Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 03, 2015 | Oct. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Oct. 3, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | COT | |
Entity Registrant Name | COTT CORP /CN/ | |
Entity Central Index Key | 884,713 | |
Current Fiscal Year End Date | --01-02 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 109,689,642 |
Consolidated Statements of Oper
Consolidated Statements of Operations Unaudited - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Revenue, net | $ 755.6 | $ 535 | $ 2,245.2 | $ 1,559.3 |
Cost of sales | 523.1 | 465.5 | 1,570.8 | 1,354.6 |
Gross profit | 232.5 | 69.5 | 674.4 | 204.7 |
Selling, general and administrative expenses | 196.2 | 49.9 | 574.9 | 147.5 |
Loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 |
Restructuring | 0.1 | 2.4 | ||
Asset impairments | (0.2) | 1.7 | ||
Acquisition and integration expenses | 6.6 | 0.5 | 15.4 | 3.4 |
Operating income | 28.6 | 18.8 | 81.4 | 49.3 |
Other expense (income), net | 0.6 | 5.4 | (8.8) | 22.9 |
Interest expense, net | 27.4 | 9 | 83 | 27.2 |
Income (loss) before income taxes | 0.6 | 4.4 | 7.2 | (0.8) |
Income tax (benefit) expense | (5.8) | 1.8 | (16.3) | 3.8 |
Net (loss) income | 6.4 | 2.6 | 23.5 | (4.6) |
Less: Net income attributable to non-controlling interests | 1.6 | 1.3 | 4.6 | 4.1 |
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||
Net income (loss) attributed to Cott Corporation | $ 4.8 | $ 1.3 | $ 1 | $ (8.7) |
Net income (loss) per common share attributed to Cott Corporation | ||||
Basic | $ 0.04 | $ 0.01 | $ 0.01 | $ (0.09) |
Diluted | $ 0.04 | $ 0.01 | $ 0.01 | $ (0.09) |
Weighted average outstanding shares (thousands) attributed to Cott Corporation | ||||
Basic | 109,686 | 93,607 | 100,818 | 94,053 |
Diluted | 110,410 | 94,348 | 101,387 | 94,053 |
Dividends declared per share | $ 0.06 | $ 0.06 | $ 0.18 | $ 0.18 |
Convertible Preferred Shares [Member] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | $ 4.5 | |||
Non-convertible Preferred Shares [Member] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | $ 1.4 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss Unaudited - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | ||
Net income (loss) | $ 6.4 | $ 2.6 | $ 23.5 | $ (4.6) | |
Other comprehensive (loss) income: | |||||
Currency translation adjustment | (11.5) | (16.3) | (12.8) | (9.5) | |
Pension benefit plan, net of tax | [1] | 0.2 | 0.1 | 0.7 | (0.2) |
Unrealized (loss) gain on derivative instruments, net of tax | [2] | (2.1) | 0.4 | (4.9) | 0.6 |
Total other comprehensive loss | (13.4) | (15.8) | (17) | (9.1) | |
Comprehensive (loss) income | (7) | (13.2) | 6.5 | (13.7) | |
Less: Comprehensive income attributable to non-controlling interests | 1.9 | 1.4 | 4.9 | 4.2 | |
Less: Foreign exchange impact on redemption of preferred shares | 12 | ||||
Comprehensive loss attributed to Cott Corporation | $ (8.9) | $ (14.6) | (16.3) | $ (17.9) | |
Convertible Preferred Shares [Member] | |||||
Other comprehensive (loss) income: | |||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 4.5 | ||||
Non-convertible Preferred Shares [Member] | |||||
Other comprehensive (loss) income: | |||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | $ 1.4 | ||||
[1] | Net of the effect of $0.3 million and $0.5 million tax expense for the three and nine months ended October 3, 2015, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and nine months ended September 27, 2014, respectively. | ||||
[2] | Net of the effect of $1.5 million and $2.5 million tax benefit for the three and nine months ended October 3, 2015, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and nine months ended September 27, 2014, respectively. |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Loss Unaudited (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Pension benefit plan, tax expense | $ 0.3 | $ 0.1 | $ 0.5 | $ 0.2 |
Derivative instruments, tax (benefit) expense | $ 1.5 | $ 0.1 | $ 2.5 | $ 0.2 |
Consolidated Balance Sheets Una
Consolidated Balance Sheets Unaudited - USD ($) $ in Millions | Oct. 03, 2015 | Jul. 04, 2015 | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 24, 2014 | Dec. 28, 2013 |
ASSETS | ||||||
Cash & cash equivalents | $ 63.7 | $ 79 | $ 86.2 | $ 47.4 | $ 90.9 | $ 47.2 |
Accounts receivable, net of allowance of $9.5 ($6.5 as of January 3, 2015) | 324.4 | 305.7 | ||||
Income taxes recoverable | 1.1 | 1.6 | ||||
Inventories | 253.9 | 262.4 | ||||
Prepaid expenses and other current assets | 37.5 | 59.3 | ||||
Total current assets | 680.6 | 715.2 | ||||
Property, plant & equipment, net | 803.2 | 864.5 | ||||
Goodwill | 751.1 | 743.6 | ||||
Intangibles and other assets, net | 736.6 | 781.7 | ||||
Deferred income taxes | 2.9 | 2.5 | ||||
Other tax receivable | 0.9 | 0.2 | ||||
Total assets | 2,975.3 | 3,107.7 | ||||
LIABILITIES, PREFERRED SHARES AND EQUITY | ||||||
Short-term borrowings | 152 | 229 | ||||
Current maturities of long-term debt | 3.7 | 4 | ||||
Accounts payable and accrued liabilities | 436.2 | 420.3 | ||||
Total current liabilities | 591.9 | 653.3 | ||||
Long-term debt | 1,547.9 | 1,565 | ||||
Deferred income taxes | 95.3 | 119.9 | ||||
Other long-term liabilities | 77.4 | 71.8 | ||||
Total liabilities | 2,312.5 | 2,410 | ||||
Equity | ||||||
Capital stock, no par - 109,689,642 shares issued (January 3, 2015 - 93,072,850 shares issued) | 532.6 | 388.3 | ||||
Additional paid-in-capital | 53 | 46.6 | ||||
Retained earnings | 140.5 | 158.1 | ||||
Accumulated other comprehensive loss | (68.3) | (51) | ||||
Total Cott Corporation equity | 657.8 | 542 | ||||
Non-controlling interests | 5 | 6.9 | ||||
Total equity | 662.8 | 548.9 | $ 564.5 | $ 604.4 | ||
Total liabilities, preferred shares and equity | $ 2,975.3 | 3,107.7 | ||||
Convertible Preferred Shares [Member] | ||||||
LIABILITIES, PREFERRED SHARES AND EQUITY | ||||||
Preferred, value | 116.1 | |||||
Non-convertible Preferred Shares [Member] | ||||||
LIABILITIES, PREFERRED SHARES AND EQUITY | ||||||
Preferred, value | $ 32.7 |
Consolidated Balance Sheets Un6
Consolidated Balance Sheets Unaudited (Parenthetical) - USD ($) $ in Millions | Oct. 03, 2015 | Jan. 03, 2015 |
Accounts receivable, allowance | $ 9.5 | $ 6.5 |
Capital stock, no par value | ||
Capital stock, shares issued | 109,689,642 | 93,072,850 |
Convertible Preferred Shares [Member] | ||
Preferred, shares issued | 0 | 116,054 |
Preferred, par value | $ 1,000 | $ 1,000 |
Non-convertible Preferred Shares [Member] | ||
Preferred, shares issued | 0 | 32,711 |
Preferred, par value | $ 1,000 | $ 1,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows Unaudited - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Operating Activities | ||||
Net income (loss) | $ 6.4 | $ 2.6 | $ 23.5 | $ (4.6) |
Depreciation & amortization | 58.1 | 26.8 | 173.7 | 77.7 |
Amortization of financing fees | 1.2 | 0.7 | 3.6 | 1.9 |
Amortization of senior notes premium | (1.3) | (4.2) | ||
Share-based compensation expense | 2.3 | 1.5 | 8.4 | 4.9 |
(Decrease) increase in deferred income taxes | (4.7) | 2.2 | (21.6) | 4.1 |
Write-off of financing fees and discount | 0.8 | 4.1 | ||
Loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 |
Asset impairments | (0.2) | 1.7 | ||
Other non-cash items | 4.7 | (11.8) | (0.7) | |
Change in operating assets and liabilities, net of acquisitions: | ||||
Accounts receivable | 37.8 | 27 | (22.9) | (39.3) |
Inventories | 10.5 | 17.4 | 5.6 | 9.8 |
Prepaid expenses and other current assets | 2.9 | (0.5) | 28.7 | (1.5) |
Other assets | (3.8) | (7.5) | (0.2) | |
Accounts payable and accrued liabilities, and other liabilities | (24.3) | (17.5) | (14.3) | (19.7) |
Income taxes recoverable | 0.9 | (0.7) | 2.5 | (1.1) |
Net cash (used in) provided by operating activities | 91.8 | 60.5 | 166.4 | 37.5 |
Investing Activities | ||||
Acquisitions, net of cash received | (22) | (22.5) | (80.8) | |
Additions to property, plant & equipment | (28.3) | (10.8) | (85.5) | (31.4) |
Additions to intangibles and other assets | (0.5) | (1.5) | (2.7) | (4.3) |
Proceeds from sale of property, plant & equipment and sale-leaseback | 0.4 | 1.6 | 40.9 | 1.6 |
Net cash used in investing activities | (50.4) | (10.7) | (69.8) | (114.9) |
Financing Activities | ||||
Payments of long-term debt | (1) | (80.1) | (2.9) | (392.6) |
Issuance of long-term debt | 525 | |||
Borrowings under ABL | 52.4 | 191.1 | 801.3 | 474.3 |
Payments under ABL | (97.3) | (156) | (874.5) | (455.4) |
Distributions to non-controlling interests | (3.2) | (2.4) | (6.8) | (7.2) |
Issuance of common shares | 0.5 | 143.1 | ||
Financing fees | (0.1) | (1.2) | (0.3) | (9.1) |
Preferred shares repurchased and cancelled | (148.8) | |||
Common shares repurchased and cancelled | (0.1) | (4.6) | (0.8) | (7.7) |
Dividends to common and preferred shareholders | (6.5) | (5.6) | (24.5) | (16.4) |
Payment of deferred consideration for acquisitions | (32.4) | (2.5) | (32.4) | |
Net cash (used in) provided by financing activities | (55.3) | (91.2) | (116.7) | 78.5 |
Effect of exchange rate changes on cash | (1.4) | (2.1) | (2.4) | (0.9) |
Net (decrease) increase in cash & cash equivalents | (15.3) | (43.5) | (22.5) | 0.2 |
Cash & cash equivalents, beginning of period | 79 | 90.9 | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 63.7 | 47.4 | 63.7 | 47.4 |
Supplemental Non-cash Investing and Financing Activities: | ||||
Additions to property, plant & equipment through accounts payable and accrued liabilities | 3.2 | 5.3 | ||
Acquisition related deferred consideration | 19 | |||
Accrued deferred financing fees | 0.2 | 0.2 | ||
Supplemental Disclosures of Cash Flow Information: | ||||
Cash paid for interest | 19 | 3.9 | 67.6 | 28.9 |
Cash paid for income taxes, net | $ 0.5 | $ 1 | $ 2.6 | $ 1.3 |
Consolidated Statements of Equi
Consolidated Statements of Equity Unaudited - USD ($) $ in Millions | Total | Director Share Awards [Member] | Common Shares [Member] | Common Shares [Member]Director Share Awards [Member] | Common Shares [Member]Time-Based RSUs [Member] | Common Shares [Member]Performance-Based RSUs [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member]Director Share Awards [Member] | Additional Paid-in-Capital [Member]Time-Based RSUs [Member] | Additional Paid-in-Capital [Member]Performance-Based RSUs [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Non-Controlling Interests [Member] | |
Balance at Dec. 28, 2013 | $ 604.4 | $ 392.8 | $ 44.1 | $ 174.8 | $ (16.8) | $ 9.5 | ||||||||
Balance, shares at Dec. 28, 2013 | 94,238,000 | |||||||||||||
Common shares issued - Director Share Awards | $ 0.8 | $ 0.8 | ||||||||||||
Common shares issued - Director Share Awards, shares | 112,000 | |||||||||||||
Common shares repurchased and cancelled | (7.7) | $ (4.7) | (3) | |||||||||||
Common shares repurchased and cancelled, shares | (1,073,000) | |||||||||||||
Common shares issued | $ 1.3 | $ (1.3) | ||||||||||||
Common shares issued, shares | 161,000 | |||||||||||||
Share-based compensation | 4.3 | 4.3 | ||||||||||||
Common shares dividend | (16.4) | (16.4) | ||||||||||||
Distributions to non-controlling interests | (7.2) | (7.2) | ||||||||||||
Comprehensive (loss) income | ||||||||||||||
Currency translation adjustment | (9.5) | (9.6) | 0.1 | |||||||||||
Pension benefit plan, net of tax | (0.2) | [1] | (0.2) | |||||||||||
Unrealized gain (loss) on derivative instruments, net of tax | 0.6 | [2] | 0.6 | |||||||||||
Net (loss) income | (4.6) | (8.7) | 4.1 | |||||||||||
Balance at Sep. 27, 2014 | 564.5 | $ 389.4 | 47.9 | 146.7 | (26) | 6.5 | ||||||||
Balance, shares at Sep. 27, 2014 | 93,438,000 | |||||||||||||
Balance at Jan. 03, 2015 | $ 548.9 | $ 388.3 | 46.6 | 158.1 | (51) | 6.9 | ||||||||
Balance, shares at Jan. 03, 2015 | 93,072,850 | 93,073,000 | ||||||||||||
Common shares issued - Director Share Awards | $ 1 | $ 1 | ||||||||||||
Common shares issued - Director Share Awards, shares | 110,000 | |||||||||||||
Common shares repurchased and cancelled | $ (0.8) | $ (0.8) | ||||||||||||
Common shares repurchased and cancelled, shares | (92,000) | |||||||||||||
Common shares issued | 142.6 | $ 142.6 | $ 0.1 | $ 1.7 | $ (0.1) | $ (1.7) | ||||||||
Common shares issued, shares | 16,215,000 | 10,000 | 255,000 | |||||||||||
Common shares issued - Reinvestment | 6,000 | |||||||||||||
Options exercised | 0.5 | $ 0.7 | (0.2) | |||||||||||
Options exercised, shares | 113,000 | |||||||||||||
Share-based compensation | 7.4 | 7.4 | ||||||||||||
Common shares dividend | (18.6) | (18.6) | ||||||||||||
Redemption of preferred shares | (12) | (12) | ||||||||||||
Distributions to non-controlling interests | (6.8) | (6.8) | ||||||||||||
Comprehensive (loss) income | ||||||||||||||
Currency translation adjustment | (12.8) | (13.1) | 0.3 | |||||||||||
Pension benefit plan, net of tax | 0.7 | [1] | 0.7 | |||||||||||
Unrealized gain (loss) on derivative instruments, net of tax | (4.9) | [2] | (4.9) | |||||||||||
Preferred shares dividend | (5.9) | (5.9) | ||||||||||||
Net (loss) income | 23.5 | 18.9 | 4.6 | |||||||||||
Balance at Oct. 03, 2015 | $ 662.8 | $ 532.6 | $ 53 | $ 140.5 | $ (68.3) | $ 5 | ||||||||
Balance, shares at Oct. 03, 2015 | 109,689,642 | 109,690,000 | ||||||||||||
[1] | Net of the effect of $0.3 million and $0.5 million tax expense for the three and nine months ended October 3, 2015, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and nine months ended September 27, 2014, respectively. | |||||||||||||
[2] | Net of the effect of $1.5 million and $2.5 million tax benefit for the three and nine months ended October 3, 2015, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and nine months ended September 27, 2014, respectively. |
Business and Recent Accounting
Business and Recent Accounting Pronouncements | 9 Months Ended |
Oct. 03, 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 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 warehouse, branch and distribution facilities and daily operation of over 2,200 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 and nine months ended September 27, 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 changed the classification to report these SG&A expenses in the Consolidated Statements of Operations for the three and nine months ended September 27, 2014. Also, for the three and nine months ended September 27, 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 changed the classification to report these expenses separately in the Consolidated Statements of Operations for the three and nine months ended September 27, 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 changed 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: For the three months For the nine months (in millions of U.S. dollars) ended September 27, 2014 ended September 27, 2014 Decrease to cost of sales $ (5.6 ) $ (17.1 ) Increase to SG&A expenses $ 5.6 $ 17.1 For the three months For the nine months (in millions of U.S. dollars) ended September 27, 2014 ended September 27, 2014 Decrease to SG&A expenses $ (0.5 ) $ (3.4 ) Increase to acquisition and integration expenses $ 0.5 $ 3.4 (in millions of U.S. dollars) January 3, 2015 Decrease to inventories $ (8.9 ) Increase to property, plant and equipment, net $ 8.9 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 with early adoption permitted. An entity should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. The adoption of this standard will not have a significant impact on our consolidated financial statements. Update ASU 2015-15 – Interest – Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In April 2015, the FASB amended its guidance on the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements. The amendments update the guidance with ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. 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. The adoption of this standard will not have a significant impact on our consolidated financial statements. Update ASU 2015-16 – Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB amended its guidance regarding business combinations. The amendment requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The amendment also requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and requires the entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. For public entities, the amendments in this update are effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The amendments in this update should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update with earlier application permitted for financial statements that have not been issued. We are currently assessing the impact of adoption of this standard on our consolidated financial statements. |
Revisions
Revisions | 9 Months Ended |
Oct. 03, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Revisions | Note 2—Revisions The Company has revised its Consolidated Statements of Operations, Consolidated Statements of Comprehensive (Loss) Income, and Consolidated Statements of Cash Flows for the three and nine months ended September 27, 2014 and its Consolidated Statement of Equity for the nine months ended September 27, 2014 to correct errors comprising (i) 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 periods, (ii) an overstatement of deferred tax liabilities, (iii) an overstatement of SG&A expenses related to a value added tax receivable error, and (iv) an understatement of inventories and revenue, net, cost of sales, and SG&A expenses for an exchange rate error. 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 the previously issued financial statements. As previously filed As revised For the three months ended Consolidated Statements of Operations September 27, 2014 Difference (in millions of U.S. dollars) Cost of sales 1 $ 471.5 $ 471.1 $ (0.4 ) Gross profit 1 $ 63.5 $ 63.9 $ 0.4 Selling, general and administrative expenses 1, 2 $ 45.0 $ 44.8 $ (0.2 ) Loss on disposal of property, plant & equipment $ 0.7 $ 0.4 $ (0.3 ) Operating income $ 17.9 $ 18.8 $ 0.9 Income (loss) before income taxes $ 3.5 $ 4.4 $ 0.9 Net income (loss) $ 1.7 $ 2.6 $ 0.9 Net income (loss) attributed to Cott Corporation $ 0.4 $ 1.3 $ 0.9 As previously filed As revised For the nine months ended Consolidated Statements of Operations September 27, 2014 Difference (in millions of U.S. dollars) Revenue, net $ 1,561.0 $ 1,559.3 $ (1.7 ) Cost of sales 1 $ 1,373.4 $ 1,371.7 $ (1.7 ) Selling, general and administrative expenses 1, 2 $ 134.2 $ 133.8 $ (0.4 ) Loss on disposal of property, plant & equipment $ 1.2 $ 0.4 $ (0.8 ) Operating income $ 48.1 $ 49.3 $ 1.2 Income (loss) before income taxes $ (2.0 ) $ (0.8 ) $ 1.2 Income tax expense $ 3.4 $ 3.8 $ 0.4 Net income (loss) $ (5.4 ) $ (4.6 ) $ 0.8 Net income (loss) attributed to Cott Corporation $ (9.5 ) $ (8.7 ) $ 0.8 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 Statements of Operations for the three and nine months ended September 27, 2014 (see Note 1 to the Consolidated Financial Statements). 2. The revised balances do not include the reclassification of acquisition and integration expenses from SG&A expenses as presented in the Consolidated Statements of Operations for the three and nine months ended September 27, 2014 (see Note 1 to the Consolidated Financial Statements). As previously filed As revised For the three months ended Consolidated Statements of Comprehensive (Loss) Income September 27, 2014 Difference (in millions of U.S. dollars) Net income (loss) $ 1.7 $ 2.6 $ 0.9 Comprehensive (loss) income $ (14.1 ) $ (13.2 ) $ 0.9 Comprehensive (loss) income attributed to Cott Corporation $ (15.5 ) $ (14.6 ) $ 0.9 As previously filed As revised For the nine months ended Consolidated Statements of Comprehensive (Loss) Income September 27, 2014 Difference (in millions of U.S. dollars) Net income (loss) $ (5.4 ) $ (4.6 ) $ 0.8 Comprehensive (loss) income $ (14.5 ) $ (13.7 ) $ 0.8 Comprehensive (loss) income attributed to Cott Corporation $ (18.7 ) $ (17.9 ) $ 0.8 As previously filed As revised For the three months ended Consolidated Statements of Cash Flows September 27, 2014 Difference (in millions of U.S. dollars) Operating Activities Net income (loss) $ 1.7 $ 2.6 $ 0.9 Depreciation & amortization $ 27.2 $ 26.8 $ (0.4 ) Loss on disposal of property, plant & equipment $ 0.7 $ 0.4 $ (0.3 ) Change in accounts receivable $ 27.2 $ 27.0 $ (0.2 ) As previously filed As revised For the nine months ended Consolidated Statements of Cash Flows September 27, 2014 Difference (in millions of U.S. dollars) Operating Activities Net income (loss) $ (5.4 ) $ (4.6 ) $ 0.8 Depreciation & amortization $ 78.5 $ 77.7 $ (0.8 ) Increase in deferred income taxes $ 3.7 $ 4.1 $ 0.4 Loss on disposal of property, plant & equipment $ 1.2 $ 0.4 $ (0.8 ) Change in accounts receivable $ (39.1 ) $ (39.3 ) $ (0.2 ) Change in accounts payable and accrued liabilities, and other liabilities $ (20.2 ) $ (19.7 ) $ 0.5 Net cash provided by operating activities $ 37.6 $ 37.5 $ (0.1 ) Effect of exchange rate changes on cash $ (1.0 ) $ (0.9 ) $ 0.1 As previously filed As revised For the nine months ended Consolidated Statements of Equity September 27, 2014 Difference (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 September 27, 2014 $ 147.4 $ 146.7 $ (0.7 ) Total equity at September 27, 2014 $ 565.2 $ 564.5 $ (0.7 ) Net (loss) income $ (5.4 ) $ (4.6 ) $ 0.8 |
Acquisitions
Acquisitions | 9 Months Ended |
Oct. 03, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3—Acquisitions HOD Water Business Acquisitions During the three months ended October 3, 2015, the Company acquired two home and office delivery (“HOD”) water businesses for an aggregate cash purchase price of $10.6 million. In addition to these two HOD water businesses, the Company also acquired three HOD water businesses during the first half of the year for an aggregate cash purchase price of $0.5 million. The Company has accounted for all of these transactions as business combinations in accordance with U.S. GAAP. These acquisitions support the Company’s previously announced objective of strategic acquisitions where it expects to be able to leverage synergies with its existing business. Net assets, including goodwill, acquired have been allocated to the DSS reporting segment. All of the goodwill recorded is expected to be tax deductible. 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 paid 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, assumption of existing $350.0 million senior notes due 2021 originally issued by DSS, 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 cash and stock consideration paid by us in the DSS Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 449.7 Working capital payment 11.4 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 $ 952.5 The estimated merger consideration was subject to adjustment upon the determination of actual working capital, net indebtedness and certain transaction related expenses, which adjustment was resolved in July 2015 by the payment of $11.4 million to the former security holders of DSS. Our primary strategic reasons for the DSS Acquisition were to accelerate Cott’s acquisition-based diversification outside of CSDs and shelf stable juices, broaden our distribution platform by adding a national direct-to-consumer distribution channel and 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. 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. 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. The allocation of the purchase price is based on a preliminary valuation that is expected to be completed by the end of 2015. As reported at As reported at (in millions of U.S. dollars) July 4, 2015 Adjustments October 3, 2015 Cash and cash equivalents $ 74.5 $ — $ 74.5 Accounts receivable 102.6 — 102.6 Inventories 46.4 — 46.4 Prepaid expenses and other current assets 8.8 — 8.8 Deferred income taxes 4.4 (0.7 ) 3.7 Property, plant & equipment 412.7 — 412.7 Goodwill 562.8 0.7 563.5 Intangible and other assets 417.2 — 417.2 Accounts payable and accrued liabilities (118.5 ) — (118.5 ) Long-term debt (406.0 ) — (406.0 ) Deferred income taxes liabilities (122.9 ) — (122.9 ) Other long-term liabilities (29.5 ) — (29.5 ) Total $ 952.5 $ — $ 952.5 The principal factor that resulted in recognition of goodwill in the DSS Acquisition was that the purchase price was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the 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% 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 ($24.3 million at exchange rates in effect on October 3, 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 and deferred consideration payment were funded from borrowings under the ABL facility and available cash. The total consideration paid by us for the Aimia Acquisition is summarized below: (in millions of U.S. dollars) Cash $ 80.4 Deferred consideration 33.5 Contingent consideration 1 17.9 Working capital payment 7.2 Total consideration $ 139.0 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 on 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 ($24.3 million at exchange rates in effect on October 3, 2015), which will become due by us if and to the extent 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. The acquisition date fair value of the contingent consideration was determined to be £10.6 million ($16.1 million at exchange rates in effect on October 3, 2015) using a present value probability-weighted income approach. During the second quarter of 2015, we recorded a fair value adjustment of £0.4 million ($0.6 million at exchange rates in effect on July 4, 2015) to the contingent consideration based on our review of the key assumptions used to calculate the fair value at the acquisition date. The change in the fair value adjustment of the contingent consideration was recognized in other expense (income), net in the Consolidated Statement of Operations for the nine months ended October 3, 2015. The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in the Aimia Acquisition. (in millions of U.S. dollars) Acquired Value Cash $ 9.5 Accounts receivable 11.0 Inventories 9.6 Prepaid expenses and other assets 1.9 Property, plant & equipment 10.9 Goodwill 54.5 Intangibles and other assets 86.2 Accounts payable and accrued liabilities (27.4 ) Deferred tax liabilities (17.2 ) Total $ 139.0 The principal factor that resulted in recognition of goodwill in the Aimia Acquisition was that the purchase price was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the 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 pro forma financial information for the three and nine months ended September 27, 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 periods. For the Three Months Ended For the Nine Months Ended (in millions of U.S. dollars, except share amounts) September 27, 2014 September 27, 2014 Revenue $ 785.9 $ 2,347.8 Net loss (18.8 ) (40.8 ) Net loss per common share, diluted $ (0.20 ) $ (0.43 ) |
Restructuring and Asset Impairm
Restructuring and Asset Impairments | 9 Months Ended |
Oct. 03, 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. During the first quarter of 2014, we implemented one such program, which involved the closure of two of our smaller plants, one located in North America and another one located in the United Kingdom (the “2014 Restructuring Plan”). In connection with the 2014 Restructuring Plan, we incurred charges related primarily to headcount reductions and to asset impairments. We had no restructuring activities during the nine months ended October 3, 2015. The following table summarizes restructuring charges for the three and nine months ended September 27, 2014: For the Three Months Ended For the Nine Months Ended (in millions of U.S. dollars) September 27, 2014 September 27, 2014 North America $ 0.1 $ 2.3 U.K. — 0.1 Total $ 0.1 $ 2.4 The following table summarizes asset impairment charges for the three and nine months ended September 27, 2014: For the Three Months Ended For the Nine Months Ended (in millions of U.S. dollars) September 27, 2014 September 27, 2014 North America $ — $ 0.9 U.K. (0.2 ) 0.8 Total $ (0.2 ) $ 1.7 The following tables summarize our restructuring liability as of September 27, 2014, along with charges to costs and expenses and cash payments in connection with the 2014 Restructuring Plan: North America Balance at Balance at December 28, Charges to costs September 27, (in millions of U.S. dollars) 2013 and expenses Cash payments 2014 Restructuring liability $ — $ 2.3 $ (2.3 ) $ — $ — $ 2.3 $ (2.3 ) $ — U.K. Balance at Balance at December 28, Charges to costs September 27, (in millions of U.S. dollars) 2013 and expenses Cash payments 2014 Restructuring liability $ — $ 0.1 $ (0.1 ) $ — $ — $ 0.1 $ (0.1 ) $ — |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Oct. 03, 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 and nine months ended October 3, 2015 and September 27, 2014, respectively. 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 Amended and Restated Cott Corporation Equity Incentive Plan, as amended (the “Equity Incentive Plan”), (ii) “Time-based RSUs” mean restricted share units with time-based vesting granted under the Equity Incentive Plan (iii) “Stock options” mean non-qualified stock options granted under the Equity Incentive Plan or the Restated 1986 Common Share Option Plan, as amended (the “Option Plan”), as the case may be, and (iv) “Director share awards” mean common shares issued in consideration of the annual board retainer fee to non-management members of our board of directors under the Equity Incentive Plan. For the Three Months Ended For the Nine Months Ended October 3, September 27, October 3, September 27, (in millions of U.S. dollars) 2015 2014 2015 2014 Stock options $ 0.6 $ 0.4 $ 1.5 $ 1.2 Performance-based RSUs 1.0 0.2 4.0 1.0 Time-based RSUs 0.7 0.7 1.9 2.1 Director share awards — 0.2 1.0 0.6 Total $ 2.3 $ 1.5 $ 8.4 $ 4.9 As of October 3, 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 October 3, 2015 compensation Stock options $ 3.2 1.9 Performance-based RSUs 8.7 2.1 Time-based RSUs 3.0 1.7 Total $ 14.9 Stock option activity for the nine months ended October 3, 2015 was as follows: Shares Weighted average (in thousands) exercise price Balance at January 3, 2015 1,221 $ 7.77 Awarded 685 9.22 Exercised (113 ) 4.94 Outstanding at October 3, 2015 1,793 $ 8.50 Exercisable at October 3, 2015 297 $ 6.60 During the nine months ended October 3, 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 320 9.22 212 9.22 Awarded in connection with modification 55 7.90 — — Issued (255 ) 6.87 (10 ) 8.60 Forfeited (5 ) 8.52 (21 ) 8.51 Outstanding at October 3, 2015 1,897 $ 7.42 845 $ 8.78 Certain stock options were granted under the Option Plan, prior to its termination. As of October 3, 2015, all options granted under the Option Plan have been exercised, forfeited or terminated, as applicable. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 03, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6—Income Taxes Income tax benefit was $16.3 million on pre-tax income of $7.2 million for the nine months ended October 3, 2015, as compared to an income tax expense of $3.8 million on pre-tax loss of $0.8 million for the nine months ended September 27, 2014. As a result of the DSS Acquisition in the fourth quarter of 2014, the Company expects to generate taxable income in the future in the United States and as such is now able to realize tax benefits, such as net operating losses, generated in the United States. The Company has significant global permanent book to tax differences that exceed its estimated income before taxes on an annual basis, thus small changes in estimated income before taxes or changes in year to date income before taxes between jurisdictions can cause material fluctuations in the estimated effective tax rate on a quarterly basis. The Company has therefore calculated its income tax provision for the nine months ended October 3, 2015 on a discrete basis for the United States rather than using the estimated annual effective tax rate for the year, in accordance with ASC 740. |
