Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Feb. 21, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 29, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | COT | ||
COTT CORP /CN/ | COTT CORP /CN/ | ||
Entity Central Index Key | 884,713 | ||
Current Fiscal Year End Date | --12-29 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 135,963,224 | ||
Entity Public Float | $ 2,267.1 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | |||
Revenue, net | $ 2,372.9 | $ 2,269.7 | $ 1,623.2 |
Cost of sales | 1,197.3 | 1,142 | 773.1 |
Gross profit | 1,175.6 | 1,127.7 | 850.1 |
Selling, general and administrative expenses | 1,092.1 | 1,043.2 | 806.2 |
Loss on disposal of property, plant and equipment, net | 9.4 | 10.2 | 6.6 |
Acquisition and integration expenses | 15.3 | 30.4 | 27.8 |
Operating income | 58.8 | 43.9 | 9.5 |
Other (income) expense, net | (42.9) | (8) | 5.6 |
Interest expense, net | 77.6 | 85.5 | 43 |
Income (loss) from continuing operations before income taxes | 24.1 | (33.6) | (39.1) |
Income tax (benefit) expense | (4.8) | (30) | 21.2 |
Net income (loss) from continuing operations | 28.9 | (3.6) | (60.3) |
Net income (loss) from discontinued operations, net of income taxes | 354.6 | 10.7 | (11.2) |
Net income (loss) | 383.5 | 7.1 | (71.5) |
Less: Net income attributable to non-controlling interests - discontinued operations | 0.6 | 8.5 | 6.3 |
Net income (loss) attributable to Cott Corporation | $ 382.9 | $ (1.4) | $ (77.8) |
Basic: | |||
Continuing operations (In USD per share) | $ 0.21 | $ (0.03) | $ (0.47) |
Discontinued operations (In USD per share) | 2.54 | 0.02 | (0.14) |
Net income (loss) (In USD per share) | 2.75 | (0.01) | (0.61) |
Diluted: | |||
Continuing operations (In USD per share) | 0.21 | (0.03) | (0.47) |
Discontinued operations (In USD per share) | 2.50 | 0.02 | (0.14) |
Net income (loss) (In USD per share) | $ 2.71 | $ (0.01) | $ (0.61) |
Weighted average common shares outstanding (in thousands) | |||
Basic (in shares) | 139,097 | 139,078 | 128,290 |
Diluted (in shares) | 141,436 | 139,078 | 128,290 |
Dividends declared per common share( in shares) | $ 0.24 | $ 0.24 | $ 0.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 383.5 | $ 7.1 | $ (71.5) | |
Other comprehensive income (loss): | ||||
Currency translation adjustment | (16.1) | 27.2 | (42) | |
Pension benefit plan, net of tax | [1],[2] | 17.1 | (2.4) | (4.3) |
Unrealized (loss) gain on derivative instruments, net of tax | [3] | (8.3) | (1.3) | 4.6 |
Total other comprehensive (loss) income | (7.3) | 23.5 | (41.7) | |
Comprehensive income (loss) | 376.2 | 30.6 | (113.2) | |
Less: Comprehensive income attributable to non-controlling interests | 0.6 | 8.5 | 6.3 | |
Comprehensive income (loss) attributable to Cott Corporation | 375.6 | 22.1 | (119.5) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | 0.1 | $ (0.6) | $ (0.3) | |
Derivative instruments, tax (benefit) expense | 2.5 | |||
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | $ (3.6) | |||
[1] | Net of $3.6 million of associated tax impact that resulted in an increase to the gain on sale of discontinued operations for the year ended December 29, 2018. | |||
[2] | Net of the effect of a $0.1 million tax expense, $0.6 million tax benefit and $0.3 million tax benefit for the years ended December 29, 2018, December 30, 2017 and December 31, 2016, respectively. | |||
[3] | Net of the effect of a 2.5 million tax benefit for the year ended December 29, 2018. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 170.8 | $ 91.9 |
Accounts receivable, net of allowance of $9.6 ($7.8 as of December 30, 2017) | 308.3 | 285 |
Inventories | 129.6 | 127.6 |
Prepaid expenses and other current assets | 27.2 | 20.7 |
Current assets of discontinued operations | 0 | 408.7 |
Total current assets | 635.9 | 933.9 |
Property, plant and equipment, net | 624.7 | 584.2 |
Goodwill | 1,143.9 | 1,104.7 |
Intangible assets, net | 739.2 | 751.1 |
Deferred tax assets | 0.1 | 2.3 |
Other long-term assets, net | 31.7 | 39.4 |
Long-term assets of discontinued operations | 0 | 677.5 |
Total assets | 3,175.5 | 4,093.1 |
Current liabilities | ||
Short-term borrowings | 89 | 0 |
Short-term borrowings required to be repaid or extinguished as part of divestiture | 0 | 220.3 |
Current maturities of long-term debt | 3 | 5.1 |
Accounts payable and accrued liabilities | 469 | 412.9 |
Current liabilities of discontinued operations | 0 | 295.1 |
Total current liabilities | 561 | 933.4 |
Long-term debt | 1,250.2 | 1,542.6 |
Debt required to be repaid or extinguished as part of divestiture | 0 | 519 |
Deferred tax liabilities | 124.3 | 98.4 |
Other long-term liabilities | 69.6 | 68.2 |
Long-term liabilities of discontinued operations | 0 | 45.8 |
Total liabilities | 2,005.1 | 3,207.4 |
Commitments and contingencies | ||
Equity | ||
Common shares, no par value - 136,195,108 shares issued (December 30, 2017 - 139,488,805 shares issued) | 899.4 | 917.1 |
Additional paid-in-capital | 73.9 | 69.1 |
Retained earnings (accumulated deficit) | 298.8 | (12.2) |
Accumulated other comprehensive loss | (101.7) | (94.4) |
Total Cott Corporation equity | 1,170.4 | 879.6 |
Non-controlling interests | 0 | 6.1 |
Total equity | 1,170.4 | 885.7 |
Total liabilities and equity | $ 3,175.5 | $ 4,093.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 9.6 | $ 7.8 |
Capital stock, no par value (in USD per share) | ||
Capital stock, shares issued | 136,195,108 | 139,488,805 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Cash flows from operating activities of continuing operations: | |||
Net income (loss) | $ 383.5 | $ 7.1 | $ (71.5) |
Net income (loss) from discontinued operations, net of income taxes | 354.6 | 10.7 | (11.2) |
Net income (loss) from continuing operations | 28.9 | (3.6) | (60.3) |
Adjustments to reconcile net income (loss) from continuing operations to cash flows from operating activities: | |||
Depreciation and amortization | 194.6 | 188.6 | 151.1 |
Amortization of financing fees | 3.5 | 1.9 | 0.5 |
Amortization of senior notes premium | (0.4) | (5.1) | (5.9) |
Share-based compensation expense | 17.3 | 17.5 | 7 |
(Benefit) provision for deferred income taxes | (6.7) | (33.9) | 19.9 |
Commodity hedging loss (gain), net | 0.3 | (0.3) | 9.7 |
Gain on extinguishment of long-term debt | (7.1) | (1.5) | 0 |
Gain on sale of business | (6) | 0 | 0 |
Loss on disposal of property, plant and equipment, net | 9.4 | 10.2 | 6.6 |
Other non-cash items | (2.9) | 1.9 | 9.7 |
Change in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | (10.8) | (8) | (3.1) |
Inventories | (0.5) | (2) | 12.9 |
Prepaid expenses and other current assets | (4) | 0.9 | (4.6) |
Other assets | (0.5) | 2.1 | (1.3) |
Accounts payable and accrued liabilities and other liabilities | 29.2 | 7.3 | 3.3 |
Net cash provided by operating activities from continuing operations | 244.3 | 176 | 145.5 |
Cash flows from investing activities of continuing operations: | |||
Acquisitions, net of cash received | (164) | (35.5) | (959.4) |
Additions to property, plant and equipment | (130.8) | (121.3) | (95.1) |
Additions to intangible assets | (13.2) | (5.6) | (4.2) |
Proceeds from sale of property, plant and equipment and sale-leaseback | 4.1 | 7.8 | 5.7 |
Proceeds from sale of business, net of cash sold | 12.8 | 0 | 0 |
Proceeds from sale of equity securities | 7.9 | 0 | 0 |
Other investing activities | 0.5 | 1 | 0.4 |
Net cash used in investing activities from continuing operations | (282.7) | (153.6) | (1,052.6) |
Cash flows from financing activities of continuing operations: | |||
Payments of long-term debt | (264.5) | (101.5) | (0.5) |
Issuance of long-term debt | 2.7 | 750 | 498.7 |
Borrowings under ABL | 98.4 | 0 | 0 |
Payments under ABL | (17.4) | 0 | 0 |
Premiums and costs paid upon extinguishment of long-term debt | (12.5) | (7.7) | 0 |
Issuance of common shares | 6.4 | 3.5 | 366.8 |
Common shares repurchased and canceled | (74.9) | (3.8) | (5.7) |
Financing fees | (1.5) | (11.1) | (10.1) |
Dividends paid to common and preferred shareholders | (33.4) | (33.4) | (31.4) |
Payment of contingent consideration for acquisitions | (2.8) | 0 | (10.8) |
Other financing activities | 2.9 | 0.5 | 0.1 |
Net cash (used in) provided by financing activities from continuing operations | (296.6) | 596.5 | 807.1 |
Cash flows from discontinued operations: | |||
Operating activities of discontinued operations | (97.6) | 102.7 | 124.3 |
Investing activities of discontinued operations | 1,225.5 | (44.7) | (44) |
Financing activities of discontinued operations | (769.7) | (643.4) | 68.6 |
Net cash provided by (used in) discontinued operations | 358.2 | (585.4) | 148.9 |
Effect of exchange rate changes on cash | (10.3) | 6.3 | (7.9) |
Net increase in cash, cash equivalents and restricted cash | 12.9 | 39.8 | 41 |
Cash and cash equivalents and restricted cash, beginning of year | 157.9 | 118.1 | 77.1 |
Cash and cash equivalents and restricted cash, end of year | 170.8 | 157.9 | 118.1 |
Cash and cash equivalents and restricted cash of discontinued operations, end of year | 0 | 66 | 40 |
Cash and cash equivalents and restricted cash from continuing operations, end of year | 170.8 | 91.9 | 78.1 |
Supplemental Non-cash Investing and Financing Activities: | |||
Additions to property, plant and equipment through accounts payable and accrued liabilities and other liabilities | 11.6 | 10.9 | 3.1 |
Accrued deferred financing fees | 0 | 0.6 | 0.5 |
Dividends payable issued through accounts payable and other accrued liabilities | 0.3 | 0.3 | 0.3 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 68.9 | 81.6 | 48.5 |
Cash paid for income taxes, net | $ 9.6 | $ 1.9 | $ 3.3 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Shares | Additional Paid-in-Capital | Retained Earnings (Accumulated deficit) | Accumulated Other Comprehensive Loss | Non-Controlling Interests | 2010 Equity Incentive Plan | 2010 Equity Incentive PlanCommon Shares | 2010 Equity Incentive PlanAdditional Paid-in-Capital | |
Balance, shares at Jan. 02, 2016 | 109,695,000 | |||||||||
Balance at Jan. 02, 2016 | $ 645.9 | $ 534.7 | $ 51.2 | $ 129.6 | $ (76.2) | $ 6.6 | ||||
Cumulative effect adjustment | 2.8 | 2.8 | ||||||||
Common shares repurchased and cancelled, shares | (409,000) | |||||||||
Common shares repurchased and canceled | (5.7) | $ (5.7) | ||||||||
Common shares issued, shares | 27,853,000 | 1,327,000 | ||||||||
Common shares issued | 363.6 | $ 363.6 | $ 8.9 | $ 15.1 | $ (6.2) | |||||
Common shares issued - Dividend Reinvestment Plan, shares | 23,000 | |||||||||
Common shares issued - Dividend Reinvestment Plan | 0.3 | $ 0.3 | ||||||||
Common shares issued - Employee Stock Purchase Plan, shares | 102,000 | |||||||||
Common shares issued - Employee Stock Purchase Plan | 1.1 | $ 1.3 | (0.2) | |||||||
Share-based compensation | 9.4 | 9.4 | ||||||||
Common shares dividends | (31.7) | (31.7) | ||||||||
Distributions to non-controlling interests | (7.6) | (7.6) | ||||||||
Currency translation adjustment | (42) | (42) | ||||||||
Pension benefit plan, net of tax | (4.3) | [1],[2] | (4.3) | |||||||
Unrealized loss on derivative instruments, net of tax | 4.6 | [3] | 4.6 | |||||||
Net (loss) income | (71.5) | (77.8) | 6.3 | |||||||
Balance, shares at Dec. 31, 2016 | 138,591,000 | |||||||||
Balance at Dec. 31, 2016 | 873.8 | $ 909.3 | 54.2 | 22.9 | (117.9) | 5.3 | ||||
Common shares repurchased and cancelled, shares | (277,000) | |||||||||
Common shares repurchased and canceled | (3.8) | $ (3.8) | ||||||||
Common shares issued, shares | 1,004,000 | |||||||||
Common shares issued | 1.7 | $ 9.4 | (7.7) | |||||||
Common shares issued - Dividend Reinvestment Plan, shares | 34,000 | |||||||||
Common shares issued - Dividend Reinvestment Plan | 0.5 | $ 0.5 | ||||||||
Common shares issued - Employee Stock Purchase Plan, shares | 137,000 | |||||||||
Common shares issued - Employee Stock Purchase Plan | 1.4 | $ 1.7 | (0.3) | |||||||
Share-based compensation | 22.9 | 22.9 | ||||||||
Common shares dividends | (33.7) | (33.7) | ||||||||
Distributions to non-controlling interests | (7.7) | (7.7) | ||||||||
Currency translation adjustment | 27.2 | 27.2 | ||||||||
Pension benefit plan, net of tax | (2.4) | [1],[2] | (2.4) | |||||||
Unrealized loss on derivative instruments, net of tax | (1.3) | [3] | (1.3) | |||||||
Net (loss) income | $ 7.1 | (1.4) | 8.5 | |||||||
Balance, shares at Dec. 30, 2017 | 139,488,805 | 139,489,000 | ||||||||
Balance at Dec. 30, 2017 | $ 885.7 | $ 917.1 | 69.1 | (12.2) | (94.4) | 6.1 | ||||
Common shares repurchased and cancelled, shares | (4,981,000) | |||||||||
Common shares repurchased and canceled | (74.9) | $ (36.7) | (38.2) | |||||||
Common shares issued, shares | 1,581,000 | |||||||||
Common shares issued | $ 5 | $ 17.4 | $ (12.4) | |||||||
Common shares issued - Dividend Reinvestment Plan, shares | 20,000 | |||||||||
Common shares issued - Dividend Reinvestment Plan | 0.3 | $ 0.3 | ||||||||
Common shares issued - Employee Stock Purchase Plan, shares | 86,000 | |||||||||
Common shares issued - Employee Stock Purchase Plan | 1.1 | $ 1.3 | (0.2) | |||||||
Share-based compensation | 17.4 | 17.4 | ||||||||
Common shares dividends | (33.7) | (33.7) | ||||||||
Distributions to non-controlling interests | (0.9) | (0.9) | ||||||||
Sale of subsidiary shares of non-controlling interests | (5.8) | (5.8) | ||||||||
Currency translation adjustment | (16.1) | (16.1) | ||||||||
Pension benefit plan, net of tax | 17.1 | [1],[2] | 17.1 | |||||||
Unrealized loss on derivative instruments, net of tax | (8.3) | [3] | (8.3) | |||||||
Net (loss) income | $ 383.5 | 382.9 | 0.6 | |||||||
Balance, shares at Dec. 29, 2018 | 136,195,108 | 136,195,000 | ||||||||
Balance at Dec. 29, 2018 | $ 1,170.4 | $ 899.4 | $ 73.9 | $ 298.8 | $ (101.7) | $ 0 | ||||
[1] | Net of $3.6 million of associated tax impact that resulted in an increase to the gain on sale of discontinued operations for the year ended December 29, 2018. | |||||||||
[2] | Net of the effect of a $0.1 million tax expense, $0.6 million tax benefit and $0.3 million tax benefit for the years ended December 29, 2018, December 30, 2017 and December 31, 2016, respectively. | |||||||||
[3] | Net of the effect of a 2.5 million tax benefit for the year ended December 29, 2018. |
Description of Business
Description of Business | 12 Months Ended |
Dec. 29, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business As used herein, “Cott,” “the Company,” “our Company,” “Cott Corporation,” “we,” “us,” or “our” refers to Cott Corporation, together with its consolidated subsidiaries. Cott is a water, coffee, tea, extracts and filtration service company with a leading volume-based national presence in the North American and European home and office delivery industry for bottled water, and a leader in custom coffee roasting, iced tea blending, and extract solutions for the U.S. foodservice industry. Our platform reaches over 2.5 million customers or delivery points across North America and Europe and is supported by strategically located sales and distribution facilities and fleets, as well as wholesalers and distributors. This enables us to efficiently service residences, businesses, restaurant chains, hotels and motels, small and large retailers, and healthcare facilities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 29, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation These Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) using the U.S. dollar as the reporting currency, as the majority of our business and the majority of our shareowners are in the United States. We operate through three reporting segments: Route Based Services; Coffee, Tea and Extract Solutions; and All Other, which includes our UK Other operating segment, our soft drink concentrate production business and our Royal Crown International (“RCI”) division (“Cott Beverages LLC”) and other miscellaneous expenses. Our corporate oversight function is not treated as a segment; it includes certain general and administrative costs that are not allocated to any of our reporting segments. During the second quarter of 2018, we combined and disclosed the corporate oversight function in the All Other category. In addition, after the completion of the Transaction (as defined below) in January 2018, we re-evaluated the measure of profit for our reportable segments and determined that excluding corporate allocations from segment operating income was appropriate, as these costs are not considered by management when evaluating performance. Our segment reporting results have been recast to reflect these changes for all periods presented. See Note 10 to the Consolidated Financial Statements for segment reporting. Our fiscal year is based on either a 52- or 53- week period ending on the Saturday closest to December 31. For the fiscal years ended December 29, 2018 , December 30, 2017 and December 31, 2016 , we had 52 - weeks of activity. One of our subsidiaries uses a Gregorian calendar year-end which differs from the Company's 52- or 53- week fiscal year-end. Differences arising from the use of the different fiscal year-ends were not deemed material for the fiscal years ended December 29, 2018 , December 30, 2017 or December 31, 2016 . Basis of consolidation The Consolidated Financial Statements include our accounts, our wholly-owned and majority-owned subsidiaries that we control. All intercompany transactions and accounts have been eliminated in consolidation. Discontinued Operations In July 2017, we entered into a Share Purchase Agreement with Refresco Group B.V., a Dutch company (“Refresco”), pursuant to which we sold to Refresco, on January 30, 2018, our carbonated soft drinks and juice businesses via the sale of our North America, United Kingdom and Mexico business units (including the Canadian business) and our RCI finished goods export business (collectively, the “Traditional Business” and such transaction, the “Transaction”). The Transaction was structured as a sale of the assets of our Canadian business and a sale of the stock of the operating subsidiaries engaged in the Traditional Business in the other jurisdictions after we completed an internal reorganization. The aggregate deal consideration was $1.25 billion , paid at closing in cash, with customary post-closing adjustments resolved in December 2018 by the payment of $7.9 million from the Company to Refresco. The sale of the Traditional Business represented a strategic shift and had a major effect on our operations and, therefore, the Traditional Business is presented herein as discontinued operations. The Traditional Business excludes our Route Based Services and Coffee, Tea and Extract Solutions reporting segments, our Aimia Foods (“Aimia”), Decantae Mineral Water Ltd. (“Decantae”) and Cott Beverages LLC businesses. Estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Consolidated Financial Statements include estimates and assumptions that, in the opinion of management, were significant to the underlying amounts representing the future valuation of intangible assets, long-lived assets and goodwill, realization of deferred income tax assets, the resolution of tax contingencies and projected benefit plan obligations. Revenue recognition We recognize revenue, net of sales returns, when ownership passes to customers for products manufactured in our own plants and/or by third-parties on our behalf, and when prices to our customers are fixed or determinable and collection is reasonably assured. This may be upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue. Although we occasionally accept returns of products from our customers, historically returns have not been material. We also recognize rental income on filtration, brewers and dispensing equipment at customer locations based on the terms of the related rental agreements, which are generally measured based on 28 -day periods. Amounts billed to customers for rental in future periods are deferred and included in accounts payable and accrued liabilities on the Consolidated Balance Sheets. Sales incentives We participate in various incentive programs with our customers, including volume-based incentives, contractual rebates and promotional allowances. Volume incentives are based on our customers achieving volume targets for a period of time. Volume incentives and contractual rebates are deducted from revenue and accrued as the incentives are earned and are based on management’s estimate of the total the customer is expected to earn and claim. Promotional allowances are accrued at the time of revenue recognition and are deducted from revenue based on either the volume shipped or the volume sold at the retailer location, depending on the terms of the allowance. We regularly review customer sales forecasts to ensure volume targets will be met and adjust incentive accruals and revenues accordingly. Cost of sales We record costs associated with the manufacturing of our products in cost of sales. Shipping and handling costs incurred to store, prepare and move products between production facilities or from production facilities to branch locations or storage facilities are recorded in cost of sales. Shipping and handling costs incurred to deliver products from our Route Based Services and Coffee, Tea and Extract Solutions reporting segment branch locations to the end-user consumer of those products are recorded in selling, general and administrative (“SG&A”) expenses. All other costs incurred in shipment of products from our production facilities to customer locations are reflected in cost of sales. Shipping and handling costs included in SG&A were $473.8 million , $440.8 million , and $360.4 million for the years ended December 29, 2018 , December 30, 2017 , and December 31, 2016 , respectively. Finished goods inventory costs include the cost of direct labor and materials and the applicable share of overhead expense chargeable to production. Selling, general and administrative expenses We record all other expenses not charged to production as SG&A expenses. Advertising costs are expensed at the commencement of an advertising campaign and are recognized as a component of SG&A expenses. Advertising costs are not significant to any reporting segment other than Route Based Services. Advertising costs expensed were approximately $24.0 million , $21.6 million , and $20.8 million for the years ended December 29, 2018 , December 30, 2017 , and December 31, 2016 , respectively. Share-based compensation We have in effect equity incentive plans under which Time-based RSUs, Performance-based RSUs, non-qualified stock options and director share awards have been granted (as such terms are defined in Note 8 of the Consolidated Financial Statements). Share-based compensation expense for all share-based compensation awards is based on the grant-date fair value. We recognized these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years, and account for forfeitures when they occur. The fair value of the Company’s Time-based RSUs, Performance-based RSUs and director share awards are based on the closing market price of its common shares on the date of grant as stated on the NYSE. We estimate the fair value of non-qualified options as of the date of grant using the Black-Scholes option pricing model. This model considers, among other factors, the expected life of the award, the expected volatility of the Company’s share price, and expected dividends. The Company records share-based compensation expense in SG&A expenses. All excess tax benefits and tax deficiencies related to share-based compensation are recognized in results of operations at settlement or expiration of the award. The excess tax benefit or deficiency is calculated as the difference between the grant date price and the price of our common shares on the vesting or exercise date. Cash and cash equivalents Cash and cash equivalents include all highly liquid investments with original maturities not exceeding three months at the time of purchase. The fair values of our cash and cash equivalents approximate the amounts shown on our Consolidated Balance Sheets due to their short-term nature. Allowance for doubtful accounts A portion of our accounts receivable is not expected to be collected due to non-payment, bankruptcies and deductions. Our accounting policy for the allowance for doubtful accounts requires us to reserve an amount based on the evaluation of the aging of accounts receivable, detailed analysis of high-risk customers’ accounts, and the overall market and economic conditions of our customers. This evaluation considers the customer demographic, such as large commercial customers as compared to small businesses or individual customers. We consider our accounts receivable delinquent or past due based on payment terms established with each customer. Accounts receivable are written off when the account is determined to be uncollectible. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out method, or net realizable value. Finished goods and work-in-process include the inventory costs of raw materials, direct labor and manufacturing overhead costs. As a result, we use an inventory reserve to adjust our inventory costs down to a net realizable value and to reserve for estimated obsolescence of both raw materials and finished goods. Customer deposits The Company generally collects deposits on three- and five-gallon bottles used by our home and office water delivery customers. Such deposits are refunded only after customers return such bottles in satisfactory condition. The associated bottle deposit liability is estimated based on the number of water customers, average consumption and return rates and bottle deposit market rates. The Company analyzes these assumptions quarterly and adjusts the bottle deposit liability as necessary. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is allocated between cost of sales and SG&A expenses and is determined using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the remaining life of the lease or useful life of the asset, whichever is shorter. Maintenance and repairs are charged to operating expense when incurred. Goodwill Goodwill represents the excess purchase price of acquired businesses over the fair value of the net assets acquired. Goodwill is not amortized, but instead is tested for impairment at least annually. The following table summarizes our goodwill on a reporting segment basis as of December 29, 2018 and December 30, 2017 : Reporting Segment (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Total Balance December 31, 2016 $ 886.5 $ 117.1 $ 44.7 $ 1,048.3 Goodwill acquired during the year 8.5 — 1.3 9.8 Adjustments 0.1 0.7 — 0.8 Foreign exchange $ 41.6 $ — $ 4.2 $ 45.8 Balance December 30, 2017 936.7 117.8 50.2 1,104.7 Goodwill acquired during the year 55.6 — 7.7 63.3 Adjustments 1 (3.0 ) — — (3.0 ) Foreign exchange (17.6 ) — (3.5 ) (21.1 ) Balance December 29, 2018 $ 971.7 $ 117.8 $ 54.4 $ 1,143.9 ______________________ 1 For the year ended December 29, 2018 , the Company recorded adjustments to goodwill allocated to the Route Based Services segment in connection with the acquisition of Crystal Rock (see Note 4 to the Consolidated Financial Statements). Cott operates through four operating segments: Route Based Services; Coffee, Tea and Extract Solutions; UK Other; and Cott Beverages LLC. Route Based Services, Coffee, Tea and Extract Solutions are also reportable segments and UK Other and Cott Beverages LLC are combined and disclosed in the All Other category. We test goodwill for impairment at least annually on the first day of the fourth quarter, based on our reporting unit carrying values, calculated as total assets less non-interest bearing liabilities, as of the end of the third quarter, or more frequently if we determine a triggering event has occurred during the year. Any impairment loss is recognized in our results of operations. We evaluate goodwill for impairment on a reporting unit basis, which is an operating segment or a level below an operating segment, referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. However, two or more components of an operating segment can be aggregated and deemed a single reporting unit if the components have similar economic characteristics. Our Route Based Services operating segment was determined to have four components: DS Services of America, Inc. (“DSS”), Mountain Valley Spring Company (“Mountain Valley”), Aquaterra Corporation (“Aquaterra”) and Eden Springs B.V. (“Eden”). We have determined that DSS and Aquaterra have similar economic characteristics and have aggregated them as a single reporting unit for the purpose of testing goodwill for impairment (“DSSAqua”). For the purpose of testing goodwill for impairment in 2018 , we have determined our reporting units are DSSAqua, Eden, S&D, Aimia, Decantae, Farrers and Cott Beverages LLC. Mountain Valley was acquired subsequent to our annual goodwill impairment testing date and as such was not part of our annual assessment. DSSAqua and Eden are components of the Route Based Services operating segment. S&D is a component of the Coffee, Tea and Extract Solutions operating segment. Aimia, Decantae and Farrers are components of the UK Other operating segment. We had goodwill of $1,143.9 million on our Consolidated Balance Sheet at December 29, 2018 , which represents amounts for the DSSAqua, Mountain Valley, Eden, S&D, Aimia, Decantae, Farrers and Cott Beverages LLC reporting units. For purposes of the 2018 annual test, we elected to perform a qualitative assessment for our DSSAqua, Decantae, Farrers and Cott Beverages LLC reporting units to assess whether it was more likely than not that the fair value of these reporting units exceeded their respective carrying values. In performing these assessments, management relied on a number of factors including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors that would have a negative effect on earnings and cash flows, overall financial performance compared with forecasted projections in prior periods, and other relevant reporting unit events, the impact of which are all significant judgments and estimates. Based on these factors, management concluded that it was more likely than not that the fair values of the DSSAqua, Decantae, Farrers and Cott Beverages LLC reporting units were greater than their respective carrying amounts, including goodwill, indicating no impairment. Goodwill allocated to the DSSAqua, Decantae, Farrers and Cott Beverages LLC reporting units as of December 29, 2018 is $637.3 million , $1.6 million , $0.5 million and $4.5 million , respectively. For the Eden, S&D and Aimia reporting units, we elected to bypass the qualitative assessment and performed a quantitative analysis due to a decline in 2018 actual versus projected operating results. We determined the fair value of each reporting unit being evaluated using a mix of the income approach (which is based on the discounted cash flows of the reporting unit) and the guideline public company approach. We weighted the income approach and the guideline public company approach at 50% each to determine the fair value of each reporting unit. We believe using a combination of these approaches provides a more accurate valuation because it incorporates the expected cash generation of the Company in addition to how a third-party market participant would value the reporting unit. As the business is assumed to continue in perpetuity, the discounted future cash flows includes a terminal value. Critical assumptions used in our 2018 valuation of the reporting units include the weighted-average terminal growth rates of 1.5% , 2.5% and 2.0% and discount rates of 9.0% , 8.5% and 10.5% for our Eden, S&D and Aimia reporting units, respectively. The terminal growth rate assumption incorporated into the discounted cash flow calculation reflects our long-term view of the market and industry, projected changes in the sale of our products, pricing of such products and operating profit margins. The discount rate was determined using various factors and sensitive assumptions, including bond yields, size premiums and tax rates. This rate was based on the weighted average cost of capital a market participant would use if evaluating the reporting unit as an investment. These assumptions are considered significant unobservable inputs and represent our best estimate of assumptions that market participants would use to determine the fair value of the respective reporting units. The key inputs into the discounted cash flow analysis were consistent with market data, where available, indicating that the assumptions used were in a reasonable range of observable market data. Based on the quantitative assessment including consideration of the sensitivity of the assumptions made and methods used to determine fair value, industry trends and other relevant factors, we noted that the estimated fair values of Eden, S&D and Aimia reporting units exceeded their carrying values by approximately 15.7% , 28.2% and 20.8% , respectively. Therefore no goodwill impairment charges were recorded in the fourth quarter ended December 29, 2018 . Goodwill allocated to the Eden, S&D and Aimia reporting units as of December 29, 2018 are $313.9 million , $117.8 million and $47.8 million , respectively. For the Mountain Valley reporting unit, we did not perform a qualitative or quantitative assessment as the underlying net assets of the reporting unit were acquired in the fourth quarter of 2018 and there was no indication of changes to the business environment or the operations of the reporting unit that would cause us to conclude that it was more likely than not that the fair value of the Mountain Valley reporting unit was less than its carrying value, including goodwill. Goodwill allocated to the Mountain Valley reporting unit as of December 29, 2018 is $ 20.5 million . Each year during the fourth quarter, we re-evaluate the assumptions used in our assessments, such as revenue growth rates, operating profit margins and discount rates, to reflect any significant changes in the business environment that could materially affect the fair value of our reporting units. Based on the evaluations performed in 2018 , we determined that the fair value of each of our reporting units exceeded their carrying amounts. Intangible assets As of December 29, 2018 , our intangible assets subject to amortization, net of accumulated amortization were $432.4 million , consisting principally of $392.0 million of customer relationships that arose from acquisitions, $17.5 million of software, and $12.7 million of patents. Customer relationships are typically amortized on an accelerated basis for the period over which we expect to receive the economic benefits. The customer relationship intangible assets acquired in our acquisitions are amortized over the expected remaining useful life of those relationships on a basis that reflects the pattern of realization of the estimated undiscounted after-tax cash flows. We review the estimated useful life of these intangible assets annually, unless a review is required more frequently due a triggering event, such as a loss of a significant customer. Our review of the estimated useful life takes into consideration the specific net cash flows related to the intangible asset. The permanent loss of, or significant decline in sales to customers included in the intangible asset would result in either an impairment in the value of the intangible asset or an accelerated amortization of any remaining value and could lead to an impairment of the fixed assets that were used to service that customer. In 2018, we recorded $9.2 million in customer relationships acquired with the Mountain Valley Acquisition (as defined in Note 4 to the Consolidated Financial Statements) and $8.4 million in customer relationships acquired with the Crystal Rock Acquisition (as defined in Note 4 to the Consolidated Financial Statements). We did not record impairment charges for other intangible assets in 2018 , 2017 or 2016 . Our intangible assets with indefinite lives relate to the following: the 2001 acquisition of intellectual property from Royal Crown Company, Inc., and include the right to manufacture our concentrates, with all related inventions, processes, technologies, technical and manufacturing information, know-how and the use of the Royal Crown brand outside of North America and Mexico (the “Rights”); trademarks acquired in the acquisition of DSS (the “DSS Trademarks”); trademarks acquired in the acquisition of Eden (the “Eden Trademarks”), trademarks acquired in the acquisition of Aquaterra (the “Aquaterra Trademarks”), trademarks acquired in the Mountain Valley Acquisition (the “Mountain Valley Trademarks”) and trademarks acquired in the Crystal Rock Acquisition ( the “Crystal Rock Trademarks”). These assets have an aggregate net book value of $306.8 million as of December 29, 2018 . There are no legal, regulatory, contractual, competitive, economic, or other factors that limit the useful life of these intangible assets. The life of the Rights, DSS Trademarks, Eden Trademarks, Aquaterra Trademarks, Mountain Valley Trademarks and Crystal Rock Trademarks are considered to be indefinite and therefore these intangible assets are not amortized. Rather, they are tested for impairment at least annually or more frequently if we determine a triggering event has occurred during the year. We compare the carrying amount of the intangible asset to its fair value and when the carrying amount is greater than the fair value, we recognize in income an impairment loss. During the fourth quarter of 2018 , management concluded that it was more likely than not that the fair value of the Rights, DSS Trademarks, Eden Trademarks, Aquaterra Trademarks, Mountain Valley Trademarks and Crystal Rock Trademarks were greater than their respective carrying value, indicating no impairment. We assessed qualitative factors to determine whether the existence of events or circumstances indicated that it was more likely than not that the fair value of the Rights, DSS Trademarks, Aquaterra Trademarks, Mountain Valley Trademarks and Crystal Rock Trademarks were less than their respective carrying value. The qualitative factors we assessed included macroeconomic conditions, industry and market considerations, cost factors that would have a negative effect on earnings and cash flows, overall financial performance compared with forecasted projections in prior periods, and other relevant events, the impact of which are all significant judgments and estimates. We concluded that it was more likely than not that the fair value of the Rights, DSS Trademarks, Aquaterra Trademarks, Mountain Valley Trademarks and Crystal Rock Trademarks were more than its carrying value and therefore we were not required to perform any additional testing. To determine the fair value of the Eden Trademarks, we use a relief from royalty method of the income approach, which calculates a fair value royalty rate that is applied to revenue forecasts associated with those trademarks. The resulting cash flows are discounted using a rate to reflect the risk of achieving the projected royalty savings attributable to the trademarks. The assumptions used to estimate the fair value of these trademarks are subjective and require significant management judgment, including estimated future revenues, the fair value royalty rate (which is estimated to be a reasonable market royalty charge that would be charged by a licensor of the trademarks) and the risk adjusted discount rate. Based on our impairment test, the estimated fair value of the Eden Trademarks exceeded the carrying value by approximately 29.2% . If actual revenues in future periods, are less than currently projected for the Eden Trademarks, these trademarks could be impaired. Impairment and disposal of long-lived assets When adverse events occur, we compare the carrying amount of long-lived assets to the estimated undiscounted future cash flows at the lowest level of independent cash flows for the group of long-lived assets and recognize any impairment loss based on discounted cash flows in the Consolidated Statements of Operations, taking into consideration the timing of testing and the asset’s remaining useful life. The expected life and value of these long-lived assets is based on an evaluation of the competitive environment, history and future prospects as appropriate. We did not record impairments of long-lived assets in 2018 or 2017 . As part of normal business operations, we identify long-lived assets that are no longer productive and dispose of them. Losses on disposals of assets are presented separately