Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 02, 2016 | May. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 2, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | COT | |
Entity Registrant Name | COTT CORP /CN/ | |
Entity Central Index Key | 884,713 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 122,676,770 |
Consolidated Statements of Oper
Consolidated Statements of Operations Unaudited - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Revenue, net | $ 698.4 | $ 709.8 |
Cost of sales | 484.4 | 508.5 |
Gross profit | 214 | 201.3 |
Selling, general and administrative expenses | 197 | 188.5 |
Loss on disposal of property, plant & equipment | 0.9 | 1.4 |
Acquisition and integration expenses | 1.4 | 4.7 |
Operating income | 14.7 | 6.7 |
Other income, net | (2.2) | (10.4) |
Interest expense, net | 27.8 | 27.7 |
Loss before income taxes | (10.9) | (10.6) |
Income tax benefit | (9) | (9.4) |
Net (loss) income | (1.9) | (1.2) |
Less: Net income attributable to non-controlling interests | 1.4 | 1.3 |
Net loss attributed to Cott Corporation | $ (3.3) | $ (6) |
Net loss per common share attributed to Cott Corporation | ||
Basic | $ (0.03) | $ (0.06) |
Diluted | $ (0.03) | $ (0.06) |
Weighted average common shares outstanding (in thousands) | ||
Basic | 113,267 | 93,196 |
Diluted | 113,267 | 93,196 |
Dividends declared per share | $ 0.06 | $ 0.06 |
Convertible Preferred Shares [Member] | ||
Less: Accumulated dividends on convertible preferred shares | $ 2.7 | |
Non-convertible Preferred Shares [Member] | ||
Less: Accumulated dividends on convertible preferred shares | $ 0.8 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss Unaudited - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | ||
Net loss | $ (1.9) | $ (1.2) | |
Other comprehensive loss: | |||
Currency translation adjustment | (3.2) | (25.9) | |
Pension benefit plan, net of tax | [1] | 0.1 | 0.1 |
Unrealized gain on derivative instruments, net of tax | [2] | 0.5 | |
Total other comprehensive loss | (2.6) | (25.8) | |
Comprehensive loss | (4.5) | (27) | |
Less: Comprehensive income attributable to non-controlling interests | 1.4 | 1.3 | |
Comprehensive loss attributed to Cott Corporation | $ (5.9) | (31.8) | |
Convertible Preferred Shares [Member] | |||
Other comprehensive loss: | |||
Less: Accumulated dividends on convertible preferred shares | 2.7 | ||
Non-convertible Preferred Shares [Member] | |||
Other comprehensive loss: | |||
Less: Accumulated dividends on convertible preferred shares | $ 0.8 | ||
[1] | Net of the effect of $0.1 million tax benefit and $0.2 million tax expense for the three months ended April 2, 2016 and April 4, 2015, respectively. | ||
[2] | Net of the effect of $0.2 million and nil tax benefit for the three months ended April 2, 2016 and April 4, 2015, respectively. |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Loss Unaudited (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Pension benefit plan, tax expense (benefit) | $ (0.1) | $ 0.2 |
Derivative instruments, tax (benefit) expense | $ 0.2 | $ 0 |
Consolidated Balance Sheets Una
Consolidated Balance Sheets Unaudited - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 | Apr. 04, 2015 | Jan. 03, 2015 |
ASSETS | ||||
Cash & cash equivalents | $ 55.1 | $ 77.1 | $ 34.5 | $ 86.2 |
Accounts receivable, net of allowance of $8.6 ($9.2 as of January 2, 2016) | 320.4 | 293.3 | ||
Income taxes recoverable | 0.9 | 1.6 | ||
Inventories | 254.7 | 249.4 | ||
Prepaid expenses and other current assets | 20.9 | 17.2 | ||
Total current assets | 652 | 638.6 | ||
Property, plant & equipment, net | 774.6 | 769.8 | ||
Goodwill | 779.8 | 759.6 | ||
Intangibles and other assets, net | 710.9 | 711.7 | ||
Deferred tax assets | 10.3 | 7.6 | ||
Total assets | 2,927.6 | 2,887.3 | ||
LIABILITIES AND EQUITY | ||||
Short-term borrowings | 62.8 | 122 | ||
Current maturities of long-term debt | 3.4 | 3.4 | ||
Accounts payable and accrued liabilities | 420.7 | 437.6 | ||
Total current liabilities | 486.9 | 563 | ||
Long-term debt | 1,524.1 | 1,525.4 | ||
Deferred tax liabilities | 65.9 | 76.5 | ||
Other long-term liabilities | 71.8 | 76.5 | ||
Total liabilities | 2,148.7 | 2,241.4 | ||
Equity | ||||
Common shares, no par - 122,676,770 (January 2, 2016 - 109,695,435) shares issued | 682.2 | 534.7 | ||
Additional paid-in-capital | 50.8 | 51.2 | ||
Retained earnings | 119 | 129.6 | ||
Accumulated other comprehensive loss | (78.8) | (76.2) | ||
Total Cott Corporation equity | 773.2 | 639.3 | ||
Non-controlling interests | 5.7 | 6.6 | ||
Total equity | 778.9 | 645.9 | $ 512.7 | $ 548.9 |
Total liabilities and equity | $ 2,927.6 | $ 2,887.3 |
Consolidated Balance Sheets Un6
Consolidated Balance Sheets Unaudited (Parenthetical) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 8.6 | $ 9.2 |
Capital stock, no par value | ||
Capital stock, shares issued | 122,676,770 | 109,695,435 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows Unaudited - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Operating Activities | ||
Net loss | $ (1.9) | $ (1.2) |
Depreciation & amortization | 52.5 | 57.4 |
Amortization of financing fees | 1.2 | 1.3 |
Amortization of senior notes premium | (1.4) | (1.5) |
Share-based compensation expense | 2.4 | 2.4 |
Benefit for deferred income taxes | (10.8) | (11.7) |
Loss on disposal of property, plant & equipment | 0.9 | 1.4 |
Other non-cash items | (1.7) | (10.2) |
Change in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | (21.7) | (41.3) |
Inventories | (3.3) | (11) |
Prepaid expenses and other current assets | (4.4) | 30.3 |
Other assets | 2.4 | (2.4) |
Accounts payable and accrued liabilities, and other liabilities | (30) | (15.2) |
Income taxes recoverable | (2.9) | 0.6 |
Net cash used in operating activities | (18.7) | (1.1) |
Investing Activities | ||
Acquisitions, net of cash received | (44.4) | |
Additions to property, plant & equipment | (29.5) | (27.3) |
Additions to intangibles and other assets | (2.3) | (2.1) |
Proceeds from sale of property, plant & equipment | 2.7 | 0.4 |
Net cash used in investing activities | (73.5) | (29) |
Financing Activities | ||
Payments of long-term debt | (1.1) | (0.8) |
Borrowings under ABL | 497.2 | 94.8 |
Payments under ABL | (558.3) | (102.8) |
Distributions to non-controlling interests | (2.3) | (2) |
Issuance of common shares | 144.1 | |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | (1.1) | (0.7) |
Dividends paid to common and preferred shareowners | (7.3) | (9) |
Net cash provided by (used in) financing activities | 71.2 | (20.4) |
Effect of exchange rate changes on cash | (1) | (1.2) |
Net decrease in cash & cash equivalents | (22) | (51.7) |
Cash & cash equivalents, beginning of period | 77.1 | 86.2 |
Cash & cash equivalents, end of period | 55.1 | 34.5 |
Supplemental Non-cash Investing and Financing Activities: | ||
Dividend payable issued through accounts payable and accrued liabilities | 0.1 | |
DSS additional consideration accrued in accounts payable | 8.9 | |
Additions to property, plant & equipment through accounts payable and accrued liabilities | 4.8 | 6.2 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 19.2 | 17.1 |
Cash paid for income taxes, net | $ 4.2 | $ 0.5 |
Consolidated Statements of Equi
Consolidated Statements of Equity Unaudited - USD ($) $ in Millions | Total | 2010 Equity Incentive Plan [Member] | Common Shares [Member] | Common Shares [Member]2010 Equity Incentive Plan [Member] | Additional Paid-in-Capital [Member] | Additional Paid-in-Capital [Member]2010 Equity Incentive Plan [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Non-Controlling Interests [Member] | |
Balance at Jan. 03, 2015 | $ 548.9 | $ 388.3 | $ 46.6 | $ 158.1 | $ (51) | $ 6.9 | ||||
Balance, shares at Jan. 03, 2015 | 93,073,000 | |||||||||
Common shares repurchased and cancelled | (0.7) | $ (0.7) | ||||||||
Common shares repurchased and cancelled, shares | (87,000) | |||||||||
Common shares issued | $ 0.1 | $ 1.9 | $ (1.8) | |||||||
Common shares issued, shares | 274,000 | |||||||||
Share-based compensation | 2.4 | 2.4 | ||||||||
Common shares dividend | (5.5) | (5.5) | ||||||||
Distributions to non-controlling interests | (2) | (2) | ||||||||
Currency translation adjustment | (25.9) | (25.9) | ||||||||
Comprehensive (loss) income | ||||||||||
Currency translation adjustment | (25.9) | (25.9) | ||||||||
Pension benefit plan, net of tax | 0.1 | [1] | 0.1 | |||||||
Preferred shares dividend | (3.5) | (3.5) | ||||||||
Net (loss) income | (1.2) | (2.5) | 1.3 | |||||||
Pension benefit plan, net of tax | 0.1 | [1] | 0.1 | |||||||
Net (loss) income | (1.2) | (2.5) | 1.3 | |||||||
Balance at Apr. 04, 2015 | 512.7 | $ 389.5 | 47.2 | 146.6 | (76.8) | 6.2 | ||||
Balance, shares at Apr. 04, 2015 | 93,260,000 | |||||||||
Balance at Jan. 02, 2016 | $ 645.9 | $ 534.7 | 51.2 | 129.6 | (76.2) | 6.6 | ||||
Balance, shares at Jan. 02, 2016 | 109,695,435 | 109,695,000 | ||||||||
Common shares repurchased and cancelled | $ (1.1) | $ (1.1) | ||||||||
Common shares repurchased and cancelled, shares | (100,000) | |||||||||
Common shares issued | 145.5 | $ 145.5 | $ 2.7 | $ (2.7) | ||||||
Common shares issued, shares | 12,765,000 | 286,000 | ||||||||
Common shares issued - Reinvestment | 0.1 | $ 0.1 | ||||||||
Common shares issued - Reinvestment, shares | 5,000 | |||||||||
Common shares issued - Employee stock purchase plan | 0.2 | $ 0.3 | (0.1) | |||||||
Common shares issued - Employee stock purchase plan, shares | 26,000 | |||||||||
Share-based compensation | 2.4 | 2.4 | ||||||||
Common shares dividend | (7.3) | (7.3) | ||||||||
Distributions to non-controlling interests | (2.3) | (2.3) | ||||||||
Currency translation adjustment | (3.2) | (3.2) | ||||||||
Comprehensive (loss) income | ||||||||||
Currency translation adjustment | (3.2) | (3.2) | ||||||||
Pension benefit plan, net of tax | 0.1 | [1] | 0.1 | |||||||
Net (loss) income | (1.9) | (3.3) | 1.4 | |||||||
Pension benefit plan, net of tax | 0.1 | [1] | 0.1 | |||||||
Unrealized gain on derivative instruments, net of tax | 0.5 | [2] | 0.5 | |||||||
Net (loss) income | (1.9) | (3.3) | 1.4 | |||||||
Balance at Apr. 02, 2016 | $ 778.9 | $ 682.2 | $ 50.8 | $ 119 | $ (78.8) | $ 5.7 | ||||
Balance, shares at Apr. 02, 2016 | 122,676,770 | 122,677,000 | ||||||||
[1] | Net of the effect of $0.1 million tax benefit and $0.2 million tax expense for the three months ended April 2, 2016 and April 4, 2015, respectively. | |||||||||
[2] | Net of the effect of $0.2 million and nil tax benefit for the three months ended April 2, 2016 and April 4, 2015, respectively. |
Business and Recent Accounting
Business and Recent Accounting Pronouncements | 3 Months Ended |
Apr. 02, 2016 | |
Accounting Policies [Abstract] | |
Business and Recent Accounting Pronouncements | Note 1— Business and Recent Accounting Pronouncements Description of Business As used herein, “Cott,” “the Company,” “our Company,” “Cott Corporation,” “we,” “us,” or “our” refers to Cott Corporation, together with its consolidated subsidiaries. With the acquisition of DS Services of America, Inc. (“DSS”) in December 2014, we combined a leading provider in the direct-to-consumer beverage services industry with our traditional business, one of the world’s largest producers of beverages on behalf of retailers, brand owners and distributors. We now have the largest volume-based national presence in the U.S. home and office delivery (“HOD”) industry for bottled water and one of the five largest national market share positions in the U.S. office coffee services (“OCS”) and filtration services industries. We reach over 1.5 million customers (approximately 60% commercial and 40% residential) through over 2,000 routes located across our national network supported by national sales and distribution facilities, as well as a fleet of over 2,000 vehicles. Our broad portfolio allows us to offer, on a direct-to-consumer basis, a variety of bottled water, coffee, brewed tea, water dispensers, coffee and tea brewers and filtration equipment. With the ability to cover approximately 90% of U.S. households, in terms of geography, we believe we have the broadest distribution network in the direct-to-consumer beverage services industry in the United States, which enables us to efficiently service residences and small and medium size businesses, as well as national corporations, universities and government agencies. 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. 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. The consolidated balance sheet as of January 2, 2016 included herein was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended January 2, 2016 (“2015 Annual Report”). This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited consolidated financial statements and accompanying notes in our 2015 Annual Report. 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 GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Recently Issued 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 2016-02 – Leases (Topic 842) In February 2016, the FASB issued an update to its guidance on lease accounting. This update revises accounting for operating leases by a lessee, among other changes, and requires a lessee to recognize a liability to make lease payments and an asset representing its right to use the underlying asset for the lease term in the balance sheet. The distinction between finance and operating leases has not changed and the update does not significantly change the effect of finance and operating leases on the consolidated statements of operations and the consolidated statements of cash flows. Additionally, this update requires both qualitative and specific quantitative disclosures. For public entities, the amendments in this update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. At adoption, this update will be applied using a modified retrospective approach. We are currently assessing the impact of adoption of this standard on our consolidated financial statements. Update ASU 2016-09 – Compensation - Stock Compensation (Topic 718) In March 2016, the FASB amended its guidance to simplify several areas of accounting for share-based compensation arrangements. The amendments in this update cover such areas as the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the consolidated statements of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification and the classification of those taxes paid on the consolidated statements of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. This guidance will be applied either prospectively, retrospectively or using a modified retrospective transition method, depending on the area covered in this update. We are currently assessing the impact of adoption of this standard on our consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Apr. 02, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2—Acquisitions HOD Water Business Acquisitions During the three months ended April 2, 2016, the Company acquired two HOD water businesses for an aggregate cash purchase price of $1.2 million. The Company has accounted for these transactions as business combinations in accordance with GAAP. These tuck-in acquisitions support the Company’s ongoing objective of leveraging its assets and further strengthening its customer density. Net assets, including goodwill, acquired have been allocated to the DSS reporting segment. All of the goodwill recorded is expected to be tax deductible. Aquaterra Acquisition On January 4, 2016 (the “Acquisition Date”), the Company acquired 100% of the share capital of Aquaterra Corporation (“Aquaterra”) pursuant to a Share Purchase Agreement dated December 7, 2015 (the “Aquaterra Acquisition”). Aquaterra operates a Canadian direct-to-consumer HOD bottled water and OCS business. The aggregate purchase price paid by the Company in the Aquaterra Acquisition was approximately C$62 million (approximately U.S. $44.5 million). The purchase price was paid at closing in cash and is subject to a customary post-closing adjustment for net working capital. This acquisition supports our strategy to become a more diversified beverage provider across multiple channels and geographies, as well as our continuing consolidation of the higher margin HOD bottled water and OCS categories. The Company has accounted for this transaction as a business combination in accordance with authoritative accounting guidance. The purchase consideration of $44.5 million was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the Acquisition Date. A preliminary allocation of the purchase price has been made to major categories of assets and liabilities based on management’s estimates. The table below presents the preliminary purchase price allocation of the estimated acquisition date fair values of the assets acquired and the liabilities assumed: (in millions of U.S. dollars) Acquired Value Cash $ 1.3 Accounts receivable 6.2 Inventories 2.1 Prepaid expenses and other current assets 1.3 Property, plant & equipment 13.4 Goodwill 19.2 Intangible and other assets 17.4 Accounts payable and accrued liabilities (15.8 ) Long-term debt (0.3 ) Other long-term liabilities (0.3 ) Total $ 44.5 The fair values of acquired property, plant & equipment, identifiable intangible assets and deferred taxes are provisional pending validation and receipt of the final valuations for those assets. In addition, consideration for potential loss contingencies are still under review. The amount of revenues and net loss related to the Aquaterra Acquisition included in the Company’s consolidated statement of operations for the period from the Acquisition Date through April 2, 2016 were $14.2 million and $0.1 million, respectively. During the three months ended April 2, 2016, the Company incurred $0.2 million of acquisition related costs associated with the Aquaterra Acquisition, which are included in acquisition and integration expenses in the consolidated statements of operations. Intangible Assets In our preliminary determination of the fair value of the intangible assets, we considered, among other factors, the best use of acquired assets, analysis of historic financial performance and estimates of future performance of Aquaterra’s products. The estimated fair values of identified intangible assets were calculated considering market participant expectations and using an income approach and estimates and assumptions provided by Aquaterra’s and our management. The following table sets forth the components of identified intangible assets associated with the Aquaterra Acquisition and their estimated weighted average useful lives: Estimated Fair Estimated (in millions of U.S. dollars) Market Value Useful Life Customer relationships $ 10.0 12 years Trademarks and trade names 6.7 Indefinite Total $ 16.7 Customer relationships represent future projected revenue that will be derived from sales to existing customers of Aquaterra. Trademark and trade names represent the future projected cost savings associated with the premium and brand image obtained as a result of owning the trademark or trade name as opposed to obtaining the benefit of the trademark or trade name through a royalty or rental fee. Goodwill The principal factor that resulted in recognition of goodwill was that the purchase price for the Aquaterra Acquisition was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the Aquaterra Acquisition was allocated to the DSS reporting segment, none of which is expected to be tax deductible. |
