Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Apr. 04, 2015 | 7-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 4-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | COT | |
Entity Registrant Name | COTT CORP /CN/ | |
Entity Central Index Key | 884713 | |
Current Fiscal Year End Date | -1 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 93,259,829 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations Unaudited (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Income Statement [Abstract] | ||
Revenue, net | $709.80 | $475.10 |
Cost of sales | 508.5 | 418.9 |
Gross profit | 201.3 | 56.2 |
Selling, general and administrative expenses | 188.5 | 46.9 |
Loss on disposal of property, plant & equipment | 1.4 | 0.1 |
Restructuring | 2.2 | |
Asset impairments | 1.6 | |
Acquisition and integration expenses | 4.7 | 1.1 |
Operating income | 6.7 | 4.3 |
Other income, net | -10.4 | -2.3 |
Interest expense, net | 27.7 | 9.8 |
Loss before income taxes | -10.6 | -3.2 |
Income tax benefit | -9.4 | -0.5 |
Net loss | -1.2 | -2.7 |
Less: Net income attributable to non-controlling interests | 1.3 | 1.4 |
Less: Accumulated dividends on convertible preferred shares | 2.7 | |
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | |
Net loss attributed to Cott Corporation | ($6) | ($4.10) |
Net loss per common share attributed to Cott Corporation | ||
Basic | ($0.06) | ($0.04) |
Diluted | ($0.06) | ($0.04) |
Weighted average outstanding shares (thousands) attributed to Cott Corporation | ||
Basic | 93,196 | 94,319 |
Diluted | 93,196 | 94,319 |
Dividends declared per share | $0.06 | $0.06 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Loss Unaudited (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net loss | ($1.20) | ($2.70) | ||
Other comprehensive loss: | ||||
Currency translation adjustment | -25.9 | -1.6 | ||
Pension benefit plan, net of tax | 0.1 | [1] | ||
Unrealized loss on derivative instruments, net of tax | -0.1 | [2] | ||
Total other comprehensive loss | -25.8 | -1.7 | ||
Comprehensive loss | -27 | -4.4 | ||
Less: Comprehensive income attributable to non-controlling interests | 1.3 | 1.4 | ||
Less: Accumulated dividends on convertible preferred shares | 2.7 | |||
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | |||
Comprehensive loss attributed to Cott Corporation | ($31.80) | ($5.80) | ||
[1] | Net of the effect of $0.2 million and $0.1 million tax expense for the three months ended April 4, 2015 and March 29, 2014, respectively. | |||
[2] | Net of the effect of nil tax expense for the three months ended April 4, 2015 and March 29, 2014, respectively. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss Unaudited (Parenthetical) (USD $) | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Pension benefit plan, tax expense | $200,000 | $100,000 |
Unrealized loss on derivative instruments, tax benefit | $0 | $0 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets Unaudited (USD $) | Apr. 04, 2015 | Jan. 03, 2015 | Mar. 29, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||||
ASSETS | ||||
Cash & cash equivalents | $34.50 | $86.20 | $40.60 | $47.20 |
Accounts receivable, net of allowance of $10.2 ($6.5 as of January 3, 2015) | 340.6 | 305.7 | ||
Income taxes recoverable | 1.2 | 1.6 | ||
Inventories | 270.5 | 262.4 | ||
Prepaid expenses and other current assets | 34.5 | 59.3 | ||
Total current assets | 681.3 | 715.2 | ||
Property, plant & equipment, net | 845.2 | 864.5 | ||
Goodwill | 742.4 | 743.6 | ||
Intangibles and other assets, net | 762.9 | 781.7 | ||
Deferred income taxes | 1.8 | 2.5 | ||
Other tax receivable | 0.2 | |||
Total assets | 3,033.60 | 3,107.70 | ||
LIABILITIES, PREFERRED SHARES AND EQUITY | ||||
Short-term borrowings | 221 | 229 | ||
Current maturities of long-term debt | 4.1 | 4 | ||
Accounts payable and accrued liabilities | 422 | 420.3 | ||
Total current liabilities | 647.1 | 653.3 | ||
Long-term debt | 1,552.50 | 1,565 | ||
Deferred income taxes | 105.3 | 119.9 | ||
Other long-term liabilities | 67.1 | 71.8 | ||
Total liabilities | 2,372 | 2,410 | ||
Equity | ||||
Capital stock, no par-93,259,829 (January 3, 2015-93,072,850) shares issued | 389.5 | 388.3 | ||
Additional paid-in-capital | 47.2 | 46.6 | ||
Retained earnings | 146.6 | 158.1 | ||
Accumulated other comprehensive loss | -76.8 | -51 | ||
Total Cott Corporation equity | 506.5 | 542 | ||
Non-controlling interests | 6.2 | 6.9 | ||
Total equity | 512.7 | 548.9 | 593.5 | 604.4 |
Total liabilities, preferred shares and equity | 3,033.60 | 3,107.70 | ||
Convertible Preferred Shares [Member] | ||||
LIABILITIES, PREFERRED SHARES AND EQUITY | ||||
Preferred, value | 116.2 | 116.1 | ||
Non-convertible Preferred Shares [Member] | ||||
LIABILITIES, PREFERRED SHARES AND EQUITY | ||||
Preferred, value | $32.70 | $32.70 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets Unaudited (Parenthetical) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Millions, except Share data, unless otherwise specified | ||
Accounts receivable, net of allowance | $10.20 | $6.50 |
Capital stock, no par value | ||
Capital stock, shares issued | 93,259,829 | 93,072,850 |
Convertible Preferred Shares [Member] | ||
Preferred, shares issued | 116,054 | 116,054 |
Preferred, par value | $1,000 | $1,000 |
Non-convertible Preferred Shares [Member] | ||
Preferred, shares issued | 32,711 | 32,711 |
Preferred, par value | $1,000 | $1,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows Unaudited (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Operating Activities | ||
Net loss | ($1.20) | ($2.70) |
Depreciation & amortization | 57.4 | 25.1 |
Amortization of financing fees | 1.3 | 0.6 |
Amortization of senior notes premium | -1.5 | |
Share-based compensation expense | 2.4 | 1.3 |
Decrease in deferred income taxes | -11.7 | -0.7 |
Write-off of financing fees and discount | 0.3 | |
Loss on disposal of property, plant & equipment | 1.4 | 0.1 |
Asset impairments | 1.6 | |
Other non-cash items | -10.2 | -0.2 |
Change in operating assets and liabilities, net of acquisition: | ||
Accounts receivable | -41.3 | -33.3 |
Inventories | -11 | -16.5 |
Prepaid expenses and other current assets | 30.3 | 0.2 |
Other assets | -2.4 | 0.2 |
Accounts payable and accrued liabilities, and other liabilities | -15.2 | -28.5 |
Income taxes recoverable | 0.6 | |
Net cash used in operating activities | -1.1 | -52.5 |
Investing Activities | ||
Additions to property, plant & equipment | -27.3 | -8.8 |
Additions to intangibles and other assets | -2.1 | -1.5 |
Proceeds from sale of property, plant & equipment | 0.4 | |
Net cash used in investing activities | -29 | -10.3 |
Financing Activities | ||
Payments of long-term debt | -0.8 | -16 |
Borrowings under ABL | 94.8 | 95 |
Payments under ABL | -102.8 | -15.1 |
Distributions to non-controlling interests | -2 | -2.3 |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | -0.7 | -0.4 |
Dividends paid to common and preferred shareowners | -9 | -5.1 |
Net cash (used in) provided by financing activities | -20.4 | 56.1 |
Effect of exchange rate changes on cash | -1.2 | 0.1 |
Net decrease in cash & cash equivalents | -51.7 | -6.6 |
Cash & cash equivalents, beginning of period | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 34.5 | 40.6 |
Supplemental Non-cash Investing and Financing Activities: | ||
Dividend payable issued through accounts payable and accrued liabilities | 0.1 | |
DSS additional consideration accrued in accounts payable | 8.9 | |
Additions to property, plant & equipment through accounts payable and accrued liabilities | 6.2 | |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 8.3 | 16.6 |
Cash paid for income taxes, net | $0.50 | $0.30 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity Unaudited (USD $) | Total | 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 | Time-Based RSUs [Member] | Performance-Based RSUs [Member] | Time-Based RSUs [Member] | Performance-Based RSUs [Member] | |||||||
Balance at Dec. 28, 2013 | $604.40 | $392.80 | $44.10 | $174.80 | ($16.80) | $9.50 | |||||
Balance, shares at Dec. 28, 2013 | 94,238 | ||||||||||
Common shares repurchased and cancelled | -0.4 | -0.4 | |||||||||
Common shares repurchased and cancelled, shares | -54 | ||||||||||
Common shares issued | 1.2 | -1.2 | |||||||||
Common shares issued, shares | 141 | ||||||||||
Share-based compensation | 1.3 | 1.3 | |||||||||
Common shares dividend | -5.1 | -5.1 | |||||||||
Distributions to non-controlling interests | -2.3 | -2.3 | |||||||||
Comprehensive (loss) income | |||||||||||
Currency translation adjustment | -1.6 | -1.6 | |||||||||
Unrealized gain on derivative instruments, net of tax | -0.1 | [1] | -0.1 | ||||||||
Net (loss) income | -2.7 | -4.1 | 1.4 | ||||||||
Balance at Mar. 29, 2014 | 593.5 | 393.6 | 44.2 | 165.6 | -18.5 | 8.6 | |||||
Balance, shares at Mar. 29, 2014 | 94,325 | ||||||||||
Balance at Jan. 03, 2015 | 548.9 | 388.3 | 46.6 | 158.1 | -51 | 6.9 | |||||
Balance, shares at Jan. 03, 2015 | 93,073 | ||||||||||
Common shares repurchased and cancelled | -0.7 | -0.7 | |||||||||
Common shares repurchased and cancelled, shares | -87 | ||||||||||
Common shares issued | 1.7 | -1.7 | |||||||||
Common shares issued, shares | 255 | ||||||||||
Share-based compensation | 2.4 | 2.4 | |||||||||
Options exercised | 0.1 | 0.2 | -0.1 | ||||||||
Options exercised, shares | 19 | 19 | |||||||||
Common shares dividend | -5.5 | -5.5 | |||||||||
Distributions to non-controlling interests | -2 | -2 | |||||||||
Comprehensive (loss) income | |||||||||||
Currency translation adjustment | -25.9 | -25.9 | |||||||||
Pension benefit plan, net of tax | 0.1 | [2] | 0.1 | ||||||||
Preferred shares dividend | -3.5 | -3.5 | |||||||||
Net (loss) income | -1.2 | -2.5 | 1.3 | ||||||||
Balance at Apr. 04, 2015 | $512.70 | $389.50 | $47.20 | $146.60 | ($76.80) | $6.20 | |||||
Balance, shares at Apr. 04, 2015 | 93,260 | ||||||||||
[1] | Net of the effect of nil tax expense for the three months ended April 4, 2015 and March 29, 2014, respectively. | ||||||||||
[2] | Net of the effect of $0.2 million and $0.1 million tax expense for the three months ended April 4, 2015 and March 29, 2014, respectively. |
Business_and_Recent_Accounting
Business and Recent Accounting Pronouncements | 3 Months Ended | ||||
Apr. 04, 2015 | |||||
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 and has one of the broadest home and office bottled water and office coffee services distribution networks in the United States, with the ability to service approximately 90% of U.S. households, as well as national, regional and local offices. Our product lines include carbonated soft drinks (“CSDs”), 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, purified, spring, artesian, distilled and fluoridated bottled water, energy drinks and shots, sports products, new age beverages, ready-to-drink teas and alcoholic beverages, beverage concentrates, liquid enhancers and freezables, as well as hot chocolate, coffee, malt drinks, creamers/whiteners and cereals. In addition, Cott is now a national direct-to-consumer provider of bottled water, office coffee and water filtration services offering a comprehensive portfolio of beverage products, equipment and supplies to approximately 1.5 million customer locations through its network of over 200 sales and distribution facilities and daily operation of over 2,100 routes. | |||||
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 January 3, 2015. 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. | |||||
Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. For the three months ended March 29, 2014, the Company concluded that it was appropriate to reclassify the amortization of customer list intangible assets to selling, general and administrative (“SG&A”) expenses. Previously, such amortization had been classified as cost of sales. Accordingly, the Company has revised the classification to report these SG&A expenses in the Consolidated Statement of Operations for the three months ended March 29, 2014. Also, for the three months ended March 29, 2014, the Company concluded that it was appropriate to reclassify acquisition and integration expenses separately. Previously, such expenses had been classified as SG&A expenses. Accordingly, the Company has revised the classification to report these expenses separately in the Consolidated Statement of Operations for the three months ended March 29, 2014. Additionally, as of January 3, 2015, the Company concluded that it was appropriate to reclassify certain recently acquired assets in connection with the DSS Acquisition (see Note 3 to the Consolidated Financial Statements) from inventories to property, plant and equipment, net to be consistent with Cott’s accounting treatment. Accordingly, the Company has revised the classification to report these assets under property, plant and equipment, net in the Consolidated Balance Sheet as of January 3, 2015. The impacts of the reclassifications are shown in the tables below: | |||||
(in millions of U.S. dollars) | For the | ||||
three months ended | |||||
March 29, 2014 | |||||
Decrease to cost of sales | $ | (5.7 | ) | ||
Increase to selling, general and administrative expenses | $ | 5.7 | |||
(in millions of U.S. dollars) | For the | ||||
three months ended | |||||
March 29, 2014 | |||||
Decrease to selling, general and administrative expenses | $ | (1.1 | ) | ||
Increase to acquisition and integration expenses | $ | 1.1 | |||
(in millions of U.S. dollars) | January 3, 2015 | ||||
Decrease to inventories | $ | (8.9 | ) | ||
Increase to property, plant and equipment, net | $ | 8.9 | |||
These changes in classification did not affect net income attributable to Cott Corporation or total assets as previously reported in the Consolidated Statement of Operations and Consolidated Balance Sheet for the periods presented. | |||||
Recent Accounting Pronouncements | |||||
Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) or the issuance of new standards to the FASB’s Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on these 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 principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, an entity should apply the following steps: 1) identify the contract(s) with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The amendments may be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the amendment recognized at the date of initial application. 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. | |||||
Update ASU 2015-03 – Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs | |||||
In April 2015, the FASB amended its guidance to simplify the presentation of debt issuance costs. The amendments require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by these amendments. For public entities, the amendments in this update are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. We are currently assessing the impact of adoption of this standard on our consolidated financial statements. | |||||
Revisions
Revisions | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||
Revisions | Note 2—Revisions | ||||||||||||
The Company has revised its three months ended March 29, 2014 Consolidated Statement of Operations, Consolidated Statement of Comprehensive Income, Consolidated Statement of Cash Flows, and Consolidated Statement of Equity to correct errors for an overstatement of historical property, plant and equipment, net, including a portion related to a prior acquisition, and the related depreciation expense recorded during the period, and an overstatement of deferred tax liabilities. The overstatement of deferred tax liabilities overstated previously reported income tax benefit by $0.4 million for the three months ended March 29, 2014. The remaining differences identified in the reconciliations below are attributable to the historical overstatement of property, plant and equipment, net of $0.2 million. The impact on the previously issued financial statements is detailed in the reconciliations below. These adjustments were not considered to be material individually or in the aggregate to previously issued financial statements. | |||||||||||||
As previously | As | ||||||||||||
filed | revised | ||||||||||||
Consolidated Statements of Operations | For the three months | Difference | |||||||||||
ended March 29, 2014 | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Cost of sales 1 | $ | 424.8 | $ | 424.6 | $ | (0.2 | ) | ||||||
Gross profit 1 | $ | 50.3 | $ | 50.5 | $ | 0.2 | |||||||
Operating income | $ | 4.1 | $ | 4.3 | $ | 0.2 | |||||||
(Loss) income before income taxes | $ | (3.4 | ) | $ | (3.2 | ) | $ | 0.2 | |||||
Income tax (benefit) expense | $ | (0.9 | ) | $ | (0.5 | ) | $ | 0.4 | |||||
Net (loss) income | $ | (2.5 | ) | $ | (2.7 | ) | $ | (0.2 | ) | ||||
Net loss attributed to Cott Corporation | $ | (3.9 | ) | $ | (4.1 | ) | $ | (0.2 | ) | ||||
1. | The revised balances do not include the reclassification of the amortization of customer list intangible assets from cost of sales to SG&A expenses as presented in the Consolidated Statement of Operations for the three months ended March 29, 2014 (see Note 1 to the Consolidated Financial Statements). | ||||||||||||
As previously | As | ||||||||||||
filed | revised | ||||||||||||
Consolidated Statements of Comprehensive Income | For the three months | Difference | |||||||||||
ended March 29, 2014 | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (2.7 | ) | $ | (0.2 | ) | ||||
Comprehensive loss | $ | (4.2 | ) | $ | (4.4 | ) | $ | (0.2 | ) | ||||
Comprehensive loss attributed to Cott Corporation | $ | (5.6 | ) | $ | (5.8 | ) | $ | (0.2 | ) | ||||
As previously | As | ||||||||||||
filed | revised | ||||||||||||
Consolidated Statements of Cash Flows | For the three months | Difference | |||||||||||
ended March 29, 2014 | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Operating Activities | |||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (2.7 | ) | $ | (0.2 | ) | ||||
Depreciation & amortization | $ | 25.3 | $ | 25.1 | $ | (0.2 | ) | ||||||
Decrease in deferred income taxes | $ | (1.1 | ) | $ | (0.7 | ) | $ | 0.4 | |||||
As previously | As | ||||||||||||
filed | revised | ||||||||||||
Consolidated Statements of Equity | For the three months | Difference | |||||||||||
ended March 29, 2014 | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Retained earnings at December 28, 2013 | $ | 176.3 | $ | 174.8 | $ | (1.5 | ) | ||||||
Total equity at December 28, 2013 | $ | 605.9 | $ | 604.4 | $ | (1.5 | ) | ||||||
Retained earnings at March 29, 2014 | $ | 167.3 | $ | 165.6 | $ | (1.7 | ) | ||||||
Total equity at March 29, 2014 | $ | 595.2 | $ | 593.5 | $ | (1.7 | ) | ||||||
Net (loss) income | $ | (2.5 | ) | $ | (2.7 | ) | $ | (0.2 | ) |
Acquisitions
Acquisitions | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisitions | Note 3—Acquisitions | ||||||||||||
DSS Acquisition | |||||||||||||
In December 2014, we completed the acquisition by merger of DSS Group, Inc. (“DSS Group”), parent company to DS Services of America Inc. (collectively “DSS”), a leading bottled water and coffee direct-to-consumer services provider in the United States (the “DSS Acquisition”). The DSS Acquisition was consummated pursuant to an Agreement and Plan of Merger (the “DSS Merger Agreement”) dated November 6, 2014. Aggregate consideration was approximately $1.246 billion payable through a combination of incremental borrowings under the ABL facility (as defined below) of $180.0 million, the issuance of $625.0 million of our 6.75% senior notes due January 1, 2020 (“2020 Notes”), assumption of existing $350.0 million senior notes due 2021 originally issued by DSS (“DSS Notes”), the issuance of Series A Convertible First Preferred Shares (the “Convertible Preferred Shares”), having an aggregate value of approximately $116.1 million and Series B Non-Convertible First Preferred Shares (the “Non-Convertible Preferred Shares” and together with the Convertible Preferred Shares, the “Preferred Shares”), having an aggregate value of approximately $32.7 million. A portion of the aggregate consideration is being held in escrow to secure the indemnification obligations of DSS’s former security holders under the DSS Merger Agreement. | |||||||||||||
The total consideration paid by us in the DSS Acquisition is summarized below: | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Cash paid to sellers | $ | 449.7 | |||||||||||
Deferred consideration | 8.9 | ||||||||||||
Cash paid on behalf of sellers for sellers expenses | 25.3 | ||||||||||||
Cash paid to retire term loan on behalf of sellers | 317.3 | ||||||||||||
Convertible Preferred Shares | 116.1 | ||||||||||||
Non-Convertible Preferred Shares | 32.7 | ||||||||||||
Total consideration | $ | 950 | |||||||||||
The initial estimated merger consideration of $941.1 million was adjusted by $8.9 million for differences between estimated working capital, net indebtedness and certain transaction related expenses and those amounts calculated by Cott and submitted to the former security holders of DSS for review and approval, and, if necessary, submitted to an independent auditor for a final determination. The parties continue to work toward finalization of these amounts as of the filing date of this report. | |||||||||||||
Our primary reasons for the DSS Acquisition were to accelerate Cott’s acquisition based diversification outside of CSDs and shelf stable juices, extend our beverage portfolio into new and growing markets, including home and office bottled water delivery services, office coffee services and filtration services, while creating opportunities for revenue, cost synergies and growth prospects, and broaden our distribution platform by adding a national direct-to-consumer distribution channel. | |||||||||||||
The DSS Acquisition is being accounted for as a business combination which, among other things, requires that assets acquired and liabilities assumed be measured at their acquisition date fair values. Identified intangible assets, goodwill and property, plant and equipment are recorded at their estimated fair values per preliminary valuations and may change based on the final valuation results. Estimated fair values recorded for deferred tax balances and working capital are also subject to change based on finalization of the purchase price. The results of operations of DSS have been included in our operating results beginning as of the acquisition date. We allocated the purchase price in the DSS Acquisition to tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over the aggregate fair values was recorded as goodwill. The fair value assigned to identifiable intangible assets acquired was based on estimates and assumptions made by management. | |||||||||||||
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 DSS Acquisition. Included as part of these adjustments to the initial purchase price allocation is the correction of $6.2 million of certain balance sheet classification errors previously identified at January 3, 2015. The allocation of the purchase price is based on a preliminary valuation that is expected to be completed by the end of 2015. | |||||||||||||
(in millions of U.S. dollars) | As reported at | Adjustments | As reported at | ||||||||||
January 3, 2015 | April 4, 2015 | ||||||||||||
Cash and cash equivalents | $ | 74.5 | $ | — | $ | 74.5 | |||||||
Accounts receivable | 103.4 | (0.8 | ) | 102.6 | |||||||||
Inventories | 46.8 | (0.4 | ) | 46.4 | |||||||||
Prepaid expenses and other current assets | 8.8 | — | 8.8 | ||||||||||
Deferred income taxes | 2.8 | 1.3 | 4.1 | ||||||||||
Property, plant & equipment | 403.3 | 9.4 | 412.7 | ||||||||||
Goodwill | 556.9 | 2.9 | 559.8 | ||||||||||
Intangible and other assets | 417.2 | — | 417.2 | ||||||||||
Accounts payable and accrued liabilities | (110.2 | ) | (7.5 | ) | (117.7 | ) | |||||||
Long-term debt | (406.0 | ) | — | (406.0 | ) | ||||||||
Deferred income taxes liabilities | (129.1 | ) | 6.2 | (122.9 | ) | ||||||||
Other long-term liabilities | (27.3 | ) | (2.2 | ) | (29.5 | ) | |||||||
Total | $ | 941.1 | $ | 8.9 | $ | 950 | |||||||
The principal factor that resulted in recognition of goodwill was that the purchase price for the DSS 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 DSS Acquisition was allocated to the DSS reporting segment, a portion of which is expected to be tax deductible. | |||||||||||||
Aimia Acquisition | |||||||||||||
In May 2014, 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 to as, “Aimia”). Aimia produces and distributes hot chocolate, coffee and powdered beverages primarily through food service, vending and retail channels, and produces hot and cold cereal products on a contract manufacturing basis. 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 paid on September 15, 2014, and aggregate contingent consideration of up to £16.0 million ($23.7 million at exchange rates in effect on April 4, 2015), which is payable upon the achievement of certain measures related to Aimia’s performance during the twelve months ending July 1, 2016. The closing payment was funded from ABL borrowings and available cash. | |||||||||||||
The total consideration paid by us for the Aimia Acquisition is summarized below: | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Cash paid to sellers | $ | 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 was accounted for as a business combination, which, among other things, required that assets acquired and liabilities assumed be measured at their acquisition date fair values. Identified intangible assets, goodwill and property, plant and equipment were recorded at their estimated fair values per 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 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 sellers are entitled to contingent consideration of up to a maximum of £16.0 million ($23.7 million at exchange rates in effect on April 4, 2015), based on the exchange rate on the acquisition date, which will become 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 ($15.7 million at exchange rates in effect on April 4, 2015) using a present value probability-weighted income approach. Key assumptions include probability-adjusted EBITDA amounts with discount rates consistent with the level of risk achievement. | |||||||||||||
The following table summarizes the allocation of the purchase price to fair value of the assets acquired and liabilities assumed in connection with the Aimia Acquisition. | |||||||||||||
(in millions of U.S. dollars) | As reported at | ||||||||||||
April 4, 2015 | |||||||||||||
Cash | $ | 9.5 | |||||||||||
Accounts receivable | 11 | ||||||||||||
Inventories | 9.6 | ||||||||||||
Prepaid expenses and other current assets | 1.9 | ||||||||||||
Property, plant & equipment | 10.9 | ||||||||||||
Goodwill | 54.5 | ||||||||||||
Intangible and other assets | 86.2 | ||||||||||||
Accounts payable and accrued liabilities | (27.4 | ) | |||||||||||
Deferred tax liabilities | (17.2 | ) | |||||||||||
Total | $ | 139 | |||||||||||
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. | |||||||||||||
Supplemental Pro Forma Data (unaudited) | |||||||||||||
The following unaudited financial information for the three months ended March 29, 2014 represent the combined results of our operations as if the DSS Acquisition and Aimia Acquisition had occurred on December 30, 2012. The unaudited pro forma financial information does not necessarily reflect the results of operations that would have occurred had we operated as a single entity during such period. | |||||||||||||
For the Three Months Ended | |||||||||||||
(in millions of U.S. dollars, except share amounts) | March 29, 2014 | ||||||||||||
Revenue | $ | 735.5 | |||||||||||
Net loss | (14.2 | ) | |||||||||||
Net loss per common share, diluted | $ | (0.15 | ) | ||||||||||
Restructuring_and_Asset_Impair
Restructuring and Asset Impairments | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Restructuring and Asset Impairments | Note 4—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. We had no restructuring activities during the first quarter of 2015. During the first quarter of 2014, we implemented a restructuring program that 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”). For the first quarter of 2014, in connection with the 2014 Restructuring Plan, we incurred charges of approximately $2.2 million related primarily to headcount reductions and $1.6 million related to asset impairments. | |||||||||||||||||
The following table summarizes restructuring charges for the three months ended March 29, 2014 in connection with the 2014 Restructuring Plan: | |||||||||||||||||
(in millions of U.S. dollars) | North America | U.K. | Total | ||||||||||||||
Restructuring | $ | 2.1 | $ | 0.1 | $ | 2.2 | |||||||||||
Asset impairments | 0.9 | 0.7 | 1.6 | ||||||||||||||
$ | 3 | $ | 0.8 | $ | 3.8 | ||||||||||||
The following tables summarize our restructuring liability as of March 29, 2014, along with charges to costs and expenses and cash payments in connection with the 2014 Restructuring Plan: | |||||||||||||||||
North America | |||||||||||||||||
(in millions of U.S. dollars) | Balance at | Charges to costs | Cash payments | Balance at | |||||||||||||
December 28, | and expenses | March 29, | |||||||||||||||
2013 | 2014 | ||||||||||||||||
Severance liability - restructuring | $ | — | $ | 2.1 | $ | (0.2 | ) | $ | 1.9 | ||||||||
$ | — | $ | 2.1 | $ | (0.2 | ) | $ | 1.9 | |||||||||
U.K. | |||||||||||||||||
(in millions of U.S. dollars) | Balance at | Charges to costs | Cash payments | Balance at | |||||||||||||
December 28, | and expenses | March 29, | |||||||||||||||
2013 | 2014 | ||||||||||||||||
Severance liability - restructuring | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
$ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||
ShareBased_Compensation
Share-Based Compensation | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | Note 5—Share-Based Compensation | ||||||||||||||||
The table below summarizes the share-based compensation expense for the three months ended April 4, 2015 and March 29, 2014. This share-based compensation expense was recorded in SG&A 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 1986 Common Share Option Plan, as amended (the “Option Plan”), as the case may be. | |||||||||||||||||
For the Three Months Ended | |||||||||||||||||
(in millions of U.S. dollars) | April 4, | March 29, | |||||||||||||||
2015 | 2014 | ||||||||||||||||
Stock options | $ | 0.4 | $ | 0.4 | |||||||||||||
Performance-based RSUs | 1.5 | 0.2 | |||||||||||||||
Time-based RSUs | 0.5 | 0.7 | |||||||||||||||
Total | $ | 2.4 | $ | 1.3 | |||||||||||||
As of April 4, 2015, the unrecognized share-based compensation expense and years we expect to recognize it as compensation expense were as follows: | |||||||||||||||||
Unrecognized share-based | Weighted average years | ||||||||||||||||
compensation expense | expected to recognize | ||||||||||||||||
(in millions of U.S. dollars, except years) | as of April 4, 2015 | compensation | |||||||||||||||
Stock options | $ | 3.9 | 2.3 | ||||||||||||||
Performance-based RSUs | 9.8 | 2.6 | |||||||||||||||
Time-based RSUs | 4.2 | 2 | |||||||||||||||
Total | $ | 17.9 | |||||||||||||||