in our Consolidated Statements of Operations as part of operating income. We recognized losses on disposal of property, plant and equipment, net of $9.4 million for the year ended December 29, 2018 ( $10.2 million — December 30, 2017 ; $6.6 million — December 31, 2016 ). Derivative financial instruments We use derivative financial instruments to manage our exposure to movements in foreign currencies and certain commodity prices. All derivative instruments are recorded at fair value in the Consolidated Balance Sheets. We do not use derivative financial instruments for trading or speculative purposes. We manage credit risk related to the derivative financial instruments by requiring high credit standards for our counterparties and periodic settlements. Refer to Note 20 to the Consolidated Financial Statements for further information on our derivative financial instruments. Foreign currency translation The assets and liabilities of non-U.S. active operations, all of which are self-sustaining, are translated to U.S. dollars at the exchange rates in effect at the balance sheet dates. Revenues and expenses are translated using average monthly exchange rates prevailing during the period. The resulting gains or losses are recorded in accumulated other comprehensive loss. Income taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amount of assets and liabilities and their respective tax bases, using currently enacted income tax rates. A valuation allowance is established to reduce deferred income tax assets if, on the basis of available evidence, it is not more likely than not that all or a portion of any deferred tax assets will be realized. The consideration of available evidence requires significant management judgment including an assessment of the future periods in which the deferred tax assets and liabilities are expected to be realized and projections of future taxable income. The ultimate realization of the deferred tax assets, related to net operating losses, is dependent upon the generation of future taxable income during the periods prior to their expiration. If our estimates and assumptions about future taxable income are not appropriate, the value of our deferred tax assets may not be recoverable, which may result in an increase to our valuation allowance that will impact current earnings. We account for uncertain tax positions using a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, based on the technical merits. The second step requires management to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. We re-evaluate these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. We recognize interest and penalties related to unrecognized tax benefits within the income tax (benefit) expense line in the accompanying Consolidated Statements of Operations, and we include accrued interest and penalties within the accounts payable and accrued liabilities or the prepaid expenses and other current assets line in the accompanying Consolidated Balance Sheets. Pension costs We record annual amounts relating to defined benefit pension plans based on calculations, which include various actuarial assumptions such as discount rates and assumed rates of return on plan assets depending on the pension plan. Material changes in pension costs may occur in the future due to changes in these assumptions. Future annual amounts could be impacted by changes in the discount rate, changes in the expected long-term rate of return on plan assets, changes in the level of contributions to the plans and other factors. The funded status is the difference between the fair value of plan assets and the benefit obligation. Future actuarial gains or losses that are not recognized as net periodic benefits cost in the same periods will be recognized as a component of other comprehensive income. Recently adopted accounting pronouncements Update ASU 2014-09 – Revenue from Contracts with Customers (Topic 606) In May 2014, the Financial Accounting Standards Board (“FASB”) amended its guidance regarding revenue recognition and created a new Topic 606, Revenue from Contracts with Customers. The objectives for creating Topic 606 were to remove inconsistencies and weaknesses in revenue recognition, provide a more robust framework for addressing revenue issues, provide more useful information to users of the financial statements through improved disclosure requirements, simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer, and improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, an entity should apply the following steps: 1) identify the contract(s) with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 29, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations On January 30, 2018, the Company completed the sale of the Traditional Business to Refresco. The Transaction was structured as a sale of the assets of the Canadian business and a sale of the stock of the operating subsidiaries engaged in the Traditional Business in the other jurisdictions after the Company completed an internal reorganization. The aggregate deal consideration was $1.25 billion , paid at closing in cash, with customary post-closing adjustments, resolved in December 2018 by the payment of $7.9 million from the Company to Refresco. As of December 29, 2018 , $12.5 million of the total sale proceeds are being held in escrow by a third party escrow agent to secure potential indemnification claims. The escrow will be released, subject to any amounts for pending indemnification claims, on the 18-month anniversary of the closing date of the Transaction. These funds are included in cash and cash equivalents on the Consolidated Balance Sheet as of December 29, 2018 . In connection with the Transaction, the Company and Refresco entered into a Transition Services Agreement pursuant to which the Company and Refresco provide certain services to each other for various service periods, with the longest service period being 18 months , including tax and accounting services, certain human resources services, communications systems and support, and insurance/risk management. Each party is compensated for services rendered as set forth in the Transition Services Agreement. Each service period may be extended as set forth in the Transition Services Agreement, up to a maximum extension of 180 days . In addition, the Company and Refresco entered into certain Co-pack Manufacturing Agreements pursuant to which the Company and Refresco manufacture and supply certain beverage products for each other and a Concentrate Supply Agreement pursuant to which the Company supplies concentrates to Refresco. Each party will be compensated for the products they supply as set forth in the applicable agreement. The Co-pack Manufacturing Agreements have a term of 36 months , and the Concentrate Supply Agreement has the same term as that of the Transition Services Agreement. For the year ended December 29, 2018 , the Company paid Refresco $8.7 million for the contract manufacture of beverage products and reimbursed Refresco $47.2 million for various operational expenses that were paid by Refresco on its behalf. For the year ended December 29, 2018 , Refresco paid the Company $45.5 million for the contract manufacture of beverage products. The major components of net income (loss) from discontinued operations, net of income taxes in the accompanying Consolidated Statements of Operations include the following: For the Year Ended December 29, 2018 December 30, 2017 December 31, 2016 (in millions of U.S. dollars) Revenue, net $ 111.2 $ 1,637.1 $ 1,658.6 Cost of sales 98.4 1,428.4 1,434.5 Operating income from discontinued operations 2.0 49.9 72.7 Gain on sale of discontinued operations 427.9 — — Income (loss) from discontinued operations, before income taxes 402.5 (20.5 ) (6.8 ) Income tax expense (benefit) 1 47.9 (31.2 ) 4.4 Net income (loss) from discontinued operations, net of income taxes 354.6 10.7 (11.2 ) Less: Net income attributable to non-controlling interests 0.6 8.5 6.3 Net income (loss) attributable to Cott Corporation – discontinued operations 2 $ 354.0 $ 2.2 $ (17.5 ) ______________________ 1 The Transaction resulted in a taxable gain on sale in the U.S., which utilized a significant portion of the existing U.S. net operating loss carryforwards. As a result, the Company is in a net deferred tax liability position in the U.S. and thus a tax benefit of approximately $35.1 million related to a release of the U.S. valuation allowance was recorded in 2018 and is offsetting the overall income tax expense related to discontinued operations. The Transaction resulted in a non-taxable gain on sale in the United Kingdom. No tax benefit resulted from the Transaction related to the taxable loss on sale in Canada due to the Company's valuation allowance position. 2 Net income (loss) attributable to Cott Corporation - discontinued operations is inclusive of interest expense on short-term borrowings and debt required to be repaid or extinguished as part of divestiture of $3.4 million for the year ended December 29, 2018 ( December 30, 2017 - $49.5 million ; December 31, 2016 - $81.2 million ). Assets and liabilities of discontinued operations presented in the accompanying Consolidated Balance Sheet as of December 30, 2017 include the following: (in millions of U.S. dollars) December 30, 2017 ASSETS Cash and cash equivalents $ 66.0 Accounts receivable, net 143.2 Inventories 191.2 Prepaid expenses and other current assets 8.3 Current assets of discontinued operations 408.7 Property, plant and equipment, net 350.7 Goodwill 136.8 Intangible assets, net 176.2 Other long-term assets, net 13.8 Long-term assets of discontinued operations $ 677.5 LIABILITIES Current maturities of long-term debt 0.5 Accounts payable and accrued liabilities 294.6 Current liabilities of discontinued operations 295.1 Long-term debt 0.9 Deferred tax liabilities 1.0 Other long-term liabilities 43.9 Long-term liabilities of discontinued operations $ 45.8 Cash flows from discontinued operations included borrowings and payments under the ABL facility of $262.4 million and $482.8 million , respectively, for the year ended December 29, 2018 , $3,004.1 million and $2,990.7 million , respectively, for the year ended December 30, 2017 , and $2,401.7 million and $2,318.9 million , respectively, for the year ended December 31, 2016 . |
Revenue
Revenue | 12 Months Ended |
Dec. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue We are a water, coffee, tea, extracts and filtration service company. Our principal source of revenue is from bottled water delivery to residential and business customers primarily in North America and Europe, and the manufacture and distribution of coffee, tea and extracts to institutional and commercial customers in the United States. Revenue is recognized, net of sales returns, when a customer obtains control of promised goods or services in an amount that reflects the consideration we expect to receive in exchange for those goods or services. We measure revenue based on the consideration specified in the client arrangement, and revenue is recognized when the performance obligations in the client arrangement are satisfied. A performance obligation is a contractual promise to transfer a distinct service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when the customer receives the benefit of the performance obligation. Clients typically receive the benefit of our services as they are performed. Substantially all our client contracts require that we be compensated for services performed to date. This may be upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue and costs incurred by us for shipping and handling activities that are performed after a customer obtains control of the product are accounted for as fulfillment costs. In addition, we exclude from net revenue and cost of sales taxes assessed by governmental authorities on revenue-producing transactions. Although we occasionally accept returns of products from our customers, historically returns have not been material. Contract Estimates The nature of certain of the Company’s contracts give rise to variable consideration including cash discounts, volume-based rebates, point of sale promotions, and other promotional discounts to certain customers. For all promotional programs and discounts, the Company estimates the rebate or discount that will be granted to the customer and records an accrual upon invoicing. These estimated rebates or discounts are included in the transaction price of the Company’s contracts with customers as a reduction to net revenues and are included as accrued sales incentives in accounts payable and accrued liabilities in the Consolidated Balance Sheets. This methodology is consistent with the manner in which the Company historically estimated and recorded promotional programs and discounts. Accrued sales incentives were $10.5 million and $6.9 million at December 29, 2018 and December 30, 2017 , respectively. We do not disclose the value of unsatisfied performance obligations for contracts (i) with an original expected length of one year or less or (ii) for which the Company recognizes revenue at the amount in which it has the right to invoice as the product is delivered. Contract Balances Contract liabilities relate primarily to advances received from the Company’s customers before revenue is recognized. These amounts are recorded as deferred revenue and are included in accounts payable and accrued liabilities in the Consolidated Balance Sheets. The advances are expected to be earned as revenue within one year of receipt. Deferred revenues at December 29, 2018 and December 30, 2017 were $22.0 million and $23.2 million , respectively. The amount of revenue recognized for the year ended December 29, 2018 that was included in the December 30, 2017 deferred revenue balance was $22.9 million . The Company does not have any material contract assets as of December 29, 2018 . Disaggregated Revenue In general, the Company’s business segmentation is aligned according to the nature and economic characteristics of its products and customer relationships and provides meaningful disaggregation of each business segment’s results of operations. Further disaggregation of net revenue to external customers by geographic area based on customer location is as follows: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 United States $ 1,786.9 $ 1,709.0 $ 1,299.0 United Kingdom 173.2 160.0 130.3 Canada 64.1 61.8 61.2 All other countries 348.7 338.9 132.7 Total 1 $ 2,372.9 $ 2,269.7 $ 1,623.2 ______________________ 1 Prior-period amounts are not adjusted under the modified-retrospective method of adoption. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 29, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Mountain Valley Acquisition On October 15, 2018 , DSS, a wholly owned subsidiary of the Company, acquired Mountain Valley, a growing American brand of spring and sparkling bottled water delivered to homes and offices throughout the U.S. (the “Mountain Valley Acquisition”). The purchase price paid by DSS in the Mountain Valley Acquisition was $80.4 million on a debt and cash free basis, subject to adjustments for closing date cash, working capital, indebtedness and certain expenses. The Mountain Valley Acquisition was funded through a combination of incremental borrowings under the Company’s ABL facility and cash on hand. The total consideration paid by DSS in the Mountain Valley Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 62.5 Cash paid on behalf of sellers for sellers' transaction expenses 1.8 Cash paid to retire outstanding debt on behalf of sellers 16.1 Total consideration $ 80.4 The Mountain Valley Acquisition supported the Company’s strategy to expand the Company’s existing home and office bottled water category into premium spring, sparkling and flavored water. The Company has accounted for this transaction as a business combination which requires that assets acquired and liabilities assumed be measured at their acquisition date fair values. A preliminary allocation of the purchase price of $80.4 million has been made to the major categories of assets acquired and liabilities assumed based on management's estimates of their fair values as of the acquisition date. The excess of the purchase price over the aggregate fair values was recorded as goodwill. The table below presents the preliminary purchase price allocation of the estimated acquisition date fair values of the assets acquired and liabilities assumed: (in millions of U.S. dollars) Acquired Value Cash and cash equivalents $ 8.2 Accounts receivable 4.2 Inventory 2.3 Prepaid expenses and other assets 0.2 Property, plant and equipment 38.5 Goodwill 20.5 Intangible assets 25.8 Accounts payable and accrued liabilities (19.3 ) Total $ 80.4 The assets and liabilities acquired with the Mountain Valley Acquisition are recorded at their estimated fair values per preliminary valuations and management estimates and are subject to change when formal valuations and other studies are finalized. The fair values of acquired property, plant and equipment, customer relationships, and deferred taxes are provisional pending validation and receipt of the final valuations for those assets. The fair value of the assumed customer bottle deposit liability included in accounts payable and accrued liabilities is provisional pending management review. In addition, consideration for potential loss contingencies, including uncertain tax positions, are still under review. The amount of revenues and net income related to the Mountain Valley Acquisition included in the Company’s Consolidated Statement of Operations for the period from the acquisition date through December 29, 2018 were $10.1 million and $1.2 million , respectively. During the year ended December 29, 2018, the Company incurred $1.0 million of acquisition-related costs associated with the Mountain Valley Acquisition, which are included in acquisition and integration expenses in the Consolidated Statement of Operations for the year ended December 29, 2018. Crystal Rock Acquisition On March 21, 2018 , the Company completed the acquisition of Crystal Rock Holdings, Inc., a direct-to-consumer home and office water, coffee and filtration business serving customers throughout New York and New England (“Crystal Rock”). The transaction was structured as a merger following a cash tender offer for all outstanding shares of Crystal Rock, with Crystal Rock becoming a wholly-owned indirect subsidiary of the Company (the "Crystal Rock Acquisition"). The aggregate consideration paid was $37.7 million and includes the purchase price paid to the Crystal Rock shareholders of $20.7 million , $0.8 million in costs paid on behalf of the sellers for the seller's transaction costs and $16.2 million of assumed debt and accrued interest obligations of the acquired company that was paid by the Company. The total consideration paid by the Company in the Crystal Rock Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 20.7 Cash paid on behalf of sellers for sellers' transaction expenses 0.8 Total consideration $ 21.5 The Crystal Rock Acquisition strengthens the Company's presence in New York and New England. The Company has accounted for this transaction as a business combination which requires that assets acquired and liabilities assumed be measured at their acquisition date fair values. The purchase price of $21.5 million , net of debt, was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. The excess of the purchase price over the aggregate fair values was recorded as goodwill. Measurement period adjustments recorded during the year ended December 29, 2018 included adjustments to property, plant and equipment and intangible assets based on review of valuations, adjustments to deferred taxes and other long-term liabilities based on analysis of certain tax positions, as well as adjustments to accounts receivable, inventory, prepaid expenses, other assets and accounts payable and accrued liabilities based on review of their fair values as of the acquisition date. These measurement period adjustments did not have a material effect on our results of operations in prior periods. The table below summarizes the originally reported estimated acquisition date fair values, measurement period adjustments recorded and the adjusted purchase price allocation of the assets acquired and liabilities assumed: (in millions of U.S. dollars) Originally Reported Measurement Period Adjustments Acquired Value Cash and cash equivalents $ 1.6 $ — $ 1.6 Accounts receivable 6.5 (0.1 ) 6.4 Inventory 2.3 (0.1 ) 2.2 Prepaid expenses and other current assets 1.2 1.0 2.2 Property, plant and equipment 9.4 (0.5 ) 8.9 Goodwill 16.7 (3.0 ) 13.7 Intangible assets 13.3 (0.7 ) 12.6 Other assets 0.8 (0.7 ) 0.1 Short-term borrowings (4.1 ) — (4.1 ) Current maturities of long-term debt (1.6 ) — (1.6 ) Accounts payable and accrued liabilities (5.2 ) (1.5 ) (6.7 ) Long-term debt (10.4 ) — (10.4 ) Deferred tax liabilities (6.5 ) 4.0 (2.5 ) Other long-term liabilities (2.5 ) 1.6 (0.9 ) Total $ 21.5 $ — $ 21.5 The assets and liabilities acquired with the Crystal Rock Acquisition are recorded at their estimated fair values per management’s estimates and are subject to change when formal valuations and other studies are finalized. The fair values of acquired property, plant and equipment, customer relationships, trademarks and trade names, and deferred taxes are provisional pending validation and receipt of the final valuations for those assets. In addition, consideration for potential loss contingencies, including uncertain tax positions, are still under review. The amount of revenues related to the Crystal Rock Acquisition included in the Company’s Consolidated Statement of Operations for the period from the acquisition date through December 29, 2018 was $42.3 million . During the year ended December 29, 2018, the Company incurred $3.6 million of acquisition-related costs associated with the Crystal Rock Acquisition, which are included in acquisition and integration expenses in the Consolidated Statement of Operations for the year ended December 29, 2018. During the second quarter of 2018, Crystal Rock was integrated within our DSS business, therefore it is impracticable to determine the amount of net income related to the Crystal Rock Acquisition included in the Company's Statement of Operations for the period from the acquisition date through December 29, 2018. Intangible Assets In our determination of the estimated fair value of intangible assets, we consider, among other factors, the best use of acquired assets, analysis of historical financial performance and estimates of future performance of the acquired business’ products. The estimated fair values of identified intangible assets are calculated considering both market participant assumptions, using an income approach as well as estimates and assumptions provided by Cott management and management of the acquired business. Assumptions include, but are not limited to, expected revenue growth, weighted-average terminal growth rate, risk adjusted discount rate and fair value royalty rate. The estimated fair value of customer relationships represent future after-tax discounted cash flows that will be derived from sales to existing customers of the acquired business as of the date of acquisition. The estimated fair value of trademarks and trade names represent the future projected cost savings associated with the premium and brand image obtained as a result of owning the trademark or trade name as opposed to obtaining the benefit of the trademark or trade name through a royalty or rental fee. Mountain Valley Acquisition The following table sets forth the components of identified intangible assets associated with the Mountain Valley Acquisition and their estimated weighted average useful lives: (in millions of U.S. dollars) Estimated Fair Market Value Weighted Average Estimated Useful Life Customer relationships $ 9.2 20 years Trademarks and trade names 16.6 Indefinite Total $ 25.8 Crystal Rock Acquisition The following table sets forth the components of identified intangible assets associated with the Crystal Rock Acquisition and their estimated weighted average useful lives: (in millions of U.S. dollars) Estimated Fair Market Value Weighted Average Estimated Useful Life Customer relationships $ 8.4 11 years Trademarks and trade names 4.2 Indefinite Total $ 12.6 Goodwill Mountain Valley Acquisition The principal factor that resulted in recognition of goodwill in the Mountain Valley Acquisition was that the purchase price was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the Mountain Valley Acquisition was allocated to the Route Based Services reporting segment and is expected to be tax deductible. Crystal Rock Acquisition The principal factor that resulted in recognition of goodwill in the Crystal Rock Acquisition was that the purchase price was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the Crystal Rock Acquisition was allocated to the Route Based Services reporting segment, none of which is expected to be tax deductible. |
Other Expense, Net Other (Incom
Other Expense, Net Other (Income) Expense, Net | 12 Months Ended |
Dec. 29, 2018 | |
Other Income and Expenses [Abstract] | |
Other (Income) Expense, Net | Other (Income) Expense, Net The following table summarizes other (income) expense, net for the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 : For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Foreign exchange (gains) losses $ (7.1 ) $ (1.7 ) $ 1.9 Proceeds from legal settlements (14.9 ) — — Gain on sale (6.0 ) — — Transition Services Agreement service income (2.6 ) — — Pension curtailment gain — (4.5 ) — Realized commodity hedging gains — — (5.8 ) Unrealized commodity hedging loss (gain), net — — 9.7 Gain on extinguishment of long-term debt (7.1 ) (1.5 ) — Other (gains) losses, net (5.2 ) (0.3 ) (0.2 ) Total $ (42.9 ) $ (8.0 ) $ 5.6 |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 29, 2018 | |
Banking and Thrift, Interest [Abstract] | |
Interest Expense | Interest Expense, Net The following table summarizes interest expense, net for the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 : For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Interest on long-term debt $ 72.2 $ 83.1 $ 42.9 Other interest expense, net 5.4 2.4 0.1 Total $ 77.6 $ 85.5 $ 43.0 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes (Benefit) Provision for Income Taxes Income (loss) from continuing operations, before income taxes consisted of the following: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Canada $ (26.1 ) $ (29.1 ) $ (25.4 ) Outside Canada 50.2 (4.5 ) (13.7 ) Income (loss) from continuing operations, before income taxes $ 24.1 $ (33.6 ) $ (39.1 ) Income tax (benefit) expense consisted of the following: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Current Canada $ — — $ — Outside Canada 2.3 3.9 1.3 $ 2.3 $ 3.9 $ 1.3 Deferred Canada $ (5.6 ) $ — $ 8.7 Outside Canada (1.5 ) (33.9 ) 11.2 $ (7.1 ) $ (33.9 ) $ 19.9 Income tax (benefit) expense $ (4.8 ) $ (30.0 ) $ 21.2 The following table reconciles income taxes calculated at the basic Canadian corporate rates with the income tax provision: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Income tax expense (benefit) based on Canadian statutory rates $ 6.4 $ (8.7 ) $ (10.1 ) Foreign tax rate differential (2.6 ) (1.3 ) (1.3 ) Local taxes 0.5 (0.2 ) (1.1 ) Nontaxable interest income (9.8 ) (11.3 ) (7.9 ) Impact of intercompany transactions and dividends 1.0 (9.2 ) (10.6 ) Nontaxable capital gains — (3.7 ) — Dividend income — — 1.1 Change in enacted tax rates 3.4 (32.7 ) (0.6 ) Change in valuation allowance (4.2 ) 45.8 48.6 Change in uncertain tax positions (3.4 ) (2.4 ) (0.2 ) Equity compensation 1.5 1.1 0.6 Permanent differences 1.1 (0.6 ) 1.8 Outside basis differences on discontinued operations — (3.8 ) — Adjustments to deferred taxes 0.7 (3.4 ) — Other items 0.6 0.4 0.9 Income tax (benefit) expense $ (4.8 ) $ (30.0 ) $ 21.2 Deferred Tax Assets and Liabilities Deferred income tax assets and liabilities were recognized on temporary differences between the financial and tax bases of existing assets and liabilities as follows: (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Deferred tax assets Net operating loss carryforwards $ 109.8 $ 181.6 Capital loss carryforwards 13.1 4.5 Liabilities and reserves 25.0 35.7 Stock options 8.1 7.0 Inventories 3.8 4.5 Interest expense 12.2 25.4 Outside basis differences on discontinued operations — 3.8 Other 6.7 4.9 178.7 267.4 Deferred tax liabilities Property, plant and equipment (65.7 ) (69.2 ) Intangible assets (139.2 ) (165.2 ) (204.9 ) (234.4 ) Valuation allowance (98.0 ) (129.1 ) Net deferred tax liability $ (124.2 ) $ (96.1 ) As a result of adopting ASU 2016-09 in 2016 on a modified retrospective basis, with a cumulative effect adjustment to opening retained earnings, the table of deferred tax assets and liabilities shown above includes deferred tax assets at December 30, 2017 that arose directly from tax deductions related to equity compensation in excess of compensation recognized for financial reporting. As of December 29, 2018 , we have outside tax basis differences, including undistributed earnings, in our foreign subsidiaries. For 2018, deferred taxes have not been recorded on the undistributed earnings because the foreign subsidiaries have the ability to repatriate funds to its parent company tax-efficiently or the undistributed earnings are indefinitely reinvested under the accounting guidance. In order to arrive at this conclusion, we considered factors including, but not limited to, past experience, domestic cash requirements, cash requirements to satisfy the ongoing operations, capital expenditures and other financial obligations of our subsidiaries. It is not practicable to determine the excess book basis over outside tax basis in the shares or the amount of incremental taxes that might arise if these earnings were to be remitted. The amount of tax payable could be significantly impacted by the jurisdiction in which a distribution was made, the amount of the distribution, foreign withholding taxes under applicable tax laws when distributed, relevant tax treaties and foreign tax credits. We repatriated earnings of $83.1 million and $27.5 million to Canada in 2018 and 2017 , respectively, incurring no tax expense. No earnings were repatriated to Canada in 2016 . For 2017, we recorded a deferred tax asset of $3.8 million with a corresponding valuation allowance for the reversal of certain outside basis differences related to the divestiture of the Traditional Business. As of December 29, 2018 , we have operating loss carryforwards totaling $455.4 million , capital loss carryforwards totaling $49.9 million , and credit carryforwards totaling $4.3 million . The operating loss carryforward amount was attributable to Canadian operating loss carryforwards of $146.9 million that will expire from 2027 to 2039; U.S. federal and state operating loss carryforwards of $134.4 million and $12.5 million , respectively, that will expire from 2019 to 2038 ; Dutch operating loss carryforwards of $85.6 million that will expire from 2019 to 2024 ; and various other operating loss carryforwards of $75.9 million that will expire from 2019 to 2039 . The capital loss carryforward is attributable to Canadian capital losses of $45.1 million and Israeli capital losses of $4.8 million , all with indefinite lives. The credit carryforward is attributable to $1.3 million of refundable income tax credits and $3.0 million of credit carryforwards that will expire from 2019 to 2022 . In general, under Section 382 and 383 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), a U.S. corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change net operating losses (“NOLs”) or tax credits to offset future taxable income. Therefore, current or future changes in our Canadian stock ownership, many of which are outside of our control, could result in a U.S. ownership change under Section 382 and 383 of the Code. If we undergo a U.S. ownership change, our ability to utilize U.S. federal or state NOLs or tax credits could be limited. We monitor changes in our ownership on an ongoing basis and do not believe we had a change of control limitation as of December 29, 2018 . We establish a valuation allowance to reduce deferred tax assets if, based on the weight of the available evidence, both positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Due to recent cumulative losses, it was determined that it is more likely than not we will not realize the benefit of net operating loss carryforwards and other net deferred assets in Canada, and certain jurisdictions within the Eden business. The balance of the valuation allowance was $98.0 million and $129.1 million for the years ended December 29, 2018 and December 30, 2017 , respectively. The valuation allowance decrease in 2018 was primarily related to the utilization of net operating losses in the U.S. as a result of the Transaction. This decrease was offset with valuation allowance increases related to losses in tax jurisdictions with existing valuation allowances. Additionally, we have determined that it is more likely than not that the benefit from our capital losses in Canada and Israel will not be realized in the future due to the uncertainty regarding potential future capital gains in the jurisdiction. In recognition of this risk, we have provided a valuation allowance of $13.1 million on our capital losses. The Tax Act enacted new Section 163(j) interest expense limitation rules on December 22, 2017. On November 26, 2018, the U.S. Department of the Treasury released proposed regulations to provide interpretative guidance for the new Section 163(j) rules, with early adoption permitted. The proposed regulations are open to public comment until the end of February 2019. We have not adopted the proposed regulations for our 2018 tax year. If the proposed regulations are finalized as currently written, they could have a material impact to our consolidated financial statements in the year in which they are finalized. Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Unrecognized tax benefits at beginning of year $ 16.2 $ 28.6 $ 9.9 Additions based on tax positions taken during a prior period 1.3 0.2 0.2 Reductions based on tax positions taken during a prior period (0.1 ) (6.3 ) — Settlement on tax positions taken during a prior period — (1.0 ) (4.5 ) Tax rate change (0.1 ) (4.5 ) — Lapse in statute of limitations (4.3 ) (3.2 ) (0.1 ) Additions based on tax positions taken during the current period 3.0 1.7 24.0 Foreign exchange (0.5 ) 0.7 (0.9 ) Unrecognized tax benefits at end of year $ 15.5 $ 16.2 $ 28.6 As of December 29, 2018 , we had $15.5 million of unrecognized tax benefits, a net decrease of $0.7 million from $16.2 million as of December 30, 2017 . If we recognized our tax positions, approximately $8.4 million would favorably impact the effective tax rate. We believe it is reasonably possible that our unrecognized tax benefits will decrease or be recognized in the next twelve months by up to $2.4 million due to the settlement of certain tax positions and lapses in statutes of limitation in various tax jurisdictions. We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes. We recovered nil of interest and penalties during the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 . The amount of interest and penalties recognized in the Consolidated Balance Sheets for 2018 and 2017 were a liability of $0.6 million and $0.7 million , respectively. Years through 2009 have been audited by the U.S. Internal Revenue Service, though the statutes are still open back to 2008 due to certain net operating loss carryforwards. Years prior to 2012 are closed to audit by U.S. state jurisdictions. We are currently under audit in Canada by the Canada Revenue Agency (“CRA”) for tax year 2014. Years prior to 2014 are closed to audit by the CRA. We are currently under audit in Israel for the 2013 to 2016 tax years, the United Kingdom for the 2016 and 2017 tax years, Poland for the 2014 tax year, and Switzerland for the 2013 to 2017 tax years. