Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 28, 2014 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'COT | ' |
Entity Registrant Name | 'COTT CORP /CN/ | ' |
Entity Central Index Key | '0000884713 | ' |
Current Fiscal Year End Date | '--12-27 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 93,736,940 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations Unaudited (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue, net | $550.90 | $563.80 | $1,026 | $1,069.20 |
Cost of sales | 477.1 | 487.2 | 901.9 | 936.2 |
Gross profit | 73.8 | 76.6 | 124.1 | 133 |
Selling, general and administrative expenses | 46.9 | 41.7 | 89.2 | 83 |
Loss on disposal of property, plant & equipment | 0.4 | 0.3 | 0.5 | 0.3 |
Restructuring and asset impairments | ' | ' | ' | ' |
Restructuring | 0.1 | 2 | 2.3 | 2 |
Asset impairments | 0.3 | 0 | 1.9 | 0 |
Operating income | 26.1 | 32.6 | 30.2 | 47.7 |
Other expense, net | 19.8 | ' | 17.5 | 0.3 |
Interest expense, net | 8.4 | 12.8 | 18.2 | 26.1 |
(Loss) income before income taxes | -2.1 | 19.8 | -5.5 | 21.3 |
Income tax expense | 2.5 | 1.7 | 1.6 | 2.2 |
Net (loss) income | -4.6 | 18.1 | -7.1 | 19.1 |
Less: Net income attributable to non-controlling interests | 1.4 | 1.6 | 2.8 | 2.6 |
Net (loss) income attributed to Cott Corporation | ($6) | $16.50 | ($9.90) | $16.50 |
Net (loss) income per common share attributed to Cott Corporation | ' | ' | ' | ' |
Basic | ($0.06) | $0.17 | ($0.11) | $0.17 |
Diluted | ($0.06) | $0.17 | ($0.11) | $0.17 |
Weighted average outstanding shares (thousands) attributed to Cott Corporation | ' | ' | ' | ' |
Basic | 94,234 | 95,159 | 94,276 | 95,265 |
Diluted | 94,234 | 95,981 | 94,276 | 96,048 |
Dividends declared per share | $0.06 | $0.06 | $0.12 | $0.12 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income Unaudited (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | ||||
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net (loss) income | ($4.60) | $18.10 | ($7.10) | $19.10 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Currency translation adjustment | 8.4 | -4.4 | 6.8 | -16.8 | ||||
Pension benefit plan, net of tax | -0.3 | [1] | 0.2 | [1] | -0.3 | [1] | 0.4 | [1] |
Unrealized gain (loss) on derivative instruments, net of tax | 0.3 | [2] | -0.1 | [2] | 0.2 | [2] | ' | |
Total other comprehensive (loss) income | 8.4 | -4.3 | 6.7 | -16.4 | ||||
Comprehensive income (loss) | 3.8 | 13.8 | -0.4 | 2.7 | ||||
Less: Comprehensive income attributable to non-controlling interests | 1.4 | 1.7 | 2.8 | 2.6 | ||||
Comprehensive income (loss) attributed to Cott Corporation | $2.40 | $12.10 | ($3.20) | $0.10 | ||||
[1] | Net of the effect of nil and $0.1 million tax expense for the three and six months ended June 28, 2014, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and six months ended June 29, 2013, respectively. | |||||||
[2] | Net of the effect of $0.1 million and $0.1 million tax expense for the three and six months ended June 28, 2014, respectively, and net of the effect of $0.1 million and a nil tax benefit for the three and six months ended June 29, 2013, respectively. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income Unaudited (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Pension benefit plan, tax expense | ' | $0.10 | $0.10 | $0.20 |
Unrealized loss on derivative instruments, tax benefit | $0.10 | $0.10 | $0.10 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets Unaudited (USD $) | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||||||
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | $90.90 | $40.60 | $47.20 | $66.80 | $93 | $179.40 |
Accounts receivable, net of allowance of $5.3 ($5.8 as of December 28, 2013) | 285 | ' | 204.4 | ' | ' | ' |
Income taxes recoverable | 1 | ' | 1.1 | ' | ' | ' |
Inventories | 251.4 | ' | 233.1 | ' | ' | ' |
Prepaid expenses and other current assets | 23.4 | ' | 19.3 | ' | ' | ' |
Total current assets | 651.7 | ' | 505.1 | ' | ' | ' |
Property, plant & equipment, net | 479.2 | ' | 483.7 | ' | ' | ' |
Goodwill | 191.1 | ' | 137.3 | ' | ' | ' |
Intangibles and other assets, net | 379.2 | ' | 296.2 | ' | ' | ' |
Deferred income taxes | 5.7 | ' | 3.6 | ' | ' | ' |
Other tax receivable | 0.2 | ' | 0.2 | ' | ' | ' |
Total assets | 1,707.10 | ' | 1,426.10 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 35.8 | ' | 50.8 | ' | ' | ' |
Current maturities of long-term debt | 83.4 | ' | 3.9 | ' | ' | ' |
Accounts payable and accrued liabilities | 356.9 | ' | 298.2 | ' | ' | ' |
Total current liabilities | 476.1 | ' | 352.9 | ' | ' | ' |
Long-term debt | 536.5 | ' | 403.5 | ' | ' | ' |
Deferred income taxes | 62.3 | ' | 41.5 | ' | ' | ' |
Other long-term liabilities | 41.6 | ' | 22.3 | ' | ' | ' |
Total liabilities | 1,116.50 | ' | 820.2 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par - 94,081,120 (December 28, 2013 - 94,238,190) shares issued | 392.1 | ' | 392.8 | ' | ' | ' |
Additional paid-in-capital | 46.6 | ' | 44.1 | ' | ' | ' |
Retained earnings | 154.5 | ' | 176.3 | ' | ' | ' |
Accumulated other comprehensive loss | -10.1 | ' | -16.8 | ' | ' | ' |
Total Cott Corporation equity | 583.1 | ' | 596.4 | ' | ' | ' |
Non-controlling interests | 7.5 | ' | 9.5 | ' | ' | ' |
Total equity | 590.6 | ' | 605.9 | 608.6 | ' | 622.9 |
Total liabilities and equity | $1,707.10 | ' | $1,426.10 | ' | ' | ' |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets Unaudited (Parenthetical) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, net of allowance | $5.30 | $5.80 |
Capital stock, no par value | ' | ' |
Capital stock, shares issued | 94,081,120 | 94,238,190 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows Unaudited (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Operating Activities | ' | ' | ' | ' |
Net (loss) income | ($4.60) | $18.10 | ($7.10) | $19.10 |
Depreciation & amortization | 26 | 24.9 | 51.3 | 49.6 |
Amortization of financing fees | 0.6 | 0.8 | 1.2 | 1.5 |
Share-based compensation expense | 2.1 | 1.8 | 3.4 | 2.5 |
Increase in deferred income taxes | 2.6 | 1.6 | 1.5 | 1.6 |
Write-off of financing fees and discount | 3 | ' | 3.3 | ' |
Loss on disposal of property, plant & equipment | 0.4 | 0.3 | 0.5 | 0.3 |
Asset impairments | 0.3 | 0 | 1.9 | 0 |
Other non-cash items | -0.5 | -0.1 | -0.7 | 0.2 |
Change in operating assets and liabilities, net of acquisitions: | ' | ' | ' | ' |
Accounts receivable | -33 | -29.6 | -66.3 | -57.8 |
Inventories | 8.9 | 2.4 | -7.6 | -10.8 |
Prepaid expenses and other current assets | -1.2 | -1.4 | -1 | -2 |
Other assets | -0.4 | ' | -0.2 | -0.1 |
Accounts payable and accrued liabilities, and other liabilities | 25.8 | 15.2 | -2.7 | -28.9 |
Income taxes recoverable | -0.4 | 0.1 | -0.4 | 0.3 |
Net cash provided by (used in) operating activities | 29.6 | 34.1 | -22.9 | -24.5 |
Investing Activities | ' | ' | ' | ' |
Acquisitions, net of cash received | -80.8 | -6.5 | -80.8 | -6.5 |
Additions to property, plant & equipment | -11.8 | -14.6 | -20.6 | -34.5 |
Additions to intangibles and other assets | -1.3 | -1.7 | -2.8 | -1.9 |
Proceeds from insurance recoveries | ' | ' | ' | 0.4 |
Net cash used in investing activities | -93.9 | -22.8 | -104.2 | -42.5 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | -296.5 | -19.1 | -312.5 | -19.6 |
Issuance of long-term debt | 525 | ' | 525 | ' |
Borrowings under ABL | 188.2 | ' | 283.2 | ' |
Payments under ABL | -284.3 | ' | -299.4 | ' |
Distributions to non-controlling interests | -2.5 | -0.7 | -4.8 | -2.8 |
Financing fees | -7.9 | ' | -7.9 | ' |
Common shares repurchased and cancelled | -2.7 | -5.5 | -3.1 | -8.4 |
Dividends to shareholders | -5.7 | -11.2 | -10.8 | -11.2 |
Net cash (used in) provided by financing activities | 113.6 | -36.5 | 169.7 | -42 |
Effect of exchange rate changes on cash | 1 | -1 | 1.1 | -3.6 |
Net increase (decrease) in cash & cash equivalents | 50.3 | -26.2 | 43.7 | -112.6 |
Cash & cash equivalents, beginning of period | 40.6 | 93 | 47.2 | 179.4 |
Cash & cash equivalents, end of period | 90.9 | 66.8 | 90.9 | 66.8 |
Supplemental Non-cash Investing and Financing Activities: | ' | ' | ' | ' |
Acquisition related deferred consideration | 51.4 | 5.1 | 51.4 | 5.1 |
Financing fees | 1.8 | ' | 1.8 | ' |
Supplemental Disclosures of Cash Flow Information: | ' | ' | ' | ' |
Cash paid for interest | 8.4 | 9.2 | 25 | 25.1 |
Cash (received) paid for income taxes, net | ' | ($0.20) | $0.30 | $0.30 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity Unaudited (USD $) | Total | Director Share Awards [Member] | Common Shares [Member] | Common Shares [Member] | Common Shares [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-Controlling Interests [Member] | |
In Millions, except Share data in Thousands, unless otherwise specified | USD ($) | USD ($) | USD ($) | Director Share Awards [Member] | Time-Based RSUs [Member] | USD ($) | Director Share Awards [Member] | Time-Based RSUs [Member] | USD ($) | USD ($) | USD ($) | |
USD ($) | USD ($) | USD ($) | ||||||||||
Balance at Dec. 29, 2012 | $622.90 | ' | $397.80 | ' | ' | $40.40 | ' | ' | $186 | ($12.40) | $11.10 | |
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 | -5.5 | ' | -2.9 | ' | ' | ' | ' | ' | -2.6 | ' | ' | |
Common shares repurchased and cancelled, shares | ' | ' | -692 | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Time-based RSUs, shares | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | |
Share-based compensation | 1.7 | ' | ' | ' | ' | 1.7 | ' | ' | ' | ' | ' | |
Dividend payment | -11.2 | ' | ' | ' | ' | ' | ' | ' | -11.2 | ' | ' | |
Distributions to non-controlling interests | -2.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.8 | |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Currency translation adjustment | -16.8 | ' | ' | ' | ' | ' | ' | ' | ' | -16.8 | ' | |
Pension benefit plan, net of tax | 0.4 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' |
Net (loss) income | 19.1 | ' | ' | ' | ' | ' | ' | ' | 16.5 | ' | 2.6 | |
Balance at Jun. 29, 2013 | 608.6 | ' | 394.9 | ' | ' | 42.9 | ' | ' | 188.7 | -28.8 | 10.9 | |
Balance, shares at Jun. 29, 2013 | ' | ' | 94,773 | ' | ' | ' | ' | ' | ' | ' | ' | |
Balance at Dec. 28, 2013 | 605.9 | ' | 392.8 | ' | ' | 44.1 | ' | ' | 176.3 | -16.8 | 9.5 | |
Balance, shares at Dec. 28, 2013 | ' | ' | 94,238 | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Director Share Awards | ' | 0.8 | ' | ' | ' | ' | 0.8 | ' | ' | ' | ' | |
Common shares issued - Director Share Awards, shares | ' | ' | ' | 112 | ' | ' | ' | ' | ' | ' | ' | |
Common shares repurchased and cancelled | -3.1 | ' | -2 | ' | ' | ' | ' | ' | -1.1 | ' | ' | |
Common shares repurchased and cancelled, shares | ' | ' | -430 | ' | ' | ' | ' | ' | ' | ' | ' | |
Common shares issued - Time-based RSUs | ' | ' | ' | ' | 1.3 | ' | ' | -1.3 | ' | ' | ' | |
Common shares issued - Time-based RSUs, shares | ' | ' | ' | ' | 161 | ' | ' | ' | ' | ' | ' | |
Share-based compensation | 3 | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | |
Dividend payment | -10.8 | ' | ' | ' | ' | ' | ' | ' | -10.8 | ' | ' | |
Distributions to non-controlling interests | -4.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4.8 | |
Comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Currency translation adjustment | 6.8 | ' | ' | ' | ' | ' | ' | ' | ' | 6.8 | ' | |
Pension benefit plan, net of tax | -0.3 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | -0.3 | ' |
Unrealized gain on derivative instruments, net of tax | 0.2 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' |
Net (loss) income | -7.1 | ' | ' | ' | ' | ' | ' | ' | -9.9 | ' | 2.8 | |
Balance at Jun. 28, 2014 | $590.60 | ' | $392.10 | ' | ' | $46.60 | ' | ' | $154.50 | ($10.10) | $7.50 | |
Balance, shares at Jun. 28, 2014 | ' | ' | 94,081 | ' | ' | ' | ' | ' | ' | ' | ' | |
[1] | Net of the effect of nil and $0.1 million tax expense for the three and six months ended June 28, 2014, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and six months ended June 29, 2013, respectively. | |||||||||||
[2] | Net of the effect of $0.1 million and $0.1 million tax expense for the three and six months ended June 28, 2014, respectively, and net of the effect of $0.1 million and a nil tax benefit for the three and six months ended June 29, 2013, respectively. |
Business_and_Recent_Accounting
Business and Recent Accounting Pronouncements | 6 Months Ended |
Jun. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Business and Recent Accounting Pronouncements | ' |
Note 1— Business and Recent Accounting Pronouncements | |
Description of Business | |
Cott Corporation, together with its consolidated subsidiaries (“Cott,” “the Company,” “our Company,” “Cott Corporation,” “we,” “us,” or “our”), is one of the world’s largest producers of beverages on behalf of retailers, brand owners and distributors. Our product lines include carbonated soft drinks (“CSDs”), 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy drinks and shots, sports products, new age beverages, ready-to-drink teas, beverage concentrates, liquid enhancers, freezables and ready-to-drink alcoholic beverages, as well as hot chocolate, coffee, malt drinks, creamers/whiteners and cereals. | |
Basis of Presentation | |
The accompanying interim unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements in conformity with U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 28, 2013. The accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements. | |
The presentation of these interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. | |
During the six months ended June 28, 2014, we recorded out-of-period adjustments which decreased net income by approximately $0.7 million, which related to 2013 and were primarily associated with fixed assets and accrued liabilities. We evaluated the total out-of-period adjustments in relation to the current period, which is when the adjustments were recorded, as well as the period in which they originated and concluded these adjustments are not material to either the consolidated quarterly or annual financial statements for all impacted periods. | |
Recent Accounting Pronouncements | |
Update ASU 2013-11—Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
In July 2013, the Financial Accounting Standards Board (“FASB”) amended its guidance regarding the information provided in relation to the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. For public entities, the amendments are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We have adopted this guidance and incorporated it into the presentation of our consolidated financial statements. | |
Update ASU 2014-09—Revenue from Contracts with Customers (Topic 606) | |
In May 2014, the FASB amended its guidance regarding revenue recognition and created a new Topic 606, Revenue from Contracts with Customers. The objectives for creating Topic 606 were to remove inconsistencies and weaknesses in revenue recognition, provide a more robust framework for addressing revenue issues, provide more useful information to users of the financial statements through improved disclosure requirements, simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer, and improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, an entity should apply the following steps: 1) identify the contract(s) with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The amendments may be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the amendment recognized at the date of initial application. We are currently assessing the impact of adoption of this standard on our consolidated financial statements. | |
Update ASU 2014-12—Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period | |
In June 2014, the FASB amended its guidance regarding accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. The stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The amendments may be applied prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We believe that the adoption of these amendments will not have a material impact on our consolidated financial statements. | |
Acquisitions
Acquisitions | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Acquisitions | ' | ||||||||||||||||
Note 2—Acquisitions | |||||||||||||||||
Aimia Acquisition | |||||||||||||||||
On May 30, 2014 (the “Acquisition Date”), our United Kingdom (“U.K.”) reporting segment acquired 100 percent of the share capital of Aimia Foods (Holdings) Limited (the “Aimia Acquisition”), which includes its operating subsidiary company, Aimia Foods Limited (together referred as “Aimia”) pursuant to a Share Purchase Agreement dated May 30, 2014. Aimia produces and distributes hot chocolate, coffee and cold cereal products primarily through food service, vending and retail channels. The aggregate purchase price for the Aimia Acquisition was £52.1 million ($87.6 million) payable in cash, which included a payment for estimated closing balance sheet working capital, £19.9 million ($33.5 million) in deferred consideration to be paid by September 30, 2014, and aggregate contingent consideration of up to £16.0 million ($26.9 million), which is payable upon the achievement of certain performance measures during the twelve months ending July 1, 2016 (the “Earn Out Period”). | |||||||||||||||||
The total consideration paid by us for the Aimia Acquisition, subject to final working capital adjustments, is summarized below: | |||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||
Cash | $ | 80.4 | |||||||||||||||
Deferred consideration | 33.5 | ||||||||||||||||
Contingent consideration 1 | 17.9 | ||||||||||||||||
Working capital payment | 7.2 | ||||||||||||||||
Total consideration | $ | 139 | |||||||||||||||
1 | Represents the estimated present value of the contingent consideration based on probability of achievement of performance targets recorded at fair value. | ||||||||||||||||
Our primary reasons for the Aimia Acquisition were to diversify Cott’s product portfolio, packaging formats and channel mix, and enhance our customer offering and growth prospects. | |||||||||||||||||
The Aimia 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 valuations. The results of operations of Aimia have been included in our operating results beginning as of the Acquisition Date. We allocated the total purchase price exchanged for Aimia 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 sellers are entitled to contingent consideration of up to a maximum of £16.0 million ($26.9 million), based on the exchange rate on the Acquisition Date, which will be due by us if Aimia meets certain targets relating to net income plus interest, income taxes, depreciation and amortization (“EBITDA”) for the twelve months ending July 1, 2016. We estimated the fair value of the contingent consideration based on financial projections of the acquired business and estimated probabilities of achievement of the EBITDA targets. We believe that our estimates and assumptions are reasonable, but there is significant judgment involved. Changes in the fair value of contingent consideration liabilities subsequent to the acquisition will be recorded in our Consolidated Statements of Operations. The fair value of the contingent consideration was determined to be £10.6 million ($17.9 million) using a present valued probability-weighted income approach. Key assumptions include probability-adjusted EBITDA amounts with discount rates consistent with the level of risk of achievement. | |||||||||||||||||
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 Aimia Acquisition. The allocation of the purchase price is based on a preliminary valuation that is expected to be completed by the end of 2014. Any adjustment may affect the total purchase price and amount of goodwill. | |||||||||||||||||
(in millions of U.S. dollars) | Acquired Value | ||||||||||||||||
Cash | $ | 9.5 | |||||||||||||||
Accounts receivable | 11 | ||||||||||||||||
Inventories | 9.6 | ||||||||||||||||
Prepaid expenses and other assets | 1.9 | ||||||||||||||||
Property, plant & equipment | 10.5 | ||||||||||||||||
Goodwill | 52.8 | ||||||||||||||||
Intangibles and other assets | 86.2 | ||||||||||||||||
Accounts payable and accrued liabilities | (25.4 | ) | |||||||||||||||
Deferred tax liabilities | (17.1 | ) | |||||||||||||||
Total | $ | 139 | |||||||||||||||
The Company recognized $1.8 million of acquisition related costs associated with the Aimia Acquisition that were expensed during the three and six month period ended June 28, 2014. These costs are included in the selling, general, and administrative expenses of our Consolidated Statements of Operations in accordance with ASC 805, “Business Combinations.” | |||||||||||||||||
Intangible Assets | |||||||||||||||||
In our preliminary determination of the fair value of the intangible assets, we considered, among other factors, the best use of acquired assets, analysis of historical financial performance and estimates of future performance of Aimia’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 Aimia’s and our management. The following table sets forth the components of identified intangible assets associated with the Aimia Acquisition and their estimated weighted average useful lives: | |||||||||||||||||
(in millions of U.S. dollars) | Estimated Fair | Estimated | |||||||||||||||
Market Value | Useful Life | ||||||||||||||||
Customer relationships | $ | 76.5 | 15 years | ||||||||||||||
Trademarks and trade names | 1.5 | 20 years | |||||||||||||||
Non-competition agreements | 2.9 | 5 years | |||||||||||||||
Total | $ | 80.9 | |||||||||||||||
Customer relationships represent future projected revenue that will be derived from sales to existing customers of Aimia. | |||||||||||||||||
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 Aimia Acquisition, certain key employees of Aimia executed non-competition agreements, which prevent those employees from competing with us in the specified restricted territories for a period of time from the Acquisition Date. The value of the Aimia business could be materially diminished without these noncompetition agreements. | |||||||||||||||||
Goodwill | |||||||||||||||||
The principal factor that resulted in recognition of goodwill was that the purchase price for the Aimia Acquisition was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the Aimia Acquisition was allocated to the U.K. reporting segment, none of which is expected to be tax deductible. | |||||||||||||||||
Selected Financial Data (unaudited) | |||||||||||||||||
The following unaudited financial information from the Acquisition Date through June 28, 2014 represents the activity of Aimia that has been combined with our operations as of the Acquisition Date. | |||||||||||||||||
(in millions of U.S. dollars) | For the period | ||||||||||||||||
from | |||||||||||||||||
May 30, 2014 | |||||||||||||||||
through | |||||||||||||||||
June 28, 2014 | |||||||||||||||||
Revenue | $ | 7 | |||||||||||||||
Net loss | (1.2 | ) | |||||||||||||||
Calypso Acquisition | |||||||||||||||||
In June 2013, our U.K. reporting segment acquired 100 percent of the share capital of Cooke Bros. Holdings Limited (the “Calypso Acquisition”), which includes its subsidiary companies Calypso Soft Drinks Limited and Mr. Freeze (Europe) Limited (together, “Calypso”). Calypso produces fruit juices, juice drinks, soft drinks, and freeze products in the United Kingdom. The aggregate purchase price for the acquisition of Calypso was $12.1 million, which includes approximately $7.0 million paid at closing, a deferred payment of approximately $2.3 million paid on the first anniversary of the closing date, and a deferred payment of approximately $3.0 million to be paid on the second anniversary of the closing date. In connection with the Calypso Acquisition, we paid $18.5 million of outstanding debt of the acquired companies. The closing payment and the first deferred payment were funded from available cash. | |||||||||||||||||
The total consideration paid by us in the Calypso Acquisition is summarized below: | |||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||
Cash | $ | 7 | |||||||||||||||
Deferred consideration 1 | 5.1 | ||||||||||||||||
Total consideration | $ | 12.1 | |||||||||||||||
1. | Principal amount of $5.3 million discounted to present value. | ||||||||||||||||
Our primary reasons for the Calypso Acquisition were to expand Cott’s product portfolio and enhance our customer offering and growth prospects. | |||||||||||||||||
Supplemental Pro Forma Data (unaudited) | |||||||||||||||||
