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: September 28, 2013

¨ 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 October 28, 2013
Common Stock, no par value per share	94,226,045 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	34
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	49
Item 4.	Controls and Procedures	49
PART II – OTHER INFORMATION		49
Item 1.	Legal Proceedings	49
Item 1A.	Risk Factors	49
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	50
Item 6.	Exhibits	51
SIGNATURES		52

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 Nine Months Ended
	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Revenue, net	$	543.2		$	583.8		$	1,612.4		$	1,733.4
Cost of sales		478.2			510.6			1,414.4			1,504.5
Gross profit		65.0			73.2			198.0			228.9
Selling, general and administrative expenses		37.9			43.8			120.9			134.4
Loss on disposal of property, plant & equipment		1.1			0.8			1.4			1.7
Restructuring		—			—			2.0			—
Operating income		26.0			28.6			73.7			92.8
Other income, net		(0.7	)		(1.5	)		(0.4	)		(2.2	)
Interest expense, net		13.3			13.1			39.4			40.6
Income before income taxes		13.4			17.0			34.7			54.4
Income tax expense		0.1			1.2			2.3			5.5
Net income	$	13.3		$	15.8		$	32.4		$	48.9
Less: Net income attributable to non-controlling interests		1.3			1.3			3.9			3.4
Net income attributed to Cott Corporation	$	12.0		$	14.5		$	28.5		$	45.5
Net income per common share attributed to Cott Corporation
Basic	$	0.13		$	0.15		$	0.30		$	0.48
Diluted	$	0.13		$	0.15		$	0.30		$	0.48
Weighted average outstanding shares (thousands) attributed to Cott Corporation
Basic		94,235			94,488			94,922			94,461
Diluted		94,772			95,598			95,755			95,591
Dividends declared per share	$	0.06		$	—		$	0.18		$	—

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 Nine Months Ended
	September 28, 2013			September 29, 2012		September 28, 2013			September 29, 2012
Net income	$	13.3		$	15.8	$	32.4		$	48.9
Other comprehensive income (loss):
Currency translation adjustment		12.0			12.5		(4.8	)		13.5
Pension benefit plan, net of tax1		(0.1	)		0.1		0.3			(0.1	)
Unrealized loss on derivative instruments, net of tax2		(0.1	)		—		(0.1	)		(0.3	)
Total other comprehensive income (loss)		11.8			12.6		(4.6	)		13.1
Comprehensive income	$	25.1		$	28.4	$	27.8		$	62.0
Less: Comprehensive income attributable to non-controlling interests		1.3			1.2		3.9			3.2
Comprehensive income attributed to Cott Corporation	$	23.8		$	27.2	$	23.9		$	58.8

¹  Net of the effect of nil and $0.2 million tax expense for the three and nine months ended September 28, 2013, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and nine months ended September 29, 2012, respectively.

²  Net of the effect of nil tax benefit for the three and nine months ended September 28, 2013, respectively, and net of the effect of a nil and $0.1 million tax benefit for the three and nine months ended September 29, 2012, 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

	September 28, 2013			December 29, 2012
ASSETS
Current assets
Cash & cash equivalents	$	125.8		$	179.4
Accounts receivable, net of allowance of $5.1 ($6.8 as of December 29, 2012)		254.6			199.4
Income taxes recoverable		0.7			1.2
Inventories		215.4			224.8
Prepaid expenses and other assets		23.1			20.3
Total current assets		619.6			625.1
Property, plant & equipment, net		490.1			490.9
Goodwill		140.4			130.3
Intangibles and other assets, net		303.6			315.4
Deferred income taxes		5.5			3.3
Other tax receivable		1.2			0.9
Total assets	$	1,560.4		$	1,565.9
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	3.9		$	1.9
Accounts payable and accrued liabilities		259.7			287.7
Total current liabilities		263.6			289.6
Long-term debt		602.4			601.8
Deferred income taxes		48.1			39.1
Other long-term liabilities		23.7			12.5
Total liabilities		937.8			943.0
Equity
Capital stock, no par - 94,226,045 (December 29, 2012 - 95,371,484) shares issued		392.7			397.8
Additional paid-in-capital		43.9			40.4
Retained earnings		193.0			186.0
Accumulated other comprehensive loss		(17.0	)		(12.4	)
Total Cott Corporation equity		612.6			611.8
Non-controlling interests		10.0			11.1
Total equity		622.6			622.9
Total liabilities and equity	$	1,560.4		$	1,565.9

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 Nine Months Ended
	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Operating Activities
Net income	$	13.3		$	15.8		$	32.4		$	48.9
Depreciation & amortization		25.1			24.7			74.7			72.2
Amortization of financing fees		0.7			0.8			2.2			2.9
Share-based compensation expense		1.1			1.3			3.6			3.5
Increase in deferred income taxes		0.3			0.6			1.9			4.6
Gain on bargain purchase		—			—			—			(0.9	)
Loss on disposal of property, plant & equipment		1.1			0.8			1.4			1.7
Other non-cash items		—			(1.4	)		0.2			(0.8	)
Change in operating assets and liabilities, net of acquisition:
Accounts receivable		19.0			15.0			(38.8	)		(36.8	)
Inventories		26.6			17.1			15.8			(5.9	)
Prepaid expenses and other assets		—			0.4			(2.0	)		(5.5	)
Other assets		6.1			(0.2	)		6.0			0.7
Accounts payable and accrued liabilities		(6.0	)		(22.1	)		(34.9	)		(38.4	)
Income taxes recoverable		0.1			5.2			0.4			6.8
Net cash provided by operating activities		87.4			58.0			62.9			53.0
Investing Activities
Acquisition, net of cash acquired		(4.7	)		(4.7	)		(11.2	)		(9.7	)
Additions to property, plant & equipment		(10.2	)		(13.2	)		(44.7	)		(50.6	)
Additions to intangibles and other assets		(2.1	)		(1.0	)		(4.0	)		(4.7	)
Proceeds from sale of property, plant & equipment		0.2			1.3			0.2			2.3
Proceeds from insurance recoveries		—			1.7			0.4			1.7
Net cash used in investing activities		(16.8	)		(15.9	)		(59.3	)		(61.0	)
Financing Activities
Payments of long-term debt		(0.6	)		(0.2	)		(20.2	)		(2.8	)
Borrowings under ABL		—			—			—			24.5
Payments under ABL		—			—			—			(24.5	)
Distributions to non-controlling interests		(2.2	)		(1.9	)		(5.0	)		(3.3	)
Common shares repurchased and cancelled		(4.5	)		—			(12.9	)		(0.3	)
Financing fees		(0.1	)		(1.2	)		(0.1	)		(1.2	)
Dividends to shareholders		(5.5	)		—			(16.7	)		—
Net cash used in financing activities		(12.9	)		(3.3	)		(54.9	)		(7.6	)
Effect of exchange rate changes on cash		1.3			2.2			(2.3	)		2.8
Net increase (decrease) in cash & cash equivalents		59.0			41.0			(53.6	)		(12.8	)
Cash & cash equivalents, beginning of period		66.8			47.1			179.4			100.9
Cash & cash equivalents, end of period	$	125.8		$	88.1		$	125.8		$	88.1
Supplemental Disclosures of Cash Flow information:
Cash paid for interest	$	15.9		$	15.8		$	41.0		$	41.3
Cash (received) paid for income taxes, net	$	(0.2	)	$	0.5		$	0.1		$	0.9
Supplemental Non-cash Investing and Financing Activities:
Deferred consideration	$	—		$	—		$	5.1		$	—

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 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			—		—			—			0.7			—			—			—			0.7
Common shares repurchased		(35	)		—		(0.2	)		—			—			(0.1	)		—			—			(0.3	)
Share-based compensation		—			—		—			—			2.8			—			—			—			2.8
Distributions to non-controlling interests		—			—		—			—			—			—			—			(3.3	)		(3.3	)
Comprehensive income
Currency translation adjustment		—			—		—			—			—			—			13.7			(0.2	)		13.5
Pension benefit plan, net of tax		—			—		—			—			—			—			(0.1	)		—			(0.1	)
Unrealized loss on derivative instruments, net of tax		—			—		—			—			—			—			(0.3	)		—			(0.3	)
Net income		—			—		—			—			—			45.5			—			3.4			48.9
Balance at September 29, 2012		95,162			674	$	395.7		$	(2.1	)	$	46.1		$	189.5		$	(11.4	)	$	12.3		$	630.1
Balance at December 29, 2012		95,371			—	$	397.8		$	—		$	40.4		$	186.0		$	(12.4	)	$	11.1		$	622.9
Common shares issued – Directors’ share award		87			—		—			—			0.8			—			—			—			0.8
Common shares repurchased and cancelled		(1,248	)		—		(5.2	)		—			—			(4.8	)		—			—			(10.0	)
Common shares issued – Time-based RSUs		16			—		0.1			—			(0.1	)		—			—			—			—
Share-based compensation		—			—		—			—			2.8			—			—			—			2.8
Dividend payment		—			—		—			—			—			(16.7	)		—			—			(16.7	)
Distributions to non-controlling interests		—			—		—			—			—			—			—			(5.0	)		(5.0	)
Comprehensive income
Currency translation adjustment		—			—		—			—			—			—			(4.8	)		—			(4.8	)
Pension benefit plan, net of tax		—			—		—			—			—			—			0.3			—			0.3
Unrealized loss on derivative instruments, net of tax		—			—		—			—			—			—			(0.1	)		—			(0.1	)
Net income		—			—		—			—			—			28.5			—			3.9			32.4
Balance at September 28, 2013		94,226			—	$	392.7		$	—		$	43.9		$	193.0		$	(17.0	)	$	10.0		$	622.6

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 producers of beverages on behalf of retailers, brand owners and distributors. Our product lines include carbonated soft drinks (“CSDs”), 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy products, sports products, new age beverages and ready-to-drink teas, as well as alcoholic beverages for brand owners.

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 29, 2012. 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

Update ASU 2013-02 – Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

In February 2013, the Financial Accounting Standards Board (“FASB”) amended its guidance regarding the information provided in relation to the amounts reclassified out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. We have adopted this guidance, and the required disclosure is set forth in Note 11.

Note 2 – Acquisitions

During June 2013, our United Kingdom (“U.K.”) reporting segment acquired 100 percent of the share capital of Cooke Bros. Holdings Limited, which includes the subsidiary companies Calypso Soft Drinks Limited and Mr. Freeze (Europe) Limited (together, “Calypso Soft Drinks”). Calypso Soft Drinks produces fruit juices, juice drinks, soft drinks, and freeze products in the United Kingdom. The aggregate purchase price for the acquisition of Calypso Soft Drinks (the “Calypso Soft Drinks Acquisition”) was $12.1 million, which includes approximately $7 million paid at closing, deferred payments of approximately $2.3 million and $3.0 million to be paid on the first and second anniversary of the closing date of the Calypso Soft Drinks Acquisition, respectively. The closing payment was funded from available cash.

8

The total consideration paid by us in the Calypso Soft Drinks Acquisition, subject to final working capital adjustments, is summarized below:

(in millions of U.S. dollars)
Cash	$	7.0
Deferred consideration *		5.1
Total consideration	$	12.1

* Principal amount of $5.3 million discounted to be paid on the first and second anniversary of the completion date.

Our primary reasons for the Calypso Soft Drinks Acquisition were to expand Cott’s product portfolio and enhance our customer offering and growth prospects.

The Calypso Soft Drinks Acquisition is being accounted for as a business combination which, among other things, requires that assets acquired and liabilities assumed be measured at their acquisition date fair values. Identified intangible assets, goodwill and property, plant and equipment are recorded at their estimated fair values per preliminary valuations and may change based on the final valuation results including, for example, the process of physically validating fixed assets. The results of operations of Calypso Soft Drinks have been included in our operating results beginning as of the acquisition date. We allocated the purchase price of the Calypso Soft Drinks Acquisition to tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over the aggregate fair values was recorded as goodwill. The fair value assigned to identifiable intangible assets acquired was based on estimates and assumptions made by management. Intangible assets are amortized using a method that reflects the pattern in which economic benefits of the intangible asset are consumed using a straight-line amortization method.

The following table summarizes the estimated allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the Calypso Soft Drinks Acquisition. The allocation of the purchase price is based on a preliminary valuation that is expected to be completed in the fourth quarter of 2013. Any adjustment may affect the total purchase price and value of goodwill.

(in millions of U.S. dollars)	Acquired Value
Cash	$	0.5
Accounts receivable		15.1
Inventory		7.5
Prepaid expenses and other assets		0.6
Property, plant and equipment		9.7
Goodwill		10.5
Intangibles and other assets		14.8
Accounts payable and accrued liabilities		(14.1	)
Shareholder loans		(1.6	)
Deferred tax liabilities		(4.7	)
Other long-term liabilities		(26.2	)
Total	$	12.1

The Company recognized $1.6 million of acquisition related costs associated with the Calypso Soft Drinks Acquisition that were expensed during the nine month period ended September 28, 2013. These costs are included in the selling, general, and administrative expenses of our Consolidated Statements of Operations in accordance with ASC 805, “Business Combinations.”

9

Intangible Assets

In our preliminary determination of the fair value of the intangible assets, we considered, among other factors, the best use of acquired assets, analysis of historical financial performance and estimates of future performance of Calypso Soft Drink’s products. The estimated fair values of identified intangible assets were calculated considering market participant expectations and using an income approach and estimates and assumptions provided by Calypso Soft Drinks’ management, as well as our management. The following table sets forth the components of identified intangible assets associated with the Calypso Soft Drinks Acquisition and their estimated weighted average useful lives:

(in millions of U.S. dollars)	Estimated Fair Market Value		Estimated Useful Life
Customer relationships	$	10.5	15 years
Trademarks and trade names		3.0	20 years
Non-competition agreements		1.3	5 years
Total	$	14.8

Customer relationships represent future projected revenue that will be derived from sales to existing customers of Calypso Soft Drinks.

Trademarks and trade names represent the future projected cost savings associated with the premium and brand image obtained as a result of owning the trademark or trade name as opposed to obtaining the benefit of the trademark or trade name through a royalty or rental fee.

In conjunction with the closing of the Calypso Soft Drinks Acquisition, certain key employees of Calypso Soft Drinks executed non-competition agreements, which prevent those employees from competing with us in the specified restricted territories for a period of time after the acquisition date. The value of the Calypso Soft Drinks business could be diminished without these noncompetition agreements.

Goodwill

The principal factor that resulted in recognition of goodwill was that the purchase price for the Calypso Soft Drinks Acquisition was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis.

Selected Financial Data

The following unaudited financial information for the three months and sixteen weeks ended September 28, 2013 represents the activity of Calypso Soft Drinks that has been combined with our operations as of the date of acquisition.

(in millions of U.S. dollars)	For the Three Months Ended September 28, 2013		For the Sixteen Weeks Ended September 28, 2013
Revenue	$	15.7	$	19.9
Net income		0.6		0.7

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 payable in equal installments over three years and contingent consideration of up to $55.0 million (the “Cliffstar Acquisition”). The first $15.0 million of the contingent consideration was paid upon the achievement of milestones in certain expansion projects in 2010. The remainder of the contingent consideration was to be calculated based on the achievement of certain performance measures during the fiscal year ended January 1, 2011.

In 2011, the seller of Cliffstar then raised certain objections to the performance measures used to calculate the contingent consideration, and the parties commenced the dispute resolution mechanism provided for in the asset purchase agreement. During 2011, Cott made interim payments to the seller equal to $29.6 million, which was net of a $4.7 million refund due to Cott and included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s claims for an additional $12.1 million in contingent consideration were submitted to binding arbitration pursuant to the asset purchase agreement and favorably resolved by payment by Cott in February 2013 of approximately $0.6 million.

10

Note 3 – Restructuring

We implement restructuring programs from time to time that are designed to improve operating effectiveness and lower costs. When we implement these programs, we incur various charges, including severance and other employment related costs. During June 2013, we implemented one such program (the “2013 Restructuring Plan”), which consisted primarily of headcount reductions. For the nine months ended September 28, 2013, we incurred charges of approximately $2.0 million related primarily to employee redundancy costs.

The following table summarizes restructuring charges for the nine-month period ended September 28, 2013:

(in millions of U.S. dollars)	September 28, 2013
North America	$	1.0
United Kingdom		0.7
Mexico		0.3
Total	$	2.0

Note 4 – Share-Based Compensation

The table below summarizes the share-based compensation expense for the three and nine months ended September 28, 2013 and September 29, 2012, 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”) or Amended and Restated Equity Incentive Plan (as defined below), as the case may be, (ii) “Time-based RSUs” mean restricted share units with time-based vesting granted under the 2010 Equity Incentive Plan or Amended and Restated Equity Incentive Plan, as the case may be, (iii) “Stock options” mean non-qualified stock options granted under the Amended and Restated Equity Incentive Plan, the 2010 Equity Incentive Plan, or the Restated 1986 Common Share Option Plan (the “1986 Option Plan”), as the case may be, and (iv) “Directors’ share award” means common shares issued in consideration of the annual board retainer fee to non-management members of our board of directors under the 2010 Equity Incentive Plan or Amended and Restated Equity Incentive Plan, as the case may be.

	For the Three Months Ended				For the Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
Stock options	$	0.2	$	0.1	$	0.6	$	0.3
Directors’ share award		—		—		0.8		0.7
Performance-based RSUs		0.3		0.2		0.7		0.4
Time-based RSUs		0.6		1.0		1.5		2.1
Total	$	1.1	$	1.3	$	3.6	$	3.5

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As of September 28, 2013, 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 September  28, 2013		Weighted average years expected to recognize compensation
Stock options	$	1.9		2.0
Performance-based RSUs		2.8		1.9
Time-based RSUs		4.1		1.9
Total	$	8.8

Stock option activity for the nine months ended September 28, 2013 was as follows:

			Weighted average
	Shares		exercise price
	(in thousands)		(Canadian $)
Balance at December 29, 2012		468	$	7.28
Awarded		392		9.36
Exercised		—		—
Forfeited or expired		—		—
Outstanding at September 28, 2013		860	$	8.23
Exercisable at September 28, 2013		125	$	9.49

During the nine months ended September 28, 2013, 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 29, 2012		825			529
Awarded		247			382
Issued		—			(15	)
Forfeited		(26	)		(37	)
Outstanding at September 28, 2013		1,046			859

On February 14, 2013, our board of directors adopted an amendment and restatement of the 2010 Equity Incentive Plan (the “Amended and Restated Equity Plan”), pursuant to which the 2010 Equity Incentive Plan was amended and restated to, among other things, increase the number of shares that may be issued under the plan to 12,000,000 shares and to provide that the number of shares available for issuance will be reduced 2.0 shares for each share issued pursuant to a “full-value” award (i.e. an award other than an option or stock appreciation right) after the effective date of the amendment and restatement. The Amended and Restated Equity Plan was approved by Cott’s shareowners on April 30, 2013.

Certain outstanding stock options were granted under the 1986 Option Plan. Our board of directors terminated the 1986 Option Plan 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.

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Average Canadian to U.S. Dollar Exchange Rate for the Nine Months Ended September 28, 2013

The weighted-average exercise prices for options in this Note 4 are disclosed in Canadian dollars. The table below represents the average Canadian dollar to U.S. dollar exchange rate for the nine months ended September 28, 2013:

	For the Nine Months Ended
	September 28, 2013
Average exchange rate	$	0.978

Note 5 – Income Taxes

Income tax expense was $2.3 million on pretax income of $34.7 million for the nine months ended September 28, 2013, as compared to income tax expense of $5.5 million on pretax income of $54.4 million for the nine months ended September 29, 2012. The year to date income tax expense was reduced as a result of lower pretax income relative to the comparable prior year period.

Note 6 – 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 Nine Months Ended
(in thousands of shares)	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
Weighted average number of shares outstanding – basic		94,235		94,488		94,922		94,461
Dilutive effect of Stock options		53		32		53		32
Dilutive effect of Performance-based RSUs		167		51		283		43
Dilutive effect of Time-based RSUs		317		1,027		497		1,055
Adjusted weighted average number of shares outstanding – diluted		94,772		95,598		95,755		95,591

At September 28, 2013, we excluded 442,131 (September 29, 2012 – 392,479) 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 treasury shares held in various trusts in the calculation of basic and diluted earnings per share for the nine months ended September 29, 2012.

Note 7 – Segment Reporting

Our product lines include CSDs, 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy products, sports products, new age beverages, and ready-to-drink teas, as well as alcoholic beverages for brand owners. Our business operates through five reporting segments: North America (which includes our U.S. operating segment and 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. The primary measures used in evaluating our reporting segments are revenues, operating income (loss), and additions to property, plant and equipment, which have been included as part of our segment disclosures listed below.