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Share-Based Compensation Our shareowners approved our Amended and Restated Cott Corporation Equity Incentive Plan (the “Amended and Restated Equity Plan”) in its current form in May 2016, and approved the Cott Corporation 2018 Equity Incentive Plan (“2018 Equity Plan” and together with the Amended and Restated Equity Plan, the “Equity Plans”) in May 2018. Awards under the Equity Plans may be in the form of incentive stock options, non-qualified stock options, restricted shares, restricted share units, performance shares, performance units, stock appreciation rights, and stock payments to employees, directors and outside consultants. The Equity Plans are administered by the Human Resources and Compensation Committee (“HRCC”) of the Board of Directors or any other board committee as may be designated by the Board of Directors from time to time. Under the Amended and Restated Equity Plan, 20,000,000 shares are reserved for future issuance, and under the 2018 Equity Plan, 8,000,000 shares are reserved for future issuance, subject to adjustment upon a share split, share dividend, recapitalization, and other similar transactions and events. Shares that are issued under the Equity Plans are applied to reduce the maximum number of shares remaining available for issuance under the Equity Plans; provided that the total number of shares available for issuance under the Equity Plans are reduced two shares for each share issued pursuant to a “full-value” award (i.e., an award other than an option or stock appreciation right). Shares to be issued pursuant to Time-based RSUs, Performance-based RSUs, or stock options that are forfeited, expired, or are canceled or settled without the issuance of shares return to the pool of shares available for issuance under the Equity Plans. As of December 29, 2018 , there were 2,602,043 shares available for future issuance under the Amended and Restated Equity Plan, and 8,000,000 shares available for future issuance under the 2018 Equity Plan. The table below summarizes the share-based compensation expense for the years ended December 29, 2018 , December 30, 2017 , and December 31, 2016 . Share-based compensation expense is recorded in SG&A expenses in the Consolidated Statements of Operations. As referenced below: (i) “Performance-based RSUs” represent restricted share units with performance-based vesting, (ii) “Time-based RSUs” represent restricted share units with time-based vesting, (iii) “Stock options” represent non-qualified stock options, (iv) “Director share awards” represent common shares issued in consideration of the annual board retainer fee to non-management members of our Board of Directors, and (v) the “ESPP” represents the Cott Corporation Employee Share Purchase Plan, under which common shares are issued to eligible employees at a discount through payroll deductions. For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Stock options $ 5.3 $ 5.5 $ 3.7 Performance-based RSUs 7.0 12.0 1.3 Time-based RSUs 3.8 4.2 3.3 Director share awards 1.0 1.1 0.9 Employee Share Purchase Plan 0.3 0.1 0.2 Total 1 $ 17.4 $ 22.9 $ 9.4 ______________________ 1 Includes $0.1 million , $5.4 million and $2.4 million of share-based compensation expense from our discontinued operations, which were included in net income (loss) from discontinued operations, net of income taxes on the Consolidated Statements of Operations for the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 , respectively. On August 1, 2018, in connection with the appointment of the Company’s chief executive officer to executive chairman of the Board effective December 30, 2018, the Board approved the modification of certain outstanding awards issued to the chief executive officer. The modified awards will continue to vest in accordance with their normal applicable vesting schedules regardless of continued service. The total incremental compensation expense associated with the modification was $5.5 million for the year ended December 29, 2018 . During the third quarter of 2017, in connection with the sale of the Traditional Business and upon a determination by the HRCC, outstanding awards granted to Traditional Business employees vested as follows: outstanding time-based RSUs vested in full, outstanding unvested stock options vested in full (and remain exercisable for three years from the date of closing of the Transaction), and outstanding performance-based RSUs vested in full, assuming achievement of the applicable pre-tax income level at the “target” level. As a result, an additional $1.2 million of expense was recorded for the year ended December 30, 2017 and included in net income (loss) from discontinued operations, net of income taxes on the Consolidated Statement of Operations. The tax benefit recognized related to share-based compensation expense for the fiscal year ended December 29, 2018 was $0.9 million ( December 30, 2017 - $0.5 million ; December 31, 2016 - $2.8 million ). As of December 29, 2018 , the unrecognized share-based compensation expense and weighted average years over which we expect to recognize it as compensation expense were as follows: (in millions of U.S. dollars, except years) Unrecognized share-based compensation expense as of December 29, 2018 Weighted average years expected to recognize compensation Stock options $ 4.6 1.9 Performance-based RSUs 7.0 2.3 Time-based RSUs 3.0 1.9 Total $ 14.6 Stock Options During 2018 , 2017 and 2016 approximately 1,182,400 , 734,500 , and 2,975,500 options were granted to certain employees under the Amended and Restated Equity Plan at a weighted-average exercise price of $14.67 , $17.50 , and $11.15 per share, respectively. The weighted-average grant date fair value of the options was estimated to be $3.87 , $4.82 , and $2.84 per share in 2018 , 2017 and 2016 , respectively, using the Black-Scholes option pricing model. The contractual term of an option granted is fixed by the Amended and Restated Equity Plan and cannot exceed ten years from the grant date. The grant date fair value of each option granted during 2018 , 2017 and 2016 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: For the Year Ended December 29, 2018 December 30, 2017 December 31, 2016 Risk-free interest rate 2.8 % 2.3 % 1.9 % Average expected life (years) 5.6 6.0 6.2 Expected volatility 28.8 % 29.2 % 30.7 % Expected dividend yield 1.6 % 1.4 % 2.2 % The following table summarizes the activity for Company stock options: Stock Options (in thousands) Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value (in thousands) Outstanding at January 2, 2016 1,757 $ 8.50 8.0 $ 4,373.8 Granted 2,976 11.15 Exercised (238 ) 7.29 2,304.7 Forfeited or expired (21 ) 9.99 Outstanding at December 31, 2016 4,474 $ 10.32 8.8 $ 5,623.3 Granted 734 17.50 Exercised (169 ) 9.21 1,092.9 Forfeited or expired (33 ) 10.28 Outstanding at December 30, 2017 5,006 $ 11.41 8.1 $ 26,952.3 Granted 1,182 14.67 Exercised (734 ) 10.04 4,408.1 Forfeited or expired (8 ) 10.64 Outstanding at December 29, 2018 5,446 $ 12.30 7.3 $ 11,993.0 Exercisable at December 29, 2018 3,026 $ 10.80 6.3 $ 9,983.7 Vested or expected to vest at December 29, 2018 5,446 $ 12.30 7.3 $ 11,993.0 The aggregate intrinsic value amounts in the table above represent the difference between the closing price of our common shares on the New York Stock Exchange on December 28, 2018 , which was $13.66 (December 29, 2017— $16.66 ; December 30, 2016— $11.33 ), and the exercise price, multiplied by the number of in-the-money stock options as of the same date. Stock options granted during the year ended December 29, 2018 vest in three equal annual installments on the first, second and third anniversaries of the date of grant. The total amount of cash received from the exercise of stock options was $5.0 million during the fiscal year ended December 29, 2018 with an associated tax benefit of $0.2 million realized. The total amount of cash received from the exercise of stock options was $1.6 million during the fiscal year ended December 30, 2017 with no associated tax benefit realized. The total amount of cash received from the exercise of stock options was $1.7 million during the fiscal year ended December 31, 2016 with an associated tax benefit of $1.3 million . The total fair value of options that vested during the year ended December 29, 2018 was $16.8 million ( December 30, 2017 — $16.4 million ; December 31, 2016 — $1.6 million ). Other Awards In 2018 , we granted 61,736 common shares to the non-management members of our Board of Directors under the Amended and Restated Equity Plan with a grant date fair value of approximately $1.0 million . The common shares were issued in consideration of the directors’ annual board retainer fee and were vested upon issuance. Additionally, in 2018 , we granted 311,936 Performance-based RSUs, which vest on the last day of our 2021 fiscal year. The number of shares ultimately awarded will be based upon the performance percentage, which can range from 0% to 200% of the awards granted. The Performance-based RSUs vest primarily on the Company’s achievement of a specified level of cumulative pre-tax income for the applicable performance period. The number of Performance-based RSUs that may vest and the related unrecognized compensation cost is subject to change based on the level of targeted pre-tax income that is achieved during the vesting period. The Company also granted 207,943 Time-based RSUs, which vest in three equal annual installments on the first, second and third anniversaries of the date of grant and include a service condition. Number of Performance-based RSUs (in thousands) Weighted Average Grant-Date Fair Value Number of Time-based RSUs (in thousands) Weighted Average Grant-Date Fair Value Balance at January 2, 2016 1,878 $ 7.41 827 $ 8.78 Awarded 835 11.18 503 11.18 Awarded in connection with acquisitions 1 584 15.81 514 16.52 Issued 2 — — (1,027 ) 12.01 Canceled (224 ) 9.29 — — Forfeited (10 ) 9.24 (17 ) 8.50 Balance at December 31, 2016 3,063 $ 9.89 800 $ 11.10 Awarded 235 17.06 135 17.50 Awarded in connection with modification 64 11.32 — — Issued (320 ) 8.00 (409 ) 10.55 Forfeited (143 ) 15.18 (24 ) 12.28 Outstanding at December 30, 2017 2,899 $ 9.15 502 $ 13.14 Awarded 312 14.67 208 14.67 Awarded in connection with modification 246 9.21 — — Issued (686 ) 9.32 (269 ) 13.07 Forfeited (1,106 ) 6.55 (14 ) 13.24 Outstanding at December 29, 2018 1,665 $ 13.90 427 $ 14.23 Vested or expected to vest at December 29, 2018 1,708 $ 12.70 427 $ 14.23 ______________________ 1 Represents shares that were awarded to Eden and S&D employees in connection with the acquisitions of Eden and S&D. 2 Includes 416,951 common shares granted to certain S&D employees in connection with the acquisition of S&D; the common shares were fully vested upon issuance. The total fair value of Performance-based RSUs vested and issued during the years ended December 29, 2018 and December 30, 2017 were $6.4 million and $2.6 million . There were no Performance-based RSUs vested and issued during the year ended December 31, 2016 . The total fair value of Time-based RSUs vested and issued during the years ended December 29, 2018 , December 30, 2017 , and December 31, 2016 were $3.5 million , $4.3 million , and $12.3 million . Employee Share Purchase Plan The Company has maintained the Cott Corporation Employee Share Purchase Plan (the “ESPP”) since 2015. The ESPP qualifies as an “employee share purchase plan” under Section 423 of the Internal Revenue Code of 1986 (“IRC”), as amended. Substantially all employees are eligible to participate in the ESPP and may elect to participate at the beginning of any quarterly offering period. The ESPP authorizes the issuance, and the purchase by eligible employees, of up to 3,000,000 shares of Cott common shares through payroll deductions. Eligible employees who choose to participate may purchase Cott common shares at 90% of market value on the first or last day of the quarterly offering period, whichever is lower. The minimum contribution which an eligible employee may make under the ESPP is 1% of the employee’s eligible compensation, with the maximum contribution limited to 15% of the employee’s eligible compensation. At the end of each quarterly offering period for which the employee participates, the total amount of each employee’s payroll deduction for that offering period will be used to purchase Cott common shares. The Company recognized $0.3 million , $0.1 million and $0.2 million of share-based compensation expense in SG&A expenses in the Consolidated Statement of Operations for 2018 , 2017 and 2016 , respectively. At December 29, 2018 , 2,675,548 shares remained available for issuance under the ESPP. |
Common Shares and Net (Loss) In
Common Shares and Net (Loss) Income per Common Share | 12 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share [Abstract] | |
Common Shares and Net (Loss) Income per Common Share | Common Shares and Net Income (Loss) per Common Share Common Shares On May 1, 2018, our Board of Directors approved a share repurchase program for up to $50.0 million of Cott’s outstanding common shares over a 12 -month period commencing on May 7, 2018 (the “Initial Repurchase Plan”). Since that date, for the year ended December 29, 2018 , we repurchased 2,973,282 common shares for approximately $46.0 million through open market transactions under the Initial Repurchase Plan. Shares purchased under the Initial Repurchase Plan were subsequently canceled. On December 11, 2018, our Board of Directors approved a new share repurchase program for up to $50.0 million of Cott’s outstanding common shares over a 12 -month period commencing on December 14, 2018 (the “New Repurchase Plan”), with the Initial Repurchase Plan terminating with the commencement of the New Repurchase Plan. Since that date, for the year ended December 29, 2018 , we repurchased 1,590,088 common shares for $22.2 million through open market transactions under the New Repurchase Plan. Shares purchased under the New Repurchase Plan were subsequently canceled on December 31, 2018. We are unable to predict the number of shares that ultimately will be repurchased under the New Repurchase Plan, or the aggregate dollar amount of the shares to be purchased in future periods. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements. Net Income (Loss) Per Common Share Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to Cott Corporation by the weighted average number of common shares outstanding during the periods presented. Diluted net income (loss) per common share is calculated by dividing diluted net income (loss) attributable to Cott Corporation by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, Performance-based RSUs, and Time-based RSUs during the periods presented. Set forth below is a reconciliation of the numerator and denominator for the diluted net income (loss) per common share computations for the periods indicated: For the Year Ended December 29, 2018 December 30, 2017 December 31, 2016 Numerator (in millions): Net income (loss) attributable to Cott Corporation Continuing operations $ 28.9 $ (3.6 ) $ (60.3 ) Discontinued operations 354.0 2.2 (17.5 ) Net income (loss) 382.9 (1.4 ) (77.8 ) Basic Earnings Per Share Denominator (in thousands): Weighted average common shares outstanding - basic 139,097 139,078 128,290 Basic Earnings Per Share: Continuing operations 0.21 (0.03 ) (0.47 ) Discontinued operations 2.54 0.02 (0.14 ) Net income (loss) 2.75 (0.01 ) (0.61 ) Diluted Earnings Per Share Denominator (in thousands): Weighted average common shares outstanding - basic 139,097 139,078 128,290 Dilutive effect of Stock Options 1,199 — — Dilutive effect of Performance based RSUs 900 — — Dilutive effect of Time-based RSUs 240 — — Weighted average common shares outstanding - diluted 141,436 139,078 128,290 Diluted Earnings Per Share: Continued operations 0.21 (0.03 ) (0.47 ) Discontinued operations 2.50 0.02 (0.14 ) Net income (loss) 2.71 (0.01 ) (0.61 ) The following table summarizes anti-dilutive securities excluded from the computation of diluted net income (loss) per common share for the periods indicated: For the Year Ended (in thousands) December 29, 2018 December 30, 2017 December 31, 2016 Stock options 2,095 5,006 4,474 Performance-based RSUs 1 564 2,235 2,070 Time-based RSUs 2 148 493 800 ______________________ 1 Performance-based RSUs represent the number of shares expected to be issued based on the estimated achievement of pre-tax income for these awards. 2 Time-based RSUs represent the number of shares expected to be issued based on known employee retention information. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 29, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting Our broad portfolio of products include bottled water, coffee, brewed tea, water dispensers, coffee and tea brewers, specialty coffee, liquid coffee or tea concentrate, single cup coffee, cold brewed coffee, iced blend coffee or tea beverages, blended teas, hot tea, sparkling tea, coffee or tea extract solutions, filtration equipment, hot chocolate, soups, malt drinks, creamers/whiteners, cereals, beverage concentrates, premium spring, sparkling and flavored water, and mineral water. We operate through three reporting segments: Route Based Services; Coffee, Tea and Extract Solutions; and All Other (which includes our UK Other operating segment, our Cott Beverages LLC business and other miscellaneous expenses). Our corporate oversight function is not treated as a segment; it includes certain general and administrative costs that are not allocated to any of the reporting segments. During the second quarter of 2018, we combined and disclosed the corporate oversight function in the All Other category. Our segment reporting results have been recast to reflect these changes for all years presented. After the completion of the Transaction in January 2018, management re-evaluated the measure of profit for our reportable segments and determined that excluding corporate allocations from segment operating income (loss) was appropriate, as these costs are not considered by management when evaluating performance. Operating income (loss) for the prior periods has been recast to reflect this change and resulted in a $2.0 million and $1.2 million increase to operating income for the years ended December 30, 2017 and December 31, 2016 , respectively, in our Route Based Services reporting segment, a $0.2 million increase to operating income for the year ended December 30, 2017 in our Coffee, Tea and Extract Solutions reporting segment, and a $2.2 million and $1.2 million increase to operating loss for the years ended December 30, 2017 and December 31, 2016 , respectively, in the All Other category. December 29, 2018 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net 1 $ 1,599.9 $ 587.6 $ 191.6 $ (6.2 ) $ 2,372.9 Depreciation and amortization 163.9 22.9 7.8 — 194.6 Operating income (loss) 84.7 16.1 (42.0 ) — 58.8 Property, plant and equipment, net 521.3 88.3 15.1 — 624.7 Goodwill 971.7 117.8 54.4 — 1,143.9 Intangible assets, net 555.5 103.2 80.5 — 739.2 Total segment assets 2 2,427.7 464.8 283.0 — 3,175.5 Additions to property, plant and equipment 109.6 16.0 5.2 — 130.8 ______________________ 1 Intersegment revenue between the Coffee, Tea and Extract Solutions and the Route Based Services reporting segments was $5.7 million for the year ended December 29, 2018 . Intersegment revenue between the All Other and the Route Based Services reporting segments was $0.5 million for the year ended December 29, 2018 . All Other includes $4.2 million of related party concentrate sales to discontinued operations for the year ended December 29, 2018 . 2 Excludes intersegment receivables, investments and notes receivable. December 30, 2017 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net 1 $ 1,501.7 $ 602.2 $ 165.8 $ — $ 2,269.7 Depreciation and amortization 158.3 22.7 7.6 — 188.6 Operating income (loss) 3 74.0 15.9 (46.0 ) — 43.9 Property, plant and equipment, net 482.2 89.1 12.9 — 584.2 Goodwill 936.7 117.8 50.2 — 1,104.7 Intangible assets, net 564.5 110.8 75.8 — 751.1 Total segment assets 2 2,343.4 455.7 207.8 — 3,006.9 Additions to property, plant and equipment 99.1 19.0 3.2 — 121.3 ______________________ 1 All Other includes $41.1 million of related party concentrate sales to discontinued operations for the year ended December 30, 2017 . 2 Excludes intersegment receivables, investments and notes receivable. 3 Operating income in our Route Based Services reporting segment for the year ended December 30, 2017 decreased $5.0 million as a result of the adoption of ASU 2017-07 (see Note 1 to the Consolidated Financial Statements). December 31, 2016 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net 1 $ 1,224.3 $ 228.0 $ 170.9 $ — 1,623.2 Depreciation and amortization 136.0 8.0 7.1 — 151.1 Operating income (loss) 42.4 5.3 (38.2 ) — 9.5 Additions to property, plant and equipment 87.7 6.0 1.4 — 95.1 ______________________ 1 All Other includes $37.4 million of related party concentrate sales to discontinued operations for the year ended December 31, 2016 . Reconciliation of Segment Assets to Total Assets (in millions of U.S. dollars) December 30, 2017 Segment assets 1 $ 3,006.9 Assets of discontinued operations 1 1,086.2 Total assets $ 4,093.1 ______________________ 1 Excludes intersegment receivables, investments and notes receivable. Credit risk arises from the potential default of a customer in meeting its financial obligations to us. Concentrations of credit exposure may arise with a group of customers that have similar economic characteristics or that are located in the same geographic region. The ability of such customers to meet obligations would be similarly affected by changing economic, political or other conditions. We are not currently aware of any facts that would create a material credit risk. We have limited customer concentration, of which no customer accounts for more than 10% of our net revenues. Revenues are attributed to countries based on the location of the customer. Revenues generated from sales to external customers by geographic area were as follows: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 United States $ 1,786.9 $ 1,709.0 $ 1,299.0 United Kingdom 173.2 160.0 130.3 Canada 64.1 61.8 61.2 All other countries 348.7 338.9 132.7 Total $ 2,372.9 $ 2,269.7 $ 1,623.2 Revenues by channel by reporting segment were as follows: For the Year Ended December 29, 2018 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net Home and office bottled water delivery $ 994.8 $ — $ — $ — $ 994.8 Coffee and tea services 189.4 461.9 3.5 (5.8 ) 649.0 Retail 232.9 — 71.5 (0.4 ) 304.0 Other 182.8 125.7 116.6 — 425.1 Total $ 1,599.9 $ 587.6 $ 191.6 $ (6.2 ) $ 2,372.9 For the Year Ended December 30, 2017 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net Home and office bottled water delivery $ 940.4 $ — $ — $ — $ 940.4 Coffee and tea services 184.2 501.7 2.6 — 688.5 Retail 216.9 — 65.3 — 282.2 Other 160.2 100.5 97.9 — 358.6 Total $ 1,501.7 $ 602.2 $ 165.8 $ — $ 2,269.7 For the Year Ended December 31, 2016 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net Home and office bottled water delivery $ 799.4 $ — $ — $ — $ 799.4 Coffee and tea services 146.8 187.8 2.6 — 337.2 Retail 164.6 — 51.7 — 216.3 Other 113.5 40.2 116.6 — 270.3 Total $ 1,224.3 $ 228.0 $ 170.9 $ — $ 1,623.2 Property, plant and equipment, net by geographic area as of December 29, 2018 and December 30, 2017 were as follows: (in millions of U.S. dollars) December 29, 2018 December 30, 2017 United States $ 491.1 $ 452.3 United Kingdom 17.8 17.4 Canada 19.8 14.2 All other countries 1 96.0 100.3 Total $ 624.7 $ 584.2 ______________________ 1 No individual country is greater than 10% of total property, plant and equipment, net as of December 29, 2018 and December 30, 2017 . |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 29, 2018 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Accounts Receivable, Net The following table summarizes accounts receivable, net as of December 29, 2018 and December 30, 2017 : (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Trade receivables $ 293.0 $ 275.5 Allowance for doubtful accounts (9.6 ) (7.8 ) Other 24.9 17.3 Total $ 308.3 $ 285.0 |
Inventories
Inventories | 12 Months Ended |
Dec. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table summarizes inventories as of December 29, 2018 and December 30, 2017 : (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Raw materials $ 68.5 $ 68.1 Finished goods 36.3 34.3 Resale items 21.5 21.8 Other 3.3 3.4 Total $ 129.6 $ 127.6 |
Property, Plant & Equipment, Ne
Property, Plant & Equipment, Net | 12 Months Ended |
Dec. 29, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant & Equipment, Net | Property, Plant and Equipment, Net The following table summarizes property, plant and equipment, net as of December 29, 2018 and December 30, 2017 : December 29, 2018 December 30, 2017 (in millions of U.S. dollars) Estimated Useful Life in Years Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net Land n/a $ 98.5 $ — $ 98.5 $ 82.9 $ — $ 82.9 Buildings 10-40 111.9 22.9 89.0 88.9 14.8 74.1 Machinery and equipment 5-15 183.3 67.0 116.3 142.3 53.5 88.8 Plates, films and molds 1-10 1.4 0.4 1.0 0.4 0.3 0.1 Vehicles and transportation equipment 3-15 88.1 50.2 37.9 87.3 41.3 46.0 Leasehold improvements 1 16.7 6.9 9.8 34.1 8.5 25.6 IT Systems 3-7 16.2 8.6 7.6 12.4 6.4 6.0 Furniture and fixtures 3-10 9.3 3.2 6.1 11.3 4.1 7.2 Customer equipment 2 3-7 330.4 118.2 212.2 303.1 90.9 212.2 Returnable bottles 3 3-5 59.7 19.1 40.6 51.8 16.4 35.4 Capital leases 4 6.7 1.0 5.7 6.6 0.7 5.9 Total $ 922.2 $ 297.5 $ 624.7 $ 821.1 $ 236.9 $ 584.2 ______________________ 1 Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life. 2 Customer equipment for the Route Based Services reporting segment consists of coolers, brewers, refrigerators, water purification devices and storage racks held on site at customer locations. 3 Returnable bottles are those bottles on site at Route Based Services customer locations. 4 Our recorded assets under capital leases relate to machinery and equipment, IT systems, customer equipment and vehicles and transportation equipment. The amounts above include construction in progress of $19.3 million and $11.3 million for 2018 and 2017 , respectively. Depreciation expense, which includes depreciation recorded for assets under capital leases, for the year ended December 29, 2018 was $123.6 million ( 2017 - $120.0 million ; 2016 - $97.8 million ). |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Intangible Assets, Net The following table summarizes intangible assets, net as of December 29, 2018 and December 30, 2017 : December 29, 2018 December 30, 2017 (in millions of U.S. dollars) Cost Accumulated Amortization Net Cost Accumulated Amortization Net Intangibles Not subject to amortization Rights 1 $ 24.5 — $ 24.5 $ 24.5 — $ 24.5 Trademarks 282.3 — 282.3 264.1 — 264.1 Total intangibles not subject to amortization $ 306.8 — $ 306.8 $ 288.6 — $ 288.6 Subject to amortization Customer relationships 603.1 211.1 392.0 583.4 154.7 428.7 Patents 15.2 2.5 12.7 15.2 1.0 14.2 Software 38.0 20.5 17.5 28.8 13.0 15.8 Other 16.6 6.4 10.2 8.0 4.2 3.8 Total intangibles subject to amortization $ 672.9 $ 240.5 $ 432.4 $ 635.4 $ 172.9 $ 462.5 Total intangible assets $ 979.7 $ 240.5 $ 739.2 $ 924.0 $ 172.9 $ 751.1 ______________________ 1 Relates to the 2001 acquisition of the Rights. The Company sold Cott Beverages LLC to Refresco (see Note 23 to the Consolidated Financial Statements) and this intangible asset was included in the transaction. Amortization expense of intangible assets was $71.0 million during 2018 ( 2017 - $68.6 million ; 2016 - $53.3 million ). The estimated amortization expense for intangible assets subject to amortization over the next five years is: (in millions of U.S. dollars) 2019 $ 66.4 2020 57.8 2021 49.7 2022 41.0 2023 34.6 Thereafter 182.9 Total $ 432.4 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 29, 2018 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities The following table summarizes accounts payable and accrued liabilities as of December 29, 2018 and December 30, 2017 : (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Trade payables $ 206.1 $ 197.2 Accrued compensation 46.7 47.6 Accrued sales incentives 10.5 6.9 Accrued interest 24.2 18.7 Payroll, sales and other taxes 21.7 12.9 Accrued deposits 70.6 66.9 Derivative liability 10.9 1.2 Self-insurance liabilities 16.9 10.4 Other accrued liabilities 61.4 51.1 Total $ 469.0 $ 412.9 |
Debt
Debt | 12 Months Ended |
Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Our total debt as of December 29, 2018 and December 30, 2017 was as follows: December 29, 2018 December 30, 2017 (in millions of U.S. dollars) Principal Unamortized Debt Costs Net Principal Unamortized Debt Costs Net 10.000% senior notes due in 2021 1 $ — — $ — $ 269.9 — $ 269.9 5.375% senior notes due in 2022 — — — 525.0 6.0 519.0 5.500% senior notes due in 2024 513.1 7.2 505.9 539.1 9.5 529.6 5.500% senior notes due in 2025 750.0 9.8 740.2 750.0 11.0 739.0 ABL facility 81.1 — 81.1 220.3 — 220.3 GE Term Loan — — — 2.0 — 2.0 Short-term borrowings 7.9 — 7.9 — — Capital leases 5.0 — 5.0 6.4 — 6.4 Other debt financing 2.1 — 2.1 0.8 — 0.8 Total debt 1,359.2 17.0 1,342.2 2,313.5 26.5 2,287.0 Less: Short-term borrowings and current debt: ABL facility — — — 220.3 — 220.3 Total short-term borrowings required to be repaid or extinguished as part of divestiture — — — 220.3 — 220.3 GE Term Loan - current maturities — — — 2.0 — 2.0 ABL facility 81.1 — 81.1 — — — Short-term borrowings 7.9 — 7.9 — — — Capital leases - current maturities 1.9 — 1.9 2.3 — 2.3 Other debt financing 1.1 — 1.1 0.8 — 0.8 Total current debt 92.0 — 92.0 225.4 — 225.4 Less: Debt required to be repaid or extinguished as part of divestiture 5.375% senior notes due in 2022 — — — 525.0 6.0 519.0 Total debt to be required to be repaid or extinguished as part of divestiture — — — 525.0 6.0 519.0 Total long-term debt $ 1,267.2 $ 17.0 $ 1,250.2 $ 1,563.1 $ 20.5 $ 1,542.6 ______________________ 1 The outstanding aggregate principal amount and unamortized premium of our DSS Notes was $250.0 million and $19.9 million at December 30, 2017. The long-term debt payments (which include current maturities of long-term debt) required in each of the next five years and thereafter are as follows: (in millions of U.S. dollars) Long Term Debt (incl. current) 2019 $ 92.0 2020 2.3 2021 0.7 2022 0.6 2023 0.4 Thereafter 1,263.2 $ 1,359.2 Asset-Based Lending Facility In March 2008, we entered into a credit agreement with JPMorgan Chase Bank N.A. as Agent that created an ABL facility to provide financing for our operations. We have amended and refinanced the ABL facility from time to time and incurred related financing fees, $4.3 million of which have been capitalized and deferred and are being amortized using the straight-line method over the duration of the amended ABL facility. As of December 29, 2018 , our total availability under the ABL facility was $214.3 million , which was based on our borrowing base (accounts receivables, inventory, and fixed assets as of the December 2018 month-end under the terms of the credit agreement governing the ABL facility). As of December 29, 2018 , we had $81.1 million of outstanding borrowings under the ABL facility and $46.1 million of letters of credit. As a result, our excess availability under the ABL facility was $87.1 million as of December 29, 2018 . The commitment fee was 0.250% per annum of the unused commitment, which was $122.8 million as of December 29, 2018 . The weighted average effective interest rate at December 29, 2018 on our outstanding borrowings was 5.00% . The effective interest rates are based on our aggregate availability. In January 2018, we amended and restated the Amended and Restated Credit Agreement. The ABL facility, as amended and restated, provides us with financing in the United States, Canada, the United Kingdom, Luxembourg and the Netherlands. Cott and its subsidiaries, Cott Holdings Inc., DSS, S&D, Aimia and Aquaterra, are borrowers under the ABL facility. The ABL facility is a revolving facility of up to $250.0 million with a maturity date of August 3, 2021 . JPMorgan Chase Bank, N.A. serves as administrative agent and administrative collateral agent and JPMorgan Chase Bank, N.A., London Branch serves as U.K. security trustee. Availability under the ABL facility is dependent on a borrowing base calculated as a percentage of the value of eligible inventory, accounts receivable and property, plant and equipment in the manner set forth in the credit agreement. Subject to certain conditions, the ABL facility may be increased up to an additional $100.0 million at our option if lenders agree to increase their commitments. The debt under the ABL facility is guaranteed by most of our U.S., Canadian, U.K. and Luxembourg subsidiaries and certain of our Dutch subsidiaries. 5.500% Senior Notes due in 2025 In March 2017, we issued $750.0 million of our 2025 Notes to qualified purchasers in a private placement offering under Rule 144A under the Securities Act, and outside the United States to non-U.S. purchasers pursuant to Regulation S under the Securities Act and other applicable laws. The 2025 Notes were issued by our wholly-owned subsidiary Cott Holdings Inc., and most of our U.S., Canadian, U.K., Luxembourg and Dutch subsidiaries guarantee the 2025 Notes. The 2025 Notes will mature on April 1, 2025 and interest is payable semi-annually on April 1st and October 1st of each year commencing on October 1, 2017. The proceeds of the 2025 Notes were used to redeem in full the 2020 Notes, redeem $100.0 million aggregate principal amount of our DSS Notes and to pay related fees and expenses. We incurred $11.7 million of financing fees in connection with the issuance of the 2025 Notes. The financing fees are being amortized using the effective interest method over an eight -year period, which represents the term to maturity of the 2025 Notes. 5.500% Senior Notes due in 2024 In June 2016, we issued €450.0 million (U.S. $513.1 million at the exchange rate in effect on December 29, 2018) of our 2024 Notes to qualified purchasers in a private placement offering under Rule 144A and Regulation S under the Securities Act and other applicable laws. The 2024 Notes were initially issued by our wholly-owned subsidiary Cott Finance Corporation. In connection with the closing of the acquisition of Eden, we assumed all of the obligations of Cott Finance Corporation under the 2024 Notes, and most of our U.S., Canadian, U.K., Luxembourg and Dutch subsidiaries that are currently obligors under the 2022 Notes and the 2020 Notes entered into a supplemental indenture to guarantee the 2024 Notes. The 2024 Notes will mature on July 1, 2024 and interest is payable semi-annually on January 1st and July 1st of each year commencing on January 1, 2017. The proceeds of the 2024 Notes were used to fund a portion of the purchase price of the acquisition of Eden and to pay related fees and expenses. We incurred approximately $11.3 million of financing fees for the issuance of the 2024 Notes and $11.0 million of bridge financing commitment fees and professional fees in connection with the acquisition of Eden. The financing fees are being amortized using the effective interest method over an eight -year period, which represents the term to maturity of the 2024 Notes. The bridge financing commitment fees and professional fees were recorded in SG&A expenses for the year ended December 31, 2016 in our Consolidated Statement of Operations. Covenant Compliance Indentures governing our outstanding notes Under the indentures governing our outstanding notes, we are subject to a number of covenants, including covenants that limit our and certain of our subsidiaries’ ability, subject to certain exceptions and qualifications, to (i) pay dividends or make distributions, repurchase equity securities, prepay subordinated debt or make certain investments, (ii) incur additional debt or issue certain disqualified stock or preferred stock, (iii) create or incur liens on assets securing indebtedness, (iv) merge or consolidate with another company or sell all or substantially all of our assets taken as a whole, (v) enter into transactions with affiliates and (vi) sell assets. The covenants are substantially similar across the series of notes. As of December 29, 2018 , we were in compliance with all of the covenants under each series of notes. There have been no amendments to any covenants of our outstanding notes since the date of their issuance or assumption, as applicable. ABL Facility Under the credit agreement governing the ABL facility, Cott and its restricted subsidiaries are subject to a number of business and financial covenants, including a minimum fixed charge coverage ratio, which measures our ability to cover financing expenses. The minimum fixed charge coverage ratio of 1.0 to 1.0 is effective if and when there exists an event of default or aggregate availability is less than the greater of 10% of the Line Cap under the ABL facility or $22.5 million . Line Cap is defined as an amount equal to the lesser of the lenders’ commitments or the borrowing base at such time. If an event of default exists or the excess availability is less than the greater of 10% of the aggregate availability under the ABL facility or $22.5 million , the lenders will take dominion over the cash and will apply excess cash to reduce amounts owing under the facility. We were in compliance with all of the applicable covenants under the ABL facility as of December 29, 2018 . |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 29, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Company maintains certain defined contribution (“DC”) retirement plans covering qualifying employees. The total expense with respect to these DC plans was $4.4 million for the year ended December 29, 2018 ( 2017 — $2.0 million ; 2016 — $4.7 million ). The Company also maintains several defined benefit (“DB”) plans acquired as a part of acquisitions covering certain U.S. and non-U.S. employees, referred to as the U.S. and International Plans, respectively. Retirement benefits are based on years of service multiplied by a monthly benefit factor. Pension costs are funded in accordance with the provisions of the applicable law. Our U.S. Plan is closed to new participants and is frozen. The Company uses a December 29, 2018 measurement date for all DB plans. Any variation differences based on two days of trading are deemed immaterial. In the third quarter of 2017, our Eden business relocated its corporate headquarters from Switzerland to Spain, which resulted in the dismissal or relocation of certain non-U.S. employees of the International Plans. As a result of the dismissal or relocation of the certain non-U.S. employees, we recorded a gain on pension curtailment of approximately $4.5 million to other (income) expense, net, in the Consolidated Statement of Operations for the year ended December 30, 2017 . Obligations and Funded Status The following table summarizes the change in the projected benefit obligation, change in plan assets and unfunded status of the DB plans as of December 29, 2018 and December 30, 2017 : December 29, 2018 (in millions of U.S. dollars) U.S. International Total Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 8.4 $ 12.8 $ 21.2 Plan amendment — (0.1 ) (0.1 ) Service cost — 0.8 0.8 Interest cost 0.3 0.1 0.4 Plan participant contributions — 0.3 0.3 Benefit payments (0.4 ) (1.4 ) (1.8 ) Actuarial gains (0.4 ) (0.4 ) (0.8 ) Settlement gains — (0.8 ) (0.8 ) Translation gains — (0.5 ) (0.5 ) Projected benefit obligation at end of year $ 7.9 $ 10.8 $ 18.7 Change in Plan Assets Plan assets beginning of year $ 7.1 $ 6.6 $ 13.7 Business combinations — — — Employer contributions 0.3 0.4 0.7 Plan participant contributions — 0.3 0.3 Benefit payments (0.4 ) (0.8 ) (1.2 ) Settlement losses — (0.5 ) (0.5 ) Actual return on plan assets (0.1 ) — (0.1 ) Translation losses — (0.2 ) (0.2 ) Fair value at end of year $ 6.9 $ 5.8 $ 12.7 Funded Status of Plan Projected benefit obligation $ (7.9 ) $ (10.8 ) $ (18.7 ) Fair value of plan assets 6.9 5.8 12.7 Unfunded status $ (1.0 ) $ (5.0 ) $ (6.0 ) December 30, 2017 (in millions of U.S. dollars) U.S. International Total Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 8.3 $ 30.5 $ 38.8 Service cost — 1.5 1.5 Interest cost 0.3 0.3 0.6 Plan participant contributions — 0.4 0.4 Benefit payments (0.4 ) (3.0 ) (3.4 ) Actuarial losses 0.2 (0.1 ) 0.1 Curtailment gains — (18.2 ) (18.2 ) Translation gains — 1.4 1.4 Projected benefit obligation at end of year $ 8.4 $ 12.8 $ 21.2 Change in Plan Assets Plan assets beginning of year $ 6.3 $ 20.4 $ 26.7 Employer contributions 0.3 0.9 1.2 Plan participant contributions — 0.4 0.4 Benefit payments (0.4 ) (2.5 ) (2.9 ) Curtailment losses — (14.2 ) (14.2 ) Actual return on plan assets 0.9 0.6 1.5 Translation losses — 1.0 1.0 Fair value at end of year $ 7.1 $ 6.6 $ 13.7 Funded Status of Plan Projected benefit obligation $ (8.4 ) $ (12.8 ) $ (21.2 ) Fair value of plan assets 7.1 6.6 13.7 Unfunded status $ (1.3 ) $ (6.2 ) $ (7.5 ) The accumulated benefit obligation for the U.S. Plans equaled $7.9 million and $8.4 million at the end of 2018 and 2017 , respectively. The accumulated benefit obligation for the International Plans equaled $10.8 million and $12.8 million at the end of 2018 and 2017 , respectively. Periodic Pension Costs The components of net periodic pension cost were as follows: December 29, 2018 (in millions of U.S. dollars) U.S. International Total Service cost $ — $ 0.8 $ 0.8 Interest cost 0.3 0.1 0.4 Expected return on plan assets (0.5 ) — (0.5 ) Amortization of prior service costs — — — Recognized net gain due to settlement — (0.3 ) (0.3 ) Amortization of net actuarial loss — — — Net periodic pension (benefit) cost $ (0.2 ) $ 0.6 $ 0.4 December 30, 2017 (in millions of U.S. dollars) U.S. International Total Service cost $ — $ 1.5 $ 1.5 Interest cost (0.3 ) 0.3 — Expected return on plan assets 0.4 (0.3 ) 0.1 Amortization of prior service costs — — — Recognized net loss due to settlement — — — Amortization of net actuarial loss — — — Curtailment gain — (4.5 ) (4.5 ) Net periodic pension cost $ 0.1 $ (3.0 ) $ (2.9 ) December 31, 2016 (in millions of U.S. dollars) U.S. International Total Service cost $ — $ 1.9 $ 1.9 Interest cost (0.4 ) 0.2 (0.2 ) Expected return on plan assets 0.6 (0.2 ) 0.4 Amortization of prior service costs — — — Recognized net loss due to settlement (0.1 ) — (0.1 ) Amortization of net actuarial loss — — — Net periodic pension cost $ 0.1 $ 1.9 $ 2.0 Accumulated Other Comprehensive Loss Amounts included in accumulated other comprehensive loss, net of tax, at year-end which have not yet been recognized in net periodic benefit cost were as follows: December 29, 2018 (in millions of U.S. dollars) U.S. International Total Unrecognized net actuarial (loss) income $ (0.1 ) $ 0.4 $ 0.3 Total accumulated other comprehensive (loss) income $ (0.1 ) $ 0.4 $ 0.3 December 30, 2017 (in millions of U.S. dollars) U.S. International Total Unrecognized net actuarial loss $ (0.6 ) $ (16.2 ) $ (16.8 ) Total accumulated other comprehensive loss $ (0.6 ) $ (16.2 ) $ (16.8 ) December 31, 2016 (in millions of U.S. dollars) U.S. International Total Unrecognized net actuarial loss $ (1.2 ) $ (13.2 ) $ (14.4 ) Total accumulated other comprehensive loss $ (1.2 ) $ (13.2 ) $ (14.4 ) Actuarial Assumptions The following table summarizes the weighted average actuarial assumptions used to determine the projected benefit obligation: For the Year Ended December 29, 2018 December 30, 2017 December 31, 2016 U.S. Plans Discount rate 4.0 % 3.5 % 3.8 % Expected long-term rate of return on plan assets 6.3 % 7.0 % 7.0 % International Plans Discount rate 2.4 % 2.0 % 1.7 % Expected long-term rate of return on plan assets 2.7 % 3.1 % 2.6 % Rate of compensation increase 1.4 % 1.4 % 1.0 % CPI Inflation factor 0.3 % 0.3 % 0.3 % The following table summarizes the weighted average actuarial assumptions used to determine net periodic benefit cost: For the Year Ended December 29, 2018 December 30, 2017 December 31, 2016 U.S. Plans Discount rate 3.5 % 3.8 % 4.0 % Expected long-term rate of return on plan assets 6.3 % 7.0 % 7.0 % International Plans Discount rate 2.4 % 2.0 % 1.7 % Expected long-term rate of return on plan assets 2.7 % 3.1 % 1.0 % Inflation factor 0.3 % 0.3 % 0.3 % The Company utilizes a yield curve analysis to determine the discount rates for its DB plan obligations. The yield curve considers pricing and yield information for high quality corporate bonds with maturities matched to estimated payouts of future pension benefits. The Company evaluates its assumption regarding the estimated long-term rate of return on plan assets based on historical experience, future expectations of investment returns, asset allocations, and its investment strategy. The Company’s long-term rate of return on plan assets reflect expectations of projected weighted average market returns of plan assets. Changes in expected returns on plan assets also reflect any adjustments to the Company’s targeted asset allocation. Asset Mix Our DB plans weighted-average asset allocations by asset category were as follows: December 29, 2018 December 30, 2017 U.S. Plans Equity securities 42.8 % 61.4 % Fixed income investments 57.2 % 38.6 % International Plans Cash and cash equivalents — 0.3 % Equity securities 58.6 % 64.2 % Fixed income investments 31.0 % 29.2 % Real estate 10.4 % 6.3 % Plan Assets Our investment policy is that plan assets will be managed utilizing an investment philosophy and approach characterized by all of the following, listed in priority order: (1) emphasis on total return, (2) emphasis on high-quality securities, (3) sufficient income and stability of income, (4) safety of principal with limited volatility of capital through proper diversification and (5) sufficient liquidity. The target allocation percentages for the U.S. Plans’ assets range between 40% to 50% in equity securities and 50% to 60% in fixed income investments. The target allocation percentages for the International Plans’ assets range between 50% to 80% in equity securities, 20% to 50% in fixed income investments, 0% to 30% in real estate and 0% to 15% in alternative investments. None of our equity or debt securities are included in plan assets. Cash Flows We expect to contribute $0.7 million to the DB plans during the 2019 fiscal year. The following benefit payments are expected to be paid in the periods indicated below: (in millions of U.S. dollars) U.S. International Total Expected benefit payments FY 2019 $ 0.4 $ 0.6 $ 1.0 FY 2020 0.4 0.5 0.9 FY 2021 0.4 0.5 0.9 FY 2022 0.5 0.4 0.9 FY 2023 0.5 0.5 1.0 FY 2024 through FY 2028 2.6 4.4 7.0 The fair values of the Company’s U.S. plan assets are measured daily at their net asset value and valued at $6.9 million and $7.1 million at December 29, 2018 and December 30, 2017 , respectively. The fair values of the Company’s International plan assets at December 29, 2018 and December 30, 2017 were as follows: December 29, 2018 (in millions of U.S. dollars) Level 1 Level 2 Level 3 Mutual funds: Non-U.S. equity securities 1.6 — — Other — — — Fixed income: Non-U.S. bonds 1.9 — — Insurance contract — 1.8 — Real estate: Real estate — 0.6 — Total $ 3.5 $ 2.4 $ — December 30, 2017 (in millions of U.S. dollars) Level 1 Level 2 Level 3 Mutual funds: Non-U.S. equity securities 1.6 — — Other — 0.4 — Fixed income: Non-U.S. bonds 2.3 — — Insurance contract — 1.9 — Real estate: Real estate — 0.4 — Total $ 3.9 $ 2.7 $ — |