The following unaudited pro forma financial information for the three and six months ended June 28, 2014 and June 29, 2013 represent the combined results of our operations as if the Aimia Acquisition and the Calypso Acquisition had occurred on December 30, 2012. The unaudited pro forma results reflect certain adjustments related to these acquisitions such as increased amortization expense on acquired intangible assets resulting from the preliminary fair valuation of assets acquired. 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 periods. | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
(in millions of U.S. dollars, except share amounts) | June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue | $ | 567.8 | $ | 599.7 | $ | 1,072.70 | $ | 1,140.80 | |||||||||
Net (loss) income | (4.6 | ) | 18.9 | (6.0 | ) | 20.6 | |||||||||||
Net (loss) income per common share, diluted | $ | (0.05 | ) | $ | 0.2 | $ | (0.06 | ) | $ | 0.21 | |||||||
Cliffstar Acquisition | |||||||||||||||||
On August 17, 2010, we completed the acquisition of substantially all of the assets and liabilities of Cliffstar Corporation (“Cliffstar”) and its affiliated companies (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. 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. |
Restructuring_and_Asset_Impair
Restructuring and Asset Impairments | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring and Asset Impairments | ' | ||||||||||||||||
Note 3—Restructuring and Asset Impairments | |||||||||||||||||
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, asset impairments, and other employment related costs. During the first quarter of 2014, we implemented one such program, which involved the closure of two of our smaller plants, one located in North America and another one located in the United Kingdom (the “2014 Restructuring Plan”). The plant closures are expected to be completed by the end of our 2014 fiscal year and will result in cash charges associated with employee redundancy costs and relocation of assets, and non-cash charges related to asset impairments and accelerated depreciation on property, plant and equipment. In connection with the 2014 Restructuring Plan, we expect to incur total charges of approximately $5.0 million to $6.0 million. We also implemented a plan in June 2013, which consisted primarily of headcount reductions. | |||||||||||||||||
The following table summarizes restructuring charges for the three and six months ended June 28, 2014 and June 29, 2013, respectively: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
(in millions of U.S. dollars) | June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
North America | $ | 0.1 | $ | 1 | $ | 2.2 | $ | 1 | |||||||||
United Kingdom | — | 0.7 | 0.1 | 0.7 | |||||||||||||
Mexico | — | 0.3 | — | 0.3 | |||||||||||||
Total | $ | 0.1 | $ | 2 | $ | 2.3 | $ | 2 | |||||||||
There were no asset impairment charges for the three and six months ended June 29, 2013. The following table summarizes asset impairment charges for the three and six months ended June 28, 2014: | |||||||||||||||||
(in millions of U.S. dollars) | For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 28, 2014 | June 28, 2014 | ||||||||||||||||
North America | $ | — | $ | 0.9 | |||||||||||||
United Kingdom | 0.3 | 1 | |||||||||||||||
Total | $ | 0.3 | $ | 1.9 | |||||||||||||
The following tables summarize our restructuring liability as of June 28, 2014, along with charges to costs and expenses and cash payments: | |||||||||||||||||
2014 Restructuring Plan: | |||||||||||||||||
North America | |||||||||||||||||
(in millions of U.S. dollars) | Balance at | Charges to costs | Cash payments | Balance at | |||||||||||||
December 28, | and expenses | June 28, | |||||||||||||||
2013 | 2014 | ||||||||||||||||
Restructuring liability | $ | — | $ | 2.2 | $ | (2.2 | ) | $ | — | ||||||||
$ | — | $ | 2.2 | $ | (2.2 | ) | $ | — | |||||||||
United Kingdom | |||||||||||||||||
(in millions of U.S. dollars) | Balance at | Charges to costs | Cash payments | Balance at | |||||||||||||
December 28, | and expenses | June 28, | |||||||||||||||
2013 | 2014 | ||||||||||||||||
Restructuring liability | $ | — | $ | 0.1 | $ | (0.1 | ) | $ | — | ||||||||
$ | — | $ | 0.1 | $ | (0.1 | ) | $ | — | |||||||||
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Note 4—Share-Based Compensation | |||||||||||||||||
The table below summarizes the share-based compensation expense for the three and six months ended June 28, 2014 and June 29, 2013, respectively. This share-based compensation expense was recorded in selling, general, and administrative expenses in our Consolidated Statements of Operations. As used below: (i) “Performance-based RSUs” mean restricted share units with performance-based vesting granted under the Company’s 2010 Equity Incentive Plan (the “2010 Equity Incentive Plan”) or Amended and Restated Equity 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, and (iii) “Stock options” mean non-qualified stock options granted under the Amended and Restated Equity Plan, the 2010 Equity Incentive Plan, or the Restated 1986 Common Share Option Plan, as amended (the “Option Plan”), as the case may be, and (iv) “Director 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 Three Months Ended | For the Six Months Ended | ||||||||||||||||
(in millions of U.S. dollars) | June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | $ | 0.4 | $ | 0.3 | $ | 0.8 | $ | 0.4 | |||||||||
Performance-based RSUs | 0.6 | 0.2 | 0.8 | 0.4 | |||||||||||||
Time-based RSUs | 0.7 | 0.5 | 1.4 | 0.9 | |||||||||||||
Director share awards | 0.4 | 0.8 | 0.4 | 0.8 | |||||||||||||
Total | $ | 2.1 | $ | 1.8 | $ | 3.4 | $ | 2.5 | |||||||||
As of June 28, 2014, 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 June 28, 2014 | compensation | ||||||||||||||||
Stock options | $ | 2.5 | 2 | ||||||||||||||
Performance-based RSUs | 2.1 | 2.3 | |||||||||||||||
Time-based RSUs | 4.5 | 2 | |||||||||||||||
Director share awards | 0.4 | 0.5 | |||||||||||||||
Total | $ | 9.5 | |||||||||||||||
Stock option activity for the six months ended June 28, 2014 was as follows: | |||||||||||||||||
Shares | Weighted average | ||||||||||||||||
(in thousands) | exercise price | ||||||||||||||||
Balance at December 28, 2013 | 830 | $ | 8.17 | ||||||||||||||
Awarded | 441 | 8 | |||||||||||||||
Forfeited or expired | (50 | ) | 16.45 | ||||||||||||||
Outstanding at June 28, 2014 | 1,221 | $ | 7.77 | ||||||||||||||
Exercisable at June 28, 2014 | 113 | $ | 4.94 | ||||||||||||||
During the six months ended June 28, 2014, Performance-based RSU and Time-based RSU activity was as follows: | |||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Performance- | Average | Time-based | Average | ||||||||||||||
based RSUs | Grant-Date | RSUs | Grant-Date | ||||||||||||||
(in thousands) | Fair Value | (in thousands) | Fair Value | ||||||||||||||
Balance at December 28, 2013 | 534 | $ | 7.81 | 831 | $ | 8.04 | |||||||||||
Awarded | 274 | 8 | 368 | 8 | |||||||||||||
Issued | — | — | (161 | ) | 8.2 | ||||||||||||
Forfeited | (26 | ) | 7.94 | (53 | ) | 8.4 | |||||||||||
Outstanding at June 28, 2014 | 782 | $ | 7.87 | 985 | $ | 7.98 | |||||||||||
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 without giving effect to these restrictions. | |||||||||||||||||
Certain outstanding stock options were granted under the Option Plan. Our board of directors terminated the Option Plan as of February 23, 2011, and no further awards will be granted under it. In connection with the termination of the Option Plan, outstanding options will continue in accordance with the terms of the Option Plan until exercised, forfeited or terminated, as applicable. |
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 28, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 5—Income Taxes | |
Income tax expense was $1.6 million on pre-tax loss of $5.5 million for the six months ended June 28, 2014, as compared to an income tax expense of $2.2 million on pre-tax income of $21.3 million for the six months ended June 29, 2013. This is the result of pre-tax income in certain jurisdictions that is not offset by pre-tax losses in other jurisdictions that have valuation allowances. |
Net_Loss_Income_Per_Common_Sha
Net (Loss) Income Per Common Share | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net (Loss) Income Per Common Share | ' | ||||||||||||||||
Note 6—Net (Loss) Income Per Common Share | |||||||||||||||||
Basic net (loss) income per common share is computed by dividing net (loss) 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. Diluted net loss per common share is equivalent to basic net loss per common share. | |||||||||||||||||
A reconciliation of the denominators of the basic and diluted net income per common share computations is as follows: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
(in thousands) | June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average number of shares outstanding - basic | 94,234 | 95,159 | 94,276 | 95,265 | |||||||||||||
Dilutive effect of stock options | — | 62 | — | 55 | |||||||||||||
Dilutive effect of Performance-based RSUs | — | 275 | — | 266 | |||||||||||||
Dilutive effect of Time-based RSUs | — | 485 | — | 462 | |||||||||||||
Adjusted weighted average number of shares outstanding - diluted | 94,234 | 95,981 | 94,276 | 96,048 | |||||||||||||
At June 28, 2014, we excluded 832,951 (June 29, 2013—442,131) stock options from the computation of diluted net (loss) income per share because the options’ exercise price was greater than the average market price of the common shares. In addition, we excluded the impact of the remaining stock options, Performance-based RSU’s and Time-based RSUs from the computation of diluted net loss per share for the three and six months ended June 28, 2014 as they were considered anti-dilutive for purposes of calculating loss per share. |
Segment_Reporting
Segment Reporting | 6 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||
Note 7—Segment Reporting | |||||||||||||||||||||
Our product lines include CSDs, 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy drinks and shots, sports products, new age beverages, ready-to-drink teas, beverage concentrates, liquid enhancers, freezables and ready-to-drink alcoholic beverages, as well as hot chocolate, coffee, malt drinks, creamers/whiteners and cereal. 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 operating segment and our Continental European operating segment), and 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. 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. | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Corporate | Total | ||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
For the Three Months Ended June 28, 2014 | |||||||||||||||||||||
External revenue 1 | $ | 373.5 | $ | 159.1 | $ | 18.3 | $ | — | $ | 550.9 | |||||||||||
Depreciation and amortization | 20.6 | 4.9 | 0.5 | — | 26 | ||||||||||||||||
Operating income (loss) | 15.1 | 10.8 | 3.1 | (2.9 | ) | 26.1 | |||||||||||||||
Additions to property, plant and equipment | 7.2 | 4.6 | — | — | 11.8 | ||||||||||||||||
For the Six Months Ended June 28, 2014 | |||||||||||||||||||||
External revenue 1 | $ | 718.2 | $ | 274.7 | $ | 33.1 | $ | — | $ | 1,026.00 | |||||||||||
Depreciation and amortization | 41.5 | 8.9 | 0.9 | — | 51.3 | ||||||||||||||||
Operating income (loss) | 17.4 | 13 | 5.6 | (5.8 | ) | 30.2 | |||||||||||||||
Additions to property, plant and equipment | 13 | 7.6 | — | — | 20.6 | ||||||||||||||||
As of June 28, 2014 | |||||||||||||||||||||
Property, plant and equipment | 347.2 | 123 | 9 | — | 479.2 | ||||||||||||||||
Goodwill | 123.9 | 62.7 | 4.5 | — | 191.1 | ||||||||||||||||
Intangibles and other assets | 265.2 | 113.8 | 0.2 | — | 379.2 | ||||||||||||||||
Total assets 2 | 1,147.80 | 523.2 | 36.1 | — | 1,707.10 | ||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $6.1 million and $12.2 million for the three and six months ended June 28, 2014, respectively. | ||||||||||||||||||||
2. | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Corporate | Total | ||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
For the Three Months Ended June 29, 2013 | |||||||||||||||||||||
External revenue 1 | $ | 418.1 | $ | 127.9 | $ | 17.8 | $ | — | $ | 563.8 | |||||||||||
Depreciation and amortization | 21.1 | 3.3 | 0.5 | — | 24.9 | ||||||||||||||||
Operating income (loss) | 23.8 | 9.1 | 2.6 | (2.9 | ) | 32.6 | |||||||||||||||
Additions to property, plant and equipment | 10.4 | 3.7 | 0.5 | — | 14.6 | ||||||||||||||||
For the Six Months Ended June 29, 2013 | |||||||||||||||||||||
External revenue 1 | $ | 811.3 | $ | 225.3 | $ | 32.6 | $ | — | $ | 1,069.20 | |||||||||||
Depreciation and amortization | 42.1 | 6.5 | 1 | — | 49.6 | ||||||||||||||||
Operating income (loss) | 40.5 | 9.1 | 3.9 | (5.8 | ) | 47.7 | |||||||||||||||
Additions to property, plant and equipment | 24.9 | 8.3 | 1.3 | — | 34.5 | ||||||||||||||||
As of December 28, 2013 | |||||||||||||||||||||
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 assets 2 | 1,089.50 | 296.3 | 40.3 | — | 1,426.10 | ||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $5.4 million and $9.2 million for the three and six months ended June 29, 2013, respectively. | ||||||||||||||||||||
2 | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||
For the six months ended June 28, 2014, sales to Walmart accounted for 27.0% (June 29, 2013—30.7%) of our total revenue, 33.3% of our North America reporting segment revenue (June 29, 2013—36.1%), 13.3% of our U.K. reporting segment revenue (June 29, 2013—14.8%) and 2.2% of our All Other reporting segment revenue (June 29, 2013—5.4%). | |||||||||||||||||||||
Credit risk arises from the potential default of a customer in meeting its financial obligations to us. Concentrations of credit exposure may arise with a group of customers that have similar economic characteristics or that are located in the same geographic region. The ability of such customers to meet obligations would be similarly affected by changing economic, political or other conditions. We are not currently aware of any facts that would create a material credit risk. | |||||||||||||||||||||
Revenues are attributed to operating segments based on the location of the customer. Revenues by operating segment were as follows: | |||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
(in millions of U.S. dollars) | June 28, | June 29, | June 28, | June 29, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
United States | $ | 340.4 | $ | 367.8 | $ | 664.5 | $ | 722.6 | |||||||||||||
Canada | 49.7 | 62.1 | 87 | 109.6 | |||||||||||||||||
United Kingdom | 159.1 | 127.9 | 274.7 | 225.3 | |||||||||||||||||
All Other | 18.3 | 17.8 | 33.1 | 32.6 | |||||||||||||||||
Elimination 1 | (16.6 | ) | (11.8 | ) | (33.3 | ) | (20.9 | ) | |||||||||||||
Total | $ | 550.9 | $ | 563.8 | $ | 1,026.00 | $ | 1,069.20 | |||||||||||||
1. | Represents intersegment revenue among our operating segments, of which $6.1 million and $12.2 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and six months ended June 28, 2014, respectively, compared to $5.4 million and $9.2 million for the three and six months ended June 29, 2013, respectively. | ||||||||||||||||||||
During the second quarter of 2014, we reclassified certain products in our North America reporting segment which impacts revenue by product but does not impact total revenue. Prior year reported revenue by product for our North America reporting segment has been revised to reflect this reclassification. Revenues by product by reporting segment were as follows: | |||||||||||||||||||||
For the Three Months Ended June 28, 2014 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Total | |||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 133.7 | $ | 47.9 | $ | 2.4 | $ | 184 | |||||||||||||
Juice and drinks | 106.8 | 13.7 | 1 | 121.5 | |||||||||||||||||
Concentrate | 4 | 0.5 | 7.6 | 12.1 | |||||||||||||||||
Sparkling Waters/Mixers | 78.5 | 21.6 | 0.8 | 100.9 | |||||||||||||||||
Energy | 6.7 | 34.1 | 2.9 | 43.7 | |||||||||||||||||
All other products | 43.8 | 41.3 | 3.6 | 88.7 | |||||||||||||||||
Total | $ | 373.5 | $ | 159.1 | $ | 18.3 | $ | 550.9 | |||||||||||||
For the Six Months Ended June 28, 2014 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Total | |||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 254.2 | $ | 86 | $ | 3.6 | $ | 343.8 | |||||||||||||
Juice and drinks | 225.8 | 25.5 | 1.7 | 253 | |||||||||||||||||
Concentrate | 7.6 | 1.2 | 13.5 | 22.3 | |||||||||||||||||
Sparkling Waters/Mixers | 144.1 | 38.2 | 1.6 | 183.9 | |||||||||||||||||
Energy | 13.3 | 61.1 | 4.6 | 79 | |||||||||||||||||
All other products | 73.2 | 62.7 | 8.1 | 144 | |||||||||||||||||
Total | $ | 718.2 | $ | 274.7 | $ | 33.1 | $ | 1,026.00 | |||||||||||||
For the Three Months Ended June 29, 2013 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Total | |||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 168.8 | $ | 40 | $ | 3.8 | $ | 212.6 | |||||||||||||
Juice and drinks | 108.6 | 5.6 | 0.9 | 115.1 | |||||||||||||||||
Concentrate | 2.8 | 0.6 | 7.3 | 10.7 | |||||||||||||||||
Sparkling Waters/Mixers | 79.9 | 18.4 | 1 | 99.3 | |||||||||||||||||
Energy | 8.3 | 36.8 | 1.5 | 46.6 | |||||||||||||||||
All other products | 49.7 | 26.5 | 3.3 | 79.5 | |||||||||||||||||
Total | $ | 418.1 | $ | 127.9 | $ | 17.8 | $ | 563.8 | |||||||||||||
For the Six Months Ended June 29, 2013 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Total | |||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 319.7 | $ | 72.7 | $ | 7.4 | $ | 399.8 | |||||||||||||
Juice and drinks | 225.8 | 8.7 | 1.4 | 235.9 | |||||||||||||||||
Concentrate | 5.9 | 1.2 | 14.1 | 21.2 | |||||||||||||||||
Sparkling Waters/Mixers | 149.3 | 33.1 | 2.3 | 184.7 | |||||||||||||||||
Energy | 14.4 | 64.8 | 3.1 | 82.3 | |||||||||||||||||
All other products | 96.2 | 44.8 | 4.3 | 145.3 | |||||||||||||||||
Total | $ | 811.3 | $ | 225.3 | $ | 32.6 | $ | 1,069.20 | |||||||||||||
Property, plant and equipment, net by geographic area as of June 28, 2014 and December 28, 2013 were as follows: | |||||||||||||||||||||
(in millions of U.S. dollars) | June 28, | December 28, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
United States | $ | 306 | $ | 319.5 | |||||||||||||||||
Canada | 41.2 | 43.8 | |||||||||||||||||||
United Kingdom | 123 | 111 | |||||||||||||||||||
All Other | 9 | 9.4 | |||||||||||||||||||
Total | $ | 479.2 | $ | 483.7 | |||||||||||||||||
Inventories
Inventories | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 8—Inventories | |||||||||
The following table summarizes inventories as of June 28, 2014 and December 28, 2013: | |||||||||
(in millions of U.S. dollars) | June 28, | December 28, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 91.5 | $ | 89 | |||||
Finished goods | 141.3 | 126.3 | |||||||
Other | 18.6 | 17.8 | |||||||
Total | $ | 251.4 | $ | 233.1 | |||||
Intangibles_and_Other_Assets
Intangibles and Other Assets | 6 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangibles and Other Assets | ' | ||||||||||||
Note 9—Intangibles and Other Assets | |||||||||||||
The following table summarizes intangibles and other assets as of June 28, 2014: | |||||||||||||
June 28, 2014 | |||||||||||||
(in millions of U.S. dollars) | Cost | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Intangibles | |||||||||||||
Not subject to amortization | |||||||||||||
Rights | $ | 45 | $ | — | $ | 45 | |||||||
Subject to amortization | |||||||||||||
Customer relationships | 458.2 | 181.1 | 277.1 | ||||||||||
Trademarks | 34.4 | 26.3 | 8.1 | ||||||||||
Information technology | 53.7 | 32.2 | 21.5 | ||||||||||
Other | 9.3 | 4.2 | 5.1 | ||||||||||
555.6 | 243.8 | 311.8 | |||||||||||
600.6 | 243.8 | 356.8 | |||||||||||
Other Assets | |||||||||||||
Financing costs | 24 | 8.6 | 15.4 | ||||||||||
Deposits | 1.1 | — | 1.1 | ||||||||||
Other | 6 | 0.1 | 5.9 | ||||||||||
31.1 | 8.7 | 22.4 | |||||||||||
Total Intangibles & Other Assets | $ | 631.7 | $ | 252.5 | $ | 379.2 | |||||||
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. | |||||||||||||
Amortization expense of intangible and other assets was $8.8 million and $17.2 million for the three and six months ended June 28, 2014, respectively, compared to $8.7 million and $17.3 million for the comparable prior year periods. | |||||||||||||
The estimated amortization expense for intangibles over the next five years is: | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Remainder of 2014 | $ | 18.6 | |||||||||||
2015 | 37.8 | ||||||||||||
2016 | 33.4 | ||||||||||||
2017 | 26.9 | ||||||||||||
2018 | 26.1 | ||||||||||||
Thereafter | 169 | ||||||||||||
Total | $ | 311.8 | |||||||||||
Debt
Debt | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
Note 10—Debt | |||||||||
Our total debt as of June 28, 2014 and December 28, 2013 was as follows: | |||||||||
(in millions of U.S. dollars) | June 28, 2014 | December 28, 2013 | |||||||
8.375% senior notes due in 2017 1 | $ | — | $ | 15 | |||||
8.125% senior notes due in 2018 | 79.1 | 375 | |||||||
5.375% senior notes due in 2022 | 525 | — | |||||||
ABL facility | 35.8 | 50.8 | |||||||
GE Term Loan | 9.4 | 10.3 | |||||||
Capital leases and other debt financing | 6.4 | 7.2 | |||||||
Total debt | 655.7 | 458.3 | |||||||
Less: Short-term borrowings and current debt: | |||||||||
ABL facility | 35.8 | 50.8 | |||||||
Total short-term borrowings | 35.8 | 50.8 | |||||||
GE Term Loan - current maturities | 2 | 1.9 | |||||||
Capital leases and other financing - current maturities | 2.3 | 2 | |||||||
8.125% senior notes due in 2018 - current maturities | 79.1 | — | |||||||
Total current debt | 119.2 | 54.7 | |||||||
Long-term debt before discount | 536.5 | 403.6 | |||||||
Less discount on 8.375% notes | — | (0.1 | ) | ||||||
Total long-term debt | $ | 536.5 | $ | 403.5 | |||||
1. | Our 8.375% senior notes were issued at a discount of 1.425% on November 13, 2009. | ||||||||
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 $375.0 million of 8.125% senior notes that are due on September 1, 2018 (the “2018 Notes”) and the application of net proceeds therefrom, the underwritten public offering of 13,340,000 common shares at a price of $5.67 per share and the application of net proceeds therefrom and to increase the amount available for borrowings to $275.0 million. We drew down a portion of the indebtedness under the ABL facility in order to fund the Cliffstar Acquisition. We incurred $5.4 million of financing fees in connection with the refinancing of the ABL facility. | |||||||||
On July 19, 2012, we amended the ABL facility to, among other things, extend the maturity date to July 19, 2017. We incurred $1.2 million of financing fees in connection with the amendment of the ABL facility. | |||||||||
On October 22, 2013, we amended the ABL facility to, among other things, (1) provide for an increase in the lenders’ commitments under the ABL facility to $300.0 million, as well as to increase 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 October 22, 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. | |||||||||
On May 28, 2014, we amended the ABL facility to increase our ability to incur certain unsecured debt and earnout consideration for permitted acquisitions, as well as to allow us to add additional borrowers and to designate additional guarantors to be included in the borrowing base calculation. We incurred approximately $0.2 million of financing fees in connection with the amendment of the ABL facility. These costs are included in the selling, general, and administrative expenses of our Consolidated Statements of Operations. | |||||||||
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 amendments of the ABL facility, other than the amendment on May 28, 2014, are being amortized using the straight-line method over the duration of the amended ABL facility. Each of the amendments, with the exception of the amendment on May 28, 2014, was considered to be a modification of the original agreement under GAAP. | |||||||||
As of June 28, 2014, we had $35.8 million of outstanding borrowings under the ABL facility. The commitment fee was 0.375% per annum of the unused commitment, which, taking into account $6.9 million of letters of credit, was $251.8 million as of June 28, 2014. | |||||||||
5.375% Senior Notes due in 2022 | |||||||||
