Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 28, 2013 | Feb. 14, 2014 | Jun. 29, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'COTT CORP /CN/ | ' | ' |
Entity Central Index Key | '0000884713 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 94,310,988 | ' |
Entity Public Float | ' | ' | $728.30 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
Revenue, net | $2,094 | $2,250.60 | $2,334.60 |
Cost of sales | 1,842 | 1,961.10 | 2,058 |
Gross profit | 252 | 289.5 | 276.6 |
Selling, general and administrative expenses | 160.4 | 178 | 172.7 |
Loss on disposal of property, plant & equipment | 1 | 1.8 | 1.2 |
Restructuring and asset impairments | ' | ' | ' |
Restructuring | 2 | ' | ' |
Asset impairments | ' | ' | 0.6 |
Intangible asset impairments | ' | ' | 1.4 |
Operating income | 88.6 | 109.7 | 100.7 |
Contingent consideration earn-out adjustment | ' | 0.6 | 0.9 |
Other expense (income), net | 12.8 | -2 | 2.2 |
Interest expense, net | 51.6 | 54.2 | 57.1 |
Income before income taxes | 24.2 | 56.9 | 40.5 |
Income tax expense (benefit) | 2.2 | 4.6 | -0.7 |
Net income | 22 | 52.3 | 41.2 |
Less: Net income attributable to non-controlling interests | 5 | 4.5 | 3.6 |
Net income attributed to Cott Corporation | $17 | $47.80 | $37.60 |
Net income per common share attributed to Cott Corporation | ' | ' | ' |
Basic | $0.18 | $0.51 | $0.40 |
Diluted | $0.18 | $0.50 | $0.40 |
Weighted average outstanding shares (thousands) attributed to Cott Corporation | ' | ' | ' |
Basic | 94,750 | 94,553 | 94,241 |
Diluted | 95,633 | 94,775 | 95,001 |
Dividends declared per share | $0.24 | $0.06 | ' |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $22 | $52.30 | $41.20 | |||
Other comprehensive income (loss): | ' | ' | ' | |||
Currency translation adjustment | -5.1 | 10.7 | -4.7 | |||
Pension benefit plan, net of tax | 0.7 | [1] | 1.4 | [1] | -3.1 | [1] |
Unrealized gain on derivative instruments, net of tax | ' | ' | 0.6 | [2] | ||
Total other comprehensive (loss) income | -4.4 | 12.1 | -7.2 | |||
Comprehensive income | 17.6 | 64.4 | 34 | |||
Less: Comprehensive income attributable to non-controlling interests | 5 | 4.3 | 3.6 | |||
Comprehensive income attributed to Cott Corporation | $12.60 | $60.10 | $30.40 | |||
[1] | Net of a $0.3 million tax expense, $1.1 million tax expense and $0.6 million tax benefit for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. | |||||
[2] | Net of a nil tax benefit, a nil tax benefit and $0.3 million tax expense effect for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Pension benefit plan, tax benefit | $0.30 | $1.10 | $0.60 |
Unrealized loss on derivative instruments, tax | ' | ' | $0.30 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash & cash equivalents | $47.20 | $179.40 |
Accounts receivable, net of allowance of $5.8 ($6.8 as of December 29, 2012) | 204.4 | 199.4 |
Income taxes recoverable | 1.1 | 1.2 |
Inventories | 233.1 | 224.8 |
Prepaid expenses and other current assets | 19.3 | 20.3 |
Total current assets | 505.1 | 625.1 |
Property, plant & equipment, net | 483.7 | 490.9 |
Goodwill | 137.3 | 130.3 |
Intangibles and other assets, net | 296.2 | 315.4 |
Deferred income taxes | 3.6 | 3.3 |
Other tax receivable | 0.2 | 0.9 |
Total assets | 1,426.10 | 1,565.90 |
Current liabilities | ' | ' |
Short-term borrowings | 50.8 | ' |
Current maturities of long-term debt | 3.9 | 1.9 |
Accounts payable and accrued liabilities | 298.2 | 287.7 |
Total current liabilities | 352.9 | 289.6 |
Long-term debt | 403.5 | 601.8 |
Deferred income taxes | 41.5 | 39.1 |
Other long-term liabilities | 22.3 | 12.5 |
Total liabilities | 820.2 | 943 |
Commitments and contingencies - Note 18 | ' | ' |
Equity | ' | ' |
Capital stock, no par - 94,238,190 (December 29, 2012 - 95,371,484) shares issued | 392.8 | 397.8 |
Treasury stock | ' | ' |
Additional paid-in-capital | 44.1 | 40.4 |
Retained earnings | 176.3 | 186 |
Accumulated other comprehensive loss | -16.8 | -12.4 |
Total Cott Corporation equity | 596.4 | 611.8 |
Non-controlling interests | 9.5 | 11.1 |
Total equity | 605.9 | 622.9 |
Total liabilities and equity | $1,426.10 | $1,565.90 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, net of allowance | $5.80 | $6.80 |
Capital stock, no par value | ' | ' |
Capital stock, shares issued | 94,238,190 | 95,371,484 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income | $22 | $52.30 | $41.20 |
Depreciation & amortization | 100.8 | 97.7 | 95.3 |
Amortization of financing fees | 2.8 | 3.7 | 3.9 |
Share-based compensation expense | 4 | 4.9 | 2.9 |
Increase (decrease) in deferred income taxes | 0.9 | 3.8 | -3.7 |
Write-off of financing fees and discount | 4 | ' | ' |
Gain on bargain purchase | ' | -0.9 | ' |
Loss on disposal of property, plant & equipment | 1 | 1.8 | 1.2 |
Asset impairments | ' | ' | 0.6 |
Intangible asset impairments | ' | ' | 1.4 |
Contract termination payments | ' | ' | -3.1 |
Other non-cash items | 0.9 | -0.4 | 4.9 |
Change in operating assets and liabilities, net of acquisition: | ' | ' | ' |
Accounts receivable | 13.9 | 15 | -5 |
Inventories | -1 | -12.1 | 6.5 |
Prepaid expenses and other current assets | -1.3 | -0.3 | 5.8 |
Other assets | 6.1 | 0.9 | -0.7 |
Accounts payable and accrued liabilities, and other liabilities | -0.6 | -2.2 | 11.5 |
Income taxes recoverable | 1.7 | 8.8 | 0.8 |
Net cash provided by operating activities | 155.2 | 173 | 163.5 |
Investing Activities | ' | ' | ' |
Acquisition, net of cash received | -11.2 | -9.7 | -34.3 |
Additions to property, plant & equipment | -55.6 | -69.7 | -48.8 |
Additions to intangibles and other assets | -5.9 | -5.2 | -5.7 |
Proceeds from sale of property, plant & equipment | 0.2 | 2.3 | 0.4 |
Proceeds from insurance recoveries | 0.6 | 1.9 | ' |
Other investing activities | ' | ' | -1.8 |
Net cash used in investing activities | -71.9 | -80.4 | -90.2 |
Financing Activities | ' | ' | ' |
Payments of long-term debt | -220.8 | -3.3 | -6.8 |
Borrowings under ABL | 131.9 | 24.5 | 224.1 |
Payments under ABL | -82.1 | -24.5 | -231.9 |
Distributions to non-controlling interests | -6.6 | -5.6 | -6 |
Issuance of common shares, net of offering fees | ' | ' | 0.3 |
Common shares repurchased and cancelled | -13 | -0.3 | ' |
Dividends to shareholders | -21.9 | -5.8 | ' |
Financing fees | -0.8 | -1.2 | ' |
Net cash used in financing activities | -213.3 | -16.2 | -20.3 |
Effect of exchange rate changes on cash | -2.2 | 2.1 | -0.3 |
Net (decrease) increase in cash & cash equivalents | -132.2 | 78.5 | 52.7 |
Cash & cash equivalents, beginning of period | 179.4 | 100.9 | 48.2 |
Cash & cash equivalents, end of period | 47.2 | 179.4 | 100.9 |
Supplemental Non-cash Investing and Financing Activities: | ' | ' | ' |
Capital lease additions | 1.3 | 1 | 0.2 |
Common stock repurchased through accrued expenses | ' | 2.9 | ' |
Deferred consideration | 5.1 | ' | ' |
Financing fees | 1.2 | ' | ' |
Supplemental Disclosures of Cash Flow Information: | ' | ' | ' |
Cash paid for interest | 50.9 | 51 | 53.8 |
Cash paid (received) for income taxes, net | $0.10 | ($7.70) | $1.30 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Director Share Awards [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Treasury Shares [Member] | Treasury Shares [Member] | Treasury Shares [Member] | Treasury Shares [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-Controlling Interests [Member] | |
In Millions, except Share data in Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | Director Share Awards [Member] | Time-Based RSUs [Member] | USD ($) | PSU Plan [Member] | EISPP [Member] | Time-Based RSUs [Member] | USD ($) | Director Share Awards [Member] | PSU Plan [Member] | EISPP [Member] | Time-Based RSUs [Member] | USD ($) | USD ($) | USD ($) | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||
Balance at Jan. 01, 2011 | $535.20 | ' | $395.60 | ' | ' | ($3.20) | ' | ' | ' | $40.80 | ' | ' | ' | ' | $106.50 | ($17.50) | $13 | |
Balance, shares at Jan. 01, 2011 | ' | ' | 94,750 | ' | ' | 1,051 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Director Share Awards | ' | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | ' | ' | ' | ' | ' | |
Treasury shares issued | ' | ' | ' | ' | ' | ' | 0.5 | 0.6 | ' | ' | ' | -0.5 | -0.6 | ' | ' | ' | ' | |
Common shares issued - Director Share Awards, shares | ' | ' | ' | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Treasury shares issued, shares | ' | ' | ' | ' | ' | ' | -181 | -196 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation | 2.2 | ' | ' | ' | ' | ' | ' | ' | ' | 2.2 | ' | ' | ' | ' | ' | ' | ' | |
Options exercised | 0.3 | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Options exercised, shares | 275 | ' | 275 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Contributions to non-controlling interests | 1.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | |
Distributions to non-controlling interests | -6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Currency translation adjustment | -4.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.7 | ' | |
Pension benefit plan, net of tax | -3.1 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3.1 | ' |
Unrealized gain (loss) on derivative instruments, net of tax | 0.6 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' |
Net income | 41.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37.6 | ' | 3.6 | |
Balance at Dec. 31, 2011 | 568.2 | ' | 395.9 | ' | ' | -2.1 | ' | ' | ' | 42.6 | ' | ' | ' | ' | 144.1 | -24.7 | 12.4 | |
Balance, shares at Dec. 31, 2011 | ' | ' | 95,101 | ' | ' | 674 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Director Share Awards | ' | 0.7 | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | ' | ' | ' | ' | ' | |
Treasury shares issued | ' | ' | ' | ' | ' | ' | ' | ' | 2.1 | ' | ' | ' | ' | -2.1 | ' | ' | ' | |
Common shares issued - Director Share Awards, shares | ' | ' | ' | 96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Treasury shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | -674 | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares repurchased and cancelled | -3.2 | ' | -3.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | ' | ' | |
Common shares issued - Time-based RSUs | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | -5 | ' | ' | ' | |
Common shares repurchased and cancelled, shares | ' | ' | -392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Time-based RSUs, shares | ' | ' | ' | ' | 566 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation | 4.2 | ' | ' | ' | ' | ' | ' | ' | ' | 4.2 | ' | ' | ' | ' | ' | ' | ' | |
Dividend payment | -5.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.8 | ' | ' | |
Options exercised, shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Distributions to non-controlling interests | -5.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.6 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Currency translation adjustment | 10.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.9 | -0.2 | |
Pension benefit plan, net of tax | 1.4 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' |
Unrealized gain (loss) on derivative instruments, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 52.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.8 | ' | 4.5 | |
Balance at Dec. 29, 2012 | 622.9 | ' | 397.8 | ' | ' | ' | ' | ' | ' | 40.4 | ' | ' | ' | ' | 186 | -12.4 | 11.1 | |
Balance, shares at Dec. 29, 2012 | ' | ' | 95,371 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Director Share Awards | ' | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | ' | ' | ' | ' | ' | ' | |
Common shares issued - Director Share Awards, shares | ' | ' | ' | 87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares repurchased and cancelled | -10.1 | ' | -5.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.8 | ' | ' | |
Common shares issued - Time-based RSUs | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | ' | ' | ' | |
Common shares repurchased and cancelled, shares | ' | ' | -1,251 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Time-based RSUs, shares | ' | ' | ' | ' | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Share-based compensation | 3.2 | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | ' | ' | ' | ' | ' | ' | ' | |
Dividend payment | -21.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21.9 | ' | ' | |
Options exercised, shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Distributions to non-controlling interests | -6.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6.6 | |
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Currency translation adjustment | -5.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5.1 | ' | |
Pension benefit plan, net of tax | 0.7 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' |
Unrealized gain (loss) on derivative instruments, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | 5 | |
Balance at Dec. 28, 2013 | $605.90 | ' | $392.80 | ' | ' | ' | ' | ' | ' | $44.10 | ' | ' | ' | ' | $176.30 | ($16.80) | $9.50 | |
Balance, shares at Dec. 28, 2013 | ' | ' | 94,238 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Net of a $0.3 million tax expense, $1.1 million tax expense and $0.6 million tax benefit for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. | |||||||||||||||||
[2] | Net of a nil tax benefit, a nil tax benefit and $0.3 million tax expense effect for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
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 drinks, sports products, new age beverages and ready-to-drink teas, as well as alcoholic beverages for brand owners. | |||||||||
Note 1—Summary of Significant Accounting Policies | |||||||||
Basis of presentation | |||||||||
These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) using the U.S. dollar as the reporting currency, as the majority of our business and the majority of our shareowners are in the United States. | |||||||||
For the years ended December 28, 2013, December 29, 2012 and December 31, 2011, we had 52 weeks of activity. Our fiscal year ends on Saturday, December 28, 2013 and our next 53 week year is 2015. | |||||||||
We have three reporting segments— North America (which includes our U.S. operating segment and Canada operating segment), United Kingdom (“U.K.”) (which includes our United Kingdom reporting unit and our Continental European reporting unit), and All Other (“All Other”) (which includes our Mexico operating segment, our Royal Crown International (“RCI”) operating segment and other Miscellaneous Expenses). Our corporate oversight function (“Corporate”) is not treated as a segment; it includes certain general and administrative costs that are not allocated to any of the reporting segments. During the fourth quarter of 2013, management reviewed our reporting segments and subsequently combined our Mexico and RCI reporting segments with the segment previously classified as All Other into one segment classified as All Other. Prior year information has been updated to reflect the change in our reporting segments. | |||||||||
Basis of consolidation | |||||||||
The financial statements consolidate our accounts, our wholly-owned and majority-owned subsidiaries and joint ventures which we control. All intercompany transactions and accounts have been eliminated in consolidation. | |||||||||
Estimates | |||||||||
The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements include estimates and assumptions which, in the opinion of management, were significant to the underlying amounts representing the future valuation of intangible assets, long-lived assets and goodwill, accounting for share-based compensation, realization of deferred income tax assets and the resolution of tax contingencies. | |||||||||
Revenue recognition | |||||||||
We recognize revenue, net of sales returns, when ownership passes to customers for products manufactured in our own plants and/or by third parties on our behalf, and when prices to our customers are fixed and collection is reasonably assured. This may be upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue. Although we accept returns of products from our customers occasionally, such returns, historically, have not been material. | |||||||||
Sales incentives | |||||||||
We participate in various incentive programs with our customers, including volume-based incentives, contractual rebates and promotional allowances. Volume incentives are based on our customers achieving volume targets for a period of time. Volume incentives and contractual rebates are deducted from revenue and accrued as the incentives are earned and are based on management’s estimate of the total the customer is expected to earn and claim. Promotional allowances are accrued at time of revenue recognition and deducted from revenue based on either the volume shipped or the volume sold at the retailer location, depending on the terms of the allowance. We regularly review customer sales forecasts to ensure volume targets will be met and adjust incentive accruals and revenues accordingly. | |||||||||
Cost of sales | |||||||||
We record shipping and handling and finished goods inventory costs in cost of sales. Finished goods inventory costs include the cost of direct labor and materials and the applicable share of overhead expense chargeable to production. | |||||||||
Selling, general and administrative expenses | |||||||||
We record all other expenses not charged to production as selling, general and administrative expenses. | |||||||||
Share-based compensation | |||||||||
Share-based compensation expense for all share-based compensation awards is based on the grant-date fair value. We recognized these compensation costs net of a forfeiture rate on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. No estimated forfeitures were included in the calculation of share-based compensation for the 2013, 2012 and 2011 share-based awards. | |||||||||
Additional paid-in capital is adjusted by the tax impact related to the difference between the amount deducted for tax purposes and the compensation cost for accounting purposes. Where the tax deduction exceeds book compensation cost, an increase in additional paid-in capital is recorded. Where the tax deduction is less than book compensation cost, a reduction in additional paid-in capital is recorded to the extent there is an accumulated balance or charged to income tax expense if a shortfall remains after the accumulated additional paid-in capital is brought to zero. | |||||||||
Cash and cash equivalents | |||||||||
Cash and cash equivalents include all highly liquid investments with original maturities not exceeding three months at the time of purchase. The fair values of our cash and cash equivalents approximate the amounts shown on our Consolidated Balance Sheets due to their short-term nature. | |||||||||
Allowance for doubtful accounts | |||||||||
A portion of our accounts receivable is not expected to be collected due to non-payment, bankruptcies and deductions. Our accounting policy for the allowance for doubtful accounts requires us to reserve an amount based on the evaluation of the aging of accounts receivable, detailed analysis of high-risk customers’ accounts, and the overall market and economic conditions of our customers. | |||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost, determined on the first-in, first-out method, or net realizable value. Returnable bottles are valued at the lower of cost, deposit value or net realizable value. Finished goods and work-in-process include the cost of raw materials, direct labor and manufacturing overhead costs. As a result, we use an inventory reserve to adjust our costs down to a net realizable value and to reserve for estimated obsolescence of both raw materials and finished goods. | |||||||||
Property, plant and equipment | |||||||||
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is allocated between cost of sales and selling, general and administration expenses and is determined using the straight-line method over the estimated useful lives of the assets as follows: | |||||||||
Buildings | 10 to 40 years | ||||||||
Machinery and equipment | 7 to 15 years | ||||||||
Furniture and fixtures | 3 to 10 years | ||||||||
Plates, films and molds | 1 to 10 years | ||||||||
Vending | 5 to 10 years | ||||||||
Transportation equipment | 3 to 15 years | ||||||||
IT Systems | 3 to 7 years | ||||||||
Leasehold improvements are amortized using the straight-line method over the remaining life of the lease or useful life, whichever is shorter. Maintenance and repairs are charged to operating expense when incurred. | |||||||||
Goodwill and indefinite life intangible assets: | |||||||||
The following table summarizes our goodwill on a reporting segment basis as of December 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | December 28, 2013 | December 29, 2012 | |||||||
North America | |||||||||
Balance at beginning of year | $ | 125.8 | $ | 125.1 | |||||
Goodwill acquired during the year | — | — | |||||||
Foreign exchange | (1.8 | ) | 0.7 | ||||||
Balance at end of year | $ | 124 | $ | 125.8 | |||||
All Other | |||||||||
Balance at beginning of year | $ | 4.5 | $ | 4.5 | |||||
Goodwill acquired during the year | — | — | |||||||
Foreign exchange | — | — | |||||||
Balance at end of year | $ | 4.5 | $ | 4.5 | |||||
UK | |||||||||
Balance at beginning of year | $ | — | $ | — | |||||
Goodwill acquired during the year | 8.5 | — | |||||||
Foreign exchange | 0.3 | — | |||||||
Balance at end of year | $ | 8.8 | $ | — | |||||
Total | |||||||||
Balance at beginning of year | $ | 130.3 | $ | 129.6 | |||||
Goodwill acquired during the year | 8.5 | — | |||||||
Foreign exchange | (1.5 | ) | 0.7 | ||||||
Balance at end of year | $ | 137.3 | $ | 130.3 | |||||
Goodwill represents the excess purchase price of acquired businesses over the fair value of the net assets acquired. Goodwill is not amortized, but instead is tested for impairment at least annually in the fourth quarter or more frequently if we determine a triggering event has occurred during the year. Any impairment loss is recognized in our results of operations. We evaluate goodwill for impairment on a reporting unit basis. Reporting units are operations for which discrete financial information is available and are at or one level below our operating segments. For the purpose of testing goodwill for impairment, our reporting units are the United States (“U.S.”), United Kingdom (“U.K.”), Canada, and Royal Crown International (“RCI”). We had goodwill of $137.3 million on our balance sheet at December 28, 2013, which represents amounts for the U.S., U.K., Canada and the RCI reporting units. | |||||||||
In 2013 and 2012, for our RCI reporting unit, we assessed qualitative factors to determine whether the existence of events or circumstances indicated that it was more likely than not that the fair value of the reporting unit was less than its carrying amount. We also performed this assessment for our Canada reporting unit in 2012. If, after assessing the totality of events or circumstances, we had determined that it was more likely than not that the fair value of the reporting unit was less than its carrying amount, then we would have performed the first step of the two-step goodwill impairment test. We concluded that it was more likely than not that the fair value of the reporting unit was more than its carrying amount and therefore we were not required to perform any additional testing. | |||||||||
In 2013, for our U.S. and Canada reporting units, we chose to bypass the qualitative assessment and performed the first step of the two-step goodwill impairment test using a mix of the income approach (which is based on the discounted cash flow of the reporting unit) and the public company approach. We believe using a combination of the two approaches provides a more accurate valuation because it incorporates the actual cash generation of the Company in addition to how a third party market participant would value the reporting unit. We also chose to bypass the qualitative assessment for our U.S. reporting unit in 2012. Because the business is assumed to continue in perpetuity, the discounted future cash flow includes a terminal value. We used a weighted average terminal growth rate of 1% for our U.S. reporting unit in 2013 and 2012 and a weighted average terminal growth rate of 1% for our Canada reporting unit in 2013. The long-term growth assumptions incorporated into the discounted cash flow calculation reflect our long-term view of the market (including a decline in CSD demand), projected changes in the sale of our products, pricing of such products and operating profit margins. The estimated revenue changes in the analysis for the U.S. reporting unit ranged between -9.7% and 5.6% for 2013 and -1.4% and 3.0% for 2012. The estimated revenue changes in the analysis for the Canada reporting unit ranged between -17.2% and 1.2% for 2013. | |||||||||
The discount rate used for the fair value estimates in the analysis for the U.S. reporting unit was 8.5% for 2013 and 10.5% for 2012 and ranged from 11% to 12% for 2011. The discount rate used for the fair value estimates in the analysis for the Canada reporting unit was 9.0% for 2013 and 11.0% for 2011. These rates were based on the weighted average cost of capital a market participant would use if evaluating the reporting unit as an investment. The risk-free rate was 3.4% and 2.4% for 2013 and 2012, respectively, and was based on a 20-year U.S. Treasury Bill as of the valuation date. | |||||||||
For the Canada reporting unit, the fair value exceeded the net book value by approximately 23% and 49% in 2013 and 2011, respectively. As noted above, a qualitative assessment was performed on our Canada reporting unit in 2012. From 2011 to 2013, the fair value declined by approximately 41%. | |||||||||
All goodwill in the U.K. reporting unit is attributable to the June 2013 acquisition (the “Calypso Soft Drinks Acquisition”) of 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”). | |||||||||
Each year during the fourth quarter, we re-evaluate the assumptions used to reflect changes in the business environment, such as revenue growth rates, operating profit margins and discount rate. Based on the evaluations performed this year, we determined that the fair value of our significant reporting units exceeded their carrying amounts. | |||||||||
Intangible and other assets | |||||||||
As of December 28, 2013, other intangible assets were $251.2 million, consisting principally of $212.0 million of customer relationships that arose from acquisitions, $10.1 million of financing costs, $17.5 million of information technology assets, and $7.4 million of trademarks. Customer relationships are amortized on a straight-line basis for the period over which we expect to receive economic benefits. We review the estimated useful life of these intangible assets annually, taking into consideration the specific net cash flows related to the intangible asset, unless a review is required more frequently due to a triggering event such as the loss of a customer. The permanent loss or significant decline in sales to any customer included in the intangible asset would result in impairment in the value of the intangible asset or accelerated amortization and could lead to an impairment of fixed assets that were used to service that customer. In 2013 we recorded $10.7 million of customer relationships acquired in connection with the Calypso Soft Drinks Acquisition. We did not record impairment charges for other intangible assets in 2013 or 2012. In 2011, we recorded an asset impairment charge of $1.4 million related primarily to customer relationships. | |||||||||
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”). This asset has a net book value of $45.0 million. Prior to 2001, we paid a volume based royalty to the Royal Crown Company for purchase of concentrates. There are no legal, regulatory, contractual, competitive, economic, or other factors that limit the useful life of this intangible. | |||||||||
The life of the Rights is considered to be indefinite and therefore not amortized, but instead is tested for impairment at least annually or more frequently if we determine a triggering event has occurred during the year. We compare the carrying amount of the Rights to their fair value and where the carrying amount is greater than the fair value, we recognize in income an impairment loss. To determine fair value, we use a relief from royalty method, which calculates a fair value royalty rate that is applied to a forecast of future volume shipments of concentrate that is used to produce CSDs. The forecast of future volumes is based on the estimated inter-plant shipments and RCI shipments. The relief from royalty method is used since the Rights were purchased in part to avoid making future royalty payments for concentrate to the Royal Crown Company. The resulting cash flows are discounted using a discount rate of 12.5% and estimated volume changes between -10.7% and 5.5%. No impairment was identified for the year ended December 28, 2013. Absent any other changes, if our inter-plant concentrate volume declines by 1.0% from our estimated volume, the fair value of our Rights would decline by approximately $1.7 million. If our RCI volume declines by 1.0% from our estimated volume, the fair value of the Rights would decline by approximately $2.6 million. If our discount rate increases by 100 basis points, the fair value of the Rights would decline by approximately $5.5 million. None of these adjustments would result in an impairment of our Rights as either a stand-alone adjustment or in combination. | |||||||||
Impairment of long-lived assets | |||||||||
When adverse events occur, we compare the carrying amount of long-lived assets to the estimated undiscounted future cash flows at the lowest level of independent cash flows for the group of long-lived assets and recognize any impairment loss in the Consolidated Statements of Operations, taking into consideration the timing of testing and the asset’s remaining useful life. The expected life and value of these long-lived assets is based on an evaluation of the competitive environment, history and future prospects as appropriate. In 2011, we recorded an impairment of long-lived assets of $0.6 million related to a production plant in Mexico that ceased operations. We did not record impairments of long-lived assets in 2012 or 2013. | |||||||||
Foreign currency translation | |||||||||
The assets and liabilities of non-U.S. active operations, all of which are self-sustaining, are translated to U.S. dollars at the exchange rates in effect at the balance sheet dates. Revenues and expenses are translated using average monthly exchange rates prevailing during the period. The resulting gains or losses are recorded in accumulated comprehensive income under shareowners’ equity. | |||||||||
Income Taxes | |||||||||
We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized based on the differences between the accounting values of assets and liabilities and their related tax bases using currently enacted income tax rates. A valuation allowance is established to reduce deferred income tax assets if, on the basis of available evidence, it is not more likely than not that all or a portion of any deferred tax assets will be realized. We classify interest and income tax penalties as income tax expense (benefit). | |||||||||
We account for uncertain tax positions using a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, based on the technical merits. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. We re-evaluate these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. | |||||||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations, and we include accrued interest and penalties within the income tax payable or receivable account in the Consolidated Balance Sheets. | |||||||||
Pension costs | |||||||||
We record annual amounts relating to defined benefit pension plans based on calculations, which include various actuarial assumptions such as discount rates and assumed rates of return depending on the pension plan. Material changes in pension costs may occur in the future due to changes in these assumptions. Future annual amounts could be impacted by changes in the discount rate, changes in the expected long-term rate of return, changes in the level of contributions to the plans and other factors. The funded status is the difference between the fair value of plan assets and the benefit obligation. Future actuarial gains or losses that are not recognized as net periodic benefits cost in the same periods will be recognized as a component of other comprehensive income. | |||||||||
Recently issued 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 17. |
Acquisition
Acquisition | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisition | ' | ||||||||||||
Note 2—Acquisition | |||||||||||||
Calypso Soft Drinks Acquisition | |||||||||||||
During June 2013, our United Kingdom (“U.K.”) reporting segment completed the Calypso Soft Drinks Acquisition. Calypso Soft Drinks produces fruit juices, juice drinks, soft drinks, and freeze products in the United Kingdom. The aggregate purchase price in the Calypso Soft Drinks Acquisition was $12.1 million, which includes approximately $7.0 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, respectively, of the Calypso Soft Drinks Acquisition. In connection with the Calypso Soft Drinks Acquisition, we paid off $18.5 million of outstanding debt of the acquired companies. 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 consideration1 | 5.1 | ||||||||||||
Total consideration | $ | 12.1 | |||||||||||
1. | Principal amount of $5.3 million discounted to be paid on the first and second anniversary of 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. | |||||||||||||
(in millions of U.S. dollars) | As reported at | Adjustments | As reported at | ||||||||||
September 27, 2013 | December 28, 2013 | ||||||||||||
Cash | $ | 0.5 | $ | — | $ | 0.5 | |||||||
Accounts receivable | 15.1 | 1 | 16.1 | ||||||||||
Inventory | 7.5 | 0.6 | 8.1 | ||||||||||
Prepaid expenses and other assets | 0.6 | — | 0.6 | ||||||||||
Property, plant and equipment | 9.7 | (1.0 | ) | 8.7 | |||||||||
Goodwill | 10.5 | (2.0 | ) | 8.5 | |||||||||
Intangibles and other assets | 14.8 | 0.2 | 15 | ||||||||||
Accounts payable and accrued liabilities | (14.1 | ) | (1.7 | ) | (15.8 | ) | |||||||
Shareholder loans | (1.6 | ) | — | (1.6 | ) | ||||||||
Deferred tax liabilities | (4.7 | ) | 1.2 | (3.5 | ) | ||||||||
Other long-term liabilities | (26.2 | ) | 1.7 | (24.5 | ) | ||||||||
Total | $ | 12.1 | $ | — | $ | 12.1 | |||||||
The Company recognized $1.7 million of acquisition related costs associated with the Calypso Soft Drinks Acquisition that were expensed during 2013. These costs are included in the selling, general, and administrative expenses of our Consolidated Statements of Operations in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations” (“ASC 805”). | |||||||||||||
Scotland Acquisition | |||||||||||||
In March 2012, our U.K. reporting segment acquired a beverage and wholesale business based in Scotland for approximately $5.0 million. The business was purchased from a company in administration and provides a number of benefits to our U.K. reporting segment, including increased product offerings, logistical synergies and access to an additional production line. The acquisition has been accounted for using the purchase method of accounting for business combinations, and related operating results are included in the Consolidated Statements of Operations for the periods subsequent to the acquisition. The identified assets, which included inventory, property, plant and equipment, trade names and customer lists, were recorded at their estimated fair values, which exceeded the fair value of the purchase price of the business. Accordingly, the acquisition has been accounted for as a bargain purchase and, as a result, we recognized a gain of approximately $0.9 million associated with the acquisition. The gain is included in the other (income) expense, net section of the Consolidated Statements of Operations. | |||||||||||||
Cliffstar Acquisition | |||||||||||||
On August 17, 2010, we completed the Cliffstar Acquisition 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 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 ending January 1, 2011. | |||||||||||||
In 2011, the seller of Cliffstar 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. | |||||||||||||
The Cliffstar Acquisition was financed through the issuance of $375.0 million aggregate principal amount of 8.125% senior notes due 2018 (the “2018 Notes”), the underwritten public offering of 13.4 million of our common shares (the “Equity Offering”) and borrowings under our credit facility, which we refinanced in connection with the Cliffstar Acquisition, to increase the amount available for borrowings to $275.0 million. | |||||||||||||
Our primary reasons for the Cliffstar Acquisition were to expand Cott’s product portfolio and manufacturing capabilities, enhance our customer offering and growth prospects, and improve our strategic platform for the future. | |||||||||||||
The Cliffstar Acquisition is being accounted for under the purchase accounting method, in accordance with ASC 805, “Business Combinations”, with the assets and liabilities acquired recorded at their fair values at the date of the Cliffstar Acquisition. Identified intangible assets, goodwill and property, plant and equipment are recorded at their estimated fair values per valuations. The results of operations of the acquired business have been included in our operating results beginning as of the date of the Cliffstar Acquisition. We allocated the purchase price of the Cliffstar 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 the straight-line amortization method. | |||||||||||||
In addition to the purchase price, we incurred $7.2 million of acquisition related costs, which were expensed as incurred and recorded in the selling, general, and administrative expenses caption of our Consolidated Statements of Operations for the year ended January 1, 2011, in accordance with ASC 805. | |||||||||||||
The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the Cliffstar Acquisition. | |||||||||||||
(in millions of U.S. dollars) | As reported at | ||||||||||||
January 1, 2011 | |||||||||||||
Accounts receivable | $ | 52.2 | |||||||||||
Inventories | 87.1 | ||||||||||||
Prepaid expenses and other assets | 5.7 | ||||||||||||
Property, plant & equipment | 167.3 | ||||||||||||
Goodwill | 98.2 | ||||||||||||
Intangibles and other assets | 224.3 | ||||||||||||
Accounts payable and accrued liabilities | (63.3 | ) | |||||||||||
Other long-term liabilities | (2.8 | ) | |||||||||||
Total | $ | 568.7 | |||||||||||
Intangible Assets | |||||||||||||
Calypso Soft Drinks Acquisition | |||||||||||||
In our 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 Drinks’ 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: | |||||||||||||
