Earnings release
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Exhibit 99.1 News Release Coca-Cola Consolidated Reports Third Quarter and First Nine Months 2026 Results ■ Third quarter of 2026 net sales increased 5% versus the third quarter of 2025. ■ Gross profit in the third quarter of 2026 was $772 million, an increase of 3% . ■ Income from operations for the third quarter of 2026 was $272 million, an increase of $25 million, or 10%. Operating margin for the third quarter of 2026 increased 60 basis points to 13.7%. ■ For the first nine months of 2026, income from operations was $780 million, an increase of $72 million, or 10%; adjusted income from operations increased 5%. Key Results Third Quarter First Nine Months (in millions) 2026 2025 Change 2026 2025 Change Volume 94.2 92.8 1.4% 278.8 260.3 7.1% Net sales $1,989.5 $1,888.3 5.4% $5,888.6 $5,323.8 10.6% Gross profit $771.6 $748.5 3.1% $2,277.1 $2,118.1 7.5% Gross margin 38.8 % 39.6 % 38.7 % 39.8 % Income from operations $271.6 $246.6 10.1% $780.5 $708.5 10.1% Operating margin 13.7 % 13.1 % 13.3 % 13.3 % Beverage Sales Third Quarter First Nine Months (in millions) 2026 2025 Change 2026 2025 Change Sparkling bottle/can $1,130.9 $1,083.1 4.4% $3,405.0 $3,096.9 9.9% Still bottle/can $687.2 $643.3 6.8% $1,990.2 $1,778.5 11.9% (a) (b) (1) (1) Volume is measured on a standard physical case basis and is used to standardize differing package configurations delivered via direct store delivery.
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Third Quarter and First Nine Months 2026 Review CHARLOTTE, November 4, 2026 – Coca‐Cola Consolidated, Inc. (NASDAQ: COKE) today reported operating results for the third quarter ended October 2, 2026 and the first nine months of fiscal 2026. "Our third quarter results reflect the strength of our business and the dedication of our teammates to serving our customers and consumers every day," said J. Frank Harrison, III, Chairman and Chief Executive Officer. "Our net sales growth reflects a healthy balance of volume and price which, combined with our focus on local execution, continues to position us for long-term growth. We remain committed to investing for the long term, including the addition of our new glass bottle production line in Indianapolis, while continuing to strengthen our balance sheet. This year, through October, we have reduced our debt by $450 million." Volume increased 1.4% in the third quarter of 2026 and 7.1% in the first nine months of 2026. On an adjusted basis, volume increased 5.1% in the first nine months of 2026. Our Sparkling category volume increased 1.5% in the third quarter of 2026 and 6.7% in the first nine months of 2026, or 4.6% on an adjusted basis. Sparkling volume growth was led by our zero-sugar and flavor offerings. Still category volume increased 1.2% in the third quarter of 2026 and 8.5% in the first nine months of 2026, or 6.6% on an adjusted basis. The Still category volume growth was driven by strong performance primarily from our Energy and Protein products. In addition, we estimate the shift in timing of the Fourth of July holiday reduced total volume by approximately 1.0% in the third quarter of 2026 compared to the third quarter of 2025. Net sales increased 5.4% to $2.0 billion in the third quarter of 2026. The growth in net sales was primarily the result of annual pricing actions with additional contribution from higher volumes. Sparkling and Still net sales increased 4.4% and 6.8%, respectively, in the third quarter of 2026 compared to the third quarter of 2025. The increase in Sparkling category net sales was driven primarily by sales of multi-pack, take-home aluminum can packages sold within our large store, club and value channels. Net sales of our Still products were especially strong in our convenience and value store channels. Volume mix in Still products contributed to the revenue growth as Energy and Protein products made up more of the sales growth in the quarter. Gross profit in the third quarter of 2026 was $771.6 million, an increase of $23.1 million, or 3.1%. On an adjusted basis, gross profit increased $20.4 million, or 2.7%. Gross margin in the third quarter of 2026 decreased 80 basis points to 38.8%. Adjusted gross margin in the third quarter of 2026 decreased 100 basis points to 38.6%. The annual price increases we executed earlier this year across our portfolio have helped to offset a portion of the higher commodity and supply chain costs experienced during the third quarter of 2026. However, the growth in certain supply chain and commodity costs, in particular aluminum and fuel, has outpaced our price increases, leading to the gross margin compression during the quarter. Additionally, our gross margin for the third quarter of 2026 was negatively impacted by the shift in our sales mix. For the first (b) (b) (b) (b) (b)
