10-Q

United States

Securities and Exchange Commission

Washington, D.C. 20549

FORM 10-Q

    x     Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended: June 30, 2012

    ¨     Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from         to         

Commission File Number: 001-31410

COTT CORPORATION

(Exact name of registrant as specified in its charter)

CANADA	98-0154711
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification No.)
6525 VISCOUNT ROAD MISSISSAUGA, ONTARIO 5519 WEST IDLEWILD AVE TAMPA, FLORIDA	L4V 1H6 33634
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (905) 672-1900 and (813) 313-1800

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	x	Accelerated filer	¨
Non-accelerated filer	¨  (do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class	Outstanding at July 25, 2012
Common Stock, no par value per share	95,161,968 shares

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (unaudited)	3
	Consolidated Statements of Operations	3
	Condensed Consolidated Statements of Comprehensive Income	4
	Consolidated Balance Sheets	5
	Consolidated Statements of Cash Flows	6
	Consolidated Statements of Equity	7
	Notes to the Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31
	Overview	31
	Results of Operations	38
	Liquidity and Financial Condition	41
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	45
Item 4.	Controls and Procedures	46
PART II – OTHER INFORMATION		46
Item 1.	Legal Proceedings	46
Item 1A.	Risk Factors	46
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	47
Item 6.	Exhibits	48
SIGNATURES		49

2

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Cott Corporation

Consolidated Statements of Operations

(in millions of U.S. dollars, except share and per share amounts)

Unaudited

	For the Three Months Ended					For the Six Months Ended
	June 30, 2012			July 2, 2011		June 30, 2012			July 2, 2011
Revenue, net	$	625.8		$	640.0	$	1,149.6		$	1,174.1
Cost of sales		533.5			552.0		993.9			1,016.5
Gross profit		92.3			88.0		155.7			157.6
Selling, general and administrative expenses		48.8			45.1		90.6			90.2
Loss on disposal of property, plant & equipment		0.3			—		0.9			—
Operating income		43.2			42.9		64.2			67.4
Other (income) expense, net		(0.5	)		—		(0.7	)		0.8
Interest expense, net		13.5			14.6		27.5			29.0
Income before income taxes		30.2			28.3		37.4			37.6
Income tax expense		3.9			0.7		4.3			2.3
Net income	$	26.3		$	27.6	$	33.1		$	35.3
Less: Net income attributable to non-controlling interests		1.2			1.1		2.1			2.0
Net income attributed to Cott Corporation	$	25.1		$	26.5	$	31.0		$	33.3
Net income per common share attributed to Cott Corporation
Basic	$	0.27		$	0.28	$	0.33		$	0.35
Diluted	$	0.26		$	0.28	$	0.32		$	0.35
Weighted average outstanding shares (thousands) attributed to Cott Corporation
Basic		94,469			94,137		94,448			94,107
Diluted		95,515			95,529		95,479			95,424

The accompanying notes are an integral part of these consolidated financial statements.

3

Cott Corporation

Condensed Consolidated Statements of Comprehensive Income

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended						For the Six Months Ended
	June 30, 2012			July 2, 2011			June 30, 2012			July 2, 2011
Net income	$	26.3		$	27.6		$	33.1		$	35.3
Other comprehensive (loss) income:
Currency translation adjustment		(7.2	)		1.3			1.0			10.6
Pension benefit plan, net of tax1		0.3			0.2			(0.2	)		0.4
Unrealized loss on derivative instruments, net of tax2		—			(0.2	)		(0.3	)		—
Total other comprehensive (loss) income		(6.9	)		1.3			0.5			11.0
Comprehensive income	$	19.4		$	28.9		$	33.6		$	46.3
Less: Comprehensive income attributable to non-controlling interests		1.2			0.9			2.0			1.8
Comprehensive income attributed to Cott Corporation	$	18.2		$	28.0		$	31.6		$	44.5

¹  Net of the effect of $0.1 million and $0.1 million tax expense for the three and six months ended June 30, 2012, respectively, and net of the effect of nil and $0.1 million tax benefit for the three and six months ended July 2, 2011, respectively.

²  Net of the effect of a nil and $0.1 million tax benefit for the three and six months ended June 30, 2012, respectively, and net of the effect of a $0.1 million and nil tax benefit for the three and six months ended July 2, 2011, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

4

Cott Corporation

Consolidated Balance Sheets

(in millions of U.S. dollars, except share amounts)

Unaudited

	June 30, 2012			December 31, 2011
ASSETS
Current assets
Cash & cash equivalents	$	47.1		$	100.9
Accounts receivable, net of allowance of $6.6 ($5.7 as of December 31, 2011)		262.4			210.8
Income taxes recoverable		8.3			9.9
Inventories		234.0			210.0
Prepaid expenses and other assets		25.1			19.3
Total current assets		576.9			550.9
Property, plant & equipment		488.8			482.2
Goodwill		129.6			129.6
Intangibles and other assets		329.1			341.1
Deferred income taxes		3.3			4.1
Other tax receivable		1.0			1.0
Total assets	$	1,528.7		$	1,508.9
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	1.8		$	3.4
Accounts payable and accrued liabilities		265.0			281.1
Total current liabilities		266.8			284.5
Long-term debt		602.2			602.1
Deferred income taxes		37.2			34.1
Other long-term liabilities		20.2			20.0
Total liabilities		926.4			940.7
Equity
Capital stock, no par - 95,161,968 (December 31, 2011 - 95,101,230) shares issued		395.7			395.9
Treasury stock		(2.1	)		(2.1	)
Additional paid-in-capital		44.8			42.6
Retained earnings		175.0			144.1
Accumulated other comprehensive loss		(24.1	)		(24.7	)
Total Cott Corporation equity		589.3			555.8
Non-controlling interests		13.0			12.4
Total equity		602.3			568.2
Total liabilities and equity	$	1,528.7		$	1,508.9

The accompanying notes are an integral part of these consolidated financial statements.

5

Cott Corporation

Consolidated Statements of Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended						For the Six Months Ended
	June 30, 2012			July 2, 2011			June 30, 2012			July 2, 2011
Operating Activities
Net income	$	26.3		$	27.6		$	33.1		$	35.3
Depreciation & amortization		23.7			23.8			47.5			47.4
Amortization of financing fees		0.9			0.9			2.1			1.8
Share-based compensation expense		1.4			2.7			2.2			3.8
Increase in deferred income taxes		4.0			1.0			4.0			1.9
Gain on bargain purchase		(0.9	)		—			(0.9	)		—
Loss on disposal of property, plant & equipment		0.3			—			0.9			—
Other non-cash items		1.0			1.6			0.6			1.8
Change in operating assets and liabilities, net of acquisition:
Accounts receivable		(31.3	)		(41.6	)		(51.8	)		(71.0	)
Inventories		(6.5	)		(16.6	)		(23.0	)		(22.7	)
Prepaid expenses and other assets		(4.1	)		(1.5	)		(5.9	)		(1.2	)
Other assets		(0.1	)		(0.6	)		0.9			(0.7	)
Accounts payable and accrued liabilities		22.1			24.8			(16.3	)		2.9
Income taxes recoverable		1.3			(0.8	)		1.6			(3.6	)
Net cash provided by (used in) operating activities		38.1			21.3			(5.0	)		(4.3	)
Investing Activities
Acquisition		—			—			(5.0	)		—
Additions to property, plant & equipment		(19.7	)		(10.8	)		(37.4	)		(23.3	)
Additions to intangibles and other assets		(1.0	)		(2.5	)		(3.7	)		(2.5	)
Proceeds from sale of assets held for sale		1.0			—			1.0			—
Other investing activities		—			(1.8	)		—			(1.7	)
Net cash used in investing activities		(19.7	)		(15.1	)		(45.1	)		(27.5	)
Financing Activities
Payments of long-term debt		(1.4	)		(2.1	)		(2.6	)		(3.4	)
Borrowings under ABL		17.5			43.6			24.5			143.4
Payments under ABL		(17.5	)		(58.7	)		(24.5	)		(131.2	)
Distributions to non-controlling interests		(0.3	)		(0.9	)		(1.4	)		(2.5	)
Common share repurchase		(0.3	)		—			(0.3	)		—
Net cash (used in) provided by financing activities		(2.0	)		(18.1	)		(4.3	)		6.3
Effect of exchange rate changes on cash		(0.9	)		0.1			0.6			1.3
Net increase (decrease) in cash & cash equivalents		15.5			(11.8	)		(53.8	)		(24.2	)
Cash & cash equivalents, beginning of period		31.6			35.8			100.9			48.2
Cash & cash equivalents, end of period	$	47.1		$	24.0		$	47.1		$	24.0
Supplemental Disclosures of Cash Flow information:
Cash paid for interest	$	9.5		$	10.2		$	25.5		$	27.9
Cash paid for income taxes (excludes refunds)	$	0.1		$	0.8		$	0.4		$	4.2

The accompanying notes are an integral part of these consolidated financial statements.

6

Cott Corporation

Consolidated Statements of Equity

(in millions of U.S. dollars, except share amounts)

Unaudited

	Cott Corporation Equity
	Number of Common Shares (In thousands)			Number of Treasury Shares (In thousands)			Common Shares			Treasury Shares			Additional  Paid- in-Capital			Retained Earnings			Accumulated Other Comprehensive Loss			Non- Controlling Interests			Total Equity
Balance at January 1, 2011		94,750			1,051		$	395.6		$	(3.2	)	$	40.8		$	106.5		$	(17.5	)	$	13.0		$	535.2
Common shares issued		25			—			0.1			—			—			—			—			—			0.1
Treasury shares issued - PSU Plan		—			(181	)		—			0.5			(0.5	)		—			—			—			—
Treasury shares issued - EISPP		—			(196	)		—			0.6			(0.6	)		—			—			—			—
Common shares issued - Directors’ share award		76			—			—			—			0.7			—			—			—			0.7
Share-based compensation		—			—			—			—			3.1			—			—			—			3.1
Contributions to non-controlling interests		—			—			—			—			—			—			—			1.8			1.8
Distributions to non-controlling interests		—			—			—			—			—			—			—			(2.5	)		(2.5	)
Comprehensive income
Currency translation adjustment		—			—			—			—			—			—			10.8			(0.2	)		10.6
Pension benefit plan, net of tax		—			—			—			—			—			—			0.4			—			0.4
Net income		—			—			—			—			—			33.3			—			2.0			35.3
Balance at July 2, 2011		94,851			674		$	395.7		$	(2.1	)	$	43.5		$	139.8		$	(6.3	)	$	14.1		$	584.7
Balance at December 31, 2011		95,101			674		$	395.9		$	(2.1	)	$	42.6		$	144.1		$	(24.7	)	$	12.4		$	568.2
Common shares issued - Directors’ share award		96.0			—			—			—			0.7			—			—			—			0.7
Common shares repurchased		(35.3	)		—			(0.2	)		—			—			(0.1	)		—			—			(0.3	)
Share-based compensation		—			—			—			—			1.5			—			—			—			1.5
Distributions to non-controlling interests		—			—			—			—			—			—			—			(1.4	)		(1.4	)
Comprehensive income
Currency translation adjustment		—			—			—			—			—			—			1.1			(0.1	)		1.0
Pension benefit plan, net of tax		—			—			—			—			—			—			(0.2	)		—			(0.2	)
Unrealized loss on derivative instruments, net of tax		—			—			—			—			—			—			(0.3	)		—			(0.3	)
Net income		—			—			—			—			—			31.0			—			2.1			33.1
Balance at June 30, 2012		95,162			674		$	395.7		$	(2.1	)	$	44.8		$	175.0		$	(24.1	)	$	13.0		$	602.3

The accompanying notes are an integral part of these consolidated financial statements.

7

Cott Corporation

Notes to the Consolidated Financial Statements

Unaudited

Note 1 – Business and Recent Accounting Pronouncements

Description of Business

Cott Corporation, together with its consolidated subsidiaries (“Cott,” “the Company,” “our Company,” “Cott Corporation,” “we,” “us,” or “our”), is one of the world’s largest beverage companies focusing on private-label products and contract manufacturing. Our product lines include carbonated soft drinks (“CSDs”), clear, still and sparkling flavored waters, energy-related drinks, juice, juice-based products, bottled water and ready-to-drink teas.

Basis of Presentation

The accompanying interim unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements in conformity with U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2011. The accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements.

The presentation of these interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.

Recent Accounting Pronouncements

ASU 2011-05— Comprehensive Income: Presentation of Comprehensive Income

In June 2011, the Financial Accounting Standards Board (“FASB”) amended its guidance on the presentation of comprehensive income in financial statements to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items that are recorded in other comprehensive income. The new accounting guidance requires entities to report components of comprehensive income in either (i) a continuous statement of comprehensive income or (ii) two separate but consecutive statements. The provisions of this new guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We have adopted this guidance and presented the components of comprehensive income in two separate but consecutive statements. This standard impacts the presentation but does not have a financial impact on our consolidated financial statements.

ASU 2011-08— Intangibles-Goodwill and Other: Testing Goodwill for Impairment

In September 2011, the FASB amended its guidance in regards to testing goodwill for impairment to address concern raised about the cost and complexity of performing the first step of the two-step goodwill impairment test required under Accounting Standards Codification (“ASC”) Topic 350 – “Intangibles-Goodwill and Other.” The objective of this update is to simplify how entities, both public and nonpublic, test goodwill for impairment. The amendments in the update permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. We have adopted this guidance and incorporated it into our goodwill assessment procedures. The adoption of this guidance did not have a material impact on our consolidated financial statements.

Note 2 – Acquisitions

On August 17, 2010, we completed the acquisition of substantially all of the assets and liabilities of Cliffstar Corporation (“Cliffstar”) and its affiliated companies for approximately $503.0 million in cash, $14.0 million in deferred consideration to be paid over three years, of which $4.7 million was paid during the third quarter of 2011, and contingent consideration of up to $55.0 million (the “Cliffstar Acquisition”). The first $15.0 million of the contingent consideration was based upon the achievement of milestones in certain expansion projects in 2010, which were achieved in 2010. The remainder of the contingent consideration was based on the achievement of certain performance measures during the fiscal year ended January 1, 2011.

8

We were notified on May 9, 2011 by the seller of Cliffstar of certain objections to the performance measures used to calculate the contingent consideration, and the seller asserted a claim for amounts in excess of the amounts accrued as contingent consideration at July 2, 2011. During the third and fourth quarters of 2011, Cott made interim payments to the seller equal to $21.0 million and $8.6 million, respectively. The payment of $21.0 million was net of a $4.7 million refund due to Cott as a result of the final determination of working capital, and the payment of $8.6 million included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s remaining objections to the calculation of the contingent consideration are subject to an ongoing binding arbitration process under the terms of the asset purchase agreement. The seller is seeking up to $12.1 million in additional contingent consideration. The final resolution of these matters may result in amounts payable to the seller that vary from the amount of payments previously made to seller of $34.3 million. We are currently unable to predict the ultimate outcome of this action. Any changes in the fair value of contingent consideration will be recorded in our Consolidated Statements of Operations.

During the first quarter of 2012, our United Kingdom (“U.K.”) reporting segment acquired a beverage and wholesale business based in Scotland for approximately $5.0 million. The business was purchased from a company in administration and provided a number of benefits to our U.K. reporting segment including increased product offerings and market share, logistical synergies through expansion into Scotland and access to an additional production line. The acquisition has been accounted for using the purchase method of accounting for business combinations, and related operating results are included in the Consolidated Statements of Operations for the periods subsequent to the acquisition. The identified assets, which included inventory, property, plant and equipment, trade names, and customers lists, were recorded at their estimated fair values which exceeded the fair value of the purchase price of the business. Accordingly, the acquisition has been accounted for as a bargain purchase and, as a result, we recognized a gain of approximately $0.9 million associated with the acquisition. The gain is included in the other (income) expense, net section of the Consolidated Statements of Operations.

Note 3 – Share-Based Compensation

The table below summarizes the share-based compensation expense for the three and six months ended June 30, 2012 and July 2, 2011, respectively. This share-based compensation expense was recorded in selling, general, and administrative expenses in our Consolidated Statements of Operations. As used below: (i) “Performance-based RSUs” mean restricted share units with performance-based vesting granted under the Company’s 2010 Equity Incentive Plan (the “2010 Equity Incentive Plan”), (ii) “Time-based RSUs” mean restricted share units with time-based vesting granted under the 2010 Equity Incentive Plan, and (iii) “Stock options” mean non-qualified stock options granted under the 2010 Equity Incentive Plan and the Restated 1986 Common Share Option Plan (the “1986 Option Plan”).

	For the Three Months Ended				For the Six Months Ended
(in millions of U.S. dollars)	June 30, 2012		July 2, 2011		June 30, 2012		July 2, 2011
Stock options	$	0.1	$	—	$	0.2	$	—
Directors’ share award		0.7		0.7		0.7		0.7
Performance-based RSUs		0.2		1.0		0.2		1.5
Time-based RSUs		0.4		1.0		1.1		1.6
Total	$	1.4	$	2.7	$	2.2	$	3.8

9

As of June 30, 2012, the unrecognized share-based compensation expense and years we expect to recognize the future compensation expense were as follows:

(in millions of U.S. dollars, except years)	Unrecognized share-based compensation expense as of June 30, 2012		Weighted average years expected to recognize compensation
Stock options	$	1.2		2.5
Performance-based RSUs		1.7		2.5
Time-based RSUs		4.5		1.7
Total	$	7.4

Stock option activity for the six months ended June 30, 2012 was as follows:

	Shares (in  thousands)			Weighted average exercise price (Canadian $)
Balance at December 31, 2011		284		$	20.47
Awarded		385			6.47
Exercised		—			—
Forfeited or expired		(25	)		29.95
Outstanding at June 30, 2012		644			11.73
Exercisable at June 30, 2012		259		$	19.56

During the six months ended June 30, 2012 Performance-based RSU and Time-based RSU activity was as follows:

(in thousands of shares)	Number of Performance- based RSUs			Number of Time-based RSUs
Balance at December 31, 2011		2,319			1,548
Awarded		331			442
Forfeited		(106	)		(89	)
Outstanding at June 30, 2012		2,544			1,901

Stock options awarded during the six months ended June 30, 2012 were granted under the 2010 Equity Incentive Plan. Stock options outstanding at December 31, 2011 were granted under the 1986 Option Plan. The board terminated the 1986 Option Plan, effective as of February 23, 2011. In connection with the termination of the 1986 Option Plan, outstanding options will continue in accordance with the terms of the 1986 Option Plan until exercised, forfeited or terminated, as applicable. No further awards will be granted under the 1986 Option Plan.

10

Average Canadian to U.S. Dollar Exchange Rate for the Six Months Ended June 30, 2012

The weighted average exercise prices for options in Note 3 are disclosed in Canadian dollars. The table below represents the average Canadian dollar to U.S. dollar exchange rate for the six months ended June 30, 2012:

	For the Six Months Ended June 30, 2012
Average exchange rate	$	0.995

Note 4 – Income Taxes

Income tax expense was $4.3 million on pretax income of $37.4 million for the six months ended June 30, 2012, as compared to income tax expense of $2.3 million on pretax income of $37.6 million for the six months ended July 2, 2011. The year to date income tax expense was reduced by an adjustment of $1.2 million related to an audit settlement and the lapse of a statute of limitation. During the second quarter of 2011, we completed a reorganization of our legal entity structure and refinanced intercompany debt. As a result of these activities, our annual effective tax rate is expected to be lower than the statutory rate for 2012.

Note 5 – Net Income Per Common Share

Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per common share is calculated using the weighted-average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, Performance-based RSUs and Time-based RSUs.

A reconciliation of the denominators of the basic and diluted net income per common share computations is as follows:

	For the Three Months Ended				For the Six Months Ended
(in thousands of shares)	June 30, 2012		July 2, 2011		June 30, 2012		July 2, 2011
Weighted average number of shares outstanding - basic		94,469		94,137		94,448		94,107
Dilutive effect of Stock options		31		196		31		195
Dilutive effect of Performance-based RSUs		30		509		21		481
Dilutive effect of Time-based RSUs		985		687		979		641
Adjusted weighted average number of shares outstanding - diluted		95,515		95,529		95,479		95,424

We excluded 183,500 (July 2, 2011 – 241,000) stock options from the computation of diluted net income per share because the options’ exercise price was greater than the average market price of the common shares. Shares purchased on the open market and held by independent trusts are categorized as treasury shares under applicable accounting rules. We excluded 674,397 (July 2, 2011 –674,397) treasury shares held in various trusts in the calculation of basic and diluted earnings per share.

11

Note 6 – Segment Reporting

We produce, package and distribute private-label CSDs, clear, still and sparkling flavored waters, energy-related drinks, juice, juice-based products, bottled water and ready-to-drink teas to regional and national grocery, mass-merchandise and wholesale chains and customers in the dollar convenience and drug channels through five reporting segments – North America (which includes our U.S. operating segment and our Canada operating segment), U.K. (which includes our United Kingdom reporting unit and our Continental European reporting unit), Mexico, Royal Crown International (“RCI”) and All Other.

(in millions of U.S. dollars)	North America		United Kingdom		Mexico			RCI		All Other		Total
For the Three Months Ended June 30, 2012
External revenue1	$	475.7	$	131.5	$	10.2		$	8.4	$	—	$	625.8
Depreciation and amortization		20.1		3.1		0.5			—		—		23.7
Operating income (loss)		31.2		10.5		(0.9	)		2.4		—		43.2
Additions to property, plant & equipment		16.4		3.1		0.2			—		—		19.7
For the Six Months Ended June 30, 2012
External revenue1	$	883.8	$	230.7	$	19.3		$	15.8	$	—	$	1,149.6
Depreciation and amortization		40.2		6.4		0.9			—		—		47.5
Operating income (loss)		48.5		13.7		(2.2	)		4.2		—		64.2
Additions to property, plant & equipment		29.0		8.1		0.3			—		—		37.4
As of June 30, 2012
Property, plant & equipment	$	385.1	$	94.6	$	9.1		$	—	$	—	$	488.8
Goodwill		125.1		—		—			4.5		—		129.6
Intangibles and other assets		314.5		14.2		0.4			—		—		329.1
Total assets2		1,236.9		248.1		29.8			13.2		0.7		1,528.7

¹  Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.1 million for the three and six months ended June 30, 2012, respectively.

²  Excludes intersegment receivables, investments and notes receivable.

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(in millions of U.S. dollars)	North America		United Kingdom		Mexico			RCI		All Other		Total
For the Three Months Ended July 2, 2011
External revenue1	$	491.3	$	126.0	$	16.2		$	6.5	$	—	$	640.0
Depreciation and amortization		19.9		3.3		0.6			—		—		23.8
Operating income (loss)		30.0		11.4		(0.6	)		2.1		—		42.9
Additions to property, plant & equipment		6.2		4.6		—			—		—		10.8
For the Six Months Ended July 2, 2011
External revenue1	$	920.1	$	212.3	$	27.6		$	14.1	$	—	$	1,174.1
Depreciation and amortization		39.6		6.7		1.1			—		—		47.4
Operating income (loss)		50.8		14.4		(2.1	)		4.3		—		67.4
Additions to property, plant & equipment		16.4		6.9		—			—		—		23.3
As of December 31, 2011
Property, plant & equipment	$	383.1	$	89.8	$	9.3		$	—	$	—	$	482.2
Goodwill		125.1		—		—			4.5		—		129.6
Intangibles and other assets		326.1		14.6		0.4			—		—		341.1
Total assets2		1,231.3		237.0		28.4			11.3		0.9		1,508.9

¹  Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

²  Excludes intersegment receivables, investments and notes receivable.

For the six months ended June 30, 2012, sales to Walmart accounted for 31.8% (July 2, 2011 – 32.3%) of our total revenues, 36.8% of our North America reporting segment revenues (July 2, 2011 – 36.2%), 15.5% of our U.K. reporting segment revenues (July 2, 2011 – 14.7%), and 22.4% of our Mexico reporting segment revenues (July 2, 2011 – 50.0%).

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. We are not currently aware of any facts that would create a material credit risk.

Revenues are attributed to operating segments based on the location of the customer. Revenues by operating segment were as follows:

	For the Three Months Ended						For the Six Months Ended
(in millions of U.S. dollars)	June 30, 2012			July 2, 2011			June 30, 2012			July 2, 2011
United States	$	414.8		$	433.6		$	781.0		$	822.3
Canada		73.3			71.7			127.1			123.8
United Kingdom		131.5			126.0			230.7			212.3
Mexico		10.2			16.2			19.3			27.6
RCI		8.4			6.5			15.8			14.1
Elimination1		(12.4	)		(14.0	)		(24.3	)		(26.0	)
	$	625.8		$	640.0		$	1,149.6		$	1,174.1

¹  Represents intersegment revenue among our operating segments, of which $4.0 million and $8.1 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and six months ended June 30, 2012, respectively, compared to $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

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Revenues by product were as follows:

For the Three Months Ended June 30, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	187.2	$	45.0	$	5.7	$	—	$	237.9
Juice		139.3		3.7		0.3		—		143.3
Concentrate		3.4		0.5		—		8.4		12.3
All other products		145.8		82.3		4.2		—		232.3
Total	$	475.7	$	131.5	$	10.2	$	8.4	$	625.8

For the Six Months Ended June 30, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	351.0	$	78.7	$	11.3	$	—	$	441.0
Juice		273.2		6.8		0.4		—		280.4
Concentrate		6.3		1.3		—		15.8		23.4
All other products		253.3		143.9		7.6		—		404.8
Total	$	883.8	$	230.7	$	19.3	$	15.8	$	1,149.6

For the Three Months Ended June 30, 2012
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume - 8 oz equivalent cases - Total Beverage (including concentrate)
Carbonated soft drinks		83.3		23.0		3.9		—		110.2
Juice		32.1		1.0		0.2		—		33.3
Concentrate		22.4		4.1		—		71.7		98.2
All other products		66.4		27.6		2.6		—		96.6
Total		204.2		55.7		6.7		71.7		338.3

For the Six Months Ended June 30, 2012
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume - 8 oz equivalent cases - Total Beverage (including concentrate)
Carbonated soft drinks		158.2		41.1		7.9		—		207.2
Juice		62.5		1.8		0.3		—		64.6
Concentrate		45.6		8.1		—		142.7		196.4
All other products		117.5		49.6		4.4		—		171.5
Total		383.8		100.6		12.6		142.7		639.7

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Property, plant and equipment by operating segment as of June 30, 2012 and December 31, 2011 was as follows:

(in millions of U.S. dollars)	June 30, 2012		December 31, 2011
United States	$	337.7	$	336.2
Canada		47.4		46.9
United Kingdom		94.6		89.8
Mexico		9.1		9.3
	$	488.8	$	482.2

Note 7 – Inventories

The following table summarizes inventories as of June 30, 2012 and December 31, 2011:

(in millions of U.S. dollars)	June 30, 2012		December 31, 2011
Raw materials	$	85.4	$	87.3
Finished goods		128.0		102.3
Other		20.6		20.4
	$	234.0	$	210.0

Note 8 – Intangibles and Other Assets

The following table summarizes intangibles and other assets as of June 30, 2012:

	June 30, 2012
(in millions of U.S. dollars)	Cost		Accumulated Amortization		Net
Intangibles
Not subject to amortization
Rights	$	45.4	$	—	$	45.4
Subject to amortization
Customer relationships	$	366.8	$	130.1	$	236.7
Trademarks		28.7		22.4		6.3
Information technology		62.2		47.8		14.4
Other		11.4		7.1		4.3
		469.1		207.4		261.7
		514.5		207.4		307.1
Other Assets
Financing costs	$	23.2	$	9.5	$	13.7
Deposits		7.2		—		7.2
Other		1.4		0.3		1.1
		31.8		9.8		22.0
Total Intangibles & Other Assets	$	546.3	$	217.2	$	329.1

Amortization expense of intangible and other assets was $8.8 million and $17.8 million for the three and six months ended June 30, 2012, respectively, compared to $8.9 million and $17.8 million for the comparable prior year periods.

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The estimated amortization expense for intangibles over the next five years is:

(in millions of U.S. dollars)
Remainder of 2012	$	16.8
2013		30.4
2014		28.5
2015		26.4
2016		23.1
Thereafter		136.5
	$	261.7

Our only intangible asset with an indefinite life relates to the 2001 acquisition of intellectual property from Royal Crown Company, Inc. including the right to manufacture our concentrates, with all related inventions, processes, technologies, technical and manufacturing information, know-how and the use of the Royal Crown brand outside of North America and Mexico (the “Rights”). The Rights are not subject to amortization.

Note 9 – Debt

Our total debt as of June 30, 2012 and December 31, 2011 was as follows:

(in millions of U.S. dollars)	June 30, 2012			December 31, 2011
8.375% senior notes due in 20171	$	215.0		$	215.0
8.125% senior notes due in 2018		375.0			375.0
GE obligation		10.4			12.4
Other capital leases		4.5			4.1
Other debt		1.4			1.5
Total debt		606.3			608.0
Less: Current debt
GE obligation - current maturities		0.9			2.6
Other capital leases - current maturities		0.7			0.6
Other debt - current maturities		0.2			0.2
Total current debt		1.8			3.4
Long-term debt before discount		604.5			604.6
Less discount on 8.375% notes		(2.3	)		(2.5	)
Total long-term debt	$	602.2		$	602.1

¹  Our 8.375% senior notes were issued at a discount of 1.425% on November 13, 2009.

Debt

Asset Based Lending Credit Facility

On March 31, 2008, we entered into a credit agreement with JPMorgan Chase Bank N.A. as Agent that created an asset-based lending credit facility (the “ABL facility”) to provide financing for our North America, U.K. and Mexico reporting segments. In connection with the Cliffstar Acquisition, we refinanced the ABL facility on August 17, 2010 to, among other things, provide for the Cliffstar Acquisition, the issuance of $375.0 million of 8.125% senior notes that are due on September 1, 2018 (the “2018 Notes”) and the application of net proceeds therefrom, the underwritten public offering of 13,340,000 common shares at a price of $5.67 per share and the application of net proceeds therefrom and to increase the amount available for borrowings to $275.0 million. We drew down a portion of the indebtedness under the ABL facility in order to fund the Cliffstar Acquisition. We incurred $5.4 million of financing fees in connection with the refinancing of the ABL facility.

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As of June 30, 2012, we had no outstanding borrowings under the ABL facility. The commitment fee was 0.5% per annum of the unused commitment, which was $264.0 million as of June 30, 2012.

On July 19, 2012, we amended the ABL facility to, among other things, extend the maturity date to either July 19, 2017 or, if we have not redeemed, repurchased or refinanced the 8.375% senior subordinated notes due 2017 (the “2017 Notes”) by May 1, 2017, May 15, 2017.

The financing fees incurred in connection with the refinancing of the ABL facility on August 17, 2010, along with the financing fees incurred in connection with the amendment of the ABL facility on July 19, 2012, are amortized using the straight line method over the duration of the amended ABL facility.

8.125% Senior Notes due in 2018

On August 17, 2010, we issued the 2018 Notes. The issuer of the 2018 Notes is our wholly-owned subsidiary Cott Beverages Inc., but Cott Corporation and most of its U.S., Canadian and U.K. subsidiaries guarantee the 2018 Notes. The interest on the 2018 Notes is payable semi-annually on March 1^st and September 1^st of each year.

We incurred $8.6 million of financing fees in connection with the issuance of the 2018 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the duration of the 2018 Notes.

8.375% Senior Notes due in 2017

On November 13, 2009, we issued the 2017 Notes. The 2017 Notes were issued at a $3.1 million discount. The issuer of the 2017 Notes is Cott Beverages Inc., but Cott Corporation and most of its U.S., Canadian and U.K. subsidiaries guarantee the 2017 Notes. The interest on the 2017 Notes is payable semi-annually on May 15^th and November 15^th of each year.

We incurred $5.1 million of financing fees in connection with the 2017 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the duration of the 2017 Notes.

Note 10 – Commitments and Contingencies

We are subject to various claims and legal proceedings with respect to matters such as governmental regulations, and other actions arising out of the normal course of business. Management believes that the resolution of these matters will not have a material adverse effect on our financial position, results of operations, or cash flow.