Consolidated Accumulated Other
Consolidated Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | |
Consolidated Accumulated Other Comprehensive (Loss) Income | Consolidated Accumulated Other Comprehensive (Loss) Income With the disposition of the Traditional Business in 2018, the foreign currency translation balances associated with the Traditional Business were recognized in earnings in the period of disposition. Changes in consolidated accumulated other comprehensive (loss) income (“AOCI”) by component for the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 were as follows: (in millions of U.S. dollars) 1 Gains and Losses on Derivative Instruments Pension Benefit Plan Items Currency Translation Adjustment Items Total Balance January 2, 2016 $ (4.7 ) $ (10.1 ) $ (61.4 ) $ (76.2 ) OCI before reclassifications 10.9 (4.8 ) (42.0 ) (35.9 ) Amounts reclassified from AOCI (6.3 ) 0.5 — (5.8 ) Net current-period OCI 4.6 (4.3 ) (42.0 ) (41.7 ) Balance December 31, 2016 $ (0.1 ) $ (14.4 ) $ (103.4 ) $ (117.9 ) OCI before reclassifications — (2.7 ) 27.2 24.5 Amounts reclassified from AOCI (1.3 ) 0.3 — (1.0 ) Net current-period OCI (1.3 ) (2.4 ) 27.2 23.5 Balance December 30, 2017 $ (1.4 ) $ (16.8 ) $ (76.2 ) $ (94.4 ) OCI before reclassifications (14.5 ) 0.2 (25.5 ) (39.8 ) Amounts reclassified from AOCI 6.2 16.9 9.4 32.5 Net current-period OCI (8.3 ) 17.1 (16.1 ) (7.3 ) Balance December 29, 2018 $ (9.7 ) $ 0.3 $ (92.3 ) $ (101.7 ) ______________________ 1 All amounts are net of tax. The following table summarizes the amounts reclassified from AOCI to total net income (loss) for the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 : (in millions of U.S. dollars) For the Year Ended Affected Line Item in the Statement Where Net Income Is Presented Details About AOCI Components 1 December 29, 2018 December 30, 2017 December 31, 2016 Gains and losses on derivative instruments Foreign currency and commodity hedges $ (6.2 ) $ 1.3 $ 6.4 Cost of sales $ (6.2 ) $ 1.3 $ 6.4 Total before taxes — — (0.1 ) Tax (expense) or benefit $ (6.2 ) $ 1.3 $ 6.3 Net of tax Amortization of pension benefit plan items Recognized net actuarial loss 2 $ (16.9 ) $ — $ — Gain on sale of discontinued operations Prior service costs 3 — — (0.1 ) Actuarial (losses)/gains 3 — (0.3 ) (0.4 ) (16.9 ) (0.3 ) (0.5 ) Total before taxes — — — Tax (expense) or benefit $ (16.9 ) $ (0.3 ) $ (0.5 ) Net of tax Foreign currency translation adjustments (9.4 ) — — Gain on sale of discontinued operations Total reclassifications for the period $ (32.5 ) $ 1.0 $ 5.8 Net of tax ______________________ 1 Amounts in parenthesis indicate debits. 2 Net of $3.6 million of associated tax impact that resulted in an increase to the gain on the sale of discontinued operations for the year ended December 29, 2018. 3 These AOCI components are included in the computation of net periodic pension cost. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies We lease buildings, machinery and equipment, computer hardware and furniture and fixtures. All contractual increases and rent-free periods included in the lease contract are taken into account when calculating the minimum lease payment and are recognized on a straight-line basis over the lease term. Certain leases have renewal periods and contingent rentals, which are not included in the table below. The minimum annual payments under operating leases are as follows: (in millions of U.S. dollars) 2019 $ 51.6 2020 $ 42.9 2021 $ 36.2 2022 $ 29.2 2023 $ 23.4 Thereafter $ 106.9 Operating lease expenses were: (in millions of U.S. dollars) Year ended December 29, 2018 $ 63.2 Year ended December 30, 2017 54.3 Year ended December 31, 2016 32.3 $ 149.8 Operating lease expenses are shown net of sublease income of $0.9 million for 2018 . As of December 29, 2018 , we had commitments for capital expenditures of approximately $0.3 million . We are subject to various claims and legal proceedings with respect to matters such as governmental regulations, and other actions arising out of the normal course of business. Management believes that the resolution of these matters will not have a material adverse effect on our financial position, results of operations, or cash flow. In addition, the Israeli Ministry of Environmental Protection (the “Ministry”) has alleged that a non-profit recycling corporation, which collects and recycles bottles sold by manufacturers, including Eden, failed to meet recycling quotas in 2016, in violation of Israeli law. The law imposes liability directly on manufacturers, and the Ministry has asserted that the manufacturers involved with the corporation owe a fine. Eden received a notice from the Ministry on June 21, 2018. Although we cannot predict the outcome of any potential proceedings at this early stage, Eden may be subject to a fine in excess of $0.1 million . Management believes, however, that the resolution of this matter will not be material to our financial position, results of operations, or cash flow. We had $46.1 million in standby letters of credit outstanding as of December 29, 2018 ( $46.0 million — December 30, 2017 ; $42.4 million — December 31, 2016 ). We have future purchase obligations of $157.0 million that consist of commitments for the purchase of inventory, energy transactions, and payments related to professional fees and information technology outsourcing agreements. These obligations represent the minimum contractual obligations expected under the normal course of business. Guarantees After completion of the Transaction, the Company continues to provide contractual payment guarantees to three third-party lessors of certain real property used in the Traditional Business. The leases were conveyed to Refresco as part of the Transaction, but the Company’s guarantee was not released by the landlord. The three lease agreements mature in 2027 , 2028 and 2029 . The maximum potential amount of undiscounted future payments under the guarantee of approximately $32.2 million as of December 29, 2018 ( $42.0 million - December 30, 2017) was calculated based on the minimum lease payments of the leases over the remaining term of the agreements. The Transaction documents require Refresco to pay all post-closing obligations under these conveyed leases, and to reimburse the Company if the landlord calls on a guarantee. Refresco has also agreed to a covenant to negotiate with the landlords for a release of the Company’s guarantees; discussions are ongoing. The Company currently believes it is unlikely that we will be required to perform under any of these guarantees or any of the underlying obligations. |
Hedging Transactions and Deriva
Hedging Transactions and Derivative Financial Instruments | 12 Months Ended |
Dec. 29, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Transactions and Derivative Financial Instruments | Hedging Transactions and Derivative Financial Instruments We are directly and indirectly affected by changes in foreign currency market conditions. These changes in market conditions may adversely impact our financial performance and are referred to as market risks. When deemed appropriate by management, we use derivatives as a risk management tool to mitigate the potential impact of foreign currency market risks. We use various types of derivative instruments including, but not limited to, forward contracts, futures contracts and swap agreements for certain commodities. Forward and futures contracts are agreements to buy or sell a quantity of a currency at a predetermined future date, and at a predetermined rate or price. Forward contracts are traded over-the-counter whereas future contracts are traded on an exchange. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. All derivatives are carried at fair value in the Consolidated Balance Sheets in the line item accounts receivable, net or accounts payable and accrued liabilities. The carrying values of the derivatives reflect the impact of legally enforceable agreements with the same counterparties. These agreements allow us to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty. The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the types of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have been designated and qualify for fair value hedge accounting are recorded in the same line item in our Consolidated Statements of Operations as the changes in the fair value of the hedged items attributable to the risk being hedged. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in AOCI and are reclassified into the line item in the Consolidated Statements of Operations in which the hedged items are recorded in the same period the hedged items affect earnings. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the fair values or cash flows of the underlying exposures being hedged. The changes in fair values of derivatives that were not designated and/or did not qualify as hedging instruments are immediately recognized into earnings. We classify cash inflows and outflows related to derivative and hedging instruments within the appropriate cash flows section associated with the item being hedged. For derivatives that will be accounted for as hedging instruments, we formally designate and document, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, we formally assess both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are highly effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. We estimate the fair values of our derivatives based on quoted market prices or pricing models using current market rates (see Note 21 to the Consolidated Financial Statements). The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or other financial indices. We do not view the fair values of our derivatives in isolation, but rather in relation to the fair values or cash flows of the underlying hedged transactions. All of our derivatives are over-the-counter instruments with liquid markets. Credit Risk Associated with Derivatives We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We monitor counterparty exposures regularly and review promptly any downgrade in counterparty credit rating. We mitigate pre-settlement risk by being permitted to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Based on these factors, we consider the risk of counterparty default to be minimal. Cash Flow Hedging Strategy We use cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in commodity prices. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. We did not discontinue any cash flow hedging relationships during the years ended December 29, 2018 or December 30, 2017 , respectively. We have entered into coffee futures contracts to hedge our exposure to price fluctuations on green coffee associated with fixed-price sales contracts with customers, which generally range from three to twelve months in length. These derivative instruments have been designated and qualified as a part of our commodity cash flow hedging program effective January 1, 2017. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of green coffee. The notional amount for the coffee futures contracts that were designated and qualified for our commodity cash flow hedging program was 73.3 million pounds and 48.1 million pounds as of December 29, 2018 and December 30, 2017 , respectively. Approximately $6.2 million of realized losses and $1.3 million of realized gains, representing the effective portion of the cash-flow hedge, were subsequently reclassified from AOCI to earnings and recognized in cost of sales in the Consolidated Statement of Operations for the years ended December 29, 2018 and December 30, 2017 , respectively. As of December 29, 2018, the estimated net amount of losses reported in AOCI that is expected to be reclassified to the Consolidated Statements of Operations within the next twelve months is $10.9 million . The fair value of the Company’s net derivative liabilities included in accounts payable and accrued liabilities was $10.9 million and $1.2 million as of December 29, 2018 and December 30, 2017 , respectively. We had no derivative assets as of December 29, 2018 and December 30, 2017 . Set forth below is a reconciliation of the Company’s derivatives by contract type for the periods indicated: (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Derivative Contract Assets Liabilities Assets Liabilities Coffee futures 1 $ — $ (10.9 ) $ — $ (1.2 ) $ — $ (10.9 ) $ — $ (1.2 ) ______________________ 1 The fair value of the coffee futures excludes amounts in the related margin accounts. We are required to maintain margin accounts in accordance with futures market and broker regulations. As of December 29, 2018 and December 30, 2017, the aggregate margin account balances were $12.9 million and $5.3 million , respectively and are included in cash and cash equivalents on the Consolidated Balance Sheets. Coffee futures are subject to enforceable master netting arrangements and are presented net in the reconciliation above. The fair value of the coffee futures assets and liabilities which are shown on a net basis are reconciled in the table below: (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Coffee futures assets $ 0.1 $ 0.6 Coffee futures liabilities (11.0 ) (1.8 ) Net asset (liability) $ (10.9 ) $ (1.2 ) The location and amount of gains or losses recognized in the Consolidated Statements of Operations for cash flow hedging relationships, presented on a pre-tax basis, for the years ended December 29, 2018 and December 30, 2017 , respectively, is shown in the table below: For the Year Ended December 29, 2018 December 30, 2017 (in millions of U.S. dollars) Cost of Sales Total amounts of income and expense line items presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 1,197.3 $ 1,142.0 Loss (gain) on cash flow hedging relationship Coffee futures: Loss (gain) reclassified from AOCI into income/expense $ 6.2 $ (1.3 ) The settlement of our derivative instruments resulted in a debit to cost of sales of $6.2 million for the year ended December 29, 2018 and a credit to cost of sales of $1.3 million for the year ended December 30, 2017 , respectively. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. We have certain assets and liabilities such as our derivative instruments that are required to be recorded at fair value on a recurring basis in accordance with U.S. GAAP. Our derivative assets and liabilities represent Level 2 instruments. Level 2 instruments are valued based on observable inputs for quoted prices for similar assets and liabilities in active markets. The fair value of the derivative liabilities as of December 29, 2018 and December 30, 2017 was (10.9) million and (1.2) million , respectively. We had no derivative assets as of December 29, 2018 and December 30, 2017 . Fair value of financial instruments The carrying amounts reflected in the Consolidated Balance Sheets for cash and cash equivalents, receivables, payables, short-term borrowings and long-term debt approximate their respective fair values, except as otherwise indicated. The carrying values and estimated fair values of our significant outstanding debt as of December 29, 2018 and December 30, 2017 were as follows: December 29, 2018 December 30, 2017 (in millions of U.S. dollars) Carrying Value Fair Value Carrying Value Fair Value 10.000% senior notes due in 2021 1, 2 $ — $ — $ 269.9 $ 283.4 5.375% senior notes due in 2022 1, 3 — — 519.0 539.9 5.500% senior notes due in 2024 1, 3 505.9 521.7 529.6 574.0 5.500% senior notes due in 2025 1, 3 740.2 695.8 739.0 759.3 Total $ 1,246.1 $ 1,217.5 $ 2,057.5 $ 2,156.6 ______________________ 1 The fair values were based on the trading levels and bid/offer prices observed by a market participant and are considered Level 2 financial instruments. 2 Includes unamortized premium of $19.9 million at December 30, 2017. 3 Carrying value of our significant outstanding debt is net of unamortized debt issuance costs as of December 29, 2018 and December 30, 2017 (see Note 16 to the Consolidated Financial Statements). |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 29, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) Year Ended December 29, 2018 (in millions of U.S. dollars, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenue, net $ 560.8 $ 603.6 $ 609.3 $ 599.2 $ 2,372.9 Cost of sales 287.3 302.2 298.8 309.0 1,197.3 Gross profit 273.5 301.4 310.5 290.2 1,175.6 Selling, general and administrative expenses 261.1 275.2 279.9 275.9 1,092.1 Loss on disposal of property plant and equipment, net 1.3 1.3 1.2 5.6 9.4 Acquisition and integration expenses 5.0 4.2 1.6 4.5 15.3 Operating income 6.1 20.7 27.8 4.2 58.8 Net income from continuing operations 4.6 12.2 8.5 3.6 28.9 Net income (loss) from discontinued operations, net of income taxes 357.4 (1.4 ) 1.5 (2.9 ) 354.6 Less: Net income attributable to non-controlling interests - discontinued operations 0.6 — — — 0.6 Net income attributable to Cott Corporation $ 361.4 $ 10.8 $ 10.0 $ 0.7 $ 382.9 Per share data: Net income (loss) per common share attributable to Cott Corporation Basic: Continuing operations $ 0.03 $ 0.09 $ 0.06 $ 0.03 $ 0.21 Discontinued operations $ 2.55 $ (0.01 ) $ 0.01 $ (0.02 ) $ 2.54 Net income $ 2.58 $ 0.08 $ 0.07 $ 0.01 $ 2.75 Diluted: Continuing operations $ 0.03 $ 0.09 $ 0.06 $ 0.03 $ 0.21 Discontinued operations $ 2.51 $ (0.01 ) $ 0.01 $ (0.02 ) $ 2.50 Net income $ 2.54 $ 0.08 $ 0.07 $ 0.01 $ 2.71 Year Ended Year Ended December 30, 2017 (in millions of U.S. dollars, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenue, net $ 536.9 $ 580.6 $ 580.9 $ 571.3 $ 2,269.7 Cost of sales 268.1 293.5 288.1 292.3 1,142.0 Gross profit 268.8 287.1 292.8 279.0 1,127.7 Selling, general and administrative expenses 255.0 260.0 263.2 265.0 1,043.2 Loss (gain) on disposal of property, plant and equipment, net 1.3 3.9 (0.4 ) 5.4 10.2 Acquisition and integration expenses 7.3 6.7 7.7 8.7 30.4 Operating income (loss) 5.2 16.5 22.3 (0.1 ) 43.9 Net (loss) income from continuing operations (10.2 ) (4.5 ) 1.6 9.5 (3.6 ) Net (loss) income from discontinued operations, net of income taxes (24.2 ) (17.8 ) 43.0 9.7 10.7 Less: Net income attributable to non-controlling interests - discontinued operations 2.0 2.3 2.1 2.1 8.5 Net (loss) income attributable to Cott Corporation $ (36.4 ) $ (24.6 ) $ 42.5 $ 17.1 $ (1.4 ) Per share data: Net (loss) income per common share attributable to Cott Corporation Basic: Continuing operations $ (0.07 ) $ (0.03 ) $ 0.01 $ 0.07 $ (0.03 ) Discontinued operations $ (0.19 ) $ (0.15 ) $ 0.29 $ 0.05 $ 0.02 Net (loss) income $ (0.26 ) $ (0.18 ) $ 0.30 $ 0.12 $ (0.01 ) Diluted: Continuing operations $ (0.07 ) $ (0.03 ) $ 0.01 $ 0.07 $ (0.03 ) Discontinued operations $ (0.19 ) $ (0.15 ) $ 0.29 $ 0.05 $ 0.02 Net (loss) income $ (0.26 ) $ (0.18 ) $ 0.30 $ 0.12 $ (0.01 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 29, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 8, 2019, the Company sold all of the outstanding equity of Cott Beverages LLC to Refresco. The aggregate deal consideration paid at closing was $50.0 million , subject to post-closing adjustment for working capital, indebtedness and other customary items. We used the proceeds of this transaction to repay a portion of the outstanding borrowings under our ABL facility. On February 21, 2019 , the Board of Directors declared a dividend of $0.06 per common share, payable in cash on March 27, 2019 to shareowners of record at the close of business on March 12, 2019 . |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 29, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II-Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (in millions of U.S. dollars) Year Ended December 29, 2018 Description Balance at Beginning of Year Reduction in Sales Charged to Costs and Expenses Charged to Other Accounts Deductions 1 Balance at End of Year Reserves deducted in the balance sheet from the asset to which they apply Allowances for losses on: Accounts receivables $ (7.8 ) $ 0.2 $ (13.9 ) $ 9.8 $ 2.1 $ (9.6 ) Inventories (1.5 ) — (0.4 ) — 0.5 (1.4 ) Deferred tax assets 2 (129.1 ) — 4.2 26.9 — (98.0 ) $ (138.4 ) $ 0.2 $ (10.1 ) $ 36.7 $ 2.6 $ (109.0 ) (in millions of U.S. dollars) Year Ended December 30, 2017 Description Balance at Beginning of Year Reduction in Sales Charged to Costs and Expenses Charged to Other Accounts Deductions 1 Balance at End of Year Reserves deducted in the balance sheet from the asset to which they apply Allowances for losses on: Accounts receivables $ (6.3 ) $ 0.1 $ (16.2 ) $ 10.8 $ 3.8 $ (7.8 ) Inventories (1.3 ) — (0.4 ) — 0.2 (1.5 ) Deferred tax assets (117.7 ) — (17.6 ) 6.2 — (129.1 ) $ (125.3 ) $ 0.1 $ (34.2 ) $ 17.0 $ 4.0 $ (138.4 ) (in millions of U.S. dollars) Year Ended December 31, 2016 Description Balance at Beginning of Year Reduction in Sales Charged to Costs and Expenses Charged to Other Accounts Deductions 1 Balance at End of Year Reserves deducted in the balance sheet from the asset to which they apply Allowances for losses on: Accounts receivables $ (5.6 ) $ — $ (12.1 ) $ 12.0 $ (0.6 ) $ (6.3 ) Inventories (0.1 ) — (0.1 ) (1.2 ) 0.1 (1.3 ) Deferred tax assets 3 (1.2 ) — (61.3 ) (55.2 ) — (117.7 ) $ (6.9 ) $ — $ (73.5 ) $ (44.4 ) $ (0.5 ) $ (125.3 ) ______________________ 1 Deductions primarily represent uncollectible accounts written off. 2 Amounts charged to other accounts include $35.1 million related to the release of the U.S. valuation allowance recorded through discontinued operations as a result of the Transaction. 3 Amounts charged to other accounts include $27.3 million and $23.8 million of valuation allowances recorded through purchase accounting during 2016 related to the acquisitions of Aquaterra and Eden, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 29, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) using the U.S. dollar as the reporting currency, as the majority of our business and the majority of our shareowners are in the United States. We operate through three reporting segments: Route Based Services; Coffee, Tea and Extract Solutions; and All Other, which includes our UK Other operating segment, our soft drink concentrate production business and our Royal Crown International (“RCI”) division (“Cott Beverages LLC”) and other miscellaneous expenses. Our corporate oversight function is not treated as a segment; it includes certain general and administrative costs that are not allocated to any of our reporting segments. During the second quarter of 2018, we combined and disclosed the corporate oversight function in the All Other category. In addition, after the completion of the Transaction (as defined below) in January 2018, we re-evaluated the measure of profit for our reportable segments and determined that excluding corporate allocations from segment operating income was appropriate, as these costs are not considered by management when evaluating performance. Our segment reporting results have been recast to reflect these changes for all periods presented. See Note 10 to the Consolidated Financial Statements for segment reporting. Our fiscal year is based on either a 52- or 53- week period ending on the Saturday closest to December 31. For the fiscal years ended December 29, 2018 , December 30, 2017 and December 31, 2016 , we had 52 - weeks of activity. One of our subsidiaries uses a Gregorian calendar year-end which differs from the Company's 52- or 53- week fiscal year-end. Differences arising from the use of the different fiscal year-ends were not deemed material for the fiscal years ended December 29, 2018 , December 30, 2017 or December 31, 2016 . |
Basis of consolidation | Basis of consolidation The Consolidated Financial Statements include our accounts, our wholly-owned and majority-owned subsidiaries that we control. All intercompany transactions and accounts have been eliminated in consolidation. |
Discontinued Operations | Discontinued Operations In July 2017, we entered into a Share Purchase Agreement with Refresco Group B.V., a Dutch company (“Refresco”), pursuant to which we sold to Refresco, on January 30, 2018, our carbonated soft drinks and juice businesses via the sale of our North America, United Kingdom and Mexico business units (including the Canadian business) and our RCI finished goods export business (collectively, the “Traditional Business” and such transaction, the “Transaction”). The Transaction was structured as a sale of the assets of our Canadian business and a sale of the stock of the operating subsidiaries engaged in the Traditional Business in the other jurisdictions after we completed an internal reorganization. The aggregate deal consideration was $1.25 billion , paid at closing in cash, with customary post-closing adjustments resolved in December 2018 by the payment of $7.9 million from the Company to Refresco. The sale of the Traditional Business represented a strategic shift and had a major effect on our operations and, therefore, the Traditional Business is presented herein as discontinued operations. The Traditional Business excludes our Route Based Services and Coffee, Tea and Extract Solutions reporting segments, our Aimia Foods (“Aimia”), Decantae Mineral Water Ltd. (“Decantae”) and Cott Beverages LLC businesses. |
Estimates | Estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Consolidated Financial Statements include estimates and assumptions that, in the opinion of management, were significant to the underlying amounts representing the future valuation of intangible assets, long-lived assets and goodwill, realization of deferred income tax assets, the resolution of tax contingencies and projected benefit plan obligations. |
Revenue from Contracts with Customers | Revenue recognition We recognize revenue, net of sales returns, when ownership passes to customers for products manufactured in our own plants and/or by third-parties on our behalf, and when prices to our customers are fixed or determinable and collection is reasonably assured. This may be upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue. Although we occasionally accept returns of products from our customers, historically returns have not been material. We also recognize rental income on filtration, brewers and dispensing equipment at customer locations based on the terms of the related rental agreements, which are generally measured based on 28 -day periods. Amounts billed to customers for rental in future periods are deferred and included in accounts payable and accrued liabilities on the Consolidated Balance Sheets. Sales incentives We participate in various incentive programs with our customers, including volume-based incentives, contractual rebates and promotional allowances. Volume incentives are based on our customers achieving volume targets for a period of time. Volume incentives and contractual rebates are deducted from revenue and accrued as the incentives are earned and are based on management’s estimate of the total the customer is expected to earn and claim. Promotional allowances are accrued at the time of revenue recognition and are deducted from revenue based on either the volume shipped or the volume sold at the retailer location, depending on the terms of the allowance. We regularly review customer sales forecasts to ensure volume targets will be met and adjust incentive accruals and revenues accordingly. Cost of sales We record costs associated with the manufacturing of our products in cost of sales. Shipping and handling costs incurred to store, prepare and move products between production facilities or from production facilities to branch locations or storage facilities are recorded in cost of sales. Shipping and handling costs incurred to deliver products from our Route Based Services and Coffee, Tea and Extract Solutions reporting segment branch locations to the end-user consumer of those products are recorded in selling, general and administrative (“SG&A”) expenses. All other costs incurred in shipment of products from our production facilities to customer locations are reflected in cost of sales. Shipping and handling costs included in SG&A were $473.8 million , $440.8 million , and $360.4 million for the years ended December 29, 2018 , December 30, 2017 , and December 31, 2016 , respectively. Finished goods inventory costs include the cost of direct labor and materials and the applicable share of overhead expense chargeable to production. |
Sales incentives | Sales incentives We participate in various incentive programs with our customers, including volume-based incentives, contractual rebates and promotional allowances. Volume incentives are based on our customers achieving volume targets for a period of time. Volume incentives and contractual rebates are deducted from revenue and accrued as the incentives are earned and are based on management’s estimate of the total the customer is expected to earn and claim. Promotional allowances are accrued at the time of revenue recognition and are deducted from revenue based on either the volume shipped or the volume sold at the retailer location, depending on the terms of the allowance. We regularly review customer sales forecasts to ensure volume targets will be met and adjust incentive accruals and revenues accordingly. |
Selling, general and administrative expenses | Selling, general and administrative expenses We record all other expenses not charged to production as SG&A expenses. Advertising costs are expensed at the commencement of an advertising campaign and are recognized as a component of SG&A expenses. Advertising costs are not significant to any reporting segment other than Route Based Services. Advertising costs expensed were approximately $24.0 million , $21.6 million , and $20.8 million for the years ended December 29, 2018 , December 30, 2017 , and December 31, 2016 , respectively. |
Share-based compensation | Share-based compensation We have in effect equity incentive plans under which Time-based RSUs, Performance-based RSUs, non-qualified stock options and director share awards have been granted (as such terms are defined in Note 8 of the Consolidated Financial Statements). Share-based compensation expense for all share-based compensation awards is based on the grant-date fair value. We recognized these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years, and account for forfeitures when they occur. The fair value of the Company’s Time-based RSUs, Performance-based RSUs and director share awards are based on the closing market price of its common shares on the date of grant as stated on the NYSE. We estimate the fair value of non-qualified options as of the date of grant using the Black-Scholes option pricing model. This model considers, among other factors, the expected life of the award, the expected volatility of the Company’s share price, and expected dividends. The Company records share-based compensation expense in SG&A expenses. All excess tax benefits and tax deficiencies related to share-based compensation are recognized in results of operations at settlement or expiration of the award. The excess tax benefit or deficiency is calculated as the difference between the grant date price and the price of our common shares on the vesting or exercise date. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include all highly liquid investments with original maturities not exceeding three months at the time of purchase. The fair values of our cash and cash equivalents approximate the amounts shown on our Consolidated Balance Sheets due to their short-term nature. |
Allowance for doubtful accounts | Allowance for doubtful accounts A portion of our accounts receivable is not expected to be collected due to non-payment, bankruptcies and deductions. Our accounting policy for the allowance for doubtful accounts requires us to reserve an amount based on the evaluation of the aging of accounts receivable, detailed analysis of high-risk customers’ accounts, and the overall market and economic conditions of our customers. This evaluation considers the customer demographic, such as large commercial customers as compared to small businesses or individual customers. We consider our accounts receivable delinquent or past due based on payment terms established with each customer. Accounts receivable are written off when the account is determined to be uncollectible. |
Inventories | Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out method, or net realizable value. Finished goods and work-in-process include the inventory costs of raw materials, direct labor and manufacturing overhead costs. As a result, we use an inventory reserve to adjust our inventory costs down to a net realizable value and to reserve for estimated obsolescence of both raw materials and finished goods. |
Customer deposits | Customer deposits The Company generally collects deposits on three- and five-gallon bottles used by our home and office water delivery customers. Such deposits are refunded only after customers return such bottles in satisfactory condition. The associated bottle deposit liability is estimated based on the number of water customers, average consumption and return rates and bottle deposit market rates. The Company analyzes these assumptions quarterly and adjusts the bottle deposit liability as necessary. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is allocated between cost of sales and SG&A expenses and is determined using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the remaining life of the lease or useful life of the asset, whichever is shorter. Maintenance and repairs are charged to operating expense when incurred. |
Goodwill | Goodwill Goodwill represents the excess purchase price of acquired businesses over the fair value of the net assets acquired. Goodwill is not amortized, but instead is tested for impairment at least annually. The following table summarizes our goodwill on a reporting segment basis as of December 29, 2018 and December 30, 2017 : Reporting Segment (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Total Balance December 31, 2016 $ 886.5 $ 117.1 $ 44.7 $ 1,048.3 Goodwill acquired during the year 8.5 — 1.3 9.8 Adjustments 0.1 0.7 — 0.8 Foreign exchange $ 41.6 $ — $ 4.2 $ 45.8 Balance December 30, 2017 936.7 117.8 50.2 1,104.7 Goodwill acquired during the year 55.6 — 7.7 63.3 Adjustments 1 (3.0 ) — — (3.0 ) Foreign exchange (17.6 ) — (3.5 ) (21.1 ) Balance December 29, 2018 $ 971.7 $ 117.8 $ 54.4 $ 1,143.9 ______________________ 1 For the year ended December 29, 2018 , the Company recorded adjustments to goodwill allocated to the Route Based Services segment in connection with the acquisition of Crystal Rock (see Note 4 to the Consolidated Financial Statements). Cott operates through four operating segments: Route Based Services; Coffee, Tea and Extract Solutions; UK Other; and Cott Beverages LLC. Route Based Services, Coffee, Tea and Extract Solutions are also reportable segments and UK Other and Cott Beverages LLC are combined and disclosed in the All Other category. We test goodwill for impairment at least annually on the first day of the fourth quarter, based on our reporting unit carrying values, calculated as total assets less non-interest bearing liabilities, as of the end of the third quarter, or more frequently if we determine a triggering event has occurred during the year. Any impairment loss is recognized in our results of operations. We evaluate goodwill for impairment on a reporting unit basis, which is an operating segment or a level below an operating segment, referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. However, two or more components of an operating segment can be aggregated and deemed a single reporting unit if the components have similar economic characteristics. Our Route Based Services operating segment was determined to have four components: DS Services of America, Inc. (“DSS”), Mountain Valley Spring Company (“Mountain Valley”), Aquaterra Corporation (“Aquaterra”) and Eden Springs B.V. (“Eden”). We have determined that DSS and Aquaterra have similar economic characteristics and have aggregated them as a single reporting unit for the purpose of testing goodwill for impairment (“DSSAqua”). For the purpose of testing goodwill for impairment in 2018 , we have determined our reporting units are DSSAqua, Eden, S&D, Aimia, Decantae, Farrers and Cott Beverages LLC. Mountain Valley was acquired subsequent to our annual goodwill impairment testing date and as such was not part of our annual assessment. DSSAqua and Eden are components of the Route Based Services operating segment. S&D is a component of the Coffee, Tea and Extract Solutions operating segment. Aimia, Decantae and Farrers are components of the UK Other operating segment. We had goodwill of $1,143.9 million on our Consolidated Balance Sheet at December 29, 2018 , which represents amounts for the DSSAqua, Mountain Valley, Eden, S&D, Aimia, Decantae, Farrers and Cott Beverages LLC reporting units. For purposes of the 2018 annual test, we elected to perform a qualitative assessment for our DSSAqua, Decantae, Farrers and Cott Beverages LLC reporting units to assess whether it was more likely than not that the fair value of these reporting units exceeded their respective carrying values. In performing these assessments, management relied on a number of factors including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors that would have a negative effect on earnings and cash flows, overall financial performance compared with forecasted projections in prior periods, and other relevant reporting unit events, the impact of which are all significant judgments and estimates. Based on these factors, management concluded that it was more likely than not that the fair values of the DSSAqua, Decantae, Farrers and Cott Beverages LLC reporting units were greater than their respective carrying amounts, including goodwill, indicating no impairment. Goodwill allocated to the DSSAqua, Decantae, Farrers and Cott Beverages LLC reporting units as of December 29, 2018 is $637.3 million , $1.6 million , $0.5 million and $4.5 million , respectively. For the Eden, S&D and Aimia reporting units, we elected to bypass the qualitative assessment and performed a quantitative analysis due to a decline in 2018 actual versus projected operating results. We determined the fair value of each reporting unit being evaluated using a mix of the income approach (which is based on the discounted cash flows of the reporting unit) and the guideline public company approach. We weighted the income approach and the guideline public company approach at 50% each to determine the fair value of each reporting unit. We believe using a combination of these approaches provides a more accurate valuation because it incorporates the expected cash generation of the Company in addition to how a third-party market participant would value the reporting unit. As the business is assumed to continue in perpetuity, the discounted future cash flows includes a terminal value. Critical assumptions used in our 2018 valuation of the reporting units include the weighted-average terminal growth rates of 1.5% , 2.5% and 2.0% and discount rates of 9.0% , 8.5% and 10.5% for our Eden, S&D and Aimia reporting units, respectively. The terminal growth rate assumption incorporated into the discounted cash flow calculation reflects our long-term view of the market and industry, projected changes in the sale of our products, pricing of such products and operating profit margins. The discount rate was determined using various factors and sensitive assumptions, including bond yields, size premiums and tax rates. This rate was based on the weighted average cost of capital a market participant would use if evaluating the reporting unit as an investment. These assumptions are considered significant unobservable inputs and represent our best estimate of assumptions that market participants would use to determine the fair value of the respective reporting units. The key inputs into the discounted cash flow analysis were consistent with market data, where available, indicating that the assumptions used were in a reasonable range of observable market data. Based on the quantitative assessment including consideration of the sensitivity of the assumptions made and methods used to determine fair value, industry trends and other relevant factors, we noted that the estimated fair values of Eden, S&D and Aimia reporting units exceeded their carrying values by approximately 15.7% , 28.2% and 20.8% , respectively. Therefore no goodwill impairment charges were recorded in the fourth quarter ended December 29, 2018 . Goodwill allocated to the Eden, S&D and Aimia reporting units as of December 29, 2018 are $313.9 million , $117.8 million and $47.8 million , respectively. For the Mountain Valley reporting unit, we did not perform a qualitative or quantitative assessment as the underlying net assets of the reporting unit were acquired in the fourth quarter of 2018 and there was no indication of changes to the business environment or the operations of the reporting unit that would cause us to conclude that it was more likely than not that the fair value of the Mountain Valley reporting unit was less than its carrying value, including goodwill. Goodwill allocated to the Mountain Valley reporting unit as of December 29, 2018 is $ 20.5 million . Each year during the fourth quarter, we re-evaluate the assumptions used in our assessments, such as revenue growth rates, operating profit margins and discount rates, to reflect any significant changes in the business environment that could materially affect the fair value of our reporting units. Based on the evaluations performed in 2018 , we determined that the fair value of each of our reporting units exceeded their carrying amounts. |