Share-based Compensation
Share-based Compensation | 3 Months Ended |
Apr. 02, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Note 3—Share-based Compensation During the three months ended April 2, 2016, the Company granted 377,196 Performance-based RSUs, 197,605 Time-based RSUs and 1,138,934 Stock Options. The Performance-based RSUs are restricted share units with performance-based vesting granted under the Amended and Restated Cott Corporation Equity Incentive Plan (the “Equity Incentive Plan”). These Performance-based RSUs vest at the end of the performance period, or the last day of our 2018 fiscal year. The shares ultimately awarded will be based upon the performance percentage, which can range from 0% to 200% of the awards granted. The Performance-based RSUs ultimately awarded upon vesting are based primarily on the Company’s achievement of a specified level of cumulative pre-tax income for the performance period. The grant date fair value of $11.22 per share for the Performance-based RSUs was based on the closing market price of the Company’s common shares on the date of grant on the New York Stock Exchange (“NYSE”). The Time-based RSUs are restricted share units with time-based vesting granted under the Equity Incentive Plan. The Time-based RSUs vest ratably in three equal annual installments on the first, second and third anniversaries of the date of grant and are based upon a service condition. The grant date fair value of $11.22 per share for the Time-based RSUs was based on the closing market price of the Company’s common shares on the date of grant on the NYSE. The Stock Options are non-qualified stock options granted under the Equity Incentive Plan and will vest ratably in three equal installments on the first, second and third anniversaries of the date of grant, are based upon a service condition and have a ten year contractual term. The fair value of $2.92 per option for the Stock Options was based on the estimate of fair value on the date of grant using the Black-Scholes option pricing model and related assumptions. The Company’s share-based compensation expense was $2.4 million for the three months ended April 2, 2016 and April 4, 2015, and was recorded in selling, general and administrative (“SG&A”) expenses in our consolidated statements of operations. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 4—Income Taxes Income tax benefit was $9.0 million on pre-tax loss of $10.9 million for the three months ended April 2, 2016, as compared to an income tax benefit of $9.4 million on pre-tax loss of $10.6 million for the three months ended April 4, 2015. This is the result of recognizing income tax benefit of pre-tax losses in certain jurisdictions that is not offset by income tax expense in other jurisdictions with pre-tax income. As we have significant global permanent book to tax differences that exceed our estimated income before taxes on an annual basis, small changes in our estimated income before taxes or changes in year to date income before taxes between jurisdictions can cause material fluctuations in our estimated effective tax rate on a quarterly basis. We have therefore calculated our quarterly income tax provision for the fiscal quarters ended April 2, 2016 and April 4, 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, Income Taxes |
Common Shares and Net Loss Per
Common Shares and Net Loss Per Common Share | 3 Months Ended |
Apr. 02, 2016 | |
Earnings Per Share [Abstract] | |
Common Shares and Net Loss Per Common Share | Note 5—Common Shares and Net Loss Per Common Share Common Shares On March 9, 2016, we completed a public offering, on a bought deal basis, of 12,765,000 common shares at a price of $11.80 per share for total gross proceeds to us of $150.6 million (the “2016 Offering”). We incurred and recorded $6.0 million of underwriter commissions, $0.8 million in professional fees and a $1.7 million deferred tax benefit to common share capital in connection with the 2016 Offering. The net proceeds of the 2016 Offering were used to repay a portion of the borrowings under our asset based lending facility (“ABL facility”), to finance potential acquisitions and for general corporate purposes. Net Loss Per Common Share Basic net loss per common share is calculated by dividing net loss attributed to Cott Corporation by the weighted average number of common shares outstanding during the periods presented. Diluted net loss per common share is calculated by dividing diluted net 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 issued as part of the acquisition of DSS (“Convertible Preferred Shares”) during the periods presented. The dilutive effect of the Convertible Preferred Shares was calculated using the if-converted method. In applying the if-converted method, the Convertible Preferred Shares are assumed to have been converted at the beginning of the period (or at the time of issuance, if later). Set forth below is a reconciliation of the numerator and denominator for the diluted net loss per common share computations for the periods indicated: For the Three Months Ended (in millions of U.S. dollars) April 2, 2016 April 4, 2015 Net loss attributed to Cott Corporation $ (3.3 ) $ (6.0 ) Plus: Accumulated dividends on Convertible Preferred Shares — — Diluted net loss attributed to Cott Corporation (numerator) $ (3.3 ) $ (6.0 ) For the Three Months Ended (in thousands) April 2, 2016 April 4, 2015 Weighted-average common shares outstanding - basic 113,267 93,196 Dilutive effect of Stock Options — — Dilutive effect of Performance-based RSUs — — Dilutive effect of Time-based RSUs — — Dilutive effect of Convertible Preferred Shares — — Weighted-average common shares outstanding - diluted (denominator) 113,267 93,196 The following table summarizes anti-dilutive securities excluded from the computation of diluted net loss per common share for the periods indicated: For the Three Months Ended (in thousands) April 2, 2016 April 4, 2015 Stock Options 2,892 1,801 Performance-based RSUs 1 2,003 1,546 Time-based RSUs 733 849 Convertible Preferred Shares — 18,480 1. Performance-based RSUs represent the number of shares expected to be issued based primarily on the estimated achievement of cumulative pre-tax income targets for these awards. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 02, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 6—Segment Reporting Our broad portfolio of products include bottled water, coffee, brewed tea, water dispensers, coffee and tea brewers, filtration equipment, carbonated soft drinks (“CSDs”), 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy drinks and shots, sports products, new age beverages, ready-to-drink teas, liquid enhancers, freezables, ready-to-drink alcoholic beverages, hot chocolate, coffee, malt drinks, creamers/whiteners, cereals and beverage concentrates. Our business operates through four reporting segments: DSS, Cott North America, Cott U.K. and All Other (which includes our Mexico operating segment, Royal Crown International operating segment and other miscellaneous expenses). We refer to our Cott North America, Cott U.K. and All Other reporting segments together as our “traditional business”. 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. For the Three Months Ended April 2, 2016 Cott North Cott All (in millions of U.S. dollars) DSS America U.K. Other Corporate Eliminations Total Revenue, net 1 $ 257.3 $ 313.3 $ 120.6 $ 13.6 $ — $ (6.4 ) $ 698.4 Depreciation and amortization 28.4 18.3 5.5 0.3 — — 52.5 Operating income (loss) 5.7 0.6 9.9 2.5 (4.0 ) — 14.7 Additions to property, plant & equipment 17.8 9.4 2.0 0.3 — — 29.5 As of April 2, 2016 Total assets 2 1,580.1 930.0 387.4 30.1 — — 2,927.6 1. Intersegment revenue between Cott North America and the other reporting segments was $6.4 million for the three months ended April 2, 2016. 2. Excludes intersegment receivables, investments and notes receivable. For the Three Months Ended April 4, 2015 Cott North Cott All (in millions of U.S. dollars) DSS America U.K. Other Corporate Eliminations Total Revenue, net 1 $ 240.3 $ 328.7 132.2 $ 13.0 $ — $ (4.4 ) $ 709.8 Depreciation and amortization 30.2 21.3 5.5 0.4 — — 57.4 Operating (loss) income (1.5 ) 7.2 3.9 1.6 (4.5 ) — 6.7 Additions to property, plant & equipment 18.4 7.2 1.7 — — — 27.3 As of January 2, 2016 — Total assets 2 1,513.1 943.1 402.5 28.6 — — 2,887.3 1. Intersegment revenue between Cott North America and the other reporting segments was $4.4 million for the three months ended April 4, 2015. 2. Excludes intersegment receivables, investments and notes receivable. For the three months ended April 2, 2016, sales to Walmart accounted for 18.2% of our total revenue (April 4, 2015—18.6%), 2.5% of our DSS reporting segment revenue (April 4, 2015—2.6%), 34.3% of our Cott North America reporting segment revenue (April 4, 2015—34.0%), 11.1% of our Cott U.K. reporting segment revenue (April 4, 2015—11.6%), and 1.6% of our All Other reporting segment revenue (April 4, 2015—4.8%). 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 by channel by reporting segment were as follows: For the Three Months Ended April 2, 2016 Cott North Cott All (in millions of U.S. dollars) DSS America U.K. Other Eliminations Total Revenue, net Private label retail $ 16.9 $ 248.5 $ 51.0 $ 0.5 $ (0.4 ) $ 316.5 Branded retail 24.3 26.8 36.6 0.8 (0.3 ) 88.2 Contract packaging — 31.4 28.3 4.7 (2.1 ) 62.3 Home and office bottled water delivery 162.0 — — — — 162.0 Office coffee services 31.5 — — — — 31.5 Concentrate and other 22.6 6.6 4.7 7.6 (3.6 ) 37.9 Total $ 257.3 $ 313.3 $ 120.6 $ 13.6 $ (6.4 ) $ 698.4 For the Three Months Ended April 4, 2015 Cott North Cott All (in millions of U.S. dollars) DSS America U.K. Other Eliminations Total Revenue, net Private label retail $ 15.6 $ 267.5 $ 60.5 $ 1.2 $ (0.3 ) $ 344.5 Branded retail 19.7 27.1 41.2 1.1 (0.4 ) 88.7 Contract packaging — 25.7 28.4 4.0 (0.2 ) 57.9 Home and office bottled water delivery 149.6 — — — — 149.6 Office coffee services 32.0 — — — — 32.0 Concentrate and other 23.4 8.4 2.1 6.7 (3.5 ) 37.1 Total $ 240.3 $ 328.7 $ 132.2 $ 13.0 $ (4.4 ) $ 709.8 |
Inventories
Inventories | 3 Months Ended |
Apr. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 7—Inventories The following table summarizes inventories as of April 2, 2016 and January 2, 2016: (in millions of U.S. dollars) April 2, 2016 January 2, 2016 Raw materials $ 97.5 $ 95.3 Finished goods 124.2 118.4 Resale items 13.1 15.8 Other 19.9 19.9 Total $ 254.7 $ 249.4 |
Intangibles and Other Assets
Intangibles and Other Assets | 3 Months Ended |
Apr. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles and Other Assets | Note 8—Intangibles and Other Assets The following table summarizes intangibles and other assets as of April 2, 2016 and January 2, 2016: April 2, 2016 January 2, 2016 Accumulated Accumulated (in millions of U.S. dollars) Cost Amortization Net Cost Amortization Net Intangibles Not subject to amortization Rights 1 $ 45.0 — $ 45.0 $ 45.0 — $ 45.0 Trademarks 190.2 — 190.2 183.1 — 183.1 Total intangibles not subject to amortization 235.2 — 235.2 228.1 — 228.1 Subject to amortization Customer relationships 671.2 255.6 415.6 663.9 241.0 422.9 Trademarks 32.8 28.1 4.7 33.0 28.1 4.9 Information technology 57.1 31.7 25.4 54.0 29.1 24.9 Other 7.5 4.6 2.9 7.8 4.5 3.3 Total intangibles subject to amortization 768.6 320.0 448.6 758.7 302.7 456.0 Total Intangibles 1,003.8 320.0 683.8 986.8 302.7 684.1 Other Assets Financing costs 12.7 8.8 3.9 12.6 8.5 4.1 Deposits 10.5 0.4 10.1 10.3 0.4 9.9 Other 14.9 1.8 13.1 15.2 1.6 13.6 Total Other Assets 38.1 11.0 27.1 38.1 10.5 27.6 Total Intangibles & Other Assets $ 1,041.9 $ 331.0 $ 710.9 $ 1,024.9 $ 313.2 $ 711.7 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 $19.2 million for the three months ended April 2, 2016 and April 4, 2015, respectively. The estimated amortization expense for intangibles over the next five years is: (in millions of U.S. dollars) Remainder of 2016 $ 53.8 2017 63.8 2018 56.8 2019 48.0 2020 41.7 Thereafter 184.5 Total $ 448.6 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Apr. 02, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 9—Accounts Payable and Accrued Liabilities The following table summarizes accounts payable and accrued liabilities as of April 2, 2016 and January 2, 2016: (in millions of U.S. dollars) April 2, 2016 January 2, 2016 Trade payables $ 221.0 $ 227.2 Accrued compensation 35.9 49.8 Accrued sales incentives 25.3 25.2 Accrued interest 21.0 12.2 Payroll, salaries and other taxes 13.4 13.3 Accrued deposits 32.5 28.6 Other accrued liabilities 71.6 81.3 Total $ 420.7 $ 437.6 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 3 Months Ended |
Apr. 02, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Note 10—Accumulated Other Comprehensive (Loss) Income Changes in accumulated other comprehensive (loss) income (“AOCI”) by component for the three months ended April 2, 2016 were as follows: April 2, 2016 Gains and Losses Pension Currency on Derivative Benefit Translation (in millions of U.S. dollars) 1 Instruments Plan Items Adjustment Items Total Beginning balance January 2, 2016 $ (4.7 ) $ (10.1 ) $ (61.4 ) $ (76.2 ) OCI before reclassifications 1.5 — (3.2 ) (1.7 ) Amounts reclassified from AOCI (1.0 ) 0.1 — (0.9 ) Net current-period OCI 0.5 0.1 (3.2 ) (2.6 ) Ending balance April 2, 2016 $ (4.2 ) $ (10.0 ) $ (64.6 ) $ (78.8 ) 1. All amounts are net of tax. Amounts in parentheses indicate debits. The following table summarizes the amounts reclassified from AOCI for the three months ended April 2, 2016 and April 4, 2015, respectively. (in millions of U.S. dollars) For the Three Months Ended Affected Line Item in the Statement Details About AOCI Components 1 April 2, 2016 April 4, 2015 Where Net Income Is Presented Gains and losses on derivative instruments Foreign currency and commodity hedges $ 1.6 $ 0.3 Cost of sales $ 1.6 $ 0.3 Total before taxes (0.6 ) (0.1 ) Tax (expense) or benefit $ 1.0 $ 0.2 Net of tax Amortization of pension benefit plan items Prior service costs 2 $ (0.1 ) $ (0.1 ) Cost of sales (0.1 ) (0.1 ) Total before taxes — — Tax (expense) or benefit $ (0.1 ) $ (0.1 ) Net of tax Total reclassifications for the period $ 0.9 $ 0.1 Net of tax 1. Amounts in parenthesis indicate debits. 2. These AOCI components are included in the computation of net periodic pension cost. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 02, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11—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 $40.9 million in standby letters of credit outstanding as of April 2, 2016 ($45.6 million—January 2, 2016). In May 2014, our Cott U.K. reporting segment acquired 100% of the share capital of Aimia Foods Holdings Limited (the “Aimia Acquisition”), which included its operating subsidiary company, Aimia Foods Limited (together referred as “Aimia”) pursuant to a Share Purchase Agreement dated May 30, 2014. The terms of the transaction included aggregate contingent consideration of up to £16.0 million ($22.9 million at exchange rates in effect on April 2, 2016), which is payable upon achievement of certain measures related to Aimia’s performance during the twelve months ending July 1, 2016. |
Hedging Transactions and Deriva
Hedging Transactions and Derivative Financial Instruments | 3 Months Ended |
Apr. 02, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Transactions and Derivative Financial Instruments | Note 12—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. We classify cash inflows and outflows related to derivative and hedging instruments with the appropriate cash flows section associated with the item being hedged. 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 13 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 three months ended April 2, 2016 or April 4, 2015, respectively. Foreign exchange contracts typically have maturities of less than twelve months and commodity contracts typically have maturities of less than 27 months. All outstanding hedges as of April 2, 2016 are expected to settle in the next twelve 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 $26.9 million and $4.5 million as of April 2, 2016 and January 2, 2016, respectively. Approximately $1.1 million of unrealized net of tax losses and $1.5 million of unrealized net of tax gains related to the foreign currency cash flow hedges were included in AOCI as of April 2, 2016 and April 4, 2015, 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 $37.8 million and $49.3 million as of April 2, 2016 and January 2, 2016, respectively. Approximately $3.4 million and $1.5 million of unrealized net of tax losses related to the commodity swaps were included in AOCI as of April 2, 2016 and April 4, 2015, respectively. The hedge ineffectiveness was not material for the three months ended April 2, 2016. The cumulative hedge ineffectiveness for these hedging instruments was approximately $0.9 million, of which $0.3 million was recognized as a decrease in cost of sales within the consolidated statements of operations for the three months ended April 4, 2015. The fair value of the Company’s derivative assets included within other receivables as a component of accounts receivable, net was $0.6 million as of January 2, 2016. We did not have derivative assets as of April 2, 2016. The fair value of the Company’s derivative liabilities included in accrued liabilities was $6.8 million and $8.0 million as of April 2, 2016 and January 2, 2016, respectively. Set forth below is a reconciliation of the Company’s derivatives by contract type for the periods indicated: (in millions of U.S. dollars) April 2, 2016 January 2, 2016 Derivative Contract Assets Liabilities Assets Liabilities Foreign currency hedge $ — $ 1.5 $ 0.6 $ — Aluminum swaps — 5.3 — 8.0 $ — $ 6.8 $ 0.6 $ 8.0 Aluminum swaps subject to enforceable master netting arrangements are presented net in the reconciliation above. The fair value of the aluminum swap assets and liabilities which are shown on a net basis are reconciled in the table below: (in millions of U.S. dollars) April 2, 2016 January 2, 2016 Aluminum swap assets $ — $ — Aluminum swap liabilities (5.3 ) (8.0 ) Net asset (liability) $ (5.3 ) $ (8.0 ) The settlement of our derivative instruments resulted in a debit to cost of sales of $1.6 million for the three months ended April 2, 2016 and $0.2 million for the comparable prior year period. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 02, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 13—Fair Value Measurements ASC 820, Fair Value Measurements The three levels of inputs used to measure fair value are as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. We have certain assets and liabilities that are required to be recorded at fair value on a recurring basis in accordance with GAAP. Our derivative assets and liabilities 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 January 2, 2016 was $0.6 million. We did not have derivative assets as of April 2, 2016. The fair value for the derivative liabilities as of April 2, 2016 and January 2, 2016 was $6.8 million and $8.0 million, respectively. Fair Value of Financial Instruments The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, receivables, payables, short-term borrowings and long-term debt approximate their respective fair values, except as otherwise indicated. The carrying values and estimated fair values of our significant outstanding debt as of April 2, 2016 and January 2, 2016 were as follows: April 2, 2016 January 2, 2016 Carrying Fair Carrying Fair (in millions of U.S. dollars) Value Value Value Value 6.750% senior notes due in 2020 1,3 $ 613.7 $ 657.0 $ 613.0 $ 641.4 10.000% senior notes due in 2021 1,2 388.6 395.9 390.1 397.3 5.375% senior notes due in 2022 1,3 517.0 534.2 516.8 522.4 Total $ 1,519.3 $ 1,587.1 $ 1,519.9 $ 1,561.1 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 $350.0 million of our 10.000% senior secured notes (“DSS Notes”) was assumed by Cott at a fair value of $406.0 million in connection with Cott’s acquisition of DSS. 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. 3. The carrying value of our significant outstanding debt is net of unamortized debt issuance costs of $19.6 million and $20.6 million as of April 2, 2016 and January 2, 2016, respectively. Fair Value of Contingent Consideration We estimated the fair value of the contingent consideration related to the Aimia Acquisition utilizing 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 using a present valued probability-weighted income approach. The maximum potential payout is £16.0 million (U.S. $22.9 million at exchange rates in effect on April 2, 2016) on an undiscounted basis. The following tables provide a reconciliation of the beginning and ending balances of this liability. For the Three Months Ended (in millions of U.S. dollars) April 2, 2016 April 4, 2015 Fair value at beginning of period $ 16.4 $ 16.5 Foreign exchange gain (0.5 ) (0.7 ) Fair value at end of period $ 15.9 $ 15.8 |