We are currently involved in legal matters related to various contract disputes. We intend to vigorously defend against all claims in these lawsuits; however, we are presently unable to predict the ultimate outcome of these actions.

As of December 31, 2011, our accrued liability for litigation contingencies with a probable likelihood of loss was $2.9 million which was related to a single contingency. We settled this legal matter for an amount not materially different from our accrued liability.

On August 17, 2010, we completed the Cliffstar Acquisition. The first $15.0 million of the maximum of $55.0 million of contingent consideration was based upon the achievement of milestones in certain expansion projects in 2010, which were achieved in 2010. The remainder of the contingent consideration was based on the achievement of certain performance measures during the fiscal year ended January 1, 2011.

We were notified on May 9, 2011 by the seller of Cliffstar of certain objections to the performance measures used to calculate the contingent consideration, and the seller asserted a claim for amounts in excess of the amounts accrued as contingent consideration at July 2, 2011. During the third and fourth quarters of 2011, Cott made interim payments to the seller equal to $21.0 million and $8.6 million, respectively. The payment of $21.0 million was net of a $4.7 million refund due to Cott as a result of the final determination of working capital, and the payment of $8.6 million included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s remaining objections to the calculation of the contingent consideration are subject to an ongoing binding arbitration process under the terms of the asset purchase agreement. The seller is seeking up to $12.1 million in additional contingent consideration. The final resolution of these matters may result in amounts payable to the seller that vary from the amount of payments previously made to seller of $34.3 million. We are currently unable to predict the ultimate outcome of this action. Any changes in the fair value of contingent consideration will be recorded in our Consolidated Statements of Operations.

We had $11.0 million in standby letters of credit outstanding as of June 30, 2012 (July 2, 2011 – $9.5 million).

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Note 11 – Shares Held in Trust treated as Treasury Shares and Share Repurchase Program

In May 2008, an independent trustee acting under certain of our benefit plans purchased 2.3 million of our common shares to be used to satisfy future liabilities under the Amended and Restated Performance Share Unit Plan (the “PSU Plan”) and the Restated Executive Incentive Share Purchase Plan (the “Restated EISPP”). As of June 30, 2012, 0.7 million shares were held in trust, and accounted for as treasury shares under applicable accounting rules. Treasury shares are reported at cost.

Subsequent to the adoption of the 2010 Equity Incentive Plan on May 4, 2010, the Human Resources and Compensation Committee of the Board of Directors determined that certain of Cott’s long-term incentive plans were no longer needed and terminated the PSU Plan and the Restated EISPP effective February 23, 2011. No further awards will be granted under such plans, as future awards will be made under our 2010 Equity Incentive Plan.

On May 1, 2012, our Board of Directors authorized the repurchase of up to $35 million of our common shares in the open market or through privately negotiated transactions over a 12-month period through either a 10b5-1 automatic trading plan or at management’s discretion in compliance with regulatory requirements, and given market, cost and other considerations. We are unable to predict the number of shares that will be repurchased under the share repurchase program, or the aggregate dollar amount of the shares actually purchased. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements. We repurchased 35,272 shares of common stock for approximately $0.3 million during the second quarter ended June 30, 2012.

Note 12 – Hedging Transactions and Derivative Financial Instruments

We are directly and indirectly affected by changes in foreign currency market conditions. These changes in market conditions may adversely impact our financial performance and are referred to as market risks. When deemed appropriate by management, we use derivatives as a risk management tool to mitigate the potential impact of foreign currency market risks.

We purchase forward contract derivative instruments. Forward contracts are agreements to buy or sell a quantity of a currency at a predetermined future date and at a predetermined rate or price. We do not enter into derivative financial instruments for trading purposes.

As of June 30, 2012, all derivatives are carried at fair value in the Consolidated Balance Sheets in the line item accounts payable and accrued liabilities. The carrying values of the derivatives reflect the impact of legally enforceable agreements with the same counterparties. These allow us to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty.

The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the types of hedging relationships. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in the Consolidated Statements of Operations in which the hedged items are recorded in the same period the hedged items affect earnings. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the fair values or cash flows of the underlying exposures being hedged.

We formally designate and document, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, we formally assess both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is immediately recognized into earnings.

We estimate the fair values of our derivatives based on quoted market prices or pricing models using current market rates (refer to Note 13). The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or other financial indices. We do not view the fair values of our derivatives in isolation, but rather in relation to the fair values or cash flows of the underlying hedged transactions. All of our derivatives are straightforward over-the-counter instruments with liquid markets.

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Credit Risk Associated with Derivatives

We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We mitigate pre-settlement risk by being permitted to net settle for transactions with the same counterparty.

Cash Flow Hedging Strategy

We use cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. The changes in the fair values of derivatives designated as cash flow hedges are recorded in AOCI and are reclassified into the line item in the Consolidated Statements of Operations in which the hedged items are recorded in the same period the hedged items affect earnings. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. We did not discontinue any cash flow hedging relationships during the six months ended June 30, 2012. The maximum length of time over which we hedge our exposure to future cash flows is typically one year.

We maintain a foreign currency cash flow hedging program to reduce the risk that our procurement activities will be adversely affected by changes in foreign currency exchange rates. We enter into forward contracts to hedge certain portions of forecasted cash flows denominated in foreign currencies. When the U.S. dollar strengthens significantly against foreign currencies, the decline in the present value of future foreign currency cash flows is partially offset by gains in the fair value of the derivative instruments. Conversely, when the U.S. dollar weakens as compared to other currencies, the increase in the present value of future foreign currency cash flows is partially offset by losses in the fair value of the derivative instruments. The total notional value of derivatives that have been designated and qualify for our foreign currency cash flow hedging program as of June 30, 2012 was approximately $9.6 million.

The fair value of the Company’s derivative instrument liabilities was $0.3 million as of June 30, 2012.

The settlement of our derivative instruments resulted in a charge to cost of sales of $0.2 million and $0.1 million for the three and six months ended June 30, 2012.

Note 13 – Fair Value Measurements

ASC No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs.

The three levels of inputs used to measure fair value are as follows:

• Level 1 – Quoted prices in active markets for identical assets or liabilities.

• Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

• Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

We have certain assets and liabilities that are required to be recorded at fair value on a recurring basis in accordance with U.S. GAAP.

The following table summarizes those assets and liabilities measured at a fair value on a recurring basis as of June 30, 2012:

	June 30, 2012
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Netting Adjustment		Fair Value Measurements
Liabilities
Derivatives	$	—	$	0.3	$	—	$	—	$	0.3
Total Liabilities	$	—	$	0.3	$	—	$	—	$	0.3

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Fair Value of Financial Instruments

The carrying amounts reflected in the Consolidated Balance Sheets for cash, receivables, payables, short-term borrowings and long-term debt approximate their respective fair values, except as otherwise indicated. The carrying values and estimated fair values of our significant outstanding debt as of June 30, 2012 and December 31, 2011 were as follows:

	June 30, 2012				December 31, 2011
(in millions of U.S. dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
8.375% senior notes due in 20171	$	215.0		233.8	$	215.0		231.4
8.125% senior notes due in 20181		375.0		409.2		375.0		404.5
Total	$	590.0	$	643.0	$	590.0	$	635.9

1 The fair values are based on the trading levels and bid/offer prices observed by a market participant and are considered Level 1 inputs.

Fair value of contingent consideration

We were notified on May 9, 2011 by the seller of Cliffstar of certain objections to the performance measures used to calculate the contingent consideration, and the seller asserted a claim for amounts in excess of the amounts accrued as contingent consideration at July 2, 2011. During the third and fourth quarters of 2011, Cott made interim payments to the seller equal to $21.0 million and $8.6 million, respectively. The payment of $21.0 million was net of a $4.7 million refund due to Cott as a result of the final determination of working capital, and the payment of $8.6 million included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s remaining objections to the calculation of the contingent consideration are subject to an ongoing binding arbitration process under the terms of the asset purchase agreement. The seller is seeking up to $12.1 million in additional contingent consideration. The final resolution of these matters may result in amounts payable to the seller that vary from the amount of payments previously made to seller of $34.3 million. We are currently unable to predict the ultimate outcome of this action. Any changes in the fair value of contingent consideration will be recorded in our Consolidated Statements of Operations.

Note 14 – Guarantor Subsidiaries

The 2017 Notes and 2018 Notes issued by our wholly-owned subsidiary, Cott Beverages, Inc., are unconditionally guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other wholly-owned subsidiaries (the “Guarantor Subsidiaries”). The guarantees of the Guarantor Subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions.

We have not presented separate financial statements and separate disclosures have not been provided concerning subsidiary guarantors because management has determined such information is not material to the holders of the above-mentioned notes.

The following supplemental financial information sets forth on an unconsolidated basis, our Balance Sheets, Statements of Operations and Cash Flows for Cott Corporation, Cott Beverages Inc., Guarantor Subsidiaries and our other subsidiaries (the “Non-guarantor Subsidiaries”). The supplemental financial information reflects our investments and those of Cott Beverages Inc. in their respective subsidiaries using the equity method of accounting.

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Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended June 30, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	61.3	$	241.6		$	287.0		$	44.9		$	(9.0	)	$	625.8
Cost of sales		46.9		201.0			254.5			40.1			(9.0	)		533.5
Gross profit		14.4		40.6			32.5			4.8			—			92.3
Selling, general and administrative expenses		6.6		24.1			15.0			3.1			—			48.8
Loss on disposal of property, plant & equipment		—		—			0.3			—			—			0.3
Operating income		7.8		16.5			17.2			1.7			—			43.2
Other expense (income), net		0.6		—			(0.9	)		(0.2	)		—			(0.5	)
Intercompany interest (income) expense, net		—		(2.4	)		2.4			—			—			—
Interest expense, net		0.1		13.3			0.1			—			—			13.5
Income before income tax expense (benefit) and equity income		7.1		5.6			15.6			1.9			—			30.2
Income tax expense (benefit)		3.7		(0.1	)		0.5			(0.2	)		—			3.9
Equity income		21.7		1.3			6.7			—			(29.7	)		—
Net income	$	25.1	$	7.0		$	21.8		$	2.1		$	(29.7	)	$	26.3
Less: Net income attributable to non-controlling interests		—		—			—			1.2			—			1.2
Net income attributed to Cott Corporation	$	25.1	$	7.0		$	21.8		$	0.9		$	(29.7	)	$	25.1
Comprehensive income (loss) attributed to Cott Corporation	$	18.2	$	(4.5	)	$	12.7		$	(4.3	)	$	(3.9	)	$	18.2

21

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended June 30, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	105.0	$	449.7		$	527.5		$	84.6		$	(17.2	)	$	1,149.6
Cost of sales		84.6		377.2			472.7			76.6			(17.2	)		993.9
Gross profit		20.4		72.5			54.8			8.0			—			155.7
Selling, general and administrative expenses		15.3		39.7			30.0			5.6			—			90.6
Loss on disposal of property, plant & equipment		—		0.4			0.5			—			—			0.9
Operating income		5.1		32.4			24.3			2.4			—			64.2
Other expense (income), net		0.5		0.1			(0.9	)		(0.4	)		—			(0.7	)
Intercompany interest (income) expense, net		—		(4.7	)		4.7			—			—			—
Interest expense, net		0.2		27.0			0.3			—			—			27.5
Income before income tax expense (benefit) and equity income		4.4		10.0			20.2			2.8			—			37.4
Income tax expense (benefit)		3.2		0.6			0.6			(0.1	)		—			4.3
Equity income		29.8		2.3			11.8			—			(43.9	)		—
Net income	$	31.0	$	11.7		$	31.4		$	2.9		$	(43.9	)	$	33.1
Less: Net income attributable to non-controlling interests		—		—			—			2.1			—			2.1
Net income attributed to Cott Corporation	$	31.0	$	11.7		$	31.4		$	0.8		$	(43.9	)	$	31.0
Comprehensive income (loss) attributed to Cott Corporation	$	31.6	$	17.4		$	(62.0	)	$	45.6		$	(1.0	)	$	31.6

22

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended July 2, 2011
	Cott Corporation			Cott Beverages  Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	60.8		$	254.3		$	288.3		$	47.3		$	(10.7	)	$	640.0
Cost of sales		47.6			222.8			250.0			42.3			(10.7	)		552.0
Gross profit		13.2			31.5			38.3			5.0			—			88.0
Selling, general and administrative expenses		9.6			21.9			10.3			3.3			—			45.1
Operating income		3.6			9.6			28.0			1.7			—			42.9
Other (income) expense, net		(0.3	)		0.3			0.1			(0.1	)		—			—
Intercompany interest (income) expense, net		(1.8	)		0.2			1.6			—			—			—
Interest expense, net		0.2			13.8			0.6			—			—			14.6
Income (loss) before income tax (benefit) expense and equity income (loss)		5.5			(4.7	)		25.7			1.8			—			28.3
Income tax (benefit) expense		—			(0.1	)		0.7			0.1			—			0.7
Equity income (loss)		21.0			0.9			(3.4	)		—			(18.5	)		—
Net income (loss)	$	26.5		$	(3.7	)	$	21.6		$	1.7		$	(18.5	)	$	27.6
Less: Net income attributable to non-controlling interests		—			—			—			1.1			—			1.1
Net income (loss) attributed to Cott Corporation	$	26.5		$	(3.7	)	$	21.6		$	0.6		$	(18.5	)	$	26.5
Comprehensive income (loss) attributed to Cott Corporation	$	27.8		$	(5.1	)	$	21.0		$	3.1		$	(18.8	)	$	28.0

23

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	102.7		$	469.3		$	540.9		$	80.4		$	(19.2	)	$	1,174.1
Cost of sales		82.5			408.8			473.4			71.0			(19.2	)		1,016.5
Gross profit		20.2			60.5			67.5			9.4			—			157.6
Selling, general and administrative expenses		17.8			40.5			25.1			6.8			—			90.2
Operating (loss) income		2.4			20.0			42.4			2.6			—			67.4
Other (income) expense, net		0.1			0.7			0.1			(0.1	)		—			0.8
Intercompany interest (income) expense, net		(3.5	)		0.2			3.3			—			—			—
Interest expense, net		0.2			27.6			1.1			0.1			—			29.0
Income (loss) before income tax (benefit) expense and equity income (loss)		5.6			(8.5	)		37.9			2.6			—			37.6
Income tax (benefit) expense		1.1			1.2			(0.2	)		0.2			—			2.3
Equity income (loss)		28.8			2.2			(7.2	)		—			(23.8	)		—
Net income (loss)	$	33.3		$	(7.5	)	$	30.9		$	2.4		$	(23.8	)	$	35.3
Less: Net income attributable to non-controlling interests		—			—			—			2.0			—			2.0
Net income (loss) attributed to Cott Corporation	$	33.3		$	(7.5	)	$	30.9		$	0.4		$	(23.8	)	$	33.3
Comprehensive income (loss) attributed to Cott Corporation	$	43.9		$	10.3		$	134.8		$	33.9		$	(178.4	)	$	44.5

24

Consolidating Balance Sheets

(in millions of U.S. dollars)

Unaudited

	As of June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1
Accounts receivable, net of allowance		31.7			111.8			165.9			16.4			(63.4	)		262.4
Income taxes recoverable		—			8.3			—			—			—			8.3
Inventories		21.3			79.6			123.5			9.6			—			234.0
Prepaid expenses and other assets		1.3			17.0			6.7			0.1			—			25.1
Total current assets		71.1			219.9			314.9			34.4			(63.4	)		576.9
Property, plant & equipment		49.0			185.7			244.5			9.6			—			488.8
Goodwill		26.9			4.5			98.2			—			—			129.6
Intangibles and other assets		0.9			104.1			207.6			16.5			—			329.1
Deferred income taxes		3.1			—			—			0.2			—			3.3
Other tax receivable		0.4			—			0.6			—			—			1.0
Due from affiliates		33.8			170.0			78.0			41.9			(323.7	)		—
Investments in subsidiaries		475.2			377.8			525.0			227.5			(1,605.5	)		—
Total assets	$	660.4		$	1,062.0		$	1,468.8		$	330.1		$	(1,992.6	)	$	1,528.7
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	1.3		$	0.1		$	0.4		$	—		$	1.8
Accounts payable and accrued liabilities		27.6			129.5			156.0			15.3			(63.4	)		265.0
Total current liabilities		27.6			130.8			156.1			15.7			(63.4	)		266.8
Long-term debt		0.3			599.0			1.3			1.6			—			602.2
Deferred income taxes		—			29.1			7.4			0.7			—			37.2
Other long-term liabilities		0.2			3.8			16.2			—			—			20.2
Due to affiliates		43.0			76.7			172.5			31.5			(323.7	)		—
Total liabilities		71.1			839.4			353.5			49.5			(387.1	)		926.4
Equity
Capital stock, no par		395.7			574.4			1,458.9			174.8			(2,208.1	)		395.7
Treasury stock		(2.1	)		—			—			—			—			(2.1	)
Additional paid-in-capital		44.8			—			—			—			—			44.8
Retained earnings (deficit)		175.0			(348.3	)		(343.7	)		(44.3	)		736.3			175.0
Accumulated other comprehensive (loss) income		(24.1	)		(3.5	)		0.1			137.1			(133.7	)		(24.1	)
Total Cott Corporation equity		589.3			222.6			1,115.3			267.6			(1,605.5	)		589.3
Non-controlling interests		—			—			—			13.0			—			13.0
Total equity		589.3			222.6			1,115.3			280.6			(1,605.5	)		602.3
Total liabilities and equity	$	660.4		$	1,062.0		$	1,468.8		$	330.1		$	(1,992.6	)	$	1,528.7

25

Consolidating Balance Sheets

(in millions of U.S. dollars)

	As of December 31, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	13.7		$	20.7		$	58.9		$	7.6		$	—		$	100.9
Accounts receivable, net of allowance		22.4			97.2			136.3			14.6			(59.7	)		210.8
Income taxes recoverable		—			8.8			0.8			0.3			—			9.9
Inventories		18.1			60.2			124.2			7.5			—			210.0
Prepaid expenses and other assets		1.8			13.8			3.6			0.1			—			19.3
Total current assets		56.0			200.7			323.8			30.1			(59.7	)		550.9
Property, plant & equipment		48.0			179.3			245.1			9.8			—			482.2
Goodwill		26.9			4.5			98.2			—			—			129.6
Intangibles and other assets		0.9			105.3			216.5			18.4			—			341.1
Deferred income taxes		4.1			—			—			—			—			4.1
Other tax receivable		0.5			—			0.5			—			—			1.0
Due from affiliates		30.3			166.4			79.1			41.9			(317.7	)		—
Investments in subsidiaries		459.8			365.5			572.3			225.3			(1,622.9	)		—
Total assets	$	626.5		$	1,021.7		$	1,535.5		$	325.5		$	(2,000.3	)	$	1,508.9
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	2.9		$	0.1		$	0.4		$	—		$	3.4
Accounts payable and accrued liabilities		27.1			117.1			181.2			15.4			(59.7	)		281.1
Total current liabilities		27.1			120.0			181.3			15.8			(59.7	)		284.5
Long-term debt		0.2			599.0			1.2			1.7			—			602.1
Deferred income taxes		—			26.8			6.8			0.5			—			34.1
Other long-term liabilities		0.2			3.5			16.3			—			—			20.0
Due to affiliates		43.2			77.8			168.9			27.8			(317.7	)		—
Total liabilities		70.7			827.1			374.5			45.8			(377.4	)		940.7
Equity
Capital stock, no par		395.9			569.3			1,396.5			218.2			(2,184.0	)		395.9
Treasury stock		(2.1	)		—			—			—			—			(2.1	)
Additional paid-in-capital		42.6			—			—			—			—			42.6
Retained earnings (deficit)		144.1			(365.5	)		(329.0	)		(43.2	)		737.7			144.1
Accumulated other comprehensive (loss) income		(24.7	)		(9.2	)		93.5			92.3			(176.6	)		(24.7	)
Total Cott Corporation equity		555.8			194.6			1,161.0			267.3			(1,622.9	)		555.8
Non-controlling interests		—			—			—			12.4			—			12.4
Total equity		555.8			194.6			1,161.0			279.7			(1,622.9	)		568.2
Total liabilities and equity	$	626.5		$	1,021.7		$	1,535.5		$	325.5		$	(2,000.3	)	$	1,508.9

26

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	25.1		$	7.0		$	21.8		$	2.1		$	(29.7	)	$	26.3
Depreciation & amortization		1.5			8.9			11.9			1.4			—			23.7
Amortization of financing fees		—			0.9			—			—			—			0.9
Share-based compensation expense		0.7			0.3			0.3			0.1			—			1.4
Increase (decrease) in deferred income taxes		1.8			2.1			0.4			(0.3	)		—			4.0
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			—			0.3			—			—			0.3
Equity (loss) income, net of distributions		(21.7	)		(1.3	)		(6.7	)		—			29.7			—
Intercompany transactions		12.0			0.2			—			—			(12.2	)		—
Other non-cash items		0.8			0.2			—			—			—			1.0
Net change in operating assets and liabilities, net of acquisition		(9.9	)		(0.4	)		(20.1	)		(0.4	)		12.2			(18.6	)
Net cash provided by operating activities		10.3			17.9			7.0			2.9			—			38.1
Investing Activities
Additions to property, plant & equipment		(2.7	)		(13.7	)		(3.1	)		(0.2	)		—			(19.7	)
Additions to intangibles and other assets		—			(1.4	)		0.4			—			—			(1.0	)
Proceeds from sale of assets held for sale		—			—			1.0			—			—			1.0
Advances to affiliates		—			—			—			(0.9	)		0.9			—
Net cash used in investing activities		(2.7	)		(15.1	)		(1.7	)		(1.1	)		0.9			(19.7	)
Financing Activities
Payments of long-term debt		—			(1.3	)		—			(0.1	)		—			(1.4	)
Borrowings under ABL		—			17.5			—			—			—			17.5
Payments under ABL		—			(17.5	)		—			—			—			(17.5	)
Advances from affiliates		0.9			—			—			—			(0.9	)		—
Distributions to non-controlling interests		—			—			—			(0.3	)		—			(0.3	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)
Net cash provided by (used in) financing activities		0.6			(1.3	)		—			(0.4	)		(0.9	)		(2.0	)
Effect of exchange rate changes on cash		(0.4	)		—			(0.2	)		(0.3	)		—			(0.9	)
Net increase in cash & cash equivalents		7.8			1.5			5.1			1.1			—			15.5
Cash & cash equivalents, beginning of period		9.0			1.7			13.7			7.2			—			31.6
Cash & cash equivalents, end of period	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1

27

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	31.0		$	11.7		$	31.4		$	2.9		$	(43.9	)	$	33.1
Depreciation & amortization		3.1			17.7			23.9			2.8			—			47.5
Amortization of financing fees		0.1			1.9			0.1			—			—			2.1
Share-based compensation expense		0.8			0.8			0.5			0.1			—			2.2
Increase (decrease) in deferred income taxes		1.1			2.5			0.6			(0.2	)		—			4.0
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			0.4			0.5			—			—			0.9
Equity (loss) income, net of distributions		(29.8	)		(2.3	)		(11.8	)		—			43.9			—
Intercompany transactions		16.2			1.4			—			—			(17.6	)		—
Other non-cash items		0.4			0.2			—			—			—			0.6
Net change in operating assets and liabilities, net of acquisition		(18.7	)		(21.0	)		(72.8	)		0.4			17.6			(94.5	)
Net cash provided by (used in) operating activities		4.2			13.3			(28.5	)		6.0			—			(5.0	)
Investing Activities
Acquisition		—			—			(5.0	)		—			—			(5.0	)
Additions to property, plant & equipment		(4.2	)		(24.8	)		(8.1	)		(0.3	)		—			(37.4	)
Additions to intangibles and other assets		—			(3.6	)		(0.1	)		—			—			(3.7	)
Proceeds from sale of assets held for sale		—			—			1.0			—			—			1.0
Advances to affiliates		—			—			—			(3.5	)		3.5			—
Net cash used in investing activities		(4.2	)		(28.4	)		(12.2	)		(3.8	)		3.5			(45.1	)
Financing Activities
Payments of long-term debt		—			(2.4	)		—			(0.2	)		—			(2.6	)
Borrowings under ABL		—			24.5			—			—			—			24.5
Payments under ABL		—			(24.5	)		—			—			—			(24.5	)
Advances from affiliates		3.5			—			—			—			(3.5	)		—
Distributions to non-controlling interests		—			—			—			(1.4	)		—			(1.4	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)
Net cash provided by (used in) financing activities		3.2			(2.4	)		—			(1.6	)		(3.5	)		(4.3	)
Effect of exchange rate changes on cash		(0.1	)		—			0.6			0.1			—			0.6
Net increase (decrease) in cash & cash equivalents		3.1			(17.5	)		(40.1	)		0.7			—			(53.8	)
Cash & cash equivalents, beginning of period		13.7			20.7			58.9			7.6			—			100.9
Cash & cash equivalents, end of period	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1

28

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	26.5		$	(3.7	)	$	21.6		$	1.7		$	(18.5	)	$	27.6
Depreciation & amortization		1.4			8.7			12.2			1.5			—			23.8
Amortization of financing fees		0.1			0.7			0.1			—			—			0.9
Share-based compensation expense		0.9			1.4			0.4			—			—			2.7
Increase in deferred income taxes		0.6			0.1			0.3			—			—			1.0
Equity income (loss), net of distributions		21.0			0.9			(3.4	)		—			(18.5	)		—
Intercompany transactions		2.3			1.1			—			—			(3.4	)		—
Other non-cash items		(0.4	)		2.0			—			—			—			1.6
Net change in operating assets and liabilities		(26.7	)		22.3			(66.1	)		(6.2	)		40.4			(36.3	)
Net cash provided by (used in) operating activities		25.7			33.5			(34.9	)		(3.0	)		—			21.3
Investing Activities
Additions to property, plant & equipment		(1.5	)		(6.2	)		(3.1	)		—			—			(10.8	)
Additions to intangibles and other assets		1.4			(2.6	)		(0.1	)		(1.2	)		—			(2.5	)
Other investing activities		—			(1.8	)		—			—			—			(1.8	)
Advances to affiliates		(19.8	)		—			6.0			4.1			9.7			—
Net cash (used in) provided by investing activities		(19.9	)		(10.6	)		2.8			2.9			9.7			(15.1	)
Financing Activities
Payments of long-term debt		—			(2.0	)		—			(0.1	)		—			(2.1	)
Borrowings under ABL		—			43.6			—			—			—			43.6
Payments under ABL		—			(58.7	)		—			—			—			(58.7	)
Advances from affiliates		(4.1	)		(6.0	)		19.8			—			(9.7	)		—
Distributions to non-controlling interests		—			—			—			(0.9	)		—			(0.9	)
Net cash (used in) provided by financing activities		(4.1	)		(23.1	)		19.8			(1.0	)		(9.7	)		(18.1	)
Effect of exchange rate changes on cash		—			—			0.1			—			—			0.1
Net increase (decrease) in cash & cash equivalents		1.7			(0.2	)		(12.2	)		(1.1	)		—			(11.8	)
Cash & cash equivalents, beginning of period		7.0			1.7			20.6			6.5			—			35.8
Cash & cash equivalents, end of period	$	8.7		$	1.5		$	8.4		$	5.4		$	—		$	24.0

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Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	33.3		$	(7.5	)	$	30.9		$	2.4		$	(23.8	)	$	35.3
Depreciation & amortization		3.0			17.3			24.1			3.0			—			47.4
Amortization of financing fees		0.2			1.5			0.1			—			—			1.8
Share-based compensation expense		1.0			2.2			0.6			—			—			3.8
Increase (decrease) in deferred income taxes		0.9			1.2			(0.2	)		—			—			1.9
Equity (loss) income, net of distributions		(28.8	)		(2.2	)		7.2			—			23.8			—
Intercompany transactions		6.9			2.7			—			—			(9.6	)		—
Other non-cash items		—			1.8			—			—			—			1.8
Net change in operating assets and liabilities		(16.9	)		(21.5	)		(67.8	)		0.3			9.6			(96.3	)
Net cash (used in) provided by operating activities		(0.4	)		(4.5	)		(5.1	)		5.7			—			(4.3	)
Investing Activities
Additions to property, plant & equipment		(2.2	)		(14.2	)		(6.9	)		—			—			(23.3	)
Additions to intangibles and other assets		1.4			(2.6	)		(0.1	)		(1.2	)		—			(2.5	)
Other investing activities		—			(1.7	)		—			—			—			(1.7	)
Advances to affiliates		—			—			(6.4	)		(1.9	)		8.3			—
Net cash used in investing activities		(0.8	)		(18.5	)		(13.4	)		(3.1	)		8.3			(27.5	)
Financing Activities
Payments of long-term debt		—			(3.2	)		—			(0.2	)		—			(3.4	)
Borrowings under ABL		—			143.4			—			—			—			143.4
Payments under ABL		—			(131.2	)		—			—			—			(131.2	)
Advances from affiliates		1.9			6.4			—			—			(8.3	)		—
Distributions to non-controlling interests		—			—			—			(2.5	)		—			(2.5	)
Net cash provided by (used in) financing activities		1.9			15.4			—			(2.7	)		(8.3	)		6.3
Effect of exchange rate changes on cash		0.2			—			0.9			0.2			—			1.3
Net increase (decrease) in cash & cash equivalents		0.9			(7.6	)		(17.6	)		0.1			—			(24.2	)
Cash & cash equivalents, beginning of period		7.8			9.1			26.0			5.3			—			48.2
Cash & cash equivalents, end of period	$	8.7		$	1.5		$	8.4		$	5.4		$	—		$	24.0

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to further the reader’s understanding of the consolidated financial condition and results of operations of our Company. It should be read in conjunction with the financial statements included in this quarterly report on Form 10-Q and our annual report on Form 10-K for the year ended December 31, 2011 (the “2011 Annual Report”). These historical financial statements may not be indicative of our future performance. This discussion contains a number of forward-looking statements, all of which are based on our current expectations and could be affected by the uncertainties and risks referred to under “Risk Factors” in Item 1A in our 2011 Annual Report.

Overview

We are one of the world’s largest beverage companies focusing on private-label and contract manufacturing. Our objective of creating sustainable long-term growth in revenue and profitability is predicated on working closely with our retail partners to provide proven profitable products. As a “fast follower” of innovative products, our goal is to identify which new products are succeeding in the marketplace and develop similar private label products to provide our retail partners and their consumers with high quality products at a better value. This objective is increasingly relevant in more difficult economic times.

The beverage market is subject to some seasonal variations. Our beverage sales are generally higher during the warmer months and also can be influenced by the timing of holidays and weather fluctuations. The purchases of our inventories and related accounts payable fluctuate based upon the demand of our products as well as the timing of the fruit growing season. The seasonality of our sales volume combined with the fruit growing season causes our working capital needs to fluctuate throughout the year, with inventory levels increasing in the first half of the year in order to meet the higher summer demand, while fruit inventory peaks during the last quarter of the year when purchases are made after the growing season. In addition, our accounts receivable balances decline in the fall as customers pay their higher-than-average outstanding balances from the summer deliveries.

We typically operate at low margins, and therefore relatively small changes in cost structures can materially impact results.

Ingredient and packaging costs represent a significant portion of our cost of sales. These costs are subject to global and regional commodity price trends. Our largest commodities are aluminum for cans and ends, resin for polyethylene terephthalate bottles, preforms and caps, corn for high fructose corn syrup (“HFCS”), fruit and fruit concentrates. We attempt to manage our exposure to fluctuations in ingredient and packaging costs of our products by implementing price increases as needed and entering into fixed price commitments for a portion of our ingredient and packaging requirements. We have entered into fixed price commitments for all of our HFCS requirements, and a majority of our forecasted aluminum and fruit requirements for the remainder of 2012, as well as a portion of our forecasted resin requirements. We also have entered into fixed price commitments for over half of our aluminum and a portion of our fruit requirements for 2013.