On June 24, 2014, we issued $525.0 million of the 5.375% senior notes due 2022 (the “2022 Notes”) to qualified purchasers in a private placement under Rule 144A and Regulation S under the Securities Act of 1933. The issuer of the 2022 Notes is our wholly-owned U.S. subsidiary Cott Beverages Inc., and we and most of our U.S., Canadian and United Kingdom subsidiaries guarantee the 2022 Notes. The interest on the 2022 Notes is payable semi-annually on January 1st and July 1st of each year commencing on January 1, 2015. | |||||||||
We incurred $9.7 million of financing fees in connection with the issuance of the 2022 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 2022 Notes. | |||||||||
8.125% Senior Notes due in 2018 | |||||||||
On August 17, 2010, we issued the 2018 Notes. The issuer of the 2018 Notes is our wholly-owned U.S. subsidiary Cott Beverages Inc., and we and most of our U.S., Canadian and 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. | |||||||||
On June 24, 2014, we used a portion of the proceeds from our issuance of the 2022 Notes to purchase $295.9 million aggregate principal amount of our 2018 Notes in a cash tender offer. The tender offer included approximately $16.2 million in premium payments as well as accrued interest of $7.5 million and approximately $3.2 million in deferred financing fees and other costs. | |||||||||
On July 9, 2014 and July 24, 2014, we redeemed all of the remaining $79.1 million aggregate principal amount of our 2018 Notes. The redemption included approximately $3.8 million in premium payments as well as accrued interest of approximately $2.5 million and approximately $0.8 million in deferred financing fees. | |||||||||
8.375% Senior Notes due in 2017 | |||||||||
On November 13, 2009, we issued $215.0 million of the 8.375% senior notes due 2017 (the “2017 Notes”). The 2017 Notes were issued at a $3.1 million discount. The issuer of the 2017 Notes was our wholly-owned U.S. subsidiary Cott Beverages Inc., and we and most of our U.S., Canadian and United Kingdom subsidiaries guaranteed the 2017 Notes. The interest on the 2017 Notes was 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. | |||||||||
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 of the remaining $15.0 million aggregate principal amount of the 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 General Electric Capital Corporation (“GE Capital”) for the lease of equipment. In September 2013, we purchased the equipment subject to the lease for an aggregate purchase price of $10.7 million, with the financing for such purchase provided by GE Capital at 5.23% interest. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 6 Months Ended | ||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||||
Note 11—Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||
Changes in accumulated other comprehensive (loss) income by component1 for the six months ended June 28, 2014 were as follows: | |||||||||||||||||||
June 28, 2014 | |||||||||||||||||||
(in millions of U.S. dollars) | Gains and Losses | Pension | Currency | Total | |||||||||||||||
on Derivative | Benefit | Translation | |||||||||||||||||
Instruments | Plan Items | Adjustment Items | |||||||||||||||||
Beginning balance December 28, 2013 | $ | 0.2 | $ | (8.4 | ) | $ | (8.6 | ) | $ | (16.8 | ) | ||||||||
OCI before reclassifications | 0.4 | (0.5 | ) | 6.8 | 6.7 | ||||||||||||||
Amounts reclassified from AOCI | (0.2 | ) | 0.2 | — | — | ||||||||||||||
Net current-period OCI | 0.2 | (0.3 | ) | 6.8 | 6.7 | ||||||||||||||
Ending balance June 28, 2014 | $ | 0.4 | $ | (8.7 | ) | $ | (1.8 | ) | $ | (10.1 | ) | ||||||||
1 | All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||||||||||||||
The following table summarizes the amounts reclassified from accumulated other comprehensive (loss) income1 for the three and six months ended June 28, 2014 and June 29, 2013, respectively. | |||||||||||||||||||
(in millions of U.S. dollars) | For the Three Months Ended | For the Six Months Ended | Affected Line Item in | ||||||||||||||||
the Statement Where | |||||||||||||||||||
Details About AOCI Components | June 28, | June 29, | June 28, | June 29, | Net Income Is Presented | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Gains and losses on derivative instruments | |||||||||||||||||||
Foreign currency hedges | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | Cost of sales | ||||||||||
$ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | Total before taxes | |||||||||||
— | — | — | — | Tax (expense) or benefit | |||||||||||||||
$ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | Net of tax | |||||||||||
Amortization of pension benefit plan items | |||||||||||||||||||
Prior service costs 2 | $ | (0.2 | ) | $ | (0.2 | ) | $ | (0.2 | ) | $ | (0.3 | ) | |||||||
Actuarial adjustments 2 | — | — | — | (0.1 | ) | ||||||||||||||
Actuarial (losses)/gains 2 | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
(0.2 | ) | (0.3 | ) | (0.2 | ) | (0.5 | ) | Total before taxes | |||||||||||
— | (0.2 | ) | — | (0.2 | ) | Tax (expense) or benefit | |||||||||||||
$ | (0.2 | ) | $ | (0.5 | ) | $ | (0.2 | ) | $ | (0.7 | ) | Net of tax | |||||||
Total reclassifications for the period | $ | (0.1 | ) | $ | (0.4 | ) | $ | — | $ | (0.5 | ) | Net of tax | |||||||
1 | Amounts in parentheses indicate debits. | ||||||||||||||||||
2 | These AOCI components are included in the computation of net periodic pension cost. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 28, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 12—Commitments and Contingencies | |
We are subject to various claims and legal proceedings with respect to matters such as governmental regulations, and other actions arising out of the normal course of business. Management believes that the resolution of these matters will not have a material adverse effect on our financial position, results of operations, or cash flow. | |
In June 2013, we completed the Calypso Acquisition, which included a deferred payment of approximately $2.3 million paid on the first anniversary of the closing date, and a deferred payment of approximately $3.0 million to be paid on the second anniversary of the closing date. | |
We had $6.9 million in standby letters of credit outstanding as of June 28, 2014 (June 29, 2013—$11.5 million). | |
In March 2014, we had a favorable legal settlement in the amount of $3.5 million, of which $3.0 million was collected in April 2014 and the remaining $0.5 million is due in January 2015. | |
In May 2014, we completed the Aimia Acquisition, which included deferred consideration of £19.9 million ($33.5 million) to be paid by September 30, 2014 and aggregate contingent consideration of up to £16.0 million ($26.9 million), which is payable upon achievement of certain performance measures during the twelve months ending July 1, 2016. |
Share_Repurchase_Program
Share Repurchase Program | 6 Months Ended |
Jun. 28, 2014 | |
Equity [Abstract] | ' |
Share Repurchase Program | ' |
Note 13—Share Repurchase Program | |
On May 6, 2014, our board of directors approved the renewal of our share repurchase program for up to 5% of Cott’s outstanding common shares over a 12-month period commencing upon the expiration of Cott’s then-effective share repurchase program on May 21, 2014. During the second quarter ended June 28, 2014, we repurchased 366,670 common shares for approximately $2.6 million through open market transactions. We are unable to predict the number of shares that ultimately will be repurchased under the share repurchase program, or the aggregate dollar amount of the shares actually purchased. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements. Shares purchased under the share repurchase program are cancelled. |
Hedging_Transactions_and_Deriv
Hedging Transactions and Derivative Financial Instruments | 6 Months Ended |
Jun. 28, 2014 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' |
Hedging Transactions and Derivative Financial Instruments | ' |
Note 14—Hedging Transactions and Derivative Financial Instruments | |
We are directly and indirectly affected by changes in foreign currency market conditions. These changes in market conditions may adversely impact our financial performance and are referred to as market risks. When deemed appropriate by management, we use derivatives as a risk management tool to mitigate the potential impact of certain market risks. | |
We use various types of derivative instruments including, but not limited to, forward contracts and swap agreements for certain commodities. 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. A swap agreement is a contract between two parties to exchange cash flows based on specified underlying notional amounts, assets and/or indices. 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. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have been designated and qualify for fair value hedge accounting are recorded in the same line item in our Consolidated Statements of Operations as the changes in the fair value of the hedged items attributable to the risk being hedged. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in 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. The changes in fair values of derivatives that were not designated and/or did not qualify as hedging instruments are immediately recognized into earnings. | |
For derivatives that will be accounted for as hedging instruments, we formally designate and document, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, we formally assess both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are 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. Ineffectiveness was not material for all periods presented. | |
We estimate the fair values of our derivatives based on quoted market prices or pricing models using current market rates (refer to Note 15). The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or other financial indices. We do not view the fair values of our derivatives in isolation, but rather in relation to the fair values or cash flows of the underlying hedged transactions or other exposures. 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 monitor counterparty exposures regularly and review any downgrade in credit rating immediately. We mitigate pre-settlement risk by being permitted to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Based on these factors, we consider the risk of the counterparty default to be minimal. | |
Cash Flow Hedging Strategy | |
We use cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates and commodity prices. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. We did not discontinue any cash flow hedging relationships during the six months ended June 28, 2014 or June 29, 2013, respectively. These foreign exchange contracts typically have maturities of less than eighteen months. | |
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 values of derivatives that were designated and qualify for our foreign currency cash flow hedging program were $3.8 million and $3.6 million as of June 28, 2014 and December 28, 2013, respectively. | |
We have entered into commodity swaps on aluminum to mitigate the price risk associated with forecasted purchases of materials used in our manufacturing process. These derivative instruments have been designated and qualify as a part of our commodity cash flow hedging program. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of aluminum. The total notional values of derivatives that were designated and qualified for our commodity cash flow hedging program were $29.9 million and nil as of June 28, 2014 and December 28, 2013, respectively. | |
The fair value of the Company’s derivative assets was $0.6 million and $0.3 million as of June 28, 2014 and December 28, 2013, respectively. The fair value of the Company’s derivative liabilities was $0.2 million and nil as of June 28, 2014 and December 28, 2013, respectively. | |
The settlement of our derivative instruments resulted in a credit to cost of sales of approximately $0.1 million and $0.2 million for the three and six months ended June 28, 2014, respectively, compared to a credit to cost of sales of approximately $0.3 million and $0.4 million for the comparable prior year periods. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 15—Fair Value Measurements | |||||||||||||||||
Accounting Standards Codification No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||||||||
The three levels of inputs used to measure fair value are as follows: | |||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | ||||||||||||||||
We have certain assets and liabilities such as our derivative instruments that are required to be recorded at fair value on a recurring basis in accordance with U.S. GAAP. | |||||||||||||||||
The fair value of our derivative instruments 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 June 28, 2014 and December 28, 2013 was $0.6 million and $0.3 million, respectively. The fair value for the derivative liabilities as of June 28, 2014 and December 28, 2013 was $0.2 million and nil, respectively. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
The carrying amounts reflected in the Consolidated Balance Sheets for cash and cash equivalents, receivables, payables, short-term borrowings and long-term debt approximate their respective fair values, except as otherwise indicated. The carrying values and estimated fair values of our significant outstanding debt as of June 28, 2014 and December 28, 2013 were as follows: | |||||||||||||||||
June 28, 2014 | December 28, 2013 | ||||||||||||||||
(in millions of U.S. dollars) | Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
8.375% senior notes due in 2017 1 | — | — | 15 | 15.6 | |||||||||||||
8.125% senior notes due in 2018 1 | 79.1 | 83 | 375 | 404.1 | |||||||||||||
5.375% senior notes due in 2022 1 | 525 | 528 | — | — | |||||||||||||
Total | $ | 604.1 | $ | 611 | $ | 390 | $ | 419.7 | |||||||||
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. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 6 Months Ended | ||||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Guarantor Subsidiaries | ' | ||||||||||||||||||||||||
Note 16—Guarantor Subsidiaries | |||||||||||||||||||||||||
The 2022 Notes issued by our 100% owned subsidiary, Cott Beverages Inc., are, and the 2017 Notes and 2018 Notes prior to their retirement were, 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 2017 Notes, 2018 Notes and 2022 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 the Securities and Exchange Commission (the “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. | |||||||||||||||||||||||||
We reclassified certain intercompany dividends and advances to affiliates previously reported in the Condensed Consolidating Statement of Cash Flows for the six months ended June 29, 2013 included in our Quarterly Report on Form 10-Q. The intercompany dividends represented transactions between Cott Corporation, Cott Beverages, Inc., the Guarantors and Non-Guarantors and the cash flows related to these transactions should have been classified as financing activities. The advances to affiliates represented activity between Cott Corporation and Non-Guarantors that should not have impacted the Condensed Consolidating Statement of Cash Flow because they represented non-cash charges. 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 three and six months ended June 28, 2014 and June 29, 2013 as revised, reflect the correct classification of these items. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended June 28, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 49.8 | $ | 199.8 | $ | 278.3 | $ | 36 | $ | (13.0 | ) | $ | 550.9 | ||||||||||||
Cost of sales | 41.3 | 169.4 | 248.7 | 30.7 | (13.0 | ) | 477.1 | ||||||||||||||||||
Gross profit | 8.5 | 30.4 | 29.6 | 5.3 | — | 73.8 | |||||||||||||||||||
Selling, general and administrative expenses | 6.1 | 25.4 | 13.1 | 2.3 | — | 46.9 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Restructuring and asset impairments | |||||||||||||||||||||||||
Restructuring | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||
Asset impairments | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||
Operating income | 2.3 | 4.6 | 16.2 | 3 | — | 26.1 | |||||||||||||||||||
Other (income) expense, net | (9.7 | ) | 19.7 | 9.8 | — | — | 19.8 | ||||||||||||||||||
Intercompany interest (income) expense, net | — | (3.9 | ) | 3.9 | — | — | — | ||||||||||||||||||
Interest expense (income), net | — | 8.5 | (0.1 | ) | — | — | 8.4 | ||||||||||||||||||
Income (loss) before income tax (benefit) expense and equity (loss) income | 12 | (19.7 | ) | 2.6 | 3 | — | (2.1 | ) | |||||||||||||||||
Income tax (benefit) expense | (0.4 | ) | 2.6 | 0.3 | — | — | 2.5 | ||||||||||||||||||
Equity (loss) income | (18.4 | ) | 1.4 | 13.8 | — | 3.2 | — | ||||||||||||||||||
Net (loss) income | $ | (6.0 | ) | $ | (20.9 | ) | $ | 16.1 | $ | 3 | $ | 3.2 | $ | (4.6 | ) | ||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.4 | — | 1.4 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (6.0 | ) | $ | (20.9 | ) | $ | 16.1 | $ | 1.6 | $ | 3.2 | $ | (6.0 | ) | ||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 2.4 | $ | (3.8 | ) | $ | 37.3 | $ | 0.9 | $ | (34.4 | ) | $ | 2.4 | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Six Months Ended June 28, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 87 | $ | 374.9 | $ | 520.6 | $ | 68.3 | $ | (24.8 | ) | $ | 1,026.00 | ||||||||||||
Cost of sales | 75.5 | 324.8 | 468.1 | 58.3 | (24.8 | ) | 901.9 | ||||||||||||||||||
Gross profit | 11.5 | 50.1 | 52.5 | 10 | — | 124.1 | |||||||||||||||||||
Selling, general and administrative expenses | 12.6 | 49.9 | 22.3 | 4.4 | — | 89.2 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.5 | — | — | — | 0.5 | |||||||||||||||||||
Restructuring and asset impairments | |||||||||||||||||||||||||
Restructuring | 2 | 0.2 | 0.1 | — | — | 2.3 | |||||||||||||||||||
Asset impairments | 0.9 | — | 1 | — | — | 1.9 | |||||||||||||||||||
Operating (loss) income | (4.0 | ) | (0.5 | ) | 29.1 | 5.6 | — | 30.2 | |||||||||||||||||
Other (income) expense, net | (9.5 | ) | 17.1 | 9.8 | 0.1 | — | 17.5 | ||||||||||||||||||
Intercompany interest (income) expense, net | — | (7.4 | ) | 7.4 | — | — | — | ||||||||||||||||||
Interest expense, net | 0.1 | 17.5 | 0.6 | — | — | 18.2 | |||||||||||||||||||
Income (loss) before income tax (benefit) expense and equity (loss) income | 5.4 | (27.7 | ) | 11.3 | 5.5 | — | (5.5 | ) | |||||||||||||||||
Income tax (benefit) expense | (1.4 | ) | 2.9 | — | 0.1 | — | 1.6 | ||||||||||||||||||
Equity (loss) income | (16.7 | ) | 2.7 | 7 | — | 7 | — | ||||||||||||||||||
Net (loss) income | $ | (9.9 | ) | $ | (27.9 | ) | $ | 18.3 | $ | 5.4 | $ | 7 | $ | (7.1 | ) | ||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 2.8 | — | 2.8 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (9.9 | ) | $ | (27.9 | ) | $ | 18.3 | $ | 2.6 | $ | 7 | $ | (9.9 | ) | ||||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ | (3.2 | ) | $ | (6.7 | ) | $ | 42.7 | $ | 1.8 | $ | (37.8 | ) | $ | (3.2 | ) | |||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended June 29, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 50.4 | $ | 212.6 | $ | 266.1 | $ | 41.5 | $ | (6.8 | ) | $ | 563.8 | ||||||||||||
Cost of sales | 41.5 | 181.4 | 235.3 | 35.8 | (6.8 | ) | 487.2 | ||||||||||||||||||
Gross profit | 8.9 | 31.2 | 30.8 | 5.7 | — | 76.6 | |||||||||||||||||||
Selling, general and administrative expenses | 8.4 | 18.7 | 12.6 | 2 | — | 41.7 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Restructuring | 0.5 | 0.5 | 0.7 | 0.3 | — | 2 | |||||||||||||||||||
Operating income | — | 11.7 | 17.5 | 3.4 | — | 32.6 | |||||||||||||||||||
Other (income) expense, net | (0.2 | ) | — | 0.3 | (0.1 | ) | — | — | |||||||||||||||||
Intercompany interest (income) expense, net | — | (2.8 | ) | 2.8 | — | — | — | ||||||||||||||||||
Interest expense, net | — | 12.7 | 0.1 | — | — | 12.8 | |||||||||||||||||||
Income before income tax expense (benefit) and equity income | 0.2 | 1.8 | 14.3 | 3.5 | — | 19.8 | |||||||||||||||||||
Income tax expense (benefit) | 0.4 | 1.7 | (0.5 | ) | 0.1 | — | 1.7 | ||||||||||||||||||
Equity income | 16.7 | 1.5 | 1.5 | — | (19.7 | ) | — | ||||||||||||||||||
Net income | $ | 16.5 | $ | 1.6 | $ | 16.3 | $ | 3.4 | $ | (19.7 | ) | $ | 18.1 | ||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.6 | — | 1.6 | |||||||||||||||||||
Net income attributed to Cott Corporation | $ | 16.5 | $ | 1.6 | $ | 16.3 | $ | 1.8 | $ | (19.7 | ) | $ | 16.5 | ||||||||||||
Comprehensive income attributed to Cott Corporation | $ | 12.1 | $ | 3 | $ | 16.7 | $ | 3.5 | $ | (23.2 | ) | $ | 12.1 | ||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Six Months Ended June 29, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 89.4 | $ | 407.9 | $ | 505.9 | $ | 78.6 | $ | (12.6 | ) | $ | 1,069.20 | ||||||||||||
Cost of sales | 75.3 | 349.6 | 454.6 | 69.3 | (12.6 | ) | 936.2 | ||||||||||||||||||
Gross profit | 14.1 | 58.3 | 51.3 | 9.3 | — | 133 | |||||||||||||||||||
Selling, general and administrative expenses | 15.5 | 38.9 | 24.5 | 4.1 | — | 83 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Restructuring | 0.5 | 0.5 | 0.7 | 0.3 | — | 2 | |||||||||||||||||||
Operating (loss) income | (1.9 | ) | 18.6 | 26.1 | 4.9 | — | 47.7 | ||||||||||||||||||
Other expense, net | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||
Intercompany interest (income) expense, net | — | (5.7 | ) | 5.7 | — | — | — | ||||||||||||||||||
Interest (income) expense, net | (0.1 | ) | 26 | 0.2 | — | — | 26.1 | ||||||||||||||||||
(Loss) income before income tax expense (benefit) and equity income (loss) | (1.8 | ) | (1.7 | ) | 19.9 | 4.9 | — | 21.3 | |||||||||||||||||
Income tax expense (benefit) | 0.7 | 1.6 | (0.3 | ) | 0.2 | — | 2.2 | ||||||||||||||||||
Equity income (loss) | 19 | 2.6 | (0.6 | ) | — | (21.0 | ) | — | |||||||||||||||||
Net income (loss) | $ | 16.5 | $ | (0.7 | ) | $ | 19.6 | $ | 4.7 | $ | (21.0 | ) | $ | 19.1 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 2.6 | — | 2.6 | |||||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | 16.5 | $ | (0.7 | ) | $ | 19.6 | $ | 2.1 | $ | (21.0 | ) | $ | 16.5 | |||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 0.1 | $ | (31.0 | ) | $ | 2.7 | $ | 4.1 | $ | 24.2 | $ | 0.1 | ||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
As of June 28, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 7.2 | $ | 32.9 | $ | 44.1 | $ | 6.7 | $ | — | $ | 90.9 | |||||||||||||
Accounts receivable, net of allowance | 22.2 | 141.9 | 256.1 | 16.9 | (152.1 | ) | 285 | ||||||||||||||||||
Income taxes recoverable | 0.4 | 0.6 | — | — | — | 1 | |||||||||||||||||||
Inventories | 17.3 | 77.9 | 148.9 | 7.3 | — | 251.4 | |||||||||||||||||||
Prepaid expenses and other assets | 2.7 | 11.4 | 9.2 | 0.1 | — | 23.4 | |||||||||||||||||||
Total current assets | 49.8 | 264.7 | 458.3 | 31 | (152.1 | ) | 651.7 | ||||||||||||||||||
Property, plant & equipment, net | 45.2 | 183.8 | 240.9 | 9.3 | — | 479.2 | |||||||||||||||||||
Goodwill | 25.6 | 4.5 | 161 | — | — | 191.1 | |||||||||||||||||||
Intangibles and other assets, net | 1.3 | 94 | 275.2 | 8.7 | — | 379.2 | |||||||||||||||||||
Deferred income taxes | 4.9 | — | — | 0.8 | — | 5.7 | |||||||||||||||||||
Other tax receivable | 0.1 | 0.1 | — | — | — | 0.2 | |||||||||||||||||||
Due from affiliates | 40.5 | 181.1 | 3 | — | (224.6 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 448.2 | 281.1 | 742.2 | — | (1,471.5 | ) | — | ||||||||||||||||||
Total assets | $ | 615.6 | $ | 1,009.30 | $ | 1,880.60 | $ | 49.8 | $ | (1,848.2 | ) | $ | 1,707.10 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 35.8 | $ | — | $ | — | $ | 35.8 | |||||||||||||
Current maturities of long-term debt | — | 81.5 | 0.6 | 1.3 | — | 83.4 | |||||||||||||||||||
Accounts payable and accrued liabilities | 30.8 | 176.5 | 290.2 | 11.5 | (152.1 | ) | 356.9 | ||||||||||||||||||
Total current liabilities | 30.8 | 258 | 326.6 | 12.8 | (152.1 | ) | 476.1 | ||||||||||||||||||
Long-term debt | 0.1 | 533.5 | 1.9 | 1 | — | 536.5 | |||||||||||||||||||
Deferred income taxes | — | 34.5 | 26.5 | 1.3 | — | 62.3 | |||||||||||||||||||
Other long-term liabilities | 0.1 | 6.3 | 35.2 | — | — | 41.6 | |||||||||||||||||||
Due to affiliates | 1.5 | 1.6 | 183.4 | 38.1 | (224.6 | ) | — | ||||||||||||||||||
Total liabilities | 32.5 | 833.9 | 573.6 | 53.2 | (376.7 | ) | 1,116.50 | ||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 392.1 | 509.4 | 1,633.20 | 40.9 | (2,183.5 | ) | 392.1 | ||||||||||||||||||
Additional paid-in-capital | 46.6 | — | — | — | — | 46.6 | |||||||||||||||||||
