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Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Financial Data (Unaudited) |
27. | Quarterly Financial Data (Unaudited)
The unaudited quarterly financial data for the fiscal years ended December 31, 2017 and January 1, 2017 is included in the tables shown below. Excluding the impact of System Transformation 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 2, 2017 |  |  | July 2, 2017 |  |  | October 1, 2017 |  |  | December 31, 2017 |
Net sales |  | $ | 865,702 |  |  | $ | 1,169,291 |  |  | $ | 1,162,526 |  |  | $ | 1,126,149 |
Gross profit |  |  | 332,021 |  |  |  | 415,178 |  |  |  | 410,324 |  |  |  | 383,424 |
Net income (loss) attributable to Coca-Cola Bottling Co. Consolidated |  |  | (5,051 | ) |  |  | 6,348 |  |  |  | 17,316 |  |  |  | 77,922 |
Basic net income (loss) per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | (0.54 | ) |  | $ | 0.68 |  |  | $ | 1.86 |  |  | $ | 8.35 |
Class B Common Stock |  | $ | (0.54 | ) |  | $ | 0.68 |  |  | $ | 1.86 |  |  | $ | 8.35 |
Diluted net income (loss) per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common Stock |  | $ | (0.54 | ) |  | $ | 0.68 |  |  | $ | 1.85 |  |  | $ | 8.31 |
Class B Common Stock |  | $ | (0.54 | ) |  | $ | 0.67 |  |  | $ | 1.84 |  |  | $ | 8.32 |
Additional Information: |  | Quarter Ended |
(in thousands, except per share data) |  | April 2, 2017 |  |  | July 2, 2017 |  |  | October 1, 2017 |  |  | December 31, 2017 |
System Transformation Transactions acquisitions impact: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales impact |  | $ | 264,906 |  |  | $ | 472,649 |  |  | $ | 478,272 |  |  | $ | 536,070 |
Pre-tax income (loss) impact |  |  | 4,450 |  |  |  | 15,320 |  |  |  | 10,329 |  |  |  | (415 | )
Net income (loss) impact |  |  | 2,746 |  |  |  | 9,452 |  |  |  | 6,373 |  |  |  | (179 | )
Per basic common share impact |  | $ | 0.29 |  |  | $ | 1.02 |  |  | $ | 0.68 |  |  | $ | (0.02 | )
System Transformation Transactions settlement impact: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total (income) expense |  | $ | - |  |  | $ | 9,442 |  |  | $ | - |  |  | $ | (2,446 | )
(Income) expense net of tax |  |  | - |  |  |  | 5,826 |  |  |  | - |  |  |  | (1,054 | )
(Income) expense per basic common share |  | $ | - |  |  | $ | 0.61 |  |  | $ | - |  |  | $ | (0.11 | )
Expenses related to System Transformation Transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total expense |  | $ | 7,652 |  |  | $ | 11,574 |  |  | $ | 13,148 |  |  | $ | 17,171 |
Expense net of tax |  |  | 4,721 |  |  |  | 7,141 |  |  |  | 8,112 |  |  |  | 7,401 |
Expense per basic common share |  | $ | 0.50 |  |  | $ | 0.77 |  |  | $ | 0.86 |  |  | $ | 0.79 |
Gain on exchange of franchise territories: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax income impact |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 529 |
Net income impact |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 228 |
Per basic common share impact |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 0.02 |
Portion of Legacy Facilities Credit related to Mobile, Alabama facility impact: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax income impact |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 12,364 |
Net income impact |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 5,329 |
Per basic common share impact |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 0.57 |
Acquisition of Southeastern Container preferred shares from CCR impact: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax income impact |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 6,012 |
Net income impact |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,591 |
Per basic common share impact |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 0.28 |
Fair value income/(expense) for acquisition related contingent consideration: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total income/(expense) |  | $ | (12,246 | ) |  | $ | (16,119 | ) |  | $ | 5,225 |  |  | $ | 19,914 |
