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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Jan. 01, 2017
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (Unaudited) |
24. | Quarterly Financial Data (Unaudited)
The unaudited quarterly financial data for the fiscal years ended January 1, 2017 and January 3, 2016 is included in the tables shown below. Excluding the impact of Expansion Transactions completed during the fiscal year, sales volume has historically been the highest in the second and third quarter of each fiscal year. Additional meaningful financial information is included in the table following each presented period.
|  | Quarter Ended |
(in thousands, except per share data) |  | April 3, 2016 |  |  | July 3, 2016 |  |  | October 2, 2016 |  |  | January 1, 2017 |
Net sales |  | $ | 625,456 |  |  | $ | 840,384 |  |  | $ | 849,028 |  |  | $ | 841,560 |
Gross profit |  |  | 243,898 |  |  |  | 319,707 |  |  |  | 327,190 |  |  |  | 324,927 |
Net income (loss) attributable to Coca-Cola Bottling Co. Consolidated |  |  | (10,041 | ) |  |  | 15,652 |  |  |  | 23,142 |  |  |  | 21,393 |
Basic net income (loss) per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | (1.08 | ) |  | $ | 1.68 |  |  | $ | 2.48 |  |  | $ | 2.31 |
Class B Common Stock |  | $ | (1.08 | ) |  | $ | 1.68 |  |  | $ | 2.48 |  |  | $ | 2.31 |
Diluted net income (loss) per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | (1.08 | ) |  | $ | 1.67 |  |  | $ | 2.47 |  |  | $ | 2.30 |
Class B Common Stock |  | $ | (1.08 | ) |  | $ | 1.67 |  |  | $ | 2.47 |  |  | $ | 2.29 |
Additional Information: |  | Quarter Ended |
(in thousands, except per share data) |  | April 3, 2016 |  |  | July 3, 2016 |  |  | October 2, 2016 |  |  | January 1, 2017 |
Mark-to-market income/(expense) related to commodity hedging program: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total income/(expense) |  | $ | 1,039 |  |  | $ | 2,770 |  |  | $ | 388 |  |  | $ | 531 |
Income/(expense) net of tax |  |  | 641 |  |  |  | 1,701 |  |  |  | 239 |  |  |  | 327 |
Income/(expense) per basic common share |  | $ | 0.06 |  |  | $ | 0.18 |  |  | $ | 0.03 |  |  | $ | 0.04 |
2016 Expansion Transactions, 2015 Expansion Territories and 2015 Asset Exchange impact: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales impact |  | $ | 142,467 |  |  | $ | 287,092 |  |  | $ | 298,313 |  |  | $ | 333,897 |
Pre-tax income impact |  |  | 1,287 |  |  |  | 15,974 |  |  |  | 2,432 |  |  |  | 4,587 |
Net income impact |  |  | 808 |  |  |  | 9,808 |  |  |  | 1,495 |  |  |  | 2,821 |
Per basic common share impact |  | $ | 0.09 |  |  | $ | 1.05 |  |  | $ | 0.16 |  |  | $ | 0.30 |
Expenses related to Expansion Transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total expense |  | $ | 6,423 |  |  | $ | 7,005 |  |  | $ | 9,780 |  |  | $ | 9,066 |
Expense net of tax |  |  | 3,957 |  |  |  | 4,301 |  |  |  | 6,015 |  |  |  | 5,576 |
Expense per basic common share |  | $ | 0.43 |  |  | $ | 0.46 |  |  | $ | 0.64 |  |  | $ | 0.60 |
Expense related to special charitable contribution: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total expense |  | $ | 4,000 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Expense net of tax |  |  | 2,460 |  |  |  | - |  |  |  | - |  |  |  | - |
Expense per basic common share |  | $ | 0.26 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Reduction of gain related to exchange of franchise territories: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total adjustment |  | $ | - |  |  | $ | 692 |  |  | $ | - |  |  | $ | - |
Adjustment net of tax |  |  | - |  |  |  | 426 |  |  |  | - |  |  |  | - |
Adjustment per basic common share |  | $ | - |  |  | $ | 0.05 |  |  | $ | - |  |  | $ | - |
Fair value income/(expense) for acquisition related contingent consideration: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total income/(expense) |  | $ | (17,151 | ) |  | $ | (16,274 | ) |  | $ | 7,365 |  |  | $ | 27,970 |
Income/(expense) net of tax |  |  | (10,565 | ) |  |  | (9,992 | ) |  |  | 4,530 |  |  |  | 17,202 |
Income/(expense) per basic common share |  | $ | (1.13 | ) |  | $ | (1.07 | ) |  | $ | 0.48 |  |  | $ | 1.85 |
|  | Quarter Ended |
(in thousands, except per share data) |  | March 29, 2015 |  |  | June 28, 2015 |  |  | September 27, 2015 |  |  | January 3, 2016 |