Intangible assets | Intangible assets As of December 29, 2018 , our intangible assets subject to amortization, net of accumulated amortization were $432.4 million , consisting principally of $392.0 million of customer relationships that arose from acquisitions, $17.5 million of software, and $12.7 million of patents. Customer relationships are typically amortized on an accelerated basis for the period over which we expect to receive the economic benefits. The customer relationship intangible assets acquired in our acquisitions are amortized over the expected remaining useful life of those relationships on a basis that reflects the pattern of realization of the estimated undiscounted after-tax cash flows. We review the estimated useful life of these intangible assets annually, unless a review is required more frequently due a triggering event, such as a loss of a significant customer. Our review of the estimated useful life takes into consideration the specific net cash flows related to the intangible asset. The permanent loss of, or significant decline in sales to customers included in the intangible asset would result in either an impairment in the value of the intangible asset or an accelerated amortization of any remaining value and could lead to an impairment of the fixed assets that were used to service that customer. In 2018, we recorded $9.2 million in customer relationships acquired with the Mountain Valley Acquisition (as defined in Note 4 to the Consolidated Financial Statements) and $8.4 million in customer relationships acquired with the Crystal Rock Acquisition (as defined in Note 4 to the Consolidated Financial Statements). We did not record impairment charges for other intangible assets in 2018 , 2017 or 2016 . Our intangible assets with indefinite lives relate to the following: the 2001 acquisition of intellectual property from Royal Crown Company, Inc., and include the right to manufacture our concentrates, with all related inventions, processes, technologies, technical and manufacturing information, know-how and the use of the Royal Crown brand outside of North America and Mexico (the “Rights”); trademarks acquired in the acquisition of DSS (the “DSS Trademarks”); trademarks acquired in the acquisition of Eden (the “Eden Trademarks”), trademarks acquired in the acquisition of Aquaterra (the “Aquaterra Trademarks”), trademarks acquired in the Mountain Valley Acquisition (the “Mountain Valley Trademarks”) and trademarks acquired in the Crystal Rock Acquisition ( the “Crystal Rock Trademarks”). These assets have an aggregate net book value of $306.8 million as of December 29, 2018 . There are no legal, regulatory, contractual, competitive, economic, or other factors that limit the useful life of these intangible assets. The life of the Rights, DSS Trademarks, Eden Trademarks, Aquaterra Trademarks, Mountain Valley Trademarks and Crystal Rock Trademarks are considered to be indefinite and therefore these intangible assets are not amortized. Rather, they are tested for impairment at least annually or more frequently if we determine a triggering event has occurred during the year. We compare the carrying amount of the intangible asset to its fair value and when the carrying amount is greater than the fair value, we recognize in income an impairment loss. During the fourth quarter of 2018 , management concluded that it was more likely than not that the fair value of the Rights, DSS Trademarks, Eden Trademarks, Aquaterra Trademarks, Mountain Valley Trademarks and Crystal Rock Trademarks were greater than their respective carrying value, indicating no impairment. We assessed qualitative factors to determine whether the existence of events or circumstances indicated that it was more likely than not that the fair value of the Rights, DSS Trademarks, Aquaterra Trademarks, Mountain Valley Trademarks and Crystal Rock Trademarks were less than their respective carrying value. The qualitative factors we assessed included macroeconomic conditions, industry and market considerations, cost factors that would have a negative effect on earnings and cash flows, overall financial performance compared with forecasted projections in prior periods, and other relevant events, the impact of which are all significant judgments and estimates. We concluded that it was more likely than not that the fair value of the Rights, DSS Trademarks, Aquaterra Trademarks, Mountain Valley Trademarks and Crystal Rock Trademarks were more than its carrying value and therefore we were not required to perform any additional testing. To determine the fair value of the Eden Trademarks, we use a relief from royalty method of the income approach, which calculates a fair value royalty rate that is applied to revenue forecasts associated with those trademarks. The resulting cash flows are discounted using a rate to reflect the risk of achieving the projected royalty savings attributable to the trademarks. The assumptions used to estimate the fair value of these trademarks are subjective and require significant management judgment, including estimated future revenues, the fair value royalty rate (which is estimated to be a reasonable market royalty charge that would be charged by a licensor of the trademarks) and the risk adjusted discount rate. Based on our impairment test, the estimated fair value of the Eden Trademarks exceeded the carrying value by approximately 29.2% . If actual revenues in future periods, are less than currently projected for the Eden Trademarks, these trademarks could be impaired. |
Impairment and disposal of long-lived assets | Impairment and disposal of long-lived assets When adverse events occur, we compare the carrying amount of long-lived assets to the estimated undiscounted future cash flows at the lowest level of independent cash flows for the group of long-lived assets and recognize any impairment loss based on discounted cash flows in the Consolidated Statements of Operations, taking into consideration the timing of testing and the asset’s remaining useful life. The expected life and value of these long-lived assets is based on an evaluation of the competitive environment, history and future prospects as appropriate. We did not record impairments of long-lived assets in 2018 or 2017 . As part of normal business operations, we identify long-lived assets that are no longer productive and dispose of them. Losses on disposals of assets are presented separately in our Consolidated Statements of Operations as part of operating income. We recognized losses on disposal of property, plant and equipment, net of $9.4 million for the year ended December 29, 2018 ( $10.2 million — December 30, 2017 ; $6.6 million — December 31, 2016 ). |
Derivative financial instruments | Derivative financial instruments We use derivative financial instruments to manage our exposure to movements in foreign currencies and certain commodity prices. All derivative instruments are recorded at fair value in the Consolidated Balance Sheets. We do not use derivative financial instruments for trading or speculative purposes. We manage credit risk related to the derivative financial instruments by requiring high credit standards for our counterparties and periodic settlements. Refer to Note 20 to the Consolidated Financial Statements for further information on our derivative financial instruments. |
Foreign currency translation | Foreign currency translation The assets and liabilities of non-U.S. active operations, all of which are self-sustaining, are translated to U.S. dollars at the exchange rates in effect at the balance sheet dates. Revenues and expenses are translated using average monthly exchange rates prevailing during the period. The resulting gains or losses are recorded in accumulated other comprehensive loss. |
Income taxes | Income taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amount of assets and liabilities and their respective tax bases, using currently enacted income tax rates. A valuation allowance is established to reduce deferred income tax assets if, on the basis of available evidence, it is not more likely than not that all or a portion of any deferred tax assets will be realized. The consideration of available evidence requires significant management judgment including an assessment of the future periods in which the deferred tax assets and liabilities are expected to be realized and projections of future taxable income. The ultimate realization of the deferred tax assets, related to net operating losses, is dependent upon the generation of future taxable income during the periods prior to their expiration. If our estimates and assumptions about future taxable income are not appropriate, the value of our deferred tax assets may not be recoverable, which may result in an increase to our valuation allowance that will impact current earnings. We account for uncertain tax positions using a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, based on the technical merits. The second step requires management to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. We re-evaluate these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. We recognize interest and penalties related to unrecognized tax benefits within the income tax (benefit) expense line in the accompanying Consolidated Statements of Operations, and we include accrued interest and penalties within the accounts payable and accrued liabilities or the prepaid expenses and other current assets line in the accompanying Consolidated Balance Sheets. |
Pension costs | Pension costs We record annual amounts relating to defined benefit pension plans based on calculations, which include various actuarial assumptions such as discount rates and assumed rates of return on plan assets depending on the pension plan. Material changes in pension costs may occur in the future due to changes in these assumptions. Future annual amounts could be impacted by changes in the discount rate, changes in the expected long-term rate of return on plan assets, changes in the level of contributions to the plans and other factors. The funded status is the difference between the fair value of plan assets and the benefit obligation. Future actuarial gains or losses that are not recognized as net periodic benefits cost in the same periods will be recognized as a component of other comprehensive income. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements Update ASU 2014-09 – Revenue from Contracts with Customers (Topic 606) In May 2014, the Financial Accounting Standards Board (“FASB”) amended its guidance regarding revenue recognition and created a new Topic 606, Revenue from Contracts with Customers. The objectives for creating Topic 606 were to remove inconsistencies and weaknesses in revenue recognition, provide a more robust framework for addressing revenue issues, provide more useful information to users of the financial statements through improved disclosure requirements, simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer, and improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, an entity should apply the following steps: 1) identify the contract(s) with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments may be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the amendment recognized at the date of initial application. Effective December 31, 2017, we adopted FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”). ASC 606 was applied using the modified retrospective method. Adoption of this standard did not result in a cumulative adjustment to the opening balance of retained earnings at December 31, 2017 and did not have any other material effect on the results of operations, financial position or cash flows of the Company for the year ended December 29, 2018 (see Note 3 to the Consolidated Financial Statements). Updated ASU 2016-16 - Intra-Entity Transfers of Assets Other Than Inventory - Income Taxes (Topic 740) In October 2016, the FASB amended its guidance on accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The amendment requires the income tax consequences of intra-entity transfers of assets other than inventory to be recognized when the intra-entity transfer occurs rather than deferring recognition of income tax consequences until the transfer was made with an outside party. We adopted the guidance in this amendment effective December 31, 2017. Adoption of the new standard did not have a material impact on our Consolidated Financial Statements. Update ASU 2017-01 – Business Combinations (Topic 805) In January 2017, the FASB amended its guidance regarding business combinations. The amendment clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments provide an analysis of fair value of assets acquired to determine when a set of assets is not a business, and uses more stringent criteria related to inputs, substantive process, and outputs to determine if a business exists. We adopted the guidance in this amendment effective December 31, 2017, and applied it prospectively to all periods presented. Adoption of this new standard may result in more transactions being accounted for as asset acquisitions versus business combinations; however, the impact on our Consolidated Financial Statements in future periods will depend on the facts and circumstances of future transactions. Update ASU 2017-07 – Compensation—Retirement Benefits (Topic 715) In March 2017, the FASB issued an update to its guidance on presentation of net periodic pension cost and net periodic post-retirement pension cost, and requires the service cost component to be presented in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. The amendments in this update also allow only the service cost component to be eligible for capitalization when applicable. Effective December 31, 2017, we adopted the guidance in this amendment retrospectively. The new standard requires that only the service cost component of the net periodic benefit cost is presented in the same income statement line item as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. All other components of net periodic benefit cost are excluded from operating income. Other components of net periodic benefit cost are presented in other (income) expense, net on the Consolidated Statements of Operations. Adoption of this standard resulted in a $5.0 million decrease to operating income for the year ended December 30, 2017. Update ASU 2017-09 – Stock Compensation – Scope of Modification Accounting (Topic 718) In May 2017, the FASB amended its guidance regarding the scope of modification accounting for share-based compensation arrangements. The amendments provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. For public entities, the amendments in this update are effective for fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for public entities for reporting periods for which financial statements have not yet been issued. We adopted the guidance in this amendment effective December 31, 2017, and applied it prospectively to all periods presented. The adoption of this standard did not have a material impact on our Consolidated Financial Statements. Update ASU 2018-05 – Income Taxes—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (Topic 740) In March 2018, the FASB amended its guidance regarding Accounting Standards Codification Topic 740, Income Taxes (“ASC 740”). On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (“Tax Act”), which made broad and complex changes to the U.S. tax code that will affect the Company’s fiscal year 2018. The U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cut and Jobs Act (“SAB 118”), which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for entities to complete the accounting under ASC 740. In accordance with SAB 118, an entity must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that an entity’s accounting for certain income tax effects of the Tax Act is incomplete, but it is able to determine a reasonable estimate, it must record a provisional estimate in its financial statements. If an entity cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. The Company has applied SAB 118, recorded a provisional estimate related to certain 2017 effects of the Tax Act, and provided the required disclosures. In the fourth quarter of 2018 and in accordance with SAB 118, the Company's accounting for the effects of the enactment of the Tax Act was completed without any adjustments to the provisional estimates. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements Update ASU 2016-02 – Leases (Topic 842), amended by Update ASU 2018-11 – Leases—Targeted Improvements (Topic 842) In February 2016, the FASB issued an update to its guidance on lease accounting for lessees and lessors. This update revises accounting for operating leases by a lessee, among other changes, and requires a lessee to recognize a liability to make lease payments and an asset representing its right to use the underlying asset for the lease term in the balance sheet. The distinction between finance and operating leases has not changed and the update does not significantly change the effect of finance and operating leases on the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows. Additionally, this update requires both qualitative and specific quantitative disclosures. For public entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The update requires adoption using a modified retrospective transition approach, with certain practical expedients available, with either 1) periods prior to the adoption date being recast or 2) a cumulative-effect adjustment recognized to the opening balance of retained earnings on the adoption date with prior periods not recast. The amended guidance also provides lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component, but instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under ASC 606 and both of the following are met: 1) the timing and pattern of transfer of the non-lease component or components and associated lease component are the same; and 2) the lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with ASC 606. Otherwise, the entity must account for the combined component as an operating lease in accordance with ASC 842. Effective December 30, 2018, we adopted the guidance in this amendment using the cumulative-effect adjustment method and elected certain practical expedients allowed under the standard. The cumulative-effect adjustment recognized to the opening balance of retained earnings was $13.7 million related to unamortized deferred gains associated with sale-leaseback transactions which were previously being amortized over the leaseback term. We implemented processes and a lease accounting system to ensure adequate internal controls were in place to assess our contracts and enable proper accounting and reporting of financial information upon adoption. We are in the process of validating and reconciling data outputs from the lease accounting system and believe there will be significant right of use assets and lease liabilities for real estate and equipment leases that will be recorded on our Consolidated Balance Sheet as of December 30, 2018. We do not anticipate a material impact on our results of operations or cash flows. The standard also requires lessors to classify leases as sales-type, direct financing or operating leases, similar to existing guidance. We concluded that all of our lessor lease arrangements will continue to be classified as operating leases under the new standard. Update ASU 2016-13 – Financial Instruments—Credit Losses (Topic 326) In June 2016, the FASB amended its guidance to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. The amended guidance also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption will be permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. This guidance will be applied using a prospective or modified retrospective transition method, depending on the area covered in this update. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. Update ASU 2017-08 – Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20) In March 2017, the FASB amended its guidance on accounting for debt securities. The amendments shorten the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. For public entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. At adoption, this update will be applied using a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Additionally, in the period of adoption, an entity should provide disclosures about a change in accounting principle. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. Update ASU 2018-02 – Income Statement—Reporting Comprehensive Income (Topic 220) In February 2018, the FASB amended its guidance which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the comprehensive tax legislation enacted by the U.S. government on December 22, 2017 commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”) and requires certain disclosures about stranded tax effects. For public entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted, and may be applied in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate tax rate in the Tax Act is recognized. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. Update ASU 2018-07 – Compensation—Improvements to Nonemployee Share-Based Payment Accounting (Topic 718) In June 2018, the FASB amended its guidance to expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees. The amended guidance also clarifies that Topic 718 does not apply to share-based payments used to effectively provide (1) financing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under ASC 606. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. Early adoption is permitted. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements. Update ASU 2018-13 – Fair Value Measurement (Topic 820) In August 2018, the FASB amended its guidance on disclosure requirements for fair value measurement. The update amends existing fair value measurement disclosure requirements by adding, changing, or removing certain disclosures. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this update while delaying adoption of the additional disclosures until their effective date. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. Update ASU 2018-14 – Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) In August 2018, the FASB amended its guidance on disclosure requirements for defined benefit plans. The update amends existing annual disclosure requirements applicable to all employers that sponsor defined benefit pension and other postretirement plans by adding, removing, and clarifying certain disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and are to be applied on a retrospective basis to all periods presented. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. Update ASU 2018-15 – Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) In August 2018, the FASB amended its guidance on customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This update also requires customers to expense the capitalized implementation costs of a hosting arrangement that is a service contract over the term of the hosting arrangement. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted, including adoption in any interim period. The amendments in this update should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Goodwill by Segment | The following table summarizes our goodwill on a reporting segment basis as of December 29, 2018 and December 30, 2017 : Reporting Segment (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Total Balance December 31, 2016 $ 886.5 $ 117.1 $ 44.7 $ 1,048.3 Goodwill acquired during the year 8.5 — 1.3 9.8 Adjustments 0.1 0.7 — 0.8 Foreign exchange $ 41.6 $ — $ 4.2 $ 45.8 Balance December 30, 2017 936.7 117.8 50.2 1,104.7 Goodwill acquired during the year 55.6 — 7.7 63.3 Adjustments 1 (3.0 ) — — (3.0 ) Foreign exchange (17.6 ) — (3.5 ) (21.1 ) Balance December 29, 2018 $ 971.7 $ 117.8 $ 54.4 $ 1,143.9 ______________________ 1 For the year ended December 29, 2018 , the Company recorded adjustments to goodwill allocated to the Route Based Services segment in connection with the acquisition of Crystal Rock (see Note 4 to the Consolidated Financial Statements). |
Discontinued Operations - (Tab
Discontinued Operations - (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations in Financial Statements | The major components of net income (loss) from discontinued operations, net of income taxes in the accompanying Consolidated Statements of Operations include the following: For the Year Ended December 29, 2018 December 30, 2017 December 31, 2016 (in millions of U.S. dollars) Revenue, net $ 111.2 $ 1,637.1 $ 1,658.6 Cost of sales 98.4 1,428.4 1,434.5 Operating income from discontinued operations 2.0 49.9 72.7 Gain on sale of discontinued operations 427.9 — — Income (loss) from discontinued operations, before income taxes 402.5 (20.5 ) (6.8 ) Income tax expense (benefit) 1 47.9 (31.2 ) 4.4 Net income (loss) from discontinued operations, net of income taxes 354.6 10.7 (11.2 ) Less: Net income attributable to non-controlling interests 0.6 8.5 6.3 Net income (loss) attributable to Cott Corporation – discontinued operations 2 $ 354.0 $ 2.2 $ (17.5 ) ______________________ 1 The Transaction resulted in a taxable gain on sale in the U.S., which utilized a significant portion of the existing U.S. net operating loss carryforwards. As a result, the Company is in a net deferred tax liability position in the U.S. and thus a tax benefit of approximately $35.1 million related to a release of the U.S. valuation allowance was recorded in 2018 and is offsetting the overall income tax expense related to discontinued operations. The Transaction resulted in a non-taxable gain on sale in the United Kingdom. No tax benefit resulted from the Transaction related to the taxable loss on sale in Canada due to the Company's valuation allowance position. 2 Net income (loss) attributable to Cott Corporation - discontinued operations is inclusive of interest expense on short-term borrowings and debt required to be repaid or extinguished as part of divestiture of $3.4 million for the year ended December 29, 2018 ( December 30, 2017 - $49.5 million ; December 31, 2016 - $81.2 million ). Assets and liabilities of discontinued operations presented in the accompanying Consolidated Balance Sheet as of December 30, 2017 include the following: (in millions of U.S. dollars) December 30, 2017 ASSETS Cash and cash equivalents $ 66.0 Accounts receivable, net 143.2 Inventories 191.2 Prepaid expenses and other current assets 8.3 Current assets of discontinued operations 408.7 Property, plant and equipment, net 350.7 Goodwill 136.8 Intangible assets, net 176.2 Other long-term assets, net 13.8 Long-term assets of discontinued operations $ 677.5 LIABILITIES Current maturities of long-term debt 0.5 Accounts payable and accrued liabilities 294.6 Current liabilities of discontinued operations 295.1 Long-term debt 0.9 Deferred tax liabilities 1.0 Other long-term liabilities 43.9 Long-term liabilities of discontinued operations $ 45.8 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Further disaggregation of net revenue to external customers by geographic area based on customer location is as follows: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 United States $ 1,786.9 $ 1,709.0 $ 1,299.0 United Kingdom 173.2 160.0 130.3 Canada 64.1 61.8 61.2 All other countries 348.7 338.9 132.7 Total 1 $ 2,372.9 $ 2,269.7 $ 1,623.2 ______________________ 1 Prior-period amounts are not adjusted under the modified-retrospective method of adoption. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Business Combinations [Abstract] | |
Business Combination Transfer Consideration | The total consideration paid by the Company in the Crystal Rock Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 20.7 Cash paid on behalf of sellers for sellers' transaction expenses 0.8 Total consideration $ 21.5 The total consideration paid by DSS in the Mountain Valley Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 62.5 Cash paid on behalf of sellers for sellers' transaction expenses 1.8 Cash paid to retire outstanding debt on behalf of sellers 16.1 Total consideration $ 80.4 |
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | The table below summarizes the originally reported estimated acquisition date fair values, measurement period adjustments recorded and the adjusted purchase price allocation of the assets acquired and liabilities assumed: (in millions of U.S. dollars) Originally Reported Measurement Period Adjustments Acquired Value Cash and cash equivalents $ 1.6 $ — $ 1.6 Accounts receivable 6.5 (0.1 ) 6.4 Inventory 2.3 (0.1 ) 2.2 Prepaid expenses and other current assets 1.2 1.0 2.2 Property, plant and equipment 9.4 (0.5 ) 8.9 Goodwill 16.7 (3.0 ) 13.7 Intangible assets 13.3 (0.7 ) 12.6 Other assets 0.8 (0.7 ) 0.1 Short-term borrowings (4.1 ) — (4.1 ) Current maturities of long-term debt (1.6 ) — (1.6 ) Accounts payable and accrued liabilities (5.2 ) (1.5 ) (6.7 ) Long-term debt (10.4 ) — (10.4 ) Deferred tax liabilities (6.5 ) 4.0 (2.5 ) Other long-term liabilities (2.5 ) 1.6 (0.9 ) Total $ 21.5 $ — $ 21.5 The table below presents the preliminary purchase price allocation of the estimated acquisition date fair values of the assets acquired and liabilities assumed: (in millions of U.S. dollars) Acquired Value Cash and cash equivalents $ 8.2 Accounts receivable 4.2 Inventory 2.3 Prepaid expenses and other assets 0.2 Property, plant and equipment 38.5 Goodwill 20.5 Intangible assets 25.8 Accounts payable and accrued liabilities (19.3 ) Total $ 80.4 |
Components of Identified Intangible Assets and Estimated Weighted Average Useful Lives | The following table sets forth the components of identified intangible assets associated with the Mountain Valley Acquisition and their estimated weighted average useful lives: (in millions of U.S. dollars) Estimated Fair Market Value Weighted Average Estimated Useful Life Customer relationships $ 9.2 20 years Trademarks and trade names 16.6 Indefinite Total $ 25.8 The following table sets forth the components of identified intangible assets associated with the Crystal Rock Acquisition and their estimated weighted average useful lives: (in millions of U.S. dollars) Estimated Fair Market Value Weighted Average Estimated Useful Life Customer relationships $ 8.4 11 years Trademarks and trade names 4.2 Indefinite Total $ 12.6 |
Other Expense, Net Other (Inc_2
Other Expense, Net Other (Income) Expense, Net (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Other Income and Expenses [Abstract] | |
Schedule of Other (Income) and Expenses | The following table summarizes other (income) expense, net for the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 : For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Foreign exchange (gains) losses $ (7.1 ) $ (1.7 ) $ 1.9 Proceeds from legal settlements (14.9 ) — — Gain on sale (6.0 ) — — Transition Services Agreement service income (2.6 ) — — Pension curtailment gain — (4.5 ) — Realized commodity hedging gains — — (5.8 ) Unrealized commodity hedging loss (gain), net — — 9.7 Gain on extinguishment of long-term debt (7.1 ) (1.5 ) — Other (gains) losses, net (5.2 ) (0.3 ) (0.2 ) Total $ (42.9 ) $ (8.0 ) $ 5.6 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Interest Expense | The following table summarizes interest expense, net for the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 : For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Interest on long-term debt $ 72.2 $ 83.1 $ 42.9 Other interest expense, net 5.4 2.4 0.1 Total $ 77.6 $ 85.5 $ 43.0 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Income Tax Disclosure [Abstract] | |
(Loss) Income From Continuing Operations Before Income Taxes | Income (loss) from continuing operations, before income taxes consisted of the following: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Canada $ (26.1 ) $ (29.1 ) $ (25.4 ) Outside Canada 50.2 (4.5 ) (13.7 ) Income (loss) from continuing operations, before income taxes $ 24.1 $ (33.6 ) $ (39.1 ) |
Income Tax (Benefit) Expense | Income tax (benefit) expense consisted of the following: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Current Canada $ — — $ — Outside Canada 2.3 3.9 1.3 $ 2.3 $ 3.9 $ 1.3 Deferred Canada $ (5.6 ) $ — $ 8.7 Outside Canada (1.5 ) (33.9 ) 11.2 $ (7.1 ) $ (33.9 ) $ 19.9 Income tax (benefit) expense $ (4.8 ) $ (30.0 ) $ 21.2 |
Reconciliation of Income Taxes | The following table reconciles income taxes calculated at the basic Canadian corporate rates with the income tax provision: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Income tax expense (benefit) based on Canadian statutory rates $ 6.4 $ (8.7 ) $ (10.1 ) Foreign tax rate differential (2.6 ) (1.3 ) (1.3 ) Local taxes 0.5 (0.2 ) (1.1 ) Nontaxable interest income (9.8 ) (11.3 ) (7.9 ) Impact of intercompany transactions and dividends 1.0 (9.2 ) (10.6 ) Nontaxable capital gains — (3.7 ) — Dividend income — — 1.1 Change in enacted tax rates 3.4 (32.7 ) (0.6 ) Change in valuation allowance (4.2 ) 45.8 48.6 Change in uncertain tax positions (3.4 ) (2.4 ) (0.2 ) Equity compensation 1.5 1.1 0.6 Permanent differences 1.1 (0.6 ) 1.8 Outside basis differences on discontinued operations — (3.8 ) — Adjustments to deferred taxes 0.7 (3.4 ) — Other items 0.6 0.4 0.9 Income tax (benefit) expense $ (4.8 ) $ (30.0 ) $ 21.2 |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities were recognized on temporary differences between the financial and tax bases of existing assets and liabilities as follows: (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Deferred tax assets Net operating loss carryforwards $ 109.8 $ 181.6 Capital loss carryforwards 13.1 4.5 Liabilities and reserves 25.0 35.7 Stock options 8.1 7.0 Inventories 3.8 4.5 Interest expense 12.2 25.4 Outside basis differences on discontinued operations — 3.8 Other 6.7 4.9 178.7 267.4 Deferred tax liabilities Property, plant and equipment (65.7 ) (69.2 ) Intangible assets (139.2 ) (165.2 ) (204.9 ) (234.4 ) Valuation allowance (98.0 ) (129.1 ) Net deferred tax liability $ (124.2 ) $ (96.1 ) |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Unrecognized tax benefits at beginning of year $ 16.2 $ 28.6 $ 9.9 Additions based on tax positions taken during a prior period 1.3 0.2 0.2 Reductions based on tax positions taken during a prior period (0.1 ) (6.3 ) — Settlement on tax positions taken during a prior period — (1.0 ) (4.5 ) Tax rate change (0.1 ) (4.5 ) — Lapse in statute of limitations (4.3 ) (3.2 ) (0.1 ) Additions based on tax positions taken during the current period 3.0 1.7 24.0 Foreign exchange (0.5 ) 0.7 (0.9 ) Unrecognized tax benefits at end of year $ 15.5 $ 16.2 $ 28.6 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Expense | The table below summarizes the share-based compensation expense for the years ended December 29, 2018 , December 30, 2017 , and December 31, 2016 . Share-based compensation expense is recorded in SG&A expenses in the Consolidated Statements of Operations. As referenced below: (i) “Performance-based RSUs” represent restricted share units with performance-based vesting, (ii) “Time-based RSUs” represent restricted share units with time-based vesting, (iii) “Stock options” represent non-qualified stock options, (iv) “Director share awards” represent common shares issued in consideration of the annual board retainer fee to non-management members of our Board of Directors, and (v) the “ESPP” represents the Cott Corporation Employee Share Purchase Plan, under which common shares are issued to eligible employees at a discount through payroll deductions. For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 Stock options $ 5.3 $ 5.5 $ 3.7 Performance-based RSUs 7.0 12.0 1.3 Time-based RSUs 3.8 4.2 3.3 Director share awards 1.0 1.1 0.9 Employee Share Purchase Plan 0.3 0.1 0.2 Total 1 $ 17.4 $ 22.9 $ 9.4 ______________________ 1 Includes $0.1 million , $5.4 million and $2.4 million of share-based compensation expense from our discontinued operations, which were included in net income (loss) from discontinued operations, net of income taxes on the Consolidated Statements of Operations for the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 , respectively. |
Unrecognized Share-based Compensation Expense | As of December 29, 2018 , the unrecognized share-based compensation expense and weighted average years over which we expect to recognize it as compensation expense were as follows: (in millions of U.S. dollars, except years) Unrecognized share-based compensation expense as of December 29, 2018 Weighted average years expected to recognize compensation Stock options $ 4.6 1.9 Performance-based RSUs 7.0 2.3 Time-based RSUs 3.0 1.9 Total $ 14.6 |