Stock option activity for the three months ended April 4, 2015 was as follows: | |||||||||||||||||
Shares | Weighted average | ||||||||||||||||
(in thousands) | exercise price | ||||||||||||||||
Balance at January 3, 2015 | 1,221 | $ | 7.77 | ||||||||||||||
Awarded | 599 | 9.25 | |||||||||||||||
Exercised | (19 | ) | 6.58 | ||||||||||||||
Outstanding at April 4, 2015 | 1,801 | $ | 8.27 | ||||||||||||||
Exercisable at April 4, 2015 | 391 | $ | 6.12 | ||||||||||||||
During the three months ended April 4, 2015, 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 January 3, 2015 | 1,782 | $ | 7.01 | 664 | $ | 8.63 | |||||||||||
Awarded | 279 | 9.25 | 185 | 9.25 | |||||||||||||
Awarded in connection with modification | 55 | 7.9 | — | — | |||||||||||||
Issued | (255 | ) | 6.87 | — | — | ||||||||||||
Outstanding at April 4, 2015 | 1,861 | $ | 7.39 | 849 | $ | 8.77 | |||||||||||
In February 2013, our board of directors adopted an amendment and restatement of the 2010 Equity Incentive Plan (the “Amended and Restated Equity Plan”). Awards made in 2011 and 2012 prior to the amendment and restatement are generally governed by the 2010 Equity Incentive Plan. | |||||||||||||||||
Certain outstanding stock options were granted under the Option Plan, which was subsequently terminated in 2011. 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 | 3 Months Ended |
Apr. 04, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6—Income Taxes |
Income tax benefit was $9.4 million on pretax loss of $10.6 million for the three months ended April 4, 2015, as compared to an income tax benefit of $0.5 million on pretax loss of $3.2 million for the three months ended March 29, 2014. | |
With the release of our federal tax valuation allowance in the United States during the fourth quarter of 2014, we are now able to realize tax benefits generated in the United States. As we have significant global permanent book to tax differences that exceed our estimated income before taxes on an annual basis, small changes in our estimated income before taxes can cause material fluctuations in our estimated effective tax rate on a quarterly basis. We have therefore calculated our quarterly income tax provision for the quarter ended April 4, 2015 on a discrete basis rather than using the estimated annual effective tax rate for the year, in accordance with Accounting Standards Codification 740. |
Net_Loss_Per_Common_Share
Net Loss Per Common Share | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Loss Per Common Share | Note 7—Net Loss Per Common Share | ||||||||
Basic net loss per common share is calculated by dividing net loss attributed to Cott Corporation by the weighted average number of common shares outstanding during the periods presented. Diluted net loss per common share is calculated by dividing diluted net income attributed to Cott Corporation by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, Performance-based RSUs, Time-based RSUs and Convertible Preferred Shares during the periods presented. The dilutive effect of the Convertible Preferred Shares was calculated using the if-converted method. In applying the if-converted method, the Convertible Preferred Shares are assumed to have been converted at the beginning of the period (or at the time of issuance, if later). Set forth below is a reconciliation of the numerator and denominator for the diluted earnings per common share computations for the periods indicated: | |||||||||
Numerator | |||||||||
For the Three Months Ended | |||||||||
(in millions of U.S. dollars) | April 4, | March 29, | |||||||
2015 | 2014 | ||||||||
Net loss attributed to Cott Corporation | $ | (6.0 | ) | $ | (4.1 | ) | |||
Plus: | |||||||||
Accumulated dividends on convertible preferred shares 1 | 2.7 | — | |||||||
Diluted net loss attributed to Cott Corporation | $ | (3.3 | ) | $ | (4.1 | ) | |||
Denominator | |||||||||
For the Three Months Ended | |||||||||
(in thousands) | April 4, | March 29, | |||||||
2015 | 2014 | ||||||||
Weighted average number of shares outstanding - basic | 93,196 | 94,319 | |||||||
Dilutive effect of stock options | — | — | |||||||
Dilutive effect of Performance-based RSUs | — | — | |||||||
Dilutive effect of Time-based RSUs | — | — | |||||||
Dilutive effect of Convertible Preferred Shares | — | — | |||||||
Adjusted weighted average number of shares outstanding - diluted | 93,196 | 94,319 | |||||||
1. | The accumulated dividends on Convertible Preferred Shares were added back to the numerator to calculate diluted net loss per common share because the Convertible Preferred Shares were assumed to have been converted at the time of issuance for purposes of this calculation. | ||||||||
At April 4, 2015, we excluded 991,259 (March 29, 2014—882,951) 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 RSUs, Time-based RSUs and Convertible Preferred Shares from the computation of diluted net loss per share as they were considered anti-dilutive for purposes of calculating loss per share. |
Segment_Reporting
Segment Reporting | 3 Months Ended | ||||||||||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Reporting | Note 8—Segment Reporting | ||||||||||||||||||||||||
Our product lines include CSDs, 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, purified, spring, artesian, distilled and fluoridated bottled water, energy drinks and shots, sports products, new age beverages, ready-to-drink teas and alcoholic beverages, beverage concentrates, liquid enhancers and freezeables, as well as hot chocolate, coffee, malt drinks, creamers/whiteners and cereals. In addition, Cott is now a national direct-to-consumer provider of bottled water, office coffee and water filtration services offering a comprehensive portfolio of beverage products, equipment and supplies to approximately 1.5 million customer locations through its network of over 200 sales and distribution facilities and daily operation of over 2,100 routes. During the first quarter of 2014, our business operated through three reporting segments—North America, U.K., 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. In December 2014, we added a fourth reporting segment, DSS, in connection with the DSS Acquisition. | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | DSS | U.K. | All | Corporate | Total | |||||||||||||||||||
America | Other | ||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
External revenue 1 | $ | 324.3 | $ | 240.3 | 132.2 | $ | 13 | $ | — | $ | 709.8 | ||||||||||||||
Depreciation and amortization | 21.3 | 30.2 | 5.5 | 0.4 | — | 57.4 | |||||||||||||||||||
Operating income (loss) | 7.2 | (1.5 | ) | 3.9 | 1.6 | (4.5 | ) | 6.7 | |||||||||||||||||
Additions to property, plant and equipment | 7.2 | 18.4 | 1.7 | — | — | 27.3 | |||||||||||||||||||
As of April 4, 2015 | |||||||||||||||||||||||||
Property, plant and equipment, net | 319.2 | 415.4 | 103.7 | 6.9 | — | 845.2 | |||||||||||||||||||
Goodwill | 122 | 559.9 | 56 | 4.5 | — | 742.4 | |||||||||||||||||||
Intangibles and other assets | 260.8 | 408.8 | 93.2 | 0.1 | — | 762.9 | |||||||||||||||||||
Total assets 2 | 1,035.80 | 1,548.00 | 418 | 31.8 | — | 3,033.60 | |||||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $4.4 million for the three months ended April 4, 2015. | ||||||||||||||||||||||||
2. | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||||||
(in millions of U.S. dollars) | North | DSS | U.K. | All | Corporate | Total | |||||||||||||||||||
America | Other | ||||||||||||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
External revenue 1 | $ | 344.7 | $ | — | $ | 115.6 | $ | 14.8 | $ | — | $ | 475.1 | |||||||||||||
Depreciation and amortization | 20.7 | — | 4 | 0.4 | — | 25.1 | |||||||||||||||||||
Operating income (loss) | 2.5 | — | 2.2 | 2.5 | (2.9 | ) | 4.3 | ||||||||||||||||||
Additions to property, plant and equipment | 5.8 | — | 3 | — | — | 8.8 | |||||||||||||||||||
As of January 3, 2015 | |||||||||||||||||||||||||
Property, plant and equipment, net | 331.9 | 415.4 | 109.9 | 7.3 | — | 864.5 | |||||||||||||||||||
Goodwill | 123.7 | 556.9 | 58.5 | 4.5 | — | 743.6 | |||||||||||||||||||
Intangibles and other assets | 266.8 | 415.5 | 99.2 | 0.2 | — | 781.7 | |||||||||||||||||||
Total assets 2 | 1,077.70 | 1,572.80 | 426.8 | 30.4 | — | 3,107.70 | |||||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $6.1 million for the three months ended March 29, 2014. | ||||||||||||||||||||||||
2 | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||||||
For the three months ended April 4, 2015, sales to Walmart accounted for 18.6% (March 29, 2014—28.6%) of our total revenue, 34.0% of our North America reporting segment revenue (March 29, 2014—34.7%), 11.6% of our U.K. reporting segment revenue (March 29, 2014—14.2%), 4.8% of our All Other reporting segment revenue (March 29, 2014—0.3%), and 2.6% of our DSS reporting segment revenue. | |||||||||||||||||||||||||
Credit risk arises from the potential default of a customer in meeting its financial obligations with us. Concentrations of credit exposure may arise with a group of customers that have similar economic characteristics or that are located in the same geographic region. The ability of such customers to meet obligations would be similarly affected by changing economic, political or other conditions. We are not currently aware of any facts that would create a material credit risk. | |||||||||||||||||||||||||
Revenues for our DSS reporting segment from sales to external customers were located exclusively in the United States. In our other reporting segments, revenues attributed to external customers located outside of Canada are displayed separately within the U.K. and All Other reporting segments above, with the exception of revenues attributed to external customers located in the United States, which are reported within the North America reporting segment. Revenues generated from sales to external customers in the United States for the North America reporting segment were as follows: | |||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
(in millions of U.S. dollars) | April 4, | March 29, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
United States | $ | 297.2 | $ | 310.7 | |||||||||||||||||||||
Total | $ | 297.2 | $ | 310.7 | |||||||||||||||||||||
Revenues by channel by reporting segment were as follows: | |||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | DSS | U.K. | All | Total | ||||||||||||||||||||
America | Other | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Private label retail | $ | 267.2 | $ | 15.6 | $ | 60.5 | $ | 1.2 | $ | 344.5 | |||||||||||||||
Branded retail | 26.7 | 19.7 | 41.2 | 1.1 | 88.7 | ||||||||||||||||||||
Contract packaging | 25.5 | — | 28.4 | 4 | 57.9 | ||||||||||||||||||||
Home and office bottled water delivery | — | 149.6 | — | — | 149.6 | ||||||||||||||||||||
Office coffee services | — | 32 | — | — | 32 | ||||||||||||||||||||
Other | 4.9 | 23.4 | 2.1 | 6.7 | 37.1 | ||||||||||||||||||||
Total | $ | 324.3 | $ | 240.3 | $ | 132.2 | $ | 13 | $ | 709.8 | |||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | U.K. | All | Total | |||||||||||||||||||||
America | Other | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Private label retail | $ | 299.5 | $ | 64.4 | $ | 1 | $ | 364.9 | |||||||||||||||||
Branded retail | 24.7 | 31.6 | 1.2 | 57.5 | |||||||||||||||||||||
Contract packaging | 17.1 | 18.9 | 6.8 | 42.8 | |||||||||||||||||||||
Other | 3.4 | 0.7 | 5.8 | 9.9 | |||||||||||||||||||||
Total | $ | 344.7 | $ | 115.6 | $ | 14.8 | $ | 475.1 | |||||||||||||||||
Property, plant and equipment, net by geographic area as of April 4, 2015 and January 3, 2015 were as follows: | |||||||||||||||||||||||||
(in millions of U.S. dollars) | April 4, | January 3, | |||||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||||||
North America | $ | 734.6 | $ | 747.3 | |||||||||||||||||||||
U.K. | 103.7 | 109.9 | |||||||||||||||||||||||
All Other | 6.9 | 7.3 | |||||||||||||||||||||||
Total | $ | 845.2 | $ | 864.5 | |||||||||||||||||||||
Inventories
Inventories | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Note 9—Inventories | ||||||||
The following table summarizes inventories as of April 4, 2015 and January 3, 2015: | |||||||||
(in millions of U.S. dollars) | April 4, | January 3, | |||||||
2015 | 2015 | ||||||||
Raw materials | $ | 93.3 | $ | 105.8 | |||||
Finished goods 1 | 142.4 | 118.4 | |||||||
Resale items | 14.9 | 17.4 | |||||||
Other | 19.9 | 20.8 | |||||||
Total | $ | 270.5 | $ | 262.4 | |||||
1. | Recently acquired DSS finished goods inventory of $8.9 million were reclassified to property, plant and equipment, net as of January 3, 2015 (see Note 1 to the Consolidated Financial Statements) to be consistent with Cott’s accounting treatment. |
Intangibles_and_Other_Assets
Intangibles and Other Assets | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Intangibles and Other Assets | Note 10—Intangibles and Other Assets | ||||||||||||
The following table summarizes intangibles and other assets as of April 4, 2015: | |||||||||||||
April 4, 2015 | |||||||||||||
(in millions of U.S. dollars) | Cost | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Intangibles | |||||||||||||
Not subject to amortization | |||||||||||||
Rights | $ | 45 | $ | — | $ | 45 | |||||||
DSS Trademarks | 183.1 | — | 183.1 | ||||||||||
Total intangibles not subject to amortization | 228.1 | — | 228.1 | ||||||||||
Subject to amortization | |||||||||||||
Customer relationships | 642.8 | 189.5 | 453.3 | ||||||||||
Trademarks | 33.1 | 27.2 | 5.9 | ||||||||||
Information technology | 52.7 | 25.9 | 26.8 | ||||||||||
Other | 7.5 | 3.8 | 3.7 | ||||||||||
Total intangibles subject to amortization | 736.1 | 246.4 | 489.7 | ||||||||||
Total intangibles | 964.2 | 246.4 | 717.8 | ||||||||||
Other assets | |||||||||||||
Financing costs | 37.4 | 9.7 | 27.7 | ||||||||||
Deposits | 7.2 | — | 7.2 | ||||||||||
Other | 11.6 | 1.4 | 10.2 | ||||||||||
Total other assets | 56.2 | 11.1 | 45.1 | ||||||||||
Total intangibles and other assets | $ | 1,020.40 | $ | 257.5 | $ | 762.9 | |||||||
Amortization expense of intangible and other assets was $19.2 million for the three months ended April 4, 2015 and $8.4 million for the three months ended March 29, 2014. | |||||||||||||
The estimated amortization expense for intangibles over the next five years is: | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Remainder of 2015 | $ | 54.2 | |||||||||||
2016 | 66.3 | ||||||||||||
2017 | 58.7 | ||||||||||||
2018 | 51.6 | ||||||||||||
2019 | 43.8 | ||||||||||||
Thereafter | 215.1 | ||||||||||||
Total | $ | 489.7 | |||||||||||
Debt
Debt | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Debt | Note 11—Debt | ||||||||
Our total debt as of April 4, 2015 and January 3, 2015 was as follows: | |||||||||
(in millions of U.S. dollars) | April 4, | January 3, | |||||||
2015 | 2015 | ||||||||
6.750% senior notes due in 2020 | 625 | 625 | |||||||
10.000% senior notes due in 2021 1 | 394.2 | 405.6 | |||||||
5.375% senior notes due in 2022 | 525 | 525 | |||||||
ABL facility | 221 | 229 | |||||||
GE Term Loan | 7.7 | 8.2 | |||||||
Capital leases and other debt financing | 4.7 | 5.2 | |||||||
Total debt | 1,777.60 | 1,798.00 | |||||||
Less: Short-term borrowings and current debt: | |||||||||
ABL facility | 221 | 229 | |||||||
Total short-term borrowings | 221 | 229 | |||||||
GE Term Loan – current maturities | 2.1 | 2 | |||||||
Capital leases and other financing – current maturities | 2 | 2 | |||||||
Total current debt | 225.1 | 233 | |||||||
Total long-term debt | $ | 1,552.50 | $ | 1,565.00 | |||||
1. | The outstanding aggregate principal amount of the DSS Notes of $350.0 million was assumed by Cott at fair value of $406.0 million in connection with the DSS Acquisition. The premium of $56.0 million is being amortized as an adjustment to interest expense using the effective interest method over the remaining contractual term of the DSS Notes. The effective interest rate is 7.515%. | ||||||||
Asset-Based Lending Facility | |||||||||
In March 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. We refinanced the ABL facility in August 2010 and have amended the ABL from time to time and incurred an aggregate of $7.5 million of financing fees in connection therewith. | |||||||||
Most recently, on December 12, 2014, in connection with the DSS Acquisition, we amended the ABL facility to, among other things, (1) provide for an increase in the lenders’ commitments under the ABL facility to $400.0 million (which, with the accordion feature, if used, permits us to increase the lenders’ commitments under the ABL facility to $450.0 million, subject to certain conditions), (2) extend the maturity date to the earliest of (i) December 12, 2019, (ii) June 12, 2019, if we have not redeemed, repurchased or refinanced the 2020 Notes by May 28, 2019, or (iii) any earlier date on which the commitments under the ABL facility are reduced to zero or otherwise terminated, (3) include DSS and its subsidiaries as borrowers, (4) permit certain adjustments to the borrowing base calculation, (5) permit the debt, liens and intercreditor arrangements contemplated by the supplemental indenture entered into in connection with the DSS Notes (described below), (6) permit certain other indebtedness that we intend to issue or assume in connection with the DSS Acquisition, (7) permit certain other changes to dollar thresholds and limitations within our covenants generally reflecting the increased size of the facility. We incurred approximately $1.7 million of financing fees in connection with the amendment of the ABL facility. | |||||||||
The financing fees incurred in connection with the refinancing of the ABL facility in August 2010, along with the financing fees incurred in connection with the amendments of the ABL facility, other than the May 2014 amendment, 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 May 2014 amendment, was considered to be a modification of the original agreement under GAAP. | |||||||||
As of April 4, 2015, we had $221.0 million of outstanding borrowings under the ABL facility. The commitment fee was 0.375% per annum of the unused commitment, which, taking into account $42.0 million of letters of credit, was $137.0 million as of April 4, 2015. As of April 4, 2015, our total availability under the ABL facility was $380.8 million, which was based on our borrowing base (accounts receivable, inventory, and fixed assets). As a result of our outstanding borrowings under the ABL facility of $221.0 million and outstanding letters of credit of $42.0 million, our excess availability under the ABL facility was $117.8 million. | |||||||||
5.375% Senior Notes due in 2022 | |||||||||
On June 24, 2014, we issued $525.0 million of our 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, as amended (the “Securities Act”). 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 U.K. 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 $9.2 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. | |||||||||
10.000% Senior Notes due in 2021 | |||||||||
On August 30, 2013, DS Services of America, Inc. (formerly DS Waters of America, Inc.) issued $350.0 million of the DSS Notes to qualified purchasers in a private placement under Rule 144A and Regulation S under the Securities Act. Pursuant to a consent solicitation statement dated November 13, 2014, as amended on November 25, 2014, and its accompanying consent letter, dated November 13, 2014, DSS solicited consent from the holders of the DSS Notes to certain modifications and amendments to the August 30, 2013 indenture and related security documents. On December 2, 2014, the requisite consents from the holders of the DSS Notes were obtained, with a consent payment of approximately $19.2 million. At the DSS Acquisition closing, we and most of our U.S., Canadian and U.K. subsidiaries executed a supplemental indenture to be added as guarantors to the DSS Notes. The interest on the DSS Notes is payable semi-annually on March 1st and September 1st of each year commencing on March 1, 2014. | |||||||||
The DSS Notes were recorded at their fair value of $406.0 million as part of the DSS Acquisition. The difference between the fair value and the principal amount of $350.0 million is amortized as a component of interest expense over the remaining contractual term of the DSS Notes. We incurred approximately $26.5 million of consent solicitation fees and bridge financing commitment fees. | |||||||||
6.750% Senior Notes due in 2020 | |||||||||
On December 12, 2014, we issued the 2020 Notes to qualified purchasers in a private placement under Rule 144A and Regulation S under the Securities Act. The issuer of the 2020 Notes is our wholly-owned U.S. subsidiary Cott Beverages Inc., and we and most of our U.S., Canadian and U.K. subsidiaries guarantee the 2020 Notes. The interest on the 2020 Notes is payable semi-annually on January 1st and July 1st of each year commencing on July 1, 2015. | |||||||||
We incurred $14.4 million of financing fees in connection with the issuance of the 2020 Notes. The financing fees are being amortized using the effective interest method over a five-year period, which represents the term to maturity of the 2020 Notes. | |||||||||
8.125% Senior Notes due in 2018 | |||||||||
On August 17, 2010, we issued the 2018 Notes. The issuer of the 2018 Notes was our wholly-owned U.S. subsidiary Cott Beverages Inc. 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, the write-off of approximately $3.0 million in deferred financing fees, and other costs of approximately $0.2 million. | |||||||||
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 the write-off of 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 our 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. 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, the write-off of approximately $4.0 million in deferred financing fees, and discount charges and other costs of approximately $0.5 million. | |||||||||
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 the write-off of 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 a 5.23% interest rate. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Note 12—Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||
Changes in accumulated other comprehensive (loss) income (“AOCI”) by component1 for the three months ended April 4, 2015 were as follows: | |||||||||||||||||
April 4, 2015 | |||||||||||||||||
(in millions of U.S. dollars) | Gains and | Pension | Currency | Total | |||||||||||||
Losses on | Benefit | Translation | |||||||||||||||
Derivative | Plan | Adjustment | |||||||||||||||
Instruments | Items | Items | |||||||||||||||
Beginning balance January 3, 2015 | $ | 0.2 | $ | (12.4 | ) | $ | (38.8 | ) | $ | (51.0 | ) | ||||||
OCI before reclassifications | 0.2 | — | (25.9 | ) | (25.7 | ) | |||||||||||
Amounts reclassified from AOCI | (0.2 | ) | 0.1 | — | (0.1 | ) | |||||||||||
Net current-period OCI | — | 0.1 | (25.9 | ) | (25.8 | ) | |||||||||||
Ending balance April 4, 2015 | $ | 0.2 | $ | (12.3 | ) | $ | (64.7 | ) | $ | (76.8 | ) | ||||||
1. | All amounts are net of tax. Amounts in parentheses indicate debits. | ||||||||||||||||
The following table summarizes the amounts reclassified from AOCI1 for the three months ended April 4, 2015 and March 29, 2014, respectively. | |||||||||||||||||
(in millions of U.S. dollars) | For the Three Months | ||||||||||||||||
Ended | |||||||||||||||||
Details About AOCI Components | April 4, | March 29, | Affected Line Item in the Statement Where Net | ||||||||||||||
2015 | 2014 | Income Is Presented | |||||||||||||||
Gains and losses on derivative instruments Foreign currency and commodity hedges | $ | 0.3 | $ | 0.1 | Cost of sales | ||||||||||||
$ | 0.3 | $ | 0.1 | Total before taxes | |||||||||||||
(0.1 | ) | — | Tax (expense) or benefit | ||||||||||||||
$ | 0.2 | $ | 0.1 | Net of tax | |||||||||||||
Amortization of pension benefit plan items Prior service costs 2 | $ | (0.1 | ) | $ | — | ||||||||||||
(0.1 | ) | — | Total before taxes | ||||||||||||||
— | — | Tax (expense) or benefit | |||||||||||||||
$ | (0.1 | ) | $ | — | Net of tax | ||||||||||||
Total reclassifications for the period | $ | 0.1 | $ | 0.1 | 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 | 3 Months Ended |
Apr. 04, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13—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, our U.K. reporting segment acquired 100% of the share capital of Cooke Bros. Holdings Limited (the “Calypso Soft Drinks Acquisition”), which includes the subsidiary companies Calypso Soft Drinks Limited and Mr. Freeze (Europe) Limited. The Calypso Soft Drinks Acquisition included deferred payments 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 $42.0 million in standby letters of credit outstanding as of April 4, 2015 (March 29, 2014 - $7.5 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 $0.5 million was collected in December 2014. | |
In May 2014, we completed the Aimia Acquisition, which included deferred consideration of £19.9 million ($33.5 million), which was paid by us on September 15, 2014 and aggregate consideration of up to £16.0 million ($23.7 million at exchange rates in effect on April 4, 2015), which is payable upon achievement of certain measures related to Aimia’s performance during the twelve months ending July 1, 2016. |
Preferred_Shares
Preferred Shares | 3 Months Ended |
Apr. 04, 2015 | |
Equity [Abstract] | |
Preferred Shares | Note 14—Preferred Shares |
As a portion of the consideration in the DSS Acquisition, we issued to certain former security holders of DSS approximately $116.1 million of Convertible Preferred Shares and approximately $32.7 million of Non-Convertible Preferred Shares, which shares are redeemable at our option. At any time following the third anniversary of their issuance, at the option of the holders, the Convertible Preferred Shares will be convertible into common shares of Cott Corporation. The conversion rate will initially be 159.24 common shares per $1,000 face value of Convertible Preferred Shares, which is equivalent to a conversion price of approximately $6.28 per common share. The conversion rate is subject to adjustment upon certain events. Holders of the Convertible Preferred Shares and Non-Convertible Preferred Shares can require us to redeem such shares upon a change of control of Cott or, with respect to the Non-Convertible Preferred Shares only, at any time on or after the ninth anniversary of the issue date. | |
Dividends | |
Holders of Convertible Preferred Shares are entitled to a quarterly fixed cumulative dividend in an amount equal to 9% per annum of the redemption value of each Convertible Preferred Share, and such dividend shall increase by 1% on each of the first through fifth anniversaries of issuance. Holders of Non-Convertible Preferred Shares are entitled to a quarterly fixed cumulative dividend in an amount equal to 10% per annum of the redemption value of each Non-Convertible Preferred Share, and such dividend shall increase by 1% on each of the first through fifth anniversaries of issuance. | |
Voting Rights | |
The Preferred Shares have the right to approve certain actions by us, with each series of Preferred Shares voting separately as a series, as long as the Preferred Shares are outstanding. The Convertible Preferred Shares have the right to vote alongside our common shares with respect to certain matters beginning on June 13, 2016 and unrestricted rights to vote alongside our common shares beginning on December 13, 2017. The Non-Convertible Preferred Shares do not have the right to vote alongside our common shares. |
Share_Repurchase_Program
Share Repurchase Program | 3 Months Ended |
Apr. 04, 2015 | |
Equity [Abstract] | |
Share Repurchase Program | Note 15—Share Repurchase Program |
On May 6, 2014, our board of directors renewed our share repurchase program for up to 5% of Cott’s outstanding common shares over a 12-month period commencing upon the expiration of the prior share repurchase program on May 21, 2014. In connection with the DSS Acquisition, we suspended our share repurchase program during the fourth quarter of 2014 and do not expect to make further repurchases of our common shares under the share repurchase program prior to its expiration on May 21, 2015. |
Hedging_Transactions_and_Deriv
Hedging Transactions and Derivative Financial Instruments | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Hedging Transactions and Derivative Financial Instruments | Note 16—Hedging Transactions and Derivative Financial Instruments | ||||||||||||||||
We are directly and indirectly affected by changes in foreign currency market conditions. These changes in market conditions may adversely impact our financial performance and are referred to as market risks. When deemed appropriate by management, we use derivatives as a risk management tool to mitigate the potential impact of foreign currency market risks. | |||||||||||||||||
We use various types of derivative instruments including, but not limited to, forward contracts 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. | |||||||||||||||||
All derivatives are carried at fair value in the Consolidated Balance Sheets in the line item accounts receivable, net or accounts payable and accrued liabilities. The carrying values of the derivatives reflect the impact of legally enforceable agreements with the same counterparties. These allow us to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty. | |||||||||||||||||
The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the types of hedging relationships. Derivatives can be designated as fair value hedges, cash flow hedges or hedges of net investments in foreign operations. The changes in the fair values of derivatives that have been designated and qualify for fair value hedge accounting are recorded in the same line item in our Consolidated Statements of Operations as the changes in the fair value of the hedged items attributable to the risk being hedged. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in AOCI and are reclassified into the line item in the Consolidated Statements of Operations in which the hedged items are recorded in the same period the hedged items affect earnings. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the fair values or cash flows of the underlying exposures being hedged. The changes in fair values of derivatives that were not designated and/or did not qualify as hedging instruments are immediately recognized into earnings. | |||||||||||||||||
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. | |||||||||||||||||
