Guarantor Subsidiaries (Tables)

12 Months Ended

Dec. 28, 2013

Text Block [Abstract]

Condensed Consolidating Statement of Operations

Condensed Consolidating Statement of Operations

For the year ended December 28, 2013

(in millions of U.S. dollars)

	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Elimination Entries			Consolidated
Revenue, net	$	170.9		$	780.4		$	1,022.3		$	147.0	$	(26.6	)	$	2,094.0
Cost of sales		149.0			673.9			916.6			129.1		(26.6	)		1,842.0
Gross profit		21.9			106.5			105.7			17.9		—			252.0
Selling, general and administrative expenses		28.9			70.3			52.1			9.1		—			160.4
Loss on disposal of property, plant & equipment		0.1			0.3			0.5			0.1		—			1.0
Restructuring		0.5			0.5			0.7			0.3		—			2.0
Operating (loss) income		(7.6	)		35.4			52.4			8.4		—			88.6
Other expense (income), net		0.4			12.5			(0.1	)		—		—			12.8
Intercompany interest (income) expense, net		—			(12.0	)		12.0			—		—			—
Interest expense, net		—			50.8			0.7			0.1		—			51.6
(Loss) income before income tax expense (benefit) and equity income (loss)		(8.0	)		(15.9	)		39.8			8.3		—			24.2
Income tax (benefit) expense		(0.8	)		4.6			(2.0	)		0.4		—			2.2
Equity income (loss)		24.2			5.2			(7.3	)		—		(22.1	)		—
Net income (loss)	$	17.0		$	(15.3	)	$	34.5		$	7.9	$	(22.1	)	$	22.0
Less: Net income attributable to non-controlling interests		—			—			—			5.0		—			5.0
Net income (loss) attributed to Cott Corporation	$	17.0		$	(15.3	)	$	34.5		$	2.9	$	(22.1	)	$	17.0
Comprehensive income (loss) attributed to Cott Corporation	$	12.6		$	(4.5	)	$	29.2		$	5.2	$	(29.9	)	$	12.6

Condensed Consolidating Statement of Operations

For the year ended December 29, 2012

(in millions of U.S. dollars)

	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	201.8	$	864.5		$	1,042.8		$	172.9		$	(31.4	)	$	2,250.6
Cost of sales		165.3		730.4			940.8			156.0			(31.4	)		1,961.1
Gross profit		36.5		134.1			102.0			16.9			—			289.5
Selling, general and administrative expenses		32.1		64.8			71.1			10.0			—			178.0
Loss on disposal of property, plant & equipment		—		0.7			0.6			0.5			—			1.8
Operating income		4.4		68.6			30.3			6.4			—			109.7
Contingent consideration earn-out adjustment		—		0.6			—			—			—			0.6
Other expense (income), net		0.4		(1.7	)		(0.6	)		(0.1	)		—			(2.0	)
Intercompany interest (income) expense, net		—		(11.0	)		11.0			—			—			—
Interest expense, net		0.1		53.3			0.7			0.1			—			54.2
Income before income tax expense (benefit) and equity income (loss)		3.9		27.4			19.2			6.4			—			56.9
Income tax expense (benefit)		3.0		2.2			(0.7	)		0.1			—			4.6
Equity income (loss)		46.9		5.0			30.5			—			(82.4	)		—
Net income	$	47.8	$	30.2		$	50.4		$	6.3		$	(82.4	)	$	52.3
Less: Net income attributable to non-controlling interests		—		—			—			4.5			—			4.5
Net income attributed to Cott Corporation	$	47.8	$	30.2		$	50.4		$	1.8		$	(82.4	)	$	47.8
Comprehensive income (loss) attributed to Cott Corporation	$	60.1	$	52.6		$	(33.7	)	$	(0.3	)	$	(18.6	)	$	60.1

Condensed Consolidating Statement of Operations

For the year ended December 31, 2011

(in millions of U.S. dollars)

