Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 28, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'COTT CORP /CN/ | ' |
Entity Central Index Key | '0000884713 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 94,226,045 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue, net | $543.20 | $583.80 | $1,612.40 | $1,733.40 |
Cost of sales | 478.2 | 510.6 | 1,414.40 | 1,504.50 |
Gross profit | 65 | 73.2 | 198 | 228.9 |
Selling, general and administrative expenses | 37.9 | 43.8 | 120.9 | 134.4 |
Loss on disposal of property, plant & equipment | 1.1 | 0.8 | 1.4 | 1.7 |
Restructuring | ' | ' | 2 | ' |
Operating income | 26 | 28.6 | 73.7 | 92.8 |
Other income, net | -0.7 | -1.5 | -0.4 | -2.2 |
Interest expense, net | 13.3 | 13.1 | 39.4 | 40.6 |
Income before income taxes | 13.4 | 17 | 34.7 | 54.4 |
Income tax expense | 0.1 | 1.2 | 2.3 | 5.5 |
Net income | 13.3 | 15.8 | 32.4 | 48.9 |
Less: Net income attributable to non-controlling interests | 1.3 | 1.3 | 3.9 | 3.4 |
Net income attributed to Cott Corporation | $12 | $14.50 | $28.50 | $45.50 |
Net income per common share attributed to Cott Corporation | ' | ' | ' | ' |
Basic | $0.13 | $0.15 | $0.30 | $0.48 |
Diluted | $0.13 | $0.15 | $0.30 | $0.48 |
Weighted average outstanding shares (thousands) attributed to Cott Corporation | ' | ' | ' | ' |
Basic | 94,235 | 94,488 | 94,922 | 94,461 |
Diluted | 94,772 | 95,598 | 95,755 | 95,591 |
Dividends declared per share | $0.06 | ' | $0.18 | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | ||||
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income | $13.30 | $15.80 | $32.40 | $48.90 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Currency translation adjustment | 12 | 12.5 | -4.8 | 13.5 | ||||
Pension benefit plan, net of tax | -0.1 | [1] | 0.1 | [1] | 0.3 | [1] | -0.1 | [1] |
Unrealized loss on derivative instruments, net of tax | -0.1 | [2] | ' | -0.1 | [2] | -0.3 | [2] | |
Total other comprehensive income (loss) | 11.8 | 12.6 | -4.6 | 13.1 | ||||
Comprehensive income | 25.1 | 28.4 | 27.8 | 62 | ||||
Less: Comprehensive income attributable to non-controlling interests | 1.3 | 1.2 | 3.9 | 3.2 | ||||
Comprehensive income attributed to Cott Corporation | $23.80 | $27.20 | $23.90 | $58.80 | ||||
[1] | Net of the effect of nil and $0.2 million tax expense for the three and nine months ended September 28, 2013, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and nine months ended September 29, 2012, respectively. | |||||||
[2] | Net of the effect of nil tax benefit for the three and nine months ended September 28, 2013, respectively, and net of the effect of a nil and $0.1 million tax benefit for the three and nine months ended September 29, 2012, respectively. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Pension benefit plan, tax benefit | ' | $0.10 | $0.20 | $0.20 |
Unrealized loss on derivative instruments, tax | ' | ' | ' | $0.10 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Jun. 29, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||||
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | $125.80 | $66.80 | $179.40 | $88.10 | $47.10 | $100.90 |
Accounts receivable, net of allowance of $5.1 ($6.8 as of December 29, 2012) | 254.6 | ' | 199.4 | ' | ' | ' |
Income taxes recoverable | 0.7 | ' | 1.2 | ' | ' | ' |
Inventories | 215.4 | ' | 224.8 | ' | ' | ' |
Prepaid expenses and other assets | 23.1 | ' | 20.3 | ' | ' | ' |
Total current assets | 619.6 | ' | 625.1 | ' | ' | ' |
Property, plant & equipment, net | 490.1 | ' | 490.9 | ' | ' | ' |
Goodwill | 140.4 | ' | 130.3 | ' | ' | ' |
Intangibles and other assets, net | 303.6 | ' | 315.4 | ' | ' | ' |
Deferred income taxes | 5.5 | ' | 3.3 | ' | ' | ' |
Other tax receivable | 1.2 | ' | 0.9 | ' | ' | ' |
Total assets | 1,560.40 | ' | 1,565.90 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 3.9 | ' | 1.9 | ' | ' | ' |
Accounts payable and accrued liabilities | 259.7 | ' | 287.7 | ' | ' | ' |
Total current liabilities | 263.6 | ' | 289.6 | ' | ' | ' |
Long-term debt | 602.4 | ' | 601.8 | ' | ' | ' |
Deferred income taxes | 48.1 | ' | 39.1 | ' | ' | ' |
Other long-term liabilities | 23.7 | ' | 12.5 | ' | ' | ' |
Total liabilities | 937.8 | ' | 943 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par - 94,226,045 (December 29, 2012 - 95,371,484) shares issued | 392.7 | ' | 397.8 | ' | ' | ' |
Additional paid-in-capital | 43.9 | ' | 40.4 | ' | ' | ' |
Retained earnings | 193 | ' | 186 | ' | ' | ' |
Accumulated other comprehensive loss | -17 | ' | -12.4 | ' | ' | ' |
Total Cott Corporation equity | 612.6 | ' | 611.8 | ' | ' | ' |
Non-controlling interests | 10 | ' | 11.1 | ' | ' | ' |
Total equity | 622.6 | ' | 622.9 | 630.1 | ' | 568.2 |
Total liabilities and equity | $1,560.40 | ' | $1,565.90 | ' | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, net of allowance | $5.10 | $6.80 |
Capital stock, no par value | ' | ' |
Capital stock, shares issued | 94,226,045 | 95,371,484 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Operating Activities | ' | ' | ' | ' |
Net income | $13.30 | $15.80 | $32.40 | $48.90 |
Depreciation & amortization | 25.1 | 24.7 | 74.7 | 72.2 |
Amortization of financing fees | 0.7 | 0.8 | 2.2 | 2.9 |
Share-based compensation expense | 1.1 | 1.3 | 3.6 | 3.5 |
Increase in deferred income taxes | 0.3 | 0.6 | 1.9 | 4.6 |
Gain on bargain purchase | ' | ' | ' | -0.9 |
Loss on disposal of property, plant & equipment | 1.1 | 0.8 | 1.4 | 1.7 |
Other non-cash items | ' | -1.4 | 0.2 | -0.8 |
Change in operating assets and liabilities, net of acquisition: | ' | ' | ' | ' |
Accounts receivable | 19 | 15 | -38.8 | -36.8 |
Inventories | 26.6 | 17.1 | 15.8 | -5.9 |
Prepaid expenses and other assets | ' | 0.4 | -2 | -5.5 |
Other assets | 6.1 | -0.2 | 6 | 0.7 |
Accounts payable and accrued liabilities | -6 | -22.1 | -34.9 | -38.4 |
Income taxes recoverable | 0.1 | 5.2 | 0.4 | 6.8 |
Net cash provided by operating activities | 87.4 | 58 | 62.9 | 53 |
Investing Activities | ' | ' | ' | ' |
Acquisition, net of cash acquired | -4.7 | -4.7 | -11.2 | -9.7 |
Additions to property, plant & equipment | -10.2 | -13.2 | -44.7 | -50.6 |
Additions to intangibles and other assets | -2.1 | -1 | -4 | -4.7 |
Proceeds from sale of property, plant & equipment | 0.2 | 1.3 | 0.2 | 2.3 |
Proceeds from insurance recoveries | ' | 1.7 | 0.4 | 1.7 |
Net cash used in investing activities | -16.8 | -15.9 | -59.3 | -61 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | -0.6 | -0.2 | -20.2 | -2.8 |
Borrowings under ABL | ' | ' | ' | 24.5 |
Payments under ABL | ' | ' | ' | -24.5 |
Distributions to non-controlling interests | -2.2 | -1.9 | -5 | -3.3 |
Common shares repurchased and cancelled | -4.5 | ' | -12.9 | -0.3 |
Financing fees | -0.1 | -1.2 | -0.1 | -1.2 |
Dividends to shareholders | -5.5 | ' | -16.7 | ' |
Net cash used in financing activities | -12.9 | -3.3 | -54.9 | -7.6 |
Effect of exchange rate changes on cash | 1.3 | 2.2 | -2.3 | 2.8 |
Net increase (decrease) in cash & cash equivalents | 59 | 41 | -53.6 | -12.8 |
Cash & cash equivalents, beginning of period | 66.8 | 47.1 | 179.4 | 100.9 |
Cash & cash equivalents, end of period | 125.8 | 88.1 | 125.8 | 88.1 |
Supplemental Disclosures of Cash Flow information: | ' | ' | ' | ' |
Cash paid for interest | 15.9 | 15.8 | 41 | 41.3 |
Cash (received) paid for income taxes, net | -0.2 | 0.5 | 0.1 | 0.9 |
Supplemental Non-cash Investing and Financing Activities: | ' | ' | ' | ' |
Deferred consideration | $5.10 | ' | $5.10 | ' |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Directors' Share Award [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Treasury Shares [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interests [Member] | |
In Millions, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | Directors' Share Award [Member] | Time-Based RSUs [Member] | USD ($) | USD ($) | Directors' Share Award [Member] | Time-Based RSUs [Member] | USD ($) | USD ($) | USD ($) | |
USD ($) | USD ($) | USD ($) | |||||||||||
Balance at Dec. 31, 2011 | $568.20 | ' | $395.90 | ' | ' | ($2.10) | $42.60 | ' | ' | $144.10 | ($24.70) | $12.40 | |
Balance, shares at Dec. 31, 2011 | ' | ' | 95,101,000 | ' | ' | 674,000 | ' | ' | ' | ' | ' | ' | |
Common shares repurchased | -0.3 | ' | -0.2 | ' | ' | ' | ' | ' | ' | -0.1 | ' | ' | |
Common shares issued - Directors' share award | ' | 0.7 | ' | ' | ' | ' | ' | 0.7 | ' | ' | ' | ' | |
Common shares repurchased, shares | ' | ' | -35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Directors' share award, shares | ' | ' | ' | 96,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation | 2.8 | ' | ' | ' | ' | ' | 2.8 | ' | ' | ' | ' | ' | |
Distributions to non-controlling interests | -3.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3.3 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Currency translation adjustment | 13.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13.7 | -0.2 | |
Pension benefit plan, net of tax | -0.1 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | ' |
Unrealized loss on derivative instruments, net of tax | -0.3 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | ' |
Net income | 48.9 | ' | ' | ' | ' | ' | ' | ' | ' | 45.5 | ' | 3.4 | |
Balance at Sep. 29, 2012 | 630.1 | ' | 395.7 | ' | ' | -2.1 | 46.1 | ' | ' | 189.5 | -11.4 | 12.3 | |
Balance, shares at Sep. 29, 2012 | ' | ' | 95,162,000 | ' | ' | 674,000 | ' | ' | ' | ' | ' | ' | |
Balance at Dec. 29, 2012 | 622.9 | ' | 397.8 | ' | ' | ' | 40.4 | ' | ' | 186 | -12.4 | 11.1 | |
Balance, shares at Dec. 29, 2012 | ' | ' | 95,371,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Directors' share award | ' | 0.8 | ' | ' | ' | ' | ' | 0.8 | ' | ' | ' | ' | |
Common shares issued - Directors' share award, shares | ' | ' | ' | 87,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares repurchased and cancelled | -10 | ' | -5.2 | ' | ' | ' | ' | ' | ' | -4.8 | ' | ' | |
Common shares repurchased and cancelled, shares | ' | ' | -1,248,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Time-based RSUs | ' | ' | ' | ' | 0.1 | ' | ' | ' | -0.1 | ' | ' | ' | |
Common shares issued - Time-based RSUs, shares | ' | ' | ' | ' | 16,000 | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation | 2.8 | ' | ' | ' | ' | ' | 2.8 | ' | ' | ' | ' | ' | |
Dividend payment | -16.7 | ' | ' | ' | ' | ' | ' | ' | ' | -16.7 | ' | ' | |
Distributions to non-controlling interests | -5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Currency translation adjustment | -4.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.8 | ' | |
Pension benefit plan, net of tax | 0.3 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' |
Unrealized loss on derivative instruments, net of tax | -0.1 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | ' |
Net income | 32.4 | ' | ' | ' | ' | ' | ' | ' | ' | 28.5 | ' | 3.9 | |
Balance at Sep. 28, 2013 | $622.60 | ' | $392.70 | ' | ' | ' | $43.90 | ' | ' | $193 | ($17) | $10 | |
Balance, shares at Sep. 28, 2013 | ' | ' | 94,226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Net of the effect of nil and $0.2 million tax expense for the three and nine months ended September 28, 2013, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and nine months ended September 29, 2012, respectively. | ||||||||||||
[2] | Net of the effect of nil tax benefit for the three and nine months ended September 28, 2013, respectively, and net of the effect of a nil and $0.1 million tax benefit for the three and nine months ended September 29, 2012, respectively. |
Business_and_Recent_Accounting
Business and Recent Accounting Pronouncements | 9 Months Ended |
Sep. 28, 2013 | |
Accounting Policies [Abstract] | ' |
Business and Recent Accounting Pronouncements | ' |
Note 1 – Business and Recent Accounting Pronouncements | |
Description of Business | |
Cott Corporation, together with its consolidated subsidiaries (“Cott,” “the Company,” “our Company,” “Cott Corporation,” “we,” “us,” or “our”), is one of the world’s largest producers of beverages on behalf of retailers, brand owners and distributors. Our product lines include carbonated soft drinks (“CSDs”), 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy products, sports products, new age beverages and ready-to-drink teas, as well as alcoholic beverages for brand owners. | |
Basis of Presentation | |
The accompanying interim unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements in conformity with U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 29, 2012. The accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements. | |
The presentation of these interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. | |
Recent Accounting Pronouncements | |
Update ASU 2013-02 – Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
In February 2013, the Financial Accounting Standards Board (“FASB”) amended its guidance regarding the information provided in relation to the amounts reclassified out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. We have adopted this guidance, and the required disclosure is set forth in Note 11. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
Note 2 – Acquisitions | |||||||||
During June 2013, our United Kingdom (“U.K.”) reporting segment acquired 100 percent of the share capital of Cooke Bros. Holdings Limited, which includes the subsidiary companies Calypso Soft Drinks Limited and Mr. Freeze (Europe) Limited (together, “Calypso Soft Drinks”). Calypso Soft Drinks produces fruit juices, juice drinks, soft drinks, and freeze products in the United Kingdom. The aggregate purchase price for the acquisition of Calypso Soft Drinks (the “Calypso Soft Drinks Acquisition”) was $12.1 million, which includes approximately $7 million paid at closing, deferred payments of approximately $2.3 million and $3.0 million to be paid on the first and second anniversary of the closing date of the Calypso Soft Drinks Acquisition, respectively. The closing payment was funded from available cash. | |||||||||
The total consideration paid by us in the Calypso Soft Drinks Acquisition, subject to final working capital adjustments, is summarized below: | |||||||||
(in millions of U.S. dollars) | |||||||||
Cash | $ | 7 | |||||||
Deferred consideration * | 5.1 | ||||||||
Total consideration | $ | 12.1 | |||||||
* | Principal amount of $5.3 million discounted to be paid on the first and second anniversary of the completion date. | ||||||||
Our primary reasons for the Calypso Soft Drinks Acquisition were to expand Cott’s product portfolio and enhance our customer offering and growth prospects. | |||||||||
The Calypso Soft Drinks Acquisition is being accounted for as a business combination which, among other things, requires that assets acquired and liabilities assumed be measured at their acquisition date fair values. Identified intangible assets, goodwill and property, plant and equipment are recorded at their estimated fair values per preliminary valuations and may change based on the final valuation results including, for example, the process of physically validating fixed assets. The results of operations of Calypso Soft Drinks have been included in our operating results beginning as of the acquisition date. We allocated the purchase price of the Calypso Soft Drinks Acquisition to tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over the aggregate fair values was recorded as goodwill. The fair value assigned to identifiable intangible assets acquired was based on estimates and assumptions made by management. Intangible assets are amortized using a method that reflects the pattern in which economic benefits of the intangible asset are consumed using a straight-line amortization method. | |||||||||
The following table summarizes the estimated allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the Calypso Soft Drinks Acquisition. The allocation of the purchase price is based on a preliminary valuation that is expected to be completed in the fourth quarter of 2013. Any adjustment may affect the total purchase price and value of goodwill. | |||||||||
(in millions of U.S. dollars) | Acquired Value | ||||||||
Cash | $ | 0.5 | |||||||
Accounts receivable | 15.1 | ||||||||
Inventory | 7.5 | ||||||||
Prepaid expenses and other assets | 0.6 | ||||||||
Property, plant and equipment | 9.7 | ||||||||
Goodwill | 10.5 | ||||||||
Intangibles and other assets | 14.8 | ||||||||
Accounts payable and accrued liabilities | (14.1 | ) | |||||||
Shareholder loans | (1.6 | ) | |||||||
Deferred tax liabilities | (4.7 | ) | |||||||
Other long-term liabilities | (26.2 | ) | |||||||
Total | $ | 12.1 | |||||||
The Company recognized $1.6 million of acquisition related costs associated with the Calypso Soft Drinks Acquisition that were expensed during the nine month period ended September 28, 2013. These costs are included in the selling, general, and administrative expenses of our Consolidated Statements of Operations in accordance with ASC 805, “Business Combinations.” | |||||||||
Intangible Assets | |||||||||
In our preliminary determination of the fair value of the intangible assets, we considered, among other factors, the best use of acquired assets, analysis of historical financial performance and estimates of future performance of Calypso Soft Drink’s products. The estimated fair values of identified intangible assets were calculated considering market participant expectations and using an income approach and estimates and assumptions provided by Calypso Soft Drinks’ management, as well as our management. The following table sets forth the components of identified intangible assets associated with the Calypso Soft Drinks Acquisition and their estimated weighted average useful lives: | |||||||||
(in millions of U.S. dollars) | Estimated | Estimated | |||||||
Fair Market | Useful | ||||||||
Value | Life | ||||||||
Customer relationships | $ | 10.5 | 15 years | ||||||
Trademarks and trade names | 3 | 20 years | |||||||
Non-competition agreements | 1.3 | 5 years | |||||||
Total | $ | 14.8 | |||||||
Customer relationships represent future projected revenue that will be derived from sales to existing customers of Calypso Soft Drinks. | |||||||||
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. | |||||||||
In conjunction with the closing of the Calypso Soft Drinks Acquisition, certain key employees of Calypso Soft Drinks executed non-competition agreements, which prevent those employees from competing with us in the specified restricted territories for a period of time after the acquisition date. The value of the Calypso Soft Drinks business could be diminished without these noncompetition agreements. | |||||||||
Goodwill | |||||||||
The principal factor that resulted in recognition of goodwill was that the purchase price for the Calypso Soft Drinks Acquisition 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. | |||||||||
Selected Financial Data | |||||||||
The following unaudited financial information for the three months and sixteen weeks ended September 28, 2013 represents the activity of Calypso Soft Drinks that has been combined with our operations as of the date of acquisition. | |||||||||
(in millions of U.S. dollars) | For the Three Months | For the Sixteen Weeks | |||||||
Ended September 28, 2013 | Ended September 28, 2013 | ||||||||
Revenue | $ | 15.7 | $ | 19.9 | |||||
Net income | 0.6 | 0.7 | |||||||
On August 17, 2010, we completed the acquisition of substantially all of the assets and liabilities of Cliffstar Corporation (“Cliffstar”) and its affiliated companies for approximately $503.0 million in cash, $14.0 million in deferred consideration payable in equal installments over three years and contingent consideration of up to $55.0 million (the “Cliffstar Acquisition”). The first $15.0 million of the contingent consideration was paid upon the achievement of milestones in certain expansion projects in 2010. The remainder of the contingent consideration was to be calculated based on the achievement of certain performance measures during the fiscal year ended January 1, 2011. | |||||||||
In 2011, the seller of Cliffstar then raised certain objections to the performance measures used to calculate the contingent consideration, and the parties commenced the dispute resolution mechanism provided for in the asset purchase agreement. During 2011, Cott made interim payments to the seller equal to $29.6 million, which was net of a $4.7 million refund due to Cott and included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s claims for an additional $12.1 million in contingent consideration were submitted to binding arbitration pursuant to the asset purchase agreement and favorably resolved by payment by Cott in February 2013 of approximately $0.6 million. |
Restructuring
Restructuring | 9 Months Ended | ||||
Sep. 28, 2013 | |||||
Restructuring And Related Activities [Abstract] | ' | ||||
Restructuring | ' | ||||
Note 3 – Restructuring | |||||
We implement restructuring programs from time to time that are designed to improve operating effectiveness and lower costs. When we implement these programs, we incur various charges, including severance and other employment related costs. During June 2013, we implemented one such program (the “2013 Restructuring Plan”), which consisted primarily of headcount reductions. For the nine months ended September 28, 2013, we incurred charges of approximately $2.0 million related primarily to employee redundancy costs. | |||||
The following table summarizes restructuring charges for the nine-month period ended September 28, 2013: | |||||
(in millions of U.S. dollars) | September 28, | ||||
2013 | |||||
North America | $ | 1 | |||
United Kingdom | 0.7 | ||||
Mexico | 0.3 | ||||
Total | $ | 2 | |||
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Note 4 – Share-Based Compensation | |||||||||||||||||
The table below summarizes the share-based compensation expense for the three and nine months ended September 28, 2013 and September 29, 2012, respectively. This share-based compensation expense was recorded in selling, general, and administrative expenses in our Consolidated Statements of Operations. As used below: (i) “Performance-based RSUs” mean restricted share units with performance-based vesting granted under the Company’s 2010 Equity Incentive Plan (the “2010 Equity Incentive Plan”) or Amended and Restated Equity Incentive Plan (as defined below), as the case may be, (ii) “Time-based RSUs” mean restricted share units with time-based vesting granted under the 2010 Equity Incentive Plan or Amended and Restated Equity Incentive Plan, as the case may be, (iii) “Stock options” mean non-qualified stock options granted under the Amended and Restated Equity Incentive Plan, the 2010 Equity Incentive Plan, or the Restated 1986 Common Share Option Plan (the “1986 Option Plan”), as the case may be, and (iv) “Directors’ share award” means common shares issued in consideration of the annual board retainer fee to non-management members of our board of directors under the 2010 Equity Incentive Plan or Amended and Restated Equity Incentive Plan, as the case may be. | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
(in millions of U.S. dollars) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Stock options | $ | 0.2 | $ | 0.1 | $ | 0.6 | $ | 0.3 | |||||||||