We estimate the fair values of our derivatives based on quoted market prices or pricing models using current market rates (see Note 17 to the Consolidated Financial Statements). The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or other financial indices. We do not view the fair values of our derivatives in isolation, but rather in relation to the fair values or cash flows of the underlying hedged transactions. All of our derivatives are 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 promptly any downgrade in counterparty credit rating. We mitigate pre-settlement risk by being permitted to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Based on these factors, we consider the risk of 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 three months ended April 4, 2015 or March 29, 2014, 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 qualified for our foreign currency cash flow hedging program were $23.0 million and $22.5 million as of April 4, 2015 and January 3, 2015, respectively. Approximately $1.5 million and $0.1 million of unrealized net of tax gains related to the foreign currency cash flow hedges were included in AOCI as of April 4, 2015 and March 29, 2014, respectively. The hedge ineffectiveness for these cash flow hedging instruments was not material during the periods presented. | |||||||||||||||||
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 $56.8 million and $55.4 million as of April 4, 2015 and January 3, 2015, respectively. Approximately $1.5 million and nil of unrealized net of tax losses related to the commodity swaps were included in AOCI as of April 4, 2015 and March 29, 2014, respectively. The cumulative hedge ineffectiveness for these hedging instruments was approximately $0.9 million, of which $0.3 million was recognized as a decrease in cost of sales within the Consolidated Statements of Operations for the three months ended April 4, 2015. The hedge ineffectiveness was not material during the comparable prior year period. | |||||||||||||||||
The fair value of the Company’s derivative assets included within other receivables as a component of accounts receivable, net was $2.2 million and $1.2 million as of April 4, 2015 and January 3, 2015, respectively. The fair value of the Company’s derivative liabilities included in accrued liabilities was $3.1 million and $2.3 million as of April 4, 2015 and January 3, 2015, respectively. Set forth below is a reconciliation of the Company’s derivatives by contract type for the periods indicated: | |||||||||||||||||
(in millions of U.S. dollars) | April 4, 2015 | January 3, 2015 | |||||||||||||||
Derivative Contract | Assets | Liabilities | Assets | Liabilities | |||||||||||||
Foreign currency hedge | $ | 2 | $ | — | $ | 1 | $ | — | |||||||||
Aluminum swaps | 0.2 | (3.1 | ) | 0.2 | (2.3 | ) | |||||||||||
$ | 2.2 | $ | (3.1 | ) | $ | 1.2 | $ | (2.3 | ) | ||||||||
Aluminum swaps subject to enforceable master netting arrangements are presented on a net basis in the reconciliation above. The fair value of the aluminum swap assets and liabilities which are shown on a net basis are reconciled in the table below: | |||||||||||||||||
(in millions of U.S. dollars) | April 4, 2015 | January 3, 2015 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Aluminum swap assets | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||||
Aluminum swap liabilities | — | (3.3 | ) | — | (2.5 | ) | |||||||||||
Net asset (liability) | $ | 0.2 | $ | (3.1 | ) | $ | 0.2 | $ | (2.3 | ) | |||||||
The settlement of our derivative instruments resulted in a credit to cost of sales of $0.2 million for the three months ended April 4, 2015 and $0.1 million for the comparable prior year period. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | Note 17—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 that are required to be recorded at fair value on a recurring basis in accordance with U.S. GAAP. | |||||||||||||||||
Our derivative assets represent Level 2 instruments. Level 2 instruments are valued based on observable inputs for quoted prices for similar assets and liabilities in active markets. The fair value for the derivative assets as of April 4, 2015 and January 3, 2015 was $2.2 million and $1.2 million, respectively. The fair value for the derivative liabilities as of April 4, 2015 and January 3, 2015 was $3.1 million and $2.3 million, 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 April 4, 2015 and January 3, 2015 were as follows: | |||||||||||||||||
April 4, 2015 | January 3, 2015 | ||||||||||||||||
(in millions of U.S. dollars) | Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
6.750% senior notes due in 2020 1 | $ | 625 | $ | 646.9 | $ | 625 | $ | 630.1 | |||||||||
10.000% senior notes due in 2021 1, 2 | 394.2 | 409.5 | 405.6 | 403.4 | |||||||||||||
5.375% senior notes due in 2022 1 | 525 | 504 | 525 | 481.7 | |||||||||||||
Total | $ | 1,544.20 | $ | 1,560.40 | $ | 1,555.60 | $ | 1,515.20 | |||||||||
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. | ||||||||||||||||
2. | The outstanding aggregate principal amount of the DSS Notes of $350.0 million was assumed by Cott at fair value of $406.0 million in connection with the DSS Acquisition. The premium of $56.0 million is being amortized as an adjustment to interest expense using the effective interest method over the remaining contractual term of the DSS Notes. | ||||||||||||||||
Fair Value of contingent consideration | |||||||||||||||||
We estimated the fair value of the Aimia Acquisition related contingent consideration based on financial projections of the acquired business and estimated probabilities of achievement of certain EBITDA targets. The fair value was based on significant inputs not observable in the market and thus represented a Level 3 instrument. Level 3 instruments are valued based on unobservable inputs that are supported by little or no market activity and reflect our own assumptions in measuring fair value. The acquisition date fair value of the contingent consideration was determined to be £10.6 million ($15.7 million at exchange rates in effect on April 4, 2015) using a present valued probability-weighted income approach. We did not record any fair value adjustments to the contingent consideration as the key assumptions used to calculate the fair value at the acquisition date remained consistent at April 4, 2015. Should our assumptions regarding probability of achievement of certain EBITDA targets change in future periods, the change in fair value of the contingent consideration will be recognized as a gain or loss in the Consolidated Statement of Operations. The maximum potential payout is £16.0 million ($23.7 million at exchange rates in effect on April 4, 2015) on an undiscounted basis. |
Guarantor_Subsidiaries
Guarantor Subsidiaries | 3 Months Ended | ||||||||||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Guarantor Subsidiaries | Note 18—Guarantor Subsidiaries | ||||||||||||||||||||||||
The DSS Notes assumed as part of the DSS Acquisition are guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other 100% owned direct and indirect subsidiaries (the “Guarantor Subsidiaries”). DSS and each Guarantor Subsidiary is 100% owned by Cott Corporation. The guarantees of the DSS 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 Securities and Exchange Commission interpretations governing reporting of subsidiary financial information. | |||||||||||||||||||||||||
The following supplemental financial information sets forth on a consolidating basis, our Balance Sheets, Statements of Operations and Cash Flows for Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries (the “Non-guarantor Subsidiaries”). The supplemental financial information reflects our investments and those of DSS in their respective subsidiaries using the equity method of accounting. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 30 | $ | 240.3 | $ | 418.3 | $ | 31.4 | $ | (10.2 | ) | $ | 709.8 | ||||||||||||
Cost of sales | 27 | 100.4 | 365.4 | 25.9 | (10.2 | ) | 508.5 | ||||||||||||||||||
Gross profit | 3 | 139.9 | 52.9 | 5.5 | — | 201.3 | |||||||||||||||||||
Selling, general and administrative expenses | 5.5 | 137.2 | 42.7 | 3.1 | — | 188.5 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 1.1 | 0.3 | — | — | 1.4 | |||||||||||||||||||
Acquisition and integration expenses | — | 3 | 1.7 | — | — | 4.7 | |||||||||||||||||||
Operating (loss) income | (2.5 | ) | (1.4 | ) | 8.2 | 2.4 | — | 6.7 | |||||||||||||||||
Other (income) expense, net | (10.5 | ) | (0.2 | ) | 0.2 | 0.1 | — | (10.4 | ) | ||||||||||||||||
Intercompany interest (income) expense, net | (3.0 | ) | 10.9 | (7.9 | ) | — | — | — | |||||||||||||||||
Interest expense, net | 0.1 | 7.3 | 20.3 | — | — | 27.7 | |||||||||||||||||||
Income (loss) before income tax expense (benefit) and equity (loss) income | 10.9 | (19.4 | ) | (4.4 | ) | 2.3 | — | (10.6 | ) | ||||||||||||||||
Income tax expense (benefit) | 1.2 | (7.2 | ) | (3.5 | ) | 0.1 | — | (9.4 | ) | ||||||||||||||||
Equity (loss) income | (12.2 | ) | — | 1.4 | — | 10.8 | — | ||||||||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (12.2 | ) | $ | 0.5 | $ | 2.2 | $ | 10.8 | $ | (1.2 | ) | ||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Less: Accumulated dividends on convertible preferred shares | 2.7 | — | — | — | — | 2.7 | |||||||||||||||||||
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | — | — | — | — | 0.8 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (6.0 | ) | $ | (12.2 | ) | $ | 0.5 | $ | 0.9 | $ | 10.8 | $ | (6.0 | ) | ||||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ | (31.8 | ) | $ | (12.2 | ) | $ | (15.8 | ) | $ | 0.6 | $ | 27.4 | $ | (31.8 | ) | |||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 37.2 | $ | — | $ | 417.4 | $ | 32.3 | $ | (11.8 | ) | $ | 475.1 | ||||||||||||
Cost of sales | 34.2 | — | 369.9 | 26.6 | (11.8 | ) | 418.9 | ||||||||||||||||||
Gross profit | 3 | — | 47.5 | 5.7 | — | 56.2 | |||||||||||||||||||
Selling, general and administrative expenses | 6.5 | — | 37.3 | 3.1 | — | 46.9 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | — | 0.1 | — | — | 0.1 | |||||||||||||||||||
Restructuring | 1.9 | — | 0.3 | — | — | 2.2 | |||||||||||||||||||
Asset impairments | 0.9 | — | 0.7 | — | — | 1.6 | |||||||||||||||||||
Acquisition and integration expenses | — | — | 1.1 | — | — | 1.1 | |||||||||||||||||||
Operating (loss) income | (6.3 | ) | — | 8 | 2.6 | — | 4.3 | ||||||||||||||||||
Other expense (income), net | 0.2 | — | (2.6 | ) | 0.1 | — | (2.3 | ) | |||||||||||||||||
Interest expense, net | 0.1 | — | 9.7 | — | — | 9.8 | |||||||||||||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (6.6 | ) | — | 0.9 | 2.5 | — | (3.2 | ) | |||||||||||||||||
Income tax (benefit) expense | (1.0 | ) | — | 0.4 | 0.1 | — | (0.5 | ) | |||||||||||||||||
Equity income (loss) | 1.5 | — | (5.5 | ) | — | 4 | — | ||||||||||||||||||
Net (loss) income | $ | (4.1 | ) | $ | — | $ | (5.0 | ) | $ | 2.4 | $ | 4 | $ | (2.7 | ) | ||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.4 | — | 1.4 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (4.1 | ) | $ | — | $ | (5.0 | ) | $ | 1 | $ | 4 | $ | (4.1 | ) | ||||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ | (5.8 | ) | $ | — | $ | 13.1 | $ | 0.9 | $ | (14.0 | ) | $ | (5.8 | ) | ||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
As of April 4, 2015 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 0.3 | $ | 14.8 | $ | 14.8 | $ | 4.6 | $ | — | $ | 34.5 | |||||||||||||
Accounts receivable, net of allowance | 17.7 | 119.8 | 224.2 | 12.8 | (33.9 | ) | 340.6 | ||||||||||||||||||
Income taxes recoverable | — | 0.6 | 0.3 | 0.3 | — | 1.2 | |||||||||||||||||||
Inventories | 13 | 29.4 | 220.7 | 7.4 | — | 270.5 | |||||||||||||||||||
Prepaid expenses and other assets | 3.1 | 10.1 | 20.9 | 0.4 | — | 34.5 | |||||||||||||||||||
Total current assets | 34.1 | 174.7 | 480.9 | 25.5 | (33.9 | ) | 681.3 | ||||||||||||||||||
Property, plant & equipment, net | 34.7 | 415.4 | 387.7 | 7.4 | — | 845.2 | |||||||||||||||||||
Goodwill | 21.9 | 559.8 | 160.7 | — | — | 742.4 | |||||||||||||||||||
Intangibles and other assets, net | 0.6 | 408.8 | 347.8 | 5.7 | — | 762.9 | |||||||||||||||||||
Deferred income taxes | 1.7 | — | — | 0.1 | — | 1.8 | |||||||||||||||||||
Due from affiliates | 183.4 | — | 401.2 | — | (584.6 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 411.1 | — | 412.8 | — | (823.9 | ) | — | ||||||||||||||||||
Total assets | $ | 687.5 | $ | 1,558.70 | $ | 2,191.10 | $ | 38.7 | $ | (1,442.4 | ) | $ | 3,033.60 | ||||||||||||
LIABILITIES, PREFERRED SHARES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 221 | $ | — | $ | — | $ | 221 | |||||||||||||
Current maturities of long-term debt | 0.1 | — | 3 | 1 | — | 4.1 | |||||||||||||||||||
Accounts payable and accrued liabilities | 30.3 | 131.3 | 285.5 | 8.8 | (33.9 | ) | 422 | ||||||||||||||||||
Total current liabilities | 30.4 | 131.3 | 509.5 | 9.8 | (33.9 | ) | 647.1 | ||||||||||||||||||
Long-term debt | — | 394.2 | 1,158.00 | 0.3 | — | 1,552.50 | |||||||||||||||||||
Deferred income taxes | — | 115.1 | (9.8 | ) | — | — | 105.3 | ||||||||||||||||||
Other long-term liabilities | 0.5 | 28.8 | 36.5 | 1.3 | — | 67.1 | |||||||||||||||||||
Due to affiliates | 1.2 | 548.8 | 2 | 32.6 | (584.6 | ) | — | ||||||||||||||||||
Total liabilities | 32.1 | 1,218.20 | 1,696.20 | 44 | (618.5 | ) | 2,372.00 | ||||||||||||||||||
Convertible preferred shares | 116.2 | — | — | — | — | 116.2 | |||||||||||||||||||
Non-convertible preferred shares | 32.7 | — | — | — | — | 32.7 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 389.5 | 355.5 | 1,210.80 | 39.5 | (1,605.8 | ) | 389.5 | ||||||||||||||||||
Additional paid-in-capital | 47.2 | — | — | — | — | 47.2 | |||||||||||||||||||
Retained earnings (deficit) | 146.6 | (15.1 | ) | (694.9 | ) | (55.9 | ) | 765.9 | 146.6 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (76.8 | ) | 0.1 | (21.0 | ) | 4.9 | 16 | (76.8 | ) | ||||||||||||||||
Total Cott Corporation equity | 506.5 | 340.5 | 494.9 | (11.5 | ) | (823.9 | ) | 506.5 | |||||||||||||||||
Non-controlling interests | — | — | — | 6.2 | — | 6.2 | |||||||||||||||||||
Total equity | 506.5 | 340.5 | 494.9 | (5.3 | ) | (823.9 | ) | 512.7 | |||||||||||||||||
Total liabilities, preferred shares and equity | $ | 687.5 | $ | 1,558.70 | $ | 2,191.10 | $ | 38.7 | $ | (1,442.4 | ) | $ | 3,033.60 | ||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
As of January 3, 2015 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 6.2 | $ | 34.4 | $ | 38.2 | $ | 7.4 | $ | — | $ | 86.2 | |||||||||||||
Accounts receivable, net of allowance | 16.2 | 105.4 | 358.8 | 12.2 | (186.9 | ) | 305.7 | ||||||||||||||||||
Income taxes recoverable | — | 0.6 | 0.6 | 0.4 | — | 1.6 | |||||||||||||||||||
Inventories | 12.4 | 34.2 | 210.3 | 5.5 | — | 262.4 | |||||||||||||||||||
Prepaid expenses and other assets | 3.2 | 10.3 | 45.4 | 0.4 | — | 59.3 | |||||||||||||||||||
Total current assets | 38 | 184.9 | 653.3 | 25.9 | (186.9 | ) | 715.2 | ||||||||||||||||||
Property, plant & equipment, net | 38.2 | 415.5 | 403 | 7.8 | — | 864.5 | |||||||||||||||||||
Goodwill | 23.4 | 556.9 | 163.3 | — | — | 743.6 | |||||||||||||||||||
Intangibles and other assets, net | 0.7 | 415.6 | 358.7 | 6.7 | — | 781.7 | |||||||||||||||||||
Deferred income taxes | 2.5 | — | — | — | — | 2.5 | |||||||||||||||||||
Other tax receivable | 0.1 | — | 0.1 | — | — | 0.2 | |||||||||||||||||||
Due from affiliates | 183.8 | — | 403 | 0.1 | (586.9 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 436.3 | — | 973.1 | — | (1,409.4 | ) | — | ||||||||||||||||||
Total assets | $ | 723 | $ | 1,572.90 | $ | 2,954.50 | $ | 40.5 | $ | (2,183.2 | ) | $ | 3,107.70 | ||||||||||||
LIABILITIES, PREFERRED SHARES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 229 | $ | — | $ | — | $ | 229 | |||||||||||||
Current maturities of long-term debt | 0.1 | — | 3 | 0.9 | — | 4 | |||||||||||||||||||
Accounts payable and accrued liabilities | 30.4 | 106.8 | 461.9 | 8.1 | (186.9 | ) | 420.3 | ||||||||||||||||||
Total current liabilities | 30.5 | 106.8 | 693.9 | 9 | (186.9 | ) | 653.3 | ||||||||||||||||||
Long-term debt | — | 405.6 | 1,158.80 | 0.6 | — | 1,565.00 | |||||||||||||||||||
Deferred income taxes | — | 129.3 | (9.4 | ) | — | — | 119.9 | ||||||||||||||||||
Other long-term liabilities | 0.4 | 29.6 | 40.5 | 1.3 | — | 71.8 | |||||||||||||||||||
Due to affiliates | 1.3 | 548.8 | 3.9 | 32.9 | (586.9 | ) | — | ||||||||||||||||||
Total liabilities | 32.2 | 1,220.10 | 1,887.70 | 43.8 | (773.8 | ) | 2,410.00 | ||||||||||||||||||
Convertible preferred shares | 116.1 | — | — | — | — | 116.1 | |||||||||||||||||||
Non-convertible preferred shares | 32.7 | — | — | — | — | 32.7 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 388.3 | 355.5 | 1,766.00 | 39.7 | (2,161.2 | ) | 388.3 | ||||||||||||||||||
Additional paid-in-capital | 46.6 | — | — | — | — | 46.6 | |||||||||||||||||||
Retained earnings (deficit) | 158.1 | (2.8 | ) | (694.5 | ) | (55.1 | ) | 752.4 | 158.1 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (51.0 | ) | 0.1 | (4.7 | ) | 5.2 | (0.6 | ) | (51.0 | ) | |||||||||||||||
Total Cott Corporation equity | 542 | 352.8 | 1,066.80 | (10.2 | ) | (1,409.4 | ) | 542 | |||||||||||||||||
Non-controlling interests | — | — | — | 6.9 | — | 6.9 | |||||||||||||||||||
Total equity | 542 | 352.8 | 1,066.80 | (3.3 | ) | (1,409.4 | ) | 548.9 | |||||||||||||||||
Total liabilities, preferred shares and equity | $ | 723 | $ | 1,572.90 | $ | 2,954.50 | $ | 40.5 | $ | (2,183.2 | ) | $ | 3,107.70 | ||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (12.2 | ) | $ | 0.5 | $ | 2.2 | $ | 10.8 | $ | (1.2 | ) | ||||||||||
Depreciation & amortization | 1.2 | 30.2 | 24.6 | 1.4 | — | 57.4 | |||||||||||||||||||
Amortization of financing fees | — | — | 1.3 | — | — | 1.3 | |||||||||||||||||||
Amortization of bond premium | — | (1.5 | ) | — | — | — | (1.5 | ) | |||||||||||||||||
Share-based compensation expense | 0.1 | 0.6 | 1.7 | — | — | 2.4 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.4 | (7.7 | ) | (4.3 | ) | (0.1 | ) | — | (11.7 | ) | |||||||||||||||
Loss on disposal of property, plant & equipment | — | 1.1 | 0.3 | — | — | 1.4 | |||||||||||||||||||
Equity loss (income), net of distributions | 12.2 | — | (1.4 | ) | — | (10.8 | ) | — | |||||||||||||||||
Intercompany dividends | 2.1 | — | 2.1 | — | (4.2 | ) | — | ||||||||||||||||||
Other non-cash items | — | — | (10.2 | ) | — | — | (10.2 | ) | |||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (9.1 | ) | (9.9 | ) | (18.2 | ) | (1.8 | ) | — | (39.0 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 4.4 | 0.6 | (3.6 | ) | 1.7 | (4.2 | ) | (1.1 | ) | ||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Additions to property, plant & equipment | (0.3 | ) | (18.4 | ) | (8.6 | ) | — | — | (27.3 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (1.8 | ) | (0.3 | ) | — | — | (2.1 | ) | ||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | 0.4 | — | — | 0.4 | |||||||||||||||||||
Net cash used in investing activities | (0.3 | ) | (20.2 | ) | (8.5 | ) | — | — | (29.0 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | — | — | (0.5 | ) | (0.3 | ) | — | (0.8 | ) | ||||||||||||||||
Borrowings under ABL | — | — | 94.8 | — | — | 94.8 | |||||||||||||||||||
Payments under ABL | — | — | (102.8 | ) | — | — | (102.8 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||||
Proceeds from the exercise of options for common shares, net | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||
Common shares repurchased and cancelled | (0.7 | ) | — | — | — | — | (0.7 | ) | |||||||||||||||||
Dividends paid to common and preferred shareowners | (9.0 | ) | — | — | — | — | (9.0 | ) | |||||||||||||||||
Intercompany dividends | — | — | (2.1 | ) | (2.1 | ) | 4.2 | — | |||||||||||||||||
Net cash used in financing activities | (9.6 | ) | — | (10.6 | ) | (4.4 | ) | 4.2 | (20.4 | ) | |||||||||||||||
Effect of exchange rate changes on cash | (0.4 | ) | — | (0.7 | ) | (0.1 | ) | — | (1.2 | ) | |||||||||||||||
Net decrease in cash & cash equivalents | (5.9 | ) | (19.6 | ) | (23.4 | ) | (2.8 | ) | — | (51.7 | ) | ||||||||||||||
Cash & cash equivalents, beginning of period | 6.2 | 34.4 | 38.2 | 7.4 | — | 86.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 0.3 | $ | 14.8 | $ | 14.8 | $ | 4.6 | $ | — | $ | 34.5 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (4.1 | ) | $ | — | $ | (5.0 | ) | $ | 2.4 | $ | 4 | $ | (2.7 | ) | ||||||||||
Depreciation & amortization | 1.5 | — | 22.1 | 1.5 | — | 25.1 | |||||||||||||||||||
Amortization of financing fees | — | — | 0.6 | — | — | 0.6 | |||||||||||||||||||
Share-based compensation expense | 0.2 | — | 1.1 | — | — | 1.3 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (0.9 | ) | — | 0.5 | (0.3 | ) | — | (0.7 | ) | ||||||||||||||||
Loss on disposal of property, plant & equipment | — | — | 0.1 | — | — | 0.1 | |||||||||||||||||||
Asset impairments | 0.9 | — | 0.7 | — | — | 1.6 | |||||||||||||||||||
Write off of financing fees and discount | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||
Equity (income) loss, net of distributions | (1.5 | ) | — | 5.5 | — | (4.0 | ) | — | |||||||||||||||||
Intercompany dividends | 2.3 | — | 2.4 | — | (4.7 | ) | — | ||||||||||||||||||
Other non-cash items | — | — | (0.2 | ) | — | — | (0.2 | ) | |||||||||||||||||
Net change in operating assets and liabilities | 10.3 | — | (88.4 | ) | 0.2 | — | (77.9 | ) | |||||||||||||||||
Net cash provided by (used in) operating activities | 8.7 | — | (60.3 | ) | 3.8 | (4.7 | ) | (52.5 | ) | ||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Additions to property, plant & equipment | (0.6 | ) | — | (8.2 | ) | — | — | (8.8 | ) | ||||||||||||||||
Additions to intangibles and other assets | — | — | (1.5 | ) | — | — | (1.5 | ) | |||||||||||||||||
Net cash used in investing activities | (0.6 | ) | — | (9.7 | ) | — | — | (10.3 | ) | ||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | — | — | (15.7 | ) | (0.3 | ) | — | (16.0 | ) | ||||||||||||||||
Borrowings under ABL | — | — | 95 | — | — | 95 | |||||||||||||||||||
Payments under ABL | — | — | (15.1 | ) | — | — | (15.1 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (0.4 | ) | — | — | — | — | (0.4 | ) | |||||||||||||||||
Dividends paid to shareholders | (5.1 | ) | — | — | — | — | (5.1 | ) | |||||||||||||||||
Intercompany dividends | — | — | (2.3 | ) | (2.4 | ) | 4.7 | — | |||||||||||||||||
Net cash (used in) provided by financing activities | (5.5 | ) | — | 61.9 | (5.0 | ) | 4.7 | 56.1 | |||||||||||||||||
Effect of exchange rate changes on cash | (0.1 | ) | — | 0.2 | — | — | 0.1 | ||||||||||||||||||
Net increase (decrease) in cash & cash equivalents | 2.5 | — | (7.9 | ) | (1.2 | ) | — | (6.6 | ) | ||||||||||||||||
Cash & cash equivalents, beginning of period | 1.5 | — | 40.2 | 5.5 | — | 47.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 4 | $ | — | $ | 32.3 | $ | 4.3 | $ | — | $ | 40.6 | |||||||||||||
The 2022 Notes issued by our 100% owned subsidiary, Cott Beverages Inc. (“CBI”), are guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other 100% owned direct and indirect subsidiaries (the “Guarantor Subsidiaries”). CBI and each Guarantor Subsidiary is 100% owned by Cott Corporation. The guarantees of the 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 Securities and Exchange Commission interpretations governing reporting of subsidiary financial information. | |||||||||||||||||||||||||
The following supplemental financial information sets forth on a consolidating basis, our Balance Sheets, Statements of Operations and Cash Flows for Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries (the “Non-guarantor Subsidiaries”). The supplemental financial information reflects our investments and those of CBI in their respective subsidiaries using the equity method of accounting. | |||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 30 | $ | 170 | $ | 488.6 | $ | 31.4 | $ | (10.2 | ) | $ | 709.8 | ||||||||||||
Cost of sales | 27 | 145.8 | 320 | 25.9 | (10.2 | ) | 508.5 | ||||||||||||||||||
Gross profit | 3 | 24.2 | 168.6 | 5.5 | — | 201.3 | |||||||||||||||||||
Selling, general and administrative expenses | 5.5 | 23.8 | 156.1 | 3.1 | — | 188.5 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | 1.1 | — | — | 1.4 | |||||||||||||||||||
Acquisition and integration expenses | — | 1.5 | 3.2 | — | — | 4.7 | |||||||||||||||||||
Operating (loss) income | (2.5 | ) | (1.4 | ) | 8.2 | 2.4 | — | 6.7 | |||||||||||||||||
Other (income) expense, net | (10.5 | ) | — | — | 0.1 | — | (10.4 | ) | |||||||||||||||||
Intercompany interest (income) expense, net | (3.0 | ) | (12.2 | ) | 15.2 | — | — | — | |||||||||||||||||
Interest expense, net | 0.1 | 20.1 | 7.5 | — | — | 27.7 | |||||||||||||||||||
Income (loss) before income tax expense (benefit) and equity (loss) income | 10.9 | (9.3 | ) | (14.5 | ) | 2.3 | — | (10.6 | ) | ||||||||||||||||
Income tax expense (benefit) | 1.2 | (4.6 | ) | (6.1 | ) | 0.1 | — | (9.4 | ) | ||||||||||||||||
Equity (loss) income | (12.2 | ) | 1.4 | — | — | 10.8 | — | ||||||||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (3.3 | ) | $ | (8.4 | ) | $ | 2.2 | $ | 10.8 | $ | (1.2 | ) | |||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Less: Accumulated dividends on convertible preferred shares | 2.7 | — | — | — | — | 2.7 | |||||||||||||||||||
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | — | — | — | — | 0.8 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (6.0 | ) | $ | (3.3 | ) | $ | (8.4 | ) | $ | 0.9 | $ | 10.8 | $ | (6.0 | ) | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ | (31.8 | ) | $ | (22.8 | ) | $ | (20.5 | ) | $ | 0.6 | $ | 42.7 | $ | (31.8 | ) | |||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 37.2 | $ | 175.1 | $ | 242.3 | $ | 32.3 | $ | (11.8 | ) | $ | 475.1 | ||||||||||||
Cost of sales | 34.2 | 154 | 215.8 | 26.7 | (11.8 | ) | 418.9 | ||||||||||||||||||
Gross profit | 3 | 21.1 | 26.5 | 5.6 | — | 56.2 | |||||||||||||||||||
Selling, general and administrative expenses | 6.5 | 25.7 | 11.7 | 3 | — | 46.9 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.1 | — | — | — | 0.1 | |||||||||||||||||||
Restructuring | 1.9 | 0.2 | 0.1 | — | — | 2.2 | |||||||||||||||||||
Asset impairments | 0.9 | — | 0.7 | — | — | 1.6 | |||||||||||||||||||
Acquisition and integration expenses | — | — | 1.1 | — | — | 1.1 | |||||||||||||||||||
Operating (loss) income | (6.3 | ) | (4.9 | ) | 12.9 | 2.6 | — | 4.3 | |||||||||||||||||
Other expense (income), net | 0.2 | (2.6 | ) | — | 0.1 | — | (2.3 | ) | |||||||||||||||||
Intercompany interest (income) expense, net | — | (3.5 | ) | 3.5 | — | — | — | ||||||||||||||||||
Interest expense, net | 0.1 | 9 | 0.7 | — | — | 9.8 | |||||||||||||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (6.6 | ) | (7.8 | ) | 8.7 | 2.5 | — | (3.2 | ) | ||||||||||||||||
Income tax (benefit) expense | (1.0 | ) | 0.3 | 0.1 | 0.1 | — | (0.5 | ) | |||||||||||||||||
Equity income (loss) | 1.5 | 1.3 | (6.8 | ) | — | 4 | — | ||||||||||||||||||
Net (loss) income | $ | (4.1 | ) | $ | (6.8 | ) | $ | 1.8 | $ | 2.4 | $ | 4 | $ | (2.7 | ) | ||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.4 | — | 1.4 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (4.1 | ) | $ | (6.8 | ) | $ | 1.8 | $ | 1 | $ | 4 | $ | (4.1 | ) | ||||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ | (5.8 | ) | $ | (2.7 | ) | $ | 15.8 | $ | 0.9 | $ | (14.0 | ) | $ | (5.8 | ) | |||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
As of April 4, 2015 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 0.3 | $ | 1.4 | $ | 28.2 | $ | 4.6 | $ | — | $ | 34.5 | |||||||||||||
Accounts receivable, net of allowance | 17.7 | 149.1 | 353.2 | 12.8 | (192.2 | ) | 340.6 | ||||||||||||||||||
Income taxes recoverable | — | 0.3 | 0.6 | 0.3 | — | 1.2 | |||||||||||||||||||
Inventories | 13 | 76.7 | 173.4 | 7.4 | — | 270.5 | |||||||||||||||||||
Prepaid expenses and other assets | 3.1 | 15.9 | 15.1 | 0.4 | — | 34.5 | |||||||||||||||||||
Total current assets | 34.1 | 243.4 | 570.5 | 25.5 | (192.2 | ) | 681.3 | ||||||||||||||||||
Property, plant & equipment, net | 34.7 | 172.4 | 630.7 | 7.4 | — | 845.2 | |||||||||||||||||||
Goodwill | 21.9 | 4.5 | 716 | — | — | 742.4 | |||||||||||||||||||
Intangibles and other assets, net | 0.6 | 103.9 | 652.7 | 5.7 | — | 762.9 | |||||||||||||||||||
Deferred income taxes | 1.7 | 30.8 | — | 0.1 | (30.8 | ) | 1.8 | ||||||||||||||||||
Due from affiliates | 183.4 | 558 | 2.8 | — | (744.2 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 411.1 | 620.4 | 226.9 | — | (1,258.4 | ) | — | ||||||||||||||||||
Total assets | $ | 687.5 | $ | 1,733.40 | $ | 2,799.60 | $ | 38.7 | $ | (2,225.6 | ) | $ | 3,033.60 | ||||||||||||
LIABILITIES, PREFERRED SHARES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | 212.1 | $ | 8.9 | $ | — | $ | — | $ | 221 | |||||||||||||
Current maturities of long-term debt | 0.1 | 2.6 | 0.4 | 1 | — | 4.1 | |||||||||||||||||||
Accounts payable and accrued liabilities | 30.3 | 222.1 | 353 | 8.8 | (192.2 | ) | 422 | ||||||||||||||||||
Total current liabilities | 30.4 | 436.8 | 362.3 | 9.8 | (192.2 | ) | 647.1 | ||||||||||||||||||
Long-term debt | — | 1,156.50 | 395.7 | 0.3 | — | 1,552.50 | |||||||||||||||||||
Deferred income taxes | — | — | 136.1 | — | (30.8 | ) | 105.3 | ||||||||||||||||||
Other long-term liabilities | 0.5 | 3.9 | 61.4 | 1.3 | — | 67.1 | |||||||||||||||||||
Due to affiliates | 1.2 | 1.6 | 708.8 | 32.6 | (744.2 | ) | — | ||||||||||||||||||
Total liabilities | 32.1 | 1,598.80 | 1,664.30 | 44 | (967.2 | ) | 2,372.00 | ||||||||||||||||||
Convertible preferred shares | 116.2 | — | — | — | — | 116.2 | |||||||||||||||||||
Non-convertible preferred shares | 32.7 | — | — | — | — | 32.7 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 389.5 | 525.7 | 1,555.00 | 39.5 | (2,120.2 | ) | 389.5 | ||||||||||||||||||
Additional paid-in-capital | 47.2 | — | — | — | — | 47.2 | |||||||||||||||||||
Retained earnings (deficit) | 146.6 | (363.0 | ) | (411.6 | ) | (55.9 | ) | 830.5 | 146.6 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (76.8 | ) | (28.1 | ) | (8.1 | ) | 4.9 | 31.3 | (76.8 | ) | |||||||||||||||
Total Cott Corporation equity | 506.5 | 134.6 | 1,135.30 | (11.5 | ) | (1,258.4 | ) | 506.5 | |||||||||||||||||
Non-controlling interests | — | — | — | 6.2 | — | 6.2 | |||||||||||||||||||
Total equity | 506.5 | 134.6 | 1,135.30 | (5.3 | ) | (1,258.4 | ) | 512.7 | |||||||||||||||||
Total liabilities, preferred shares and equity | $ | 687.5 | $ | 1,733.40 | $ | 2,799.60 | $ | 38.7 | $ | (2,225.6 | ) | $ | 3,033.60 | ||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
As of January 3, 2015 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 6.2 | $ | 8.6 | $ | 64 | $ | 7.4 | $ | — | $ | 86.2 | |||||||||||||
Accounts receivable, net of allowance | 16.2 | 130.4 | 333.8 | 12.2 | (186.9 | ) | 305.7 | ||||||||||||||||||
Income taxes recoverable | — | 0.6 | 0.6 | 0.4 | — | 1.6 | |||||||||||||||||||
Inventories | 12.4 | 72.5 | 172 | 5.5 | — | 262.4 | |||||||||||||||||||
Prepaid expenses and other assets | 3.2 | 39.5 | 16.2 | 0.4 | — | 59.3 | |||||||||||||||||||
Total current assets | 38 | 251.6 | 586.6 | 25.9 | (186.9 | ) | 715.2 | ||||||||||||||||||
Property, plant & equipment, net | 38.2 | 178.4 | 640.1 | 7.8 | — | 864.5 | |||||||||||||||||||
Goodwill | 23.4 | 4.5 | 715.7 | — | — | 743.6 | |||||||||||||||||||
Intangibles and other assets, net | 0.7 | 105.3 | 669 | 6.7 | — | 781.7 | |||||||||||||||||||
Deferred income taxes | 2.5 | 30.5 | — | — | (30.5 | ) | 2.5 | ||||||||||||||||||
Other tax receivable | 0.1 | 0.1 | — | — | — | 0.2 | |||||||||||||||||||
Due from affiliates | 183.8 | 564.5 | 3 | 0.1 | (751.4 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 436.3 | 623.5 | 349.6 | — | (1,409.4 | ) | — | ||||||||||||||||||
Total assets | $ | 723 | $ | 1,758.40 | $ | 2,964.00 | $ | 40.5 | $ | (2,378.2 | ) | $ | 3,107.70 | ||||||||||||
