Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 31, 2017

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 obligations		16,855
Total divested liabilities	$	22,538

BYB Brands Inc [Member]

Schedule of Consolidated Statement of Operations

BYB contributed the following amounts to the Company’s consolidated statement of operations:

(in thousands)	2015
Net sales	$	23,875
Income from operations		1,809

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 in 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 Transactions
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		4,754		15,094
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		4,369		889		9,643
Goodwill		1,544		2,527		17,804		13,992		35,867
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	$	116,213	$	237,412	$	577,771
Current liabilities (acquisition related contingent consideration)	$	1,350	$	2,958	$	1,546	$	1,458	$	7,312
Other current liabilities		324		3,760		2,860		6,492		13,436
Other liabilities (acquisition related contingent consideration)		26,377		49,739		26,604		18,848		121,568
Other liabilities		43		2,953		2,005		95		5,096
Total assumed liabilities	$	28,094	$	59,410	$	33,015	$	26,893	$	147,412

October 2017 Transactions Acquisitions [Member]

Summary of Acquired Assets and Assumed Liabilities as of Acquisition Date

As part of the “October 2017 Transactions Acquisitions,” which include the Expansion Territories and the Expansion 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 Company’s acquired assets and assumed liabilities as of the acquisition dates are 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		3,218		1,222		314		4,754
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)		624		265		-		889
Goodwill		6,378		4,917		2,697		13,992
Distribution agreements		80,500		30,300		13,950		124,750
Customer lists		3,200		1,200		550		4,950
Total acquired assets	$	152,836	$	63,242	$	21,334	$	237,412
Current liabilities (acquisition related contingent consideration)	$	-	$	1,458	$	-	$	1,458
Other current liabilities		2,760		3,241		491		6,492
Other liabilities (acquisition related contingent consideration)		-		18,848		-		18,848
Other liabilities		1		94		-		95
Total assumed liabilities	$	2,761	$	23,641	$	491	$	26,893

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 System Transformation Transactions as of the acquisition dates is summarized as follows:

(in thousands)	January 2016 Transactions		April 1, 2016 Transaction		April 29, 2016 Transactions		October 2016 Transactions		Total 2016 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		4,228		12,722
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		682		10,088
Goodwill		9,396		1,962		8,368		8,473		28,199
Distribution agreements		750	-			22,000		79,900		102,650
Customer lists		550	-			1,450		2,750		4,750
Total acquired assets	$	73,430	$	64,712	$	113,981	$	183,966	$	436,089
Current liabilities (acquisition related contingent consideration)	$	361	$	742	$	1,307	$	3,973	$	6,383
Other current liabilities		591		4,231		5,482		8,513		18,817
Accounts payable to The Coca-Cola Company		650	-		-		-			650
Other liabilities (acquisition related contingent consideration)		6,144		23,924		35,561		71,237		136,866
Other liabilities	-			266		2,635		573		3,474
Total assumed liabilities	$	7,746	$	29,163	$	44,985	$	84,296	$	166,190

2015 Expansion Territories and 2016 and 2017 System Transformation Transactions and 2015 Asset Exchange [Member]

Schedule of Consolidated Statement of Operations

The financial results of the 2017 System Transformation Transactions, the 2016 System Transformation Transactions, the 2015 Expansion Territories and the 2015 Asset Exchange have been included in the Company’s consolidated financial statements from their respective acquisition dates. These System Transformation Transactions contributed the following amounts to the Company’s consolidated statement of operations:

	Fiscal Year
(in thousands)	2017		2016		2015
Net sales from 2015 Expansion Territories & 2015 Asset Exchange	$	484,485	$	469,440	$	278,691
Net sales from 2016 System Transformation Transactions		1,011,638		592,329		-
Net sales from 2017 System Transformation Transactions		740,259		-		-
Total System Transformation Transactions impact to net sales	$	2,236,382	$	1,061,769	$	278,691
Income from operations from 2015 Expansion Territories & 2015 Asset Exchange	$	1,540	$	1,907	$	3,364
Income from operations from 2016 System Transformation Transactions		18,930		22,373		-
Income from operations from 2017 System Transformation Transactions		10,754		-		-
Total System Transformation Transactions impact to income from operations	$	31,224	$	24,280	$	3,364

2016 and 2017 System Transformation Transactions [Member]

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 2017 System Transformation Transactions and the 2016 System Transformation Transactions.

	Fiscal Year
(in thousands)	2017		2016
Net sales as reported	$	4,323,668	$	3,156,428
Pro forma adjustments (unaudited)		196,224		1,153,358
Net sales pro forma (unaudited)	$	4,519,892	$	4,309,786

	Fiscal Year
(in thousands)	2017		2016
Income from operations as reported	$	96,179	$	127,859
Pro forma adjustments (unaudited)		5,391		76,906
Income from operations pro forma (unaudited)	$	101,570	$	204,765