Guarantor Subsidiaries
Guarantor Subsidiaries | 3 Months Ended |
Apr. 02, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Guarantor Subsidiaries | Note 14—Guarantor Subsidiaries Guarantor Subsidiaries for DSS Notes 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 April 2, 2016 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 33.8 $ 243.1 $ 406.8 $ 28.5 $ (13.8 ) $ 698.4 Cost of sales 29.7 97.4 348.2 22.9 (13.8 ) 484.4 Gross profit 4.1 145.7 58.6 5.6 — 214.0 Selling, general and administrative expenses 5.5 137.2 51.6 2.7 — 197.0 Loss (gain) on disposal of property, plant & equipment — 1.8 (0.9 ) — — 0.9 Acquisition and integration expenses — 0.9 0.5 — — 1.4 Operating (loss) income (1.4 ) 5.8 7.4 2.9 — 14.7 Other (income) expense, net (1.6 ) (1.0 ) 0.4 — — (2.2 ) Intercompany interest expense (income), net — 10.8 (10.8 ) — — — Interest expense, net 0.2 7.4 20.2 — — 27.8 (Loss) income before income tax (benefit) expense and equity (loss) income — (11.4 ) (2.4 ) 2.9 — (10.9 ) Income tax (benefit) expense — (4.2 ) (4.9 ) 0.1 — (9.0 ) Equity (loss) income (3.3 ) — 1.8 — 1.5 — Net (loss) income $ (3.3 ) $ (7.2 ) $ 4.3 $ 2.8 $ 1.5 $ (1.9 ) Less: Net income attributable to non-controlling interests — — — 1.4 — 1.4 Net (loss) income attributed to Cott Corporation $ (3.3 ) $ (7.2 ) $ 4.3 $ 1.4 $ 1.5 $ (3.3 ) Comprehensive (loss) income attributed to Cott Corporation $ (5.9 ) $ (7.2 ) $ 30.8 $ (0.6 ) $ (23.0 ) $ (5.9 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended April 4, 2015 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 30.0 $ 240.3 $ 418.3 $ 31.4 $ (10.2 ) $ 709.8 Cost of sales 27.0 100.4 365.4 25.9 (10.2 ) 508.5 Gross profit 3.0 139.9 52.9 5.5 — 201.3 Selling, general and administrative expenses 5.5 137.2 42.7 3.1 — 188.5 Loss on disposal of property, plant & equipment — 1.1 0.3 — — 1.4 Acquisition and integration expenses — 3.0 1.7 — — 4.7 Operating (loss) income (2.5 ) (1.4 ) 8.2 2.4 — 6.7 Other (income) expense, net (10.5 ) (0.2 ) 0.2 0.1 — (10.4 ) Intercompany interest (income) expense, net (3.0 ) 10.9 (7.9 ) — — — Interest expense, net 0.1 7.3 20.3 — — 27.7 Income (loss) before income tax expense (benefit) and equity (loss) income 10.9 (19.4 ) (4.4 ) 2.3 — (10.6 ) Income tax expense (benefit) 1.2 (7.2 ) (3.5 ) 0.1 — (9.4 ) Equity (loss) income (12.2 ) — 1.4 — 10.8 — Net (loss) income $ (2.5 ) $ (12.2 ) $ 0.5 $ 2.2 $ 10.8 $ (1.2 ) Less: Net income attributable to non-controlling interests — — — 1.3 — 1.3 Less: Accumulated dividends on convertible preferred shares 2.7 — — — — 2.7 Less: Accumulated dividends on non-convertible preferred shares 0.8 — — — — 0.8 Net (loss) income attributed to Cott Corporation $ (6.0 ) $ (12.2 ) $ 0.5 $ 0.9 $ 10.8 $ (6.0 ) Comprehensive (loss) income attributed to Cott Corporation $ (31.8 ) $ (12.2 ) $ (15.8 ) $ 0.6 $ 27.4 $ (31.8 ) Consolidating Balance Sheets (in millions of U.S. dollars) Unaudited As of April 2, 2016 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 4.9 $ 20.5 $ 25.0 $ 4.7 $ — $ 55.1 Accounts receivable, net of allowance 18.4 112.4 239.6 11.2 (61.2 ) 320.4 Income taxes recoverable — 1.8 0.3 0.2 (1.4 ) 0.9 Inventories 16.6 27.9 203.8 6.4 — 254.7 Prepaid expenses and other assets 2.1 7.8 10.6 0.4 — 20.9 Total current assets 42.0 170.4 479.3 22.9 (62.6 ) 652.0 Property, plant & equipment, net 30.8 371.2 366.1 6.5 — 774.6 Goodwill 21.0 579.2 179.6 — — 779.8 Intangibles and other assets, net 1.0 395.1 313.0 1.8 — 710.9 Deferred tax assets 10.2 — 44.2 0.2 (44.3 ) 10.3 Due from affiliates 393.2 — 544.4 — (937.6 ) — Investments in subsidiaries 366.6 — 400.1 — (766.7 ) — Total assets $ 864.8 $ 1,515.9 $ 2,326.7 $ 31.4 $ (1,811.2 ) $ 2,927.6 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ 30.7 $ — $ 32.1 $ — $ — $ 62.8 Current maturities of long-term debt — — 3.2 0.2 — 3.4 Accounts payable and accrued liabilities 59.3 135.3 280.9 7.8 (62.6 ) 420.7 Total current liabilities 90.0 135.3 316.2 8.0 (62.6 ) 486.9 Long-term debt — 388.6 1,135.5 — — 1,524.1 Deferred tax liabilities — 93.2 17.0 — (44.3 ) 65.9 Other long-term liabilities 0.5 35.5 34.6 1.2 — 71.8 Due to affiliates 1.1 543.3 365.0 28.2 (937.6 ) — Total liabilities 91.6 1,195.9 1,868.3 37.4 (1,044.5 ) 2,148.7 Equity Common shares, no par 682.2 355.5 849.9 40.2 (1,245.6 ) 682.2 Additional paid-in-capital 50.8 — — — — 50.8 Retained earnings (deficit) 119.0 (35.3 ) (432.3 ) (58.9 ) 526.5 119.0 Accumulated other comprehensive (loss) income (78.8 ) (0.2 ) 40.8 7.0 (47.6 ) (78.8 ) Total Cott Corporation equity 773.2 320.0 458.4 (11.7 ) (766.7 ) 773.2 Non-controlling interests — — — 5.7 — 5.7 Total equity 773.2 320.0 458.4 (6.0 ) (766.7 ) 778.9 Total liabilities and equity $ 864.8 $ 1,515.9 $ 2,326.7 $ 31.4 $ (1,811.2 ) $ 2,927.6 Consolidating Balance Sheets (in millions of U.S. dollars) As of January 2, 2016 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 20.8 $ 12.8 $ 38.4 $ 5.1 $ — $ 77.1 Accounts receivable, net of allowance 18.3 122.6 184.6 13.0 (45.2 ) 293.3 Income taxes recoverable — 0.5 0.9 0.2 — 1.6 Inventories 13.0 31.4 199.4 5.6 — 249.4 Prepaid expenses and other assets 2.2 4.8 10.0 0.2 — 17.2 Total current assets 54.3 172.1 433.3 24.1 (45.2 ) 638.6 Property, plant & equipment, net 29.7 372.6 360.8 6.7 — 769.8 Goodwill 19.8 579.1 160.7 — — 759.6 Intangibles and other assets, net 0.8 402.5 305.6 2.8 — 711.7 Deferred tax assets 7.4 — 38.2 0.2 (38.2 ) 7.6 Due from affiliates 400.1 — 544.3 — (944.4 ) — Investments in subsidiaries 176.3 — 400.0 — (576.3 ) — Total assets $ 688.4 $ 1,526.3 $ 2,242.9 $ 33.8 $ (1,604.1 ) $ 2,887.3 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ — $ 122.0 $ — $ — $ 122.0 Current maturities of long-term debt — — 3.0 0.4 — 3.4 Accounts payable and accrued liabilities 47.6 131.8 295.1 8.3 (45.2 ) 437.6 Total current liabilities 47.6 131.8 420.1 8.7 (45.2 ) 563.0 Long-term debt — 390.1 1,135.3 — — 1,525.4 Deferred tax liabilities — 97.7 17.0 — (38.2 ) 76.5 Other long-term liabilities 0.5 36.2 38.7 1.1 — 76.5 Due to affiliates 1.0 543.3 371.9 28.2 (944.4 ) — Total liabilities 49.1 1,199.1 1,983.0 38.0 (1,027.8 ) 2,241.4 Equity Common shares, no par 534.7 355.5 683.1 38.6 (1,077.2 ) 534.7 Additional paid-in-capital 51.2 — — — — 51.2 Retained earnings (deficit) 129.6 (28.1 ) (437.5 ) (58.4 ) 524.0 129.6 Accumulated other comprehensive (loss) income (76.2 ) (0.2 ) 14.3 9.0 (23.1 ) (76.2 ) Total Cott Corporation equity 639.3 327.2 259.9 (10.8 ) (576.3 ) 639.3 Non-controlling interests — — — 6.6 — 6.6 Total equity 639.3 327.2 259.9 (4.2 ) (576.3 ) 645.9 Total liabilities and equity $ 688.4 $ 1,526.3 $ 2,242.9 $ 33.8 $ (1,604.1 ) $ 2,887.3 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended April 2, 2016 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash (used in) provided by operating activities $ (136.8 ) $ 26.1 $ 89.7 $ 4.7 $ (2.4 ) $ (18.7 ) Investing Activities Acquisition, net of cash received (43.2 ) (1.2 ) — — — (44.4 ) Additions to property, plant & equipment (0.4 ) (16.8 ) (12.0 ) (0.3 ) — (29.5 ) Additions to intangibles and other assets (0.1 ) (0.5 ) (1.7 ) — — (2.3 ) Proceeds from sale of property, plant & equipment — 0.1 2.6 — — 2.7 Net cash used in investing activities (43.7 ) (18.4 ) (11.1 ) (0.3 ) — (73.5 ) Financing Activities Payments of long-term debt — — (1.0 ) (0.1 ) — (1.1 ) Borrowings under ABL 87.6 — 409.6 — — 497.2 Payments under ABL (58.8 ) — (499.5 ) — — (558.3 ) Distributions to non-controlling interests — — — (2.3 ) — (2.3 ) Issuance of common shares 144.1 — — — — 144.1 Common shares repurchased and cancelled (1.1 ) — — — — (1.1 ) Dividends paid to common shareowners (7.3 ) — — — — (7.3 ) Intercompany dividends — — — (2.4 ) 2.4 — Net cash provided by (used in) financing activities 164.5 — (90.9 ) (4.8 ) 2.4 71.2 Effect of exchange rate changes on cash 0.1 — (1.1 ) — — (1.0 ) Net (decrease) increase in cash & cash equivalents (15.9 ) 7.7 (13.4 ) (0.4 ) — (22.0 ) Cash & cash equivalents, beginning of period 20.8 12.8 38.4 5.1 — 77.1 Cash & cash equivalents, end of period $ 4.9 $ 20.5 $ 25.0 $ 4.7 $ — $ 55.1 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended April 4, 2015 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by (used in) operating activities $ 4.4 $ 0.6 $ (3.6 ) $ 1.7 $ (4.2 ) $ (1.1 ) Investing Activities Additions to property, plant & equipment (0.3 ) (18.4 ) (8.6 ) — — (27.3 ) Additions to intangibles and other assets — (1.8 ) (0.3 ) — — (2.1 ) Proceeds from sale of property, plant & equipment — — 0.4 — — 0.4 Net cash used in investing activities (0.3 ) (20.2 ) (8.5 ) — — (29.0 ) Financing Activities Payments of long-term debt — — (0.5 ) (0.3 ) — (0.8 ) Borrowings under ABL — — 94.8 — — 94.8 Payments under ABL — — (102.8 ) — — (102.8 ) Distributions to non-controlling interests — — — (2.0 ) — (2.0 ) Proceeds from the exercise of options for common shares, net 0.1 — — — — 0.1 Common shares repurchased and cancelled (0.7 ) — — — — (0.7 ) Dividends paid to common and preferred shareowners (9.0 ) — — — — (9.0 ) Intercompany dividends — — (2.1 ) (2.1 ) 4.2 — Net cash used in financing activities (9.6 ) — (10.6 ) (4.4 ) 4.2 (20.4 ) Effect of exchange rate changes on cash (0.4 ) — (0.7 ) (0.1 ) — (1.2 ) Net decrease in cash & cash equivalents (5.9 ) (19.6 ) (23.4 ) (2.8 ) — (51.7 ) Cash & cash equivalents, beginning of period 6.2 34.4 38.2 7.4 — 86.2 Cash & cash equivalents, end of period $ 0.3 $ 14.8 $ 14.8 $ 4.6 $ — $ 34.5 Guarantor Subsidiaries for 2020 Notes and 2022 Notes The 2022 Notes and 2020 Notes, each issued by our 100% owned subsidiary Cott Beverages Inc. (“CBI”), are guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other 100% owned direct and indirect subsidiaries (the “Cott Guarantor Subsidiaries”). CBI and each Cott Guarantor Subsidiary is 100% owned by Cott Corporation. The guarantees of the 2020 Notes and the 2022 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 April 2, 2016 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 33.8 $ 168.9 $ 481.0 $ 28.5 $ (13.8 ) $ 698.4 Cost of sales 29.7 146.0 299.6 22.9 (13.8 ) 484.4 Gross profit 4.1 22.9 181.4 5.6 — 214.0 Selling, general and administrative expenses 5.5 28.1 160.7 2.7 — 197.0 Loss on disposal of property, plant & equipment — 0.3 0.6 — — 0.9 Acquisition and integration expenses — 0.3 1.1 — — 1.4 Operating (loss) income (1.4 ) (5.8 ) 19.0 2.9 — 14.7 Other income, net (1.6 ) (0.1 ) (0.5 ) — — (2.2 ) Intercompany interest (income) expense, net — (11.4 ) 11.4 — — — Interest expense, net 0.2 20.1 7.5 — — 27.8 (Loss) income before income tax (benefit) expense and equity (loss) income — (14.4 ) 0.6 2.9 — (10.9 ) Income tax (benefit) expense — (5.6 ) (3.5 ) 0.1 — (9.0 ) Equity (loss) income (3.3 ) 1.5 0.3 — 1.5 — Net (loss) income $ (3.3 ) $ (7.3 ) $ 4.4 $ 2.8 $ 1.5 $ (1.9 ) Less: Net income attributable to non-controlling interests — — — 1.4 — 1.4 Net (loss) income attributed to Cott Corporation $ (3.3 ) $ (7.3 ) $ 4.4 $ 1.4 $ 1.5 $ (3.3 ) Comprehensive (loss) income attributed to Cott Corporation $ (5.9 ) $ (7.4 ) $ 31.0 $ (0.6 ) $ (23.0 ) $ (5.9 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended April 4, 2015 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 30.0 $ 170.0 $ 488.6 $ 31.4 $ (10.2 ) $ 709.8 Cost of sales 27.0 145.8 320.0 25.9 (10.2 ) 508.5 Gross profit 3.0 24.2 168.6 5.5 — 201.3 Selling, general and administrative expenses 5.5 23.8 156.1 3.1 — 188.5 Loss on disposal of property, plant & equipment — 0.3 1.1 — — 1.4 Acquisition and integration expenses — 1.5 3.2 — — 4.7 Operating (loss) income (2.5 ) (1.4 ) 8.2 2.4 — 6.7 Other (income) expense, net (10.5 ) — — 0.1 — (10.4 ) Intercompany interest (income) expense, net (3.0 ) (12.2 ) 15.2 — — — Interest expense, net 0.1 20.1 7.5 — — 27.7 Income (loss) before income tax expense (benefit) and equity (loss) income 10.9 (9.3 ) (14.5 ) 2.3 — (10.6 ) Income tax expense (benefit) 1.2 (4.6 ) (6.1 ) 0.1 — (9.4 ) Equity (loss) income (12.2 ) 1.4 — — 10.8 — Net (loss) income $ (2.5 ) $ (3.3 ) $ (8.4 ) $ 2.2 $ 10.8 $ (1.2 ) Less: Net income attributable to non-controlling interests — — — 1.3 — 1.3 Less: Accumulated dividends on convertible preferred shares 2.7 — — — — 2.7 Less: Accumulated dividends on non-convertible preferred shares 0.8 — — — — 0.8 Net (loss) income attributed to Cott Corporation $ (6.0 ) $ (3.3 ) $ (8.4 ) $ 0.9 $ 10.8 $ (6.0 ) Comprehensive (loss) income attributed to Cott Corporation $ (31.8 ) $ (22.8 ) $ (20.5 ) $ 0.6 $ 42.7 $ (31.8 ) Consolidating Balance Sheets (in millions of U.S. dollars) Unaudited As of April 2, 2016 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 4.9 $ 1.0 $ 44.5 $ 4.7 $ — $ 55.1 Accounts receivable, net of allowance 18.4 94.7 380.2 11.2 (184.1 ) 320.4 Income taxes recoverable — — 2.1 0.2 (1.4 ) 0.9 Inventories 16.6 78.0 153.7 6.4 — 254.7 Prepaid expenses and other assets 2.1 6.3 12.1 0.4 — 20.9 Total current assets 42.0 180.0 592.6 22.9 (185.5 ) 652.0 Property, plant & equipment, net 30.8 160.3 577.0 6.5 — 774.6 Goodwill 21.0 4.5 754.3 — — 779.8 Intangibles and other assets, net 1.0 79.6 628.5 1.8 — 710.9 Deferred tax assets 10.2 44.2 — 0.2 (44.3 ) 10.3 Due from affiliates 393.2 586.2 142.6 — (1,122.0 ) — Investments in subsidiaries 366.6 847.3 702.6 — (1,916.5 ) — Total assets $ 864.8 $ 1,902.1 $ 3,397.6 $ 31.4 $ (3,268.3 ) $ 2,927.6 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ 30.7 $ 32.1 $ — $ — $ — $ 62.8 Current maturities of long-term debt — 2.7 0.5 0.2 — 3.4 Accounts payable and accrued liabilities 59.3 227.1 312.0 7.8 (185.5 ) 420.7 Total current liabilities 90.0 261.9 312.5 8.0 (185.5 ) 486.9 Long-term debt — 1,134.2 389.9 — — 1,524.1 Deferred tax liabilities — — 110.2 — (44.3 ) 65.9 Other long-term liabilities 0.5 19.7 50.4 1.2 — 71.8 Due to affiliates 1.1 141.6 951.1 28.2 (1,122.0 ) — Total liabilities 91.6 1,557.4 1,814.1 37.4 (1,351.8 ) 2,148.7 Equity Common shares, no par 682.2 701.4 1,653.8 40.2 (2,395.4 ) 682.2 Additional paid-in-capital 50.8 — — — — 50.8 Retained earnings (deficit) 119.0 (339.9 ) (127.7 ) (58.9 ) 526.5 119.0 Accumulated other comprehensive (loss) income (78.8 ) (16.8 ) 57.4 7.0 (47.6 ) (78.8 ) Total Cott Corporation equity 773.2 344.7 1,583.5 (11.7 ) (1,916.5 ) 773.2 Non-controlling interests — — — 5.7 — 5.7 Total equity 773.2 344.7 1,583.5 (6.0 ) (1,916.5 ) 778.9 Total liabilities and equity $ 864.8 $ 1,902.1 $ 3,397.6 $ 31.4 $ (3,268.3 ) $ 2,927.6 Consolidating Balance Sheets (in millions of U.S. dollars) As of January 2, 2016 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 20.8 $ 1.0 $ 50.2 $ 5.1 $ — $ 77.1 Accounts receivable, net of allowance 18.3 63.3 361.8 13.0 (163.1 ) 293.3 Income taxes recoverable — 0.6 0.8 0.2 — 1.6 Inventories 13.0 76.7 154.1 5.6 — 249.4 Prepaid expenses and other assets 2.2 4.6 10.2 0.2 — 17.2 Total current assets 54.3 146.2 577.1 24.1 (163.1 ) 638.6 Property, plant & equipment, net 29.7 163.3 570.1 6.7 — 769.8 Goodwill 19.8 4.5 735.3 — — 759.6 Intangibles and other assets, net 0.8 79.2 628.9 2.8 — 711.7 Deferred tax assets 7.4 38.2 — 0.2 (38.2 ) 7.6 Due from affiliates 400.1 587.5 2.6 — (990.2 ) — Investments in subsidiaries 176.3 847.3 702.5 — (1,726.1 ) — Total assets $ 688.4 $ 1,866.2 $ 3,216.5 $ 33.8 $ (2,917.6 ) $ 2,887.3 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ 122.0 $ — $ — $ — $ 122.0 Current maturities of long-term debt — 2.6 0.4 0.4 — 3.4 Accounts payable and accrued liabilities 47.6 234.6 310.2 8.3 (163.1 ) 437.6 Total current liabilities 47.6 359.2 310.6 8.7 (163.1 ) 563.0 Long-term debt — 1,134.1 391.3 — — 1,525.4 Deferred tax liabilities — — 114.7 — (38.2 ) 76.5 Other long-term liabilities 0.5 20.0 54.9 1.1 — 76.5 Due to affiliates 1.0 1.6 959.4 28.2 (990.2 ) — Total liabilities 49.1 1,514.9 1,830.9 38.0 (1,191.5 ) 2,241.4 Equity Common shares, no par 534.7 701.5 1,486.9 38.6 (2,227.0 ) 534.7 Additional paid-in-capital 51.2 — — — — 51.2 Retained earnings (deficit) 129.6 (333.5 ) (132.1 ) (58.4 ) 524.0 129.6 Accumulated other comprehensive (loss) income (76.2 ) (16.7 ) 30.8 9.0 (23.1 ) (76.2 ) Total Cott Corporation equity 639.3 351.3 1,385.6 (10.8 ) (1,726.1 ) 639.3 Non-controlling interests — — — 6.6 — 6.6 Total equity 639.3 351.3 1,385.6 (4.2 ) (1,726.1 ) 645.9 Total liabilities and equity $ 688.4 $ 1,866.2 $ 3,216.5 $ 33.8 $ (2,917.6 ) $ 2,887.3 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended April 2, 2016 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash (used in) provided by operating activities $ (136.8 ) $ 99.0 $ 16.8 $ 4.7 $ (2.4 ) $ (18.7 ) Investing Activities Acquisition, net of cash received (43.2 ) — (1.2 ) — — (44.4 ) Additions to property, plant & equipment (0.4 ) (6.7 ) (22.1 ) (0.3 ) — (29.5 ) Additions to intangibles and other assets (0.1 ) (1.7 ) (0.5 ) — — (2.3 ) Proceeds from sale of property, plant & equipment — — 2.7 — — 2.7 Net cash used in investing activities (43.7 ) (8.4 ) (21.1 ) (0.3 ) — (73.5 ) Financing Activities Payments of long-term debt — (0.7 ) (0.3 ) (0.1 ) — (1.1 ) Borrowings under ABL 87.6 409.6 — — — 497.2 Payments under ABL (58.8 ) (499.5 ) — — — (558.3 ) Distributions to non-controlling interests — — — (2.3 ) — (2.3 ) Issuance of common shares 144.1 — — — — 144.1 Common shares repurchased and cancelled (1.1 ) — — — — (1.1 ) Dividends paid to common shareowners (7.3 ) — — — — (7.3 ) Intercompany dividends — — — (2.4 ) 2.4 — Net cash provided by (used in) financing activities 164.5 (90.6 ) (0.3 ) (4.8 ) 2.4 71.2 Effect of exchange rate changes on cash 0.1 — (1.1 ) — — (1.0 ) Net decrease in cash & cash equivalents (15.9 ) 0.0 (5.7 ) (0.4 ) — (22.0 ) Cash & cash equivalents, beginning of period 20.8 1.0 50.2 5.1 — 77.1 Cash & cash equivalents, end of period $ 4.9 $ 1.0 $ 44.5 $ 4.7 $ — $ 55.1 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended April 4, 2015 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by (used in) operating activities $ 4.4 $ 16.9 $ (19.9 ) $ 1.7 $ (4.2 ) $ (1.1 ) Investing Activities Additions to property, plant & equipment (0.3 ) (6.9 ) (20.1 ) — — (27.3 ) Additions to intangibles and other assets — (0.3 ) (1.8 ) — — (2.1 ) Proceeds from sale of property, plant & equipment — 0.4 — — — 0.4 Net cash used in investing activities (0.3 ) (6.8 ) (21.9 ) — — (29.0 ) Financing Activities Payments of long-term debt — (0.4 ) (0.1 ) (0.3 ) — (0.8 ) Borrowings under ABL — 85.9 8.9 — — 94.8 Payments under ABL — (102.8 ) — — — (102.8 ) Distributions to non-controlling interests — — — (2.0 ) — (2.0 ) Proceeds from the exercise of options for common shares, net 0.1 — — — — 0.1 Common shares repurchased and cancelled (0.7 ) — — — — (0.7 ) Dividends paid to common and preferred shareowners (9.0 ) — — — — (9.0 ) Intercompany dividends — — (2.1 ) (2.1 ) 4.2 — Net cash (used in) provided by financing activities (9.6 ) (17.3 ) 6.7 (4.4 ) 4.2 (20.4 ) Effect of exchange rate changes on cash (0.4 ) — (0.7 ) (0.1 ) — (1.2 ) Net decrease in cash & cash equivalents (5.9 ) (7.2 ) (35.8 ) (2.8 ) — (51.7 ) Cash & cash equivalents, beginning of period 6.2 8.6 64.0 7.4 — 86.2 Cash & cash equivalents, end of period $ 0.3 $ 1.4 $ 28.2 $ 4.6 $ — $ 34.5 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Apr. 02, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15—Subsequent Events On May 3, 2016, our board of directors declared a dividend of $0.06 per share on common shares, payable in cash on June 15, 2016 to shareowners of record at the close of business on June 3, 2016. |