LIABILITIES, PREFERRED SHARES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | 229 | $ | — | $ | — | $ | — | $ | 229 | |||||||||||||
Current maturities of long-term debt | 0.1 | 2.5 | 0.5 | 0.9 | — | 4 | |||||||||||||||||||
Accounts payable and accrued liabilities | 30.4 | 212.4 | 356.3 | 8.1 | (186.9 | ) | 420.3 | ||||||||||||||||||
Total current liabilities | 30.5 | 443.9 | 356.8 | 9 | (186.9 | ) | 653.3 | ||||||||||||||||||
Long-term debt | — | 1,157.10 | 407.3 | 0.6 | — | 1,565.00 | |||||||||||||||||||
Deferred income taxes | — | — | 150.4 | — | (30.5 | ) | 119.9 | ||||||||||||||||||
Other long-term liabilities | 0.4 | 5.8 | 64.3 | 1.3 | — | 71.8 | |||||||||||||||||||
Due to affiliates | 1.3 | 1.7 | 715.5 | 32.9 | (751.4 | ) | — | ||||||||||||||||||
Total liabilities | 32.2 | 1,608.50 | 1,694.30 | 43.8 | (968.8 | ) | 2,410.00 | ||||||||||||||||||
Convertible preferred shares | 116.1 | — | — | — | — | 116.1 | |||||||||||||||||||
Non-convertible preferred shares | 32.7 | — | — | — | — | 32.7 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 388.3 | 525.7 | 1,595.80 | 39.7 | (2,161.2 | ) | 388.3 | ||||||||||||||||||
Additional paid-in-capital | 46.6 | — | — | — | — | 46.6 | |||||||||||||||||||
Retained earnings (deficit) | 158.1 | (367.2 | ) | (330.1 | ) | (55.1 | ) | 752.4 | 158.1 | ||||||||||||||||
Accumulated other comprehensive | |||||||||||||||||||||||||
(loss) income | (51.0 | ) | (8.6 | ) | 4 | 5.2 | (0.6 | ) | (51.0 | ) | |||||||||||||||
Total Cott Corporation equity | 542 | 149.9 | 1,269.70 | (10.2 | ) | (1,409.4 | ) | 542 | |||||||||||||||||
Non-controlling interests | — | — | — | 6.9 | — | 6.9 | |||||||||||||||||||
Total equity | 542 | 149.9 | 1,269.70 | (3.3 | ) | (1,409.4 | ) | 548.9 | |||||||||||||||||
Total liabilities, preferred shares and equity | $ | 723 | $ | 1,758.40 | $ | 2,964.00 | $ | 40.5 | $ | (2,378.2 | ) | $ | 3,107.70 | ||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (3.3 | ) | $ | (8.4 | ) | $ | 2.2 | $ | 10.8 | $ | (1.2 | ) | |||||||||
Depreciation & amortization | 1.2 | 11.5 | 43.3 | 1.4 | — | 57.4 | |||||||||||||||||||
Amortization of financing fees | — | 1.3 | — | — | — | 1.3 | |||||||||||||||||||
Amortization of bond premium | — | (1.5 | ) | — | — | — | (1.5 | ) | |||||||||||||||||
Share-based compensation expense | 0.1 | 1.5 | 0.8 | — | — | 2.4 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.4 | (5.2 | ) | (6.8 | ) | (0.1 | ) | — | (11.7 | ) | |||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | 1.1 | — | — | 1.4 | |||||||||||||||||||
Equity loss (income), net of distributions | 12.2 | (1.4 | ) | — | — | (10.8 | ) | — | |||||||||||||||||
Intercompany dividends | 2.1 | 2.1 | — | — | (4.2 | ) | — | ||||||||||||||||||
Other non-cash items | — | (10.2 | ) | — | — | — | (10.2 | ) | |||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (9.1 | ) | 21.8 | (49.9 | ) | (1.8 | ) | — | (39.0 | ) | |||||||||||||||
Net cash provided by (used in) operating activities | 4.4 | 16.9 | (19.9 | ) | 1.7 | (4.2 | ) | (1.1 | ) | ||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Additions to property, plant & equipment | (0.3 | ) | (6.9 | ) | (20.1 | ) | — | — | (27.3 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (0.3 | ) | (1.8 | ) | — | — | (2.1 | ) | ||||||||||||||||
Proceeds from sale of property, plant & equipment | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Net cash used in investing activities | (0.3 | ) | (6.8 | ) | (21.9 | ) | — | — | (29.0 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | — | (0.4 | ) | (0.1 | ) | (0.3 | ) | — | (0.8 | ) | |||||||||||||||
Borrowings under ABL | — | 85.9 | 8.9 | — | — | 94.8 | |||||||||||||||||||
Payments under ABL | — | (102.8 | ) | — | — | — | (102.8 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||||
Proceeds from the exercise of options for common shares, net | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||
Common shares repurchased and cancelled | (0.7 | ) | — | — | — | — | (0.7 | ) | |||||||||||||||||
Dividends paid to common and preferred shareowners | (9.0 | ) | — | — | — | — | (9.0 | ) | |||||||||||||||||
Intercompany dividends | — | — | (2.1 | ) | (2.1 | ) | 4.2 | — | |||||||||||||||||
Net cash (used in) provided by financing activities | (9.6 | ) | (17.3 | ) | 6.7 | (4.4 | ) | 4.2 | (20.4 | ) | |||||||||||||||
Effect of exchange rate changes on cash | (0.4 | ) | — | (0.7 | ) | (0.1 | ) | — | (1.2 | ) | |||||||||||||||
Net decrease in cash & cash equivalents | (5.9 | ) | (7.2 | ) | (35.8 | ) | (2.8 | ) | — | (51.7 | ) | ||||||||||||||
Cash & cash equivalents, beginning of period | 6.2 | 8.6 | 64 | 7.4 | — | 86.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 0.3 | $ | 1.4 | $ | 28.2 | $ | 4.6 | $ | — | $ | 34.5 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (4.1 | ) | $ | (6.8 | ) | $ | 1.8 | $ | 2.4 | $ | 4 | $ | (2.7 | ) | ||||||||||
Depreciation & amortization | 1.5 | 10 | 12.1 | 1.5 | — | 25.1 | |||||||||||||||||||
Amortization of financing fees | — | 0.6 | — | — | — | 0.6 | |||||||||||||||||||
Share-based compensation expense | 0.2 | 1 | 0.1 | — | — | 1.3 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (0.9 | ) | (0.1 | ) | 0.6 | (0.3 | ) | — | (0.7 | ) | |||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.1 | — | — | — | 0.1 | |||||||||||||||||||
Asset impairments | 0.9 | — | 0.7 | — | — | 1.6 | |||||||||||||||||||
Write off of financing fees and discount | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Equity (income) loss, net of distributions | (1.5 | ) | (1.3 | ) | 6.8 | — | (4.0 | ) | — | ||||||||||||||||
Intercompany dividends | 2.3 | 2.4 | — | — | (4.7 | ) | — | ||||||||||||||||||
Other non-cash items | — | (0.2 | ) | — | — | — | (0.2 | ) | |||||||||||||||||
Net change in operating assets and liabilities | 10.3 | (58.9 | ) | (29.5 | ) | 0.2 | — | (77.9 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 8.7 | (52.9 | ) | (7.4 | ) | 3.8 | (4.7 | ) | (52.5 | ) | |||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Additions to property, plant & equipment | (0.6 | ) | (5.1 | ) | (3.1 | ) | — | — | (8.8 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (1.5 | ) | — | — | — | (1.5 | ) | |||||||||||||||||
Net cash used in investing activities | (0.6 | ) | (6.6 | ) | (3.1 | ) | — | — | (10.3 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | — | (15.6 | ) | (0.1 | ) | (0.3 | ) | — | (16.0 | ) | |||||||||||||||
Borrowings under ABL | — | 95 | — | — | — | 95 | |||||||||||||||||||
Payments under ABL | — | (15.1 | ) | — | — | — | (15.1 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (0.4 | ) | — | — | — | — | (0.4 | ) | |||||||||||||||||
Dividends paid to shareholders and cancelled | (5.1 | ) | — | — | — | — | (5.1 | ) | |||||||||||||||||
Intercompany dividends | — | — | (2.3 | ) | (2.4 | ) | 4.7 | — | |||||||||||||||||
Net cash (used in) provided by financing activities | (5.5 | ) | 64.3 | (2.4 | ) | (5.0 | ) | 4.7 | 56.1 | ||||||||||||||||
Effect of exchange rate changes on cash | (0.1 | ) | — | 0.2 | — | — | 0.1 | ||||||||||||||||||
Net increase (decrease) in cash & cash equivalents | 2.5 | 4.8 | (12.7 | ) | (1.2 | ) | — | (6.6 | ) | ||||||||||||||||
Cash & cash equivalents, beginning of period | 1.5 | 1.1 | 39.1 | 5.5 | — | 47.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 4 | $ | 5.9 | $ | 26.4 | $ | 4.3 | $ | — | $ | 40.6 | |||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Apr. 04, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19—Subsequent Events |
On May 6, 2015, our board of directors declared a dividend of $0.06 per share on common shares, payable in cash on June 17, 2015 to shareowners of record at the close of business on June 5, 2015. |
Business_and_Recent_Accounting1
Business and Recent Accounting Pronouncements (Tables) | 3 Months Ended | ||||
Apr. 04, 2015 | |||||
Accounting Policies [Abstract] | |||||
Impact of the Reclassification to Selling, General and Administrative Expenses from Cost of Sales as Presented in the Consolidated Statement of Operations | The impacts of the reclassifications are shown in the tables below: | ||||
(in millions of U.S. dollars) | For the three months ended | ||||
March 29, 2014 | |||||
Decrease to cost of sales | $ | (5.7 | ) | ||
Increase to selling, general and administrative expenses | $ | 5.7 | |||
(in millions of U.S. dollars) | For the three months ended | ||||
March 29, 2014 | |||||
Decrease to selling, general and administrative expenses | $ | (1.1 | ) | ||
Increase to acquisition and integration expenses | $ | 1.1 | |||
(in millions of U.S. dollars) | January 3, 2015 | ||||
Decrease to inventories | $ | (8.9 | ) | ||
Increase to property, plant and equipment, net | $ | 8.9 |
Revisions_Tables
Revisions (Tables) | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | |||||||||||||
Effect of Revision on Financial Statements | The impact on the previously issued financial statements is detailed in the reconciliations below. These adjustments were not considered to be material individually or in the aggregate to previously issued financial statements. | ||||||||||||
As previously | As | ||||||||||||
filed | revised | ||||||||||||
Consolidated Statements of Operations | For the three months | Difference | |||||||||||
ended March 29, 2014 | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Cost of sales 1 | $ | 424.8 | $ | 424.6 | $ | (0.2 | ) | ||||||
Gross profit 1 | $ | 50.3 | $ | 50.5 | $ | 0.2 | |||||||
Operating income | $ | 4.1 | $ | 4.3 | $ | 0.2 | |||||||
(Loss) income before income taxes | $ | (3.4 | ) | $ | (3.2 | ) | $ | 0.2 | |||||
Income tax (benefit) expense | $ | (0.9 | ) | $ | (0.5 | ) | $ | 0.4 | |||||
Net (loss) income | $ | (2.5 | ) | $ | (2.7 | ) | $ | (0.2 | ) | ||||
Net loss attributed to Cott Corporation | $ | (3.9 | ) | $ | (4.1 | ) | $ | (0.2 | ) | ||||
1. | The revised balances do not include the reclassification of the amortization of customer list intangible assets from cost of sales to SG&A expenses as presented in the Consolidated Statement of Operations for the three months ended March 29, 2014 (see Note 1 to the Consolidated Financial Statements). | ||||||||||||
As previously | As | ||||||||||||
filed | revised | ||||||||||||
Consolidated Statements of Comprehensive Income | For the three months | Difference | |||||||||||
ended March 29, 2014 | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (2.7 | ) | $ | (0.2 | ) | ||||
Comprehensive loss | $ | (4.2 | ) | $ | (4.4 | ) | $ | (0.2 | ) | ||||
Comprehensive loss attributed to Cott Corporation | $ | (5.6 | ) | $ | (5.8 | ) | $ | (0.2 | ) | ||||
As previously | As | ||||||||||||
filed | revised | ||||||||||||
Consolidated Statements of Cash Flows | For the three months | Difference | |||||||||||
ended March 29, 2014 | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Operating Activities | |||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (2.7 | ) | $ | (0.2 | ) | ||||
Depreciation & amortization | $ | 25.3 | $ | 25.1 | $ | (0.2 | ) | ||||||
Decrease in deferred income taxes | $ | (1.1 | ) | $ | (0.7 | ) | $ | 0.4 | |||||
As previously | As | ||||||||||||
filed | revised | ||||||||||||
Consolidated Statements of Equity | For the three months | Difference | |||||||||||
ended March 29, 2014 | |||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Retained earnings at December 28, 2013 | $ | 176.3 | $ | 174.8 | $ | (1.5 | ) | ||||||
Total equity at December 28, 2013 | $ | 605.9 | $ | 604.4 | $ | (1.5 | ) | ||||||
Retained earnings at March 29, 2014 | $ | 167.3 | $ | 165.6 | $ | (1.7 | ) | ||||||
Total equity at March 29, 2014 | $ | 595.2 | $ | 593.5 | $ | (1.7 | ) | ||||||
Net (loss) income | $ | (2.5 | ) | $ | (2.7 | ) | $ | (0.2 | ) |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Unaudited Pro Forma Financial Information | The following unaudited financial information for the three months ended March 29, 2014 represent the combined results of our operations as if the DSS Acquisition and Aimia Acquisition had occurred on December 30, 2012. The unaudited pro forma financial information does not necessarily reflect the results of operations that would have occurred had we operated as a single entity during such period. | ||||||||||||
For the Three Months Ended | |||||||||||||
(in millions of U.S. dollars, except share amounts) | March 29, 2014 | ||||||||||||
Revenue | $ | 735.5 | |||||||||||
Net loss | (14.2 | ) | |||||||||||
Net loss per common share, diluted | $ | (0.15 | ) | ||||||||||
DSS Group Inc [Member] | |||||||||||||
Business Combination Transfer Consideration | The total consideration paid by us in the DSS Acquisition is summarized below: | ||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Cash paid to sellers | $ | 449.7 | |||||||||||
Deferred consideration | 8.9 | ||||||||||||
Cash paid on behalf of sellers for sellers expenses | 25.3 | ||||||||||||
Cash paid to retire term loan on behalf of sellers | 317.3 | ||||||||||||
Convertible Preferred Shares | 116.1 | ||||||||||||
Non-Convertible Preferred Shares | 32.7 | ||||||||||||
Total consideration | $ | 950 | |||||||||||
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 DSS Acquisition. Included as part of these adjustments to the initial purchase price allocation is the correction of $6.2 million of certain balance sheet classification errors previously identified at January 3, 2015. The allocation of the purchase price is based on a preliminary valuation that is expected to be completed by the end of 2015. | ||||||||||||
(in millions of U.S. dollars) | As reported at | Adjustments | As reported at | ||||||||||
January 3, 2015 | April 4, 2015 | ||||||||||||
Cash and cash equivalents | $ | 74.5 | $ | — | $ | 74.5 | |||||||
Accounts receivable | 103.4 | (0.8 | ) | 102.6 | |||||||||
Inventories | 46.8 | (0.4 | ) | 46.4 | |||||||||
Prepaid expenses and other current assets | 8.8 | — | 8.8 | ||||||||||
Deferred income taxes | 2.8 | 1.3 | 4.1 | ||||||||||
Property, plant & equipment | 403.3 | 9.4 | 412.7 | ||||||||||
Goodwill | 556.9 | 2.9 | 559.8 | ||||||||||
Intangible and other assets | 417.2 | — | 417.2 | ||||||||||
Accounts payable and accrued liabilities | (110.2 | ) | (7.5 | ) | (117.7 | ) | |||||||
Long-term debt | (406.0 | ) | — | (406.0 | ) | ||||||||
Deferred income taxes liabilities | (129.1 | ) | 6.2 | (122.9 | ) | ||||||||
Other long-term liabilities | (27.3 | ) | (2.2 | ) | (29.5 | ) | |||||||
Total | $ | 941.1 | $ | 8.9 | $ | 950 | |||||||
Aimia Foods Holdings Limited [Member] | |||||||||||||
Business Combination Transfer Consideration | The total consideration paid by us for the Aimia Acquisition is summarized below: | ||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Cash paid to sellers | $ | 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 allocation of the purchase price to fair value of the assets acquired and liabilities assumed in connection with the Aimia Acquisition. | ||||||||||||
(in millions of U.S. dollars) | As reported at | ||||||||||||
April 4, 2015 | |||||||||||||
Cash | $ | 9.5 | |||||||||||
Accounts receivable | 11 | ||||||||||||
Inventories | 9.6 | ||||||||||||
Prepaid expenses and other current assets | 1.9 | ||||||||||||
Property, plant & equipment | 10.9 | ||||||||||||
Goodwill | 54.5 | ||||||||||||
Intangible and other assets | 86.2 | ||||||||||||
Accounts payable and accrued liabilities | (27.4 | ) | |||||||||||
Deferred tax liabilities | (17.2 | ) | |||||||||||
Total | $ | 139 | |||||||||||
Restructuring_and_Asset_Impair1
Restructuring and Asset Impairments (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Summary of Restructuring Charges | The following table summarizes restructuring charges for the three months ended March 29, 2014 in connection with the 2014 Restructuring Plan: | ||||||||||||||||
(in millions of U.S. dollars) | North America | U.K. | Total | ||||||||||||||
Restructuring | $ | 2.1 | $ | 0.1 | $ | 2.2 | |||||||||||
Asset impairments | 0.9 | 0.7 | 1.6 | ||||||||||||||
$ | 3 | $ | 0.8 | $ | 3.8 | ||||||||||||
Summary of Restructuring Liability | The following tables summarize our restructuring liability as of March 29, 2014, along with charges to costs and expenses and cash payments in connection with the 2014 Restructuring Plan: | ||||||||||||||||
North America | |||||||||||||||||
(in millions of U.S. dollars) | Balance at | Charges to costs | Cash payments | Balance at | |||||||||||||
December 28, | and expenses | March 29, | |||||||||||||||
2013 | 2014 | ||||||||||||||||
Severance liability - restructuring | $ | — | $ | 2.1 | $ | (0.2 | ) | $ | 1.9 | ||||||||
$ | — | $ | 2.1 | $ | (0.2 | ) | $ | 1.9 | |||||||||
U.K. | |||||||||||||||||
(in millions of U.S. dollars) | Balance at | Charges to costs | Cash payments | Balance at | |||||||||||||
December 28, | and expenses | March 29, | |||||||||||||||
2013 | 2014 | ||||||||||||||||
Severance liability - restructuring | $ | — | $ | 0.1 | $ | — | $ | 0.1 | |||||||||
$ | — | $ | 0.1 | $ | — | $ | 0.1 | ||||||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-based Compensation Expense | The table below summarizes the share-based compensation expense for the three months ended April 4, 2015 and March 29, 2014. This share-based compensation expense was recorded in SG&A expenses in our Consolidated Statements of Operations. | ||||||||||||||||
For the Three Months Ended | |||||||||||||||||
(in millions of U.S. dollars) | April 4, | March 29, | |||||||||||||||
2015 | 2014 | ||||||||||||||||
Stock options | $ | 0.4 | $ | 0.4 | |||||||||||||
Performance-based RSUs | 1.5 | 0.2 | |||||||||||||||
Time-based RSUs | 0.5 | 0.7 | |||||||||||||||
Total | $ | 2.4 | $ | 1.3 | |||||||||||||
Unrecognized Share-based Compensation Expense | As of April 4, 2015, the unrecognized share-based compensation expense and years we expect to recognize it as compensation expense were as follows: | ||||||||||||||||
Unrecognized share-based | Weighted average years | ||||||||||||||||
compensation expense | expected to recognize | ||||||||||||||||
(in millions of U.S. dollars, except years) | as of April 4, 2015 | compensation | |||||||||||||||
Stock options | $ | 3.9 | 2.3 | ||||||||||||||
Performance-based RSUs | 9.8 | 2.6 | |||||||||||||||
Time-based RSUs | 4.2 | 2 | |||||||||||||||
Total | $ | 17.9 | |||||||||||||||
Stock Option Activity | Stock option activity for the three months ended April 4, 2015 was as follows: | ||||||||||||||||
Shares | Weighted average | ||||||||||||||||
(in thousands) | exercise price | ||||||||||||||||
Balance at January 3, 2015 | 1,221 | $ | 7.77 | ||||||||||||||
Awarded | 599 | 9.25 | |||||||||||||||
Exercised | (19 | ) | 6.58 | ||||||||||||||
Outstanding at April 4, 2015 | 1,801 | $ | 8.27 | ||||||||||||||
Exercisable at April 4, 2015 | 391 | $ | 6.12 | ||||||||||||||
Performance-based RSU and Time-Based RSU Activity | During the three months ended April 4, 2015, 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 January 3, 2015 | 1,782 | $ | 7.01 | 664 | $ | 8.63 | |||||||||||
Awarded | 279 | 9.25 | 185 | 9.25 | |||||||||||||
Awarded in connection with modification | 55 | 7.9 | — | — | |||||||||||||
Issued | (255 | ) | 6.87 | — | — | ||||||||||||
Outstanding at April 4, 2015 | 1,861 | $ | 7.39 | 849 | $ | 8.77 | |||||||||||
Net_Loss_Per_Common_Share_Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Reconciliation of Numerator and Denominators of Basic and Diluted Net Income Per Common Share | Set forth below is a reconciliation of the numerator and denominator for the diluted earnings per common share computations for the periods indicated: | ||||||||
Numerator | |||||||||
For the Three Months Ended | |||||||||
(in millions of U.S. dollars) | April 4, | March 29, | |||||||
2015 | 2014 | ||||||||
Net loss attributed to Cott Corporation | $ | (6.0 | ) | $ | (4.1 | ) | |||
Plus: | |||||||||
Accumulated dividends on convertible preferred shares 1 | 2.7 | — | |||||||
Diluted net loss attributed to Cott Corporation | $ | (3.3 | ) | $ | (4.1 | ) | |||
Denominator | |||||||||
For the Three Months Ended | |||||||||
(in thousands) | April 4, | March 29, | |||||||
2015 | 2014 | ||||||||
Weighted average number of shares outstanding - basic | 93,196 | 94,319 | |||||||
Dilutive effect of stock options | — | — | |||||||
Dilutive effect of Performance-based RSUs | — | — | |||||||
Dilutive effect of Time-based RSUs | — | — | |||||||
Dilutive effect of Convertible Preferred Shares | — | — | |||||||
Adjusted weighted average number of shares outstanding - diluted | 93,196 | 94,319 | |||||||
1. | The accumulated dividends on Convertible Preferred Shares were added back to the numerator to calculate diluted net loss per common share because the Convertible Preferred Shares were assumed to have been converted at the time of issuance for purposes of this calculation. |
Segment_Reporting_Tables
Segment Reporting (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Reporting Information by Operating Segment | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | DSS | U.K. | All | Corporate | Total | |||||||||||||||||||
America | Other | ||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
External revenue 1 | $ | 324.3 | $ | 240.3 | 132.2 | $ | 13 | $ | — | $ | 709.8 | ||||||||||||||
Depreciation and amortization | 21.3 | 30.2 | 5.5 | 0.4 | — | 57.4 | |||||||||||||||||||
Operating income (loss) | 7.2 | (1.5 | ) | 3.9 | 1.6 | (4.5 | ) | 6.7 | |||||||||||||||||
Additions to property, plant and equipment | 7.2 | 18.4 | 1.7 | — | — | 27.3 | |||||||||||||||||||
As of April 4, 2015 | |||||||||||||||||||||||||
Property, plant and equipment, net | 319.2 | 415.4 | 103.7 | 6.9 | — | 845.2 | |||||||||||||||||||
Goodwill | 122 | 559.9 | 56 | 4.5 | — | 742.4 | |||||||||||||||||||
Intangibles and other assets | 260.8 | 408.8 | 93.2 | 0.1 | — | 762.9 | |||||||||||||||||||
Total assets 2 | 1,035.80 | 1,548.00 | 418 | 31.8 | — | 3,033.60 | |||||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $4.4 million for the three months ended April 4, 2015. | ||||||||||||||||||||||||
2. | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||||||
(in millions of U.S. dollars) | North | DSS | U.K. | All | Corporate | Total | |||||||||||||||||||
America | Other | ||||||||||||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
External revenue 1 | $ | 344.7 | $ | — | $ | 115.6 | $ | 14.8 | $ | — | $ | 475.1 | |||||||||||||
Depreciation and amortization | 20.7 | — | 4 | 0.4 | — | 25.1 | |||||||||||||||||||
Operating income (loss) | 2.5 | — | 2.2 | 2.5 | (2.9 | ) | 4.3 | ||||||||||||||||||
Additions to property, plant and equipment | 5.8 | — | 3 | — | — | 8.8 | |||||||||||||||||||
As of January 3, 2015 | |||||||||||||||||||||||||
Property, plant and equipment, net | 331.9 | 415.4 | 109.9 | 7.3 | — | 864.5 | |||||||||||||||||||
Goodwill | 123.7 | 556.9 | 58.5 | 4.5 | — | 743.6 | |||||||||||||||||||
Intangibles and other assets | 266.8 | 415.5 | 99.2 | 0.2 | — | 781.7 | |||||||||||||||||||
Total assets 2 | 1,077.70 | 1,572.80 | 426.8 | 30.4 | — | 3,107.70 | |||||||||||||||||||
1. | Intersegment revenue between North America and the other reporting segments was $6.1 million for the three months ended March 29, 2014. | ||||||||||||||||||||||||
2 | Excludes intersegment receivables, investments and notes receivable. | ||||||||||||||||||||||||
Revenues by Geographic Area | Revenues generated from sales to external customers in the United States for the North America reporting segment were as follows: | ||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
(in millions of U.S. dollars) | April 4, | March 29, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
United States | $ | 297.2 | $ | 310.7 | |||||||||||||||||||||
Total | $ | 297.2 | $ | 310.7 | |||||||||||||||||||||
Revenues by Channel Reporting Segment | Revenues by channel by reporting segment were as follows: | ||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | DSS | U.K. | All | Total | ||||||||||||||||||||
America | Other | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Private label retail | $ | 267.2 | $ | 15.6 | $ | 60.5 | $ | 1.2 | $ | 344.5 | |||||||||||||||
Branded retail | 26.7 | 19.7 | 41.2 | 1.1 | 88.7 | ||||||||||||||||||||
Contract packaging | 25.5 | — | 28.4 | 4 | 57.9 | ||||||||||||||||||||
Home and office bottled water delivery | — | 149.6 | — | — | 149.6 | ||||||||||||||||||||
Office coffee services | — | 32 | — | — | 32 | ||||||||||||||||||||
Other | 4.9 | 23.4 | 2.1 | 6.7 | 37.1 | ||||||||||||||||||||
Total | $ | 324.3 | $ | 240.3 | $ | 132.2 | $ | 13 | $ | 709.8 | |||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
(in millions of U.S. dollars) | North | U.K. | All | Total | |||||||||||||||||||||
America | Other | ||||||||||||||||||||||||
Revenue | |||||||||||||||||||||||||
Private label retail | $ | 299.5 | $ | 64.4 | $ | 1 | $ | 364.9 | |||||||||||||||||
Branded retail | 24.7 | 31.6 | 1.2 | 57.5 | |||||||||||||||||||||
Contract packaging | 17.1 | 18.9 | 6.8 | 42.8 | |||||||||||||||||||||
Other | 3.4 | 0.7 | 5.8 | 9.9 | |||||||||||||||||||||
Total | $ | 344.7 | $ | 115.6 | $ | 14.8 | $ | 475.1 | |||||||||||||||||
Property, Plant and Equipment by Geographic Area | Property, plant and equipment, net by geographic area as of April 4, 2015 and January 3, 2015 were as follows: | ||||||||||||||||||||||||
(in millions of U.S. dollars) | April 4, | January 3, | |||||||||||||||||||||||
2015 | 2015 | ||||||||||||||||||||||||
North America | $ | 734.6 | $ | 747.3 | |||||||||||||||||||||
U.K. | 103.7 | 109.9 | |||||||||||||||||||||||
All Other | 6.9 | 7.3 | |||||||||||||||||||||||
Total | $ | 845.2 | $ | 864.5 | |||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Summary of Inventories | The following table summarizes inventories as of April 4, 2015 and January 3, 2015: | ||||||||
(in millions of U.S. dollars) | April 4, | January 3, | |||||||
2015 | 2015 | ||||||||
Raw materials | $ | 93.3 | $ | 105.8 | |||||
Finished goods 1 | 142.4 | 118.4 | |||||||
Resale items | 14.9 | 17.4 | |||||||
Other | 19.9 | 20.8 | |||||||
Total | $ | 270.5 | $ | 262.4 | |||||
1. | Recently acquired DSS finished goods inventory of $8.9 million were reclassified to property, plant and equipment, net as of January 3, 2015 (see Note 1 to the Consolidated Financial Statements) to be consistent with Cott’s accounting treatment. |
Intangibles_and_Other_Assets_T
Intangibles and Other Assets (Tables) | 3 Months Ended | ||||||||||||
Apr. 04, 2015 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Summary of Intangibles and Other Assets | The following table summarizes intangibles and other assets as of April 4, 2015: | ||||||||||||
April 4, 2015 | |||||||||||||
(in millions of U.S. dollars) | Cost | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Intangibles | |||||||||||||
Not subject to amortization | |||||||||||||
Rights | $ | 45 | $ | — | $ | 45 | |||||||
DSS Trademarks | 183.1 | — | 183.1 | ||||||||||
Total intangibles not subject to amortization | 228.1 | — | 228.1 | ||||||||||
Subject to amortization | |||||||||||||
Customer relationships | 642.8 | 189.5 | 453.3 | ||||||||||
Trademarks | 33.1 | 27.2 | 5.9 | ||||||||||
Information technology | 52.7 | 25.9 | 26.8 | ||||||||||
Other | 7.5 | 3.8 | 3.7 | ||||||||||
Total intangibles subject to amortization | 736.1 | 246.4 | 489.7 | ||||||||||
Total intangibles | 964.2 | 246.4 | 717.8 | ||||||||||
Other assets | |||||||||||||
Financing costs | 37.4 | 9.7 | 27.7 | ||||||||||
Deposits | 7.2 | — | 7.2 | ||||||||||
Other | 11.6 | 1.4 | 10.2 | ||||||||||
Total other assets | 56.2 | 11.1 | 45.1 | ||||||||||
Total intangibles and other assets | $ | 1,020.40 | $ | 257.5 | $ | 762.9 | |||||||
Estimated Amortization Expense for Intangible Assets | The estimated amortization expense for intangibles over the next five years is: | ||||||||||||
(in millions of U.S. dollars) | |||||||||||||
Remainder of 2015 | $ | 54.2 | |||||||||||
2016 | 66.3 | ||||||||||||
2017 | 58.7 | ||||||||||||
2018 | 51.6 | ||||||||||||
2019 | 43.8 | ||||||||||||
Thereafter | 215.1 | ||||||||||||
Total | $ | 489.7 | |||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Apr. 04, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Components of Debt | Our total debt as of April 4, 2015 and January 3, 2015 was as follows: | ||||||||
(in millions of U.S. dollars) | April 4, 2015 | January 3, 2015 | |||||||
6.750% senior notes due in 2020 | 625 | 625 | |||||||
10.000% senior notes due in 2021 1 | 394.2 | 405.6 | |||||||
5.375% senior notes due in 2022 | 525 | 525 | |||||||
ABL facility | 221 | 229 | |||||||
GE Term Loan | 7.7 | 8.2 | |||||||
Capital leases and other debt financing | 4.7 | 5.2 | |||||||
Total debt | 1,777.60 | 1,798.00 | |||||||
Less: Short-term borrowings and current debt: | |||||||||
ABL facility | 221 | 229 | |||||||
Total short-term borrowings | 221 | 229 | |||||||
GE Term Loan - current maturities | 2.1 | 2 | |||||||
Capital leases and other financing - current maturities | 2 | 2 | |||||||
Total current debt | 225.1 | 233 | |||||||
Total long-term debt | $ | 1,552.50 | $ | 1,565.00 | |||||
1. | The outstanding aggregate principal amount of the DSS Notes of $350.0 million was assumed by Cott at fair value of $406.0 million in connection with the DSS Acquisition. The premium of $56.0 million is being amortized as an adjustment to interest expense using the effective interest method over the remaining contractual term of the DSS Notes. The effective interest rate is 7.515%. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Changes in Accumulated Other Comprehensive (Loss) Income by Component | Changes in accumulated other comprehensive (loss) income (“AOCI”) by component1 for the three months ended April 4, 2015 were as follows: | ||||||||||||||||
April 4, 2015 | |||||||||||||||||
(in millions of U.S. dollars) | Gains and | Pension | Currency | Total | |||||||||||||
Losses on | Benefit | Translation | |||||||||||||||
Derivative | Plan | Adjustment | |||||||||||||||
Instruments | Items | Items | |||||||||||||||
Beginning balance January 3, 2015 | $ | 0.2 | $ | (12.4 | ) | $ | (38.8 | ) | $ | (51.0 | ) | ||||||
OCI before reclassifications | 0.2 | — | (25.9 | ) | (25.7 | ) | |||||||||||
Amounts reclassified from AOCI | (0.2 | ) | 0.1 | — | (0.1 | ) | |||||||||||
Net current-period OCI | — | 0.1 | (25.9 | ) | (25.8 | ) | |||||||||||
Ending balance April 4, 2015 | $ | 0.2 | $ | (12.3 | ) | $ | (64.7 | ) | $ | (76.8 | ) | ||||||
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 AOCI1 for the three months ended April 4, 2015 and March 29, 2014, respectively. | ||||||||||||||||
(in millions of U.S. dollars) | For the Three Months | ||||||||||||||||
Ended | |||||||||||||||||
Details About AOCI Components | April 4, | March 29, | Affected Line Item in the Statement Where Net | ||||||||||||||
2015 | 2014 | Income Is Presented | |||||||||||||||
Gains and losses on derivative instruments Foreign currency and commodity hedges | $ | 0.3 | $ | 0.1 | Cost of sales | ||||||||||||
$ | 0.3 | $ | 0.1 | Total before taxes | |||||||||||||
(0.1 | ) | — | Tax (expense) or benefit | ||||||||||||||
$ | 0.2 | $ | 0.1 | Net of tax | |||||||||||||
Amortization of pension benefit plan items Prior service costs 2 | $ | (0.1 | ) | $ | — | ||||||||||||
(0.1 | ) | — | Total before taxes | ||||||||||||||
— | — | Tax (expense) or benefit | |||||||||||||||
$ | (0.1 | ) | $ | — | Net of tax | ||||||||||||