Schedule of Stock Option Assumptions | The grant date fair value of each option granted during 2018 , 2017 and 2016 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: For the Year Ended December 29, 2018 December 30, 2017 December 31, 2016 Risk-free interest rate 2.8 % 2.3 % 1.9 % Average expected life (years) 5.6 6.0 6.2 Expected volatility 28.8 % 29.2 % 30.7 % Expected dividend yield 1.6 % 1.4 % 2.2 % |
Stock Option Activity | The following table summarizes the activity for Company stock options: Stock Options (in thousands) Weighted average exercise price Weighted average contractual term (years) Aggregate intrinsic value (in thousands) Outstanding at January 2, 2016 1,757 $ 8.50 8.0 $ 4,373.8 Granted 2,976 11.15 Exercised (238 ) 7.29 2,304.7 Forfeited or expired (21 ) 9.99 Outstanding at December 31, 2016 4,474 $ 10.32 8.8 $ 5,623.3 Granted 734 17.50 Exercised (169 ) 9.21 1,092.9 Forfeited or expired (33 ) 10.28 Outstanding at December 30, 2017 5,006 $ 11.41 8.1 $ 26,952.3 Granted 1,182 14.67 Exercised (734 ) 10.04 4,408.1 Forfeited or expired (8 ) 10.64 Outstanding at December 29, 2018 5,446 $ 12.30 7.3 $ 11,993.0 Exercisable at December 29, 2018 3,026 $ 10.80 6.3 $ 9,983.7 Vested or expected to vest at December 29, 2018 5,446 $ 12.30 7.3 $ 11,993.0 |
Performance-based RSU and Time-Based RSU Activity | The Company also granted 207,943 Time-based RSUs, which vest in three equal annual installments on the first, second and third anniversaries of the date of grant and include a service condition. Number of Performance-based RSUs (in thousands) Weighted Average Grant-Date Fair Value Number of Time-based RSUs (in thousands) Weighted Average Grant-Date Fair Value Balance at January 2, 2016 1,878 $ 7.41 827 $ 8.78 Awarded 835 11.18 503 11.18 Awarded in connection with acquisitions 1 584 15.81 514 16.52 Issued 2 — — (1,027 ) 12.01 Canceled (224 ) 9.29 — — Forfeited (10 ) 9.24 (17 ) 8.50 Balance at December 31, 2016 3,063 $ 9.89 800 $ 11.10 Awarded 235 17.06 135 17.50 Awarded in connection with modification 64 11.32 — — Issued (320 ) 8.00 (409 ) 10.55 Forfeited (143 ) 15.18 (24 ) 12.28 Outstanding at December 30, 2017 2,899 $ 9.15 502 $ 13.14 Awarded 312 14.67 208 14.67 Awarded in connection with modification 246 9.21 — — Issued (686 ) 9.32 (269 ) 13.07 Forfeited (1,106 ) 6.55 (14 ) 13.24 Outstanding at December 29, 2018 1,665 $ 13.90 427 $ 14.23 Vested or expected to vest at December 29, 2018 1,708 $ 12.70 427 $ 14.23 ______________________ 1 Represents shares that were awarded to Eden and S&D employees in connection with the acquisitions of Eden and S&D. 2 Includes 416,951 common shares granted to certain S&D employees in connection with the acquisition of S&D; the common shares were fully vested upon issuance. |
Common Shares and Net (Loss) _2
Common Shares and Net (Loss) Income per Common Share (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominators of Basic and Diluted Net (Loss) Income Per Common Share | Set forth below is a reconciliation of the numerator and denominator for the diluted net income (loss) per common share computations for the periods indicated: For the Year Ended December 29, 2018 December 30, 2017 December 31, 2016 Numerator (in millions): Net income (loss) attributable to Cott Corporation Continuing operations $ 28.9 $ (3.6 ) $ (60.3 ) Discontinued operations 354.0 2.2 (17.5 ) Net income (loss) 382.9 (1.4 ) (77.8 ) Basic Earnings Per Share Denominator (in thousands): Weighted average common shares outstanding - basic 139,097 139,078 128,290 Basic Earnings Per Share: Continuing operations 0.21 (0.03 ) (0.47 ) Discontinued operations 2.54 0.02 (0.14 ) Net income (loss) 2.75 (0.01 ) (0.61 ) Diluted Earnings Per Share Denominator (in thousands): Weighted average common shares outstanding - basic 139,097 139,078 128,290 Dilutive effect of Stock Options 1,199 — — Dilutive effect of Performance based RSUs 900 — — Dilutive effect of Time-based RSUs 240 — — Weighted average common shares outstanding - diluted 141,436 139,078 128,290 Diluted Earnings Per Share: Continued operations 0.21 (0.03 ) (0.47 ) Discontinued operations 2.50 0.02 (0.14 ) Net income (loss) 2.71 (0.01 ) (0.61 ) |
Summary of the Anti-dilutive Securities Excluded from the Computation of Diluted Net Income (Loss) Per Common Share | The following table summarizes anti-dilutive securities excluded from the computation of diluted net income (loss) per common share for the periods indicated: For the Year Ended (in thousands) December 29, 2018 December 30, 2017 December 31, 2016 Stock options 2,095 5,006 4,474 Performance-based RSUs 1 564 2,235 2,070 Time-based RSUs 2 148 493 800 ______________________ 1 Performance-based RSUs represent the number of shares expected to be issued based on the estimated achievement of pre-tax income for these awards. 2 Time-based RSUs represent the number of shares expected to be issued based on known employee retention information. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting Information by Operating Segment | December 29, 2018 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net 1 $ 1,599.9 $ 587.6 $ 191.6 $ (6.2 ) $ 2,372.9 Depreciation and amortization 163.9 22.9 7.8 — 194.6 Operating income (loss) 84.7 16.1 (42.0 ) — 58.8 Property, plant and equipment, net 521.3 88.3 15.1 — 624.7 Goodwill 971.7 117.8 54.4 — 1,143.9 Intangible assets, net 555.5 103.2 80.5 — 739.2 Total segment assets 2 2,427.7 464.8 283.0 — 3,175.5 Additions to property, plant and equipment 109.6 16.0 5.2 — 130.8 ______________________ 1 Intersegment revenue between the Coffee, Tea and Extract Solutions and the Route Based Services reporting segments was $5.7 million for the year ended December 29, 2018 . Intersegment revenue between the All Other and the Route Based Services reporting segments was $0.5 million for the year ended December 29, 2018 . All Other includes $4.2 million of related party concentrate sales to discontinued operations for the year ended December 29, 2018 . 2 Excludes intersegment receivables, investments and notes receivable. December 30, 2017 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net 1 $ 1,501.7 $ 602.2 $ 165.8 $ — $ 2,269.7 Depreciation and amortization 158.3 22.7 7.6 — 188.6 Operating income (loss) 3 74.0 15.9 (46.0 ) — 43.9 Property, plant and equipment, net 482.2 89.1 12.9 — 584.2 Goodwill 936.7 117.8 50.2 — 1,104.7 Intangible assets, net 564.5 110.8 75.8 — 751.1 Total segment assets 2 2,343.4 455.7 207.8 — 3,006.9 Additions to property, plant and equipment 99.1 19.0 3.2 — 121.3 ______________________ 1 All Other includes $41.1 million of related party concentrate sales to discontinued operations for the year ended December 30, 2017 . 2 Excludes intersegment receivables, investments and notes receivable. 3 Operating income in our Route Based Services reporting segment for the year ended December 30, 2017 decreased $5.0 million as a result of the adoption of ASU 2017-07 (see Note 1 to the Consolidated Financial Statements). December 31, 2016 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net 1 $ 1,224.3 $ 228.0 $ 170.9 $ — 1,623.2 Depreciation and amortization 136.0 8.0 7.1 — 151.1 Operating income (loss) 42.4 5.3 (38.2 ) — 9.5 Additions to property, plant and equipment 87.7 6.0 1.4 — 95.1 ______________________ 1 All Other includes $37.4 million of related party concentrate sales to discontinued operations for the year ended December 31, 2016 . |
Reconciliation of Segment Assets to Total Assets | Reconciliation of Segment Assets to Total Assets (in millions of U.S. dollars) December 30, 2017 Segment assets 1 $ 3,006.9 Assets of discontinued operations 1 1,086.2 Total assets $ 4,093.1 ______________________ 1 Excludes intersegment receivables, investments and notes receivable. |
Revenues by Geographic Area | Revenues are attributed to countries based on the location of the customer. Revenues generated from sales to external customers by geographic area were as follows: For the Year Ended (in millions of U.S. dollars) December 29, 2018 December 30, 2017 December 31, 2016 United States $ 1,786.9 $ 1,709.0 $ 1,299.0 United Kingdom 173.2 160.0 130.3 Canada 64.1 61.8 61.2 All other countries 348.7 338.9 132.7 Total $ 2,372.9 $ 2,269.7 $ 1,623.2 |
Revenues by Channel Reporting Segment | Revenues by channel by reporting segment were as follows: For the Year Ended December 29, 2018 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net Home and office bottled water delivery $ 994.8 $ — $ — $ — $ 994.8 Coffee and tea services 189.4 461.9 3.5 (5.8 ) 649.0 Retail 232.9 — 71.5 (0.4 ) 304.0 Other 182.8 125.7 116.6 — 425.1 Total $ 1,599.9 $ 587.6 $ 191.6 $ (6.2 ) $ 2,372.9 For the Year Ended December 30, 2017 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net Home and office bottled water delivery $ 940.4 $ — $ — $ — $ 940.4 Coffee and tea services 184.2 501.7 2.6 — 688.5 Retail 216.9 — 65.3 — 282.2 Other 160.2 100.5 97.9 — 358.6 Total $ 1,501.7 $ 602.2 $ 165.8 $ — $ 2,269.7 For the Year Ended December 31, 2016 (in millions of U.S. dollars) Route Based Services Coffee, Tea and Extract Solutions All Other Eliminations Total Revenue, net Home and office bottled water delivery $ 799.4 $ — $ — $ — $ 799.4 Coffee and tea services 146.8 187.8 2.6 — 337.2 Retail 164.6 — 51.7 — 216.3 Other 113.5 40.2 116.6 — 270.3 Total $ 1,224.3 $ 228.0 $ 170.9 $ — $ 1,623.2 |
Property, Plant and Equipment by Geographic Area | Property, plant and equipment, net by geographic area as of December 29, 2018 and December 30, 2017 were as follows: (in millions of U.S. dollars) December 29, 2018 December 30, 2017 United States $ 491.1 $ 452.3 United Kingdom 17.8 17.4 Canada 19.8 14.2 All other countries 1 96.0 100.3 Total $ 624.7 $ 584.2 ______________________ 1 No individual country is greater than 10% of total property, plant and equipment, net as of December 29, 2018 and December 30, 2017 . |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | The following table summarizes accounts receivable, net as of December 29, 2018 and December 30, 2017 : (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Trade receivables $ 293.0 $ 275.5 Allowance for doubtful accounts (9.6 ) (7.8 ) Other 24.9 17.3 Total $ 308.3 $ 285.0 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | The following table summarizes inventories as of December 29, 2018 and December 30, 2017 : (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Raw materials $ 68.5 $ 68.1 Finished goods 36.3 34.3 Resale items 21.5 21.8 Other 3.3 3.4 Total $ 129.6 $ 127.6 |
Property, Plant & Equipment, _2
Property, Plant & Equipment, Net (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | The following table summarizes property, plant and equipment, net as of December 29, 2018 and December 30, 2017 : December 29, 2018 December 30, 2017 (in millions of U.S. dollars) Estimated Useful Life in Years Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net Land n/a $ 98.5 $ — $ 98.5 $ 82.9 $ — $ 82.9 Buildings 10-40 111.9 22.9 89.0 88.9 14.8 74.1 Machinery and equipment 5-15 183.3 67.0 116.3 142.3 53.5 88.8 Plates, films and molds 1-10 1.4 0.4 1.0 0.4 0.3 0.1 Vehicles and transportation equipment 3-15 88.1 50.2 37.9 87.3 41.3 46.0 Leasehold improvements 1 16.7 6.9 9.8 34.1 8.5 25.6 IT Systems 3-7 16.2 8.6 7.6 12.4 6.4 6.0 Furniture and fixtures 3-10 9.3 3.2 6.1 11.3 4.1 7.2 Customer equipment 2 3-7 330.4 118.2 212.2 303.1 90.9 212.2 Returnable bottles 3 3-5 59.7 19.1 40.6 51.8 16.4 35.4 Capital leases 4 6.7 1.0 5.7 6.6 0.7 5.9 Total $ 922.2 $ 297.5 $ 624.7 $ 821.1 $ 236.9 $ 584.2 ______________________ 1 Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life. 2 Customer equipment for the Route Based Services reporting segment consists of coolers, brewers, refrigerators, water purification devices and storage racks held on site at customer locations. 3 Returnable bottles are those bottles on site at Route Based Services customer locations. 4 Our recorded assets under capital leases relate to machinery and equipment, IT systems, customer equipment and vehicles and transportation equipment. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table summarizes intangible assets, net as of December 29, 2018 and December 30, 2017 : December 29, 2018 December 30, 2017 (in millions of U.S. dollars) Cost Accumulated Amortization Net Cost Accumulated Amortization Net Intangibles Not subject to amortization Rights 1 $ 24.5 — $ 24.5 $ 24.5 — $ 24.5 Trademarks 282.3 — 282.3 264.1 — 264.1 Total intangibles not subject to amortization $ 306.8 — $ 306.8 $ 288.6 — $ 288.6 Subject to amortization Customer relationships 603.1 211.1 392.0 583.4 154.7 428.7 Patents 15.2 2.5 12.7 15.2 1.0 14.2 Software 38.0 20.5 17.5 28.8 13.0 15.8 Other 16.6 6.4 10.2 8.0 4.2 3.8 Total intangibles subject to amortization $ 672.9 $ 240.5 $ 432.4 $ 635.4 $ 172.9 $ 462.5 Total intangible assets $ 979.7 $ 240.5 $ 739.2 $ 924.0 $ 172.9 $ 751.1 ______________________ 1 Relates to the 2001 acquisition of the Rights. The Company sold Cott Beverages LLC to Refresco (see Note 23 to the Consolidated Financial Statements) and this intangible asset was included in the transaction. |
Estimated Amortization Expense for Intangible Assets | The estimated amortization expense for intangible assets subject to amortization over the next five years is: (in millions of U.S. dollars) 2019 $ 66.4 2020 57.8 2021 49.7 2022 41.0 2023 34.6 Thereafter 182.9 Total $ 432.4 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The following table summarizes accounts payable and accrued liabilities as of December 29, 2018 and December 30, 2017 : (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Trade payables $ 206.1 $ 197.2 Accrued compensation 46.7 47.6 Accrued sales incentives 10.5 6.9 Accrued interest 24.2 18.7 Payroll, sales and other taxes 21.7 12.9 Accrued deposits 70.6 66.9 Derivative liability 10.9 1.2 Self-insurance liabilities 16.9 10.4 Other accrued liabilities 61.4 51.1 Total $ 469.0 $ 412.9 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Debt Disclosure [Abstract] | |
Components of Debt | Our total debt as of December 29, 2018 and December 30, 2017 was as follows: December 29, 2018 December 30, 2017 (in millions of U.S. dollars) Principal Unamortized Debt Costs Net Principal Unamortized Debt Costs Net 10.000% senior notes due in 2021 1 $ — — $ — $ 269.9 — $ 269.9 5.375% senior notes due in 2022 — — — 525.0 6.0 519.0 5.500% senior notes due in 2024 513.1 7.2 505.9 539.1 9.5 529.6 5.500% senior notes due in 2025 750.0 9.8 740.2 750.0 11.0 739.0 ABL facility 81.1 — 81.1 220.3 — 220.3 GE Term Loan — — — 2.0 — 2.0 Short-term borrowings 7.9 — 7.9 — — Capital leases 5.0 — 5.0 6.4 — 6.4 Other debt financing 2.1 — 2.1 0.8 — 0.8 Total debt 1,359.2 17.0 1,342.2 2,313.5 26.5 2,287.0 Less: Short-term borrowings and current debt: ABL facility — — — 220.3 — 220.3 Total short-term borrowings required to be repaid or extinguished as part of divestiture — — — 220.3 — 220.3 GE Term Loan - current maturities — — — 2.0 — 2.0 ABL facility 81.1 — 81.1 — — — Short-term borrowings 7.9 — 7.9 — — — Capital leases - current maturities 1.9 — 1.9 2.3 — 2.3 Other debt financing 1.1 — 1.1 0.8 — 0.8 Total current debt 92.0 — 92.0 225.4 — 225.4 Less: Debt required to be repaid or extinguished as part of divestiture 5.375% senior notes due in 2022 — — — 525.0 6.0 519.0 Total debt to be required to be repaid or extinguished as part of divestiture — — — 525.0 6.0 519.0 Total long-term debt $ 1,267.2 $ 17.0 $ 1,250.2 $ 1,563.1 $ 20.5 $ 1,542.6 ______________________ 1 The outstanding aggregate principal amount and unamortized premium of our DSS Notes was $250.0 million and $19.9 million at December 30, 2017. |
Schedule of Long Term Debt Payments in Each of Next Five Years and Thereafter | The long-term debt payments (which include current maturities of long-term debt) required in each of the next five years and thereafter are as follows: (in millions of U.S. dollars) Long Term Debt (incl. current) 2019 $ 92.0 2020 2.3 2021 0.7 2022 0.6 2023 0.4 Thereafter 1,263.2 $ 1,359.2 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Summary of Change in Benefit Obligations, Change in Plan Assets and Unfunded Status of DB Plans | The following table summarizes the change in the projected benefit obligation, change in plan assets and unfunded status of the DB plans as of December 29, 2018 and December 30, 2017 : December 29, 2018 (in millions of U.S. dollars) U.S. International Total Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 8.4 $ 12.8 $ 21.2 Plan amendment — (0.1 ) (0.1 ) Service cost — 0.8 0.8 Interest cost 0.3 0.1 0.4 Plan participant contributions — 0.3 0.3 Benefit payments (0.4 ) (1.4 ) (1.8 ) Actuarial gains (0.4 ) (0.4 ) (0.8 ) Settlement gains — (0.8 ) (0.8 ) Translation gains — (0.5 ) (0.5 ) Projected benefit obligation at end of year $ 7.9 $ 10.8 $ 18.7 Change in Plan Assets Plan assets beginning of year $ 7.1 $ 6.6 $ 13.7 Business combinations — — — Employer contributions 0.3 0.4 0.7 Plan participant contributions — 0.3 0.3 Benefit payments (0.4 ) (0.8 ) (1.2 ) Settlement losses — (0.5 ) (0.5 ) Actual return on plan assets (0.1 ) — (0.1 ) Translation losses — (0.2 ) (0.2 ) Fair value at end of year $ 6.9 $ 5.8 $ 12.7 Funded Status of Plan Projected benefit obligation $ (7.9 ) $ (10.8 ) $ (18.7 ) Fair value of plan assets 6.9 5.8 12.7 Unfunded status $ (1.0 ) $ (5.0 ) $ (6.0 ) December 30, 2017 (in millions of U.S. dollars) U.S. International Total Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 8.3 $ 30.5 $ 38.8 Service cost — 1.5 1.5 Interest cost 0.3 0.3 0.6 Plan participant contributions — 0.4 0.4 Benefit payments (0.4 ) (3.0 ) (3.4 ) Actuarial losses 0.2 (0.1 ) 0.1 Curtailment gains — (18.2 ) (18.2 ) Translation gains — 1.4 1.4 Projected benefit obligation at end of year $ 8.4 $ 12.8 $ 21.2 Change in Plan Assets Plan assets beginning of year $ 6.3 $ 20.4 $ 26.7 Employer contributions 0.3 0.9 1.2 Plan participant contributions — 0.4 0.4 Benefit payments (0.4 ) (2.5 ) (2.9 ) Curtailment losses — (14.2 ) (14.2 ) Actual return on plan assets 0.9 0.6 1.5 Translation losses — 1.0 1.0 Fair value at end of year $ 7.1 $ 6.6 $ 13.7 Funded Status of Plan Projected benefit obligation $ (8.4 ) $ (12.8 ) $ (21.2 ) Fair value of plan assets 7.1 6.6 13.7 Unfunded status $ (1.3 ) $ (6.2 ) $ (7.5 ) |
Schedule of Components of Net Periodic Pension Cost | The components of net periodic pension cost were as follows: December 29, 2018 (in millions of U.S. dollars) U.S. International Total Service cost $ — $ 0.8 $ 0.8 Interest cost 0.3 0.1 0.4 Expected return on plan assets (0.5 ) — (0.5 ) Amortization of prior service costs — — — Recognized net gain due to settlement — (0.3 ) (0.3 ) Amortization of net actuarial loss — — — Net periodic pension (benefit) cost $ (0.2 ) $ 0.6 $ 0.4 December 30, 2017 (in millions of U.S. dollars) U.S. International Total Service cost $ — $ 1.5 $ 1.5 Interest cost (0.3 ) 0.3 — Expected return on plan assets 0.4 (0.3 ) 0.1 Amortization of prior service costs — — — Recognized net loss due to settlement — — — Amortization of net actuarial loss — — — Curtailment gain — (4.5 ) (4.5 ) Net periodic pension cost $ 0.1 $ (3.0 ) $ (2.9 ) December 31, 2016 (in millions of U.S. dollars) U.S. International Total Service cost $ — $ 1.9 $ 1.9 Interest cost (0.4 ) 0.2 (0.2 ) Expected return on plan assets 0.6 (0.2 ) 0.4 Amortization of prior service costs — — — Recognized net loss due to settlement (0.1 ) — (0.1 ) Amortization of net actuarial loss — — — Net periodic pension cost $ 0.1 $ 1.9 $ 2.0 |
Schedule of Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax which have Not yet been Recognized in Net Periodic Benefit Cost | Amounts included in accumulated other comprehensive loss, net of tax, at year-end which have not yet been recognized in net periodic benefit cost were as follows: December 29, 2018 (in millions of U.S. dollars) U.S. International Total Unrecognized net actuarial (loss) income $ (0.1 ) $ 0.4 $ 0.3 Total accumulated other comprehensive (loss) income $ (0.1 ) $ 0.4 $ 0.3 December 30, 2017 (in millions of U.S. dollars) U.S. International Total Unrecognized net actuarial loss $ (0.6 ) $ (16.2 ) $ (16.8 ) Total accumulated other comprehensive loss $ (0.6 ) $ (16.2 ) $ (16.8 ) December 31, 2016 (in millions of U.S. dollars) U.S. International Total Unrecognized net actuarial loss $ (1.2 ) $ (13.2 ) $ (14.4 ) Total accumulated other comprehensive loss $ (1.2 ) $ (13.2 ) $ (14.4 ) |
Schedule of Pension Plan Weighted-Average Asset Allocations by Asset Category | Our DB plans weighted-average asset allocations by asset category were as follows: December 29, 2018 December 30, 2017 U.S. Plans Equity securities 42.8 % 61.4 % Fixed income investments 57.2 % 38.6 % International Plans Cash and cash equivalents — 0.3 % Equity securities 58.6 % 64.2 % Fixed income investments 31.0 % 29.2 % Real estate 10.4 % 6.3 % |
Schedule of Benefit Payments Expected to be Paid | The following benefit payments are expected to be paid in the periods indicated below: (in millions of U.S. dollars) U.S. International Total Expected benefit payments FY 2019 $ 0.4 $ 0.6 $ 1.0 FY 2020 0.4 0.5 0.9 FY 2021 0.4 0.5 0.9 FY 2022 0.5 0.4 0.9 FY 2023 0.5 0.5 1.0 FY 2024 through FY 2028 2.6 4.4 7.0 |
Schedule of Fair Values of Company's International Plan Assets | The fair values of the Company’s International plan assets at December 29, 2018 and December 30, 2017 were as follows: December 29, 2018 (in millions of U.S. dollars) Level 1 Level 2 Level 3 Mutual funds: Non-U.S. equity securities 1.6 — — Other — — — Fixed income: Non-U.S. bonds 1.9 — — Insurance contract — 1.8 — Real estate: Real estate — 0.6 — Total $ 3.5 $ 2.4 $ — December 30, 2017 (in millions of U.S. dollars) Level 1 Level 2 Level 3 Mutual funds: Non-U.S. equity securities 1.6 — — Other — 0.4 — Fixed income: Non-U.S. bonds 2.3 — — Insurance contract — 1.9 — Real estate: Real estate — 0.4 — Total $ 3.9 $ 2.7 $ — |
Benefit Obligations | |
Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | The following table summarizes the weighted average actuarial assumptions used to determine the projected benefit obligation: For the Year Ended December 29, 2018 December 30, 2017 December 31, 2016 U.S. Plans Discount rate 4.0 % 3.5 % 3.8 % Expected long-term rate of return on plan assets 6.3 % 7.0 % 7.0 % International Plans Discount rate 2.4 % 2.0 % 1.7 % Expected long-term rate of return on plan assets 2.7 % 3.1 % 2.6 % Rate of compensation increase 1.4 % 1.4 % 1.0 % CPI Inflation factor 0.3 % 0.3 % 0.3 % |
Net Periodic Benefit Cost | |
Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | The following table summarizes the weighted average actuarial assumptions used to determine net periodic benefit cost: For the Year Ended December 29, 2018 December 30, 2017 December 31, 2016 U.S. Plans Discount rate 3.5 % 3.8 % 4.0 % Expected long-term rate of return on plan assets 6.3 % 7.0 % 7.0 % International Plans Discount rate 2.4 % 2.0 % 1.7 % Expected long-term rate of return on plan assets 2.7 % 3.1 % 1.0 % Inflation factor 0.3 % 0.3 % 0.3 % |
Consolidated Accumulated Othe_2
Consolidated Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Statement of Comprehensive Income [Abstract] | |
Changes in Consolidated Accumulated Other Comprehensive (Loss) Income by Component | Changes in consolidated accumulated other comprehensive (loss) income (“AOCI”) by component for the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 were as follows: (in millions of U.S. dollars) 1 Gains and Losses on Derivative Instruments Pension Benefit Plan Items Currency Translation Adjustment Items Total Balance January 2, 2016 $ (4.7 ) $ (10.1 ) $ (61.4 ) $ (76.2 ) OCI before reclassifications 10.9 (4.8 ) (42.0 ) (35.9 ) Amounts reclassified from AOCI (6.3 ) 0.5 — (5.8 ) Net current-period OCI 4.6 (4.3 ) (42.0 ) (41.7 ) Balance December 31, 2016 $ (0.1 ) $ (14.4 ) $ (103.4 ) $ (117.9 ) OCI before reclassifications — (2.7 ) 27.2 24.5 Amounts reclassified from AOCI (1.3 ) 0.3 — (1.0 ) Net current-period OCI (1.3 ) (2.4 ) 27.2 23.5 Balance December 30, 2017 $ (1.4 ) $ (16.8 ) $ (76.2 ) $ (94.4 ) OCI before reclassifications (14.5 ) 0.2 (25.5 ) (39.8 ) Amounts reclassified from AOCI 6.2 16.9 9.4 32.5 Net current-period OCI (8.3 ) 17.1 (16.1 ) (7.3 ) Balance December 29, 2018 $ (9.7 ) $ 0.3 $ (92.3 ) $ (101.7 ) ______________________ 1 All amounts are net of tax. |
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income to Total Net Income (Loss) | The following table summarizes the amounts reclassified from AOCI to total net income (loss) for the years ended December 29, 2018 , December 30, 2017 and December 31, 2016 : (in millions of U.S. dollars) For the Year Ended Affected Line Item in the Statement Where Net Income Is Presented Details About AOCI Components 1 December 29, 2018 December 30, 2017 December 31, 2016 Gains and losses on derivative instruments Foreign currency and commodity hedges $ (6.2 ) $ 1.3 $ 6.4 Cost of sales $ (6.2 ) $ 1.3 $ 6.4 Total before taxes — — (0.1 ) Tax (expense) or benefit $ (6.2 ) $ 1.3 $ 6.3 Net of tax Amortization of pension benefit plan items Recognized net actuarial loss 2 $ (16.9 ) $ — $ — Gain on sale of discontinued operations Prior service costs 3 — — (0.1 ) Actuarial (losses)/gains 3 — (0.3 ) (0.4 ) (16.9 ) (0.3 ) (0.5 ) Total before taxes — — — Tax (expense) or benefit $ (16.9 ) $ (0.3 ) $ (0.5 ) Net of tax Foreign currency translation adjustments (9.4 ) — — Gain on sale of discontinued operations Total reclassifications for the period $ (32.5 ) $ 1.0 $ 5.8 Net of tax ______________________ 1 Amounts in parenthesis indicate debits. 2 Net of $3.6 million of associated tax impact that resulted in an increase to the gain on the sale of discontinued operations for the year ended December 29, 2018. 3 These AOCI components are included in the computation of net periodic pension cost. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases Minimum Annual Payments | The minimum annual payments under operating leases are as follows: (in millions of U.S. dollars) 2019 $ 51.6 2020 $ 42.9 2021 $ 36.2 2022 $ 29.2 2023 $ 23.4 Thereafter $ 106.9 |
Schedule of Operating Lease Expenses | Operating lease expenses were: (in millions of U.S. dollars) Year ended December 29, 2018 $ 63.2 Year ended December 30, 2017 54.3 Year ended December 31, 2016 32.3 $ 149.8 |
Hedging Transactions and Deri_2
Hedging Transactions and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Reconciliation of Company's Derivatives by Contract Type | Set forth below is a reconciliation of the Company’s derivatives by contract type for the periods indicated: (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Derivative Contract Assets Liabilities Assets Liabilities Coffee futures 1 $ — $ (10.9 ) $ — $ (1.2 ) $ — $ (10.9 ) $ — $ (1.2 ) ______________________ 1 The fair value of the coffee futures excludes amounts in the related margin accounts. We are required to maintain margin accounts in accordance with futures market and broker regulations. As of December 29, 2018 and December 30, 2017, the aggregate margin account balances were $12.9 million and $5.3 million , respectively and are included in cash and cash equivalents on the Consolidated Balance Sheets. |
Summary of Fair Value of Coffee Futures Assets and Liabilities | The fair value of the coffee futures assets and liabilities which are shown on a net basis are reconciled in the table below: (in millions of U.S. dollars) December 29, 2018 December 30, 2017 Coffee futures assets $ 0.1 $ 0.6 Coffee futures liabilities (11.0 ) (1.8 ) Net asset (liability) $ (10.9 ) $ (1.2 ) |
Summary of Income and Expense Line Items Presented in Consolidated Statements of Operations | The location and amount of gains or losses recognized in the Consolidated Statements of Operations for cash flow hedging relationships, presented on a pre-tax basis, for the years ended December 29, 2018 and December 30, 2017 , respectively, is shown in the table below: For the Year Ended December 29, 2018 December 30, 2017 (in millions of U.S. dollars) Cost of Sales Total amounts of income and expense line items presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 1,197.3 $ 1,142.0 Loss (gain) on cash flow hedging relationship Coffee futures: Loss (gain) reclassified from AOCI into income/expense $ 6.2 $ (1.3 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Estimated Fair Values of Outstanding Debt | The carrying values and estimated fair values of our significant outstanding debt as of December 29, 2018 and December 30, 2017 were as follows: December 29, 2018 December 30, 2017 (in millions of U.S. dollars) Carrying Value Fair Value Carrying Value Fair Value 10.000% senior notes due in 2021 1, 2 $ — $ — $ 269.9 $ 283.4 5.375% senior notes due in 2022 1, 3 — — 519.0 539.9 5.500% senior notes due in 2024 1, 3 505.9 521.7 529.6 574.0 5.500% senior notes due in 2025 1, 3 740.2 695.8 739.0 759.3 Total $ 1,246.1 $ 1,217.5 $ 2,057.5 $ 2,156.6 ______________________ 1 The fair values were based on the trading levels and bid/offer prices observed by a market participant and are considered Level 2 financial instruments. 2 Includes unamortized premium of $19.9 million at December 30, 2017. 3 Carrying value of our significant outstanding debt is net of unamortized debt issuance costs as of December 29, 2018 and December 30, 2017 (see Note 16 to the Consolidated Financial Statements). |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 29, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | Year Ended December 29, 2018 (in millions of U.S. dollars, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenue, net $ 560.8 $ 603.6 $ 609.3 $ 599.2 $ 2,372.9 Cost of sales 287.3 302.2 298.8 309.0 1,197.3 Gross profit 273.5 301.4 310.5 290.2 1,175.6 Selling, general and administrative expenses 261.1 275.2 279.9 275.9 1,092.1 Loss on disposal of property plant and equipment, net 1.3 1.3 1.2 5.6 9.4 Acquisition and integration expenses 5.0 4.2 1.6 4.5 15.3 Operating income 6.1 20.7 27.8 4.2 58.8 Net income from continuing operations 4.6 12.2 8.5 3.6 28.9 Net income (loss) from discontinued operations, net of income taxes 357.4 (1.4 ) 1.5 (2.9 ) 354.6 Less: Net income attributable to non-controlling interests - discontinued operations 0.6 — — — 0.6 Net income attributable to Cott Corporation $ 361.4 $ 10.8 $ 10.0 $ 0.7 $ 382.9 Per share data: Net income (loss) per common share attributable to Cott Corporation Basic: Continuing operations $ 0.03 $ 0.09 $ 0.06 $ 0.03 $ 0.21 Discontinued operations $ 2.55 $ (0.01 ) $ 0.01 $ (0.02 ) $ 2.54 Net income $ 2.58 $ 0.08 $ 0.07 $ 0.01 $ 2.75 Diluted: Continuing operations $ 0.03 $ 0.09 $ 0.06 $ 0.03 $ 0.21 Discontinued operations $ 2.51 $ (0.01 ) $ 0.01 $ (0.02 ) $ 2.50 Net income $ 2.54 $ 0.08 $ 0.07 $ 0.01 $ 2.71 Year Ended Year Ended December 30, 2017 (in millions of U.S. dollars, except per share amounts) First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenue, net $ 536.9 $ 580.6 $ 580.9 $ 571.3 $ 2,269.7 Cost of sales 268.1 293.5 288.1 292.3 1,142.0 Gross profit 268.8 287.1 292.8 279.0 1,127.7 Selling, general and administrative expenses 255.0 260.0 263.2 265.0 1,043.2 Loss (gain) on disposal of property, plant and equipment, net 1.3 3.9 (0.4 ) 5.4 10.2 Acquisition and integration expenses 7.3 6.7 7.7 8.7 30.4 Operating income (loss) 5.2 16.5 22.3 (0.1 ) 43.9 Net (loss) income from continuing operations (10.2 ) (4.5 ) 1.6 9.5 (3.6 ) Net (loss) income from discontinued operations, net of income taxes (24.2 ) (17.8 ) 43.0 9.7 10.7 Less: Net income attributable to non-controlling interests - discontinued operations 2.0 2.3 2.1 2.1 8.5 Net (loss) income attributable to Cott Corporation $ (36.4 ) $ (24.6 ) $ 42.5 $ 17.1 $ (1.4 ) Per share data: Net (loss) income per common share attributable to Cott Corporation Basic: Continuing operations $ (0.07 ) $ (0.03 ) $ 0.01 $ 0.07 $ (0.03 ) Discontinued operations $ (0.19 ) $ (0.15 ) $ 0.29 $ 0.05 $ 0.02 Net (loss) income $ (0.26 ) $ (0.18 ) $ 0.30 $ 0.12 $ (0.01 ) Diluted: Continuing operations $ (0.07 ) $ (0.03 ) $ 0.01 $ 0.07 $ (0.03 ) Discontinued operations $ (0.19 ) $ (0.15 ) $ 0.29 $ 0.05 $ 0.02 Net (loss) income $ (0.26 ) $ (0.18 ) $ 0.30 $ 0.12 $ (0.01 ) |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 29, 2018Customer | |
Direct-to-Consumer Products | Minimum | |
Business And Basis Of Presentation [Line Items] | |
Number of customers | 2,500,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 29, 2018USD ($) | Dec. 29, 2018USD ($)Segment | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 29, 2018USD ($)Segment | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 30, 2018USD ($) | Oct. 15, 2018USD ($) | Mar. 21, 2018USD ($) | Jan. 30, 2018USD ($) | Jul. 31, 2017USD ($) | |
Significant Accounting Policies [Line Items] | |||||||||||||||||
Selling, general and administrative expenses | $ 275,900,000 | $ 279,900,000 | $ 275,200,000 | $ 261,100,000 | $ 265,000,000 | $ 263,200,000 | $ 260,000,000 | $ 255,000,000 | $ 1,092,100,000 | $ 1,043,200,000 | $ 806,200,000 | ||||||
Number of reporting segments | Segment | 3 | 3 | |||||||||||||||
Additional revenue | $ 599,200,000 | 609,300,000 | 603,600,000 | 560,800,000 | 571,300,000 | 580,900,000 | 580,600,000 | 536,900,000 | $ 2,372,900,000 | 2,269,700,000 | 1,623,200,000 | ||||||
Operating income | 4,200,000 | 27,800,000 | 20,700,000 | 6,100,000 | (100,000) | 22,300,000 | 16,500,000 | 5,200,000 | 58,800,000 | 43,900,000 | 9,500,000 | ||||||
Senior notes | $ 1,246,100,000 | 1,246,100,000 | 2,057,500,000 | $ 1,246,100,000 | 2,057,500,000 | ||||||||||||
Vesting period of share-based compensation awards, in years | 3 years | ||||||||||||||||
Number of operating segments | Segment | 4 | ||||||||||||||||
Goodwill | 1,143,900,000 | 1,143,900,000 | 1,104,700,000 | $ 1,143,900,000 | 1,104,700,000 | 1,048,300,000 | |||||||||||
Percentage of weight to income approach | 50.00% | ||||||||||||||||
Total intangible assets - Net | 739,200,000 | 739,200,000 | 751,100,000 | $ 739,200,000 | 751,100,000 | ||||||||||||
Intangible assets subject to amortization, net of accumulated amortization | 432,400,000 | 432,400,000 | 462,500,000 | 432,400,000 | 462,500,000 | ||||||||||||
Acquired rights | 306,800,000 | 306,800,000 | 288,600,000 | 306,800,000 | 288,600,000 | ||||||||||||
Impairment of long-lived assets | 0 | ||||||||||||||||
Loss on disposal of property, plant and equipment, net | 5,600,000 | $ 1,200,000 | $ 1,300,000 | $ 1,300,000 | 5,400,000 | $ (400,000) | $ 3,900,000 | $ 1,300,000 | 9,400,000 | 10,200,000 | 6,600,000 | ||||||
5.375% senior notes due in 2022 | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Senior notes | $ 0 | $ 0 | 519,000,000 | $ 0 | 519,000,000 | ||||||||||||
Interest rate on notes | 5.375% | 5.375% | 5.375% | ||||||||||||||
Discontinued Operations, Disposed of by Sale | Traditional CSD and Juice Business | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Aggregate deal consideration | $ 1,250,000,000 | $ 1,250,000,000 | |||||||||||||||
Gain (Loss) on Disposal | $ (7,900,000) | ||||||||||||||||
Customer relationships | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Intangible assets subject to amortization, net of accumulated amortization | 392,000,000 | $ 392,000,000 | 428,700,000 | $ 392,000,000 | 428,700,000 | ||||||||||||
Software | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Intangible assets subject to amortization, net of accumulated amortization | 17,500,000 | 17,500,000 | 15,800,000 | 17,500,000 | 15,800,000 | ||||||||||||
Patents | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Intangible assets subject to amortization, net of accumulated amortization | 12,700,000 | 12,700,000 | 14,200,000 | 12,700,000 | 14,200,000 | ||||||||||||
DSS Group Inc | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | 637,300,000 | 637,300,000 | 637,300,000 | ||||||||||||||
Route Based Services | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Advertising costs | 24,000,000 | 21,600,000 | 20,800,000 | ||||||||||||||
Goodwill | 971,700,000 | 971,700,000 | $ 936,700,000 | 971,700,000 | 936,700,000 | 886,500,000 | |||||||||||
RCI | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | 4,500,000 | 4,500,000 | 4,500,000 | ||||||||||||||
Impairment charges | 0 | ||||||||||||||||
Aimia Foods Holdings Limited | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | $ 47,800,000 | $ 47,800,000 | $ 47,800,000 | ||||||||||||||
Weighted-average terminal growth rate | 2.00% | ||||||||||||||||
Discount rate | 10.50% | ||||||||||||||||
Percentage of fair value exceeding carrying value of reporting units | 20.80% | 20.80% | 20.80% | ||||||||||||||
Mountain Valley | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | $ 20,500,000 | $ 20,500,000 | $ 20,500,000 | ||||||||||||||
DSS Trademarks | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Percentage of fair value exceeding carrying value of reporting units | 29.20% | 29.20% | 29.20% | ||||||||||||||
Decantae | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | $ 1,600,000 | $ 1,600,000 | $ 1,600,000 | ||||||||||||||
Farrers | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | 500,000 | 500,000 | 500,000 | ||||||||||||||
Eden Acquisition | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | 13,700,000 | 13,700,000 | $ 13,700,000 | $ 16,700,000 | |||||||||||||
Weighted-average terminal growth rate | 1.50% | ||||||||||||||||
Discount rate | 9.00% | ||||||||||||||||
Intangible assets | 12,600,000 | 12,600,000 | $ 12,600,000 | 13,300,000 | |||||||||||||
S&D Acquisition | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | $ 117,800,000 | $ 117,800,000 | $ 117,800,000 | ||||||||||||||
Weighted-average terminal growth rate | 2.50% | ||||||||||||||||
Discount rate | 8.50% | ||||||||||||||||
Percentage of fair value exceeding carrying value of reporting units | 28.20% | 28.20% | 28.20% | ||||||||||||||
Intangible assets | $ 25,800,000 | $ 25,800,000 | $ 25,800,000 | ||||||||||||||
Eden [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | $ 313,900,000 | $ 313,900,000 | $ 313,900,000 | ||||||||||||||
Percentage of fair value exceeding carrying value of reporting units | 15.70% | 15.70% | 15.70% | ||||||||||||||
Shipping and Handling | Route Based Services and Coffee, Tea and Extract Solutions | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Selling, general and administrative expenses | $ 473,800,000 | ||||||||||||||||
Shipping and Handling | Route Based Services and Coffee, Tea and Extract Solutions | Selling, General and Administrative Expenses | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Selling, general and administrative expenses | 440,800,000 | $ 360,400,000 | |||||||||||||||
Estimate of Fair Value Measurement | Valuation, Income Approach | Eden Acquisition | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Intangible assets | 12,600,000 | ||||||||||||||||
Estimate of Fair Value Measurement | Valuation, Income Approach | Eden Acquisition | Customer relationships | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Intangible assets | $ 8,400,000 | ||||||||||||||||
Estimate of Fair Value Measurement | Valuation, Income Approach | S&D Acquisition | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Intangible assets | $ 25,800,000 | ||||||||||||||||
Estimate of Fair Value Measurement | Valuation, Income Approach | S&D Acquisition | Customer relationships | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Intangible assets | $ 9,200,000 | ||||||||||||||||
ASU 2017-07 | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Operating income | $ (5,000,000) | ||||||||||||||||
Retained Earnings (Accumulated deficit) | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Deferred gains | $ 13,700,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Goodwill by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Goodwill [Line Items] | ||
Balance at beginning of year | $ 1,104.7 | $ 1,048.3 |
Goodwill acquired during the year | 63.3 | 9.8 |
Adjustments | (3) | 0.8 |
Foreign exchange | (21.1) | 45.8 |
Balance at end of year | 1,143.9 | 1,104.7 |
Route Based Services | ||
Goodwill [Line Items] | ||
Balance at beginning of year | 936.7 | 886.5 |
Goodwill acquired during the year | 55.6 | 8.5 |
Adjustments | (3) | 0.1 |
Foreign exchange | (17.6) | 41.6 |
Balance at end of year | 971.7 | 936.7 |
Coffee, Tea and Extract Solutions | ||
Goodwill [Line Items] | ||
Balance at beginning of year | 117.8 | 117.1 |
Goodwill acquired during the year | 0 | 0 |
Adjustments | 0 | 0.7 |
Foreign exchange | 0 | 0 |
Balance at end of year | 117.8 | 117.8 |
All Other | ||
Goodwill [Line Items] | ||
Balance at beginning of year | 50.2 | 44.7 |
Goodwill acquired during the year | 7.7 | 1.3 |
Adjustments | 0 | 0 |