Retained earnings (deficit) | 154.5 | (379.2 | ) | (354.7 | ) | (52.5 | ) | 786.4 | 154.5 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (10.1 | ) | 45.2 | 28.5 | 0.7 | (74.4 | ) | (10.1 | ) | ||||||||||||||||
Total Cott Corporation equity | 583.1 | 175.4 | 1,307.00 | (10.9 | ) | (1,471.5 | ) | 583.1 | |||||||||||||||||
Non-controlling interests | — | — | — | 7.5 | — | 7.5 | |||||||||||||||||||
Total equity | 583.1 | 175.4 | 1,307.00 | (3.4 | ) | (1,471.5 | ) | 590.6 | |||||||||||||||||
Total liabilities and equity | $ | 615.6 | $ | 1,009.30 | $ | 1,880.60 | $ | 49.8 | $ | (1,848.2 | ) | $ | 1,707.10 | ||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
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 Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended June 28, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (6.0 | ) | $ | (20.9 | ) | $ | 16.1 | $ | 3 | $ | 3.2 | $ | (4.6 | ) | ||||||||||
Depreciation & amortization | 1.6 | 10.2 | 12.8 | 1.4 | — | 26 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 0.4 | 0.1 | — | — | 0.6 | |||||||||||||||||||
Share-based compensation expense | 0.6 | 1.3 | 0.2 | — | — | 2.1 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (0.4 | ) | 2.7 | — | 0.3 | — | 2.6 | ||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Asset impairments | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||
Write-off of financing fees and discount | — | 3 | — | — | — | 3 | |||||||||||||||||||
Equity loss (income), net of distributions | 18.4 | (1.4 | ) | (13.8 | ) | — | (3.2 | ) | — | ||||||||||||||||
Intercompany dividends | 15.9 | 2.6 | 9.3 | — | (27.8 | ) | — | ||||||||||||||||||
Other non-cash items | (0.2 | ) | — | (0.3 | ) | — | — | (0.5 | ) | ||||||||||||||||
Net change in operating assets and liabilities, net of acquisitions | (18.3 | ) | (78.0 | ) | 93.5 | 2.5 | — | (0.3 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 11.7 | (79.7 | ) | 118.2 | 7.2 | (27.8 | ) | 29.6 | |||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisitions, net of cash received | — | — | (80.8 | ) | — | — | (80.8 | ) | |||||||||||||||||
Additions to property, plant & equipment | (0.3 | ) | (7.1 | ) | (4.4 | ) | — | — | (11.8 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (1.3 | ) | — | — | — | (1.3 | ) | |||||||||||||||||
Net cash used in investing activities | (0.3 | ) | (8.4 | ) | (85.2 | ) | — | — | (93.9 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (296.6 | ) | (0.1 | ) | 0.3 | — | (296.5 | ) | |||||||||||||||
Issuance of long-term debt | — | 525 | — | — | — | 525 | |||||||||||||||||||
Borrowings under ABL | — | 188.2 | — | — | — | 188.2 | |||||||||||||||||||
Payments under ABL | — | (284.3 | ) | — | — | — | (284.3 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.5 | ) | — | (2.5 | ) | |||||||||||||||||
Financing fees | — | (7.9 | ) | — | — | — | (7.9 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (2.7 | ) | — | — | — | — | (2.7 | ) | |||||||||||||||||
Dividends paid to shareholders | (5.7 | ) | — | — | — | — | (5.7 | ) | |||||||||||||||||
Intercompany dividends | — | (9.3 | ) | (15.9 | ) | (2.6 | ) | 27.8 | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (8.5 | ) | 115.1 | (16.0 | ) | (4.8 | ) | 27.8 | 113.6 | ||||||||||||||||
Effect of exchange rate changes on cash | 0.3 | — | 0.7 | — | — | 1 | |||||||||||||||||||
Net increase in cash & cash equivalents | 3.2 | 27 | 17.7 | 2.4 | — | 50.3 | |||||||||||||||||||
Cash & cash equivalents, beginning of period | 4 | 5.9 | 26.4 | 4.3 | — | 40.6 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 7.2 | $ | 32.9 | $ | 44.1 | $ | 6.7 | $ | — | $ | 90.9 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Six Months Ended June 28, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (9.9 | ) | $ | (27.9 | ) | $ | 18.3 | $ | 5.4 | $ | 7 | $ | (7.1 | ) | ||||||||||
Depreciation & amortization | 3.1 | 20.4 | 24.9 | 2.9 | — | 51.3 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 1 | 0.1 | — | — | 1.2 | |||||||||||||||||||
Share-based compensation expense | 0.8 | 2.3 | 0.3 | — | — | 3.4 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (1.3 | ) | 2.6 | 0.2 | — | — | 1.5 | ||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.5 | — | — | — | 0.5 | |||||||||||||||||||
Asset impairments | 0.9 | — | 1 | — | — | 1.9 | |||||||||||||||||||
Write-off of financing fees and discount | — | 3.3 | — | — | — | 3.3 | |||||||||||||||||||
Equity loss (income), net of distributions | 16.7 | (2.7 | ) | (7.0 | ) | — | (7.0 | ) | — | ||||||||||||||||
Intercompany dividends | 18.2 | 5 | 9.3 | — | (32.5 | ) | — | ||||||||||||||||||
Other non-cash items | (0.2 | ) | (0.2 | ) | (0.3 | ) | — | — | (0.7 | ) | |||||||||||||||
Net change in operating assets and liabilities, net of acquisitions | (8.0 | ) | (136.9 | ) | 64 | 2.7 | — | (78.2 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 20.4 | (132.6 | ) | 110.8 | 11 | (32.5 | ) | (22.9 | ) | ||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisitions, net of cash received | — | — | (80.8 | ) | — | — | (80.8 | ) | |||||||||||||||||
Additions to property, plant & equipment | (0.9 | ) | (12.2 | ) | (7.5 | ) | — | — | (20.6 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (2.8 | ) | — | — | — | (2.8 | ) | |||||||||||||||||
Net cash used in investing activities | (0.9 | ) | (15.0 | ) | (88.3 | ) | — | — | (104.2 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (312.2 | ) | (0.2 | ) | — | — | (312.5 | ) | |||||||||||||||
Issuance of long-term debt | — | 525 | — | — | — | 525 | |||||||||||||||||||
Borrowings under ABL | — | 283.2 | — | — | — | 283.2 | |||||||||||||||||||
Payments under ABL | — | (299.4 | ) | — | — | — | (299.4 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (4.8 | ) | — | (4.8 | ) | |||||||||||||||||
Financing fees | — | (7.9 | ) | — | — | — | (7.9 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (3.1 | ) | — | — | — | — | (3.1 | ) | |||||||||||||||||
Dividends paid to shareholders | (10.8 | ) | — | — | — | — | (10.8 | ) | |||||||||||||||||
Intercompany dividends | — | (9.3 | ) | (18.2 | ) | (5.0 | ) | 32.5 | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (14.0 | ) | 179.4 | (18.4 | ) | (9.8 | ) | 32.5 | 169.7 | ||||||||||||||||
Effect of exchange rate changes on cash | 0.2 | — | 0.9 | — | — | 1.1 | |||||||||||||||||||
Net increase in cash & cash equivalents | 5.7 | 31.8 | 5 | 1.2 | — | 43.7 | |||||||||||||||||||
Cash & cash equivalents, beginning of period | 1.5 | 1.1 | 39.1 | 5.5 | — | 47.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 7.2 | $ | 32.9 | $ | 44.1 | $ | 6.7 | $ | — | $ | 90.9 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended June 29, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 16.5 | $ | 1.6 | $ | 16.3 | $ | 3.4 | $ | (19.7 | ) | $ | 18.1 | ||||||||||||
Depreciation & amortization | 1.5 | 9.8 | 12.1 | 1.5 | — | 24.9 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 0.6 | 0.1 | — | — | 0.8 | |||||||||||||||||||
Share-based compensation expense | 0.9 | 0.9 | — | — | — | 1.8 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.1 | 2.4 | (0.9 | ) | — | — | 1.6 | ||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Equity loss, net of distributions | (16.7 | ) | (1.5 | ) | (1.5 | ) | — | 19.7 | — | ||||||||||||||||
Intercompany dividends | 11.7 | 0.7 | — | — | (12.4 | ) | — | ||||||||||||||||||
Other non-cash items | (0.2 | ) | 0.2 | (0.1 | ) | — | — | (0.1 | ) | ||||||||||||||||
Net change in operating assets and liabilities | 2.2 | (3.7 | ) | (12.8 | ) | 1 | — | (13.3 | ) | ||||||||||||||||
Net cash provided by operating activities | 16.1 | 11.3 | 13.2 | 5.9 | (12.4 | ) | 34.1 | ||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition, net of cash acquired | — | — | (6.5 | ) | — | — | (6.5 | ) | |||||||||||||||||
Additions to property, plant & equipment | (3.2 | ) | (7.3 | ) | (3.6 | ) | (0.5 | ) | — | (14.6 | ) | ||||||||||||||
Additions to intangibles and other assets | — | (1.7 | ) | — | — | — | (1.7 | ) | |||||||||||||||||
Net cash used in investing activities | (3.2 | ) | (9.0 | ) | (10.1 | ) | (0.5 | ) | — | (22.8 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (0.3 | ) | (18.5 | ) | (0.2 | ) | — | (19.1 | ) | ||||||||||||||
Distributions to non-controlling interests | — | — | — | (0.7 | ) | — | (0.7 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (5.5 | ) | — | — | — | — | (5.5 | ) | |||||||||||||||||
Dividends paid to shareholders | (11.2 | ) | — | — | — | — | (11.2 | ) | |||||||||||||||||
Intercompany dividends | — | — | (11.7 | ) | (0.7 | ) | 12.4 | — | |||||||||||||||||
Net cash used in financing activities | (16.8 | ) | (0.3 | ) | (30.2 | ) | (1.6 | ) | 12.4 | (36.5 | ) | ||||||||||||||
Effect of exchange rate changes on cash | (1.1 | ) | — | 0.2 | (0.1 | ) | — | (1.0 | ) | ||||||||||||||||
Net (decrease) increase in cash & cash equivalents | (5.0 | ) | 2 | (26.9 | ) | 3.7 | — | (26.2 | ) | ||||||||||||||||
Cash & cash equivalents, beginning of period | 38.3 | 11.5 | 39.5 | 3.7 | — | 93 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 33.3 | $ | 13.5 | $ | 12.6 | $ | 7.4 | $ | — | $ | 66.8 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Six Months Ended June 29, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 16.5 | $ | (0.7 | ) | $ | 19.6 | $ | 4.7 | $ | (21.0 | ) | $ | 19.1 | |||||||||||
Depreciation & amortization | 3.1 | 19.4 | 24.1 | 3 | — | 49.6 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 1.3 | 0.1 | — | — | 1.5 | |||||||||||||||||||
Share-based compensation expense | 0.9 | 1.4 | 0.2 | — | — | 2.5 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.5 | 1.8 | (0.7 | ) | — | — | 1.6 | ||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Equity (income) loss, net of distributions | (19.0 | ) | (2.6 | ) | 0.6 | — | 21 | — | |||||||||||||||||
Intercompany dividends | 22.5 | 2.9 | — | — | (25.4 | ) | — | ||||||||||||||||||
Other non-cash items | (0.1 | ) | 0.3 | — | — | — | 0.2 | ||||||||||||||||||
Net change in operating assets and liabilities | (4.5 | ) | (25.9 | ) | (70.2 | ) | 1.3 | — | (99.3 | ) | |||||||||||||||
Net cash provided by (used in) operating activities | 20 | (1.8 | ) | (26.3 | ) | 9 | (25.4 | ) | (24.5 | ) | |||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition, net of cash acquired | — | — | (6.5 | ) | — | — | (6.5 | ) | |||||||||||||||||
Additions to property, plant & equipment | (4.9 | ) | (20.0 | ) | (8.3 | ) | (1.3 | ) | — | (34.5 | ) | ||||||||||||||
Additions to intangibles and other assets | — | (1.9 | ) | — | — | — | (1.9 | ) | |||||||||||||||||
Proceeds from insurance recoveries | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Net cash used in investing activities | (4.9 | ) | (21.5 | ) | (14.8 | ) | (1.3 | ) | — | (42.5 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (0.7 | ) | (18.5 | ) | (0.3 | ) | — | (19.6 | ) | ||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.8 | ) | — | (2.8 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (8.4 | ) | — | — | — | — | (8.4 | ) | |||||||||||||||||
Dividends paid to shareholders | (11.2 | ) | — | — | — | — | (11.2 | ) | |||||||||||||||||
Intercompany dividends | — | — | (22.5 | ) | (2.9 | ) | 25.4 | — | |||||||||||||||||
Net cash used in financing activities | (19.7 | ) | (0.7 | ) | (41.0 | ) | (6.0 | ) | 25.4 | (42.0 | ) | ||||||||||||||
Effect of exchange rate changes on cash | (1.9 | ) | — | (1.7 | ) | — | — | (3.6 | ) | ||||||||||||||||
Net (decrease) increase in cash & cash equivalents | (6.5 | ) | (24.0 | ) | (83.8 | ) | 1.7 | — | (112.6 | ) | |||||||||||||||
Cash & cash equivalents, beginning of period | 39.8 | 37.5 | 96.4 | 5.7 | — | 179.4 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 33.3 | $ | 13.5 | $ | 12.6 | $ | 7.4 | $ | — | $ | 66.8 | |||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 28, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 17—Subsequent Events | |
On July 9, 2014 and July 24, 2014, we redeemed all of the remaining $79.1 million principal amount of our 2018 Notes. The redemption included approximately $3.8 million in premium payments as well as accrued interest of approximately $2.5 million and approximately $0.8 million in deferred financing fees. | |
On July 29, 2014, our board of directors declared a dividend of $0.06 per share on common shares, payable in cash on September 10, 2014 to shareowners of record at the close of business on August 28, 2014. |
Business_and_Recent_Accounting1
Business and Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 28, 2014 | |
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 and shots, sports products, new age beverages, ready-to-drink teas, beverage concentrates, liquid enhancers, freezables and ready-to-drink alcoholic beverages, as well as hot chocolate, coffee, malt drinks, creamers/whiteners and cereals. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying interim unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements in conformity with U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 28, 2013. The accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements. | |
The presentation of these interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. | |
During the six months ended June 28, 2014, we recorded out-of-period adjustments which decreased net income by approximately $0.7 million, which related to 2013 and were primarily associated with fixed assets and accrued liabilities. We evaluated the total out-of-period adjustments in relation to the current period, which is when the adjustments were recorded, as well as the period in which they originated and concluded these adjustments are not material to either the consolidated quarterly or annual financial statements for all impacted periods. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
Update ASU 2013-11—Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists | |
In July 2013, the Financial Accounting Standards Board (“FASB”) amended its guidance regarding the information provided in relation to the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. For public entities, the amendments are effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. We have adopted this guidance and incorporated it into the presentation of our consolidated financial statements. | |
Update ASU 2014-09—Revenue from Contracts with Customers (Topic 606) | |
In May 2014, the FASB amended its guidance regarding revenue recognition and created a new Topic 606, Revenue from Contracts with Customers. The objectives for creating Topic 606 were to remove inconsistencies and weaknesses in revenue recognition, provide a more robust framework for addressing revenue issues, provide more useful information to users of the financial statements through improved disclosure requirements, simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer, and improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, an entity should apply the following steps: 1) identify the contract(s) with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The amendments may be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the amendment recognized at the date of initial application. We are currently assessing the impact of adoption of this standard on our consolidated financial statements. | |
Update ASU 2014-12—Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period | |
In June 2014, the FASB amended its guidance regarding accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. The stated vesting period (which includes the period in which the performance target could be achieved) may differ from the requisite service period. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The amendments may be applied prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. We believe that the adoption of these amendments will not have a material impact on our consolidated financial statements. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Aimia Foods Holdings Limited [Member] | ' | ||||||||||||||||
Business Combination Transfer Consideration | ' | ||||||||||||||||
The total consideration paid by us for the Aimia Acquisition, subject to final working capital adjustments, is summarized below: | |||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||
Cash | $ | 80.4 | |||||||||||||||
Deferred consideration | 33.5 | ||||||||||||||||
Contingent consideration 1 | 17.9 | ||||||||||||||||
Working capital payment | 7.2 | ||||||||||||||||
Total consideration | $ | 139 | |||||||||||||||
1 | Represents the estimated present value of the contingent consideration based on probability of achievement of performance targets recorded at fair value. | ||||||||||||||||
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 Aimia Acquisition. The allocation of the purchase price is based on a preliminary valuation that is expected to be completed by the end of 2014. Any adjustment may affect the total purchase price and amount of goodwill. | |||||||||||||||||
(in millions of U.S. dollars) | Acquired Value | ||||||||||||||||
Cash | $ | 9.5 | |||||||||||||||
Accounts receivable | 11 | ||||||||||||||||
Inventories | 9.6 | ||||||||||||||||
Prepaid expenses and other assets | 1.9 | ||||||||||||||||
Property, plant & equipment | 10.5 | ||||||||||||||||
Goodwill | 52.8 | ||||||||||||||||
Intangibles and other assets | 86.2 | ||||||||||||||||
Accounts payable and accrued liabilities | (25.4 | ) | |||||||||||||||
Deferred tax liabilities | (17.1 | ) | |||||||||||||||
Total | $ | 139 | |||||||||||||||
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 Aimia Acquisition and their estimated weighted average useful lives: | |||||||||||||||||
(in millions of U.S. dollars) | Estimated Fair | Estimated | |||||||||||||||
Market Value | Useful Life | ||||||||||||||||
Customer relationships | $ | 76.5 | 15 years | ||||||||||||||
Trademarks and trade names | 1.5 | 20 years | |||||||||||||||
Non-competition agreements | 2.9 | 5 years | |||||||||||||||
Total | $ | 80.9 | |||||||||||||||
Unaudited Pro Forma Financial Information | ' | ||||||||||||||||
The following unaudited financial information from the Acquisition Date through June 28, 2014 represents the activity of Aimia that has been combined with our operations as of the Acquisition Date. | |||||||||||||||||
(in millions of U.S. dollars) | For | ||||||||||||||||
the period from | |||||||||||||||||
May 30, 2014 | |||||||||||||||||
through | |||||||||||||||||
June 28, 2014 | |||||||||||||||||
Revenue | $ | 7 | |||||||||||||||
Net loss | (1.2 | ) | |||||||||||||||
Calypso [Member] | ' | ||||||||||||||||
Business Combination Transfer Consideration | ' | ||||||||||||||||
The total consideration paid by us in the Calypso Acquisition is summarized below: | |||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||
Cash | $ | 7 | |||||||||||||||
Deferred consideration 1 | 5.1 | ||||||||||||||||
Total consideration | $ | 12.1 | |||||||||||||||
1. | Principal amount of $5.3 million discounted to present value. | ||||||||||||||||
Aimia And Calypso [Member] | ' | ||||||||||||||||
Unaudited Pro Forma Financial Information | ' | ||||||||||||||||
The following unaudited pro forma financial information for the three and six months ended June 28, 2014 and June 29, 2013 represent the combined results of our operations as if the Aimia Acquisition and the Calypso Acquisition had occurred on December 30, 2012. | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
(in millions of U.S. dollars, except share amounts) | June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenue | $ | 567.8 | $ | 599.7 | $ | 1,072.70 | $ | 1,140.80 | |||||||||
Net (loss) income | (4.6 | ) | 18.9 | (6.0 | ) | 20.6 | |||||||||||
Net (loss) income per common share, diluted | $ | (0.05 | ) | $ | 0.2 | $ | (0.06 | ) | $ | 0.21 |
Restructuring_and_Asset_Impair1
Restructuring and Asset Impairments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Summary of Restructuring Charges | ' | ||||||||||||||||
The following table summarizes restructuring charges for the three and six months ended June 28, 2014 and June 29, 2013, respectively: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
(in millions of U.S. dollars) | June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
North America | $ | 0.1 | $ | 1 | $ | 2.2 | $ | 1 | |||||||||
United Kingdom | — | 0.7 | 0.1 | 0.7 | |||||||||||||
Mexico | — | 0.3 | — | 0.3 | |||||||||||||
Total | $ | 0.1 | $ | 2 | $ | 2.3 | $ | 2 | |||||||||
There were no asset impairment charges for the three and six months ended June 29, 2013. The following table summarizes asset impairment charges for the three and six months ended June 28, 2014: | |||||||||||||||||
(in millions of U.S. dollars) | For the Three Months Ended | For the Six Months Ended | |||||||||||||||
June 28, 2014 | June 28, 2014 | ||||||||||||||||
North America | $ | — | $ | 0.9 | |||||||||||||
United Kingdom | 0.3 | 1 | |||||||||||||||
Total | $ | 0.3 | $ | 1.9 | |||||||||||||
Summary of Restructuring Liability | ' | ||||||||||||||||
The following tables summarize our restructuring liability as of June 28, 2014, along with charges to costs and expenses and cash payments: | |||||||||||||||||
2014 Restructuring Plan: | |||||||||||||||||
North America | |||||||||||||||||
(in millions of U.S. dollars) | Balance at | Charges to costs | Cash payments | Balance at | |||||||||||||
December 28, | and expenses | June 28, | |||||||||||||||
2013 | 2014 | ||||||||||||||||
Restructuring liability | $ | — | $ | 2.2 | $ | (2.2 | ) | $ | — | ||||||||
$ | — | $ | 2.2 | $ | (2.2 | ) | $ | — | |||||||||
United Kingdom | |||||||||||||||||
(in millions of U.S. dollars) | Balance at | Charges to costs | Cash payments | Balance at | |||||||||||||
December 28, | and expenses | June 28, | |||||||||||||||
2013 | 2014 | ||||||||||||||||
Restructuring liability | $ | — | $ | 0.1 | $ | (0.1 | ) | $ | — | ||||||||
$ | — | $ | 0.1 | $ | (0.1 | ) | $ | — | |||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-based Compensation Expense | ' | ||||||||||||||||
The table below summarizes the share-based compensation expense for the three and six months ended June 28, 2014 and June 29, 2013, respectively. | |||||||||||||||||
For the Three | For the Six Months | ||||||||||||||||
Months Ended | Ended | ||||||||||||||||
(in millions of U.S. dollars) | June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | $ | 0.4 | $ | 0.3 | $ | 0.8 | $ | 0.4 | |||||||||
Performance-based RSUs | 0.6 | 0.2 | 0.8 | 0.4 | |||||||||||||
Time-based RSUs | 0.7 | 0.5 | 1.4 | 0.9 | |||||||||||||
Director share awards | 0.4 | 0.8 | 0.4 | 0.8 | |||||||||||||
Total | $ | 2.1 | $ | 1.8 | $ | 3.4 | $ | 2.5 | |||||||||
Unrecognized Share-based Compensation Expense | ' | ||||||||||||||||
As of June 28, 2014, 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 | Weighted | |||||||||||||||
share-based | average years | ||||||||||||||||
compensation | expected to | ||||||||||||||||
expense as of | recognize | ||||||||||||||||
June 28, 2014 | compensation | ||||||||||||||||
Stock options | $ | 2.5 | 2 | ||||||||||||||
Performance-based RSUs | 2.1 | 2.3 | |||||||||||||||
Time-based RSUs | 4.5 | 2 | |||||||||||||||
Director share awards | 0.4 | 0.5 | |||||||||||||||
Total | $ | 9.5 | |||||||||||||||
Stock Option Activity | ' | ||||||||||||||||
Stock option activity for the six months ended June 28, 2014 was as follows: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
(in thousands) | average | ||||||||||||||||
exercise | |||||||||||||||||
price | |||||||||||||||||
Balance at December 28, 2013 | 830 | $ | 8.17 | ||||||||||||||
Awarded | 441 | 8 | |||||||||||||||
Forfeited or expired | (50 | ) | 16.45 | ||||||||||||||
Outstanding at June 28, 2014 | 1,221 | $ | 7.77 | ||||||||||||||
Exercisable at June 28, 2014 | 113 | $ | 4.94 | ||||||||||||||
Performance-based RSU and Time-Based RSU Activity | ' | ||||||||||||||||
During the six months ended June 28, 2014, Performance-based RSU and Time-based RSU activity was as follows: | |||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Performance- | Average | Time-based | Average | ||||||||||||||
based RSUs | Grant-Date | RSUs | Grant-Date | ||||||||||||||
(in thousands) | Fair Value | (in thousands) | Fair Value | ||||||||||||||
Balance at December 28, 2013 | 534 | $ | 7.81 | 831 | $ | 8.04 | |||||||||||
Awarded | 274 | 8 | 368 | 8 | |||||||||||||
Issued | — | — | (161 | ) | 8.2 | ||||||||||||
Forfeited | (26 | ) | 7.94 | (53 | ) | 8.4 | |||||||||||
Outstanding at June 28, 2014 | 782 | $ | 7.87 | 985 | $ | 7.98 | |||||||||||
Net_Loss_Income_Per_Common_Sha1
Net (Loss) Income Per Common Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Reconciliation of Denominators of Basic and Diluted Net Income Per Common Share | ' | ||||||||||||||||