	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	207.0		$	932.3		$	1,065.7		$	167.3		$	(37.7	)	$	2,334.6
Cost of sales		167.8			825.5			951.7			150.7			(37.7	)		2,058.0
Gross profit		39.2			106.8			114.0			16.6			—			276.6
Selling, general and administrative expenses		30.1			59.0			71.8			11.8			—			172.7
Loss on disposal of property, plant & equipment		—			0.4			0.8			—			—			1.2
Asset impairments
Asset impairments		—			—			—			0.6			—			0.6
Intangible asset impairments		—			1.4			—			—			—			1.4
Operating income		9.1			46.0			41.4			4.2			—			100.7
Contingent consideration earn-out adjustment		—			—			0.9			—			—			0.9
Other expense (income), net		1.6			(0.3	)		0.2			0.7			—			2.2
Intercompany interest (income) expense, net		(3.5	)		(4.1	)		7.6			—			—			—
Interest expense, net		0.3			54.8			1.8			0.2			—			57.1
Income (loss) before income tax expense (benefit) and equity income (loss)		10.7			(4.4	)		30.9			3.3			—			40.5
Income tax expense (benefit)		2.9			(0.8	)		(3.3	)		0.5			—			(0.7	)
Equity income		29.8			4.2			0.8			—			(34.8	)		—
Net income	$	37.6		$	0.6		$	35.0		$	2.8		$	(34.8	)	$	41.2
Less: Net income attributable to non-controlling interests		—			—			—			3.6			—			3.6
Net income (loss) attributed to Cott Corporation	$	37.6		$	0.6		$	35.0		$	(0.8	)	$	(34.8	)	$	37.6
Comprehensive income (loss) attributed to Cott Corporation	$	30.4		$	(1.3	)	$	128.5		$	2.6		$	(129.8	)	$	30.4

Consolidating Balance Sheet

Consolidating Balance Sheet

As of December 28, 2013

(in millions of U.S. dollars)

	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	1.5		$	1.1		$	39.1		$	5.5		$	—		$	47.2
Accounts receivable, net of allowance		19.0			114.1			229.8			15.5			(174.0	)		204.4
Income taxes recoverable		0.4			0.7			—			—			—			1.1
Inventories		16.2			77.0			132.9			7.0			—			233.1
Prepaid expenses and other assets		2.1			10.1			7.0			0.1			—			19.3
Total current assets		39.2			203.0			408.8			28.1			(174.0	)		505.1
Property, plant & equipment, net		47.9			190.2			235.7			9.9			—			483.7
Goodwill		25.8			4.5			107.0			—			—			137.3
Intangibles and other assets, net		1.3			88.0			196.2			10.7			—			296.2
Deferred income taxes		3.6			—			—			—			—			3.6
Other tax receivable		—			0.2			—			—			—			0.2
Due from affiliates		39.6			125.7			2.9			41.9			(210.1	)		—
Investments in subsidiaries		507.8			246.7			697.7			—			(1,452.2	)		—
Total assets	$	665.2		$	858.3		$	1,648.3		$	90.6		$	(1,836.3	)	$	1,426.1
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings	$	—		$	16.2		$	34.6		$	—		$	—		$	50.8
Current maturities of long-term debt		—			2.4			0.6			0.9			—			3.9
Accounts payable and accrued liabilities		25.5			214.4			225.6			6.7			(174.0	)		298.2
Total current liabilities		25.5			233.0			260.8			7.6			(174.0	)		352.9
Long-term debt		0.1			399.6			2.2			1.6			—			403.5
Deferred income taxes		—			32.0			9.1			0.4			—			41.5
Other long-term liabilities		0.1			2.8			19.4			—			—			22.3
Due to affiliates		43.1			1.6			128.1			37.3			(210.1	)		—
Total liabilities		68.8			669.0			419.6			46.9			(384.1	)		820.2
Equity
Capital stock, no par		392.8			509.4			1,557.5			82.5			(2,149.4	)		392.8
Additional paid-in-capital		44.1			—			—			—			—			44.1
Retained earnings (deficit)		176.3			(344.1	)		(322.1	)		(49.8	)		716.0			176.3
Accumulated other comprehensive (loss) income		(16.8	)		24.0			(6.7	)		1.5			(18.8	)		(16.8	)
Total Cott Corporation equity		596.4			189.3			1,228.7			34.2			(1,452.2	)		596.4
Non-controlling interests		—			—			—			9.5			—			9.5
Total equity		596.4			189.3			1,228.7			43.7			(1,452.2	)		605.9
Total liabilities and equity	$	665.2		$	858.3		$	1,648.3		$	90.6		$	(1,836.3	)	$	1,426.1