On August 17, 2010, we completed the acquisition of substantially all of the assets and liabilities of Cliffstar Corporation (“Cliffstar”) and its affiliated companies for approximately $503.0 million in cash, $14.0 million in deferred consideration to be paid over three years, of which $4.7 million was paid during the third quarter of 2011, and contingent consideration of up to $55.0 million (the “Cliffstar Acquisition”). The first $15.0 million of the contingent consideration was based upon the achievement of milestones in certain expansion projects in 2010, which were achieved in 2010. The remainder of the contingent consideration was based on the achievement of certain performance measures during the fiscal year ended January 1, 2011. The seller of Cliffstar notified us of certain objections to the performance measures used to calculate the contingent consideration, and the seller asserted a claim for amounts in excess of the amounts accrued as contingent consideration at July 2, 2011. During the third and fourth quarters of 2011, Cott made interim payments to the seller equal to $21.0 million and $8.6 million, respectively. The payment of $21.0 million was net of a $4.7 million refund due to Cott as a result of the final determination of working capital, and the payment of $8.6 million included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s remaining objections to the calculation of the contingent consideration are subject to an ongoing binding arbitration process under the terms of the asset purchase agreement. The seller is seeking up to $12.1 million in additional contingent consideration. The final resolution of these matters may result in amounts payable to the seller that vary from the amount of payments previously made to seller of $34.3 million. We are currently unable to predict the ultimate outcome of this action. Any changes in the fair value of contingent consideration will be recorded in our Consolidated Statements of Operations.

We supply Walmart and its affiliated companies, under annual non-exclusive supply agreements, with a variety of products in the United States, Canada, United Kingdom and Mexico, including carbonated soft drinks (“CSDs”), clear, still and sparkling flavored waters, juice, juice-based products, bottled water, energy drinks and ready-to-drink teas. During the

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first six months of 2012, we supplied Walmart with all of its private label CSDs in the United States. In the event Walmart were to utilize other suppliers to fulfill a portion or all of its requirements for such products, our operating results could be materially adversely affected. Sales to Walmart for the six months ended June 30, 2012 and July 2, 2011 accounted for 31.8% and 32.3% of total revenue, respectively.

Summary financial results

Our net income for the three months ended June 30, 2012 (the “second quarter”) and the six months ended June 30, 2012 (“first half of 2012” or “year to date”) was $25.1 million or $0.26 per diluted share and $31.0 million or $0.32 per diluted share, respectively, compared with net income of $26.5 million or $0.28 per diluted share and $33.3 million or $0.35 per diluted share for the three and six months ended July 2, 2011, respectively.

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The following items of significance impacted our financial results for the first half of 2012:

• our revenue decreased 2.1% from the comparable prior year period due primarily to a decline in North America volume resulting from our exit from certain low margin business and the continuing decline in the U.S. shelf stable juice market. Absent foreign exchange impact, revenue decreased 1.1% from the comparable prior year period;

• our gross profit as a percentage of revenue increased to 13.5% compared to 13.4% from the comparable prior year period due primarily to increased pricing on products and our exit from lower margin business;

• our filled beverage 8-ounce equivalents (“beverage case volume”) decreased 8.0% during the period due primarily to the exit of certain low margin business and the continuing decline in the U.S. shelf stable juice market;

• our selling, general and administrative (“SG&A”) expenses for the period increased to $90.6 million from $90.2 million in the comparable prior year period due primarily to an increase in certain employee-related costs offset by reductions in information technology costs;

• our loss on disposal of property, plant and equipment was related to the disposal of approximately $0.9 million of machinery and equipment that was no longer being used in our U.S. and U.K. operating segments.

• other income was $0.7 million during the period compared to other expense of $0.8 million in the comparable prior year period due primarily to a bargain purchase of $0.9 million recorded during the period;

• our interest expense decreased by $1.5 million as a result of decreased debt balances held throughout the period;

• our income tax expense was $4.3 million compared to $2.3 million in the comparable prior year period, due primarily to the prior year implementation of a global restructuring which resulted in tax benefits and recording reserves in the current period against deferred tax assets that are uncertain to be realized; and

• our earnings before interest expense, taxes, depreciation and amortization adjusted for inventory step-up (step-down) and integration costs related to the Cliffstar Acquisition (“Adjusted EBITDA”) increased 2.9% to $114.2 million from $111.0 million in the comparable prior year period.

The following items of significance impacted our financial results for the first half of 2011:

• the Cliffstar Acquisition contributed $328.5 million to revenue and $23.0 million to operating income;

• gross profit declined to 13.4% compared to 16.6% from the comparable prior year period due primarily to higher commodity costs;

• our revenue increased 49.1% from the comparable prior year period. Absent foreign exchange impact, revenue increased 46.7% from the comparable prior year period, primarily due to the Cliffstar Acquisition.

• our beverage case volume increased 25.0% year to date due primarily to the Cliffstar Acquisition, which contributed a 27.6% increase in the North America operating segment; excluding the impact of the Cliffstar Acquisition, our beverage case volume increased 5.1% and 5.2% in North America;

• our SG&A expenses for the first half of 2011 increased to $90.2 million from $66.9 million in the comparable prior year period, due primarily to the Cliffstar Acquisition, certain employee related costs, information technology costs, professional fees, and customer and legal reserves;

• our interest expense increased to $29.0 million year to date from $12.3 million in the comparable prior year period due primarily to the issuance of $375.0 million of senior notes that are due on September 1, 2018 (the “2018 Notes”);

• the decrease in other expense of $1.5 million was due primarily to the write-off of financing fees of $1.4 million in the comparable prior year period; and

• our income tax expense decreased $10.9 million year to date from the comparable prior year period, due primarily to lower pretax income in the United States and Canada, the reorganization of our legal entity structure and refinancing of intercompany debt.

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Non-GAAP Measures

In this report, we supplement our reporting of financial measures determined in accordance with U.S. generally accepted accounting principles (“GAAP”) by utilizing certain non-GAAP financial measures. We exclude the impact of foreign exchange from GAAP revenues to separate the impact of currency exchange rate changes from Cott’s results of operations, and, in some cases, by excluding the impact of the Cliffstar Acquisition. Cott excludes these items to better understand trends in the business and the impact of the Cliffstar Acquisition.

We also utilize earnings before interest expense, taxes, depreciation and amortization (“EBITDA”), which is GAAP earnings before interest expense, provision for income taxes, depreciation and amortization. We consider EBITDA to be an indicator of operating performance because we use it to measure our ability to service debt, fund capital expenditures, and expand our business. We also use EBITDA, as do analysts, lenders, investors and others, to evaluate companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. These differences can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies. We also utilize Adjusted EBITDA as an indicator of operating performance. Our Adjusted EBITDA reflects inventory step-down adjustments and integration costs related to the Cliffstar Acquisition. Adjusted EBITDA excludes these items to make period-over-period comparisons of our ongoing core operations before material charges.

Because Cott uses these adjusted financial results in the management of its business and to understand underlying business performance, management believes this supplemental information is useful to investors for their independent evaluation and understanding of Cott’s business performance and the performance of its management. The non-GAAP financial measures described above are in addition to, and not meant to be considered superior to, or a substitute for, Cott’s financial statements prepared in accordance with GAAP. In addition, the non-GAAP financial measures included in this report reflect management’s judgment of particular items, and may be different from, and therefore may not be comparable to, similarly titled measures reported by other companies.

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The following table summarizes our Consolidated Statements of Operations as a percentage of revenue for the three and six months ended June 30, 2012 and July 2, 2011, respectively:

	For the Three Months Ended										For the Six Months Ended
	June 30, 2012						July 2, 2011				June 30, 2012						July 2, 2011
(in millions of U.S. dollars)	$			%			$		%		$			%			$		%
Revenue		625.8			100.0			640.0		100.0		1,149.6			100.0			1,174.1		100.0
Cost of sales		533.5			85.3			552.0		86.2		993.9			86.5			1,016.5		86.6
Gross profit		92.3			14.7			88.0		13.8		155.7			13.5			157.6		13.4
Selling, general, and administrative expenses		48.8			7.8			45.1		7.0		90.6			7.9			90.2		7.7
Loss on disposal of property, plant & equipment		0.3			—			—		—		0.9			0.1			—		—
Operating income		43.2			6.9			42.9		6.8		64.2			5.6			67.4		5.7
Other (income) expense, net		(0.5	)		(0.1	)		—		—		(0.7	)		(0.1	)		0.8		0.1
Interest expense, net		13.5			2.2			14.6		2.3		27.5			2.4			29.0		2.5
Income before income taxes		30.2			4.8			28.3		4.5		37.4			3.3			37.6		3.1
Income tax expense		3.9			0.6			0.7		0.1		4.3			0.4			2.3		0.2
Net income		26.3			4.2			27.6		4.4		33.1			2.9			35.3		2.9
Less: Net income attributable to non-controlling interests		1.2			0.2			1.1		0.2		2.1			0.2			2.0		0.2
Net income attributed to Cott Corporation		25.1			4.0			26.5		4.2		31.0			2.7			33.3		2.7
Depreciation & amortization		23.7			3.8			23.8		3.7		47.5			4.1			47.4		4.0

The following table summarizes our revenue and operating income (loss) by reporting segment for the three and six months ended June 30, 2012 and July 2, 2011, respectively:

	For the Three Months Ended						For the Six Months Ended
(in millions of U.S. dollars)	June 30, 2012			July 2, 2011			June 30, 2012			July 2, 2011
Revenue
North America	$	475.7		$	491.3		$	883.8		$	920.1
United Kingdom		131.5			126.0			230.7			212.3
Mexico		10.2			16.2			19.3			27.6
RCI		8.4			6.5			15.8			14.1
Total	$	625.8		$	640.0		$	1,149.6		$	1,174.1
Operating income (loss)
North America	$	31.2		$	30.0		$	48.5		$	50.8
United Kingdom		10.5			11.4			13.7			14.4
Mexico		(0.9	)		(0.6	)		(2.2	)		(2.1	)
RCI		2.4			2.1			4.2			4.3
Total	$	43.2		$	42.9		$	64.2		$	67.4

Revenues are attributed to reporting segments based on the location of the customer.

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The following table summarizes our beverage case volume by reporting segment for the three and six months ended June 30, 2012 and July 2, 2011, respectively:

	For the Three Months Ended				For the Six Months Ended
(in millions of physical cases)	June 30, 2012		July 2, 2011		June 30, 2012		July 2, 2011
Volume - 8 oz equivalent cases - Total Beverage (including concentrate)
North America		204.2		217.7		383.8		412.8
United Kingdom		55.7		58.2		100.6		101.7
Mexico		6.7		11.8		12.6		20.2
RCI		71.7		61.6		142.7		144.1
Total		338.3		349.3		639.7		678.8
Volume - 8 oz equivalent cases - Filled Beverage
North America		181.9		198.6		338.3		369.2
United Kingdom		51.7		53.7		92.6		92.8
Mexico		6.7		11.8		12.6		20.2
RCI		—		—		—		—
Total		240.3		264.1		443.5		482.2

The following tables summarize revenue and volume by product for the three and six months ended June 30, 2012 and July 2, 2011, respectively:

For the Three Months Ended June 30, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	187.2	$	45.0	$	5.7	$	—	$	237.9
Juice		139.3		3.7		0.3		—		143.3
Concentrate		3.4		0.5		—		8.4		12.3
All other products		145.8		82.3		4.2		—		232.3
Total	$	475.7	$	131.5	$	10.2	$	8.4	$	625.8

For the Three Months Ended June 30, 2012
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume - 8 oz equivalent cases - Total Beverage (including concentrate)
Carbonated soft drinks		83.3		23.0		3.9		—		110.2
Juice		32.1		1.0		0.2		—		33.3
Concentrate		22.4		4.1		—		71.7		98.2
All other products		66.4		27.6		2.6		—		96.6
Total		204.2		55.7		6.7		71.7		338.3

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For the Six Months Ended June 30, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	351.0	$	78.7	$	11.3	$	—	$	441.0
Juice		273.2		6.8		0.4		—		280.4
Concentrate		6.3		1.3		—		15.8		23.4
All other products		253.3		143.9		7.6		—		404.8
Total	$	883.8	$	230.7	$	19.3	$	15.8	$	1,149.6

For the Six Months Ended June 30, 2012
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume - 8 oz equivalent cases - Total Beverage (including concentrate)
Carbonated soft drinks		158.2		41.1		7.9		—		207.2
Juice		62.5		1.8		0.3		—		64.6
Concentrate		45.6		8.1		—		142.7		196.4
All other products		117.5		49.6		4.4		—		171.5
Total		383.8		100.6		12.6		142.7		639.7

For the Three Months Ended July 2, 2011
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	200.7	$	44.5	$	12.3	$	—	$	257.5
Juice		152.2		4.0		0.9		—		157.1
Concentrate		2.0		1.6		—		6.5		10.1
All other products		136.4		75.9		3.0		—		215.3
Total	$	491.3	$	126.0	$	16.2	$	6.5	$	640.0

For the Three Months Ended July 2, 2011
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume - 8 oz equivalent cases - Total Beverage (including concentrate)
Carbonated soft drinks		92.4		23.4		7.9		—		123.7
Juice		34.5		1.1		0.7		—		36.3
Concentrate		19.0		4.3		—		61.6		84.9
All other products		71.8		29.4		3.2		—		104.4
Total		217.7		58.2		11.8		61.6		349.3

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For the Six Months Ended July 2, 2011
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	357.0	$	86.9	$	21.6	$	—	$	465.5
Juice		312.2		6.2		1.7		—		320.1
Concentrate		4.3		1.8		—		14.1		20.2
All other products		246.6		117.4		4.3		—		368.3
Total	$	920.1	$	212.3	$	27.6	$	14.1	$	1,174.1

For the Six Months Ended July 2, 2011
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume - 8 oz equivalent cases - Total Beverage (including concentrate)
Carbonated soft drinks		171.1		47.7		14.5		—		233.3
Juice		71.9		1.7		1.3		—		74.9
Concentrate		43.6		8.8		—		144.1		196.5
All other products		126.2		43.5		4.4		—		174.1
Total		412.8		101.7		20.2		144.1		678.8

Results of operations

The following tables summarize the change in revenue by reporting segment for the three and six months ended June 30, 2012 and July 2, 2011, respectively:

	For the Three Months Ended
(in millions of U.S. dollars)	June 30, 2012
	Cott			North America			United Kingdom			Mexico			RCI
Change in revenue	$	(14.2	)	$	(15.6	)	$	5.5		$	(6.0	)	$	1.9
Impact of foreign exchange1		8.5			2.7			3.7			2.1			—
Change excluding foreign exchange	$	(5.7	)	$	(12.9	)	$	9.2		$	(3.9	)	$	1.9
Percentage change in revenue		-2.2	%		-3.2	%		4.4	%		-37.0	%		29.2	%
Percentage change in revenue excluding foreign exchange		-0.9	%		-2.6	%		7.3	%		-24.1	%		29.2	%

	For the Six Months Ended
(in millions of U.S. dollars)	June 30, 2012
	Cott			North America			United Kingdom			Mexico			RCI
Change in revenue	$	(24.5	)	$	(36.3	)	$	18.4		$	(8.3	)	$	1.7
Impact of foreign exchange1		11.7			3.4			5.4			2.9			—
Change excluding foreign exchange	$	(12.8	)	$	(32.9	)	$	23.8		$	(5.4	)	$	1.7
Percentage change in revenue		-2.1	%		-3.9	%		8.7	%		-30.1	%		12.1	%
Percentage change in revenue excluding foreign exchange		-1.1	%		-3.6	%		11.2	%		-19.6	%		12.1	%

1 Impact of foreign exchange is the difference between the current year’s revenue translated utilizing the current year’s average foreign exchange rates less the current year’s revenue translated utilizing the prior year’s average foreign exchange rates.

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	For the Three Months Ended
(in millions of U.S. dollars)	July 2, 2011
	Cott			North America			United Kingdom			Mexico			RCI
Change in revenue	$	215.3		$	190.5		$	24.8		$	2.1		$	(2.1	)
Impact of foreign exchange1		(14.0	)		(3.3	)		(9.6	)		(1.1	)		—
Change excluding foreign exchange	$	201.3		$	187.2		$	15.2		$	1.0		$	(2.1	)
Percentage change in revenue		50.7	%		63.3	%		24.5	%		14.9	%		-24.4	%
Percentage change in revenue excluding foreign exchange		47.4	%		62.2	%		15.0	%		7.1	%		-24.4	%

	For the Six Months Ended
(in millions of U.S. dollars)	July 2, 2011
	Cott			North America			United Kingdom			Mexico			RCI
Change in revenue	$	386.5		$	356.1		$	31.4		$	1.7		$	(2.7	)
Impact of foreign exchange1		(19.0	)		(5.2	)		(12.1	)		(1.7	)		—
Change excluding foreign exchange	$	367.5		$	350.9		$	19.3		$	—		$	(2.7	)
Percentage change in revenue		49.1	%		63.1	%		17.4	%		6.6	%		-16.1	%
Percentage change in revenue excluding foreign exchange		46.7	%		62.2	%		10.7	%		0.0	%		-16.1	%

1 Impact of foreign exchange is the difference between the current year’s revenue translated utilizing the current year’s average foreign exchange rates less the current year’s revenue translated utilizing the prior year’s average foreign exchange rates.

The following table summarizes our EBITDA and Adjusted EBITDA for the three and six months ended June 30, 2012 and July 2, 2011, respectively.

	For the Three Months Ended					For the Six Months Ended
(in millions of U.S. dollars)	June 30, 2012		July 2, 2011			June 30, 2012		July 2, 2011
Net income attributed to Cott Corporation	$	25.1	$	26.5		$	31.0	$	33.3
Interest expense, net		13.5		14.6			27.5		29.0
Income tax expense		3.9		0.7			4.3		2.3
Depreciation & amortization		23.7		23.8			47.5		47.4
Net income attributable to non-controlling interests		1.2		1.1			2.1		2.0
EBITDA	$	67.4	$	66.7		$	112.4	$	114.0
Acquisition adjustments
Inventory step-down		—		(0.9	)		—		(4.1	)
Integration costs		0.8		0.4			1.8		1.1
Adjusted EBITDA	$	68.2	$	66.2		$	114.2	$	111.0

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Revenue – Revenue decreased $14.2 million or 2.2% and $24.5 million or 2.1% in the second quarter and year to date, respectively, from the comparable prior year periods. Excluding the impact of foreign exchange, revenue decreased 0.9% and 1.1% in the second quarter and year to date, respectively, from the comparable prior year periods.

North America revenue decreased $15.6 million or 3.2% and $36.3 million or 3.9% in the second quarter and year to date, respectively, from the comparable prior year periods due primarily to a 6.2% and 7.0% decrease in beverage case volume in the second quarter and year to date, respectively, from the comparable prior year periods. Net selling price per beverage case (which is net revenue divided by beverage case volume) increased 5.7% and 4.8% in the second quarter and year to date, respectively, from the comparable prior year periods. The increase in net selling price per beverage case was offset by our exit from certain low gross margin business and a product mix shift into sports drinks from 100% shelf-stable juice.

U.K. revenue increased $5.5 million or 4.4% and $18.4 million or 8.7% in the second quarter and year to date, respectively, from the comparable prior year periods due primarily to continued improvement in product mix and growth in the wholesale channel. Net selling price per beverage case increased 8.4% and 8.9% in the second quarter and year to date, respectively, from the comparable prior year periods due primarily to price increases implemented to mitigate rising commodity costs and improved product mix. Absent foreign exchange impact, U.K. revenue increased 7.3% and 11.2% in the second quarter and year to date, respectively.

Mexico revenue decreased $6.0 million or 37.0% and $8.3 million or 30.1% in the second quarter and year to date, respectively, from the comparable prior year periods due primarily to the loss of a regional brand license at the end of its term, offset in part by a 10.9% and 12.1% increase in net selling price per beverage case in the second quarter and year to date, respectively. Absent foreign exchange impact, Mexico revenue decreased 24.1% and 19.6% in the second quarter and year to date, respectively.

RCI revenue increased $1.9 million or 29.2% and $1.7 million or 12.1% in the second quarter and year to date, respectively, from the comparable prior year periods. Concentrate volume increased 16.4% and decreased 1.0% in the second quarter and year to date, respectively, from the comparable prior year periods due primarily to the timing of shipments and declining sales in the Middle East. Net selling price per case remained flat in the second quarter and year to date, respectively, from the comparable prior year periods. RCI primarily sells concentrate.

Cost of Sales – Cost of sales represented 85.3% and 86.5% of revenue in the second quarter and year to date, respectively, compared to 86.2% and 86.6% in the comparable prior year periods. The decrease in cost of sales as a percentage of revenue in the second quarter was due primarily to the easing of commodity costs. Variable costs represented 75.5% and 75.7% of total sales in the second quarter and year to date, respectively, compared to 76.9% and 76.4% in the comparable prior year periods. Major elements of these variable costs included ingredient and packaging costs, distribution costs and fees paid to third-party manufacturers.

Gross Profit – Gross profit as a percentage of revenue increased to 14.7% and 13.5% in the second quarter and year to date, respectively, from 13.8% and 13.4% in the comparable prior year periods due primarily to increased pricing on products and our exit from lower margin business.

Selling, General and Administrative Expenses – SG&A increased $3.7 million or 8.2% and $0.4 million or less than 1% in the second quarter and year to date, respectively, from the comparable prior year periods. The increase was due primarily to an increase of certain employee-related costs offset by reductions in information technology costs. As a percentage of revenue, SG&A increased to 7.8% and 7.9% in the second quarter and year to date from 7.0% and 7.7% in the comparable prior year periods.

Operating Income – Operating income was $43.2 million and $64.2 million in the second quarter and year to date, respectively, compared to $42.9 million and $67.4 million, respectively, in the comparable prior year periods. The increase in the second quarter was due to higher gross profit offset by higher SG&A costs, while the decrease year to date was due primarily to lower overall sales relative to the prior year.

Other (Income) Expense – Other income was $0.5 million and $0.7 million in the second quarter and year to date, respectively, compared to other expense of nil and $0.8 million, respectively, in the comparable prior year periods. The increase in the second quarter was due primarily to a gain on bargain purchase in the amount of $0.9 million.

Income Taxes – Income tax expense was $3.9 million and $4.3 million in the second quarter and year to date, respectively, compared to $0.7 million and $2.3 million, respectively, in the comparable prior year periods. The increase was due primarily to the prior year implementation of a global restructuring which resulted in tax benefits and recording reserves in the current period against deferred tax assets that are uncertain to be realized. The global restructuring occurred during the second quarter of 2011 and is expected to result in a reduction of Cott’s effective tax rate versus the statutory rate for the current year.

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Liquidity and Financial Condition

The following table summarizes our cash flows for the three and six months ended June 30, 2012 and July 2, 2011, respectively, as reported in our Consolidated Statements of Cash Flows in the accompanying Consolidated Financial Statements:

	For the Three Months Ended						For the Six Months Ended
(in millions of U.S. dollars)	June 30, 2012			July 2, 2011			June 30, 2012			July 2, 2011
Net cash provided by (used in) operating activities	$	38.1		$	21.3		$	(5.0	)	$	(4.3	)
Net cash used in investing activities		(19.7	)		(15.1	)		(45.1	)		(27.5	)
Net cash (used in) provided by financing activities		(2.0	)		(18.1	)		(4.3	)		6.3
Effect of exchange rate changes on cash		(0.9	)		0.1			0.6			1.3
Net increase (decrease) in cash & cash equivalents		15.5			(11.8	)		(53.8	)		(24.2	)
Cash & cash equivalents, beginning of period		31.6			35.8			100.9			48.2
Cash & cash equivalents, end of period	$	47.1		$	24.0		$	47.1		$	24.0

Financial and Capital Resources and Liquidity

As of June 30, 2012, we had total debt of $606.3 million and $47.1 million of cash and cash equivalents compared to $631.3 million of debt and $24.0 million of cash and cash equivalents as of July 2, 2011.

We believe that our level of resources, which includes cash on hand, available borrowings under our asset-based lending credit facility (the “ABL facility”) and funds provided by operations, will be adequate to meet our expenses, capital expenditures, and debt service obligations for the next twelve months. We have maintained adequate liquidity to meet current working capital requirements, fund capital expenditures and repay scheduled principal and interest payments on debt. Absent deterioration of market conditions, we believe that cash flows from operating activities and financing activities will provide adequate resources to satisfy working capital, scheduled principal and interest payments on debt, and anticipated capital expansion requirements for both short-term and long-term capital needs. For periods extending beyond twelve months, we believe that our ability to generate cash to meet our expenses and debt service obligations and to otherwise reduce our debt as anticipated will depend primarily on our ability to retain a substantial amount of volume from our key customers and maintain the profitability of our business. If we do not generate sufficient cash from operations or have excess debt availability to meet our expenses and debt service obligations or if the ABL facility, the 8.375% senior notes that are due on November 15, 2017 (the “2017 Notes”) or the 2018 Notes were to become currently due, either at maturity or as a result of a breach, we may be required to take actions such as amending our ABL facility, the indenture governing the 2017 Notes, or the indenture governing the 2018 Notes, refinancing all or part of our existing debt, selling assets, incurring additional indebtedness or raising equity. If we need to seek additional financing, there is no assurance that this additional financing will be available.

Should we desire to consummate significant acquisition opportunities or undertake significant expansion activities, our capital needs would increase and could result in our needing to borrow available amounts under the ABL facility, increase available borrowings under our ABL facility or access public or private debt and equity markets.

As of June 30, 2012, our total availability under the ABL facility was $275.0 million, which was based on our borrowing base (accounts receivables, inventory, and fixed assets) as of July 15, 2012 (the June month-end under the terms of the credit agreement governing our ABL facility), and we had no ABL borrowings outstanding and $11.0 million in outstanding letters of credit. As a result, our excess availability under the ABL facility was $264.0 million. Each month’s borrowing base is not effective until submitted to the lenders, which usually occurs on the fifteenth day of the following month.

We may, from time to time, depending on market conditions, including without limitation whether the 2017 Notes or 2018 Notes are then trading at discounts to their respective face amounts, repurchase the 2017 Notes or 2018 Notes for cash and/or in exchange for shares of our common stock, warrants, preferred stock, debt or other consideration, in each case in open market purchases and/or privately negotiated transactions. The amounts involved in any such transactions, individually or in the aggregate, may be material. However, the covenants in our ABL facility subject such purchases to certain limitations and conditions.

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Operating activities

Cash used in operating activities was $5.0 million year to date compared to $4.3 million in the comparable prior year period. The $0.7 million increase was due primarily to timing of accounts payable payments, offset in part by the timing of accounts receivable receipts.

Investing activities

Cash used in investing activities was $45.1 million year to date compared to $27.5 million in the comparable prior year period. The $17.6 million increase was due primarily to increased capital expenditures and the acquisition of a beverage and wholesale business in our U.K. reporting segment.

Financing activities

Cash used in financing activities was $4.3 million year to date compared to cash provided of $6.3 million in the comparable prior year period. The change was due primarily to ABL borrowings in the prior year period.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements as defined under Item 303(a)(4) of Regulation S-K as of June 30, 2012.

Contractual Obligations

We have no material changes to the disclosure on this matter made in our Annual Report on Form 10-K for the year ended December 31, 2011.

Debt

Asset Based Lending Credit Facility

On March 31, 2008, we entered into a credit agreement with JPMorgan Chase Bank N.A. as Agent that created an ABL facility to provide financing for our North America, U.K. and Mexico reporting segments. In connection with the Cliffstar Acquisition, we refinanced the ABL facility on August 17, 2010 to, among other things, provide for the Cliffstar Acquisition, the issuance of the 2018 Notes and the application of net proceeds therefrom, the underwritten public offering of 13,340,000 common shares at a price of $5.67 per share and the application of net proceeds therefrom and to increase the amount available for borrowings to $275.0 million. We drew down a portion of the indebtedness under the ABL facility in order to fund the Cliffstar Acquisition. We incurred $5.4 million of financing fees in connection with the refinancing of the ABL facility.

As of June 30, 2012, we had no outstanding borrowings under the ABL facility. The commitment fee was 0.5% per annum of the unused commitment, which was $264.0 million as of June 30, 2012.

On July 19, 2012, we amended the ABL facility to, among other things, extend the maturity date to either July 19, 2017 or, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, May 15, 2017.

The financing fees incurred in connection with the refinancing of the ABL facility on August 17, 2010, along with the financing fees incurred in connection with the amendment of the ABL facility on July 19, 2012, are amortized using the straight line method over the duration of the amended ABL facility.

8.125% Senior Notes due in 2018

On August 17, 2010, we issued $375.0 million of the 2018 Notes. The issuer of the 2018 Notes is our wholly-owned subsidiary Cott Beverages Inc., but Cott Corporation and most of its U.S., Canadian and U.K. subsidiaries guarantee the 2018 Notes. The interest on the 2018 Notes is payable semi-annually on March 1^st and September 1^st of each year.

We incurred $8.6 million of financing fees in connection with the 2018 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the duration of the 2018 Notes.

8.375% Senior Notes due in 2017

On November 13, 2009, we issued $215.0 million of the 2017 Notes. The 2017 Notes were issued at a $3.1 million discount. The issuer of the 2017 Notes is our wholly-owned subsidiary Cott Beverages Inc., but Cott Corporation and most of its U.S., Canadian and U.K. subsidiaries guarantee the 2017 Notes. The interest on the 2017 Notes is payable semi-annually on May 15^th and November 15^th of each year.

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We incurred $5.1 million of financing fees in connection with the 2017 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the duration of the 2017 Notes.

Credit Ratings and Covenant Compliance

Credit Ratings

We have no material changes to the disclosure on this matter made in our Annual Report on Form 10-K for the year ended December 31, 2011.

Covenant Compliance

ABL Facility

Under the credit agreement governing the ABL facility, Cott Corporation and its restricted subsidiaries are subject to a number of business and financial covenants, including a covenant requiring a minimum fixed charge coverage ratio of at least 1.1 to 1.0 effective when and if excess availability is less than the greater of (a) $30.0 million and (b) the lesser of (i) 12.5% of the amount of the aggregate borrowing base or (ii) $37.5 million. Although the covenant was not triggered as of June 30, 2012, the fixed charge coverage ratio as calculated under this covenant was greater than 1.1 to 1.0. If availability is less than $37.5 million, the lenders will take dominion over the cash and will apply excess cash to reduce amounts owing under the facility. The credit agreement governing the ABL facility requires an aggregate availability of at least $15.0 million. We were in compliance with all of the applicable covenants under the ABL facility as of June 30, 2012.

On July 19, 2012, we, and the other parties to the ABL facility, agreed to amend the ABL facility to, among other things (a) extend the maturity date to either July 19, 2017 or, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, May 15, 2017, (b) change the threshold at which the springing minimum fixed charge coverage ratio would be tested, which threshold will now be met if excess availability is less than the greater of 10% of the lenders’ commitments under the revolving credit facility (the “Revolver”) or $27.5 million, and (c) change the threshold at which the springing cash dominion provision would become effective, which threshold will now be met if excess availability is less than the greater of 12.5% of the lenders’ commitments under the Revolver or $34.375 million.

8.125% Senior Notes due in 2018

Under the indenture governing the 2018 Notes, we are subject to a number of covenants, including covenants that limit our and certain of our subsidiaries’ ability, subject to certain exceptions and qualifications, to (i) pay dividends or make distributions, repurchase equity securities, prepay subordinated debt or make certain investments, (ii) incur additional debt or issue certain disqualified stock or preferred stock, (iii) create or incur liens on assets securing indebtedness, (iv) merge or consolidate with another company or sell all or substantially all of our assets taken as a whole, (v) enter into transactions with affiliates and (vi) sell assets. We have been in compliance with all of the covenants under the 2018 Notes and there have been no amendments to any such covenants since the 2018 Notes were issued.

