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Quarterly Financial Data (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Data

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

 

 

$

-

 

 

$

-

 

 

$

-