Directors’ share award | — | — | 0.8 | 0.7 | |||||||||||||
Performance-based RSUs | 0.3 | 0.2 | 0.7 | 0.4 | |||||||||||||
Time-based RSUs | 0.6 | 1 | 1.5 | 2.1 | |||||||||||||
Total | $ | 1.1 | $ | 1.3 | $ | 3.6 | $ | 3.5 | |||||||||
As of September 28, 2013, the unrecognized share-based compensation expense and years we expect to recognize the future compensation expense were as follows: | |||||||||||||||||
(in millions of U.S. dollars, except years) | Unrecognized share-based | Weighted average years | |||||||||||||||
compensation expense as | expected to recognize | ||||||||||||||||
of September 28, 2013 | compensation | ||||||||||||||||
Stock options | $ | 1.9 | 2 | ||||||||||||||
Performance-based RSUs | 2.8 | 1.9 | |||||||||||||||
Time-based RSUs | 4.1 | 1.9 | |||||||||||||||
Total | $ | 8.8 | |||||||||||||||
Stock option activity for the nine months ended September 28, 2013 was as follows: | |||||||||||||||||
Weighted average | |||||||||||||||||
Shares | exercise price | ||||||||||||||||
(in thousands) | (Canadian $) | ||||||||||||||||
Balance at December 29, 2012 | 468 | $ | 7.28 | ||||||||||||||
Awarded | 392 | 9.36 | |||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited or expired | — | — | |||||||||||||||
Outstanding at September 28, 2013 | 860 | $ | 8.23 | ||||||||||||||
Exercisable at September 28, 2013 | 125 | $ | 9.49 | ||||||||||||||
During the nine months ended September 28, 2013, Performance-based RSU and Time-based RSU activity was as follows: | |||||||||||||||||
(in thousands of shares) | Number of | Number of | |||||||||||||||
Performance- | Time-based | ||||||||||||||||
based RSUs | RSUs | ||||||||||||||||
Balance at December 29, 2012 | 825 | 529 | |||||||||||||||
Awarded | 247 | 382 | |||||||||||||||
Issued | — | (15 | ) | ||||||||||||||
Forfeited | (26 | ) | (37 | ) | |||||||||||||
Outstanding at September 28, 2013 | 1,046 | 859 | |||||||||||||||
On February 14, 2013, our board of directors adopted an amendment and restatement of the 2010 Equity Incentive Plan (the “Amended and Restated Equity Plan”), pursuant to which the 2010 Equity Incentive Plan was amended and restated to, among other things, increase the number of shares that may be issued under the plan to 12,000,000 shares and to provide that the number of shares available for issuance will be reduced 2.0 shares for each share issued pursuant to a “full-value” award (i.e. an award other than an option or stock appreciation right) after the effective date of the amendment and restatement. The Amended and Restated Equity Plan was approved by Cott’s shareowners on April 30, 2013. | |||||||||||||||||
Certain outstanding stock options were granted under the 1986 Option Plan. Our board of directors terminated the 1986 Option Plan as of February 23, 2011. In connection with the termination of the 1986 Option Plan, outstanding options will continue in accordance with the terms of the 1986 Option Plan until exercised, forfeited or terminated, as applicable. No further awards will be granted under the 1986 Option Plan. | |||||||||||||||||
Average Canadian to U.S. Dollar Exchange Rate for the Nine Months Ended September 28, 2013 | |||||||||||||||||
The weighted-average exercise prices for options in this Note 4 are disclosed in Canadian dollars. The table below represents the average Canadian dollar to U.S. dollar exchange rate for the nine months ended September 28, 2013: | |||||||||||||||||
For the Nine Months Ended | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
Average exchange rate | $ | 0.978 |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 5 – Income Taxes | |
Income tax expense was $2.3 million on pretax income of $34.7 million for the nine months ended September 28, 2013, as compared to income tax expense of $5.5 million on pretax income of $54.4 million for the nine months ended September 29, 2012. The year to date income tax expense was reduced as a result of lower pretax income relative to the comparable prior year period. |
Net_Income_Per_Common_Share
Net Income Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income Per Common Share | ' | ||||||||||||||||
Note 6 – Net Income Per Common Share | |||||||||||||||||
Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per common share is calculated using 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. | |||||||||||||||||
A reconciliation of the denominators of the basic and diluted net income per common share computations is as follows: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
(in thousands of shares) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Weighted average number of shares outstanding – basic | 94,235 | 94,488 | 94,922 | 94,461 | |||||||||||||
Dilutive effect of Stock options | 53 | 32 | 53 | 32 | |||||||||||||
Dilutive effect of Performance-based RSUs | 167 | 51 | 283 | 43 | |||||||||||||
Dilutive effect of Time-based RSUs | 317 | 1,027 | 497 | 1,055 | |||||||||||||
Adjusted weighted average number of shares outstanding – diluted | 94,772 | 95,598 | 95,755 | 95,591 | |||||||||||||
At September 28, 2013, we excluded 442,131 (September 29, 2012 – 392,479) stock options from the computation of diluted net income per share because the options’ exercise price was greater than the average market price of the common shares. Shares purchased on the open market and held by independent trusts are categorized as treasury shares under applicable accounting rules. We excluded 674,397 treasury shares held in various trusts in the calculation of basic and diluted earnings per share for the nine months ended September 29, 2012. |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||
Note 7 – Segment Reporting | |||||||||||||||||||||||||
Our product lines include CSDs, 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy products, sports products, new age beverages, and ready-to-drink teas, as well as alcoholic beverages for brand owners. Our business operates through five reporting segments: North America (which includes our U.S. operating segment and Canada operating segment), U.K. (which includes our United Kingdom reporting unit and our Continental European reporting unit), Mexico, Royal Crown International (“RCI”) and All Other. The primary measures used in evaluating our reporting segments are revenues, operating income (loss), and additions to property, plant and equipment, which have been included as part of our segment disclosures listed below. | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | All Other | Total | |||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
For the Three Months Ended September 28, 2013 | |||||||||||||||||||||||||
External revenue1 | $ 383.3 | $142.90 | $ 7.5 | $ 9.5 | $ — | $ 543.2 | |||||||||||||||||||
Depreciation and amortization | 20.8 | 3.8 | 0.5 | — | — | 25.1 | |||||||||||||||||||
Operating income (loss) | 14.6 | 9.5 | (1.2 | ) | 3.1 | — | 26 | ||||||||||||||||||
Additions to property, plant & equipment | 9 | 1.2 | — | — | — | 10.2 | |||||||||||||||||||
For the Nine Months Ended September 28, 2013 | |||||||||||||||||||||||||
External revenue1 | $1,194.60 | $368.20 | $22.60 | $27.00 | $ — | $1,612.40 | |||||||||||||||||||
Depreciation and amortization | 62.9 | 10.3 | 1.5 | — | — | 74.7 | |||||||||||||||||||
Operating income (loss) | 49.3 | 18.6 | (1.6 | ) | 7.4 | — | 73.7 | ||||||||||||||||||
Additions to property, plant & equipment | 33.9 | 9.5 | 1.3 | — | — | 44.7 | |||||||||||||||||||
As of September 28, 2013 | |||||||||||||||||||||||||
Property, plant & equipment | $ 371.5 | $108.70 | $ 9.9 | $ — | $ — | $ 490.1 | |||||||||||||||||||
Goodwill | 124.9 | 11 | — | 4.5 | — | 140.4 | |||||||||||||||||||
Intangibles and other assets | 275.8 | 27.5 | — | 0.3 | — | 303.6 | |||||||||||||||||||
Total assets2 | 1,195.90 | 323.3 | 25.2 | 15.1 | 0.9 | 1,560.40 | |||||||||||||||||||
1 | Intersegment revenue between North America and the other reporting segments was $5.6 million and $14.8 million for the three and nine months ended September 28, 2013, respectively. | ||||||||||||||||||||||||
2 | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | All Other | Total | |||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
For the Three Months Ended September 29, 2012 | |||||||||||||||||||||||||
External revenue1 | $ 439.3 | $125.50 | $ 9.7 | $ 9.3 | $ — | $ 583.8 | |||||||||||||||||||
Depreciation and amortization | 21.1 | 3.2 | 0.4 | — | — | 24.7 | |||||||||||||||||||
Operating income (loss) | 18.9 | 7.8 | (1.0 | ) | 2.9 | — | 28.6 | ||||||||||||||||||
Additions to property, plant & equipment | 10 | 1.7 | 1.5 | — | — | 13.2 | |||||||||||||||||||
For the Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||
External revenue1 | $1,323.10 | $356.20 | $29.00 | $25.10 | $ — | $1,733.40 | |||||||||||||||||||
Depreciation and amortization | 61.3 | 9.6 | 1.3 | — | — | 72.2 | |||||||||||||||||||
Operating income (loss) | 67.4 | 21.5 | (3.2 | ) | 7.1 | — | 92.8 | ||||||||||||||||||
Additions to property, plant & equipment | 39 | 9.8 | 1.8 | — | — | 50.6 | |||||||||||||||||||
As of December 29, 2012 | |||||||||||||||||||||||||
Property, plant & equipment | $ 382.1 | $ 99.5 | $ 9.3 | $ — | $ — | $ 490.9 | |||||||||||||||||||
Goodwill | 125.8 | — | — | 4.5 | — | 130.3 | |||||||||||||||||||
Intangibles and other assets | 301.1 | 13.9 | 0.4 | — | — | 315.4 | |||||||||||||||||||
Total assets2 | 1,246.70 | 273.8 | 28.1 | 14.1 | 3.2 | 1,565.90 | |||||||||||||||||||
1 | Intersegment revenue between North America and the other reporting segments was $4.9 million and $13.0 million for the three and nine months ended September 29, 2012, respectively. | ||||||||||||||||||||||||
2 | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||||||
A significant portion of our revenue is concentrated in a small number of customers. For the nine months ended September 28, 2013, sales to Walmart accounted for 29.9% of our total revenues (September 29, 2012 – 31.3%), 35.9% of our North America reporting segment revenues (September 29, 2012 – 36.3%), 14.1% of our U.K. reporting segment revenues (September 29, 2012 – 15.4%), and 9.5% of our Mexico reporting segment revenues (September 29, 2012 – 21.7%). | |||||||||||||||||||||||||
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. | |||||||||||||||||||||||||
Revenues are attributed to operating segments based on the location of the customer. Revenues by operating segment were as follows: | |||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||
(in millions of U.S. dollars) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||||||||||
United States | $ | 344.3 | $ | 388 | $ | 1,066.90 | $ | 1,169.00 | |||||||||||||||||
Canada | 50.2 | 63.2 | 159.8 | 190.3 | |||||||||||||||||||||
United Kingdom | 142.9 | 125.5 | 368.2 | 356.2 | |||||||||||||||||||||
Mexico | 7.5 | 9.7 | 22.6 | 29 | |||||||||||||||||||||
RCI | 9.5 | 9.3 | 27 | 25.1 | |||||||||||||||||||||
Elimination1 | (11.2 | ) | (11.9 | ) | (32.1 | ) | (36.2 | ) | |||||||||||||||||
$ | 543.2 | $ | 583.8 | $ | 1,612.40 | $ | 1,733.40 | ||||||||||||||||||
1 | Represents intersegment revenue among our operating segments, of which $5.6 million and $14.8 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and nine months ended September 28, 2013, respectively, compared to $4.9 million and $13.0 million for the three and nine months ended September 29, 2012, respectively. | ||||||||||||||||||||||||
Revenues by product category were as follows: | |||||||||||||||||||||||||
For the Three Months Ended September 28, 2013 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | Total | ||||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Carbonated soft drinks | $ | 148.1 | $ | 46.7 | $ | 2.4 | $ | — | $ | 197.2 | |||||||||||||||
Juice | 117.4 | 11.2 | 0.1 | 0.5 | 129.2 | ||||||||||||||||||||
Concentrate | 2.9 | 0.5 | — | 7.1 | 10.5 | ||||||||||||||||||||
All other products | 114.9 | 84.5 | 5 | 1.9 | 206.3 | ||||||||||||||||||||
Total | $ | 383.3 | $ | 142.9 | $ | 7.5 | $ | 9.5 | $ | 543.2 | |||||||||||||||
For the Nine Months Ended September 28, 2013 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | Total | ||||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Carbonated soft drinks | $ | 456.6 | $ | 119.4 | $ | 9.6 | $ | 0.2 | $ | 585.8 | |||||||||||||||
Juice | 376.8 | 19.9 | 0.1 | 1.9 | 398.7 | ||||||||||||||||||||
Concentrate | 8.8 | 1.7 | — | 21.2 | 31.7 | ||||||||||||||||||||
All other products | 352.4 | 227.2 | 12.9 | 3.7 | 596.2 | ||||||||||||||||||||
Total | $ | 1,194.60 | $ | 368.2 | $ | 22.6 | $ | 27 | $ | 1,612.40 | |||||||||||||||
For the Three Months Ended September 29, 2012 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | Total | ||||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Carbonated soft drinks | $ | 182.3 | $ | 43.1 | $ | 5.1 | $ | 0.3 | $ | 230.8 | |||||||||||||||
Juice | 133.7 | 3.7 | 0.3 | 0.4 | 138.1 | ||||||||||||||||||||
Concentrate | 3.3 | 0.5 | — | 8.5 | 12.3 | ||||||||||||||||||||
All other products | 120 | 78.2 | 4.3 | 0.1 | 202.6 | ||||||||||||||||||||
Total | $ | 439.3 | $ | 125.5 | $ | 9.7 | $ | 9.3 | $ | 583.8 | |||||||||||||||
For the Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | Total | ||||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Carbonated soft drinks | $ | 533.3 | $ | 121.8 | $ | 16.4 | $ | 0.3 | $ | 671.8 | |||||||||||||||
Juice | 406.9 | 10.5 | 0.7 | 1.1 | 419.2 | ||||||||||||||||||||
Concentrate | 9.6 | 1.8 | — | 23.6 | 35 | ||||||||||||||||||||
All other products | 373.3 | 222.1 | 11.9 | 0.1 | 607.4 | ||||||||||||||||||||
Total | $ | 1,323.10 | $ | 356.2 | $ | 29 | $ | 25.1 | $ | 1,733.40 | |||||||||||||||
Property, plant and equipment, net by operating segment as of September 28, 2013 and December 29, 2012 was as follows: | |||||||||||||||||||||||||
(in millions of U.S. dollars) | September 28, 2013 | December 29, 2012 | |||||||||||||||||||||||
United States | $ | 324.8 | $ | 333.7 | |||||||||||||||||||||
Canada | 46.7 | 48.4 | |||||||||||||||||||||||
United Kingdom | 108.7 | 99.5 | |||||||||||||||||||||||
Mexico | 9.9 | 9.3 | |||||||||||||||||||||||
Total | $ | 490.1 | $ | 490.9 | |||||||||||||||||||||
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 8 – Inventories | |||||||||
The following table summarizes inventories as of September 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | September 28, 2013 | December 29, 2012 | |||||||
Raw materials | $ | 78.4 | $ | 93.4 | |||||
Finished goods | 115.5 | 111.6 | |||||||
Other | 21.5 | 19.8 | |||||||
Total | $ | 215.4 | $ | 224.8 | |||||
Intangibles_and_Other_Assets
Intangibles and Other Assets | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangibles and Other Assets | ' | ||||||||||||
Note 9 – Intangibles and Other Assets | |||||||||||||
The following table summarizes intangibles and other assets as of September 28, 2013: | |||||||||||||
28-Sep-13 | |||||||||||||
(in millions of U.S. dollars) | Cost | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Intangibles | |||||||||||||
Not subject to amortization | |||||||||||||
Rights | $ | 45 | $ | — | $ | 45 | |||||||
Subject to amortization | |||||||||||||
Customer relationships | $ | 378.5 | $ | 160.8 | $ | 217.7 | |||||||
Trademarks | 32.4 | 24.9 | 7.5 | ||||||||||
Information technology | 49.1 | 32.7 | 16.4 | ||||||||||
Other | 13.2 | 10.4 | 2.8 | ||||||||||
473.2 | 228.8 | 244.4 | |||||||||||
518.2 | 228.8 | 289.4 | |||||||||||
Other Assets | |||||||||||||
Financing costs | $ | 25.7 | $ | 13.2 | $ | 12.5 | |||||||
Deposits | 1.1 | — | 1.1 | ||||||||||
Other | 0.9 | 0.3 | 0.6 | ||||||||||
27.7 | 13.5 | 14.2 | |||||||||||
Total Intangibles & Other Assets | $ | 545.9 | $ | 242.3 | $ | 303.6 | |||||||
Our only intangible asset with an indefinite life relates to the 2001 acquisition of intellectual property from Royal Crown Company, Inc., including 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”). | |||||||||||||
Amortization expense of intangible and other assets was $8.6 million and $25.9 million for the three and nine months ended September 28, 2013, respectively, compared to $8.8 million and $26.6 million for the comparable prior year periods. | |||||||||||||
The estimated amortization expense for intangibles over the next five years is: | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Remainder of 2013 | $ | 10 | |||||||||||
2014 | 30.8 | ||||||||||||
2015 | 28.4 | ||||||||||||
2016 | 25 | ||||||||||||
2017 | 21.1 | ||||||||||||
Thereafter | 129.1 | ||||||||||||
$ | 244.4 | ||||||||||||
Debt
Debt | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Note 10 – Debt | |||||||||
Our total debt as of September 28, 2013 and December 29, 2012 was as follows: | |||||||||
(in millions of U.S. dollars) | September 28, 2013 | December 29, 2012 | |||||||
8.375% senior notes due in 20171 | $ | 215 | $ | 215 | |||||
8.125% senior notes due in 2018 | 375 | 375 | |||||||
GE obligation | 10.7 | 9.9 | |||||||
Other capital leases | 5.6 | 4.6 | |||||||
Other debt | 1.8 | 1.3 | |||||||
Total debt | 608.1 | 605.8 | |||||||
Less: Current debt | |||||||||
GE obligation – current maturities | 1.9 | 0.9 | |||||||
Other capital leases – current maturities | 1.4 | 0.8 | |||||||
Other debt – current maturities | 0.6 | 0.2 | |||||||
Total current debt | 3.9 | 1.9 | |||||||
Long-term debt before discount | 604.2 | 603.9 | |||||||
Less discount on 8.375% notes | (1.8 | ) | (2.1 | ) | |||||
Total long-term debt | $ | 602.4 | $ | 601.8 | |||||
1 | Our 8.375% senior notes were issued at a discount of 1.425% on November 13, 2009. | ||||||||
Asset-Based Lending Credit Facility | |||||||||
On March 31, 2008, we entered into a credit agreement with JPMorgan Chase Bank N.A. as Agent that created an asset-based lending credit facility (the “ABL facility”) to provide financing for our North America, U.K. and Mexico reporting segments. In connection with the Cliffstar Acquisition, we refinanced the ABL facility on August 17, 2010 to, among other things, provide for the Cliffstar Acquisition, the issuance of $375.0 million of 8.125% senior notes that are due on September 1, 2018 (the “2018 Notes”) and the application of net proceeds therefrom, the underwritten public offering of 13,340,000 common shares at a price of $5.67 per share and the application of net proceeds therefrom and to increase the amount available for borrowings to $275.0 million. We drew down a portion of the indebtedness under the ABL facility in order to fund the Cliffstar Acquisition. We incurred $5.4 million of financing fees in connection with the refinancing of the ABL facility. | |||||||||
On July 19, 2012, we amended the ABL facility to, among other things, extend the maturity date to either July 19, 2017 or, if we have not redeemed, repurchased or refinanced our 8.375% senior notes due 2017 (the “2017 Notes”) by May 1, 2017, May 15, 2017. We incurred $1.2 million of financing fees in connection with the amendment of the ABL facility. | |||||||||
On October 22, 2013, we amended the ABL facility to, among other things, (1) provide for an increase in the lenders’ commitments under the ABL facility to $300 million, as well an increase to the accordion feature, which permits us to increase the lenders’ commitments under the ABL facility to $350 million, subject to certain conditions, (2) extend the maturity date to the earliest of (i) October 22, 2018, (ii) May 15, 2017, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, or (iii) March 1, 2018, if we have not redeemed, repurchased or refinanced the 2018 Notes by February 15, 2018, and (3) provide for greater flexibility under certain covenants. We incurred approximately $0.6 million of financing fees in connection with the amendment of the ABL facility. | |||||||||
The financing fees incurred in connection with the refinancing of the ABL facility on August 17, 2010, along with the financing fees incurred in connection with the amendment of the ABL facility on July 19, 2012 and on October 22, 2013, are being amortized using the straight line method over the duration of the amended ABL facility. | |||||||||
As of September 28, 2013, we had no outstanding borrowings under the ABL facility. The commitment fee was 0.375% per annum of the unused commitment, which, taking into account $7.5 million of letters of credit, was $239.0 million as of September 28, 2013. | |||||||||
8.375% Senior Notes due in 2017 | |||||||||
On November 13, 2009, we issued the 2017 Notes. The 2017 Notes were issued at a $3.1 million discount. The issuer of the 2017 Notes is our wholly-owned U.S. subsidiary Cott Beverages Inc., and we and most of our U.S., Canadian and U.K. subsidiaries guarantee the 2017 Notes. The interest on the 2017 Notes is payable semi-annually on May 15th and November 15th of each year. | |||||||||
We incurred $5.1 million of financing fees in connection with the 2017 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the duration of the 2017 Notes. | |||||||||
On September 30, 2013, Cott Beverages Inc. notified Wells Fargo Bank, National Association, as successor trustee to HSBC Bank USA, N.A. under the indenture dated as of November 13, 2009 governing the 2017 Notes (the “Indenture”), that Cott Beverages Inc. will, pursuant to the optional redemption provisions contained in the Indenture, redeem U.S. $200.0 million aggregate principal amount of the 2017 Notes on November 15, 2013 at 104.118% of par. The redemption will include approximately $8 million in premium payments as well as approximately $4 million in deferred financing fee and discount charges. | |||||||||
8.125% Senior Notes due in 2018 | |||||||||
On August 17, 2010, we issued the 2018 Notes. The issuer of the 2018 Notes is our wholly-owned U.S. subsidiary Cott Beverages Inc., and we and most of our U.S., Canadian and U.K. subsidiaries guarantee the 2018 Notes. The interest on the 2018 Notes is payable semi-annually on March 1st and September 1st of each year. | |||||||||
We incurred $8.6 million of financing fees in connection with the issuance of the 2018 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the duration of the 2018 Notes. | |||||||||
GE Term Loan | |||||||||
In January 2008, we entered into a capital lease finance arrangement with General Electric Capital Corporation (“GE Capital”) for the lease of equipment. In September 2013, we purchased the equipment subject to the lease for an aggregate purchase price of $10.7 million, with the financing for such purchase provided by General Electric at 5.23% interest. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
Note 11 – Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||
Changes in accumulated other comprehensive (loss) income by component1 for the nine months ended September 28, 2013 were as follows: | |||||||||||||||||
(in millions of U.S. dollars) | 28-Sep-13 | ||||||||||||||||
Gains and | Pension | Currency | Total | ||||||||||||||
Losses on | Benefit | Translation | |||||||||||||||
Derivative | Plan Items | Adjustment | |||||||||||||||
Instruments | Items | ||||||||||||||||
Beginning balance December 29, 2012 | $ | 0.2 | $ | (9.1 | ) | $ | (3.5 | ) | $ | (12.4 | ) | ||||||
OCI before reclassifications | 0.2 | (0.3 | ) | (4.8 | ) | (4.9 | ) | ||||||||||
Amounts reclassified from AOCI | (0.3 | ) | 0.6 | — | 0.3 | ||||||||||||