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(in millions of U.S. dollars)	North America		United Kingdom		Mexico			RCI		All Other		Total
For the Three Months Ended September 28, 2013
External revenue1		$   383.3		$142.9		$  7.5			$  9.5		$  —		$   543.2
Depreciation and amortization		20.8		3.8		0.5			—		—		25.1
Operating income (loss)		14.6		9.5		(1.2	)		3.1		—		26.0
Additions to property, plant & equipment		9.0		1.2		—			—		—		10.2
For the Nine Months Ended September 28, 2013
External revenue1		$1,194.6		$368.2		$22.6			$27.0		$  —		$1,612.4
Depreciation and amortization		62.9		10.3		1.5			—		—		74.7
Operating income (loss)		49.3		18.6		(1.6	)		7.4		—		73.7
Additions to property, plant & equipment		33.9		9.5		1.3			—		—		44.7
As of September 28, 2013
Property, plant & equipment		$   371.5		$108.7		$  9.9			$ —		$  —		$  490.1
Goodwill		124.9		11.0		—			4.5		—		140.4
Intangibles and other assets		275.8		27.5		—			0.3		—		303.6
Total assets2		1,195.9		323.3		25.2			15.1		0.9		1,560.4

¹  Intersegment revenue between North America and the other reporting segments was $5.6 million and $14.8 million for the three and nine months ended September 28, 2013, 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 September 29, 2012
External revenue1		$   439.3		$125.5		$  9.7			$  9.3		$  —		$   583.8
Depreciation and amortization		21.1		3.2		0.4			—		—		24.7
Operating income (loss)		18.9		7.8		(1.0	)		2.9		—		28.6
Additions to property, plant & equipment		10.0		1.7		1.5			—		—		13.2
For the Nine Months Ended September 29, 2012
External revenue1		$1,323.1		$356.2		$29.0			$25.1		$  —		$1,733.4
Depreciation and amortization		61.3		9.6		1.3			—		—		72.2
Operating income (loss)		67.4		21.5		(3.2	)		7.1		—		92.8
Additions to property, plant & equipment		39.0		9.8		1.8			—		—		50.6
As of December 29, 2012
Property, plant & equipment		$   382.1		$  99.5		$  9.3			$ —		$  —		$  490.9
Goodwill		125.8		—		—			4.5		—		130.3
Intangibles and other assets		301.1		13.9		0.4			—		—		315.4
Total assets2		1,246.7		273.8		28.1			14.1		3.2		1,565.9

¹  Intersegment revenue between North America and the other reporting segments was $4.9 million and $13.0 million for the three and nine months ended September 29, 2012, respectively.

²  Excludes intersegment receivables, investments and notes receivable.

A significant portion of our revenue is concentrated in a small number of customers. For the nine months ended September 28, 2013, sales to Walmart accounted for 29.9% of our total revenues (September 29, 2012 – 31.3%), 35.9% of our North America reporting segment revenues (September 29, 2012 – 36.3%), 14.1% of our U.K. reporting segment revenues (September 29, 2012 – 15.4%), and 9.5% of our Mexico reporting segment revenues (September 29, 2012 – 21.7%).

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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 Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
United States	$	344.3		$	388.0		$	1,066.9		$	1,169.0
Canada		50.2			63.2			159.8			190.3
United Kingdom		142.9			125.5			368.2			356.2
Mexico		7.5			9.7			22.6			29.0
RCI		9.5			9.3			27.0			25.1
Elimination1		(11.2	)		(11.9	)		(32.1	)		(36.2	)
	$	543.2		$	583.8		$	1,612.4		$	1,733.4

1 Represents intersegment revenue among our operating segments, of which $5.6 million and $14.8 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and nine months ended September 28, 2013, respectively, compared to $4.9 million and $13.0 million for the three and nine months ended September 29, 2012, respectively.

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Revenues by product category were as follows:

For the Three Months Ended September 28, 2013
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	148.1	$	46.7	$	2.4	$	—	$	197.2
Juice		117.4		11.2		0.1		0.5		129.2
Concentrate		2.9		0.5		—		7.1		10.5
All other products		114.9		84.5		5.0		1.9		206.3
Total	$	383.3	$	142.9	$	7.5	$	9.5	$	543.2

For the Nine Months Ended September 28, 2013
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	456.6	$	119.4	$	9.6	$	0.2	$	585.8
Juice		376.8		19.9		0.1		1.9		398.7
Concentrate		8.8		1.7		—		21.2		31.7
All other products		352.4		227.2		12.9		3.7		596.2
Total	$	1,194.6	$	368.2	$	22.6	$	27.0	$	1,612.4

For the Three Months Ended September 29, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	182.3	$	43.1	$	5.1	$	0.3	$	230.8
Juice		133.7		3.7		0.3		0.4		138.1
Concentrate		3.3		0.5		—		8.5		12.3
All other products		120.0		78.2		4.3		0.1		202.6
Total	$	439.3	$	125.5	$	9.7	$	9.3	$	583.8

For the Nine Months Ended September 29, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	533.3	$	121.8	$	16.4	$	0.3	$	671.8
Juice		406.9		10.5		0.7		1.1		419.2
Concentrate		9.6		1.8		—		23.6		35.0
All other products		373.3		222.1		11.9		0.1		607.4
Total	$	1,323.1	$	356.2	$	29.0	$	25.1	$	1,733.4

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Property, plant and equipment, net by operating segment as of September 28, 2013 and December 29, 2012 was as follows:

(in millions of U.S. dollars)	September 28, 2013		December 29, 2012
United States	$	324.8	$	333.7
Canada		46.7		48.4
United Kingdom		108.7		99.5
Mexico		9.9		9.3
Total	$	490.1	$	490.9

Note 8 – Inventories

The following table summarizes inventories as of September 28, 2013 and December 29, 2012:

(in millions of U.S. dollars)	September 28, 2013		December 29, 2012
Raw materials	$	78.4	$	93.4
Finished goods		115.5		111.6
Other		21.5		19.8
Total	$	215.4	$	224.8

Note 9 – Intangibles and Other Assets

The following table summarizes intangibles and other assets as of September 28, 2013:

	September 28, 2013
(in millions of U.S. dollars)	Cost		Accumulated Amortization		Net
Intangibles
Not subject to amortization
Rights	$	45.0	$	—	$	45.0
Subject to amortization
Customer relationships	$	378.5	$	160.8	$	217.7
Trademarks		32.4		24.9		7.5
Information technology		49.1		32.7		16.4
Other		13.2		10.4		2.8
		473.2		228.8		244.4
		518.2		228.8		289.4
Other Assets
Financing costs	$	25.7	$	13.2	$	12.5
Deposits		1.1		—		1.1
Other		0.9		0.3		0.6
		27.7		13.5		14.2
Total Intangibles & Other Assets	$	545.9	$	242.3	$	303.6

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”).

Amortization expense of intangible and other assets was $8.6 million and $25.9 million for the three and nine months ended September 28, 2013, respectively, compared to $8.8 million and $26.6 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 2013	$	10.0
2014		30.8
2015		28.4
2016		25.0
2017		21.1
Thereafter		129.1
	$	244.4

Note 10 – Debt

Our total debt as of September 28, 2013 and December 29, 2012 was as follows:

(in millions of U.S. dollars)	September 28, 2013			December 29, 2012
8.375% senior notes due in 20171	$	215.0		$	215.0
8.125% senior notes due in 2018		375.0			375.0
GE obligation		10.7			9.9
Other capital leases		5.6			4.6
Other debt		1.8			1.3
Total debt		608.1			605.8
Less: Current debt
GE obligation – current maturities		1.9			0.9
Other capital leases – current maturities		1.4			0.8
Other debt – current maturities		0.6			0.2
Total current debt		3.9			1.9
Long-term debt before discount		604.2			603.9
Less discount on 8.375% notes		(1.8	)		(2.1	)
Total long-term debt	$	602.4		$	601.8

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

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.

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 our 8.375% senior notes due 2017 (the “2017 Notes”) by May 1, 2017, May 15, 2017. We incurred $1.2 million of financing fees in connection with the amendment of the ABL facility.

On October 22, 2013, we amended the ABL facility to, among other things, (1) provide for an increase in the lenders’ commitments under the ABL facility to $300 million, as well an increase to the accordion feature, which permits us to increase the lenders’ commitments under the ABL facility to $350 million, subject to certain conditions, (2) extend the maturity date to the earliest of (i) October 22, 2018, (ii) May 15, 2017, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, or (iii) March 1, 2018, if we have not redeemed, repurchased or refinanced the 2018 Notes by February 15, 2018, and (3) provide for greater flexibility under certain covenants. We incurred approximately $0.6 million of financing fees in connection with the amendment of the ABL facility.

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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 and on October 22, 2013, are being amortized using the straight line method over the duration of the amended ABL facility.

As of September 28, 2013, we had no outstanding borrowings under the ABL facility. The commitment fee was 0.375% per annum of the unused commitment, which, taking into account $7.5 million of letters of credit, was $239.0 million as of September 28, 2013.

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 our wholly-owned U.S. subsidiary Cott Beverages Inc., and we and most of our 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.

On September 30, 2013, Cott Beverages Inc. notified Wells Fargo Bank, National Association, as successor trustee to HSBC Bank USA, N.A. under the indenture dated as of November 13, 2009 governing the 2017 Notes (the “Indenture”), that Cott Beverages Inc. will, pursuant to the optional redemption provisions contained in the Indenture, redeem U.S. $200.0 million aggregate principal amount of the 2017 Notes on November 15, 2013 at 104.118% of par. The redemption will include approximately $8 million in premium payments as well as approximately $4 million in deferred financing fee and discount charges.

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 U.S. subsidiary Cott Beverages Inc., and we and most of our 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.

GE Term Loan

In January 2008, we entered into a capital lease finance arrangement with General Electric Capital Corporation (“GE Capital”) for the lease of equipment. In September 2013, we purchased the equipment subject to the lease for an aggregate purchase price of $10.7 million, with the financing for such purchase provided by General Electric at 5.23% interest.

Note 11 – Accumulated Other Comprehensive (Loss) Income

Changes in accumulated other comprehensive (loss) income by component¹ for the nine months ended September 28, 2013 were as follows:

(in millions of U.S. dollars)	September 28, 2013
	Gains and Losses on Derivative Instruments			Pension Benefit Plan Items			Currency Translation Adjustment Items			Total
Beginning balance December 29, 2012	$	0.2		$	(9.1	)	$	(3.5	)	$	(12.4	)
OCI before reclassifications		0.2			(0.3	)		(4.8	)		(4.9	)
Amounts reclassified from AOCI		(0.3	)		0.6			—			0.3
Net current-period OCI		(0.1	)		0.3			(4.8	)		(4.6	)
Ending balance September 28, 2013	$	0.1		$	(8.8	)	$	(8.3	)	$	(17.0	)

¹  All amounts are net of tax. Amounts in parentheses indicate debits.

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The following table summarizes the amounts reclassified from accumulated other comprehensive (loss) income¹ for the three and nine months ended September 28, 2013.

(in millions of U.S. dollars)	Amounts Reclassified From AOCI
Details About AOCI Components	For the Three Months Ended September 28, 2013		For the Nine Months Ended September 28, 2013			Affected Line Item in the Statement Where Net Income Is Presented
Gains and losses on derivative instruments
Foreign currency hedges	$	0.1	$	0.3		Cost of sales
	$	0.1	$	0.3		Total before taxes
		—		—		Tax (expense) or benefit
	$	0.1	$	0.3		Net of tax
Amortization of pension benefit plan items
Prior-service costs2	$	0.1	$	(0.2	)
Actuarial adjustments2		—		(0.1	)
Actuarial gains/(losses)2		—		(0.1	)
		0.1		(0.4	)	Total before tax
		—		(0.2	)	Tax (expense) or benefit
	$	0.1	$	(0.6	)	Net of tax
Total reclassifications for the period	$	0.2	$	(0.3	)	Net of tax

¹  Amounts in parentheses indicate debits.

²  These AOCI components are included in the computation of net periodic pension cost.

Note 12 – 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.

On August 17, 2010, we completed the Cliffstar Acquisition which included contingent consideration of up to $55.0 million. The first $15.0 million of the contingent consideration was paid upon the achievement of milestones in certain expansion projects in 2010. The remainder of the contingent consideration was to be calculated based on the achievement of certain performance measures during the fiscal year ended January 1, 2011. During 2011, Cott made interim payments to the seller equal to $29.6 million, which was net of a $4.7 million refund due to Cott and included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. In 2011, the seller of Cliffstar then raised certain objections to the performance measures used to calculate the contingent consideration, and the parties commenced the dispute resolution mechanism provided for in the asset purchase agreement. The seller’s claims for an additional $12.1 million in contingent consideration were submitted to binding arbitration pursuant to the asset purchase agreement and favorably resolved by payment by Cott in February 2013 of approximately $0.6 million.

We had $7.5 million in standby letters of credit outstanding as of September 28, 2013 (September 29, 2012 – $11.0 million).

Note 13 – Shares Held in Trust Treated as Treasury Shares and Share Repurchase Program

In May 2008, an independent trustee acting on behalf of 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 and the Restated Executive Incentive Share Purchase Plan. During the year ended December 29, 2012, we distributed the remaining 0.7 million shares from the trust to satisfy certain 2010 Equity Incentive Plan obligations that had vested during the last quarter of 2012. As of December 29, 2012, there were no shares held in trust that were accounted for as treasury shares.

On May 1, 2012, our board of directors authorized the repurchase of up to $35.0 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.

20

On April 30, 2013, our board of directors renewed our share repurchase program for up to 5% of Cott’s outstanding common shares over a 12-month period commencing upon the expiration of the prior share repurchase program on May 21, 2013. We repurchased 554,769 shares of common stock for approximately $4.5 million during the third quarter ended September 28, 2013 under the share repurchase program through open market transactions. We are unable to predict the number of shares that ultimately 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.

Note 14 – 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.

All derivatives are carried at fair value in the Consolidated Balance Sheets in the line item other receivables or other payables. 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 15). 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 straight-forward 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 nine months ended September 28, 2013. 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. The total notional value of derivatives that have been designated and qualify for our foreign currency cash flow hedging program as of September 28, 2013 was approximately $5.5 million.

21

The fair value of the Company’s derivative instruments was nil and $0.1 million as of September 28, 2013 and December 29, 2012, respectively.

The settlement of our derivative instruments resulted in a credit to cost of sales of approximately $0.1 million and $0.5 million for the three and nine months ended September 28, 2013, respectively, compared to a charge to cost of sales of $0.3 million and $0.4 million for the comparable prior year periods.

Note 15 – 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.

22

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.

	September 28, 2013
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Fair Value Measurements
Assets
Money market	$	10.0	$	—	$	—	$	10.0
Total Assets	$	10.0	$	—	$	—	$	10.0
	December 29, 2012
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Fair Value Measurements
Assets
Derivatives	$	—	$	0.1	$	—	$	0.1
Total Assets	$	—	$	0.1	$	—	$	0.1

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 September 28, 2013 and December 29, 2012 were as follows:

	September 28, 2013				December 29, 2012
(in millions of U.S. dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
8.375% senior notes due in 20171	$	215.0		225.2	$	215.0		234.4
8.125% senior notes due in 20181		375.0		405.9		375.0		414.8
Total	$	590.0	$	631.1	$	590.0	$	649.2

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.

Note 16 – Guarantor Subsidiaries

The 2017 Notes and 2018 Notes issued by our 100% owned subsidiary, Cott Beverages, Inc., are unconditionally guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other 100% 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. In the third quarter of 2012, we revised the financial statements of certain Non-guarantor Subsidiaries to properly reflect their capitalization and subsequent investment in certain Guarantor Subsidiaries resulting from a reorganization completed in connection with the Cliffstar Acquisition. These Non-guarantor Subsidiaries, which have no business operations and no operating assets, hold, directly or indirectly, our investments in substantially all of the Guarantor Subsidiaries and therefore may be viewed for purposes of this disclosure as in-substance Guarantor Subsidiaries themselves. We have therefore included these Non-guarantor Subsidiaries as Guarantor Subsidiaries in the supplemental financial information below for all periods presented.

23

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	42.5		$	197.6		$	271.5		$	37.4		$	(5.8	)	$	543.2
Cost of sales		39.2			170.5			241.3			33.0			(5.8	)		478.2
Gross profit		3.3			27.1			30.2			4.4			—			65.0
Selling, general and administrative expenses		6.8			14.9			13.2			3.0			—			37.9
Loss on disposal of property, plant & equipment		0.1			0.4			0.6			—			—			1.1
Operating (loss) income		(3.6	)		11.8			16.4			1.4			—			26.0
Other income, net		(0.1	)		—			(0.6	)		—			—			(0.7	)
Intercompany interest (income) expense, net		—			(3.0	)		3.0			—			—			—
Interest (income) expense, net		(0.1	)		13.1			0.2			0.1			—			13.3
(Loss) income before income tax (benefit) expense and equity income (loss)		(3.4	)		1.7			13.8			1.3			—			13.4
Income tax (benefit) expense		(2.8	)		3.9			(1.2	)		0.2			—			0.1
Equity income (loss)		12.6			1.3			(0.3	)		—			(13.6	)		—
Net income (loss)	$	12.0		$	(0.9	)	$	14.7		$	1.1		$	(13.6	)	$	13.3
Less: Net income attributable to non-controlling interests		—			—			—			1.3			—			1.3
Net income (loss) attributed to Cott Corporation	$	12.0		$	(0.9	)	$	14.7		$	(0.2	)	$	(13.6	)	$	12.0
Comprehensive income attributed to Cott Corporation	$	23.8		$	28.9		$	30.6		$	—		$	(59.5	)	$	23.8

24

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Elimination Entries			Consolidated
Revenue, net	$	131.9		$	605.5		$	777.4		$	116.0	$	(18.4	)	$	1,612.4
Cost of sales		114.5			520.1			695.9			102.3		(18.4	)		1,414.4
Gross profit		17.4			85.4			81.5			13.7		—			198.0
Selling, general and administrative expenses		22.3			53.8			37.7			7.1		—			120.9
Loss on disposal of property, plant & equipment		0.1			0.7			0.6			—		—			1.4
Restructuring		0.5			0.5			0.7			0.3		—			2.0
Operating (loss) income		(5.5	)		30.4			42.5			6.3		—			73.7
Other (income), net		(0.1	)		—			(0.3	)		—		—			(0.4	)
Intercompany interest (income) expense, net		—			(8.7	)		8.7			—		—			—
Interest (income) expense, net		(0.2	)		39.1			0.4			0.1		—			39.4
(Loss) income before income tax expense (benefit) and equity income (loss)		(5.2	)		—			33.7			6.2		—			34.7
Income tax (benefit) expense		(2.1	)		5.5			(1.5	)		0.4		—			2.3
Equity income (loss)		31.6			3.9			(0.9	)		—		(34.6	)		—
Net income (loss)	$	28.5		$	(1.6	)	$	34.3		$	5.8	$	(34.6	)	$	32.4
Less: Net income attributable to non-controlling interests		—			—			—			3.9		—			3.9
Net income (loss) attributed to Cott Corporation	$	28.5		$	(1.6	)	$	34.3		$	1.9	$	(34.6	)	$	28.5
Comprehensive income (loss) attributed to Cott Corporation	$	23.9		$	(2.1	)	$	33.3		$	4.1	$	(35.3	)	$	23.9

25

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	52.6		$	220.2		$	271.6		$	46.9		$	(7.5	)	$	583.8
Cost of sales		42.1			187.2			246.7			42.1			(7.5	)		510.6
Gross profit		10.5			33.0			24.9			4.8			—			73.2
Selling, general and administrative expenses		8.1			18.3			15.1			2.3			—			43.8
Loss on disposal of property, plant & equipment		—			0.2			0.1			0.5			—			0.8
Operating income		2.4			14.5			9.7			2.0			—			28.6
Other (income) expense, net		(0.4	)		(1.1	)		0.1			(0.1	)		—			(1.5	)
Intercompany interest (income) expense, net		—			(3.5	)		3.5			—			—			—
Interest expense, net		—			12.8			0.2			0.1			—			13.1
Income before income tax expense (benefit) and equity income		2.8			6.3			5.9			2.0			—			17.0
Income tax expense (benefit)		0.9			1.2			(1.0	)		0.1			—			1.2
Equity income		12.6			1.5			6.5			—			(20.6	)		—
Net income	$	14.5		$	6.6		$	13.4		$	1.9		$	(20.6	)	$	15.8
Less: Net income attributable to non-controlling interests		—			—			—			1.3			—			1.3
Net income attributed to Cott Corporation	$	14.5		$	6.6		$	13.4		$	0.6		$	(20.6	)	$	14.5
Comprehensive income (loss) attributed to Cott Corporation	$	27.2		$	26.8		$	24.0		$	9.6		$	(60.4	)	$	27.2

26

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 29, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	157.6	$	669.9		$	799.1		$	131.5		$	(24.7	)	$	1,733.4
Cost of sales		126.7		564.4			719.4			118.7			(24.7	)		1,504.5
Gross profit		30.9		105.5			79.7			12.8			—			228.9
Selling, general and administrative expenses		23.4		58.0			45.1			7.9			—			134.4
Loss on disposal of property, plant & equipment		—		0.6			0.6			0.5			—			1.7
Operating income		7.5		46.9			34.0			4.4			—			92.8
Other expense (income), net		0.1		(1.0	)		(0.8	)		(0.5	)		—			(2.2	)
Intercompany interest (income) expense, net		—		(8.2	)		8.2			—			—			—
Interest expense, net		0.2		39.8			0.5			0.1			—			40.6
Income before income tax expense (benefit) and equity income		7.2		16.3			26.1			4.8			—			54.4
Income tax expense (benefit)		4.1		1.8			(0.4	)		—			—			5.5
Equity income		42.4		3.8			18.3			—			(64.5	)		—
Net income	$	45.5	$	18.3		$	44.8		$	4.8		$	(64.5	)	$	48.9
Less: Net income attributable to non-controlling interests		—		—			—			3.4			—			3.4
Net income attributed to Cott Corporation	$	45.5	$	18.3		$	44.8		$	1.4		$	(64.5	)	$	45.5
Comprehensive income (loss) attributed to Cott Corporation	$	58.8	$	44.2		$	(38.0	)	$	55.2		$	(61.4	)	$	58.8

