Coca-Cola Consolidated (COKE) 10-K 20 Feb 25 2024 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2024	Jan. 24, 2025	Jun. 28, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 6,371,812,773
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement to be filed with the United States Securities and Exchange Commission in connection with the registrant’s 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this report to the extent described herein.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0000317540
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,713,088
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,004,696

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Charlotte, North Carolina

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net sales	$ 6,899,716	$ 6,653,858	$ 6,200,957
Cost of sales	4,146,537	4,055,147	3,923,003
Gross profit	2,753,179	2,598,711	2,277,954
Selling, delivery and administrative expenses	1,832,829	1,764,260	1,636,907
Income from operations	920,350	834,451	641,047
Interest expense (income), net	1,848	(918)	24,792
Mark-to-market on acquisition related contingent consideration	59,166	159,354	32,301
Pension plan settlement expense	0	112,796	0
Other expense, net	2,682	5,738	8,867
Income before taxes	856,654	557,481	575,087
Income tax expense	223,529	149,106	144,929
Net income	$ 633,125	$ 408,375	$ 430,158
Common Stock
Basic net income per share:
Common Stock (in dollars per share)	$ 70.10	$ 43.56	$ 45.88
Weighted average number of Common Stock shares outstanding (in shares)	8,035	8,369	8,117
Diluted net income per share:
Common Stock (in dollars per share)	$ 69.94	$ 43.48	$ 45.74
Weighted average number of Common Stock shares outstanding – assuming dilution (in shares)	9,053	9,392	9,405
Class B Common Stock
Basic net income per share:
Common Stock (in dollars per share)	$ 69.50	$ 43.56	$ 45.93
Weighted average number of Common Stock shares outstanding (in shares)	1,005	1,005	1,257
Diluted net income per share:
Common Stock (in dollars per share)	$ 69.17	$ 43.40	$ 45.76
Weighted average number of Common Stock shares outstanding – assuming dilution (in shares)	1,018	1,023	1,288

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 633,125	$ 408,375	$ 430,158
Defined benefit plans reclassification including pension costs:
Actuarial gain	3,885	3,762	7,742
Prior service credits (costs)	12	8	(116)
Postretirement benefits reclassification including benefit costs:
Actuarial gain (loss)	2,239	(6,031)	7,991
Unrealized gain on short-term investments	25	0	0
Pension plan settlement	0	82,822	0
Foreign currency translation adjustment	0	0	9
Other comprehensive income, net of tax	6,161	80,561	15,626
Comprehensive income	$ 639,286	$ 488,936	$ 445,784

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 1,135,824	$ 635,269
Short-term investments	301,210	0
Allowance for doubtful accounts	(14,674)	(16,060)
Accounts receivable, other	40,692	67,533
Inventories	330,395	321,932
Prepaid expenses and other current assets	96,331	88,585
Total current assets	2,547,302	1,705,128
Property, plant and equipment, net	1,505,267	1,320,563
Right-of-use assets - operating leases	112,351	122,708
Leased property under financing leases, net	3,138	4,785
Other assets	181,048	145,213
Goodwill	165,903	165,903
Total assets	5,313,139	4,288,942
Current Liabilities:
Current portion of obligations under operating leases	23,257	26,194
Current portion of obligations under financing leases	2,685	2,487
Other accrued liabilities	246,687	237,994
Accrued compensation	168,692	146,932
Dividends payable	0	154,666
Current portion of debt	349,699	0
Total current liabilities	1,313,169	1,091,334
Deferred income taxes	132,941	128,435
Pension and postretirement benefit obligations	58,502	60,614
Other liabilities	859,559	866,499
Noncurrent portion of obligations under operating leases	92,362	102,271
Noncurrent portion of obligations under financing leases	2,346	5,032
Long-term debt	1,436,649	599,159
Total liabilities	3,895,528	2,853,344
Commitments and Contingencies
Equity:
Additional paid in capital	135,953	135,953
Retained earnings	1,395,183	1,352,111
Accumulated other comprehensive income (loss)	1,885	(4,276)
Total equity	1,417,611	1,435,598
Total liabilities and equity	5,313,139	4,288,942
Nonrelated Party
Current Assets:
Accounts receivable	567,653	555,933
Current Liabilities:
Accounts payable, trade	334,878	383,562
Related Party
Current Assets:
Accounts receivable	89,871	51,936
Current Liabilities:
Accounts payable, trade	187,271	139,499
Convertible Preferred Stock
Equity:
Preferred Stock	0	0
Nonconvertible Preferred Stock
Equity:
Preferred Stock	0	0
Preferred Stock
Equity:
Preferred Stock	0	0
Common Stock
Equity:
Common Stock	10,833	11,431
Treasury stock, at cost	(127,467)	(60,845)
Class B Common Stock
Equity:
Common Stock	1,633	1,633
Treasury stock, at cost	(409)	(409)
Class C Common Stock
Equity:
Common Stock	0	0
Distribution agreements, net
Current Assets:
Intangible assets, net	792,252	817,143
Customer lists, net
Current Assets:
Intangible assets, net	$ 5,878	$ 7,499

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 100	$ 100
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	0	0
Nonconvertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 100	$ 100
Preferred stock, shares authorized (in shares)	50,000	50,000
Preferred stock, shares issued (in shares)	0	0
Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
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)	3,119,660	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
Class C Common Stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	0	0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net income	$ 633,125	$ 408,375	$ 430,158
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense from property, plant and equipment and financing leases	170,343	153,472	147,962
Amortization of intangible assets and deferred proceeds, net	23,448	23,494	23,628
Fair value adjustment of acquisition related contingent consideration	59,166	159,354	32,301
Loss on sale of property, plant and equipment	3,168	7,181	5,642
Deferred income taxes	2,529	(49,021)	8,977
Amortization of debt costs	2,310	991	1,012
Pension plan settlement expense	0	112,796	0
Deferred payroll taxes under CARES Act	0	0	(18,739)
Change in current assets less current liabilities	(3,774)	29,138	(74,784)
Change in other noncurrent assets	8,904	12,708	31,779
Change in other noncurrent liabilities	(22,862)	(47,798)	(33,430)
Total adjustments	243,232	402,315	124,348
Net cash provided by operating activities	876,357	810,690	554,506
Cash Flows from Investing Activities:
Additions to property, plant and equipment	(371,015)	(282,304)	(298,611)
Purchases of short-term investments	(446,309)	0	0
Proceeds from the disposal of short-term investments	150,274	0	0
Investment in equity method investees	(15,720)	(13,741)	(3,094)
Proceeds from the sale of property, plant and equipment	569	695	7,369
Acquisition of distribution rights	0	0	(30,649)
Net cash used in investing activities	(682,201)	(295,350)	(324,985)
Cash Flows from Financing Activities:
Proceeds from bond issuance	1,200,000	0	0
Payments related to share repurchases	(625,654)	0	0
Cash dividends paid	(185,635)	(46,868)	(9,374)
Payments of acquisition related contingent consideration	(64,312)	(28,208)	(36,515)
Debt issuance fees	(15,512)	(340)	(310)
Payments on financing lease obligations	(2,488)	(2,303)	(2,988)
Payments on term loan facility and senior notes	0	0	(125,000)
Net cash provided by (used in) financing activities	306,399	(77,719)	(174,187)
Net increase in cash	500,555	437,621	55,334
Cash at beginning of year	635,269	197,648	142,314
Cash at end of year	$ 1,135,824	$ 635,269	$ 197,648

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - 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, 2021		$ 711,786			$ 10,204	$ 2,860	$ 135,953	$ 724,486			$ (100,463)	$ (60,845)	$ (409)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income		430,158						430,158
Other comprehensive income, net of tax		15,626									15,626
Dividends declared			$ (37,354)	$ (4,828)					$ (37,354)	$ (4,828)
Conversion of 1,227,546 shares of Class B Common Stock		0			1,227	(1,227)
Ending 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		408,375						408,375
Other comprehensive income, net of tax		80,561									80,561
Dividends declared			(150,642)	(18,084)					(150,642)	(18,084)
Ending 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		633,125						633,125
Other comprehensive income, net of tax		6,161									6,161
Dividends declared			$ (27,452)	$ (3,517)					$ (27,452)	$ (3,517)
Share repurchases	[1]	(626,304)			(598)			(559,084)				(66,622)
Ending Balance at Dec. 31, 2024		$ 1,417,611			$ 10,833	$ 1,633	$ 135,953	$ 1,395,183			$ 1,885	$ (127,467)	$ (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 discussed in Note 2, as well as a separate share repurchase program approved by the Board of Directors, discussed in Note 5.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Common Stock
Dividends declared on common stock (in dollars per share)	$ 4.50
Class B Common Stock
Dividends declared on common stock (in dollars per share)	$ 4.50
Shares converted (in shares) | shares	1,227,546

Description of Business and Sum

Description of Business and Summary of Critical Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Description of Business and Summary of Critical Accounting Policies	Description of Business and Summary of Critical Accounting Policies Description of Business Coca‑Cola Consolidated, Inc. (the “Company”) distributes, markets and manufactures nonalcoholic beverages, primarily products of The Coca‑Cola Company, and is the largest Coca‑Cola bottler in the United States. Approximately 85% of the Company’s total bottle/can sales volume to retail customers consists of products of The Coca‑Cola Company, which include some of the most recognized and popular beverage brands in the world. The Company also distributes products for several other beverage companies, including Keurig Dr Pepper Inc. and Monster Energy Company. The Company offers a range of nonalcoholic beverage products and flavors, including both sparkling and still beverages, designed to meet the demands of its consumers. Sparkling beverages are carbonated beverages and the Company’s principal sparkling beverage is Coca‑Cola. Still beverages include energy products and noncarbonated beverages such as bottled water, ready-to-drink tea, ready-to-drink coffee, enhanced water, juices and sports drinks. The Company’s products are sold and distributed in the United States through various channels, which include selling directly to customers, including grocery stores, mass merchandise stores, club stores, convenience stores and drug stores, selling to on-premise locations, where products are typically consumed immediately, such as restaurants, schools, amusement parks and recreational facilities, and selling through other channels such as vending machine outlets. The Company manages its business on the basis of three operating segments. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated net sales and income from operations. The additional two operating segments, which include Data Ventures, Inc. and the Red Classic subsidiaries, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, and, therefore, have been combined into “All Other.” Principles of Consolidation The consolidated financial statements include the accounts and the consolidated operations of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks and cash equivalents, which are highly liquid money market funds, time deposits, commercial paper and debt instruments with maturities of 90 days or less. The Company maintains cash deposits with major banks, which may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes the risk of any loss is minimal. Investments in debt securities with maturities of 90 days or less that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale. Short-term Investments Short-term investments include various instruments, such as U.S. Treasury securities, investment-grade corporate bonds and commercial paper instruments, with maturities of greater than three months, but less than one year. 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. Accounts Receivable, Trade The Company sells its products and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company evaluates the collectability of its trade accounts receivable based on a number of factors, including the Company’s historic collections pattern and changes to a specific customer’s ability to meet its financial obligations. The Company typically collects payment from customers within 30 days from the date of sale. Allowance for Doubtful Accounts The Company has established an allowance for doubtful accounts to adjust the recorded receivable to the estimated amount the Company believes will ultimately be collected. The Company’s allowance for doubtful accounts in the 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 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. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method for finished products and manufacturing materials and on the average cost method for plastic shells, plastic pallets and other inventories. Property, Plant and Equipment Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements on operating leases are depreciated over the shorter of the estimated useful lives or the term of the lease, including renewal options the Company determines are reasonably assured. Additions and major replacements or betterments are added to the assets at cost. Maintenance and repair costs and minor replacements are charged to expense when incurred. When assets are replaced or otherwise disposed, the cost and accumulated depreciation are removed from the accounts and the gains or losses, if any, are reflected in the consolidated statements of operations. Gains or losses on the disposal of manufacturing equipment and manufacturing plants are included in cost of sales. Gains or losses on the disposal of all other property, plant and equipment are included in selling, delivery and administrative (“SD&A”) expenses. The Company evaluates the recoverability of the carrying amount of its property, plant and equipment when events or circumstances indicate the carrying amount of an asset or asset group may not be recoverable. These evaluations are performed at a level where independent cash flows may be attributed to either an asset or an asset group. If the Company determines the carrying amount of an asset or asset group is not recoverable based upon the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair values of the long-lived assets. Leases The Company leases office and warehouse space, machinery and other equipment under noncancelable operating lease agreements and also leases certain warehouse space under financing lease agreements. The Company uses the following policies and assumptions to evaluate its leases: • Determining a lease: The Company assesses contracts at inception to determine whether an arrangement is or includes a lease, which conveys the Company’s right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right-of-use assets and associated liabilities are recognized at the commencement date and initially measured based on the present value of lease payments over the defined lease term. • Allocating lease and non-lease components: The Company has elected the practical expedient to not separate lease and non-lease components for certain classes of underlying assets. The Company has equipment and vehicle lease agreements, which generally have the lease and associated non-lease components accounted for as a single lease component. The Company has real estate lease agreements with lease and non-lease components, which are accounted for separately where applicable. • Calculating the discount rate: The Company calculates the discount rate based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company calculates an incremental borrowing rate using a portfolio approach. The incremental borrowing rate is calculated using the contractual lease term and the Company’s borrowing rate. • Recognizing leases: The Company does not recognize leases with a contractual term of less than 12 months on its consolidated balance sheets. Lease expense for these short-term leases is expensed on a straight-line basis over the lease term. • Including rent increases or escalation clauses: Certain leases contain scheduled rent increases or escalation clauses, which can be based on the Consumer Price Index or other rates. The Company assesses each contract individually and applies the appropriate variable payments based on the terms of the agreement. • Including renewal options and/or purchase options: Certain leases include renewal options to extend the lease term and/or purchase options to purchase the leased asset. The Company assesses these options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of the Company’s leases do not include renewal periods or purchase options for the measurement of the right-of-use asset and the associated lease liability. For leases the Company is reasonably certain to renew or purchase, those options are included within the lease term and, therefore, included in the measurement of the right-of-use asset and the associated lease liability. • Including options to terminate: Certain leases include the option to terminate the lease prior to its scheduled expiration. This allows a contractually bound party to terminate its obligation under the lease contract, typically in return for an agreed-upon financial consideration. The terms and conditions of the termination options vary by contract. • Including residual value guarantees, restrictions or covenants: The Company’s lease agreements do not contain residual value guarantees, restrictions or covenants. Internal Use Software The Company capitalizes costs incurred in the development or acquisition of internal use software. The Company expenses costs incurred in the preliminary project planning stage. Costs, such as maintenance and training, are also expensed as incurred. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Amortization expense for internal use software, which is included in depreciation expense, was $1.0 million in 2024, $1.7 million in 2023 and $3.0 million in 2022. Goodwill All business combinations are accounted for using the acquisition method. Goodwill is tested for impairment annually, or more frequently if facts and circumstances indicate such assets may be impaired. The Company performs its annual goodwill impairment test, which includes a qualitative assessment to determine whether it is more likely than not that the fair value of the goodwill is below its carrying value, as of the first day of the fourth quarter each year, and more often if there are significant changes in business conditions that could result in impairment. All of the Company’s goodwill resides within one reporting unit within the Nonalcoholic Beverages reportable segment and, therefore, the Company has determined it has one reporting unit for the purpose of assessing goodwill for potential impairment. The Company uses its overall market capitalization as part of its estimate of fair value of the reporting unit and in assessing the reasonableness of the Company’s internal estimates of fair value. When a quantitative analysis is considered necessary for the annual impairment analysis of goodwill, the Company develops an estimated fair value for the reporting unit considering three different approaches: • market value, using the Company’s stock price plus outstanding debt; • discounted cash flow analysis; and • multiple of earnings before interest, taxes, depreciation and amortization based upon relevant industry data. The estimated fair value of the reporting unit is then compared to its carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount, including goodwill, exceeds its estimated fair value, any excess of the carrying value of goodwill of the reporting unit over its fair value is recorded as an impairment. To the extent the actual and projected cash flows decline in the future or if market conditions or market capitalization significantly deteriorate, the Company may be required to perform an interim impairment analysis that could result in an impairment of goodwill. During 2024, 2023 and 2022, the Company performed its annual impairment test of goodwill and determined there was no impairment of the carrying values of these assets. Distribution Agreements and Customer Lists The Company’s definite-lived intangible assets consist of distribution agreements and customer lists, which have estimated useful lives of 20 to 40 years and five Acquisition Related Contingent Consideration Liability The acquisition related contingent consideration liability consists of the estimated amounts due to The Coca‑Cola Company under the Company’s comprehensive beverage agreements (as amended, collectively, the “CBA”) with The Coca‑Cola Company and Coca‑Cola Refreshments USA, LLC (“CCR”), a wholly owned subsidiary of The Coca‑Cola Company, over the useful life of the related distribution rights. The CBA relates 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”). Pursuant to the CBA, the Company is required 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. This acquisition related contingent consideration is valued using a probability weighted discounted cash flow model based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data, which are considered Level 3 inputs. Each reporting period, the Company adjusts its acquisition related contingent consideration liability related to the distribution territories 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. These 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. Pension and Postretirement Benefit 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. During 2023, the Primary Plan was fully settled. The second Company-sponsored pension plan (the “Bargaining Plan”) is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the Bargaining Plan are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes. The Company also sponsors a postretirement healthcare plan for employees meeting specified qualifying criteria. The expense and liability amounts recorded for the benefit plans reflect estimates related to interest rates, investment returns, employee turnover and age at retirement, mortality rates and healthcare costs. The Company determines an appropriate discount rate annually for the Bargaining Plan and the postretirement healthcare plan based on the Aon AA Above Median yield curve as of the measurement date and reviews the discount rate assumption at the end of each year. The service cost components of the net periodic benefit cost of the plans are charged to current operations, and the non-service cost components of the net periodic benefit cost of the plans are classified as other expense, net. In addition, certain other union employees are covered by plans provided by their respective union organizations and the Company expenses amounts as paid in accordance with union agreements. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating losses and tax credit carryforwards, as well as the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance will be provided against deferred tax assets if the Company determines it is more likely than not such assets will not ultimately be realized. The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50% likely to be realized. The Company records interest and penalties related to uncertain tax positions in income tax expense. 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. Post-mix products are dispensed through equipment that mixes fountain syrups with carbonated or still water, enabling fountain retailers to sell finished products to consumers in cups or glasses. The Company’s contracts are derived from customer orders, including customer sales incentives, generated through an order processing and replenishment model. Generally, the Company’s service contracts and contracts related to the delivery of specifically identifiable products have a single performance obligation. Revenues do not include sales or other taxes collected from customers. 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”). 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 consolidated financial statements. Marketing Programs and Sales Incentives The Company participates in various sales programs with The Coca‑Cola Company, other beverage companies and customers to increase the sale of its products. Programs negotiated with customers include arrangements under which allowances can be earned for attaining agreed-upon sales levels. The cost of these various sales incentives is not considered a separate performance obligation and is included as a deduction to net sales. Allowance payments made to customers can be conditional on the achievement of volume targets and/or marketing commitments. Payments made in advance are recorded as prepayments and amortized in the consolidated statements of operations over the relevant period for which the customer commitment is made. In the event there is no separate identifiable benefit or the fair value of such benefit cannot be established, the amortization of the prepayment is included as a deduction to net sales. The nature of the Company’s contracts gives rise to several types of variable consideration, including prospective and retrospective rebates. The Company accounts for its prospective and retrospective rebates using the expected value method, which estimates the net price to the customer based on the customer’s expected annual sales volume projections. Marketing and Other Funding Support The Company receives marketing funding support payments in cash from The Coca‑Cola Company and other beverage companies. The Company’s brand partners also provide funding related to the delivery of post-mix gallons to locally managed customers within the Company’s territory. Payments to the Company for marketing and other funding programs to promote bottle/can sales volume and fountain syrup sales volume are recognized as a reduction to cost of sales, primarily on a per unit basis, as the product is sold. Payments for periodic programs are recognized in the period during which they are earned. Cash consideration received by a customer from a vendor is presumed to be a reduction of the price of the vendor’s products or services. As such, the cash received is accounted for as a reduction to cost of sales unless it is a specific reimbursement of costs or payments for services. Payments the Company receives from The Coca‑Cola Company and other beverage companies for marketing and other funding support are classified as a reduction to cost of sales. 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 consolidated statements of cash flows. All commodity derivative instruments are recorded at fair value as either assets or liabilities in the 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 consolidated balance sheets and the net amounts of derivative liabilities are recognized in either other accrued liabilities or other liabilities in the consolidated balance sheets. Risk Management Programs The Company uses various insurance structures to manage costs related to workers’ compensation, auto liability, medical and other insurable risks. These structures consist of retentions, deductibles, limits and a diverse group of insurers that serve to strategically finance, transfer and mitigate the financial impact of losses to the Company. Losses are accrued using assumptions and procedures followed in the insurance industry, then adjusted for company-specific history and expectations. Cost of Sales Inputs representing a substantial portion of the Company’s cost of sales include: (i) purchases of finished products, (ii) raw material costs, including aluminum cans, plastic bottles, carbon dioxide and sweetener, (iii) concentrate costs and (iv) manufacturing costs, including labor, overhead and warehouse costs. In addition, cost of sales includes shipping, handling and fuel costs related to the movement of finished products from manufacturing plants to distribution centers, amortization expense of distribution rights, distribution fees of certain products and marketing credits and post-mix funding from brand companies. Selling, Delivery and Administrative Expenses SD&A expenses include the following: sales management labor costs, distribution costs resulting from transporting finished products from distribution centers to customer locations, distribution center overhead including depreciation expense, distribution center warehousing costs, delivery vehicles and cold drink equipment, point-of-sale expenses, advertising expenses, cold drink equipment repair costs, amortization of intangible assets and administrative support labor and operating costs. Shipping and Handling Costs Shipping and handling costs related to the movement of finished products from manufacturing plants to distribution centers are included in cost of sales. Shipping and handling costs directly related to the movement of finished products from distribution centers to customer locations, including distribution center warehousing costs, are included in SD&A expenses. Stock Compensation The Company has a long-term performance equity plan (the “Long-Term Performance Equity Plan”) under which awards are earned and granted to J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer of the Company, based on the Company’s attainment during a performance period of performance measures specified by the Compensation Committee of the Company’s Board of Directors. Mr. Harrison may elect to have awards earned under the Long‑Term Performance Equity Plan settled in cash and/or shares of Class B Common Stock (as defined below). See Note 2 for additional information on the Long‑Term Performance Equity Plan. Common Stock and Class B Common Stock The Company has two classes of common stock outstanding, Common Stock, par value $1.00 per share (“Common Stock”), and Class B Common Stock, par value $1.00 per share (“Class B Common Stock”). The Common Stock is traded on The Nasdaq Global Select Market under the symbol “COKE.” There is no established public trading market for the Class B Common Stock. Shares of Class B Common Stock are convertible on a share-for-share basis into shares of Common Stock at any time at the option of the holder. Each share of Common Stock is entitled to one vote per share and each share of Class B Common Stock is entitled to 20 votes per share at all meetings of the Company’s stockholders. Except as otherwise required by law, holders of the Common Stock and the Class B Common Stock vote together as a single class on all matters submitted to the Company’s stockholders, including the election of the Board of Directors. As a result, the holders of the Class B Common Stock control approximately 72% of the total voting power of the stockholders of the Company and control the election of the Board of Directors. In the event of liquidation, there is no preference between the two classes of common stock. Dividends No cash dividend or dividend of property or stock other than stock of the Company, as specifically described in the Company’s Restated Certificate of Incorporation, as amended (the “Restated Certificate of Incorporation”), may be declared and paid on the Class B Common Stock unless an equal or greater dividend is declared and paid on the Common Stock. Under the Restated Certificate of Incorporation, the Board of Directors may declare dividends on the Common Stock without declaring equal or any dividends on the Class B Common Stock. Notwithstanding this provision, the Class B Common Stock has voting and conversion rights that allow the Class B Common Stock to participate equally on a per share basis with the Common Stock. The Company’s Board of Directors has declared, and the Company has paid, dividends on the Common Stock and the Class B Common Stock and each class of common stock has participated equally in all dividends declared by the Board of Directors and paid by the Company since 1994. During 2024, dividends of $3.50 per share were declared and dividends of $20.00 per share were paid on both the Common Stock and the Class B Common Stock. During 2023, dividends of $18.00 per share were declared and dividends of $5.00 per share were paid on both the Common Stock and the Class B Common Stock. During 2022, dividends of $4.50 per share were declared and dividends of $1.00 per share were paid on both the Common Stock and the Class B Common Stock. Total cash dividends paid were $185.6 million in 2024, $46.9 million in 2023 and $9.4 million in 2022. Net Income Per Share The Company applies the two-class method for calculating and presenting net income per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared or accumulated and participation rights in undistributed earnings. Under this method: (i) Income from continuing operations (“net income”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period. (ii) The remaining earnings (“undistributed earnings”) are allocated to the Common Stock and the Class B Common Stock to the extent each security may share in earnings as if all the earnings for the period had been distributed. The total earnings allocated to each security is determined by adding together the amoun