Consolidating Balance Sheet

As of December 29, 2012

(in millions of U.S. dollars)

	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	39.8		$	37.5		$	96.4		$	5.7		$	—		$	179.4
Accounts receivable, net of allowance		18.4			111.5			122.3			16.2			(69.0	)		199.4
Income taxes recoverable		—			0.9			0.2			0.1			—			1.2
Inventories		21.1			65.9			130.8			7.0			—			224.8
Prepaid expenses and other assets		2.5			13.4			4.3			0.1			—			20.3
Total current assets		81.8			229.2			354.0			29.1			(69.0	)		625.1
Property, plant & equipment, net		50.7			188.4			242.0			9.8			—			490.9
Goodwill		27.5			4.5			98.3			—			—			130.3
Intangibles and other assets, net		1.0			101.4			198.4			14.6			—			315.4
Deferred income taxes		2.9			—			—			0.4			—			3.3
Other tax receivable		0.2			0.1			0.6			—			—			0.9
Due from affiliates		40.0			175.2			78.0			41.9			(335.1	)		—
Investments in subsidiaries		487.5			389.7			820.0			—			(1,697.2	)		—
Total assets	$	691.6		$	1,088.5		$	1,791.3		$	95.8		$	(2,101.3	)	$	1,565.9
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	1.3		$	0.2		$	0.4		$	—		$	1.9
Accounts payable and accrued liabilities		36.2			119.5			193.1			7.9			(69.0	)		287.7
Total current liabilities		36.2			120.8			193.3			8.3			(69.0	)		289.6
Long-term debt		0.2			598.7			1.5			1.4			—			601.8
Deferred income taxes		—			30.3			7.9			0.9			—			39.1
Other long-term liabilities		0.2			4.0			8.3			—			—			12.5
Due to affiliates		43.2			76.7			177.8			37.4			(335.1	)		—
Total liabilities		79.8			830.5			388.8			48.0			(404.1	)		943.0
Equity
Capital stock, no par		397.8			574.5			1,724.3			83.6			(2,382.4	)		397.8
Additional paid-in-capital		40.4			—			—			—			—			40.4
Retained earnings (deficit)		186.0			(329.7	)		(331.2	)		(46.1	)		707.0			186.0
Accumulated other comprehensive (loss) income		(12.4	)		13.2			9.4			(0.8	)		(21.8	)		(12.4	)
Total Cott Corporation equity		611.8			258.0			1,402.5			36.7			(1,697.2	)		611.8
Non-controlling interests		—			—			—			11.1			—			11.1
Total equity		611.8			258.0			1,402.5			47.8			(1,697.2	)		622.9
Total liabilities and equity	$	691.6		$	1,088.5		$	1,791.3		$	95.8		$	(2,101.3	)	$	1,565.9

Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

For the year ended December 28, 2013

(in millions of U.S. dollars)

