Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jul. 02, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | COT | ||
Entity Registrant Name | COTT CORP /CN/ | ||
Entity Central Index Key | 884,713 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 138,889,313 | ||
Entity Public Float | $ 941.1 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions | Jan. 03, 2015 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 |
Revenue, net | $ 887.4 | $ 885.1 | $ 765 | $ 698.4 | $ 698.8 | $ 755.6 | $ 779.8 | $ 709.8 | $ 3,235.9 | $ 2,944 | $ 2,102.8 | |
Cost of sales | 585.6 | 579.3 | 512.4 | 484.4 | 477.7 | 523.1 | 539.2 | 508.5 | 2,161.7 | 2,048.5 | 1,826.3 | |
Gross profit | 301.8 | 305.8 | 252.6 | 214 | 221.1 | 232.5 | 240.6 | 201.3 | 1,074.2 | 895.5 | 276.5 | |
Selling, general and administrative expenses | 296 | 263 | 202.1 | 197 | 193.7 | 196.2 | 190.2 | 188.5 | 958.1 | 768.6 | 213.7 | |
Loss on disposal of property, plant & equipment, net | 2.2 | 0.8 | 2.2 | 0.9 | 4.2 | 1.1 | 0.2 | 1.4 | 6.1 | 6.9 | 1.7 | |
Restructuring | 2.4 | |||||||||||
Asset impairments | 0 | 0 | 1.7 | |||||||||
Acquisition and integration expenses | 7.3 | 7.4 | 11.7 | 1.4 | 5.2 | 6.6 | 4.1 | 4.7 | 27.8 | 20.6 | 41.3 | |
Operating income | $ 1.1 | (3.7) | 34.6 | 36.6 | 14.7 | 18 | 28.6 | 46.1 | 6.7 | 82.2 | 99.4 | 15.7 |
Other expense (income), net | 3.9 | (9.5) | 21 | |||||||||
Interest expense, net | 124.2 | 111 | 39.7 | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (45.9) | (2.1) | (45) | |||||||||
Income tax expense (benefit) | 25.6 | (22.7) | (61.4) | |||||||||
Net (loss) income | (71.5) | 20.6 | 16.4 | |||||||||
Less: Net income attributable to non-controlling interests | 6.3 | 6.1 | 5.6 | |||||||||
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||||||||||
Net (loss) income attributed to Cott Corporation | $ (79.8) | $ (2.6) | $ 7.4 | $ (2.8) | $ (4.4) | $ 4.8 | $ 2.2 | $ (6) | $ (77.8) | $ (3.4) | $ 10 | |
Net (loss) income per common share attributed to Cott Corporation | ||||||||||||
Basic | $ (0.58) | $ (0.02) | $ 0.06 | $ (0.02) | $ (0.04) | $ 0.04 | $ 0.02 | $ (0.06) | $ (0.61) | $ (0.03) | $ 0.11 | |
Diluted | $ (0.58) | $ (0.02) | $ 0.06 | $ (0.02) | $ (0.04) | $ 0.04 | $ 0.02 | $ (0.06) | $ (0.61) | $ (0.03) | $ 0.10 | |
Weighted average outstanding shares (thousands) attributed to Cott Corporation | ||||||||||||
Basic | 128,290 | 103,037 | 93,777 | |||||||||
Diluted | 128,290 | 103,037 | 95,900 | |||||||||
Dividends declared per common share | $ 0.24 | $ 0.24 | $ 0.24 | |||||||||
Convertible Preferred Shares [Member] | ||||||||||||
Less: Accumulated dividends on convertible preferred shares | $ 4.5 | $ 0.6 | ||||||||||
Non-convertible Preferred Shares [Member] | ||||||||||||
Less: Accumulated dividends on convertible preferred shares | $ 1.4 | $ 0.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | ||
Net (loss) income | $ (71.5) | $ 20.6 | $ 16.4 | |
Other comprehensive (loss) income: | ||||
Currency translation adjustment | (42) | (23) | (29.9) | |
Pension benefit plan, net of tax | [1] | (4.3) | 2.3 | (4) |
Unrealized gain (loss) on derivative instruments, net of tax | [2] | 4.6 | (4.9) | |
Total other comprehensive loss | (41.7) | (25.6) | (33.9) | |
Comprehensive loss | (113.2) | (5) | (17.5) | |
Less: Comprehensive income attributable to non-controlling interests | 6.3 | 6.4 | 5.9 | |
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||
Comprehensive loss attributed to Cott Corporation | $ (119.5) | (29.3) | (23.4) | |
Convertible Preferred Shares [Member] | ||||
Other comprehensive (loss) income: | ||||
Less: Accumulated dividends on convertible preferred shares | 4.5 | 0.6 | ||
Non-convertible Preferred Shares [Member] | ||||
Other comprehensive (loss) income: | ||||
Less: Accumulated dividends on convertible preferred shares | $ 1.4 | $ 0.2 | ||
[1] | Net of the effect of a $0.3 million tax benefit, $1.0 million tax expense and $0.4 million tax benefit for the years ended December 31, 2016, January 2, 2016 and January 3, 2015, respectively. | |||
[2] | Net of the effect of a $2.5 million tax benefit for the year ended January 2, 2016. |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Pension benefit plan, tax expense (benefit) | $ 0.3 | $ 1 | $ 0.4 |
Derivative instruments, tax (benefit) expense | $ 2.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
ASSETS | ||
Cash & cash equivalents | $ 118.1 | $ 77.1 |
Accounts receivable, net of allowance of $8.8 ($9.2 as of January 2, 2016) | 403.9 | 293.3 |
Inventories | 301.4 | 249.4 |
Prepaid expenses and other current assets | 29.8 | 18.8 |
Total current assets | 853.2 | 638.6 |
Property, plant & equipment, net | 929.9 | 769.8 |
Goodwill | 1,175.4 | 759.6 |
Intangible assets, net | 939.7 | 684.1 |
Deferred tax assets | 0.2 | 7.6 |
Other long-term assets, net | 41.3 | 27.6 |
Total assets | 3,939.7 | 2,887.3 |
LIABILITIES AND EQUITY | ||
Short-term borrowings | 207 | 122 |
Current maturities of long-term debt | 5.7 | 3.4 |
Accounts payable and accrued liabilities | 597.4 | 437.6 |
Total current liabilities | 810.1 | 563 |
Long-term debt | 1,988 | 1,525.4 |
Deferred tax liabilities | 157.8 | 76.5 |
Other long-term liabilities | 110 | 76.5 |
Total liabilities | 3,065.9 | 2,241.4 |
Commitments and contingencies-Note 18 | ||
Equity | ||
Common shares, no par - 138,591,100 shares issued (January 2, 2016 - 109,695,435 shares issued) | 909.3 | 534.7 |
Additional paid-in-capital | 54.2 | 51.2 |
Retained earnings | 22.9 | 129.6 |
Accumulated other comprehensive loss | (117.9) | (76.2) |
Total Cott Corporation equity | 868.5 | 639.3 |
Non-controlling interests | 5.3 | 6.6 |
Total equity | 873.8 | 645.9 |
Total liabilities and equity | $ 3,939.7 | $ 2,887.3 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 8.8 | $ 9.2 |
Capital stock, no par value | ||
Capital stock, shares issued | 138,591,100 | 109,695,435 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Operating Activities | |||
Net (loss) income | $ (71.5) | $ 20.6 | $ 16.4 |
Depreciation & amortization | 238.7 | 223.8 | 110.7 |
Amortization of financing fees | 5.6 | 4.8 | 2.5 |
Amortization of senior notes premium | (5.9) | (5.6) | (0.4) |
Share-based compensation expense | 9.4 | 10.3 | 5.8 |
Provision (benefit) for deferred income taxes | 21.2 | (30.4) | (65.8) |
Unrealized commodity hedging loss (gain), net | 9.8 | (1.2) | 1.2 |
Loss on disposal of property, plant & equipment, net | 6.1 | 6.9 | 1.7 |
Write-off of financing fees and discount | 4.1 | ||
Asset impairments | 0 | 0 | 1.7 |
Other non-cash items | 9.2 | (8.2) | (0.9) |
Change in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 18.5 | 4.5 | 1.5 |
Inventories | 22.6 | 6.5 | 12.9 |
Prepaid expenses and other current assets | (3.1) | 30.8 | (25.2) |
Other assets | (0.5) | (8.5) | 1.7 |
Accounts payable and accrued liabilities, and other liabilities | 12.8 | (3.3) | (6.8) |
Income taxes recoverable | (3.1) | 3.6 | (4.4) |
Net cash provided by operating activities | 269.8 | 254.6 | 56.7 |
Investing Activities | |||
Acquisitions, net of cash received | (959.4) | (24) | (798.5) |
Additions to property, plant & equipment | (139.8) | (110.8) | (46.7) |
Additions to intangible assets | (8.1) | (4.6) | (6.9) |
Proceeds from sale of property, plant & equipment and sale-leaseback | 8.8 | 40.9 | 1.8 |
Proceeds from insurance recoveries | 1.5 | ||
Other investing activities | 0.4 | (1.2) | |
Net cash used in investing activities | (1,096.6) | (99.7) | (850.3) |
Financing Activities | |||
Payments of long-term debt | (3.6) | (3.7) | (393.6) |
Issuance of long-term debt | 498.7 | 1,150 | |
Borrowings under ABL | 2,403.2 | 994.5 | 959 |
Payments under ABL | (2,320.3) | (1,101.8) | (779.6) |
Distributions to non-controlling interests | (7.7) | (8.5) | (8.5) |
Issuance of common shares | 366.8 | 143.1 | |
Financing fees | (13.5) | (0.6) | (24) |
Preferred shares repurchased and cancelled | (148.8) | ||
Common shares repurchased and cancelled | (5.7) | (0.8) | (12.1) |
Dividends to common and preferred shareholders | (31.4) | (31) | (22.8) |
Payment of deferred consideration for acquisitions | (10.8) | (2.5) | (32.4) |
Other financing activities | (0.3) | ||
Net cash provided by (used in) financing activities | 875.7 | (160.1) | 835.7 |
Effect of exchange rate changes on cash | (7.9) | (3.9) | (3.1) |
Net increase (decrease) in cash & cash equivalents | 41 | (9.1) | 39 |
Cash & cash equivalents, beginning of period | 77.1 | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 118.1 | 77.1 | 86.2 |
Supplemental Non-cash Investing and Financing Activities: | |||
Additions to property, plant & equipment through accounts payable and accrued liabilities | 5.4 | 5.8 | 7.8 |
Acquisition related deferred consideration | 19 | ||
Accrued deferred financing fees | 0.5 | 1.5 | |
Dividends payable issued through accounts payable and other accrued liabilities | 0.3 | ||
Preferred Shares issued as consideration for DSS Acquisition | 148.8 | ||
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 125 | 113.2 | 45.5 |
Cash paid for income taxes, net | $ 3.8 | $ 2.8 | $ 2.5 |
Consolidated Statements of Equi
Consolidated Statements of Equity - 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 Dec. 28, 2013 | $ 604.4 | $ 392.8 | $ 44.1 | $ 174.8 | $ (16.8) | $ 9.5 | ||||
Balance, shares at Dec. 28, 2013 | 94,238,000 | |||||||||
Common shares repurchased and cancelled | (12.1) | $ (7.8) | (4.3) | |||||||
Common shares repurchased and cancelled, shares | (1,744,000) | |||||||||
Common shares issued | $ 3.3 | $ (3.3) | ||||||||
Common shares issued, shares | 579,000 | |||||||||
Share-based compensation | 5.8 | 5.8 | ||||||||
Common shares dividend | (22) | (22) | ||||||||
Distributions to non-controlling interests | (8.5) | (8.5) | ||||||||
Preferred shares issuance costs | (0.4) | (0.4) | ||||||||
Comprehensive (loss) income | ||||||||||
Comprehensive (loss) income Currency translation adjustment | (29.9) | (30.2) | 0.3 | |||||||
Pension benefit plan, net of tax | (4) | [1] | (4) | |||||||
Preferred shares dividend | (0.8) | (0.8) | ||||||||
Net income (loss) | 16.4 | 10.8 | 5.6 | |||||||
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 | (0.8) | $ (0.8) | ||||||||
Common shares repurchased and cancelled, shares | (92,000) | |||||||||
Common shares issued | 144.6 | $ 0.5 | $ 144.6 | $ 2.5 | (2) | |||||
Common shares issued, shares | 16,215,000 | 488,000 | ||||||||
Common shares issued - Reinvestment | 0.1 | $ 0.1 | ||||||||
Common shares issued - Reinvestment, shares | 11,000 | |||||||||
Share-based compensation | 10.3 | 10.3 | ||||||||
Common shares dividend | (25.1) | (25.1) | ||||||||
Redemption of preferred shares | (12) | (12) | ||||||||
Distributions to non-controlling interests | (8.5) | (8.5) | ||||||||
Purchase of subsidiary shares from non-controlling interest | (1.2) | (3.7) | 0.7 | 1.8 | ||||||
Comprehensive (loss) income | ||||||||||
Comprehensive (loss) income Currency translation adjustment | (23) | (23.3) | 0.3 | |||||||
Pension benefit plan, net of tax | 2.3 | [1] | 2.3 | |||||||
Unrealized gain (loss) on derivative instruments, net of tax | (4.9) | [2] | (4.9) | |||||||
Preferred shares dividend | (5.9) | (5.9) | ||||||||
Net income (loss) | 20.6 | 14.5 | 6.1 | |||||||
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 | $ (5.7) | $ (5.7) | ||||||||
Common shares repurchased and cancelled, shares | (409,000) | |||||||||
Common shares issued | 363.6 | $ 8.9 | $ 363.6 | $ 15.1 | $ (6.2) | |||||
Common shares issued, shares | 27,853,000 | 1,327,000 | ||||||||
Common shares issued - Reinvestment | 0.3 | $ 0.3 | ||||||||
Common shares issued - Reinvestment, shares | 23,000 | |||||||||
Common shares issued-Employee Stock Purchase Plan | 1.1 | $ 1.3 | (0.2) | |||||||
Common shares issued-Employee Stock Purchase Plan, shares | 102,000 | |||||||||
Share-based compensation | 9.4 | 9.4 | ||||||||
Common shares dividend | (31.7) | (31.7) | ||||||||
Distributions to non-controlling interests | (7.6) | (7.6) | ||||||||
Comprehensive (loss) income | ||||||||||
Comprehensive (loss) income Currency translation adjustment | (42) | (42) | ||||||||
Pension benefit plan, net of tax | (4.3) | [1] | (4.3) | |||||||
Unrealized gain (loss) on derivative instruments, net of tax | 4.6 | [2] | 4.6 | |||||||
Net income (loss) | (71.5) | (77.8) | 6.3 | |||||||
Balance at Dec. 31, 2016 | $ 873.8 | $ 909.3 | $ 54.2 | 22.9 | $ (117.9) | $ 5.3 | ||||
Balance, shares at Dec. 31, 2016 | 138,591,100 | 138,591,000 | ||||||||
Cumulative effect adjustment | $ 2.8 | $ 2.8 | ||||||||
[1] | Net of the effect of a $0.3 million tax benefit, $1.0 million tax expense and $0.4 million tax benefit for the years ended December 31, 2016, January 2, 2016 and January 3, 2015, respectively. | |||||||||
[2] | Net of the effect of a $2.5 million tax benefit for the year ended January 2, 2016. |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Description of Business | 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. Cott is a diversified beverage company with a leading volume-based national presence in the North America and European home and office delivery (“HOD”) industry for bottled water, a leader in custom coffee roasting and blending of iced tea for the U.S. foodservice industry, and a leader in the production of beverages on behalf of retailers, brand owners and distributors. Our platform reaches over 2.3 million customers or delivery points across North America and Europe supported by strategically located sales and distribution facilities and fleets, as well as wholesalers and distributors. This enables us to efficiently service residences, businesses, restaurant chains, hotels and motels, small and large retailers, and healthcare facilities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 Summary of Significant Accounting Policies Basis of presentation These Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) using the U.S. dollar as the reporting currency, as the majority of our business and the majority of our shareowners are in the United States. For the year ended January 3, 2015, we had 53 weeks of activity, compared to 52 weeks of activity for the years ended December 31, 2016 and January 2, 2016. The additional week contributed $29.1 million of additional revenue and $1.1 million of additional operating income for the year ended January 3, 2015. In addition, for the year ended January 2, 2016, we had four additional shipping days in our Water & Coffee reporting segment, which we estimate contributed $12.5 million of additional revenue and $0.1 million of additional operating income for the year ended January 2, 2016. At the beginning of 2016, our business operated through four reporting segments: DSS, Cott North America, Cott United Kingdom (“Cott U.K.”) and All Other (which includes our Mexico and Royal Crown International (“RCI”) operating segments). During the first quarter of 2016, we completed the Aquaterra Acquisition followed by the S&D Acquisition and the Eden Acquisition (as each term is defined below) in the third quarter of 2016. These businesses were added to our DSS reporting segment, which was then renamed “Water & Coffee Solutions” to reflect the increased scope of our offering. Other than the change in name, there was no impact on prior period results for this reporting segment. The Water & Coffee Solutions reporting segment provides bottled water, coffee and water filtration services to customers in North America, Europe, and Israel. Water & Coffee Solutions products include bottled water, coffee, brewed tea, water dispensers, coffee and tea brewers and filtration equipment. 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. Basis of consolidation The Consolidated Financial Statements include our accounts, our wholly-owned and majority-owned subsidiaries and joint ventures that we control. All intercompany transactions and accounts have been eliminated in consolidation. Estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Consolidated Financial Statements include estimates and assumptions that, in the opinion of management, were significant to the underlying amounts representing the future valuation of intangible assets, long-lived assets and goodwill, realization of deferred income tax assets and the resolution of tax contingencies. Changes in presentation Certain prior year amounts have been reclassified to conform to current year presentation. We segregated intangible assets, net and other long-term assets, net into two separate line items on the Consolidated Balance Sheets. These assets were previously presented in the aggregate on the Consolidated Balance Sheets. We also segregated unrealized commodity hedging loss (gain), net on the Consolidated Statements of Cash Flows, which was previously presented in other non-cash items. We also reclassified income taxes recoverable to prepaid expenses and other current assets on the Consolidated Balance Sheets. Revenue recognition We recognize revenue, net of sales returns, when ownership passes to customers for products manufactured in our own plants and/or by third-parties on our behalf, and when prices to our customers are fixed or determinable and collection is reasonably assured. This may be upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue. Although we occasionally accept returns of products from our customers, historically returns have not been material. We also recognize rental income on filtration, brewers and dispensing equipment at customer locations based on the terms of the related rental agreements, which are generally measured based on 28-day periods. Amounts billed to customers for rental in future periods are deferred and included in accounts payable and accrued liabilities on the Consolidated Balance Sheets. Sales incentives We participate in various incentive programs with our customers, including volume-based incentives, contractual rebates and promotional allowances. Volume incentives are based on our customers achieving volume targets for a period of time. Volume incentives and contractual rebates are deducted from revenue and accrued as the incentives are earned and are based on management’s estimate of the total the customer is expected to earn and claim. Promotional allowances are accrued at the time of revenue recognition and are deducted from revenue based on either the volume shipped or the volume sold at the retailer location, depending on the terms of the allowance. We regularly review customer sales forecasts to ensure volume targets will be met and adjust incentive accruals and revenues accordingly. Cost of sales We record costs associated with the manufacturing of our products in costs of sales. Shipping and handling costs incurred to store, prepare and move products between production facilities or from production facilities to branch locations or storage facilities are recorded in cost of sales. Costs incurred in shipment of products from our production facilities to customer locations are also reflected in cost of sales, with the exception of shipping and handling costs incurred to deliver products from our Water & Coffee Solutions reporting segment branch locations to the end-user consumer of those products, which are recorded in selling, general and administrative (“SG&A”) expenses. These shipping and handling costs were $360.4 million, $281.9 million, and $10.6 million for the years ended December 31, 2016, January 2, 2016, and January 3, 2015, respectively. Finished goods inventory costs include the cost of direct labor and materials and the applicable share of overhead expense chargeable to production. Selling, general and administrative expenses We record all other expenses not charged to production as SG&A expenses. Advertising costs are expensed at the commencement of an advertising campaign and are recognized as a component of SG&A expenses. Advertising costs are not significant to any reporting segment other than Water & Coffee Solutions. Advertising costs expensed were approximately $20.8 million, $18.0 million, and $0.4 million for the years ended December 31, 2016, January 2, 2016, and January 3, 2015, respectively. Share-based compensation We have in effect equity incentive plans under which Time-based RSUs, Performance-based RSUs, non-qualified stock options and director share awards have been granted (as such terms are defined in Note 7 of the Consolidated Financial Statements). Share-based compensation expense for all share-based compensation awards is based on the grant-date fair value. We recognized these compensation costs net of a forfeiture rate on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. No estimated forfeitures were included in the calculation of share-based compensation expense for the years 2016, 2015 and 2014. The fair value of the Company’s Time-based RSUs, Performance-based RSUs and director share awards are based on the closing market price of its common shares on the date of grant as stated on the NYSE. We estimate the fair value of non-qualified options as of the date of grant using the Black-Scholes option pricing model. This model considers, among other factors, the expected life of the award, the expected volatility of the Company’s share price, and expected dividends. The Company records share-based compensation expense in SG&A expenses. All excess tax benefits and tax deficiencies related to share-based compensation are recognized in results of operations at settlement or expiration of the award. The excess tax benefit or deficiency is calculated as the difference between the grant date price and the price of our common shares on the vesting or exercise date. Cash and cash equivalents Cash and cash equivalents include all highly liquid investments with original maturities not exceeding three months at the time of purchase. The fair values of our cash and cash equivalents approximate the amounts shown on our Consolidated Balance Sheets due to their short-term nature. Allowance for doubtful accounts A portion of our accounts receivable is not expected to be collected due to non-payment, bankruptcies and deductions. Our accounting policy for the allowance for doubtful accounts requires us to reserve an amount based on the evaluation of the aging of accounts receivable, detailed analysis of high-risk customers’ accounts, and the overall market and economic conditions of our customers. This evaluation considers the customer demographic, such as supermarket retailers as compared to small business or individual consumers. We consider our accounts receivable delinquent or past due based on payment terms established with each customer. Accounts receivable are written off when the account is determined to be uncollectible. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out method, or net realizable value. Returnable bottles are valued at the lower of cost, deposit value or net realizable value. Finished goods and work-in-process include the cost of raw materials, direct labor and manufacturing overhead costs. As a result, we use an inventory reserve to adjust our costs down to a net realizable value and to reserve for estimated obsolescence of both raw materials and finished goods. Customer deposits The Company generally collects deposits on three- and five-gallon bottles used by its HOD customers. Such deposits are refunded only after customers return such bottles in satisfactory condition. The associated bottle deposit liability is estimated based on the number of water customers, average consumption and return rates and bottle deposit market rates. The Company analyzes these assumptions quarterly and adjusts the bottle deposit liability as necessary. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is allocated between cost of sales and SG&A expenses and is determined using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the remaining life of the lease or useful life of the asset, whichever is shorter. Maintenance and repairs are charged to operating expense when incurred. Goodwill Goodwill represents the excess purchase price of acquired businesses over the fair value of the net assets acquired. Goodwill is not amortized, but instead is tested for impairment at least annually. The following table summarizes our goodwill on a reporting segment basis as of December 31, 2016 and January 2, 2016: Reporting Segment (in millions of U.S. dollars) Water & Cott Cott All Other Total Balance January 3, 2015 $ 556.9 $ 123.7 $ 58.5 $ 4.5 $ 743.6 Goodwill acquired during the year 4.7 — — — 4.7 Adjustments 1 17.5 — — — 17.5 Foreign exchange — (3.7 ) (2.5 ) — (6.2 ) Balance January 2, 2016 $ 579.1 $ 120.0 $ 56.0 $ 4.5 $ 759.6 Goodwill acquired during the year 440.9 — — — 440.9 Foreign exchange (16.4 ) 0.5 (9.2 ) — (25.1 ) Balance December 31, 2016 $ 1,003.6 $ 120.5 $ 46.8 $ 4.5 $ 1,175.4 1. During the fiscal year ended January 2, 2016, we recorded adjustments to goodwill allocated to the Water & Coffee Solutions segment in connection with the DSS Acquisition (as such term is defined below) (see Note 2 to the Consolidated Financial Statements). Cott operates through five operating segments: Water & Coffee Solutions, Cott North America, Cott U.K., RCI and Mexico. Water & Coffee Solutions, Cott North America and Cott U.K. are also reportable segments and RCI and Mexico are combined and disclosed in the All Other category. We test goodwill for impairment at least annually in the fourth quarter, based on our reporting unit carrying values, calculated as total assets less interest bearing liabilities, as of the end of the third quarter, or more frequently if we determine a triggering event has occurred during the year. Any impairment loss is recognized in our results of operations. We evaluate goodwill for impairment on a reporting unit basis, which is an operating segment or a level below an operating segment, referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. However, two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. For the purpose of testing goodwill for impairment in 2016, we have determined our reporting units are DSS, Eden, S&D, Cott North America, Core U.K., Aimia, and RCI. DSS, Eden and S&D are components of the Water & Coffee Solutions operating segment. Eden and S&D were acquired in August 2016, and DSS was acquired in December 2014 (see Note 2 to the Consolidated Financial Statements). Core U.K. and Aimia are components of the Cott U.K. operating segment. Aimia was acquired in May 2014 (see Note 2 to the Consolidated Financial Statements). As of the end of the third quarter of 2016, we re-aligned our reporting unit structure within the Cott U.K. operating segment as a result of the Calypso Soft Drinks business being absorbed into the operations of Core U.K. Due to the change in reporting unit structure, we performed a quantitative goodwill impairment test on our Calypso Soft Drinks reporting unit as of the end of the third quarter. The assumptions used in the valuation of the reporting unit include a terminal growth rate of 1.0%, and a discount rate of 12.5%. The test did not result in an impairment charge and the assets and liabilities of Calypso Soft Drinks, including goodwill, are now included in the discrete financial information of our Core U.K. reporting unit. We had goodwill of $1,175.4 million on our balance sheet at December 31, 2016, which represents amounts for the DSS, Eden, S&D, Cott North America, Core U.K., Aimia and RCI reporting units. We have the option of performing a qualitative assessment to determine whether any further quantitative testing for a potential impairment is necessary. Our qualitative assessment will use judgments including, but not limited to, changes in the general economic environment, industry considerations, current economic performance compared to historical economic performance, entity-specific events and events affecting our reporting units, where applicable. If we elect to bypass the qualitative assessment or if we determine, based upon our assessment of those qualitative factors that it is more likely than not that the fair value of the reporting unit is less than its net carrying value, a quantitative assessment is required. The quantitative test is a two-step test. The first step identifies whether there is potential impairment by comparing the fair value of a reporting unit to the carrying amount, including goodwill. If the fair value of a reporting unit is less than its carrying amount, the second step of the impairment test is required to measure the amount of impairment loss, if any. For purposes of the 2016 annual test, we elected to perform a qualitative assessment for our Core U.K., RCI and Aimia reporting units. In performing these assessments, management relied on a number of factors including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors that would have a negative effect on earnings and cash flows, overall financial performance compared with forecasted projections in prior periods, and other relevant reporting unit events, the impact of which are all significant judgments and estimates. Based on these factors, management concluded that it was more likely than not that the fair values of the Core U.K., RCI and Aimia reporting units were greater than their respective carrying amount, including goodwill, indicating no impairment. Goodwill allocated to the Core U.K., RCI and Aimia reporting units as of December 31, 2016 is $6.6 million, $4.5 million and $40.2 million, respectively. For the DSS and Cott North America reporting units, we elected to bypass the qualitative assessment and performed a quantitative analysis due to the decline in 2016 projected operating results for DSS and an overall carbonated soft drink (“CSD”) industry decline impacting the Cott North America reporting unit. We determined the fair value of each reporting unit being evaluated using a mix of the income approach (which is based on the discounted cash flows of the reporting unit) and the guideline public company approach, and in the case of the DSS quantitative assessment, we also considered the guideline transactions method. We believe using a combination of these approaches provides a more accurate valuation because it incorporates the expected cash generation of the Company in addition to how a third-party market participant would value the reporting unit. As the business is assumed to continue in perpetuity, the discounted future cash flows includes a terminal value. Critical assumptions used in our 2016 valuation of the reporting units include the weighted-average terminal growth rates of 2.5% and 1.0% for our DSS and Cott North America reporting units, respectively, and discount rates of 9.0% and 8.0%, respectively. The terminal growth rate assumption incorporated into the discounted cash flow calculation reflects our long-term view of the market and industry, projected changes in the sale of our products, pricing of such products and operating profit margins. The discount rate was determined using various factors and sensitive assumptions, including bond yields, size premiums and tax rates. This rate was based on the weighted average cost of capital a market participant would use if evaluating the reporting unit as an investment. These assumptions are considered significant unobservable inputs and represent our best estimate of assumptions that market participants would use to determine the fair value of the respective reporting units. The key inputs into the discounted cash flow analysis were consistent with market data, where available, indicating that the assumptions used were in a reasonable range of observable market data. Based on the quantitative assessment including consideration of the sensitivity of the assumptions made and methods used to determine fair value, industry trends and other relevant factors, we noted that the estimated fair values of the DSS and Cott North America reporting units exceeded their carrying values by approximately 7.1% and 35.2%, respectively. Therefore, a second step analysis was not required and no goodwill impairment charges were recorded in the fourth quarter ended December 31, 2016. If actual operating results in future periods are less than currently projected for DSS or if the impact to the Cott North America reporting unit resulting from the decline in the CSD industry is larger than anticipated, goodwill allocated to these reporting units could be impaired at a future date. Goodwill allocated to the DSS and Cott North America reporting units as of December 31, 2016 are $603.8 million and $120.5 million, respectively. For the Eden and S&D reporting units, we did not perform a qualitative or quantitative assessment as the underlying net assets of both reporting units were acquired in the third quarter of 2016 and there was no indication of changes to the business environment or the operations of the reporting units that would cause us to conclude that it was more likely than not that the fair values of the Eden and S&D reporting units were less than their carrying amounts, including goodwill. Goodwill allocated to the Eden and S&D reporting units as of December 31, 2016 is $282.7 million, and $117.1 million, respectively. Each year during the fourth quarter, we re-evaluate the assumptions used in our assessments, such as revenue growth rates, operating profit margins and discount rates, to reflect any significant changes in the business environment that could materially affect the fair value of our reporting units. Based on the evaluations performed in 2016, we determined that the fair value of each of our reporting units exceeded their carrying amounts. Intangible assets As of December 31, 2016, our intangible assets subject to amortization, net of accumulated amortization were $637.6 million, consisting principally of $596.7 million of customer relationships that arose from acquisitions, $32.5 million of information technology assets, and $3.7 million of trademarks. Customer relationships are typically amortized on an accelerated straight-line basis for the period over which we expect to receive the economic benefits. With the S&D Acquisition, Eden Acquisition, and Aquaterra Acquisition, the acquired customer relationships are amortized over the expected remaining useful life of those relationships on a basis that reflects the pattern of realization of the estimated undiscounted after-tax cash flows. We review the estimated useful life of these intangible assets annually, unless a review is required more frequently due a triggering event, such as a loss of a significant customer. Our review of the estimated useful life takes into consideration the specific net cash flows related to the intangible asset. The permanent loss of, or significant decline in sales to customers included in the intangible asset would result in either an impairment in the value of the intangible asset or an accelerated amortization of any remaining value and could lead to an impairment of the fixed assets that were used to service that customer. In 2016, we recorded $11.4 million in customer relationships acquired with the Aquaterra Acquisition, $134.1 million in customer relationships acquired with the Eden Acquisition, and $113.7 million in customer relationships acquired with the S&D Acquisition. In 2014, we recorded $219.8 million of customer relationships acquired with the DSS Acquisition and $76.5 million of customer relationships acquired with the Aimia Acquisition (as defined below). We did not record impairment charges for other intangible assets in 2016, 2015 or 2014. Our intangible assets with indefinite lives relate to the 2001 acquisition of intellectual property from Royal Crown Company, Inc., and include the right to manufacture our concentrates, with all related inventions, processes, technologies, technical and manufacturing information, know-how and the use of the Royal Crown brand outside of North America and Mexico (the “Rights”); trademarks acquired in the DSS Acquisition (the “DSS Trademarks”); trademarks acquired in the Eden Acquisition (the “Eden Trademarks”), and trademarks acquired in the Aquaterra Acquisition (the “Aquaterra Trademarks”). These assets have an aggregate net book value of $302.1 million. Prior to 2001, we paid a volume based royalty to the Royal Crown Company for purchase of concentrates. There are no legal, regulatory, contractual, competitive, economic, or other factors that limit the useful life of this intangible. The life of the Rights, DSS Trademarks, Eden Trademarks, and Aquaterra Trademarks are considered to be indefinite and therefore these intangible assets are not amortized. Rather they are tested for impairment at least annually or more frequently if we determine a triggering event has occurred during the year. We compare the carrying amount of the intangible asset to its fair value and when the carrying amount is greater than the fair value, we recognize in income an impairment loss. During the fourth quarter of 2016, we tested the Rights and DSS Trademarks for impairment. The Eden Trademarks and Aquaterra Trademarks were acquired in 2016 and since we noted no changes to the business environment, operations or use of the trademarks, we did not perform an impairment test. To determine the fair value of the Rights, we use a relief from royalty method of the income approach, which calculates a fair value royalty rate that is applied to a forecast of future volume shipments of concentrate that is used to produce CSDs. The forecast of future volumes is based on the estimated inter-plant shipments and RCI shipments. The relief from royalty method is used since the Rights were purchased in part to avoid making future royalty payments for concentrate to the Royal Crown Company. The resulting cash flows are discounted using a rate to reflect the risk of achieving the projected royalty savings attributable to the Rights. The assumptions used to estimate the fair value of the Rights are subjective and require significant management judgment, including estimated future volume, the fair value royalty rate (which is estimated to be a reasonable market royalty charge that would be charged by a licensor of the Rights) and the risk adjusted discount rate. Based on our impairment tests, the estimated fair value of the Rights significantly exceeded the carrying value for all periods presented. To determine fair value of the DSS Trademarks, we use a relief from royalty method of the income approach, which calculates a fair value royalty rate that is applied to DSS revenue forecasts adjusted to exclude private label sales. The resulting cash flows are discounted using a rate to reflect the risk of achieving the projected royalty savings attributable to the DSS Trademarks. The assumptions used to estimate the fair value of the DSS Trademarks are subjective and require significant management judgment, including estimated future revenues, the fair value royalty rate (which is estimated to be a reasonable market royalty charge that would be charged by a licensor of the trademarks) and the risk adjusted discount rate. Based on our impairment test, the estimated fair value of the DSS Trademarks exceeded the carrying value by approximately 2.6%. If actual revenues excluding private label sales in future periods are less than currently projected for DSS, the DSS Trademarks could be impaired Impairment and disposal of long-lived assets When adverse events occur, we compare the carrying amount of long-lived assets to the estimated undiscounted future cash flows at the lowest level of independent cash flows for the group of long-lived assets and recognize any impairment loss in the Consolidated Statements of Operations, taking into consideration the timing of testing and the asset’s remaining useful life. The expected life and value of these long-lived assets is based on an evaluation of the competitive environment, history and future prospects as appropriate. As part of restructuring activities during 2014, we recorded impairments of long-lived assets of $1.0 million, which were recorded as a component of asset impairments in our Consolidated Statements of Operations. We did not record impairments of long-lived assets in 2016 or 2015. As part of normal business operations, we identify long-lived assets that are no longer productive and are disposed. Losses on disposals of assets are presented separately in our Consolidated Statements of Operations as part of operating income. We recognized losses on disposal of property, plant & equipment, net of $6.1 million for the year ended December 31, 2016 ($6.9 million—January 2, 2016; $1.7 million—January 3, 2015). Derivative financial instruments We use derivative financial instruments to manage our exposure to movements in foreign currencies and certain commodity prices. All derivative instruments are recorded at fair value in the Consolidated Balance Sheets. We do not use derivative financial instruments for trading or speculative purposes. We manage credit risk related to the derivative financial instruments by requiring high credit standards for our counterparties and periodic settlements. Refer to Note 19 to the Consolidated Financial Statements for further information on our derivative financial instruments. Foreign currency translation The assets and liabilities of non-U.S. active operations, all of which are self-sustaining, are translated to U.S. dollars at the exchange rates in effect at the balance sheet dates. Revenues and expenses are translated using average monthly exchange rates prevailing during the period. The resulting gains or losses are recorded in accumulated other comprehensive loss. Income taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amount of assets and liabilities and their respective tax bases, using currently enacted income tax rates. A valuation allowance is established to reduce deferred income tax assets if, on the basis of available evidence, it is not more likely than not that all or a portion of any deferred tax assets will be realized. The consideration of available evidence requires significant management judgment including an assessment of the future periods in which the deferred tax assets and liabilities are expected to be realized and projections of future taxable income. We classify interest and income tax penalties as income tax expense (benefit). The ultimate realization of the deferred tax assets, related to net operating losses, is dependent upon the generation of future taxable income during the periods prior to their expiration. If our estimates and assumptions about future taxable income are not appropriate, the value of our deferred tax assets may not be recoverable, which may result in an increase to our valuation allowance that will impact current earnings. We account for uncertain tax positions using a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, based on the technical merits. The second step requires management to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. We re-evaluate these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations, and we include accrued interest and penalties within the income tax payable or receivable line in the Consolidated Balance Sheets. Pension costs We record annual amounts relating to defined benefit pension plans based on calculations, which include various actuarial assumptions such as discount rates and assumed rates of return on plan assets depending on the pension plan. Material changes in pension costs may occur in the future due to changes in these assumptions. Future annual amounts could be impacted by changes in the discount rate, changes in the expected long-term rate of return on plan assets, changes in the level of contributions to the plans and other factors. The funded status is the difference between the fair value of plan assets and the benefit obligation. Future actuarial gains or losses that are not recognized as net periodic benefits cost in the same periods will be recogni |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2—Acquisitions S&D Acquisition On August 11, 2016 (the “S&D Acquisition Date”), the Company acquired 100% of the outstanding stock of S&D Coffee Holding Company (“Holdings”) and 100% of the outstanding membership interests of Arabica, L.L.C. (“Arabica”) pursuant to a Stock and Membership Interest Purchase Agreement dated August 3, 2016 (the “S&D Acquisition”). Holdings is the parent company of S. & D. Coffee, Inc. (“S&D”), a premium coffee roaster and provider of customized coffee, tea and extract solutions, and Arabica owns real estate that it leases to S&D. The initial purchase price paid by the Company in the S&D Acquisition was $354.1 million on a debt- and cash-free basis. Customary post-closing working capital adjustments were resolved in January 2017 by the payment of $0.5 million from the former owners of S&D to the Company. The S&D Acquisition was funded through a combination of incremental borrowings under the Company’s asset-based lending facility (“ABL facility”) and proceeds from our June 2016 Offering (defined below). The total consideration paid by Cott in the S&D Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 232.1 Cash paid on behalf of sellers for sellers’ transaction expenses 84.2 Cash paid to retire outstanding debt on behalf of sellers 37.8 Working capital settlement (0.5 ) Total consideration $ 353.6 The S&D Acquisition supports the Company’s strategy to become a more diversified beverage provider across multiple channels and geographies, as well as expanding the Company’s existing coffee and tea categories. The Company has accounted for this transaction as a business combination which requires that assets acquired and liabilities assumed be measured at their acquisition date fair values. The adjusted purchase price of $353.6 million was allocated to the assets acquired and liabilities assumed based on management’s estimates of their fair values as of the S&D Acquisition Date. The excess of the adjusted purchase price over the aggregate fair values was recorded as goodwill. Measurement period adjustments were recorded during the year ended December 31, 2016, primarily for adjustments per preliminary valuations to certain assets and liabilities existing at the S&D Acquisition Date. These measurement period adjustments did not have a material effect on our results of operations in prior periods. The results of operations of S&D have been included in our operating results since the S&D Acquisition Date. The table below summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the S&D Acquisition: (in millions of U.S. dollars) Acquired Value Adjustments As reported at Cash $ 1.7 $ — $ 1.7 Accounts receivable 49.8 1.6 51.4 Inventory 61.0 1.5 62.5 Prepaid expenses and other assets 2.3 — 2.3 Property, plant & equipment 94.6 (1.7 ) 92.9 Goodwill 127.5 (10.4 ) 117.1 Intangible assets 111.9 7.1 119.0 Other assets 2.2 — 2.2 Accounts payable and accrued liabilities (44.9 ) (1.8 ) (46.7 ) Deferred tax liabilities (51.5 ) 8.2 (43.3 ) Other long-term liabilities (0.5 ) (5.0 ) (5.5 ) Total $ 354.1 $ (0.5 ) $ 353.6 The fair values of acquired property, plant & equipment and deferred taxes are provisional pending validation and receipt of the final valuations for those assets. In addition, consideration for potential loss contingencies, including uncertain tax positions, are still under review. The amount of revenues and net loss related to the S&D Acquisition included in the Company’s Consolidated Statements of Operations for the period from the S&D Acquisition Date through December 31, 2016 were $228.0 million and $2.8 million, respectively. During the year ended December 31, 2016, the Company incurred $3.5 million of acquisition-related costs associated with the S&D Acquisition, which are included in acquisition and integration expenses in the Consolidated Statements of Operations. In connection with the S&D Acquisition, the Company granted 416,951 common shares to certain S&D employees which were fully vested upon issuance and had an aggregate grant date fair value of approximately $7.1 million. Eden Acquisition On August 2, 2016 (the “Eden Acquisition Date”), the Company acquired the sole issued and outstanding share capital of Hydra Dutch Holdings 1 B.V., the indirect parent company of Eden Springs Europe B.V., a leading provider of water and coffee solutions in Europe (“Eden”), pursuant to a Share Purchase Agreement dated June 7, 2016 (the “Eden Acquisition”). The initial purchase price paid by the Company was €517.9 million (U.S. $578.5 million at the exchange rate in effect on the Eden Acquisition Date), which represented the €470.0 million stated purchase price, €17.5 million of cash on hand, estimated working capital of €15.4 million, and other items of €15.0 million, paid at closing in cash. The initial purchase price was subject to adjustments upon the determination of actual working capital, net indebtedness and certain transaction related expenses, and these adjustment were resolved in January 2017 by the payment of €2.0 million (U.S. $2.2 million at the exchange rate in effect on the date of payment) made by the former owners of Eden to the Company. The Eden Acquisition was ultimately funded through a combination of proceeds from the issuance of €450 million (U.S. $474.1 million at the exchange rate in effect on December 31, 2016) of 5.50% senior notes due July 1, 2024 (“2024 Notes”) and cash on hand. The total consideration paid by Cott in the Eden Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 86.5 Cash paid on behalf of sellers to retire outstanding indebtedness 420.2 Cash paid to retire sellers financing payables, net 71.8 Working capital settlement (2.2 ) Total consideration $ 576.3 The Eden Acquisition supports the Company’s strategy to become a more diversified beverage provider across multiple channels and geographies, as well as the Company’s continuing strategy to acquire higher margin HOD bottled water and coffee and tea categories. The Company has accounted for this transaction as a business combination in accordance with authoritative accounting guidance. The adjusted purchase price of $576.3 million was allocated to the assets acquired and liabilities assumed based on management’s estimates of their fair values as of the Eden Acquisition Date. The excess of the adjusted purchase price over the aggregate fair values was recorded as goodwill. Measurement period adjustments were recorded during the year ended December 31, 2016, primarily for adjustments per preliminary valuations to certain assets and liabilities existing at the Eden Acquisition Date. These measurement period adjustments did not have a material effect on our results of operations in prior periods. The results of operations of Eden have been included in our operating results since the Eden Acquisition Date. The table below presents the preliminary purchase price allocation of the estimated acquisition date fair values of the assets acquired and the liabilities assumed: As reported at (in millions of U.S. dollars) Acquired Value Adjustments December 31, 2016 Cash & cash equivalents $ 19.6 $ — $ 19.6 Accounts receivable 104.3 (8.9 ) 95.4 Inventories 23.7 (6.0 ) 17.7 Prepaid expenses and other current assets 7.3 (1.1 ) 6.2 Property, plant & equipment 98.4 8.7 107.1 Goodwill 277.2 22.5 299.7 Intangible assets 219.2 (6.0 ) 213.2 Other assets 8.0 (5.2 ) 2.8 Deferred tax assets 18.2 1.3 19.5 Current maturities of long-term debt (2.7 ) — (2.7 ) Accounts payable and accrued liabilities (129.5 ) 1.2 (128.3 ) Long-term debt (3.1 ) — (3.1 ) Deferred tax liabilities (55.1 ) 5.6 (49.5 ) Other long-term liabilities (7.0 ) (14.3 ) (21.3 ) Total $ 578.5 $ (2.2 ) $ 576.3 The fair values of acquired property, plant & equipment, customer relationships, and deferred taxes are provisional pending validation and receipt of the final valuations for those assets. In addition, consideration for potential loss contingencies, including uncertain tax positions, are still under review. The amount of revenues and net loss related to the Eden Acquisition included in the Company’s Consolidated Statements of Operations for the period from the Eden Acquisition Date through December 31, 2016 were $156.9 million and $14.4 million, respectively. During the year ended December 31, 2016, the Company incurred $13.5 million of acquisition-related costs associated with the Eden Acquisition, which are included in acquisition and integration expenses in the Consolidated Statements of Operations. Aquaterra Acquisition On January 4, 2016 (the “Aquaterra 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 office coffee services business. The aggregate purchase price paid by the Company in the Aquaterra Acquisition was C$61.2 million (U.S. $44.0 million at the exchange rate in effect on the Aquaterra Acquisition Date). The purchase price was paid at closing in cash and was subject to a customary post-closing working capital adjustment. The post-closing adjustment was completed in May 2016 and resulted in the payment of $0.5 million by the former owners of Aquaterra to the Company. This acquisition supports the Company’s strategy to become a more diversified beverage provider across multiple channels and geographies, as well as the Company’s strategy to acquire higher margin HOD bottled water and coffee and tea services categories. The Company has accounted for this transaction as a business combination in accordance with authoritative accounting guidance. The adjusted purchase consideration of $44.0 million was allocated to the assets acquired and liabilities assumed based on their fair values as of the Aquaterra Acquisition Date. An allocation of the purchase price has been made to major categories of assets and liabilities based on management’s estimates of their fair values as of the Aquaterra Acquisition Date. The table below presents the purchase price allocation of the Aquaterra Acquisition Date fair values of the assets acquired and the liabilities assumed and shows the allocation after the post-closing adjustment: As reported at (in millions of U.S. dollars) Acquired Value Adjustments December 31, 2016 Cash $ 1.3 $ — $ 1.3 Accounts receivable 6.2 0.9 7.1 Inventories 2.1 — 2.1 Prepaid expenses and other current assets 1.3 (0.9 ) 0.4 Property, plant & equipment 13.4 (1.1 ) 12.3 Goodwill 19.2 2.0 21.2 Intangible assets 16.6 (0.8 ) 15.8 Other assets 0.8 — 0.8 Accounts payable and accrued liabilities (15.8 ) (0.5 ) (16.3 ) Long-term debt (0.3 ) (0.1 ) (0.4 ) Other long-term liabilities (0.3 ) — (0.3 ) Total $ 44.5 $ (0.5 ) $ 44.0 The amount of revenues and net income related to the Aquaterra Acquisition included in the Company’s Consolidated Statements of Operations for the period from the Aquaterra Acquisition Date through December 31, 2016 were $61.2 million and $1.1 million, respectively. During the year ended December 31, 2016, the Company incurred $1.3 million of acquisition-related costs associated with the Aquaterra Acquisition, which are included in acquisition and integration expenses in the Consolidated Statements of Operations. DSS Acquisition On December 12, 2014 (the “DSS Acquisition Date”), the Company completed the acquisition of DSS Group, Inc. (“DSS Group”), parent company to DS Services of America, Inc., a leading bottled water and coffee direct-to-consumer services provider in the United States (the “DSS Acquisition”). The DSS Acquisition was consummated pursuant to an Agreement and Plan of Merger (the “DSS Merger Agreement”) dated November 6, 2014. Aggregate consideration was approximately $1.246 billion paid through a combination of incremental borrowings under the ABL facility of $180.0 million, the issuance of $625.0 million of our 6.75% senior notes due January 