As Reported at December 28, 2013 | |||||||||||||
(in millions of U.S. dollars) | Estimated Fair | Estimated | |||||||||||
Market Value | Useful Life | ||||||||||||
Customer relationships | $ | 10.7 | 15 years | ||||||||||
Trademarks and trade names | 3 | 20 years | |||||||||||
Non-competition agreements | 1.3 | 5 years | |||||||||||
Total | $ | 15 | |||||||||||
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 five years after the acquisition date. The value of the Calypso Soft Drinks business could be diminished without these non-competition agreements. | |||||||||||||
Cliffstar Acquisition | |||||||||||||
In our 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 Cliffstar’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 Cliffstar’s and our management. The following table sets forth the components of identified intangible assets associated with the Cliffstar Acquisition and their estimated weighted average useful lives: | |||||||||||||
As Reported at January 1, 2011 | |||||||||||||
(in millions of U.S. dollars) | Estimated Fair | Estimated | |||||||||||
Market Value | Useful Life | ||||||||||||
Customer relationships | $ | 216.9 | 15 years | ||||||||||
Non-competition agreements | 6.6 | 3 years | |||||||||||
Total | $ | 223.5 | |||||||||||
Customer relationships represent future projected revenue that will be derived from sales to existing customers of the acquired company. | |||||||||||||
In conjunction with the closing of the Cliffstar Acquisition, certain key employees of Cliffstar executed non-competition agreements, which prevent those employees from competing with us in specified restricted territories for a period of three years from the date of the Cliffstar Acquisition. The value of the Cliffstar business could be materially diminished without these non-competition agreements. | |||||||||||||
Goodwill | |||||||||||||
The principal factor that resulted in recognition of goodwill was that the purchase prices for the Calypso Soft Drinks Acquisition and Cliffstar Acquisition were 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. Goodwill is expected to be deductible for tax purposes. | |||||||||||||
Supplemental Pro Forma Data (unaudited) | |||||||||||||
The following unaudited financial information for the years ended December 28, 2013 and December 29, 2012 represent the combined results of our operations as if the Calypso Soft Drinks Acquisition had occurred on December 31, 2011. The unaudited pro forma financial information does not necessarily reflect the results of operations that would have occurred had we operated as a single entity during such period. | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars, except share amounts) | December 28, | December 29, | |||||||||||
2013 | 2012 | ||||||||||||
Revenue | $ | 2,121.50 | $ | 2,309.70 | |||||||||
Net income | 18.9 | 48.2 | |||||||||||
Net income per common share, diluted | $ | 0.2 | $ | 0.51 |
Restructuring
Restructuring | 12 Months Ended | ||||||||||||||||
Dec. 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. In June 2013, we implemented one such program (the “2013 Restructuring Plan”), which consisted primarily of headcount reductions. For the year ended December 28, 2013, we incurred charges of approximately $2.0 million related primarily to employee redundancy costs. | |||||||||||||||||
The following table summarizes restructuring, asset impairment and intangible asset impairment charges for the years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||||||
For the Year Ended | |||||||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Restructuring | $ | 2 | $ | — | $ | — | |||||||||||
Asset impairments | — | — | 0.6 | ||||||||||||||
Intangible asset impairments | — | — | 1.4 | ||||||||||||||
$ | 2 | $ | — | $ | 2 | ||||||||||||
As of December 28, 2013, December 29, 2012 and December 31, 2011, no amounts are owed under our restructuring plans. | |||||||||||||||||
Year ended December 28, 2013 | |||||||||||||||||
The following table summarizes restructuring charges on a reporting segment basis for the year ended December 28, 2013. | |||||||||||||||||
(in millions of U.S. dollars) | North America | United Kingdom | All Other | Total | |||||||||||||
Restructuring | $ | 1 | $ | 0.7 | $ | 0.3 | $ | 2 | |||||||||
$ | 1 | $ | 0.7 | $ | 0.3 | $ | 2 | ||||||||||
Year ended December 31, 2011 | |||||||||||||||||
The following table summarizes our asset impairment charges on a reporting segment basis for the year ended December 31, 2011. | |||||||||||||||||
(in millions of U.S. dollars) | North America | All Other | Total | ||||||||||||||
Asset impairments | $ | — | $ | 0.6 | $ | 0.6 | |||||||||||
Intangible asset impairments | 1.4 | — | 1.4 | ||||||||||||||
$ | 1.4 | $ | 0.6 | $ | 2 | ||||||||||||
Asset impairments - In 2011, we recorded an asset impairment charge of $1.4 million related primarily to customer relationships. Also, in 2011, we recorded a $0.6 million impairment of long-lived assets related to a production plant in Mexico that ceased operations. |
Other_Expense_Income_Net
Other Expense (Income), Net | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Other Expense (Income), Net | ' | ||||||||||||
Note 4—Other Expense (Income), Net | |||||||||||||
The following table summarizes other expenses and (income) for the years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign exchange loss | $ | 0.2 | $ | 0.8 | $ | 2.2 | |||||||
Gain on bargain purchase | — | (0.9 | ) | — | |||||||||
Proceeds from insurance recoveries | (0.1 | ) | (1.9 | ) | — | ||||||||
Bond redemption | 8.7 | — | — | ||||||||||
Write-off of financing fees and discount | 4 | — | — | ||||||||||
Total | $ | 12.8 | $ | (2.0 | ) | $ | 2.2 | ||||||
Interest_Expense
Interest Expense | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Banking And Thrift Interest [Abstract] | ' | ||||||||||||
Interest Expense | ' | ||||||||||||
Note 5—Interest Expense | |||||||||||||
The following table summarizes interest expense for the years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest on long-term debt | $ | 47.4 | $ | 49.4 | $ | 50.1 | |||||||
Other interest expense | 4.2 | 4.8 | 7 | ||||||||||
Total | $ | 51.6 | $ | 54.2 | $ | 57.1 | |||||||
Income_Tax_Expense_Benefit
Income Tax Expense (Benefit) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Expense (Benefit) | ' | ||||||||||||
Note 6—Income Tax Expense (Benefit) | |||||||||||||
Income before income taxes consisted of the following: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Canada | $ | 30.7 | $ | 22.9 | $ | 20.1 | |||||||
Outside Canada | (6.5 | ) | 34 | 20.4 | |||||||||
Income before income taxes | $ | 24.2 | $ | 56.9 | $ | 40.5 | |||||||
Income tax expense (benefit) consisted of the following: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Canada | $ | (0.3 | ) | $ | 2.4 | $ | 2.2 | ||||||
Outside Canada | (0.4 | ) | (1.6 | ) | 0.5 | ||||||||
$ | (0.7 | ) | $ | 0.8 | $ | 2.7 | |||||||
Deferred | |||||||||||||
Canada | $ | (0.6 | ) | $ | 0.6 | $ | 0.8 | ||||||
Outside Canada | 3.5 | 3.2 | (4.2 | ) | |||||||||
$ | 2.9 | $ | 3.8 | $ | (3.4 | ) | |||||||
Income tax expense (benefit) | $ | 2.2 | $ | 4.6 | $ | (0.7 | ) | ||||||
The following table reconciles income taxes calculated at the basic Canadian corporate rates with the income tax provision: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense based on Canadian statutory rates | $ | 6.1 | $ | 14.4 | $ | 10.9 | |||||||
Foreign tax rate differential | (0.7 | ) | 1.2 | (3.0 | ) | ||||||||
Tax exempt income | (15.1 | ) | (14.8 | ) | (14.2 | ) | |||||||
Dividend income | — | 0.7 | 1 | ||||||||||
Changes in enacted tax rates | (1.5 | ) | (0.8 | ) | (0.8 | ) | |||||||
Increase in valuation allowance | 12.5 | 4 | 10.3 | ||||||||||
Increase (decrease) to uncertain tax positions | 0.8 | (0.8 | ) | (0.9 | ) | ||||||||
Non-controlling interests | (1.8 | ) | (1.6 | ) | (1.3 | ) | |||||||
Other items | 1.9 | 2.3 | (2.7 | ) | |||||||||
Income tax expense (benefit) | $ | 2.2 | $ | 4.6 | $ | (0.7 | ) | ||||||
Deferred income tax assets and liabilities were recognized on temporary differences between the financial and tax bases of existing assets and liabilities as follows: | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets | |||||||||||||
Loss carryforwards | $ | 64.1 | $ | 53.8 | |||||||||
Leases | 3.8 | 4.1 | |||||||||||
Property, plant & equipment | 5.9 | 4.5 | |||||||||||
Liabilities and reserves | 13.4 | 12 | |||||||||||
Stock options | 1.9 | 0.9 | |||||||||||
Inventories | 1.8 | 3.7 | |||||||||||
Other | 4.6 | 4.1 | |||||||||||
95.5 | 83.1 | ||||||||||||
Deferred tax liabilities | |||||||||||||
Property, plant & equipment | (54.2 | ) | (63.6 | ) | |||||||||
Intangible assets | (25.0 | ) | (15.9 | ) | |||||||||
Other | (1.0 | ) | (0.8 | ) | |||||||||
(80.2 | ) | (80.3 | ) | ||||||||||
Valuation allowance | (45.2 | ) | (27.5 | ) | |||||||||
Net deferred tax liability | $ | (29.9 | ) | $ | (24.7 | ) | |||||||
The increase in the valuation allowance from December 29, 2012 to December 28, 2013 was primarily the result of additional allowances booked in the U.S and Mexico. | |||||||||||||
The deferred tax assets and liabilities have been classified as follows on the Consolidated Balance Sheets: | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Current | $ | 8.2 | $ | 11.1 | |||||||||
Long-term | 3.6 | 3.3 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Current | $ | (0.2 | ) | $ | — | ||||||||
Long-term | (41.5 | ) | (39.1 | ) | |||||||||
Net deferred tax liability | $ | (29.9 | ) | $ | (24.7 | ) | |||||||
As a result of certain realization requirements of ASC Topic 718, “Compensation—Stock Compensation” (“ASC 718”), the table of deferred tax assets and liabilities shown above does not include certain deferred tax assets at December 28, 2013 and December 29, 2012 that arose directly from tax deductions related to equity compensation in excess of compensation recognized for financial reporting. As of December 28, 2013, equity will be increased by $2.8 million if and when such deferred tax assets are ultimately realized. | |||||||||||||
At December 28, 2013, undistributed earnings of our foreign operations were considered to be permanently reinvested. No deferred tax liability has been recognized on the basis difference created by such earnings since it is our intention to utilize those earnings in the foreign operations for an indefinite period of time. The determination of the amount of deferred taxes on these earnings is not practicable because the computation would depend on a number of factors that cannot be known until a decision to repatriate the earnings is made. | |||||||||||||
As of December 28, 2013, we have operating loss carryforwards totaling $357.1 million, credit carryforwards totaling $1.5 million and capital loss carryforwards totaling $15.8 million. The operating loss carryforward amount was attributable to Mexico operating loss carryforwards of $22.6 million that will expire from 2018 to 2023 and U.S. federal and state operating loss carryforwards of $121.0 million and $213.5 million, respectively. The U.S. federal operating loss carryforwards will expire from 2027 to 2033 and the state operating loss carryforwards will expire from 2014 to 2033. | |||||||||||||
The credit carryforward amount was attributable to a U.S. federal alternative minimum tax credit carryforward of $0.7 million with an indefinite life and U.S. state credit carryforwards of $0.8 million that will expire from 2014 to 2018. The capital loss carryforward is attributable to a Canadian capital loss of $10.7 million and a U.K. capital loss of $5.1 million, both with an indefinite life. | |||||||||||||
We establish a valuation allowance to reduce deferred tax assets if, based on the weight of the available evidence, both positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Due to uncertainty resulting from the lack of sustained taxable income in recent years in the U.S. and Mexico, we have determined that it is more likely than not that the benefit from net operating loss carryforwards and other net deferred tax assets in these jurisdictions will not be realized in the future. In recognition of this risk, we have provided a valuation allowance of $31.9 million and $9.6 million to reduce our deferred tax assets in the U.S. and Mexico, respectively. | |||||||||||||
Additionally, we have determined that it is more likely than not that the benefit from our capital losses in Canada and the U.K. will not be realized in the future due to the uncertainty regarding potential future capital gains in each jurisdiction. In recognition of this risk, we have provided a valuation allowance of $2.7 million on our Canadian capital losses and $1.0 million on our U.K. capital losses. | |||||||||||||
If our assumptions change and we determine we will be able to realize these deferred tax assets, an income tax benefit of $45.2 million will be realized as a result of the reversal of the valuation allowance at December 28, 2013. | |||||||||||||
In 2006, the FASB issued guidance regarding provisions of uncertain tax positions in ASC 740, which provides specific guidance on the financial statement recognition, measurement, reporting and disclosure of uncertain tax positions taken or expected to be taken in a tax return. ASC 740 addresses the determination of whether tax benefits, either permanent or temporary, should be recorded in the financial statements. | |||||||||||||
A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Unrecognized tax benefits at beginning of year | $ | 9.2 | $ | 9 | $ | 13.3 | |||||||
Additions based on tax positions taken during a prior period | 0.2 | 0.1 | 0.2 | ||||||||||
Reductions based on tax positions taken during a prior period | — | (2.2 | ) | — | |||||||||
Settlement on tax positions taken during a prior period | (1.2 | ) | — | (5.8 | ) | ||||||||
Lapse in statute of limitations | — | (0.1 | ) | — | |||||||||
Additions based on tax positions taken during the current period | 2.4 | 2.2 | 1.7 | ||||||||||
Foreign exchange | (0.1 | ) | 0.2 | (0.4 | ) | ||||||||
Unrecognized tax benefits at end of year | $ | 10.5 | $ | 9.2 | $ | 9 | |||||||
As of December 28, 2013, we had $10.5 million of unrecognized tax benefits, a net increase of $1.3 million from $9.2 million as of December 29, 2012. If we recognized our tax positions, approximately $4.8 million would favorably impact the effective tax rate. We believe it is reasonably possible that our unrecognized tax benefits will decrease or be recognized in the next twelve months by up to $0.9 million due to the settlement of certain tax positions and lapses in statutes of limitation in various tax jurisdictions. | |||||||||||||
We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes. We recovered nil, $0.2 million and $0.2 million of interest and penalties during the year ended December 28, 2013, December 29, 2012 and December 31, 2011, respectively. The amount of interest and penalties recognized as an asset in the Consolidated Balance Sheets for 2013 and 2012 was $0.1 million and $0.1 million, respectively. | |||||||||||||
Years prior to 2008 are closed to audit by the Internal Revenue Service. Years prior to 2008 are closed to audit by U.S. state jurisdictions. We are currently under audit in Canada by the Canada Revenue Agency (“CRA”) for tax years 2005 through 2008. Years prior to 2005 are closed to audit by the CRA. We are currently under audit in Mexico by the Servicio de Administracion Tributaria (“SAT”) for the 2011 tax year. Years prior to 2008 are closed to audit by both the U.K. and Mexico tax authorities. |
Share_Based_Compensation
Share Based Compensation | 12 Months Ended | ||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||
Share Based Compensation | ' | ||||||||||||||||||||||
Note 7—Share based Compensation | |||||||||||||||||||||||
Each of our share-based compensation plans has been approved by our shareowners, except for our 1986 Common Share Option Plan, as amended (the “Option Plan”), which was adopted prior to our initial public offering, and a stock option award granted to our Chief Executive Officer, which was an inducement grant made to attract and retain that executive. Subsequent amendments to the Option Plan that required shareowner approval have been approved. | |||||||||||||||||||||||
The table below summarizes the share-based compensation expense for the years ended December 28, 2013, December 29, 2012, and December 31, 2011. 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 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 Plan, as the case may be, (iii) “Stock options” mean non-qualified stock options granted under the Amended and Restated Equity Plan, the 2010 Equity Incentive Plan, or the Option Plan, as the case may be, and (iv) “Directors’ share awards” mean 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 Plan, as the case may be. | |||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Stock options | $ | 0.8 | $ | 0.4 | $ | — | |||||||||||||||||
Performance-based RSUs | 0.2 | 0.7 | (1.2 | ) | |||||||||||||||||||
Time-based RSUs | 2.2 | 3.1 | 3.4 | ||||||||||||||||||||
Directors’ share awards | 0.8 | 0.7 | 0.7 | ||||||||||||||||||||
Total | $ | 4 | $ | 4.9 | $ | 2.9 | |||||||||||||||||
During the third quarter of 2011, we concluded that it was no longer probable that the targets established for the Performance-based RSUs awarded in 2011 would be met, and we no longer expect these awards to ultimately vest. Accordingly, we recorded an adjustment to reverse $3.3 million in compensation costs that had been recorded to date for the Performance-based RSUs awarded in 2010 and 2011. During the fourth quarter of 2013, we concluded that it was no longer probable that the targets established for the Performance-based RSUs awarded in 2013 would be met, and we no longer expect these awards to ultimately vest. We continue to accrue the compensation expense for the Performance-based RSUs awarded in 2012. | |||||||||||||||||||||||
As of December 28, 2013, the unrecognized share-based compensation expense and years we expect to recognize it as compensation expense were as follows: | |||||||||||||||||||||||
(in millions of U.S. dollars, except years) | Unrecognized share-based | Weighted average years | |||||||||||||||||||||
compensation expense | expected to recognize | ||||||||||||||||||||||
as of December 28, 2013 | compensation | ||||||||||||||||||||||
Stock options | $ | 1.7 | 1.7 | ||||||||||||||||||||
Performance-based RSUs | 0.5 | 1 | |||||||||||||||||||||
Time-based RSUs | 3.4 | 1.8 | |||||||||||||||||||||
Total | $ | 5.6 | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||||
Subsequent to the adoption of the 2010 Equity Incentive Plan, which was amended and restated by the Amended and Restated Equity Plan (as defined below), the Human Resources and Compensation Committee of the board of directors (“HRCC”) determined that certain of Cott’s long-term incentive plans were no longer needed and terminated the Option Plan. In connection with the termination of the Option Plan, outstanding options will continue in accordance with the terms of the Option Plan until vested, paid out, forfeited or terminated, as applicable. No further awards have been granted under the Option Plan. Future awards, including any awards of options, are expected to be governed by the terms of the Company’s Amended and Restated Equity Plan. | |||||||||||||||||||||||
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. Awards made in 2011 and 2012 prior to the amendment and restatement are generally governed by the 2010 Equity Incentive Plan. | |||||||||||||||||||||||
During 2013, approximately 392,000 options were granted to certain of our employees under the Amended and Restated Equity Plan at an exercise price of $9.29 per share (C$9.36 at date of issuance). The fair value of the option grant was estimated to be $4.10 using the Black-Scholes option pricing model. During 2012, approximately 385,000 options were granted to certain of our employees under the 2010 Equity Incentive Plan at an exercise price of $6.58 per share (C$6.47 at date of issuance). The fair value of the option grant was estimated to be $4.04 using the Black-Scholes option pricing model. | |||||||||||||||||||||||
No options were granted during the year ended December 31, 2011. The fair value of each option granted during the years ended December 28, 2013 and December 29, 2012 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||
December 28, | December 29, | December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Risk-free interest rate | 1.7 | % | 2.4 | % | n/a | ||||||||||||||||||
Average expected life (years) | 10 | 6.5 | n/a | ||||||||||||||||||||
Expected volatility | 32.3 | % | 66.4 | % | n/a | ||||||||||||||||||
Expected dividend yield | — | — | n/a | ||||||||||||||||||||
Stock option activity was as follows: | |||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||||
(in thousands) | average | average | intrinsic | ||||||||||||||||||||
exercise | remaining | value (C$) | |||||||||||||||||||||
price (C$) | contractual term | (in thousands) | |||||||||||||||||||||
(years) | |||||||||||||||||||||||
Balance at January 1, 2011 | 704 | $ | 16.67 | 4.2 | $ | 625 | |||||||||||||||||
Exercised | (275 | ) | 1.32 | ||||||||||||||||||||
Forfeited or expired | (145 | ) | 38.27 | ||||||||||||||||||||
Balance at December 31, 2011 | 284 | $ | 20.47 | 1.7 | $ | 263 | |||||||||||||||||
Granted | 385 | 6.47 | |||||||||||||||||||||
Forfeited or expired | (201 | ) | 24.4 | ||||||||||||||||||||
Balance at December 29, 2012 | 468 | $ | 7.28 | 7.3 | $ | 819.9 | |||||||||||||||||
Granted | 392 | 9.36 | |||||||||||||||||||||
Forfeited or expired | (30 | ) | 6.47 | ||||||||||||||||||||
Balance at December 28, 2013 | 830 | $ | 8.29 | 7.6 | $ | 1,068.70 | |||||||||||||||||
Vested at December 28, 2013 | 125 | $ | 9.49 | 1.1 | $ | 386.3 | |||||||||||||||||
Exercisable at December 28, 2013 | 125 | $ | 9.49 | 1.1 | $ | 386.3 | |||||||||||||||||
The aggregate intrinsic value amounts in the table above represent the difference between the closing price of our common stock on the Toronto Stock Exchange on December 28, 2013, which was C$8.65 (December 29, 2012— C$7.90; December 31, 2011—C$6.40), and the exercise price, multiplied by the number of in-the-money stock options as of the same date. There were no stock options exercised during the years ended December 28, 2013 and December 29, 2012. The total intrinsic value of stock options exercised during the year ended December 31, 2011 was $0.4 million. | |||||||||||||||||||||||
Total compensation cost related to unvested awards under the option plan not yet recognized is $1.7 million. The total fair value of shares that vested during the year ended December 28, 2013 was nil. | |||||||||||||||||||||||
Outstanding options at December 28, 2013 were as follows: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Exercise | Number | Remaining | Weighted | Number | Weighted | ||||||||||||||||||
Prices (C$) | Exercisable | Contractual | Average Exercise | Exercisable | Average Exercise | ||||||||||||||||||
(in thousands) | Life (Years) | Price (C$) | (in thousands) | Price (C$) | |||||||||||||||||||
$ | 3.5 | 75 | 1.6 | $ | 3.5 | 75 | $ | 3.5 | |||||||||||||||
$ | 6.47 | 313 | 8.2 | $ | 6.47 | — | $ | — | |||||||||||||||
$ | 9.36 | 392 | 9.3 | $ | 9.36 | — | $ | — | |||||||||||||||
$ | 18.48 | 50 | 0.3 | $ | 18.48 | 50 | $ | 18.48 | |||||||||||||||
830 | 7.6 | $ | 8.29 | 125 | $ | 9.49 | |||||||||||||||||
Long-Term Incentive Plans | |||||||||||||||||||||||
Amended and Restated Equity Plan | |||||||||||||||||||||||
Our shareowners approved our 2010 Equity Incentive Plan at the Annual and Special Meeting of Shareowners held on May 4, 2010. Awards under the 2010 Equity Incentive Plan may be in the form of incentive stock options, non-qualified stock options, restricted shares, restricted share units, performance shares, performance units, stock appreciation rights, and stock payments to employees, directors and outside consultants. The 2010 Equity Incentive Plan is administered by the HRCC or any other board committee as may be designated by the board from time to time. At the inception of the 2010 Equity Incentive Plan, 4,000,000 shares were reserved for future issuance, subject to adjustment upon a share split, share dividend, recapitalization, and other similar transactions and events. | |||||||||||||||||||||||
On February 14, 2013, our board of directors adopted 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. | |||||||||||||||||||||||
Awards under the Amended and Restated Equity Plan may be in the form of incentive stock options, non-qualified stock options, restricted shares, restricted share units, performance shares, performance units, stock appreciation rights, and stock payments to employees, directors and outside consultants. The Amended and Restated Equity Plan is administered by the HRCC or any other board committee as may be designated by the board from time to time. | |||||||||||||||||||||||
On May 2, 2013, we granted 87,190 common shares to the non-management members of our board of directors under the Amended and Restated Equity Plan with a grant date fair value of approximately $0.8 million. The common shares were issued in consideration of the directors’ annual board retainer fee and were vested upon issuance. | |||||||||||||||||||||||
In 2013, we granted 247,181 Performance-based RSUs, 382,452 Time-based RSUs and 392,131 stock options to certain of our employees. The Performance-based RSUs vest based on the achievement of a specified target level of pre-tax income for the period beginning on December 30, 2012 and ending on the last day of our 2015 fiscal year. The amount of Performance-based RSUs that may vest and the related unrecognized compensation cost is subject to change based on the level of targeted pre-tax income that is achieved during the period beginning on December 30, 2012 and ending on the last day of our 2015 fiscal year. The Time-based RSUs and the stock options vest on the last day of our 2015 fiscal year. | |||||||||||||||||||||||
On May 3, 2012, we granted 96,010 common shares to the non-management members of our board of directors under the 2010 Equity Incentive Plan with a grant date fair value of approximately $0.7 million. The common shares were issued in consideration of the directors’ annual board retainer fee and were vested upon issuance. | |||||||||||||||||||||||
In 2012, we granted 330,969 Performance-based RSUs, 441,996 Time-based RSUs and 384,546 stock options to certain of our employees. The Performance-based RSUs vest based on the achievement of a specified target level of pre-tax income for the period beginning on January 1, 2012 and ending on the last day of our 2014 fiscal year. The amount of Performance-based RSUs that may vest and the related unrecognized compensation cost is subject to change based on the level of targeted pre-tax income that is achieved during the period beginning on January 1, 2012 and ending on the last day of our 2014 fiscal year. The Time-based RSUs and the stock options vest on the last day of our 2014 fiscal year. | |||||||||||||||||||||||
On May 6, 2011, we granted 76,110 common shares to the non-management members of our board of directors under the 2010 Equity Incentive Plan with a grant date fair value of approximately $0.7 million. The common shares were issued in consideration of the directors’ annual board retainer fee and were vested upon issuance. | |||||||||||||||||||||||
In 2011, we granted 592,163 Performance-based RSUs and 151,545 Time-based RSUs to certain of our employees. The Performance-based RSUs vest based on the achievement of a specified target level of pre-tax income for the period beginning on January 2, 2011 and ending on the last day of our 2013 fiscal year. The performance targets established for these Performance-based RSUs were not met, and as a result, such awards did not vest. The Time-based RSUs vested on the last day of our 2013 fiscal year and during January 2014 we issued 71,204 shares, net of shares withheld to satisfy the employees’ tax obligations. | |||||||||||||||||||||||
During the year ended December 28, 2013, Performance-based RSU and Time-based RSU activity was as follows: | |||||||||||||||||||||||
(in thousands) | Number of | Weighted | Number of | Weighted | |||||||||||||||||||
Performance- | Average | Time-based | Average | ||||||||||||||||||||
based RSUs | Grant-Date | RSUs | Grant-Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||
Balance at December 29, 2012 | 825 | $ | 7.82 | 529 | $ | 7.2 | |||||||||||||||||
Awarded | 247 | 9.29 | 382 | 9.29 | |||||||||||||||||||
Issued | — | — | (32 | ) | 7.4 | ||||||||||||||||||
Cancelled | (508 | ) | 8.54 | — | — | ||||||||||||||||||
Forfeited | (30 | ) | 7.87 | (48 | ) | 7.3 | |||||||||||||||||
Outstanding at December 28, 2013 | 534 | $ | 7.81 | 831 | $ | 8.04 | |||||||||||||||||
Shares to be issued pursuant to Time-based RSUs, Performance-based RSUs, or stock options that are forfeited, expired, or are cancelled or settled without the issuance of shares return to the pool of shares available for issuance under the Amended and Restated Equity Plan. As of December 28, 2013, there were 7,619,472 shares available for future issuance under the Amended and Restated Equity Plan. | |||||||||||||||||||||||
Average Canadian—U.S. Dollar Exchange Rates for 2013, 2012 and 2011 | |||||||||||||||||||||||
The weighted average exercise prices for options in this Note are disclosed in Canadian dollars. The table below represents the average Canadian dollar to U.S. dollar exchange rate for the fiscal years ended 2013, 2012 and 2011. | |||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||
December 28, | December 29, | December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Average exchange rate | $ | 0.973 | $ | 1 | $ | 1.012 |
Net_Income_Per_Common_Share
Net Income Per Common Share | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net Income Per Common Share | ' | ||||||||||||
Note 8—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 Year Ended | |||||||||||||
(in thousands) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average number of shares outstanding - basic | 94,750 | 94,553 | 94,241 | ||||||||||
Dilutive effect of stock options | 55 | 32 | 33 | ||||||||||
Dilutive effect of Performance-based RSUs | 303 | 58 | 727 | ||||||||||
Dilutive effect of Time-based RSUs | 525 | 132 | — | ||||||||||
Adjusted weighted average number of shares outstanding - diluted | 95,633 | 94,775 | 95,001 | ||||||||||
At December 28, 2013, options to purchase 830,000 (December 29, 2012—468,000; December 31, 2011—284,000) shares of common stock at a weighted average exercise price of C$8.29 (December 29, 2012— C$7.28; December 31, 2011—C$20.47) per share were outstanding, of which 442,131 (December 29, 2012—50,000; December 31, 2011—209,000) were not included in the computation of diluted net income per share because the options’ exercise prices were 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. No shares were held in treasury at December 28, 2013. In 2012, we utilized such shares to satisfy the vesting of Time-based RSU’s granted in 2010. For the year ended December 31, 2011, we excluded 674,397 treasury shares held in various trusts from the calculation of basic and diluted earnings per share. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
Note 9—Segment Reporting | |||||||||||||||||||||
Our business operates through three 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), and All Other (which includes our Mexico operating segment, our RCI operating segment and other Miscellaneous Expenses). Corporate is not treated as a segment; it includes certain general and administrative costs that are not allocated to any of the reporting segments. 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. During the fourth quarter of 2013, management reviewed our reporting segments and subsequently combined our Mexico and RCI reporting segments with the segment previously classified as All Other into one segment classified as All Other. Prior year information has been updated to reflect the change in our reporting segments. | |||||||||||||||||||||
December 28, 2013 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Corporate | Total | ||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
External revenue1 | $ | 1,535.20 | $ | 494.3 | $ | 64.5 | $ | — | $ | 2,094.00 | |||||||||||
Depreciation and amortization | 84.4 | 14.2 | 2.2 | — | 100.8 | ||||||||||||||||
Operating income (loss) | 67.5 | 25.6 | 7.2 | (11.7 | ) | 88.6 | |||||||||||||||
Property, plant and equipment | 363.3 | 111 | 9.4 | — | 483.7 | ||||||||||||||||
Goodwill | 124 | 8.8 | 4.5 | — | 137.3 | ||||||||||||||||
Intangibles and other assets | 268.2 | 27.7 | 0.3 | — | 296.2 | ||||||||||||||||
Total assets2 | 1,089.50 | 296.3 | 40.3 | — | 1,426.10 | ||||||||||||||||
Additions to property, plant and equipment | 41.9 | 12.4 | 1.3 | — | 55.6 | ||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $21.0 million for the year ended December 28, 2013. | ||||||||||||||||||||
2. | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||
December 29, 2012 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Corporate | Total | ||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
External revenue1 | $ | 1,707.40 | $ | 473.2 | $ | 70 | $ | — | $ | 2,250.60 | |||||||||||
Depreciation and amortization | 82.7 | 13.2 | 1.8 | — | 97.7 | ||||||||||||||||
Operating income (loss) | 90.4 | 27.1 | 4.3 | (12.1 | ) | 109.7 | |||||||||||||||
Property, plant and 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 | 45.4 | — | 1,565.90 | ||||||||||||||||
Additions to property, plant and equipment | 52.9 | 14.3 | 2.5 | — | 69.7 | ||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $16.4 million for the year ended December 29, 2012. | ||||||||||||||||||||
2. | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Corporate | Total | ||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
External revenue1 | $ | 1,809.30 | $ | 447.9 | $ | 77.4 | $ | — | $ | 2,334.60 | |||||||||||
Depreciation and amortization | 80 | 13.2 | 2.1 | — | 95.3 | ||||||||||||||||
Asset impairments | — | — | 0.6 | — | 0.6 | ||||||||||||||||
Intangible asset impairments | 1.4 | — | — | — | 1.4 | ||||||||||||||||
Operating income (loss) | 81.3 | 27.5 | 2.8 | (10.9 | ) | 100.7 | |||||||||||||||
Property, plant and equipment | 383.1 | 89.8 | 9.3 | — | 482.2 | ||||||||||||||||
Goodwill | 125.1 | — | 4.5 | — | 129.6 | ||||||||||||||||
Intangibles and other assets | 326.1 | 14.6 | 0.4 | — | 341.1 | ||||||||||||||||
Total assets2 | 1,231.30 | 237 | 40.6 | — | 1,508.90 | ||||||||||||||||
Additions to property, plant and equipment | 39.1 | 9.5 | 0.2 | — | 48.8 | ||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $14.7 million for the year ended December 31, 2011. | ||||||||||||||||||||
2. | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||
For the year ended December 28, 2013, sales to Walmart accounted for 30.1% (2012—31.0%; 2011—31.6%) of our total revenue, 36.1% of our North America reporting segment revenue (2012—36.3%; 2011—35.9%), 14.8% of our U.K. reporting segment revenue (2012—14.9%; 2011—14.6%) and 3.9% of our All Other reporting segment revenue (2012—12.0%; 2011—30.0%). | |||||||||||||||||||||
Credit risk arises from the potential default of a customer in meeting its financial obligations with 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 Year Ended | |||||||||||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
United States | $ | 1,376.90 | $ | 1,509.10 | $ | 1,610.50 | |||||||||||||||
Canada | 204.1 | 244.2 | 249 | ||||||||||||||||||
United Kingdom | 494.3 | 473.2 | 447.9 | ||||||||||||||||||
Mexico | 27.6 | 38.8 | 51.8 | ||||||||||||||||||
RCI | 36.9 | 31.2 | 25.6 | ||||||||||||||||||
Elimination1 | (45.8 | ) | (45.9 | ) | (50.2 | ) | |||||||||||||||
Total | $ | 2,094.00 | $ | 2,250.60 | $ | 2,334.60 | |||||||||||||||
1. | Represents intercompany revenue among our operating segments, of which $21.0 million, $16.4 million and $14.7 million represents intersegment revenue between the North America reporting segment and our other operating segments for December 28, 2013, December 29, 2012, and December 31, 2011, respectively. | ||||||||||||||||||||
Revenues by product by reporting segment were as follows: | |||||||||||||||||||||
For the Year Ended December 28, 2013 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All Other | Total | |||||||||||||||||
America | Kingdom | ||||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 586.5 | $ | 159.5 | $ | 10.8 | $ | 756.8 | |||||||||||||
Juice | 488.4 | 31.8 | 2.9 | 523.1 | |||||||||||||||||
Concentrate | 12 | 2.2 | 27 | 41.2 | |||||||||||||||||
All other products | 448.3 | 300.8 | 23.8 | 772.9 | |||||||||||||||||
Total | $ | 1,535.20 | $ | 494.3 | $ | 64.5 | $ | 2,094.00 | |||||||||||||
For the Year Ended December 29, 2012 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All Other | Total | |||||||||||||||||
America | Kingdom | ||||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 698 | $ | 160.9 | $ | 21.9 | $ | 880.8 | |||||||||||||
Juice | 527.2 | 14 | 2.7 | 543.9 | |||||||||||||||||
Concentrate | 12.3 | 2.2 | 29.1 | 43.6 | |||||||||||||||||
All other products | 469.9 | 296.1 | 16.3 | 782.3 | |||||||||||||||||
Total | $ | 1,707.40 | $ | 473.2 | $ | 70 | $ | 2,250.60 | |||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All Other | Total | |||||||||||||||||
America | Kingdom | ||||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 731.4 | $ | 179.2 | $ | 39.6 | $ | 950.2 | |||||||||||||
Juice | 587.7 | 12.3 | 2.7 | 602.7 | |||||||||||||||||
Concentrate | 9.1 | 2.8 | 25.6 | 37.5 | |||||||||||||||||
All other products | 481.1 | 253.6 | 9.5 | 744.2 | |||||||||||||||||
Total | $ | 1,809.30 | $ | 447.9 | $ | 77.4 | $ | 2,334.60 | |||||||||||||
Property, plant and equipment by geographic area as of December 28, 2013 and December 29, 2012 were as follows: | |||||||||||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
United States | $ | 319.5 | $ | 333.7 | |||||||||||||||||
Canada | 43.8 | 48.4 | |||||||||||||||||||
United Kingdom | 111 | 99.5 | |||||||||||||||||||
Mexico | 9.4 | 9.3 | |||||||||||||||||||
Total | $ | 483.7 | $ | 490.9 | |||||||||||||||||
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Accounts Receivable, Net | ' | ||||||||
Note 10—Accounts Receivable, Net | |||||||||
The following table summarizes accounts receivable, net as of December 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||
2013 | 2012 | ||||||||
Trade receivables | $ | 199.5 | $ | 199.5 | |||||
Allowance for doubtful accounts | (5.8 | ) | (6.8 | ) | |||||
Other | 10.7 | 6.7 | |||||||
Total | $ | 204.4 | $ | 199.4 | |||||
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 11—Inventories | |||||||||
The following table summarizes inventories as of December 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||
2013 | 2012 | ||||||||
Raw materials | $ | 89 | $ | 93.4 | |||||
Finished goods | 126.3 | 111.6 | |||||||
Other | 17.8 | 19.8 | |||||||
Total | $ | 233.1 | $ | 224.8 | |||||