A reconciliation of the denominators of the basic and diluted net income per common share computations is as follows: | |||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
(in thousands) | June 28, | June 29, | June 28, | June 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Weighted average number of shares outstanding - basic | 94,234 | 95,159 | 94,276 | 95,265 | |||||||||||||
Dilutive effect of stock options | — | 62 | — | 55 | |||||||||||||
Dilutive effect of Performance-based RSUs | — | 275 | — | 266 | |||||||||||||
Dilutive effect of Time-based RSUs | — | 485 | — | 462 | |||||||||||||
Adjusted weighted average number of shares outstanding - diluted | 94,234 | 95,981 | 94,276 | 96,048 | |||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting Information by Operating Segment | ' | ||||||||||||||||||||
The primary measures used in evaluating our reporting segments are revenues, operating income (loss), and additions to property, plant and equipment, which have been included as part of our segment disclosures listed below. | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Corporate | Total | ||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
For the Three Months Ended June 28, 2014 | |||||||||||||||||||||
External revenue 1 | $ | 373.5 | $ | 159.1 | $ | 18.3 | $ | — | $ | 550.9 | |||||||||||
Depreciation and amortization | 20.6 | 4.9 | 0.5 | — | 26 | ||||||||||||||||
Operating income (loss) | 15.1 | 10.8 | 3.1 | (2.9 | ) | 26.1 | |||||||||||||||
Additions to property, plant and equipment | 7.2 | 4.6 | — | — | 11.8 | ||||||||||||||||
For the Six Months Ended June 28, 2014 | |||||||||||||||||||||
External revenue 1 | $ | 718.2 | $ | 274.7 | $ | 33.1 | $ | — | $ | 1,026.00 | |||||||||||
Depreciation and amortization | 41.5 | 8.9 | 0.9 | — | 51.3 | ||||||||||||||||
Operating income (loss) | 17.4 | 13 | 5.6 | (5.8 | ) | 30.2 | |||||||||||||||
Additions to property, plant and equipment | 13 | 7.6 | — | — | 20.6 | ||||||||||||||||
As of June 28, 2014 | |||||||||||||||||||||
Property, plant and equipment | 347.2 | 123 | 9 | — | 479.2 | ||||||||||||||||
Goodwill | 123.9 | 62.7 | 4.5 | — | 191.1 | ||||||||||||||||
Intangibles and other assets | 265.2 | 113.8 | 0.2 | — | 379.2 | ||||||||||||||||
Total assets 2 | 1,147.80 | 523.2 | 36.1 | — | 1,707.10 | ||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $6.1 million and $12.2 million for the three and six months ended June 28, 2014, respectively. | ||||||||||||||||||||
2. | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Corporate | Total | ||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
For the Three Months Ended June 29, 2013 | |||||||||||||||||||||
External revenue 1 | $ | 418.1 | $ | 127.9 | $ | 17.8 | $ | — | $ | 563.8 | |||||||||||
Depreciation and amortization | 21.1 | 3.3 | 0.5 | — | 24.9 | ||||||||||||||||
Operating income (loss) | 23.8 | 9.1 | 2.6 | (2.9 | ) | 32.6 | |||||||||||||||
Additions to property, plant and equipment | 10.4 | 3.7 | 0.5 | — | 14.6 | ||||||||||||||||
For the Six Months Ended June 29, 2013 | |||||||||||||||||||||
External revenue 1 | $ | 811.3 | $ | 225.3 | $ | 32.6 | $ | — | $ | 1,069.20 | |||||||||||
Depreciation and amortization | 42.1 | 6.5 | 1 | — | 49.6 | ||||||||||||||||
Operating income (loss) | 40.5 | 9.1 | 3.9 | (5.8 | ) | 47.7 | |||||||||||||||
Additions to property, plant and equipment | 24.9 | 8.3 | 1.3 | — | 34.5 | ||||||||||||||||
As of December 28, 2013 | |||||||||||||||||||||
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 assets 2 | 1,089.50 | 296.3 | 40.3 | — | 1,426.10 | ||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $5.4 million and $9.2 million for the three and six months ended June 29, 2013, respectively. | ||||||||||||||||||||
2 | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||
Revenues by Geographic Area | ' | ||||||||||||||||||||
Revenues by operating segment were as follows: | |||||||||||||||||||||
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||
(in millions of U.S. dollars) | June 28, | June 29, | June 28, | June 29, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
United States | $ | 340.4 | $ | 367.8 | $ | 664.5 | $ | 722.6 | |||||||||||||
Canada | 49.7 | 62.1 | 87 | 109.6 | |||||||||||||||||
United Kingdom | 159.1 | 127.9 | 274.7 | 225.3 | |||||||||||||||||
All Other | 18.3 | 17.8 | 33.1 | 32.6 | |||||||||||||||||
Elimination 1 | (16.6 | ) | (11.8 | ) | (33.3 | ) | (20.9 | ) | |||||||||||||
Total | $ | 550.9 | $ | 563.8 | $ | 1,026.00 | $ | 1,069.20 | |||||||||||||
1. | Represents intersegment revenue among our operating segments, of which $6.1 million and $12.2 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and six months ended June 28, 2014, respectively, compared to $5.4 million and $9.2 million for the three and six months ended June 29, 2013, respectively. | ||||||||||||||||||||
Revenues by Product by Reporting Segment | ' | ||||||||||||||||||||
Revenues by product by reporting segment were as follows: | |||||||||||||||||||||
For the Three Months Ended June 28, 2014 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Total | |||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 133.7 | $ | 47.9 | $ | 2.4 | $ | 184 | |||||||||||||
Juice and drinks | 106.8 | 13.7 | 1 | 121.5 | |||||||||||||||||
Concentrate | 4 | 0.5 | 7.6 | 12.1 | |||||||||||||||||
Sparkling Waters/Mixers | 78.5 | 21.6 | 0.8 | 100.9 | |||||||||||||||||
Energy | 6.7 | 34.1 | 2.9 | 43.7 | |||||||||||||||||
All other products | 43.8 | 41.3 | 3.6 | 88.7 | |||||||||||||||||
Total | $ | 373.5 | $ | 159.1 | $ | 18.3 | $ | 550.9 | |||||||||||||
For the Six Months Ended June 28, 2014 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Total | |||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 254.2 | $ | 86 | $ | 3.6 | $ | 343.8 | |||||||||||||
Juice and drinks | 225.8 | 25.5 | 1.7 | 253 | |||||||||||||||||
Concentrate | 7.6 | 1.2 | 13.5 | 22.3 | |||||||||||||||||
Sparkling Waters/Mixers | 144.1 | 38.2 | 1.6 | 183.9 | |||||||||||||||||
Energy | 13.3 | 61.1 | 4.6 | 79 | |||||||||||||||||
All other products | 73.2 | 62.7 | 8.1 | 144 | |||||||||||||||||
Total | $ | 718.2 | $ | 274.7 | $ | 33.1 | $ | 1,026.00 | |||||||||||||
For the Three Months Ended June 29, 2013 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Total | |||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 168.8 | $ | 40 | $ | 3.8 | $ | 212.6 | |||||||||||||
Juice and drinks | 108.6 | 5.6 | 0.9 | 115.1 | |||||||||||||||||
Concentrate | 2.8 | 0.6 | 7.3 | 10.7 | |||||||||||||||||
Sparkling Waters/Mixers | 79.9 | 18.4 | 1 | 99.3 | |||||||||||||||||
Energy | 8.3 | 36.8 | 1.5 | 46.6 | |||||||||||||||||
All other products | 49.7 | 26.5 | 3.3 | 79.5 | |||||||||||||||||
Total | $ | 418.1 | $ | 127.9 | $ | 17.8 | $ | 563.8 | |||||||||||||
For the Six Months Ended June 29, 2013 | |||||||||||||||||||||
(in millions of U.S. dollars) | North | United | All | Total | |||||||||||||||||
America | Kingdom | Other | |||||||||||||||||||
Revenue | |||||||||||||||||||||
Carbonated soft drinks | $ | 319.7 | $ | 72.7 | $ | 7.4 | $ | 399.8 | |||||||||||||
Juice and drinks | 225.8 | 8.7 | 1.4 | 235.9 | |||||||||||||||||
Concentrate | 5.9 | 1.2 | 14.1 | 21.2 | |||||||||||||||||
Sparkling Waters/Mixers | 149.3 | 33.1 | 2.3 | 184.7 | |||||||||||||||||
Energy | 14.4 | 64.8 | 3.1 | 82.3 | |||||||||||||||||
All other products | 96.2 | 44.8 | 4.3 | 145.3 | |||||||||||||||||
Total | $ | 811.3 | $ | 225.3 | $ | 32.6 | $ | 1,069.20 | |||||||||||||
Property, Plant and Equipment, Net by Geographic Area | ' | ||||||||||||||||||||
Property, plant and equipment, net by geographic area as of June 28, 2014 and December 28, 2013 were as follows: | |||||||||||||||||||||
(in millions of U.S. dollars) | June 28, | December 28, | |||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
United States | $ | 306 | $ | 319.5 | |||||||||||||||||
Canada | 41.2 | 43.8 | |||||||||||||||||||
United Kingdom | 123 | 111 | |||||||||||||||||||
All Other | 9 | 9.4 | |||||||||||||||||||
Total | $ | 479.2 | $ | 483.7 | |||||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summary of Inventories | ' | ||||||||
The following table summarizes inventories as of June 28, 2014 and December 28, 2013: | |||||||||
(in millions of U.S. dollars) | June 28, | December 28, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 91.5 | $ | 89 | |||||
Finished goods | 141.3 | 126.3 | |||||||
Other | 18.6 | 17.8 | |||||||
Total | $ | 251.4 | $ | 233.1 | |||||
Intangibles_and_Other_Assets_T
Intangibles and Other Assets (Tables) | 6 Months Ended | ||||||||||||
Jun. 28, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Intangibles and Other Assets | ' | ||||||||||||
The following table summarizes intangibles and other assets as of June 28, 2014: | |||||||||||||
June 28, 2014 | |||||||||||||
(in millions of U.S. dollars) | Cost | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Intangibles | |||||||||||||
Not subject to amortization | |||||||||||||
Rights | $ | 45 | $ | — | $ | 45 | |||||||
Subject to amortization | |||||||||||||
Customer relationships | 458.2 | 181.1 | 277.1 | ||||||||||
Trademarks | 34.4 | 26.3 | 8.1 | ||||||||||
Information technology | 53.7 | 32.2 | 21.5 | ||||||||||
Other | 9.3 | 4.2 | 5.1 | ||||||||||
555.6 | 243.8 | 311.8 | |||||||||||
600.6 | 243.8 | 356.8 | |||||||||||
Other Assets | |||||||||||||
Financing costs | 24 | 8.6 | 15.4 | ||||||||||
Deposits | 1.1 | — | 1.1 | ||||||||||
Other | 6 | 0.1 | 5.9 | ||||||||||
31.1 | 8.7 | 22.4 | |||||||||||
Total Intangibles & Other Assets | $ | 631.7 | $ | 252.5 | $ | 379.2 | |||||||
Estimated Amortization Expense for Intangibles | ' | ||||||||||||
The estimated amortization expense for intangibles over the next five years is: | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Remainder of 2014 | $ | 18.6 | |||||||||||
2015 | 37.8 | ||||||||||||
2016 | 33.4 | ||||||||||||
2017 | 26.9 | ||||||||||||
2018 | 26.1 | ||||||||||||
Thereafter | 169 | ||||||||||||
Total | $ | 311.8 | |||||||||||
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||
Jun. 28, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Components of Debt | ' | ||||||||
Our total debt as of June 28, 2014 and December 28, 2013 was as follows: | |||||||||
(in millions of U.S. dollars) | June 28, 2014 | December 28, 2013 | |||||||
8.375% senior notes due in 2017 1 | $ | — | $ | 15 | |||||
8.125% senior notes due in 2018 | 79.1 | 375 | |||||||
5.375% senior notes due in 2022 | 525 | — | |||||||
ABL facility | 35.8 | 50.8 | |||||||
GE Term Loan | 9.4 | 10.3 | |||||||
Capital leases and other debt financing | 6.4 | 7.2 | |||||||
Total debt | 655.7 | 458.3 | |||||||
Less: Short-term borrowings and current debt: | |||||||||
ABL facility | 35.8 | 50.8 | |||||||
Total short-term borrowings | 35.8 | 50.8 | |||||||
GE Term Loan - current maturities | 2 | 1.9 | |||||||
Capital leases and other financing - current maturities | 2.3 | 2 | |||||||
8.125% senior notes due in 2018 - current maturities | 79.1 | — | |||||||
Total current debt | 119.2 | 54.7 | |||||||
Long-term debt before discount | 536.5 | 403.6 | |||||||
Less discount on 8.375% notes | — | (0.1 | ) | ||||||
Total long-term debt | $ | 536.5 | $ | 403.5 | |||||
1. | Our 8.375% senior notes were issued at a discount of 1.425% on November 13, 2009. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||
Changes in Accumulated Other Comprehensive (Loss) Income by Component | ' | ||||||||||||||||||
Changes in accumulated other comprehensive (loss) income by component1 for the six months ended June 28, 2014 were as follows: | |||||||||||||||||||
June 28, 2014 | |||||||||||||||||||
(in millions of U.S. dollars) | Gains and Losses | Pension | Currency | Total | |||||||||||||||
on Derivative | Benefit | Translation | |||||||||||||||||
Instruments | Plan Items | Adjustment Items | |||||||||||||||||
Beginning balance December 28, 2013 | $ | 0.2 | $ | (8.4 | ) | $ | (8.6 | ) | $ | (16.8 | ) | ||||||||
OCI before reclassifications | 0.4 | (0.5 | ) | 6.8 | 6.7 | ||||||||||||||
Amounts reclassified from AOCI | (0.2 | ) | 0.2 | — | — | ||||||||||||||
Net current-period OCI | 0.2 | (0.3 | ) | 6.8 | 6.7 | ||||||||||||||
Ending balance June 28, 2014 | $ | 0.4 | $ | (8.7 | ) | $ | (1.8 | ) | $ | (10.1 | ) | ||||||||
1 | All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | ' | ||||||||||||||||||
The following table summarizes the amounts reclassified from accumulated other comprehensive (loss) income1 for the three and six months ended June 28, 2014 and June 29, 2013, respectively. | |||||||||||||||||||
(in millions of U.S. dollars) | For the Three Months Ended | For the Six Months Ended | Affected Line Item in | ||||||||||||||||
the Statement Where | |||||||||||||||||||
Details About AOCI Components | June 28, | June 29, | June 28, | June 29, | Net Income Is Presented | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Gains and losses on derivative instruments | |||||||||||||||||||
Foreign currency hedges | $ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | Cost of sales | ||||||||||
$ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | Total before taxes | |||||||||||
— | — | — | — | Tax (expense) or benefit | |||||||||||||||
$ | 0.1 | $ | 0.1 | $ | 0.2 | $ | 0.2 | Net of tax | |||||||||||
Amortization of pension benefit plan items | |||||||||||||||||||
Prior service costs 2 | $ | (0.2 | ) | $ | (0.2 | ) | $ | (0.2 | ) | $ | (0.3 | ) | |||||||
Actuarial adjustments 2 | — | — | — | (0.1 | ) | ||||||||||||||
Actuarial (losses)/gains 2 | — | (0.1 | ) | — | (0.1 | ) | |||||||||||||
(0.2 | ) | (0.3 | ) | (0.2 | ) | (0.5 | ) | Total before taxes | |||||||||||
— | (0.2 | ) | — | (0.2 | ) | Tax (expense) or benefit | |||||||||||||
$ | (0.2 | ) | $ | (0.5 | ) | $ | (0.2 | ) | $ | (0.7 | ) | Net of tax | |||||||
Total reclassifications for the period | $ | (0.1 | ) | $ | (0.4 | ) | $ | — | $ | (0.5 | ) | Net of tax | |||||||
1 | Amounts in parentheses indicate debits. | ||||||||||||||||||
2 | These AOCI components are included in the computation of net periodic pension cost. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||
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 June 28, 2014 and December 28, 2013 were as follows: | |||||||||||||||||
June 28, 2014 | December 28, 2013 | ||||||||||||||||
(in millions of U.S. dollars) | Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
8.375% senior notes due in 2017 1 | — | — | 15 | 15.6 | |||||||||||||
8.125% senior notes due in 2018 1 | 79.1 | 83 | 375 | 404.1 | |||||||||||||
5.375% senior notes due in 2022 1 | 525 | 528 | — | — | |||||||||||||
Total | $ | 604.1 | $ | 611 | $ | 390 | $ | 419.7 | |||||||||
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. |
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 28, 2014 | |||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | ' | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended June 28, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 49.8 | $ | 199.8 | $ | 278.3 | $ | 36 | $ | (13.0 | ) | $ | 550.9 | ||||||||||||
Cost of sales | 41.3 | 169.4 | 248.7 | 30.7 | (13.0 | ) | 477.1 | ||||||||||||||||||
Gross profit | 8.5 | 30.4 | 29.6 | 5.3 | — | 73.8 | |||||||||||||||||||
Selling, general and administrative expenses | 6.1 | 25.4 | 13.1 | 2.3 | — | 46.9 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Restructuring and asset impairments | |||||||||||||||||||||||||
Restructuring | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||
Asset impairments | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||
Operating income | 2.3 | 4.6 | 16.2 | 3 | — | 26.1 | |||||||||||||||||||
Other (income) expense, net | (9.7 | ) | 19.7 | 9.8 | — | — | 19.8 | ||||||||||||||||||
Intercompany interest (income) expense, net | — | (3.9 | ) | 3.9 | — | — | — | ||||||||||||||||||
Interest expense (income), net | — | 8.5 | (0.1 | ) | — | — | 8.4 | ||||||||||||||||||
Income (loss) before income tax (benefit) expense and equity (loss) income | 12 | (19.7 | ) | 2.6 | 3 | — | (2.1 | ) | |||||||||||||||||
Income tax (benefit) expense | (0.4 | ) | 2.6 | 0.3 | — | — | 2.5 | ||||||||||||||||||
Equity (loss) income | (18.4 | ) | 1.4 | 13.8 | — | 3.2 | — | ||||||||||||||||||
Net (loss) income | $ | (6.0 | ) | $ | (20.9 | ) | $ | 16.1 | $ | 3 | $ | 3.2 | $ | (4.6 | ) | ||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.4 | — | 1.4 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (6.0 | ) | $ | (20.9 | ) | $ | 16.1 | $ | 1.6 | $ | 3.2 | $ | (6.0 | ) | ||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 2.4 | $ | (3.8 | ) | $ | 37.3 | $ | 0.9 | $ | (34.4 | ) | $ | 2.4 | |||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Six Months Ended June 28, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 87 | $ | 374.9 | $ | 520.6 | $ | 68.3 | $ | (24.8 | ) | $ | 1,026.00 | ||||||||||||
Cost of sales | 75.5 | 324.8 | 468.1 | 58.3 | (24.8 | ) | 901.9 | ||||||||||||||||||
Gross profit | 11.5 | 50.1 | 52.5 | 10 | — | 124.1 | |||||||||||||||||||
Selling, general and administrative expenses | 12.6 | 49.9 | 22.3 | 4.4 | — | 89.2 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.5 | — | — | — | 0.5 | |||||||||||||||||||
Restructuring and asset impairments | |||||||||||||||||||||||||
Restructuring | 2 | 0.2 | 0.1 | — | — | 2.3 | |||||||||||||||||||
Asset impairments | 0.9 | — | 1 | — | — | 1.9 | |||||||||||||||||||
Operating (loss) income | (4.0 | ) | (0.5 | ) | 29.1 | 5.6 | — | 30.2 | |||||||||||||||||
Other (income) expense, net | (9.5 | ) | 17.1 | 9.8 | 0.1 | — | 17.5 | ||||||||||||||||||
Intercompany interest (income) expense, net | — | (7.4 | ) | 7.4 | — | — | — | ||||||||||||||||||
Interest expense, net | 0.1 | 17.5 | 0.6 | — | — | 18.2 | |||||||||||||||||||
Income (loss) before income tax (benefit) expense and equity (loss) income | 5.4 | (27.7 | ) | 11.3 | 5.5 | — | (5.5 | ) | |||||||||||||||||
Income tax (benefit) expense | (1.4 | ) | 2.9 | — | 0.1 | — | 1.6 | ||||||||||||||||||
Equity (loss) income | (16.7 | ) | 2.7 | 7 | — | 7 | — | ||||||||||||||||||
Net (loss) income | $ | (9.9 | ) | $ | (27.9 | ) | $ | 18.3 | $ | 5.4 | $ | 7 | $ | (7.1 | ) | ||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 2.8 | — | 2.8 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (9.9 | ) | $ | (27.9 | ) | $ | 18.3 | $ | 2.6 | $ | 7 | $ | (9.9 | ) | ||||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ | (3.2 | ) | $ | (6.7 | ) | $ | 42.7 | $ | 1.8 | $ | (37.8 | ) | $ | (3.2 | ) | |||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended June 29, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 50.4 | $ | 212.6 | $ | 266.1 | $ | 41.5 | $ | (6.8 | ) | $ | 563.8 | ||||||||||||
Cost of sales | 41.5 | 181.4 | 235.3 | 35.8 | (6.8 | ) | 487.2 | ||||||||||||||||||
Gross profit | 8.9 | 31.2 | 30.8 | 5.7 | — | 76.6 | |||||||||||||||||||
Selling, general and administrative expenses | 8.4 | 18.7 | 12.6 | 2 | — | 41.7 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Restructuring | 0.5 | 0.5 | 0.7 | 0.3 | — | 2 | |||||||||||||||||||
Operating income | — | 11.7 | 17.5 | 3.4 | — | 32.6 | |||||||||||||||||||
Other (income) expense, net | (0.2 | ) | — | 0.3 | (0.1 | ) | — | — | |||||||||||||||||
Intercompany interest (income) expense, net | — | (2.8 | ) | 2.8 | — | — | — | ||||||||||||||||||
Interest expense, net | — | 12.7 | 0.1 | — | — | 12.8 | |||||||||||||||||||
Income before income tax expense (benefit) and equity income | 0.2 | 1.8 | 14.3 | 3.5 | — | 19.8 | |||||||||||||||||||
Income tax expense (benefit) | 0.4 | 1.7 | (0.5 | ) | 0.1 | — | 1.7 | ||||||||||||||||||
Equity income | 16.7 | 1.5 | 1.5 | — | (19.7 | ) | — | ||||||||||||||||||
Net income | $ | 16.5 | $ | 1.6 | $ | 16.3 | $ | 3.4 | $ | (19.7 | ) | $ | 18.1 | ||||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.6 | — | 1.6 | |||||||||||||||||||
Net income attributed to Cott Corporation | $ | 16.5 | $ | 1.6 | $ | 16.3 | $ | 1.8 | $ | (19.7 | ) | $ | 16.5 | ||||||||||||
Comprehensive income attributed to Cott Corporation | $ | 12.1 | $ | 3 | $ | 16.7 | $ | 3.5 | $ | (23.2 | ) | $ | 12.1 | ||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Six Months Ended June 29, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 89.4 | $ | 407.9 | $ | 505.9 | $ | 78.6 | $ | (12.6 | ) | $ | 1,069.20 | ||||||||||||
Cost of sales | 75.3 | 349.6 | 454.6 | 69.3 | (12.6 | ) | 936.2 | ||||||||||||||||||
Gross profit | 14.1 | 58.3 | 51.3 | 9.3 | — | 133 | |||||||||||||||||||
Selling, general and administrative expenses | 15.5 | 38.9 | 24.5 | 4.1 | — | 83 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Restructuring | 0.5 | 0.5 | 0.7 | 0.3 | — | 2 | |||||||||||||||||||
Operating (loss) income | (1.9 | ) | 18.6 | 26.1 | 4.9 | — | 47.7 | ||||||||||||||||||
Other expense, net | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||
Intercompany interest (income) expense, net | — | (5.7 | ) | 5.7 | — | — | — | ||||||||||||||||||
Interest (income) expense, net | (0.1 | ) | 26 | 0.2 | — | — | 26.1 | ||||||||||||||||||
(Loss) income before income tax expense (benefit) and equity income (loss) | (1.8 | ) | (1.7 | ) | 19.9 | 4.9 | — | 21.3 | |||||||||||||||||
Income tax expense (benefit) | 0.7 | 1.6 | (0.3 | ) | 0.2 | — | 2.2 | ||||||||||||||||||
Equity income (loss) | 19 | 2.6 | (0.6 | ) | — | (21.0 | ) | — | |||||||||||||||||
Net income (loss) | $ | 16.5 | $ | (0.7 | ) | $ | 19.6 | $ | 4.7 | $ | (21.0 | ) | $ | 19.1 | |||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 2.6 | — | 2.6 | |||||||||||||||||||
Net income (loss) attributed to Cott Corporation | $ | 16.5 | $ | (0.7 | ) | $ | 19.6 | $ | 2.1 | $ | (21.0 | ) | $ | 16.5 | |||||||||||
Comprehensive income (loss) attributed to Cott Corporation | $ | 0.1 | $ | (31.0 | ) | $ | 2.7 | $ | 4.1 | $ | 24.2 | $ | 0.1 | ||||||||||||
Consolidating Balance Sheets | ' | ||||||||||||||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
As of June 28, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 7.2 | $ | 32.9 | $ | 44.1 | $ | 6.7 | $ | — | $ | 90.9 | |||||||||||||
Accounts receivable, net of allowance | 22.2 | 141.9 | 256.1 | 16.9 | (152.1 | ) | 285 | ||||||||||||||||||
Income taxes recoverable | 0.4 | 0.6 | — | — | — | 1 | |||||||||||||||||||
Inventories | 17.3 | 77.9 | 148.9 | 7.3 | — | 251.4 | |||||||||||||||||||
Prepaid expenses and other assets | 2.7 | 11.4 | 9.2 | 0.1 | — | 23.4 | |||||||||||||||||||
Total current assets | 49.8 | 264.7 | 458.3 | 31 | (152.1 | ) | 651.7 | ||||||||||||||||||
Property, plant & equipment, net | 45.2 | 183.8 | 240.9 | 9.3 | — | 479.2 | |||||||||||||||||||
Goodwill | 25.6 | 4.5 | 161 | — | — | 191.1 | |||||||||||||||||||
Intangibles and other assets, net | 1.3 | 94 | 275.2 | 8.7 | — | 379.2 | |||||||||||||||||||
Deferred income taxes | 4.9 | — | — | 0.8 | — | 5.7 | |||||||||||||||||||
Other tax receivable | 0.1 | 0.1 | — | — | — | 0.2 | |||||||||||||||||||
Due from affiliates | 40.5 | 181.1 | 3 | — | (224.6 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 448.2 | 281.1 | 742.2 | — | (1,471.5 | ) | — | ||||||||||||||||||
Total assets | $ | 615.6 | $ | 1,009.30 | $ | 1,880.60 | $ | 49.8 | $ | (1,848.2 | ) | $ | 1,707.10 | ||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 35.8 | $ | — | $ | — | $ | 35.8 | |||||||||||||
Current maturities of long-term debt | — | 81.5 | 0.6 | 1.3 | — | 83.4 | |||||||||||||||||||
Accounts payable and accrued liabilities | 30.8 | 176.5 | 290.2 | 11.5 | (152.1 | ) | 356.9 | ||||||||||||||||||
Total current liabilities | 30.8 | 258 | 326.6 | 12.8 | (152.1 | ) | 476.1 | ||||||||||||||||||
Long-term debt | 0.1 | 533.5 | 1.9 | 1 | — | 536.5 | |||||||||||||||||||
Deferred income taxes | — | 34.5 | 26.5 | 1.3 | — | 62.3 | |||||||||||||||||||
Other long-term liabilities | 0.1 | 6.3 | 35.2 | — | — | 41.6 | |||||||||||||||||||
Due to affiliates | 1.5 | 1.6 | 183.4 | 38.1 | (224.6 | ) | — | ||||||||||||||||||
Total liabilities | 32.5 | 833.9 | 573.6 | 53.2 | (376.7 | ) | 1,116.50 | ||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 392.1 | 509.4 | 1,633.20 | 40.9 | (2,183.5 | ) | 392.1 | ||||||||||||||||||
Additional paid-in-capital | 46.6 | — | — | — | — | 46.6 | |||||||||||||||||||
Retained earnings (deficit) | 154.5 | (379.2 | ) | (354.7 | ) | (52.5 | ) | 786.4 | 154.5 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (10.1 | ) | 45.2 | 28.5 | 0.7 | (74.4 | ) | (10.1 | ) | ||||||||||||||||
Total Cott Corporation equity | 583.1 | 175.4 | 1,307.00 | (10.9 | ) | (1,471.5 | ) | 583.1 | |||||||||||||||||
Non-controlling interests | — | — | — | 7.5 | — | 7.5 | |||||||||||||||||||
Total equity | 583.1 | 175.4 | 1,307.00 | (3.4 | ) | (1,471.5 | ) | 590.6 | |||||||||||||||||
