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Acquisitions and Divestitures (Tables) | 3 Months Ended
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Apr. 01, 2018
Summary of Carrying Value of Assets and Liabilities of Divesture | The carrying value of assets and liabilities in the Deep South and Somerset Exchange Business divested in the CCR Exchange Transaction and the Florence and Laurel Distribution Business divested in the United Exchange Transaction (together, the “October 2017 Divestitures”) are summarized as follows:
(in thousands) |  | October 2017 Divestitures |
Cash |  | $ | 303 |
Inventories |  |  | 13,717 |
Prepaid expenses and other current assets |  |  | 1,199 |
Property, plant and equipment |  |  | 44,380 |
Other assets (including deferred taxes) |  |  | 604 |
Goodwill |  |  | 13,073 |
Distribution agreements |  |  | 65,043 |
Total divested assets |  | $ | 138,319 |
Other current liabilities |  | $ | 5,683 |
Pension and postretirement benefit obligation |  |  | 16,855 |
Total divested liabilities |  | $ | 22,538 |
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 System Transformation Transactions that closed during 2017 (the “2017 System Transformation Transactions”), as of the acquisition dates, is summarized as follows:
(in thousands) |  | January 2017 Transaction |  |  | March 2017 Transactions |  |  | April 2017 Transactions |  |  | October 2017 Transactions Acquisitions |  |  | Total 2017 System Transformation Transactions Acquisitions |
Cash |  | $ | 107 |  |  | $ | 211 |  |  | $ | 103 |  |  | $ | 191 |  |  | $ | 612 |
Inventories |  |  | 5,953 |  |  |  | 20,952 |  |  |  | 14,554 |  |  |  | 14,850 |  |  |  | 56,309 |
Prepaid expenses and other current assets |  |  | 1,155 |  |  |  | 5,117 |  |  |  | 4,068 |  |  |  | 4,573 |  |  |  | 14,913 |
Accounts receivable from The Coca-Cola Company |  |  | 1,042 |  |  |  | 1,807 |  |  |  | 2,552 |  |  |  | 2,391 |  |  |  | 7,792 |
Property, plant and equipment |  |  | 25,708 |  |  |  | 81,638 |  |  |  | 52,263 |  |  |  | 70,645 |  |  |  | 230,254 |
Other assets (including deferred taxes) |  |  | 1,158 |  |  |  | 3,227 |  |  |  | 3,960 |  |  |  | 1,300 |  |  |  | 9,645 |
Goodwill |  |  | 1,544 |  |  |  | 2,527 |  |  |  | 17,154 |  |  |  | 15,588 |  |  |  | 36,813 |
Distribution agreements |  |  | 22,000 |  |  |  | 46,750 |  |  |  | 19,500 |  |  |  | 124,750 |  |  |  | 213,000 |
Customer lists |  |  | 1,500 |  |  |  | 1,750 |  |  |  | 1,000 |  |  |  | 4,950 |  |  |  | 9,200 |
Total acquired assets |  | $ | 60,167 |  |  | $ | 163,979 |  |  | $ | 115,154 |  |  | $ | 239,238 |  |  | $ | 578,538 |
Current liabilities (acquisition related contingent consideration) |  | $ | 1,350 |  |  | $ | 2,958 |  |  | $ | 1,475 |  |  | $ | 1,458 |  |  | $ | 7,241 |
Other current liabilities |  |  | 324 |  |  |  | 3,760 |  |  |  | 2,860 |  |  |  | 8,311 |  |  |  | 15,255 |
Other liabilities (acquisition related contingent consideration) |  |  | 26,377 |  |  |  | 49,739 |  |  |  | 25,616 |  |  |  | 18,848 |  |  |  | 120,580 |
Other liabilities |  |  | 43 |  |  |  | 2,953 |  |  |  | 2,005 |  |  |  | 102 |  |  |  | 5,103 |
Total assumed liabilities |  | $ | 28,094 |  |  | $ | 59,410 |  |  | $ | 31,956 |  |  | $ | 28,719 |  |  | $ | 148,179 |
Schedule Of Condensed Consolidated Statement of Operations | The financial results of the System Transformation Transactions have been included in the Company’s consolidated condensed financial statements from their respective acquisition or exchange dates. Net sales and income (loss) from operations for certain territories and regional manufacturing facilities acquired and divested by the Company during 2017 are impracticable to separately calculate, as the operations were absorbed into territories and facilities owned by the Company prior to the System Transformation, and therefore have been omitted from the results below. Omission of net sales and income (loss) from operations for such territories and facilities is not considered material to the results presented below. The remaining 2017 System Transformation Transactions contributed the following amounts to the Company’s consolidated condensed statements of operations:
|  | First Quarter |
(in thousands) |  | 2018 |  |  | 2017 |
Impact to net sales - total 2017 System Transformation Transactions acquisitions |  | $ | 274,458 |  |  | $ | 26,246 |
Impact to net sales - October 2017 Divestitures |  |  | - |  |  |  | 70,859 |
Total impact to net sales |  | $ | 274,458 |  |  | $ | 97,105 |
Impact to income (loss) from operations - total 2017 System Transformation Transactions acquisitions |  | $ | (935 | ) |  | $ | 96 |
Impact to income (loss) from operations - October 2017 Divestitures |  |  | - |  |  |  | 6,009 |
Total impact to income (loss) from operations |  | $ | (935 | ) |  | $ | 6,105 |
Schedule of Unaudited Pro Forma Information | The following table represents the Company’s unaudited pro forma net sales and unaudited pro forma income from operations for the 2017 System Transformation Transactions.