Net current-period OCI | (0.1 | ) | 0.3 | (4.8 | ) | (4.6 | ) | ||||||||||
Ending balance September 28, 2013 | $ | 0.1 | $ | (8.8 | ) | $ | (8.3 | ) | $ | (17.0 | ) | ||||||
1 | All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||||||||||||
The following table summarizes the amounts reclassified from accumulated other comprehensive (loss) income1 for the three and nine months ended September 28, 2013. | |||||||||||||||||
(in millions of U.S. dollars) | Amounts Reclassified From AOCI | ||||||||||||||||
Details About AOCI Components | For the Three | For the Nine | Affected Line Item in the | ||||||||||||||
Months Ended | Months Ended | Statement Where Net Income | |||||||||||||||
September 28, | September 28, | Is Presented | |||||||||||||||
2013 | 2013 | ||||||||||||||||
Gains and losses on derivative instruments | |||||||||||||||||
Foreign currency hedges | $ | 0.1 | $ | 0.3 | Cost of sales | ||||||||||||
$ | 0.1 | $ | 0.3 | Total before taxes | |||||||||||||
— | — | Tax (expense) or benefit | |||||||||||||||
$ | 0.1 | $ | 0.3 | Net of tax | |||||||||||||
Amortization of pension benefit plan items | |||||||||||||||||
Prior-service costs2 | $ | 0.1 | $ | (0.2 | ) | ||||||||||||
Actuarial adjustments2 | — | (0.1 | ) | ||||||||||||||
Actuarial gains/(losses)2 | — | (0.1 | ) | ||||||||||||||
0.1 | (0.4 | ) | Total before tax | ||||||||||||||
— | (0.2 | ) | Tax (expense) or benefit | ||||||||||||||
$ | 0.1 | $ | (0.6 | ) | Net of tax | ||||||||||||
Total reclassifications for the period | $ | 0.2 | $ | (0.3 | ) | Net of tax | |||||||||||
1 | Amounts in parentheses indicate debits. | ||||||||||||||||
2 | These AOCI components are included in the computation of net periodic pension cost. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 12 – Commitments and Contingencies | |
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. | |
On August 17, 2010, we completed the Cliffstar Acquisition which included contingent consideration of up to $55.0 million. The first $15.0 million of the contingent consideration was paid upon the achievement of milestones in certain expansion projects in 2010. The remainder of the contingent consideration was to be calculated based on the achievement of certain performance measures during the fiscal year ended January 1, 2011. During 2011, Cott made interim payments to the seller equal to $29.6 million, which was net of a $4.7 million refund due to Cott and included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. In 2011, the seller of Cliffstar then raised certain objections to the performance measures used to calculate the contingent consideration, and the parties commenced the dispute resolution mechanism provided for in the asset purchase agreement. The seller’s claims for an additional $12.1 million in contingent consideration were submitted to binding arbitration pursuant to the asset purchase agreement and favorably resolved by payment by Cott in February 2013 of approximately $0.6 million. | |
We had $7.5 million in standby letters of credit outstanding as of September 28, 2013 (September 29, 2012 – $11.0 million). |
Shares_Held_in_Trust_Treated_a
Shares Held in Trust Treated as Treasury Shares and Share Repurchase Program | 9 Months Ended |
Sep. 28, 2013 | |
Equity [Abstract] | ' |
Shares Held in Trust Treated as Treasury Shares and Share Repurchase Program | ' |
Note 13 – Shares Held in Trust Treated as Treasury Shares and Share Repurchase Program | |
In May 2008, an independent trustee acting on behalf of certain of our benefit plans purchased 2.3 million of our common shares to be used to satisfy future liabilities under the Amended and Restated Performance Share Unit Plan and the Restated Executive Incentive Share Purchase Plan. During the year ended December 29, 2012, we distributed the remaining 0.7 million shares from the trust to satisfy certain 2010 Equity Incentive Plan obligations that had vested during the last quarter of 2012. As of December 29, 2012, there were no shares held in trust that were accounted for as treasury shares. | |
On May 1, 2012, our board of directors authorized the repurchase of up to $35.0 million of our common shares in the open market or through privately negotiated transactions over a 12-month period through either a 10b5-1 automatic trading plan or at management’s discretion in compliance with regulatory requirements, and given market, cost and other considerations. | |
On April 30, 2013, our board of directors renewed our share repurchase program for up to 5% of Cott’s outstanding common shares over a 12-month period commencing upon the expiration of the prior share repurchase program on May 21, 2013. We repurchased 554,769 shares of common stock for approximately $4.5 million during the third quarter ended September 28, 2013 under the share repurchase program through open market transactions. We are unable to predict the number of shares that ultimately will be repurchased under the share repurchase program, or the aggregate dollar amount of the shares actually purchased. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements. |
Hedging_Transactions_and_Deriv
Hedging Transactions and Derivative Financial Instruments | 9 Months Ended |
Sep. 28, 2013 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' |
Hedging Transactions and Derivative Financial Instruments | ' |
Note 14 – 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 purchase forward contract derivative instruments. Forward contracts are agreements to buy or sell a quantity of a currency at a predetermined future date, and at a predetermined rate or price. We do not enter into derivative financial instruments for trading purposes. | |
All derivatives are carried at fair value in the Consolidated Balance Sheets in the line item other receivables or other payables. The carrying values of the derivatives reflect the impact of legally enforceable agreements with the same counterparties. These 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. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“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. | |
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 effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is immediately recognized into earnings. | |
We estimate the fair values of our derivatives based on quoted market prices or pricing models using current market rates (refer to Note 15). 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 straight-forward 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 mitigate pre-settlement risk by being permitted to net settle for transactions with the same counterparty. | |
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 foreign currency exchange rates. The changes in the fair values of derivatives designated 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. 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 nine months ended September 28, 2013. The maximum length of time over which we hedge our exposure to future cash flows is typically one year. | |
We maintain a foreign currency cash flow hedging program to reduce the risk that our procurement activities will be adversely affected by changes in foreign currency exchange rates. We enter into forward contracts to hedge certain portions of forecasted cash flows denominated in foreign currencies. The total notional value of derivatives that have been designated and qualify for our foreign currency cash flow hedging program as of September 28, 2013 was approximately $5.5 million. | |
The fair value of the Company’s derivative instruments was nil and $0.1 million as of September 28, 2013 and December 29, 2012, respectively. | |
The settlement of our derivative instruments resulted in a credit to cost of sales of approximately $0.1 million and $0.5 million for the three and nine months ended September 28, 2013, respectively, compared to a charge to cost of sales of $0.3 million and $0.4 million for the comparable prior year periods. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 15 – 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 that are required to be recorded at fair value on a recurring basis in accordance with U.S. GAAP. | |||||||||||||||||
28-Sep-13 | |||||||||||||||||
(in millions of U.S. dollars) | Level 1 | Level 2 | Level 3 | Fair Value Measurements | |||||||||||||
Assets | |||||||||||||||||
Money market | $ | 10 | $ | — | $ | — | $ | 10 | |||||||||
Total Assets | $ | 10 | $ | — | $ | — | $ | 10 | |||||||||
29-Dec-12 | |||||||||||||||||
(in millions of U.S. dollars) | Level 1 | Level 2 | Level 3 | Fair Value Measurements | |||||||||||||
Assets | |||||||||||||||||
Derivatives | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total Assets | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying amounts reflected in the Consolidated Balance Sheets for cash, 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 September 28, 2013 and December 29, 2012 were as follows: | |||||||||||||||||
September 28, 2013 | December 29, 2012 | ||||||||||||||||
(in millions of U.S. dollars) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
8.375% senior notes due in 20171 | $ | 215 | 225.2 | $ | 215 | 234.4 | |||||||||||
8.125% senior notes due in 20181 | 375 | 405.9 | 375 | 414.8 | |||||||||||||
Total | $ | 590 | $ | 631.1 | $ | 590 | $ | 649.2 | |||||||||
1 | The fair values are based on the trading levels and bid/offer prices observed by a market participant and are considered Level 1 inputs. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Guarantor Subsidiaries | ' | ||||||||||||||||||||||||
Note 16 – Guarantor Subsidiaries | |||||||||||||||||||||||||
The 2017 Notes and 2018 Notes issued by our 100% owned subsidiary, Cott Beverages, Inc., are unconditionally guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other 100% owned subsidiaries (the “Guarantor Subsidiaries”). The guarantees of the Guarantor Subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. | |||||||||||||||||||||||||
We have not presented separate financial statements and separate disclosures have not been provided concerning subsidiary guarantors because management has determined such information is not material to the holders of the above-mentioned notes. | |||||||||||||||||||||||||
The following supplemental financial information sets forth on an unconsolidated basis, our Balance Sheets, Statements of Operations and Cash Flows for Cott Corporation, Cott Beverages Inc., Guarantor Subsidiaries and our other subsidiaries (the “Non-guarantor Subsidiaries”). The supplemental financial information reflects our investments and those of Cott Beverages Inc. in their respective subsidiaries using the equity method of accounting. In the third quarter of 2012, we revised the financial statements of certain Non-guarantor Subsidiaries to properly reflect their capitalization and subsequent investment in certain Guarantor Subsidiaries resulting from a reorganization completed in connection with the Cliffstar Acquisition. These Non-guarantor Subsidiaries, which have no business operations and no operating assets, hold, directly or indirectly, our investments in substantially all of the Guarantor Subsidiaries and therefore may be viewed for purposes of this disclosure as in-substance Guarantor Subsidiaries themselves. We have therefore included these Non-guarantor Subsidiaries as Guarantor Subsidiaries in the supplemental financial information below for all periods presented. | |||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended September 28, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 42.5 | $ | 197.6 | $ | 271.5 | $ | 37.4 | $ | (5.8 | ) | $ | 543.2 | ||||||||||||
Cost of sales | 39.2 | 170.5 | 241.3 | 33 | (5.8 | ) | 478.2 | ||||||||||||||||||
Gross profit | 3.3 | 27.1 | 30.2 | 4.4 | — | 65 | |||||||||||||||||||
Selling, general and administrative expenses | 6.8 | 14.9 | 13.2 | 3 | — | 37.9 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.4 | 0.6 | — | — | 1.1 | |||||||||||||||||||
Operating (loss) income | (3.6 | ) | 11.8 | 16.4 | 1.4 | — | 26 | ||||||||||||||||||
Other income, net | (0.1 | ) | — | (0.6 | ) | — | — | (0.7 | ) | ||||||||||||||||
Intercompany interest (income) expense, net | — | (3.0 | ) | 3 | — | — | — | ||||||||||||||||||
Interest (income) expense, net | (0.1 | ) | 13.1 | 0.2 | 0.1 | — | 13.3 | ||||||||||||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (3.4 | ) | 1.7 | 13.8 | 1.3 | — | 13.4 | ||||||||||||||||||
Income tax (benefit) expense | (2.8 | ) | 3.9 | (1.2 | ) | 0.2 | — | 0.1 | |||||||||||||||||
Equity income (loss) | 12.6 | 1.3 | (0.3 | ) | — | (13.6 | ) | — | |||||||||||||||||
Net income (loss) | $ | 12 | $ | (0.9 | ) | $ | 14.7 | $ | 1.1 | $ | (13.6 | ) | $ | 13.3 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | 12 | $ | (0.9 | ) | $ | 14.7 | $ | (0.2 | ) | $ | (13.6 | ) | $ | 12 | ||||||||||
Comprehensive income attributed to Cott Corporation | $ | 23.8 | $ | 28.9 | $ | 30.6 | $ | — | $ | (59.5 | ) | $ | 23.8 | ||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Nine Months Ended September 28, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 131.9 | $ | 605.5 | $ | 777.4 | $ | 116 | $ | (18.4 | ) | $ | 1,612.40 | ||||||||||||
Cost of sales | 114.5 | 520.1 | 695.9 | 102.3 | (18.4 | ) | 1,414.40 | ||||||||||||||||||
Gross profit | 17.4 | 85.4 | 81.5 | 13.7 | — | 198 | |||||||||||||||||||
Selling, general and administrative expenses | 22.3 | 53.8 | 37.7 | 7.1 | — | 120.9 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.7 | 0.6 | — | — | 1.4 | |||||||||||||||||||
Restructuring | 0.5 | 0.5 | 0.7 | 0.3 | — | 2 | |||||||||||||||||||
Operating (loss) income | (5.5 | ) | 30.4 | 42.5 | 6.3 | — | 73.7 | ||||||||||||||||||
Other (income), net | (0.1 | ) | — | (0.3 | ) | — | — | (0.4 | ) | ||||||||||||||||
Intercompany interest (income) expense, net | — | (8.7 | ) | 8.7 | — | — | — | ||||||||||||||||||
Interest (income) expense, net | (0.2 | ) | 39.1 | 0.4 | 0.1 | — | 39.4 | ||||||||||||||||||
(Loss) income before income tax expense (benefit) and equity income (loss) | (5.2 | ) | — | 33.7 | 6.2 | — | 34.7 | ||||||||||||||||||
Income tax (benefit) expense | (2.1 | ) | 5.5 | (1.5 | ) | 0.4 | — | 2.3 | |||||||||||||||||
Equity income (loss) | 31.6 | 3.9 | (0.9 | ) | — | (34.6 | ) | — | |||||||||||||||||
Net income (loss) | $ | 28.5 | $ | (1.6 | ) | $ | 34.3 | $ | 5.8 | $ | (34.6 | ) | $ | 32.4 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 3.9 | — | 3.9 | |||||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | 28.5 | $ | (1.6 | ) | $ | 34.3 | $ | 1.9 | $ | (34.6 | ) | $ | 28.5 | |||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 23.9 | $ | (2.1 | ) | $ | 33.3 | $ | 4.1 | $ | (35.3 | ) | $ | 23.9 | |||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended September 29, 2012 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 52.6 | $ | 220.2 | $ | 271.6 | $ | 46.9 | $ | (7.5 | ) | $ | 583.8 | ||||||||||||
Cost of sales | 42.1 | 187.2 | 246.7 | 42.1 | (7.5 | ) | 510.6 | ||||||||||||||||||
Gross profit | 10.5 | 33 | 24.9 | 4.8 | — | 73.2 | |||||||||||||||||||
Selling, general and administrative expenses | 8.1 | 18.3 | 15.1 | 2.3 | — | 43.8 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.2 | 0.1 | 0.5 | — | 0.8 | |||||||||||||||||||
Operating income | 2.4 | 14.5 | 9.7 | 2 | — | 28.6 | |||||||||||||||||||
Other (income) expense, net | (0.4 | ) | (1.1 | ) | 0.1 | (0.1 | ) | — | (1.5 | ) | |||||||||||||||
Intercompany interest (income) expense, net | — | (3.5 | ) | 3.5 | — | — | — | ||||||||||||||||||
Interest expense, net | — | 12.8 | 0.2 | 0.1 | — | 13.1 | |||||||||||||||||||
Income before income tax expense (benefit) and equity income | 2.8 | 6.3 | 5.9 | 2 | — | 17 | |||||||||||||||||||
Income tax expense (benefit) | 0.9 | 1.2 | (1.0 | ) | 0.1 | — | 1.2 | ||||||||||||||||||
Equity income | 12.6 | 1.5 | 6.5 | — | (20.6 | ) | — | ||||||||||||||||||
Net income | $ | 14.5 | $ | 6.6 | $ | 13.4 | $ | 1.9 | $ | (20.6 | ) | $ | 15.8 | ||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Net income attributed to Cott Corporation | $ | 14.5 | $ | 6.6 | $ | 13.4 | $ | 0.6 | $ | (20.6 | ) | $ | 14.5 | ||||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 27.2 | $ | 26.8 | $ | 24 | $ | 9.6 | $ | (60.4 | ) | $ | 27.2 | ||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 157.6 | $ | 669.9 | $ | 799.1 | $ | 131.5 | $ | (24.7 | ) | $ | 1,733.40 | ||||||||||||
Cost of sales | 126.7 | 564.4 | 719.4 | 118.7 | (24.7 | ) | 1,504.50 | ||||||||||||||||||
Gross profit | 30.9 | 105.5 | 79.7 | 12.8 | — | 228.9 | |||||||||||||||||||
Selling, general and administrative expenses | 23.4 | 58 | 45.1 | 7.9 | — | 134.4 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.6 | 0.6 | 0.5 | — | 1.7 | |||||||||||||||||||
Operating income | 7.5 | 46.9 | 34 | 4.4 | — | 92.8 | |||||||||||||||||||
Other expense (income), net | 0.1 | (1.0 | ) | (0.8 | ) | (0.5 | ) | — | (2.2 | ) | |||||||||||||||
Intercompany interest (income) expense, net | — | (8.2 | ) | 8.2 | — | — | — | ||||||||||||||||||
Interest expense, net | 0.2 | 39.8 | 0.5 | 0.1 | — | 40.6 | |||||||||||||||||||
Income before income tax expense (benefit) and equity income | 7.2 | 16.3 | 26.1 | 4.8 | — | 54.4 | |||||||||||||||||||
Income tax expense (benefit) | 4.1 | 1.8 | (0.4 | ) | — | — | 5.5 | ||||||||||||||||||
Equity income | 42.4 | 3.8 | 18.3 | — | (64.5 | ) | — | ||||||||||||||||||
Net income | $ | 45.5 | $ | 18.3 | $ | 44.8 | $ | 4.8 | $ | (64.5 | ) | $ | 48.9 | ||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 3.4 | — | 3.4 | |||||||||||||||||||
Net income attributed to Cott Corporation | $ | 45.5 | $ | 18.3 | $ | 44.8 | $ | 1.4 | $ | (64.5 | ) | $ | 45.5 | ||||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 58.8 | $ | 44.2 | $ | (38.0 | ) | $ | 55.2 | $ | (61.4 | ) | $ | 58.8 | |||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
As of September 28, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 23.2 | $ | 41.9 | $ | 55.4 | $ | 5.3 | $ | — | $ | 125.8 | |||||||||||||
Accounts receivable, net of allowance | 22 | 123.5 | 206.2 | 14.9 | (112.0 | ) | 254.6 | ||||||||||||||||||
Income taxes recoverable | — | 0.5 | 0.2 | — | — | 0.7 | |||||||||||||||||||
Inventories | 19 | 79.2 | 109.6 | 7.6 | — | 215.4 | |||||||||||||||||||
Prepaid expenses and other assets | 1.7 | 15.1 | 6.2 | 0.1 | — | 23.1 | |||||||||||||||||||
Total current assets | 65.9 | 260.2 | 377.6 | 27.9 | (112.0 | ) | 619.6 | ||||||||||||||||||
Property, plant & equipment, net | 50.3 | 191.9 | 237.4 | 10.5 | — | 490.1 | |||||||||||||||||||
Goodwill | 26.6 | 4.5 | 109.3 | — | — | 140.4 | |||||||||||||||||||
Intangibles and other assets, net | 1.3 | 90.9 | 199.8 | 11.6 | — | 303.6 | |||||||||||||||||||
Deferred income taxes | 4.9 | — | — | 0.6 | — | 5.5 | |||||||||||||||||||
Other tax receivable | 0.5 | 0.1 | 0.6 | — | — | 1.2 | |||||||||||||||||||
Due from affiliates | 39.6 | 174.8 | 78 | 41.9 | (334.3 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 496.9 | 390.7 | 824.9 | (0.1 | ) | (1,712.4 | ) | — | |||||||||||||||||
Total assets | $ | 686 | $ | 1,113.10 | $ | 1,827.60 | $ | 92.4 | $ | (2,158.7 | ) | $ | 1,560.40 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 2.5 | $ | 0.5 | $ | 0.9 | $ | — | $ | 3.9 | |||||||||||||
Accounts payable and accrued liabilities | 30 | 139.1 | 195.8 | 6.8 | (112.0 | ) | 259.7 | ||||||||||||||||||
Total current liabilities | 30 | 141.6 | 196.3 | 7.7 | (112.0 | ) | 263.6 | ||||||||||||||||||
Long-term debt | 0.1 | 598.4 | 2.3 | 1.6 | — | 602.4 | |||||||||||||||||||
Deferred income taxes | — | 35.6 | 11.4 | 1.1 | — | 48.1 | |||||||||||||||||||
Other long-term liabilities | 0.1 | 3.4 | 20.2 | — | — | 23.7 | |||||||||||||||||||
Due to affiliates | 43.2 | 76.7 | 177.3 | 37.1 | (334.3 | ) | — | ||||||||||||||||||
Total liabilities | 73.4 | 855.7 | 407.5 | 47.5 | (446.3 | ) | 937.8 | ||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 392.7 | 574.5 | 1,728.90 | 82.5 | (2,385.9 | ) | 392.7 | ||||||||||||||||||
Additional paid-in-capital | 43.9 | — | — | — | — | 43.9 | |||||||||||||||||||
Retained earnings (deficit) | 193 | (329.8 | ) | (317.2 | ) | (49.0 | ) | 696 | 193 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (17.0 | ) | 12.7 | 8.4 | 1.4 | (22.5 | ) | (17.0 | ) | ||||||||||||||||
Total Cott Corporation equity | 612.6 | 257.4 | 1,420.10 | 34.9 | (1,712.4 | ) | 612.6 | ||||||||||||||||||
Non-controlling interests | — | — | — | 10 | — | 10 | |||||||||||||||||||
Total equity | 612.6 | 257.4 | 1,420.10 | 44.9 | (1,712.4 | ) | 622.6 | ||||||||||||||||||
Total liabilities and equity | $ | 686 | $ | 1,113.10 | $ | 1,827.60 | $ | 92.4 | $ | (2,158.7 | ) | $ | 1,560.40 | ||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
As of December 29, 2012 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 39.8 | $ | 37.5 | $ | 96.4 | $ | 5.7 | $ | — | $ | 179.4 | |||||||||||||
Accounts receivable, net of allowance | 18.4 | 111.5 | 122.3 | 16.2 | (69.0 | ) | 199.4 | ||||||||||||||||||
Income taxes recoverable | — | 0.9 | 0.2 | 0.1 | — | 1.2 | |||||||||||||||||||
Inventories | 21.1 | 65.9 | 130.8 | 7 | — | 224.8 | |||||||||||||||||||
Prepaid expenses and other assets | 2.5 | 13.4 | 4.3 | 0.1 | — | 20.3 | |||||||||||||||||||
Total current assets | 81.8 | 229.2 | 354 | 29.1 | (69.0 | ) | 625.1 | ||||||||||||||||||
Property, plant & equipment, net | 50.7 | 188.4 | 242 | 9.8 | — | 490.9 | |||||||||||||||||||
Goodwill | 27.5 | 4.5 | 98.3 | — | — | 130.3 | |||||||||||||||||||
Intangibles and other assets, net | 1 | 101.4 | 198.4 | 14.6 | — | 315.4 | |||||||||||||||||||
Deferred income taxes | 2.9 | — | — | 0.4 | — | 3.3 | |||||||||||||||||||
Other tax receivable | 0.2 | 0.1 | 0.6 | — | — | 0.9 | |||||||||||||||||||
Due from affiliates | 40 | 175.2 | 78 | 41.9 | (335.1 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 487.5 | 389.7 | 820 | — | (1,697.2 | ) | — | ||||||||||||||||||
Total assets | $ | 691.6 | $ | 1,088.50 | $ | 1,791.30 | $ | 95.8 | $ | (2,101.3 | ) | $ | 1,565.90 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 1.3 | $ | 0.2 | $ | 0.4 | $ | — | $ | 1.9 | |||||||||||||
Accounts payable and accrued liabilities | 36.2 | 119.5 | 193.1 | 7.9 | (69.0 | ) | 287.7 | ||||||||||||||||||
Total current liabilities | 36.2 | 120.8 | 193.3 | 8.3 | (69.0 | ) | 289.6 | ||||||||||||||||||
Long-term debt | 0.2 | 598.7 | 1.5 | 1.4 | — | 601.8 | |||||||||||||||||||
Deferred income taxes | — | 30.3 | 7.9 | 0.9 | — | 39.1 | |||||||||||||||||||
Other long-term liabilities | 0.2 | 4 | 8.3 | — | — | 12.5 | |||||||||||||||||||
Due to affiliates | 43.2 | 76.7 | 177.8 | 37.4 | (335.1 | ) | — | ||||||||||||||||||
Total liabilities | 79.8 | 830.5 | 388.8 | 48 | (404.1 | ) | 943 | ||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 397.8 | 574.5 | 1,724.30 | 83.6 | (2,382.4 | ) | 397.8 | ||||||||||||||||||
Additional paid-in-capital | 40.4 | — | — | — | — | 40.4 | |||||||||||||||||||
Retained earnings (deficit) | 186 | (329.7 | ) | (331.2 | ) | (46.1 | ) | 707 | 186 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (12.4 | ) | 13.2 | 9.4 | (0.8 | ) | (21.8 | ) | (12.4 | ) | |||||||||||||||
Total Cott Corporation equity | 611.8 | 258 | 1,402.50 | 36.7 | (1,697.2 | ) | 611.8 | ||||||||||||||||||
Non-controlling interests | — | — | — | 11.1 | — | 11.1 | |||||||||||||||||||
