchase on an annual basis | case	16
Purchased number of cases, finished product from SAC | case	19	19.3
Debt guarantee for related party	$ 0		9.5
Impairment of investment	$ 0		$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Company's Purchases from Manufacturing Cooperatives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	$ 89,943	$ 78,592	$ 263,964	$ 263,890
Southeastern
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	34,887	31,087	108,983	113,673
SAC
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	$ 55,056	$ 47,505	$ 154,981	$ 150,217

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Sep. 27, 2024	Sep. 29, 2023	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,195,194	$ 1,379,708	$ 1,435,598	$ 1,115,388
Ending balance	1,284,987	1,524,328	1,284,987	1,524,328
Reclassification of stranded tax effects
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4,809)	(19,720)	(4,809)	(19,720)
Pre-tax Activity	0	0	0	0
Tax Effect	0	14,911	0	14,911
Ending balance	(4,809)	(4,809)	(4,809)	(4,809)
Total AOCI(L)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(4,403)	(56,276)	(4,276)	(84,837)
Pre-tax Activity	596	78,890	428	116,707
Tax Effect	(145)	(21,676)	(104)	(30,932)
Ending balance	(3,952)	938	(3,952)	938
Unrealized (loss) gain on short-term investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(173)		0
Pre-tax Activity	566		338
Tax Effect	(138)		(83)
Ending balance	255		255
Pension Plan | Primary Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Actuarial losses included in accumulated other comprehensive loss	0		0		$ 0
Pension Plan | Actuarial gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(72,626)		(71,140)
Pre-tax Activity		1,567		(401)
Tax Effect		(384)		98
Ending balance		(71,443)		(71,443)
Pension Plan | Actuarial gain (loss) | Bargaining Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	533		533
Pre-tax Activity	0		0
Tax Effect	0		0
Ending balance	533		533
Pension Plan | Prior service costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		(99)		(105)
Pre-tax Activity		4		12
Tax Effect		(1)		(3)
Ending balance		(96)		(96)
Pension Plan | Prior service costs | Bargaining Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(91)		(97)
Pre-tax Activity	4		12
Tax Effect	(1)		(3)
Ending balance	(88)		(88)
Pension Plan | Pension plan settlement
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance		30,041		0
Pre-tax Activity		77,319		117,096
Tax Effect		(36,202)		(45,938)
Ending balance		71,158		71,158
Postretirement Benefits | Actuarial gain (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	761	6,752	721	6,752
Pre-tax Activity	26	0	78	0
Tax Effect	(6)	0	(18)	0
Ending balance	781	6,752	781	6,752
Postretirement Benefits | Prior service costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(624)	(624)	(624)	(624)
Pre-tax Activity	0	0	0	0
Tax Effect	0	0	0	0
Ending balance	$ (624)	$ (624)	$ (624)	$ (624)

Supplemental Disclosures of C_3

Supplemental Disclosures of Cash Flow Information - Summary of Changes in Current Assets and Current Liabilities Affecting Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Supplemental Cash Flow Elements [Abstract]
Short-term investments	$ (3,450)	$ 0
Accounts receivable, trade	(16,881)	(26,086)
Allowance for doubtful accounts	98	2,015
Accounts receivable from The Coca‑Cola Company	(36,511)	(19,911)
Accounts receivable, other	20,713	1,779
Inventories	(12,749)	27,144
Prepaid expenses and other current assets	(4,836)	2,954
Accounts payable, trade	(13,194)	7,628
Accounts payable to The Coca‑Cola Company	89,682	17,904
Other accrued liabilities	38,749	23,566
Accrued compensation	(5,858)	(1,202)
Change in current assets less current liabilities	$ 55,763	$ 35,791