Total liabilities and equity | $ | 615.6 | $ | 1,009.30 | $ | 1,880.60 | $ | 49.8 | $ | (1,848.2 | ) | $ | 1,707.10 | ||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
As of December 28, 2013 | |||||||||||||||||||||||||
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 Statements of Condensed Cash Flows | ' | ||||||||||||||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended June 28, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (6.0 | ) | $ | (20.9 | ) | $ | 16.1 | $ | 3 | $ | 3.2 | $ | (4.6 | ) | ||||||||||
Depreciation & amortization | 1.6 | 10.2 | 12.8 | 1.4 | — | 26 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 0.4 | 0.1 | — | — | 0.6 | |||||||||||||||||||
Share-based compensation expense | 0.6 | 1.3 | 0.2 | — | — | 2.1 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (0.4 | ) | 2.7 | — | 0.3 | — | 2.6 | ||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Asset impairments | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||
Write-off of financing fees and discount | — | 3 | — | — | — | 3 | |||||||||||||||||||
Equity loss (income), net of distributions | 18.4 | (1.4 | ) | (13.8 | ) | — | (3.2 | ) | — | ||||||||||||||||
Intercompany dividends | 15.9 | 2.6 | 9.3 | — | (27.8 | ) | — | ||||||||||||||||||
Other non-cash items | (0.2 | ) | — | (0.3 | ) | — | — | (0.5 | ) | ||||||||||||||||
Net change in operating assets and liabilities, net of acquisitions | (18.3 | ) | (78.0 | ) | 93.5 | 2.5 | — | (0.3 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 11.7 | (79.7 | ) | 118.2 | 7.2 | (27.8 | ) | 29.6 | |||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisitions, net of cash received | — | — | (80.8 | ) | — | — | (80.8 | ) | |||||||||||||||||
Additions to property, plant & equipment | (0.3 | ) | (7.1 | ) | (4.4 | ) | — | — | (11.8 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (1.3 | ) | — | — | — | (1.3 | ) | |||||||||||||||||
Net cash used in investing activities | (0.3 | ) | (8.4 | ) | (85.2 | ) | — | — | (93.9 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (296.6 | ) | (0.1 | ) | 0.3 | — | (296.5 | ) | |||||||||||||||
Issuance of long-term debt | — | 525 | — | — | — | 525 | |||||||||||||||||||
Borrowings under ABL | — | 188.2 | — | — | — | 188.2 | |||||||||||||||||||
Payments under ABL | — | (284.3 | ) | — | — | — | (284.3 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.5 | ) | — | (2.5 | ) | |||||||||||||||||
Financing fees | — | (7.9 | ) | — | — | — | (7.9 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (2.7 | ) | — | — | — | — | (2.7 | ) | |||||||||||||||||
Dividends paid to shareholders | (5.7 | ) | — | — | — | — | (5.7 | ) | |||||||||||||||||
Intercompany dividends | — | (9.3 | ) | (15.9 | ) | (2.6 | ) | 27.8 | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (8.5 | ) | 115.1 | (16.0 | ) | (4.8 | ) | 27.8 | 113.6 | ||||||||||||||||
Effect of exchange rate changes on cash | 0.3 | — | 0.7 | — | — | 1 | |||||||||||||||||||
Net increase in cash & cash equivalents | 3.2 | 27 | 17.7 | 2.4 | — | 50.3 | |||||||||||||||||||
Cash & cash equivalents, beginning of period | 4 | 5.9 | 26.4 | 4.3 | — | 40.6 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 7.2 | $ | 32.9 | $ | 44.1 | $ | 6.7 | $ | — | $ | 90.9 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Six Months Ended June 28, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (9.9 | ) | $ | (27.9 | ) | $ | 18.3 | $ | 5.4 | $ | 7 | $ | (7.1 | ) | ||||||||||
Depreciation & amortization | 3.1 | 20.4 | 24.9 | 2.9 | — | 51.3 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 1 | 0.1 | — | — | 1.2 | |||||||||||||||||||
Share-based compensation expense | 0.8 | 2.3 | 0.3 | — | — | 3.4 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (1.3 | ) | 2.6 | 0.2 | — | — | 1.5 | ||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.5 | — | — | — | 0.5 | |||||||||||||||||||
Asset impairments | 0.9 | — | 1 | — | — | 1.9 | |||||||||||||||||||
Write-off of financing fees and discount | — | 3.3 | — | — | — | 3.3 | |||||||||||||||||||
Equity loss (income), net of distributions | 16.7 | (2.7 | ) | (7.0 | ) | — | (7.0 | ) | — | ||||||||||||||||
Intercompany dividends | 18.2 | 5 | 9.3 | — | (32.5 | ) | — | ||||||||||||||||||
Other non-cash items | (0.2 | ) | (0.2 | ) | (0.3 | ) | — | — | (0.7 | ) | |||||||||||||||
Net change in operating assets and liabilities, net of acquisitions | (8.0 | ) | (136.9 | ) | 64 | 2.7 | — | (78.2 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 20.4 | (132.6 | ) | 110.8 | 11 | (32.5 | ) | (22.9 | ) | ||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisitions, net of cash received | — | — | (80.8 | ) | — | — | (80.8 | ) | |||||||||||||||||
Additions to property, plant & equipment | (0.9 | ) | (12.2 | ) | (7.5 | ) | — | — | (20.6 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (2.8 | ) | — | — | — | (2.8 | ) | |||||||||||||||||
Net cash used in investing activities | (0.9 | ) | (15.0 | ) | (88.3 | ) | — | — | (104.2 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (312.2 | ) | (0.2 | ) | — | — | (312.5 | ) | |||||||||||||||
Issuance of long-term debt | — | 525 | — | — | — | 525 | |||||||||||||||||||
Borrowings under ABL | — | 283.2 | — | — | — | 283.2 | |||||||||||||||||||
Payments under ABL | — | (299.4 | ) | — | — | — | (299.4 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (4.8 | ) | — | (4.8 | ) | |||||||||||||||||
Financing fees | — | (7.9 | ) | — | — | — | (7.9 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (3.1 | ) | — | — | — | — | (3.1 | ) | |||||||||||||||||
Dividends paid to shareholders | (10.8 | ) | — | — | — | — | (10.8 | ) | |||||||||||||||||
Intercompany dividends | — | (9.3 | ) | (18.2 | ) | (5.0 | ) | 32.5 | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (14.0 | ) | 179.4 | (18.4 | ) | (9.8 | ) | 32.5 | 169.7 | ||||||||||||||||
Effect of exchange rate changes on cash | 0.2 | — | 0.9 | — | — | 1.1 | |||||||||||||||||||
Net increase in cash & cash equivalents | 5.7 | 31.8 | 5 | 1.2 | — | 43.7 | |||||||||||||||||||
Cash & cash equivalents, beginning of period | 1.5 | 1.1 | 39.1 | 5.5 | — | 47.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 7.2 | $ | 32.9 | $ | 44.1 | $ | 6.7 | $ | — | $ | 90.9 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended June 29, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income | $ | 16.5 | $ | 1.6 | $ | 16.3 | $ | 3.4 | $ | (19.7 | ) | $ | 18.1 | ||||||||||||
Depreciation & amortization | 1.5 | 9.8 | 12.1 | 1.5 | — | 24.9 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 0.6 | 0.1 | — | — | 0.8 | |||||||||||||||||||
Share-based compensation expense | 0.9 | 0.9 | — | — | — | 1.8 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.1 | 2.4 | (0.9 | ) | — | — | 1.6 | ||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Equity loss, net of distributions | (16.7 | ) | (1.5 | ) | (1.5 | ) | — | 19.7 | — | ||||||||||||||||
Intercompany dividends | 11.7 | 0.7 | — | — | (12.4 | ) | — | ||||||||||||||||||
Other non-cash items | (0.2 | ) | 0.2 | (0.1 | ) | — | — | (0.1 | ) | ||||||||||||||||
Net change in operating assets and liabilities | 2.2 | (3.7 | ) | (12.8 | ) | 1 | — | (13.3 | ) | ||||||||||||||||
Net cash provided by operating activities | 16.1 | 11.3 | 13.2 | 5.9 | (12.4 | ) | 34.1 | ||||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition, net of cash acquired | — | — | (6.5 | ) | — | — | (6.5 | ) | |||||||||||||||||
Additions to property, plant & equipment | (3.2 | ) | (7.3 | ) | (3.6 | ) | (0.5 | ) | — | (14.6 | ) | ||||||||||||||
Additions to intangibles and other assets | — | (1.7 | ) | — | — | — | (1.7 | ) | |||||||||||||||||
Net cash used in investing activities | (3.2 | ) | (9.0 | ) | (10.1 | ) | (0.5 | ) | — | (22.8 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (0.3 | ) | (18.5 | ) | (0.2 | ) | — | (19.1 | ) | ||||||||||||||
Distributions to non-controlling interests | — | — | — | (0.7 | ) | — | (0.7 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (5.5 | ) | — | — | — | — | (5.5 | ) | |||||||||||||||||
Dividends paid to shareholders | (11.2 | ) | — | — | — | — | (11.2 | ) | |||||||||||||||||
Intercompany dividends | — | — | (11.7 | ) | (0.7 | ) | 12.4 | — | |||||||||||||||||
Net cash used in financing activities | (16.8 | ) | (0.3 | ) | (30.2 | ) | (1.6 | ) | 12.4 | (36.5 | ) | ||||||||||||||
Effect of exchange rate changes on cash | (1.1 | ) | — | 0.2 | (0.1 | ) | — | (1.0 | ) | ||||||||||||||||
Net (decrease) increase in cash & cash equivalents | (5.0 | ) | 2 | (26.9 | ) | 3.7 | — | (26.2 | ) | ||||||||||||||||
Cash & cash equivalents, beginning of period | 38.3 | 11.5 | 39.5 | 3.7 | — | 93 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 33.3 | $ | 13.5 | $ | 12.6 | $ | 7.4 | $ | — | $ | 66.8 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Six Months Ended June 29, 2013 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net income (loss) | $ | 16.5 | $ | (0.7 | ) | $ | 19.6 | $ | 4.7 | $ | (21.0 | ) | $ | 19.1 | |||||||||||
Depreciation & amortization | 3.1 | 19.4 | 24.1 | 3 | — | 49.6 | |||||||||||||||||||
Amortization of financing fees | 0.1 | 1.3 | 0.1 | — | — | 1.5 | |||||||||||||||||||
Share-based compensation expense | 0.9 | 1.4 | 0.2 | — | — | 2.5 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.5 | 1.8 | (0.7 | ) | — | — | 1.6 | ||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Equity (income) loss, net of distributions | (19.0 | ) | (2.6 | ) | 0.6 | — | 21 | — | |||||||||||||||||
Intercompany dividends | 22.5 | 2.9 | — | — | (25.4 | ) | — | ||||||||||||||||||
Other non-cash items | (0.1 | ) | 0.3 | — | — | — | 0.2 | ||||||||||||||||||
Net change in operating assets and liabilities | (4.5 | ) | (25.9 | ) | (70.2 | ) | 1.3 | — | (99.3 | ) | |||||||||||||||
Net cash provided by (used in) operating activities | 20 | (1.8 | ) | (26.3 | ) | 9 | (25.4 | ) | (24.5 | ) | |||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Acquisition, net of cash acquired | — | — | (6.5 | ) | — | — | (6.5 | ) | |||||||||||||||||
Additions to property, plant & equipment | (4.9 | ) | (20.0 | ) | (8.3 | ) | (1.3 | ) | — | (34.5 | ) | ||||||||||||||
Additions to intangibles and other assets | — | (1.9 | ) | — | — | — | (1.9 | ) | |||||||||||||||||
Proceeds from insurance recoveries | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Net cash used in investing activities | (4.9 | ) | (21.5 | ) | (14.8 | ) | (1.3 | ) | — | (42.5 | ) | ||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | (0.1 | ) | (0.7 | ) | (18.5 | ) | (0.3 | ) | — | (19.6 | ) | ||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.8 | ) | — | (2.8 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (8.4 | ) | — | — | — | — | (8.4 | ) | |||||||||||||||||
Dividends paid to shareholders | (11.2 | ) | — | — | — | — | (11.2 | ) | |||||||||||||||||
Intercompany dividends | — | — | (22.5 | ) | (2.9 | ) | 25.4 | — | |||||||||||||||||
Net cash used in financing activities | (19.7 | ) | (0.7 | ) | (41.0 | ) | (6.0 | ) | 25.4 | (42.0 | ) | ||||||||||||||
Effect of exchange rate changes on cash | (1.9 | ) | — | (1.7 | ) | — | — | (3.6 | ) | ||||||||||||||||
Net (decrease) increase in cash & cash equivalents | (6.5 | ) | (24.0 | ) | (83.8 | ) | 1.7 | — | (112.6 | ) | |||||||||||||||
Cash & cash equivalents, beginning of period | 39.8 | 37.5 | 96.4 | 5.7 | — | 179.4 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 33.3 | $ | 13.5 | $ | 12.6 | $ | 7.4 | $ | — | $ | 66.8 | |||||||||||||
Business_and_Recent_Accounting2
Business and Recent Accounting Pronouncements - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Out-of-period adjustments which decreased net income | ($0.70) |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Aug. 17, 2010 | Dec. 28, 2013 | 30-May-14 | 30-May-14 | Jun. 28, 2014 | Jun. 28, 2014 | 30-May-14 | 30-May-14 | 30-May-14 | 30-May-14 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 29, 2013 | Jun. 29, 2013 | Jun. 29, 2013 |
USD ($) | USD ($) | USD ($) | USD ($) | Cliffstar [Member] | Cliffstar [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Calypso [Member] | Calypso [Member] | Calypso [Member] | Calypso [Member] | Calypso [Member] | Calypso [Member] | |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | GBP (£) | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | USD ($) | USD ($) | First Anniversary [Member] | First Anniversary [Member] | Second Anniversary [Member] | Second Anniversary [Member] | |||||
USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Date | ' | ' | ' | ' | 17-Aug-10 | ' | 30-May-14 | 30-May-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | 100.00% | ' | ' | ' | ' | ' |
Acquisition, contingent consideration | ' | ' | ' | ' | $55 | ' | ' | ' | ' | ' | $26.90 | £ 16 | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | 87.6 | 52.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred consideration | ' | ' | ' | ' | ' | ' | 33.5 | 19.9 | ' | ' | ' | ' | ' | ' | 5.1 | 5.3 | 2.3 | 2.3 | 3 | 3 |
Fair Value of Contingent Consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17.9 | ' | 17.9 | 10.6 | ' | ' | ' | ' | ' | ' |
Acquisition related costs | ' | ' | ' | ' | ' | ' | ' | ' | 1.8 | 1.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | 139 | ' | ' | ' | ' | ' | ' | ' | 12.1 | ' | ' | ' | ' | ' |
Acquisition payable in cash | ' | ' | ' | ' | 503 | ' | 80.4 | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' |
Payment of outstanding debt | 296.5 | 19.1 | 312.5 | 19.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.5 | ' | ' | ' | ' | ' |
Acquisition, deferred consideration to be paid | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred consideration due (in years) | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition, contingent consideration settlement amount | ' | ' | ' | ' | ' | $34.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Business_Combinat
Acquisitions - Business Combination Transfer Consideration (Detail) | 1 Months Ended | 6 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Jun. 29, 2013 | Jun. 28, 2014 | 30-May-14 | 30-May-14 | 30-May-14 |
Calypso [Member] | Calypso [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash | $7 | ' | $80.40 | ' | ' |
Deferred consideration | 5.1 | 5.3 | 33.5 | 19.9 | ' |
Contingent consideration | ' | ' | ' | ' | 17.9 |
Working capital payment | ' | ' | 7.2 | ' | ' |
Total consideration | $12.10 | ' | $139 | ' | ' |
Acquisition_Allocation_of_Purc
Acquisition - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $191.10 | $137.30 |
Aimia Foods Holdings Limited [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash | 9.5 | ' |
Accounts receivable | 11 | ' |
Inventories | 9.6 | ' |
Prepaid expenses and other assets | 1.9 | ' |
Property, plant & equipment | 10.5 | ' |
Goodwill | 52.8 | ' |
Intangibles and other assets | 86.2 | ' |
Accounts payable and accrued liabilities | -25.4 | ' |
Deferred tax liabilities | -17.1 | ' |
Total | $139 | ' |
Acquisition_Components_of_Iden
Acquisition - Components of Identified Intangible Assets and Estimated Weighted Average Useful Lives (Detail) (Aimia Foods Holdings Limited [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | 86.2 |
Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | 80.9 |
Customer Relationships [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Useful Life | '15 years |
Customer Relationships [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | 76.5 |
Trademarks and Trade Names [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Useful Life | '20 years |
Trademarks and Trade Names [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | 1.5 |
Non-Competition Agreements [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Useful Life | '5 years |
Non-Competition Agreements [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' |
Business Acquisition [Line Items] | ' |
Estimated Fair Market Value | 2.9 |
Acquisitions_Unaudited_Pro_For
Acquisitions - Unaudited Pro Forma Financial Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 |
Aimia And Calypso [Member] | Aimia And Calypso [Member] | Aimia And Calypso [Member] | Aimia And Calypso [Member] | Aimia Foods Holdings Limited [Member] | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ' | ' |
Revenue | $567.80 | $599.70 | $1,072.70 | $1,140.80 | $7 |
Net (loss) income | ($4.60) | $18.90 | ($6) | $20.60 | ($1.20) |
Net income (loss) per common share, diluted | ($0.05) | $0.20 | ($0.06) | $0.21 | ' |
Acquisitions_Business_Combinat1
Acquisitions - Business Combination Transfer Consideration (Parenthetical) (Detail) (Calypso [Member], USD $) | 1 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 29, 2013 | Jun. 28, 2014 |
Calypso [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Deferred consideration | $5.10 | $5.30 |
Restructuring_and_Asset_Impair2
Restructuring and Asset Impairments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Charges related primarily to employee redundancy costs | $0.10 | $2 | $2.30 | $2 |
Asset impairment charges | 0.3 | 0 | 1.9 | 0 |
2014 Restructuring Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Number of plants to be closed | 2 | ' | 2 | ' |
North America [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Charges related primarily to employee redundancy costs | 0.1 | 1 | 2.2 | 1 |
Asset impairment charges | 0 | ' | 0.9 | ' |
North America [Member] | 2014 Restructuring Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Number of plants to be closed | 1 | ' | 1 | ' |
Europe [Member] | 2014 Restructuring Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Number of plants to be closed | 1 | ' | 1 | ' |
Minimum [Member] | 2014 Restructuring Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Charges related primarily to employee redundancy costs | ' | ' | 5 | ' |
Maximum [Member] | 2014 Restructuring Plan [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Charges related primarily to employee redundancy costs | ' | ' | $6 | ' |
Restructuring_and_Asset_Impair3
Restructuring and Asset Impairments - Summary of Restructuring Charges (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | $0.10 | $2 | $2.30 | $2 |
North America [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0.1 | 1 | 2.2 | 1 |
United Kingdom [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | 0 | 0.7 | 0.1 | 0.7 |
Mexico [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | $0 | $0.30 | $0 | $0.30 |
Restructuring_and_Asset_Impair4
Restructuring and Asset Impairments - Summary of Asset Impairment Charges (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Asset impairment charges | $0.30 | $0 | $1.90 | $0 |
North America [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Asset impairment charges | 0 | ' | 0.9 | ' |
United Kingdom [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Asset impairment charges | $0.30 | ' | $1 | ' |
Restructuring_and_Asset_Impair5
Restructuring and Asset Impairments - Summary of Restructuring Liability (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Charges to costs and expenses | $0.10 | $2 | $2.30 | $2 |
North America [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' |
Charges to costs and expenses | 0.1 | 1 | 2.2 | 1 |
Cash payments | ' | ' | -2.2 | ' |
Ending balance | ' | ' | ' | ' |
North America [Member] | Employee Severance [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' |
Charges to costs and expenses | ' | ' | 2.2 | ' |
Cash payments | ' | ' | -2.2 | ' |
Ending balance | ' | ' | ' | ' |
United Kingdom [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' |
Charges to costs and expenses | 0 | 0.7 | 0.1 | 0.7 |
Cash payments | ' | ' | -0.1 | ' |
Ending balance | ' | ' | ' | ' |
United Kingdom [Member] | Employee Severance [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | ' |
Charges to costs and expenses | ' | ' | 0.1 | ' |
Cash payments | ' | ' | -0.1 | ' |
Ending balance | ' | ' | ' | ' |
ShareBased_Compensation_Shareb
Share-Based Compensation - Share-based Compensation Expense (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $2.10 | $1.80 | $3.40 | $2.50 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0.4 | 0.3 | 0.8 | 0.4 |
Performance-Based RSUs [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0.6 | 0.2 | 0.8 | 0.4 |
Time-Based RSUs [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 0.7 | 0.5 | 1.4 | 0.9 |
Director Share Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $0.40 | $0.80 | $0.40 | $0.80 |
ShareBased_Compensation_Unreco
Share-Based Compensation - Unrecognized Share-based Compensation Expense (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 28, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | $9.50 |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | 2.5 |
Weighted average years expected to recognize compensation | '2 years |
Performance-Based RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | 2.1 |
Weighted average years expected to recognize compensation | '2 years 3 months 18 days |
Time-Based RSUs [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | 4.5 |
Weighted average years expected to recognize compensation | '2 years |
Director Share Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unrecognized share-based compensation expense | $0.40 |
Weighted average years expected to recognize compensation | '6 months |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Option Activity (Detail) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 28, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Beginning balance, Shares | 830 |
Stock options awarded, Shares | 441 |
Stock options forfeited or expired, shares | -50 |
Ending balance, Shares | 1,221 |
Exercisable at June 28, 2014, Shares | 113 |
Beginning balance, Weighted average exercise price | $8.17 |
Stock options awarded, Weighted average exercise price | $8 |
Stock options forfeited or expired, Weighted average exercise price | $16.45 |
Ending balance, Weighted average exercise price | $7.77 |
Exercisable at June 28, 2014, Weighted average exercise price | $4.94 |
ShareBased_Compensation_Perfor
Share-Based Compensation - Performance-based RSU and Time-based RSU Activity (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 |
In Thousands, except Per Share data, unless otherwise specified | Performance-Based RSUs [Member] | Time-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Beginning balance, Shares | 1,221 | 830 | 534 | 831 |
Awarded | ' | ' | 274 | 368 |
Issued | ' | ' | 0 | -161 |
Forfeited | ' | ' | -26 | -53 |
Ending balance, Shares | 1,221 | 830 | 782 | 985 |
Beginning balance, Weighted Average Grant-Date Fair Value | ' | ' | $7.81 | $8.04 |
Awarded, Weighted Average Grant-Date Fair Value | ' | ' | $8 | $8 |
Issued, Weighted Average Grant-Date Fair Value | ' | ' | $0 | $8.20 |
Forfeited, Weighted Average Grant-Date Fair Value | ' | ' | $7.94 | $8.40 |
Ending balance, Weighted Average Grant-Date Fair Value | ' | ' | $7.87 | $7.98 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (2010 Equity Incentive Plan [Member]) | Feb. 14, 2013 |
2010 Equity Incentive Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Maximum number of shares authorized under plan | 12,000,000 |
Number of shares available for issuance for each share issued | 2 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax expense | $2.50 | $1.70 | $1.60 | $2.20 |
Pretax income (loss) | ' | ' | $5.50 | $21.30 |
Net_Loss_Income_Per_Common_Sha2
Net (Loss) Income Per Common Share - Reconciliation of Denominators of Basic and Diluted Net Income Per Common Share (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted average number of shares outstanding - basic | 94,234 | 95,159 | 94,276 | 95,265 |
Adjusted weighted average number of shares outstanding - diluted | 94,234 | 95,981 | 94,276 | 96,048 |
Stock Options [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Dilutive effect of awards | 0 | 62 | 0 | 55 |
Performance-Based RSUs [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Dilutive effect of awards | 0 | 275 | 0 | 266 |
Time-Based RSUs [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Dilutive effect of awards | 0 | 485 | 0 | 462 |
Net_Loss_Income_Per_Common_Sha3
Net (Loss) Income Per Common Share - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | |
Jun. 28, 2014 | Jun. 29, 2013 | |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of diluted net earnings per share | 832,951 | 442,131 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||||||||
Dec. 28, 2013 | Jun. 28, 2014 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | |
Segment | Segment | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | |