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nine months of 2026, gross profit increased $159.0 million, or 7.5%. For the first nine months of 2026, adjusted gross profit increased $109.4 million, or 5.2%. "We are pleased with the continued momentum of our business and the success of our commercial strategies, which drove strong net sales growth in the quarter," said Dave Katz, President and Chief Operating Officer. "Higher aluminum costs, a challenging transportation market and increased fuel costs continued to pressure our gross margin. However, disciplined expense management, along with cycling our prior-year investment in our teammates, allowed us to leverage our operating expenses and expand our operating margin. Together with The Coca-Cola Company, we remain focused on affordability as we invest strategically with our customers to drive balanced, durable growth.” Selling, delivery and administrative (“SD&A”) expenses in the third quarter of 2026 decreased $1.9 million, or 0.4%. SD&A expenses as a percentage of net sales decreased to 25.1% in the third quarter of 2026 from 26.6% in the third quarter of 2025. The change in SD&A expenses was driven by an increase in labor costs related to annual wage adjustments and higher employee benefit costs, offset by a favorable, non-cash fair value adjustment to our fuel hedging positions of approximately $6 million. On an adjusted basis, SD&A expenses in the third quarter of 2026 increased by $3.8 million, or 0.8%. On an adjusted basis, SD&A expenses as a percentage of net sales declined to 25.4% in the third quarter of 2026 from 26.6% in the third quarter of 2025. SD&A expenses in the first nine months of 2026 increased $87.0 million, or 6.2%. The increase in SD&A expenses in the first nine months of 2026 was driven by an additional investment in the base wages of our front-line teammates, which became effective at the beginning of the third quarter of 2025. Approximately $25.0 million of the year-to-date increase was related to the six additional days in the first nine months of 2026. Income from operations in the third quarter of 2026 was $271.6 million, compared to $246.6 million in the third quarter of 2025, an increase of $25.0 million, or 10.1%. On an adjusted basis, income from operations in the third quarter of 2026 was $262.9 million, an increase of $16.6 million, or 6.7%. Operating margin for the third quarter of 2026 was 13.7% as compared to 13.1% for the third quarter of 2025, an increase of 60 basis points. Adjusted operating margin for the third quarter of 2026 was 13.2% as compared to 13.0% for the third quarter of 2025, an increase of 20 basis points. For the first nine months of 2026, income from operations increased $71.9 million, or 10.1%. On an adjusted basis, income from operations in the first nine months of 2026 increased $35.6 million, or 5.0%. The six additional selling days in the first nine months of 2026 accounted for approximately $30.0 million of the increase in income from operations. Net income in the third quarter of 2026 was $175.9 million, compared to $142.3 million in the third quarter of 2025, an increase of $33.5 million, or 23.6%. On an adjusted basis, net income in the third quarter of 2026 was $175.3 million, compared to $179.2 million in the third quarter of 2025, a decrease of $3.9 million, or 2.2%. (b) (b) (b) (b) (b) (b) (b)
