Segment Reporting

9 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

    Our broad portfolio of products includes bottled water, water dispensers, purified bottled water, self-service refill drinking water, premium spring, sparkling and flavored water, mineral water, filtration equipment, coffee, hot chocolate, soups, malt drinks, creamers/whiteners and cereals.

     During the second quarter of 2020, we implemented a restructuring program intended to optimize synergies from the Company’s transition to a pure-play water company following the Legacy Primo Acquisition and, as a result, reorganized into two reporting segments: North America (which includes our DSS, Aquaterra, Mountain Valley, and Legacy Primo businesses) and Rest of World (which includes our Eden, Aimia, Decantae, and Farrers businesses). Our corporate oversight function and other miscellaneous expenses are aggregated and included in the All Other category. Segment reporting results have been recast to reflect these changes for all periods presented.

(in millions of U.S. dollars)	North America		Rest of World		All Other		Total
For the Three Months Ended September 26, 2020
Revenue, net	$	393.2	$	124.3	$	—	$	517.5
Depreciation and amortization	38.5		14.8		0.3		53.6
Operating income (loss)	46.0		10.2		(14.9)		41.3
Additions to property, plant and equipment	16.6		4.7		0.1		21.4
For the Nine Months Ended September 26, 2020
Revenue, net	$	1,107.8	$	340.7	$	—	$	1,448.5
Depreciation and amortization	107.1		43.4		0.9		151.4
Operating income (loss)	94.1		(116.9)		(53.9)		(76.7)
Additions to property, plant and equipment	65.5		19.6		(0.1)		85.0
As of September 26, 2020
Total assets 1	$	2,753.2	$	852.9	$	54.8	$	3,660.9

______________________

1    Excludes inter segment receivables, investments and notes receivable.

(in millions of U.S. dollars)	North America		Rest of World		All Other		Total
For the Three Months Ended September 28, 2019
Revenue, net	$	337.6	$	134.5	$	—	$	472.1
Depreciation and amortization	27.6		14.0		0.1		41.7
Operating income (loss)	36.5		11.4		(9.5)		38.4
Additions to property, plant and equipment	19.5		13.3		0.1		32.9
For the Nine Months Ended September 28, 2019
Revenue, net	$	959.2	$	389.0	$	7.2	$	1,355.4
Depreciation and amortization	83.4		40.7		0.2		124.3
Operating income (loss)	68.7		25.6		(33.7)		60.6
Additions to property, plant and equipment	55.4		23.5		0.3		79.2
As of December 28, 2019
Total assets 1	$	1,874.5	$	941.6	$	48.3	$	2,864.4

______________________

1    Excludes inter segment receivables, investments and notes receivable.

(in millions of U.S. dollars)	December 28, 2019
Segment assets 1	$	2,864.4
Assets of discontinued operations 1	526.5
Total assets	$	3,390.9

______________________

1    Excludes inter segment receivables, investments and notes receivable.

Credit risk arises from the potential default of a customer in meeting its financial obligations to us. Concentrations of credit exposure may arise with a group of customers that have similar economic characteristics or that are located in the same geographic region. The ability of such customers to meet obligations would be similarly affected by changing economic, political or other conditions.

The impact of the COVID-19 pandemic may affect the ability of such customers to meet obligations to us. The full extent to which the COVID-19 pandemic will negatively affect our results of operations, financial condition and cash flows will depend on future developments that are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and actions taken by governmental authorities in the markets in which we operate and other third parties in response to the pandemic.

Revenues by channel by reporting segment were as follows:

	For the Three Months Ended September 26, 2020
(in millions of U.S. dollars)	North America		Rest of World		All Other		Total
Revenue, net
Water Direct/Water Exchange	$	252.1	$	60.2	$	—	$	312.3
Water Refill/Water Filtration	48.9		8.1		—		57.0
Other Water	39.0		20.5		—		59.5
Water Dispensers	28.5		—		—		28.5
Other	24.7		35.5		—		60.2
Total	$	393.2	$	124.3	$	—	$	517.5

	For the Nine Months Ended September 26, 2020
(in millions of U.S. dollars)	North America		Rest of World		All Other		Total
Revenue, net
Water Direct/Water Exchange	$	715.3	$	160.3	$	—	$	875.6
Water Refill/Water Filtration	123.8		21.5		—		145.3
Other Water	123.7		48.0		—		171.7
Water Dispensers	55.2		—		—		55.2
Other	89.8		110.9		—		200.7
Total	$	1,107.8	$	340.7	$	—	$	1,448.5

	For the For the Three Months Ended September 28, 2019
(in millions of U.S. dollars)	North America		Rest of World		All Other		Total
Revenue, net
Water Direct/Water Exchange	$	244.7	$	69.5	$	—	$	314.2
Water Refill/Water Filtration	9.0		6.8		—		15.8
Other Water	41.8		18.0		—		59.8
Water Dispensers	—		—		—		—
Other	42.1		40.2		—		82.3
Total	$	337.6	$	134.5	$	—	$	472.1

	For the Nine Months Ended September 28, 2019
(in millions of U.S. dollars)	North America		Rest of World		All Other		Total
Revenue, net
Water Direct/Water Exchange	$	680.9	$	193.2	$	—	$	874.1
Water Refill/Water Filtration	26.7		19.7		—		46.4
Other Water	123.1		45.6		—		168.7
Water Dispensers	—		—		—		—
Other	128.5		130.5		7.2		266.2
Total	$	959.2	$	389.0	$	7.2	$	1,355.4