Hedging Transactions and Deri24
Hedging Transactions and Derivative Financial Instruments (Policies) | 3 Months Ended |
Apr. 02, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Transactions and Derivative Financial Instruments | 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. We classify cash inflows and outflows related to derivative and hedging instruments with the appropriate cash flows section associated with the item being hedged. 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 13 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. |
Acquisitions (Tables)
Acquisitions (Tables) - AquaTerra Corporation [Member] | 3 Months Ended |
Apr. 02, 2016 | |
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | The table below presents the preliminary purchase price allocation of the estimated acquisition date fair values of the assets acquired and the liabilities assumed: (in millions of U.S. dollars) Acquired Value Cash $ 1.3 Accounts receivable 6.2 Inventories 2.1 Prepaid expenses and other current assets 1.3 Property, plant & equipment 13.4 Goodwill 19.2 Intangible and other assets 17.4 Accounts payable and accrued liabilities (15.8 ) Long-term debt (0.3 ) Other long-term liabilities (0.3 ) Total $ 44.5 |
Components of Identified Intangible Assets and Estimated Weighted Average Useful Lives | The following table sets forth the components of identified intangible assets associated with the Aquaterra Acquisition and their estimated weighted average useful lives: Estimated Fair Estimated (in millions of U.S. dollars) Market Value Useful Life Customer relationships $ 10.0 12 years Trademarks and trade names 6.7 Indefinite Total $ 16.7 |
Common Shares and Net Loss Pe26
Common Shares and Net Loss Per Common Share (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominators of Basic and Diluted Net Loss Per Common Share | Set forth below is a reconciliation of the numerator and denominator for the diluted net loss per common share computations for the periods indicated: For the Three Months Ended (in millions of U.S. dollars) April 2, 2016 April 4, 2015 Net loss attributed to Cott Corporation $ (3.3 ) $ (6.0 ) Plus: Accumulated dividends on Convertible Preferred Shares — — Diluted net loss attributed to Cott Corporation (numerator) $ (3.3 ) $ (6.0 ) For the Three Months Ended (in thousands) April 2, 2016 April 4, 2015 Weighted-average common shares outstanding - basic 113,267 93,196 Dilutive effect of Stock Options — — Dilutive effect of Performance-based RSUs — — Dilutive effect of Time-based RSUs — — Dilutive effect of Convertible Preferred Shares — — Weighted-average common shares outstanding - diluted (denominator) 113,267 93,196 |
Summary of the Anti-dilutive Securities Excluded from the Computation of Diluted Net Loss Per Common Share | The following table summarizes anti-dilutive securities excluded from the computation of diluted net loss per common share for the periods indicated: For the Three Months Ended (in thousands) April 2, 2016 April 4, 2015 Stock Options 2,892 1,801 Performance-based RSUs 1 2,003 1,546 Time-based RSUs 733 849 Convertible Preferred Shares — 18,480 1. Performance-based RSUs represent the number of shares expected to be issued based primarily on the estimated achievement of cumulative pre-tax income targets for these awards. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Information by Operating Segment | For the Three Months Ended April 2, 2016 Cott North Cott All (in millions of U.S. dollars) DSS America U.K. Other Corporate Eliminations Total Revenue, net 1 $ 257.3 $ 313.3 $ 120.6 $ 13.6 $ — $ (6.4 ) $ 698.4 Depreciation and amortization 28.4 18.3 5.5 0.3 — — 52.5 Operating income (loss) 5.7 0.6 9.9 2.5 (4.0 ) — 14.7 Additions to property, plant & equipment 17.8 9.4 2.0 0.3 — — 29.5 As of April 2, 2016 Total assets 2 1,580.1 930.0 387.4 30.1 — — 2,927.6 1. Intersegment revenue between Cott North America and the other reporting segments was $6.4 million for the three months ended April 2, 2016. 2. Excludes intersegment receivables, investments and notes receivable. For the Three Months Ended April 4, 2015 Cott North Cott All (in millions of U.S. dollars) DSS America U.K. Other Corporate Eliminations Total Revenue, net 1 $ 240.3 $ 328.7 132.2 $ 13.0 $ — $ (4.4 ) $ 709.8 Depreciation and amortization 30.2 21.3 5.5 0.4 — — 57.4 Operating (loss) income (1.5 ) 7.2 3.9 1.6 (4.5 ) — 6.7 Additions to property, plant & equipment 18.4 7.2 1.7 — — — 27.3 As of January 2, 2016 — Total assets 2 1,513.1 943.1 402.5 28.6 — — 2,887.3 1. Intersegment revenue between Cott North America and the other reporting segments was $4.4 million for the three months ended April 4, 2015. 2. Excludes intersegment receivables, investments and notes receivable. |
Revenues by Channel Reporting Segment | Revenues by channel by reporting segment were as follows: For the Three Months Ended April 2, 2016 Cott North Cott All (in millions of U.S. dollars) DSS America U.K. Other Eliminations Total Revenue, net Private label retail $ 16.9 $ 248.5 $ 51.0 $ 0.5 $ (0.4 ) $ 316.5 Branded retail 24.3 26.8 36.6 0.8 (0.3 ) 88.2 Contract packaging — 31.4 28.3 4.7 (2.1 ) 62.3 Home and office bottled water delivery 162.0 — — — — 162.0 Office coffee services 31.5 — — — — 31.5 Concentrate and other 22.6 6.6 4.7 7.6 (3.6 ) 37.9 Total $ 257.3 $ 313.3 $ 120.6 $ 13.6 $ (6.4 ) $ 698.4 For the Three Months Ended April 4, 2015 Cott North Cott All (in millions of U.S. dollars) DSS America U.K. Other Eliminations Total Revenue, net Private label retail $ 15.6 $ 267.5 $ 60.5 $ 1.2 $ (0.3 ) $ 344.5 Branded retail 19.7 27.1 41.2 1.1 (0.4 ) 88.7 Contract packaging — 25.7 28.4 4.0 (0.2 ) 57.9 Home and office bottled water delivery 149.6 — — — — 149.6 Office coffee services 32.0 — — — — 32.0 Concentrate and other 23.4 8.4 2.1 6.7 (3.5 ) 37.1 Total $ 240.3 $ 328.7 $ 132.2 $ 13.0 $ (4.4 ) $ 709.8 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | The following table summarizes inventories as of April 2, 2016 and January 2, 2016: (in millions of U.S. dollars) April 2, 2016 January 2, 2016 Raw materials $ 97.5 $ 95.3 Finished goods 124.2 118.4 Resale items 13.1 15.8 Other 19.9 19.9 Total $ 254.7 $ 249.4 |
Intangibles and Other Assets (T
Intangibles and Other Assets (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangibles and Other Assets | The following table summarizes intangibles and other assets as of April 2, 2016 and January 2, 2016: April 2, 2016 January 2, 2016 Accumulated Accumulated (in millions of U.S. dollars) Cost Amortization Net Cost Amortization Net Intangibles Not subject to amortization Rights 1 $ 45.0 — $ 45.0 $ 45.0 — $ 45.0 Trademarks 190.2 — 190.2 183.1 — 183.1 Total intangibles not subject to amortization 235.2 — 235.2 228.1 — 228.1 Subject to amortization Customer relationships 671.2 255.6 415.6 663.9 241.0 422.9 Trademarks 32.8 28.1 4.7 33.0 28.1 4.9 Information technology 57.1 31.7 25.4 54.0 29.1 24.9 Other 7.5 4.6 2.9 7.8 4.5 3.3 Total intangibles subject to amortization 768.6 320.0 448.6 758.7 302.7 456.0 Total Intangibles 1,003.8 320.0 683.8 986.8 302.7 684.1 Other Assets Financing costs 12.7 8.8 3.9 12.6 8.5 4.1 Deposits 10.5 0.4 10.1 10.3 0.4 9.9 Other 14.9 1.8 13.1 15.2 1.6 13.6 Total Other Assets 38.1 11.0 27.1 38.1 10.5 27.6 Total Intangibles & Other Assets $ 1,041.9 $ 331.0 $ 710.9 $ 1,024.9 $ 313.2 $ 711.7 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 2016 $ 53.8 2017 63.8 2018 56.8 2019 48.0 2020 41.7 Thereafter 184.5 Total $ 448.6 |
Accounts Payable and Accrued 30
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The following table summarizes accounts payable and accrued liabilities as of April 2, 2016 and January 2, 2016: (in millions of U.S. dollars) April 2, 2016 January 2, 2016 Trade payables $ 221.0 $ 227.2 Accrued compensation 35.9 49.8 Accrued sales incentives 25.3 25.2 Accrued interest 21.0 12.2 Payroll, salaries and other taxes 13.4 13.3 Accrued deposits 32.5 28.6 Other accrued liabilities 71.6 81.3 Total $ 420.7 $ 437.6 |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive (Loss) Income (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive (Loss) Income by Component | Changes in accumulated other comprehensive (loss) income (“AOCI”) by component for the three months ended April 2, 2016 were as follows: April 2, 2016 Gains and Losses Pension Currency on Derivative Benefit Translation (in millions of U.S. dollars) 1 Instruments Plan Items Adjustment Items Total Beginning balance January 2, 2016 $ (4.7 ) $ (10.1 ) $ (61.4 ) $ (76.2 ) OCI before reclassifications 1.5 — (3.2 ) (1.7 ) Amounts reclassified from AOCI (1.0 ) 0.1 — (0.9 ) Net current-period OCI 0.5 0.1 (3.2 ) (2.6 ) Ending balance April 2, 2016 $ (4.2 ) $ (10.0 ) $ (64.6 ) $ (78.8 ) 1. All amounts are net of tax. Amounts in parentheses indicate debits. |
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | The following table summarizes the amounts reclassified from AOCI for the three months ended April 2, 2016 and April 4, 2015, respectively. (in millions of U.S. dollars) For the Three Months Ended Affected Line Item in the Statement Details About AOCI Components 1 April 2, 2016 April 4, 2015 Where Net Income Is Presented Gains and losses on derivative instruments Foreign currency and commodity hedges $ 1.6 $ 0.3 Cost of sales $ 1.6 $ 0.3 Total before taxes (0.6 ) (0.1 ) Tax (expense) or benefit $ 1.0 $ 0.2 Net of tax Amortization of pension benefit plan items Prior service costs 2 $ (0.1 ) $ (0.1 ) Cost of sales (0.1 ) (0.1 ) Total before taxes — — Tax (expense) or benefit $ (0.1 ) $ (0.1 ) Net of tax Total reclassifications for the period $ 0.9 $ 0.1 Net of tax 1. Amounts in parenthesis indicate debits. 2. These AOCI components are included in the computation of net periodic pension cost. |
Hedging Transactions and Deri32
Hedging Transactions and Derivative Financial Instruments (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Reconciliation of Company's Derivatives by Contract Type | Set forth below is a reconciliation of the Company’s derivatives by contract type for the periods indicated: (in millions of U.S. dollars) April 2, 2016 January 2, 2016 Derivative Contract Assets Liabilities Assets Liabilities Foreign currency hedge $ — $ 1.5 $ 0.6 $ — Aluminum swaps — 5.3 — 8.0 $ — $ 6.8 $ 0.6 $ 8.0 |
Summary of Fair Value of Aluminum Swap Assets and Liabilities | The fair value of the aluminum swap assets and liabilities which are shown on a net basis are reconciled in the table below: (in millions of U.S. dollars) April 2, 2016 January 2, 2016 Aluminum swap assets $ — $ — Aluminum swap liabilities (5.3 ) (8.0 ) Net asset (liability) $ (5.3 ) $ (8.0 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
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 April 2, 2016 and January 2, 2016 were as follows: April 2, 2016 January 2, 2016 Carrying Fair Carrying Fair (in millions of U.S. dollars) Value Value Value Value 6.750% senior notes due in 2020 1,3 $ 613.7 $ 657.0 $ 613.0 $ 641.4 10.000% senior notes due in 2021 1,2 388.6 395.9 390.1 397.3 5.375% senior notes due in 2022 1,3 517.0 534.2 516.8 522.4 Total $ 1,519.3 $ 1,587.1 $ 1,519.9 $ 1,561.1 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 $350.0 million of our 10.000% senior secured notes (“DSS Notes”) was assumed by Cott at a fair value of $406.0 million in connection with Cott’s acquisition of DSS. 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. 3. The carrying value of our significant outstanding debt is net of unamortized debt issuance costs of $19.6 million and $20.6 million as of April 2, 2016 and January 2, 2016, respectively. |
Schedule of Business Acquisitions, Reconciliation of Fair Value of Contingent Consideration | The following tables provide a reconciliation of the beginning and ending balances of this liability. For the Three Months Ended (in millions of U.S. dollars) April 2, 2016 April 4, 2015 Fair value at beginning of period $ 16.4 $ 16.5 Foreign exchange gain (0.5 ) (0.7 ) Fair value at end of period $ 15.9 $ 15.8 |
Guarantor Subsidiaries (Tables)
Guarantor Subsidiaries (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
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 April 2, 2016 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 33.8 $ 243.1 $ 406.8 $ 28.5 $ (13.8 ) $ 698.4 Cost of sales 29.7 97.4 348.2 22.9 (13.8 ) 484.4 Gross profit 4.1 145.7 58.6 5.6 — 214.0 Selling, general and administrative expenses 5.5 137.2 51.6 2.7 — 197.0 Loss (gain) on disposal of property, plant & equipment — 1.8 (0.9 ) — — 0.9 Acquisition and integration expenses — 0.9 0.5 — — 1.4 Operating (loss) income (1.4 ) 5.8 7.4 2.9 — 14.7 Other (income) expense, net (1.6 ) (1.0 ) 0.4 — — (2.2 ) Intercompany interest expense (income), net — 10.8 (10.8 ) — — — Interest expense, net 0.2 7.4 20.2 — — 27.8 (Loss) income before income tax (benefit) expense and equity (loss) income — (11.4 ) (2.4 ) 2.9 — (10.9 ) Income tax (benefit) expense — (4.2 ) (4.9 ) 0.1 — (9.0 ) Equity (loss) income (3.3 ) — 1.8 — 1.5 — Net (loss) income $ (3.3 ) $ (7.2 ) $ 4.3 $ 2.8 $ 1.5 $ (1.9 ) Less: Net income attributable to non-controlling interests — — — 1.4 — 1.4 Net (loss) income attributed to Cott Corporation $ (3.3 ) $ (7.2 ) $ 4.3 $ 1.4 $ 1.5 $ (3.3 ) Comprehensive (loss) income attributed to Cott Corporation $ (5.9 ) $ (7.2 ) $ 30.8 $ (0.6 ) $ (23.0 ) $ (5.9 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended April 4, 2015 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 30.0 $ 240.3 $ 418.3 $ 31.4 $ (10.2 ) $ 709.8 Cost of sales 27.0 100.4 365.4 25.9 (10.2 ) 508.5 Gross profit 3.0 139.9 52.9 5.5 — 201.3 Selling, general and administrative expenses 5.5 137.2 42.7 3.1 — 188.5 Loss on disposal of property, plant & equipment — 1.1 0.3 — — 1.4 Acquisition and integration expenses — 3.0 1.7 — — 4.7 Operating (loss) income (2.5 ) (1.4 ) 8.2 2.4 — 6.7 Other (income) expense, net (10.5 ) (0.2 ) 0.2 0.1 — (10.4 ) Intercompany interest (income) expense, net (3.0 ) 10.9 (7.9 ) — — — Interest expense, net 0.1 7.3 20.3 — — 27.7 Income (loss) before income tax expense (benefit) and equity (loss) income 10.9 (19.4 ) (4.4 ) 2.3 — (10.6 ) Income tax expense (benefit) 1.2 (7.2 ) (3.5 ) 0.1 — (9.4 ) Equity (loss) income (12.2 ) — 1.4 — 10.8 — Net (loss) income $ (2.5 ) $ (12.2 ) $ 0.5 $ 2.2 $ 10.8 $ (1.2 ) Less: Net income attributable to non-controlling interests — — — 1.3 — 1.3 Less: Accumulated dividends on convertible preferred shares 2.7 — — — — 2.7 Less: Accumulated dividends on non-convertible preferred shares 0.8 — — — — 0.8 Net (loss) income attributed to Cott Corporation $ (6.0 ) $ (12.2 ) $ 0.5 $ 0.9 $ 10.8 $ (6.0 ) Comprehensive (loss) income attributed to Cott Corporation $ (31.8 ) $ (12.2 ) $ (15.8 ) $ 0.6 $ 27.4 $ (31.8 ) |
Consolidating Balance Sheet | Consolidating Balance Sheets (in millions of U.S. dollars) Unaudited As of April 2, 2016 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 4.9 $ 20.5 $ 25.0 $ 4.7 $ — $ 55.1 Accounts receivable, net of allowance 18.4 112.4 239.6 11.2 (61.2 ) 320.4 Income taxes recoverable — 1.8 0.3 0.2 (1.4 ) 0.9 Inventories 16.6 27.9 203.8 6.4 — 254.7 Prepaid expenses and other assets 2.1 7.8 10.6 0.4 — 20.9 Total current assets 42.0 170.4 479.3 22.9 (62.6 ) 652.0 Property, plant & equipment, net 30.8 371.2 366.1 6.5 — 774.6 Goodwill 21.0 579.2 179.6 — — 779.8 Intangibles and other assets, net 1.0 395.1 313.0 1.8 — 710.9 Deferred tax assets 10.2 — 44.2 0.2 (44.3 ) 10.3 Due from affiliates 393.2 — 544.4 — (937.6 ) — Investments in subsidiaries 366.6 — 400.1 — (766.7 ) — Total assets $ 864.8 $ 1,515.9 $ 2,326.7 $ 31.4 $ (1,811.2 ) $ 2,927.6 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ 30.7 $ — $ 32.1 $ — $ — $ 62.8 Current maturities of long-term debt — — 3.2 0.2 — 3.4 Accounts payable and accrued liabilities 59.3 135.3 280.9 7.8 (62.6 ) 420.7 Total current liabilities 90.0 135.3 316.2 8.0 (62.6 ) 486.9 Long-term debt — 388.6 1,135.5 — — 1,524.1 Deferred tax liabilities — 93.2 17.0 — (44.3 ) 65.9 Other long-term liabilities 0.5 35.5 34.6 1.2 — 71.8 Due to affiliates 1.1 543.3 365.0 28.2 (937.6 ) — Total liabilities 91.6 1,195.9 1,868.3 37.4 (1,044.5 ) 2,148.7 Equity Common shares, no par 682.2 355.5 849.9 40.2 (1,245.6 ) 682.2 Additional paid-in-capital 50.8 — — — — 50.8 Retained earnings (deficit) 119.0 (35.3 ) (432.3 ) (58.9 ) 526.5 119.0 Accumulated other comprehensive (loss) income (78.8 ) (0.2 ) 40.8 7.0 (47.6 ) (78.8 ) Total Cott Corporation equity 773.2 320.0 458.4 (11.7 ) (766.7 ) 773.2 Non-controlling interests — — — 5.7 — 5.7 Total equity 773.2 320.0 458.4 (6.0 ) (766.7 ) 778.9 Total liabilities and equity $ 864.8 $ 1,515.9 $ 2,326.7 $ 31.4 $ (1,811.2 ) $ 2,927.6 Consolidating Balance Sheets (in millions of U.S. dollars) As of January 2, 2016 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 20.8 $ 12.8 $ 38.4 $ 5.1 $ — $ 77.1 Accounts receivable, net of allowance 18.3 122.6 184.6 13.0 (45.2 ) 293.3 Income taxes recoverable — 0.5 0.9 0.2 — 1.6 Inventories 13.0 31.4 199.4 5.6 — 249.4 Prepaid expenses and other assets 2.2 4.8 10.0 0.2 — 17.2 Total current assets 54.3 172.1 433.3 24.1 (45.2 ) 638.6 Property, plant & equipment, net 29.7 372.6 360.8 6.7 — 769.8 Goodwill 19.8 579.1 160.7 — — 759.6 Intangibles and other assets, net 0.8 402.5 305.6 2.8 — 711.7 Deferred tax assets 7.4 — 38.2 0.2 (38.2 ) 7.6 Due from affiliates 400.1 — 544.3 — (944.4 ) — Investments in subsidiaries 176.3 — 400.0 — (576.3 ) — Total assets $ 688.4 $ 1,526.3 $ 2,242.9 $ 33.8 $ (1,604.1 ) $ 2,887.3 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ — $ 122.0 $ — $ — $ 122.0 Current maturities of long-term debt — — 3.0 0.4 — 3.4 Accounts payable and accrued liabilities 47.6 131.8 295.1 8.3 (45.2 ) 437.6 Total current liabilities 47.6 131.8 420.1 8.7 (45.2 ) 563.0 Long-term debt — 390.1 1,135.3 — — 1,525.4 Deferred tax liabilities — 97.7 17.0 — (38.2 ) 76.5 Other long-term liabilities 0.5 36.2 38.7 1.1 — 76.5 Due to affiliates 1.0 543.3 371.9 28.2 (944.4 ) — Total liabilities 49.1 1,199.1 1,983.0 38.0 (1,027.8 ) 2,241.4 Equity Common shares, no par 534.7 355.5 683.1 38.6 (1,077.2 ) 534.7 Additional paid-in-capital 51.2 — — — — 51.2 Retained earnings (deficit) 129.6 (28.1 ) (437.5 ) (58.4 ) 524.0 129.6 Accumulated other comprehensive (loss) income (76.2 ) (0.2 ) 14.3 9.0 (23.1 ) (76.2 ) Total Cott Corporation equity 639.3 327.2 259.9 (10.8 ) (576.3 ) 639.3 Non-controlling interests — — — 6.6 — 6.6 Total equity 639.3 327.2 259.9 (4.2 ) (576.3 ) 645.9 Total liabilities and equity $ 688.4 $ 1,526.3 $ 2,242.9 $ 33.8 $ (1,604.1 ) $ 2,887.3 |