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Net income in the third quarter of 2025 was adversely impacted by non-cash, fair value adjustments to our acquisition related contingent consideration as compared to the third quarter of 2026. Net income for the first nine months of 2026 was $446.2 million, compared to $433.3 million in the first nine months of 2025, an improvement of $12.9 million, or 3.0%. On an adjusted basis, net income in the first nine months of 2026 was $482.5 million, compared to $510.6 million in the first nine months of 2025, a decrease of $28.2 million, or 5.5%. Net income for the first nine months of 2026 was also negatively impacted by an increase in net interest expense as compared to the first nine months of 2025. Net income in the first nine months of 2026 benefited from the impact of six additional days, which increased net income by approximately $22.6 million during the period. Cash flows from operations for the first nine months of 2026 were $664.8 million, compared to $722.9 million for the first nine months of 2025. During the first nine months of 2026, we invested approximately $219 million in capital expenditures. In fiscal year 2026, we expect capital expenditures to be approximately $300 million. As a reminder, the first quarter of 2026 included six extra days as compared to the first quarter of 2025. The fourth quarter of 2026 will include six fewer days as compared to the fourth quarter of 2025. The full fiscal years of 2026 and 2025 have the same number of days. All comparisons are to the corresponding period in the prior year unless specified otherwise. The discussion of the operating results for the third quarter ended October 2, 2026 and the first nine months of 2026 includes selected non-GAAP financial information, such as “adjusted” results. The schedules in this news release reconcile such non-GAAP financial measures to the most directly comparable GAAP financial measures. CONTACTS: Brian K. Little (Media) Matt Blickley (Investors) Vice President, Corporate Communications Officer Chief Financial Officer and Chief Accounting Officer (980) 378-5537 (704) 557-4910 Brian.Little@cokeconsolidated.com Matt.Blickley@cokeconsolidated.com About Coca-Cola Consolidated, Inc. Headquartered in Charlotte, N.C., Coca‐Cola Consolidated (NASDAQ: COKE) is the largest Coca‐Cola bottler in the United States. We make, sell and distribute beverages of The Coca‐Cola Company, and other partner companies, in more than 300 brands and flavors across 14 states and the District of Columbia, to approximately 60 million consumers. (b) (a) (b)
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For over 124 years, we have been deeply committed to the consumers, customers and communities we serve and passionate about the broad portfolio of beverages and services we offer. Our Purpose is to honor God in all we do, to serve others, to pursue excellence and to grow profitably. More information about the Company is available at www.cokeconsolidated.com. Follow Coca‐Cola Consolidated on Facebook, X, Instagram and LinkedIn.
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Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this news release are “forward-looking statements” subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. The words “anticipate,” “believe,” “expect,” “intend,” “project,” “may,” “will,” “should,” “could” and similar expressions are intended to identify those forward-looking statements. These forward-looking statements reflect the Company’s best judgment based on current information, and, although we base these statements on circumstances that we believe to be reasonable when made, there can be no assurance that future events will not affect the accuracy of such forward-looking information. As such, the forward-looking statements are not guarantees of future performance, and actual results may vary materially from the projected results and expectations discussed in this news release. Factors that might cause the Company’s actual results to differ materially from those anticipated in forward-looking statements include, but are not limited to: increased costs (including due to inflation or uncertainty around tariffs) or disruption, unavailability or shortages of raw materials, fuel and other supplies; the reliance on purchased finished products from external sources; changes in public and consumer perception and preferences, including concerns related to product safety and sustainability, artificial ingredients, brand reputation and obesity; changes in government regulations related to nonalcoholic beverages, including regulations related to obesity, public health, artificial ingredients, recycling, sustainability, product safety and benefit