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Acquisitions and Divestitures (Tables) | 6 Months Ended
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Jul. 02, 2017
2017 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 2017 Expansion Transactions as of the acquisition dates is summarized as follows:
(in thousands) |  | January 2017 Expansion Transaction |  |  | March 2017 Expansion Transactions |  |  | April 2017 Expansion Transactions |  |  | Total YTD 2017 Expansion Transactions |
Cash |  | $ | 107 |  |  | $ | 211 |  |  | $ | 103 |  |  | $ | 421 |
Inventories |  |  | 5,953 |  |  |  | 21,108 |  |  |  | 14,554 |  |  |  | 41,615 |
Prepaid expenses and other current assets |  |  | 1,089 |  |  |  | 5,363 |  |  |  | 4,350 |  |  |  | 10,802 |
Accounts receivable from The Coca-Cola Company |  |  | 1,042 |  |  |  | 1,807 |  |  |  | 1,000 |  |  |  | 3,849 |
Property, plant and equipment |  |  | 25,708 |  |  |  | 81,662 |  |  |  | 53,818 |  |  |  | 161,188 |
Other assets (including deferred taxes) |  |  | 846 |  |  |  | 3,841 |  |  |  | 482 |  |  |  | 5,169 |
Goodwill |  |  | 1,112 |  |  |  | 4,334 |  |  |  | 9,630 |  |  |  | 15,076 |
Other identifiable intangible assets |  |  | 10,650 |  |  |  | 20,400 |  |  |  | 9,550 |  |  |  | 40,600 |
Total acquired assets |  | $ | 46,507 |  |  | $ | 138,726 |  |  | $ | 93,487 |  |  | $ | 278,720 |
Current liabilities (acquisition related contingent consideration) |  | $ | 727 |  |  | $ | 1,921 |  |  | $ | 227 |  |  | $ | 2,875 |
Other current liabilities |  |  | 665 |  |  |  | 1,827 |  |  |  | 1,186 |  |  |  | 3,678 |
Other liabilities |  |  | 115 |  |  |  | 13 |  |  |  | 626 |  |  |  | 754 |
Other liabilities (acquisition related contingent consideration) |  |  | 13,408 |  |  |  | 26,260 |  |  |  | 3,543 |  |  |  | 43,211 |
Total assumed liabilities |  | $ | 14,915 |  |  | $ | 30,021 |  |  | $ | 5,582 |  |  | $ | 50,518 |
Summary of Fair Value Acquired Identifiable Intangible Assets | The fair value of the identifiable intangible assets acquired in the YTD 2017 Expansion Transactions as of the acquisition dates is summarized as follows:
(in thousands) |  | January 2017 Expansion Transaction |  |  | March 2017 Expansion Transactions |  |  | April 2017 Expansion Transactions |  |  | Total YTD 2017 Expansion Transactions |  |  | Estimated Useful Lives
Distribution agreements |  | $ | 9,300 |  |  | $ | 18,900 |  |  | $ | 8,600 |  |  | $ | 36,800 |  |  | 40 years
Customer lists |  |  | 1,350 |  |  |  | 1,500 |  |  |  | 950 |  |  |  | 3,800 |  |  | 12 years
Total acquired identifiable intangible assets |  | $ | 10,650 |  |  | $ | 20,400 |  |  | $ | 9,550 |  |  | $ | 40,600 |  |  |
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 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 |  |  | October 2016 Expansion Transactions |  |  | Total 2016 Expansion Transactions |
Cash |  | $ | 179 |  |  | $ | 219 |  |  | $ | 161 |  |  | $ | 150 |  |  | $ | 709 |
Inventories |  |  | 10,159 |  |  |  | 3,748 |  |  |  | 13,850 |  |  |  | 18,513 |  |  |  | 46,270 |
Prepaid expenses and other current assets |  |  | 2,775 |  |  |  | 1,945 |  |  |  | 3,774 |  |  |  | 4,181 |  |  |  | 12,675 |
Accounts receivable from The Coca-Cola Company |  |  | 1,121 |  |  |  | 1,162 |  |  |  | 1,126 |  |  |  | 1,327 |  |  |  | 4,736 |
Property, plant and equipment |  |  | 46,149 |  |  |  | 54,135 |  |  |  | 57,738 |  |  |  | 67,943 |  |  |  | 225,965 |
Other assets (including deferred taxes) |  |  | 2,351 |  |  |  | 1,541 |  |  |  | 5,514 |  |  |  | 611 |  |  |  | 10,017 |
Goodwill |  |  | 9,396 |  |  |  | 1,962 |  |  |  | 8,368 |  |  |  | 7,302 |  |  |  | 27,028 |
Other identifiable intangible assets |  |  | 1,300 |  |  |  | - |  |  |  | 23,450 |  |  |  | 66,500 |  |  |  | 91,250 |
Total acquired assets |  | $ | 73,430 |  |  | $ | 64,712 |  |  | $ | 113,981 |  |  | $ | 166,527 |  |  | $ | 418,650 |