Net Income (Loss) per Common Sh
Net Income (Loss) per Common Share | 9 Months Ended |
Oct. 03, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Common Share | Note 7—Net Income (Loss) per Common Share Basic net income (loss) per common share is calculated by dividing net income (loss) attributed to Cott Corporation by the weighted average number of common shares outstanding during the periods presented. Diluted net income (loss) per common share is calculated by dividing net income (loss) 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 is 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 For the Nine Months Ended October 3, September 27, October 3, September 27, (in millions of U.S. dollars) 2015 2014 2015 2014 Net income (loss) attributed to Cott Corporation $ 4.8 $ 1.3 $ 1.0 $ (8.7 ) Plus: Accumulated dividends on convertible preferred shares 1 — — — — Foreign exchange impact on redemption of convertible preferred shares 1 — — — — Diluted net income (loss) attributed to Cott Corporation $ 4.8 $ 1.3 $ 1.0 $ (8.7 ) Denominator For the Three Months Ended For the Nine Months Ended October 3, September 27, October 3, September 27, (in thousands) 2015 2014 2015 2014 Weighted average number of shares outstanding - basic 109,686 93,607 100,818 94,053 Dilutive effect of stock options 236 39 146 — Dilutive effect of Performance-based RSUs 2 — 276 – — Dilutive effect of Time-based RSUs 488 426 423 — Dilutive effect of Convertible Preferred Shares 1 — — — — Adjusted weighted average number of shares outstanding - diluted 110,410 94,348 101,387 94,053 1. For the nine months ended October 3, 2015, we excluded the impact of the Convertible Preferred Shares from the computation of diluted net income per common share as the Convertible Preferred Shares were anti-dilutive for purposes of calculating diluted net income per common share as a result of the addition of the accumulated dividends and foreign exchange impact on redemption to net income per common share attributable to Cott Corporation to the numerator and the addition of 15,620,632 incremental common shares assumed outstanding applying the if-converted method to the denominator in such calculation. 2. For the three and nine months ended October 3, 2015, we excluded the outstanding Performance-based RSUs from the computation of diluted net income per common share because the performance conditions would not have been satisfied assuming October 3, 2015 was the end of the performance measurement period. For the three and nine months ended October 3, 2015, the average market price of the common shares was greater than the exercise price of all outstanding stock options and therefore no stock options were excluded from the computation of diluted net income (loss) per share. For the three and nine months ended September 27, 2014, we excluded 832,951 stock options from the computation of diluted net income (loss) per share because the average market price of the common shares was less than the options’ exercise price. In addition, we excluded the impact of the remaining stock options, Performance-based RSUs and Time-based RSUs from the computation of diluted net loss per share as they were considered anti-dilutive for purposes of calculating loss per share for the nine months ended September 27, 2014. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Oct. 03, 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 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 warehouse, branch and distribution facilities and daily operation of over 2,200 routes. During the nine months ended September 27, 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. North All (in millions of U.S. dollars) America DSS U.K. Other Corporate Elimination Total For the Three Months Ended October 3, 2015 Revenue, net 1 $ 338.5 $ 268.1 $ 139.9 $ 15.4 $ — (6.3 ) $ 755.6 Depreciation and amortization 19.4 32.3 5.9 0.5 — — 58.1 Operating income (loss) 8.3 14.0 7.0 3.1 (3.8 ) — 28.6 Additions to property, plant and equipment 8.4 18.0 1.5 0.4 — — 28.3 For the Nine Months Ended October 3, 2015 Revenue, net 1 $ 1,026.2 765.4 425.9 44.8 — (17.1 ) $ 2,245.2 Depreciation and amortization 61.3 94.3 16.8 1.3 — — 173.7 Operating income (loss) 33.8 25.7 25.5 8.4 (12.0 ) — 81.4 Additions to property, plant and equipment 20.1 56.8 7.7 0.9 — — 85.5 As of October 3, 2015 Property, plant and equipment, net 297.1 397.9 101.9 6.3 — — 803.2 Goodwill 121.0 568.0 57.6 4.5 — — 751.1 Intangibles and other assets 249.4 396.0 91.2 — — — 736.6 Total assets 2 983.2 1,543.8 417.9 30.4 — — 2,975.3 1. Intersegment revenue between North America and the other reporting segments was $6.3 million and $17.1 million for the three and nine months ended October 3, 2015, respectively. 2. Excludes intersegment receivables, investments and notes receivable. North All (in millions of U.S. dollars) America DSS U.K. Other Corporate Elimination Total For the Three Months Ended September 27, 2014 Revenue, net 1 $ 351.7 $ — $ 172.0 $ 16.8 $ — (5.5 ) $ 535.0 Depreciation and amortization 20.3 — 6.1 0.4 — — 26.8 Operating income (loss) 8.9 — 10.3 2.6 (3.0 ) — 18.8 Additions to property, plant and equipment 7.9 — 2.5 0.4 — — 10.8 For the Nine Months Ended September 27, 2014 Revenue, net 1 $ 1,081.8 $ — $ 445.3 $ 49.9 $ — (17.7 ) $ 1,559.3 Depreciation and amortization 61.4 — 15.0 1.3 — — 77.7 Operating income (loss) 26.7 — 23.2 8.2 (8.8 ) — 49.3 Additions to property, plant and equipment 20.9 — 10.1 0.4 — — 31.4 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 1,077.7 1,572.8 426.8 30.4 — — 3,107.7 1. Intersegment revenue between North America and the other reporting segments was $5.5 million and $17.7 million for the three and nine months ended September 27, 2014, respectively. 2. Excludes intersegment receivables, investments and notes receivable. For the nine months ended October 3, 2015, sales to Walmart accounted for 18.1% (September 27, 2014—26.4%) of our total revenue, 32.9% of our North America reporting segment revenue (September 27, 2014—32.5%), 11.8% of our U.K. reporting segment revenue (September 27, 2014—12.9%), 4.1% of our All Other reporting segment revenue (September 27, 2014—3.1%), and 2.2% of our DSS reporting segment revenue. Credit risk arises from the potential default of a customer in meeting its financial obligations to us. Concentrations of credit exposure may arise with a group of customers that have similar economic characteristics or that are located in the same geographic region. The ability of such customers to meet obligations would be similarly affected by changing economic, political or other conditions. We are not currently aware of any facts that would create a material credit risk. Revenues for our DSS reporting segment from sales to external customers were generated 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 For the Nine Months Ended October 3, September 27, October 3, September 27, (in millions of U.S. dollars) 2015 2014 2015 2014 United States $ 298.5 $ 307.4 $ 906.8 $ 946.1 Total $ 298.5 $ 307.4 $ 906.8 $ 946.1 Revenues are attributed to reporting segments based on the location of the customer. Revenues by channel by reporting segment were as follows: For the Three Months Ended October 3, 2015 North All (in millions of U.S. dollars) America DSS U.K. Other Elimination Total Revenue Private label retail $ 270.4 $ 17.0 $ 65.4 $ 0.9 $ (0.4 ) $ 353.3 Branded retail 30.0 22.9 42.0 0.9 (0.3 ) 95.5 Contract packaging 31.1 — 30.3 5.7 (2.4 ) 64.7 Home and office bottled water delivery — 173.3 — — — 173.3 Office coffee services — 28.1 — — — 28.1 Other 7.0 26.8 2.2 7.9 (3.2 ) 40.7 Total $ 338.5 $ 268.1 $ 139.9 $ 15.4 $ (6.3 ) $ 755.6 For the Nine Months Ended October 3, 2015 North All (in millions of U.S. dollars) America DSS U.K. Other Elimination Total Revenue Private label retail $ 827.8 $ 49.7 $ 198.1 $ 3.7 $ (1.6 ) $ 1,077.7 Branded retail 87.9 63.2 131.3 3.3 (1.2 ) 284.5 Contract packaging 88.0 — 89.6 16.4 (4.0 ) 190.0 Home and office bottled water delivery — 487.7 — — — 487.7 Office coffee services — 89.8 — — — 89.8 Other 22.5 75.0 6.9 21.4 (10.3 ) 115.5 Total $ 1,026.2 $ 765.4 $ 425.9 $ 44.8 $ (17.1 ) $ 2,245.2 For the Three Months Ended September 27, 2014 North All (in millions of U.S. dollars) America U.K. Other Elimination Total Revenue Private label retail $ 291.7 $ 84.0 $ 1.8 $ (0.4 ) $ 377.1 Branded retail 28.9 47.9 1.3 (0.4 ) 77.7 Contract packaging 23.0 37.7 6.1 (1.2 ) 65.6 Home and office bottled water delivery — — — — — Office coffee services — — — — — Other 8.1 2.4 7.6 (3.5 ) 14.6 Total $ 351.7 $ 172.0 $ 16.8 $ (5.5 ) $ 535.0 For the Nine Months Ended September 27, 2014 North All (in millions of U.S. dollars) America U.K. Other Elimination Total Revenue Private label retail $ 905.3 $ 226.5 $ 4.5 $ (0.8 ) $ 1,135.5 Branded retail 81.9 127.6 3.6 (1.3 ) 211.8 Contract packaging 71.3 87.1 20.6 (6.0 ) 173.0 Home and office bottled water delivery — — — — — Office coffee services — — — — — Other 23.3 4.1 21.2 (9.6 ) 39.0 Total $ 1,081.8 $ 445.3 $ 49.9 $ (17.7 ) $ 1,559.3 Property, plant and equipment, net by geographic area as of October 3, 2015 and January 3, 2015 were as follows: October 3, January 3, (in millions of U.S. dollars) 2015 2015 North America $ 695.0 $ 747.3 U.K. 101.9 109.9 All Other 6.3 7.3 Total $ 803.2 $ 864.5 |
Inventories
Inventories | 9 Months Ended |
Oct. 03, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 9 Inventories The following table summarizes inventories as of October 3, 2015 and January 3, 2015: October 3, January 3, (in millions of U.S. dollars) 2015 2015 Raw materials $ 93.5 $ 105.8 Finished goods 1 128.2 118.4 Resale items 12.5 17.4 Other 19.7 20.8 Total $ 253.9 $ 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 | 9 Months Ended |
Oct. 03, 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 October 3, 2015: October 3, 2015 (in millions of U.S. dollars) Cost Accumulated Net Intangibles Not subject to amortization Rights 1 $ 45.0 — $ 45.0 DSS Trademarks 183.1 — 183.1 Total intangibles not subject to amortization 228.1 — 228.1 Subject to amortization Customer relationships 648.5 (222.0 ) 426.5 Trademarks 33.3 (28.1 ) 5.2 Information technology 52.8 (28.4 ) 24.4 Other 7.9 (4.3 ) 3.6 Total intangibles subject to amortization 742.5 (282.8 ) 459.7 Total intangibles 970.6 (282.8 ) 687.8 Other assets Financing costs 38.1 (12.1 ) 26.0 Deposits 9.5 — 9.5 Other 14.9 (1.6 ) 13.3 Total other assets 62.5 (13.7 ) 48.8 Total intangibles and other assets $ 1,033.1 $ (296.5 ) $ 736.6 1. Relates to the 2001 acquisition of intellectual property from Royal Crown Company, Inc., including the right to manufacture our concentrates, with all related inventions, processes, technologies, technical and manufacturing information, know-how and the use of the Royal Crown brand outside of North America and Mexico. Amortization expense of intangibles and other assets was $19.9 million and $58.7 million for the three and nine months ended October 3, 2015, respectively, compared to $9.8 million and $27.0 million for the comparable prior year periods. The estimated amortization expense for intangibles over the next five years is: (in millions of U.S. dollars) Remainder of 2015 $ 18.1 2016 67.8 2017 59.5 2018 53.1 2019 45.3 Thereafter 215.9 Total $ 459.7 |
Debt
Debt | 9 Months Ended |
Oct. 03, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Note 11 Debt Our total debt as of October 3, 2015 and January 3, 2015 was as follows: (in millions of U.S. dollars) October 3, January 3, 6.750% senior notes due in 2020 $ 625.0 $ 625.0 10.000% senior notes due in 2021 1 391.5 405.6 5.375% senior notes due in 2022 525.0 525.0 ABL facility 152.0 229.0 GE Term Loan 6.9 8.2 Capital leases and other debt financing 3.2 5.2 Total debt 1,703.6 1,798.0 Less: Short-term borrowings and current debt: ABL facility 152.0 229.0 Total short-term borrowings 152.0 229.0 GE Term Loan - current maturities 2.1 2.0 Capital leases and other financing - current maturities 1.6 2.0 Total current debt 155.7 233.0 Total long-term debt $ 1,547.9 $ 1,565.0 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 have amended and refinanced the ABL facility from time to time and incurred financing fees in connection therewith, an aggregate of $9.0 million of which have been capitalized and deferred and are being amortized using the straight-line method over the duration of the amended ABL facility. 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, (6) permit certain other indebtedness that we issued or assumed in connection with the DSS Acquisition, and (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. On May 26, 2015, we amended the ABL facility to, among other things, (1) increase the maximum annual amount of Preferred Shares that may be redeemed in order to facilitate the redemption in full of the Preferred Shares that was completed in June 2015, (2) modify the sale-leaseback covenant to allow for the inclusion of properties that have been owned by certain subsidiaries of the Company for more than 180 days, and (3) make miscellaneous other technical changes. As of October 3, 2015, we had $152.0 million of outstanding borrowings under the ABL facility. The commitment fee was 0.375% per annum of the unused commitment, which, taking into account $41.2 million of letters of credit, was $206.8 million as of October 3, 2015. As of that date, our total availability under the ABL facility was $350.6 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 $152.0 million and outstanding letters of credit of $41.2 million, our excess availability under the ABL facility was $157.4 million. 5.375% Senior Notes due in 2022 On June 24, 2014, we issued $525.0 million of 5.375% senior notes due 2022 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 notes is our wholly-owned U.S. subsidiary Cott Beverages Inc. (“CBI”), and we and most of our U.S., Canadian and U.K. subsidiaries guarantee the obligations. The interest is payable semi-annually on January 1st and July 1st of each year. On May 13, 2015, we exchanged the notes for notes that are registered under the Securities Act and that do not contain transfer restrictions, registration rights or additional interest provisions, but otherwise contain identical economic terms (the “2022 Notes”). We incurred $9.6 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 senior secured notes to qualified purchasers in a private placement under Rule 144A and Regulation S under the Securities Act. In July 2014, the notes were exchanged for notes that are registered under the Securities Act and that do not contain transfer restrictions, registration rights or additional interest provisions, but otherwise contain identical economic terms (the “DSS Notes”). In November 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 1 st st 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. In connection with the DSS Acquisition, we arranged for backstop bridge financing that was not ultimately necessary to utilize to close the transaction. The aggregate amount of fees for the DSS Notes consent solicitation and bridge financing commitment was approximately $26.5 million. 6.750% Senior Notes due in 2020 On December 12, 2014, we issued the $625.0 million of 6.75% senior notes due January 1, 2020 to qualified purchasers in a private placement under Rule 144A and Regulation S under the Securities Act. The issuer of the notes is CBI, and we and most of our U.S., Canadian and U.K. subsidiaries guarantee the obligations. The interest is payable semi-annually on January 1st and July 1st of each year. On July 14, 2015, we exchanged the notes for notes that are registered under the Securities Act and that do not contain transfer restrictions, registration rights or additional interest provisions, but otherwise contain identical economic terms (the “2020 Notes”). 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 $375.0 million aggregate principal amount of our 8.125% senior notes due 2018 (the “2018 Notes”). The issuer of the 2018 Notes was CBI. 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 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 CBI. 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 5.23% interest. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 9 Months Ended |
Oct. 03, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Note 12—Accumulated Other Comprehensive (Loss) Income Changes in accumulated other comprehensive (loss) income (“AOCI”) by component for the nine months ended October 3, 2015 were as follows: (in millions of U.S. dollars) 1 Gains and Losses Pension Currency Total Beginning balance January 3, 2015 $ 0.2 $ (12.4 ) $ (38.8 ) $ (51.0 ) OCI before reclassifications (5.2 ) — (13.1 ) (18.3 ) Amounts reclassified from AOCI 0.3 0.7 — 1.0 Net current-period OCI (4.9 ) 0.7 (13.1 ) (17.3 ) Ending balance October 3, 2015 $ (4.7 ) $ (11.7 ) $ (51.9 ) $ (68.3 ) 1. All amounts are net of tax. Amounts in parentheses indicate debits. The following table summarizes the amounts reclassified from AOCI for the three and nine months ended October 3, 2015 and September 27, 2014, respectively. (in millions of U.S. dollars) For the Three Months Ended For the Nine Months Ended Affected Line Item in the Statement Where Net Details About AOCI Components 1 October 3, September 27, October 3, September 27, Gains and losses on derivative instruments Foreign currency and commodity hedges $ (0.9 ) $ (0.1 ) $ (0.7 ) $ 0.1 Cost of sales $ (0.9 ) $ (0.1 ) $ (0.7 ) $ 0.1 Total before taxes 0.4 — 0.4 — Tax (expense) or benefit $ (0.5 ) $ (0.1 ) $ (0.3 ) $ 0.1 Net of tax Amortization of pension benefit plan items Prior service costs 2 $ (0.2 ) $ (0.1 ) $ (0.7 ) $ (0.3 ) (0.2 ) (0.1 ) (0.7 ) (0.3 ) Total before taxes — — — — Tax (expense) or benefit $ (0.2 ) $ (0.1 ) $ (0.7 ) $ (0.3 ) Net of tax Total reclassifications for the period $ (0.7 ) $ (0.2 ) $ (1.0 ) $ (0.2 ) Net of tax 1. Amounts in parentheses indicate debits. 2. These AOCI components are included in the computation of net periodic pension cost. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Oct. 03, 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. We had $41.2 million in standby letters of credit outstanding as of October 3, 2015 (September 27, 2014—$6.9 million). In March 2014, we had a favorable legal settlement in the amount of $3.5 million, of which $3.0 million was collected in April 2014 and the remaining $0.5 million 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 contingent consideration of up to £16.0 million ($24.3 million at exchange rates in effect on October 3, 2015), which is payable upon achievement of certain measures related to Aimia’s performance during the twelve months ending July 1, 2016. In June 2013, our U.K. reporting segment acquired 100% of the share capital of Cooke Bros. Holdings Limited. The terms of the transaction included the payment of deferred consideration, the final payment of which (approximately $2.5 million) was paid during the second quarter of 2015. |
Preferred Shares
Preferred Shares | 9 Months Ended |
Oct. 03, 2015 | |
Temporary Equity Disclosure [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 were redeemable at our option. As of June 11, 2015, all of the outstanding Preferred Shares were redeemed for an aggregate cash payment of $151.3 million, which included accrued and unpaid dividends of $2.5 million. The aggregate cash payment was funded primarily through an issuance of our common shares, which generated cash proceeds, net of related issuance expenses and broker commissions, of approximately $142.5 million. The difference in the U.S. dollar and Canadian dollar exchange rates at issuance of the Preferred Shares compared to those exchange rates in effect at redemption, resulted in an adjustment to retained earnings upon redemption of approximately $12.0 million. |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Oct. 03, 2015 | |
Equity [Abstract] | |
Share Repurchase Program | Note 15—Share Repurchase Program On May 6, 2014, our board of directors approved the renewal of our share repurchase program for up to 5% of Cott’s outstanding common shares over a 12-month period commencing upon the expiration of 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 we made no additional repurchases of our common shares. The share repurchase program expired on May 21, 2015. |
Hedging Transactions and Deriva
Hedging Transactions and Derivative Financial Instruments | 9 Months Ended |
Oct. 03, 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 over-the-counter instruments with liquid markets. Credit Risk Associated with Derivatives We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We monitor counterparty exposures regularly and review promptly any downgrade in counterparty credit rating. We mitigate pre-settlement risk by being permitted to net settle for transactions with the same counterparty. To minimize the concentration of credit risk, we enter into derivative transactions with a portfolio of financial institutions. Based on these factors, we consider the risk of counterparty default to be minimal. Cash Flow Hedging Strategy We use cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in 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 nine months ended October 3, 2015 or September 27, 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 $11.1 million and $22.5 million as of October 3, 2015 and January 3, 2015, respectively. Approximately $0.8 million and nil of unrealized net of tax gains related to the foreign currency cash flow hedges were included in AOCI as of October 3, 2015 and September 27, 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 $57.1 million and $55.4 million as of October 3, 2015 and January 3, 2015, respectively. Approximately $5.7 million and $0.7 million of unrealized net of tax losses related to the commodity swaps were included in AOCI as of October 3, 2015 and September 27, 2014, respectively. The cumulative hedge ineffectiveness for these hedging instruments was not material for the nine months ended October 3, 2015 and September 27, 2014, respectively. The fair value of the Company’s derivative assets included within other receivables as a component of accounts receivable, net was $1.0 million and $1.2 million as of October 3, 2015 and January 3, 2015, respectively. The fair value of the Company’s derivative liabilities included in accrued liabilities was $8.5 million and $2.3 million as of October 3, 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) Derivative Contract October 3 ,2015 January 3, 2015 Assets Liabilities Assets Liabilities Foreign currency hedge $ 1.0 $ — $ 1.0 $ — Aluminum swaps — (8.5 ) 0.2 (2.3 ) $ 1.0 $ (8.5 ) $ 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: October 3 ,2015 January 3, 2015 (in millions of U.S. dollars) Assets Liabilities Assets Liabilities Aluminum swap assets $ — $ — $ 0.2 $ 0.2 Aluminum swap liabilities — (8.5 ) — (2.5 ) Net asset (liability) $ — $ (8.5 ) $ 0.2 $ (2.3 ) The settlement of our derivative instruments resulted in a charge to cost of sales of $0.9 million and $0.7 million for the three and nine months ended October 3, 2015, respectively, compared with a charge to cost of sales of $0.1 million and a credit to costs of sales of $0.1 million for the comparable prior year periods. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 03, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 17—Fair Value Measurements ASC No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. We have certain assets and liabilities such as our derivative instruments that are required to be recorded at fair value on a recurring basis in accordance with U.S. GAAP. Our derivative assets 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 October 3, 2015 and January 3, 2015 was $1.0 million and $1.2 million, respectively. The fair value for the derivative liabilities as of October 3, 2015 and January 3, 2015 was $8.5 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 October 3, 2015 and January 3, 2015 were as follows: October 3, 2015 January 3, 2015 (in millions of U.S. dollars) Carrying Fair Carrying Fair 6.750% senior notes due in 2020 1 $ 625.0 $ 643.0 $ 625.0 $ 630.1 10.000% senior notes due in 2021 1, 2 391.5 402.9 405.6 403.4 5.375% senior notes due in 2022 1 525.0 506.6 525.0 481.7 Total $ 1,541.5 $ 1,552.5 $ 1,555.6 $ 1,515.2 1. The fair values were based on the trading levels and bid/offer prices observed by a market participant and are considered Level 1 financial instruments. 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 contingent consideration related to the Aimia Acquisition 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 ($16.1 million at exchange rates in effect on October 3, 2015) using a present valued probability-weighted income approach. During the second quarter of 2015, we recorded a fair value adjustment of £0.4 million ($0.6 million at exchange rates in effect on July 4, 2015) to the contingent consideration based on review of the key assumptions used to calculate the fair value at the acquisition date. The change in the fair value adjustment of the contingent consideration was recognized in other expense (income), net in the Consolidated Statement of Operations for the nine months ended October 3, 2015. The maximum potential payout is £16.0 million ($24.3 million at exchange rates in effect on October 3, 2015) on an undiscounted basis. |
Guarantor Subsidiaries
Guarantor Subsidiaries | 9 Months Ended |
Oct. 03, 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 secured basis pursuant to guarantees by Cott Corporation and certain other 100% owned direct and indirect subsidiaries (the “DSS Guarantor Subsidiaries”). DSS and each DSS Guarantor Subsidiary is 100% owned by Cott Corporation. The guarantees of the DSS Notes by Cott Corporation and the DSS Guarantor Subsidiaries are full and unconditional, and all such guarantees are joint and several. The guarantees of the DSS 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 the DSS Guarantor Subsidiaries due to the presentation of condensed consolidating financial information set forth in this Note, consistent with Securities and Exchange Commission (“SEC”) interpretations governing reporting of subsidiary financial information. The following summarized condensed consolidating financial information of the Company sets forth on a consolidating basis, our Balance Sheets, Statements of Operations and Cash Flows for Cott Corporation, DSS, the DSS Guarantor Subsidiaries and our other non-guarantor subsidiaries (the “DSS 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 Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended October 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Revenue, net $ 37.0 $ 268.1 $ 431.3 $ 33.3 $ (14.1 ) $ 755.6 Cost of sales 31.4 104.3 375.2 26.3 (14.1 ) 523.1 Gross profit 5.6 163.8 56.1 7.0 — 232.5 Selling, general and administrative expenses 6.0 142.5 44.2 3.5 — 196.2 Loss on disposal of property, plant & equipment — 0.9 0.2 — — 1.1 Acquisition and integration expenses — 6.4 0.2 — — 6.6 Operating (loss) income (0.4 ) 14.0 11.5 3.5 — 28.6 Other expense (income), net 0.8 (0.6 ) 0.3 0.1 — 0.6 Intercompany interest expense (income), net — 10.8 (10.8 ) — — — Interest expense, net — 7.4 20.0 — — 27.4 (Loss) income before income tax (benefit) expense and equity income (1.2 ) (3.6 ) 2.0 3.4 — 0.6 Income tax (benefit) expense (0.2 ) (1.2 ) (4.3 ) (0.1 ) — (5.8 ) Equity income 5.8 — 1.0 — (6.8 ) — Net income (loss) $ 4.8 $ (2.4 ) $ 7.3 $ 3.5 $ (6.8 ) $ 6.4 Less: Net income attributable to non-controlling interests — — — 1.6 — 1.6 Net income (loss) attributed to Cott Corporation $ 4.8 $ (2.4 ) $ 7.3 $ 1.9 $ (6.8 ) $ 4.8 Comprehensive (loss) income attributed to Cott Corporation $ (8.9 ) $ (2.4 ) $ (19.8 ) $ 3.9 $ 18.3 $ (8.9 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Nine Months Ended October 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Revenue, net $ 113.9 $ 765.4 $ 1,307.1 $ 103.0 $ (44.2 ) $ 2,245.2 Cost of sales 96.8 305.5 1,129.6 83.1 (44.2 ) 1,570.8 Gross profit 17.1 459.9 177.5 19.9 — 674.4 Selling, general and administrative expenses 16.4 418.8 130.1 9.6 — 574.9 Loss (gain) on disposal of property, plant & equipment — 2.9 (0.2 ) — — 2.7 Acquisition and integration expenses — 12.5 2.9 — — 15.4 Operating income 0.7 25.7 44.7 10.3 — 81.4 Other (income) expense, net (9.0 ) (1.0 ) 1.1 0.1 — (8.8 ) Intercompany interest (income) expense, net (4.9 ) 32.7 (27.8 ) — — — Interest expense, net 0.1 22.2 60.7 — — 83.0 Income (loss) before income tax expense (benefit) and equity income 14.5 (28.2 ) 10.7 10.2 — 7.2 Income tax expense (benefit) 2.8 (10.2 ) (9.0 ) 0.1 — (16.3 ) Equity income 7.2 — 4.0 — (11.2 ) — Net income (loss) $ 18.9 $ (18.0 ) $ 23.7 $ 10.1 $ (11.2 ) $ 23.5 Less: Net income attributable to non-controlling interests — — — 4.6 — 4.6 Less: Accumulated dividends on convertible preferred shares 4.5 — — — — 4.5 Less: Accumulated dividends on non-convertible preferred shares 1.4 — — — — 1.4 Less: Foreign exchange impact on redemption of preferred shares 12.0 — — — — 12.0 Net income (loss) attributed to Cott Corporation $ 1.0 $ (18.0 ) $ 23.7 $ 5.5 $ (11.2 ) $ 1.0 Comprehensive (loss) income attributed to Cott Corporation $ (16.3 ) $ (18.0 ) $ 23.7 $ 8.7 $ (14.4 ) $ (16.3 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended September 27, 2014 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Revenue, net $ 42.3 $ — $ 469.8 $ 35.7 $ (12.8 ) $ 535.0 Cost of sales 36.2 — 412.1 30.0 (12.8 ) 465.5 Gross profit 6.1 — 57.7 5.7 — 69.5 Selling, general and administrative expenses 5.5 — 41.7 2.7 — 49.9 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Restructuring 0.1 — — — — 0.1 Asset impairments — — (0.2 ) — — (0.2 ) Acquisition and integration expenses — — 0.5 — — 0.5 Operating income 0.3 — 15.5 3.0 — 18.8 Other expense, net 0.2 — 5.2 — — 5.4 Interest expense, net 0.1 — 8.8 0.1 — 9.0 Income before income tax expense and equity income — — 1.5 2.9 — 4.4 Income tax expense — — 1.8 — — 1.8 Equity income 1.3 — 1.4 — (2.7 ) — Net income (loss) $ 1.3 $ — $ 1.1 $ 2.9 $ (2.7 ) $ 2.6 Less: Net income attributable to non-controlling interests — — — 1.3 — 1.3 Net income (loss) attributed to Cott Corporation $ 1.3 $ — $ 1.1 $ 1.6 $ (2.7 ) $ 1.3 Comprehensive (loss) income attributed to Cott Corporation $ (14.6 ) $ — $ (32.8 ) $ 3.2 $ 29.6 $ (14.6 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Nine Months Ended September 27, 2014 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Revenue, net $ 129.0 $ — $ 1,363.9 $ 104.0 $ (37.6 ) $ 1,559.3 Cost of sales 111.4 — 1,194.3 86.5 (37.6 ) 1,354.6 Gross profit 17.6 — 169.6 17.5 — 204.7 Selling, general and administrative expenses 18.3 — 120.3 8.9 — 147.5 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Restructuring 2.1 — 0.3 — — 2.4 Asset