Acquisitions - (Tables)

6 Months Ended

Jul. 03, 2021

Schedule of Total Cash and Stock Consideration Paid

The total cash and stock consideration paid by us in the Legacy Primo Acquisition is summarized below:


(in millions of U.S. dollars, except share and per share amounts)
Fair value of common shares issued to holders of Legacy Primo common stock (26,497,015 shares issued at $14.25 per share)	$	377.6
Cash to holders of Legacy Primo common stock	216.1
Cash paid to retire outstanding indebtedness on behalf of Legacy Primo	196.9
Settlement of pre-existing relationship	4.7
Fair value of replacement common share options and restricted stock units for Legacy Primo awards	2.9
Total consideration	$	798.2

Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed

The table below summarizes the previously reported estimated acquisition date fair values, measurement period adjustments recorded, and the final purchase price allocation of the assets acquired and the liabilities assumed:


(in millions of U.S. dollars)	Originally Reported		Measurement Period Adjustments		Acquired Value
Cash and cash equivalents	$	1.3	$	—	$	1.3
Accounts receivable	21.6		—		21.6
Inventory	18.4		—		18.4
Prepaid expenses and other current assets	5.3		—		5.3
Property, plant and equipment	107.8		—		107.8
Operating lease right-of-use-assets	4.3		—		4.3
Goodwill	301.2		1.3		302.5
Intangible assets	421.6		—		421.6
Other assets	0.4		—		0.4
Current maturities of long-term debt	(2.3)		—		(2.3)
Accounts payable and accrued liabilities	(42.0)		(0.2)		(42.2)
Current operating lease obligations	(1.4)		—		(1.4)
Long-term debt	(5.6)		—		(5.6)
Operating lease obligations	(3.0)		—		(3.0)
Deferred tax liabilities	(27.6)		(1.1)		(28.7)
Other long-term liabilities	(1.8)		—		(1.8)
Total	$	798.2	$	—	$	798.2

Schedule of Pro Forma Financial Information

The following unaudited pro forma financial information for the three and six months ended June 27, 2020, represent the combined results of our operations as if the Legacy Primo Acquisition had occurred on December 30, 2018.


	For the Three Months Ended		For the Six Months Ended
(in millions of U.S. dollars, except per share amounts)	June 27, 2020		June 27, 2020
Revenue	$	456.8	$	971.5
Net loss from continuing operations	$	(131.7)	$	(144.7)
Net loss	$	(136.0)	$	(118.1)
Net loss per common share from continuing operations, diluted	$	(0.82)	$	(0.96)
Net loss per common share, diluted	$	(0.85)	$	(0.78)