1, 2020, assumption of existing $350.0 million senior notes due 2021 originally issued by DSS, the issuance of Series A Convertible First Preferred Shares (the “Convertible Preferred Shares”), having an aggregate value of approximately $116.1 million and Series B Non-Convertible First Preferred Shares (the “Non-Convertible Preferred Shares” and together with the Convertible Preferred Shares, the “Preferred Shares”), having an aggregate value of approximately $32.7 million. Pursuant to the terms and conditions set forth in the Merger Agreement, a portion of the aggregate consideration was held in escrow to secure the indemnification obligations of DSS’s former security holders under the Merger Agreement. The Company amended its existing ABL facility in connection with the acquisition to increase the amount of borrowings available thereunder. The total cash and stock consideration paid by us in the DSS Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 449.7 Working capital adjustment 11.4 Cash paid on behalf of sellers for sellers expenses 25.3 Cash paid to retire term loan on behalf of sellers 317.3 Convertible Preferred Shares 116.1 Non-Convertible Preferred Shares 32.7 Total cash and stock consideration $ 952.5 The estimated merger consideration was subject to adjustment upon the determination of actual working capital, net indebtedness and certain transaction related expenses, which adjustment was resolved in July 2015 by the payment by the Company of $11.4 million to the former security holders of DSS. Our primary strategic reasons for the DSS Acquisition were to accelerate Cott’s acquisition based diversification outside of CSDs and shelf stable juices, broaden our distribution platform by adding a national direct-to-consumer distribution channel and extend our beverage portfolio into new and growing markets, including home and office bottled water delivery services, office coffee services and filtration services, while creating opportunities for revenue, cost synergies and growth prospects. The Company has accounted for this transaction as a business combination in accordance with authoritative accounting guidance. The purchase price consideration of $952.5 million was allocated to the assets acquired and liabilities assumed based on management’s estimates of their fair values as of the DSS Acquisition Date. The excess of the purchase price over the aggregate fair values was recorded as goodwill. Measurement period adjustments were recorded during the year ended January 2, 2016, primarily for provisional adjustments to certain assets and liabilities existing at the DSS Acquisition Date. Included as part of these adjustments to the initial purchase price allocation is the correction of $6.2 million of certain balance sheet classification errors previously identified at January 3, 2015. The results of operations of DSS have been included in our operating results beginning as of the DSS Acquisition Date. The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the DSS Acquisition. (in millions of U.S. dollars) Acquired Value Cash and cash equivalents $ 74.5 Accounts receivable 102.6 Inventories 46.4 Prepaid expenses and other current assets 8.8 Deferred income taxes 3.7 Property, plant & equipment 390.0 Goodwill 574.4 Intangible assets 409.0 Other assets 25.0 Accounts payable and accrued liabilities (118.5 ) Long-term debt (406.0 ) Deferred income tax liabilities (127.9 ) Other long-term liabilities (29.5 ) Total $ 952.5 The amount of revenues and net loss related to the DSS Acquisition included in the Company’s Consolidated Statements of Operations for the period from the DSS Acquisition Date through January 3, 2015 were $28.7 million and $2.8 million, respectively. The Company recognized $35.9 million of acquisition related costs associated with the DSS Acquisition that were expensed during 2014. These costs are included in acquisition and integration expenses on the Consolidated Statements of Operations. These costs do not include financing fees related to the Preferred Shares financing, which were approximately $0.4 million. The Preferred Shares issuance costs were adjusted to retained earnings. Aimia Acquisition On May 30, 2014 (the “Aimia Acquisition Date”), our Cott U.K. reporting segment acquired 100% of the share capital of Aimia Foods Holdings Limited (the “Aimia Acquisition”), which includes its operating subsidiary company, Aimia Foods Limited (together referred to as “Aimia”) pursuant to a Share Purchase Agreement dated May 30, 2014. Aimia produces and distributes hot chocolate, coffee and powdered beverages primarily through food service, vending and retail channels, and produces hot and cold cereal products on a contract manufacturing basis. The aggregate purchase price for the Aimia Acquisition was £52.1 million (U.S. $87.6 million) paid in cash, which included a payment for estimated closing balance sheet working capital, £19.9 million (U.S. $33.5 million) in deferred consideration paid in September 2014, and aggregate contingent consideration of up to £16.0 million, which was payable upon the achievement of certain measures related to Aimia’s performance during the twelve months ended July 1, 2016. The aggregate contingent consideration was £12.0 million, offset by an existing receivable of £3.9 million due to the Company from the former owners of Aimia, for a final total cash payment of £8.1 million (U.S. $10.8 million at the exchange rate in effect on the date of payment) that was paid during the third quarter of 2016. The closing payment, deferred consideration payment and contingent consideration payment were funded from ABL borrowings and available cash. The total consideration paid by us for the Aimia Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 80.4 Deferred consideration 33.5 Contingent consideration 1 17.9 Working capital payment 7.2 Total consideration $ 139.0 1. Represents the estimated present value of the contingent consideration based on probability of achievement of performance targets recorded at fair value. The Aimia Acquisition supports the Company’s strategy to diversify Cott’s product portfolio, packaging formats, channel mix, and enhance our customer offering and growth prospects. The Company has accounted for this transaction as a business combination in accordance with authoritative accounting guidance. The purchase price consideration of $139.0 million was allocated to the assets acquired and liabilities assumed based on management’s estimates of their fair values as of the Aimia Acquisition Date. Identified intangible assets, goodwill and property, plant and equipment were recorded at their estimated fair values. The results of operations of Aimia have been included in our operating results beginning as of the Aimia Acquisition Date. We allocated the total purchase price to tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over the aggregate fair values was recorded as goodwill. The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the Aimia Acquisition. (in millions of U.S. dollars) Acquired Value Cash $ 9.5 Accounts receivable 11.0 Inventories 9.6 Prepaid expenses and other assets 1.9 Property, plant & equipment 10.9 Goodwill 54.5 Intangible assets 80.9 Other assets 5.3 Accounts payable and accrued liabilities (27.4 ) Deferred tax liabilities (17.2 ) Total $ 139.0 The amount of revenues and net income related to the Aimia Acquisition included in the Company’s Consolidated Statements of Operations for the period from the Aimia Acquisition Date through January 3, 2015 were $62.3 million and $2.3 million, respectively. The Company recognized $2.2 million of acquisition related costs associated with the Aimia Acquisition that were expensed during the fiscal year 2014. These costs are included in the acquisition and integration expenses on the Consolidated Statements of Operations. Intangible Assets In our determination of the estimated fair value of intangible assets, we consider, among other factors, the best use of acquired assets, analysis of historical financial performance and estimates of future performance of the acquired business’ products. The estimated fair values of identified intangible assets are calculated considering both market participant assumptions, using an income approach as well as estimates and assumptions provided by Cott management and management of the acquired business. The estimated fair value of customer relationships represent future after-tax discounted cash flows that will be derived from sales to existing customers of the acquired business as of the date of acquisition. The estimated fair value of trademarks and trade names represent the future projected cost savings associated with the premium and brand image obtained as a result of owning the trademark or trade name as opposed to obtaining the benefit of the trademark or trade name through a royalty or rental fee. The estimated fair value of non-competition agreements represent the future after-tax discounted cash flows that are expected to be retained by the acquired business as a result of preventing certain employees or prior owners from competing with us in the specified restricted territories for a period of time subsequent to the date of acquisition or the date of termination of their employment with Cott, as the case may be. S&D Acquisition The following table sets forth the components of identified intangible assets associated with the S&D Acquisition and their estimated weighted average useful lives: Weighted Average Estimated Fair Estimated (in millions of U.S. dollars) Market Value Useful Life Customer relationships $ 113.7 17 years Non-competition agreements 3.0 3 years Software 2.3 2 years Total $ 119.0 Eden Acquisition The following table sets forth the components of identified intangible assets associated with the Eden Acquisition and their estimated weighted average useful lives: Estimated Fair Estimated (in millions of U.S. dollars) Market Value Useful Life Customer relationships $ 134.1 15 years Trade names 72.7 Indefinite Software 6.4 3-5 years Total $ 213.2 Aquaterra Acquisition 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 $ 11.4 12 years Trademarks and trade names 4.4 Indefinite Total $ 15.8 DSS Acquisition The following table sets forth the components of identified intangible assets associated with the DSS Acquisition and their estimated weighted average useful lives: As Reported at January 3, 2015 Estimated Fair Estimated (in millions of U.S. dollars) Market Value Useful Life Customer relationships $ 219.8 16 years Trademarks and trade names 183.1 Indefinite Non-competition agreements 0.4 5 years Software 5.7 3 years Total $ 409.0 Aimia Acquisition The following table sets forth the components of identified intangible assets associated with the Aimia Acquisition and their estimated weighted average useful lives: As Reported at January 3, 2015 Estimated Fair Estimated (in millions of U.S. dollars) Market Value Useful Life Customer relationships $ 76.5 15 years Trademarks and trade names 1.5 20 years Non-competition agreements 2.9 5 years Total $ 80.9 Goodwill S&D Acquisition The principal factor that resulted in recognition of goodwill in the S&D Acquisition was that the purchase price was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the S&D Acquisition was allocated to the Water & Coffee Solutions reporting segment, none of which is expected to be tax deductible. Eden Acquisition The principal factor that resulted in recognition of goodwill in the Eden Acquisition was that the purchase price was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the Eden Acquisition was allocated to the Water & Coffee Solutions reporting segment, a portion of which is expected to be tax deductible. Aquaterra Acquisition The principal factor that resulted in recognition of goodwill in the Aquaterra Acquisition was that the purchase price was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the Aquaterra Acquisition was allocated to the Water & Coffee Solutions reporting segment, none of which is expected to be tax deductible. DSS Acquisition The principal factor that resulted in recognition of goodwill in the DSS Acquisition was that the purchase price was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the DSS Acquisition was allocated to the Water & Coffee Solutions reporting segment, a portion of which is expected to be tax deductible. Aimia Acquisition The principal factor that resulted in recognition of goodwill in the Aimia Acquisition was that the purchase price was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis. The goodwill recognized as part of the Aimia Acquisition was allocated to the Cott U.K. reporting segment, none of which is expected to be tax deductible. Supplemental Pro Forma Data (unaudited) The following unaudited pro forma financial information for the years ended December 31, 2016, January 2, 2016 and January 3, 2015, represent the combined results of operations as if the S&D Acquisition and Eden Acquisition had occurred on January 4, 2015 and the DSS Acquisition and Aimia Acquisition on December 30, 2012. Unaudited pro forma consolidated results of operations for the Aquaterra Acquisition were not included in the combined results of our operations for the years ended December 31, 2016 and January 2, 2016 as the Company determined they were immaterial. The unaudited pro forma financial information results reflect certain adjustments related to these acquisitions such as increased amortization expense on acquired intangible assets resulting from the preliminary fair valuation of assets acquired. The unaudited pro forma financial information does not necessarily reflect the results of operations that would have occurred had we operated as a single entity during such periods. For the Year Ended (in millions of U.S. dollars, except per share amounts) December 31, January 2, January 3, Revenue $ 3,798.0 $ 3,914.1 $ 3,099.1 Net loss attributed to Cott Corporation (58.2 ) (47.8 ) (8.1 ) Net loss per common share attributed to Cott Corporation, diluted $ (0.43 ) $ (0.40 ) $ (0.08 ) |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Note 3 Restructuring We implement restructuring programs from time to time that are designed to improve operating effectiveness and lower costs. When we implement these programs, we incur various charges, including severance, asset impairments, and other employment related costs. During the first quarter of 2014, we implemented one such program, which involved the closure of two of our smaller plants, one located in North America and the other located in the United Kingdom (the “2014 Restructuring Plan”). The plant closures were completed during our 2014 fiscal year and resulted in cash charges associated with employee redundancy costs and relocation of assets, and non-cash charges related to asset impairments and accelerated depreciation on property, plant & equipment. In connection with the 2014 Restructuring Plan, we incurred total charges of approximately $4.1 million. We had no restructuring activities during the years ended December 31, 2016 and January 2, 2016. The following table summarizes restructuring and asset impairment charges for the year ended January 3, 2015: For the Year Ended January 3, (in millions of U.S. dollars) 2015 Restructuring $ 2.4 Asset impairments 1.7 Total $ 4.1 The following table summarizes our restructuring charges on a reporting segment basis for the year ended January 3, 2015: For the Year Ended January 3, (in millions of U.S. dollars) 2015 Cott North America $ 2.3 Cott U.K. 0.1 All Other — Total $ 2.4 The following table summarizes our asset impairment charges on a reporting segment basis for the year ended January 3, 2015. There were no asset impairment charges for the years ended December 31, 2016 and January 2, 2016. For the Year Ended January 3, (in millions of U.S. dollars) 2015 Cott North America $ 0.9 Cott U.K. 0.8 Total $ 1.7 As of December 31, 2016 and January 2, 2016, no amounts were owed under our restructuring plans. |
Other Expense (Income), Net
Other Expense (Income), Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Expense (Income), Net | Note 4—Other Expense (Income), Net The following table summarizes other expense (income), net for the years ended December 31, 2016, January 2, 2016 and January 3, 2015: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Foreign exchange loss (gain) $ 1.3 $ (7.8 ) $ (0.3 ) Proceeds from legal settlement — (1.4 ) (3.5 ) Gain on recoveries from insurance proceeds (1.2 ) — — Realized commodity hedging gain (5.8 ) — — Unrealized commodity hedging loss (gain), net 9.8 (1.2 ) 1.2 Bond redemption — — 20.8 Write-off of financing fees and discount — — 4.1 Other (gain) loss (0.2 ) 0.9 (1.3 ) Total $ 3.9 $ (9.5 ) $ 21.0 |
Interest Expense, Net
Interest Expense, Net | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift, Interest [Abstract] | |
Interest Expense, Net | Note 5—Interest Expense The following table summarizes interest expense, net for the years ended December 31, 2016, January 2, 2016 and January 3, 2015: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Interest on long-term debt $ 113.5 $ 100.9 $ 33.2 Other interest expense, net 10.7 10.1 6.5 Total $ 124.2 $ 111.0 $ 39.7 |
Income Tax Expense (Benefit)
Income Tax Expense (Benefit) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | Note 6—Income Tax Expense (Benefit) Loss before income taxes consisted of the following: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Canada $ (22.1 ) $ 24.2 $ 17.2 Outside Canada (23.8 ) (26.3 ) (62.2 ) Loss before income taxes $ (45.9 ) $ (2.1 ) $ (45.0 ) Income tax expense (benefit) consisted of the following: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Current Canada $ (0.3 ) $ 4.0 $ — Outside Canada 2.7 3.7 2.5 $ 2.4 $ 7.7 $ 2.5 Deferred Canada $ 8.7 $ (2.5 ) $ 0.3 Outside Canada 14.5 (27.9 ) (64.2 ) $ 23.2 $ (30.4 ) $ (63.9 ) Income tax expense (benefit) $ 25.6 $ (22.7 ) $ (61.4 ) The following table reconciles income taxes calculated at the basic Canadian corporate rates with the income tax provision: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Income tax (benefit) expense based on Canadian statutory rates $ (11.8 ) $ (0.5 ) $ (11.5 ) Foreign tax rate differential (3.5 ) (3.7 ) (9.3 ) Nontaxable interest income (10.0 ) (5.5 ) (9.3 ) Nontaxable dividend income (10.6 ) (13.8 ) (11.2 ) Nontaxable capital (gain) loss — (1.4 ) 1.5 Dividend income 1.1 0.9 — Changes in enacted tax rates (0.6 ) 1.3 (1.4 ) Change in valuation allowance 61.2 (0.4 ) (29.4 ) Increase (decrease) to uncertain tax positions 0.6 (0.6 ) 1.9 Non-controlling interests (2.2 ) (2.1 ) (1.9 ) Equity compensation adjustment to net operating loss — — 2.7 Permanent differences 1.9 1.3 1.7 Contingent consideration goodwill basis adjustments — — 1.0 Equity compensation permanent adjustment 0.6 0.9 0.6 Mexico deferred adjustment — — 2.5 Preferred share costs — 0.4 — Other items (1.1 ) 0.5 0.7 Income tax expense (benefit) $ 25.6 $ (22.7 ) $ (61.4 ) The income tax expense differs from the statutory expense due primarily to non-taxable interest income, non-taxable dividend income, differences in foreign tax rates, and the recording of a valuation allowance in the U.S. and Canada during 2016. Deferred income tax assets and liabilities were recognized on temporary differences between the financial and tax bases of existing assets and liabilities as follows: December 31, January 2, (in millions of U.S. dollars) 2016 2016 Deferred tax assets Net operating loss carryforwards $ 227.8 $ 132.8 Capital loss carryforwards 1.6 0.6 Liabilities and reserves 44.8 39.4 Stock options 5.8 5.9 Inventories 5.2 4.9 Other 8.8 9.1 294.0 192.7 Deferred tax liabilities Property, plant & equipment (106.2 ) (99.8 ) Intangible assets (215.5 ) (146.4 ) (321.7 ) (246.2 ) Valuation allowance (129.9 ) (15.4 ) Net deferred tax liability $ (157.6 ) $ (68.9 ) The increase in the valuation allowance from January 2, 2016 to December 31, 2016 was primarily the result of recording U.S. and Canadian valuation allowances. The following changes were made to the presentation of the temporary differences to conform with current period presentation: capital losses and credit carryforwards were broken out from loss carryforwards; leases and property, plant & equipment deferred tax assets were combined with the property, plant & equipment deferred tax liabilities; and certain inventory reserves were reclassified out of liability and reserves to inventories. The deferred tax assets and liabilities have been classified as follows on the Consolidated Balance Sheets: December 31, January 2, (in millions of U.S. dollars) 2016 2016 Deferred tax assets: Long-term $ 0.2 $ 7.6 Deferred tax liabilities: Long-term (157.8 ) (76.5 ) Net deferred tax liability $ (157.6 ) $ (68.9 ) As a result of adopting ASU 2016-09 during 2016 on a modified retrospective basis, with a cumulative effect adjustment to opening retained earnings, the table of deferred tax assets and liabilities shown above includes deferred tax assets at December 31, 2016 that arose directly from tax deductions related to equity compensation in excess of compensation recognized for financial reporting. As of December 31, 2016, we have outside tax basis differences, including undistributed earnings, in our foreign subsidiaries. No deferred taxes have been recorded on the undistributed earnings for any of the foreign subsidiaries primarily due to the subsidiaries ability to repatriate funds to its parent company tax-efficiently. The remaining undistributed earnings are indefinitely reinvested under the accounting guidance. In order to arrive at this conclusion, we considered factors including, but not limited to, past experience, domestic cash requirements, cash requirements to satisfy the ongoing operations, capital expenditures and other financial obligations of our subsidiaries. It is not practicable to determine the excess book basis over outside tax basis in the shares or the amount of incremental taxes that might arise if these earnings were to be remitted. The amount of tax payable could be significantly impacted by the jurisdiction in which a distribution was made, the amount of the distribution, foreign withholding taxes under applicable tax laws when distributed, relevant tax treaties and foreign tax credits. We repatriated earnings of nil, $17.3 million, and nil to Canada in 2016, 2015 and 2014, respectively, incurring no tax expense. As of December 31, 2016, we have operating loss carryforwards totaling $726.5 million, credit carryforwards totaling $4.1 million and capital loss carryforwards totaling $7.3 million. The operating loss carryforward amount was attributable to Canadian operating loss carryforwards of $101.7 million that will expire from 2027 to 2037; U.S. federal and state operating loss carryforwards of $442.2 million and $31.2 million, respectively, that will expire from 2017 to 2037; Dutch operating loss carryfowards of $57.2 million that will expire from 2018 to 2023; and various other operating loss carryforwards of $94.2 million that will expire from 2018 to 2037. The credit carryforward amount was attributable to a U.S. federal alternative minimum tax credit carryforward of $1.3 million with an indefinite life, other U.S. federal credit carryforwards of $0.9 million with an indefinite life, and U.S. state credit carryforwards of $1.9 million that will expire from 2017 to 2021. The capital loss carryforward is attributable to a U.K. capital loss of $2.7 million and Israeli capital losses of $4.6 million, all with an indefinite life. In general, under Section 382 and 383 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), a U.S. corporation that undergoes an “ownership change” is subject to limitations on its ability to utilize its pre-change net operating losses (“NOLs”) or tax credits to offset future taxable income. Therefore, current or future changes in our Canadian stock ownership, many of which are outside of our control, could result in a U.S. ownership change under Section 382 and 383 of the Code. If we undergo a U.S. ownership change, our ability to utilize U.S. federal or state NOLs or tax credits could be limited. We monitor changes in our ownership on an ongoing basis and do not believe we had a change in control as of Decembers 31, 2016. We establish a valuation allowance to reduce deferred tax assets if, based on the weight of the available evidence, both positive and negative, for each respective tax jurisdiction, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Due to recent cumulative losses, we have determined it is more likely than not we will not realize the benefit of net operating loss carryforwards and other net deferred assets in the U.S. and Canada; we recorded a valuation allowance in the U.S. and Canada of $52.5 million and $18.4 million, respectively, for the year ended December 31, 2016. We recorded $27.3 million and $23.8 million of valuation allowances through purchase accounting during 2016 related to the acquisitions of Aquaterra and Eden, respectively. Due to uncertainty resulting from the lack of sustained taxable income in recent years in Mexico, we have determined that it is more likely than not that the benefit from net operating loss carryforwards and other net deferred tax assets in this jurisdiction will not be realized in the future. In recognition of this risk, we have provided a valuation allowance of $4.7 million to reduce our deferred tax assets in Mexico. Additionally, we have determined that it is more likely than not that the benefit from our capital losses in the Canada, the U.K. and various other countries will not be realized in the future due to the uncertainty regarding potential future capital gains in the jurisdiction. In recognition of this risk, we have provided a valuation allowance of $1.6 million on our capital losses. In 2006, the FASB issued guidance regarding provisions of uncertain tax positions in ASC 740, which provides specific guidance on the financial statement recognition, measurement, reporting and disclosure of uncertain tax positions taken or expected to be taken in a tax return. ASC 740 addresses the determination of whether tax benefits, either permanent or temporary, should be recorded in the financial statements. A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Unrecognized tax benefits at beginning of year $ 11.5 $ 12.5 $ 10.5 Additions based on tax positions taken during a prior period 0.2 0.2 0.5 Reductions based on tax positions taken during a prior period — (0.2 ) (0.9 ) Settlement on tax positions taken during a prior period (4.5 ) (0.6 ) (0.8 ) Lapse in statute of limitations (0.2 ) (1.8 ) — Additions based on tax positions taken during the current period 24.8 1.9 3.9 Foreign exchange (1.2 ) (0.5 ) (0.7 ) Unrecognized tax benefits at end of year $ 30.6 $ 11.5 $ 12.5 As of December 31, 2016, we had $30.6 million of unrecognized tax benefits, a net increase of $19.1 million from $11.5 million as of January 2, 2016. We recorded $22.6 million of additions through purchase accounting during 2016 related to the Eden Acquisition and S&D Acquisition. If we recognized our tax positions, approximately $18.1 million would favorably impact the effective tax rate. We believe it is reasonably possible that our unrecognized tax benefits will decrease or be recognized in the next twelve months by up to $11.8 million due to the settlement of certain tax positions and lapses in statutes of limitation in various tax jurisdictions. We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes. We recovered nil of interest and penalties during the years ended December 31, 2016, January 2, 2016 and January 3, 2015. The amount of interest and penalties recognized in the Consolidated Balance Sheet for 2016 and 2015 were a liability of $1.8 million and an asset of $0.1 million, respectively. Years through 2009 have been audited by the U.S. Internal Revenue Service, though the statutes are still open back to 2008 due to certain net operating loss carryforwards. Years prior to 2011 are closed to audit by U.S. state jurisdictions. We are currently under audit in Canada by the Canada Revenue Agency (“CRA”) for tax year 2013. Years prior to 2012 are closed to audit by the CRA. We are currently under audit in Poland for the 2014 tax year and in Mexico for the 2013 tax year. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation | Note 7—Share-based Compensation Our shareowners approved our Amended and Restated Cott Corporation Equity Incentive Plan (the “Amended and Restated Equity Plan”) in its current form in May 2015. Awards under the Amended and Restated Equity Plan may be in the form of incentive stock options, non-qualified stock options, restricted shares, restricted share units, performance shares, performance units, stock appreciation rights, and stock payments to employees, directors and outside consultants. The Amended and Restated Equity Plan is administered by the Human Resources and Compensation Committee (“HRCC”) or any other board committee as may be designated by the board from time to time. Under the Amended and Restated Equity Plan, 20,000,000 shares are reserved for future issuance subject to adjustment upon a share split, share dividend, recapitalization, and other similar transactions and events. Shares that are issued under the Amended and Restated Equity Plan are applied to reduce the maximum number of shares remaining available for issuance under the Amended and Restated Equity Plan; provided that the total number of shares available for issuance under the Amended and Restated Plan is reduced two shares for each share issued pursuant to a “full-value” award (i.e., an award other than an option or stock appreciation right). Shares to be issued pursuant to Time-based RSUs, Performance-based RSUs, or stock options that are forfeited, expired, or are cancelled or settled without the issuance of shares return to the pool of shares available for issuance under the Amended and Restated Equity Plan. As of December 31, 2016, there were 3,280,450 shares available for future issuance under the Amended and Restated Equity Plan. The table below summarizes the share-based compensation expense for the years ended December 31, 2016, January 2, 2016, and January 3, 2015. Share-based compensation expense is recorded in SG&A expenses in the Consolidated Statements of Operations. As referenced below: (i) “Performance-based RSUs” represent restricted share units with performance-based vesting, (ii) “Time-based RSUs” represent restricted share units with time-based vesting, (iii) “Stock options” represent non-qualified stock options, (iv) “Director share awards” represent common shares issued in consideration of the annual board retainer fee to non-management members of our board of directors, and (v) the “ESPP” represents the Cott Corporation Employee Share Purchase Plan, under which common shares are issued to eligible employees at a discount through payroll deductions. For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Stock options $ 3.7 $ 1.9 $ 1.6 Performance-based RSUs 1.3 4.9 0.6 Time-based RSUs 3.3 2.4 2.8 Director share awards 0.9 1.0 0.8 Employee Share Purchase Plan 0.2 0.1 — Total $ 9.4 $ 10.3 $ 5.8 During the third quarter of 2016, management concluded that it was no longer probable that the targets established for the Performance-based RSUs awarded in 2014 to certain DSS employees in connection with the DSS Acquisition, would be achieved, and, we therefore no longer expect these awards to ultimately vest. We continue to accrue the compensation expense for the other Performance-based RSUs awarded in 2014 and those awarded in 2015 and 2016. The tax benefit recognized related to share-based compensation expense for the fiscal year ended December 31, 2016 was $2.8 million (January 2, 2016—$2.7 million; January 3, 2015—$1.3 million) As of December 31, 2016, the unrecognized share-based compensation expense and weighted average years over which we expect to recognize it as compensation expense were as follows: (in millions of U.S. dollars, except years) Unrecognized share-based as of December 31, 2016 Weighted average years Stock options $ 7.2 1.7 Performance-based RSUs 18.8 2.6 Time-based RSUs 5.8 1.6 Total $ 31.8 Stock Options During 2016, 2015 and 2014 approximately 2,975,500, 684,000, and 441,000 options were granted to certain employees under the Amended and Restated Equity Plan at a weighted-average exercise price of $11.15, $9.22, and $8.00 per share, respectively. The weighted-average grant date fair value of the options was estimated to be $2.84, $4.31, and $3.84 per share in 2016, 2015 and 2014, respectively, using the Black-Scholes option pricing model. The contractual term of an option granted is fixed by the Amended and Restated Equity plan and cannot exceed ten years from the grant date. The grant date fair value of each option granted during 2016, 2015 and 2014 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: For the Year Ended December 31, January 2, January 3, 2016 2016 2015 Risk-free interest rate 1.9 % 2.0 % 2.7 % Average expected life (years) 6.2 10.0 10.0 Expected volatility 30.7 % 58.7 % 58.5 % Expected dividend yield 2.2 % 3.0 % 2.9 % The following table summarizes the activity for Company stock options: Weighted Weighted Aggregate Stock average average intrinsic Options exercise contractual term value (in thousands) price (years) (in thousands) Balance at December 28, 2013 830 8.17 7.6 811.9 Granted 441 8.00 Forfeited or expired (50 ) 16.45 Outstanding at January 3, 2015 1,221 7.77 7.6 400.7 Granted 684 9.22 Exercised (113 ) 4.94 637.4 Forfeited or expired (35 ) 8.56 Outstanding at January 2, 2016 1,757 $ 8.50 8.0 $ 4,373.8 Granted 2,976 11.15 Exercised (238 ) 7.29 2,304.7 Forfeited or expired (21 ) 9.99 Outstanding at December 31, 2016 4,474 $ 10.32 8.8 $ 5,623.3 Exercisable at December 31, 2016 850 $ 8.27 6.5 $ 2,598.6 Vested or expected to vest at December 31, 2016 4,474 $ 10.32 8.8 $ 5,623.3 The aggregate intrinsic value amounts in the table above represent the difference between the closing price of our common shares on the New York Stock Exchange on December 30, 2016, which was $11.33 (December 31, 2015—$10.99; January 2, 2015—$7.00), and the exercise price, multiplied by the number of in-the-money stock options as of the same date. Stock options granted during the year ended December 31, 2016 vest ratably in three equal annual installments on the first, second and third anniversaries of the date of grant. The total amount of cash received from the exercise of stock options was $1.7 million during the fiscal year ended December 31, 2016 with an associated tax benefit of $1.3 million. The total amount of cash received from the exercise of stock options was $0.5 million during the fiscal year ended January 2, 2016 with no associated tax benefit realized. There were no stock options exercised during the year ended January 3, 2015. The total fair value of options that vested during the year ended December 31, 2016 was $1.6 million (January 2, 2016 — $1.5 million; January 3, 2015 — $1.3 million). Other Awards In 2016, we granted 62,046 common shares to the non-management members of our board of directors under the Amended and Restated Equity Plan with a grant date fair value of approximately $0.9 million. The common shares were issued in consideration of the directors’ annual board retainer fee and were vested upon issuance. Additionally, in 2016, we granted 386,104 Performance-based RSUs, which vest on the last day of our 2018 fiscal year, and 448,771 Performance-based RSUs, which vest on the last day of our 2019 fiscal year. The number of 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 vest primarily on the Company’s achievement of a specified level of cumulative pre-tax income for the applicable performance period. The number of Performance-based RSUs that may vest and the related unrecognized compensation cost is subject to change based on the level of targeted pre-tax income that is achieved during the vesting period. The Company also granted 502,710 Time-based RSUs, which 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. In connection with the S&D Acquisition, the Company granted 376,692 Performance-based RSUs to certain S&D employees under the Amended and Restated Equity Plan. The Performance-based RSUs vest on the last day of our 2019 fiscal year. The number of shares ultimately awarded will be based upon the performance percentage, which can range from 0% to 200% of the awards granted and is calculated based upon the achievement of a specified level of S&D EBITDA (weighted 70%), S&D revenue (weighted 15%) and S&D free cash flow (which is net cash provided by operating activities, less capital expenditures, adjusted to exclude the impact of certain items)(weighted 15%) for the performance period. In connection with the Eden Acquisition, the Company granted 207,359 Performance-based RSUs and 96,709 Time-based RSUs to certain Eden employees under the Amended and Restated Equity Plan. The Performance-based RSUs vest on the last day of our 2019 fiscal year. The number of shares ultimately awarded will be based upon the performance percentage, which can range from 0% to 125% of the awards granted and is calculated based upon the achievement of a specified level of Eden EBITDA (weighted 70%), Eden revenue (weighted 15%) and Eden free cash flow (which is net cash provided by operating activities, less capital expenditures, adjusted to exclude the impact of certain items)(weighted 15%) for the performance period. Of the 96,709 Time-based RSUs granted in connection with the Eden Acquisition, 24,808 vest ratably in three equal annual installments on the first, second and third anniversaries of the date of grant, while 71,901 vest ratably in two equal annual installments on the first and second anniversaries of the date of grant, with all such Time-based RSUs being based upon a service condition. The following table summarizes the activity of our Performance-based RSU and Time-based RSU: Number of Number of Performance- Weighted Average Time-based Weighted Average based RSUs Grant-Date RSUs Grant-Date (in thousands) Fair Value (in thousands) Fair Value Balance at December 28, 2013 534 $ 7.81 831 $ 8.04 Awarded 1,356 6.68 368 8.00 Issued — — (467 ) 7.14 Cancelled (77 ) 6.58 — — Forfeited (31 ) 7.90 (68 ) 8.26 Balance at January 3, 2015 1,782 7.01 664 8.63 Awarded 320 9.22 213 9.22 Awarded in connection with modification 55 7.90 — — Issued (255 ) 6.87 (10 ) 8.60 Forfeited (24 ) 8.61 (40 ) 8.67 Balance at January 2, 2016 1,878 7.41 827 8.78 Awarded 1 1,419 13.09 1,017 13.88 Issued 1 — — (1,027 ) 12.01 Cancelled (224 ) 9.29 — — Forfeited (10 ) 9.24 (17 ) 8.50 Outstanding at December 31, 2016 3,063 $ 9.89 800 $ 11.10 Vested or expected to vest at December 31, 2016 2,070 $ 11.83 800 $ 11.10 1. Includes 416,951 common shares granted to certain S&D employees in connection with the S&D Acquisition; the common shares were fully vested upon issuance. The total fair value of Performance-based RSUs vested and issued during the year ended January 2, 2016 was $1.8 million. There were no Performance-based RSUs vested and issued during the years ended December 31, 2016 and January 3, 2015. The total fair value of Time-based RSUs vested and issued during the years ended December 31, 2016, January 2, 2016, and January 3, 2015, were $12.3 million, $0.1 million, and $3.3 million, respectively. Employee Share Purchase Plan In March 2015, the Company’s board of directors authorized and approved the Cott Corporation Employee Share Purchase Plan (the “ESPP”), which was approved by Cott’s shareowners in May 2015. The ESPP was effective October 1, 2015 and qualifies as an “employee share purchase plan” under Section 423 of the Internal Revenue Code of 1986 (“IRC”), as amended. Substantially all employees are eligible to participate in the ESPP and may elect to participate at the beginning of any quarterly offering period. The ESPP authorizes the issuance, and the purchase by eligible employees, of up to 3,000,000 shares of Cott common shares through payroll deductions. Eligible employees who choose to participate may purchase Cott common shares at 90% of market value on the first or last day of the quarterly offering period, whichever is lower. The minimum contribution which an eligible employee may make under the ESPP is 1% of the employee’s eligible compensation, with the maximum contribution limited to 15% of the employee’s eligible compensation. At the end of each quarterly offering period for which the employee participates, the total amount of each employee’s payroll deduction for that offering period will be used to purchase Cott common shares. The Company recognized $0.2 million and $0.1 million of share-based compensation expense in SG&A expenses in the Consolidated Statement of Operations for 2016 and 2015, respectively. At December 31, 2016, 2,858,691shares remained available for issuance under the ESPP. |
Common Shares and Net (Loss) In
Common Shares and Net (Loss) Income per Common Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Common Shares and Net (Loss) Income per Common Share | Note 8—Common Shares and Net (Loss) Income per Common Share Common Shares On June 29, 2016, we completed a public offering, on a bought deal basis, of 15,088,000 common shares at a price of $15.25 per share for total gross proceeds to us of $230.1 million (the “June 2016 Offering”). We incurred and recorded $9.2 million of underwriter commissions and $1.1 million in professional fees in connection with the June 2016 Offering. The net proceeds of the June 2016 Offering were used to repay borrowings under our ABL facility, to finance the S&D Acquisition and for general corporate purposes. 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 “March 2016 Offering”). We incurred and recorded $6.0 million of underwriter commissions and $0.8 million in professional fees in connection with the March 2016 Offering. The net proceeds of the March 2016 Offering were used to repay borrowings under our ABL facility and for general corporate purposes. Net (Loss) Income Per Common Share Basic net (loss) income per common share is calculated by dividing net (loss) income attributed to Cott Corporation by the weighted average number of common shares outstanding during the periods presented. Diluted net (loss) income per common share is calculated by dividing diluted net (loss) income attributed to Cott Corporation by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, Performance-based RSUs, Time-based RSUs and Convertible Preferred Shares during the periods presented. The dilutive effect of the Convertible Preferred Shares is calculated using the if-converted method. In applying the if-converted method, the convertible 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) income per common share computations for the periods indicated: Numerator For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Net (loss) income attributed to Cott Corporation $ (77.8 ) $ (3.4 ) $ 10.0 Plus: Accumulated dividends on Convertible Preferred Shares 1 — — 0.6 Diluted net (loss) income attributed to Cott Corporation $ (77.8 ) $ (3.4 ) $ 10.6 Denominator For the Year Ended December 31, January 2, January 3, (in thousands) 2016 2016 2015 Weighted average number of shares outstanding—basic 128,290 103,037 93,777 Dilutive effect of stock options — — 83 Dilutive effect of Performance-based RSUs — — 325 Dilutive effect of Time-based RSUs — — 619 Dilutive effect of Convertible Preferred Shares 1 — — 1,096 Adjusted weighted average number of shares outstanding—diluted 128,290 103,037 95,900 1. For the year ended January 3, 2015, the accumulated dividends on Convertible Preferred Shares were added back to the numerator to calculate diluted net income per common share because the Convertible Preferred Shares were assumed to have been converted at the time of issuance even though they were not actually convertible until three years after issuance. The following table summarizes anti-dilutive securities excluded from the computation of diluted net (loss) income per common share for the periods indicated: For the Year Ended December 31, January 2, January 3, (in thousands) 2016 2016 2015 Stock options 4,474 1,757 833 Performance-based RSUs 1 2,070 1,631 — Time-based RSUs 800 827 — 1. Performance-based RSUs represent the number of shares expected to be issued based on the estimated achievement of pre-tax income for these awards. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 9—Segment Reporting Our broad portfolio of products include bottled water, coffee, brewed tea, water dispensers, coffee and tea brewers, filtration equipment, 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, malt drinks, creamers/whiteners, cereals and beverage concentrates. Our business operates through four reporting segments: Water & Coffee Solutions, Cott North America, Cott U.K. and All Other. We refer to our Cott North America, Cott U.K. and All Other reporting segments together as our “traditional business.” Our corporate oversight function is not treated as a segment; it includes certain general and administrative costs that are not allocated to any of the reporting segments. December 31, 2016 Water & Cott (in millions of Coffee North Cott All U.S. dollars) Solutions America U.K. Other Corporate Eliminations Total Revenue, net 1 $ 1,452.3 $ 1,287.6 $ 469.8 $ 50.5 $ — $ (24.3 ) 3,235.9 Depreciation and amortization 144.0 73.3 20.6 0.8 — — 238.7 Operating income (loss) 46.5 33.9 27.8 8.5 (34.5 ) — 82.2 Property, plant & equipment, net 571.2 273.4 80.1 5.2 — — 929.9 Goodwill 1,003.6 120.5 46.8 4.5 — — 1,175.4 Intangible assets, net 686.3 190.9 62.5 — — — 939.7 Total assets 2 2,735.1 862.9 316.5 25.2 — — 3,939.7 Additions to property, plant & equipment 96.1 30.6 12.2 0.9 — — 139.8 1. Intersegment revenue between Cott North America and the other reporting segments was $24.3 million for 2016. 2. Excludes intersegment receivables, investments and notes receivable. January 2, 2016 Water & Cott (in millions of Coffee North Cott All U.S. dollars) Solutions America U.K. Other Corporate Eliminations Total Revenue, net 1 $ 1,021.1 $ 1,330.9 $ 557.0 $ 57.6 $ — $ (22.6 ) 2,944.0 Depreciation and amortization 119.9 79.6 22.7 1.6 — — 223.8 Operating income (loss) 39.0 38.5 28.0 10.5 (16.6 ) — 99.4 Property, plant & equipment, net 372.6 293.4 97.6 6.2 — — 769.8 Goodwill 579.1 120.0 56.0 4.5 — — 759.6 Intangible assets, net 390.6 211.8 81.7 — — — 684.1 Total assets 2 1,513.1 943.1 402.5 28.6 — — 2,887.3 Additions to property, plant & equipment 67.2 30.9 11.6 1.1 — — 110.8 1. Intersegment revenue between Cott North America and the other reporting segments was $22.6 million for 2015. 2. Excludes intersegment receivables, investments and notes receivable. January 3, 2015 Water & Cott (in millions of Coffee North Cott All U.S. dollars) Solutions America U.K. Other Corporate Eliminations Total Revenue, net 1 $ 28.7 $ 1,433.5 $ 597.9 $ 65.0 $ — $ (22.3 ) 2,102.8 Depreciation and amortization 5.2 82.1 21.7 1.7 — — 110.7 Operating (loss) income (1.7 ) 29.7 26.3 10.0 (48.6 ) — 15.7 Additions to property, plant & equipment 3.4 29.2 13.3 0.8 — — 46.7 1. Intersegment revenue between Cott North America and the other reporting segments was $22.3 million for the year ended January 3, 2015. 2. Excludes intersegment receivables, investments and notes receivable. For 2016, sales to Walmart accounted for 15.7% of total revenue (2015—18.0%; 2014—26.1%), 1.4% of our Water & Coffee Solutions reporting segment total revenue (2015—2.2%; 2014—2.7%), 34.1% of our Cott North America reporting segment revenue (2015—33.2%; 2014—33.3%), 10.0% of our Cott U.K. reporting segment revenue (2015—11.5%; 2014—12.7%), and 2.8% of All Other reporting segment revenue (2015—3.7%; 2014—3.8%). 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 generated from sales to external customers by geographic area were as follows: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 United States $ 2,356.0 $ 2,198.0 $ 1,288.4 United Kingdom 494.0 557.0 597.9 Canada 202.8 131.4 151.5 All other countries 183.1 57.6 65.0 Total $ 3,235.9 $ 2,944.0 $ 2,102.8 Revenues by channel by reporting segment were as follows: For the Year Ended December 31, 2016 Water & Cott Coffee North Cott (in millions of U.S. dollars) Solutions America U.K. All Other Eliminations Total Revenue, net Private label retail $ 78.0 $ 1,036.8 $ 202.3 $ 3.5 $ (1.5 ) $ 1,319.1 Branded retail 86.6 100.3 140.7 3.5 (1.4 ) 329.7 Contract packaging — 124.1 107.2 16.2 (8.5 ) 239.0 Home and office bottled water delivery 799.4 — — — — 799.4 Coffee and tea services 334.6 — 2.6 — — 337.2 Concentrate and other 153.7 26.4 17.0 27.3 (12.9 ) 211.5 Total $ 1,452.3 $ 1,287.6 $ 469.8 $ 50.5 $ (24.3 ) $ 3,235.9 For the Year Ended January 2, 2016 Water & Cott Coffee North Cott (in millions of U.S. dollars) Solutions America U.K. All Other Eliminations Total Revenue, net Private label retail $ 65.3 $ 1,075.9 $ 261.4 $ 4.5 $ (1.6 ) $ 1,405.5 Branded retail 84.1 114.9 168.1 4.1 (1.5 ) 369.7 Contract packaging — 111.8 114.0 22.2 (6.5 ) 241.5 Home and office bottled water delivery 651.3 — — — — 651.3 Coffee and tea services 121.3 — 3.1 — — 124.4 Concentrate and other 99.1 28.3 10.4 26.8 (13.0 ) 151.6 Total $ 1,021.1 $ 1,330.9 $ 557.0 $ 57.6 $ (22.6 ) $ 2,944.0 For the Year Ended January 3, 2015 Water & Cott Coffee North Cott (in millions of U.S. dollars) Solutions America U.K. All Other Eliminations Total Revenue, net Private label retail $ 2.1 $ 1,206.4 $ 296.1 $ 7.4 $ (1.2 ) $ 1,510.8 Branded retail 2.6 108.4 172.6 4.5 (1.6 ) 286.5 Contract packaging — 86.9 120.8 24.6 (6.7 ) 225.6 Home and office bottled water delivery 12.2 — — — — 12.2 Coffee and tea services 4.3 — 1.7 — — 6.0 Concentrate and other 7.5 31.8 6.7 28.5 (12.8 ) 61.7 Total $ 28.7 $ 1,433.5 $ 597.9 $ 65.0 $ (22.3 ) $ 2,102.8 Property, plant & equipment, net by geographic area as of December 31, 2016 and January 2, 2016 were as follows: December 31, January 2, (in millions of U.S. dollars) 2016 2016 United States $ 701.8 $ 636.3 United Kingdom 88.1 97.6 Canada 41.7 29.7 All other countries 98.3 6.2 Total $ 929.9 $ 769.8 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable, Net | Note 10—Accounts Receivable, Net The following table summarizes accounts receivable, net as of December 31, 2016 and January 2, 2016: December 31, January 2, (in millions of U.S. dollars) 2016 2016 Trade receivables $ 380.2 $ 285.5 Allowance for doubtful accounts (8.8 ) (9.2 ) Other 32.5 17.0 Total $ 403.9 $ 293.3 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 11—Inventories The following table summarizes inventories as of December 31, 2016 and January 2, 2016: December 31, January 2, (in millions of U.S. dollars) 2016 2016 Raw materials $ 123.4 $ 95.3 Finished goods 131.6 118.4 Resale items 22.0 15.8 Other 24.4 19.9 Total $ 301.4 $ 249.4 |
Property, Plant & Equipment, Ne
