Acquisitions and Divestitures (Tables)

3 Months Ended

Apr. 02, 2017

Schedule of Unaudited Pro Forma Information

The following tables represent the Company’s unaudited pro forma net sales and unaudited pro forma income from operations for the Q1 2017 Expansion Transactions and the 2016 Expansion Transactions.

	First Quarter
(in thousands)	2017		2016
Net sales as reported	$	865,702	$	625,456
Pro forma adjustments (unaudited)		85,447		308,023
Net sales pro forma (unaudited)	$	951,149	$	933,479

	First Quarter
(in thousands)	2017		2016
Income from operations as reported	$	13,608	$	12,401
Pro forma adjustments (unaudited)		5,810		10,427
Income from operations pro forma (unaudited)	$	19,418	$	22,828

2016 Acquisition [Member]

Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date

The fair value of acquired assets and assumed liabilities of the 2016 Expansion Transactions as of the acquisition dates is summarized as follows:

(in thousands)	January 2016 Expansion Transactions		April 1, 2016 Expansion Transaction		April 29, 2016 Expansion Transactions		October 2016 Expansion Transactions		Total 2016 Expansion Transactions
Cash	$	179	$	219	$	161	$	150	$	709
Inventories		10,159		3,748		13,850		18,513		46,270
Prepaid expenses and other current assets		2,775		1,945		3,774		4,181		12,675
Accounts receivable from The Coca-Cola Company		1,121		1,162		1,126		1,327		4,736
Property, plant and equipment		46,149		54,135		58,679		68,182		227,145
Other assets (including deferred taxes)		2,351		1,541		5,151		611		9,654
Goodwill		9,396		1,962		7,791		7,063		26,212
Other identifiable intangible assets		1,300		-		23,450		66,500		91,250
Total acquired assets	$	73,430	$	64,712	$	113,982	$	166,527	$	418,651
Current liabilities (acquisition related contingent consideration)	$	361	$	742	$	1,307	$	3,318	$	5,728
Other current liabilities		591		4,231		5,482		7,165		17,469
Accounts payable to The Coca-Cola Company		650		-		-		-		650
Other liabilities		-		266		2,635		761		3,662
Other liabilities (acquisition related contingent consideration)		6,144		23,924		35,561		57,066		122,695
Total assumed liabilities	$	7,746	$	29,163	$	44,985	$	68,310	$	150,204

Summary of Fair Value Acquired Identifiable Intangible Assets

The fair value of the acquired identifiable intangible assets as of the acquisition dates is as follows:

(in thousands)	January 2016 Expansion Transactions		April 29, 2016 Expansion Transactions		October 2016 Expansion Transactions		Total 2016 Expansion Transactions		Estimated Useful Lives
Distribution agreements	$	750	$	22,000	$	63,900	$	86,650	40 years
Customer lists		550		1,450		2,600		4,600	12 years
Total acquired identifiable intangible assets	$	1,300	$	23,450	$	66,500	$	91,250

2017 Acquisition [Member]

Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date

The fair value of acquired assets and assumed liabilities of the Q1 2017 Expansion Transactions as of the acquisition date is summarized as follows:

(in thousands)	January 2017 Expansion Transaction		March 2017 Expansion Transactions		Total Q1 2017 Expansion Transactions
Cash	$	107	$	211	$	318
Inventories		5,953		21,050		27,003
Prepaid expenses and other current assets		1,089		5,235		6,324
Accounts receivable from The Coca-Cola Company		1,042		1,807		2,849
Property, plant and equipment		25,708		82,692		108,400
Other assets (including deferred taxes)		846		3,593		4,439
Goodwill		1,112		3,737		4,849
Other identifiable intangible assets		10,650		20,400		31,050
Total acquired assets	$	46,507	$	138,725	$	185,232
Current liabilities (acquisition related contingent consideration)	$	727	$	1,921	$	2,648
Other current liabilities		665		1,827		2,492
Other liabilities		115		13		128
Other liabilities (acquisition related contingent consideration)		13,408		26,260		39,668
Total assumed liabilities	$	14,915	$	30,021	$	44,936

Summary of Fair Value Acquired Identifiable Intangible Assets

The fair value of the acquired identifiable intangible assets as of the acquisition date is as follows:

(in thousands)	January 2017 Expansion Transaction		March 2017 Expansion Transactions		Total Q1 2017 Expansion Transactions		Estimated Useful Lives
Distribution agreements	$	9,300	$	18,900	$	28,200	40 years
Customer lists		1,350		1,500		2,850	12 years
Total acquired identifiable intangible assets	$	10,650	$	20,400	$	31,050

2016 and 2017 Acquisitions [Member]

Schedule of Consolidated Statement of Operations

The financial results of the Q1 2017 Expansion Transactions and the 2016 Expansion Transactions have been included in the Company’s consolidated financial statements from their respective acquisition or exchange dates. These Expansion Transactions contributed the following amounts to the Company’s consolidated statement of operations:

	First Quarter
(in thousands)	2017		2016
Net sales from 2016 Expansion Transactions	$	238,660	$	35,311
Net sales from Q1 2017 Expansion Transactions		26,246		-
Total impact to net sales	$	264,906	$	35,311
Operating income from 2016 Expansion Transactions	$	4,354	$	1,206
Operating income from Q1 2017 Expansion Transactions		96		-
Total impact to income from operations	$	4,450	$	1,206