27

Consolidating Balance Sheets

(in millions of U.S. dollars)

Unaudited

	As of September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	23.2		$	41.9		$	55.4		$	5.3		$	—		$	125.8
Accounts receivable, net of allowance		22.0			123.5			206.2			14.9			(112.0	)		254.6
Income taxes recoverable		—			0.5			0.2			—			—			0.7
Inventories		19.0			79.2			109.6			7.6			—			215.4
Prepaid expenses and other assets		1.7			15.1			6.2			0.1			—			23.1
Total current assets		65.9			260.2			377.6			27.9			(112.0	)		619.6
Property, plant & equipment, net		50.3			191.9			237.4			10.5			—			490.1
Goodwill		26.6			4.5			109.3			—			—			140.4
Intangibles and other assets, net		1.3			90.9			199.8			11.6			—			303.6
Deferred income taxes		4.9			—			—			0.6			—			5.5
Other tax receivable		0.5			0.1			0.6			—			—			1.2
Due from affiliates		39.6			174.8			78.0			41.9			(334.3	)		—
Investments in subsidiaries		496.9			390.7			824.9			(0.1	)		(1,712.4	)		—
Total assets	$	686.0		$	1,113.1		$	1,827.6		$	92.4		$	(2,158.7	)	$	1,560.4
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	2.5		$	0.5		$	0.9		$	—		$	3.9
Accounts payable and accrued liabilities		30.0			139.1			195.8			6.8			(112.0	)		259.7
Total current liabilities		30.0			141.6			196.3			7.7			(112.0	)		263.6
Long-term debt		0.1			598.4			2.3			1.6			—			602.4
Deferred income taxes		—			35.6			11.4			1.1			—			48.1
Other long-term liabilities		0.1			3.4			20.2			—			—			23.7
Due to affiliates		43.2			76.7			177.3			37.1			(334.3	)		—
Total liabilities		73.4			855.7			407.5			47.5			(446.3	)		937.8
Equity
Capital stock, no par		392.7			574.5			1,728.9			82.5			(2,385.9	)		392.7
Additional paid-in-capital		43.9			—			—			—			—			43.9
Retained earnings (deficit)		193.0			(329.8	)		(317.2	)		(49.0	)		696.0			193.0
Accumulated other comprehensive (loss) income		(17.0	)		12.7			8.4			1.4			(22.5	)		(17.0	)
Total Cott Corporation equity		612.6			257.4			1,420.1			34.9			(1,712.4	)		612.6
Non-controlling interests		—			—			—			10.0			—			10.0
Total equity		612.6			257.4			1,420.1			44.9			(1,712.4	)		622.6
Total liabilities and equity	$	686.0		$	1,113.1		$	1,827.6		$	92.4		$	(2,158.7	)	$	1,560.4

28

Consolidating Balance Sheets

(in millions of U.S. dollars)

	As of December 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	39.8		$	37.5		$	96.4		$	5.7		$	—		$	179.4
Accounts receivable, net of allowance		18.4			111.5			122.3			16.2			(69.0	)		199.4
Income taxes recoverable		—			0.9			0.2			0.1			—			1.2
Inventories		21.1			65.9			130.8			7.0			—			224.8
Prepaid expenses and other assets		2.5			13.4			4.3			0.1			—			20.3
Total current assets		81.8			229.2			354.0			29.1			(69.0	)		625.1
Property, plant & equipment, net		50.7			188.4			242.0			9.8			—			490.9
Goodwill		27.5			4.5			98.3			—			—			130.3
Intangibles and other assets, net		1.0			101.4			198.4			14.6			—			315.4
Deferred income taxes		2.9			—			—			0.4			—			3.3
Other tax receivable		0.2			0.1			0.6			—			—			0.9
Due from affiliates		40.0			175.2			78.0			41.9			(335.1	)		—
Investments in subsidiaries		487.5			389.7			820.0			—			(1,697.2	)		—
Total assets	$	691.6		$	1,088.5		$	1,791.3		$	95.8		$	(2,101.3	)	$	1,565.9
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	1.3		$	0.2		$	0.4		$	—		$	1.9
Accounts payable and accrued liabilities		36.2			119.5			193.1			7.9			(69.0	)		287.7
Total current liabilities		36.2			120.8			193.3			8.3			(69.0	)		289.6
Long-term debt		0.2			598.7			1.5			1.4			—			601.8
Deferred income taxes		—			30.3			7.9			0.9			—			39.1
Other long-term liabilities		0.2			4.0			8.3			—			—			12.5
Due to affiliates		43.2			76.7			177.8			37.4			(335.1	)		—
Total liabilities		79.8			830.5			388.8			48.0			(404.1	)		943.0
Equity
Capital stock, no par		397.8			574.5			1,724.3			83.6			(2,382.4	)		397.8
Additional paid-in-capital		40.4			—			—			—			—			40.4
Retained earnings (deficit)		186.0			(329.7	)		(331.2	)		(46.1	)		707.0			186.0
Accumulated other comprehensive (loss) income		(12.4	)		13.2			9.4			(0.8	)		(21.8	)		(12.4	)
Total Cott Corporation equity		611.8			258.0			1,402.5			36.7			(1,697.2	)		611.8
Non-controlling interests		—			—			—			11.1			—			11.1
Total equity		611.8			258.0			1,402.5			47.8			(1,697.2	)		622.9
Total liabilities and equity	$	691.6		$	1,088.5		$	1,791.3		$	95.8		$	(2,101.3	)	$	1,565.9

29

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	12.0		$	(0.9	)	$	14.7		$	1.1		$	(13.6	)	$	13.3
Depreciation & amortization		1.6			9.6			12.3			1.6			—			25.1
Amortization of financing fees		—			0.7			—			—			—			0.7
Share-based compensation expense		0.3			0.7			0.1			—			—			1.1
(Decrease) increase in deferred income taxes		(2.5	)		3.4			(0.5	)		(0.1	)		—			0.3
Loss on disposal of property, plant & equipment		0.1			0.4			0.6			—			—			1.1
Equity (income) loss, net of distributions		(12.6	)		(1.3	)		0.3			—			13.6			—
Intercompany transactions		2.2			2.4			—			—			(4.6	)		—
Other non-cash items		0.2			(0.2	)		—			—			—			—
Net change in operating assets and liabilities, net of acquisition		(0.4	)		28.3			15.8			(2.5	)		4.6			45.8
Net cash provided by operating activities		0.9			43.1			43.3			0.1			—			87.4
Investing Activities
Acquisition, net of cash acquired		—			(4.7	)		—			—			—			(4.7	)
Additions to property, plant & equipment		(1.1	)		(7.9	)		(1.2	)		—			—			(10.2	)
Additions to intangibles and other assets		—			(2.1	)		—			—			—			(2.1	)
Proceeds from sale of property, plant & equipment		—			—			—			0.2			—			0.2
Advances to affiliates		—			—			—			0.3			(0.3	)		—
Net cash (used in) provided by investing activities		(1.1	)		(14.7	)		(1.2	)		0.5			(0.3	)		(16.8	)
Financing Activities
Payments of long-term debt		—			—			(0.1	)		(0.5	)		—			(0.6	)
Advances from affiliates		(0.3	)		—			—			—			0.3			—
Distributions to non-controlling interests		—			—			—			(2.2	)		—			(2.2	)
Common shares repurchased and cancelled		(4.5	)		—			—			—			—			(4.5	)
Financing fees		(0.1	)		—			—			—			—			(0.1	)
Dividends to shareholders		(5.5	)		—			—			—			—			(5.5	)
Net cash (used in) provided by financing activities		(10.4	)		—			(0.1	)		(2.7	)		0.3			(12.9	)
Effect of exchange rate changes on cash		0.5			—			0.8			—			—			1.3
Net (decrease) increase in cash & cash equivalents		(10.1	)		28.4			42.8			(2.1	)		—			59.0
Cash & cash equivalents, beginning of period		33.3			13.5			12.6			7.4			—			66.8
Cash & cash equivalents, end of period	$	23.2		$	41.9		$	55.4		$	5.3		$	—		$	125.8

30

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	28.5		$	(1.6	)	$	34.3		$	5.8		$	(34.6	)	$	32.4
Depreciation & amortization		4.7			29.0			36.4			4.6			—			74.7
Amortization of financing fees		0.1			2.0			0.1			—			—			2.2
Share-based compensation expense		1.1			2.2			0.3			—			—			3.6
(Decrease) increase in deferred income taxes		(2.0	)		5.2			(1.2	)		(0.1	)		—			1.9
Loss on disposal of property, plant & equipment		0.1			0.7			0.6			—			—			1.4
Equity (income) loss, net of distributions		(31.6	)		(3.9	)		0.9			—			34.6			—
Intercompany transactions		24.7			5.3			—			—			(30.0	)		—
Other non-cash items		0.2			—			—			—			—			0.2
Net change in operating assets and liabilities, net of acquisition		(4.8	)		2.4			(76.9	)		(4.2	)		30.0			(53.5	)
Net cash provided by (used in) operating activities		21.0			41.3			(5.5	)		6.1			—			62.9
Investing Activities
Acquisition, net of cash acquired		—			(4.7	)		(6.5	)		—			—			(11.2	)
Additions to property, plant & equipment		(6.0	)		(27.9	)		(9.5	)		(1.3	)		—			(44.7	)
Additions to intangibles and other assets		—			(4.0	)		—			—			—			(4.0	)
Proceeds from sale of property, plant & equipment		—			—			—			0.2			—			0.2
Proceeds from insurance recoveries		—			0.4			—			—			—			0.4
Advances to affiliates		—			—			—			0.4			(0.4	)		—
Net cash used in investing activities		(6.0	)		(36.2	)		(16.0	)		(0.7	)		(0.4	)		(59.3	)
Financing Activities
Payments of long-term debt		(0.1	)		(0.7	)		(18.6	)		(0.8	)		—			(20.2	)
Advances from affiliates		(0.4	)		—			—			—			0.4			—
Distributions to non-controlling interests		—			—			—			(5.0	)		—			(5.0	)
Common shares repurchased and cancelled		(12.9	)		—			—			—			—			(12.9	)
Financing fees		(0.1	)		—			—			—			—			(0.1	)
Dividends to shareholders		(16.7	)		—			—			—			—			(16.7	)
Net cash used in financing activities		(30.2	)		(0.7	)		(18.6	)		(5.8	)		0.4			(54.9	)
Effect of exchange rate changes on cash		(1.4	)		—			(0.9	)		—			—			(2.3	)
Net (decrease) increase in cash & cash equivalents		(16.6	)		4.4			(41.0	)		(0.4	)		—			(53.6	)
Cash & cash equivalents, beginning of period		39.8			37.5			96.4			5.7			—			179.4
Cash & cash equivalents, end of period	$	23.2		$	41.9		$	55.4		$	5.3		$	—		$	125.8

31

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	14.5		$	6.6		$	13.4		$	1.9		$	(20.6	)	$	15.8
Depreciation & amortization		1.6			9.4			12.1			1.6			—			24.7
Amortization of financing fees		0.1			0.6			0.1			—			—			0.8
Share-based compensation expense		0.2			0.9			0.3			(0.1	)		—			1.3
Increase (decrease) in deferred income taxes		0.6			1.2			(1.3	)		0.1			—			0.6
Loss on disposal of property, plant & equipment		—			0.2			0.1			0.5			—			0.8
Equity (loss) income, net of distributions		(12.6	)		(1.5	)		(6.5	)		—			20.6			—
Intercompany transactions		2.1			2.1			—			—			(4.2	)		—
Other non-cash items		(0.4	)		(1.0	)		—			—			—			(1.4	)
Net change in operating assets and liabilities		16.4			0.9			(3.4	)		(2.7	)		4.2			15.4
Net cash provided by operating activities		22.5			19.4			14.8			1.3			—			58.0
Investing Activities
Acquisition		—			(4.7	)		—			—			—			(4.7	)
Additions to property, plant & equipment		(1.2	)		(9.0	)		(1.7	)		(1.3	)		—			(13.2	)
Additions to intangibles and other assets		(0.5	)		(1.1	)		0.6			—			—			(1.0	)
Proceeds from sale of assets held for sale		—			—			—			1.3			—			1.3
Proceeds from insurance recoveries		—			1.7			—			—			—			1.7
Advances to affiliates		—			—			—			(1.6	)		1.6			—
Net cash used in investing activities		(1.7	)		(13.1	)		(1.1	)		(1.6	)		1.6			(15.9	)
Financing Activities
Payments of long-term debt		0.1			(0.2	)		—			(0.1	)		—			(0.2	)
Advances from affiliates		1.6			—			—			—			(1.6	)		—
Distributions to non-controlling interests		—			—			—			(1.9	)		—			(1.9	)
Financing fees		—			(1.2	)		—			—			—			(1.2	)
Net cash provided by (used in) financing activities		1.7			(1.4	)		—			(2.0	)		(1.6	)		(3.3	)
Effect of exchange rate changes on cash		1.2			—			0.8			0.2			—			2.2
Net increase (decrease) in cash & cash equivalents		23.7			4.9			14.5			(2.1	)		—			41.0
Cash & cash equivalents, beginning of period		16.8			3.2			18.8			8.3			—			47.1
Cash & cash equivalents, end of period	$	40.5		$	8.1		$	33.3		$	6.2		$	—		$	88.1

32

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	45.5		$	18.3		$	44.8		$	4.8		$	(64.5	)	$	48.9
Depreciation & amortization		4.7			27.1			36.0			4.4			—			72.2
Amortization of financing fees		0.2			2.5			0.2			—			—			2.9
Share-based compensation expense		1.0			1.7			0.8			—			—			3.5
Increase (decrease) in deferred income taxes		1.7			3.7			(0.7	)		(0.1	)		—			4.6
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			0.6			0.6			0.5			—			1.7
Equity (loss) income, net of distributions		(42.4	)		(3.8	)		(18.3	)		—			64.5			—
Intercompany transactions		18.3			3.5			—			—			(21.8	)		—
Other non-cash items		—			(0.8	)		—			—			—			(0.8	)
Net change in operating assets and liabilities, net of acquisition		(2.3	)		(20.1	)		(76.2	)		(2.3	)		21.8			(79.1	)
Net cash provided by (used in) operating activities		26.7			32.7			(13.7	)		7.3			—			53.0
Investing Activities
Acquisition		—			(4.7	)		(5.0	)		—			—			(9.7	)
Additions to property, plant & equipment		(5.4	)		(33.8	)		(9.8	)		(1.6	)		—			(50.6	)
Additions to intangibles and other assets		(0.5	)		(4.7	)		0.5			—			—			(4.7	)
Proceeds from sale of property, plant & equipment		—			—			1.0			1.3			—			2.3
Proceeds from insurance recoveries		—			1.7			—			—			—			1.7
Advances to affiliates		—			—			—			(5.1	)		5.1			—
Net cash used in investing activities		(5.9	)		(41.5	)		(13.3	)		(5.4	)		5.1			(61.0	)
Financing Activities
Payments of long-term debt		0.1			(2.6	)		—			(0.3	)		—			(2.8	)
Borrowings under ABL		—			24.5			—			—			—			24.5
Payments under ABL		—			(24.5	)		—			—			—			(24.5	)
Advances from affiliates		5.1			—			—			—			(5.1	)		—
Distributions to non-controlling interests		—			—			—			(3.3	)		—			(3.3	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)
Financing Fees		—			(1.2	)		—			—			—			(1.2	)
Net cash provided by (used in) financing activities		4.9			(3.8	)		—			(3.6	)		(5.1	)		(7.6	)
Effect of exchange rate changes on cash		1.1			—			1.4			0.3			—			2.8
Net increase (decrease) in cash & cash equivalents		26.8			(12.6	)		(25.6	)		(1.4	)		—			(12.8	)
Cash & cash equivalents, beginning of period		13.7			20.7			58.9			7.6			—			100.9
Cash & cash equivalents, end of period	$	40.5		$	8.1		$	33.3		$	6.2		$	—		$	88.1

Note 17 – Subsequent Events

On September 30, 2013, Cott Beverages Inc. notified Wells Fargo Bank, National Association, as successor trustee to HSBC Bank USA, N.A. under the Indenture, that Cott Beverages Inc. will, pursuant to the optional redemption provisions contained in the Indenture, redeem U.S. $200.0 million aggregate principal amount of the 2017 Notes on November 15, 2013 at 104.118% of par. The redemption will include approximately $8 million in premium payments as well as approximately $4 million in deferred financing fee and discount charges.

On October 22, 2013, we amended the ABL facility to, among other things, (1) provide for an increase in the lenders’ commitments under the ABL facility to $300 million, as well an increase to the accordion feature, which permits us to increase the lenders’ commitments under the ABL facility to $350 million, subject to certain conditions, (2) extend the maturity date to the earliest of (i) October 22, 2018, (ii) May 15, 2017, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, or (iii) March 1, 2018, if we have not redeemed, repurchased or refinanced the 2018 Notes by February 15, 2018, and (3) provide for greater flexibility under certain covenants. We incurred approximately $0.6 million of financing fees in connection with the amendment of the ABL facility.

On October 29, 2013, our board of directors declared a dividend of CAD$0.06 per common share, payable in cash on December 12, 2013 to shareowners of record at the close of business on December 2, 2013.

33

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 29, 2012 (the “2012 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 2012 Annual Report.

Overview

We are one of the world’s largest producers of beverages on behalf of retailers, brand owners and distributors. Our objective of creating sustainable long-term growth in revenue and profitability is predicated on working closely with our customers 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 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 raw materials and related accounts payable fluctuate based upon the demand for our products as well as the timing of the fruit growing seasons. The seasonality of our sales volume combined with the seasonal nature of fruit growing 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 high summer demand, and with fruit inventories peaking 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 affect our 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 most significant commodities are aluminum, polyethylene terephthalate (“PET”) resin, corn, sugar, fruit and fruit concentrates. We attempt to manage our exposure to fluctuations in ingredient and packaging costs by entering into fixed price commitments for a portion of our ingredient and packaging requirements and implementing price increases as needed.

In June of 2013, our United Kingdom (“U.K.”) reporting segment acquired 100 percent of the share capital of Cooke Bros Holdings Limited, which includes the subsidiary companies Calypso Soft Drinks Limited and Mr. Freeze (Europe) Limited (together, “Calypso Soft Drinks”). Calypso Soft Drinks produces fruit juices, juice drinks, soft drinks, and freeze products in the United Kingdom. The aggregate purchase price for the acquisition of Calypso Soft Drinks (the “Calypso Soft Drinks Acquisition”) was $12.1 million, which includes approximately $7 million paid at closing, deferred payments of approximately $2.3 million and $3.0 million to be paid on the first and second anniversary of the closing date of the Calypso Soft Drinks Acquisition, respectively. The closing payment was funded from available cash.

In 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 payable in equal installments over three years and contingent consideration of up to $55.0 million (the “Cliffstar Acquisition”). The first $15.0 million of the contingent consideration was paid upon the achievement of milestones in certain expansion projects in 2010. The remainder of the contingent consideration was to be calculated based on the achievement of certain performance measures during the fiscal year ended January 1, 2011. In 2011, the seller of Cliffstar raised certain objections to the performance measures used to calculate the contingent consideration, and the parties commenced the dispute resolution mechanism provided for in the asset purchase agreement. During 2011, we made interim payments to the seller equal to $29.6 million, which was net of a $4.7 million refund due to us and included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s claims for an additional $12.1 million in contingent consideration were submitted to binding arbitration pursuant to the asset purchase agreement and favorably resolved in February 2013 by our payment of $0.6 million to settle all claims.

We supply Walmart and its affiliated companies, under annual non-exclusive supply agreements, with a variety of products in the United States, Canada, the United Kingdom, and Mexico, including carbonated soft drinks (“CSDs”), 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy products, sports products, new age beverages, and ready-to-drink teas. During the first nine months of 2013, we supplied Walmart with all of its private-label CSDs in the United States. In the event Walmart were to utilize additional suppliers to fulfill a portion of its requirements for such products, our operating results could be materially adversely affected. Sales to Walmart for the nine months ended September 28, 2013 and September 29, 2012 accounted for 29.9% and 31.3% of total revenue, respectively.

34

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 to separate the impact of currency exchange rate changes from our results of operations, and, in some cases, by excluding the impact of the Calypso Soft Drinks Acquisition. We exclude these items to better understand trends in the business and the impact of the Calypso Soft Drinks 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. We also use EBITDA, as do analysts, lenders, investors and others, 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, which is EBITDA adjusted for inventory step-up (step-down), acquisition costs, and integration costs related to the Calypso Soft Drinks Acquisition or the Cliffstar Acquisition, as the case may be (“Adjusted EBITDA”). We consider Adjusted EBITDA to be an indicator of our operating performance. Adjusted EBITDA excludes certain items to make more meaningful period-over-period comparisons of our ongoing core operations before material charges.

We also utilize adjusted net income, which is GAAP earnings (loss) excluding purchase accounting adjustments, integration expenses, restructuring expenses and asset impairments, as well as adjusted earnings per diluted share, which is adjusted net income divided by diluted weighted average outstanding shares. We consider these measures to be indicators of our operating performance. These measures exclude certain items to make period-over-period comparisons of our ongoing core operations before material charges.

Additionally, we supplement our reporting of net cash provided by operating activities determined in accordance with GAAP by excluding capital expenditures to present free cash flow, which management believes provides useful information to investors about the amount of cash generated by the business that, after the acquisition of property and equipment, can be used for strategic opportunities, including investing in our business, making strategic acquisitions, paying dividends, and strengthening the balance sheet.