impairments 0.9 — 0.8 — — 1.7 Acquisition and integration expenses — — 3.4 — — 3.4 Operating (loss) income (3.9 ) — 44.6 8.6 — 49.3 Other (income) expense, net (9.1 ) — 31.9 0.1 — 22.9 Interest expense, net 0.2 — 26.9 0.1 — 27.2 Income (loss) before income tax (benefit) expense and equity (loss) income 5.0 — (14.2 ) 8.4 — (0.8 ) Income tax (benefit) expense (1.4 ) — 5.1 0.1 — 3.8 Equity (loss) income (15.1 ) — 4.1 — 11.0 — Net (loss) income $ (8.7 ) $ — $ (15.2 ) $ 8.3 $ 11.0 $ (4.6 ) Less: Net income attributable to non-controlling interests — — — 4.1 — 4.1 Net (loss) income attributed to Cott Corporation $ (8.7 ) $ — $ (15.2 ) $ 4.2 $ 11.0 $ (8.7 ) Comprehensive (loss) income attributed to Cott Corporation $ (17.9 ) $ — $ 6.9 $ 5.0 $ (11.9 ) $ (17.9 ) Consolidating Balance Sheets (in millions of U.S. dollars) Unaudited As of October 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated ASSETS Current assets Cash & cash equivalents $ 2.0 $ 20.6 $ 33.7 $ 7.4 $ — $ 63.7 Accounts receivable, net of allowance 17.3 122.1 197.1 10.9 (23.0 ) 324.4 Income taxes recoverable — 0.6 0.4 0.1 — 1.1 Inventories 13.5 28.6 205.3 6.5 — 253.9 Prepaid expenses and other assets 2.7 10.0 24.6 0.2 — 37.5 Total current assets 35.5 181.9 461.1 25.1 (23.0 ) 680.6 Property, plant & equipment, net 31.3 397.9 367.2 6.8 — 803.2 Goodwill 20.7 568.0 162.4 — — 751.1 Intangibles and other assets, net 0.9 396.0 336.0 3.7 — 736.6 Deferred income taxes 2.7 — 37.8 0.2 (37.8 ) 2.9 Other tax receivable — — 0.9 — — 0.9 Due from affiliates 411.4 — 544.4 — (955.8 ) — Investments in subsidiaries 193.6 — 398.9 — (592.5 ) — Total assets $ 696.1 $ 1,543.8 $ 2,308.7 $ 35.8 $ (1,609.1 ) $ 2,975.3 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ — $ 152.0 $ — $ — $ 152.0 Current maturities of long-term debt — — 3.1 0.6 — 3.7 Accounts payable and accrued liabilities 36.6 126.6 286.1 9.9 (23.0 ) 436.2 Total current liabilities 36.6 126.6 441.2 10.5 (23.0 ) 591.9 Long-term debt — 391.5 1,156.4 — — 1,547.9 Deferred income taxes — 112.8 20.3 — (37.8 ) 95.3 Other long-term liabilities 0.5 34.7 41.0 1.2 — 77.4 Due to affiliates 1.2 543.3 382.5 28.8 (955.8 ) — Total liabilities 38.3 1,208.9 2,041.4 40.5 (1,016.6 ) 2,312.5 Equity Capital stock, no par 532.6 355.6 702.8 38.5 (1,096.9 ) 532.6 Additional paid-in-capital 53.0 — — — — 53.0 Retained earnings (deficit) 140.5 (20.8 ) (430.8 ) (56.6 ) 508.2 140.5 Accumulated other comprehensive (loss) income (68.3 ) 0.1 (4.7 ) 8.4 (3.8 ) (68.3 ) Total Cott Corporation equity 657.8 334.9 267.3 (9.7 ) (592.5 ) 657.8 Non-controlling interests — — — 5.0 — 5.0 Total equity 657.8 334.9 267.3 (4.7 ) (592.5 ) 662.8 Total liabilities and equity $ 696.1 $ 1,543.8 $ 2,308.7 $ 35.8 $ (1,609.1 ) $ 2,975.3 Consolidating Balance Sheets (in millions of U.S. dollars) As of January 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated 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 38.0 184.9 653.3 25.9 (186.9 ) 715.2 Property, plant & equipment, net 38.2 415.5 403.0 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 0.1 (586.9 ) — Investments in subsidiaries 436.3 — 973.1 — (1,409.4 ) — Total assets $ 723.0 $ 1,572.9 $ 2,954.5 $ 40.5 $ (2,183.2 ) $ 3,107.7 LIABILITIES, PREFERRED SHARES AND EQUITY Current liabilities Short-term borrowings $ — $ — $ 229.0 $ — $ — $ 229.0 Current maturities of long-term debt 0.1 — 3.0 0.9 — 4.0 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 9.0 (186.9 ) 653.3 Long-term debt — 405.6 1,158.8 0.6 — 1,565.0 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 1,220.1 1,887.7 43.8 (773.8 ) 2,410.0 Convertible preferred shares 116.1 — — — — 116.1 Non-convertible preferred shares 32.7 — — — — 32.7 Equity Capital stock, no par 388.3 355.5 1,766.0 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 542.0 352.8 1,066.8 (10.2 ) (1,409.4 ) 542.0 Non-controlling interests — — — 6.9 — 6.9 Total equity 542.0 352.8 1,066.8 (3.3 ) (1,409.4 ) 548.9 Total liabilities, preferred shares and equity $ 723.0 $ 1,572.9 $ 2,954.5 $ 40.5 $ (2,183.2 ) $ 3,107.7 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended October 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Operating Activities Net income (loss) $ 4.8 $ (2.4 ) $ 7.3 $ 3.5 $ (6.8 ) $ 6.4 Depreciation & amortization 1.2 32.3 23.3 1.3 — 58.1 Amortization of financing fees 0.1 — 1.1 — — 1.2 Amortization of senior notes premium — (1.3 ) — — — (1.3 ) Share-based compensation expense — 0.6 1.7 — — 2.3 (Decrease) increase in deferred income taxes (1.6 ) 1.8 (4.9 ) — — (4.7 ) Loss on disposal of property, plant & equipment — 0.9 0.2 — — 1.1 Equity income, net of distributions (5.8 ) — (1.0 ) — 6.8 — Intercompany dividends 0.2 — 3.3 — (3.5 ) — Other non-cash items (3.1 ) (1.1 ) 9.2 (0.3 ) — 4.7 Net change in operating assets and liabilities, net of acquisition (0.2 ) 1.4 18.4 4.4 — 24.0 Net cash (used in) provided by operating activities (4.4 ) 32.2 58.6 8.9 (3.5 ) 91.8 Investing Activities Acquisition, net of cash received — (22.0 ) — — — (22.0 ) Additions to property, plant & equipment (0.5 ) (18.5 ) (8.7 ) (0.6 ) — (28.3 ) Additions to intangibles and other assets — — (0.5 ) — — (0.5 ) Proceeds from sale of property, plant & equipment — 0.3 0.1 — — 0.4 Net cash used in investing activities (0.5 ) (40.2 ) (9.1 ) (0.6 ) — (50.4 ) Financing Activities Payments of long-term debt (0.1 ) — (0.8 ) (0.1 ) — (1.0 ) Borrowings under ABL — — 52.4 — — 52.4 Payments under ABL — — (97.3 ) — — (97.3 ) Distributions to non-controlling interests — — — (3.2 ) — (3.2 ) Issuance of common shares 0.5 — — — — 0.5 Financing fees — — (0.1 ) — — (0.1 ) Common shares repurchased and cancelled (0.1 ) — — — — (0.1 ) Dividends paid to common and preferred shareowners (6.5 ) — — — — (6.5 ) Intercompany dividends — — (0.2 ) (3.3 ) 3.5 — Net cash used in financing activities (6.2 ) — (46.0 ) (6.6 ) 3.5 (55.3 ) Effect of exchange rate changes on cash (0.7 ) — (0.6 ) (0.1 ) — (1.4 ) Net (decrease) increase in cash & cash equivalents (11.8 ) (8.0 ) 2.9 1.6 — (15.3 ) Cash & cash equivalents, beginning of period 13.8 28.6 30.8 5.8 — 79.0 Cash & cash equivalents, end of period $ 2.0 $ 20.6 $ 33.7 $ 7.4 $ — $ 63.7 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Nine Months Ended October 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Operating Activities Net income (loss) $ 18.9 $ (18.0 ) $ 23.7 $ 10.1 $ (11.2 ) $ 23.5 Depreciation & amortization 3.6 94.3 71.7 4.1 — 173.7 Amortization of financing fees 0.1 — 3.5 — — 3.6 Amortization of senior notes premium — (4.2 ) — — — (4.2 ) Share-based compensation expense 1.2 1.7 5.4 0.1 — 8.4 Decrease in deferred income taxes (0.5 ) (10.8 ) (10.1 ) (0.2 ) — (21.6 ) Loss (gain) on disposal of property, plant & equipment — 2.9 (0.2 ) — — 2.7 Equity income, net of distributions (7.2 ) — (4.0 ) — 11.2 — Intercompany dividends 4.5 — 7.0 — (11.5 ) — Other non-cash items (9.9 ) (1.1 ) (0.5 ) (0.3 ) — (11.8 ) Net change in operating assets and liabilities, net of acquisition 18.6 (11.4 ) (17.0 ) 1.9 — (7.9 ) Net cash provided by operating activities 29.3 53.4 79.5 15.7 (11.5 ) 166.4 Investing Activities Acquisition, net of cash received — (22.5 ) — — — (22.5 ) Additions to property, plant & equipment (1.0 ) (57.3 ) (26.2 ) (1.0 ) — (85.5 ) Additions to intangibles and other assets — (1.9 ) (0.8 ) — — (2.7 ) Proceeds from sale of property, plant & equipment and sale-leaseback — 14.5 26.4 — — 40.9 Net cash used in investing activities (1.0 ) (67.2 ) (0.6 ) (1.0 ) — (69.8 ) Financing Activities Payments of long-term debt (0.1 ) — (2.2 ) (0.6 ) — (2.9 ) Borrowings under ABL — — 801.3 — — 801.3 Payments under ABL — — (874.5 ) — — (874.5 ) Distributions to non-controlling interests — — — (6.8 ) — (6.8 ) Issuance of common shares 143.1 — — — — 143.1 Financing fees — — (0.3 ) — — (0.3 ) Common shares repurchased and cancelled (0.8 ) — — — — (0.8 ) Preferred shares repurchased and cancelled (148.8 ) — — — — (148.8 ) Dividends paid to common and preferred shareowners (24.5 ) — — — — (24.5 ) Payment of deferred consideration for acquisitions — — (2.5 ) — — (2.5 ) Intercompany dividends — — (4.5 ) (7.0 ) 11.5 — Net cash used in financing activities (31.1 ) — (82.7 ) (14.4 ) 11.5 (116.7 ) Effect of exchange rate changes on cash (1.4 ) — (0.7 ) (0.3 ) — (2.4 ) Net decrease in cash & cash equivalents (4.2 ) (13.8 ) (4.5 ) — — (22.5 ) Cash & cash equivalents, beginning of period 6.2 34.4 38.2 7.4 — 86.2 Cash & cash equivalents, end of period $ 2.0 $ 20.6 $ 33.7 $ 7.4 $ — $ 63.7 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended September 27, 2014 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Operating Activities Net income (loss) $ 1.3 $ — $ 1.1 $ 2.9 $ (2.7 ) $ 2.6 Depreciation & amortization 1.7 — 23.7 1.4 — 26.8 Amortization of financing fees — — 0.7 — — 0.7 Share-based compensation expense 0.1 — 1.3 0.1 — 1.5 (Decrease) increase in deferred income taxes (0.3 ) — 2.5 — — 2.2 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Asset impairments — — (0.2 ) — — (0.2 ) Write off of financing fees and discount — — 0.8 — — 0.8 Equity income, net of distributions (1.3 ) — (1.4 ) — 2.7 — Intercompany dividends 44.2 — 2.5 — (46.7 ) — Other non-cash items (0.2 ) — 0.2 — — — Net change in operating assets and liabilities (36.6 ) — 59.5 2.8 — 25.7 Net cash provided by operating activities 9.1 — 90.9 7.2 (46.7 ) 60.5 Investing Activities Additions to property, plant & equipment — — (10.4 ) (0.4 ) — (10.8 ) Additions to intangibles and other assets — — (1.5 ) — — (1.5 ) Proceeds from sale of property, plant & equipment — — 1.6 — — 1.6 Net cash used in investing activities — — (10.3 ) (0.4 ) — (10.7 ) Financing Activities Payments of long-term debt — — (79.3 ) (0.8 ) — (80.1 ) Borrowings under ABL — — 191.1 — — 191.1 Payments under ABL — — (156.0 ) — — (156.0 ) Distributions to non-controlling interests — — — (2.4 ) — (2.4 ) Financing fees — — (1.2 ) — — (1.2 ) Common shares repurchased and cancelled (4.6 ) — — — — (4.6 ) Payment of deferred consideration for acquisitions — — (32.4 ) — — (32.4 ) Dividends paid to common shareholders (5.6 ) — — — — (5.6 ) Intercompany dividends — — (44.2 ) (2.5 ) 46.7 — Net cash used in financing activities (10.2 ) — (122.0 ) (5.7 ) 46.7 (91.2 ) Effect of exchange rate changes on cash (0.4 ) — (1.6 ) (0.1 ) — (2.1 ) Net (decrease) increase in cash & cash equivalents (1.5 ) — (43.0 ) 1.0 — (43.5 ) Cash & cash equivalents, beginning of period 7.2 — 77.0 6.7 — 90.9 Cash & cash equivalents, end of period $ 5.7 $ — $ 34.0 $ 7.7 $ — $ 47.4 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Nine Months Ended September 27, 2014 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Operating Activities Net (loss) income $ (8.7 ) $ — $ (15.2 ) $ 8.3 $ 11.0 $ (4.6 ) Depreciation & amortization 4.8 — 68.6 4.3 — 77.7 Amortization of financing fees 0.1 — 1.8 — — 1.9 Share-based compensation expense 0.9 — 3.9 0.1 — 4.9 (Decrease) increase in deferred income taxes (1.6 ) — 5.7 — — 4.1 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Asset impairments 0.9 — 0.8 — — 1.7 Write off of financing fees and discount — — 4.1 — — 4.1 Equity loss (income), net of distributions 15.1 — (4.1 ) — (11.0 ) — Intercompany dividends 62.4 — 7.5 — (69.9 ) — Other non-cash items (0.4 ) — (0.3 ) — — (0.7 ) Net change in operating assets and liabilities (44.3 ) — (13.2 ) 5.5 — (52.0 ) Net cash provided by operating activities 29.4 — 59.8 18.2 (69.9 ) 37.5 Investing Activities Acquisitions, net of cash received — — (80.8 ) — — (80.8 ) Additions to property, plant & equipment (0.9 ) — (30.1 ) (0.4 ) — (31.4 ) Additions to intangibles and other assets — — (4.3 ) — — (4.3 ) Proceeds from sale of property, plant & equipment — — 1.6 — — 1.6 Net cash used in investing activities (0.9 ) — (113.6 ) (0.4 ) — (114.9 ) Financing Activities Payments of long-term debt (0.1 ) — (391.7 ) (0.8 ) — (392.6 ) Issue of long-term debt — — 525.0 — — 525.0 Borrowings under ABL — — 474.3 — — 474.3 Payments under ABL — — (455.4 ) — — (455.4 ) Distributions to non-controlling interests — — — (7.2 ) — (7.2 ) Financing fees — — (9.1 ) — — (9.1 ) Common shares repurchased and cancelled (7.7 ) — — — — (7.7 ) Payment of deferred consideration for acquisitions — — (32.4 ) — — (32.4 ) Dividends paid to common shareholders (16.4 ) — — — — (16.4 ) Intercompany dividends — — (62.4 ) (7.5 ) 69.9 — Net cash (used in) provided by financing activities (24.2 ) — 48.3 (15.5 ) 69.9 78.5 Effect of exchange rate changes on cash (0.1 ) — (0.7 ) (0.1 ) — (0.9 ) Net increase (decrease) in cash & cash equivalents 4.2 — (6.2 ) 2.2 — 0.2 Cash & cash equivalents, beginning of period 1.5 — 40.2 5.5 — 47.2 Cash & cash equivalents, end of period $ 5.7 $ — $ 34.0 $ 7.7 $ — $ 47.4 The 2022 Notes and 2020 Notes, each issued by our 100% owned subsidiary, CBI, are guaranteed on a senior secured basis pursuant to guarantees by Cott Corporation and certain other 100% owned direct and indirect subsidiaries (the “Cott Guarantor Subsidiaries”). CBI and each Cott Guarantor Subsidiary is 100% owned by Cott Corporation. The guarantees of the 2022 Notes and the 2020 Notes by Cott Corporation and the Cott Guarantor Subsidiaries are full and unconditional, and all such guarantees are joint and several. The guarantees of the Cott 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 the Cott Guarantor Subsidiaries due to the presentation of condensed consolidating financial information set forth in this Note, consistent with SEC interpretations governing reporting of subsidiary financial information. The following summarized condensed consolidating financial information of the Company sets forth on a consolidating basis, our Balance Sheets, Statements of Operations and Cash Flows for Cott Corporation, CBI, the Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries (the “Cott 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 Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended October 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Revenue, net $ 37.0 $ 182.1 $ 517.3 $ 33.3 $ (14.1 ) $ 755.6 Cost of sales 31.4 156.3 323.2 26.3 (14.1 ) 523.1 Gross profit 5.6 25.8 194.1 7.0 — 232.5 Selling, general and administrative expenses 6.0 23.8 162.9 3.5 — 196.2 Loss on disposal of property, plant & equipment — 0.2 0.9 — — 1.1 Acquisition and integration expenses — 0.2 6.4 — — 6.6 Operating (loss) income (0.4 ) 1.6 23.9 3.5 — 28.6 Other expense (income), net 0.8 (0.1 ) (0.2 ) 0.1 — 0.6 Intercompany interest (income) expense, net — (14.1 ) 14.1 — — — Interest expense, net — 19.8 7.6 — — 27.4 (Loss) income before income tax benefit and equity income (loss) (1.2 ) (4.0 ) 2.4 3.4 — 0.6 Income tax benefit (0.2 ) (4.2 ) (1.3 ) (0.1 ) — (5.8 ) Equity income (loss) 5.8 1.6 (0.6 ) — (6.8 ) — Net income $ 4.8 $ 1.8 $ 3.1 $ 3.5 $ (6.8 ) $ 6.4 Less: Net income attributable to non-controlling interests — — — 1.6 — 1.6 Net income attributed to Cott Corporation $ 4.8 $ 1.8 $ 3.1 $ 1.9 $ (6.8 ) $ 4.8 Comprehensive (loss) income attributed to Cott Corporation $ (8.9 ) $ (7.8 ) $ 8.9 $ 3.9 $ (5.0 ) $ (8.9 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Nine Months Ended October 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Revenue, net $ 113.9 $ 549.2 $ 1,523.3 $ 103.0 $ (44.2 ) $ 2,245.2 Cost of sales 96.8 467.0 968.1 83.1 (44.2 ) 1,570.8 Gross profit 17.1 82.2 555.2 19.9 — 674.4 Selling, general and administrative expenses 16.4 72.2 476.7 9.6 — 574.9 (Gain) loss on disposal of property, plant & equipment — (0.2 ) 2.9 — — 2.7 Acquisition and integration expenses — 2.2 13.2 — — 15.4 Operating income 0.7 8.0 62.4 10.3 — 81.4 Other (income) expense, net (9.0 ) (0.1 ) 0.2 0.1 — (8.8 ) Intercompany interest (income) expense, net (4.9 ) (39.6 ) 44.5 — — — Interest expense, net 0.1 60.1 22.8 — — 83.0 Income (loss) before income tax expense (benefit) and equity income (loss) 14.5 (12.4 ) (5.1 ) 10.2 — 7.2 Income tax expense (benefit) 2.8 (10.7 ) (8.5 ) 0.1 — (16.3 ) Equity income (loss) 7.2 4.6 (0.6 ) — (11.2 ) — Net income $ 18.9 $ 2.9 $ 2.8 $ 10.1 $ (11.2 ) $ 23.5 Less: Net income attributable to non-controlling interests — — — 4.6 — 4.6 Less: Accumulated dividends on convertible preferred shares 4.5 — — — — 4.5 Less: Accumulated dividends on non-convertible preferred shares 1.4 — — — — 1.4 Less: Foreign exchange impact on redemption of preferred shares 12.0 — — — — 12.0 Net income attributed to Cott Corporation $ 1.0 $ 2.9 $ 2.8 $ 5.5 $ (11.2 ) $ 1.0 Comprehensive (loss) income attributed to Cott Corporation $ (16.3 ) $ (4.1 ) $ 9.8 $ 8.7 $ (14.4 ) $ (16.3 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended September 27, 2014 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Revenue, net $ 42.3 $ 187.0 $ 282.8 $ 35.7 $ (12.8 ) $ 535.0 Cost of sales 36.2 161.0 251.1 30.0 (12.8 ) 465.5 Gross profit 6.1 26.0 31.7 5.7 — 69.5 Selling, general and administrative expenses 5.5 25.1 16.6 2.7 — 49.9 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Restructuring 0.1 — — — — 0.1 Asset impairments — — (0.2 ) — — (0.2 ) Acquisition and integration expenses — 0.3 0.2 — — 0.5 Operating income 0.3 0.6 14.9 3.0 — 18.8 Other expense, net 0.2 4.7 0.5 — — 5.4 Intercompany interest (income) expense, net — (4.6 ) 4.6 — — — Interest expense, net 0.1 8.5 0.3 0.1 — 9.0 (Loss) income before income tax expense and equity income — (8.0 ) 9.5 2.9 — 4.4 Income tax expense — 1.7 0.1 — — 1.8 Equity income 1.3 1.4 1.8 — (4.5 ) — Net income (loss) $ 1.3 $ (8.3 ) $ 11.2 $ 2.9 $ (4.5 ) $ 2.6 Less: Net income attributable to non-controlling interests — — — 1.3 — 1.3 Net income (loss) attributed to Cott Corporation $ 1.3 $ (8.3 ) $ 11.2 $ 1.6 $ (4.5 ) $ 1.3 Comprehensive (loss) income attributed to Cott Corporation $ (14.6 ) $ (35.6 ) $ 4.2 $ 3.2 $ 28.2 $ (14.6 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Nine Months Ended September 27, 2014 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Revenue, net $ 129.0 $ 562.0 $ 801.9 $ 104.0 $ (37.6 ) $ 1,559.3 Cost of sales 111.4 483.7 710.6 86.5 (37.6 ) 1,354.6 Gross profit 17.6 78.3 91.3 17.5 — 204.7 Selling, general and administrative expenses 18.3 76.3 44.0 8.9 — 147.5 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Restructuring 2.1 0.2 0.1 — — 2.4 Asset impairments 0.9 — 0.8 — — 1.7 Acquisition and integration expenses — 1.3 2.1 — — 3.4 Operating (loss) income (3.9 ) 0.5 44.1 8.6 — 49.3 Other (income) expense, net (9.1 ) 21.8 10.1 0.1 — 22.9 Intercompany interest (income) expense, net — (12.0 ) 12.0 — — — Interest expense, net 0.2 26.0 0.9 0.1 — 27.2 Income (loss) before income tax (benefit) expense and equity (loss) income 5.0 (35.3 ) 21.1 8.4 — (0.8 ) Income tax (benefit) expense (1.4 ) 4.6 0.5 0.1 — 3.8 Equity (loss) income (15.1 ) 4.1 8.8 — 2.2 — Net (loss) income $ (8.7 ) $ (35.8 ) $ 29.4 $ 8.3 $ 2.2 $ (4.6 ) Less: Net income attributable to non-controlling interests — — — 4.1 — 4.1 Net (loss) income attributed to Cott Corporation $ (8.7 ) $ (35.8 ) $ 29.4 $ 4.2 $ 2.2 $ (8.7 ) Comprehensive (loss) income attributed to Cott Corporation $ (17.9 ) $ (41.9 ) $ 57.6 $ 5.0 $ (20.7 ) $ (17.9 ) Consolidating Balance Sheets (in millions of U.S. dollars) Unaudited As of October 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated ASSETS Current assets Cash & cash equivalents $ 2.0 $ 1.3 $ 53.0 $ 7.4 $ — $ 63.7 Accounts receivable, net of allowance 17.3 63.1 366.3 10.9 (133.2 ) 324.4 Income taxes recoverable — 0.6 0.4 0.1 — 1.1 Inventories 13.5 80.2 153.7 6.5 — 253.9 Prepaid expenses and other assets 2.7 16.9 17.7 0.2 — 37.5 Total current assets 35.5 162.1 591.1 25.1 (133.2 ) 680.6 Property, plant & equipment, net 31.3 163.9 601.2 6.8 — 803.2 Goodwill 20.7 4.5 725.9 — — 751.1 Intangibles and other assets, net 0.9 101.5 630.5 3.7 — 736.6 Deferred income taxes 2.7 37.8 — 0.2 (37.8 ) 2.9 Other tax receivable — 0.9 — — — 0.9 Due from affiliates 411.4 588.7 2.8 — (1,002.9 ) — Investments in subsidiaries 193.6 847.3 685.0 — (1,725.9 ) — Total assets $ 696.1 $ 1,906.7 $ 3,236.5 $ 35.8 $ (2,899.8 ) $ 2,975.3 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ 152.0 $ — $ — $ — $ 152.0 Current maturities of long-term debt — 2.7 0.4 0.6 — 3.7 Accounts payable and accrued liabilities 36.6 231.9 291.0 9.9 (133.2 ) 436.2 Total current liabilities 36.6 386.6 291.4 10.5 (133.2 ) 591.9 Long-term debt — 1,155.1 392.8 — — 1,547.9 Deferred income taxes — — 133.1 — (37.8 ) 95.3 Other long-term liabilities 0.5 20.1 55.6 1.2 — 77.4 Due to affiliates 1.2 1.6 971.3 28.8 (1,002.9 ) — Total liabilities 38.3 1,563.4 1,844.2 40.5 (1,173.9 ) 2,312.5 Equity Capital stock, no par 532.6 685.1 1,506.7 38.5 (2,230.3 ) 532.6 Additional paid-in-capital 53.0 — — — — 53.0 Retained earnings (deficit) 140.5 (326.2 ) (125.4 ) (56.6 ) 508.2 140.5 Accumulated other comprehensive (loss) income (68.3 ) (15.6 ) 11.0 8.4 (3.8 ) (68.3 ) Total Cott Corporation equity 657.8 343.3 1,392.3 (9.7 ) (1,725.9 ) 657.8 Non-controlling interests — — — 5.0 — 5.0 Total equity 657.8 343.3 1,392.3 (4.7 ) (1,725.9 ) 662.8 Total liabilities and equity $ 696.1 $ 1,906.7 $ 3,236.5 $ 35.8 $ (2,899.8 ) $ 2,975.3 Consolidating Balance Sheets (in millions of U.S. dollars) As of January 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated ASSETS Current assets Cash & cash equivalents $ 6.2 $ 8.6 $ 64.0 $ 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 72.5 172.0 5.5 — 262.4 Prepaid expenses and other assets 3.2 39.5 16.2 0.4 — 59.3 Total current assets 38.0 251.6 586.6 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 0.7 105.3 669.0 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 0.1 (751.4 ) — Investments in subsidiaries 436.3 623.5 349.6 — (1,409.4 ) — Total assets $ 723.0 $ 1,758.4 $ 2,964.0 $ 40.5 $ (2,378.2 ) $ 3,107.7 LIABILITIES, PREFERRED SHARES AND EQUITY Current liabilities Short-term borrowings $ — $ 229.0 $ — $ — $ — $ 229.0 Current maturities of long-term debt 0.1 2.5 0.5 0.9 — 4.0 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 9.0 (186.9 ) 653.3 Long-term debt — 1,157.1 407.3 0.6 — 1,565.0 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 1,608.5 1,694.3 43.8 (968.8 ) 2,410.0 Convertible preferred shares 116.1 — — — — 116.1 Non-convertible preferred shares 32.7 — — — — 32.7 Equity Capital stock, no par 388.3 525.7 1,595.8 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 ) 4.0 5.2 (0.6 ) (51.0 ) Total Cott Corporation equity 542.0 149.9 1,269.7 (10.2 ) (1,409.4 ) 542.0 Non-controlling interests — — — 6.9 — 6.9 Total equity 542.0 149.9 1,269.7 (3.3 ) (1,409.4 ) 548.9 Total liabilities, preferred shares and equity $ 723.0 $ 1,758.4 $ 2,964.0 $ 40.5 $ (2,378.2 ) $ 3,107.7 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended October 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Operating Activities Net income $ 4.8 $ 1.8 $ 3.1 $ 3.5 $ (6.8 ) $ 6.4 Depreciation & amortization 1.2 9.9 45.7 1.3 — 58.1 Amortization of financing fees 0.1 1.1 — — — 1.2 Amortization of senior notes premium — — (1.3 ) — — (1.3 ) Share-based compensation expense — 1.7 0.6 — — 2.3 (Decrease) increase in deferred income taxes (1.6 ) (3.5 ) 0.4 — — (4.7 ) Loss on disposal of property, plant & equipment — 0.2 0.9 — — 1.1 Equity (income) loss, net of distributions (5.8 ) (1.6 ) 0.6 — 6.8 — Intercompany dividends 0.2 5.9 — — (6.1 ) — Other non-cash items (3.1 ) 2.1 6.0 (0.3 ) — 4.7 Net change in operating assets and liabilities, net of acquisitions (0.2 ) 22.3 (2.5 ) 4.4 — 24.0 Net cash (used in) provided by operating activities (4.4 ) 39.9 53.5 8.9 (6.1 ) 91.8 Investing Activities Acquisitions, net of cash received — — (22.0 ) — — (22.0 ) Additions to property, plant & equipment (0.5 ) (3.8 ) (23.4 ) (0.6 ) — (28.3 ) Additions to intangibles and other assets — (0.5 ) — — — (0.5 ) Proceeds from sale of property, plant & equipment — 0.1 0.3 — — 0.4 Net cash used in investing activities (0.5 ) (4.2 ) (45.1 ) (0.6 ) — (50.4 ) Financing Activities Payments of long-term debt (0.1 ) (0.7 ) (0.1 ) (0.1 ) — (1.0 ) Borrowings under ABL — 43.0 9.4 — — 52.4 Payments under ABL — (81.7 ) (15.6 ) — — (97.3 ) Distributions to non-controlling interests — — — (3.2 ) — (3.2 ) Issuance of common shares 0.5 — — — — 0.5 Financing fees — (0.1 ) — — — (0.1 ) Common shares repurchased and cancelled (0.1 ) — — |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 03, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 19—Subsequent Events On October 27, 2015, our board of directors declared a dividend of $0.06 per share on common shares, payable in cash on December 10, 2015 to shareowners of record at the close of business on December 1, 2015. |
Hedging Transactions and Deri28
Hedging Transactions and Derivative Financial Instruments (Policies) | 9 Months Ended |
Oct. 03, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 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 over-the-counter instruments with liquid markets. |
Business and Recent Accountin29
Business and Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Oct. 03, 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 | 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 and nine months ended September 27, 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 changed the classification to report these SG&A expenses in the Consolidated Statements of Operations for the three and nine months ended September 27, 2014. Also, for the three and nine months ended September 27, 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 changed the classification to report these expenses separately in the Consolidated Statements of Operations for the three and nine months ended September 27, 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 changed 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: For the three months For the nine months (in millions of U.S. dollars) ended September 27, 2014 ended September 27, 2014 Decrease to cost of sales $ (5.6 ) $ (17.1 ) Increase to SG&A expenses $ 5.6 $ 17.1 For the three months For the nine months (in millions of U.S. dollars) ended September 27, 2014 ended September 27, 2014 Decrease to SG&A expenses $ (0.5 ) $ (3.4 ) Increase to acquisition and integration expenses $ 0.5 $ 3.4 (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) | 9 Months Ended |
Oct. 03, 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 the previously issued financial statements. As previously filed As revised For the three months ended Consolidated Statements of Operations September 27, 2014 Difference (in millions of U.S. dollars) Cost of sales 1 $ 471.5 $ 471.1 $ (0.4 ) Gross profit 1 $ 63.5 $ 63.9 $ 0.4 Selling, general and administrative expenses 1, 2 $ 45.0 $ 44.8 $ (0.2 ) Loss on disposal of property, plant & equipment $ 0.7 $ 0.4 $ (0.3 ) Operating income $ 17.9 $ 18.8 $ 0.9 Income (loss) before income taxes $ 3.5 $ 4.4 $ 0.9 Net income (loss) $ 1.7 $ 2.6 $ 0.9 Net income (loss) attributed to Cott Corporation $ 0.4 $ 1.3 $ 0.9 As previously filed As revised For the nine months ended Consolidated Statements of Operations September 27, 2014 Difference (in millions of U.S. dollars) Revenue, net $ 1,561.0 $ 1,559.3 $ (1.7 ) Cost of sales 1 $ 1,373.4 $ 1,371.7 $ (1.7 ) Selling, general and administrative expenses 1, 2 $ 134.2 $ 133.8 $ (0.4 ) Loss on disposal of property, plant & equipment $ 1.2 $ 0.4 $ (0.8 ) Operating income $ 48.1 $ 49.3 $ 1.2 Income (loss) before income taxes $ (2.0 ) $ (0.8 ) $ 1.2 Income tax expense $ 3.4 $ 3.8 $ 0.4 Net income (loss) $ (5.4 ) $ (4.6 ) $ 0.8 Net income (loss) attributed to Cott Corporation $ (9.5 ) $ (8.7 ) $ 0.8 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 Statements of Operations for the three and nine months ended September 27, 2014 (see Note 1 to the Consolidated Financial Statements). 2. The revised balances do not include the reclassification of acquisition and integration expenses from SG&A expenses as presented in the Consolidated Statements of Operations for the three and nine months ended September 27, 2014 (see Note 1 to the Consolidated Financial Statements). As previously filed As revised For the three months ended Consolidated Statements of Comprehensive (Loss) Income September 27, 2014 Difference (in millions of U.S. dollars) Net income (loss) $ 1.7 $ 2.6 $ 0.9 Comprehensive (loss) income $ (14.1 ) $ (13.2 ) $ 0.9 Comprehensive (loss) income attributed to Cott Corporation $ (15.5 ) $ (14.6 ) $ 0.9 As previously filed As revised For the nine months ended Consolidated Statements of Comprehensive (Loss) Income September 27, 2014 Difference (in millions of U.S. dollars) Net income (loss) $ (5.4 ) $ (4.6 ) $ 0.8 Comprehensive (loss) income $ (14.5 ) $ (13.7 ) $ 0.8 Comprehensive (loss) income attributed to Cott Corporation $ (18.7 ) $ (17.9 ) $ 0.8 As previously filed As revised For the three months ended Consolidated Statements of Cash Flows September 27, 2014 Difference (in millions of U.S. dollars) Operating Activities Net income (loss) $ 1.7 $ 2.6 $ 0.9 Depreciation & amortization $ 27.2 $ 26.8 $ (0.4 ) Loss on disposal of property, plant & equipment $ 0.7 $ 0.4 $ (0.3 ) Change in accounts receivable $ 27.2 $ 27.0 $ (0.2 ) As previously filed As revised For the nine months ended Consolidated Statements of Cash Flows September 27, 2014 Difference (in millions of U.S. dollars) Operating Activities Net income (loss) $ (5.4 ) $ (4.6 ) $ 0.8 Depreciation & amortization $ 78.5 $ 77.7 $ (0.8 ) Increase in deferred income taxes $ 3.7 $ 4.1 $ 0.4 Loss on disposal of property, plant & equipment $ 1.2 $ 0.4 $ (0.8 ) Change in accounts receivable $ (39.1 ) $ (39.3 ) $ (0.2 ) Change in accounts payable and accrued liabilities, and other liabilities $ (20.2 ) $ (19.7 ) $ 0.5 Net cash provided by operating activities $ 37.6 $ 37.5 $ (0.1 ) Effect of exchange rate changes on cash $ (1.0 ) $ (0.9 ) $ 0.1 As previously filed As revised For the nine months ended Consolidated Statements of Equity September 27, 2014 Difference (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 September 27, 2014 $ 147.4 $ 146.7 $ (0.7 ) Total equity at September 27, 2014 $ 565.2 $ 564.5 $ (0.7 ) Net (loss) income $ (5.4 ) $ (4.6 ) $ 0.8 |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Unaudited Pro Forma Financial Information | The following unaudited pro forma financial information for the three and nine months ended September 27, 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 periods. For the Three Months Ended For the Nine Months Ended (in millions of U.S. dollars, except share amounts) September 27, 2014 September 27, 2014 Revenue $ 785.9 $ 2,347.8 Net loss (18.8 ) (40.8 ) Net loss per common share, diluted $ (0.20 ) $ (0.43 ) |
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 $ 80.4 Deferred consideration 33.5 Contingent consideration 1 17.9 Working capital payment 7.2 Total consideration $ 139.0 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 the fair value of the assets acquired and liabilities assumed in the Aimia Acquisition. (in millions of U.S. dollars) Acquired Value Cash $ 9.5 Accounts receivable 11.0 Inventories 9.6 Prepaid expenses and other assets 1.9 Property, plant & equipment 10.9 Goodwill 54.5 Intangibles and other assets 86.2 Accounts payable and accrued liabilities (27.4 ) Deferred tax liabilities (17.2 ) Total $ 139.0 |
DSS Group Inc [Member] | |
Business Combination Transfer Consideration | The total cash and stock consideration paid by us in the DSS Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 449.7 Working capital payment 11.4 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 $ 952.5 |