8.375% Senior Notes due in 2017

Under the indenture governing the 2017 Notes, we are subject to a number of covenants, including covenants that limit our and certain of our subsidiaries’ ability, subject to certain exceptions and qualifications, to (i) pay dividends or make distributions, repurchase equity securities, prepay subordinated debt or make certain investments, (ii) incur additional debt or issue certain disqualified stock or preferred stock, (iii) create or incur liens on assets securing indebtedness, (iv) merge or consolidate with another company or sell all or substantially all of our assets taken as a whole, (v) enter into transactions with affiliates and (vi) sell assets. We have been in compliance with all of the covenants under the 2017 Notes and there have been no amendments to any such covenants since the 2017 Notes were issued.

Common Share Repurchase Program

On May 1, 2012, our Board of Directors authorized the repurchase of up to $35 million of our common shares in the open market or through privately negotiated transactions over a 12-month period through either a 10b5-1 automatic trading plan or at management’s discretion in compliance with regulatory requirements, and given market, cost and other considerations. We are unable to predict the number of shares that will be repurchased under the share repurchase program, or the aggregate dollar amount of the shares actually purchased. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements. During the second quarter of 2012, we repurchased 35,272 common shares for approximately $0.3 million through open market transactions.

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Capital Structure

Since December 31, 2011, our equity has increased by $33.5 million. The increase was the result of net income of $31.0 million, share-based compensation expense of $2.2 million, and other comprehensive income of $0.6 million.

Dividend Payments

There are certain restrictions on the payment of dividends under our ABL facility and under the indentures governing the 2017 Notes and 2018 Notes. No dividends payments were made during the first six months of 2012 or in 2011.

Critical Accounting Policies and Estimates

Our critical accounting policies require management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the accompanying notes. These estimates are based on historical experience, the advice of external experts or other assumptions management believes to be reasonable. Where actual amounts differ from estimates, revisions are included in the results for the period in which actuals become known. Historically, differences between estimates and actuals have not had a significant impact on our consolidated financial statements.

Critical accounting policies and estimates used to prepare the financial statements are discussed with our Audit Committee as they are implemented and on an annual basis.

We have no material changes to our Critical Accounting Policies and Estimates disclosure as filed in our Annual Report on Form 10-K for the year ended December 31, 2011.

Forward-looking Statements

In addition to historical information, this report may contain statements relating to future events and future results. These statements are “forward-looking” within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation and involve known and unknown risks, uncertainties, future expectations and other factors that may cause actual results, performance or achievements of Cott Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements that relate to projections of sales, earnings, earnings per share, cash flows, capital expenditures or other financial items, discussions of estimated future revenue enhancements and cost savings. These statements also relate to our business strategy, goals and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources. Generally, words such as “anticipate,” “believe,” “continue,” “could,” “endeavor,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” “predict,” “project,” “should” and similar terms and phrases are used to identify forward-looking statements in this report and in the documents incorporated in this report by reference. These forward-looking statements reflect current expectations regarding future events and operating performance and are made only as of the date of this report.

The forward-looking statements are not guarantees of future performance or events and, by their nature, are based on certain estimates and assumptions regarding interest and foreign exchange rates, expected growth, results of operations, performance, business prospects and opportunities and effective income tax rates, which are subject to inherent risks and uncertainties. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in forward-looking statements may include, but are not limited to, assumptions regarding management’s current plans and estimates, our ability to remain a low cost supplier, and effective management of commodity costs. Although we believe the assumptions underlying these forward-looking statements are reasonable, any of these assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions could prove to be incorrect. Our operations involve risks and uncertainties, many of which are outside of our control, and any one or any combination of these risks and uncertainties could also affect whether the forward-looking statements ultimately prove to be correct. These risks and uncertainties include, but are not limited to, those described in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2011, and those described from time to time in our future reports filed with the Securities and Exchange Commission (“SEC”) and Canadian securities regulatory authorities.

The following are some of the factors that could affect our financial performance, including but not limited to, sales, earnings and cash flows, or could cause actual results to differ materially from estimates contained in or underlying the forward-looking statements:

• our ability to compete successfully in the highly competitive beverage category;

• changes in consumer tastes and preferences for existing products and our ability to develop and timely launch new products that appeal to such changing consumer tastes and preferences;

• loss of or a reduction in sales to any significant customer, particularly Walmart;

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• fluctuations in commodity prices and our ability to pass on increased costs to our customers, and the impact of those increased prices on our volumes;

• our ability to manage our operations successfully;

• currency fluctuations that adversely affect the exchange between the U.S. dollar and the British pound sterling, the Euro, the Canadian dollar, the Mexican peso and other currencies;

• our ability to maintain favorable arrangements and relationships with our suppliers;

• our ability to realize the expected benefits of the Cliffstar Acquisition because of integration difficulties and other challenges;

• risks associated with the asset purchase agreement entered into in connection with the Cliffstar Acquisition;

• our substantial indebtedness we incurred and our ability to meet our obligations;

• our ability to maintain compliance with the covenants and conditions under our debt agreements;

• fluctuations in interest rates;

• credit rating changes;

• the impact of global financial events on our financial results;

• our ability to fully realize the expected cost savings and/or operating efficiencies from our restructuring activities;

• any disruption to production at our beverage concentrates or other manufacturing facilities;

• our ability to protect our intellectual property;

• compliance with product health and safety standards;

• liability for injury or illness caused by the consumption of contaminated products;

• liability and damage to our reputation as a result of litigation or legal proceedings;

• changes in the legal and regulatory environment in which we operate;

• the impact of proposed taxes on soda and other sugary drinks;

• enforcement of compliance with the Ontario Environmental Protection Act;

• unseasonably cold or wet weather, which could reduce demand for our beverages;

• the impact of national, regional and global events, including those of a political, economic, business and competitive nature;

• our ability to recruit, retain, and integrate new management and a new management structure;

• our exposure to intangible asset risk;

• our ability to renew our collective bargaining agreements on satisfactory terms;

• disruptions in our information systems;

• volatility of our stock price; or

• our ability to maintain compliance with the listing requirements of the New York Stock Exchange.

We undertake no obligation to update any information contained in this report or to publicly release the results of any revisions to forward-looking statements to reflect events or circumstances of which we may become aware of after the date of this report. Undue reliance should not be placed on forward-looking statements, and all future written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

We do not trade market risk sensitive instruments.

Currency Exchange Rate Risk

Our North America and U.K. reporting segments purchase a portion of their inventory for our Canadian and European operations, respectively, through transactions denominated and settled in U.S. dollars and Euros, respectively, currencies different from the functional currency of those operations. These inventory purchases are subject to exposure from

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movements in exchange rates. We use foreign exchange forward contracts to hedge operational exposures resulting from changes in these foreign currency exchange rates. The intent of the foreign exchange contracts is to provide predictability in our overall cost structure. These foreign exchange contracts, carried at fair value, have maturities of less than one year. As of June 30, 2012, we had outstanding foreign exchange forward contracts with notional amounts of $9.6 million.

Debt Obligations and Interest Rates

We have exposure to interest rate risk from the outstanding principal amounts of our short-term and long-term debt. Our long-term debt is fixed and our short-term debt is variable. Our ABL facility is vulnerable to fluctuations in the U.S. short-term base rate and the LIBOR rate. At current debt levels as of June 30, 2012, a 100 basis point increase in the current per annum interest rate for our ABL facility (excluding the $11.0 million outstanding letters of credit) would result in less than $0.1 million of additional interest expense during the next year. This change would not be material to our cash flows or our results of operations. The weighted-average interest rate of our debt outstanding at June 30, 2012 was 8.2%.

Commodity Price Risk

We have no material changes to the disclosure on this matter made in our Annual Report on Form 10-K for the year ended December 31, 2011.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of June 30, 2012. Based upon this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2012, the Company’s disclosure controls and procedures are functioning effectively to ensure that information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

In addition, our management carried out an evaluation, as required by Rule 13a-15(d) of the Exchange Act, with the participation of our Chief Executive Officer and our Chief Financial Officer, of changes in our internal control over financial reporting. Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that there have been no changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

Reference is made to the legal proceedings described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2011.

Item 1A. Risk Factors

There has been no material change in our risk factors since December 31, 2011. Please refer to our Annual Report on Form 10-K for the fiscal year ended December 31, 2011 for a detailed description of our risk factors.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Common Share Repurchase Program

The following is a summary of share repurchase activity during the three months ended June 30, 2012.

	Total Number of Shares of Common Stock Purchased		Average Price Paid per  Share of Common Stock		Total Number of Shares of Common Stock Purchased as Part of Publicly Announced Plans or Programs		Maximum Approximate Dollar Value of Shares of Common Stock that May Yet Be Purchased Under the Plans or Programs
April 1, 2012 - April 30, 2012		—		—		—		—
May 1, 20121 - May 31, 2012		35,272	$	7.30		35,272	$	34,742,514
June 1, 2012 - June 30, 2012		—		—		—		34,742,514
Total		35,272	$	7.30		35,272	$	34,742,514

1 On May 1, 2012, our Board of Directors authorized the repurchase of up to $35 million of our common shares in the open market or through privately negotiated transactions over a 12-month period through either a 10b5-1 automatic trading plan or at management’s discretion. The timing and actual number of shares purchased will depend on a variety of factors such as price, corporate and regulatory requirements, and prevailing market conditions. We may terminate or limit the share repurchase program at any time without prior notice. The Company repurchased 35,272 shares of common stock for approximately $0.3 million during the quarter ended June 30, 2012^.

47

Item 6. Exhibits

Number	Description
3.1	Articles of Amalgamation of Cott Corporation (incorporated by reference to Exhibit 3.1 to our Form 10-K dated February 28, 2007).
3.2	Second Amended and Restated By-laws of Cott Corporation (incorporated by reference to Exhibit 3.2 to our Form 10-Q filed May 10, 2007).
10.1	Amendment No. 1 to Credit Agreement, dated as of April 19, 2012, by and among Cott Corporation, Cott Beverages Inc., Cliffstar LLC, and Cott Beverages Limited, as Borrowers, the other Loan Parties party thereto, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.2 to our Form 10-Q filed May 7, 2012).
31.1	Certification of the Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended June 30, 2012 (filed herewith).
31.2	Certification of the Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended June 30, 2012 (filed herewith).
32.1	Certification of the Chief Executive Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended June 30, 2012 (furnished herewith).
32.2	Certification of the Chief Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended June 30, 2012 (furnished herewith).
101	The following financial statements from Cott Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, filed on August 3, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations, (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Equity, (vi) Notes to the Consolidated Financial Statements (furnished herewith).

48

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	COTT CORPORATION (Registrant)
Date: August 3, 2012	/s/ Jay Wells
	Jay Wells Chief Financial Officer (On behalf of the Company)
Date: August 3, 2012	/s/ Gregory Leiter
	Gregory Leiter Senior Vice President, Chief Accounting Officer and Assistant Secretary (Principal Accounting Officer)

Exhibit Index

Number	Description
3.1	Articles of Amalgamation of Cott Corporation (incorporated by reference to Exhibit 3.1 to our Form 10-K dated February 28, 2007).
3.2	Second Amended and Restated By-laws of Cott Corporation (incorporated by reference to Exhibit 3.2 to our Form 10-Q filed May 10, 2007).
10.1	Amendment No. 1 to Credit Agreement, dated as of April 19, 2012, by and among Cott Corporation, Cott Beverages Inc., Cliffstar LLC, and Cott Beverages Limited, as Borrowers, the other Loan Parties party thereto, the Lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.2 to our Form 10-Q filed May 7, 2012).
31.1	Certification of the Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended June 30, 2012 (filed herewith).
31.2	Certification of the Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended June 30, 2012 (filed herewith).
32.1	Certification of the Chief Executive Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended June 30, 2012 (furnished herewith).
32.2	Certification of the Chief Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended June 30, 2012 (furnished herewith).
101	The following financial statements from Cott Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012, filed on August 3, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations, (ii) Condensed Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Equity, (vi) Notes to the Consolidated Financial Statements (furnished herewith).

49

EX-31.1

Exhibit 31.1

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.

I, Jerry Fowden, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Cott Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 3, 2012	/s/ Jerry Fowden
	Jerry Fowden
	Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002.

I, Jay Wells, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Cott Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

August 3, 2012	/s/ Jay Wells
	Jay Wells
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Jerry Fowden, Chief Executive Officer of Cott Corporation (the “Company”), has executed this certification in connection with the filing with the Securities and Exchange Commission of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (the “Report”).

The undersigned hereby certifies that to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

IN WITNESS WHEREOF, the undersigned has executed this certification as of the 3^rdday of August, 2012.

/s/ Jerry Fowden

Jerry Fowden

Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned, Jay Wells, Chief Financial Officer of Cott Corporation (the “Company”), has executed this certification in connection with the filing with the Securities and Exchange Commission of the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2012 (the “Report”).

The undersigned hereby certifies that to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

IN WITNESS WHEREOF, the undersigned has executed this certification as of the 3^rdday of August, 2012.

/s/ Jay Wells

Jay Wells

Chief Financial Officer

XML

Reconciliation of Denominators of Basic and Diluted Net Income Per Common Share (Detail) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Earnings Per Share [Line Items]
Weighted average number of shares outstanding - basic	94,469	94,137	94,448	94,107
Adjusted weighted average number of shares outstanding - diluted	95,515	95,529	95,479	95,424
Stock Options
Earnings Per Share [Line Items]
Dilutive effect of Stock options	31	196	31	195
Performance-Based RSUs
Earnings Per Share [Line Items]
Dilutive effect of Stock options	30	509	21	481
Time-Based RSUs
Earnings Per Share [Line Items]
Dilutive effect of Stock options	985	687	979	641

XML

Commitments and Contingencies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended	12 Months Ended
	Dec. 31, 2011	Oct. 01, 2011	Jun. 30, 2012	Dec. 31, 2011	Jul. 02, 2011	Jan. 01, 2011 Cliffstar	Aug. 17, 2010 Cliffstar
Commitments And Contingencies [Line Items]
Loss related to single contingency	$ 2.9			$ 2.9
Acquisition, contingent consideration payable upon achievement of milestones						15.0	15.0
Maximum contingent consideration						55.0
Additional contingent consideration for business acquisition	12.1			12.1
Interim payments to the seller	8.6	21.0
Refund of contingent consideration payment to buyer		4.7
Settlement of seller's objections to contingent consideration	0.9
Current estimated amount of payments previously made to seller			34.3
Standby letters of credit outstanding			$ 11.0		$ 9.5

XML

Summary of Intangibles and Other Assets (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Intangibles And Other Assets Net [Line Items]
Intangibles not subject to amortization - Cost	$ 469,100,000
Intangibles subject to amortization - Accumulated Amortization	207,400,000
Intangibles Not subject to amortization - Net	261,700,000
Finite And Indefinite Lived Intangible Assets Cost	514.5
Finite And Indefinite Lived Intangible Assets Accumulated Amortization	207.4
Finite And Indefinite Lived Intangible Assets Net, Total	307.1
Other Assets - Cost	31,800,000
Other Assets - Accumulated Amortization	9,800,000
Other Assets - Net	22,000,000
Intangibles And Other Assets - Cost	546,300,000
Intangibles And Other Assets - Accumulated Amortization	217,200,000
Intangibles And Other Assets - Net	329,100,000	341,100,000
Financing Costs
Intangibles And Other Assets Net [Line Items]
Other Assets - Cost	23,200,000
Other Assets - Accumulated Amortization	9,500,000
Other Assets - Net	13,700,000
Deposits
Intangibles And Other Assets Net [Line Items]
Other Assets - Cost	7,200,000
Other Assets - Net	7,200,000
Other
Intangibles And Other Assets Net [Line Items]
Other Assets - Cost	1,400,000
Other Assets - Accumulated Amortization	300,000
Other Assets - Net	1,100,000
Customer Relationships
Intangibles And Other Assets Net [Line Items]
Intangibles not subject to amortization - Cost	366,800,000
Intangibles subject to amortization - Accumulated Amortization	130,100,000
Intangibles Not subject to amortization - Net	236,700,000
Trademarks
Intangibles And Other Assets Net [Line Items]
Intangibles not subject to amortization - Cost	28,700,000
Intangibles subject to amortization - Accumulated Amortization	22,400,000
Intangibles Not subject to amortization - Net	6,300,000
Information Technology
Intangibles And Other Assets Net [Line Items]
Intangibles not subject to amortization - Cost	62,200,000
Intangibles subject to amortization - Accumulated Amortization	47,800,000
Intangibles Not subject to amortization - Net	14,400,000
Other Intangible Assets
Intangibles And Other Assets Net [Line Items]
Intangibles not subject to amortization - Cost	11,400,000
Intangibles subject to amortization - Accumulated Amortization	7,100,000
Intangibles Not subject to amortization - Net	4,300,000
Contractual Rights
Intangibles And Other Assets Net [Line Items]
Intangibles not subject to amortization - Cost	45,400,000
Intangibles Not subject to amortization - Net	$ 45,400,000

XML

Shares Held in Trust Treated as Treasury Shares - Additional Information (Detail) (USD $) Share data in Millions, unless otherwise specified	6 Months Ended	1 Months Ended
	Jun. 30, 2012	May 31, 2008 PSU Plan
Shares Held In Trust Treated As Treasury Shares [Line Items]
Common stock shares issued to trustee		2.3
Shares held in trust	0.7
Stock repurchase authorized, value	$ 35

XML

Property Plant and Equipment by Operating Segment (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Property, plant & equipment	$ 488.8	$ 482.2
United States
Segment Reporting Information [Line Items]
Property, plant & equipment	337.7	336.2
Canada
Segment Reporting Information [Line Items]
Property, plant & equipment	47.4	46.9
United Kingdom
Segment Reporting Information [Line Items]
Property, plant & equipment	94.6	89.8
Mexico
Segment Reporting Information [Line Items]
Property, plant & equipment	$ 9.1	$ 9.3

XML

Share Based Compensation Expense (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1.4	$ 2.7	$ 2.2	$ 3.8
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.1		0.2
Director Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.7	0.7	0.7	0.7
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.2	1.0	0.2	1.5
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.4	$ 1.0	$ 1.1	$ 1.6

XML

Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, Liabilities	$ 0.3
Total Liabilities	0.3
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives, Liabilities	0.3
Total Liabilities	$ 0.3

XML

Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2012

Reconciliation of Denominators of Basic and Diluted Net Income Per Common Share

A reconciliation of the denominators of the basic and diluted net income per common share computations is as follows:

	For the Three Months Ended				For the Six Months Ended
(in thousands of shares)	June 30, 2012		July 2, 2011		June 30, 2012		July 2, 2011
Weighted average number of shares outstanding - basic		94,469		94,137		94,448		94,107
Dilutive effect of Stock options		31		196		31		195
Dilutive effect of Performance-based RSUs		30		509		21		481
Dilutive effect of Time-based RSUs		985		687		979		641
Adjusted weighted average number of shares outstanding - diluted		95,515		95,529		95,479		95,424

XML

Estimated Amortization Expenses for Intangible and Other Assets (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012
Finite-Lived Intangible Assets [Line Items]
Remainder of 2012	$ 16.8
2013	30.4
2014	28.5
2015	26.4
2016	23.1
Thereafter	136.5
Estimated amortization expense, total	$ 261.7

XML

Segment Reporting - Additional Information (Detail) (Walmart)	6 Months Ended
	Jun. 30, 2012
Revenue, Major Customer [Line Items]
Sales to major customer, percentage	31.80%
North America
Revenue, Major Customer [Line Items]
Sales to major customer, percentage	36.80%
United Kingdom
Revenue, Major Customer [Line Items]
Sales to major customer, percentage	15.50%
Mexico
Revenue, Major Customer [Line Items]
Sales to major customer, percentage	22.40%

XML

Average US Dollar Exchange Rate (Detail)	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average exchange rate	0.995

XML

Debt (Parenthetical) (Detail)	Jun. 30, 2012 8.375% Senior Notes Due In 2017	Mar. 31, 2012 8.375% Senior Notes Due In 2017	Dec. 31, 2011 8.375% Senior Notes Due In 2017	Nov. 13, 2009 8.375% Senior Notes Due In 2017	Jun. 30, 2012 8.125% Senior Notes Due In 2018	Dec. 31, 2011 8.125% Senior Notes Due In 2018	Aug. 17, 2010 8.125% Senior Notes Due In 2018
Debt Instrument [Line Items]
Interest rate on notes	8.375%	8.375%	8.375%		8.125%	8.125%	8.125%
Debt instrument maturity period	2017	2017			2018
Discount rate on issue of senior notes				1.425%

XML

Condensed Consolidating Statement of Operations (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jul. 02, 2011		Jun. 30, 2012		Jul. 02, 2011
Condensed Financial Statements, Captions [Line Items]
Revenue, net	$ 625.8	[1]	$ 640.0	[2]	$ 1,149.6	[1]	$ 1,174.1	[2]
Cost of sales	533.5		552.0		993.9		1,016.5
Gross profit	92.3		88.0		155.7		157.6
Selling, general and administrative expenses	48.8		45.1		90.6		90.2
Loss on disposal of property, plant & equipment	0.3				0.9
Operating (loss) income	43.2		42.9		64.2		67.4
Other (income) expense, net	(0.5)				(0.7)		0.8
Interest expense, net	13.5		14.6		27.5		29.0
Income (loss) before income tax (benefit) expense and equity income (loss)	30.2		28.3		37.4		37.6
Income tax (benefit) expense	3.9		0.7		4.3		2.3
Net income	26.3		27.6		33.1		35.3
Less: Net income attributable to non-controlling interests	1.2		1.1		2.1		2.0
Net income (loss) attributed to Cott Corporation	25.1		26.5		31.0		33.3
Comprehensive income (loss) attributed to Cott Corporation	18.2		28.0		31.6		44.5
Cott Corporation
Condensed Financial Statements, Captions [Line Items]
Revenue, net	61.3		60.8		105.0		102.7
Cost of sales	46.9		47.6		84.6		82.5
Gross profit	14.4		13.2		20.4		20.2
Selling, general and administrative expenses	6.6		9.6		15.3		17.8
Operating (loss) income	7.8		3.6		5.1		2.4
Other (income) expense, net	0.6		(0.3)		0.5		0.1
Intercompany interest (income) expense, net			(1.8)				(3.5)
Interest expense, net	0.1		0.2		0.2		0.2
Income (loss) before income tax (benefit) expense and equity income (loss)	7.1		5.5		4.4		5.6
Income tax (benefit) expense	3.7				3.2		1.1
Equity income	21.7		21.0		29.8		28.8
Net income	25.1		26.5		31.0		33.3
Net income (loss) attributed to Cott Corporation	25.1		26.5		31.0		33.3
Comprehensive income (loss) attributed to Cott Corporation	18.2		27.8		31.6		43.9
Cott Beverages Inc.
Condensed Financial Statements, Captions [Line Items]
Revenue, net	241.6		254.3		449.7		469.3
Cost of sales	201.0		222.8		377.2		408.8
Gross profit	40.6		31.5		72.5		60.5
Selling, general and administrative expenses	24.1		21.9		39.7		40.5
Loss on disposal of property, plant & equipment					0.4
Operating (loss) income	16.5		9.6		32.4		20.0
Other (income) expense, net			0.3		0.1		0.7
Intercompany interest (income) expense, net	(2.4)		0.2		(4.7)		0.2
Interest expense, net	13.3		13.8		27.0		27.6
Income (loss) before income tax (benefit) expense and equity income (loss)	5.6		(4.7)		10.0		(8.5)
Income tax (benefit) expense	(0.1)		(0.1)		0.6		1.2
Equity income	1.3		0.9		2.3		2.2
Net income	7.0		(3.7)		11.7		(7.5)
Net income (loss) attributed to Cott Corporation	7.0		(3.7)		11.7		(7.5)
Comprehensive income (loss) attributed to Cott Corporation	(4.5)		(5.1)		17.4		10.3
Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenue, net	287.0		288.3		527.5		540.9
Cost of sales	254.5		250.0		472.7		473.4
Gross profit	32.5		38.3		54.8		67.5
Selling, general and administrative expenses	15.0		10.3		30.0		25.1
Loss on disposal of property, plant & equipment	0.3				0.5
Operating (loss) income	17.2		28.0		24.3		42.4
Other (income) expense, net	(0.9)		0.1		(0.9)		0.1
Intercompany interest (income) expense, net	2.4		1.6		4.7		3.3
Interest expense, net	0.1		0.6		0.3		1.1
Income (loss) before income tax (benefit) expense and equity income (loss)	15.6		25.7		20.2		37.9
Income tax (benefit) expense	0.5		0.7		0.6		(0.2)
Equity income	6.7		(3.4)		11.8		(7.2)
Net income	21.8		21.6		31.4		30.9
Net income (loss) attributed to Cott Corporation	21.8		21.6		31.4		30.9
Comprehensive income (loss) attributed to Cott Corporation	12.7		21.0		(62.0)		134.8
Non-Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Revenue, net	44.9		47.3		84.6		80.4
Cost of sales	40.1		42.3		76.6		71.0
Gross profit	4.8		5.0		8.0		9.4
Selling, general and administrative expenses	3.1		3.3		5.6		6.8
Operating (loss) income	1.7		1.7		2.4		2.6
Other (income) expense, net	(0.2)		(0.1)		(0.4)		(0.1)
Interest expense, net							0.1
Income (loss) before income tax (benefit) expense and equity income (loss)	1.9		1.8		2.8		2.6
Income tax (benefit) expense	(0.2)		0.1		(0.1)		0.2
Net income	2.1		1.7		2.9		2.4
Less: Net income attributable to non-controlling interests	1.2		1.1		2.1		2.0
Net income (loss) attributed to Cott Corporation	0.9		0.6		0.8		0.4
Comprehensive income (loss) attributed to Cott Corporation	(4.3)		3.1		45.6		33.9
Consolidation, Eliminations
Condensed Financial Statements, Captions [Line Items]
Revenue, net	(9.0)		(10.7)		(17.2)		(19.2)
Cost of sales	(9.0)		(10.7)		(17.2)		(19.2)
Equity income	(29.7)		(18.5)		(43.9)		(23.8)
Net income	(29.7)		(18.5)		(43.9)		(23.8)
Net income (loss) attributed to Cott Corporation	(29.7)		(18.5)		(43.9)		(23.8)
Comprehensive income (loss) attributed to Cott Corporation	$ (3.9)		$ (18.8)		$ (1.0)		$ (178.4)

[1] Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.1 million for the three and six months ended June 30, 2012, respectively.

[2] Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

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Summary of Inventories (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Inventory [Line Items]
Raw materials	$ 85.4	$ 87.3
Finished goods	128.0	102.3
Other	20.6	20.4
Inventories	$ 234.0	$ 210.0

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Business and Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2012

Business and Recent Accounting Pronouncements

Note 1 – Business and Recent Accounting Pronouncements

Description of Business

Cott Corporation, together with its consolidated subsidiaries (“Cott,” “the Company,” “our Company,” “Cott Corporation,” “we,” “us,” or “our”), is one of the world’s largest beverage companies focusing on private-label products and contract manufacturing. Our product lines include carbonated soft drinks (“CSDs”), clear, still and sparkling flavored waters, energy-related drinks, juice, juice-based products, bottled water and ready-to-drink teas.

Basis of Presentation

The accompanying interim unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements in conformity with U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2011. The accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements.

The presentation of these interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.

Recent Accounting Pronouncements

ASU 2011-05— Comprehensive Income: Presentation of Comprehensive Income

In June 2011, the Financial Accounting Standards Board (“FASB”) amended its guidance on the presentation of comprehensive income in financial statements to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items that are recorded in other comprehensive income. The new accounting guidance requires entities to report components of comprehensive income in either (i) a continuous statement of comprehensive income or (ii) two separate but consecutive statements. The provisions of this new guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We have adopted this guidance and presented the components of comprehensive income in two separate but consecutive statements. This standard impacts the presentation but does not have a financial impact on our consolidated financial statements.

ASU 2011-08— Intangibles-Goodwill and Other: Testing Goodwill for Impairment

In September 2011, the FASB amended its guidance in regards to testing goodwill for impairment to address concern raised about the cost and complexity of performing the first step of the two-step goodwill impairment test required under Accounting Standards Codification (“ASC”) Topic 350 – “Intangibles-Goodwill and Other.” The objective of this update is to simplify how entities, both public and nonpublic, test goodwill for impairment. The amendments in the update permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. We have adopted this guidance and incorporated it into our goodwill assessment procedures. The adoption of this guidance did not have a material impact on our consolidated financial statements.