Property_Plant_Equipment
Property, Plant & Equipment | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||||||||||
Property, Plant & Equipment | ' | ||||||||||||||||||||||||
Note 12—Property, Plant & Equipment | |||||||||||||||||||||||||
The following table summarizes property, plant and equipment as of December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||
December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||||
(in millions of U.S. dollars) | Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Depreciation | Depreciation | ||||||||||||||||||||||||
Land and Land Improvements | $ | 28.1 | $ | — | $ | 28.1 | $ | 27.3 | $ | — | $ | 27.3 | |||||||||||||
Buildings | 162.6 | 74.2 | 88.4 | 167.2 | 68 | 99.2 | |||||||||||||||||||
Machinery and equipment | 725.4 | 395.1 | 330.3 | 692.8 | 376.3 | 316.5 | |||||||||||||||||||
Plates, films and molds | 42.7 | 32.5 | 10.2 | 42.1 | 30.9 | 11.2 | |||||||||||||||||||
Vending | 12.1 | 11.2 | 0.9 | 12.9 | 11.6 | 1.3 | |||||||||||||||||||
Transportation equipment | 0.7 | 0.6 | 0.1 | 0.6 | 0.6 | — | |||||||||||||||||||
Leasehold improvements | 36.5 | 23.1 | 13.4 | 39.4 | 22.5 | 16.9 | |||||||||||||||||||
IT Systems | 8.9 | 7.3 | 1.6 | 8.2 | 7 | 1.2 | |||||||||||||||||||
Furniture and fixtures | 10.3 | 8.8 | 1.5 | 10.2 | 9 | 1.2 | |||||||||||||||||||
Capital leases | 14.3 | 5.1 | 9.2 | 20.1 | 4 | 16.1 | |||||||||||||||||||
Total | $ | 1,041.60 | $ | 557.9 | $ | 483.7 | $ | 1,020.80 | $ | 529.9 | $ | 490.9 | |||||||||||||
Depreciation expense for the year ended December 28, 2013 was $69.4 million ($66.0 million—December 29, 2012; $63.5 —December 31, 2011). |
Intangibles_and_Other_Assets
Intangibles and Other Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Intangibles and Other Assets | ' | ||||||||||||||||||||||||
Note 13—Intangibles and Other Assets | |||||||||||||||||||||||||
The following table summarizes intangibles and other assets as of December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||
December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||||
(in millions of U.S. dollars) | Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||
Not subject to amortization | |||||||||||||||||||||||||
Rights | $ | 45 | $ | — | $ | 45 | $ | 45 | $ | — | $ | 45 | |||||||||||||
Subject to amortization | |||||||||||||||||||||||||
Customer relationships | 379.5 | 167.5 | 212 | 367.5 | 142.5 | 225 | |||||||||||||||||||
Trademarks | 32.6 | 25.2 | 7.4 | 28.8 | 23.3 | 5.5 | |||||||||||||||||||
Information technology | 50.4 | 32.9 | 17.5 | 65.2 | 50.2 | 15 | |||||||||||||||||||
Other | 6.6 | 4 | 2.6 | 11.9 | 8.5 | 3.4 | |||||||||||||||||||
469.1 | 229.6 | 239.5 | 473.4 | 224.5 | 248.9 | ||||||||||||||||||||
514.1 | 229.6 | 284.5 | 518.4 | 224.5 | 293.9 | ||||||||||||||||||||
Other Assets | |||||||||||||||||||||||||
Financing costs | 26.3 | 16.2 | 10.1 | 24.4 | 11.1 | 13.3 | |||||||||||||||||||
Deposits | 1.1 | — | 1.1 | 7.2 | — | 7.2 | |||||||||||||||||||
Other | 0.9 | 0.4 | 0.5 | 1.3 | 0.3 | 1 | |||||||||||||||||||
28.3 | 16.6 | 11.7 | 32.9 | 11.4 | 21.5 | ||||||||||||||||||||
Total Intangibles & Other Assets | $ | 542.4 | $ | 246.2 | $ | 296.2 | $ | 551.3 | $ | 235.9 | $ | 315.4 | |||||||||||||
Amortization expense of intangible and other assets was $34.2 million during 2013 ($35.4 million—December 29, 2012; $35.7 million—December 31, 2011). Amortization of intangibles includes $2.9 million ($2.9 million—December 29, 2012; $2.7 million—December 31, 2011) relating to information technology assets and $2.8 million ($3.7 million—December 29, 2012; $3.9 million—December 31, 2011) relating to deferred financing assets. | |||||||||||||||||||||||||
The estimated amortization expense for intangible and other assets over the next five years is: | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
2014 | $ | 30.9 | |||||||||||||||||||||||
2015 | 28.9 | ||||||||||||||||||||||||
2016 | 25.2 | ||||||||||||||||||||||||
2017 | 21.9 | ||||||||||||||||||||||||
2018 | 20.9 | ||||||||||||||||||||||||
Thereafter | 111.7 | ||||||||||||||||||||||||
Total | $ | 239.5 | |||||||||||||||||||||||
Accounts_Payable_and_Accrued_L
Accounts Payable and Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities | ' | ||||||||
Note 14—Accounts Payable and Accrued Liabilities | |||||||||
The following table summarizes accounts payable and accrued liabilities as of December 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||
2013 | 2012 | ||||||||
Trade payables | $ | 197.3 | $ | 166.9 | |||||
Deferred income taxes | 0.2 | — | |||||||
Accrued compensation | 19.1 | 38.5 | |||||||
Accrued sales incentives | 28.4 | 27.3 | |||||||
Accrued interest | 11.2 | 12.8 | |||||||
Payroll, sales and other taxes | 14.8 | 12.3 | |||||||
Other accrued liabilities | 27.2 | 29.9 | |||||||
Total | $ | 298.2 | $ | 287.7 | |||||
Debt
Debt | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Debt | ' | ||||||||||||||||||||
Note 15—Debt | |||||||||||||||||||||
Our total debt as of December 28, 2013 and December 29, 2012 was as follows | |||||||||||||||||||||
(in millions of U.S. dollars) | December 28, 2013 | December 29, 2012 | |||||||||||||||||||
8.375% senior notes due in 20171 | 15 | 215 | |||||||||||||||||||
8.125% senior notes due in 2018 | 375 | 375 | |||||||||||||||||||
ABL facility | 50.8 | — | |||||||||||||||||||
GE Term Loan | 10.3 | 9.9 | |||||||||||||||||||
Capital leases and other debt financing | 7.2 | 5.9 | |||||||||||||||||||
Total debt | 458.3 | 605.8 | |||||||||||||||||||
Less: Short-term borrowings and current debt: | |||||||||||||||||||||
ABL facility | 50.8 | — | |||||||||||||||||||
Total short-term borrowings | 50.8 | — | |||||||||||||||||||
GE Term Loan - current maturities | 1.9 | 0.9 | |||||||||||||||||||
Capital leases and other financing - current maturities | 2 | 1 | |||||||||||||||||||
Total current debt | 54.7 | 1.9 | |||||||||||||||||||
Long-term debt before discount | 403.6 | 603.9 | |||||||||||||||||||
Less discount on 8.375% notes | (0.1 | ) | (2.1 | ) | |||||||||||||||||
Total long-term debt | $ | 403.5 | $ | 601.8 | |||||||||||||||||
1. | Our 8.375% senior notes were issued at a discount of 1.425% on November 13, 2009. | ||||||||||||||||||||
The long-term debt payments (which include current maturities of long-term debt) required in each of the next five years and thereafter are as follows: | |||||||||||||||||||||
(in millions of U.S. dollars) | Long Term Debt | ||||||||||||||||||||
(incl. current) | |||||||||||||||||||||
2014 | $ | 54.7 | |||||||||||||||||||
2015 | 4.2 | ||||||||||||||||||||
2016 | 3.5 | ||||||||||||||||||||
2017 | 17.8 | ||||||||||||||||||||
2018 | 377.2 | ||||||||||||||||||||
Thereafter | 0.9 | ||||||||||||||||||||
$ | 458.3 | ||||||||||||||||||||
Asset-Based Lending 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 operations. 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 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 the 2017 Notes (as defined below) by May 1, 2017, May 15, 2017. We incurred $1.2 million of financing fees in connection with the amendment of the ABL facility. This amendment was considered to be a modification of the original agreement under generally accepted accounting standards. | |||||||||||||||||||||
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 $300.0 million, as well an increase to the accordion feature, which permits us to increase the lenders’ commitments under the ABL facility to $350.0 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 $0.7 million of financing fees in connection with the amendment of the ABL facility. This amendment was considered to be a modification of the original agreement under generally accepted accounting standards. | |||||||||||||||||||||
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 December 28, 2013, we had $50.8 million of outstanding borrowings under the ABL. The commitment fee was 0.375% per annum of the unused commitment, which, taking into account $7.5 million of letters of credit, was $180.0 million as of December 28, 2013. | |||||||||||||||||||||
The effective interest rate as of December 28, 2013 on LIBOR and Prime loans is based on average aggregate availability as follows: | |||||||||||||||||||||
Average Aggregate Availability (in millions of U.S. dollars) | ABR | Canadian | Eurodollar | CDOR | Overnight | ||||||||||||||||
Spread | Prime Spread | Spread | Spread | LIBOR | |||||||||||||||||
Over $150 | 0.25 | % | 0.25 | % | 1.75 | % | 1.75 | % | 1.75 | % | |||||||||||
$75 - $150 | 0.5 | % | 0.5 | % | 2 | % | 2 | % | 2 | % | |||||||||||
Under $75 | 0.75 | % | 0.75 | % | 2.25 | % | 2.25 | % | 2.25 | % | |||||||||||
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 most of our U.S., Canadian and United Kingdom 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 term to maturity of the 2018 Notes. | |||||||||||||||||||||
8.375% Senior Notes due in 2017 | |||||||||||||||||||||
On November 13, 2009, we issued $215.0 million of senior notes that are due on November 15, 2017 (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 most of our U.S., Canadian and United Kingdom 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 term to maturity of the 2017 Notes. | |||||||||||||||||||||
On November 15, 2013, we redeemed $200.0 million aggregate principal amount of our 2017 Notes at 104.118% of par. The redemption included approximately $8.2 million in premium payments as well as approximately $4.5 million in deferred financing fees, discount charges and other bond redemption costs. | |||||||||||||||||||||
On February 19, 2014, we redeemed all $15.0 million in aggregate principal amount of the remaining outstanding 2017 Notes at 104.118% of par. The redemption included approximately $0.6 million in premium payments as well as approximately $0.3 million in deferred financing fees and discount charges. | |||||||||||||||||||||
GE Term Loan | |||||||||||||||||||||
In January 2008, we entered into a capital lease finance arrangement with 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 Capital at 5.23% interest. | |||||||||||||||||||||
Covenant Compliance | |||||||||||||||||||||
8.125% Senior Notes due in 2018 | |||||||||||||||||||||
Under the indenture governing the 2018 Notes, we are subject to a number of covenants, including covenants that limit our and certain of our subsidiaries’ ability, subject to certain exceptions and qualifications, to (i) pay dividends or make distributions, repurchase equity securities, prepay subordinated debt or make certain investments, (ii) incur additional debt or issue certain disqualified stock or preferred stock, (iii) create or incur liens on assets securing indebtedness, (iv) merge or consolidate with another company or sell all or substantially all of our assets taken as a whole, (v) enter into transactions with affiliates and (vi) sell assets. We have been in compliance with all of the covenants under the 2018 Notes and there have been no amendments to any such covenants since the 2018 Notes were issued. | |||||||||||||||||||||
8.375% Senior Notes due in 2017 | |||||||||||||||||||||
Under the indenture governing the 2017 Notes, we are subject to a number of covenants, including covenants that limit our and certain of our subsidiaries’ ability, subject to certain exceptions and qualifications, to (i) pay dividends or make distributions, repurchase equity securities, prepay subordinated debt or make certain investments, (ii) incur additional debt or issue certain disqualified stock or preferred stock, (iii) create or incur liens on assets securing indebtedness, (iv) merge or consolidate with another company or sell all or substantially all of our assets taken as a whole, (v) enter into transactions with affiliates and (vi) sell assets. We have been in compliance with all of the covenants under the 2017 Notes and there have been no amendments to any such covenants since the 2017 Notes were issued. | |||||||||||||||||||||
ABL Facility | |||||||||||||||||||||
Under the credit agreement governing the ABL facility, Cott and its restricted subsidiaries are subject to a number of business and financial covenants, including a covenant requiring a minimum fixed charge coverage ratio of at least 1.1 to 1.0, effective when and if excess availability is less than the greater of 10% of the lenders’ commitments under the ABL facility or $30.0 million. If excess availability is less than the greater of 12.5% of the lenders’ commitments under the ABL facility or $37.5 million, the lenders will take dominion over the cash and will apply excess cash to reduce amounts owing under the facility. We were in compliance with all of the applicable covenants under the ABL facility as of December 28, 2013. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||
Benefit Plans | ' | ||||||||||||
Note 16—Benefit Plans | |||||||||||||
We maintain three defined benefit plans resulting from prior acquisitions that cover certain employees at one plant in the United States under a collective bargaining agreement (“U.S. Plan”) and certain employees of Cott Beverages Limited and Cooke Bros. Limited in the United Kingdom (“U.K. Plans”). Retirement benefits for employees covered by the U.S. Plan are based on years of service multiplied by a monthly benefit factor. The monthly benefit for employees under the U.K. Plans is based on years of service multiplied by a monthly benefit factor. Pension costs are funded in accordance with the provisions of the applicable law. All plans are closed to new participants. The Cooke Bros. Limited Plan is frozen and was acquired as part of the Calypso Soft Drinks Acquisition. We use a December 28th measurement date for all of our plans. | |||||||||||||
Obligations and Funded Status | |||||||||||||
The following table summarizes the change in the benefit obligation, change in plan assets and unfunded status of the three plans as of December 28, 2013 and December 29, 2012: | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||||||
2013 | 2012 | ||||||||||||
Change in Benefit Obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 41.8 | $ | 39.3 | |||||||||
Transfer in | 17.8 | — | |||||||||||
Service cost | 0.5 | 0.5 | |||||||||||
Interest cost | 2.4 | 1.9 | |||||||||||
Plan participant contributions | 0.1 | 0.1 | |||||||||||
Benefit payments | (1.5 | ) | (0.9 | ) | |||||||||
Actuarial losses (gains) | 0.7 | (0.6 | ) | ||||||||||
Translation losses (gains) | 0.7 | 1.5 | |||||||||||
Benefit obligation at end of year | $ | 62.5 | $ | 41.8 | |||||||||
Change in Plan Assets | |||||||||||||
Plan assets beginning of year | $ | 33.2 | $ | 27.5 | |||||||||
Transfer in | 11.1 | — | |||||||||||
Employer contributions | 3 | 2 | |||||||||||
Plan participant contributions | 0.1 | 0.1 | |||||||||||
Benefit payments | (1.5 | ) | (0.9 | ) | |||||||||
Actual return on plan assets | 3.1 | 3.5 | |||||||||||
Translation (gains) losses | 0.6 | 1 | |||||||||||
Fair value at end of year | $ | 49.6 | $ | 33.2 | |||||||||
Funded Status of Plan | |||||||||||||
Projected benefit obligation | $ | (62.5 | ) | $ | (41.8 | ) | |||||||
Fair value of plan assets | 49.6 | 33.2 | |||||||||||
Unfunded status | $ | (12.9 | ) | $ | (8.6 | ) | |||||||
The accumulated benefit obligation for the defined benefit pension plans equaled $59.1 million and $38.8 million at the end of 2013 and 2012, respectively. | |||||||||||||
Periodic Pension Costs | |||||||||||||
The components of net periodic pension cost were as follows: | |||||||||||||
For the Years Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Service cost | $ | 0.5 | $ | 0.5 | $ | 0.5 | |||||||
Interest cost | 2.4 | 1.9 | 1.9 | ||||||||||
Expected return on plan assets | (2.4 | ) | (1.7 | ) | (1.9 | ) | |||||||
Amortization of prior service costs | 0.1 | 0.1 | 0.1 | ||||||||||
Amortization of net loss | 0.3 | 1 | 0.5 | ||||||||||
Net periodic pension cost | $ | 0.9 | $ | 1.8 | $ | 1.1 | |||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||
Amounts included in accumulated other comprehensive income, net of tax, at year-end which have not yet been recognized in net periodic benefit cost were as follows: | |||||||||||||
For the Years Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Unamortized prior service cost | $ | (0.2 | ) | $ | (0.3 | ) | $ | (0.4 | ) | ||||
Unrecognized net actuarial gain | 5.7 | 5.3 | 8.5 | ||||||||||
Unamortized prior service benefit | $ | 5.5 | $ | 5 | $ | 8.1 | |||||||
Assumptions | |||||||||||||
Assumptions used to determine benefit obligations at year-end: | |||||||||||||
December 28, | December 29, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 4.5 | % | 4.5 | % | 4.5 | % | |||||||
Assumptions used to determine net periodic benefit cost at year-end: | |||||||||||||
December 28, | December 29, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
U.K. Plans | |||||||||||||
Discount rate | 4.5 | % | 4.6 | % | 5.4 | % | |||||||
Expected long-term rate of return on plan assets | 6.1 | % | 5.7 | % | 6.9 | % | |||||||
Inflation factor | 2.3 | % | 3.3 | % | 3.7 | % | |||||||
U.S. Plan | |||||||||||||
Discount rate | 4.4 | % | 3.5 | % | 4.1 | % | |||||||
Expected long-term rate of return on plan assets | 7 | % | 7 | % | 7 | % | |||||||
The discount rate for the U.S. Plan is based on a model portfolio of AA rated bonds with a maturity matched to the estimated payouts of future pension benefits for this type of plan. The discount rate of the U.K. Plans for 2012 and 2011 were based on a model portfolio of AA rated bonds, using the redemption yields on the constituent stocks of the Merrill Lynch index with a maturity matched to the estimated future pension benefits. The discount rate of the U.K. Plans for 2013 is based on the Annualized yield of the Aon Hewitt GBP Select AA Curve. The weighted average return for the plans for the year ended December 28, 2013 was 7.6%. The expected returns under the U.S. Plan and the U.K. Plans on plan assets are based on our expectation of the long-term average rate of return on assets in the pension funds, which is based on the allocation of assets. | |||||||||||||
Asset Mix | |||||||||||||
Our pension plan weighted-average asset allocations by asset category were as follows: | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
U.K. Plans | |||||||||||||
Equity securities | 59.2 | % | 59 | % | |||||||||
Debt securities | 37.8 | % | 40.6 | % | |||||||||
Cash | 3 | % | 0.4 | % | |||||||||
U.S. Plan | |||||||||||||
Equity securities | 67 | % | 65.2 | % | |||||||||
Debt securities | 32.4 | % | 32.4 | % | |||||||||
Cash | 0.6 | % | 2.3 | % | |||||||||
Plan Assets | |||||||||||||
Our investment policy is that plan assets will be managed utilizing an investment philosophy and approach characterized by all of the following, but listed in priority order: (1) emphasis on total return, (2) emphasis on high-quality securities, (3) sufficient income and stability of income, (4) safety of principal with limited volatility of capital through proper diversification and (5) sufficient liquidity. (The target allocation percentages for the Cooke Bros. Limited Plan assets are 80% in equity securities and 20% in debt securities. The target allocation percentages for the Cott Beverages Limited Plan assets are 60% in equity securities and 40% in debt securities. The target allocation percentages for the U.S. Plan assets are 50% in equity securities and 50% in debt securities. None of our equity or debt securities are included in plan assets.) | |||||||||||||
Cash Flows | |||||||||||||
We expect to contribute $3.1 million to the pension plans during the 2014 fiscal year. | |||||||||||||
The following benefit payments are expected to be paid: | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Expected benefit payments | |||||||||||||
FY 2014 | $ | 1.7 | |||||||||||
FY 2015 | 1.8 | ||||||||||||
FY 2016 | 1.9 | ||||||||||||
FY 2017 | 1.9 | ||||||||||||
FY 2018 | 2 | ||||||||||||
FY 2019 through FY 2021 | 10.2 | ||||||||||||
Cott primarily maintains defined contribution retirement plans covering qualifying employees. The total expense with respect to these plans was $4.8 million for the year ended December 28, 2013 ($6.9 million—December 29, 2012; $6.4 million—December 31, 2011). | |||||||||||||
The fair values of the Company’s pension plan assets at December 28, 2013 were as follows: | |||||||||||||
December 28, 2013 | |||||||||||||
(in millions of U.S. dollars) | Level 1 | Level 2 | Level 3 | ||||||||||
Cash and cash equivalents: | |||||||||||||
Cash and cash equivalents | $ | 1.3 | $ | — | $ | — | |||||||
Equities: | |||||||||||||
International mutual funds | 21.1 | — | — | ||||||||||
Index mutual funds | 6.8 | — | — | ||||||||||
U.S. mutual funds | 1.1 | — | — | ||||||||||
Property | 0.1 | — | — | ||||||||||
Balanced | 0.4 | — | — | ||||||||||
Other | 0.3 | — | — | ||||||||||
Fixed income: | |||||||||||||
Mutual funds | 15.6 | — | — | ||||||||||
Insurance contract | — | 2.9 | — | ||||||||||
Total | $ | 46.7 | $ | 2.9 | $ | — | |||||||
The fair values of the Company’s pension plan assets at December 29, 2012 were as follows: | |||||||||||||
December 29, 2012 | |||||||||||||
(in millions of U.S. dollars) | Level 1 | Level 2 | Level 3 | ||||||||||
Cash and cash equivalents: | |||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | 0.2 | $ | — | |||||||
Equities: | |||||||||||||
International mutual funds | 12.6 | — | — | ||||||||||
Index mutual funds | 5.6 | — | — | ||||||||||
U.S. mutual funds | 0.9 | — | — | ||||||||||
Balanced | 0.4 | — | — | ||||||||||
Other | 0.3 | — | — | ||||||||||
Fixed income: | |||||||||||||
Mutual funds | 12.9 | — | — | ||||||||||
Insurance contract | — | 0.2 | — | ||||||||||
Total | $ | 32.8 | $ | 0.4 | $ | — | |||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||
Note 17—Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||
Changes in accumulated other comprehensive (loss) income by component1 for the year ended December 28, 2013 were as follows: | |||||||||||||||||
December 28, 2013 | |||||||||||||||||
(in millions of U.S. dollars) | Gains and | Pension | Currency | Total | |||||||||||||
Losses | Benefit | Translation | |||||||||||||||
on Derivative | Plan Items | Adjustment | |||||||||||||||
Instruments | Items | ||||||||||||||||
Beginning balance December 29, 2012 | $ | 0.2 | $ | (9.1 | ) | $ | (3.5 | ) | $ | (12.4 | ) | ||||||
OCI before reclassifications | 0.6 | (0.2 | ) | (5.1 | ) | (4.7 | ) | ||||||||||
Amounts reclassified from AOCI | (0.6 | ) | 0.9 | — | 0.3 | ||||||||||||
Net current-period OCI | — | 0.7 | (5.1 | ) | (4.4 | ) | |||||||||||
Ending balance December 28, 2013 | $ | 0.2 | $ | (8.4 | ) | $ | (8.6 | ) | $ | (16.8 | ) | ||||||
1. | All amounts are net of tax. Amounts in parenthesis indicate debits. | ||||||||||||||||
The following table summarizes the amounts reclassified from accumulated other comprehensive (loss) income1 for the year ended December 28, 2013. | |||||||||||||||||
(in millions of U.S. dollars) | Amounts Reclassified | ||||||||||||||||
From AOCI | |||||||||||||||||
Details About AOCI Components | For the Year Ended | Affected Line Item in the Statement | |||||||||||||||
December 28, 2013 | Where Net Income Is Presented | ||||||||||||||||
Gains and losses on derivative instruments | |||||||||||||||||
Foreign currency hedges | $ | 0.6 | Cost of sales | ||||||||||||||
$ | 0.6 | Total before taxes | |||||||||||||||
— | Tax (expense) or benefit | ||||||||||||||||
$ | 0.6 | Net of tax | |||||||||||||||
Amortization of pension benefit plan items | |||||||||||||||||
Prior service costs2 | $ | (0.4 | ) | ||||||||||||||
Actuarial adjustments2 | (0.1 | ) | |||||||||||||||
Actuarial (losses)/gains2 | (0.1 | ) | |||||||||||||||
(0.6 | ) | Total before taxes | |||||||||||||||
(0.3 | ) | Tax (expense) or benefit | |||||||||||||||
$ | (0.9 | ) | Net of tax | ||||||||||||||
Total reclassifications for the period | $ | (0.3 | ) | Net of tax | |||||||||||||
1 | Amounts in parenthesis indicate debits. | ||||||||||||||||
2 | These AOCI components are included in the computation of net periodic pension cost. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
Note 18—Commitments and Contingencies | |||||
We lease buildings, machinery and equipment, computer hardware and furniture and fixtures. All contractual increases and rent free periods included in the lease contract are taken into account when calculating the minimum lease payment and recognized on a straight-line basis over the lease term. Certain leases have renewal periods and contingent rentals, which are not included in the table below. The minimum annual payments under operating leases are as follows: | |||||
(in millions of U.S. dollars) | |||||
2014 | $ | 17.7 | |||
2015 | 16.5 | ||||
2016 | 14 | ||||
2017 | 11.3 | ||||
2018 | 9.7 | ||||
Thereafter | 20.1 | ||||
Total | $ | 89.3 | |||
Operating lease expenses were: | |||||
(in millions of U.S. dollars) | |||||
Year ended December 28, 2013 | $ | 21.4 | |||
Year ended December 29, 2012 | 23.8 | ||||
Year ended December 31, 2011 | 25.9 | ||||
Total | $ | 71.1 | |||
Operating lease expenses are shown net of sublease income of $0.3 million for 2013. As of December 28, 2013, we had commitments for capital expenditures of approximately $11.0 million. | |||||
On August 17, 2010, we completed the Cliffstar Acquisition, which included contingent consideration of up to $55.0 million. Contingent consideration of $34.9 million was ultimately paid to the seller of Cliffstar, and all claims for contingent consideration have been resolved as of December 28, 2013. | |||||
In June 2013, we completed the Calypso Soft Drinks Acquisition which included deferred payments of $2.3 million and $3.0 million to be paid on the first and second anniversary of the closing date. | |||||
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. | |||||
We had $7.5 million in standby letters of credit outstanding as of December 28, 2013 ($11.0 million— December 29, 2012; $9.7 million—December 31, 2011). | |||||
We have future purchase obligations of $177.8 million that consist of commitments for the purchase of inventory, energy transactions, and payments related to professional fees and information technology outsourcing agreements. These obligations represent the minimum contractual obligations expected under the normal course of business. |
Shares_Held_in_Trust_Treated_a
Shares Held in Trust Treated as Treasury Shares | 12 Months Ended |
Dec. 28, 2013 | |
Equity [Abstract] | ' |
Shares Held in Trust Treated as Treasury Shares | ' |
Note 19—Shares Held in Trust treated as Treasury Shares | |
In May 2008, an independent trustee acting under certain of our benefit plans purchased 2.3 million of our common shares to be used to satisfy future liabilities under the PSU Plan and the Restated EISPP. During the year ended December 29, 2012, we distributed 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 28, 2013, there were no shares held in trust or accounted for as treasury shares under applicable accounting rules. |
Hedging_Transactions_and_Deriv
Hedging Transactions and Derivative Financial Instruments | 12 Months Ended |
Dec. 28, 2013 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' |
Hedging Transactions and Derivative Financial Instruments | ' |
Note 20—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 21). 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 year ended December 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 December 28, 2013 was approximately $3.6 million. | |
The fair value of the Company’s derivative instruments was $0.3 million as of December 28, 2013. | |
The settlement of our derivative instruments resulted in a credit to cost of sales of $0.6 million for the year ended December 28, 2013. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 21—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. | |||||||||||||||||
The fair value of our derivative asset represents a Level 2 instrument. Level 2 instruments are valued based on observable inputs for quoted prices for similar assets and liabilities in active markets. The fair value for the derivative assets as of December 28, 2013 and December 29, 2012 was $0.3 million and $0.1 million, respectively. | |||||||||||||||||
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 December 28, 2013 and December 29, 2012 were as follows: | |||||||||||||||||
December 28, 2013 | December 29, 2012 | ||||||||||||||||
(in millions of U.S. dollars) | Carrying | Fair Value | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
8.375% senior notes due in 20171 | 15 | 15.6 | 215 | 234.4 | |||||||||||||
8.125% senior notes due in 20181 | 375 | 404.1 | 375 | 414.8 | |||||||||||||
Total | $ | 390 | $ | 419.7 | $ | 590 | $ | 649.2 | |||||||||
1. | The fair values were based on the trading levels and bid/offer prices observed by a market participant and are considered Level 1 financial instruments. | ||||||||||||||||
Fair value of contingent consideration | |||||||||||||||||
The fair value of the contingent consideration payable in the Cliffstar Acquisition was based on significant inputs not observed in the market and thus represented a Level 3 instrument. Level 3 instruments are valued based on unobservable inputs that are supported by little or no market activity and reflect our own assumptions in measuring fair value. The fair value of the contingent consideration as of December 29, 2012 was $0.6 million. There was no outstanding contingent consideration as of December 28, 2013, as all outstanding claims for contingent consideration by the seller of Cliffstar were favorably resolved by payment by Cott in February 2013 of approximately $0.6 million. |
Quarterly_Financial_Informatio
Quarterly Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||||||
Note 22—Quarterly Financial Information (unaudited) | |||||||||||||||||||||
Year ended December 28, 2013 | |||||||||||||||||||||
(in millions of U.S. dollars, except per share amounts) | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Revenue | $ | 505.4 | $ | 563.8 | $ | 543.2 | $ | 481.6 | $ | 2,094.00 | |||||||||||
Cost of sales | 449 | 487.2 | 478.2 | 427.6 | 1,842.00 | ||||||||||||||||
Gross Profit | 56.4 | 76.6 | 65 | 54 | 252 | ||||||||||||||||
Selling, general and administrative expenses | 41.3 | 41.7 | 37.9 | 39.5 | 160.4 | ||||||||||||||||
Loss (gain) on disposal of property, plant and equipment | — | 0.3 | 1.1 | (0.4 | ) | 1 | |||||||||||||||
Restructuring | — | 2 | — | — | 2 | ||||||||||||||||
Operating income | 15.1 | 32.6 | 26 | 14.9 | 88.6 | ||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | — | $ | 16.5 | $ | 12 | $ | (11.5 | ) | $ | 17 | ||||||||||
Per share data: | |||||||||||||||||||||
Net income (loss) per common share | |||||||||||||||||||||
Basic | $ | — | $ | 0.17 | $ | 0.13 | $ | (0.12 | ) | $ | 0.18 | ||||||||||
Diluted | $ | — | $ | 0.17 | $ | 0.13 | $ | (0.12 | ) | $ | 0.18 | ||||||||||
Year ended December 29, 2012 | |||||||||||||||||||||
(in millions of U.S. dollars, except per share amounts) | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Revenue | $ | 523.8 | $ | 625.8 | $ | 583.8 | $ | 517.2 | $ | 2,250.60 | |||||||||||
Cost of sales | 460.4 | 533.5 | 510.6 | 456.6 | 1,961.10 | ||||||||||||||||
Gross Profit | 63.4 | 92.3 | 73.2 | 60.6 | 289.5 | ||||||||||||||||
Selling, general and administrative expenses | 41.8 | 48.8 | 43.8 | 43.6 | 178 | ||||||||||||||||
Loss on disposal of property, plant and equipment | 0.6 | 0.3 | 0.8 | 0.1 | 1.8 | ||||||||||||||||
Operating income | 21 | 43.2 | 28.6 | 16.9 | 109.7 | ||||||||||||||||
Net income attributed to Cott Corporation | $ | 5.9 | $ | 25.1 | $ | 14.5 | $ | 2.3 | $ | 47.8 | |||||||||||
Per share data: | |||||||||||||||||||||
Net income per common share | |||||||||||||||||||||
Basic | $ | 0.06 | $ | 0.27 | $ | 0.15 | $ | 0.02 | $ | 0.51 | |||||||||||
Diluted | $ | 0.06 | $ | 0.26 | $ | 0.15 | $ | 0.02 | $ | 0.5 | |||||||||||
Guarantor_Subsidiaries
Guarantor Subsidiaries | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Guarantor Subsidiaries | ' | ||||||||||||||||||||||||
Note 23—Guarantor Subsidiaries | |||||||||||||||||||||||||
The 2017 Notes and 2018 Notes (together, the “Notes”) issued by our 100% owned subsidiary, Cott Beverages Inc., are guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other 100% owned direct and indirect subsidiaries (the “Guarantor Subsidiaries”). Cott Beverages Inc. and each Guarantor Subsidiary is 100% owned by Cott Corporation, the guarantees of the Notes by Cott Corporation and the Guarantor Subsidiaries are full and unconditional, and all such guarantees are joint and several. 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 Guarantor Subsidiaries due to the presentation of condensed consolidating financial information set forth in this Note, consistent with SEC interpretations governing reporting of subsidiary financial information. | |||||||||||||||||||||||||
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 for financial reporting purposes we have included these Non-guarantor Subsidiaries as Guarantor Subsidiaries in the supplemental financial information below for all periods presented. | |||||||||||||||||||||||||
We reclassified certain intercompany dividends previously reported in the Condensed Consolidating Statement of Cash Flows for each period included in our Annual Report on Form 10-K. These transactions represented intercompany dividends between Cott Corporation, Cott Beverages, Inc., the Guarantors and Non-Guarantors. The cash flows related to these transactions should have been classified as financing activities. These reclassifications do not change the total cash flows reported in each column presented in the Condensed Consolidating Statement of Cash Flows. We assessed the materiality of these items on our previously issued annual report and quarterly financial statements in accordance with SEC Staff Accounting Bulletin No. 99, and concluded that the errors were not material to the consolidated financial statements taken as a whole. The statements of cash flows presented below for the periods ended December 28, 2013, December 29, 2012 and December 31, 2011 as revised, reflect the correct classification of intercompany dividends as financing activities. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
For the year ended December 28, 2013 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 170.9 | $ | 780.4 | $ | 1,022.30 | $ | 147 | $ | (26.6 | ) | $ | 2,094.00 | ||||||||||||
Cost of sales | 149 | 673.9 | 916.6 | 129.1 | (26.6 | ) | 1,842.00 | ||||||||||||||||||
Gross profit | 21.9 | 106.5 | 105.7 | 17.9 | — | 252 | |||||||||||||||||||
Selling, general and administrative expenses | 28.9 | 70.3 | 52.1 | 9.1 | — | 160.4 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.3 | 0.5 | 0.1 | — | 1 | |||||||||||||||||||
Restructuring | 0.5 | 0.5 | 0.7 | 0.3 | — | 2 | |||||||||||||||||||
Operating (loss) income | (7.6 | ) | 35.4 | 52.4 | 8.4 | — | 88.6 | ||||||||||||||||||
Other expense (income), net | 0.4 | 12.5 | (0.1 | ) | — | — | 12.8 | ||||||||||||||||||
Intercompany interest (income) expense, net | — | (12.0 | ) | 12 | — | — | — | ||||||||||||||||||
Interest expense, net | — | 50.8 | 0.7 | 0.1 | — | 51.6 | |||||||||||||||||||
(Loss) income before income tax expense (benefit) and equity income (loss) | (8.0 | ) | (15.9 | ) | 39.8 | 8.3 | — | 24.2 | |||||||||||||||||
Income tax (benefit) expense | (0.8 | ) | 4.6 | (2.0 | ) | 0.4 | — | 2.2 | |||||||||||||||||
Equity income (loss) | 24.2 | 5.2 | (7.3 | ) | — | (22.1 | ) | — | |||||||||||||||||
Net income (loss) | $ | 17 | $ | (15.3 | ) | $ | 34.5 | $ | 7.9 | $ | (22.1 | ) | $ | 22 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 5 | — | 5 | |||||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | 17 | $ | (15.3 | ) | $ | 34.5 | $ | 2.9 | $ | (22.1 | ) | $ | 17 | |||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 12.6 | $ | (4.5 | ) | $ | 29.2 | $ | 5.2 | $ | (29.9 | ) | $ | 12.6 | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
For the year ended December 29, 2012 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 201.8 | $ | 864.5 | $ | 1,042.80 | $ | 172.9 | $ | (31.4 | ) | $ | 2,250.60 | ||||||||||||
Cost of sales | 165.3 | 730.4 | 940.8 | 156 | (31.4 | ) | 1,961.10 | ||||||||||||||||||
Gross profit | 36.5 | 134.1 | 102 | 16.9 | — | 289.5 | |||||||||||||||||||
Selling, general and administrative expenses | 32.1 | 64.8 | 71.1 | 10 | — | 178 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.7 | 0.6 | 0.5 | — | 1.8 | |||||||||||||||||||
Operating income | 4.4 | 68.6 | 30.3 | 6.4 | — | 109.7 | |||||||||||||||||||
Contingent consideration earn-out adjustment | — | 0.6 | — | — | — | 0.6 | |||||||||||||||||||
Other expense (income), net | 0.4 | (1.7 | ) | (0.6 | ) | (0.1 | ) | — | (2.0 | ) | |||||||||||||||
Intercompany interest (income) expense, net | — | (11.0 | ) | 11 | — | — | — | ||||||||||||||||||
Interest expense, net | 0.1 | 53.3 | 0.7 | 0.1 | — | 54.2 | |||||||||||||||||||
Income before income tax expense (benefit) and equity income (loss) | 3.9 | 27.4 | 19.2 | 6.4 | — | 56.9 | |||||||||||||||||||
Income tax expense (benefit) | 3 | 2.2 | (0.7 | ) | 0.1 | — | 4.6 | ||||||||||||||||||
Equity income (loss) | 46.9 | 5 | 30.5 | — | (82.4 | ) | — | ||||||||||||||||||
Net income | $ | 47.8 | $ | 30.2 | $ | 50.4 | $ | 6.3 | $ | (82.4 | ) | $ | 52.3 | ||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 4.5 | — | 4.5 | |||||||||||||||||||
Net income attributed to Cott Corporation | $ | 47.8 | $ | 30.2 | $ | 50.4 | $ | 1.8 | $ | (82.4 | ) | $ | 47.8 | ||||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 60.1 | $ | 52.6 | $ | (33.7 | ) | $ | (0.3 | ) | $ | (18.6 | ) | $ | 60.1 | ||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 207 | $ | 932.3 | $ | 1,065.70 | $ | 167.3 | $ | (37.7 | ) | $ | 2,334.60 | ||||||||||||
Cost of sales | 167.8 | 825.5 | 951.7 | 150.7 | (37.7 | ) | 2,058.00 | ||||||||||||||||||
Gross profit | 39.2 | 106.8 | 114 | 16.6 | — | 276.6 | |||||||||||||||||||
Selling, general and administrative expenses | 30.1 | 59 | 71.8 | 11.8 | — | 172.7 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.4 | 0.8 | — | — | 1.2 | |||||||||||||||||||
Asset impairments | |||||||||||||||||||||||||
Asset impairments | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||
Intangible asset impairments | — | 1.4 | — | — | — | 1.4 | |||||||||||||||||||
Operating income | 9.1 | 46 | 41.4 | 4.2 | — | 100.7 | |||||||||||||||||||
Contingent consideration earn-out adjustment | — | — | 0.9 | — | — | 0.9 | |||||||||||||||||||
Other expense (income), net | 1.6 | (0.3 | ) | 0.2 | 0.7 | — | 2.2 | ||||||||||||||||||
Intercompany interest (income) expense, net | (3.5 | ) | (4.1 | ) | 7.6 | — | — | — | |||||||||||||||||
Interest expense, net | 0.3 | 54.8 | 1.8 | 0.2 | — | 57.1 | |||||||||||||||||||
Income (loss) before income tax expense (benefit) and equity income (loss) | 10.7 | (4.4 | ) | 30.9 | 3.3 | — | 40.5 | ||||||||||||||||||
Income tax expense (benefit) | 2.9 | (0.8 | ) | (3.3 | ) | 0.5 | — | (0.7 | ) | ||||||||||||||||
Equity income | 29.8 | 4.2 | 0.8 | — | (34.8 | ) | — | ||||||||||||||||||