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. The allocation of the purchase price is based on a preliminary valuation that is expected to be completed by the end of 2015. As reported at As reported at (in millions of U.S. dollars) July 4, 2015 Adjustments October 3, 2015 Cash and cash equivalents $ 74.5 $ — $ 74.5 Accounts receivable 102.6 — 102.6 Inventories 46.4 — 46.4 Prepaid expenses and other current assets 8.8 — 8.8 Deferred income taxes 4.4 (0.7 ) 3.7 Property, plant & equipment 412.7 — 412.7 Goodwill 562.8 0.7 563.5 Intangible and other assets 417.2 — 417.2 Accounts payable and accrued liabilities (118.5 ) — (118.5 ) Long-term debt (406.0 ) — (406.0 ) Deferred income taxes liabilities (122.9 ) — (122.9 ) Other long-term liabilities (29.5 ) — (29.5 ) Total $ 952.5 $ — $ 952.5 |
Restructuring and Asset Impai32
Restructuring and Asset Impairments (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Charges | The following table summarizes restructuring charges for the three and nine months ended September 27, 2014: For the Three Months Ended For the Nine Months Ended (in millions of U.S. dollars) September 27, 2014 September 27, 2014 North America $ 0.1 $ 2.3 U.K. — 0.1 Total $ 0.1 $ 2.4 |
Summary of Asset Impairment Charges | The following table summarizes asset impairment charges for the three and nine months ended September 27, 2014: For the Three Months Ended For the Nine Months Ended (in millions of U.S. dollars) September 27, 2014 September 27, 2014 North America $ — $ 0.9 U.K. (0.2 ) 0.8 Total $ (0.2 ) $ 1.7 |
Summary of Restructuring Liability | The following tables summarize our restructuring liability as of September 27, 2014, along with charges to costs and expenses and cash payments in connection with the 2014 Restructuring Plan: North America Balance at Balance at December 28, Charges to costs September 27, (in millions of U.S. dollars) 2013 and expenses Cash payments 2014 Restructuring liability $ — $ 2.3 $ (2.3 ) $ — $ — $ 2.3 $ (2.3 ) $ — U.K. Balance at Balance at December 28, Charges to costs September 27, (in millions of U.S. dollars) 2013 and expenses Cash payments 2014 Restructuring liability $ — $ 0.1 $ (0.1 ) $ — $ — $ 0.1 $ (0.1 ) $ — |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Oct. 03, 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 and nine months ended October 3, 2015 and September 27, 2014, respectively. This share-based compensation expense was recorded in SG&A expenses in our Consolidated Statements of Operations. For the Three Months Ended For the Nine Months Ended October 3, September 27, October 3, September 27, (in millions of U.S. dollars) 2015 2014 2015 2014 Stock options $ 0.6 $ 0.4 $ 1.5 $ 1.2 Performance-based RSUs 1.0 0.2 4.0 1.0 Time-based RSUs 0.7 0.7 1.9 2.1 Director share awards — 0.2 1.0 0.6 Total $ 2.3 $ 1.5 $ 8.4 $ 4.9 |
Unrecognized Share-based Compensation Expense | As of October 3, 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 October 3, 2015 compensation Stock options $ 3.2 1.9 Performance-based RSUs 8.7 2.1 Time-based RSUs 3.0 1.7 Total $ 14.9 |
Stock Option Activity | Stock option activity for the nine months ended October 3, 2015 was as follows: Shares Weighted average (in thousands) exercise price Balance at January 3, 2015 1,221 $ 7.77 Awarded 685 9.22 Exercised (113 ) 4.94 Outstanding at October 3, 2015 1,793 $ 8.50 Exercisable at October 3, 2015 297 $ 6.60 |
Performance-based RSU and Time-Based RSU Activity | During the nine months ended October 3, 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 320 9.22 212 9.22 Awarded in connection with modification 55 7.90 — — Issued (255 ) 6.87 (10 ) 8.60 Forfeited (5 ) 8.52 (21 ) 8.51 Outstanding at October 3, 2015 1,897 $ 7.42 845 $ 8.78 |
Net Income (Loss) per Common 34
Net Income (Loss) per Common Share (Tables) | 9 Months Ended |
Oct. 03, 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 For the Nine Months Ended October 3, September 27, October 3, September 27, (in millions of U.S. dollars) 2015 2014 2015 2014 Net income (loss) attributed to Cott Corporation $ 4.8 $ 1.3 $ 1.0 $ (8.7 ) Plus: Accumulated dividends on convertible preferred shares 1 — — — — Foreign exchange impact on redemption of convertible preferred shares 1 — — — — Diluted net income (loss) attributed to Cott Corporation $ 4.8 $ 1.3 $ 1.0 $ (8.7 ) Denominator For the Three Months Ended For the Nine Months Ended October 3, September 27, October 3, September 27, (in thousands) 2015 2014 2015 2014 Weighted average number of shares outstanding - basic 109,686 93,607 100,818 94,053 Dilutive effect of stock options 236 39 146 — Dilutive effect of Performance-based RSUs 2 — 276 – — Dilutive effect of Time-based RSUs 488 426 423 — Dilutive effect of Convertible Preferred Shares 1 — — — — Adjusted weighted average number of shares outstanding - diluted 110,410 94,348 101,387 94,053 1. For the nine months ended October 3, 2015, we excluded the impact of the Convertible Preferred Shares from the computation of diluted net income per common share as the Convertible Preferred Shares were anti-dilutive for purposes of calculating diluted net income per common share as a result of the addition of the accumulated dividends and foreign exchange impact on redemption to net income per common share attributable to Cott Corporation to the numerator and the addition of 15,620,632 incremental common shares assumed outstanding applying the if-converted method to the denominator in such calculation. 2. For the three and nine months ended October 3, 2015, we excluded the outstanding Performance-based RSUs from the computation of diluted net income per common share because the performance conditions would not have been satisfied assuming October 3, 2015 was the end of the performance measurement period. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Information by Operating Segment | North All (in millions of U.S. dollars) America DSS U.K. Other Corporate Elimination Total For the Three Months Ended October 3, 2015 Revenue, net 1 $ 338.5 $ 268.1 $ 139.9 $ 15.4 $ — (6.3 ) $ 755.6 Depreciation and amortization 19.4 32.3 5.9 0.5 — — 58.1 Operating income (loss) 8.3 14.0 7.0 3.1 (3.8 ) — 28.6 Additions to property, plant and equipment 8.4 18.0 1.5 0.4 — — 28.3 For the Nine Months Ended October 3, 2015 Revenue, net 1 $ 1,026.2 765.4 425.9 44.8 — (17.1 ) $ 2,245.2 Depreciation and amortization 61.3 94.3 16.8 1.3 — — 173.7 Operating income (loss) 33.8 25.7 25.5 8.4 (12.0 ) — 81.4 Additions to property, plant and equipment 20.1 56.8 7.7 0.9 — — 85.5 As of October 3, 2015 Property, plant and equipment, net 297.1 397.9 101.9 6.3 — — 803.2 Goodwill 121.0 568.0 57.6 4.5 — — 751.1 Intangibles and other assets 249.4 396.0 91.2 — — — 736.6 Total assets 2 983.2 1,543.8 417.9 30.4 — — 2,975.3 1. Intersegment revenue between North America and the other reporting segments was $6.3 million and $17.1 million for the three and nine months ended October 3, 2015, respectively. 2. Excludes intersegment receivables, investments and notes receivable. North All (in millions of U.S. dollars) America DSS U.K. Other Corporate Elimination Total For the Three Months Ended September 27, 2014 Revenue, net 1 $ 351.7 $ — $ 172.0 $ 16.8 $ — (5.5 ) $ 535.0 Depreciation and amortization 20.3 — 6.1 0.4 — — 26.8 Operating income (loss) 8.9 — 10.3 2.6 (3.0 ) — 18.8 Additions to property, plant and equipment 7.9 — 2.5 0.4 — — 10.8 For the Nine Months Ended September 27, 2014 Revenue, net 1 $ 1,081.8 $ — $ 445.3 $ 49.9 $ — (17.7 ) $ 1,559.3 Depreciation and amortization 61.4 — 15.0 1.3 — — 77.7 Operating income (loss) 26.7 — 23.2 8.2 (8.8 ) — 49.3 Additions to property, plant and equipment 20.9 — 10.1 0.4 — — 31.4 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 1,077.7 1,572.8 426.8 30.4 — — 3,107.7 1. Intersegment revenue between North America and the other reporting segments was $5.5 million and $17.7 million for the three and nine months ended September 27, 2014, respectively. 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 For the Nine Months Ended October 3, September 27, October 3, September 27, (in millions of U.S. dollars) 2015 2014 2015 2014 United States $ 298.5 $ 307.4 $ 906.8 $ 946.1 Total $ 298.5 $ 307.4 $ 906.8 $ 946.1 |
Revenues by Channel Reporting Segment | Revenues are attributed to reporting segments based on the location of the customer. Revenues by channel by reporting segment were as follows: For the Three Months Ended October 3, 2015 North All (in millions of U.S. dollars) America DSS U.K. Other Elimination Total Revenue Private label retail $ 270.4 $ 17.0 $ 65.4 $ 0.9 $ (0.4 ) $ 353.3 Branded retail 30.0 22.9 42.0 0.9 (0.3 ) 95.5 Contract packaging 31.1 — 30.3 5.7 (2.4 ) 64.7 Home and office bottled water delivery — 173.3 — — — 173.3 Office coffee services — 28.1 — — — 28.1 Other 7.0 26.8 2.2 7.9 (3.2 ) 40.7 Total $ 338.5 $ 268.1 $ 139.9 $ 15.4 $ (6.3 ) $ 755.6 For the Nine Months Ended October 3, 2015 North All (in millions of U.S. dollars) America DSS U.K. Other Elimination Total Revenue Private label retail $ 827.8 $ 49.7 $ 198.1 $ 3.7 $ (1.6 ) $ 1,077.7 Branded retail 87.9 63.2 131.3 3.3 (1.2 ) 284.5 Contract packaging 88.0 — 89.6 16.4 (4.0 ) 190.0 Home and office bottled water delivery — 487.7 — — — 487.7 Office coffee services — 89.8 — — — 89.8 Other 22.5 75.0 6.9 21.4 (10.3 ) 115.5 Total $ 1,026.2 $ 765.4 $ 425.9 $ 44.8 $ (17.1 ) $ 2,245.2 For the Three Months Ended September 27, 2014 North All (in millions of U.S. dollars) America U.K. Other Elimination Total Revenue Private label retail $ 291.7 $ 84.0 $ 1.8 $ (0.4 ) $ 377.1 Branded retail 28.9 47.9 1.3 (0.4 ) 77.7 Contract packaging 23.0 37.7 6.1 (1.2 ) 65.6 Home and office bottled water delivery — — — — — Office coffee services — — — — — Other 8.1 2.4 7.6 (3.5 ) 14.6 Total $ 351.7 $ 172.0 $ 16.8 $ (5.5 ) $ 535.0 For the Nine Months Ended September 27, 2014 North All (in millions of U.S. dollars) America U.K. Other Elimination Total Revenue Private label retail $ 905.3 $ 226.5 $ 4.5 $ (0.8 ) $ 1,135.5 Branded retail 81.9 127.6 3.6 (1.3 ) 211.8 Contract packaging 71.3 87.1 20.6 (6.0 ) 173.0 Home and office bottled water delivery — — — — — Office coffee services — — — — — Other 23.3 4.1 21.2 (9.6 ) 39.0 Total $ 1,081.8 $ 445.3 $ 49.9 $ (17.7 ) $ 1,559.3 |
Property, Plant and Equipment by Geographic Area | Property, plant and equipment, net by geographic area as of October 3, 2015 and January 3, 2015 were as follows: October 3, January 3, (in millions of U.S. dollars) 2015 2015 North America $ 695.0 $ 747.3 U.K. 101.9 109.9 All Other 6.3 7.3 Total $ 803.2 $ 864.5 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | The following table summarizes inventories as of October 3, 2015 and January 3, 2015: October 3, January 3, (in millions of U.S. dollars) 2015 2015 Raw materials $ 93.5 $ 105.8 Finished goods 1 128.2 118.4 Resale items 12.5 17.4 Other 19.7 20.8 Total $ 253.9 $ 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) | 9 Months Ended |
Oct. 03, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangibles and Other Assets | The following table summarizes intangibles and other assets as of October 3, 2015: October 3, 2015 (in millions of U.S. dollars) Cost Accumulated Net Intangibles Not subject to amortization Rights 1 $ 45.0 — $ 45.0 DSS Trademarks 183.1 — 183.1 Total intangibles not subject to amortization 228.1 — 228.1 Subject to amortization Customer relationships 648.5 (222.0 ) 426.5 Trademarks 33.3 (28.1 ) 5.2 Information technology 52.8 (28.4 ) 24.4 Other 7.9 (4.3 ) 3.6 Total intangibles subject to amortization 742.5 (282.8 ) 459.7 Total intangibles 970.6 (282.8 ) 687.8 Other assets Financing costs 38.1 (12.1 ) 26.0 Deposits 9.5 — 9.5 Other 14.9 (1.6 ) 13.3 Total other assets 62.5 (13.7 ) 48.8 Total intangibles and other assets $ 1,033.1 $ (296.5 ) $ 736.6 1. Relates to the 2001 acquisition of intellectual property from Royal Crown Company, Inc., including the right to manufacture our concentrates, with all related inventions, processes, technologies, technical and manufacturing information, know-how and the use of the Royal Crown brand outside of North America and Mexico. |
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 $ 18.1 2016 67.8 2017 59.5 2018 53.1 2019 45.3 Thereafter 215.9 Total $ 459.7 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Debt Disclosure [Abstract] | |
Components of Debt | Our total debt as of October 3, 2015 and January 3, 2015 was as follows: (in millions of U.S. dollars) October 3, January 3, 6.750% senior notes due in 2020 $ 625.0 $ 625.0 10.000% senior notes due in 2021 1 391.5 405.6 5.375% senior notes due in 2022 525.0 525.0 ABL facility 152.0 229.0 GE Term Loan 6.9 8.2 Capital leases and other debt financing 3.2 5.2 Total debt 1,703.6 1,798.0 Less: Short-term borrowings and current debt: ABL facility 152.0 229.0 Total short-term borrowings 152.0 229.0 GE Term Loan - current maturities 2.1 2.0 Capital leases and other financing - current maturities 1.6 2.0 Total current debt 155.7 233.0 Total long-term debt $ 1,547.9 $ 1,565.0 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 Comprehensi39
Accumulated Other Comprehensive (Loss) Income (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive (Loss) Income by Component | Changes in accumulated other comprehensive (loss) income (“AOCI”) by component for the nine months ended October 3, 2015 were as follows: (in millions of U.S. dollars) 1 Gains and Losses Pension Currency Total Beginning balance January 3, 2015 $ 0.2 $ (12.4 ) $ (38.8 ) $ (51.0 ) OCI before reclassifications (5.2 ) — (13.1 ) (18.3 ) Amounts reclassified from AOCI 0.3 0.7 — 1.0 Net current-period OCI (4.9 ) 0.7 (13.1 ) (17.3 ) Ending balance October 3, 2015 $ (4.7 ) $ (11.7 ) $ (51.9 ) $ (68.3 ) 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 AOCI for the three and nine months ended October 3, 2015 and September 27, 2014, respectively. (in millions of U.S. dollars) For the Three Months Ended For the Nine Months Ended Affected Line Item in the Statement Where Net Details About AOCI Components 1 October 3, September 27, October 3, September 27, Gains and losses on derivative instruments Foreign currency and commodity hedges $ (0.9 ) $ (0.1 ) $ (0.7 ) $ 0.1 Cost of sales $ (0.9 ) $ (0.1 ) $ (0.7 ) $ 0.1 Total before taxes 0.4 — 0.4 — Tax (expense) or benefit $ (0.5 ) $ (0.1 ) $ (0.3 ) $ 0.1 Net of tax Amortization of pension benefit plan items Prior service costs 2 $ (0.2 ) $ (0.1 ) $ (0.7 ) $ (0.3 ) (0.2 ) (0.1 ) (0.7 ) (0.3 ) Total before taxes — — — — Tax (expense) or benefit $ (0.2 ) $ (0.1 ) $ (0.7 ) $ (0.3 ) Net of tax Total reclassifications for the period $ (0.7 ) $ (0.2 ) $ (1.0 ) $ (0.2 ) 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 Deri40
Hedging Transactions and Derivative Financial Instruments (Tables) | 9 Months Ended |
Oct. 03, 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) Derivative Contract October 3 ,2015 January 3, 2015 Assets Liabilities Assets Liabilities Foreign currency hedge $ 1.0 $ — $ 1.0 $ — Aluminum swaps — (8.5 ) 0.2 (2.3 ) $ 1.0 $ (8.5 ) $ 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: October 3 ,2015 January 3, 2015 (in millions of U.S. dollars) Assets Liabilities Assets Liabilities Aluminum swap assets $ — $ — $ 0.2 $ 0.2 Aluminum swap liabilities — (8.5 ) — (2.5 ) Net asset (liability) $ — $ (8.5 ) $ 0.2 $ (2.3 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Oct. 03, 2015 | |
Fair Value Disclosures [Abstract] | |
Carrying Value and Estimated Fair Values of Outstanding Debt | 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 October 3, 2015 and January 3, 2015 were as follows: October 3, 2015 January 3, 2015 (in millions of U.S. dollars) Carrying Fair Carrying Fair 6.750% senior notes due in 2020 1 $ 625.0 $ 643.0 $ 625.0 $ 630.1 10.000% senior notes due in 2021 1, 2 391.5 402.9 405.6 403.4 5.375% senior notes due in 2022 1 525.0 506.6 525.0 481.7 Total $ 1,541.5 $ 1,552.5 $ 1,555.6 $ 1,515.2 1. The fair values were based on the trading levels and bid/offer prices observed by a market participant and are considered Level 1 financial instruments. 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) | 9 Months Ended |
Oct. 03, 2015 | |
DSS Group Inc [Member] | |
Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended October 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Revenue, net $ 37.0 $ 268.1 $ 431.3 $ 33.3 $ (14.1 ) $ 755.6 Cost of sales 31.4 104.3 375.2 26.3 (14.1 ) 523.1 Gross profit 5.6 163.8 56.1 7.0 — 232.5 Selling, general and administrative expenses 6.0 142.5 44.2 3.5 — 196.2 Loss on disposal of property, plant & equipment — 0.9 0.2 — — 1.1 Acquisition and integration expenses — 6.4 0.2 — — 6.6 Operating (loss) income (0.4 ) 14.0 11.5 3.5 — 28.6 Other expense (income), net 0.8 (0.6 ) 0.3 0.1 — 0.6 Intercompany interest expense (income), net — 10.8 (10.8 ) — — — Interest expense, net — 7.4 20.0 — — 27.4 (Loss) income before income tax (benefit) expense and equity income (1.2 ) (3.6 ) 2.0 3.4 — 0.6 Income tax (benefit) expense (0.2 ) (1.2 ) (4.3 ) (0.1 ) — (5.8 ) Equity income 5.8 — 1.0 — (6.8 ) — Net income (loss) $ 4.8 $ (2.4 ) $ 7.3 $ 3.5 $ (6.8 ) $ 6.4 Less: Net income attributable to non-controlling interests — — — 1.6 — 1.6 Net income (loss) attributed to Cott Corporation $ 4.8 $ (2.4 ) $ 7.3 $ 1.9 $ (6.8 ) $ 4.8 Comprehensive (loss) income attributed to Cott Corporation $ (8.9 ) $ (2.4 ) $ (19.8 ) $ 3.9 $ 18.3 $ (8.9 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Nine Months Ended October 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Revenue, net $ 113.9 $ 765.4 $ 1,307.1 $ 103.0 $ (44.2 ) $ 2,245.2 Cost of sales 96.8 305.5 1,129.6 83.1 (44.2 ) 1,570.8 Gross profit 17.1 459.9 177.5 19.9 — 674.4 Selling, general and administrative expenses 16.4 418.8 130.1 9.6 — 574.9 Loss (gain) on disposal of property, plant & equipment — 2.9 (0.2 ) — — 2.7 Acquisition and integration expenses — 12.5 2.9 — — 15.4 Operating income 0.7 25.7 44.7 10.3 — 81.4 Other (income) expense, net (9.0 ) (1.0 ) 1.1 0.1 — (8.8 ) Intercompany interest (income) expense, net (4.9 ) 32.7 (27.8 ) — — — Interest expense, net 0.1 22.2 60.7 — — 83.0 Income (loss) before income tax expense (benefit) and equity income 14.5 (28.2 ) 10.7 10.2 — 7.2 Income tax expense (benefit) 2.8 (10.2 ) (9.0 ) 0.1 — (16.3 ) Equity income 7.2 — 4.0 — (11.2 ) — Net income (loss) $ 18.9 $ (18.0 ) $ 23.7 $ 10.1 $ (11.2 ) $ 23.5 Less: Net income attributable to non-controlling interests — — — 4.6 — 4.6 Less: Accumulated dividends on convertible preferred shares 4.5 — — — — 4.5 Less: Accumulated dividends on non-convertible preferred shares 1.4 — — — — 1.4 Less: Foreign exchange impact on redemption of preferred shares 12.0 — — — — 12.0 Net income (loss) attributed to Cott Corporation $ 1.0 $ (18.0 ) $ 23.7 $ 5.5 $ (11.2 ) $ 1.0 Comprehensive (loss) income attributed to Cott Corporation $ (16.3 ) $ (18.0 ) $ 23.7 $ 8.7 $ (14.4 ) $ (16.3 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended September 27, 2014 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Revenue, net $ 42.3 $ — $ 469.8 $ 35.7 $ (12.8 ) $ 535.0 Cost of sales 36.2 — 412.1 30.0 (12.8 ) 465.5 Gross profit 6.1 — 57.7 5.7 — 69.5 Selling, general and administrative expenses 5.5 — 41.7 2.7 — 49.9 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Restructuring 0.1 — — — — 0.1 Asset impairments — — (0.2 ) — — (0.2 ) Acquisition and integration expenses — — 0.5 — — 0.5 Operating income 0.3 — 15.5 3.0 — 18.8 Other expense, net 0.2 — 5.2 — — 5.4 Interest expense, net 0.1 — 8.8 0.1 — 9.0 Income before income tax expense and equity income — — 1.5 2.9 — 4.4 Income tax expense — — 1.8 — — 1.8 Equity income 1.3 — 1.4 — (2.7 ) — Net income (loss) $ 1.3 $ — $ 1.1 $ 2.9 $ (2.7 ) $ 2.6 Less: Net income attributable to non-controlling interests — — — 1.3 — 1.3 Net income (loss) attributed to Cott Corporation $ 1.3 $ — $ 1.1 $ 1.6 $ (2.7 ) $ 1.3 Comprehensive (loss) income attributed to Cott Corporation $ (14.6 ) $ — $ (32.8 ) $ 3.2 $ 29.6 $ (14.6 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Nine Months Ended September 27, 2014 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Revenue, net $ 129.0 $ — $ 1,363.9 $ 104.0 $ (37.6 ) $ 1,559.3 Cost of sales 111.4 — 1,194.3 86.5 (37.6 ) 1,354.6 Gross profit 17.6 — 169.6 17.5 — 204.7 Selling, general and administrative expenses 18.3 — 120.3 8.9 — 147.5 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Restructuring 2.1 — 0.3 — — 2.4 Asset impairments 0.9 — 0.8 — — 1.7 Acquisition and integration expenses — — 3.4 — — 3.4 Operating (loss) income (3.9 ) — 44.6 8.6 — 49.3 Other (income) expense, net (9.1 ) — 31.9 0.1 — 22.9 Interest expense, net 0.2 — 26.9 0.1 — 27.2 Income (loss) before income tax (benefit) expense and equity (loss) income 5.0 — (14.2 ) 8.4 — (0.8 ) Income tax (benefit) expense (1.4 ) — 5.1 0.1 — 3.8 Equity (loss) income (15.1 ) — 4.1 — 11.0 — Net (loss) income $ (8.7 ) $ — $ (15.2 ) $ 8.3 $ 11.0 $ (4.6 ) Less: Net income attributable to non-controlling interests — — — 4.1 — 4.1 Net (loss) income attributed to Cott Corporation $ (8.7 ) $ — $ (15.2 ) $ 4.2 $ 11.0 $ (8.7 ) Comprehensive (loss) income attributed to Cott Corporation $ (17.9 ) $ — $ 6.9 $ 5.0 $ (11.9 ) $ (17.9 ) |
Consolidating Balance Sheets | Consolidating Balance Sheets (in millions of U.S. dollars) Unaudited As of October 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated ASSETS Current assets Cash & cash equivalents $ 2.0 $ 20.6 $ 33.7 $ 7.4 $ — $ 63.7 Accounts receivable, net of allowance 17.3 122.1 197.1 10.9 (23.0 ) 324.4 Income taxes recoverable — 0.6 0.4 0.1 — 1.1 Inventories 13.5 28.6 205.3 6.5 — 253.9 Prepaid expenses and other assets 2.7 10.0 24.6 0.2 — 37.5 Total current assets 35.5 181.9 461.1 25.1 (23.0 ) 680.6 Property, plant & equipment, net 31.3 397.9 367.2 6.8 — 803.2 Goodwill 20.7 568.0 162.4 — — 751.1 Intangibles and other assets, net 0.9 396.0 336.0 3.7 — 736.6 Deferred income taxes 2.7 — 37.8 0.2 (37.8 ) 2.9 Other tax receivable — — 0.9 — — 0.9 Due from affiliates 411.4 — 544.4 — (955.8 ) — Investments in subsidiaries 193.6 — 398.9 — (592.5 ) — Total assets $ 696.1 $ 1,543.8 $ 2,308.7 $ 35.8 $ (1,609.1 ) $ 2,975.3 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ — $ 152.0 $ — $ — $ 152.0 Current maturities of long-term debt — — 3.1 0.6 — 3.7 Accounts payable and accrued liabilities 36.6 126.6 286.1 9.9 (23.0 ) 436.2 Total current liabilities 36.6 126.6 441.2 10.5 (23.0 ) 591.9 Long-term debt — 391.5 1,156.4 — — 1,547.9 Deferred income taxes — 112.8 20.3 — (37.8 ) 95.3 Other long-term liabilities 0.5 34.7 41.0 1.2 — 77.4 Due to affiliates 1.2 543.3 382.5 28.8 (955.8 ) — Total liabilities 38.3 1,208.9 2,041.4 40.5 (1,016.6 ) 2,312.5 Equity Capital stock, no par 532.6 355.6 702.8 38.5 (1,096.9 ) 532.6 Additional paid-in-capital 53.0 — — — — 53.0 Retained earnings (deficit) 140.5 (20.8 ) (430.8 ) (56.6 ) 508.2 140.5 Accumulated other comprehensive (loss) income (68.3 ) 0.1 (4.7 ) 8.4 (3.8 ) (68.3 ) Total Cott Corporation equity 657.8 334.9 267.3 (9.7 ) (592.5 ) 657.8 Non-controlling interests — — — 5.0 — 5.0 Total equity 657.8 334.9 267.3 (4.7 ) (592.5 ) 662.8 Total liabilities and equity $ 696.1 $ 1,543.8 $ 2,308.7 $ 35.8 $ (1,609.1 ) $ 2,975.3 Consolidating Balance Sheets (in millions of U.S. dollars) As of January 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated 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 38.0 184.9 653.3 25.9 (186.9 ) 715.2 Property, plant & equipment, net 38.2 415.5 403.0 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 0.1 (586.9 ) — Investments in subsidiaries 436.3 — 973.1 — (1,409.4 ) — Total assets $ 723.0 $ 1,572.9 $ 2,954.5 $ 40.5 $ (2,183.2 ) $ 3,107.7 LIABILITIES, PREFERRED SHARES AND EQUITY Current liabilities Short-term borrowings $ — $ — $ 229.0 $ — $ — $ 229.0 Current maturities of long-term debt 0.1 — 3.0 0.9 — 4.0 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 9.0 (186.9 ) 653.3 Long-term debt — 405.6 1,158.8 0.6 — 1,565.0 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 1,220.1 1,887.7 43.8 (773.8 ) 2,410.0 Convertible preferred shares 116.1 — — — — 116.1 Non-convertible preferred shares 32.7 — — — — 32.7 Equity Capital stock, no par 388.3 355.5 1,766.0 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 542.0 352.8 1,066.8 (10.2 ) (1,409.4 ) 542.0 Non-controlling interests — — — 6.9 — 6.9 Total equity 542.0 352.8 1,066.8 (3.3 ) (1,409.4 ) 548.9 Total liabilities, preferred shares and equity $ 723.0 $ 1,572.9 $ 2,954.5 $ 40.5 $ (2,183.2 ) $ 3,107.7 |
Consolidating Statements of Condensed Cash Flows | Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended October 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Operating Activities Net income (loss) $ 4.8 $ (2.4 ) $ 7.3 $ 3.5 $ (6.8 ) $ 6.4 Depreciation & amortization 1.2 32.3 23.3 1.3 — 58.1 Amortization of financing fees 0.1 — 1.1 — — 1.2 Amortization of senior notes premium — (1.3 ) — — — (1.3 ) Share-based compensation expense — 0.6 1.7 — — 2.3 (Decrease) increase in deferred income taxes (1.6 ) 1.8 (4.9 ) — — (4.7 ) Loss on disposal of property, plant & equipment — 0.9 0.2 — — 1.1 Equity income, net of distributions (5.8 ) — (1.0 ) — 6.8 — Intercompany dividends 0.2 — 3.3 — (3.5 ) — Other non-cash items (3.1 ) (1.1 ) 9.2 (0.3 ) — 4.7 Net change in operating assets and liabilities, net of acquisition (0.2 ) 1.4 18.4 4.4 — 24.0 Net cash (used in) provided by operating activities (4.4 ) 32.2 58.6 8.9 (3.5 ) 91.8 Investing Activities Acquisition, net of cash received — (22.0 ) — — — (22.0 ) Additions to property, plant & equipment (0.5 ) (18.5 ) (8.7 ) (0.6 ) — (28.3 ) Additions to intangibles and other assets — — (0.5 ) — — (0.5 ) Proceeds from sale of property, plant & equipment — 0.3 0.1 — — 0.4 Net cash used in investing activities (0.5 ) (40.2 ) (9.1 ) (0.6 ) — (50.4 ) Financing Activities Payments of long-term debt (0.1 ) — (0.8 ) (0.1 ) — (1.0 ) Borrowings under ABL — — 52.4 — — 52.4 Payments under ABL — — (97.3 ) — — (97.3 ) Distributions to non-controlling interests — — — (3.2 ) — (3.2 ) Issuance of common shares 0.5 — — — — 0.5 Financing fees — — (0.1 ) — — (0.1 ) Common shares repurchased and cancelled (0.1 ) — — — — (0.1 ) Dividends paid to common and preferred shareowners (6.5 ) — — — — (6.5 ) Intercompany dividends — — (0.2 ) (3.3 ) 3.5 — Net cash used in financing activities (6.2 ) — (46.0 ) (6.6 ) 3.5 (55.3 ) Effect of exchange rate changes on cash (0.7 ) — (0.6 ) (0.1 ) — (1.4 ) Net (decrease) increase in cash & cash equivalents (11.8 ) (8.0 ) 2.9 1.6 — (15.3 ) Cash & cash equivalents, beginning of period 13.8 28.6 30.8 5.8 — 79.0 Cash & cash equivalents, end of period $ 2.0 $ 20.6 $ 33.7 $ 7.4 $ — $ 63.7 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Nine Months Ended October 3, 2015 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Operating Activities Net income (loss) $ 18.9 $ (18.0 ) $ 23.7 $ 10.1 $ (11.2 ) $ 23.5 Depreciation & amortization 3.6 94.3 71.7 4.1 — 173.7 Amortization of financing fees 0.1 — 3.5 — — 3.6 Amortization of senior notes premium — (4.2 ) — — — (4.2 ) Share-based compensation expense 1.2 1.7 5.4 0.1 — 8.4 Decrease in deferred income taxes (0.5 ) (10.8 ) (10.1 ) (0.2 ) — (21.6 ) Loss (gain) on disposal of property, plant & equipment — 2.9 (0.2 ) — — 2.7 Equity income, net of distributions (7.2 ) — (4.0 ) — 11.2 — Intercompany dividends 4.5 — 7.0 — (11.5 ) — Other non-cash items (9.9 ) (1.1 ) (0.5 ) (0.3 ) — (11.8 ) Net change in operating assets and liabilities, net of acquisition 18.6 (11.4 ) (17.0 ) 1.9 — (7.9 ) Net cash provided by operating activities 29.3 53.4 79.5 15.7 (11.5 ) 166.4 Investing Activities Acquisition, net of cash received — (22.5 ) — — — (22.5 ) Additions to property, plant & equipment (1.0 ) (57.3 ) (26.2 ) (1.0 ) — (85.5 ) Additions to intangibles and other assets — (1.9 ) (0.8 ) — — (2.7 ) Proceeds from sale of property, plant & equipment and sale-leaseback — 14.5 26.4 — — 40.9 Net cash used in investing activities (1.0 ) (67.2 ) (0.6 ) (1.0 ) — (69.8 ) Financing Activities Payments of long-term debt (0.1 ) — (2.2 ) (0.6 ) — (2.9 ) Borrowings under ABL — — 801.3 — — 801.3 Payments under ABL — — (874.5 ) — — (874.5 ) Distributions to non-controlling interests — — — (6.8 ) — (6.8 ) Issuance of common shares 143.1 — — — — 143.1 Financing fees — — (0.3 ) — — (0.3 ) Common shares repurchased and cancelled (0.8 ) — — — — (0.8 ) Preferred shares repurchased and cancelled (148.8 ) — — — — (148.8 ) Dividends paid to common and preferred shareowners (24.5 ) — — — — (24.5 ) Payment of deferred consideration for acquisitions — — (2.5 ) — — (2.5 ) Intercompany dividends — — (4.5 ) (7.0 ) 11.5 — Net cash used in financing activities (31.1 ) — (82.7 ) (14.4 ) 11.5 (116.7 ) Effect of exchange rate changes on cash (1.4 ) — (0.7 ) (0.3 ) — (2.4 ) Net decrease in cash & cash equivalents (4.2 ) (13.8 ) (4.5 ) — — (22.5 ) Cash & cash equivalents, beginning of period 6.2 34.4 38.2 7.4 — 86.2 Cash & cash equivalents, end of period $ 2.0 $ 20.6 $ 33.7 $ 7.4 $ — $ 63.7 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended September 27, 2014 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Operating Activities Net income (loss) $ 1.3 $ — $ 1.1 $ 2.9 $ (2.7 ) $ 2.6 Depreciation & amortization 1.7 — 23.7 1.4 — 26.8 Amortization of financing fees — — 0.7 — — 0.7 Share-based compensation expense 0.1 — 1.3 0.1 — 1.5 (Decrease) increase in deferred income taxes (0.3 ) — 2.5 — — 2.2 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Asset impairments — — (0.2 ) — — (0.2 ) Write off of financing fees and discount — — 0.8 — — 0.8 Equity income, net of distributions (1.3 ) — (1.4 ) — 2.7 — Intercompany dividends 44.2 — 2.5 — (46.7 ) — Other non-cash items (0.2 ) — 0.2 — — — Net change in operating assets and liabilities (36.6 ) — 59.5 2.8 — 25.7 Net cash provided by operating activities 9.1 — 90.9 7.2 (46.7 ) 60.5 Investing Activities Additions to property, plant & equipment — — (10.4 ) (0.4 ) — (10.8 ) Additions to intangibles and other assets — — (1.5 ) — — (1.5 ) Proceeds from sale of property, plant & equipment — — 1.6 — — 1.6 Net cash used in investing activities — — (10.3 ) (0.4 ) — (10.7 ) Financing Activities Payments of long-term debt — — (79.3 ) (0.8 ) — (80.1 ) Borrowings under ABL — — 191.1 — — 191.1 Payments under ABL — — (156.0 ) — — (156.0 ) Distributions to non-controlling interests — — — (2.4 ) — (2.4 ) Financing fees — — (1.2 ) — — (1.2 ) Common shares repurchased and cancelled (4.6 ) — — — — (4.6 ) Payment of deferred consideration for acquisitions — — (32.4 ) — — (32.4 ) Dividends paid to common shareholders (5.6 ) — — — — (5.6 ) Intercompany dividends — — (44.2 ) (2.5 ) 46.7 — Net cash used in financing activities (10.2 ) — (122.0 ) (5.7 ) 46.7 (91.2 ) Effect of exchange rate changes on cash (0.4 ) — (1.6 ) (0.1 ) — (2.1 ) Net (decrease) increase in cash & cash equivalents (1.5 ) — (43.0 ) 1.0 — (43.5 ) Cash & cash equivalents, beginning of period 7.2 — 77.0 6.7 — 90.9 Cash & cash equivalents, end of period $ 5.7 $ — $ 34.0 $ 7.7 $ — $ 47.4 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Nine Months Ended September 27, 2014 Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Operating Activities Net (loss) income $ (8.7 ) $ — $ (15.2 ) $ 8.3 $ 11.0 $ (4.6 ) Depreciation & amortization 4.8 — 68.6 4.3 — 77.7 Amortization of financing fees 0.1 — 1.8 — — 1.9 Share-based compensation expense 0.9 — 3.9 0.1 — 4.9 (Decrease) increase in deferred income taxes (1.6 ) — 5.7 — — 4.1 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Asset impairments 0.9 — 0.8 — — 1.7 Write off of financing fees and discount — — 4.1 — — 4.1 Equity loss (income), net of distributions 15.1 — (4.1 ) — (11.0 ) — Intercompany dividends 62.4 — 7.5 — (69.9 ) — Other non-cash items (0.4 ) — (0.3 ) — — (0.7 ) Net change in operating assets and liabilities (44.3 ) — (13.2 ) 5.5 — (52.0 ) Net cash provided by operating activities 29.4 — 59.8 18.2 (69.9 ) 37.5 Investing Activities Acquisitions, net of cash received — — (80.8 ) — — (80.8 ) Additions to property, plant & equipment (0.9 ) — (30.1 ) (0.4 ) — (31.4 ) Additions to intangibles and other assets — — (4.3 ) — — (4.3 ) Proceeds from sale of property, plant & equipment — — 1.6 — — 1.6 Net cash used in investing activities (0.9 ) — (113.6 ) (0.4 ) — (114.9 ) Financing Activities Payments of long-term debt (0.1 ) — (391.7 ) (0.8 ) — (392.6 ) Issue of long-term debt — — 525.0 — — 525.0 Borrowings under ABL — — 474.3 — — 474.3 Payments under ABL — — (455.4 ) — — (455.4 ) Distributions to non-controlling interests — — — (7.2 ) — (7.2 ) Financing fees — — (9.1 ) — — (9.1 ) Common shares repurchased and cancelled (7.7 ) — — — — (7.7 ) Payment of deferred consideration for acquisitions — — (32.4 ) — — (32.4 ) Dividends paid to common shareholders (16.4 ) — — — — (16.4 ) Intercompany dividends — — (62.4 ) (7.5 ) 69.9 — Net cash (used in) provided by financing activities (24.2 ) — 48.3 (15.5 ) 69.9 78.5 Effect of exchange rate changes on cash (0.1 ) — (0.7 ) (0.1 ) — (0.9 ) Net increase (decrease) in cash & cash equivalents 4.2 — (6.2 ) 2.2 — 0.2 Cash & cash equivalents, beginning of period 1.5 — 40.2 5.5 — 47.2 Cash & cash equivalents, end of period $ 5.7 $ — $ 34.0 $ 7.7 $ — $ 47.4 |