Property, Plant & Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant & Equipment, Net | Note 12—Property, Plant & Equipment, Net The following table summarizes property, plant and equipment, net as of December 31, 2016 and January 2, 2016: December 31, 2016 January 2, 2016 Estimated Useful Life Accumulated Accumulated (in millions of U.S. dollars) in Years Cost Depreciation Net Cost Depreciation Net Land n/a $ 103.9 — $ 103.9 $ 86.6 — $ 86.6 Buildings 10-40 231.1 82.0 149.1 207.4 74.7 132.7 Machinery and equipment 3-15 799.6 458.9 340.7 759.3 442.0 317.3 Plates, films and molds 1-10 17.9 12.5 5.4 19.2 11.5 7.7 Vending 5-10 10.1 10.0 0.1 10.4 10.2 0.2 Vehicles and transportation equipment 3-15 85.8 29.3 56.5 70.2 17.6 52.6 Leasehold improvements 1 56.9 36.9 20.0 50.6 32.0 18.6 IT Systems 3-7 18.3 9.9 8.4 14.4 8.4 6.0 Furniture and fixtures 3-10 13.0 7.5 5.5 10.1 5.7 4.4 Customer equipment 2 3-8 255.4 61.5 193.9 144.4 31.5 112.9 Returnable bottles 3 3-10 54.4 16.6 37.8 32.7 8.8 23.9 Capital leases 4 20.2 11.6 8.6 13.7 6.8 6.9 Total $ 1,666.6 $ 736.7 $ 929.9 $ 1,419.0 $ 649.2 $ 769.8 1. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life. 2. Customer equipment for the Water & Coffee Solutions reporting segment consists of coolers, brewers, refrigerators, water purification devices and storage racks held on site at customer locations. 3. Returnable bottles are those bottles on site at Water & Coffee Solutions customer locations. 4. Our recorded assets under capital leases relate primarily to buildings and machinery and equipment. The amounts above include construction in progress of $3.0 million and nil for 2016 and 2015, respectively. Depreciation expense, which includes depreciation recorded for assets under capital leases, for the year ended December 31, 2016 was $159.2 million (2015—$147.3 million; 2014—$74.7 million). |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Note 13—Intangible assets The following table summarizes intangible assets as of December 31, 2016 and January 2, 2016: December 31, 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 257.1 — 257.1 183.1 — 183.1 Total intangibles not subject to amortization 302.1 — 302.1 228.1 — 228.1 Subject to amortization Customer relationships 900.1 303.4 596.7 663.9 241.0 422.9 Trademarks 31.6 27.9 3.7 33.0 28.1 4.9 Information technology 70.5 38.0 32.5 54.0 29.1 24.9 Other 10.3 5.6 4.7 7.8 4.5 3.3 Total intangibles subject to amortization 1,012.5 374.9 637.6 758.7 302.7 456.0 Total intangible assets 1,314.6 374.9 939.7 986.8 302.7 684.1 1. Relates to the 2001 acquisition of the Rights. Amortization expense of intangible assets was $79.5 million during 2016 (2015—$76.5 million; 2014—$36.0 million). The estimated amortization expense for intangible assets subject to amortization over the next five years is: (in millions of U.S. dollars) 2017 $ 87.2 2018 81.7 2019 71.7 2020 62.2 2021 56.8 Thereafter 278.0 Total $ 637.6 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Note 14—Accounts Payable and Accrued Liabilities The following table summarizes accounts payable and accrued liabilities as of December 31, 2016 and January 2, 2016: December 31, January 2, (in millions of U.S. dollars) 2016 2016 Trade payables $ 339.9 $ 227.2 Accrued compensation 63.6 49.8 Accrued sales incentives 20.6 25.2 Accrued interest 12.2 12.2 Payroll, sales and other taxes 17.6 13.3 Accrued deposits 51.9 28.6 Other accrued liabilities 91.6 81.3 Total $ 597.4 $ 437.6 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Note 15—Debt Our total debt as of December 31, 2016 and January 2, 2016 was as follows: December 31, 2016 January 2, 2016 Unamortized Unamortized Debt Issuance Debt Issuance (in millions of U.S. dollars) Principal Costs Net Principal Costs Net 6.750% senior notes due in 2020 $ 625.0 9.3 $ 615.7 $ 625.0 $ 12.0 $ 613.0 10.000% senior notes due in 2021 1 384.2 — 384.2 390.1 — 390.1 5.375% senior notes due in 2022 525.0 7.1 517.9 525.0 8.2 516.8 5.500% senior notes due in 2024 474.1 9.8 464.3 — — — ABL facility 207.0 — 207.0 122.0 — 122.0 GE Term Loan 4.3 0.2 4.1 6.4 0.4 6.0 Capital leases and other debt financing 7.5 — 7.5 2.9 — 2.9 Total debt 2,227.1 26.4 2,200.7 1,671.4 20.6 1,650.8 Less: Short-term borrowings and current debt: ABL facility 207.0 — 207.0 122.0 — 122.0 Total short-term borrowings 207.0 — 207.0 122.0 — 122.0 GE Term Loan—current maturities 2.3 — 2.3 2.2 — 2.2 Capital leases and other debt financing—current maturities 3.4 — 3.4 1.2 — 1.2 Total current debt 212.7 — 212.7 125.4 — 125.4 Total long-term debt $ 2,014.4 $ 26.4 $ 1,988.0 $ 1,546.0 $ 20.6 $ 1,525.4 1. The outstanding aggregate principal amount of the DSS Notes of $350.0 million was assumed by Cott at fair value of $406.0 million in connection with the DSS Acquisition. The premium of $56.0 million is being amortized as an adjustment to interest expense using the effective interest method over the remaining contractual term of the DSS Notes. The effective interest rate is 7.515%. The remaining unamortized premium is $34.2 million and $40.1 million at December 31, 2016 and January 2, 2016, respectively The long-term debt payments (which include current maturities of long-term debt) required in each of the next five years and thereafter are as follows: (in millions of U.S. dollars) Long Term Debt (incl. current) 2017 $ 212.7 2018 3.6 2019 1.4 2020 625.7 2021 350.1 Thereafter 999.4 $ 2,192.9 Asset-Based Lending Facility In March 2008, we entered into a credit agreement with JPMorgan Chase Bank, N.A. as Agent that created the ABL facility to provide financing for our operations. We have amended and refinanced the ABL facility from time to time and incurred financing fees in connection therewith, an aggregate of $12.4 million of which have been capitalized and deferred and are being amortized using the straight-line method over the duration of the amended ABL facility. On August 3, 2016, we amended and restated the ABL facility. As amended and restated, the ABL facility is a five-year revolving facility of up to $500 million, which, subject to certain conditions, may be increased by up to an additional $100 million at our option if agreed upon by the participating lenders. The ABL facility provides the Company and its subsidiaries, Cott Beverages Inc. (“CBI”), Cott Beverages Limited, DSS, Cliffstar LLC and S&D, with financing in the United States, Canada, the United Kingdom, Luxembourg and the Netherlands. JPMorgan Chase Bank, N.A. serves as administrative agent and administrative collateral agent and JPMorgan Chase Bank, N.A., London Branch serves as U.K. security trustee. Availability under the ABL facility is dependent on a borrowing base calculated as a percentage of the value of eligible inventory, accounts receivable and property, plant and equipment in the manner set forth in the credit agreement governing the ABL facility. The debt under the ABL facility is guaranteed by most of the Company’s U.S., Canadian, U.K. and Luxembourg subsidiaries and certain of the Company’s Dutch subsidiaries. We incurred approximately $3.4 million of financing fees in connection with the ABL facility which are being amortized using the straight-line method over the duration of the ABL facility. The amendment to the ABL facility was considered to be a modification of the original agreement under GAAP. As of December 31, 2016, our total availability under the ABL facility was $432.9 million, which was based on our borrowing base (accounts receivables, inventory, and fixed assets) as of January 20, 2017 (the December month-end under the terms of the credit agreement governing our ABL facility). We had $207.0 million of outstanding borrowings under the ABL facility and $42.4 million in outstanding letters of credit. As a result, our availability under the ABL facility was $183.5 million. In connection with the DSS Acquisition, $29.4 million was required to cash collateralize certain DSS self-insurance programs. The $29.4 million was funded with borrowings against our ABL facility, and the cash collateral was included within prepaid and other current assets on our Consolidated Balance Sheet at January 3, 2015. Subsequent to January 3, 2015, additional letters of credit were issued from our available ABL facility capacity, and the cash collateral was returned to the Company, which was used to repay a portion of our outstanding ABL facility. The commitment fee was 0.375% per annum of the unused commitment of $250.6 million, which was based on our total ABL facility commitment of $500.0 million, excluding outstanding borrowings and outstanding letters of credit. Each month’s borrowing base is not effective until submitted to the lenders, which usually occurs on the twentieth day of the following month. The weighted average effective interest rate at December 31, 2016 and January 2, 2016 on our outstanding LIBOR and Prime loans was 2.3% and 2.2%, respectively. The effective interest rates are based on our consolidated leverage ratio. 5.500% Senior Notes due in 2024 On June 30, 2016, we issued €450.0 million (U.S. $474.1 million at the exchange rate in effect on December 31, 2016) of our 2024 Notes to qualified purchasers in a private placement offering under Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The 2024 Notes were initially issued by our wholly-owned subsidiary Cott Finance Corporation. In connection with the closing of the Eden Acquisition, we assumed all of the obligations of Cott Finance Corporation under the 2024 Notes, and most of Cott’s U.S., Canadian, U.K. Luxembourg and Dutch subsidiaries that are currently obligors under the 2022 Notes and the 2020 Notes entered into a supplemental indenture to guarantee the 2024 Notes. The 2024 Notes will mature on July 1, 2024 and interest is payable semi-annually on January 1st and July 1st of each year commencing on January 1, 2017. The proceeds of the 2024 Notes were used to fund a portion of the purchase price of the Eden Acquisition and to pay related fees and expenses. We incurred approximately $10.6 million of financing fees for the issuance of the 2024 Notes and $11.0 million of bridge financing commitment fees and professional fees in connection with the Eden Acquisition. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the term to maturity of the 2024 Notes. The bridge financing commitment fees and professional fees were recorded in SG&A expenses in our consolidated statement of operations. 5.375% Senior Notes due in 2022 In June 2014, we issued $525.0 million of our 5.375% senior notes due 2022 to qualified purchasers in a private placement under Rule 144A and Regulation S under the Securities Act. The issuer of the notes is our wholly-owned U.S. subsidiary CBI, and the obligations of the notes are guaranteed by most of our U.S., Canadian and U.K. subsidiaries. Interest on the notes is payable semi-annually on January 1st and July 1st of each year. On May 13, 2015, we exchanged the notes for notes that are registered under the Securities Act and do not contain transfer restrictions, registration rights or additional interest provisions, but otherwise contain identical economic terms (the “2022 Notes”). We incurred $9.6 million of financing fees in connection with the issuance of the 2022 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the term to maturity of the 2022 Notes. 10.000% Senior Notes due in 2021 In August 2013, DS Services of America, Inc. (formerly DS Waters of America, Inc.) issued $350.0 million of senior secured notes to qualified purchasers in a private placement under Rule 144A and Regulations S under the Securities Act. In July 2014, the notes were exchanged for notes that are registered under the Securities Act and do not contain transfer restrictions, registration rights, or additional interest provisions, but otherwise contain identical economic terms (the “DSS Notes”). The interest on the DSS Notes is payable semi-annually on March 1st and September 1st of each year. In connection with the DSS Acquisition, DSS solicited and obtained consent from the holders of the DSS Notes to certain modifications and amendments to the indenture and related security documents, and payment of approximately $19.2 million was made. At the DSS Acquisition closing, we and most of our U.S., Canadian and U.K. subsidiaries executed a supplemental indenture to be added as guarantors to the DSS Notes. The DSS Notes were recorded at their fair value of $406.0 million as part of the DSS Acquisition. The difference between the fair value and the principal amount of $350.0 million is amortized as a component of interest expense over the remaining contractual term of the DSS Notes. We incurred approximately $26.5 million of consent solicitation fees and bridge financing commitment fees in connection with the DSS Acquisition. These costs are included in the SG&A expense line of our Consolidated Statements of Operations. 6.750% Senior Notes due in 2020 In December 2014, we issued the $625.0 million of 6.75% senior notes due January 1, 2020 to qualified purchasers in a private placement under Rule 144A and Regulation S under the Securities Act. The issuer of the notes is our wholly-owned U.S. subsidiary CBI, and we and most of our U.S., Canadian and U.K. subsidiaries guarantee the obligations. The interest on the notes is payable semi-annually on January 1st and July 1st of each year. On July 14, 2015, we exchanged the notes for notes that are registered under the Securities Act and do not contain transfer restrictions, registration rights or additional interest provisions, but otherwise contain identical economic terms (the “2020 Notes”). We incurred $14.4 million of financing fees in connection with the issuance of the 2020 Notes. The financing fees are being amortized using the effective interest method over a five-year period, which represents the term to maturity of the 2020 Notes. 8.125% Senior Notes due in 2018 In August 2010, we issued $375.0 million aggregate principal amount of our 8.125% senior notes due 2018 (the “2018 Notes”). The issuer of the 2018 Notes was our wholly-owned U.S. subsidiary CBI, and we and most of our U.S., Canadian and U.K. subsidiaries guaranteed the 2018 Notes. We incurred $8.6 million of financing fees in connection with the issuance of the 2018 Notes. In June 2014, we used a portion of the proceeds from our issuance of the 2022 Notes to purchase $295.9 million aggregate principal amount of our 2018 Notes in a cash tender offer. The tender offer included approximately $16.2 million in premium payments as well as accrued interest of $7.5 million, the write off of approximately $3.0 million in deferred financing fees, and other costs of approximately $0.2 million. In July 2014, we redeemed the remaining $79.1 million aggregate principal amount of our 2018 Notes. The redemption included approximately $3.8 million in premium payments as well as accrued interest of approximately $2.5 million and the write off of approximately $0.8 million in deferred financing fees. 8.375% Senior Notes due in 2017 In November 2009, we issued $215.0 million of our 8.375% senior notes due 2017 (the “2017 Notes”). The 2017 Notes were issued at a $3.1 million discount by our wholly-owned U.S. subsidiary CBI, and we and most of our U.S., Canadian and U.K. subsidiaries guaranteed the 2017 Notes. We incurred $5.1 million of financing fees in connection with the 2017 Notes. In November 2013, we redeemed $200.0 million aggregate principal amount of our 2017 Notes at 104.118% of par. The redemption included approximately $8.2 million in premium payments, the write off of approximately $4.0 million in deferred financing fees and discount charges, and other costs of approximately $0.5 million. In February 2014, we redeemed the remaining $15.0 million aggregate principal amount of the 2017 Notes at 104.118% of par. The redemption included approximately $0.6 million in premium payments as well as the write off of approximately $0.3 million in deferred financing fees and discount charges. GE Term Loan In January 2008, we entered into a capital lease finance arrangement with General Electric Capital Corporation (“GE Capital”) for the lease of equipment. In September 2013, we purchased the equipment subject to the lease for an aggregate purchase price of $10.7 million, with the financing for such purchase provided by GE Capital at 5.23% interest. The GE term loan is expected to be paid in full in September 2018. Covenant Compliance Indentures governing our outstanding notes Under the indentures governing our outstanding notes, we are subject to a number of covenants, including covenants that limit our and certain of our subsidiaries’ ability, subject to certain exceptions and qualifications, to (i) pay dividends or make distributions, repurchase equity securities, prepay subordinated debt or make certain investments, (ii) incur additional debt or issue certain disqualified stock or preferred stock, (iii) create or incur liens on assets securing indebtedness, (iv) merge or consolidate with another company or sell all or substantially all of our assets taken as a whole, (v) enter into transactions with affiliates and (vi) sell assets. The covenants are substantially similar across the series of notes. As of December 31, 2016, we were in compliance with all of the covenants under each series of notes. There have been no amendments to any covenants of our outstanding notes since the date of their issuance or assumption, as applicable. ABL Facility Under the credit agreement governing the ABL facility, Cott and its restricted subsidiaries are subject to a number of business and financial covenants, including a minimum fixed charge coverage ratio, which measures our ability to cover financing expenses. The minimum fixed charge coverage ratio of 1.0 to 1.0 is effective if and when aggregate availability is less than the greater of 10% of the lenders’ commitments under the ABL facility or $37.5 million. If excess availability is less than the greater of 10% of the aggregate availability under the ABL facility or $37.5 million, the lenders will take dominion over the cash and will apply excess cash to reduce amounts owing under the facility. We were in compliance with all of the applicable covenants under the ABL facility as of December 31, 2016. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plans | Note 16—Retirement Plans Cott primarily maintains defined contribution retirement plans covering qualifying employees. The total expense with respect to these plans was $8.6 million for the year ended December 31, 2016 (2015—$9.4 million; 2014—$4.1 million). We also maintain several defined benefit (“DB”) plans acquired as a part of acquisitions covering certain U.S. and non-U.S. employees, referred to as the U.S. and International Plans, respectively. Retirement benefits are based on years of service multiplied by a monthly benefit factor. Pension costs are funded in accordance with the provisions of the applicable law. Our U.S. Plans and some of the International Plans are closed to new participants and frozen. We use a December 31, 2016 measurement date for all DB plans. Obligations and Funded Status The following table summarizes the change in the projected benefit obligation, change in plan assets and unfunded status of the DB plans as of December 31, 2016 and January 2, 2016: December 31, 2016 (in millions of U.S. dollars) U.S. International Total Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 16.7 $ 54.0 $ 70.7 Business combinations — 24.8 24.8 Service cost — 1.8 1.8 Interest cost 0.6 2.0 2.6 Benefit payments (2.7 ) (0.4 ) (3.1 ) Actuarial losses 0.1 9.2 9.3 Settlement gains (0.1 ) — (0.1 ) Translation gains — (10.0 ) (10.0 ) Projected benefit obligation at end of year $ 14.6 $ 81.4 $ 96.0 Change in Plan Assets Plan assets beginning of year $ 12.7 $ 45.2 $ 57.9 Business combinations — 17.7 17.7 Employer contributions 0.5 2.3 2.8 Plan participant contributions — 0.2 0.2 Benefit payments (2.6 ) (0.4 ) (3.0 ) Actual return on plan assets 0.8 5.0 5.8 Translation losses — (7.6 ) (7.6 ) Fair value at end of year $ 11.4 $ 62.4 $ 73.8 Funded Status of Plan Projected benefit obligation $ (14.6 ) $ (81.4 ) $ (96.0 ) Fair value of plan assets 11.4 62.4 73.8 Unfunded status $ (3.2 ) $ (19.0 ) $ (22.2 ) January 2, 2016 (in millions of U.S. dollars) U.S. International Total Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 17.4 $ 60.5 $ 77.9 Interest cost 0.7 2.1 2.8 Benefit payments (0.7 ) (1.0 ) (1.7 ) Actuarial gains (0.7 ) (4.8 ) (5.5 ) Translation gains — (2.8 ) (2.8 ) Projected benefit obligation at end of year $ 16.7 $ 54.0 $ 70.7 Change in Plan Assets Plan assets beginning of year $ 13.1 $ 46.0 $ 59.1 Employer contributions 0.8 2.2 3.0 Benefit payments (0.6 ) (1.0 ) (1.6 ) Actual return on plan assets (0.6 ) 0.2 (0.4 ) Translation losses — (2.2 ) (2.2 ) Fair value at end of year $ 12.7 $ 45.2 $ 57.9 Funded Status of Plan Projected benefit obligation $ (16.7 ) $ (54.0 ) $ (70.7 ) Fair value of plan assets 12.7 45.2 57.9 Unfunded status $ (4.0 ) $ (8.8 ) $ (12.8 ) The accumulated benefit obligation for the U.S. Plans equaled $14.6 million and $16.7 million at the end of 2016 and 2015, respectively. The accumulated benefit obligation for the International Plans equaled $81.4 million and $54.0 million at the end of 2016 and 2015, respectively. Periodic Pension Costs The components of net periodic pension cost were as follows: December 31, 2016 (in millions of U.S. dollars) U.S. International Total Service cost $ — $ 1.8 $ 1.8 Interest cost 0.6 2.0 2.6 Expected return on plan assets (0.9 ) (2.4 ) (3.3 ) Amortization of prior service costs 0.1 — 0.1 Recognized net loss due to settlement 0.1 0.1 0.2 Amortization of net actuarial loss 0.2 — 0.2 Employees contribution — (0.2 ) (0.2 ) Net periodic pension cost $ 0.1 $ 1.3 $ 1.4 January 2, 2016 (in millions of U.S. dollars) U.S. International Total Interest cost $ 0.7 $ 2.1 $ 2.8 Expected return on plan assets (0.9 ) (2.3 ) (3.2 ) Amortization of prior service costs 0.1 — 0.1 Amortization of net actuarial loss 0.2 0.2 0.4 Net periodic pension cost $ 0.1 $ — $ 0.1 January 3, 2015 (in millions of U.S. dollars) U.S. International Total Service cost $ — $ 0.2 $ 0.2 Interest cost 0.3 2.4 2.7 Expected return on plan assets (0.4 ) (2.6 ) (3.0 ) Amortization of prior service costs 0.1 — 0.1 Amortization of net actuarial loss 0.1 0.2 0.3 Net periodic pension cost $ 0.1 $ 0.2 $ 0.3 Accumulated Other Comprehensive Loss Amounts included in accumulated other comprehensive income, net of tax, at year-end which have not yet been recognized in net periodic benefit cost were as follows: December 31, 2016 (in millions of U.S. dollars) U.S. International Total Unamortized prior service cost $ — $ — $ — Unrecognized net actuarial loss (1.2 ) (13.2 ) (14.4 ) Total accumulated other comprehensive loss $ (1.2 ) $ (13.2 ) $ (14.4 ) January 2, 2016 (in millions of U.S. dollars) U.S. International Total Unamortized prior service cost $ (0.1 ) $ — $ (0.1 ) Unrecognized net actuarial loss (1.4 ) (8.6 ) (10.0 ) Total accumulated other comprehensive loss $ (1.5 ) $ (8.6 ) $ (10.1 ) January 3, 2015 (in millions of U.S. dollars) U.S. International Total Unamortized prior service cost $ (0.1 ) $ — $ (0.1 ) Unrecognized net actuarial loss (1.3 ) (11.0 ) (12.3 ) Total accumulated other comprehensive loss $ (1.4 ) $ (11.0 ) $ (12.4 ) Actuarial Assumptions The following table summarizes the weighted average actuarial assumptions used to determine the projected benefit obligation: For the Year Ended December 31, January 2, January 3, 2016 2016 2015 U.S. Plans Discount rate 3.8% 4.0 % 3.9 % Expected long-term rate of return on plan assets 7.0% 7.2 % 7.2 % International Plans Discount rate 2.0% 3.9 % 3.6 % Expected long-term rate of return on plan assets 3.7% 5.2 % 6.2 % Rate of compensation increase 0.2% n/a n/a CPI Inflation factor 1.5% 2.0 % 1.9 % The following table summarizes the weighted average actuarial assumptions used to determine net periodic benefit cost: For the Year Ended December 31, January 2, January 3, 2016 2016 2015 U.S. Plans Discount rate 4.0% 3.9 % 4.2 % Expected long-term rate of return on plan assets 7.0% 7.2 % 7.2 % International Plans Discount rate 2.8% 3.8 % 4.5 % Expected long-term rate of return on plan assets 3.7% 5.2 % 6.2 % Inflation factor 1.4% 1.9 % 2.4 % The Company utilizes a yield curve analysis to determine the discount rates for its DB plan obligations. The yield curve considers pricing and yield information for high quality corporate bonds with maturities matched to estimated payouts of future pension benefits. The Company evaluates its assumption regarding the estimated long-term rate of return on plan assets based on historical experience, future expectations of investment returns, asset allocations, and its investment strategy. The Company’s long-term rate of return on plan assets reflect expectations of projected weighted average market returns of plan assets. Changes in expected returns on plan assets also reflect any adjustments to the Company’s targeted asset allocation. Asset Mix Our DB plans weighted-average asset allocations by asset category were as follows: December 31, January 2, 2016 2016 U.S. Plans Cash and cash equivalents — % — % Equity securities 60.6 % 62.6 % Fixed income investments 39.4 % 37.4 % International Plans Cash and cash equivalents 4.7 % 5.5 % Equity securities 55.9 % 44.0 % Fixed income investments 35.1 % 50.5 % Real Estate 4.3 % — % Plan Assets Our investment policy is that plan assets will be managed utilizing an investment philosophy and approach characterized by all of the following, listed in priority order: (1) emphasis on total return, (2) emphasis on high-quality securities, (3) sufficient income and stability of income, (4) safety of principal with limited volatility of capital through proper diversification and (5) sufficient liquidity. The target allocation percentages for the U.S. Plans’ assets range between 45% to 55% in equity securities, 35% to 45% in fixed income investments, and 5% to 15% in extended asset class investments. The target allocation percentages for the International Plans’ assets range between 50% to 80% in equity securities, 20% to 50% in fixed income investments, 0% to 30% in real estate and 0% to 15% in alternative investments. None of our equity or debt securities are included in plan assets. Cash Flows We expect to contribute $3.6 million to the DB plans during the 2017 fiscal year. The following benefit payments are expected to be paid in the periods indicated below: (in millions of U.S. dollars) Expected benefit payments U.S. International Total FY 2017 $ 0.9 $ 2.0 $ 2.9 FY 2018 0.9 1.9 2.8 FY 2019 0.8 1.7 2.5 FY 2020 0.8 1.7 2.5 FY 2021 0.8 1.6 2.4 FY 2022 through FY 2026 4.5 8.5 13.0 The fair values of the Company’s U.S. pension plan assets are measured at daily net asset value and valued at $11.4 million and $12.7 million at December 31, 2016 and January 2, 2016, respectively. The fair values of the Company’s International pension plan assets at December 31, 2016 and January 2, 2016 were as follows: December 31, 2016 (in millions of U.S. dollars) Level 1 Level 2 Level 3 Cash and cash equivalents: Cash and cash equivalents $ 2.9 $ — $ — Mutual funds: Non-U.S. equity securities 6.9 — — Fixed income 20.3 — — Balanced 14.3 — — Other 0.1 1.3 — Fixed income: Non-U.S. bonds 12.3 — — Insurance contract — 1.6 — Real Estate: Real Estate — 2.7 — Total $ 56.8 $ 5.6 $ — January 2, 2016 (in millions of U.S. dollars) Level 1 Level 2 Level 3 Cash and cash equivalents Cash and cash equivalents $ 2.5 $ — $ — Mutual funds: Non-U.S. equity securities 4.6 — — Fixed income 21.0 — — Balanced 15.1 — — Other 0.2 — — Fixed income: Insurance contract — 1.8 — Total $ 43.4 $ 1.8 $ — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income | Note 17—Accumulated Other Comprehensive (Loss) Income Changes in accumulated other comprehensive (loss) income (“AOCI”) by component for the years ended December 31, 2016, January 2, 2016 and January 3, 2015 were as follows: Gains and Losses Pension Currency on Derivative Benefit Translation (in millions of U.S. dollars) 1 Instruments Plan Items Adjustment Items Total Balance at December 28, 2013 $ 0.2 $ (8.4 ) $ (8.6 ) $ (16.8 ) OCI before reclassifications (0.7 ) (4.3 ) (30.2 ) (35.2 ) Amounts reclassified from AOCI 0.7 0.3 — 1.0 Net current-period OCI — (4.0 ) (30.2 ) (34.2 ) Balance at January 3, 2015 $ 0.2 $ (12.4 ) $ (38.8 ) $ (51.0 ) OCI before reclassifications (5.6 ) 1.9 (23.3 ) (27.0 ) Amounts reclassified from AOCI 0.7 0.4 — 1.1 Net current-period OCI (4.9 ) 2.3 (23.3 ) (25.9 ) Purchase of subsidiary shares from non-controlling interest — — 0.7 0.7 Ending balance January 2, 2016 $ (4.7 ) $ (10.1 ) $ (61.4 ) $ (76.2 ) OCI before reclassifications 10.9 (4.8 ) (42.0 ) (35.9 ) Amounts reclassified from AOCI (6.3 ) 0.5 — (5.8 ) Net current-period OCI 4.6 (4.3 ) (42.0 ) (41.7 ) Ending balance December 31, 2016 $ (0.1 ) $ (14.4 ) $ (103.4 ) $ (117.9 ) 1. All amounts are net of tax. The following table summarizes the amounts reclassified from AOCI for the years ended December 31, 2016, January 2, 2016 and January 3, 2015: (in millions of U.S. dollars) For the Year Ended Affected Line Item in the Statement Where Net Income Is Presented Details About AOCI Components 1 December 31, 2016 January 2, 2016 January 3, 2015 Gains and losses on derivative instruments Foreign currency and commodity hedges $ 6.4 $ (1.5 ) $ (1.0 ) Cost of sales $ 6.4 $ (1.5 ) $ (1.0 ) Total before taxes (0.1 ) 0.8 0.3 Tax (expense) or benefit $ 6.3 $ (0.7 ) $ (0.7 ) Net of tax Amortization of pension benefit plan items Prior service costs 2 $ (0.1 ) $ (0.1 ) $ (0.1 ) Actuarial adjustments 2 — — — Actuarial (losses)/gains 2 (0.4 ) (0.4 ) (0.3 ) (0.5 ) (0.5 ) (0.4 ) Total before taxes — 0.1 0.1 Tax (expense) or benefit $ (0.5 ) $ (0.4 ) $ (0.3 ) Net of tax Total reclassifications for the period $ 5.8 $ (1.1 ) $ (1.0 ) Net of tax 1. Amounts in parenthesis indicate debits. 2. These AOCI components are included in the computation of net periodic pension cost. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18—Commitments and Contingencies We lease buildings, machinery and equipment, computer hardware and furniture and fixtures. All contractual increases and rent free periods included in the lease contract are taken into account when calculating the minimum lease payment and are recognized on a straight-line basis over the lease term. Certain leases have renewal periods and contingent rentals, which are not included in the table below. The minimum annual payments under operating leases are as follows: (in millions of U.S. dollars) 2017 $ 62.8 2018 52.7 2019 43.9 2020 38.5 2021 30.0 Thereafter 160.8 Total $ 388.7 Operating lease expenses were: (in millions of U.S. dollars) Year ended December 31, 2016 $ 57.3 Year ended January 2, 2016 48.3 Year ended January 3, 2015 24.8 Total $ 130.4 Operating lease expenses are shown net of sublease income of $1.6 million for 2016. As of December 31, 2016, we had commitments for capital expenditures of approximately $7.0 million. We are subject to various claims and legal proceedings with respect to matters such as governmental regulations, and other actions arising out of the normal course of business. Management believes that the resolution of these matters will not have a material adverse effect on our financial position, results of operations, or cash flow. In June 2013, we completed the Calypso Soft Drinks Acquisition, which included deferred payments of approximately $2.3 million and $2.5 million paid on the first and second anniversaries of the closing date, respectively. In March 2014, we had a favorable legal settlement in the amount of $3.5 million, of which $3.0 million was collected in April 2014 and $0.5 million was collected in December 2014. In May 2014, we completed the Aimia Acquisition, which included deferred consideration of £19.9 million (U.S. $33.5 million), which was paid by us on September 15, 2014 and aggregate contingent consideration of up to £16.0 million which was payable upon the achievement of certain measures related to Aimia’s performance during the twelve months ending July 1, 2016. The aggregate contingent consideration was £12.0 million, offset by an existing receivable of £3.9 million due to the Company from the former owners of Aimia, for a final total cash payment of £8.1 million (U.S. $10.8 million at the exchange rate in effect on the date of payment) that was paid during the third quarter of 2016. We had $42.4 million in standby letters of credit outstanding as of December 31, 2016 ($45.6 million—January 2, 2016; $6.9 million—January 3, 2015). We have future purchase obligations of $297.9 million that consist of commitments for the purchase of inventory, energy transactions, and payments related to professional fees and information technology outsourcing agreements. These obligations represent the minimum contractual obligations expected under the normal course of business. |
Hedging Transactions and Deriva
Hedging Transactions and Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Hedging Transactions and Derivative Financial Instruments | Note 19—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 20 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 years ended December 31, 2016 or January 2, 2016, respectively. Foreign exchange contracts typically have maturities of less than twelve months. All outstanding hedges as of January 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 $15.3 million and $4.5 million as of December 31, 2016 and January 2, 2016 respectively. Approximately $0.1 million and $0.4 million of unrealized net of tax gains related to the foreign currency cash flow hedges were included in AOCI as of December 31, 2016 and January 2, 2016, respectively. The hedge ineffectiveness for these cash flow hedging instruments during 2016, 2015 and 2014 was not material. We 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 qualified 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. We had no outstanding aluminum commodity swaps outstanding as of December 31, 2016. The total notional value of derivatives that were designated and qualified for our commodity cash flow hedging program were $49.3 million as of January 2, 2016. Unrealized net of tax losses of $5.3 million related to the commodity swaps were included in AOCI as of January 2, 2016. The cumulative hedge ineffectiveness was not material for the fiscal years ending December 31, 2016 and January 3, 2015. The cumulative hedge ineffectiveness for these hedging instruments was approximately $1.2 million in 2014 and was recognized as an increase in cost of sales within the Consolidated Statements of Operations. We have entered into coffee futures contracts to hedge exposure to price fluctuations on green coffee associated with fixed-price sales contracts with customers, which generally range from three months to one year in length. These derivative instruments have not been designated and do not qualify as hedging instruments as part of our commodity cash flow hedging program. The notional amounts for the coffee futures contracts not designated or qualifying as hedging instruments was 44.9 million pounds as of December 31, 2016. Approximately $5.7 million of realized gains and $9.7 million of unrealized losses were recognized in other expense (income), net in the Consolidated Statements of Operations for the year ended December 31, 2016. The fair value of the Company’s derivative assets included within other receivables as a component of accounts receivable, net was $0.1 million and $0.6 million as of December 31, 2016 and January 2, 2016, respectively. The fair value of the Company’s derivative liabilities included in accrued liabilities was $6.1 million and $8.0 million as of December 31, 2016 and January 2, 2016, respectively. A reconciliation of the Company’s derivatives by contract type is shown below: (in millions of U.S. dollars) Derivative Contract Assets Liabilities Foreign currency hedge $ 0.1 $ — Coffee futures 1 — 6.1 $ 0.1 $ 6.1 1. The fair value of the coffee futures excludes amounts in the related margin accounts. As of December 31, 2016, the aggregate margin account balances were $9.2 million and are included in cash & cash equivalents on the Consolidated Balance Sheet. Coffee futures are presented net in the reconciliation above. The fair value of the coffee futures assets and liabilities which are shown on a net basis are reconciled in the table below: Coffee futures assets $ 1.4 Coffee futures liabilities (7.5 ) Net asset (liability) $ (6.1 ) The settlement of our cash flow hedges resulted in a debit to cost of sales of $6.4 million for the year ended December 31, 2016, compared to a debit to cost of sales of $1.5 million for the year ended January 2, 2016. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 20—Fair Value Measurements ASC No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1—Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. We have certain assets and liabilities such as our derivative instruments that are required to be recorded at fair value on a recurring basis in accordance with U.S. GAAP. Our derivative assets 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 of the derivative assets as of December 31, 2016 and January 2, 2016 was $0.1 million and $0.6 million, respectively. The fair value of the derivative liabilities as of December 31, 2016 and January 2, 2016 was $6.1 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 December 31, 2016 and January 2, 2016 were as follows: December 31, 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 $ 615.7 $ 647.7 $ 613.0 $ 641.4 10.000% senior notes due in 2021 1, 2 384.2 383.7 390.1 397.3 5.375% senior notes due in 2022 1, 3 517.9 534.2 516.8 522.4 5.500% senior notes due in 2024 1, 3 464.3 505.5 — — Total $ 1,982.1 $ 2,071.1 $ 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 the DSS Notes of $350.0 million was assumed by Cott at fair value of $406.0 million in connection with the DSS Acquisition. The premium of $56.0 million is being amortized as an adjustment to interest expense using the effective interest method over the remaining contractual term of the DSS Notes. The unamortized premium is $34.2 million and $40.1 million at December 31, 2016 and January 2, 2016, respectively. 3. Carrying value of our significant outstanding debt is net of unamortized debt issuance costs as of December 31, 2016 and January 2, 2016 (see Note 15 to the Consolidated Financial Statements). 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 previously 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 fair value of the contingent consideration at July 2, 2016 was calculated using actual results for the acquired business for the twelve months ended July 1, 2016. Therefore the liability was transferred out of Level 3 and was classified as Level 1 at July 2, 2016. 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 final aggregate contingent consideration was calculated to be £12.0 million and was paid during the third quarter of 2016, offset by an existing receivable of £3.9 million due to the Company from the former owners of Aimia, for a net total cash payment of £8.1 million (U.S. $10.8 million at exchange rates in effect on date of payment). Changes in the fair value of contingent consideration liabilities were recognized in other expense (income), net in our Consolidated Statements of Operations. The following tables provide a reconciliation of the beginning and ending balances of this liability. (in millions of U.S. dollars) December 31, 2016 January 2, 2016 Fair value at beginning of the period $ 16.4 $ 16.5 Fair value adjustment 1.2 0.8 Foreign exchange gain (1.7 ) (0.9 ) Transfers out (15.9 ) — Fair value at end of the period $ — $ 16.4 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Note 21—Quarterly Financial Information (unaudited) Year Ended December 31, 2016 (in millions of U.S. dollars, except per share amounts) First Second Third Fourth Total Revenue, net $ 698.4 $ 765.0 $ 885.1 $ 887.4 $ 3,235.9 Cost of sales 484.4 512.4 579.3 585.6 2,161.7 Gross profit 214.0 252.6 305.8 301.8 1,074.2 SG&A expenses 197.0 202.1 263.0 296.0 958.1 Loss on disposal of property, plant and equipment, net 0.9 2.2 0.8 2.2 6.1 Acquisition and integration expenses 1.4 11.7 7.4 7.3 27.8 Operating income (loss) 14.7 36.6 34.6 (3.7 ) 82.2 Net (loss) income attributed to Cott Corporation 1 $ (2.8 ) $ 7.4 $ (2.6 ) $ (79.8 ) $ (77.8 ) Per share data: Net (loss) income per common share Basic $ (0.02 ) $ 0.06 $ (0.02 ) $ (0.58 ) $ (0.61 ) Diluted $ (0.02 ) $ 0.06 $ (0.02 ) $ (0.58 ) $ (0.61 ) 1. Net (loss) income attributed to Cott Corporation for the first and third quarters of the fiscal year ended December 31, 2016 have been revised to reflect the ASU 2016-09 amendments requiring the recognition of excess tax benefits and tax deficiencies within income tax expense (benefit) on the Consolidated Statements of Operations. The impact of this adjustment resulted in additional tax benefit of $0.5 million and $1.3 million in the first and third quarters of the fiscal year ended December 31, 2016. Year Ended January 2, 2016 (in millions of U.S. dollars, except per share amounts) First Second Third Fourth 1 Total Revenue, net $ 709.8 $ 779.8 $ 755.6 $ 698.8 $ 2,944.0 Cost of sales 508.5 539.2 523.1 477.7 2,048.5 Gross profit 201.3 240.6 232.5 221.1 895.5 SG&A expenses 188.5 190.2 196.2 193.7 768.6 Loss on disposal of property, plant and equipment, net 1.4 0.2 1.1 4.2 6.9 Acquisition and integration expenses 4.7 4.1 6.6 5.2 20.6 Operating income 6.7 46.1 28.6 18.0 99.4 Net (loss) income attributed to Cott Corporation $ (6.0 ) $ 2.2 $ 4.8 $ (4.4 ) $ (3.4 ) Per share data: Net (loss) income per common share Basic $ (0.06 ) $ 0.02 $ 0.04 $ (0.04 ) $ (0.03 ) Diluted $ (0.06 ) $ 0.02 $ 0.04 $ (0.04 ) $ (0.03 ) 1. During the fourth quarter of the fiscal year ended January 2, 2016, we decreased cost of sales, SG&A expenses and income tax benefit by $4.8 million, $0.2 million and $1.9 million, respectively, as a result of a measurement period adjustment associated with the DSS Acquisition, of which $0.2 million of the total change in cost of sales and less than $0.1 million of the total change in SG&A expenses and income tax benefit, respectively, related to the prior year and with the remainder related to the nine months ended October 3, 2015 (see Note 2 to the Consolidated Financial Statements). |
Guarantor Subsidiaries
Guarantor Subsidiaries | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Guarantor Subsidiaries | Note 22—Guarantor Subsidiaries Guarantor Subsidiaries of DSS Notes The DSS Notes assumed as part of the acquisition of DSS are guaranteed on a senior basis by Cott Corporation and certain of its 100% owned direct and indirect subsidiaries (the “DSS Guarantor Subsidiaries”). DSS and each DSS Guarantor Subsidiary is 100% owned by Cott Corporation. The DSS Notes are fully and unconditionally, jointly and severally, guaranteed by Cott Corporation and the DSS Guarantor Subsidiaries. The Indenture governing the DSS Notes (“DSS Indenture”) requires any 100% owned domestic restricted subsidiary (i) that guarantees or becomes a borrower under the Credit Agreement (as defined in the DSS Indenture) or the ABL facility or (ii) that guarantees any other indebtedness of Cott Corporation, DSS or any of the DSS Guarantor Subsidiaries (other than junior lien obligations) secured by collateral (other than Excluded Property (as defined in the DSS Indenture)) to guarantee on a secured basis the DSS Notes. The guarantees of Cott Corporation and the DSS Guarantor Subsidiaries may be released in limited circumstances only upon the occurrence of certain customary conditions set forth in the Indenture governing the DSS Notes. 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”) rules 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”). This supplemental financial information reflects our investments and those of DSS in their respective subsidiaries using the equity method of accounting. The 2024 Notes were initially issued on June 30, 2016 by Cott Finance Corporation, which was not a DSS Guarantor Subsidiary. Cott Finance Corporation was declared an unrestricted subsidiary under the Indenture governing the DSS Notes. As a result, such entity is reflected as a DSS Non-Guarantor Subsidiary in the following summarized condensed consolidating financial information through August 2, 2016. Substantially simultaneously with the closing of the acquisition of Eden on August 2, 2016, we assumed all of the obligations of Cott Finance Corporation as issuer under the 2024 Notes, and Cott Corporation’s U.S., Canadian, U.K., Luxembourg and Dutch subsidiaries that are currently obligors under the 2022 Notes and the 2020 Notes (including Cott Beverages Inc.) entered into a supplemental indenture to guarantee the 2024 Notes. Currently, the obligors under the 2024 Notes are different than the obligors under the DSS Notes, but identical to the obligors under the 2020 Notes and the 2022 Notes. The 2024 Notes are listed on the official list of the Irish Stock Exchange and are traded on the Global Exchange Market thereof. Condensed Consolidating Statement of Operations For the year ended December 31, 2016 (in millions of U.S. dollars) Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Revenue, net $ 157.5 $ 1,006.2 $ 1,850.9 $ 278.3 $ (57.0 ) $ 3,235.9 Cost of sales 132.7 393.1 1,539.9 153.0 (57.0 ) 2,161.7 Gross profit 24.8 613.1 311.0 125.3 — 1,074.2 Selling, general and administrative expenses 38.4 560.1 246.2 113.4 — 958.1 (Gain) loss on disposal of property, plant & equipment (0.7 ) 7.1 (0.3 ) — — 6.1 Acquisition and integration expenses — 1.9 23.1 2.8 — 27.8 Operating (loss) income (12.9 ) 44.0 42.0 9.1 — 82.2 Other (income) expense, net (1.9 ) (1.6 ) 5.4 2.0 — 3.9 Intercompany interest (income) expense, net (2.4 ) 43.2 (43.2 ) 2.4 — — Interest expense (income), net 14.7 29.3 80.4 (0.2 ) — 124.2 (Loss) income before income tax expense (benefit) and equity (loss) income (23.3 ) (26.9 ) (0.6 ) 4.9 — (45.9 ) Income tax expense (benefit) 8.3 (16.6 ) 34.0 (0.1 ) — 25.6 Equity (loss) income (46.2 ) — 6.9 — 39.3 — Net (loss) income $ (77.8 ) $ (10.3 ) $ (27.7 ) $ 5.0 $ 39.3 $ (71.5 ) Less: Net income attributable to non-controlling interests — — — 6.3 — 6.3 Net (loss) income attributed to Cott Corporation $ (77.8 ) $ (10.3 ) $ (27.7 ) $ (1.3 ) $ 39.3 $ (77.8 ) Comprehensive (loss) income attributed to Cott Corporation $ (119.5 ) $ (10.3 ) $ 115.8 $ (1.2 ) $ (104.3 ) $ (119.5 ) Condensed Consolidating Statement of Operations For the year ended January 2, 2016 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 147.7 $ 1,021.1 $ 1,702.6 $ 131.6 $ (59.0 ) $ 2,944.0 Cost of sales 124.6 402.8 1,474.7 105.4 (59.0 ) 2,048.5 Gross profit 23.1 618.3 227.9 26.2 — 895.5 Selling, general and administrative expenses 23.3 557.3 175.7 12.3 — 768.6 Loss on disposal of property, plant & equipment 0.1 5.3 1.5 — — 6.9 Acquisition and integration expenses — 16.7 3.9 — — 20.6 Operating (loss) income (0.3 ) 39.0 46.8 13.9 — 99.4 Other (income) expense, net (8.6 ) (1.2 ) 0.2 0.1 — (9.5 ) Intercompany interest (income) expense, net (4.9 ) 43.5 (38.6 ) — — — Interest expense, net 0.2 30.1 80.7 — — 111.0 Income (loss) before income tax expense (benefit) and equity income 13.0 (33.4 ) 4.5 13.8 — (2.1 ) Income tax expense (benefit) 1.6 (8.1 ) (16.3 ) 0.1 — (22.7 ) Equity income 3.1 — 5.8 — (8.9 ) — Net income (loss) $ 14.5 $ (25.3 ) $ 26.6 $ 13.7 $ (8.9 ) $ 20.6 Less: Net income attributable to non-controlling interests — — — 6.1 — 6.1 Less: Accumulated dividends on convertible shares 4.5 — — — — 4.5 Less: Accumulated dividends on non-convertible shares 1.4 — — — — 1.4 Less: Foreign exchange impact on redemption of preferred shares 12.0 — — — — 12.0 Net (loss) income attributed to Cott Corporation $ (3.4 ) $ (25.3 ) $ 26.6 $ 7.6 $ (8.9 ) $ (3.4 ) Comprehensive (loss) income attributed to Cott Corporation $ (29.3 ) $ (25.6 ) $ 45.6 $ 11.4 $ (31.4 ) $ (29.3 ) Condensed Consolidating Statement of Operations For the year ended January 3, 2015 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 166.3 $ 28.7 $ 1,819.0 $ 137.9 $ (49.1 ) $ 2,102.8 Cost of sales 144.8 15.9 1,600.1 114.6 (49.1 ) 1,826.3 Gross profit 21.5 12.8 218.9 23.3 — 276.5 Selling, general and administrative expenses 23.1 14.5 164.1 12.0 — 213.7 Loss on disposal of property, plant & equipment 0.2 0.1 1.3 0.1 — 1.7 Restructuring 2.1 — 0.3 — — 2.4 Asset impairments 0.9 — 0.8 — — 1.7 Acquisition and integration expenses — — 41.3 — — 41.3 Operating (loss) income (4.8 ) (1.8 ) 11.1 11.2 — 15.7 Other (income) expense, net (10.9 ) (0.1 ) 31.9 0.1 — 21.0 Intercompany interest (income) expense, net (0.7 ) 2.6 (1.9 ) — — — Interest expense, net 0.2 1.0 38.4 0.1 — 39.7 Income (loss) before income tax expense (benefit) and equity income 6.6 (5.3 ) (57.3 ) 11.0 — (45.0 ) Income tax expense (benefit) 0.3 (2.5 ) (59.8 ) 0.6 — (61.4 ) Equity income 4.5 — 6.1 — (10.6 ) — Net income (loss) $ 10.8 $ (2.8 ) $ 8.6 $ 10.4 $ (10.6 ) $ 16.4 Less: Net income attributable to non-controlling interests — — — 5.6 — 5.6 Less: Accumulated dividends on convertible shares 0.6 — — — — 0.6 Less: Accumulated dividends on non-convertible shares 0.2 — — — — 0.2 Net income (loss) attributed to Cott Corporation $ 10.0 $ (2.8 ) $ 8.6 $ 4.8 $ (10.6 ) $ 10.0 Comprehensive (loss) income attributed to Cott Corporation $ (23.4 ) $ (26.7 ) $ 10.6 $ 8.5 $ 7.6 $ (23.4 ) Consolidating Balance Sheet As of December 31, 2016 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 4.8 $ 22.7 $ 52.1 $ 38.5 $ — $ 118.1 Accounts receivable, net of allowance 27.4 121.7 239.6 93.7 (78.5 ) 403.9 Inventories 14.0 29.2 237.1 21.1 — 301.4 Prepaid expenses and other assets 1.4 7.1 16.6 4.7 — 29.8 Total current assets 47.6 180.7 545.4 158.0 (78.5 ) 853.2 Property, plant & equipment, net 27.5 364.5 430.7 107.2 — 929.9 Goodwill 20.3 582.0 290.4 282.7 — 1,175.4 Intangible assets, net 0.1 356.8 385.0 197.8 — 939.7 Deferred tax assets — — — 0.2 — 0.2 Other assets, net 1.2 14.6 23.1 2.4 — 41.3 Due from affiliates 943.2 — 544.3 — (1,487.5 ) — Investments in subsidiaries 361.9 — 400.5 — (762.4 ) — Total assets $ 1,401.8 $ 1,498.6 $ 2,619.4 $ 748.3 $ (2,328.4 ) $ 3,939.7 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ — $ 207.0 $ — $ — $ 207.0 Current maturities of long-term debt — — 2.7 3.0 — 5.7 Accounts payable and accrued liabilities 66.5 135.1 341.0 133.3 (78.5 ) 597.4 Total current liabilities 66.5 135.1 550.7 136.3 (78.5 ) 810.1 Long-term debt 464.3 384.2 1,136.7 2.8 — 1,988.0 Deferred tax liabilities 1.0 81.2 49.0 26.6 — 157.8 Other long-term liabilities 0.5 38.0 49.9 21.6 — 110.0 Due to affiliates 1.0 543.3 453.4 489.8 (1,487.5 ) — Total liabilities 533.3 1,181.8 2,239.7 677.1 (1,566.0 ) 3,065.9 Equity Common shares, no par 909.3 355.4 691.5 149.7 (1,196.6 ) 909.3 Additional paid-in-capital 54.2 — — — — 54.2 Retained earnings (deficit) 22.9 (38.4 ) (469.6 ) (92.9 ) 600.9 22.9 Accumulated other comprehensive (loss) income (117.9 ) (0.2 ) 157.8 9.1 (166.7 ) (117.9 ) Total Cott Corporation equity 868.5 316.8 379.7 65.9 (762.4 ) 868.5 Non-controlling interests — — — 5.3 — 5.3 Total equity 868.5 316.8 379.7 71.2 (762.4 ) 873.8 Total liabilities and equity $ 1,401.8 $ 1,498.6 $ 2,619.4 $ 748.3 $ (2,328.4 ) $ 3,939.7 Consolidating Balance Sheet As of January 2, 2016 (in millions of U.S. dollars) 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 Inventories 13.0 31.4 199.4 5.6 — 249.4 Prepaid expenses and other assets 2.2 5.3 10.9 0.4 — 18.8 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 Intangible assets, net 0.1 390.6 290.6 2.8 — 684.1 Deferred tax assets 7.4 — 38.2 0.2 (38.2 ) 7.6 Other assets, net 0.7 11.9 15.0 — — 27.6 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 For the year ended December 31, 2016 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by operating activities $ 127.5 $ 90.8 $ 25.1 $ 88.1 $ (61.7 ) $ 269.8 Investing Activities Acquisition, net of cash received (954.0 ) (5.4 ) — — — (959.4 ) Additions to property, plant & equipment (1.5 ) (72.4 ) (54.4 ) (11.5 ) — (139.8 ) Additions to intangible assets — (3.8 ) (3.9 ) (0.4 ) — (8.1 ) Proceeds from sale of property, plant & equipment 0.8 0.7 5.4 1.9 — 8.8 Proceeds from insurance recoveries — — 1.5 — — 1.5 Other investing activities — — 0.4 — — 0.4 Net cash used in investing activities (954.7 ) (80.9 ) (51.0 ) (10.0 ) — (1,096.6 ) Financing Activities Payments of long-term debt — — (2.9 ) (0.7 ) — (3.6 ) Issuance of long-term debt 498.7 — — — 498.7 Borrowings under ABL 176.4 — 2,225.2 1.6 — 2,403.2 Payments under ABL (178.7 ) — (2,140.2 ) (1.4 ) — (2,320.3 ) Distributions to non-controlling interests — — — (7.7 ) — (7.7 ) Issuance of common shares 366.8 — — — 366.8 Financing fees (13.5 ) — — — — (13.5 ) Common shares repurchased and cancelled (5.7 ) — — — — (5.7 ) Dividends paid to common shareholders (31.4 ) — — — — (31.4 ) Payments of deferred consideration for acquisitions — — (10.8 ) — — (10.8 ) Intercompany dividends — — (27.0 ) (34.7 ) 61.7 — Net cash provided by (used in) financing activities 812.6 — 44.3 (42.9 ) 61.7 875.7 Effect of exchange rate changes on cash (1.4 ) — (4.7 ) (1.8 ) — (7.9 ) Net (decrease) increase cash & cash equivalents (16.0 ) 9.9 13.7 33.4 — 41.0 Cash & cash equivalents, beginning of period 20.8 12.8 38.4 5.1 — 77.1 Cash & cash equivalents, end of period $ 4.8 $ 22.7 $ 52.1 $ 38.5 $ — $ 118.1 Condensed Consolidating Statement of Cash Flows For the year ended January 2, 2016 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by operating activities $ 56.2 $ 58.4 $ 152.9 $ 17.3 $ (30.2 ) $ 254.6 Investing Activities Acquisition, net of cash received — (24.0 ) — — — (24.0 ) Additions to property, plant & equipment (2.0 ) (67.2 ) (40.3 ) (1.3 ) — (110.8 ) Additions to intangible assets — (3.1 ) (1.5 ) — — (4.6 ) Proceeds from sale of property, plant & equipment and sale-leaseback — 14.3 26.6 — — 40.9 Other investing activities — — (1.2 ) — — (1.2 ) Net cash used in investing activities (2.0 ) (80.0 ) (16.4 ) (1.3 ) — (99.7 ) Financing Activities Payments of long-term debt (0.1 ) — (2.9 ) (0.7 ) — (3.7 ) Borrowings under ABL — — 994.5 — — 994.5 Payments under ABL — — (1,101.8 ) — — (1,101.8 ) Distributions to non-controlling interests — — — (8.5 ) — (8.5 ) Issuance of common shares 143.1 — — — — 143.1 Financing fees — — (0.6 ) — — (0.6 ) Preferred shares repurchased and cancelled (148.8 ) — — — — (148.8 ) Common shares repurchased and cancelled (0.8 ) — — — — (0.8 ) Dividends to common and preferred shareholders (31.0 ) — — — — (31.0 ) Payment of deferred consideration for acquisitions — — (2.5 ) — — (2.5 ) Intercompany dividends — — (21.4 ) (8.8 ) 30.2 — Net cash used in financing activities (37.6 ) — (134.7 ) (18.0 ) 30.2 (160.1 ) Effect of exchange rate changes on cash (2.0 ) — (1.6 ) (0.3 ) — (3.9 ) Net increase (decrease) in cash & cash equivalents 14.6 (21.6 ) 0.2 (2.3 ) — (9.1 ) Cash & cash equivalents, beginning of period 6.2 34.4 38.2 7.4 — 86.2 Cash & cash equivalents, end of period $ 20.8 $ 12.8 $ 38.4 $ 5.1 $ — $ 77.1 Condensed Consolidating Statement of Cash Flows For the year ended January 3, 2015 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by operating activities $ 42.0 $ 9.2 $ 56.6 $ 12.7 $ (63.8 ) $ 56.7 Investing Activities Acquisition, net of cash received — — (798.5 ) — — (798.5 ) Additions to property, plant & equipment (1.9 ) (3.6 ) (40.4 ) (0.8 ) — (46.7 ) Additions to intangible assets — — (6.9 ) — — (6.9 ) Proceeds from sale of property, plant & equipment — — 1.8 — — 1.8 Net cash used in investing activities (1.9 ) (3.6 ) (844.0 ) (0.8 ) — (850.3 ) Financing Activities Payments of long-term debt (0.1 ) — (392.4 ) (1.1 ) — (393.6 ) Issue of long-term debt — — 1,150.0 — — 1,150.0 Borrowings under ABL — — 959.0 — — 959.0 Payments under ABL — — (779.6 ) — — (779.6 ) Distributions to non-controlling interests — — — (8.5 ) — (8.5 ) Financing fees — — (24.0 ) — — (24.0 ) Common shares repurchased and cancelled (12.1 ) — — — — (12.1 ) Dividends to common shareholders (22.8 ) — — — — (22.8 ) Payment of deferred consideration for acquisitions — — (32.4 ) — — (32.4 ) Intercompany financing transactions — 28.8 (28.8 ) — — — Other financing activities — — (0.3 ) — — (0.3 ) Intercompany dividends — — (63.8 ) — 63.8 — Net cash (used in) provided by financing activities (35.0 ) 28.8 787.7 (9.6 ) 63.8 835.7 Effect of exchange rate changes on cash (0.4 ) — (2.3 ) (0.4 ) — (3.1 ) Net increase (decrease) in cash & cash equivalents 4.7 34.4 (2.0 ) 1.9 — 39.0 Cash & cash equivalents, beginning of period 1.5 — 40.2 5.5 — 47.2 Cash & cash equivalents, end of period $ 6.2 $ 34.4 $ 38.2 $ 7.4 $ — $ 86.2 Guarantor Subsidiaries of 2020 Notes, 2022 Notes, and 2024 Notes The 2020 Notes and 2022 Notes, each issued by Cott Corporation’s 100% owned subsidiary CBI, are fully and unconditionally, jointly and severally guaranteed on a senior basis by Cott Corporation and certain of its 100% owned direct and indirect subsidiaries (the “Cott Guarantor Subsidiaries”). The Indentures governing the 2020 Notes and the 2022 Notes require (i) any 100% owned direct and indirect restricted subsidiary that guarantees any indebtedness of CBI or any guarantor and (ii) any non-100% owned subsidiary that guarantees any other capital markets debt of CBI or any guarantor to guarantee the 2020 Notes and the 2022 Notes. No non-100% owned subsidiaries guarantee the 2020 Notes or the 2022 Notes. The guarantees of Cott Corporation and the Cott Guarantor Subsidiaries may be released in limited circumstances only upon the occurrence of certain customary conditions set forth in the Indentures governing the 2020 Notes and the 2022 Notes. The 2024 Notes were initially issued on June 30, 2016 by Cott Finance Corporation, which was not a Cott Guarantor Subsidiary. Cott Finance Corporation was declared an unrestricted subsidiary under the Indentures governing the 2022 Notes and the 2020 Notes. As a result, such entity is reflected as a Cott Non-Guarantor Subsidiary in the following summarized condensed consolidating financial information through August 2, 2016. Substantially simultaneously with the closing of the Eden Acquisition on August 2, 2016, we assumed all of the obligations of Cott Finance Corporation as issuer under the 2024 Notes, and Cott Corporation’s U.S., Canadian, U.K., Luxembourg and Dutch subsidiaries that are currently obligors under the 2022 Notes and the 2020 Notes (including CBI) entered into a supplemental indenture to guarantee the 2024 Notes. The Indenture governing the 2024 Notes requires (i) any 100% owned domestic restricted subsidiary that guarantees any debt of the issuer or any guarantor and (ii) and any non-100% owned subsidiary that guarantees any other capital markets debt of Cott Corporation or any other guarantor to guarantee the 2024 Notes. No non-100% owned subsidiaries guarantee the 2024 Notes. The guarantees of CBI and the Cott Guarantor Subsidiaries may be released in limited circumstances only upon the occurrence of certain customary conditions set forth in the Indenture governing the 2024 Notes. Currently, the obligors under the 2024 Notes are identical to the obligors under the 2020 Notes and the 2022 Notes, but different than the obligors under the DSS Notes. The 2024 Notes are listed on the official list of the Irish Stock Exchange and are traded on the Global Exchange Market thereof. 