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions J. Frank Harrison, III As of December 31, 2024, J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer of the Company, controlled 1,004,394 shares of Class B Common Stock, which represented approximately 72% of the total voting power of the outstanding 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 December 31, 2024, The Coca‑Cola Company owned shares of Common Stock representing approximately 7% of the total voting power of the outstanding Common Stock and Class B Common Stock on a consolidated basis. The number of shares of 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 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 Class B Common Stock. On May 6, 2024, the Company announced its intention to purchase up to $3.10 billion in value of Common Stock through both a modified “Dutch auction” tender offer (the “Tender Offer”) for up to $2.00 billion of 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 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. In accordance with the terms and conditions of the Tender Offer, the Company repurchased 14,391.5 shares of 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 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 Common Stock (the “Share Repurchase”) such that CCCBI would beneficially own shares of Common Stock representing 21.5% of the 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). On July 5, 2024, the Company repurchased and retired 598,619 shares of 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: Fiscal Year (in thousands) 2024 2023 2022 Payments made by the Company to The Coca-Cola Company (1) $ 2,109,748 $ 2,019,409 $ 1,867,727 Payments made by The Coca-Cola Company to the Company 274,322 253,972 256,333 (1) This excludes acquisition related sub-bottling payments made by the Company to CCR, 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 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 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 consolidated statements of operations. 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 consolidated statements of operations. Coca‑Cola Refreshments USA, LLC 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 $64.3 million in 2024, $28.2 million in 2023 and $36.5 million in 2022. 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) December 31, 2024 December 31, 2023 Current portion of acquisition related contingent consideration $ 63,982 $ 64,528 Noncurrent portion of acquisition related contingent consideration 590,209 604,809 Total acquisition related contingent consideration $ 654,191 $ 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 consolidated balance sheets, was $20.9 million as of both December 31, 2024 and 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 consolidated balance sheets, was $25.3 million as of December 31, 2024 and $17.2 million as of December 31, 2023. The Company also guarantees a portion of SAC’s debt; see Note 21 for additional information. 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 consolidated statements of operations, were $9.5 million in 2024, $9.3 million in 2023 and $8.9 million in 2022. 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 $14.5 million on December 31, 2024 and $14.3 million on December 31, 2023, which were classified as accounts receivable, other in the consolidated balance sheets. Changes in rebates receivable relate to volatility in raw material prices and the timing of cash receipts of rebates. In addition, the Company pays an administrative fee to CCBSS for its services. The Company incurred administrative fees to CCBSS of $2.8 million in both 2024 and 2023 and $2.4 million in 2022, which were classified as SD&A expenses in the consolidated statements of operations. 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 consolidated balance sheets, was $27.5 million as of December 31, 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 $26.7 million in 2024, $27.5 million in 2023 and $25.7 million in 2022, which were classified as SD&A expenses in the consolidated statements of operations. 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 $19.3 million on December 31, 2024 and $22.5 million on December 31, 2023. A summary of rental payments for related party leases for 2024, 2023 and 2022 is as follows: Fiscal Year (in thousands) 2024 2023 2022 Company headquarters $ 4,010 $ 3,931 $ 3,854 Snyder Production Center (1) — — 927 (1) The lease for the Snyder Production Center and an adjacent sales facility in Charlotte, North Carolina (together, the “Snyder Production Center”) was terminated during 2022 in connection with the purchase of the Snyder Production Center by CCBCC Operations, LLC, a wholly owned subsidiary of the Company. 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 Class B Common Stock, based on the average of the closing prices of shares of Common Stock during the last 20 trading days of the performance period. Compensation expense for the Long-Term Performance Equity Plan, which was included in SD&A expenses in the consolidated statements of operations, was $10.5 million in 2024, $10.3 million in 2023 and $10.1 million in 2022.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 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 sales accounted for approximately 98% of the Company’s net sales in both 2024 and 2023 and approximately 97% of the Company’s net sales in 2022. 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. 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 consolidated financial statements. The following table represents a disaggregation of revenue from contracts with customers: Fiscal Year (in thousands) 2024 2023 2022 Point in time net sales: Nonalcoholic Beverages - point in time $ 6,781,744 $ 6,510,155 $ 6,034,914 Total point in time net sales $ 6,781,744 $ 6,510,155 $ 6,034,914 Over time net sales: Nonalcoholic Beverages - over time $ 57,301 $ 52,467 $ 46,443 All Other - over time 60,671 91,236 119,600 Total over time net sales $ 117,972 $ 143,703 $ 166,043 Total net sales $ 6,899,716 $ 6,653,858 $ 6,200,957 The Company’s allowance for doubtful accounts in the 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 December 31, 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 2024, 2023 and 2022: Fiscal Year (in thousands) 2024 2023 2022 Beginning balance - allowance for credit losses $ 11,560 $ 13,119 $ 14,336 Additions charged to expenses and as a reduction to net sales 3,080 2,639 4,326 Deductions (5,116) (4,198) (5,543) Ending balance - allowance for credit losses $ 9,524 $ 11,560 $ 13,119

Segments

Segments	12 Months Ended
	Dec. 31, 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 has three operating segments, each identified by its unique products and services. Nonalcoholic Beverages represents the vast majority of the Company’s consolidated net sales and income from operations. The additional two operating segments, which include Data Ventures, Inc. and the Red Classic subsidiaries, do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate, and, therefore, have been combined into “All Other.” The accounting policies of the Nonalcoholic Beverages segment are the same as those described in the summary of significant accounting policies. The CODM uses net sales, gross profit and income from operations in the annual budgeting and forecasting process. Monthly, the CODM considers budget-to-actual variances and current year to prior year variances for these profit measures when making strategic business decisions and allocating resources to Company operations. The Company’s segment results are as follows: Fiscal Year 2024 (in thousands) Nonalcoholic Beverages All Other Eliminations (1) Total Net sales $ 6,839,045 $ 346,377 $ (285,706) $ 6,899,716 Cost of goods sold 4,138,869 219,204 (211,536) 4,146,537 Gross profit 2,700,176 127,173 (74,170) 2,753,179 Selling, delivery and administrative expenses: Payroll costs (2) $ 1,146,375 $ 53,656 $ — $ 1,200,031 Fleet costs (3) 103,444 31,475 — 134,919 Depreciation and amortization expense (4) 103,444 2,000 — 105,444 All other segment items (5) 439,686 26,919 (74,170) 392,435 Total selling, delivery and administrative expenses 1,792,949 114,050 (74,170) 1,832,829 Income from operations $ 907,227 $ 13,123 $ — $ 920,350 Total depreciation and amortization expense (4) $ 177,521 $ 16,270 $ — $ 193,791 Fiscal Year 2023 (in thousands) Nonalcoholic Beverages All Other Eliminations (1) Total Net sales $ 6,562,622 $ 370,748 $ (279,512) $ 6,653,858 Cost of goods sold 3,999,292 263,307 (207,452) 4,055,147 Gross profit 2,563,330 107,441 (72,060) 2,598,711 Selling, delivery and administrative expenses: Payroll costs (2) $ 1,094,849 $ 56,729 $ — $ 1,151,578 Fleet costs (3) 106,235 32,945 — 139,180 Depreciation and amortization expense (4) 95,320 2,114 — 97,434 All other segment items (5) 425,434 22,694 (72,060) 376,068 Total selling, delivery and administrative expenses 1,721,838 114,482 (72,060) 1,764,260 Income from operations $ 841,492 $ (7,041) $ — $ 834,451 Total depreciation and amortization expense (4) $ 164,484 $ 12,482 $ — $ 176,966 Fiscal Year 2022 (in thousands) Nonalcoholic Beverages All Other Eliminations (1) Total Net sales $ 6,081,357 $ 399,360 $ (279,760) $ 6,200,957 Cost of goods sold 3,852,819 288,894 (218,710) 3,923,003 Gross profit 2,228,538 110,466 (61,050) 2,277,954 Selling, delivery and administrative expenses: Payroll costs (2) $ 1,023,634 $ 56,434 $ — $ 1,080,068 Fleet costs (3) 82,308 26,705 — 109,013 Depreciation and amortization expense (4) 92,301 2,232 — 94,533 All other segment items (5) 391,159 23,184 (61,050) 353,293 Total selling, delivery and administrative expenses 1,589,402 108,555 (61,050) 1,636,907 Income from operations $ 639,136 $ 1,911 $ — $ 641,047 Total depreciation and amortization expense (4) $ 159,845 $ 11,745 $ — $ 171,590 (1) The entire net sales elimination represents net sales from the All Other segment to the Nonalcoholic Beverages segment. The entire cost of goods sold and SD&A eliminations represent costs incurred by the All Other segment in the generation of net sales to the Nonalcoholic Beverages segment. (2) Payroll costs includes compensation, incentive plans, defined contribution plans, healthcare benefits and tax-advantaged spending accounts. (3) Fleet costs includes fleet repairs, maintenance and fuel and oil costs. (4) Total depreciation and amortization expense is included within both cost of goods sold and SD&A expenses. For segment reporting, the difference between total depreciation and amortization expense and the portion within SD&A expenses is the amount within cost of goods sold. (5) All other segment items includes information technology costs, stewardship, insurance and other costs incurred in the selling and delivery of the Company’s products.

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 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. See Note 1 for additional information related to net income per share. Fiscal Year (in thousands, except per share data) 2024 2023 2022 Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: Net income $ 633,125 $ 408,375 $ 430,158 Less dividends: Common Stock 165,541 41,844 8,062 Class B Common Stock 20,094 5,024 1,312 Total undistributed earnings $ 447,490 $ 361,507 $ 420,784 Common Stock undistributed earnings – basic $ 397,741 $ 322,749 $ 364,359 Class B Common Stock undistributed earnings – basic 49,749 38,758 56,425 Total undistributed earnings – basic $ 447,490 $ 361,507 $ 420,784 Common Stock undistributed earnings – diluted $ 397,170 $ 322,131 $ 363,158 Class B Common Stock undistributed earnings – diluted 50,320 39,376 57,626 Total undistributed earnings – diluted $ 447,490 $ 361,507 $ 420,784 Numerator for basic net income per Common Stock share: Dividends on Common Stock $ 165,541 $ 41,844 $ 8,062 Common Stock undistributed earnings – basic 397,741 322,749 364,359 Numerator for basic net income per Common Stock share $ 563,282 $ 364,593 $ 372,421 Numerator for basic net income per Class B Common Stock share: Dividends on Class B Common Stock $ 20,094 $ 5,024 $ 1,312 Class B Common Stock undistributed earnings – basic 49,749 38,758 56,425 Numerator for basic net income per Class B Common Stock share $ 69,843 $ 43,782 $ 57,737 Numerator for diluted net income per Common Stock share: Dividends on Common Stock $ 165,541 $ 41,844 $ 8,062 Dividends on Class B Common Stock assumed converted to Common Stock 20,094 5,024 1,312 Common Stock undistributed earnings – diluted 447,490 361,507 420,784 Numerator for diluted net income per Common Stock share $ 633,125 $ 408,375 $ 430,158 Numerator for diluted net income per Class B Common Stock share: Dividends on Class B Common Stock $ 20,094 $ 5,024 $ 1,312 Class B Common Stock undistributed earnings – diluted 50,320 39,376 57,626 Numerator for diluted net income per Class B Common Stock share $ 70,414 $ 44,400 $ 58,938 Denominator for basic net income per Common Stock and Class B Common Stock share: Common Stock weighted average shares outstanding – basic 8,035 8,369 8,117 Class B Common Stock weighted average shares outstanding – basic 1,005 1,005 1,257 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) 9,053 9,392 9,405 Class B Common Stock weighted average shares outstanding – diluted 1,018 1,023 1,288 Fiscal Year (in thousands, except per share data) 2024 2023 2022 Basic net income per share: Common Stock $ 70.10 $ 43.56 $ 45.88 Class B Common Stock $ 69.50 $ 43.56 $ 45.93 Diluted net income per share: Common Stock $ 69.94 $ 43.48 $ 45.74 Class B Common Stock $ 69.17 $ 43.40 $ 45.76 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 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 Common Stock in the Tender Offer, which expired on June 18, 2024, and repurchased 598,619 shares of 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 share repurchase program under which the Company is authorized to repurchase up to $1.00 billion of Common Stock. The share repurchase authorization is discretionary and has no expiration date. As of December 31, 2024, the Company had repurchased 42,895 shares of Common Stock under the share repurchase program.

Short-Term Investments

Short-Term Investments	12 Months Ended
	Dec. 31, 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 December 31, 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 consolidated balance sheet as a component of accumulated other comprehensive income (loss). As of December 31, 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 $ 178,016 $ 67 $ (44) $ 178,039 Corporate bonds 103,970 77 (78) 103,969 Commercial paper instruments 17,657 6 — 17,663 Asset-backed securities 1,534 5 — 1,539 Total short-term investments $ 301,177 $ 155 $ (122) $ 301,210 As of December 31, 2024, all of the Company’s available-for-sale investments were classified as short-term investments in the 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 2024. The sale and/or maturity of available-for-sale investments resulted in proceeds of $150.3 million during 2024. There were no gross realized gains or losses in 2024. There was no realized activity during 2023, as the Company did not have any short-term investments during this period.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: (in thousands) December 31, 2024 December 31, 2023 Finished products $ 203,373 $ 207,912 Manufacturing materials 84,096 71,560 Plastic shells, plastic pallets and other inventories 42,926 42,460 Total inventories $ 330,395 $ 321,932

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 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) December 31, 2024 December 31, 2023 Repair parts $ 34,465 $ 35,256 Prepaid taxes 12,119 9,020 Prepaid software 8,616 9,427 Prepaid marketing 5,142 4,703 Commodity hedges at fair market value 2,472 3,747 Other prepaid expenses and other current assets 33,517 26,432 Total prepaid expenses and other current assets $ 96,331 $ 88,585

Property, Plant and Equipment,

Property, Plant and Equipment, Net	12 Months Ended
	Dec. 31, 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) December 31, 2024 December 31, 2023 Estimated Useful Lives Land $ 132,543 $ 99,858 Buildings 493,810 390,852 8-50 years Machinery and equipment 563,834 498,737 5-20 years Transportation equipment 682,263 611,001 3-20 years Furniture and fixtures 113,156 107,072 3-10 years Cold drink dispensing equipment 456,984 449,508 3-17 years Leasehold and land improvements 192,282 179,146 5-20 years Software for internal use 50,293 49,611 3-10 years Construction in progress 77,707 95,623 Total property, plant and equipment, at cost 2,762,872 2,481,408 Less: Accumulated depreciation and amortization 1,257,605 1,160,845 Property, plant and equipment, net $ 1,505,267 $ 1,320,563 During 2024, 2023 and 2022, the Company performed periodic reviews of property, plant and equipment and determined no material impairment existed.

Leases

Leases	12 Months Ended
	Dec. 31, 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: December 31, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 6.4 years 6.7 years Financing leases 2.9 years 3.5 years Weighted average discount rate: Operating leases 4.1 % 3.8 % Financing leases 5.2 % 5.2 % Following is a summary of the Company’s leases within the consolidated statements of operations: Fiscal Year (in thousands) 2024 2023 2022 Operating lease costs $ 29,616 $ 32,959 $ 30,484 Short-term and variable leases 12,816 15,995 15,065 Depreciation expense from financing leases 1,647 1,646 2,315 Interest expense on financing lease obligations 321 447 884 Total lease cost $ 44,400 $ 51,047 $ 48,748 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 December 31, 2024 : (in thousands) Operating Leases Financing Leases 2025 $ 26,799 $ 2,869 2026 24,578 1,233 2027 21,101 338 2028 16,427 345 2029 15,046 352 Thereafter 27,482 268 Total minimum lease payments including interest $ 131,433 $ 5,405 Less: Amounts representing interest 15,814 374 Present value of minimum lease principal payments 115,619 5,031 Less: Current portion of lease liabilities - operating and financing leases 23,257 2,685 Noncurrent portion of lease liabilities - operating and financing leases $ 92,362 $ 2,346 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 - operating and financing leases 26,194 2,487 Noncurrent portion of lease liabilities - operating and financing leases $ 102,271 $ 5,032 Following is a summary of the Company’s leases within the consolidated statements of cash flows: Fiscal Year (in thousands) 2024 2023 2022 Cash flows from operating activities impact: Operating leases $ 32,102 $ 33,013 $ 28,891 Interest payments on financing lease obligations 321 447 884 Total cash flows from operating activities impact $ 32,423 $ 33,460 $ 29,775 Cash flows from financing activities impact: Principal payments on financing lease obligations $ 2,488 $ 2,303 $ 2,988 Total cash flows from financing activities impact $ 2,488 $ 2,303 $ 2,988
Leases	Leases Following is a summary of the weighted average remaining lease term and the weighted average discount rate for the Company’s leases: December 31, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 6.4 years 6.7 years Financing leases 2.9 years 3.5 years Weighted average discount rate: Operating leases 4.1 % 3.8 % Financing leases 5.2 % 5.2 % Following is a summary of the Company’s leases within the consolidated statements of operations: Fiscal Year (in thousands) 2024 2023 2022 Operating lease costs $ 29,616 $ 32,959 $ 30,484 Short-term and variable leases 12,816 15,995 15,065 Depreciation expense from financing leases 1,647 1,646 2,315 Interest expense on financing lease obligations 321 447 884 Total lease cost $ 44,400 $ 51,047 $ 48,748 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 December 31, 2024 : (in thousands) Operating Leases Financing Leases 2025 $ 26,799 $ 2,869 2026 24,578 1,233 2027 21,101 338 2028 16,427 345 2029 15,046 352 Thereafter 27,482 268 Total minimum lease payments including interest $ 131,433 $ 5,405 Less: Amounts representing interest 15,814 374 Present value of minimum lease principal payments 115,619 5,031 Less: Current portion of lease liabilities - operating and financing leases 23,257 2,685 Noncurrent portion of lease liabilities - operating and financing leases $ 92,362 $ 2,346 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 - operating and financing leases 26,194 2,487 Noncurrent portion of lease liabilities - operating and financing leases $ 102,271 $ 5,032 Following is a summary of the Company’s leases within the consolidated statements of cash flows: Fiscal Year (in thousands) 2024 2023 2022 Cash flows from operating activities impact: Operating leases $ 32,102 $ 33,013 $ 28,891 Interest payments on financing lease obligations 321 447 884 Total cash flows from operating activities impact $ 32,423 $ 33,460 $ 29,775 Cash flows from financing activities impact: Principal payments on financing lease obligations $ 2,488 $ 2,303 $ 2,988 Total cash flows from financing activities impact $ 2,488 $ 2,303 $ 2,988

Distribution Agreements, Net

Distribution Agreements, Net	12 Months Ended
	Dec. 31, 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) December 31, 2024 December 31, 2023 Distribution agreements at cost $ 990,191 $ 990,191 Less: Accumulated amortization 197,939 173,048 Distribution agreements, net $ 792,252 $ 817,143 Assuming no impairment of distribution agreements, net, amortization expense in future years based upon recorded amounts as of December 31, 2024 will be $24.9 million for each fiscal year 2025 through 2029. Customer Lists, Net Customer lists, net, which are amortized on a straight-line basis and have estimated useful lives of five (in thousands) December 31, 2024 December 31, 2023 Customer lists at cost $ 25,288 $ 25,288 Less: Accumulated amortization 19,410 17,789 Customer lists, net $ 5,878 $ 7,499 Assuming no impairment of customer lists, net, amortization expense in future years based upon recorded amounts as of December 31, 2024 will be as follows for each fiscal year 2025 through 2029: (in thousands) Amortization expense 2025 $ 1,621 2026 1,578 2027 1,293 2028 1,002 2029 384

Customer Lists, Net

Customer Lists, Net	12 Months Ended
	Dec. 31, 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) December 31, 2024 December 31, 2023 Distribution agreements at cost $ 990,191 $ 990,191 Less: Accumulated amortization 197,939 173,048 Distribution agreements, net $ 792,252 $ 817,143 Assuming no impairment of distribution agreements, net, amortization expense in future years based upon recorded amounts as of December 31, 2024 will be $24.9 million for each fiscal year 2025 through 2029. Customer Lists, Net Customer lists, net, which are amortized on a straight-line basis and have estimated useful lives of five (in thousands) December 31, 2024 December 31, 2023 Customer lists at cost $ 25,288 $ 25,288 Less: Accumulated amortization 19,410 17,789 Customer lists, net $ 5,878 $ 7,499 Assuming no impairment of customer lists, net, amortization expense in future years based upon recorded amounts as of December 31, 2024 will be as follows for each fiscal year 2025 through 2029: (in thousands) Amortization expense 2025 $ 1,621 2026 1,578 2027 1,293 2028 1,002 2029 384

Supply Chain Finance Program

Supply Chain Finance Program	12 Months Ended
	Dec. 31, 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. All outstanding amounts related to suppliers participating in the SCF program are recorded in accounts payable, trade in the consolidated balance sheets, and associated payments are included in operating activities in the consolidated statements of cash flows. The Company’s outstanding confirmed obligations included in accounts payable, trade The following table is a rollforward of the Company’s outstanding obligations confirmed as valid under its SCF program for 2024 and 2023: Fiscal Year (in thousands) 2024 2023 Confirmed obligations outstanding at the beginning of the year $ 55,105 $ 44,174 Invoices confirmed during the year 230,346 221,231 Confirmed invoices paid during the year (233,284) (210,300) Confirmed obligations outstanding at the end of the year $ 52,167 $ 55,105

Other Accrued Liabilities

Other Accrued Liabilities	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Other Accrued Liabilities	Other Accrued Liabilities Other accrued liabilities consisted of the following: (in thousands) December 31, 2024 December 31, 2023 Current portion of acquisition related contingent consideration $ 63,982 $ 64,528 Accrued insurance costs 58,040 54,040 Accrued marketing costs 55,879 55,799 Employee and retiree benefit plan accruals 33,446 34,203 Accrued interest payable 7,611 2,520 Accrued taxes (other than income taxes) 6,821 7,474 All other accrued expenses 20,908 19,430 Total other accrued liabilities $ 246,687 $ 237,994

Commodity Derivative Instrument

Commodity Derivative Instruments	12 Months Ended
	Dec. 31, 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 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 consolidated statements of operations: Fiscal Year (in thousands) 2024 2023 2022 Cost of sales $ (728) $ 1,220 $ (3,333) Selling, delivery and administrative expenses (547) (2,281) 427 Total loss $ (1,275) $ (1,061) $ (2,906) All commodity derivative instruments are recorded at fair value as either assets or liabilities in the 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 consolidated balance sheets and the net amounts of derivative liabilities are recognized in either other accrued liabilities or other liabilities in the 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 consolidated balance sheets: (in thousands) December 31, 2024 December 31, 2023 Prepaid expenses and other current assets $ 2,472 $ 3,747 Total assets $ 2,472 $ 3,747 The following table summarizes the Company’s gross commodity derivative instrument assets and gross commodity derivative instrument liabilities in the consolidated balance sheets: (in thousands) December 31, 2024 December 31, 2023 Gross commodity derivative instrument assets $ 2,472 $ 3,747 Gross commodity derivative instrument liabilities — — The following table summarizes the Company’s outstanding commodity derivative instruments: (in thousands) December 31, 2024 December 31, 2023 Notional amount of outstanding commodity derivative instruments $ 50,928 $ 50,187 Latest maturity date of outstanding commodity derivative instruments December 2025 December 2024