Cott Beverages Inc. [Member] | |
Condensed Consolidating Statements of Operations | Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended October 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Revenue, net $ 37.0 $ 182.1 $ 517.3 $ 33.3 $ (14.1 ) $ 755.6 Cost of sales 31.4 156.3 323.2 26.3 (14.1 ) 523.1 Gross profit 5.6 25.8 194.1 7.0 — 232.5 Selling, general and administrative expenses 6.0 23.8 162.9 3.5 — 196.2 Loss on disposal of property, plant & equipment — 0.2 0.9 — — 1.1 Acquisition and integration expenses — 0.2 6.4 — — 6.6 Operating (loss) income (0.4 ) 1.6 23.9 3.5 — 28.6 Other expense (income), net 0.8 (0.1 ) (0.2 ) 0.1 — 0.6 Intercompany interest (income) expense, net — (14.1 ) 14.1 — — — Interest expense, net — 19.8 7.6 — — 27.4 (Loss) income before income tax benefit and equity income (loss) (1.2 ) (4.0 ) 2.4 3.4 — 0.6 Income tax benefit (0.2 ) (4.2 ) (1.3 ) (0.1 ) — (5.8 ) Equity income (loss) 5.8 1.6 (0.6 ) — (6.8 ) — Net income $ 4.8 $ 1.8 $ 3.1 $ 3.5 $ (6.8 ) $ 6.4 Less: Net income attributable to non-controlling interests — — — 1.6 — 1.6 Net income attributed to Cott Corporation $ 4.8 $ 1.8 $ 3.1 $ 1.9 $ (6.8 ) $ 4.8 Comprehensive (loss) income attributed to Cott Corporation $ (8.9 ) $ (7.8 ) $ 8.9 $ 3.9 $ (5.0 ) $ (8.9 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Nine Months Ended October 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Revenue, net $ 113.9 $ 549.2 $ 1,523.3 $ 103.0 $ (44.2 ) $ 2,245.2 Cost of sales 96.8 467.0 968.1 83.1 (44.2 ) 1,570.8 Gross profit 17.1 82.2 555.2 19.9 — 674.4 Selling, general and administrative expenses 16.4 72.2 476.7 9.6 — 574.9 (Gain) loss on disposal of property, plant & equipment — (0.2 ) 2.9 — — 2.7 Acquisition and integration expenses — 2.2 13.2 — — 15.4 Operating income 0.7 8.0 62.4 10.3 — 81.4 Other (income) expense, net (9.0 ) (0.1 ) 0.2 0.1 — (8.8 ) Intercompany interest (income) expense, net (4.9 ) (39.6 ) 44.5 — — — Interest expense, net 0.1 60.1 22.8 — — 83.0 Income (loss) before income tax expense (benefit) and equity income (loss) 14.5 (12.4 ) (5.1 ) 10.2 — 7.2 Income tax expense (benefit) 2.8 (10.7 ) (8.5 ) 0.1 — (16.3 ) Equity income (loss) 7.2 4.6 (0.6 ) — (11.2 ) — Net income $ 18.9 $ 2.9 $ 2.8 $ 10.1 $ (11.2 ) $ 23.5 Less: Net income attributable to non-controlling interests — — — 4.6 — 4.6 Less: Accumulated dividends on convertible preferred shares 4.5 — — — — 4.5 Less: Accumulated dividends on non-convertible preferred shares 1.4 — — — — 1.4 Less: Foreign exchange impact on redemption of preferred shares 12.0 — — — — 12.0 Net income attributed to Cott Corporation $ 1.0 $ 2.9 $ 2.8 $ 5.5 $ (11.2 ) $ 1.0 Comprehensive (loss) income attributed to Cott Corporation $ (16.3 ) $ (4.1 ) $ 9.8 $ 8.7 $ (14.4 ) $ (16.3 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended September 27, 2014 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Revenue, net $ 42.3 $ 187.0 $ 282.8 $ 35.7 $ (12.8 ) $ 535.0 Cost of sales 36.2 161.0 251.1 30.0 (12.8 ) 465.5 Gross profit 6.1 26.0 31.7 5.7 — 69.5 Selling, general and administrative expenses 5.5 25.1 16.6 2.7 — 49.9 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Restructuring 0.1 — — — — 0.1 Asset impairments — — (0.2 ) — — (0.2 ) Acquisition and integration expenses — 0.3 0.2 — — 0.5 Operating income 0.3 0.6 14.9 3.0 — 18.8 Other expense, net 0.2 4.7 0.5 — — 5.4 Intercompany interest (income) expense, net — (4.6 ) 4.6 — — — Interest expense, net 0.1 8.5 0.3 0.1 — 9.0 (Loss) income before income tax expense and equity income — (8.0 ) 9.5 2.9 — 4.4 Income tax expense — 1.7 0.1 — — 1.8 Equity income 1.3 1.4 1.8 — (4.5 ) — Net income (loss) $ 1.3 $ (8.3 ) $ 11.2 $ 2.9 $ (4.5 ) $ 2.6 Less: Net income attributable to non-controlling interests — — — 1.3 — 1.3 Net income (loss) attributed to Cott Corporation $ 1.3 $ (8.3 ) $ 11.2 $ 1.6 $ (4.5 ) $ 1.3 Comprehensive (loss) income attributed to Cott Corporation $ (14.6 ) $ (35.6 ) $ 4.2 $ 3.2 $ 28.2 $ (14.6 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Nine Months Ended September 27, 2014 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Revenue, net $ 129.0 $ 562.0 $ 801.9 $ 104.0 $ (37.6 ) $ 1,559.3 Cost of sales 111.4 483.7 710.6 86.5 (37.6 ) 1,354.6 Gross profit 17.6 78.3 91.3 17.5 — 204.7 Selling, general and administrative expenses 18.3 76.3 44.0 8.9 — 147.5 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Restructuring 2.1 0.2 0.1 — — 2.4 Asset impairments 0.9 — 0.8 — — 1.7 Acquisition and integration expenses — 1.3 2.1 — — 3.4 Operating (loss) income (3.9 ) 0.5 44.1 8.6 — 49.3 Other (income) expense, net (9.1 ) 21.8 10.1 0.1 — 22.9 Intercompany interest (income) expense, net — (12.0 ) 12.0 — — — Interest expense, net 0.2 26.0 0.9 0.1 — 27.2 Income (loss) before income tax (benefit) expense and equity (loss) income 5.0 (35.3 ) 21.1 8.4 — (0.8 ) Income tax (benefit) expense (1.4 ) 4.6 0.5 0.1 — 3.8 Equity (loss) income (15.1 ) 4.1 8.8 — 2.2 — Net (loss) income $ (8.7 ) $ (35.8 ) $ 29.4 $ 8.3 $ 2.2 $ (4.6 ) Less: Net income attributable to non-controlling interests — — — 4.1 — 4.1 Net (loss) income attributed to Cott Corporation $ (8.7 ) $ (35.8 ) $ 29.4 $ 4.2 $ 2.2 $ (8.7 ) Comprehensive (loss) income attributed to Cott Corporation $ (17.9 ) $ (41.9 ) $ 57.6 $ 5.0 $ (20.7 ) $ (17.9 ) |
Consolidating Balance Sheets | Consolidating Balance Sheets (in millions of U.S. dollars) Unaudited As of October 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated ASSETS Current assets Cash & cash equivalents $ 2.0 $ 1.3 $ 53.0 $ 7.4 $ — $ 63.7 Accounts receivable, net of allowance 17.3 63.1 366.3 10.9 (133.2 ) 324.4 Income taxes recoverable — 0.6 0.4 0.1 — 1.1 Inventories 13.5 80.2 153.7 6.5 — 253.9 Prepaid expenses and other assets 2.7 16.9 17.7 0.2 — 37.5 Total current assets 35.5 162.1 591.1 25.1 (133.2 ) 680.6 Property, plant & equipment, net 31.3 163.9 601.2 6.8 — 803.2 Goodwill 20.7 4.5 725.9 — — 751.1 Intangibles and other assets, net 0.9 101.5 630.5 3.7 — 736.6 Deferred income taxes 2.7 37.8 — 0.2 (37.8 ) 2.9 Other tax receivable — 0.9 — — — 0.9 Due from affiliates 411.4 588.7 2.8 — (1,002.9 ) — Investments in subsidiaries 193.6 847.3 685.0 — (1,725.9 ) — Total assets $ 696.1 $ 1,906.7 $ 3,236.5 $ 35.8 $ (2,899.8 ) $ 2,975.3 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ 152.0 $ — $ — $ — $ 152.0 Current maturities of long-term debt — 2.7 0.4 0.6 — 3.7 Accounts payable and accrued liabilities 36.6 231.9 291.0 9.9 (133.2 ) 436.2 Total current liabilities 36.6 386.6 291.4 10.5 (133.2 ) 591.9 Long-term debt — 1,155.1 392.8 — — 1,547.9 Deferred income taxes — — 133.1 — (37.8 ) 95.3 Other long-term liabilities 0.5 20.1 55.6 1.2 — 77.4 Due to affiliates 1.2 1.6 971.3 28.8 (1,002.9 ) — Total liabilities 38.3 1,563.4 1,844.2 40.5 (1,173.9 ) 2,312.5 Equity Capital stock, no par 532.6 685.1 1,506.7 38.5 (2,230.3 ) 532.6 Additional paid-in-capital 53.0 — — — — 53.0 Retained earnings (deficit) 140.5 (326.2 ) (125.4 ) (56.6 ) 508.2 140.5 Accumulated other comprehensive (loss) income (68.3 ) (15.6 ) 11.0 8.4 (3.8 ) (68.3 ) Total Cott Corporation equity 657.8 343.3 1,392.3 (9.7 ) (1,725.9 ) 657.8 Non-controlling interests — — — 5.0 — 5.0 Total equity 657.8 343.3 1,392.3 (4.7 ) (1,725.9 ) 662.8 Total liabilities and equity $ 696.1 $ 1,906.7 $ 3,236.5 $ 35.8 $ (2,899.8 ) $ 2,975.3 Consolidating Balance Sheets (in millions of U.S. dollars) As of January 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated ASSETS Current assets Cash & cash equivalents $ 6.2 $ 8.6 $ 64.0 $ 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 72.5 172.0 5.5 — 262.4 Prepaid expenses and other assets 3.2 39.5 16.2 0.4 — 59.3 Total current assets 38.0 251.6 586.6 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 0.7 105.3 669.0 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 0.1 (751.4 ) — Investments in subsidiaries 436.3 623.5 349.6 — (1,409.4 ) — Total assets $ 723.0 $ 1,758.4 $ 2,964.0 $ 40.5 $ (2,378.2 ) $ 3,107.7 LIABILITIES, PREFERRED SHARES AND EQUITY Current liabilities Short-term borrowings $ — $ 229.0 $ — $ — $ — $ 229.0 Current maturities of long-term debt 0.1 2.5 0.5 0.9 — 4.0 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 9.0 (186.9 ) 653.3 Long-term debt — 1,157.1 407.3 0.6 — 1,565.0 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 1,608.5 1,694.3 43.8 (968.8 ) 2,410.0 Convertible preferred shares 116.1 — — — — 116.1 Non-convertible preferred shares 32.7 — — — — 32.7 Equity Capital stock, no par 388.3 525.7 1,595.8 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 ) 4.0 5.2 (0.6 ) (51.0 ) Total Cott Corporation equity 542.0 149.9 1,269.7 (10.2 ) (1,409.4 ) 542.0 Non-controlling interests — — — 6.9 — 6.9 Total equity 542.0 149.9 1,269.7 (3.3 ) (1,409.4 ) 548.9 Total liabilities, preferred shares and equity $ 723.0 $ 1,758.4 $ 2,964.0 $ 40.5 $ (2,378.2 ) $ 3,107.7 |
Consolidating Statements of Condensed Cash Flows | Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended October 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Operating Activities Net income $ 4.8 $ 1.8 $ 3.1 $ 3.5 $ (6.8 ) $ 6.4 Depreciation & amortization 1.2 9.9 45.7 1.3 — 58.1 Amortization of financing fees 0.1 1.1 — — — 1.2 Amortization of senior notes premium — — (1.3 ) — — (1.3 ) Share-based compensation expense — 1.7 0.6 — — 2.3 (Decrease) increase in deferred income taxes (1.6 ) (3.5 ) 0.4 — — (4.7 ) Loss on disposal of property, plant & equipment — 0.2 0.9 — — 1.1 Equity (income) loss, net of distributions (5.8 ) (1.6 ) 0.6 — 6.8 — Intercompany dividends 0.2 5.9 — — (6.1 ) — Other non-cash items (3.1 ) 2.1 6.0 (0.3 ) — 4.7 Net change in operating assets and liabilities, net of acquisitions (0.2 ) 22.3 (2.5 ) 4.4 — 24.0 Net cash (used in) provided by operating activities (4.4 ) 39.9 53.5 8.9 (6.1 ) 91.8 Investing Activities Acquisitions, net of cash received — — (22.0 ) — — (22.0 ) Additions to property, plant & equipment (0.5 ) (3.8 ) (23.4 ) (0.6 ) — (28.3 ) Additions to intangibles and other assets — (0.5 ) — — — (0.5 ) Proceeds from sale of property, plant & equipment — 0.1 0.3 — — 0.4 Net cash used in investing activities (0.5 ) (4.2 ) (45.1 ) (0.6 ) — (50.4 ) Financing Activities Payments of long-term debt (0.1 ) (0.7 ) (0.1 ) (0.1 ) — (1.0 ) Borrowings under ABL — 43.0 9.4 — — 52.4 Payments under ABL — (81.7 ) (15.6 ) — — (97.3 ) Distributions to non-controlling interests — — — (3.2 ) — (3.2 ) Issuance of common shares 0.5 — — — — 0.5 Financing fees — (0.1 ) — — — (0.1 ) Common shares repurchased and cancelled (0.1 ) — — — — (0.1 ) Dividends paid to common shareowners (6.5 ) — — — — (6.5 ) Intercompany dividends — — (2.8 ) (3.3 ) 6.1 — Net cash used in financing activities (6.2 ) (39.5 ) (9.1 ) (6.6 ) 6.1 (55.3 ) Effect of exchange rate changes on cash (0.7 ) — (0.6 ) (0.1 ) — (1.4 ) Net (decrease) increase in cash & cash equivalents (11.8 ) (3.8 ) (1.3 ) 1.6 — (15.3 ) Cash & cash equivalents, beginning of period 13.8 5.1 54.3 5.8 — 79.0 Cash & cash equivalents, end of period $ 2.0 $ 1.3 $ 53.0 $ 7.4 $ — $ 63.7 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Nine Months Ended October 3, 2015 Cott Cott Cott Cott Non-Guarantor Elimination Consolidated Operating Activities Net income $ 18.9 $ 2.9 $ 2.8 $ 10.1 $ (11.2 ) $ 23.5 Depreciation & amortization 3.6 32.1 133.9 4.1 — 173.7 Amortization of financing fees 0.1 3.4 0.1 — — 3.6 Amortization of senior notes premium — — (4.2 ) — — (4.2 ) Share-based compensation expense 1.2 5.0 2.1 0.1 — 8.4 Decrease in deferred income taxes (0.5 ) (10.4 ) (10.5 ) (0.2 ) — (21.6 ) (Gain) loss on disposal of property, plant & equipment — (0.2 ) 2.9 — — 2.7 Equity (income) loss, net of distributions (7.2 ) (4.6 ) 0.6 — 11.2 — Intercompany dividends 4.5 9.6 8.4 — (22.5 ) — Other non-cash items (9.9 ) (1.8 ) 0.2 (0.3 ) — (11.8 ) Net change in operating assets and liabilities, net of acquisitions 18.6 29.8 (58.2 ) 1.9 — (7.9 ) Net cash provided by operating activities 29.3 65.8 78.1 15.7 (22.5 ) 166.4 Investing Activities Acquisitions, net of cash received — — (22.5 ) — — (22.5 ) Additions to property, plant & equipment (1.0 ) (15.0 ) (68.5 ) (1.0 ) — (85.5 ) Additions to intangibles and other assets — (0.8 ) (1.9 ) — — (2.7 ) Proceeds from sale of property, plant & equipment and sale-leaseback — 26.4 14.5 — — 40.9 Net cash (used in) provided by investing activities (1.0 ) 10.6 (78.4 ) (1.0 ) — (69.8 ) Financing Activities Payments of long-term debt (0.1 ) (2.0 ) (0.2 ) (0.6 ) — (2.9 ) Borrowings under ABL — 757.0 44.3 — — 801.3 Payments under ABL — (830.0 ) (44.5 ) — — (874.5 ) Distributions to non-controlling interests — — — (6.8 ) — (6.8 ) Issuance of common shares 143.1 — — — — 143.1 Financing fees — (0.3 ) — — — (0.3 ) Preferred shares repurchased and cancelled (148.8 ) — — — — (148.8 ) Common shares repurchased and cancelled (0.8 ) — — — — (0.8 ) Dividends paid to common and preferred shareowners (24.5 ) — — — — (24.5 ) Payment of deferred consideration for acquisitions — — (2.5 ) — — (2.5 ) Intercompany dividends — (8.4 ) (7.1 ) (7.0 ) 22.5 — Net cash used in financing activities (31.1 ) (83.7 ) (10.0 ) (14.4 ) 22.5 (116.7 ) Effect of exchange rate changes on cash (1.4 ) — (0.7 ) (0.3 ) — (2.4 ) Net decrease in cash & cash equivalents (4.2 ) (7.3 ) (11.0 ) — — (22.5 ) Cash & cash equivalents, beginning of period 6.2 8.6 64.0 7.4 — 86.2 Cash & cash equivalents, end of period $ 2.0 $ 1.3 $ 53.0 $ 7.4 $ — $ 63.7 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended September 27, 2014 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Operating Activities Net income (loss) $ 1.3 $ (8.3 ) $ 11.2 $ 2.9 $ (4.5 ) $ 2.6 Depreciation & amortization 1.7 9.8 13.9 1.4 — 26.8 Amortization of financing fees — 0.7 — — — 0.7 Share-based compensation expense 0.1 1.1 0.2 0.1 — 1.5 (Decrease) increase in deferred income taxes (0.3 ) 1.8 0.7 — — 2.2 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Asset impairments — — (0.2 ) — — (0.2 ) Write-off of financing fees and discount — 0.8 — — — 0.8 Equity income, net of distributions (1.3 ) (1.4 ) (1.8 ) — 4.5 — Intercompany dividends 44.2 2.5 — — (46.7 ) — Other non-cash items (0.2 ) — 0.2 — — — Net change in operating assets and liabilities, net of acquisitions (36.6 ) 47.4 12.1 2.8 — 25.7 Net cash provided by operating activities 9.1 54.4 36.5 7.2 (46.7 ) 60.5 Investing Activities Additions to property, plant & equipment — (7.8 ) (2.6 ) (0.4 ) — (10.8 ) Additions to intangibles and other assets — (1.5 ) — — — (1.5 ) Proceeds from sale of property, plant & equipment — 1.6 — — — 1.6 Net cash used in investing activities — (7.7 ) (2.6 ) (0.4 ) — (10.7 ) Financing Activities Payments of long-term debt — (79.2 ) (0.1 ) (0.8 ) — (80.1 ) Borrowings under ABL — 191.1 — — — 191.1 Payments under ABL — (156.0 ) — — — (156.0 ) Distributions to non-controlling interests — — — (2.4 ) — (2.4 ) Financing fees — (1.2 ) — — — (1.2 ) Common shares repurchased and cancelled (4.6 ) — — — — (4.6 ) Payment of deferred consideration for acquisitions — (32.4 ) — — — (32.4 ) Dividends paid to common shareholders (5.6 ) — — — — (5.6 ) Intercompany dividends — — (44.2 ) (2.5 ) 46.7 — Net cash used in financing activities (10.2 ) (77.7 ) (44.3 ) (5.7 ) 46.7 (91.2 ) Effect of exchange rate changes on cash (0.4 ) — (1.6 ) (0.1 ) — (2.1 ) Net (decrease) increase in cash & cash equivalents (1.5 ) (31.0 ) (12.0 ) 1.0 — (43.5 ) Cash & cash equivalents, beginning of period 7.2 32.9 44.1 6.7 — 90.9 Cash & cash equivalents, end of period $ 5.7 $ 1.9 $ 32.1 $ 7.7 $ — $ 47.4 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Nine Months Ended September 27, 2014 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Operating Activities Net (loss) income $ (8.7 ) $ (35.8 ) $ 29.4 $ 8.3 $ 2.2 $ (4.6 ) Depreciation & amortization 4.8 29.8 38.8 4.3 — 77.7 Amortization of financing fees 0.1 1.7 0.1 — — 1.9 Share-based compensation expense 0.9 3.4 0.5 0.1 — 4.9 (Decrease) increase in deferred income taxes (1.6 ) 4.4 1.3 — — 4.1 Loss on disposal of property, plant & equipment 0.2 — 0.2 — — 0.4 Asset impairments 0.9 — 0.8 — — 1.7 Write-off of financing fees and discount — 4.1 — — — 4.1 Equity loss (income), net of distributions 15.1 (4.1 ) (8.8 ) — (2.2 ) — Intercompany dividends 62.4 7.5 9.3 — (79.2 ) — Other non-cash items (0.4 ) (0.2 ) (0.1 ) — — (0.7 ) Net change in operating assets and liabilities, net of acquisitions (44.3 ) (89.0 ) 75.8 5.5 — (52.0 ) Net cash provided by (used in) operating activities 29.4 (78.2 ) 147.3 18.2 (79.2 ) 37.5 Investing Activities Acquisitions, net of cash received — — (80.8 ) — — (80.8 ) Additions to property, plant & equipment (0.9 ) (20.0 ) (10.1 ) (0.4 ) — (31.4 ) Additions to intangibles and other assets — (4.3 ) — — — (4.3 ) Proceeds from sale of property, plant & equipment — 1.6 — — — 1.6 Net cash used in investing activities (0.9 ) (22.7 ) (90.9 ) (0.4 ) — (114.9 ) Financing Activities Payments of long-term debt (0.1 ) (391.4 ) (0.3 ) (0.8 ) — (392.6 ) Issuance of long-term debt — 525.0 — — — 525.0 Borrowings under ABL — 474.3 — — — 474.3 Payments under ABL — (455.4 ) — — — (455.4 ) Distributions to non-controlling interests — — — (7.2 ) — (7.2 ) Financing fees — (9.1 ) — — — (9.1 ) Common shares repurchased and cancelled (7.7 ) — — — — (7.7 ) Payment of deferred consideration for acquisitions — (32.4 ) — — — (32.4 ) Dividends paid to common shareholders (16.4 ) — — — — (16.4 ) Intercompany dividends — (9.3 ) (62.4 ) (7.5 ) 79.2 — Net cash (used in) provided by financing activities (24.2 ) 101.7 (62.7 ) (15.5 ) 79.2 78.5 Effect of exchange rate changes on cash (0.1 ) — (0.7 ) (0.1 ) — (0.9 ) Net increase (decrease) in cash & cash equivalents 4.2 0.8 (7.0 ) 2.2 — 0.2 Cash & cash equivalents, beginning of period 1.5 1.1 39.1 5.5 — 47.2 Cash & cash equivalents, end of period $ 5.7 $ 1.9 $ 32.1 $ 7.7 $ — $ 47.4 |
Business and Recent Accountin43
Business and Recent Accounting Pronouncements - Additional Information (Detail) - Direct-to-Consumer Products [Member] Location in Millions | 9 Months Ended |
Oct. 03, 2015RouteWarehouseLocation | |
Business And Basis Of Presentation [Line Items] | |
Number of customer locations | Location | 1.5 |
Number of warehouse branch and distribution facilities | Warehouse | 200 |
Number of routes | 2,200 |
Business and Recent Accountin44
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) - Reclassification [Member] - USD ($) $ in Millions | Jan. 03, 2015 | Sep. 27, 2014 | Sep. 27, 2014 |
Decrease to cost of sales | $ (5.6) | $ (17.1) | |
Increase to SG&A expenses | 5.6 | 17.1 | |
Decrease to SG&A expenses | (0.5) | (3.4) | |
Increase to acquisition and integration expenses | $ 0.5 | $ 3.4 | |
Decrease to inventories | $ (8.9) | ||
Increase to property, plant and equipment, net | $ 8.9 |
Revisions - Effect of Revision
Revisions - Effect of Revision on Consolidated Statement of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue, net | $ 755.6 | $ 535 | $ 2,245.2 | $ 1,559.3 |
Cost of sales | 523.1 | 465.5 | 1,570.8 | 1,354.6 |
Gross profit | 232.5 | 69.5 | 674.4 | 204.7 |
Selling, general and administrative expenses | 196.2 | 49.9 | 574.9 | 147.5 |
Loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 |
Operating income | 28.6 | 18.8 | 81.4 | 49.3 |
Income (loss) before income taxes | 0.6 | 4.4 | 7.2 | (0.8) |
Income tax expense | (5.8) | 1.8 | (16.3) | 3.8 |
Net income (loss) | $ 6.4 | 2.6 | $ 23.5 | (4.6) |
Net income (loss) attributed to Cott Corporation | 1.3 | (8.7) | ||
Scenario, Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue, net | 1,561 | |||
Cost of sales | 471.5 | 1,373.4 | ||
Gross profit | 63.5 | |||
Selling, general and administrative expenses | 45 | 134.2 | ||
Loss on disposal of property, plant & equipment | 0.7 | 1.2 | ||
Operating income | 17.9 | 48.1 | ||
Income (loss) before income taxes | 3.5 | (2) | ||
Income tax expense | 3.4 | |||
Net income (loss) | 1.7 | (5.4) | ||
Net income (loss) attributed to Cott Corporation | 0.4 | (9.5) | ||
Scenario, Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Revenue, net | (1.7) | |||
Cost of sales | (0.4) | (1.7) | ||
Gross profit | 0.4 | |||
Selling, general and administrative expenses | (0.2) | (0.4) | ||
Loss on disposal of property, plant & equipment | (0.3) | (0.8) | ||
Operating income | 0.9 | 1.2 | ||
Income (loss) before income taxes | 0.9 | 1.2 | ||
Income tax expense | 0.4 | |||
Net income (loss) | 0.9 | 0.8 | ||
Net income (loss) attributed to Cott Corporation | $ 0.9 | $ 0.8 |
Revisions - Effect of Revisio46
Revisions - Effect of Revision on Consolidated Statements of Comprehensive Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income (loss) | $ 6.4 | $ 2.6 | $ 23.5 | $ (4.6) |
Comprehensive (loss) income | (7) | (13.2) | 6.5 | (13.7) |
Comprehensive (loss) income attributed to Cott Corporation | $ (8.9) | (14.6) | $ (16.3) | (17.9) |
Scenario, Previously Reported [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income (loss) | 1.7 | (5.4) | ||
Comprehensive (loss) income | (14.1) | (14.5) | ||
Comprehensive (loss) income attributed to Cott Corporation | (15.5) | (18.7) | ||
Scenario, Adjustment [Member] | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net income (loss) | 0.9 | 0.8 | ||
Comprehensive (loss) income | 0.9 | 0.8 | ||
Comprehensive (loss) income attributed to Cott Corporation | $ 0.9 | $ 0.8 |
Revisions - Effect of Revisio47
Revisions - Effect of Revision on Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Operating Activities | ||||
Net income (loss) | $ 6.4 | $ 2.6 | $ 23.5 | $ (4.6) |
Depreciation & amortization | 58.1 | 26.8 | 173.7 | 77.7 |
Increase in deferred income taxes | 4.7 | (2.2) | 21.6 | (4.1) |
Loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 |
Change in accounts receivable | (37.8) | (27) | 22.9 | 39.3 |
Change in accounts payable and accrued liabilities, and other liabilities | (24.3) | (17.5) | (14.3) | (19.7) |
Net cash provided by operating activities | 91.8 | 60.5 | 166.4 | 37.5 |
Effect of exchange rate changes on cash | $ (1.4) | (2.1) | $ (2.4) | (0.9) |
Scenario, Previously Reported [Member] | ||||
Operating Activities | ||||
Net income (loss) | 1.7 | (5.4) | ||
Depreciation & amortization | 27.2 | 78.5 | ||
Increase in deferred income taxes | 3.7 | |||
Loss on disposal of property, plant & equipment | 0.7 | 1.2 | ||
Change in accounts receivable | 27.2 | (39.1) | ||
Change in accounts payable and accrued liabilities, and other liabilities | (20.2) | |||
Net cash provided by operating activities | 37.6 | |||
Effect of exchange rate changes on cash | (1) | |||
Scenario, Actual [Member] | ||||
Operating Activities | ||||
Net income (loss) | 2.6 | (4.6) | ||
Depreciation & amortization | 26.8 | 77.7 | ||
Increase in deferred income taxes | 4.1 | |||
Loss on disposal of property, plant & equipment | 0.4 | 0.4 | ||
Change in accounts receivable | 27 | (39.3) | ||
Change in accounts payable and accrued liabilities, and other liabilities | (19.7) | |||
Net cash provided by operating activities | 37.5 | |||
Effect of exchange rate changes on cash | (0.9) | |||
Scenario, Adjustment [Member] | ||||
Operating Activities | ||||
Net income (loss) | 0.9 | 0.8 | ||
Depreciation & amortization | (0.4) | (0.8) | ||
Increase in deferred income taxes | 0.4 | |||
Loss on disposal of property, plant & equipment | (0.3) | (0.8) | ||
Change in accounts receivable | $ (0.2) | (0.2) | ||
Change in accounts payable and accrued liabilities, and other liabilities | 0.5 | |||
Net cash provided by operating activities | (0.1) | |||
Effect of exchange rate changes on cash | $ 0.1 |
Revisions - Effect of Revisio48
Revisions - Effect of Revision on Consolidated Statements of Equity (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | Jan. 03, 2015 | Dec. 28, 2013 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Retained earnings | $ 140.5 | $ 140.5 | $ 158.1 | |||
Total equity | 662.8 | $ 564.5 | 662.8 | $ 564.5 | $ 548.9 | $ 604.4 |
Net (loss) income | $ 6.4 | 2.6 | $ 23.5 | (4.6) | ||
Scenario, Previously Reported [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Retained earnings | 147.4 | 147.4 | 176.3 | |||
Total equity | 565.2 | 565.2 | 605.9 | |||
Net (loss) income | 1.7 | (5.4) | ||||
Scenario, Actual [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Retained earnings | 146.7 | 146.7 | 174.8 | |||
Total equity | 564.5 | 564.5 | 604.4 | |||
Net (loss) income | 2.6 | (4.6) | ||||
Scenario, Adjustment [Member] | ||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||
Retained earnings | (0.7) | (0.7) | (1.5) | |||
Total equity | (0.7) | (0.7) | $ (1.5) | |||
Net (loss) income | $ 0.9 | $ 0.8 |
Acquisitions (HOD Water Busines
Acquisitions (HOD Water Business Acquisitions) - Additional Information (Detail) - HOD Water Business Acquisitions [Member] $ in Millions | 3 Months Ended | 6 Months Ended |
Oct. 03, 2015USD ($)Business | Jul. 04, 2015USD ($)Business | |
Business Acquisition [Line Items] | ||
Number of business acquired | 2 | 3 |
Business acquisitions, aggregate cash purchase price | $ | $ 10.6 | $ 0.5 |
Acquisitions (DSS Acquisition)
Acquisitions (DSS Acquisition) - Additional Information (Detail) - USD ($) $ in Millions | Dec. 12, 2014 | Dec. 12, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | Jul. 31, 2015 |
Business Acquisition [Line Items] | |||||||
Business acquisition incremental borrowings | $ 52.4 | $ 191.1 | $ 801.3 | $ 474.3 | |||
DSS Group Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate consideration | $ 1,246 | ||||||
Payments made to former shareholders of DSS | $ 11.4 | ||||||
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 | $ 625 | |||||
Interest rate on notes | 6.75% | 6.75% | |||||
Debt instrument maturity date | Jan. 1, 2020 | ||||||
DSS Group Inc [Member] | 2021 DSS Senior Notes [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Senior notes issued | $ 350 | $ 350 | |||||
Debt instrument maturity period | 2,021 |
Acquisitions (DSS Acquisition51
Acquisitions (DSS Acquisition) - Business Combination Transfer Consideration (Detail) - DSS Group Inc [Member] $ in Millions | 1 Months Ended |
Dec. 12, 2014USD ($) | |
Business Acquisition [Line Items] | |
Cash paid to sellers | $ 449.7 |
Working capital payment | 11.4 |
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 | 952.5 |
Convertible Preferred Shares [Member] | |
Business Acquisition [Line Items] | |
Preferred Shares | 116.1 |
Non-convertible Preferred Shares [Member] | |
Business Acquisition [Line Items] | |
Preferred Shares | $ 32.7 |
Acquisitions (DSS Acquisition52
Acquisitions (DSS Acquisition) - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jul. 04, 2015 | Jan. 03, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 751.1 | $ 743.6 | |
DSS Group Inc [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 | 3.7 | ||
Property, plant & equipment | 412.7 | ||
Goodwill | 563.5 | ||
Intangible and other assets | 417.2 | ||
Accounts payable and accrued liabilities | (118.5) | ||
Long-term debt | (406) | ||
Deferred income taxes liabilities | (122.9) | ||
Other long-term liabilities | (29.5) | ||
Total | 952.5 | ||
DSS Group Inc [Member] | Scenario, Previously Reported [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 | 4.4 | ||
Property, plant & equipment | 412.7 | ||
Goodwill | 562.8 | ||
Intangible and other assets | 417.2 | ||
Accounts payable and accrued liabilities | (118.5) | ||
Long-term debt | (406) | ||
Deferred income taxes liabilities | (122.9) | ||
Other long-term liabilities | (29.5) | ||
Total | $ 952.5 | ||
DSS Group Inc [Member] | Scenario, Adjustment [Member] | |||
Business Acquisition [Line Items] | |||
Deferred income taxes | (0.7) | ||
Goodwill | $ 0.7 |
Acquisitions (Aimia Acquisition
Acquisitions (Aimia Acquisition) - Additional Information (Detail) - Aimia Foods Holdings Limited [Member] £ in Millions, $ in Millions | Sep. 15, 2014USD ($) | Sep. 15, 2014GBP (£) | May. 31, 2014USD ($) | May. 31, 2014GBP (£) | Jul. 04, 2015USD ($) | Jul. 04, 2015GBP (£) | Oct. 03, 2015USD ($) | Oct. 03, 2015GBP (£) | May. 31, 2014GBP (£) |
Business Acquisition [Line Items] | |||||||||
Acquisition Date | May 30, 2014 | ||||||||
Acquired Segment | 100.00% | 100.00% | |||||||
Contingent consideration maximum payable amount | $ 24.3 | £ 16 | £ 16 | ||||||
Aggregate purchase price | $ 87.6 | £ 52.1 | |||||||
Deferred consideration | $ 33.5 | £ 19.9 | 33.5 | ||||||
Fair Value of Contingent Consideration | $ 17.9 | 16.1 | 10.6 | ||||||
Fair value adjustment related to business combination | $ 0.6 | £ 0.4 | |||||||
Income Approach Valuation Technique [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Fair Value of Contingent Consideration | $ 16.1 | £ 10.6 |
Acquisitions (Aimia Acquisiti54
Acquisitions (Aimia Acquisition) - Business Combination Transfer Consideration (Detail) - Aimia Foods Holdings Limited [Member] £ in Millions, $ in Millions | Sep. 15, 2014USD ($) | Sep. 15, 2014GBP (£) | May. 31, 2014USD ($) | Oct. 03, 2015USD ($) | Oct. 03, 2015GBP (£) |
Business Acquisition [Line Items] | |||||
Cash | $ 80.4 | ||||
Deferred consideration | $ 33.5 | £ 19.9 | 33.5 | ||
Contingent consideration | 17.9 | $ 16.1 | £ 10.6 | ||
Working capital payment | 7.2 | ||||
Total consideration | $ 139 |
Acquisitions (Aimia Acquisiti55
Acquisitions (Aimia Acquisition) - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jan. 03, 2015 |
Business Acquisition [Line Items] | ||
Goodwill | $ 751.1 | $ 743.6 |
Aimia Foods Holdings Limited [Member] | ||
Business Acquisition [Line Items] | ||
Cash | 9.5 | |
Accounts receivable | 11 | |
Inventories | 9.6 | |
Prepaid expenses and other assets | 1.9 | |
Property, plant & equipment | 10.9 | |
Goodwill | 54.5 | |
Intangibles and other assets | 86.2 | |
Accounts payable and accrued liabilities | (27.4) | |
Deferred tax liabilities | (17.2) | |
Total | $ 139 |
Acquisitions - Unaudited Pro Fo