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 the SEC rules 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”). This supplemental financial information reflects our investments and those of CBI in their respective subsidiaries using the equity method of accounting. Condensed Consolidating Statement of Operations For the year ended December 31, 2016 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 157.5 $ 701.3 $ 2,155.8 $ 278.3 $ (57.0 ) $ 3,235.9 Cost of sales 132.7 593.3 1,339.7 153.0 (57.0 ) 2,161.7 Gross profit 24.8 108.0 816.1 125.3 — 1,074.2 Selling, general and administrative expenses 38.4 89.8 716.5 113.4 — 958.1 (Gain) loss on disposal of property, plant & equipment (0.7 ) 0.8 6.0 — — 6.1 Acquisition and integration expenses — 17.9 7.1 2.8 — 27.8 Operating (loss) income (12.9 ) (0.5 ) 86.5 9.1 — 82.2 Other (income) expense, net (1.9 ) (1.3 ) 5.1 2.0 — 3.9 Intercompany interest (income) expense, net (2.4 ) (42.5 ) 42.5 2.4 — 0.0 Interest expense (income), net 14.7 80.4 29.3 (0.2 ) — 124.2 (Loss) income before income tax expense (benefit) and equity (loss) income (23.3 ) (37.1 ) 9.6 4.9 — (45.9 ) Income tax expense (benefit) 8.3 34.0 (16.6 ) (0.1 ) — 25.6 Equity (loss) income (46.2 ) 6.6 0.3 — 39.3 — Net (loss) income $ (77.8 ) $ (64.5 ) $ 26.5 $ 5.0 $ 39.3 $ (71.5 ) Less: Net income attributable to non-controlling interests — — — 6.3 — 6.3 Net (loss) income attributed to Cott Corporation $ (77.8 ) $ (64.5 ) $ 26.5 $ (1.3 ) $ 39.3 $ (77.8 ) Comprehensive (loss) income attributed to Cott Corporation $ (119.5 ) $ (67.9 ) $ 173.4 $ (1.2 ) $ (104.3 ) $ (119.5 ) Condensed Consolidating Statement of Operations For the year ended January 2, 2016 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 147.7 $ 715.0 $ 2,008.7 $ 131.6 $ (59.0 ) $ 2,944.0 Cost of sales 124.6 611.5 1,266.0 105.4 (59.0 ) 2,048.5 Gross profit 23.1 103.5 742.7 26.2 — 895.5 Selling, general and administrative expenses 23.3 91.6 641.4 12.3 — 768.6 Loss on disposal of property, plant & equipment 0.1 0.5 6.3 — — 6.9 Acquisition and integration expenses — 3.2 17.4 — — 20.6 Operating (loss) income (0.3 ) 8.2 77.6 13.9 — 99.4 Other (income) expense, net (8.6 ) — (1.0 ) 0.1 — (9.5 ) Intercompany interest (income) expense, net (4.9 ) (51.2 ) 56.1 — — — Interest expense, net 0.2 80.1 30.7 — — 111.0 Income (loss) before income tax expense (benefit) and equity income (loss) 13.0 (20.7 ) (8.2 ) 13.8 — (2.1 ) Income tax expense (benefit) 1.6 (14.8 ) (9.6 ) 0.1 — (22.7 ) Equity income (loss) 3.1 6.1 (0.3 ) — (8.9 ) — Net income $ 14.5 $ 0.2 $ 1.1 $ 13.7 $ (8.9 ) $ 20.6 Less: Net income attributable to non-controlling interests — — — 6.1 — 6.1 Less: Accumulated dividends on convertible shares 4.5 — — — — 4.5 Less: Accumulated dividends on non-convertible shares 1.4 — — — — 1.4 Less: Foreign exchange impact on redemption of preferred shares 12.0 — — — — 12.0 Net (loss) income attributed to Cott Corporation $ (3.4 ) $ 0.2 $ 1.1 $ 7.6 $ (8.9 ) $ (3.4 ) Comprehensive (loss) income attributed to Cott Corporation $ (29.3 ) $ (7.9 ) $ 27.9 $ 11.4 $ (31.4 ) $ (29.3 ) Condensed Consolidating Statement of Operations For the year ended January 3, 2015 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 166.3 $ 745.1 $ 1,102.6 $ 137.9 $ (49.1 ) $ 2,102.8 Cost of sales 144.8 643.2 972.8 114.6 (49.1 ) 1,826.3 Gross profit 21.5 101.9 129.8 23.3 — 276.5 Selling, general and administrative expenses 23.1 85.9 92.7 12.0 — 213.7 Loss on disposal of property, plant & equipment 0.2 0.1 1.3 0.1 — 1.7 Restructuring 2.1 0.3 — — — 2.4 Asset impairments 0.9 0.8 — — — 1.7 Acquisition and integration expenses — 38.8 2.5 — — 41.3 Operating (loss) income (4.8 ) (24.0 ) 33.3 11.2 — 15.7 Other (income) expense, net (10.9 ) 21.8 10.0 0.1 — 21.0 Intercompany interest (income) expense, net (0.7 ) (18.4 ) 19.1 — — — Interest expense, net 0.2 37.2 2.2 0.1 — 39.7 Income (loss) before income tax expense (benefit) and equity income 6.6 (64.6 ) 2.0 11.0 — (45.0 ) Income tax expense (benefit) 0.3 (59.6 ) (2.7 ) 0.6 — (61.4 ) Equity income 4.5 6.1 — — (10.6 ) — Net income $ 10.8 $ 1.1 $ 4.7 $ 10.4 $ (10.6 ) $ 16.4 Less: Net income attributable to non-controlling interests — — — 5.6 — 5.6 Less: Accumulated dividends on convertible shares 0.6 — — — — 0.6 Less: Accumulated dividends on non-convertible shares 0.2 — — — — 0.2 Net income attributed to Cott Corporation $ 10.0 $ 1.1 $ 4.7 $ 4.8 $ (10.6 ) $ 10.0 Comprehensive (loss) income attributed to Cott Corporation $ (23.4 ) $ (31.5 ) $ 15.4 $ 8.5 $ 7.6 $ (23.4 ) Consolidating Balance Sheet As of December 31, 2016 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 4.8 $ 3.1 $ 71.7 $ 38.5 $ — $ 118.1 Accounts receivable, net of allowance 27.4 73.3 443.1 93.7 (233.6 ) 403.9 Inventories 14.0 72.0 194.3 21.1 — 301.4 Prepaid expenses and other assets 1.4 4.3 19.4 4.7 — 29.8 Total current assets 47.6 152.7 728.5 158.0 (233.6 ) 853.2 Property, plant & equipment, net 27.5 154.4 640.8 107.2 — 929.9 Goodwill 20.3 4.5 867.9 282.7 — 1,175.4 Intangible assets, net 0.1 66.2 675.6 197.8 — 939.7 Deferred tax assets — 6.0 — 0.2 (6.0 ) 0.2 Other assets, net 1.2 17.0 20.7 2.4 — 41.3 Due from affiliates 943.2 580.2 343.1 — (1,866.5 ) — Investments in subsidiaries 361.9 847.3 989.8 — (2,199.0 ) — Total assets $ 1,401.8 $ 1,828.3 $ 4,266.4 $ 748.3 $ (4,305.1 ) $ 3,939.7 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ 207.0 $ — $ — $ — $ 207.0 Current maturities of long-term debt — 2.5 0.2 3.0 — 5.7 Accounts payable and accrued liabilities 66.5 261.9 369.3 133.3 (233.6 ) 597.4 Total current liabilities 66.5 471.4 369.5 136.3 (233.6 ) 810.1 Long-term debt 464.3 1,135.6 385.3 2.8 — 1,988.0 Deferred tax liabilities 1.0 — 136.2 26.6 (6.0 ) 157.8 Other long-term liabilities 0.5 24.4 63.5 21.6 — 110.0 Due to affiliates 1.0 142.1 1,233.6 489.8 (1,866.5 ) — Total liabilities 533.3 1,773.5 2,188.1 677.1 (2,106.1 ) 3,065.9 Equity Common shares, no par 909.3 834.8 1,648.7 149.7 (2,633.2 ) 909.3 Additional paid-in-capital 54.2 — — — — 54.2 Retained earnings (deficit) 22.9 (759.9 ) 251.9 (92.9 ) 600.9 22.9 Accumulated other comprehensive (loss) income (117.9 ) (20.1 ) 177.7 9.1 (166.7 ) (117.9 ) Total Cott Corporation equity 868.5 54.8 2,078.3 65.9 (2,199.0 ) 868.5 Non-controlling interests — — — 5.3 — 5.3 Total equity 868.5 54.8 2,078.3 71.2 (2,199.0 ) 873.8 Total liabilities and equity $ 1,401.8 $ 1,828.3 $ 4,266.4 $ 748.3 $ (4,305.1 ) $ 3,939.7 Consolidating Balance Sheet As of January 2, 2016 (in millions of U.S. dollars) 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 Inventories 13.0 76.7 154.1 5.6 — 249.4 Prepaid expenses and other assets 2.2 5.2 11.0 0.4 — 18.8 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 Intangible assets, net 0.1 69.8 611.4 2.8 — 684.1 Deferred tax assets 7.4 38.2 — 0.2 (38.2 ) 7.6 Other assets, net 0.7 9.4 17.5 — 27.6 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 For the year ended December 31, 2016 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by (used in) operating activities $ 127.5 $ (37.0 ) $ 152.9 $ 88.1 $ (61.7 ) $ 269.8 Investing Activities Acquisition, net of cash received (954.0 ) — (5.4 ) — — (959.4 ) Additions to property, plant & equipment (1.5 ) (24.7 ) (102.1 ) (11.5 ) — (139.8 ) Additions to intangible assets — (3.3 ) (4.4 ) (0.4 ) — (8.1 ) Proceeds from sale of property, plant & equipment 0.8 0.2 5.9 1.9 — 8.8 Proceeds from insurance recoveries — 1.5 — — — 1.5 Other investing activities — — 0.4 — — 0.4 Net cash used in investing activities (954.7 ) (26.3 ) (105.6 ) (10.0 ) — (1,096.6 ) Financing Activities Payments of long-term debt — (2.7 ) (0.2 ) (0.7 ) — (3.6 ) Issuance of long-term debt 498.7 — — — — 498.7 Borrowings under ABL 176.4 2,225.2 — 1.6 — 2,403.2 Payments under ABL (178.7 ) (2,140.2 ) — (1.4 ) — (2,320.3 ) Distributions to non-controlling interests — — — (7.7 ) — (7.7 ) Issuance of common shares 366.8 — — — — 366.8 Financing fees (13.5 ) — — — — (13.5 ) Common shares repurchased and cancelled (5.7 ) — — — — (5.7 ) Dividends to common shareholders (31.4 ) — — — — (31.4 ) Payment of deferred consideration for acquisitions — — (10.8 ) — — (10.8 ) Intercompany dividends — (16.9 ) (10.1 ) (34.7 ) 61.7 — Net cash provided by (used in) financing activities 812.6 65.4 (21.1 ) (42.9 ) 61.7 875.7 Effect of exchange rate changes on cash (1.4 ) — (4.7 ) (1.8 ) — (7.9 ) Net (decrease) increase in cash & cash equivalents (16.0 ) 2.1 21.5 33.4 — 41.0 Cash & cash equivalents, beginning of period 20.8 1.0 50.2 5.1 — 77.1 Cash & cash equivalents, end of period $ 4.8 $ 3.1 $ 71.7 $ 38.5 $ — $ 118.1 Condensed Consolidating Statement of Cash Flows For the year ended January 2, 2016 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by operating activities $ 56.2 $ 127.4 $ 106.5 $ 17.3 $ (52.8 ) $ 254.6 Investing Activities Acquisition, net of cash received — — (24.0 ) — — (24.0 ) Additions to property, plant & equipment (2.0 ) (22.3 ) (85.2 ) (1.3 ) — (110.8 ) Additions to intangible assets — (1.5 ) (3.1 ) — — (4.6 ) Proceeds from sale of property, plant & equipment and sale-leaseback — 16.0 24.9 — — 40.9 Other investing activities — — (1.2 ) — — (1.2 ) Net cash used in investing activities (2.0 ) (7.8 ) (88.6 ) (1.3 ) — (99.7 ) Financing Activities Payments of long-term debt (0.1 ) (2.6 ) (0.3 ) (0.7 ) — (3.7 ) Borrowings under ABL — 950.2 44.3 — — 994.5 Payments under ABL — (1,057.3 ) (44.5 ) — — (1,101.8 ) Distributions to non-controlling interests — — — (8.5 ) — (8.5 ) Issuance of common shares 143.1 — — — — 143.1 Financing fees — (0.6 ) — — — (0.6 ) Preferred shares repurchased and cancelled (148.8 ) — — — — (148.8 ) Common shares repurchased and cancelled (0.8 ) — — — — (0.8 ) Dividends to common and preferred shareholders (31.0 ) — — — — (31.0 ) Payment of deferred consideration for acquisitions — — (2.5 ) — — (2.5 ) Intercompany dividends — (16.9 ) (27.1 ) (8.8 ) 52.8 — Net cash u |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 23—Subsequent Event On February 22, 2017, the Board of Directors declared a dividend of $0.06 per common share, payable in cash on March 29, 2017 to shareowners of record at the close of business on March 14, 2017. |
Schedule II-Valuation and Quali
Schedule II-Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II-Valuation and Qualifying Accounts | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS (in millions of U.S. dollars) Year Ended December 31, 2016 Balance at Charged to Charged to Balance at Beginning Reduction Costs and Other End of Description of Year in Sales Expenses Accounts Deductions 1 Year Reserves deducted in the balance sheet from the asset to which they apply Allowances for losses on: Accounts receivables $ (9.2 ) $ (0.1 ) $ (11.8 ) $ 12.1 $ 0.2 $ (8.8 ) Inventories (14.9 ) — (3.8 ) 1.2 3.3 (14.2 ) Deferred tax assets 2 (15.4 ) — (61.2 ) (53.3 ) — (129.9 ) $ (39.5 ) $ (0.1 ) $ (76.8 ) $ (40.0 ) $ 3.5 $ (152.9 ) (in millions of U.S. dollars) Year Ended January 2, 2016 Balance at Charged to Charged to Balance at Beginning Reduction Costs and Other End of Description of Year in Sales Expenses Accounts Deductions 1 Year Reserves deducted in the balance sheet from the asset to which they apply Allowances for losses on: Accounts receivables 3 $ (6.5 ) $ 0.1 $ (16.8 ) $ 12.4 $ 1.6 $ (9.2 ) Inventories 3 (18.2 ) — (5.1 ) 0.2 8.2 (14.9 ) Deferred tax assets (15.8 ) — 0.4 — — (15.4 ) $ (40.5 ) $ 0.1 $ (21.5 ) $ 12.6 $ 9.8 $ (39.5 ) (in millions of U.S. dollars) Year Ended January 3, 2015 Balance at Charged to Charged to Balance at Beginning Reduction Costs and Other End of Description of Year in Sales Expenses Accounts Deductions 1 Year Reserves deducted in the balance sheet from the asset to which they apply Allowances for losses on: Accounts receivables $ (5.8 ) $ (0.5 ) $ (0.8 ) $ 0.2 $ 0.4 $ (6.5 ) Inventories (12.0 ) — (6.3 ) 0.2 (0.1 ) (18.2 ) Deferred tax assets (45.2 ) — 29.4 — — (15.8 ) $ (63.0 ) $ (0.5 ) $ 22.3 $ 0.4 $ 0.3 $ (40.5 ) 1. Deductions primarily represent uncollectible accounts written off. 2. Amounts charged to other accounts include $27.3 million and $23.8 million of valuation allowances recorded through purchase accounting during 2016 related to the Aquaterra Acquisition and Eden Acquisition, respectively. 3. Amounts revised to correct an error in prior year’s presentation. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) using the U.S. dollar as the reporting currency, as the majority of our business and the majority of our shareowners are in the United States. For the year ended January 3, 2015, we had 53 weeks of activity, compared to 52 weeks of activity for the years ended December 31, 2016 and January 2, 2016. The additional week contributed $29.1 million of additional revenue and $1.1 million of additional operating income for the year ended January 3, 2015. In addition, for the year ended January 2, 2016, we had four additional shipping days in our Water & Coffee reporting segment, which we estimate contributed $12.5 million of additional revenue and $0.1 million of additional operating income for the year ended January 2, 2016. At the beginning of 2016, our business operated through four reporting segments: DSS, Cott North America, Cott United Kingdom (“Cott U.K.”) and All Other (which includes our Mexico and Royal Crown International (“RCI”) operating segments). During the first quarter of 2016, we completed the Aquaterra Acquisition followed by the S&D Acquisition and the Eden Acquisition (as each term is defined below) in the third quarter of 2016. These businesses were added to our DSS reporting segment, which was then renamed “Water & Coffee Solutions” to reflect the increased scope of our offering. Other than the change in name, there was no impact on prior period results for this reporting segment. The Water & Coffee Solutions reporting segment provides bottled water, coffee and water filtration services to customers in North America, Europe, and Israel. Water & Coffee Solutions products include bottled water, coffee, brewed tea, water dispensers, coffee and tea brewers and filtration equipment. 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. |
Basis of consolidation | Basis of consolidation The Consolidated Financial Statements include our accounts, our wholly-owned and majority-owned subsidiaries and joint ventures that we control. All intercompany transactions and accounts have been eliminated in consolidation. |
Estimates | Estimates The preparation of these Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Consolidated Financial Statements include estimates and assumptions that, in the opinion of management, were significant to the underlying amounts representing the future valuation of intangible assets, long-lived assets and goodwill, realization of deferred income tax assets and the resolution of tax contingencies. |
Changes in Presentation | Changes in presentation Certain prior year amounts have been reclassified to conform to current year presentation. We segregated intangible assets, net and other long-term assets, net into two separate line items on the Consolidated Balance Sheets. These assets were previously presented in the aggregate on the Consolidated Balance Sheets. We also segregated unrealized commodity hedging loss (gain), net on the Consolidated Statements of Cash Flows, which was previously presented in other non-cash items. We also reclassified income taxes recoverable to prepaid expenses and other current assets on the Consolidated Balance Sheets. |
Revenue recognition | Revenue recognition We recognize revenue, net of sales returns, when ownership passes to customers for products manufactured in our own plants and/or by third-parties on our behalf, and when prices to our customers are fixed or determinable and collection is reasonably assured. This may be upon shipment of goods or upon delivery to the customer, depending on contractual terms. Shipping and handling costs paid by the customer to us are included in revenue. Although we occasionally accept returns of products from our customers, historically returns have not been material. We also recognize rental income on filtration, brewers and dispensing equipment at customer locations based on the terms of the related rental agreements, which are generally measured based on 28-day periods. Amounts billed to customers for rental in future periods are deferred and included in accounts payable and accrued liabilities on the Consolidated Balance Sheets. |
Sales incentives | Sales incentives We participate in various incentive programs with our customers, including volume-based incentives, contractual rebates and promotional allowances. Volume incentives are based on our customers achieving volume targets for a period of time. Volume incentives and contractual rebates are deducted from revenue and accrued as the incentives are earned and are based on management’s estimate of the total the customer is expected to earn and claim. Promotional allowances are accrued at the time of revenue recognition and are deducted from revenue based on either the volume shipped or the volume sold at the retailer location, depending on the terms of the allowance. We regularly review customer sales forecasts to ensure volume targets will be met and adjust incentive accruals and revenues accordingly. |
Cost of sales | Cost of sales We record costs associated with the manufacturing of our products in costs of sales. Shipping and handling costs incurred to store, prepare and move products between production facilities or from production facilities to branch locations or storage facilities are recorded in cost of sales. Costs incurred in shipment of products from our production facilities to customer locations are also reflected in cost of sales, with the exception of shipping and handling costs incurred to deliver products from our Water & Coffee Solutions reporting segment branch locations to the end-user consumer of those products, which are recorded in selling, general and administrative (“SG&A”) expenses. These shipping and handling costs were $360.4 million, $281.9 million, and $10.6 million for the years ended December 31, 2016, January 2, 2016, and January 3, 2015, respectively. Finished goods inventory costs include the cost of direct labor and materials and the applicable share of overhead expense chargeable to production. |
Selling, general and administrative expenses | Selling, general and administrative expenses We record all other expenses not charged to production as SG&A expenses. Advertising costs are expensed at the commencement of an advertising campaign and are recognized as a component of SG&A expenses. Advertising costs are not significant to any reporting segment other than Water & Coffee Solutions. Advertising costs expensed were approximately $20.8 million, $18.0 million, and $0.4 million for the years ended December 31, 2016, January 2, 2016, and January 3, 2015, respectively. |
Share-based compensation | Share-based compensation We have in effect equity incentive plans under which Time-based RSUs, Performance-based RSUs, non-qualified stock options and director share awards have been granted (as such terms are defined in Note 7 of the Consolidated Financial Statements). Share-based compensation expense for all share-based compensation awards is based on the grant-date fair value. We recognized these compensation costs net of a forfeiture rate on a straight-line basis over the requisite service period of the award, which is generally the vesting term of three years. No estimated forfeitures were included in the calculation of share-based compensation expense for the years 2016, 2015 and 2014. The fair value of the Company’s Time-based RSUs, Performance-based RSUs and director share awards are based on the closing market price of its common shares on the date of grant as stated on the NYSE. We estimate the fair value of non-qualified options as of the date of grant using the Black-Scholes option pricing model. This model considers, among other factors, the expected life of the award, the expected volatility of the Company’s share price, and expected dividends. The Company records share-based compensation expense in SG&A expenses. All excess tax benefits and tax deficiencies related to share-based compensation are recognized in results of operations at settlement or expiration of the award. The excess tax benefit or deficiency is calculated as the difference between the grant date price and the price of our common shares on the vesting or exercise date. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include all highly liquid investments with original maturities not exceeding three months at the time of purchase. The fair values of our cash and cash equivalents approximate the amounts shown on our Consolidated Balance Sheets due to their short-term nature. |
Allowance for doubtful accounts | Allowance for doubtful accounts A portion of our accounts receivable is not expected to be collected due to non-payment, bankruptcies and deductions. Our accounting policy for the allowance for doubtful accounts requires us to reserve an amount based on the evaluation of the aging of accounts receivable, detailed analysis of high-risk customers’ accounts, and the overall market and economic conditions of our customers. This evaluation considers the customer demographic, such as supermarket retailers as compared to small business or individual consumers. We consider our accounts receivable delinquent or past due based on payment terms established with each customer. Accounts receivable are written off when the account is determined to be uncollectible. |
Inventories | Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out method, or net realizable value. Returnable bottles are valued at the lower of cost, deposit value or net realizable value. Finished goods and work-in-process include the cost of raw materials, direct labor and manufacturing overhead costs. As a result, we use an inventory reserve to adjust our costs down to a net realizable value and to reserve for estimated obsolescence of both raw materials and finished goods. |
Customer deposits | Customer deposits The Company generally collects deposits on three- and five-gallon bottles used by its HOD customers. Such deposits are refunded only after customers return such bottles in satisfactory condition. The associated bottle deposit liability is estimated based on the number of water customers, average consumption and return rates and bottle deposit market rates. The Company analyzes these assumptions quarterly and adjusts the bottle deposit liability as necessary. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is allocated between cost of sales and SG&A expenses and is determined using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized using the straight-line method over the remaining life of the lease or useful life of the asset, whichever is shorter. Maintenance and repairs are charged to operating expense when incurred. |
Goodwill | Goodwill Goodwill represents the excess purchase price of acquired businesses over the fair value of the net assets acquired. Goodwill is not amortized, but instead is tested for impairment at least annually. The following table summarizes our goodwill on a reporting segment basis as of December 31, 2016 and January 2, 2016: Reporting Segment (in millions of U.S. dollars) Water & Cott Cott All Other Total Balance January 3, 2015 $ 556.9 $ 123.7 $ 58.5 $ 4.5 $ 743.6 Goodwill acquired during the year 4.7 — — — 4.7 Adjustments 1 17.5 — — — 17.5 Foreign exchange — (3.7 ) (2.5 ) — (6.2 ) Balance January 2, 2016 $ 579.1 $ 120.0 $ 56.0 $ 4.5 $ 759.6 Goodwill acquired during the year 440.9 — — — 440.9 Foreign exchange (16.4 ) 0.5 (9.2 ) — (25.1 ) Balance December 31, 2016 $ 1,003.6 $ 120.5 $ 46.8 $ 4.5 $ 1,175.4 1. During the fiscal year ended January 2, 2016, we recorded adjustments to goodwill allocated to the Water & Coffee Solutions segment in connection with the DSS Acquisition (as such term is defined below) (see Note 2 to the Consolidated Financial Statements). Cott operates through five operating segments: Water & Coffee Solutions, Cott North America, Cott U.K., RCI and Mexico. Water & Coffee Solutions, Cott North America and Cott U.K. are also reportable segments and RCI and Mexico are combined and disclosed in the All Other category. We test goodwill for impairment at least annually in the fourth quarter, based on our reporting unit carrying values, calculated as total assets less interest bearing liabilities, as of the end of the third quarter, or more frequently if we determine a triggering event has occurred during the year. Any impairment loss is recognized in our results of operations. We evaluate goodwill for impairment on a reporting unit basis, which is an operating segment or a level below an operating segment, referred to as a component. A component of an operating segment is a reporting unit if the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. However, two or more components of an operating segment are aggregated and deemed a single reporting unit if the components have similar economic characteristics. For the purpose of testing goodwill for impairment in 2016, we have determined our reporting units are DSS, Eden, S&D, Cott North America, Core U.K., Aimia, and RCI. DSS, Eden and S&D are components of the Water & Coffee Solutions operating segment. Eden and S&D were acquired in August 2016, and DSS was acquired in December 2014 (see Note 2 to the Consolidated Financial Statements). Core U.K. and Aimia are components of the Cott U.K. operating segment. Aimia was acquired in May 2014 (see Note 2 to the Consolidated Financial Statements). As of the end of the third quarter of 2016, we re-aligned our reporting unit structure within the Cott U.K. operating segment as a result of the Calypso Soft Drinks business being absorbed into the operations of Core U.K. Due to the change in reporting unit structure, we performed a quantitative goodwill impairment test on our Calypso Soft Drinks reporting unit as of the end of the third quarter. The assumptions used in the valuation of the reporting unit include a terminal growth rate of 1.0%, and a discount rate of 12.5%. The test did not result in an impairment charge and the assets and liabilities of Calypso Soft Drinks, including goodwill, are now included in the discrete financial information of our Core U.K. reporting unit. We had goodwill of $1,175.4 million on our balance sheet at December 31, 2016, which represents amounts for the DSS, Eden, S&D, Cott North America, Core U.K., Aimia and RCI reporting units. We have the option of performing a qualitative assessment to determine whether any further quantitative testing for a potential impairment is necessary. Our qualitative assessment will use judgments including, but not limited to, changes in the general economic environment, industry considerations, current economic performance compared to historical economic performance, entity-specific events and events affecting our reporting units, where applicable. If we elect to bypass the qualitative assessment or if we determine, based upon our assessment of those qualitative factors that it is more likely than not that the fair value of the reporting unit is less than its net carrying value, a quantitative assessment is required. The quantitative test is a two-step test. The first step identifies whether there is potential impairment by comparing the fair value of a reporting unit to the carrying amount, including goodwill. If the fair value of a reporting unit is less than its carrying amount, the second step of the impairment test is required to measure the amount of impairment loss, if any. For purposes of the 2016 annual test, we elected to perform a qualitative assessment for our Core U.K., RCI and Aimia reporting units. In performing these assessments, management relied on a number of factors including, but not limited to, macroeconomic conditions, industry and market considerations, cost factors that would have a negative effect on earnings and cash flows, overall financial performance compared with forecasted projections in prior periods, and other relevant reporting unit events, the impact of which are all significant judgments and estimates. Based on these factors, management concluded that it was more likely than not that the fair values of the Core U.K., RCI and Aimia reporting units were greater than their respective carrying amount, including goodwill, indicating no impairment. Goodwill allocated to the Core U.K., RCI and Aimia reporting units as of December 31, 2016 is $6.6 million, $4.5 million and $40.2 million, respectively. For the DSS and Cott North America reporting units, we elected to bypass the qualitative assessment and performed a quantitative analysis due to the decline in 2016 projected operating results for DSS and an overall carbonated soft drink (“CSD”) industry decline impacting the Cott North America reporting unit. We determined the fair value of each reporting unit being evaluated using a mix of the income approach (which is based on the discounted cash flows of the reporting unit) and the guideline public company approach, and in the case of the DSS quantitative assessment, we also considered the guideline transactions method. We believe using a combination of these approaches provides a more accurate valuation because it incorporates the expected cash generation of the Company in addition to how a third-party market participant would value the reporting unit. As the business is assumed to continue in perpetuity, the discounted future cash flows includes a terminal value. Critical assumptions used in our 2016 valuation of the reporting units include the weighted-average terminal growth rates of 2.5% and 1.0% for our DSS and Cott North America reporting units, respectively, and discount rates of 9.0% and 8.0%, respectively. The terminal growth rate assumption incorporated into the discounted cash flow calculation reflects our long-term view of the market and industry, projected changes in the sale of our products, pricing of such products and operating profit margins. The discount rate was determined using various factors and sensitive assumptions, including bond yields, size premiums and tax rates. This rate was based on the weighted average cost of capital a market participant would use if evaluating the reporting unit as an investment. These assumptions are considered significant unobservable inputs and represent our best estimate of assumptions that market participants would use to determine the fair value of the respective reporting units. The key inputs into the discounted cash flow analysis were consistent with market data, where available, indicating that the assumptions used were in a reasonable range of observable market data. Based on the quantitative assessment including consideration of the sensitivity of the assumptions made and methods used to determine fair value, industry trends and other relevant factors, we noted that the estimated fair values of the DSS and Cott North America reporting units exceeded their carrying values by approximately 7.1% and 35.2%, respectively. Therefore, a second step analysis was not required and no goodwill impairment charges were recorded in the fourth quarter ended December 31, 2016. If actual operating results in future periods are less than currently projected for DSS or if the impact to the Cott North America reporting unit resulting from the decline in the CSD industry is larger than anticipated, goodwill allocated to these reporting units could be impaired at a future date. Goodwill allocated to the DSS and Cott North America reporting units as of December 31, 2016 are $603.8 million and $120.5 million, respectively. For the Eden and S&D reporting units, we did not perform a qualitative or quantitative assessment as the underlying net assets of both reporting units were acquired in the third quarter of 2016 and there was no indication of changes to the business environment or the operations of the reporting units that would cause us to conclude that it was more likely than not that the fair values of the Eden and S&D reporting units were less than their carrying amounts, including goodwill. Goodwill allocated to the Eden and S&D reporting units as of December 31, 2016 is $282.7 million, and $117.1 million, respectively. Each year during the fourth quarter, we re-evaluate the assumptions used in our assessments, such as revenue growth rates, operating profit margins and discount rates, to reflect any significant changes in the business environment that could materially affect the fair value of our reporting units. Based on the evaluations performed in 2016, we determined that the fair value of each of our reporting units exceeded their carrying amounts. |
Intangible assets | Intangible assets As of December 31, 2016, our intangible assets subject to amortization, net of accumulated amortization were $637.6 million, consisting principally of $596.7 million of customer relationships that arose from acquisitions, $32.5 million of information technology assets, and $3.7 million of trademarks. Customer relationships are typically amortized on an accelerated straight-line basis for the period over which we expect to receive the economic benefits. With the S&D Acquisition, Eden Acquisition, and Aquaterra Acquisition, the acquired customer relationships are amortized over the expected remaining useful life of those relationships on a basis that reflects the pattern of realization of the estimated undiscounted after-tax cash flows. We review the estimated useful life of these intangible assets annually, unless a review is required more frequently due a triggering event, such as a loss of a significant customer. Our review of the estimated useful life takes into consideration the specific net cash flows related to the intangible asset. The permanent loss of, or significant decline in sales to customers included in the intangible asset would result in either an impairment in the value of the intangible asset or an accelerated amortization of any remaining value and could lead to an impairment of the fixed assets that were used to service that customer. In 2016, we recorded $11.4 million in customer relationships acquired with the Aquaterra Acquisition, $134.1 million in customer relationships acquired with the Eden Acquisition, and $113.7 million in customer relationships acquired with the S&D Acquisition. In 2014, we recorded $219.8 million of customer relationships acquired with the DSS Acquisition and $76.5 million of customer relationships acquired with the Aimia Acquisition (as defined below). We did not record impairment charges for other intangible assets in 2016, 2015 or 2014. Our intangible assets with indefinite lives relate to the 2001 acquisition of intellectual property from Royal Crown Company, Inc., and include the right to manufacture our concentrates, with all related inventions, processes, technologies, technical and manufacturing information, know-how and the use of the Royal Crown brand outside of North America and Mexico (the “Rights”); trademarks acquired in the DSS Acquisition (the “DSS Trademarks”); trademarks acquired in the Eden Acquisition (the “Eden Trademarks”), and trademarks acquired in the Aquaterra Acquisition (the “Aquaterra Trademarks”). These assets have an aggregate net book value of $302.1 million. Prior to 2001, we paid a volume based royalty to the Royal Crown Company for purchase of concentrates. There are no legal, regulatory, contractual, competitive, economic, or other factors that limit the useful life of this intangible. The life of the Rights, DSS Trademarks, Eden Trademarks, and Aquaterra Trademarks are considered to be indefinite and therefore these intangible assets are not amortized. Rather they are tested for impairment at least annually or more frequently if we determine a triggering event has occurred during the year. We compare the carrying amount of the intangible asset to its fair value and when the carrying amount is greater than the fair value, we recognize in income an impairment loss. During the fourth quarter of 2016, we tested the Rights and DSS Trademarks for impairment. The Eden Trademarks and Aquaterra Trademarks were acquired in 2016 and since we noted no changes to the business environment, operations or use of the trademarks, we did not perform an impairment test. To determine the fair value of the Rights, we use a relief from royalty method of the income approach, which calculates a fair value royalty rate that is applied to a forecast of future volume shipments of concentrate that is used to produce CSDs. The forecast of future volumes is based on the estimated inter-plant shipments and RCI shipments. The relief from royalty method is used since the Rights were purchased in part to avoid making future royalty payments for concentrate to the Royal Crown Company. The resulting cash flows are discounted using a rate to reflect the risk of achieving the projected royalty savings attributable to the Rights. The assumptions used to estimate the fair value of the Rights are subjective and require significant management judgment, including estimated future volume, the fair value royalty rate (which is estimated to be a reasonable market royalty charge that would be charged by a licensor of the Rights) and the risk adjusted discount rate. Based on our impairment tests, the estimated fair value of the Rights significantly exceeded the carrying value for all periods presented. To determine fair value of the DSS Trademarks, we use a relief from royalty method of the income approach, which calculates a fair value royalty rate that is applied to DSS revenue forecasts adjusted to exclude private label sales. The resulting cash flows are discounted using a rate to reflect the risk of achieving the projected royalty savings attributable to the DSS Trademarks. The assumptions used to estimate the fair value of the DSS Trademarks are subjective and require significant management judgment, including estimated future revenues, the fair value royalty rate (which is estimated to be a reasonable market royalty charge that would be charged by a licensor of the trademarks) and the risk adjusted discount rate. Based on our impairment test, the estimated fair value of the DSS Trademarks exceeded the carrying value by approximately 2.6%. If actual revenues excluding private label sales in future periods are less than currently projected for DSS, the DSS Trademarks could be impaired |
Impairment and disposal of long-lived assets | Impairment and disposal of long-lived assets When adverse events occur, we compare the carrying amount of long-lived assets to the estimated undiscounted future cash flows at the lowest level of independent cash flows for the group of long-lived assets and recognize any impairment loss in the Consolidated Statements of Operations, taking into consideration the timing of testing and the asset’s remaining useful life. The expected life and value of these long-lived assets is based on an evaluation of the competitive environment, history and future prospects as appropriate. As part of restructuring activities during 2014, we recorded impairments of long-lived assets of $1.0 million, which were recorded as a component of asset impairments in our Consolidated Statements of Operations. We did not record impairments of long-lived assets in 2016 or 2015. As part of normal business operations, we identify long-lived assets that are no longer productive and are disposed. Losses on disposals of assets are presented separately in our Consolidated Statements of Operations as part of operating income. We recognized losses on disposal of property, plant & equipment, net of $6.1 million for the year ended December 31, 2016 ($6.9 million—January 2, 2016; $1.7 million—January 3, 2015). |
Derivative financial instruments | Derivative financial instruments We use derivative financial instruments to manage our exposure to movements in foreign currencies and certain commodity prices. All derivative instruments are recorded at fair value in the Consolidated Balance Sheets. We do not use derivative financial instruments for trading or speculative purposes. We manage credit risk related to the derivative financial instruments by requiring high credit standards for our counterparties and periodic settlements. Refer to Note 19 to the Consolidated Financial Statements for further information on our derivative financial instruments. |
Foreign currency translation | Foreign currency translation The assets and liabilities of non-U.S. active operations, all of which are self-sustaining, are translated to U.S. dollars at the exchange rates in effect at the balance sheet dates. Revenues and expenses are translated using average monthly exchange rates prevailing during the period. The resulting gains or losses are recorded in accumulated other comprehensive loss. |
Income taxes | Income taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amount of assets and liabilities and their respective tax bases, using currently enacted income tax rates. A valuation allowance is established to reduce deferred income tax assets if, on the basis of available evidence, it is not more likely than not that all or a portion of any deferred tax assets will be realized. The consideration of available evidence requires significant management judgment including an assessment of the future periods in which the deferred tax assets and liabilities are expected to be realized and projections of future taxable income. We classify interest and income tax penalties as income tax expense (benefit). The ultimate realization of the deferred tax assets, related to net operating losses, is dependent upon the generation of future taxable income during the periods prior to their expiration. If our estimates and assumptions about future taxable income are not appropriate, the value of our deferred tax assets may not be recoverable, which may result in an increase to our valuation allowance that will impact current earnings. We account for uncertain tax positions using a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, based on the technical merits. The second step requires management to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as we have to determine the probability of various possible outcomes. We re-evaluate these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, effectively settled issues under audit, and new audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. We recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations, and we include accrued interest and penalties within the income tax payable or receivable line in the Consolidated Balance Sheets. |
Pension costs | Pension costs We record annual amounts relating to defined benefit pension plans based on calculations, which include various actuarial assumptions such as discount rates and assumed rates of return on plan assets depending on the pension plan. Material changes in pension costs may occur in the future due to changes in these assumptions. Future annual amounts could be impacted by changes in the discount rate, changes in the expected long-term rate of return on plan assets, changes in the level of contributions to the plans and other factors. The funded status is the difference between the fair value of plan assets and the benefit obligation. Future actuarial gains or losses that are not recognized as net periodic benefits cost in the same periods will be recognized as a component of other comprehensive income. |
Recently adopted accounting pronouncements | Recently adopted accounting pronouncements Update ASU 2014-15 – Presentation of Financial Statements – Going Concern (Topic 205) In August 2014, the Financial Accounting Standards Board (“FASB”) amended its guidance regarding presentation of financial statements, which requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances, such as the existence of substantial doubt. We are required to evaluate going concern uncertainties at each annual and interim reporting period, considering the entity’s ability to continue as a going concern within one year after the issuance date. This guidance was effective for us on December 31, 2016. The adoption of this standard did not have an impact 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. We elected to early adopt this standard in the fourth quarter of fiscal 2016, effective as of the beginning of the Company’s fiscal year, January 3, 2016. The adoption of this guidance did not have a significant impact on the Company’s Consolidated Financial Statements. Amendments requiring the recognition of excess tax benefits and tax deficiencies within the Consolidated Statements of Operations were adopted prospectively and resulted in the recognition of $2.8 million of excess tax benefits within income tax expense. This change could create volatility in the Company’s effective tax rate in future periods. Amendments removing the requirement to delay recognition of a windfall tax benefit until it reduces current taxes payable and instead record the benefit when it arises, subject to normal valuation allowance considerations, were adopted using a modified retrospective basis, with a cumulative effect adjustment to opening retained earnings of $2.8 million. The Company has elected to account for forfeitures as they occur, this policy was adopted using a modified retrospective approach. The modified retrospective approach did not result in a cumulative effect adjustment to opening retained earnings, as our estimated forfeiture rate in current and prior years was zero. Amendments related to presentation within the Consolidated Statements of Cash Flows were applied retrospectively, and resulted in no changes to financing and operating activities for the fiscal years ended December 31, 2016, January 2, 2016 and January 3, 2015. Update ASU 2016-15 – Statement of Cash Flows (Topic 230) In August 2016, the FASB issued an update to its guidance on the classification and presentation of certain cash receipts and cash payments in the statement of cash flows. This update addresses specific issues including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned and bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions, and separately identifiable cash flows and application of the predominance principle. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. This guidance will be applied either prospectively or using a retrospective transition method, depending on the practicality of application. We have early adopted the amendments in this update during the fourth quarter of 2016 using a retrospective transition method, noting no changes to the classification and presentation of cash receipts and cash payments in the statement of cash flows. Update ASU 2016-18 – Statement of Cash Flows (Topic 230): Restricted Cash In November 2016, the FASB amended its guidance on the presentation of changes in cash, cash equivalents, and restricted cash in the statement of cash flows. The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The amendments should be applied using a retrospective transition method to each period presented. We have early adopted the amendments in this update during the fourth quarter of 2016 using a retrospective transition method, noting no changes to the historical presentation of changes in cash and cash equivalents and restricted cash in the statement of cash flows. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements Update ASU 2014-09 – Revenue from Contracts with Customers (Topic 606) In May 2014, the FASB amended its guidance regarding revenue recognition and created a new Topic 606, Revenue from Contracts with Customers. The objectives for creating Topic 606 were to remove inconsistencies and weaknesses in revenue recognition, provide a more robust framework for addressing revenue issues, provide more useful information to users of the financial statements through improved disclosure requirements, simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer, and improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve the core principle, an entity should apply the following steps: 1) identify the contract(s) with a customer; 2) identify the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance obligations in the contract; and 5) recognize revenue when (or as) the entity satisfies a performance obligation. For public entities, the amendments are effective for annual reporting periods beginning after December 15, 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 2016-13 – Financial Instruments – Credit Losses (Topic 326) In June 2016, the FASB amended its guidance to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will now use forward-looking information to better form their credit loss estimates. The amended guidance also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption will be permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. This guidance will be applied using a prospective or 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. Update ASU 201 7 -01 – Business Combination (Topic 805) In January 2017, the FASB amended its guidance regarding business combinations. The amendment clarified the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments provide an analysis of fair value of assets acquired to determine when a set is not a business, and uses more stringent criteria related to inputs, substantive process, and outputs to determine if a business exists. The amendments in this update are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. The amendments in this update should be applied prospectively on or after the effective date with no requirement for disclosures at transition. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. Update ASU 201 7 -04 – Intangibles—Goodwill and Other (Topic 350) In January 2017, the FASB amended its guidance regarding goodwill impairment. The amendments remove certain conditions of the goodwill impairment test and simplify the computation of impairment. The amendments in this update are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted for any tests performed after January 1, 2017. The amendments in this update should be applied prospectively, with disclosure required as to the nature of and reason for the change in accounting principle upon transition. We are currently assessing the impact of adoption of this standard on our Consolidated Financial Statements. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Goodwill by Segment | The following table summarizes our goodwill on a reporting segment basis as of December 31, 2016 and January 2, 2016: Reporting Segment (in millions of U.S. dollars) Water & Cott Cott All Other Total Balance January 3, 2015 $ 556.9 $ 123.7 $ 58.5 $ 4.5 $ 743.6 Goodwill acquired during the year 4.7 — — — 4.7 Adjustments 1 17.5 — — — 17.5 Foreign exchange — (3.7 ) (2.5 ) — (6.2 ) Balance January 2, 2016 $ 579.1 $ 120.0 $ 56.0 $ 4.5 $ 759.6 Goodwill acquired during the year 440.9 — — — 440.9 Foreign exchange (16.4 ) 0.5 (9.2 ) — (25.1 ) Balance December 31, 2016 $ 1,003.6 $ 120.5 $ 46.8 $ 4.5 $ 1,175.4 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Unaudited Pro Forma Financial Information | The unaudited pro forma financial information does not necessarily reflect the results of operations that would have occurred had we operated as a single entity during such periods. For the Year Ended (in millions of U.S. dollars, except per share amounts) December 31, January 2, January 3, Revenue $ 3,798.0 $ 3,914.1 $ 3,099.1 Net loss attributed to Cott Corporation (58.2 ) (47.8 ) (8.1 ) Net loss per common share attributed to Cott Corporation, diluted $ (0.43 ) $ (0.40 ) $ (0.08 ) |
S&D Acquisition [Member] | |
Business Combination Transfer Consideration | The total consideration paid by Cott in the S&D Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 232.1 Cash paid on behalf of sellers for sellers’ transaction expenses 84.2 Cash paid to retire outstanding debt on behalf of sellers 37.8 Working capital settlement (0.5 ) Total consideration $ 353.6 |
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | The table below summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the S&D Acquisition: (in millions of U.S. dollars) Acquired Value Adjustments As reported at Cash $ 1.7 $ — $ 1.7 Accounts receivable 49.8 1.6 51.4 Inventory 61.0 1.5 62.5 Prepaid expenses and other assets 2.3 — 2.3 Property, plant & equipment 94.6 (1.7 ) 92.9 Goodwill 127.5 (10.4 ) 117.1 Intangible assets 111.9 7.1 119.0 Other assets 2.2 — 2.2 Accounts payable and accrued liabilities (44.9 ) (1.8 ) (46.7 ) Deferred tax liabilities (51.5 ) 8.2 (43.3 ) Other long-term liabilities (0.5 ) (5.0 ) (5.5 ) Total $ 354.1 $ (0.5 ) $ 353.6 |
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 S&D Acquisition and their estimated weighted average useful lives: Weighted Average Estimated Fair Estimated (in millions of U.S. dollars) Market Value Useful Life Customer relationships $ 113.7 17 years Non-competition agreements 3.0 3 years Software 2.3 2 years Total $ 119.0 |
Eden Acquisition [Member] | |
Business Combination Transfer Consideration | The total consideration paid by Cott in the Eden Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 86.5 Cash paid on behalf of sellers to retire outstanding indebtedness 420.2 Cash paid to retire sellers financing payables, net 71.8 Working capital settlement (2.2 ) Total consideration $ 576.3 |
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: As reported at (in millions of U.S. dollars) Acquired Value Adjustments December 31, 2016 Cash & cash equivalents $ 19.6 $ — $ 19.6 Accounts receivable 104.3 (8.9 ) 95.4 Inventories 23.7 (6.0 ) 17.7 Prepaid expenses and other current assets 7.3 (1.1 ) 6.2 Property, plant & equipment 98.4 8.7 107.1 Goodwill 277.2 22.5 299.7 Intangible assets 219.2 (6.0 ) 213.2 Other assets 8.0 (5.2 ) 2.8 Deferred tax assets 18.2 1.3 19.5 Current maturities of long-term debt (2.7 ) — (2.7 ) Accounts payable and accrued liabilities (129.5 ) 1.2 (128.3 ) Long-term debt (3.1 ) — (3.1 ) Deferred tax liabilities (55.1 ) 5.6 (49.5 ) Other long-term liabilities (7.0 ) (14.3 ) (21.3 ) Total $ 578.5 $ (2.2 ) $ 576.3 |
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 Eden Acquisition and their estimated weighted average useful lives: Estimated Fair Estimated (in millions of U.S. dollars) Market Value Useful Life Customer relationships $ 134.1 15 years Trade names 72.7 Indefinite Software 6.4 3-5 years Total $ 213.2 |
Aquaterra Corporation [Member] | |
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | The table below presents the purchase price allocation of the Aquaterra Acquisition Date fair values of the assets acquired and the liabilities assumed and shows the allocation after the post-closing adjustment: As reported at (in millions of U.S. dollars) Acquired Value Adjustments December 31, 2016 Cash $ 1.3 $ — $ 1.3 Accounts receivable 6.2 0.9 7.1 Inventories 2.1 — 2.1 Prepaid expenses and other current assets 1.3 (0.9 ) 0.4 Property, plant & equipment 13.4 (1.1 ) 12.3 Goodwill 19.2 2.0 21.2 Intangible assets 16.6 (0.8 ) 15.8 Other assets 0.8 — 0.8 Accounts payable and accrued liabilities (15.8 ) (0.5 ) (16.3 ) Long-term debt (0.3 ) (0.1 ) (0.4 ) Other long-term liabilities (0.3 ) — (0.3 ) Total $ 44.5 $ (0.5 ) $ 44.0 |
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 $ 11.4 12 years Trademarks and trade names 4.4 Indefinite Total $ 15.8 |
DSS Group Inc [Member] | |
Business Combination Transfer Consideration | The total cash and stock consideration paid by us in the DSS Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 449.7 Working capital adjustment 11.4 Cash paid on behalf of sellers for sellers expenses 25.3 Cash paid to retire term loan on behalf of sellers 317.3 Convertible Preferred Shares 116.1 Non-Convertible Preferred Shares 32.7 Total cash and stock consideration $ 952.5 |
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the DSS Acquisition. (in millions of U.S. dollars) Acquired Value Cash and cash equivalents $ 74.5 Accounts receivable 102.6 Inventories 46.4 Prepaid expenses and other current assets 8.8 Deferred income taxes 3.7 Property, plant & equipment 390.0 Goodwill 574.4 Intangible assets 409.0 Other assets 25.0 Accounts payable and accrued liabilities (118.5 ) Long-term debt (406.0 ) Deferred income tax liabilities (127.9 ) Other long-term liabilities (29.5 ) Total $ 952.5 |