Net income | $ | 37.6 | $ | 0.6 | $ | 35 | $ | 2.8 | $ | (34.8 | ) | $ | 41.2 | ||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 3.6 | — | 3.6 | |||||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | 37.6 | $ | 0.6 | $ | 35 | $ | (0.8 | ) | $ | (34.8 | ) | $ | 37.6 | |||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 30.4 | $ | (1.3 | ) | $ | 128.5 | $ | 2.6 | $ | (129.8 | ) | $ | 30.4 | |||||||||||
Consolidating Balance Sheet | |||||||||||||||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 1.5 | $ | 1.1 | $ | 39.1 | $ | 5.5 | $ | — | $ | 47.2 | |||||||||||||
Accounts receivable, net of allowance | 19 | 114.1 | 229.8 | 15.5 | (174.0 | ) | 204.4 | ||||||||||||||||||
Income taxes recoverable | 0.4 | 0.7 | — | — | — | 1.1 | |||||||||||||||||||
Inventories | 16.2 | 77 | 132.9 | 7 | — | 233.1 | |||||||||||||||||||
Prepaid expenses and other assets | 2.1 | 10.1 | 7 | 0.1 | — | 19.3 | |||||||||||||||||||
Total current assets | 39.2 | 203 | 408.8 | 28.1 | (174.0 | ) | 505.1 | ||||||||||||||||||
Property, plant & equipment, net | 47.9 | 190.2 | 235.7 | 9.9 | — | 483.7 | |||||||||||||||||||
Goodwill | 25.8 | 4.5 | 107 | — | — | 137.3 | |||||||||||||||||||
Intangibles and other assets, net | 1.3 | 88 | 196.2 | 10.7 | — | 296.2 | |||||||||||||||||||
Deferred income taxes | 3.6 | — | — | — | — | 3.6 | |||||||||||||||||||
Other tax receivable | — | 0.2 | — | — | — | 0.2 | |||||||||||||||||||
Due from affiliates | 39.6 | 125.7 | 2.9 | 41.9 | (210.1 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 507.8 | 246.7 | 697.7 | — | (1,452.2 | ) | — | ||||||||||||||||||
Total assets | $ | 665.2 | $ | 858.3 | $ | 1,648.30 | $ | 90.6 | $ | (1,836.3 | ) | $ | 1,426.10 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | 16.2 | $ | 34.6 | $ | — | $ | — | $ | 50.8 | |||||||||||||
Current maturities of long-term debt | — | 2.4 | 0.6 | 0.9 | — | 3.9 | |||||||||||||||||||
Accounts payable and accrued liabilities | 25.5 | 214.4 | 225.6 | 6.7 | (174.0 | ) | 298.2 | ||||||||||||||||||
Total current liabilities | 25.5 | 233 | 260.8 | 7.6 | (174.0 | ) | 352.9 | ||||||||||||||||||
Long-term debt | 0.1 | 399.6 | 2.2 | 1.6 | — | 403.5 | |||||||||||||||||||
Deferred income taxes | — | 32 | 9.1 | 0.4 | — | 41.5 | |||||||||||||||||||
Other long-term liabilities | 0.1 | 2.8 | 19.4 | — | — | 22.3 | |||||||||||||||||||
Due to affiliates | 43.1 | 1.6 | 128.1 | 37.3 | (210.1 | ) | — | ||||||||||||||||||
Total liabilities | 68.8 | 669 | 419.6 | 46.9 | (384.1 | ) | 820.2 | ||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 392.8 | 509.4 | 1,557.50 | 82.5 | (2,149.4 | ) | 392.8 | ||||||||||||||||||
Additional paid-in-capital | 44.1 | — | — | — | — | 44.1 | |||||||||||||||||||
Retained earnings (deficit) | 176.3 | (344.1 | ) | (322.1 | ) | (49.8 | ) | 716 | 176.3 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (16.8 | ) | 24 | (6.7 | ) | 1.5 | (18.8 | ) | (16.8 | ) | |||||||||||||||
Total Cott Corporation equity | 596.4 | 189.3 | 1,228.70 | 34.2 | (1,452.2 | ) | 596.4 | ||||||||||||||||||
Non-controlling interests | — | — | — | 9.5 | — | 9.5 | |||||||||||||||||||
Total equity | 596.4 | 189.3 | 1,228.70 | 43.7 | (1,452.2 | ) | 605.9 | ||||||||||||||||||
Total liabilities and equity | $ | 665.2 | $ | 858.3 | $ | 1,648.30 | $ | 90.6 | $ | (1,836.3 | ) | $ | 1,426.10 | ||||||||||||
Consolidating Balance Sheet | |||||||||||||||||||||||||
As of December 29, 2012 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
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 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
For the year ended December 28, 2013 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 17 | $ | (15.3 | ) | $ | 34.5 | $ | 7.9 | $ | (22.1 | ) | $ | 22 | |||||||||||
Depreciation & amortization | 6.3 | 39.6 | 48.7 | 6.2 | — | 100.8 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 2.6 | 0.1 | — | — | 2.8 | |||||||||||||||||||
Share-based compensation expense | 1.1 | 2.5 | 0.4 | — | — | 4 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (0.9 | ) | 4.5 | (2.6 | ) | (0.1 | ) | — | 0.9 | ||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.3 | 0.5 | 0.1 | — | 1 | |||||||||||||||||||
Write-off of financing fees and discount | — | 4 | — | — | — | 4 | |||||||||||||||||||
Equity (income) loss, net of distributions | (24.2 | ) | (5.2 | ) | 7.3 | — | 22.1 | — | |||||||||||||||||
Intercompany dividends | 27.1 | 6.9 | — | — | (34.0 | ) | — | ||||||||||||||||||
Other non-cash items | 0.2 | 0.5 | 0.1 | 0.1 | — | 0.9 | |||||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (21.0 | ) | 153.9 | (114.8 | ) | 0.7 | — | 18.8 | |||||||||||||||||
Net cash provided by (used in) operating activities | 5.8 | 194.3 | (25.8 | ) | 14.9 | (34.0 | ) | 155.2 | |||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition, net of cash received | — | (4.7 | ) | (6.5 | ) | — | — | (11.2 | ) | ||||||||||||||||
Additions to property, plant & equipment | (6.8 | ) | (35.1 | ) | (12.4 | ) | (1.3 | ) | — | (55.6 | ) | ||||||||||||||
Additions to intangibles and other assets | — | (5.9 | ) | — | — | — | (5.9 | ) | |||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Proceeds from insurance recoveries | — | 0.6 | — | — | — | 0.6 | |||||||||||||||||||
Advances to affiliates | — | — | — | 0.3 | (0.3 | ) | — | ||||||||||||||||||
Net cash used in investing activities | (6.8 | ) | (45.1 | ) | (18.9 | ) | (0.8 | ) | (0.3 | ) | (71.9 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (201.1 | ) | (18.8 | ) | (0.8 | ) | — | (220.8 | ) | ||||||||||||||
Borrowings under ABL | — | 89 | 42.9 | — | — | 131.9 | |||||||||||||||||||
Payments under ABL | — | (72.9 | ) | (9.2 | ) | — | — | (82.1 | ) | ||||||||||||||||
Advances from affiliates | (0.3 | ) | — | — | — | 0.3 | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (6.6 | ) | — | (6.6 | ) | |||||||||||||||||
Common share repurchase | (13.0 | ) | — | — | — | — | (13.0 | ) | |||||||||||||||||
Dividends paid to shareholders | (21.9 | ) | — | — | — | — | (21.9 | ) | |||||||||||||||||
Intercompany dividends | — | — | (27.1 | ) | (6.9 | ) | 34 | — | |||||||||||||||||
Financing fees | (0.1 | ) | (0.6 | ) | (0.1 | ) | — | — | (0.8 | ) | |||||||||||||||
Net cash used in financing activities | (35.4 | ) | (185.6 | ) | (12.3 | ) | (14.3 | ) | 34.3 | (213.3 | ) | ||||||||||||||
Effect of exchange rate changes on cash | (1.9 | ) | — | (0.3 | ) | — | — | (2.2 | ) | ||||||||||||||||
Net decrease in cash & cash equivalents | (38.3 | ) | (36.4 | ) | (57.3 | ) | (0.2 | ) | — | (132.2 | ) | ||||||||||||||
Cash & cash equivalents, beginning of period | 39.8 | 37.5 | 96.4 | 5.7 | — | 179.4 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 1.5 | $ | 1.1 | $ | 39.1 | $ | 5.5 | $ | — | $ | 47.2 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
For the year ended December 29, 2012 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 47.8 | $ | 30.2 | $ | 50.4 | $ | 6.3 | $ | (82.4 | ) | $ | 52.3 | ||||||||||||
Depreciation & amortization | 6.5 | 36.9 | 48.4 | 5.9 | — | 97.7 | |||||||||||||||||||
Amortization of financing fees | 0.2 | 3.3 | 0.2 | — | — | 3.7 | |||||||||||||||||||
Share-based compensation expense | 1.1 | 2.7 | 1 | 0.1 | — | 4.9 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.4 | 3.6 | (0.2 | ) | — | — | 3.8 | ||||||||||||||||||
Gain on bargain purchase | — | — | (0.9 | ) | — | — | (0.9 | ) | |||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.7 | 0.6 | 0.5 | — | 1.8 | |||||||||||||||||||
Equity (income) loss, net of distributions | (46.9 | ) | (5.0 | ) | (30.5 | ) | — | 82.4 | — | ||||||||||||||||
Intercompany dividends | 28 | 5.9 | — | — | (33.9 | ) | — | ||||||||||||||||||
Other non-cash items | — | (0.4 | ) | — | — | — | (0.4 | ) | |||||||||||||||||
Net change in operating assets and liabilities | (6.8 | ) | (3.9 | ) | 12.8 | 8 | — | 10.1 | |||||||||||||||||
Net cash provided by operating activities | 30.3 | 74 | 81.8 | 20.8 | (33.9 | ) | 173 | ||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition | — | (4.7 | ) | (5.0 | ) | — | — | (9.7 | ) | ||||||||||||||||
Additions to property, plant & equipment | (7.7 | ) | (45.2 | ) | (14.2 | ) | (2.6 | ) | — | (69.7 | ) | ||||||||||||||
Additions to intangibles and other assets | (0.6 | ) | (5.1 | ) | 0.5 | — | — | (5.2 | ) | ||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | 1 | 1.3 | — | 2.3 | |||||||||||||||||||
Proceeds from insurance recoveries | — | 1.9 | — | — | — | 1.9 | |||||||||||||||||||
Advances to affiliates | — | — | — | (9.7 | ) | 9.7 | — | ||||||||||||||||||
Net cash used in investing activities | (8.3 | ) | (53.1 | ) | (17.7 | ) | (11.0 | ) | 9.7 | (80.4 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | 0.1 | (2.9 | ) | — | (0.5 | ) | — | (3.3 | ) | ||||||||||||||||
Borrowings under ABL | — | 24.5 | — | — | — | 24.5 | |||||||||||||||||||
Payments under ABL | — | (24.5 | ) | — | — | — | (24.5 | ) | |||||||||||||||||
Advances from affiliates | 9.7 | — | — | — | (9.7 | ) | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (5.6 | ) | — | (5.6 | ) | |||||||||||||||||
Common share repurchase | (0.3 | ) | — | — | — | — | (0.3 | ) | |||||||||||||||||
Dividends paid to shareholders | (5.8 | ) | — | — | — | — | (5.8 | ) | |||||||||||||||||
Intercompany dividends | — | — | (28.0 | ) | (5.9 | ) | 33.9 | — | |||||||||||||||||
Financing fees | — | (1.2 | ) | — | — | — | (1.2 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 3.7 | (4.1 | ) | (28.0 | ) | (12.0 | ) | 24.2 | (16.2 | ) | |||||||||||||||
Effect of exchange rate changes on cash | 0.4 | — | 1.4 | 0.3 | — | 2.1 | |||||||||||||||||||
Net increase (decrease) in cash & cash equivalents | 26.1 | 16.8 | 37.5 | (1.9 | ) | — | 78.5 | ||||||||||||||||||
Cash & cash equivalents, beginning of period | 13.7 | 20.7 | 58.9 | 7.6 | — | 100.9 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 39.8 | $ | 37.5 | $ | 96.4 | $ | 5.7 | $ | — | $ | 179.4 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 37.6 | $ | 0.6 | $ | 35 | $ | 2.8 | $ | (34.8 | ) | $ | 41.2 | ||||||||||||
Depreciation & amortization | 6 | 35.1 | 48.2 | 6 | — | 95.3 | |||||||||||||||||||
Amortization of financing fees | 0.3 | 3.3 | 0.3 | — | — | 3.9 | |||||||||||||||||||
Share-based compensation expense | 1.1 | 1 | 0.7 | 0.1 | — | 2.9 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.4 | 0.1 | (3.9 | ) | (0.3 | ) | — | (3.7 | ) | ||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.4 | 0.8 | — | — | 1.2 | |||||||||||||||||||
Asset impairments | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||
Intangible asset impairments | — | 1.4 | — | — | — | 1.4 | |||||||||||||||||||
Contract termination payments | (0.8 | ) | (2.3 | ) | — | — | — | (3.1 | ) | ||||||||||||||||
Equity (income) loss, net of distributions | (29.6 | ) | (4.2 | ) | 0.2 | — | 33.6 | — | |||||||||||||||||
Intercompany dividends | 25.8 | 9.6 | — | — | (35.4 | ) | — | ||||||||||||||||||
Other non-cash items | (0.1 | ) | 1.1 | 3.6 | 0.3 | — | 4.9 | ||||||||||||||||||
Net change in operating assets and liabilities | (25.7 | ) | 210.4 | (169.6 | ) | 2.6 | 1.2 | 18.9 | |||||||||||||||||
Net cash provided by (used in) operating activities | 15 | 256.5 | (84.7 | ) | 12.1 | (35.4 | ) | 163.5 | |||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition | — | (34.3 | ) | — | — | — | (34.3 | ) | |||||||||||||||||
Additions to property, plant & equipment | (5.2 | ) | (33.9 | ) | (9.5 | ) | (0.2 | ) | — | (48.8 | ) | ||||||||||||||
Additions to intangibles and other assets | (0.2 | ) | (5.3 | ) | (0.1 | ) | (0.1 | ) | — | (5.7 | ) | ||||||||||||||
Proceeds from sale of property, plant & equipment | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Other investing activities | — | (1.8 | ) | — | — | — | (1.8 | ) | |||||||||||||||||
Advances to affiliates | — | — | 156.1 | 3.6 | (159.7 | ) | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | (5.4 | ) | (74.9 | ) | 146.5 | 3.3 | (159.7 | ) | (90.2 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | 0.1 | (6.4 | ) | — | (0.5 | ) | — | (6.8 | ) | ||||||||||||||||
Borrowings under ABL | — | 224.1 | — | — | — | 224.1 | |||||||||||||||||||
Payments under ABL | — | (231.9 | ) | — | — | — | (231.9 | ) | |||||||||||||||||
Advances from affiliates | (3.6 | ) | (156.1 | ) | — | — | 159.7 | — | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (6.0 | ) | — | (6.0 | ) | |||||||||||||||||
Intercompany dividends | — | — | (29.0 | ) | (6.4 | ) | 35.4 | — | |||||||||||||||||
Exercise of options | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Net cash used in financing activities | (3.5 | ) | (170.0 | ) | (29.0 | ) | (12.9 | ) | 195.1 | (20.3 | ) | ||||||||||||||
Effect of exchange rate changes on cash | (0.2 | ) | — | 0.1 | (0.2 | ) | — | (0.3 | ) | ||||||||||||||||
Net increase in cash & cash equivalents | 5.9 | 11.6 | 32.9 | 2.3 | — | 52.7 | |||||||||||||||||||
Cash & cash equivalents, beginning of period | 7.8 | 9.1 | 26 | 5.3 | — | 48.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 13.7 | $ | 20.7 | $ | 58.9 | $ | 7.6 | $ | — | $ | 100.9 | |||||||||||||
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 28, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Note 24—Subsequent Event | |
On February 11, 2014, the Board of Directors declared a dividend of C$0.06 per share on common shares, payable in cash on March 28, 2014 to shareowners of record at the close of business on March 11, 2014. | |
On February 19, 2014, we redeemed all $15.0 million in aggregate principal amount of the remaining outstanding 2017 Notes at 104.118% of par. The redemption included approximately $0.6 million in premium payments as well as approximately $0.3 million in deferred financing fees and discount charges. |
Schedule_IIValuation_and_Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||||||
Schedule II-Valuation and Qualifying Accounts | ' | ||||||||||||||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||||
(in millions of U.S. dollars) | Year ended December 28, 2013 | ||||||||||||||||||||||||
Description | Balance at | Reduction | Charged to | Charged to | Deductions | Balance at | |||||||||||||||||||
Beginning | in Sales | Costs and | Other | End of | |||||||||||||||||||||
of Year | Expenses | Accounts | Year | ||||||||||||||||||||||
Reserves deducted in the balance sheet from the asset to which they apply | |||||||||||||||||||||||||
Allowances for losses on: | |||||||||||||||||||||||||
Accounts receivables | $ | (6.7 | ) | $ | — | $ | 0.9 | $ | — | $ | — | $ | (5.8 | ) | |||||||||||
Inventories | (10.5 | ) | — | (2.0 | ) | 0.5 | — | (12.0 | ) | ||||||||||||||||
Deferred income tax assets | (27.5 | ) | — | (17.8 | ) | 0.1 | — | (45.2 | ) | ||||||||||||||||
$ | (44.7 | ) | $ | — | $ | (18.9 | ) | $ | 0.6 | $ | — | $ | (63.0 | ) | |||||||||||
(in millions of U.S. dollars) | Year ended December 29, 2012 | ||||||||||||||||||||||||
Description | Balance at | Reduction | Charged to | Charged to | Deductions | Balance at | |||||||||||||||||||
Beginning | in Sales | Costs and | Other | End of | |||||||||||||||||||||
of Year | Expenses | Accounts | Year | ||||||||||||||||||||||
Reserves deducted in the balance sheet from the asset to which they apply | |||||||||||||||||||||||||
Allowances for losses on: | |||||||||||||||||||||||||
Accounts receivables | $ | (5.7 | ) | $ | — | $ | (1.3 | ) | $ | (0.1 | ) | $ | 0.4 | $ | (6.7 | ) | |||||||||
Inventories | (8.8 | ) | — | (1.6 | ) | (0.3 | ) | 0.2 | (10.5 | ) | |||||||||||||||
Deferred income tax assets | (22.2 | ) | — | (5.6 | ) | 0.3 | — | (27.5 | ) | ||||||||||||||||
$ | (36.7 | ) | $ | — | $ | (8.5 | ) | $ | (0.1 | ) | $ | 0.6 | $ | (44.7 | ) | ||||||||||
(in millions of U.S. dollars) | Year ended December 31, 2011 | ||||||||||||||||||||||||
Description | Balance at | Reduction | Charged to | Charged to | Deductions | Balance at | |||||||||||||||||||
Beginning | in Sales | Costs and | Other | End of | |||||||||||||||||||||
of Year | Expenses | Accounts | Year | ||||||||||||||||||||||
Reserves deducted in the balance sheet from the asset to which they apply | |||||||||||||||||||||||||
Allowances for losses on: | |||||||||||||||||||||||||
Accounts receivables | $ | (7.0 | ) | $ | — | $ | 0.6 | $ | 0.2 | $ | 0.5 | $ | (5.7 | ) | |||||||||||
Inventories | (8.2 | ) | — | (2.1 | ) | — | 1.5 | (8.8 | ) | ||||||||||||||||
Deferred income tax assets | (12.7 | ) | — | (9.4 | ) | (0.1 | ) | — | (22.2 | ) | |||||||||||||||
$ | (27.9 | ) | $ | — | $ | (10.9 | ) | $ | 0.1 | $ | 2 | $ | (36.7 | ) | |||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||
Dec. 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 drinks, sports products, new age beverages and ready-to-drink teas, as well as alcoholic beverages for brand owners. | |||||||||
Basis of Presentation | ' | ||||||||
Basis of presentation | |||||||||
These consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) using the U.S. dollar as the reporting currency, as the majority of our business and the majority of our shareowners are in the United States. | |||||||||
For the years ended December 28, 2013, December 29, 2012 and December 31, 2011, we had 52 weeks of activity. Our fiscal year ends on Saturday, December 28, 2013 and our next 53 week year is 2015. | |||||||||
We have three reporting segments— North America (which includes our U.S. operating segment and Canada operating segment), United Kingdom (“U.K.”) (which includes our United Kingdom reporting unit and our Continental European reporting unit), and All Other (“All Other”) (which includes our Mexico operating segment, our Royal Crown International (“RCI”) operating segment and other Miscellaneous Expenses). Our corporate oversight function (“Corporate”) is not treated as a segment; it includes certain general and administrative costs that are not allocated to any of the reporting segments. During the fourth quarter of 2013, management reviewed our reporting segments and subsequently combined our Mexico and RCI reporting segments with the segment previously classified as All Other into one segment classified as All Other. Prior year information has been updated to reflect the change in our reporting segments. | |||||||||
Basis of Consolidation | ' | ||||||||
Basis of consolidation | |||||||||
The financial statements consolidate our accounts, our wholly-owned and majority-owned subsidiaries and joint ventures which we control. All intercompany transactions and accounts have been eliminated in consolidation. | |||||||||
Estimates | ' | ||||||||
Estimates | |||||||||
The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements include estimates and assumptions which, in the opinion of management, were significant to the underlying amounts representing the future valuation of intangible assets, long-lived assets and goodwill, accounting for share-based compensation, realization of deferred income tax assets and the resolution of tax contingencies. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue recognition | |||||||||
We recognize revenue, net of sales returns, when ownership passes to customers for products manufactured in our own plants and/or by third parties on our behalf, and when prices to our customers are fixed and collection is reasonably assured. This may be upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue. Although we accept returns of products from our customers occasionally, such returns, historically, have not been material. | |||||||||
Sales Incentives | ' | ||||||||
Sales incentives | |||||||||
We participate in various incentive programs with our customers, including volume-based incentives, contractual rebates and promotional allowances. Volume incentives are based on our customers achieving volume targets for a period of time. Volume incentives and contractual rebates are deducted from revenue and accrued as the incentives are earned and are based on management’s estimate of the total the customer is expected to earn and claim. Promotional allowances are accrued at time of revenue recognition and deducted from revenue based on either the volume shipped or the volume sold at the retailer location, depending on the terms of the allowance. We regularly review customer sales forecasts to ensure volume targets will be met and adjust incentive accruals and revenues accordingly. | |||||||||
Cost of Sales | ' | ||||||||
Cost of sales | |||||||||
We record shipping and handling and finished goods inventory costs in cost of sales. Finished goods inventory costs include the cost of direct labor and materials and the applicable share of overhead expense chargeable to production. | |||||||||
Selling, General and Administrative Expenses | ' | ||||||||
Selling, general and administrative expenses | |||||||||
We record all other expenses not charged to production as selling, general and administrative expenses. | |||||||||
Share-Based Compensation | ' | ||||||||
Share-based compensation | |||||||||
Share-based compensation expense for all share-based compensation awards is based on the grant-date fair value. We recognized these compensation costs net of a forfeiture rate on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. No estimated forfeitures were included in the calculation of share-based compensation for the 2013, 2012 and 2011 share-based awards. | |||||||||
Additional paid-in capital is adjusted by the tax impact related to the difference between the amount deducted for tax purposes and the compensation cost for accounting purposes. Where the tax deduction exceeds book compensation cost, an increase in additional paid-in capital is recorded. Where the tax deduction is less than book compensation cost, a reduction in additional paid-in capital is recorded to the extent there is an accumulated balance or charged to income tax expense if a shortfall remains after the accumulated additional paid-in capital is brought to zero. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and cash equivalents | |||||||||
Cash and cash equivalents include all highly liquid investments with original maturities not exceeding three months at the time of purchase. The fair values of our cash and cash equivalents approximate the amounts shown on our Consolidated Balance Sheets due to their short-term nature. | |||||||||
Allowance for Doubtful Accounts | ' | ||||||||
Allowance for doubtful accounts | |||||||||
A portion of our accounts receivable is not expected to be collected due to non-payment, bankruptcies and deductions. Our accounting policy for the allowance for doubtful accounts requires us to reserve an amount based on the evaluation of the aging of accounts receivable, detailed analysis of high-risk customers’ accounts, and the overall market and economic conditions of our customers. | |||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost, determined on the first-in, first-out method, or net realizable value. Returnable bottles are valued at the lower of cost, deposit value or net realizable value. Finished goods and work-in-process include the cost of raw materials, direct labor and manufacturing overhead costs. As a result, we use an inventory reserve to adjust our costs down to a net realizable value and to reserve for estimated obsolescence of both raw materials and finished goods. | |||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment | |||||||||
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is allocated between cost of sales and selling, general and administration expenses and is determined using the straight-line method over the estimated useful lives of the assets as follows: | |||||||||
Buildings | 10 to 40 years | ||||||||
Machinery and equipment | 7 to 15 years | ||||||||
Furniture and fixtures | 3 to 10 years | ||||||||
Plates, films and molds | 1 to 10 years | ||||||||
Vending | 5 to 10 years | ||||||||
Transportation equipment | 3 to 15 years | ||||||||
IT Systems | 3 to 7 years | ||||||||
Leasehold improvements are amortized using the straight-line method over the remaining life of the lease or useful life, whichever is shorter. Maintenance and repairs are charged to operating expense when incurred. | |||||||||
Goodwill and Indefinite Life Intangible Assets | ' | ||||||||
Goodwill and indefinite life intangible assets: | |||||||||
The following table summarizes our goodwill on a reporting segment basis as of December 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | December 28, 2013 | December 29, 2012 | |||||||
North America | |||||||||
Balance at beginning of year | $ | 125.8 | $ | 125.1 | |||||
Goodwill acquired during the year | — | — | |||||||
Foreign exchange | (1.8 | ) | 0.7 | ||||||
Balance at end of year | $ | 124 | $ | 125.8 | |||||
All Other | |||||||||
Balance at beginning of year | $ | 4.5 | $ | 4.5 | |||||
Goodwill acquired during the year | — | — | |||||||
Foreign exchange | — | — | |||||||
Balance at end of year | $ | 4.5 | $ | 4.5 | |||||
UK | |||||||||
Balance at beginning of year | $ | — | $ | — | |||||
Goodwill acquired during the year | 8.5 | — | |||||||
Foreign exchange | 0.3 | — | |||||||
Balance at end of year | $ | 8.8 | $ | — | |||||
Total | |||||||||
Balance at beginning of year | $ | 130.3 | $ | 129.6 | |||||
Goodwill acquired during the year | 8.5 | — | |||||||
Foreign exchange | (1.5 | ) | 0.7 | ||||||
Balance at end of year | $ | 137.3 | $ | 130.3 | |||||
Goodwill represents the excess purchase price of acquired businesses over the fair value of the net assets acquired. Goodwill is not amortized, but instead is tested for impairment at least annually in the fourth quarter or more frequently if we determine a triggering event has occurred during the year. Any impairment loss is recognized in our results of operations. We evaluate goodwill for impairment on a reporting unit basis. Reporting units are operations for which discrete financial information is available and are at or one level below our operating segments. For the purpose of testing goodwill for impairment, our reporting units are the United States (“U.S.”), United Kingdom (“U.K.”), Canada, and Royal Crown International (“RCI”). We had goodwill of $137.3 million on our balance sheet at December 28, 2013, which represents amounts for the U.S., U.K., Canada and the RCI reporting units. | |||||||||
In 2013 and 2012, for our RCI reporting unit, we assessed qualitative factors to determine whether the existence of events or circumstances indicated that it was more likely than not that the fair value of the reporting unit was less than its carrying amount. We also performed this assessment for our Canada reporting unit in 2012. If, after assessing the totality of events or circumstances, we had determined that it was more likely than not that the fair value of the reporting unit was less than its carrying amount, then we would have performed the first step of the two-step goodwill impairment test. We concluded that it was more likely than not that the fair value of the reporting unit was more than its carrying amount and therefore we were not required to perform any additional testing. | |||||||||
In 2013, for our U.S. and Canada reporting units, we chose to bypass the qualitative assessment and performed the first step of the two-step goodwill impairment test using a mix of the income approach (which is based on the discounted cash flow of the reporting unit) and the public company approach. We believe using a combination of the two approaches provides a more accurate valuation because it incorporates the actual cash generation of the Company in addition to how a third party market participant would value the reporting unit. We also chose to bypass the qualitative assessment for our U.S. reporting unit in 2012. Because the business is assumed to continue in perpetuity, the discounted future cash flow includes a terminal value. We used a weighted average terminal growth rate of 1% for our U.S. reporting unit in 2013 and 2012 and a weighted average terminal growth rate of 1% for our Canada reporting unit in 2013. The long-term growth assumptions incorporated into the discounted cash flow calculation reflect our long-term view of the market (including a decline in CSD demand), projected changes in the sale of our products, pricing of such products and operating profit margins. The estimated revenue changes in the analysis for the U.S. reporting unit ranged between -9.7% and 5.6% for 2013 and -1.4% and 3.0% for 2012. The estimated revenue changes in the analysis for the Canada reporting unit ranged between -17.2% and 1.2% for 2013. | |||||||||
The discount rate used for the fair value estimates in the analysis for the U.S. reporting unit was 8.5% for 2013 and 10.5% for 2012 and ranged from 11% to 12% for 2011. The discount rate used for the fair value estimates in the analysis for the Canada reporting unit was 9.0% for 2013 and 11.0% for 2011. These rates were based on the weighted average cost of capital a market participant would use if evaluating the reporting unit as an investment. The risk-free rate was 3.4% and 2.4% for 2013 and 2012, respectively, and was based on a 20-year U.S. Treasury Bill as of the valuation date. | |||||||||
For the Canada reporting unit, the fair value exceeded the net book value by approximately 23% and 49% in 2013 and 2011, respectively. As noted above, a qualitative assessment was performed on our Canada reporting unit in 2012. From 2011 to 2013, the fair value declined by approximately 41%. | |||||||||
All goodwill in the U.K. reporting unit is attributable to the June 2013 acquisition (the “Calypso Soft Drinks Acquisition”) of 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”). | |||||||||
Each year during the fourth quarter, we re-evaluate the assumptions used to reflect changes in the business environment, such as revenue growth rates, operating profit margins and discount rate. Based on the evaluations performed this year, we determined that the fair value of our significant reporting units exceeded their carrying amounts. | |||||||||
Intangible and Other Assets | ' | ||||||||
Intangible and other assets | |||||||||
As of December 28, 2013, other intangible assets were $251.2 million, consisting principally of $212.0 million of customer relationships that arose from acquisitions, $10.1 million of financing costs, $17.5 million of information technology assets, and $7.4 million of trademarks. Customer relationships are amortized on a straight-line basis for the period over which we expect to receive economic benefits. We review the estimated useful life of these intangible assets annually, taking into consideration the specific net cash flows related to the intangible asset, unless a review is required more frequently due to a triggering event such as the loss of a customer. The permanent loss or significant decline in sales to any customer included in the intangible asset would result in impairment in the value of the intangible asset or accelerated amortization and could lead to an impairment of fixed assets that were used to service that customer. In 2013 we recorded $10.7 million of customer relationships acquired in connection with the Calypso Soft Drinks Acquisition. We did not record impairment charges for other intangible assets in 2013 or 2012. In 2011, we recorded an asset impairment charge of $1.4 million related primarily to customer relationships. | |||||||||
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”). This asset has a net book value of $45.0 million. Prior to 2001, we paid a volume based royalty to the Royal Crown Company for purchase of concentrates. There are no legal, regulatory, contractual, competitive, economic, or other factors that limit the useful life of this intangible. | |||||||||
The life of the Rights is considered to be indefinite and therefore not amortized, but instead is tested for impairment at least annually or more frequently if we determine a triggering event has occurred during the year. We compare the carrying amount of the Rights to their fair value and where the carrying amount is greater than the fair value, we recognize in income an impairment loss. To determine fair value, we use a relief from royalty method, which calculates a fair value royalty rate that is applied to a forecast of future volume shipments of concentrate that is used to produce CSDs. The forecast of future volumes is based on the estimated inter-plant shipments and RCI shipments. The relief from royalty method is used since the Rights were purchased in part to avoid making future royalty payments for concentrate to the Royal Crown Company. The resulting cash flows are discounted using a discount rate of 12.5% and estimated volume changes between -10.7% and 5.5%. No impairment was identified for the year ended December 28, 2013. Absent any other changes, if our inter-plant concentrate volume declines by 1.0% from our estimated volume, the fair value of our Rights would decline by approximately $1.7 million. If our RCI volume declines by 1.0% from our estimated volume, the fair value of the Rights would decline by approximately $2.6 million. If our discount rate increases by 100 basis points, the fair value of the Rights would decline by approximately $5.5 million. None of these adjustments would result in an impairment of our Rights as either a stand-alone adjustment or in combination. | |||||||||
Impairment of Long-Lived Assets | ' | ||||||||
Impairment of long-lived assets | |||||||||
When adverse events occur, we compare the carrying amount of long-lived assets to the estimated undiscounted future cash flows at the lowest level of independent cash flows for the group of long-lived assets and recognize any impairment loss in the Consolidated Statements of Operations, taking into consideration the timing of testing and the asset’s remaining useful life. The expected life and value of these long-lived assets is based on an evaluation of the competitive environment, history and future prospects as appropriate. In 2011, we recorded an impairment of long-lived assets of $0.6 million related to a production plant in Mexico that ceased operations. We did not record impairments of long-lived assets in 2012 or 2013. | |||||||||
Foreign Currency Translation | ' | ||||||||
Foreign currency translation | |||||||||
The assets and liabilities of non-U.S. active operations, all of which are self-sustaining, are translated to U.S. dollars at the exchange rates in effect at the balance sheet dates. Revenues and expenses are translated using average monthly exchange rates prevailing during the period. The resulting gains or losses are recorded in accumulated comprehensive income under shareowners’ equity. | |||||||||
Income Taxes | ' | ||||||||
Income Taxes | |||||||||
We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized based on the differences between the accounting values of assets and liabilities and their related tax bases using currently enacted income tax rates. A valuation allowance is established to reduce deferred income tax assets if, on the basis of available evidence, it is not more likely than not that all or a portion of any deferred tax assets will be realized. We classify interest and income tax penalties as income tax expense (benefit). | |||||||||
We account for uncertain tax positions using a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, based on the technical merits. The second step requires us to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. We re-evaluate these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. | |||||||||
We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations, and we include accrued interest and penalties within the income tax payable or receivable account in the Consolidated Balance Sheets. | |||||||||
Pension Costs | ' | ||||||||
Pension costs | |||||||||
We record annual amounts relating to defined benefit pension plans based on calculations, which include various actuarial assumptions such as discount rates and assumed rates of return depending on the pension plan. Material changes in pension costs may occur in the future due to changes in these assumptions. Future annual amounts could be impacted by changes in the discount rate, changes in the expected long-term rate of return, changes in the level of contributions to the plans and other factors. The funded status is the difference between the fair value of plan assets and the benefit obligation. Future actuarial gains or losses that are not recognized as net periodic benefits cost in the same periods will be recognized as a component of other comprehensive income. | |||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||
Recently issued 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 17. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Straight-Line Method over Estimated Useful Lives of Assets | ' | ||||||||
Depreciation is allocated between cost of sales and selling, general and administration expenses and is determined using the straight-line method over the estimated useful lives of the assets as follows: | |||||||||
Buildings | 10 to 40 years | ||||||||
Machinery and equipment | 7 to 15 years | ||||||||
Furniture and fixtures | 3 to 10 years | ||||||||
Plates, films and molds | 1 to 10 years | ||||||||
Vending | 5 to 10 years | ||||||||
Transportation equipment | 3 to 15 years | ||||||||
IT Systems | 3 to 7 years | ||||||||
Schedule of Goodwill by Segment | ' | ||||||||
The following table summarizes our goodwill on a reporting segment basis as of December 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | December 28, 2013 | December 29, 2012 | |||||||
North America | |||||||||
Balance at beginning of year | $ | 125.8 | $ | 125.1 | |||||
Goodwill acquired during the year | — | — | |||||||
Foreign exchange | (1.8 | ) | 0.7 | ||||||
Balance at end of year | $ | 124 | $ | 125.8 | |||||
All Other | |||||||||
Balance at beginning of year | $ | 4.5 | $ | 4.5 | |||||
Goodwill acquired during the year | — | — | |||||||
Foreign exchange | — | — | |||||||
Balance at end of year | $ | 4.5 | $ | 4.5 | |||||
UK | |||||||||
Balance at beginning of year | $ | — | $ | — | |||||
Goodwill acquired during the year | 8.5 | — | |||||||
Foreign exchange | 0.3 | — | |||||||
Balance at end of year | $ | 8.8 | $ | — | |||||
Total | |||||||||
Balance at beginning of year | $ | 130.3 | $ | 129.6 | |||||
Goodwill acquired during the year | 8.5 | — | |||||||
Foreign exchange | (1.5 | ) | 0.7 | ||||||
Balance at end of year | $ | 137.3 | $ | 130.3 | |||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Calypso Soft Drinks [Member] | ' | ||||||||||||
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 consideration1 | 5.1 | ||||||||||||
Total consideration | $ | 12.1 | |||||||||||
1. | Principal amount of $5.3 million discounted to be paid on the first and second anniversary of 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) | As reported at | Adjustments | As reported at | ||||||||||
September 27, 2013 | December 28, 2013 | ||||||||||||
Cash | $ | 0.5 | $ | — | $ | 0.5 | |||||||
Accounts receivable | 15.1 | 1 | 16.1 | ||||||||||
Inventory | 7.5 | 0.6 | 8.1 | ||||||||||
Prepaid expenses and other assets | 0.6 | — | 0.6 | ||||||||||
Property, plant and equipment | 9.7 | (1.0 | ) | 8.7 | |||||||||
Goodwill | 10.5 | (2.0 | ) | 8.5 | |||||||||
Intangibles and other assets | 14.8 | 0.2 | 15 | ||||||||||
Accounts payable and accrued liabilities | (14.1 | ) | (1.7 | ) | (15.8 | ) | |||||||