Acquisitions - Unaudited Pro Forma Financial Information (Detail) - DSS Acquisition and Aimia Acquisition [Member] - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 27, 2014 | Sep. 27, 2014 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Revenue | $ 785.9 | $ 2,347.8 |
Net loss | $ (18.8) | $ (40.8) |
Net loss per common share, diluted | $ (0.20) | $ (0.43) |
Restructuring and Asset Impai57
Restructuring and Asset Impairments - Additional Information (Detail) - 2014 Restructuring Plan [Member] | Mar. 29, 2014Plant |
Restructuring Cost and Reserve [Line Items] | |
Number of plants to be closed | 2 |
North America [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of plants to be closed | 1 |
United Kingdom [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Number of plants to be closed | 1 |
Restructuring and Asset Impai58
Restructuring and Asset Impairments - Summary of Restructuring Charges (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 27, 2014 | Sep. 27, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | $ 0.1 | $ 2.4 |
North America [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | $ 0.1 | 2.3 |
United Kingdom [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring | $ 0.1 |
Restructuring and Asset Impai59
Restructuring and Asset Impairments - Summary of Asset Impairment Charges (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 27, 2014 | Sep. 27, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Asset impairments | $ (0.2) | $ 1.7 |
North America [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Asset impairments | 0.9 | |
United Kingdom [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Asset impairments | $ (0.2) | $ 0.8 |
Restructuring and Asset Impai60
Restructuring and Asset Impairments - Summary of Restructuring Liability (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 27, 2014 | Sep. 27, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Charges to costs and expenses | $ 0.1 | $ 2.4 |
North America [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 0 | |
Charges to costs and expenses | 0.1 | 2.3 |
Cash payments | (2.3) | |
Ending balance | 0 | 0 |
North America [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 0 | |
Charges to costs and expenses | 2.3 | |
Cash payments | (2.3) | |
Ending balance | 0 | 0 |
United Kingdom [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 0 | |
Charges to costs and expenses | 0.1 | |
Cash payments | (0.1) | |
Ending balance | 0 | 0 |
United Kingdom [Member] | Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 0 | |
Charges to costs and expenses | 0.1 | |
Cash payments | (0.1) | |
Ending balance | $ 0 | $ 0 |
Share-Based Compensation - Shar
Share-Based Compensation - Share-based Compensation Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 2.3 | $ 1.5 | $ 8.4 | $ 4.9 |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 0.6 | 0.4 | 1.5 | 1.2 |
Performance-Based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | 1 | 0.2 | 4 | 1 |
Time-Based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 0.7 | 0.7 | 1.9 | 2.1 |
Director Share Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 0.2 | $ 1 | $ 0.6 |
Share-Based Compensation - Unre
Share-Based Compensation - Unrecognized Share-based Compensation Expense (Detail) $ in Millions | 9 Months Ended |
Oct. 03, 2015USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 14.9 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 3.2 |
Weighted average years expected to recognize compensation | 1 year 10 months 24 days |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 8.7 |
Weighted average years expected to recognize compensation | 2 years 1 month 6 days |
Time-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 3 |
Weighted average years expected to recognize compensation | 1 year 8 months 12 days |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Option Activity (Detail) - Stock Options [Member] shares in Thousands | 9 Months Ended |
Oct. 03, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | 1,221 |
Options awarded, Shares | 685 |
Options exercised, Shares | (113) |
Ending balance, Shares | 1,793 |
Exercisable shares, Ending balance | 297 |
Beginning balance, Weighted average exercise price | $ / shares | $ 7.77 |
Options awarded, Weighted average exercise price | $ / shares | 9.22 |
Options exercised, Weighted average exercise price | $ / shares | 4.94 |
Ending balance, Weighted average exercise price | $ / shares | 8.50 |
Exercisable at October 3, 2015, Weighted average exercise price | $ / shares | $ 6.60 |
Share-Based Compensation - Perf
Share-Based Compensation - Performance-based RSU and Time-based RSU Activity (Detail) shares in Thousands | 9 Months Ended |
Oct. 03, 2015$ / sharesshares | |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | 1,782 |
Awarded, Shares | 320 |
Awarded in connection with modification, Shares | 55 |
Issued, Shares | (255) |
Forfeited, Shares | (5) |
Ending balance, Shares | 1,897 |
Beginning balance, Weighted Average Grant-Date Fair Value | $ / shares | $ 7.01 |
Awarded, Weighted Average Grant-Date Fair Value | $ / shares | 9.22 |
Awarded in connection with modification, Weighted Average Grant-Date Fair Value | $ / shares | 7.90 |
Issued, Weighted Average Grant-Date Fair Value | $ / shares | 6.87 |
Forfeited, Weighted Average Grant-Date Fair Value | $ / shares | 8.52 |
Ending balance, Weighted Average Grant-Date Fair Value | $ / shares | $ 7.42 |
Time-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | 664 |
Awarded, Shares | 212 |
Issued, Shares | (10) |
Forfeited, Shares | (21) |
Ending balance, Shares | 845 |
Beginning balance, Weighted Average Grant-Date Fair Value | $ / shares | $ 8.63 |
Awarded, Weighted Average Grant-Date Fair Value | $ / shares | 9.22 |
Issued, Weighted Average Grant-Date Fair Value | $ / shares | 8.60 |
Forfeited, Weighted Average Grant-Date Fair Value | $ / shares | 8.51 |
Ending balance, Weighted Average Grant-Date Fair Value | $ / shares | $ 8.78 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Income tax (benefit) expense | $ (5.8) | $ 1.8 | $ (16.3) | $ 3.8 |
Pretax income (loss) | $ 0.6 | $ 4.4 | $ 7.2 | $ (0.8) |
Net Income (Loss) per Common 66
Net Income (Loss) per Common Share - Reconciliation of Numerator and Denominators of Basic and Diluted Net Income Per Common Share (Detail) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net income (loss) attributed to Cott Corporation | $ 4.8 | $ 1.3 | $ 1 | $ (8.7) |
Accumulated dividends on convertible preferred shares | 0 | 0 | 0 | 0 |
Foreign exchange impact on redemption of convertible preferred shares | 0 | 0 | 0 | 0 |
Diluted net income (loss) attributed to Cott Corporation | $ 4.8 | $ 1.3 | $ 1 | $ (8.7) |
Weighted average number of shares outstanding - basic | 109,686 | 93,607 | 100,818 | 94,053 |
Adjusted weighted average number of shares outstanding - diluted | 110,410 | 94,348 | 101,387 | 94,053 |
Performance-Based RSUs [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive effect of awards | 276 | |||
Time-Based RSUs [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive effect of awards | 488 | 426 | 423 | |
Stock Options [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Dilutive effect of awards | 236 | 39 | 146 |
Net Income (Loss) per Common 67
Net Income (Loss) per Common Share - Reconciliation of Numerator and Denominators of Basic and Diluted Net Income Per Common Share (Parenthetical) (Detail) | 9 Months Ended |
Oct. 03, 2015shares | |
Convertible Preferred Shares [Member] | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |
Antidilutive shares excluded from the computation of diluted net income per share | 15,620,632 |
Net Income (Loss) per Common 68
Net Income (Loss) per Common Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 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 | 0 | 832,951 | 0 | 832,951 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) Location in Millions | 1 Months Ended | 9 Months Ended | |
Dec. 31, 2014Segment | Oct. 03, 2015RouteSalesAndDistributionFaciltiesLocation | Sep. 27, 2014Segment | |
Revenue, Major Customer [Line Items] | |||
Number of reporting segments | Segment | 4 | 3 | |
Direct-to-Consumer Products [Member] | |||
Revenue, Major Customer [Line Items] | |||
Number of customer locations | Location | 1.5 | ||
Number of sales and distribution facility | SalesAndDistributionFacilties | 200 | ||
Number of routes | 2,200 | ||
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk | 18.10% | 26.40% | |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | All Other [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk | 4.10% | 3.10% | |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | DSS Group Inc [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk | 2.20% | ||
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | North America [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk | 32.90% | 32.50% | |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | United Kingdom [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk | 11.80% | 12.90% |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information by Operating Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | Jan. 03, 2015 | |
Segment Reporting Information [Line Items] | |||||
Revenue, net | $ 755.6 | $ 535 | $ 2,245.2 | $ 1,559.3 | |
Depreciation and amortization | 58.1 | 26.8 | 173.7 | 77.7 | |
Operating income (loss) | 28.6 | 18.8 | 81.4 | 49.3 | |
Additions to property, plant and equipment | 28.3 | 10.8 | 85.5 | 31.4 | |
Property, plant and equipment, net | 803.2 | 803.2 | $ 864.5 | ||
Goodwill | 751.1 | 751.1 | 743.6 | ||
Intangibles and other assets | 736.6 | 736.6 | 781.7 | ||
Total assets | 2,975.3 | 2,975.3 | 3,107.7 | ||
North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment, net | 695 | 695 | 747.3 | ||
United Kingdom [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment, net | 101.9 | 101.9 | 109.9 | ||
All Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Property, plant and equipment, net | 6.3 | 6.3 | 7.3 | ||
Elimination [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, net | (6.3) | (5.5) | (17.1) | (17.7) | |
Elimination [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, net | (6.3) | (5.5) | (17.1) | (17.7) | |
Operating Segments [Member] | North America [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, net | 338.5 | 351.7 | 1,026.2 | 1,081.8 | |
Depreciation and amortization | 19.4 | 20.3 | 61.3 | 61.4 | |
Operating income (loss) | 8.3 | 8.9 | 33.8 | 26.7 | |
Additions to property, plant and equipment | 8.4 | 7.9 | 20.1 | 20.9 | |
Property, plant and equipment, net | 297.1 | 297.1 | 331.9 | ||
Goodwill | 121 | 121 | 123.7 | ||
Intangibles and other assets | 249.4 | 249.4 | 266.8 | ||
Total assets | 983.2 | 983.2 | 1,077.7 | ||
Operating Segments [Member] | United Kingdom [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, net | 139.9 | 172 | 425.9 | 445.3 | |
Depreciation and amortization | 5.9 | 6.1 | 16.8 | 15 | |
Operating income (loss) | 7 | 10.3 | 25.5 | 23.2 | |
Additions to property, plant and equipment | 1.5 | 2.5 | 7.7 | 10.1 | |
Property, plant and equipment, net | 101.9 | 101.9 | 109.9 | ||
Goodwill | 57.6 | 57.6 | 58.5 | ||
Intangibles and other assets | 91.2 | 91.2 | 99.2 | ||
Total assets | 417.9 | 417.9 | 426.8 | ||
Operating Segments [Member] | DSS Group Inc [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, net | 268.1 | 765.4 | |||
Depreciation and amortization | 32.3 | 94.3 | |||
Operating income (loss) | 14 | 25.7 | |||
Additions to property, plant and equipment | 18 | 56.8 | |||
Property, plant and equipment, net | 397.9 | 397.9 | 415.4 | ||
Goodwill | 568 | 568 | 556.9 | ||
Intangibles and other assets | 396 | 396 | 415.5 | ||
Total assets | 1,543.8 | 1,543.8 | 1,572.8 | ||
Operating Segments [Member] | All Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, net | 15.4 | 16.8 | 44.8 | 49.9 | |
Depreciation and amortization | 0.5 | 0.4 | 1.3 | 1.3 | |
Operating income (loss) | 3.1 | 2.6 | 8.4 | 8.2 | |
Additions to property, plant and equipment | 0.4 | 0.4 | 0.9 | 0.4 | |
Property, plant and equipment, net | 6.3 | 6.3 | 7.3 | ||
Goodwill | 4.5 | 4.5 | 4.5 | ||
Intangibles and other assets | 0.2 | ||||
Total assets | 30.4 | 30.4 | $ 30.4 | ||
Corporate [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating income (loss) | $ (3.8) | $ (3) | $ (12) | $ (8.8) |
Segment Reporting - Segment R71
Segment Reporting - Segment Reporting Information by Operating Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue, net | $ 755.6 | $ 535 | $ 2,245.2 | $ 1,559.3 |
Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | (6.3) | (5.5) | (17.1) | (17.7) |
Elimination [Member] | North America [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | $ (6.3) | $ (5.5) | $ (17.1) | $ (17.7) |
Segment Reporting - Revenues by
Segment Reporting - Revenues by Geographic Area (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Schedule Of Revenues From External Customers [Line Items] | ||||
Total | $ 755.6 | $ 535 | $ 2,245.2 | $ 1,559.3 |
Total | 755.6 | 535 | 2,245.2 | 1,559.3 |
United States [Member] | ||||
Schedule Of Revenues From External Customers [Line Items] | ||||
Total | 298.5 | 307.4 | 906.8 | 946.1 |
Total | $ 298.5 | $ 307.4 | $ 906.8 | $ 946.1 |
Segment Reporting - Revenues 73
Segment Reporting - Revenues by Channel Reporting Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Segment Reporting Information [Line Items] | ||||
Revenue, net | $ 755.6 | $ 535 | $ 2,245.2 | $ 1,559.3 |
Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | (6.3) | (5.5) | (17.1) | (17.7) |
North America [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 338.5 | 351.7 | 1,026.2 | 1,081.8 |
North America [Member] | Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | (6.3) | (5.5) | (17.1) | (17.7) |
United Kingdom [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 139.9 | 172 | 425.9 | 445.3 |
Private Label Retail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 353.3 | 377.1 | 1,077.7 | 1,135.5 |
Private Label Retail [Member] | Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | (0.4) | (0.4) | (1.6) | (0.8) |
Private Label Retail [Member] | North America [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 270.4 | 291.7 | 827.8 | 905.3 |
Private Label Retail [Member] | United Kingdom [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 65.4 | 84 | 198.1 | 226.5 |
Branded Retail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 95.5 | 77.7 | 284.5 | 211.8 |
Branded Retail [Member] | Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | (0.3) | (0.4) | (1.2) | (1.3) |
Branded Retail [Member] | North America [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 30 | 28.9 | 87.9 | 81.9 |
Branded Retail [Member] | United Kingdom [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 42 | 47.9 | 131.3 | 127.6 |
Contract Packaging Inc [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 64.7 | 65.6 | 190 | 173 |
Contract Packaging Inc [Member] | Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | (2.4) | (1.2) | (4) | (6) |
Contract Packaging Inc [Member] | North America [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 31.1 | 23 | 88 | 71.3 |
Contract Packaging Inc [Member] | United Kingdom [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 30.3 | 37.7 | 89.6 | 87.1 |
Home and Office Bottled Water Delivery [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 173.3 | 487.7 | ||
Office Coffee Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 28.1 | 89.8 | ||
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 40.7 | 14.6 | 115.5 | 39 |
Other [Member] | Elimination [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | (3.2) | (3.5) | (10.3) | (9.6) |
Other [Member] | North America [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 7 | 8.1 | 22.5 | 23.3 |
Other [Member] | United Kingdom [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 2.2 | 2.4 | 6.9 | 4.1 |
DSS Group Inc [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 268.1 | 765.4 | ||
DSS Group Inc [Member] | Private Label Retail [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 17 | 49.7 | ||
DSS Group Inc [Member] | Branded Retail [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 22.9 | 63.2 | ||
DSS Group Inc [Member] | Home and Office Bottled Water Delivery [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 173.3 | 487.7 | ||
DSS Group Inc [Member] | Office Coffee Services [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 28.1 | 89.8 | ||
DSS Group Inc [Member] | Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 26.8 | 75 | ||
All Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 15.4 | 16.8 | 44.8 | 49.9 |
All Other [Member] | Private Label Retail [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 0.9 | 1.8 | 3.7 | 4.5 |
All Other [Member] | Branded Retail [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 0.9 | 1.3 | 3.3 | 3.6 |
All Other [Member] | Contract Packaging Inc [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | 5.7 | 6.1 | 16.4 | 20.6 |
All Other [Member] | Other [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenue, net | $ 7.9 | $ 7.6 | $ 21.4 | $ 21.2 |
Segment Reporting - Property, P
Segment Reporting - Property, Plant and Equipment, Net by Geographic Area (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jan. 03, 2015 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | $ 803.2 | $ 864.5 |
North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 695 | 747.3 |
United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 101.9 | 109.9 |
All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | $ 6.3 | $ 7.3 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jan. 03, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 93.5 | $ 105.8 |
Finished goods | 128.2 | 118.4 |
Resale items | 12.5 | 17.4 |
Other | 19.7 | 20.8 |
Total | $ 253.9 | $ 262.4 |
Inventories - Summary of Inve76
Inventories - Summary of Inventories (Parenthetical) (Detail) $ in Millions | Jan. 03, 2015USD ($) |
Reclassification [Member] | |
Inventory [Line Items] | |
Decrease to inventories | $ (8.9) |
Intangibles and Other Assets -
Intangibles and Other Assets - Summary of Intangibles and Other Assets (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jan. 03, 2015 |
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | $ 742.5 | |
Total Intangible Assets - Cost | 970.6 | |
Intangibles Assets - Cost | 228.1 | |
Intangibles Assets - Accumulated Amortization | (282.8) | |
Intangibles Assets- Net | 459.7 | |
Total Intangible Assets - Net | 687.8 | |
Intangibles Assets- Net | 228.1 | |
Other Assets - Cost | 62.5 | |
Other Assets - Accumulated Amortization | (13.7) | |
Other Assets - Net | 48.8 | |
Total Intangibles and Other Assets - Cost | 1,033.1 | |
Total Intangibles and Other Assets - Accumulated Amortization | (296.5) | |
Total Intangibles and Other Assets - Net | 736.6 | $ 781.7 |
Financing Costs [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Other Assets - Cost | 38.1 | |
Other Assets - Accumulated Amortization | (12.1) | |
Other Assets - Net | 26 | |
Deposits [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Other Assets - Cost | 9.5 | |
Other Assets - Net | 9.5 | |
Customer Relationships [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 648.5 | |
Intangibles Assets - Accumulated Amortization | (222) | |
Intangibles Assets- Net | 426.5 | |
Trademarks [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 33.3 | |
Intangibles Assets - Accumulated Amortization | (28.1) | |
Intangibles Assets- Net | 5.2 | |
Information Technology [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 52.8 | |
Intangibles Assets - Accumulated Amortization | (28.4) | |
Intangibles Assets- Net | 24.4 | |
Other [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 7.9 | |
Intangibles Assets - Accumulated Amortization | (4.3) | |
Intangibles Assets- Net | 3.6 | |
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 | 14.9 | |
Other Assets - Accumulated Amortization | (1.6) | |
Other Assets - Net | 13.3 | |
DSS Group Inc [Member] | DSS Trademarks [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 183.1 | |
Intangibles Assets- Net | $ 183.1 |
Intangibles and Other Assets 78
Intangibles and Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Intangibles And Other Assets [Abstract] | ||||
Amortization expense of intangibles and other assets | $ 19.9 | $ 9.8 | $ 58.7 | $ 27 |
Intangibles and Other Assets 79
Intangibles and Other Assets - Estimated Amortization Expense for Intangible Assets (Detail) $ in Millions | Oct. 03, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2015 | $ 18.1 |
2,016 | 67.8 |
2,017 | 59.5 |
2,018 | 53.1 |
2,019 | 45.3 |
Thereafter | 215.9 |
Intangibles Assets- Net | $ 459.7 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jan. 03, 2015 | Dec. 12, 2014 | Jun. 24, 2014 |
Debt Instrument [Line Items] | ||||
ABL facility | $ 152 | $ 229 | ||
GE Term Loan | 6.9 | 8.2 | ||
Capital leases and other debt financing | 3.2 | 5.2 | ||
Total debt | 1,703.6 | 1,798 | ||
Total short-term borrowings | 152 | 229 | ||
GE Term Loan - current maturities | 2.1 | 2 | ||
Capital leases and other financing - current maturities | 1.6 | 2 | ||
Total current debt | 155.7 | 233 | ||
Total long-term debt | 1,547.9 | 1,565 | ||
10.000% Senior Notes Due in 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 391.5 | 405.6 | ||
6.750% Senior Notes Due in 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | 625 | 625 | $ 625 | |
5.375% Senior Notes Due in 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 525 | $ 525 | $ 525 |
Debt - Components of Debt (Pare
Debt - Components of Debt (Parenthetical) (Detail) - USD ($) $ in Millions | 9 Months Ended | ||
Oct. 03, 2015 | Dec. 12, 2014 | 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 | 2,021 | ||
Outstanding aggregate principal amount | $ 350 | $ 350 | |
Debt instrument fair value | $ 406 | ||
Debt instrument, unamortized premium | $ 56 | ||
Debt Instrument effective interest rate | 7.515% | ||
6.750% Senior Notes Due in 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 6.75% | ||
Debt instrument maturity year | 2,020 | ||
5.375% Senior Notes Due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate on notes | 5.375% | ||
Debt instrument maturity year | 2,022 |
Debt (Asset-Based Lending Facil
Debt (Asset-Based Lending Facility) - Additional Information (Detail) - USD ($) $ in Millions | 9 Months Ended | ||||
Oct. 03, 2015 | Jan. 03, 2015 | Dec. 12, 2014 | Sep. 27, 2014 | Mar. 31, 2008 | |
Debt Instrument [Line Items] | |||||
Outstanding borrowings | $ 152 | $ 229 | |||
Commitment fee, percentage | 0.375% | ||||
ABL facility unused borrowing capacity | $ 206.8 | ||||
Standby letters of credit outstanding | 41.2 | ||||
Asset Based Lending Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Availability under the ABL facility | 350.6 | ||||
Remaining borrowing capacity | $ 157.4 | ||||
ABL Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Financing fees | $ 1.7 | $ 9 | |||
Modification of sale leaseback covenant terms | 180 days | ||||
Standby letters of credit outstanding | $ 41.2 | $ 6.9 | |||
Availability under the ABL facility | $ 400 |
Debt (Asset-Based Lending) - Ad
Debt (Asset-Based Lending) - Additional Information (Detail) - ABL Facility [Member] - USD ($) $ in Millions | Dec. 12, 2014 | Mar. 31, 2008 |
Debt Instrument [Line Items] | ||
Current borrowing capacity, increase in lender's commitment under credit facility | $ 400 | |
Borrowing capacity, accordion feature | 450 | |
Financing fees | $ 1.7 | $ 9 |
Debt (5.375% Senior Notes due i
Debt (5.375% Senior Notes due in 2022) - Additional Information (Detail) - 5.375% Senior Notes Due in 2022 [Member] - USD ($) $ in Millions | Jun. 24, 2014 | Oct. 03, 2015 | Jan. 03, 2015 |
Debt Instrument [Line Items] | |||
Senior notes | $ 525 | $ 525 | $ 525 |
Financing fees | $ 9.6 | ||
Amortization period of financing fees (years) | 8 years |
Debt (10.000% Senior Notes due
Debt (10.000% Senior Notes due in 2021 ) - Additional Information (Detail) - 10.000% Senior Notes Due in 2021 [Member] - USD ($) $ in Millions | Oct. 03, 2015 | Dec. 12, 2014 | Dec. 02, 2014 | Aug. 30, 2013 |
Debt Instrument [Line Items] | ||||
Senior notes issued | $ 350 | $ 350 | ||
Consent payment amount | $ 19.2 | |||
Debt instrument fair value | $ 406 | |||
Financing fees | $ 26.5 |
Debt (6.750% Senior Notes due i
Debt (6.750% Senior Notes due in 2020 ) - Additional Information (Detail) - 6.750% Senior Notes Due in 2020 [Member] - USD ($) $ in Millions | 9 Months Ended | ||
Oct. 03, 2015 | Jan. 03, 2015 | Dec. 12, 2014 | |
Debt Instrument [Line Items] | |||
Senior notes | $ 625 | $ 625 | $ 625 |
Financing fees | $ 14.4 | ||
Amortization period of financing fees (years) | 5 years |
Debt (8.125% Senior Notes due i
Debt (8.125% Senior Notes due in 2018) - Additional Information (Detail) - USD ($) $ in Millions | Jul. 09, 2014 | Jun. 24, 2014 | Feb. 19, 2014 | Nov. 15, 2013 | Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | Aug. 17, 2010 |
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount of redemption | $ 1 | $ 80.1 | $ 2.9 | $ 392.6 | |||||
Deferred financing fees | $ 0.3 | $ 4 | $ 0.8 | $ 4.1 | |||||
Other costs | $ 0.5 | ||||||||
8.125% Senior Notes Due in 2018 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior notes issued | $ 375 | ||||||||
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 | $ 0.2 |
Debt (8.375% Senior Notes due i
Debt (8.375% Senior Notes due in 2017) - Additional Information (Detail) - USD ($) $ in Millions | Feb. 19, 2014 | Nov. 15, 2013 | Sep. 27, 2014 | Sep. 27, 2014 | Nov. 13, 2009 |
Debt Instrument [Line Items] | |||||
Write-off of financing fees and discount | $ 0.3 | $ 4 | $ 0.8 | $ 4.1 | |
Other costs | 0.5 | ||||
8.375% Senior Notes Due in 2017 [Member] | |||||
Debt Instrument [Line Items] | |||||
Discount on notes issued | $ 3.1 | ||||
Senior notes issued | 215 | ||||
Financing fees | $ 5.1 | ||||
Aggregate principal amount of debt to be redeemed | $ 15 | $ 200 | |||
Redemption price of note as a percentage of par | 104.118% | 104.118% | |||
Premium costs paid on extinguishment of debt | $ 0.6 | $ 8.2 |
Debt (GE Term Loan) - Additiona
Debt (GE Term Loan) - Additional Information (Detail) - GE Term Loan [Member] $ in Millions | Sep. 30, 2013USD ($) |
Debt Instrument [Line Items] | |
Finance lease agreement | $ 10.7 |
Interest on financing | 5.23% |
Accumulated Other Comprehensi90
Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income by Component (Detail) $ in Millions | 9 Months Ended |
Oct. 03, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 3, 2015 | $ (51) |
OCI before reclassifications | (18.3) |
Amounts reclassified from AOCI | 1 |
Net current-period OCI | (17.3) |
Ending balance October 3, 2015 | (68.3) |
Gains and Losses on Derivative Instruments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 3, 2015 | 0.2 |
OCI before reclassifications | (5.2) |
Amounts reclassified from AOCI | 0.3 |
Net current-period OCI | (4.9) |
Ending balance October 3, 2015 | (4.7) |
Pension Benefit Plan Items [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 3, 2015 | (12.4) |
Amounts reclassified from AOCI | 0.7 |
Net current-period OCI | 0.7 |
Ending balance October 3, 2015 | (11.7) |
Currency Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 3, 2015 | (38.8) |
OCI before reclassifications | (13.1) |
Net current-period OCI | (13.1) |
Ending balance October 3, 2015 | $ (51.9) |
Accumulated Other Comprehensi91
Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of Sales | $ (523.1) | $ (465.5) | $ (1,570.8) | $ (1,354.6) |
Income tax (expense) benefit | 5.8 | (1.8) | 16.3 | (3.8) |
Net (loss) income | 6.4 | 2.6 | 23.5 | (4.6) |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net (loss) income | (0.7) | (0.2) | (1) | (0.2) |
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 | (0.9) | (0.1) | (0.7) | 0.1 |
Total before taxes | (0.9) | (0.1) | (0.7) | 0.1 |
Income tax (expense) benefit | 0.4 | 0.4 | ||
Net (loss) income | (0.5) | (0.1) | (0.3) | 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 | (0.2) | (0.1) | (0.7) | (0.3) |
Total before taxes | (0.2) | (0.1) | (0.7) | (0.3) |
Net (loss) income | $ (0.2) | $ (0.1) | $ (0.7) | $ (0.3) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) £ in Millions, $ in Millions | Sep. 15, 2014USD ($) | Sep. 15, 2014GBP (£) | Dec. 31, 2014USD ($) | May. 31, 2014USD ($) | Apr. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Jul. 04, 2015USD ($) | Oct. 03, 2015USD ($) | Oct. 03, 2015GBP (£) | Sep. 27, 2014USD ($) | May. 31, 2014GBP (£) | Jun. 30, 2013 |
Operating Leased Assets [Line Items] | ||||||||||||
Standby letters of credit outstanding | $ 41.2 | |||||||||||
Legal Settlement | $ 3.5 | |||||||||||
Legal settlement collected | $ 3 | |||||||||||
Legal settlement due | $ 0.5 | |||||||||||
ABL Facility [Member] | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Standby letters of credit outstanding | 41.2 | $ 6.9 | ||||||||||
Aimia Foods Holdings Limited [Member] | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Deferred consideration | $ 33.5 | £ 19.9 | $ 33.5 | |||||||||
Contingent consideration maximum payable amount | $ 24.3 | £ 16 | £ 16 | |||||||||
Ownership percentage | 100.00% | |||||||||||
Cooke Bros Holdings Limited [Member] | ||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||
Deferred consideration | $ 2.5 | |||||||||||
Ownership percentage | 100.00% |
Preferred Shares - Additional I
Preferred Shares - Additional Information (Detail) - USD ($) $ in Millions | Jul. 04, 2015 | Jun. 11, 2015 | Oct. 03, 2015 | Oct. 03, 2015 | Jan. 03, 2015 |
Temporary Equity [Line Items] | |||||
Cash payments made to redemption of preference shares | $ 151.3 | ||||
Accrued and unpaid dividends | $ 2.5 | ||||
Issuance of common share equity | $ 142.5 | $ 0.5 | 143.1 | ||
Redemption of preferred shares | $ 12 | ||||
Convertible Preferred Shares [Member] | |||||
Temporary Equity [Line Items] | |||||
Convertible preferred stock issued | $ 116.1 | ||||
Convertible Preferred Shares [Member] | DSS Group Inc [Member] | |||||
Temporary Equity [Line Items] | |||||
Convertible preferred stock issued | 116.1 | ||||
Non-convertible Preferred Shares [Member] | |||||
Temporary Equity [Line Items] | |||||
Convertible preferred stock issued | 32.7 | ||||
Non-convertible Preferred Shares [Member] | DSS Group Inc [Member] | |||||
Temporary Equity [Line Items] | |||||
Convertible preferred stock issued | $ 32.7 |
Share Repurchase Program - Addi
Share Repurchase Program - Additional Information (Detail) | May. 21, 2014 | Oct. 03, 2015 |
Equity [Abstract] | ||
Percentage of outstanding common stock available for repurchase | Board of directors approved the renewal of our share repurchase program for up to 5% of Cott's outstanding common shares, and the share repurchase program expired on May 21, 2015. | |
Commencing upon the expiration of the prior share repurchase program | 12 months |
Hedging Transactions and Deri95
Hedging Transactions and Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Oct. 03, 2015 | Sep. 27, 2014 | Jan. 03, 2015 | |
Derivative [Line Items] | |||
Unrealized gain (loss) on cash flow hedge | $ 800,000 | $ 0 | |
Hedging ineffectiveness on cash flow hedge | 0 | $ 0 | |
Fair value of derivative instruments | 1,000,000 | 1,200,000 | |
Fair value of derivative liabilities | 8,500,000 | 2,300,000 | |