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 DSS Acquisition and their estimated weighted average useful lives: As Reported at January 3, 2015 Estimated Fair Estimated (in millions of U.S. dollars) Market Value Useful Life Customer relationships $ 219.8 16 years Trademarks and trade names 183.1 Indefinite Non-competition agreements 0.4 5 years Software 5.7 3 years Total $ 409.0 |
Aimia Foods Holdings Limited [Member] | |
Business Combination Transfer Consideration | The total consideration paid by us for the Aimia Acquisition is summarized below: (in millions of U.S. dollars) Cash paid to sellers $ 80.4 Deferred consideration 33.5 Contingent consideration 1 17.9 Working capital payment 7.2 Total consideration $ 139.0 1. Represents the estimated present value of the contingent consideration based on probability of achievement of performance targets recorded at fair value. |
Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the Aimia Acquisition. (in millions of U.S. dollars) Acquired Value Cash $ 9.5 Accounts receivable 11.0 Inventories 9.6 Prepaid expenses and other assets 1.9 Property, plant & equipment 10.9 Goodwill 54.5 Intangible assets 80.9 Other assets 5.3 Accounts payable and accrued liabilities (27.4 ) Deferred tax liabilities (17.2 ) Total $ 139.0 |
Components of Identified Intangible Assets and Estimated Weighted Average Useful Lives | The following table sets forth the components of identified intangible assets associated with the Aimia Acquisition and their estimated weighted average useful lives: As Reported at January 3, 2015 Estimated Fair Estimated (in millions of U.S. dollars) Market Value Useful Life Customer relationships $ 76.5 15 years Trademarks and trade names 1.5 20 years Non-competition agreements 2.9 5 years Total $ 80.9 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring and Asset Impairment Charges | The following table summarizes restructuring and asset impairment charges for the year ended January 3, 2015: For the Year Ended January 3, (in millions of U.S. dollars) 2015 Restructuring $ 2.4 Asset impairments 1.7 Total $ 4.1 |
Summary of Restructuring Charges | The following table summarizes our restructuring charges on a reporting segment basis for the year ended January 3, 2015: For the Year Ended January 3, (in millions of U.S. dollars) 2015 Cott North America $ 2.3 Cott U.K. 0.1 All Other — Total $ 2.4 |
Summary of Asset Impairment Charges | The following table summarizes our asset impairment charges on a reporting segment basis for the year ended January 3, 2015. There were no asset impairment charges for the years ended December 31, 2016 and January 2, 2016. For the Year Ended January 3, (in millions of U.S. dollars) 2015 Cott North America $ 0.9 Cott U.K. 0.8 Total $ 1.7 |
Other Expense (Income), Net (Ta
Other Expense (Income), Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Expenses and (Income) | The following table summarizes other expense (income), net for the years ended December 31, 2016, January 2, 2016 and January 3, 2015: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Foreign exchange loss (gain) $ 1.3 $ (7.8 ) $ (0.3 ) Proceeds from legal settlement — (1.4 ) (3.5 ) Gain on recoveries from insurance proceeds (1.2 ) — — Realized commodity hedging gain (5.8 ) — — Unrealized commodity hedging loss (gain), net 9.8 (1.2 ) 1.2 Bond redemption — — 20.8 Write-off of financing fees and discount — — 4.1 Other (gain) loss (0.2 ) 0.9 (1.3 ) Total $ 3.9 $ (9.5 ) $ 21.0 |
Interest Expense, Net (Tables)
Interest Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of Interest Expense | The following table summarizes interest expense, net for the years ended December 31, 2016, January 2, 2016 and January 3, 2015: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Interest on long-term debt $ 113.5 $ 100.9 $ 33.2 Other interest expense, net 10.7 10.1 6.5 Total $ 124.2 $ 111.0 $ 39.7 |
Income Tax Expense (Benefit) (T
Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Loss Before Income Taxes | Loss before income taxes consisted of the following: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Canada $ (22.1 ) $ 24.2 $ 17.2 Outside Canada (23.8 ) (26.3 ) (62.2 ) Loss before income taxes $ (45.9 ) $ (2.1 ) $ (45.0 ) |
Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Current Canada $ (0.3 ) $ 4.0 $ — Outside Canada 2.7 3.7 2.5 $ 2.4 $ 7.7 $ 2.5 Deferred Canada $ 8.7 $ (2.5 ) $ 0.3 Outside Canada 14.5 (27.9 ) (64.2 ) $ 23.2 $ (30.4 ) $ (63.9 ) Income tax expense (benefit) $ 25.6 $ (22.7 ) $ (61.4 ) |
Reconciliation of Income Taxes | The following table reconciles income taxes calculated at the basic Canadian corporate rates with the income tax provision: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Income tax (benefit) expense based on Canadian statutory rates $ (11.8 ) $ (0.5 ) $ (11.5 ) Foreign tax rate differential (3.5 ) (3.7 ) (9.3 ) Nontaxable interest income (10.0 ) (5.5 ) (9.3 ) Nontaxable dividend income (10.6 ) (13.8 ) (11.2 ) Nontaxable capital (gain) loss — (1.4 ) 1.5 Dividend income 1.1 0.9 — Changes in enacted tax rates (0.6 ) 1.3 (1.4 ) Change in valuation allowance 61.2 (0.4 ) (29.4 ) Increase (decrease) to uncertain tax positions 0.6 (0.6 ) 1.9 Non-controlling interests (2.2 ) (2.1 ) (1.9 ) Equity compensation adjustment to net operating loss — — 2.7 Permanent differences 1.9 1.3 1.7 Contingent consideration goodwill basis adjustments — — 1.0 Equity compensation permanent adjustment 0.6 0.9 0.6 Mexico deferred adjustment — — 2.5 Preferred share costs — 0.4 — Other items (1.1 ) 0.5 0.7 Income tax expense (benefit) $ 25.6 $ (22.7 ) $ (61.4 ) |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities were recognized on temporary differences between the financial and tax bases of existing assets and liabilities as follows: December 31, January 2, (in millions of U.S. dollars) 2016 2016 Deferred tax assets Net operating loss carryforwards $ 227.8 $ 132.8 Capital loss carryforwards 1.6 0.6 Liabilities and reserves 44.8 39.4 Stock options 5.8 5.9 Inventories 5.2 4.9 Other 8.8 9.1 294.0 192.7 Deferred tax liabilities Property, plant & equipment (106.2 ) (99.8 ) Intangible assets (215.5 ) (146.4 ) (321.7 ) (246.2 ) Valuation allowance (129.9 ) (15.4 ) Net deferred tax liability $ (157.6 ) $ (68.9 ) |
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities have been classified as follows on the Consolidated Balance Sheets: December 31, January 2, (in millions of U.S. dollars) 2016 2016 Deferred tax assets: Long-term $ 0.2 $ 7.6 Deferred tax liabilities: Long-term (157.8 ) (76.5 ) Net deferred tax liability $ (157.6 ) $ (68.9 ) |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of our unrecognized tax benefits is as follows: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Unrecognized tax benefits at beginning of year $ 11.5 $ 12.5 $ 10.5 Additions based on tax positions taken during a prior period 0.2 0.2 0.5 Reductions based on tax positions taken during a prior period — (0.2 ) (0.9 ) Settlement on tax positions taken during a prior period (4.5 ) (0.6 ) (0.8 ) Lapse in statute of limitations (0.2 ) (1.8 ) — Additions based on tax positions taken during the current period 24.8 1.9 3.9 Foreign exchange (1.2 ) (0.5 ) (0.7 ) Unrecognized tax benefits at end of year $ 30.6 $ 11.5 $ 12.5 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation Expense | The table below summarizes the share-based compensation expense for the years ended December 31, 2016, January 2, 2016, and January 3, 2015. For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Stock options $ 3.7 $ 1.9 $ 1.6 Performance-based RSUs 1.3 4.9 0.6 Time-based RSUs 3.3 2.4 2.8 Director share awards 0.9 1.0 0.8 Employee Share Purchase Plan 0.2 0.1 — Total $ 9.4 $ 10.3 $ 5.8 |
Unrecognized Share-based Compensation Expense | As of December 31, 2016, the unrecognized share-based compensation expense and weighted average years over which we expect to recognize it as compensation expense were as follows: (in millions of U.S. dollars, except years) Unrecognized share-based as of December 31, 2016 Weighted average years Stock options $ 7.2 1.7 Performance-based RSUs 18.8 2.6 Time-based RSUs 5.8 1.6 Total $ 31.8 |
Schedule of Stock Option Assumptions | The grant date fair value of each option granted during 2016, 2015 and 2014 was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: For the Year Ended December 31, January 2, January 3, 2016 2016 2015 Risk-free interest rate 1.9 % 2.0 % 2.7 % Average expected life (years) 6.2 10.0 10.0 Expected volatility 30.7 % 58.7 % 58.5 % Expected dividend yield 2.2 % 3.0 % 2.9 % |
Stock Option Activity | The following table summarizes the activity for Company stock options: Weighted Weighted Aggregate Stock average average intrinsic Options exercise contractual term value (in thousands) price (years) (in thousands) Balance at December 28, 2013 830 8.17 7.6 811.9 Granted 441 8.00 Forfeited or expired (50 ) 16.45 Outstanding at January 3, 2015 1,221 7.77 7.6 400.7 Granted 684 9.22 Exercised (113 ) 4.94 637.4 Forfeited or expired (35 ) 8.56 Outstanding at January 2, 2016 1,757 $ 8.50 8.0 $ 4,373.8 Granted 2,976 11.15 Exercised (238 ) 7.29 2,304.7 Forfeited or expired (21 ) 9.99 Outstanding at December 31, 2016 4,474 $ 10.32 8.8 $ 5,623.3 Exercisable at December 31, 2016 850 $ 8.27 6.5 $ 2,598.6 Vested or expected to vest at December 31, 2016 4,474 $ 10.32 8.8 $ 5,623.3 |
Performance-based RSU and Time-Based RSU Activity | The following table summarizes the activity of our Performance-based RSU and Time-based RSU: Number of Number of Performance- Weighted Average Time-based Weighted Average based RSUs Grant-Date RSUs Grant-Date (in thousands) Fair Value (in thousands) Fair Value Balance at December 28, 2013 534 $ 7.81 831 $ 8.04 Awarded 1,356 6.68 368 8.00 Issued — — (467 ) 7.14 Cancelled (77 ) 6.58 — — Forfeited (31 ) 7.90 (68 ) 8.26 Balance at January 3, 2015 1,782 7.01 664 8.63 Awarded 320 9.22 213 9.22 Awarded in connection with modification 55 7.90 — — Issued (255 ) 6.87 (10 ) 8.60 Forfeited (24 ) 8.61 (40 ) 8.67 Balance at January 2, 2016 1,878 7.41 827 8.78 Awarded 1 1,419 13.09 1,017 13.88 Issued 1 — — (1,027 ) 12.01 Cancelled (224 ) 9.29 — — Forfeited (10 ) 9.24 (17 ) 8.50 Outstanding at December 31, 2016 3,063 $ 9.89 800 $ 11.10 Vested or expected to vest at December 31, 2016 2,070 $ 11.83 800 $ 11.10 1. Includes 416,951 common shares granted to certain S&D employees in connection with the S&D Acquisition; the common shares were fully vested upon issuance. |
Common Shares and Net (Loss) 42
Common Shares and Net (Loss) Income per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominators of Basic and Diluted Net (Loss) Income Per Common Share | Set forth below is a reconciliation of the numerator and denominator for the diluted net (loss) income per common share computations for the periods indicated: Numerator For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 Net (loss) income attributed to Cott Corporation $ (77.8 ) $ (3.4 ) $ 10.0 Plus: Accumulated dividends on Convertible Preferred Shares 1 — — 0.6 Diluted net (loss) income attributed to Cott Corporation $ (77.8 ) $ (3.4 ) $ 10.6 Denominator For the Year Ended December 31, January 2, January 3, (in thousands) 2016 2016 2015 Weighted average number of shares outstanding—basic 128,290 103,037 93,777 Dilutive effect of stock options — — 83 Dilutive effect of Performance-based RSUs — — 325 Dilutive effect of Time-based RSUs — — 619 Dilutive effect of Convertible Preferred Shares 1 — — 1,096 Adjusted weighted average number of shares outstanding—diluted 128,290 103,037 95,900 1. For the year ended January 3, 2015, the accumulated dividends on Convertible Preferred Shares were added back to the numerator to calculate diluted net income per common share because the Convertible Preferred Shares were assumed to have been converted at the time of issuance even though they were not actually convertible until three years after issuance. |
Summary of the Anti-dilutive Securities Excluded from the Computation of Diluted Net (Loss) Income Per Common Share | The following table summarizes anti-dilutive securities excluded from the computation of diluted net (loss) income per common share for the periods indicated: For the Year Ended December 31, January 2, January 3, (in thousands) 2016 2016 2015 Stock options 4,474 1,757 833 Performance-based RSUs 1 2,070 1,631 — Time-based RSUs 800 827 — 1. Performance-based RSUs represent the number of shares expected to be issued based on the estimated achievement of pre-tax income for these awards. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Information by Operating Segment | December 31, 2016 Water & Cott (in millions of Coffee North Cott All U.S. dollars) Solutions America U.K. Other Corporate Eliminations Total Revenue, net 1 $ 1,452.3 $ 1,287.6 $ 469.8 $ 50.5 $ — $ (24.3 ) 3,235.9 Depreciation and amortization 144.0 73.3 20.6 0.8 — — 238.7 Operating income (loss) 46.5 33.9 27.8 8.5 (34.5 ) — 82.2 Property, plant & equipment, net 571.2 273.4 80.1 5.2 — — 929.9 Goodwill 1,003.6 120.5 46.8 4.5 — — 1,175.4 Intangible assets, net 686.3 190.9 62.5 — — — 939.7 Total assets 2 2,735.1 862.9 316.5 25.2 — — 3,939.7 Additions to property, plant & equipment 96.1 30.6 12.2 0.9 — — 139.8 1. Intersegment revenue between Cott North America and the other reporting segments was $24.3 million for 2016. 2. Excludes intersegment receivables, investments and notes receivable. January 2, 2016 Water & Cott (in millions of Coffee North Cott All U.S. dollars) Solutions America U.K. Other Corporate Eliminations Total Revenue, net 1 $ 1,021.1 $ 1,330.9 $ 557.0 $ 57.6 $ — $ (22.6 ) 2,944.0 Depreciation and amortization 119.9 79.6 22.7 1.6 — — 223.8 Operating income (loss) 39.0 38.5 28.0 10.5 (16.6 ) — 99.4 Property, plant & equipment, net 372.6 293.4 97.6 6.2 — — 769.8 Goodwill 579.1 120.0 56.0 4.5 — — 759.6 Intangible assets, net 390.6 211.8 81.7 — — — 684.1 Total assets 2 1,513.1 943.1 402.5 28.6 — — 2,887.3 Additions to property, plant & equipment 67.2 30.9 11.6 1.1 — — 110.8 1. Intersegment revenue between Cott North America and the other reporting segments was $22.6 million for 2015. 2. Excludes intersegment receivables, investments and notes receivable. January 3, 2015 Water & Cott (in millions of Coffee North Cott All U.S. dollars) Solutions America U.K. Other Corporate Eliminations Total Revenue, net 1 $ 28.7 $ 1,433.5 $ 597.9 $ 65.0 $ — $ (22.3 ) 2,102.8 Depreciation and amortization 5.2 82.1 21.7 1.7 — — 110.7 Operating (loss) income (1.7 ) 29.7 26.3 10.0 (48.6 ) — 15.7 Additions to property, plant & equipment 3.4 29.2 13.3 0.8 — — 46.7 1. Intersegment revenue between Cott North America and the other reporting segments was $22.3 million for the year ended January 3, 2015. 2. Excludes intersegment receivables, investments and notes receivable. |
Revenues by Geographic Area | Revenues generated from sales to external customers by geographic area were as follows: For the Year Ended December 31, January 2, January 3, (in millions of U.S. dollars) 2016 2016 2015 United States $ 2,356.0 $ 2,198.0 $ 1,288.4 United Kingdom 494.0 557.0 597.9 Canada 202.8 131.4 151.5 All other countries 183.1 57.6 65.0 Total $ 3,235.9 $ 2,944.0 $ 2,102.8 |
Revenues by Channel Reporting Segment | Revenues by channel by reporting segment were as follows: For the Year Ended December 31, 2016 Water & Cott Coffee North Cott (in millions of U.S. dollars) Solutions America U.K. All Other Eliminations Total Revenue, net Private label retail $ 78.0 $ 1,036.8 $ 202.3 $ 3.5 $ (1.5 ) $ 1,319.1 Branded retail 86.6 100.3 140.7 3.5 (1.4 ) 329.7 Contract packaging — 124.1 107.2 16.2 (8.5 ) 239.0 Home and office bottled water delivery 799.4 — — — — 799.4 Coffee and tea services 334.6 — 2.6 — — 337.2 Concentrate and other 153.7 26.4 17.0 27.3 (12.9 ) 211.5 Total $ 1,452.3 $ 1,287.6 $ 469.8 $ 50.5 $ (24.3 ) $ 3,235.9 For the Year Ended January 2, 2016 Water & Cott Coffee North Cott (in millions of U.S. dollars) Solutions America U.K. All Other Eliminations Total Revenue, net Private label retail $ 65.3 $ 1,075.9 $ 261.4 $ 4.5 $ (1.6 ) $ 1,405.5 Branded retail 84.1 114.9 168.1 4.1 (1.5 ) 369.7 Contract packaging — 111.8 114.0 22.2 (6.5 ) 241.5 Home and office bottled water delivery 651.3 — — — — 651.3 Coffee and tea services 121.3 — 3.1 — — 124.4 Concentrate and other 99.1 28.3 10.4 26.8 (13.0 ) 151.6 Total $ 1,021.1 $ 1,330.9 $ 557.0 $ 57.6 $ (22.6 ) $ 2,944.0 For the Year Ended January 3, 2015 Water & Cott Coffee North Cott (in millions of U.S. dollars) Solutions America U.K. All Other Eliminations Total Revenue, net Private label retail $ 2.1 $ 1,206.4 $ 296.1 $ 7.4 $ (1.2 ) $ 1,510.8 Branded retail 2.6 108.4 172.6 4.5 (1.6 ) 286.5 Contract packaging — 86.9 120.8 24.6 (6.7 ) 225.6 Home and office bottled water delivery 12.2 — — — — 12.2 Coffee and tea services 4.3 — 1.7 — — 6.0 Concentrate and other 7.5 31.8 6.7 28.5 (12.8 ) 61.7 Total $ 28.7 $ 1,433.5 $ 597.9 $ 65.0 $ (22.3 ) $ 2,102.8 |
Property, Plant and Equipment by Geographic Area | Property, plant & equipment, net by geographic area as of December 31, 2016 and January 2, 2016 were as follows: December 31, January 2, (in millions of U.S. dollars) 2016 2016 United States $ 701.8 $ 636.3 United Kingdom 88.1 97.6 Canada 41.7 29.7 All other countries 98.3 6.2 Total $ 929.9 $ 769.8 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net | The following table summarizes accounts receivable, net as of December 31, 2016 and January 2, 2016: December 31, January 2, (in millions of U.S. dollars) 2016 2016 Trade receivables $ 380.2 $ 285.5 Allowance for doubtful accounts (8.8 ) (9.2 ) Other 32.5 17.0 Total $ 403.9 $ 293.3 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | The following table summarizes inventories as of December 31, 2016 and January 2, 2016: December 31, January 2, (in millions of U.S. dollars) 2016 2016 Raw materials $ 123.4 $ 95.3 Finished goods 131.6 118.4 Resale items 22.0 15.8 Other 24.4 19.9 Total $ 301.4 $ 249.4 |
Property, Plant & Equipment, 46
Property, Plant & Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | The following table summarizes property, plant and equipment, net as of December 31, 2016 and January 2, 2016: December 31, 2016 January 2, 2016 Estimated Useful Life Accumulated Accumulated (in millions of U.S. dollars) in Years Cost Depreciation Net Cost Depreciation Net Land n/a $ 103.9 — $ 103.9 $ 86.6 — $ 86.6 Buildings 10-40 231.1 82.0 149.1 207.4 74.7 132.7 Machinery and equipment 3-15 799.6 458.9 340.7 759.3 442.0 317.3 Plates, films and molds 1-10 17.9 12.5 5.4 19.2 11.5 7.7 Vending 5-10 10.1 10.0 0.1 10.4 10.2 0.2 Vehicles and transportation equipment 3-15 85.8 29.3 56.5 70.2 17.6 52.6 Leasehold improvements 1 56.9 36.9 20.0 50.6 32.0 18.6 IT Systems 3-7 18.3 9.9 8.4 14.4 8.4 6.0 Furniture and fixtures 3-10 13.0 7.5 5.5 10.1 5.7 4.4 Customer equipment 2 3-8 255.4 61.5 193.9 144.4 31.5 112.9 Returnable bottles 3 3-10 54.4 16.6 37.8 32.7 8.8 23.9 Capital leases 4 20.2 11.6 8.6 13.7 6.8 6.9 Total $ 1,666.6 $ 736.7 $ 929.9 $ 1,419.0 $ 649.2 $ 769.8 1. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease life. 2. Customer equipment for the Water & Coffee Solutions reporting segment consists of coolers, brewers, refrigerators, water purification devices and storage racks held on site at customer locations. 3. Returnable bottles are those bottles on site at Water & Coffee Solutions customer locations. 4. Our recorded assets under capital leases relate primarily to buildings and machinery and equipment. |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following table summarizes intangible assets as of December 31, 2016 and January 2, 2016: December 31, 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 257.1 — 257.1 183.1 — 183.1 Total intangibles not subject to amortization 302.1 — 302.1 228.1 — 228.1 Subject to amortization Customer relationships 900.1 303.4 596.7 663.9 241.0 422.9 Trademarks 31.6 27.9 3.7 33.0 28.1 4.9 Information technology 70.5 38.0 32.5 54.0 29.1 24.9 Other 10.3 5.6 4.7 7.8 4.5 3.3 Total intangibles subject to amortization 1,012.5 374.9 637.6 758.7 302.7 456.0 Total intangible assets 1,314.6 374.9 939.7 986.8 302.7 684.1 1. Relates to the 2001 acquisition of the Rights. |
Estimated Amortization Expense for Intangible Assets | The estimated amortization expense for intangible assets subject to amortization over the next five years is: (in millions of U.S. dollars) 2017 $ 87.2 2018 81.7 2019 71.7 2020 62.2 2021 56.8 Thereafter 278.0 Total $ 637.6 |
Accounts Payable and Accrued 48
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The following table summarizes accounts payable and accrued liabilities as of December 31, 2016 and January 2, 2016: December 31, January 2, (in millions of U.S. dollars) 2016 2016 Trade payables $ 339.9 $ 227.2 Accrued compensation 63.6 49.8 Accrued sales incentives 20.6 25.2 Accrued interest 12.2 12.2 Payroll, sales and other taxes 17.6 13.3 Accrued deposits 51.9 28.6 Other accrued liabilities 91.6 81.3 Total $ 597.4 $ 437.6 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Components of Debt | Our total debt as of December 31, 2016 and January 2, 2016 was as follows: December 31, 2016 January 2, 2016 Unamortized Unamortized Debt Issuance Debt Issuance (in millions of U.S. dollars) Principal Costs Net Principal Costs Net 6.750% senior notes due in 2020 $ 625.0 9.3 $ 615.7 $ 625.0 $ 12.0 $ 613.0 10.000% senior notes due in 2021 1 384.2 — 384.2 390.1 — 390.1 5.375% senior notes due in 2022 525.0 7.1 517.9 525.0 8.2 516.8 5.500% senior notes due in 2024 474.1 9.8 464.3 — — — ABL facility 207.0 — 207.0 122.0 — 122.0 GE Term Loan 4.3 0.2 4.1 6.4 0.4 6.0 Capital leases and other debt financing 7.5 — 7.5 2.9 — 2.9 Total debt 2,227.1 26.4 2,200.7 1,671.4 20.6 1,650.8 Less: Short-term borrowings and current debt: ABL facility 207.0 — 207.0 122.0 — 122.0 Total short-term borrowings 207.0 — 207.0 122.0 — 122.0 GE Term Loan—current maturities 2.3 — 2.3 2.2 — 2.2 Capital leases and other debt financing—current maturities 3.4 — 3.4 1.2 — 1.2 Total current debt 212.7 — 212.7 125.4 — 125.4 Total long-term debt $ 2,014.4 $ 26.4 $ 1,988.0 $ 1,546.0 $ 20.6 $ 1,525.4 1. The outstanding aggregate principal amount of the DSS Notes of $350.0 million was assumed by Cott at fair value of $406.0 million in connection with the DSS Acquisition. The premium of $56.0 million is being amortized as an adjustment to interest expense using the effective interest method over the remaining contractual term of the DSS Notes. The effective interest rate is 7.515%. The remaining unamortized premium is $34.2 million and $40.1 million at December 31, 2016 and January 2, 2016, respectively |
Schedule of Long Term Debt Payments in Each of Next Five Years and Thereafter | The long-term debt payments (which include current maturities of long-term debt) required in each of the next five years and thereafter are as follows: (in millions of U.S. dollars) Long Term Debt (incl. current) 2017 $ 212.7 2018 3.6 2019 1.4 2020 625.7 2021 350.1 Thereafter 999.4 $ 2,192.9 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Change in Benefit Obligations, Change in Plan Assets and Unfunded Status of DB Plans | The following table summarizes the change in the projected benefit obligation, change in plan assets and unfunded status of the DB plans as of December 31, 2016 and January 2, 2016: December 31, 2016 (in millions of U.S. dollars) U.S. International Total Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 16.7 $ 54.0 $ 70.7 Business combinations — 24.8 24.8 Service cost — 1.8 1.8 Interest cost 0.6 2.0 2.6 Benefit payments (2.7 ) (0.4 ) (3.1 ) Actuarial losses 0.1 9.2 9.3 Settlement gains (0.1 ) — (0.1 ) Translation gains — (10.0 ) (10.0 ) Projected benefit obligation at end of year $ 14.6 $ 81.4 $ 96.0 Change in Plan Assets Plan assets beginning of year $ 12.7 $ 45.2 $ 57.9 Business combinations — 17.7 17.7 Employer contributions 0.5 2.3 2.8 Plan participant contributions — 0.2 0.2 Benefit payments (2.6 ) (0.4 ) (3.0 ) Actual return on plan assets 0.8 5.0 5.8 Translation losses — (7.6 ) (7.6 ) Fair value at end of year $ 11.4 $ 62.4 $ 73.8 Funded Status of Plan Projected benefit obligation $ (14.6 ) $ (81.4 ) $ (96.0 ) Fair value of plan assets 11.4 62.4 73.8 Unfunded status $ (3.2 ) $ (19.0 ) $ (22.2 ) January 2, 2016 (in millions of U.S. dollars) U.S. International Total Change in Projected Benefit Obligation Projected benefit obligation at beginning of year $ 17.4 $ 60.5 $ 77.9 Interest cost 0.7 2.1 2.8 Benefit payments (0.7 ) (1.0 ) (1.7 ) Actuarial gains (0.7 ) (4.8 ) (5.5 ) Translation gains — (2.8 ) (2.8 ) Projected benefit obligation at end of year $ 16.7 $ 54.0 $ 70.7 Change in Plan Assets Plan assets beginning of year $ 13.1 $ 46.0 $ 59.1 Employer contributions 0.8 2.2 3.0 Benefit payments (0.6 ) (1.0 ) (1.6 ) Actual return on plan assets (0.6 ) 0.2 (0.4 ) Translation losses — (2.2 ) (2.2 ) Fair value at end of year $ 12.7 $ 45.2 $ 57.9 Funded Status of Plan Projected benefit obligation $ (16.7 ) $ (54.0 ) $ (70.7 ) Fair value of plan assets 12.7 45.2 57.9 Unfunded status $ (4.0 ) $ (8.8 ) $ (12.8 ) |
Schedule of Components of Net Periodic Pension Cost | The components of net periodic pension cost were as follows: December 31, 2016 (in millions of U.S. dollars) U.S. International Total Service cost $ — $ 1.8 $ 1.8 Interest cost 0.6 2.0 2.6 Expected return on plan assets (0.9 ) (2.4 ) (3.3 ) Amortization of prior service costs 0.1 — 0.1 Recognized net loss due to settlement 0.1 0.1 0.2 Amortization of net actuarial loss 0.2 — 0.2 Employees contribution — (0.2 ) (0.2 ) Net periodic pension cost $ 0.1 $ 1.3 $ 1.4 January 2, 2016 (in millions of U.S. dollars) U.S. International Total Interest cost $ 0.7 $ 2.1 $ 2.8 Expected return on plan assets (0.9 ) (2.3 ) (3.2 ) Amortization of prior service costs 0.1 — 0.1 Amortization of net actuarial loss 0.2 0.2 0.4 Net periodic pension cost $ 0.1 $ — $ 0.1 January 3, 2015 (in millions of U.S. dollars) U.S. International Total Service cost $ — $ 0.2 $ 0.2 Interest cost 0.3 2.4 2.7 Expected return on plan assets (0.4 ) (2.6 ) (3.0 ) Amortization of prior service costs 0.1 — 0.1 Amortization of net actuarial loss 0.1 0.2 0.3 Net periodic pension cost $ 0.1 $ 0.2 $ 0.3 |
Schedule of Amounts Included in Accumulated Other Comprehensive Income, Net of Tax which have Not yet been Recognized in Net Periodic Benefit Cost | Amounts included in accumulated other comprehensive income, net of tax, at year-end which have not yet been recognized in net periodic benefit cost were as follows: December 31, 2016 (in millions of U.S. dollars) U.S. International Total Unamortized prior service cost $ — $ — $ — Unrecognized net actuarial loss (1.2 ) (13.2 ) (14.4 ) Total accumulated other comprehensive loss $ (1.2 ) $ (13.2 ) $ (14.4 ) January 2, 2016 (in millions of U.S. dollars) U.S. International Total Unamortized prior service cost $ (0.1 ) $ — $ (0.1 ) Unrecognized net actuarial loss (1.4 ) (8.6 ) (10.0 ) Total accumulated other comprehensive loss $ (1.5 ) $ (8.6 ) $ (10.1 ) January 3, 2015 (in millions of U.S. dollars) U.S. International Total Unamortized prior service cost $ (0.1 ) $ — $ (0.1 ) Unrecognized net actuarial loss (1.3 ) (11.0 ) (12.3 ) Total accumulated other comprehensive loss $ (1.4 ) $ (11.0 ) $ (12.4 ) |
Schedule of Pension Plan Weighted-Average Asset Allocations by Asset Category | Our DB plans weighted-average asset allocations by asset category were as follows: December 31, January 2, 2016 2016 U.S. Plans Cash and cash equivalents — % — % Equity securities 60.6 % 62.6 % Fixed income investments 39.4 % 37.4 % International Plans Cash and cash equivalents 4.7 % 5.5 % Equity securities 55.9 % 44.0 % Fixed income investments 35.1 % 50.5 % Real Estate 4.3 % — % |
Schedule of Benefit Payments Expected to be Paid | The following benefit payments are expected to be paid in the periods indicated below: (in millions of U.S. dollars) Expected benefit payments U.S. International Total FY 2017 $ 0.9 $ 2.0 $ 2.9 FY 2018 0.9 1.9 2.8 FY 2019 0.8 1.7 2.5 FY 2020 0.8 1.7 2.5 FY 2021 0.8 1.6 2.4 FY 2022 through FY 2026 4.5 8.5 13.0 |
Schedule of Fair Values of Company's International Pension Plan Assets | The fair values of the Company’s International pension plan assets at December 31, 2016 and January 2, 2016 were as follows: December 31, 2016 (in millions of U.S. dollars) Level 1 Level 2 Level 3 Cash and cash equivalents: Cash and cash equivalents $ 2.9 $ — $ — Mutual funds: Non-U.S. equity securities 6.9 — — Fixed income 20.3 — — Balanced 14.3 — — Other 0.1 1.3 — Fixed income: Non-U.S. bonds 12.3 — — Insurance contract — 1.6 — Real Estate: Real Estate — 2.7 — Total $ 56.8 $ 5.6 $ — January 2, 2016 (in millions of U.S. dollars) Level 1 Level 2 Level 3 Cash and cash equivalents Cash and cash equivalents $ 2.5 $ — $ — Mutual funds: Non-U.S. equity securities 4.6 — — Fixed income 21.0 — — Balanced 15.1 — — Other 0.2 — — Fixed income: Insurance contract — 1.8 — Total $ 43.4 $ 1.8 $ — |
Benefit Obligations [Member] | |
Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | The following table summarizes the weighted average actuarial assumptions used to determine the projected benefit obligation: For the Year Ended December 31, January 2, January 3, 2016 2016 2015 U.S. Plans Discount rate 3.8% 4.0 % 3.9 % Expected long-term rate of return on plan assets 7.0% 7.2 % 7.2 % International Plans Discount rate 2.0% 3.9 % 3.6 % Expected long-term rate of return on plan assets 3.7% 5.2 % 6.2 % Rate of compensation increase 0.2% n/a n/a CPI Inflation factor 1.5% 2.0 % 1.9 % |
Net Periodic Benefit Cost [Member] | |
Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost | The following table summarizes the weighted average actuarial assumptions used to determine net periodic benefit cost: For the Year Ended December 31, January 2, January 3, 2016 2016 2015 U.S. Plans Discount rate 4.0% 3.9 % 4.2 % Expected long-term rate of return on plan assets 7.0% 7.2 % 7.2 % International Plans Discount rate 2.8% 3.8 % 4.5 % Expected long-term rate of return on plan assets 3.7% 5.2 % 6.2 % Inflation factor 1.4% 1.9 % 2.4 % |
Accumulated Other Comprehensi51
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive (Loss) Income by Component | Changes in accumulated other comprehensive (loss) income (“AOCI”) by component for the years ended December 31, 2016, January 2, 2016 and January 3, 2015 were as follows: Gains and Losses Pension Currency on Derivative Benefit Translation (in millions of U.S. dollars) 1 Instruments Plan Items Adjustment Items Total Balance at December 28, 2013 $ 0.2 $ (8.4 ) $ (8.6 ) $ (16.8 ) OCI before reclassifications (0.7 ) (4.3 ) (30.2 ) (35.2 ) Amounts reclassified from AOCI 0.7 0.3 — 1.0 Net current-period OCI — (4.0 ) (30.2 ) (34.2 ) Balance at January 3, 2015 $ 0.2 $ (12.4 ) $ (38.8 ) $ (51.0 ) OCI before reclassifications (5.6 ) 1.9 (23.3 ) (27.0 ) Amounts reclassified from AOCI 0.7 0.4 — 1.1 Net current-period OCI (4.9 ) 2.3 (23.3 ) (25.9 ) Purchase of subsidiary shares from non-controlling interest — — 0.7 0.7 Ending balance January 2, 2016 $ (4.7 ) $ (10.1 ) $ (61.4 ) $ (76.2 ) OCI before reclassifications 10.9 (4.8 ) (42.0 ) (35.9 ) Amounts reclassified from AOCI (6.3 ) 0.5 — (5.8 ) Net current-period OCI 4.6 (4.3 ) (42.0 ) (41.7 ) Ending balance December 31, 2016 $ (0.1 ) $ (14.4 ) $ (103.4 ) $ (117.9 ) 1. All amounts are net of tax. |
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income | The following table summarizes the amounts reclassified from AOCI for the years ended December 31, 2016, January 2, 2016 and January 3, 2015: (in millions of U.S. dollars) For the Year Ended Affected Line Item in the Statement Where Net Income Is Presented Details About AOCI Components 1 December 31, 2016 January 2, 2016 January 3, 2015 Gains and losses on derivative instruments Foreign currency and commodity hedges $ 6.4 $ (1.5 ) $ (1.0 ) Cost of sales $ 6.4 $ (1.5 ) $ (1.0 ) Total before taxes (0.1 ) 0.8 0.3 Tax (expense) or benefit $ 6.3 $ (0.7 ) $ (0.7 ) Net of tax Amortization of pension benefit plan items Prior service costs 2 $ (0.1 ) $ (0.1 ) $ (0.1 ) Actuarial adjustments 2 — — — Actuarial (losses)/gains 2 (0.4 ) (0.4 ) (0.3 ) (0.5 ) (0.5 ) (0.4 ) Total before taxes — 0.1 0.1 Tax (expense) or benefit $ (0.5 ) $ (0.4 ) $ (0.3 ) Net of tax Total reclassifications for the period $ 5.8 $ (1.1 ) $ (1.0 ) Net of tax 1. Amounts in parenthesis indicate debits. 2. These AOCI components are included in the computation of net periodic pension cost. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases Minimum Annual Payments | The minimum annual payments under operating leases are as follows: (in millions of U.S. dollars) 2017 $ 62.8 2018 52.7 2019 43.9 2020 38.5 2021 30.0 Thereafter 160.8 Total $ 388.7 |
Schedule of Operating Lease Expenses | Operating lease expenses were: (in millions of U.S. dollars) Year ended December 31, 2016 $ 57.3 Year ended January 2, 2016 48.3 Year ended January 3, 2015 24.8 Total $ 130.4 |
Hedging Transactions and Deri53
Hedging Transactions and Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Reconciliation of Company's Derivatives by Contract Type | A reconciliation of the Company’s derivatives by contract type is shown below: (in millions of U.S. dollars) Derivative Contract Assets Liabilities Foreign currency hedge $ 0.1 $ — Coffee futures 1 — 6.1 $ 0.1 $ 6.1 1. The fair value of the coffee futures excludes amounts in the related margin accounts. As of December 31, 2016, the aggregate margin account balances were $9.2 million and are included in cash & cash equivalents on the Consolidated Balance Sheet. |
Summary of Fair Value of Coffee Futures Assets and Liabilities | The fair value of the coffee futures assets and liabilities which are shown on a net basis are reconciled in the table below: Coffee futures assets $ 1.4 Coffee futures liabilities (7.5 ) Net asset (liability) $ (6.1 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2016 and January 2, 2016 were as follows: December 31, 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 $ 615.7 $ 647.7 $ 613.0 $ 641.4 10.000% senior notes due in 2021 1, 2 384.2 383.7 390.1 397.3 5.375% senior notes due in 2022 1, 3 517.9 534.2 516.8 522.4 5.500% senior notes due in 2024 1, 3 464.3 505.5 — — Total $ 1,982.1 $ 2,071.1 $ 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 the DSS Notes of $350.0 million was assumed by Cott at fair value of $406.0 million in connection with the DSS Acquisition. The premium of $56.0 million is being amortized as an adjustment to interest expense using the effective interest method over the remaining contractual term of the DSS Notes. The unamortized premium is $34.2 million and $40.1 million at December 31, 2016 and January 2, 2016, respectively. 3. Carrying value of our significant outstanding debt is net of unamortized debt issuance costs as of December 31, 2016 and January 2, 2016 (see Note 15 to the Consolidated Financial Statements). |
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. (in millions of U.S. dollars) December 31, 2016 January 2, 2016 Fair value at beginning of the period $ 16.4 $ 16.5 Fair value adjustment 1.2 0.8 Foreign exchange gain (1.7 ) (0.9 ) Transfers out (15.9 ) — Fair value at end of the period $ — $ 16.4 |
Quarterly Financial Informati55
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information (Unaudited) | Year Ended December 31, 2016 (in millions of U.S. dollars, except per share amounts) First Second Third Fourth Total Revenue, net $ 698.4 $ 765.0 $ 885.1 $ 887.4 $ 3,235.9 Cost of sales 484.4 512.4 579.3 585.6 2,161.7 Gross profit 214.0 252.6 305.8 301.8 1,074.2 SG&A expenses 197.0 202.1 263.0 296.0 958.1 Loss on disposal of property, plant and equipment, net 0.9 2.2 0.8 2.2 6.1 Acquisition and integration expenses 1.4 11.7 7.4 7.3 27.8 Operating income (loss) 14.7 36.6 34.6 (3.7 ) 82.2 Net (loss) income attributed to Cott Corporation 1 $ (2.8 ) $ 7.4 $ (2.6 ) $ (79.8 ) $ (77.8 ) Per share data: Net (loss) income per common share Basic $ (0.02 ) $ 0.06 $ (0.02 ) $ (0.58 ) $ (0.61 ) Diluted $ (0.02 ) $ 0.06 $ (0.02 ) $ (0.58 ) $ (0.61 ) 1. Net (loss) income attributed to Cott Corporation for the first and third quarters of the fiscal year ended December 31, 2016 have been revised to reflect the ASU 2016-09 amendments requiring the recognition of excess tax benefits and tax deficiencies within income tax expense (benefit) on the Consolidated Statements of Operations. The impact of this adjustment resulted in additional tax benefit of $0.5 million and $1.3 million in the first and third quarters of the fiscal year ended December 31, 2016. Year Ended January 2, 2016 (in millions of U.S. dollars, except per share amounts) First Second Third Fourth 1 Total Revenue, net $ 709.8 $ 779.8 $ 755.6 $ 698.8 $ 2,944.0 Cost of sales 508.5 539.2 523.1 477.7 2,048.5 Gross profit 201.3 240.6 232.5 221.1 895.5 SG&A expenses 188.5 190.2 196.2 193.7 768.6 Loss on disposal of property, plant and equipment, net 1.4 0.2 1.1 4.2 6.9 Acquisition and integration expenses 4.7 4.1 6.6 5.2 20.6 Operating income 6.7 46.1 28.6 18.0 99.4 Net (loss) income attributed to Cott Corporation $ (6.0 ) $ 2.2 $ 4.8 $ (4.4 ) $ (3.4 ) Per share data: Net (loss) income per common share Basic $ (0.06 ) $ 0.02 $ 0.04 $ (0.04 ) $ (0.03 ) Diluted $ (0.06 ) $ 0.02 $ 0.04 $ (0.04 ) $ (0.03 ) 1. During the fourth quarter of the fiscal year ended January 2, 2016, we decreased cost of sales, SG&A expenses and income tax benefit by $4.8 million, $0.2 million and $1.9 million, respectively, as a result of a measurement period adjustment associated with the DSS Acquisition, of which $0.2 million of the total change in cost of sales and less than $0.1 million of the total change in SG&A expenses and income tax benefit, respectively, related to the prior year and with the remainder related to the nine months ended October 3, 2015 (see Note 2 to the Consolidated Financial Statements). |
Guarantor Subsidiaries (Tables)
Guarantor Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
DSS Group Inc [Member] | |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations For the year ended December 31, 2016 (in millions of U.S. dollars) Cott DS Services of DSS DSS Non-Guarantor Elimination Consolidated Revenue, net $ 157.5 $ 1,006.2 $ 1,850.9 $ 278.3 $ (57.0 ) $ 3,235.9 Cost of sales 132.7 393.1 1,539.9 153.0 (57.0 ) 2,161.7 Gross profit 24.8 613.1 311.0 125.3 — 1,074.2 Selling, general and administrative expenses 38.4 560.1 246.2 113.4 — 958.1 (Gain) loss on disposal of property, plant & equipment (0.7 ) 7.1 (0.3 ) — — 6.1 Acquisition and integration expenses — 1.9 23.1 2.8 — 27.8 Operating (loss) income (12.9 ) 44.0 42.0 9.1 — 82.2 Other (income) expense, net (1.9 ) (1.6 ) 5.4 2.0 — 3.9 Intercompany interest (income) expense, net (2.4 ) 43.2 (43.2 ) 2.4 — — Interest expense (income), net 14.7 29.3 80.4 (0.2 ) — 124.2 (Loss) income before income tax expense (benefit) and equity (loss) income (23.3 ) (26.9 ) (0.6 ) 4.9 — (45.9 ) Income tax expense (benefit) 8.3 (16.6 ) 34.0 (0.1 ) — 25.6 Equity (loss) income (46.2 ) — 6.9 — 39.3 — Net (loss) income $ (77.8 ) $ (10.3 ) $ (27.7 ) $ 5.0 $ 39.3 $ (71.5 ) Less: Net income attributable to non-controlling interests — — — 6.3 — 6.3 Net (loss) income attributed to Cott Corporation $ (77.8 ) $ (10.3 ) $ (27.7 ) $ (1.3 ) $ 39.3 $ (77.8 ) Comprehensive (loss) income attributed to Cott Corporation $ (119.5 ) $ (10.3 ) $ 115.8 $ (1.2 ) $ (104.3 ) $ (119.5 ) Condensed Consolidating Statement of Operations For the year ended January 2, 2016 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 147.7 $ 1,021.1 $ 1,702.6 $ 131.6 $ (59.0 ) $ 2,944.0 Cost of sales 124.6 402.8 1,474.7 105.4 (59.0 ) 2,048.5 Gross profit 23.1 618.3 227.9 26.2 — 895.5 Selling, general and administrative expenses 23.3 557.3 175.7 12.3 — 768.6 Loss on disposal of property, plant & equipment 0.1 5.3 1.5 — — 6.9 Acquisition and integration expenses — 16.7 3.9 — — 20.6 Operating (loss) income (0.3 ) 39.0 46.8 13.9 — 99.4 Other (income) expense, net (8.6 ) (1.2 ) 0.2 0.1 — (9.5 ) Intercompany interest (income) expense, net (4.9 ) 43.5 (38.6 ) — — — Interest expense, net 0.2 30.1 80.7 — — 111.0 Income (loss) before income tax expense (benefit) and equity income 13.0 (33.4 ) 4.5 13.8 — (2.1 ) Income tax expense (benefit) 1.6 (8.1 ) (16.3 ) 0.1 — (22.7 ) Equity income 3.1 — 5.8 — (8.9 ) — Net income (loss) $ 14.5 $ (25.3 ) $ 26.6 $ 13.7 $ (8.9 ) $ 20.6 Less: Net income attributable to non-controlling interests — — — 6.1 — 6.1 Less: Accumulated dividends on convertible shares 4.5 — — — — 4.5 Less: Accumulated dividends on non-convertible shares 1.4 — — — — 1.4 Less: Foreign exchange impact on redemption of preferred shares 12.0 — — — — 12.0 Net (loss) income attributed to Cott Corporation $ (3.4 ) $ (25.3 ) $ 26.6 $ 7.6 $ (8.9 ) $ (3.4 ) Comprehensive (loss) income attributed to Cott Corporation $ (29.3 ) $ (25.6 ) $ 45.6 $ 11.4 $ (31.4 ) $ (29.3 ) Condensed Consolidating Statement of Operations For the year ended January 3, 2015 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 166.3 $ 28.7 $ 1,819.0 $ 137.9 $ (49.1 ) $ 2,102.8 Cost of sales 144.8 15.9 1,600.1 114.6 (49.1 ) 1,826.3 Gross profit 21.5 12.8 218.9 23.3 — 276.5 Selling, general and administrative expenses 23.1 14.5 164.1 12.0 — 213.7 Loss on disposal of property, plant & equipment 0.2 0.1 1.3 0.1 — 1.7 Restructuring 2.1 — 0.3 — — 2.4 Asset impairments 0.9 — 0.8 — — 1.7 Acquisition and integration expenses — — 41.3 — — 41.3 Operating (loss) income (4.8 ) (1.8 ) 11.1 11.2 — 15.7 Other (income) expense, net (10.9 ) (0.1 ) 31.9 0.1 — 21.0 Intercompany interest (income) expense, net (0.7 ) 2.6 (1.9 ) — — — Interest expense, net 0.2 1.0 38.4 0.1 — 39.7 Income (loss) before income tax expense (benefit) and equity income 6.6 (5.3 ) (57.3 ) 11.0 — (45.0 ) Income tax expense (benefit) 0.3 (2.5 ) (59.8 ) 0.6 — (61.4 ) Equity income 4.5 — 6.1 — (10.6 ) — Net income (loss) $ 10.8 $ (2.8 ) $ 8.6 $ 10.4 $ (10.6 ) $ 16.4 Less: Net income attributable to non-controlling interests — — — 5.6 — 5.6 Less: Accumulated dividends on convertible shares 0.6 — — — — 0.6 Less: Accumulated dividends on non-convertible shares 0.2 — — — — 0.2 Net income (loss) attributed to Cott Corporation $ 10.0 $ (2.8 ) $ 8.6 $ 4.8 $ (10.6 ) $ 10.0 Comprehensive (loss) income attributed to Cott Corporation $ (23.4 ) $ (26.7 ) $ 10.6 $ 8.5 $ 7.6 $ (23.4 ) |
Consolidating Balance Sheet | Consolidating Balance Sheet As of December 31, 2016 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 4.8 $ 22.7 $ 52.1 $ 38.5 $ — $ 118.1 Accounts receivable, net of allowance 27.4 121.7 239.6 93.7 (78.5 ) 403.9 Inventories 14.0 29.2 237.1 21.1 — 301.4 Prepaid expenses and other assets 1.4 7.1 16.6 4.7 — 29.8 Total current assets 47.6 180.7 545.4 158.0 (78.5 ) 853.2 Property, plant & equipment, net 27.5 364.5 430.7 107.2 — 929.9 Goodwill 20.3 582.0 290.4 282.7 — 1,175.4 Intangible assets, net 0.1 356.8 385.0 197.8 — 939.7 Deferred tax assets — — — 0.2 — 0.2 Other assets, net 1.2 14.6 23.1 2.4 — 41.3 Due from affiliates 943.2 — 544.3 — (1,487.5 ) — Investments in subsidiaries 361.9 — 400.5 — (762.4 ) — Total assets $ 1,401.8 $ 1,498.6 $ 2,619.4 $ 748.3 $ (2,328.4 ) $ 3,939.7 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ — $ 207.0 $ — $ — $ 207.0 Current maturities of long-term debt — — 2.7 3.0 — 5.7 Accounts payable and accrued liabilities 66.5 135.1 341.0 133.3 (78.5 ) 597.4 Total current liabilities 66.5 135.1 550.7 136.3 (78.5 ) 810.1 Long-term debt 464.3 384.2 1,136.7 2.8 — 1,988.0 Deferred tax liabilities 1.0 81.2 49.0 26.6 — 157.8 Other long-term liabilities 0.5 38.0 49.9 21.6 — 110.0 Due to affiliates 1.0 543.3 453.4 489.8 (1,487.5 ) — Total liabilities 533.3 1,181.8 2,239.7 677.1 (1,566.0 ) 3,065.9 Equity Common shares, no par 909.3 355.4 691.5 149.7 (1,196.6 ) 909.3 Additional paid-in-capital 54.2 — — — — 54.2 Retained earnings (deficit) 22.9 (38.4 ) (469.6 ) (92.9 ) 600.9 22.9 Accumulated other comprehensive (loss) income (117.9 ) (0.2 ) 157.8 9.1 (166.7 ) (117.9 ) Total Cott Corporation equity 868.5 316.8 379.7 65.9 (762.4 ) 868.5 Non-controlling interests — — — 5.3 — 5.3 Total equity 868.5 316.8 379.7 71.2 (762.4 ) 873.8 Total liabilities and equity $ 1,401.8 $ 1,498.6 $ 2,619.4 $ 748.3 $ (2,328.4 ) $ 3,939.7 Consolidating Balance Sheet As of January 2, 2016 (in millions of U.S. dollars) 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 Inventories 13.0 31.4 199.4 5.6 — 249.4 Prepaid expenses and other assets 2.2 5.3 10.9 0.4 — 18.8 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 Intangible assets, net 0.1 390.6 290.6 2.8 — 684.1 Deferred tax assets 7.4 — 38.2 0.2 (38.2 ) 7.6 Other assets, net 0.7 11.9 15.0 — — 27.6 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 | Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2016 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by operating activities $ 127.5 $ 90.8 $ 25.1 $ 88.1 $ (61.7 ) $ 269.8 Investing Activities Acquisition, net of cash received (954.0 ) (5.4 ) — — — (959.4 ) Additions to property, plant & equipment (1.5 ) (72.4 ) (54.4 ) (11.5 ) — (139.8 ) Additions to intangible assets — (3.8 ) (3.9 ) (0.4 ) — (8.1 ) Proceeds from sale of property, plant & equipment 0.8 0.7 5.4 1.9 — 8.8 Proceeds from insurance recoveries — — 1.5 — — 1.5 Other investing activities — — 0.4 — — 0.4 Net cash used in investing activities (954.7 ) (80.9 ) (51.0 ) (10.0 ) — (1,096.6 ) Financing Activities Payments of long-term debt — — (2.9 ) (0.7 ) — (3.6 ) Issuance of long-term debt 498.7 — — — 498.7 Borrowings under ABL 176.4 — 2,225.2 1.6 — 2,403.2 Payments under ABL (178.7 ) — (2,140.2 ) (1.4 ) — (2,320.3 ) Distributions to non-controlling interests — — — (7.7 ) — (7.7 ) Issuance of common shares 366.8 — — — 366.8 Financing fees (13.5 ) — — — — (13.5 ) Common shares repurchased and cancelled (5.7 ) — — — — (5.7 ) Dividends paid to common shareholders (31.4 ) — — — — (31.4 ) Payments of deferred consideration for acquisitions — — (10.8 ) — — (10.8 ) Intercompany dividends — — (27.0 ) (34.7 ) 61.7 — Net cash provided by (used in) financing activities 812.6 — 44.3 (42.9 ) 61.7 875.7 Effect of exchange rate changes on cash (1.4 ) — (4.7 ) (1.8 ) — (7.9 ) Net (decrease) increase cash & cash equivalents (16.0 ) 9.9 13.7 33.4 — 41.0 Cash & cash equivalents, beginning of period 20.8 12.8 38.4 5.1 — 77.1 Cash & cash equivalents, end of period $ 4.8 $ 22.7 $ 52.1 $ 38.5 $ — $ 118.1 Condensed Consolidating Statement of Cash Flows For the year ended January 2, 2016 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by operating activities $ 56.2 $ 58.4 $ 152.9 $ 17.3 $ (30.2 ) $ 254.6 Investing Activities Acquisition, net of cash received — (24.0 ) — — — (24.0 ) Additions to property, plant & equipment (2.0 ) (67.2 ) (40.3 ) (1.3 ) — (110.8 ) Additions to intangible assets — (3.1 ) (1.5 ) — — (4.6 ) Proceeds from sale of property, plant & equipment and sale-leaseback — 14.3 26.6 — — 40.9 Other investing activities — — (1.2 ) — — (1.2 ) Net cash used in investing activities (2.0 ) (80.0 ) (16.4 ) (1.3 ) — (99.7 ) Financing Activities Payments of long-term debt (0.1 ) — (2.9 ) (0.7 ) — (3.7 ) Borrowings under ABL — — 994.5 — — 994.5 Payments under ABL — — (1,101.8 ) — — (1,101.8 ) Distributions to non-controlling interests — — — (8.5 ) — (8.5 ) Issuance of common shares 143.1 — — — — 143.1 Financing fees — — (0.6 ) — — (0.6 ) Preferred shares repurchased and cancelled (148.8 ) — — — — (148.8 ) Common shares repurchased and cancelled (0.8 ) — — — — (0.8 ) Dividends to common and preferred shareholders (31.0 ) — — — — (31.0 ) Payment of deferred consideration for acquisitions — — (2.5 ) — — (2.5 ) Intercompany dividends — — (21.4 ) (8.8 ) 30.2 — Net cash used in financing activities (37.6 ) — (134.7 ) (18.0 ) 30.2 (160.1 ) Effect of exchange rate changes on cash (2.0 ) — (1.6 ) (0.3 ) — (3.9 ) Net increase (decrease) in cash & cash equivalents 14.6 (21.6 ) 0.2 (2.3 ) — (9.1 ) Cash & cash equivalents, beginning of period 6.2 34.4 38.2 7.4 — 86.2 Cash & cash equivalents, end of period $ 20.8 $ 12.8 $ 38.4 $ 5.1 $ — $ 77.1 Condensed Consolidating Statement of Cash Flows For the year ended January 3, 2015 (in millions of U.S. dollars) DSS DSS Cott DS Services of Guarantor Non-Guarantor Elimination Corporation America, Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by operating activities $ 42.0 $ 9.2 $ 56.6 $ 12.7 $ (63.8 ) $ 56.7 Investing Activities Acquisition, net of cash received — — (798.5 ) — — (798.5 ) Additions to property, plant & equipment (1.9 ) (3.6 ) (40.4 ) (0.8 ) — (46.7 ) Additions to intangible assets — — (6.9 ) — — (6.9 ) Proceeds from sale of property, plant & equipment — — 1.8 — — 1.8 Net cash used in investing activities (1.9 ) (3.6 ) (844.0 ) (0.8 ) — (850.3 ) Financing Activities Payments of long-term debt (0.1 ) — (392.4 ) (1.1 ) — (393.6 ) Issue of long-term debt — — 1,150.0 — — 1,150.0 Borrowings under ABL — — 959.0 — — 959.0 Payments under ABL — — (779.6 ) — — (779.6 ) Distributions to non-controlling interests — — — (8.5 ) — (8.5 ) Financing fees — — (24.0 ) — — (24.0 ) Common shares repurchased and cancelled (12.1 ) — — — — (12.1 ) Dividends to common shareholders (22.8 ) — — — — (22.8 ) Payment of deferred consideration for acquisitions — — (32.4 ) — — (32.4 ) Intercompany financing transactions — 28.8 (28.8 ) — — — Other financing activities — — (0.3 ) — — (0.3 ) Intercompany dividends — — (63.8 ) — 63.8 — Net cash (used in) provided by financing activities (35.0 ) 28.8 787.7 (9.6 ) 63.8 835.7 Effect of exchange rate changes on cash (0.4 ) — (2.3 ) (0.4 ) — (3.1 ) Net increase (decrease) in cash & cash equivalents 4.7 34.4 (2.0 ) 1.9 — 39.0 Cash & cash equivalents, beginning of period 1.5 — 40.2 5.5 — 47.2 Cash & cash equivalents, end of period $ 6.2 $ 34.4 $ 38.2 $ 7.4 $ — $ 86.2 |
Cott Beverages Inc. [Member] | |
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations For the year ended December 31, 2016 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 157.5 $ 701.3 $ 2,155.8 $ 278.3 $ (57.0 ) $ 3,235.9 Cost of sales 132.7 593.3 1,339.7 153.0 (57.0 ) 2,161.7 Gross profit 24.8 108.0 816.1 125.3 — 1,074.2 Selling, general and administrative expenses 38.4 89.8 716.5 113.4 — 958.1 (Gain) loss on disposal of property, plant & equipment (0.7 ) 0.8 6.0 — — 6.1 Acquisition and integration expenses — 17.9 7.1 2.8 — 27.8 Operating (loss) income (12.9 ) (0.5 ) 86.5 9.1 — 82.2 Other (income) expense, net (1.9 ) (1.3 ) 5.1 2.0 — 3.9 Intercompany interest (income) expense, net (2.4 ) (42.5 ) 42.5 2.4 — 0.0 Interest expense (income), net 14.7 80.4 29.3 (0.2 ) — 124.2 (Loss) income before income tax expense (benefit) and equity (loss) income (23.3 ) (37.1 ) 9.6 4.9 — (45.9 ) Income tax expense (benefit) 8.3 34.0 (16.6 ) (0.1 ) — 25.6 Equity (loss) income (46.2 ) 6.6 0.3 — 39.3 — Net (loss) income $ (77.8 ) $ (64.5 ) $ 26.5 $ 5.0 $ 39.3 $ (71.5 ) Less: Net income attributable to non-controlling interests — — — 6.3 — 6.3 Net (loss) income attributed to Cott Corporation $ (77.8 ) $ (64.5 ) $ 26.5 $ (1.3 ) $ 39.3 $ (77.8 ) Comprehensive (loss) income attributed to Cott Corporation $ (119.5 ) $ (67.9 ) $ 173.4 $ (1.2 ) $ (104.3 ) $ (119.5 ) Condensed Consolidating Statement of Operations For the year ended January 2, 2016 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 147.7 $ 715.0 $ 2,008.7 $ 131.6 $ (59.0 ) $ 2,944.0 Cost of sales 124.6 611.5 1,266.0 105.4 (59.0 ) 2,048.5 Gross profit 23.1 103.5 742.7 26.2 — 895.5 Selling, general and administrative expenses 23.3 91.6 641.4 12.3 — 768.6 Loss on disposal of property, plant & equipment 0.1 0.5 6.3 — — 6.9 Acquisition and integration expenses — 3.2 17.4 — — 20.6 Operating (loss) income (0.3 ) 8.2 77.6 13.9 — 99.4 Other (income) expense, net (8.6 ) — (1.0 ) 0.1 — (9.5 ) Intercompany interest (income) expense, net (4.9 ) (51.2 ) 56.1 — — — Interest expense, net 0.2 80.1 30.7 — — 111.0 Income (loss) before income tax expense (benefit) and equity income (loss) 13.0 (20.7 ) (8.2 ) 13.8 — (2.1 ) Income tax expense (benefit) 1.6 (14.8 ) (9.6 ) 0.1 — (22.7 ) Equity income (loss) 3.1 6.1 (0.3 ) — (8.9 ) — Net income $ 14.5 $ 0.2 $ 1.1 $ 13.7 $ (8.9 ) $ 20.6 Less: Net income attributable to non-controlling interests — — — 6.1 — 6.1 Less: Accumulated dividends on convertible shares 4.5 — — — — 4.5 Less: Accumulated dividends on non-convertible shares 1.4 — — — — 1.4 Less: Foreign exchange impact on redemption of preferred shares 12.0 — — — — 12.0 Net (loss) income attributed to Cott Corporation $ (3.4 ) $ 0.2 $ 1.1 $ 7.6 $ (8.9 ) $ (3.4 ) Comprehensive (loss) income attributed to Cott Corporation $ (29.3 ) $ (7.9 ) $ 27.9 $ 11.4 $ (31.4 ) $ (29.3 ) Condensed Consolidating Statement of Operations For the year ended January 3, 2015 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Revenue, net $ 166.3 $ 745.1 $ 1,102.6 $ 137.9 $ (49.1 ) $ 2,102.8 Cost of sales 144.8 643.2 972.8 114.6 (49.1 ) 1,826.3 Gross profit 21.5 101.9 129.8 23.3 — 276.5 Selling, general and administrative expenses 23.1 85.9 92.7 12.0 — 213.7 Loss on disposal of property, plant & equipment 0.2 0.1 1.3 0.1 — 1.7 Restructuring 2.1 0.3 — — — 2.4 Asset impairments 0.9 0.8 — — — 1.7 Acquisition and integration expenses — 38.8 2.5 — — 41.3 Operating (loss) income (4.8 ) (24.0 ) 33.3 11.2 — 15.7 Other (income) expense, net (10.9 ) 21.8 10.0 0.1 — 21.0 Intercompany interest (income) expense, net (0.7 ) (18.4 ) 19.1 — — — Interest expense, net 0.2 37.2 2.2 0.1 — 39.7 Income (loss) before income tax expense (benefit) and equity income 6.6 (64.6 ) 2.0 11.0 — (45.0 ) Income tax expense (benefit) 0.3 (59.6 ) (2.7 ) 0.6 — (61.4 ) Equity income 4.5 6.1 — — (10.6 ) — Net income $ 10.8 $ 1.1 $ 4.7 $ 10.4 $ (10.6 ) $ 16.4 Less: Net income attributable to non-controlling interests — — — 5.6 — 5.6 Less: Accumulated dividends on convertible shares 0.6 — — — — 0.6 Less: Accumulated dividends on non-convertible shares 0.2 — — — — 0.2 Net income attributed to Cott Corporation $ 10.0 $ 1.1 $ 4.7 $ 4.8 $ (10.6 ) $ 10.0 Comprehensive (loss) income attributed to Cott Corporation $ (23.4 ) $ (31.5 ) $ 15.4 $ 8.5 $ 7.6 $ (23.4 ) |