Walmart [Member] | Walmart [Member] | Walmart [Member] | Walmart [Member] | Walmart [Member] | Walmart [Member] | Walmart [Member] | Walmart [Member] | |||
Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | |||
All Other [Member] | All Other [Member] | North America [Member] | North America [Member] | United Kingdom [Member] | United Kingdom [Member] | |||||
Revenue, Major Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of reporting segments | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of combined reporting segments | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk | ' | ' | 27.00% | 30.70% | 2.20% | 5.40% | 33.30% | 36.10% | 13.30% | 14.80% |
Segment_Reporting_Segment_Repo
Segment Reporting - Segment Reporting Information by Operating Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue | $550.90 | $563.80 | $1,026 | $1,069.20 | ' |
Depreciation and amortization | 26 | 24.9 | 51.3 | 49.6 | ' |
Operating income (loss) | 26.1 | 32.6 | 30.2 | 47.7 | ' |
Additions to property, plant and equipment | 11.8 | 14.6 | 20.6 | 34.5 | ' |
Property, plant and equipment | 479.2 | ' | 479.2 | ' | 483.7 |
Goodwill | 191.1 | ' | 191.1 | ' | 137.3 |
Intangibles and other assets | 379.2 | ' | 379.2 | ' | 296.2 |
Total assets | 1,707.10 | ' | 1,707.10 | ' | 1,426.10 |
North America [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue | 373.5 | 418.1 | 718.2 | 811.3 | ' |
Depreciation and amortization | 20.6 | 21.1 | 41.5 | 42.1 | ' |
Operating income (loss) | 15.1 | 23.8 | 17.4 | 40.5 | ' |
Additions to property, plant and equipment | 7.2 | 10.4 | 13 | 24.9 | ' |
Property, plant and equipment | 347.2 | ' | 347.2 | ' | 363.3 |
Goodwill | 123.9 | ' | 123.9 | ' | 124 |
Intangibles and other assets | 265.2 | ' | 265.2 | ' | 268.2 |
Total assets | 1,147.80 | ' | 1,147.80 | ' | 1,089.50 |
United Kingdom [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue | 159.1 | 127.9 | 274.7 | 225.3 | ' |
Depreciation and amortization | 4.9 | 3.3 | 8.9 | 6.5 | ' |
Operating income (loss) | 10.8 | 9.1 | 13 | 9.1 | ' |
Additions to property, plant and equipment | 4.6 | 3.7 | 7.6 | 8.3 | ' |
Property, plant and equipment | 123 | ' | 123 | ' | 111 |
Goodwill | 62.7 | ' | 62.7 | ' | 8.8 |
Intangibles and other assets | 113.8 | ' | 113.8 | ' | 27.7 |
Total assets | 523.2 | ' | 523.2 | ' | 296.3 |
All Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
External revenue | 18.3 | 17.8 | 33.1 | 32.6 | ' |
Depreciation and amortization | 0.5 | 0.5 | 0.9 | 1 | ' |
Operating income (loss) | 3.1 | 2.6 | 5.6 | 3.9 | ' |
Additions to property, plant and equipment | ' | 0.5 | ' | 1.3 | ' |
Property, plant and equipment | 9 | ' | 9 | ' | 9.4 |
Goodwill | 4.5 | ' | 4.5 | ' | 4.5 |
Intangibles and other assets | 0.2 | ' | 0.2 | ' | 0.3 |
Total assets | 36.1 | ' | 36.1 | ' | 40.3 |
Corporate [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Operating income (loss) | ($2.90) | ($2.90) | ($5.80) | ($5.80) | ' |
Segment_Reporting_Segment_Repo1
Segment Reporting - Segment Reporting Information by Operating Segment (Parenthetical) (Detail) (North America [Member], Elimination [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
North America [Member] | Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $6.10 | $5.40 | $12.20 | $9.20 |
Segment_Reporting_Revenues_by_
Segment Reporting - Revenues by Geographic Area (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $550.90 | $563.80 | $1,026 | $1,069.20 |
All Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 18.3 | 17.8 | 33.1 | 32.6 |
United Kingdom [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 159.1 | 127.9 | 274.7 | 225.3 |
Operating Segments [Member] | All Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 18.3 | 17.8 | 33.1 | 32.6 |
Operating Segments [Member] | United States [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 340.4 | 367.8 | 664.5 | 722.6 |
Operating Segments [Member] | Canada [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 49.7 | 62.1 | 87 | 109.6 |
Operating Segments [Member] | United Kingdom [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 159.1 | 127.9 | 274.7 | 225.3 |
Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | ($16.60) | ($11.80) | ($33.30) | ($20.90) |
Segment_Reporting_Revenues_by_1
Segment Reporting - Revenues by Geographic Area (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $550.90 | $563.80 | $1,026 | $1,069.20 |
Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | -16.6 | -11.8 | -33.3 | -20.9 |
North America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 373.5 | 418.1 | 718.2 | 811.3 |
North America [Member] | Elimination [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $6.10 | $5.40 | $12.20 | $9.20 |
Segment_Reporting_Revenues_by_2
Segment Reporting - Revenues by Product by Reporting Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $550.90 | $563.80 | $1,026 | $1,069.20 |
Carbonated Soft Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 184 | 212.6 | 343.8 | 399.8 |
Juice and Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 121.5 | 115.1 | 253 | 235.9 |
Concentrate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 12.1 | 10.7 | 22.3 | 21.2 |
Sparkling Waters / Mixers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 100.9 | 99.3 | 183.9 | 184.7 |
Energy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 43.7 | 46.6 | 79 | 82.3 |
All Other Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 88.7 | 79.5 | 144 | 145.3 |
North America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 373.5 | 418.1 | 718.2 | 811.3 |
North America [Member] | Carbonated Soft Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 133.7 | 168.8 | 254.2 | 319.7 |
North America [Member] | Juice and Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 106.8 | 108.6 | 225.8 | 225.8 |
North America [Member] | Concentrate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 4 | 2.8 | 7.6 | 5.9 |
North America [Member] | Sparkling Waters / Mixers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 78.5 | 79.9 | 144.1 | 149.3 |
North America [Member] | Energy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 6.7 | 8.3 | 13.3 | 14.4 |
North America [Member] | All Other Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 43.8 | 49.7 | 73.2 | 96.2 |
United Kingdom [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 159.1 | 127.9 | 274.7 | 225.3 |
United Kingdom [Member] | Carbonated Soft Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 47.9 | 40 | 86 | 72.7 |
United Kingdom [Member] | Juice and Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 13.7 | 5.6 | 25.5 | 8.7 |
United Kingdom [Member] | Concentrate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 0.5 | 0.6 | 1.2 | 1.2 |
United Kingdom [Member] | Sparkling Waters / Mixers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 21.6 | 18.4 | 38.2 | 33.1 |
United Kingdom [Member] | Energy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 34.1 | 36.8 | 61.1 | 64.8 |
United Kingdom [Member] | All Other Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 41.3 | 26.5 | 62.7 | 44.8 |
All Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 18.3 | 17.8 | 33.1 | 32.6 |
All Other [Member] | Carbonated Soft Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 2.4 | 3.8 | 3.6 | 7.4 |
All Other [Member] | Juice and Drinks [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 1 | 0.9 | 1.7 | 1.4 |
All Other [Member] | Concentrate [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 7.6 | 7.3 | 13.5 | 14.1 |
All Other [Member] | Sparkling Waters / Mixers [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 0.8 | 1 | 1.6 | 2.3 |
All Other [Member] | Energy [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | 2.9 | 1.5 | 4.6 | 3.1 |
All Other [Member] | All Other Products [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue, net | $3.60 | $3.30 | $8.10 | $4.30 |
Segment_Reporting_Property_Pla
Segment Reporting - Property, Plant and Equipment, Net by Geographic Area (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, Total | $479.20 | $483.70 |
All Other [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, Total | 9 | 9.4 |
United States [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, Total | 306 | 319.5 |
Canada [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, Total | 41.2 | 43.8 |
United Kingdom [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Property, plant and equipment, Total | $123 | $111 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $91.50 | $89 |
Finished goods | 141.3 | 126.3 |
Other | 18.6 | 17.8 |
Total | $251.40 | $233.10 |
Intangibles_and_Other_Assets_S
Intangibles and Other Assets - Summary of Intangibles and Other Assets (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets - Cost | $555.60 | ' |
Intangibles Assets - Accumulated Amortization | 243.8 | ' |
Intangibles Assets - Net | 311.8 | ' |
Total Intangible Assets - Cost | 600.6 | ' |
Total Intangible Assets - Accumulated Amortization | 243.8 | ' |
Total Intangible Assets - Net | 356.8 | ' |
Other Assets - Cost | 31.1 | ' |
Other Assets - Accumulated Amortization | 8.7 | ' |
Other Assets - Net | 22.4 | ' |
Total Intangibles and Other Assets - Cost | 631.7 | ' |
Total Intangibles and Other Assets - Accumulated Amortization | 252.5 | ' |
Total Intangibles and Other Assets - Net | 379.2 | 296.2 |
Financing Costs [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Other Assets - Cost | 24 | ' |
Other Assets - Accumulated Amortization | 8.6 | ' |
Other Assets - Net | 15.4 | ' |
Deposits [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Other Assets - Cost | 1.1 | ' |
Other Assets - Net | 1.1 | ' |
Customer Relationships [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets - Cost | 458.2 | ' |
Intangibles Assets - Accumulated Amortization | 181.1 | ' |
Intangibles Assets - Net | 277.1 | ' |
Trademarks [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets - Cost | 34.4 | ' |
Intangibles Assets - Accumulated Amortization | 26.3 | ' |
Intangibles Assets - Net | 8.1 | ' |
Information Technology [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets - Cost | 53.7 | ' |
Intangibles Assets - Accumulated Amortization | 32.2 | ' |
Intangibles Assets - Net | 21.5 | ' |
Other [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets - Cost | 9.3 | ' |
Intangibles Assets - Accumulated Amortization | 4.2 | ' |
Intangibles Assets - Net | 5.1 | ' |
Other [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Other Assets - Cost | 6 | ' |
Other Assets - Accumulated Amortization | 0.1 | ' |
Other Assets - Net | 5.9 | ' |
Rights [Member] | ' | ' |
Intangibles And Other Assets Net [Line Items] | ' | ' |
Intangibles Assets - Cost | 45 | ' |
Intangibles Assets - Net | $45 | ' |
Intangibles_and_Other_Assets_A
Intangibles and Other Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Intangibles And Other Assets [Abstract] | ' | ' | ' | ' |
Amortization expense of intangible and other assets | $8.80 | $8.70 | $17.20 | $17.30 |
Intangibles_and_Other_Assets_E
Intangibles and Other Assets - Estimated Amortization Expense for Intangibles (Detail) (USD $) | Jun. 28, 2014 |
In Millions, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Remainder of 2014 | $18.60 |
2015 | 37.8 |
2016 | 33.4 |
2017 | 26.9 |
2018 | 26.1 |
Thereafter | 169 |
Intangibles Assets - Net | $311.80 |
Debt_Components_of_Debt_Detail
Debt - Components of Debt (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Jun. 24, 2014 |
In Millions, unless otherwise specified | 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] | 5.375% Senior Notes Due in 2022 [Member] | 5.375% Senior Notes Due in 2022 [Member] | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | $0 | $15 | $79.10 | $375 | $525 | $525 |
ABL facility | 35.8 | 50.8 | ' | ' | ' | ' | ' | ' |
GE Term loan | 9.4 | 10.3 | ' | ' | ' | ' | ' | ' |
Capital lease obligations and other debt | 6.4 | 7.2 | ' | ' | ' | ' | ' | ' |
Total debt | 655.7 | 458.3 | ' | ' | ' | ' | ' | ' |
Total short-term borrowings | 35.8 | 50.8 | ' | ' | ' | ' | ' | ' |
GE Term loan, current maturities | 2 | 1.9 | ' | ' | ' | ' | ' | ' |
Capital lease obligations and other debt, current maturities | 2.3 | 2 | ' | ' | ' | ' | ' | ' |
Senior notes current | ' | ' | ' | ' | 79.1 | 0 | ' | ' |
Total current debt | 119.2 | 54.7 | ' | ' | ' | ' | ' | ' |
Long-term debt before discount | 536.5 | 403.6 | ' | ' | ' | ' | ' | ' |
Less discount on 8.375% notes | 0 | -0.1 | ' | ' | ' | ' | ' | ' |
Total long-term debt | $536.50 | $403.50 | ' | ' | ' | ' | ' | ' |
Debt_Components_of_Debt_Parent
Debt - Components of Debt (Parenthetical) (Detail) | Nov. 13, 2009 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 28, 2014 | Dec. 28, 2013 |
8.375% 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] | 5.375% Senior Notes Due in 2022 [Member] | 5.375% Senior Notes Due in 2022 [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Interest rate on notes | ' | 8.38% | 8.38% | 8.13% | 8.13% | 5.38% | 5.38% |
Debt instrument maturity year | ' | '2017 | '2017 | '2018 | '2018 | '2022 | '2022 |
Discount rate on issue of senior notes | 1.43% | ' | ' | ' | ' | ' | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||
In Millions, except Share data, unless otherwise specified | Feb. 19, 2014 | Nov. 15, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 | Sep. 30, 2013 | Feb. 19, 2014 | Nov. 15, 2013 | Jun. 24, 2014 | Jun. 28, 2014 | Dec. 28, 2013 | Aug. 17, 2010 | Jul. 24, 2014 | Jul. 24, 2014 | Jun. 28, 2014 | Aug. 17, 2010 | Jun. 28, 2014 | 28-May-14 | Oct. 22, 2013 | Jun. 29, 2013 | Jul. 19, 2012 | Aug. 17, 2010 | Jun. 28, 2014 | Jun. 24, 2014 | Jun. 28, 2014 | Dec. 28, 2013 | Jun. 24, 2014 | Jun. 28, 2014 | Dec. 28, 2013 | Nov. 13, 2009 |
GE Term Loan [Member] | 2017 Notes [Member] | 2017 Notes [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] | 8.125% Senior Notes Due in 2018 [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] | 8.125% Senior Notes Due in 2018 [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | ABL Facility [Member] | 5.375% Senior Notes Due in 2022 [Member] | 5.375% Senior Notes Due in 2022 [Member] | 5.375% Senior Notes Due in 2022 [Member] | 5.375% Senior Notes Due in 2022 [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] | ||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Cliffstar [Member] | Cliffstar [Member] | Cliffstar [Member] | Debt Instrument Redemption Period One [Member] | |||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $215 |
Interest rate on notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.13% | 8.13% | ' | ' | ' | ' | 8.13% | ' | ' | ' | ' | ' | ' | ' | ' | 5.38% | 5.38% | ' | 8.38% | 8.38% | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Sep-18 | ' | 19-Jul-17 | ' | ' | ' | ' | ' | 22-Oct-18 | ' | ' | ' | ' | ' | ' | ' |
Common stock shares, issued | ' | ' | 94,081,120 | ' | 94,081,120 | ' | 94,238,190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,340,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares, issued value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.67 | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 275 | ' | ' | ' | ' | ' | ' | ' | ' |
Financing fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.6 | ' | ' | ' | ' | ' | 0.2 | 0.7 | ' | 1.2 | 5.4 | ' | ' | ' | ' | 9.7 | ' | ' | 5.1 |
Borrowing capacity, increase in lender's commitment under credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing capacity, accordion feature | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Standby letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.9 | ' | ' | 11.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit | ' | ' | 35.8 | ' | 35.8 | ' | 50.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unused commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 251.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79.1 | 375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 525 | ' | 525 | 0 | 15 | ' |
Amortization period of financing fees (years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' |
Debt instrument maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018 | '2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2022 | '2022 | ' | '2017 | '2017 | ' |
Aggregate principal amount of redemption | ' | ' | 296.5 | 19.1 | 312.5 | 19.6 | ' | ' | ' | ' | 295.9 | ' | ' | ' | 79.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.2 | ' | ' | ' | 3.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.5 | ' | ' | ' | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.2 | ' | ' | ' | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.1 |
Debt instrument semi annual interest payment description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The interest on the 2017 Notes was payable semi-annually on May 15th and November 15th of each year. | ' | ' |
Aggregate principal amount of debt to be redeemed | 15 | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of note as a percentage of par | 104.12% | 104.12% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Premium payment liability | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | 8.2 | ' | ' | ' | ' | 3.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fee and discount charges | 0.3 | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finance lease agreement | ' | ' | ' | ' | ' | ' | ' | $10.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on financing | ' | ' | ' | ' | ' | ' | ' | 5.23% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income by Component (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($16.80) | ' |
OCI before reclassifications | ' | ' | 6.7 | ' |
Total other comprehensive (loss) income | 8.4 | -4.3 | 6.7 | -16.4 |
Ending balance | -10.1 | ' | -10.1 | ' |
Gains and Losses on Derivative Instruments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 0.2 | ' |
OCI before reclassifications | ' | ' | 0.4 | ' |
Amounts reclassified from AOCI | ' | ' | -0.2 | ' |
Total other comprehensive (loss) income | ' | ' | 0.2 | ' |
Ending balance | 0.4 | ' | 0.4 | ' |
Pension Benefit Plan Items [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -8.4 | ' |
OCI before reclassifications | ' | ' | -0.5 | ' |
Amounts reclassified from AOCI | ' | ' | 0.2 | ' |
Total other comprehensive (loss) income | ' | ' | -0.3 | ' |
Ending balance | -8.7 | ' | -8.7 | ' |
Currency Translation Adjustment Items [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -8.6 | ' |
OCI before reclassifications | ' | ' | 6.8 | ' |
Total other comprehensive (loss) income | ' | ' | 6.8 | ' |
Ending balance | ($1.80) | ' | ($1.80) | ' |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of Sales | ($477.10) | ($487.20) | ($901.90) | ($936.20) |
Total before taxes | ' | ' | 5.5 | 21.3 |
Tax (expense) or benefit | -2.5 | -1.7 | -1.6 | -2.2 |
Net (loss) income | -4.6 | 18.1 | -7.1 | 19.1 |
Gains and Losses on Derivative Instruments [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Cost of Sales | -0.1 | -0.3 | -0.2 | -0.4 |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | ' | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' |
Net (loss) income | 0.1 | -0.4 | 0 | -0.5 |
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] | ' | ' | ' | ' |
Cost of Sales | 0.1 | 0.1 | 0.2 | 0.2 |
Total before taxes | 0.1 | 0.1 | 0.2 | 0.2 |
Tax (expense) or benefit | 0 | ' | 0 | ' |
Net (loss) income | 0.1 | 0.1 | 0.2 | 0.2 |
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 | -0.2 | -0.2 | -0.2 | -0.3 |
Actuarial adjustments | 0 | ' | 0 | -0.1 |
Actuarial (losses)/gains | 0 | -0.1 | 0 | -0.1 |
Total before taxes | -0.2 | -0.3 | -0.2 | -0.5 |
Tax (expense) or benefit | 0 | -0.2 | 0 | -0.2 |
Net (loss) income | ($0.20) | ($0.50) | ($0.20) | ($0.70) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
In Millions, unless otherwise specified | Apr. 30, 2014 | Mar. 29, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | 30-May-14 | 30-May-14 | 30-May-14 | 30-May-14 | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 29, 2013 | Jun. 29, 2013 | Jun. 29, 2013 | Jun. 29, 2013 | Jan. 31, 2015 |
USD ($) | USD ($) | Calypso [Member] | Calypso [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | ABL Facility [Member] | ABL Facility [Member] | First Anniversary [Member] | First Anniversary [Member] | Second Anniversary [Member] | Second Anniversary [Member] | Scenario, Forecast [Member] | |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | Calypso [Member] | Calypso [Member] | Calypso [Member] | Calypso [Member] | USD ($) | |||
USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred consideration | ' | ' | $5.10 | $5.30 | $33.50 | £ 19.9 | ' | ' | ' | ' | $2.30 | $2.30 | $3 | $3 | ' |
Standby letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | 6.9 | 11.5 | ' | ' | ' | ' | ' |
Legal Settlement | ' | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal settlement collected | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal settlement due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 |
Contingent consideration | ' | ' | ' | ' | ' | ' | $26.90 | £ 16 | ' | ' | ' | ' | ' | ' | ' |
Share_Repurchase_Program_Addit
Share Repurchase Program - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | 21-May-14 | Jun. 28, 2014 |
Shares Held In Trust Treated As Treasury Shares And Share Repurchase Program [Abstract] | ' | ' |
Percentage of outstanding common stock available for repurchase | 'Board of directors approved the renewal of our share repurchase program for up to 5% of Cott's outstanding common shares | ' |
Commencing upon the expiration of the prior share repurchase program | '12 months | ' |
Stock Repurchased During Period Shares | ' | 366,670 |
Stock Repurchased During Period Value | ' | $2.60 |
Hedging_Transactions_and_Deriv1
Hedging Transactions and Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Dec. 28, 2013 |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Fair value of derivative asset | $0.60 | ' | $0.60 | ' | $0.30 |
Fair value of derivative liabilities | 0.2 | ' | 0.2 | ' | 0 |
Derivative instruments, charge to cost of sales | 477.1 | 487.2 | 901.9 | 936.2 | ' |
Gains and Losses on Derivative Instruments [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative instruments, charge to cost of sales | 0.1 | 0.3 | 0.2 | 0.4 | ' |
Commodity Swaps [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional value of commodity cash flow hedges | 29.9 | ' | 29.9 | ' | ' |
Forward Contracts [Member] | Cash Flow Hedging [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Notional value of commodity cash flow hedges | $3.80 | ' | $3.80 | ' | $3.60 |
Maximum [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Foreign exchange contracts maturity | ' | ' | '18 months | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Measurements [Line Items] | ' | ' |
Fair value for the derivative assets | $0.60 | $0.30 |
Fair value for the derivative liabilities | 0.2 | 0 |
Level 2 [Member] | ' | ' |
Fair Value Measurements [Line Items] | ' | ' |
Fair value for the derivative assets | 0.6 | 0.3 |
Fair value for the derivative liabilities | $0.20 | ' |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Detail) (USD $) | Jun. 28, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior notes, carrying value | $604.10 | $390 |
8.375% Senior Notes Due in 2017 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior notes, carrying value | ' | 15 |
8.125% Senior Notes Due in 2018 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior notes, carrying value | 79.1 | 375 |
5.375% Senior Notes Due in 2022 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Senior notes, carrying value | 525 | ' |
Level 1 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Outstanding debt, fair value | 611 | 419.7 |
Level 1 [Member] | 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, fair value | ' | 15.6 |
Level 1 [Member] | 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, fair value | 83 | 404.1 |
Level 1 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | 5.375% Senior Notes Due in 2022 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Outstanding debt, fair value | $528 | ' |
Guarantor_Subsidiaries_Additio
Guarantor Subsidiaries - Additional Information (Detail) (Liabilities, Total [Member]) | 6 Months Ended |
Jun. 28, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ' |
Concentration risk | 100.00% |
5.375% Senior Notes Due in 2022 [Member] | Cott Beverages Inc. [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Concentration risk | 100.00% |