Condensed Consolidating Statement of Cash Flows | Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended April 2, 2016 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash (used in) provided by operating activities $ (136.8 ) $ 26.1 $ 89.7 $ 4.7 $ (2.4 ) $ (18.7 ) Investing Activities Acquisition, net of cash received (43.2 ) (1.2 ) — — — (44.4 ) Additions to property, plant & equipment (0.4 ) (16.8 ) (12.0 ) (0.3 ) — (29.5 ) Additions to intangibles and other assets (0.1 ) (0.5 ) (1.7 ) — — (2.3 ) Proceeds from sale of property, plant & equipment — 0.1 2.6 — — 2.7 Net cash used in investing activities (43.7 ) (18.4 ) (11.1 ) (0.3 ) — (73.5 ) Financing Activities Payments of long-term debt — — (1.0 ) (0.1 ) — (1.1 ) Borrowings under ABL 87.6 — 409.6 — — 497.2 Payments under ABL (58.8 ) — (499.5 ) — — (558.3 ) Distributions to non-controlling interests — — — (2.3 ) — (2.3 ) Issuance of common shares 144.1 — — — — 144.1 Common shares repurchased and cancelled (1.1 ) — — — — (1.1 ) Dividends paid to common shareowners (7.3 ) — — — — (7.3 ) Intercompany dividends — — — (2.4 ) 2.4 — Net cash provided by (used in) financing activities 164.5 — (90.9 ) (4.8 ) 2.4 71.2 Effect of exchange rate changes on cash 0.1 — (1.1 ) — — (1.0 ) Net (decrease) increase in cash & cash equivalents (15.9 ) 7.7 (13.4 ) (0.4 ) — (22.0 ) Cash & cash equivalents, beginning of period 20.8 12.8 38.4 5.1 — 77.1 Cash & cash equivalents, end of period $ 4.9 $ 20.5 $ 25.0 $ 4.7 $ — $ 55.1 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended April 4, 2015 DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by (used in) operating activities $ 4.4 $ 0.6 $ (3.6 ) $ 1.7 $ (4.2 ) $ (1.1 ) Investing Activities Additions to property, plant & equipment (0.3 ) (18.4 ) (8.6 ) — — (27.3 ) Additions to intangibles and other assets — (1.8 ) (0.3 ) — — (2.1 ) Proceeds from sale of property, plant & equipment — — 0.4 — — 0.4 Net cash used in investing activities (0.3 ) (20.2 ) (8.5 ) — — (29.0 ) Financing Activities Payments of long-term debt — — (0.5 ) (0.3 ) — (0.8 ) Borrowings under ABL — — 94.8 — — 94.8 Payments under ABL — — (102.8 ) — — (102.8 ) Distributions to non-controlling interests — — — (2.0 ) — (2.0 ) Proceeds from the exercise of options for common shares, net 0.1 — — — — 0.1 Common shares repurchased and cancelled (0.7 ) — — — — (0.7 ) Dividends paid to common and preferred shareowners (9.0 ) — — — — (9.0 ) Intercompany dividends — — (2.1 ) (2.1 ) 4.2 — Net cash used in financing activities (9.6 ) — (10.6 ) (4.4 ) 4.2 (20.4 ) Effect of exchange rate changes on cash (0.4 ) — (0.7 ) (0.1 ) — (1.2 ) Net decrease in cash & cash equivalents (5.9 ) (19.6 ) (23.4 ) (2.8 ) — (51.7 ) Cash & cash equivalents, beginning of period 6.2 34.4 38.2 7.4 — 86.2 Cash & cash equivalents, end of period $ 0.3 $ 14.8 $ 14.8 $ 4.6 $ — $ 34.5 |
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 April 2, 2016 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 33.8 $ 168.9 $ 481.0 $ 28.5 $ (13.8 ) $ 698.4 Cost of sales 29.7 146.0 299.6 22.9 (13.8 ) 484.4 Gross profit 4.1 22.9 181.4 5.6 — 214.0 Selling, general and administrative expenses 5.5 28.1 160.7 2.7 — 197.0 Loss on disposal of property, plant & equipment — 0.3 0.6 — — 0.9 Acquisition and integration expenses — 0.3 1.1 — — 1.4 Operating (loss) income (1.4 ) (5.8 ) 19.0 2.9 — 14.7 Other income, net (1.6 ) (0.1 ) (0.5 ) — — (2.2 ) Intercompany interest (income) expense, net — (11.4 ) 11.4 — — — Interest expense, net 0.2 20.1 7.5 — — 27.8 (Loss) income before income tax (benefit) expense and equity (loss) income — (14.4 ) 0.6 2.9 — (10.9 ) Income tax (benefit) expense — (5.6 ) (3.5 ) 0.1 — (9.0 ) Equity (loss) income (3.3 ) 1.5 0.3 — 1.5 — Net (loss) income $ (3.3 ) $ (7.3 ) $ 4.4 $ 2.8 $ 1.5 $ (1.9 ) Less: Net income attributable to non-controlling interests — — — 1.4 — 1.4 Net (loss) income attributed to Cott Corporation $ (3.3 ) $ (7.3 ) $ 4.4 $ 1.4 $ 1.5 $ (3.3 ) Comprehensive (loss) income attributed to Cott Corporation $ (5.9 ) $ (7.4 ) $ 31.0 $ (0.6 ) $ (23.0 ) $ (5.9 ) Condensed Consolidating Statements of Operations (in millions of U.S. dollars) Unaudited For the Three Months Ended April 4, 2015 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 30.0 $ 170.0 $ 488.6 $ 31.4 $ (10.2 ) $ 709.8 Cost of sales 27.0 145.8 320.0 25.9 (10.2 ) 508.5 Gross profit 3.0 24.2 168.6 5.5 — 201.3 Selling, general and administrative expenses 5.5 23.8 156.1 3.1 — 188.5 Loss on disposal of property, plant & equipment — 0.3 1.1 — — 1.4 Acquisition and integration expenses — 1.5 3.2 — — 4.7 Operating (loss) income (2.5 ) (1.4 ) 8.2 2.4 — 6.7 Other (income) expense, net (10.5 ) — — 0.1 — (10.4 ) Intercompany interest (income) expense, net (3.0 ) (12.2 ) 15.2 — — — Interest expense, net 0.1 20.1 7.5 — — 27.7 Income (loss) before income tax expense (benefit) and equity (loss) income 10.9 (9.3 ) (14.5 ) 2.3 — (10.6 ) Income tax expense (benefit) 1.2 (4.6 ) (6.1 ) 0.1 — (9.4 ) Equity (loss) income (12.2 ) 1.4 — — 10.8 — Net (loss) income $ (2.5 ) $ (3.3 ) $ (8.4 ) $ 2.2 $ 10.8 $ (1.2 ) Less: Net income attributable to non-controlling interests — — — 1.3 — 1.3 Less: Accumulated dividends on convertible preferred shares 2.7 — — — — 2.7 Less: Accumulated dividends on non-convertible preferred shares 0.8 — — — — 0.8 Net (loss) income attributed to Cott Corporation $ (6.0 ) $ (3.3 ) $ (8.4 ) $ 0.9 $ 10.8 $ (6.0 ) Comprehensive (loss) income attributed to Cott Corporation $ (31.8 ) $ (22.8 ) $ (20.5 ) $ 0.6 $ 42.7 $ (31.8 ) |
Consolidating Balance Sheet | Consolidating Balance Sheets (in millions of U.S. dollars) Unaudited As of April 2, 2016 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 4.9 $ 1.0 $ 44.5 $ 4.7 $ — $ 55.1 Accounts receivable, net of allowance 18.4 94.7 380.2 11.2 (184.1 ) 320.4 Income taxes recoverable — — 2.1 0.2 (1.4 ) 0.9 Inventories 16.6 78.0 153.7 6.4 — 254.7 Prepaid expenses and other assets 2.1 6.3 12.1 0.4 — 20.9 Total current assets 42.0 180.0 592.6 22.9 (185.5 ) 652.0 Property, plant & equipment, net 30.8 160.3 577.0 6.5 — 774.6 Goodwill 21.0 4.5 754.3 — — 779.8 Intangibles and other assets, net 1.0 79.6 628.5 1.8 — 710.9 Deferred tax assets 10.2 44.2 — 0.2 (44.3 ) 10.3 Due from affiliates 393.2 586.2 142.6 — (1,122.0 ) — Investments in subsidiaries 366.6 847.3 702.6 — (1,916.5 ) — Total assets $ 864.8 $ 1,902.1 $ 3,397.6 $ 31.4 $ (3,268.3 ) $ 2,927.6 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ 30.7 $ 32.1 $ — $ — $ — $ 62.8 Current maturities of long-term debt — 2.7 0.5 0.2 — 3.4 Accounts payable and accrued liabilities 59.3 227.1 312.0 7.8 (185.5 ) 420.7 Total current liabilities 90.0 261.9 312.5 8.0 (185.5 ) 486.9 Long-term debt — 1,134.2 389.9 — — 1,524.1 Deferred tax liabilities — — 110.2 — (44.3 ) 65.9 Other long-term liabilities 0.5 19.7 50.4 1.2 — 71.8 Due to affiliates 1.1 141.6 951.1 28.2 (1,122.0 ) — Total liabilities 91.6 1,557.4 1,814.1 37.4 (1,351.8 ) 2,148.7 Equity Common shares, no par 682.2 701.4 1,653.8 40.2 (2,395.4 ) 682.2 Additional paid-in-capital 50.8 — — — — 50.8 Retained earnings (deficit) 119.0 (339.9 ) (127.7 ) (58.9 ) 526.5 119.0 Accumulated other comprehensive (loss) income (78.8 ) (16.8 ) 57.4 7.0 (47.6 ) (78.8 ) Total Cott Corporation equity 773.2 344.7 1,583.5 (11.7 ) (1,916.5 ) 773.2 Non-controlling interests — — — 5.7 — 5.7 Total equity 773.2 344.7 1,583.5 (6.0 ) (1,916.5 ) 778.9 Total liabilities and equity $ 864.8 $ 1,902.1 $ 3,397.6 $ 31.4 $ (3,268.3 ) $ 2,927.6 Consolidating Balance Sheets (in millions of U.S. dollars) As of January 2, 2016 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 20.8 $ 1.0 $ 50.2 $ 5.1 $ — $ 77.1 Accounts receivable, net of allowance 18.3 63.3 361.8 13.0 (163.1 ) 293.3 Income taxes recoverable — 0.6 0.8 0.2 — 1.6 Inventories 13.0 76.7 154.1 5.6 — 249.4 Prepaid expenses and other assets 2.2 4.6 10.2 0.2 — 17.2 Total current assets 54.3 146.2 577.1 24.1 (163.1 ) 638.6 Property, plant & equipment, net 29.7 163.3 570.1 6.7 — 769.8 Goodwill 19.8 4.5 735.3 — — 759.6 Intangibles and other assets, net 0.8 79.2 628.9 2.8 — 711.7 Deferred tax assets 7.4 38.2 — 0.2 (38.2 ) 7.6 Due from affiliates 400.1 587.5 2.6 — (990.2 ) — Investments in subsidiaries 176.3 847.3 702.5 — (1,726.1 ) — Total assets $ 688.4 $ 1,866.2 $ 3,216.5 $ 33.8 $ (2,917.6 ) $ 2,887.3 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ 122.0 $ — $ — $ — $ 122.0 Current maturities of long-term debt — 2.6 0.4 0.4 — 3.4 Accounts payable and accrued liabilities 47.6 234.6 310.2 8.3 (163.1 ) 437.6 Total current liabilities 47.6 359.2 310.6 8.7 (163.1 ) 563.0 Long-term debt — 1,134.1 391.3 — — 1,525.4 Deferred tax liabilities — — 114.7 — (38.2 ) 76.5 Other long-term liabilities 0.5 20.0 54.9 1.1 — 76.5 Due to affiliates 1.0 1.6 959.4 28.2 (990.2 ) — Total liabilities 49.1 1,514.9 1,830.9 38.0 (1,191.5 ) 2,241.4 Equity Common shares, no par 534.7 701.5 1,486.9 38.6 (2,227.0 ) 534.7 Additional paid-in-capital 51.2 — — — — 51.2 Retained earnings (deficit) 129.6 (333.5 ) (132.1 ) (58.4 ) 524.0 129.6 Accumulated other comprehensive (loss) income (76.2 ) (16.7 ) 30.8 9.0 (23.1 ) (76.2 ) Total Cott Corporation equity 639.3 351.3 1,385.6 (10.8 ) (1,726.1 ) 639.3 Non-controlling interests — — — 6.6 — 6.6 Total equity 639.3 351.3 1,385.6 (4.2 ) (1,726.1 ) 645.9 Total liabilities and equity $ 688.4 $ 1,866.2 $ 3,216.5 $ 33.8 $ (2,917.6 ) $ 2,887.3 |
Condensed Consolidating Statement of Cash Flows | Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended April 2, 2016 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash (used in) provided by operating activities $ (136.8 ) $ 99.0 $ 16.8 $ 4.7 $ (2.4 ) $ (18.7 ) Investing Activities Acquisition, net of cash received (43.2 ) — (1.2 ) — — (44.4 ) Additions to property, plant & equipment (0.4 ) (6.7 ) (22.1 ) (0.3 ) — (29.5 ) Additions to intangibles and other assets (0.1 ) (1.7 ) (0.5 ) — — (2.3 ) Proceeds from sale of property, plant & equipment — — 2.7 — — 2.7 Net cash used in investing activities (43.7 ) (8.4 ) (21.1 ) (0.3 ) — (73.5 ) Financing Activities Payments of long-term debt — (0.7 ) (0.3 ) (0.1 ) — (1.1 ) Borrowings under ABL 87.6 409.6 — — — 497.2 Payments under ABL (58.8 ) (499.5 ) — — — (558.3 ) Distributions to non-controlling interests — — — (2.3 ) — (2.3 ) Issuance of common shares 144.1 — — — — 144.1 Common shares repurchased and cancelled (1.1 ) — — — — (1.1 ) Dividends paid to common shareowners (7.3 ) — — — — (7.3 ) Intercompany dividends — — — (2.4 ) 2.4 — Net cash provided by (used in) financing activities 164.5 (90.6 ) (0.3 ) (4.8 ) 2.4 71.2 Effect of exchange rate changes on cash 0.1 — (1.1 ) — — (1.0 ) Net decrease in cash & cash equivalents (15.9 ) 0.0 (5.7 ) (0.4 ) — (22.0 ) Cash & cash equivalents, beginning of period 20.8 1.0 50.2 5.1 — 77.1 Cash & cash equivalents, end of period $ 4.9 $ 1.0 $ 44.5 $ 4.7 $ — $ 55.1 Consolidating Statements of Condensed Cash Flows (in millions of U.S. dollars) Unaudited For the Three Months Ended April 4, 2015 Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by (used in) operating activities $ 4.4 $ 16.9 $ (19.9 ) $ 1.7 $ (4.2 ) $ (1.1 ) Investing Activities Additions to property, plant & equipment (0.3 ) (6.9 ) (20.1 ) — — (27.3 ) Additions to intangibles and other assets — (0.3 ) (1.8 ) — — (2.1 ) Proceeds from sale of property, plant & equipment — 0.4 — — — 0.4 Net cash used in investing activities (0.3 ) (6.8 ) (21.9 ) — — (29.0 ) Financing Activities Payments of long-term debt — (0.4 ) (0.1 ) (0.3 ) — (0.8 ) Borrowings under ABL — 85.9 8.9 — — 94.8 Payments under ABL — (102.8 ) — — — (102.8 ) Distributions to non-controlling interests — — — (2.0 ) — (2.0 ) Proceeds from the exercise of options for common shares, net 0.1 — — — — 0.1 Common shares repurchased and cancelled (0.7 ) — — — — (0.7 ) Dividends paid to common and preferred shareowners (9.0 ) — — — — (9.0 ) Intercompany dividends — — (2.1 ) (2.1 ) 4.2 — Net cash (used in) provided by financing activities (9.6 ) (17.3 ) 6.7 (4.4 ) 4.2 (20.4 ) Effect of exchange rate changes on cash (0.4 ) — (0.7 ) (0.1 ) — (1.2 ) Net decrease in cash & cash equivalents (5.9 ) (7.2 ) (35.8 ) (2.8 ) — (51.7 ) Cash & cash equivalents, beginning of period 6.2 8.6 64.0 7.4 — 86.2 Cash & cash equivalents, end of period $ 0.3 $ 1.4 $ 28.2 $ 4.6 $ — $ 34.5 |
Business and Recent Accountin35
Business and Recent Accounting Pronouncements - Additional Information (Detail) - Direct-to-Consumer Products [Member] | 3 Months Ended |
Apr. 02, 2016RouteVehicleCustomer | |
Business And Basis Of Presentation [Line Items] | |
Number of routes | Route | 2,000 |
Number of Vehicles | Vehicle | 2,000 |
Minimum [Member] | |
Business And Basis Of Presentation [Line Items] | |
Number of customers | Customer | 1,500,000 |
Commercial [Member] | |
Business And Basis Of Presentation [Line Items] | |
Percentage of Customer | 60.00% |
Residential [Member] | |
Business And Basis Of Presentation [Line Items] | |
Percentage of Customer | 40.00% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) CAD in Millions | Jan. 04, 2016USD ($) | Jan. 04, 2016CAD | Apr. 02, 2016USD ($)Business |
Business Acquisition [Line Items] | |||
Goodwill, expected tax deductible amount | $ 0 | ||
AquaTerra Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of share capital acquired | 100.00% | ||
Aggregate purchase price | $ 44,500,000 | CAD 62 | |
Acquisition Date | Jan. 4, 2016 | Jan. 4, 2016 | |
Aggregate purchase price | $ 44,500,000 | ||
Revenue | 14,200,000 | ||
Net income (loss) | 100,000 | ||
Acquisition related costs | $ 200,000 | ||
HOD Water Business Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Number of business acquired | Business | 2 | ||
Business acquisitions, aggregate cash purchase price | $ 1,200,000 |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 04, 2016 | Jan. 02, 2016 |
Business Acquisition [Line Items] | |||
Goodwill | $ 779.8 | $ 759.6 | |
AquaTerra Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 1.3 | ||
Accounts receivable | 6.2 | ||
Inventories | 2.1 | ||
Prepaid expenses and other current assets | 1.3 | ||
Property, plant & equipment | 13.4 | ||
Goodwill | 19.2 | ||
Intangible and other assets | 17.4 | ||
Accounts payable and accrued liabilities | (15.8) | ||
Long-term debt | (0.3) | ||
Other long-term liabilities | (0.3) | ||
Total | $ 44.5 |
Acquisitions - Components of Id
Acquisitions - Components of Identified Intangible Assets and Estimated Weighted Average Useful Lives (Detail) - AquaTerra Corporation [Member] $ in Millions | Jan. 04, 2016USD ($) |
Business Acquisition [Line Items] | |
Estimated Fair Market Value | $ 17.4 |
Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Market Value | 16.7 |
Trademarks and Trade Names [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Market Value | $ 6.7 |
Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Estimated Useful Life | 12 years |
Customer Relationships [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |
Business Acquisition [Line Items] | |
Estimated Fair Market Value | $ 10 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awarded, shares | 1,138,934 | |
Share-based compensation expense | $ 2.4 | $ 2.4 |
Performance-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awarded, shares | 377,196 | |
Performance-Based RSUs [Member] | 2010 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date fair value | $ 11.22 | |
Performance-Based RSUs [Member] | 2010 Equity Incentive Plan [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of performance awards granted | 0.00% | |
Performance-Based RSUs [Member] | 2010 Equity Incentive Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of performance awards granted | 200.00% | |
Time-Based RSUs [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awarded, shares | 197,605 | |
Time-Based RSUs [Member] | 2010 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant date fair value | $ 11.22 | |
Share Based compensation award vesting period | 3 years | |
Equity based awards, vesting description | The Time-based RSUs are restricted share units with time-based vesting granted under the Equity Incentive Plan. The Time-based RSUs vest ratably in three equal annual installments on the first, second and third anniversaries of the date of grant and are based upon a service condition. | |
Stock Options [Member] | 2010 Equity Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share Based compensation award vesting period | 3 years | |
Equity based awards, vesting description | The Stock Options are non-qualified stock options granted under the Equity Incentive Plan and will vest ratably in three equal installments on the first, second and third anniversaries of the date of grant | |
Contractual term | 10 years | |
Grant date fair value | $ 2.92 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit | $ (9) | $ (9.4) |
Pretax loss | $ (10.9) | $ (10.6) |
Common Shares and Net Loss Pe41
Common Shares and Net Loss Per Common Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Mar. 09, 2016 | Apr. 02, 2016 | Apr. 04, 2015 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net proceeds from offering of common stock | $ 144.1 | ||
Net deferred tax benefit | $ (10.8) | $ (11.7) | |
2016 Offering [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Number of shares issued in offering | 12,765,000 | ||
Public offering price per share | $ 11.80 | ||
Net proceeds from offering of common stock | $ 150.6 | ||
Underwriter commissions | 6 | ||
Professional fees | 0.8 | ||
Net deferred tax benefit | $ 1.7 |
Common Shares and Net Loss Pe42
Common Shares and Net Loss Per Common Share - Reconciliation of Numerator and Denominators of Basic and Diluted Net Loss Per Common Share (Detail) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Net loss attributed to Cott Corporation | $ (3.3) | $ (6) |
Accumulated dividends on convertible preferred shares | 0 | 0 |
Diluted net loss attributed to Cott Corporation | $ (3.3) | $ (6) |
