v3.26.3
Net Income Per Share (Tables)
 9 Months Ended
Oct. 02, 2026
Earnings Per Share [Abstract]  
Summary of Computation of Basic Net Income Per Share and Diluted Net Income Per Share
The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method:

Third QuarterFirst Nine Months
(in thousands, except per share data)2026202520262025
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share:
Net income$175,859 $142,334 $446,236 $433,332 
Less dividends:
Common Stock14,129 19,209 42,387 57,774 
Class B Common Stock2,512 2,512 7,536 7,536 
Total undistributed earnings$159,218 $120,613 $396,313 $368,022 
Common Stock undistributed earnings – basic$135,186 $106,620 $336,495 $325,487 
Class B Common Stock undistributed earnings – basic24,032 13,993 59,818 42,535 
Total undistributed earnings – basic$159,218 $120,613 $396,313 $368,022 
Common Stock undistributed earnings – diluted$135,030 $106,464 $336,045 $324,956 
Class B Common Stock undistributed earnings – diluted24,188 14,149 60,268 43,066 
Total undistributed earnings – diluted$159,218 $120,613 $396,313 $368,022 
Numerator for basic net income per Common Stock share:
Dividends on Common Stock$14,129 $19,209 $42,387 $57,774 
Common Stock undistributed earnings – basic135,186 106,620 336,495 325,487 
Numerator for basic net income per Common Stock share$149,315 $125,829 $378,882 $383,261 
Numerator for basic net income per Class B Common Stock share:
Dividends on Class B Common Stock$2,512 $2,512 $7,536 $7,536 
Class B Common Stock undistributed earnings – basic24,032 13,993 59,818 42,535 
Numerator for basic net income per Class B Common Stock share$26,544 $16,505 $67,354 $50,071 
Numerator for diluted net income per Common Stock share:
Dividends on Common Stock$14,129 $19,209 $42,387 $57,774 
Dividends on Class B Common Stock assumed converted to Common Stock2,512 2,512 7,536 7,536 
Common Stock undistributed earnings – diluted159,218 120,613 396,313 368,022 
Numerator for diluted net income per Common Stock share$175,859 $142,334 $446,236 $433,332 
Numerator for diluted net income per Class B Common Stock share:
Dividends on Class B Common Stock$2,512 $2,512 $7,536 $7,536 
Class B Common Stock undistributed earnings – diluted24,188 14,149 60,268 43,066 
Numerator for diluted net income per Class B Common Stock share$26,700 $16,661 $67,804 $50,602 
Denominator for basic net income per Common Stock and Class B Common Stock share:
Common Stock weighted average shares outstanding – basic56,517 76,554 56,517 76,881 
Class B Common Stock weighted average shares outstanding – basic10,047 10,047 10,047 10,047 
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)66,641 86,728 66,653 87,070 
Class B Common Stock weighted average shares outstanding – diluted10,124 10,174 10,136 10,189 
Third QuarterFirst Nine Months
(in thousands, except per share data)2026202520262025
Basic net income per share:
Common Stock$2.64 $1.64 $6.70 $4.99 
Class B Common Stock$2.64 $1.64 $6.70 $4.98 
Diluted net income per share:
Common Stock$2.64 $1.64 $6.69 $4.98 
Class B Common Stock$2.64 $1.64 $6.69 $4.97 

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)On November 7, 2025, the Company entered into the Repurchase Agreement with the Seller, The Coca-Cola Company and J. Frank Harrison, III, pursuant to which the Company agreed to purchase and the Seller agreed to sell all 18,835,460 of the Seller’s shares of Common Stock.
(7)On March 4, 2025, the Company announced that its Board of Directors had approved the Stock Split of Common Stock and Class B Common Stock. The Stock Split was effected through the Amendment. The Amendment also effected a proportionate increase in the number of authorized shares of Common Stock and Class B Common Stock. The Amendment obtained stockholder approval at the Company’s 2025 Annual Meeting of Stockholders, which took place on May 13, 2025. Each stockholder of record as of the close of business on May 16, 2025 received nine additional shares for each share of Common Stock or Class B Common Stock held as of such date reflected in the stockholder’s account on May 23, 2025. Trading began on a split-adjusted basis on May 27, 2025.
(8)On August 20, 2024, the Company announced that its Board of Directors had approved a share repurchase program (the “Share Repurchase Program”) under which the Company was initially authorized to repurchase up to $1.00 billion of Common Stock. On November 7, 2025, the Company’s Board of Directors reduced the total authorization under the Share Repurchase Program from $1.00 billion to $400.0 million. The share repurchase authorization is discretionary and has no expiration date. There were no shares of Common Stock repurchased under the Share Repurchase Program during the first nine months of 2026. As of October 2, 2026, the total remaining authorization under the Share Repurchase Program was $136.3 million.