Total reclassifications for the period | $ | 0.1 | $ | 0.1 | Net of tax | ||||||||||||
1. | Amounts in parentheses indicate debits. | ||||||||||||||||
2. | These AOCI components are included in the computation of net periodic pension cost. |
Hedging_Transactions_and_Deriv1
Hedging Transactions and Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||
Summary of Reconciliation of Company's Derivatives by Contract Type | Set forth below is a reconciliation of the Company’s derivatives by contract type for the periods indicated: | ||||||||||||||||
(in millions of U.S. dollars) | April 4, 2015 | January 3, 2015 | |||||||||||||||
Derivative Contract | Assets | Liabilities | Assets | Liabilities | |||||||||||||
Foreign currency hedge | $ | 2 | $ | — | $ | 1 | $ | — | |||||||||
Aluminum swaps | 0.2 | (3.1 | ) | 0.2 | (2.3 | ) | |||||||||||
$ | 2.2 | $ | (3.1 | ) | $ | 1.2 | $ | (2.3 | ) | ||||||||
Summary of Fair Value of Aluminum Swap Assets and Liabilities | The fair value of the aluminum swap assets and liabilities which are shown on a net basis are reconciled in the table below: | ||||||||||||||||
(in millions of U.S. dollars) | April 4, 2015 | January 3, 2015 | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||||
Aluminum swap assets | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.2 | |||||||||
Aluminum swap liabilities | — | (3.3 | ) | — | (2.5 | ) | |||||||||||
Net asset (liability) | $ | 0.2 | $ | (3.1 | ) | $ | 0.2 | $ | (2.3 | ) | |||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||
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 April 4, 2015 and January 3, 2015 were as follows: | ||||||||||||||||
April 4, 2015 | January 3, 2015 | ||||||||||||||||
(in millions of U.S. dollars) | Carrying | Fair | Carrying | Fair | |||||||||||||
Value | Value | Value | Value | ||||||||||||||
6.750% senior notes due in 2020 1 | $ | 625 | $ | 646.9 | $ | 625 | $ | 630.1 | |||||||||
10.000% senior notes due in 2021 1, 2 | 394.2 | 409.5 | 405.6 | 403.4 | |||||||||||||
5.375% senior notes due in 2022 1 | 525 | 504 | 525 | 481.7 | |||||||||||||
Total | $ | 1,544.20 | $ | 1,560.40 | $ | 1,555.60 | $ | 1,515.20 | |||||||||
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. | ||||||||||||||||
2. | The outstanding aggregate principal amount of the DSS Notes of $350.0 million was assumed by Cott at fair value of $406.0 million in connection with the DSS Acquisition. The premium of $56.0 million is being amortized as an adjustment to interest expense using the effective interest method over the remaining contractual term of the DSS Notes. |
Guarantor_Subsidiaries_Tables
Guarantor Subsidiaries (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Apr. 04, 2015 | |||||||||||||||||||||||||
DSS Group Inc [Member] | |||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 30 | $ | 240.3 | $ | 418.3 | $ | 31.4 | $ | (10.2 | ) | $ | 709.8 | ||||||||||||
Cost of sales | 27 | 100.4 | 365.4 | 25.9 | (10.2 | ) | 508.5 | ||||||||||||||||||
Gross profit | 3 | 139.9 | 52.9 | 5.5 | — | 201.3 | |||||||||||||||||||
Selling, general and administrative expenses | 5.5 | 137.2 | 42.7 | 3.1 | — | 188.5 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 1.1 | 0.3 | — | — | 1.4 | |||||||||||||||||||
Acquisition and integration expenses | — | 3 | 1.7 | — | — | 4.7 | |||||||||||||||||||
Operating (loss) income | (2.5 | ) | (1.4 | ) | 8.2 | 2.4 | — | 6.7 | |||||||||||||||||
Other (income) expense, net | (10.5 | ) | (0.2 | ) | 0.2 | 0.1 | — | (10.4 | ) | ||||||||||||||||
Intercompany interest (income) expense, net | (3.0 | ) | 10.9 | (7.9 | ) | — | — | — | |||||||||||||||||
Interest expense, net | 0.1 | 7.3 | 20.3 | — | — | 27.7 | |||||||||||||||||||
Income (loss) before income tax expense (benefit) and equity (loss) income | 10.9 | (19.4 | ) | (4.4 | ) | 2.3 | — | (10.6 | ) | ||||||||||||||||
Income tax expense (benefit) | 1.2 | (7.2 | ) | (3.5 | ) | 0.1 | — | (9.4 | ) | ||||||||||||||||
Equity (loss) income | (12.2 | ) | — | 1.4 | — | 10.8 | — | ||||||||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (12.2 | ) | $ | 0.5 | $ | 2.2 | $ | 10.8 | $ | (1.2 | ) | ||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Less: Accumulated dividends on convertible preferred shares | 2.7 | — | — | — | — | 2.7 | |||||||||||||||||||
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | — | — | — | — | 0.8 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (6.0 | ) | $ | (12.2 | ) | $ | 0.5 | $ | 0.9 | $ | 10.8 | $ | (6.0 | ) | ||||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ | (31.8 | ) | $ | (12.2 | ) | $ | (15.8 | ) | $ | 0.6 | $ | 27.4 | $ | (31.8 | ) | |||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 37.2 | $ | — | $ | 417.4 | $ | 32.3 | $ | (11.8 | ) | $ | 475.1 | ||||||||||||
Cost of sales | 34.2 | — | 369.9 | 26.6 | (11.8 | ) | 418.9 | ||||||||||||||||||
Gross profit | 3 | — | 47.5 | 5.7 | — | 56.2 | |||||||||||||||||||
Selling, general and administrative expenses | 6.5 | — | 37.3 | 3.1 | — | 46.9 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | — | 0.1 | — | — | 0.1 | |||||||||||||||||||
Restructuring | 1.9 | — | 0.3 | — | — | 2.2 | |||||||||||||||||||
Asset impairments | 0.9 | — | 0.7 | — | — | 1.6 | |||||||||||||||||||
Acquisition and integration expenses | — | — | 1.1 | — | — | 1.1 | |||||||||||||||||||
Operating (loss) income | (6.3 | ) | — | 8 | 2.6 | — | 4.3 | ||||||||||||||||||
Other expense (income), net | 0.2 | — | (2.6 | ) | 0.1 | — | (2.3 | ) | |||||||||||||||||
Interest expense, net | 0.1 | — | 9.7 | — | — | 9.8 | |||||||||||||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (6.6 | ) | — | 0.9 | 2.5 | — | (3.2 | ) | |||||||||||||||||
Income tax (benefit) expense | (1.0 | ) | — | 0.4 | 0.1 | — | (0.5 | ) | |||||||||||||||||
Equity income (loss) | 1.5 | — | (5.5 | ) | — | 4 | — | ||||||||||||||||||
Net (loss) income | $ | (4.1 | ) | $ | — | $ | (5.0 | ) | $ | 2.4 | $ | 4 | $ | (2.7 | ) | ||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.4 | — | 1.4 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (4.1 | ) | $ | — | $ | (5.0 | ) | $ | 1 | $ | 4 | $ | (4.1 | ) | ||||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ | (5.8 | ) | $ | — | $ | 13.1 | $ | 0.9 | $ | (14.0 | ) | $ | (5.8 | ) | ||||||||||
Consolidating Balance Sheets | Consolidating Balance Sheets | ||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
As of April 4, 2015 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 0.3 | $ | 14.8 | $ | 14.8 | $ | 4.6 | $ | — | $ | 34.5 | |||||||||||||
Accounts receivable, net of allowance | 17.7 | 119.8 | 224.2 | 12.8 | (33.9 | ) | 340.6 | ||||||||||||||||||
Income taxes recoverable | — | 0.6 | 0.3 | 0.3 | — | 1.2 | |||||||||||||||||||
Inventories | 13 | 29.4 | 220.7 | 7.4 | — | 270.5 | |||||||||||||||||||
Prepaid expenses and other assets | 3.1 | 10.1 | 20.9 | 0.4 | — | 34.5 | |||||||||||||||||||
Total current assets | 34.1 | 174.7 | 480.9 | 25.5 | (33.9 | ) | 681.3 | ||||||||||||||||||
Property, plant & equipment, net | 34.7 | 415.4 | 387.7 | 7.4 | — | 845.2 | |||||||||||||||||||
Goodwill | 21.9 | 559.8 | 160.7 | — | — | 742.4 | |||||||||||||||||||
Intangibles and other assets, net | 0.6 | 408.8 | 347.8 | 5.7 | — | 762.9 | |||||||||||||||||||
Deferred income taxes | 1.7 | — | — | 0.1 | — | 1.8 | |||||||||||||||||||
Due from affiliates | 183.4 | — | 401.2 | — | (584.6 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 411.1 | — | 412.8 | — | (823.9 | ) | — | ||||||||||||||||||
Total assets | $ | 687.5 | $ | 1,558.70 | $ | 2,191.10 | $ | 38.7 | $ | (1,442.4 | ) | $ | 3,033.60 | ||||||||||||
LIABILITIES, PREFERRED SHARES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 221 | $ | — | $ | — | $ | 221 | |||||||||||||
Current maturities of long-term debt | 0.1 | — | 3 | 1 | — | 4.1 | |||||||||||||||||||
Accounts payable and accrued liabilities | 30.3 | 131.3 | 285.5 | 8.8 | (33.9 | ) | 422 | ||||||||||||||||||
Total current liabilities | 30.4 | 131.3 | 509.5 | 9.8 | (33.9 | ) | 647.1 | ||||||||||||||||||
Long-term debt | — | 394.2 | 1,158.00 | 0.3 | — | 1,552.50 | |||||||||||||||||||
Deferred income taxes | — | 115.1 | (9.8 | ) | — | — | 105.3 | ||||||||||||||||||
Other long-term liabilities | 0.5 | 28.8 | 36.5 | 1.3 | — | 67.1 | |||||||||||||||||||
Due to affiliates | 1.2 | 548.8 | 2 | 32.6 | (584.6 | ) | — | ||||||||||||||||||
Total liabilities | 32.1 | 1,218.20 | 1,696.20 | 44 | (618.5 | ) | 2,372.00 | ||||||||||||||||||
Convertible preferred shares | 116.2 | — | — | — | — | 116.2 | |||||||||||||||||||
Non-convertible preferred shares | 32.7 | — | — | — | — | 32.7 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 389.5 | 355.5 | 1,210.80 | 39.5 | (1,605.8 | ) | 389.5 | ||||||||||||||||||
Additional paid-in-capital | 47.2 | — | — | — | — | 47.2 | |||||||||||||||||||
Retained earnings (deficit) | 146.6 | (15.1 | ) | (694.9 | ) | (55.9 | ) | 765.9 | 146.6 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (76.8 | ) | 0.1 | (21.0 | ) | 4.9 | 16 | (76.8 | ) | ||||||||||||||||
Total Cott Corporation equity | 506.5 | 340.5 | 494.9 | (11.5 | ) | (823.9 | ) | 506.5 | |||||||||||||||||
Non-controlling interests | — | — | — | 6.2 | — | 6.2 | |||||||||||||||||||
Total equity | 506.5 | 340.5 | 494.9 | (5.3 | ) | (823.9 | ) | 512.7 | |||||||||||||||||
Total liabilities, preferred shares and equity | $ | 687.5 | $ | 1,558.70 | $ | 2,191.10 | $ | 38.7 | $ | (1,442.4 | ) | $ | 3,033.60 | ||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
As of January 3, 2015 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 6.2 | $ | 34.4 | $ | 38.2 | $ | 7.4 | $ | — | $ | 86.2 | |||||||||||||
Accounts receivable, net of allowance | 16.2 | 105.4 | 358.8 | 12.2 | (186.9 | ) | 305.7 | ||||||||||||||||||
Income taxes recoverable | — | 0.6 | 0.6 | 0.4 | — | 1.6 | |||||||||||||||||||
Inventories | 12.4 | 34.2 | 210.3 | 5.5 | — | 262.4 | |||||||||||||||||||
Prepaid expenses and other assets | 3.2 | 10.3 | 45.4 | 0.4 | — | 59.3 | |||||||||||||||||||
Total current assets | 38 | 184.9 | 653.3 | 25.9 | (186.9 | ) | 715.2 | ||||||||||||||||||
Property, plant & equipment, net | 38.2 | 415.5 | 403 | 7.8 | — | 864.5 | |||||||||||||||||||
Goodwill | 23.4 | 556.9 | 163.3 | — | — | 743.6 | |||||||||||||||||||
Intangibles and other assets, net | 0.7 | 415.6 | 358.7 | 6.7 | — | 781.7 | |||||||||||||||||||
Deferred income taxes | 2.5 | — | — | — | — | 2.5 | |||||||||||||||||||
Other tax receivable | 0.1 | — | 0.1 | — | — | 0.2 | |||||||||||||||||||
Due from affiliates | 183.8 | — | 403 | 0.1 | (586.9 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 436.3 | — | 973.1 | — | (1,409.4 | ) | — | ||||||||||||||||||
Total assets | $ | 723 | $ | 1,572.90 | $ | 2,954.50 | $ | 40.5 | $ | (2,183.2 | ) | $ | 3,107.70 | ||||||||||||
LIABILITIES, PREFERRED SHARES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 229 | $ | — | $ | — | $ | 229 | |||||||||||||
Current maturities of long-term debt | 0.1 | — | 3 | 0.9 | — | 4 | |||||||||||||||||||
Accounts payable and accrued liabilities | 30.4 | 106.8 | 461.9 | 8.1 | (186.9 | ) | 420.3 | ||||||||||||||||||
Total current liabilities | 30.5 | 106.8 | 693.9 | 9 | (186.9 | ) | 653.3 | ||||||||||||||||||
Long-term debt | — | 405.6 | 1,158.80 | 0.6 | — | 1,565.00 | |||||||||||||||||||
Deferred income taxes | — | 129.3 | (9.4 | ) | — | — | 119.9 | ||||||||||||||||||
Other long-term liabilities | 0.4 | 29.6 | 40.5 | 1.3 | — | 71.8 | |||||||||||||||||||
Due to affiliates | 1.3 | 548.8 | 3.9 | 32.9 | (586.9 | ) | — | ||||||||||||||||||
Total liabilities | 32.2 | 1,220.10 | 1,887.70 | 43.8 | (773.8 | ) | 2,410.00 | ||||||||||||||||||
Convertible preferred shares | 116.1 | — | — | — | — | 116.1 | |||||||||||||||||||
Non-convertible preferred shares | 32.7 | — | — | — | — | 32.7 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 388.3 | 355.5 | 1,766.00 | 39.7 | (2,161.2 | ) | 388.3 | ||||||||||||||||||
Additional paid-in-capital | 46.6 | — | — | — | — | 46.6 | |||||||||||||||||||
Retained earnings (deficit) | 158.1 | (2.8 | ) | (694.5 | ) | (55.1 | ) | 752.4 | 158.1 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (51.0 | ) | 0.1 | (4.7 | ) | 5.2 | (0.6 | ) | (51.0 | ) | |||||||||||||||
Total Cott Corporation equity | 542 | 352.8 | 1,066.80 | (10.2 | ) | (1,409.4 | ) | 542 | |||||||||||||||||
Non-controlling interests | — | — | — | 6.9 | — | 6.9 | |||||||||||||||||||
Total equity | 542 | 352.8 | 1,066.80 | (3.3 | ) | (1,409.4 | ) | 548.9 | |||||||||||||||||
Total liabilities, preferred shares and equity | $ | 723 | $ | 1,572.90 | $ | 2,954.50 | $ | 40.5 | $ | (2,183.2 | ) | $ | 3,107.70 | ||||||||||||
Consolidating Statements of Condensed Cash Flows | Consolidating Statements of Condensed Cash Flows | ||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (12.2 | ) | $ | 0.5 | $ | 2.2 | $ | 10.8 | $ | (1.2 | ) | ||||||||||
Depreciation & amortization | 1.2 | 30.2 | 24.6 | 1.4 | — | 57.4 | |||||||||||||||||||
Amortization of financing fees | — | — | 1.3 | — | — | 1.3 | |||||||||||||||||||
Amortization of bond premium | — | (1.5 | ) | — | — | — | (1.5 | ) | |||||||||||||||||
Share-based compensation expense | 0.1 | 0.6 | 1.7 | — | — | 2.4 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.4 | (7.7 | ) | (4.3 | ) | (0.1 | ) | — | (11.7 | ) | |||||||||||||||
Loss on disposal of property, plant & equipment | — | 1.1 | 0.3 | — | — | 1.4 | |||||||||||||||||||
Equity loss (income), net of distributions | 12.2 | — | (1.4 | ) | — | (10.8 | ) | — | |||||||||||||||||
Intercompany dividends | 2.1 | — | 2.1 | — | (4.2 | ) | — | ||||||||||||||||||
Other non-cash items | — | — | (10.2 | ) | — | — | (10.2 | ) | |||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (9.1 | ) | (9.9 | ) | (18.2 | ) | (1.8 | ) | — | (39.0 | ) | ||||||||||||||
Net cash provided by (used in) operating activities | 4.4 | 0.6 | (3.6 | ) | 1.7 | (4.2 | ) | (1.1 | ) | ||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Additions to property, plant & equipment | (0.3 | ) | (18.4 | ) | (8.6 | ) | — | — | (27.3 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (1.8 | ) | (0.3 | ) | — | — | (2.1 | ) | ||||||||||||||||
Proceeds from sale of property, plant & equipment | — | — | 0.4 | — | — | 0.4 | |||||||||||||||||||
Net cash used in investing activities | (0.3 | ) | (20.2 | ) | (8.5 | ) | — | — | (29.0 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | — | — | (0.5 | ) | (0.3 | ) | — | (0.8 | ) | ||||||||||||||||
Borrowings under ABL | — | — | 94.8 | — | — | 94.8 | |||||||||||||||||||
Payments under ABL | — | — | (102.8 | ) | — | — | (102.8 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||||
Proceeds from the exercise of options for common shares, net | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||
Common shares repurchased and cancelled | (0.7 | ) | — | — | — | — | (0.7 | ) | |||||||||||||||||
Dividends paid to common and preferred shareowners | (9.0 | ) | — | — | — | — | (9.0 | ) | |||||||||||||||||
Intercompany dividends | — | — | (2.1 | ) | (2.1 | ) | 4.2 | — | |||||||||||||||||
Net cash used in financing activities | (9.6 | ) | — | (10.6 | ) | (4.4 | ) | 4.2 | (20.4 | ) | |||||||||||||||
Effect of exchange rate changes on cash | (0.4 | ) | — | (0.7 | ) | (0.1 | ) | — | (1.2 | ) | |||||||||||||||
Net decrease in cash & cash equivalents | (5.9 | ) | (19.6 | ) | (23.4 | ) | (2.8 | ) | — | (51.7 | ) | ||||||||||||||
Cash & cash equivalents, beginning of period | 6.2 | 34.4 | 38.2 | 7.4 | — | 86.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 0.3 | $ | 14.8 | $ | 14.8 | $ | 4.6 | $ | — | $ | 34.5 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
Cott | DS Services of | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | America, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (4.1 | ) | $ | — | $ | (5.0 | ) | $ | 2.4 | $ | 4 | $ | (2.7 | ) | ||||||||||
Depreciation & amortization | 1.5 | — | 22.1 | 1.5 | — | 25.1 | |||||||||||||||||||
Amortization of financing fees | — | — | 0.6 | — | — | 0.6 | |||||||||||||||||||
Share-based compensation expense | 0.2 | — | 1.1 | — | — | 1.3 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (0.9 | ) | — | 0.5 | (0.3 | ) | — | (0.7 | ) | ||||||||||||||||
Loss on disposal of property, plant & equipment | — | — | 0.1 | — | — | 0.1 | |||||||||||||||||||
Asset impairments | 0.9 | — | 0.7 | — | — | 1.6 | |||||||||||||||||||
Write off of financing fees and discount | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||
Equity (income) loss, net of distributions | (1.5 | ) | — | 5.5 | — | (4.0 | ) | — | |||||||||||||||||
Intercompany dividends | 2.3 | — | 2.4 | — | (4.7 | ) | — | ||||||||||||||||||
Other non-cash items | — | — | (0.2 | ) | — | — | (0.2 | ) | |||||||||||||||||
Net change in operating assets and liabilities | 10.3 | — | (88.4 | ) | 0.2 | — | (77.9 | ) | |||||||||||||||||
Net cash provided by (used in) operating activities | 8.7 | — | (60.3 | ) | 3.8 | (4.7 | ) | (52.5 | ) | ||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Additions to property, plant & equipment | (0.6 | ) | — | (8.2 | ) | — | — | (8.8 | ) | ||||||||||||||||
Additions to intangibles and other assets | — | — | (1.5 | ) | — | — | (1.5 | ) | |||||||||||||||||
Net cash used in investing activities | (0.6 | ) | — | (9.7 | ) | — | — | (10.3 | ) | ||||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | — | — | (15.7 | ) | (0.3 | ) | — | (16.0 | ) | ||||||||||||||||
Borrowings under ABL | — | — | 95 | — | — | 95 | |||||||||||||||||||
Payments under ABL | — | — | (15.1 | ) | — | — | (15.1 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (0.4 | ) | — | — | — | — | (0.4 | ) | |||||||||||||||||
Dividends paid to shareholders | (5.1 | ) | — | — | — | — | (5.1 | ) | |||||||||||||||||
Intercompany dividends | — | — | (2.3 | ) | (2.4 | ) | 4.7 | — | |||||||||||||||||
Net cash (used in) provided by financing activities | (5.5 | ) | — | 61.9 | (5.0 | ) | 4.7 | 56.1 | |||||||||||||||||
Effect of exchange rate changes on cash | (0.1 | ) | — | 0.2 | — | — | 0.1 | ||||||||||||||||||
Net increase (decrease) in cash & cash equivalents | 2.5 | — | (7.9 | ) | (1.2 | ) | — | (6.6 | ) | ||||||||||||||||
Cash & cash equivalents, beginning of period | 1.5 | — | 40.2 | 5.5 | — | 47.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 4 | $ | — | $ | 32.3 | $ | 4.3 | $ | — | $ | 40.6 | |||||||||||||
Cott Beverages Inc. [Member] | |||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 30 | $ | 170 | $ | 488.6 | $ | 31.4 | $ | (10.2 | ) | $ | 709.8 | ||||||||||||
Cost of sales | 27 | 145.8 | 320 | 25.9 | (10.2 | ) | 508.5 | ||||||||||||||||||
Gross profit | 3 | 24.2 | 168.6 | 5.5 | — | 201.3 | |||||||||||||||||||
Selling, general and administrative expenses | 5.5 | 23.8 | 156.1 | 3.1 | — | 188.5 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | 1.1 | — | — | 1.4 | |||||||||||||||||||
Acquisition and integration expenses | — | 1.5 | 3.2 | — | — | 4.7 | |||||||||||||||||||
Operating (loss) income | (2.5 | ) | (1.4 | ) | 8.2 | 2.4 | — | 6.7 | |||||||||||||||||
Other (income) expense, net | (10.5 | ) | — | — | 0.1 | — | (10.4 | ) | |||||||||||||||||
Intercompany interest (income) expense, net | (3.0 | ) | (12.2 | ) | 15.2 | — | — | — | |||||||||||||||||
Interest expense, net | 0.1 | 20.1 | 7.5 | — | — | 27.7 | |||||||||||||||||||
Income (loss) before income tax expense (benefit) and equity (loss) income | 10.9 | (9.3 | ) | (14.5 | ) | 2.3 | — | (10.6 | ) | ||||||||||||||||
Income tax expense (benefit) | 1.2 | (4.6 | ) | (6.1 | ) | 0.1 | — | (9.4 | ) | ||||||||||||||||
Equity (loss) income | (12.2 | ) | 1.4 | — | — | 10.8 | — | ||||||||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (3.3 | ) | $ | (8.4 | ) | $ | 2.2 | $ | 10.8 | $ | (1.2 | ) | |||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||||
Less: Accumulated dividends on convertible preferred shares | 2.7 | — | — | — | — | 2.7 | |||||||||||||||||||
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | — | — | — | — | 0.8 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (6.0 | ) | $ | (3.3 | ) | $ | (8.4 | ) | $ | 0.9 | $ | 10.8 | $ | (6.0 | ) | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ | (31.8 | ) | $ | (22.8 | ) | $ | (20.5 | ) | $ | 0.6 | $ | 42.7 | $ | (31.8 | ) | |||||||||
Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Revenue, net | $ | 37.2 | $ | 175.1 | $ | 242.3 | $ | 32.3 | $ | (11.8 | ) | $ | 475.1 | ||||||||||||
Cost of sales | 34.2 | 154 | 215.8 | 26.7 | (11.8 | ) | 418.9 | ||||||||||||||||||
Gross profit | 3 | 21.1 | 26.5 | 5.6 | — | 56.2 | |||||||||||||||||||
Selling, general and administrative expenses | 6.5 | 25.7 | 11.7 | 3 | — | 46.9 | |||||||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.1 | — | — | — | 0.1 | |||||||||||||||||||
Restructuring | 1.9 | 0.2 | 0.1 | — | — | 2.2 | |||||||||||||||||||
Asset impairments | 0.9 | — | 0.7 | — | — | 1.6 | |||||||||||||||||||
Acquisition and integration expenses | — | — | 1.1 | — | — | 1.1 | |||||||||||||||||||
Operating (loss) income | (6.3 | ) | (4.9 | ) | 12.9 | 2.6 | — | 4.3 | |||||||||||||||||
Other expense (income), net | 0.2 | (2.6 | ) | — | 0.1 | — | (2.3 | ) | |||||||||||||||||
Intercompany interest (income) expense, net | — | (3.5 | ) | 3.5 | — | — | — | ||||||||||||||||||
Interest expense, net | 0.1 | 9 | 0.7 | — | — | 9.8 | |||||||||||||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (6.6 | ) | (7.8 | ) | 8.7 | 2.5 | — | (3.2 | ) | ||||||||||||||||
Income tax (benefit) expense | (1.0 | ) | 0.3 | 0.1 | 0.1 | — | (0.5 | ) | |||||||||||||||||
Equity income (loss) | 1.5 | 1.3 | (6.8 | ) | — | 4 | — | ||||||||||||||||||
Net (loss) income | $ | (4.1 | ) | $ | (6.8 | ) | $ | 1.8 | $ | 2.4 | $ | 4 | $ | (2.7 | ) | ||||||||||
Less: Net income attributable to non-controlling interests | — | — | — | 1.4 | — | 1.4 | |||||||||||||||||||
Net (loss) income attributed to Cott Corporation | $ | (4.1 | ) | $ | (6.8 | ) | $ | 1.8 | $ | 1 | $ | 4 | $ | (4.1 | ) | ||||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ | (5.8 | ) | $ | (2.7 | ) | $ | 15.8 | $ | 0.9 | $ | (14.0 | ) | $ | (5.8 | ) | |||||||||
Consolidating Balance Sheets | Consolidating Balance Sheets | ||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
As of April 4, 2015 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 0.3 | $ | 1.4 | $ | 28.2 | $ | 4.6 | $ | — | $ | 34.5 | |||||||||||||
Accounts receivable, net of allowance | 17.7 | 149.1 | 353.2 | 12.8 | (192.2 | ) | 340.6 | ||||||||||||||||||
Income taxes recoverable | — | 0.3 | 0.6 | 0.3 | — | 1.2 | |||||||||||||||||||
Inventories | 13 | 76.7 | 173.4 | 7.4 | — | 270.5 | |||||||||||||||||||
Prepaid expenses and other assets | 3.1 | 15.9 | 15.1 | 0.4 | — | 34.5 | |||||||||||||||||||
Total current assets | 34.1 | 243.4 | 570.5 | 25.5 | (192.2 | ) | 681.3 | ||||||||||||||||||
Property, plant & equipment, net | 34.7 | 172.4 | 630.7 | 7.4 | — | 845.2 | |||||||||||||||||||
Goodwill | 21.9 | 4.5 | 716 | — | — | 742.4 | |||||||||||||||||||
Intangibles and other assets, net | 0.6 | 103.9 | 652.7 | 5.7 | — | 762.9 | |||||||||||||||||||
Deferred income taxes | 1.7 | 30.8 | — | 0.1 | (30.8 | ) | 1.8 | ||||||||||||||||||
Due from affiliates | 183.4 | 558 | 2.8 | — | (744.2 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 411.1 | 620.4 | 226.9 | — | (1,258.4 | ) | — | ||||||||||||||||||
Total assets | $ | 687.5 | $ | 1,733.40 | $ | 2,799.60 | $ | 38.7 | $ | (2,225.6 | ) | $ | 3,033.60 | ||||||||||||
LIABILITIES, PREFERRED SHARES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | 212.1 | $ | 8.9 | $ | — | $ | — | $ | 221 | |||||||||||||
Current maturities of long-term debt | 0.1 | 2.6 | 0.4 | 1 | — | 4.1 | |||||||||||||||||||
Accounts payable and accrued liabilities | 30.3 | 222.1 | 353 | 8.8 | (192.2 | ) | 422 | ||||||||||||||||||
Total current liabilities | 30.4 | 436.8 | 362.3 | 9.8 | (192.2 | ) | 647.1 | ||||||||||||||||||
Long-term debt | — | 1,156.50 | 395.7 | 0.3 | — | 1,552.50 | |||||||||||||||||||
Deferred income taxes | — | — | 136.1 | — | (30.8 | ) | 105.3 | ||||||||||||||||||
Other long-term liabilities | 0.5 | 3.9 | 61.4 | 1.3 | — | 67.1 | |||||||||||||||||||
Due to affiliates | 1.2 | 1.6 | 708.8 | 32.6 | (744.2 | ) | — | ||||||||||||||||||
Total liabilities | 32.1 | 1,598.80 | 1,664.30 | 44 | (967.2 | ) | 2,372.00 | ||||||||||||||||||
Convertible preferred shares | 116.2 | — | — | — | — | 116.2 | |||||||||||||||||||
Non-convertible preferred shares | 32.7 | — | — | — | — | 32.7 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 389.5 | 525.7 | 1,555.00 | 39.5 | (2,120.2 | ) | 389.5 | ||||||||||||||||||
Additional paid-in-capital | 47.2 | — | — | — | — | 47.2 | |||||||||||||||||||
Retained earnings (deficit) | 146.6 | (363.0 | ) | (411.6 | ) | (55.9 | ) | 830.5 | 146.6 | ||||||||||||||||
Accumulated other comprehensive (loss) income | (76.8 | ) | (28.1 | ) | (8.1 | ) | 4.9 | 31.3 | (76.8 | ) | |||||||||||||||
Total Cott Corporation equity | 506.5 | 134.6 | 1,135.30 | (11.5 | ) | (1,258.4 | ) | 506.5 | |||||||||||||||||
Non-controlling interests | — | — | — | 6.2 | — | 6.2 | |||||||||||||||||||
Total equity | 506.5 | 134.6 | 1,135.30 | (5.3 | ) | (1,258.4 | ) | 512.7 | |||||||||||||||||
Total liabilities, preferred shares and equity | $ | 687.5 | $ | 1,733.40 | $ | 2,799.60 | $ | 38.7 | $ | (2,225.6 | ) | $ | 3,033.60 | ||||||||||||
Consolidating Balance Sheets | |||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
As of January 3, 2015 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, Inc. | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash & cash equivalents | $ | 6.2 | $ | 8.6 | $ | 64 | $ | 7.4 | $ | — | $ | 86.2 | |||||||||||||
Accounts receivable, net of allowance | 16.2 | 130.4 | 333.8 | 12.2 | (186.9 | ) | 305.7 | ||||||||||||||||||
Income taxes recoverable | — | 0.6 | 0.6 | 0.4 | — | 1.6 | |||||||||||||||||||
Inventories | 12.4 | 72.5 | 172 | 5.5 | — | 262.4 | |||||||||||||||||||
Prepaid expenses and other assets | 3.2 | 39.5 | 16.2 | 0.4 | — | 59.3 | |||||||||||||||||||
Total current assets | 38 | 251.6 | 586.6 | 25.9 | (186.9 | ) | 715.2 | ||||||||||||||||||
Property, plant & equipment, net | 38.2 | 178.4 | 640.1 | 7.8 | — | 864.5 | |||||||||||||||||||
Goodwill | 23.4 | 4.5 | 715.7 | — | — | 743.6 | |||||||||||||||||||
Intangibles and other assets, net | 0.7 | 105.3 | 669 | 6.7 | — | 781.7 | |||||||||||||||||||
Deferred income taxes | 2.5 | 30.5 | — | — | (30.5 | ) | 2.5 | ||||||||||||||||||
Other tax receivable | 0.1 | 0.1 | — | — | — | 0.2 | |||||||||||||||||||
Due from affiliates | 183.8 | 564.5 | 3 | 0.1 | (751.4 | ) | — | ||||||||||||||||||
Investments in subsidiaries | 436.3 | 623.5 | 349.6 | — | (1,409.4 | ) | — | ||||||||||||||||||
Total assets | $ | 723 | $ | 1,758.40 | $ | 2,964.00 | $ | 40.5 | $ | (2,378.2 | ) | $ | 3,107.70 | ||||||||||||
LIABILITIES, PREFERRED SHARES AND EQUITY | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | 229 | $ | — | $ | — | $ | — | $ | 229 | |||||||||||||
Current maturities of long-term debt | 0.1 | 2.5 | 0.5 | 0.9 | — | 4 | |||||||||||||||||||
Accounts payable and accrued liabilities | 30.4 | 212.4 | 356.3 | 8.1 | (186.9 | ) | 420.3 | ||||||||||||||||||
Total current liabilities | 30.5 | 443.9 | 356.8 | 9 | (186.9 | ) | 653.3 | ||||||||||||||||||
Long-term debt | — | 1,157.10 | 407.3 | 0.6 | — | 1,565.00 | |||||||||||||||||||
Deferred income taxes | — | — | 150.4 | — | (30.5 | ) | 119.9 | ||||||||||||||||||
Other long-term liabilities | 0.4 | 5.8 | 64.3 | 1.3 | — | 71.8 | |||||||||||||||||||
Due to affiliates | 1.3 | 1.7 | 715.5 | 32.9 | (751.4 | ) | — | ||||||||||||||||||
Total liabilities | 32.2 | 1,608.50 | 1,694.30 | 43.8 | (968.8 | ) | 2,410.00 | ||||||||||||||||||
Convertible preferred shares | 116.1 | — | — | — | — | 116.1 | |||||||||||||||||||
Non-convertible preferred shares | 32.7 | — | — | — | — | 32.7 | |||||||||||||||||||
Equity | |||||||||||||||||||||||||
Capital stock, no par | 388.3 | 525.7 | 1,595.80 | 39.7 | (2,161.2 | ) | 388.3 | ||||||||||||||||||
Additional paid-in-capital | 46.6 | — | — | — | — | 46.6 | |||||||||||||||||||
Retained earnings (deficit) | 158.1 | (367.2 | ) | (330.1 | ) | (55.1 | ) | 752.4 | 158.1 | ||||||||||||||||
Accumulated other comprehensive | |||||||||||||||||||||||||
(loss) income | (51.0 | ) | (8.6 | ) | 4 | 5.2 | (0.6 | ) | (51.0 | ) | |||||||||||||||
Total Cott Corporation equity | 542 | 149.9 | 1,269.70 | (10.2 | ) | (1,409.4 | ) | 542 | |||||||||||||||||
Non-controlling interests | — | — | — | 6.9 | — | 6.9 | |||||||||||||||||||
Total equity | 542 | 149.9 | 1,269.70 | (3.3 | ) | (1,409.4 | ) | 548.9 | |||||||||||||||||
Total liabilities, preferred shares and equity | $ | 723 | $ | 1,758.40 | $ | 2,964.00 | $ | 40.5 | $ | (2,378.2 | ) | $ | 3,107.70 | ||||||||||||
Consolidating Statements of Condensed Cash Flows | Consolidating Statements of Condensed Cash Flows | ||||||||||||||||||||||||
(in millions of U.S. dollars) | |||||||||||||||||||||||||
Unaudited | |||||||||||||||||||||||||
For the Three Months Ended April 4, 2015 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (2.5 | ) | $ | (3.3 | ) | $ | (8.4 | ) | $ | 2.2 | $ | 10.8 | $ | (1.2 | ) | |||||||||
Depreciation & amortization | 1.2 | 11.5 | 43.3 | 1.4 | — | 57.4 | |||||||||||||||||||
Amortization of financing fees | — | 1.3 | — | — | — | 1.3 | |||||||||||||||||||
Amortization of bond premium | — | (1.5 | ) | — | — | — | (1.5 | ) | |||||||||||||||||
Share-based compensation expense | 0.1 | 1.5 | 0.8 | — | — | 2.4 | |||||||||||||||||||
Increase (decrease) in deferred income taxes | 0.4 | (5.2 | ) | (6.8 | ) | (0.1 | ) | — | (11.7 | ) | |||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.3 | 1.1 | — | — | 1.4 | |||||||||||||||||||
Equity loss (income), net of distributions | 12.2 | (1.4 | ) | — | — | (10.8 | ) | — | |||||||||||||||||
Intercompany dividends | 2.1 | 2.1 | — | — | (4.2 | ) | — | ||||||||||||||||||
Other non-cash items | — | (10.2 | ) | — | — | — | (10.2 | ) | |||||||||||||||||
Net change in operating assets and liabilities, net of acquisition | (9.1 | ) | 21.8 | (49.9 | ) | (1.8 | ) | — | (39.0 | ) | |||||||||||||||
Net cash provided by (used in) operating activities | 4.4 | 16.9 | (19.9 | ) | 1.7 | (4.2 | ) | (1.1 | ) | ||||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Additions to property, plant & equipment | (0.3 | ) | (6.9 | ) | (20.1 | ) | — | — | (27.3 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (0.3 | ) | (1.8 | ) | — | — | (2.1 | ) | ||||||||||||||||
Proceeds from sale of property, plant & equipment | — | 0.4 | — | — | — | 0.4 | |||||||||||||||||||
Net cash used in investing activities | (0.3 | ) | (6.8 | ) | (21.9 | ) | — | — | (29.0 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | — | (0.4 | ) | (0.1 | ) | (0.3 | ) | — | (0.8 | ) | |||||||||||||||
Borrowings under ABL | — | 85.9 | 8.9 | — | — | 94.8 | |||||||||||||||||||
Payments under ABL | — | (102.8 | ) | — | — | — | (102.8 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||||
Proceeds from the exercise of options for common shares, net | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||||
Common shares repurchased and cancelled | (0.7 | ) | — | — | — | — | (0.7 | ) | |||||||||||||||||
Dividends paid to common and preferred shareowners | (9.0 | ) | — | — | — | — | (9.0 | ) | |||||||||||||||||
Intercompany dividends | — | — | (2.1 | ) | (2.1 | ) | 4.2 | — | |||||||||||||||||
Net cash (used in) provided by financing activities | (9.6 | ) | (17.3 | ) | 6.7 | (4.4 | ) | 4.2 | (20.4 | ) | |||||||||||||||