Income/(expense) net of tax |  |  | (7,556 | ) |  |  | (9,945 | ) |  |  | 3,224 |  |  |  | 8,583 |
Income/(expense) per basic common share |  | $ | (0.81 | ) |  | $ | (1.07 | ) |  | $ | 0.35 |  |  | $ | 0.92 |
Amortization of converted distribution rights: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total expense |  | $ | - |  |  | $ | 2,760 |  |  | $ | 2,760 |  |  | $ | 2,330 |
Expense net of tax |  |  | - |  |  |  | 1,703 |  |  |  | 1,703 |  |  |  | 1,004 |
Expense per basic common share |  | $ | - |  |  | $ | 0.18 |  |  | $ | 0.18 |  |  | $ | 0.11 |
Mark-to-market income/(expense) related to commodity hedging program: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total income/(expense) |  | $ | 327 |  |  | $ | (1,187 | ) |  | $ | 3,401 |  |  | $ | 589 |
Income/(expense) net of tax |  |  | 202 |  |  |  | (732 | ) |  |  | 2,098 |  |  |  | 254 |
Income/(expense) per basic common share |  | $ | 0.02 |  |  | $ | (0.08 | ) |  | $ | 0.22 |  |  | $ | 0.03 |
Tax Act impact: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income net of tax |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 66,595 |
Income per basic common share |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 7.14 |
|  | 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 |
System Transformation Transactions acquisitions impact: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales impact |  | $ | 35,311 |  |  | $ | 162,819 |  |  | $ | 174,420 |  |  | $ | 219,780 |
Pre-tax income impact |  |  | 1,206 |  |  |  | 13,502 |  |  |  | 2,512 |  |  |  | 5,153 |
Net income impact |  |  | 742 |  |  |  | 8,304 |  |  |  | 1,545 |  |  |  | 3,169 |
Per basic common share impact |  | $ | 0.08 |  |  | $ | 0.89 |  |  | $ | 0.17 |  |  | $ | 0.34 |
System Transformation Transactions divestitures impact: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales impact |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 68,929 |
Pre-tax income impact |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11,538 |
Net income impact |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 7,096 |
Per basic common share impact |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 0.76 |
Expenses related to System Transformation Transactions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total expense |  | $ | 6,423 |  |  | $ | 7,005 |  |  | $ | 9,780 |  |  | $ | 9,066 |
Expense net of tax |  |  | 3,950 |  |  |  | 4,308 |  |  |  | 6,015 |  |  |  | 5,576 |
Expense per basic common share |  | $ | 0.43 |  |  | $ | 0.46 |  |  | $ | 0.66 |  |  | $ | 0.59 |
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 |  |  | (10,548 | ) |  |  | (10,009 | ) |  |  | 4,530 |  |  |  | 17,202 |
Income/(expense) per basic common share |  | $ | (1.14 | ) |  | $ | (1.06 | ) |  | $ | 0.49 |  |  | $ | 1.85 |
Mark-to-market income/(expense) related to commodity hedging program: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total income/(expense) |  | $ | 1,040 |  |  | $ | 2,770 |  |  | $ | 388 |  |  | $ | 530 |
Income/(expense) net of tax |  |  | 640 |  |  |  | 1,704 |  |  |  | 239 |  |  |  | 326 |
Income/(expense) per basic common share |  | $ | 0.07 |  |  | $ | 0.18 |  |  | $ | 0.03 |  |  | $ | 0.04 |
Impact of changes in product supply governance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pre-tax total income |  | $ | 2,213 |  |  | $ | 1,105 |  |  | $ | 1,614 |  |  | $ | 2,591 |
Income net of tax |  |  | 1,361 |  |  |  | 680 |  |  |  | 993 |  |  |  | 1,593 |
Income per basic common share |  | $ | 0.15 |  |  | $ | 0.07 |  |  | $ | 0.11 |  |  | $ | 0.17 |
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 |  |  | $ | - |  |  | $ | - |  |  | $ | - |

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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 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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