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Acquisitions and Divestitures | 3 Months Ended
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Apr. 03, 2016
Business Combinations [Abstract] |
Acquisitions and Divestitures | 2. Acquisitions and Divestitures Since April 2013, as a part of The Coca-Cola Company’s plans to refranchise its North American bottling territories, the Company has engaged in a series of transactions with The Coca-Cola Company and Coca-Cola Refreshments USA, Inc. (“CCR”), a wholly-owned subsidiary of The Coca-Cola Company, to expand the Company’s distribution operations significantly through the acquisition of rights to serve additional distribution territories previously served by CCR (the “Expansion Territories”) and of related distribution assets (the “Distribution Territory Expansion Transactions”). During 2015, the Company completed Distribution Territory Expansion Transactions announced as part of the April 2013 letter of intent signed with The Coca-Cola Company. These completed acquisitions include Expansion Territories in parts of Tennessee, Kentucky and Indiana previously served by CCR. On May 12, 2015, the Company and The Coca-Cola Company entered into a non-binding letter of intent (the “May 2015 LOI”) pursuant to which CCR would grant the Company in two phases certain exclusive rights for the distribution, promotion, marketing and sale of The Coca-Cola Company-owned and -licensed products in additional territories then served by CCR. The major markets that would be served as part of the expansion contemplated by the May 2015 LOI include: Baltimore, Alexandria, Norfolk, Richmond, the District of Columbia, Cincinnati, Columbus, Dayton and Indianapolis. On September 23, 2015, the Company and CCR entered into an asset purchase agreement for the first phase of this additional distribution territory contemplated by the May 2015 LOI including: (i) eastern and northern Virginia, (ii) the entire state of Maryland, (iii) the District of Columbia, and (iv) parts of Delaware, North Carolina, Pennsylvania and West Virginia (the “Next Phase Territories”). The first closing for the series of Next Phase Territories transactions (the “Next Phase Territories Transactions”) occurred on October 30, 2015 for territories served by distribution facilities in Norfolk, Fredericksburg and Staunton, Virginia and Elizabeth City, North Carolina. The second closing for the series of Next Phase Territories Transactions occurred on January 29, 2016 for territories served by distribution facilities in Easton and Salisbury, Maryland and Richmond and Yorktown, Virginia. The third closing for the series of Next Phase Territories Transactions occurred on April 1, 2016 for territories served by distribution facilities in Alexandria, Virginia and Capitol Heights and La Plata, Maryland. The final closing for the series of Next Phase Territories Transactions occurred on April 29, 2016 for territories served by distribution facilities in Baltimore, Hagerstown and Cumberland, Maryland. At the closings of each of the Distribution Territory Expansion Transactions (excluding the Lexington-for-Jackson exchange described below), the Company signed a Comprehensive Beverage Agreement (“CBA”) for each of the territories which has a term of ten years and is automatically renewed for successive additional terms of ten years unless we give notice to terminate at least one year prior to the expiration of a ten-year term or unless earlier terminated as provided therein. Under the CBAs, the Company will make a quarterly sub-bottling payment to CCR on a continuing basis for the grant of exclusive rights to distribute, promote, market and sell specified covered beverages and related products, as defined in the agreements. The quarterly sub-bottling payment, which is accounted for as contingent consideration, is based on sales of certain beverages and beverage products that are sold under the same trademarks that identify a covered beverage, related product or certain cross-licensed brands (as defined in the CBAs). The CBA imposes certain obligations on the Company with respect to serving the expansion territories that failure to meet could result in termination of a CBA if the Company fails to take corrective measures within a specified