Discontinued Operations - (Tables)

12 Months Ended

Dec. 29, 2018

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations in Financial Statements

The major components of net income (loss) from discontinued operations, net of income taxes in the accompanying Consolidated Statements of Operations include the following:

	For the Year Ended
	December 29, 2018		December 30, 2017			December 31, 2016
(in millions of U.S. dollars)
Revenue, net	$	111.2	$	1,637.1		$	1,658.6
Cost of sales	98.4		1,428.4			1,434.5
Operating income from discontinued operations	2.0		49.9			72.7
Gain on sale of discontinued operations	427.9		—			—
Income (loss) from discontinued operations, before income taxes	402.5		(20.5		)	(6.8		)
Income tax expense (benefit) 1	47.9		(31.2		)	4.4
Net income (loss) from discontinued operations, net of income taxes	354.6		10.7			(11.2		)
Less: Net income attributable to non-controlling interests	0.6		8.5			6.3
Net income (loss) attributable to Cott Corporation – discontinued operations 2	$	354.0	$	2.2		$	(17.5	)

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¹ The Transaction resulted in a taxable gain on sale in the U.S., which utilized a significant portion of the existing U.S. net operating loss carryforwards. As a result, the Company is in a net deferred tax liability position in the U.S. and thus a tax benefit of approximately $35.1 million related to a release of the U.S. valuation allowance was recorded in 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 income (loss) 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 year ended December 29, 2018 (December 30, 2017 - $49.5 million; December 31, 2016 - $81.2 million).

Assets and liabilities of discontinued operations presented in the accompanying Consolidated Balance Sheet as of December 30, 2017 include the following:

(in millions of U.S. dollars)	December 30, 2017
ASSETS
Cash and cash equivalents	$	66.0
Accounts receivable, net	143.2
Inventories	191.2
Prepaid expenses and other current assets	8.3
Current assets of discontinued operations	408.7
Property, plant and equipment, net	350.7
Goodwill	136.8
Intangible assets, net	176.2
Other long-term assets, net	13.8
Long-term assets of discontinued operations	$	677.5
LIABILITIES
Current maturities of long-term debt	0.5
Accounts payable and accrued liabilities	294.6
Current liabilities of discontinued operations	295.1
Long-term debt	0.9
Deferred tax liabilities	1.0
Other long-term liabilities	43.9
Long-term liabilities of discontinued operations	$	45.8