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Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Discontinued Operations in Financial Statements
The major components of net (loss) income from discontinued operations, net of income taxes in the accompanying Consolidated Statements of Operations include the following:
 
For the Three Months Ended
 
For the Six Months Ended
(in millions of U.S. dollars)
June 30, 2018
 
July 1, 2017
 
June 30, 2018
 
July 1, 2017
Revenue, net
$
—

 
$
447.3

 
$
111.2

 
$
819.1

Cost of sales
—

 
392.1

 
98.4

 
722.1

Operating income from discontinued operations
—

 
14.1

 
2.0

 
19.7

(Loss) gain on sale of discontinued operations
(2.4
)
 
—

 
427.0

 
—

(Loss) income from discontinued operations, before income taxes
(2.4
)
 
(14.8
)
 
401.6

 
(39.6
)
Income tax (benefit) expense 1
(1.0
)
 
3.0

 
45.6

 
2.4

Net (loss) income from discontinued operations, net of income taxes
(1.4
)
 
(17.8
)
 
356.0

 
(42.0
)
Less: Net income attributable to non-controlling interests
—

 
2.3

 
0.6

 
4.3

Net (loss) income attributable to Cott Corporation – discontinued operations 2
$
(1.4
)
 
$
(20.1
)
 
$
355.4

 
$
(46.3
)
______________________
1
The net (loss) income from discontinued operations, before income taxes resulted in income tax benefit of $1.0 million and income tax expense of $45.6 million for the three and six months ended June 30, 2018, respectively. The Transaction resulted in a taxable gain on sale in the United States, which utilized a significant portion of the existing U.S. net operating loss carry forwards. As a result, the Company is in a net deferred tax liability position in the United States and thus a tax benefit of approximately $25.0 million related to a release of the U.S. valuation allowance was recorded in the first quarter of 2018 and is offsetting the overall income tax expense related to discontinued operations. The Transaction resulted in a non-taxable gain on sale in the United Kingdom. No tax benefit resulted from the Transaction related to the taxable loss on sale in Canada due to the Company's valuation allowance position.
2
Net (loss) income attributable to Cott Corporation – discontinued operations is inclusive of interest expense on short-term borrowings and debt required to be repaid or extinguished as part of divestiture of $3.4 million for the six months ended June 30, 2018 and $9.7 million and $30.1 million for the three and six months ended July 1, 2017, respectively.