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

Summary financial results

Our net income for the three months ended September 28, 2013 (the “third quarter”) and the nine months ended September 28, 2013 (“first nine months of 2013” or “year to date”) was $12.0 million or $0.13 per diluted share and $28.5 million or $0.30 per diluted share, respectively, compared to net income of $14.5 million or $0.15 per diluted share and $45.5 million or $0.48 per diluted share for the three and nine months ended September 29, 2012, respectively.

The following items of significance impacted our financial results for the third quarter and first nine months of 2013:

• our revenue decreased 7.0% year to date from the comparable prior year period (8.1% excluding the impact of Calypso) due primarily to lower global volumes slightly offset by an increase in average price per case on a global basis. Absent foreign exchange impact, revenue decreased 6.4% year to date from the comparable prior year period;

• our gross profit as a percentage of revenue decreased to 12.0% and 12.3% for the third quarter and year to date, respectively, compared to 12.5% and 13.2%, respectively, from the comparable prior year period due primarily to lower volumes which resulted in unfavorable fixed cost absorption;

• our filled beverage 8-ounce equivalents (“beverage case volume”), which excludes concentrate sales, decreased 8.3% year to date due primarily to the general market decline in the North American CSD category and increased promotional activity from the national brands;

• our selling, general and administrative (“SG&A”) expenses for the first nine months decreased to $120.9 million from $134.4 million in the comparable prior year period due primarily to lower employee-related expenses and a reduction in professional fees and similar costs;

35

• our loss on disposal of property, plant and equipment was related to the disposal of approximately $1.4 million of equipment that was either replaced or no longer being used in our U.S. operating segment;

• other income was $0.4 million year to date compared to other income of $2.2 million in the comparable prior year period due to insurance recoveries in excess of the loss incurred on a U.S. facility in the amount of $1.3 million and recording a bargain purchase of $0.9 million in the U.K. in the prior year compared to $0.4 million in income associated with foreign exchange effects in the current year;

• our interest expense decreased by $1.2 million as a result of an amendment to our ABL facility to more favorable terms;

• our income tax expense was $2.3 million year to date compared to $5.5 million in the comparable prior year period, due primarily to a reduction in pretax income.;

• our Adjusted EBITDA decreased 9.4% to $154.3 million year to date from $170.4 million in the comparable prior year period due to the items listed above; and

• our adjusted net income and adjusted earnings per diluted share were $33.5 million and $0.35 year to date, respectively, compared to $48.7 million and $0.51 in the prior year, respectively.

The following items of significance impacted our financial results for the third quarter and first nine months of 2012:

• our revenue decreased 2.9% year to date 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 a product mix shift into juice drinks and sports drinks from 100% shelf-stable juice. Absent foreign exchange impact, revenue decreased 1.9% year to date from the comparable prior year period;

• our gross profit as a percentage of revenue increased to 12.5% and 13.2% for the third quarter and year to date, respectively, compared to 11.1% and 12.6%, respectively, from the comparable prior year periods due primarily to increased pricing on products and our exit from lower margin business;

• our beverage case volume decreased 8.7% year to date due primarily to the exit of certain low margin business and the continuing decline in the North America CSD industry;

• our SG&A expenses for the first nine months of 2012 increased to $134.4 million from $128.3 million in the comparable prior year period due primarily to an increase in certain employee-related costs compared to a lowering of the annual incentive and long-term incentive accruals in the prior year;

• our loss on disposal of property, plant and equipment year to date was the result of the sale of a facility in each of Mexico and the U.K. and normal operational disposals;

• our other income was $2.2 million year to date as a result of insurance recoveries in excess of the loss incurred on a U.S. facility in the amount of $1.3 million and recording a bargain purchase of $0.9 million in the U.K. compared to other expense of $2.1 million in the comparable prior year period, which was the result of $1.2 million in foreign exchange effects and $0.9 million in adjustments to the contingent consideration associated with the Cliffstar Acquisition;

• our interest expense decreased by $2.8 million year to date as a result of decreased debt balances held throughout the period;

• our income tax expense was $5.5 million year to date compared to a $1.7 million benefit in the comparable prior year period, due primarily to the recording of $4.3 million of allowances against deferred tax assets in the U.S. that are uncertain to be realized and the lapping of a favorable tax settlement in the prior year; and

• our Adjusted EBITDA increased 2.8% to $170.4 million year to date from $165.8 million in the comparable prior year period.

36

The following table summarizes our Consolidated Statements of Operations as a percentage of revenue for the three and nine months ended September 28, 2013 and September 29, 2012, respectively:

	For the Three Months Ended												For the Nine Months Ended
	September 28, 2013						September 29, 2012						September 28, 2013						September 29, 2012
(in millions of U.S. dollars)	$			%			$			%			$			%			$			%
Revenue		543.2			100.0			583.8			100.0			1,612.4			100.0			1,733.4			100.0
Cost of sales		478.2			88.0			510.6			87.5			1,414.4			87.7			1,504.5			86.8
Gross profit		65.0			12.0			73.2			12.5			198.0			12.3			228.9			13.2
Selling, general, and administrative expenses		37.9			7.0			43.8			7.5			120.9			7.5			134.4			7.8
Loss on disposal of property, plant & equipment		1.1			0.2			0.8			0.1			1.4			0.1			1.7			0.1
Restructuring		—			—			—			—			2.0			0.1			—			—
Operating income		26.0			4.8			28.6			4.9			73.7			4.6			92.8			5.4
Other income, net		(0.7	)		(0.1	)		(1.5	)		(0.3	)		(0.4	)		(0.0	)		(2.2	)		(0.1	)
Interest expense, net		13.3			2.4			13.1			2.2			39.4			2.4			40.6			2.3
Income before income taxes		13.4			2.5			17.0			2.9			34.7			2.2			54.4			3.1
Income tax expense		0.1			0.0			1.2			0.2			2.3			0.1			5.5			0.3
Net income		13.3			2.4			15.8			2.7			32.4			2.0			48.9			2.8
Less: Net income attributable to non-controlling interests		1.3			0.2			1.3			0.2			3.9			0.2			3.4			0.2
Net income attributed to Cott Corporation		12.0			2.2			14.5			2.5			28.5			1.8			45.5			2.6
Depreciation & amortization		25.1			4.6			24.7			4.2			74.7			4.6			72.2			4.2

The following table summarizes our revenue and operating income (loss) by reporting segment for the three and nine months ended September 28, 2013 and September 29, 2012, respectively:

	For the Three Months Ended						For the Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Revenue
North America	$	383.3		$	439.3		$	1,194.6		$	1,323.1
United Kingdom		142.9			125.5			368.2			356.2
Mexico		7.5			9.7			22.6			29.0
RCI		9.5			9.3			27.0			25.1
Total	$	543.2		$	583.8		$	1,612.4		$	1,733.4
Operating income (loss)
North America	$	14.6		$	18.9		$	49.3		$	67.4
United Kingdom		9.5			7.8			18.6			21.5
Mexico		(1.2	)		(1.0	)		(1.6	)		(3.2	)
RCI		3.1			2.9			7.4			7.1
Total	$	26.0		$	28.6		$	73.7		$	92.8

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

37

The following table summarizes our beverage case volume by reporting segment for the three and nine months ended September 28, 2013 and September 29, 2012, respectively:

	For the Three Months Ended				For the Nine Months Ended
(in millions of physical cases)	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
Volume – 8 oz equivalent cases – Total Beverage (including concentrate)
North America		165.3		190.1		512.9		573.9
United Kingdom		58.5		53.9		157.4		154.5
Mexico		4.5		6.4		14.2		19.0
RCI		64.1		77.5		194.8		220.2
Total		292.4		327.9		879.3		967.6
Volume – 8 oz equivalent cases – Filled Beverage
North America		146.9		167.3		451.4		505.6
United Kingdom		55.8		50.5		145.9		143.1
Mexico		4.5		6.4		14.2		19.0
RCI		0.4		0.3		0.9		0.3
Total		207.6		224.5		612.4		668.0

The following tables summarize revenue and volume by product for the three and nine months ended September 28, 2013 and September 29, 2012, respectively:

For the Three Months Ended September 28, 2013
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	148.1	$	46.7	$	2.4	$	—	$	197.2
Juice		117.4		11.2		0.1		0.5		129.2
Concentrate		2.9		0.5		—		7.1		10.5
All other products		114.9		84.5		5.0		1.9		206.3
Total	$	383.3	$	142.9	$	7.5	$	9.5	$	543.2
For the Three Months Ended September 28, 2013
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume – 8 oz equivalent cases – Total Beverage (including concentrate)
Carbonated soft drinks		67.1		23.4		1.4		0.1		92.0
Juice		27.0		2.5		—		0.2		29.7
Concentrate		18.4		2.7		—		63.7		84.8
All other products		52.8		29.9		3.1		0.1		85.9
Total		165.3		58.5		4.5		64.1		292.4
For the Nine Months Ended September 28, 2013
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	456.6	$	119.4	$	9.6	$	0.2	$	585.8
Juice		376.8		19.9		0.1		1.9		398.7
Concentrate		8.8		1.7		—		21.2		31.7
All other products		352.4		227.2		12.9		3.7		596.2
Total	$	1,194.6	$	368.2	$	22.6	$	27.0	$	1,612.4

38

For the Nine Months Ended September 28, 2013
(in millions of physical cases)	North America		United Kingdom		Mexico		RCI		Total
Volume – 8 oz equivalent cases – Total Beverage (including concentrate)
Carbonated soft drinks		206.0		61.1		5.9		0.2		273.2
Juice		86.5		4.8		0.1		0.4		91.8
Concentrate		61.5		11.5		—		193.9		266.9
All other products		158.9		80.0		8.2		0.3		247.4
Total		512.9		157.4		14.2		194.8		879.3
For the Three Months Ended September 29, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	182.3	$	43.1	$	5.1	$	0.3	$	230.8
Juice		133.7		3.7		0.3		0.4		138.1
Concentrate		3.3		0.5		—		8.5		12.3
All other products		120.0		78.2		4.3		0.1		202.6
Total	$	439.3	$	125.5	$	9.7	$	9.3	$	583.8
For the Three Months Ended September 29, 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		77.0		22.7		3.7		0.1		103.5
Juice		30.1		1.0		0.4		0.2		31.7
Concentrate		22.8		3.4		—		77.2		103.4
All other products		60.2		26.8		2.3		—		89.3
Total		190.1		53.9		6.4		77.5		327.9
For the Nine Months Ended September 29, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	533.3	$	121.8	$	16.4	$	0.3	$	671.8
Juice		406.9		10.5		0.7		1.1		419.2
Concentrate		9.6		1.8		—		23.6		35.0
All other products		373.3		222.1		11.9		0.1		607.4
Total	$	1,323.1	$	356.2	$	29.0	$	25.1	$	1,733.4
For the Nine Months Ended September 29, 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		235.2		63.8		11.6		0.1		310.7
Juice		92.6		2.8		0.7		0.2		96.3
Concentrate		68.3		11.4		—		219.9		299.6
All other products		177.8		76.5		6.7		—		261.0
Total		573.9		154.5		19.0		220.2		967.6

39

Results of operations

The following tables summarize the change in revenue by reporting segment for the three and nine months ended September 28, 2013 and September 29, 2012, respectively:

	For the Three Months Ended
(in millions of U.S. dollars)	September 28, 2013
	Cott			North America			United Kingdom			Mexico			RCI
Change in revenue	$	(40.6	)	$	(56.0	)	$	17.4		$	(2.2	)	$	0.2
Impact of foreign exchange1		4.7			2.0			2.9			(0.2	)		—
Change excluding foreign exchange	$	(35.9	)	$	(54.0	)	$	20.3		$	(2.4	)	$	0.2
Percentage change in revenue		–7.0	%		–12.7	%		13.9	%		–22.7	%		2.2	%
Percentage change in revenue excluding foreign exchange		–6.1	%		–12.3	%		16.2	%		–24.7	%		2.2	%

	For the Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013
	Cott			North America			United Kingdom			Mexico			RCI
Change in revenue	$	(121.0	)	$	(128.5	)	$	12.0		$	(6.4	)	$	1.9
Impact of foreign exchange1		9.2			2.9			7.3			(1.0	)		—
Change excluding foreign exchange	$	(111.8	)	$	(125.6	)	$	19.3		$	(7.4	)	$	1.9
Percentage change in revenue		–7.0	%		–9.7	%		3.4	%		–22.1	%		7.6	%
Percentage change in revenue excluding foreign exchange		–6.4	%		–9.5	%		5.4	%		–25.5	%		7.6	%

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

	For the Three Months Ended
(in millions of U.S. dollars)	September 29, 2012
	Cott			North America			United Kingdom			Mexico			RCI
Change in revenue	$	(27.5	)	$	(28.8	)	$	1.0		$	(3.0	)	$	3.3
Impact of foreign exchange1		5.5			1.6			2.9			1.0			—
Change excluding foreign exchange	$	(22.0	)	$	(27.2	)	$	3.9		$	(2.0	)	$	3.3
Percentage change in revenue		–4.5	%		–6.2	%		0.8	%		–23.6	%		55.0	%
Percentage change in revenue excluding foreign exchange		–3.6	%		–5.8	%		3.1	%		–15.7	%		55.0	%

	For the Nine Months Ended
(in millions of U.S. dollars)	September 29, 2012
	Cott			North America			United Kingdom			Mexico			RCI
Change in revenue	$	(52.0	)	$	(65.1	)	$	19.4		$	(11.3	)	$	5.0
Impact of foreign exchange1		17.2			5.0			8.3			3.9			—
Change excluding foreign exchange	$	(34.8	)	$	(60.1	)	$	27.7		$	(7.4	)	$	5.0
Percentage change in revenue		–2.9	%		–4.7	%		5.8	%		–28.0	%		24.9	%
Percentage change in revenue excluding foreign exchange		–1.9	%		–4.3	%		8.2	%		–18.4	%		24.9	%

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

40

The following table summarizes our EBITDA and Adjusted EBITDA for the three and nine months ended September 28, 2013 and September 29, 2012, respectively.

	For the Three Months Ended				For the Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
Net income attributed to Cott Corporation	$	12.0	$	14.5	$	28.5	$	45.5
Interest expense, net		13.3		13.1		39.4		40.6
Income tax expense		0.1		1.2		2.3		5.5
Depreciation & amortization		25.1		24.7		74.7		72.2
Net income attributable to non-controlling interests		1.3		1.3		3.9		3.4
EBITDA	$	51.8	$	54.8	$	148.8	$	167.2
Restructuring		—		—		2.0		—
Foreign regulatory adjustments		0.5		—		0.5		—
Acquisition adjustments
Inventory step-up		0.7		—		1.0		0.1
Acquisition costs		0.1		—		1.6		—
Integration costs		0.4		1.3		0.4		3.1
Adjusted EBITDA	$	53.5	$	56.1	$	154.3	$	170.4

The following table summarizes our adjusted net income and adjusted earnings per share for the three and nine months ended September 28, 2013 and September 29, 2012, respectively.

	For the Three Months Ended				For the Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
Net income attributed to Cott Corporation	$	12.0	$	14.5	$	28.5	$	45.5
Restructuring, net of tax		—		—		1.9		—
Foreign regulatory adjustments, net of tax		0.5		—		0.5		—
Acquisition adjustments, net of tax
Inventory step-up		0.5		—		0.8		0.1
Acquisition costs		0.1		—		1.4		—
Integration costs		0.4		1.3		0.4		3.1
Adjusted net income attributed to Cott Corporation	$	13.5	$	15.8	$	33.5	$	48.7
Adjusted net income per common share attributed to Cott Corporation
Basic	$	0.14	$	0.17	$	0.35	$	0.52
Diluted	$	0.14	$	0.17	$	0.35	$	0.51
Weighted average outstanding shares (millions) attributed to Cott Corporation
Basic		94.2		94.5		94.9		94.5
Diluted		94.8		95.6		95.8		95.6

The following unaudited financial information for the three and nine months ended September 28, 2013 represents the activity of Calypso Soft Drinks that has been combined with our United Kingdom operations as of the date of acquisition.

(in millions of U.S. dollars)	For the Three Months Ended September 28, 2013			For the Nine Months Ended September 28, 2013
Revenue
United Kingdom	$	142.9		$	368.2
Less: Calypso Soft Drinks		(15.7	)		(19.9	)
United Kingdom excluding Calypso Soft Drinks	$	127.2		$	348.3

41

The following table summarizes our free cash flow for the three and nine months ended September 28, 2013 and September 29, 2012, respectively.

	For the Three Months Ended
(in millions of U.S. dollars)	September 28, 2013			September 29, 2012
Net cash provided by operating activities	$	87.4		$	58.0
Less: Capital expenditures		(10.2	)		(13.2	)
Free Cash Flow	$	77.2		$	44.8
	For the Nine Months Ended
	September 28, 2013			September 29, 2012
Net cash provided by operating activities	$	62.9		$	53.0
Less: Capital expenditures		(44.7	)		(50.6	)
Free Cash Flow	$	18.2		$	2.4

Revenue – Revenue decreased $40.6 million or 7.0% and $121.0 million or 7.0% in the third quarter and year to date, respectively, from the comparable prior year periods. Excluding the impact of foreign exchange, revenue decreased 6.1% and 6.4% in the third quarter and year to date, respectively, from the comparable prior year periods.

North America revenue decreased $56.0 million or 12.7% and $128.5 million or 9.7% in the third quarter and year to date, respectively, from the comparable prior year periods due primarily to a 12.2% and 10.7% decrease in beverage case volume in the third 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) decreased 0.6% and increased 1.1% in the third quarter and year to date, respectively, from the comparable prior year periods. The declines were primarily due to the general market decline in the North American carbonated soft drink (“CSD”) category and increased promotional activity from the national brands in North America.

U.K. revenue increased $17.4 million or 13.9% and $12.0 million or 3.4% in the third quarter and year to date, respectively, from the comparable prior year periods. Absent foreign exchange impact, U.K. revenue increased 16.2% and 5.4% in the third quarter and year to date, respectively. Excluding the revenues associated with Calypso, U.K. revenue increased $1.7 million and decreased $7.9 million in the third quarter and year to date, respectively, primarily due to the good weather experienced in the third quarter offset in part by narrowing price gaps associated with national brands, particularly in the energy and sports drink categories as well as poor weather experienced during the first half of the year.

Mexico revenue decreased $2.2 million or 22.7% and $6.4 million or 22.1% in the third quarter and year to date, respectively, from the comparable prior year periods due primarily to the exiting of low gross margin business offset in part by a 10.0% and 4.3% increase in net selling price per beverage case in the third quarter and year to date, respectively. Absent foreign exchange impact, Mexico revenue decreased 24.7% and 25.5% in the third quarter and year to date, respectively.

RCI revenue increased $0.2 million or 2.2% and $1.9 million or 7.6% in the third quarter and year to date, respectively, from the comparable prior year periods due primarily to some business wins and an increase in average price per case.

Cost of Sales – Cost of sales represented 88.0% and 87.7% of revenue in the third quarter and year to date, respectively, compared to 87.5% and 86.8% in the comparable prior year periods. The increase in cost of sales as a percentage of revenue in the periods was due primarily to unfavorable fixed cost absorption associated with lower global volumes.

Gross Profit – Gross profit as a percentage of revenue decreased to 12.0% and 12.3% in the third quarter and year to date, respectively, from 12.5% and 13.2% in the comparable prior year periods due primarily to lower global volumes which resulted in unfavorable fixed cost absorption.

Selling, General and Administrative Expenses – SG&A expenses decreased $5.9 million or 13.5% and $13.5 million or 10.0% in the third quarter and year to date, respectively, from the comparable prior year periods. The decrease was due primarily to lower employee related expenses, reduced information technology costs and professional fees, and reduced bad debt reserves as a result of lower revenues combined with higher historical collection rates, offset in part by increased consulting costs associated with acquisitions during the year. As a percentage of revenue, SG&A expenses decreased to 7.0% and 7.5% in the third quarter and year to date, respectively, from 7.5% and 7.8% in the comparable prior year periods, respectively.

42

Operating Income – Operating income was $26.0 million and $73.7 million in the third quarter and year to date, respectively, compared to $28.6 million and $92.8 million, respectively, in the comparable prior year periods. The decrease in the periods was due to lower gross profit as a percentage of revenue partially offset by lower SG&A.

Other (Income) Expense – Other income was $0.7 million and $0.4 million in the third quarter and year to date, respectively, compared to other income of $1.5 million and $2.2 million, respectively, in the comparable prior year periods, due primarily to insurance recoveries in excess of the loss incurred on a U.S. facility in the amount of $1.3 million recorded in the third quarter of the prior year and recording a bargain purchase of $0.9 million in the U.K. in the second quarter of the prior year, offset by foreign exchange effects associated with each period.

Income Taxes – Income tax expense was $0.1 million and $2.3 million in the third quarter and year to date, respectively, compared to an expense of $1.2 million and $5.5 million, respectively, in the comparable prior year periods. The decrease was due primarily to the reduction in pretax income.