Weighted-average common shares outstanding - basic | 113,267 | 93,196 |
Weighted-average common shares outstanding - diluted | 113,267 | 93,196 |
Performance-Based RSUs [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Dilutive effect of awards | 0 | 0 |
Time-Based RSUs [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Dilutive effect of awards | 0 | 0 |
Stock Options [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Dilutive effect of awards | 0 | 0 |
Convertible Preferred Shares [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Dilutive effect of awards | 0 | 0 |
Common Shares and Net Loss Pe43
Common Shares and Net Loss Per Common Share - Summary of the Anti-dilutive Securities Excluded from the Computation of Diluted Net Loss Per Common Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted (loss) income per common share | 2,892 | 1,801 |
Performance-Based RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted (loss) income per common share | 2,003 | 1,546 |
Time-Based RSUs [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted (loss) income per common share | 733 | 849 |
Convertible Preferred Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the computation of diluted (loss) income per common share | 18,480 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - Segment | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Revenue, Major Customer [Line Items] | ||
Number of reporting segments | 4 | |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk | 18.20% | 18.60% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | All Other [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk | 1.60% | 4.80% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | DSS Group Inc [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk | 2.50% | 2.60% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | Cott North America [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk | 34.30% | 34.00% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | Cott United Kingdom [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk | 11.10% | 11.60% |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information by Operating Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Jan. 02, 2016 | |
Segment Reporting Information [Line Items] | |||
Revenue, net | $ 698.4 | $ 709.8 | |
Depreciation and amortization | 52.5 | 57.4 | |
Operating (loss) income | 14.7 | 6.7 | |
Additions to property, plant & equipment | 29.5 | 27.3 | |
Total assets | 2,927.6 | $ 2,887.3 | |
Operating Segments [Member] | Cott North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 313.3 | 328.7 | |
Depreciation and amortization | 18.3 | 21.3 | |
Operating (loss) income | 0.6 | 7.2 | |
Additions to property, plant & equipment | 9.4 | 7.2 | |
Total assets | 930 | 943.1 | |
Operating Segments [Member] | Cott United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 120.6 | 132.2 | |
Depreciation and amortization | 5.5 | 5.5 | |
Operating (loss) income | 9.9 | 3.9 | |
Additions to property, plant & equipment | 2 | 1.7 | |
Total assets | 387.4 | 402.5 | |
Operating Segments [Member] | DSS Group Inc [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 257.3 | 240.3 | |
Depreciation and amortization | 28.4 | 30.2 | |
Operating (loss) income | 5.7 | (1.5) | |
Additions to property, plant & equipment | 17.8 | 18.4 | |
Total assets | 1,580.1 | 1,513.1 | |
Operating Segments [Member] | All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | 13.6 | 13 | |
Depreciation and amortization | 0.3 | 0.4 | |
Operating (loss) income | 2.5 | 1.6 | |
Additions to property, plant & equipment | 0.3 | ||
Total assets | 30.1 | $ 28.6 | |
Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Operating (loss) income | (4) | (4.5) | |
Elimination [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | (6.4) | (4.4) | |
Elimination [Member] | Cott North America [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, net | $ 6.4 | $ 4.4 |
Segment Reporting - Segment R46
Segment Reporting - Segment Reporting Information by Operating Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenue, net | $ 698.4 | $ 709.8 |
Elimination [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | (6.4) | (4.4) |
Elimination [Member] | Cott North America [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | $ 6.4 | $ 4.4 |
Segment Reporting - Revenues by
Segment Reporting - Revenues by Channel Reporting Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenue, net | $ 698.4 | $ 709.8 |
Elimination [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | (6.4) | (4.4) |
Cott North America [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 313.3 | 328.7 |
Cott North America [Member] | Elimination [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 6.4 | 4.4 |
Cott United Kingdom [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 120.6 | 132.2 |
Private Label Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 316.5 | 344.5 |
Private Label Retail [Member] | Elimination [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | (0.4) | (0.3) |
Private Label Retail [Member] | Cott North America [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 248.5 | 267.5 |
Private Label Retail [Member] | Cott United Kingdom [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 51 | 60.5 |
Branded Retail [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 88.2 | 88.7 |
Branded Retail [Member] | Elimination [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | (0.3) | (0.4) |
Branded Retail [Member] | Cott North America [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 26.8 | 27.1 |
Branded Retail [Member] | Cott United Kingdom [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 36.6 | 41.2 |
Contract Packaging Inc [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 62.3 | 57.9 |
Contract Packaging Inc [Member] | Elimination [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | (2.1) | (0.2) |
Contract Packaging Inc [Member] | Cott North America [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 31.4 | 25.7 |
Contract Packaging Inc [Member] | Cott United Kingdom [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 28.3 | 28.4 |
Home and Office Bottled Water Delivery [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 162 | 149.6 |
Office Coffee Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 31.5 | 32 |
Concentrate and Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 37.9 | 37.1 |
Concentrate and Other [Member] | Elimination [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | (3.6) | (3.5) |
Concentrate and Other [Member] | Cott North America [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 6.6 | 8.4 |
Concentrate and Other [Member] | Cott United Kingdom [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 4.7 | 2.1 |
DSS Group Inc [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 257.3 | 240.3 |
DSS Group Inc [Member] | Private Label Retail [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 16.9 | 15.6 |
DSS Group Inc [Member] | Branded Retail [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 24.3 | 19.7 |
DSS Group Inc [Member] | Home and Office Bottled Water Delivery [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 162 | 149.6 |
DSS Group Inc [Member] | Office Coffee Services [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 31.5 | 32 |
DSS Group Inc [Member] | Concentrate and Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 22.6 | 23.4 |
All Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 13.6 | 13 |
All Other [Member] | Private Label Retail [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 0.5 | 1.2 |
All Other [Member] | Branded Retail [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 0.8 | 1.1 |
All Other [Member] | Contract Packaging Inc [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | 4.7 | 4 |
All Other [Member] | Concentrate and Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue, net | $ 7.6 | $ 6.7 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 97.5 | $ 95.3 |
Finished goods | 124.2 | 118.4 |
Resale items | 13.1 | 15.8 |
Other | 19.9 | 19.9 |
Total | $ 254.7 | $ 249.4 |
Intangibles and Other Assets -
Intangibles and Other Assets - Summary of Intangibles and Other Assets (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 |
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | $ 768.6 | $ 758.7 |
Total Intangible Assets - Cost | 1,003.8 | 986.8 |
Intangibles Assets - Cost | 235.2 | 228.1 |
Intangibles Assets - Accumulated Amortization | 320 | 302.7 |
Intangibles Assets- Net | 448.6 | 456 |
Total Intangible Assets - Net | 683.8 | 684.1 |
Intangibles Assets- Net | 235.2 | 228.1 |
Other Assets - Cost | 38.1 | 38.1 |
Other Assets - Accumulated Amortization | 11 | 10.5 |
Other Assets - Net | 27.1 | 27.6 |
Total Intangibles and Other Assets - Cost | 1,041.9 | 1,024.9 |
Total Intangibles and Other Assets - Accumulated Amortization | 331 | 313.2 |
Total Intangibles and Other Assets - Net | 710.9 | 711.7 |
Financing Costs [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Other Assets - Cost | 12.7 | 12.6 |
Other Assets - Accumulated Amortization | 8.8 | 8.5 |
Other Assets - Net | 3.9 | 4.1 |
Deposits [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Other Assets - Cost | 10.5 | 10.3 |
Other Assets - Accumulated Amortization | 0.4 | 0.4 |
Other Assets - Net | 10.1 | 9.9 |
Customer Relationships [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 671.2 | 663.9 |
Intangibles Assets - Accumulated Amortization | 255.6 | 241 |
Intangibles Assets- Net | 415.6 | 422.9 |
Trademarks [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 32.8 | 33 |
Intangibles Assets - Accumulated Amortization | 28.1 | 28.1 |
Intangibles Assets- Net | 4.7 | 4.9 |
Information Technology [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 57.1 | 54 |
Intangibles Assets - Accumulated Amortization | 31.7 | 29.1 |
Intangibles Assets- Net | 25.4 | 24.9 |
Other [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 7.5 | 7.8 |
Intangibles Assets - Accumulated Amortization | 4.6 | 4.5 |
Intangibles Assets- Net | 2.9 | 3.3 |
Rights [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 45 | 45 |
Intangibles Assets- Net | 45 | 45 |
Trademarks [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangibles Assets - Cost | 190.2 | 183.1 |
Intangibles Assets- Net | 190.2 | 183.1 |
Other [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Other Assets - Cost | 14.9 | 15.2 |
Other Assets - Accumulated Amortization | 1.8 | 1.6 |
Other Assets - Net | $ 13.1 | $ 13.6 |
Intangibles and Other Assets 50
Intangibles and Other Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Intangibles And Other Assets [Abstract] | ||
Amortization expense of intangibles and other assets | $ 19.2 | $ 19.2 |
Intangibles and Other Assets 51
Intangibles and Other Assets - Estimated Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2016 | $ 53.8 | |
2,017 | 63.8 | |
2,018 | 56.8 | |
2,019 | 48 | |
2,020 | 41.7 | |
Thereafter | 184.5 | |
Intangibles Assets- Net | $ 448.6 | $ 456 |
Accounts Payable and Accrued 52
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 221 | $ 227.2 |
Accrued compensation | 35.9 | 49.8 |
Accrued sales incentives | 25.3 | 25.2 |
Accrued interest | 21 | 12.2 |
Payroll, salaries and other taxes | 13.4 | 13.3 |
Accrued deposits | 32.5 | 28.6 |
Other accrued liabilities | 71.6 | 81.3 |
Total | $ 420.7 | $ 437.6 |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income by Component (Detail) $ in Millions | 3 Months Ended |
Apr. 02, 2016USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 2, 2016 | $ (76.2) |
OCI before reclassifications | (1.7) |
Amounts reclassified from AOCI | (0.9) |
Net current-period OCI | (2.6) |
Ending balance April 2, 2016 | (78.8) |
Gains and Losses on Derivative Instruments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 2, 2016 | (4.7) |
OCI before reclassifications | 1.5 |
Amounts reclassified from AOCI | (1) |
Net current-period OCI | 0.5 |
Ending balance April 2, 2016 | (4.2) |
Pension Benefit Plan Items [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 2, 2016 | (10.1) |
Amounts reclassified from AOCI | 0.1 |
Net current-period OCI | 0.1 |
Ending balance April 2, 2016 | (10) |
Currency Translation Adjustment [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Beginning balance January 2, 2016 | (61.4) |
OCI before reclassifications | (3.2) |
Net current-period OCI | (3.2) |
Ending balance April 2, 2016 | $ (64.6) |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of sales | $ (484.4) | $ (508.5) |
Income tax (expense) benefit | 9 | 9.4 |
Net (loss) income | (1.9) | (1.2) |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net (loss) income | 0.9 | 0.1 |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | Gains and Losses on Derivative Instruments [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Cost of sales | 1.6 | 0.3 |
Total before taxes | 1.6 | 0.3 |
Income tax (expense) benefit | (0.6) | (0.1) |
Net (loss) income | 1 | 0.2 |
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | Pension Benefit Plan Items [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Prior service costs | (0.1) | (0.1) |
Total before taxes | (0.1) | (0.1) |
Net (loss) income | $ (0.1) | $ (0.1) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) £ in Millions, $ in Millions | Apr. 02, 2016USD ($) | Jan. 02, 2016USD ($) | May. 31, 2014GBP (£) |
ABL Facility [Member] | |||
Other Commitments [Line Items] | |||
Standby letters of credit outstanding | $ 40.9 | $ 45.6 | |
Aimia Foods Holdings Limited [Member] | |||
Other Commitments [Line Items] | |||
Percentage of share capital acquired | 100.00% | ||
Contingent consideration maximum payable amount | $ 22.9 | £ 16 |
Hedging Transactions and Deri56
Hedging Transactions and Derivative Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Apr. 02, 2016 | Apr. 04, 2015 | Jan. 03, 2015 | Jan. 02, 2016 | |
Derivative [Line Items] | ||||
Maximum period for foreign exchange contracts | 12 months | |||
Maximum period for commodity contracts | 27 months | |||
Period over which outstanding cash flow hedges are expected to settle | 12 months | |||
Unrealized gain (loss) on cash flow hedge | $ (1,100,000) | $ 1,500,000 | ||
Hedging ineffectiveness on cash flow hedge | 0 | 0 | ||
Fair value of derivative instruments | 0 | $ 600,000 | ||
Fair value of derivative liabilities | 6,800,000 | 8,000,000 | ||
Gains and Losses on Derivative Instruments [Member] | ||||
Derivative [Line Items] | ||||
Derivative instruments, charge (debit) to cost of sales | 1,600,000 | $ 200,000 | ||
Aluminum Swaps [Member] | ||||
Derivative [Line Items] | ||||
Notional value of cash flow hedges | 37,800,000 | 49,300,000 | ||
Unrealized gain (loss) on cash flow hedge | (3,400,000) | (1,500,000) | ||
Cumulative hedge ineffectiveness | 900,000 | |||
Decrease in cost of sales | $ 300,000 | |||
Fair value of derivative liabilities | 5,300,000 | 8,000,000 | ||
Cash Flow Hedging [Member] | Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional value of cash flow hedges | $ 26,900,000 | $ 4,500,000 |
Hedging Transactions and Deri57
Hedging Transactions and Derivative Financial Instruments - Summary of Reconciliation of Company's Derivatives by Contract Type (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 |
Derivative [Line Items] | ||
Assets | $ 0 | $ 0.6 |
Liabilities | 6.8 | 8 |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Assets | 0.6 | |
Liabilities | 1.5 | |
Aluminum Swaps [Member] | ||
Derivative [Line Items] | ||
Liabilities | $ 5.3 | $ 8 |
Hedging Transactions and Deri58
Hedging Transactions and Derivative Financial Instruments - Summary of Fair Value of the Aluminum Swap Assets and Liabilities (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 |
Derivative [Line Items] | ||
Net asset (liability) | $ (6.8) | $ (8) |
Aluminum Swaps [Member] | ||
Derivative [Line Items] | ||
Aluminum swap assets | 0 | 0 |
Aluminum swap liabilities | (5.3) | (8) |
Net asset (liability) | $ (5.3) | $ (8) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) £ in Millions, $ in Millions | Apr. 02, 2016USD ($) | Jan. 02, 2016USD ($) | May. 31, 2014GBP (£) |
Fair Value Measurements [Line Items] | |||
Fair value for the derivative assets | $ 0 | $ 0.6 | |
Fair value for the derivative liabilities | 6.8 | 8 | |
Aimia Foods Holdings Limited [Member] | |||
Fair Value Measurements [Line Items] | |||
Fair value of contingent consideration | £ | £ 10.6 | ||
Contingent consideration maximum payable amount | 22.9 | £ 16 | |
Level 2 [Member] | |||
Fair Value Measurements [Line Items] | |||
Fair value for the derivative assets | 0 | 0.6 | |
Fair value for the derivative liabilities | $ 6.8 | $ 8 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Senior notes, carrying value | $ 1,519.3 | $ 1,519.9 |
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 | 613.7 | 613 |
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 | 388.6 | 390.1 |
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 | 517 | 516.8 |
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 | 1,587.1 | 1,561.1 |
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 | 657 | 641.4 |
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 | 395.9 | 397.3 |
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 | $ 534.2 | $ 522.4 |
Fair Value Measurements - Car61
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Parenthetical) (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unamortized debt issuance costs | $ 19.6 | $ 20.6 |
10.000% Senior Notes Due in 2021 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Outstanding aggregate principal amount | 350 | |
Debt instrument, fair value | 406 | |
Debt instrument, unamortized premium | $ 56 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Business Acquisitions, Reconciliation of Fair Value of Contingent Consideration (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Fair Value Disclosures [Abstract] | ||
Fair value at beginning of period | $ 16.4 | $ 16.5 |
Foreign exchange gain | (0.5) | (0.7) |
Fair value at end of period | $ 15.9 | $ 15.8 |
Guarantor Subsidiaries (Cott Co
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Additional Information (Detail) | Jan. 02, 2016 |
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Guarantor Subsidiaries (Cott 64
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 | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | $ 698.4 | $ 709.8 |
Cost of sales | 484.4 | 508.5 |
Gross profit | 214 | 201.3 |
Selling, general and administrative expenses | 197 | 188.5 |
Loss (gain) on disposal of property, plant & equipment | 0.9 | 1.4 |
Acquisition and integration expenses | 1.4 | 4.7 |
Operating (loss) income | 14.7 | 6.7 |
Other (income) expense, net | (2.2) | (10.4) |
Interest expense, net | 27.8 | 27.7 |
Loss before income taxes | (10.9) | (10.6) |
Income tax (benefit) expense | (9) | (9.4) |
Net (loss) income | (1.9) | (1.2) |
Less: Net income attributable to non-controlling interests | 1.4 | 1.3 |
Comprehensive (loss) income attributed to Cott Corporation | (5.9) | (31.8) |
Convertible Preferred Shares [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Less: Accumulated dividends on convertible preferred shares | 2.7 | |
