XML 81 R63.htm IDEA: XBRL DOCUMENT v3.10.0.1
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Dec. 30, 2018
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Data

The unaudited quarterly financial data for the fiscal years ended December 30, 2018 and December 31, 2017 is included in the following tables. Sales volume has historically been the highest in the second and third quarter of each fiscal year. Additional meaningful financial information is included in the table following each presented period.

 

 

 

Quarter Ended

 

(in thousands, except per share data)

 

April 1,

2018

 

 

July 1,

2018

 

 

September 30,

2018

 

 

December 30,

2018(1)

 

Net sales

 

$

1,064,757

 

 

$

1,220,003

 

 

$

1,204,033

 

 

$

1,136,571

 

Gross profit

 

 

357,641

 

 

 

404,708

 

 

 

412,716

 

 

 

380,647

 

Income (loss) from operations

 

 

(18,997

)

 

 

19,679

 

 

 

44,404

 

 

 

12,816

 

Net income (loss) attributable to Coca-Cola Consolidated, Inc.

 

 

(14,185

)

 

 

(3,933

)

 

 

25,164

 

 

 

(26,976

)

Basic net income (loss) per share based on net income attributable to Coca-Cola Consolidated, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

(1.52

)

 

$

(0.42

)

 

$

2.69

 

 

$

(2.88

)

Class B Common Stock

 

$

(1.52

)

 

$

(0.42

)

 

$

2.69

 

 

$

(2.88

)

Diluted net income (loss) per share based on net income attributable to Coca-Cola Consolidated, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

(1.52

)

 

$

(0.42

)

 

$

2.69

 

 

$

(2.88

)

Class B Common Stock

 

$

(1.52

)

 

$

(0.42

)

 

$

2.68

 

 

$

(2.87

)

 

 

(1)

During the fourth quarter of 2018, the Company recorded an out-of-period adjustment to correct previously understated SD&A expenses in the amount of $6.9 million to properly account for the Company’s portion of CONA’s historical operating losses as an equity method investment. The unrecorded amounts in prior years were immaterial to the consolidated financial statements, and the adjustment was not material to the current period. See Note 22 to the consolidated financial statements for additional information.

 

 

 

Quarter Ended

 

(in thousands, except per share data)

 

April 2,

2017

 

 

July 2,

2017

 

 

October 1,

2017

 

 

December 31,

2017

 

Net sales

 

$

857,593

 

 

$

1,159,804

 

 

$

1,152,561

 

 

$

1,117,630

 

Gross profit

 

 

323,912

 

 

 

405,691

 

 

 

400,359

 

 

 

374,905

 

Income from operations(1)

 

 

14,950

 

 

 

48,655

 

 

 

37,472

 

 

 

470

 

Net income (loss) attributable to Coca-Cola Consolidated, Inc.

 

 

(5,051

)

 

 

6,348

 

 

 

17,316

 

 

 

77,922

 

Basic net income (loss) per share based on net income attributable to Coca-Cola Consolidated, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

(0.54

)

 

$

0.68

 

 

$

1.86

 

 

$

8.35

 

Class B Common Stock

 

$

(0.54

)

 

$

0.68

 

 

$

1.86

 

 

$

8.35

 

Diluted net income (loss) per share based on net income attributable to Coca-Cola Consolidated, Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

$

(0.54

)

 

$

0.68

 

 

$

1.85

 

 

$

8.31

 

Class B Common Stock

 

$

(0.54

)

 

$

0.67

 

 

$

1.84

 

 

$

8.32

 

 

 

(1)

Upon the Company’s adoption of ASU 2017‑07 in the first quarter of 2018, it retrospectively adjusted the presentation of its non-service cost component of net periodic benefit cost from SD&A expenses to other expense, net in the consolidated statements of operations, which approximated $1.3 million per quarter in 2017. See Note 1 to the consolidated financial statements for additional information.

 

Additional Information for 2018:

 

Quarter Ended

 

(in thousands)

 

April 1,

2018

 

 

July 1,

2018

 

 

September 30,

2018

 

 

December 30,

2018

 

Pre-tax income/(expense) impact:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses related to System Transformation Transactions

 

$

(12,450

)

 

$

(9,871

)

 

$

(10,417

)

 

$

(10,598

)

Gain on exchange transactions

 

 

-

 

 

 

-

 

 

 

10,170

 

 

 

-

 

Expenses related to workforce optimization

 

 

-

 

 

 

(4,810

)

 

 

-

 

 

 

(3,745

)

 

Additional Information for 2017:

 

Quarter Ended

 

(in thousands)

 

April 2,

2017

 

 

July 2,

2017

 

 

October 1,

2017

 

 

December 31,

2017

 

Pre-tax income/(expense) impact:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses related to System Transformation Transactions

 

$

(7,652

)

 

$

(11,574

)

 

$

(13,148

)

 

$

(17,171

)

System Transformation Transactions settlement

 

 

-

 

 

 

(9,442

)

 

 

-

 

 

 

2,446

 

Gain on exchange transactions

 

 

-

 

 

 

-

 

 

 

-

 

 

 

529

 

Portion of Legacy Facilities Credit related to Mobile, Alabama facility

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,364

 

Acquisition of Southeastern Container preferred shares from CCR

 

 

-

 

 

 

-

 

 

 

-

 

 

 

6,012

 

Post-tax income/(expense) impact:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax Act

 

 

-

 

 

 

-

 

 

 

-

 

 

 

66,595

 

 
Summary of Impact to Net Sales and SD&A Expenses A summary of the impact to net sales and SD&A expenses is as follows:

 

 

Quarter

 

(in thousands)

 

First

 

 

Second

 

 

Third

 

 

Fourth

 

Impact to net sales and SD&A expenses in 2018

 

$

(7,307

)

 

$

(7,269

)

 

$

(7,628

)

 

$

-

 

Impact to net sales and SD&A expenses in 2017

 

 

(8,109

)

 

 

(9,487

)

 

 

(9,965

)

 

 

(8,519

)