Liquidity and Financial Condition

The following table summarizes our cash flows for the three and nine months ended September 28, 2013 and September 29, 2012, respectively, as reported in our Consolidated Statements of Cash Flows in the accompanying Consolidated Financial Statements:

	For the Three Months Ended						For the Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
Net cash provided by operating activities	$	87.4		$	58.0		$	62.9		$	53.0
Net cash used in investing activities		(16.8	)		(15.9	)		(59.3	)		(61.0	)
Net cash used in financing activities		(12.9	)		(3.3	)		(54.9	)		(7.6	)
Effect of exchange rate changes on cash		1.3			2.2			(2.3	)		2.8
Net increase (decrease) in cash & cash equivalents		59.0			41.0			(53.6	)		(12.8	)
Cash & cash equivalents, beginning of period		66.8			47.1			179.4			100.9
Cash & cash equivalents, end of period	$	125.8		$	88.1		$	125.8		$	88.1

Financial and Capital Resources and Liquidity

As of September 28, 2013, we had total debt of $608.1 million and $125.8 million of cash and cash equivalents compared to $606.1 million of debt and $88.1 million of cash and cash equivalents as of September 29, 2012.

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 make 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, as well as the payment of future dividends. 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 have enough cash to pay our 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 8.125% senior notes that are due on September 1, 2018 (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 or the indentures governing our 2017 Notes and 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 on favorable terms or at all.

Should we desire to consummate significant acquisition opportunities or undertake significant expansion activities, our capital needs would increase and could result in a need for us to make borrowings under or increase the size of our ABL facility or access public or private debt and equity markets.

On October 22, 2013, we amended the ABL facility to, among other things, provide for an increase in the lenders’ commitments under the ABL facility to $300 million, and to provide for certain adjustments to the PP&E Component (as defined in the ABL facility) of the borrowing base. Our total availability under the ABL facility was $282.5 million, which was based on our borrowing base (accounts receivables, inventory, and fixed assets) delivered to the lenders on October 22, 2013 in connection with such amendment, and we had no outstanding borrowings under the ABL facility and $7.5 million in outstanding letters of credit. As a result, our excess availability under the ABL facility was $275.0 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.

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We earned approximately 100% of our consolidated operating income in subsidiaries located outside of Canada during the first nine months of 2013. All of these foreign earnings are considered to be indefinitely reinvested in foreign jurisdictions where we have made, and will continue to make, substantial investments to support the ongoing development and growth of our international operations. Accordingly, no Canadian income taxes have been provided for on these foreign earnings. Cash and cash equivalents held by our foreign subsidiaries are readily convertible into other foreign currencies, including Canadian dollars. We do not intend, nor do we foresee a need, to repatriate these funds.

We expect existing domestic cash, cash equivalents, cash flows from operations and the issuance of domestic debt to continue to be sufficient to fund our domestic operating, investing and financing activities. In addition, we expect existing foreign cash, cash equivalents, and cash flows from operations to continue to be sufficient to fund our foreign operating and investing activities.

In the future, should we require more capital to fund significant discretionary activities in Canada than is generated by our domestic operations and is available through the issuance of domestic debt or stock, we could elect to repatriate future periods’ earnings from foreign jurisdictions. This alternative could result in a higher effective tax rate during the period of repatriation. While the likelihood is remote, we could also elect to repatriate earnings from foreign jurisdictions that have previously been considered to be indefinitely reinvested. Upon distribution of those earnings in the form of dividends or otherwise, we may be subject to additional Canadian income taxes and withholding taxes payable to various foreign jurisdictions, where applicable. This alternative could result in a higher effective tax rate in the period in which such a determination is made to repatriate prior period foreign earnings.

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 aggregate, may be material. However, the covenants in our ABL facility subject such purchases to certain limitations and conditions.

On September 30, 2013, Cott Beverages Inc. notified Wells Fargo Bank, National Association, as successor trustee to HSBC Bank USA, N.A. under the indenture dated as of November 13, 2009 governing the 2017 Notes (the “Indenture”), that Cott Beverages Inc. will, pursuant to the optional redemption provisions contained in the Indenture, redeem U.S. $200.0 million aggregate principal amount of the 2017 Notes on November 15, 2013 at 104.118% of par. The redemption will include approximately $8 million in premium payments as well as approximately $4 million in deferred financing fee and discount charges.

Operating activities

Cash provided by operating activities was $62.9 million year to date compared to $53.0 million in the comparable prior year period. The $9.9 million increase was due primarily to a reduction in inventories and other assets partially offset by a reduction in net income.

Investing activities

Cash used in investing activities was $59.3 million year to date compared to $61.0 million in the comparable prior year period. The $1.7 million decrease was due primarily to decreased capital expenditures, partially offset by an increase in acquisition related payments.

Financing activities

Cash used in financing activities was $54.9 million year to date compared to $7.6 million in the comparable prior year period. The $47.3 million increase was due primarily to payment of long term debt and the repurchase of common shares and the payment of dividends to shareholders. In connection with the Calypso Soft Drinks Acquisition we paid off outstanding debt of the acquired companies of $18.5 million upon purchase.

Off-Balance Sheet Arrangements

We had no off-balance sheet arrangements as defined under Item 303(a)(4) of Regulation S-K as of September 28, 2013.

Contractual Obligations

We have no material changes to the disclosure on this matter made in our 2012 Annual Report.

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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.

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. We incurred $1.2 million of financing fees in connection with the amendment of the ABL facility.

On October 22, 2013, we amended the ABL facility to, among other things, (1) provide for an increase in the lenders’ commitments under the ABL facility to $300 million, as well an increase to the accordion feature, which permits us to increase the lenders’ commitments under the ABL facility to $350 million, subject to certain conditions, (2) extend the maturity date to the earliest of (i) October 22, 2018, (ii) May 15, 2017, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, or (iii) March 1, 2018, if we have not redeemed, repurchased or refinanced the 2018 Notes by February 15, 2018, and (3) provide for greater flexibility under certain covenants. We incurred approximately $0.6 million of financing fees in connection with the amendment of the ABL facility.

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 and on October 22, 2013, are being amortized using the straight line method over the duration of the amended ABL facility.

As of September 28, 2013, we had no outstanding borrowings under the ABL facility. The commitment fee was 0.375% per annum of the unused commitment, which, taking into account $7.5 million of letters of credit, was $239.0 million as of September 28, 2013.

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 U.S. subsidiary Cott Beverages Inc., and we and most of our 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.

On September 30, 2013, Cott Beverages Inc. notified Wells Fargo Bank, National Association, as successor trustee to HSBC Bank USA, N.A. under the Indenture, that Cott Beverages Inc. will, pursuant to the optional redemption provisions contained in the Indenture, redeem U.S. $200.0 million aggregate principal amount of the 2017 Notes on November 15, 2013 at 104.118% of par. The redemption will include approximately $8 million in premium payments as well as approximately $4 million in deferred financing fee and discount charges.

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 U.S. subsidiary Cott Beverages Inc., and we and most of our 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.

GE Term Loan

In January 2008, we entered into a capital lease finance arrangement with General Electric Capital Corporation (“GE Capital”) for the lease of equipment. In September 2013, we purchased the equipment subject to the lease for an aggregate purchase price of $10.7 million, with the financing for such purchase provided by General Electric at 5.23% interest.

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Credit Ratings and Covenant Compliance

Credit Ratings

We have no material changes to the disclosure on this matter made in our 2012 Annual Report.

Covenant Compliance

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.

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.

ABL Facility

Under the credit agreement governing the ABL facility, Cott 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 10% of the lenders’ commitments under the ABL facility or $30.0 million. If excess availability is less than the greater of 12.5% of the lenders’ commitments under the ABL facility or $37.5 million, the lenders will take dominion over the cash and will apply excess cash to reduce amounts owing under the facility. We were in compliance with all of the applicable covenants under the ABL facility as of September 28, 2013.

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Issuer Purchases of Securities

Common Share Repurchase Program

On May 1, 2012, our board of directors authorized the repurchase of up to $35.0 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.

On April 30, 2013, our board of directors renewed our share repurchase program for up to 5% of Cott’s outstanding common shares over a 12-month period commencing upon the expiration of the prior share repurchase program on May 21, 2013. We repurchased 554,769 shares of common stock for approximately $4.5 million during the third quarter ended September 28, 2013 under the share repurchase program through open market transactions. We are unable to predict the number of shares that ultimately 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.

Capital Structure

Since December 29, 2012, our equity has increased by $0.8 million. The increase was the result of net income of $28.5 million and share-based compensation expense of $3.6 million, offset by dividends declared of $16.7 million, share repurchases of $10.0 million, and other comprehensive loss of $4.6 million.

Dividend Payments

The board of directors has declared a quarterly dividend of CAD$0.06 per common share in each of the three completed quarters of 2013. On October 29, 2013, our board of directors declared a dividend of CAD$0.06 per common share, payable in cash on December 12, 2013 to shareowners of record at the close of business on December 2, 2013. Cott intends to pay a regular quarterly dividend on its common shares subject to, among other things, the best interests of its shareowners, Cott’s results of operations, cash balances and future cash requirements, financial condition, statutory regulations and covenants set forth in the ABL facility and indentures governing the 2017 Notes and 2018 Notes, as well as other factors that our board of directors may deem relevant from time to time.

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 that management believes to be reasonable. Where actual amounts differ from estimates, revisions are included in the results for the period in which actual amounts become known. Historically, differences between estimates and actual amounts 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 2012 Annual Report.

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

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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 2012 Annual Report, 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 business with key customers, particularly Walmart;

• 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 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;

• our exposure to intangible asset risk;

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

• disruptions in our information systems; or

• volatility of our stock price.

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.

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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 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 September 28, 2013, we had outstanding foreign exchange forward contracts with notional amounts of $5.5 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 September 28, 2013, a 100 basis point increase in the current per annum interest rate for our ABL facility (excluding the $7.5 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 September 28, 2013 was 8.2%.

Commodity Price Risk

We have no material changes to the disclosure on this matter made in our 2012 Annual Report.

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 September 28, 2013. Based upon this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that, as of September 28, 2013, 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 2012 Annual Report.

Item 1A. Risk Factors

There has been no material change in our risk factors since December 29, 2012. Please refer to our 2012 Annual Report for a detailed description of our risk factors.

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

Issuer Purchases of Equity Securities

On May 1, 2012, our board of directors authorized the repurchase of up to $35.0 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.

On April 30, 2013, our board of directors renewed our share repurchase program for up to 5% of Cott’s outstanding common shares over a 12-month period commencing upon the expiration of the prior share repurchase program on May 21, 2013. We repurchased 554,769 shares of common stock for approximately $4.5 million during the third quarter ended September 28, 2013 under the share repurchase program through open market transactions. We are unable to predict the number of shares that ultimately 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.

The following table summarizes the repurchases made during the third quarter of 2013:

Period	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 Number of Shares of Common Stock that May Yet Be Purchased Under the Plans or Programs
July 2013		553,869	$	8.09		553,869		3,529,052
August 2013		900		8.48		900		3,528,152
September 2013		—		—		—		3,528,152
Total		554,769	$	8.09		554,769		3,528,152

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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).
31.1	Certification of the Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 28, 2013 (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 September 28, 2013 (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 September 28, 2013 (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 September 28, 2013 (furnished herewith).
101	The following financial statements from Cott Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 28, 2013, filed on November 1, 2013, 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 (filed herewith).

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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: November 1, 2013	/s/ Jay Wells
	Jay Wells
	Chief Financial Officer
	(On behalf of the Company)
Date: November 1, 2013	/s/ Gregory Leiter
	Gregory Leiter
	Senior Vice President, Chief Accounting Officer and Assistant Secretary
	(Principal Accounting Officer)

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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).
31.1	Certification of the Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002 for the quarterly period ended September 28, 2013 (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 September 28, 2013 (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 September 28, 2013 (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 September 28, 2013 (furnished herewith).
101	The following financial statements from Cott Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 28, 2013, filed on November 1, 2013, 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 (filed herewith).

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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.

November 1, 2013	/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.

November 1, 2013	/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 September 28, 2013 (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 1^st day of November, 2013.

/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 September 28, 2013 (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 1^st day of November, 2013.

/s/ Jay Wells

Jay Wells

Chief Financial Officer

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Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Parenthetical) (Detail)	9 Months Ended
	Sep. 28, 2013 8.375% Senior Notes Due in 2017 [Member]	Sep. 28, 2013 8.125% Senior Notes Due in 2018 [Member]	Sep. 28, 2013 Estimate of Fair Value, Fair Value Disclosure [Member] 8.375% Senior Notes Due in 2017 [Member]	Dec. 29, 2012 Estimate of Fair Value, Fair Value Disclosure [Member] 8.375% Senior Notes Due in 2017 [Member]	Sep. 28, 2013 Estimate of Fair Value, Fair Value Disclosure [Member] 8.125% Senior Notes Due in 2018 [Member]	Dec. 29, 2012 Estimate of Fair Value, Fair Value Disclosure [Member] 8.125% Senior Notes Due in 2018 [Member]	Sep. 28, 2013 Carrying (Reported) Amount, Fair Value Disclosure [Member] 8.375% Senior Notes Due in 2017 [Member]	Dec. 29, 2012 Carrying (Reported) Amount, Fair Value Disclosure [Member] 8.375% Senior Notes Due in 2017 [Member]	Sep. 28, 2013 Carrying (Reported) Amount, Fair Value Disclosure [Member] 8.125% Senior Notes Due in 2018 [Member]	Dec. 29, 2012 Carrying (Reported) Amount, Fair Value Disclosure [Member] 8.125% Senior Notes Due in 2018 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate on notes			8.375%	8.375%	8.125%	8.125%	8.375%	8.375%	8.125%	8.125%
Debt instrument maturity year	2017	2018

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Guarantor Subsidiaries - Condensed Consolidating Statements of Operations (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Condensed Financial Statements, Captions [Line Items]
Revenue, net	$ 543.2	$ 583.8	$ 1,612.4	$ 1,733.4
Cost of sales	478.2	510.6	1,414.4	1,504.5
Gross profit	65.0	73.2	198.0	228.9
Selling, general and administrative expenses	37.9	43.8	120.9	134.4
Loss on disposal of property, plant & equipment	1.1	0.8	1.4	1.7
Restructuring			2.0
Operating (loss) income	26.0	28.6	73.7	92.8
Other (income) expense, net	(0.7)	(1.5)	(0.4)	(2.2)
Interest (income) expense, net	13.3	13.1	39.4	40.6
Income before income taxes	13.4	17.0	34.7	54.4
Income tax (benefit) expense	0.1	1.2	2.3	5.5
Net income	13.3	15.8	32.4	48.9
Less: Net income attributable to non-controlling interests	1.3	1.3	3.9	3.4
Net income (loss) attributed to Cott Corporation	12.0	14.5	28.5	45.5
Comprehensive income (loss) attributed to Cott Corporation	23.8	27.2	23.9	58.8
Cott Corporation [Member]
Condensed Financial Statements, Captions [Line Items]
Revenue, net	42.5	52.6	131.9	157.6
Cost of sales	39.2	42.1	114.5	126.7
Gross profit	3.3	10.5	17.4	30.9
Selling, general and administrative expenses	6.8	8.1	22.3	23.4
Loss on disposal of property, plant & equipment	0.1		0.1
Restructuring			0.5
Operating (loss) income	(3.6)	2.4	(5.5)	7.5
Other (income) expense, net	(0.1)	(0.4)	(0.1)	0.1
Interest (income) expense, net	(0.1)		(0.2)	0.2
Income before income taxes	(3.4)	2.8	(5.2)	7.2
Income tax (benefit) expense	(2.8)	0.9	(2.1)	4.1
Equity income (loss)	12.6	12.6	31.6	42.4
Net income	12.0	14.5	28.5	45.5
Net income (loss) attributed to Cott Corporation	12.0	14.5	28.5	45.5
Comprehensive income (loss) attributed to Cott Corporation	23.8	27.2	23.9	58.8
Cott Beverages Inc. [Member]
Condensed Financial Statements, Captions [Line Items]
Revenue, net	197.6	220.2	605.5	669.9
Cost of sales	170.5	187.2	520.1	564.4
Gross profit	27.1	33.0	85.4	105.5
Selling, general and administrative expenses	14.9	18.3	53.8	58.0
Loss on disposal of property, plant & equipment	0.4	0.2	0.7	0.6
Restructuring			0.5
Operating (loss) income	11.8	14.5	30.4	46.9
Other (income) expense, net		(1.1)		(1.0)
Intercompany interest (income) expense, net	(3.0)	(3.5)	(8.7)	(8.2)
Interest (income) expense, net	13.1	12.8	39.1	39.8
Income before income taxes	1.7	6.3		16.3
Income tax (benefit) expense	3.9	1.2	5.5	1.8
Equity income (loss)	1.3	1.5	3.9	3.8
Net income	(0.9)	6.6	(1.6)	18.3
Net income (loss) attributed to Cott Corporation	(0.9)	6.6	(1.6)	18.3
Comprehensive income (loss) attributed to Cott Corporation	28.9	26.8	(2.1)	44.2
Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenue, net	271.5	271.6	777.4	799.1
Cost of sales	241.3	246.7	695.9	719.4
Gross profit	30.2	24.9	81.5	79.7
Selling, general and administrative expenses	13.2	15.1	37.7	45.1
Loss on disposal of property, plant & equipment	0.6	0.1	0.6	0.6
Restructuring			0.7
Operating (loss) income	16.4	9.7	42.5	34.0
Other (income) expense, net	(0.6)	0.1	(0.3)	(0.8)
Intercompany interest (income) expense, net	3.0	3.5	8.7	8.2
Interest (income) expense, net	0.2	0.2	0.4	0.5
Income before income taxes	13.8	5.9	33.7	26.1
Income tax (benefit) expense	(1.2)	(1.0)	(1.5)	(0.4)
Equity income (loss)	(0.3)	6.5	(0.9)	18.3
Net income	14.7	13.4	34.3	44.8
Net income (loss) attributed to Cott Corporation	14.7	13.4	34.3	44.8
Comprehensive income (loss) attributed to Cott Corporation	30.6	24.0	33.3	(38.0)
Non-Guarantor Subsidiaries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenue, net	37.4	46.9	116.0	131.5
Cost of sales	33.0	42.1	102.3	118.7
Gross profit	4.4	4.8	13.7	12.8
Selling, general and administrative expenses	3.0	2.3	7.1	7.9
Loss on disposal of property, plant & equipment		0.5		0.5
Restructuring			0.3
Operating (loss) income	1.4	2.0	6.3	4.4
Other (income) expense, net		(0.1)		(0.5)
Interest (income) expense, net	0.1	0.1	0.1	0.1
Income before income taxes	1.3	2.0	6.2	4.8
Income tax (benefit) expense	0.2	0.1	0.4
Net income	1.1	1.9	5.8	4.8
Less: Net income attributable to non-controlling interests	1.3	1.3	3.9	3.4
Net income (loss) attributed to Cott Corporation	(0.2)	0.6	1.9	1.4
Comprehensive income (loss) attributed to Cott Corporation		9.6	4.1	55.2
Elimination Entries [Member]
Condensed Financial Statements, Captions [Line Items]
Revenue, net	(5.8)	(7.5)	(18.4)	(24.7)
Cost of sales	(5.8)	(7.5)	(18.4)	(24.7)
Equity income (loss)	(13.6)	(20.6)	(34.6)	(64.5)
Net income	(13.6)	(20.6)	(34.6)	(64.5)
Net income (loss) attributed to Cott Corporation	(13.6)	(20.6)	(34.6)	(64.5)
Comprehensive income (loss) attributed to Cott Corporation	$ (59.5)	$ (60.4)	$ (35.3)	$ (61.4)

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Intangibles and Other Assets

9 Months Ended

Sep. 28, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Intangibles and Other Assets

Note 9 – Intangibles and Other Assets

The following table summarizes intangibles and other assets as of September 28, 2013:

	September 28, 2013
(in millions of U.S. dollars)	Cost		Accumulated Amortization		Net
Intangibles
Not subject to amortization
Rights	$	45.0	$	—	$	45.0
Subject to amortization
Customer relationships	$	378.5	$	160.8	$	217.7
Trademarks		32.4		24.9		7.5
Information technology		49.1		32.7		16.4
Other		13.2		10.4		2.8
		473.2		228.8		244.4
		518.2		228.8		289.4
Other Assets
Financing costs	$	25.7	$	13.2	$	12.5
Deposits		1.1		—		1.1
Other		0.9		0.3		0.6
		27.7		13.5		14.2
Total Intangibles & Other Assets	$	545.9	$	242.3	$	303.6

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”).

Amortization expense of intangible and other assets was $8.6 million and $25.9 million for the three and nine months ended September 28, 2013, respectively, compared to $8.8 million and $26.6 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 2013	$	10.0
2014		30.8
2015		28.4
2016		25.0
2017		21.1
Thereafter		129.1
	$	244.4

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Net Income Per Common Share - Reconciliation of Denominators of Basic and Diluted Net Income Per Common Share (Detail) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Earnings Per Share [Line Items]
Weighted average number of shares outstanding - basic	94,235	94,488	94,922	94,461
Adjusted weighted average number of shares outstanding - diluted	94,772	95,598	95,755	95,591
Stock Options [Member]
Earnings Per Share [Line Items]
Dilutive effect of awards	53	32	53	32
Performance-Based RSUs [Member]
Earnings Per Share [Line Items]
Dilutive effect of awards	167	51	283	43
Time-Based RSUs [Member]
Earnings Per Share [Line Items]
Dilutive effect of awards	317	1,027	497	1,055

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Condensed Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Statement Of Income And Comprehensive Income [Abstract]
Pension benefit plan, tax benefit		$ 0.1	$ 0.2	$ 0.2
Unrealized loss on derivative instruments, tax				$ 0.1

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Acquisitions

9 Months Ended

Sep. 28, 2013

Business Combinations [Abstract]

Acquisitions

Note 2 – Acquisitions

During June 2013, our United Kingdom (“U.K.”) reporting segment acquired 100 percent of the share capital of Cooke Bros. Holdings Limited, which includes the subsidiary companies Calypso Soft Drinks Limited and Mr. Freeze (Europe) Limited (together, “Calypso Soft Drinks”). Calypso Soft Drinks produces fruit juices, juice drinks, soft drinks, and freeze products in the United Kingdom. The aggregate purchase price for the acquisition of Calypso Soft Drinks (the “Calypso Soft Drinks Acquisition”) was $12.1 million, which includes approximately $7 million paid at closing, deferred payments of approximately $2.3 million and $3.0 million to be paid on the first and second anniversary of the closing date of the Calypso Soft Drinks Acquisition, respectively. The closing payment was funded from available cash.