Shareholder loans | (1.6 | ) | — | (1.6 | ) | ||||||||
Deferred tax liabilities | (4.7 | ) | 1.2 | (3.5 | ) | ||||||||
Other long-term liabilities | (26.2 | ) | 1.7 | (24.5 | ) | ||||||||
Total | $ | 12.1 | $ | — | $ | 12.1 | |||||||
Components of Identified Intangible Assets and Estimated Weighted Average Useful Lives | ' | ||||||||||||
The following table sets forth the components of identified intangible assets associated with the Calypso Soft Drinks Acquisition and their estimated weighted average useful lives: | |||||||||||||
As Reported at December 28, 2013 | |||||||||||||
(in millions of U.S. dollars) | Estimated Fair | Estimated | |||||||||||
Market Value | Useful Life | ||||||||||||
Customer relationships | $ | 10.7 | 15 years | ||||||||||
Trademarks and trade names | 3 | 20 years | |||||||||||
Non-competition agreements | 1.3 | 5 years | |||||||||||
Total | $ | 15 | |||||||||||
Unaudited Pro Forma Financial Information | ' | ||||||||||||
The following unaudited financial information for the years ended December 28, 2013 and December 29, 2012 | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars, except share amounts) | December 28, | December 29, | |||||||||||
2013 | 2012 | ||||||||||||
Revenue | $ | 2,121.50 | $ | 2,309.70 | |||||||||
Net income | 18.9 | 48.2 | |||||||||||
Net income per common share, diluted | $ | 0.2 | $ | 0.51 | |||||||||
Cliffstar [Member] | ' | ||||||||||||
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the Cliffstar Acquisition. | |||||||||||||
(in millions of U.S. dollars) | As reported at | ||||||||||||
January 1, 2011 | |||||||||||||
Accounts receivable | $ | 52.2 | |||||||||||
Inventories | 87.1 | ||||||||||||
Prepaid expenses and other assets | 5.7 | ||||||||||||
Property, plant & equipment | 167.3 | ||||||||||||
Goodwill | 98.2 | ||||||||||||
Intangibles and other assets | 224.3 | ||||||||||||
Accounts payable and accrued liabilities | (63.3 | ) | |||||||||||
Other long-term liabilities | (2.8 | ) | |||||||||||
Total | $ | 568.7 | |||||||||||
Components of Identified Intangible Assets and Estimated Weighted Average Useful Lives | ' | ||||||||||||
The following table sets forth the components of identified intangible assets associated with the Cliffstar Acquisition and their estimated weighted average useful lives: | |||||||||||||
As Reported at January 1, 2011 | |||||||||||||
(in millions of U.S. dollars) | Estimated Fair | Estimated | |||||||||||
Market Value | Useful Life | ||||||||||||
Customer relationships | $ | 216.9 | 15 years | ||||||||||
Non-competition agreements | 6.6 | 3 years | |||||||||||
Total | $ | 223.5 | |||||||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring, Asset Impairment and Intangible Asset Impairment Charges | ' | ||||||||||||||||
The following table summarizes restructuring, asset impairment and intangible asset impairment charges for the years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||||||
For the Year Ended | |||||||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Restructuring | $ | 2 | $ | — | $ | — | |||||||||||
Asset impairments | — | — | 0.6 | ||||||||||||||
Intangible asset impairments | — | — | 1.4 | ||||||||||||||
$ | 2 | $ | — | $ | 2 | ||||||||||||
Summary of Restructuring Charges | ' | ||||||||||||||||
The following table summarizes restructuring charges on a reporting segment basis for the year ended December 28, 2013. | |||||||||||||||||
(in millions of U.S. dollars) | North America | United Kingdom | All Other | Total | |||||||||||||
Restructuring | $ | 1 | $ | 0.7 | $ | 0.3 | $ | 2 | |||||||||
$ | 1 | $ | 0.7 | $ | 0.3 | $ | 2 | ||||||||||
Schedule of Asset Impairment and Intangible Asset Impairment by Segment | ' | ||||||||||||||||
The following table summarizes our asset impairment charges on a reporting segment basis for the year ended December 31, 2011. | |||||||||||||||||
(in millions of U.S. dollars) | North America | All Other | Total | ||||||||||||||
Asset impairments | $ | — | $ | 0.6 | $ | 0.6 | |||||||||||
Intangible asset impairments | 1.4 | — | 1.4 | ||||||||||||||
$ | 1.4 | $ | 0.6 | $ | 2 | ||||||||||||
Other_Expense_Income_Net_Table
Other Expense (Income), Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Schedule of Other Expenses and (Income) | ' | ||||||||||||
The following table summarizes other expenses and (income) for the years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Foreign exchange loss | $ | 0.2 | $ | 0.8 | $ | 2.2 | |||||||
Gain on bargain purchase | — | (0.9 | ) | — | |||||||||
Proceeds from insurance recoveries | (0.1 | ) | (1.9 | ) | — | ||||||||
Bond redemption | 8.7 | — | — | ||||||||||
Write-off of financing fees and discount | 4 | — | — | ||||||||||
Total | $ | 12.8 | $ | (2.0 | ) | $ | 2.2 | ||||||
Interest_Expense_Tables
Interest Expense (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Banking And Thrift Interest [Abstract] | ' | ||||||||||||
Schedule of Interest Expense | ' | ||||||||||||
The following table summarizes interest expense for the years ended December 28, 2013, December 29, 2012 and December 31, 2011: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Interest on long-term debt | $ | 47.4 | $ | 49.4 | $ | 50.1 | |||||||
Other interest expense | 4.2 | 4.8 | 7 | ||||||||||
Total | $ | 51.6 | $ | 54.2 | $ | 57.1 | |||||||
Income_Tax_Expense_Benefit_Tab
Income Tax Expense (Benefit) (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Before Income Taxes | ' | ||||||||||||
Income before income taxes consisted of the following: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Canada | $ | 30.7 | $ | 22.9 | $ | 20.1 | |||||||
Outside Canada | (6.5 | ) | 34 | 20.4 | |||||||||
Income before income taxes | $ | 24.2 | $ | 56.9 | $ | 40.5 | |||||||
Income Tax Expense (Benefit) | ' | ||||||||||||
Income tax expense (benefit) consisted of the following: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Current | |||||||||||||
Canada | $ | (0.3 | ) | $ | 2.4 | $ | 2.2 | ||||||
Outside Canada | (0.4 | ) | (1.6 | ) | 0.5 | ||||||||
$ | (0.7 | ) | $ | 0.8 | $ | 2.7 | |||||||
Deferred | |||||||||||||
Canada | $ | (0.6 | ) | $ | 0.6 | $ | 0.8 | ||||||
Outside Canada | 3.5 | 3.2 | (4.2 | ) | |||||||||
$ | 2.9 | $ | 3.8 | $ | (3.4 | ) | |||||||
Income tax expense (benefit) | $ | 2.2 | $ | 4.6 | $ | (0.7 | ) | ||||||
Reconciliation of Income Taxes | ' | ||||||||||||
The following table reconciles income taxes calculated at the basic Canadian corporate rates with the income tax provision: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Income tax expense based on Canadian statutory rates | $ | 6.1 | $ | 14.4 | $ | 10.9 | |||||||
Foreign tax rate differential | (0.7 | ) | 1.2 | (3.0 | ) | ||||||||
Tax exempt income | (15.1 | ) | (14.8 | ) | (14.2 | ) | |||||||
Dividend income | — | 0.7 | 1 | ||||||||||
Changes in enacted tax rates | (1.5 | ) | (0.8 | ) | (0.8 | ) | |||||||
Increase in valuation allowance | 12.5 | 4 | 10.3 | ||||||||||
Increase (decrease) to uncertain tax positions | 0.8 | (0.8 | ) | (0.9 | ) | ||||||||
Non-controlling interests | (1.8 | ) | (1.6 | ) | (1.3 | ) | |||||||
Other items | 1.9 | 2.3 | (2.7 | ) | |||||||||
Income tax expense (benefit) | $ | 2.2 | $ | 4.6 | $ | (0.7 | ) | ||||||
Deferred Income Tax Assets and Liabilities | ' | ||||||||||||
Deferred income tax assets and liabilities were recognized on temporary differences between the financial and tax bases of existing assets and liabilities as follows: | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets | |||||||||||||
Loss carryforwards | $ | 64.1 | $ | 53.8 | |||||||||
Leases | 3.8 | 4.1 | |||||||||||
Property, plant & equipment | 5.9 | 4.5 | |||||||||||
Liabilities and reserves | 13.4 | 12 | |||||||||||
Stock options | 1.9 | 0.9 | |||||||||||
Inventories | 1.8 | 3.7 | |||||||||||
Other | 4.6 | 4.1 | |||||||||||
95.5 | 83.1 | ||||||||||||
Deferred tax liabilities | |||||||||||||
Property, plant & equipment | (54.2 | ) | (63.6 | ) | |||||||||
Intangible assets | (25.0 | ) | (15.9 | ) | |||||||||
Other | (1.0 | ) | (0.8 | ) | |||||||||
(80.2 | ) | (80.3 | ) | ||||||||||
Valuation allowance | (45.2 | ) | (27.5 | ) | |||||||||
Net deferred tax liability | $ | (29.9 | ) | $ | (24.7 | ) | |||||||
Schedule of Deferred Tax Assets and Liabilities | ' | ||||||||||||
The deferred tax assets and liabilities have been classified as follows on the Consolidated Balance Sheets: | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Current | $ | 8.2 | $ | 11.1 | |||||||||
Long-term | 3.6 | 3.3 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Current | $ | (0.2 | ) | $ | — | ||||||||
Long-term | (41.5 | ) | (39.1 | ) | |||||||||
Net deferred tax liability | $ | (29.9 | ) | $ | (24.7 | ) | |||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows: | |||||||||||||
For the Year Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Unrecognized tax benefits at beginning of year | $ | 9.2 | $ | 9 | $ | 13.3 | |||||||
Additions based on tax positions taken during a prior period | 0.2 | 0.1 | 0.2 | ||||||||||
Reductions based on tax positions taken during a prior period | — | (2.2 | ) | — | |||||||||
Settlement on tax positions taken during a prior period | (1.2 | ) | — | (5.8 | ) | ||||||||
Lapse in statute of limitations | — | (0.1 | ) | — | |||||||||
Additions based on tax positions taken during the current period | 2.4 | 2.2 | 1.7 | ||||||||||
Foreign exchange | (0.1 | ) | 0.2 | (0.4 | ) | ||||||||
Unrecognized tax benefits at end of year | $ | 10.5 | $ | 9.2 | $ | 9 | |||||||
Share_Based_Compensation_Table
Share Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 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 years ended December 28, 2013, December 29, 2012, and December 31, 2011. | |||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Stock options | $ | 0.8 | $ | 0.4 | $ | — | |||||||||||||||||
Performance-based RSUs | 0.2 | 0.7 | (1.2 | ) | |||||||||||||||||||
Time-based RSUs | 2.2 | 3.1 | 3.4 | ||||||||||||||||||||
Directors’ share awards | 0.8 | 0.7 | 0.7 | ||||||||||||||||||||
Total | $ | 4 | $ | 4.9 | $ | 2.9 | |||||||||||||||||
Unrecognized Share-based Compensation Expense | ' | ||||||||||||||||||||||
As of December 28, 2013, the unrecognized share-based compensation expense and years we expect to recognize it as compensation expense were as follows: | |||||||||||||||||||||||
(in millions of U.S. dollars, except years) | Unrecognized share-based | Weighted average years | |||||||||||||||||||||
compensation expense | expected to recognize | ||||||||||||||||||||||
as of December 28, 2013 | compensation | ||||||||||||||||||||||
Stock options | $ | 1.7 | 1.7 | ||||||||||||||||||||
Performance-based RSUs | 0.5 | 1 | |||||||||||||||||||||
Time-based RSUs | 3.4 | 1.8 | |||||||||||||||||||||
Total | $ | 5.6 | |||||||||||||||||||||
Schedule of Stock Option Assumptions | ' | ||||||||||||||||||||||
The fair value of each option granted during the years ended December 28, 2013 and December 29, 2012 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||
December 28, | December 29, | December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Risk-free interest rate | 1.7 | % | 2.4 | % | n/a | ||||||||||||||||||
Average expected life (years) | 10 | 6.5 | n/a | ||||||||||||||||||||
Expected volatility | 32.3 | % | 66.4 | % | n/a | ||||||||||||||||||
Expected dividend yield | — | — | n/a | ||||||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||||||||
Stock option activity was as follows: | |||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||||
(in thousands) | average | average | intrinsic | ||||||||||||||||||||
exercise | remaining | value (C$) | |||||||||||||||||||||
price (C$) | contractual term | (in thousands) | |||||||||||||||||||||
(years) | |||||||||||||||||||||||
Balance at January 1, 2011 | 704 | $ | 16.67 | 4.2 | $ | 625 | |||||||||||||||||
Exercised | (275 | ) | 1.32 | ||||||||||||||||||||
Forfeited or expired | (145 | ) | 38.27 | ||||||||||||||||||||
Balance at December 31, 2011 | 284 | $ | 20.47 | 1.7 | $ | 263 | |||||||||||||||||
Granted | 385 | 6.47 | |||||||||||||||||||||
Forfeited or expired | (201 | ) | 24.4 | ||||||||||||||||||||
Balance at December 29, 2012 | 468 | $ | 7.28 | 7.3 | $ | 819.9 | |||||||||||||||||
Granted | 392 | 9.36 | |||||||||||||||||||||
Forfeited or expired | (30 | ) | 6.47 | ||||||||||||||||||||
Balance at December 28, 2013 | 830 | $ | 8.29 | 7.6 | $ | 1,068.70 | |||||||||||||||||
Vested at December 28, 2013 | 125 | $ | 9.49 | 1.1 | $ | 386.3 | |||||||||||||||||
Exercisable at December 28, 2013 | 125 | $ | 9.49 | 1.1 | $ | 386.3 | |||||||||||||||||
Schedule of Stock Option Outstanding | ' | ||||||||||||||||||||||
Outstanding options at December 28, 2013 were as follows: | |||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||
Exercise | Number | Remaining | Weighted | Number | Weighted | ||||||||||||||||||
Prices (C$) | Exercisable | Contractual | Average Exercise | Exercisable | Average Exercise | ||||||||||||||||||
(in thousands) | Life (Years) | Price (C$) | (in thousands) | Price (C$) | |||||||||||||||||||
$ | 3.5 | 75 | 1.6 | $ | 3.5 | 75 | $ | 3.5 | |||||||||||||||
$ | 6.47 | 313 | 8.2 | $ | 6.47 | — | $ | — | |||||||||||||||
$ | 9.36 | 392 | 9.3 | $ | 9.36 | — | $ | — | |||||||||||||||
$ | 18.48 | 50 | 0.3 | $ | 18.48 | 50 | $ | 18.48 | |||||||||||||||
830 | 7.6 | $ | 8.29 | 125 | $ | 9.49 | |||||||||||||||||
Performance-based RSU and Time-Based RSU Activity | ' | ||||||||||||||||||||||
During the year ended December 28, 2013, Performance-based RSU and Time-based RSU activity was as follows: | |||||||||||||||||||||||
(in thousands) | Number of | Weighted | Number of | Weighted | |||||||||||||||||||
Performance- | Average | Time-based | Average | ||||||||||||||||||||
based RSUs | Grant-Date | RSUs | Grant-Date | ||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||
Balance at December 29, 2012 | 825 | $ | 7.82 | 529 | $ | 7.2 | |||||||||||||||||
Awarded | 247 | 9.29 | 382 | 9.29 | |||||||||||||||||||
Issued | — | — | (32 | ) | 7.4 | ||||||||||||||||||
Cancelled | (508 | ) | 8.54 | — | — | ||||||||||||||||||
Forfeited | (30 | ) | 7.87 | (48 | ) | 7.3 | |||||||||||||||||
Outstanding at December 28, 2013 | 534 | $ | 7.81 | 831 | $ | 8.04 | |||||||||||||||||
Average U.S. Dollar Exchange Rate | ' | ||||||||||||||||||||||
The table below represents the average Canadian dollar to U.S. dollar exchange rate for the fiscal years ended 2013, 2012 and 2011. | |||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||
December 28, | December 29, | December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Average exchange rate | $ | 0.973 | $ | 1 | $ | 1.012 |
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 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 Year Ended | |||||||||||||
(in thousands) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Weighted average number of shares outstanding - basic | 94,750 | 94,553 | 94,241 | ||||||||||
Dilutive effect of stock options | 55 | 32 | 33 | ||||||||||
Dilutive effect of Performance-based RSUs | 303 | 58 | 727 | ||||||||||
Dilutive effect of Time-based RSUs | 525 | 132 | — | ||||||||||
Adjusted weighted average number of shares outstanding - diluted | 95,633 | 94,775 | 95,001 | ||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 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. | |||||||||||||||||||||
December 28, 2013 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Corporate | Total | ||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
External revenue1 | $ | 1,535.20 | $ | 494.3 | $ | 64.5 | $ | — | $ | 2,094.00 | |||||||||||
Depreciation and amortization | 84.4 | 14.2 | 2.2 | — | 100.8 | ||||||||||||||||
Operating income (loss) | 67.5 | 25.6 | 7.2 | (11.7 | ) | 88.6 | |||||||||||||||
Property, plant and equipment | 363.3 | 111 | 9.4 | — | 483.7 | ||||||||||||||||
Goodwill | 124 | 8.8 | 4.5 | — | 137.3 | ||||||||||||||||
Intangibles and other assets | 268.2 | 27.7 | 0.3 | — | 296.2 | ||||||||||||||||
Total assets2 | 1,089.50 | 296.3 | 40.3 | — | 1,426.10 | ||||||||||||||||
Additions to property, plant and equipment | 41.9 | 12.4 | 1.3 | — | 55.6 | ||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $21.0 million for the year ended December 28, 2013. | ||||||||||||||||||||
2. | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||
December 29, 2012 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Corporate | Total | ||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
External revenue1 | $ | 1,707.40 | $ | 473.2 | $ | 70 | $ | — | $ | 2,250.60 | |||||||||||
Depreciation and amortization | 82.7 | 13.2 | 1.8 | — | 97.7 | ||||||||||||||||
Operating income (loss) | 90.4 | 27.1 | 4.3 | (12.1 | ) | 109.7 | |||||||||||||||
Property, plant and 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 | 45.4 | — | 1,565.90 | ||||||||||||||||
Additions to property, plant and equipment | 52.9 | 14.3 | 2.5 | — | 69.7 | ||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $16.4 million for the year ended December 29, 2012. | ||||||||||||||||||||
2. | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||
December 31, 2011 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Corporate | Total | ||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
External revenue1 | $ | 1,809.30 | $ | 447.9 | $ | 77.4 | $ | — | $ | 2,334.60 | |||||||||||
Depreciation and amortization | 80 | 13.2 | 2.1 | — | 95.3 | ||||||||||||||||
Asset impairments | — | — | 0.6 | — | 0.6 | ||||||||||||||||
Intangible asset impairments | 1.4 | — | — | — | 1.4 | ||||||||||||||||
Operating income (loss) | 81.3 | 27.5 | 2.8 | (10.9 | ) | 100.7 | |||||||||||||||
Property, plant and equipment | 383.1 | 89.8 | 9.3 | — | 482.2 | ||||||||||||||||
Goodwill | 125.1 | — | 4.5 | — | 129.6 | ||||||||||||||||
Intangibles and other assets | 326.1 | 14.6 | 0.4 | — | 341.1 | ||||||||||||||||
Total assets2 | 1,231.30 | 237 | 40.6 | — | 1,508.90 | ||||||||||||||||
Additions to property, plant and equipment | 39.1 | 9.5 | 0.2 | — | 48.8 | ||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $14.7 million for the year ended December 31, 2011. | ||||||||||||||||||||
2. | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||
Revenues by Geographic Area | ' | ||||||||||||||||||||
Revenues by operating segment were as follows: | |||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
United States | $ | 1,376.90 | $ | 1,509.10 | $ | 1,610.50 | |||||||||||||||
Canada | 204.1 | 244.2 | 249 | ||||||||||||||||||
United Kingdom | 494.3 | 473.2 | 447.9 | ||||||||||||||||||
Mexico | 27.6 | 38.8 | 51.8 | ||||||||||||||||||
RCI | 36.9 | 31.2 | 25.6 | ||||||||||||||||||
Elimination1 | (45.8 | ) | (45.9 | ) | (50.2 | ) | |||||||||||||||
Total | $ | 2,094.00 | $ | 2,250.60 | $ | 2,334.60 | |||||||||||||||
1. | Represents intercompany revenue among our operating segments, of which $21.0 million, $16.4 million and $14.7 million represents intersegment revenue between the North America reporting segment and our other operating segments for December 28, 2013, December 29, 2012, and December 31, 2011, respectively. | ||||||||||||||||||||
Revenues by Product by Reporting Segment | ' | ||||||||||||||||||||
Revenues by product by reporting segment were as follows: | |||||||||||||||||||||
For the Year Ended December 28, 2013 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All Other | Total | |||||||||||||||||
America | Kingdom | ||||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 586.5 | $ | 159.5 | $ | 10.8 | $ | 756.8 | |||||||||||||
Juice | 488.4 | 31.8 | 2.9 | 523.1 | |||||||||||||||||
Concentrate | 12 | 2.2 | 27 | 41.2 | |||||||||||||||||
All other products | 448.3 | 300.8 | 23.8 | 772.9 | |||||||||||||||||
Total | $ | 1,535.20 | $ | 494.3 | $ | 64.5 | $ | 2,094.00 | |||||||||||||
For the Year Ended December 29, 2012 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All Other | Total | |||||||||||||||||
America | Kingdom | ||||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 698 | $ | 160.9 | $ | 21.9 | $ | 880.8 | |||||||||||||
Juice | 527.2 | 14 | 2.7 | 543.9 | |||||||||||||||||
Concentrate | 12.3 | 2.2 | 29.1 | 43.6 | |||||||||||||||||
All other products | 469.9 | 296.1 | 16.3 | 782.3 | |||||||||||||||||
Total | $ | 1,707.40 | $ | 473.2 | $ | 70 | $ | 2,250.60 | |||||||||||||
For the Year Ended December 31, 2011 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All Other | Total | |||||||||||||||||
America | Kingdom | ||||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 731.4 | $ | 179.2 | $ | 39.6 | $ | 950.2 | |||||||||||||
Juice | 587.7 | 12.3 | 2.7 | 602.7 | |||||||||||||||||
Concentrate | 9.1 | 2.8 | 25.6 | 37.5 | |||||||||||||||||
All other products | 481.1 | 253.6 | 9.5 | 744.2 | |||||||||||||||||
Total | $ | 1,809.30 | $ | 447.9 | $ | 77.4 | $ | 2,334.60 | |||||||||||||
Property, Plant and Equipment by Geographic Area | ' | ||||||||||||||||||||
Property, plant and equipment by geographic area as of December 28, 2013 and December 29, 2012 were as follows: | |||||||||||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
United States | $ | 319.5 | $ | 333.7 | |||||||||||||||||
Canada | 43.8 | 48.4 | |||||||||||||||||||
United Kingdom | 111 | 99.5 | |||||||||||||||||||
Mexico | 9.4 | 9.3 | |||||||||||||||||||
Total | $ | 483.7 | $ | 490.9 | |||||||||||||||||
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Schedule of Accounts Receivable, Net | ' | ||||||||
The following table summarizes accounts receivable, net as of December 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||
2013 | 2012 | ||||||||
Trade receivables | $ | 199.5 | $ | 199.5 | |||||
Allowance for doubtful accounts | (5.8 | ) | (6.8 | ) | |||||
Other | 10.7 | 6.7 | |||||||
Total | $ | 204.4 | $ | 199.4 | |||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
The following table summarizes inventories as of December 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||
2013 | 2012 | ||||||||
Raw materials | $ | 89 | $ | 93.4 | |||||
Finished goods | 126.3 | 111.6 | |||||||
Other | 17.8 | 19.8 | |||||||
Total | $ | 233.1 | $ | 224.8 | |||||
Property_Plant_Equipment_Table
Property, Plant & Equipment (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||||||||||||||
Summary of Property, Plant and Equipment | ' | ||||||||||||||||||||||||
The following table summarizes property, plant and equipment as of December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||
December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||||
(in millions of U.S. dollars) | Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Depreciation | Depreciation | ||||||||||||||||||||||||
Land and Land Improvements | $ | 28.1 | $ | — | $ | 28.1 | $ | 27.3 | $ | — | $ | 27.3 | |||||||||||||
Buildings | 162.6 | 74.2 | 88.4 | 167.2 | 68 | 99.2 | |||||||||||||||||||
Machinery and equipment | 725.4 | 395.1 | 330.3 | 692.8 | 376.3 | 316.5 | |||||||||||||||||||
Plates, films and molds | 42.7 | 32.5 | 10.2 | 42.1 | 30.9 | 11.2 | |||||||||||||||||||
Vending | 12.1 | 11.2 | 0.9 | 12.9 | 11.6 | 1.3 | |||||||||||||||||||
Transportation equipment | 0.7 | 0.6 | 0.1 | 0.6 | 0.6 | — | |||||||||||||||||||
Leasehold improvements | 36.5 | 23.1 | 13.4 | 39.4 | 22.5 | 16.9 | |||||||||||||||||||
IT Systems | 8.9 | 7.3 | 1.6 | 8.2 | 7 | 1.2 | |||||||||||||||||||
Furniture and fixtures | 10.3 | 8.8 | 1.5 | 10.2 | 9 | 1.2 | |||||||||||||||||||
Capital leases | 14.3 | 5.1 | 9.2 | 20.1 | 4 | 16.1 | |||||||||||||||||||
Total | $ | 1,041.60 | $ | 557.9 | $ | 483.7 | $ | 1,020.80 | $ | 529.9 | $ | 490.9 | |||||||||||||
Intangibles_and_Other_Assets_T
Intangibles and Other Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary of Intangibles and Other Assets | ' | ||||||||||||||||||||||||
The following table summarizes intangibles and other assets as of December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||
December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||||
(in millions of U.S. dollars) | Cost | Accumulated | Net | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||
Not subject to amortization | |||||||||||||||||||||||||
Rights | $ | 45 | $ | — | $ | 45 | $ | 45 | $ | — | $ | 45 | |||||||||||||
Subject to amortization | |||||||||||||||||||||||||
Customer relationships | 379.5 | 167.5 | 212 | 367.5 | 142.5 | 225 | |||||||||||||||||||
Trademarks | 32.6 | 25.2 | 7.4 | 28.8 | 23.3 | 5.5 | |||||||||||||||||||
Information technology | 50.4 | 32.9 | 17.5 | 65.2 | 50.2 | 15 | |||||||||||||||||||
Other | 6.6 | 4 | 2.6 | 11.9 | 8.5 | 3.4 | |||||||||||||||||||
469.1 | 229.6 | 239.5 | 473.4 | 224.5 | 248.9 | ||||||||||||||||||||
514.1 | 229.6 | 284.5 | 518.4 | 224.5 | 293.9 | ||||||||||||||||||||
Other Assets | |||||||||||||||||||||||||
Financing costs | 26.3 | 16.2 | 10.1 | 24.4 | 11.1 | 13.3 | |||||||||||||||||||
Deposits | 1.1 | — | 1.1 | 7.2 | — | 7.2 | |||||||||||||||||||
Other | 0.9 | 0.4 | 0.5 | 1.3 | 0.3 | 1 | |||||||||||||||||||
28.3 | 16.6 | 11.7 | 32.9 | 11.4 | 21.5 | ||||||||||||||||||||
Total Intangibles & Other Assets | $ | 542.4 | $ | 246.2 | $ | 296.2 | $ | 551.3 | $ | 235.9 | $ | 315.4 | |||||||||||||
Estimated Amortization Expenses for Intangible and Other Assets | ' | ||||||||||||||||||||||||
The estimated amortization expense for intangible and other assets over the next five years is: | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
2014 | $ | 30.9 | |||||||||||||||||||||||
2015 | 28.9 | ||||||||||||||||||||||||
2016 | 25.2 | ||||||||||||||||||||||||
2017 | 21.9 | ||||||||||||||||||||||||
2018 | 20.9 | ||||||||||||||||||||||||
Thereafter | 111.7 | ||||||||||||||||||||||||
Total | $ | 239.5 | |||||||||||||||||||||||
Accounts_Payable_and_Accrued_L1
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Accounts Payable and Accrued Liabilities | ' | ||||||||
The following table summarizes accounts payable and accrued liabilities as of December 28, 2013 and December 29, 2012: | |||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||
2013 | 2012 | ||||||||
Trade payables | $ | 197.3 | $ | 166.9 | |||||
Deferred income taxes | 0.2 | — | |||||||
Accrued compensation | 19.1 | 38.5 | |||||||
Accrued sales incentives | 28.4 | 27.3 | |||||||
Accrued interest | 11.2 | 12.8 | |||||||
Payroll, sales and other taxes | 14.8 | 12.3 | |||||||
Other accrued liabilities | 27.2 | 29.9 | |||||||
Total | $ | 298.2 | $ | 287.7 | |||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Components of Debt | ' | ||||||||||||||||||||
Our total debt as of December 28, 2013 and December 29, 2012 was as follows | |||||||||||||||||||||
(in millions of U.S. dollars) | December 28, 2013 | December 29, 2012 | |||||||||||||||||||
8.375% senior notes due in 20171 | 15 | 215 | |||||||||||||||||||
8.125% senior notes due in 2018 | 375 | 375 | |||||||||||||||||||
ABL facility | 50.8 | — | |||||||||||||||||||
GE Term Loan | 10.3 | 9.9 | |||||||||||||||||||
Capital leases and other debt financing | 7.2 | 5.9 | |||||||||||||||||||
Total debt | 458.3 | 605.8 | |||||||||||||||||||
Less: Short-term borrowings and current debt: | |||||||||||||||||||||
ABL facility | 50.8 | — | |||||||||||||||||||
Total short-term borrowings | 50.8 | — | |||||||||||||||||||
GE Term Loan - current maturities | 1.9 | 0.9 | |||||||||||||||||||
Capital leases and other financing - current maturities | 2 | 1 | |||||||||||||||||||
Total current debt | 54.7 | 1.9 | |||||||||||||||||||
Long-term debt before discount | 403.6 | 603.9 | |||||||||||||||||||
Less discount on 8.375% notes | (0.1 | ) | (2.1 | ) | |||||||||||||||||
Total long-term debt | $ | 403.5 | $ | 601.8 | |||||||||||||||||
1. | Our 8.375% senior notes were issued at a discount of 1.425% on November 13, 2009. | ||||||||||||||||||||
Schedule of Long Term Debt Payments in Each of Next Five Years and Thereafter | ' | ||||||||||||||||||||
The long-term debt payments (which include current maturities of long-term debt) required in each of the next five years and thereafter are as follows: | |||||||||||||||||||||
(in millions of U.S. dollars) | Long Term Debt | ||||||||||||||||||||
(incl. current) | |||||||||||||||||||||
2014 | $ | 54.7 | |||||||||||||||||||
2015 | 4.2 | ||||||||||||||||||||
2016 | 3.5 | ||||||||||||||||||||
2017 | 17.8 | ||||||||||||||||||||
2018 | 377.2 | ||||||||||||||||||||
Thereafter | 0.9 | ||||||||||||||||||||
$ | 458.3 | ||||||||||||||||||||
Schedule of Effective Interest Rate on LIBOR and Prime Loans Based on Average Aggregate Availability | ' | ||||||||||||||||||||
The effective interest rate as of December 28, 2013 on LIBOR and Prime loans is based on average aggregate availability as follows: | |||||||||||||||||||||
Average Aggregate Availability (in millions of U.S. dollars) | ABR | Canadian | Eurodollar | CDOR | Overnight | ||||||||||||||||
Spread | Prime Spread | Spread | Spread | LIBOR | |||||||||||||||||
Over $150 | 0.25 | % | 0.25 | % | 1.75 | % | 1.75 | % | 1.75 | % | |||||||||||
$75 - $150 | 0.5 | % | 0.5 | % | 2 | % | 2 | % | 2 | % | |||||||||||
Under $75 | 0.75 | % | 0.75 | % | 2.25 | % | 2.25 | % | 2.25 | % |
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Summary of Change in Benefit Obligations, Change in Plan Assets and Unfunded Status of Three Plans | ' | ||||||||||||
The following table summarizes the change in the benefit obligation, change in plan assets and unfunded status of the three plans as of December 28, 2013 and December 29, 2012: | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | |||||||||||
2013 | 2012 | ||||||||||||
Change in Benefit Obligation | |||||||||||||
Benefit obligation at beginning of year | $ | 41.8 | $ | 39.3 | |||||||||
Transfer in | 17.8 | — | |||||||||||
Service cost | 0.5 | 0.5 | |||||||||||
Interest cost | 2.4 | 1.9 | |||||||||||
Plan participant contributions | 0.1 | 0.1 | |||||||||||
Benefit payments | (1.5 | ) | (0.9 | ) | |||||||||
Actuarial losses (gains) | 0.7 | (0.6 | ) | ||||||||||
Translation losses (gains) | 0.7 | 1.5 | |||||||||||
Benefit obligation at end of year | $ | 62.5 | $ | 41.8 | |||||||||
Change in Plan Assets | |||||||||||||
Plan assets beginning of year | $ | 33.2 | $ | 27.5 | |||||||||
Transfer in | 11.1 | — | |||||||||||
Employer contributions | 3 | 2 | |||||||||||
Plan participant contributions | 0.1 | 0.1 | |||||||||||
Benefit payments | (1.5 | ) | (0.9 | ) | |||||||||
Actual return on plan assets | 3.1 | 3.5 | |||||||||||
Translation (gains) losses | 0.6 | 1 | |||||||||||
Fair value at end of year | $ | 49.6 | $ | 33.2 | |||||||||
Funded Status of Plan | |||||||||||||
Projected benefit obligation | $ | (62.5 | ) | $ | (41.8 | ) | |||||||
Fair value of plan assets | 49.6 | 33.2 | |||||||||||
Unfunded status | $ | (12.9 | ) | $ | (8.6 | ) | |||||||
Schedule of Components of Net Periodic Pension Cost | ' | ||||||||||||
The components of net periodic pension cost were as follows: | |||||||||||||
For the Years Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Service cost | $ | 0.5 | $ | 0.5 | $ | 0.5 | |||||||
Interest cost | 2.4 | 1.9 | 1.9 | ||||||||||
Expected return on plan assets | (2.4 | ) | (1.7 | ) | (1.9 | ) | |||||||
Amortization of prior service costs | 0.1 | 0.1 | 0.1 | ||||||||||
Amortization of net loss | 0.3 | 1 | 0.5 | ||||||||||
Net periodic pension cost | $ | 0.9 | $ | 1.8 | $ | 1.1 | |||||||
Schedule of Amounts Included in Accumulated Other Comprehensive Income, Net of Tax which have Not yet been Recognized in Net Periodic Benefit Cost | ' | ||||||||||||
Amounts included in accumulated other comprehensive income, net of tax, at year-end which have not yet been recognized in net periodic benefit cost were as follows: | |||||||||||||
For the Years Ended | |||||||||||||
(in millions of U.S. dollars) | December 28, | December 29, | December 31, | ||||||||||
2013 | 2012 | 2011 | |||||||||||
Unamortized prior service cost | $ | (0.2 | ) | $ | (0.3 | ) | $ | (0.4 | ) | ||||
Unrecognized net actuarial gain | 5.7 | 5.3 | 8.5 | ||||||||||
Unamortized prior service benefit | $ | 5.5 | $ | 5 | $ | 8.1 | |||||||
Schedule of Pension Plan Weighted-Average Asset Allocations by Asset Category | ' | ||||||||||||
Our pension plan weighted-average asset allocations by asset category were as follows: | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
U.K. Plans | |||||||||||||
Equity securities | 59.2 | % | 59 | % | |||||||||
Debt securities | 37.8 | % | 40.6 | % | |||||||||
Cash | 3 | % | 0.4 | % | |||||||||
U.S. Plan | |||||||||||||
Equity securities | 67 | % | 65.2 | % | |||||||||
Debt securities | 32.4 | % | 32.4 | % | |||||||||
Cash | 0.6 | % | 2.3 | % | |||||||||
Schedule of Benefit Payments Expected to be Paid | ' | ||||||||||||
The following benefit payments are expected to be paid: | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Expected benefit payments | |||||||||||||
FY 2014 | $ | 1.7 | |||||||||||
FY 2015 | 1.8 | ||||||||||||
FY 2016 | 1.9 | ||||||||||||
FY 2017 | 1.9 | ||||||||||||
FY 2018 | 2 | ||||||||||||
FY 2019 through FY 2021 | 10.2 | ||||||||||||
Schedule of Fair Values of Company's Pension Plan Assets | ' | ||||||||||||
The fair values of the Company’s pension plan assets at December 28, 2013 were as follows: | |||||||||||||
December 28, 2013 | |||||||||||||
(in millions of U.S. dollars) | Level 1 | Level 2 | Level 3 | ||||||||||
Cash and cash equivalents: | |||||||||||||
Cash and cash equivalents | $ | 1.3 | $ | — | $ | — | |||||||
Equities: | |||||||||||||
International mutual funds | 21.1 | — | — | ||||||||||
Index mutual funds | 6.8 | — | — | ||||||||||
U.S. mutual funds | 1.1 | — | — | ||||||||||
Property | 0.1 | — | — | ||||||||||
Balanced | 0.4 | — | — | ||||||||||
Other | 0.3 | — | — | ||||||||||
Fixed income: | |||||||||||||
Mutual funds | 15.6 | — | — | ||||||||||
Insurance contract | — | 2.9 | — | ||||||||||
Total | $ | 46.7 | $ | 2.9 | $ | — | |||||||
The fair values of the Company’s pension plan assets at December 29, 2012 were as follows: | |||||||||||||
December 29, 2012 | |||||||||||||
(in millions of U.S. dollars) | Level 1 | Level 2 | Level 3 | ||||||||||
Cash and cash equivalents: | |||||||||||||
Cash and cash equivalents | $ | 0.1 | $ | 0.2 | $ | — | |||||||
Equities: | |||||||||||||
International mutual funds | 12.6 | — | — | ||||||||||
Index mutual funds | 5.6 | — | — | ||||||||||
U.S. mutual funds | 0.9 | — | — | ||||||||||
Balanced | 0.4 | — | — | ||||||||||
Other | 0.3 | — | — | ||||||||||
Fixed income: | |||||||||||||
Mutual funds | 12.9 | — | — | ||||||||||
Insurance contract | — | 0.2 | — | ||||||||||
Total | $ | 32.8 | $ | 0.4 | $ | — | |||||||
Benefit Obligations [Member] | ' | ||||||||||||
Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | ' | ||||||||||||
Assumptions used to determine benefit obligations at year-end: | |||||||||||||
December 28, | December 29, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Discount rate | 4.5 | % | 4.5 | % | 4.5 | % | |||||||
Net Periodic Benefit Cost [Member] | ' | ||||||||||||
Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | ' | ||||||||||||
Assumptions used to determine net periodic benefit cost at year-end: | |||||||||||||
December 28, | December 29, | December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||||
U.K. Plans | |||||||||||||
Discount rate | 4.5 | % | 4.6 | % | 5.4 | % | |||||||
Expected long-term rate of return on plan assets | 6.1 | % | 5.7 | % | 6.9 | % | |||||||
Inflation factor | 2.3 | % | 3.3 | % | 3.7 | % | |||||||
U.S. Plan | |||||||||||||
Discount rate | 4.4 | % | 3.5 | % | 4.1 | % | |||||||
Expected long-term rate of return on plan assets | 7 | % | 7 | % | 7 | % |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Changes in Accumulated Other Comprehensive (Loss) Income by Component | ' | ||||||||||||||||
Changes in accumulated other comprehensive (loss) income by component1 for the year ended December 28, 2013 were as follows: | |||||||||||||||||
December 28, 2013 | |||||||||||||||||
(in millions of U.S. dollars) | Gains and | Pension | Currency | Total | |||||||||||||
Losses | Benefit | Translation | |||||||||||||||
on Derivative | Plan Items | Adjustment | |||||||||||||||
Instruments | Items | ||||||||||||||||
Beginning balance December 29, 2012 | $ | 0.2 | $ | (9.1 | ) | $ | (3.5 | ) | $ | (12.4 | ) | ||||||
OCI before reclassifications | 0.6 | (0.2 | ) | (5.1 | ) | (4.7 | ) | ||||||||||
Amounts reclassified from AOCI | (0.6 | ) | 0.9 | — | 0.3 | ||||||||||||
Net current-period OCI | — | 0.7 | (5.1 | ) | (4.4 | ) | |||||||||||
Ending balance December 28, 2013 | $ | 0.2 | $ | (8.4 | ) | $ | (8.6 | ) | $ | (16.8 | ) | ||||||
1. | All amounts are net of tax. Amounts in parenthesis 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 year ended December 28, 2013. | |||||||||||||||||
(in millions of U.S. dollars) | Amounts Reclassified | ||||||||||||||||
From AOCI | |||||||||||||||||
Details About AOCI Components | For the Year Ended | Affected Line Item in the Statement | |||||||||||||||
December 28, 2013 | Where Net Income Is Presented | ||||||||||||||||
Gains and losses on derivative instruments | |||||||||||||||||
Foreign currency hedges | $ | 0.6 | Cost of sales | ||||||||||||||
$ | 0.6 | Total before taxes | |||||||||||||||
— | Tax (expense) or benefit | ||||||||||||||||
$ | 0.6 | Net of tax | |||||||||||||||
Amortization of pension benefit plan items | |||||||||||||||||
Prior service costs2 | $ | (0.4 | ) | ||||||||||||||
Actuarial adjustments2 | (0.1 | ) | |||||||||||||||
Actuarial (losses)/gains2 | (0.1 | ) | |||||||||||||||
(0.6 | ) | Total before taxes | |||||||||||||||
(0.3 | ) | Tax (expense) or benefit | |||||||||||||||
$ | (0.9 | ) | Net of tax | ||||||||||||||
Total reclassifications for the period | $ | (0.3 | ) | Net of tax | |||||||||||||
1 | Amounts in parenthesis indicate debits. | ||||||||||||||||
2 | These AOCI components are included in the computation of net periodic pension cost. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 28, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Operating Leases Minimum Annual Payments | ' | ||||
The minimum annual payments under operating leases are as follows: | |||||
(in millions of U.S. dollars) | |||||
2014 | $ | 17.7 | |||
2015 | 16.5 | ||||
2016 | 14 | ||||
2017 | 11.3 | ||||
2018 | 9.7 | ||||
Thereafter | 20.1 | ||||
Total | $ | 89.3 | |||
Schedule of Operating Lease Expenses | ' | ||||
Operating lease expenses were: | |||||
(in millions of U.S. dollars) | |||||
Year ended December 28, 2013 | $ | 21.4 | |||
Year ended December 29, 2012 | 23.8 | ||||
Year ended December 31, 2011 | 25.9 | ||||
Total | $ | 71.1 | |||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Carrying Value and Estimated Fair Values of Outstanding Debt | ' | ||||||||||||||||
The carrying values and estimated fair values of our significant outstanding debt as of December 28, 2013 and December 29, 2012 were as follows: | |||||||||||||||||
December 28, 2013 | December 29, 2012 | ||||||||||||||||
(in millions of U.S. dollars) | Carrying | Fair Value | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
8.375% senior notes due in 20171 | 15 | 15.6 | 215 | 234.4 | |||||||||||||
8.125% senior notes due in 20181 | 375 | 404.1 | 375 | 414.8 | |||||||||||||
Total | $ | 390 | $ | 419.7 | $ | 590 | $ | 649.2 | |||||||||
1. | The fair values were based on the trading levels and bid/offer prices observed by a market participant and are considered Level 1 financial instruments. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information (Unaudited) | ' | ||||||||||||||||||||
