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Acquisitions and Divestitures (Tables) | 6 Months Ended
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Jul. 03, 2016
Schedule of Unaudited Pro Forma Net Sales | 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.
|  | Second Quarter |  |  | First Half |  |
In Thousands |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |  |
Net sales as reported |  | $ | 840,384 |  |  | $ | 614,683 |  |  | $ | 1,465,840 |  |  | $ | 1,067,936 |  |
Pro forma adjustments (unaudited) |  |  | 19,482 |  |  |  | 198,795 |  |  |  | 147,185 |  |  |  | 446,338 |  |
Net sales pro forma (unaudited) |  | $ | 859,866 |  |  | $ | 813,478 |  |  | $ | 1,613,025 |  |  | $ | 1,514,274 |  |
2015 Acquisition [Member] |
Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date | The fair value of acquired assets and assumed liabilities, which for the May 2015 Expansion Territory, the October 2015 Expansion Territory and the Annapolis MRC transaction remain subject to adjustment in accordance with the terms and conditions of each respective transaction’s asset purchase agreement, of the 2015 Expansion Territories and the Annapolis MRC 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 |  |  | $ | - |
Inventories |  |  | 1,238 |  |  |  | 1,268 |  |  |  | 1,045 |  |  |  | 2,564 |  |  |  | 109 |
Prepaid expenses and other current assets |  |  | 714 |  |  |  | 1,108 |  |  |  | 224 |  |  |  | 1,305 |  |  |  | - |
Accounts receivable from The Coca-Cola Company |  |  | 322 |  |  |  | 740 |  |  |  | 294 |  |  |  | - |  |  |  | - |
Property, plant and equipment |  |  | 6,291 |  |  |  | 15,656 |  |  |  | 6,210 |  |  |  | 24,832 |  |  |  | 8,492 |
Other assets (including deferred taxes) |  |  | 336 |  |  |  | 1,354 |  |  |  | 510 |  |  |  | 4,272 |  |  |  | - |
Goodwill |  |  | 1,388 |  |  |  | 1,517 |  |  |  | 1,010 |  |  |  | 7,657 |  |  |  | - |
Other identifiable intangible assets |  |  | 12,950 |  |  |  | 20,350 |  |  |  | 1,700 |  |  |  | 49,100 |  |  |  | - |
Total acquired assets |  | $ | 23,298 |  |  | $ | 42,098 |  |  | $ | 11,038 |  |  | $ | 89,890 |  |  | $ | 8,601 |
Current liabilities (acquisition related contingent consideration) |  | $ | 843 |  |  | $ | 1,659 |  |  | $ | 281 |  |  | $ | 547 |  |  | $ | - |
Other current liabilities |  |  | 125 |  |  |  | 974 |  |  |  | 494 |  |  |  | 4,222 |  |  |  | - |
Other liabilities |  |  | - |  |  |  | 823 |  |  |  | 10 |  |  |  | - |  |  |  | 1,265 |
Other liabilities (acquisition related contingent consideration) |  |  | 9,131 |  |  |  | 20,625 |  |  |  | 2,748 |  |  |  | 58,925 |  |  |  | - |
Total assumed liabilities |  | $ | 10,099 |  |  | $ | 24,081 |  |  | $ | 3,533 |  |  | $ | 63,694 |  |  | $ | 1,265 |
Summary of Fair Value Acquired Identifiable Intangible Assets | 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 acquired identifiable intangible assets |  | $ | 12,950 |  |  | $ | 20,350 |  |  | $ | 1,700 |  |  | $ | 49,100 |  |  |
2016 Acquisition [Member] |
Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date | 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 Transactions |  |  | April 1, 2016 Expansion Transaction |  |  | April 29, 2016 Expansion Transactions |
Cash |  | $ | 179 |  |  | $ | 219 |  |  | $ | 161 |
Inventories |  |  | 10,159 |  |  |  | 3,748 |  |  |  | 13,850 |
Prepaid expenses and other current assets |  |  | 2,775 |  |  |  | 1,736 |  |  |  | 3,749 |
Property, plant and equipment |  |  | 46,100 |  |  |  | 54,149 |  |  |  | 58,783 |
Other assets (including deferred taxes) |  |  | 2,359 |  |  |  | 1,434 |  |  |  | 5,372 |
Goodwill |  |  | 10,564 |  |  |  | 1,943 |  |  |  | 8,021 |
Other identifiable intangible assets |  |  | 1,300 |  |  |  | - |  |  |  | 23,450 |
Total acquired assets |  | $ | 73,436 |  |  | $ | 63,229 |  |  | $ | 113,386 |
Current liabilities (acquisition related contingent consideration) |  | $ | 361 |  |  | $ | 742 |  |  | $ | 1,307 |
Other current liabilities |  |  | 591 |  |  |  | 2,702 |  |  |  | 4,391 |
Accounts payable to The Coca-Cola Company |  |  | 650 |  |  |  | - |  |  |  | - |
Other liabilities |  |  | - |  |  |  | 309 |  |  |  | 3,117 |
Other liabilities (acquisition related contingent consideration) |  |  | 6,144 |  |  |  | 23,924 |  |  |  | 35,561 |
Total assumed liabilities |  | $ | 7,746 |  |  | $ | 27,677 |  |  | $ | 44,376 |
Summary of Fair Value Acquired Identifiable Intangible Assets | The fair value of the acquired identifiable intangible assets as of the acquisition dates is as follows:
In Thousands |  | January 2016 Expansion Transactions |  |  | April 29, 2016 Expansion Transactions |  |  | Estimated Useful Lives
Distribution agreements |  | $ | 750 |  |  | $ | 22,000 |  |  | 40 years
Customer lists |  |  | 550 |  |  |  | 1,450 |  |  | 12 years
Total acquired identifiable intangible assets |  | $ | 1,300 |  |  | $ | 23,450 |  |  |
Lexington Expansion [Member] |
Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date | 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 |  |  | 2,231 |
Prepaid expenses and other current assets |  |  | 345 |
Accounts receivable from The Coca-Cola Company |  |  | 362 |
Property, plant and equipment |  |  | 12,216 |
Other assets |  |  | 48 |
Franchise rights |  |  | 23,700 |
Goodwill |  |  | 1,856 |
Other identifiable intangible assets |  |  | 1,100 |
Total acquired assets |  | $ | 41,914 |
Current liabilities |  | $ | 926 |
Total assumed liabilities |  | $ | 926 |
Summary of Fair Value Acquired Identifiable Intangible Assets | 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 |  | $ | 23,700 |  |  | Indefinite
Distribution agreements |  |  | 300 |  |  | 40 years
Customer lists |  |  | 800 |  |  | 12 years
Total acquired identifiable intangible assets |  | $ | 24,800 |  |  |

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