Foreign exchange | (3.5) | 4.2 |
Balance at end of year | $ 54.4 | $ 50.2 |
- Narative (Details)
- Narative (Details) - USD ($) $ in Millions | Jan. 30, 2018 | Dec. 29, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jul. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Borrowings under ABL | $ 98.4 | $ 0 | $ 0 | |||
Payments under ABL | 17.4 | 0 | 0 | |||
Abl Facility | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Borrowings under ABL | 262.4 | 3,004.1 | 2,401.7 | |||
Payments under ABL | 482.8 | $ 2,990.7 | $ 2,318.9 | |||
Discontinued Operations, Disposed of by Sale | Traditional CSD and Juice Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Aggregate deal consideration | $ 1,250 | $ 1,250 | ||||
Gain (Loss) on Disposal | $ 7.9 | |||||
Escrow Deposit | $ 12.5 | 12.5 | ||||
Copack manufacturing agreement term | 36 months | |||||
Discontinued Operations, Disposed of by Sale | Traditional CSD and Juice Business | Maximum | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Transition services agreement term | 18 months | |||||
Transition services agreement extension term | 180 days | |||||
Refresco Group NV | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Amount of Continuing Cash Flows after Disposal | (47.2) | |||||
Refresco Group NV | Beverage Services | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Discontinued Operation, Amount of Continuing Cash Flows after Disposal | (8.7) | |||||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Revenue | $ 45.5 |
- Discontinued Operations in Fi
- Discontinued Operations in Financial Statements (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Statement of Operations | |||||||||||
Net income (loss) from discontinued operations, net of income taxes | $ (2.9) | $ 1.5 | $ (1.4) | $ 357.4 | $ 9.7 | $ 43 | $ (17.8) | $ (24.2) | $ 354.6 | $ 10.7 | $ (11.2) |
Net income (loss) attributable to Cott Corporation – discontinued operations 2 | 354 | 2.2 | (17.5) | ||||||||
ASSETS | |||||||||||
Cash and cash equivalents | 0 | 66 | 0 | 66 | 40 | ||||||
Current assets of discontinued operations | 0 | 408.7 | 0 | 408.7 | |||||||
Long-term assets of discontinued operations | 0 | 677.5 | 0 | 677.5 | |||||||
LIABILITIES | |||||||||||
Current liabilities of discontinued operations | $ 0 | 295.1 | 0 | 295.1 | |||||||
Income tax (benefit) expense | (4.8) | (30) | 21.2 | ||||||||
Discontinued Operations, Disposed of by Sale | Traditional CSD and Juice Business | |||||||||||
Statement of Operations | |||||||||||
Revenue, net | 111.2 | 1,637.1 | 1,658.6 | ||||||||
Cost of sales | 98.4 | 1,428.4 | 1,434.5 | ||||||||
Operating income from discontinued operations | 2 | 49.9 | 72.7 | ||||||||
Gain on sale of discontinued operations | 427.9 | 0 | 0 | ||||||||
Income (loss) from discontinued operations, before income taxes | 402.5 | (20.5) | (6.8) | ||||||||
Income tax expense (benefit) | 47.9 | (31.2) | 4.4 | ||||||||
Net income (loss) from discontinued operations, net of income taxes | 354.6 | 10.7 | (11.2) | ||||||||
Less: Net income attributable to non-controlling interests | 0.6 | 8.5 | 6.3 | ||||||||
Net income (loss) attributable to Cott Corporation – discontinued operations 2 | 354 | 2.2 | (17.5) | ||||||||
ASSETS | |||||||||||
Cash and cash equivalents | 66 | 66 | |||||||||
Accounts receivable, net | 143.2 | 143.2 | |||||||||
Inventories | 191.2 | 191.2 | |||||||||
Prepaid expenses and other current assets | 8.3 | 8.3 | |||||||||
Current assets of discontinued operations | 408.7 | 408.7 | |||||||||
Property, plant and equipment, net | 350.7 | 350.7 | |||||||||
Goodwill | 136.8 | 136.8 | |||||||||
Intangible assets, net | 176.2 | 176.2 | |||||||||
Other long-term assets, net | 13.8 | 13.8 | |||||||||
Long-term assets of discontinued operations | 677.5 | 677.5 | |||||||||
LIABILITIES | |||||||||||
Current maturities of long-term debt | 0.5 | 0.5 | |||||||||
Accounts payable and accrued liabilities | 294.6 | 294.6 | |||||||||
Current liabilities of discontinued operations | 295.1 | 295.1 | |||||||||
Long-term debt | 0.9 | 0.9 | |||||||||
Deferred tax liabilities | 1 | 1 | |||||||||
Other long-term liabilities | 43.9 | 43.9 | |||||||||
Long-term liabilities of discontinued operations | $ 45.8 | 45.8 | |||||||||
Interest Expense, Short-term Borrowings | 3.4 | $ 49.5 | $ 81.2 | ||||||||
U.S. Federal | SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset | Discontinued Operations, Disposed of by Sale | Traditional CSD and Juice Business | |||||||||||
LIABILITIES | |||||||||||
Income tax (benefit) expense | $ 35.1 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Revenue from Contract with Customer [Abstract] | ||
Accrued sales incentives | $ 10.5 | $ 6.9 |
Deferred revenue | 22 | $ 23.2 |
Revenue recognized | $ 22.9 |
Revenue - Disaggreation of Rev
Revenue - Disaggreation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Line Items] | |||
Revenue, net | $ 2,372.9 | $ 2,269.7 | $ 1,623.2 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, net | 1,786.9 | 1,709 | 1,299 |
United Kingdom | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, net | 173.2 | 160 | 130.3 |
Canada | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, net | 64.1 | 61.8 | 61.2 |
All other countries | |||
Disaggregation of Revenue [Line Items] | |||
Revenue, net | $ 348.7 | $ 338.9 | $ 132.7 |
- Business Combination Transfer
- Business Combination Transfer Consideration (Detail) - USD ($) $ in Millions | Oct. 15, 2018 | Mar. 21, 2018 | Dec. 29, 2018 |
S&D Acquisition | |||
Business Acquisition [Line Items] | |||
Cash paid to sellers | $ 62.5 | ||
Cash paid on behalf of sellers for sellers' transaction expenses | 1.8 | ||
Cash paid to retire outstanding debt on behalf of sellers | 16.1 | ||
Total consideration | $ 80.4 | 80.4 | |
Eden Acquisition | |||
Business Acquisition [Line Items] | |||
Cash paid to sellers | 20.7 | ||
Cash paid on behalf of sellers for sellers' transaction expenses | 0.8 | ||
Total consideration | $ 37.7 | $ 21.5 |
- Purchase Price to Fair Value
- Purchase Price to Fair Value (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Oct. 15, 2018 | Mar. 21, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,143.9 | $ 1,104.7 | $ 1,048.3 | ||
S&D Acquisition | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 8.2 | ||||
Accounts receivable | 4.2 | ||||
Inventory | 2.3 | ||||
Prepaid expenses and other current assets | 0.2 | ||||
Property, plant and equipment | 38.5 | ||||
Goodwill | 117.8 | ||||
Intangible assets | 25.8 | ||||
Accounts payable and accrued liabilities | (19.3) | ||||
Total | 80.4 | $ 80.4 | |||
Eden Acquisition | |||||
Business Acquisition [Line Items] | |||||
Cash and cash equivalents | 1.6 | $ 1.6 | |||
Accounts receivable | 6.4 | 6.5 | |||
Inventory | 2.2 | 2.3 | |||
Prepaid expenses and other current assets | 2.2 | 1.2 | |||
Property, plant and equipment | 8.9 | 9.4 | |||
Goodwill | 13.7 | 16.7 | |||
Intangible assets | 12.6 | 13.3 | |||
Other assets | 0.1 | 0.8 | |||
Short-term borrowings | (4.1) | (4.1) | |||
Current maturities of long-term debt | (1.6) | (1.6) | |||
Accounts payable and accrued liabilities | (6.7) | (5.2) | |||
Long-term debt | (10.4) | (10.4) | |||
Deferred tax liabilities | (2.5) | (6.5) | |||
Other long-term liabilities | (0.9) | (2.5) | |||
Total | 21.5 | $ 21.5 | |||
Scenario, Adjustment | Eden Acquisition | |||||
Business Acquisition [Line Items] | |||||
Accounts receivable | (0.1) | ||||
Inventory | (0.1) | ||||
Prepaid expenses and other current assets | 1 | ||||
Property, plant and equipment | (0.5) | ||||
Goodwill | (3) | ||||
Intangible assets | (0.7) | ||||
Other assets | (0.7) | ||||
Accounts payable and accrued liabilities | (1.5) | ||||
Deferred tax liabilities | 4 | ||||
Other long-term liabilities | 1.6 | ||||
Total | $ 0 |
- Components of Identified Inta
- Components of Identified Intangible Assets (Detail) - USD ($) $ in Millions | Oct. 15, 2018 | Mar. 21, 2018 | Dec. 29, 2018 |
S&D Acquisition | |||
Business Acquisition [Line Items] | |||
Estimated Fair Market Value | $ 25.8 | ||
S&D Acquisition | Valuation, Income Approach | Estimate of Fair Value Measurement | |||
Business Acquisition [Line Items] | |||
Estimated Fair Market Value | $ 25.8 | ||
S&D Acquisition | Trademarks and trade names | Valuation, Income Approach | Estimate of Fair Value Measurement | |||
Business Acquisition [Line Items] | |||
Estimated Fair Market Value | $ 16.6 | ||
S&D Acquisition | Customer relationships | |||
Business Acquisition [Line Items] | |||
Weighted Average Estimated Useful Life | 20 years | ||
S&D Acquisition | Customer relationships | Valuation, Income Approach | Estimate of Fair Value Measurement | |||
Business Acquisition [Line Items] | |||
Estimated Fair Market Value | $ 9.2 | ||
Eden Acquisition | |||
Business Acquisition [Line Items] | |||
Estimated Fair Market Value | $ 13.3 | $ 12.6 | |
Eden Acquisition | Valuation, Income Approach | Estimate of Fair Value Measurement | |||
Business Acquisition [Line Items] | |||
Estimated Fair Market Value | 12.6 | ||
Eden Acquisition | Trademarks and trade names | Valuation, Income Approach | Estimate of Fair Value Measurement | |||
Business Acquisition [Line Items] | |||
Estimated Fair Market Value | $ 4.2 | ||
Eden Acquisition | Customer relationships | |||
Business Acquisition [Line Items] | |||
Weighted Average Estimated Useful Life | 11 years | ||
Eden Acquisition | Customer relationships | Valuation, Income Approach | Estimate of Fair Value Measurement | |||
Business Acquisition [Line Items] | |||
Estimated Fair Market Value | $ 8.4 |
- Narative (Detail)
- Narative (Detail) - USD ($) $ in Millions | Oct. 15, 2018 | Mar. 21, 2018 | Dec. 29, 2018 |
S&D Acquisition | |||
Business Acquisition [Line Items] | |||
Consideration Transferred | $ 80.4 | $ 80.4 | |
Recognized Identifiable Assets Acquired | $ 80.4 | 80.4 | |
Business Combination Revenue | 10.1 | ||
Business Combination Earnings or Loss | 1.2 | ||
Business Combination Related Costs | 1 | ||
Eden Acquisition | |||
Business Acquisition [Line Items] | |||
Consideration Transferred | $ 37.7 | 21.5 | |
Recognized Identifiable Assets Acquired | 21.5 | 21.5 | |
Business Combination Revenue | 42.3 | ||
Business Combination Related Costs | $ 3.6 | ||
Business Acquisition Stated Purchase Price | 20.7 | ||
Business Combination Assets Acquired | 0.8 | ||
Business Combination Working Capital Payment | $ 16.2 |
Other Expense, Net - Narrative
Other Expense, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |||
Foreign exchange (gains) losses | $ (7.1) | $ (1.7) | $ 1.9 |
Gain (Loss) Related to Litigation Settlement | 14.9 | 0 | 0 |
Gain on sale | (6) | 0 | 0 |
Transition Services Agreement service income | (2.6) | 0 | 0 |
Pension curtailment gain | 0 | (4.5) | 0 |
Realized commodity hedging gains | 0 | 0 | (5.8) |
Unrealized commodity hedging loss (gain), net | 0 | 0 | 9.7 |
Gain on extinguishment of long-term debt | (7.1) | (1.5) | 0 |
Other (gains) losses, net | (5.2) | (0.3) | (0.2) |
Total | $ (42.9) | $ (8) | $ 5.6 |
Interest Expense - Schedule of
Interest Expense - Schedule of Interest Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |||
Interest on long-term debt | $ 72.2 | $ 83.1 | $ 42.9 |
Other interest expense, net | 5.4 | 2.4 | 0.1 |
Total | $ 77.6 | $ 85.5 | $ 43 |
Income Taxes - (Loss) Income Fr
Income Taxes - (Loss) Income From Continuing Operations Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Canada | $ (26.1) | $ (29.1) | $ (25.4) |
Outside Canada | 50.2 | (4.5) | (13.7) |
Income (loss) from continuing operations before income taxes | $ 24.1 | $ (33.6) | $ (39.1) |
Income Taxes - Income Tax (Bene
Income Taxes - Income Tax (Benefit) Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Current | |||
Canada | $ 0 | $ 0 | $ 0 |
Outside Canada | 2.3 | 3.9 | 1.3 |
Income tax (benefit) expense, current continuing operations, Total | 2.3 | 3.9 | 1.3 |
Deferred | |||
Canada | (5.6) | 0 | 8.7 |
Outside Canada | (1.5) | (33.9) | 11.2 |
Income tax (benefit) expense, deferred continued operations, Total | (7.1) | (33.9) | 19.9 |
Income tax (benefit) expense | $ (4.8) | $ (30) | $ 21.2 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) based on Canadian statutory rates | $ 6.4 | $ (8.7) | $ (10.1) |
Foreign tax rate differential | (2.6) | (1.3) | (1.3) |
Local taxes | 0.5 | (0.2) | (1.1) |
Nontaxable interest income | (9.8) | (11.3) | (7.9) |
Impact of intercompany transactions and dividends | 1 | (9.2) | (10.6) |
Nontaxable capital gains | 0 | (3.7) | 0 |
Dividend income | 0 | 0 | 1.1 |
Change in enacted tax rates | 3.4 | (32.7) | (0.6) |
Change in valuation allowance | (4.2) | 45.8 | 48.6 |
Change in uncertain tax positions | (3.4) | (2.4) | (0.2) |
Equity compensation | 1.5 | 1.1 | 0.6 |
Permanent differences | 1.1 | (0.6) | 1.8 |
Outside basis differences on discontinued operations | 0 | (3.8) | 0 |
Adjustments to deferred taxes | 0.7 | (3.4) | 0 |
Other items | 0.6 | 0.4 | 0.9 |
Income tax (benefit) expense | $ (4.8) | $ (30) | $ 21.2 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Deferred tax assets | ||
Capital loss carryforwards | $ 49.9 | |
Deferred tax assets, gross | $ 3.8 | |
Continued Operations | ||
Deferred tax assets | ||
Net operating loss carryforwards | 109.8 | 181.6 |
Capital loss carryforwards | 13.1 | 4.5 |
Liabilities and reserves | 25 | 35.7 |
Stock options | 8.1 | 7 |
Inventories | 3.8 | 4.5 |
Interest expense | 12.2 | 25.4 |
Outside basis differences on discontinued operations | 0 | 3.8 |
Other | 6.7 | 4.9 |
Deferred tax assets, gross | 178.7 | 267.4 |
Deferred tax liabilities | ||
Property, plant and equipment | (65.7) | (69.2) |
Intangible assets | (139.2) | (165.2) |
Deferred tax liabilities | (204.9) | (234.4) |
Valuation allowance | (98) | (129.1) |
Net deferred tax liability | $ (124.2) | $ (96.1) |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of year | $ 16.2 | $ 28.6 | $ 9.9 |
Additions based on tax positions taken during a prior period | 1.3 | 0.2 | 0.2 |
Reductions based on tax positions taken during a prior period | (0.1) | (6.3) | 0 |
Settlement on tax positions taken during a prior period | 0 | (1) | (4.5) |
Tax rate change | (0.1) | (4.5) | 0 |
Lapse in statute of limitations | (4.3) | (3.2) | (0.1) |
Additions based on tax positions taken during the current period | 3 | 1.7 | 24 |
Foreign exchange | (0.5) | 0.7 | (0.9) |
Unrecognized tax benefits at end of year | $ 15.5 | $ 16.2 | $ 28.6 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 28, 2019 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Income Taxes [Line Items] | |||||
Deferred taxes recorded on undistributed earnings for foreign subsidiaries | $ 0 | ||||
Repatriated earnings | 83,100,000 | $ 27,500,000 | $ 0 | ||
Deferred Tax Assets, Gross | 3,800,000 | ||||
Operating loss carry forwards | 455,400,000 | ||||
Capital loss carry forwards | 49,900,000 | ||||
Credit carryforwards | 4,300,000 | ||||
Unrecognized tax benefits | 15,500,000 | 16,200,000 | 28,600,000 | $ 9,900,000 | |
Increase (decrease) in unrecognized tax benefits | (700,000) | ||||
Favorable impact of effective tax rate | 8,400,000 | ||||
Interest and penalties recovered, unrecognized tax benefits | 0 | 0 | $ 0 | ||
Income Tax Examination, Penalties and Interest Expense | 600,000 | 700,000 | |||
Forecast | |||||
Income Taxes [Line Items] | |||||
Increase (decrease) in unrecognized tax benefits | $ (2,400,000) | ||||
Canada | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards | 146,900,000 | ||||
Capital loss carry forwards | 45,100,000 | ||||
Valuation allowance | 98,000,000 | $ 129,100,000 | |||
U.S. Federal | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards | 134,400,000 | ||||
State and Local | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards | 12,500,000 | ||||
Netherlands | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards | 85,600,000 | ||||
Other Countries | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards | 75,900,000 | ||||
Israeli | |||||
Income Taxes [Line Items] | |||||
Capital loss carry forwards | 4,800,000 | ||||
Israel and Canada | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | 13,100,000 | ||||
Refundable income tax credits | |||||
Income Taxes [Line Items] | |||||
Credit carryforwards | 1,300,000 | ||||
Other credit carryforward | |||||
Income Taxes [Line Items] | |||||
Credit carryforwards | $ 3,000,000 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for issuance for each share issued | 2 | |||
Share-based compensation expense | $ 17,400,000 | $ 22,900,000 | $ 9,400,000 | |
Income tax benefit recognized related to share-based compensation | $ 900,000 | $ 500,000 | $ 2,800,000 | |
Share Based compensation award vesting period | 3 years | |||
Closing price of common shares | $ 13.66 | $ 16.66 | $ 11.33 | |
Cash received from exercise of stock options | $ 5,000,000 | $ 1,600,000 | $ 1,700,000 | |
Tax benefit realized on exercise of stock option | 200,000 | 0 | 1,300,000 | |
Fair value of options that vested | 16,800,000 | 16,400,000 | 1,600,000 | |
Income Loss form Discontinued Operations | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1,200,000 | |||
Performance-based RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 7,000,000 | $ 12,000,000 | $ 1,300,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 311,936 | |||
Awarded (in shares) | 312,000 | 235,000 | 835,000 | |
Aggregate grant date fair value of shares vested | $ 6,393,520 | $ 2,560,000 | $ 0 | |
Time-based RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 3,800,000 | 4,200,000 | 3,300,000 | |
Fair value of options that vested | $ 3,500,000 | $ 4,300,000 | $ 12,300,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 207,943 | |||
Awarded (in shares) | 208,000 | 135,000 | 503,000 | |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercisable period | 7 years 3 months 19 days | |||
Share-based compensation expense | $ 5,300,000 | $ 5,500,000 | $ 3,700,000 | |
Granted (in shares) | 1,182,000 | 734,000 | 2,976,000 | |
Granted(in USD per share) | $ 14.67 | $ 17.50 | $ 11.15 | |
Exercised (in shares) | 734,000 | 169,000 | 238,000 | |
Board of Directors Chairman [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 5,500,000 | |||
2018 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock Capital Shares Reserved for Future issuance | 8,000,000 | |||
Amended and Restated Equity Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for future issuance | 2,602,043 | |||
Common Stock Capital Shares Reserved for Future issuance | 20,000,000 | |||
Amended and Restated Equity Plan | Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 1,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 61,736 | |||
2010 Equity Incentive Plan | Time-based RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based compensation award vesting period | 3 years | |||
2010 Equity Incentive Plan | Time-based RSUs | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance awards granted | 0.00% | |||
2010 Equity Incentive Plan | Time-based RSUs | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of performance awards granted | 200.00% | |||
Stock Option Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based compensation award vesting period | 3 years | |||
Stock Option Plan | Certain Employee | Exercise Price of $9.22 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 1,182,400 | |||
Granted(in USD per share) | $ 14.67 | |||
Options granted, estimated fair value | $ 3.87 | |||
Stock Option Plan | Certain Employee | Exercise Price of $8.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 734,500 | |||
Granted(in USD per share) | $ 17.50 | |||
Options granted, estimated fair value | $ 4.82 | |||
Stock Option Plan | Certain Employee | Exercise Price of $9.29 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 2,975,500 | |||
Granted(in USD per share) | $ 11.15 | |||
Options granted, estimated fair value | $ 2.84 | |||
Stock Option Plan | Certain Employee | Exercise Price of $9.29 | Amended and Restated Equity Plan | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based compensation award vesting period | 10 years | |||
Employee Share Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based payment award number of shares authorized | 3,000,000 | |||
Share-based compensation expense | $ 300,000 | $ 100,000 | $ 200,000 | |
Share based payment award offering price percentage | 90.00% | |||
Payroll deduction to purchase share, Minimum | 1.00% | |||
Payroll deduction to purchase share, Maximum | 15.00% | |||
Common Stock Capital Shares Reserved for Future issuance | 2,675,548 |
Share-based Compensation - Shar
Share-based Compensation - Share-based Compensation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 17.4 | $ 22.9 | $ 9.4 |
Employee Share Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 0.3 | 0.1 | 0.2 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 5.3 | 5.5 | 3.7 |
Performance-based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 7 | 12 | 1.3 |
Time-based RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 3.8 | 4.2 | 3.3 |
Director share awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 1.1 | 0.9 | |
Discontinued Operations, Held-for-sale | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 0.1 | $ 5.4 | $ 2.4 |
Share-based Compensation - Unre
Share-based Compensation - Unrecognized Share-based Compensation Expense (Detail) $ in Millions | 12 Months Ended |
Dec. 29, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 14.6 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 4.6 |
Weighted average years expected to recognize compensation | 1 year 10 months 25 days |
Performance-based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 7 |
Weighted average years expected to recognize compensation | 2 years 3 months 19 days |
Time-based RSUs | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 3 |
Weighted average years expected to recognize compensation | 1 year 10 months 25 days |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Stock Option Assumptions (Detail) | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 2.80% | 2.30% | 1.90% |
Average expected life (years) | 5 years 7 months 6 days | 6 years | 6 years 2 months 12 days |
Expected volatility (as a percent) | 28.80% | 29.20% | 30.70% |
Expected dividend yield (as a percent) | 1.60% | 1.40% | 2.20% |
Share-based Compensation - Stoc
Share-based Compensation - Stock Option Activity (Detail) - Stock options - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | |
Stock Options (in thousands) | ||||
Beginning balance (in shares) | 5,006 | 4,474 | 1,757 | |
Granted (in shares) | 1,182 | 734 | 2,976 | |
Exercised (in shares) | (734) | (169) | (238) | |
Forfeited or expired (in shares) | (8) | (33) | (21) | |
Ending balance (in shares) | 5,446 | 5,006 | 4,474 | 1,757 |
Weighted average exercise price | ||||
Exercisable shares, Ending balance | 3,026 | |||
Vested or expected to vest (in shares) | 5,446 | |||
Beginning balance (in USD per share) | $ 11.41 | $ 10.32 | $ 8.50 | |
Granted (in USD per share) | 14.67 | 17.50 | 11.15 | |
Exercised (in USD per share) | 10.04 | 9.21 | 7.29 | |
Forfeited or expired (in USD per share) | 10.64 | 10.28 | 9.99 | |
Ending balance (in USD per share) | 12.30 | $ 11.41 | $ 10.32 | $ 8.50 |
Exercisable (in USD per share) | 10.80 | |||
Vested or expected to vest (USD per share) | $ 12.30 | |||
Beginning balance (years) | 7 years 3 months 19 days | 8 years 1 month 6 days | 8 years 9 months 18 days | 8 years |
Exercisable (years) | 6 years 3 months 19 days | |||
Vested or expected to vest (years) | 7 years 3 months 19 days | |||
Beginning balance | $ 26,952,300 | $ 5,623,300 | $ 4,373,800 | |
Exercised | 4,408,100 | 1,092,900 | 2,304,700 | |
Ending balance | 11,993,000 | $ 26,952,300 | $ 5,623,300 | $ 4,373,800 |
Exercisable | 9,983,700 | |||
Vested or expected to vest | $ 11,993,000 |
Share-based Compensation - Perf
Share-based Compensation - Performance-based RSU and Time-based RSU Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Performance-based RSUs | |||
Number of Performance-based RSUs (in thousands) | |||
Beginning balance (in shares) | 2,899,000 | 3,063,000 | 1,878,000 |
Awarded (in shares) | 312,000 | 235,000 | 835,000 |
Awarded in connection with acquisitions (in shares) | 584,000 | ||
Awarded in connection with modification (in shares) | 246,000 | 64,000 | |
Issued (in shares) | (686,000) | (320,000) | 0 |
Cancelled (in shares) | (224,000) | ||
Forfeited (in shares) | (1,106,000) | (143,000) | (10,000) |
Ending balance (in shares) | 1,665,000 | 2,899,000 | 3,063,000 |
Weighted Average Grant-Date Fair Value | |||
Beginning balance, (USD per share) | $ 9.15 | $ 9.89 | $ 7.41 |
Awarded (USD per share) | 14.67 | 17.06 | 11.18 |
Awarded in connection with acquisitions (USD per share) | 15.81 | ||
Awarded in connection with modification, Weighted Average Grant-Date Fair Value | 9.21 | 11.32 | |
Issued (USD per share) | 9.32 | 8 | 0 |
Canceled (USD per share) | 9.29 | ||
Forfeited (USD per share) | 6.55 | 15.18 | 9.24 |
Ending balance (USD per share) | $ 13.90 | $ 9.15 | $ 9.89 |
Vested or expected to vest (in shares) | 1,708,000 | ||
Vested or expected to vest (USD per share) | $ 12.70 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 311,936 | ||
Time-based RSUs | |||
Number of Performance-based RSUs (in thousands) | |||
Beginning balance (in shares) | 502,000 | 800,000 | 827,000 |
Awarded (in shares) | 208,000 | 135,000 | 503,000 |
Awarded in connection with acquisitions (in shares) | 514,000 | ||
Awarded in connection with modification (in shares) | 0 | 0 | |
Issued (in shares) | (269,000) | (409,000) | (1,027,000) |
Cancelled (in shares) | 0 | ||
Forfeited (in shares) | (14,000) | (24,000) | (17,000) |
Ending balance (in shares) | 427,000 | 502,000 | 800,000 |
Weighted Average Grant-Date Fair Value | |||
Beginning balance, (USD per share) | $ 13.14 | $ 11.10 | $ 8.78 |
Awarded (USD per share) | 14.67 | 17.50 | 11.18 |
Awarded in connection with acquisitions (USD per share) | 16.52 | ||
Awarded in connection with modification, Weighted Average Grant-Date Fair Value | 0 | 0 | |
Issued (USD per share) | 13.07 | 10.55 | 12.01 |
Canceled (USD per share) | 0 | ||
Forfeited (USD per share) | 13.24 | 12.28 | 8.50 |
Ending balance (USD per share) | $ 14.23 | $ 13.14 | $ 11.10 |
Vested or expected to vest (in shares) | 427,000 | ||
Vested or expected to vest (USD per share) | $ 14.23 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 207,943 | ||
S&D Acquisition | |||
Weighted Average Grant-Date Fair Value | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 416,951 |
Common Shares and Net (Loss) _3
Common Shares and Net (Loss) Income per Common Share - Additional Information (Detail) - USD ($) | May 01, 2018 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 11, 2018 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Net proceeds from offering of common stock | $ 6,400,000 | $ 3,500,000 | $ 366,800,000 | ||
Stock Repurchased and Retired During Period, Value | $ 74,900,000 | $ 3,800,000 | $ 5,700,000 | ||
Initial Repurchase Plan | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 50,000,000 | ||||
Stock Repurchase Program, Period in Force | 12 months | ||||
Stock Repurchased and Retired During Period, Shares | 2,973,282 | ||||
Stock Repurchased and Retired During Period, Value | $ 46,000,000 | ||||
New Repurchase Plan | |||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 50,000,000 | ||||
Stock Repurchased and Retired During Period, Shares | 1,590,088 | ||||
Stock Repurchased and Retired During Period, Value | $ 22,200,000 |
Common Shares and Net (Loss) _4
Common Shares and Net (Loss) Income per Common Share - Reconciliation of Numerator and Denominators of Basic and Diluted Net (Loss) Income Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Numerator (in millions): | |||||||||||
Continuing operations | $ 28.9 | $ (3.6) | $ (60.3) | ||||||||
Discontinued operations | 354 | 2.2 | (17.5) | ||||||||
Net income (loss) | $ 382.9 | $ (1.4) | $ (77.8) | ||||||||
Weighted average common shares outstanding - basic (in shares) | 139,097 | 139,078 | 128,290 | ||||||||
Continuing operations (In USD per share) | $ 0.03 | $ 0.06 | $ 0.09 | $ 0.03 | $ 0.07 | $ 0.01 | $ (0.03) | $ (0.07) | $ 0.21 | $ (0.03) | $ (0.47) |
Discontinued operations (In USD per share) | (0.02) | 0.01 | (0.01) | 2.55 | 0.05 | 0.29 | (0.15) | (0.19) | 2.54 | 0.02 | (0.14) |
Net income (loss) (In USD per share) | 0.01 | 0.07 | 0.08 | 2.58 | 0.12 | 0.30 | (0.18) | (0.26) | $ 2.75 | $ (0.01) | $ (0.61) |
Denominator (in thousands): | |||||||||||
Weighted average common shares outstanding - basic (in shares) | 139,097 | 139,078 | 128,290 | ||||||||
Diluted (in shares) | 141,436 | 139,078 | 128,290 | ||||||||
Diluted Earnings Per Share: | |||||||||||
Continuing operations (In USD per share) | 0.03 | 0.06 | 0.09 | 0.03 | 0.07 | 0.01 | (0.03) | (0.07) | $ 0.21 | $ (0.03) | $ (0.47) |
Discontinued operations (In USD per share) | (0.02) | 0.01 | (0.01) | 2.51 | 0.05 | 0.29 | (0.15) | (0.19) | 2.50 | 0.02 | (0.14) |
Net income (loss) (In USD per share) | $ 0.01 | $ 0.07 | $ 0.08 | $ 2.54 | $ 0.12 | $ 0.30 | $ (0.18) | $ (0.26) | $ 2.71 | $ (0.01) | $ (0.61) |
Performance-based RSUs | |||||||||||
Denominator (in thousands): | |||||||||||
Dilutive effect of awards (in shares) | 900 | 0 | 0 | ||||||||
Time-based RSUs | |||||||||||
Denominator (in thousands): | |||||||||||
Dilutive effect of awards (in shares) | 240 | 0 | 0 | ||||||||
Stock options | |||||||||||
Denominator (in thousands): | |||||||||||
Dilutive effect of awards (in shares) | 1,199 | 0 | 0 |
Common Shares and Net (Loss) _5
Common Shares and Net (Loss) Income per Common Share - Summary of the Anti-dilutive Securities Excluded from the Computation of Diluted Net (Loss) Income Per Common Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of diluted (loss) income per common share | 2,095 | 5,006 | 4,474 |
Performance-based RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of diluted (loss) income per common share | 564 | 2,235 | 2,070 |
Time-based RSUs | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities excluded from the computation of diluted (loss) income per common share | 148 | 493 | 800 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018USD ($)Segment | Sep. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 30, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 01, 2017USD ($) | Apr. 01, 2017USD ($) | Dec. 29, 2018USD ($)Segment | Dec. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Operating income | $ 4.2 | $ 27.8 | $ 20.7 | $ 6.1 | $ (0.1) | $ 22.3 | $ 16.5 | $ 5.2 | $ 58.8 | $ 43.9 | $ 9.5 |
Number of reporting segments | Segment | 3 | 3 | |||||||||
Operating Segments | Route Based Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | $ 84.7 | 74 | 42.4 | ||||||||
Operating Segments | Coffee, Tea and Extract Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | 16.1 | 15.9 | 5.3 | ||||||||
Operating Segments | All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | $ (42) | (46) | (38.2) | ||||||||
Restatement Adjustment | Operating Segments | Route Based Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | 2 | 1.2 | |||||||||
Restatement Adjustment | Operating Segments | Coffee, Tea and Extract Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | 0.2 | ||||||||||
Restatement Adjustment | Operating Segments | All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income | $ (2.2) | $ (1.2) | |||||||||
Sales Revenue, Net [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 10.00% |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information by Operating Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | $ 2,372.9 | $ 2,269.7 | $ 1,623.2 | ||||||||
Depreciation and amortization | 194.6 | 188.6 | 151.1 | ||||||||
Operating income (loss) | $ 4.2 | $ 27.8 | $ 20.7 | $ 6.1 | $ (0.1) | $ 22.3 | $ 16.5 | $ 5.2 | 58.8 | 43.9 | 9.5 |
Property, plant and equipment, net | 624.7 | 584.2 | 624.7 | 584.2 | |||||||
Goodwill | 1,143.9 | 1,104.7 | 1,143.9 | 1,104.7 | 1,048.3 | ||||||
Intangible assets, net | 739.2 | 751.1 | 739.2 | 751.1 | |||||||
Total assets | 3,175.5 | 4,093.1 | 3,175.5 | 4,093.1 | |||||||
Additions to property, plant and equipment | 130.8 | 121.3 | 95.1 | ||||||||
Route Based Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill | 971.7 | 936.7 | 971.7 | 936.7 | 886.5 | ||||||
Coffee, Tea and Extract Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill | 117.8 | 117.8 | 117.8 | 117.8 | 117.1 | ||||||
All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill | 54.4 | 50.2 | 54.4 | 50.2 | 44.7 | ||||||
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total assets | 3,175.5 | 3,006.9 | 3,175.5 | 3,006.9 | |||||||
Operating Segments | Route Based Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 1,599.9 | 1,501.7 | 1,224.3 | ||||||||
Depreciation and amortization | 163.9 | 158.3 | 136 | ||||||||
Operating income (loss) | 84.7 | 74 | 42.4 | ||||||||
Property, plant and equipment, net | 521.3 | 482.2 | 521.3 | 482.2 | |||||||
Goodwill | 971.7 | 936.7 | 971.7 | 936.7 | |||||||
Intangible assets, net | 555.5 | 564.5 | 555.5 | 564.5 | |||||||
Total assets | 2,427.7 | 2,343.4 | 2,427.7 | 2,343.4 | |||||||
Additions to property, plant and equipment | 109.6 | 99.1 | 87.7 | ||||||||
Operating Segments | Coffee, Tea and Extract Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 587.6 | 602.2 | 228 | ||||||||
Depreciation and amortization | 22.9 | 22.7 | 8 | ||||||||
Operating income (loss) | 16.1 | 15.9 | 5.3 | ||||||||
Property, plant and equipment, net | 88.3 | 89.1 | 88.3 | 89.1 | |||||||
Goodwill | 117.8 | 117.8 | 117.8 | 117.8 | |||||||
Intangible assets, net | 103.2 | 110.8 | 103.2 | 110.8 | |||||||
Total assets | 464.8 | 455.7 | 464.8 | 455.7 | |||||||
Additions to property, plant and equipment | 16 | 19 | 6 | ||||||||
Operating Segments | All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 191.6 | 165.8 | 170.9 | ||||||||
Depreciation and amortization | 7.8 | 7.6 | 7.1 | ||||||||
Operating income (loss) | (42) | (46) | (38.2) | ||||||||
Property, plant and equipment, net | 15.1 | 12.9 | 15.1 | 12.9 | |||||||
Goodwill | 54.4 | 50.2 | 54.4 | 50.2 | |||||||
Intangible assets, net | 80.5 | 75.8 | 80.5 | 75.8 | |||||||
Total assets | 283 | 207.8 | 283 | 207.8 | |||||||
Additions to property, plant and equipment | 5.2 | 3.2 | 1.4 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | (6.2) | 0 | 0 | ||||||||
Intersegment Eliminations | Coffee, Tea and Extract Solutions | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 5.7 | ||||||||||
Intersegment Eliminations | Route Based Services And All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 0.5 | ||||||||||
Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | (6.2) | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Operating income (loss) | 0 | 0 | 0 | ||||||||
Property, plant and equipment, net | 0 | 0 | 0 | 0 | |||||||
Goodwill | 0 | 0 | 0 | 0 | |||||||
Intangible assets, net | 0 | 0 | 0 | 0 | |||||||
Total assets | $ 0 | $ 0 | 0 | 0 | |||||||
Additions to property, plant and equipment | 0 | 0 | 0 | ||||||||
Discontinued Operations, Disposed of by Sale | Concentrate | Operating Segments | All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | $ 4.2 | $ 37.4 | |||||||||
Revenue from related parties | 41.1 | ||||||||||
ASU 2017-07 | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | (5) | ||||||||||
ASU 2017-07 | Operating Segments | Route Based Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating income (loss) | $ (5) |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of Segment Assets to Total Assets (Details) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,175.5 | $ 4,093.1 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 3,175.5 | 3,006.9 |
Assets of Discontinued Operations [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 1,086.2 |
Segment Reporting - Revenues by
Segment Reporting - Revenues by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Schedule Of Revenues From External Customers [Line Items] | |||||||||||
Total | $ 599.2 | $ 609.3 | $ 603.6 | $ 560.8 | $ 571.3 | $ 580.9 | $ 580.6 | $ 536.9 | $ 2,372.9 | $ 2,269.7 | $ 1,623.2 |
United States | |||||||||||
Schedule Of Revenues From External Customers [Line Items] | |||||||||||
Total | 1,786.9 | 1,709 | 1,299 | ||||||||
United Kingdom | |||||||||||
Schedule Of Revenues From External Customers [Line Items] | |||||||||||
Total | 173.2 | 160 | 130.3 | ||||||||
Canada | |||||||||||
Schedule Of Revenues From External Customers [Line Items] | |||||||||||
Total | 64.1 | 61.8 | 61.2 | ||||||||
All other countries | |||||||||||
Schedule Of Revenues From External Customers [Line Items] | |||||||||||
Total | $ 348.7 | $ 338.9 | $ 132.7 |
Segment Reporting - Revenues _2
Segment Reporting - Revenues by Channel Reporting Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Revenue, net | $ 2,372.9 | $ 2,269.7 | $ 1,623.2 |
Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | (6.2) | 0 | 0 |
Home and office bottled water delivery | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 994.8 | 940.4 | 799.4 |
Home and office bottled water delivery | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 0 | 0 | 0 |
Coffee and tea services | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 649 | 688.5 | 337.2 |
Coffee and tea services | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | (5.8) | 0 | 0 |
Retail | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 304 | 282.2 | 216.3 |
Retail | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | (0.4) | 0 | 0 |
Other | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 425.1 | 358.6 | 270.3 |
Other | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 0 | 0 | 0 |
Route Based Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 1,599.9 | 1,501.7 | 1,224.3 |
Route Based Services | Home and office bottled water delivery | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 994.8 | 940.4 | 799.4 |
Route Based Services | Coffee and tea services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 189.4 | 184.2 | 146.8 |
Route Based Services | Retail | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 232.9 | 216.9 | 164.6 |
Route Based Services | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 182.8 | 160.2 | 113.5 |
Coffee, Tea and Extract Solutions | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 587.6 | 602.2 | 228 |
Coffee, Tea and Extract Solutions | Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 5.7 | ||
Coffee, Tea and Extract Solutions | Home and office bottled water delivery | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 0 | 0 | 0 |
Coffee, Tea and Extract Solutions | Coffee and tea services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 461.9 | 501.7 | 187.8 |
Coffee, Tea and Extract Solutions | Retail | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 0 | 0 | 0 |
Coffee, Tea and Extract Solutions | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 125.7 | 100.5 | 40.2 |
All Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 191.6 | 165.8 | 170.9 |
All Other | Home and office bottled water delivery | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 0 | 0 | 0 |
All Other | Coffee and tea services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 3.5 | 2.6 | 2.6 |
All Other | Retail | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 71.5 | 65.3 | 51.7 |
All Other | Other | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | $ 116.6 | $ 97.9 | $ 116.6 |
Segment Reporting - Property, P
Segment Reporting - Property, Plant and Equipment, Net by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | $ 624.7 | $ 584.2 |
United States | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 491.1 | 452.3 |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 17.8 | 17.4 |
Canada | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 19.8 | 14.2 |
All other countries | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | $ 96 | $ 100.3 |
Property, Plant and Equipment | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 10.00% |
Segment Reporting - (Parentheti
Segment Reporting - (Parenthetical) (Details) - Segment | 3 Months Ended | 12 Months Ended |
Dec. 29, 2018 | Dec. 29, 2018 | |
Segment Reporting Information [Line Items] | ||
Number of reporting segments | 3 | 3 |
Property, Plant and Equipment | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 10.00% |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Receivables [Abstract] | ||
Trade receivables | $ 293 | $ 275.5 |
Allowance for doubtful accounts | (9.6) | (7.8) |
Other | 24.9 | 17.3 |
Total | $ 308.3 | $ 285 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 68.5 | $ 68.1 |
Finished goods | 36.3 | 34.3 |
