Coca-Cola Consolidated Inc
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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Item 2. Properties
As of January 26, 2024, the principal properties of the Company included its corporate headquarters, subsidiary headquarters, 60 distribution centers and 10 manufacturing plants. The Company owns 47 distribution centers and nine manufacturing plants, and leases its corporate headquarters, subsidiary headquarters, 13 distribution centers and one manufacturing plant.
Following is a summary of the Company’s manufacturing plants and certain other properties:
| Facility Type | Location | SquareFeet | Leased /Owned | LeaseExpiration |
|---|---|---|---|---|
| Distribution Center/Manufacturing Plant Combination(1) | Charlotte, NC | 650,000 | Owned | — |
| Distribution Center | Whitestown, IN | 415,000 | Owned | — |
| Manufacturing Plant | Indianapolis, IN | 400,000 | Owned | — |
| Warehouse | Charlotte, NC | 380,000 | Leased | 2028 |
| Manufacturing Plant | Cincinnati, OH | 368,000 | Owned | — |
| Warehouse | Chester, VA | 353,000 | Leased | 2028 |
| Manufacturing Plant | Sandston, VA | 326,000 | Owned | — |
| Manufacturing Plant | West Memphis, AR | 326,000 | Owned | — |
| Manufacturing Plant | Roanoke, VA | 310,000 | Owned | — |
| Distribution Center | Erlanger, KY | 301,000 | Leased | 2034 |
| Distribution Center | Louisville, KY | 300,000 | Leased | 2030 |
| Manufacturing Plant | Twinsburg, OH | 287,000 | Owned | — |
| Warehouse | Hanover, MD | 278,000 | Leased | 2027 |
| Distribution Center | Hanover, MD | 276,000 | Leased | 2034 |
| Distribution Center | Memphis, TN | 266,000 | Leased | 2025 |
| Distribution Center | Clayton, NC | 233,000 | Leased | 2026 |
| Manufacturing Plant | Nashville, TN | 220,000 | Leased | 2029 |
| Distribution Center | La Vergne, TN | 220,000 | Leased | 2026 |
| Distribution Center | Sandston, VA | 210,000 | Owned | — |
| Corporate Headquarters(2)(3) | Charlotte, NC | 172,000 | Leased | 2029 |
| Manufacturing Plant | Baltimore, MD | 155,000 | Owned | — |
| Manufacturing Plant | Silver Spring, MD | 104,000 | Owned | — |
(1)Includes a 535,000-square foot manufacturing plant and an adjacent 115,000-square foot distribution center.
(2)Includes two adjacent buildings totaling approximately 172,000 square feet.
(3)The lease for this facility is with a related party.
The Company believes all of its facilities are in good condition and are adequate for the Company’s operations as presently conducted. The Company has production capacity to meet its current operational requirements. The estimated utilization percentage of the Company’s manufacturing plants, which fluctuates with the seasonality of the business, as of December 31, 2023, is indicated below:
| Location | Utilization(1) | Location | Utilization(1) |
|---|---|---|---|
| Roanoke, VA | 94% | Cincinnati, OH | 80% |
| Nashville, TN | 83% | Charlotte, NC | 76% |
| Indianapolis, IN | 82% | West Memphis, AR | 72% |
| Silver Spring, MD | 81% | Sandston, VA | 72% |
| Baltimore, MD | 80% | Twinsburg, OH | 58% |
(1)Estimated production divided by capacity, based on expected operations of six days per week and 20 hours per day.
In addition to the facilities noted above, the Company utilizes a portion of the production capacity from the 261,000-square foot manufacturing plant owned by SAC, a manufacturing cooperative located in Bishopville, South Carolina.
The Company’s products are generally transported to distribution centers for storage pending sale. There were no changes to the number of distribution centers by market area between December 31, 2023 and January 26, 2024.
As of January 26, 2024, the Company owned and operated approximately 4,300 vehicles in the sale and distribution of the Company’s beverage products, of which approximately 2,700 were route delivery trucks. In addition, the Company owned approximately 452,000 beverage dispensing and vending machines for the sale of beverage products in the Company’s territories as of January 26, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.