Total equity | 611.8 | 258 | 1,402.50 | 47.8 | (1,697.2 | ) | 622.9 | ||||||||||||||||||
Total liabilities and equity | $ | 691.6 | $ | 1,088.50 | $ | 1,791.30 | $ | 95.8 | $ | (2,101.3 | ) | $ | 1,565.90 | ||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended September 28, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 12 | $ | (0.9 | ) | $ | 14.7 | $ | 1.1 | $ | (13.6 | ) | $ | 13.3 | |||||||||||
Depreciation & amortization | 1.6 | 9.6 | 12.3 | 1.6 | — | 25.1 | |||||||||||||||||||
Amortization of financing fees | — | 0.7 | — | — | — | 0.7 | |||||||||||||||||||
Share-based compensation expense | 0.3 | 0.7 | 0.1 | — | — | 1.1 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (2.5 | ) | 3.4 | (0.5 | ) | (0.1 | ) | — | 0.3 | ||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.4 | 0.6 | — | — | 1.1 | |||||||||||||||||||
Equity (income) loss, net of distributions | (12.6 | ) | (1.3 | ) | 0.3 | — | 13.6 | — | |||||||||||||||||
Intercompany transactions | 2.2 | 2.4 | — | — | (4.6 | ) | — | ||||||||||||||||||
Other non-cash items | 0.2 | (0.2 | ) | — | — | — | — | ||||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (0.4 | ) | 28.3 | 15.8 | (2.5 | ) | 4.6 | 45.8 | |||||||||||||||||
Net cash provided by operating activities | 0.9 | 43.1 | 43.3 | 0.1 | — | 87.4 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition, net of cash acquired | — | (4.7 | ) | — | — | — | (4.7 | ) | |||||||||||||||||
Additions to property, plant & equipment | (1.1 | ) | (7.9 | ) | (1.2 | ) | — | — | (10.2 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (2.1 | ) | — | — | — | (2.1 | ) | |||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Advances to affiliates | — | — | — | 0.3 | (0.3 | ) | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | (1.1 | ) | (14.7 | ) | (1.2 | ) | 0.5 | (0.3 | ) | (16.8 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | — | — | (0.1 | ) | (0.5 | ) | — | (0.6 | ) | ||||||||||||||||
Advances from affiliates | (0.3 | ) | — | — | — | 0.3 | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.2 | ) | — | (2.2 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (4.5 | ) | — | — | — | — | (4.5 | ) | |||||||||||||||||
Financing fees | (0.1 | ) | — | — | — | — | (0.1 | ) | |||||||||||||||||
Dividends to shareholders | (5.5 | ) | — | — | — | — | (5.5 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | (10.4 | ) | — | (0.1 | ) | (2.7 | ) | 0.3 | (12.9 | ) | |||||||||||||||
Effect of exchange rate changes on cash | 0.5 | — | 0.8 | — | — | 1.3 | |||||||||||||||||||
Net (decrease) increase in cash & cash equivalents | (10.1 | ) | 28.4 | 42.8 | (2.1 | ) | — | 59 | |||||||||||||||||
Cash & cash equivalents, beginning of period | 33.3 | 13.5 | 12.6 | 7.4 | — | 66.8 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 23.2 | $ | 41.9 | $ | 55.4 | $ | 5.3 | $ | — | $ | 125.8 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Nine Months Ended September 28, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 28.5 | $ | (1.6 | ) | $ | 34.3 | $ | 5.8 | $ | (34.6 | ) | $ | 32.4 | |||||||||||
Depreciation & amortization | 4.7 | 29 | 36.4 | 4.6 | — | 74.7 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 2 | 0.1 | — | — | 2.2 | |||||||||||||||||||
Share-based compensation expense | 1.1 | 2.2 | 0.3 | — | — | 3.6 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (2.0 | ) | 5.2 | (1.2 | ) | (0.1 | ) | — | 1.9 | ||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.7 | 0.6 | — | — | 1.4 | |||||||||||||||||||
Equity (income) loss, net of distributions | (31.6 | ) | (3.9 | ) | 0.9 | — | 34.6 | — | |||||||||||||||||
Intercompany transactions | 24.7 | 5.3 | — | — | (30.0 | ) | — | ||||||||||||||||||
Other non-cash items | 0.2 | — | — | — | — | 0.2 | |||||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (4.8 | ) | 2.4 | (76.9 | ) | (4.2 | ) | 30 | (53.5 | ) | |||||||||||||||
Net cash provided by (used in) operating activities | 21 | 41.3 | (5.5 | ) | 6.1 | — | 62.9 | ||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition, net of cash acquired | — | (4.7 | ) | (6.5 | ) | — | — | (11.2 | ) | ||||||||||||||||
Additions to property, plant & equipment | (6.0 | ) | (27.9 | ) | (9.5 | ) | (1.3 | ) | — | (44.7 | ) | ||||||||||||||
Additions to intangibles and other assets | — | (4.0 | ) | — | — | — | (4.0 | ) | |||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Proceeds from insurance recoveries | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Advances to affiliates | — | — | — | 0.4 | (0.4 | ) | — | ||||||||||||||||||
Net cash used in investing activities | (6.0 | ) | (36.2 | ) | (16.0 | ) | (0.7 | ) | (0.4 | ) | (59.3 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (0.7 | ) | (18.6 | ) | (0.8 | ) | — | (20.2 | ) | ||||||||||||||
Advances from affiliates | (0.4 | ) | — | — | — | 0.4 | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (5.0 | ) | — | (5.0 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (12.9 | ) | — | — | — | — | (12.9 | ) | |||||||||||||||||
Financing fees | (0.1 | ) | — | — | — | — | (0.1 | ) | |||||||||||||||||
Dividends to shareholders | (16.7 | ) | — | — | — | — | (16.7 | ) | |||||||||||||||||
Net cash used in financing activities | (30.2 | ) | (0.7 | ) | (18.6 | ) | (5.8 | ) | 0.4 | (54.9 | ) | ||||||||||||||
Effect of exchange rate changes on cash | (1.4 | ) | — | (0.9 | ) | — | — | (2.3 | ) | ||||||||||||||||
Net (decrease) increase in cash & cash equivalents | (16.6 | ) | 4.4 | (41.0 | ) | (0.4 | ) | — | (53.6 | ) | |||||||||||||||
Cash & cash equivalents, beginning of period | 39.8 | 37.5 | 96.4 | 5.7 | — | 179.4 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 23.2 | $ | 41.9 | $ | 55.4 | $ | 5.3 | $ | — | $ | 125.8 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended September 29, 2012 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 14.5 | $ | 6.6 | $ | 13.4 | $ | 1.9 | $ | (20.6 | ) | $ | 15.8 | ||||||||||||
Depreciation & amortization | 1.6 | 9.4 | 12.1 | 1.6 | — | 24.7 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 0.6 | 0.1 | — | — | 0.8 | |||||||||||||||||||
Share-based compensation expense | 0.2 | 0.9 | 0.3 | (0.1 | ) | — | 1.3 | ||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.6 | 1.2 | (1.3 | ) | 0.1 | — | 0.6 | ||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.2 | 0.1 | 0.5 | — | 0.8 | |||||||||||||||||||
Equity (loss) income, net of distributions | (12.6 | ) | (1.5 | ) | (6.5 | ) | — | 20.6 | — | ||||||||||||||||
Intercompany transactions | 2.1 | 2.1 | — | — | (4.2 | ) | — | ||||||||||||||||||
Other non-cash items | (0.4 | ) | (1.0 | ) | — | — | — | (1.4 | ) | ||||||||||||||||
Net change in operating assets and liabilities | 16.4 | 0.9 | (3.4 | ) | (2.7 | ) | 4.2 | 15.4 | |||||||||||||||||
Net cash provided by operating activities | 22.5 | 19.4 | 14.8 | 1.3 | — | 58 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition | — | (4.7 | ) | — | — | — | (4.7 | ) | |||||||||||||||||
Additions to property, plant & equipment | (1.2 | ) | (9.0 | ) | (1.7 | ) | (1.3 | ) | — | (13.2 | ) | ||||||||||||||
Additions to intangibles and other assets | (0.5 | ) | (1.1 | ) | 0.6 | — | — | (1.0 | ) | ||||||||||||||||
Proceeds from sale of assets held for sale | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Proceeds from insurance recoveries | — | 1.7 | — | — | — | 1.7 | |||||||||||||||||||
Advances to affiliates | — | — | — | (1.6 | ) | 1.6 | — | ||||||||||||||||||
Net cash used in investing activities | (1.7 | ) | (13.1 | ) | (1.1 | ) | (1.6 | ) | 1.6 | (15.9 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | 0.1 | (0.2 | ) | — | (0.1 | ) | — | (0.2 | ) | ||||||||||||||||
Advances from affiliates | 1.6 | — | — | — | (1.6 | ) | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||||||
Financing fees | — | (1.2 | ) | — | — | — | (1.2 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 1.7 | (1.4 | ) | — | (2.0 | ) | (1.6 | ) | (3.3 | ) | |||||||||||||||
Effect of exchange rate changes on cash | 1.2 | — | 0.8 | 0.2 | — | 2.2 | |||||||||||||||||||
Net increase (decrease) in cash & cash equivalents | 23.7 | 4.9 | 14.5 | (2.1 | ) | — | 41 | ||||||||||||||||||
Cash & cash equivalents, beginning of period | 16.8 | 3.2 | 18.8 | 8.3 | — | 47.1 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 40.5 | $ | 8.1 | $ | 33.3 | $ | 6.2 | $ | — | $ | 88.1 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 45.5 | $ | 18.3 | $ | 44.8 | $ | 4.8 | $ | (64.5 | ) | $ | 48.9 | ||||||||||||
Depreciation & amortization | 4.7 | 27.1 | 36 | 4.4 | — | 72.2 | |||||||||||||||||||
Amortization of financing fees | 0.2 | 2.5 | 0.2 | — | — | 2.9 | |||||||||||||||||||
Share-based compensation expense | 1 | 1.7 | 0.8 | — | — | 3.5 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 1.7 | 3.7 | (0.7 | ) | (0.1 | ) | — | 4.6 | |||||||||||||||||
Gain on bargain purchase | — | — | (0.9 | ) | — | — | (0.9 | ) | |||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.6 | 0.6 | 0.5 | — | 1.7 | |||||||||||||||||||
Equity (loss) income, net of distributions | (42.4 | ) | (3.8 | ) | (18.3 | ) | — | 64.5 | — | ||||||||||||||||
Intercompany transactions | 18.3 | 3.5 | — | — | (21.8 | ) | — | ||||||||||||||||||
Other non-cash items | — | (0.8 | ) | — | — | — | (0.8 | ) | |||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (2.3 | ) | (20.1 | ) | (76.2 | ) | (2.3 | ) | 21.8 | (79.1 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 26.7 | 32.7 | (13.7 | ) | 7.3 | — | 53 | ||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition | — | (4.7 | ) | (5.0 | ) | — | — | (9.7 | ) | ||||||||||||||||
Additions to property, plant & equipment | (5.4 | ) | (33.8 | ) | (9.8 | ) | (1.6 | ) | — | (50.6 | ) | ||||||||||||||
Additions to intangibles and other assets | (0.5 | ) | (4.7 | ) | 0.5 | — | — | (4.7 | ) | ||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | 1 | 1.3 | — | 2.3 | |||||||||||||||||||
Proceeds from insurance recoveries | — | 1.7 | — | — | — | 1.7 | |||||||||||||||||||
Advances to affiliates | — | — | — | (5.1 | ) | 5.1 | — | ||||||||||||||||||
Net cash used in investing activities | (5.9 | ) | (41.5 | ) | (13.3 | ) | (5.4 | ) | 5.1 | (61.0 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | 0.1 | (2.6 | ) | — | (0.3 | ) | — | (2.8 | ) | ||||||||||||||||
Borrowings under ABL | — | 24.5 | — | — | — | 24.5 | |||||||||||||||||||
Payments under ABL | — | (24.5 | ) | — | — | — | (24.5 | ) | |||||||||||||||||
Advances from affiliates | 5.1 | — | — | — | (5.1 | ) | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (3.3 | ) | — | (3.3 | ) | |||||||||||||||||
Common share repurchase | (0.3 | ) | — | — | — | — | (0.3 | ) | |||||||||||||||||
Financing Fees | — | (1.2 | ) | — | — | — | (1.2 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 4.9 | (3.8 | ) | — | (3.6 | ) | (5.1 | ) | (7.6 | ) | |||||||||||||||
Effect of exchange rate changes on cash | 1.1 | — | 1.4 | 0.3 | — | 2.8 | |||||||||||||||||||
Net increase (decrease) in cash & cash equivalents | 26.8 | (12.6 | ) | (25.6 | ) | (1.4 | ) | — | (12.8 | ) | |||||||||||||||
Cash & cash equivalents, beginning of period | 13.7 | 20.7 | 58.9 | 7.6 | — | 100.9 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 40.5 | $ | 8.1 | $ | 33.3 | $ | 6.2 | $ | — | $ | 88.1 | |||||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 28, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 17 – Subsequent Events | |
On September 30, 2013, Cott Beverages Inc. notified Wells Fargo Bank, National Association, as successor trustee to HSBC Bank USA, N.A. under the Indenture, that Cott Beverages Inc. will, pursuant to the optional redemption provisions contained in the Indenture, redeem U.S. $200.0 million aggregate principal amount of the 2017 Notes on November 15, 2013 at 104.118% of par. The redemption will include approximately $8 million in premium payments as well as approximately $4 million in deferred financing fee and discount charges. | |
On October 22, 2013, we amended the ABL facility to, among other things, (1) provide for an increase in the lenders’ commitments under the ABL facility to $300 million, as well an increase to the accordion feature, which permits us to increase the lenders’ commitments under the ABL facility to $350 million, subject to certain conditions, (2) extend the maturity date to the earliest of (i) October 22, 2018, (ii) May 15, 2017, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, or (iii) March 1, 2018, if we have not redeemed, repurchased or refinanced the 2018 Notes by February 15, 2018, and (3) provide for greater flexibility under certain covenants. We incurred approximately $0.6 million of financing fees in connection with the amendment of the ABL facility. | |
On October 29, 2013, our board of directors declared a dividend of CAD$0.06 per common share, payable in cash on December 12, 2013 to shareowners of record at the close of business on December 2, 2013. |
Business_and_Recent_Accounting1
Business and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 28, 2013 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
Description of Business | |
Cott Corporation, together with its consolidated subsidiaries (“Cott,” “the Company,” “our Company,” “Cott Corporation,” “we,” “us,” or “our”), is one of the world’s largest producers of beverages on behalf of retailers, brand owners and distributors. Our product lines include carbonated soft drinks (“CSDs”), 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy products, sports products, new age beverages and ready-to-drink teas, as well as alcoholic beverages for brand owners. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying interim unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements in conformity with U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 29, 2012. The accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements. | |
The presentation of these interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Update ASU 2013-02 – Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income | |
In February 2013, the Financial Accounting Standards Board (“FASB”) amended its guidance regarding the information provided in relation to the amounts reclassified out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. We have adopted this guidance, and the required disclosure is set forth in Note 11. |
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combination Transfer Consideration | ' | ||||||||
The total consideration paid by us in the Calypso Soft Drinks Acquisition, subject to final working capital adjustments, is summarized below: | |||||||||
(in millions of U.S. dollars) | |||||||||
Cash | $ | 7 | |||||||
Deferred consideration * | 5.1 | ||||||||
Total consideration | $ | 12.1 | |||||||
* | Principal amount of $5.3 million discounted to be paid on the first and second anniversary of the completion date. | ||||||||
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the estimated allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the Calypso Soft Drinks Acquisition. | |||||||||
(in millions of U.S. dollars) | Acquired Value | ||||||||
Cash | $ | 0.5 | |||||||
Accounts receivable | 15.1 | ||||||||
Inventory | 7.5 | ||||||||
Prepaid expenses and other assets | 0.6 | ||||||||
Property, plant and equipment | 9.7 | ||||||||
Goodwill | 10.5 | ||||||||
Intangibles and other assets | 14.8 | ||||||||
Accounts payable and accrued liabilities | (14.1 | ) | |||||||
Shareholder loans | (1.6 | ) | |||||||
Deferred tax liabilities | (4.7 | ) | |||||||
Other long-term liabilities | (26.2 | ) | |||||||
Total | $ | 12.1 | |||||||
Components of Identified Intangible Assets Associated with Calypso Soft Drinks Acquisition and their Estimated Weighted Average Useful Lives | ' | ||||||||
The following table sets forth the components of identified intangible assets associated with the Calypso Soft Drinks Acquisition and their estimated weighted average useful lives: | |||||||||
(in millions of U.S. dollars) | Estimated | Estimated | |||||||
Fair Market | Useful | ||||||||
Value | Life | ||||||||
Customer relationships | $ | 10.5 | 15 years | ||||||
Trademarks and trade names | 3 | 20 years | |||||||
Non-competition agreements | 1.3 | 5 years | |||||||
Total | $ | 14.8 | |||||||
Revenue and Net Income of Acquired Entity | ' | ||||||||
The following unaudited financial information for the three months and sixteen weeks ended September 28, 2013 represents the activity of Calypso Soft Drinks that has been combined with our operations as of the date of acquisition. | |||||||||
(in millions of U.S. dollars) | For the Three Months | For the Sixteen Weeks | |||||||
Ended September 28, 2013 | Ended September 28, 2013 | ||||||||
Revenue | $ | 15.7 | $ | 19.9 | |||||
Net income | 0.6 | 0.7 |
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||
Sep. 28, 2013 | |||||
Restructuring And Related Activities [Abstract] | ' | ||||
Summary of Restructuring Charges | ' | ||||
The following table summarizes restructuring charges for the nine-month period ended September 28, 2013: | |||||
(in millions of U.S. dollars) | September 28, | ||||
2013 | |||||
North America | $ | 1 | |||
United Kingdom | 0.7 | ||||
Mexico | 0.3 | ||||
Total | $ | 2 | |||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation Expense | ' | ||||||||||||||||
The table below summarizes the share-based compensation expense for the three and nine months ended September 28, 2013 and September 29, 2012, respectively: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
(in millions of U.S. dollars) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Stock options | $ | 0.2 | $ | 0.1 | $ | 0.6 | $ | 0.3 | |||||||||
Directors’ share award | — | — | 0.8 | 0.7 | |||||||||||||
Performance-based RSUs | 0.3 | 0.2 | 0.7 | 0.4 | |||||||||||||
Time-based RSUs | 0.6 | 1 | 1.5 | 2.1 | |||||||||||||
Total | $ | 1.1 | $ | 1.3 | $ | 3.6 | $ | 3.5 | |||||||||
Unrecognized Share-Based Compensation Expense | ' | ||||||||||||||||
As of September 28, 2013, the unrecognized share-based compensation expense and years we expect to recognize the future compensation expense were as follows: | |||||||||||||||||
(in millions of U.S. dollars, except years) | Unrecognized share-based | Weighted average years | |||||||||||||||
compensation expense as | expected to recognize | ||||||||||||||||
of September 28, 2013 | compensation | ||||||||||||||||
Stock options | $ | 1.9 | 2 | ||||||||||||||
Performance-based RSUs | 2.8 | 1.9 | |||||||||||||||
Time-based RSUs | 4.1 | 1.9 | |||||||||||||||
Total | $ | 8.8 | |||||||||||||||
Stock Option Activity | ' | ||||||||||||||||
Stock option activity for the nine months ended September 28, 2013 was as follows: | |||||||||||||||||
Weighted average | |||||||||||||||||
Shares | exercise price | ||||||||||||||||
(in thousands) | (Canadian $) | ||||||||||||||||
Balance at December 29, 2012 | 468 | $ | 7.28 | ||||||||||||||
Awarded | 392 | 9.36 | |||||||||||||||
Exercised | — | — | |||||||||||||||
Forfeited or expired | — | — | |||||||||||||||
Outstanding at September 28, 2013 | 860 | $ | 8.23 | ||||||||||||||
Exercisable at September 28, 2013 | 125 | $ | 9.49 | ||||||||||||||
Performance-Based RSU and Time-Based RSU Activity | ' | ||||||||||||||||
During the nine months ended September 28, 2013, Performance-based RSU and Time-based RSU activity was as follows: | |||||||||||||||||
(in thousands of shares) | Number of | Number of | |||||||||||||||
Performance- | Time-based | ||||||||||||||||
based RSUs | RSUs | ||||||||||||||||
Balance at December 29, 2012 | 825 | 529 | |||||||||||||||
Awarded | 247 | 382 | |||||||||||||||
Issued | — | (15 | ) | ||||||||||||||
Forfeited | (26 | ) | (37 | ) | |||||||||||||
Outstanding at September 28, 2013 | 1,046 | 859 | |||||||||||||||
Average U.S. Dollar Exchange Rate | ' | ||||||||||||||||
The table below represents the average Canadian dollar to U.S. dollar exchange rate for the nine months ended September 28, 2013: | |||||||||||||||||
For the Nine Months Ended | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
Average exchange rate | $ | 0.978 |
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of Denominators of Basic and Diluted Net Income Per Common Share | ' | ||||||||||||||||
A reconciliation of the denominators of the basic and diluted net income per common share computations is as follows: | |||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||
(in thousands of shares) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||
Weighted average number of shares outstanding – basic | 94,235 | 94,488 | 94,922 | 94,461 | |||||||||||||
Dilutive effect of Stock options | 53 | 32 | 53 | 32 | |||||||||||||
Dilutive effect of Performance-based RSUs | 167 | 51 | 283 | 43 | |||||||||||||
Dilutive effect of Time-based RSUs | 317 | 1,027 | 497 | 1,055 | |||||||||||||
Adjusted weighted average number of shares outstanding – diluted | 94,772 | 95,598 | 95,755 | 95,591 | |||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Information by Operating Segment | ' | ||||||||||||||||||||||||
The primary measures used in evaluating our reporting segments are revenues, operating income (loss), and additions to property, plant and equipment, which have been included as part of our segment disclosures listed below. | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | All Other | Total | |||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
For the Three Months Ended September 28, 2013 | |||||||||||||||||||||||||
External revenue1 | $ 383.3 | $142.90 | $ 7.5 | $ 9.5 | $ — | $ 543.2 | |||||||||||||||||||
Depreciation and amortization | 20.8 | 3.8 | 0.5 | — | — | 25.1 | |||||||||||||||||||
Operating income (loss) | 14.6 | 9.5 | (1.2 | ) | 3.1 | — | 26 | ||||||||||||||||||
Additions to property, plant & equipment | 9 | 1.2 | — | — | — | 10.2 | |||||||||||||||||||
For the Nine Months Ended September 28, 2013 | |||||||||||||||||||||||||
External revenue1 | $1,194.60 | $368.20 | $22.60 | $27.00 | $ — | $1,612.40 | |||||||||||||||||||
Depreciation and amortization | 62.9 | 10.3 | 1.5 | — | — | 74.7 | |||||||||||||||||||
Operating income (loss) | 49.3 | 18.6 | (1.6 | ) | 7.4 | — | 73.7 | ||||||||||||||||||
Additions to property, plant & equipment | 33.9 | 9.5 | 1.3 | — | — | 44.7 | |||||||||||||||||||
As of September 28, 2013 | |||||||||||||||||||||||||
Property, plant & equipment | $ 371.5 | $108.70 | $ 9.9 | $ — | $ — | $ 490.1 | |||||||||||||||||||
Goodwill | 124.9 | 11 | — | 4.5 | — | 140.4 | |||||||||||||||||||
Intangibles and other assets | 275.8 | 27.5 | — | 0.3 | — | 303.6 | |||||||||||||||||||
Total assets2 | 1,195.90 | 323.3 | 25.2 | 15.1 | 0.9 | 1,560.40 | |||||||||||||||||||
1 | Intersegment revenue between North America and the other reporting segments was $5.6 million and $14.8 million for the three and nine months ended September 28, 2013, respectively. | ||||||||||||||||||||||||
2 | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | All Other | Total | |||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
For the Three Months Ended September 29, 2012 | |||||||||||||||||||||||||
External revenue1 | $ 439.3 | $125.50 | $ 9.7 | $ 9.3 | $ — | $ 583.8 | |||||||||||||||||||
Depreciation and amortization | 21.1 | 3.2 | 0.4 | — | — | 24.7 | |||||||||||||||||||
Operating income (loss) | 18.9 | 7.8 | (1.0 | ) | 2.9 | — | 28.6 | ||||||||||||||||||