Current liabilities (acquisition related contingent consideration) |  | $ | 361 |  |  | $ | 742 |  |  | $ | 1,307 |  |  | $ | 3,318 |  |  | $ | 5,728 |
Other current liabilities |  |  | 591 |  |  |  | 4,231 |  |  |  | 5,482 |  |  |  | 7,165 |  |  |  | 17,469 |
Accounts payable to The Coca-Cola Company |  |  | 650 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 650 |
Other liabilities |  |  | - |  |  |  | 266 |  |  |  | 2,635 |  |  |  | 761 |  |  |  | 3,662 |
Other liabilities (acquisition related contingent consideration) |  |  | 6,144 |  |  |  | 23,924 |  |  |  | 35,561 |  |  |  | 57,066 |  |  |  | 122,695 |
Total assumed liabilities |  | $ | 7,746 |  |  | $ | 29,163 |  |  | $ | 44,985 |  |  | $ | 68,310 |  |  | $ | 150,204 |
Summary of Fair Value Acquired Identifiable Intangible Assets | The fair value of the identifiable intangible assets acquired in the 2016 Expansion Transactions as of the acquisition dates is summarized as follows:
(in thousands) |  | January 2016 Expansion Transactions |  |  | April 29, 2016 Expansion Transactions |  |  | October 2016 Expansion Transactions |  |  | Total 2016 Expansion Transactions |  |  | Estimated Useful Lives
Distribution agreements |  | $ | 750 |  |  | $ | 22,000 |  |  | $ | 63,900 |  |  | $ | 86,650 |  |  | 40 years
Customer lists |  |  | 550 |  |  |  | 1,450 |  |  |  | 2,600 |  |  |  | 4,600 |  |  | 12 years
Total acquired identifiable intangible assets |  | $ | 1,300 |  |  | $ | 23,450 |  |  | $ | 66,500 |  |  | $ | 91,250 |  |  |
2016 and 2017 Acquisitions [Member] |
Schedule Of Condensed Consolidated Statement of Operations | The financial results of the YTD 2017 Expansion Transactions and the 2016 Expansion Transactions have been included in the Company’s consolidated condensed financial statements from their respective acquisition dates. These Expansion Transactions contributed the following amounts to the Company’s consolidated condensed statement of operations:
|  | Second Quarter |  |  | First Half |
(in thousands) |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Net sales from 2016 Expansion Transactions |  | $ | 265,755 |  |  | $ | 162,819 |  |  | $ | 504,415 |  |  | $ | 198,130 |
Net sales from YTD 2017 Expansion Transactions |  |  | 206,894 |  |  |  | - |  |  |  | 233,140 |  |  |  | - |
Total impact to net sales |  | $ | 472,649 |  |  | $ | 162,819 |  |  | $ | 737,555 |  |  | $ | 198,130 |
Operating income from 2016 Expansion Transactions |  | $ | 4,997 |  |  | $ | 13,502 |  |  | $ | 9,351 |  |  | $ | 14,708 |
Operating income from YTD 2017 Expansion Transactions |  |  | 10,323 |  |  |  | - |  |  |  | 10,419 |  |  |  | - |
Total impact to income from operations |  | $ | 15,320 |  |  | $ | 13,502 |  |  | $ | 19,770 |  |  | $ | 14,708 |
Schedule of Unaudited Pro Forma Information | The following tables represent the Company’s unaudited pro forma net sales and unaudited pro forma income from operations for the YTD 2017 Expansion Transactions and the 2016 Expansion Transactions.
|  | Second Quarter |  |  | First Half |
(in thousands) |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Net sales as reported |  | $ | 1,169,291 |  |  | $ | 840,384 |  |  | $ | 2,034,993 |  |  | $ | 1,465,840 |
Pro forma adjustments (unaudited) |  |  | 20,992 |  |  |  | 324,553 |  |  |  | 196,182 |  |  |  | 721,405 |
Net sales pro forma (unaudited) |  | $ | 1,190,283 |  |  | $ | 1,164,937 |  |  | $ | 2,231,175 |  |  | $ | 2,187,245 |
|  | Second Quarter |  |  | First Half |
(in thousands) |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Income from operations as reported |  | $ | 47,313 |  |  | $ | 54,736 |  |  | $ | 60,921 |  |  | $ | 67,137 |
Pro forma adjustments (unaudited) |  |  | 912 |  |  |  | 14,217 |  |  |  | 9,821 |  |  |  | 29,227 |
Income from operations pro forma (unaudited) |  | $ | 48,225 |  |  | $ | 68,953 |  |  | $ | 70,742 |  |  | $ | 96,364 |

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