Effect of exchange rate changes on cash | (0.4 | ) | — | (0.7 | ) | (0.1 | ) | — | (1.2 | ) | |||||||||||||||
Net decrease in cash & cash equivalents | (5.9 | ) | (7.2 | ) | (35.8 | ) | (2.8 | ) | — | (51.7 | ) | ||||||||||||||
Cash & cash equivalents, beginning of period | 6.2 | 8.6 | 64 | 7.4 | — | 86.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 0.3 | $ | 1.4 | $ | 28.2 | $ | 4.6 | $ | — | $ | 34.5 | |||||||||||||
Consolidating Statements of Condensed Cash Flows | |||||||||||||||||||||||||
(in millions of U.S. dollars)64naudited | |||||||||||||||||||||||||
For the Three Months Ended March 29, 2014 | |||||||||||||||||||||||||
Cott | Cott | Guarantor | Non-Guarantor | Elimination | Consolidated | ||||||||||||||||||||
Corporation | Beverages, | Subsidiaries | Subsidiaries | Entries | |||||||||||||||||||||
Inc. | |||||||||||||||||||||||||
Operating Activities | |||||||||||||||||||||||||
Net (loss) income | $ | (4.1 | ) | $ | (6.8 | ) | $ | 1.8 | $ | 2.4 | $ | 4 | $ | (2.7 | ) | ||||||||||
Depreciation & amortization | 1.5 | 10 | 12.1 | 1.5 | — | 25.1 | |||||||||||||||||||
Amortization of financing fees | — | 0.6 | — | — | — | 0.6 | |||||||||||||||||||
Share-based compensation expense | 0.2 | 1 | 0.1 | — | — | 1.3 | |||||||||||||||||||
(Decrease) increase in deferred income taxes | (0.9 | ) | (0.1 | ) | 0.6 | (0.3 | ) | — | (0.7 | ) | |||||||||||||||
Loss on disposal of property, plant & equipment | — | 0.1 | — | — | — | 0.1 | |||||||||||||||||||
Asset impairments | 0.9 | — | 0.7 | — | — | 1.6 | |||||||||||||||||||
Write off of financing fees and discount | — | 0.3 | — | — | — | 0.3 | |||||||||||||||||||
Equity (income) loss, net of distributions | (1.5 | ) | (1.3 | ) | 6.8 | — | (4.0 | ) | — | ||||||||||||||||
Intercompany dividends | 2.3 | 2.4 | — | — | (4.7 | ) | — | ||||||||||||||||||
Other non-cash items | — | (0.2 | ) | — | — | — | (0.2 | ) | |||||||||||||||||
Net change in operating assets and liabilities | 10.3 | (58.9 | ) | (29.5 | ) | 0.2 | — | (77.9 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 8.7 | (52.9 | ) | (7.4 | ) | 3.8 | (4.7 | ) | (52.5 | ) | |||||||||||||||
Investing Activities | |||||||||||||||||||||||||
Additions to property, plant & equipment | (0.6 | ) | (5.1 | ) | (3.1 | ) | — | — | (8.8 | ) | |||||||||||||||
Additions to intangibles and other assets | — | (1.5 | ) | — | — | — | (1.5 | ) | |||||||||||||||||
Net cash used in investing activities | (0.6 | ) | (6.6 | ) | (3.1 | ) | — | — | (10.3 | ) | |||||||||||||||
Financing Activities | |||||||||||||||||||||||||
Payments of long-term debt | — | (15.6 | ) | (0.1 | ) | (0.3 | ) | — | (16.0 | ) | |||||||||||||||
Borrowings under ABL | — | 95 | — | — | — | 95 | |||||||||||||||||||
Payments under ABL | — | (15.1 | ) | — | — | — | (15.1 | ) | |||||||||||||||||
Distributions to non-controlling interests | — | — | — | (2.3 | ) | — | (2.3 | ) | |||||||||||||||||
Common shares repurchased and cancelled | (0.4 | ) | — | — | — | — | (0.4 | ) | |||||||||||||||||
Dividends paid to shareholders and cancelled | (5.1 | ) | — | — | — | — | (5.1 | ) | |||||||||||||||||
Intercompany dividends | — | — | (2.3 | ) | (2.4 | ) | 4.7 | — | |||||||||||||||||
Net cash (used in) provided by financing activities | (5.5 | ) | 64.3 | (2.4 | ) | (5.0 | ) | 4.7 | 56.1 | ||||||||||||||||
Effect of exchange rate changes on cash | (0.1 | ) | — | 0.2 | — | — | 0.1 | ||||||||||||||||||
Net increase (decrease) in cash & cash equivalents | 2.5 | 4.8 | (12.7 | ) | (1.2 | ) | — | (6.6 | ) | ||||||||||||||||
Cash & cash equivalents, beginning of period | 1.5 | 1.1 | 39.1 | 5.5 | — | 47.2 | |||||||||||||||||||
Cash & cash equivalents, end of period | $ | 4 | $ | 5.9 | $ | 26.4 | $ | 4.3 | $ | — | $ | 40.6 | |||||||||||||
Business_and_Recent_Accounting2
Business and Recent Accounting Pronouncements - Additional Information (Detail) | 3 Months Ended |
Apr. 04, 2015 | |
Location | |
Route | |
SalesAndDistributionFacilties | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of customer locations | 1,500,000 |
Number of sales and distribution facility | 200 |
Number of routes | 2,100 |
Business_and_Recent_Accounting3
Business and Recent Accounting Pronouncements - Impact of the Reclassification to Selling, General and Administrative Expenses from Cost of Sales as Presented in the Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Jan. 03, 2015 |
Decrease to cost of sales | $508.50 | $418.90 | |
Increase (decrease) to selling, general and administrative expenses | 188.5 | 46.9 | |
Increase to acquisition and integration expenses | 4.7 | 1.1 | |
Increase to property, plant and equipment, net | 27.3 | 8.8 | |
Adjustments [Member] | |||
Decrease to inventories | -8.9 | ||
Increase to property, plant and equipment, net | 8.9 | ||
Adjustments [Member] | Cost of Sales [Member] | |||
Decrease to cost of sales | -5.7 | ||
Increase (decrease) to selling, general and administrative expenses | 5.7 | ||
Adjustments [Member] | Selling, General and Administrative Expenses [Member] | |||
Increase (decrease) to selling, general and administrative expenses | -1.1 | ||
Increase to acquisition and integration expenses | $1.10 |
Revisions_Additional_Informati
Revisions - Additional Information (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 | Mar. 29, 2014 |
In Millions, unless otherwise specified | |||
Deferred income taxes | $105.30 | $119.90 | |
Property, plant & equipment, net | 845.2 | 864.5 | |
Adjustments [Member] | |||
Deferred income taxes | 0.4 | ||
Property, plant & equipment, net | $0.20 |
Revisions_Effect_of_Revision_o
Revisions - Effect of Revision on Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Cost of sales | $508.50 | $418.90 |
Gross profit | 201.3 | 56.2 |
Operating income | 6.7 | 4.3 |
(Loss) income before income taxes | 10.6 | 3.2 |
Income tax (benefit) expense | -9.4 | -0.5 |
Net (loss) income | -1.2 | -2.7 |
Net loss attributed to Cott Corporation | -6 | -4.1 |
Scenario, Previously Reported [Member] | ||
Cost of sales | 424.8 | |
Gross profit | 50.3 | |
Operating income | 4.1 | |
(Loss) income before income taxes | -3.4 | |
Income tax (benefit) expense | -0.9 | |
Net (loss) income | -2.5 | |
Net loss attributed to Cott Corporation | -3.9 | |
Scenario, Actual [Member] | ||
Cost of sales | 424.6 | |
Gross profit | 50.5 | |
Operating income | 4.3 | |
(Loss) income before income taxes | -3.2 | |
Income tax (benefit) expense | -0.5 | |
Net (loss) income | -2.7 | |
Net loss attributed to Cott Corporation | -4.1 | |
Scenario, Adjustment [Member] | ||
Cost of sales | -0.2 | |
Gross profit | 0.2 | |
Operating income | 0.2 | |
(Loss) income before income taxes | 0.2 | |
Income tax (benefit) expense | 0.4 | |
Net (loss) income | -0.2 | |
Net loss attributed to Cott Corporation | ($0.20) |
Revisions_Effect_of_Revision_o1
Revisions - Effect of Revision on Consolidated Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Net (loss) income | ($1.20) | ($2.70) |
Comprehensive loss | -27 | -4.4 |
Comprehensive loss attributed to Cott Corporation | -31.8 | -5.8 |
Scenario, Previously Reported [Member] | ||
Net (loss) income | -2.5 | |
Comprehensive loss | -4.2 | |
Comprehensive loss attributed to Cott Corporation | -5.6 | |
Scenario, Actual [Member] | ||
Net (loss) income | -2.7 | |
Comprehensive loss | -4.4 | |
Comprehensive loss attributed to Cott Corporation | -5.8 | |
Scenario, Adjustment [Member] | ||
Net (loss) income | -0.2 | |
Comprehensive loss | -0.2 | |
Comprehensive loss attributed to Cott Corporation | ($0.20) |
Revisions_Effect_of_Revision_o2
Revisions - Effect of Revision on Consolidated Statements of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Operating Activities | ||
Net (loss) income | ($1.20) | ($2.70) |
Depreciation & amortization | 57.4 | 25.1 |
Decrease in deferred income taxes | 11.7 | 0.7 |
Scenario, Previously Reported [Member] | ||
Operating Activities | ||
Net (loss) income | -2.5 | |
Depreciation & amortization | 25.3 | |
Decrease in deferred income taxes | -1.1 | |
Scenario, Actual [Member] | ||
Operating Activities | ||
Net (loss) income | -2.7 | |
Depreciation & amortization | 25.1 | |
Decrease in deferred income taxes | -0.7 | |
Scenario, Adjustment [Member] | ||
Operating Activities | ||
Net (loss) income | -0.2 | |
Depreciation & amortization | -0.2 | |
Decrease in deferred income taxes | $0.40 |
Revisions_Effect_of_Revision_o3
Revisions - Effect of Revision on Consolidated Statements of Equity (Detail) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Jan. 03, 2015 | Dec. 28, 2013 |
Retained earnings | $146.60 | $158.10 | ||
Total equity | 512.7 | 593.5 | 548.9 | 604.4 |
Net (loss) income | -1.2 | -2.7 | ||
Scenario, Previously Reported [Member] | ||||
Retained earnings | 167.3 | 176.3 | ||
Total equity | 595.2 | 605.9 | ||
Net (loss) income | -2.5 | |||
Scenario, Actual [Member] | ||||
Retained earnings | 165.6 | 174.8 | ||
Total equity | 593.5 | 604.4 | ||
Net (loss) income | -2.7 | |||
Scenario, Adjustment [Member] | ||||
Retained earnings | -1.7 | -1.5 | ||
Total equity | -1.7 | -1.5 | ||
Net (loss) income | ($0.20) |
Acquisitions_DSS_Acquisition_A
Acquisitions (DSS Acquisition) - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 12, 2014 | Apr. 04, 2015 | Jan. 03, 2015 |
Business Acquisition [Line Items] | |||
Business acquisition incremental borrowings | $221 | $229 | |
ABL Facility [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition incremental borrowings | 221 | ||
DSS Group Inc [Member] | |||
Business Acquisition [Line Items] | |||
Aggregate consideration | 1,246 | 950 | |
DSS Group Inc [Member] | Scenario, Previously Reported [Member] | |||
Business Acquisition [Line Items] | |||
Aggregate consideration | 941.1 | ||
Balance sheet classification errors previously identified and corrected | -129.1 | ||
DSS Group Inc [Member] | Scenario, Adjustment [Member] | |||
Business Acquisition [Line Items] | |||
Aggregate consideration | 8.9 | ||
Balance sheet classification errors previously identified and corrected | 6.2 | ||
DSS Group Inc [Member] | Convertible Preferred Shares [Member] | |||
Business Acquisition [Line Items] | |||
Aggregate value of issuance of preferred shares | 116.1 | ||
DSS Group Inc [Member] | Non-convertible Preferred Shares [Member] | |||
Business Acquisition [Line Items] | |||
Aggregate value of issuance of preferred shares | 32.7 | ||
DSS Group Inc [Member] | ABL Facility [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition incremental borrowings | 180 | ||
DSS Group Inc [Member] | 2020 Senior Notes [Member] | |||
Business Acquisition [Line Items] | |||
Senior notes issued | 625 | ||
Interest rate on notes | 6.75% | ||
Debt instrument maturity date | 1-Jan-20 | ||
DSS Group Inc [Member] | 2021 DSS Senior Notes [Member] | |||
Business Acquisition [Line Items] | |||
Senior notes issued | $350 | ||
Debt instrument maturity period | 2021 |
Acquisitions_DSS_Acquisition_B
Acquisitions (DSS Acquisition) - Business Combination Transfer Consideration (Detail) (DSS Group Inc [Member], USD $) | 0 Months Ended | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 12, 2014 | Apr. 04, 2015 |
Business Acquisition [Line Items] | ||
Cash paid to sellers | $449.70 | |
Deferred consideration | 8.9 | |
Cash paid on behalf of sellers for sellers expenses | 25.3 | |
Cash paid to retire term loan on behalf of sellers | 317.3 | |
Total consideration | 1,246 | 950 |
Convertible Preferred Shares [Member] | ||
Business Acquisition [Line Items] | ||
Preferred Shares | 116.1 | |
Non-convertible Preferred Shares [Member] | ||
Business Acquisition [Line Items] | ||
Preferred Shares | $32.70 |
Acquisitions_DSS_Acquisition_A1
Acquisitions (DSS Acquisition) - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Millions, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Goodwill | $742.40 | $743.60 |
DSS Group Inc [Member] | Scenario, Previously Reported [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 74.5 | |
Accounts receivable | 103.4 | |
Inventories | 46.8 | |
Prepaid expenses and other current assets | 8.8 | |
Deferred income taxes | 2.8 | |
Property, plant & equipment | 403.3 | |
Goodwill | 556.9 | |
Intangible and other assets | 417.2 | |
Accounts payable and accrued liabilities | -110.2 | |
Long-term debt | -406 | |
Deferred income taxes liabilities | -129.1 | |
Other long-term liabilities | -27.3 | |
Total | 941.1 | |
DSS Group Inc [Member] | Scenario, Adjustment [Member] | ||
Business Acquisition [Line Items] | ||
Accounts receivable | -0.8 | |
Inventories | -0.4 | |
Deferred income taxes | 1.3 | |
Property, plant & equipment | 9.4 | |
Goodwill | 2.9 | |
Accounts payable and accrued liabilities | -7.5 | |
Deferred income taxes liabilities | 6.2 | |
Other long-term liabilities | -2.2 | |
Total | 8.9 | |
DSS Group Inc [Member] | Scenario, Actual [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 74.5 | |
Accounts receivable | 102.6 | |
Inventories | 46.4 | |
Prepaid expenses and other current assets | 8.8 | |
Deferred income taxes | 4.1 | |
Property, plant & equipment | 412.7 | |
Goodwill | 559.8 | |
Intangible and other assets | 417.2 | |
Accounts payable and accrued liabilities | -117.7 | |
Long-term debt | -406 | |
Deferred income taxes liabilities | -122.9 | |
Other long-term liabilities | -29.5 | |
Total | $950 |
Acquisitions_Aimia_Acquisition
Acquisitions (Aimia Acquisition) - Additional Information (Detail) (Aimia Foods Holdings Limited [Member]) | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 15, 2014 | Sep. 15, 2014 | 31-May-14 | 31-May-14 | Apr. 04, 2015 | Apr. 04, 2015 | 30-May-14 | Apr. 04, 2015 | 30-May-14 |
USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | GBP (£) | Income Approach Valuation Technique [Member] | Income Approach Valuation Technique [Member] | |
USD ($) | GBP (£) | ||||||||
Business Acquisition [Line Items] | |||||||||
Acquisition Date | 30-May-14 | 30-May-14 | |||||||
Acquired Segment | 100.00% | 100.00% | |||||||
Contingent consideration | $23.70 | £ 16 | $23.70 | £ 16 | £ 16 | ||||
Aggregate purchase price | 87.6 | 52.1 | |||||||
Deferred consideration | 33.5 | 19.9 | 33.5 | ||||||
Fair Value of Contingent Consideration | $17.90 | $15.70 | £ 10.6 | $10.60 | £ 15.7 |
Acquisitions_Aimia_Acquisition1
Acquisitions (Aimia Acquisition) - Business Combination Transfer Consideration (Detail) (Aimia Foods Holdings Limited [Member]) | 0 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Sep. 15, 2014 | Sep. 15, 2014 | 31-May-14 | Apr. 04, 2015 | Apr. 04, 2015 |
USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | |
Business Acquisition [Line Items] | |||||
Cash paid to sellers | $80.40 | ||||
Deferred consideration | 33.5 | 19.9 | 33.5 | ||
Contingent consideration | 17.9 | 15.7 | 10.6 | ||
Working capital payment | 7.2 | ||||
Total consideration | $139 |
Acquisitions_Aimia_Acquisition2
Acquisitions (Aimia Acquisition) - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Millions, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Goodwill | $742.40 | $743.60 |
Aimia Foods Holdings Limited [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 9.5 | |
Accounts receivable | 11 | |
Inventories | 9.6 | |
Prepaid expenses and other current assets | 1.9 | |
Property, plant & equipment | 10.9 | |
Goodwill | 54.5 | |
Intangible and other assets | 86.2 | |
Accounts payable and accrued liabilities | -27.4 | |
Deferred tax liabilities | -17.2 | |
Total | $139 |
Acquisitions_Unaudited_Pro_For
Acquisitions - Unaudited Pro Forma Financial Information (Detail) (DSS Acquisition and Aimia Acquisition [Member], USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 29, 2014 |
DSS Acquisition and Aimia Acquisition [Member] | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Revenue | $735.50 |
Net loss | ($14.20) |
Net loss per common share, diluted | ($0.15) |
Restructuring_and_Asset_Impair2
Restructuring and Asset Impairments - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $2.20 |
Asset impairment charges | 1.6 |
North America [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 2.1 |
Asset impairment charges | 0.9 |
United Kingdom [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 0.1 |
Asset impairment charges | 0.7 |
2014 Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of plants to be closed | 2 |
Restructuring charges | 2.2 |
Asset impairment charges | $1.60 |
2014 Restructuring Plan [Member] | North America [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of plants to be closed | 1 |
2014 Restructuring Plan [Member] | United Kingdom [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of plants to be closed | 1 |
Restructuring_and_Asset_Impair3
Restructuring and Asset Impairments - Summary of Restructuring Charges (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | |
Restructuring | $2.20 |
Asset impairments | 1.6 |
Restructuring and asset impairment charges (gains) | 3.8 |
North America [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring | 2.1 |
Asset impairments | 0.9 |
Restructuring and asset impairment charges (gains) | 3 |
United Kingdom [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring | 0.1 |
Asset impairments | 0.7 |
Restructuring and asset impairment charges (gains) | $0.80 |
Restructuring_and_Asset_Impair4
Restructuring and Asset Impairments - Summary of Restructuring Liability (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 29, 2014 |
Restructuring Cost and Reserve [Line Items] | |
Charges to costs and expenses | $2.20 |
North America [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges to costs and expenses | 2.1 |
Cash payments | -0.2 |
Ending balance | 1.9 |
North America [Member] | Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges to costs and expenses | 2.1 |
Cash payments | -0.2 |
Ending balance | 1.9 |
United Kingdom [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges to costs and expenses | 0.1 |
Ending balance | 0.1 |
United Kingdom [Member] | Employee Severance [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Charges to costs and expenses | 0.1 |
Ending balance | $0.10 |
ShareBased_Compensation_Shareb
Share-Based Compensation - Share-based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $2.40 | $1.30 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 0.4 | 0.4 |
Performance-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | 1.5 | 0.2 |
Time-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $0.50 | $0.70 |
ShareBased_Compensation_Unreco
Share-Based Compensation - Unrecognized Share-based Compensation Expense (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 04, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $17.90 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | 3.9 |
Weighted average years expected to recognize compensation | 2 years 3 months 18 days |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | 9.8 |
Weighted average years expected to recognize compensation | 2 years 7 months 6 days |
Time-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $4.20 |
Weighted average years expected to recognize compensation | 2 years |
ShareBased_Compensation_Stock_
Share-Based Compensation - Stock Option Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Apr. 04, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Beginning balance, Shares | 1,221 |
Options awarded, Shares | 599 |
Options exercised, Shares | -19 |
Ending balance, Shares | 1,801 |
Exercisable at April 4, 2015, Shares | 391 |
Beginning balance, Weighted average exercise price | $7.77 |
Options awarded, Weighted average exercise price | $9.25 |
Options exercised, Weighted average exercise price | $6.58 |
Ending balance, Weighted average exercise price | $8.27 |
Exercisable at April 4, 2015, Weighted average exercise price | $6.12 |
ShareBased_Compensation_Perfor
Share-Based Compensation - Performance-based RSU and Time-based RSU Activity (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Apr. 04, 2015 | Jan. 03, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance, Shares | 1,221 | |
Ending balance, Shares | 1,801 | 1,221 |
Performance-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance, Shares | 1,782 | |
Awarded | 279 | |
Awarded in connection with modification | 55 | |
Issued | -255 | |
Ending balance, Shares | 1,861 | |
Beginning balance, Weighted Average Grant-Date Fair Value | $7.01 | |
Awarded, Weighted Average Grant-Date Fair Value | $9.25 | |
Awarded in connection with modification, Weighted Average Grant-Date Fair Value | $7.90 | |
Issued, Weighted Average Grant-Date Fair Value | $6.87 | |
Ending balance, Weighted Average Grant-Date Fair Value | $7.39 | |
Time-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Beginning balance, Shares | 664 | |
Awarded | 185 | |
Ending balance, Shares | 849 | |
Beginning balance, Weighted Average Grant-Date Fair Value | $8.63 | |
Awarded, Weighted Average Grant-Date Fair Value | $9.25 | |
Ending balance, Weighted Average Grant-Date Fair Value | $8.77 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | ($9.40) | ($0.50) |
Pretax loss | ($10.60) | ($3.20) |
Net_Loss_Per_Common_Share_Reco
Net Loss Per Common Share - Reconciliation of Numerator and Denominators of Basic and Diluted Net Income Per Common Share (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Earnings Per Share [Line Items] | ||
Net loss attributed to Cott Corporation | ($6) | ($4.10) |
Accumulated dividends on convertible preferred shares | 2.7 | |
Diluted net loss attributed to Cott Corporation | ($3.30) | ($4.10) |
Weighted average number of shares outstanding - basic | 93,196 | 94,319 |
Adjusted weighted average number of shares outstanding - diluted | 93,196 | 94,319 |
Stock Options [Member] | ||
Earnings Per Share [Line Items] | ||
Dilutive effect of awards | 0 | 0 |
Performance-Based RSUs [Member] | ||
Earnings Per Share [Line Items] | ||
Dilutive effect of awards | 0 | 0 |
Time-Based RSUs [Member] | ||
Earnings Per Share [Line Items] | ||
Dilutive effect of awards | 0 | 0 |
Convertible Preferred Shares [Member] | ||
Earnings Per Share [Line Items] | ||
Dilutive effect of awards | 0 | 0 |
Net_Loss_Per_Common_Share_Addi
Net Loss Per Common Share - Additional Information (Detail) (Stock Options [Member]) | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
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 | 991,259 | 882,951 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 3 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | |
Location | Segment | |
Segment | ||
Route | ||
SalesAndDistributionFacilties | ||
Revenue, Major Customer [Line Items] | ||
Number of reporting segments | 4 | 3 |
Number of customer locations | 1,500,000 | |
Number of sales and distribution facility | 200 | |
Number of routes | 2,100 | |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk | 18.60% | 28.60% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | All Other [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk | 4.80% | 0.30% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | DSS Group Inc [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk | 2.60% | |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | North America [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk | 34.00% | 34.70% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | United Kingdom [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk | 11.60% | 14.20% |
Segment_Reporting_Segment_Repo
Segment Reporting - Segment Reporting Information by Operating Segment (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Jan. 03, 2015 |
Segment Reporting Information [Line Items] | |||
External revenue | $709.80 | $475.10 | |
Depreciation and amortization | 57.4 | 25.1 | |
Operating income (loss) | 6.7 | 4.3 | |
Additions to property, plant and equipment | 27.3 | 8.8 | |
Property, plant and equipment, net | 845.2 | 864.5 | |
Goodwill | 742.4 | 743.6 | |
Intangibles and other assets | 762.9 | 781.7 | |
Total assets | 3,033.60 | 3,107.70 | |
North America [Member] | |||
Segment Reporting Information [Line Items] | |||
External revenue | 324.3 | 344.7 | |
Depreciation and amortization | 21.3 | 20.7 | |
Operating income (loss) | 7.2 | 2.5 | |
Additions to property, plant and equipment | 7.2 | 5.8 | |
Property, plant and equipment, net | 319.2 | 331.9 | |
Goodwill | 122 | 123.7 | |
Intangibles and other assets | 260.8 | 266.8 | |
Total assets | 1,035.80 | 1,077.70 | |
United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
External revenue | 132.2 | 115.6 | |
Depreciation and amortization | 5.5 | 4 | |
Operating income (loss) | 3.9 | 2.2 | |
Additions to property, plant and equipment | 1.7 | 3 | |
Property, plant and equipment, net | 103.7 | 109.9 | |
Goodwill | 56 | 58.5 | |
Intangibles and other assets | 93.2 | 99.2 | |
Total assets | 418 | 426.8 | |
DSS Group Inc [Member] | |||
Segment Reporting Information [Line Items] | |||
External revenue | 240.3 | ||
Depreciation and amortization | 30.2 | ||
Operating income (loss) | -1.5 | ||
Additions to property, plant and equipment | 18.4 | ||
Property, plant and equipment, net | 415.4 | 415.4 | |
Goodwill | 559.9 | 556.9 | |
Intangibles and other assets | 408.8 | 415.5 | |
Total assets | 1,548 | 1,572.80 | |
DSS Group Inc [Member] | North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment, net | 734.6 | 747.3 | |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
External revenue | 13 | 14.8 | |
Depreciation and amortization | 0.4 | 0.4 | |
Operating income (loss) | 1.6 | 2.5 | |
Property, plant and equipment, net | 6.9 | 7.3 | |
Goodwill | 4.5 | 4.5 | |
Intangibles and other assets | 0.1 | 0.2 | |
Total assets | 31.8 | 30.4 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating income (loss) | ($4.50) | ($2.90) |
Segment_Reporting_Segment_Repo1
Segment Reporting - Segment Reporting Information by Operating Segment (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue, net | $709.80 | $475.10 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 324.3 | 344.7 |
Elimination [Member] | North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | ($4.40) | ($6.10) |
Segment_Reporting_Revenues_by_
Segment Reporting - Revenues by Geographic Area (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | $709.80 | $475.10 |
Total | 709.8 | 475.1 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total | 297.2 | 310.7 |
Total | $297.20 | $310.70 |
Segment_Reporting_Revenues_by_1
Segment Reporting - Revenues by Channel Reporting Segment (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Segment Reporting Information [Line Items] | ||
Revenue, net | $709.80 | $475.10 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 324.3 | 344.7 |
United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 132.2 | 115.6 |
Private Label Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 344.5 | 364.9 |
Private Label Retail [Member] | North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 267.2 | 299.5 |
Private Label Retail [Member] | United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 60.5 | 64.4 |
Branded Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 88.7 | 57.5 |
Branded Retail [Member] | North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 26.7 | 24.7 |
Branded Retail [Member] | United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 41.2 | 31.6 |
Contract Packaging Inc [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 57.9 | 42.8 |
Contract Packaging Inc [Member] | North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 25.5 | 17.1 |
Contract Packaging Inc [Member] | United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 28.4 | 18.9 |
Home And Office Bottled Water Delivery [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 149.6 | |
Office Coffee Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 32 | |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 37.1 | 9.9 |
Other [Member] | North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 4.9 | 3.4 |
Other [Member] | United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 2.1 | 0.7 |
DSS Group Inc [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 240.3 | |
DSS Group Inc [Member] | Private Label Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 15.6 | |
DSS Group Inc [Member] | Branded Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 19.7 | |
DSS Group Inc [Member] | Home And Office Bottled Water Delivery [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 149.6 | |
DSS Group Inc [Member] | Office Coffee Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 32 | |
DSS Group Inc [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 23.4 | |
All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 13 | 14.8 |
All Other [Member] | Private Label Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 1.2 | 1 |
All Other [Member] | Branded Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 1.1 | 1.2 |
All Other [Member] | Contract Packaging Inc [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 4 | 6.8 |
All Other [Member] | Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | $6.70 | $5.80 |
Segment_Reporting_Property_Pla
Segment Reporting - Property, Plant and Equipment, Net by Geographic Area (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | $845.20 | $864.50 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 319.2 | 331.9 |
United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 103.7 | 109.9 |
DSS Group Inc [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 415.4 | 415.4 |
DSS Group Inc [Member] | North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 734.6 | 747.3 |
All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | $6.90 | $7.30 |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $93.30 | $105.80 |
Finished goods | 142.4 | 118.4 |
Resale items | 14.9 | 17.4 |
Other | 19.9 | 20.8 |
Total | $270.50 | $262.40 |
Inventories_Summary_of_Invento1
Inventories - Summary of Inventories (Parenthetical) (Detail) (Adjustments [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jan. 03, 2015 |
Adjustments [Member] | |
Inventory [Line Items] | |
Decrease to inventories | ($8.90) |
Intangibles_and_Other_Assets_S
Intangibles and Other Assets - Summary of Intangibles and Other Assets (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Millions, unless otherwise specified | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | $736.10 | |
Total Intangible Assets - Cost | 964.2 | |
Intangibles Assets - Cost | 228.1 | |
Intangibles Assets - Accumulated Amortization | 246.4 | |
Intangibles Assets- Net | 489.7 | |
Total Intangible Assets - Net | 717.8 | |
Intangibles Assets- Net | 228.1 | |
Other Assets - Cost | 56.2 | |
Other Assets - Accumulated Amortization | 11.1 | |
Other Assets - Net | 45.1 | |
Total Intangibles and Other Assets - Cost | 1,020.40 | |
Total Intangibles and Other Assets - Accumulated Amortization | 257.5 | |
Total Intangibles and Other Assets - Net | 762.9 | 781.7 |
Financing Costs [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Other Assets - Cost | 37.4 | |
Other Assets - Accumulated Amortization | 9.7 | |
Other Assets - Net | 27.7 | |
Deposits [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Other Assets - Cost | 7.2 | |
Other Assets - Net | 7.2 | |
Customer Relationships [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 642.8 | |
Intangibles Assets - Accumulated Amortization | 189.5 | |