Additions to property, plant & equipment | 10 | 1.7 | 1.5 | — | — | 13.2 | |||||||||||||||||||
For the Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||
External revenue1 | $1,323.10 | $356.20 | $29.00 | $25.10 | $ — | $1,733.40 | |||||||||||||||||||
Depreciation and amortization | 61.3 | 9.6 | 1.3 | — | — | 72.2 | |||||||||||||||||||
Operating income (loss) | 67.4 | 21.5 | (3.2 | ) | 7.1 | — | 92.8 | ||||||||||||||||||
Additions to property, plant & equipment | 39 | 9.8 | 1.8 | — | — | 50.6 | |||||||||||||||||||
As of December 29, 2012 | |||||||||||||||||||||||||
Property, plant & equipment | $ 382.1 | $ 99.5 | $ 9.3 | $ — | $ — | $ 490.9 | |||||||||||||||||||
Goodwill | 125.8 | — | — | 4.5 | — | 130.3 | |||||||||||||||||||
Intangibles and other assets | 301.1 | 13.9 | 0.4 | — | — | 315.4 | |||||||||||||||||||
Total assets2 | 1,246.70 | 273.8 | 28.1 | 14.1 | 3.2 | 1,565.90 | |||||||||||||||||||
1 | Intersegment revenue between North America and the other reporting segments was $4.9 million and $13.0 million for the three and nine months ended September 29, 2012, respectively. | ||||||||||||||||||||||||
2 | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||||||
Revenues by Geographic Area | ' | ||||||||||||||||||||||||
Revenues are attributed to operating segments based on the location of the customer. Revenues by operating segment were as follows: | |||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||
(in millions of U.S. dollars) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | |||||||||||||||||||||
United States | $ | 344.3 | $ | 388 | $ | 1,066.90 | $ | 1,169.00 | |||||||||||||||||
Canada | 50.2 | 63.2 | 159.8 | 190.3 | |||||||||||||||||||||
United Kingdom | 142.9 | 125.5 | 368.2 | 356.2 | |||||||||||||||||||||
Mexico | 7.5 | 9.7 | 22.6 | 29 | |||||||||||||||||||||
RCI | 9.5 | 9.3 | 27 | 25.1 | |||||||||||||||||||||
Elimination1 | (11.2 | ) | (11.9 | ) | (32.1 | ) | (36.2 | ) | |||||||||||||||||
$ | 543.2 | $ | 583.8 | $ | 1,612.40 | $ | 1,733.40 | ||||||||||||||||||
1 | Represents intersegment revenue among our operating segments, of which $5.6 million and $14.8 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and nine months ended September 28, 2013, respectively, compared to $4.9 million and $13.0 million for the three and nine months ended September 29, 2012, respectively. | ||||||||||||||||||||||||
Revenues by Product Category | ' | ||||||||||||||||||||||||
Revenues by product category were as follows: | |||||||||||||||||||||||||
For the Three Months Ended September 28, 2013 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | Total | ||||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Carbonated soft drinks | $ | 148.1 | $ | 46.7 | $ | 2.4 | $ | — | $ | 197.2 | |||||||||||||||
Juice | 117.4 | 11.2 | 0.1 | 0.5 | 129.2 | ||||||||||||||||||||
Concentrate | 2.9 | 0.5 | — | 7.1 | 10.5 | ||||||||||||||||||||
All other products | 114.9 | 84.5 | 5 | 1.9 | 206.3 | ||||||||||||||||||||
Total | $ | 383.3 | $ | 142.9 | $ | 7.5 | $ | 9.5 | $ | 543.2 | |||||||||||||||
For the Nine Months Ended September 28, 2013 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | Total | ||||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Carbonated soft drinks | $ | 456.6 | $ | 119.4 | $ | 9.6 | $ | 0.2 | $ | 585.8 | |||||||||||||||
Juice | 376.8 | 19.9 | 0.1 | 1.9 | 398.7 | ||||||||||||||||||||
Concentrate | 8.8 | 1.7 | — | 21.2 | 31.7 | ||||||||||||||||||||
All other products | 352.4 | 227.2 | 12.9 | 3.7 | 596.2 | ||||||||||||||||||||
Total | $ | 1,194.60 | $ | 368.2 | $ | 22.6 | $ | 27 | $ | 1,612.40 | |||||||||||||||
For the Three Months Ended September 29, 2012 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | Total | ||||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Carbonated soft drinks | $ | 182.3 | $ | 43.1 | $ | 5.1 | $ | 0.3 | $ | 230.8 | |||||||||||||||
Juice | 133.7 | 3.7 | 0.3 | 0.4 | 138.1 | ||||||||||||||||||||
Concentrate | 3.3 | 0.5 | — | 8.5 | 12.3 | ||||||||||||||||||||
All other products | 120 | 78.2 | 4.3 | 0.1 | 202.6 | ||||||||||||||||||||
Total | $ | 439.3 | $ | 125.5 | $ | 9.7 | $ | 9.3 | $ | 583.8 | |||||||||||||||
For the Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | United | Mexico | RCI | Total | ||||||||||||||||||||
America | Kingdom | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Carbonated soft drinks | $ | 533.3 | $ | 121.8 | $ | 16.4 | $ | 0.3 | $ | 671.8 | |||||||||||||||
Juice | 406.9 | 10.5 | 0.7 | 1.1 | 419.2 | ||||||||||||||||||||
Concentrate | 9.6 | 1.8 | — | 23.6 | 35 | ||||||||||||||||||||
All other products | 373.3 | 222.1 | 11.9 | 0.1 | 607.4 | ||||||||||||||||||||
Total | $ | 1,323.10 | $ | 356.2 | $ | 29 | $ | 25.1 | $ | 1,733.40 | |||||||||||||||
Property, Plant and Equipment by Operating Segment | ' | ||||||||||||||||||||||||
Property, plant and equipment, net by operating segment as of September 28, 2013 and December 29, 2012 was as follows: | |||||||||||||||||||||||||
(in millions of U.S. dollars) | September 28, 2013 | December 29, 2012 | |||||||||||||||||||||||
United States | $ | 324.8 | $ | 333.7 | |||||||||||||||||||||
Canada | 46.7 | 48.4 | |||||||||||||||||||||||
United Kingdom | 108.7 | 99.5 | |||||||||||||||||||||||
Mexico | 9.9 | 9.3 | |||||||||||||||||||||||
Total | $ | 490.1 | $ | 490.9 | |||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
The following table summarizes inventories as of September 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | September 28, 2013 | December 29, 2012 | |||||||
Raw materials | $ | 78.4 | $ | 93.4 | |||||
Finished goods | 115.5 | 111.6 | |||||||
Other | 21.5 | 19.8 | |||||||
Total | $ | 215.4 | $ | 224.8 | |||||
Intangibles_and_Other_Assets_T
Intangibles and Other Assets (Tables) | 9 Months Ended | ||||||||||||
Sep. 28, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Intangibles and Other Assets | ' | ||||||||||||
The following table summarizes intangibles and other assets as of September 28, 2013: | |||||||||||||
28-Sep-13 | |||||||||||||
(in millions of U.S. dollars) | Cost | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Intangibles | |||||||||||||
Not subject to amortization | |||||||||||||
Rights | $ | 45 | $ | — | $ | 45 | |||||||
Subject to amortization | |||||||||||||
Customer relationships | $ | 378.5 | $ | 160.8 | $ | 217.7 | |||||||
Trademarks | 32.4 | 24.9 | 7.5 | ||||||||||
Information technology | 49.1 | 32.7 | 16.4 | ||||||||||
Other | 13.2 | 10.4 | 2.8 | ||||||||||
473.2 | 228.8 | 244.4 | |||||||||||
518.2 | 228.8 | 289.4 | |||||||||||
Other Assets | |||||||||||||
Financing costs | $ | 25.7 | $ | 13.2 | $ | 12.5 | |||||||
Deposits | 1.1 | — | 1.1 | ||||||||||
Other | 0.9 | 0.3 | 0.6 | ||||||||||
27.7 | 13.5 | 14.2 | |||||||||||
Total Intangibles & Other Assets | $ | 545.9 | $ | 242.3 | $ | 303.6 | |||||||
Estimated Amortization Expenses for Intangible and Other Assets | ' | ||||||||||||
The estimated amortization expense for intangibles over the next five years is: | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Remainder of 2013 | $ | 10 | |||||||||||
2014 | 30.8 | ||||||||||||
2015 | 28.4 | ||||||||||||
2016 | 25 | ||||||||||||
2017 | 21.1 | ||||||||||||
Thereafter | 129.1 | ||||||||||||
$ | 244.4 | ||||||||||||
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Our total debt as of September 28, 2013 and December 29, 2012 was as follows: | |||||||||
(in millions of U.S. dollars) | September 28, 2013 | December 29, 2012 | |||||||
8.375% senior notes due in 20171 | $ | 215 | $ | 215 | |||||
8.125% senior notes due in 2018 | 375 | 375 | |||||||
GE obligation | 10.7 | 9.9 | |||||||
Other capital leases | 5.6 | 4.6 | |||||||
Other debt | 1.8 | 1.3 | |||||||
Total debt | 608.1 | 605.8 | |||||||
Less: Current debt | |||||||||
GE obligation – current maturities | 1.9 | 0.9 | |||||||
Other capital leases – current maturities | 1.4 | 0.8 | |||||||
Other debt – current maturities | 0.6 | 0.2 | |||||||
Total current debt | 3.9 | 1.9 | |||||||
Long-term debt before discount | 604.2 | 603.9 | |||||||
Less discount on 8.375% notes | (1.8 | ) | (2.1 | ) | |||||
Total long-term debt | $ | 602.4 | $ | 601.8 | |||||
1 | Our 8.375% senior notes were issued at a discount of 1.425% on November 13, 2009. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Changes in Accumulated Other Comprehensive (Loss) Income by Component | ' | ||||||||||||||||
Changes in accumulated other comprehensive (loss) income by component1 for the nine months ended September 28, 2013 were as follows: | |||||||||||||||||
(in millions of U.S. dollars) | 28-Sep-13 | ||||||||||||||||
Gains and | Pension | Currency | Total | ||||||||||||||
Losses on | Benefit | Translation | |||||||||||||||
Derivative | Plan Items | Adjustment | |||||||||||||||
Instruments | Items | ||||||||||||||||
Beginning balance December 29, 2012 | $ | 0.2 | $ | (9.1 | ) | $ | (3.5 | ) | $ | (12.4 | ) | ||||||
OCI before reclassifications | 0.2 | (0.3 | ) | (4.8 | ) | (4.9 | ) | ||||||||||
Amounts reclassified from AOCI | (0.3 | ) | 0.6 | — | 0.3 | ||||||||||||
Net current-period OCI | (0.1 | ) | 0.3 | (4.8 | ) | (4.6 | ) | ||||||||||
Ending balance September 28, 2013 | $ | 0.1 | $ | (8.8 | ) | $ | (8.3 | ) | $ | (17.0 | ) | ||||||
1 | All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
The following table summarizes the amounts reclassified from accumulated other comprehensive (loss) income1 for the three and nine months ended September 28, 2013. | |||||||||||||||||
(in millions of U.S. dollars) | Amounts Reclassified From AOCI | ||||||||||||||||
Details About AOCI Components | For the Three | For the Nine | Affected Line Item in the | ||||||||||||||
Months Ended | Months Ended | Statement Where Net Income | |||||||||||||||
September 28, | September 28, | Is Presented | |||||||||||||||
2013 | 2013 | ||||||||||||||||
Gains and losses on derivative instruments | |||||||||||||||||
Foreign currency hedges | $ | 0.1 | $ | 0.3 | Cost of sales | ||||||||||||
$ | 0.1 | $ | 0.3 | Total before taxes | |||||||||||||
— | — | Tax (expense) or benefit | |||||||||||||||
$ | 0.1 | $ | 0.3 | Net of tax | |||||||||||||
Amortization of pension benefit plan items | |||||||||||||||||
Prior-service costs2 | $ | 0.1 | $ | (0.2 | ) | ||||||||||||
Actuarial adjustments2 | — | (0.1 | ) | ||||||||||||||
Actuarial gains/(losses)2 | — | (0.1 | ) | ||||||||||||||
0.1 | (0.4 | ) | Total before tax | ||||||||||||||
— | (0.2 | ) | Tax (expense) or benefit | ||||||||||||||
$ | 0.1 | $ | (0.6 | ) | Net of tax | ||||||||||||
Total reclassifications for the period | $ | 0.2 | $ | (0.3 | ) | Net of tax | |||||||||||
1 | Amounts in parentheses indicate debits. | ||||||||||||||||
2 | These AOCI components are included in the computation of net periodic pension cost. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and Liabilities Recorded at Fair Value on Recurring Basis | ' | ||||||||||||||||
We have certain assets and liabilities that are required to be recorded at fair value on a recurring basis in accordance with U.S. GAAP. | |||||||||||||||||
28-Sep-13 | |||||||||||||||||
(in millions of U.S. dollars) | Level 1 | Level 2 | Level 3 | Fair Value Measurements | |||||||||||||
Assets | |||||||||||||||||
Money market | $ | 10 | $ | — | $ | — | $ | 10 | |||||||||
Total Assets | $ | 10 | $ | — | $ | — | $ | 10 | |||||||||
29-Dec-12 | |||||||||||||||||
(in millions of U.S. dollars) | Level 1 | Level 2 | Level 3 | Fair Value Measurements | |||||||||||||
Assets | |||||||||||||||||
Derivatives | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Total Assets | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
Carrying Value and Estimated Fair Values of Outstanding Debt | ' | ||||||||||||||||
The carrying values and estimated fair values of our significant outstanding debt as of September 28, 2013 and December 29, 2012 were as follows: | |||||||||||||||||
September 28, 2013 | December 29, 2012 | ||||||||||||||||
(in millions of U.S. dollars) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
8.375% senior notes due in 20171 | $ | 215 | 225.2 | $ | 215 | 234.4 | |||||||||||
8.125% senior notes due in 20181 | 375 | 405.9 | 375 | 414.8 | |||||||||||||
Total | $ | 590 | $ | 631.1 | $ | 590 | $ | 649.2 | |||||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ' | ||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended September 28, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 42.5 | $ | 197.6 | $ | 271.5 | $ | 37.4 | $ | (5.8 | ) | $ | 543.2 | ||||||||||||
Cost of sales | 39.2 | 170.5 | 241.3 | 33 | (5.8 | ) | 478.2 | ||||||||||||||||||
Gross profit | 3.3 | 27.1 | 30.2 | 4.4 | — | 65 | |||||||||||||||||||
Selling, general and administrative expenses | 6.8 | 14.9 | 13.2 | 3 | — | 37.9 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.4 | 0.6 | — | — | 1.1 | |||||||||||||||||||
Operating (loss) income | (3.6 | ) | 11.8 | 16.4 | 1.4 | — | 26 | ||||||||||||||||||
Other income, net | (0.1 | ) | — | (0.6 | ) | — | — | (0.7 | ) | ||||||||||||||||
Intercompany interest (income) expense, net | — | (3.0 | ) | 3 | — | — | — | ||||||||||||||||||
Interest (income) expense, net | (0.1 | ) | 13.1 | 0.2 | 0.1 | — | 13.3 | ||||||||||||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (3.4 | ) | 1.7 | 13.8 | 1.3 | — | 13.4 | ||||||||||||||||||
Income tax (benefit) expense | (2.8 | ) | 3.9 | (1.2 | ) | 0.2 | — | 0.1 | |||||||||||||||||
Equity income (loss) | 12.6 | 1.3 | (0.3 | ) | — | (13.6 | ) | — | |||||||||||||||||
Net income (loss) | $ | 12 | $ | (0.9 | ) | $ | 14.7 | $ | 1.1 | $ | (13.6 | ) | $ | 13.3 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | 12 | $ | (0.9 | ) | $ | 14.7 | $ | (0.2 | ) | $ | (13.6 | ) | $ | 12 | ||||||||||
Comprehensive income attributed to Cott Corporation | $ | 23.8 | $ | 28.9 | $ | 30.6 | $ | — | $ | (59.5 | ) | $ | 23.8 | ||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Nine Months Ended September 28, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 131.9 | $ | 605.5 | $ | 777.4 | $ | 116 | $ | (18.4 | ) | $ | 1,612.40 | ||||||||||||
Cost of sales | 114.5 | 520.1 | 695.9 | 102.3 | (18.4 | ) | 1,414.40 | ||||||||||||||||||
Gross profit | 17.4 | 85.4 | 81.5 | 13.7 | — | 198 | |||||||||||||||||||
Selling, general and administrative expenses | 22.3 | 53.8 | 37.7 | 7.1 | — | 120.9 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.7 | 0.6 | — | — | 1.4 | |||||||||||||||||||
Restructuring | 0.5 | 0.5 | 0.7 | 0.3 | — | 2 | |||||||||||||||||||
Operating (loss) income | (5.5 | ) | 30.4 | 42.5 | 6.3 | — | 73.7 | ||||||||||||||||||
Other (income), net | (0.1 | ) | — | (0.3 | ) | — | — | (0.4 | ) | ||||||||||||||||
Intercompany interest (income) expense, net | — | (8.7 | ) | 8.7 | — | — | — | ||||||||||||||||||
Interest (income) expense, net | (0.2 | ) | 39.1 | 0.4 | 0.1 | — | 39.4 | ||||||||||||||||||
(Loss) income before income tax expense (benefit) and equity income (loss) | (5.2 | ) | — | 33.7 | 6.2 | — | 34.7 | ||||||||||||||||||
Income tax (benefit) expense | (2.1 | ) | 5.5 | (1.5 | ) | 0.4 | — | 2.3 | |||||||||||||||||
Equity income (loss) | 31.6 | 3.9 | (0.9 | ) | — | (34.6 | ) | — | |||||||||||||||||
Net income (loss) | $ | 28.5 | $ | (1.6 | ) | $ | 34.3 | $ | 5.8 | $ | (34.6 | ) | $ | 32.4 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 3.9 | — | 3.9 | |||||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | 28.5 | $ | (1.6 | ) | $ | 34.3 | $ | 1.9 | $ | (34.6 | ) | $ | 28.5 | |||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 23.9 | $ | (2.1 | ) | $ | 33.3 | $ | 4.1 | $ | (35.3 | ) | $ | 23.9 | |||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended September 29, 2012 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 52.6 | $ | 220.2 | $ | 271.6 | $ | 46.9 | $ | (7.5 | ) | $ | 583.8 | ||||||||||||
Cost of sales | 42.1 | 187.2 | 246.7 | 42.1 | (7.5 | ) | 510.6 | ||||||||||||||||||
Gross profit | 10.5 | 33 | 24.9 | 4.8 | — | 73.2 | |||||||||||||||||||
Selling, general and administrative expenses | 8.1 | 18.3 | 15.1 | 2.3 | — | 43.8 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.2 | 0.1 | 0.5 | — | 0.8 | |||||||||||||||||||
Operating income | 2.4 | 14.5 | 9.7 | 2 | — | 28.6 | |||||||||||||||||||
Other (income) expense, net | (0.4 | ) | (1.1 | ) | 0.1 | (0.1 | ) | — | (1.5 | ) | |||||||||||||||
Intercompany interest (income) expense, net | — | (3.5 | ) | 3.5 | — | — | — | ||||||||||||||||||
Interest expense, net | — | 12.8 | 0.2 | 0.1 | — | 13.1 | |||||||||||||||||||
Income before income tax expense (benefit) and equity income | 2.8 | 6.3 | 5.9 | 2 | — | 17 | |||||||||||||||||||
Income tax expense (benefit) | 0.9 | 1.2 | (1.0 | ) | 0.1 | — | 1.2 | ||||||||||||||||||
Equity income | 12.6 | 1.5 | 6.5 | — | (20.6 | ) | — | ||||||||||||||||||
Net income | $ | 14.5 | $ | 6.6 | $ | 13.4 | $ | 1.9 | $ | (20.6 | ) | $ | 15.8 | ||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Net income attributed to Cott Corporation | $ | 14.5 | $ | 6.6 | $ | 13.4 | $ | 0.6 | $ | (20.6 | ) | $ | 14.5 | ||||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 27.2 | $ | 26.8 | $ | 24 | $ | 9.6 | $ | (60.4 | ) | $ | 27.2 | ||||||||||||
Condensed Consolidating Statements of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 157.6 | $ | 669.9 | $ | 799.1 | $ | 131.5 | $ | (24.7 | ) | $ | 1,733.40 | ||||||||||||
Cost of sales | 126.7 | 564.4 | 719.4 | 118.7 | (24.7 | ) | 1,504.50 | ||||||||||||||||||
Gross profit | 30.9 | 105.5 | 79.7 | 12.8 | — | 228.9 | |||||||||||||||||||
Selling, general and administrative expenses | 23.4 | 58 | 45.1 | 7.9 | — | 134.4 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.6 | 0.6 | 0.5 | — | 1.7 | |||||||||||||||||||
Operating income | 7.5 | 46.9 | 34 | 4.4 | — | 92.8 | |||||||||||||||||||
Other expense (income), net | 0.1 | (1.0 | ) | (0.8 | ) | (0.5 | ) | — | (2.2 | ) | |||||||||||||||
Intercompany interest (income) expense, net | — | (8.2 | ) | 8.2 | — | — | — | ||||||||||||||||||
Interest expense, net | 0.2 | 39.8 | 0.5 | 0.1 | — | 40.6 | |||||||||||||||||||
Income before income tax expense (benefit) and equity income | 7.2 | 16.3 | 26.1 | 4.8 | — | 54.4 | |||||||||||||||||||
Income tax expense (benefit) | 4.1 | 1.8 | (0.4 | ) | — | — | 5.5 | ||||||||||||||||||
Equity income | 42.4 | 3.8 | 18.3 | — | (64.5 | ) | — | ||||||||||||||||||
Net income | $ | 45.5 | $ | 18.3 | $ | 44.8 | $ | 4.8 | $ | (64.5 | ) | $ | 48.9 | ||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 3.4 | — | 3.4 | |||||||||||||||||||
Net income attributed to Cott Corporation | $ | 45.5 | $ | 18.3 | $ | 44.8 | $ | 1.4 | $ | (64.5 | ) | $ | 45.5 | ||||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 58.8 | $ | 44.2 | $ | (38.0 | ) | $ | 55.2 | $ | (61.4 | ) | $ | 58.8 | |||||||||||
Consolidating Balance Sheets | ' | ||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
As of September 28, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 23.2 | $ | 41.9 | $ | 55.4 | $ | 5.3 | $ | — | $ | 125.8 | |||||||||||||
Accounts receivable, net of allowance | 22 | 123.5 | 206.2 | 14.9 | (112.0 | ) | 254.6 | ||||||||||||||||||
Income taxes recoverable | — | 0.5 | 0.2 | — | — | 0.7 | |||||||||||||||||||
Inventories | 19 | 79.2 | 109.6 | 7.6 | — | 215.4 | |||||||||||||||||||
Prepaid expenses and other assets | 1.7 | 15.1 | 6.2 | 0.1 | — | 23.1 | |||||||||||||||||||
Total current assets | 65.9 | 260.2 | 377.6 | 27.9 | (112.0 | ) | 619.6 | ||||||||||||||||||
Property, plant & equipment, net | 50.3 | 191.9 | 237.4 | 10.5 | — | 490.1 | |||||||||||||||||||
Goodwill | 26.6 | 4.5 | 109.3 | — | — | 140.4 | |||||||||||||||||||
Intangibles and other assets, net | 1.3 | 90.9 | 199.8 | 11.6 | — | 303.6 | |||||||||||||||||||
Deferred income taxes | 4.9 | — | — | 0.6 | — | 5.5 | |||||||||||||||||||
Other tax receivable | 0.5 | 0.1 | 0.6 | — | — | 1.2 | |||||||||||||||||||
Due from affiliates | 39.6 | 174.8 | 78 | 41.9 | (334.3 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 496.9 | 390.7 | 824.9 | (0.1 | ) | (1,712.4 | ) | — | |||||||||||||||||
Total assets | $ | 686 | $ | 1,113.10 | $ | 1,827.60 | $ | 92.4 | $ | (2,158.7 | ) | $ | 1,560.40 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 2.5 | $ | 0.5 | $ | 0.9 | $ | — | $ | 3.9 | |||||||||||||
Accounts payable and accrued liabilities | 30 | 139.1 | 195.8 | 6.8 | (112.0 | ) | 259.7 | ||||||||||||||||||
Total current liabilities | 30 | 141.6 | 196.3 | 7.7 | (112.0 | ) | 263.6 | ||||||||||||||||||
Long-term debt | 0.1 | 598.4 | 2.3 | 1.6 | — | 602.4 | |||||||||||||||||||
Deferred income taxes | — | 35.6 | 11.4 | 1.1 | — | 48.1 | |||||||||||||||||||
Other long-term liabilities | 0.1 | 3.4 | 20.2 | — | — | 23.7 | |||||||||||||||||||
Due to affiliates | 43.2 | 76.7 | 177.3 | 37.1 | (334.3 | ) | — | ||||||||||||||||||
Total liabilities | 73.4 | 855.7 | 407.5 | 47.5 | (446.3 | ) | 937.8 | ||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 392.7 | 574.5 | 1,728.90 | 82.5 | (2,385.9 | ) | 392.7 | ||||||||||||||||||
Additional paid-in-capital | 43.9 | — | — | — | — | 43.9 | |||||||||||||||||||
Retained earnings (deficit) | 193 | (329.8 | ) | (317.2 | ) | (49.0 | ) | 696 | 193 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (17.0 | ) | 12.7 | 8.4 | 1.4 | (22.5 | ) | (17.0 | ) | ||||||||||||||||
Total Cott Corporation equity | 612.6 | 257.4 | 1,420.10 | 34.9 | (1,712.4 | ) | 612.6 | ||||||||||||||||||
Non-controlling interests | — | — | — | 10 | — | 10 | |||||||||||||||||||
Total equity | 612.6 | 257.4 | 1,420.10 | 44.9 | (1,712.4 | ) | 622.6 | ||||||||||||||||||
Total liabilities and equity | $ | 686 | $ | 1,113.10 | $ | 1,827.60 | $ | 92.4 | $ | (2,158.7 | ) | $ | 1,560.40 | ||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
As of December 29, 2012 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 39.8 | $ | 37.5 | $ | 96.4 | $ | 5.7 | $ | — | $ | 179.4 | |||||||||||||
Accounts receivable, net of allowance | 18.4 | 111.5 | 122.3 | 16.2 | (69.0 | ) | 199.4 | ||||||||||||||||||
Income taxes recoverable | — | 0.9 | 0.2 | 0.1 | — | 1.2 | |||||||||||||||||||
Inventories | 21.1 | 65.9 | 130.8 | 7 | — | 224.8 | |||||||||||||||||||
Prepaid expenses and other assets | 2.5 | 13.4 | 4.3 | 0.1 | — | 20.3 | |||||||||||||||||||
Total current assets | 81.8 | 229.2 | 354 | 29.1 | (69.0 | ) | 625.1 | ||||||||||||||||||
Property, plant & equipment, net | 50.7 | 188.4 | 242 | 9.8 | — | 490.9 | |||||||||||||||||||
Goodwill | 27.5 | 4.5 | 98.3 | — | — | 130.3 | |||||||||||||||||||
Intangibles and other assets, net | 1 | 101.4 | 198.4 | 14.6 | — | 315.4 | |||||||||||||||||||
Deferred income taxes | 2.9 | — | — | 0.4 | — | 3.3 | |||||||||||||||||||
Other tax receivable | 0.2 | 0.1 | 0.6 | — | — | 0.9 | |||||||||||||||||||
Due from affiliates | 40 | 175.2 | 78 | 41.9 | (335.1 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 487.5 | 389.7 | 820 | — | (1,697.2 | ) | — | ||||||||||||||||||
Total assets | $ | 691.6 | $ | 1,088.50 | $ | 1,791.30 | $ | 95.8 | $ | (2,101.3 | ) | $ | 1,565.90 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Current maturities of long-term debt | $ | — | $ | 1.3 | $ | 0.2 | $ | 0.4 | $ | — | $ | 1.9 | |||||||||||||
Accounts payable and accrued liabilities | 36.2 | 119.5 | 193.1 | 7.9 | (69.0 | ) | 287.7 | ||||||||||||||||||
Total current liabilities | 36.2 | 120.8 | 193.3 | 8.3 | (69.0 | ) | 289.6 | ||||||||||||||||||
Long-term debt | 0.2 | 598.7 | 1.5 | 1.4 | — | 601.8 | |||||||||||||||||||