The total consideration paid by us in the Calypso Soft Drinks Acquisition, subject to final working capital adjustments, is summarized below:

(in millions of U.S. dollars)
Cash	$	7.0
Deferred consideration *		5.1
Total consideration	$	12.1

* Principal amount of $5.3 million discounted to be paid on the first and second anniversary of the completion date.

Our primary reasons for the Calypso Soft Drinks Acquisition were to expand Cott’s product portfolio and enhance our customer offering and growth prospects.

The Calypso Soft Drinks Acquisition is being accounted for as a business combination which, among other things, requires that assets acquired and liabilities assumed be measured at their acquisition date fair values. Identified intangible assets, goodwill and property, plant and equipment are recorded at their estimated fair values per preliminary valuations and may change based on the final valuation results including, for example, the process of physically validating fixed assets. The results of operations of Calypso Soft Drinks have been included in our operating results beginning as of the acquisition date. We allocated the purchase price of the Calypso Soft Drinks Acquisition to tangible assets, liabilities and identifiable intangible assets acquired based on their estimated fair values. The excess of the purchase price over the aggregate fair values was recorded as goodwill. The fair value assigned to identifiable intangible assets acquired was based on estimates and assumptions made by management. Intangible assets are amortized using a method that reflects the pattern in which economic benefits of the intangible asset are consumed using a straight-line amortization method.

The following table summarizes the estimated allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the Calypso Soft Drinks Acquisition. The allocation of the purchase price is based on a preliminary valuation that is expected to be completed in the fourth quarter of 2013. Any adjustment may affect the total purchase price and value of goodwill.

(in millions of U.S. dollars)	Acquired Value
Cash	$	0.5
Accounts receivable		15.1
Inventory		7.5
Prepaid expenses and other assets		0.6
Property, plant and equipment		9.7
Goodwill		10.5
Intangibles and other assets		14.8
Accounts payable and accrued liabilities		(14.1	)
Shareholder loans		(1.6	)
Deferred tax liabilities		(4.7	)
Other long-term liabilities		(26.2	)
Total	$	12.1

The Company recognized $1.6 million of acquisition related costs associated with the Calypso Soft Drinks Acquisition that were expensed during the nine month period ended September 28, 2013. These costs are included in the selling, general, and administrative expenses of our Consolidated Statements of Operations in accordance with ASC 805, “Business Combinations.”

Intangible Assets

In our preliminary determination of the fair value of the intangible assets, we considered, among other factors, the best use of acquired assets, analysis of historical financial performance and estimates of future performance of Calypso Soft Drink’s products. The estimated fair values of identified intangible assets were calculated considering market participant expectations and using an income approach and estimates and assumptions provided by Calypso Soft Drinks’ management, as well as our management. The following table sets forth the components of identified intangible assets associated with the Calypso Soft Drinks Acquisition and their estimated weighted average useful lives:

(in millions of U.S. dollars)	Estimated Fair Market Value		Estimated Useful Life
Customer relationships	$	10.5	15 years
Trademarks and trade names		3.0	20 years
Non-competition agreements		1.3	5 years
Total	$	14.8

Customer relationships represent future projected revenue that will be derived from sales to existing customers of Calypso Soft Drinks.

Trademarks and trade names represent the future projected cost savings associated with the premium and brand image obtained as a result of owning the trademark or trade name as opposed to obtaining the benefit of the trademark or trade name through a royalty or rental fee.

In conjunction with the closing of the Calypso Soft Drinks Acquisition, certain key employees of Calypso Soft Drinks executed non-competition agreements, which prevent those employees from competing with us in the specified restricted territories for a period of time after the acquisition date. The value of the Calypso Soft Drinks business could be diminished without these noncompetition agreements.

Goodwill

The principal factor that resulted in recognition of goodwill was that the purchase price for the Calypso Soft Drinks Acquisition was based in part on cash flow projections assuming the reduction of administration costs and the integration of acquired customers and products into our operations, which is of greater value than on a standalone basis.

Selected Financial Data

The following unaudited financial information for the three months and sixteen weeks ended September 28, 2013 represents the activity of Calypso Soft Drinks that has been combined with our operations as of the date of acquisition.

(in millions of U.S. dollars)	For the Three Months Ended September 28, 2013		For the Sixteen Weeks Ended September 28, 2013
Revenue	$	15.7	$	19.9
Net income		0.6		0.7

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 payable in equal installments over three years and contingent consideration of up to $55.0 million (the “Cliffstar Acquisition”). The first $15.0 million of the contingent consideration was paid upon the achievement of milestones in certain expansion projects in 2010. The remainder of the contingent consideration was to be calculated based on the achievement of certain performance measures during the fiscal year ended January 1, 2011.

In 2011, the seller of Cliffstar then raised certain objections to the performance measures used to calculate the contingent consideration, and the parties commenced the dispute resolution mechanism provided for in the asset purchase agreement. During 2011, Cott made interim payments to the seller equal to $29.6 million, which was net of a $4.7 million refund due to Cott and included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. The seller’s claims for an additional $12.1 million in contingent consideration were submitted to binding arbitration pursuant to the asset purchase agreement and favorably resolved by payment by Cott in February 2013 of approximately $0.6 million.

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Guarantor Subsidiaries

9 Months Ended

Sep. 28, 2013

Text Block [Abstract]

Guarantor Subsidiaries

Note 16 – Guarantor Subsidiaries

The 2017 Notes and 2018 Notes issued by our 100% owned subsidiary, Cott Beverages, Inc., are unconditionally guaranteed on a senior basis pursuant to guarantees by Cott Corporation and certain other 100% 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. In the third quarter of 2012, we revised the financial statements of certain Non-guarantor Subsidiaries to properly reflect their capitalization and subsequent investment in certain Guarantor Subsidiaries resulting from a reorganization completed in connection with the Cliffstar Acquisition. These Non-guarantor Subsidiaries, which have no business operations and no operating assets, hold, directly or indirectly, our investments in substantially all of the Guarantor Subsidiaries and therefore may be viewed for purposes of this disclosure as in-substance Guarantor Subsidiaries themselves. We have therefore included these Non-guarantor Subsidiaries as Guarantor Subsidiaries in the supplemental financial information below for all periods presented.

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	42.5		$	197.6		$	271.5		$	37.4		$	(5.8	)	$	543.2
Cost of sales		39.2			170.5			241.3			33.0			(5.8	)		478.2
Gross profit		3.3			27.1			30.2			4.4			—			65.0
Selling, general and administrative expenses		6.8			14.9			13.2			3.0			—			37.9
Loss on disposal of property, plant & equipment		0.1			0.4			0.6			—			—			1.1
Operating (loss) income		(3.6	)		11.8			16.4			1.4			—			26.0
Other income, net		(0.1	)		—			(0.6	)		—			—			(0.7	)
Intercompany interest (income) expense, net		—			(3.0	)		3.0			—			—			—
Interest (income) expense, net		(0.1	)		13.1			0.2			0.1			—			13.3
(Loss) income before income tax (benefit) expense and equity income (loss)		(3.4	)		1.7			13.8			1.3			—			13.4
Income tax (benefit) expense		(2.8	)		3.9			(1.2	)		0.2			—			0.1
Equity income (loss)		12.6			1.3			(0.3	)		—			(13.6	)		—
Net income (loss)	$	12.0		$	(0.9	)	$	14.7		$	1.1		$	(13.6	)	$	13.3
Less: Net income attributable to non-controlling interests		—			—			—			1.3			—			1.3
Net income (loss) attributed to Cott Corporation	$	12.0		$	(0.9	)	$	14.7		$	(0.2	)	$	(13.6	)	$	12.0
Comprehensive income attributed to Cott Corporation	$	23.8		$	28.9		$	30.6		$	—		$	(59.5	)	$	23.8

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Elimination Entries			Consolidated
Revenue, net	$	131.9		$	605.5		$	777.4		$	116.0	$	(18.4	)	$	1,612.4
Cost of sales		114.5			520.1			695.9			102.3		(18.4	)		1,414.4
Gross profit		17.4			85.4			81.5			13.7		—			198.0
Selling, general and administrative expenses		22.3			53.8			37.7			7.1		—			120.9
Loss on disposal of property, plant & equipment		0.1			0.7			0.6			—		—			1.4
Restructuring		0.5			0.5			0.7			0.3		—			2.0
Operating (loss) income		(5.5	)		30.4			42.5			6.3		—			73.7
Other (income), net		(0.1	)		—			(0.3	)		—		—			(0.4	)
Intercompany interest (income) expense, net		—			(8.7	)		8.7			—		—			—
Interest (income) expense, net		(0.2	)		39.1			0.4			0.1		—			39.4
(Loss) income before income tax expense (benefit) and equity income (loss)		(5.2	)		—			33.7			6.2		—			34.7
Income tax (benefit) expense		(2.1	)		5.5			(1.5	)		0.4		—			2.3
Equity income (loss)		31.6			3.9			(0.9	)		—		(34.6	)		—
Net income (loss)	$	28.5		$	(1.6	)	$	34.3		$	5.8	$	(34.6	)	$	32.4
Less: Net income attributable to non-controlling interests		—			—			—			3.9		—			3.9
Net income (loss) attributed to Cott Corporation	$	28.5		$	(1.6	)	$	34.3		$	1.9	$	(34.6	)	$	28.5
Comprehensive income (loss) attributed to Cott Corporation	$	23.9		$	(2.1	)	$	33.3		$	4.1	$	(35.3	)	$	23.9

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	52.6		$	220.2		$	271.6		$	46.9		$	(7.5	)	$	583.8
Cost of sales		42.1			187.2			246.7			42.1			(7.5	)		510.6
Gross profit		10.5			33.0			24.9			4.8			—			73.2
Selling, general and administrative expenses		8.1			18.3			15.1			2.3			—			43.8
Loss on disposal of property, plant & equipment		—			0.2			0.1			0.5			—			0.8
Operating income		2.4			14.5			9.7			2.0			—			28.6
Other (income) expense, net		(0.4	)		(1.1	)		0.1			(0.1	)		—			(1.5	)
Intercompany interest (income) expense, net		—			(3.5	)		3.5			—			—			—
Interest expense, net		—			12.8			0.2			0.1			—			13.1
Income before income tax expense (benefit) and equity income		2.8			6.3			5.9			2.0			—			17.0
Income tax expense (benefit)		0.9			1.2			(1.0	)		0.1			—			1.2
Equity income		12.6			1.5			6.5			—			(20.6	)		—
Net income	$	14.5		$	6.6		$	13.4		$	1.9		$	(20.6	)	$	15.8
Less: Net income attributable to non-controlling interests		—			—			—			1.3			—			1.3
Net income attributed to Cott Corporation	$	14.5		$	6.6		$	13.4		$	0.6		$	(20.6	)	$	14.5
Comprehensive income (loss) attributed to Cott Corporation	$	27.2		$	26.8		$	24.0		$	9.6		$	(60.4	)	$	27.2

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 29, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	157.6	$	669.9		$	799.1		$	131.5		$	(24.7	)	$	1,733.4
Cost of sales		126.7		564.4			719.4			118.7			(24.7	)		1,504.5
Gross profit		30.9		105.5			79.7			12.8			—			228.9
Selling, general and administrative expenses		23.4		58.0			45.1			7.9			—			134.4
Loss on disposal of property, plant & equipment		—		0.6			0.6			0.5			—			1.7
Operating income		7.5		46.9			34.0			4.4			—			92.8
Other expense (income), net		0.1		(1.0	)		(0.8	)		(0.5	)		—			(2.2	)
Intercompany interest (income) expense, net		—		(8.2	)		8.2			—			—			—
Interest expense, net		0.2		39.8			0.5			0.1			—			40.6
Income before income tax expense (benefit) and equity income		7.2		16.3			26.1			4.8			—			54.4
Income tax expense (benefit)		4.1		1.8			(0.4	)		—			—			5.5
Equity income		42.4		3.8			18.3			—			(64.5	)		—
Net income	$	45.5	$	18.3		$	44.8		$	4.8		$	(64.5	)	$	48.9
Less: Net income attributable to non-controlling interests		—		—			—			3.4			—			3.4
Net income attributed to Cott Corporation	$	45.5	$	18.3		$	44.8		$	1.4		$	(64.5	)	$	45.5
Comprehensive income (loss) attributed to Cott Corporation	$	58.8	$	44.2		$	(38.0	)	$	55.2		$	(61.4	)	$	58.8

Consolidating Balance Sheets

(in millions of U.S. dollars)

Unaudited

	As of September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	23.2		$	41.9		$	55.4		$	5.3		$	—		$	125.8
Accounts receivable, net of allowance		22.0			123.5			206.2			14.9			(112.0	)		254.6
Income taxes recoverable		—			0.5			0.2			—			—			0.7
Inventories		19.0			79.2			109.6			7.6			—			215.4
Prepaid expenses and other assets		1.7			15.1			6.2			0.1			—			23.1
Total current assets		65.9			260.2			377.6			27.9			(112.0	)		619.6
Property, plant & equipment, net		50.3			191.9			237.4			10.5			—			490.1
Goodwill		26.6			4.5			109.3			—			—			140.4
Intangibles and other assets, net		1.3			90.9			199.8			11.6			—			303.6
Deferred income taxes		4.9			—			—			0.6			—			5.5
Other tax receivable		0.5			0.1			0.6			—			—			1.2
Due from affiliates		39.6			174.8			78.0			41.9			(334.3	)		—
Investments in subsidiaries		496.9			390.7			824.9			(0.1	)		(1,712.4	)		—
Total assets	$	686.0		$	1,113.1		$	1,827.6		$	92.4		$	(2,158.7	)	$	1,560.4
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	2.5		$	0.5		$	0.9		$	—		$	3.9
Accounts payable and accrued liabilities		30.0			139.1			195.8			6.8			(112.0	)		259.7
Total current liabilities		30.0			141.6			196.3			7.7			(112.0	)		263.6
Long-term debt		0.1			598.4			2.3			1.6			—			602.4
Deferred income taxes		—			35.6			11.4			1.1			—			48.1
Other long-term liabilities		0.1			3.4			20.2			—			—			23.7
Due to affiliates		43.2			76.7			177.3			37.1			(334.3	)		—
Total liabilities		73.4			855.7			407.5			47.5			(446.3	)		937.8
Equity
Capital stock, no par		392.7			574.5			1,728.9			82.5			(2,385.9	)		392.7
Additional paid-in-capital		43.9			—			—			—			—			43.9
Retained earnings (deficit)		193.0			(329.8	)		(317.2	)		(49.0	)		696.0			193.0
Accumulated other comprehensive (loss) income		(17.0	)		12.7			8.4			1.4			(22.5	)		(17.0	)
Total Cott Corporation equity		612.6			257.4			1,420.1			34.9			(1,712.4	)		612.6
Non-controlling interests		—			—			—			10.0			—			10.0
Total equity		612.6			257.4			1,420.1			44.9			(1,712.4	)		622.6
Total liabilities and equity	$	686.0		$	1,113.1		$	1,827.6		$	92.4		$	(2,158.7	)	$	1,560.4

Consolidating Balance Sheets

(in millions of U.S. dollars)

	As of December 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	39.8		$	37.5		$	96.4		$	5.7		$	—		$	179.4
Accounts receivable, net of allowance		18.4			111.5			122.3			16.2			(69.0	)		199.4
Income taxes recoverable		—			0.9			0.2			0.1			—			1.2
Inventories		21.1			65.9			130.8			7.0			—			224.8
Prepaid expenses and other assets		2.5			13.4			4.3			0.1			—			20.3
Total current assets		81.8			229.2			354.0			29.1			(69.0	)		625.1
Property, plant & equipment, net		50.7			188.4			242.0			9.8			—			490.9
Goodwill		27.5			4.5			98.3			—			—			130.3
Intangibles and other assets, net		1.0			101.4			198.4			14.6			—			315.4
Deferred income taxes		2.9			—			—			0.4			—			3.3
Other tax receivable		0.2			0.1			0.6			—			—			0.9
Due from affiliates		40.0			175.2			78.0			41.9			(335.1	)		—
Investments in subsidiaries		487.5			389.7			820.0			—			(1,697.2	)		—
Total assets	$	691.6		$	1,088.5		$	1,791.3		$	95.8		$	(2,101.3	)	$	1,565.9
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	1.3		$	0.2		$	0.4		$	—		$	1.9
Accounts payable and accrued liabilities		36.2			119.5			193.1			7.9			(69.0	)		287.7
Total current liabilities		36.2			120.8			193.3			8.3			(69.0	)		289.6
Long-term debt		0.2			598.7			1.5			1.4			—			601.8
Deferred income taxes		—			30.3			7.9			0.9			—			39.1
Other long-term liabilities		0.2			4.0			8.3			—			—			12.5
Due to affiliates		43.2			76.7			177.8			37.4			(335.1	)		—
Total liabilities		79.8			830.5			388.8			48.0			(404.1	)		943.0
Equity
Capital stock, no par		397.8			574.5			1,724.3			83.6			(2,382.4	)		397.8
Additional paid-in-capital		40.4			—			—			—			—			40.4
Retained earnings (deficit)		186.0			(329.7	)		(331.2	)		(46.1	)		707.0			186.0
Accumulated other comprehensive (loss) income		(12.4	)		13.2			9.4			(0.8	)		(21.8	)		(12.4	)
Total Cott Corporation equity		611.8			258.0			1,402.5			36.7			(1,697.2	)		611.8
Non-controlling interests		—			—			—			11.1			—			11.1
Total equity		611.8			258.0			1,402.5			47.8			(1,697.2	)		622.9
Total liabilities and equity	$	691.6		$	1,088.5		$	1,791.3		$	95.8		$	(2,101.3	)	$	1,565.9

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	12.0		$	(0.9	)	$	14.7		$	1.1		$	(13.6	)	$	13.3
Depreciation & amortization		1.6			9.6			12.3			1.6			—			25.1
Amortization of financing fees		—			0.7			—			—			—			0.7
Share-based compensation expense		0.3			0.7			0.1			—			—			1.1
(Decrease) increase in deferred income taxes		(2.5	)		3.4			(0.5	)		(0.1	)		—			0.3
Loss on disposal of property, plant & equipment		0.1			0.4			0.6			—			—			1.1
Equity (income) loss, net of distributions		(12.6	)		(1.3	)		0.3			—			13.6			—
Intercompany transactions		2.2			2.4			—			—			(4.6	)		—
Other non-cash items		0.2			(0.2	)		—			—			—			—
Net change in operating assets and liabilities, net of acquisition		(0.4	)		28.3			15.8			(2.5	)		4.6			45.8
Net cash provided by operating activities		0.9			43.1			43.3			0.1			—			87.4
Investing Activities
Acquisition, net of cash acquired		—			(4.7	)		—			—			—			(4.7	)
Additions to property, plant & equipment		(1.1	)		(7.9	)		(1.2	)		—			—			(10.2	)
Additions to intangibles and other assets		—			(2.1	)		—			—			—			(2.1	)
Proceeds from sale of property, plant & equipment		—			—			—			0.2			—			0.2
Advances to affiliates		—			—			—			0.3			(0.3	)		—
Net cash (used in) provided by investing activities		(1.1	)		(14.7	)		(1.2	)		0.5			(0.3	)		(16.8	)
Financing Activities
Payments of long-term debt		—			—			(0.1	)		(0.5	)		—			(0.6	)
Advances from affiliates		(0.3	)		—			—			—			0.3			—
Distributions to non-controlling interests		—			—			—			(2.2	)		—			(2.2	)
Common shares repurchased and cancelled		(4.5	)		—			—			—			—			(4.5	)
Financing fees		(0.1	)		—			—			—			—			(0.1	)
Dividends to shareholders		(5.5	)		—			—			—			—			(5.5	)
Net cash (used in) provided by financing activities		(10.4	)		—			(0.1	)		(2.7	)		0.3			(12.9	)
Effect of exchange rate changes on cash		0.5			—			0.8			—			—			1.3
Net (decrease) increase in cash & cash equivalents		(10.1	)		28.4			42.8			(2.1	)		—			59.0
Cash & cash equivalents, beginning of period		33.3			13.5			12.6			7.4			—			66.8
Cash & cash equivalents, end of period	$	23.2		$	41.9		$	55.4		$	5.3		$	—		$	125.8