Year ended December 28, 2013 | |||||||||||||||||||||
(in millions of U.S. dollars, except per share amounts) | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Revenue | $ | 505.4 | $ | 563.8 | $ | 543.2 | $ | 481.6 | $ | 2,094.00 | |||||||||||
Cost of sales | 449 | 487.2 | 478.2 | 427.6 | 1,842.00 | ||||||||||||||||
Gross Profit | 56.4 | 76.6 | 65 | 54 | 252 | ||||||||||||||||
Selling, general and administrative expenses | 41.3 | 41.7 | 37.9 | 39.5 | 160.4 | ||||||||||||||||
Loss (gain) on disposal of property, plant and equipment | — | 0.3 | 1.1 | (0.4 | ) | 1 | |||||||||||||||
Restructuring | — | 2 | — | — | 2 | ||||||||||||||||
Operating income | 15.1 | 32.6 | 26 | 14.9 | 88.6 | ||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | — | $ | 16.5 | $ | 12 | $ | (11.5 | ) | $ | 17 | ||||||||||
Per share data: | |||||||||||||||||||||
Net income (loss) per common share | |||||||||||||||||||||
Basic | $ | — | $ | 0.17 | $ | 0.13 | $ | (0.12 | ) | $ | 0.18 | ||||||||||
Diluted | $ | — | $ | 0.17 | $ | 0.13 | $ | (0.12 | ) | $ | 0.18 | ||||||||||
Year ended December 29, 2012 | |||||||||||||||||||||
(in millions of U.S. dollars, except per share amounts) | First | Second | Third | Fourth | Total | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||
Revenue | $ | 523.8 | $ | 625.8 | $ | 583.8 | $ | 517.2 | $ | 2,250.60 | |||||||||||
Cost of sales | 460.4 | 533.5 | 510.6 | 456.6 | 1,961.10 | ||||||||||||||||
Gross Profit | 63.4 | 92.3 | 73.2 | 60.6 | 289.5 | ||||||||||||||||
Selling, general and administrative expenses | 41.8 | 48.8 | 43.8 | 43.6 | 178 | ||||||||||||||||
Loss on disposal of property, plant and equipment | 0.6 | 0.3 | 0.8 | 0.1 | 1.8 | ||||||||||||||||
Operating income | 21 | 43.2 | 28.6 | 16.9 | 109.7 | ||||||||||||||||
Net income attributed to Cott Corporation | $ | 5.9 | $ | 25.1 | $ | 14.5 | $ | 2.3 | $ | 47.8 | |||||||||||
Per share data: | |||||||||||||||||||||
Net income per common share | |||||||||||||||||||||
Basic | $ | 0.06 | $ | 0.27 | $ | 0.15 | $ | 0.02 | $ | 0.51 | |||||||||||
Diluted | $ | 0.06 | $ | 0.26 | $ | 0.15 | $ | 0.02 | $ | 0.5 | |||||||||||
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
For the year ended December 28, 2013 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 170.9 | $ | 780.4 | $ | 1,022.30 | $ | 147 | $ | (26.6 | ) | $ | 2,094.00 | ||||||||||||
Cost of sales | 149 | 673.9 | 916.6 | 129.1 | (26.6 | ) | 1,842.00 | ||||||||||||||||||
Gross profit | 21.9 | 106.5 | 105.7 | 17.9 | — | 252 | |||||||||||||||||||
Selling, general and administrative expenses | 28.9 | 70.3 | 52.1 | 9.1 | — | 160.4 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.3 | 0.5 | 0.1 | — | 1 | |||||||||||||||||||
Restructuring | 0.5 | 0.5 | 0.7 | 0.3 | — | 2 | |||||||||||||||||||
Operating (loss) income | (7.6 | ) | 35.4 | 52.4 | 8.4 | — | 88.6 | ||||||||||||||||||
Other expense (income), net | 0.4 | 12.5 | (0.1 | ) | — | — | 12.8 | ||||||||||||||||||
Intercompany interest (income) expense, net | — | (12.0 | ) | 12 | — | — | — | ||||||||||||||||||
Interest expense, net | — | 50.8 | 0.7 | 0.1 | — | 51.6 | |||||||||||||||||||
(Loss) income before income tax expense (benefit) and equity income (loss) | (8.0 | ) | (15.9 | ) | 39.8 | 8.3 | — | 24.2 | |||||||||||||||||
Income tax (benefit) expense | (0.8 | ) | 4.6 | (2.0 | ) | 0.4 | — | 2.2 | |||||||||||||||||
Equity income (loss) | 24.2 | 5.2 | (7.3 | ) | — | (22.1 | ) | — | |||||||||||||||||
Net income (loss) | $ | 17 | $ | (15.3 | ) | $ | 34.5 | $ | 7.9 | $ | (22.1 | ) | $ | 22 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 5 | — | 5 | |||||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | 17 | $ | (15.3 | ) | $ | 34.5 | $ | 2.9 | $ | (22.1 | ) | $ | 17 | |||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 12.6 | $ | (4.5 | ) | $ | 29.2 | $ | 5.2 | $ | (29.9 | ) | $ | 12.6 | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
For the year ended December 29, 2012 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 201.8 | $ | 864.5 | $ | 1,042.80 | $ | 172.9 | $ | (31.4 | ) | $ | 2,250.60 | ||||||||||||
Cost of sales | 165.3 | 730.4 | 940.8 | 156 | (31.4 | ) | 1,961.10 | ||||||||||||||||||
Gross profit | 36.5 | 134.1 | 102 | 16.9 | — | 289.5 | |||||||||||||||||||
Selling, general and administrative expenses | 32.1 | 64.8 | 71.1 | 10 | — | 178 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.7 | 0.6 | 0.5 | — | 1.8 | |||||||||||||||||||
Operating income | 4.4 | 68.6 | 30.3 | 6.4 | — | 109.7 | |||||||||||||||||||
Contingent consideration earn-out adjustment | — | 0.6 | — | — | — | 0.6 | |||||||||||||||||||
Other expense (income), net | 0.4 | (1.7 | ) | (0.6 | ) | (0.1 | ) | — | (2.0 | ) | |||||||||||||||
Intercompany interest (income) expense, net | — | (11.0 | ) | 11 | — | — | — | ||||||||||||||||||
Interest expense, net | 0.1 | 53.3 | 0.7 | 0.1 | — | 54.2 | |||||||||||||||||||
Income before income tax expense (benefit) and equity income (loss) | 3.9 | 27.4 | 19.2 | 6.4 | — | 56.9 | |||||||||||||||||||
Income tax expense (benefit) | 3 | 2.2 | (0.7 | ) | 0.1 | — | 4.6 | ||||||||||||||||||
Equity income (loss) | 46.9 | 5 | 30.5 | — | (82.4 | ) | — | ||||||||||||||||||
Net income | $ | 47.8 | $ | 30.2 | $ | 50.4 | $ | 6.3 | $ | (82.4 | ) | $ | 52.3 | ||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 4.5 | — | 4.5 | |||||||||||||||||||
Net income attributed to Cott Corporation | $ | 47.8 | $ | 30.2 | $ | 50.4 | $ | 1.8 | $ | (82.4 | ) | $ | 47.8 | ||||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 60.1 | $ | 52.6 | $ | (33.7 | ) | $ | (0.3 | ) | $ | (18.6 | ) | $ | 60.1 | ||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 207 | $ | 932.3 | $ | 1,065.70 | $ | 167.3 | $ | (37.7 | ) | $ | 2,334.60 | ||||||||||||
Cost of sales | 167.8 | 825.5 | 951.7 | 150.7 | (37.7 | ) | 2,058.00 | ||||||||||||||||||
Gross profit | 39.2 | 106.8 | 114 | 16.6 | — | 276.6 | |||||||||||||||||||
Selling, general and administrative expenses | 30.1 | 59 | 71.8 | 11.8 | — | 172.7 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.4 | 0.8 | — | — | 1.2 | |||||||||||||||||||
Asset impairments | |||||||||||||||||||||||||
Asset impairments | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||
Intangible asset impairments | — | 1.4 | — | — | — | 1.4 | |||||||||||||||||||
Operating income | 9.1 | 46 | 41.4 | 4.2 | — | 100.7 | |||||||||||||||||||
Contingent consideration earn-out adjustment | — | — | 0.9 | — | — | 0.9 | |||||||||||||||||||
Other expense (income), net | 1.6 | (0.3 | ) | 0.2 | 0.7 | — | 2.2 | ||||||||||||||||||
Intercompany interest (income) expense, net | (3.5 | ) | (4.1 | ) | 7.6 | — | — | — | |||||||||||||||||
Interest expense, net | 0.3 | 54.8 | 1.8 | 0.2 | — | 57.1 | |||||||||||||||||||
Income (loss) before income tax expense (benefit) and equity income (loss) | 10.7 | (4.4 | ) | 30.9 | 3.3 | — | 40.5 | ||||||||||||||||||
Income tax expense (benefit) | 2.9 | (0.8 | ) | (3.3 | ) | 0.5 | — | (0.7 | ) | ||||||||||||||||
Equity income | 29.8 | 4.2 | 0.8 | — | (34.8 | ) | — | ||||||||||||||||||
Net income | $ | 37.6 | $ | 0.6 | $ | 35 | $ | 2.8 | $ | (34.8 | ) | $ | 41.2 | ||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 3.6 | — | 3.6 | |||||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | 37.6 | $ | 0.6 | $ | 35 | $ | (0.8 | ) | $ | (34.8 | ) | $ | 37.6 | |||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 30.4 | $ | (1.3 | ) | $ | 128.5 | $ | 2.6 | $ | (129.8 | ) | $ | 30.4 | |||||||||||
Consolidating Balance Sheet | ' | ||||||||||||||||||||||||
Consolidating Balance Sheet | |||||||||||||||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 1.5 | $ | 1.1 | $ | 39.1 | $ | 5.5 | $ | — | $ | 47.2 | |||||||||||||
Accounts receivable, net of allowance | 19 | 114.1 | 229.8 | 15.5 | (174.0 | ) | 204.4 | ||||||||||||||||||
Income taxes recoverable | 0.4 | 0.7 | — | — | — | 1.1 | |||||||||||||||||||
Inventories | 16.2 | 77 | 132.9 | 7 | — | 233.1 | |||||||||||||||||||
Prepaid expenses and other assets | 2.1 | 10.1 | 7 | 0.1 | — | 19.3 | |||||||||||||||||||
Total current assets | 39.2 | 203 | 408.8 | 28.1 | (174.0 | ) | 505.1 | ||||||||||||||||||
Property, plant & equipment, net | 47.9 | 190.2 | 235.7 | 9.9 | — | 483.7 | |||||||||||||||||||
Goodwill | 25.8 | 4.5 | 107 | — | — | 137.3 | |||||||||||||||||||
Intangibles and other assets, net | 1.3 | 88 | 196.2 | 10.7 | — | 296.2 | |||||||||||||||||||
Deferred income taxes | 3.6 | — | — | — | — | 3.6 | |||||||||||||||||||
Other tax receivable | — | 0.2 | — | — | — | 0.2 | |||||||||||||||||||
Due from affiliates | 39.6 | 125.7 | 2.9 | 41.9 | (210.1 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 507.8 | 246.7 | 697.7 | — | (1,452.2 | ) | — | ||||||||||||||||||
Total assets | $ | 665.2 | $ | 858.3 | $ | 1,648.30 | $ | 90.6 | $ | (1,836.3 | ) | $ | 1,426.10 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | 16.2 | $ | 34.6 | $ | — | $ | — | $ | 50.8 | |||||||||||||
Current maturities of long-term debt | — | 2.4 | 0.6 | 0.9 | — | 3.9 | |||||||||||||||||||
Accounts payable and accrued liabilities | 25.5 | 214.4 | 225.6 | 6.7 | (174.0 | ) | 298.2 | ||||||||||||||||||
Total current liabilities | 25.5 | 233 | 260.8 | 7.6 | (174.0 | ) | 352.9 | ||||||||||||||||||
Long-term debt | 0.1 | 399.6 | 2.2 | 1.6 | — | 403.5 | |||||||||||||||||||
Deferred income taxes | — | 32 | 9.1 | 0.4 | — | 41.5 | |||||||||||||||||||
Other long-term liabilities | 0.1 | 2.8 | 19.4 | — | — | 22.3 | |||||||||||||||||||
Due to affiliates | 43.1 | 1.6 | 128.1 | 37.3 | (210.1 | ) | — | ||||||||||||||||||
Total liabilities | 68.8 | 669 | 419.6 | 46.9 | (384.1 | ) | 820.2 | ||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 392.8 | 509.4 | 1,557.50 | 82.5 | (2,149.4 | ) | 392.8 | ||||||||||||||||||
Additional paid-in-capital | 44.1 | — | — | — | — | 44.1 | |||||||||||||||||||
Retained earnings (deficit) | 176.3 | (344.1 | ) | (322.1 | ) | (49.8 | ) | 716 | 176.3 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (16.8 | ) | 24 | (6.7 | ) | 1.5 | (18.8 | ) | (16.8 | ) | |||||||||||||||
Total Cott Corporation equity | 596.4 | 189.3 | 1,228.70 | 34.2 | (1,452.2 | ) | 596.4 | ||||||||||||||||||
Non-controlling interests | — | — | — | 9.5 | — | 9.5 | |||||||||||||||||||
Total equity | 596.4 | 189.3 | 1,228.70 | 43.7 | (1,452.2 | ) | 605.9 | ||||||||||||||||||
Total liabilities and equity | $ | 665.2 | $ | 858.3 | $ | 1,648.30 | $ | 90.6 | $ | (1,836.3 | ) | $ | 1,426.10 | ||||||||||||
Consolidating Balance Sheet | |||||||||||||||||||||||||
As of December 29, 2012 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
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 | ||||||||||||
Condensed Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
For the year ended December 28, 2013 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 17 | $ | (15.3 | ) | $ | 34.5 | $ | 7.9 | $ | (22.1 | ) | $ | 22 | |||||||||||
Depreciation & amortization | 6.3 | 39.6 | 48.7 | 6.2 | — | 100.8 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 2.6 | 0.1 | — | — | 2.8 | |||||||||||||||||||
Share-based compensation expense | 1.1 | 2.5 | 0.4 | — | — | 4 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (0.9 | ) | 4.5 | (2.6 | ) | (0.1 | ) | — | 0.9 | ||||||||||||||||
Loss on disposal of property, plant & equipment | 0.1 | 0.3 | 0.5 | 0.1 | — | 1 | |||||||||||||||||||
Write-off of financing fees and discount | — | 4 | — | — | — | 4 | |||||||||||||||||||
Equity (income) loss, net of distributions | (24.2 | ) | (5.2 | ) | 7.3 | — | 22.1 | — | |||||||||||||||||
Intercompany dividends | 27.1 | 6.9 | — | — | (34.0 | ) | — | ||||||||||||||||||
Other non-cash items | 0.2 | 0.5 | 0.1 | 0.1 | — | 0.9 | |||||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (21.0 | ) | 153.9 | (114.8 | ) | 0.7 | — | 18.8 | |||||||||||||||||
Net cash provided by (used in) operating activities | 5.8 | 194.3 | (25.8 | ) | 14.9 | (34.0 | ) | 155.2 | |||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition, net of cash received | — | (4.7 | ) | (6.5 | ) | — | — | (11.2 | ) | ||||||||||||||||
Additions to property, plant & equipment | (6.8 | ) | (35.1 | ) | (12.4 | ) | (1.3 | ) | — | (55.6 | ) | ||||||||||||||
Additions to intangibles and other assets | — | (5.9 | ) | — | — | — | (5.9 | ) | |||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | — | 0.2 | — | 0.2 | |||||||||||||||||||
Proceeds from insurance recoveries | — | 0.6 | — | — | — | 0.6 | |||||||||||||||||||
Advances to affiliates | — | — | — | 0.3 | (0.3 | ) | — | ||||||||||||||||||
Net cash used in investing activities | (6.8 | ) | (45.1 | ) | (18.9 | ) | (0.8 | ) | (0.3 | ) | (71.9 | ) | |||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (201.1 | ) | (18.8 | ) | (0.8 | ) | — | (220.8 | ) | ||||||||||||||
Borrowings under ABL | — | 89 | 42.9 | — | — | 131.9 | |||||||||||||||||||
Payments under ABL | — | (72.9 | ) | (9.2 | ) | — | — | (82.1 | ) | ||||||||||||||||
Advances from affiliates | (0.3 | ) | — | — | — | 0.3 | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (6.6 | ) | — | (6.6 | ) | |||||||||||||||||
Common share repurchase | (13.0 | ) | — | — | — | — | (13.0 | ) | |||||||||||||||||
Dividends paid to shareholders | (21.9 | ) | — | — | — | — | (21.9 | ) | |||||||||||||||||
Intercompany dividends | — | — | (27.1 | ) | (6.9 | ) | 34 | — | |||||||||||||||||
Financing fees | (0.1 | ) | (0.6 | ) | (0.1 | ) | — | — | (0.8 | ) | |||||||||||||||
Net cash used in financing activities | (35.4 | ) | (185.6 | ) | (12.3 | ) | (14.3 | ) | 34.3 | (213.3 | ) | ||||||||||||||
Effect of exchange rate changes on cash | (1.9 | ) | — | (0.3 | ) | — | — | (2.2 | ) | ||||||||||||||||
Net decrease in cash & cash equivalents | (38.3 | ) | (36.4 | ) | (57.3 | ) | (0.2 | ) | — | (132.2 | ) | ||||||||||||||
Cash & cash equivalents, beginning of period | 39.8 | 37.5 | 96.4 | 5.7 | — | 179.4 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 1.5 | $ | 1.1 | $ | 39.1 | $ | 5.5 | $ | — | $ | 47.2 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
For the year ended December 29, 2012 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 47.8 | $ | 30.2 | $ | 50.4 | $ | 6.3 | $ | (82.4 | ) | $ | 52.3 | ||||||||||||
Depreciation & amortization | 6.5 | 36.9 | 48.4 | 5.9 | — | 97.7 | |||||||||||||||||||
Amortization of financing fees | 0.2 | 3.3 | 0.2 | — | — | 3.7 | |||||||||||||||||||
Share-based compensation expense | 1.1 | 2.7 | 1 | 0.1 | — | 4.9 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.4 | 3.6 | (0.2 | ) | — | — | 3.8 | ||||||||||||||||||
Gain on bargain purchase | — | — | (0.9 | ) | — | — | (0.9 | ) | |||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.7 | 0.6 | 0.5 | — | 1.8 | |||||||||||||||||||
Equity (income) loss, net of distributions | (46.9 | ) | (5.0 | ) | (30.5 | ) | — | 82.4 | — | ||||||||||||||||
Intercompany dividends | 28 | 5.9 | — | — | (33.9 | ) | — | ||||||||||||||||||
Other non-cash items | — | (0.4 | ) | — | — | — | (0.4 | ) | |||||||||||||||||
Net change in operating assets and liabilities | (6.8 | ) | (3.9 | ) | 12.8 | 8 | — | 10.1 | |||||||||||||||||
Net cash provided by operating activities | 30.3 | 74 | 81.8 | 20.8 | (33.9 | ) | 173 | ||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition | — | (4.7 | ) | (5.0 | ) | — | — | (9.7 | ) | ||||||||||||||||
Additions to property, plant & equipment | (7.7 | ) | (45.2 | ) | (14.2 | ) | (2.6 | ) | — | (69.7 | ) | ||||||||||||||
Additions to intangibles and other assets | (0.6 | ) | (5.1 | ) | 0.5 | — | — | (5.2 | ) | ||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | 1 | 1.3 | — | 2.3 | |||||||||||||||||||
Proceeds from insurance recoveries | — | 1.9 | — | — | — | 1.9 | |||||||||||||||||||
Advances to affiliates | — | — | — | (9.7 | ) | 9.7 | — | ||||||||||||||||||
Net cash used in investing activities | (8.3 | ) | (53.1 | ) | (17.7 | ) | (11.0 | ) | 9.7 | (80.4 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | 0.1 | (2.9 | ) | — | (0.5 | ) | — | (3.3 | ) | ||||||||||||||||
Borrowings under ABL | — | 24.5 | — | — | — | 24.5 | |||||||||||||||||||
Payments under ABL | — | (24.5 | ) | — | — | — | (24.5 | ) | |||||||||||||||||
Advances from affiliates | 9.7 | — | — | — | (9.7 | ) | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | (5.6 | ) | — | (5.6 | ) | |||||||||||||||||
Common share repurchase | (0.3 | ) | — | — | — | — | (0.3 | ) | |||||||||||||||||
Dividends paid to shareholders | (5.8 | ) | — | — | — | — | (5.8 | ) | |||||||||||||||||
Intercompany dividends | — | — | (28.0 | ) | (5.9 | ) | 33.9 | — | |||||||||||||||||
Financing fees | — | (1.2 | ) | — | — | — | (1.2 | ) | |||||||||||||||||
Net cash provided by (used in) financing activities | 3.7 | (4.1 | ) | (28.0 | ) | (12.0 | ) | 24.2 | (16.2 | ) | |||||||||||||||
Effect of exchange rate changes on cash | 0.4 | — | 1.4 | 0.3 | — | 2.1 | |||||||||||||||||||
Net increase (decrease) in cash & cash equivalents | 26.1 | 16.8 | 37.5 | (1.9 | ) | — | 78.5 | ||||||||||||||||||
Cash & cash equivalents, beginning of period | 13.7 | 20.7 | 58.9 | 7.6 | — | 100.9 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 39.8 | $ | 37.5 | $ | 96.4 | $ | 5.7 | $ | — | $ | 179.4 | |||||||||||||
Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||
For the year ended December 31, 2011 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 37.6 | $ | 0.6 | $ | 35 | $ | 2.8 | $ | (34.8 | ) | $ | 41.2 | ||||||||||||
Depreciation & amortization | 6 | 35.1 | 48.2 | 6 | — | 95.3 | |||||||||||||||||||
Amortization of financing fees | 0.3 | 3.3 | 0.3 | — | — | 3.9 | |||||||||||||||||||
Share-based compensation expense | 1.1 | 1 | 0.7 | 0.1 | — | 2.9 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.4 | 0.1 | (3.9 | ) | (0.3 | ) | — | (3.7 | ) | ||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.4 | 0.8 | — | — | 1.2 | |||||||||||||||||||
Asset impairments | — | — | — | 0.6 | — | 0.6 | |||||||||||||||||||
Intangible asset impairments | — | 1.4 | — | — | — | 1.4 | |||||||||||||||||||
Contract termination payments | (0.8 | ) | (2.3 | ) | — | — | — | (3.1 | ) | ||||||||||||||||
Equity (income) loss, net of distributions | (29.6 | ) | (4.2 | ) | 0.2 | — | 33.6 | — | |||||||||||||||||
Intercompany dividends | 25.8 | 9.6 | — | — | (35.4 | ) | — | ||||||||||||||||||
Other non-cash items | (0.1 | ) | 1.1 | 3.6 | 0.3 | — | 4.9 | ||||||||||||||||||
Net change in operating assets and liabilities | (25.7 | ) | 210.4 | (169.6 | ) | 2.6 | 1.2 | 18.9 | |||||||||||||||||
Net cash provided by (used in) operating activities | 15 | 256.5 | (84.7 | ) | 12.1 | (35.4 | ) | 163.5 | |||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition | — | (34.3 | ) | — | — | — | (34.3 | ) | |||||||||||||||||
Additions to property, plant & equipment | (5.2 | ) | (33.9 | ) | (9.5 | ) | (0.2 | ) | — | (48.8 | ) | ||||||||||||||
Additions to intangibles and other assets | (0.2 | ) | (5.3 | ) | (0.1 | ) | (0.1 | ) | — | (5.7 | ) | ||||||||||||||
Proceeds from sale of property, plant & equipment | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Other investing activities | — | (1.8 | ) | — | — | — | (1.8 | ) | |||||||||||||||||
Advances to affiliates | — | — | 156.1 | 3.6 | (159.7 | ) | — | ||||||||||||||||||
Net cash (used in) provided by investing activities | (5.4 | ) | (74.9 | ) | 146.5 | 3.3 | (159.7 | ) | (90.2 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | 0.1 | (6.4 | ) | — | (0.5 | ) | — | (6.8 | ) | ||||||||||||||||
Borrowings under ABL | — | 224.1 | — | — | — | 224.1 | |||||||||||||||||||
Payments under ABL | — | (231.9 | ) | — | — | — | (231.9 | ) | |||||||||||||||||
Advances from affiliates | (3.6 | ) | (156.1 | ) | — | — | 159.7 | — | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (6.0 | ) | — | (6.0 | ) | |||||||||||||||||
Intercompany dividends | — | — | (29.0 | ) | (6.4 | ) | 35.4 | — | |||||||||||||||||
Exercise of options | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Net cash used in financing activities | (3.5 | ) | (170.0 | ) | (29.0 | ) | (12.9 | ) | 195.1 | (20.3 | ) | ||||||||||||||
Effect of exchange rate changes on cash | (0.2 | ) | — | 0.1 | (0.2 | ) | — | (0.3 | ) | ||||||||||||||||
Net increase in cash & cash equivalents | 5.9 | 11.6 | 32.9 | 2.3 | — | 52.7 | |||||||||||||||||||
Cash & cash equivalents, beginning of period | 7.8 | 9.1 | 26 | 5.3 | — | 48.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 13.7 | $ | 20.7 | $ | 58.9 | $ | 7.6 | $ | — | $ | 100.9 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Jun. 29, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | |
Segment | Inter-Plant Concentrate [Member] | RCI [Member] | Canada [Member] | Canada [Member] | United Kingdom [Member] | United Kingdom [Member] | United Kingdom [Member] | Royal Crown Company, Inc. [Member] | Calypso Soft Drinks [Member] | Calypso Soft Drinks [Member] | Customer Relationships [Member] | Customer Relationships [Member] | Financing Costs [Member] | Technology Assets [Member] | Trademarks [Member] | United States [Member] | United States [Member] | Canada [Member] | Canada [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||
BasisPoint | Rights [Member] | United Kingdom [Member] | Calypso Soft Drinks [Member] | United States [Member] | United States [Member] | United States [Member] | Canada [Member] | United States [Member] | United States [Member] | United States [Member] | Canada [Member] | |||||||||||||||||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated decrease in volumes | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10.70% | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' |
Discounted cash flow rate | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in rights | ($5,500,000) | ' | ' | ($1,700,000) | ($2,600,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated increase in discounted borrowing rate (in units) | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reporting segments | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of segment | 'management reviewed our reporting segments and subsequently combined our Mexico and RCI reporting segments into one segment classified as All Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period of share-based compensation awards, in years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated forfeitures included in the calculation of share-based compensation | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 137,300,000 | 130,300,000 | 129,600,000 | ' | ' | ' | ' | 8,800,000 | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average terminal growth rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of estimated revenue changes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9.70% | -1.40% | ' | -17.20% | ' | 5.60% | 3.00% | ' | 1.20% |
U.S. Treasury bill maturity period (in years) | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate of estimated fair values | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | 10.50% | 9.00% | 11.00% | ' | ' | ' | 11.00% | ' | ' | ' | ' | 12.00% | ' |
Risk free rate | 3.40% | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value exceeded the net book value | ' | ' | ' | ' | ' | 23.00% | 49.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value declined | ' | ' | ' | ' | ' | 41.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other finite lived intangible assets | 251,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired customer relationships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 212,000,000 | 10,700,000 | 10,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000,000 | ' | ' | ' | ' | ' | 17,500,000 | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible Assets impairment | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of long-lived assets | $0 | $0 | $600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Straight-Line Method over Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 28, 2013 | |
Minimum [Member] | Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '10 years |
Minimum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '7 years |
Minimum [Member] | Furniture and Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '3 years |
Minimum [Member] | Plates, Films and Molds [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '1 year |
Minimum [Member] | Vending [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '5 years |
Minimum [Member] | Transportation Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '3 years |
Minimum [Member] | IT Systems [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '3 years |
Maximum [Member] | Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '40 years |
Maximum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '15 years |
Maximum [Member] | Furniture and Fixtures [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '10 years |
Maximum [Member] | Plates, Films and Molds [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '10 years |
Maximum [Member] | Vending [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '10 years |
Maximum [Member] | Transportation Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '15 years |
Maximum [Member] | IT Systems [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life, (years) | '7 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Schedule of Goodwill by Segment (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Goodwill [Line Items] | ' | ' |
Balance at beginning of year | $130.30 | $129.60 |
Goodwill acquired during the year | 8.5 | ' |
Foreign exchange | -1.5 | 0.7 |
Balance at end of year | 137.3 | 130.3 |
North America [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance at beginning of year | 125.8 | 125.1 |
Goodwill acquired during the year | ' | ' |
Foreign exchange | -1.8 | 0.7 |
Balance at end of year | 124 | 125.8 |
All Other [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance at beginning of year | 4.5 | 4.5 |
Goodwill acquired during the year | ' | ' |
Foreign exchange | ' | ' |
Balance at end of year | 4.5 | 4.5 |
United Kingdom [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Balance at beginning of year | ' | ' |
Goodwill acquired during the year | 8.5 | ' |
Foreign exchange | 0.3 | ' |
Balance at end of year | $8.80 | ' |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Jun. 29, 2013 | Dec. 28, 2013 | Aug. 17, 2010 | Feb. 28, 2013 | Dec. 28, 2013 | Dec. 31, 2011 | Dec. 29, 2012 | Jan. 01, 2011 | Mar. 31, 2012 | Dec. 28, 2013 |
8.125% Senior Notes Due 2018 [Member] | Calypso Soft Drinks [Member] | Calypso Soft Drinks [Member] | Cliffstar [Member] | Cliffstar [Member] | Cliffstar [Member] | Cliffstar [Member] | Cliffstar [Member] | Cliffstar [Member] | Beverage and Wholesale Business [Member] | ABL Facility [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | $12.10 | $12.10 | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition payable in cash | ' | ' | ' | ' | 7 | 7 | 503 | ' | ' | ' | ' | ' | 5 | ' |
Deferred payment to be paid on first anniversary | ' | ' | ' | ' | 2.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred payments to be paid on second anniversary | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of outstanding debt | 220.8 | 3.3 | 6.8 | ' | 18.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | 1.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on bargain purchase | ' | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | ' |
Acquisition, deferred consideration to be paid | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' |
Deferred consideration due (in years) | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Acquisition, contingent consideration | ' | ' | ' | ' | ' | ' | 55 | ' | ' | ' | ' | ' | ' | ' |
Acquisition, contingent consideration payable upon achievement of milestones | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | ' | ' | ' | ' | 17-Aug-10 | ' | ' | ' | ' | ' | ' | ' |
Interim payments to the seller | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29.6 | ' | ' | ' | ' |
Cash refund due to final determination of working capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.7 | ' | ' | ' | ' |
Settlement payments to seller | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 0.6 | ' | ' | ' |
Additional contingent consideration for business acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.1 | ' | ' | ' | ' |
Payment by Cott | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' | ' | ' |
Senior notes, face amount | ' | ' | ' | 375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes | ' | ' | ' | 8.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common share, issued shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,400 | ' | ' | ' | ' |
Credit facility, current borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275 |
Acquisition related cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.20 | ' | ' |
Non-competition agreements period | ' | ' | ' | ' | ' | '5 years | ' | ' | '3 years | ' | ' | ' | ' | ' |
Acquisition_Business_Combinati
Acquisition - Business Combination Transfer Consideration (Detail) (Calypso Soft Drinks [Member], USD $) | 1 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 29, 2013 | Dec. 28, 2013 |
Calypso Soft Drinks [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash | $7 | $7 |
Deferred consideration | ' | 5.1 |
Total consideration | $12.10 | $12.10 |
Acquisition_Business_Combinati1
Acquisition - Business Combination Transfer Consideration (Parenthetical) (Detail) (Calypso Soft Drinks [Member], USD $) | Dec. 28, 2013 |
In Millions, unless otherwise specified | |
Calypso Soft Drinks [Member] | ' |
Business Acquisition [Line Items] | ' |
Undiscounted deferred consideration | $5.30 |
Acquisition_Allocation_of_Purc
Acquisition - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed with Calypso Soft Drinks Acquisition (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Sep. 27, 2013 | Dec. 28, 2013 |
In Millions, unless otherwise specified | Calypso Soft Drinks [Member] | Calypso Soft Drinks [Member] | Calypso Soft Drinks [Member] | |||
Scenario, Previously Reported [Member] | Adjustment [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | $0.50 | $0.50 | ' |
Accounts receivable | ' | ' | ' | 16.1 | 15.1 | 1 |
Inventory | ' | ' | ' | 8.1 | 7.5 | 0.6 |
Prepaid expenses and other assets | ' | ' | ' | 0.6 | 0.6 | ' |
Property, plant and equipment | ' | ' | ' | 8.7 | 9.7 | -1 |
Goodwill | 137.3 | 130.3 | 129.6 | 8.5 | 10.5 | -2 |
Intangibles and other assets | ' | ' | ' | 15 | 14.8 | 0.2 |
Accounts payable and accrued liabilities | ' | ' | ' | -15.8 | -14.1 | -1.7 |
Shareholder loans | ' | ' | ' | -1.6 | -1.6 | ' |
Deferred tax liabilities | ' | ' | ' | -3.5 | -4.7 | 1.2 |
Other long-term liabilities | ' | ' | ' | -24.5 | -26.2 | 1.7 |
Total | ' | ' | ' | $12.10 | $12.10 | ' |
Acquisition_Allocation_of_Purc1
Acquisition - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed with Cliffstar Acquisition (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
In Millions, unless otherwise specified | Scenario, Previously Reported [Member] | |||
Cliffstar [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | $52.20 |
Inventories | ' | ' | ' | 87.1 |
Prepaid expenses and other assets | ' | ' | ' | 5.7 |
Property, plant & equipment | ' | ' | ' | 167.3 |
Goodwill | 137.3 | 130.3 | 129.6 | 98.2 |
Intangibles and other assets | ' | ' | ' | 224.3 |
Accounts payable and accrued liabilities | ' | ' | ' | -63.3 |
Other long-term liabilities | ' | ' | ' | -2.8 |
Total | ' | ' | ' | $568.70 |
Acquisition_Components_of_Iden
Acquisition - Components of Identified Intangible Assets and Estimated Weighted Average Useful Lives with Calypso Soft Drinks Acquisition (Detail) (Calypso Soft Drinks [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | $15 |
Customer Relationships [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | 10.7 |
Estimated Useful Life | '15 years |
Trademarks and Trade Names [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | 3 |
Estimated Useful Life | '20 years |
Non-Competition Agreements [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | $1.30 |
Estimated Useful Life | '5 years |
Acquisition_Components_of_Iden1
Acquisition - Components of Identified Intangible Assets and Estimated Weighted Average Useful Lives with Cliffstar Acquisition (Detail) (Cliffstar [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Jan. 01, 2011 |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | $223.50 |
Customer Relationships [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | 216.9 |
Estimated Useful Life | '15 years |
Non-Competition Agreements [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | $6.60 |
Estimated Useful Life | '3 years |
Acquisition_Unaudited_Pro_Form
Acquisition - Unaudited Pro Forma Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Business Acquisitions Pro Forma Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ($11.50) | $12 | $16.50 | $2.30 | $14.50 | $25.10 | $5.90 | $17 | $47.80 | $37.60 |
Calypso Soft Drinks [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisitions Pro Forma Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | 2,121.50 | 2,309.70 | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | $18.90 | $48.20 | ' |
Net income per common share, diluted | ' | ' | ' | ' | ' | ' | ' | $0.20 | $0.51 | ' |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Restructuring And Related Activities [Abstract] | ' | ' | ' | ' |
Charges related primarily to employee redundancy costs | $2 | $2 | ' | ' |
Amount owed under restructuring plan | ' | 0 | 0 | 0 |
Intangible asset impairments | ' | ' | ' | 1.4 |
Asset impairments | ' | $0 | $0 | $0.60 |
Restructuring_Restructuring_As
Restructuring - Restructuring, Asset Impairment and Intangible Asset Impairment Charges (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Restructuring And Related Activities [Abstract] | ' | ' | ' | ' |
Restructuring | $2 | $2 | ' | ' |
Asset impairments | ' | ' | ' | 0.6 |
Intangible asset impairments | ' | ' | ' | 1.4 |
Restructuring, goodwill impairment and asset impairment charges (gains) | ' | $2 | ' | $2 |
Restructuring_Summary_of_Restr
Restructuring - Summary of Restructuring Charges (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring | $2 | $2 | ' | ' |
Restructuring, Total | 2 | 2 | ' | ' |
North America [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring | ' | 1 | ' | ' |
Restructuring, Total | ' | 1 | ' | ' |
United Kingdom [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring | ' | 0.7 | ' | ' |
Restructuring, Total | ' | 0.7 | ' | ' |
All Other [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring | ' | 0.3 | ' | ' |
Restructuring, Total | ' | $0.30 | ' | ' |
Restructuring_Schedule_of_Asse
Restructuring - Schedule of Asset Impairment and Intangible Asset Impairment by Segment (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Asset impairments | ' | ' | $0.60 |
Intangible asset impairments | ' | ' | 1.4 |
Restructuring, goodwill impairment and asset impairment charges (gains) | 2 | ' | 2 |
North America [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Intangible asset impairments | ' | ' | 1.4 |
Restructuring, goodwill impairment and asset impairment charges (gains) | ' | ' | 1.4 |
All Other [Member] | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Asset impairments | ' | ' | 0.6 |
Restructuring, goodwill impairment and asset impairment charges (gains) | ' | ' | $0.60 |
Other_Expense_Income_Net_Sched
Other Expense (Income), Net - Schedule of Other Expenses and (Income) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Other Income And Expenses [Abstract] | ' | ' | ' |
Foreign exchange loss | $0.20 | $0.80 | $2.20 |
Gain on bargain purchase | ' | -0.9 | ' |
Proceeds from insurance recoveries | -0.1 | -1.9 | ' |
Bond redemption | 8.7 | ' | ' |
Write-off of financing fees and discount | 4 | ' | ' |
Total | $12.80 | ($2) | $2.20 |
Interest_Expense_Schedule_of_I
Interest Expense - Schedule of Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Banking And Thrift Interest [Abstract] | ' | ' | ' |
Interest on long-term debt | $47.40 | $49.40 | $50.10 |
Other interest expense | 4.2 | 4.8 | 7 |
Total | $51.60 | $54.20 | $57.10 |
Income_Tax_Expense_Benefit_Inc
Income Tax Expense (Benefit) - Income Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Canada | $30.70 | $22.90 | $20.10 |
Outside Canada | -6.5 | 34 | 20.4 |
Income before income taxes | $24.20 | $56.90 | $40.50 |
Income_Tax_Expense_Benefit_Inc1
Income Tax Expense (Benefit) - Income Tax Expense (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Current | ' | ' | ' |
Canada | ($0.30) | $2.40 | $2.20 |
Outside Canada | -0.4 | -1.6 | 0.5 |
Income tax expense (benefit), current, Total | -0.7 | 0.8 | 2.7 |
Deferred | ' | ' | ' |
Canada | -0.6 | 0.6 | 0.8 |
Outside Canada | 3.5 | 3.2 | -4.2 |
Income tax expense (benefit), deferred, Total | 2.9 | 3.8 | -3.4 |
Income tax expense (benefit) | $2.20 | $4.60 | ($0.70) |
Income_Tax_Expense_Benefit_Rec
Income Tax Expense (Benefit) - Reconciliation of Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax expense based on Canadian statutory rates | $6.10 | $14.40 | $10.90 |
Foreign tax rate differential | -0.7 | 1.2 | -3 |
Tax exempt income | -15.1 | -14.8 | -14.2 |
Dividend income | ' | 0.7 | 1 |
Changes in enacted tax rates | -1.5 | -0.8 | -0.8 |
Increase in valuation allowance | 12.5 | 4 | 10.3 |
Increase (decrease) to uncertain tax positions | 0.8 | -0.8 | -0.9 |
Non-controlling interests | -1.8 | -1.6 | -1.3 |
Other items | 1.9 | 2.3 | -2.7 |
Income tax expense (benefit) | $2.20 | $4.60 | ($0.70) |
Income_Tax_Expense_Benefit_Def
Income Tax Expense (Benefit) - Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets | ' | ' |
Loss carryforwards | $64.10 | $53.80 |
Leases | 3.8 | 4.1 |
Property, plant & equipment | 5.9 | 4.5 |
Liabilities and reserves | 13.4 | 12 |
Stock options | 1.9 | 0.9 |
Inventories | 1.8 | 3.7 |
Other | 4.6 | 4.1 |
Deferred tax assets, gross | 95.5 | 83.1 |
Deferred tax liabilities | ' | ' |
Property, plant & equipment | -54.2 | -63.6 |
Intangible assets | -25 | -15.9 |
Other | -1 | -0.8 |
Deferred tax liabilities | -80.2 | -80.3 |
Valuation allowance | -45.2 | -27.5 |
Net deferred tax liability | ($29.90) | ($24.70) |
Income_Tax_Expense_Benefit_Sch
Income Tax Expense (Benefit) - Schedule of Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Current | $8.20 | $11.10 |
Long-term | 3.6 | 3.3 |
Deferred tax liabilities: | ' | ' |
Current | -0.2 | ' |
Long-term | -41.5 | -39.1 |
Net deferred tax liability | ($29.90) | ($24.70) |
Income_Tax_Expense_Benefit_Add
Income Tax Expense (Benefit) - Additional Information (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
Income Taxes [Line Items] | ' | ' | ' | ' |
Increase in equity, estimated | $2.80 | ' | ' | ' |
Operating loss carry forwards | 357.1 | ' | ' | ' |
Credit carryforwards | 1.5 | ' | ' | ' |
Capital loss carry forwards | 15.8 | ' | ' | ' |
Valuation allowance | 45.2 | 27.5 | ' | ' |
Realize future income tax benefit due to reversal of the valuation allowance | 12.5 | 4 | 10.3 | ' |
Unrecognized tax benefits | 10.5 | 9.2 | 9 | 13.3 |
Increase in unrecognized tax benefits | 1.3 | ' | ' | ' |
Favorable impact of effective tax rate | 4.8 | ' | ' | ' |