Consolidating Balance Sheet | Consolidating Balance Sheet As of December 31, 2016 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated ASSETS Current assets Cash & cash equivalents $ 4.8 $ 3.1 $ 71.7 $ 38.5 $ — $ 118.1 Accounts receivable, net of allowance 27.4 73.3 443.1 93.7 (233.6 ) 403.9 Inventories 14.0 72.0 194.3 21.1 — 301.4 Prepaid expenses and other assets 1.4 4.3 19.4 4.7 — 29.8 Total current assets 47.6 152.7 728.5 158.0 (233.6 ) 853.2 Property, plant & equipment, net 27.5 154.4 640.8 107.2 — 929.9 Goodwill 20.3 4.5 867.9 282.7 — 1,175.4 Intangible assets, net 0.1 66.2 675.6 197.8 — 939.7 Deferred tax assets — 6.0 — 0.2 (6.0 ) 0.2 Other assets, net 1.2 17.0 20.7 2.4 — 41.3 Due from affiliates 943.2 580.2 343.1 — (1,866.5 ) — Investments in subsidiaries 361.9 847.3 989.8 — (2,199.0 ) — Total assets $ 1,401.8 $ 1,828.3 $ 4,266.4 $ 748.3 $ (4,305.1 ) $ 3,939.7 LIABILITIES AND EQUITY Current liabilities Short-term borrowings $ — $ 207.0 $ — $ — $ — $ 207.0 Current maturities of long-term debt — 2.5 0.2 3.0 — 5.7 Accounts payable and accrued liabilities 66.5 261.9 369.3 133.3 (233.6 ) 597.4 Total current liabilities 66.5 471.4 369.5 136.3 (233.6 ) 810.1 Long-term debt 464.3 1,135.6 385.3 2.8 — 1,988.0 Deferred tax liabilities 1.0 — 136.2 26.6 (6.0 ) 157.8 Other long-term liabilities 0.5 24.4 63.5 21.6 — 110.0 Due to affiliates 1.0 142.1 1,233.6 489.8 (1,866.5 ) — Total liabilities 533.3 1,773.5 2,188.1 677.1 (2,106.1 ) 3,065.9 Equity Common shares, no par 909.3 834.8 1,648.7 149.7 (2,633.2 ) 909.3 Additional paid-in-capital 54.2 — — — — 54.2 Retained earnings (deficit) 22.9 (759.9 ) 251.9 (92.9 ) 600.9 22.9 Accumulated other comprehensive (loss) income (117.9 ) (20.1 ) 177.7 9.1 (166.7 ) (117.9 ) Total Cott Corporation equity 868.5 54.8 2,078.3 65.9 (2,199.0 ) 868.5 Non-controlling interests — — — 5.3 — 5.3 Total equity 868.5 54.8 2,078.3 71.2 (2,199.0 ) 873.8 Total liabilities and equity $ 1,401.8 $ 1,828.3 $ 4,266.4 $ 748.3 $ (4,305.1 ) $ 3,939.7 Consolidating Balance Sheet As of January 2, 2016 (in millions of U.S. dollars) 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 Inventories 13.0 76.7 154.1 5.6 — 249.4 Prepaid expenses and other assets 2.2 5.2 11.0 0.4 — 18.8 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 Intangible assets, net 0.1 69.8 611.4 2.8 — 684.1 Deferred tax assets 7.4 38.2 — 0.2 (38.2 ) 7.6 Other assets, net 0.7 9.4 17.5 — 27.6 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 | Condensed Consolidating Statement of Cash Flows For the year ended December 31, 2016 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by (used in) operating activities $ 127.5 $ (37.0 ) $ 152.9 $ 88.1 $ (61.7 ) $ 269.8 Investing Activities Acquisition, net of cash received (954.0 ) — (5.4 ) — — (959.4 ) Additions to property, plant & equipment (1.5 ) (24.7 ) (102.1 ) (11.5 ) — (139.8 ) Additions to intangible assets — (3.3 ) (4.4 ) (0.4 ) — (8.1 ) Proceeds from sale of property, plant & equipment 0.8 0.2 5.9 1.9 — 8.8 Proceeds from insurance recoveries — 1.5 — — — 1.5 Other investing activities — — 0.4 — — 0.4 Net cash used in investing activities (954.7 ) (26.3 ) (105.6 ) (10.0 ) — (1,096.6 ) Financing Activities Payments of long-term debt — (2.7 ) (0.2 ) (0.7 ) — (3.6 ) Issuance of long-term debt 498.7 — — — — 498.7 Borrowings under ABL 176.4 2,225.2 — 1.6 — 2,403.2 Payments under ABL (178.7 ) (2,140.2 ) — (1.4 ) — (2,320.3 ) Distributions to non-controlling interests — — — (7.7 ) — (7.7 ) Issuance of common shares 366.8 — — — — 366.8 Financing fees (13.5 ) — — — — (13.5 ) Common shares repurchased and cancelled (5.7 ) — — — — (5.7 ) Dividends to common shareholders (31.4 ) — — — — (31.4 ) Payment of deferred consideration for acquisitions — — (10.8 ) — — (10.8 ) Intercompany dividends — (16.9 ) (10.1 ) (34.7 ) 61.7 — Net cash provided by (used in) financing activities 812.6 65.4 (21.1 ) (42.9 ) 61.7 875.7 Effect of exchange rate changes on cash (1.4 ) — (4.7 ) (1.8 ) — (7.9 ) Net (decrease) increase in cash & cash equivalents (16.0 ) 2.1 21.5 33.4 — 41.0 Cash & cash equivalents, beginning of period 20.8 1.0 50.2 5.1 — 77.1 Cash & cash equivalents, end of period $ 4.8 $ 3.1 $ 71.7 $ 38.5 $ — $ 118.1 Condensed Consolidating Statement of Cash Flows For the year ended January 2, 2016 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by operating activities $ 56.2 $ 127.4 $ 106.5 $ 17.3 $ (52.8 ) $ 254.6 Investing Activities Acquisition, net of cash received — — (24.0 ) — — (24.0 ) Additions to property, plant & equipment (2.0 ) (22.3 ) (85.2 ) (1.3 ) — (110.8 ) Additions to intangible assets — (1.5 ) (3.1 ) — — (4.6 ) Proceeds from sale of property, plant & equipment and sale-leaseback — 16.0 24.9 — — 40.9 Other investing activities — — (1.2 ) — — (1.2 ) Net cash used in investing activities (2.0 ) (7.8 ) (88.6 ) (1.3 ) — (99.7 ) Financing Activities Payments of long-term debt (0.1 ) (2.6 ) (0.3 ) (0.7 ) — (3.7 ) Borrowings under ABL — 950.2 44.3 — — 994.5 Payments under ABL — (1,057.3 ) (44.5 ) — — (1,101.8 ) Distributions to non-controlling interests — — — (8.5 ) — (8.5 ) Issuance of common shares 143.1 — — — — 143.1 Financing fees — (0.6 ) — — — (0.6 ) Preferred shares repurchased and cancelled (148.8 ) — — — — (148.8 ) Common shares repurchased and cancelled (0.8 ) — — — — (0.8 ) Dividends to common and preferred shareholders (31.0 ) — — — — (31.0 ) Payment of deferred consideration for acquisitions — — (2.5 ) — — (2.5 ) Intercompany dividends — (16.9 ) (27.1 ) (8.8 ) 52.8 — Net cash used in financing activities (37.6 ) (127.2 ) (30.1 ) (18.0 ) 52.8 (160.1 ) Effect of exchange rate changes on cash (2.0 ) — (1.6 ) (0.3 ) — (3.9 ) Net increase (decrease) in cash & cash equivalents 14.6 (7.6 ) (13.8 ) (2.3 ) — (9.1 ) Cash & cash equivalents, beginning of period 6.2 8.6 64.0 7.4 — 86.2 Cash & cash equivalents, end of period $ 20.8 $ 1.0 $ 50.2 $ 5.1 $ — $ 77.1 Condensed Consolidating Statement of Cash Flows For the year ended January 3, 2015 (in millions of U.S. dollars) Cott Cott Cott Cott Guarantor Non-Guarantor Elimination Corporation Beverages Inc. Subsidiaries Subsidiaries Entries Consolidated Net cash provided by (used in) operating activities $ 42.0 $ (29.2 ) $ 112.9 $ 21.5 $ (90.5 ) $ 56.7 Investing Activities Acquisition, net of cash received — (798.5 ) — — — (798.5 ) Additions to property, plant & equipment (1.9 ) (27.1 ) (16.9 ) (0.8 ) — (46.7 ) Additions to intangible assets — (6.9 ) — — — (6.9 ) Proceeds from sale of property, plant & equipment — 1.7 — 0.1 — 1.8 Net cash used in investing activities (1.9 ) (830.8 ) (16.9 ) (0.7 ) — (850.3 ) Financing Activities Payments of long-term debt (0.1 ) (392.0 ) (0.4 ) (1.1 ) — (393.6 ) Issue of long-term debt — 1,150.0 — — — 1,150.0 Borrowings under ABL — 959.0 — — — 959.0 Payments under ABL — (746.2 ) (33.4 ) — — (779.6 ) Distributions to non-controlling interests — — — (8.5 ) — (8.5 ) Financing fees — (24.0 ) — — — (24.0 ) Common shares repurchased and cancelled (12.1 ) — — — — (12.1 ) Dividends to common and preferred shareholders (22.8 ) — — — — (22.8 ) Payment of deferred consideration for acquisitions — (32.4 ) — — — (32.4 ) Intercompany financing transactions — (28.8 ) 28.8 — — — Other financing activities — (0.3 ) — — — (0.3 ) Intercompany dividends — (17.8 ) (63.8 ) (8.9 ) 90.5 — Net cash (used in) provided by financing activities (35.0 ) 867.5 (68.8 ) (18.5 ) 90.5 835.7 Effect of exchange rate changes on cash (0.4 ) — (2.3 ) (0.4 ) — (3.1 ) Net increase in cash & cash equivalents 4.7 7.5 24.9 1.9 — 39.0 Cash & cash equivalents, beginning of period 1.5 1.1 39.1 5.5 — 47.2 Cash & cash equivalents, end of period $ 6.2 $ 8.6 $ 64.0 $ 7.4 $ — $ 86.2 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Customer | |
Direct-to-Consumer Products [Member] | Minimum [Member] | |
Business And Basis Of Presentation [Line Items] | |
Number of customers | 2,300,000 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Additional Information (Detail) | Aug. 11, 2016 | Aug. 02, 2016USD ($) | Jan. 04, 2016USD ($) | Jan. 03, 2015USD ($) | Dec. 31, 2016USD ($) | Oct. 01, 2016USD ($) | Jul. 02, 2016USD ($) | Apr. 02, 2016USD ($) | Jan. 02, 2016USD ($) | Oct. 03, 2015USD ($) | Jul. 04, 2015USD ($) | Apr. 04, 2015USD ($) | Dec. 31, 2016USD ($)Segment | Jan. 02, 2016USD ($) | Jan. 03, 2015USD ($) | Apr. 11, 2016USD ($) | May 30, 2014USD ($) |
Significant Accounting Policies [Line Items] | |||||||||||||||||
Additional Revenue | $ 29,100,000 | ||||||||||||||||
Additional Operating income | 1,100,000 | $ (3,700,000) | $ 34,600,000 | $ 36,600,000 | $ 14,700,000 | $ 18,000,000 | $ 28,600,000 | $ 46,100,000 | $ 6,700,000 | $ 82,200,000 | $ 99,400,000 | $ 15,700,000 | |||||
Number of reporting segments | Segment | 4 | ||||||||||||||||
Vesting period of share-based compensation awards, in years | 3 years | ||||||||||||||||
Estimated forfeitures included in the calculation of share-based compensation | 0.00% | 0.00% | 0.00% | ||||||||||||||
Number of operating segments | Segment | 5 | ||||||||||||||||
Goodwill | 743,600,000 | 1,175,400,000 | 759,600,000 | $ 1,175,400,000 | $ 759,600,000 | $ 743,600,000 | |||||||||||
Total intangible assets - Net | 939,700,000 | 684,100,000 | 939,700,000 | 684,100,000 | |||||||||||||
Intangible assets subject to amortization, net of accumulated amortization | 637,600,000 | 456,000,000 | 637,600,000 | 456,000,000 | |||||||||||||
Intangible assets impairment | 0 | 0 | 0 | ||||||||||||||
Acquired rights | 302,100,000 | 228,100,000 | 302,100,000 | 228,100,000 | |||||||||||||
Impairment of long-lived assets | 0 | 0 | 1,000,000 | ||||||||||||||
Loss on disposal of property, plant & equipment, net | 2,200,000 | 800,000 | $ 2,200,000 | 900,000 | 4,200,000 | $ 1,100,000 | $ 200,000 | $ 1,400,000 | 6,100,000 | 6,900,000 | 1,700,000 | ||||||
Adjustment for new accounting pronouncement | (25,600,000) | 22,700,000 | 61,400,000 | ||||||||||||||
Cumulative effect adjustment | 0 | ||||||||||||||||
Adjustments for New Accounting Pronouncement [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Adjustment for new accounting pronouncement | $ 1,300,000 | $ 500,000 | 2,800,000 | ||||||||||||||
Cumulative effect adjustment | $ 2,800,000 | ||||||||||||||||
Cott North America [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Discount rate | 8.00% | ||||||||||||||||
Goodwill | $ 120,500,000 | $ 120,500,000 | |||||||||||||||
Weighted-average terminal growth rate | 1.00% | ||||||||||||||||
Percentage of fair value exceeding carrying value of reporting units | 35.20% | 35.20% | |||||||||||||||
Customer Relationships [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Intangible assets subject to amortization, net of accumulated amortization | $ 596,700,000 | 422,900,000 | $ 596,700,000 | 422,900,000 | |||||||||||||
Information Technology [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Intangible assets subject to amortization, net of accumulated amortization | 32,500,000 | 24,900,000 | 32,500,000 | 24,900,000 | |||||||||||||
Trademarks [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Intangible assets subject to amortization, net of accumulated amortization | 3,700,000 | 4,900,000 | $ 3,700,000 | 4,900,000 | |||||||||||||
DSS Group Inc [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Description of customer deposits | The Company generally collects deposits on three- and five-gallon bottles used by its HOD customers. | ||||||||||||||||
Discount rate | 9.00% | ||||||||||||||||
Goodwill | $ 603,800,000 | $ 603,800,000 | |||||||||||||||
Weighted-average terminal growth rate | 2.50% | ||||||||||||||||
Percentage of fair value exceeding carrying value of reporting units | 7.10% | 7.10% | |||||||||||||||
Water & Coffee Solutions [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Additional Revenue | 12,500,000 | ||||||||||||||||
Additional Operating income | $ 100,000 | ||||||||||||||||
Number of shipping days | 4 days | ||||||||||||||||
Advertising costs | $ 20,800,000 | $ 18,000,000 | 400,000 | ||||||||||||||
Goodwill | $ 556,900,000 | $ 1,003,600,000 | $ 579,100,000 | 1,003,600,000 | 579,100,000 | 556,900,000 | |||||||||||
Water & Coffee Solutions [Member] | Selling, General and Administrative Expenses [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Shipping and handling costs | 360,400,000 | $ 281,900,000 | 10,600,000 | ||||||||||||||
RCI [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | 4,500,000 | 4,500,000 | |||||||||||||||
Impairment charges | 0 | ||||||||||||||||
Aimia Foods Holdings Limited [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | 40,200,000 | 40,200,000 | |||||||||||||||
Impairment charges | 0 | ||||||||||||||||
Core U.K. Operations [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | $ 6,600,000 | 6,600,000 | |||||||||||||||
Impairment charges | $ 0 | ||||||||||||||||
DSS Trademarks [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Percentage of fair value exceeding carrying value of reporting units | 2.60% | 2.60% | |||||||||||||||
Aimia Foods Holdings Limited [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Acquisition Date | May 30, 2014 | May 30, 2014 | |||||||||||||||
Goodwill | $ 54,500,000 | ||||||||||||||||
Aimia Foods Holdings Limited [Member] | Customer Relationships [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Acquired customer relationships | 76,500,000 | ||||||||||||||||
DSS Group Inc [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Goodwill | $ 574,400,000 | $ 574,400,000 | |||||||||||||||
DSS Group Inc [Member] | Customer Relationships [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Acquired customer relationships | $ 219,800,000 | ||||||||||||||||
Aquaterra Corporation [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Acquisition Date | Jan. 4, 2016 | ||||||||||||||||
Goodwill | $ 19,200,000 | 21,200,000 | 21,200,000 | ||||||||||||||
Aquaterra Corporation [Member] | Customer Relationships [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Acquired customer relationships | 11,400,000 | ||||||||||||||||
Eden Acquisition [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Acquisition Date | Aug. 2, 2016 | ||||||||||||||||
Goodwill | $ 277,200,000 | 299,700,000 | 299,700,000 | ||||||||||||||
Eden Acquisition [Member] | Customer Relationships [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Acquired customer relationships | 134,100,000 | ||||||||||||||||
S&D Acquisition [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Acquisition Date | Aug. 11, 2016 | ||||||||||||||||
Goodwill | $ 117,100,000 | 117,100,000 | $ 127,500,000 | ||||||||||||||
S&D Acquisition [Member] | Customer Relationships [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Acquired customer relationships | $ 113,700,000 | ||||||||||||||||
Calypso [Member] | |||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||
Terminal growth rate | 1.00% | ||||||||||||||||
Discount rate | 12.50% |
Summary of Significant Accoun59
Summary of Significant Accounting Policies - Schedule of Goodwill by Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Goodwill [Line Items] | ||
Balance at beginning of year | $ 759.6 | $ 743.6 |
Goodwill acquired during the year | 440.9 | 4.7 |
Adjustments | 17.5 | |
Foreign exchange | (25.1) | (6.2) |
Balance at end of year | 1,175.4 | 759.6 |
North America [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of year | 120 | 123.7 |
Foreign exchange | 0.5 | (3.7) |
Balance at end of year | 120.5 | 120 |
United Kingdom [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of year | 56 | 58.5 |
Foreign exchange | (9.2) | (2.5) |
Balance at end of year | 46.8 | 56 |
Water & Coffee Solutions [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of year | 579.1 | 556.9 |
Goodwill acquired during the year | 440.9 | 4.7 |
Adjustments | 17.5 | |
Foreign exchange | (16.4) | |
Balance at end of year | 1,003.6 | 579.1 |
All Other [Member] | ||
Goodwill [Line Items] | ||
Balance at beginning of year | 4.5 | 4.5 |
Balance at end of year | $ 4.5 | $ 4.5 |
Acquisitions (S&D Acquisition)
Acquisitions (S&D Acquisition) - Additional Information (Detail) - USD ($) $ in Millions | Aug. 11, 2016 | Dec. 31, 2016 | Apr. 11, 2016 |
S&D Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of share capital acquired | 100.00% | ||
Purchase price consideration | $ 354.1 | $ 353.6 | |
Acquisition Date | Aug. 11, 2016 | ||
Working capital settlement | $ (0.5) | (0.5) | |
Purchase price | $ 353.6 | 353.6 | $ 354.1 |
Revenue | 228 | ||
Net income (loss) | 2.8 | ||
Acquisition related costs | $ 3.5 | ||
Common shares granted | 416,951 | ||
Aggregate grant date fair value of shares vested | $ 7.1 | ||
Arabica, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of share capital acquired | 100.00% |
Acquisitions - Business Combina
Acquisitions - Business Combination Transfer Consideration (Detail) € in Millions, $ in Millions | Aug. 11, 2016USD ($) | Aug. 02, 2016USD ($) | Aug. 02, 2016EUR (€) | Dec. 31, 2016USD ($) |
S&D Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash paid to sellers | $ 232.1 | |||
Cash paid on behalf of sellers for sellers' transaction expenses | 84.2 | |||
Cash paid to retire outstanding debt on behalf of sellers | 37.8 | |||
Working capital settlement | $ (0.5) | (0.5) | ||
Total cash and stock consideration | $ 354.1 | 353.6 | ||
Eden Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash paid to sellers | 86.5 | |||
Cash paid on behalf of sellers to retire outstanding indebtedness | 420.2 | |||
Cash paid to retire sellers financing payables, net | 71.8 | |||
Working capital settlement | $ (2.2) | € (2) | (2.2) | |
Total cash and stock consideration | $ 578.5 | € 517.9 | $ 576.3 |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) € in Millions, $ in Millions | Dec. 31, 2016USD ($) | Aug. 11, 2016USD ($) | Aug. 02, 2016USD ($) | Aug. 02, 2016EUR (€) | Apr. 11, 2016USD ($) | Jan. 04, 2016USD ($) | Jan. 02, 2016USD ($) | Jan. 03, 2015USD ($) |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 1,175.4 | $ 759.6 | $ 743.6 | |||||
S&D Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash | 1.7 | $ 1.7 | ||||||
Accounts receivable | 51.4 | 49.8 | ||||||
Inventories | 62.5 | 61 | ||||||
Prepaid expenses and other assets | 2.3 | 2.3 | ||||||
Property, plant & equipment | 92.9 | 94.6 | ||||||
Goodwill | 117.1 | 127.5 | ||||||
Intangible assets | 119 | 111.9 | ||||||
Other assets | 2.2 | 2.2 | ||||||
Accounts payable and accrued liabilities | (46.7) | (44.9) | ||||||
Deferred tax liabilities | (43.3) | (51.5) | ||||||
Other long-term liabilities | (5.5) | (0.5) | ||||||
Total | 353.6 | $ 353.6 | $ 354.1 | |||||
Eden Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash | 19.6 | $ 19.6 | € 17.5 | |||||
Accounts receivable | 95.4 | 104.3 | ||||||
Inventories | 17.7 | 23.7 | ||||||
Prepaid expenses and other assets | 6.2 | 7.3 | ||||||
Property, plant & equipment | 107.1 | 98.4 | ||||||
Goodwill | 299.7 | 277.2 | ||||||
Intangible assets | 213.2 | 219.2 | ||||||
Other assets | 2.8 | 8 | ||||||
Deferred tax assets | 19.5 | 18.2 | ||||||
Current maturities of long-term debt | (2.7) | (2.7) | ||||||
Accounts payable and accrued liabilities | (128.3) | (129.5) | ||||||
Long-term debt | (3.1) | (3.1) | ||||||
Deferred tax liabilities | (49.5) | (55.1) | ||||||
Other long-term liabilities | (21.3) | (7) | ||||||
Total | 576.3 | $ 578.5 | ||||||
Aquaterra Corporation [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Cash | 1.3 | $ 1.3 | ||||||
Accounts receivable | 7.1 | 6.2 | ||||||
Inventories | 2.1 | 2.1 | ||||||
Prepaid expenses and other assets | 0.4 | 1.3 | ||||||
Property, plant & equipment | 12.3 | 13.4 | ||||||
Goodwill | 21.2 | 19.2 | ||||||
Intangible assets | 15.8 | 16.6 | ||||||
Other assets | 0.8 | 0.8 | ||||||
Accounts payable and accrued liabilities | (16.3) | (15.8) | ||||||
Long-term debt | (0.4) | (0.3) | ||||||
Other long-term liabilities | (0.3) | (0.3) | ||||||
Total | 44 | $ 44.5 | ||||||
Scenario, Adjustment [Member] | S&D Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Accounts receivable | 1.6 | |||||||
Inventories | 1.5 | |||||||
Property, plant & equipment | (1.7) | |||||||
Goodwill | (10.4) | |||||||
Intangible assets | 7.1 | |||||||
Accounts payable and accrued liabilities | (1.8) | |||||||
Deferred tax liabilities | 8.2 | |||||||
Other long-term liabilities | (5) | |||||||
Total | (0.5) | |||||||
Scenario, Adjustment [Member] | Eden Acquisition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Accounts receivable | (8.9) | |||||||
Inventories | (6) | |||||||
Prepaid expenses and other assets | (1.1) | |||||||
Property, plant & equipment | 8.7 | |||||||
Goodwill | 22.5 | |||||||
Intangible assets | (6) | |||||||
Other assets | (5.2) | |||||||
Deferred tax assets | 1.3 | |||||||
Accounts payable and accrued liabilities | 1.2 | |||||||
Deferred tax liabilities | 5.6 | |||||||
Other long-term liabilities | (14.3) | |||||||
Total | (2.2) | |||||||
Scenario, Adjustment [Member] | Aquaterra Corporation [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Accounts receivable | 0.9 | |||||||
Prepaid expenses and other assets | (0.9) | |||||||
Property, plant & equipment | (1.1) | |||||||
Goodwill | 2 | |||||||
Intangible assets | (0.8) | |||||||
Accounts payable and accrued liabilities | (0.5) | |||||||
Long-term debt | (0.1) | |||||||
Total | $ (0.5) |
Acquisitions (Eden Acquisition)
Acquisitions (Eden Acquisition) - Additional Information (Detail) $ in Millions | Oct. 01, 2016USD ($) | Oct. 01, 2016EUR (€) | Aug. 02, 2016USD ($) | Aug. 02, 2016EUR (€) | Dec. 31, 2016USD ($) | Aug. 02, 2016EUR (€) |
5.500% Senior Notes Due in 2024 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Interest rate on notes | 5.50% | |||||
Eden Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of share capital acquired | 100.00% | 100.00% | ||||
Total consideration | $ 578.5 | € 517,900,000 | $ 576.3 | |||
Acquisition Date | Aug. 2, 2016 | Aug. 2, 2016 | ||||
Business acquisitions, stated purchase price | € | € 470,000,000 | |||||
Business acquisitions, cash on hand | $ 19.6 | 19.6 | € 17,500,000 | |||
Working capital payment | € | € 15,400,000 | |||||
Business acquisitions, other items | € | 15,000,000 | |||||
Working capital settlement | 2.2 | € 2,000,000 | 2.2 | |||
Aggregate purchase price | $ 578.5 | 576.3 | ||||
Revenue | 156.9 | |||||
Net income (loss) | (14.4) | |||||
Acquisition related costs | $ 13.5 | |||||
Eden Acquisition [Member] | 5.500% Senior Notes Due in 2024 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from issuance of senior notes | $ 474.1 | € 450,000,000 | ||||
Interest rate on notes | 5.50% | 5.50% |
Acquisitions (Aquaterra Acquisi
Acquisitions (Aquaterra Acquisition) - Additional Information (Detail) - Aquaterra Corporation [Member] CAD in Millions, $ in Millions | Jan. 04, 2016USD ($) | Jan. 04, 2016CAD | May 31, 2016USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | ||||
Percentage of share capital acquired | 100.00% | |||
Aggregate purchase price | $ 44 | CAD 61.2 | ||
Acquisition Date | Jan. 4, 2016 | Jan. 4, 2016 | ||
Payments made by former owners of Aquaterra | $ 0.5 | |||
Aggregate purchase price | $ 44.5 | $ 44 | ||
Revenue | 61.2 | |||
Net income (loss) | 1.1 | |||
Acquisition related costs | $ 1.3 |
Acquisitions (DSS Acquisition)
Acquisitions (DSS Acquisition) - Additional Information (Detail) - USD ($) $ in Millions | Dec. 12, 2014 | Jul. 31, 2015 | Jan. 03, 2015 | Dec. 12, 2014 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 |
Business Acquisition [Line Items] | |||||||
Business acquisition incremental borrowings | $ 2,403.2 | $ 994.5 | $ 959 | ||||
Senior notes issued | 2,227.1 | 1,671.4 | |||||
Revenue | 3,798 | 3,914.1 | 3,099.1 | ||||
Net income (loss) | (58.2) | (47.8) | (8.1) | ||||
ABL Facility [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Senior notes issued | 207 | 122 | |||||
DSS Group Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate consideration | $ 1,246 | $ 952.5 | |||||
Payments made to former shareholders of DSS | $ 11.4 | ||||||
Purchase price consideration | $ 952.5 | ||||||
Revenue | $ 28.7 | ||||||
Net income (loss) | $ (2.8) | ||||||
Acquisition related costs | 35.9 | ||||||
Financing fees | $ 0.4 | ||||||
DSS Group Inc [Member] | Scenario, Adjustment [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Balance sheet classification errors previously identified and corrected | $ 6.2 | ||||||
DSS Group Inc [Member] | Convertible Preferred Shares [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate value of issuance of preferred shares | 116.1 | 116.1 | |||||
DSS Group Inc [Member] | Non-convertible Preferred Shares [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Aggregate value of issuance of preferred shares | 32.7 | 32.7 | |||||
DSS Group Inc [Member] | ABL Facility [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition incremental borrowings | 180 | ||||||
DSS Group Inc [Member] | 2020 Senior Notes [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Senior notes issued | $ 625 | $ 625 | |||||
Interest rate on notes | 6.75% | 6.75% | |||||
Debt instrument maturity date | Jan. 1, 2020 | ||||||
DSS Group Inc [Member] | 2021 DSS Senior Notes [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Senior notes issued | $ 350 | $ 350 | |||||
Debt instrument maturity period | 2,021 |
Acquisitions (DSS Acquisition66
Acquisitions (DSS Acquisition) - Business Combination Transfer Consideration (Detail) - DSS Group Inc [Member] - USD ($) $ in Millions | Dec. 12, 2014 | Dec. 12, 2014 |
Business Acquisition [Line Items] | ||
Cash paid to sellers | $ 449.7 | |
Working capital adjustment | 11.4 | |
Cash paid on behalf of sellers for sellers expenses | 25.3 | |
Cash paid to retire term loan on behalf of sellers | 317.3 | |
Total cash and stock consideration | $ 1,246 | 952.5 |
Convertible Preferred Shares [Member] | ||
Business Acquisition [Line Items] | ||
Preferred Shares | 116.1 | 116.1 |
Non-convertible Preferred Shares [Member] | ||
Business Acquisition [Line Items] | ||
Preferred Shares | $ 32.7 | $ 32.7 |
Acquisitions (DSS Acquisition67
Acquisitions (DSS Acquisition) - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,175.4 | $ 759.6 | $ 743.6 |
DSS Group Inc [Member] | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 74.5 | ||
Accounts receivable | 102.6 | ||
Inventories | 46.4 | ||
Prepaid expenses and other current assets | 8.8 | ||
Deferred income taxes | 3.7 | ||
Property, plant & equipment | 390 | ||
Goodwill | 574.4 | ||
Intangible assets | 409 | ||
Other assets | 25 | ||
Accounts payable and accrued liabilities | (118.5) | ||
Long-term debt | (406) | ||
Deferred income tax liabilities | (127.9) | ||
Other long-term liabilities | (29.5) | ||
Total | $ 952.5 |
Acquisitions (Aimia Acquisition
Acquisitions (Aimia Acquisition) - Additional Information (Detail) £ in Millions, $ in Millions | Sep. 30, 2014USD ($) | Sep. 30, 2014GBP (£) | May 30, 2014USD ($) | May 30, 2014GBP (£) | Sep. 30, 2014USD ($) | Sep. 30, 2014GBP (£) | Oct. 01, 2016USD ($) | Oct. 01, 2016GBP (£) | Jan. 03, 2015USD ($) | Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | Jan. 03, 2015USD ($) | May 31, 2014GBP (£) | May 30, 2014GBP (£) |
Business Acquisition [Line Items] | ||||||||||||||
Revenue | $ 3,798 | $ 3,914.1 | $ 3,099.1 | |||||||||||
Net income (loss) | $ (58.2) | $ (47.8) | $ (8.1) | |||||||||||
Aimia Foods Holdings Limited [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Acquisition Date | May 30, 2014 | May 30, 2014 | ||||||||||||
Percentage of share capital acquired | 100.00% | 100.00% | ||||||||||||
Contingent consideration maximum payable amount | £ | £ 16 | £ 16 | ||||||||||||
Aggregate purchase price | $ 87.6 | £ 52.1 | ||||||||||||
Deferred consideration | $ 33.5 | £ 19.9 | 33.5 | $ 33.5 | £ 19.9 | |||||||||
Aggregate contingent consideration liability | 17.9 | £ 12 | £ 10.6 | |||||||||||
Existing receivable | 11 | 3.9 | ||||||||||||
Final total cash payment | 80.4 | $ 10.8 | £ 8.1 | |||||||||||
Purchase price consideration | $ 139 | |||||||||||||
Revenue | $ 62.3 | |||||||||||||
Net income (loss) | $ 2.3 | |||||||||||||
Acquisition related costs | $ 2.2 |
Acquisitions (Aimia Acquisiti69
Acquisitions (Aimia Acquisition) - Business Combination Transfer Consideration (Detail) - Aimia Foods Holdings Limited [Member] £ in Millions, $ in Millions | Sep. 30, 2014USD ($) | Sep. 30, 2014GBP (£) | May 30, 2014USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2014GBP (£) | Oct. 01, 2016USD ($) | Oct. 01, 2016GBP (£) | May 30, 2014GBP (£) |
Business Acquisition [Line Items] | ||||||||
Cash paid to sellers | $ 80.4 | $ 10.8 | £ 8.1 | |||||
Deferred consideration | $ 33.5 | £ 19.9 | 33.5 | $ 33.5 | £ 19.9 | |||
Contingent consideration | 17.9 | £ 12 | £ 10.6 | |||||
Working capital payment | 7.2 | |||||||
Total consideration | $ 139 |
Acquisitions (Aimia Acquisiti70
Acquisitions (Aimia Acquisition) - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) £ in Millions, $ in Millions | Dec. 31, 2016USD ($) | Oct. 01, 2016GBP (£) | Jan. 02, 2016USD ($) | Jan. 03, 2015USD ($) | May 30, 2014USD ($) |
Business Acquisition [Line Items] | |||||
Goodwill | $ 1,175.4 | $ 759.6 | $ 743.6 | ||
Aimia Foods Holdings Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 9.5 | ||||
Accounts receivable | £ 3.9 | 11 | |||
Inventories | 9.6 | ||||
Prepaid expenses and other assets | 1.9 | ||||
Property, plant & equipment | 10.9 | ||||
Goodwill | 54.5 | ||||
Intangible assets | 80.9 | ||||
Other assets | 5.3 | ||||
Accounts payable and accrued liabilities | (27.4) | ||||
Deferred tax liabilities | (17.2) | ||||
Total | $ 139 |
Acquisitions - Components of Id
Acquisitions - Components of Identified Intangible Assets and Estimated Weighted Average Useful Lives (Detail) - USD ($) $ in Millions | Aug. 11, 2016 | Aug. 02, 2016 | Jan. 04, 2016 | Jan. 03, 2015 | Dec. 31, 2016 | Apr. 11, 2016 | May 30, 2014 |
Aquaterra Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 16.6 | $ 15.8 | |||||
Estimated Fair Market Value | 44.5 | 44 | |||||
Aquaterra Corporation [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | 15.8 | ||||||
Aquaterra Corporation [Member] | 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 | $ 4.4 | ||||||
Aquaterra Corporation [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 12 years | ||||||
Aquaterra Corporation [Member] | Customer Relationships [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 11.4 | ||||||
Aimia Foods Holdings Limited [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 80.9 | ||||||
Estimated Fair Market Value | $ 139 | ||||||
Aimia Foods Holdings Limited [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 80.9 | ||||||
Aimia Foods Holdings Limited [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 15 years | ||||||
Aimia Foods Holdings Limited [Member] | Customer Relationships [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 76.5 | ||||||
Aimia Foods Holdings Limited [Member] | Trademarks and Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 20 years | ||||||
Aimia Foods Holdings Limited [Member] | Trademarks and Trade Names [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 1.5 | ||||||
Aimia Foods Holdings Limited [Member] | Non-Competition Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 5 years | ||||||
Aimia Foods Holdings Limited [Member] | Non-Competition Agreements [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 2.9 | ||||||
S&D Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | 119 | $ 111.9 | |||||
Estimated Fair Market Value | $ 353.6 | 353.6 | $ 354.1 | ||||
S&D Acquisition [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 119 | ||||||
S&D Acquisition [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 17 years | ||||||
S&D Acquisition [Member] | Customer Relationships [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 113.7 | ||||||
S&D Acquisition [Member] | Non-Competition Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 3 years | ||||||
S&D Acquisition [Member] | Non-Competition Agreements [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 3 | ||||||
S&D Acquisition [Member] | Software [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 2 years | ||||||
S&D Acquisition [Member] | Software [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 2.3 | ||||||
Eden Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 219.2 | 213.2 | |||||
Estimated Fair Market Value | 578.5 | 576.3 | |||||
Eden Acquisition [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | 213.2 | ||||||
Eden Acquisition [Member] | Trade Names [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 72.7 | ||||||
Eden Acquisition [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 15 years | ||||||
Eden Acquisition [Member] | Customer Relationships [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 134.1 | ||||||
Eden Acquisition [Member] | Software [Member] | Minimum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 3 years | ||||||
Eden Acquisition [Member] | Software [Member] | Maximum [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 5 years | ||||||
Eden Acquisition [Member] | Software [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 6.4 | ||||||
DSS Group Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | 409 | ||||||
Estimated Fair Market Value | $ 952.5 | ||||||
DSS Group Inc [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 409 | ||||||
DSS Group Inc [Member] | Trademarks and Trade Names [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 0 years | ||||||
DSS Group Inc [Member] | 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 | $ 183.1 | ||||||
DSS Group Inc [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 16 years | ||||||
DSS Group Inc [Member] | Customer Relationships [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 219.8 | ||||||
DSS Group Inc [Member] | Non-Competition Agreements [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 5 years | ||||||
DSS Group Inc [Member] | Non-Competition Agreements [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 0.4 | ||||||
DSS Group Inc [Member] | Software [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Useful Life | 3 years | ||||||
DSS Group Inc [Member] | Software [Member] | Income Approach Valuation Technique [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Market Value | $ 5.7 |
Acquisitions - Unaudited Pro Fo
Acquisitions - Unaudited Pro Forma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Business Acquisition, Pro Forma Information [Abstract] | |||
Revenue | $ 3,798 | $ 3,914.1 | $ 3,099.1 |
Net income (loss) | $ (58.2) | $ (47.8) | $ (8.1) |
Net loss per common share attributed to Cott Corporation, diluted | $ (0.43) | $ (0.40) | $ (0.08) |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Mar. 29, 2014USD ($)Plant | Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | Jan. 03, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||||
Charges related primarily to employee redundancy costs | $ 2,400,000 | |||
Asset impairment charges | $ 0 | $ 0 | $ 1,700,000 | |
Amount owed under restructuring plan | 0 | 0 | ||
2014 Restructuring Plan [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of plants to be closed | Plant | 2 | |||
Charges related primarily to employee redundancy costs | $ 4,100,000 | $ 0 | $ 0 | |
2014 Restructuring Plan [Member] | North America [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of plants to be closed | Plant | 1 | |||
2014 Restructuring Plan [Member] | United Kingdom [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Number of plants to be closed | Plant | 1 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring and Asset Impairment Charges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Restructuring and Related Activities [Abstract] | |||
Restructuring | $ 2.4 | ||
Asset impairments | $ 0 | $ 0 | 1.7 |
Total | $ 4.1 |
Restructuring - Summary of Re75
Restructuring - Summary of Restructuring Charges (Detail) $ in Millions | 12 Months Ended |
Jan. 03, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring | $ 2.4 |
Cott North America [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring | 2.3 |
Cott United Kingdom [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring | $ 0.1 |
Restructuring - Summary of Asse
Restructuring - Summary of Asset Impairment Charges (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Restructuring Cost and Reserve [Line Items] | |||
Asset impairments | $ 0 | $ 0 | $ 1.7 |
Cott North America [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairments | 0.9 | ||
Cott United Kingdom [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Asset impairments | $ 0.8 |
Other Expense (Income), Net - S
Other Expense (Income), Net - Schedule of Other Expenses and (Income) (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2014 | Nov. 30, 2013 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Other Income and Expenses [Abstract] | |||||
Foreign exchange loss (gain) | $ 1.3 | $ (7.8) | $ (0.3) | ||
Proceeds from legal settlement | (1.4) | (3.5) | |||
Gain on recoveries from insurance proceeds | (1.2) | ||||
Realized commodity hedging gain | (5.8) | ||||
Unrealized commodity hedging loss (gain), net | 9.8 | (1.2) | 1.2 | ||
Bond redemption | 20.8 | ||||
Write-off of financing fees and discount | $ 0.3 | $ 4 | 4.1 | ||
Other (gain) loss | (0.2) | 0.9 | (1.3) | ||
Total | $ 3.9 | $ (9.5) | $ 21 |
Interest Expense, Net - Schedul
Interest Expense, Net - Schedule of Interest Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Supplemental Income Statement Elements [Abstract] | |||
Interest on long-term debt | $ 113.5 | $ 100.9 | $ 33.2 |
Other interest expense, net | 10.7 | 10.1 | 6.5 |
Total | $ 124.2 | $ 111 | $ 39.7 |
Income Tax Expense (Benefit) -
Income Tax Expense (Benefit) - Loss Before Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Income Tax Disclosure [Abstract] | |||
Canada | $ (22.1) | $ 24.2 | $ 17.2 |
Outside Canada | (23.8) | (26.3) | (62.2) |
(Loss) income before income tax (benefit) expense and equity income (loss) | $ (45.9) | $ (2.1) | $ (45) |
Income Tax Expense (Benefit) 80
Income Tax Expense (Benefit) - Income Tax Expense (Benefit) (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Current | |||
Canada | $ (0.3) | $ 4 | |
Outside Canada | 2.7 | 3.7 | $ 2.5 |
Income tax (benefit) expense, current, Total | 2.4 | 7.7 | 2.5 |
Deferred | |||
Canada | 8.7 | (2.5) | 0.3 |
Outside Canada | 14.5 | (27.9) | (64.2) |
Income tax (benefit) expense, deferred, Total | 23.2 | (30.4) | (63.9) |
Income tax expense (benefit) | $ 25.6 | $ (22.7) | $ (61.4) |
Income Tax Expense (Benefit) 81
Income Tax Expense (Benefit) - Reconciliation of Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax (benefit) expense based on Canadian statutory rates | $ (11.8) | $ (0.5) | $ (11.5) |
Foreign tax rate differential | (3.5) | (3.7) | (9.3) |
Nontaxable interest income | (10) | (5.5) | (9.3) |
Nontaxable dividend income | (10.6) | (13.8) | (11.2) |
Nontaxable capital (gain) loss | (1.4) | 1.5 | |
Dividend income | 1.1 | 0.9 | |
Changes in enacted tax rates | (0.6) | 1.3 | (1.4) |
Change in valuation allowance | 61.2 | (0.4) | (29.4) |
Increase (decrease) to uncertain tax positions | 0.6 | (0.6) | 1.9 |
Non-controlling interests | (2.2) | (2.1) | (1.9) |
Equity compensation adjustment to net operating loss | 2.7 | ||
Permanent differences | 1.9 | 1.3 | 1.7 |
Contingent consideration goodwill basis adjustments | 1 | ||
Equity compensation permanent adjustment | 0.6 | 0.9 | 0.6 |
Mexico deferred adjustment | 2.5 | ||
Preferred share costs | 0.4 | ||
Other items | (1.1) | 0.5 | 0.7 |
Income tax expense (benefit) | $ 25.6 | $ (22.7) | $ (61.4) |
Income Tax Expense (Benefit) 82
Income Tax Expense (Benefit) - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 227.8 | $ 132.8 |
Capital loss carryforwards | 1.6 | 0.6 |
Liabilities and reserves | 44.8 | 39.4 |
Stock options | 5.8 | 5.9 |
Inventories | 5.2 | 4.9 |
Other | 8.8 | 9.1 |
Deferred tax assets, gross | 294 | 192.7 |
Deferred tax liabilities | ||
Property, plant & equipment | (106.2) | (99.8) |
Intangible assets | (215.5) | (146.4) |
Deferred tax liabilities | (321.7) | (246.2) |
Valuation allowance | (129.9) | (15.4) |
Net deferred tax liability | $ (157.6) | $ (68.9) |
Income Tax Expense (Benefit) 83
Income Tax Expense (Benefit) - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Deferred tax assets: | ||
Long-term | $ 0.2 | $ 7.6 |
Deferred tax liabilities: | ||
Long-term | (157.8) | (76.5) |
Net deferred tax liability | $ (157.6) | $ (68.9) |
Income Tax Expense (Benefit) 84
Income Tax Expense (Benefit) - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Jan. 02, 2015 | Dec. 28, 2013 | |
Income Taxes [Line Items] | |||||
Deferred taxes recorded on undistributed earnings for foreign subsidiaries | $ 0 | ||||
Operating loss carry forwards | 726,500,000 | ||||
Credit carryforwards | 4,100,000 | ||||
Capital loss carry forwards | 1,600,000 | $ 600,000 | |||
Valuation allowance | 129,900,000 | 15,400,000 | |||
Unrecognized tax benefits | 30,600,000 | 11,500,000 | $ 12,500,000 | $ 10,500,000 | |
Increase in unrecognized tax benefits | 19,100,000 | ||||
Favorable impact of effective tax rate | 18,100,000 | ||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 11,800,000 | ||||
Interest and penalties recognized | 1,800,000 | $ 100,000 | |||
Interest and penalties recovered, unrecognized tax benefits | 0 | 0 | $ 0 | ||
Aquaterra Corporation [Member] | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | 27,300,000 | ||||
Eden Acquisition [Member] | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | 23,800,000 | ||||
Eden Acquisition and S & D Acquisition [Member] | |||||
Income Taxes [Line Items] | |||||
Increases due to acquisitions | 22,600,000 | ||||
Canada [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards | 101,700,000 | ||||
Valuation allowance | 18,400,000 | ||||
U.S. Federal [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards | 442,200,000 | ||||
Alternative minimum tax credit carryforward | 1,300,000 | ||||
Credit carryforwards, other | 900,000 | ||||
State and Local [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards | 31,200,000 | ||||
Credit carryforwards | 1,900,000 | ||||
Dutch [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards | 57,200,000 | ||||
Other Countries [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carry forwards | 94,200,000 | ||||
United Kingdom [Member] | |||||
Income Taxes [Line Items] | |||||
Capital loss carry forwards | 2,700,000 | ||||
Israeli [Member] | |||||
Income Taxes [Line Items] | |||||
Capital loss carry forwards | 4,600,000 | ||||
Mexico [Member] | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | 4,700,000 | ||||
United States [Member] | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | 52,500,000 | ||||
Canada, UK and Other Countries [Member] | |||||
Income Taxes [Line Items] | |||||
Valuation allowance | 1,600,000 | ||||
Canada [Member] | |||||
Income Taxes [Line Items] | |||||
Repatriated earnings | $ 0 | $ 17,300,000 | $ 0 | ||
Minimum [Member] | Canada [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,027 | ||||
Minimum [Member] | U.S. Federal [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,017 | ||||
Minimum [Member] | State and Local [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,017 | ||||
Credit carryforwards, expiration date | 2,017 | ||||
Minimum [Member] | Dutch [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,018 | ||||
Minimum [Member] | Other Countries [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,018 | ||||
Maximum [Member] | Canada [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,037 | ||||
Maximum [Member] | U.S. Federal [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,037 | ||||
Maximum [Member] | State and Local [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,037 | ||||
Credit carryforwards, expiration date | 2,021 | ||||
Maximum [Member] | Dutch [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,023 | ||||
Maximum [Member] | Other Countries [Member] | |||||
Income Taxes [Line Items] | |||||
Operating loss carryforwards, expiration date | 2,037 |
Income Tax Expense (Benefit) 85
Income Tax Expense (Benefit) - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits at beginning of year | $ 11.5 | $ 12.5 | $ 10.5 |
Additions based on tax positions taken during a prior period | 0.2 | 0.2 | 0.5 |
Reductions based on tax positions taken during a prior period | (0.2) | (0.9) | |
Settlement on tax positions taken during a prior period | (4.5) | (0.6) | (0.8) |
Lapse in statute of limitations | (0.2) | (1.8) | |
Additions based on tax positions taken during the current period | 24.8 | 1.9 | 3.9 |
Foreign exchange | (1.2) | (0.5) | (0.7) |
Unrecognized tax benefits at end of year | $ 30.6 | $ 11.5 | $ 12.5 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 30, 2016 | Dec. 31, 2015 | Jan. 02, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based payment award number of shares authorized | 20,000,000 | ||||||
Number of shares available for issuance for each share issued | 2 | ||||||
Shares available for future issuance | 3,280,450 | ||||||
Income tax benefit recognized related to share-based compensation | $ 2,800,000 | $ 2,700,000 | $ 1,300,000 | ||||
Share Based compensation award vesting period | 3 years | ||||||
Closing price of common shares | $ 11.33 | $ 10.99 | $ 7 | ||||
Cash received from exercise of stock options | $ 1,700,000 | 500,000 | |||||
Tax benefit realized on exercise of stock option | 1,300,000 | 0 | |||||
Fair value of options that vested | 1,600,000 | 1,500,000 | $ 1,300,000 | ||||
Options exercised, Shares | 0 | ||||||
Share-based compensation expense | $ 9,400,000 | $ 10,300,000 | $ 5,800,000 | ||||
S&D Acquisition [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awarded | 416,951 | ||||||
Aggregate grant date fair value of shares vested | $ 7,100,000 | ||||||
Performance-Based RSUs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awarded | 1,419,000 | 320,000 | 1,356,000 | ||||
Share-based compensation expense | $ 1,300,000 | $ 4,900,000 | $ 600,000 | ||||
Aggregate grant date fair value of shares vested | $ 0 | $ 1,800,000 | $ 0 | ||||
Time-Based RSUs [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awarded | 1,017,000 | 213,000 | 368,000 | ||||
Share-based compensation expense | $ 3,300,000 | $ 2,400,000 | $ 2,800,000 | ||||
Aggregate grant date fair value of shares vested | $ 12,300,000 | $ 100,000 | $ 3,300,000 | ||||
2010 Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awarded | 62,046 | ||||||
Share-based compensation expense | $ 900,000 | ||||||
2010 Equity Incentive Plan [Member] | Performance-Based RSUs [Member] | Condition One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awarded | 386,104 | ||||||
2010 Equity Incentive Plan [Member] | Performance-Based RSUs [Member] | Condition Two [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awarded | 448,771 | ||||||
2010 Equity Incentive Plan [Member] | Performance-Based RSUs [Member] | S&D Acquisition [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based awards, vesting description | The Performance-based RSUs vest on the last day of our 2019 fiscal year. The number of shares ultimately awarded will be based upon the performance percentage, which can range from 0% to 200% of the awards granted and is calculated based upon the achievement of a specified level of S&D EBITDA (weighted 70%), S&D revenue (weighted 15%) and S&D free cash flow (which is net cash provided by operating activities, less capital expenditures, adjusted to exclude the impact of certain items)(weighted 15%) for the performance period. | ||||||
Awarded | 376,692 | ||||||
2010 Equity Incentive Plan [Member] | Performance-Based RSUs [Member] | S&D Acquisition [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of performance awards granted | 0.00% | ||||||
2010 Equity Incentive Plan [Member] | Performance-Based RSUs [Member] | S&D Acquisition [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of performance awards granted | 200.00% | ||||||
2010 Equity Incentive Plan [Member] | Performance-Based RSUs [Member] | Eden Acquisition [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity based awards, vesting description | The Performance-based RSUs vest on the last day of our 2019 fiscal year. The number of shares ultimately awarded will be based upon the performance percentage, which can range from 0% to 125% of the awards granted and is calculated based upon the achievement of a specified level of Eden EBITDA (weighted 70%), Eden revenue (weighted 15%) and Eden free cash flow (which is net cash provided by operating activities, less capital expenditures, adjusted to exclude the impact of certain items)(weighted 15%) for the performance period. | ||||||
Awarded | 207,359 | ||||||
2010 Equity Incentive Plan [Member] | Performance-Based RSUs [Member] | Eden Acquisition [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of performance awards granted | 0.00% | ||||||
2010 Equity Incentive Plan [Member] | Performance-Based RSUs [Member] | Eden Acquisition [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of performance awards granted | 125.00% | ||||||
2010 Equity Incentive Plan [Member] | Performance-Based RSUs [Member] | Eden Acquisition [Member] | Condition One [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 | Of the 96,709 Time-based RSUs granted in connection with the Eden Acquisition, 24,808 vest ratably in three equal annual installments on the first, second and third anniversaries of the date of grant, while 71,901 vest ratably in two equal annual installments on the first and second anniversaries of the date of grant, with all such Time-based RSUs being based upon a service condition. | ||||||
Awarded | 24,808 | ||||||
2010 Equity Incentive Plan [Member] | Performance-Based RSUs [Member] | Eden Acquisition [Member] | Condition Two [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based compensation award vesting period | 2 years | ||||||
Equity based awards, vesting description | Of the 96,709 Time-based RSUs granted in connection with the Eden Acquisition, 24,808 vest ratably in three equal annual installments on the first, second and third anniversaries of the date of grant, while 71,901 vest ratably in two equal annual installments on the first and second anniversaries of the date of grant, with all such Time-based RSUs being based upon a service condition. | ||||||
Awarded | 71,901 | ||||||
2010 Equity Incentive Plan [Member] | Time-Based RSUs [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 | Additionally, in 2016, we granted 386,104 Performance-based RSUs, which vest on the last day of our 2018 fiscal year, and 448,771 Performance-based RSUs, which vest on the last day of our 2019 fiscal year. The number of 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 vest primarily on the Company’s achievement of a specified level of cumulative pre-tax income for the applicable performance period. The number of Performance-based RSUs that may vest and the related unrecognized compensation cost is subject to change based on the level of targeted pre-tax income that is achieved during the vesting period. The Company also granted 502,710 Time-based RSUs, which 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. | ||||||
Awarded | 502,710 | ||||||
2010 Equity Incentive Plan [Member] | Time-Based RSUs [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of performance awards granted | 0.00% | ||||||
2010 Equity Incentive Plan [Member] | Time-Based RSUs [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of performance awards granted | 200.00% | ||||||
2010 Equity Incentive Plan [Member] | Time-Based RSUs [Member] | Eden Acquisition [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Awarded | 96,709 | ||||||
Stock Option 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 | Stock options granted during the year ended December 31, 2016 vest ratably in three equal annual installments on the first, second and third anniversaries of the date of grant. | ||||||
Stock Option Plan [Member] | Certain Employee [Member] | Exercise Price of $9.22 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted, shares | 2,975,500 | ||||||
Options granted, exercise price per share | $ 11.15 | ||||||
Options granted, estimated fair value | $ 2.84 | ||||||
Stock Option Plan [Member] | Certain Employee [Member] | Exercise Price of $9.22 [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based compensation award vesting period | 10 years | ||||||
Stock Option Plan [Member] | Certain Employee [Member] | Exercise Price of $8.00 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted, shares | 684,000 | ||||||
Options granted, exercise price per share | $ 9.22 | ||||||
Options granted, estimated fair value | $ 4.31 | ||||||
Stock Option Plan [Member] | Certain Employee [Member] | Exercise Price of $8.00 [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based compensation award vesting period | 10 years | ||||||
Stock Option Plan [Member] | Certain Employee [Member] | Exercise Price of $9.29 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted, shares | 441,000 | ||||||
Options granted, exercise price per share | $ 8 | ||||||
Options granted, estimated fair value | $ 3.84 | ||||||
Stock Option Plan [Member] | Certain Employee [Member] | Exercise Price of $9.29 [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share Based compensation award vesting period | 10 years | ||||||
Employees Share Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share based payment award number of shares authorized | 3,000,000 | ||||||
Share-based compensation expense | $ 200,000 | $ 100,000 | |||||
Share based payment award offering price percentage | 90.00% | ||||||
Payroll deduction to purchase share, Minimum | 1.00% | ||||||
Payroll deduction to purchase share, Maximum | 15.00% | ||||||
Common Stock Capital Shares Reserved for Future issuance | 2,858,691 |
Share-based Compensation - Shar
Share-based Compensation - Share-based Compensation Expense (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 9.4 | $ 10.3 | $ 5.8 |
Employees Share Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 0.2 | 0.1 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 3.7 | 1.9 | 1.6 |
Performance-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 1.3 | 4.9 | 0.6 |
Time-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 3.3 | 2.4 | 2.8 |
Director Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 0.9 | $ 1 | $ 0.8 |
Share-based Compensation - Unre
Share-based Compensation - Unrecognized Share-based Compensation Expense (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 31.8 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 7.2 |
Weighted average years expected to recognize compensation | 1 year 8 months 12 days |
Performance-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 18.8 |
Weighted average years expected to recognize compensation | 2 years 8 months 12 days |
Time-Based RSUs [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized share-based compensation expense | $ 5.8 |
Weighted average years expected to recognize compensation | 1 year 7 months 6 days |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Stock Option Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 1.90% | 2.00% | 2.70% |
Average expected life (years) | 6 years 2 months 12 days | 10 years | 10 years |
Expected volatility | 30.70% | 58.70% | 58.50% |
Expected dividend yield | 2.20% | 3.00% | 2.90% |
Share-based Compensation - Stoc
Share-based Compensation - Stock Option Activity (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options exercised, Shares | 0 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning balance, Shares | 1,757,000 | 1,221,000 | 830,000 | |
Options granted, Shares | 2,976,000 | 684,000 | 441,000 | |
Options exercised, Shares | (238,000) | (113,000) | ||
Options forfeited or expired, Shares | (21,000) | (35,000) | (50,000) | |
Ending balance, Shares | 4,474,000 | 1,757,000 | 1,221,000 | 830,000 |
Exercisable shares, Ending balance | 850,000 | |||
Beginning balance, Weighted average exercise price | $ 8.50 | $ 7.77 | $ 8.17 | |
Vested or expected to vest at December 31, 2016 | 4,474,000 | |||
Granted, Weighted average exercise price | $ 11.15 | 9.22 | 8 | |
Options exercised, Weighted average exercise price | 7.29 | 4.94 | ||
Forfeited or expired, Weighted average exercise price | 9.99 | 8.56 | 16.45 | |
Ending balance, Weighted average exercise price | 10.32 | $ 8.50 | $ 7.77 | $ 8.17 |
Exercisable at December 31, 2016, Weighted average exercise price | $ 8.27 | |||
Beginning balance, Aggregate intrinsic value | $ 4,373,800 | $ 400,700 | $ 811,900 | |
Vested or expected to vest at December 31, 2016, Weighted average exercise price | $ 10.32 | |||
Beginning balance, Weighted average contractual term (years) | 8 years 9 months 18 days | 8 years | 7 years 7 months 6 days | 7 years 7 months 6 days |
Exercisable at December 31, 2016, Weighted average contractual term (years) | 6 years 6 months | |||
Vested or expected to vest at December 31, 2016, Weighted average contractual term (years) | 8 years 9 months 18 days | |||
Exercised, Aggregate intrinsic value | $ 2,304,700 | $ 637,400 | ||
Ending balance, Aggregate intrinsic value | 5,623,300 | $ 4,373,800 | $ 400,700 | |
Exercisable at December 31, 2016, Aggregate intrinsic value | 2,598,600 | |||