Fair Values of Financial Instru

Fair Values of Financial Instruments	12 Months Ended
	Dec. 31, 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. Pension plan assets Level 1 The fair values of the Company’s Level 1 pension plan assets, which are equity securities and fixed income investment vehicles, are valued using the quoted market prices of those securities which are actively traded on national exchanges. 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. Pension plan assets Level 2 The fair values of the Company’s Level 2 pension plan assets, which are investments that are pooled with other investments in a commingled fund, are valued using the net asset value produced by the fund manager. The assets within the commingled funds have a readily determinable fair market value. 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 those 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. 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 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, pension plan assets, commodity derivative instruments, debt and acquisition related contingent consideration: December 31, 2024 (in thousands) Carrying Total Fair Value Fair Value Fair Value Assets: Deferred compensation plan assets $ 81,123 $ 81,123 $ 81,123 $ — $ — Short-term investments 301,210 301,210 283,547 17,663 — Pension plan assets 49,617 49,617 34,655 14,962 — Commodity derivative instruments 2,472 2,472 — 2,472 — Liabilities: Deferred compensation plan liabilities 81,123 81,123 81,123 — — Debt 1,786,348 1,803,500 — 1,803,500 — Acquisition related contingent consideration 654,191 654,191 — — 654,191 December 31, 2023 (in thousands) Carrying Total Fair Value Fair Value Fair Value Assets: Deferred compensation plan assets $ 64,769 $ 64,769 $ 64,769 $ — $ — Pension plan assets 47,321 47,321 24,153 23,168 — Commodity derivative instruments 3,747 3,747 — 3,747 — Liabilities: Deferred compensation plan liabilities 64,769 64,769 64,769 — — 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: Fiscal Year (in thousands) 2024 2023 Beginning balance - Level 3 liability $ 669,337 $ 541,491 Payments of acquisition related contingent consideration (64,312) (28,208) Reclassification to current payables (10,000) (3,300) Increase in fair value 59,166 159,354 Ending balance - Level 3 liability $ 654,191 $ 669,337 As of December 31, 2024 and December 31, 2023, a WACC of 9.3% and 8.5%, 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 in 2024 was primarily driven by higher projections of future cash flows in the distribution territories subject to acquisition related sub-bottling payments, partially offset by increases in the WACC used to calculate the fair value of the liability. This fair value adjustment was recorded in mark-to-market on acquisition related contingent consideration in the consolidated statement of operations for 2024. For the next five years (including in fiscal year 2025), the Company anticipates that the amount it could pay annually under the acquisition related contingent consideration arrangements for the distribution territories subject to acquisition related sub-bottling payments will be in the range of approximately $50 million to $80 million.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The current income tax provision represents the estimated amount of income taxes paid or payable for the year, as well as changes in estimates from prior years. The deferred income tax provision (benefit) represents the change in deferred tax liabilities and assets. The following table presents the significant components of the provision for income taxes: Fiscal Year (in thousands) 2024 2023 2022 Current: Federal $ 179,019 $ 158,475 $ 109,899 State 41,981 39,652 26,053 Total current provision $ 221,000 $ 198,127 $ 135,952 Deferred: Federal $ 958 $ (40,658) $ 7,478 State 1,571 (8,363) 1,499 Total deferred provision (benefit) $ 2,529 $ (49,021) $ 8,977 Income tax expense $ 223,529 $ 149,106 $ 144,929 The Company’s effective income tax rate was 26.1% for 2024, 26.7% for 2023 and 25.2% for 2022. The following table provides a reconciliation of income tax expense at the statutory federal rate to actual income tax expense: Fiscal Year 2024 2023 2022 (in thousands) Income % pre-tax Income % pre-tax Income % pre-tax Statutory expense $ 179,898 21.0 % $ 117,071 21.0 % $ 120,768 21.0 % State income taxes, net of federal benefit 32,581 3.8 21,001 3.8 21,572 3.8 Nondeductible compensation 7,285 0.8 7,372 1.3 4,005 0.7 Meals, entertainment and travel expense 2,640 0.3 3,336 0.6 1,694 0.3 Valuation allowance change 1,414 0.2 701 0.1 (932) (0.2) Adjustment for uncertain tax positions 55 — 52 — (1,351) (0.2) Other, net (344) — (427) (0.1) (827) (0.2) Income tax expense $ 223,529 26.1 % $ 149,106 26.7 % $ 144,929 25.2 % The Company records liabilities for uncertain tax positions related to income tax positions. These liabilities reflect the Company’s best estimate of the ultimate income tax liability based on known facts and information. Material changes in facts or information, as well as the expiration of statutes of limitations and/or settlements with individual tax jurisdictions, may result in material adjustments to these estimates in the future. The Company recognizes potential interest and penalties related to uncertain tax positions in income tax expense. During 2024, 2023 and 2022, the interest and penalties related to uncertain tax positions recognized in income tax expense were not material. In addition, the amount of interest and penalties accrued at December 31, 2024 and December 31, 2023 were not material. The Company had uncertain tax positions, including accrued interest, of $0.4 million on both December 31, 2024 and 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 consolidated financial statements. A reconciliation of uncertain tax positions, excluding accrued interest, is as follows: Fiscal Year (in thousands) 2024 2023 2022 Beginning balance - gross uncertain tax positions $ 330 $ 285 $ 1,254 Increase as a result of tax positions taken in the current year 105 105 105 Increase as a result of tax positions taken in a prior year — — — Reduction as a result of the expiration of the applicable statute of limitations (61) (60) (1,074) Ending balance - gross uncertain tax positions $ 374 $ 330 $ 285 Deferred income taxes are recorded based upon temporary differences between the financial statement and tax bases of assets and liabilities and available net operating loss and tax credit carryforwards. Temporary differences and carryforwards that comprised deferred income tax assets and liabilities were as follows: (in thousands) December 31, 2024 December 31, 2023 Acquisition related contingent consideration $ 160,120 $ 163,827 Accrued liabilities 35,912 32,516 Deferred compensation 34,308 27,017 Operating lease liabilities 28,299 31,443 Deferred revenue 25,474 26,750 Postretirement benefits 13,179 13,601 Transactional costs 2,670 3,101 Net operating loss carryforwards 754 437 Financing lease agreements 287 470 Other 956 3,511 Deferred income tax assets $ 301,959 $ 302,673 Less: Valuation allowance for deferred tax assets 5,535 4,130 Net deferred income tax asset $ 296,424 $ 298,543 Depreciation $ (212,926) $ (201,875) Intangible assets (167,428) (170,504) Right-of-use assets - operating leases (27,499) (30,034) Prepaid expenses (9,784) (8,028) Inventory (8,547) (11,425) Patronage dividend (3,181) (5,112) Deferred income tax liabilities $ (429,365) $ (426,978) Net deferred income tax liability $ (132,941) $ (128,435) The Company’s deferred income tax assets and liabilities are subject to adjustment in future periods based on the Company’s ongoing evaluations of such deferred assets and liabilities and new information available to the Company. Valuation allowances are recognized on deferred tax assets if the Company believes it is more likely than not that some or all of the deferred tax assets will not be realized. The Company believes the majority of the deferred tax assets will be realized due to the reversal of certain significant temporary differences and anticipated future taxable income from operations. The valuation allowance of $5.5 million on December 31, 2024 and $4.1 million on December 31, 2023 was established primarily for certain loss carryforwards and deferred compensation. As of December 31, 2024, the Company had no federal net operating losses and $16.6 million of state net operating losses available to reduce future income taxes, which expire in varying amounts through 2045. Prior tax years beginning in year 2021 remain open to examination by the Internal Revenue Service, and various tax years beginning in year 2001 remain open to examination by certain state tax jurisdictions due to loss carryforwards.

Benefit Plans

Benefit Plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans Executive Benefit Plans In addition to the Company’s Director Deferral Plan, the Company has four executive benefit plans: the Supplemental Savings Incentive Plan, the Long-Term Retention Plan, the Officer Retention Plan and the Long-Term Performance Plan. The Company also has a Long-Term Performance Equity Plan, as discussed in Note 2. Pursuant to the Supplemental Savings Incentive Plan, as amended and restated effective July 30, 2024, eligible participants may elect to defer a portion of their annual salary and bonus. Participants are immediately vested in all deferred contributions they make and become fully vested in Company contributions upon completion of five years of service with the Company, termination of employment due to death or retirement or a change in control. Participant deferrals and Company contributions made in years prior to 2006 are invested in either a fixed benefit option or certain investment funds determined by the participant. Beginning in 2010, the Company may elect at its discretion to match up to 50% of the first 6% of salary, excluding bonuses, deferred by the participant. During 2024, 2023 and 2022, the Company matched 50% of the first 6% of salary, excluding bonuses, deferred by the participant. The Company may also make discretionary contributions to participants’ accounts. Under the Director Deferral Plan, as amended and restated effective January 1, 2014, non-employee directors may defer payment of all or a portion of their annual retainer and meeting fees. There is no Company matching contribution under the Director Deferral Plan. The liability under these two deferral plans was as follows: (in thousands) December 31, 2024 December 31, 2023 Current liabilities $ 10,424 $ 7,805 Noncurrent liabilities 89,293 82,458 Total liability - Supplemental Savings Incentive Plan and Director Deferral Plan $ 99,717 $ 90,263 Under the Long-Term Retention Plan, as amended and restated effective July 30, 2024, the Company accrues a defined amount each year for an eligible participant based upon an award schedule. Amounts awarded may earn an investment return based on certain investment funds specified by the Company. Accrued benefits under the Long-Term Retention Plan are 50% vested until age 51. Beginning at age 51, the vesting percentage increases by 5% each year until the accrued benefit is fully vested at age 60. Participants receive payments from the plan upon retirement or, in certain instances, upon termination of employment. Payments are made in the form of monthly installments over a period of 10, 15 or 20 years. The liability under this plan was as follows: (in thousands) December 31, 2024 December 31, 2023 Current liabilities $ 268 $ 219 Noncurrent liabilities 14,660 10,633 Total liability - Long-Term Retention Plan $ 14,928 $ 10,852 Under the Officer Retention Plan, as amended and restated effective July 30, 2024, eligible participants may elect to receive an annuity payable in equal monthly installments over a 10-, 15- or 20-year period commencing at retirement or, in certain instances, upon termination of employment. The benefits under the Officer Retention Plan increase with each year of participation as set forth in an agreement between the participant and the Company. Accrued benefits under the Officer Retention Plan are 50% vested until age 51. Beginning at age 51, the vesting percentage increases by 5% each year until the accrued benefit is fully vested at age 60. The liability under this plan was as follows: (in thousands) December 31, 2024 December 31, 2023 Current liabilities $ 3,489 $ 3,591 Noncurrent liabilities 32,486 35,663 Total liability - Officer Retention Plan $ 35,975 $ 39,254 Under the Long-Term Performance Plan, as amended and restated effective July 30, 2024, the Compensation Committee of the Company’s Board of Directors establishes dollar amounts to which a participant shall be entitled upon attainment of the applicable performance measures. Bonus awards under the Long-Term Performance Plan are made to executive officers based on the relative achievement of performance measures in terms of the Company-sponsored objectives or objectives related to the performance of the individual participant or of the subsidiary, division, department, region or function in which the participant is employed. The liability under this plan was as follows: (in thousands) December 31, 2024 December 31, 2023 Current liabilities $ 9,588 $ 9,104 Noncurrent liabilities 9,541 8,975 Total liability - Long-Term Performance Plan $ 19,129 $ 18,079 Pension Plans The Company has historically sponsored two pension plans. The Primary Plan was frozen as of June 30, 2006 and no benefits accrued to participants after that date. During 2023, the Primary Plan was fully settled, as discussed below. The Bargaining Plan is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the Bargaining Plan are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes. The Company updates its mortality assumptions used in the calculation of its pension liability each year using The Society of Actuaries’ latest mortality tables and mortality projection scales. Primary Plan During 2023, the Company recognized a settlement expense of $112.8 million 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 income (loss) and was recorded as pension plan settlement expense in the consolidated statement of operations for 2023. See Note 23 for additional information related to the impact on accumulated other comprehensive income (loss) of the Primary Plan settlement during 2023. Bargaining Plan The following tables set forth pertinent information for the Bargaining Plan: Fiscal Year (in thousands) 2024 2023 Beginning balance - Bargaining Plan projected benefit obligation $ 46,123 $ 39,177 Service cost 4,330 3,996 Interest cost 2,379 2,079 Plan amendments — 5 Actuarial (gain) loss (7,000) 1,652 Benefits paid (897) (786) Ending balance - Bargaining Plan projected benefit obligation $ 44,935 $ 46,123 Changes in Projected Benefit Obligation The plan assets of the Bargaining Plan were in excess of the projected benefit obligation and the accumulated benefit obligation as of both December 31, 2024 and December 31, 2023. The accumulated benefit obligation associated with the Bargaining Plan was $44.9 million on December 31, 2024 and $46.1 million on December 31, 2023. The increase in the discount rate for the Bargaining Plan, as compared to the previous year, was the primary driver of the actuarial gain in 2024. The decrease in the discount rate for the Bargaining Plan, as compared to the previous year, was the primary driver of the actuarial loss in 2023. The actuarial (gain) loss, net of tax, was recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. Change in Plan Assets Fiscal Year (in thousands) 2024 2023 Beginning balance - Bargaining Plan assets at fair value $ 47,321 $ 38,635 Actual return on plan assets 1,424 5,495 Employer contributions 2,000 4,300 Benefits and expenses paid (1,128) (1,109) Ending balance - Bargaining Plan assets at fair value $ 49,617 $ 47,321 Funded Status (in thousands) December 31, 2024 December 31, 2023 Projected benefit obligation $ (44,935) $ (46,123) Plan assets at fair value 49,617 47,321 Net funded status - Bargaining Plan $ 4,682 $ 1,198 Amounts Recognized in the Consolidated Balance Sheets (in thousands) December 31, 2024 December 31, 2023 Assets: Noncurrent assets $ 4,682 $ 1,198 Total asset - Bargaining Plan $ 4,682 $ 1,198 Net Periodic Pension Cost Fiscal Year (in thousands) 2024 2023 2022 Service cost $ 4,330 $ 3,996 $ 6,586 Interest cost 2,379 2,079 1,664 Expected return on plan assets (3,050) (2,438) (1,823) Recognized net actuarial loss — — 402 Amortization of prior service costs 16 16 — Net periodic pension cost - Bargaining Plan $ 3,675 $ 3,653 $ 6,829 Significant Assumptions Fiscal Year 2024 2023 2022 Projected benefit obligation at the measurement date: Discount rate - Bargaining Plan 5.89 % 5.16 % 5.34 % Weighted average rate of compensation increase N/A N/A N/A Net periodic pension cost for the fiscal year: Discount rate - Bargaining Plan 5.16 % 5.34 % 3.31 % Weighted average expected long-term rate of return of plan assets - Bargaining Plan (1) 7.00 % 7.00 % 5.50 % Weighted average rate of compensation increase N/A N/A N/A (1) The weighted average expected long-term rate of return assumption for the Bargaining Plan assets, which was used to compute net periodic pension cost, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions set at the beginning of each fiscal year. Cash Flows The anticipated future pension benefit payments as of December 31, 2024 were as follows: (in thousands) Anticipated Future Payment 2025 $ 1,162 2026 1,348 2027 1,557 2028 1,786 2029 2,006 2030 - 2034 14,142 The Company expects to make cash contributions to the Bargaining Plan of up to $5 million during fiscal year 2025. Plan Assets All assets in the Bargaining Plan are invested in institutional investment funds managed by professional investment advisors which hold U.S. and international equity and debt securities. The objective of the Company’s investment philosophy is to earn the Bargaining Plan’s targeted rate of return over longer periods without assuming excess investment risk. The weighted average expected long-term rate of return assumption for the Bargaining Plan assets, which will be used to compute fiscal year 2025 net periodic pension cost, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions in the context of historical returns and volatilities for each asset class. The Company evaluates the rate of return assumption on an annual basis. The Company’s actual asset allocation at December 31, 2024 and December 31, 2023 and target asset allocation for fiscal year 2025 by asset category for the Bargaining Plan were as follows: Percentage of Bargaining Plan Target Asset 2024 2023 2025 U.S. debt securities 50 % 49 % 50 % U.S. equity securities 26 % 33 % 26 % International debt securities 3 % 1 % — % International equity securities 13 % 10 % 10 % Cash and cash equivalents 1 % 1 % 2 % Other 7 % 6 % 12 % Total 100 % 100 % 100 % The expected long-term rate of return on assets for the Bargaining Plan as of December 31, 2024 was 7.00%. Debt securities in the Bargaining Plan as of December 31, 2024 consisted primarily of investments in government and corporate bonds with a weighted average maturity of approximately 18 years. U.S. equity securities in the Bargaining Plan as of December 31, 2024 included large-capitalization, mid-capitalization and small-capitalization domestic equity funds represented by various indices. International equity securities in the Bargaining Plan as of December 31, 2024 included companies from both developed and emerging markets outside the United States. Other investments in the Bargaining Plan as of December 31, 2024 included alternative investment funds and other strategic opportunities. Cash and cash equivalents have a weighted average duration of less than one year. The following table summarizes the Bargaining Plan assets, which are classified as Level 1 and Level 2 for fair value measurement. The Company does not have any Level 3 pension plan assets. See Note 16 for additional information. (in thousands) December 31, 2024 December 31, 2023 Pension plan assets - fixed income $ 26,243 $ 23,824 Pension plan assets - equity securities 19,468 20,550 Pension plan assets - cash and cash equivalents 671 228 Pension plan assets - other 3,235 2,719 Total pension plan assets $ 49,617 $ 47,321 401(k) Savings Plan The Company provides a 401(k) Savings Plan for substantially all of its employees who are not part of collective bargaining agreements and for certain employees who are part of collective bargaining agreements. The Company’s matching contribution for employees who are not part of collective bargaining agreements is discretionary, with the option to match contributions for eligible participants up to 5% based on the Company’s financial results. For all years presented, the Company matched the maximum 5% of participants’ contributions. The Company’s matching contribution for employees who are part of collective bargaining agreements is determined in accordance with negotiated formulas for the respective employees. The total expense for the Company’s matching contributions to the 401(k) Savings Plan was $32.7 million in 2024, $30.5 million in 2023 and $26.8 million in 2022. 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 following tables set forth pertinent information for the Company’s postretirement benefit plan: Reconciliation of Activity Fiscal Year (in thousands) 2024 2023 Benefit obligation at beginning of year $ 63,828 $ 55,299 Service cost 1,163 1,085 Interest cost 3,102 2,761 Plan participants’ contributions 707 767 Actuarial (gain) loss (2,920) 7,986 Benefits paid (3,780) (4,070) Benefit obligation at end of year $ 62,100 $ 63,828 Updates to demographic assumptions and the increase in the discount rate for the postretirement benefit plan, as compared to the previous year, partially offset by updates to claims trends, were the primary drivers of the actuarial gain in 2024. The decrease in the discount rate for the postretirement benefit plan, as compared to the previous year, was the primary driver of the actuarial loss in 2023. The actuarial (gain) loss, net of tax, was recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets. Reconciliation of Plan Assets Fair Value Fiscal Year (in thousands) 2024 2023 Fair value of plan assets at beginning of year $ — $ — Employer contributions 3,073 3,303 Plan participants’ contributions 707 767 Benefits paid (3,780) (4,070) Fair value of plan assets at end of year $ — $ — Funded Status (in thousands) December 31, 2024 December 31, 2023 Current liabilities $ (3,598) $ (3,214) Noncurrent liabilities (58,502) (60,614) Total liability - postretirement benefits $ (62,100) $ (63,828) Net Periodic Postretirement Benefit Cost Fiscal Year (in thousands) 2024 2023 2022 Service cost $ 1,163 $ 1,085 $ 1,458 Interest cost 3,102 2,761 1,923 Recognized net actuarial loss 44 — 444 Net periodic postretirement benefit cost $ 4,309 $ 3,846 $ 3,825 Significant Assumptions Fiscal Year 2024 2023 2022 Benefit obligation at the measurement date: Weighted average healthcare cost trend rate - Pre-Medicare 8.45 % 7.88 % 6.58 % Weighted average healthcare cost trend rate - Post-Medicare 9.73 % 8.65 % 6.89 % Benefit obligation discount rate 5.68 % 5.02 % 5.19 % Net periodic postretirement benefit cost discount rate for fiscal year 5.02 % 5.19 % 2.98 % Postretirement benefit expense - Pre-Medicare: Weighted average healthcare cost trend rate 7.88 % 6.58 % 6.04 % Trend rate graded down to ultimate rate 4.50 % 4.50 % 4.50 % Ultimate rate year 2033 2032 2029 Postretirement benefit expense - Post-Medicare: Weighted average healthcare cost trend rate 8.65 % 6.89 % 6.29 % Trend rate graded down to ultimate rate 4.50 % 4.50 % 4.50 % Ultimate rate year 2033 2032 2029 Cash Flows The anticipated future postretirement benefit payments reflecting expected future service as of December 31, 2024 were as follows: (in thousands) Anticipated Future Payment 2025 $ 3,598 2026 4,020 2027 4,514 2028 4,858 2029 4,907 2030 - 2034 26,237 Accumulated Other Comprehensive Income (Loss) A reconciliation of the gross amounts in accumulated other comprehensive income (loss) not yet recognized as components of net periodic benefit cost associated with the plans discussed above is as follows: (in thousands) December 31, Actuarial Gain Reclassification December 31, Bargaining Plan: Actuarial gain $ 218 $ 5,144 $ — $ 5,362 Prior service costs (147) — 16 (131) Postretirement Medical: Actuarial loss (7,216) 2,920 44 (4,252) Total within accumulated other comprehensive income (loss) $ (7,145) $ 8,064 $ 60 $ 979 As of both December 31, 2024 and December 31, 2023, there were no gross actuarial losses or prior service costs included in accumulated other comprehensive income (loss) associated with the Primary Plan. Multiemployer Pension Plans Certain employees of the Company whose employment is covered under collective bargaining agreements participate in a multiemployer pension plan, the Employers-Teamsters Local Union Nos. 175 and 505 Pension Fund (the “Teamsters Plan”). The Company makes monthly contributions to the Teamsters Plan on behalf of such employees. The collective bargaining agreements covering the Teamsters Plan expire at various times through 2027. The Company expects these agreements will be renegotiated. Participating in the Teamsters Plan involves certain risks in addition to the risks associated with single employer pension plans, as contributed assets are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the Teamsters Plan, the unfunded obligations of the Teamsters Plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the Teamsters Plan, the Company could be required to pay the Teamsters Plan a withdrawal liability based on the underfunded status of the Teamsters Plan. The Company does not anticipate withdrawing from the Teamsters Plan. In 2015, the Company increased its contribution rates to the Teamsters Plan, with additional increases occurring annually, as part of a rehabilitation plan, which was incorporated into the renewal of collective bargaining agreements with the unions effective April 28, 2014 and adopted by the Company as a rehabilitation plan effective January 1, 2015. This is a result of the Teamsters Plan being certified by its actuary as being in “critical” status for the plan year beginning January 1, 2013. The Company’s participation in the Teamsters Plan is outlined in the table below. A red zone represents less than 80% funding and requires a financial improvement plan (“FIP”) or rehabilitation plan (“RP”). Fiscal Year (in thousands) 2024 2023 2022 Pension Protection Act Zone Status Red Red Red FIP or RP pending or implemented Yes Yes Yes Surcharge imposed Yes Yes Yes Contribution $ 1,032 $ 999 $ 959 According to the Teamsters Plan’s Form 5500 for both the plan years ended December 31, 2023 and December 31, 2022, the Company was not listed as providing more than 5% of the total contributions. At the date these consolidated financial statements were issued, a Form 5500 was not available for the plan year ended December 31, 2024. The Company has a liability recorded for withdrawing from a multiemployer pension plan in 2008 and is required to make payments of approximately $1 million to this multiemployer pension plan each year through 2028. As of December 31, 2024, the Company had $3.2 million remaining on this liability.

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other liabilities consisted of the following: (in thousands) December 31, 2024 December 31, 2023 Noncurrent portion of acquisition related contingent consideration $ 590,209 $ 604,809 Accruals for executive benefit plans 163,444 153,428 Noncurrent deferred proceeds from related parties 97,112 100,176 Other 8,794 8,086 Total other liabilities $ 859,559 $ 866,499 In 2017, The Coca‑Cola Company agreed to provide the Company a fee to compensate the Company for the net economic impact of changes made by The Coca‑Cola Company to the authorized pricing on sales of covered beverages produced at certain manufacturing plants owned by the Company (the “Legacy Facilities Credit”), which was recorded as a deferred liability and will be amortized as a reduction to cost of sales over a period of 40 years. Also in 2017, upon the conversion of the Company’s then-existing bottling agreements pursuant to the CBA, the Company received a fee from CCR (the “Territory Conversion Fee”), which was recorded as a deferred liability and will be amortized as a reduction to cost of sales over a period of 40 years. Together, the Legacy Facilities Credit and the Territory Conversion Fee are “deferred proceeds from related parties.”

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Following is a summary of the Company’s debt: (in thousands) Maturity Interest Interest Public / December 31, 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 (1,482) (17) Debt issuance costs (12,170) (824) Total debt 1,786,348 599,159 Less: Current portion of debt (1) 349,699 — Total long-term debt $ 1,436,649 $ 599,159 (1) The 2025 Senior Bonds were issued at 99.975% of par. As of December 31, 2024, the 2025 Senior Bonds, net of debt issuance costs and unamortized discount, were classified as current portion of debt in the consolidated balance sheets. (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 principal maturities of debt outstanding on December 31, 2024 were as follows: (in thousands) Debt Maturities 2025 $ 350,000 2026 100,000 2027 — 2028 — 2029 700,000 Thereafter 650,000 Total debt $ 1,800,000 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 and future 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 pays interest on the 2029 Senior Bonds and the 2034 Senior Bonds semi-annually in arrears on June 1 and December 1 of each year, which commenced on 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 December 31, 2024. These covenants have not restricted the Company’s liquidity or capital resources. All outstanding debt has been issued by the Company and none has been issued by any of its subsidiaries. There are no guarantees of the Company’s debt.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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 26.5 million cases, 25.3 million cases and 26.9 million cases of finished product from SAC in 2024, 2023 and 2022, respectively. The following table summarizes the Company’s purchases from these manufacturing cooperatives: Fiscal Year (in thousands) 2024 2023 2022 Purchases from Southeastern $ 142,208 $ 146,898 $ 153,967 Purchases from SAC 213,317 200,239 193,261 Total purchases from manufacturing cooperatives $ 355,525 $ 347,137 $ 347,228 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 December 31, 2024, the ratio of SAC’s total liabilities to SAC’s shareholders’ equity was such that the Company was not required to guarantee any of SAC’s debt. As of December 31, 2023, the amount of the Company’s guarantee of SAC’s debt was $9.5 million. 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 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 December 31, 2024, and there was no impairment identified in 2024, 2023 or 2022. 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 December 31, 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 December 31, 2024, the future payments related to these contractual arrangements, which expire at various dates through 2034, amounted to $135.5 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 consolidated financial statements.