Significant change in unrecognized tax benefits | 0.9 | ' | ' | ' |
Interest and penalties recovered, unrecognized tax benefits | 0 | 0.2 | 0.2 | ' |
Interest and penalties recognized as an asset | 0.1 | 0.1 | ' | ' |
Proposed Scenario [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Realize future income tax benefit due to reversal of the valuation allowance | 45.2 | ' | ' | ' |
Mexico [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carry forwards | 22.6 | ' | ' | ' |
Valuation allowance | 9.6 | ' | ' | ' |
U.S. Federal [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carry forwards | 121 | ' | ' | ' |
Credit carryforwards | 0.8 | ' | ' | ' |
Alternative minimum tax credit carryforward | 0.7 | ' | ' | ' |
Valuation allowance | 31.9 | ' | ' | ' |
State and Local [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carry forwards | 213.5 | ' | ' | ' |
Canada [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Capital loss carry forwards | 10.7 | ' | ' | ' |
Valuation allowance | 2.7 | ' | ' | ' |
United Kingdom [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Capital loss carry forwards | 5.1 | ' | ' | ' |
Valuation allowance | $1 | ' | ' | ' |
Minimum [Member] | Mexico [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards, expiration date | '2018 | ' | ' | ' |
Minimum [Member] | U.S. Federal [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards, expiration date | '2027 | ' | ' | ' |
Minimum [Member] | State and Local [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards, expiration date | '2014 | ' | ' | ' |
Credit carryforwards, expiration date | '2014 | ' | ' | ' |
Maximum [Member] | Mexico [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards, expiration date | '2023 | ' | ' | ' |
Maximum [Member] | U.S. Federal [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards, expiration date | '2033 | ' | ' | ' |
Maximum [Member] | State and Local [Member] | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Operating loss carryforwards, expiration date | '2033 | ' | ' | ' |
Credit carryforwards, expiration date | '2018 | ' | ' | ' |
Income_Tax_Expense_Benefit_Rec1
Income Tax Expense (Benefit) - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized tax benefits at beginning of year | $9.20 | $9 | $13.30 |
Additions based on tax positions taken during a prior period | 0.2 | 0.1 | 0.2 |
Reductions based on tax positions taken during a prior period | ' | -2.2 | ' |
Settlement on tax positions taken during a prior period | -1.2 | ' | -5.8 |
Lapse in statute of limitations | ' | -0.1 | ' |
Additions based on tax positions taken during the current period | 2.4 | 2.2 | 1.7 |
Foreign exchange | -0.1 | 0.2 | -0.4 |
Unrecognized tax benefits at end of year | $10.50 | $9.20 | $9 |
Share_Based_Compensation_Share
Share Based Compensation - Share-based Compensation Expense (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $4 | $4.90 | $2.90 | ' |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0.8 | 0.4 | ' | ' |
Performance-Based RSUs [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0.2 | 0.7 | -1.2 | 3.3 |
Time-Based RSUs [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 2.2 | 3.1 | 3.4 | ' |
Director Share Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $0.80 | $0.70 | $0.70 | ' |
Share_Based_Compensation_Addit
Share Based Compensation - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 29, 2012 | Dec. 31, 2011 | 2-May-13 | 6-May-12 | 3-May-12 | Dec. 28, 2013 | Feb. 14, 2013 | 4-May-10 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 |
USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | CAD | 2010 Equity Incentive Plan [Member] | 2010 Equity Incentive Plan [Member] | 2010 Equity Incentive Plan [Member] | 2010 Equity Incentive Plan [Member] | 2010 Equity Incentive Plan [Member] | 2010 Equity Incentive Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Stock Option Plan [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Time-Based RSUs [Member] | Time-Based RSUs [Member] | Time-Based RSUs [Member] | Stock Options [Member] | Stock Options [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | Certain Employees [Member] | Certain Employees [Member] | Certain Employees [Member] | Certain Employees [Member] | Certain Employees [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
USD ($) | CAD | USD ($) | CAD | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | $4 | ' | $4.90 | ' | $2.90 | ' | ' | $0.80 | $0.70 | $0.70 | ' | ' | ' | ' | ' | ' | ' | ' | $0.20 | $0.70 | ($1.20) | $3.30 | $2.20 | $3.10 | $3.40 | $0.80 | $0.40 |
Maximum number of shares authorized under plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares available for issuance for each share issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options granted, shares | 392,000 | 392,000 | 385,000 | 385,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 392,000 | 392,000 | 385,000 | 385,000 | 0 | ' | ' | ' | ' | ' | ' | ' | 392,131 | 384,546 |
Options granted, exercise price per share | ' | 9.36 | ' | 6.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.29 | 9.36 | $6.58 | 6.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted, estimated fair value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.10 | ' | $4.04 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price of common stock | ' | 8.65 | ' | ' | ' | 7.9 | 6.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercised, shares | 0 | 0 | 0 | 0 | 275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options exercised total intrinsic value | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation cost related to unvested awards | 5.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | ' | 3.4 | ' | ' | 1.7 | ' |
Fair value of shares vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awarded | ' | ' | ' | ' | ' | ' | ' | 87,190 | 76,110 | 96,010 | ' | ' | ' | ' | ' | ' | ' | ' | 247,181 | 330,969 | 592,163 | ' | 382,452 | 441,996 | 151,545 | ' | ' |
Time-based RSUs became vested and issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71,204 | ' | ' | ' | ' |
Shares available for future issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,619,472 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share_Based_Compensation_Unrec
Share Based Compensation - Unrecognized Share-based Compensation Expense (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | $5.60 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | 1.7 |
Weighted average years expected to recognize compensation | '1 year 8 months 12 days |
Performance-Based RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | 0.5 |
Weighted average years expected to recognize compensation | '1 year |
Time-Based RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | $3.40 |
Weighted average years expected to recognize compensation | '1 year 9 months 18 days |
Share_Based_Compensation_Sched
Share Based Compensation - Schedule of Stock Option Assumptions (Detail) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Risk-free interest rate | 1.70% | 2.40% | ' |
Average expected life (years) | '10 years | '6 years 6 months | ' |
Expected volatility | 32.30% | 66.40% | ' |
Expected dividend yield | ' | ' | ' |
Share_Based_Compensation_Stock
Share Based Compensation - Stock Option Activity (Detail) | 12 Months Ended | ||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 31, 2012 | Dec. 29, 2012 | Dec. 31, 2011 | |
CAD | CAD | CAD | USD ($) | CAD | USD ($) | USD ($) | USD ($) | USD ($) | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, Shares | ' | ' | ' | ' | ' | 830,000 | ' | 468,000 | 284,000 |
Stock options granted, shares | 392,000 | 385,000 | ' | ' | ' | ' | ' | ' | ' |
Stock options granted, Weighted average exercise price | 9.36 | 6.47 | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, Weighted average remaining contractual term (years) | '7 years 7 months 6 days | '7 years 3 months 18 days | '1 year 8 months 12 days | '4 years 2 months 12 days | '4 years 2 months 12 days | ' | ' | ' | ' |
Options exercised, Shares | 0 | 0 | -275,000 | ' | ' | ' | ' | ' | ' |
Vested at December 28, 2013, Weighted average remaining contractual term (years) | '1 year 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at December 28, 2013, Weighted average remaining contractual term (years) | '1 year 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' |
Options forfeited or expired, Shares | -30,000 | -201,000 | -145,000 | ' | ' | ' | ' | ' | ' |
Ending balance, Shares | ' | ' | ' | 704,000 | 704,000 | 830,000 | ' | 468,000 | 284,000 |
Beginning balance, Weighted average exercise price | 7.28 | 20.47 | 16.67 | ' | ' | $8.29 | ' | $7.28 | $20.47 |
Vested at December 28, 2013, Shares | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' |
Options exercised, Weighted average exercise price | ' | ' | 1.32 | ' | ' | ' | ' | ' | ' |
Exercisable at December 28, 2013, Shares | ' | ' | ' | ' | ' | 125,000 | ' | ' | ' |
Options forfeited or expired, Weighted average exercise price | 6.47 | 24.4 | 38.27 | ' | ' | ' | ' | ' | ' |
Ending balance, Weighted average exercise price | 8.29 | 7.28 | 20.47 | ' | 16.67 | $8.29 | ' | $7.28 | $20.47 |
Beginning balance, Aggregate intrinsic value | ' | ' | ' | ' | ' | $1,068,700 | $819,900 | ' | $263,000 |
Vested at December 28, 2013, Weighted average exercise price | 9.49 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable at December 28, 2013, Weighted average exercise price | 9.49 | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance, Aggregate intrinsic value | ' | ' | ' | 625,000 | ' | 1,068,700 | 819,900 | ' | 263,000 |
Vested at December 28, 2013, Aggregate intrinsic value | ' | ' | ' | ' | ' | 386,300 | ' | ' | ' |
Exercisable at December 28, 2013, Aggregate intrinsic value | ' | ' | ' | ' | ' | $386,300 | ' | ' | ' |
Share_Based_Compensation_Sched1
Share Based Compensation - Schedule of Stock Option Outstanding (Detail) (CAD) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Line Items] | ' |
Options Outstanding ,Weighted Average Exercise Price | 8.29 |
Outstanding options, Number Exercisable | 830 |
Options Exercisable, Weighted Average Exercise Price | 9.49 |
Options Exercisable, Number Exercisable | 125 |
Options Outstanding ,Remaining Contractual Life | '7 years 7 months 6 days |
Range I [Member] | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Line Items] | ' |
Outstanding options, Exercise price | 3.5 |
Options Outstanding ,Weighted Average Exercise Price | 3.5 |
Outstanding options, Number Exercisable | 75 |
Options Exercisable, Weighted Average Exercise Price | 3.5 |
Options Exercisable, Number Exercisable | 75 |
Options Outstanding ,Remaining Contractual Life | '1 year 7 months 6 days |
Range II [Member] | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Line Items] | ' |
Outstanding options, Exercise price | 6.47 |
Options Outstanding ,Weighted Average Exercise Price | 6.47 |
Outstanding options, Number Exercisable | 313 |
Options Exercisable, Weighted Average Exercise Price | ' |
Options Exercisable, Number Exercisable | ' |
Options Outstanding ,Remaining Contractual Life | '8 years 2 months 12 days |
Range III [Member] | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Line Items] | ' |
Outstanding options, Exercise price | 9.36 |
Options Outstanding ,Weighted Average Exercise Price | 9.36 |
Outstanding options, Number Exercisable | 392 |
Options Exercisable, Weighted Average Exercise Price | ' |
Options Exercisable, Number Exercisable | ' |
Options Outstanding ,Remaining Contractual Life | '9 years 3 months 18 days |
Range IV [Member] | ' |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Line Items] | ' |
Outstanding options, Exercise price | 18.48 |
Options Outstanding ,Weighted Average Exercise Price | 18.48 |
Outstanding options, Number Exercisable | 50 |
Options Exercisable, Weighted Average Exercise Price | 18.48 |
Options Exercisable, Number Exercisable | 50 |
Options Outstanding ,Remaining Contractual Life | '3 months 18 days |
Share_Based_Compensation_Perfo
Share Based Compensation - Performance-based RSU and Time-based RSU Activity (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Performance-Based RSUs [Member] | Time-Based RSUs [Member] | Time-Based RSUs [Member] | Time-Based RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance, Shares | 830,000 | 468,000 | 284,000 | 704,000 | 825,000 | ' | ' | 529,000 | ' | ' |
Awarded | ' | ' | ' | ' | 247,181 | 330,969 | 592,163 | 382,452 | 441,996 | 151,545 |
Issued | ' | ' | ' | ' | ' | ' | ' | -32,000 | ' | ' |
Cancelled | ' | ' | ' | ' | -508,000 | ' | ' | ' | ' | ' |
Forfeited | ' | ' | ' | ' | -30,000 | ' | ' | -48,000 | ' | ' |
Ending balance, Shares | 830,000 | 468,000 | 284,000 | 704,000 | 534,000 | 825,000 | ' | 831,000 | 529,000 | ' |
Beginning balance, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | $7.82 | ' | ' | $7.20 | ' | ' |
Awarded, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | $9.29 | ' | ' | $9.29 | ' | ' |
Issued, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | ' | $7.40 | ' | ' |
Cancelled, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | $8.54 | ' | ' | ' | ' | ' |
Forfeited, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | $7.87 | ' | ' | $7.30 | ' | ' |
Ending balance, Weighted Average Grant-Date Fair Value | ' | ' | ' | ' | $7.81 | $7.82 | ' | $8.04 | $7.20 | ' |
Share_Based_Compensation_Avera
Share Based Compensation - Average U.S. Dollar Exchange Rate (Detail) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Average exchange rate | 0.973 | 1 | 1.012 |
Net_Income_Per_Common_Share_Re
Net Income Per Common Share - Reconciliation of Denominators of Basic and Diluted Net Income Per Common Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Earnings Per Share [Line Items] | ' | ' | ' |
Weighted average number of shares outstanding - basic | 94,750 | 94,553 | 94,241 |
Adjusted weighted average number of shares outstanding - diluted | 95,633 | 94,775 | 95,001 |
Stock Options [Member] | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Dilutive effect of awards | 55 | 32 | 33 |
Performance-Based RSUs [Member] | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Dilutive effect of awards | 303 | 58 | 727 |
Time-Based RSUs [Member] | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' |
Dilutive effect of awards | 525 | 132 | ' |
Net_Income_Per_Common_Share_Ad
Net Income Per Common Share - Additional Information (Detail) | 12 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2011 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 29, 2012 | Jan. 01, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | CAD | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding options to purchase common stock | 284,000 | 284,000 | 830,000 | 830,000 | 468,000 | 468,000 | 704,000 | ' | ' | ' |
Weighted average exercise price per share | $20.47 | 20.47 | $8.29 | 8.29 | $7.28 | 7.28 | 16.67 | ' | ' | ' |
Antidilutive securities excluded from computation of diluted net earnings per share | ' | ' | ' | ' | ' | ' | ' | 442,131 | 50,000 | 209,000 |
Treasury shares excluded from computation of earnings per share amount | 674,397 | 674,397 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares held in Treasury | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Number of reporting segments | 3 | ' | ' |
Number of combined reporting segments | 1 | ' | ' |
Sales [Member] | Walmart [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Sales to major customer, percentage | 30.10% | 31.00% | 31.60% |
Sales [Member] | Walmart [Member] | North America [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Sales to major customer, percentage | 36.10% | 36.30% | 35.90% |
Sales [Member] | Walmart [Member] | United Kingdom [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Sales to major customer, percentage | 14.80% | 14.90% | 14.60% |
Sales [Member] | Walmart [Member] | All Other [Member] | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Sales to major customer, percentage | 3.90% | 12.00% | 30.00% |
Segment_Reporting_Segment_Repo
Segment Reporting - Segment Reporting Information by Operating Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
External revenue | $481.60 | $543.20 | $563.80 | $505.40 | $517.20 | $583.80 | $625.80 | $523.80 | $2,094 | $2,250.60 | $2,334.60 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 100.8 | 97.7 | 95.3 |
Operating income (loss) | 14.9 | 26 | 32.6 | 15.1 | 16.9 | 28.6 | 43.2 | 21 | 88.6 | 109.7 | 100.7 |
Property, plant and equipment | 483.7 | ' | ' | ' | 490.9 | ' | ' | ' | 483.7 | 490.9 | 482.2 |
Goodwill | 137.3 | ' | ' | ' | 130.3 | ' | ' | ' | 137.3 | 130.3 | 129.6 |
Intangibles and other assets | 296.2 | ' | ' | ' | 315.4 | ' | ' | ' | 296.2 | 315.4 | 341.1 |
Total assets | 1,426.10 | ' | ' | ' | 1,565.90 | ' | ' | ' | 1,426.10 | 1,565.90 | 1,508.90 |
Additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 55.6 | 69.7 | 48.8 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 |
Intangible asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 |
North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
External revenue | ' | ' | ' | ' | ' | ' | ' | ' | 1,535.20 | 1,707.40 | 1,809.30 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 84.4 | 82.7 | 80 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 67.5 | 90.4 | 81.3 |
Property, plant and equipment | 363.3 | ' | ' | ' | 382.1 | ' | ' | ' | 363.3 | 382.1 | 383.1 |
Goodwill | 124 | ' | ' | ' | 125.8 | ' | ' | ' | 124 | 125.8 | 125.1 |
Intangibles and other assets | 268.2 | ' | ' | ' | 301.1 | ' | ' | ' | 268.2 | 301.1 | 326.1 |
Total assets | 1,089.50 | ' | ' | ' | 1,246.70 | ' | ' | ' | 1,089.50 | 1,246.70 | 1,231.30 |
Additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 41.9 | 52.9 | 39.1 |
Intangible asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 |
United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
External revenue | ' | ' | ' | ' | ' | ' | ' | ' | 494.3 | 473.2 | 447.9 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 14.2 | 13.2 | 13.2 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 25.6 | 27.1 | 27.5 |
Property, plant and equipment | 111 | ' | ' | ' | 99.5 | ' | ' | ' | 111 | 99.5 | 89.8 |
Goodwill | 8.8 | ' | ' | ' | ' | ' | ' | ' | 8.8 | ' | ' |
Intangibles and other assets | 27.7 | ' | ' | ' | 13.9 | ' | ' | ' | 27.7 | 13.9 | 14.6 |
Total assets | 296.3 | ' | ' | ' | 273.8 | ' | ' | ' | 296.3 | 273.8 | 237 |
Additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 12.4 | 14.3 | 9.5 |
All Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
External revenue | ' | ' | ' | ' | ' | ' | ' | ' | 64.5 | 70 | 77.4 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 2.2 | 1.8 | 2.1 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 7.2 | 4.3 | 2.8 |
Property, plant and equipment | 9.4 | ' | ' | ' | 9.3 | ' | ' | ' | 9.4 | 9.3 | 9.3 |
Goodwill | 4.5 | ' | ' | ' | 4.5 | ' | ' | ' | 4.5 | 4.5 | 4.5 |
Intangibles and other assets | 0.3 | ' | ' | ' | 0.4 | ' | ' | ' | 0.3 | 0.4 | 0.4 |
Total assets | 40.3 | ' | ' | ' | 45.4 | ' | ' | ' | 40.3 | 45.4 | 40.6 |
Additions to property, plant and equipment | ' | ' | ' | ' | ' | ' | ' | ' | 1.3 | 2.5 | 0.2 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ($11.70) | ($12.10) | ($10.90) |
Segment_Reporting_Segment_Repo1
Segment Reporting - Segment Reporting Information by Operating Segment (Parenthetical) (Detail) (North America [Member], Elimination [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
North America [Member] | Elimination [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, net | $21 | $16.40 | $14.70 |
Segment_Reporting_Revenues_by_
Segment Reporting - Revenues by Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | $481.60 | $543.20 | $563.80 | $505.40 | $517.20 | $583.80 | $625.80 | $523.80 | $2,094 | $2,250.60 | $2,334.60 |
Operating Segments [Member] | United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,376.90 | 1,509.10 | 1,610.50 |
Operating Segments [Member] | Canada [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 204.1 | 244.2 | 249 |
Operating Segments [Member] | United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 494.3 | 473.2 | 447.9 |
Operating Segments [Member] | Mexico [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 27.6 | 38.8 | 51.8 |
Operating Segments [Member] | RCI [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 36.9 | 31.2 | 25.6 |
Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | ($45.80) | ($45.90) | ($50.20) |
Segment_Reporting_Revenues_by_1
Segment Reporting - Revenues by Geographic Area (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | $481.60 | $543.20 | $563.80 | $505.40 | $517.20 | $583.80 | $625.80 | $523.80 | $2,094 | $2,250.60 | $2,334.60 |
Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | -45.8 | -45.9 | -50.2 |
North America [Member] | Elimination [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | $21 | $16.40 | $14.70 |
Segment_Reporting_Revenues_by_2
Segment Reporting - Revenues by Product by Reporting Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | $481.60 | $543.20 | $563.80 | $505.40 | $517.20 | $583.80 | $625.80 | $523.80 | $2,094 | $2,250.60 | $2,334.60 |
Carbonated Soft Drinks [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 756.8 | 880.8 | 950.2 |
Juice [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 523.1 | 543.9 | 602.7 |
Concentrate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 41.2 | 43.6 | 37.5 |
All Other Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 772.9 | 782.3 | 744.2 |
North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,535.20 | 1,707.40 | 1,809.30 |
North America [Member] | Carbonated Soft Drinks [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 586.5 | 698 | 731.4 |
North America [Member] | Juice [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 488.4 | 527.2 | 587.7 |
North America [Member] | Concentrate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 12.3 | 9.1 |
North America [Member] | All Other Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 448.3 | 469.9 | 481.1 |
United Kingdom [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 494.3 | 473.2 | 447.9 |
United Kingdom [Member] | Carbonated Soft Drinks [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 159.5 | 160.9 | 179.2 |
United Kingdom [Member] | Juice [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 31.8 | 14 | 12.3 |
United Kingdom [Member] | Concentrate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 2.2 | 2.2 | 2.8 |
United Kingdom [Member] | All Other Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 300.8 | 296.1 | 253.6 |
All Other [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 64.5 | 70 | 77.4 |
All Other [Member] | Carbonated Soft Drinks [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 10.8 | 21.9 | 39.6 |
All Other [Member] | Juice [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 2.9 | 2.7 | 2.7 |
All Other [Member] | Concentrate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 29.1 | 25.6 |
All Other [Member] | All Other Products [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | $23.80 | $16.30 | $9.50 |
Segment_Reporting_Property_Pla
Segment Reporting - Property, Plant and Equipment by Geographic Area (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, plant and equipment, Total | $483.70 | $490.90 | $482.20 |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, plant and equipment, Total | 319.5 | 333.7 | ' |
Canada [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, plant and equipment, Total | 43.8 | 48.4 | ' |
United Kingdom [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, plant and equipment, Total | 111 | 99.5 | ' |
Mexico [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, plant and equipment, Total | $9.40 | $9.30 | ' |
Accounts_Receivable_Net_Schedu
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Accounts Receivable Net Current [Abstract] | ' | ' |
Trade receivables | $199.50 | $199.50 |
Allowance for doubtful accounts | -5.8 | -6.8 |
Other | 10.7 | 6.7 |
Total | $204.40 | $199.40 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $89 | $93.40 |
Finished goods | 126.3 | 111.6 |
Other | 17.8 | 19.8 |
Total | $233.10 | $224.80 |
Property_Plant_Equipment_Summa
Property, Plant & Equipment - Summary of Property, Plant and Equipment (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | $1,041.60 | $1,020.80 | ' |
Accumulated Depreciation | 557.9 | 529.9 | ' |
Net | 483.7 | 490.9 | 482.2 |
Land and Land Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | 28.1 | 27.3 | ' |
Net | 28.1 | 27.3 | ' |
Buildings [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | 162.6 | 167.2 | ' |
Accumulated Depreciation | 74.2 | 68 | ' |
Net | 88.4 | 99.2 | ' |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | 725.4 | 692.8 | ' |
Accumulated Depreciation | 395.1 | 376.3 | ' |
Net | 330.3 | 316.5 | ' |
Plates, Films and Molds [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | 42.7 | 42.1 | ' |
Accumulated Depreciation | 32.5 | 30.9 | ' |
Net | 10.2 | 11.2 | ' |
Vending [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | 12.1 | 12.9 | ' |
Accumulated Depreciation | 11.2 | 11.6 | ' |
Net | 0.9 | 1.3 | ' |
Transportation Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | 0.7 | 0.6 | ' |
Accumulated Depreciation | 0.6 | 0.6 | ' |
Net | 0.1 | ' | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | 36.5 | 39.4 | ' |
Accumulated Depreciation | 23.1 | 22.5 | ' |
Net | 13.4 | 16.9 | ' |
IT Systems [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | 8.9 | 8.2 | ' |
Accumulated Depreciation | 7.3 | 7 | ' |
Net | 1.6 | 1.2 | ' |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | 10.3 | 10.2 | ' |
Accumulated Depreciation | 8.8 | 9 | ' |
Net | 1.5 | 1.2 | ' |
Capital Leases [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Cost | 14.3 | 20.1 | ' |
Accumulated Depreciation | 5.1 | 4 | ' |
Net | $9.20 | $16.10 | ' |
Property_Plant_Equipment_Addit
Property, Plant & Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation | $69.40 | $66 | $63.50 |
Intangibles_and_Other_Assets_S
Intangibles and Other Assets - Summary of Intangibles and Other Assets (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Intangibles Assets - Cost | $469.10 | $473.40 | ' |
Intangibles Assets - Accumulated Amortization | 229.6 | 224.5 | ' |
Intangibles Assets - Net | 239.5 | 248.9 | ' |
Total Intangible Assets - Cost | 514.1 | 518.4 | ' |
Total Intangible Assets - Accumulated Amortization | 229.6 | 224.5 | ' |
Total Intangible Assets - Net | 284.5 | 293.9 | ' |
Other Assets - Cost | 28.3 | 32.9 | ' |
Other Assets - Accumulated Amortization | 16.6 | 11.4 | ' |
Other Assets - Net | 11.7 | 21.5 | ' |
Total Intangibles and Other Assets - Cost | 542.4 | 551.3 | ' |
Total Intangibles and Other Assets - Accumulated Amortization | 246.2 | 235.9 | ' |
Total Intangibles and Other Assets - Net | 296.2 | 315.4 | 341.1 |
Financing Costs [Member] | ' | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Other Assets - Cost | 26.3 | 24.4 | ' |
Other Assets - Accumulated Amortization | 16.2 | 11.1 | ' |
Other Assets - Net | 10.1 | 13.3 | ' |
Deposits [Member] | ' | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Other Assets - Cost | 1.1 | 7.2 | ' |
Other Assets - Net | 1.1 | 7.2 | ' |
Other [Member] | ' | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Other Assets - Cost | 0.9 | 1.3 | ' |
Other Assets - Accumulated Amortization | 0.4 | 0.3 | ' |
Other Assets - Net | 0.5 | 1 | ' |
Customer Relationships [Member] | ' | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Intangibles Assets - Cost | 379.5 | 367.5 | ' |
Intangibles Assets - Accumulated Amortization | 167.5 | 142.5 | ' |
Intangibles Assets - Net | 212 | 225 | ' |
Trademarks [Member] | ' | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Intangibles Assets - Cost | 32.6 | 28.8 | ' |
Intangibles Assets - Accumulated Amortization | 25.2 | 23.3 | ' |
Intangibles Assets - Net | 7.4 | 5.5 | ' |
Information Technology [Member] | ' | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Intangibles Assets - Cost | 50.4 | 65.2 | ' |
Intangibles Assets - Accumulated Amortization | 32.9 | 50.2 | ' |
Intangibles Assets - Net | 17.5 | 15 | ' |
Other [Member] | ' | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Intangibles Assets - Cost | 6.6 | 11.9 | ' |
Intangibles Assets - Accumulated Amortization | 4 | 8.5 | ' |
Intangibles Assets - Net | 2.6 | 3.4 | ' |
Rights [Member] | ' | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Intangibles Assets - Cost | 45 | 45 | ' |
Intangibles Assets - Net | $45 | $45 | ' |
Intangibles_and_Other_Assets_A
Intangibles and Other Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Amortization expense of intangible and other assets | $34.20 | $35.40 | $35.70 |
Amortization expense of deferred financing assets | 2.8 | 3.7 | 3.9 |
Information Technology [Member] | ' | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' | ' |
Amortization expense of intangible and other assets | $2.90 | $2.90 | $2.70 |
Intangibles_and_Other_Assets_E
Intangibles and Other Assets - Estimated Amortization Expenses for Intangible and Other Assets (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | $30.90 | ' |
2015 | 28.9 | ' |
2016 | 25.2 | ' |
2017 | 21.9 | ' |
2018 | 20.9 | ' |
Thereafter | 111.7 | ' |
Intangibles Assets - Net | $239.50 | $248.90 |
Accounts_Payable_and_Accrued_L2
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Trade payables | $197.30 | $166.90 |
Deferred income taxes | 0.2 | ' |
Accrued compensation | 19.1 | 38.5 |
Accrued sales incentives | 28.4 | 27.3 |
Accrued interest | 11.2 | 12.8 |
Payroll, sales and other taxes | 14.8 | 12.3 |
Other accrued liabilities | 27.2 | 29.9 |
Total | $298.20 | $287.70 |
Debt_Components_of_Debt_Detail
Debt - Components of Debt (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Nov. 13, 2009 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | $458.30 | $605.80 | ' |
Total short-term borrowings | 50.8 | ' | ' |
Current maturities | 3.9 | 1.9 | ' |
Total current debt | 54.7 | 1.9 | ' |
Long-term debt before discount | 403.6 | 603.9 | ' |
Total long-term debt | 403.5 | 601.8 | ' |
8.375% Senior Notes Due in 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 15 | 215 | ' |
Less discount on 8.375% notes | -0.1 | -2.1 | -3.1 |
8.125% Senior Notes Due in 2018 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 375 | 375 | ' |
ABL Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 50.8 | ' | ' |
Total short-term borrowings | 50.8 | ' | ' |
GE Term Loan [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 10.3 | 9.9 | ' |
Current maturities | 1.9 | 0.9 | ' |
Capital Lease and Other Debt Financing [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Total debt | 7.2 | 5.9 | ' |
Current maturities | $2 | $1 | ' |
Debt_Components_of_Debt_Parent
Debt - Components of Debt (Parenthetical) (Detail) | 12 Months Ended | ||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Nov. 13, 2009 | |
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 2018 [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Interest rate on notes | 8.38% | 8.38% | 8.13% | 8.13% | ' |
Debt instrument maturity year | '2017 | '2017 | '2018 | '2018 | ' |
Discount rate on issue of senior notes | ' | ' | ' | ' | 1.43% |
Debt_Schedule_of_Long_Term_Deb
Debt - Schedule of Long Term Debt Payments in Each of Next Five Years and Thereafter (Detail) (USD $) | Dec. 28, 2013 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $54.70 |
2015 | 4.2 |
2016 | 3.5 |
2017 | 17.8 |
2018 | 377.2 |
Thereafter | 0.9 |
Total long-term debt payments | $458.30 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||
In Millions, except Share data, unless otherwise specified | Nov. 15, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Nov. 15, 2013 | Feb. 19, 2014 | Feb. 19, 2014 | Dec. 28, 2013 | Oct. 22, 2013 | Jul. 19, 2012 | Aug. 17, 2010 | Aug. 17, 2010 | Dec. 28, 2013 | Dec. 29, 2012 | Nov. 13, 2009 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
GE Term Loan [Member] | 2017 Notes [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [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] | 8.375% Senior Notes Due in 2017 [Member] | 8.375% Senior Notes Due in 2017 [Member] | 8.375% Senior Notes Due in 2017 [Member] | Debt Instrument Redemption Period One [Member] | Debt Instrument Redemption Period Two [Member] | Debt Instrument Redemption Period Three [Member] | |||||
2017 Notes [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares, issued | ' | 94,238,190 | 95,371,484 | ' | ' | ' | ' | ' | ' | ' | ' | 13,340,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares, issued value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $275 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 1.2 | 5.4 | 8.6 | ' | ' | 5.1 | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | 19-Jul-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22-Oct-18 | 15-May-17 | 1-Mar-18 |
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 | 9.7 | ' | ' | ' | ' | 7.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | ' | ' | ' | ' | ' | ' | ' | ' | 50.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused commitment | ' | ' | ' | ' | ' | ' | ' | ' | 180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on financing | ' | ' | ' | ' | 5.23% | ' | ' | ' | ' | ' | ' | ' | ' | 8.13% | 8.13% | ' | 8.38% | 8.38% | ' | ' | ' |
Debt instrument maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018 | '2018 | ' | '2017 | '2017 | ' | ' | ' |
Amortization period of financing fees (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | '8 years | ' | ' | ' | ' | ' |
Senior notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215 | ' | ' | ' | ' | ' |
Discount on notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.1 | 0.1 | 2.1 | ' | ' | ' |
Debt instrument semi annual interest payment description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Interest on the 2017 Notes is payable semi-annually on May 15th and November 15th of each year | ' | ' | ' | ' |
Aggregate principal amount of debt to be redeemed | 200 | ' | ' | ' | ' | ' | 15 | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of note as a percentage of par | 104.12% | ' | ' | ' | ' | ' | 104.12% | 104.12% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium payment liability | ' | ' | ' | ' | ' | 8.2 | ' | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fee and discount charges | 4.5 | ' | ' | ' | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finance lease agreement | ' | ' | ' | ' | 10.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | 0.011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of threshold with lenders' commitments | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Facility amount with lenders commitments | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of lender commitment under revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount eligible for condition for excess availability of credit | ' | ' | ' | ' | ' | ' | ' | ' | $37.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Effective_Int
Debt - Schedule of Effective Interest Rate on LIBOR and Prime Loans Based on Average Aggregate Availability (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Over $150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Average Aggregate Availability | 150 |
$75 - 150 [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Average Aggregate Availability | 75 |
$75 - 150 [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Average Aggregate Availability | 150 |
Under $75 [Member] | ' |
Debt Instrument [Line Items] | ' |
Average Aggregate Availability | 75 |
ABR Spread [Member] | Over $150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 0.25% |
ABR Spread [Member] | $75 - 150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 0.50% |
ABR Spread [Member] | Under $75 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 0.75% |
Canadian Prime Spread [Member] | Over $150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 0.25% |
Canadian Prime Spread [Member] | $75 - 150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 0.50% |
Canadian Prime Spread [Member] | Under $75 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 0.75% |
Eurodollar Spread [Member] | Over $150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 1.75% |
Eurodollar Spread [Member] | $75 - 150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 2.00% |
Eurodollar Spread [Member] | Under $75 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 2.25% |
CDOR Spread [Member] | Over $150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 1.75% |
CDOR Spread [Member] | $75 - 150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 2.00% |
CDOR Spread [Member] | Under $75 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 2.25% |
Overnight LIBOR [Member] | Over $150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 1.75% |
Overnight LIBOR [Member] | $75 - 150 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 2.00% |
Overnight LIBOR [Member] | Under $75 [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt instrument, basis spread on variable rate | 2.25% |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Plans | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Number of defined benefit plans | 3 | ' | ' |
Accumulated benefit obligation | $59.10 | $38.80 | ' |
Weighted average return of both plans | 7.60% | ' | ' |
Expected contribution to pension plans during 2014 | 3.1 | ' | ' |
Total expenses with respect to plans | $4.80 | $6.90 | $6.40 |
Equity Securities [Member] | Cooke Bros. Limited [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Plan assets, target allocation percentage in securities | 80.00% | ' | ' |
Equity Securities [Member] | Cott Beverages Inc. [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Plan assets, target allocation percentage in securities | 60.00% | ' | ' |
Equity Securities [Member] | U.S. Plan [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Plan assets, target allocation percentage in securities | 50.00% | ' | ' |
Debt Securities [Member] | Cooke Bros. Limited [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Plan assets, target allocation percentage in securities | 20.00% | ' | ' |
Debt Securities [Member] | Cott Beverages Inc. [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Plan assets, target allocation percentage in securities | 40.00% | ' | ' |
Debt Securities [Member] | U.S. Plan [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Plan assets, target allocation percentage in securities | 50.00% | ' | ' |
Benefit_Plans_Summary_of_Chang
Benefit Plans - Summary of Change in Benefit Obligations, Change in Plan Assets and Unfunded Status of Three Plans (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Change in Benefit Obligation | ' | ' | ' |
Benefit obligation at beginning of year | $41.80 | $39.30 | ' |
Transfer in | 17.8 | ' | ' |
Service cost | 0.5 | 0.5 | 0.5 |
Interest cost | 2.4 | 1.9 | 1.9 |
Plan participant contributions | 0.1 | 0.1 | ' |
Benefit payments | -1.5 | -0.9 | ' |
Actuarial losses (gains) | 0.7 | -0.6 | ' |
Translation losses (gains) | 0.7 | 1.5 | ' |