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Consolidating Balance Sheet (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012		Mar. 31, 2012	Dec. 31, 2011		Jul. 02, 2011	Apr. 02, 2011	Jan. 01, 2011
Current assets
Cash & cash equivalents	$ 47.1		$ 31.6	$ 100.9		$ 24.0	$ 35.8	$ 48.2
Accounts receivable, net of allowance	262.4			210.8
Income taxes recoverable	8.3			9.9
Inventories	234.0			210.0
Prepaid expenses and other assets	25.1			19.3
Total current assets	576.9			550.9
Property, plant & equipment	488.8			482.2
Goodwill	129.6			129.6
Intangibles and other assets	329.1			341.1
Deferred income taxes	3.3			4.1
Other tax receivable	1.0			1.0
Total assets	1,528.7	[1]		1,508.9	[1]
Current liabilities
Current maturities of long-term debt	1.8			3.4
Accounts payable and accrued liabilities	265.0			281.1
Total current liabilities	266.8			284.5
Long-term debt	602.2			602.1
Deferred income taxes	37.2			34.1
Other long-term liabilities	20.2			20.0
Total liabilities	926.4			940.7
Equity
Capital stock, no par	395.7			395.9
Treasury stock	(2.1)			(2.1)
Additional paid-in-capital	44.8			42.6
Retained earnings (deficit)	175.0			144.1
Accumulated other comprehensive (loss) income	(24.1)			(24.7)
Total Cott Corporation equity	589.3			555.8
Non-controlling interests	13.0			12.4
Total equity	602.3			568.2		584.7		535.2
Total liabilities and equity	1,528.7			1,508.9
Cott Corporation
Current assets
Cash & cash equivalents	16.8		9.0	13.7		8.7	7.0	7.8
Accounts receivable, net of allowance	31.7			22.4
Inventories	21.3			18.1
Prepaid expenses and other assets	1.3			1.8
Total current assets	71.1			56.0
Property, plant & equipment	49.0			48.0
Goodwill	26.9			26.9
Intangibles and other assets	0.9			0.9
Deferred income taxes	3.1			4.1
Other tax receivable	0.4			0.5
Due from affiliates	33.8			30.3
Investments in subsidiaries	475.2			459.8
Total assets	660.4			626.5
Current liabilities
Accounts payable and accrued liabilities	27.6			27.1
Total current liabilities	27.6			27.1
Long-term debt	0.3			0.2
Other long-term liabilities	0.2			0.2
Due to affiliates	43.0			43.2
Total liabilities	71.1			70.7
Equity
Capital stock, no par	395.7			395.9
Treasury stock	(2.1)			(2.1)
Additional paid-in-capital	44.8			42.6
Retained earnings (deficit)	175.0			144.1
Accumulated other comprehensive (loss) income	(24.1)			(24.7)
Total Cott Corporation equity	589.3			555.8
Total equity	589.3			555.8
Total liabilities and equity	660.4			626.5
Cott Beverages Inc.
Current assets
Cash & cash equivalents	3.2		1.7	20.7		1.5	1.7	9.1
Accounts receivable, net of allowance	111.8			97.2
Income taxes recoverable	8.3			8.8
Inventories	79.6			60.2
Prepaid expenses and other assets	17.0			13.8
Total current assets	219.9			200.7
Property, plant & equipment	185.7			179.3
Goodwill	4.5			4.5
Intangibles and other assets	104.1			105.3
Due from affiliates	170.0			166.4
Investments in subsidiaries	377.8			365.5
Total assets	1,062.0			1,021.7
Current liabilities
Current maturities of long-term debt	1.3			2.9
Accounts payable and accrued liabilities	129.5			117.1
Total current liabilities	130.8			120.0
Long-term debt	599.0			599.0
Deferred income taxes	29.1			26.8
Other long-term liabilities	3.8			3.5
Due to affiliates	76.7			77.8
Total liabilities	839.4			827.1
Equity
Capital stock, no par	574.4			569.3
Retained earnings (deficit)	(348.3)			(365.5)
Accumulated other comprehensive (loss) income	(3.5)			(9.2)
Total Cott Corporation equity	222.6			194.6
Total equity	222.6			194.6
Total liabilities and equity	1,062.0			1,021.7
Guarantor Subsidiaries
Current assets
Cash & cash equivalents	18.8		13.7	58.9		8.4	20.6	26.0
Accounts receivable, net of allowance	165.9			136.3
Income taxes recoverable				0.8
Inventories	123.5			124.2
Prepaid expenses and other assets	6.7			3.6
Total current assets	314.9			323.8
Property, plant & equipment	244.5			245.1
Goodwill	98.2			98.2
Intangibles and other assets	207.6			216.5
Other tax receivable	0.6			0.5
Due from affiliates	78.0			79.1
Investments in subsidiaries	525.0			572.3
Total assets	1,468.8			1,535.5
Current liabilities
Current maturities of long-term debt	0.1			0.1
Accounts payable and accrued liabilities	156.0			181.2
Total current liabilities	156.1			181.3
Long-term debt	1.3			1.2
Deferred income taxes	7.4			6.8
Other long-term liabilities	16.2			16.3
Due to affiliates	172.5			168.9
Total liabilities	353.5			374.5
Equity
Capital stock, no par	1,458.9			1,396.5
Retained earnings (deficit)	(343.7)			(329.0)
Accumulated other comprehensive (loss) income	0.1			93.5
Total Cott Corporation equity	1,115.3			1,161.0
Total equity	1,115.3			1,161.0
Total liabilities and equity	1,468.8			1,535.5
Non-Guarantor Subsidiaries
Current assets
Cash & cash equivalents	8.3		7.2	7.6		5.4	6.5	5.3
Accounts receivable, net of allowance	16.4			14.6
Income taxes recoverable				0.3
Inventories	9.6			7.5
Prepaid expenses and other assets	0.1			0.1
Total current assets	34.4			30.1
Property, plant & equipment	9.6			9.8
Intangibles and other assets	16.5			18.4
Deferred income taxes	0.2
Due from affiliates	41.9			41.9
Investments in subsidiaries	227.5			225.3
Total assets	330.1			325.5
Current liabilities
Current maturities of long-term debt	0.4			0.4
Accounts payable and accrued liabilities	15.3			15.4
Total current liabilities	15.7			15.8
Long-term debt	1.6			1.7
Deferred income taxes	0.7			0.5
Due to affiliates	31.5			27.8
Total liabilities	49.5			45.8
Equity
Capital stock, no par	174.8			218.2
Retained earnings (deficit)	(44.3)			(43.2)
Accumulated other comprehensive (loss) income	137.1			92.3
Total Cott Corporation equity	267.6			267.3
Non-controlling interests	13.0			12.4
Total equity	280.6			279.7
Total liabilities and equity	330.1			325.5
Consolidation, Eliminations
Current assets
Accounts receivable, net of allowance	(63.4)			(59.7)
Total current assets	(63.4)			(59.7)
Due from affiliates	(323.7)			(317.7)
Investments in subsidiaries	(1,605.5)			(1,622.9)
Total assets	(1,992.6)			(2,000.3)
Current liabilities
Accounts payable and accrued liabilities	(63.4)			(59.7)
Total current liabilities	(63.4)			(59.7)
Due to affiliates	(323.7)			(317.7)
Total liabilities	(387.1)			(377.4)
Equity
Capital stock, no par	(2,208.1)			(2,184.0)
Retained earnings (deficit)	736.3			737.7
Accumulated other comprehensive (loss) income	(133.7)			(176.6)
Total Cott Corporation equity	(1,605.5)			(1,622.9)
Total equity	(1,605.5)			(1,622.9)
Total liabilities and equity	$ (1,992.6)			$ (2,000.3)

[1] Excludes intersegment receivables, investments and notes receivable.

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Revenues by Geographic Area (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jul. 02, 2011		Jun. 30, 2012		Jul. 02, 2011
Segment Reporting Information [Line Items]
External revenue	$ 625.8	[1]	$ 640.0	[2]	$ 1,149.6	[1]	$ 1,174.1	[2]
United States
Segment Reporting Information [Line Items]
External revenue	414.8		433.6		781.0		822.3
Canada
Segment Reporting Information [Line Items]
External revenue	73.3		71.7		127.1		123.8
United Kingdom
Segment Reporting Information [Line Items]
External revenue	131.5		126.0		230.7		212.3
Mexico
Segment Reporting Information [Line Items]
External revenue	10.2		16.2		19.3		27.6
RCI
Segment Reporting Information [Line Items]
External revenue	8.4		6.5		15.8		14.1
Elimination
Segment Reporting Information [Line Items]
External revenue	$ (12.4)	[3]	$ (14.0)	[3]	$ (24.3)	[3]	$ (26.0)	[3]

[1] Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.1 million for the three and six months ended June 30, 2012, respectively.

[2] Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

[3] Represents intersegment revenue among our operating segments, of which $4.0 million and $8.1 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and six months ended June 30, 2012, respectively, compared to $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

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Debt (Tables)

6 Months Ended

Jun. 30, 2012

Debt

Our total debt as of June 30, 2012 and December 31, 2011 was as follows:

(in millions of U.S. dollars)	June 30, 2012			December 31, 2011
8.375% senior notes due in 20171	$	215.0		$	215.0
8.125% senior notes due in 2018		375.0			375.0
GE obligation		10.4			12.4
Other capital leases		4.5			4.1
Other debt		1.4			1.5
Total debt		606.3			608.0
Less: Current debt
GE obligation - current maturities		0.9			2.6
Other capital leases - current maturities		0.7			0.6
Other debt - current maturities		0.2			0.2
Total current debt		1.8			3.4
Long-term debt before discount		604.5			604.6
Less discount on 8.375% notes		(2.3	)		(2.5	)
Total long-term debt	$	602.2		$	602.1

¹  Our 8.375% senior notes were issued at a discount of 1.425% on November 13, 2009.

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Intangibles and Other Assets (Tables)

6 Months Ended

Jun. 30, 2012

Summary of Intangibles and Other Assets

The following table summarizes intangibles and other assets as of June 30, 2012:

	June 30, 2012
(in millions of U.S. dollars)	Cost		Accumulated Amortization		Net
Intangibles
Not subject to amortization
Rights	$	45.4	$	—	$	45.4
Subject to amortization
Customer relationships	$	366.8	$	130.1	$	236.7
Trademarks		28.7		22.4		6.3
Information technology		62.2		47.8		14.4
Other		11.4		7.1		4.3
		469.1		207.4		261.7
		514.5		207.4		307.1
Other Assets
Financing costs	$	23.2	$	9.5	$	13.7
Deposits		7.2		—		7.2
Other		1.4		0.3		1.1
		31.8		9.8		22.0
Total Intangibles & Other Assets	$	546.3	$	217.2	$	329.1

Estimated Amortization Expenses for Intangible and Other Assets

The estimated amortization expense for intangibles over the next five years is:

(in millions of U.S. dollars)
Remainder of 2012	$	16.8
2013		30.4
2014		28.5
2015		26.4
2016		23.1
Thereafter		136.5
	$	261.7

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Hedging Transactions and Derivative Financial Instruments - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Shares Held In Trust Treated As Treasury Shares [Line Items]
Notional value of foreign currency cash flow hedges	$ 9.6	$ 9.6
Fair value of derivative instruments	0.3	0.3
Derivative instruments, charge to cost of sales	$ 0.2	$ 0.1

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Revenues by Geographic Area (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Segment Reporting Information [Line Items]
Intersegment revenue between North America and other reporting segments	$ 4.0	$ 4.0	$ 8.1	$ 8.2

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2012

Liabilities Measured at Fair Value on Recurring Basis

We have certain assets and liabilities that are required to be recorded at fair value on a recurring basis in accordance with U.S. GAAP.

The following table summarizes those assets and liabilities measured at a fair value on a recurring basis as of June 30, 2012:

	June 30, 2012
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Netting Adjustment		Fair Value Measurements
Liabilities
Derivatives	$	—	$	0.3	$	—	$	—	$	0.3
Total Liabilities	$	—	$	0.3	$	—	$	—	$	0.3

Carrying Value and Estimated Fair Values of Outstanding Debt

The carrying amounts reflected in the Consolidated Balance Sheets for cash, receivables, payables, short-term borrowings and long-term debt approximate their respective fair values, except as otherwise indicated. The carrying values and estimated fair values of our significant outstanding debt as of June 30, 2012 and December 31, 2011 were as follows:

	June 30, 2012				December 31, 2011
(in millions of U.S. dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
8.375% senior notes due in 20171	$	215.0		233.8	$	215.0		231.4
8.125% senior notes due in 20181		375.0		409.2		375.0		404.5
Total	$	590.0	$	643.0	$	590.0	$	635.9

1 The fair values are based on the trading levels and bid/offer prices observed by a market participant and are considered Level 1 inputs.

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Guarantor Subsidiaries (Tables)

6 Months Ended

Jun. 30, 2012

Condensed Consolidating Statement of Operations

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended June 30, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	61.3	$	241.6		$	287.0		$	44.9		$	(9.0	)	$	625.8
Cost of sales		46.9		201.0			254.5			40.1			(9.0	)		533.5
Gross profit		14.4		40.6			32.5			4.8			—			92.3
Selling, general and administrative expenses		6.6		24.1			15.0			3.1			—			48.8
Loss on disposal of property, plant & equipment		—		—			0.3			—			—			0.3
Operating income		7.8		16.5			17.2			1.7			—			43.2
Other expense (income), net		0.6		—			(0.9	)		(0.2	)		—			(0.5	)
Intercompany interest (income) expense, net		—		(2.4	)		2.4			—			—			—
Interest expense, net		0.1		13.3			0.1			—			—			13.5
Income before income tax expense (benefit) and equity income		7.1		5.6			15.6			1.9			—			30.2
Income tax expense (benefit)		3.7		(0.1	)		0.5			(0.2	)		—			3.9
Equity income		21.7		1.3			6.7			—			(29.7	)		—
Net income	$	25.1	$	7.0		$	21.8		$	2.1		$	(29.7	)	$	26.3
Less: Net income attributable to non-controlling interests		—		—			—			1.2			—			1.2
Net income attributed to Cott Corporation	$	25.1	$	7.0		$	21.8		$	0.9		$	(29.7	)	$	25.1
Comprehensive income (loss) attributed to Cott Corporation	$	18.2	$	(4.5	)	$	12.7		$	(4.3	)	$	(3.9	)	$	18.2

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended June 30, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	105.0	$	449.7		$	527.5		$	84.6		$	(17.2	)	$	1,149.6
Cost of sales		84.6		377.2			472.7			76.6			(17.2	)		993.9
Gross profit		20.4		72.5			54.8			8.0			—			155.7
Selling, general and administrative expenses		15.3		39.7			30.0			5.6			—			90.6
Loss on disposal of property, plant & equipment		—		0.4			0.5			—			—			0.9
Operating income		5.1		32.4			24.3			2.4			—			64.2
Other expense (income), net		0.5		0.1			(0.9	)		(0.4	)		—			(0.7	)
Intercompany interest (income) expense, net		—		(4.7	)		4.7			—			—			—
Interest expense, net		0.2		27.0			0.3			—			—			27.5
Income before income tax expense (benefit) and equity income		4.4		10.0			20.2			2.8			—			37.4
Income tax expense (benefit)		3.2		0.6			0.6			(0.1	)		—			4.3
Equity income		29.8		2.3			11.8			—			(43.9	)		—
Net income	$	31.0	$	11.7		$	31.4		$	2.9		$	(43.9	)	$	33.1
Less: Net income attributable to non-controlling interests		—		—			—			2.1			—			2.1
Net income attributed to Cott Corporation	$	31.0	$	11.7		$	31.4		$	0.8		$	(43.9	)	$	31.0
Comprehensive income (loss) attributed to Cott Corporation	$	31.6	$	17.4		$	(62.0	)	$	45.6		$	(1.0	)	$	31.6

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended July 2, 2011
	Cott Corporation			Cott Beverages  Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	60.8		$	254.3		$	288.3		$	47.3		$	(10.7	)	$	640.0
Cost of sales		47.6			222.8			250.0			42.3			(10.7	)		552.0
Gross profit		13.2			31.5			38.3			5.0			—			88.0
Selling, general and administrative expenses		9.6			21.9			10.3			3.3			—			45.1
Operating income		3.6			9.6			28.0			1.7			—			42.9
Other (income) expense, net		(0.3	)		0.3			0.1			(0.1	)		—			—
Intercompany interest (income) expense, net		(1.8	)		0.2			1.6			—			—			—
Interest expense, net		0.2			13.8			0.6			—			—			14.6
Income (loss) before income tax (benefit) expense and equity income (loss)		5.5			(4.7	)		25.7			1.8			—			28.3
Income tax (benefit) expense		—			(0.1	)		0.7			0.1			—			0.7
Equity income (loss)		21.0			0.9			(3.4	)		—			(18.5	)		—
Net income (loss)	$	26.5		$	(3.7	)	$	21.6		$	1.7		$	(18.5	)	$	27.6
Less: Net income attributable to non-controlling interests		—			—			—			1.1			—			1.1
Net income (loss) attributed to Cott Corporation	$	26.5		$	(3.7	)	$	21.6		$	0.6		$	(18.5	)	$	26.5
Comprehensive income (loss) attributed to Cott Corporation	$	27.8		$	(5.1	)	$	21.0		$	3.1		$	(18.8	)	$	28.0

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	102.7		$	469.3		$	540.9		$	80.4		$	(19.2	)	$	1,174.1
Cost of sales		82.5			408.8			473.4			71.0			(19.2	)		1,016.5
Gross profit		20.2			60.5			67.5			9.4			—			157.6
Selling, general and administrative expenses		17.8			40.5			25.1			6.8			—			90.2
Operating (loss) income		2.4			20.0			42.4			2.6			—			67.4
Other (income) expense, net		0.1			0.7			0.1			(0.1	)		—			0.8
Intercompany interest (income) expense, net		(3.5	)		0.2			3.3			—			—			—
Interest expense, net		0.2			27.6			1.1			0.1			—			29.0
Income (loss) before income tax (benefit) expense and equity income (loss)		5.6			(8.5	)		37.9			2.6			—			37.6
Income tax (benefit) expense		1.1			1.2			(0.2	)		0.2			—			2.3
Equity income (loss)		28.8			2.2			(7.2	)		—			(23.8	)		—
Net income (loss)	$	33.3		$	(7.5	)	$	30.9		$	2.4		$	(23.8	)	$	35.3
Less: Net income attributable to non-controlling interests		—			—			—			2.0			—			2.0
Net income (loss) attributed to Cott Corporation	$	33.3		$	(7.5	)	$	30.9		$	0.4		$	(23.8	)	$	33.3
Comprehensive income (loss) attributed to Cott Corporation	$	43.9		$	10.3		$	134.8		$	33.9		$	(178.4	)	$	44.5

Consolidating Balance Sheets

Consolidating Balance Sheets

(in millions of U.S. dollars)

Unaudited

	As of June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1
Accounts receivable, net of allowance		31.7			111.8			165.9			16.4			(63.4	)		262.4
Income taxes recoverable		—			8.3			—			—			—			8.3
Inventories		21.3			79.6			123.5			9.6			—			234.0
Prepaid expenses and other assets		1.3			17.0			6.7			0.1			—			25.1
Total current assets		71.1			219.9			314.9			34.4			(63.4	)		576.9
Property, plant & equipment		49.0			185.7			244.5			9.6			—			488.8
Goodwill		26.9			4.5			98.2			—			—			129.6
Intangibles and other assets		0.9			104.1			207.6			16.5			—			329.1
Deferred income taxes		3.1			—			—			0.2			—			3.3
Other tax receivable		0.4			—			0.6			—			—			1.0
Due from affiliates		33.8			170.0			78.0			41.9			(323.7	)		—
Investments in subsidiaries		475.2			377.8			525.0			227.5			(1,605.5	)		—
Total assets	$	660.4		$	1,062.0		$	1,468.8		$	330.1		$	(1,992.6	)	$	1,528.7
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	1.3		$	0.1		$	0.4		$	—		$	1.8
Accounts payable and accrued liabilities		27.6			129.5			156.0			15.3			(63.4	)		265.0
Total current liabilities		27.6			130.8			156.1			15.7			(63.4	)		266.8
Long-term debt		0.3			599.0			1.3			1.6			—			602.2
Deferred income taxes		—			29.1			7.4			0.7			—			37.2
Other long-term liabilities		0.2			3.8			16.2			—			—			20.2
Due to affiliates		43.0			76.7			172.5			31.5			(323.7	)		—
Total liabilities		71.1			839.4			353.5			49.5			(387.1	)		926.4
Equity
Capital stock, no par		395.7			574.4			1,458.9			174.8			(2,208.1	)		395.7
Treasury stock		(2.1	)		—			—			—			—			(2.1	)
Additional paid-in-capital		44.8			—			—			—			—			44.8
Retained earnings (deficit)		175.0			(348.3	)		(343.7	)		(44.3	)		736.3			175.0
Accumulated other comprehensive (loss) income		(24.1	)		(3.5	)		0.1			137.1			(133.7	)		(24.1	)
Total Cott Corporation equity		589.3			222.6			1,115.3			267.6			(1,605.5	)		589.3
Non-controlling interests		—			—			—			13.0			—			13.0
Total equity		589.3			222.6			1,115.3			280.6			(1,605.5	)		602.3
Total liabilities and equity	$	660.4		$	1,062.0		$	1,468.8		$	330.1		$	(1,992.6	)	$	1,528.7

Consolidating Balance Sheets

(in millions of U.S. dollars)

	As of December 31, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	13.7		$	20.7		$	58.9		$	7.6		$	—		$	100.9
Accounts receivable, net of allowance		22.4			97.2			136.3			14.6			(59.7	)		210.8
Income taxes recoverable		—			8.8			0.8			0.3			—			9.9
Inventories		18.1			60.2			124.2			7.5			—			210.0
Prepaid expenses and other assets		1.8			13.8			3.6			0.1			—			19.3
Total current assets		56.0			200.7			323.8			30.1			(59.7	)		550.9
Property, plant & equipment		48.0			179.3			245.1			9.8			—			482.2
Goodwill		26.9			4.5			98.2			—			—			129.6
Intangibles and other assets		0.9			105.3			216.5			18.4			—			341.1
Deferred income taxes		4.1			—			—			—			—			4.1
Other tax receivable		0.5			—			0.5			—			—			1.0
Due from affiliates		30.3			166.4			79.1			41.9			(317.7	)		—
Investments in subsidiaries		459.8			365.5			572.3			225.3			(1,622.9	)		—
Total assets	$	626.5		$	1,021.7		$	1,535.5		$	325.5		$	(2,000.3	)	$	1,508.9
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	2.9		$	0.1		$	0.4		$	—		$	3.4
Accounts payable and accrued liabilities		27.1			117.1			181.2			15.4			(59.7	)		281.1
Total current liabilities		27.1			120.0			181.3			15.8			(59.7	)		284.5
Long-term debt		0.2			599.0			1.2			1.7			—			602.1
Deferred income taxes		—			26.8			6.8			0.5			—			34.1
Other long-term liabilities		0.2			3.5			16.3			—			—			20.0
Due to affiliates		43.2			77.8			168.9			27.8			(317.7	)		—
Total liabilities		70.7			827.1			374.5			45.8			(377.4	)		940.7
Equity
Capital stock, no par		395.9			569.3			1,396.5			218.2			(2,184.0	)		395.9
Treasury stock		(2.1	)		—			—			—			—			(2.1	)
Additional paid-in-capital		42.6			—			—			—			—			42.6
Retained earnings (deficit)		144.1			(365.5	)		(329.0	)		(43.2	)		737.7			144.1
Accumulated other comprehensive (loss) income		(24.7	)		(9.2	)		93.5			92.3			(176.6	)		(24.7	)
Total Cott Corporation equity		555.8			194.6			1,161.0			267.3			(1,622.9	)		555.8
Non-controlling interests		—			—			—			12.4			—			12.4
Total equity		555.8			194.6			1,161.0			279.7			(1,622.9	)		568.2
Total liabilities and equity	$	626.5		$	1,021.7		$	1,535.5		$	325.5		$	(2,000.3	)	$	1,508.9

Consolidating Statements of Condensed Cash Flows

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	25.1		$	7.0		$	21.8		$	2.1		$	(29.7	)	$	26.3
Depreciation & amortization		1.5			8.9			11.9			1.4			—			23.7
Amortization of financing fees		—			0.9			—			—			—			0.9
Share-based compensation expense		0.7			0.3			0.3			0.1			—			1.4
Increase (decrease) in deferred income taxes		1.8			2.1			0.4			(0.3	)		—			4.0
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			—			0.3			—			—			0.3
Equity (loss) income, net of distributions		(21.7	)		(1.3	)		(6.7	)		—			29.7			—
Intercompany transactions		12.0			0.2			—			—			(12.2	)		—
Other non-cash items		0.8			0.2			—			—			—			1.0
Net change in operating assets and liabilities, net of acquisition		(9.9	)		(0.4	)		(20.1	)		(0.4	)		12.2			(18.6	)
Net cash provided by operating activities		10.3			17.9			7.0			2.9			—			38.1
Investing Activities
Additions to property, plant & equipment		(2.7	)		(13.7	)		(3.1	)		(0.2	)		—			(19.7	)
Additions to intangibles and other assets		—			(1.4	)		0.4			—			—			(1.0	)
Proceeds from sale of assets held for sale		—			—			1.0			—			—			1.0
Advances to affiliates		—			—			—			(0.9	)		0.9			—
Net cash used in investing activities		(2.7	)		(15.1	)		(1.7	)		(1.1	)		0.9			(19.7	)
Financing Activities
Payments of long-term debt		—			(1.3	)		—			(0.1	)		—			(1.4	)
Borrowings under ABL		—			17.5			—			—			—			17.5
Payments under ABL		—			(17.5	)		—			—			—			(17.5	)
Advances from affiliates		0.9			—			—			—			(0.9	)		—
Distributions to non-controlling interests		—			—			—			(0.3	)		—			(0.3	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)
Net cash provided by (used in) financing activities		0.6			(1.3	)		—			(0.4	)		(0.9	)		(2.0	)
Effect of exchange rate changes on cash		(0.4	)		—			(0.2	)		(0.3	)		—			(0.9	)
Net increase in cash & cash equivalents		7.8			1.5			5.1			1.1			—			15.5
Cash & cash equivalents, beginning of period		9.0			1.7			13.7			7.2			—			31.6
Cash & cash equivalents, end of period	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	31.0		$	11.7		$	31.4		$	2.9		$	(43.9	)	$	33.1
Depreciation & amortization		3.1			17.7			23.9			2.8			—			47.5
Amortization of financing fees		0.1			1.9			0.1			—			—			2.1
Share-based compensation expense		0.8			0.8			0.5			0.1			—			2.2
Increase (decrease) in deferred income taxes		1.1			2.5			0.6			(0.2	)		—			4.0
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			0.4			0.5			—			—			0.9
Equity (loss) income, net of distributions		(29.8	)		(2.3	)		(11.8	)		—			43.9			—
Intercompany transactions		16.2			1.4			—			—			(17.6	)		—
Other non-cash items		0.4			0.2			—			—			—			0.6
Net change in operating assets and liabilities, net of acquisition		(18.7	)		(21.0	)		(72.8	)		0.4			17.6			(94.5	)
Net cash provided by (used in) operating activities		4.2			13.3			(28.5	)		6.0			—			(5.0	)
Investing Activities
Acquisition		—			—			(5.0	)		—			—			(5.0	)
Additions to property, plant & equipment		(4.2	)		(24.8	)		(8.1	)		(0.3	)		—			(37.4	)
Additions to intangibles and other assets		—			(3.6	)		(0.1	)		—			—			(3.7	)
Proceeds from sale of assets held for sale		—			—			1.0			—			—			1.0
Advances to affiliates		—			—			—			(3.5	)		3.5			—
Net cash used in investing activities		(4.2	)		(28.4	)		(12.2	)		(3.8	)		3.5			(45.1	)
Financing Activities
Payments of long-term debt		—			(2.4	)		—			(0.2	)		—			(2.6	)
Borrowings under ABL		—			24.5			—			—			—			24.5
Payments under ABL		—			(24.5	)		—			—			—			(24.5	)
Advances from affiliates		3.5			—			—			—			(3.5	)		—
Distributions to non-controlling interests		—			—			—			(1.4	)		—			(1.4	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)
Net cash provided by (used in) financing activities		3.2			(2.4	)		—			(1.6	)		(3.5	)		(4.3	)
Effect of exchange rate changes on cash		(0.1	)		—			0.6			0.1			—			0.6
Net increase (decrease) in cash & cash equivalents		3.1			(17.5	)		(40.1	)		0.7			—			(53.8	)
Cash & cash equivalents, beginning of period		13.7			20.7			58.9			7.6			—			100.9
Cash & cash equivalents, end of period	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	26.5		$	(3.7	)	$	21.6		$	1.7		$	(18.5	)	$	27.6
Depreciation & amortization		1.4			8.7			12.2			1.5			—			23.8
Amortization of financing fees		0.1			0.7			0.1			—			—			0.9
Share-based compensation expense		0.9			1.4			0.4			—			—			2.7
Increase in deferred income taxes		0.6			0.1			0.3			—			—			1.0
Equity income (loss), net of distributions		21.0			0.9			(3.4	)		—			(18.5	)		—
Intercompany transactions		2.3			1.1			—			—			(3.4	)		—
Other non-cash items		(0.4	)		2.0			—			—			—			1.6
Net change in operating assets and liabilities		(26.7	)		22.3			(66.1	)		(6.2	)		40.4			(36.3	)
Net cash provided by (used in) operating activities		25.7			33.5			(34.9	)		(3.0	)		—			21.3
Investing Activities
Additions to property, plant & equipment		(1.5	)		(6.2	)		(3.1	)		—			—			(10.8	)
Additions to intangibles and other assets		1.4			(2.6	)		(0.1	)		(1.2	)		—			(2.5	)
Other investing activities		—			(1.8	)		—			—			—			(1.8	)
Advances to affiliates		(19.8	)		—			6.0			4.1			9.7			—
Net cash (used in) provided by investing activities		(19.9	)		(10.6	)		2.8			2.9			9.7			(15.1	)
Financing Activities
Payments of long-term debt		—			(2.0	)		—			(0.1	)		—			(2.1	)
Borrowings under ABL		—			43.6			—			—			—			43.6
Payments under ABL		—			(58.7	)		—			—			—			(58.7	)
Advances from affiliates		(4.1	)		(6.0	)		19.8			—			(9.7	)		—
Distributions to non-controlling interests		—			—			—			(0.9	)		—			(0.9	)
Net cash (used in) provided by financing activities		(4.1	)		(23.1	)		19.8			(1.0	)		(9.7	)		(18.1	)
Effect of exchange rate changes on cash		—			—			0.1			—			—			0.1
Net increase (decrease) in cash & cash equivalents		1.7			(0.2	)		(12.2	)		(1.1	)		—			(11.8	)
Cash & cash equivalents, beginning of period		7.0			1.7			20.6			6.5			—			35.8
Cash & cash equivalents, end of period	$	8.7		$	1.5		$	8.4		$	5.4		$	—		$	24.0

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	33.3		$	(7.5	)	$	30.9		$	2.4		$	(23.8	)	$	35.3
Depreciation & amortization		3.0			17.3			24.1			3.0			—			47.4
Amortization of financing fees		0.2			1.5			0.1			—			—			1.8
Share-based compensation expense		1.0			2.2			0.6			—			—			3.8
Increase (decrease) in deferred income taxes		0.9			1.2			(0.2	)		—			—			1.9
Equity (loss) income, net of distributions		(28.8	)		(2.2	)		7.2			—			23.8			—
Intercompany transactions		6.9			2.7			—			—			(9.6	)		—
Other non-cash items		—			1.8			—			—			—			1.8
Net change in operating assets and liabilities		(16.9	)		(21.5	)		(67.8	)		0.3			9.6			(96.3	)
Net cash (used in) provided by operating activities		(0.4	)		(4.5	)		(5.1	)		5.7			—			(4.3	)
Investing Activities
Additions to property, plant & equipment		(2.2	)		(14.2	)		(6.9	)		—			—			(23.3	)
Additions to intangibles and other assets		1.4			(2.6	)		(0.1	)		(1.2	)		—			(2.5	)
Other investing activities		—			(1.7	)		—			—			—			(1.7	)
Advances to affiliates		—			—			(6.4	)		(1.9	)		8.3			—
Net cash used in investing activities		(0.8	)		(18.5	)		(13.4	)		(3.1	)		8.3			(27.5	)
Financing Activities
Payments of long-term debt		—			(3.2	)		—			(0.2	)		—			(3.4	)
Borrowings under ABL		—			143.4			—			—			—			143.4
Payments under ABL		—			(131.2	)		—			—			—			(131.2	)
Advances from affiliates		1.9			6.4			—			—			(8.3	)		—
Distributions to non-controlling interests		—			—			—			(2.5	)		—			(2.5	)
Net cash provided by (used in) financing activities		1.9			15.4			—			(2.7	)		(8.3	)		6.3
Effect of exchange rate changes on cash		0.2			—			0.9			0.2			—			1.3
Net increase (decrease) in cash & cash equivalents		0.9			(7.6	)		(17.6	)		0.1			—			(24.2	)
Cash & cash equivalents, beginning of period		7.8			9.1			26.0			5.3			—			48.2
Cash & cash equivalents, end of period	$	8.7		$	1.5		$	8.4		$	5.4		$	—		$	24.0

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Consolidated Statements of Equity (USD $) Share data in Thousands, unless otherwise specified	Total		Common Stock	Treasury Stock	Treasury Stock PSU Plan	Treasury Stock EISPP	Additional Paid-in Capital	Additional Paid-in Capital PSU Plan	Additional Paid-in Capital EISPP	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance at Jan. 01, 2011	$ 535,200,000		$ 395,600,000	$ (3,200,000)			$ 40,800,000			$ 106,500,000	$ (17,500,000)	$ 13,000,000
Balance, shares at Jan. 01, 2011			94,750	1,051
Common shares issued	100,000		100,000
Common shares issued, shares			25
Treasury shares issued					500,000	600,000		(500,000)	(600,000)
Treasury shares issued, shares					(181)	(196)
Common shares issued - Directors' share award	700,000						700,000
Common shares issued - Directors' share award, Shares			76
Share-based compensation	3,100,000						3,100,000
Contributions to non-controlling interests	1,800,000											1,800,000
Distributions to non-controlling interests	(2,500,000)											(2,500,000)
Comprehensive income
Currency translation adjustment	10,600,000										10,800,000	(200,000)
Pension benefit plan, net of tax	400,000	[1]									400,000
Net income	35,300,000									33,300,000		2,000,000
Balance at Jul. 02, 2011	584,700,000		395,700,000	(2,100,000)			43,500,000			139,800,000	(6,300,000)	14,100,000
Balance, shares at Jul. 02, 2011			94,851	674
Balance at Dec. 31, 2011	568,200,000		395,900,000	(2,100,000)			42,600,000			144,100,000	(24,700,000)	12,400,000
Balance, shares at Dec. 31, 2011			95,101	674
Common shares issued - Directors' share award	700,000		96,000				700,000
Common shares repurchased	(300,000)		(200,000)							(100,000)
Common shares repurchased, shares
Share-based compensation	1,500,000						1,500,000
Distributions to non-controlling interests	(1,400,000)											(1,400,000)
Comprehensive income
Currency translation adjustment	1,000,000										1,100,000	(100,000)
Pension benefit plan, net of tax	(200,000)	[1]									(200,000)
Unrealized loss on derivative instruments, net of tax	(300,000)	[2]									(300,000)
Net income	33,100,000									31,000,000		2,100,000
Balance at Jun. 30, 2012	$ 602,300,000		$ 395,700,000	$ (2,100,000)			$ 44,800,000			$ 175,000,000	$ (24,100,000)	$ 13,000,000
Balance, shares at Jun. 30, 2012			95,162	674

[1] Net of the effect of $0.1 million and $0.1 million tax expense for the three and six months ended June 30, 2012, respectively, and net of the effect of nil and $0.1 million tax benefit for the three and six months ended July 2, 2011, respectively.