Intangibles Assets- Net | 453.3 | |
Trademarks [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 33.1 | |
Intangibles Assets - Accumulated Amortization | 27.2 | |
Intangibles Assets- Net | 5.9 | |
Information Technology [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 52.7 | |
Intangibles Assets - Accumulated Amortization | 25.9 | |
Intangibles Assets- Net | 26.8 | |
Other [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 7.5 | |
Intangibles Assets - Accumulated Amortization | 3.8 | |
Intangibles Assets- Net | 3.7 | |
Rights [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 45 | |
Intangibles Assets- Net | 45 | |
Other [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Other Assets - Cost | 11.6 | |
Other Assets - Accumulated Amortization | 1.4 | |
Other Assets - Net | 10.2 | |
DSS Group Inc [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Total Intangibles and Other Assets - Net | 408.8 | 415.5 |
DSS Group Inc [Member] | Trademarks [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 183.1 | |
Intangibles Assets- Net | $183.10 |
Intangibles_and_Other_Assets_A
Intangibles and Other Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Intangibles And Other Assets [Abstract] | ||
Amortization expense of intangible and other assets | $19.20 | $8.40 |
Intangibles_and_Other_Assets_E
Intangibles and Other Assets - Estimated Amortization Expense for Intangible Assets (Detail) (USD $) | Apr. 04, 2015 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2015 | $54.20 |
2016 | 66.3 |
2017 | 58.7 |
2018 | 51.6 |
2019 | 43.8 |
Thereafter | 215.1 |
Intangibles Assets- Net | $489.70 |
Debt_Components_of_Debt_Detail
Debt - Components of Debt (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 | Jun. 24, 2014 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
ABL facility | $221 | $229 | |
GE Term Loan | 7.7 | 8.2 | |
Capital leases and other debt financing | 4.7 | 5.2 | |
Total debt | 1,777.60 | 1,798 | |
Total short-term borrowings | 221 | 229 | |
GE Term Loan - current maturities | 2.1 | 2 | |
Capital leases and other financing - current maturities | 2 | 2 | |
Total current debt | 225.1 | 233 | |
Total long-term debt | 1,552.50 | 1,565 | |
10.000% Senior Notes Due in 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 394.2 | 405.6 | |
6.750% Senior Notes Due in 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 625 | 625 | |
5.375% Senior Notes Due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | $525 | $525 | $525 |
Debt_Components_of_Debt_Parent
Debt - Components of Debt (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Aug. 30, 2013 |
10.000% Senior Notes Due in 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 10.00% | |
Debt instrument maturity year | 2021 | |
Outstanding aggregate principal amount | $350 | $350 |
Debt instrument fair value | 406 | |
Debt instrument, unamortized premium | $56 | |
Debt Instrument effective interest rate | 7.52% | |
6.750% Senior Notes Due in 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 6.75% | |
Debt instrument maturity year | 2020 | |
5.375% Senior Notes Due in 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate on notes | 5.38% | |
Debt instrument maturity year | 2022 |
Debt_AssetBased_Lending_Additi
Debt (Asset-Based Lending) - Additional Information (Detail) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | Apr. 04, 2015 | Jan. 03, 2015 | Dec. 12, 2014 | Mar. 29, 2014 | Aug. 31, 2010 |
Debt Instrument [Line Items] | |||||
Outstanding borrowings | $221 | $229 | |||
ABL Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Financing fees | 1.7 | 7.5 | |||
Current borrowing capacity, increase in lender's commitment under credit facility | 400 | ||||
Borrowing capacity, accordion feature | 450 | ||||
Outstanding borrowings | 221 | ||||
Commitment fee, percentage | 0.38% | ||||
Remaining borrowing capacity | 137 | ||||
Standby letters of credit outstanding | 42 | 7.5 | |||
Asset Based Lending Facility [Member] | ABL Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Remaining borrowing capacity | 117.8 | ||||
Availability under the ABL facility | $380.80 |
Debt_5375_Senior_Notes_due_in_
Debt (5.375% Senior Notes due in 2022) - Additional Information (Detail) (5.375% Senior Notes Due in 2022 [Member], USD $) | 0 Months Ended | |||
In Millions, unless otherwise specified | Jun. 24, 2014 | Apr. 04, 2015 | Jan. 03, 2015 | Jun. 24, 2014 |
5.375% Senior Notes Due in 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $525 | $525 | $525 | $525 |
Financing fees | $9.20 | $9.20 | ||
Amortization period of financing fees (years) | 8 years |
Debt_10000_Senior_Notes_due_in
Debt (10.000% Senior Notes due in 2021 ) - Additional Information (Detail) (10.000% Senior Notes Due in 2021 [Member], USD $) | Apr. 04, 2015 | Dec. 02, 2014 | Aug. 30, 2013 |
In Millions, unless otherwise specified | |||
10.000% Senior Notes Due in 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes issued | $350 | $350 | |
Consent payment amount | 19.2 | ||
Debt instrument fair value | 406 | ||
Financing fees | $26.50 |
Debt_6750_Senior_Notes_due_in_
Debt (6.750% Senior Notes due in 2020 ) - Additional Information (Detail) (6.750% Senior Notes Due in 2020 [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 04, 2015 |
6.750% Senior Notes Due in 2020 [Member] | |
Debt Instrument [Line Items] | |
Financing fees | $14.40 |
Amortization period of financing fees (years) | 5 years |
Debt_8125_Senior_Notes_due_in_
Debt (8.125% Senior Notes due in 2018) - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||
In Millions, unless otherwise specified | Feb. 19, 2014 | Nov. 15, 2013 | Apr. 04, 2015 | Mar. 29, 2014 | Jul. 09, 2014 | Jun. 24, 2014 | Aug. 17, 2010 |
Debt Instrument [Line Items] | |||||||
Aggregate principal amount of redemption | $0.80 | $16 | |||||
Deferred financing fees | 0.3 | 4 | 0.3 | ||||
Other costs | 0.5 | ||||||
8.125% Senior Notes Due in 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Financing fees | 8.6 | ||||||
Aggregate principal amount of redemption | 79.1 | 295.9 | |||||
Premium costs paid on extinguishment of debt | 3.8 | 16.2 | |||||
Accrued interest | 2.5 | 7.5 | |||||
Deferred financing fees | 0.8 | 3 | |||||
Other costs | $0.20 |
Debt_8375_Senior_Notes_due_in_
Debt (8.375% Senior Notes due in 2017) - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Feb. 19, 2014 | Nov. 15, 2013 | Mar. 29, 2014 | Nov. 13, 2009 |
Debt Instrument [Line Items] | ||||
Aggregate principal amount of debt to be redeemed | $15 | $200 | ||
Redemption price of note as a percentage of par | 104.12% | 104.12% | ||
Write-off of financing fees and discount | 0.3 | 4 | 0.3 | |
Other costs | 0.5 | |||
2017 Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Premium costs paid on extinguishment of debt | 0.6 | 8.2 | ||
8.375% Senior Notes Due in 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Discount on notes issued | 3.1 | |||
Senior notes issued | 215 | |||
Financing fees | $5.10 |
Debt_GE_Term_Loan_Additional_I
Debt (GE Term Loan) - Additional Information (Detail) (GE Term Loan [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
GE Term Loan [Member] | |
Debt Instrument [Line Items] | |
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 |
In Millions, unless otherwise specified | Apr. 04, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 3, 2015 | ($51) |
OCI before reclassifications | -25.7 |
Amounts reclassified from AOCI | -0.1 |
Net current-period OCI | -25.8 |
Ending balance April 4, 2015 | -76.8 |
Gains and Losses on Derivative Instruments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 3, 2015 | 0.2 |
OCI before reclassifications | 0.2 |
Amounts reclassified from AOCI | -0.2 |
Ending balance April 4, 2015 | 0.2 |
Pension Benefit Plan Items [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 3, 2015 | -12.4 |
Amounts reclassified from AOCI | 0.1 |
Net current-period OCI | 0.1 |
Ending balance April 4, 2015 | -12.3 |
Currency Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 3, 2015 | -38.8 |
OCI before reclassifications | -25.9 |
Net current-period OCI | -25.9 |
Ending balance April 4, 2015 | ($64.70) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 | Jan. 03, 2015 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of Sales | ($508.50) | ($418.90) | |
Total before taxes | -10.6 | -3.2 | |
Income tax expense (benefit) | 9.4 | 0.5 | |
Net loss | -1.2 | -2.7 | |
Gains and Losses on Derivative Instruments [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of Sales | -0.2 | -0.1 | |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net loss | 0.1 | 0.1 | |
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 | 0.3 | 0.1 | |
Total before taxes | 0.3 | 0.1 | |
Income tax expense (benefit) | -0.1 | ||
Net loss | 0.2 | 0.1 | |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | Pension Benefit Plan Items [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Prior service costs | -0.1 | ||
Total before taxes | -0.1 | ||
Net loss | ($0.10) |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Apr. 04, 2015 | Apr. 04, 2015 | Mar. 29, 2014 | Jun. 29, 2013 | Jun. 29, 2013 | Jun. 29, 2013 | Sep. 15, 2014 | Sep. 15, 2014 | 31-May-14 | Apr. 04, 2015 | Apr. 04, 2015 | 31-May-14 | 30-May-14 |
USD ($) | USD ($) | USD ($) | ABL Facility [Member] | ABL Facility [Member] | Calypso Soft Drinks Acquisition [Member] | Calypso Soft Drinks Acquisition [Member] | Calypso Soft Drinks Acquisition [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] | ||
USD ($) | USD ($) | First Anniversary [Member] | Second Anniversary [Member] | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | GBP (£) | GBP (£) | ||||||
USD ($) | USD ($) | |||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||||
Deferred consideration | $2.30 | $3 | $33.50 | £ 19.9 | $33.50 | |||||||||||
Ownership percentage | 100.00% | 100.00% | ||||||||||||||
Standby letters of credit outstanding | 42 | 7.5 | ||||||||||||||
Legal Settlement | 3.5 | |||||||||||||||
Legal settlement collected | 3 | |||||||||||||||
Legal settlement due | 0.5 | |||||||||||||||
Consideration | $23.70 | $23.70 | £ 16 | £ 16 | £ 16 |
Preferred_Shares_Additional_In
Preferred Shares - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Apr. 04, 2015 | Jan. 03, 2015 |
Convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible preferred stock issued | $116.20 | $116.10 |
Face value of convertible preferred shares upon conversion | $1,000 | $1,000 |
Cumulative dividend on preferred shares | 9.00% | |
Increase in dividend to redemption value | 1.00% | |
Convertible Preferred Shares [Member] | DSS Group Inc [Member] | ||
Temporary Equity [Line Items] | ||
Convertible preferred stock issued | 116.1 | |
Number of preferred shares upon conversion | 159 | |
Face value of convertible preferred shares upon conversion | $1,000 | |
Face value of common share equal to preferred stock upon conversion | $6.28 | |
Non-convertible Preferred Shares [Member] | ||
Temporary Equity [Line Items] | ||
Convertible preferred stock issued | 32.7 | 32.7 |
Face value of convertible preferred shares upon conversion | $1,000 | $1,000 |
Cumulative dividend on preferred shares | 10.00% | |
Increase in dividend to redemption value | 1.00% | |
Non-convertible Preferred Shares [Member] | DSS Group Inc [Member] | ||
Temporary Equity [Line Items] | ||
Convertible preferred stock issued | $32.70 |
Share_Repurchase_Program_Addit
Share Repurchase Program - Additional Information (Detail) | 0 Months Ended | 3 Months Ended |
21-May-14 | Apr. 04, 2015 | |
Equity [Abstract] | ||
Percentage of outstanding common stock available for repurchase | Board of directors renewed 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 |
Hedging_Transactions_and_Deriv2
Hedging Transactions and Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | Jan. 03, 2015 | |
Derivative [Line Items] | |||
Unrealized gain (loss) on foreign currency cash flow hedge | $1,500,000 | $100,000 | |
Hedging ineffectiveness on cash flow hedge | 0 | 0 | |
Fair value of derivative instruments | 2,200,000 | 1,200,000 | |
Fair value of derivative liabilities | 3,100,000 | 2,300,000 | |
Derivative instruments, charge (credit) to cost of sales | 508,500,000 | 418,900,000 | |
Cash Flow Hedging [Member] | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Notional value of foreign currency cash flow hedges | 23,000,000 | 22,500,000 | |
Gains and Losses on Derivative Instruments [Member] | |||
Derivative [Line Items] | |||
Derivative instruments, charge (credit) to cost of sales | 200,000 | 100,000 | |
Aluminum Swaps [Member] | |||
Derivative [Line Items] | |||
Unrealized gain (loss) on foreign currency cash flow hedge | 1,500,000 | 0 | |
Hedge ineffectiveness for hedging instruments | 900,000 | ||
Fair value of derivative instruments | 200,000 | 200,000 | |
Aluminum Swaps [Member] | Gains and Losses on Derivative Instruments [Member] | |||
Derivative [Line Items] | |||
Unrealized gain (loss) on foreign currency cash flow hedge | 56,800,000 | 55,400,000 | |
Aluminum Swaps [Member] | Cost of Sales [Member] | |||
Derivative [Line Items] | |||
Hedge ineffectiveness for hedging instruments | $300,000 | ||
Maximum [Member] | |||
Derivative [Line Items] | |||
Foreign exchange contracts maturity | 18 months |
Hedging_Transactions_and_Deriv3
Hedging Transactions and Derivative Financial Instruments - Summary of Reconciliation of Company's Derivatives by Contract Type (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ||
Assets | $2.20 | $1.20 |
Liabilities | -3.1 | -2.3 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Assets | 2 | 1 |
Aluminum Swaps [Member] | ||
Derivative [Line Items] | ||
Assets | 0.2 | 0.2 |
Liabilities | ($3.10) | ($2.30) |
Hedging_Transactions_and_Deriv4
Hedging Transactions and Derivative Financial Instruments - Summary of Fair Value of the Aluminum Swap Assets and Liabilities (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ||
Aluminum swap assets | $2.20 | $1.20 |
Net asset (liability) | 2.2 | 1.2 |
Aluminum Swaps [Member] | ||
Derivative [Line Items] | ||
Aluminum swap assets | 0.2 | 0.2 |
Aluminum swap liabilities | 0 | 0 |
Net asset (liability) | 0.2 | 0.2 |
Aluminum swap assets | 0.2 | 0.2 |
Aluminum swap liabilities | -3.3 | -2.5 |
Net asset (liability) | $0.20 | $0.20 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) | Apr. 04, 2015 | Jan. 03, 2015 | Apr. 04, 2015 | Apr. 04, 2015 | 31-May-14 | 31-May-14 | 30-May-14 | Apr. 04, 2015 | Jan. 03, 2015 |
In Millions, unless otherwise specified | USD ($) | USD ($) | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Aimia Foods Holdings Limited [Member] | Level 2 [Member] | Level 2 [Member] |
USD ($) | GBP (£) | USD ($) | GBP (£) | GBP (£) | USD ($) | USD ($) | |||
Fair Value Measurements [Line Items] | |||||||||
Fair value for the derivative assets | $2.20 | $1.20 | |||||||
Fair value for the derivative liabilities | 3.1 | 2.3 | 3.1 | 2.3 | |||||
Fair Value of Contingent Consideration | 15.7 | 10.6 | 17.9 | ||||||
Contingent consideration maximum payable amount | $23.70 | £ 16 | $23.70 | £ 16 | £ 16 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes, carrying value | $1,544.20 | $1,555.60 |
6.750% Senior Notes Due in 2020 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes, carrying value | 625 | 625 |
10.000% Senior Notes Due in 2021 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes, carrying value | 394.2 | 405.6 |
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 | 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 | 1,560.40 | 1,515.20 |
Level 1 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | 6.750% Senior Notes Due in 2020 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Outstanding debt, fair value | 646.9 | 630.1 |
Level 1 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | 10.000% Senior Notes Due in 2021 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Outstanding debt, fair value | 409.5 | 403.4 |
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 | $504 | $481.70 |
Fair_Value_Measurements_Carryi1
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Parenthetical) (Detail) (Dss Notes [Member], USD $) | Apr. 04, 2015 |
In Millions, unless otherwise specified | |
Dss Notes [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Outstanding aggregate principal amount | $350 |
Debt instrument, fair value | 406 |
Debt instrument, unamortized premium | $56 |
Guarantor_Subsidiaries_Cott_Co
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries) - Additional Information (Detail) | Apr. 04, 2015 |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Guarantor Subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Guarantor_Subsidiaries_Cott_Co1
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries) - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | $709.80 | $475.10 |
Cost of sales | 508.5 | 418.9 |
Gross profit | 201.3 | 56.2 |
Selling, general and administrative expenses | 188.5 | 46.9 |
Loss on disposal of property, plant & equipment | 1.4 | 0.1 |
Restructuring | 2.2 | |
Asset impairments | 1.6 | |
Acquisition and integration expenses | 4.7 | 1.1 |
Operating (loss) income | 6.7 | 4.3 |
Other (income) expense, net | -10.4 | -2.3 |
Interest expense, net | 27.7 | 9.8 |
Loss before income taxes | -10.6 | -3.2 |
Income tax (benefit) expense | -9.4 | -0.5 |
Net loss | -1.2 | -2.7 |
Less: Net income attributable to non-controlling interests | 1.3 | 1.4 |
Less: Accumulated dividends on convertible preferred shares | 2.7 | |
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | |
Net (loss) income attributed to Cott Corporation | -6 | -4.1 |
Comprehensive (loss) income attributed to Cott Corporation | -31.8 | -5.8 |
Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 709.8 | 475.1 |
Cost of sales | 508.5 | 418.9 |
Gross profit | 201.3 | 56.2 |
Selling, general and administrative expenses | 188.5 | 46.9 |
Loss on disposal of property, plant & equipment | 1.4 | 0.1 |
Restructuring | 2.2 | |
Asset impairments | 1.6 | |
Acquisition and integration expenses | 4.7 | 1.1 |
Operating (loss) income | 6.7 | 4.3 |
Other (income) expense, net | -10.4 | -2.3 |
Interest expense, net | 27.7 | 9.8 |
Loss before income taxes | -10.6 | -3.2 |
Income tax (benefit) expense | -9.4 | -0.5 |
Net loss | -1.2 | -2.7 |
Less: Net income attributable to non-controlling interests | 1.3 | 1.4 |
Less: Accumulated dividends on convertible preferred shares | 2.7 | |
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | |
Net (loss) income attributed to Cott Corporation | -6 | -4.1 |
Comprehensive (loss) income attributed to Cott Corporation | -31.8 | -5.8 |
Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | Elimination Entries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | -10.2 | -11.8 |
Cost of sales | -10.2 | -11.8 |
Equity (loss) income | 10.8 | 4 |
Net loss | 10.8 | 4 |
Net (loss) income attributed to Cott Corporation | 10.8 | 4 |
Comprehensive (loss) income attributed to Cott Corporation | 27.4 | -14 |
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 30 | 37.2 |
Cost of sales | 27 | 34.2 |
Gross profit | 3 | 3 |
Selling, general and administrative expenses | 5.5 | 6.5 |
Restructuring | 1.9 | |
Asset impairments | 0.9 | |
Operating (loss) income | -2.5 | -6.3 |
Other (income) expense, net | -10.5 | 0.2 |
Intercompany interest (income) expense, net | -3 | |
Interest expense, net | 0.1 | 0.1 |
Loss before income taxes | 10.9 | -6.6 |
Income tax (benefit) expense | 1.2 | -1 |
Equity (loss) income | -12.2 | 1.5 |
Net loss | -2.5 | -4.1 |
Less: Accumulated dividends on convertible preferred shares | 2.7 | |
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | |
Net (loss) income attributed to Cott Corporation | -6 | -4.1 |
Comprehensive (loss) income attributed to Cott Corporation | -31.8 | -5.8 |
DSS Group Inc [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 240.3 | |
Cost of sales | 100.4 | |
Gross profit | 139.9 | |
Selling, general and administrative expenses | 137.2 | |
Loss on disposal of property, plant & equipment | 1.1 | |
Acquisition and integration expenses | 3 | |
Operating (loss) income | -1.4 | |
Other (income) expense, net | -0.2 | |
Intercompany interest (income) expense, net | 10.9 | |
Interest expense, net | 7.3 | |
Loss before income taxes | -19.4 | |
Income tax (benefit) expense | -7.2 | |
Net loss | -12.2 | |
Net (loss) income attributed to Cott Corporation | -12.2 | |
Comprehensive (loss) income attributed to Cott Corporation | -12.2 | |
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 418.3 | 417.4 |
Cost of sales | 365.4 | 369.9 |
Gross profit | 52.9 | 47.5 |
Selling, general and administrative expenses | 42.7 | 37.3 |
Loss on disposal of property, plant & equipment | 0.3 | 0.1 |
Restructuring | 0.3 | |
Asset impairments | 0.7 | |
Acquisition and integration expenses | 1.7 | 1.1 |
Operating (loss) income | 8.2 | 8 |
Other (income) expense, net | 0.2 | -2.6 |
Intercompany interest (income) expense, net | -7.9 | |
Interest expense, net | 20.3 | 9.7 |
Loss before income taxes | -4.4 | 0.9 |
Income tax (benefit) expense | -3.5 | 0.4 |
Equity (loss) income | 1.4 | -5.5 |
Net loss | 0.5 | -5 |
Net (loss) income attributed to Cott Corporation | 0.5 | -5 |
Comprehensive (loss) income attributed to Cott Corporation | -15.8 | 13.1 |
Non-Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 31.4 | 32.3 |
Cost of sales | 25.9 | 26.6 |
Gross profit | 5.5 | 5.7 |
Selling, general and administrative expenses | 3.1 | 3.1 |
Operating (loss) income | 2.4 | 2.6 |
Other (income) expense, net | 0.1 | 0.1 |
Loss before income taxes | 2.3 | 2.5 |
Income tax (benefit) expense | 0.1 | 0.1 |
Net loss | 2.2 | 2.4 |
Less: Net income attributable to non-controlling interests | 1.3 | 1.4 |
Net (loss) income attributed to Cott Corporation | 0.9 | 1 |
Comprehensive (loss) income attributed to Cott Corporation | $0.60 | $0.90 |
Guarantor_Subsidiaries_Cott_Co2
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries) - Consolidating Balance Sheets (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 | Mar. 29, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | $34.50 | $86.20 | $40.60 | $47.20 |
Accounts receivable, net of allowance | 340.6 | 305.7 | ||
Income taxes recoverable | 1.2 | 1.6 | ||
Inventories | 270.5 | 262.4 | ||
Prepaid expenses and other assets | 34.5 | 59.3 | ||
Total current assets | 681.3 | 715.2 | ||
Property, plant & equipment, net | 845.2 | 864.5 | ||
Goodwill | 742.4 | 743.6 | ||
Intangibles and other assets, net | 762.9 | 781.7 | ||
Deferred income taxes | 1.8 | 2.5 | ||
Other tax receivable | 0.2 | |||
Total assets | 3,033.60 | 3,107.70 | ||
Short-term borrowings | 221 | 229 | ||
Current maturities of long-term debt | 4.1 | 4 | ||
Accounts payable and accrued liabilities | 422 | 420.3 | ||
Total current liabilities | 647.1 | 653.3 | ||
Long-term debt | 1,552.50 | 1,565 | ||
Deferred income taxes | 105.3 | 119.9 | ||
Other long-term liabilities | 67.1 | 71.8 | ||
Total liabilities | 2,372 | 2,410 | ||
Equity | ||||
Capital stock, no par | 389.5 | 388.3 | ||
Additional paid-in-capital | 47.2 | 46.6 | ||
Retained earnings (deficit) | 146.6 | 158.1 | ||
Accumulated other comprehensive (loss) income | -76.8 | -51 | ||
Total Cott Corporation equity | 506.5 | 542 | ||
Non-controlling interests | 6.2 | 6.9 | ||
Total equity | 512.7 | 548.9 | 593.5 | 604.4 |
Total liabilities, preferred shares and equity | 3,033.60 | 3,107.70 | ||
Convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Non-convertible preferred shares | 116.2 | 116.1 | ||
Non-convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Non-convertible preferred shares | 32.7 | 32.7 | ||
Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 34.5 | 86.2 | 40.6 | 47.2 |
Accounts receivable, net of allowance | 340.6 | 305.7 | ||
Income taxes recoverable | 1.2 | 1.6 | ||
Inventories | 270.5 | 262.4 | ||
Prepaid expenses and other assets | 34.5 | 59.3 | ||
Total current assets | 681.3 | 715.2 | ||
Property, plant & equipment, net | 845.2 | 864.5 | ||
Goodwill | 742.4 | 743.6 | ||
Intangibles and other assets, net | 762.9 | 781.7 | ||
Deferred income taxes | 1.8 | 2.5 | ||
Other tax receivable | 0.2 | |||
Total assets | 3,033.60 | 3,107.70 | ||
Short-term borrowings | 221 | 229 | ||
Current maturities of long-term debt | 4.1 | 4 | ||
Accounts payable and accrued liabilities | 422 | 420.3 | ||
Total current liabilities | 647.1 | 653.3 | ||
Long-term debt | 1,552.50 | 1,565 | ||
Deferred income taxes | 105.3 | 119.9 | ||
Other long-term liabilities | 67.1 | 71.8 | ||
Total liabilities | 2,372 | 2,410 | ||
Convertible preferred shares | 116.2 | |||
Non-convertible preferred shares | 32.7 | |||
Equity | ||||
Capital stock, no par | 389.5 | 388.3 | ||
Additional paid-in-capital | 47.2 | 46.6 | ||
Retained earnings (deficit) | 146.6 | 158.1 | ||
Accumulated other comprehensive (loss) income | -76.8 | -51 | ||
Total Cott Corporation equity | 506.5 | 542 | ||
Non-controlling interests | 6.2 | 6.9 | ||
Total equity | 512.7 | 548.9 | ||
Total liabilities, preferred shares and equity | 3,033.60 | 3,107.70 | ||
Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | Convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Convertible preferred shares | 116.1 | |||
Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | Non-convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Non-convertible preferred shares | 32.7 | |||
Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | Elimination Entries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Accounts receivable, net of allowance | -33.9 | -186.9 | ||
Total current assets | -33.9 | -186.9 | ||
Due from affiliates | -584.6 | -586.9 | ||
Investments in subsidiaries | -823.9 | -1,409.40 | ||
Total assets | -1,442.40 | -2,183.20 | ||
Accounts payable and accrued liabilities | -33.9 | -186.9 | ||
Total current liabilities | -33.9 | -186.9 | ||
Due to affiliates | -584.6 | -586.9 | ||
Total liabilities | -618.5 | -773.8 | ||
Equity | ||||
Capital stock, no par | -1,605.80 | -2,161.20 | ||
Retained earnings (deficit) | 765.9 | 752.4 | ||
Accumulated other comprehensive (loss) income | 16 | -0.6 | ||
Total Cott Corporation equity | -823.9 | -1,409.40 | ||
Total equity | -823.9 | -1,409.40 | ||
Total liabilities, preferred shares and equity | -1,442.40 | -2,183.20 | ||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 0.3 | 6.2 | 4 | 1.5 |
Accounts receivable, net of allowance | 17.7 | 16.2 | ||
Inventories | 13 | 12.4 | ||
Prepaid expenses and other assets | 3.1 | 3.2 | ||
Total current assets | 34.1 | 38 | ||
Property, plant & equipment, net | 34.7 | 38.2 | ||
Goodwill | 21.9 | 23.4 | ||
Intangibles and other assets, net | 0.6 | 0.7 | ||
Deferred income taxes | 1.7 | 2.5 | ||
Other tax receivable | 0.1 | |||
Due from affiliates | 183.4 | 183.8 | ||
Investments in subsidiaries | 411.1 | 436.3 | ||
Total assets | 687.5 | 723 | ||
Current maturities of long-term debt | 0.1 | 0.1 | ||
Accounts payable and accrued liabilities | 30.3 | 30.4 | ||
Total current liabilities | 30.4 | 30.5 | ||
Other long-term liabilities | 0.5 | 0.4 | ||
Due to affiliates | 1.2 | 1.3 | ||
Total liabilities | 32.1 | 32.2 | ||
Convertible preferred shares | 116.2 | |||
Non-convertible preferred shares | 32.7 | |||
Equity | ||||
Capital stock, no par | 389.5 | 388.3 | ||
Additional paid-in-capital | 47.2 | 46.6 | ||
Retained earnings (deficit) | 146.6 | 158.1 | ||
Accumulated other comprehensive (loss) income | -76.8 | -51 | ||
Total Cott Corporation equity | 506.5 | 542 | ||
Total equity | 506.5 | 542 | ||
Total liabilities, preferred shares and equity | 687.5 | 723 | ||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | Convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Convertible preferred shares | 116.1 | |||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | Non-convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Non-convertible preferred shares | 32.7 | |||
DSS Group Inc [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 14.8 | 34.4 | ||
Accounts receivable, net of allowance | 119.8 | 105.4 | ||
Income taxes recoverable | 0.6 | 0.6 | ||
Inventories | 29.4 | 34.2 | ||
Prepaid expenses and other assets | 10.1 | 10.3 | ||
Total current assets | 174.7 | 184.9 | ||
Property, plant & equipment, net | 415.4 | 415.5 | ||
Goodwill | 559.8 | 556.9 | ||
Intangibles and other assets, net | 408.8 | 415.6 | ||
Total assets | 1,558.70 | 1,572.90 | ||
Accounts payable and accrued liabilities | 131.3 | 106.8 | ||
Total current liabilities | 131.3 | 106.8 | ||
Long-term debt | 394.2 | 405.6 | ||
Deferred income taxes | 115.1 | 129.3 | ||
Other long-term liabilities | 28.8 | 29.6 | ||
Due to affiliates | 548.8 | 548.8 | ||
Total liabilities | 1,218.20 | 1,220.10 | ||
Equity | ||||
Capital stock, no par | 355.5 | 355.5 | ||
Retained earnings (deficit) | -15.1 | -2.8 | ||
Accumulated other comprehensive (loss) income | 0.1 | 0.1 | ||
Total Cott Corporation equity | 340.5 | 352.8 | ||
Total equity | 340.5 | 352.8 | ||
Total liabilities, preferred shares and equity | 1,558.70 | 1,572.90 | ||
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 14.8 | 38.2 | 32.3 | 40.2 |
Accounts receivable, net of allowance | 224.2 | 358.8 | ||
Income taxes recoverable | 0.3 | 0.6 | ||
Inventories | 220.7 | 210.3 | ||
Prepaid expenses and other assets | 20.9 | 45.4 | ||
Total current assets | 480.9 | 653.3 | ||
Property, plant & equipment, net | 387.7 | 403 | ||
Goodwill | 160.7 | 163.3 | ||
Intangibles and other assets, net | 347.8 | 358.7 | ||
Other tax receivable | 0.1 | |||
Due from affiliates | 401.2 | 403 | ||
Investments in subsidiaries | 412.8 | 973.1 | ||
Total assets | 2,191.10 | 2,954.50 | ||
Short-term borrowings | 221 | 229 | ||
Current maturities of long-term debt | 3 | 3 | ||
Accounts payable and accrued liabilities | 285.5 | 461.9 | ||
Total current liabilities | 509.5 | 693.9 | ||
Long-term debt | 1,158 | 1,158.80 | ||
Deferred income taxes | -9.8 | -9.4 | ||
Other long-term liabilities | 36.5 | 40.5 | ||
Due to affiliates | 2 | 3.9 | ||
Total liabilities | 1,696.20 | 1,887.70 | ||
Equity | ||||
Capital stock, no par | 1,210.80 | 1,766 | ||
Retained earnings (deficit) | -694.9 | -694.5 | ||
Accumulated other comprehensive (loss) income | -21 | -4.7 | ||
Total Cott Corporation equity | 494.9 | 1,066.80 | ||
Total equity | 494.9 | 1,066.80 | ||
Total liabilities, preferred shares and equity | 2,191.10 | 2,954.50 | ||
Non-Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 4.6 | 7.4 | 4.3 | 5.5 |
Accounts receivable, net of allowance | 12.8 | 12.2 | ||
Income taxes recoverable | 0.3 | 0.4 | ||
Inventories | 7.4 | 5.5 | ||
Prepaid expenses and other assets | 0.4 | 0.4 | ||
Total current assets | 25.5 | 25.9 | ||
Property, plant & equipment, net | 7.4 | 7.8 | ||
Intangibles and other assets, net | 5.7 | 6.7 | ||
Deferred income taxes | 0.1 | |||
Due from affiliates | 0.1 | |||
Total assets | 38.7 | 40.5 | ||
Current maturities of long-term debt | 1 | 0.9 | ||
Accounts payable and accrued liabilities | 8.8 | 8.1 | ||
Total current liabilities | 9.8 | 9 | ||
Long-term debt | 0.3 | 0.6 | ||
Other long-term liabilities | 1.3 | 1.3 | ||
Due to affiliates | 32.6 | 32.9 | ||
Total liabilities | 44 | 43.8 | ||
Equity | ||||
Capital stock, no par | 39.5 | 39.7 | ||
Retained earnings (deficit) | -55.9 | -55.1 | ||
