XML 51 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Quarterly Financial Data (Unaudited)
12 Months Ended
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