	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	17.0		$	(15.3	)	$	34.5		$	7.9		$	(22.1	)	$	22.0
Depreciation & amortization		6.3			39.6			48.7			6.2			—			100.8
Amortization of financing fees		0.1			2.6			0.1			—			—			2.8
Share-based compensation expense		1.1			2.5			0.4			—			—			4.0
(Decrease) increase in deferred income taxes		(0.9	)		4.5			(2.6	)		(0.1	)		—			0.9
Loss on disposal of property, plant & equipment		0.1			0.3			0.5			0.1			—			1.0
Write-off of financing fees and discount		—			4.0			—			—			—			4.0
Equity (income) loss, net of distributions		(24.2	)		(5.2	)		7.3			—			22.1			—
Intercompany dividends		27.1			6.9			—			—			(34.0	)		—
Other non-cash items		0.2			0.5			0.1			0.1			—			0.9
Net change in operating assets and liabilities, net of acquisition		(21.0	)		153.9			(114.8	)		0.7			—			18.8
Net cash provided by (used in) operating activities		5.8			194.3			(25.8	)		14.9			(34.0	)		155.2
Investing Activities
Acquisition, net of cash received		—			(4.7	)		(6.5	)		—			—			(11.2	)
Additions to property, plant & equipment		(6.8	)		(35.1	)		(12.4	)		(1.3	)		—			(55.6	)
Additions to intangibles and other assets		—			(5.9	)		—			—			—			(5.9	)
Proceeds from sale of property, plant & equipment		—			—			—			0.2			—			0.2
Proceeds from insurance recoveries		—			0.6			—			—			—			0.6
Advances to affiliates		—			—			—			0.3			(0.3	)		—
Net cash used in investing activities		(6.8	)		(45.1	)		(18.9	)		(0.8	)		(0.3	)		(71.9	)
Financing Activities
Payments of long-term debt		(0.1	)		(201.1	)		(18.8	)		(0.8	)		—			(220.8	)
Borrowings under ABL		—			89.0			42.9			—			—			131.9
Payments under ABL		—			(72.9	)		(9.2	)		—			—			(82.1	)
Advances from affiliates		(0.3	)		—			—			—			0.3			—
Distributions to non-controlling interests		—			—			—			(6.6	)		—			(6.6	)
Common share repurchase		(13.0	)		—			—			—			—			(13.0	)
Dividends paid to shareholders		(21.9	)		—			—			—			—			(21.9	)
Intercompany dividends		—			—			(27.1	)		(6.9	)		34.0			—
Financing fees		(0.1	)		(0.6	)		(0.1	)		—			—			(0.8	)
Net cash used in financing activities		(35.4	)		(185.6	)		(12.3	)		(14.3	)		34.3			(213.3	)
Effect of exchange rate changes on cash		(1.9	)		—			(0.3	)		—			—			(2.2	)
Net decrease in cash & cash equivalents		(38.3	)		(36.4	)		(57.3	)		(0.2	)		—			(132.2	)
Cash & cash equivalents, beginning of period		39.8			37.5			96.4			5.7			—			179.4
Cash & cash equivalents, end of period	$	1.5		$	1.1		$	39.1		$	5.5		$	—		$	47.2

Condensed Consolidating Statement of Cash Flows

For the year ended December 29, 2012

(in millions of U.S. dollars)

	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	47.8		$	30.2		$	50.4		$	6.3		$	(82.4	)	$	52.3
Depreciation & amortization		6.5			36.9			48.4			5.9			—			97.7
Amortization of financing fees		0.2			3.3			0.2			—			—			3.7
Share-based compensation expense		1.1			2.7			1.0			0.1			—			4.9
Increase (decrease) in deferred income taxes		0.4			3.6			(0.2	)		—			—			3.8
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			0.7			0.6			0.5			—			1.8
Equity (income) loss, net of distributions		(46.9	)		(5.0	)		(30.5	)		—			82.4			—
Intercompany dividends		28.0			5.9			—			—			(33.9	)		—
Other non-cash items		—			(0.4	)		—			—			—			(0.4	)
Net change in operating assets and liabilities		(6.8	)		(3.9	)		12.8			8.0			—			10.1
Net cash provided by operating activities		30.3			74.0			81.8			20.8			(33.9	)		173.0
Investing Activities
Acquisition		—			(4.7	)		(5.0	)		—			—			(9.7	)
Additions to property, plant & equipment		(7.7	)		(45.2	)		(14.2	)		(2.6	)		—			(69.7	)
Additions to intangibles and other assets		(0.6	)		(5.1	)		0.5			—			—			(5.2	)
Proceeds from sale of property, plant & equipment		—			—			1.0			1.3			—			2.3
Proceeds from insurance recoveries		—			1.9			—			—			—			1.9
Advances to affiliates		—			—			—			(9.7	)		9.7			—
Net cash used in investing activities		(8.3	)		(53.1	)		(17.7	)		(11.0	)		9.7			(80.4	)
Financing Activities
Payments of long-term debt		0.1			(2.9	)		—			(0.5	)		—			(3.3	)
Borrowings under ABL		—			24.5			—			—			—			24.5
Payments under ABL		—			(24.5	)		—			—			—			(24.5	)
Advances from affiliates		9.7			—			—			—			(9.7	)		—
Distributions to non-controlling interests		—			—			—			(5.6	)		—			(5.6	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)
Dividends paid to shareholders		(5.8	)		—			—			—			—			(5.8	)
Intercompany dividends		—			—			(28.0	)		(5.9	)		33.9			—
Financing fees		—			(1.2	)		—			—			—			(1.2	)
Net cash provided by (used in) financing activities		3.7			(4.1	)		(28.0	)		(12.0	)		24.2			(16.2	)
Effect of exchange rate changes on cash		0.4			—			1.4			0.3			—			2.1
Net increase (decrease) in cash & cash equivalents		26.1			16.8			37.5			(1.9	)		—			78.5
Cash & cash equivalents, beginning of period		13.7			20.7			58.9			7.6			—			100.9
Cash & cash equivalents, end of period	$	39.8		$	37.5		$	96.4		$	5.7		$	—		$	179.4