Cash Flow Hedging [Member] | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Notional value of foreign currency cash flow hedges | 11,100,000 | 22,500,000 | |
Aluminum Swaps [Member] | |||
Derivative [Line Items] | |||
Unrealized gain (loss) on cash flow hedge | (5,700,000) | (700,000) | |
Hedge ineffectiveness for hedging instruments | 0 | $ 0 | |
Fair value of derivative instruments | 200,000 | ||
Aluminum Swaps [Member] | Gains and Losses on Derivative Instruments [Member] | |||
Derivative [Line Items] | |||
Unrealized gain (loss) on cash flow hedge | $ 57,100,000 | $ 55,400,000 | |
Maximum [Member] | |||
Derivative [Line Items] | |||
Foreign exchange contracts maturity | 18 months |
Hedging Transactions and Deri96
Hedging Transactions and Derivative Financial Instruments - Summary of Reconciliation of Company's Derivatives by Contract Type (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jan. 03, 2015 |
Derivative [Line Items] | ||
Assets | $ 1 | $ 1.2 |
Liabilities | (8.5) | (2.3) |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Assets | 1 | 1 |
Aluminum Swaps [Member] | ||
Derivative [Line Items] | ||
Assets | 0.2 | |
Liabilities | $ (8.5) | $ (2.3) |
Hedging Transactions and Deri97
Hedging Transactions and Derivative Financial Instruments - Summary of Fair Value of the Aluminum Swap Assets and Liabilities (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jan. 03, 2015 |
Derivative [Line Items] | ||
Aluminum swap assets | $ 1 | $ 1.2 |
Net asset (liability) | 1 | 1.2 |
Aluminum Swaps [Member] | ||
Derivative [Line Items] | ||
Aluminum swap assets | 0.2 | |
Aluminum swap liabilities | 0 | 0 |
Net asset (liability) | 0.2 | |
Aluminum swap assets | 0.2 | |
Aluminum swap liabilities | (8.5) | (2.5) |
Net asset (liability) | $ (8.5) | $ (2.3) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) £ in Millions, $ in Millions | 3 Months Ended | ||||||
Jul. 04, 2015USD ($) | Jul. 04, 2015GBP (£) | Oct. 03, 2015USD ($) | Oct. 03, 2015GBP (£) | Jan. 03, 2015USD ($) | May. 31, 2014USD ($) | May. 31, 2014GBP (£) | |
Fair Value Measurements [Line Items] | |||||||
Fair value for the derivative liabilities | $ 8.5 | $ 2.3 | |||||
Aimia Foods Holdings Limited [Member] | |||||||
Fair Value Measurements [Line Items] | |||||||
Fair Value of Contingent Consideration | 16.1 | £ 10.6 | $ 17.9 | ||||
Fair value adjustment related to business combination | $ 0.6 | £ 0.4 | |||||
Contingent consideration maximum payable amount | 24.3 | £ 16 | £ 16 | ||||
Level 2 [Member] | |||||||
Fair Value Measurements [Line Items] | |||||||
Fair value for the derivative assets | 1 | 1.2 | |||||
Fair value for the derivative liabilities | $ 8.5 | $ 2.3 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jan. 03, 2015 | Dec. 12, 2014 | Jun. 24, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Senior notes, carrying value | $ 1,541.5 | $ 1,555.6 | ||
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 | $ 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 | 391.5 | 405.6 | ||
Outstanding debt, fair value | $ 406 | |||
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 | $ 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 | 1,552.5 | 1,515.2 | ||
Level 1 [Member] | 6.750% Senior Notes Due in 2020 [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 | 643 | 630.1 | ||
Level 1 [Member] | 10.000% Senior Notes Due in 2021 [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 | 402.9 | 403.4 | ||
Level 1 [Member] | 5.375% Senior Notes Due in 2022 [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 | $ 506.6 | $ 481.7 |
Fair Value Measurements - Ca100
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Parenthetical) (Detail) - Dss Notes [Member] $ in Millions | Oct. 03, 2015USD ($) |
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 non-guarantor subsidiaries) - Additional Information (Detail) | Oct. 03, 2015 |
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Guarantor Subsidiaries (Cott102
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | $ 755.6 | $ 535 | $ 2,245.2 | $ 1,559.3 |
Cost of sales | 523.1 | 465.5 | 1,570.8 | 1,354.6 |
Gross profit | 232.5 | 69.5 | 674.4 | 204.7 |
Selling, general and administrative expenses | 196.2 | 49.9 | 574.9 | 147.5 |
(Gain) loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 |
Restructuring | 0.1 | 2.4 | ||
Asset impairments | (0.2) | 1.7 | ||
Acquisition and integration expenses | 6.6 | 0.5 | 15.4 | 3.4 |
Operating (loss) income | 28.6 | 18.8 | 81.4 | 49.3 |
Other (income) expense, net | 0.6 | 5.4 | (8.8) | 22.9 |
Interest expense, net | 27.4 | 9 | 83 | 27.2 |
Income (loss) before income tax expense (benefit) and equity income | 0.6 | 4.4 | 7.2 | (0.8) |
Income tax (benefit) expense | (5.8) | 1.8 | (16.3) | 3.8 |
Net income (loss) | 6.4 | 2.6 | 23.5 | (4.6) |
Less: Net income attributable to non-controlling interests | 1.6 | 1.3 | 4.6 | 4.1 |
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||
Net income (loss) attributed to Cott Corporation | 1.3 | (8.7) | ||
Comprehensive (loss) income attributed to Cott Corporation | (8.9) | (14.6) | (16.3) | (17.9) |
Convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 4.5 | |||
Non-convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 1.4 | |||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | 755.6 | 535 | 2,245.2 | 1,559.3 |
Cost of sales | 523.1 | 465.5 | 1,570.8 | 1,354.6 |
Gross profit | 232.5 | 69.5 | 674.4 | 204.7 |
Selling, general and administrative expenses | 196.2 | 49.9 | 574.9 | 147.5 |
(Gain) loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 |
Restructuring | 0.1 | 2.4 | ||
Asset impairments | (0.2) | 1.7 | ||
Acquisition and integration expenses | 6.6 | 0.5 | 15.4 | 3.4 |
Operating (loss) income | 28.6 | 18.8 | 81.4 | 49.3 |
Other (income) expense, net | 0.6 | 5.4 | (8.8) | 22.9 |
Interest expense, net | 27.4 | 9 | 83 | 27.2 |
Income (loss) before income tax expense (benefit) and equity income | 0.6 | 4.4 | 7.2 | (0.8) |
Income tax (benefit) expense | (5.8) | 1.8 | (16.3) | 3.8 |
Net income (loss) | 6.4 | 2.6 | 23.5 | (4.6) |
Less: Net income attributable to non-controlling interests | 1.6 | 1.3 | 4.6 | 4.1 |
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||
Net income (loss) attributed to Cott Corporation | 4.8 | 1.3 | 1 | (8.7) |
Comprehensive (loss) income attributed to Cott Corporation | (8.9) | (14.6) | (16.3) | (17.9) |
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 4.5 | |||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Non-convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 1.4 | |||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | (14.1) | (12.8) | (44.2) | (37.6) |
Cost of sales | (14.1) | (12.8) | (44.2) | (37.6) |
Equity (loss) income | (6.8) | (2.7) | (11.2) | 11 |
Net income (loss) | (6.8) | (2.7) | (11.2) | 11 |
Net income (loss) attributed to Cott Corporation | (6.8) | (2.7) | (11.2) | 11 |
Comprehensive (loss) income attributed to Cott Corporation | 18.3 | 29.6 | (14.4) | (11.9) |
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | 37 | 42.3 | 113.9 | 129 |
Cost of sales | 31.4 | 36.2 | 96.8 | 111.4 |
Gross profit | 5.6 | 6.1 | 17.1 | 17.6 |
Selling, general and administrative expenses | 6 | 5.5 | 16.4 | 18.3 |
(Gain) loss on disposal of property, plant & equipment | 0.2 | 0.2 | ||
Restructuring | 0.1 | 2.1 | ||
Asset impairments | 0.9 | |||
Operating (loss) income | (0.4) | 0.3 | 0.7 | (3.9) |
Other (income) expense, net | 0.8 | 0.2 | (9) | (9.1) |
Intercompany interest (income) expense, net | (4.9) | |||
Interest expense, net | 0.1 | 0.1 | 0.2 | |
Income (loss) before income tax expense (benefit) and equity income | (1.2) | 14.5 | 5 | |
Income tax (benefit) expense | (0.2) | 2.8 | (1.4) | |
Equity (loss) income | 5.8 | 1.3 | 7.2 | (15.1) |
Net income (loss) | 4.8 | 1.3 | 18.9 | (8.7) |
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||
Net income (loss) attributed to Cott Corporation | 4.8 | 1.3 | 1 | (8.7) |
Comprehensive (loss) income attributed to Cott Corporation | (8.9) | (14.6) | (16.3) | (17.9) |
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 4.5 | |||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Non-convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 1.4 | |||
DSS Group Inc [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | 268.1 | 765.4 | ||
Cost of sales | 104.3 | 305.5 | ||
Gross profit | 163.8 | 459.9 | ||
Selling, general and administrative expenses | 142.5 | 418.8 | ||
(Gain) loss on disposal of property, plant & equipment | 0.9 | 2.9 | ||
Acquisition and integration expenses | 6.4 | 12.5 | ||
Operating (loss) income | 14 | 25.7 | ||
Other (income) expense, net | (0.6) | (1) | ||
Intercompany interest (income) expense, net | 10.8 | 32.7 | ||
Interest expense, net | 7.4 | 22.2 | ||
Income (loss) before income tax expense (benefit) and equity income | (3.6) | (28.2) | ||
Income tax (benefit) expense | (1.2) | (10.2) | ||
Net income (loss) | (2.4) | (18) | ||
Net income (loss) attributed to Cott Corporation | (2.4) | (18) | ||
Comprehensive (loss) income attributed to Cott Corporation | (2.4) | (18) | ||
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | 431.3 | 469.8 | 1,307.1 | 1,363.9 |
Cost of sales | 375.2 | 412.1 | 1,129.6 | 1,194.3 |
Gross profit | 56.1 | 57.7 | 177.5 | 169.6 |
Selling, general and administrative expenses | 44.2 | 41.7 | 130.1 | 120.3 |
(Gain) loss on disposal of property, plant & equipment | 0.2 | 0.2 | (0.2) | 0.2 |
Restructuring | 0.3 | |||
Asset impairments | (0.2) | 0.8 | ||
Acquisition and integration expenses | 0.2 | 0.5 | 2.9 | 3.4 |
Operating (loss) income | 11.5 | 15.5 | 44.7 | 44.6 |
Other (income) expense, net | 0.3 | 5.2 | 1.1 | 31.9 |
Intercompany interest (income) expense, net | (10.8) | (27.8) | ||
Interest expense, net | 20 | 8.8 | 60.7 | 26.9 |
Income (loss) before income tax expense (benefit) and equity income | 2 | 1.5 | 10.7 | (14.2) |
Income tax (benefit) expense | (4.3) | 1.8 | (9) | 5.1 |
Equity (loss) income | 1 | 1.4 | 4 | 4.1 |
Net income (loss) | 7.3 | 1.1 | 23.7 | (15.2) |
Net income (loss) attributed to Cott Corporation | 7.3 | 1.1 | 23.7 | (15.2) |
Comprehensive (loss) income attributed to Cott Corporation | (19.8) | (32.8) | 23.7 | 6.9 |
Non-Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | 33.3 | 35.7 | 103 | 104 |
Cost of sales | 26.3 | 30 | 83.1 | 86.5 |
Gross profit | 7 | 5.7 | 19.9 | 17.5 |
Selling, general and administrative expenses | 3.5 | 2.7 | 9.6 | 8.9 |
Operating (loss) income | 3.5 | 3 | 10.3 | 8.6 |
Other (income) expense, net | 0.1 | 0.1 | 0.1 | |
Interest expense, net | 0.1 | 0.1 | ||
Income (loss) before income tax expense (benefit) and equity income | 3.4 | 2.9 | 10.2 | 8.4 |
Income tax (benefit) expense | (0.1) | 0.1 | 0.1 | |
Net income (loss) | 3.5 | 2.9 | 10.1 | 8.3 |
Less: Net income attributable to non-controlling interests | 1.6 | 1.3 | 4.6 | 4.1 |
Net income (loss) attributed to Cott Corporation | 1.9 | 1.6 | 5.5 | 4.2 |
Comprehensive (loss) income attributed to Cott Corporation | $ 3.9 | $ 3.2 | $ 8.7 | $ 5 |
Guarantor Subsidiaries (Cott103
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jul. 04, 2015 | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 24, 2014 | Dec. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | $ 63.7 | $ 79 | $ 86.2 | $ 47.4 | $ 90.9 | $ 47.2 |
Accounts receivable, net of allowance | 324.4 | 305.7 | ||||
Income taxes recoverable | 1.1 | 1.6 | ||||
Inventories | 253.9 | 262.4 | ||||
Prepaid expenses and other assets | 37.5 | 59.3 | ||||
Total current assets | 680.6 | 715.2 | ||||
Property, plant & equipment, net | 803.2 | 864.5 | ||||
Goodwill | 751.1 | 743.6 | ||||
Intangibles and other assets, net | 736.6 | 781.7 | ||||
Deferred income taxes | 2.9 | 2.5 | ||||
Other tax receivable | 0.9 | 0.2 | ||||
Total assets | 2,975.3 | 3,107.7 | ||||
Short-term borrowings | 152 | 229 | ||||
Current maturities of long-term debt | 3.7 | 4 | ||||
Accounts payable and accrued liabilities | 436.2 | 420.3 | ||||
Total current liabilities | 591.9 | 653.3 | ||||
Long-term debt | 1,547.9 | 1,565 | ||||
Deferred income taxes | 95.3 | 119.9 | ||||
Other long-term liabilities | 77.4 | 71.8 | ||||
Total liabilities | 2,312.5 | 2,410 | ||||
Equity | ||||||
Capital stock, no par | 532.6 | 388.3 | ||||
Additional paid-in-capital | 53 | 46.6 | ||||
Retained earnings (deficit) | 140.5 | 158.1 | ||||
Accumulated other comprehensive (loss) income | (68.3) | (51) | ||||
Total Cott Corporation equity | 657.8 | 542 | ||||
Non-controlling interests | 5 | 6.9 | ||||
Total equity | 662.8 | 548.9 | 564.5 | 604.4 | ||
Total liabilities, preferred shares and equity | 2,975.3 | 3,107.7 | ||||
Convertible Preferred Shares [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Non-convertible preferred shares | 116.1 | |||||
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 non-guarantor subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | 63.7 | 79 | 86.2 | 47.4 | 90.9 | 47.2 |
Accounts receivable, net of allowance | 324.4 | 305.7 | ||||
Income taxes recoverable | 1.1 | 1.6 | ||||
Inventories | 253.9 | 262.4 | ||||
Prepaid expenses and other assets | 37.5 | 59.3 | ||||
Total current assets | 680.6 | 715.2 | ||||
Property, plant & equipment, net | 803.2 | 864.5 | ||||
Goodwill | 751.1 | 743.6 | ||||
Intangibles and other assets, net | 736.6 | 781.7 | ||||
Deferred income taxes | 2.9 | 2.5 | ||||
Other tax receivable | 0.9 | 0.2 | ||||
Total assets | 2,975.3 | 3,107.7 | ||||
Short-term borrowings | 152 | 229 | ||||
Current maturities of long-term debt | 3.7 | 4 | ||||
Accounts payable and accrued liabilities | 436.2 | 420.3 | ||||
Total current liabilities | 591.9 | 653.3 | ||||
Long-term debt | 1,547.9 | 1,565 | ||||
Deferred income taxes | 95.3 | 119.9 | ||||
Other long-term liabilities | 77.4 | 71.8 | ||||
Total liabilities | 2,312.5 | 2,410 | ||||
Equity | ||||||
Capital stock, no par | 532.6 | 388.3 | ||||
Additional paid-in-capital | 53 | 46.6 | ||||
Retained earnings (deficit) | 140.5 | 158.1 | ||||
Accumulated other comprehensive (loss) income | (68.3) | (51) | ||||
Total Cott Corporation equity | 657.8 | 542 | ||||
Non-controlling interests | 5 | 6.9 | ||||
Total equity | 662.8 | 548.9 | ||||
Total liabilities, preferred shares and equity | 2,975.3 | 3,107.7 | ||||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor 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 non-guarantor 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 non-guarantor subsidiaries [Member] | Elimination Entries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Accounts receivable, net of allowance | (23) | (186.9) | ||||
Total current assets | (23) | (186.9) | ||||
Deferred income taxes | (37.8) | |||||
Due from affiliates | (955.8) | (586.9) | ||||
Investments in subsidiaries | (592.5) | (1,409.4) | ||||
Total assets | (1,609.1) | (2,183.2) | ||||
Accounts payable and accrued liabilities | (23) | (186.9) | ||||
Total current liabilities | (23) | (186.9) | ||||
Deferred income taxes | (37.8) | |||||
Due to affiliates | (955.8) | (586.9) | ||||
Total liabilities | (1,016.6) | (773.8) | ||||
Equity | ||||||
Capital stock, no par | (1,096.9) | (2,161.2) | ||||
Retained earnings (deficit) | 508.2 | 752.4 | ||||
Accumulated other comprehensive (loss) income | (3.8) | (0.6) | ||||
Total Cott Corporation equity | (592.5) | (1,409.4) | ||||
Total equity | (592.5) | (1,409.4) | ||||
Total liabilities, preferred shares and equity | (1,609.1) | (2,183.2) | ||||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | 2 | 13.8 | 6.2 | 5.7 | 7.2 | 1.5 |
Accounts receivable, net of allowance | 17.3 | 16.2 | ||||
Inventories | 13.5 | 12.4 | ||||
Prepaid expenses and other assets | 2.7 | 3.2 | ||||
Total current assets | 35.5 | 38 | ||||
Property, plant & equipment, net | 31.3 | 38.2 | ||||
Goodwill | 20.7 | 23.4 | ||||
Intangibles and other assets, net | 0.9 | 0.7 | ||||
Deferred income taxes | 2.7 | 2.5 | ||||
Other tax receivable | 0.1 | |||||
Due from affiliates | 411.4 | 183.8 | ||||
Investments in subsidiaries | 193.6 | 436.3 | ||||
Total assets | 696.1 | 723 | ||||
Current maturities of long-term debt | 0.1 | |||||
Accounts payable and accrued liabilities | 36.6 | 30.4 | ||||
Total current liabilities | 36.6 | 30.5 | ||||
Other long-term liabilities | 0.5 | 0.4 | ||||
Due to affiliates | 1.2 | 1.3 | ||||
Total liabilities | 38.3 | 32.2 | ||||
Equity | ||||||
Capital stock, no par | 532.6 | 388.3 | ||||
Additional paid-in-capital | 53 | 46.6 | ||||
Retained earnings (deficit) | 140.5 | 158.1 | ||||
Accumulated other comprehensive (loss) income | (68.3) | (51) | ||||
Total Cott Corporation equity | 657.8 | 542 | ||||
Total equity | 657.8 | 542 | ||||
Total liabilities, preferred shares and equity | 696.1 | 723 | ||||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor 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 non-guarantor 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 non-guarantor subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | 20.6 | 28.6 | 34.4 | |||
Accounts receivable, net of allowance | 122.1 | 105.4 | ||||
Income taxes recoverable | 0.6 | 0.6 | ||||
Inventories | 28.6 | 34.2 | ||||
Prepaid expenses and other assets | 10 | 10.3 | ||||
Total current assets | 181.9 | 184.9 | ||||
Property, plant & equipment, net | 397.9 | 415.5 | ||||
Goodwill | 568 | 556.9 | ||||
Intangibles and other assets, net | 396 | 415.6 | ||||
Total assets | 1,543.8 | 1,572.9 | ||||
Accounts payable and accrued liabilities | 126.6 | 106.8 | ||||
Total current liabilities | 126.6 | 106.8 | ||||
Long-term debt | 391.5 | 405.6 | ||||
Deferred income taxes | 112.8 | 129.3 | ||||
Other long-term liabilities | 34.7 | 29.6 | ||||
Due to affiliates | 543.3 | 548.8 | ||||
Total liabilities | 1,208.9 | 1,220.1 | ||||
Equity | ||||||
Capital stock, no par | 355.6 | 355.5 | ||||
Retained earnings (deficit) | (20.8) | (2.8) | ||||
Accumulated other comprehensive (loss) income | 0.1 | 0.1 | ||||
Total Cott Corporation equity | 334.9 | 352.8 | ||||
Total equity | 334.9 | 352.8 | ||||
Total liabilities, preferred shares and equity | 1,543.8 | 1,572.9 | ||||
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | 33.7 | 30.8 | 38.2 | 34 | 77 | 40.2 |
Accounts receivable, net of allowance | 197.1 | 358.8 | ||||
Income taxes recoverable | 0.4 | 0.6 | ||||
Inventories | 205.3 | 210.3 | ||||
Prepaid expenses and other assets | 24.6 | 45.4 | ||||
Total current assets | 461.1 | 653.3 | ||||
Property, plant & equipment, net | 367.2 | 403 | ||||
Goodwill | 162.4 | 163.3 | ||||
Intangibles and other assets, net | 336 | 358.7 | ||||
Deferred income taxes | 37.8 | |||||
Other tax receivable | 0.9 | 0.1 | ||||
Due from affiliates | 544.4 | 403 | ||||
Investments in subsidiaries | 398.9 | 973.1 | ||||
Total assets | 2,308.7 | 2,954.5 | ||||
Short-term borrowings | 152 | 229 | ||||
Current maturities of long-term debt | 3.1 | 3 | ||||
Accounts payable and accrued liabilities | 286.1 | 461.9 | ||||
Total current liabilities | 441.2 | 693.9 | ||||
Long-term debt | 1,156.4 | 1,158.8 | ||||
Deferred income taxes | 20.3 | (9.4) | ||||
Other long-term liabilities | 41 | 40.5 | ||||
Due to affiliates | 382.5 | 3.9 | ||||
Total liabilities | 2,041.4 | 1,887.7 | ||||
Equity | ||||||
Capital stock, no par | 702.8 | 1,766 | ||||
Retained earnings (deficit) | (430.8) | (694.5) | ||||
Accumulated other comprehensive (loss) income | (4.7) | (4.7) | ||||
Total Cott Corporation equity | 267.3 | 1,066.8 | ||||
Total equity | 267.3 | 1,066.8 | ||||
Total liabilities, preferred shares and equity | 2,308.7 | 2,954.5 | ||||
Non-Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | 7.4 | $ 5.8 | 7.4 | $ 7.7 | $ 6.7 | $ 5.5 |
Accounts receivable, net of allowance | 10.9 | 12.2 | ||||
Income taxes recoverable | 0.1 | 0.4 | ||||
Inventories | 6.5 | 5.5 | ||||
Prepaid expenses and other assets | 0.2 | 0.4 | ||||
Total current assets | 25.1 | 25.9 | ||||
Property, plant & equipment, net | 6.8 | 7.8 | ||||
Intangibles and other assets, net | 3.7 | 6.7 | ||||
Deferred income taxes | 0.2 | |||||
Due from affiliates | 0.1 | |||||
Total assets | 35.8 | 40.5 | ||||
Current maturities of long-term debt | 0.6 | 0.9 | ||||
Accounts payable and accrued liabilities | 9.9 | 8.1 | ||||
Total current liabilities | 10.5 | 9 | ||||
Long-term debt | 0.6 | |||||
Other long-term liabilities | 1.2 | 1.3 | ||||
Due to affiliates | 28.8 | 32.9 | ||||
Total liabilities | 40.5 | 43.8 | ||||
Equity | ||||||
Capital stock, no par | 38.5 | 39.7 | ||||
Retained earnings (deficit) | (56.6) | (55.1) | ||||
Accumulated other comprehensive (loss) income | 8.4 | 5.2 | ||||
Total Cott Corporation equity | (9.7) | (10.2) | ||||
Non-controlling interests | 5 | 6.9 | ||||
Total equity | (4.7) | (3.3) | ||||
Total liabilities, preferred shares and equity | $ 35.8 | $ 40.5 |
Guarantor Subsidiaries (Cott104
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | Jul. 04, 2015 | Feb. 19, 2014 | Nov. 15, 2013 | Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 |
Operating Activities | |||||||
Net (loss) income | $ 6.4 | $ 2.6 | $ 23.5 | $ (4.6) | |||
Depreciation & amortization | 58.1 | 26.8 | 173.7 | 77.7 | |||
Amortization of financing fees | 1.2 | 0.7 | 3.6 | 1.9 | |||
Amortization of senior notes premium | (1.3) | (4.2) | |||||
Share-based compensation expense | 2.3 | 1.5 | 8.4 | 4.9 | |||
(Decrease) increase in deferred income taxes | (4.7) | 2.2 | (21.6) | 4.1 | |||
(Gain) loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 | |||
Asset impairments | (0.2) | 1.7 | |||||
Write off of financing fees and discount | $ 0.3 | $ 4 | 0.8 | 4.1 | |||
Other non-cash items | 4.7 | (11.8) | (0.7) | ||||
Net cash (used in) provided by operating activities | 91.8 | 60.5 | 166.4 | 37.5 | |||
Investing Activities | |||||||
Acquisition, net of cash received | (22) | (22.5) | (80.8) | ||||
Additions to property, plant & equipment | (28.3) | (10.8) | (85.5) | (31.4) | |||
Additions to intangibles and other assets | (0.5) | (1.5) | (2.7) | (4.3) | |||
Proceeds from sale of property, plant & equipment | 0.4 | 1.6 | 40.9 | 1.6 | |||
Net cash used in investing activities | (50.4) | (10.7) | (69.8) | (114.9) | |||
Financing Activities | |||||||
Payments of long-term debt | (1) | (80.1) | (2.9) | (392.6) | |||
Issue of long-term debt | 525 | ||||||
Borrowings under ABL | 52.4 | 191.1 | 801.3 | 474.3 | |||
Payments under ABL | (97.3) | (156) | (874.5) | (455.4) | |||
Distributions to non-controlling interests | (3.2) | (2.4) | (6.8) | (7.2) | |||
Issuance of common shares | $ 142.5 | 0.5 | 143.1 | ||||
Financing fees | (0.1) | (1.2) | (0.3) | (9.1) | |||
Common shares repurchased and cancelled | (0.1) | (4.6) | (0.8) | (7.7) | |||
Preferred shares repurchased and cancelled | (148.8) | ||||||
Payment of deferred consideration for acquisitions | (32.4) | (2.5) | (32.4) | ||||
Net cash (used in) provided by financing activities | (55.3) | (91.2) | (116.7) | 78.5 | |||
Effect of exchange rate changes on cash | (1.4) | (2.1) | (2.4) | (0.9) | |||
Net (decrease) increase in cash & cash equivalents | (15.3) | (43.5) | (22.5) | 0.2 | |||
Cash & cash equivalents, beginning of period | 79 | 90.9 | 86.2 | 47.2 | |||
Cash & cash equivalents, end of period | 79 | 63.7 | 47.4 | 63.7 | 47.4 | ||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | 6.4 | 2.6 | 23.5 | (4.6) | |||
Depreciation & amortization | 58.1 | 26.8 | 173.7 | 77.7 | |||
Amortization of financing fees | 1.2 | 0.7 | 3.6 | 1.9 | |||
Amortization of senior notes premium | (1.3) | (4.2) | |||||
Share-based compensation expense | 2.3 | 1.5 | 8.4 | 4.9 | |||
(Decrease) increase in deferred income taxes | (4.7) | 2.2 | (21.6) | 4.1 | |||
(Gain) loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 | |||
Asset impairments | (0.2) | 1.7 | |||||
Write off of financing fees and discount | 0.8 | 4.1 | |||||
Other non-cash items | 4.7 | (11.8) | (0.7) | ||||
Net change in operating assets and liabilities | 24 | 25.7 | (7.9) | (52) | |||
Net cash (used in) provided by operating activities | 91.8 | 60.5 | 166.4 | 37.5 | |||
Investing Activities | |||||||
Acquisition, net of cash received | (22) | (22.5) | (80.8) | ||||
Additions to property, plant & equipment | (28.3) | (10.8) | (85.5) | (31.4) | |||
Additions to intangibles and other assets | (0.5) | (1.5) | (2.7) | (4.3) | |||
Proceeds from sale of property, plant & equipment | 0.4 | 1.6 | 40.9 | 1.6 | |||
Net cash used in investing activities | (50.4) | (10.7) | (69.8) | (114.9) | |||
Financing Activities | |||||||
Payments of long-term debt | (1) | (80.1) | (2.9) | (392.6) | |||
Issue of long-term debt | 525 | ||||||
Borrowings under ABL | 52.4 | 191.1 | 801.3 | 474.3 | |||
Payments under ABL | (97.3) | (156) | (874.5) | (455.4) | |||
Distributions to non-controlling interests | (3.2) | (2.4) | (6.8) | (7.2) | |||
Issuance of common shares | 0.5 | 143.1 | |||||
Financing fees | (0.1) | (1.2) | (0.3) | (9.1) | |||
Common shares repurchased and cancelled | (0.1) | (4.6) | (0.8) | (7.7) | |||
Preferred shares repurchased and cancelled | (148.8) | ||||||
Dividends paid to common and preferred shareowners | (6.5) | (5.6) | (24.5) | (16.4) | |||
Payment of deferred consideration for acquisitions | (32.4) | (2.5) | (32.4) | ||||
Net cash (used in) provided by financing activities | (55.3) | (91.2) | (116.7) | 78.5 | |||
Effect of exchange rate changes on cash | (1.4) | (2.1) | (2.4) | (0.9) | |||
Net (decrease) increase in cash & cash equivalents | (15.3) | (43.5) | (22.5) | 0.2 | |||
Cash & cash equivalents, beginning of period | 79 | 90.9 | 86.2 | 47.2 | |||
Cash & cash equivalents, end of period | 79 | 63.7 | 47.4 | 63.7 | 47.4 | ||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | (6.8) | (2.7) | (11.2) | 11 | |||
Equity income, net of distributions | 6.8 | 2.7 | 11.2 | (11) | |||
Intercompany dividends | (3.5) | (46.7) | (11.5) | (69.9) | |||
Net cash (used in) provided by operating activities | (3.5) | (46.7) | (11.5) | (69.9) | |||
Financing Activities | |||||||
Intercompany dividends | 3.5 | 46.7 | 11.5 | 69.9 | |||
Net cash (used in) provided by financing activities | 3.5 | 46.7 | 11.5 | 69.9 | |||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | 4.8 | 1.3 | 18.9 | (8.7) | |||
Depreciation & amortization | 1.2 | 1.7 | 3.6 | 4.8 | |||
Amortization of financing fees | 0.1 | 0.1 | 0.1 | ||||
Share-based compensation expense | 0.1 | 1.2 | 0.9 | ||||
(Decrease) increase in deferred income taxes | (1.6) | (0.3) | (0.5) | (1.6) | |||
(Gain) loss on disposal of property, plant & equipment | 0.2 | 0.2 | |||||
Asset impairments | 0.9 | ||||||
Equity income, net of distributions | (5.8) | (1.3) | (7.2) | 15.1 | |||
Intercompany dividends | 0.2 | 44.2 | 4.5 | 62.4 | |||
Other non-cash items | (3.1) | (0.2) | (9.9) | (0.4) | |||
Net change in operating assets and liabilities | (0.2) | (36.6) | 18.6 | (44.3) | |||
Net cash (used in) provided by operating activities | (4.4) | 9.1 | 29.3 | 29.4 | |||
Investing Activities | |||||||
Additions to property, plant & equipment | (0.5) | (1) | (0.9) | ||||
Net cash used in investing activities | (0.5) | (1) | (0.9) | ||||
Financing Activities | |||||||
Payments of long-term debt | (0.1) | (0.1) | (0.1) | ||||
Issuance of common shares | 0.5 | 143.1 | |||||
Common shares repurchased and cancelled | (0.1) | (4.6) | (0.8) | (7.7) | |||
Preferred shares repurchased and cancelled | (148.8) | ||||||
Dividends paid to common and preferred shareowners | (6.5) | (5.6) | (24.5) | (16.4) | |||
Net cash (used in) provided by financing activities | (6.2) | (10.2) | (31.1) | (24.2) | |||
Effect of exchange rate changes on cash | (0.7) | (0.4) | (1.4) | (0.1) | |||
Net (decrease) increase in cash & cash equivalents | (11.8) | (1.5) | (4.2) | 4.2 | |||
Cash & cash equivalents, beginning of period | 13.8 | 7.2 | 6.2 | 1.5 | |||
Cash & cash equivalents, end of period | 13.8 | 2 | 5.7 | 2 | 5.7 | ||
DSS Group Inc [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | (2.4) | (18) | |||||
Depreciation & amortization | 32.3 | 94.3 | |||||
Amortization of senior notes premium | (1.3) | (4.2) | |||||
Share-based compensation expense | 0.6 | 1.7 | |||||
(Decrease) increase in deferred income taxes | 1.8 | (10.8) | |||||
(Gain) loss on disposal of property, plant & equipment | 0.9 | 2.9 | |||||
Other non-cash items | (1.1) | (1.1) | |||||
Net change in operating assets and liabilities | 1.4 | (11.4) | |||||
Net cash (used in) provided by operating activities | 32.2 | 53.4 | |||||
Investing Activities | |||||||
Acquisition, net of cash received | (22) | (22.5) | |||||
Additions to property, plant & equipment | (18.5) | (57.3) | |||||
Additions to intangibles and other assets | (1.9) | ||||||
Proceeds from sale of property, plant & equipment | 0.3 | 14.5 | |||||
Net cash used in investing activities | (40.2) | (67.2) | |||||
Financing Activities | |||||||
Net (decrease) increase in cash & cash equivalents | (8) | (13.8) | |||||
Cash & cash equivalents, beginning of period | 28.6 | 34.4 | |||||
Cash & cash equivalents, end of period | 28.6 | 20.6 | 20.6 | ||||
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | 7.3 | 1.1 | 23.7 | (15.2) | |||
Depreciation & amortization | 23.3 | 23.7 | 71.7 | 68.6 | |||
Amortization of financing fees | 1.1 | 0.7 | 3.5 | 1.8 | |||
Share-based compensation expense | 1.7 | 1.3 | 5.4 | 3.9 | |||
(Decrease) increase in deferred income taxes | (4.9) | 2.5 | (10.1) | 5.7 | |||
(Gain) loss on disposal of property, plant & equipment | 0.2 | 0.2 | (0.2) | 0.2 | |||
Asset impairments | (0.2) | 0.8 | |||||
Write off of financing fees and discount | 0.8 | 4.1 | |||||
Equity income, net of distributions | (1) | (1.4) | (4) | (4.1) | |||
Intercompany dividends | 3.3 | 2.5 | 7 | 7.5 | |||
Other non-cash items | 9.2 | 0.2 | (0.5) | (0.3) | |||
Net change in operating assets and liabilities | 18.4 | 59.5 | (17) | (13.2) | |||
Net cash (used in) provided by operating activities | 58.6 | 90.9 | 79.5 | 59.8 | |||
Investing Activities | |||||||
Acquisition, net of cash received | (80.8) | ||||||
Additions to property, plant & equipment | (8.7) | (10.4) | (26.2) | (30.1) | |||
Additions to intangibles and other assets | (0.5) | (1.5) | (0.8) | (4.3) | |||
Proceeds from sale of property, plant & equipment | 0.1 | 1.6 | 26.4 | 1.6 | |||
Net cash used in investing activities | (9.1) | (10.3) | (0.6) | (113.6) | |||
Financing Activities | |||||||
Payments of long-term debt | (0.8) | (79.3) | (2.2) | (391.7) | |||
Issue of long-term debt | 525 | ||||||
Borrowings under ABL | 52.4 | 191.1 | 801.3 | 474.3 | |||
Payments under ABL | (97.3) | (156) | (874.5) | (455.4) | |||
Financing fees | (0.1) | (1.2) | (0.3) | (9.1) | |||
Payment of deferred consideration for acquisitions | (32.4) | (2.5) | (32.4) | ||||
Intercompany dividends | (0.2) | (44.2) | (4.5) | (62.4) | |||
Net cash (used in) provided by financing activities | (46) | (122) | (82.7) | 48.3 | |||
Effect of exchange rate changes on cash | (0.6) | (1.6) | (0.7) | (0.7) | |||
Net (decrease) increase in cash & cash equivalents | 2.9 | (43) | (4.5) | (6.2) | |||
Cash & cash equivalents, beginning of period | 30.8 | 77 | 38.2 | 40.2 | |||
Cash & cash equivalents, end of period | 30.8 | 33.7 | 34 | 33.7 | 34 | ||
Non-Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | 3.5 | 2.9 | 10.1 | 8.3 | |||
Depreciation & amortization | 1.3 | 1.4 | 4.1 | 4.3 | |||
Share-based compensation expense | 0.1 | 0.1 | 0.1 | ||||
(Decrease) increase in deferred income taxes | (0.2) | ||||||
Other non-cash items | (0.3) | (0.3) | |||||
Net change in operating assets and liabilities | 4.4 | 2.8 | 1.9 | 5.5 | |||