Resale items | 21.5 | 21.8 |
Other | 3.3 | 3.4 |
Total | $ 129.6 | $ 127.6 |
Property, Plant & Equipment, _3
Property, Plant & Equipment, Net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 29, 2018 | Dec. 30, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 922.2 | $ 821.1 |
Accumulated Depreciation | 297.5 | 236.9 |
Net | 624.7 | 584.2 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 98.5 | 82.9 |
Net | 98.5 | 82.9 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 111.9 | 88.9 |
Accumulated Depreciation | 22.9 | 14.8 |
Net | 89 | 74.1 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 183.3 | 142.3 |
Accumulated Depreciation | 67 | 53.5 |
Net | 116.3 | 88.8 |
Plates, films and molds | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 1.4 | 0.4 |
Accumulated Depreciation | 0.4 | 0.3 |
Net | 1 | 0.1 |
Vehicles and transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 88.1 | 87.3 |
Accumulated Depreciation | 50.2 | 41.3 |
Net | 37.9 | 46 |
Leasehold Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 16.7 | 34.1 |
Accumulated Depreciation | 6.9 | 8.5 |
Net | 9.8 | 25.6 |
IT Systems | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 16.2 | 12.4 |
Accumulated Depreciation | 8.6 | 6.4 |
Net | 7.6 | 6 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 9.3 | 11.3 |
Accumulated Depreciation | 3.2 | 4.1 |
Net | 6.1 | 7.2 |
Customer Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 330.4 | 303.1 |
Accumulated Depreciation | 118.2 | 90.9 |
Net | 212.2 | 212.2 |
Returnable Bottles | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 59.7 | 51.8 |
Accumulated Depreciation | 19.1 | 16.4 |
Net | 40.6 | 35.4 |
Capital Leases | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 6.7 | 6.6 |
Accumulated Depreciation | 1 | 0.7 |
Net | $ 5.7 | $ 5.9 |
Minimum | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 10 years | |
Minimum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 5 years | |
Minimum | Plates, films and molds | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 1 year | |
Minimum | Vehicles and transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 3 years | |
Minimum | IT Systems | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 3 years | |
Minimum | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 3 years | |
Minimum | Customer Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 3 years | |
Minimum | Returnable Bottles | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 3 years | |
Maximum | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 40 years | |
Maximum | Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 15 years | |
Maximum | Plates, films and molds | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 10 years | |
Maximum | Vehicles and transportation equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 15 years | |
Maximum | IT Systems | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 7 years | |
Maximum | Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 10 years | |
Maximum | Customer Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 7 years | |
Maximum | Returnable Bottles | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life in Years | 5 years |
Property, Plant & Equipment, _4
Property, Plant & Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | $ 624.7 | $ 584.2 | |
Depreciation | 123.6 | 120 | $ 97.8 |
Construction In Progress | |||
Property, Plant and Equipment [Line Items] | |||
Property plant and equipment | $ 19.3 | $ 11.3 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Intangibles And Other Assets Net [Line Items] | ||
Intangibles not subject to amortization | $ 306.8 | $ 288.6 |
Intangibles subject to amortization Cost | 672.9 | 635.4 |
Total intangible assets | 979.7 | 924 |
Intangible assets - Accumulated Amortization | 240.5 | 172.9 |
Total | 432.4 | 462.5 |
Total intangible assets - Net | 739.2 | 751.1 |
Customer relationships | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles subject to amortization Cost | 603.1 | 583.4 |
Intangible assets - Accumulated Amortization | 211.1 | 154.7 |
Total | 392 | 428.7 |
Patents | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles subject to amortization Cost | 15.2 | 15.2 |
Intangible assets - Accumulated Amortization | 2.5 | 1 |
Total | 12.7 | 14.2 |
Software | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles subject to amortization Cost | 38 | 28.8 |
Intangible assets - Accumulated Amortization | 20.5 | 13 |
Total | 17.5 | 15.8 |
Other | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles subject to amortization Cost | 16.6 | 8 |
Intangible assets - Accumulated Amortization | 6.4 | 4.2 |
Total | 10.2 | 3.8 |
Rights | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles not subject to amortization | 24.5 | 24.5 |
Trademarks | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles not subject to amortization | $ 282.3 | $ 264.1 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense of intangible and other assets | $ 71 | $ 68.6 | $ 53.3 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,019 | $ 66.4 | |
2,020 | 57.8 | |
2,021 | 49.7 | |
2,022 | 41 | |
2,023 | 34.6 | |
Thereafter | 182.9 | |
Total | $ 432.4 | $ 462.5 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 206.1 | $ 197.2 |
Accrued compensation | 46.7 | 47.6 |
Accrued sales incentives | 10.5 | 6.9 |
Accrued interest | 24.2 | 18.7 |
Payroll, sales and other taxes | 21.7 | 12.9 |
Accrued deposits | 70.6 | 66.9 |
Derivative liability | 10.9 | 1.2 |
Self-insurance liabilities | 16.9 | 10.4 |
Other accrued liabilities | 61.4 | 51.1 |
Total | $ 469 | $ 412.9 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Detail) € in Millions, $ in Millions | Dec. 29, 2018USD ($) | Dec. 29, 2018EUR (€) | Jan. 30, 2018USD ($) | Dec. 30, 2017USD ($) | Mar. 31, 2017USD ($) |
Debt Instrument [Line Items] | |||||
Total long-term debt, principal amount | $ 1,359.2 | $ 2,313.5 | |||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, Unamortized debt issuance costs | 17 | 26.5 | |||
Senior notes | 1,246.1 | 2,057.5 | |||
Other debt financing | 2.1 | 0.8 | |||
Total debt | 1,342.2 | 2,287 | |||
Line of Credit, Current | 0 | 220.3 | |||
Short-term borrowings | 89 | 0 | |||
Other debt financing | 1.1 | 0.8 | |||
Total current debt | 92 | 225.4 | |||
Long Term Debt Required To Be Repaid Or Extinguished From Divestiture Face Amount | 0 | 525 | |||
Unamortized Debt Costs | 0 | 6 | |||
Debt Instrument, Unamortized Premium | 19.9 | ||||
Long Term Debt Required To Be Repaid Or Extinguished From Divestiture | 0 | 519 | |||
Short-term borrowings | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 7.9 | 0 | |||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, principal amount | 7.9 | 0 | |||
Total debt, Unamortized debt issuance costs | 0 | ||||
Senior notes | 7.9 | 0 | |||
Short-term borrowings | 7.9 | 0 | |||
Long-term Debt | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 1,267.2 | 1,563.1 | |||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, principal amount | 1,267.2 | 1,563.1 | |||
Total debt, Unamortized debt issuance costs | 17 | 20.5 | |||
Total long-term debt | 1,250.2 | 1,542.6 | |||
ABL Facility | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 81.1 | $ 250 | 220.3 | ||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, principal amount | 81.1 | $ 250 | 220.3 | ||
Total debt, Unamortized debt issuance costs | 0 | 0 | |||
Senior notes | 81.1 | 220.3 | |||
Line of Credit, Current | 81.1 | 220.3 | |||
GE Term Loan | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 0 | 2 | |||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, principal amount | 0 | 2 | |||
Total debt, Unamortized debt issuance costs | 0 | 0 | |||
Senior notes | 0 | 2 | |||
GE Term Loan - current maturities | 0 | 2 | |||
Capital leases | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 5 | 6.4 | |||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, principal amount | 5 | 6.4 | |||
Capital leases | 5 | 6.4 | |||
Capital leases - current maturities | 1.9 | 2.3 | |||
10.000% Senior Notes Due in 2021 | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 0 | 269.9 | |||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, principal amount | 0 | 269.9 | |||
Total debt, Unamortized debt issuance costs | 0 | 0 | |||
Senior notes | 0 | 269.9 | |||
10.000% Senior Notes Due in 2021 | DSS Group Inc | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 250 | ||||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, principal amount | 250 | ||||
5.375% senior notes due in 2022 | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 0 | 525 | |||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, principal amount | 0 | 525 | |||
Total debt, Unamortized debt issuance costs | 0 | 6 | |||
Senior notes | 0 | 519 | |||
Long Term Debt Required To Be Repaid Or Extinguished From Divestiture Face Amount | 0 | 525 | |||
Unamortized Debt Costs | 0 | 6 | |||
Long Term Debt Required To Be Repaid Or Extinguished From Divestiture | 0 | 519 | |||
5.500% senior notes due in 2024 | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 513.1 | € 450 | 539.1 | ||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, principal amount | 513.1 | € 450 | 539.1 | ||
Total debt, Unamortized debt issuance costs | 7.2 | 9.5 | |||
Senior notes | 505.9 | 529.6 | |||
5.500% senior notes due in 2025 | |||||
Debt Instrument [Line Items] | |||||
Total long-term debt | 750 | 750 | $ 750 | ||
Less: Debt required to be repaid or extinguished as part of divestiture | |||||
Total debt, principal amount | 750 | 750 | $ 750 | ||
Total debt, Unamortized debt issuance costs | 9.8 | 11 | |||
Senior notes | $ 740.2 | $ 739 |
Debt - Components of Debt (Pare
Debt - Components of Debt (Parenthetical) (Detail) | Dec. 29, 2018 |
10.000% Senior Notes Due in 2021 | |
Debt Instrument [Line Items] | |
Interest rate on notes | 10.00% |
Interest rate on notes | 10.00% |
5.375% senior notes due in 2022 | |
Debt Instrument [Line Items] | |
Interest rate on notes | 5.375% |
Interest rate on notes | 5.375% |
5.500% senior notes due in 2024 | |
Debt Instrument [Line Items] | |
Interest rate on notes | 5.50% |
Interest rate on notes | 5.50% |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt Payments in Each of Next Five Years and Thereafter (Detail) $ in Millions | Dec. 29, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 92 |
2,020 | 2.3 |
2,021 | 0.7 |
2,022 | 0.6 |
2,023 | 0.4 |
Thereafter | 1,263.2 |
Total long-term debt payments | $ 1,359.2 |
Debt (Asset-Based Lending Facil
Debt (Asset-Based Lending Facility) - Additional Information (Detail) - USD ($) | Jan. 30, 2018 | Dec. 30, 2017 | Dec. 29, 2018 |
Debt Instrument [Line Items] | |||
Write off of Deferred Debt Issuance Cost | $ 4,300,000 | ||
Debt Instrument, Unused Borrowing Capacity, Amount | 214,300,000 | ||
Outstanding borrowings | $ 81,100,000 | ||
Commitment fee, percentage | 0.25% | ||
Unused commitment | $ 46,100,000 | ||
Maximum borrowing capacity, increase in lender's commitment under credit facility | $ 122,800,000 | ||
Additional available borrowing capacity available | 87,100,000 | ||
10.000% Senior Notes Due in 2021 | |||
Debt Instrument [Line Items] | |||
Senior notes | 269,900,000 | 0 | |
ABL Facility | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 250,000,000 | $ 220,300,000 | $ 81,100,000 |
Debt instrument maturity date | Aug. 3, 2021 | ||
Additional available borrowing capacity available | $ 100,000,000 |
Debt (5.500% Senior Notes due i
Debt (5.500% Senior Notes due in 2025) - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Dec. 29, 2018 | Dec. 30, 2017 |
5.500% senior notes due in 2025 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.50% | ||
Senior notes | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 |
Debt instrument maturity date | Apr. 1, 2025 | ||
Financing fees | $ 11,700,000 | ||
Amortization period of financing fees (years) | 8 years | ||
10.000% Senior Notes Due in 2021 | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 10.00% | ||
Senior notes | $ 0 | $ 269,900,000 | |
Amount to be repaid | $ 100 |
Debt (5.500% Senior Notes due_2
Debt (5.500% Senior Notes due in 2024) - Additional Information (Detail) - 5.500% senior notes due in 2024 € in Millions, $ in Millions | Jun. 30, 2016USD ($) | Dec. 29, 2018USD ($) | Dec. 29, 2018EUR (€) | Dec. 31, 2017USD ($) | Dec. 30, 2017USD ($) |
Debt Instrument [Line Items] | |||||
Senior notes | $ 513.1 | € 450 | $ 539.1 | ||
Financing fees | $ 11.3 | ||||
Amortization period of financing fees (years) | 8 years | ||||
Interest rate on notes | 5.50% | 5.50% | |||
Eden [Member] | |||||
Debt Instrument [Line Items] | |||||
Financing fees | $ 11 |
Debt (5.375% Senior Notes due i
Debt (5.375% Senior Notes due in 2022) - Additional Information (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Debt Instrument [Line Items] | ||
Senior notes | $ 1,246.1 | $ 2,057.5 |
5.375% senior notes due in 2022 | ||
Debt Instrument [Line Items] | ||
Senior notes | $ 0 | $ 519 |
Interest rate on notes | 5.375% |
Debt (10.000% Senior Notes due
Debt (10.000% Senior Notes due in 2021 ) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Aggregate principal amount of redemption | $ 264.5 | $ 101.5 | $ 0.5 |
10.000% Senior Notes Due in 2021 | |||
Debt Instrument [Line Items] | |||
Senior notes issued | $ 0 | $ 269.9 | |
Interest rate on notes | 10.00% |
Debt (GE Term Loan) - Additiona
Debt (GE Term Loan) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Senior notes | $ 1,246.1 | $ 2,057.5 | |
Aggregate principal amount of redemption | 264.5 | 101.5 | $ 0.5 |
Write off of Deferred Debt Issuance Cost | 4.3 | ||
Other costs | 12.5 | $ 7.7 | $ 0 |
Outstanding borrowings | $ 81.1 |
Debt (ABL Facility) - Additiona
Debt (ABL Facility) - Additional Information (Detail) | 12 Months Ended | |
Dec. 29, 2018USD ($) | Jan. 30, 2018USD ($) | |
Debt Instrument [Line Items] | ||
Line of Credit Facility, Interest Rate at Period End | 5.00% | |
Additional available borrowing capacity available | $ 87,100,000 | |
Commitment fee, percentage | 0.25% | |
Fixed Charge Coverage Ratio | 1 | |
ABL Facility | ||
Debt Instrument [Line Items] | ||
Additional available borrowing capacity available | $ 100,000,000 | |
Maximum | ABL Facility | ||
Debt Instrument [Line Items] | ||
Description of threshold with lenders' commitments | 10.00% | |
Facility amount with lenders commitments | $ 22,500,000 | |
Percentage of lender commitment under revolving credit facility | 10.00% | |
Amount eligible for condition for excess availability of credit | $ 22,500,000 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Jan. 03, 2015 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Total expenses with respect to plans | $ 4.4 | $ 2 | $ 4.7 | |
Gain on pension curtailment | 0 | $ 4.5 | 0 | |
Expected contribution to pension plans, next fiscal year | 0.7 | |||
Fair value of pension plan assets | 12.7 | 13.7 | 26.7 | |
Selling, General and Administrative Expenses | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Gain on pension curtailment | 4.5 | |||
International | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Gain on pension curtailment | 4.5 | |||
Accumulated benefit obligation | 10.8 | 12.8 | ||
Fair value of pension plan assets | 5.8 | 6.6 | 20.4 | |
U.S. | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Gain on pension curtailment | 0 | |||
Accumulated benefit obligation | 7.9 | 8.4 | ||
Fair value of pension plan assets | $ 6.9 | $ 7.1 | $ 6.3 | |
Equity securities | International | Minimum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 50.00% | |||
Equity securities | International | Maximum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 80.00% | |||
Equity securities | U.S. | Minimum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 40.00% | |||
Equity securities | U.S. | Maximum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 50.00% | |||
Debt Securities | International | Minimum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 20.00% | |||
Debt Securities | International | Maximum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 50.00% | |||
Debt Securities | U.S. | Minimum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 50.00% | |||
Debt Securities | U.S. | Maximum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 60.00% | |||
Real Estate Investment | International | Minimum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 0.00% | |||
Real Estate Investment | International | Maximum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 30.00% | |||
Alternative Investments | International | Minimum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 0.00% | |||
Alternative Investments | International | Maximum | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Plan assets, target allocation percentage in securities | 15.00% |
Retirement Plans - Summary of C
Retirement Plans - Summary of Change in Benefit Obligations, Change in Plan Assets and Unfunded Status of DB Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 29, 2018 | Dec. 30, 2017 | |
Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | $ 18.2 | ||||
Change in Projected Benefit Obligation | |||||
Projected benefit obligation at beginning of year | $ 21.2 | 38.8 | |||
Plan amendment | (0.1) | ||||
Service cost | 0.8 | 1.5 | $ 1.9 | ||
Interest cost | 0.4 | 0.6 | (0.2) | ||
Plan participant contributions | 0.3 | 0.4 | |||
Benefit payments | (1.8) | (3.4) | |||
Actuarial gains | (0.8) | 0.1 | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement | 0.8 | ||||
Translation gains | (0.5) | 1.4 | |||
Projected benefit obligation at end of year | 18.7 | 21.2 | 38.8 | ||
Change in Plan Assets | |||||
Plan assets beginning of year | 13.7 | 26.7 | |||
Business combinations | 0 | ||||
Employer contributions | 0.7 | 1.2 | |||
Plan participant contributions | 0.3 | 0.4 | |||
Benefit payments | (1.2) | (2.9) | |||
Defined Benefit Plan, Plan Assets, Payment for Settlement | (0.5) | ||||
Settlement losses | (14.2) | ||||
Actual return on plan assets | (0.1) | 1.5 | |||
Translation losses | (0.2) | 1 | |||
Fair value at end of year | 12.7 | 13.7 | 26.7 | ||
Funded Status of Plan | |||||
Projected benefit obligation | (21.2) | (38.8) | (38.8) | $ (18.7) | $ (21.2) |
Fair value of plan assets | 13.7 | 26.7 | 26.7 | 12.7 | 13.7 |
Unfunded status | (6) | (7.5) | |||
U.S. | |||||
Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 0 | ||||
Change in Projected Benefit Obligation | |||||
Projected benefit obligation at beginning of year | 8.4 | 8.3 | |||
Plan amendment | 0 | ||||
Service cost | 0 | 0 | 0 | ||
Interest cost | 0.3 | 0.3 | (0.4) | ||
Plan participant contributions | 0 | 0 | |||
Benefit payments | (0.4) | (0.4) | |||
Actuarial gains | (0.4) | 0.2 | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement | 0 | ||||
Translation gains | 0 | 0 | |||
Projected benefit obligation at end of year | 7.9 | 8.4 | 8.3 | ||
Change in Plan Assets | |||||
Plan assets beginning of year | 7.1 | 6.3 | |||
Business combinations | 0 | ||||
Employer contributions | 0.3 | 0.3 | |||
Plan participant contributions | 0 | 0 | |||
Benefit payments | (0.4) | (0.4) | |||
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | ||||
Settlement losses | 0 | ||||
Actual return on plan assets | (0.1) | 0.9 | |||
Translation losses | 0 | 0 | |||
Fair value at end of year | 6.9 | 7.1 | 6.3 | ||
Funded Status of Plan | |||||
Projected benefit obligation | (8.4) | (8.3) | (8.3) | (7.9) | (8.4) |
Fair value of plan assets | 7.1 | 6.3 | 6.3 | 6.9 | 7.1 |
Unfunded status | (1) | (1.3) | |||
International | |||||
Benefit Plans [Line Items] | |||||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment | 18.2 | ||||
Change in Projected Benefit Obligation | |||||
Projected benefit obligation at beginning of year | 12.8 | 30.5 | |||
Plan amendment | (0.1) | ||||
Service cost | 0.8 | 1.5 | 1.9 | ||
Interest cost | 0.1 | 0.3 | 0.2 | ||
Plan participant contributions | 0.3 | 0.4 | |||
Benefit payments | (1.4) | (3) | |||
Actuarial gains | (0.4) | (0.1) | |||
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Remeasurement due to Settlement | 0.8 | ||||
Translation gains | (0.5) | 1.4 | |||
Projected benefit obligation at end of year | 10.8 | 12.8 | 30.5 | ||
Change in Plan Assets | |||||
Plan assets beginning of year | 6.6 | 20.4 | |||
Business combinations | 0 | ||||
Employer contributions | 0.4 | 0.9 | |||
Plan participant contributions | 0.3 | 0.4 | |||
Benefit payments | (0.8) | (2.5) | |||
Defined Benefit Plan, Plan Assets, Payment for Settlement | (0.5) | ||||
Settlement losses | (14.2) | ||||
Actual return on plan assets | 0 | 0.6 | |||
Translation losses | (0.2) | 1 | |||
Fair value at end of year | 5.8 | 6.6 | 20.4 | ||
Funded Status of Plan | |||||
Projected benefit obligation | (12.8) | (30.5) | (30.5) | (10.8) | (12.8) |
Fair value of plan assets | $ 6.6 | $ 20.4 | $ 20.4 | 5.8 | 6.6 |
Unfunded status | $ (5) | $ (6.2) |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Benefit Plans [Line Items] | |||
Service cost | $ 0.8 | $ 1.5 | $ 1.9 |
Interest cost | 0.4 | 0.6 | (0.2) |
Interest cost | 0 | ||
Expected return on plan assets | (0.5) | 0.1 | 0.4 |
Amortization of prior service costs | 0 | 0 | 0 |
Recognized net gain due to settlement | (0.3) | 0 | (0.1) |
Amortization of net actuarial loss | 0 | 0 | 0 |
Gain on pension curtailment | 0 | 4.5 | 0 |
Net periodic pension (benefit) cost | 0.4 | (2.9) | 2 |
U.S. | |||
Benefit Plans [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0.3 | 0.3 | (0.4) |
Interest cost | (0.3) | ||
Expected return on plan assets | (0.5) | 0.4 | 0.6 |
Amortization of prior service costs | 0 | 0 | 0 |
Recognized net gain due to settlement | 0 | 0 | (0.1) |
Amortization of net actuarial loss | 0 | 0 | 0 |
Gain on pension curtailment | 0 | ||
Net periodic pension (benefit) cost | (0.2) | 0.1 | 0.1 |
International | |||
Benefit Plans [Line Items] | |||
Service cost | 0.8 | 1.5 | 1.9 |
Interest cost | 0.1 | 0.3 | 0.2 |
Interest cost | 0.3 | ||
Expected return on plan assets | 0 | (0.3) | (0.2) |
Amortization of prior service costs | 0 | 0 | 0 |
Recognized net gain due to settlement | (0.3) | 0 | 0 |
Amortization of net actuarial loss | 0 | 0 | 0 |
Gain on pension curtailment | 4.5 | ||
Net periodic pension (benefit) cost | $ 0.6 | $ (3) | $ 1.9 |
Retirement Plans - Schedule o_2
Retirement Plans - Schedule of Amounts Included in Accumulated Other Comprehensive Loss, Net of Tax which have Not yet been Recognized in Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Benefit Plans [Line Items] | |||
Unrecognized net actuarial (loss) income | $ 0.3 | $ (16.8) | $ (14.4) |
Total accumulated other comprehensive (loss) income | 0.3 | (16.8) | (14.4) |
U.S. | |||
Benefit Plans [Line Items] | |||
Unrecognized net actuarial (loss) income | (0.1) | (0.6) | (1.2) |
Total accumulated other comprehensive (loss) income | (0.1) | (0.6) | (1.2) |
International | |||
Benefit Plans [Line Items] | |||
Unrecognized net actuarial (loss) income | 0.4 | (16.2) | (13.2) |
Total accumulated other comprehensive (loss) income | $ 0.4 | $ (16.2) | $ (13.2) |
Retirement Plans - Assumptions
Retirement Plans - Assumptions Used to Determine Benefit Obligations (Detail) | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
U.S. | |||
Net Periodic Benefit Cost Assumptions [Line Items] | |||
Discount rate | 4.00% | 3.50% | 3.80% |
Expected long-term rate of return on plan assets | 6.30% | 7.00% | 7.00% |
International | |||
Net Periodic Benefit Cost Assumptions [Line Items] | |||
Discount rate | 2.40% | 2.00% | 1.70% |
Expected long-term rate of return on plan assets | 2.70% | 3.10% | 2.60% |
Rate of compensation increase | 1.40% | 1.40% | 1.00% |
CPI Inflation factor | 0.30% | 0.30% | 0.30% |
Retirement Plans - Assumption_2
Retirement Plans - Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
U.S. Plans | 3.50% | 3.80% | 4.00% |
Expected long-term rate of return on plan assets | 6.30% | 7.00% | 7.00% |
International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
U.S. Plans | 2.40% | 2.00% | 1.70% |
Expected long-term rate of return on plan assets | 2.70% | 3.10% | 2.60% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets 2016 Amount | 1.00% | ||
Inflation factor | 0.30% | 0.30% | 0.30% |
Retirement Plans - Schedule o_3
Retirement Plans - Schedule of Pension Plan Weighted-Average Asset Allocations by Asset Category (Detail) | Dec. 29, 2018 | Dec. 30, 2017 |
U.S. | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 42.80% | 61.40% |
U.S. | Fixed income investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 57.20% | 38.60% |
International | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 0.00% | 0.30% |
International | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 58.60% | 64.20% |
International | Fixed income investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 31.00% | 29.20% |
International | Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 10.40% | 6.30% |
Retirement Plans - Schedule o_4
Retirement Plans - Schedule of Benefit Payments Expected to be Paid (Detail) $ in Millions | Dec. 29, 2018USD ($) |
Schedule of Expected Future Pension Benefit Payment [Line Items] | |
FY 2,019 | $ 1 |
FY 2,020 | 0.9 |
FY 2,021 | 0.9 |
FY 2,022 | 0.9 |
FY 2,023 | 1 |
FY 2024 through FY 2028 | 7 |
U.S. | |
Schedule of Expected Future Pension Benefit Payment [Line Items] | |
FY 2,019 | 0.4 |
FY 2,020 | 0.4 |
FY 2,021 | 0.4 |
FY 2,022 | 0.5 |
FY 2,023 | 0.5 |
FY 2024 through FY 2028 | 2.6 |
International | |
Schedule of Expected Future Pension Benefit Payment [Line Items] | |
FY 2,019 | 0.6 |
FY 2,020 | 0.5 |
FY 2,021 | 0.5 |
FY 2,022 | 0.4 |
FY 2,023 | 0.5 |
FY 2024 through FY 2028 | $ 4.4 |
Retirement Plans - Schedule o_5
Retirement Plans - Schedule of Fair Values of Company's International Plan Assets (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 |
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | $ 12.7 | $ 13.7 | $ 26.7 |
Level 1 | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 3.5 | 3.9 | |
Level 1 | Non-U.S. equity securities | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 1.6 | 1.6 | |
Level 1 | Other | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0 | |
Level 1 | Non-U.S. bonds | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 1.9 | 2.3 | |
Level 1 | Insurance contract | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0 | |
Level 1 | Real estate | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0 | |
Level 2 | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 2.4 | 2.7 | |
Level 2 | Non-U.S. equity securities | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0 | |
Level 2 | Other | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0.4 | |
Level 2 | Non-U.S. bonds | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0 | |
Level 2 | Insurance contract | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 1.8 | 1.9 | |
Level 2 | Real estate | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0.6 | 0.4 | |
Level 3 | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0 | |
Level 3 | Non-U.S. equity securities | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0 | |
Level 3 | Other | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0 | |
Level 3 | Non-U.S. bonds | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0 | |
Level 3 | Insurance contract | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0 | 0 | |
Level 3 | Real estate | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | $ 0 | $ 0 |
Consolidated Accumulated Othe_3
Consolidated Accumulated Other Comprehensive (Loss) Income - Changes in Consolidated Accumulated Other Comprehensive (Loss) Income by Component (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | $ 885.7 | $ 873.8 | $ 645.9 |
OCI before reclassifications | (39.8) | 24.5 | (35.9) |
Amounts reclassified from AOCI | 32.5 | (1) | (5.8) |
Net current-period OCI | (7.3) | 23.5 | (41.7) |
Balance | 1,170.4 | 885.7 | 873.8 |
Gains and Losses on Derivative Instruments | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (1.4) | (0.1) | (4.7) |
OCI before reclassifications | (14.5) | 0 | 10.9 |
Amounts reclassified from AOCI | 6.2 | (1.3) | (6.3) |
Net current-period OCI | (8.3) | (1.3) | 4.6 |
Balance | (9.7) | (1.4) | (0.1) |
Pension Benefit Plan Items | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (16.8) | (14.4) | (10.1) |
OCI before reclassifications | 0.2 | (2.7) | (4.8) |
Amounts reclassified from AOCI | 16.9 | 0.3 | 0.5 |
Net current-period OCI | 17.1 | (2.4) | (4.3) |
Balance | 0.3 | (16.8) | (14.4) |
Currency Translation Adjustment Items | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (76.2) | (103.4) | (61.4) |
OCI before reclassifications | (25.5) | 27.2 | (42) |
Amounts reclassified from AOCI | 9.4 | 0 | 0 |
Net current-period OCI | (16.1) | 27.2 | (42) |
Balance | (92.3) | (76.2) | (103.4) |
Accumulated Other Comprehensive Loss | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance | (94.4) | (117.9) | (76.2) |
Balance | $ (101.7) | $ (94.4) | $ (117.9) |
Consolidated Accumulated Othe_4
Consolidated Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income to Total Net Income (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | $ (309) | $ (298.8) | $ (302.2) | $ (287.3) | $ (292.3) | $ (288.1) | $ (293.5) | $ (268.1) | $ (1,197.3) | $ (1,142) | $ (773.1) |
Income tax (expense) benefit | 4.8 | 30 | (21.2) | ||||||||
Net income (loss) | 383.5 | 7.1 | (71.5) | ||||||||
Reclassification Out of Accumulated Other Comprehensive (Loss) Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net income (loss) | (32.5) | 1 | 5.8 | ||||||||
Reclassification Out of Accumulated Other Comprehensive (Loss) Income | Gains and Losses on Derivative Instruments | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | (6.2) | 1.3 | 6.4 | ||||||||
Total before taxes | (6.2) | 1.3 | 6.4 | ||||||||
Income tax (expense) benefit | 0 | 0 | (0.1) | ||||||||
Net income (loss) | (6.2) | 1.3 | 6.3 | ||||||||
Reclassification Out of Accumulated Other Comprehensive (Loss) Income | Pension Benefit Plan Items | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Total before taxes | (16.9) | (0.3) | (0.5) | ||||||||
Income tax (expense) benefit | 0 | 0 | 0 | ||||||||
Net income (loss) | (16.9) | (0.3) | (0.5) | ||||||||
Recognized Actuarial loss | (16.9) | 0 | 0 | ||||||||
Prior service costs | 0 | 0 | (0.1) | ||||||||
Actuarial (losses)/gains | 0 | (0.3) | (0.4) | ||||||||
Tax Impact | 3.6 | ||||||||||
Reclassification Out of Accumulated Other Comprehensive (Loss) Income | Currency Translation Adjustment Items | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Recognized Actuarial loss | $ (9.4) | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases Minimum Annual Payments (Detail) $ in Millions | Dec. 29, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 51.6 |
2,020 | 42.9 |
2,021 | 36.2 |
2,022 | 29.2 |
2,023 | 23.4 |
Thereafter | $ 106.9 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Operating Lease Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | 36 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | Dec. 29, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease expenses | $ 63.2 | $ 54.3 | $ 32.3 | $ 149.8 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Sublease income | $ 0.9 | ||
Fine | 0.1 | ||
Purchase Obligation | 157 | ||
Maximum potential amount of undiscounted future payments under the guarantee | 32.2 | $ 42 | |
ABL Facility | |||
Operating Leased Assets [Line Items] | |||
Standby letters of credit outstanding | 46.1 | $ 46 | $ 42.4 |
Capital Addition Purchase Commitments | |||
Operating Leased Assets [Line Items] | |||
Capital Expenditures | $ 0.3 |
Hedging Transactions and Deri_3
Hedging Transactions and Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended | |||
Dec. 29, 2018USD ($) | Dec. 30, 2017USD ($) | Dec. 29, 2018GBP (£) | Dec. 30, 2017GBP (£) | |
Derivative [Line Items] | ||||
Fair value of derivative liabilities | $ (10,900,000) | $ (1,200,000) | ||
Derivative assets | 0 | |||
Coffee Futures | ||||
Derivative [Line Items] | ||||
Gain (loss) expected to be reclassified during next twelve months | (10,900,000) | |||
Fair value of derivative liabilities | $ (10,900,000) | (1,200,000) | ||
Coffee Futures | S&D Acquisition | ||||
Derivative [Line Items] | ||||
Notional value of derivatives | £ | £ 73,300,000 | £ 48,100,000 | ||
Coffee Futures | S&D Acquisition | Minimum | ||||
Derivative [Line Items] | ||||
Future contract period | 3 years | |||
Coffee Futures | S&D Acquisition | Maximum | ||||
Derivative [Line Items] | ||||
Future contract period | 12 years | |||
Cost of Sales | Coffee Futures | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 6,200,000 | |||
(Gain) loss reclassfied from AOCI into income | $ (1,300,000) |
Hedging Transactions and Deri_4
Hedging Transactions and Derivative Financial Instruments - Summary of Reconciliation of Company's Derivatives by Contract Type (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $ 0 | $ 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | (10.9) | (1.2) |
Aggregate Margin Account Balances | 12.9 | 5.3 |
Coffee Futures | ||
Derivative [Line Items] | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral | $ (10.9) | $ (1.2) |
Hedging Transactions and Deri_5
Hedging Transactions and Derivative Financial Instruments - Summary of Fair Value of Coffee Futures Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Derivative [Line Items] | ||
Net asset (liability) | $ (10.9) | $ (1.2) |
Coffee Futures | ||
Derivative [Line Items] | ||
Coffee futures assets | 0.1 | 0.6 |
Coffee futures liabilities | $ (11) | $ (1.8) |
Hedging Transactions and Deri_6
Hedging Transactions and Derivative Financial Instruments - Summary of Income and Expense Line Items Presented in Consolidated Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Total amounts of income and expense line items presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded | $ 309 | $ 298.8 | $ 302.2 | $ 287.3 | $ 292.3 | $ 288.1 | $ 293.5 | $ 268.1 | $ 1,197.3 | $ 1,142 | $ 773.1 |
Coffee Futures | Cost of Sales | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion | $ 6.2 | ||||||||||
Gain on cash flow hedging relationship | |||||||||||
Loss (gain) reclassified from AOCI into income/expense | $ 1.3 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Fair Value Measurements [Line Items] | ||
Fair value for the derivative liabilities | $ 10.9 | $ 1.2 |
Level 2 | ||
Fair Value Measurements [Line Items] | ||
Fair value for the derivative liabilities | $ (10.9) | $ (1.2) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Detail) - USD ($) $ in Millions | Dec. 29, 2018 | Dec. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 1,246.1 | $ 2,057.5 |
Debt Instrument, Unamortized Premium | 19.9 | |
10.000% Senior Notes Due in 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 269.9 |
5.375% Senior Notes Due In 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 0 | 519 |
5.500% senior notes due in 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 505.9 | 529.6 |
5.500% senior notes due in 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 740.2 | 739 |
Level 1 | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 1,217.5 | 2,156.6 |
Level 1 | 10.000% Senior Notes Due in 2021 | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 283.4 |
Level 1 | 5.375% Senior Notes Due In 2022 | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 0 | 539.9 |
Level 1 | 5.500% senior notes due in 2024 | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 521.7 | 574 |
Level 1 | 5.500% senior notes due in 2025 | Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 695.8 | 759.3 |
DSS Group Inc | 10.000% Senior Notes Due in 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Unamortized Premium | $ 19.9 |
Fair Value Measurements - Car_2
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Parenthetical) (Detail) | 12 Months Ended |
Dec. 29, 2018 | |
10.000% Senior Notes Due in 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Interest rate on notes | 10.00% |
5.500% senior notes due in 2024 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Interest rate on notes | 5.50% |
5.500% senior notes due in 2025 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Interest rate on notes | 5.50% |
Debt instrument maturity year | 2,025 |
5.375% Senior Notes Due In 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Interest rate on notes | 5.375% |
Debt instrument maturity year | 2,022 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 29, 2018 | Sep. 29, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 30, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Apr. 01, 2017 | Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue, net | $ 599.2 | $ 609.3 | $ 603.6 | $ 560.8 | $ 571.3 | $ 580.9 | $ 580.6 | $ 536.9 | $ 2,372.9 | $ 2,269.7 | $ 1,623.2 |
Cost of sales | 309 | 298.8 | 302.2 | 287.3 | 292.3 | 288.1 | 293.5 | 268.1 | 1,197.3 | 1,142 | 773.1 |
Gross profit | 290.2 | 310.5 | 301.4 | 273.5 | 279 | 292.8 | 287.1 | 268.8 | 1,175.6 | 1,127.7 | 850.1 |
Selling, general and administrative expenses | 275.9 | 279.9 | 275.2 | 261.1 | 265 | 263.2 | 260 | 255 | 1,092.1 | 1,043.2 | 806.2 |
Loss on disposal of property, plant and equipment, net | 5.6 | 1.2 | 1.3 | 1.3 | 5.4 | (0.4) | 3.9 | 1.3 | 9.4 | 10.2 | 6.6 |
Acquisition and integration expenses | 4.5 | 1.6 | 4.2 | 5 | 8.7 | 7.7 | 6.7 | 7.3 | 15.3 | 30.4 | 27.8 |
Operating income | 4.2 | 27.8 | 20.7 | 6.1 | (0.1) | 22.3 | 16.5 | 5.2 | 58.8 | 43.9 | 9.5 |
Net income (loss) from continuing operations | 3.6 | 8.5 | 12.2 | 4.6 | 9.5 | 1.6 | (4.5) | (10.2) | 28.9 | (3.6) | (60.3) |
Net income (loss) from discontinued operations, net of income taxes | (2.9) | 1.5 | (1.4) | 357.4 | 9.7 | 43 | (17.8) | (24.2) | 354.6 | 10.7 | (11.2) |
Less: Net income attributable to non-controlling interests - discontinued operations | 0 | 0 | 0 | 0.6 | 2.1 | 2.1 | 2.3 | 2 | 0.6 | 8.5 | 6.3 |
Net income (loss) attributable to Cott Corporation | $ 0.7 | $ 10 | $ 10.8 | $ 361.4 | $ 17.1 | $ 42.5 | $ (24.6) | $ (36.4) | $ 382.9 | $ (1.4) | $ (77.8) |
Basic: | |||||||||||
Continuing operations (In USD per share) | $ 0.03 | $ 0.06 | $ 0.09 | $ 0.03 | $ 0.07 | $ 0.01 | $ (0.03) | $ (0.07) | $ 0.21 | $ (0.03) | $ (0.47) |
Discontinued operations (In USD per share) | (0.02) | 0.01 | (0.01) | 2.55 | 0.05 | 0.29 | (0.15) | (0.19) | 2.54 | 0.02 | (0.14) |
Net income (loss) (In USD per share) | 0.01 | 0.07 | 0.08 | 2.58 | 0.12 | 0.30 | (0.18) | (0.26) | 2.75 | (0.01) | (0.61) |
Diluted: | |||||||||||
Continuing operations (In USD per share) | 0.03 | 0.06 | 0.09 | 0.03 | 0.07 | 0.01 | (0.03) | (0.07) | 0.21 | (0.03) | (0.47) |
Discontinued operations (In USD per share) | (0.02) | 0.01 | (0.01) | 2.51 | 0.05 | 0.29 | (0.15) | (0.19) | 2.50 | 0.02 | (0.14) |
Net income (loss) (In USD per share) | $ 0.01 | $ 0.07 | $ 0.08 | $ 2.54 | $ 0.12 | $ 0.30 | $ (0.18) | $ (0.26) | $ 2.71 | $ (0.01) | $ (0.61) |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions | Feb. 21, 2019 | Feb. 08, 2019 |
Subsequent Event [Line Items] | ||
Sale of Equity Investments | $ 50 | |
Dividend declared (per share) | $ 0.06 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 29, 2018 | Dec. 30, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ (138.4) | $ (125.3) | $ (6.9) |
Reduction in Sales | 0.2 | 0.1 | |
Charged to Costs and Expenses | (10.1) | (34.2) | (73.5) |
Charged to Other Accounts | 36.7 | 17 | (44.4) |
Deductions | 2.6 | 4 | (0.5) |
Balance at End of Year | (109) | (138.4) | (125.3) |
Accounts receivables | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | (7.8) | (6.3) | (5.6) |
Reduction in Sales | 0.2 | 0.1 | |
Charged to Costs and Expenses | (13.9) | (16.2) | (12.1) |
Charged to Other Accounts | 9.8 | 10.8 | 12 |
Deductions | 2.1 | 3.8 | (0.6) |
Balance at End of Year | (9.6) | (7.8) | (6.3) |
Inventories | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | (1.5) | (1.3) | (0.1) |
Charged to Costs and Expenses | (0.4) | (0.4) | (0.1) |
Charged to Other Accounts | 0 | (1.2) | |
Deductions | 0.5 | 0.2 | 0.1 |
Balance at End of Year | (1.4) | (1.5) | (1.3) |
Deferred tax assets 2 | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | (129.1) | (117.7) | (1.2) |
Charged to Costs and Expenses | 4.2 | (17.6) | (61.3) |
Charged to Other Accounts | 26.9 | 6.2 | (55.2) |
Balance at End of Year | $ (98) | $ (129.1) | (117.7) |
Aquaterra Corporation | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance | 27.3 | ||
Eden Acquisition | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance | 23.8 | ||
Discontinued Operations, Disposed of by Sale | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Valuation allowance | $ 35.1 |