time frame. The May 2015 LOI contemplated that The Coca-Cola Company would work collaboratively with the Company and certain other expanding participating bottlers in the U.S. (“EPBs”) to implement a national product supply system. As a result of subsequent discussions among the EPBs and The Coca-Cola Company, on September 23, 2015, the Company and The Coca-Cola Company entered into a non-binding letter of intent (the “Manufacturing LOI”) pursuant to which CCR would sell six manufacturing facilities (“Regional Manufacturing Facilities”) and related manufacturing assets (collectively, “Manufacturing Assets”) to the Company as the Company becomes a regional producing bottler (“Regional Producing Bottler”) in the national product supply system (the “Manufacturing Facility Expansion Transactions”). Similar to, and as an integral part of, the Distribution Territory Expansion Transactions described in the May 2015 LOI, the sale of the Manufacturing Assets by CCR to the Company would be accomplished in two phases. The first phase includes three Regional Manufacturing Facilities located in Sandston, Virginia; Silver Spring, Maryland; and Baltimore, Maryland that serve the Next Phase Territories. The second phase includes three Regional Manufacturing Facilities located in Indianapolis, Indiana; Portland, Indiana; and Cincinnati, Ohio that serve the distribution territories in central and southern Ohio, northern Kentucky and parts of Indiana and Illinois. On October 30, 2015, the Company and CCR entered into a definitive purchase and sale agreement for the Manufacturing Assets that comprise the three Regional Manufacturing Facilities located in Sandston, Virginia; Silver Spring, Maryland; and Baltimore, Maryland (the “Next Phase Manufacturing Transactions”). The first closing for the series of Next Phase Manufacturing Transactions occurred on January 29, 2016 for the Sandston, Virginia facility. The final closing for the series of Next Phase Manufacturing Transactions occurred on April 29, 2016 for the Silver Spring, Maryland facility and the Baltimore, Maryland facility. On February 8, 2016, the Company and The Coca-Cola Company entered into a non-binding letter of intent (the “February 2016 LOI”) pursuant to which CCR would grant the Company exclusive rights for the distribution, promotion, marketing and sale of The Coca-Cola Company-owned and -licensed products in additional territories then served by CCR. The transactions proposed in the February 2016 LOI would provide exclusive distribution rights for the Company in territories located within northern Ohio and northern West Virginia, including the following major markets: Akron, Elyria, Toledo, Willoughby, and Youngstown County in Ohio. CCR currently serves these territories and owns and operates the Twinsburg manufacturing facility. 2014 Expansion Territories On May 23, 2014, the Company acquired the Johnson City and Morristown, Tennessee territory, and on October 24, 2014, the Company acquired the Knoxville, Tennessee territory (collectively the “2014 Expansion Territories”) from CCR. The fair value of acquired assets and assumed liabilities of the 2014 Expansion Territories as of the acquisition dates is summarized as follows:
|  | Johnson City/ |  |  |  |  |
|  | Morristown |  |  | Knoxville |
In Thousands |  | Territory |  |  | Territory |
Cash |  | $ | 46 |  |  | $ | 108 |
Inventories |  |  | 1,150 |  |  |  | 2,100 |
Prepaid expenses and other current assets |  |  | 315 |  |  |  | 1,893 |
Property, plant and equipment |  |  | 8,495 |  |  |  | 17,229 |
Other assets |  |  | 361 |  |  |  | 138 |
Goodwill |  |  | 914 |  |  |  | 4,781 |
Other identifiable intangible assets |  |  | 13,800 |  |  |  | 37,400 |
Total acquired assets |  | $ | 25,081 |  |  | $ | 63,649 |
Current liabilities (acquisition related contingent consideration) |  | $ | 1,005 |  |  | $ | 2,426 |
Current liabilities |  |  | 23 |  |  |  | 2,351 |
Accounts payable to The Coca-Cola Company |  | 0 |  |  |  | 105 |
Other liabilities (including deferred taxes) |  |  | 334 |  |  |  | 0 |
Other liabilities (acquisition related contingent consideration) |  |  | 11,564 |  |  |  | 27,834 |
Total assumed liabilities |  | $ | 12,926 |  |  | $ | 32,716 |
The fair value of the acquired identifiable intangible assets as of the acquisition dates is as follows:
|  | Johnson City/ |  |  |  |  |  |  |
|  | Morristown |  |  | Knoxville |  |  | Estimated
In Thousands |  | Territory |  |  | Territory |  |  | Useful Lives
Distribution agreements |  | $ | 13,200 |  |  | $ | 36,400 |  |  | 40 years
Customer lists |  |  | 600 |  |  |  | 1,000 |  |  | 12 years
Total |  | $ | 13,800 |  |  | $ | 37,400 |  |  |
The goodwill of $0.9 million and $4.8 million for the Johnson City/Morristown and Knoxville territories, respectively, is primarily attributed to the workforce. Goodwill of $0.4 million and $4.6 million for the Johnson City/Morristown and Knoxville territories, respectively, is expected to be deductible for tax purposes. During the third quarter of 2015, the Company made certain measurement period adjustments as a result of purchase price changes to reflect the revised opening balance sheets for the Johnson City/Morristown and Knoxville, Tennessee territories. The effect on the Company’s consolidated financial statements of these measurement period adjustments was immaterial. These adjustments are included in the opening balance sheets presented above. 2015 Expansion Territories During 2015, the Company closed on the expansion of the following distribution territories and related assets: Cleveland and Cookeville, Tennessee; Louisville, Kentucky and Evansville, Indiana; Paducah and Pikeville, Kentucky; Norfolk, Fredericksburg and Staunton, Virginia; and Elizabeth City, North Carolina (the “2015 Expansion Territories”). The Company also acquired a make-ready center in Annapolis, Maryland in 2015. During the fourth quarter of 2015, the Company made certain measurement period adjustments as a result of purchase price changes to reflect the revised opening balance sheets for the Cleveland and Cookeville Tennessee and Louisville, Kentucky and Evansville, Indiana territories. Cleveland and Cookeville, Tennessee Territory Acquisitions On December 5, 2014, the Company and CCR entered into an asset purchase agreement (the “Initial December 2014 APA”) related to the territory served by CCR through CCR’s facilities and equipment located in Cleveland and Cookeville, Tennessee (the “January 2015 Expansion Territory”). The closing of this transaction occurred on January 30, 2015 for a cash purchase price after final adjustments of $13.2 million. Louisville, Kentucky and Evansville, Indiana Territory Acquisitions On December 17, 2014, the Company and CCR entered into an asset purchase agreement (the “Additional December 2014 APA”) related to the territory served by CCR through CCR’s facilities and equipment located in Louisville, Kentucky and Evansville, Indiana (the “February 2015 Expansion Territory”). The closing of this transaction occurred on February 27, 2015, for a cash purchase price after final adjustments of $18.0 million. Paducah and Pikeville, Kentucky Territory Acquisitions On February 13, 2015, the Company and CCR entered into an asset purchase agreement (the “February 2015 APA”) related to the territory served by CCR through CCR’s facilities and equipment located in Paducah and Pikeville, Kentucky (the “May 2015 Expansion Territory”). The closing of this transaction occurred on May 1, 2015, for a cash purchase price of $7.5 million, which will remain subject to adjustment in accordance with the terms and conditions of the February 2015 APA. Norfolk, Fredericksburg and Staunton, Virginia; and Elizabeth City, North Carolina Territory Acquisitions On September 23, 2015, the Company and CCR entered into an asset purchase agreement (the “September 2015 APA”) related to the territory served by CCR through CCR’s facilities and equipment located in Norfolk, Fredericksburg and Staunton, Virginia, and Elizabeth City, North Carolina (the “October 2015 Expansion Territory”). The closing of this transactions occurred on October 30, 2015, for a cash purchase price of $26.1 million, which will remain subject to adjustment in accordance with the terms and conditions of the September 2015 APA. Annapolis, Maryland Make-Ready Center Acquisition As a part of the Expansion Transactions, on October 30, 2015 the Company acquired from CCR a “make-ready center” in Annapolis, Maryland for approximately $5.3 million, subject to a final post-closing adjustment. The Company recorded a bargain purchase gain of approximately $2.0 million on this transaction after applying a deferred tax liability of approximately $1.3 million. The Company uses the make-ready center to deploy and refurbish vending and other sales equipment for use in the marketplace. The fair value of acquired assets and assumed liabilities of the 2015 Expansion Territories and the Annapolis, Maryland make-ready center as of the acquisition dates is summarized as follows:
In Thousands |  | January 2015 Expansion Territory |  |  | February 2015 Expansion Territory |  |  | May 2015 Expansion Territory |  |  | October 2015 Expansion Territory |  |  | Annapolis MRC |
Cash |  | $ | 59 |  |  | $ | 105 |  |  | $ | 45 |  |  | $ | 160 |  |  | $ | 0 |
Inventories |  |  | 1,238 |  |  |  | 1,268 |  |  |  | 1,045 |  |  |  | 2,564 |  |  |  | 109 |
Prepaid expenses and other current assets |  |  | 714 |  |  |  | 1,108 |  |  |  | 224 |  |  |  | 1,305 |  |  |  | 0 |
Property, plant and equipment |  |  | 6,722 |  |  |  | 16,598 |  |  |  | 6,584 |  |  |  | 25,930 |  |  |  | 8,492 |
Other assets (including deferred taxes) |  |  | 336 |  |  |  | 1,147 |  |  |  | 510 |  |  |  | 4,272 |  |  |  | 0 |
Goodwill |  |  | 1,280 |  |  |  | 1,528 |  |  |  | 942 |  |  |  | 6,559 |  |  | 0 |
Other identifiable intangible assets |  |  | 12,950 |  |  |  | 20,350 |  |  |  | 1,700 |  |  |  | 49,100 |  |  |  | 0 |
Total acquired assets |  | $ | 23,299 |  |  | $ | 42,104 |  |  | $ | 11,050 |  |  | $ | 89,890 |  |  | $ | 8,601 |
Current liabilities (acquisition related contingent consideration) |  | $ | 843 |  |  | $ | 1,659 |  |  | $ | 281 |  |  | $ | 547 |  |  | $ | 0 |
Other current liabilities |  |  | 125 |  |  |  | 974 |  |  |  | 494 |  |  |  | 4,222 |  |  |  | 0 |
Other liabilities |  | 0 |  |  |  | 823 |  |  |  | 10 |  |  | 0 |  |  |  | 1,265 |
Other liabilities (acquisition related contingent consideration) |  |  | 9,131 |  |  |  | 20,625 |  |  |  | 2,748 |  |  |  | 58,925 |  |  |  | 0 |
Total assumed liabilities |  | $ | 10,099 |  |  | $ | 24,081 |  |  | $ | 3,533 |  |  | $ | 63,694 |  |  | $ | 1,265 |
The fair value of the acquired identifiable intangible assets of the 2015 Expansion Territories as of the acquisition dates is as follows:
In Thousands |  | January 2015 Expansion Territory |  |  | February 2015 Expansion Territory |  |  | May 2015 Expansion Territory |  |  | October 2015 Expansion Territory |  |  | Estimated Useful Lives
Distribution agreements |  | $ | 12,400 |  |  | $ | 19,200 |  |  | $ | 1,500 |  |  | $ | 47,900 |  |  | 40 years
Customer lists |  |  | 550 |  |  |  | 1,150 |  |  |  | 200 |  |  |  | 1,200 |  |  | 12 years
Total |  | $ | 12,950 |  |  | $ | 20,350 |  |  | $ | 1,700 |  |  | $ | 49,100 |  |  |
The goodwill of $1.3 million, $1.5 million, $0.9 million and $6.6 million for the 2015 Expansion Territories, respectively, is primarily attributed to the workforce. Goodwill of $1.0 million, $0.3 million and $0.1 million is expected to be deductible for tax purposes for the January 2015 Expansion Territory, February 2015 Expansion Territory and May 2015 Expansion Territory, respectively. No goodwill is expected to be deductible for tax purposes for the October 2015 Expansion Territory. YTD 2016 Expansion Transactions During the quarter ended April 3, 2016 (“Q1 2016”), the Company closed on the expansion of the following distribution territories and related assets: Easton and Salisbury, Maryland and Richmond and Yorktown, Virginia on January 29, 2016 and Alexandria, Virginia and Capitol Heights and La Plata, Maryland on April 1, 2016 and also closed on the acquisition of the Sandston, Virginia Regional Manufacturing Facility and related assets on January 29, 2016 (the “YTD 2016 Expansion Transactions”). Easton and Salisbury, Maryland and Richmond, Sandston and Yorktown, Virginia Acquisitions The September 2015 APA contemplated the Company’s acquisition of the territory served by CCR through CCR’s facilities and equipment located in Easton and Salisbury, Maryland and Richmond and Yorktown, Virginia and the October 2015 APA contemplated the Company’s acquisition of the Regional Manufacturing Facility and related manufacturing assets in Sandston, Virginia (the “January 2016 Expansion Transaction”). The closing of the January 2016 Expansion