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	28.5		$	(1.6	)	$	34.3		$	5.8		$	(34.6	)	$	32.4
Depreciation & amortization		4.7			29.0			36.4			4.6			—			74.7
Amortization of financing fees		0.1			2.0			0.1			—			—			2.2
Share-based compensation expense		1.1			2.2			0.3			—			—			3.6
(Decrease) increase in deferred income taxes		(2.0	)		5.2			(1.2	)		(0.1	)		—			1.9
Loss on disposal of property, plant & equipment		0.1			0.7			0.6			—			—			1.4
Equity (income) loss, net of distributions		(31.6	)		(3.9	)		0.9			—			34.6			—
Intercompany transactions		24.7			5.3			—			—			(30.0	)		—
Other non-cash items		0.2			—			—			—			—			0.2
Net change in operating assets and liabilities, net of acquisition		(4.8	)		2.4			(76.9	)		(4.2	)		30.0			(53.5	)
Net cash provided by (used in) operating activities		21.0			41.3			(5.5	)		6.1			—			62.9
Investing Activities
Acquisition, net of cash acquired		—			(4.7	)		(6.5	)		—			—			(11.2	)
Additions to property, plant & equipment		(6.0	)		(27.9	)		(9.5	)		(1.3	)		—			(44.7	)
Additions to intangibles and other assets		—			(4.0	)		—			—			—			(4.0	)
Proceeds from sale of property, plant & equipment		—			—			—			0.2			—			0.2
Proceeds from insurance recoveries		—			0.4			—			—			—			0.4
Advances to affiliates		—			—			—			0.4			(0.4	)		—
Net cash used in investing activities		(6.0	)		(36.2	)		(16.0	)		(0.7	)		(0.4	)		(59.3	)
Financing Activities
Payments of long-term debt		(0.1	)		(0.7	)		(18.6	)		(0.8	)		—			(20.2	)
Advances from affiliates		(0.4	)		—			—			—			0.4			—
Distributions to non-controlling interests		—			—			—			(5.0	)		—			(5.0	)
Common shares repurchased and cancelled		(12.9	)		—			—			—			—			(12.9	)
Financing fees		(0.1	)		—			—			—			—			(0.1	)
Dividends to shareholders		(16.7	)		—			—			—			—			(16.7	)
Net cash used in financing activities		(30.2	)		(0.7	)		(18.6	)		(5.8	)		0.4			(54.9	)
Effect of exchange rate changes on cash		(1.4	)		—			(0.9	)		—			—			(2.3	)
Net (decrease) increase in cash & cash equivalents		(16.6	)		4.4			(41.0	)		(0.4	)		—			(53.6	)
Cash & cash equivalents, beginning of period		39.8			37.5			96.4			5.7			—			179.4
Cash & cash equivalents, end of period	$	23.2		$	41.9		$	55.4		$	5.3		$	—		$	125.8

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	14.5		$	6.6		$	13.4		$	1.9		$	(20.6	)	$	15.8
Depreciation & amortization		1.6			9.4			12.1			1.6			—			24.7
Amortization of financing fees		0.1			0.6			0.1			—			—			0.8
Share-based compensation expense		0.2			0.9			0.3			(0.1	)		—			1.3
Increase (decrease) in deferred income taxes		0.6			1.2			(1.3	)		0.1			—			0.6
Loss on disposal of property, plant & equipment		—			0.2			0.1			0.5			—			0.8
Equity (loss) income, net of distributions		(12.6	)		(1.5	)		(6.5	)		—			20.6			—
Intercompany transactions		2.1			2.1			—			—			(4.2	)		—
Other non-cash items		(0.4	)		(1.0	)		—			—			—			(1.4	)
Net change in operating assets and liabilities		16.4			0.9			(3.4	)		(2.7	)		4.2			15.4
Net cash provided by operating activities		22.5			19.4			14.8			1.3			—			58.0
Investing Activities
Acquisition		—			(4.7	)		—			—			—			(4.7	)
Additions to property, plant & equipment		(1.2	)		(9.0	)		(1.7	)		(1.3	)		—			(13.2	)
Additions to intangibles and other assets		(0.5	)		(1.1	)		0.6			—			—			(1.0	)
Proceeds from sale of assets held for sale		—			—			—			1.3			—			1.3
Proceeds from insurance recoveries		—			1.7			—			—			—			1.7
Advances to affiliates		—			—			—			(1.6	)		1.6			—
Net cash used in investing activities		(1.7	)		(13.1	)		(1.1	)		(1.6	)		1.6			(15.9	)
Financing Activities
Payments of long-term debt		0.1			(0.2	)		—			(0.1	)		—			(0.2	)
Advances from affiliates		1.6			—			—			—			(1.6	)		—
Distributions to non-controlling interests		—			—			—			(1.9	)		—			(1.9	)
Financing fees		—			(1.2	)		—			—			—			(1.2	)
Net cash provided by (used in) financing activities		1.7			(1.4	)		—			(2.0	)		(1.6	)		(3.3	)
Effect of exchange rate changes on cash		1.2			—			0.8			0.2			—			2.2
Net increase (decrease) in cash & cash equivalents		23.7			4.9			14.5			(2.1	)		—			41.0
Cash & cash equivalents, beginning of period		16.8			3.2			18.8			8.3			—			47.1
Cash & cash equivalents, end of period	$	40.5		$	8.1		$	33.3		$	6.2		$	—		$	88.1

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	45.5		$	18.3		$	44.8		$	4.8		$	(64.5	)	$	48.9
Depreciation & amortization		4.7			27.1			36.0			4.4			—			72.2
Amortization of financing fees		0.2			2.5			0.2			—			—			2.9
Share-based compensation expense		1.0			1.7			0.8			—			—			3.5
Increase (decrease) in deferred income taxes		1.7			3.7			(0.7	)		(0.1	)		—			4.6
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			0.6			0.6			0.5			—			1.7
Equity (loss) income, net of distributions		(42.4	)		(3.8	)		(18.3	)		—			64.5			—
Intercompany transactions		18.3			3.5			—			—			(21.8	)		—
Other non-cash items		—			(0.8	)		—			—			—			(0.8	)
Net change in operating assets and liabilities, net of acquisition		(2.3	)		(20.1	)		(76.2	)		(2.3	)		21.8			(79.1	)
Net cash provided by (used in) operating activities		26.7			32.7			(13.7	)		7.3			—			53.0
Investing Activities
Acquisition		—			(4.7	)		(5.0	)		—			—			(9.7	)
Additions to property, plant & equipment		(5.4	)		(33.8	)		(9.8	)		(1.6	)		—			(50.6	)
Additions to intangibles and other assets		(0.5	)		(4.7	)		0.5			—			—			(4.7	)
Proceeds from sale of property, plant & equipment		—			—			1.0			1.3			—			2.3
Proceeds from insurance recoveries		—			1.7			—			—			—			1.7
Advances to affiliates		—			—			—			(5.1	)		5.1			—
Net cash used in investing activities		(5.9	)		(41.5	)		(13.3	)		(5.4	)		5.1			(61.0	)
Financing Activities
Payments of long-term debt		0.1			(2.6	)		—			(0.3	)		—			(2.8	)
Borrowings under ABL		—			24.5			—			—			—			24.5
Payments under ABL		—			(24.5	)		—			—			—			(24.5	)
Advances from affiliates		5.1			—			—			—			(5.1	)		—
Distributions to non-controlling interests		—			—			—			(3.3	)		—			(3.3	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)
Financing Fees		—			(1.2	)		—			—			—			(1.2	)
Net cash provided by (used in) financing activities		4.9			(3.8	)		—			(3.6	)		(5.1	)		(7.6	)
Effect of exchange rate changes on cash		1.1			—			1.4			0.3			—			2.8
Net increase (decrease) in cash & cash equivalents		26.8			(12.6	)		(25.6	)		(1.4	)		—			(12.8	)
Cash & cash equivalents, beginning of period		13.7			20.7			58.9			7.6			—			100.9
Cash & cash equivalents, end of period	$	40.5		$	8.1		$	33.3		$	6.2		$	—		$	88.1

XML

Debt - Components of Debt (Parenthetical) (Detail)	9 Months Ended			9 Months Ended
	Sep. 28, 2013 8.375% Senior Notes Due in 2017 [Member]	Dec. 29, 2012 8.375% Senior Notes Due in 2017 [Member]	Nov. 13, 2009 8.375% Senior Notes Due in 2017 [Member]	Sep. 28, 2013 8.125% Senior Notes Due in 2018 [Member]	Dec. 29, 2012 8.125% Senior Notes Due in 2018 [Member]	Aug. 17, 2010 8.125% Senior Notes Due in 2018 [Member]
Debt Instrument [Line Items]
Interest rate on notes	8.375%	8.375%	8.375%	8.125%	8.125%	8.125%
Debt instrument maturity year	2017	2017		2018	2018
Discount rate on issue of senior notes			1.425%

XML

Segment Reporting - Segment Reporting Information by Operating Segment (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012	Dec. 29, 2012
Segment Reporting Information [Line Items]
External revenue	$ 543.2	$ 583.8	$ 1,612.4	$ 1,733.4
Depreciation and amortization	25.1	24.7	74.7	72.2
Operating income (loss)	26.0	28.6	73.7	92.8
Additions to property, plant & equipment	10.2	13.2	44.7	50.6
Property, plant & equipment	490.1		490.1		490.9
Goodwill	140.4		140.4		130.3
Intangibles and other assets	303.6		303.6		315.4
Total assets	1,560.4		1,560.4		1,565.9
North America [Member]
Segment Reporting Information [Line Items]
External revenue	383.3	439.3	1,194.6	1,323.1
Depreciation and amortization	20.8	21.1	62.9	61.3
Operating income (loss)	14.6	18.9	49.3	67.4
Additions to property, plant & equipment	9.0	10.0	33.9	39.0
Property, plant & equipment	371.5		371.5		382.1
Goodwill	124.9		124.9		125.8
Intangibles and other assets	275.8		275.8		301.1
Total assets	1,195.9		1,195.9		1,246.7
United Kingdom [Member]
Segment Reporting Information [Line Items]
External revenue	142.9	125.5	368.2	356.2
Depreciation and amortization	3.8	3.2	10.3	9.6
Operating income (loss)	9.5	7.8	18.6	21.5
Additions to property, plant & equipment	1.2	1.7	9.5	9.8
Property, plant & equipment	108.7		108.7		99.5
Goodwill	11.0		11.0
Intangibles and other assets	27.5		27.5		13.9
Total assets	323.3		323.3		273.8
Mexico [Member]
Segment Reporting Information [Line Items]
External revenue	7.5	9.7	22.6	29.0
Depreciation and amortization	0.5	0.4	1.5	1.3
Operating income (loss)	(1.2)	(1.0)	(1.6)	(3.2)
Additions to property, plant & equipment		1.5	1.3	1.8
Property, plant & equipment	9.9		9.9		9.3
Intangibles and other assets					0.4
Total assets	25.2		25.2		28.1
RCI [Member]
Segment Reporting Information [Line Items]
External revenue	9.5	9.3	27.0	25.1
Operating income (loss)	3.1	2.9	7.4	7.1
Goodwill	4.5		4.5		4.5
Intangibles and other assets	0.3		0.3
Total assets	15.1		15.1		14.1
All Other [Member]
Segment Reporting Information [Line Items]
Total assets	$ 0.9		$ 0.9		$ 3.2

XML

Debt

9 Months Ended

Sep. 28, 2013

Debt Disclosure [Abstract]

Debt

Note 10 – Debt

Our total debt as of September 28, 2013 and December 29, 2012 was as follows:

(in millions of U.S. dollars)	September 28, 2013			December 29, 2012
8.375% senior notes due in 20171	$	215.0		$	215.0
8.125% senior notes due in 2018		375.0			375.0
GE obligation		10.7			9.9
Other capital leases		5.6			4.6
Other debt		1.8			1.3
Total debt		608.1			605.8
Less: Current debt
GE obligation – current maturities		1.9			0.9
Other capital leases – current maturities		1.4			0.8
Other debt – current maturities		0.6			0.2
Total current debt		3.9			1.9
Long-term debt before discount		604.2			603.9
Less discount on 8.375% notes		(1.8	)		(2.1	)
Total long-term debt	$	602.4		$	601.8

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

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.

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 our 8.375% senior notes due 2017 (the “2017 Notes”) by May 1, 2017, May 15, 2017. We incurred $1.2 million of financing fees in connection with the amendment of the ABL facility.

On October 22, 2013, we amended the ABL facility to, among other things, (1) provide for an increase in the lenders’ commitments under the ABL facility to $300 million, as well an increase to the accordion feature, which permits us to increase the lenders’ commitments under the ABL facility to $350 million, subject to certain conditions, (2) extend the maturity date to the earliest of (i) October 22, 2018, (ii) May 15, 2017, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, or (iii) March 1, 2018, if we have not redeemed, repurchased or refinanced the 2018 Notes by February 15, 2018, and (3) provide for greater flexibility under certain covenants. We incurred approximately $0.6 million of financing fees in connection with the amendment of the ABL facility.

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 and on October 22, 2013, are being amortized using the straight line method over the duration of the amended ABL facility.

As of September 28, 2013, we had no outstanding borrowings under the ABL facility. The commitment fee was 0.375% per annum of the unused commitment, which, taking into account $7.5 million of letters of credit, was $239.0 million as of September 28, 2013.

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 our wholly-owned U.S. subsidiary Cott Beverages Inc., and we and most of our 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.

On September 30, 2013, Cott Beverages Inc. notified Wells Fargo Bank, National Association, as successor trustee to HSBC Bank USA, N.A. under the indenture dated as of November 13, 2009 governing the 2017 Notes (the “Indenture”), that Cott Beverages Inc. will, pursuant to the optional redemption provisions contained in the Indenture, redeem U.S. $200.0 million aggregate principal amount of the 2017 Notes on November 15, 2013 at 104.118% of par. The redemption will include approximately $8 million in premium payments as well as approximately $4 million in deferred financing fee and discount charges.

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 U.S. subsidiary Cott Beverages Inc., and we and most of our 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.

GE Term Loan

In January 2008, we entered into a capital lease finance arrangement with General Electric Capital Corporation (“GE Capital”) for the lease of equipment. In September 2013, we purchased the equipment subject to the lease for an aggregate purchase price of $10.7 million, with the financing for such purchase provided by General Electric at 5.23% interest.

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Share-Based Compensation - Stock Option Activity (Detail) (CAD) In Thousands, except Per Share data, unless otherwise specified	9 Months Ended
	Sep. 28, 2013
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning balance, Shares	468
Stock options awarded, Shares	392
Options exercised, Shares
Options forfeited or expired, Shares
Ending balance, Shares	860
Exercisable at September 28, 2013	125
Beginning balance, Weighted average exercise price	7.28
Stock options awarded, Weighted average exercise price	9.36
Options exercised, Weighted average exercise price
Options forfeited or expired, Weighted average exercise price
Ending balance, Weighted average exercise price	8.23
Exercisable at September 28, 2013, Weighted average exercise price	9.49

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Guarantor Subsidiaries - Consolidating Statements of Condensed Cash Flows (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Operating Activities
Net income	$ 13.3	$ 15.8	$ 32.4	$ 48.9
Depreciation & amortization	25.1	24.7	74.7	72.2
Amortization of financing fees	0.7	0.8	2.2	2.9
Share-based compensation expense	1.1	1.3	3.6	3.5
(Decrease) increase in deferred income taxes	0.3	0.6	1.9	4.6
Gain on bargain purchase				(0.9)
Loss on disposal of property, plant & equipment	1.1	0.8	1.4	1.7
Other non-cash items		(1.4)	0.2	(0.8)
Net change in operating assets and liabilities, net of acquisition	45.8	15.4	(53.5)	(79.1)
Net cash provided by operating activities	87.4	58.0	62.9	53.0
Investing Activities
Acquisition	(4.7)	(4.7)	(11.2)	(9.7)
Additions to property, plant & equipment	(10.2)	(13.2)	(44.7)	(50.6)
Additions to intangibles and other assets	(2.1)	(1.0)	(4.0)	(4.7)
Proceeds from sale of property, plant & equipment	0.2	1.3	0.2	2.3
Proceeds from sale of assets held for sale		1.3
Proceeds from insurance recoveries		1.7	0.4	1.7
Net cash used in investing activities	(16.8)	(15.9)	(59.3)	(61.0)
Financing Activities
Payments of long-term debt	(0.6)	(0.2)	(20.2)	(2.8)
Borrowings under ABL				24.5
Payments under ABL				(24.5)
Distributions to non-controlling interests	(2.2)	(1.9)	(5.0)	(3.3)
Common share repurchase	(4.5)		(12.9)	(0.3)
Financing fees	(0.1)	(1.2)	(0.1)	(1.2)
Dividends to shareholders	(5.5)		(16.7)
Net cash used in financing activities	(12.9)	(3.3)	(54.9)	(7.6)
Effect of exchange rate changes on cash	1.3	2.2	(2.3)	2.8
Net (decrease) increase in cash & cash equivalents	59.0	41.0	(53.6)	(12.8)
Cash & cash equivalents, beginning of period	66.8	47.1	179.4	100.9
Cash & cash equivalents, end of period	125.8	88.1	125.8	88.1
Cott Corporation [Member]
Operating Activities
Net income	12.0	14.5	28.5	45.5
Depreciation & amortization	1.6	1.6	4.7	4.7
Amortization of financing fees		0.1	0.1	0.2
Share-based compensation expense	0.3	0.2	1.1	1.0
(Decrease) increase in deferred income taxes	(2.5)	0.6	(2.0)	1.7
Loss on disposal of property, plant & equipment	0.1		0.1
Equity (income) loss, net of distributions	(12.6)	(12.6)	(31.6)	(42.4)
Intercompany transactions	2.2	2.1	24.7	18.3
Other non-cash items	0.2	(0.4)	0.2
Net change in operating assets and liabilities, net of acquisition	(0.4)	16.4	(4.8)	(2.3)
Net cash provided by operating activities	0.9	22.5	21.0	26.7
Investing Activities
Additions to property, plant & equipment	(1.1)	(1.2)	(6.0)	(5.4)
Additions to intangibles and other assets		(0.5)		(0.5)
Net cash used in investing activities	(1.1)	(1.7)	(6.0)	(5.9)
Financing Activities
Payments of long-term debt		0.1	(0.1)	0.1
Advances from affiliates	(0.3)	1.6	(0.4)	5.1
Common share repurchase	(4.5)		(12.9)	(0.3)
Financing fees	(0.1)		(0.1)
Dividends to shareholders	(5.5)		(16.7)
Net cash used in financing activities	(10.4)	1.7	(30.2)	4.9
Effect of exchange rate changes on cash	0.5	1.2	(1.4)	1.1
Net (decrease) increase in cash & cash equivalents	(10.1)	23.7	(16.6)	26.8
Cash & cash equivalents, beginning of period	33.3	16.8	39.8	13.7
Cash & cash equivalents, end of period	23.2	40.5	23.2	40.5
Cott Beverages Inc. [Member]
Operating Activities
Net income	(0.9)	6.6	(1.6)	18.3
Depreciation & amortization	9.6	9.4	29.0	27.1
Amortization of financing fees	0.7	0.6	2.0	2.5
Share-based compensation expense	0.7	0.9	2.2	1.7
(Decrease) increase in deferred income taxes	3.4	1.2	5.2	3.7
Loss on disposal of property, plant & equipment	0.4	0.2	0.7	0.6
Equity (income) loss, net of distributions	(1.3)	(1.5)	(3.9)	(3.8)
Intercompany transactions	2.4	2.1	5.3	3.5
Other non-cash items	(0.2)	(1.0)		(0.8)
Net change in operating assets and liabilities, net of acquisition	28.3	0.9	2.4	(20.1)
Net cash provided by operating activities	43.1	19.4	41.3	32.7
Investing Activities
Acquisition	(4.7)	(4.7)	(4.7)	(4.7)
Additions to property, plant & equipment	(7.9)	(9.0)	(27.9)	(33.8)
Additions to intangibles and other assets	(2.1)	(1.1)	(4.0)	(4.7)
Proceeds from insurance recoveries		1.7	0.4	1.7
Net cash used in investing activities	(14.7)	(13.1)	(36.2)	(41.5)
Financing Activities
Payments of long-term debt		(0.2)	(0.7)	(2.6)
Borrowings under ABL				24.5
Payments under ABL				(24.5)
Financing fees		(1.2)		(1.2)
Net cash used in financing activities		(1.4)	(0.7)	(3.8)
Net (decrease) increase in cash & cash equivalents	28.4	4.9	4.4	(12.6)
Cash & cash equivalents, beginning of period	13.5	3.2	37.5	20.7
Cash & cash equivalents, end of period	41.9	8.1	41.9	8.1
Guarantor Subsidiaries [Member]
Operating Activities
Net income	14.7	13.4	34.3	44.8
Depreciation & amortization	12.3	12.1	36.4	36.0
Amortization of financing fees		0.1	0.1	0.2
Share-based compensation expense	0.1	0.3	0.3	0.8
(Decrease) increase in deferred income taxes	(0.5)	(1.3)	(1.2)	(0.7)
Gain on bargain purchase				(0.9)
Loss on disposal of property, plant & equipment	0.6	0.1	0.6	0.6
Equity (income) loss, net of distributions	0.3	(6.5)	0.9	(18.3)
Net change in operating assets and liabilities, net of acquisition	15.8	(3.4)	(76.9)	(76.2)
Net cash provided by operating activities	43.3	14.8	(5.5)	(13.7)
Investing Activities
Acquisition			(6.5)	(5.0)
Additions to property, plant & equipment	(1.2)	(1.7)	(9.5)	(9.8)
Additions to intangibles and other assets		0.6		0.5
Proceeds from sale of property, plant & equipment				1.0
Net cash used in investing activities	(1.2)	(1.1)	(16.0)	(13.3)
Financing Activities
Payments of long-term debt	(0.1)		(18.6)
Net cash used in financing activities	(0.1)		(18.6)
Effect of exchange rate changes on cash	0.8	0.8	(0.9)	1.4
Net (decrease) increase in cash & cash equivalents	42.8	14.5	(41.0)	(25.6)
Cash & cash equivalents, beginning of period	12.6	18.8	96.4	58.9
Cash & cash equivalents, end of period	55.4	33.3	55.4	33.3
Non-Guarantor Subsidiaries [Member]
Operating Activities
Net income	1.1	1.9	5.8	4.8
Depreciation & amortization	1.6	1.6	4.6	4.4
Share-based compensation expense		(0.1)
(Decrease) increase in deferred income taxes	(0.1)	0.1	(0.1)	(0.1)
Loss on disposal of property, plant & equipment		0.5		0.5
Net change in operating assets and liabilities, net of acquisition	(2.5)	(2.7)	(4.2)	(2.3)
Net cash provided by operating activities	0.1	1.3	6.1	7.3
Investing Activities
Additions to property, plant & equipment		(1.3)	(1.3)	(1.6)
Proceeds from sale of property, plant & equipment	0.2		0.2	1.3
Proceeds from sale of assets held for sale		1.3
Advances to affiliates	0.3	(1.6)	0.4	(5.1)
Net cash used in investing activities	0.5	(1.6)	(0.7)	(5.4)
Financing Activities
Payments of long-term debt	(0.5)	(0.1)	(0.8)	(0.3)
Distributions to non-controlling interests	(2.2)	(1.9)	(5.0)	(3.3)
Net cash used in financing activities	(2.7)	(2.0)	(5.8)	(3.6)
Effect of exchange rate changes on cash		0.2		0.3
Net (decrease) increase in cash & cash equivalents	(2.1)	(2.1)	(0.4)	(1.4)
Cash & cash equivalents, beginning of period	7.4	8.3	5.7	7.6
Cash & cash equivalents, end of period	5.3	6.2	5.3	6.2
Elimination Entries [Member]
Operating Activities
Net income	(13.6)	(20.6)	(34.6)	(64.5)
Equity (income) loss, net of distributions	13.6	20.6	34.6	64.5
Intercompany transactions	(4.6)	(4.2)	(30.0)	(21.8)
Net change in operating assets and liabilities, net of acquisition	4.6	4.2	30.0	21.8
Investing Activities
Advances to affiliates	(0.3)	1.6	(0.4)	5.1
Net cash used in investing activities	(0.3)	1.6	(0.4)	5.1
Financing Activities
Advances from affiliates	0.3	(1.6)	0.4	(5.1)
Net cash used in financing activities	$ 0.3	$ (1.6)	$ 0.4	$ (5.1)