Deferred income taxes | — | 30.3 | 7.9 | 0.9 | — | 39.1 | |||||||||||||||||||
Other long-term liabilities | 0.2 | 4 | 8.3 | — | — | 12.5 | |||||||||||||||||||
Due to affiliates | 43.2 | 76.7 | 177.8 | 37.4 | (335.1 | ) | — | ||||||||||||||||||
Total liabilities | 79.8 | 830.5 | 388.8 | 48 | (404.1 | ) | 943 | ||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 397.8 | 574.5 | 1,724.30 | 83.6 | (2,382.4 | ) | 397.8 | ||||||||||||||||||
Additional paid-in-capital | 40.4 | — | — | — | — | 40.4 | |||||||||||||||||||
Retained earnings (deficit) | 186 | (329.7 | ) | (331.2 | ) | (46.1 | ) | 707 | 186 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (12.4 | ) | 13.2 | 9.4 | (0.8 | ) | (21.8 | ) | (12.4 | ) | |||||||||||||||
Total Cott Corporation equity | 611.8 | 258 | 1,402.50 | 36.7 | (1,697.2 | ) | 611.8 | ||||||||||||||||||
Non-controlling interests | — | — | — | 11.1 | — | 11.1 | |||||||||||||||||||
Total equity | 611.8 | 258 | 1,402.50 | 47.8 | (1,697.2 | ) | 622.9 | ||||||||||||||||||
Total liabilities and equity | $ | 691.6 | $ | 1,088.50 | $ | 1,791.30 | $ | 95.8 | $ | (2,101.3 | ) | $ | 1,565.90 | ||||||||||||
Consolidating Statements of Condensed Cash Flows | ' | ||||||||||||||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended September 28, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 12 | $ | (0.9 | ) | $ | 14.7 | $ | 1.1 | $ | (13.6 | ) | $ | 13.3 | |||||||||||
Depreciation & amortization | 1.6 | 9.6 | 12.3 | 1.6 | — | 25.1 | |||||||||||||||||||
Amortization of financing fees | — | 0.7 | — | — | — | 0.7 | |||||||||||||||||||
Share-based compensation expense | 0.3 | 0.7 | 0.1 | — | — | 1.1 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (2.5 | ) | 3.4 | (0.5 | ) | (0.1 | ) | — | 0.3 | ||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.4 | 0.6 | — | — | 1.1 | |||||||||||||||||||
Equity (income) loss, net of distributions | (12.6 | ) | (1.3 | ) | 0.3 | — | 13.6 | — | |||||||||||||||||
Intercompany transactions | 2.2 | 2.4 | — | — | (4.6 | ) | — | ||||||||||||||||||
Other non-cash items | 0.2 | (0.2 | ) | — | — | — | — | ||||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (0.4 | ) | 28.3 | 15.8 | (2.5 | ) | 4.6 | 45.8 | |||||||||||||||||
Net cash provided by operating activities | 0.9 | 43.1 | 43.3 | 0.1 | — | 87.4 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition, net of cash acquired | — | (4.7 | ) | — | — | — | (4.7 | ) | |||||||||||||||||
Additions to property, plant & equipment | (1.1 | ) | (7.9 | ) | (1.2 | ) | — | — | (10.2 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (2.1 | ) | — | — | — | (2.1 | ) | |||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Advances to affiliates | — | — | — | 0.3 | (0.3 | ) | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | (1.1 | ) | (14.7 | ) | (1.2 | ) | 0.5 | (0.3 | ) | (16.8 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | — | — | (0.1 | ) | (0.5 | ) | — | (0.6 | ) | ||||||||||||||||
Advances from affiliates | (0.3 | ) | — | — | — | 0.3 | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.2 | ) | — | (2.2 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (4.5 | ) | — | — | — | — | (4.5 | ) | |||||||||||||||||
Financing fees | (0.1 | ) | — | — | — | — | (0.1 | ) | |||||||||||||||||
Dividends to shareholders | (5.5 | ) | — | — | — | — | (5.5 | ) | |||||||||||||||||
Net cash (used in) provided by financing activities | (10.4 | ) | — | (0.1 | ) | (2.7 | ) | 0.3 | (12.9 | ) | |||||||||||||||
Effect of exchange rate changes on cash | 0.5 | — | 0.8 | — | — | 1.3 | |||||||||||||||||||
Net (decrease) increase in cash & cash equivalents | (10.1 | ) | 28.4 | 42.8 | (2.1 | ) | — | 59 | |||||||||||||||||
Cash & cash equivalents, beginning of period | 33.3 | 13.5 | 12.6 | 7.4 | — | 66.8 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 23.2 | $ | 41.9 | $ | 55.4 | $ | 5.3 | $ | — | $ | 125.8 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Nine Months Ended September 28, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 28.5 | $ | (1.6 | ) | $ | 34.3 | $ | 5.8 | $ | (34.6 | ) | $ | 32.4 | |||||||||||
Depreciation & amortization | 4.7 | 29 | 36.4 | 4.6 | — | 74.7 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 2 | 0.1 | — | — | 2.2 | |||||||||||||||||||
Share-based compensation expense | 1.1 | 2.2 | 0.3 | — | — | 3.6 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (2.0 | ) | 5.2 | (1.2 | ) | (0.1 | ) | — | 1.9 | ||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.7 | 0.6 | — | — | 1.4 | |||||||||||||||||||
Equity (income) loss, net of distributions | (31.6 | ) | (3.9 | ) | 0.9 | — | 34.6 | — | |||||||||||||||||
Intercompany transactions | 24.7 | 5.3 | — | — | (30.0 | ) | — | ||||||||||||||||||
Other non-cash items | 0.2 | — | — | — | — | 0.2 | |||||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (4.8 | ) | 2.4 | (76.9 | ) | (4.2 | ) | 30 | (53.5 | ) | |||||||||||||||
Net cash provided by (used in) operating activities | 21 | 41.3 | (5.5 | ) | 6.1 | — | 62.9 | ||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition, net of cash acquired | — | (4.7 | ) | (6.5 | ) | — | — | (11.2 | ) | ||||||||||||||||
Additions to property, plant & equipment | (6.0 | ) | (27.9 | ) | (9.5 | ) | (1.3 | ) | — | (44.7 | ) | ||||||||||||||
Additions to intangibles and other assets | — | (4.0 | ) | — | — | — | (4.0 | ) | |||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Proceeds from insurance recoveries | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Advances to affiliates | — | — | — | 0.4 | (0.4 | ) | — | ||||||||||||||||||
Net cash used in investing activities | (6.0 | ) | (36.2 | ) | (16.0 | ) | (0.7 | ) | (0.4 | ) | (59.3 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (0.7 | ) | (18.6 | ) | (0.8 | ) | — | (20.2 | ) | ||||||||||||||
Advances from affiliates | (0.4 | ) | — | — | — | 0.4 | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (5.0 | ) | — | (5.0 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (12.9 | ) | — | — | — | — | (12.9 | ) | |||||||||||||||||
Financing fees | (0.1 | ) | — | — | — | — | (0.1 | ) | |||||||||||||||||
Dividends to shareholders | (16.7 | ) | — | — | — | — | (16.7 | ) | |||||||||||||||||
Net cash used in financing activities | (30.2 | ) | (0.7 | ) | (18.6 | ) | (5.8 | ) | 0.4 | (54.9 | ) | ||||||||||||||
Effect of exchange rate changes on cash | (1.4 | ) | — | (0.9 | ) | — | — | (2.3 | ) | ||||||||||||||||
Net (decrease) increase in cash & cash equivalents | (16.6 | ) | 4.4 | (41.0 | ) | (0.4 | ) | — | (53.6 | ) | |||||||||||||||
Cash & cash equivalents, beginning of period | 39.8 | 37.5 | 96.4 | 5.7 | — | 179.4 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 23.2 | $ | 41.9 | $ | 55.4 | $ | 5.3 | $ | — | $ | 125.8 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended September 29, 2012 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 14.5 | $ | 6.6 | $ | 13.4 | $ | 1.9 | $ | (20.6 | ) | $ | 15.8 | ||||||||||||
Depreciation & amortization | 1.6 | 9.4 | 12.1 | 1.6 | — | 24.7 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 0.6 | 0.1 | — | — | 0.8 | |||||||||||||||||||
Share-based compensation expense | 0.2 | 0.9 | 0.3 | (0.1 | ) | — | 1.3 | ||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.6 | 1.2 | (1.3 | ) | 0.1 | — | 0.6 | ||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.2 | 0.1 | 0.5 | — | 0.8 | |||||||||||||||||||
Equity (loss) income, net of distributions | (12.6 | ) | (1.5 | ) | (6.5 | ) | — | 20.6 | — | ||||||||||||||||
Intercompany transactions | 2.1 | 2.1 | — | — | (4.2 | ) | — | ||||||||||||||||||
Other non-cash items | (0.4 | ) | (1.0 | ) | — | — | — | (1.4 | ) | ||||||||||||||||
Net change in operating assets and liabilities | 16.4 | 0.9 | (3.4 | ) | (2.7 | ) | 4.2 | 15.4 | |||||||||||||||||
Net cash provided by operating activities | 22.5 | 19.4 | 14.8 | 1.3 | — | 58 | |||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition | — | (4.7 | ) | — | — | — | (4.7 | ) | |||||||||||||||||
Additions to property, plant & equipment | (1.2 | ) | (9.0 | ) | (1.7 | ) | (1.3 | ) | — | (13.2 | ) | ||||||||||||||
Additions to intangibles and other assets | (0.5 | ) | (1.1 | ) | 0.6 | — | — | (1.0 | ) | ||||||||||||||||
Proceeds from sale of assets held for sale | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Proceeds from insurance recoveries | — | 1.7 | — | — | — | 1.7 | |||||||||||||||||||
Advances to affiliates | — | — | — | (1.6 | ) | 1.6 | — | ||||||||||||||||||
Net cash used in investing activities | (1.7 | ) | (13.1 | ) | (1.1 | ) | (1.6 | ) | 1.6 | (15.9 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | 0.1 | (0.2 | ) | — | (0.1 | ) | — | (0.2 | ) | ||||||||||||||||
Advances from affiliates | 1.6 | — | — | — | (1.6 | ) | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||||||
Financing fees | — | (1.2 | ) | — | — | — | (1.2 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 1.7 | (1.4 | ) | — | (2.0 | ) | (1.6 | ) | (3.3 | ) | |||||||||||||||
Effect of exchange rate changes on cash | 1.2 | — | 0.8 | 0.2 | — | 2.2 | |||||||||||||||||||
Net increase (decrease) in cash & cash equivalents | 23.7 | 4.9 | 14.5 | (2.1 | ) | — | 41 | ||||||||||||||||||
Cash & cash equivalents, beginning of period | 16.8 | 3.2 | 18.8 | 8.3 | — | 47.1 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 40.5 | $ | 8.1 | $ | 33.3 | $ | 6.2 | $ | — | $ | 88.1 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Nine Months Ended September 29, 2012 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 45.5 | $ | 18.3 | $ | 44.8 | $ | 4.8 | $ | (64.5 | ) | $ | 48.9 | ||||||||||||
Depreciation & amortization | 4.7 | 27.1 | 36 | 4.4 | — | 72.2 | |||||||||||||||||||
Amortization of financing fees | 0.2 | 2.5 | 0.2 | — | — | 2.9 | |||||||||||||||||||
Share-based compensation expense | 1 | 1.7 | 0.8 | — | — | 3.5 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 1.7 | 3.7 | (0.7 | ) | (0.1 | ) | — | 4.6 | |||||||||||||||||
Gain on bargain purchase | — | — | (0.9 | ) | — | — | (0.9 | ) | |||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.6 | 0.6 | 0.5 | — | 1.7 | |||||||||||||||||||
Equity (loss) income, net of distributions | (42.4 | ) | (3.8 | ) | (18.3 | ) | — | 64.5 | — | ||||||||||||||||
Intercompany transactions | 18.3 | 3.5 | — | — | (21.8 | ) | — | ||||||||||||||||||
Other non-cash items | — | (0.8 | ) | — | — | — | (0.8 | ) | |||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (2.3 | ) | (20.1 | ) | (76.2 | ) | (2.3 | ) | 21.8 | (79.1 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 26.7 | 32.7 | (13.7 | ) | 7.3 | — | 53 | ||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition | — | (4.7 | ) | (5.0 | ) | — | — | (9.7 | ) | ||||||||||||||||
Additions to property, plant & equipment | (5.4 | ) | (33.8 | ) | (9.8 | ) | (1.6 | ) | — | (50.6 | ) | ||||||||||||||
Additions to intangibles and other assets | (0.5 | ) | (4.7 | ) | 0.5 | — | — | (4.7 | ) | ||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | 1 | 1.3 | — | 2.3 | |||||||||||||||||||
Proceeds from insurance recoveries | — | 1.7 | — | — | — | 1.7 | |||||||||||||||||||
Advances to affiliates | — | — | — | (5.1 | ) | 5.1 | — | ||||||||||||||||||
Net cash used in investing activities | (5.9 | ) | (41.5 | ) | (13.3 | ) | (5.4 | ) | 5.1 | (61.0 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | 0.1 | (2.6 | ) | — | (0.3 | ) | — | (2.8 | ) | ||||||||||||||||
Borrowings under ABL | — | 24.5 | — | — | — | 24.5 | |||||||||||||||||||
Payments under ABL | — | (24.5 | ) | — | — | — | (24.5 | ) | |||||||||||||||||
Advances from affiliates | 5.1 | — | — | — | (5.1 | ) | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (3.3 | ) | — | (3.3 | ) | |||||||||||||||||
Common share repurchase | (0.3 | ) | — | — | — | — | (0.3 | ) | |||||||||||||||||
Financing Fees | — | (1.2 | ) | — | — | — | (1.2 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 4.9 | (3.8 | ) | — | (3.6 | ) | (5.1 | ) | (7.6 | ) | |||||||||||||||
Effect of exchange rate changes on cash | 1.1 | — | 1.4 | 0.3 | — | 2.8 | |||||||||||||||||||
Net increase (decrease) in cash & cash equivalents | 26.8 | (12.6 | ) | (25.6 | ) | (1.4 | ) | — | (12.8 | ) | |||||||||||||||
Cash & cash equivalents, beginning of period | 13.7 | 20.7 | 58.9 | 7.6 | — | 100.9 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 40.5 | $ | 8.1 | $ | 33.3 | $ | 6.2 | $ | — | $ | 88.1 | |||||||||||||
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2013 | Aug. 17, 2010 | Sep. 28, 2013 | Dec. 31, 2011 | Jun. 29, 2013 | Sep. 28, 2013 | Jun. 29, 2013 |
Cliffstar [Member] | Cliffstar [Member] | Cliffstar [Member] | Cliffstar [Member] | Calypso Soft Drinks [Member] | Calypso Soft Drinks [Member] | Calypso Soft Drinks [Member] | |
Y | Cooke Bros Holdings Limited [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Acquired Segment | ' | ' | ' | ' | ' | ' | 100.00% |
Aggregate purchase price | ' | ' | ' | ' | $12.10 | $12.10 | ' |
Acquisition payable in cash | ' | 503 | ' | ' | 7 | 7 | ' |
Deferred payment to be paid on first anniversary | ' | ' | ' | ' | 2.3 | ' | ' |
Deferred payments to be paid on second anniversary | ' | ' | ' | ' | 3 | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | 1.6 | ' |
Date of acquisition | ' | ' | 17-Aug-10 | ' | ' | ' | ' |
Acquisition, deferred consideration to be paid | ' | 14 | ' | ' | ' | ' | ' |
Deferred consideration due (in years) | ' | 3 | ' | ' | ' | ' | ' |
Acquisition, contingent consideration | ' | 55 | ' | ' | ' | ' | ' |
Acquisition, contingent consideration payable upon achievement of milestones | ' | 15 | ' | ' | ' | ' | ' |
Interim payments to the seller | ' | ' | ' | 29.6 | ' | ' | ' |
Cash refund due to final determination of working capital | ' | ' | ' | 4.7 | ' | ' | ' |
Settlement payments to seller | ' | ' | ' | 0.9 | ' | ' | ' |
Payment by Cott | 0.6 | ' | ' | ' | ' | ' | ' |
Additional contingent consideration for business acquisition | ' | ' | ' | $12.10 | ' | ' | ' |
Acquisitions_Business_Combinat
Acquisitions - Business Combination Transfer Consideration (Detail) (Calypso Soft Drinks [Member], USD $) | 1 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Jun. 29, 2013 | Sep. 28, 2013 |
Calypso Soft Drinks [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash | $7 | $7 |
Deferred consideration | ' | 5.1 |
Total consideration | $12.10 | $12.10 |
Acquisitions_Business_Combinat1
Acquisitions - Business Combination Transfer Consideration (Parenthetical) (Detail) (USD $) | Sep. 28, 2013 |
In Millions, unless otherwise specified | |
Business Combinations [Abstract] | ' |
Undiscounted deferred consideration | $5.30 |
Acquisitions_Allocation_of_Pur
Acquisitions - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $140.40 | $130.30 |
Scenario, Previously Reported [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash | 0.5 | ' |
Accounts receivable | 15.1 | ' |
Inventory | 7.5 | ' |
Prepaid expenses and other assets | 0.6 | ' |
Property, plant and equipment | 9.7 | ' |
Goodwill | 10.5 | ' |
Intangibles and other assets | 14.8 | ' |
Accounts payable and accrued liabilities | -14.1 | ' |
Shareholder loans | -1.6 | ' |
Deferred tax liabilities | -4.7 | ' |
Other long-term liabilities | -26.2 | ' |
Total | $12.10 | ' |
Acquisitions_Components_of_Ide
Acquisitions - Components of Identified Intangible Assets Associated with Calypso Soft Drinks Acquisition and their Estimated Weighted Average Useful Lives (Detail) (Calypso Soft Drinks [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Loans At Acquisition Date [Line Items] | ' |
Estimated Fair Market Value | $14.80 |
Customer Relationships [Member] | ' |
Loans At Acquisition Date [Line Items] | ' |
Estimated Fair Market Value | 10.5 |
Estimated Useful Life | '15 years |
Trademarks and Trade Names [Member] | ' |
Loans At Acquisition Date [Line Items] | ' |
Estimated Fair Market Value | 3 |
Estimated Useful Life | '20 years |
Non-Competition Agreements [Member] | ' |
Loans At Acquisition Date [Line Items] | ' |
Estimated Fair Market Value | $1.30 |
Estimated Useful Life | '5 years |
Acquisitions_Revenue_and_Net_I
Acquisitions - Revenue and Net Income of Acquired Entity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 4 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 |
Calypso Soft Drinks [Member] | Calypso Soft Drinks [Member] | |||||
Parent Company Only Financial Information [Line Items] | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | $15.70 | $19.90 |
Net income | $12 | $14.50 | $28.50 | $45.50 | $0.60 | $0.70 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Restructuring And Related Activities [Abstract] | ' |
Charges related primarily to employee redundancy costs | $2 |
Restructuring_Summary_of_Restr
Restructuring - Summary of Restructuring Charges (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Charges | $2 |
North America [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Charges | 1 |
United Kingdom [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Charges | 0.7 |
Mexico [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Charges | $0.30 |
ShareBased_Compensation_ShareB
Share-Based Compensation - Share-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $1.10 | $1.30 | $3.60 | $3.50 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0.2 | 0.1 | 0.6 | 0.3 |
Directors' Share Award [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | 0.8 | 0.7 |
Performance-Based RSUs [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0.3 | 0.2 | 0.7 | 0.4 |
Time-Based RSUs [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $0.60 | $1 | $1.50 | $2.10 |
ShareBased_Compensation_Unreco
Share-Based Compensation - Unrecognized Share-Based Compensation Expense (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | $8.80 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | 1.9 |
Weighted average years expected to recognize compensation | '2 years |
Performance-Based RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | 2.8 |
Weighted average years expected to recognize compensation | '1 year 10 months 24 days |
Time-Based RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | $4.10 |
Weighted average years expected to recognize compensation | '1 year 10 months 24 days |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Option Activity (Detail) (CAD) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Beginning balance, Shares | 468 |
Stock options awarded, Shares | 392 |
Options exercised, Shares | ' |
Options forfeited or expired, Shares | ' |
Ending balance, Shares | 860 |
Exercisable at September 28, 2013 | 125 |
Beginning balance, Weighted average exercise price | 7.28 |
Stock options awarded, Weighted average exercise price | 9.36 |
Options exercised, Weighted average exercise price | ' |
Options forfeited or expired, Weighted average exercise price | ' |
Ending balance, Weighted average exercise price | 8.23 |
Exercisable at September 28, 2013, Weighted average exercise price | 9.49 |
ShareBased_Compensation_Perfor
Share-Based Compensation - Performance-Based RSU and Time-Based RSU Activity (Detail) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Sep. 28, 2013 |
In Thousands, unless otherwise specified | Performance-Based RSUs [Member] | Time-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Beginning balance, Shares | 860 | 468 | 825 | 529 |
Awarded | ' | ' | 247 | 382 |
Issued | ' | ' | ' | -15 |
Forfeited | ' | ' | -26 | -37 |
Ending balance, Shares | 860 | 468 | 1,046 | 859 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (2010 Equity Incentive Plan [Member]) | Feb. 14, 2013 |
2010 Equity Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Maximum number of shares authorized under plan | 12,000,000 |
Number of shares available for issuance for each share issued | 2 |
ShareBased_Compensation_Averag
Share-Based Compensation - Average U.S. Dollar Exchange Rate (Detail) | Sep. 28, 2013 |
Debt Disclosure [Abstract] | ' |
Average exchange rate | 0.978 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax expense | $0.10 | $1.20 | $2.30 | $5.50 |
Pretax income | ' | ' | $34.70 | $54.40 |
Net_Income_Per_Common_Share_Re
Net Income Per Common Share - Reconciliation of Denominators of Basic and Diluted Net Income Per Common Share (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average number of shares outstanding - basic | 94,235 | 94,488 | 94,922 | 94,461 |
Adjusted weighted average number of shares outstanding - diluted | 94,772 | 95,598 | 95,755 | 95,591 |
Stock Options [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Dilutive effect of awards | 53 | 32 | 53 | 32 |
Performance-Based RSUs [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Dilutive effect of awards | 167 | 51 | 283 | 43 |
Time-Based RSUs [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Dilutive effect of awards | 317 | 1,027 | 497 | 1,055 |
Net_Income_Per_Common_Share_Ad
Net Income Per Common Share - Additional Information (Detail) | 9 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Earnings Per Share [Line Items] | ' | ' |
Treasury shares excluded from computation of earnings per share amount | ' | 674,397 |
Stock Options [Member] | ' | ' |
Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of diluted net earnings per share | 442,131 | 392,479 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 9 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Revenue, Major Customer [Line Items] | ' | ' |
Number of reporting segments | 5 | ' |
Sales [Member] | Walmart [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Sales to major customer, percentage | 29.90% | 31.30% |
Sales [Member] | Walmart [Member] | North America [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Sales to major customer, percentage | 35.90% | 36.30% |
Sales [Member] | Walmart [Member] | United Kingdom [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Sales to major customer, percentage | 14.10% | 15.40% |
Sales [Member] | Walmart [Member] | Mexico [Member] | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' |
Sales to major customer, percentage | 9.50% | 21.70% |
Segment_Reporting_Segment_Repo
Segment Reporting - Segment Reporting Information by Operating Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue | $543.20 | $583.80 | $1,612.40 | $1,733.40 | ' |
Depreciation and amortization | 25.1 | 24.7 | 74.7 | 72.2 | ' |
Operating income (loss) | 26 | 28.6 | 73.7 | 92.8 | ' |
Additions to property, plant & equipment | 10.2 | 13.2 | 44.7 | 50.6 | ' |
Property, plant & equipment | 490.1 | ' | 490.1 | ' | 490.9 |
Goodwill | 140.4 | ' | 140.4 | ' | 130.3 |
Intangibles and other assets | 303.6 | ' | 303.6 | ' | 315.4 |
Total assets | 1,560.40 | ' | 1,560.40 | ' | 1,565.90 |
North America [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue | 383.3 | 439.3 | 1,194.60 | 1,323.10 | ' |
Depreciation and amortization | 20.8 | 21.1 | 62.9 | 61.3 | ' |
Operating income (loss) | 14.6 | 18.9 | 49.3 | 67.4 | ' |
Additions to property, plant & equipment | 9 | 10 | 33.9 | 39 | ' |
Property, plant & equipment | 371.5 | ' | 371.5 | ' | 382.1 |
Goodwill | 124.9 | ' | 124.9 | ' | 125.8 |
Intangibles and other assets | 275.8 | ' | 275.8 | ' | 301.1 |
Total assets | 1,195.90 | ' | 1,195.90 | ' | 1,246.70 |
United Kingdom [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue | 142.9 | 125.5 | 368.2 | 356.2 | ' |