Vested or expected to vest at December 31, 2016, Aggregate intrinsic value | $ 5,623,300 |
Share-based Compensation - Perf
Share-based Compensation - Performance-based RSU and Time-based RSU Activity (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Performance-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 1,878 | 1,782 | 534 |
Awarded | 1,419 | 320 | 1,356 |
Awarded in connection with modification, Shares | 55 | ||
Issued, Shares | (255) | ||
Cancelled, Shares | (224) | (77) | |
Forfeited, Shares | (10) | (24) | (31) |
Ending balance, Shares | 3,063 | 1,878 | 1,782 |
Beginning balance, Weighted Average Grant-Date Fair Value | $ 7.41 | $ 7.01 | $ 7.81 |
Vested or expected to vest at December 31, 2016 | 2,070 | ||
Awarded, Weighted Average Grant-Date Fair Value | $ 13.09 | 9.22 | 6.68 |
Awarded in connection with modification, Weighted Average Grant-Date Fair Value | 7.90 | ||
Issued, Weighted Average Grant-Date Fair Value | 6.87 | ||
Cancelled, Weighted Average Grant-Date Fair Value | 9.29 | 6.58 | |
Forfeited, Weighted Average Grant-Date Fair Value | 9.24 | 8.61 | 7.90 |
Ending balance, Weighted Average Grant-Date Fair Value | 9.89 | $ 7.41 | $ 7.01 |
Vested or expected to vest at December 31, 2016 | $ 11.83 | ||
Time-Based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 827 | 664 | 831 |
Awarded | 1,017 | 213 | 368 |
Issued, Shares | (1,027) | (10) | (467) |
Forfeited, Shares | (17) | (40) | (68) |
Ending balance, Shares | 800 | 827 | 664 |
Beginning balance, Weighted Average Grant-Date Fair Value | $ 8.78 | $ 8.63 | $ 8.04 |
Vested or expected to vest at December 31, 2016 | 800 | ||
Awarded, Weighted Average Grant-Date Fair Value | $ 13.88 | 9.22 | 8 |
Issued, Weighted Average Grant-Date Fair Value | 12.01 | 8.60 | 7.14 |
Forfeited, Weighted Average Grant-Date Fair Value | 8.50 | 8.67 | 8.26 |
Ending balance, Weighted Average Grant-Date Fair Value | 11.10 | $ 8.78 | $ 8.63 |
Vested or expected to vest at December 31, 2016 | $ 11.10 |
Share-based Compensation - Pe92
Share-based Compensation - Performance-based RSU and Time-based RSU Activity (Parenthetical) (Detail) | 1 Months Ended |
Dec. 31, 2016shares | |
S&D Acquisition [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common shares granted | 416,951 |
Common Shares and Net (Loss) 93
Common Shares and Net (Loss) Income Per Common Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 29, 2016 | Mar. 09, 2016 | Dec. 31, 2016 | Jan. 02, 2016 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Net proceeds from offering of common stock | $ 366.8 | $ 143.1 | ||
June 2016 Offering [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Number of shares issued in offering | 15,088,000 | |||
Public offering price per share | $ 15.25 | |||
Net proceeds from offering of common stock | $ 230.1 | |||
Underwriter commissions | 9.2 | |||
Professional fees | $ 1.1 | |||
March 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 |
Common Shares and Net (Loss) 94
Common Shares and Net (Loss) Income per Common Share - Reconciliation of Numerator and Denominators of Basic and Diluted Net (Loss) Income Per Common Share (Detail) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Net (loss) income attributed to Cott Corporation | $ (79.8) | $ (2.6) | $ 7.4 | $ (2.8) | $ (4.4) | $ 4.8 | $ 2.2 | $ (6) | $ (77.8) | $ (3.4) | $ 10 |
Accumulated dividends on Convertible Preferred Shares | 0.6 | ||||||||||
Diluted net (loss) income attributed to Cott Corporation | $ (77.8) | $ (3.4) | $ 10.6 | ||||||||
Weighted average number of shares outstanding-basic | 128,290 | 103,037 | 93,777 | ||||||||
Adjusted weighted average number of shares outstanding-diluted | 128,290 | 103,037 | 95,900 | ||||||||
Performance-Based RSUs [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Dilutive effect of awards | 325 | ||||||||||
Time-Based RSUs [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Dilutive effect of awards | 619 | ||||||||||
Stock Options [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Dilutive effect of awards | 83 | ||||||||||
Convertible Preferred Shares [Member] | |||||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Dilutive effect of awards | 1,096 |
Common Shares and Net (Loss) 95
Common Shares and Net (Loss) Income per Common Share - Summary of the Anti-dilutive Securities Excluded from the Computation of Diluted Net (Loss) Income Per Common Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 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 | 4,474 | 1,757 | 833 |
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 | 2,070 | 1,631 | |
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 | 800 | 827 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) - Segment | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 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 | 15.70% | 18.00% | 26.10% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | All Other [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk | 2.80% | 3.70% | 3.80% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | Water & Coffee Solutions [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk | 1.40% | 2.20% | 2.70% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | Cott North America [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk | 34.10% | 33.20% | 33.30% |
Customer Concentration Risk [Member] | Sales [Member] | Walmart [Member] | Cott United Kingdom [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk | 10.00% | 11.50% | 12.70% |
Segment Reporting - Segment Rep
Segment Reporting - Segment Reporting Information by Operating Segment (Detail) - USD ($) $ in Millions | Jan. 03, 2015 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 |
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, net | $ 887.4 | $ 885.1 | $ 765 | $ 698.4 | $ 698.8 | $ 755.6 | $ 779.8 | $ 709.8 | $ 3,235.9 | $ 2,944 | $ 2,102.8 | |
Depreciation and amortization | 238.7 | 223.8 | 110.7 | |||||||||
Operating (loss) income | $ 1.1 | (3.7) | $ 34.6 | $ 36.6 | $ 14.7 | 18 | $ 28.6 | $ 46.1 | $ 6.7 | 82.2 | 99.4 | 15.7 |
Property, plant & equipment, net | 929.9 | 769.8 | 929.9 | 769.8 | ||||||||
Goodwill | 743.6 | 1,175.4 | 759.6 | 1,175.4 | 759.6 | 743.6 | ||||||
Intangible assets, net | 939.7 | 684.1 | 939.7 | 684.1 | ||||||||
Total assets | 3,939.7 | 2,887.3 | 3,939.7 | 2,887.3 | ||||||||
Additions to property, plant & equipment | 139.8 | 110.8 | 46.7 | |||||||||
Cott North America [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill | 120.5 | 120.5 | ||||||||||
Water & Coffee Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating (loss) income | 0.1 | |||||||||||
Goodwill | 556.9 | 1,003.6 | 579.1 | 1,003.6 | 579.1 | 556.9 | ||||||
All Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Goodwill | $ 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | 4.5 | ||||||
Operating Segments [Member] | Cott North America [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, net | 1,287.6 | 1,330.9 | 1,433.5 | |||||||||
Depreciation and amortization | 73.3 | 79.6 | 82.1 | |||||||||
Operating (loss) income | 33.9 | 38.5 | 29.7 | |||||||||
Property, plant & equipment, net | 273.4 | 293.4 | 273.4 | 293.4 | ||||||||
Goodwill | 120.5 | 120 | 120.5 | 120 | ||||||||
Intangible assets, net | 190.9 | 211.8 | 190.9 | 211.8 | ||||||||
Total assets | 862.9 | 943.1 | 862.9 | 943.1 | ||||||||
Additions to property, plant & equipment | 30.6 | 30.9 | 29.2 | |||||||||
Operating Segments [Member] | Cott United Kingdom [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, net | 469.8 | 557 | 597.9 | |||||||||
Depreciation and amortization | 20.6 | 22.7 | 21.7 | |||||||||
Operating (loss) income | 27.8 | 28 | 26.3 | |||||||||
Property, plant & equipment, net | 80.1 | 97.6 | 80.1 | 97.6 | ||||||||
Goodwill | 46.8 | 56 | 46.8 | 56 | ||||||||
Intangible assets, net | 62.5 | 81.7 | 62.5 | 81.7 | ||||||||
Total assets | 316.5 | 402.5 | 316.5 | 402.5 | ||||||||
Additions to property, plant & equipment | 12.2 | 11.6 | 13.3 | |||||||||
Operating Segments [Member] | Water & Coffee Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, net | 1,452.3 | 1,021.1 | 28.7 | |||||||||
Depreciation and amortization | 144 | 119.9 | 5.2 | |||||||||
Operating (loss) income | 46.5 | 39 | (1.7) | |||||||||
Property, plant & equipment, net | 571.2 | 372.6 | 571.2 | 372.6 | ||||||||
Goodwill | 1,003.6 | 579.1 | 1,003.6 | 579.1 | ||||||||
Intangible assets, net | 686.3 | 390.6 | 686.3 | 390.6 | ||||||||
Total assets | 2,735.1 | 1,513.1 | 2,735.1 | 1,513.1 | ||||||||
Additions to property, plant & equipment | 96.1 | 67.2 | 3.4 | |||||||||
Operating Segments [Member] | All Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, net | 50.5 | 57.6 | 65 | |||||||||
Depreciation and amortization | 0.8 | 1.6 | 1.7 | |||||||||
Operating (loss) income | 8.5 | 10.5 | 10 | |||||||||
Property, plant & equipment, net | 5.2 | 6.2 | 5.2 | 6.2 | ||||||||
Goodwill | 4.5 | 4.5 | 4.5 | 4.5 | ||||||||
Total assets | $ 25.2 | $ 28.6 | 25.2 | 28.6 | ||||||||
Additions to property, plant & equipment | 0.9 | 1.1 | 0.8 | |||||||||
Corporate [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating (loss) income | (34.5) | (16.6) | (48.6) | |||||||||
Elimination [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, net | (24.3) | (22.6) | (22.3) | |||||||||
Elimination [Member] | Cott North America [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, net | $ 24.3 | $ 22.6 | $ 22.3 |
Segment Reporting - Segment R98
Segment Reporting - Segment Reporting Information by Operating Segment (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | $ 887.4 | $ 885.1 | $ 765 | $ 698.4 | $ 698.8 | $ 755.6 | $ 779.8 | $ 709.8 | $ 3,235.9 | $ 2,944 | $ 2,102.8 |
Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | (24.3) | (22.6) | (22.3) | ||||||||
Elimination [Member] | Cott North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | $ 24.3 | $ 22.6 | $ 22.3 |
Segment Reporting - Revenues by
Segment Reporting - Revenues by Geographic Area (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Schedule Of Revenues From External Customers [Line Items] | |||||||||||
Total | $ 887.4 | $ 885.1 | $ 765 | $ 698.4 | $ 698.8 | $ 755.6 | $ 779.8 | $ 709.8 | $ 3,235.9 | $ 2,944 | $ 2,102.8 |
United States [Member] | |||||||||||
Schedule Of Revenues From External Customers [Line Items] | |||||||||||
Total | 2,356 | 2,198 | 1,288.4 | ||||||||
United Kingdom [Member] | |||||||||||
Schedule Of Revenues From External Customers [Line Items] | |||||||||||
Total | 494 | 557 | 597.9 | ||||||||
Canada [Member] | |||||||||||
Schedule Of Revenues From External Customers [Line Items] | |||||||||||
Total | 202.8 | 131.4 | 151.5 | ||||||||
All Other Countries [Member] | |||||||||||
Schedule Of Revenues From External Customers [Line Items] | |||||||||||
Total | $ 183.1 | $ 57.6 | $ 65 |
Segment Reporting - Revenues100
Segment Reporting - Revenues by Channel Reporting Segment (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | $ 887.4 | $ 885.1 | $ 765 | $ 698.4 | $ 698.8 | $ 755.6 | $ 779.8 | $ 709.8 | $ 3,235.9 | $ 2,944 | $ 2,102.8 |
Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | (24.3) | (22.6) | (22.3) | ||||||||
Cott North America [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 1,287.6 | 1,330.9 | 1,433.5 | ||||||||
Cott North America [Member] | Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 24.3 | 22.6 | 22.3 | ||||||||
Cott United Kingdom [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 469.8 | 557 | 597.9 | ||||||||
Private Label Retail [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 1,319.1 | 1,405.5 | 1,510.8 | ||||||||
Private Label Retail [Member] | Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | (1.5) | (1.6) | (1.2) | ||||||||
Private Label Retail [Member] | Cott North America [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 1,036.8 | 1,075.9 | 1,206.4 | ||||||||
Private Label Retail [Member] | Cott United Kingdom [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 202.3 | 261.4 | 296.1 | ||||||||
Branded Retail [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 329.7 | 369.7 | 286.5 | ||||||||
Branded Retail [Member] | Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | (1.4) | (1.5) | (1.6) | ||||||||
Branded Retail [Member] | Cott North America [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 100.3 | 114.9 | 108.4 | ||||||||
Branded Retail [Member] | Cott United Kingdom [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 140.7 | 168.1 | 172.6 | ||||||||
Contract Packaging Inc [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 239 | 241.5 | 225.6 | ||||||||
Contract Packaging Inc [Member] | Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | (8.5) | (6.5) | (6.7) | ||||||||
Contract Packaging Inc [Member] | Cott North America [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 124.1 | 111.8 | 86.9 | ||||||||
Contract Packaging Inc [Member] | Cott United Kingdom [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 107.2 | 114 | 120.8 | ||||||||
Home and Office Bottled Water Delivery [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 799.4 | 651.3 | 12.2 | ||||||||
Coffee and Tea Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 337.2 | 124.4 | 6 | ||||||||
Coffee and Tea Services [Member] | Cott United Kingdom [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 2.6 | 3.1 | 1.7 | ||||||||
Concentrate and Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 211.5 | 151.6 | 61.7 | ||||||||
Concentrate and Other [Member] | Elimination [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | (12.9) | (13) | (12.8) | ||||||||
Concentrate and Other [Member] | Cott North America [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 26.4 | 28.3 | 31.8 | ||||||||
Concentrate and Other [Member] | Cott United Kingdom [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 17 | 10.4 | 6.7 | ||||||||
Water & Coffee Solutions [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 1,452.3 | 1,021.1 | 28.7 | ||||||||
Water & Coffee Solutions [Member] | Private Label Retail [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 78 | 65.3 | 2.1 | ||||||||
Water & Coffee Solutions [Member] | Branded Retail [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 86.6 | 84.1 | 2.6 | ||||||||
Water & Coffee Solutions [Member] | Home and Office Bottled Water Delivery [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 799.4 | 651.3 | 12.2 | ||||||||
Water & Coffee Solutions [Member] | Coffee and Tea Services [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 334.6 | 121.3 | 4.3 | ||||||||
Water & Coffee Solutions [Member] | Concentrate and Other [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 153.7 | 99.1 | 7.5 | ||||||||
All Other [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 50.5 | 57.6 | 65 | ||||||||
All Other [Member] | Private Label Retail [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 3.5 | 4.5 | 7.4 | ||||||||
All Other [Member] | Branded Retail [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 3.5 | 4.1 | 4.5 | ||||||||
All Other [Member] | Contract Packaging Inc [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | 16.2 | 22.2 | 24.6 | ||||||||
All Other [Member] | Concentrate and Other [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue, net | $ 27.3 | $ 26.8 | $ 28.5 |
Segment Reporting - Property, P
Segment Reporting - Property, Plant and Equipment, Net by Geographic Area (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | $ 929.9 | $ 769.8 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 701.8 | 636.3 |
United Kingdom [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 88.1 | 97.6 |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | 41.7 | 29.7 |
All Other Countries [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, Total | $ 98.3 | $ 6.2 |
Accounts Receivable, Net - Sche
Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Receivables [Abstract] | ||
Trade receivables | $ 380.2 | $ 285.5 |
Allowance for doubtful accounts | (8.8) | (9.2) |
Other | 32.5 | 17 |
Total | $ 403.9 | $ 293.3 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 123.4 | $ 95.3 |
Finished goods | 131.6 | 118.4 |
Resale items | 22 | 15.8 |
Other | 24.4 | 19.9 |
Total | $ 301.4 | $ 249.4 |
Property, Plant & Equipment,104
Property, Plant & Equipment, Net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 1,666.6 | $ 1,419 |
Accumulated Depreciation | 736.7 | 649.2 |
Net | $ 929.9 | 769.8 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 0 years | |
Cost | $ 103.9 | 86.6 |
Net | 103.9 | 86.6 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 231.1 | 207.4 |
Accumulated Depreciation | 82 | 74.7 |
Net | 149.1 | 132.7 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 799.6 | 759.3 |
Accumulated Depreciation | 458.9 | 442 |
Net | 340.7 | 317.3 |
Plates, Films and Molds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 17.9 | 19.2 |
Accumulated Depreciation | 12.5 | 11.5 |
Net | 5.4 | 7.7 |
Vending [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 10.1 | 10.4 |
Accumulated Depreciation | 10 | 10.2 |
Net | 0.1 | 0.2 |
Vehicles and Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 85.8 | 70.2 |
Accumulated Depreciation | 29.3 | 17.6 |
Net | 56.5 | 52.6 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 56.9 | 50.6 |
Accumulated Depreciation | 36.9 | 32 |
Net | 20 | 18.6 |
IT Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 18.3 | 14.4 |
Accumulated Depreciation | 9.9 | 8.4 |
Net | 8.4 | 6 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 13 | 10.1 |
Accumulated Depreciation | 7.5 | 5.7 |
Net | 5.5 | 4.4 |
Customer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 255.4 | 144.4 |
Accumulated Depreciation | 61.5 | 31.5 |
Net | 193.9 | 112.9 |
Returnable Bottles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 54.4 | 32.7 |
Accumulated Depreciation | 16.6 | 8.8 |
Net | 37.8 | 23.9 |
Capital Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 20.2 | 13.7 |
Accumulated Depreciation | 11.6 | 6.8 |
Net | $ 8.6 | $ 6.9 |
Minimum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 10 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 3 years | |
Minimum [Member] | Plates, Films and Molds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 1 year | |
Minimum [Member] | Vending [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 5 years | |
Minimum [Member] | Vehicles and Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 3 years | |
Minimum [Member] | IT Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 3 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 3 years | |
Minimum [Member] | Customer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 3 years | |
Minimum [Member] | Returnable Bottles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 3 years | |
Maximum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 40 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 15 years | |
Maximum [Member] | Plates, Films and Molds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 10 years | |
Maximum [Member] | Vending [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 10 years | |
Maximum [Member] | Vehicles and Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 15 years | |
Maximum [Member] | IT Systems [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 7 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 10 years | |
Maximum [Member] | Customer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 8 years | |
Maximum [Member] | Returnable Bottles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful in Life | 10 years |
Property, Plant & Equipment,105
Property, Plant & Equipment, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment | $ 929,900,000 | $ 769,800,000 | ||
Depreciation | 159,200,000 | $ 147,300,000 | $ 74,700,000 | |
Construction In Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property plant and equipment | $ 3,000,000 | $ 0 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Intangibles And Other Assets Net [Line Items] | ||
Intangible assets - Cost | $ 1,012.5 | $ 758.7 |
Total intangible assets - Cost | 1,314.6 | 986.8 |
Intangible assets - Cost | 302.1 | 228.1 |
Intangible assets - Accumulated Amortization | 374.9 | 302.7 |
Intangible assets- Net | 637.6 | 456 |
Total intangible assets - Net | 939.7 | 684.1 |
Intangible assets- Net | 302.1 | 228.1 |
Customer Relationships [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangible assets - Cost | 900.1 | 663.9 |
Intangible assets - Accumulated Amortization | 303.4 | 241 |
Intangible assets- Net | 596.7 | 422.9 |
Trademarks [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangible assets - Cost | 31.6 | 33 |
Intangible assets - Accumulated Amortization | 27.9 | 28.1 |
Intangible assets- Net | 3.7 | 4.9 |
Information Technology [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangible assets - Cost | 70.5 | 54 |
Intangible assets - Accumulated Amortization | 38 | 29.1 |
Intangible assets- Net | 32.5 | 24.9 |
Other [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangible assets - Cost | 10.3 | 7.8 |
Intangible assets - Accumulated Amortization | 5.6 | 4.5 |
Intangible assets- Net | 4.7 | 3.3 |
Rights [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangible assets - Cost | 45 | 45 |
Intangible assets- Net | 45 | 45 |
Trademarks [Member] | ||
Intangibles And Other Assets Net [Line Items] | ||
Intangible assets - Cost | 257.1 | 183.1 |
Intangible assets- Net | $ 257.1 | $ 183.1 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Intangibles And Other Assets [Abstract] | |||
Amortization expense of intangible and other assets | $ 79.5 | $ 76.5 | $ 36 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,017 | $ 87.2 | |
2,018 | 81.7 | |
2,019 | 71.7 | |
2,020 | 62.2 | |
2,021 | 56.8 | |
Thereafter | 278 | |
Intangible assets- Net | $ 637.6 | $ 456 |
Accounts Payable and Accrued109
Accounts Payable and Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Payables and Accruals [Abstract] | ||
Trade payables | $ 339.9 | $ 227.2 |
Accrued compensation | 63.6 | 49.8 |
Accrued sales incentives | 20.6 | 25.2 |
Accrued interest | 12.2 | 12.2 |
Payroll, sales and other taxes | 17.6 | 13.3 |
Accrued deposits | 51.9 | 28.6 |
Other accrued liabilities | 91.6 | 81.3 |
Total | $ 597.4 | $ 437.6 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Detail) € in Millions, $ in Millions | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Jan. 02, 2016USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Aug. 31, 2013USD ($) |
Debt Instrument [Line Items] | ||||||
Total debt, principal amount | $ 2,227.1 | $ 1,671.4 | ||||
Total long-term debt, principal amount | 212.7 | 125.4 | ||||
Total debt, Unamortized debt issuance costs | 26.4 | 20.6 | ||||
Senior notes | 1,982.1 | 1,519.9 | ||||
ABL facility | 207 | 122 | ||||
GE Term Loan | 4.1 | 6 | ||||
Capital leases and other debt financing | 7.5 | 2.9 | ||||
Total debt | 2,200.7 | 1,650.8 | ||||
Total short-term borrowings | 207 | 122 | ||||
GE Term Loan - current maturities | 2.3 | 2.2 | ||||
Capital leases and other debt financing - current maturities | 3.4 | 1.2 | ||||
Total current debt | 212.7 | 125.4 | ||||
Total long-term debt | 1,988 | 1,525.4 | ||||
ABL Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt, principal amount | 207 | 122 | ||||
GE Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt, principal amount | 4.3 | 6.4 | ||||
Total debt, Unamortized debt issuance costs | 0.2 | 0.4 | ||||
Capital Leases and Other Debt Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt, principal amount | 7.5 | 2.9 | ||||
6.750% Senior Notes Due in 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt, principal amount | 625 | 625 | ||||
Total debt, Unamortized debt issuance costs | 9.3 | 12 | ||||
Senior notes | 615.7 | 613 | $ 625 | |||
10.000% Senior Notes Due in 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt, principal amount | 384.2 | 390.1 | $ 350 | |||
Senior notes | 384.2 | 390.1 | ||||
5.375% Senior Notes Due in 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt, principal amount | 525 | 525 | ||||
Total debt, Unamortized debt issuance costs | 7.1 | 8.2 | ||||
Senior notes | 517.9 | $ 516.8 | $ 525 | |||
5.500% Senior Notes Due in 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt, principal amount | 474.1 | € 450 | ||||
Total debt, Unamortized debt issuance costs | 9.8 | |||||
Senior notes | $ 464.3 |
Debt - Components of Debt (Pare
Debt - Components of Debt (Parenthetical) (Detail) € in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Jan. 02, 2016USD ($) | Dec. 31, 2014 | Dec. 12, 2014USD ($) | Jun. 30, 2014 | Aug. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||||||
Outstanding aggregate principal amount | $ 2,227.1 | $ 1,671.4 | |||||
6.750% Senior Notes Due in 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on notes | 6.75% | 6.75% | 6.75% | ||||
Debt instrument maturity year | 2,020 | ||||||
Outstanding aggregate principal amount | $ 625 | 625 | |||||
10.000% Senior Notes Due in 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on notes | 10.00% | 10.00% | |||||
Debt instrument maturity year | 2,021 | ||||||
Outstanding aggregate principal amount | $ 384.2 | 390.1 | $ 350 | ||||
Debt instrument fair value | $ 406 | ||||||
10.000% Senior Notes Due in 2021 [Member] | DSS Group Inc [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding aggregate principal amount | 350 | ||||||
Debt instrument fair value | 406 | ||||||
Debt instrument, amortization of premium | $ 34.2 | 40.1 | $ 56 | ||||
Debt Instrument effective interest rate | 7.515% | 7.515% | |||||
5.375% Senior Notes Due in 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on notes | 5.375% | 5.375% | 5.375% | ||||
Debt instrument maturity year | 2,022 | ||||||
Outstanding aggregate principal amount | $ 525 | $ 525 | |||||
5.500% Senior Notes Due in 2024 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate on notes | 5.50% | 5.50% | |||||
Debt instrument maturity year | 2,024 | ||||||
Outstanding aggregate principal amount | $ 474.1 | € 450 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt Payments in Each of Next Five Years and Thereafter (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 212.7 |
2,018 | 3.6 |
2,019 | 1.4 |
2,020 | 625.7 |
2,021 | 350.1 |
Thereafter | 999.4 |
Total long-term debt payments | $ 2,192.9 |
Debt (Asset-Based Lending Facil
Debt (Asset-Based Lending Facility) - Additional Information (Detail) - USD ($) | Aug. 03, 2016 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Mar. 31, 2008 |
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity, increase in lender's commitment under credit facility | $ 500,000,000 | ||||
Outstanding borrowings | 207,000,000 | $ 122,000,000 | |||
Standby letters of credit outstanding | 42,400,000 | ||||
Cash collateralize security | $ 29,400,000 | ||||
Commitment fee, percentage | 0.375% | ||||
Unused commitment | $ 250,600,000 | ||||
Weighted average effective interest rate | 2.30% | 2.20% | |||
ABL Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Financing fees | $ 3,400,000 | $ 12,400,000 | |||
Revolving facility expiration period | 5 years | ||||
Maximum borrowing capacity, increase in lender's commitment under credit facility | $ 500,000,000 | ||||
Additional available borrowing capacity available | $ 100,000,000 | ||||
Availability under the ABL facility | $ 432,900,000 | ||||
Standby letters of credit outstanding | 42,400,000 | $ 45,600,000 | $ 6,900,000 | ||
Remaining borrowing capacity | $ 183,500,000 |
Debt (5.500% Senior Notes due i
Debt (5.500% Senior Notes due in 2024) - Additional Information (Detail) € in Millions, $ in Millions | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Jan. 02, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Senior notes | $ 2,227.1 | $ 1,671.4 | ||
5.500% Senior Notes Due in 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 474.1 | € 450 | ||
Debt instrument maturity year | 2,024 | |||
Financing fees | $ 10.6 | |||
Amortization period of financing fees (years) | 8 years | |||
5.500% Senior Notes Due in 2024 [Member] | Eden [Member] | ||||
Debt Instrument [Line Items] | ||||
Financing fees | $ 11 |
Debt (5.375% Senior Notes due i
Debt (5.375% Senior Notes due in 2022) - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2016 | Jan. 02, 2016 | |
Debt Instrument [Line Items] | |||
Senior notes | $ 1,982.1 | $ 1,519.9 | |
5.375% Senior Notes Due in 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 525 | $ 517.9 | $ 516.8 |
Interest rate on notes | 5.375% | 5.375% | |
Debt instrument maturity year | 2,022 | ||
Financing fees | $ 9.6 | ||
Amortization period of financing fees (years) | 8 years |
Debt (10.000% Senior Notes due
Debt (10.000% Senior Notes due in 2021 ) - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 12, 2014 | Aug. 31, 2013 |
Debt Instrument [Line Items] | ||||
Senior notes issued | $ 2,227.1 | $ 1,671.4 | ||
10.000% Senior Notes Due in 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes issued | 384.2 | $ 390.1 | $ 350 | |
Consent payment amount | $ 19.2 | |||
Debt instrument fair value | $ 406 | |||
Financing fees | $ 26.5 |
Debt (6.750% Senior Notes due i
Debt (6.750% Senior Notes due in 2020 ) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Senior notes | $ 1,982.1 | $ 1,519.9 | |
6.750% Senior Notes Due in 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | $ 615.7 | $ 613 | $ 625 |
Interest rate on notes | 6.75% | 6.75% | |
Financing fees | $ 14.4 | ||
Amortization period of financing fees (years) | 5 years | ||
Debt instrument maturity year | 2,020 |
Debt (8.125% Senior Notes due i
Debt (8.125% Senior Notes due in 2018) - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Jul. 30, 2014 | Jun. 30, 2014 | Feb. 28, 2014 | Nov. 30, 2013 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Aug. 31, 2010 | |
Debt Instrument [Line Items] | ||||||||
Senior notes issued | $ 2,227.1 | $ 1,671.4 | ||||||
Aggregate principal amount of redemption | $ 3.6 | $ 3.7 | $ 393.6 | |||||
Deferred financing fees | $ 0.3 | $ 4 | $ 4.1 | |||||
Other costs | $ 0.5 | |||||||
8.125% Senior Notes Due in 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Senior notes issued | $ 375 | |||||||
Interest rate on notes | 8.125% | |||||||
Financing fees | $ 8.6 | |||||||
Debt instrument maturity year | 2,018 | |||||||
Aggregate principal amount of redemption | $ 79.1 | $ 295.9 | ||||||
Premium costs paid on extinguishment of debt | 3.8 | 16.2 | ||||||
Accrued interest | 2.5 | 7.5 | ||||||
Deferred financing fees | $ 0.8 | 3 | ||||||
Other costs | $ 0.2 |
Debt (8.375% Senior Notes due i
Debt (8.375% Senior Notes due in 2017) - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2014 | Nov. 30, 2013 | Dec. 31, 2016 | Jan. 03, 2015 | Jan. 02, 2016 | Nov. 30, 2009 | |
Debt Instrument [Line Items] | ||||||
Senior notes issued | $ 2,227.1 | $ 1,671.4 | ||||
Write-off of financing fees and discount | $ 0.3 | $ 4 | $ 4.1 | |||
Other costs | 0.5 | |||||
8.375% Senior Notes Due in 2017 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Discount on notes issued | $ 3.1 | |||||
Senior notes issued | 215 | |||||
Financing fees | $ 5.1 | |||||
Interest rate on notes | 8.375% | |||||
Debt instrument maturity year | 2,017 | |||||
Aggregate principal amount of debt to be redeemed | $ 15 | $ 200 | ||||
Redemption price of note as a percentage of par | 104.118% | 104.118% | ||||
Premium costs paid on extinguishment of debt | $ 0.6 | $ 8.2 |
Debt (GE Term Loan) - Additiona
Debt (GE Term Loan) - Additional Information (Detail) - GE Term Loan [Member] $ in Millions | Sep. 30, 2013USD ($) |
Debt Instrument [Line Items] | |
Finance lease agreement | $ 10.7 |
Interest on financing | 5.23% |
Debt (ABL Facility) - Additiona
Debt (ABL Facility) - Additional Information (Detail) - ABL Facility [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Fixed charge coverage ratio | 100.00% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Description of threshold with lenders' commitments | 10.00% |
Facility amount with lenders commitments | $ 37,500,000 |
Percentage of lender commitment under revolving credit facility | 10.00% |
Amount eligible for condition for excess availability of credit | $ 37,500,000 |
Retirement Plans - Additional I
Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Total expenses with respect to plans | $ 8.6 | $ 9.4 | $ 4.1 |
Expected contribution to pension plans, next fiscal year | 3.6 | ||
Fair value of pension plan assets | 73.8 | 57.9 | 59.1 |
International Plans [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Accumulated benefit obligation | 81.4 | 54 | |
Fair value of pension plan assets | 62.4 | 45.2 | 46 |
U.S. Plan [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Accumulated benefit obligation | 14.6 | 16.7 | |
Fair value of pension plan assets | $ 11.4 | $ 12.7 | $ 13.1 |
Equities Securities [Member] | International Plans [Member] | Minimum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 50.00% | ||
Equities Securities [Member] | International Plans [Member] | Maximum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 80.00% | ||
Equities Securities [Member] | U.S. Plan [Member] | Minimum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 45.00% | ||
Equities Securities [Member] | U.S. Plan [Member] | Maximum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 55.00% | ||
Debt Securities [Member] | International Plans [Member] | Minimum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 20.00% | ||
Debt Securities [Member] | International Plans [Member] | Maximum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 50.00% | ||
Debt Securities [Member] | U.S. Plan [Member] | Minimum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 35.00% | ||
Debt Securities [Member] | U.S. Plan [Member] | Maximum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 45.00% | ||
Extended Asset Class Investments [Member] | U.S. Plan [Member] | Minimum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 5.00% | ||
Extended Asset Class Investments [Member] | U.S. Plan [Member] | Maximum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 15.00% | ||
Real Estate Investment [Member] | International Plans [Member] | Minimum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 0.00% | ||
Real Estate Investment [Member] | International Plans [Member] | Maximum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 30.00% | ||
Alternative Investments [Member] | International Plans [Member] | Minimum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 0.00% | ||
Alternative Investments [Member] | International Plans [Member] | Maximum [Member] | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||
Plan assets, target allocation percentage in securities | 15.00% |
Retirement Plans - Summary of C
Retirement Plans - Summary of Change in Benefit Obligations, Change in Plan Assets and Unfunded Status of DB Plans (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | |
Change in Projected Benefit Obligation | |||||
Projected benefit obligation at beginning of year | $ 70.7 | $ 77.9 | |||
Business combinations | 24.8 | ||||
Service cost | 1.8 | $ 0.2 | |||
Interest cost | 2.6 | 2.8 | 2.7 | ||
Benefit payments | (3.1) | (1.7) | |||
Actuarial (gains) losses | 9.3 | (5.5) | |||
Settlement gains | (0.1) | ||||
Translation gains | (10) | (2.8) | |||
Projected benefit obligation at end of year | 96 | 70.7 | 77.9 | ||
Change in Plan Assets | |||||
Plan assets beginning of year | 57.9 | 59.1 | |||
Business combinations | 17.7 | ||||
Employer contributions | 2.8 | 3 | |||
Plan participant contributions | 0.2 | ||||
Benefit payments | (3) | (1.6) | |||
Actual return on plan assets | 5.8 | (0.4) | |||
Translation losses | (7.6) | (2.2) | |||
Fair value at end of year | 73.8 | 57.9 | 59.1 | ||
Funded Status of Plan | |||||
Projected benefit obligation | (70.7) | (77.9) | (77.9) | $ (96) | $ (70.7) |
Fair value of plan assets | 57.9 | 59.1 | 59.1 | 73.8 | 57.9 |
Unfunded status | (22.2) | (12.8) | |||
U.S. Plan [Member] | |||||
Change in Projected Benefit Obligation | |||||
Projected benefit obligation at beginning of year | 16.7 | 17.4 | |||
Interest cost | 0.6 | 0.7 | 0.3 | ||
Benefit payments | (2.7) | (0.7) | |||
Actuarial (gains) losses | 0.1 | (0.7) | |||
Settlement gains | (0.1) | ||||
Projected benefit obligation at end of year | 14.6 | 16.7 | 17.4 | ||
Change in Plan Assets | |||||
Plan assets beginning of year | 12.7 | 13.1 | |||
Employer contributions | 0.5 | 0.8 | |||
Benefit payments | (2.6) | (0.6) | |||
Actual return on plan assets | 0.8 | (0.6) | |||
Fair value at end of year | 11.4 | 12.7 | 13.1 | ||
Funded Status of Plan | |||||
Projected benefit obligation | (16.7) | (17.4) | (17.4) | (14.6) | (16.7) |
Fair value of plan assets | 12.7 | 13.1 | 13.1 | 11.4 | 12.7 |
Unfunded status | (3.2) | (4) | |||
International Plans [Member] | |||||
Change in Projected Benefit Obligation | |||||
Projected benefit obligation at beginning of year | 54 | 60.5 | |||
Business combinations | 24.8 | ||||
Service cost | 1.8 | 0.2 | |||
Interest cost | 2 | 2.1 | 2.4 | ||
Benefit payments | (0.4) | (1) | |||
Actuarial (gains) losses | 9.2 | (4.8) | |||
Translation gains | (10) | (2.8) | |||
Projected benefit obligation at end of year | 81.4 | 54 | 60.5 | ||
Change in Plan Assets | |||||
Plan assets beginning of year | 45.2 | 46 | |||
Business combinations | 17.7 | ||||
Employer contributions | 2.3 | 2.2 | |||
Plan participant contributions | 0.2 | ||||
Benefit payments | (0.4) | (1) | |||
Actual return on plan assets | 5 | 0.2 | |||
Translation losses | (7.6) | (2.2) | |||
Fair value at end of year | 62.4 | 45.2 | 46 | ||
Funded Status of Plan | |||||
Projected benefit obligation | (54) | (60.5) | (60.5) | (81.4) | (54) |
Fair value of plan assets | $ 45.2 | $ 46 | $ 46 | 62.4 | 45.2 |
Unfunded status | $ (19) | $ (8.8) |
Retirement Plans - Schedule of
Retirement Plans - Schedule of Components of Net Periodic Pension Cost (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Benefit Plans [Line Items] | |||
Service cost | $ 1.8 | $ 0.2 | |
Interest cost | 2.6 | $ 2.8 | 2.7 |
Expected return on plan assets | (3.3) | (3.2) | (3) |
Amortization of prior service costs | 0.1 | 0.1 | 0.1 |
Recognized net loss due to settlement | 0.2 | ||
Amortization of net actuarial loss | 0.2 | 0.4 | 0.3 |
Employees contribution | (0.2) | ||
Net periodic pension cost | 1.4 | 0.1 | 0.3 |
U.S. Plan [Member] | |||
Benefit Plans [Line Items] | |||
Interest cost | 0.6 | 0.7 | 0.3 |
Expected return on plan assets | (0.9) | (0.9) | (0.4) |
Amortization of prior service costs | 0.1 | 0.1 | 0.1 |
Recognized net loss due to settlement | 0.1 | ||
Amortization of net actuarial loss | 0.2 | 0.2 | 0.1 |
Net periodic pension cost | 0.1 | 0.1 | 0.1 |
International Plans [Member] | |||
Benefit Plans [Line Items] | |||
Service cost | 1.8 | 0.2 | |
Interest cost | 2 | 2.1 | 2.4 |
Expected return on plan assets | (2.4) | (2.3) | (2.6) |
Recognized net loss due to settlement | 0.1 | ||
Amortization of net actuarial loss | $ 0.2 | 0.2 | |
Employees contribution | (0.2) | ||
Net periodic pension cost | $ 1.3 | $ 0.2 |
Retirement Plans - Schedule 125
Retirement Plans - Schedule of Amounts Included in Accumulated Other Comprehensive Income, Net of Tax which have Not yet been Recognized in Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 |
Benefit Plans [Line Items] | |||
Unamortized prior service cost | $ (0.1) | $ (0.1) | |
Unrecognized net actuarial loss | $ (14.4) | (10) | (12.3) |
Total accumulated other comprehensive loss | (14.4) | (10.1) | (12.4) |
U.S. Plan [Member] | |||
Benefit Plans [Line Items] | |||
Unamortized prior service cost | (0.1) | (0.1) | |
Unrecognized net actuarial loss | (1.2) | (1.4) | (1.3) |
Total accumulated other comprehensive loss | (1.2) | (1.5) | (1.4) |
International Plans [Member] | |||
Benefit Plans [Line Items] | |||
Unrecognized net actuarial loss | (13.2) | (8.6) | (11) |
Total accumulated other comprehensive loss | $ (13.2) | $ (8.6) | $ (11) |
Retirement Plans - Assumptions
Retirement Plans - Assumptions Used to Determine Benefit Obligations (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
International Plans [Member] | |||
Net Periodic Benefit Cost Assumptions [Line Items] | |||
Discount rate | 2.00% | 3.90% | 3.60% |
Expected long-term rate of return on plan assets | 3.70% | 5.20% | 6.20% |
Rate of compensation increase | 0.20% | ||
CPI Inflation factor | 1.50% | 2.00% | 1.90% |
U.S. Plan [Member] | |||
Net Periodic Benefit Cost Assumptions [Line Items] | |||
Discount rate | 3.80% | 4.00% | 3.90% |
Expected long-term rate of return on plan assets | 7.00% | 7.20% | 7.20% |
Retirement Plans - Assumptio127
Retirement Plans - Assumptions Used to Determine Net Periodic Benefit Cost (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
International Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 2.80% | 3.80% | 4.50% |
Expected long-term rate of return on plan assets | 3.70% | 5.20% | 6.20% |
Inflation factor | 1.40% | 1.90% | 2.40% |
U.S. Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.00% | 3.90% | 4.20% |
Expected long-term rate of return on plan assets | 7.00% | 7.20% | 7.20% |
Retirement Plans - Schedule 128
Retirement Plans - Schedule of Pension Plan Weighted-Average Asset Allocations by Asset Category (Detail) | Dec. 31, 2016 | Jan. 02, 2016 |
U.S. Plan [Member] | Equities Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 60.60% | 62.60% |
U.S. Plan [Member] | Fixed Income Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 39.40% | 37.40% |
International Plans [Member] | Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 4.70% | 5.50% |
International Plans [Member] | Equities Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 55.90% | 44.00% |
International Plans [Member] | Fixed Income Investments [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 35.10% | 50.50% |
International Plans [Member] | Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average asset allocations | 4.30% |
Retirement Plans - Schedule 129
Retirement Plans - Schedule of Benefit Payments Expected to be Paid (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Schedule of Expected Future Pension Benefit Payment [Line Items] | |
FY 2,017 | $ 2.9 |
FY 2,018 | 2.8 |
FY 2,019 | 2.5 |
FY 2,020 | 2.5 |
FY 2,021 | 2.4 |
FY 2022 through FY 2026 | 13 |
U.S. Plan [Member] | |
Schedule of Expected Future Pension Benefit Payment [Line Items] | |
FY 2,017 | 0.9 |
FY 2,018 | 0.9 |
FY 2,019 | 0.8 |
FY 2,020 | 0.8 |
FY 2,021 | 0.8 |
FY 2022 through FY 2026 | 4.5 |
International Plans [Member] | |
Schedule of Expected Future Pension Benefit Payment [Line Items] | |
FY 2,017 | 2 |
FY 2,018 | 1.9 |
FY 2,019 | 1.7 |
FY 2,020 | 1.7 |
FY 2,021 | 1.6 |
FY 2022 through FY 2026 | $ 8.5 |
Retirement Plans - Schedule 130
Retirement Plans - Schedule of Fair Values of Company's International Pension Plan Assets (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 |
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | $ 73.8 | $ 57.9 | $ 59.1 |
Level 1 [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 56.8 | 43.4 | |
Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 2.9 | 2.5 | |
Level 1 [Member] | Non-U.S. Equity Securities [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 6.9 | 4.6 | |
Level 1 [Member] | Fixed Income Investments [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 20.3 | 21 | |
Level 1 [Member] | Balanced [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 14.3 | 15.1 | |
Level 1 [Member] | Other [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 0.1 | 0.2 | |
Level 1 [Member] | Non-U.S. Bonds [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 12.3 | ||
Level 2 [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 5.6 | 1.8 | |
Level 2 [Member] | Other [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 1.3 | ||
Level 2 [Member] | Insurance Contract [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | 1.6 | $ 1.8 | |
Level 2 [Member] | Real Estate [Member] | |||
Schedule of Expected Future Pension Benefit Payment [Line Items] | |||
Fair values of pension plan assets | $ 2.7 |
Accumulated Other Comprehens131
Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income by Component (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ (76.2) | $ (51) | $ (16.8) |
OCI before reclassifications | (35.9) | (27) | (35.2) |
Amounts reclassified from AOCI | (5.8) | 1.1 | 1 |
Net current-period OCI | (41.7) | (25.9) | (34.2) |
Purchase of subsidiary shares from non-controlling interest | 0.7 | ||
Ending balance | (117.9) | (76.2) | (51) |
Gains and Losses on Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (4.7) | 0.2 | 0.2 |
OCI before reclassifications | 10.9 | (5.6) | (0.7) |
Amounts reclassified from AOCI | (6.3) | 0.7 | 0.7 |
Net current-period OCI | 4.6 | (4.9) | |
Ending balance | (0.1) | (4.7) | 0.2 |
Pension Benefit Plan Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (10.1) | (12.4) | (8.4) |
OCI before reclassifications | (4.8) | 1.9 | (4.3) |
Amounts reclassified from AOCI | 0.5 | 0.4 | 0.3 |
Net current-period OCI | (4.3) | 2.3 | (4) |
Ending balance | (14.4) | (10.1) | (12.4) |
Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | (61.4) | (38.8) | (8.6) |
OCI before reclassifications | (42) | (23.3) | (30.2) |
Net current-period OCI | (42) | (23.3) | (30.2) |
Purchase of subsidiary shares from non-controlling interest | 0.7 | ||
Ending balance | $ (103.4) | $ (61.4) | $ (38.8) |
Accumulated Other Comprehens132
Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | $ (585.6) | $ (579.3) | $ (512.4) | $ (484.4) | $ (477.7) | $ (523.1) | $ (539.2) | $ (508.5) | $ (2,161.7) | $ (2,048.5) | $ (1,826.3) |
Income tax (expense) benefit | (25.6) | 22.7 | 61.4 | ||||||||
Net (loss) income | (71.5) | 20.6 | 16.4 | ||||||||
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Net (loss) income | 5.8 | (1.1) | (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 | 6.4 | (1.5) | (1) | ||||||||
Total before taxes | 6.4 | (1.5) | (1) | ||||||||
Income tax (expense) benefit | (0.1) | 0.8 | 0.3 | ||||||||
Net (loss) income | 6.3 | (0.7) | (0.7) | ||||||||
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) | (0.1) | ||||||||
Actuarial adjustments | 0 | 0 | 0 | ||||||||
Actuarial (losses)/gains | (0.4) | (0.4) | (0.3) | ||||||||
Total before taxes | (0.5) | (0.5) | (0.4) | ||||||||
Income tax (expense) benefit | 0.1 | 0.1 | |||||||||
Net (loss) income | $ (0.5) | $ (0.4) | $ (0.3) |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases Minimum Annual Payments (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 62.8 |
2,018 | 52.7 |
2,019 | 43.9 |
2,020 | 38.5 |
2,021 | 30 |
Thereafter | 160.8 |
Total | $ 388.7 |
Commitments and Contingencie134
Commitments and Contingencies - Schedule of Operating Lease Expenses (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease expenses | $ 57.3 | $ 48.3 | $ 24.8 | $ 130.4 |
Commitments and Contingencie135
Commitments and Contingencies - Additional Information (Detail) £ in Millions, $ in Millions | Sep. 30, 2014USD ($) | Sep. 30, 2014GBP (£) | May 30, 2014USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2014GBP (£) | Apr. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Oct. 01, 2016USD ($) | Oct. 01, 2016GBP (£) | Jun. 29, 2013USD ($) | Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | Jan. 03, 2015USD ($) | May 31, 2014GBP (£) | May 30, 2014GBP (£) |
Operating Leased Assets [Line Items] | ||||||||||||||||
Sublease income | $ 1.6 | |||||||||||||||
Purchase commitments | 297.9 | |||||||||||||||
Legal Settlement | $ 3.5 | |||||||||||||||
Legal settlement collected | $ 0.5 | $ 3 | ||||||||||||||
Standby letters of credit outstanding | 42.4 | |||||||||||||||
ABL Facility [Member] | ||||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||||
Standby letters of credit outstanding | 42.4 | $ 45.6 | $ 6.9 | |||||||||||||
Capital Commitments [Member] | ||||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||||
Purchase commitments | $ 7 | |||||||||||||||
Calypso [Member] | First Anniversary [Member] | ||||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||||
Deferred consideration | $ 2.3 | |||||||||||||||
Calypso [Member] | Second Anniversary [Member] | ||||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||||
Deferred consideration | $ 2.5 | |||||||||||||||
Aimia Foods Holdings Limited [Member] | ||||||||||||||||
Operating Leased Assets [Line Items] | ||||||||||||||||
Deferred consideration | $ 33.5 | £ 19.9 | $ 33.5 | $ 33.5 | £ 19.9 | |||||||||||
Contingent consideration maximum payable amount | £ | £ 16 | £ 16 | ||||||||||||||
Aggregate contingent consideration liability | 17.9 | £ 12 | £ 10.6 | |||||||||||||
Existing receivable | £ | 3.9 | |||||||||||||||
Final total cash payment | $ 80.4 | $ 10.8 | £ 8.1 |
Hedging Transactions and Der136
Hedging Transactions and Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | Jan. 03, 2015USD ($) | Dec. 31, 2016GBP (£) | |
Derivative [Line Items] | ||||
Maximum period for foreign exchange contracts | 12 months | |||
Period over which outstanding cash flow hedges are expected to settle | 12 months | 12 months | ||
Unrealized gain (loss) on cash flow hedge | $ 100,000 | $ 400,000 | ||
Hedging ineffectiveness on cash flow hedge | 0 | 0 | $ 0 | |
Realized (gain) loss on coffee futures | 5,800,000 | |||
Unrealized loss on coffee futures | (9,800,000) | 1,200,000 | (1,200,000) | |
Fair value of derivative instruments | 100,000 | 600,000 | ||
Fair value of derivative liabilities | 6,100,000 | 8,000,000 | ||
Gains and Losses on Derivative Instruments [Member] | ||||
Derivative [Line Items] | ||||
Cash flow hedges, charge (debit) to cost of sales | 6,400,000 | 1,500,000 | ||
Aluminum Swaps [Member] | ||||
Derivative [Line Items] | ||||
Notional value of derivatives | 49,300,000 | |||
Unrealized gain (loss) on cash flow hedge | (5,300,000) | |||
Aluminum commodity swaps outstanding | 0 | |||
Hedge ineffectiveness for hedging instruments | $ 1,200,000 | |||
Coffee Futures [Member] | S&D Acquisition [Member] | ||||
Derivative [Line Items] | ||||
Notional value of derivatives | £ | £ 44,900,000 | |||
Realized (gain) loss on coffee futures | 5,700,000 | |||
Unrealized loss on coffee futures | $ (9,700,000) | |||
Coffee Futures [Member] | S&D Acquisition [Member] | Minimum [Member] | ||||
Derivative [Line Items] | ||||
Future contract period | 3 months | |||
Coffee Futures [Member] | S&D Acquisition [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Future contract period | 1 year | |||
Cash Flow Hedging [Member] | Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Notional value of derivatives | $ 15,300,000 | $ 4,500,000 |
Hedging Transactions and Der137
Hedging Transactions and Derivative Financial Instruments - Summary of Reconciliation of Company's Derivatives by Contract Type (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Derivative [Line Items] | |
Assets | $ 0.1 |
Liabilities | 6.1 |
Foreign Exchange Contract [Member] | |
Derivative [Line Items] | |
Assets | 0.1 |
Coffee Futures [Member] | |
Derivative [Line Items] | |
Liabilities | $ 6.1 |
Hedging Transactions and Der138
Hedging Transactions and Derivative Financial Instruments - Summary of Reconciliation of Company's Derivatives by Contract Type (Parenthetical) (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Aggregate margin account balances included in cash and cash equivalents | $ 9.2 |
Hedging Transactions and Der139
Hedging Transactions and Derivative Financial Instruments - Summary of Fair Value of Coffee Futures Assets and Liabilities (Detail) $ in Millions | Dec. 31, 2016USD ($) |
Derivative [Line Items] | |
Coffee futures assets | $ 0.1 |
Coffee Futures [Member] | |
Derivative [Line Items] | |
Coffee futures assets | 1.4 |
Coffee futures liabilities | (7.5) |
Net asset (liability) | $ (6.1) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) £ in Millions, $ in Millions | May 30, 2014USD ($) | Oct. 01, 2016USD ($) | Oct. 01, 2016GBP (£) | Dec. 31, 2016USD ($) | Jan. 02, 2016USD ($) | May 30, 2014GBP (£) |
Fair Value Measurements [Line Items] | ||||||
Fair value for the derivative assets | $ 0.1 | $ 0.6 | ||||
Fair value for the derivative liabilities | 6.1 | 8 | ||||
Level 2 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Fair value for the derivative assets | 0.1 | 0.6 | ||||
Fair value for the derivative liabilities | $ 6.1 | $ 8 | ||||
Aimia Foods Holdings Limited [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Fair value of contingent consideration | $ 17.9 | £ 12 | £ 10.6 | |||
Existing liability | £ | 3.9 | |||||
Total cash payment | $ 80.4 | $ 10.8 | £ 8.1 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 | Dec. 31, 2014 | Dec. 12, 2014 | Jun. 30, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Senior notes, carrying value | $ 1,982.1 | $ 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 | 615.7 | 613 | $ 625 | ||
10.000% Senior Notes Due in 2021 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Senior notes, carrying value | 384.2 | 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 | 517.9 | 516.8 | $ 525 | ||
5.500% Senior Notes Due in 2024 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Senior notes, carrying value | 464.3 | ||||
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 | 2,071.1 | 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 | 647.7 | 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 | 383.7 | 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 | |||
Level 1 [Member] | 5.500% Senior Notes Due in 2024 [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 | $ 505.5 |
Fair Value Measurements - Ca142
Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Parenthetical) (Detail) € in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) | Jan. 02, 2016USD ($) | Dec. 31, 2014USD ($) | Dec. 12, 2014USD ($) | Jun. 30, 2014 | Aug. 31, 2013USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Outstanding aggregate principal amount | $ 2,227.1 | $ 1,671.4 | |||||
6.750% Senior Notes Due in 2020 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest rate on notes | 6.75% | 6.75% | 6.75% | ||||
Debt instrument maturity year | 2,020 | ||||||
Outstanding aggregate principal amount | $ 625 | 625 | |||||
10.000% Senior Notes Due in 2021 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest rate on notes | 10.00% | 10.00% | |||||
Debt instrument maturity year | 2,021 | ||||||
Outstanding aggregate principal amount | $ 384.2 | 390.1 | $ 350 | ||||
Debt instrument, fair value | $ 406 | ||||||
10.000% Senior Notes Due in 2021 [Member] | DSS Group Inc [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 | $ 34.2 | 40.1 | $ 56 | ||||
5.375% Senior Notes Due in 2022 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest rate on notes | 5.375% | 5.375% | 5.375% | ||||
Debt instrument maturity year | 2,022 | ||||||
Outstanding aggregate principal amount | $ 525 | $ 525 | |||||
5.500% Senior Notes Due in 2024 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Interest rate on notes | 5.50% | 5.50% | |||||
Debt instrument maturity year | 2,024 | ||||||
Outstanding aggregate principal amount | $ 474.1 | € 450 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Business Acquisitions, Reconciliation of Fair Value of Contingent Consideration (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Jan. 02, 2016 | |
Fair Value Disclosures [Abstract] | ||
Fair value at beginning of the period | $ 16.4 | $ 16.5 |
Fair value adjustment | 1.2 | 0.8 |
Foreign exchange gain | (1.7) | (0.9) |
Transfers out | $ (15.9) | |
Fair value at end of the period | $ 16.4 |
Quarterly Financial Informat144
