Acquisitions and Divestitures (Tables)

6 Months Ended

Jul. 02, 2017

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 YTD 2017 Expansion Transactions as of the acquisition dates is summarized as follows:

(in thousands)	January 2017 Expansion Transaction		March 2017 Expansion Transactions		April 2017 Expansion Transactions		Total YTD 2017 Expansion Transactions
Cash	$	107	$	211	$	103	$	421
Inventories		5,953		21,108		14,554		41,615
Prepaid expenses and other current assets		1,089		5,363		4,350		10,802
Accounts receivable from The Coca-Cola Company		1,042		1,807		1,000		3,849
Property, plant and equipment		25,708		81,662		53,818		161,188
Other assets (including deferred taxes)		846		3,841		482		5,169
Goodwill		1,112		4,334		9,630		15,076
Other identifiable intangible assets		10,650		20,400		9,550		40,600
Total acquired assets	$	46,507	$	138,726	$	93,487	$	278,720
Current liabilities (acquisition related contingent consideration)	$	727	$	1,921	$	227	$	2,875
Other current liabilities		665		1,827		1,186		3,678
Other liabilities		115		13		626		754
Other liabilities (acquisition related contingent consideration)		13,408		26,260		3,543		43,211
Total assumed liabilities	$	14,915	$	30,021	$	5,582	$	50,518

Summary of Fair Value Acquired Identifiable Intangible Assets

The fair value of the identifiable intangible assets acquired in the YTD 2017 Expansion Transactions as of the acquisition dates is summarized as follows:

(in thousands)	January 2017 Expansion Transaction		March 2017 Expansion Transactions		April 2017 Expansion Transactions		Total YTD 2017 Expansion Transactions		Estimated Useful Lives
Distribution agreements	$	9,300	$	18,900	$	8,600	$	36,800	40 years
Customer lists		1,350		1,500		950		3,800	12 years
Total acquired identifiable intangible assets	$	10,650	$	20,400	$	9,550	$	40,600

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		57,738		67,943		225,965
Other assets (including deferred taxes)		2,351		1,541		5,514		611		10,017
Goodwill		9,396		1,962		8,368		7,302		27,028
Other identifiable intangible assets		1,300		-		23,450		66,500		91,250
Total acquired assets	$	73,430	$	64,712	$	113,981	$	166,527	$	418,650
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 identifiable intangible assets acquired in the 2016 Expansion Transactions as of the acquisition dates is summarized 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

2016 and 2017 Acquisitions [Member]

Schedule Of Condensed Consolidated Statement of Operations

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

	Second Quarter				First Half
(in thousands)	2017		2016		2017		2016
Net sales from 2016 Expansion Transactions	$	265,755	$	162,819	$	504,415	$	198,130
Net sales from YTD 2017 Expansion Transactions		206,894		-		233,140		-
Total impact to net sales	$	472,649	$	162,819	$	737,555	$	198,130
Operating income from 2016 Expansion Transactions	$	4,997	$	13,502	$	9,351	$	14,708
Operating income from YTD 2017 Expansion Transactions		10,323		-		10,419		-
Total impact to income from operations	$	15,320	$	13,502	$	19,770	$	14,708

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 YTD 2017 Expansion Transactions and the 2016 Expansion Transactions.

	Second Quarter				First Half
(in thousands)	2017		2016		2017		2016
Net sales as reported	$	1,169,291	$	840,384	$	2,034,993	$	1,465,840
Pro forma adjustments (unaudited)		20,992		324,553		196,182		721,405
Net sales pro forma (unaudited)	$	1,190,283	$	1,164,937	$	2,231,175	$	2,187,245

	Second Quarter				First Half
(in thousands)	2017		2016		2017		2016
Income from operations as reported	$	47,313	$	54,736	$	60,921	$	67,137
Pro forma adjustments (unaudited)		912		14,217		9,821		29,227
Income from operations pro forma (unaudited)	$	48,225	$	68,953	$	70,742	$	96,364