Non-convertible Preferred Shares [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Less: Accumulated dividends on convertible preferred shares | 0.8 | |
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 698.4 | 709.8 |
Cost of sales | 484.4 | 508.5 |
Gross profit | 214 | 201.3 |
Selling, general and administrative expenses | 197 | 188.5 |
Loss (gain) on disposal of property, plant & equipment | 0.9 | 1.4 |
Acquisition and integration expenses | 1.4 | 4.7 |
Operating (loss) income | 14.7 | 6.7 |
Other (income) expense, net | (2.2) | (10.4) |
Interest expense, net | 27.8 | 27.7 |
Loss before income taxes | (10.9) | (10.6) |
Income tax (benefit) expense | (9) | (9.4) |
Net (loss) income | (1.9) | (1.2) |
Less: Net income attributable to non-controlling interests | 1.4 | 1.3 |
Net (loss) income attributed to Cott Corporation | (3.3) | (6) |
Comprehensive (loss) income attributed to Cott Corporation | (5.9) | (31.8) |
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 preferred shares | 2.7 | |
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 preferred shares | 0.8 | |
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | (13.8) | (10.2) |
Cost of sales | (13.8) | (10.2) |
Equity (loss) income | 1.5 | 10.8 |
Net (loss) income | 1.5 | 10.8 |
Net (loss) income attributed to Cott Corporation | 1.5 | 10.8 |
Comprehensive (loss) income attributed to Cott Corporation | (23) | 27.4 |
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 33.8 | 30 |
Cost of sales | 29.7 | 27 |
Gross profit | 4.1 | 3 |
Selling, general and administrative expenses | 5.5 | 5.5 |
Operating (loss) income | (1.4) | (2.5) |
Other (income) expense, net | (1.6) | (10.5) |
Intercompany interest (income) expense, net | (3) | |
Interest expense, net | 0.2 | 0.1 |
Loss before income taxes | 10.9 | |
Income tax (benefit) expense | 1.2 | |
Equity (loss) income | (3.3) | (12.2) |
Net (loss) income | (3.3) | (2.5) |
Net (loss) income attributed to Cott Corporation | (3.3) | (6) |
Comprehensive (loss) income attributed to Cott Corporation | (5.9) | (31.8) |
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 preferred shares | 2.7 | |
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 preferred shares | 0.8 | |
DSS Group Inc [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 243.1 | 240.3 |
Cost of sales | 97.4 | 100.4 |
Gross profit | 145.7 | 139.9 |
Selling, general and administrative expenses | 137.2 | 137.2 |
Loss (gain) on disposal of property, plant & equipment | 1.8 | 1.1 |
Acquisition and integration expenses | 0.9 | 3 |
Operating (loss) income | 5.8 | (1.4) |
Other (income) expense, net | (1) | (0.2) |
Intercompany interest (income) expense, net | 10.8 | 10.9 |
Interest expense, net | 7.4 | 7.3 |
Loss before income taxes | (11.4) | (19.4) |
Income tax (benefit) expense | (4.2) | (7.2) |
Net (loss) income | (7.2) | (12.2) |
Net (loss) income attributed to Cott Corporation | (7.2) | (12.2) |
Comprehensive (loss) income attributed to Cott Corporation | (7.2) | (12.2) |
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 406.8 | 418.3 |
Cost of sales | 348.2 | 365.4 |
Gross profit | 58.6 | 52.9 |
Selling, general and administrative expenses | 51.6 | 42.7 |
Loss (gain) on disposal of property, plant & equipment | (0.9) | 0.3 |
Acquisition and integration expenses | 0.5 | 1.7 |
Operating (loss) income | 7.4 | 8.2 |
Other (income) expense, net | 0.4 | 0.2 |
Intercompany interest (income) expense, net | (10.8) | (7.9) |
Interest expense, net | 20.2 | 20.3 |
Loss before income taxes | (2.4) | (4.4) |
Income tax (benefit) expense | (4.9) | (3.5) |
Equity (loss) income | 1.8 | 1.4 |
Net (loss) income | 4.3 | 0.5 |
Net (loss) income attributed to Cott Corporation | 4.3 | 0.5 |
Comprehensive (loss) income attributed to Cott Corporation | 30.8 | (15.8) |
Non-Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 28.5 | 31.4 |
Cost of sales | 22.9 | 25.9 |
Gross profit | 5.6 | 5.5 |
Selling, general and administrative expenses | 2.7 | 3.1 |
Operating (loss) income | 2.9 | 2.4 |
Other (income) expense, net | 0.1 | |
Loss before income taxes | 2.9 | 2.3 |
Income tax (benefit) expense | 0.1 | 0.1 |
Net (loss) income | 2.8 | 2.2 |
Less: Net income attributable to non-controlling interests | 1.4 | 1.3 |
Net (loss) income attributed to Cott Corporation | 1.4 | 0.9 |
Comprehensive (loss) income attributed to Cott Corporation | $ (0.6) | $ 0.6 |
Guarantor Subsidiaries (Cott 65
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 | Apr. 04, 2015 | Jan. 03, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | $ 55.1 | $ 77.1 | $ 34.5 | $ 86.2 |
Accounts receivable, net of allowance | 320.4 | 293.3 | ||
Income taxes recoverable | 0.9 | 1.6 | ||
Inventories | 254.7 | 249.4 | ||
Prepaid expenses and other assets | 20.9 | 17.2 | ||
Total current assets | 652 | 638.6 | ||
Property, plant & equipment, net | 774.6 | 769.8 | ||
Goodwill | 779.8 | 759.6 | ||
Intangibles and other assets, net | 710.9 | 711.7 | ||
Deferred tax assets | 10.3 | 7.6 | ||
Total assets | 2,927.6 | 2,887.3 | ||
Short-term borrowings | 62.8 | 122 | ||
Current maturities of long-term debt | 3.4 | 3.4 | ||
Accounts payable and accrued liabilities | 420.7 | 437.6 | ||
Total current liabilities | 486.9 | 563 | ||
Long-term debt | 1,524.1 | 1,525.4 | ||
Deferred tax liabilities | 65.9 | 76.5 | ||
Other long-term liabilities | 71.8 | 76.5 | ||
Total liabilities | 2,148.7 | 2,241.4 | ||
Equity | ||||
Common shares, no par | 682.2 | 534.7 | ||
Additional paid-in-capital | 50.8 | 51.2 | ||
Retained earnings (deficit) | 119 | 129.6 | ||
Accumulated other comprehensive (loss) income | (78.8) | (76.2) | ||
Total Cott Corporation equity | 773.2 | 639.3 | ||
Non-controlling interests | 5.7 | 6.6 | ||
Total equity | 778.9 | 645.9 | 512.7 | 548.9 |
Total liabilities and equity | 2,927.6 | 2,887.3 | ||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 55.1 | 77.1 | 34.5 | 86.2 |
Accounts receivable, net of allowance | 320.4 | 293.3 | ||
Income taxes recoverable | 0.9 | 1.6 | ||
Inventories | 254.7 | 249.4 | ||
Prepaid expenses and other assets | 20.9 | 17.2 | ||
Total current assets | 652 | 638.6 | ||
Property, plant & equipment, net | 774.6 | 769.8 | ||
Goodwill | 779.8 | 759.6 | ||
Intangibles and other assets, net | 710.9 | 711.7 | ||
Deferred tax assets | 10.3 | 7.6 | ||
Total assets | 2,927.6 | 2,887.3 | ||
Short-term borrowings | 62.8 | 122 | ||
Current maturities of long-term debt | 3.4 | 3.4 | ||
Accounts payable and accrued liabilities | 420.7 | 437.6 | ||
Total current liabilities | 486.9 | 563 | ||
Long-term debt | 1,524.1 | 1,525.4 | ||
Deferred tax liabilities | 65.9 | 76.5 | ||
Other long-term liabilities | 71.8 | 76.5 | ||
Total liabilities | 2,148.7 | 2,241.4 | ||
Equity | ||||
Common shares, no par | 682.2 | 534.7 | ||
Additional paid-in-capital | 50.8 | 51.2 | ||
Retained earnings (deficit) | 119 | 129.6 | ||
Accumulated other comprehensive (loss) income | (78.8) | (76.2) | ||
Total Cott Corporation equity | 773.2 | 639.3 | ||
Non-controlling interests | 5.7 | 6.6 | ||
Total equity | 778.9 | 645.9 | ||
Total liabilities and equity | 2,927.6 | 2,887.3 | ||
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 | (61.2) | (45.2) | ||
Income taxes recoverable | (1.4) | |||
Total current assets | (62.6) | (45.2) | ||
Deferred tax assets | (44.3) | (38.2) | ||
Due from affiliates | (937.6) | (944.4) | ||
Investments in subsidiaries | (766.7) | (576.3) | ||
Total assets | (1,811.2) | (1,604.1) | ||
Accounts payable and accrued liabilities | (62.6) | (45.2) | ||
Total current liabilities | (62.6) | (45.2) | ||
Deferred tax liabilities | (44.3) | (38.2) | ||
Due to affiliates | (937.6) | (944.4) | ||
Total liabilities | (1,044.5) | (1,027.8) | ||
Equity | ||||
Common shares, no par | (1,245.6) | (1,077.2) | ||
Retained earnings (deficit) | 526.5 | 524 | ||
Accumulated other comprehensive (loss) income | (47.6) | (23.1) | ||
Total Cott Corporation equity | (766.7) | (576.3) | ||
Total equity | (766.7) | (576.3) | ||
Total liabilities and equity | (1,811.2) | (1,604.1) | ||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 4.9 | 20.8 | 0.3 | 6.2 |
Accounts receivable, net of allowance | 18.4 | 18.3 | ||
Inventories | 16.6 | 13 | ||
Prepaid expenses and other assets | 2.1 | 2.2 | ||
Total current assets | 42 | 54.3 | ||
Property, plant & equipment, net | 30.8 | 29.7 | ||
Goodwill | 21 | 19.8 | ||
Intangibles and other assets, net | 1 | 0.8 | ||
Deferred tax assets | 10.2 | 7.4 | ||
Due from affiliates | 393.2 | 400.1 | ||
Investments in subsidiaries | 366.6 | 176.3 | ||
Total assets | 864.8 | 688.4 | ||
Short-term borrowings | 30.7 | |||
Accounts payable and accrued liabilities | 59.3 | 47.6 | ||
Total current liabilities | 90 | 47.6 | ||
Other long-term liabilities | 0.5 | 0.5 | ||
Due to affiliates | 1.1 | 1 | ||
Total liabilities | 91.6 | 49.1 | ||
Equity | ||||
Common shares, no par | 682.2 | 534.7 | ||
Additional paid-in-capital | 50.8 | 51.2 | ||
Retained earnings (deficit) | 119 | 129.6 | ||
Accumulated other comprehensive (loss) income | (78.8) | (76.2) | ||
Total Cott Corporation equity | 773.2 | 639.3 | ||
Total equity | 773.2 | 639.3 | ||
Total liabilities and equity | 864.8 | 688.4 | ||
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 | 20.5 | 12.8 | 14.8 | 34.4 |
Accounts receivable, net of allowance | 112.4 | 122.6 | ||
Income taxes recoverable | 1.8 | 0.5 | ||
Inventories | 27.9 | 31.4 | ||
Prepaid expenses and other assets | 7.8 | 4.8 | ||
Total current assets | 170.4 | 172.1 | ||
Property, plant & equipment, net | 371.2 | 372.6 | ||
Goodwill | 579.2 | 579.1 | ||
Intangibles and other assets, net | 395.1 | 402.5 | ||
Total assets | 1,515.9 | 1,526.3 | ||
Accounts payable and accrued liabilities | 135.3 | 131.8 | ||
Total current liabilities | 135.3 | 131.8 | ||
Long-term debt | 388.6 | 390.1 | ||
Deferred tax liabilities | 93.2 | 97.7 | ||
Other long-term liabilities | 35.5 | 36.2 | ||
Due to affiliates | 543.3 | 543.3 | ||
Total liabilities | 1,195.9 | 1,199.1 | ||
Equity | ||||
Common shares, no par | 355.5 | 355.5 | ||
Retained earnings (deficit) | (35.3) | (28.1) | ||
Accumulated other comprehensive (loss) income | (0.2) | (0.2) | ||
Total Cott Corporation equity | 320 | 327.2 | ||
Total equity | 320 | 327.2 | ||
Total liabilities and equity | 1,515.9 | 1,526.3 | ||
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 25 | 38.4 | 14.8 | 38.2 |
Accounts receivable, net of allowance | 239.6 | 184.6 | ||
Income taxes recoverable | 0.3 | 0.9 | ||
Inventories | 203.8 | 199.4 | ||
Prepaid expenses and other assets | 10.6 | 10 | ||
Total current assets | 479.3 | 433.3 | ||
Property, plant & equipment, net | 366.1 | 360.8 | ||
Goodwill | 179.6 | 160.7 | ||
Intangibles and other assets, net | 313 | 305.6 | ||
Deferred tax assets | 44.2 | 38.2 | ||
Due from affiliates | 544.4 | 544.3 | ||
Investments in subsidiaries | 400.1 | 400 | ||
Total assets | 2,326.7 | 2,242.9 | ||
Short-term borrowings | 32.1 | 122 | ||
Current maturities of long-term debt | 3.2 | 3 | ||
Accounts payable and accrued liabilities | 280.9 | 295.1 | ||
Total current liabilities | 316.2 | 420.1 | ||
Long-term debt | 1,135.5 | 1,135.3 | ||
Deferred tax liabilities | 17 | 17 | ||
Other long-term liabilities | 34.6 | 38.7 | ||
Due to affiliates | 365 | 371.9 | ||
Total liabilities | 1,868.3 | 1,983 | ||
Equity | ||||
Common shares, no par | 849.9 | 683.1 | ||
Retained earnings (deficit) | (432.3) | (437.5) | ||
Accumulated other comprehensive (loss) income | 40.8 | 14.3 | ||
Total Cott Corporation equity | 458.4 | 259.9 | ||
Total equity | 458.4 | 259.9 | ||
Total liabilities and equity | 2,326.7 | 2,242.9 | ||
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 | 4.7 | 5.1 | $ 4.6 | $ 7.4 |
Accounts receivable, net of allowance | 11.2 | 13 | ||
Income taxes recoverable | 0.2 | 0.2 | ||
Inventories | 6.4 | 5.6 | ||
Prepaid expenses and other assets | 0.4 | 0.2 | ||
Total current assets | 22.9 | 24.1 | ||
Property, plant & equipment, net | 6.5 | 6.7 | ||
Intangibles and other assets, net | 1.8 | 2.8 | ||
Deferred tax assets | 0.2 | 0.2 | ||
Total assets | 31.4 | 33.8 | ||
Current maturities of long-term debt | 0.2 | 0.4 | ||
Accounts payable and accrued liabilities | 7.8 | 8.3 | ||
Total current liabilities | 8 | 8.7 | ||
Other long-term liabilities | 1.2 | 1.1 | ||
Due to affiliates | 28.2 | 28.2 | ||
Total liabilities | 37.4 | 38 | ||
Equity | ||||
Common shares, no par | 40.2 | 38.6 | ||
Retained earnings (deficit) | (58.9) | (58.4) | ||
Accumulated other comprehensive (loss) income | 7 | 9 | ||
Total Cott Corporation equity | (11.7) | (10.8) | ||
Non-controlling interests | 5.7 | 6.6 | ||
Total equity | (6) | (4.2) | ||
Total liabilities and equity | $ 31.4 | $ 33.8 |
Guarantor Subsidiaries (Cott 66
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | $ (18.7) | $ (1.1) |
Investing Activities | ||
Acquisition, net of cash received | (44.4) | |
Additions to property, plant & equipment | (29.5) | (27.3) |
Additions to intangibles and other assets | (2.3) | (2.1) |
Proceeds from sale of property, plant & equipment | 2.7 | 0.4 |
Net cash used in investing activities | (73.5) | (29) |
Financing Activities | ||
Payments of long-term debt | (1.1) | (0.8) |
Borrowings under ABL | 497.2 | 94.8 |
Payments under ABL | (558.3) | (102.8) |
Distributions to non-controlling interests | (2.3) | (2) |
Issuance of common shares | 144.1 | |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | (1.1) | (0.7) |
Dividends paid to common and preferred shareowners | (7.3) | (9) |
Net cash provided by (used in) financing activities | 71.2 | (20.4) |
Effect of exchange rate changes on cash | (1) | (1.2) |
Net (decrease) increase in cash & cash equivalents | (22) | (51.7) |
Cash & cash equivalents, beginning of period | 77.1 | 86.2 |
Cash & cash equivalents, end of period | 55.1 | 34.5 |
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (18.7) | (1.1) |
Investing Activities | ||
Acquisition, net of cash received | (44.4) | |
Additions to property, plant & equipment | (29.5) | (27.3) |
Additions to intangibles and other assets | (2.3) | (2.1) |
Proceeds from sale of property, plant & equipment | 2.7 | 0.4 |
Net cash used in investing activities | (73.5) | (29) |
Financing Activities | ||
Payments of long-term debt | (1.1) | (0.8) |
Borrowings under ABL | 497.2 | 94.8 |
Payments under ABL | (558.3) | (102.8) |
Distributions to non-controlling interests | (2.3) | (2) |
Issuance of common shares | 144.1 | |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | (1.1) | (0.7) |
Dividends paid to common shareowners | (7.3) | |
Dividends paid to common and preferred shareowners | (9) | |
Net cash provided by (used in) financing activities | 71.2 | (20.4) |
Effect of exchange rate changes on cash | (1) | (1.2) |
Net (decrease) increase in cash & cash equivalents | (22) | (51.7) |
Cash & cash equivalents, beginning of period | 77.1 | 86.2 |
Cash & cash equivalents, end of period | 55.1 | 34.5 |
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (2.4) | (4.2) |
Financing Activities | ||
Intercompany dividends | 2.4 | 4.2 |
Net cash provided by (used in) financing activities | 2.4 | 4.2 |
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (136.8) | 4.4 |
Investing Activities | ||
Acquisition, net of cash received | (43.2) | |
Additions to property, plant & equipment | (0.4) | (0.3) |
Additions to intangibles and other assets | (0.1) | |
Net cash used in investing activities | (43.7) | (0.3) |
Financing Activities | ||
Borrowings under ABL | 87.6 | |
Payments under ABL | (58.8) | |
Issuance of common shares | 144.1 | |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | (1.1) | (0.7) |
Dividends paid to common shareowners | (7.3) | |
Dividends paid to common and preferred shareowners | (9) | |
Net cash provided by (used in) financing activities | 164.5 | (9.6) |
Effect of exchange rate changes on cash | 0.1 | (0.4) |
Net (decrease) increase in cash & cash equivalents | (15.9) | (5.9) |
Cash & cash equivalents, beginning of period | 20.8 | 6.2 |
Cash & cash equivalents, end of period | 4.9 | 0.3 |
DSS Group Inc [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 26.1 | 0.6 |
Investing Activities | ||
Acquisition, net of cash received | (1.2) | |
Additions to property, plant & equipment | (16.8) | (18.4) |
Additions to intangibles and other assets | (0.5) | (1.8) |
Proceeds from sale of property, plant & equipment | 0.1 | |
Net cash used in investing activities | (18.4) | (20.2) |
Financing Activities | ||
Net (decrease) increase in cash & cash equivalents | 7.7 | (19.6) |
Cash & cash equivalents, beginning of period | 12.8 | 34.4 |
Cash & cash equivalents, end of period | 20.5 | 14.8 |
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 89.7 | (3.6) |
Investing Activities | ||
Additions to property, plant & equipment | (12) | (8.6) |
Additions to intangibles and other assets | (1.7) | (0.3) |
Proceeds from sale of property, plant & equipment | 2.6 | 0.4 |
Net cash used in investing activities | (11.1) | (8.5) |
Financing Activities | ||
Payments of long-term debt | (1) | (0.5) |
Borrowings under ABL | 409.6 | 94.8 |
Payments under ABL | (499.5) | (102.8) |
Intercompany dividends | (2.1) | |
Net cash provided by (used in) financing activities | (90.9) | (10.6) |
Effect of exchange rate changes on cash | (1.1) | (0.7) |
Net (decrease) increase in cash & cash equivalents | (13.4) | (23.4) |
Cash & cash equivalents, beginning of period | 38.4 | 38.2 |
Cash & cash equivalents, end of period | 25 | 14.8 |
Non-Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 4.7 | 1.7 |
Investing Activities | ||
Additions to property, plant & equipment | (0.3) | |
Net cash used in investing activities | (0.3) | |
Financing Activities | ||
Payments of long-term debt | (0.1) | (0.3) |
Distributions to non-controlling interests | (2.3) | (2) |
Intercompany dividends | (2.4) | (2.1) |
Net cash provided by (used in) financing activities | (4.8) | (4.4) |
Effect of exchange rate changes on cash | (0.1) | |
Net (decrease) increase in cash & cash equivalents | (0.4) | (2.8) |
Cash & cash equivalents, beginning of period | 5.1 | 7.4 |
Cash & cash equivalents, end of period | $ 4.7 | $ 4.6 |
Guarantor Subsidiaries (Cott 67
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Additional Information (Detail) | Apr. 02, 2016 |
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 (Cott 68
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 | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | $ 698.4 | $ 709.8 |
Cost of sales | 484.4 | 508.5 |
Gross profit | 214 | 201.3 |
Selling, general and administrative expenses | 197 | 188.5 |
Loss on disposal of property, plant & equipment | 0.9 | 1.4 |
Acquisition and integration expenses | 1.4 | 4.7 |
Operating (loss) income | 14.7 | 6.7 |
Other (income) expense, net | (2.2) | (10.4) |
Interest expense, net | 27.8 | 27.7 |
Loss before income taxes | (10.9) | (10.6) |
Income tax (benefit) expense | (9) | (9.4) |
Net (loss) income | (1.9) | (1.2) |
Less: Net income attributable to non-controlling interests | 1.4 | 1.3 |
Comprehensive (loss) income attributed to Cott Corporation | (5.9) | (31.8) |
Convertible Preferred Shares [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Less: Accumulated dividends on convertible preferred shares | 2.7 | |