[2] Net of the effect of a nil and $0.1 million tax benefit for the three and six months ended June 30, 2012, respectively, and net of the effect of a $0.1 million and nil tax benefit for the three and six months ended July 2, 2011, respectively.

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Acquisitions - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended			6 Months Ended	12 Months Ended	3 Months Ended	6 Months Ended			3 Months Ended
	Jun. 30, 2012	Dec. 31, 2011	Oct. 01, 2011	Jun. 30, 2012	Dec. 31, 2011	Oct. 01, 2011 Cliffstar	Jun. 30, 2012 Cliffstar	Jan. 01, 2011 Cliffstar	Aug. 17, 2010 Cliffstar Year	Mar. 31, 2012 Beverage And Wholesale Business
Business Acquisition [Line Items]
Date of acquisition							Aug. 17, 2010
Acquisition payable in cash									$ 503.0	$ 5.0
Acquisition, deferred consideration to be paid									14.0
Deferred consideration due in (years)									3
Accrued contingent consideration, interim payments		8.6	21.0		8.6	4.7
Acquisition, contingent consideration								55.0	55.0
Acquisition, contingent consideration payable upon achievement of milestones								15.0	15.0
Cash refund due to final determination of working capital			4.7
Settlement payments to seller		0.9			0.9
Additional contingent consideration for business acquisition		12.1			12.1
Business acquisition, payments made to seller				34.3
Gain on bargain purchase	$ 0.9			$ 0.9						$ 0.9

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Net Income Per Common Share - Additional Information (Detail)	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011
Earnings Per Share [Line Items]
Treasury shares excluded from computation of earnings per share amount	674,397	674,397
Stock Options
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net earnings per share	183,500	241,000

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Debt - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified			6 Months Ended			1 Months Ended	6 Months Ended
	Jun. 30, 2012	Dec. 31, 2011	Jun. 30, 2012 8.125% Senior Notes Due In 2018 Year	Dec. 31, 2011 8.125% Senior Notes Due In 2018	Aug. 17, 2010 8.125% Senior Notes Due In 2018	Aug. 17, 2010 Abl Facility Year	Jun. 30, 2012 Abl Facility	Mar. 31, 2012 8.375% Senior Notes Due In 2017 Year	Jun. 30, 2012 8.375% Senior Notes Due In 2017	Dec. 31, 2011 8.375% Senior Notes Due In 2017	Nov. 13, 2009 8.375% Senior Notes Due In 2017
Debt Instrument [Line Items]
Senior notes issued					$ 375.0						$ 215.0
Interest rate on notes			8.125%	8.125%	8.125%			8.375%	8.375%	8.375%
Debt instrument maturity date			Sep. 01, 2018					Nov. 15, 2017
Common stock shares, issued	95,161,968	95,101,230				13,340,000
Common stock shares, issued value per share						$ 5.67
Credit facility, available borrowing capacity						275.0
Financing fees			8.6			5.4		5.1
Amortization period of financing fees (years)			8			4		8
Commitment fee, percentage							0.50%
Commitment fee, amount							264.0
Debt instrument maturity period			2018
Debt instrument maturity period			2018					2017	2017
Discount on notes issued									$ 2.3	$ 2.5	$ 3.1

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Consolidated Statements of Operations (USD $) In Millions, except Share data in Thousands, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jul. 02, 2011		Jun. 30, 2012		Jul. 02, 2011
Revenue, net	$ 625.8	[1]	$ 640.0	[2]	$ 1,149.6	[1]	$ 1,174.1	[2]
Cost of sales	533.5		552.0		993.9		1,016.5
Gross profit	92.3		88.0		155.7		157.6
Selling, general and administrative expenses	48.8		45.1		90.6		90.2
Loss on disposal of property, plant & equipment	0.3				0.9
Operating income	43.2		42.9		64.2		67.4
Other (income) expense, net	(0.5)				(0.7)		0.8
Interest expense, net	13.5		14.6		27.5		29.0
Income (loss) before income tax (benefit) expense and equity income (loss)	30.2		28.3		37.4		37.6
Income tax expense	3.9		0.7		4.3		2.3
Net income	26.3		27.6		33.1		35.3
Less: Net income attributable to non-controlling interests	1.2		1.1		2.1		2.0
Net income attributed to Cott Corporation	$ 25.1		$ 26.5		$ 31.0		$ 33.3
Net income per common share attributed to Cott Corporation
Basic	$ 0.27		$ 0.28		$ 0.33		$ 0.35
Diluted	$ 0.26		$ 0.28		$ 0.32		$ 0.35
Weighted average outstanding shares (thousands) attributed to Cott Corporation
Basic	94,469		94,137		94,448		94,107
Diluted	95,515		95,529		95,479		95,424

[1] Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.1 million for the three and six months ended June 30, 2012, respectively.

[2] Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

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Revenues by Product (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jul. 02, 2011		Jun. 30, 2012		Jul. 02, 2011
Segment Reporting Information [Line Items]
Revenue, net	$ 625.8	[1]	$ 640.0	[2]	$ 1,149.6	[1]	$ 1,174.1	[2]
Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	338,300,000				639,700,000
Carbonated Soft Drinks
Segment Reporting Information [Line Items]
Revenue, net	237.9				441.0
Carbonated Soft Drinks | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	110,200,000				207,200,000
Juice
Segment Reporting Information [Line Items]
Revenue, net	143.3				280.4
Juice | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	33,300,000				64,600,000
Concentrate
Segment Reporting Information [Line Items]
Revenue, net	12.3				23.4
Concentrate | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	98,200,000				196,400,000
All Other Products
Segment Reporting Information [Line Items]
Revenue, net	232.3				404.8
All Other Products | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	96,600,000				171,500,000
North America
Segment Reporting Information [Line Items]
Revenue, net	475.7	[1]	491.3	[2]	883.8	[1]	920.1	[2]
North America | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	204,200,000				383,800,000
North America | Carbonated Soft Drinks
Segment Reporting Information [Line Items]
Revenue, net	187.2				351.0
North America | Carbonated Soft Drinks | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	83,300,000				158,200,000
North America | Juice
Segment Reporting Information [Line Items]
Revenue, net	139.3				273.2
North America | Juice | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	32,100,000				62,500,000
North America | Concentrate
Segment Reporting Information [Line Items]
Revenue, net	3.4				6.3
North America | Concentrate | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	22,400,000				45,600,000
North America | All Other Products
Segment Reporting Information [Line Items]
Revenue, net	145.8				253.3
North America | All Other Products | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	66,400,000				117,500,000
United Kingdom
Segment Reporting Information [Line Items]
Revenue, net	131.5	[1]	126.0	[2]	230.7	[1]	212.3	[2]
United Kingdom | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	55,700,000				100,600,000
United Kingdom | Carbonated Soft Drinks
Segment Reporting Information [Line Items]
Revenue, net	45.0				78.7
United Kingdom | Carbonated Soft Drinks | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	23,000,000				41,100,000
United Kingdom | Juice
Segment Reporting Information [Line Items]
Revenue, net	3.7				6.8
United Kingdom | Juice | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	1,000,000				1,800,000
United Kingdom | Concentrate
Segment Reporting Information [Line Items]
Revenue, net	0.5				1.3
United Kingdom | Concentrate | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	4,100,000				8,100,000
United Kingdom | All Other Products
Segment Reporting Information [Line Items]
Revenue, net	82.3				143.9
United Kingdom | All Other Products | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	27,600,000				49,600,000
Mexico
Segment Reporting Information [Line Items]
Revenue, net	10.2	[1]	16.2	[2]	19.3	[1]	27.6	[2]
Mexico | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	6,700,000				12,600,000
Mexico | Carbonated Soft Drinks
Segment Reporting Information [Line Items]
Revenue, net	5.7				11.3
Mexico | Carbonated Soft Drinks | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	3,900,000				7,900,000
Mexico | Juice
Segment Reporting Information [Line Items]
Revenue, net	0.3				0.4
Mexico | Juice | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	200,000				300,000
Mexico | All Other Products
Segment Reporting Information [Line Items]
Revenue, net	4.2				7.6
Mexico | All Other Products | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	2,600,000				4,400,000
RCI
Segment Reporting Information [Line Items]
Revenue, net	8.4	[1]	6.5	[2]	15.8	[1]	14.1	[2]
RCI | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	71,700,000				142,700,000
RCI | Concentrate
Segment Reporting Information [Line Items]
Revenue, net	$ 8.4				$ 15.8
RCI | Concentrate | Beverage And Wholesale Business
Segment Reporting Information [Line Items]
Sales, volume	71,700,000				142,700,000

[1] Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.1 million for the three and six months ended June 30, 2012, respectively.

[2] Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

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Consolidated Balance Sheets (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Jun. 30, 2012	Dec. 31, 2011
Accounts receivable allowance	$ 6.6	$ 5.7
Capital stock, shares issued	95,161,968	95,101,230
Capital stock, Par value

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Carrying Value and Fair Values of Outstanding Debt (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012		Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	$ 643.0		$ 635.9
8.375% Senior Notes Due In 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument maturity period	2017
8.125% Senior Notes Due In 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on notes	8.125%
Debt instrument maturity period	2018
Estimate of Fair Value, Fair Value Disclosure | 8.375% Senior Notes Due In 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on notes	8.375%
Outstanding debt	233.8		231.4
Estimate of Fair Value, Fair Value Disclosure | 8.125% Senior Notes Due In 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on notes	8.125%
Outstanding debt	409.2		404.5
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	590.0	[1]	590.0	[1]
Carrying (Reported) Amount, Fair Value Disclosure | 8.375% Senior Notes Due In 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on notes	8.375%
Outstanding debt	215.0	[1]	215.0	[1]
Carrying (Reported) Amount, Fair Value Disclosure | 8.125% Senior Notes Due In 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	$ 375.0	[1]	$ 375.0	[1]

[1] The fair values are based on the trading levels and bid/offer prices observed by a market participant and are considered Level 1 inputs.

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Stock Option Activity (Detail) (CAD) In Thousands, except Per Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at December 31, 2011, Shares	284
Stock options awarded, Shares	385
Options exercised, Shares
Options forfeited or expired, Shares	(25)
Outstanding at June 30, 2012	644
Exercisable at June 30, 2012	259
Balance at December 31, 2011, Weighted average exercise price	20.47
Stock options awarded, Weighted average exercise price	6.47
Options exercised, Weighted average exercise price
Options forfeited or expired, Weighted average exercise price	29.95
Outstanding at June 30, 2012, Weighted average exercise price	11.73
Exercisable at June 30, 2012, Weighted average exercise price	19.56

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Guarantor Subsidiaries

6 Months Ended

Jun. 30, 2012

Guarantor Subsidiaries

Note 14 – Guarantor Subsidiaries

The 2017 Notes and 2018 Notes issued by our wholly-owned subsidiary, Cott Beverages, Inc., are unconditionally guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other wholly-owned subsidiaries (the “Guarantor Subsidiaries”). The guarantees of the Guarantor Subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions.

We have not presented separate financial statements and separate disclosures have not been provided concerning subsidiary guarantors because management has determined such information is not material to the holders of the above-mentioned notes.

The following supplemental financial information sets forth on an unconsolidated basis, our Balance Sheets, Statements of Operations and Cash Flows for Cott Corporation, Cott Beverages Inc., Guarantor Subsidiaries and our other subsidiaries (the “Non-guarantor Subsidiaries”). The supplemental financial information reflects our investments and those of Cott Beverages Inc. in their respective subsidiaries using the equity method of accounting.

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended June 30, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	61.3	$	241.6		$	287.0		$	44.9		$	(9.0	)	$	625.8
Cost of sales		46.9		201.0			254.5			40.1			(9.0	)		533.5
Gross profit		14.4		40.6			32.5			4.8			—			92.3
Selling, general and administrative expenses		6.6		24.1			15.0			3.1			—			48.8
Loss on disposal of property, plant & equipment		—		—			0.3			—			—			0.3
Operating income		7.8		16.5			17.2			1.7			—			43.2
Other expense (income), net		0.6		—			(0.9	)		(0.2	)		—			(0.5	)
Intercompany interest (income) expense, net		—		(2.4	)		2.4			—			—			—
Interest expense, net		0.1		13.3			0.1			—			—			13.5
Income before income tax expense (benefit) and equity income		7.1		5.6			15.6			1.9			—			30.2
Income tax expense (benefit)		3.7		(0.1	)		0.5			(0.2	)		—			3.9
Equity income		21.7		1.3			6.7			—			(29.7	)		—
Net income	$	25.1	$	7.0		$	21.8		$	2.1		$	(29.7	)	$	26.3
Less: Net income attributable to non-controlling interests		—		—			—			1.2			—			1.2
Net income attributed to Cott Corporation	$	25.1	$	7.0		$	21.8		$	0.9		$	(29.7	)	$	25.1
Comprehensive income (loss) attributed to Cott Corporation	$	18.2	$	(4.5	)	$	12.7		$	(4.3	)	$	(3.9	)	$	18.2

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended June 30, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	105.0	$	449.7		$	527.5		$	84.6		$	(17.2	)	$	1,149.6
Cost of sales		84.6		377.2			472.7			76.6			(17.2	)		993.9
Gross profit		20.4		72.5			54.8			8.0			—			155.7
Selling, general and administrative expenses		15.3		39.7			30.0			5.6			—			90.6
Loss on disposal of property, plant & equipment		—		0.4			0.5			—			—			0.9
Operating income		5.1		32.4			24.3			2.4			—			64.2
Other expense (income), net		0.5		0.1			(0.9	)		(0.4	)		—			(0.7	)
Intercompany interest (income) expense, net		—		(4.7	)		4.7			—			—			—
Interest expense, net		0.2		27.0			0.3			—			—			27.5
Income before income tax expense (benefit) and equity income		4.4		10.0			20.2			2.8			—			37.4
Income tax expense (benefit)		3.2		0.6			0.6			(0.1	)		—			4.3
Equity income		29.8		2.3			11.8			—			(43.9	)		—
Net income	$	31.0	$	11.7		$	31.4		$	2.9		$	(43.9	)	$	33.1
Less: Net income attributable to non-controlling interests		—		—			—			2.1			—			2.1
Net income attributed to Cott Corporation	$	31.0	$	11.7		$	31.4		$	0.8		$	(43.9	)	$	31.0
Comprehensive income (loss) attributed to Cott Corporation	$	31.6	$	17.4		$	(62.0	)	$	45.6		$	(1.0	)	$	31.6

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended July 2, 2011
	Cott Corporation			Cott Beverages  Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	60.8		$	254.3		$	288.3		$	47.3		$	(10.7	)	$	640.0
Cost of sales		47.6			222.8			250.0			42.3			(10.7	)		552.0
Gross profit		13.2			31.5			38.3			5.0			—			88.0
Selling, general and administrative expenses		9.6			21.9			10.3			3.3			—			45.1
Operating income		3.6			9.6			28.0			1.7			—			42.9
Other (income) expense, net		(0.3	)		0.3			0.1			(0.1	)		—			—
Intercompany interest (income) expense, net		(1.8	)		0.2			1.6			—			—			—
Interest expense, net		0.2			13.8			0.6			—			—			14.6
Income (loss) before income tax (benefit) expense and equity income (loss)		5.5			(4.7	)		25.7			1.8			—			28.3
Income tax (benefit) expense		—			(0.1	)		0.7			0.1			—			0.7
Equity income (loss)		21.0			0.9			(3.4	)		—			(18.5	)		—
Net income (loss)	$	26.5		$	(3.7	)	$	21.6		$	1.7		$	(18.5	)	$	27.6
Less: Net income attributable to non-controlling interests		—			—			—			1.1			—			1.1
Net income (loss) attributed to Cott Corporation	$	26.5		$	(3.7	)	$	21.6		$	0.6		$	(18.5	)	$	26.5
Comprehensive income (loss) attributed to Cott Corporation	$	27.8		$	(5.1	)	$	21.0		$	3.1		$	(18.8	)	$	28.0

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	102.7		$	469.3		$	540.9		$	80.4		$	(19.2	)	$	1,174.1
Cost of sales		82.5			408.8			473.4			71.0			(19.2	)		1,016.5
Gross profit		20.2			60.5			67.5			9.4			—			157.6
Selling, general and administrative expenses		17.8			40.5			25.1			6.8			—			90.2
Operating (loss) income		2.4			20.0			42.4			2.6			—			67.4
Other (income) expense, net		0.1			0.7			0.1			(0.1	)		—			0.8
Intercompany interest (income) expense, net		(3.5	)		0.2			3.3			—			—			—
Interest expense, net		0.2			27.6			1.1			0.1			—			29.0
Income (loss) before income tax (benefit) expense and equity income (loss)		5.6			(8.5	)		37.9			2.6			—			37.6
Income tax (benefit) expense		1.1			1.2			(0.2	)		0.2			—			2.3
Equity income (loss)		28.8			2.2			(7.2	)		—			(23.8	)		—
Net income (loss)	$	33.3		$	(7.5	)	$	30.9		$	2.4		$	(23.8	)	$	35.3
Less: Net income attributable to non-controlling interests		—			—			—			2.0			—			2.0
Net income (loss) attributed to Cott Corporation	$	33.3		$	(7.5	)	$	30.9		$	0.4		$	(23.8	)	$	33.3
Comprehensive income (loss) attributed to Cott Corporation	$	43.9		$	10.3		$	134.8		$	33.9		$	(178.4	)	$	44.5

Consolidating Balance Sheets

(in millions of U.S. dollars)

Unaudited

	As of June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1
Accounts receivable, net of allowance		31.7			111.8			165.9			16.4			(63.4	)		262.4
Income taxes recoverable		—			8.3			—			—			—			8.3
Inventories		21.3			79.6			123.5			9.6			—			234.0
Prepaid expenses and other assets		1.3			17.0			6.7			0.1			—			25.1
Total current assets		71.1			219.9			314.9			34.4			(63.4	)		576.9
Property, plant & equipment		49.0			185.7			244.5			9.6			—			488.8
Goodwill		26.9			4.5			98.2			—			—			129.6
Intangibles and other assets		0.9			104.1			207.6			16.5			—			329.1
Deferred income taxes		3.1			—			—			0.2			—			3.3
Other tax receivable		0.4			—			0.6			—			—			1.0
Due from affiliates		33.8			170.0			78.0			41.9			(323.7	)		—
Investments in subsidiaries		475.2			377.8			525.0			227.5			(1,605.5	)		—
Total assets	$	660.4		$	1,062.0		$	1,468.8		$	330.1		$	(1,992.6	)	$	1,528.7
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	1.3		$	0.1		$	0.4		$	—		$	1.8
Accounts payable and accrued liabilities		27.6			129.5			156.0			15.3			(63.4	)		265.0
Total current liabilities		27.6			130.8			156.1			15.7			(63.4	)		266.8
Long-term debt		0.3			599.0			1.3			1.6			—			602.2
Deferred income taxes		—			29.1			7.4			0.7			—			37.2
Other long-term liabilities		0.2			3.8			16.2			—			—			20.2
Due to affiliates		43.0			76.7			172.5			31.5			(323.7	)		—
Total liabilities		71.1			839.4			353.5			49.5			(387.1	)		926.4
Equity
Capital stock, no par		395.7			574.4			1,458.9			174.8			(2,208.1	)		395.7
Treasury stock		(2.1	)		—			—			—			—			(2.1	)
Additional paid-in-capital		44.8			—			—			—			—			44.8
Retained earnings (deficit)		175.0			(348.3	)		(343.7	)		(44.3	)		736.3			175.0
Accumulated other comprehensive (loss) income		(24.1	)		(3.5	)		0.1			137.1			(133.7	)		(24.1	)
Total Cott Corporation equity		589.3			222.6			1,115.3			267.6			(1,605.5	)		589.3
Non-controlling interests		—			—			—			13.0			—			13.0
Total equity		589.3			222.6			1,115.3			280.6			(1,605.5	)		602.3
Total liabilities and equity	$	660.4		$	1,062.0		$	1,468.8		$	330.1		$	(1,992.6	)	$	1,528.7

Consolidating Balance Sheets

(in millions of U.S. dollars)

	As of December 31, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	13.7		$	20.7		$	58.9		$	7.6		$	—		$	100.9
Accounts receivable, net of allowance		22.4			97.2			136.3			14.6			(59.7	)		210.8
Income taxes recoverable		—			8.8			0.8			0.3			—			9.9
Inventories		18.1			60.2			124.2			7.5			—			210.0
Prepaid expenses and other assets		1.8			13.8			3.6			0.1			—			19.3
Total current assets		56.0			200.7			323.8			30.1			(59.7	)		550.9
Property, plant & equipment		48.0			179.3			245.1			9.8			—			482.2
Goodwill		26.9			4.5			98.2			—			—			129.6
Intangibles and other assets		0.9			105.3			216.5			18.4			—			341.1
Deferred income taxes		4.1			—			—			—			—			4.1
Other tax receivable		0.5			—			0.5			—			—			1.0
Due from affiliates		30.3			166.4			79.1			41.9			(317.7	)		—
Investments in subsidiaries		459.8			365.5			572.3			225.3			(1,622.9	)		—
Total assets	$	626.5		$	1,021.7		$	1,535.5		$	325.5		$	(2,000.3	)	$	1,508.9
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	2.9		$	0.1		$	0.4		$	—		$	3.4
Accounts payable and accrued liabilities		27.1			117.1			181.2			15.4			(59.7	)		281.1
Total current liabilities		27.1			120.0			181.3			15.8			(59.7	)		284.5
Long-term debt		0.2			599.0			1.2			1.7			—			602.1
Deferred income taxes		—			26.8			6.8			0.5			—			34.1
Other long-term liabilities		0.2			3.5			16.3			—			—			20.0
Due to affiliates		43.2			77.8			168.9			27.8			(317.7	)		—
Total liabilities		70.7			827.1			374.5			45.8			(377.4	)		940.7
Equity
Capital stock, no par		395.9			569.3			1,396.5			218.2			(2,184.0	)		395.9
Treasury stock		(2.1	)		—			—			—			—			(2.1	)
Additional paid-in-capital		42.6			—			—			—			—			42.6
Retained earnings (deficit)		144.1			(365.5	)		(329.0	)		(43.2	)		737.7			144.1
Accumulated other comprehensive (loss) income		(24.7	)		(9.2	)		93.5			92.3			(176.6	)		(24.7	)
Total Cott Corporation equity		555.8			194.6			1,161.0			267.3			(1,622.9	)		555.8
Non-controlling interests		—			—			—			12.4			—			12.4
Total equity		555.8			194.6			1,161.0			279.7			(1,622.9	)		568.2
Total liabilities and equity	$	626.5		$	1,021.7		$	1,535.5		$	325.5		$	(2,000.3	)	$	1,508.9

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	25.1		$	7.0		$	21.8		$	2.1		$	(29.7	)	$	26.3
Depreciation & amortization		1.5			8.9			11.9			1.4			—			23.7
Amortization of financing fees		—			0.9			—			—			—			0.9
Share-based compensation expense		0.7			0.3			0.3			0.1			—			1.4
Increase (decrease) in deferred income taxes		1.8			2.1			0.4			(0.3	)		—			4.0
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			—			0.3			—			—			0.3
Equity (loss) income, net of distributions		(21.7	)		(1.3	)		(6.7	)		—			29.7			—
Intercompany transactions		12.0			0.2			—			—			(12.2	)		—
Other non-cash items		0.8			0.2			—			—			—			1.0
Net change in operating assets and liabilities, net of acquisition		(9.9	)		(0.4	)		(20.1	)		(0.4	)		12.2			(18.6	)
Net cash provided by operating activities		10.3			17.9			7.0			2.9			—			38.1
Investing Activities
Additions to property, plant & equipment		(2.7	)		(13.7	)		(3.1	)		(0.2	)		—			(19.7	)
Additions to intangibles and other assets		—			(1.4	)		0.4			—			—			(1.0	)
Proceeds from sale of assets held for sale		—			—			1.0			—			—			1.0
Advances to affiliates		—			—			—			(0.9	)		0.9			—
Net cash used in investing activities		(2.7	)		(15.1	)		(1.7	)		(1.1	)		0.9			(19.7	)
Financing Activities
Payments of long-term debt		—			(1.3	)		—			(0.1	)		—			(1.4	)
Borrowings under ABL		—			17.5			—			—			—			17.5
Payments under ABL		—			(17.5	)		—			—			—			(17.5	)
Advances from affiliates		0.9			—			—			—			(0.9	)		—
Distributions to non-controlling interests		—			—			—			(0.3	)		—			(0.3	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)
Net cash provided by (used in) financing activities		0.6			(1.3	)		—			(0.4	)		(0.9	)		(2.0	)
Effect of exchange rate changes on cash		(0.4	)		—			(0.2	)		(0.3	)		—			(0.9	)
Net increase in cash & cash equivalents		7.8			1.5			5.1			1.1			—			15.5
Cash & cash equivalents, beginning of period		9.0			1.7			13.7			7.2			—			31.6
Cash & cash equivalents, end of period	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended June 30, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	31.0		$	11.7		$	31.4		$	2.9		$	(43.9	)	$	33.1
Depreciation & amortization		3.1			17.7			23.9			2.8			—			47.5
Amortization of financing fees		0.1			1.9			0.1			—			—			2.1
Share-based compensation expense		0.8			0.8			0.5			0.1			—			2.2
Increase (decrease) in deferred income taxes		1.1			2.5			0.6			(0.2	)		—			4.0
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			0.4			0.5			—			—			0.9
Equity (loss) income, net of distributions		(29.8	)		(2.3	)		(11.8	)		—			43.9			—
Intercompany transactions		16.2			1.4			—			—			(17.6	)		—
Other non-cash items		0.4			0.2			—			—			—			0.6
Net change in operating assets and liabilities, net of acquisition		(18.7	)		(21.0	)		(72.8	)		0.4			17.6			(94.5	)
Net cash provided by (used in) operating activities		4.2			13.3			(28.5	)		6.0			—			(5.0	)
Investing Activities
Acquisition		—			—			(5.0	)		—			—			(5.0	)
Additions to property, plant & equipment		(4.2	)		(24.8	)		(8.1	)		(0.3	)		—			(37.4	)
Additions to intangibles and other assets		—			(3.6	)		(0.1	)		—			—			(3.7	)
Proceeds from sale of assets held for sale		—			—			1.0			—			—			1.0
Advances to affiliates		—			—			—			(3.5	)		3.5			—
Net cash used in investing activities		(4.2	)		(28.4	)		(12.2	)		(3.8	)		3.5			(45.1	)
Financing Activities
Payments of long-term debt		—			(2.4	)		—			(0.2	)		—			(2.6	)
Borrowings under ABL		—			24.5			—			—			—			24.5
Payments under ABL		—			(24.5	)		—			—			—			(24.5	)
Advances from affiliates		3.5			—			—			—			(3.5	)		—
Distributions to non-controlling interests		—			—			—			(1.4	)		—			(1.4	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)
Net cash provided by (used in) financing activities		3.2			(2.4	)		—			(1.6	)		(3.5	)		(4.3	)
Effect of exchange rate changes on cash		(0.1	)		—			0.6			0.1			—			0.6
Net increase (decrease) in cash & cash equivalents		3.1			(17.5	)		(40.1	)		0.7			—			(53.8	)
Cash & cash equivalents, beginning of period		13.7			20.7			58.9			7.6			—			100.9
Cash & cash equivalents, end of period	$	16.8		$	3.2		$	18.8		$	8.3		$	—		$	47.1

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	26.5		$	(3.7	)	$	21.6		$	1.7		$	(18.5	)	$	27.6
Depreciation & amortization		1.4			8.7			12.2			1.5			—			23.8
Amortization of financing fees		0.1			0.7			0.1			—			—			0.9
Share-based compensation expense		0.9			1.4			0.4			—			—			2.7
Increase in deferred income taxes		0.6			0.1			0.3			—			—			1.0
Equity income (loss), net of distributions		21.0			0.9			(3.4	)		—			(18.5	)		—
Intercompany transactions		2.3			1.1			—			—			(3.4	)		—
Other non-cash items		(0.4	)		2.0			—			—			—			1.6
Net change in operating assets and liabilities		(26.7	)		22.3			(66.1	)		(6.2	)		40.4			(36.3	)
Net cash provided by (used in) operating activities		25.7			33.5			(34.9	)		(3.0	)		—			21.3
Investing Activities
Additions to property, plant & equipment		(1.5	)		(6.2	)		(3.1	)		—			—			(10.8	)
Additions to intangibles and other assets		1.4			(2.6	)		(0.1	)		(1.2	)		—			(2.5	)
Other investing activities		—			(1.8	)		—			—			—			(1.8	)
Advances to affiliates		(19.8	)		—			6.0			4.1			9.7			—
Net cash (used in) provided by investing activities		(19.9	)		(10.6	)		2.8			2.9			9.7			(15.1	)
Financing Activities
Payments of long-term debt		—			(2.0	)		—			(0.1	)		—			(2.1	)
Borrowings under ABL		—			43.6			—			—			—			43.6
Payments under ABL		—			(58.7	)		—			—			—			(58.7	)
Advances from affiliates		(4.1	)		(6.0	)		19.8			—			(9.7	)		—
Distributions to non-controlling interests		—			—			—			(0.9	)		—			(0.9	)
Net cash (used in) provided by financing activities		(4.1	)		(23.1	)		19.8			(1.0	)		(9.7	)		(18.1	)
Effect of exchange rate changes on cash		—			—			0.1			—			—			0.1
Net increase (decrease) in cash & cash equivalents		1.7			(0.2	)		(12.2	)		(1.1	)		—			(11.8	)
Cash & cash equivalents, beginning of period		7.0			1.7			20.6			6.5			—			35.8
Cash & cash equivalents, end of period	$	8.7		$	1.5		$	8.4		$	5.4		$	—		$	24.0

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Six Months Ended July 2, 2011
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	33.3		$	(7.5	)	$	30.9		$	2.4		$	(23.8	)	$	35.3
Depreciation & amortization		3.0			17.3			24.1			3.0			—			47.4
Amortization of financing fees		0.2			1.5			0.1			—			—			1.8
Share-based compensation expense		1.0			2.2			0.6			—			—			3.8
Increase (decrease) in deferred income taxes		0.9			1.2			(0.2	)		—			—			1.9
Equity (loss) income, net of distributions		(28.8	)		(2.2	)		7.2			—			23.8			—
Intercompany transactions		6.9			2.7			—			—			(9.6	)		—
Other non-cash items		—			1.8			—			—			—			1.8
Net change in operating assets and liabilities		(16.9	)		(21.5	)		(67.8	)		0.3			9.6			(96.3	)
Net cash (used in) provided by operating activities		(0.4	)		(4.5	)		(5.1	)		5.7			—			(4.3	)
Investing Activities
Additions to property, plant & equipment		(2.2	)		(14.2	)		(6.9	)		—			—			(23.3	)
Additions to intangibles and other assets		1.4			(2.6	)		(0.1	)		(1.2	)		—			(2.5	)
Other investing activities		—			(1.7	)		—			—			—			(1.7	)
Advances to affiliates		—			—			(6.4	)		(1.9	)		8.3			—
Net cash used in investing activities		(0.8	)		(18.5	)		(13.4	)		(3.1	)		8.3			(27.5	)
Financing Activities
Payments of long-term debt		—			(3.2	)		—			(0.2	)		—			(3.4	)
Borrowings under ABL		—			143.4			—			—			—			143.4
Payments under ABL		—			(131.2	)		—			—			—			(131.2	)
Advances from affiliates		1.9			6.4			—			—			(8.3	)		—
Distributions to non-controlling interests		—			—			—			(2.5	)		—			(2.5	)
Net cash provided by (used in) financing activities		1.9			15.4			—			(2.7	)		(8.3	)		6.3
Effect of exchange rate changes on cash		0.2			—			0.9			0.2			—			1.3
Net increase (decrease) in cash & cash equivalents		0.9			(7.6	)		(17.6	)		0.1			—			(24.2	)
Cash & cash equivalents, beginning of period		7.8			9.1			26.0			5.3			—			48.2
Cash & cash equivalents, end of period	$	8.7		$	1.5		$	8.4		$	5.4		$	—		$	24.0

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Performance-Based RSU and Time-Based RSU Activity (Detail) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at December 31, 2011	2,319
Awarded	331
Forfeited	(106)
Outstanding at June 30, 2012	2,544
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance at December 31, 2011	1,548
Awarded	442
Forfeited	(89)
Outstanding at June 30, 2012	1,901

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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2012

Share-Based Compensation Expense

The table below summarizes the share-based compensation expense for the three and six months ended June 30, 2012 and July 2, 2011, respectively. This share-based compensation expense was recorded in selling, general, and administrative expenses in our Consolidated Statements of Operations. As used below: (i) “Performance-based RSUs” mean restricted share units with performance-based vesting granted under the Company’s 2010 Equity Incentive Plan (the “2010 Equity Incentive Plan”), (ii) “Time-based RSUs” mean restricted share units with time-based vesting granted under the 2010 Equity Incentive Plan, and (iii) “Stock options” mean non-qualified stock options granted under the 2010 Equity Incentive Plan and the Restated 1986 Common Share Option Plan (the “1986 Option Plan”).