Risks and Uncertainties

Risks and Uncertainties	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Risks and Uncertainties	Risks and Uncertainties Approximately 85% of the Company’s total bottle/can sales volume to retail customers consists of products of The Coca‑Cola Company, which is the sole supplier of these products or of the concentrates or syrups required to manufacture these products. The remaining bottle/can sales volume to retail customers consists of products of other beverage companies. The Company has beverage agreements with The Coca‑Cola Company and other beverage companies under which it has various requirements. Failure to meet the requirements of these beverage agreements could result in the loss of distribution rights for the respective products. The Company faces concentration risks related to a few customers comprising a large portion of the Company’s annual sales volume and net sales. The table below summarizes the percentage of the Company’s total bottle/can sales volume to its largest customers, as well as the percentage of the Company’s total net sales, which are included in the Nonalcoholic Beverages segment, that such volume represents. No other customer represented greater than 10% of the Company’s total net sales for any of the years presented. Fiscal Year 2024 2023 2022 Approximate percent of the Company’s total bottle/can sales volume: Walmart Inc. (1) 21 % 21 % 20 % The Kroger Co. (2) 15 % 14 % 14 % Total approximate percent of the Company’s total bottle/can sales volume 36 % 35 % 34 % Approximate percent of the Company’s total net sales: Walmart Inc. (1) 17 % 17 % 16 % The Kroger Co. (2) 12 % 11 % 11 % Total approximate percent of the Company’s total net sales 29 % 28 % 27 % (1) Includes bottle/can sales volume related to the Walmart, Sam’s Club and Walmart Neighborhood Market chains. (2) Includes bottle/can sales volume related to the Kroger and Harris Teeter chains. The Company purchases all of the plastic bottles used in its manufacturing plants from Southeastern and Western Container, two manufacturing cooperatives the Company co-owns with several other Coca‑Cola bottlers, and all of its aluminum cans from two domestic suppliers. See Note 2 and Note 21 for additional information. The Company is exposed to price risk on commodities such as aluminum, corn and PET resin (a petroleum- or plant-based product), which affects the cost of raw materials used in the production of its finished products. The Company both produces and procures these finished products. Examples of the raw materials affected are aluminum cans and plastic bottles used for packaging and high-fructose corn syrup used as a product ingredient. Further, the Company is exposed to commodity price risk on crude oil, which impacts the Company’s cost of fuel used in the movement and delivery of the Company’s products. The Company participates in commodity hedging and risk mitigation programs, including programs administered by CCBSS and programs the Company administers. Certain liabilities of the Company, including retirement benefit obligations and the Company’s pension liability, are subject to risk of changes in both long-term and short-term interest rates. The Company’s acquisition related contingent consideration liability related to the distribution territories subject to acquisition related sub-bottling payments is subject to risk as a result of changes in the Company’s probability weighted discounted cash flow model, which is based on internal forecasts, and changes in the Company’s WACC, which is derived from market data. Approximately 15% of the Company’s workforce is covered by collective bargaining agreements. The Company’s collective bargaining agreements, which generally have three

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) (“AOCI(L)”) is composed of adjustments to the Company’s pension and postretirement medical benefit plans, unrealized gains/losses on the Company’s short-term investments and the foreign currency translation for a subsidiary of the Company that performs data analysis and formerly provided consulting services outside the United States. Following is a summary of AOCI(L) for 2024, 2023 and 2022: Gains (Losses) During the Period Reclassification to Income (in thousands) December 31, Pre-tax Tax Pre-tax Tax December 31, Net pension activity: Actuarial gain $ 533 $ 5,144 $ (1,259) $ — $ — $ 4,418 Prior service costs (97) — — 16 (4) (85) Net postretirement benefits activity: Actuarial gain 721 2,920 (715) 44 (10) 2,960 Prior service costs (624) — — — — (624) Unrealized gain on short-term investments — 33 (8) — — 25 Reclassification of stranded tax effects (4,809) — — — — (4,809) Total AOCI(L) $ (4,276) $ 8,097 $ (1,982) $ 60 $ (14) $ 1,885 As of both December 31, 2024 and December 31, 2023, there were no gross actuarial losses or prior service costs included in AOCI(L) 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. Gains (Losses) During the Period Reclassification to Income (in thousands) December 31, Pre-tax Tax Pre-tax Tax December 31, Net pension activity: Actuarial loss $ (71,140) $ 3,036 $ (744) $ 1,946 $ (476) $ (67,378) Prior service costs (105) (5) 1 16 (4) (97) Pension plan settlement — — — 112,796 (44,885) 67,911 Net postretirement benefits activity: Actuarial gain 6,752 (7,986) 1,955 — — 721 Prior service costs (624) — — — — (624) Reclassification of stranded tax effects (19,720) — — — 14,911 (4,809) Total AOCI(L) $ (84,837) $ (4,955) $ 1,212 $ 114,758 $ (30,454) $ (4,276) Gains (Losses) During the Period Reclassification to Income (in thousands) December 31, Pre-tax Tax Pre-tax Tax December 31, Net pension activity: Actuarial loss $ (78,882) $ 6,263 $ (1,533) $ 3,990 $ (978) $ (71,140) Prior service credits (costs) 11 (154) 38 — — (105) Net postretirement benefits activity: Actuarial (loss) gain (1,239) 10,138 (2,481) 444 (110) 6,752 Prior service costs (624) — — — — (624) Foreign currency translation adjustment (9) — — 11 (2) — Reclassification of stranded tax effects (19,720) — — — — (19,720) Total AOCI(L) $ (100,463) $ 16,247 $ (3,976) $ 4,445 $ (1,090) $ (84,837)

Supplemental Disclosures of Cas

Supplemental Disclosures of Cash Flow Information	12 Months Ended
	Dec. 31, 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: Fiscal Year (in thousands) 2024 2023 2022 Short-term investments $ (5,142) $ — $ — Accounts receivable, trade (11,720) (23,886) (59,777) Allowance for doubtful accounts (1,386) (59) (1,217) Accounts receivable from The Coca-Cola Company (37,935) (16,150) 21,951 Accounts receivable, other 26,889 (12,902) (20,753) Inventories (8,463) 25,613 (44,694) Prepaid expenses and other current assets (7,746) 5,682 (16,201) Accounts payable, trade (36,496) 17,096 23,417 Accounts payable to The Coca-Cola Company 47,772 (23,284) 17,112 Other accrued liabilities 8,693 37,017 (10,649) Accrued compensation 21,760 20,011 16,027 Change in current assets less current liabilities $ (3,774) $ 29,138 $ (74,784) The Company had the following net cash payments during the period for income taxes and interest: Fiscal Year (in thousands) 2024 2023 2022 Income taxes $ 223,975 $ 200,812 $ 140,988 Interest 56,094 23,960 28,086 The Company had the following significant non-cash financing and investing activities: Fiscal Year (in thousands) 2024 2023 2022 Additions to property, plant and equipment accrued and recorded in accounts payable, trade $ 44,946 $ 59,014 $ 44,775 Right-of-use assets obtained in exchange for operating lease obligations 17,280 10,215 25,130 Dividends declared but not yet paid — 154,666 32,808 Reductions to leased property under financing leases — — 55,465

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts and Reserves	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts and Reserves	Schedule II COCA-COLA CONSOLIDATED, INC. VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Allowance for Doubtful Accounts Fiscal Year (in thousands) 2024 2023 2022 Beginning balance - allowance for doubtful accounts $ 16,060 $ 16,119 $ 17,336 Additions charged to expenses and as a reduction to net sales 3,730 4,139 4,326 Deductions (5,116) (4,198) (5,543) Ending balance - allowance for doubtful accounts $ 14,674 $ 16,060 $ 16,119 Deferred Income Tax Valuation Allowance Fiscal Year (in thousands) 2024 2023 2022 Beginning balance - valuation allowance for deferred tax assets $ 4,130 $ 3,428 $ 4,372 Additions charged to costs and expenses 1,405 702 — Deductions credited to expense — — (944) Ending balance - valuation allowance for deferred tax assets $ 5,535 $ 4,130 $ 3,428

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income	$ 633,125	$ 408,375	$ 430,158

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy The Company is committed to maintaining robust processes to assess, identify and mitigate material risks from cybersecurity threats and to protect against, detect and respond to cybersecurity incidents. We integrate these processes into the Company’s overall risk management program and, through the Company’s Cybersecurity Incident Response Plan, we document the intended processes and the roles and responsibilities of teammates involved in assessing, identifying and managing material risks from cybersecurity threats. Periodically, the Company engages third parties to assist in the assessment and ongoing development of cybersecurity processes. Our cybersecurity processes are grounded in the National Institute of Standards and Technology Cybersecurity Framework and include a number of different preventative measures. The Company performs periodic risk assessments of systems and applications to identify risks, vulnerabilities and threats in systems and software, performs an annual assessment of the effectiveness of the current cybersecurity response process by conducting incident response tabletop exercises that involve participation by members of the management team, and requires all teammates to participate in user awareness training for information technology and cybersecurity. Our systems are reasonably designed to enable the information technology infrastructure group to capture application, system and network alerts. In the event of a cybersecurity incident, the Cyber Incident Response Team (the “CIRT”), led by a designated Cyber Incident Coordinator (the “CIC”), is responsible for collecting and analyzing relevant data about the incident and its risks. Members of the CIRT, including the CIC, are selected based on their knowledge of either cybersecurity or the specific information systems or business function affected by the incident. As part of planning for any suspected cybersecurity incident, the CIRT has developed certain incident response strategies to help collect and preserve forensic data, to mitigate the threat and to perform other activities to restore systems to normal operation. These strategies include many of the practices recommended by the United States Department of Homeland Security’s Industrial Control Systems Computer Emergency Response Team. In addressing and resolving a significant cybersecurity incident, the Company may engage external experts in relevant fields, such as legal or forensic services, as needed. The Company also has a process whereby the Chief Information Officer (the “CIO”) periodically meets with and assesses third-party service providers in order to help ensure the Company is made aware of any potential material cybersecurity threats or incidents in a timely manner. The Company’s largest external service provider is CONA, as further discussed in “Item 1A. Risk Factors” of this report.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The Company is committed to maintaining robust processes to assess, identify and mitigate material risks from cybersecurity threats and to protect against, detect and respond to cybersecurity incidents. We integrate these processes into the Company’s overall risk management program and, through the Company’s Cybersecurity Incident Response Plan, we document the intended processes and the roles and responsibilities of teammates involved in assessing, identifying and managing material risks from cybersecurity threats. Periodically, the Company engages third parties to assist in the assessment and ongoing development of cybersecurity processes.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board of Directors delegates oversight of information technology and cybersecurity to the Audit Committee of the Board of Directors. As part of this oversight, information technology leadership annually provides a detailed cybersecurity update to the Audit Committee. Additionally, on a quarterly basis, the Audit Committee receives a summarized cybersecurity update, including the results of teammate phishing testing programs and the results of the quarterly cybersecurity disclosure questionnaires. In the event of a material cybersecurity incident, the Audit Committee will report such incident to the full Board of Directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors delegates oversight of information technology and cybersecurity to the Audit Committee of the Board of Directors
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board of Directors delegates oversight of information technology and cybersecurity to the Audit Committee of the Board of Directors. As part of this oversight, information technology leadership annually provides a detailed cybersecurity update to the Audit Committee. Additionally, on a quarterly basis, the Audit Committee receives a summarized cybersecurity update, including the results of teammate phishing testing programs and the results of the quarterly cybersecurity disclosure questionnaires. In the event of a material cybersecurity incident, the Audit Committee will report such incident to the full Board of Directors.
Cybersecurity Risk Role of Management [Text Block]	The Information Security Director, who reports to the CIO, is responsible for establishing basic policies and procedures related to cybersecurity. The Information Security Director is also responsible for selecting the CIRT and the CIC to lead the response to each incident. Established policies and procedures are employed by the CIRT in planning and executing a response to a cybersecurity incident. The CIO and the Information Security Director have over 56 combined years of information technology and program management experience and have served over 32 combined years in the Company’s corporate information security organization. They are familiar with the Company’s cybersecurity landscape, risks and best practices for mitigation of those risks identified. The Company has developed a matrix to assist in determining if a cybersecurity incident is significant. The Information Security Director, with the help of the CIRT, determines whether an incident should be escalated to executive management, including to the Chief Executive Officer, the Chief Financial Officer and the General Counsel, based on its significance. Once escalated, executive management determines the appropriate incident handling strategy, with input from the Information Security Director, including whether the incident warrants immediate notification to the Audit Committee of the Board of Directors. After determining the incident handling approach, the CIC regularly updates executive management on incident response progress to ensure it is aware of the business risks posed by the incident until the incident is resolved. The Board of Directors delegates oversight of information technology and cybersecurity to the Audit Committee of the Board of Directors. As part of this oversight, information technology leadership annually provides a detailed cybersecurity update to the Audit Committee. Additionally, on a quarterly basis, the Audit Committee receives a summarized cybersecurity update, including the results of teammate phishing testing programs and the results of the quarterly cybersecurity disclosure questionnaires. In the event of a material cybersecurity incident, the Audit Committee will report such incident to the full Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The Information Security Director, who reports to the CIO, is responsible for establishing basic policies and procedures related to cybersecurity. The Information Security Director is also responsible for selecting the CIRT and the CIC to lead the response to each incident. Established policies and procedures are employed by the CIRT in planning and executing a response to a cybersecurity incident. The CIO and the Information Security Director have over 56 combined years of information technology and program management experience and have served over 32 combined years in the Company’s corporate information security organization. They are familiar with the Company’s cybersecurity landscape, risks and best practices for mitigation of those risks identified.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CIO and the Information Security Director have over 56 combined years of information technology and program management experience and have served over 32 combined years in the Company’s corporate information security organization. They are familiar with the Company’s cybersecurity landscape, risks and best practices for mitigation of those risks identified.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Information Security Director, who reports to the CIO, is responsible for establishing basic policies and procedures related to cybersecurity. The Information Security Director is also responsible for selecting the CIRT and the CIC to lead the response to each incident. Established policies and procedures are employed by the CIRT in planning and executing a response to a cybersecurity incident. The CIO and the Information Security Director have over 56 combined years of information technology and program management experience and have served over 32 combined years in the Company’s corporate information security organization. They are familiar with the Company’s cybersecurity landscape, risks and best practices for mitigation of those risks identified. The Company has developed a matrix to assist in determining if a cybersecurity incident is significant. The Information Security Director, with the help of the CIRT, determines whether an incident should be escalated to executive management, including to the Chief Executive Officer, the Chief Financial Officer and the General Counsel, based on its significance. Once escalated, executive management determines the appropriate incident handling strategy, with input from the Information Security Director, including whether the incident warrants immediate notification to the Audit Committee of the Board of Directors. After determining the incident handling approach, the CIC regularly updates executive management on incident response progress to ensure it is aware of the business risks posed by the incident until the incident is resolved. The Board of Directors delegates oversight of information technology and cybersecurity to the Audit Committee of the Board of Directors. As part of this oversight, information technology leadership annually provides a detailed cybersecurity update to the Audit Committee. Additionally, on a quarterly basis, the Audit Committee receives a summarized cybersecurity update, including the results of teammate phishing testing programs and the results of the quarterly cybersecurity disclosure questionnaires. In the event of a material cybersecurity incident, the Audit Committee will report such incident to the full Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Description of Business and S_2