programs, including supplemental nutrition assistance programs; decreases from historic levels of marketing funding support provided to us by The Coca‐Cola Company and other beverage companies; material changes in the performance requirements for marketing funding support or our inability to meet such requirements; decreases from historic levels of advertising, marketing and product innovation spending by The Coca‐Cola Company and other beverage companies, or advertising campaigns that are negatively perceived by the public; any failure of the several Coca‐Cola system governance entities of which we are a participant to function efficiently or in our best interest and any failure or delay of ours to receive anticipated benefits from these governance entities; provisions in our beverage distribution and manufacturing agreements with The Coca‐Cola Company that could delay or prevent a change in control of us or a sale of our Coca‐Cola distribution or manufacturing businesses; the concentration of our capital stock ownership; our inability to meet requirements under our beverage distribution and manufacturing agreements; changes in the inputs used to calculate our acquisition related contingent consideration liability; technology failures or cyberattacks on our information technology systems or our effective response to technology failures or cyberattacks on our third-party service providers’, business partners’, customers’, suppliers’ or other third parties’ information technology systems; unfavorable changes in the general economy; changes in trade policies, including the imposition of, or increase in, tariffs on imported goods; the concentration risks among our customers and suppliers; lower than expected net pricing of our products resulting from continued and increased customer and competitor consolidations and marketplace competition; the effect of changes in our level of debt, borrowing costs and credit ratings on our access to capital and credit markets, operating flexibility and ability to obtain additional financing to fund future needs; the failure to attract, train and retain qualified employees while controlling labor costs and other labor issues; the failure to maintain productive relationships with our employees covered by collective bargaining agreements, including failing to renegotiate collective bargaining agreements; changes in accounting standards; our use of estimates and assumptions; changes in tax laws, disagreements with tax authorities or additional tax liabilities; changes in legal contingencies; natural disasters, changing weather patterns and unfavorable weather, or the increased frequency of any such events due to climate change, and public expectations around combatting climate change or legislative or regulatory responses to such change. These and other factors are discussed in the Company’s regulatory filings with the United States Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The forward-looking statements contained in this news release speak only as of this date, and the Company does not assume any obligation to update them, except as may be required by applicable law. ###
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FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Third Quarter First Nine Months (in thousands, except per share data) 2026 2025 2026 2025 Net sales $ 1,989,543 $ 1,888,317 $ 5,888,631 $ 5,323,813 Cost of sales 1,217,959 1,139,801 3,611,554 3,205,697 Gross profit 771,584 748,516 2,277,077 2,118,116 Selling, delivery and administrative expenses 499,993 501,882 1,496,623 1,409,578 Income from operations 271,591 246,634 780,454 708,538 Interest expense, net 28,843 4,687 91,387 17,509 Other expense, net 4,109 49,717 84,089 106,334 Income before taxes 238,639 192,230 604,978 584,695 Income tax expense 62,780 49,896 158,742 151,363 Net income $ 175,859 $ 142,334 $ 446,236 $ 433,332 Basic net income per share: Common Stock $ 2.64 $ 1.64 $ 6.70 $ 4.99 Weighted average number of Common Stock sharesoutstanding 56,517 76,554 56,517 76,881 Class B Common Stock $ 2.64 $ 1.64 $ 6.70 $ 4.98 Weighted average number of Class B Common Stock sharesoutstanding 10,047 10,047 10,047 10,047 Diluted net income per share: Common Stock $ 2.64 $ 1.64 $ 6.69 $ 4.98 Weighted average number of Common Stock sharesoutstanding – assuming dilution 66,641 86,728 66,653 87,070 Class B Common Stock $ 2.64 $ 1.64 $ 6.69 $ 4.97 Weighted average number of Class B Common Stock sharesoutstanding – assuming dilution 10,124 10,174 10,136 10,189