	For the Three Months Ended				For the Six Months Ended
(in millions of U.S. dollars)	June 30, 2012		July 2, 2011		June 30, 2012		July 2, 2011
Stock options	$	0.1	$	—	$	0.2	$	—
Directors’ share award		0.7		0.7		0.7		0.7
Performance-based RSUs		0.2		1.0		0.2		1.5
Time-based RSUs		0.4		1.0		1.1		1.6
Total	$	1.4	$	2.7	$	2.2	$	3.8

Unrecognized Share-Based Compensation Expense

As of June 30, 2012, the unrecognized share-based compensation expense and years we expect to recognize the future compensation expense were as follows:

(in millions of U.S. dollars, except years)	Unrecognized share-based compensation expense as of June 30, 2012		Weighted average years expected to recognize compensation
Stock options	$	1.2		2.5
Performance-based RSUs		1.7		2.5
Time-based RSUs		4.5		1.7
Total	$	7.4

Stock Option Activity

Stock option activity for the six months ended June 30, 2012 was as follows:

	Shares (in  thousands)			Weighted average exercise price (Canadian $)
Balance at December 31, 2011		284		$	20.47
Awarded		385			6.47
Exercised		—			—
Forfeited or expired		(25	)		29.95
Outstanding at June 30, 2012		644			11.73
Exercisable at June 30, 2012		259		$	19.56

Performance-Based RSU and Time-based RSU Activity

During the six months ended June 30, 2012 Performance-based RSU and Time-based RSU activity was as follows:

(in thousands of shares)	Number of Performance- based RSUs			Number of Time-based RSUs
Balance at December 31, 2011		2,319			1,548
Awarded		331			442
Forfeited		(106	)		(89	)
Outstanding at June 30, 2012		2,544			1,901

Average U.S. Dollar Exchange Rate

Canadian dollars. The table below represents the average Canadian dollar to U.S. dollar exchange rate for the six months ended June 30, 2012:

	For the Six Months Ended June 30, 2012
Average exchange rate	$	0.995

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Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Operating Activities
Net income	$ 26.3	$ 27.6	$ 33.1	$ 35.3
Depreciation & amortization	23.7	23.8	47.5	47.4
Amortization of financing fees	0.9	0.9	2.1	1.8
Share-based compensation expense	1.4	2.7	2.2	3.8
Increase in deferred income taxes	4.0	1.0	4.0	1.9
Gain on bargain purchase	(0.9)		(0.9)
Loss on disposal of property, plant & equipment	0.3		0.9
Other non-cash items	1.0	1.6	0.6	1.8
Change in operating assets and liabilities, net of acquisition:
Accounts receivable	(31.3)	(41.6)	(51.8)	(71.0)
Inventories	(6.5)	(16.6)	(23.0)	(22.7)
Prepaid expenses and other assets	(4.1)	(1.5)	(5.9)	(1.2)
Other assets	(0.1)	(0.6)	0.9	(0.7)
Accounts payable and accrued liabilities	22.1	24.8	(16.3)	2.9
Income taxes recoverable	1.3	(0.8)	1.6	(3.6)
Net cash (used in) provided by operating activities	38.1	21.3	(5.0)	(4.3)
Investing Activities
Acquisition			(5.0)
Additions to property, plant & equipment	(19.7)	(10.8)	(37.4)	(23.3)
Additions to intangibles and other assets	(1.0)	(2.5)	(3.7)	(2.5)
Proceeds from sale of assets held for sale	1.0		1.0
Other investing activities		(1.8)		(1.7)
Net cash (used in) provided by investing activities	(19.7)	(15.1)	(45.1)	(27.5)
Financing Activities
Payments of long-term debt	(1.4)	(2.1)	(2.6)	(3.4)
Borrowings under ABL	17.5	43.6	24.5	143.4
Payments under ABL	(17.5)	(58.7)	(24.5)	(131.2)
Distributions to non-controlling interests	(0.3)	(0.9)	(1.4)	(2.5)
Common share repurchase	(0.3)		(0.3)
Net cash (used in) provided by financing activities	(2.0)	(18.1)	(4.3)	6.3
Effect of exchange rate changes on cash	(0.9)	0.1	0.6	1.3
Net increase (decrease) in cash & cash equivalents	15.5	(11.8)	(53.8)	(24.2)
Cash & cash equivalents, beginning of period	31.6	35.8	100.9	48.2
Cash & cash equivalents, end of period	47.1	24.0	47.1	24.0
Supplemental Disclosures of Cash Flow information:
Cash paid for interest	9.5	10.2	25.5	27.9
Cash paid for income taxes (excludes refunds)	$ 0.1	$ 0.8	$ 0.4	$ 4.2

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Condensed Consolidated Statements of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jul. 02, 2011		Jun. 30, 2012		Jul. 02, 2011
Net income	$ 26.3		$ 27.6		$ 33.1		$ 35.3
Other comprehensive (loss) income:
Currency translation adjustment	(7.2)		1.3		1.0		10.6
Pension benefit plan, net of tax	0.3	[1]	0.2	[1]	(0.2)	[1]	0.4	[1]
Unrealized loss on derivative instruments, net of tax			(0.2)	[2]	(0.3)	[2]
Total other comprehensive (loss) income	(6.9)		1.3		0.5		11.0
Comprehensive income	19.4		28.9		33.6		46.3
Less: Comprehensive income attributable to non-controlling interests	1.2		0.9		2.0		1.8
Comprehensive income attributed to Cott Corporation	$ 18.2		$ 28.0		$ 31.6		$ 44.5

[1] Net of the effect of $0.1 million and $0.1 million tax expense for the three and six months ended June 30, 2012, respectively, and net of the effect of nil and $0.1 million tax benefit for the three and six months ended July 2, 2011, respectively.

[2] Net of the effect of a nil and $0.1 million tax benefit for the three and six months ended June 30, 2012, respectively, and net of the effect of a $0.1 million and nil tax benefit for the three and six months ended July 2, 2011, respectively.

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Debt

6 Months Ended

Jun. 30, 2012

Debt

Note 9 – Debt

Our total debt as of June 30, 2012 and December 31, 2011 was as follows:

(in millions of U.S. dollars)	June 30, 2012			December 31, 2011
8.375% senior notes due in 20171	$	215.0		$	215.0
8.125% senior notes due in 2018		375.0			375.0
GE obligation		10.4			12.4
Other capital leases		4.5			4.1
Other debt		1.4			1.5
Total debt		606.3			608.0
Less: Current debt
GE obligation - current maturities		0.9			2.6
Other capital leases - current maturities		0.7			0.6
Other debt - current maturities		0.2			0.2
Total current debt		1.8			3.4
Long-term debt before discount		604.5			604.6
Less discount on 8.375% notes		(2.3	)		(2.5	)
Total long-term debt	$	602.2		$	602.1

¹  Our 8.375% senior notes were issued at a discount of 1.425% on November 13, 2009.

Debt

Asset Based Lending Credit Facility

On March 31, 2008, we entered into a credit agreement with JPMorgan Chase Bank N.A. as Agent that created an asset-based lending credit facility (the “ABL facility”) to provide financing for our North America, U.K. and Mexico reporting segments. In connection with the Cliffstar Acquisition, we refinanced the ABL facility on August 17, 2010 to, among other things, provide for the Cliffstar Acquisition, the issuance of $375.0 million of 8.125% senior notes that are due on September 1, 2018 (the “2018 Notes”) and the application of net proceeds therefrom, the underwritten public offering of 13,340,000 common shares at a price of $5.67 per share and the application of net proceeds therefrom and to increase the amount available for borrowings to $275.0 million. We drew down a portion of the indebtedness under the ABL facility in order to fund the Cliffstar Acquisition. We incurred $5.4 million of financing fees in connection with the refinancing of the ABL facility.

As of June 30, 2012, we had no outstanding borrowings under the ABL facility. The commitment fee was 0.5% per annum of the unused commitment, which was $264.0 million as of June 30, 2012.

On July 19, 2012, we amended the ABL facility to, among other things, extend the maturity date to either July 19, 2017 or, if we have not redeemed, repurchased or refinanced the 8.375% senior subordinated notes due 2017 (the “2017 Notes”) by May 1, 2017, May 15, 2017.

The financing fees incurred in connection with the refinancing of the ABL facility on August 17, 2010, along with the financing fees incurred in connection with the amendment of the ABL facility on July 19, 2012, are amortized using the straight line method over the duration of the amended ABL facility.

8.125% Senior Notes due in 2018

On August 17, 2010, we issued the 2018 Notes. The issuer of the 2018 Notes is our wholly-owned subsidiary Cott Beverages Inc., but Cott Corporation and most of its U.S., Canadian and U.K. subsidiaries guarantee the 2018 Notes. The interest on the 2018 Notes is payable semi-annually on March 1^st and September 1^st of each year.

We incurred $8.6 million of financing fees in connection with the issuance of the 2018 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the duration of the 2018 Notes.

8.375% Senior Notes due in 2017

On November 13, 2009, we issued the 2017 Notes. The 2017 Notes were issued at a $3.1 million discount. The issuer of the 2017 Notes is Cott Beverages Inc., but Cott Corporation and most of its U.S., Canadian and U.K. subsidiaries guarantee the 2017 Notes. The interest on the 2017 Notes is payable semi-annually on May 15^th and November 15^th of each year.

We incurred $5.1 million of financing fees in connection with the 2017 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the duration of the 2017 Notes.

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Document and Entity Information	6 Months Ended
	Jun. 30, 2012	Jul. 25, 2012
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Trading Symbol	COT
Entity Registrant Name	COTT CORP /CN/
Entity Central Index Key	0000884713
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		95,161,968

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2012

Commitments and Contingencies

Note 10 – Commitments and Contingencies

We are subject to various claims and legal proceedings with respect to matters such as governmental regulations, and other actions arising out of the normal course of business. Management believes that the resolution of these matters will not have a material adverse effect on our financial position, results of operations, or cash flow.

We are currently involved in legal matters related to various contract disputes. We intend to vigorously defend against all claims in these lawsuits; however, we are presently unable to predict the ultimate outcome of these actions.

As of December 31, 2011, our accrued liability for litigation contingencies with a probable likelihood of loss was $2.9 million which was related to a single contingency. We settled this legal matter for an amount not materially different from our accrued liability.

On August 17, 2010, we completed the Cliffstar Acquisition. The first $15.0 million of the maximum of $55.0 million of contingent consideration was based upon the achievement of milestones in certain expansion projects in 2010, which were achieved in 2010. The remainder of the contingent consideration was based on the achievement of certain performance measures during the fiscal year ended January 1, 2011.

We were notified on May 9, 2011 by the seller of Cliffstar of certain objections to the performance measures used to calculate the contingent consideration, and the seller asserted a claim for amounts in excess of the amounts accrued as contingent consideration at July 2, 2011. During the third and fourth quarters of 2011, Cott made interim payments to the seller equal to $21.0 million and $8.6 million, respectively. The payment of $21.0 million was net of a $4.7 million refund due to Cott as a result of the final determination of working capital, and the payment of $8.6 million included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s remaining objections to the calculation of the contingent consideration are subject to an ongoing binding arbitration process under the terms of the asset purchase agreement. The seller is seeking up to $12.1 million in additional contingent consideration. The final resolution of these matters may result in amounts payable to the seller that vary from the amount of payments previously made to seller of $34.3 million. We are currently unable to predict the ultimate outcome of this action. Any changes in the fair value of contingent consideration will be recorded in our Consolidated Statements of Operations.

We had $11.0 million in standby letters of credit outstanding as of June 30, 2012 (July 2, 2011 – $9.5 million).

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Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Pension benefit plan, tax benefit	$ 0.1	$ 0	$ 0.1	$ 0.1
Unrealized loss on derivative instruments, tax	$ 0	$ 0.1	$ 0.1	$ 0

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Income Taxes

6 Months Ended

Jun. 30, 2012

Income Taxes

Note 4 – Income Taxes

Income tax expense was $4.3 million on pretax income of $37.4 million for the six months ended June 30, 2012, as compared to income tax expense of $2.3 million on pretax income of $37.6 million for the six months ended July 2, 2011. The year to date income tax expense was reduced by an adjustment of $1.2 million related to an audit settlement and the lapse of a statute of limitation. During the second quarter of 2011, we completed a reorganization of our legal entity structure and refinanced intercompany debt. As a result of these activities, our annual effective tax rate is expected to be lower than the statutory rate for 2012.

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Share-Based Compensation

6 Months Ended

Jun. 30, 2012

Share-Based Compensation

Note 3 – Share-Based Compensation

The table below summarizes the share-based compensation expense for the three and six months ended June 30, 2012 and July 2, 2011, respectively. This share-based compensation expense was recorded in selling, general, and administrative expenses in our Consolidated Statements of Operations. As used below: (i) “Performance-based RSUs” mean restricted share units with performance-based vesting granted under the Company’s 2010 Equity Incentive Plan (the “2010 Equity Incentive Plan”), (ii) “Time-based RSUs” mean restricted share units with time-based vesting granted under the 2010 Equity Incentive Plan, and (iii) “Stock options” mean non-qualified stock options granted under the 2010 Equity Incentive Plan and the Restated 1986 Common Share Option Plan (the “1986 Option Plan”).

	For the Three Months Ended				For the Six Months Ended
(in millions of U.S. dollars)	June 30, 2012		July 2, 2011		June 30, 2012		July 2, 2011
Stock options	$	0.1	$	—	$	0.2	$	—
Directors’ share award		0.7		0.7		0.7		0.7
Performance-based RSUs		0.2		1.0		0.2		1.5
Time-based RSUs		0.4		1.0		1.1		1.6
Total	$	1.4	$	2.7	$	2.2	$	3.8

As of June 30, 2012, the unrecognized share-based compensation expense and years we expect to recognize the future compensation expense were as follows:

(in millions of U.S. dollars, except years)	Unrecognized share-based compensation expense as of June 30, 2012		Weighted average years expected to recognize compensation
Stock options	$	1.2		2.5
Performance-based RSUs		1.7		2.5
Time-based RSUs		4.5		1.7
Total	$	7.4

Stock option activity for the six months ended June 30, 2012 was as follows:

	Shares (in  thousands)			Weighted average exercise price (Canadian $)
Balance at December 31, 2011		284		$	20.47
Awarded		385			6.47
Exercised		—			—
Forfeited or expired		(25	)		29.95
Outstanding at June 30, 2012		644			11.73
Exercisable at June 30, 2012		259		$	19.56

During the six months ended June 30, 2012 Performance-based RSU and Time-based RSU activity was as follows:

(in thousands of shares)	Number of Performance- based RSUs			Number of Time-based RSUs
Balance at December 31, 2011		2,319			1,548
Awarded		331			442
Forfeited		(106	)		(89	)
Outstanding at June 30, 2012		2,544			1,901

Stock options awarded during the six months ended June 30, 2012 were granted under the 2010 Equity Incentive Plan. Stock options outstanding at December 31, 2011 were granted under the 1986 Option Plan. The board terminated the 1986 Option Plan, effective as of February 23, 2011. In connection with the termination of the 1986 Option Plan, outstanding options will continue in accordance with the terms of the 1986 Option Plan until exercised, forfeited or terminated, as applicable. No further awards will be granted under the 1986 Option Plan.

Average Canadian to U.S. Dollar Exchange Rate for the Six Months Ended June 30, 2012

The weighted average exercise prices for options in Note 3 are disclosed in Canadian dollars. The table below represents the average Canadian dollar to U.S. dollar exchange rate for the six months ended June 30, 2012:

	For the Six Months Ended June 30, 2012
Average exchange rate	$	0.995

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Business and Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2012

Description of Business

Description of Business

Cott Corporation, together with its consolidated subsidiaries (“Cott,” “the Company,” “our Company,” “Cott Corporation,” “we,” “us,” or “our”), is one of the world’s largest beverage companies focusing on private-label products and contract manufacturing. Our product lines include carbonated soft drinks (“CSDs”), clear, still and sparkling flavored waters, energy-related drinks, juice, juice-based products, bottled water and ready-to-drink teas.

Basis of Presentation

Basis of Presentation

The accompanying interim unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial reporting. Accordingly, they do not include all information and notes presented in the annual consolidated financial statements in conformity with U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of our results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included. This Quarterly Report on Form 10-Q should be read in conjunction with the annual audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2011. The accounting policies used in these interim consolidated financial statements are consistent with those used in the annual consolidated financial statements.

The presentation of these interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

ASU 2011-05— Comprehensive Income: Presentation of Comprehensive Income

In June 2011, the Financial Accounting Standards Board (“FASB”) amended its guidance on the presentation of comprehensive income in financial statements to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items that are recorded in other comprehensive income. The new accounting guidance requires entities to report components of comprehensive income in either (i) a continuous statement of comprehensive income or (ii) two separate but consecutive statements. The provisions of this new guidance are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. We have adopted this guidance and presented the components of comprehensive income in two separate but consecutive statements. This standard impacts the presentation but does not have a financial impact on our consolidated financial statements.

ASU 2011-08— Intangibles-Goodwill and Other: Testing Goodwill for Impairment

In September 2011, the FASB amended its guidance in regards to testing goodwill for impairment to address concern raised about the cost and complexity of performing the first step of the two-step goodwill impairment test required under Accounting Standards Codification (“ASC”) Topic 350 – “Intangibles-Goodwill and Other.” The objective of this update is to simplify how entities, both public and nonpublic, test goodwill for impairment. The amendments in the update permit an entity to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in Topic 350. The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. The amendments are effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. We have adopted this guidance and incorporated it into our goodwill assessment procedures. The adoption of this guidance did not have a material impact on our consolidated financial statements.

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Shares Held in Trust treated as Treasury Shares and Share Repurchase Program

6 Months Ended

Jun. 30, 2012

Shares Held in Trust treated as Treasury Shares and Share Repurchase Program

Note 11 – Shares Held in Trust treated as Treasury Shares and Share Repurchase Program

In May 2008, an independent trustee acting under certain of our benefit plans purchased 2.3 million of our common shares to be used to satisfy future liabilities under the Amended and Restated Performance Share Unit Plan (the “PSU Plan”) and the Restated Executive Incentive Share Purchase Plan (the “Restated EISPP”). As of June 30, 2012, 0.7 million shares were held in trust, and accounted for as treasury shares under applicable accounting rules. Treasury shares are reported at cost.

Subsequent to the adoption of the 2010 Equity Incentive Plan on May 4, 2010, the Human Resources and Compensation Committee of the Board of Directors determined that certain of Cott’s long-term incentive plans were no longer needed and terminated the PSU Plan and the Restated EISPP effective February 23, 2011. No further awards will be granted under such plans, as future awards will be made under our 2010 Equity Incentive Plan.

On May 1, 2012, our Board of Directors authorized the repurchase of up to $35 million of our common shares in the open market or through privately negotiated transactions over a 12-month period through either a 10b5-1 automatic trading plan or at management’s discretion in compliance with regulatory requirements, and given market, cost and other considerations. We are unable to predict the number of shares that will be repurchased under the share repurchase program, or the aggregate dollar amount of the shares actually purchased. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements. We repurchased 35,272 shares of common stock for approximately $0.3 million during the second quarter ended June 30, 2012.

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Inventories

6 Months Ended

Jun. 30, 2012

Inventories

Note 7 – Inventories

The following table summarizes inventories as of June 30, 2012 and December 31, 2011:

(in millions of U.S. dollars)	June 30, 2012		December 31, 2011
Raw materials	$	85.4	$	87.3
Finished goods		128.0		102.3
Other		20.6		20.4
	$	234.0	$	210.0

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Fair Value Measurements - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		12 Months Ended
	Dec. 31, 2011	Oct. 01, 2011	Dec. 31, 2011
Fair Value Measurements [Line Items]
Interim payments to the seller	$ 8.6	$ 21.0
Deferred consideration payments		4.7
Settlement payments to seller	0.9		0.9
Additional contingent consideration for business acquisition	$ 12.1		$ 12.1

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Net Income Per Common Share

6 Months Ended

Jun. 30, 2012

Net Income Per Common Share

Note 5 – Net Income Per Common Share

Basic net income per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per common share is calculated using the weighted-average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money stock options, Performance-based RSUs and Time-based RSUs.

A reconciliation of the denominators of the basic and diluted net income per common share computations is as follows:

	For the Three Months Ended				For the Six Months Ended
(in thousands of shares)	June 30, 2012		July 2, 2011		June 30, 2012		July 2, 2011
Weighted average number of shares outstanding - basic		94,469		94,137		94,448		94,107
Dilutive effect of Stock options		31		196		31		195
Dilutive effect of Performance-based RSUs		30		509		21		481
Dilutive effect of Time-based RSUs		985		687		979		641
Adjusted weighted average number of shares outstanding - diluted		95,515		95,529		95,479		95,424

We excluded 183,500 (July 2, 2011 – 241,000) stock options from the computation of diluted net income per share because the options’ exercise price was greater than the average market price of the common shares. Shares purchased on the open market and held by independent trusts are categorized as treasury shares under applicable accounting rules. We excluded 674,397 (July 2, 2011 –674,397) treasury shares held in various trusts in the calculation of basic and diluted earnings per share.

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Segment Reporting

6 Months Ended

Jun. 30, 2012

Segment Reporting

Note 6 – Segment Reporting

We produce, package and distribute private-label CSDs, clear, still and sparkling flavored waters, energy-related drinks, juice, juice-based products, bottled water and ready-to-drink teas to regional and national grocery, mass-merchandise and wholesale chains and customers in the dollar convenience and drug channels through five reporting segments – North America (which includes our U.S. operating segment and our Canada operating segment), U.K. (which includes our United Kingdom reporting unit and our Continental European reporting unit), Mexico, Royal Crown International (“RCI”) and All Other.

(in millions of U.S. dollars)	North America		United Kingdom		Mexico			RCI		All Other		Total
For the Three Months Ended June 30, 2012
External revenue1	$	475.7	$	131.5	$	10.2		$	8.4	$	—	$	625.8
Depreciation and amortization		20.1		3.1		0.5			—		—		23.7
Operating income (loss)		31.2		10.5		(0.9	)		2.4		—		43.2
Additions to property, plant & equipment		16.4		3.1		0.2			—		—		19.7
For the Six Months Ended June 30, 2012
External revenue1	$	883.8	$	230.7	$	19.3		$	15.8	$	—	$	1,149.6
Depreciation and amortization		40.2		6.4		0.9			—		—		47.5
Operating income (loss)		48.5		13.7		(2.2	)		4.2		—		64.2
Additions to property, plant & equipment		29.0		8.1		0.3			—		—		37.4
As of June 30, 2012
Property, plant & equipment	$	385.1	$	94.6	$	9.1		$	—	$	—	$	488.8
Goodwill		125.1		—		—			4.5		—		129.6
Intangibles and other assets		314.5		14.2		0.4			—		—		329.1
Total assets2		1,236.9		248.1		29.8			13.2		0.7		1,528.7

¹  Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.1 million for the three and six months ended June 30, 2012, respectively.

²  Excludes intersegment receivables, investments and notes receivable.

(in millions of U.S. dollars)	North America		United Kingdom		Mexico			RCI		All Other		Total
For the Three Months Ended July 2, 2011
External revenue1	$	491.3	$	126.0	$	16.2		$	6.5	$	—	$	640.0
Depreciation and amortization		19.9		3.3		0.6			—		—		23.8
Operating income (loss)		30.0		11.4		(0.6	)		2.1		—		42.9
Additions to property, plant & equipment		6.2		4.6		—			—		—		10.8
For the Six Months Ended July 2, 2011
External revenue1	$	920.1	$	212.3	$	27.6		$	14.1	$	—	$	1,174.1
Depreciation and amortization		39.6		6.7		1.1			—		—		47.4
Operating income (loss)		50.8		14.4		(2.1	)		4.3		—		67.4
Additions to property, plant & equipment		16.4		6.9		—			—		—		23.3
As of December 31, 2011
Property, plant & equipment	$	383.1	$	89.8	$	9.3		$	—	$	—	$	482.2
Goodwill		125.1		—		—			4.5		—		129.6
Intangibles and other assets		326.1		14.6		0.4			—		—		341.1
Total assets2		1,231.3		237.0		28.4			11.3		0.9		1,508.9

¹  Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

²  Excludes intersegment receivables, investments and notes receivable.

For the six months ended June 30, 2012, sales to Walmart accounted for 31.8% (July 2, 2011 – 32.3%) of our total revenues, 36.8% of our North America reporting segment revenues (July 2, 2011 – 36.2%), 15.5% of our U.K. reporting segment revenues (July 2, 2011 – 14.7%), and 22.4% of our Mexico reporting segment revenues (July 2, 2011 – 50.0%).

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. We are not currently aware of any facts that would create a material credit risk.

Revenues are attributed to operating segments based on the location of the customer. Revenues by operating segment were as follows:

	For the Three Months Ended						For the Six Months Ended
(in millions of U.S. dollars)	June 30, 2012			July 2, 2011			June 30, 2012			July 2, 2011
United States	$	414.8		$	433.6		$	781.0		$	822.3
Canada		73.3			71.7			127.1			123.8
United Kingdom		131.5			126.0			230.7			212.3
Mexico		10.2			16.2			19.3			27.6
RCI		8.4			6.5			15.8			14.1
Elimination1		(12.4	)		(14.0	)		(24.3	)		(26.0	)
	$	625.8		$	640.0		$	1,149.6		$	1,174.1

¹  Represents intersegment revenue among our operating segments, of which $4.0 million and $8.1 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and six months ended June 30, 2012, respectively, compared to $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

Revenues by product were as follows:

For the Three Months Ended June 30, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	187.2	$	45.0	$	5.7	$	—	$	237.9
Juice		139.3		3.7		0.3		—		143.3
Concentrate		3.4		0.5		—		8.4		12.3
All other products		145.8		82.3		4.2		—		232.3
Total	$	475.7	$	131.5	$	10.2	$	8.4	$	625.8

For the Six Months Ended June 30, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	351.0	$	78.7	$	11.3	$	—	$	441.0
Juice		273.2		6.8		0.4		—		280.4
Concentrate		6.3		1.3		—		15.8		23.4
All other products		253.3		143.9		7.6		—		404.8
Total	$	883.8	$	230.7	$	19.3	$	15.8	$	1,149.6

For the Three Months Ended June 30, 2012
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume - 8 oz equivalent cases - Total Beverage (including concentrate)
Carbonated soft drinks		83.3		23.0		3.9		—		110.2
Juice		32.1		1.0		0.2		—		33.3
Concentrate		22.4		4.1		—		71.7		98.2
All other products		66.4		27.6		2.6		—		96.6
Total		204.2		55.7		6.7		71.7		338.3

For the Six Months Ended June 30, 2012
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume - 8 oz equivalent cases - Total Beverage (including concentrate)
Carbonated soft drinks		158.2		41.1		7.9		—		207.2
Juice		62.5		1.8		0.3		—		64.6
Concentrate		45.6		8.1		—		142.7		196.4
All other products		117.5		49.6		4.4		—		171.5
Total		383.8		100.6		12.6		142.7		639.7

Property, plant and equipment by operating segment as of June 30, 2012 and December 31, 2011 was as follows:

(in millions of U.S. dollars)	June 30, 2012		December 31, 2011
United States	$	337.7	$	336.2
Canada		47.4		46.9
United Kingdom		94.6		89.8
Mexico		9.1		9.3
	$	488.8	$	482.2

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Intangibles and Other Assets

6 Months Ended

Jun. 30, 2012

Intangibles and Other Assets

Note 8 – Intangibles and Other Assets

The following table summarizes intangibles and other assets as of June 30, 2012:

	June 30, 2012
(in millions of U.S. dollars)	Cost		Accumulated Amortization		Net
Intangibles
Not subject to amortization
Rights	$	45.4	$	—	$	45.4
Subject to amortization
Customer relationships	$	366.8	$	130.1	$	236.7
Trademarks		28.7		22.4		6.3
Information technology		62.2		47.8		14.4
Other		11.4		7.1		4.3
		469.1		207.4		261.7
		514.5		207.4		307.1
Other Assets
Financing costs	$	23.2	$	9.5	$	13.7
Deposits		7.2		—		7.2
Other		1.4		0.3		1.1
		31.8		9.8		22.0
Total Intangibles & Other Assets	$	546.3	$	217.2	$	329.1

Amortization expense of intangible and other assets was $8.8 million and $17.8 million for the three and six months ended June 30, 2012, respectively, compared to $8.9 million and $17.8 million for the comparable prior year periods.

The estimated amortization expense for intangibles over the next five years is:

(in millions of U.S. dollars)
Remainder of 2012	$	16.8
2013		30.4
2014		28.5
2015		26.4
2016		23.1
Thereafter		136.5
	$	261.7

Our only intangible asset with an indefinite life relates to the 2001 acquisition of intellectual property from Royal Crown Company, Inc. including the right to manufacture our concentrates, with all related inventions, processes, technologies, technical and manufacturing information, know-how and the use of the Royal Crown brand outside of North America and Mexico (the “Rights”). The Rights are not subject to amortization.