Non-convertible Preferred Shares [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Less: Accumulated dividends on convertible preferred shares | 0.8 | |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 698.4 | 709.8 |
Cost of sales | 484.4 | 508.5 |
Gross profit | 214 | 201.3 |
Selling, general and administrative expenses | 197 | 188.5 |
Loss on disposal of property, plant & equipment | 0.9 | 1.4 |
Acquisition and integration expenses | 1.4 | 4.7 |
Operating (loss) income | 14.7 | 6.7 |
Other (income) expense, net | (2.2) | (10.4) |
Interest expense, net | 27.8 | 27.7 |
Loss before income taxes | (10.9) | (10.6) |
Income tax (benefit) expense | (9) | (9.4) |
Net (loss) income | (1.9) | (1.2) |
Less: Net income attributable to non-controlling interests | 1.4 | 1.3 |
Net (loss) income attributed to Cott Corporation | (3.3) | (6) |
Comprehensive (loss) income attributed to Cott Corporation | (5.9) | (31.8) |
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 preferred shares | 2.7 | |
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 preferred shares | 0.8 | |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | (13.8) | (10.2) |
Cost of sales | (13.8) | (10.2) |
Equity (loss) income | 1.5 | 10.8 |
Net (loss) income | 1.5 | 10.8 |
Net (loss) income attributed to Cott Corporation | 1.5 | 10.8 |
Comprehensive (loss) income attributed to Cott Corporation | (23) | 42.7 |
Cott Corporation [Member] | Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 33.8 | 30 |
Cost of sales | 29.7 | 27 |
Gross profit | 4.1 | 3 |
Selling, general and administrative expenses | 5.5 | 5.5 |
Operating (loss) income | (1.4) | (2.5) |
Other (income) expense, net | (1.6) | (10.5) |
Intercompany interest (income) expense, net | (3) | |
Interest expense, net | 0.2 | 0.1 |
Loss before income taxes | 10.9 | |
Income tax (benefit) expense | 1.2 | |
Equity (loss) income | (3.3) | (12.2) |
Net (loss) income | (3.3) | (2.5) |
Net (loss) income attributed to Cott Corporation | (3.3) | (6) |
Comprehensive (loss) income attributed to Cott Corporation | (5.9) | (31.8) |
Cott Corporation [Member] | 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 preferred shares | 2.7 | |
Cott Corporation [Member] | 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 preferred shares | 0.8 | |
Cott Beverages Inc. [Member] | Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 168.9 | 170 |
Cost of sales | 146 | 145.8 |
Gross profit | 22.9 | 24.2 |
Selling, general and administrative expenses | 28.1 | 23.8 |
Loss on disposal of property, plant & equipment | 0.3 | 0.3 |
Acquisition and integration expenses | 0.3 | 1.5 |
Operating (loss) income | (5.8) | (1.4) |
Other (income) expense, net | (0.1) | |
Intercompany interest (income) expense, net | (11.4) | (12.2) |
Interest expense, net | 20.1 | 20.1 |
Loss before income taxes | (14.4) | (9.3) |
Income tax (benefit) expense | (5.6) | (4.6) |
Equity (loss) income | 1.5 | 1.4 |
Net (loss) income | (7.3) | (3.3) |
Net (loss) income attributed to Cott Corporation | (7.3) | (3.3) |
Comprehensive (loss) income attributed to Cott Corporation | (7.4) | (22.8) |
Guarantor Subsidiaries [Member] | Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 481 | 488.6 |
Cost of sales | 299.6 | 320 |
Gross profit | 181.4 | 168.6 |
Selling, general and administrative expenses | 160.7 | 156.1 |
Loss on disposal of property, plant & equipment | 0.6 | 1.1 |
Acquisition and integration expenses | 1.1 | 3.2 |
Operating (loss) income | 19 | 8.2 |
Other (income) expense, net | (0.5) | |
Intercompany interest (income) expense, net | 11.4 | 15.2 |
Interest expense, net | 7.5 | 7.5 |
Loss before income taxes | 0.6 | (14.5) |
Income tax (benefit) expense | (3.5) | (6.1) |
Equity (loss) income | 0.3 | |
Net (loss) income | 4.4 | (8.4) |
Net (loss) income attributed to Cott Corporation | 4.4 | (8.4) |
Comprehensive (loss) income attributed to Cott Corporation | 31 | (20.5) |
Non-Guarantor Subsidiaries [Member] | Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Revenue, net | 28.5 | 31.4 |
Cost of sales | 22.9 | 25.9 |
Gross profit | 5.6 | 5.5 |
Selling, general and administrative expenses | 2.7 | 3.1 |
Operating (loss) income | 2.9 | 2.4 |
Other (income) expense, net | 0.1 | |
Loss before income taxes | 2.9 | 2.3 |
Income tax (benefit) expense | 0.1 | 0.1 |
Net (loss) income | 2.8 | 2.2 |
Less: Net income attributable to non-controlling interests | 1.4 | 1.3 |
Net (loss) income attributed to Cott Corporation | 1.4 | 0.9 |
Comprehensive (loss) income attributed to Cott Corporation | $ (0.6) | $ 0.6 |
Guarantor Subsidiaries (Cott 69
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Consolidating Balance Sheets (Detail) - USD ($) $ in Millions | Apr. 02, 2016 | Jan. 02, 2016 | Apr. 04, 2015 | Jan. 03, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | $ 55.1 | $ 77.1 | $ 34.5 | $ 86.2 |
Accounts receivable, net of allowance | 320.4 | 293.3 | ||
Income taxes recoverable | 0.9 | 1.6 | ||
Inventories | 254.7 | 249.4 | ||
Prepaid expenses and other assets | 20.9 | 17.2 | ||
Total current assets | 652 | 638.6 | ||
Property, plant & equipment, net | 774.6 | 769.8 | ||
Goodwill | 779.8 | 759.6 | ||
Intangibles and other assets, net | 710.9 | 711.7 | ||
Deferred tax assets | 10.3 | 7.6 | ||
Total assets | 2,927.6 | 2,887.3 | ||
Short-term borrowings | 62.8 | 122 | ||
Current maturities of long-term debt | 3.4 | 3.4 | ||
Accounts payable and accrued liabilities | 420.7 | 437.6 | ||
Total current liabilities | 486.9 | 563 | ||
Long-term debt | 1,524.1 | 1,525.4 | ||
Deferred tax liabilities | 65.9 | 76.5 | ||
Other long-term liabilities | 71.8 | 76.5 | ||
Total liabilities | 2,148.7 | 2,241.4 | ||
Equity | ||||
Common shares, no par | 682.2 | 534.7 | ||
Additional paid-in-capital | 50.8 | 51.2 | ||
Retained earnings (deficit) | 119 | 129.6 | ||
Accumulated other comprehensive (loss) income | (78.8) | (76.2) | ||
Total Cott Corporation equity | 773.2 | 639.3 | ||
Non-controlling interests | 5.7 | 6.6 | ||
Total equity | 778.9 | 645.9 | 512.7 | 548.9 |
Total liabilities and equity | 2,927.6 | 2,887.3 | ||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 55.1 | 77.1 | 34.5 | 86.2 |
Accounts receivable, net of allowance | 320.4 | 293.3 | ||
Income taxes recoverable | 0.9 | 1.6 | ||
Inventories | 254.7 | 249.4 | ||
Prepaid expenses and other assets | 20.9 | 17.2 | ||
Total current assets | 652 | 638.6 | ||
Property, plant & equipment, net | 774.6 | 769.8 | ||
Goodwill | 779.8 | 759.6 | ||
Intangibles and other assets, net | 710.9 | 711.7 | ||
Deferred tax assets | 10.3 | 7.6 | ||
Total assets | 2,927.6 | 2,887.3 | ||
Short-term borrowings | 62.8 | 122 | ||
Current maturities of long-term debt | 3.4 | 3.4 | ||
Accounts payable and accrued liabilities | 420.7 | 437.6 | ||
Total current liabilities | 486.9 | 563 | ||
Long-term debt | 1,524.1 | 1,525.4 | ||
Deferred tax liabilities | 65.9 | 76.5 | ||
Other long-term liabilities | 71.8 | 76.5 | ||
Total liabilities | 2,148.7 | 2,241.4 | ||
Equity | ||||
Common shares, no par | 682.2 | 534.7 | ||
Additional paid-in-capital | 50.8 | 51.2 | ||
Retained earnings (deficit) | 119 | 129.6 | ||
Accumulated other comprehensive (loss) income | (78.8) | (76.2) | ||
Total Cott Corporation equity | 773.2 | 639.3 | ||
Non-controlling interests | 5.7 | 6.6 | ||
Total equity | 778.9 | 645.9 | ||
Total liabilities and equity | 2,927.6 | 2,887.3 | ||
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 | (184.1) | (163.1) | ||
Income taxes recoverable | (1.4) | |||
Total current assets | (185.5) | (163.1) | ||
Deferred tax assets | (44.3) | (38.2) | ||
Due from affiliates | (1,122) | (990.2) | ||
Investments in subsidiaries | (1,916.5) | (1,726.1) | ||
Total assets | (3,268.3) | (2,917.6) | ||
Accounts payable and accrued liabilities | (185.5) | (163.1) | ||
Total current liabilities | (185.5) | (163.1) | ||
Deferred tax liabilities | (44.3) | (38.2) | ||
Due to affiliates | (1,122) | (990.2) | ||
Total liabilities | (1,351.8) | (1,191.5) | ||
Equity | ||||
Common shares, no par | (2,395.4) | (2,227) | ||
Retained earnings (deficit) | 526.5 | 524 | ||
Accumulated other comprehensive (loss) income | (47.6) | (23.1) | ||
Total Cott Corporation equity | (1,916.5) | (1,726.1) | ||
Total equity | (1,916.5) | (1,726.1) | ||
Total liabilities and equity | (3,268.3) | (2,917.6) | ||
Cott Corporation [Member] | Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 4.9 | 20.8 | 0.3 | 6.2 |
Accounts receivable, net of allowance | 18.4 | 18.3 | ||
Inventories | 16.6 | 13 | ||
Prepaid expenses and other assets | 2.1 | 2.2 | ||
Total current assets | 42 | 54.3 | ||
Property, plant & equipment, net | 30.8 | 29.7 | ||
Goodwill | 21 | 19.8 | ||
Intangibles and other assets, net | 1 | 0.8 | ||
Deferred tax assets | 10.2 | 7.4 | ||
Due from affiliates | 393.2 | 400.1 | ||
Investments in subsidiaries | 366.6 | 176.3 | ||
Total assets | 864.8 | 688.4 | ||
Short-term borrowings | 30.7 | |||
Accounts payable and accrued liabilities | 59.3 | 47.6 | ||
Total current liabilities | 90 | 47.6 | ||
Other long-term liabilities | 0.5 | 0.5 | ||
Due to affiliates | 1.1 | 1 | ||
Total liabilities | 91.6 | 49.1 | ||
Equity | ||||
Common shares, no par | 682.2 | 534.7 | ||
Additional paid-in-capital | 50.8 | 51.2 | ||
Retained earnings (deficit) | 119 | 129.6 | ||
Accumulated other comprehensive (loss) income | (78.8) | (76.2) | ||
Total Cott Corporation equity | 773.2 | 639.3 | ||
Total equity | 773.2 | 639.3 | ||
Total liabilities and equity | 864.8 | 688.4 | ||
Cott Beverages Inc. [Member] | Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 1 | 1 | 1.4 | 8.6 |
Accounts receivable, net of allowance | 94.7 | 63.3 | ||
Income taxes recoverable | 0.6 | |||
Inventories | 78 | 76.7 | ||
Prepaid expenses and other assets | 6.3 | 4.6 | ||
Total current assets | 180 | 146.2 | ||
Property, plant & equipment, net | 160.3 | 163.3 | ||
Goodwill | 4.5 | 4.5 | ||
Intangibles and other assets, net | 79.6 | 79.2 | ||
Deferred tax assets | 44.2 | 38.2 | ||
Due from affiliates | 586.2 | 587.5 | ||
Investments in subsidiaries | 847.3 | 847.3 | ||
Total assets | 1,902.1 | 1,866.2 | ||
Short-term borrowings | 32.1 | 122 | ||
Current maturities of long-term debt | 2.7 | 2.6 | ||
Accounts payable and accrued liabilities | 227.1 | 234.6 | ||
Total current liabilities | 261.9 | 359.2 | ||
Long-term debt | 1,134.2 | 1,134.1 | ||
Other long-term liabilities | 19.7 | 20 | ||
Due to affiliates | 141.6 | 1.6 | ||
Total liabilities | 1,557.4 | 1,514.9 | ||
Equity | ||||
Common shares, no par | 701.4 | 701.5 | ||
Retained earnings (deficit) | (339.9) | (333.5) | ||
Accumulated other comprehensive (loss) income | (16.8) | (16.7) | ||
Total Cott Corporation equity | 344.7 | 351.3 | ||
Total equity | 344.7 | 351.3 | ||
Total liabilities and equity | 1,902.1 | 1,866.2 | ||
Guarantor Subsidiaries [Member] | Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 44.5 | 50.2 | 28.2 | 64 |
Accounts receivable, net of allowance | 380.2 | 361.8 | ||
Income taxes recoverable | 2.1 | 0.8 | ||
Inventories | 153.7 | 154.1 | ||
Prepaid expenses and other assets | 12.1 | 10.2 | ||
Total current assets | 592.6 | 577.1 | ||
Property, plant & equipment, net | 577 | 570.1 | ||
Goodwill | 754.3 | 735.3 | ||
Intangibles and other assets, net | 628.5 | 628.9 | ||
Due from affiliates | 142.6 | 2.6 | ||
Investments in subsidiaries | 702.6 | 702.5 | ||
Total assets | 3,397.6 | 3,216.5 | ||
Current maturities of long-term debt | 0.5 | 0.4 | ||
Accounts payable and accrued liabilities | 312 | 310.2 | ||
Total current liabilities | 312.5 | 310.6 | ||
Long-term debt | 389.9 | 391.3 | ||
Deferred tax liabilities | 110.2 | 114.7 | ||
Other long-term liabilities | 50.4 | 54.9 | ||
Due to affiliates | 951.1 | 959.4 | ||
Total liabilities | 1,814.1 | 1,830.9 | ||
Equity | ||||
Common shares, no par | 1,653.8 | 1,486.9 | ||
Retained earnings (deficit) | (127.7) | (132.1) | ||
Accumulated other comprehensive (loss) income | 57.4 | 30.8 | ||
Total Cott Corporation equity | 1,583.5 | 1,385.6 | ||
Total equity | 1,583.5 | 1,385.6 | ||
Total liabilities and equity | 3,397.6 | 3,216.5 | ||
Non-Guarantor Subsidiaries [Member] | Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 4.7 | 5.1 | $ 4.6 | $ 7.4 |
Accounts receivable, net of allowance | 11.2 | 13 | ||
Income taxes recoverable | 0.2 | 0.2 | ||
Inventories | 6.4 | 5.6 | ||
Prepaid expenses and other assets | 0.4 | 0.2 | ||
Total current assets | 22.9 | 24.1 | ||
Property, plant & equipment, net | 6.5 | 6.7 | ||
Intangibles and other assets, net | 1.8 | 2.8 | ||
Deferred tax assets | 0.2 | 0.2 | ||
Total assets | 31.4 | 33.8 | ||
Current maturities of long-term debt | 0.2 | 0.4 | ||
Accounts payable and accrued liabilities | 7.8 | 8.3 | ||
Total current liabilities | 8 | 8.7 | ||
Other long-term liabilities | 1.2 | 1.1 | ||
Due to affiliates | 28.2 | 28.2 | ||
Total liabilities | 37.4 | 38 | ||
Equity | ||||
Common shares, no par | 40.2 | 38.6 | ||
Retained earnings (deficit) | (58.9) | (58.4) | ||
Accumulated other comprehensive (loss) income | 7 | 9 | ||
Total Cott Corporation equity | (11.7) | (10.8) | ||
Non-controlling interests | 5.7 | 6.6 | ||
Total equity | (6) | (4.2) | ||
Total liabilities and equity | $ 31.4 | $ 33.8 |
Guarantor Subsidiaries (Cott 70
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 02, 2016 | Apr. 04, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | $ (18.7) | $ (1.1) |
Investing Activities | ||
Acquisition, net of cash received | (44.4) | |
Additions to property, plant & equipment | (29.5) | (27.3) |
Additions to intangibles and other assets | (2.3) | (2.1) |
Proceeds from sale of property, plant & equipment | 2.7 | 0.4 |
Net cash used in investing activities | (73.5) | (29) |
Financing Activities | ||
Payments of long-term debt | (1.1) | (0.8) |
Borrowings under ABL | 497.2 | 94.8 |
Payments under ABL | (558.3) | (102.8) |
Distributions to non-controlling interests | (2.3) | (2) |
Issuance of common shares | 144.1 | |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | (1.1) | (0.7) |
Dividends paid to common and preferred shareowners | (7.3) | (9) |
Net cash provided by (used in) financing activities | 71.2 | (20.4) |
Effect of exchange rate changes on cash | (1) | (1.2) |
Net decrease in cash & cash equivalents | (22) | (51.7) |
Cash & cash equivalents, beginning of period | 77.1 | 86.2 |
Cash & cash equivalents, end of period | 55.1 | 34.5 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (18.7) | (1.1) |
Investing Activities | ||
Acquisition, net of cash received | (44.4) | |
Additions to property, plant & equipment | (29.5) | (27.3) |
Additions to intangibles and other assets | (2.3) | (2.1) |
Proceeds from sale of property, plant & equipment | 2.7 | 0.4 |
Net cash used in investing activities | (73.5) | (29) |
Financing Activities | ||
Payments of long-term debt | (1.1) | (0.8) |
Borrowings under ABL | 497.2 | 94.8 |
Payments under ABL | (558.3) | (102.8) |
Distributions to non-controlling interests | (2.3) | (2) |
Issuance of common shares | 144.1 | |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | (1.1) | (0.7) |
Dividends paid to common and preferred shareowners | (7.3) | (9) |
Net cash provided by (used in) financing activities | 71.2 | (20.4) |
Effect of exchange rate changes on cash | (1) | (1.2) |
Net decrease in cash & cash equivalents | (22) | (51.7) |
Cash & cash equivalents, beginning of period | 77.1 | 86.2 |
Cash & cash equivalents, end of period | 55.1 | 34.5 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (2.4) | (4.2) |
Financing Activities | ||
Intercompany dividends | 2.4 | 4.2 |
Net cash provided by (used in) financing activities | 2.4 | 4.2 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Corporation [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | (136.8) | 4.4 |
Investing Activities | ||
Acquisition, net of cash received | (43.2) | |
Additions to property, plant & equipment | (0.4) | (0.3) |
Additions to intangibles and other assets | (0.1) | |
Net cash used in investing activities | (43.7) | (0.3) |
Financing Activities | ||
Borrowings under ABL | 87.6 | |
Payments under ABL | (58.8) | |
Issuance of common shares | 144.1 | |
Proceeds from the exercise of options for common shares, net | 0.1 | |
Common shares repurchased and cancelled | (1.1) | (0.7) |
Dividends paid to common and preferred shareowners | (7.3) | (9) |
Net cash provided by (used in) financing activities | 164.5 | (9.6) |
Effect of exchange rate changes on cash | 0.1 | (0.4) |
Net decrease in cash & cash equivalents | (15.9) | (5.9) |
Cash & cash equivalents, beginning of period | 20.8 | 6.2 |
Cash & cash equivalents, end of period | 4.9 | 0.3 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Beverages Inc. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 99 | 16.9 |
Investing Activities | ||
Additions to property, plant & equipment | (6.7) | (6.9) |
Additions to intangibles and other assets | (1.7) | (0.3) |
Proceeds from sale of property, plant & equipment | 0.4 | |
Net cash used in investing activities | (8.4) | (6.8) |
Financing Activities | ||
Payments of long-term debt | (0.7) | (0.4) |
Borrowings under ABL | 409.6 | 85.9 |
Payments under ABL | (499.5) | (102.8) |
Net cash provided by (used in) financing activities | (90.6) | (17.3) |
Net decrease in cash & cash equivalents | 0 | (7.2) |
Cash & cash equivalents, beginning of period | 1 | 8.6 |
Cash & cash equivalents, end of period | 1 | 1.4 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 16.8 | (19.9) |
Investing Activities | ||
Acquisition, net of cash received | (1.2) | |
Additions to property, plant & equipment | (22.1) | (20.1) |
Additions to intangibles and other assets | (0.5) | (1.8) |
Proceeds from sale of property, plant & equipment | 2.7 | |
Net cash used in investing activities | (21.1) | (21.9) |
Financing Activities | ||
Payments of long-term debt | (0.3) | (0.1) |
Borrowings under ABL | 8.9 | |
Intercompany dividends | (2.1) | |
Net cash provided by (used in) financing activities | (0.3) | 6.7 |
Effect of exchange rate changes on cash | (1.1) | (0.7) |
Net decrease in cash & cash equivalents | (5.7) | (35.8) |
Cash & cash equivalents, beginning of period | 50.2 | 64 |
Cash & cash equivalents, end of period | 44.5 | 28.2 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Net cash (used in) provided by operating activities | 4.7 | 1.7 |
Investing Activities | ||
Additions to property, plant & equipment | (0.3) | |
Net cash used in investing activities | (0.3) | |
Financing Activities | ||
Payments of long-term debt | (0.1) | (0.3) |
Distributions to non-controlling interests | (2.3) | (2) |
Intercompany dividends | (2.4) | (2.1) |
Net cash provided by (used in) financing activities | (4.8) | (4.4) |
Effect of exchange rate changes on cash | (0.1) | |
Net decrease in cash & cash equivalents | (0.4) | (2.8) |
Cash & cash equivalents, beginning of period | 5.1 | 7.4 |
Cash & cash equivalents, end of period | $ 4.7 | $ 4.6 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | May. 03, 2016 | Apr. 02, 2016 | Apr. 04, 2015 |
Subsequent Event [Line Items] | |||
Dividends declared per share | $ 0.06 | $ 0.06 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Dividends declared per share | $ 0.06 | ||
Dividend declared date | May 3, 2016 | ||
Dividend declared payable date | Jun. 15, 2016 | ||
Dividend payable, record date | Jun. 3, 2016 |