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FINANCIAL STATEMENTS CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) October 2, 2026 December 31, 2025 ASSETS Current Assets: Cash and cash equivalents $ 311,914 $ 281,918 Trade accounts receivable, net 623,828 574,601 Other accounts receivable 238,653 125,086 Inventories 384,259 336,401 Prepaid expenses and other current assets 119,461 108,668 Total current assets 1,678,115 1,426,674 Property, plant and equipment, net 1,651,964 1,604,605 Right-of-use assets - operating leases 101,270 116,611 Leased property under financing leases, net 855 1,160 Other assets 245,537 216,428 Goodwill 165,903 165,903 Other identifiable intangible assets, net 751,750 771,617 Total assets $ 4,595,394 $ 4,302,998 LIABILITIES AND (DEFICIT)/EQUITY Current Liabilities: Current portion of debt $ 100,000 $ 100,000 Current portion of obligations under operating leases 23,346 24,412 Current portion of obligations under financing leases 354 556 Accounts payable and accrued expenses 1,137,706 1,003,689 Total current liabilities 1,261,406 1,128,657 Deferred income taxes 151,447 143,738 Pension and postretirement benefit obligations and other liabilities 1,026,870 988,053 Noncurrent portion of obligations under operating leases 80,536 95,076 Noncurrent portion of obligations under financing leases 976 1,188 Long-term debt 2,413,934 2,686,009 Total liabilities 4,935,169 5,042,721 (Deficit)/Equity: Stockholders’ (deficit)/equity (339,775) (739,723) Total liabilities and (deficit)/equity $ 4,595,394 $ 4,302,998
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FINANCIAL STATEMENTS CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) First Nine Months (in thousands) 2026 2025 Cash Flows from Operating Activities: Net income $ 446,236 $ 433,332 Depreciation expense, amortization of intangible assets and deferredproceeds, net 173,688 163,224 Fair value adjustment of acquisition related contingent consideration 86,085 104,468 Deferred income taxes 6,526 523 Payments of acquisition related contingent consideration (5,562) — Change in current assets and current liabilities (43,496) 38,581 Change in noncurrent assets and noncurrent liabilities (7,213) (19,120) Other 8,540 1,905 Net cash provided by operating activities $ 664,804 $ 722,913 Cash Flows from Investing Activities: Additions to property, plant and equipment $ (219,281) $ (209,994) Purchases and disposals of short-term investments — 156,643 Other (12,798) (8,324) Net cash used in investing activities $ (232,079) $ (61,675) Cash Flows from Financing Activities: Payments on term loan facility $ (275,000) $ — Cash dividends paid (49,923) (65,310) Payments of acquisition related contingent consideration (49,144) (51,639) Payments related to share repurchases (27,972) (145,698) Other (690) (1,942) Net cash used in financing activities $ (402,729) $ (264,589) Net increase in cash and cash equivalents during period $ 29,996 $ 396,649 Cash and cash equivalents at beginning of period 281,918 1,135,824 Cash and cash equivalents at end of period $ 311,914 $ 1,532,473
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NON-GAAP FINANCIAL MEASURES The following tables reconcile reported results (GAAP) to adjusted results (non-GAAP): Third Quarter 2026 (in thousands, except per sharedata) Net salesGross profit SD&Aexpenses Incomefromoperations Incomebeforetaxes Net income Basic netincome pershare Reported results (GAAP) $ 1,989,543 $ 771,584 $ 499,993 $ 271,591 $ 238,639 $ 175,859 $ 2.64 Fair value adjustment ofacquisition related contingentconsideration — — — — 7,971 6,002 0.09 Fair value adjustments forcommodity derivative instruments — (3,064) 5,627 (8,691) (8,691) (6,545) (0.10) Total reconciling items — (3,064) 5,627 (8,691) (720) (543) (0.01) Adjusted results (non-GAAP)$ 1,989,543 $ 768,520 $ 505,620 $ 262,900 $ 237,919 $ 175,316 $ 2.63 Adjusted % Change vs. Third Quarter 2025 5.4 % 2.7 % 0.8 % 6.7 % Reported gross/operating margin percentage 38.8 % 13.7 % Adjusted gross/operating margin percentage 38.6 % 13.2 % Third Quarter 2025 (in thousands, except per sharedata) Net salesGross