Other liabilities consisted of the following:
(in thousands) |
|
September 30, 2018 |
|
|
December 31, 2017 |
|
Non-current portion of acquisition related contingent consideration |
|
$ |
338,530 |
|
|
$ |
357,952 |
|
Accruals for executive benefit plans |
|
|
128,079 |
|
|
|
125,791 |
|
Non-current deferred proceeds from Territory Conversion Fee |
|
|
85,734 |
|
|
|
87,449 |
|
Non-current deferred proceeds from Legacy Facilities Credit(1) |
|
|
30,568 |
|
|
|
29,881 |
|
Other |
|
|
17,399 |
|
|
|
19,506 |
|
Total other liabilities |
|
$ |
600,310 |
|
|
$ |
620,579 |
|
(1) |
In December 2017, The Coca‑Cola Company agreed to provide the Company a one-time fee, which, after final adjustments made during the third quarter of 2018, totaled $44.3 million (the “Legacy Facilities Credit”). The Legacy Facilities Credit compensated the Company for the net economic impact of changes made by The Coca‑Cola Company to the authorized pricing on sales of covered beverages produced at the manufacturing facilities owned by Company prior to the System Transformation and sold to The Coca‑Cola Company and certain U.S. Coca‑Cola bottlers pursuant to new pricing mechanisms included in the regional manufacturing agreement entered into by the Company and The Coca‑Cola Company on March 31, 2017, as amended. The Company immediately recognized the portion of the Legacy Facilities Credit applicable to a regional manufacturing facility in Mobile, Alabama which the Company transferred to CCR as part of the CCR Exchange Transaction. The remaining balance of the Legacy Facilities Credit will be amortized as a reduction to cost of sales over a period of 40 years. |
|