Net sales |  | $ | 453,253 |  |  | $ | 614,683 |  |  | $ | 618,806 |  |  | $ | 619,716 |
Gross profit |  |  | 184,373 |  |  |  | 237,317 |  |  |  | 238,536 |  |  |  | 240,806 |
Net income attributable to Coca-Cola Bottling Co. Consolidated |  |  | 2,224 |  |  |  | 26,934 |  |  |  | 25,553 |  |  |  | 4,291 |
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 0.24 |  |  | $ | 2.90 |  |  | $ | 2.75 |  |  | $ | 0.46 |
Class B Common Stock |  | $ | 0.24 |  |  | $ | 2.90 |  |  | $ | 2.75 |  |  | $ | 0.46 |
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | 0.24 |  |  | $ | 2.89 |  |  | $ | 2.74 |  |  | $ | 0.46 |
Class B Common Stock |  | $ | 0.23 |  |  | $ | 2.88 |  |  | $ | 2.73 |  |  | $ | 0.46 |
Additional Information: |  | Quarter Ended |
(in thousands, except per share data) |  | March 29, 2015 |  |  | June 28, 2015 |  |  | September 27, 2015 |  |  | January 3, 2016 |
Mark-to-market income/(expense) related to commodity hedging program: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total income/(expense) |  | $ | 643 |  |  | $ | (749 | ) |  | $ | (2,130 | ) |  | $ | (1,203 | )
Income/(expense) net of tax |  |  | 395 |  |  |  | (460 | ) |  |  | (1,308 | ) |  |  | (739 | )
Income/(expense) per basic common share |  | $ | 0.05 |  |  | $ | (0.05 | ) |  | $ | (0.14 | ) |  | $ | (0.08 | )
2015 Expansion Territories and 2015 Asset Exchange impact: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales impact |  | $ | 31,622 |  |  | $ | 85,232 |  |  | $ | 89,762 |  |  | $ | 103,371 |
Pre-tax income/(loss) impact |  |  | 2,899 |  |  |  | 5,067 |  |  |  | 1,020 |  |  |  | (2,399 | )
Net income/(loss) impact |  |  | 1,780 |  |  |  | 3,112 |  |  |  | 626 |  |  |  | (1,473 | )
Per basic common share impact |  | $ | 0.18 |  |  | $ | 0.34 |  |  | $ | 0.07 |  |  | $ | (0.16 | )
Expenses related to Expansion Transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total expense |  | $ | 2,994 |  |  | $ | 4,252 |  |  | $ | 6,947 |  |  | $ | 5,789 |
Expense net of tax |  |  | 1,839 |  |  |  | 2,611 |  |  |  | 4,265 |  |  |  | 3,554 |
Expense per basic common share |  | $ | 0.20 |  |  | $ | 0.28 |  |  | $ | 0.46 |  |  | $ | 0.38 |
Gain related to the Asset Exchange Transaction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax gain |  | $ | - |  |  | $ | 8,807 |  |  | $ | - |  |  | $ | - |
Gain net of tax |  |  | - |  |  |  | 5,407 |  |  |  | - |  |  |  | - |
Gain per basic common share |  | $ | - |  |  | $ | 0.58 |  |  | $ | - |  |  | $ | - |
Gain related to the sale of BYB: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax gain |  | $ | - |  |  | $ | - |  |  | $ | 22,651 |  |  | $ | - |
Gain net of tax |  |  | - |  |  |  | - |  |  |  | 13,908 |  |  |  | - |
Gain per basic common share |  | $ | - |  |  | $ | - |  |  | $ | 1.49 |  |  | $ | - |
Results of 53rd week in fiscal year: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales impact |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 38,587 |
Pre-tax income impact |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 4,022 |
Net income impact |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,416 |
Per basic common share impact |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 0.26 |
Bargain purchase gain related to the purchase of Annapolis MRC: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax bargain purchase gain |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 3,276 |
Bargain purchase gain net of tax |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,011 |
Bargain purchase gain per basic common share |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 0.22 |
Fair value income/(expense) for acquisition related contingent consideration: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total income/(expense) |  | $ | (5,089 | ) |  | $ | 6,078 |  |  | $ | (3,992 | ) |  | $ | (573 | )
Income/(expense) net of tax |  |  | (3,125 | ) |  |  | 3,732 |  |  |  | (2,451 | ) |  |  | (352 | )
Income/(expense) per basic common share |  | $ | (0.34 | ) |  | $ | 0.40 |  |  | $ | (0.26 | ) |  | $ | (0.04 | )
Favorable pre-tax correction related to the calculation of certain state gross receipts taxes: |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 2,400 |

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=68076893&loc=d3e1570-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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