Description of Business and Summary of Critical Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts and the consolidated operations of the Company and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks and cash equivalents, which are highly liquid money market funds, time deposits, commercial paper and debt instruments with maturities of 90 days or less. The Company maintains cash deposits with major banks, which may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes the risk of any loss is minimal. Investments in debt securities with maturities of 90 days or less that the Company has the positive intent and ability to hold to maturity are carried at amortized cost and classified as held-to-maturity. Investments in debt securities that are not classified as held-to-maturity are carried at fair value and classified as either trading or available-for-sale.
Short-term Investments	Short-term Investments Short-term investments include various instruments, such as U.S. Treasury securities, investment-grade corporate bonds and commercial paper instruments, with maturities of greater than three months, but less than one year. 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.
Accounts Receivable, Trade and Allowance for Doubtful Accounts	Accounts Receivable, Trade The Company sells its products and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company evaluates the collectability of its trade accounts receivable based on a number of factors, including the Company’s historic collections pattern and changes to a specific customer’s ability to meet its financial obligations. The Company typically collects payment from customers within 30 days from the date of sale. Allowance for Doubtful Accounts The Company has established an allowance for doubtful accounts to adjust the recorded receivable to the estimated amount the Company believes will ultimately be collected. The Company’s allowance for doubtful accounts in the 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 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.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined on the first-in, first-out method for finished products and manufacturing materials and on the average cost method for plastic shells, plastic pallets and other inventories.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements on operating leases are depreciated over the shorter of the estimated useful lives or the term of the lease, including renewal options the Company determines are reasonably assured. Additions and major replacements or betterments are added to the assets at cost. Maintenance and repair costs and minor replacements are charged to expense when incurred. When assets are replaced or otherwise disposed, the cost and accumulated depreciation are removed from the accounts and the gains or losses, if any, are reflected in the consolidated statements of operations. Gains or losses on the disposal of manufacturing equipment and manufacturing plants are included in cost of sales. Gains or losses on the disposal of all other property, plant and equipment are included in selling, delivery and administrative (“SD&A”) expenses. The Company evaluates the recoverability of the carrying amount of its property, plant and equipment when events or circumstances indicate the carrying amount of an asset or asset group may not be recoverable. These evaluations are performed at a level where independent cash flows may be attributed to either an asset or an asset group. If the Company determines the carrying amount of an asset or asset group is not recoverable based upon the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair values of the long-lived assets.
Leases	Leases The Company leases office and warehouse space, machinery and other equipment under noncancelable operating lease agreements and also leases certain warehouse space under financing lease agreements. The Company uses the following policies and assumptions to evaluate its leases: • Determining a lease: The Company assesses contracts at inception to determine whether an arrangement is or includes a lease, which conveys the Company’s right to control the use of an identified asset for a period of time in exchange for consideration. Operating lease right-of-use assets and associated liabilities are recognized at the commencement date and initially measured based on the present value of lease payments over the defined lease term. • Allocating lease and non-lease components: The Company has elected the practical expedient to not separate lease and non-lease components for certain classes of underlying assets. The Company has equipment and vehicle lease agreements, which generally have the lease and associated non-lease components accounted for as a single lease component. The Company has real estate lease agreements with lease and non-lease components, which are accounted for separately where applicable. • Calculating the discount rate: The Company calculates the discount rate based on the discount rate implicit in the lease, or if the implicit rate is not readily determinable from the lease, then the Company calculates an incremental borrowing rate using a portfolio approach. The incremental borrowing rate is calculated using the contractual lease term and the Company’s borrowing rate. • Recognizing leases: The Company does not recognize leases with a contractual term of less than 12 months on its consolidated balance sheets. Lease expense for these short-term leases is expensed on a straight-line basis over the lease term. • Including rent increases or escalation clauses: Certain leases contain scheduled rent increases or escalation clauses, which can be based on the Consumer Price Index or other rates. The Company assesses each contract individually and applies the appropriate variable payments based on the terms of the agreement. • Including renewal options and/or purchase options: Certain leases include renewal options to extend the lease term and/or purchase options to purchase the leased asset. The Company assesses these options using a threshold of reasonably certain, which is a high threshold and, therefore, the majority of the Company’s leases do not include renewal periods or purchase options for the measurement of the right-of-use asset and the associated lease liability. For leases the Company is reasonably certain to renew or purchase, those options are included within the lease term and, therefore, included in the measurement of the right-of-use asset and the associated lease liability. • Including options to terminate: Certain leases include the option to terminate the lease prior to its scheduled expiration. This allows a contractually bound party to terminate its obligation under the lease contract, typically in return for an agreed-upon financial consideration. The terms and conditions of the termination options vary by contract. • Including residual value guarantees, restrictions or covenants: The Company’s lease agreements do not contain residual value guarantees, restrictions or covenants.
Internal Use Software	Internal Use Software The Company capitalizes costs incurred in the development or acquisition of internal use software. The Company expenses costs incurred in the preliminary project planning stage. Costs, such as maintenance and training, are also expensed as incurred. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Amortization expense for internal use software, which is included in depreciation expense, was $1.0 million in 2024, $1.7 million in 2023 and $3.0 million in 2022.
Goodwill	Goodwill All business combinations are accounted for using the acquisition method. Goodwill is tested for impairment annually, or more frequently if facts and circumstances indicate such assets may be impaired. The Company performs its annual goodwill impairment test, which includes a qualitative assessment to determine whether it is more likely than not that the fair value of the goodwill is below its carrying value, as of the first day of the fourth quarter each year, and more often if there are significant changes in business conditions that could result in impairment. All of the Company’s goodwill resides within one reporting unit within the Nonalcoholic Beverages reportable segment and, therefore, the Company has determined it has one reporting unit for the purpose of assessing goodwill for potential impairment. The Company uses its overall market capitalization as part of its estimate of fair value of the reporting unit and in assessing the reasonableness of the Company’s internal estimates of fair value. When a quantitative analysis is considered necessary for the annual impairment analysis of goodwill, the Company develops an estimated fair value for the reporting unit considering three different approaches: • market value, using the Company’s stock price plus outstanding debt; • discounted cash flow analysis; and • multiple of earnings before interest, taxes, depreciation and amortization based upon relevant industry data. The estimated fair value of the reporting unit is then compared to its carrying amount, including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is not considered impaired. If the carrying amount, including goodwill, exceeds its estimated fair value, any excess of the carrying value of goodwill of the reporting unit over its fair value is recorded as an impairment. To the extent the actual and projected cash flows decline in the future or if market conditions or market capitalization significantly deteriorate, the Company may be required to perform an interim impairment analysis that could result in an impairment of goodwill.
Distribution Agreements and Customer Lists	Distribution Agreements and Customer Lists The Company’s definite-lived intangible assets consist of distribution agreements and customer lists, which have estimated useful lives of 20 to 40 years and five
Acquisition Related Contingent Consideration Liability	Acquisition Related Contingent Consideration Liability The acquisition related contingent consideration liability consists of the estimated amounts due to The Coca‑Cola Company under the Company’s comprehensive beverage agreements (as amended, collectively, the “CBA”) with The Coca‑Cola Company and Coca‑Cola Refreshments USA, LLC (“CCR”), a wholly owned subsidiary of The Coca‑Cola Company, over the useful life of the related distribution rights. The CBA relates 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”). Pursuant to the CBA, the Company is required 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. This acquisition related contingent consideration is valued using a probability weighted discounted cash flow model based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data, which are considered Level 3 inputs. Each reporting period, the Company adjusts its acquisition related contingent consideration liability related to the distribution territories 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. These 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.
Pension and Postretirement Benefit Plans	Pension and Postretirement Benefit 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. During 2023, the Primary Plan was fully settled. The second Company-sponsored pension plan (the “Bargaining Plan”) is for certain employees under collective bargaining agreements. Benefits under the Bargaining Plan are determined in accordance with negotiated formulas for the respective participants. Contributions to the Bargaining Plan are based on actuarially determined amounts and are limited to the amounts currently deductible for income tax purposes. The Company also sponsors a postretirement healthcare plan for employees meeting specified qualifying criteria. The expense and liability amounts recorded for the benefit plans reflect estimates related to interest rates, investment returns, employee turnover and age at retirement, mortality rates and healthcare costs. The Company determines an appropriate discount rate annually for the Bargaining Plan and the postretirement healthcare plan based on the Aon AA Above Median yield curve as of the measurement date and reviews the discount rate assumption at the end of each year. The service cost components of the net periodic benefit cost of the plans are charged to current operations, and the non-service cost components of the net periodic benefit cost of the plans are classified as other expense, net. In addition, certain other union employees are covered by plans provided by their respective union organizations and the Company expenses amounts as paid in accordance with union agreements.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating losses and tax credit carryforwards, as well as the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance will be provided against deferred tax assets if the Company determines it is more likely than not such assets will not ultimately be realized. The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50% likely to be realized. The Company records interest and penalties related to uncertain tax positions in income tax expense.
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. Post-mix products are dispensed through equipment that mixes fountain syrups with carbonated or still water, enabling fountain retailers to sell finished products to consumers in cups or glasses. The Company’s contracts are derived from customer orders, including customer sales incentives, generated through an order processing and replenishment model. Generally, the Company’s service contracts and contracts related to the delivery of specifically identifiable products have a single performance obligation. Revenues do not include sales or other taxes collected from customers. 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”). 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 consolidated financial statements. 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 sales accounted for approximately 98% of the Company’s net sales in both 2024 and 2023 and approximately 97% of the Company’s net sales in 2022. 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. 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 consolidated financial statements.
Marketing Programs and Sales Incentives	Marketing Programs and Sales Incentives The Company participates in various sales programs with The Coca‑Cola Company, other beverage companies and customers to increase the sale of its products. Programs negotiated with customers include arrangements under which allowances can be earned for attaining agreed-upon sales levels. The cost of these various sales incentives is not considered a separate performance obligation and is included as a deduction to net sales. Allowance payments made to customers can be conditional on the achievement of volume targets and/or marketing commitments. Payments made in advance are recorded as prepayments and amortized in the consolidated statements of operations over the relevant period for which the customer commitment is made. In the event there is no separate identifiable benefit or the fair value of such benefit cannot be established, the amortization of the prepayment is included as a deduction to net sales. The nature of the Company’s contracts gives rise to several types of variable consideration, including prospective and retrospective rebates. The Company accounts for its prospective and retrospective rebates using the expected value method, which estimates the net price to the customer based on the customer’s expected annual sales volume projections.
Marketing and Other Funding Support	Marketing and Other Funding Support The Company receives marketing funding support payments in cash from The Coca‑Cola Company and other beverage companies. The Company’s brand partners also provide funding related to the delivery of post-mix gallons to locally managed customers within the Company’s territory. Payments to the Company for marketing and other funding programs to promote bottle/can sales volume and fountain syrup sales volume are recognized as a reduction to cost of sales, primarily on a per unit basis, as the product is sold. Payments for periodic programs are recognized in the period during which they are earned. Cash consideration received by a customer from a vendor is presumed to be a reduction of the price of the vendor’s products or services. As such, the cash received is accounted for as a reduction to cost of sales unless it is a specific reimbursement of costs or payments for services. Payments the Company receives from The Coca‑Cola Company and other beverage companies for marketing and other funding support are classified as a reduction to cost of sales.
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 consolidated statements of cash flows. All commodity derivative instruments are recorded at fair value as either assets or liabilities in the 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 consolidated balance sheets and the net amounts of derivative liabilities are recognized in either other accrued liabilities or other liabilities in the consolidated balance sheets.
Risk Management Programs	Risk Management Programs The Company uses various insurance structures to manage costs related to workers’ compensation, auto liability, medical and other insurable risks. These structures consist of retentions, deductibles, limits and a diverse group of insurers that serve to strategically finance, transfer and mitigate the financial impact of losses to the Company. Losses are accrued using assumptions and procedures followed in the insurance industry, then adjusted for company-specific history and expectations.
Cost of Sales	Cost of Sales Inputs representing a substantial portion of the Company’s cost of sales include: (i) purchases of finished products, (ii) raw material costs, including aluminum cans, plastic bottles, carbon dioxide and sweetener, (iii) concentrate costs and (iv) manufacturing costs, including labor, overhead and warehouse costs. In addition, cost of sales includes shipping, handling and fuel costs related to the movement of finished products from manufacturing plants to distribution centers, amortization expense of distribution rights, distribution fees of certain products and marketing credits and post-mix funding from brand companies.
Selling, Delivery and Administrative Expenses	Selling, Delivery and Administrative Expenses SD&A expenses include the following: sales management labor costs, distribution costs resulting from transporting finished products from distribution centers to customer locations, distribution center overhead including depreciation expense, distribution center warehousing costs, delivery vehicles and cold drink equipment, point-of-sale expenses, advertising expenses, cold drink equipment repair costs, amortization of intangible assets and administrative support labor and operating costs.
Shipping and Handling Costs	Shipping and Handling Costs Shipping and handling costs related to the movement of finished products from manufacturing plants to distribution centers are included in cost of sales. Shipping and handling costs directly related to the movement of finished products from distribution centers to customer locations, including distribution center warehousing costs, are included in SD&A expenses.
Stock Compensation	Stock Compensation The Company has a long-term performance equity plan (the “Long-Term Performance Equity Plan”) under which awards are earned and granted to J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer of the Company, based on the Company’s attainment during a performance period of performance measures specified by the Compensation Committee of the Company’s Board of Directors. Mr. Harrison may elect to have awards earned under the Long‑Term Performance Equity Plan settled in cash and/or shares of Class B Common Stock (as defined below). See Note 2 for additional information on the Long‑Term Performance Equity Plan.
Common Stock and Class B Common Stock and Dividends	Common Stock and Class B Common Stock The Company has two classes of common stock outstanding, Common Stock, par value $1.00 per share (“Common Stock”), and Class B Common Stock, par value $1.00 per share (“Class B Common Stock”). The Common Stock is traded on The Nasdaq Global Select Market under the symbol “COKE.” There is no established public trading market for the Class B Common Stock. Shares of Class B Common Stock are convertible on a share-for-share basis into shares of Common Stock at any time at the option of the holder. Each share of Common Stock is entitled to one vote per share and each share of Class B Common Stock is entitled to 20 votes per share at all meetings of the Company’s stockholders. Except as otherwise required by law, holders of the Common Stock and the Class B Common Stock vote together as a single class on all matters submitted to the Company’s stockholders, including the election of the Board of Directors. As a result, the holders of the Class B Common Stock control approximately 72% of the total voting power of the stockholders of the Company and control the election of the Board of Directors. In the event of liquidation, there is no preference between the two classes of common stock. Dividends No cash dividend or dividend of property or stock other than stock of the Company, as specifically described in the Company’s Restated Certificate of Incorporation, as amended (the “Restated Certificate of Incorporation”), may be declared and paid on the Class B Common Stock unless an equal or greater dividend is declared and paid on the Common Stock. Under the Restated Certificate of Incorporation, the Board of Directors may declare dividends on the Common Stock without declaring equal or any dividends on the Class B Common Stock. Notwithstanding this provision, the Class B Common Stock has voting and conversion rights that allow the Class B Common Stock to participate equally on a per share basis with the Common Stock.
Net Income Per Share	Net Income Per Share The Company applies the two-class method for calculating and presenting net income per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared or accumulated and participation rights in undistributed earnings. Under this method: (i) Income from continuing operations (“net income”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period. (ii) The remaining earnings (“undistributed earnings”) are allocated to the Common Stock and the Class B Common Stock to the extent each security may share in earnings as if all the earnings for the period had been distributed. The total earnings allocated to each security is determined by adding together the amount allocated for dividends and the amount allocated for a participation feature. (iii) The total earnings allocated to each security is then divided by the number of outstanding shares of the security to which the earnings are allocated to determine the earnings per share for the security. (iv) Basic and diluted net income per share data are presented for each class of common stock. In applying the two-class method, the Company determined undistributed earnings should be allocated equally on a per share basis between the Common Stock and the Class B Common Stock due to the aggregate participation rights of the Class B Common Stock (i.e., the voting and conversion rights) and the Company’s history of paying dividends equally on a per share basis on the Common Stock and the Class B Common Stock. The Class B Common Stock conversion rights allow the Class B Common Stock to participate in dividends equally with the Common Stock. Class B Common Stock is convertible into Common Stock on a one-for-one per share basis at any time at the option of the holder. Accordingly, the holders of the Class B Common Stock can participate equally in any dividends declared on the Common Stock by exercising their conversion rights. Basic net income per share excludes potential common shares that were dilutive and is computed by dividing net income available for common stockholders by the weighted average number of Common and Class B Common shares outstanding. Diluted net income per share for Common Stock and Class B Common Stock gives effect to all securities representing potential common shares that were dilutive and outstanding during the period. The Company does not have anti-dilutive shares.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements In September 2022, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2022-04, “Liabilities-Supplier Finance Programs,” which requires additional quantitative and qualitative disclosures related to a company’s supply chain finance programs to enhance the transparency of these programs. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023. The Company adopted ASU 2022-04 in the first quarter of 2023, with the exception of the amendment on rollforward information, which the Company adopted in the fourth quarter of 2024. The adoption did not have a material impact on the Company’s consolidated financial statements. See Note 13 for disclosure related to the Company’s supply chain finance program. In November 2023, the FASB issued 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 and interim periods beginning after December 15, 2024. The Company adopted ASU 2023-07 in the fourth quarter of 2024, noting no material impact on its consolidated financial statements. See Note 4 for disclosure related to the Company’s segment reporting. Recently Issued Accounting Pronouncements 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 fiscal years 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 (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 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: Fiscal Year (in thousands) 2024 2023 2022 Payments made by the Company to The Coca-Cola Company (1) $ 2,109,748 $ 2,019,409 $ 1,867,727 Payments made by The Coca-Cola Company to the Company 274,322 253,972 256,333 (1) This excludes acquisition related sub-bottling payments made by the Company to CCR, 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) December 31, 2024 December 31, 2023 Current portion of acquisition related contingent consideration $ 63,982 $ 64,528 Noncurrent portion of acquisition related contingent consideration 590,209 604,809 Total acquisition related contingent consideration $ 654,191 $ 669,337
Summary of Rental Payments Related to Leases	A summary of rental payments for related party leases for 2024, 2023 and 2022 is as follows: Fiscal Year (in thousands) 2024 2023 2022 Company headquarters $ 4,010 $ 3,931 $ 3,854 Snyder Production Center (1) — — 927 (1) The lease for the Snyder Production Center and an adjacent sales facility in Charlotte, North Carolina (together, the “Snyder Production Center”) was terminated during 2022 in connection with the purchase of the Snyder Production Center by CCBCC Operations, LLC, a wholly owned subsidiary of the Company.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 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: Fiscal Year (in thousands) 2024 2023 2022 Point in time net sales: Nonalcoholic Beverages - point in time $ 6,781,744 $ 6,510,155 $ 6,034,914 Total point in time net sales $ 6,781,744 $ 6,510,155 $ 6,034,914 Over time net sales: Nonalcoholic Beverages - over time $ 57,301 $ 52,467 $ 46,443 All Other - over time 60,671 91,236 119,600 Total over time net sales $ 117,972 $ 143,703 $ 166,043 Total net sales $ 6,899,716 $ 6,653,858 $ 6,200,957
Summary of Activity for Allowance for Credit Losses	Following is a summary of activity for the allowance for credit losses during 2024, 2023 and 2022: Fiscal Year (in thousands) 2024 2023 2022 Beginning balance - allowance for credit losses $ 11,560 $ 13,119 $ 14,336 Additions charged to expenses and as a reduction to net sales 3,080 2,639 4,326 Deductions (5,116) (4,198) (5,543) Ending balance - allowance for credit losses $ 9,524 $ 11,560 $ 13,119

Segments (Tables)

Segments (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Summary of Financial Information by Segment	The Company’s segment results are as follows: Fiscal Year 2024 (in thousands) Nonalcoholic Beverages All Other Eliminations (1) Total Net sales $ 6,839,045 $ 346,377 $ (285,706) $ 6,899,716 Cost of goods sold 4,138,869 219,204 (211,536) 4,146,537 Gross profit 2,700,176 127,173 (74,170) 2,753,179 Selling, delivery and administrative expenses: Payroll costs (2) $ 1,146,375 $ 53,656 $ — $ 1,200,031 Fleet costs (3) 103,444 31,475 — 134,919 Depreciation and amortization expense (4) 103,444 2,000 — 105,444 All other segment items (5) 439,686 26,919 (74,170) 392,435 Total selling, delivery and administrative expenses 1,792,949 114,050 (74,170) 1,832,829 Income from operations $ 907,227 $ 13,123 $ — $ 920,350 Total depreciation and amortization expense (4) $ 177,521 $ 16,270 $ — $ 193,791 Fiscal Year 2023 (in thousands) Nonalcoholic Beverages All Other Eliminations (1) Total Net sales $ 6,562,622 $ 370,748 $ (279,512) $ 6,653,858 Cost of goods sold 3,999,292 263,307 (207,452) 4,055,147 Gross profit 2,563,330 107,441 (72,060) 2,598,711 Selling, delivery and administrative expenses: Payroll costs (2) $ 1,094,849 $ 56,729 $ — $ 1,151,578 Fleet costs (3) 106,235 32,945 — 139,180 Depreciation and amortization expense (4) 95,320 2,114 — 97,434 All other segment items (5) 425,434 22,694 (72,060) 376,068 Total selling, delivery and administrative expenses 1,721,838 114,482 (72,060) 1,764,260 Income from operations $ 841,492 $ (7,041) $ — $ 834,451 Total depreciation and amortization expense (4) $ 164,484 $ 12,482 $ — $ 176,966 Fiscal Year 2022 (in thousands) Nonalcoholic Beverages All Other Eliminations (1) Total Net sales $ 6,081,357 $ 399,360 $ (279,760) $ 6,200,957 Cost of goods sold 3,852,819 288,894 (218,710) 3,923,003 Gross profit 2,228,538 110,466 (61,050) 2,277,954 Selling, delivery and administrative expenses: Payroll costs (2) $ 1,023,634 $ 56,434 $ — $ 1,080,068 Fleet costs (3) 82,308 26,705 — 109,013 Depreciation and amortization expense (4) 92,301 2,232 — 94,533 All other segment items (5) 391,159 23,184 (61,050) 353,293 Total selling, delivery and administrative expenses 1,589,402 108,555 (61,050) 1,636,907 Income from operations $ 639,136 $ 1,911 $ — $ 641,047 Total depreciation and amortization expense (4) $ 159,845 $ 11,745 $ — $ 171,590 (1) The entire net sales elimination represents net sales from the All Other segment to the Nonalcoholic Beverages segment. The entire cost of goods sold and SD&A eliminations represent costs incurred by the All Other segment in the generation of net sales to the Nonalcoholic Beverages segment. (2) Payroll costs includes compensation, incentive plans, defined contribution plans, healthcare benefits and tax-advantaged spending accounts. (3) Fleet costs includes fleet repairs, maintenance and fuel and oil costs. (4) Total depreciation and amortization expense is included within both cost of goods sold and SD&A expenses. For segment reporting, the difference between total depreciation and amortization expense and the portion within SD&A expenses is the amount within cost of goods sold. (5) All other segment items includes information technology costs, stewardship, insurance and other costs incurred in the selling and delivery of the Company’s products.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 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. See Note 1 for additional information related to net income per share. Fiscal Year (in thousands, except per share data) 2024 2023 2022 Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: Net income $ 633,125 $ 408,375 $ 430,158 Less dividends: Common Stock 165,541 41,844 8,062 Class B Common Stock 20,094 5,024 1,312 Total undistributed earnings $ 447,490 $ 361,507 $ 420,784 Common Stock undistributed earnings – basic $ 397,741 $ 322,749 $ 364,359 Class B Common Stock undistributed earnings – basic 49,749 38,758 56,425 Total undistributed earnings – basic $ 447,490 $ 361,507 $ 420,784 Common Stock undistributed earnings – diluted $ 397,170 $ 322,131 $ 363,158 Class B Common Stock undistributed earnings – diluted 50,320 39,376 57,626 Total undistributed earnings – diluted $ 447,490 $ 361,507 $ 420,784 Numerator for basic net income per Common Stock share: Dividends on Common Stock $ 165,541 $ 41,844 $ 8,062 Common Stock undistributed earnings – basic 397,741 322,749 364,359 Numerator for basic net income per Common Stock share $ 563,282 $ 364,593 $ 372,421 Numerator for basic net income per Class B Common Stock share: Dividends on Class B Common Stock $ 20,094 $ 5,024 $ 1,312 Class B Common Stock undistributed earnings – basic 49,749 38,758 56,425 Numerator for basic net income per Class B Common Stock share $ 69,843 $ 43,782 $ 57,737 Numerator for diluted net income per Common Stock share: Dividends on Common Stock $ 165,541 $ 41,844 $ 8,062 Dividends on Class B Common Stock assumed converted to Common Stock 20,094 5,024 1,312 Common Stock undistributed earnings – diluted 447,490 361,507 420,784 Numerator for diluted net income per Common Stock share $ 633,125 $ 408,375 $ 430,158 Numerator for diluted net income per Class B Common Stock share: Dividends on Class B Common Stock $ 20,094 $ 5,024 $ 1,312 Class B Common Stock undistributed earnings – diluted 50,320 39,376 57,626 Numerator for diluted net income per Class B Common Stock share $ 70,414 $ 44,400 $ 58,938 Denominator for basic net income per Common Stock and Class B Common Stock share: Common Stock weighted average shares outstanding – basic 8,035 8,369 8,117 Class B Common Stock weighted average shares outstanding – basic 1,005 1,005 1,257 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) 9,053 9,392 9,405 Class B Common Stock weighted average shares outstanding – diluted 1,018 1,023 1,288 Fiscal Year (in thousands, except per share data) 2024 2023 2022 Basic net income per share: Common Stock $ 70.10 $ 43.56 $ 45.88 Class B Common Stock $ 69.50 $ 43.56 $ 45.93 Diluted net income per share: Common Stock $ 69.94 $ 43.48 $ 45.74 Class B Common Stock $ 69.17 $ 43.40 $ 45.76 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 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 Common Stock in the Tender Offer, which expired on June 18, 2024, and repurchased 598,619 shares of 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 share repurchase program under which the Company is authorized to repurchase up to $1.00 billion of Common Stock. The share repurchase authorization is discretionary and has no expiration date. As of December 31, 2024, the Company had repurchased 42,895 shares of Common Stock under the share repurchase program.

Short-Term Investments (Tables)

Short-Term Investments (Tables)	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-Sale Debt Securities	As of December 31, 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 $ 178,016 $ 67 $ (44) $ 178,039 Corporate bonds 103,970 77 (78) 103,969 Commercial paper instruments 17,657 6 — 17,663 Asset-backed securities 1,534 5 — 1,539 Total short-term investments $ 301,177 $ 155 $ (122) $ 301,210

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories consisted of the following: (in thousands) December 31, 2024 December 31, 2023 Finished products $ 203,373 $ 207,912 Manufacturing materials 84,096 71,560 Plastic shells, plastic pallets and other inventories 42,926 42,460 Total inventories $ 330,395 $ 321,932

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 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) December 31, 2024 December 31, 2023 Repair parts $ 34,465 $ 35,256 Prepaid taxes 12,119 9,020 Prepaid software 8,616 9,427 Prepaid marketing 5,142 4,703 Commodity hedges at fair market value 2,472 3,747 Other prepaid expenses and other current assets 33,517 26,432 Total prepaid expenses and other current assets $ 96,331 $ 88,585

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 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) December 31, 2024 December 31, 2023 Estimated Useful Lives Land $ 132,543 $ 99,858 Buildings 493,810 390,852 8-50 years Machinery and equipment 563,834 498,737 5-20 years Transportation equipment 682,263 611,001 3-20 years Furniture and fixtures 113,156 107,072 3-10 years Cold drink dispensing equipment 456,984 449,508 3-17 years Leasehold and land improvements 192,282 179,146 5-20 years Software for internal use 50,293 49,611 3-10 years Construction in progress 77,707 95,623 Total property, plant and equipment, at cost 2,762,872 2,481,408 Less: Accumulated depreciation and amortization 1,257,605 1,160,845 Property, plant and equipment, net $ 1,505,267 $ 1,320,563

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 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: December 31, 2024 December 31, 2023 Weighted average remaining lease term: Operating leases 6.4 years 6.7 years Financing leases 2.9 years 3.5 years Weighted average discount rate: Operating leases 4.1 % 3.8 % Financing leases 5.2 % 5.2 % Following is a summary of the Company’s leases within the consolidated statements of operations: Fiscal Year (in thousands) 2024 2023 2022 Operating lease costs $ 29,616 $ 32,959 $ 30,484 Short-term and variable leases 12,816 15,995 15,065 Depreciation expense from financing leases 1,647 1,646 2,315 Interest expense on financing lease obligations 321 447 884 Total lease cost $ 44,400 $ 51,047 $ 48,748
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 December 31, 2024 : (in thousands) Operating Leases Financing Leases 2025 $ 26,799 $ 2,869 2026 24,578 1,233 2027 21,101 338 2028 16,427 345 2029 15,046 352 Thereafter 27,482 268 Total minimum lease payments including interest $ 131,433 $ 5,405 Less: Amounts representing interest 15,814 374 Present value of minimum lease principal payments 115,619 5,031 Less: Current portion of lease liabilities - operating and financing leases 23,257 2,685 Noncurrent portion of lease liabilities - operating and financing leases $ 92,362 $ 2,346 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 - operating and financing leases 26,194 2,487 Noncurrent portion of lease liabilities - operating and financing leases $ 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 December 31, 2024 : (in thousands) Operating Leases Financing Leases 2025 $ 26,799 $ 2,869 2026 24,578 1,233 2027 21,101 338 2028 16,427 345 2029 15,046 352 Thereafter 27,482 268 Total minimum lease payments including interest $ 131,433 $ 5,405 Less: Amounts representing interest 15,814 374 Present value of minimum lease principal payments 115,619 5,031 Less: Current portion of lease liabilities - operating and financing leases 23,257 2,685 Noncurrent portion of lease liabilities - operating and financing leases $ 92,362 $ 2,346 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 - operating and financing leases 26,194 2,487 Noncurrent portion of lease liabilities - operating and financing leases $ 102,271 $ 5,032
Summary of Balances Related to Lease Portfolio within Consolidated Statement of Cash Flow	Following is a summary of the Company’s leases within the consolidated statements of cash flows: Fiscal Year (in thousands) 2024 2023 2022 Cash flows from operating activities impact: Operating leases $ 32,102 $ 33,013 $ 28,891 Interest payments on financing lease obligations 321 447 884 Total cash flows from operating activities impact $ 32,423 $ 33,460 $ 29,775 Cash flows from financing activities impact: Principal payments on financing lease obligations $ 2,488 $ 2,303 $ 2,988 Total cash flows from financing activities impact $ 2,488 $ 2,303 $ 2,988

Distribution Agreements, Net (T

Distribution Agreements, Net (Tables)	12 Months Ended
	Dec. 31, 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) December 31, 2024 December 31, 2023 Distribution agreements at cost $ 990,191 $ 990,191 Less: Accumulated amortization 197,939 173,048 Distribution agreements, net $ 792,252 $ 817,143 Customer lists, net, which are amortized on a straight-line basis and have estimated useful lives of five (in thousands) December 31, 2024 December 31, 2023 Customer lists at cost $ 25,288 $ 25,288 Less: Accumulated amortization 19,410 17,789 Customer lists, net $ 5,878 $ 7,499

Customer Lists, Net (Tables)

Customer Lists, Net (Tables)	12 Months Ended
	Dec. 31, 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) December 31, 2024 December 31, 2023 Distribution agreements at cost $ 990,191 $ 990,191 Less: Accumulated amortization 197,939 173,048 Distribution agreements, net $ 792,252 $ 817,143 Customer lists, net, which are amortized on a straight-line basis and have estimated useful lives of five (in thousands) December 31, 2024 December 31, 2023 Customer lists at cost $ 25,288 $ 25,288 Less: Accumulated amortization 19,410 17,789 Customer lists, net $ 5,878 $ 7,499
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Assuming no impairment of customer lists, net, amortization expense in future years based upon recorded amounts as of December 31, 2024 will be as follows for each fiscal year 2025 through 2029: (in thousands) Amortization expense 2025 $ 1,621 2026 1,578 2027 1,293 2028 1,002 2029 384

Supply Chain Finance Program (T

Supply Chain Finance Program (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Supply Chain Finance Program	The following table is a rollforward of the Company’s outstanding obligations confirmed as valid under its SCF program for 2024 and 2023: Fiscal Year (in thousands) 2024 2023 Confirmed obligations outstanding at the beginning of the year $ 55,105 $ 44,174 Invoices confirmed during the year 230,346 221,231 Confirmed invoices paid during the year (233,284) (210,300) Confirmed obligations outstanding at the end of the year $ 52,167 $ 55,105

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Summary of Other Accrued Liabilities	Other accrued liabilities consisted of the following: (in thousands) December 31, 2024 December 31, 2023 Current portion of acquisition related contingent consideration $ 63,982 $ 64,528 Accrued insurance costs 58,040 54,040 Accrued marketing costs 55,879 55,799 Employee and retiree benefit plan accruals 33,446 34,203 Accrued interest payable 7,611 2,520 Accrued taxes (other than income taxes) 6,821 7,474 All other accrued expenses 20,908 19,430 Total other accrued liabilities $ 246,687 $ 237,994