8.125% Senior Notes Due in 2018 [Member] | Guarantor Subsidiaries [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Concentration risk | 100.00% |
8.375% Senior Notes Due in 2017 [Member] | Guarantor Subsidiaries [Member] | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Concentration risk | 100.00% |
Guarantor_Subsidiaries_Condens
Guarantor Subsidiaries - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | $550.90 | $563.80 | $1,026 | $1,069.20 |
Cost of sales | 477.1 | 487.2 | 901.9 | 936.2 |
Gross profit | 73.8 | 76.6 | 124.1 | 133 |
Selling, general and administrative expenses | 46.9 | 41.7 | 89.2 | 83 |
Loss on disposal of property, plant & equipment | 0.4 | 0.3 | 0.5 | 0.3 |
Restructuring and asset impairments | ' | ' | ' | ' |
Restructuring | 0.1 | 2 | 2.3 | 2 |
Asset impairments | 0.3 | 0 | 1.9 | 0 |
Operating (loss) income | 26.1 | 32.6 | 30.2 | 47.7 |
Other (income) expense, net | 19.8 | ' | 17.5 | 0.3 |
Interest (income) expense, net | 8.4 | 12.8 | 18.2 | 26.1 |
(Loss) income before income taxes | -2.1 | 19.8 | -5.5 | 21.3 |
Income tax (benefit) expense | 2.5 | 1.7 | 1.6 | 2.2 |
Net (loss) income | -4.6 | 18.1 | -7.1 | 19.1 |
Less: Net income attributable to non-controlling interests | 1.4 | 1.6 | 2.8 | 2.6 |
Net (loss) income attributed to Cott Corporation | -6 | 16.5 | -9.9 | 16.5 |
Comprehensive income (loss) attributed to Cott Corporation | 2.4 | 12.1 | -3.2 | 0.1 |
Cott Corporation [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | 49.8 | 50.4 | 87 | 89.4 |
Cost of sales | 41.3 | 41.5 | 75.5 | 75.3 |
Gross profit | 8.5 | 8.9 | 11.5 | 14.1 |
Selling, general and administrative expenses | 6.1 | 8.4 | 12.6 | 15.5 |
Restructuring and asset impairments | ' | ' | ' | ' |
Restructuring | 0.1 | 0.5 | 2 | 0.5 |
Asset impairments | ' | ' | 0.9 | ' |
Operating (loss) income | 2.3 | ' | -4 | -1.9 |
Other (income) expense, net | -9.7 | -0.2 | -9.5 | ' |
Interest (income) expense, net | ' | ' | 0.1 | -0.1 |
(Loss) income before income taxes | 12 | 0.2 | 5.4 | -1.8 |
Income tax (benefit) expense | -0.4 | 0.4 | -1.4 | 0.7 |
Equity (loss) income | -18.4 | 16.7 | -16.7 | 19 |
Net (loss) income | -6 | 16.5 | -9.9 | 16.5 |
Net (loss) income attributed to Cott Corporation | -6 | 16.5 | -9.9 | 16.5 |
Comprehensive income (loss) attributed to Cott Corporation | 2.4 | 12.1 | -3.2 | 0.1 |
Cott Beverages Inc. [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | 199.8 | 212.6 | 374.9 | 407.9 |
Cost of sales | 169.4 | 181.4 | 324.8 | 349.6 |
Gross profit | 30.4 | 31.2 | 50.1 | 58.3 |
Selling, general and administrative expenses | 25.4 | 18.7 | 49.9 | 38.9 |
Loss on disposal of property, plant & equipment | 0.4 | 0.3 | 0.5 | 0.3 |
Restructuring and asset impairments | ' | ' | ' | ' |
Restructuring | ' | 0.5 | 0.2 | 0.5 |
Operating (loss) income | 4.6 | 11.7 | -0.5 | 18.6 |
Other (income) expense, net | 19.7 | ' | 17.1 | ' |
Intercompany interest (income) expense, net | -3.9 | -2.8 | -7.4 | -5.7 |
Interest (income) expense, net | 8.5 | 12.7 | 17.5 | 26 |
(Loss) income before income taxes | -19.7 | 1.8 | -27.7 | -1.7 |
Income tax (benefit) expense | 2.6 | 1.7 | 2.9 | 1.6 |
Equity (loss) income | 1.4 | 1.5 | 2.7 | 2.6 |
Net (loss) income | -20.9 | 1.6 | -27.9 | -0.7 |
Net (loss) income attributed to Cott Corporation | -20.9 | 1.6 | -27.9 | -0.7 |
Comprehensive income (loss) attributed to Cott Corporation | -3.8 | 3 | -6.7 | -31 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | 278.3 | 266.1 | 520.6 | 505.9 |
Cost of sales | 248.7 | 235.3 | 468.1 | 454.6 |
Gross profit | 29.6 | 30.8 | 52.5 | 51.3 |
Selling, general and administrative expenses | 13.1 | 12.6 | 22.3 | 24.5 |
Restructuring and asset impairments | ' | ' | ' | ' |
Restructuring | ' | 0.7 | 0.1 | 0.7 |
Asset impairments | 0.3 | ' | 1 | ' |
Operating (loss) income | 16.2 | 17.5 | 29.1 | 26.1 |
Other (income) expense, net | 9.8 | 0.3 | 9.8 | 0.3 |
Intercompany interest (income) expense, net | 3.9 | 2.8 | 7.4 | 5.7 |
Interest (income) expense, net | -0.1 | 0.1 | 0.6 | 0.2 |
(Loss) income before income taxes | 2.6 | 14.3 | 11.3 | 19.9 |
Income tax (benefit) expense | 0.3 | -0.5 | ' | -0.3 |
Equity (loss) income | 13.8 | 1.5 | 7 | -0.6 |
Net (loss) income | 16.1 | 16.3 | 18.3 | 19.6 |
Net (loss) income attributed to Cott Corporation | 16.1 | 16.3 | 18.3 | 19.6 |
Comprehensive income (loss) attributed to Cott Corporation | 37.3 | 16.7 | 42.7 | 2.7 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | 36 | 41.5 | 68.3 | 78.6 |
Cost of sales | 30.7 | 35.8 | 58.3 | 69.3 |
Gross profit | 5.3 | 5.7 | 10 | 9.3 |
Selling, general and administrative expenses | 2.3 | 2 | 4.4 | 4.1 |
Restructuring and asset impairments | ' | ' | ' | ' |
Restructuring | ' | 0.3 | ' | 0.3 |
Operating (loss) income | 3 | 3.4 | 5.6 | 4.9 |
Other (income) expense, net | ' | -0.1 | 0.1 | ' |
(Loss) income before income taxes | 3 | 3.5 | 5.5 | 4.9 |
Income tax (benefit) expense | ' | 0.1 | 0.1 | 0.2 |
Net (loss) income | 3 | 3.4 | 5.4 | 4.7 |
Less: Net income attributable to non-controlling interests | 1.4 | 1.6 | 2.8 | 2.6 |
Net (loss) income attributed to Cott Corporation | 1.6 | 1.8 | 2.6 | 2.1 |
Comprehensive income (loss) attributed to Cott Corporation | 0.9 | 3.5 | 1.8 | 4.1 |
Elimination Entries [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Revenue, net | -13 | -6.8 | -24.8 | -12.6 |
Cost of sales | -13 | -6.8 | -24.8 | -12.6 |
Restructuring and asset impairments | ' | ' | ' | ' |
Equity (loss) income | 3.2 | -19.7 | 7 | -21 |
Net (loss) income | 3.2 | -19.7 | 7 | -21 |
Net (loss) income attributed to Cott Corporation | 3.2 | -19.7 | 7 | -21 |
Comprehensive income (loss) attributed to Cott Corporation | ($34.40) | ($23.20) | ($37.80) | $24.20 |
Guarantor_Subsidiaries_Consoli
Guarantor Subsidiaries - Consolidating Balance Sheets (Detail) (USD $) | Jun. 28, 2014 | Mar. 29, 2014 | Dec. 28, 2013 | Jun. 29, 2013 | Mar. 30, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||||||
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | $90.90 | $40.60 | $47.20 | $66.80 | $93 | $179.40 |
Accounts receivable, net of allowance | 285 | ' | 204.4 | ' | ' | ' |
Income taxes recoverable | 1 | ' | 1.1 | ' | ' | ' |
Inventories | 251.4 | ' | 233.1 | ' | ' | ' |
Prepaid expenses and other assets | 23.4 | ' | 19.3 | ' | ' | ' |
Total current assets | 651.7 | ' | 505.1 | ' | ' | ' |
Property, plant & equipment, net | 479.2 | ' | 483.7 | ' | ' | ' |
Goodwill | 191.1 | ' | 137.3 | ' | ' | ' |
Intangibles and other assets, net | 379.2 | ' | 296.2 | ' | ' | ' |
Deferred income taxes | 5.7 | ' | 3.6 | ' | ' | ' |
Other tax receivable | 0.2 | ' | 0.2 | ' | ' | ' |
Total assets | 1,707.10 | ' | 1,426.10 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 35.8 | ' | 50.8 | ' | ' | ' |
Current maturities of long-term debt | 83.4 | ' | 3.9 | ' | ' | ' |
Accounts payable and accrued liabilities | 356.9 | ' | 298.2 | ' | ' | ' |
Total current liabilities | 476.1 | ' | 352.9 | ' | ' | ' |
Long-term debt | 536.5 | ' | 403.5 | ' | ' | ' |
Deferred income taxes | 62.3 | ' | 41.5 | ' | ' | ' |
Other long-term liabilities | 41.6 | ' | 22.3 | ' | ' | ' |
Total liabilities | 1,116.50 | ' | 820.2 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | 392.1 | ' | 392.8 | ' | ' | ' |
Additional paid-in-capital | 46.6 | ' | 44.1 | ' | ' | ' |
Retained earnings (deficit) | 154.5 | ' | 176.3 | ' | ' | ' |
Accumulated other comprehensive (loss) income | -10.1 | ' | -16.8 | ' | ' | ' |
Total Cott Corporation equity | 583.1 | ' | 596.4 | ' | ' | ' |
Non-controlling interests | 7.5 | ' | 9.5 | ' | ' | ' |
Total equity | 590.6 | ' | 605.9 | 608.6 | ' | 622.9 |
Total liabilities and equity | 1,707.10 | ' | 1,426.10 | ' | ' | ' |
Cott Corporation [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | 7.2 | 4 | 1.5 | 33.3 | 38.3 | 39.8 |
Accounts receivable, net of allowance | 22.2 | ' | 19 | ' | ' | ' |
Income taxes recoverable | 0.4 | ' | 0.4 | ' | ' | ' |
Inventories | 17.3 | ' | 16.2 | ' | ' | ' |
Prepaid expenses and other assets | 2.7 | ' | 2.1 | ' | ' | ' |
Total current assets | 49.8 | ' | 39.2 | ' | ' | ' |
Property, plant & equipment, net | 45.2 | ' | 47.9 | ' | ' | ' |
Goodwill | 25.6 | ' | 25.8 | ' | ' | ' |
Intangibles and other assets, net | 1.3 | ' | 1.3 | ' | ' | ' |
Deferred income taxes | 4.9 | ' | 3.6 | ' | ' | ' |
Other tax receivable | 0.1 | ' | ' | ' | ' | ' |
Due from affiliates | 40.5 | ' | 39.6 | ' | ' | ' |
Investments in subsidiaries | 448.2 | ' | 507.8 | ' | ' | ' |
Total assets | 615.6 | ' | 665.2 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 30.8 | ' | 25.5 | ' | ' | ' |
Total current liabilities | 30.8 | ' | 25.5 | ' | ' | ' |
Long-term debt | 0.1 | ' | 0.1 | ' | ' | ' |
Other long-term liabilities | 0.1 | ' | 0.1 | ' | ' | ' |
Due to affiliates | 1.5 | ' | 43.1 | ' | ' | ' |
Total liabilities | 32.5 | ' | 68.8 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | 392.1 | ' | 392.8 | ' | ' | ' |
Additional paid-in-capital | 46.6 | ' | 44.1 | ' | ' | ' |
Retained earnings (deficit) | 154.5 | ' | 176.3 | ' | ' | ' |
Accumulated other comprehensive (loss) income | -10.1 | ' | -16.8 | ' | ' | ' |
Total Cott Corporation equity | 583.1 | ' | 596.4 | ' | ' | ' |
Total equity | 583.1 | ' | 596.4 | ' | ' | ' |
Total liabilities and equity | 615.6 | ' | 665.2 | ' | ' | ' |
Cott Beverages Inc. [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | 32.9 | 5.9 | 1.1 | 13.5 | 11.5 | 37.5 |
Accounts receivable, net of allowance | 141.9 | ' | 114.1 | ' | ' | ' |
Income taxes recoverable | 0.6 | ' | 0.7 | ' | ' | ' |
Inventories | 77.9 | ' | 77 | ' | ' | ' |
Prepaid expenses and other assets | 11.4 | ' | 10.1 | ' | ' | ' |
Total current assets | 264.7 | ' | 203 | ' | ' | ' |
Property, plant & equipment, net | 183.8 | ' | 190.2 | ' | ' | ' |
Goodwill | 4.5 | ' | 4.5 | ' | ' | ' |
Intangibles and other assets, net | 94 | ' | 88 | ' | ' | ' |
Other tax receivable | 0.1 | ' | 0.2 | ' | ' | ' |
Due from affiliates | 181.1 | ' | 125.7 | ' | ' | ' |
Investments in subsidiaries | 281.1 | ' | 246.7 | ' | ' | ' |
Total assets | 1,009.30 | ' | 858.3 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Short-term borrowings | ' | ' | 16.2 | ' | ' | ' |
Current maturities of long-term debt | 81.5 | ' | 2.4 | ' | ' | ' |
Accounts payable and accrued liabilities | 176.5 | ' | 214.4 | ' | ' | ' |
Total current liabilities | 258 | ' | 233 | ' | ' | ' |
Long-term debt | 533.5 | ' | 399.6 | ' | ' | ' |
Deferred income taxes | 34.5 | ' | 32 | ' | ' | ' |
Other long-term liabilities | 6.3 | ' | 2.8 | ' | ' | ' |
Due to affiliates | 1.6 | ' | 1.6 | ' | ' | ' |
Total liabilities | 833.9 | ' | 669 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | 509.4 | ' | 509.4 | ' | ' | ' |
Retained earnings (deficit) | -379.2 | ' | -344.1 | ' | ' | ' |
Accumulated other comprehensive (loss) income | 45.2 | ' | 24 | ' | ' | ' |
Total Cott Corporation equity | 175.4 | ' | 189.3 | ' | ' | ' |
Total equity | 175.4 | ' | 189.3 | ' | ' | ' |
Total liabilities and equity | 1,009.30 | ' | 858.3 | ' | ' | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | 44.1 | 26.4 | 39.1 | 12.6 | 39.5 | 96.4 |
Accounts receivable, net of allowance | 256.1 | ' | 229.8 | ' | ' | ' |
Inventories | 148.9 | ' | 132.9 | ' | ' | ' |
Prepaid expenses and other assets | 9.2 | ' | 7 | ' | ' | ' |
Total current assets | 458.3 | ' | 408.8 | ' | ' | ' |
Property, plant & equipment, net | 240.9 | ' | 235.7 | ' | ' | ' |
Goodwill | 161 | ' | 107 | ' | ' | ' |
Intangibles and other assets, net | 275.2 | ' | 196.2 | ' | ' | ' |
Due from affiliates | 3 | ' | 2.9 | ' | ' | ' |
Investments in subsidiaries | 742.2 | ' | 697.7 | ' | ' | ' |
Total assets | 1,880.60 | ' | 1,648.30 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 35.8 | ' | 34.6 | ' | ' | ' |
Current maturities of long-term debt | 0.6 | ' | 0.6 | ' | ' | ' |
Accounts payable and accrued liabilities | 290.2 | ' | 225.6 | ' | ' | ' |
Total current liabilities | 326.6 | ' | 260.8 | ' | ' | ' |
Long-term debt | 1.9 | ' | 2.2 | ' | ' | ' |
Deferred income taxes | 26.5 | ' | 9.1 | ' | ' | ' |
Other long-term liabilities | 35.2 | ' | 19.4 | ' | ' | ' |
Due to affiliates | 183.4 | ' | 128.1 | ' | ' | ' |
Total liabilities | 573.6 | ' | 419.6 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | 1,633.20 | ' | 1,557.50 | ' | ' | ' |
Retained earnings (deficit) | -354.7 | ' | -322.1 | ' | ' | ' |
Accumulated other comprehensive (loss) income | 28.5 | ' | -6.7 | ' | ' | ' |
Total Cott Corporation equity | 1,307 | ' | 1,228.70 | ' | ' | ' |
Total equity | 1,307 | ' | 1,228.70 | ' | ' | ' |
Total liabilities and equity | 1,880.60 | ' | 1,648.30 | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Cash & cash equivalents | 6.7 | 4.3 | 5.5 | 7.4 | 3.7 | 5.7 |
Accounts receivable, net of allowance | 16.9 | ' | 15.5 | ' | ' | ' |
Inventories | 7.3 | ' | 7 | ' | ' | ' |
Prepaid expenses and other assets | 0.1 | ' | 0.1 | ' | ' | ' |
Total current assets | 31 | ' | 28.1 | ' | ' | ' |
Property, plant & equipment, net | 9.3 | ' | 9.9 | ' | ' | ' |
Intangibles and other assets, net | 8.7 | ' | 10.7 | ' | ' | ' |
Deferred income taxes | 0.8 | ' | ' | ' | ' | ' |
Due from affiliates | ' | ' | 41.9 | ' | ' | ' |
Total assets | 49.8 | ' | 90.6 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Current maturities of long-term debt | 1.3 | ' | 0.9 | ' | ' | ' |
Accounts payable and accrued liabilities | 11.5 | ' | 6.7 | ' | ' | ' |
Total current liabilities | 12.8 | ' | 7.6 | ' | ' | ' |
Long-term debt | 1 | ' | 1.6 | ' | ' | ' |
Deferred income taxes | 1.3 | ' | 0.4 | ' | ' | ' |
Due to affiliates | 38.1 | ' | 37.3 | ' | ' | ' |
Total liabilities | 53.2 | ' | 46.9 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | 40.9 | ' | 82.5 | ' | ' | ' |
Retained earnings (deficit) | -52.5 | ' | -49.8 | ' | ' | ' |
Accumulated other comprehensive (loss) income | 0.7 | ' | 1.5 | ' | ' | ' |
Total Cott Corporation equity | -10.9 | ' | 34.2 | ' | ' | ' |
Non-controlling interests | 7.5 | ' | 9.5 | ' | ' | ' |
Total equity | -3.4 | ' | 43.7 | ' | ' | ' |
Total liabilities and equity | 49.8 | ' | 90.6 | ' | ' | ' |
Elimination Entries [Member] | ' | ' | ' | ' | ' | ' |
Current assets | ' | ' | ' | ' | ' | ' |
Accounts receivable, net of allowance | -152.1 | ' | -174 | ' | ' | ' |
Total current assets | -152.1 | ' | -174 | ' | ' | ' |
Due from affiliates | -224.6 | ' | -210.1 | ' | ' | ' |
Investments in subsidiaries | -1,471.50 | ' | -1,452.20 | ' | ' | ' |
Total assets | -1,848.20 | ' | -1,836.30 | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | -152.1 | ' | -174 | ' | ' | ' |
Total current liabilities | -152.1 | ' | -174 | ' | ' | ' |
Due to affiliates | -224.6 | ' | -210.1 | ' | ' | ' |
Total liabilities | -376.7 | ' | -384.1 | ' | ' | ' |
Equity | ' | ' | ' | ' | ' | ' |
Capital stock, no par | -2,183.50 | ' | -2,149.40 | ' | ' | ' |
Retained earnings (deficit) | 786.4 | ' | 716 | ' | ' | ' |
Accumulated other comprehensive (loss) income | -74.4 | ' | -18.8 | ' | ' | ' |
Total Cott Corporation equity | -1,471.50 | ' | -1,452.20 | ' | ' | ' |
Total equity | -1,471.50 | ' | -1,452.20 | ' | ' | ' |
Total liabilities and equity | ($1,848.20) | ' | ($1,836.30) | ' | ' | ' |
Guarantor_Subsidiaries_Consoli1
Guarantor Subsidiaries - Consolidating Statements of Condensed Cash Flows (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 |
Operating Activities | ' | ' | ' | ' |
Net (loss) income | ($4.60) | $18.10 | ($7.10) | $19.10 |
Depreciation & amortization | 26 | 24.9 | 51.3 | 49.6 |
Amortization of financing fees | 0.6 | 0.8 | 1.2 | 1.5 |
Share-based compensation expense | 2.1 | 1.8 | 3.4 | 2.5 |
(Decrease) increase in deferred income taxes | 2.6 | 1.6 | 1.5 | 1.6 |
Loss on disposal of property, plant & equipment | 0.4 | 0.3 | 0.5 | 0.3 |
Asset impairments | 0.3 | 0 | 1.9 | 0 |
Write-off of financing fees and discount | 3 | ' | 3.3 | ' |
Other non-cash items | -0.5 | -0.1 | -0.7 | 0.2 |
Net change in operating assets and liabilities | -0.3 | -13.3 | -78.2 | -99.3 |
Net cash provided by (used in) operating activities | 29.6 | 34.1 | -22.9 | -24.5 |
Investing Activities | ' | ' | ' | ' |
Acquisitions, net of cash acquired | -80.8 | -6.5 | -80.8 | -6.5 |
Additions to property, plant & equipment | -11.8 | -14.6 | -20.6 | -34.5 |
Additions to intangibles and other assets | -1.3 | -1.7 | -2.8 | -1.9 |
Proceeds from insurance recoveries | ' | ' | ' | 0.4 |
Net cash used in investing activities | -93.9 | -22.8 | -104.2 | -42.5 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | -296.5 | -19.1 | -312.5 | -19.6 |
Issuance of long-term debt | 525 | ' | 525 | ' |
Borrowings under ABL | 188.2 | ' | 283.2 | ' |
Payments under ABL | -284.3 | ' | -299.4 | ' |
Distributions to non-controlling interests | -2.5 | -0.7 | -4.8 | -2.8 |
Financing fees | -7.9 | ' | -7.9 | ' |
Common shares repurchased and cancelled | -2.7 | -5.5 | -3.1 | -8.4 |
Dividends paid to shareholders | -5.7 | -11.2 | -10.8 | -11.2 |
Net cash (used in) provided by financing activities | 113.6 | -36.5 | 169.7 | -42 |
Effect of exchange rate changes on cash | 1 | -1 | 1.1 | -3.6 |
Net (decrease) increase in cash & cash equivalents | 50.3 | -26.2 | 43.7 | -112.6 |
Cash & cash equivalents, beginning of period | 40.6 | 93 | 47.2 | 179.4 |
Cash & cash equivalents, end of period | 90.9 | 66.8 | 90.9 | 66.8 |
Cott Corporation [Member] | ' | ' | ' | ' |
Operating Activities | ' | ' | ' | ' |
Net (loss) income | -6 | 16.5 | -9.9 | 16.5 |
Depreciation & amortization | 1.6 | 1.5 | 3.1 | 3.1 |
Amortization of financing fees | 0.1 | 0.1 | 0.1 | 0.1 |
Share-based compensation expense | 0.6 | 0.9 | 0.8 | 0.9 |
(Decrease) increase in deferred income taxes | -0.4 | 0.1 | -1.3 | 0.5 |
Asset impairments | ' | ' | 0.9 | ' |
Equity (income) loss, net of distributions | 18.4 | -16.7 | 16.7 | -19 |
Intercompany dividends | 15.9 | 11.7 | 18.2 | 22.5 |
Other non-cash items | -0.2 | -0.2 | -0.2 | -0.1 |
Net change in operating assets and liabilities | -18.3 | 2.2 | -8 | -4.5 |
Net cash provided by (used in) operating activities | 11.7 | 16.1 | 20.4 | 20 |
Investing Activities | ' | ' | ' | ' |
Additions to property, plant & equipment | -0.3 | -3.2 | -0.9 | -4.9 |
Net cash used in investing activities | -0.3 | -3.2 | -0.9 | -4.9 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | -0.1 | -0.1 | -0.1 | -0.1 |
Common shares repurchased and cancelled | -2.7 | -5.5 | -3.1 | -8.4 |
Dividends paid to shareholders | -5.7 | -11.2 | -10.8 | -11.2 |
Net cash (used in) provided by financing activities | -8.5 | -16.8 | -14 | -19.7 |
Effect of exchange rate changes on cash | 0.3 | -1.1 | 0.2 | -1.9 |
Net (decrease) increase in cash & cash equivalents | 3.2 | -5 | 5.7 | -6.5 |
Cash & cash equivalents, beginning of period | 4 | 38.3 | 1.5 | 39.8 |
Cash & cash equivalents, end of period | 7.2 | 33.3 | 7.2 | 33.3 |
Cott Beverages Inc. [Member] | ' | ' | ' | ' |
Operating Activities | ' | ' | ' | ' |
Net (loss) income | -20.9 | 1.6 | -27.9 | -0.7 |
Depreciation & amortization | 10.2 | 9.8 | 20.4 | 19.4 |
Amortization of financing fees | 0.4 | 0.6 | 1 | 1.3 |
Share-based compensation expense | 1.3 | 0.9 | 2.3 | 1.4 |
(Decrease) increase in deferred income taxes | 2.7 | 2.4 | 2.6 | 1.8 |
Loss on disposal of property, plant & equipment | 0.4 | 0.3 | 0.5 | 0.3 |
Write-off of financing fees and discount | 3 | ' | 3.3 | ' |
Equity (income) loss, net of distributions | -1.4 | -1.5 | -2.7 | -2.6 |
Intercompany dividends | 2.6 | 0.7 | 5 | 2.9 |
Other non-cash items | ' | 0.2 | -0.2 | 0.3 |
Net change in operating assets and liabilities | -78 | -3.7 | -136.9 | -25.9 |
Net cash provided by (used in) operating activities | -79.7 | 11.3 | -132.6 | -1.8 |
Investing Activities | ' | ' | ' | ' |
Additions to property, plant & equipment | -7.1 | -7.3 | -12.2 | -20 |
Additions to intangibles and other assets | -1.3 | -1.7 | -2.8 | -1.9 |
Proceeds from insurance recoveries | ' | ' | ' | 0.4 |
Net cash used in investing activities | -8.4 | -9 | -15 | -21.5 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | -296.6 | -0.3 | -312.2 | -0.7 |
Issuance of long-term debt | 525 | ' | 525 | ' |
Borrowings under ABL | 188.2 | ' | 283.2 | ' |
Payments under ABL | -284.3 | ' | -299.4 | ' |
Financing fees | -7.9 | ' | -7.9 | ' |
Intercompany dividends | -9.3 | ' | -9.3 | ' |
Net cash (used in) provided by financing activities | 115.1 | -0.3 | 179.4 | -0.7 |
Net (decrease) increase in cash & cash equivalents | 27 | 2 | 31.8 | -24 |
Cash & cash equivalents, beginning of period | 5.9 | 11.5 | 1.1 | 37.5 |
Cash & cash equivalents, end of period | 32.9 | 13.5 | 32.9 | 13.5 |
Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Operating Activities | ' | ' | ' | ' |
Net (loss) income | 16.1 | 16.3 | 18.3 | 19.6 |
Depreciation & amortization | 12.8 | 12.1 | 24.9 | 24.1 |
Amortization of financing fees | 0.1 | 0.1 | 0.1 | 0.1 |
Share-based compensation expense | 0.2 | ' | 0.3 | 0.2 |
(Decrease) increase in deferred income taxes | ' | -0.9 | 0.2 | -0.7 |
Asset impairments | 0.3 | ' | 1 | ' |
Equity (income) loss, net of distributions | -13.8 | -1.5 | -7 | 0.6 |
Intercompany dividends | 9.3 | ' | 9.3 | ' |
Other non-cash items | -0.3 | -0.1 | -0.3 | ' |
Net change in operating assets and liabilities | 93.5 | -12.8 | 64 | -70.2 |
Net cash provided by (used in) operating activities | 118.2 | 13.2 | 110.8 | -26.3 |
Investing Activities | ' | ' | ' | ' |
Acquisitions, net of cash acquired | -80.8 | -6.5 | -80.8 | -6.5 |
Additions to property, plant & equipment | -4.4 | -3.6 | -7.5 | -8.3 |
Net cash used in investing activities | -85.2 | -10.1 | -88.3 | -14.8 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | -0.1 | -18.5 | -0.2 | -18.5 |
Intercompany dividends | -15.9 | -11.7 | -18.2 | -22.5 |
Net cash (used in) provided by financing activities | -16 | -30.2 | -18.4 | -41 |
Effect of exchange rate changes on cash | 0.7 | 0.2 | 0.9 | -1.7 |
Net (decrease) increase in cash & cash equivalents | 17.7 | -26.9 | 5 | -83.8 |
Cash & cash equivalents, beginning of period | 26.4 | 39.5 | 39.1 | 96.4 |
Cash & cash equivalents, end of period | 44.1 | 12.6 | 44.1 | 12.6 |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' |
Operating Activities | ' | ' | ' | ' |
Net (loss) income | 3 | 3.4 | 5.4 | 4.7 |
Depreciation & amortization | 1.4 | 1.5 | 2.9 | 3 |
(Decrease) increase in deferred income taxes | 0.3 | ' | ' | ' |
Net change in operating assets and liabilities | 2.5 | 1 | 2.7 | 1.3 |
Net cash provided by (used in) operating activities | 7.2 | 5.9 | 11 | 9 |
Investing Activities | ' | ' | ' | ' |
Additions to property, plant & equipment | ' | -0.5 | ' | -1.3 |
Net cash used in investing activities | ' | -0.5 | ' | -1.3 |
Financing Activities | ' | ' | ' | ' |
Payments of long-term debt | 0.3 | -0.2 | ' | -0.3 |
Distributions to non-controlling interests | -2.5 | -0.7 | -4.8 | -2.8 |
Intercompany dividends | -2.6 | -0.7 | -5 | -2.9 |
Net cash (used in) provided by financing activities | -4.8 | -1.6 | -9.8 | -6 |
Effect of exchange rate changes on cash | ' | -0.1 | ' | ' |
Net (decrease) increase in cash & cash equivalents | 2.4 | 3.7 | 1.2 | 1.7 |
Cash & cash equivalents, beginning of period | 4.3 | 3.7 | 5.5 | 5.7 |
Cash & cash equivalents, end of period | 6.7 | 7.4 | 6.7 | 7.4 |
Elimination Entries [Member] | ' | ' | ' | ' |
Operating Activities | ' | ' | ' | ' |
Net (loss) income | 3.2 | -19.7 | 7 | -21 |
Equity (income) loss, net of distributions | -3.2 | 19.7 | -7 | 21 |
Intercompany dividends | -27.8 | -12.4 | -32.5 | -25.4 |
Net cash provided by (used in) operating activities | -27.8 | -12.4 | -32.5 | -25.4 |
Financing Activities | ' | ' | ' | ' |
Intercompany dividends | 27.8 | 12.4 | 32.5 | 25.4 |
Net cash (used in) provided by financing activities | $27.80 | $12.40 | $32.50 | $25.40 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Jun. 28, 2014 | Jun. 29, 2013 | Jun. 28, 2014 | Jun. 29, 2013 | Feb. 19, 2014 | Nov. 15, 2013 | Jul. 29, 2014 | Jul. 24, 2014 | Jul. 24, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
8.125% Senior Notes Due in 2018 [Member] | 8.125% Senior Notes Due in 2018 [Member] | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount of debt to be redeemed | ' | ' | ' | ' | $15 | $200 | ' | ' | $79.10 |
Premium payment liability | ' | ' | ' | ' | ' | ' | ' | 3.8 | ' |
Accrued interest | ' | ' | ' | ' | ' | ' | ' | 2.5 | ' |
Deferred financing fees | ' | ' | ' | ' | $0.30 | $4.50 | ' | ' | $0.80 |
Dividend per common share | $0.06 | $0.06 | $0.12 | $0.12 | ' | ' | $0.06 | ' | ' |
Dividend declared date | ' | ' | ' | ' | ' | ' | 29-Jul-14 | ' | ' |
Dividend declared payable date | ' | ' | ' | ' | ' | ' | 10-Sep-14 | ' | ' |
Dividend payable, record date | ' | ' | ' | ' | ' | ' | 28-Aug-14 | ' | ' |