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Consolidating Statements of Condensed Cash Flows (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Operating Activities
Net income (loss)	$ 26.3	$ 27.6	$ 33.1	$ 35.3
Depreciation & amortization	23.7	23.8	47.5	47.4
Amortization of financing fees	0.9	0.9	2.1	1.8
Share-based compensation expense	1.4	2.7	2.2	3.8
Increase (decrease) in deferred income taxes	4.0	1.0	4.0	1.9
Gain on bargain purchase			(0.9)
Gain on bargain purchase	(0.9)		(0.9)
Loss on disposal of property, plant & equipment	0.3		0.9
Other non-cash items	1.0	1.6	0.6	1.8
Net change in operating assets and liabilities	(18.6)	(36.3)	(94.5)	(96.3)
Net cash (used in) provided by operating activities	38.1	21.3	(5.0)	(4.3)
Investing Activities
Acquisition			(5.0)
Additions to property, plant & equipment	(19.7)	(10.8)	(37.4)	(23.3)
Additions to intangibles and other assets	(1.0)	(2.5)	(3.7)	(2.5)
Proceeds from sale of assets held for sale	1.0		1.0
Other investing activities		(1.8)		(1.7)
Net cash (used in) provided by investing activities	(19.7)	(15.1)	(45.1)	(27.5)
Net cash (used in) provided by investing activities	(19.7)	(15.1)	(45.1)	(27.5)
Financing Activities
Payments of long-term debt	(1.4)	(2.1)	(2.6)	(3.4)
Borrowings under ABL	17.5	43.6	24.5	143.4
Payments under ABL	(17.5)	(58.7)	(24.5)	(131.2)
Distributions to non-controlling interests	(0.3)	(0.9)	(1.4)	(2.5)
Common share repurchase	(0.3)		(0.3)
Net cash (used in) provided by financing activities	(2.0)	(18.1)	(4.3)	6.3
Effect of exchange rate changes on cash	(0.9)	0.1	0.6	1.3
Net increase (decrease) in cash & cash equivalents	15.5	(11.8)	(53.8)	(24.2)
Cash & cash equivalents, beginning of period	31.6	35.8	100.9	48.2
Cash & cash equivalents, end of period	47.1	24.0	47.1	24.0
Net cash (used in) provided by financing activities	(2.0)	(18.1)	(4.3)	6.3
Effect of exchange rate changes on cash	(0.9)	0.1	0.6	1.3
Net increase (decrease) in cash & cash equivalents	15.5	(11.8)	(53.8)	(24.2)
Cash & cash equivalents, beginning of period	31.6	35.8	100.9	48.2
Cash & cash equivalents, end of period	47.1	24.0	47.1	24.0
Cott Corporation
Operating Activities
Net income (loss)	25.1	26.5	31.0	33.3
Depreciation & amortization	1.5	1.4	3.1	3.0
Amortization of financing fees		0.1	0.1	0.2
Share-based compensation expense	0.7	0.9	0.8	1.0
Increase (decrease) in deferred income taxes	1.8	0.6	1.1	0.9
Equity (loss) income, net of distributions	(21.7)	21.0	(29.8)	(28.8)
Intercompany transactions	12.0	2.3	16.2	6.9
Other non-cash items	0.8	(0.4)	0.4
Net change in operating assets and liabilities	(9.9)	(26.7)	(18.7)	(16.9)
Net cash (used in) provided by operating activities	10.3	25.7	4.2	(0.4)
Investing Activities
Additions to property, plant & equipment	(2.7)	(1.5)	(4.2)	(2.2)
Additions to intangibles and other assets		1.4		1.4
Advances to affiliates		(19.8)
Net cash (used in) provided by investing activities	(2.7)	(19.9)	(4.2)	(0.8)
Net cash (used in) provided by investing activities	(2.7)	(19.9)	(4.2)	(0.8)
Financing Activities
Advances from affiliates	0.9	(4.1)	3.5	1.9
Common share repurchase	(0.3)		(0.3)
Net cash (used in) provided by financing activities	0.6	(4.1)	3.2	1.9
Effect of exchange rate changes on cash	(0.4)		(0.1)	0.2
Net increase (decrease) in cash & cash equivalents	7.8	1.7	3.1	0.9
Cash & cash equivalents, beginning of period	9.0	7.0	13.7	7.8
Cash & cash equivalents, end of period	16.8	8.7	16.8	8.7
Net cash (used in) provided by financing activities	0.6	(4.1)	3.2	1.9
Effect of exchange rate changes on cash	(0.4)		(0.1)	0.2
Net increase (decrease) in cash & cash equivalents	7.8	1.7	3.1	0.9
Cash & cash equivalents, beginning of period	9.0	7.0	13.7	7.8
Cash & cash equivalents, end of period	16.8	8.7	16.8	8.7
Cott Beverages Inc.
Operating Activities
Net income (loss)	7.0	(3.7)	11.7	(7.5)
Depreciation & amortization	8.9	8.7	17.7	17.3
Amortization of financing fees	0.9	0.7	1.9	1.5
Share-based compensation expense	0.3	1.4	0.8	2.2
Increase (decrease) in deferred income taxes	2.1	0.1	2.5	1.2
Loss on disposal of property, plant & equipment			0.4
Equity (loss) income, net of distributions	(1.3)	0.9	(2.3)	(2.2)
Intercompany transactions	0.2	1.1	1.4	2.7
Other non-cash items	0.2	2.0	0.2	1.8
Net change in operating assets and liabilities	(0.4)	22.3	(21.0)	(21.5)
Net cash (used in) provided by operating activities	17.9	33.5	13.3	(4.5)
Investing Activities
Additions to property, plant & equipment	(13.7)	(6.2)	(24.8)	(14.2)
Additions to intangibles and other assets	(1.4)	(2.6)	(3.6)	(2.5)
Other investing activities		(1.8)		(1.7)
Net cash (used in) provided by investing activities	(15.1)	(10.6)	(28.4)	(18.5)
Net cash (used in) provided by investing activities	(15.1)	(10.6)	(28.4)	(18.5)
Financing Activities
Payments of long-term debt	(1.3)	(2.0)	(2.4)	(3.2)
Borrowings under ABL	17.5	43.6	24.5	143.4
Payments under ABL	(17.5)	(58.7)	(24.5)	(131.2)
Advances from affiliates		(6.0)		6.4
Net cash (used in) provided by financing activities	(1.3)	(23.1)	(2.4)	15.4
Net increase (decrease) in cash & cash equivalents	1.5	(0.2)	(17.5)	(7.6)
Cash & cash equivalents, beginning of period	1.7	1.7	20.7	9.1
Cash & cash equivalents, end of period	3.2	1.5	3.2	1.5
Net cash (used in) provided by financing activities	(1.3)	(23.1)	(2.4)	15.4
Net increase (decrease) in cash & cash equivalents	1.5	(0.2)	(17.5)	(7.6)
Cash & cash equivalents, beginning of period	1.7	1.7	20.7	9.1
Cash & cash equivalents, end of period	3.2	1.5	3.2	1.5
Guarantor Subsidiaries
Operating Activities
Net income (loss)	21.8	21.6	31.4	30.9
Depreciation & amortization	11.9	12.2	23.9	24.1
Amortization of financing fees		0.1	0.1	0.1
Share-based compensation expense	0.3	0.4	0.5	0.6
Increase (decrease) in deferred income taxes	0.4	0.3	0.6	(0.2)
Gain on bargain purchase			(0.9)
Gain on bargain purchase	(0.9)
Loss on disposal of property, plant & equipment	0.3		0.5
Equity (loss) income, net of distributions	(6.7)	(3.4)	(11.8)	7.2
Net change in operating assets and liabilities	(20.1)	(66.1)	(72.8)	(67.8)
Net cash (used in) provided by operating activities	7.0	(34.9)	(28.5)	(5.1)
Investing Activities
Acquisition			(5.0)
Additions to property, plant & equipment	(3.1)	(3.1)	(8.1)	(6.9)
Additions to intangibles and other assets	0.4	(0.1)	(0.1)	(0.1)
Proceeds from sale of assets held for sale	1.0		1.0
Advances to affiliates		6.0		(6.4)
Net cash (used in) provided by investing activities	(1.7)	2.8	(12.2)	(13.4)
Net cash (used in) provided by investing activities	(1.7)	2.8	(12.2)	(13.4)
Financing Activities
Advances from affiliates		19.8
Net cash (used in) provided by financing activities		19.8
Effect of exchange rate changes on cash	(0.2)	0.1	0.6	0.9
Net increase (decrease) in cash & cash equivalents	5.1	(12.2)	(40.1)	(17.6)
Cash & cash equivalents, beginning of period	13.7	20.6	58.9	26.0
Cash & cash equivalents, end of period	18.8	8.4	18.8	8.4
Net cash (used in) provided by financing activities		19.8
Effect of exchange rate changes on cash	(0.2)	0.1	0.6	0.9
Net increase (decrease) in cash & cash equivalents	5.1	(12.2)	(40.1)	(17.6)
Cash & cash equivalents, beginning of period	13.7	20.6	58.9	26.0
Cash & cash equivalents, end of period	18.8	8.4	18.8	8.4
Non-Guarantor Subsidiaries
Operating Activities
Net income (loss)	2.1	1.7	2.9	2.4
Depreciation & amortization	1.4	1.5	2.8	3.0
Share-based compensation expense	0.1		0.1
Increase (decrease) in deferred income taxes	(0.3)		(0.2)
Net change in operating assets and liabilities	(0.4)	(6.2)	0.4	0.3
Net cash (used in) provided by operating activities	2.9	(3.0)	6.0	5.7
Investing Activities
Additions to property, plant & equipment	(0.2)		(0.3)
Additions to intangibles and other assets		(1.2)		(1.2)
Advances to affiliates	(0.9)	4.1	(3.5)	(1.9)
Net cash (used in) provided by investing activities	(1.1)	2.9	(3.8)	(3.1)
Net cash (used in) provided by investing activities	(1.1)	2.9	(3.8)	(3.1)
Financing Activities
Payments of long-term debt	(0.1)	(0.1)	(0.2)	(0.2)
Distributions to non-controlling interests	(0.3)	(0.9)	(1.4)	(2.5)
Net cash (used in) provided by financing activities	(0.4)	(1.0)	(1.6)	(2.7)
Effect of exchange rate changes on cash	(0.3)		0.1	0.2
Net increase (decrease) in cash & cash equivalents	1.1	(1.1)	0.7	0.1
Cash & cash equivalents, beginning of period	7.2	6.5	7.6	5.3
Cash & cash equivalents, end of period	8.3	5.4	8.3	5.4
Net cash (used in) provided by financing activities	(0.4)	(1.0)	(1.6)	(2.7)
Effect of exchange rate changes on cash	(0.3)		0.1	0.2
Net increase (decrease) in cash & cash equivalents	1.1	(1.1)	0.7	0.1
Cash & cash equivalents, beginning of period	7.2	6.5	7.6	5.3
Cash & cash equivalents, end of period	8.3	5.4	8.3	5.4
Consolidation, Eliminations
Operating Activities
Net income (loss)	(29.7)	(18.5)	(43.9)	(23.8)
Equity (loss) income, net of distributions	29.7	(18.5)	43.9	23.8
Intercompany transactions	(12.2)	(3.4)	(17.6)	(9.6)
Net change in operating assets and liabilities	12.2	40.4	17.6	9.6
Investing Activities
Advances to affiliates	0.9	9.7	3.5	8.3
Net cash (used in) provided by investing activities	0.9	9.7	3.5	8.3
Net cash (used in) provided by investing activities	0.9	9.7	3.5	8.3
Financing Activities
Advances from affiliates	(0.9)	(9.7)	(3.5)	(8.3)
Net cash (used in) provided by financing activities	(0.9)	(9.7)	(3.5)	(8.3)
Net cash (used in) provided by financing activities	$ (0.9)	$ (9.7)	$ (3.5)	$ (8.3)

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Unrecognized Share Based Compensation Expense (Detail) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 7.4
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	1.2
Weighted average years expected to recognize compensation (in years)	2 years 5 months
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	1.7
Weighted average years expected to recognize compensation (in years)	2 years 5 months
Time-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 4.5
Weighted average years expected to recognize compensation (in years)	1 year 7 months

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Debt (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012		Dec. 31, 2011		Nov. 13, 2009
Debt Instrument [Line Items]
Total debt	$ 606.3		$ 608.0
Current maturities	1.8		3.4
Long-term debt before discount	604.5		604.6
Total long-term debt $	602.2		602.1
8.375% Senior Notes Due In 2017
Debt Instrument [Line Items]
Total debt	215.0	[1]	215.0	[1]
Less discount on 8.375% notes	(2.3)		(2.5)		(3.1)
8.125% Senior Notes Due In 2018
Debt Instrument [Line Items]
Total debt	375.0		375.0
Ge Obligation
Debt Instrument [Line Items]
Total debt	10.4		12.4
Current maturities	0.9		2.6
Other Capital Leases
Debt Instrument [Line Items]
Total debt	4.5		4.1
Current maturities	0.7		0.6
Other Debt
Debt Instrument [Line Items]
Total debt	1.4		1.5
Current maturities	$ 0.2		$ 0.2

[1] Our 8.375% senior notes were issued at a discount of 1.425% on November 13, 2009.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2012

Fair Value Measurements

Note 13 – Fair Value Measurements

ASC No. 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Additionally, the inputs used to measure fair value are prioritized based on a three-level hierarchy. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs.

The three levels of inputs used to measure fair value are as follows:

• Level 1 – Quoted prices in active markets for identical assets or liabilities.

• Level 2 – Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

• Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

We have certain assets and liabilities that are required to be recorded at fair value on a recurring basis in accordance with U.S. GAAP.

The following table summarizes those assets and liabilities measured at a fair value on a recurring basis as of June 30, 2012:

	June 30, 2012
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Netting Adjustment		Fair Value Measurements
Liabilities
Derivatives	$	—	$	0.3	$	—	$	—	$	0.3
Total Liabilities	$	—	$	0.3	$	—	$	—	$	0.3

Fair Value of Financial Instruments

The carrying amounts reflected in the Consolidated Balance Sheets for cash, receivables, payables, short-term borrowings and long-term debt approximate their respective fair values, except as otherwise indicated. The carrying values and estimated fair values of our significant outstanding debt as of June 30, 2012 and December 31, 2011 were as follows:

	June 30, 2012				December 31, 2011
(in millions of U.S. dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
8.375% senior notes due in 20171	$	215.0		233.8	$	215.0		231.4
8.125% senior notes due in 20181		375.0		409.2		375.0		404.5
Total	$	590.0	$	643.0	$	590.0	$	635.9

1 The fair values are based on the trading levels and bid/offer prices observed by a market participant and are considered Level 1 inputs.

Fair value of contingent consideration

We were notified on May 9, 2011 by the seller of Cliffstar of certain objections to the performance measures used to calculate the contingent consideration, and the seller asserted a claim for amounts in excess of the amounts accrued as contingent consideration at July 2, 2011. During the third and fourth quarters of 2011, Cott made interim payments to the seller equal to $21.0 million and $8.6 million, respectively. The payment of $21.0 million was net of a $4.7 million refund due to Cott as a result of the final determination of working capital, and the payment of $8.6 million included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s remaining objections to the calculation of the contingent consideration are subject to an ongoing binding arbitration process under the terms of the asset purchase agreement. The seller is seeking up to $12.1 million in additional contingent consideration. The final resolution of these matters may result in amounts payable to the seller that vary from the amount of payments previously made to seller of $34.3 million. We are currently unable to predict the ultimate outcome of this action. Any changes in the fair value of contingent consideration will be recorded in our Consolidated Statements of Operations.

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2012

Segment Reporting Information by Operating Segment

(in millions of U.S. dollars)	North America		United Kingdom		Mexico			RCI		All Other		Total
For the Three Months Ended June 30, 2012
External revenue1	$	475.7	$	131.5	$	10.2		$	8.4	$	—	$	625.8
Depreciation and amortization		20.1		3.1		0.5			—		—		23.7
Operating income (loss)		31.2		10.5		(0.9	)		2.4		—		43.2
Additions to property, plant & equipment		16.4		3.1		0.2			—		—		19.7
For the Six Months Ended June 30, 2012
External revenue1	$	883.8	$	230.7	$	19.3		$	15.8	$	—	$	1,149.6
Depreciation and amortization		40.2		6.4		0.9			—		—		47.5
Operating income (loss)		48.5		13.7		(2.2	)		4.2		—		64.2
Additions to property, plant & equipment		29.0		8.1		0.3			—		—		37.4
As of June 30, 2012
Property, plant & equipment	$	385.1	$	94.6	$	9.1		$	—	$	—	$	488.8
Goodwill		125.1		—		—			4.5		—		129.6
Intangibles and other assets		314.5		14.2		0.4			—		—		329.1
Total assets2		1,236.9		248.1		29.8			13.2		0.7		1,528.7

¹  Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.1 million for the three and six months ended June 30, 2012, respectively.

²  Excludes intersegment receivables, investments and notes receivable.

(in millions of U.S. dollars)	North America		United Kingdom		Mexico			RCI		All Other		Total
For the Three Months Ended July 2, 2011
External revenue1	$	491.3	$	126.0	$	16.2		$	6.5	$	—	$	640.0
Depreciation and amortization		19.9		3.3		0.6			—		—		23.8
Operating income (loss)		30.0		11.4		(0.6	)		2.1		—		42.9
Additions to property, plant & equipment		6.2		4.6		—			—		—		10.8
For the Six Months Ended July 2, 2011
External revenue1	$	920.1	$	212.3	$	27.6		$	14.1	$	—	$	1,174.1
Depreciation and amortization		39.6		6.7		1.1			—		—		47.4
Operating income (loss)		50.8		14.4		(2.1	)		4.3		—		67.4
Additions to property, plant & equipment		16.4		6.9		—			—		—		23.3
As of December 31, 2011
Property, plant & equipment	$	383.1	$	89.8	$	9.3		$	—	$	—	$	482.2
Goodwill		125.1		—		—			4.5		—		129.6
Intangibles and other assets		326.1		14.6		0.4			—		—		341.1
Total assets2		1,231.3		237.0		28.4			11.3		0.9		1,508.9

¹  Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

²  Excludes intersegment receivables, investments and notes receivable.

Revenues by Geographic Area

Revenues are attributed to operating segments based on the location of the customer. Revenues by operating segment were as follows:

	For the Three Months Ended						For the Six Months Ended
(in millions of U.S. dollars)	June 30, 2012			July 2, 2011			June 30, 2012			July 2, 2011
United States	$	414.8		$	433.6		$	781.0		$	822.3
Canada		73.3			71.7			127.1			123.8
United Kingdom		131.5			126.0			230.7			212.3
Mexico		10.2			16.2			19.3			27.6
RCI		8.4			6.5			15.8			14.1
Elimination1		(12.4	)		(14.0	)		(24.3	)		(26.0	)
	$	625.8		$	640.0		$	1,149.6		$	1,174.1

¹  Represents intersegment revenue among our operating segments, of which $4.0 million and $8.1 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and six months ended June 30, 2012, respectively, compared to $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

Revenues by Product

Revenues by product were as follows:

For the Three Months Ended June 30, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	187.2	$	45.0	$	5.7	$	—	$	237.9
Juice		139.3		3.7		0.3		—		143.3
Concentrate		3.4		0.5		—		8.4		12.3
All other products		145.8		82.3		4.2		—		232.3
Total	$	475.7	$	131.5	$	10.2	$	8.4	$	625.8

For the Six Months Ended June 30, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	351.0	$	78.7	$	11.3	$	—	$	441.0
Juice		273.2		6.8		0.4		—		280.4
Concentrate		6.3		1.3		—		15.8		23.4
All other products		253.3		143.9		7.6		—		404.8
Total	$	883.8	$	230.7	$	19.3	$	15.8	$	1,149.6

For the Three Months Ended June 30, 2012
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume - 8 oz equivalent cases - Total Beverage (including concentrate)
Carbonated soft drinks		83.3		23.0		3.9		—		110.2
Juice		32.1		1.0		0.2		—		33.3
Concentrate		22.4		4.1		—		71.7		98.2
All other products		66.4		27.6		2.6		—		96.6
Total		204.2		55.7		6.7		71.7		338.3

Property, Plant and Equipment by Operating Segment

Property, plant and equipment by operating segment as of June 30, 2012 and December 31, 2011 was as follows:

(in millions of U.S. dollars)	June 30, 2012		December 31, 2011
United States	$	337.7	$	336.2
Canada		47.4		46.9
United Kingdom		94.6		89.8
Mexico		9.1		9.3
	$	488.8	$	482.2

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Intangible and Other Assets - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible and other assets	$ 8.8	$ 8.9	$ 17.8	$ 17.8

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Segment Reporting Information by Operating Segment (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended				6 Months Ended
	Jun. 30, 2012		Jul. 02, 2011		Jun. 30, 2012		Jul. 02, 2011		Dec. 31, 2011
Segment Reporting Information [Line Items]
External revenue	$ 625.8	[1]	$ 640.0	[2]	$ 1,149.6	[1]	$ 1,174.1	[2]
Depreciation and amortization	23.7		23.8		47.5		47.4
Operating income (loss)	43.2		42.9		64.2		67.4
Additions to property, plant & equipment	19.7		10.8		37.4		23.3
Property, plant & equipment	488.8				488.8				482.2
Goodwill	129.6				129.6				129.6
Intangibles and other assets	329.1				329.1				341.1
Total assets	1,528.7	[3]			1,528.7	[3]			1,508.9	[3]
Intersegment revenue between North America and other reporting segments	4.0		4.0		8.1		8.2
North America
Segment Reporting Information [Line Items]
External revenue	475.7	[1]	491.3	[2]	883.8	[1]	920.1	[2]
Depreciation and amortization	20.1		19.9		40.2		39.6
Operating income (loss)	31.2		30.0		48.5		50.8
Additions to property, plant & equipment	16.4		6.2		29.0		16.4
Property, plant & equipment	385.1				385.1				383.1
Goodwill	125.1				125.1				125.1
Intangibles and other assets	314.5				314.5				326.1
Total assets	1,236.9	[3]			1,236.9	[3]			1,231.3	[3]
United Kingdom
Segment Reporting Information [Line Items]
External revenue	131.5	[1]	126.0	[2]	230.7	[1]	212.3	[2]
Depreciation and amortization	3.1		3.3		6.4		6.7
Operating income (loss)	10.5		11.4		13.7		14.4
Additions to property, plant & equipment	3.1		4.6		8.1		6.9
Property, plant & equipment	94.6				94.6				89.8
Intangibles and other assets	14.2				14.2				14.6
Total assets	248.1	[3]			248.1	[3]			237.0	[3]
Mexico
Segment Reporting Information [Line Items]
External revenue	10.2	[1]	16.2	[2]	19.3	[1]	27.6	[2]
Depreciation and amortization	0.5		0.6		0.9		1.1
Operating income (loss)	(0.9)		(0.6)		(2.2)		(2.1)
Additions to property, plant & equipment	0.2				0.3
Property, plant & equipment	9.1				9.1				9.3
Intangibles and other assets	0.4				0.4				0.4
Total assets	29.8	[3]			29.8	[3]			28.4	[3]
RCI
Segment Reporting Information [Line Items]
External revenue	8.4	[1]	6.5	[2]	15.8	[1]	14.1	[2]
Operating income (loss)	2.4		2.1		4.2		4.3
Goodwill	4.5				4.5				4.5
Total assets	13.2	[3]			13.2	[3]			11.3	[3]
All Other Segments
Segment Reporting Information [Line Items]
Total assets	$ 0.7	[3]			$ 0.7	[3]			$ 0.9	[3]

[1] Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.1 million for the three and six months ended June 30, 2012, respectively.

[2] Intersegment revenue between North America and the other reporting segments was $4.0 million and $8.2 million for the three and six months ended July 2, 2011, respectively.

[3] Excludes intersegment receivables, investments and notes receivable.

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Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Jun. 30, 2012		Mar. 31, 2012	Dec. 31, 2011		Jul. 02, 2011	Apr. 02, 2011	Jan. 01, 2011
Current assets
Cash & cash equivalents	$ 47.1		$ 31.6	$ 100.9		$ 24.0	$ 35.8	$ 48.2
Accounts receivable, net of allowance of $6.6 ($5.7 as of December 31, 2011)	262.4			210.8
Income taxes recoverable	8.3			9.9
Inventories	234.0			210.0
Prepaid expenses and other assets	25.1			19.3
Total current assets	576.9			550.9
Property, plant & equipment	488.8			482.2
Goodwill	129.6			129.6
Intangibles and other assets	329.1			341.1
Deferred income taxes	3.3			4.1
Other tax receivable	1.0			1.0
Total assets	1,528.7	[1]		1,508.9	[1]
Current liabilities
Current maturities of long-term debt	1.8			3.4
Accounts payable and accrued liabilities	265.0			281.1
Total current liabilities	266.8			284.5
Long-term debt	602.2			602.1
Deferred income taxes	37.2			34.1
Other long-term liabilities	20.2			20.0
Total liabilities	926.4			940.7
Equity
Capital stock, no par - 95,161,968 (December 31, 2011 - 95,101,230) shares issued	395.7			395.9
Treasury stock	(2.1)			(2.1)
Additional paid-in-capital	44.8			42.6
Retained earnings	175.0			144.1
Accumulated other comprehensive loss	(24.1)			(24.7)
Total Cott Corporation equity	589.3			555.8
Non-controlling interests	13.0			12.4
Total equity	602.3			568.2		584.7		535.2
Total liabilities and equity	$ 1,528.7			$ 1,508.9

[1] Excludes intersegment receivables, investments and notes receivable.

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Acquisitions

6 Months Ended

Jun. 30, 2012

Acquisitions

Note 2 – Acquisitions

On August 17, 2010, we completed the acquisition of substantially all of the assets and liabilities of Cliffstar Corporation (“Cliffstar”) and its affiliated companies for approximately $503.0 million in cash, $14.0 million in deferred consideration to be paid over three years, of which $4.7 million was paid during the third quarter of 2011, and contingent consideration of up to $55.0 million (the “Cliffstar Acquisition”). The first $15.0 million of the contingent consideration was based upon the achievement of milestones in certain expansion projects in 2010, which were achieved in 2010. The remainder of the contingent consideration was based on the achievement of certain performance measures during the fiscal year ended January 1, 2011.

We were notified on May 9, 2011 by the seller of Cliffstar of certain objections to the performance measures used to calculate the contingent consideration, and the seller asserted a claim for amounts in excess of the amounts accrued as contingent consideration at July 2, 2011. During the third and fourth quarters of 2011, Cott made interim payments to the seller equal to $21.0 million and $8.6 million, respectively. The payment of $21.0 million was net of a $4.7 million refund due to Cott as a result of the final determination of working capital, and the payment of $8.6 million included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s remaining objections to the calculation of the contingent consideration are subject to an ongoing binding arbitration process under the terms of the asset purchase agreement. The seller is seeking up to $12.1 million in additional contingent consideration. The final resolution of these matters may result in amounts payable to the seller that vary from the amount of payments previously made to seller of $34.3 million. We are currently unable to predict the ultimate outcome of this action. Any changes in the fair value of contingent consideration will be recorded in our Consolidated Statements of Operations.

During the first quarter of 2012, our United Kingdom (“U.K.”) reporting segment acquired a beverage and wholesale business based in Scotland for approximately $5.0 million. The business was purchased from a company in administration and provided a number of benefits to our U.K. reporting segment including increased product offerings and market share, logistical synergies through expansion into Scotland and access to an additional production line. The acquisition has been accounted for using the purchase method of accounting for business combinations, and related operating results are included in the Consolidated Statements of Operations for the periods subsequent to the acquisition. The identified assets, which included inventory, property, plant and equipment, trade names, and customers lists, were recorded at their estimated fair values which exceeded the fair value of the purchase price of the business. Accordingly, the acquisition has been accounted for as a bargain purchase and, as a result, we recognized a gain of approximately $0.9 million associated with the acquisition. The gain is included in the other (income) expense, net section of the Consolidated Statements of Operations.

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Carrying Value and Fair Values of Outstanding Debt (Detail) (USD $) In Millions, unless otherwise specified	Jun. 30, 2012		Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	$ 643.0		$ 635.9
Estimate of Fair Value, Fair Value Disclosure | 8.375% Senior Notes Due In 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	233.8		231.4
Estimate of Fair Value, Fair Value Disclosure | 8.125% Senior Notes Due In 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	409.2		404.5
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	590.0	[1]	590.0	[1]
Carrying (Reported) Amount, Fair Value Disclosure | 8.375% Senior Notes Due In 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	215.0	[1]	215.0	[1]
Carrying (Reported) Amount, Fair Value Disclosure | 8.125% Senior Notes Due In 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	$ 375.0	[1]	$ 375.0	[1]

[1] The fair values are based on the trading levels and bid/offer prices observed by a market participant and are considered Level 1 inputs.

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Inventories (Tables)

6 Months Ended

Jun. 30, 2012

Summary of Inventories

The following table summarizes inventories as of June 30, 2012 and December 31, 2011:

(in millions of U.S. dollars)	June 30, 2012		December 31, 2011
Raw materials	$	85.4	$	87.3
Finished goods		128.0		102.3
Other		20.6		20.4
	$	234.0	$	210.0

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Income Taxes - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jul. 02, 2011
Income Tax Expenses [Line Items]
Income tax expense	$ 3.9	$ 0.7	$ 4.3	$ 2.3
Pretax income			37.4	37.6
Adjustment in income tax expense			$ 1.2

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Hedging Transactions and Derivative Financial Instruments

6 Months Ended

Jun. 30, 2012

Hedging Transactions and Derivative Financial Instruments

Note 12 – Hedging Transactions and Derivative Financial Instruments

We are directly and indirectly affected by changes in foreign currency market conditions. These changes in market conditions may adversely impact our financial performance and are referred to as market risks. When deemed appropriate by management, we use derivatives as a risk management tool to mitigate the potential impact of foreign currency market risks.

We purchase forward contract derivative instruments. Forward contracts are agreements to buy or sell a quantity of a currency at a predetermined future date and at a predetermined rate or price. We do not enter into derivative financial instruments for trading purposes.

As of June 30, 2012, all derivatives are carried at fair value in the Consolidated Balance Sheets in the line item accounts payable and accrued liabilities. The carrying values of the derivatives reflect the impact of legally enforceable agreements with the same counterparties. These allow us to net settle positive and negative positions (assets and liabilities) arising from different transactions with the same counterparty.

The accounting for gains and losses that result from changes in the fair values of derivative instruments depends on whether the derivatives have been designated and qualify as hedging instruments and the types of hedging relationships. The changes in fair values of derivatives that have been designated and qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in the Consolidated Statements of Operations in which the hedged items are recorded in the same period the hedged items affect earnings. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures being hedged, fluctuations in the value of the derivative instruments are generally offset by changes in the fair values or cash flows of the underlying exposures being hedged.

We formally designate and document, at inception, the financial instrument as a hedge of a specific underlying exposure, the risk management objective and the strategy for undertaking the hedge transaction. In addition, we formally assess both at the inception and at least quarterly thereafter, whether the financial instruments used in hedging transactions are effective at offsetting changes in either the fair values or cash flows of the related underlying exposures. Any ineffective portion of a financial instrument’s change in fair value is immediately recognized into earnings.

We estimate the fair values of our derivatives based on quoted market prices or pricing models using current market rates (refer to Note 13). The notional amounts of the derivative financial instruments do not necessarily represent amounts exchanged by the parties and, therefore, are not a direct measure of our exposure to the financial risks described above. The amounts exchanged are calculated by reference to the notional amounts and by other terms of the derivatives, such as interest rates, foreign currency exchange rates or other financial indices. We do not view the fair values of our derivatives in isolation, but rather in relation to the fair values or cash flows of the underlying hedged transactions. All of our derivatives are straightforward over-the-counter instruments with liquid markets.

Credit Risk Associated with Derivatives

We have established strict counterparty credit guidelines and enter into transactions only with financial institutions of investment grade or better. We mitigate pre-settlement risk by being permitted to net settle for transactions with the same counterparty.

Cash Flow Hedging Strategy

We use cash flow hedges to minimize the variability in cash flows of assets or liabilities or forecasted transactions caused by fluctuations in foreign currency exchange rates. The changes in the fair values of derivatives designated as cash flow hedges are recorded in AOCI and are reclassified into the line item in the Consolidated Statements of Operations in which the hedged items are recorded in the same period the hedged items affect earnings. The changes in fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. We did not discontinue any cash flow hedging relationships during the six months ended June 30, 2012. The maximum length of time over which we hedge our exposure to future cash flows is typically one year.

We maintain a foreign currency cash flow hedging program to reduce the risk that our procurement activities will be adversely affected by changes in foreign currency exchange rates. We enter into forward contracts to hedge certain portions of forecasted cash flows denominated in foreign currencies. When the U.S. dollar strengthens significantly against foreign currencies, the decline in the present value of future foreign currency cash flows is partially offset by gains in the fair value of the derivative instruments. Conversely, when the U.S. dollar weakens as compared to other currencies, the increase in the present value of future foreign currency cash flows is partially offset by losses in the fair value of the derivative instruments. The total notional value of derivatives that have been designated and qualify for our foreign currency cash flow hedging program as of June 30, 2012 was approximately $9.6 million.

The fair value of the Company’s derivative instrument liabilities was $0.3 million as of June 30, 2012.

The settlement of our derivative instruments resulted in a charge to cost of sales of $0.2 million and $0.1 million for the three and six months ended June 30, 2012.