Condensed Consolidating Statement of Cash Flows

For the year ended December 31, 2011

(in millions of U.S. dollars)

	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	37.6		$	0.6		$	35.0		$	2.8		$	(34.8	)	$	41.2
Depreciation & amortization		6.0			35.1			48.2			6.0			—			95.3
Amortization of financing fees		0.3			3.3			0.3			—			—			3.9
Share-based compensation expense		1.1			1.0			0.7			0.1			—			2.9
Increase (decrease) in deferred income taxes		0.4			0.1			(3.9	)		(0.3	)		—			(3.7	)
Loss on disposal of property, plant & equipment		—			0.4			0.8			—			—			1.2
Asset impairments		—			—			—			0.6			—			0.6
Intangible asset impairments		—			1.4			—			—			—			1.4
Contract termination payments		(0.8	)		(2.3	)		—			—			—			(3.1	)
Equity (income) loss, net of distributions		(29.6	)		(4.2	)		0.2			—			33.6			—
Intercompany dividends		25.8			9.6			—			—			(35.4	)		—
Other non-cash items		(0.1	)		1.1			3.6			0.3			—			4.9
Net change in operating assets and liabilities		(25.7	)		210.4			(169.6	)		2.6			1.2			18.9
Net cash provided by (used in) operating activities		15.0			256.5			(84.7	)		12.1			(35.4	)		163.5
Investing Activities
Acquisition		—			(34.3	)		—			—			—			(34.3	)
Additions to property, plant & equipment		(5.2	)		(33.9	)		(9.5	)		(0.2	)		—			(48.8	)
Additions to intangibles and other assets		(0.2	)		(5.3	)		(0.1	)		(0.1	)		—			(5.7	)
Proceeds from sale of property, plant & equipment		—			0.4			—			—			—			0.4
Other investing activities		—			(1.8	)		—			—			—			(1.8	)
Advances to affiliates		—			—			156.1			3.6			(159.7	)		—
Net cash (used in) provided by investing activities		(5.4	)		(74.9	)		146.5			3.3			(159.7	)		(90.2	)
Financing Activities
Payments of long-term debt		0.1			(6.4	)		—			(0.5	)		—			(6.8	)
Borrowings under ABL		—			224.1			—			—			—			224.1
Payments under ABL		—			(231.9	)		—			—			—			(231.9	)
Advances from affiliates		(3.6	)		(156.1	)		—			—			159.7			—
Distributions to non-controlling interests		—			—			—			(6.0	)		—			(6.0	)
Intercompany dividends		—			—			(29.0	)		(6.4	)		35.4			—
Exercise of options		—			0.3			—			—			—			0.3
Net cash used in financing activities		(3.5	)		(170.0	)		(29.0	)		(12.9	)		195.1			(20.3	)
Effect of exchange rate changes on cash		(0.2	)		—			0.1			(0.2	)		—			(0.3	)
Net increase in cash & cash equivalents		5.9			11.6			32.9			2.3			—			52.7
Cash & cash equivalents, beginning of period		7.8			9.1			26.0			5.3			—			48.2
Cash & cash equivalents, end of period	$	13.7		$	20.7		$	58.9		$	7.6		$	—		$	100.9