Commodity Derivative Instrume_2

Commodity Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 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 consolidated statements of operations: Fiscal Year (in thousands) 2024 2023 2022 Cost of sales $ (728) $ 1,220 $ (3,333) Selling, delivery and administrative expenses (547) (2,281) 427 Total loss $ (1,275) $ (1,061) $ (2,906)
Summary of Fair Values and Classification in 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 consolidated balance sheets: (in thousands) December 31, 2024 December 31, 2023 Prepaid expenses and other current assets $ 2,472 $ 3,747 Total assets $ 2,472 $ 3,747
Summary of Gross Derivative Assets and Gross Derivative Liabilities in Consolidated Balance Sheets	The following table summarizes the Company’s gross commodity derivative instrument assets and gross commodity derivative instrument liabilities in the consolidated balance sheets: (in thousands) December 31, 2024 December 31, 2023 Gross commodity derivative instrument assets $ 2,472 $ 3,747 Gross commodity derivative instrument liabilities — —
Summary of Outstanding Commodity Derivative Agreements	The following table summarizes the Company’s outstanding commodity derivative instruments: (in thousands) December 31, 2024 December 31, 2023 Notional amount of outstanding commodity derivative instruments $ 50,928 $ 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)	12 Months Ended
	Dec. 31, 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. Pension plan assets Level 1 The fair values of the Company’s Level 1 pension plan assets, which are equity securities and fixed income investment vehicles, are valued using the quoted market prices of those securities which are actively traded on national exchanges. 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. Pension plan assets Level 2 The fair values of the Company’s Level 2 pension plan assets, which are investments that are pooled with other investments in a commingled fund, are valued using the net asset value produced by the fund manager. The assets within the commingled funds have a readily determinable fair market value. 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 those 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. 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 WACC derived from market data.
Summary of Deferred Compensation Plan Commodity Hedging Agreements 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, pension plan assets, commodity derivative instruments, debt and acquisition related contingent consideration: December 31, 2024 (in thousands) Carrying Total Fair Value Fair Value Fair Value Assets: Deferred compensation plan assets $ 81,123 $ 81,123 $ 81,123 $ — $ — Short-term investments 301,210 301,210 283,547 17,663 — Pension plan assets 49,617 49,617 34,655 14,962 — Commodity derivative instruments 2,472 2,472 — 2,472 — Liabilities: Deferred compensation plan liabilities 81,123 81,123 81,123 — — Debt 1,786,348 1,803,500 — 1,803,500 — Acquisition related contingent consideration 654,191 654,191 — — 654,191 December 31, 2023 (in thousands) Carrying Total Fair Value Fair Value Fair Value Assets: Deferred compensation plan assets $ 64,769 $ 64,769 $ 64,769 $ — $ — Pension plan assets 47,321 47,321 24,153 23,168 — Commodity derivative instruments 3,747 3,747 — 3,747 — Liabilities: Deferred compensation plan liabilities 64,769 64,769 64,769 — — Debt 599,159 579,000 — 579,000 — Acquisition related contingent consideration 669,337 669,337 — — 669,337
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	A summary of the Level 3 activity is as follows: Fiscal Year (in thousands) 2024 2023 Beginning balance - Level 3 liability $ 669,337 $ 541,491 Payments of acquisition related contingent consideration (64,312) (28,208) Reclassification to current payables (10,000) (3,300) Increase in fair value 59,166 159,354 Ending balance - Level 3 liability $ 654,191 $ 669,337

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Summary of Significant Components of the Provision for Income Taxes	The following table presents the significant components of the provision for income taxes: Fiscal Year (in thousands) 2024 2023 2022 Current: Federal $ 179,019 $ 158,475 $ 109,899 State 41,981 39,652 26,053 Total current provision $ 221,000 $ 198,127 $ 135,952 Deferred: Federal $ 958 $ (40,658) $ 7,478 State 1,571 (8,363) 1,499 Total deferred provision (benefit) $ 2,529 $ (49,021) $ 8,977 Income tax expense $ 223,529 $ 149,106 $ 144,929
Summary of Reconciliation of Income Tax Expense at Statutory Federal Rate to Actual Income Tax Expense	The following table provides a reconciliation of income tax expense at the statutory federal rate to actual income tax expense: Fiscal Year 2024 2023 2022 (in thousands) Income % pre-tax Income % pre-tax Income % pre-tax Statutory expense $ 179,898 21.0 % $ 117,071 21.0 % $ 120,768 21.0 % State income taxes, net of federal benefit 32,581 3.8 21,001 3.8 21,572 3.8 Nondeductible compensation 7,285 0.8 7,372 1.3 4,005 0.7 Meals, entertainment and travel expense 2,640 0.3 3,336 0.6 1,694 0.3 Valuation allowance change 1,414 0.2 701 0.1 (932) (0.2) Adjustment for uncertain tax positions 55 — 52 — (1,351) (0.2) Other, net (344) — (427) (0.1) (827) (0.2) Income tax expense $ 223,529 26.1 % $ 149,106 26.7 % $ 144,929 25.2 %
Summary of Reconciliation of Uncertain Tax Positions Excluding Accrued Interest	A reconciliation of uncertain tax positions, excluding accrued interest, is as follows: Fiscal Year (in thousands) 2024 2023 2022 Beginning balance - gross uncertain tax positions $ 330 $ 285 $ 1,254 Increase as a result of tax positions taken in the current year 105 105 105 Increase as a result of tax positions taken in a prior year — — — Reduction as a result of the expiration of the applicable statute of limitations (61) (60) (1,074) Ending balance - gross uncertain tax positions $ 374 $ 330 $ 285
Summary of Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities	Temporary differences and carryforwards that comprised deferred income tax assets and liabilities were as follows: (in thousands) December 31, 2024 December 31, 2023 Acquisition related contingent consideration $ 160,120 $ 163,827 Accrued liabilities 35,912 32,516 Deferred compensation 34,308 27,017 Operating lease liabilities 28,299 31,443 Deferred revenue 25,474 26,750 Postretirement benefits 13,179 13,601 Transactional costs 2,670 3,101 Net operating loss carryforwards 754 437 Financing lease agreements 287 470 Other 956 3,511 Deferred income tax assets $ 301,959 $ 302,673 Less: Valuation allowance for deferred tax assets 5,535 4,130 Net deferred income tax asset $ 296,424 $ 298,543 Depreciation $ (212,926) $ (201,875) Intangible assets (167,428) (170,504) Right-of-use assets - operating leases (27,499) (30,034) Prepaid expenses (9,784) (8,028) Inventory (8,547) (11,425) Patronage dividend (3,181) (5,112) Deferred income tax liabilities $ (429,365) $ (426,978) Net deferred income tax liability $ (132,941) $ (128,435)

Benefit Plans (Tables)

Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Summary of Liability under Executive Benefit Plans	The liability under these two deferral plans was as follows: (in thousands) December 31, 2024 December 31, 2023 Current liabilities $ 10,424 $ 7,805 Noncurrent liabilities 89,293 82,458 Total liability - Supplemental Savings Incentive Plan and Director Deferral Plan $ 99,717 $ 90,263 (in thousands) December 31, 2024 December 31, 2023 Current liabilities $ 268 $ 219 Noncurrent liabilities 14,660 10,633 Total liability - Long-Term Retention Plan $ 14,928 $ 10,852 (in thousands) December 31, 2024 December 31, 2023 Current liabilities $ 3,489 $ 3,591 Noncurrent liabilities 32,486 35,663 Total liability - Officer Retention Plan $ 35,975 $ 39,254 (in thousands) December 31, 2024 December 31, 2023 Current liabilities $ 9,588 $ 9,104 Noncurrent liabilities 9,541 8,975 Total liability - Long-Term Performance Plan $ 19,129 $ 18,079
Summary of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost	Net Periodic Pension Cost Fiscal Year (in thousands) 2024 2023 2022 Service cost $ 4,330 $ 3,996 $ 6,586 Interest cost 2,379 2,079 1,664 Expected return on plan assets (3,050) (2,438) (1,823) Recognized net actuarial loss — — 402 Amortization of prior service costs 16 16 — Net periodic pension cost - Bargaining Plan $ 3,675 $ 3,653 $ 6,829 Net Periodic Postretirement Benefit Cost Fiscal Year (in thousands) 2024 2023 2022 Service cost $ 1,163 $ 1,085 $ 1,458 Interest cost 3,102 2,761 1,923 Recognized net actuarial loss 44 — 444 Net periodic postretirement benefit cost $ 4,309 $ 3,846 $ 3,825
Summary of Changes in Projected Benefit Obligation	The following tables set forth pertinent information for the Bargaining Plan: Fiscal Year (in thousands) 2024 2023 Beginning balance - Bargaining Plan projected benefit obligation $ 46,123 $ 39,177 Service cost 4,330 3,996 Interest cost 2,379 2,079 Plan amendments — 5 Actuarial (gain) loss (7,000) 1,652 Benefits paid (897) (786) Ending balance - Bargaining Plan projected benefit obligation $ 44,935 $ 46,123
Summary of Change in Plan Assets	Change in Plan Assets Fiscal Year (in thousands) 2024 2023 Beginning balance - Bargaining Plan assets at fair value $ 47,321 $ 38,635 Actual return on plan assets 1,424 5,495 Employer contributions 2,000 4,300 Benefits and expenses paid (1,128) (1,109) Ending balance - Bargaining Plan assets at fair value $ 49,617 $ 47,321
Summary of Funded Status	Funded Status (in thousands) December 31, 2024 December 31, 2023 Projected benefit obligation $ (44,935) $ (46,123) Plan assets at fair value 49,617 47,321 Net funded status - Bargaining Plan $ 4,682 $ 1,198
Summary of Amounts Recognized in the Consolidated Balance Sheet	Amounts Recognized in the Consolidated Balance Sheets (in thousands) December 31, 2024 December 31, 2023 Assets: Noncurrent assets $ 4,682 $ 1,198 Total asset - Bargaining Plan $ 4,682 $ 1,198
Summary of Significant Assumptions	Significant Assumptions Fiscal Year 2024 2023 2022 Projected benefit obligation at the measurement date: Discount rate - Bargaining Plan 5.89 % 5.16 % 5.34 % Weighted average rate of compensation increase N/A N/A N/A Net periodic pension cost for the fiscal year: Discount rate - Bargaining Plan 5.16 % 5.34 % 3.31 % Weighted average expected long-term rate of return of plan assets - Bargaining Plan (1) 7.00 % 7.00 % 5.50 % Weighted average rate of compensation increase N/A N/A N/A (1) The weighted average expected long-term rate of return assumption for the Bargaining Plan assets, which was used to compute net periodic pension cost, is based upon target asset allocation and is determined using forward-looking performance and duration assumptions set at the beginning of each fiscal year.
Summary of Anticipated Future Pension and Postretirement Benefit Payments	Cash Flows The anticipated future pension benefit payments as of December 31, 2024 were as follows: (in thousands) Anticipated Future Payment 2025 $ 1,162 2026 1,348 2027 1,557 2028 1,786 2029 2,006 2030 - 2034 14,142 Cash Flows The anticipated future postretirement benefit payments reflecting expected future service as of December 31, 2024 were as follows: (in thousands) Anticipated Future Payment 2025 $ 3,598 2026 4,020 2027 4,514 2028 4,858 2029 4,907 2030 - 2034 26,237
Summary of Target Asset Allocation, Actual Asset Allocation, and Weighted Average Expected Long-Term Rate of Return and Summary of Pension Plan Assets	The Company’s actual asset allocation at December 31, 2024 and December 31, 2023 and target asset allocation for fiscal year 2025 by asset category for the Bargaining Plan were as follows: Percentage of Bargaining Plan Target Asset 2024 2023 2025 U.S. debt securities 50 % 49 % 50 % U.S. equity securities 26 % 33 % 26 % International debt securities 3 % 1 % — % International equity securities 13 % 10 % 10 % Cash and cash equivalents 1 % 1 % 2 % Other 7 % 6 % 12 % Total 100 % 100 % 100 % The following table summarizes the Bargaining Plan assets, which are classified as Level 1 and Level 2 for fair value measurement. The Company does not have any Level 3 pension plan assets. See Note 16 for additional information. (in thousands) December 31, 2024 December 31, 2023 Pension plan assets - fixed income $ 26,243 $ 23,824 Pension plan assets - equity securities 19,468 20,550 Pension plan assets - cash and cash equivalents 671 228 Pension plan assets - other 3,235 2,719 Total pension plan assets $ 49,617 $ 47,321
Summary of Reconciliation of Activity in Postretirement Benefit Plan	The following tables set forth pertinent information for the Company’s postretirement benefit plan: Reconciliation of Activity Fiscal Year (in thousands) 2024 2023 Benefit obligation at beginning of year $ 63,828 $ 55,299 Service cost 1,163 1,085 Interest cost 3,102 2,761 Plan participants’ contributions 707 767 Actuarial (gain) loss (2,920) 7,986 Benefits paid (3,780) (4,070) Benefit obligation at end of year $ 62,100 $ 63,828 Updates to demographic assumptions and the increase in the discount rate for the postretirement benefit plan, as compared to the previous year, partially offset by updates to claims trends, were the primary drivers of the actuarial gain in 2024. The decrease in the discount rate for the postretirement benefit plan, as compared to the previous year, was the primary driver of the actuarial loss in 2023. The actuarial (gain) loss, net of tax, was recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets.
Summary of Reconciliation of Plan Assets Fair Value in Postretirement Benefit Plan	Reconciliation of Plan Assets Fair Value Fiscal Year (in thousands) 2024 2023 Fair value of plan assets at beginning of year $ — $ — Employer contributions 3,073 3,303 Plan participants’ contributions 707 767 Benefits paid (3,780) (4,070) Fair value of plan assets at end of year $ — $ —
Summary of Funded Status in Postretirement Benefit Plan	Funded Status (in thousands) December 31, 2024 December 31, 2023 Current liabilities $ (3,598) $ (3,214) Noncurrent liabilities (58,502) (60,614) Total liability - postretirement benefits $ (62,100) $ (63,828)
Summary of Significant Assumptions	Significant Assumptions Fiscal Year 2024 2023 2022 Benefit obligation at the measurement date: Weighted average healthcare cost trend rate - Pre-Medicare 8.45 % 7.88 % 6.58 % Weighted average healthcare cost trend rate - Post-Medicare 9.73 % 8.65 % 6.89 % Benefit obligation discount rate 5.68 % 5.02 % 5.19 % Net periodic postretirement benefit cost discount rate for fiscal year 5.02 % 5.19 % 2.98 % Postretirement benefit expense - Pre-Medicare: Weighted average healthcare cost trend rate 7.88 % 6.58 % 6.04 % Trend rate graded down to ultimate rate 4.50 % 4.50 % 4.50 % Ultimate rate year 2033 2032 2029 Postretirement benefit expense - Post-Medicare: Weighted average healthcare cost trend rate 8.65 % 6.89 % 6.29 % Trend rate graded down to ultimate rate 4.50 % 4.50 % 4.50 % Ultimate rate year 2033 2032 2029
Summary of Reconciliation of Amounts in Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost	A reconciliation of the gross amounts in accumulated other comprehensive income (loss) not yet recognized as components of net periodic benefit cost associated with the plans discussed above is as follows: (in thousands) December 31, Actuarial Gain Reclassification December 31, Bargaining Plan: Actuarial gain $ 218 $ 5,144 $ — $ 5,362 Prior service costs (147) — 16 (131) Postretirement Medical: Actuarial loss (7,216) 2,920 44 (4,252) Total within accumulated other comprehensive income (loss) $ (7,145) $ 8,064 $ 60 $ 979
Summary of Multiemployer Plans	The Company’s participation in the Teamsters Plan is outlined in the table below. A red zone represents less than 80% funding and requires a financial improvement plan (“FIP”) or rehabilitation plan (“RP”). Fiscal Year (in thousands) 2024 2023 2022 Pension Protection Act Zone Status Red Red Red FIP or RP pending or implemented Yes Yes Yes Surcharge imposed Yes Yes Yes Contribution $ 1,032 $ 999 $ 959

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Summary of Other Liabilities	Other liabilities consisted of the following: (in thousands) December 31, 2024 December 31, 2023 Noncurrent portion of acquisition related contingent consideration $ 590,209 $ 604,809 Accruals for executive benefit plans 163,444 153,428 Noncurrent deferred proceeds from related parties 97,112 100,176 Other 8,794 8,086 Total other liabilities $ 859,559 $ 866,499

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Following is a summary of the Company’s debt: (in thousands) Maturity Interest Interest Public / December 31, 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 (1,482) (17) Debt issuance costs (12,170) (824) Total debt 1,786,348 599,159 Less: Current portion of debt (1) 349,699 — Total long-term debt $ 1,436,649 $ 599,159 (1) The 2025 Senior Bonds were issued at 99.975% of par. As of December 31, 2024, the 2025 Senior Bonds, net of debt issuance costs and unamortized discount, were classified as current portion of debt in the consolidated balance sheets. (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.
Summary of Principal Maturities of Debt Outstanding	The principal maturities of debt outstanding on December 31, 2024 were as follows: (in thousands) Debt Maturities 2025 $ 350,000 2026 100,000 2027 — 2028 — 2029 700,000 Thereafter 650,000 Total debt $ 1,800,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 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: Fiscal Year (in thousands) 2024 2023 2022 Purchases from Southeastern $ 142,208 $ 146,898 $ 153,967 Purchases from SAC 213,317 200,239 193,261 Total purchases from manufacturing cooperatives $ 355,525 $ 347,137 $ 347,228

Risks and Uncertainties (Tables

Risks and Uncertainties (Tables)	12 Months Ended
	Dec. 31, 2024
Risks and Uncertainties [Abstract]
Summary of Percentage of Total Bottle/Can Sales Volume and Percentage Total Net Sales to Its Largest Customers	The table below summarizes the percentage of the Company’s total bottle/can sales volume to its largest customers, as well as the percentage of the Company’s total net sales, which are included in the Nonalcoholic Beverages segment, that such volume represents. No other customer represented greater than 10% of the Company’s total net sales for any of the years presented. Fiscal Year 2024 2023 2022 Approximate percent of the Company’s total bottle/can sales volume: Walmart Inc. (1) 21 % 21 % 20 % The Kroger Co. (2) 15 % 14 % 14 % Total approximate percent of the Company’s total bottle/can sales volume 36 % 35 % 34 % Approximate percent of the Company’s total net sales: Walmart Inc. (1) 17 % 17 % 16 % The Kroger Co. (2) 12 % 11 % 11 % Total approximate percent of the Company’s total net sales 29 % 28 % 27 % (1) Includes bottle/can sales volume related to the Walmart, Sam’s Club and Walmart Neighborhood Market chains. (2)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Summary of Accumulated Other Comprehensive (Loss)	Following is a summary of AOCI(L) for 2024, 2023 and 2022: Gains (Losses) During the Period Reclassification to Income (in thousands) December 31, Pre-tax Tax Pre-tax Tax December 31, Net pension activity: Actuarial gain $ 533 $ 5,144 $ (1,259) $ — $ — $ 4,418 Prior service costs (97) — — 16 (4) (85) Net postretirement benefits activity: Actuarial gain 721 2,920 (715) 44 (10) 2,960 Prior service costs (624) — — — — (624) Unrealized gain on short-term investments — 33 (8) — — 25 Reclassification of stranded tax effects (4,809) — — — — (4,809) Total AOCI(L) $ (4,276) $ 8,097 $ (1,982) $ 60 $ (14) $ 1,885 As of both December 31, 2024 and December 31, 2023, there were no gross actuarial losses or prior service costs included in AOCI(L) 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. Gains (Losses) During the Period Reclassification to Income (in thousands) December 31, Pre-tax Tax Pre-tax Tax December 31, Net pension activity: Actuarial loss $ (71,140) $ 3,036 $ (744) $ 1,946 $ (476) $ (67,378) Prior service costs (105) (5) 1 16 (4) (97) Pension plan settlement — — — 112,796 (44,885) 67,911 Net postretirement benefits activity: Actuarial gain 6,752 (7,986) 1,955 — — 721 Prior service costs (624) — — — — (624) Reclassification of stranded tax effects (19,720) — — — 14,911 (4,809) Total AOCI(L) $ (84,837) $ (4,955) $ 1,212 $ 114,758 $ (30,454) $ (4,276) Gains (Losses) During the Period Reclassification to Income (in thousands) December 31, Pre-tax Tax Pre-tax Tax December 31, Net pension activity: Actuarial loss $ (78,882) $ 6,263 $ (1,533) $ 3,990 $ (978) $ (71,140) Prior service credits (costs) 11 (154) 38 — — (105) Net postretirement benefits activity: Actuarial (loss) gain (1,239) 10,138 (2,481) 444 (110) 6,752 Prior service costs (624) — — — — (624) Foreign currency translation adjustment (9) — — 11 (2) — Reclassification of stranded tax effects (19,720) — — — — (19,720) Total AOCI(L) $ (100,463) $ 16,247 $ (3,976) $ 4,445 $ (1,090) $ (84,837)

Supplemental Disclosures of C_2

Supplemental Disclosures of Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 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: Fiscal Year (in thousands) 2024 2023 2022 Short-term investments $ (5,142) $ — $ — Accounts receivable, trade (11,720) (23,886) (59,777) Allowance for doubtful accounts (1,386) (59) (1,217) Accounts receivable from The Coca-Cola Company (37,935) (16,150) 21,951 Accounts receivable, other 26,889 (12,902) (20,753) Inventories (8,463) 25,613 (44,694) Prepaid expenses and other current assets (7,746) 5,682 (16,201) Accounts payable, trade (36,496) 17,096 23,417 Accounts payable to The Coca-Cola Company 47,772 (23,284) 17,112 Other accrued liabilities 8,693 37,017 (10,649) Accrued compensation 21,760 20,011 16,027 Change in current assets less current liabilities $ (3,774) $ 29,138 $ (74,784)
Net Cash Payments (Refunds) During the Period for Income Taxes and Interest	The Company had the following net cash payments during the period for income taxes and interest: Fiscal Year (in thousands) 2024 2023 2022 Income taxes $ 223,975 $ 200,812 $ 140,988 Interest 56,094 23,960 28,086
Significant Noncash Financing and Investing Activities	The Company had the following significant non-cash financing and investing activities: Fiscal Year (in thousands) 2024 2023 2022 Additions to property, plant and equipment accrued and recorded in accounts payable, trade $ 44,946 $ 59,014 $ 44,775 Right-of-use assets obtained in exchange for operating lease obligations 17,280 10,215 25,130 Dividends declared but not yet paid — 154,666 32,808 Reductions to leased property under financing leases — — 55,465

Description of Business and S_3

Description of Business and Summary of Critical Accounting Policies (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) benefitPlan stock segment vote reporting_unit category $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of operating segments | segment	3
Number of additional operating segments do not meet quantitative thresholds for separate reporting | segment	2
Period of collection of trade account receivable	30 days
Amortization expenses of internal-use software | $	$ 1,000	$ 1,700	$ 3,000
Number of reporting units | reporting_unit	1
Impairment of the carrying value of goodwill | $	$ 0	0	0
Number of sales categories | category	2
Number of classes of common stock outstanding | stock	2
Percentage control of total voting power (as a percent)	72%
Payment of dividend | $	$ 185,635	$ 46,868	$ 9,374
Anti-dilutive shares (in shares) | shares	0	0	0
Total Bottle/Can Sales Volume
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage of related party products volume to customers (as a percent)	85%
Common Stock
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Common stock, par value (in dollars per share)	$ 1	$ 1
Number of votes per share | vote	1
Dividends declared on common stock (in dollars per share)	$ 3.50	18	$ 4.50
Cash dividend per share (in dollars per share)	20	5	1
Class B Common Stock
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Common stock, par value (in dollars per share)	$ 1	1
Number of votes per share | vote	20
Dividends declared on common stock (in dollars per share)	$ 3.50	18	4.50
Cash dividend per share (in dollars per share)	$ 20	$ 5	$ 1
Class B Common stock convertible into common Stock, conversion ratio	1
Pension Plans
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Number of company-sponsored pension plans | benefitPlan	2
Minimum | Distribution Agreements
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	20 years
Minimum | Customer Lists
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	5 years
Maximum | Distribution Agreements
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	40 years
Maximum | Customer Lists
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Estimated useful life	12 years
Bottle/Can Sales
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Sales return estimated percentage (less than)	1%
Post-Mix and Other
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
Sales return estimated percentage (less than)	1%
Repair Service | Minimum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
General period for completion of services (less than for minimum)	1 day
Repair Service | Maximum
Description Of Business And Summary Of Significant Accounting Policies [Line Items]
General period for completion of services (less than for minimum)	1 month