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Unaudited) (Detail) - USD ($) $ / shares in Units, $ in Millions | Jan. 03, 2015 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Revenue, net | $ 887.4 | $ 885.1 | $ 765 | $ 698.4 | $ 698.8 | $ 755.6 | $ 779.8 | $ 709.8 | $ 3,235.9 | $ 2,944 | $ 2,102.8 | |
Cost of sales | 585.6 | 579.3 | 512.4 | 484.4 | 477.7 | 523.1 | 539.2 | 508.5 | 2,161.7 | 2,048.5 | 1,826.3 | |
Gross profit | 301.8 | 305.8 | 252.6 | 214 | 221.1 | 232.5 | 240.6 | 201.3 | 1,074.2 | 895.5 | 276.5 | |
SG&A expenses | 296 | 263 | 202.1 | 197 | 193.7 | 196.2 | 190.2 | 188.5 | 958.1 | 768.6 | 213.7 | |
Loss on disposal of property, plant and equipment, net | 2.2 | 0.8 | 2.2 | 0.9 | 4.2 | 1.1 | 0.2 | 1.4 | 6.1 | 6.9 | 1.7 | |
Acquisition and integration expenses | 7.3 | 7.4 | 11.7 | 1.4 | 5.2 | 6.6 | 4.1 | 4.7 | 27.8 | 20.6 | 41.3 | |
Operating income | $ 1.1 | (3.7) | 34.6 | 36.6 | 14.7 | 18 | 28.6 | 46.1 | 6.7 | 82.2 | 99.4 | 15.7 |
Net (loss) income attributed to Cott Corporation | $ (79.8) | $ (2.6) | $ 7.4 | $ (2.8) | $ (4.4) | $ 4.8 | $ 2.2 | $ (6) | $ (77.8) | $ (3.4) | $ 10 | |
Basic | $ (0.58) | $ (0.02) | $ 0.06 | $ (0.02) | $ (0.04) | $ 0.04 | $ 0.02 | $ (0.06) | $ (0.61) | $ (0.03) | $ 0.11 | |
Diluted | $ (0.58) | $ (0.02) | $ 0.06 | $ (0.02) | $ (0.04) | $ 0.04 | $ 0.02 | $ (0.06) | $ (0.61) | $ (0.03) | $ 0.10 |
Quarterly Financial Informat145
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Unaudited) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Oct. 01, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Quarterly Financial Information [Line Items] | ||||||
Adjustment for new accounting pronouncement | $ (25.6) | $ 22.7 | $ 61.4 | |||
Decrease to cost of sales | $ 4.8 | 0.2 | ||||
Decrease to SG&A expenses | 0.2 | 0.1 | ||||
Decrease in income tax benefit | $ 1.9 | $ 0.1 | ||||
Adjustments for New Accounting Pronouncement [Member] | ||||||
Quarterly Financial Information [Line Items] | ||||||
Adjustment for new accounting pronouncement | $ 1.3 | $ 0.5 | $ 2.8 |
Guarantor Subsidiaries (Cott Co
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Additional Information (Detail) | Dec. 31, 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 (Cott147
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Condensed Consolidating Statement of Operations (Detail) - USD ($) $ in Millions | Jan. 03, 2015 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | $ 887.4 | $ 885.1 | $ 765 | $ 698.4 | $ 698.8 | $ 755.6 | $ 779.8 | $ 709.8 | $ 3,235.9 | $ 2,944 | $ 2,102.8 | |
Cost of sales | 585.6 | 579.3 | 512.4 | 484.4 | 477.7 | 523.1 | 539.2 | 508.5 | 2,161.7 | 2,048.5 | 1,826.3 | |
Gross profit | 301.8 | 305.8 | 252.6 | 214 | 221.1 | 232.5 | 240.6 | 201.3 | 1,074.2 | 895.5 | 276.5 | |
Selling, general and administrative expenses | 296 | 263 | 202.1 | 197 | 193.7 | 196.2 | 190.2 | 188.5 | 958.1 | 768.6 | 213.7 | |
Loss on disposal of property, plant & equipment, net | 2.2 | 0.8 | 2.2 | 0.9 | 4.2 | 1.1 | 0.2 | 1.4 | 6.1 | 6.9 | 1.7 | |
Restructuring | 2.4 | |||||||||||
Asset impairments | 0 | 0 | 1.7 | |||||||||
Acquisition and integration expenses | 7.3 | 7.4 | 11.7 | 1.4 | 5.2 | 6.6 | 4.1 | 4.7 | 27.8 | 20.6 | 41.3 | |
Operating (loss) income | $ 1.1 | $ (3.7) | $ 34.6 | $ 36.6 | $ 14.7 | $ 18 | $ 28.6 | $ 46.1 | $ 6.7 | 82.2 | 99.4 | 15.7 |
Other (income) expense, net | (3.9) | 9.5 | (21) | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (45.9) | (2.1) | (45) | |||||||||
Income tax expense (benefit) | 25.6 | (22.7) | (61.4) | |||||||||
Net (loss) income | (71.5) | 20.6 | 16.4 | |||||||||
Less: Net income attributable to non-controlling interests | 6.3 | 6.1 | 5.6 | |||||||||
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||||||||||
Comprehensive (loss) income attributed to Cott Corporation | (119.5) | (29.3) | (23.4) | |||||||||
Convertible Preferred Shares [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Less: Accumulated dividends on convertible and non-convertible shares | 4.5 | 0.6 | ||||||||||
Non-convertible Preferred Shares [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Less: Accumulated dividends on convertible and non-convertible shares | 1.4 | 0.2 | ||||||||||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | 3,235.9 | 2,944 | 2,102.8 | |||||||||
Cost of sales | 2,161.7 | 2,048.5 | 1,826.3 | |||||||||
Gross profit | 1,074.2 | 895.5 | 276.5 | |||||||||
Selling, general and administrative expenses | 958.1 | 768.6 | 213.7 | |||||||||
Loss on disposal of property, plant & equipment, net | 6.1 | 6.9 | 1.7 | |||||||||
Restructuring | 2.4 | |||||||||||
Asset impairments | 1.7 | |||||||||||
Acquisition and integration expenses | 27.8 | 20.6 | 41.3 | |||||||||
Operating (loss) income | 82.2 | 99.4 | 15.7 | |||||||||
Other (income) expense, net | 3.9 | 9.5 | (21) | |||||||||
Interest expense (income), net | 124.2 | 111 | 39.7 | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (45.9) | (2.1) | (45) | |||||||||
Income tax expense (benefit) | 25.6 | (22.7) | (61.4) | |||||||||
Net (loss) income | (71.5) | 20.6 | 16.4 | |||||||||
Less: Net income attributable to non-controlling interests | 6.3 | 6.1 | 5.6 | |||||||||
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||||||||||
Net (loss) income attributed to Cott Corporation | (77.8) | (3.4) | 10 | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | (119.5) | (29.3) | (23.4) | |||||||||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Convertible Preferred Shares [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Less: Accumulated dividends on convertible and non-convertible shares | 4.5 | 0.6 | ||||||||||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Non-convertible Preferred Shares [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Less: Accumulated dividends on convertible and non-convertible shares | 1.4 | 0.2 | ||||||||||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | (57) | (59) | (49.1) | |||||||||
Cost of sales | (57) | (59) | (49.1) | |||||||||
Equity (loss) income | 39.3 | (8.9) | (10.6) | |||||||||
Net (loss) income | 39.3 | (8.9) | (10.6) | |||||||||
Net (loss) income attributed to Cott Corporation | 39.3 | (8.9) | (10.6) | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | (104.3) | (31.4) | 7.6 | |||||||||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | 157.5 | 147.7 | 166.3 | |||||||||
Cost of sales | 132.7 | 124.6 | 144.8 | |||||||||
Gross profit | 24.8 | 23.1 | 21.5 | |||||||||
Selling, general and administrative expenses | 38.4 | 23.3 | 23.1 | |||||||||
Loss on disposal of property, plant & equipment, net | (0.7) | 0.1 | 0.2 | |||||||||
Restructuring | 2.1 | |||||||||||
Asset impairments | 0.9 | |||||||||||
Operating (loss) income | (12.9) | (0.3) | (4.8) | |||||||||
Other (income) expense, net | (1.9) | 8.6 | 10.9 | |||||||||
Intercompany interest (income) expense, net | (2.4) | 4.9 | 0.7 | |||||||||
Interest expense (income), net | 14.7 | 0.2 | 0.2 | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (23.3) | 13 | 6.6 | |||||||||
Income tax expense (benefit) | 8.3 | 1.6 | 0.3 | |||||||||
Equity (loss) income | (46.2) | 3.1 | 4.5 | |||||||||
Net (loss) income | (77.8) | 14.5 | 10.8 | |||||||||
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||||||||||
Net (loss) income attributed to Cott Corporation | (77.8) | (3.4) | 10 | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | (119.5) | (29.3) | (23.4) | |||||||||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Convertible Preferred Shares [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Less: Accumulated dividends on convertible and non-convertible shares | 4.5 | 0.6 | ||||||||||
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Non-convertible Preferred Shares [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Less: Accumulated dividends on convertible and non-convertible shares | 1.4 | 0.2 | ||||||||||
DSS Group Inc [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | 1,006.2 | 1,021.1 | 28.7 | |||||||||
Cost of sales | 393.1 | 402.8 | 15.9 | |||||||||
Gross profit | 613.1 | 618.3 | 12.8 | |||||||||
Selling, general and administrative expenses | 560.1 | 557.3 | 14.5 | |||||||||
Loss on disposal of property, plant & equipment, net | 7.1 | 5.3 | 0.1 | |||||||||
Acquisition and integration expenses | 1.9 | 16.7 | ||||||||||
Operating (loss) income | 44 | 39 | (1.8) | |||||||||
Other (income) expense, net | (1.6) | 1.2 | 0.1 | |||||||||
Intercompany interest (income) expense, net | 43.2 | (43.5) | (2.6) | |||||||||
Interest expense (income), net | 29.3 | 30.1 | 1 | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (26.9) | (33.4) | (5.3) | |||||||||
Income tax expense (benefit) | (16.6) | (8.1) | (2.5) | |||||||||
Net (loss) income | (10.3) | (25.3) | (2.8) | |||||||||
Net (loss) income attributed to Cott Corporation | (10.3) | (25.3) | (2.8) | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | (10.3) | (25.6) | (26.7) | |||||||||
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | 1,850.9 | 1,702.6 | 1,819 | |||||||||
Cost of sales | 1,539.9 | 1,474.7 | 1,600.1 | |||||||||
Gross profit | 311 | 227.9 | 218.9 | |||||||||
Selling, general and administrative expenses | 246.2 | 175.7 | 164.1 | |||||||||
Loss on disposal of property, plant & equipment, net | (0.3) | 1.5 | 1.3 | |||||||||
Restructuring | 0.3 | |||||||||||
Asset impairments | 0.8 | |||||||||||
Acquisition and integration expenses | 23.1 | 3.9 | 41.3 | |||||||||
Operating (loss) income | 42 | 46.8 | 11.1 | |||||||||
Other (income) expense, net | 5.4 | (0.2) | (31.9) | |||||||||
Intercompany interest (income) expense, net | (43.2) | 38.6 | 1.9 | |||||||||
Interest expense (income), net | 80.4 | 80.7 | 38.4 | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (0.6) | 4.5 | (57.3) | |||||||||
Income tax expense (benefit) | 34 | (16.3) | (59.8) | |||||||||
Equity (loss) income | 6.9 | 5.8 | 6.1 | |||||||||
Net (loss) income | (27.7) | 26.6 | 8.6 | |||||||||
Net (loss) income attributed to Cott Corporation | (27.7) | 26.6 | 8.6 | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | 115.8 | 45.6 | 10.6 | |||||||||
Non-Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | 278.3 | 131.6 | 137.9 | |||||||||
Cost of sales | 153 | 105.4 | 114.6 | |||||||||
Gross profit | 125.3 | 26.2 | 23.3 | |||||||||
Selling, general and administrative expenses | 113.4 | 12.3 | 12 | |||||||||
Loss on disposal of property, plant & equipment, net | 0.1 | |||||||||||
Acquisition and integration expenses | 2.8 | |||||||||||
Operating (loss) income | 9.1 | 13.9 | 11.2 | |||||||||
Other (income) expense, net | 2 | (0.1) | (0.1) | |||||||||
Intercompany interest (income) expense, net | 2.4 | |||||||||||
Interest expense (income), net | (0.2) | 0.1 | ||||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | 4.9 | 13.8 | 11 | |||||||||
Income tax expense (benefit) | (0.1) | 0.1 | 0.6 | |||||||||
Net (loss) income | 5 | 13.7 | 10.4 | |||||||||
Less: Net income attributable to non-controlling interests | 6.3 | 6.1 | 5.6 | |||||||||
Net (loss) income attributed to Cott Corporation | (1.3) | 7.6 | 4.8 | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ (1.2) | $ 11.4 | $ 8.5 |
Guarantor Subsidiaries (Cott148
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Consolidating Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | $ 118.1 | $ 77.1 | $ 86.2 | $ 47.2 |
Accounts receivable, net of allowance | 403.9 | 293.3 | ||
Inventories | 301.4 | 249.4 | ||
Prepaid expenses and other assets | 29.8 | 18.8 | ||
Total current assets | 853.2 | 638.6 | ||
Property, plant & equipment, net | 929.9 | 769.8 | ||
Goodwill | 1,175.4 | 759.6 | 743.6 | |
Intangible assets, net | 939.7 | 684.1 | ||
Deferred tax assets | 0.2 | 7.6 | ||
Other assets, net | 41.3 | 27.6 | ||
Total assets | 3,939.7 | 2,887.3 | ||
Short-term borrowings | 207 | 122 | ||
Current maturities of long-term debt | 5.7 | 3.4 | ||
Accounts payable and accrued liabilities | 597.4 | 437.6 | ||
Total current liabilities | 810.1 | 563 | ||
Long-term debt | 1,988 | 1,525.4 | ||
Deferred tax liabilities | 157.8 | 76.5 | ||
Other long-term liabilities | 110 | 76.5 | ||
Total liabilities | 3,065.9 | 2,241.4 | ||
Equity | ||||
Common shares, no par | 909.3 | 534.7 | ||
Additional paid-in-capital | 54.2 | 51.2 | ||
Retained earnings (deficit) | 22.9 | 129.6 | ||
Accumulated other comprehensive (loss) income | (117.9) | (76.2) | (51) | (16.8) |
Total Cott Corporation equity | 868.5 | 639.3 | ||
Non-controlling interests | 5.3 | 6.6 | ||
Total equity | 873.8 | 645.9 | 548.9 | 604.4 |
Total liabilities and equity | 3,939.7 | 2,887.3 | ||
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | 118.1 | 77.1 | 86.2 | 47.2 |
Accounts receivable, net of allowance | 403.9 | 293.3 | ||
Inventories | 301.4 | 249.4 | ||
Prepaid expenses and other assets | 29.8 | 18.8 | ||
Total current assets | 853.2 | 638.6 | ||
Property, plant & equipment, net | 929.9 | 769.8 | ||
Goodwill | 1,175.4 | 759.6 | ||
Intangible assets, net | 939.7 | 684.1 | ||
Deferred tax assets | 0.2 | 7.6 | ||
Other assets, net | 41.3 | 27.6 | ||
Total assets | 3,939.7 | 2,887.3 | ||
Short-term borrowings | 207 | 122 | ||
Current maturities of long-term debt | 5.7 | 3.4 | ||
Accounts payable and accrued liabilities | 597.4 | 437.6 | ||
Total current liabilities | 810.1 | 563 | ||
Long-term debt | 1,988 | 1,525.4 | ||
Deferred tax liabilities | 157.8 | 76.5 | ||
Other long-term liabilities | 110 | 76.5 | ||
Total liabilities | 3,065.9 | 2,241.4 | ||
Equity | ||||
Common shares, no par | 909.3 | 534.7 | ||
Additional paid-in-capital | 54.2 | 51.2 | ||
Retained earnings (deficit) | 22.9 | 129.6 | ||
Accumulated other comprehensive (loss) income | (117.9) | (76.2) | ||
Total Cott Corporation equity | 868.5 | 639.3 | ||
Non-controlling interests | 5.3 | 6.6 | ||
Total equity | 873.8 | 645.9 | ||
Total liabilities and equity | 3,939.7 | 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 | (78.5) | (45.2) | ||
Total current assets | (78.5) | (45.2) | ||
Deferred tax assets | (38.2) | |||
Due from affiliates | (1,487.5) | (944.4) | ||
Investments in subsidiaries | (762.4) | (576.3) | ||
Total assets | (2,328.4) | (1,604.1) | ||
Accounts payable and accrued liabilities | (78.5) | (45.2) | ||
Total current liabilities | (78.5) | (45.2) | ||
Deferred tax liabilities | (38.2) | |||
Due to affiliates | (1,487.5) | (944.4) | ||
Total liabilities | (1,566) | (1,027.8) | ||
Equity | ||||
Common shares, no par | (1,196.6) | (1,077.2) | ||
Retained earnings (deficit) | 600.9 | 524 | ||
Accumulated other comprehensive (loss) income | (166.7) | (23.1) | ||
Total Cott Corporation equity | (762.4) | (576.3) | ||
Total equity | (762.4) | (576.3) | ||
Total liabilities and equity | (2,328.4) | (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 | 4.8 | 20.8 | 6.2 | 1.5 |
Accounts receivable, net of allowance | 27.4 | 18.3 | ||
Inventories | 14 | 13 | ||
Prepaid expenses and other assets | 1.4 | 2.2 | ||
Total current assets | 47.6 | 54.3 | ||
Property, plant & equipment, net | 27.5 | 29.7 | ||
Goodwill | 20.3 | 19.8 | ||
Intangible assets, net | 0.1 | 0.1 | ||
Deferred tax assets | 7.4 | |||
Other assets, net | 1.2 | 0.7 | ||
Due from affiliates | 943.2 | 400.1 | ||
Investments in subsidiaries | 361.9 | 176.3 | ||
Total assets | 1,401.8 | 688.4 | ||
Accounts payable and accrued liabilities | 66.5 | 47.6 | ||
Total current liabilities | 66.5 | 47.6 | ||
Long-term debt | 464.3 | |||
Deferred tax liabilities | 1 | |||
Other long-term liabilities | 0.5 | 0.5 | ||
Due to affiliates | 1 | 1 | ||
Total liabilities | 533.3 | 49.1 | ||
Equity | ||||
Common shares, no par | 909.3 | 534.7 | ||
Additional paid-in-capital | 54.2 | 51.2 | ||
Retained earnings (deficit) | 22.9 | 129.6 | ||
Accumulated other comprehensive (loss) income | (117.9) | (76.2) | ||
Total Cott Corporation equity | 868.5 | 639.3 | ||
Total equity | 868.5 | 639.3 | ||
Total liabilities and equity | 1,401.8 | 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 | 22.7 | 12.8 | 34.4 | |
Accounts receivable, net of allowance | 121.7 | 122.6 | ||
Inventories | 29.2 | 31.4 | ||
Prepaid expenses and other assets | 7.1 | 5.3 | ||
Total current assets | 180.7 | 172.1 | ||
Property, plant & equipment, net | 364.5 | 372.6 | ||
Goodwill | 582 | 579.1 | ||
Intangible assets, net | 356.8 | 390.6 | ||
Other assets, net | 14.6 | 11.9 | ||
Total assets | 1,498.6 | 1,526.3 | ||
Accounts payable and accrued liabilities | 135.1 | 131.8 | ||
Total current liabilities | 135.1 | 131.8 | ||
Long-term debt | 384.2 | 390.1 | ||
Deferred tax liabilities | 81.2 | 97.7 | ||
Other long-term liabilities | 38 | 36.2 | ||
Due to affiliates | 543.3 | 543.3 | ||
Total liabilities | 1,181.8 | 1,199.1 | ||
Equity | ||||
Common shares, no par | 355.4 | 355.5 | ||
Retained earnings (deficit) | (38.4) | (28.1) | ||
Accumulated other comprehensive (loss) income | (0.2) | (0.2) | ||
Total Cott Corporation equity | 316.8 | 327.2 | ||
Total equity | 316.8 | 327.2 | ||
Total liabilities and equity | 1,498.6 | 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 | 52.1 | 38.4 | 38.2 | 40.2 |
Accounts receivable, net of allowance | 239.6 | 184.6 | ||
Inventories | 237.1 | 199.4 | ||
Prepaid expenses and other assets | 16.6 | 10.9 | ||
Total current assets | 545.4 | 433.3 | ||
Property, plant & equipment, net | 430.7 | 360.8 | ||
Goodwill | 290.4 | 160.7 | ||
Intangible assets, net | 385 | 290.6 | ||
Deferred tax assets | 38.2 | |||
Other assets, net | 23.1 | 15 | ||
Due from affiliates | 544.3 | 544.3 | ||
Investments in subsidiaries | 400.5 | 400 | ||
Total assets | 2,619.4 | 2,242.9 | ||
Short-term borrowings | 207 | 122 | ||
Current maturities of long-term debt | 2.7 | 3 | ||
Accounts payable and accrued liabilities | 341 | 295.1 | ||
Total current liabilities | 550.7 | 420.1 | ||
Long-term debt | 1,136.7 | 1,135.3 | ||
Deferred tax liabilities | 49 | 17 | ||
Other long-term liabilities | 49.9 | 38.7 | ||
Due to affiliates | 453.4 | 371.9 | ||
Total liabilities | 2,239.7 | 1,983 | ||
Equity | ||||
Common shares, no par | 691.5 | 683.1 | ||
Retained earnings (deficit) | (469.6) | (437.5) | ||
Accumulated other comprehensive (loss) income | 157.8 | 14.3 | ||
Total Cott Corporation equity | 379.7 | 259.9 | ||
Total equity | 379.7 | 259.9 | ||
Total liabilities and equity | 2,619.4 | 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 | 38.5 | 5.1 | $ 7.4 | $ 5.5 |
Accounts receivable, net of allowance | 93.7 | 13 | ||
Inventories | 21.1 | 5.6 | ||
Prepaid expenses and other assets | 4.7 | 0.4 | ||
Total current assets | 158 | 24.1 | ||
Property, plant & equipment, net | 107.2 | 6.7 | ||
Goodwill | 282.7 | |||
Intangible assets, net | 197.8 | 2.8 | ||
Deferred tax assets | 0.2 | 0.2 | ||
Other assets, net | 2.4 | |||
Total assets | 748.3 | 33.8 | ||
Current maturities of long-term debt | 3 | 0.4 | ||
Accounts payable and accrued liabilities | 133.3 | 8.3 | ||
Total current liabilities | 136.3 | 8.7 | ||
Long-term debt | 2.8 | |||
Deferred tax liabilities | 26.6 | |||
Other long-term liabilities | 21.6 | 1.1 | ||
Due to affiliates | 489.8 | 28.2 | ||
Total liabilities | 677.1 | 38 | ||
Equity | ||||
Common shares, no par | 149.7 | 38.6 | ||
Retained earnings (deficit) | (92.9) | (58.4) | ||
Accumulated other comprehensive (loss) income | 9.1 | 9 | ||
Total Cott Corporation equity | 65.9 | (10.8) | ||
Non-controlling interests | 5.3 | 6.6 | ||
Total equity | 71.2 | (4.2) | ||
Total liabilities and equity | $ 748.3 | $ 33.8 |
Guarantor Subsidiaries (Cott149
Guarantor Subsidiaries (Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | $ 269.8 | $ 254.6 | $ 56.7 |
Investing Activities | |||
Acquisition, net of cash received | (959.4) | (24) | (798.5) |
Additions to property, plant & equipment | (139.8) | (110.8) | (46.7) |
Additions to intangible assets | (8.1) | (4.6) | (6.9) |
Proceeds from sale of property, plant & equipment | 8.8 | 40.9 | 1.8 |
Proceeds from insurance recoveries | 1.5 | ||
Other investing activities | 0.4 | (1.2) | |
Net cash used in investing activities | (1,096.6) | (99.7) | (850.3) |
Financing Activities | |||
Payments of long-term debt | (3.6) | (3.7) | (393.6) |
Issuance of long-term debt | 498.7 | 1,150 | |
Borrowings under ABL | 2,403.2 | 994.5 | 959 |
Payments under ABL | (2,320.3) | (1,101.8) | (779.6) |
Distributions to non-controlling interests | (7.7) | (8.5) | (8.5) |
Issuance of common shares | 366.8 | 143.1 | |
Financing fees | (13.5) | (0.6) | (24) |
Preferred shares repurchased and cancelled | (148.8) | ||
Common shares repurchased and cancelled | (5.7) | (0.8) | (12.1) |
Dividends paid to common and preferred shareholders | (31.4) | (31) | (22.8) |
Payment of deferred consideration for acquisitions | (10.8) | (2.5) | (32.4) |
Other financing activities | (0.3) | ||
Net cash provided by (used in) financing activities | 875.7 | (160.1) | 835.7 |
Effect of exchange rate changes on cash | (7.9) | (3.9) | (3.1) |
Net (decrease) increase cash & cash equivalents | 41 | (9.1) | 39 |
Cash & cash equivalents, beginning of period | 77.1 | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 118.1 | 77.1 | 86.2 |
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 269.8 | 254.6 | 56.7 |
Investing Activities | |||
Acquisition, net of cash received | (959.4) | (24) | (798.5) |
Additions to property, plant & equipment | (139.8) | (110.8) | (46.7) |
Additions to intangible assets | (8.1) | (4.6) | (6.9) |
Proceeds from sale of property, plant & equipment | 8.8 | 40.9 | 1.8 |
Proceeds from insurance recoveries | 1.5 | ||
Other investing activities | 0.4 | (1.2) | |
Net cash used in investing activities | (1,096.6) | (99.7) | (850.3) |
Financing Activities | |||
Payments of long-term debt | (3.6) | (3.7) | (393.6) |
Issuance of long-term debt | 498.7 | 1,150 | |
Borrowings under ABL | 2,403.2 | 994.5 | 959 |
Payments under ABL | (2,320.3) | (1,101.8) | (779.6) |
Distributions to non-controlling interests | (7.7) | (8.5) | (8.5) |
Issuance of common shares | 366.8 | 143.1 | |
Financing fees | (13.5) | (0.6) | (24) |
Preferred shares repurchased and cancelled | (148.8) | ||
Common shares repurchased and cancelled | (5.7) | (0.8) | (12.1) |
Dividends paid to common and preferred shareholders | (31.4) | (31) | (22.8) |
Payment of deferred consideration for acquisitions | (10.8) | (2.5) | (32.4) |
Other financing activities | (0.3) | ||
Net cash provided by (used in) financing activities | 875.7 | (160.1) | 835.7 |
Effect of exchange rate changes on cash | (7.9) | (3.9) | (3.1) |
Net (decrease) increase cash & cash equivalents | 41 | (9.1) | 39 |
Cash & cash equivalents, beginning of period | 77.1 | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 118.1 | 77.1 | 86.2 |
Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | (61.7) | (30.2) | (63.8) |
Financing Activities | |||
Intercompany dividends | 61.7 | 30.2 | 63.8 |
Net cash provided by (used in) financing activities | 61.7 | 30.2 | 63.8 |
Cott Corporation [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 127.5 | 56.2 | 42 |
Investing Activities | |||
Acquisition, net of cash received | (954) | ||
Additions to property, plant & equipment | (1.5) | (2) | (1.9) |
Proceeds from sale of property, plant & equipment | 0.8 | ||
Net cash used in investing activities | (954.7) | (2) | (1.9) |
Financing Activities | |||
Payments of long-term debt | (0.1) | (0.1) | |
Issuance of long-term debt | 498.7 | ||
Borrowings under ABL | 176.4 | ||
Payments under ABL | (178.7) | ||
Issuance of common shares | 366.8 | 143.1 | |
Financing fees | (13.5) | ||
Preferred shares repurchased and cancelled | (148.8) | ||
Common shares repurchased and cancelled | (5.7) | (0.8) | (12.1) |
Dividends paid to common and preferred shareholders | (31.4) | (31) | (22.8) |
Net cash provided by (used in) financing activities | 812.6 | (37.6) | (35) |
Effect of exchange rate changes on cash | (1.4) | (2) | (0.4) |
Net (decrease) increase cash & cash equivalents | (16) | 14.6 | 4.7 |
Cash & cash equivalents, beginning of period | 20.8 | 6.2 | 1.5 |
Cash & cash equivalents, end of period | 4.8 | 20.8 | 6.2 |
DSS Group Inc [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 90.8 | 58.4 | 9.2 |
Investing Activities | |||
Acquisition, net of cash received | (5.4) | (24) | |
Additions to property, plant & equipment | (72.4) | (67.2) | (3.6) |
Additions to intangible assets | (3.8) | (3.1) | |
Proceeds from sale of property, plant & equipment | 0.7 | 14.3 | |
Net cash used in investing activities | (80.9) | (80) | (3.6) |
Financing Activities | |||
Intercompany financing transactions | 28.8 | ||
Net cash provided by (used in) financing activities | 28.8 | ||
Net (decrease) increase cash & cash equivalents | 9.9 | (21.6) | 34.4 |
Cash & cash equivalents, beginning of period | 12.8 | 34.4 | |
Cash & cash equivalents, end of period | 22.7 | 12.8 | 34.4 |
Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 25.1 | 152.9 | 56.6 |
Investing Activities | |||
Acquisition, net of cash received | (798.5) | ||
Additions to property, plant & equipment | (54.4) | (40.3) | (40.4) |
Additions to intangible assets | (3.9) | (1.5) | (6.9) |
Proceeds from sale of property, plant & equipment | 5.4 | 26.6 | 1.8 |
Proceeds from insurance recoveries | 1.5 | ||
Other investing activities | 0.4 | (1.2) | |
Net cash used in investing activities | (51) | (16.4) | (844) |
Financing Activities | |||
Payments of long-term debt | (2.9) | (2.9) | (392.4) |
Issuance of long-term debt | 1,150 | ||
Borrowings under ABL | 2,225.2 | 994.5 | 959 |
Payments under ABL | (2,140.2) | (1,101.8) | (779.6) |
Financing fees | (0.6) | (24) | |
Payment of deferred consideration for acquisitions | (10.8) | (2.5) | (32.4) |
Intercompany financing transactions | (28.8) | ||
Other financing activities | (0.3) | ||
Intercompany dividends | (27) | (21.4) | (63.8) |
Net cash provided by (used in) financing activities | 44.3 | (134.7) | 787.7 |
Effect of exchange rate changes on cash | (4.7) | (1.6) | (2.3) |
Net (decrease) increase cash & cash equivalents | 13.7 | 0.2 | (2) |
Cash & cash equivalents, beginning of period | 38.4 | 38.2 | 40.2 |
Cash & cash equivalents, end of period | 52.1 | 38.4 | 38.2 |
Non-Guarantor Subsidiaries [Member] | Cott Corporation, DSS, Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by operating activities | 88.1 | 17.3 | 12.7 |
Investing Activities | |||
Additions to property, plant & equipment | (11.5) | (1.3) | (0.8) |
Additions to intangible assets | (0.4) | ||
Proceeds from sale of property, plant & equipment | 1.9 | ||
Net cash used in investing activities | (10) | (1.3) | (0.8) |
Financing Activities | |||
Payments of long-term debt | (0.7) | (0.7) | (1.1) |
Borrowings under ABL | 1.6 | ||
Payments under ABL | (1.4) | ||
Distributions to non-controlling interests | (7.7) | (8.5) | (8.5) |
Intercompany dividends | (34.7) | (8.8) | |
Net cash provided by (used in) financing activities | (42.9) | (18) | (9.6) |
Effect of exchange rate changes on cash | (1.8) | (0.3) | (0.4) |
Net (decrease) increase cash & cash equivalents | 33.4 | (2.3) | 1.9 |
Cash & cash equivalents, beginning of period | 5.1 | 7.4 | 5.5 |
Cash & cash equivalents, end of period | $ 38.5 | $ 5.1 | $ 7.4 |
Guarantor Subsidiaries (Cott150
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016Subsidiary | |
2022 and 2020 Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Number of non wholly owned guaranteed subsidiaries | 0 |
2024 Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Number of non wholly owned guaranteed subsidiaries | 0 |
Guarantor Subsidiaries [Member] | 2022 and 2020 Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Guarantor Subsidiaries [Member] | 2024 Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | 2022 and 2020 Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | 2024 Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Ownership percentage | 100.00% |
Guarantor Subsidiaries (Cott151
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Condensed Consolidating Statements of Operations (Detail) - USD ($) $ in Millions | Jan. 03, 2015 | Dec. 31, 2016 | Oct. 01, 2016 | Jul. 02, 2016 | Apr. 02, 2016 | Jan. 02, 2016 | Oct. 03, 2015 | Jul. 04, 2015 | Apr. 04, 2015 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 |
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | $ 887.4 | $ 885.1 | $ 765 | $ 698.4 | $ 698.8 | $ 755.6 | $ 779.8 | $ 709.8 | $ 3,235.9 | $ 2,944 | $ 2,102.8 | |
Cost of sales | 585.6 | 579.3 | 512.4 | 484.4 | 477.7 | 523.1 | 539.2 | 508.5 | 2,161.7 | 2,048.5 | 1,826.3 | |
Gross profit | 301.8 | 305.8 | 252.6 | 214 | 221.1 | 232.5 | 240.6 | 201.3 | 1,074.2 | 895.5 | 276.5 | |
Selling, general and administrative expenses | 296 | 263 | 202.1 | 197 | 193.7 | 196.2 | 190.2 | 188.5 | 958.1 | 768.6 | 213.7 | |
Loss on disposal of property, plant & equipment, net | 2.2 | 0.8 | 2.2 | 0.9 | 4.2 | 1.1 | 0.2 | 1.4 | 6.1 | 6.9 | 1.7 | |
Restructuring | 2.4 | |||||||||||
Asset impairments | 0 | 0 | 1.7 | |||||||||
Acquisition and integration expenses | 7.3 | 7.4 | 11.7 | 1.4 | 5.2 | 6.6 | 4.1 | 4.7 | 27.8 | 20.6 | 41.3 | |
Operating (loss) income | $ 1.1 | $ (3.7) | $ 34.6 | $ 36.6 | $ 14.7 | $ 18 | $ 28.6 | $ 46.1 | $ 6.7 | 82.2 | 99.4 | 15.7 |
Other (income) expense, net | 3.9 | (9.5) | 21 | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (45.9) | (2.1) | (45) | |||||||||
Income tax expense (benefit) | 25.6 | (22.7) | (61.4) | |||||||||
Net (loss) income | (71.5) | 20.6 | 16.4 | |||||||||
Less: Net income attributable to non-controlling interests | 6.3 | 6.1 | 5.6 | |||||||||
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||||||||||
Comprehensive (loss) income attributed to Cott Corporation | (119.5) | (29.3) | (23.4) | |||||||||
Convertible Preferred Shares [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Less: Accumulated dividends on convertible and non-convertible shares | 4.5 | 0.6 | ||||||||||
Non-convertible Preferred Shares [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Less: Accumulated dividends on convertible and non-convertible shares | 1.4 | 0.2 | ||||||||||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | 3,235.9 | 2,944 | 2,102.8 | |||||||||
Cost of sales | 2,161.7 | 2,048.5 | 1,826.3 | |||||||||
Gross profit | 1,074.2 | 895.5 | 276.5 | |||||||||
Selling, general and administrative expenses | 958.1 | 768.6 | 213.7 | |||||||||
Loss on disposal of property, plant & equipment, net | 6.1 | 6.9 | 1.7 | |||||||||
Restructuring | 2.4 | |||||||||||
Asset impairments | 1.7 | |||||||||||
Acquisition and integration expenses | 27.8 | 20.6 | 41.3 | |||||||||
Operating (loss) income | 82.2 | 99.4 | 15.7 | |||||||||
Other (income) expense, net | 3.9 | (9.5) | 21 | |||||||||
Intercompany interest (income) expense, net | 0 | |||||||||||
Interest expense (income), net | 124.2 | 111 | 39.7 | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (45.9) | (2.1) | (45) | |||||||||
Income tax expense (benefit) | 25.6 | (22.7) | (61.4) | |||||||||
Net (loss) income | (71.5) | 20.6 | 16.4 | |||||||||
Less: Net income attributable to non-controlling interests | 6.3 | 6.1 | 5.6 | |||||||||
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||||||||||
Net (loss) income attributed to Cott Corporation | (77.8) | (3.4) | 10 | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | (119.5) | (29.3) | (23.4) | |||||||||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Convertible Preferred Shares [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Less: Accumulated dividends on convertible and non-convertible shares | 4.5 | 0.6 | ||||||||||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Non-convertible Preferred Shares [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Less: Accumulated dividends on convertible and non-convertible shares | 1.4 | 0.2 | ||||||||||
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | (57) | (59) | (49.1) | |||||||||
Cost of sales | (57) | (59) | (49.1) | |||||||||
Equity (loss) income | 39.3 | (8.9) | (10.6) | |||||||||
Net (loss) income | 39.3 | (8.9) | (10.6) | |||||||||
Net (loss) income attributed to Cott Corporation | 39.3 | (8.9) | (10.6) | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | (104.3) | (31.4) | 7.6 | |||||||||
Cott Corporation [Member] | Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | 157.5 | 147.7 | 166.3 | |||||||||
Cost of sales | 132.7 | 124.6 | 144.8 | |||||||||
Gross profit | 24.8 | 23.1 | 21.5 | |||||||||
Selling, general and administrative expenses | 38.4 | 23.3 | 23.1 | |||||||||
Loss on disposal of property, plant & equipment, net | (0.7) | 0.1 | 0.2 | |||||||||
Restructuring | 2.1 | |||||||||||
Asset impairments | 0.9 | |||||||||||
Operating (loss) income | (12.9) | (0.3) | (4.8) | |||||||||
Other (income) expense, net | (1.9) | (8.6) | (10.9) | |||||||||
Intercompany interest (income) expense, net | (2.4) | (4.9) | (0.7) | |||||||||
Interest expense (income), net | 14.7 | 0.2 | 0.2 | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (23.3) | 13 | 6.6 | |||||||||
Income tax expense (benefit) | 8.3 | 1.6 | 0.3 | |||||||||
Equity (loss) income | (46.2) | 3.1 | 4.5 | |||||||||
Net (loss) income | (77.8) | 14.5 | 10.8 | |||||||||
Less: Foreign exchange impact on redemption of preferred shares | 12 | |||||||||||
Net (loss) income attributed to Cott Corporation | (77.8) | (3.4) | 10 | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | (119.5) | (29.3) | (23.4) | |||||||||
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 and non-convertible shares | 4.5 | 0.6 | ||||||||||
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 and non-convertible shares | 1.4 | 0.2 | ||||||||||
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 | 701.3 | 715 | 745.1 | |||||||||
Cost of sales | 593.3 | 611.5 | 643.2 | |||||||||
Gross profit | 108 | 103.5 | 101.9 | |||||||||
Selling, general and administrative expenses | 89.8 | 91.6 | 85.9 | |||||||||
Loss on disposal of property, plant & equipment, net | 0.8 | 0.5 | 0.1 | |||||||||
Restructuring | 0.3 | |||||||||||
Asset impairments | 0.8 | |||||||||||
Acquisition and integration expenses | 17.9 | 3.2 | 38.8 | |||||||||
Operating (loss) income | (0.5) | 8.2 | (24) | |||||||||
Other (income) expense, net | (1.3) | 21.8 | ||||||||||
Intercompany interest (income) expense, net | (42.5) | (51.2) | (18.4) | |||||||||
Interest expense (income), net | 80.4 | 80.1 | 37.2 | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | (37.1) | (20.7) | (64.6) | |||||||||
Income tax expense (benefit) | 34 | (14.8) | (59.6) | |||||||||
Equity (loss) income | 6.6 | 6.1 | 6.1 | |||||||||
Net (loss) income | (64.5) | 0.2 | 1.1 | |||||||||
Net (loss) income attributed to Cott Corporation | (64.5) | 0.2 | 1.1 | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | (67.9) | (7.9) | (31.5) | |||||||||
Guarantor Subsidiaries [Member] | Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Revenue, net | 2,155.8 | 2,008.7 | 1,102.6 | |||||||||
Cost of sales | 1,339.7 | 1,266 | 972.8 | |||||||||
Gross profit | 816.1 | 742.7 | 129.8 | |||||||||
Selling, general and administrative expenses | 716.5 | 641.4 | 92.7 | |||||||||
Loss on disposal of property, plant & equipment, net | 6 | 6.3 | 1.3 | |||||||||
Acquisition and integration expenses | 7.1 | 17.4 | 2.5 | |||||||||
Operating (loss) income | 86.5 | 77.6 | 33.3 | |||||||||
Other (income) expense, net | 5.1 | (1) | 10 | |||||||||
Intercompany interest (income) expense, net | 42.5 | 56.1 | 19.1 | |||||||||
Interest expense (income), net | 29.3 | 30.7 | 2.2 | |||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | 9.6 | (8.2) | 2 | |||||||||
Income tax expense (benefit) | (16.6) | (9.6) | (2.7) | |||||||||
Equity (loss) income | 0.3 | (0.3) | ||||||||||
Net (loss) income | 26.5 | 1.1 | 4.7 | |||||||||
Net (loss) income attributed to Cott Corporation | 26.5 | 1.1 | 4.7 | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | 173.4 | 27.9 | 15.4 | |||||||||
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 | 278.3 | 131.6 | 137.9 | |||||||||
Cost of sales | 153 | 105.4 | 114.6 | |||||||||
Gross profit | 125.3 | 26.2 | 23.3 | |||||||||
Selling, general and administrative expenses | 113.4 | 12.3 | 12 | |||||||||
Loss on disposal of property, plant & equipment, net | 0.1 | |||||||||||
Acquisition and integration expenses | 2.8 | |||||||||||
Operating (loss) income | 9.1 | 13.9 | 11.2 | |||||||||
Other (income) expense, net | 2 | 0.1 | 0.1 | |||||||||
Intercompany interest (income) expense, net | 2.4 | |||||||||||
Interest expense (income), net | (0.2) | 0.1 | ||||||||||
(Loss) income before income tax (benefit) expense and equity income (loss) | 4.9 | 13.8 | 11 | |||||||||
Income tax expense (benefit) | (0.1) | 0.1 | 0.6 | |||||||||
Net (loss) income | 5 | 13.7 | 10.4 | |||||||||
Less: Net income attributable to non-controlling interests | 6.3 | 6.1 | 5.6 | |||||||||
Net (loss) income attributed to Cott Corporation | (1.3) | 7.6 | 4.8 | |||||||||
Comprehensive (loss) income attributed to Cott Corporation | $ (1.2) | $ 11.4 | $ 8.5 |
Guarantor Subsidiaries (Cott152
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Consolidating Balance Sheet (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | Dec. 28, 2013 |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash & cash equivalents | $ 118.1 | $ 77.1 | $ 86.2 | $ 47.2 |
Accounts receivable, net of allowance | 403.9 | 293.3 | ||
Inventories | 301.4 | 249.4 | ||
Prepaid expenses and other assets | 29.8 | 18.8 | ||
Total current assets | 853.2 | 638.6 | ||
Property, plant & equipment, net | 929.9 | 769.8 | ||
Goodwill | 1,175.4 | 759.6 | 743.6 | |
Intangible assets, net | 939.7 | 684.1 | ||
Deferred tax assets | 0.2 | 7.6 | ||
Other assets, net | 41.3 | 27.6 | ||
Total assets | 3,939.7 | 2,887.3 | ||
Short-term borrowings | 207 | 122 | ||
Current maturities of long-term debt | 5.7 | 3.4 | ||
Accounts payable and accrued liabilities | 597.4 | 437.6 | ||
Total current liabilities | 810.1 | 563 | ||
Long-term debt | 1,988 | 1,525.4 | ||
Deferred tax liabilities | 157.8 | 76.5 | ||
Other long-term liabilities | 110 | 76.5 | ||
Total liabilities | 3,065.9 | 2,241.4 | ||
Equity | ||||
Common shares, no par | 909.3 | 534.7 | ||
Additional paid-in-capital | 54.2 | 51.2 | ||
Retained earnings (deficit) | 22.9 | 129.6 | ||
Accumulated other comprehensive (loss) income | (117.9) | (76.2) | (51) | (16.8) |
Total Cott Corporation equity | 868.5 | 639.3 | ||
Non-controlling interests | 5.3 | 6.6 | ||
Total equity | 873.8 | 645.9 | 548.9 | 604.4 |
Total liabilities and equity | 3,939.7 | 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 | 118.1 | 77.1 | 86.2 | 47.2 |
Accounts receivable, net of allowance | 403.9 | 293.3 | ||
Inventories | 301.4 | 249.4 | ||
Prepaid expenses and other assets | 29.8 | 18.8 | ||
Total current assets | 853.2 | 638.6 | ||
Property, plant & equipment, net | 929.9 | 769.8 | ||
Goodwill | 1,175.4 | 759.6 | ||
Intangible assets, net | 939.7 | 684.1 | ||
Deferred tax assets | 0.2 | 7.6 | ||
Other assets, net | 41.3 | 27.6 | ||
Total assets | 3,939.7 | 2,887.3 | ||
Short-term borrowings | 207 | 122 | ||
Current maturities of long-term debt | 5.7 | 3.4 | ||
Accounts payable and accrued liabilities | 597.4 | 437.6 | ||
Total current liabilities | 810.1 | 563 | ||
Long-term debt | 1,988 | 1,525.4 | ||
Deferred tax liabilities | 157.8 | 76.5 | ||
Other long-term liabilities | 110 | 76.5 | ||
Total liabilities | 3,065.9 | 2,241.4 | ||
Equity | ||||
Common shares, no par | 909.3 | 534.7 | ||
Additional paid-in-capital | 54.2 | 51.2 | ||
Retained earnings (deficit) | 22.9 | 129.6 | ||
Accumulated other comprehensive (loss) income | (117.9) | (76.2) | ||
Total Cott Corporation equity | 868.5 | 639.3 | ||
Non-controlling interests | 5.3 | 6.6 | ||
Total equity | 873.8 | 645.9 | ||
Total liabilities and equity | 3,939.7 | 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 | (233.6) | (163.1) | ||
Total current assets | (233.6) | (163.1) | ||
Deferred tax assets | (6) | (38.2) | ||
Due from affiliates | (1,866.5) | (990.2) | ||
Investments in subsidiaries | (2,199) | (1,726.1) | ||
Total assets | (4,305.1) | (2,917.6) | ||
Accounts payable and accrued liabilities | (233.6) | (163.1) | ||
Total current liabilities | (233.6) | (163.1) | ||
Deferred tax liabilities | (6) | (38.2) | ||
Due to affiliates | (1,866.5) | (990.2) | ||
Total liabilities | (2,106.1) | (1,191.5) | ||
Equity | ||||
Common shares, no par | (2,633.2) | (2,227) | ||
Retained earnings (deficit) | 600.9 | 524 | ||
Accumulated other comprehensive (loss) income | (166.7) | (23.1) | ||
Total Cott Corporation equity | (2,199) | (1,726.1) | ||
Total equity | (2,199) | (1,726.1) | ||
Total liabilities and equity | (4,305.1) | (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 | 4.8 | 20.8 | 6.2 | 1.5 |
Accounts receivable, net of allowance | 27.4 | 18.3 | ||
Inventories | 14 | 13 | ||
Prepaid expenses and other assets | 1.4 | 2.2 | ||
Total current assets | 47.6 | 54.3 | ||
Property, plant & equipment, net | 27.5 | 29.7 | ||
Goodwill | 20.3 | 19.8 | ||
Intangible assets, net | 0.1 | 0.1 | ||
Deferred tax assets | 7.4 | |||
Other assets, net | 1.2 | 0.7 | ||
Due from affiliates | 943.2 | 400.1 | ||
Investments in subsidiaries | 361.9 | 176.3 | ||
Total assets | 1,401.8 | 688.4 | ||
Accounts payable and accrued liabilities | 66.5 | 47.6 | ||
Total current liabilities | 66.5 | 47.6 | ||
Long-term debt | 464.3 | |||
Deferred tax liabilities | 1 | |||
Other long-term liabilities | 0.5 | 0.5 | ||
Due to affiliates | 1 | 1 | ||
Total liabilities | 533.3 | 49.1 | ||
Equity | ||||
Common shares, no par | 909.3 | 534.7 | ||
Additional paid-in-capital | 54.2 | 51.2 | ||
Retained earnings (deficit) | 22.9 | 129.6 | ||
Accumulated other comprehensive (loss) income | (117.9) | (76.2) | ||
Total Cott Corporation equity | 868.5 | 639.3 | ||
Total equity | 868.5 | 639.3 | ||
Total liabilities and equity | 1,401.8 | 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 | 3.1 | 1 | 8.6 | 1.1 |
Accounts receivable, net of allowance | 73.3 | 63.3 | ||
Inventories | 72 | 76.7 | ||
Prepaid expenses and other assets | 4.3 | 5.2 | ||
Total current assets | 152.7 | 146.2 | ||
Property, plant & equipment, net | 154.4 | 163.3 | ||
Goodwill | 4.5 | 4.5 | ||
Intangible assets, net | 66.2 | 69.8 | ||
Deferred tax assets | 6 | 38.2 | ||
Other assets, net | 17 | 9.4 | ||
Due from affiliates | 580.2 | 587.5 | ||
Investments in subsidiaries | 847.3 | 847.3 | ||
Total assets | 1,828.3 | 1,866.2 | ||
Short-term borrowings | 207 | 122 | ||
Current maturities of long-term debt | 2.5 | 2.6 | ||
Accounts payable and accrued liabilities | 261.9 | 234.6 | ||
Total current liabilities | 471.4 | 359.2 | ||
Long-term debt | 1,135.6 | 1,134.1 | ||
Other long-term liabilities | 24.4 | 20 | ||
Due to affiliates | 142.1 | 1.6 | ||
Total liabilities | 1,773.5 | 1,514.9 | ||
Equity | ||||
Common shares, no par | 834.8 | 701.5 | ||
Retained earnings (deficit) | (759.9) | (333.5) | ||
Accumulated other comprehensive (loss) income | (20.1) | (16.7) | ||
Total Cott Corporation equity | 54.8 | 351.3 | ||
Total equity | 54.8 | 351.3 | ||
Total liabilities and equity | 1,828.3 | 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 | 71.7 | 50.2 | 64 | 39.1 |
Accounts receivable, net of allowance | 443.1 | 361.8 | ||
Inventories | 194.3 | 154.1 | ||
Prepaid expenses and other assets | 19.4 | 11 | ||
Total current assets | 728.5 | 577.1 | ||
Property, plant & equipment, net | 640.8 | 570.1 | ||
Goodwill | 867.9 | 735.3 | ||
Intangible assets, net | 675.6 | 611.4 | ||
Other assets, net | 20.7 | 17.5 | ||
Due from affiliates | 343.1 | 2.6 | ||
Investments in subsidiaries | 989.8 | 702.5 | ||
Total assets | 4,266.4 | 3,216.5 | ||
Current maturities of long-term debt | 0.2 | 0.4 | ||
Accounts payable and accrued liabilities | 369.3 | 310.2 | ||
Total current liabilities | 369.5 | 310.6 | ||
Long-term debt | 385.3 | 391.3 | ||
Deferred tax liabilities | 136.2 | 114.7 | ||
Other long-term liabilities | 63.5 | 54.9 | ||
Due to affiliates | 1,233.6 | 959.4 | ||
Total liabilities | 2,188.1 | 1,830.9 | ||
Equity | ||||
Common shares, no par | 1,648.7 | 1,486.9 | ||
Retained earnings (deficit) | 251.9 | (132.1) | ||
Accumulated other comprehensive (loss) income | 177.7 | 30.8 | ||
Total Cott Corporation equity | 2,078.3 | 1,385.6 | ||
Total equity | 2,078.3 | 1,385.6 | ||
Total liabilities and equity | 4,266.4 | 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 | 38.5 | 5.1 | $ 7.4 | $ 5.5 |
Accounts receivable, net of allowance | 93.7 | 13 | ||
Inventories | 21.1 | 5.6 | ||
Prepaid expenses and other assets | 4.7 | 0.4 | ||
Total current assets | 158 | 24.1 | ||
Property, plant & equipment, net | 107.2 | 6.7 | ||
Goodwill | 282.7 | |||
Intangible assets, net | 197.8 | 2.8 | ||
Deferred tax assets | 0.2 | 0.2 | ||
Other assets, net | 2.4 | |||
Total assets | 748.3 | 33.8 | ||
Current maturities of long-term debt | 3 | 0.4 | ||
Accounts payable and accrued liabilities | 133.3 | 8.3 | ||
Total current liabilities | 136.3 | 8.7 | ||
Long-term debt | 2.8 | |||
Deferred tax liabilities | 26.6 | |||
Other long-term liabilities | 21.6 | 1.1 | ||
Due to affiliates | 489.8 | 28.2 | ||
Total liabilities | 677.1 | 38 | ||
Equity | ||||
Common shares, no par | 149.7 | 38.6 | ||
Retained earnings (deficit) | (92.9) | (58.4) | ||
Accumulated other comprehensive (loss) income | 9.1 | 9 | ||
Total Cott Corporation equity | 65.9 | (10.8) | ||
Non-controlling interests | 5.3 | 6.6 | ||
Total equity | 71.2 | (4.2) | ||
Total liabilities and equity | $ 748.3 | $ 33.8 |
Guarantor Subsidiaries (Cott153
Guarantor Subsidiaries (Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries) - Condensed Consolidating Statement of Cash Flows (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | $ 269.8 | $ 254.6 | $ 56.7 |
Investing Activities | |||
Acquisition, net of cash received | (959.4) | (24) | (798.5) |
Additions to property, plant & equipment | (139.8) | (110.8) | (46.7) |
Additions to intangible assets | (8.1) | (4.6) | (6.9) |
Proceeds from sale of property, plant & equipment | 8.8 | 40.9 | 1.8 |
Proceeds from insurance recoveries | 1.5 | ||
Other investing activities | 0.4 | (1.2) | |
Net cash used in investing activities | (1,096.6) | (99.7) | (850.3) |
Financing Activities | |||
Payments of long-term debt | (3.6) | (3.7) | (393.6) |
Issuance of long-term debt | 498.7 | 1,150 | |
Borrowings under ABL | 2,403.2 | 994.5 | 959 |
Payments under ABL | (2,320.3) | (1,101.8) | (779.6) |
Distributions to non-controlling interests | (7.7) | (8.5) | (8.5) |
Issuance of common shares | 366.8 | 143.1 | |
Financing fees | (13.5) | (0.6) | (24) |
Preferred shares repurchased and cancelled | (148.8) | ||
Common shares repurchased and cancelled | (5.7) | (0.8) | (12.1) |
Dividends to common and preferred shareholders | (31.4) | (31) | (22.8) |
Payment of deferred consideration for acquisitions | (10.8) | (2.5) | (32.4) |
Other financing activities | (0.3) | ||
Net cash provided by (used in) financing activities | 875.7 | (160.1) | 835.7 |
Effect of exchange rate changes on cash | (7.9) | (3.9) | (3.1) |
Net (decrease) increase in cash & cash equivalents | 41 | (9.1) | 39 |
Cash & cash equivalents, beginning of period | 77.1 | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 118.1 | 77.1 | 86.2 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 269.8 | 254.6 | 56.7 |
Investing Activities | |||
Acquisition, net of cash received | (959.4) | (24) | (798.5) |
Additions to property, plant & equipment | (139.8) | (110.8) | (46.7) |
Additions to intangible assets | (8.1) | (4.6) | (6.9) |
Proceeds from sale of property, plant & equipment | 8.8 | 40.9 | 1.8 |
Proceeds from insurance recoveries | 1.5 | ||
Other investing activities | 0.4 | (1.2) | |
Net cash used in investing activities | (1,096.6) | (99.7) | (850.3) |
Financing Activities | |||
Payments of long-term debt | (3.6) | (3.7) | (393.6) |
Issuance of long-term debt | 498.7 | 1,150 | |
Borrowings under ABL | 2,403.2 | 994.5 | 959 |
Payments under ABL | (2,320.3) | (1,101.8) | (779.6) |
Distributions to non-controlling interests | (7.7) | (8.5) | (8.5) |
Issuance of common shares | 366.8 | 143.1 | |
Financing fees | (13.5) | (0.6) | (24) |
Preferred shares repurchased and cancelled | (148.8) | ||
Common shares repurchased and cancelled | (5.7) | (0.8) | (12.1) |
Dividends to common and preferred shareholders | (31.4) | (31) | (22.8) |
Payment of deferred consideration for acquisitions | (10.8) | (2.5) | (32.4) |
Other financing activities | (0.3) | ||
Net cash provided by (used in) financing activities | 875.7 | (160.1) | 835.7 |
Effect of exchange rate changes on cash | (7.9) | (3.9) | (3.1) |
Net (decrease) increase in cash & cash equivalents | 41 | (9.1) | 39 |
Cash & cash equivalents, beginning of period | 77.1 | 86.2 | 47.2 |
Cash & cash equivalents, end of period | 118.1 | 77.1 | 86.2 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Elimination Entries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | (61.7) | (52.8) | (90.5) |
Financing Activities | |||
Intercompany dividends | 61.7 | 52.8 | 90.5 |
Net cash provided by (used in) financing activities | 61.7 | 52.8 | 90.5 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Cott Corporation [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 127.5 | 56.2 | 42 |
Investing Activities | |||
Acquisition, net of cash received | (954) | ||
Additions to property, plant & equipment | (1.5) | (2) | (1.9) |
Proceeds from sale of property, plant & equipment | 0.8 | ||
Net cash used in investing activities | (954.7) | (2) | (1.9) |
Financing Activities | |||
Payments of long-term debt | (0.1) | (0.1) | |
Issuance of long-term debt | 498.7 | ||
Borrowings under ABL | 176.4 | ||
Payments under ABL | (178.7) | ||
Issuance of common shares | 366.8 | 143.1 | |
Financing fees | (13.5) | ||
Preferred shares repurchased and cancelled | (148.8) | ||
Common shares repurchased and cancelled | (5.7) | (0.8) | (12.1) |
Dividends to common and preferred shareholders | (31.4) | (31) | (22.8) |
Net cash provided by (used in) financing activities | 812.6 | (37.6) | (35) |
Effect of exchange rate changes on cash | (1.4) | (2) | (0.4) |
Net (decrease) increase in cash & cash equivalents | (16) | 14.6 | 4.7 |
Cash & cash equivalents, beginning of period | 20.8 | 6.2 | 1.5 |
Cash & cash equivalents, end of period | 4.8 | 20.8 | 6.2 |
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 provided by (used in) operating activities | (37) | 127.4 | (29.2) |
Investing Activities | |||
Acquisition, net of cash received | (798.5) | ||
Additions to property, plant & equipment | (24.7) | (22.3) | (27.1) |
Additions to intangible assets | (3.3) | (1.5) | (6.9) |
Proceeds from sale of property, plant & equipment | 0.2 | 16 | 1.7 |
Proceeds from insurance recoveries | 1.5 | ||
Net cash used in investing activities | (26.3) | (7.8) | (830.8) |
Financing Activities | |||
Payments of long-term debt | (2.7) | (2.6) | (392) |
Issuance of long-term debt | 1,150 | ||
Borrowings under ABL | 2,225.2 | 950.2 | 959 |
Payments under ABL | (2,140.2) | (1,057.3) | (746.2) |
Financing fees | (0.6) | (24) | |
Payment of deferred consideration for acquisitions | (32.4) | ||
Intercompany financing transactions | (28.8) | ||
Other financing activities | (0.3) | ||
Intercompany dividends | (16.9) | (16.9) | (17.8) |
Net cash provided by (used in) financing activities | 65.4 | (127.2) | 867.5 |
Net (decrease) increase in cash & cash equivalents | 2.1 | (7.6) | 7.5 |
Cash & cash equivalents, beginning of period | 1 | 8.6 | 1.1 |
Cash & cash equivalents, end of period | 3.1 | 1 | 8.6 |
Cott Corporation, CBI, Cott Guarantor Subsidiaries and our other non-guarantor subsidiaries [Member] | Guarantor Subsidiaries [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net cash provided by (used in) operating activities | 152.9 | 106.5 | 112.9 |
Investing Activities | |||
Acquisition, net of cash received | (5.4) | (24) | |
Additions to property, plant & equipment | (102.1) | (85.2) | (16.9) |
Additions to intangible assets | (4.4) | (3.1) | |
Proceeds from sale of property, plant & equipment | 5.9 | 24.9 | |
Other investing activities | 0.4 | (1.2) | |
Net cash used in investing activities | (105.6) | (88.6) | (16.9) |
Financing Activities | |||
Payments of long-term debt | (0.2) | (0.3) | (0.4) |
Borrowings under ABL | 44.3 | ||
Payments under ABL | (44.5) | (33.4) | |
Payment of deferred consideration for acquisitions | (10.8) | (2.5) | |
Intercompany financing transactions | 28.8 | ||
Intercompany dividends | (10.1) | (27.1) | (63.8) |
Net cash provided by (used in) financing activities | (21.1) | (30.1) | (68.8) |
Effect of exchange rate changes on cash | (4.7) | (1.6) | (2.3) |
Net (decrease) increase in cash & cash equivalents | 21.5 | (13.8) | 24.9 |
Cash & cash equivalents, beginning of period | 50.2 | 64 | 39.1 |
Cash & cash equivalents, end of period | 71.7 | 50.2 | 64 |
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 provided by (used in) operating activities | 88.1 | 17.3 | 21.5 |
Investing Activities | |||
Additions to property, plant & equipment | (11.5) | (1.3) | (0.8) |
Additions to intangible assets | (0.4) | ||
Proceeds from sale of property, plant & equipment | 1.9 | 0.1 | |
Net cash used in investing activities | (10) | (1.3) | (0.7) |
Financing Activities | |||
Payments of long-term debt | (0.7) | (0.7) | (1.1) |
Borrowings under ABL | 1.6 | ||
Payments under ABL | (1.4) | ||
Distributions to non-controlling interests | (7.7) | (8.5) | (8.5) |
Intercompany dividends | (34.7) | (8.8) | (8.9) |
Net cash provided by (used in) financing activities | (42.9) | (18) | (18.5) |
Effect of exchange rate changes on cash | (1.8) | (0.3) | (0.4) |
Net (decrease) increase in cash & cash equivalents | 33.4 | (2.3) | 1.9 |
Cash & cash equivalents, beginning of period | 5.1 | 7.4 | 5.5 |
Cash & cash equivalents, end of period | $ 38.5 | $ 5.1 | $ 7.4 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - $ / shares | Feb. 22, 2017 | Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 |
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 0.24 | $ 0.24 | $ 0.24 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share | $ 0.06 | |||
Dividend declared date | Feb. 22, 2017 | |||
Dividend declared payable date | Mar. 29, 2017 | |||
Dividend payable, record date | Mar. 14, 2017 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 02, 2016 | Jan. 03, 2015 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ (39.5) | $ (40.5) | $ (63) |
Reduction in Sales | (0.1) | 0.1 | (0.5) |
Charged to Costs and Expenses | (76.8) | (21.5) | 22.3 |
Charged to Other Accounts | (40) | 12.6 | 0.4 |
Deductions | 3.5 | 9.8 | 0.3 |
Balance at End of Year | (152.9) | (39.5) | (40.5) |
Accounts Receivables [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | (9.2) | (6.5) | (5.8) |
Reduction in Sales | (0.1) | 0.1 | (0.5) |
Charged to Costs and Expenses | (11.8) | (16.8) | (0.8) |
Charged to Other Accounts | 12.1 | 12.4 | 0.2 |
Deductions | 0.2 | 1.6 | 0.4 |
Balance at End of Year | (8.8) | (9.2) | (6.5) |
Inventories [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | (14.9) | (18.2) | (12) |
Charged to Costs and Expenses | (3.8) | (5.1) | (6.3) |
Charged to Other Accounts | 1.2 | 0.2 | 0.2 |
Deductions | 3.3 | 8.2 | (0.1) |
Balance at End of Year | (14.2) | (14.9) | (18.2) |
Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | (15.4) | (15.8) | (45.2) |
Charged to Costs and Expenses | (61.2) | 0.4 | 29.4 |
Charged to Other Accounts | (53.3) | ||
Balance at End of Year | $ (129.9) | $ (15.4) | $ (15.8) |
Schedule II - Valuation and 156
Schedule II - Valuation and Qualifying Accounts (Parenthetical) (Detail) - USD ($) $ in Millions | Dec. 31, 2016 | Jan. 02, 2016 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation allowances recorded | $ 129.9 | $ 15.4 |
Aquaterra Corporation [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation allowances recorded | 27.3 | |
Eden Acquisition [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Valuation allowances recorded | $ 23.8 |