Depreciation and amortization | 3.8 | 3.2 | 10.3 | 9.6 | ' |
Operating income (loss) | 9.5 | 7.8 | 18.6 | 21.5 | ' |
Additions to property, plant & equipment | 1.2 | 1.7 | 9.5 | 9.8 | ' |
Property, plant & equipment | 108.7 | ' | 108.7 | ' | 99.5 |
Goodwill | 11 | ' | 11 | ' | ' |
Intangibles and other assets | 27.5 | ' | 27.5 | ' | 13.9 |
Total assets | 323.3 | ' | 323.3 | ' | 273.8 |
Mexico [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue | 7.5 | 9.7 | 22.6 | 29 | ' |
Depreciation and amortization | 0.5 | 0.4 | 1.5 | 1.3 | ' |
Operating income (loss) | -1.2 | -1 | -1.6 | -3.2 | ' |
Additions to property, plant & equipment | ' | 1.5 | 1.3 | 1.8 | ' |
Property, plant & equipment | 9.9 | ' | 9.9 | ' | 9.3 |
Intangibles and other assets | ' | ' | ' | ' | 0.4 |
Total assets | 25.2 | ' | 25.2 | ' | 28.1 |
RCI [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue | 9.5 | 9.3 | 27 | 25.1 | ' |
Operating income (loss) | 3.1 | 2.9 | 7.4 | 7.1 | ' |
Goodwill | 4.5 | ' | 4.5 | ' | 4.5 |
Intangibles and other assets | 0.3 | ' | 0.3 | ' | ' |
Total assets | 15.1 | ' | 15.1 | ' | 14.1 |
All Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Total assets | $0.90 | ' | $0.90 | ' | $3.20 |
Segment_Reporting_Segment_Repo1
Segment Reporting - Segment Reporting Information by Operating Segment (Parenthetical) (Detail) (North America [Member], Elimination [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
North America [Member] | Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $5.60 | $4.90 | $14.80 | $13 |
Segment_Reporting_Revenues_by_
Segment Reporting - Revenues by Geographic Area (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $543.20 | $583.80 | $1,612.40 | $1,733.40 |
Operating Segments [Member] | United States [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 344.3 | 388 | 1,066.90 | 1,169 |
Operating Segments [Member] | Canada [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 50.2 | 63.2 | 159.8 | 190.3 |
Operating Segments [Member] | United Kingdom [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 142.9 | 125.5 | 368.2 | 356.2 |
Operating Segments [Member] | Mexico [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 7.5 | 9.7 | 22.6 | 29 |
Operating Segments [Member] | RCI [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 9.5 | 9.3 | 27 | 25.1 |
Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | ($11.20) | ($11.90) | ($32.10) | ($36.20) |
Segment_Reporting_Revenues_by_1
Segment Reporting - Revenues by Geographic Area (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $543.20 | $583.80 | $1,612.40 | $1,733.40 |
Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | -11.2 | -11.9 | -32.1 | -36.2 |
North America [Member] | Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $5.60 | $4.90 | $14.80 | $13 |
Segment_Reporting_Revenues_by_2
Segment Reporting - Revenues by Product Category (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $543.20 | $583.80 | $1,612.40 | $1,733.40 |
Carbonated Soft Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 197.2 | 230.8 | 585.8 | 671.8 |
Juice [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 129.2 | 138.1 | 398.7 | 419.2 |
Concentrate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 10.5 | 12.3 | 31.7 | 35 |
All Other Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 206.3 | 202.6 | 596.2 | 607.4 |
North America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 383.3 | 439.3 | 1,194.60 | 1,323.10 |
North America [Member] | Carbonated Soft Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 148.1 | 182.3 | 456.6 | 533.3 |
North America [Member] | Juice [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 117.4 | 133.7 | 376.8 | 406.9 |
North America [Member] | Concentrate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 2.9 | 3.3 | 8.8 | 9.6 |
North America [Member] | All Other Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 114.9 | 120 | 352.4 | 373.3 |
United Kingdom [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 142.9 | 125.5 | 368.2 | 356.2 |
United Kingdom [Member] | Carbonated Soft Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 46.7 | 43.1 | 119.4 | 121.8 |
United Kingdom [Member] | Juice [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 11.2 | 3.7 | 19.9 | 10.5 |
United Kingdom [Member] | Concentrate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 0.5 | 0.5 | 1.7 | 1.8 |
United Kingdom [Member] | All Other Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 84.5 | 78.2 | 227.2 | 222.1 |
Mexico [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 7.5 | 9.7 | 22.6 | 29 |
Mexico [Member] | Carbonated Soft Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 2.4 | 5.1 | 9.6 | 16.4 |
Mexico [Member] | Juice [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 0.1 | 0.3 | 0.1 | 0.7 |
Mexico [Member] | Concentrate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' |
Mexico [Member] | All Other Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 5 | 4.3 | 12.9 | 11.9 |
RCI [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 9.5 | 9.3 | 27 | 25.1 |
RCI [Member] | Carbonated Soft Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | ' | 0.3 | 0.2 | 0.3 |
RCI [Member] | Juice [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 0.5 | 0.4 | 1.9 | 1.1 |
RCI [Member] | Concentrate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 7.1 | 8.5 | 21.2 | 23.6 |
RCI [Member] | All Other Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $1.90 | $0.10 | $3.70 | $0.10 |
Segment_Reporting_Property_Pla
Segment Reporting - Property, Plant and Equipment by Operating Segment (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, Total | $490.10 | $490.90 |
United States [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, Total | 324.8 | 333.7 |
Canada [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, Total | 46.7 | 48.4 |
United Kingdom [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, Total | 108.7 | 99.5 |
Mexico [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, Total | $9.90 | $9.30 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $78.40 | $93.40 |
Finished goods | 115.5 | 111.6 |
Other | 21.5 | 19.8 |
Total | $215.40 | $224.80 |
Intangibles_and_Other_Assets_S
Intangibles and Other Assets - Summary of Intangibles and Other Assets (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets- Cost | $473.20 | ' |
Intangibles Assets- Accumulated Amortization | 228.8 | ' |
Intangibles Assets- Net | 244.4 | ' |
Total Intangible Assets at Cost | 518.2 | ' |
Total Accumulated Amortization | 228.8 | ' |
Total Intangible Assets, Net | 289.4 | ' |
Other Assets - Cost | 27.7 | ' |
Other Assets - Accumulated Amortization | 13.5 | ' |
Other Assets - Net | 14.2 | ' |
Intangibles and Other Assets - Cost | 545.9 | ' |
Intangibles and Other Assets - Accumulated Amortization | 242.3 | ' |
Intangibles and Other Assets - Net | 303.6 | 315.4 |
Financing Costs [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Other Assets - Cost | 25.7 | ' |
Other Assets - Accumulated Amortization | 13.2 | ' |
Other Assets - Net | 12.5 | ' |
Deposits [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Other Assets - Cost | 1.1 | ' |
Other Assets - Net | 1.1 | ' |
Other [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Other Assets - Cost | 0.9 | ' |
Other Assets - Accumulated Amortization | 0.3 | ' |
Other Assets - Net | 0.6 | ' |
Customer Relationships [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets- Cost | 378.5 | ' |
Intangibles Assets- Accumulated Amortization | 160.8 | ' |
Intangibles Assets- Net | 217.7 | ' |
Trademarks [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets- Cost | 32.4 | ' |
Intangibles Assets- Accumulated Amortization | 24.9 | ' |
Intangibles Assets- Net | 7.5 | ' |
Information Technology [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets- Cost | 49.1 | ' |
Intangibles Assets- Accumulated Amortization | 32.7 | ' |
Intangibles Assets- Net | 16.4 | ' |
Other [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets- Cost | 13.2 | ' |
Intangibles Assets- Accumulated Amortization | 10.4 | ' |
Intangibles Assets- Net | 2.8 | ' |
Rights [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets- Cost | 45 | ' |
Intangibles Assets- Net | $45 | ' |
Intangibles_and_Other_Assets_A
Intangibles and Other Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense of intangible and other assets | $8.60 | $8.80 | $25.90 | $26.60 |
Intangibles_and_Other_Assets_E
Intangibles and Other Assets - Estimated Amortization Expenses for Intangible and Other Assets (Detail) (USD $) | Sep. 28, 2013 |
In Millions, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Remainder of 2013 | $10 |
2014 | 30.8 |
2015 | 28.4 |
2016 | 25 |
2017 | 21.1 |
Thereafter | 129.1 |
Intangibles Assets- Net | $244.40 |
Debt_Components_of_Debt_Detail
Debt - Components of Debt (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Nov. 13, 2009 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | $608.10 | $605.80 | ' |
Current maturities | 3.9 | 1.9 | ' |
Long-term debt before discount | 604.2 | 603.9 | ' |
Total long-term debt | 602.4 | 601.8 | ' |
8.375% Senior Notes Due in 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 215 | 215 | ' |
Less discount on 8.375% notes | -1.8 | -2.1 | -3.1 |
8.125% Senior Notes Due in 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 375 | 375 | ' |
GE Obligation [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 10.7 | 9.9 | ' |
Current maturities | 1.9 | 0.9 | ' |
Other Capital Leases [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 5.6 | 4.6 | ' |
Current maturities | 1.4 | 0.8 | ' |
Other Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 1.8 | 1.3 | ' |
Current maturities | $0.60 | $0.20 | ' |
Debt_Components_of_Debt_Parent
Debt - Components of Debt (Parenthetical) (Detail) | 9 Months Ended | 9 Months Ended | ||||
Sep. 28, 2013 | Dec. 29, 2012 | Nov. 13, 2009 | Sep. 28, 2013 | Dec. 29, 2012 | Aug. 17, 2010 | |
8.375% Senior Notes Due in 2017 [Member] | 8.375% Senior Notes Due in 2017 [Member] | 8.375% Senior Notes Due in 2017 [Member] | 8.125% Senior Notes Due in 2018 [Member] | 8.125% Senior Notes Due in 2018 [Member] | 8.125% Senior Notes Due in 2018 [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Interest rate on notes | 8.38% | 8.38% | 8.38% | 8.13% | 8.13% | 8.13% |
Debt instrument maturity year | '2017 | '2017 | ' | '2018 | '2018 | ' |
Discount rate on issue of senior notes | ' | ' | 1.43% | ' | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 28, 2013 | Aug. 17, 2010 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Jul. 19, 2012 | Aug. 17, 2010 | Oct. 22, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Nov. 13, 2009 | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, except Share data, unless otherwise specified | Subsequent Event [Member] | Subsequent Event [Member] | GE Obligation [Member] | 8.125% Senior Notes Due in 2018 [Member] | 8.125% Senior Notes Due in 2018 [Member] | 8.125% Senior Notes Due in 2018 [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | 8.375% Senior Notes Due in 2017 [Member] | 8.375% Senior Notes Due in 2017 [Member] | 8.375% Senior Notes Due in 2017 [Member] | |||
2017 Notes [Member] | Subsequent Event [Member] | Debt Instrument Redemption Period One [Member] | Debt Instrument Redemption Period Two [Member] | Debt Instrument Redemption Period Three [Member] | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes issued | ' | ' | ' | ' | ' | ' | $375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on financing | ' | ' | ' | ' | ' | 5.23% | 8.13% | 8.13% | 8.13% | ' | ' | ' | ' | ' | ' | ' | 8.38% | 8.38% | 8.38% |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | 1-Sep-18 | ' | 19-Jul-17 | ' | ' | ' | 22-Oct-18 | 15-May-17 | 1-Mar-18 | ' | ' | ' |
Common stock shares, issued | 94,226,045 | 95,371,484 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,340,000 | ' | ' | ' | ' | ' | ' | ' |
Common stock shares, issued value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.67 | ' | ' | ' | ' | ' | ' | ' |
Credit facility, available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | ' | ' | ' | ' |
Financing fees | ' | ' | ' | ' | ' | ' | 8.6 | ' | ' | ' | 1.2 | 5.4 | 0.6 | ' | ' | ' | 5.1 | ' | ' |
Borrowing capacity, increase in lender's commitment under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' |
Borrowing capacity, accordion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' |
Commitment fee, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Standby letters of credit outstanding | 7.5 | ' | 11 | ' | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 239 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity year | ' | ' | ' | ' | ' | ' | ' | '2018 | '2018 | ' | ' | ' | ' | ' | ' | ' | ' | '2017 | '2017 |
Discount on notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.1 | 1.8 | 2.1 |
Debt instrument semi annual interest payment description | ' | ' | ' | ' | ' | ' | 'Interest on the 2018 Notes is payable semi-annually on March 1st and September 1st of each year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest on the 2017 Notes is payable semi-annually on May 15th and November 15th of each year | ' |
Amortization period of financing fees (years) | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' |
Aggregate principal amount of debt to be redeemed | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indenture issue date | ' | ' | ' | 13-Nov-09 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of note as a percentage of par | ' | ' | ' | 104.12% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium Payment Liability | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fee and discount charges | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finance lease agreement | ' | ' | ' | ' | ' | $10.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income by Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($12.40) | ' |
OCI before reclassifications | ' | ' | -4.9 | ' |
Amounts reclassified from AOCI | ' | ' | 0.3 | ' |
Total other comprehensive income (loss) | 11.8 | 12.6 | -4.6 | 13.1 |
Ending balance | -17 | ' | -17 | ' |
Gains and Losses on Derivative Instruments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 0.2 | ' |
OCI before reclassifications | ' | ' | 0.2 | ' |
Amounts reclassified from AOCI | ' | ' | -0.3 | ' |
Total other comprehensive income (loss) | ' | ' | -0.1 | ' |
Ending balance | 0.1 | ' | 0.1 | ' |
Pension Benefit Plan Items [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -9.1 | ' |
OCI before reclassifications | ' | ' | -0.3 | ' |
Amounts reclassified from AOCI | ' | ' | 0.6 | ' |
Total other comprehensive income (loss) | ' | ' | 0.3 | ' |
Ending balance | -8.8 | ' | -8.8 | ' |
Currency Translation Adjustment Items [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -3.5 | ' |
OCI before reclassifications | ' | ' | -4.8 | ' |
Total other comprehensive income (loss) | ' | ' | -4.8 | ' |
Ending balance | ($8.30) | ' | ($8.30) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales | $478.20 | $510.60 | $1,414.40 | $1,504.50 |
Total before taxes | ' | ' | 34.7 | 54.4 |
Tax (expense) or benefit | -0.1 | -1.2 | -2.3 | -5.5 |
Net income | 13.3 | 15.8 | 32.4 | 48.9 |
Gains and Losses on Derivative Instruments [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales | -0.1 | 0.3 | -0.5 | 0.4 |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net income | 0.2 | ' | -0.3 | ' |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | Gains and Losses on Derivative Instruments [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Total before taxes | 0.1 | ' | 0.3 | ' |
Tax (expense) or benefit | ' | ' | ' | ' |
Net income | 0.1 | ' | 0.3 | ' |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | Pension Benefit Plan Items [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Prior-service costs | 0.1 | ' | -0.2 | ' |
Actuarial adjustments | ' | ' | -0.1 | ' |
Actuarial gains/(losses) | ' | ' | -0.1 | ' |
Total before taxes | 0.1 | ' | -0.4 | ' |
Tax (expense) or benefit | ' | ' | -0.2 | ' |
Net income | 0.1 | ' | -0.6 | ' |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | Foreign Currency Hedges [Member] | Gains and Losses on Derivative Instruments [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of sales | $0.10 | ' | $0.30 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 31, 2011 | Aug. 17, 2010 | Dec. 31, 2011 | Feb. 28, 2013 |
In Millions, unless otherwise specified | Cliffstar [Member] | Cliffstar [Member] | Cliffstar [Member] | Cliffstar [Member] | ||
Pending Arbitration [Member] | Arbitration Outcome [Member] | |||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' |
Acquisition, contingent consideration payable upon achievement of milestones | ' | ' | ' | $15 | ' | ' |
Acquisition, contingent consideration | ' | ' | ' | 55 | ' | ' |
Interim payments to the seller | ' | ' | 29.6 | ' | ' | ' |
Refund for seller's objections to contingent consideration | ' | ' | 4.7 | ' | ' | ' |
Settlement of seller's objections to contingent consideration | ' | ' | 0.9 | ' | ' | ' |
Additional contingent consideration sought for business acquisition | ' | ' | ' | ' | 12.1 | ' |
Consideration payment | ' | ' | ' | ' | ' | 0.6 |
Standby letters of credit outstanding | $7.50 | $11 | ' | ' | ' | ' |
Shares_Held_in_Trust_Treated_a1
Shares Held in Trust Treated as Treasury Shares and Share Repurchase Program - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 30, 2013 | 31-May-12 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | 31-May-08 | Dec. 29, 2012 |
PSU Plan [Member] | 2010 Equity Incentive Plan [Member] | ||||||
Shares Held In Trust Treated As Treasury Shares [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common stock shares issued to trustee | ' | ' | ' | ' | ' | 2,300,000 | ' |
Common stock shares distributed from trustee share | ' | ' | ' | ' | ' | ' | 700,000 |
Shares held in trust | ' | ' | ' | ' | 0 | ' | ' |
Stock repurchase authorized, value | ' | $35 | ' | ' | ' | ' | ' |
Common stock repurchased | ' | ' | 554,769 | ' | ' | ' | ' |
Common stock repurchased, value | ' | ' | $4.50 | $10 | ' | ' | ' |
Percentage of outstanding common stock available for repurchase | 5.00% | ' | ' | ' | ' | ' | ' |
Hedging_Transactions_and_Deriv1
Hedging Transactions and Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Fair value of derivative instruments | ' | ' | ' | ' | $0.10 |
Derivative instruments, charge to cost of sales | 478.2 | 510.6 | 1,414.40 | 1,504.50 | ' |
Gains and Losses on Derivative Instruments [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative instruments, charge to cost of sales | -0.1 | 0.3 | -0.5 | 0.4 | ' |
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional value of foreign currency cash flow hedges | $5.50 | ' | $5.50 | ' | ' |
Fair_Value_Measurements_Assets
Fair Value Measurements - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market | $10 | ' |
Derivatives | ' | 0.1 |
Total Assets | 10 | 0.1 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market | 10 | ' |
Derivatives | ' | ' |
Total Assets | 10 | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market | ' | ' |
Derivatives | ' | 0.1 |
Total Assets | ' | 0.1 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Money market | ' | ' |
Derivatives | ' | ' |
Total Assets | ' | ' |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Outstanding debt | $631.10 | $649.20 |
Estimate of Fair Value, Fair Value Disclosure [Member] | 8.375% Senior Notes Due in 2017 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Outstanding debt | 225.2 | 234.4 |
Estimate of Fair Value, Fair Value Disclosure [Member] | 8.125% Senior Notes Due in 2018 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Outstanding debt | 405.9 | 414.8 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Outstanding debt | 590 | 590 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 8.375% Senior Notes Due in 2017 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Outstanding debt | 215 | 215 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 8.125% Senior Notes Due in 2018 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Outstanding debt | $375 | $375 |
Fair_Value_Measurements_Carryi1
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Parenthetical) (Detail) | 9 Months Ended | |||||||||
Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | |
8.375% Senior Notes Due in 2017 [Member] | 8.125% Senior Notes Due in 2018 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | |
8.375% Senior Notes Due in 2017 [Member] | 8.375% Senior Notes Due in 2017 [Member] | 8.125% Senior Notes Due in 2018 [Member] | 8.125% Senior Notes Due in 2018 [Member] | 8.375% Senior Notes Due in 2017 [Member] | 8.375% Senior Notes Due in 2017 [Member] | 8.125% Senior Notes Due in 2018 [Member] | 8.125% Senior Notes Due in 2018 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes | ' | ' | 8.38% | 8.38% | 8.13% | 8.13% | 8.38% | 8.38% | 8.13% | 8.13% |
Debt instrument maturity year | '2017 | '2018 | ' | ' | ' | ' | ' | ' | ' | ' |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) (USD $) | 9 Months Ended |
Sep. 28, 2013 | |
Segment | |
Percentage owned in subsidiary | 100.00% |
Non-Guarantor Subsidiaries [Member] | ' |
Business operations | 0 |
Operating assets | $0 |
Guarantor_Subsidiaries_Condens
Guarantor Subsidiaries - Condensed Consolidating Statements of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | $543.20 | $583.80 | $1,612.40 | $1,733.40 |
Cost of sales | 478.2 | 510.6 | 1,414.40 | 1,504.50 |
Gross profit | 65 | 73.2 | 198 | 228.9 |
Selling, general and administrative expenses | 37.9 | 43.8 | 120.9 | 134.4 |
Loss on disposal of property, plant & equipment | 1.1 | 0.8 | 1.4 | 1.7 |
Restructuring | ' | ' | 2 | ' |
Operating (loss) income | 26 | 28.6 | 73.7 | 92.8 |
Other (income) expense, net | -0.7 | -1.5 | -0.4 | -2.2 |
Interest (income) expense, net | 13.3 | 13.1 | 39.4 | 40.6 |
Income before income taxes | 13.4 | 17 | 34.7 | 54.4 |
Income tax (benefit) expense | 0.1 | 1.2 | 2.3 | 5.5 |
Net income | 13.3 | 15.8 | 32.4 | 48.9 |
Less: Net income attributable to non-controlling interests | 1.3 | 1.3 | 3.9 | 3.4 |
Net income (loss) attributed to Cott Corporation | 12 | 14.5 | 28.5 | 45.5 |
Comprehensive income (loss) attributed to Cott Corporation | 23.8 | 27.2 | 23.9 | 58.8 |
Cott Corporation [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | 42.5 | 52.6 | 131.9 | 157.6 |
Cost of sales | 39.2 | 42.1 | 114.5 | 126.7 |
Gross profit | 3.3 | 10.5 | 17.4 | 30.9 |
Selling, general and administrative expenses | 6.8 | 8.1 | 22.3 | 23.4 |
Loss on disposal of property, plant & equipment | 0.1 | ' | 0.1 | ' |
Restructuring | ' | ' | 0.5 | ' |
Operating (loss) income | -3.6 | 2.4 | -5.5 | 7.5 |
Other (income) expense, net | -0.1 | -0.4 | -0.1 | 0.1 |
Interest (income) expense, net | -0.1 | ' | -0.2 | 0.2 |
Income before income taxes | -3.4 | 2.8 | -5.2 | 7.2 |
Income tax (benefit) expense | -2.8 | 0.9 | -2.1 | 4.1 |
Equity income (loss) | 12.6 | 12.6 | 31.6 | 42.4 |
Net income | 12 | 14.5 | 28.5 | 45.5 |
Net income (loss) attributed to Cott Corporation | 12 | 14.5 | 28.5 | 45.5 |
Comprehensive income (loss) attributed to Cott Corporation | 23.8 | 27.2 | 23.9 | 58.8 |