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) $ / shares in Units, $ in Thousands			12 Months Ended
	Jul. 05, 2024 USD ($) shares	Jun. 18, 2024 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	May 20, 2024 USD ($) $ / shares	May 06, 2024 USD ($)
Related Party Transaction [Line Items]
Payments of acquisition related contingent consideration			$ 64,312	$ 28,208	$ 36,515
Accounts receivable, other			40,692	67,533
Lease liabilities for operating leases			$ 115,619	128,465
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
Treasury Stock, Shares, Acquired | shares		14,391.5
Shares Acquired, Cost Per Share | $ / shares		$ 925
Treasury Stock, Value, Acquired, Cost Method		$ 13,300
Shares Repurchased, Percentage Of Common Stock Issued and Outstanding		0.20%
Tender Offer | Minimum
Related Party Transaction [Line Items]
Share Repurchase Program, Price Per Share | $ / shares						$ 850
Tender Offer | Maximum
Related Party Transaction [Line Items]
Share Repurchase Program, Price Per Share | $ / shares						925
Purchase Agreement
Related Party Transaction [Line Items]
Share Repurchase Program, Price Per Share | $ / shares						$ 925
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			20 days
SD&A Expenses | Long-Term Performance Equity Plan
Related Party Transaction [Line Items]
Share based compensation			$ 10,500	10,300	10,100
J. Frank Harrison, III
Related Party Transaction [Line Items]
Voting power of stock held by related party (as a percent)			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
The Coca-Cola Company
Related Party Transaction [Line Items]
Voting power of stock held by related party (as a percent)			7%
Payments made to related party for concentrate syrup, sweetener, finished products and other purchases (as a percent)			0.80
The Coca-Cola Company
Related Party Transaction [Line Items]
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 During Period, Value	$ 553,700
CCR | Comprehensive Beverage Agreement
Related Party Transaction [Line Items]
Payments of acquisition related contingent consideration			$ 64,300	28,200	36,500
Southeastern | Other Assets
Related Party Transaction [Line Items]
Equity investments			20,900	20,900
SAC
Related Party Transaction [Line Items]
Proceeds from management fees received from SAC, classified as reduction of cost of sales			9,500	9,300	8,900
SAC | Other Assets
Related Party Transaction [Line Items]
Equity investments			25,300	17,200
CCBSS
Related Party Transaction [Line Items]
Accounts receivable, other			14,500	14,300
Administrative fees due to CCBSS			2,800	2,800	2,400
CONA
Related Party Transaction [Line Items]
Service fees			26,700	27,500	$ 25,700
CONA | Other Assets
Related Party Transaction [Line Items]
Equity investments			27,500	22,100
Company headquarters
Related Party Transaction [Line Items]
Lease liabilities for operating leases			$ 19,300	$ 22,500

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Payments made by the Company to The Coca-Cola Company	$ 2,109,748	$ 2,019,409	$ 1,867,727
Payments made by The Coca-Cola Company to the Company	$ 274,322	$ 253,972	$ 256,333

Related Party Transactions - _2

Related Party Transactions - Summary of Liability to Estimated Fair Value of Contingent Consideration (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Current portion of acquisition related contingent consideration	$ 63,982	$ 64,528
Noncurrent portion of acquisition related contingent consideration	590,209	604,809
CCR | Comprehensive Beverage Agreement
Related Party Transaction [Line Items]
Current portion of acquisition related contingent consideration	63,982	64,528
Noncurrent portion of acquisition related contingent consideration	590,209	604,809
Total acquisition related contingent consideration	$ 654,191	$ 669,337

Related Party Transactions - _3

Related Party Transactions - Summary of Rental Payments Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Company headquarters
Related Party Transaction [Line Items]
Related parties, rental payments	$ 4,010	$ 3,931	$ 3,854
Snyder Production Center
Related Party Transaction [Line Items]
Related parties, rental payments	$ 0	$ 0	$ 927

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) category	Dec. 31, 2023 USD ($)	Dec. 31, 2022
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 (less than for minimum)	1 day
Repair Service | Maximum
Revenue From Contract With Customer [Line Items]
General period for completion of services (less than for minimum)	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%
Point in Time Net Sales | Revenue from Contract with Customer Benchmark | Timing Of Sale
Revenue From Contract With Customer [Line Items]
Sales percentage (as a percent)	98%	98%	97%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 6,899,716	$ 6,653,858	$ 6,200,957
Point in Time Net Sales
Disaggregation of Revenue [Line Items]
Net sales	6,781,744	6,510,155	6,034,914
Point in Time Net Sales | Nonalcoholic Beverages
Disaggregation of Revenue [Line Items]
Net sales	6,781,744	6,510,155	6,034,914
Over Time Net Sales
Disaggregation of Revenue [Line Items]
Net sales	117,972	143,703	166,043
Over Time Net Sales | Nonalcoholic Beverages
Disaggregation of Revenue [Line Items]
Net sales	57,301	52,467	46,443
Over Time Net Sales | All Other
Disaggregation of Revenue [Line Items]
Net sales	$ 60,671	$ 91,236	$ 119,600

Revenue Recognition - Summary o

Revenue Recognition - Summary of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance - allowance for credit losses	$ 11,560	$ 13,119	$ 14,336
Additions charged to expenses and as a reduction to net sales	3,080	2,639	4,326
Deductions	(5,116)	(4,198)	(5,543)
Ending balance - allowance for credit losses	$ 9,524	$ 11,560	$ 13,119

Segments - Additional Informati

Segments - Additional Information (Details)	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 6,899,716	$ 6,653,858	$ 6,200,957
Cost of goods sold	4,146,537	4,055,147	3,923,003
Gross profit	2,753,179	2,598,711	2,277,954
Selling, delivery and administrative expenses:
Payroll costs	1,200,031	1,151,578	1,080,068
Fleet costs	134,919	139,180	109,013
Depreciation and amortization expense	105,444	97,434	94,533
All other segment items	392,435	376,068	353,293
Total selling, delivery and administrative expenses	1,832,829	1,764,260	1,636,907
Income from operations	920,350	834,451	641,047
Total depreciation and amortization expense	193,791	176,966	171,590
Operating Segments | Nonalcoholic Beverages
Segment Reporting Information [Line Items]
Net sales	6,839,045	6,562,622	6,081,357
Cost of goods sold	4,138,869	3,999,292	3,852,819
Gross profit	2,700,176	2,563,330	2,228,538
Selling, delivery and administrative expenses:
Payroll costs	1,146,375	1,094,849	1,023,634
Fleet costs	103,444	106,235	82,308
Depreciation and amortization expense	103,444	95,320	92,301
All other segment items	439,686	425,434	391,159
Total selling, delivery and administrative expenses	1,792,949	1,721,838	1,589,402
Income from operations	907,227	841,492	639,136
Total depreciation and amortization expense	177,521	164,484	159,845
Operating Segments | All Other
Segment Reporting Information [Line Items]
Net sales	346,377	370,748	399,360
Cost of goods sold	219,204	263,307	288,894
Gross profit	127,173	107,441	110,466
Selling, delivery and administrative expenses:
Payroll costs	53,656	56,729	56,434
Fleet costs	31,475	32,945	26,705
Depreciation and amortization expense	2,000	2,114	2,232
All other segment items	26,919	22,694	23,184
Total selling, delivery and administrative expenses	114,050	114,482	108,555
Income from operations	13,123	(7,041)	1,911
Total depreciation and amortization expense	16,270	12,482	11,745
Eliminations
Segment Reporting Information [Line Items]
Net sales	(285,706)	(279,512)	(279,760)
Cost of goods sold	(211,536)	(207,452)	(218,710)
Gross profit	(74,170)	(72,060)	(61,050)
Selling, delivery and administrative expenses:
Payroll costs	0	0	0
Fleet costs	0	0	0
Depreciation and amortization expense	0	0	0
All other segment items	(74,170)	(72,060)	(61,050)
Total selling, delivery and administrative expenses	(74,170)	(72,060)	(61,050)
Income from operations	0	0	0
Total depreciation and amortization expense	$ 0	$ 0	$ 0

Net Income Per Share - Computat

Net Income Per Share - Computation of Basic Net Income Per Share and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income	$ 633,125	$ 408,375	$ 430,158
Less dividends:
Total undistributed earnings – basic	447,490	361,507	420,784
Total undistributed earnings – diluted	447,490	361,507	420,784
Class B Common Stock
Less dividends:
Common Stock	20,094	5,024	1,312
Total undistributed earnings – basic	49,749	38,758	56,425
Total undistributed earnings – diluted	50,320	39,376	57,626
Numerator for basic net income per Common Stock share:
Numerator for basic net income per Common Stock share	69,843	43,782	57,737
Numerator for diluted net income per Common Stock share:
Numerator for diluted net income per Common Stock share	$ 70,414	$ 44,400	$ 58,938
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	1,005	1,257
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted (in shares)	1,018	1,023	1,288
Basic net income per share:
Common Stock (in dollars per share)	$ 69.50	$ 43.56	$ 45.93
Diluted net income per share:
Common Stock (in dollars per share)	$ 69.17	$ 43.40	$ 45.76
Common Stock
Less dividends:
Common Stock	$ 165,541	$ 41,844	$ 8,062
Total undistributed earnings – basic	397,741	322,749	364,359
Total undistributed earnings – diluted	397,170	322,131	363,158
Numerator for basic net income per Common Stock share:
Numerator for basic net income per Common Stock share	563,282	364,593	372,421
Numerator for diluted net income per Common Stock share:
Numerator for diluted net income per Common Stock share	$ 633,125	$ 408,375	$ 430,158
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - basic (in shares)	8,035	8,369	8,117
Denominator for diluted net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding - diluted (in shares)	9,053	9,392	9,405
Basic net income per share:
Common Stock (in dollars per share)	$ 70.10	$ 43.56	$ 45.88
Diluted net income per share:
Common Stock (in dollars per share)	$ 69.94	$ 43.48	$ 45.74

Net Income Per Share - Comput_2

Net Income Per Share - Computation of Basic Net Income Per Share and Diluted Net Income Per Share, Textual (Details) - USD ($) $ in Millions			12 Months Ended
	Jul. 05, 2024	Jun. 18, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 20, 2024	May 20, 2024	May 06, 2024
Class of Stock [Line Items]
Percentage undistributed earnings (losses) allocated to common stock diluted			100%	100%	100%
Anti-dilutive shares (in shares)			0	0	0
Tender Offer
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired		14,391.5
Authorized repurchase amount							$ 2,000	$ 2,000
Purchase Agreement | Carolina Coca-Cola Bottling Investments
Class of Stock [Line Items]
Stock repurchased and retired (in shares)	598,619
New Share Repurchase Program
Class of Stock [Line Items]
Treasury Stock, Shares, Acquired			42,895
Authorized repurchase amount						$ 1,000

Short-Term Investments - Summar

Short-Term Investments - Summary of Available-for-Sale Debt Securities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Cost	$ 301,177
Gross Unrealized Gains	155
Gross Unrealized Losses	(122)
Estimated Fair Value	301,210
U.S. Treasury securities
Debt Securities, Available-for-Sale [Line Items]
Cost	178,016
Gross Unrealized Gains	67
Gross Unrealized Losses	(44)
Estimated Fair Value	178,039
Corporate bonds
Debt Securities, Available-for-Sale [Line Items]
Cost	103,970
Gross Unrealized Gains	77
Gross Unrealized Losses	(78)
Estimated Fair Value	103,969
Commercial paper instruments
Debt Securities, Available-for-Sale [Line Items]
Cost	17,657
Gross Unrealized Gains	6
Gross Unrealized Losses	0
Estimated Fair Value	17,663
Asset-backed securities
Debt Securities, Available-for-Sale [Line Items]
Cost	1,534
Gross Unrealized Gains	5
Gross Unrealized Losses	0
Estimated Fair Value	$ 1,539

Short-Term Investments - Narrat

Short-Term Investments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds from the disposal of short-term investments	$ 150,300,000
Realized gain (loss) from short-term investments	$ 0	$ 0
Short-term investments		$ 0

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished products	$ 203,373	$ 207,912
Manufacturing materials	84,096	71,560
Plastic shells, plastic pallets and other inventories	42,926	42,460
Total inventories	$ 330,395	$ 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	Dec. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets [Abstract]
Repair parts	$ 34,465	$ 35,256
Prepaid taxes	12,119	9,020
Prepaid software	8,616	9,427
Prepaid marketing	5,142	4,703
Commodity hedges at fair market value	2,472	3,747
Other prepaid expenses and other current assets	33,517	26,432
Total prepaid expenses and other current assets	$ 96,331	$ 88,585

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Principal Categories and Estimated Useful Lives of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 2,762,872	$ 2,481,408
Less:  Accumulated depreciation and amortization	1,257,605	1,160,845
Property, plant and equipment, net	1,505,267	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	$ 493,810	390,852
Buildings | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	8 years
Buildings | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	50 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 563,834	498,737
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	20 years
Transportation equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 682,263	611,001
Transportation equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Transportation equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	20 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 113,156	107,072
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	10 years
Cold drink dispensing equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 456,984	449,508
Cold drink dispensing equipment | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Cold drink dispensing equipment | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	17 years
Leasehold and land improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 192,282	179,146
Leasehold and land improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	5 years
Leasehold and land improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	20 years
Software for internal use
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 50,293	49,611
Software for internal use | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	3 years
Software for internal use | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, at cost	$ 77,707	$ 95,623

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Narrative (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Impairment charges	$ 0	$ 0	$ 0

Leases - Summary of Weighted Av

Leases - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Population of Leases (Details)	Dec. 31, 2024	Dec. 31, 2023
Operating leases
Weighted average remaining lease term	6 years 4 months 24 days	6 years 8 months 12 days
Weighted average discount rate	4.10%	3.80%
Financing leases
Weighted average remaining lease term	2 years 10 months 24 days	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 Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease costs	$ 29,616	$ 32,959	$ 30,484
Short-term and variable leases	12,816	15,995	15,065
Depreciation expense from financing leases	1,647	1,646	2,315
Interest expense on financing lease obligations	321	447	884
Total lease cost	$ 44,400	$ 51,047	$ 48,748

Leases - Summary of Future Mini

Leases - Summary of Future Minimum Lease Payments For Noncancelable Operating And Financing Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Operating Leases
Year One	$ 26,799	$ 29,932
Year Two	24,578	24,329
Year Three	21,101	21,115
Year Four	16,427	18,614
Year Five	15,046	13,890
Thereafter	27,482	39,022
Total minimum lease payments including interest	131,433	146,902
Less:  Amounts representing interest	15,814	18,437
Present value of minimum lease principal payments	115,619	128,465
Less:  Current portion of lease liabilities - operating and financing leases	23,257	26,194
Noncurrent portion of lease liabilities - operating and financing leases	92,362	102,271
Financing Leases
Year One	2,869	2,808
Year Two	1,233	2,869
Year Three	338	1,233
Year Four	345	338
Year Five	352	345
Thereafter	268	620
Total minimum lease payments including interest	5,405	8,213
Less:  Amounts representing interest	374	694
Present value of minimum lease principal payments	5,031	7,519
Less:  Current portion of lease liabilities - operating and financing leases	2,685	2,487
Noncurrent portion of lease liabilities - operating and financing leases	$ 2,346	$ 5,032

Leases - Summary of Balances _2

Leases - Summary of Balances Related to Lease Portfolio within Consolidated Statement of Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities impact:
Operating leases	$ 32,102	$ 33,013	$ 28,891
Interest payments on financing lease obligations	321	447	884
Total cash flows from operating activities impact	32,423	33,460	29,775
Cash flows from financing activities impact:
Principal payments on financing lease obligations	2,488	2,303	2,988
Total cash flows from financing activities impact	$ 2,488	$ 2,303	$ 2,988

Distribution Agreements, Net -

Distribution Agreements, Net - Narrative (Details) - Distribution agreements, net $ in Millions	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
2025	$ 24.9
2026	24.9
2027	24.9
2028	24.9
2029	$ 24.9
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	20 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	40 years

Distribution Agreements, Net _2

Distribution Agreements, Net - Components of Distribution Agreements, Net (Details) - Distribution agreements, net - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Distribution agreements at cost	$ 990,191	$ 990,191
Less: Accumulated amortization	197,939	173,048
Distribution agreements, net	$ 792,252	$ 817,143

Customer Lists, Net - Narrative

Customer Lists, Net - Narrative (Details) - Customer lists, net	Dec. 31, 2024
Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	5 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	12 years

Customer Lists, Net - Other Ide

Customer Lists, Net - Other Identifiable Intangible Assets (Details) - Customer lists, net - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Customer lists at cost	$ 25,288	$ 25,288
Less: Accumulated amortization	19,410	17,789
Distribution agreements, net	$ 5,878	$ 7,499

Customer Lists, Net - Schedule

Customer Lists, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - Customer lists, net $ in Thousands	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
2025	$ 1,621
2026	1,578
2027	1,293
2028	1,002
2029	$ 384

Supply Chain Finance Program (D

Supply Chain Finance Program (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Supplier Finance Program, Obligation, Current, Statement of Financial Position [Extensible Enumeration]	Accounts payable, trade	Accounts payable, trade
Outstanding obligation current	$ 52,167	$ 55,105	$ 44,174

Supply Chain Finance Program -

Supply Chain Finance Program - Schedule of Supply Chain Finance Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Supplier Finance Program, Obligation [Roll Forward]
Confirmed obligations outstanding at the beginning of the year	$ 55,105	$ 44,174
Invoices confirmed during the year	230,346	221,231
Confirmed invoices paid during the year	(233,284)	(210,300)
Confirmed obligations outstanding at the end of the year	$ 52,167	$ 55,105

Other Accrued Liabilities - Sum

Other Accrued Liabilities - Summary of Other Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Current portion of acquisition related contingent consideration	$ 63,982	$ 64,528
Accrued insurance costs	58,040	54,040
Accrued marketing costs	55,879	55,799
Employee and retiree benefit plan accruals	33,446	34,203
Accrued interest payable	7,611	2,520
Accrued taxes (other than income taxes)	6,821	7,474
All other accrued expenses	20,908	19,430
Total other accrued liabilities	$ 246,687	$ 237,994

Commodity Derivative Instrume_3

Commodity Derivative Instruments - Summary of Pre-Tax Changes in Fair Value (Details) - Commodity derivative instruments - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total loss	$ (1,275)	$ (1,061)	$ (2,906)
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Total loss	(728)	1,220	(3,333)
Selling, delivery and administrative expenses
Derivative Instruments, Gain (Loss) [Line Items]
Total loss	$ (547)	$ (2,281)	$ 427

Commodity Derivative Instrume_4

Commodity Derivative Instruments - Summary of Fair Values and Classification in Consolidated Balance Sheets of Derivative Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Prepaid expenses and other current assets	$ 2,472	$ 3,747
Commodity derivative instruments
Derivatives, Fair Value [Line Items]
Prepaid expenses and other current assets	2,472	3,747
Total assets	2,472	3,747
Gross commodity derivative instrument assets	2,472	3,747
Gross commodity derivative instrument liabilities	$ 0	$ 0

Commodity Derivative Instrume_5

Commodity Derivative Instruments - Summary of Outstanding Commodity Derivative Agreements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Commodity derivative instruments
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of outstanding commodity derivative instruments	$ 50,928	$ 50,187

Fair Values of Financial Inst_3

Fair Values of Financial Instruments - Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets:
Short-term investments	$ 301,210	$ 0
Commodity derivative instruments
Assets:
Commodity derivative instruments	2,472	3,747
Fair Value Level 3
Liabilities:
Acquisition related contingent consideration	654,191	669,337	$ 541,491
Carrying Amount
Assets:
Deferred compensation plan assets	81,123	64,769
Short-term investments	301,210
Pension plan assets	49,617	47,321
Liabilities:
Deferred compensation plan liabilities	81,123	64,769
Debt	1,786,348
Debt		599,159
Acquisition related contingent consideration	654,191	669,337
Carrying Amount | Commodity derivative instruments
Assets:
Commodity derivative instruments	2,472	3,747
Total Fair Value
Assets:
Deferred compensation plan assets	81,123	64,769
Short-term investments	301,210
Pension plan assets	49,617	47,321
Liabilities:
Deferred compensation plan liabilities	81,123	64,769
Debt	1,803,500
Debt		579,000
Acquisition related contingent consideration	654,191	669,337
Total Fair Value | Commodity derivative instruments
Assets:
Commodity derivative instruments	2,472	3,747
Total Fair Value | Fair Value Level 1
Assets:
Deferred compensation plan assets	81,123	64,769
Short-term investments	283,547
Pension plan assets	34,655	24,153
Liabilities:
Deferred compensation plan liabilities	81,123	64,769
Debt	0
Debt		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	17,663
Pension plan assets	14,962	23,168
Liabilities:
Deferred compensation plan liabilities	0	0
Debt	1,803,500
Debt		579,000
Acquisition related contingent consideration	0	0
Total Fair Value | Fair Value Level 2 | Commodity derivative instruments
Assets:
Commodity derivative instruments	2,472	3,747
Total Fair Value | Fair Value Level 3
Assets:
Deferred compensation plan assets	0	0
Short-term investments	0
Pension plan assets	0	0
Liabilities:
Deferred compensation plan liabilities	0	0
Debt	0
Debt		0
Acquisition related contingent consideration	654,191	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 - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 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
Discount Rate | Fair Value Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Acquisition related contingent consideration liability, measurement input	0.093	0.085
Distribution Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated useful life	40 years

Fair Values of Financial Inst_5

Fair Values of Financial Instruments - Summary of Reconciliation of Acquisition Related Contingent Consideration Liability (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Combination, Contingent Consideration, Liability [Roll Forward]
Payments of acquisition related contingent consideration	$ (64,312)	$ (28,208)	$ (36,515)
Increase in fair value	59,166	159,354	32,301
Level 3
Business Combination, Contingent Consideration, Liability [Roll Forward]
Beginning balance - Level 3 liability	669,337	541,491
Payments of acquisition related contingent consideration	(64,312)	(28,208)
Reclassification to current payables	(10,000)	(3,300)
Increase in fair value	59,166	159,354
Ending balance - Level 3 liability	$ 654,191	$ 669,337	$ 541,491

Income Taxes - Significant Comp

Income Taxes - Significant Components of the Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ 179,019	$ 158,475	$ 109,899
State	41,981	39,652	26,053
Total current provision	221,000	198,127	135,952
Deferred:
Federal	958	(40,658)	7,478
State	1,571	(8,363)	1,499
Total deferred provision (benefit)	2,529	(49,021)	8,977
Income tax expense	$ 223,529	$ 149,106	$ 144,929

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax [Line Items]
Effective income tax rate (as a percent)	26.10%	26.70%	25.20%
Uncertain tax positions	$ 400	$ 400
Uncertain tax positions that would affect income tax rate	400	400
Change in uncertain tax positions, expected material impact on consolidated financial statements	0
Valuation allowance for deferred tax assets	5,535	$ 4,130
Federal
Income Tax [Line Items]
Net operating losses	0
State
Income Tax [Line Items]
Net operating losses	$ 16,600

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Income Tax Expense at Statutory Federal Rate to Actual Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income tax expense
Statutory expense	$ 179,898	$ 117,071	$ 120,768
State income taxes, net of federal benefit	32,581	21,001	21,572
Nondeductible compensation	7,285	7,372	4,005
Meals, entertainment and travel expense	2,640	3,336	1,694
Valuation allowance change	1,414	701	(932)
Adjustment for uncertain tax positions	55	52	(1,351)
Other, net	(344)	(427)	(827)
Income tax expense	$ 223,529	$ 149,106	$ 144,929
% pre-tax income (loss)
Statutory expense	21%	21%	21%
State income taxes, net of federal benefit	3.80%	3.80%	3.80%
Nondeductible compensation	0.80%	1.30%	0.70%
Meals, entertainment and travel expense	0.30%	0.60%	0.30%
Valuation allowance change	0.20%	0.10%	(0.20%)
Adjustment for uncertain tax positions	0%	0%	(0.20%)
Other, net	0%	(0.10%)	(0.20%)
Income tax expense	26.10%	26.70%	25.20%

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Uncertain Tax Positions Excluding Accrued Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance - gross uncertain tax positions	$ 330	$ 285	$ 1,254
Increase as a result of tax positions taken in the current year	105	105	105
Increase as a result of tax positions taken in a prior year	0	0	0
Reduction as a result of the expiration of the applicable statute of limitations	(61)	(60)	(1,074)
Ending balance - gross uncertain tax positions	$ 374	$ 330	$ 285

Income Taxes - Temporary Differ

Income Taxes - Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Acquisition related contingent consideration	$ 160,120	$ 163,827
Accrued liabilities	35,912	32,516
Deferred compensation	34,308	27,017
Operating lease liabilities	28,299	31,443
Deferred revenue	25,474	26,750
Postretirement benefits	13,179	13,601
Transactional costs	2,670	3,101
Net operating loss carryforwards	754	437
Financing lease agreements	287	470
Other	956	3,511
Deferred income tax assets	301,959	302,673
Less: Valuation allowance for deferred tax assets	5,535	4,130
Net deferred income tax asset	296,424	298,543
Depreciation	(212,926)	(201,875)
Intangible assets	(167,428)	(170,504)
Right-of-use assets - operating leases	(27,499)	(30,034)
Prepaid expenses	(9,784)	(8,028)
Inventory	(8,547)	(11,425)
Patronage dividend	(3,181)	(5,112)
Deferred income tax liabilities	(429,365)	(426,978)
Net deferred income tax liability	$ (132,941)	$ (128,435)