Accumulated other comprehensive (loss) income | 4.9 | 5.2 | ||
Total Cott Corporation equity | -11.5 | -10.2 | ||
Non-controlling interests | 6.2 | 6.9 | ||
Total equity | -5.3 | -3.3 | ||
Total liabilities, preferred shares and equity | $38.70 | $40.50 |
Guarantor_Subsidiaries_Cott_Co3
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries) - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Operating Activities | ||
Net (loss) income | ($1.20) | ($2.70) |
Depreciation & amortization | 57.4 | 25.1 |
Amortization of financing fees | 1.3 | 0.6 |
Amortization of bond premium | -1.5 | |
Share-based compensation expense | 2.4 | 1.3 |
increase (Decrease) in deferred income taxes | -11.7 | -0.7 |
Loss on disposal of property, plant & equipment | 1.4 | 0.1 |
Asset impairments | 1.6 | |
Write off of financing fees and discount | 0.3 | |
Other non-cash items | -10.2 | -0.2 |
Net cash used in operating activities | -1.1 | -52.5 |
Investing Activities | ||
Additions to property, plant & equipment | -27.3 | -8.8 |
Additions to intangibles and other assets | -2.1 | -1.5 |
Proceeds from sale of property, plant & equipment | 0.4 | |
Net cash used in investing activities | -29 | -10.3 |
Financing Activities | ||
Payments of long-term debt | -0.8 | -16 |
Borrowings under ABL | 94.8 | 95 |
Payments under ABL | -102.8 | -15.1 |
Distributions to non-controlling interests | -2 | -2.3 |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | -0.7 | -0.4 |
Net cash (used in) financing activities | -20.4 | 56.1 |
Effect of exchange rate changes on cash | -1.2 | 0.1 |
Net decrease in cash & cash equivalents | -51.7 | -6.6 |
Cash & cash equivalents, beginning of period | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 34.5 | 40.6 |
Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Operating Activities | ||
Net (loss) income | -1.2 | -2.7 |
Depreciation & amortization | 57.4 | 25.1 |
Amortization of financing fees | 1.3 | 0.6 |
Amortization of bond premium | -1.5 | |
Share-based compensation expense | 2.4 | 1.3 |
increase (Decrease) in deferred income taxes | -11.7 | -0.7 |
Loss on disposal of property, plant & equipment | 1.4 | 0.1 |
Asset impairments | 1.6 | |
Write off of financing fees and discount | 0.3 | |
Other non-cash items | -10.2 | -0.2 |
Net change in operating assets and liabilities | -39 | -77.9 |
Net cash used in operating activities | -1.1 | -52.5 |
Investing Activities | ||
Additions to property, plant & equipment | -27.3 | -8.8 |
Additions to intangibles and other assets | -2.1 | -1.5 |
Proceeds from sale of property, plant & equipment | 0.4 | |
Net cash used in investing activities | -29 | -10.3 |
Financing Activities | ||
Payments of long-term debt | -0.8 | -16 |
Borrowings under ABL | 94.8 | 95 |
Payments under ABL | -102.8 | -15.1 |
Distributions to non-controlling interests | -2 | -2.3 |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | -0.7 | -0.4 |
Dividends paid to common and preferred shareowners | -9 | -5.1 |
Net cash (used in) financing activities | -20.4 | 56.1 |
Effect of exchange rate changes on cash | -1.2 | 0.1 |
Net decrease in cash & cash equivalents | -51.7 | -6.6 |
Cash & cash equivalents, beginning of period | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 34.5 | 40.6 |
Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | Elimination Entries [Member] | ||
Operating Activities | ||
Net (loss) income | 10.8 | 4 |
Equity (income) loss, net of distributions | -10.8 | -4 |
Intercompany dividends | -4.2 | -4.7 |
Net cash used in operating activities | -4.2 | -4.7 |
Financing Activities | ||
Intercompany dividends | 4.2 | 4.7 |
Net cash (used in) financing activities | 4.2 | 4.7 |
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Operating Activities | ||
Net (loss) income | -2.5 | -4.1 |
Depreciation & amortization | 1.2 | 1.5 |
Share-based compensation expense | 0.1 | 0.2 |
increase (Decrease) in deferred income taxes | 0.4 | -0.9 |
Asset impairments | 0.9 | |
Equity (income) loss, net of distributions | 12.2 | -1.5 |
Intercompany dividends | 2.1 | 2.3 |
Net change in operating assets and liabilities | -9.1 | 10.3 |
Net cash used in operating activities | 4.4 | 8.7 |
Investing Activities | ||
Additions to property, plant & equipment | -0.3 | -0.6 |
Net cash used in investing activities | -0.3 | -0.6 |
Financing Activities | ||
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | -0.7 | -0.4 |
Dividends paid to common and preferred shareowners | -9 | -5.1 |
Net cash (used in) financing activities | -9.6 | -5.5 |
Effect of exchange rate changes on cash | -0.4 | -0.1 |
Net decrease in cash & cash equivalents | -5.9 | 2.5 |
Cash & cash equivalents, beginning of period | 6.2 | 1.5 |
Cash & cash equivalents, end of period | 0.3 | 4 |
DSS Group Inc [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Operating Activities | ||
Net (loss) income | -12.2 | |
Depreciation & amortization | 30.2 | |
Amortization of bond premium | -1.5 | |
Share-based compensation expense | 0.6 | |
increase (Decrease) in deferred income taxes | -7.7 | |
Loss on disposal of property, plant & equipment | 1.1 | |
Net change in operating assets and liabilities | -9.9 | |
Net cash used in operating activities | 0.6 | |
Investing Activities | ||
Additions to property, plant & equipment | -18.4 | |
Additions to intangibles and other assets | -1.8 | |
Net cash used in investing activities | -20.2 | |
Financing Activities | ||
Net decrease in cash & cash equivalents | -19.6 | |
Cash & cash equivalents, beginning of period | 34.4 | |
Cash & cash equivalents, end of period | 14.8 | |
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Operating Activities | ||
Net (loss) income | 0.5 | -5 |
Depreciation & amortization | 24.6 | 22.1 |
Amortization of financing fees | 1.3 | 0.6 |
Share-based compensation expense | 1.7 | 1.1 |
increase (Decrease) in deferred income taxes | -4.3 | 0.5 |
Loss on disposal of property, plant & equipment | 0.3 | 0.1 |
Asset impairments | 0.7 | |
Write off of financing fees and discount | 0.3 | |
Equity (income) loss, net of distributions | -1.4 | 5.5 |
Intercompany dividends | 2.1 | 2.4 |
Other non-cash items | -10.2 | -0.2 |
Net change in operating assets and liabilities | -18.2 | -88.4 |
Net cash used in operating activities | -3.6 | -60.3 |
Investing Activities | ||
Additions to property, plant & equipment | -8.6 | -8.2 |
Additions to intangibles and other assets | -0.3 | -1.5 |
Proceeds from sale of property, plant & equipment | 0.4 | |
Net cash used in investing activities | -8.5 | -9.7 |
Financing Activities | ||
Payments of long-term debt | -0.5 | -15.7 |
Borrowings under ABL | 94.8 | 95 |
Payments under ABL | -102.8 | -15.1 |
Intercompany dividends | -2.1 | -2.3 |
Net cash (used in) financing activities | -10.6 | 61.9 |
Effect of exchange rate changes on cash | -0.7 | 0.2 |
Net decrease in cash & cash equivalents | -23.4 | -7.9 |
Cash & cash equivalents, beginning of period | 38.2 | 40.2 |
Cash & cash equivalents, end of period | 14.8 | 32.3 |
Non-Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Operating Activities | ||
Net (loss) income | 2.2 | 2.4 |
Depreciation & amortization | 1.4 | 1.5 |
increase (Decrease) in deferred income taxes | -0.1 | -0.3 |
Net change in operating assets and liabilities | -1.8 | 0.2 |
Net cash used in operating activities | 1.7 | 3.8 |
Financing Activities | ||
Payments of long-term debt | -0.3 | -0.3 |
Distributions to non-controlling interests | -2 | -2.3 |
Intercompany dividends | -2.1 | -2.4 |
Net cash (used in) financing activities | -4.4 | -5 |
Effect of exchange rate changes on cash | -0.1 | |
Net decrease in cash & cash equivalents | -2.8 | -1.2 |
Cash & cash equivalents, beginning of period | 7.4 | 5.5 |
Cash & cash equivalents, end of period | $4.60 | $4.30 |
Guarantor_SubsidiariesCott_Cor
Guarantor Subsidiaries(Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries) - Additional Information (Detail) | Apr. 04, 2015 |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Cott Beverages Inc. [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Guarantor Subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Guarantor_Subsidiaries_Cott_Co4
Guarantor Subsidiaries (Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries) - Condensed Consolidating Statement of Operations (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | $709.80 | $475.10 |
Cost of sales | 508.5 | 418.9 |
Gross profit | 201.3 | 56.2 |
Selling, general and administrative expenses | 188.5 | 46.9 |
Loss on disposal of property, plant & equipment | 1.4 | 0.1 |
Restructuring | 2.2 | |
Asset impairments | 1.6 | |
Acquisition and integration expenses | 4.7 | 1.1 |
Operating (loss) income | 6.7 | 4.3 |
Other (income) expense, net | -10.4 | -2.3 |
Interest expense, net | 27.7 | 9.8 |
Loss before income taxes | -10.6 | -3.2 |
Income tax (benefit) expense | -9.4 | -0.5 |
Net loss | -1.2 | -2.7 |
Less: Net income attributable to non-controlling interests | 1.3 | 1.4 |
Less: Accumulated dividends on convertible preferred shares | 2.7 | |
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | |
Net (loss) income attributed to Cott Corporation | -6 | -4.1 |
Comprehensive (loss) income attributed to Cott Corporation | -31.8 | -5.8 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 709.8 | 475.1 |
Cost of sales | 508.5 | 418.9 |
Gross profit | 201.3 | 56.2 |
Selling, general and administrative expenses | 188.5 | 46.9 |
Loss on disposal of property, plant & equipment | 1.4 | 0.1 |
Restructuring | 2.2 | |
Asset impairments | 1.6 | |
Acquisition and integration expenses | 4.7 | 1.1 |
Operating (loss) income | 6.7 | 4.3 |
Other (income) expense, net | -10.4 | -2.3 |
Interest expense, net | 27.7 | 9.8 |
Loss before income taxes | -10.6 | -3.2 |
Income tax (benefit) expense | -9.4 | -0.5 |
Net loss | -1.2 | -2.7 |
Less: Net income attributable to non-controlling interests | 1.3 | 1.4 |
Less: Accumulated dividends on convertible preferred shares | 2.7 | |
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | |
Net (loss) income attributed to Cott Corporation | -6 | -4.1 |
Comprehensive (loss) income attributed to Cott Corporation | -31.8 | -5.8 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Cott Corporation [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 30 | 37.2 |
Cost of sales | 27 | 34.2 |
Gross profit | 3 | 3 |
Selling, general and administrative expenses | 5.5 | 6.5 |
Restructuring | 1.9 | |
Asset impairments | 0.9 | |
Operating (loss) income | -2.5 | -6.3 |
Other (income) expense, net | -10.5 | 0.2 |
Intercompany interest (income) expense, net | -3 | |
Interest expense, net | 0.1 | 0.1 |
Loss before income taxes | 10.9 | -6.6 |
Income tax (benefit) expense | 1.2 | -1 |
Equity (loss) income | -12.2 | 1.5 |
Net loss | -2.5 | -4.1 |
Less: Accumulated dividends on convertible preferred shares | 2.7 | |
Less: Accumulated dividends on non-convertible preferred shares | 0.8 | |
Net (loss) income attributed to Cott Corporation | -6 | -4.1 |
Comprehensive (loss) income attributed to Cott Corporation | -31.8 | -5.8 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Cott Beverages Inc. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 170 | 175.1 |
Cost of sales | 145.8 | 154 |
Gross profit | 24.2 | 21.1 |
Selling, general and administrative expenses | 23.8 | 25.7 |
Loss on disposal of property, plant & equipment | 0.3 | 0.1 |
Restructuring | 0.2 | |
Acquisition and integration expenses | 1.5 | |
Operating (loss) income | -1.4 | -4.9 |
Other (income) expense, net | -2.6 | |
Intercompany interest (income) expense, net | -12.2 | -3.5 |
Interest expense, net | 20.1 | 9 |
Loss before income taxes | -9.3 | -7.8 |
Income tax (benefit) expense | -4.6 | 0.3 |
Equity (loss) income | 1.4 | 1.3 |
Net loss | -3.3 | -6.8 |
Net (loss) income attributed to Cott Corporation | -3.3 | -6.8 |
Comprehensive (loss) income attributed to Cott Corporation | -22.8 | -2.7 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 488.6 | 242.3 |
Cost of sales | 320 | 215.8 |
Gross profit | 168.6 | 26.5 |
Selling, general and administrative expenses | 156.1 | 11.7 |
Loss on disposal of property, plant & equipment | 1.1 | |
Restructuring | 0.1 | |
Asset impairments | 0.7 | |
Acquisition and integration expenses | 3.2 | 1.1 |
Operating (loss) income | 8.2 | 12.9 |
Intercompany interest (income) expense, net | 15.2 | 3.5 |
Interest expense, net | 7.5 | 0.7 |
Loss before income taxes | -14.5 | 8.7 |
Income tax (benefit) expense | -6.1 | 0.1 |
Equity (loss) income | -6.8 | |
Net loss | -8.4 | 1.8 |
Net (loss) income attributed to Cott Corporation | -8.4 | 1.8 |
Comprehensive (loss) income attributed to Cott Corporation | -20.5 | 15.8 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 31.4 | 32.3 |
Cost of sales | 25.9 | 26.7 |
Gross profit | 5.5 | 5.6 |
Selling, general and administrative expenses | 3.1 | 3 |
Operating (loss) income | 2.4 | 2.6 |
Other (income) expense, net | 0.1 | 0.1 |
Loss before income taxes | 2.3 | 2.5 |
Income tax (benefit) expense | 0.1 | 0.1 |
Net loss | 2.2 | 2.4 |
Less: Net income attributable to non-controlling interests | 1.3 | 1.4 |
Net (loss) income attributed to Cott Corporation | 0.9 | 1 |
Comprehensive (loss) income attributed to Cott Corporation | 0.6 | 0.9 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Elimination Entries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | -10.2 | -11.8 |
Cost of sales | -10.2 | -11.8 |
Equity (loss) income | 10.8 | 4 |
Net loss | 10.8 | 4 |
Net (loss) income attributed to Cott Corporation | 10.8 | 4 |
Comprehensive (loss) income attributed to Cott Corporation | $42.70 | ($14) |
Guarantor_Subsidiaries_Cott_Co5
Guarantor Subsidiaries (Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries) - Consolidating Balance Sheets (Detail) (USD $) | Apr. 04, 2015 | Jan. 03, 2015 | Mar. 29, 2014 | Dec. 28, 2013 |
In Millions, unless otherwise specified | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | $34.50 | $86.20 | $40.60 | $47.20 |
Accounts receivable, net of allowance | 340.6 | 305.7 | ||
Income taxes recoverable | 1.2 | 1.6 | ||
Inventories | 270.5 | 262.4 | ||
Prepaid expenses and other assets | 34.5 | 59.3 | ||
Total current assets | 681.3 | 715.2 | ||
Property, plant & equipment, net | 845.2 | 864.5 | ||
Goodwill | 742.4 | 743.6 | ||
Intangibles and other assets, net | 762.9 | 781.7 | ||
Deferred income taxes | 1.8 | 2.5 | ||
Other tax receivable | 0.2 | |||
Total assets | 3,033.60 | 3,107.70 | ||
Short-term borrowings | 221 | 229 | ||
Current maturities of long-term debt | 4.1 | 4 | ||
Accounts payable and accrued liabilities | 422 | 420.3 | ||
Total current liabilities | 647.1 | 653.3 | ||
Long-term debt | 1,552.50 | 1,565 | ||
Deferred income taxes | 105.3 | 119.9 | ||
Other long-term liabilities | 67.1 | 71.8 | ||
Total liabilities | 2,372 | 2,410 | ||
Equity | ||||
Capital stock, no par | 389.5 | 388.3 | ||
Additional paid-in-capital | 47.2 | 46.6 | ||
Retained earnings (deficit) | 146.6 | 158.1 | ||
Accumulated other comprehensive (loss) income | -76.8 | -51 | ||
Total Cott Corporation equity | 506.5 | 542 | ||
Non-controlling interests | 6.2 | 6.9 | ||
Total equity | 512.7 | 548.9 | 593.5 | 604.4 |
Total liabilities, preferred shares and equity | 3,033.60 | 3,107.70 | ||
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 34.5 | 86.2 | 40.6 | 47.2 |
Accounts receivable, net of allowance | 340.6 | 305.7 | ||
Income taxes recoverable | 1.2 | 1.6 | ||
Inventories | 270.5 | 262.4 | ||
Prepaid expenses and other assets | 34.5 | 59.3 | ||
Total current assets | 681.3 | 715.2 | ||
Property, plant & equipment, net | 845.2 | 864.5 | ||
Goodwill | 742.4 | 743.6 | ||
Intangibles and other assets, net | 762.9 | 781.7 | ||
Deferred income taxes | 1.8 | 2.5 | ||
Other tax receivable | 0.2 | |||
Total assets | 3,033.60 | 3,107.70 | ||
Short-term borrowings | 221 | 229 | ||
Current maturities of long-term debt | 4.1 | 4 | ||
Accounts payable and accrued liabilities | 422 | 420.3 | ||
Total current liabilities | 647.1 | 653.3 | ||
Long-term debt | 1,552.50 | 1,565 | ||
Deferred income taxes | 105.3 | 119.9 | ||
Other long-term liabilities | 67.1 | 71.8 | ||
Total liabilities | 2,372 | 2,410 | ||
Convertible preferred shares | 116.2 | 116.1 | ||
Non-convertible preferred shares | 32.7 | 32.7 | ||
Equity | ||||
Capital stock, no par | 389.5 | 388.3 | ||
Additional paid-in-capital | 47.2 | 46.6 | ||
Retained earnings (deficit) | 146.6 | 158.1 | ||
Accumulated other comprehensive (loss) income | -76.8 | -51 | ||
Total Cott Corporation equity | 506.5 | 542 | ||
Non-controlling interests | 6.2 | 6.9 | ||
Total equity | 512.7 | 548.9 | ||
Total liabilities, preferred shares and equity | 3,033.60 | 3,107.70 | ||
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Cott Corporation [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 0.3 | 6.2 | 4 | 1.5 |
Accounts receivable, net of allowance | 17.7 | 16.2 | ||
Inventories | 13 | 12.4 | ||
Prepaid expenses and other assets | 3.1 | 3.2 | ||
Total current assets | 34.1 | 38 | ||
Property, plant & equipment, net | 34.7 | 38.2 | ||
Goodwill | 21.9 | 23.4 | ||
Intangibles and other assets, net | 0.6 | 0.7 | ||
Deferred income taxes | 1.7 | 2.5 | ||
Other tax receivable | 0.1 | |||
Due from affiliates | 183.4 | 183.8 | ||
Investments in subsidiaries | 411.1 | 436.3 | ||
Total assets | 687.5 | 723 | ||
Current maturities of long-term debt | 0.1 | 0.1 | ||
Accounts payable and accrued liabilities | 30.3 | 30.4 | ||
Total current liabilities | 30.4 | 30.5 | ||
Other long-term liabilities | 0.5 | 0.4 | ||
Due to affiliates | 1.2 | 1.3 | ||
Total liabilities | 32.1 | 32.2 | ||
Convertible preferred shares | 116.2 | 116.1 | ||
Non-convertible preferred shares | 32.7 | 32.7 | ||
Equity | ||||
Capital stock, no par | 389.5 | 388.3 | ||
Additional paid-in-capital | 47.2 | 46.6 | ||
Retained earnings (deficit) | 146.6 | 158.1 | ||
Accumulated other comprehensive (loss) income | -76.8 | -51 | ||
Total Cott Corporation equity | 506.5 | 542 | ||
Total equity | 506.5 | 542 | ||
Total liabilities, preferred shares and equity | 687.5 | 723 | ||
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Cott Beverages Inc. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 1.4 | 8.6 | 5.9 | 1.1 |
Accounts receivable, net of allowance | 149.1 | 130.4 | ||
Income taxes recoverable | 0.3 | 0.6 | ||
Inventories | 76.7 | 72.5 | ||
Prepaid expenses and other assets | 15.9 | 39.5 | ||
Total current assets | 243.4 | 251.6 | ||
Property, plant & equipment, net | 172.4 | 178.4 | ||
Goodwill | 4.5 | 4.5 | ||
Intangibles and other assets, net | 103.9 | 105.3 | ||
Deferred income taxes | 30.8 | 30.5 | ||
Other tax receivable | 0.1 | |||
Due from affiliates | 558 | 564.5 | ||
Investments in subsidiaries | 620.4 | 623.5 | ||
Total assets | 1,733.40 | 1,758.40 | ||
Short-term borrowings | 212.1 | 229 | ||
Current maturities of long-term debt | 2.6 | 2.5 | ||
Accounts payable and accrued liabilities | 222.1 | 212.4 | ||
Total current liabilities | 436.8 | 443.9 | ||
Long-term debt | 1,156.50 | 1,157.10 | ||
Other long-term liabilities | 3.9 | 5.8 | ||
Due to affiliates | 1.6 | 1.7 | ||
Total liabilities | 1,598.80 | 1,608.50 | ||
Equity | ||||
Capital stock, no par | 525.7 | 525.7 | ||
Retained earnings (deficit) | -363 | -367.2 | ||
Accumulated other comprehensive (loss) income | -28.1 | -8.6 | ||
Total Cott Corporation equity | 134.6 | 149.9 | ||
Total equity | 134.6 | 149.9 | ||
Total liabilities, preferred shares and equity | 1,733.40 | 1,758.40 | ||
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 28.2 | 64 | 26.4 | 39.1 |
Accounts receivable, net of allowance | 353.2 | 333.8 | ||
Income taxes recoverable | 0.6 | 0.6 | ||
Inventories | 173.4 | 172 | ||
Prepaid expenses and other assets | 15.1 | 16.2 | ||
Total current assets | 570.5 | 586.6 | ||
Property, plant & equipment, net | 630.7 | 640.1 | ||
Goodwill | 716 | 715.7 | ||
Intangibles and other assets, net | 652.7 | 669 | ||
Due from affiliates | 2.8 | 3 | ||
Investments in subsidiaries | 226.9 | 349.6 | ||
Total assets | 2,799.60 | 2,964 | ||
Short-term borrowings | 8.9 | |||
Current maturities of long-term debt | 0.4 | 0.5 | ||
Accounts payable and accrued liabilities | 353 | 356.3 | ||
Total current liabilities | 362.3 | 356.8 | ||
Long-term debt | 395.7 | 407.3 | ||
Deferred income taxes | 136.1 | 150.4 | ||
Other long-term liabilities | 61.4 | 64.3 | ||
Due to affiliates | 708.8 | 715.5 | ||
Total liabilities | 1,664.30 | 1,694.30 | ||
Equity | ||||
Capital stock, no par | 1,555 | 1,595.80 | ||
Retained earnings (deficit) | -411.6 | -330.1 | ||
Accumulated other comprehensive (loss) income | -8.1 | 4 | ||
Total Cott Corporation equity | 1,135.30 | 1,269.70 | ||
Total equity | 1,135.30 | 1,269.70 | ||
Total liabilities, preferred shares and equity | 2,799.60 | 2,964 | ||
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 4.6 | 7.4 | 4.3 | 5.5 |
Accounts receivable, net of allowance | 12.8 | 12.2 | ||
Income taxes recoverable | 0.3 | 0.4 | ||
Inventories | 7.4 | 5.5 | ||
Prepaid expenses and other assets | 0.4 | 0.4 | ||
Total current assets | 25.5 | 25.9 | ||
Property, plant & equipment, net | 7.4 | 7.8 | ||
Intangibles and other assets, net | 5.7 | 6.7 | ||
Deferred income taxes | 0.1 | |||
Due from affiliates | 0.1 | |||
Total assets | 38.7 | 40.5 | ||
Current maturities of long-term debt | 1 | 0.9 | ||
Accounts payable and accrued liabilities | 8.8 | 8.1 | ||
Total current liabilities | 9.8 | 9 | ||
Long-term debt | 0.3 | 0.6 | ||
Other long-term liabilities | 1.3 | 1.3 | ||
Due to affiliates | 32.6 | 32.9 | ||
Total liabilities | 44 | 43.8 | ||
Equity | ||||
Capital stock, no par | 39.5 | 39.7 | ||
Retained earnings (deficit) | -55.9 | -55.1 | ||
Accumulated other comprehensive (loss) income | 4.9 | 5.2 | ||
Total Cott Corporation equity | -11.5 | -10.2 | ||
Non-controlling interests | 6.2 | 6.9 | ||
Total equity | -5.3 | -3.3 | ||
Total liabilities, preferred shares and equity | 38.7 | 40.5 | ||
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Elimination Entries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Accounts receivable, net of allowance | -192.2 | -186.9 | ||
Total current assets | -192.2 | -186.9 | ||
Deferred income taxes | -30.8 | -30.5 | ||
Due from affiliates | -744.2 | -751.4 | ||
Investments in subsidiaries | -1,258.40 | -1,409.40 | ||
Total assets | -2,225.60 | -2,378.20 | ||
Accounts payable and accrued liabilities | -192.2 | -186.9 | ||
Total current liabilities | -192.2 | -186.9 | ||
Deferred income taxes | -30.8 | -30.5 | ||
Due to affiliates | -744.2 | -751.4 | ||
Total liabilities | -967.2 | -968.8 | ||
Equity | ||||
Capital stock, no par | -2,120.20 | -2,161.20 | ||
Retained earnings (deficit) | 830.5 | 752.4 | ||
Accumulated other comprehensive (loss) income | 31.3 | -0.6 | ||
Total Cott Corporation equity | -1,258.40 | -1,409.40 | ||
Total equity | -1,258.40 | -1,409.40 | ||
Total liabilities, preferred shares and equity | ($2,225.60) | ($2,378.20) |
Guarantor_Subsidiaries_Cott_Co6
Guarantor Subsidiaries (Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries) - Condensed Consolidating Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 04, 2015 | Mar. 29, 2014 |
Operating Activities | ||
Net (loss) income | ($1.20) | ($2.70) |
Depreciation & amortization | 57.4 | 25.1 |
Amortization of financing fees | 1.3 | 0.6 |
Amortization of bond premium | -1.5 | |
Share-based compensation expense | 2.4 | 1.3 |
increase (Decrease) in deferred income taxes | -11.7 | -0.7 |
Loss on disposal of property, plant & equipment | 1.4 | 0.1 |
Asset impairments | 1.6 | |
Write off of financing fees and discount | 0.3 | |
Other non-cash items | -10.2 | -0.2 |
Net cash used in operating activities | -1.1 | -52.5 |
Investing Activities | ||
Additions to property, plant & equipment | -27.3 | -8.8 |
Additions to intangibles and other assets | -2.1 | -1.5 |
Proceeds from sale of property, plant & equipment | 0.4 | |
Net cash used in investing activities | -29 | -10.3 |
Financing Activities | ||
Payments of long-term debt | -0.8 | -16 |
Borrowings under ABL | 94.8 | 95 |
Payments under ABL | -102.8 | -15.1 |
Distributions to non-controlling interests | -2 | -2.3 |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | -0.7 | -0.4 |
Net cash (used in) provided by financing activities | -20.4 | 56.1 |
Effect of exchange rate changes on cash | -1.2 | 0.1 |
Net decrease in cash & cash equivalents | -51.7 | -6.6 |
Cash & cash equivalents, beginning of period | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 34.5 | 40.6 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | ||
Operating Activities | ||
Net (loss) income | -1.2 | -2.7 |
Depreciation & amortization | 57.4 | 25.1 |
Amortization of financing fees | 1.3 | 0.6 |
Amortization of bond premium | -1.5 | |
Share-based compensation expense | 2.4 | 1.3 |
increase (Decrease) in deferred income taxes | -11.7 | -0.7 |
Loss on disposal of property, plant & equipment | 1.4 | 0.1 |
Asset impairments | 1.6 | |
Write off of financing fees and discount | 0.3 | |
Other non-cash items | -10.2 | -0.2 |
Net change in operating assets and liabilities | -39 | -77.9 |
Net cash used in operating activities | -1.1 | -52.5 |
Investing Activities | ||
Additions to property, plant & equipment | -27.3 | -8.8 |
Additions to intangibles and other assets | -2.1 | -1.5 |
Proceeds from sale of property, plant & equipment | 0.4 | |
Net cash used in investing activities | -29 | -10.3 |
Financing Activities | ||
Payments of long-term debt | -0.8 | -16 |
Borrowings under ABL | 94.8 | 95 |
Payments under ABL | -102.8 | -15.1 |
Distributions to non-controlling interests | -2 | -2.3 |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | -0.7 | -0.4 |
Dividends paid to common and preferred shareowners | -9 | -5.1 |
Net cash (used in) provided by financing activities | -20.4 | 56.1 |
Effect of exchange rate changes on cash | -1.2 | 0.1 |
Net decrease in cash & cash equivalents | -51.7 | -6.6 |
Cash & cash equivalents, beginning of period | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 34.5 | 40.6 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Cott Corporation [Member] | ||
Operating Activities | ||
Net (loss) income | -2.5 | -4.1 |
Depreciation & amortization | 1.2 | 1.5 |
Share-based compensation expense | 0.1 | 0.2 |
increase (Decrease) in deferred income taxes | 0.4 | -0.9 |
Asset impairments | 0.9 | |
Equity (income) loss, net of distributions | 12.2 | -1.5 |
Intercompany dividends | 2.1 | 2.3 |
Net change in operating assets and liabilities | -9.1 | 10.3 |
Net cash used in operating activities | 4.4 | 8.7 |
Investing Activities | ||
Additions to property, plant & equipment | -0.3 | -0.6 |
Net cash used in investing activities | -0.3 | -0.6 |
Financing Activities | ||
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | -0.7 | -0.4 |
Dividends paid to common and preferred shareowners | -9 | -5.1 |
Net cash (used in) provided by financing activities | -9.6 | -5.5 |
Effect of exchange rate changes on cash | -0.4 | -0.1 |
Net decrease in cash & cash equivalents | -5.9 | 2.5 |
Cash & cash equivalents, beginning of period | 6.2 | 1.5 |
Cash & cash equivalents, end of period | 0.3 | 4 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Cott Beverages Inc. [Member] | ||
Operating Activities | ||
Net (loss) income | -3.3 | -6.8 |
Depreciation & amortization | 11.5 | 10 |
Amortization of financing fees | 1.3 | 0.6 |
Amortization of bond premium | -1.5 | |
Share-based compensation expense | 1.5 | 1 |
increase (Decrease) in deferred income taxes | -5.2 | -0.1 |
Loss on disposal of property, plant & equipment | 0.3 | 0.1 |
Write off of financing fees and discount | 0.3 | |
Equity (income) loss, net of distributions | -1.4 | -1.3 |
Intercompany dividends | 2.1 | 2.4 |
Other non-cash items | -10.2 | -0.2 |
Net change in operating assets and liabilities | 21.8 | -58.9 |
Net cash used in operating activities | 16.9 | -52.9 |
Investing Activities | ||
Additions to property, plant & equipment | -6.9 | -5.1 |
Additions to intangibles and other assets | -0.3 | -1.5 |
Proceeds from sale of property, plant & equipment | 0.4 | |
Net cash used in investing activities | -6.8 | -6.6 |
Financing Activities | ||
Payments of long-term debt | -0.4 | -15.6 |
Borrowings under ABL | 85.9 | 95 |
Payments under ABL | -102.8 | -15.1 |
Net cash (used in) provided by financing activities | -17.3 | 64.3 |
Net decrease in cash & cash equivalents | -7.2 | 4.8 |
Cash & cash equivalents, beginning of period | 8.6 | 1.1 |
Cash & cash equivalents, end of period | 1.4 | 5.9 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||
Operating Activities | ||
Net (loss) income | -8.4 | 1.8 |
Depreciation & amortization | 43.3 | 12.1 |
Share-based compensation expense | 0.8 | 0.1 |
increase (Decrease) in deferred income taxes | -6.8 | 0.6 |
Loss on disposal of property, plant & equipment | 1.1 | |
Asset impairments | 0.7 | |
Equity (income) loss, net of distributions | 6.8 | |
Net change in operating assets and liabilities | -49.9 | -29.5 |
Net cash used in operating activities | -19.9 | -7.4 |
Investing Activities | ||
Additions to property, plant & equipment | -20.1 | -3.1 |
Additions to intangibles and other assets | -1.8 | |
Net cash used in investing activities | -21.9 | -3.1 |
Financing Activities | ||
Payments of long-term debt | -0.1 | -0.1 |
Borrowings under ABL | 8.9 | |
Intercompany dividends | -2.1 | -2.3 |
Net cash (used in) provided by financing activities | 6.7 | -2.4 |
Effect of exchange rate changes on cash | -0.7 | 0.2 |
Net decrease in cash & cash equivalents | -35.8 | -12.7 |
Cash & cash equivalents, beginning of period | 64 | 39.1 |
Cash & cash equivalents, end of period | 28.2 | 26.4 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ||
Operating Activities | ||
Net (loss) income | 2.2 | 2.4 |
Depreciation & amortization | 1.4 | 1.5 |
increase (Decrease) in deferred income taxes | -0.1 | -0.3 |
Net change in operating assets and liabilities | -1.8 | 0.2 |
Net cash used in operating activities | 1.7 | 3.8 |
Financing Activities | ||
Payments of long-term debt | -0.3 | -0.3 |
Distributions to non-controlling interests | -2 | -2.3 |
Intercompany dividends | -2.1 | -2.4 |
Net cash (used in) provided by financing activities | -4.4 | -5 |
Effect of exchange rate changes on cash | -0.1 | |
Net decrease in cash & cash equivalents | -2.8 | -1.2 |
Cash & cash equivalents, beginning of period | 7.4 | 5.5 |
Cash & cash equivalents, end of period | 4.6 | 4.3 |
Cott Corporation, CBI, Guarantor Subsidiaries and our other subsidiaries [Member] | Elimination Entries [Member] | ||
Operating Activities | ||
Net (loss) income | 10.8 | 4 |
Equity (income) loss, net of distributions | -10.8 | -4 |
Intercompany dividends | -4.2 | -4.7 |
Net cash used in operating activities | -4.2 | -4.7 |
Financing Activities | ||
Intercompany dividends | 4.2 | 4.7 |
Net cash (used in) provided by financing activities | $4.20 | $4.70 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
Apr. 04, 2015 | Mar. 29, 2014 | 6-May-15 | |
Subsequent Event [Line Items] | |||
Dividends declared per share | $0.06 | $0.06 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividends declared per share | $0.06 | ||
Dividend declared date | 6-May-15 | ||
Dividend declared payable date | 17-Jun-15 | ||
Dividend payable, record date | 5-Jun-15 |