Cott Beverages Inc. [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | 197.6 | 220.2 | 605.5 | 669.9 |
Cost of sales | 170.5 | 187.2 | 520.1 | 564.4 |
Gross profit | 27.1 | 33 | 85.4 | 105.5 |
Selling, general and administrative expenses | 14.9 | 18.3 | 53.8 | 58 |
Loss on disposal of property, plant & equipment | 0.4 | 0.2 | 0.7 | 0.6 |
Restructuring | ' | ' | 0.5 | ' |
Operating (loss) income | 11.8 | 14.5 | 30.4 | 46.9 |
Other (income) expense, net | ' | -1.1 | ' | -1 |
Intercompany interest (income) expense, net | -3 | -3.5 | -8.7 | -8.2 |
Interest (income) expense, net | 13.1 | 12.8 | 39.1 | 39.8 |
Income before income taxes | 1.7 | 6.3 | ' | 16.3 |
Income tax (benefit) expense | 3.9 | 1.2 | 5.5 | 1.8 |
Equity income (loss) | 1.3 | 1.5 | 3.9 | 3.8 |
Net income | -0.9 | 6.6 | -1.6 | 18.3 |
Net income (loss) attributed to Cott Corporation | -0.9 | 6.6 | -1.6 | 18.3 |
Comprehensive income (loss) attributed to Cott Corporation | 28.9 | 26.8 | -2.1 | 44.2 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | 271.5 | 271.6 | 777.4 | 799.1 |
Cost of sales | 241.3 | 246.7 | 695.9 | 719.4 |
Gross profit | 30.2 | 24.9 | 81.5 | 79.7 |
Selling, general and administrative expenses | 13.2 | 15.1 | 37.7 | 45.1 |
Loss on disposal of property, plant & equipment | 0.6 | 0.1 | 0.6 | 0.6 |
Restructuring | ' | ' | 0.7 | ' |
Operating (loss) income | 16.4 | 9.7 | 42.5 | 34 |
Other (income) expense, net | -0.6 | 0.1 | -0.3 | -0.8 |
Intercompany interest (income) expense, net | 3 | 3.5 | 8.7 | 8.2 |
Interest (income) expense, net | 0.2 | 0.2 | 0.4 | 0.5 |
Income before income taxes | 13.8 | 5.9 | 33.7 | 26.1 |
Income tax (benefit) expense | -1.2 | -1 | -1.5 | -0.4 |
Equity income (loss) | -0.3 | 6.5 | -0.9 | 18.3 |
Net income | 14.7 | 13.4 | 34.3 | 44.8 |
Net income (loss) attributed to Cott Corporation | 14.7 | 13.4 | 34.3 | 44.8 |
Comprehensive income (loss) attributed to Cott Corporation | 30.6 | 24 | 33.3 | -38 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | 37.4 | 46.9 | 116 | 131.5 |
Cost of sales | 33 | 42.1 | 102.3 | 118.7 |
Gross profit | 4.4 | 4.8 | 13.7 | 12.8 |
Selling, general and administrative expenses | 3 | 2.3 | 7.1 | 7.9 |
Loss on disposal of property, plant & equipment | ' | 0.5 | ' | 0.5 |
Restructuring | ' | ' | 0.3 | ' |
Operating (loss) income | 1.4 | 2 | 6.3 | 4.4 |
Other (income) expense, net | ' | -0.1 | ' | -0.5 |
Interest (income) expense, net | 0.1 | 0.1 | 0.1 | 0.1 |
Income before income taxes | 1.3 | 2 | 6.2 | 4.8 |
Income tax (benefit) expense | 0.2 | 0.1 | 0.4 | ' |
Net income | 1.1 | 1.9 | 5.8 | 4.8 |
Less: Net income attributable to non-controlling interests | 1.3 | 1.3 | 3.9 | 3.4 |
Net income (loss) attributed to Cott Corporation | -0.2 | 0.6 | 1.9 | 1.4 |
Comprehensive income (loss) attributed to Cott Corporation | ' | 9.6 | 4.1 | 55.2 |
Elimination Entries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | -5.8 | -7.5 | -18.4 | -24.7 |
Cost of sales | -5.8 | -7.5 | -18.4 | -24.7 |
Equity income (loss) | -13.6 | -20.6 | -34.6 | -64.5 |
Net income | -13.6 | -20.6 | -34.6 | -64.5 |
Net income (loss) attributed to Cott Corporation | -13.6 | -20.6 | -34.6 | -64.5 |
Comprehensive income (loss) attributed to Cott Corporation | ($59.50) | ($60.40) | ($35.30) | ($61.40) |
Guarantor_Subsidiaries_Consoli
Guarantor Subsidiaries - Consolidating Balance Sheets (Detail) (USD $) | Sep. 28, 2013 | Jun. 29, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||||
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | $125.80 | $66.80 | $179.40 | $88.10 | $47.10 | $100.90 |
Accounts receivable, net of allowance | 254.6 | ' | 199.4 | ' | ' | ' |
Income taxes recoverable | 0.7 | ' | 1.2 | ' | ' | ' |
Inventories | 215.4 | ' | 224.8 | ' | ' | ' |
Prepaid expenses and other assets | 23.1 | ' | 20.3 | ' | ' | ' |
Total current assets | 619.6 | ' | 625.1 | ' | ' | ' |
Property, plant & equipment, net | 490.1 | ' | 490.9 | ' | ' | ' |
Goodwill | 140.4 | ' | 130.3 | ' | ' | ' |
Intangibles and other assets, net | 303.6 | ' | 315.4 | ' | ' | ' |
Deferred income taxes | 5.5 | ' | 3.3 | ' | ' | ' |
Other tax receivable | 1.2 | ' | 0.9 | ' | ' | ' |
Total assets | 1,560.40 | ' | 1,565.90 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 3.9 | ' | 1.9 | ' | ' | ' |
Accounts payable and accrued liabilities | 259.7 | ' | 287.7 | ' | ' | ' |
Total current liabilities | 263.6 | ' | 289.6 | ' | ' | ' |
Long-term debt | 602.4 | ' | 601.8 | ' | ' | ' |
Deferred income taxes | 48.1 | ' | 39.1 | ' | ' | ' |
Other long-term liabilities | 23.7 | ' | 12.5 | ' | ' | ' |
Total liabilities | 937.8 | ' | 943 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | 392.7 | ' | 397.8 | ' | ' | ' |
Additional paid-in-capital | 43.9 | ' | 40.4 | ' | ' | ' |
Retained earnings (deficit) | 193 | ' | 186 | ' | ' | ' |
Accumulated other comprehensive (loss) income | -17 | ' | -12.4 | ' | ' | ' |
Total Cott Corporation equity | 612.6 | ' | 611.8 | ' | ' | ' |
Non-controlling interests | 10 | ' | 11.1 | ' | ' | ' |
Total equity | 622.6 | ' | 622.9 | 630.1 | ' | 568.2 |
Total liabilities and equity | 1,560.40 | ' | 1,565.90 | ' | ' | ' |
Cott Corporation [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | 23.2 | 33.3 | 39.8 | 40.5 | 16.8 | 13.7 |
Accounts receivable, net of allowance | 22 | ' | 18.4 | ' | ' | ' |
Inventories | 19 | ' | 21.1 | ' | ' | ' |
Prepaid expenses and other assets | 1.7 | ' | 2.5 | ' | ' | ' |
Total current assets | 65.9 | ' | 81.8 | ' | ' | ' |
Property, plant & equipment, net | 50.3 | ' | 50.7 | ' | ' | ' |
Goodwill | 26.6 | ' | 27.5 | ' | ' | ' |
Intangibles and other assets, net | 1.3 | ' | 1 | ' | ' | ' |
Deferred income taxes | 4.9 | ' | 2.9 | ' | ' | ' |
Other tax receivable | 0.5 | ' | 0.2 | ' | ' | ' |
Due from affiliates | 39.6 | ' | 40 | ' | ' | ' |
Investments in subsidiaries | 496.9 | ' | 487.5 | ' | ' | ' |
Total assets | 686 | ' | 691.6 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 30 | ' | 36.2 | ' | ' | ' |
Total current liabilities | 30 | ' | 36.2 | ' | ' | ' |
Long-term debt | 0.1 | ' | 0.2 | ' | ' | ' |
Other long-term liabilities | 0.1 | ' | 0.2 | ' | ' | ' |
Due to affiliates | 43.2 | ' | 43.2 | ' | ' | ' |
Total liabilities | 73.4 | ' | 79.8 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | 392.7 | ' | 397.8 | ' | ' | ' |
Additional paid-in-capital | 43.9 | ' | 40.4 | ' | ' | ' |
Retained earnings (deficit) | 193 | ' | 186 | ' | ' | ' |
Accumulated other comprehensive (loss) income | -17 | ' | -12.4 | ' | ' | ' |
Total Cott Corporation equity | 612.6 | ' | 611.8 | ' | ' | ' |
Total equity | 612.6 | ' | 611.8 | ' | ' | ' |
Total liabilities and equity | 686 | ' | 691.6 | ' | ' | ' |
Cott Beverages Inc. [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | 41.9 | 13.5 | 37.5 | 8.1 | 3.2 | 20.7 |
Accounts receivable, net of allowance | 123.5 | ' | 111.5 | ' | ' | ' |
Income taxes recoverable | 0.5 | ' | 0.9 | ' | ' | ' |
Inventories | 79.2 | ' | 65.9 | ' | ' | ' |
Prepaid expenses and other assets | 15.1 | ' | 13.4 | ' | ' | ' |
Total current assets | 260.2 | ' | 229.2 | ' | ' | ' |
Property, plant & equipment, net | 191.9 | ' | 188.4 | ' | ' | ' |
Goodwill | 4.5 | ' | 4.5 | ' | ' | ' |
Intangibles and other assets, net | 90.9 | ' | 101.4 | ' | ' | ' |
Other tax receivable | 0.1 | ' | 0.1 | ' | ' | ' |
Due from affiliates | 174.8 | ' | 175.2 | ' | ' | ' |
Investments in subsidiaries | 390.7 | ' | 389.7 | ' | ' | ' |
Total assets | 1,113.10 | ' | 1,088.50 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 2.5 | ' | 1.3 | ' | ' | ' |
Accounts payable and accrued liabilities | 139.1 | ' | 119.5 | ' | ' | ' |
Total current liabilities | 141.6 | ' | 120.8 | ' | ' | ' |
Long-term debt | 598.4 | ' | 598.7 | ' | ' | ' |
Deferred income taxes | 35.6 | ' | 30.3 | ' | ' | ' |
Other long-term liabilities | 3.4 | ' | 4 | ' | ' | ' |
Due to affiliates | 76.7 | ' | 76.7 | ' | ' | ' |
Total liabilities | 855.7 | ' | 830.5 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | 574.5 | ' | 574.5 | ' | ' | ' |
Retained earnings (deficit) | -329.8 | ' | -329.7 | ' | ' | ' |
Accumulated other comprehensive (loss) income | 12.7 | ' | 13.2 | ' | ' | ' |
Total Cott Corporation equity | 257.4 | ' | 258 | ' | ' | ' |
Total equity | 257.4 | ' | 258 | ' | ' | ' |
Total liabilities and equity | 1,113.10 | ' | 1,088.50 | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | 55.4 | 12.6 | 96.4 | 33.3 | 18.8 | 58.9 |
Accounts receivable, net of allowance | 206.2 | ' | 122.3 | ' | ' | ' |
Income taxes recoverable | 0.2 | ' | 0.2 | ' | ' | ' |
Inventories | 109.6 | ' | 130.8 | ' | ' | ' |
Prepaid expenses and other assets | 6.2 | ' | 4.3 | ' | ' | ' |
Total current assets | 377.6 | ' | 354 | ' | ' | ' |
Property, plant & equipment, net | 237.4 | ' | 242 | ' | ' | ' |
Goodwill | 109.3 | ' | 98.3 | ' | ' | ' |
Intangibles and other assets, net | 199.8 | ' | 198.4 | ' | ' | ' |
Other tax receivable | 0.6 | ' | 0.6 | ' | ' | ' |
Due from affiliates | 78 | ' | 78 | ' | ' | ' |
Investments in subsidiaries | 824.9 | ' | 820 | ' | ' | ' |
Total assets | 1,827.60 | ' | 1,791.30 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 0.5 | ' | 0.2 | ' | ' | ' |
Accounts payable and accrued liabilities | 195.8 | ' | 193.1 | ' | ' | ' |
Total current liabilities | 196.3 | ' | 193.3 | ' | ' | ' |
Long-term debt | 2.3 | ' | 1.5 | ' | ' | ' |
Deferred income taxes | 11.4 | ' | 7.9 | ' | ' | ' |
Other long-term liabilities | 20.2 | ' | 8.3 | ' | ' | ' |
Due to affiliates | 177.3 | ' | 177.8 | ' | ' | ' |
Total liabilities | 407.5 | ' | 388.8 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | 1,728.90 | ' | 1,724.30 | ' | ' | ' |
Retained earnings (deficit) | -317.2 | ' | -331.2 | ' | ' | ' |
Accumulated other comprehensive (loss) income | 8.4 | ' | 9.4 | ' | ' | ' |
Total Cott Corporation equity | 1,420.10 | ' | 1,402.50 | ' | ' | ' |
Total equity | 1,420.10 | ' | 1,402.50 | ' | ' | ' |
Total liabilities and equity | 1,827.60 | ' | 1,791.30 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | 5.3 | 7.4 | 5.7 | 6.2 | 8.3 | 7.6 |
Accounts receivable, net of allowance | 14.9 | ' | 16.2 | ' | ' | ' |
Income taxes recoverable | ' | ' | 0.1 | ' | ' | ' |
Inventories | 7.6 | ' | 7 | ' | ' | ' |
Prepaid expenses and other assets | 0.1 | ' | 0.1 | ' | ' | ' |
Total current assets | 27.9 | ' | 29.1 | ' | ' | ' |
Property, plant & equipment, net | 10.5 | ' | 9.8 | ' | ' | ' |
Intangibles and other assets, net | 11.6 | ' | 14.6 | ' | ' | ' |
Deferred income taxes | 0.6 | ' | 0.4 | ' | ' | ' |
Due from affiliates | 41.9 | ' | 41.9 | ' | ' | ' |
Investments in subsidiaries | -0.1 | ' | ' | ' | ' | ' |
Total assets | 92.4 | ' | 95.8 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 0.9 | ' | 0.4 | ' | ' | ' |
Accounts payable and accrued liabilities | 6.8 | ' | 7.9 | ' | ' | ' |
Total current liabilities | 7.7 | ' | 8.3 | ' | ' | ' |
Long-term debt | 1.6 | ' | 1.4 | ' | ' | ' |
Deferred income taxes | 1.1 | ' | 0.9 | ' | ' | ' |
Due to affiliates | 37.1 | ' | 37.4 | ' | ' | ' |
Total liabilities | 47.5 | ' | 48 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | 82.5 | ' | 83.6 | ' | ' | ' |
Retained earnings (deficit) | -49 | ' | -46.1 | ' | ' | ' |
Accumulated other comprehensive (loss) income | 1.4 | ' | -0.8 | ' | ' | ' |
Total Cott Corporation equity | 34.9 | ' | 36.7 | ' | ' | ' |
Non-controlling interests | 10 | ' | 11.1 | ' | ' | ' |
Total equity | 44.9 | ' | 47.8 | ' | ' | ' |
Total liabilities and equity | 92.4 | ' | 95.8 | ' | ' | ' |
Elimination Entries [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Accounts receivable, net of allowance | -112 | ' | -69 | ' | ' | ' |
Total current assets | -112 | ' | -69 | ' | ' | ' |
Due from affiliates | -334.3 | ' | -335.1 | ' | ' | ' |
Investments in subsidiaries | -1,712.40 | ' | -1,697.20 | ' | ' | ' |
Total assets | -2,158.70 | ' | -2,101.30 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | -112 | ' | -69 | ' | ' | ' |
Total current liabilities | -112 | ' | -69 | ' | ' | ' |
Due to affiliates | -334.3 | ' | -335.1 | ' | ' | ' |
Total liabilities | -446.3 | ' | -404.1 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | -2,385.90 | ' | -2,382.40 | ' | ' | ' |
Retained earnings (deficit) | 696 | ' | 707 | ' | ' | ' |
Accumulated other comprehensive (loss) income | -22.5 | ' | -21.8 | ' | ' | ' |
Total Cott Corporation equity | -1,712.40 | ' | -1,697.20 | ' | ' | ' |
Total equity | -1,712.40 | ' | -1,697.20 | ' | ' | ' |
Total liabilities and equity | ($2,158.70) | ' | ($2,101.30) | ' | ' | ' |
Guarantor_Subsidiaries_Consoli1
Guarantor Subsidiaries - Consolidating Statements of Condensed Cash Flows (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Operating Activities | ' | ' | ' | ' |
Net income | $13.30 | $15.80 | $32.40 | $48.90 |
Depreciation & amortization | 25.1 | 24.7 | 74.7 | 72.2 |
Amortization of financing fees | 0.7 | 0.8 | 2.2 | 2.9 |
Share-based compensation expense | 1.1 | 1.3 | 3.6 | 3.5 |
(Decrease) increase in deferred income taxes | 0.3 | 0.6 | 1.9 | 4.6 |
Gain on bargain purchase | ' | ' | ' | -0.9 |
Loss on disposal of property, plant & equipment | 1.1 | 0.8 | 1.4 | 1.7 |
Other non-cash items | ' | -1.4 | 0.2 | -0.8 |
Net change in operating assets and liabilities, net of acquisition | 45.8 | 15.4 | -53.5 | -79.1 |
Net cash provided by operating activities | 87.4 | 58 | 62.9 | 53 |
Investing Activities | ' | ' | ' | ' |
Acquisition | -4.7 | -4.7 | -11.2 | -9.7 |
Additions to property, plant & equipment | -10.2 | -13.2 | -44.7 | -50.6 |
Additions to intangibles and other assets | -2.1 | -1 | -4 | -4.7 |
Proceeds from sale of property, plant & equipment | 0.2 | 1.3 | 0.2 | 2.3 |
Proceeds from sale of assets held for sale | ' | 1.3 | ' | ' |
Proceeds from insurance recoveries | ' | 1.7 | 0.4 | 1.7 |
Net cash used in investing activities | -16.8 | -15.9 | -59.3 | -61 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | -0.6 | -0.2 | -20.2 | -2.8 |
Borrowings under ABL | ' | ' | ' | 24.5 |
Payments under ABL | ' | ' | ' | -24.5 |
Distributions to non-controlling interests | -2.2 | -1.9 | -5 | -3.3 |
Common share repurchase | -4.5 | ' | -12.9 | -0.3 |
Financing fees | -0.1 | -1.2 | -0.1 | -1.2 |
Dividends to shareholders | -5.5 | ' | -16.7 | ' |
Net cash used in financing activities | -12.9 | -3.3 | -54.9 | -7.6 |
Effect of exchange rate changes on cash | 1.3 | 2.2 | -2.3 | 2.8 |
Net (decrease) increase in cash & cash equivalents | 59 | 41 | -53.6 | -12.8 |
Cash & cash equivalents, beginning of period | 66.8 | 47.1 | 179.4 | 100.9 |
Cash & cash equivalents, end of period | 125.8 | 88.1 | 125.8 | 88.1 |
Cott Corporation [Member] | ' | ' | ' | ' |
Operating Activities | ' | ' | ' | ' |
Net income | 12 | 14.5 | 28.5 | 45.5 |
Depreciation & amortization | 1.6 | 1.6 | 4.7 | 4.7 |
Amortization of financing fees | ' | 0.1 | 0.1 | 0.2 |
Share-based compensation expense | 0.3 | 0.2 | 1.1 | 1 |
(Decrease) increase in deferred income taxes | -2.5 | 0.6 | -2 | 1.7 |
Loss on disposal of property, plant & equipment | 0.1 | ' | 0.1 | ' |
Equity (income) loss, net of distributions | -12.6 | -12.6 | -31.6 | -42.4 |
Intercompany transactions | 2.2 | 2.1 | 24.7 | 18.3 |
Other non-cash items | 0.2 | -0.4 | 0.2 | ' |
Net change in operating assets and liabilities, net of acquisition | -0.4 | 16.4 | -4.8 | -2.3 |
Net cash provided by operating activities | 0.9 | 22.5 | 21 | 26.7 |
Investing Activities | ' | ' | ' | ' |
Additions to property, plant & equipment | -1.1 | -1.2 | -6 | -5.4 |
Additions to intangibles and other assets | ' | -0.5 | ' | -0.5 |
Net cash used in investing activities | -1.1 | -1.7 | -6 | -5.9 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | ' | 0.1 | -0.1 | 0.1 |
Advances from affiliates | -0.3 | 1.6 | -0.4 | 5.1 |
Common share repurchase | -4.5 | ' | -12.9 | -0.3 |
Financing fees | -0.1 | ' | -0.1 | ' |
Dividends to shareholders | -5.5 | ' | -16.7 | ' |
Net cash used in financing activities | -10.4 | 1.7 | -30.2 | 4.9 |
Effect of exchange rate changes on cash | 0.5 | 1.2 | -1.4 | 1.1 |
Net (decrease) increase in cash & cash equivalents | -10.1 | 23.7 | -16.6 | 26.8 |
Cash & cash equivalents, beginning of period | 33.3 | 16.8 | 39.8 | 13.7 |
Cash & cash equivalents, end of period | 23.2 | 40.5 | 23.2 | 40.5 |
Cott Beverages Inc. [Member] | ' | ' | ' | ' |
Operating Activities | ' | ' | ' | ' |
Net income | -0.9 | 6.6 | -1.6 | 18.3 |
Depreciation & amortization | 9.6 | 9.4 | 29 | 27.1 |
Amortization of financing fees | 0.7 | 0.6 | 2 | 2.5 |
Share-based compensation expense | 0.7 | 0.9 | 2.2 | 1.7 |
(Decrease) increase in deferred income taxes | 3.4 | 1.2 | 5.2 | 3.7 |
Loss on disposal of property, plant & equipment | 0.4 | 0.2 | 0.7 | 0.6 |
Equity (income) loss, net of distributions | -1.3 | -1.5 | -3.9 | -3.8 |
Intercompany transactions | 2.4 | 2.1 | 5.3 | 3.5 |
Other non-cash items | -0.2 | -1 | ' | -0.8 |
Net change in operating assets and liabilities, net of acquisition | 28.3 | 0.9 | 2.4 | -20.1 |
Net cash provided by operating activities | 43.1 | 19.4 | 41.3 | 32.7 |
Investing Activities | ' | ' | ' | ' |
Acquisition | -4.7 | -4.7 | -4.7 | -4.7 |
Additions to property, plant & equipment | -7.9 | -9 | -27.9 | -33.8 |
Additions to intangibles and other assets | -2.1 | -1.1 | -4 | -4.7 |
Proceeds from insurance recoveries | ' | 1.7 | 0.4 | 1.7 |
Net cash used in investing activities | -14.7 | -13.1 | -36.2 | -41.5 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | ' | -0.2 | -0.7 | -2.6 |
Borrowings under ABL | ' | ' | ' | 24.5 |
Payments under ABL | ' | ' | ' | -24.5 |
Financing fees | ' | -1.2 | ' | -1.2 |
Net cash used in financing activities | ' | -1.4 | -0.7 | -3.8 |
Net (decrease) increase in cash & cash equivalents | 28.4 | 4.9 | 4.4 | -12.6 |
Cash & cash equivalents, beginning of period | 13.5 | 3.2 | 37.5 | 20.7 |
Cash & cash equivalents, end of period | 41.9 | 8.1 | 41.9 | 8.1 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Operating Activities | ' | ' | ' | ' |
Net income | 14.7 | 13.4 | 34.3 | 44.8 |
Depreciation & amortization | 12.3 | 12.1 | 36.4 | 36 |
Amortization of financing fees | ' | 0.1 | 0.1 | 0.2 |
Share-based compensation expense | 0.1 | 0.3 | 0.3 | 0.8 |
(Decrease) increase in deferred income taxes | -0.5 | -1.3 | -1.2 | -0.7 |
Gain on bargain purchase | ' | ' | ' | -0.9 |
Loss on disposal of property, plant & equipment | 0.6 | 0.1 | 0.6 | 0.6 |
Equity (income) loss, net of distributions | 0.3 | -6.5 | 0.9 | -18.3 |
Net change in operating assets and liabilities, net of acquisition | 15.8 | -3.4 | -76.9 | -76.2 |
Net cash provided by operating activities | 43.3 | 14.8 | -5.5 | -13.7 |
Investing Activities | ' | ' | ' | ' |
Acquisition | ' | ' | -6.5 | -5 |
Additions to property, plant & equipment | -1.2 | -1.7 | -9.5 | -9.8 |
Additions to intangibles and other assets | ' | 0.6 | ' | 0.5 |
Proceeds from sale of property, plant & equipment | ' | ' | ' | 1 |
Net cash used in investing activities | -1.2 | -1.1 | -16 | -13.3 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | -0.1 | ' | -18.6 | ' |
Net cash used in financing activities | -0.1 | ' | -18.6 | ' |
Effect of exchange rate changes on cash | 0.8 | 0.8 | -0.9 | 1.4 |
Net (decrease) increase in cash & cash equivalents | 42.8 | 14.5 | -41 | -25.6 |
Cash & cash equivalents, beginning of period | 12.6 | 18.8 | 96.4 | 58.9 |
Cash & cash equivalents, end of period | 55.4 | 33.3 | 55.4 | 33.3 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Operating Activities | ' | ' | ' | ' |
Net income | 1.1 | 1.9 | 5.8 | 4.8 |
Depreciation & amortization | 1.6 | 1.6 | 4.6 | 4.4 |
Share-based compensation expense | ' | -0.1 | ' | ' |
(Decrease) increase in deferred income taxes | -0.1 | 0.1 | -0.1 | -0.1 |
Loss on disposal of property, plant & equipment | ' | 0.5 | ' | 0.5 |
Net change in operating assets and liabilities, net of acquisition | -2.5 | -2.7 | -4.2 | -2.3 |
Net cash provided by operating activities | 0.1 | 1.3 | 6.1 | 7.3 |
Investing Activities | ' | ' | ' | ' |
Additions to property, plant & equipment | ' | -1.3 | -1.3 | -1.6 |
Proceeds from sale of property, plant & equipment | 0.2 | ' | 0.2 | 1.3 |
Proceeds from sale of assets held for sale | ' | 1.3 | ' | ' |
Advances to affiliates | 0.3 | -1.6 | 0.4 | -5.1 |
Net cash used in investing activities | 0.5 | -1.6 | -0.7 | -5.4 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | -0.5 | -0.1 | -0.8 | -0.3 |
Distributions to non-controlling interests | -2.2 | -1.9 | -5 | -3.3 |
Net cash used in financing activities | -2.7 | -2 | -5.8 | -3.6 |
Effect of exchange rate changes on cash | ' | 0.2 | ' | 0.3 |
Net (decrease) increase in cash & cash equivalents | -2.1 | -2.1 | -0.4 | -1.4 |
Cash & cash equivalents, beginning of period | 7.4 | 8.3 | 5.7 | 7.6 |
Cash & cash equivalents, end of period | 5.3 | 6.2 | 5.3 | 6.2 |
Elimination Entries [Member] | ' | ' | ' | ' |
Operating Activities | ' | ' | ' | ' |
Net income | -13.6 | -20.6 | -34.6 | -64.5 |
Equity (income) loss, net of distributions | 13.6 | 20.6 | 34.6 | 64.5 |
Intercompany transactions | -4.6 | -4.2 | -30 | -21.8 |
Net change in operating assets and liabilities, net of acquisition | 4.6 | 4.2 | 30 | 21.8 |
Investing Activities | ' | ' | ' | ' |
Advances to affiliates | -0.3 | 1.6 | -0.4 | 5.1 |
Net cash used in investing activities | -0.3 | 1.6 | -0.4 | 5.1 |
Financing Activities | ' | ' | ' | ' |
Advances from affiliates | 0.3 | -1.6 | 0.4 | -5.1 |
Net cash used in financing activities | $0.30 | ($1.60) | $0.40 | ($5.10) |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | Jul. 19, 2012 | Aug. 17, 2010 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 02, 2013 | Oct. 22, 2013 | Sep. 30, 2013 |
In Millions, except Per Share data, unless otherwise specified | ABL Facility [Member] | ABL Facility [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | CAD | ABL Facility [Member] | 2017 Notes [Member] | |
USD ($) | USD ($) | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt to be redeemed | ' | ' | $200 | $200 | ' | ' | ' |
Redemption price of note as a percentage of par | ' | ' | 104.12% | ' | ' | ' | ' |
Premium Payment Liability | ' | ' | ' | ' | ' | ' | 8 |
Deferred financing fee and discount charges | ' | ' | 4 | 4 | ' | ' | ' |
Borrowing capacity, increase in lender's commitment under credit facility | ' | ' | ' | ' | ' | 300 | ' |
Borrowing capacity, accordion feature | ' | ' | ' | ' | ' | 350 | ' |
Financing fees | $1.20 | $5.40 | ' | ' | ' | $0.60 | ' |
Amendment in credit facility | ' | ' | ' | ' | ' | 'On October 22, 2013, we amended the ABL facility to, among other things, (1) provide for an increase in the lendersb commitments under the ABL facility to $300 million, as well an increase to the accordion feature, which permits us to increase the lendersb commitments under the ABL facility to $350 million, subject to certain conditions, (2) extend the maturity date to the earliest of (i) October 22, 2018, (ii) May 15, 2017, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, or (iii) March 1, 2018, if we have not redeemed, repurchased or refinanced the 2018 Notes by February 15, 2018, and (3) provide for greater flexibility under certain covenants. | ' |
Dividend per Common share | ' | ' | ' | ' | 0.06 | ' | ' |
Dividend declared date | ' | ' | ' | 29-Oct-13 | ' | ' | ' |
Dividend declared payable | ' | ' | ' | 12-Dec-13 | ' | ' | ' |
Dividend shareholders date of record | ' | ' | ' | 2-Dec-13 | ' | ' | ' |