Benefit Plans - Narrative (Deta

Benefit Plans - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) benefitPlan segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Pension plan settlement expense	$ 0	$ 112,796	$ 0
Multiemployer plans status red zone minimum funded percentage (as a percent)	80%
Multiemployer pension plan withdrawing annual payment amount	$ 1,000
Multiemployer pension plan withdrawing liability recorded	$ 3,200
401(k) Savings Plan
Defined Benefit Plan Disclosure [Line Items]
Company maximum contribution percentage under plan (as a percent)	5%	5%	5%
Company actual contribution percentage under plan (as a percent)	5%	5%	5%
Cost recognized	$ 32,700	$ 30,500	$ 26,800
Executive Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Number of executive benefit plans | benefitPlan	4
Executive Benefit Plans | Supplemental Savings Incentive Plan
Defined Benefit Plan Disclosure [Line Items]
Company contributions vesting period	5 years
Company maximum contribution percentage under plan (as a percent)	50%
Participant contributions percentage under plan (as a percent)	6%
Company actual contribution percentage under plan (as a percent)	50%	50%	50%
Company actual matching contribution, percent of employees' salary (as a percent)	6%	6%	6%
Executive Benefit Plans | Supplemental Savings Incentive Plan and Director Deferral Plan
Defined Benefit Plan Disclosure [Line Items]
Number of executive benefit plans | segment	2
Executive Benefit Plans | Long-Term Retention Plan
Defined Benefit Plan Disclosure [Line Items]
Vested percentage until age 51 under plan (as a percent)	50%
Age vesting percentage increases	51 years
Annual vested percentage increase under plan beginning at age 51 (as a percent)	5%
Fully vested age	60 years
Annuity to eligible participants installment payment period one	10 years
Annuity to eligible participants installment payment period two	15 years
Annuity to eligible participants installment payment period three	20 years
Executive Benefit Plans | Officer Retention Plan
Defined Benefit Plan Disclosure [Line Items]
Vested percentage until age 51 under plan (as a percent)	50%
Age vesting percentage increases	51 years
Annual vested percentage increase under plan beginning at age 51 (as a percent)	5%
Fully vested age	60 years
Annuity to eligible participants installment payment period one	10 years
Annuity to eligible participants installment payment period two	15 years
Annuity to eligible participants installment payment period three	20 years
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Number of company-sponsored pension plans | benefitPlan	2
Actuarial losses included in accumulated other comprehensive loss	$ (5,362)	$ (218)
Pension Plans | Primary Plan
Defined Benefit Plan Disclosure [Line Items]
Actuarial losses included in accumulated other comprehensive loss	0	0
Pension Plans | Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 44,900	$ 46,100
Weighted average expected long-term rate of return of plan assets	7%	7%	5.50%
Weighted average duration of institutional government and corporate bonds	18 years
Pension Plans | Bargaining Plan | Maximum
Defined Benefit Plan Disclosure [Line Items]
Expected future employer contributions, next fiscal year	$ 5,000
Weighted average duration of cash and cash equivalents	1 year

Benefit Plans - Liability Under

Benefit Plans - Liability Under Executive Benefit Plans (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	$ 33,446	$ 34,203
Executive Benefit Plans | Supplemental Savings Incentive Plan and Director Deferral Plan
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	10,424	7,805
Noncurrent liabilities	89,293	82,458
Total liability	99,717	90,263
Executive Benefit Plans | Long-Term Retention Plan
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	268	219
Noncurrent liabilities	14,660	10,633
Total liability	14,928	10,852
Executive Benefit Plans | Officer Retention Plan
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	3,489	3,591
Noncurrent liabilities	32,486	35,663
Total liability	35,975	39,254
Executive Benefit Plans | Long-Term Performance Plan
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	9,588	9,104
Noncurrent liabilities	9,541	8,975
Total liability	$ 19,129	$ 18,079

Benefit Plans - Net Periodic Pe

Benefit Plans - Net Periodic Pension Cost (Details) - Pension Plans - Bargaining Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 4,330	$ 3,996	$ 6,586
Interest cost	2,379	2,079	1,664
Expected return on plan assets	(3,050)	(2,438)	(1,823)
Recognized net actuarial loss	0	0	402
Amortization of prior service costs	16	16	0
Net periodic pension/postretirement benefit cost	$ 3,675	$ 3,653	$ 6,829

Benefit Plans - Changes in Proj

Benefit Plans - Changes in Projected Benefit Obligation (Details) - Pension Plans - Bargaining Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance - Bargaining Plan projected benefit obligation	$ 46,123	$ 39,177
Service cost	4,330	3,996	$ 6,586
Interest cost	2,379	2,079	1,664
Plan amendments	0	5
Actuarial (gain) loss	(7,000)	1,652
Benefits paid	(897)	(786)
Ending balance - Bargaining Plan projected benefit obligation	$ 44,935	$ 46,123	$ 39,177

Benefit Plans - Change in Plan

Benefit Plans - Change in Plan Assets (Details) - Pension Plans - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at fair value - Beginning balance	$ 47,321
Plan assets at fair value - Ending balance		$ 47,321
Bargaining Plan
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at fair value - Beginning balance	47,321	38,635
Actual return on plan assets	1,424	5,495
Employer contributions	2,000	4,300
Benefits and expenses paid	(1,128)	(1,109)
Plan assets at fair value - Ending balance	$ 49,617	$ 47,321

Benefit Plans - Funded Status,

Benefit Plans - Funded Status, Pension Plans (Details) - Pension Plans - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Plan assets at fair value		$ 47,321
Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ (44,935)	(46,123)	$ (39,177)
Plan assets at fair value	49,617	47,321	$ 38,635
Net funded status - Bargaining Plan	$ 4,682	$ 1,198

Benefit Plans - Amounts Recogni

Benefit Plans - Amounts Recognized in the Consolidated Balance Sheet (Details) - Bargaining Plan - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Assets [Abstract]
Noncurrent assets	$ 4,682	$ 1,198
Total asset - Bargaining Plan	$ 4,682	$ 1,198

Benefit Plans - Significant Ass

Benefit Plans - Significant Assumptions Used, Pension Plans (Details) - Pension Plans - Bargaining Plan	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Projected benefit obligation at the measurement date:
Discount rate	5.89%	5.16%	5.34%
Net periodic pension cost for the fiscal year:
Discount rate	5.16%	5.34%	3.31%
Weighted average expected long-term rate of return of plan assets	7%	7%	5.50%

Benefit Plans - Anticipated Fut

Benefit Plans - Anticipated Future Pension Benefit Payments (Details) - Pension Plans - Bargaining Plan $ in Thousands	Dec. 31, 2024 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2025	$ 1,162
2026	1,348
2027	1,557
2028	1,786
2029	2,006
2030 - 2034	$ 14,142

Benefit Plans - Weighted Averag

Benefit Plans - Weighted Average Expected Long-Term Rate of Return (Details) - Pension Plans - Bargaining Plan	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Percentage of Bargaining Plan Assets at Fiscal Year-End		100%	100%
Forecast
Defined Benefit Plan Disclosure [Line Items]
Target allocation	100%
U.S. debt securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Bargaining Plan Assets at Fiscal Year-End		50%	49%
U.S. debt securities | Forecast
Defined Benefit Plan Disclosure [Line Items]
Target allocation	50%
U.S. equity securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Bargaining Plan Assets at Fiscal Year-End		26%	33%
U.S. equity securities | Forecast
Defined Benefit Plan Disclosure [Line Items]
Target allocation	26%
International debt securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Bargaining Plan Assets at Fiscal Year-End		3%	1%
International debt securities | Forecast
Defined Benefit Plan Disclosure [Line Items]
Target allocation	0%
International equity securities
Defined Benefit Plan Disclosure [Line Items]
Percentage of Bargaining Plan Assets at Fiscal Year-End		13%	10%
International equity securities | Forecast
Defined Benefit Plan Disclosure [Line Items]
Target allocation	10%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Percentage of Bargaining Plan Assets at Fiscal Year-End		1%	1%
Cash and cash equivalents | Forecast
Defined Benefit Plan Disclosure [Line Items]
Target allocation	2%
Other
Defined Benefit Plan Disclosure [Line Items]
Percentage of Bargaining Plan Assets at Fiscal Year-End		7%	6%
Other | Forecast
Defined Benefit Plan Disclosure [Line Items]
Target allocation	12%

Benefit Plans - Summary of Pens

Benefit Plans - Summary of Pension Plan Assets (Details) - Pension Plans - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets		$ 47,321
Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets	$ 49,617	47,321	$ 38,635
Pension plan assets - fixed income
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets		23,824
Pension plan assets - fixed income | Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets	26,243
Pension plan assets - equity securities
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets		20,550
Pension plan assets - equity securities | Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets	19,468
Pension plan assets - cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets		228
Pension plan assets - cash and cash equivalents | Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets	671
Pension plan assets - other
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets		$ 2,719
Pension plan assets - other | Bargaining Plan
Defined Benefit Plan Disclosure [Line Items]
Total pension plan assets	$ 3,235

Benefit Plans - Reconciliation

Benefit Plans - Reconciliation of Benefit Obligation (Details) - Postretirement Benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Beginning balance - Bargaining Plan projected benefit obligation	$ 63,828	$ 55,299
Service cost	1,163	1,085	$ 1,458
Interest cost	3,102	2,761	1,923
Plan participants’ contributions	707	767
Actuarial (gain) loss	(2,920)	7,986
Benefits paid	(3,780)	(4,070)
Ending balance - Bargaining Plan projected benefit obligation	$ 62,100	$ 63,828	$ 55,299

Benefit Plans - Reconciliatio_2

Benefit Plans - Reconciliation of Plan Assets Fair Value (Details) - Postretirement Benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Plan assets at fair value - Beginning balance	$ 0	$ 0
Employer contributions	3,073	3,303
Plan participants’ contributions	707	767
Benefits and expenses paid	(3,780)	(4,070)
Plan assets at fair value - Ending balance	$ 0	$ 0

Benefit Plans - Funded Status_2

Benefit Plans - Funded Status, Postretirement Benefits (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Noncurrent liabilities	$ (58,502)	$ (60,614)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	(3,598)	(3,214)
Noncurrent liabilities	(58,502)	(60,614)
Total liability - Bargaining Plan	$ (62,100)	$ (63,828)

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Postretirement Benefit Cost (Details) - Postretirement Benefits - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,163	$ 1,085	$ 1,458
Interest cost	3,102	2,761	1,923
Recognized net actuarial loss	44	0	444
Net periodic pension/postretirement benefit cost	$ 4,309	$ 3,846	$ 3,825

Benefit Plans - Significant A_2

Benefit Plans - Significant Assumptions Used, Postretirement Benefits (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pre Medicare
Defined Benefit Plan Disclosure [Line Items]
Weighted average healthcare cost trend rate	8.45%	7.88%	6.58%
Weighted average healthcare cost trend rate	7.88%	6.58%	6.04%
Trend rate graded down to ultimate rate	4.50%	4.50%	4.50%
Post Medicare
Defined Benefit Plan Disclosure [Line Items]
Weighted average healthcare cost trend rate	9.73%	8.65%	6.89%
Weighted average healthcare cost trend rate	8.65%	6.89%	6.29%
Trend rate graded down to ultimate rate	4.50%	4.50%	4.50%
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation discount rate	5.68%	5.02%	5.19%
Net periodic postretirement benefit cost discount rate for fiscal year	5.02%	5.19%	2.98%

Benefit Plans - Anticipated F_2

Benefit Plans - Anticipated Future Postretirement Benefit Payments (Details) - Postretirement Benefits $ in Thousands	Dec. 31, 2024 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2025	$ 3,598
2026	4,020
2027	4,514
2028	4,858
2029	4,907
2030 - 2034	$ 26,237

Benefit Plans - Reconciliatio_3

Benefit Plans - Reconciliation of Amounts in Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Actuarial gain
Actuarial Gain	$ 8,064
Total within accumulated other comprehensive income (loss)
Net periodic benefit cost, beginning balance	(7,145)
Reclassification Adjustments	60
Net periodic benefit cost, ending balance	979
Pension Plans
Actuarial gain
Actuarial loss, beginning balance	218
Actuarial Gain	5,144
Reclassification Adjustments	0
Actuarial loss, ending balance	5,362
Prior service costs
Prior service costs, beginning balance	(147)
Actuarial Gain	0
Reclassification Adjustments	16
Prior service costs, ending balance	(131)
Postretirement Benefits
Actuarial gain
Actuarial loss, beginning balance	(7,216)
Actuarial Gain	2,920
Reclassification Adjustments	44
Actuarial loss, ending balance	$ (4,252)

Benefit Plans - Multiemployer P

Benefit Plans - Multiemployer Plans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Teamsters Plan
Multiemployer Plans [Line Items]
Contribution	$ 1,032	$ 999	$ 959

Other Liabilities - Summary of

Other Liabilities - Summary of Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Noncurrent portion of acquisition related contingent consideration	$ 590,209	$ 604,809
Accruals for executive benefit plans	163,444	153,428
Noncurrent deferred proceeds from related parties	97,112	100,176
Other	8,794	8,086
Total other liabilities	$ 859,559	$ 866,499

Other Liabilities - Narrative (

Other Liabilities - Narrative (Details)	Dec. 30, 2018
Legacy Facilities Credit
Defined Benefit Plan Disclosure [Line Items]
Amortization period as reduction to cost of sales	40 years
CCR | Comprehensive Beverage Agreement
Defined Benefit Plan Disclosure [Line Items]
Amortization period as reduction to cost of sales	40 years

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($)	Dec. 31, 2024	May 29, 2024	Dec. 31, 2023	Jul. 09, 2021
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,800,000,000
Debt issuance costs	(12,170,000)		$ (824,000)
Total debt	1,786,348,000		599,159,000
Less: Current portion of debt	349,699,000		0
Total long-term debt	1,436,649,000		599,159,000
Nonpublic | Line of Credit | Revolving Credit Facility
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	$ 350,000,000		350,000,000
Senior notes, issued at par percentage (as a percent)	99.975%
3.93% Senior Notes 10/10/2026 | Nonpublic | Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.93%
Long-term debt, gross	$ 100,000,000		100,000,000
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	$ 700,000,000		0
Senior notes, issued at par percentage (as a percent)	99.843%
3.96% Senior Notes 3/21/2030 | Nonpublic | Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.96%
Long-term debt, gross	$ 150,000,000		150,000,000
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	$ 500,000,000		0
Senior notes, issued at par percentage (as a percent)	99.893%
2025, 2029, and 2034 Senior Bonds | Public | Senior Notes
Debt Instrument [Line Items]
Unamortized discount on senior notes	$ (1,482,000)		$ (17,000)
2021 Revolving Credit Facility Agreement | Nonpublic | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate maximum borrowing capacity				$ 500,000,000

Debt - Principal Maturities of

Debt - Principal Maturities of Debt Outstanding (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 350,000
2026	100,000
2027	0
2028	0
2029	700,000
Thereafter	650,000
Total debt	$ 1,800,000

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands		12 Months Ended
	Jun. 10, 2024 USD ($)	Dec. 31, 2024 USD ($) 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
Interest Rate			5.25%
5.45% Senior Notes 6/1/2034 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 500,000
Interest Rate			5.45%
Revolving Credit Facility | Revolving Credit Facility Agreement | Line of Credit
Debt Instrument [Line Items]
Debt instrument, term (in years)	5 years
Aggregate maximum borrowing capacity	$ 500,000
Line of Credit Facility, Accordion Feature, Increase Limit	$ 250,000
Minimum | Revolving Credit Facility | Revolving Credit Facility Agreement | Line of Credit
Debt Instrument [Line Items]
Commitment fee percentage		0.06%
Maximum | Revolving Credit Facility | Revolving Credit Facility Agreement | Line of Credit
Debt Instrument [Line Items]
Commitment fee percentage		0.175%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) case in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) case	Dec. 31, 2023 USD ($) case	Dec. 31, 2022 USD ($) case
Loss Contingencies [Line Items]
Letters of credit totaled	$ 39	$ 37.6
Long-term marketing contractual arrangements	$ 135.5
Southeastern
Loss Contingencies [Line Items]
Purchase requirements of plastic bottles (as a percent)	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	26.5	25.3	26.9
Debt guarantee for related party		$ 9.5
Impairment of investment	$ 0	$ 0	$ 0

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Company's Purchases from Manufacturing Cooperatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	$ 355,525	$ 347,137	$ 347,228
Southeastern
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	142,208	146,898	153,967
SAC
Loss Contingencies [Line Items]
Total purchases from manufacturing cooperatives	$ 213,317	$ 200,239	$ 193,261

Risks and Uncertainties - Narra

Risks and Uncertainties - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 supplier entity
Concentration Risk [Line Items]
Number of entities in which reporting entity is shareholder and purchases majority of plastic bottles | entity	2
Number of entities in which reporting entity is shareholder and purchases majority of aluminum cans | supplier	2
Total Bottle/Can Sales Volume
Concentration Risk [Line Items]
Concentration risk percentage of related party products volume to customers (as a percent)	85%
Collective Bargaining Agreements | Labor Force Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage (as a percent)	15%
Collective Bargaining Agreements | Labor Force Concentration Risk | Minimum
Concentration Risk [Line Items]
Multi-employer plans collective bargaining arrangements, expiration term	3 years
Collective Bargaining Agreements | Labor Force Concentration Risk | Maximum
Concentration Risk [Line Items]
Multi-employer plans collective bargaining arrangements, expiration term	5 years

Risks and Uncertainties - Summa

Risks and Uncertainties - Summary of Percentage of Total Bottle/Can Sales Volume and Percentage Total Net Sales to Its Largest Customers (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Wal-Mart Stores, Inc And The Kroger Company | Total Bottle/Can Sales Volume | Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage (as a percent)	36%	35%	34%
Wal-Mart Stores, Inc And The Kroger Company | Total Net Sales | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage (as a percent)	29%	28%	27%
Walmart Inc | Total Bottle/Can Sales Volume | Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage (as a percent)	21%	21%	20%
Walmart Inc | Total Net Sales | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage (as a percent)	17%	17%	16%
The Kroger Co | Total Bottle/Can Sales Volume | Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage (as a percent)	15%	14%	14%
The Kroger Co | Total Net Sales | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage (as a percent)	12%	11%	11%

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 1,435,598	$ 1,115,388	$ 711,786
Ending Balance	1,417,611	1,435,598	1,115,388
Reclassification of stranded tax effects
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(4,809)	(19,720)	(19,720)
Gains (Losses) During the Period, Pre-tax Activity	0	0	0
Gains (Losses) During the Period, Tax Effect	0	0	0
Reclassification to Income, Pre-tax Activity	0	0	0
Reclassification to Income, Tax Effect	0	14,911	0
Ending Balance	(4,809)	(4,809)	(19,720)
Total AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(4,276)	(84,837)	(100,463)
Gains (Losses) During the Period, Pre-tax Activity	8,097	(4,955)	16,247
Gains (Losses) During the Period, Tax Effect	(1,982)	1,212	(3,976)
Reclassification to Income, Pre-tax Activity	60	114,758	4,445
Reclassification to Income, Tax Effect	(14)	(30,454)	(1,090)
Ending Balance	1,885	(4,276)	(84,837)
Unrealized gain on short-term investments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	0
Gains (Losses) During the Period, Pre-tax Activity	33
Gains (Losses) During the Period, Tax Effect	(8)
Reclassification to Income, Pre-tax Activity	0
Reclassification to Income, Tax Effect	0
Ending Balance	25	0
Foreign currency translation adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance		0	(9)
Gains (Losses) During the Period, Pre-tax Activity			0
Gains (Losses) During the Period, Tax Effect			0
Reclassification to Income, Pre-tax Activity			11
Reclassification to Income, Tax Effect			(2)
Ending Balance			0
Pension Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Actuarial losses included in accumulated other comprehensive loss	(5,362)	(218)
Pension Plans | Primary Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Actuarial losses included in accumulated other comprehensive loss	0	0
Pension Plans | Actuarial gain
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(67,378)	(71,140)	(78,882)
Gains (Losses) During the Period, Pre-tax Activity		3,036	6,263
Gains (Losses) During the Period, Tax Effect		(744)	(1,533)
Reclassification to Income, Pre-tax Activity		1,946	3,990
Reclassification to Income, Tax Effect		(476)	(978)
Ending Balance		(67,378)	(71,140)
Pension Plans | Actuarial gain | Bargaining Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	533
Gains (Losses) During the Period, Pre-tax Activity	5,144
Gains (Losses) During the Period, Tax Effect	(1,259)
Reclassification to Income, Pre-tax Activity	0
Reclassification to Income, Tax Effect	0
Ending Balance	4,418	533
Pension Plans | Prior service costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(97)	(105)	11
Gains (Losses) During the Period, Pre-tax Activity		(5)	(154)
Gains (Losses) During the Period, Tax Effect		1	38
Reclassification to Income, Pre-tax Activity		16	0
Reclassification to Income, Tax Effect		(4)	0
Ending Balance		(97)	(105)
Pension Plans | Prior service costs | Bargaining Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(97)
Gains (Losses) During the Period, Pre-tax Activity	0
Gains (Losses) During the Period, Tax Effect	0
Reclassification to Income, Pre-tax Activity	16
Reclassification to Income, Tax Effect	(4)
Ending Balance	(85)	(97)
Pension Plans | Pension plan settlement
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	67,911	0
Gains (Losses) During the Period, Pre-tax Activity		0
Gains (Losses) During the Period, Tax Effect		0
Reclassification to Income, Pre-tax Activity		112,796
Reclassification to Income, Tax Effect		(44,885)
Ending Balance		67,911	0
Postretirement Benefits
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Actuarial losses included in accumulated other comprehensive loss	4,252	7,216
Postretirement Benefits | Actuarial gain
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	721	6,752	(1,239)
Gains (Losses) During the Period, Pre-tax Activity	2,920	(7,986)	10,138
Gains (Losses) During the Period, Tax Effect	(715)	1,955	(2,481)
Reclassification to Income, Pre-tax Activity	44	0	444
Reclassification to Income, Tax Effect	(10)	0	(110)
Ending Balance	2,960	721	6,752
Postretirement Benefits | Prior service costs
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(624)	(624)	(624)
Gains (Losses) During the Period, Pre-tax Activity	0	0	0
Gains (Losses) During the Period, Tax Effect	0	0	0
Reclassification to Income, Pre-tax Activity	0	0	0
Reclassification to Income, Tax Effect	0	0	0
Ending Balance	$ (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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Short-term investments	$ (5,142)	$ 0	$ 0
Accounts receivable, trade	(11,720)	(23,886)	(59,777)
Allowance for doubtful accounts	(1,386)	(59)	(1,217)
Accounts receivable from The Coca-Cola Company	(37,935)	(16,150)	21,951
Accounts receivable, other	26,889	(12,902)	(20,753)
Inventories	(8,463)	25,613	(44,694)
Prepaid expenses and other current assets	(7,746)	5,682	(16,201)
Accounts payable, trade	(36,496)	17,096	23,417
Accounts payable to The Coca-Cola Company	47,772	(23,284)	17,112
Other accrued liabilities	8,693	37,017	(10,649)
Accrued compensation	21,760	20,011	16,027
Change in current assets less current liabilities	$ (3,774)	$ 29,138	$ (74,784)

Supplemental Disclosures of C_4

Supplemental Disclosures of Cash Flow Information - Net Cash Payments (Refunds) During the Period for Income Taxes and Interest (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Income taxes	$ 223,975	$ 200,812	$ 140,988
Interest	$ 56,094	$ 23,960	$ 28,086

Supplemental Disclosures of C_5

Supplemental Disclosures of Cash Flow Information - Significant Noncash Financing and Investing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Additions to property, plant and equipment accrued and recorded in accounts payable, trade	$ 44,946	$ 59,014	$ 44,775
Right-of-use assets obtained in exchange for operating lease obligations	17,280	10,215	25,130
Dividends payable	0	154,666	32,808
Reductions to leased property under financing leases	$ 0	$ 0	$ 55,465

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts and Reserves (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for Doubtful Accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	$ 16,060	$ 16,119	$ 17,336
Additions charged to expenses and as a reduction to net sales	3,730	4,139	4,326
Deductions	(5,116)	(4,198)	(5,543)
Ending balance	14,674	16,060	16,119
Valuation Allowance for Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning balance	4,130	3,428	4,372
Additions charged to expenses and as a reduction to net sales	1,405	702	0
Deductions credited to expense	0	0	(944)
Ending balance	$ 5,535	$ 4,130	$ 3,428