Transaction occurred on January 29, 2016, for a cash purchase price of $65.7 million, which will remain subject to adjustment in accordance with the terms and conditions of the September 2015 APA and October 2015 APA. Alexandria, Virginia and Capitol Heights and La Plata, Maryland Acquisitions The September 2015 APA also contemplated the Company’s acquisition of the territory served by CCR through CCR’s facilities and equipment located in Alexandria, Virginia and Capitol Heights and La Plata, Maryland (the “April 2016 Expansion Transaction”). The closing of the April 2016 Expansion Transaction occurred on April 1, 2016, for a cash purchase price of $35.5 million, which will remain subject to adjustment in accordance with the terms and conditions of the September 2015 APA. The fair value of acquired assets and assumed liabilities of the YTD 2016 Expansion Transactions as of the acquisition dates is summarized as follows:
In Thousands |  | January 2016 Expansion Transaction |  |  | April 2016 Expansion Transaction |
Cash |  | $ | 179 |  |  | $ | 219 |
Inventories |  |  | 11,559 |  |  |  | 3,748 |
Prepaid expenses and other current assets |  |  | 906 |  |  |  | 1,306 |
Property, plant and equipment |  |  | 47,644 |  |  |  | 56,150 |
Other assets (including deferred taxes) |  |  | 2,290 |  |  |  | 1,113 |
Goodwill |  |  | 16,241 |  |  |  | 693 |
Other identifiable intangible assets |  |  | 1,300 |  |  | 0 |
Total acquired assets |  | $ | 80,119 |  |  | $ | 63,229 |
Current liabilities (acquisition related contingent consideration) |  | $ | 361 |  |  | $ | 742 |
Other current liabilities |  |  | 7,245 |  |  |  | 3,011 |
Accounts payable to The Coca-Cola Company |  |  | 650 |  |  | 0 |
Other liabilities |  |  | 29 |  |  | 0 |
Other liabilities (acquisition related contingent consideration) |  |  | 6,144 |  |  |  | 23,924 |
Total assumed liabilities |  | $ | 14,429 |  |  | $ | 27,677 |
The fair value of the acquired identifiable intangible assets as of the acquisition dates is as follows:
In Thousands |  | January 2016 Expansion Transaction |  |  | Estimated Useful Lives
Distribution agreements |  | $ | 750 |  |  | 40 years
Customer lists |  |  | 550 |  |  | 12 years
Total |  | $ | 1,300 |  |  |
The goodwill of $16.2 million and $0.7 million for the YTD 2016 Expansion Transactions respectively, is primarily attributed to operational synergies and the workforce. Goodwill of $12.8 million is expected to be deductible for tax purposes for the January 2016 Expansion Transactions. No goodwill is expected to be deductible for the April 2016 Expansion Transactions. The Company has preliminarily allocated the purchase price of the 2015 Expansion Territories and YTD 2016 Expansion Transactions to the individual acquired assets and assumed liabilities. The valuations are subject to adjustment as additional information is obtained. The anticipated range of amounts the Company could pay annually under the acquisition related contingent consideration arrangements for the 2015 Expansion Territories and the YTD 2016 Expansion Transactions is between $7 million and $14 million. 2015 Asset Exchange Agreement On October 17, 2014, the Company and CCR entered into an agreement (the “Asset Exchange Agreement”) pursuant to which CCR agreed to exchange certain assets of CCR relating to the marketing, promotion, distribution and sale of Coca-Cola and other beverage products in the territory served by CCR’s facilities and equipment located in Lexington, Kentucky (the “Lexington Expansion Territory”), including the rights to produce such beverages in the Lexington Expansion Territory, in exchange for certain assets of the Company relating to the marketing, promotion, distribution and sale of Coca-Cola and other beverage products in the territory served by the Company’s facilities and equipment located in Jackson, Tennessee, including the rights to produce such beverages in that territory. The Company and CCR closed the Asset Exchange Transaction on May 1, 2015. The net assets received in the exchange, after deducting the value of certain retained assets and retained liabilities, was approximately $10.5 million. The fair value of acquired assets and assumed liabilities related to the Lexington Expansion Territory as of the exchange date is summarized as follows:
|  | Lexington |  |  |
|  | Expansion |  |  |
In Thousands |  | Territory |  |  |
Cash |  | $ | 56 |  |  |
Inventories |  |  | 2,712 |  |  |
Prepaid expenses and other current assets |  |  | 442 |  |  |
Property, plant and equipment |  |  | 12,677 |  |  |
Other assets |  |  | 48 |  |  |
Franchise rights |  |  | 18,200 |  |  |
Goodwill |  |  | 2,543 |  |  |
Other identifiable intangible assets |  |  | 1,000 |  |  |
Total acquired assets |  | $ | 37,678 |  |  |
Current liabilities |  | $ | 926 |  |  |
Total assumed liabilities |  | $ | 926 |  |  |
The fair value of the acquired identifiable intangible assets related to the Lexington Expansion Territory as of the exchange date is as follows:
|  | Lexington |  |  |
|  | Expansion |  |  | Estimated
In Thousands |  | Territory |  |  | Useful Lives
Franchise rights |  | $ | 18,200 |  |  | Indefinite
Distribution agreements |  |  | 200 |  |  | 40 years
Customer lists |  |  | 800 |  |  | 12 years
Total |  | $ | 19,200 |  |  |
The goodwill related to the Lexington Expansion Territory is primarily attributed to the workforce of the territories. Goodwill of $2.5 million is expected to be deductible for tax purposes. The Company has preliminarily allocated the purchase price for the Lexington Expansion Territory to the individual acquired assets and assumed liabilities. The valuations are subject to adjustment as additional information is obtained. The carrying value of assets exchanged related to the Jackson territory was $17.5 million, resulting in a gain on the exchange of $8.8 million in the second quarter of 2015. The amount of goodwill and franchise rights allocated to the Jackson territory was determined using a relative fair value approach comparing the fair value of the Jackson territory to the fair value of the overall Nonalcoholic Beverages reporting unit. Subsequent to Q1 2016, the net assets received in the exchange, after deducting the value of certain retained assets and retained liabilities, increased by approximately $7.0 million as a result of completing the post-closing adjustment under the Asset Exchange Agreement. In addition, the gain on the exchange is expected to be reduced by an immaterial amount and will be recorded during the quarter ending July 3, 2016. The financial results of the 2015 Expansion Territories and YTD 2016 Expansion Transactions have been included in the Company’s consolidated financial statements from their respective acquisition dates. These territories contributed $142.5 million and $18.1 million in net sales and $1.3 million and $1.8 million in operating income during Q1 2016 and the quarter ended March 29, 2015 (“Q1 2015”), respectively. Pro Forma Financial Information The following table represents the unaudited pro forma net sales for the Company for the 2015 Expansion Territories and the YTD 2016 Expansion Transactions. The pro forma combined net sales does not necessarily reflect what the combined Company’s net sales would have been had the acquisitions occurred at the beginning of each period presented. It also may not be useful in predicting the future financial results of the combined company. The actual results may differ significantly from the pro forma amounts reflected herein due to a variety of factors. Q1 2016 Net Sales
In Thousands |  |  |  |  |  |  |  |  |
As Reported |  |  | Pro Forma Adjustments (Unaudited) |  |  | Pro Forma (Unaudited) |
$ | 625,456 |  |  | $ | 59,291 |  |  | $ | 684,747 |
Q1 2015 Net Sales
In Thousands |  |  |  |  |  |  |  |  |
As Reported |  |  | Pro Forma Adjustments (Unaudited) |  |  | Pro Forma (Unaudited) |
$ | 453,253 |  |  | $ | 183,914 |  |  | $ | 637,167 |
Sale of BYB Brands, Inc. On August 24, 2015, the Company sold BYB Brands, Inc. (“BYB”), a wholly owned subsidiary of the Company to The Coca-Cola Company. Pursuant to the stock purchase agreement dated July 22, 2015, the Company sold all of the issued and outstanding shares of capital stock of BYB for a cash purchase price of $26.4 million. As a result of the sale, the Company recognized a gain of $22.7 million in the third quarter of 2015. BYB contributed $6.9 million in net sales and $34,000 in operating loss during Q1 2015.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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