profit SD&Aexpenses Incomefromoperations Incomebeforetaxes Net income Basic netincome pershare Reported results (GAAP) $ 1,888,317 $ 748,516 $ 501,882 $ 246,634 $ 192,230 $ 142,334 $ 1.64 Fair value adjustment ofacquisition related contingentconsideration — — — — 49,350 37,111 0.42 Fair value adjustments forcommodity derivative instruments — (378) (84) (294) (294) (221) — Total reconciling items — (378) (84) (294) 49,056 36,890 0.42 Adjusted results (non-GAAP)$ 1,888,317 $ 748,138 $ 501,798 $ 246,340 $ 241,286 $ 179,224 $ 2.06 Reported gross/operating margin percentage 39.6 % 13.1 % Adjusted gross/operating margin percentage 39.6 % 13.0 % (c) (d) (d) (d) (d)
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Results for the first nine months of 2026 include six additional days compared to the first nine months of 2025. For comparison purposes, the estimated impact of the additional days in the first nine months of 2026 has been excluded from our adjusted volume and financial results below. First Nine Months 2026 (in millions) Sparkling Still Total Volume 206.7 72.1 278.8 Volume related to extra days in fiscal period (4.1) (1.3) (5.4) Adjusted volume 202.6 70.8 273.4 First Nine Months 2025 (in millions) Sparkling Still Total Volume 193.8 66.4 260.3 Reported % Change vs. First Nine Months 2025 6.7 % 8.5 % 7.1 % Adjusted % Change vs. First Nine Months 2025 4.6 % 6.6 % 5.1 % First Nine Months 2026 (in millions) Sparkling Still Total Bottle/can beverage sales $ 3,405.0 $ 1,990.2 $ 5,395.2 Bottle/can beverage sales related to extra days in fiscal period(75.8) (42.1) (117.9) Adjusted bottle/can beverage sales $ 3,329.2 $ 1,948.1 $ 5,277.3 First Nine Months 2025 (in millions) Sparkling Still Total Bottle/can beverage sales $ 3,096.9 $ 1,778.5 $ 4,875.5 Reported % Change vs. First Nine Months 2025 9.9 % 11.9 % 10.7 % Adjusted % Change vs. First Nine Months 2025 7.5 % 9.5 % 8.2 % First Nine Months 2026 (in thousands, except per sharedata) Net salesGross profit SD&AexpensesIncome fromoperations Incomebeforetaxes Net income Basic netincome pershare Reported results (GAAP)$ 5,888,631 $ 2,277,077 $ 1,496,623 $ 780,454 $ 604,978 $ 446,236 $ 6.70 Fair value adjustment ofacquisition related contingentconsideration — — — — 86,085 64,822 0.97 Fair value adjustments forcommodity derivative instruments — 4,524 12,481 (7,957) (7,957) (5,992) (0.09) Results of extra days in fiscalperiod (132,000) (55,000) (25,000) (30,000) (30,000) (22,590) (0.34) Total reconciling items (132,000) (50,476) (12,519) (37,957) 48,128 36,240 0.54 Adjusted results (non-GAAP)$ 5,756,631 $ 2,226,601 $ 1,484,104 $ 742,497 $ 653,106 $ 482,476 $ 7.24 Adjusted % Change vs. First Nine Months 2025 8.1 % 5.2 % 5.2 % 5.0 % (b)
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First Nine Months 2025 (in thousands, except per sharedata) Net salesGross profit SD&Aexpenses Incomefromoperations Incomebeforetaxes Net income Basic netincome pershare Reported results (GAAP) $ 5,323,813 $ 2,118,116 $ 1,409,578 $ 708,538 $ 584,695 $ 433,332 $ 4.99 Fair value adjustment ofacquisition related contingentconsideration — — — — 104,468 78,560 0.90 Fair value adjustments forcommodity derivative instruments — (899) 770 (1,669) (1,669) (1,255) (0.01) Total reconciling items — (899) 770 (1,669) 102,799 77,305 0.89 Adjusted results (non-GAAP)$ 5,323,813 $ 2,117,217 $ 1,410,348 $ 706,869 $ 687,494 $ 510,637 $ 5.88 The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). However, management believes that certain non-GAAP financial measures provide users of the financial statements with additional, meaningful financial information that should be considered, in addition to the measures reported in accordance with GAAP, when assessing the Company’s ongoing performance. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with GAAP. The Company’s non-GAAP financial information does not represent a comprehensive basis of accounting. Reported gross margin and reported operating margin are calculated as gross profit and operating income, respectively, as a percentage of net sales. Adjusted gross margin and adjusted operating margin are calculated as adjusted gross profit and adjusted operating income, respectively, which adjust for the impact of fair value changes to our commodity derivative instruments, as a percentage of net sales. (c) (d)