|  | First Quarter 2017 |
(in thousands) |  | Net Sales |  |  | Income from Operations |
Balance as reported |  | $ | 865,702 |  |  | $ | 14,950 |
Pro forma adjustments (unaudited) |  |  | 205,149 |  |  |  | 3,225 |
Balance including pro forma adjustments (unaudited) |  | $ | 1,070,851 |  |  | $ | 18,175 |
October 2017 Transactions Acquisitions [Member] |
Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date | As part of the “October 2017 Transactions Acquisitions,” which include the distribution territories and the regional manufacturing facilities acquired in the CCR Exchange Transaction (the “CCR Exchange Transaction Acquisitions”), the Memphis Transaction and the United Exchange Transaction (the “United Exchange Transaction Acquisitions”), the fair value of acquired assets and assumed liabilities as of the acquisition date is summarized as follows:
(in thousands) |  | CCR Exchange Transaction Acquisitions |  |  | Memphis Transaction |  |  | United Exchange Transaction Acquisitions |  |  | October 2017 Transactions Acquisitions |
Cash |  | $ | 91 |  |  | $ | 100 |  |  | $ | - |  |  | $ | 191 |
Inventories |  |  | 10,667 |  |  |  | 3,354 |  |  |  | 829 |  |  |  | 14,850 |
Prepaid expenses and other current assets |  |  | 3,172 |  |  |  | 1,087 |  |  |  | 314 |  |  |  | 4,573 |
Accounts receivable from The Coca-Cola Company |  |  | 1,092 |  |  |  | 1,089 |  |  |  | 210 |  |  |  | 2,391 |
Property, plant and equipment |  |  | 47,066 |  |  |  | 20,795 |  |  |  | 2,784 |  |  |  | 70,645 |
Other assets (including deferred taxes) |  |  | 753 |  |  |  | 547 |  |  |  | - |  |  |  | 1,300 |
Goodwill |  |  | 7,046 |  |  |  | 5,845 |  |  |  | 2,697 |  |  |  | 15,588 |
Distribution agreements |  |  | 80,500 |  |  |  | 30,300 |  |  |  | 13,950 |  |  |  | 124,750 |
Customer lists |  |  | 3,200 |  |  |  | 1,200 |  |  |  | 550 |  |  |  | 4,950 |
Total acquired assets |  | $ | 153,587 |  |  | $ | 64,317 |  |  | $ | 21,334 |  |  | $ | 239,238 |
Current liabilities (acquisition related contingent consideration) |  | $ | - |  |  | $ | 1,458 |  |  | $ | - |  |  | $ | 1,458 |
Other current liabilities |  |  | 3,497 |  |  |  | 4,323 |  |  |  | 491 |  |  |  | 8,311 |
Other liabilities (acquisition related contingent consideration) |  |  | - |  |  |  | 18,848 |  |  |  | - |  |  |  | 18,848 |
Other liabilities |  |  | 15 |  |  |  | 87 |  |  |  | - |  |  |  | 102 |
Total assumed liabilities |  | $ | 3,512 |  |  | $ | 24,716 |  |  | $ | 491 |  |  | $ | 28,719 |

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