Net cash (used in) provided by operating activities | 8.9 | 7.2 | 15.7 | 18.2 | |||
Investing Activities | |||||||
Additions to property, plant & equipment | (0.6) | (0.4) | (1) | (0.4) | |||
Net cash used in investing activities | (0.6) | (0.4) | (1) | (0.4) | |||
Financing Activities | |||||||
Payments of long-term debt | (0.1) | (0.8) | (0.6) | (0.8) | |||
Distributions to non-controlling interests | (3.2) | (2.4) | (6.8) | (7.2) | |||
Intercompany dividends | (3.3) | (2.5) | (7) | (7.5) | |||
Net cash (used in) provided by financing activities | (6.6) | (5.7) | (14.4) | (15.5) | |||
Effect of exchange rate changes on cash | (0.1) | (0.1) | (0.3) | (0.1) | |||
Net (decrease) increase in cash & cash equivalents | 1.6 | 1 | 2.2 | ||||
Cash & cash equivalents, beginning of period | 5.8 | 6.7 | 7.4 | 5.5 | |||
Cash & cash equivalents, end of period | $ 5.8 | $ 7.4 | $ 7.7 | $ 7.4 | $ 7.7 |
Guarantor Subsidiaries (Cott105
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Additional Information (Detail) | Oct. 03, 2015 |
Guarantor Subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Guarantor Subsidiaries (Cott106
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | $ 755.6 | $ 535 | $ 2,245.2 | $ 1,559.3 |
Cost of sales | 523.1 | 465.5 | 1,570.8 | 1,354.6 |
Gross profit | 232.5 | 69.5 | 674.4 | 204.7 |
Selling, general and administrative expenses | 196.2 | 49.9 | 574.9 | 147.5 |
(Gain) loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 |
Restructuring | 0.1 | 2.4 | ||
Asset impairments | (0.2) | 1.7 | ||
Acquisition and integration expenses | 6.6 | 0.5 | 15.4 | 3.4 |
Operating (loss) income | 28.6 | 18.8 | 81.4 | 49.3 |
Other (income) expense, net | 0.6 | 5.4 | (8.8) | 22.9 |
Interest expense, net | 27.4 | 9 | 83 | 27.2 |
Income (loss) before income taxes | 0.6 | 4.4 | 7.2 | (0.8) |
Income tax (benefit) expense | (5.8) | 1.8 | (16.3) | 3.8 |
Net (loss) income | 6.4 | 2.6 | 23.5 | (4.6) |
Less: Net income attributable to non-controlling interests | 1.6 | 1.3 | 4.6 | 4.1 |
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||
Net (loss) income attributed to Cott Corporation | 1.3 | (8.7) | ||
Comprehensive (loss) income attributed to Cott Corporation | (8.9) | (14.6) | (16.3) | (17.9) |
Convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 4.5 | |||
Non-convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 1.4 | |||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | 755.6 | 535 | 2,245.2 | 1,559.3 |
Cost of sales | 523.1 | 465.5 | 1,570.8 | 1,354.6 |
Gross profit | 232.5 | 69.5 | 674.4 | 204.7 |
Selling, general and administrative expenses | 196.2 | 49.9 | 574.9 | 147.5 |
(Gain) loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 |
Restructuring | 0.1 | 2.4 | ||
Asset impairments | (0.2) | 1.7 | ||
Acquisition and integration expenses | 6.6 | 0.5 | 15.4 | 3.4 |
Operating (loss) income | 28.6 | 18.8 | 81.4 | 49.3 |
Other (income) expense, net | 0.6 | 5.4 | (8.8) | 22.9 |
Interest expense, net | 27.4 | 9 | 83 | 27.2 |
Income (loss) before income taxes | 0.6 | 4.4 | 7.2 | (0.8) |
Income tax (benefit) expense | (5.8) | 1.8 | (16.3) | 3.8 |
Net (loss) income | 6.4 | 2.6 | 23.5 | (4.6) |
Less: Net income attributable to non-controlling interests | 1.6 | 1.3 | 4.6 | 4.1 |
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||
Net (loss) income attributed to Cott Corporation | 4.8 | 1.3 | 1 | (8.7) |
Comprehensive (loss) income attributed to Cott Corporation | (8.9) | (14.6) | (16.3) | (17.9) |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 4.5 | |||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Non-convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 1.4 | |||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Corporation [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | 37 | 42.3 | 113.9 | 129 |
Cost of sales | 31.4 | 36.2 | 96.8 | 111.4 |
Gross profit | 5.6 | 6.1 | 17.1 | 17.6 |
Selling, general and administrative expenses | 6 | 5.5 | 16.4 | 18.3 |
(Gain) loss on disposal of property, plant & equipment | 0.2 | 0.2 | ||
Restructuring | 0.1 | 2.1 | ||
Asset impairments | 0.9 | |||
Operating (loss) income | (0.4) | 0.3 | 0.7 | (3.9) |
Other (income) expense, net | 0.8 | 0.2 | (9) | (9.1) |
Intercompany interest (income) expense, net | (4.9) | |||
Interest expense, net | 0.1 | 0.1 | 0.2 | |
Income (loss) before income taxes | (1.2) | 14.5 | 5 | |
Income tax (benefit) expense | (0.2) | 2.8 | (1.4) | |
Equity (loss) income | 5.8 | 1.3 | 7.2 | (15.1) |
Net (loss) income | 4.8 | 1.3 | 18.9 | (8.7) |
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||
Net (loss) income attributed to Cott Corporation | 4.8 | 1.3 | 1 | (8.7) |
Comprehensive (loss) income attributed to Cott Corporation | (8.9) | (14.6) | (16.3) | (17.9) |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Corporation [Member] | Convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 4.5 | |||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Corporation [Member] | Non-convertible Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Less: Accumulated dividends on convertible and non-convertible preferred shares | 1.4 | |||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Beverages Inc. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | 182.1 | 187 | 549.2 | 562 |
Cost of sales | 156.3 | 161 | 467 | 483.7 |
Gross profit | 25.8 | 26 | 82.2 | 78.3 |
Selling, general and administrative expenses | 23.8 | 25.1 | 72.2 | 76.3 |
(Gain) loss on disposal of property, plant & equipment | 0.2 | (0.2) | ||
Restructuring | 0.2 | |||
Acquisition and integration expenses | 0.2 | 0.3 | 2.2 | 1.3 |
Operating (loss) income | 1.6 | 0.6 | 8 | 0.5 |
Other (income) expense, net | (0.1) | 4.7 | (0.1) | 21.8 |
Intercompany interest (income) expense, net | (14.1) | (4.6) | (39.6) | (12) |
Interest expense, net | 19.8 | 8.5 | 60.1 | 26 |
Income (loss) before income taxes | (4) | (8) | (12.4) | (35.3) |
Income tax (benefit) expense | (4.2) | 1.7 | (10.7) | 4.6 |
Equity (loss) income | 1.6 | 1.4 | 4.6 | 4.1 |
Net (loss) income | 1.8 | (8.3) | 2.9 | (35.8) |
Net (loss) income attributed to Cott Corporation | 1.8 | (8.3) | 2.9 | (35.8) |
Comprehensive (loss) income attributed to Cott Corporation | (7.8) | (35.6) | (4.1) | (41.9) |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | 517.3 | 282.8 | 1,523.3 | 801.9 |
Cost of sales | 323.2 | 251.1 | 968.1 | 710.6 |
Gross profit | 194.1 | 31.7 | 555.2 | 91.3 |
Selling, general and administrative expenses | 162.9 | 16.6 | 476.7 | 44 |
(Gain) loss on disposal of property, plant & equipment | 0.9 | 0.2 | 2.9 | 0.2 |
Restructuring | 0.1 | |||
Asset impairments | (0.2) | 0.8 | ||
Acquisition and integration expenses | 6.4 | 0.2 | 13.2 | 2.1 |
Operating (loss) income | 23.9 | 14.9 | 62.4 | 44.1 |
Other (income) expense, net | (0.2) | 0.5 | 0.2 | 10.1 |
Intercompany interest (income) expense, net | 14.1 | 4.6 | 44.5 | 12 |
Interest expense, net | 7.6 | 0.3 | 22.8 | 0.9 |
Income (loss) before income taxes | 2.4 | 9.5 | (5.1) | 21.1 |
Income tax (benefit) expense | (1.3) | 0.1 | (8.5) | 0.5 |
Equity (loss) income | (0.6) | 1.8 | (0.6) | 8.8 |
Net (loss) income | 3.1 | 11.2 | 2.8 | 29.4 |
Net (loss) income attributed to Cott Corporation | 3.1 | 11.2 | 2.8 | 29.4 |
Comprehensive (loss) income attributed to Cott Corporation | 8.9 | 4.2 | 9.8 | 57.6 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | 33.3 | 35.7 | 103 | 104 |
Cost of sales | 26.3 | 30 | 83.1 | 86.5 |
Gross profit | 7 | 5.7 | 19.9 | 17.5 |
Selling, general and administrative expenses | 3.5 | 2.7 | 9.6 | 8.9 |
Operating (loss) income | 3.5 | 3 | 10.3 | 8.6 |
Other (income) expense, net | 0.1 | 0.1 | 0.1 | |
Interest expense, net | 0.1 | 0.1 | ||
Income (loss) before income taxes | 3.4 | 2.9 | 10.2 | 8.4 |
Income tax (benefit) expense | (0.1) | 0.1 | 0.1 | |
Net (loss) income | 3.5 | 2.9 | 10.1 | 8.3 |
Less: Net income attributable to non-controlling interests | 1.6 | 1.3 | 4.6 | 4.1 |
Net (loss) income attributed to Cott Corporation | 1.9 | 1.6 | 5.5 | 4.2 |
Comprehensive (loss) income attributed to Cott Corporation | 3.9 | 3.2 | 8.7 | 5 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Revenue, net | (14.1) | (12.8) | (44.2) | (37.6) |
Cost of sales | (14.1) | (12.8) | (44.2) | (37.6) |
Equity (loss) income | (6.8) | (4.5) | (11.2) | 2.2 |
Net (loss) income | (6.8) | (4.5) | (11.2) | 2.2 |
Net (loss) income attributed to Cott Corporation | (6.8) | (4.5) | (11.2) | 2.2 |
Comprehensive (loss) income attributed to Cott Corporation | $ (5) | $ 28.2 | $ (14.4) | $ (20.7) |
Guarantor Subsidiaries (Cott107
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Oct. 03, 2015 | Jul. 04, 2015 | Jan. 03, 2015 | Sep. 27, 2014 | Jun. 24, 2014 | Dec. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | $ 63.7 | $ 79 | $ 86.2 | $ 47.4 | $ 90.9 | $ 47.2 |
Accounts receivable, net of allowance | 324.4 | 305.7 | ||||
Income taxes recoverable | 1.1 | 1.6 | ||||
Inventories | 253.9 | 262.4 | ||||
Prepaid expenses and other assets | 37.5 | 59.3 | ||||
Total current assets | 680.6 | 715.2 | ||||
Property, plant & equipment, net | 803.2 | 864.5 | ||||
Goodwill | 751.1 | 743.6 | ||||
Intangibles and other assets, net | 736.6 | 781.7 | ||||
Deferred income taxes | 2.9 | 2.5 | ||||
Other tax receivable | 0.9 | 0.2 | ||||
Total assets | 2,975.3 | 3,107.7 | ||||
Short-term borrowings | 152 | 229 | ||||
Current maturities of long-term debt | 3.7 | 4 | ||||
Accounts payable and accrued liabilities | 436.2 | 420.3 | ||||
Total current liabilities | 591.9 | 653.3 | ||||
Long-term debt | 1,547.9 | 1,565 | ||||
Deferred income taxes | 95.3 | 119.9 | ||||
Other long-term liabilities | 77.4 | 71.8 | ||||
Total liabilities | 2,312.5 | 2,410 | ||||
Equity | ||||||
Capital stock, no par | 532.6 | 388.3 | ||||
Additional paid-in-capital | 53 | 46.6 | ||||
Retained earnings (deficit) | 140.5 | 158.1 | ||||
Accumulated other comprehensive (loss) income | (68.3) | (51) | ||||
Total Cott Corporation equity | 657.8 | 542 | ||||
Non-controlling interests | 5 | 6.9 | ||||
Total equity | 662.8 | 548.9 | 564.5 | 604.4 | ||
Total liabilities, preferred shares and equity | 2,975.3 | 3,107.7 | ||||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | 63.7 | 79 | 86.2 | 47.4 | 90.9 | 47.2 |
Accounts receivable, net of allowance | 324.4 | 305.7 | ||||
Income taxes recoverable | 1.1 | 1.6 | ||||
Inventories | 253.9 | 262.4 | ||||
Prepaid expenses and other assets | 37.5 | 59.3 | ||||
Total current assets | 680.6 | 715.2 | ||||
Property, plant & equipment, net | 803.2 | 864.5 | ||||
Goodwill | 751.1 | 743.6 | ||||
Intangibles and other assets, net | 736.6 | 781.7 | ||||
Deferred income taxes | 2.9 | 2.5 | ||||
Other tax receivable | 0.9 | 0.2 | ||||
Total assets | 2,975.3 | 3,107.7 | ||||
Short-term borrowings | 152 | 229 | ||||
Current maturities of long-term debt | 3.7 | 4 | ||||
Accounts payable and accrued liabilities | 436.2 | 420.3 | ||||
Total current liabilities | 591.9 | 653.3 | ||||
Long-term debt | 1,547.9 | 1,565 | ||||
Deferred income taxes | 95.3 | 119.9 | ||||
Other long-term liabilities | 77.4 | 71.8 | ||||
Total liabilities | 2,312.5 | 2,410 | ||||
Convertible preferred shares | 116.1 | |||||
Non-convertible preferred shares | 32.7 | |||||
Equity | ||||||
Capital stock, no par | 532.6 | 388.3 | ||||
Additional paid-in-capital | 53 | 46.6 | ||||
Retained earnings (deficit) | 140.5 | 158.1 | ||||
Accumulated other comprehensive (loss) income | (68.3) | (51) | ||||
Total Cott Corporation equity | 657.8 | 542 | ||||
Non-controlling interests | 5 | 6.9 | ||||
Total equity | 662.8 | 548.9 | ||||
Total liabilities, preferred shares and equity | 2,975.3 | 3,107.7 | ||||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Corporation [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | 2 | 13.8 | 6.2 | 5.7 | 7.2 | 1.5 |
Accounts receivable, net of allowance | 17.3 | 16.2 | ||||
Inventories | 13.5 | 12.4 | ||||
Prepaid expenses and other assets | 2.7 | 3.2 | ||||
Total current assets | 35.5 | 38 | ||||
Property, plant & equipment, net | 31.3 | 38.2 | ||||
Goodwill | 20.7 | 23.4 | ||||
Intangibles and other assets, net | 0.9 | 0.7 | ||||
Deferred income taxes | 2.7 | 2.5 | ||||
Other tax receivable | 0.1 | |||||
Due from affiliates | 411.4 | 183.8 | ||||
Investments in subsidiaries | 193.6 | 436.3 | ||||
Total assets | 696.1 | 723 | ||||
Current maturities of long-term debt | 0.1 | |||||
Accounts payable and accrued liabilities | 36.6 | 30.4 | ||||
Total current liabilities | 36.6 | 30.5 | ||||
Other long-term liabilities | 0.5 | 0.4 | ||||
Due to affiliates | 1.2 | 1.3 | ||||
Total liabilities | 38.3 | 32.2 | ||||
Convertible preferred shares | 116.1 | |||||
Non-convertible preferred shares | 32.7 | |||||
Equity | ||||||
Capital stock, no par | 532.6 | 388.3 | ||||
Additional paid-in-capital | 53 | 46.6 | ||||
Retained earnings (deficit) | 140.5 | 158.1 | ||||
Accumulated other comprehensive (loss) income | (68.3) | (51) | ||||
Total Cott Corporation equity | 657.8 | 542 | ||||
Total equity | 657.8 | 542 | ||||
Total liabilities, preferred shares and equity | 696.1 | 723 | ||||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Beverages Inc. [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | 1.3 | 5.1 | 8.6 | 1.9 | 32.9 | 1.1 |
Accounts receivable, net of allowance | 63.1 | 130.4 | ||||
Income taxes recoverable | 0.6 | 0.6 | ||||
Inventories | 80.2 | 72.5 | ||||
Prepaid expenses and other assets | 16.9 | 39.5 | ||||
Total current assets | 162.1 | 251.6 | ||||
Property, plant & equipment, net | 163.9 | 178.4 | ||||
Goodwill | 4.5 | 4.5 | ||||
Intangibles and other assets, net | 101.5 | 105.3 | ||||
Deferred income taxes | 37.8 | 30.5 | ||||
Other tax receivable | 0.9 | 0.1 | ||||
Due from affiliates | 588.7 | 564.5 | ||||
Investments in subsidiaries | 847.3 | 623.5 | ||||
Total assets | 1,906.7 | 1,758.4 | ||||
Short-term borrowings | 152 | 229 | ||||
Current maturities of long-term debt | 2.7 | 2.5 | ||||
Accounts payable and accrued liabilities | 231.9 | 212.4 | ||||
Total current liabilities | 386.6 | 443.9 | ||||
Long-term debt | 1,155.1 | 1,157.1 | ||||
Other long-term liabilities | 20.1 | 5.8 | ||||
Due to affiliates | 1.6 | 1.7 | ||||
Total liabilities | 1,563.4 | 1,608.5 | ||||
Equity | ||||||
Capital stock, no par | 685.1 | 525.7 | ||||
Retained earnings (deficit) | (326.2) | (367.2) | ||||
Accumulated other comprehensive (loss) income | (15.6) | (8.6) | ||||
Total Cott Corporation equity | 343.3 | 149.9 | ||||
Total equity | 343.3 | 149.9 | ||||
Total liabilities, preferred shares and equity | 1,906.7 | 1,758.4 | ||||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | 53 | 54.3 | 64 | 32.1 | 44.1 | 39.1 |
Accounts receivable, net of allowance | 366.3 | 333.8 | ||||
Income taxes recoverable | 0.4 | 0.6 | ||||
Inventories | 153.7 | 172 | ||||
Prepaid expenses and other assets | 17.7 | 16.2 | ||||
Total current assets | 591.1 | 586.6 | ||||
Property, plant & equipment, net | 601.2 | 640.1 | ||||
Goodwill | 725.9 | 715.7 | ||||
Intangibles and other assets, net | 630.5 | 669 | ||||
Due from affiliates | 2.8 | 3 | ||||
Investments in subsidiaries | 685 | 349.6 | ||||
Total assets | 3,236.5 | 2,964 | ||||
Current maturities of long-term debt | 0.4 | 0.5 | ||||
Accounts payable and accrued liabilities | 291 | 356.3 | ||||
Total current liabilities | 291.4 | 356.8 | ||||
Long-term debt | 392.8 | 407.3 | ||||
Deferred income taxes | 133.1 | 150.4 | ||||
Other long-term liabilities | 55.6 | 64.3 | ||||
Due to affiliates | 971.3 | 715.5 | ||||
Total liabilities | 1,844.2 | 1,694.3 | ||||
Equity | ||||||
Capital stock, no par | 1,506.7 | 1,595.8 | ||||
Retained earnings (deficit) | (125.4) | (330.1) | ||||
Accumulated other comprehensive (loss) income | 11 | 4 | ||||
Total Cott Corporation equity | 1,392.3 | 1,269.7 | ||||
Total equity | 1,392.3 | 1,269.7 | ||||
Total liabilities, preferred shares and equity | 3,236.5 | 2,964 | ||||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Cash & cash equivalents | 7.4 | $ 5.8 | 7.4 | $ 7.7 | $ 6.7 | $ 5.5 |
Accounts receivable, net of allowance | 10.9 | 12.2 | ||||
Income taxes recoverable | 0.1 | 0.4 | ||||
Inventories | 6.5 | 5.5 | ||||
Prepaid expenses and other assets | 0.2 | 0.4 | ||||
Total current assets | 25.1 | 25.9 | ||||
Property, plant & equipment, net | 6.8 | 7.8 | ||||
Intangibles and other assets, net | 3.7 | 6.7 | ||||
Deferred income taxes | 0.2 | |||||
Due from affiliates | 0.1 | |||||
Total assets | 35.8 | 40.5 | ||||
Current maturities of long-term debt | 0.6 | 0.9 | ||||
Accounts payable and accrued liabilities | 9.9 | 8.1 | ||||
Total current liabilities | 10.5 | 9 | ||||
Long-term debt | 0.6 | |||||
Other long-term liabilities | 1.2 | 1.3 | ||||
Due to affiliates | 28.8 | 32.9 | ||||
Total liabilities | 40.5 | 43.8 | ||||
Equity | ||||||
Capital stock, no par | 38.5 | 39.7 | ||||
Retained earnings (deficit) | (56.6) | (55.1) | ||||
Accumulated other comprehensive (loss) income | 8.4 | 5.2 | ||||
Total Cott Corporation equity | (9.7) | (10.2) | ||||
Non-controlling interests | 5 | 6.9 | ||||
Total equity | (4.7) | (3.3) | ||||
Total liabilities, preferred shares and equity | 35.8 | 40.5 | ||||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | ||||||
Condensed Financial Statements, Captions [Line Items] | ||||||
Accounts receivable, net of allowance | (133.2) | (186.9) | ||||
Total current assets | (133.2) | (186.9) | ||||
Deferred income taxes | (37.8) | (30.5) | ||||
Due from affiliates | (1,002.9) | (751.4) | ||||
Investments in subsidiaries | (1,725.9) | (1,409.4) | ||||
Total assets | (2,899.8) | (2,378.2) | ||||
Accounts payable and accrued liabilities | (133.2) | (186.9) | ||||
Total current liabilities | (133.2) | (186.9) | ||||
Deferred income taxes | (37.8) | (30.5) | ||||
Due to affiliates | (1,002.9) | (751.4) | ||||
Total liabilities | (1,173.9) | (968.8) | ||||
Equity | ||||||
Capital stock, no par | (2,230.3) | (2,161.2) | ||||
Retained earnings (deficit) | 508.2 | 752.4 | ||||
Accumulated other comprehensive (loss) income | (3.8) | (0.6) | ||||
Total Cott Corporation equity | (1,725.9) | (1,409.4) | ||||
Total equity | (1,725.9) | (1,409.4) | ||||
Total liabilities, preferred shares and equity | $ (2,899.8) | $ (2,378.2) |
Guarantor Subsidiaries (Cott108
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | Jul. 04, 2015 | Feb. 19, 2014 | Nov. 15, 2013 | Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 |
Operating Activities | |||||||
Net (loss) income | $ 6.4 | $ 2.6 | $ 23.5 | $ (4.6) | |||
Depreciation & amortization | 58.1 | 26.8 | 173.7 | 77.7 | |||
Amortization of financing fees | 1.2 | 0.7 | 3.6 | 1.9 | |||
Amortization of senior notes premium | (1.3) | (4.2) | |||||
Share-based compensation expense | 2.3 | 1.5 | 8.4 | 4.9 | |||
(Decrease) increase in deferred income taxes | (4.7) | 2.2 | (21.6) | 4.1 | |||
(Gain) loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 | |||
Asset impairments | (0.2) | 1.7 | |||||
Write-off of financing fees and discount | $ 0.3 | $ 4 | 0.8 | 4.1 | |||
Other non-cash items | 4.7 | (11.8) | (0.7) | ||||
Net cash (used in) provided by operating activities | 91.8 | 60.5 | 166.4 | 37.5 | |||
Investing Activities | |||||||
Acquisitions, net of cash received | (22) | (22.5) | (80.8) | ||||
Additions to property, plant & equipment | (28.3) | (10.8) | (85.5) | (31.4) | |||
Additions to intangibles and other assets | (0.5) | (1.5) | (2.7) | (4.3) | |||
Proceeds from sale of property, plant & equipment | 0.4 | 1.6 | 40.9 | 1.6 | |||
Net cash used in investing activities | (50.4) | (10.7) | (69.8) | (114.9) | |||
Financing Activities | |||||||
Payments of long-term debt | (1) | (80.1) | (2.9) | (392.6) | |||
Issuance of long-term debt | 525 | ||||||
Borrowings under ABL | 52.4 | 191.1 | 801.3 | 474.3 | |||
Payments under ABL | (97.3) | (156) | (874.5) | (455.4) | |||
Distributions to non-controlling interests | (3.2) | (2.4) | (6.8) | (7.2) | |||
Issuance of common shares | $ 142.5 | 0.5 | 143.1 | ||||
Financing fees | (0.1) | (1.2) | (0.3) | (9.1) | |||
Preferred shares repurchased and cancelled | (148.8) | ||||||
Common shares repurchased and cancelled | (0.1) | (4.6) | (0.8) | (7.7) | |||
Dividends paid to common and preferred shareowners | (6.5) | (5.6) | (24.5) | (16.4) | |||
Payment of deferred consideration for acquisitions | (32.4) | (2.5) | (32.4) | ||||
Net cash (used in) provided by financing activities | (55.3) | (91.2) | (116.7) | 78.5 | |||
Effect of exchange rate changes on cash | (1.4) | (2.1) | (2.4) | (0.9) | |||
Net (decrease) increase in cash & cash equivalents | (15.3) | (43.5) | (22.5) | 0.2 | |||
Cash & cash equivalents, beginning of period | 79 | 90.9 | 86.2 | 47.2 | |||
Cash & cash equivalents, end of period | 79 | 63.7 | 47.4 | 63.7 | 47.4 | ||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | 6.4 | 2.6 | 23.5 | (4.6) | |||
Depreciation & amortization | 58.1 | 26.8 | 173.7 | 77.7 | |||
Amortization of financing fees | 1.2 | 0.7 | 3.6 | 1.9 | |||
Amortization of senior notes premium | (1.3) | (4.2) | |||||
Share-based compensation expense | 2.3 | 1.5 | 8.4 | 4.9 | |||
(Decrease) increase in deferred income taxes | (4.7) | 2.2 | (21.6) | 4.1 | |||
(Gain) loss on disposal of property, plant & equipment | 1.1 | 0.4 | 2.7 | 0.4 | |||
Asset impairments | (0.2) | 1.7 | |||||
Write-off of financing fees and discount | 0.8 | 4.1 | |||||
Other non-cash items | 4.7 | (11.8) | (0.7) | ||||
Net change in operating assets and liabilities, net of acquisitions | 24 | 25.7 | (7.9) | (52) | |||
Net cash (used in) provided by operating activities | 91.8 | 60.5 | 166.4 | 37.5 | |||
Investing Activities | |||||||
Acquisitions, net of cash received | (22) | (22.5) | (80.8) | ||||
Additions to property, plant & equipment | (28.3) | (10.8) | (85.5) | (31.4) | |||
Additions to intangibles and other assets | (0.5) | (1.5) | (2.7) | (4.3) | |||
Proceeds from sale of property, plant & equipment | 0.4 | 1.6 | 40.9 | 1.6 | |||
Net cash used in investing activities | (50.4) | (10.7) | (69.8) | (114.9) | |||
Financing Activities | |||||||
Payments of long-term debt | (1) | (80.1) | (2.9) | (392.6) | |||
Issuance of long-term debt | 525 | ||||||
Borrowings under ABL | 52.4 | 191.1 | 801.3 | 474.3 | |||
Payments under ABL | (97.3) | (156) | (874.5) | (455.4) | |||
Distributions to non-controlling interests | (3.2) | (2.4) | (6.8) | (7.2) | |||
Issuance of common shares | 0.5 | 143.1 | |||||
Financing fees | (0.1) | (1.2) | (0.3) | (9.1) | |||
Preferred shares repurchased and cancelled | (148.8) | ||||||
Common shares repurchased and cancelled | (0.1) | (4.6) | (0.8) | (7.7) | |||
Dividends paid to common and preferred shareowners | (24.5) | ||||||
Payment of deferred consideration for acquisitions | (32.4) | (2.5) | (32.4) | ||||
Dividends paid to common shareholders | (6.5) | (5.6) | (16.4) | ||||
Net cash (used in) provided by financing activities | (55.3) | (91.2) | (116.7) | 78.5 | |||
Effect of exchange rate changes on cash | (1.4) | (2.1) | (2.4) | (0.9) | |||
Net (decrease) increase in cash & cash equivalents | (15.3) | (43.5) | (22.5) | 0.2 | |||
Cash & cash equivalents, beginning of period | 79 | 90.9 | 86.2 | 47.2 | |||
Cash & cash equivalents, end of period | 79 | 63.7 | 47.4 | 63.7 | 47.4 | ||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Corporation [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | 4.8 | 1.3 | 18.9 | (8.7) | |||
Depreciation & amortization | 1.2 | 1.7 | 3.6 | 4.8 | |||
Amortization of financing fees | 0.1 | 0.1 | 0.1 | ||||
Share-based compensation expense | 0.1 | 1.2 | 0.9 | ||||
(Decrease) increase in deferred income taxes | (1.6) | (0.3) | (0.5) | (1.6) | |||
(Gain) loss on disposal of property, plant & equipment | 0.2 | 0.2 | |||||
Asset impairments | 0.9 | ||||||
Equity (income) loss, net of distributions | (5.8) | (1.3) | (7.2) | 15.1 | |||
Intercompany dividends | 0.2 | 44.2 | 4.5 | 62.4 | |||
Other non-cash items | (3.1) | (0.2) | (9.9) | (0.4) | |||
Net change in operating assets and liabilities, net of acquisitions | (0.2) | (36.6) | 18.6 | (44.3) | |||
Net cash (used in) provided by operating activities | (4.4) | 9.1 | 29.3 | 29.4 | |||
Investing Activities | |||||||
Additions to property, plant & equipment | (0.5) | (1) | (0.9) | ||||
Net cash used in investing activities | (0.5) | (1) | (0.9) | ||||
Financing Activities | |||||||
Payments of long-term debt | (0.1) | (0.1) | (0.1) | ||||
Issuance of common shares | 0.5 | 143.1 | |||||
Preferred shares repurchased and cancelled | (148.8) | ||||||
Common shares repurchased and cancelled | (0.1) | (4.6) | (0.8) | (7.7) | |||
Dividends paid to common and preferred shareowners | (24.5) | ||||||
Dividends paid to common shareholders | (6.5) | (5.6) | (16.4) | ||||
Net cash (used in) provided by financing activities | (6.2) | (10.2) | (31.1) | (24.2) | |||
Effect of exchange rate changes on cash | (0.7) | (0.4) | (1.4) | (0.1) | |||
Net (decrease) increase in cash & cash equivalents | (11.8) | (1.5) | (4.2) | 4.2 | |||
Cash & cash equivalents, beginning of period | 13.8 | 7.2 | 6.2 | 1.5 | |||
Cash & cash equivalents, end of period | 13.8 | 2 | 5.7 | 2 | 5.7 | ||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Beverages Inc. [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | 1.8 | (8.3) | 2.9 | (35.8) | |||
Depreciation & amortization | 9.9 | 9.8 | 32.1 | 29.8 | |||
Amortization of financing fees | 1.1 | 0.7 | 3.4 | 1.7 | |||
Share-based compensation expense | 1.7 | 1.1 | 5 | 3.4 | |||
(Decrease) increase in deferred income taxes | (3.5) | 1.8 | (10.4) | 4.4 | |||
(Gain) loss on disposal of property, plant & equipment | 0.2 | (0.2) | |||||
Write-off of financing fees and discount | 0.8 | 4.1 | |||||
Equity (income) loss, net of distributions | (1.6) | (1.4) | (4.6) | (4.1) | |||
Intercompany dividends | 5.9 | 2.5 | 9.6 | 7.5 | |||
Other non-cash items | 2.1 | (1.8) | (0.2) | ||||
Net change in operating assets and liabilities, net of acquisitions | 22.3 | 47.4 | 29.8 | (89) | |||
Net cash (used in) provided by operating activities | 39.9 | 54.4 | 65.8 | (78.2) | |||
Investing Activities | |||||||
Additions to property, plant & equipment | (3.8) | (7.8) | (15) | (20) | |||
Additions to intangibles and other assets | (0.5) | (1.5) | (0.8) | (4.3) | |||
Proceeds from sale of property, plant & equipment | 0.1 | 1.6 | 26.4 | 1.6 | |||
Net cash used in investing activities | (4.2) | (7.7) | 10.6 | (22.7) | |||
Financing Activities | |||||||
Payments of long-term debt | (0.7) | (79.2) | (2) | (391.4) | |||
Issuance of long-term debt | 525 | ||||||
Borrowings under ABL | 43 | 191.1 | 757 | 474.3 | |||
Payments under ABL | (81.7) | (156) | (830) | (455.4) | |||
Financing fees | (0.1) | (1.2) | (0.3) | (9.1) | |||
Payment of deferred consideration for acquisitions | (32.4) | (32.4) | |||||
Intercompany dividends | (8.4) | (9.3) | |||||
Net cash (used in) provided by financing activities | (39.5) | (77.7) | (83.7) | 101.7 | |||
Net (decrease) increase in cash & cash equivalents | (3.8) | (31) | (7.3) | 0.8 | |||
Cash & cash equivalents, beginning of period | 5.1 | 32.9 | 8.6 | 1.1 | |||
Cash & cash equivalents, end of period | 5.1 | 1.3 | 1.9 | 1.3 | 1.9 | ||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Guarantor Subsidiaries [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | 3.1 | 11.2 | 2.8 | 29.4 | |||
Depreciation & amortization | 45.7 | 13.9 | 133.9 | 38.8 | |||
Amortization of financing fees | 0.1 | 0.1 | |||||
Amortization of senior notes premium | (1.3) | (4.2) | |||||
Share-based compensation expense | 0.6 | 0.2 | 2.1 | 0.5 | |||
(Decrease) increase in deferred income taxes | 0.4 | 0.7 | (10.5) | 1.3 | |||
(Gain) loss on disposal of property, plant & equipment | 0.9 | 0.2 | 2.9 | 0.2 | |||
Asset impairments | (0.2) | 0.8 | |||||
Equity (income) loss, net of distributions | 0.6 | (1.8) | 0.6 | (8.8) | |||
Intercompany dividends | 8.4 | 9.3 | |||||
Other non-cash items | 6 | 0.2 | 0.2 | (0.1) | |||
Net change in operating assets and liabilities, net of acquisitions | (2.5) | 12.1 | (58.2) | 75.8 | |||
Net cash (used in) provided by operating activities | 53.5 | 36.5 | 78.1 | 147.3 | |||
Investing Activities | |||||||
Acquisitions, net of cash received | (22) | (22.5) | (80.8) | ||||
Additions to property, plant & equipment | (23.4) | (2.6) | (68.5) | (10.1) | |||
Additions to intangibles and other assets | (1.9) | ||||||
Proceeds from sale of property, plant & equipment | 0.3 | 14.5 | |||||
Net cash used in investing activities | (45.1) | (2.6) | (78.4) | (90.9) | |||
Financing Activities | |||||||
Payments of long-term debt | (0.1) | (0.1) | (0.2) | (0.3) | |||
Borrowings under ABL | 9.4 | 44.3 | |||||
Payments under ABL | (15.6) | (44.5) | |||||
Payment of deferred consideration for acquisitions | (2.5) | ||||||
Intercompany dividends | (2.8) | (44.2) | (7.1) | (62.4) | |||
Net cash (used in) provided by financing activities | (9.1) | (44.3) | (10) | (62.7) | |||
Effect of exchange rate changes on cash | (0.6) | (1.6) | (0.7) | (0.7) | |||
Net (decrease) increase in cash & cash equivalents | (1.3) | (12) | (11) | (7) | |||
Cash & cash equivalents, beginning of period | 54.3 | 44.1 | 64 | 39.1 | |||
Cash & cash equivalents, end of period | 54.3 | 53 | 32.1 | 53 | 32.1 | ||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | 3.5 | 2.9 | 10.1 | 8.3 | |||
Depreciation & amortization | 1.3 | 1.4 | 4.1 | 4.3 | |||
Share-based compensation expense | 0.1 | 0.1 | 0.1 | ||||
(Decrease) increase in deferred income taxes | (0.2) | ||||||
Other non-cash items | (0.3) | (0.3) | |||||
Net change in operating assets and liabilities, net of acquisitions | 4.4 | 2.8 | 1.9 | 5.5 | |||
Net cash (used in) provided by operating activities | 8.9 | 7.2 | 15.7 | 18.2 | |||
Investing Activities | |||||||
Additions to property, plant & equipment | (0.6) | (0.4) | (1) | (0.4) | |||
Net cash used in investing activities | (0.6) | (0.4) | (1) | (0.4) | |||
Financing Activities | |||||||
Payments of long-term debt | (0.1) | (0.8) | (0.6) | (0.8) | |||
Distributions to non-controlling interests | (3.2) | (2.4) | (6.8) | (7.2) | |||
Intercompany dividends | (3.3) | (2.5) | (7) | (7.5) | |||
Net cash (used in) provided by financing activities | (6.6) | (5.7) | (14.4) | (15.5) | |||
Effect of exchange rate changes on cash | (0.1) | (0.1) | (0.3) | (0.1) | |||
Net (decrease) increase in cash & cash equivalents | 1.6 | 1 | 2.2 | ||||
Cash & cash equivalents, beginning of period | 5.8 | 6.7 | 7.4 | 5.5 | |||
Cash & cash equivalents, end of period | $ 5.8 | 7.4 | 7.7 | 7.4 | 7.7 | ||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | |||||||
Operating Activities | |||||||
Net (loss) income | (6.8) | (4.5) | (11.2) | 2.2 | |||
Equity (income) loss, net of distributions | 6.8 | 4.5 | 11.2 | (2.2) | |||
Intercompany dividends | (6.1) | (46.7) | (22.5) | (79.2) | |||
Net cash (used in) provided by operating activities | (6.1) | (46.7) | (22.5) | (79.2) | |||
Financing Activities | |||||||
Intercompany dividends | 6.1 | 46.7 | 22.5 | 79.2 | |||
Net cash (used in) provided by financing activities | $ 6.1 | $ 46.7 | $ 22.5 | $ 79.2 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - $ / shares | Oct. 27, 2015 | Oct. 03, 2015 | Sep. 27, 2014 | Oct. 03, 2015 | Sep. 27, 2014 |
Subsequent Event [Line Items] | |||||
Dividends declared per share | $ 0.06 | $ 0.06 | $ 0.18 | $ 0.18 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Dividends declared per share | $ 0.06 | ||||
Dividend declared date | Oct. 27, 2015 | ||||
Dividend declared payable date | Dec. 10, 2015 | ||||
Dividend payable, record date | Dec. 1, 2015 |