Benefit obligation at end of year | 62.5 | 41.8 | 39.3 |
Change in Plan Assets | ' | ' | ' |
Plan assets beginning of year | 33.2 | 27.5 | ' |
Transfer in | 11.1 | ' | ' |
Employer contributions | 3 | 2 | ' |
Plan participant contributions | 0.1 | 0.1 | ' |
Benefit payments | -1.5 | -0.9 | ' |
Actual return on plan assets | 3.1 | 3.5 | ' |
Translation (gains) losses | 0.6 | 1 | ' |
Fair value at end of year | 49.6 | 33.2 | 27.5 |
Funded Status of Plan | ' | ' | ' |
Projected benefit obligation | -62.5 | -41.8 | -39.3 |
Fair value of plan assets | 49.6 | 33.2 | 27.5 |
Unfunded status | ($12.90) | ($8.60) | ' |
Benefit_Plans_Schedule_of_Comp
Benefit Plans - Schedule of Components of Net Periodic Pension Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Service cost | $0.50 | $0.50 | $0.50 |
Interest cost | 2.4 | 1.9 | 1.9 |
Expected return on plan assets | -2.4 | -1.7 | -1.9 |
Amortization of prior service costs | 0.1 | 0.1 | 0.1 |
Amortization of net loss | 0.3 | 1 | 0.5 |
Net periodic pension cost | $0.90 | $1.80 | $1.10 |
Benefit_Plans_Schedule_of_Amou
Benefit Plans - Schedule of Amounts Included in Accumulated Other Comprehensive Income, Net of Tax which have Not yet been Recognized in Net Periodic Benefit Cost (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Unamortized prior service cost | ($0.20) | ($0.30) | ($0.40) |
Unrecognized net actuarial gain | 5.7 | 5.3 | 8.5 |
Unamortized prior service benefit | $5.50 | $5 | $8.10 |
Benefit_Plans_Assumptions_Used
Benefit Plans - Assumptions Used to Determine Benefit Obligations (Detail) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Discount rate | 4.50% | 4.50% | 4.50% |
Benefit_Plans_Assumptions_Used1
Benefit Plans - Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
U.K. Plans [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.50% | 4.60% | 5.40% |
Expected long-term rate of return on plan assets | 6.10% | 5.70% | 6.90% |
Inflation factor | 2.30% | 3.30% | 3.70% |
U.S. Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate | 4.40% | 3.50% | 4.10% |
Expected long-term rate of return on plan assets | 7.00% | 7.00% | 7.00% |
Benefit_Plans_Schedule_of_Pens
Benefit Plans - Schedule of Pension Plan Weighted-Average Asset Allocations by Asset Category (Detail) | Dec. 28, 2013 | Dec. 29, 2012 |
U.K. Plans [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocations | 59.20% | 59.00% |
U.K. Plans [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocations | 37.80% | 40.60% |
U.K. Plans [Member] | Cash [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocations | 3.00% | 0.40% |
U.S. Plan [Member] | Equity Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocations | 67.00% | 65.20% |
U.S. Plan [Member] | Debt Securities [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocations | 32.40% | 32.40% |
U.S. Plan [Member] | Cash [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Weighted-average asset allocations | 0.60% | 2.30% |
Benefit_Plans_Schedule_of_Bene
Benefit Plans - Schedule of Benefit Payments Expected to be Paid (Detail) (USD $) | Dec. 28, 2013 |
In Millions, unless otherwise specified | |
Compensation And Retirement Disclosure [Abstract] | ' |
FY 2014 | $1.70 |
FY 2015 | 1.8 |
FY 2016 | 1.9 |
FY 2017 | 1.9 |
FY 2018 | 2 |
FY 2019 through FY 2021 | $10.20 |
Benefit_Plans_Schedule_of_Fair
Benefit Plans - Schedule of Fair Values of Company's Pension Plan Assets (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | $49.60 | $33.20 | $27.50 |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 46.7 | 32.8 | ' |
Level 1 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 1.3 | 0.1 | ' |
Level 1 [Member] | International Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 21.1 | 12.6 | ' |
Level 1 [Member] | Index Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 6.8 | 5.6 | ' |
Level 1 [Member] | U.S. Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 1.1 | 0.9 | ' |
Level 1 [Member] | Property [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 0.1 | ' | ' |
Level 1 [Member] | Balanced [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 0.4 | 0.4 | ' |
Level 1 [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 0.3 | 0.3 | ' |
Level 1 [Member] | Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 15.6 | 12.9 | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 2.9 | 0.4 | ' |
Level 2 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | 0.2 | ' |
Level 2 [Member] | Insurance Contract [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | 2.9 | 0.2 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | ' | ' |
Level 3 [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | ' | ' |
Level 3 [Member] | International Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | ' | ' |
Level 3 [Member] | Index Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | ' | ' |
Level 3 [Member] | U.S. Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | ' | ' |
Level 3 [Member] | Property [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | ' | ' |
Level 3 [Member] | Balanced [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | ' | ' |
Level 3 [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | ' | ' |
Level 3 [Member] | Mutual Funds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | ' | ' |
Level 3 [Member] | Insurance Contract [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of pension plan assets | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income by Component (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | ($12.40) | ' | ' |
OCI before reclassifications | -4.7 | ' | ' |
Amounts reclassified from AOCI | 0.3 | ' | ' |
Total other comprehensive (loss) income | -4.4 | 12.1 | -7.2 |
Ending balance | -16.8 | -12.4 | ' |
Gains and Losses on Derivative Instruments [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | 0.2 | ' | ' |
OCI before reclassifications | 0.6 | ' | ' |
Amounts reclassified from AOCI | -0.6 | ' | ' |
Ending balance | 0.2 | ' | ' |
Pension Benefit Plan Items [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | -9.1 | ' | ' |
OCI before reclassifications | -0.2 | ' | ' |
Amounts reclassified from AOCI | 0.9 | ' | ' |
Total other comprehensive (loss) income | 0.7 | ' | ' |
Ending balance | -8.4 | ' | ' |
Currency Translation Adjustment Items [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | -3.5 | ' | ' |
OCI before reclassifications | -5.1 | ' | ' |
Total other comprehensive (loss) income | -5.1 | ' | ' |
Ending balance | ($8.60) | ' | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | $427.60 | $478.20 | $487.20 | $449 | $456.60 | $510.60 | $533.50 | $460.40 | $1,842 | $1,961.10 | $2,058 |
Tax (expense) or benefit | ' | ' | ' | ' | ' | ' | ' | ' | -2.2 | -4.6 | 0.7 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 52.3 | 41.2 |
Gains and Losses on Derivative Instruments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -0.6 | ' | ' |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -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 | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' |
Tax (expense) or benefit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | ' | ' |
Actuarial adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | ' | ' |
Actuarial (losses)/gains | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | ' | ' |
Total before taxes | ' | ' | ' | ' | ' | ' | ' | ' | -0.6 | ' | ' |
Tax (expense) or benefit | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -0.9 | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | $0.60 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Operating Leases Minimum Annual Payments (Detail) (USD $) | Dec. 28, 2013 |
In Millions, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $17.70 |
2015 | 16.5 |
2016 | 14 |
2017 | 11.3 |
2018 | 9.7 |
Thereafter | 20.1 |
Total | $89.30 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Operating Lease Expenses (Detail) (USD $) | 12 Months Ended | 36 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Operating lease expenses | $21.40 | $23.80 | $25.90 | $71.10 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 36 Months Ended | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Aug. 17, 2010 | Jun. 29, 2013 | Dec. 28, 2013 |
Cliffstar [Member] | Cliffstar [Member] | Calypso Soft Drinks [Member] | Capital Commitments [Member] | ||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Sublease income | $0.30 | ' | ' | ' | ' | ' | ' |
Purchase commitments | 177.8 | ' | ' | ' | ' | ' | 11 |
Consideration paid for business acquisition | ' | ' | ' | 34.9 | ' | ' | ' |
Acquisition, contingent consideration | ' | ' | ' | ' | 55 | ' | ' |
Deferred payments to be paid on the first anniversary | ' | ' | ' | ' | ' | 2.3 | ' |
Deferred payments to be paid on the second anniversary | ' | ' | ' | ' | ' | 3 | ' |
Standby letters of credit outstanding | $7.50 | $11 | $9.70 | ' | ' | ' | ' |
Shares_Held_in_Trust_Treated_a1
Shares Held in Trust Treated as Treasury Shares - Additional Information (Detail) | Dec. 28, 2013 | 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 | ' | ' |
Hedging_Transactions_and_Deriv1
Hedging Transactions and Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivative instruments | $0.30 | ' | ' | ' | ' | ' | ' | ' | $0.30 | ' | ' |
Derivative instruments, charge (credit) to cost of sales | 427.6 | 478.2 | 487.2 | 449 | 456.6 | 510.6 | 533.5 | 460.4 | 1,842 | 1,961.10 | 2,058 |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum length to hedge our exposure to future cash flows | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' |
Gains and Losses on Derivative Instruments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instruments, charge (credit) to cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -0.6 | ' | ' |
Cash Flow Hedging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional value of foreign currency cash flow hedges | $3.60 | ' | ' | ' | ' | ' | ' | ' | $3.60 | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 1 Months Ended | |||
In Millions, unless otherwise specified | Feb. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Fair value for the derivative assets | ' | $0.30 | $0.10 | ' |
Outstanding contingent consideration | ' | ' | ' | ' |
Cliffstar [Member] | ' | ' | ' | ' |
Fair Value Measurements [Line Items] | ' | ' | ' | ' |
Fair value of the contingent consideration | ' | ' | 0.6 | 0.9 |
Outstanding contingent consideration | ' | 0 | ' | ' |
Deferred consideration payments | $0.60 | ' | ' | ' |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Detail) (USD $) | Dec. 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 | $419.70 | $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 | 15.6 | 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 | 404.1 | 414.8 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Outstanding debt | 390 | 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 | 15 | 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) | 12 Months Ended | |||||||||
Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 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 | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Unaudited) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $481.60 | $543.20 | $563.80 | $505.40 | $517.20 | $583.80 | $625.80 | $523.80 | $2,094 | $2,250.60 | $2,334.60 |
Cost of sales | 427.6 | 478.2 | 487.2 | 449 | 456.6 | 510.6 | 533.5 | 460.4 | 1,842 | 1,961.10 | 2,058 |
Gross profit | 54 | 65 | 76.6 | 56.4 | 60.6 | 73.2 | 92.3 | 63.4 | 252 | 289.5 | 276.6 |
Selling, general and administrative expenses | 39.5 | 37.9 | 41.7 | 41.3 | 43.6 | 43.8 | 48.8 | 41.8 | 160.4 | 178 | 172.7 |
Loss (gain) on disposal of property, plant and equipment | -0.4 | 1.1 | 0.3 | ' | 0.1 | 0.8 | 0.3 | 0.6 | 1 | 1.8 | 1.2 |
Restructuring | ' | ' | 2 | ' | ' | ' | ' | ' | 2 | ' | ' |
Operating income | 14.9 | 26 | 32.6 | 15.1 | 16.9 | 28.6 | 43.2 | 21 | 88.6 | 109.7 | 100.7 |
Net income (loss) attributed to Cott Corporation | ($11.50) | $12 | $16.50 | ' | $2.30 | $14.50 | $25.10 | $5.90 | $17 | $47.80 | $37.60 |
Basic | ($0.12) | $0.13 | $0.17 | ' | $0.02 | $0.15 | $0.27 | $0.06 | $0.18 | $0.51 | $0.40 |
Diluted | ($0.12) | $0.13 | $0.17 | ' | $0.02 | $0.15 | $0.26 | $0.06 | $0.18 | $0.50 | $0.40 |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 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 Statement of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 28, 2013 | Sep. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | $481.60 | $543.20 | $563.80 | $505.40 | $517.20 | $583.80 | $625.80 | $523.80 | $2,094 | $2,250.60 | $2,334.60 |
Cost of sales | 427.6 | 478.2 | 487.2 | 449 | 456.6 | 510.6 | 533.5 | 460.4 | 1,842 | 1,961.10 | 2,058 |
Gross profit | 54 | 65 | 76.6 | 56.4 | 60.6 | 73.2 | 92.3 | 63.4 | 252 | 289.5 | 276.6 |
Selling, general and administrative expenses | 39.5 | 37.9 | 41.7 | 41.3 | 43.6 | 43.8 | 48.8 | 41.8 | 160.4 | 178 | 172.7 |
Loss on disposal of property, plant & equipment | -0.4 | 1.1 | 0.3 | ' | 0.1 | 0.8 | 0.3 | 0.6 | 1 | 1.8 | 1.2 |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 |
Restructuring | ' | ' | 2 | ' | ' | ' | ' | ' | 2 | ' | ' |
Intangible asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 |
Operating income | 14.9 | 26 | 32.6 | 15.1 | 16.9 | 28.6 | 43.2 | 21 | 88.6 | 109.7 | 100.7 |
Contingent consideration earn-out adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 0.9 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 12.8 | -2 | 2.2 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 51.6 | 54.2 | 57.1 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 24.2 | 56.9 | 40.5 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 2.2 | 4.6 | -0.7 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 22 | 52.3 | 41.2 |
Less: Net income attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 4.5 | 3.6 |
Net income (loss) attributed to Cott Corporation | -11.5 | 12 | 16.5 | ' | 2.3 | 14.5 | 25.1 | 5.9 | 17 | 47.8 | 37.6 |
Comprehensive income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 12.6 | 60.1 | 30.4 |
Cott Corporation [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 170.9 | 201.8 | 207 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 149 | 165.3 | 167.8 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 21.9 | 36.5 | 39.2 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 28.9 | 32.1 | 30.1 |
Loss on disposal of property, plant & equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | ' | ' |
Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -7.6 | 4.4 | 9.1 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0.4 | 1.6 |
Intercompany interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3.5 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.3 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -8 | 3.9 | 10.7 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -0.8 | 3 | 2.9 |
Equity income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 24.2 | 46.9 | 29.8 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 47.8 | 37.6 |
Net income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 17 | 47.8 | 37.6 |
Comprehensive income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 12.6 | 60.1 | 30.4 |
Cott Beverages Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 780.4 | 864.5 | 932.3 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 673.9 | 730.4 | 825.5 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 106.5 | 134.1 | 106.8 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 70.3 | 64.8 | 59 |
Loss on disposal of property, plant & equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | 0.7 | 0.4 |
Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' |
Intangible asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 35.4 | 68.6 | 46 |
Contingent consideration earn-out adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | 12.5 | -1.7 | -0.3 |
Intercompany interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -11 | -4.1 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 50.8 | 53.3 | 54.8 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -15.9 | 27.4 | -4.4 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 4.6 | 2.2 | -0.8 |
Equity income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | 5 | 4.2 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -15.3 | 30.2 | 0.6 |
Net income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -15.3 | 30.2 | 0.6 |
Comprehensive income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -4.5 | 52.6 | -1.3 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 1,022.30 | 1,042.80 | 1,065.70 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 916.6 | 940.8 | 951.7 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 105.7 | 102 | 114 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 52.1 | 71.1 | 71.8 |
Loss on disposal of property, plant & equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | 0.6 | 0.8 |
Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 52.4 | 30.3 | 41.4 |
Contingent consideration earn-out adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -0.6 | 0.2 |
Intercompany interest (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 11 | 7.6 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0.7 | 0.7 | 1.8 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 39.8 | 19.2 | 30.9 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -2 | -0.7 | -3.3 |
Equity income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -7.3 | 30.5 | 0.8 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 34.5 | 50.4 | 35 |
Net income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 34.5 | 50.4 | 35 |
Comprehensive income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 29.2 | -33.7 | 128.5 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | 147 | 172.9 | 167.3 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 129.1 | 156 | 150.7 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 17.9 | 16.9 | 16.6 |
Selling, general and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9.1 | 10 | 11.8 |
Loss on disposal of property, plant & equipment | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.5 | ' |
Asset impairments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 |
Restructuring | ' | ' | ' | ' | ' | ' | ' | ' | 0.3 | ' | ' |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 8.4 | 6.4 | 4.2 |
Other expense (income), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | 0.7 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.1 | 0.2 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 8.3 | 6.4 | 3.3 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 0.1 | 0.5 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 7.9 | 6.3 | 2.8 |
Less: Net income attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 4.5 | 3.6 |
Net income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 2.9 | 1.8 | -0.8 |
Comprehensive income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | 5.2 | -0.3 | 2.6 |
Elimination Entries [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue, net | ' | ' | ' | ' | ' | ' | ' | ' | -26.6 | -31.4 | -37.7 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -26.6 | -31.4 | -37.7 |
Equity income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | -22.1 | -82.4 | -34.8 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -22.1 | -82.4 | -34.8 |
Net income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | -22.1 | -82.4 | -34.8 |
Comprehensive income (loss) attributed to Cott Corporation | ' | ' | ' | ' | ' | ' | ' | ' | ($29.90) | ($18.60) | ($129.80) |
Guarantor_Subsidiaries_Consoli
Guarantor Subsidiaries - Consolidating Balance Sheet (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 |
In Millions, unless otherwise specified | ||||
Current assets | ' | ' | ' | ' |
Cash & cash equivalents | $47.20 | $179.40 | $100.90 | $48.20 |
Accounts receivable, net of allowance | 204.4 | 199.4 | ' | ' |
Income taxes recoverable | 1.1 | 1.2 | ' | ' |
Inventories | 233.1 | 224.8 | ' | ' |
Prepaid expenses and other assets | 19.3 | 20.3 | ' | ' |
Total current assets | 505.1 | 625.1 | ' | ' |
Property, plant & equipment, net | 483.7 | 490.9 | 482.2 | ' |
Goodwill | 137.3 | 130.3 | 129.6 | ' |
Intangibles and other assets, net | 296.2 | 315.4 | 341.1 | ' |
Deferred income taxes | 3.6 | 3.3 | ' | ' |
Other tax receivable | 0.2 | 0.9 | ' | ' |
Total assets | 1,426.10 | 1,565.90 | 1,508.90 | ' |
Current liabilities | ' | ' | ' | ' |
Short-term borrowings | 50.8 | ' | ' | ' |
Current maturities of long-term debt | 3.9 | 1.9 | ' | ' |
Accounts payable and accrued liabilities | 298.2 | 287.7 | ' | ' |
Total current liabilities | 352.9 | 289.6 | ' | ' |
Long-term debt | 403.5 | 601.8 | ' | ' |
Deferred income taxes | 41.5 | 39.1 | ' | ' |
Other long-term liabilities | 22.3 | 12.5 | ' | ' |
Total liabilities | 820.2 | 943 | ' | ' |
Equity | ' | ' | ' | ' |
Capital stock, no par | 392.8 | 397.8 | ' | ' |
Additional paid-in-capital | 44.1 | 40.4 | ' | ' |
Retained earnings (deficit) | 176.3 | 186 | ' | ' |
Accumulated other comprehensive (loss) income | -16.8 | -12.4 | ' | ' |
Total Cott Corporation equity | 596.4 | 611.8 | ' | ' |
Non-controlling interests | 9.5 | 11.1 | ' | ' |
Total equity | 605.9 | 622.9 | 568.2 | 535.2 |
Total liabilities and equity | 1,426.10 | 1,565.90 | ' | ' |
Cott Corporation [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash & cash equivalents | 1.5 | 39.8 | 13.7 | 7.8 |
Accounts receivable, net of allowance | 19 | 18.4 | ' | ' |
Income taxes recoverable | 0.4 | ' | ' | ' |
Inventories | 16.2 | 21.1 | ' | ' |
Prepaid expenses and other assets | 2.1 | 2.5 | ' | ' |
Total current assets | 39.2 | 81.8 | ' | ' |
Property, plant & equipment, net | 47.9 | 50.7 | ' | ' |
Goodwill | 25.8 | 27.5 | ' | ' |
Intangibles and other assets, net | 1.3 | 1 | ' | ' |
Deferred income taxes | 3.6 | 2.9 | ' | ' |
Other tax receivable | ' | 0.2 | ' | ' |
Due from affiliates | 39.6 | 40 | ' | ' |
Investments in subsidiaries | 507.8 | 487.5 | ' | ' |
Total assets | 665.2 | 691.6 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 25.5 | 36.2 | ' | ' |
Total current liabilities | 25.5 | 36.2 | ' | ' |
Long-term debt | 0.1 | 0.2 | ' | ' |
Other long-term liabilities | 0.1 | 0.2 | ' | ' |
Due to affiliates | 43.1 | 43.2 | ' | ' |
Total liabilities | 68.8 | 79.8 | ' | ' |
Equity | ' | ' | ' | ' |
Capital stock, no par | 392.8 | 397.8 | ' | ' |
Additional paid-in-capital | 44.1 | 40.4 | ' | ' |
Retained earnings (deficit) | 176.3 | 186 | ' | ' |
Accumulated other comprehensive (loss) income | -16.8 | -12.4 | ' | ' |
Total Cott Corporation equity | 596.4 | 611.8 | ' | ' |
Total equity | 596.4 | 611.8 | ' | ' |
Total liabilities and equity | 665.2 | 691.6 | ' | ' |
Cott Beverages Inc. [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash & cash equivalents | 1.1 | 37.5 | 20.7 | 9.1 |
Accounts receivable, net of allowance | 114.1 | 111.5 | ' | ' |
Income taxes recoverable | 0.7 | 0.9 | ' | ' |
Inventories | 77 | 65.9 | ' | ' |
Prepaid expenses and other assets | 10.1 | 13.4 | ' | ' |
Total current assets | 203 | 229.2 | ' | ' |
Property, plant & equipment, net | 190.2 | 188.4 | ' | ' |
Goodwill | 4.5 | 4.5 | ' | ' |
Intangibles and other assets, net | 88 | 101.4 | ' | ' |
Other tax receivable | 0.2 | 0.1 | ' | ' |
Due from affiliates | 125.7 | 175.2 | ' | ' |
Investments in subsidiaries | 246.7 | 389.7 | ' | ' |
Total assets | 858.3 | 1,088.50 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term borrowings | 16.2 | ' | ' | ' |
Current maturities of long-term debt | 2.4 | 1.3 | ' | ' |
Accounts payable and accrued liabilities | 214.4 | 119.5 | ' | ' |
Total current liabilities | 233 | 120.8 | ' | ' |
Long-term debt | 399.6 | 598.7 | ' | ' |
Deferred income taxes | 32 | 30.3 | ' | ' |
Other long-term liabilities | 2.8 | 4 | ' | ' |
Due to affiliates | 1.6 | 76.7 | ' | ' |
Total liabilities | 669 | 830.5 | ' | ' |
Equity | ' | ' | ' | ' |
Capital stock, no par | 509.4 | 574.5 | ' | ' |
Retained earnings (deficit) | -344.1 | -329.7 | ' | ' |
Accumulated other comprehensive (loss) income | 24 | 13.2 | ' | ' |
Total Cott Corporation equity | 189.3 | 258 | ' | ' |
Total equity | 189.3 | 258 | ' | ' |
Total liabilities and equity | 858.3 | 1,088.50 | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash & cash equivalents | 39.1 | 96.4 | 58.9 | 26 |
Accounts receivable, net of allowance | 229.8 | 122.3 | ' | ' |
Income taxes recoverable | ' | 0.2 | ' | ' |
Inventories | 132.9 | 130.8 | ' | ' |
Prepaid expenses and other assets | 7 | 4.3 | ' | ' |
Total current assets | 408.8 | 354 | ' | ' |
Property, plant & equipment, net | 235.7 | 242 | ' | ' |
Goodwill | 107 | 98.3 | ' | ' |
Intangibles and other assets, net | 196.2 | 198.4 | ' | ' |
Other tax receivable | ' | 0.6 | ' | ' |
Due from affiliates | 2.9 | 78 | ' | ' |
Investments in subsidiaries | 697.7 | 820 | ' | ' |
Total assets | 1,648.30 | 1,791.30 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Short-term borrowings | 34.6 | ' | ' | ' |
Current maturities of long-term debt | 0.6 | 0.2 | ' | ' |
Accounts payable and accrued liabilities | 225.6 | 193.1 | ' | ' |
Total current liabilities | 260.8 | 193.3 | ' | ' |
Long-term debt | 2.2 | 1.5 | ' | ' |
Deferred income taxes | 9.1 | 7.9 | ' | ' |
Other long-term liabilities | 19.4 | 8.3 | ' | ' |
Due to affiliates | 128.1 | 177.8 | ' | ' |
Total liabilities | 419.6 | 388.8 | ' | ' |
Equity | ' | ' | ' | ' |
Capital stock, no par | 1,557.50 | 1,724.30 | ' | ' |
Retained earnings (deficit) | -322.1 | -331.2 | ' | ' |
Accumulated other comprehensive (loss) income | -6.7 | 9.4 | ' | ' |
Total Cott Corporation equity | 1,228.70 | 1,402.50 | ' | ' |
Total equity | 1,228.70 | 1,402.50 | ' | ' |
Total liabilities and equity | 1,648.30 | 1,791.30 | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Cash & cash equivalents | 5.5 | 5.7 | 7.6 | 5.3 |
Accounts receivable, net of allowance | 15.5 | 16.2 | ' | ' |
Income taxes recoverable | ' | 0.1 | ' | ' |
Inventories | 7 | 7 | ' | ' |
Prepaid expenses and other assets | 0.1 | 0.1 | ' | ' |
Total current assets | 28.1 | 29.1 | ' | ' |
Property, plant & equipment, net | 9.9 | 9.8 | ' | ' |
Intangibles and other assets, net | 10.7 | 14.6 | ' | ' |
Deferred income taxes | ' | 0.4 | ' | ' |
Due from affiliates | 41.9 | 41.9 | ' | ' |
Total assets | 90.6 | 95.8 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Current maturities of long-term debt | 0.9 | 0.4 | ' | ' |
Accounts payable and accrued liabilities | 6.7 | 7.9 | ' | ' |
Total current liabilities | 7.6 | 8.3 | ' | ' |
Long-term debt | 1.6 | 1.4 | ' | ' |
Deferred income taxes | 0.4 | 0.9 | ' | ' |
Due to affiliates | 37.3 | 37.4 | ' | ' |
Total liabilities | 46.9 | 48 | ' | ' |
Equity | ' | ' | ' | ' |
Capital stock, no par | 82.5 | 83.6 | ' | ' |
Retained earnings (deficit) | -49.8 | -46.1 | ' | ' |
Accumulated other comprehensive (loss) income | 1.5 | -0.8 | ' | ' |
Total Cott Corporation equity | 34.2 | 36.7 | ' | ' |
Non-controlling interests | 9.5 | 11.1 | ' | ' |
Total equity | 43.7 | 47.8 | ' | ' |
Total liabilities and equity | 90.6 | 95.8 | ' | ' |
Elimination Entries [Member] | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' |
Accounts receivable, net of allowance | -174 | -69 | ' | ' |
Total current assets | -174 | -69 | ' | ' |
Due from affiliates | -210.1 | -335.1 | ' | ' |
Investments in subsidiaries | -1,452.20 | -1,697.20 | ' | ' |
Total assets | -1,836.30 | -2,101.30 | ' | ' |
Current liabilities | ' | ' | ' | ' |
Accounts payable and accrued liabilities | -174 | -69 | ' | ' |
Total current liabilities | -174 | -69 | ' | ' |
Due to affiliates | -210.1 | -335.1 | ' | ' |
Total liabilities | -384.1 | -404.1 | ' | ' |
Equity | ' | ' | ' | ' |
Capital stock, no par | -2,149.40 | -2,382.40 | ' | ' |
Retained earnings (deficit) | 716 | 707 | ' | ' |
Accumulated other comprehensive (loss) income | -18.8 | -21.8 | ' | ' |
Total Cott Corporation equity | -1,452.20 | -1,697.20 | ' | ' |
Total equity | -1,452.20 | -1,697.20 | ' | ' |
Total liabilities and equity | ($1,836.30) | ($2,101.30) | ' | ' |
Guarantor_Subsidiaries_Condens1
Guarantor Subsidiaries - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Operating Activities | ' | ' | ' |
Net income | $22 | $52.30 | $41.20 |
Depreciation & amortization | 100.8 | 97.7 | 95.3 |
Amortization of financing fees | 2.8 | 3.7 | 3.9 |
Share-based compensation expense | 4 | 4.9 | 2.9 |
Increase (decrease) in deferred income taxes | 0.9 | 3.8 | -3.7 |
Gain on bargain purchase | ' | -0.9 | ' |
Loss on disposal of property, plant & equipment | 1 | 1.8 | 1.2 |
Write-off of financing fees and discount | 4 | ' | ' |
Asset impairments | ' | ' | 0.6 |
Intangible asset impairments | ' | ' | 1.4 |
Contract termination payments | ' | ' | -3.1 |
Other non-cash items | 0.9 | -0.4 | 4.9 |
Net change in operating assets and liabilities, net of acquisition | 18.8 | 10.1 | 18.9 |
Net cash provided by operating activities | 155.2 | 173 | 163.5 |
Investing Activities | ' | ' | ' |
Acquisition, net of cash received | -11.2 | -9.7 | -34.3 |
Additions to property, plant & equipment | -55.6 | -69.7 | -48.8 |
Additions to intangibles and other assets | -5.9 | -5.2 | -5.7 |
Proceeds from sale of property, plant & equipment | 0.2 | 2.3 | 0.4 |
Proceeds from insurance recoveries | 0.6 | 1.9 | ' |
Other investing activities | ' | ' | -1.8 |
Net cash used in investing activities | -71.9 | -80.4 | -90.2 |
Financing Activities | ' | ' | ' |
Payments of long-term debt | -220.8 | -3.3 | -6.8 |
Borrowings under ABL | 131.9 | 24.5 | 224.1 |
Payments under ABL | -82.1 | -24.5 | -231.9 |
Distributions to non-controlling interests | -6.6 | -5.6 | -6 |
Common share repurchase | -13 | -0.3 | ' |
Dividends paid to shareholders | -21.9 | -5.8 | ' |
Financing fees | -0.8 | -1.2 | ' |
Exercise of options | ' | ' | 0.3 |
Net cash used in financing activities | -213.3 | -16.2 | -20.3 |
Effect of exchange rate changes on cash | -2.2 | 2.1 | -0.3 |
Net (decrease) increase in cash & cash equivalents | -132.2 | 78.5 | 52.7 |
Cash & cash equivalents, beginning of period | 179.4 | 100.9 | 48.2 |
Cash & cash equivalents, end of period | 47.2 | 179.4 | 100.9 |
Cott Corporation [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net income | 17 | 47.8 | 37.6 |
Depreciation & amortization | 6.3 | 6.5 | 6 |
Amortization of financing fees | 0.1 | 0.2 | 0.3 |
Share-based compensation expense | 1.1 | 1.1 | 1.1 |
Increase (decrease) in deferred income taxes | -0.9 | 0.4 | 0.4 |
Loss on disposal of property, plant & equipment | 0.1 | ' | ' |
Contract termination payments | ' | ' | -0.8 |
Equity (income) loss, net of distributions | -24.2 | -46.9 | -29.6 |
Intercompany dividends | 27.1 | 28 | 25.8 |
Other non-cash items | 0.2 | ' | -0.1 |
Net change in operating assets and liabilities, net of acquisition | -21 | -6.8 | -25.7 |
Net cash provided by operating activities | 5.8 | 30.3 | 15 |
Investing Activities | ' | ' | ' |
Additions to property, plant & equipment | -6.8 | -7.7 | -5.2 |
Additions to intangibles and other assets | ' | -0.6 | -0.2 |
Net cash used in investing activities | -6.8 | -8.3 | -5.4 |
Financing Activities | ' | ' | ' |
Payments of long-term debt | -0.1 | 0.1 | 0.1 |
Advances from affiliates | -0.3 | 9.7 | -3.6 |
Common share repurchase | -13 | -0.3 | ' |
Dividends paid to shareholders | -21.9 | -5.8 | ' |
Financing fees | -0.1 | ' | ' |
Net cash used in financing activities | -35.4 | 3.7 | -3.5 |
Effect of exchange rate changes on cash | -1.9 | 0.4 | -0.2 |
Net (decrease) increase in cash & cash equivalents | -38.3 | 26.1 | 5.9 |
Cash & cash equivalents, beginning of period | 39.8 | 13.7 | 7.8 |
Cash & cash equivalents, end of period | 1.5 | 39.8 | 13.7 |
Cott Beverages Inc. [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net income | -15.3 | 30.2 | 0.6 |
Depreciation & amortization | 39.6 | 36.9 | 35.1 |
Amortization of financing fees | 2.6 | 3.3 | 3.3 |
Share-based compensation expense | 2.5 | 2.7 | 1 |
Increase (decrease) in deferred income taxes | 4.5 | 3.6 | 0.1 |
Loss on disposal of property, plant & equipment | 0.3 | 0.7 | 0.4 |
Write-off of financing fees and discount | 4 | ' | ' |
Intangible asset impairments | ' | ' | 1.4 |
Contract termination payments | ' | ' | -2.3 |
Equity (income) loss, net of distributions | -5.2 | -5 | -4.2 |
Intercompany dividends | 6.9 | 5.9 | 9.6 |
Other non-cash items | 0.5 | -0.4 | 1.1 |
Net change in operating assets and liabilities, net of acquisition | 153.9 | -3.9 | 210.4 |
Net cash provided by operating activities | 194.3 | 74 | 256.5 |
Investing Activities | ' | ' | ' |
Acquisition, net of cash received | -4.7 | -4.7 | -34.3 |
Additions to property, plant & equipment | -35.1 | -45.2 | -33.9 |
Additions to intangibles and other assets | -5.9 | -5.1 | -5.3 |
Proceeds from sale of property, plant & equipment | ' | ' | 0.4 |
Proceeds from insurance recoveries | 0.6 | 1.9 | ' |
Other investing activities | ' | ' | -1.8 |
Net cash used in investing activities | -45.1 | -53.1 | -74.9 |
Financing Activities | ' | ' | ' |
Payments of long-term debt | -201.1 | -2.9 | -6.4 |
Borrowings under ABL | 89 | 24.5 | 224.1 |
Payments under ABL | -72.9 | -24.5 | -231.9 |
Advances from affiliates | ' | ' | -156.1 |
Financing fees | -0.6 | -1.2 | ' |
Exercise of options | ' | ' | 0.3 |
Net cash used in financing activities | -185.6 | -4.1 | -170 |
Net (decrease) increase in cash & cash equivalents | -36.4 | 16.8 | 11.6 |
Cash & cash equivalents, beginning of period | 37.5 | 20.7 | 9.1 |
Cash & cash equivalents, end of period | 1.1 | 37.5 | 20.7 |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net income | 34.5 | 50.4 | 35 |
Depreciation & amortization | 48.7 | 48.4 | 48.2 |
Amortization of financing fees | 0.1 | 0.2 | 0.3 |
Share-based compensation expense | 0.4 | 1 | 0.7 |
Increase (decrease) in deferred income taxes | -2.6 | -0.2 | -3.9 |
Gain on bargain purchase | ' | -0.9 | ' |
Loss on disposal of property, plant & equipment | 0.5 | 0.6 | 0.8 |
Equity (income) loss, net of distributions | 7.3 | -30.5 | 0.2 |
Other non-cash items | 0.1 | ' | 3.6 |
Net change in operating assets and liabilities, net of acquisition | -114.8 | 12.8 | -169.6 |
Net cash provided by operating activities | -25.8 | 81.8 | -84.7 |
Investing Activities | ' | ' | ' |
Acquisition, net of cash received | -6.5 | -5 | ' |
Additions to property, plant & equipment | -12.4 | -14.2 | -9.5 |
Additions to intangibles and other assets | ' | 0.5 | -0.1 |
Proceeds from sale of property, plant & equipment | ' | 1 | ' |
Advances to affiliates | ' | ' | 156.1 |
Net cash used in investing activities | -18.9 | -17.7 | 146.5 |
Financing Activities | ' | ' | ' |
Payments of long-term debt | -18.8 | ' | ' |
Borrowings under ABL | 42.9 | ' | ' |
Payments under ABL | -9.2 | ' | ' |
Intercompany dividends | -27.1 | -28 | -29 |
Financing fees | -0.1 | ' | ' |
Net cash used in financing activities | -12.3 | -28 | -29 |
Effect of exchange rate changes on cash | -0.3 | 1.4 | 0.1 |
Net (decrease) increase in cash & cash equivalents | -57.3 | 37.5 | 32.9 |
Cash & cash equivalents, beginning of period | 96.4 | 58.9 | 26 |
Cash & cash equivalents, end of period | 39.1 | 96.4 | 58.9 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net income | 7.9 | 6.3 | 2.8 |
Depreciation & amortization | 6.2 | 5.9 | 6 |
Share-based compensation expense | ' | 0.1 | 0.1 |
Increase (decrease) in deferred income taxes | -0.1 | ' | -0.3 |
Loss on disposal of property, plant & equipment | 0.1 | 0.5 | ' |
Asset impairments | ' | ' | 0.6 |
Other non-cash items | 0.1 | ' | 0.3 |
Net change in operating assets and liabilities, net of acquisition | 0.7 | 8 | 2.6 |
Net cash provided by operating activities | 14.9 | 20.8 | 12.1 |
Investing Activities | ' | ' | ' |
Additions to property, plant & equipment | -1.3 | -2.6 | -0.2 |
Additions to intangibles and other assets | ' | ' | -0.1 |
Proceeds from sale of property, plant & equipment | 0.2 | 1.3 | ' |
Advances to affiliates | 0.3 | -9.7 | 3.6 |
Net cash used in investing activities | -0.8 | -11 | 3.3 |
Financing Activities | ' | ' | ' |
Payments of long-term debt | -0.8 | -0.5 | -0.5 |
Distributions to non-controlling interests | -6.6 | -5.6 | -6 |
Intercompany dividends | -6.9 | -5.9 | -6.4 |
Net cash used in financing activities | -14.3 | -12 | -12.9 |
Effect of exchange rate changes on cash | ' | 0.3 | -0.2 |
Net (decrease) increase in cash & cash equivalents | -0.2 | -1.9 | 2.3 |
Cash & cash equivalents, beginning of period | 5.7 | 7.6 | 5.3 |
Cash & cash equivalents, end of period | 5.5 | 5.7 | 7.6 |
Elimination Entries [Member] | ' | ' | ' |
Operating Activities | ' | ' | ' |
Net income | -22.1 | -82.4 | -34.8 |
Equity (income) loss, net of distributions | 22.1 | 82.4 | 33.6 |
Intercompany dividends | -34 | -33.9 | -35.4 |
Net change in operating assets and liabilities, net of acquisition | ' | ' | 1.2 |
Net cash provided by operating activities | -34 | -33.9 | -35.4 |
Investing Activities | ' | ' | ' |
Advances to affiliates | -0.3 | 9.7 | -159.7 |
Net cash used in investing activities | -0.3 | 9.7 | -159.7 |
Financing Activities | ' | ' | ' |
Advances from affiliates | 0.3 | -9.7 | 159.7 |
Intercompany dividends | 34 | 33.9 | 35.4 |
Net cash used in financing activities | $34.30 | $24.20 | $195.10 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Nov. 15, 2013 | Dec. 28, 2013 | Feb. 19, 2014 | Feb. 11, 2014 | Feb. 19, 2014 |
USD ($) | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
USD ($) | CAD | 2017 Notes [Member] | |||
USD ($) | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Dividend per common share | ' | ' | ' | 0.06 | ' |
Dividend declared date | ' | 11-Feb-14 | ' | ' | ' |
Dividend declared payable date | ' | 28-Mar-14 | ' | ' | ' |
Dividend shareholders date of record | ' | 11-Mar-14 | ' | ' | ' |
Aggregate principal amount of debt to be redeemed | $200 | ' | $15 | ' | $15 |
Redemption price of note as a percentage of par | 104.12% | ' | 104.12% | ' | 104.12% |
Premium payment liability | ' | ' | ' | ' | 0.6 |
Deferred financing fee and discount charges | ' | ' | $0.30 | ' | ' |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | ($44.70) | ($36.70) | ($27.90) |
Reduction in Sales | ' | ' | ' |
Charged to Costs and Expenses | -18.9 | -8.5 | -10.9 |
Charged to Other Accounts | 0.6 | -0.1 | 0.1 |
Deductions | ' | 0.6 | 2 |
Balance at End of Year | -63 | -44.7 | -36.7 |
Accounts Receivables [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | -6.7 | -5.7 | -7 |
Reduction in Sales | ' | ' | ' |
Charged to Costs and Expenses | 0.9 | -1.3 | 0.6 |
Charged to Other Accounts | ' | -0.1 | 0.2 |
Deductions | ' | 0.4 | 0.5 |
Balance at End of Year | -5.8 | -6.7 | -5.7 |
Inventories [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | -10.5 | -8.8 | -8.2 |
Reduction in Sales | ' | ' | ' |
Charged to Costs and Expenses | -2 | -1.6 | -2.1 |
Charged to Other Accounts | 0.5 | -0.3 | ' |
Deductions | ' | 0.2 | 1.5 |
Balance at End of Year | -12 | -10.5 | -8.8 |
Deferred Income Tax Assets [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Year | -27.5 | -22.2 | -12.7 |
Reduction in Sales | ' | ' | ' |
Charged to Costs and Expenses | -17.8 | -5.6 | -9.4 |
Charged to Other Accounts | 0.1 | 0.3 | -0.1 |
Balance at End of Year | ($45.20) | ($27.50) | ($22.20) |