XML

Segment Reporting - Segment Reporting Information by Operating Segment (Parenthetical) (Detail) (North America [Member], Elimination [Member], USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
North America [Member] | Elimination [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 5.6	$ 4.9	$ 14.8	$ 13.0

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Acquisitions - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	1 Months Ended		9 Months Ended	12 Months Ended	1 Months Ended	9 Months Ended
	Feb. 28, 2013 Cliffstar [Member]	Aug. 17, 2010 Cliffstar [Member] Y	Sep. 28, 2013 Cliffstar [Member]	Dec. 31, 2011 Cliffstar [Member]	Jun. 29, 2013 Calypso Soft Drinks [Member]	Sep. 28, 2013 Calypso Soft Drinks [Member]	Jun. 29, 2013 Calypso Soft Drinks [Member] Cooke Bros Holdings Limited [Member]
Business Acquisition [Line Items]
Acquired Segment							100.00%
Aggregate purchase price					$ 12.1	$ 12.1
Acquisition payable in cash		503.0			7.0	7.0
Deferred payment to be paid on first anniversary					2.3
Deferred payments to be paid on second anniversary					3.0
Acquisition related costs						1.6
Date of acquisition			Aug. 17, 2010
Acquisition, deferred consideration to be paid		14.0
Deferred consideration due (in years)		3
Acquisition, contingent consideration		55.0
Acquisition, contingent consideration payable upon achievement of milestones		15.0
Interim payments to the seller				29.6
Cash refund due to final determination of working capital				4.7
Settlement payments to seller				0.9
Payment by Cott	0.6
Additional contingent consideration for business acquisition				$ 12.1

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Acquisitions (Tables)

9 Months Ended

Sep. 28, 2013

Business Combinations [Abstract]

Business Combination Transfer Consideration

The total consideration paid by us in the Calypso Soft Drinks Acquisition, subject to final working capital adjustments, is summarized below:

(in millions of U.S. dollars)
Cash	$	7.0
Deferred consideration *		5.1
Total consideration	$	12.1

* Principal amount of $5.3 million discounted to be paid on the first and second anniversary of the completion date.

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

The following table summarizes the estimated allocation of the purchase price to the fair value of the assets acquired and liabilities assumed in connection with the Calypso Soft Drinks Acquisition. 

(in millions of U.S. dollars)	Acquired Value
Cash	$	0.5
Accounts receivable		15.1
Inventory		7.5
Prepaid expenses and other assets		0.6
Property, plant and equipment		9.7
Goodwill		10.5
Intangibles and other assets		14.8
Accounts payable and accrued liabilities		(14.1	)
Shareholder loans		(1.6	)
Deferred tax liabilities		(4.7	)
Other long-term liabilities		(26.2	)
Total	$	12.1

Components of Identified Intangible Assets Associated with Calypso Soft Drinks Acquisition and their Estimated Weighted Average Useful Lives

The following table sets forth the components of identified intangible assets associated with the Calypso Soft Drinks Acquisition and their estimated weighted average useful lives:

(in millions of U.S. dollars)	Estimated Fair Market Value		Estimated Useful Life
Customer relationships	$	10.5	15 years
Trademarks and trade names		3.0	20 years
Non-competition agreements		1.3	5 years
Total	$	14.8

Revenue and Net Income of Acquired Entity

The following unaudited financial information for the three months and sixteen weeks ended September 28, 2013 represents the activity of Calypso Soft Drinks that has been combined with our operations as of the date of acquisition.

(in millions of U.S. dollars)	For the Three Months Ended September 28, 2013		For the Sixteen Weeks Ended September 28, 2013
Revenue	$	15.7	$	19.9
Net income		0.6		0.7

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Business and Recent Accounting Pronouncements (Policies)

9 Months Ended

Sep. 28, 2013

Accounting Policies [Abstract]

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 producers of beverages on behalf of retailers, brand owners and distributors. Our product lines include carbonated soft drinks (“CSDs”), 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy products, sports products, new age beverages and ready-to-drink teas, as well as alcoholic beverages for brand owners.

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 29, 2012. 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

Update ASU 2013-02 – Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

In February 2013, the Financial Accounting Standards Board (“FASB”) amended its guidance regarding the information provided in relation to the amounts reclassified out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. We have adopted this guidance, and the required disclosure is set forth in Note 11.

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Share-Based Compensation - Share-Based Compensation Expense (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1.1	$ 1.3	$ 3.6	$ 3.5
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.2	0.1	0.6	0.3
Directors' Share Award [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			0.8	0.7
Performance-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.3	0.2	0.7	0.4
Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 0.6	$ 1.0	$ 1.5	$ 2.1

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Debt (Tables)

9 Months Ended

Sep. 28, 2013

Debt Disclosure [Abstract]

Debt

Our total debt as of September 28, 2013 and December 29, 2012 was as follows:

(in millions of U.S. dollars)	September 28, 2013			December 29, 2012
8.375% senior notes due in 20171	$	215.0		$	215.0
8.125% senior notes due in 2018		375.0			375.0
GE obligation		10.7			9.9
Other capital leases		5.6			4.6
Other debt		1.8			1.3
Total debt		608.1			605.8
Less: Current debt
GE obligation – current maturities		1.9			0.9
Other capital leases – current maturities		1.4			0.8
Other debt – current maturities		0.6			0.2
Total current debt		3.9			1.9
Long-term debt before discount		604.2			603.9
Less discount on 8.375% notes		(1.8	)		(2.1	)
Total long-term debt	$	602.4		$	601.8

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

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Acquisitions - Business Combination Transfer Consideration (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	Sep. 28, 2013
Business Combinations [Abstract]
Undiscounted deferred consideration	$ 5.3

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Share-Based Compensation - Performance-Based RSU and Time-Based RSU Activity (Detail) In Thousands, unless otherwise specified			9 Months Ended
	Sep. 28, 2013	Dec. 29, 2012	Sep. 28, 2013 Performance-Based RSUs [Member]	Sep. 28, 2013 Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance, Shares	860	468	825	529
Awarded			247	382
Issued				(15)
Forfeited			(26)	(37)
Ending balance, Shares	860	468	1,046	859

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Segment Reporting (Tables)

9 Months Ended

Sep. 28, 2013

Segment Reporting [Abstract]

Segment Reporting Information by Operating Segment

The primary measures used in evaluating our reporting segments are revenues, operating income (loss), and additions to property, plant and equipment, which have been included as part of our segment disclosures listed below.

(in millions of U.S. dollars)	North America		United Kingdom		Mexico			RCI		All Other		Total
For the Three Months Ended September 28, 2013
External revenue1		$   383.3		$142.9		$  7.5			$  9.5		$  —		$   543.2
Depreciation and amortization		20.8		3.8		0.5			—		—		25.1
Operating income (loss)		14.6		9.5		(1.2	)		3.1		—		26.0
Additions to property, plant & equipment		9.0		1.2		—			—		—		10.2
For the Nine Months Ended September 28, 2013
External revenue1		$1,194.6		$368.2		$22.6			$27.0		$  —		$1,612.4
Depreciation and amortization		62.9		10.3		1.5			—		—		74.7
Operating income (loss)		49.3		18.6		(1.6	)		7.4		—		73.7
Additions to property, plant & equipment		33.9		9.5		1.3			—		—		44.7
As of September 28, 2013
Property, plant & equipment		$   371.5		$108.7		$  9.9			$ —		$  —		$  490.1
Goodwill		124.9		11.0		—			4.5		—		140.4
Intangibles and other assets		275.8		27.5		—			0.3		—		303.6
Total assets2		1,195.9		323.3		25.2			15.1		0.9		1,560.4

¹  Intersegment revenue between North America and the other reporting segments was $5.6 million and $14.8 million for the three and nine months ended September 28, 2013, 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 September 29, 2012
External revenue1		$   439.3		$125.5		$  9.7			$  9.3		$  —		$   583.8
Depreciation and amortization		21.1		3.2		0.4			—		—		24.7
Operating income (loss)		18.9		7.8		(1.0	)		2.9		—		28.6
Additions to property, plant & equipment		10.0		1.7		1.5			—		—		13.2
For the Nine Months Ended September 29, 2012
External revenue1		$1,323.1		$356.2		$29.0			$25.1		$  —		$1,733.4
Depreciation and amortization		61.3		9.6		1.3			—		—		72.2
Operating income (loss)		67.4		21.5		(3.2	)		7.1		—		92.8
Additions to property, plant & equipment		39.0		9.8		1.8			—		—		50.6
As of December 29, 2012
Property, plant & equipment		$   382.1		$  99.5		$  9.3			$ —		$  —		$  490.9
Goodwill		125.8		—		—			4.5		—		130.3
Intangibles and other assets		301.1		13.9		0.4			—		—		315.4
Total assets2		1,246.7		273.8		28.1			14.1		3.2		1,565.9

¹  Intersegment revenue between North America and the other reporting segments was $4.9 million and $13.0 million for the three and nine months ended September 29, 2012, 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 Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
United States	$	344.3		$	388.0		$	1,066.9		$	1,169.0
Canada		50.2			63.2			159.8			190.3
United Kingdom		142.9			125.5			368.2			356.2
Mexico		7.5			9.7			22.6			29.0
RCI		9.5			9.3			27.0			25.1
Elimination1		(11.2	)		(11.9	)		(32.1	)		(36.2	)
	$	543.2		$	583.8		$	1,612.4		$	1,733.4

1 Represents intersegment revenue among our operating segments, of which $5.6 million and $14.8 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and nine months ended September 28, 2013, respectively, compared to $4.9 million and $13.0 million for the three and nine months ended September 29, 2012, respectively.

Revenues by Product Category

Revenues by product category were as follows:

For the Three Months Ended September 28, 2013
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	148.1	$	46.7	$	2.4	$	—	$	197.2
Juice		117.4		11.2		0.1		0.5		129.2
Concentrate		2.9		0.5		—		7.1		10.5
All other products		114.9		84.5		5.0		1.9		206.3
Total	$	383.3	$	142.9	$	7.5	$	9.5	$	543.2

For the Nine Months Ended September 28, 2013
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	456.6	$	119.4	$	9.6	$	0.2	$	585.8
Juice		376.8		19.9		0.1		1.9		398.7
Concentrate		8.8		1.7		—		21.2		31.7
All other products		352.4		227.2		12.9		3.7		596.2
Total	$	1,194.6	$	368.2	$	22.6	$	27.0	$	1,612.4

For the Three Months Ended September 29, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	182.3	$	43.1	$	5.1	$	0.3	$	230.8
Juice		133.7		3.7		0.3		0.4		138.1
Concentrate		3.3		0.5		—		8.5		12.3
All other products		120.0		78.2		4.3		0.1		202.6
Total	$	439.3	$	125.5	$	9.7	$	9.3	$	583.8

For the Nine Months Ended September 29, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	533.3	$	121.8	$	16.4	$	0.3	$	671.8
Juice		406.9		10.5		0.7		1.1		419.2
Concentrate		9.6		1.8		—		23.6		35.0
All other products		373.3		222.1		11.9		0.1		607.4
Total	$	1,323.1	$	356.2	$	29.0	$	25.1	$	1,733.4

Property, Plant and Equipment by Operating Segment

Property, plant and equipment, net by operating segment as of September 28, 2013 and December 29, 2012 was as follows:

(in millions of U.S. dollars)	September 28, 2013		December 29, 2012
United States	$	324.8	$	333.7
Canada		46.7		48.4
United Kingdom		108.7		99.5
Mexico		9.9		9.3
Total	$	490.1	$	490.9

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Intangibles and Other Assets - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense of intangible and other assets	$ 8.6	$ 8.8	$ 25.9	$ 26.6

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Shares Held in Trust Treated as Treasury Shares and Share Repurchase Program - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended		3 Months Ended	9 Months Ended		1 Months Ended	12 Months Ended
	Apr. 30, 2013	May 31, 2012	Sep. 28, 2013	Sep. 28, 2013	Dec. 29, 2012	May 31, 2008 PSU Plan [Member]	Dec. 29, 2012 2010 Equity Incentive Plan [Member]
Shares Held In Trust Treated As Treasury Shares [Line Items]
Common stock shares issued to trustee						2,300,000
Common stock shares distributed from trustee share							700,000
Shares held in trust					0
Stock repurchase authorized, value		$ 35.0
Common stock repurchased			554,769
Common stock repurchased, value			$ 4.5	$ 10.0
Percentage of outstanding common stock available for repurchase	5.00%

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Intangibles and Other Assets - Summary of Intangibles and Other Assets (Detail) (USD $) In Millions, unless otherwise specified	Sep. 28, 2013	Dec. 29, 2012
Intangibles And Other Assets Net [Line Items]
Intangibles Assets- Cost	$ 473.2
Intangibles Assets- Accumulated Amortization	228.8
Intangibles Assets- Net	244.4
Total Intangible Assets at Cost	518.2
Total Accumulated Amortization	228.8
Total Intangible Assets, Net	289.4
Other Assets - Cost	27.7
Other Assets - Accumulated Amortization	13.5
Other Assets - Net	14.2
Intangibles and Other Assets - Cost	545.9
Intangibles and Other Assets - Accumulated Amortization	242.3
Intangibles and Other Assets - Net	303.6	315.4
Financing Costs [Member]
Intangibles And Other Assets Net [Line Items]
Other Assets - Cost	25.7
Other Assets - Accumulated Amortization	13.2
Other Assets - Net	12.5
Deposits [Member]
Intangibles And Other Assets Net [Line Items]
Other Assets - Cost	1.1
Other Assets - Net	1.1
Other [Member]
Intangibles And Other Assets Net [Line Items]
Other Assets - Cost	0.9
Other Assets - Accumulated Amortization	0.3
Other Assets - Net	0.6
Customer Relationships [Member]
Intangibles And Other Assets Net [Line Items]
Intangibles Assets- Cost	378.5
Intangibles Assets- Accumulated Amortization	160.8
Intangibles Assets- Net	217.7
Trademarks [Member]
Intangibles And Other Assets Net [Line Items]
Intangibles Assets- Cost	32.4
Intangibles Assets- Accumulated Amortization	24.9
Intangibles Assets- Net	7.5
Information Technology [Member]
Intangibles And Other Assets Net [Line Items]
Intangibles Assets- Cost	49.1
Intangibles Assets- Accumulated Amortization	32.7
Intangibles Assets- Net	16.4
Other [Member]
Intangibles And Other Assets Net [Line Items]
Intangibles Assets- Cost	13.2
Intangibles Assets- Accumulated Amortization	10.4
Intangibles Assets- Net	2.8
Rights [Member]
Intangibles And Other Assets Net [Line Items]
Intangibles Assets- Cost	45.0
Intangibles Assets- Net	$ 45.0

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Acquisitions - Revenue and Net Income of Acquired Entity (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended		3 Months Ended	4 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013 Calypso Soft Drinks [Member]	Sep. 28, 2013 Calypso Soft Drinks [Member]
Parent Company Only Financial Information [Line Items]
Revenue					$ 15.7	$ 19.9
Net income	$ 12.0	$ 14.5	$ 28.5	$ 45.5	$ 0.6	$ 0.7

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Accumulated Other Comprehensive (Loss) Income - Changes in Accumulated Other Comprehensive (Loss) Income by Component (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ (12.4)
OCI before reclassifications			(4.9)
Amounts reclassified from AOCI			0.3
Total other comprehensive income (loss)	11.8	12.6	(4.6)	13.1
Ending balance	(17.0)		(17.0)
Gains and Losses on Derivative Instruments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			0.2
OCI before reclassifications			0.2
Amounts reclassified from AOCI			(0.3)
Total other comprehensive income (loss)			(0.1)
Ending balance	0.1		0.1
Pension Benefit Plan Items [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(9.1)
OCI before reclassifications			(0.3)
Amounts reclassified from AOCI			0.6
Total other comprehensive income (loss)			0.3
Ending balance	(8.8)		(8.8)
Currency Translation Adjustment Items [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(3.5)
OCI before reclassifications			(4.8)
Total other comprehensive income (loss)			(4.8)
Ending balance	$ (8.3)		$ (8.3)

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Subsequent Events

9 Months Ended

Sep. 28, 2013

Subsequent Events [Abstract]

Subsequent Events

Note 17 – Subsequent Events

On September 30, 2013, Cott Beverages Inc. notified Wells Fargo Bank, National Association, as successor trustee to HSBC Bank USA, N.A. under the Indenture, that Cott Beverages Inc. will, pursuant to the optional redemption provisions contained in the Indenture, redeem U.S. $200.0 million aggregate principal amount of the 2017 Notes on November 15, 2013 at 104.118% of par. The redemption will include approximately $8 million in premium payments as well as approximately $4 million in deferred financing fee and discount charges.

On October 22, 2013, we amended the ABL facility to, among other things, (1) provide for an increase in the lenders’ commitments under the ABL facility to $300 million, as well an increase to the accordion feature, which permits us to increase the lenders’ commitments under the ABL facility to $350 million, subject to certain conditions, (2) extend the maturity date to the earliest of (i) October 22, 2018, (ii) May 15, 2017, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, or (iii) March 1, 2018, if we have not redeemed, repurchased or refinanced the 2018 Notes by February 15, 2018, and (3) provide for greater flexibility under certain covenants. We incurred approximately $0.6 million of financing fees in connection with the amendment of the ABL facility.

On October 29, 2013, our board of directors declared a dividend of CAD$0.06 per common share, payable in cash on December 12, 2013 to shareowners of record at the close of business on December 2, 2013.

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Consolidated Balance Sheets (Parenthetical) (USD $) In Millions, except Share data, unless otherwise specified	Sep. 28, 2013	Dec. 29, 2012
Statement Of Financial Position [Abstract]
Accounts receivable, net of allowance	$ 5.1	$ 6.8
Capital stock, no par value
Capital stock, shares issued	94,226,045	95,371,484

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Consolidated Statements of Equity (USD $) In Millions, except Share data, unless otherwise specified	Total USD ($)		Directors' Share Award [Member] USD ($)	Common Shares [Member] USD ($)	Common Shares [Member] Directors' Share Award [Member]	Common Shares [Member] Time-Based RSUs [Member] USD ($)	Treasury Shares [Member] USD ($)	Additional Paid-in-Capital [Member] USD ($)	Additional Paid-in-Capital [Member] Directors' Share Award [Member] USD ($)	Additional Paid-in-Capital [Member] Time-Based RSUs [Member] USD ($)	Retained Earnings [Member] USD ($)	Accumulated Other Comprehensive Loss [Member] USD ($)	Non-Controlling Interests [Member] USD ($)
Balance at Dec. 31, 2011	$ 568.2			$ 395.9			$ (2.1)	$ 42.6			$ 144.1	$ (24.7)	$ 12.4
Balance, shares at Dec. 31, 2011				95,101,000			674,000
Common shares repurchased	(0.3)			(0.2)							(0.1)
Common shares issued - Directors' share award			0.7						0.7
Common shares repurchased, shares				(35,000)
Common shares issued - Directors' share award, shares					96,000
Share-based compensation	2.8							2.8
Distributions to non-controlling interests	(3.3)												(3.3)
Comprehensive income
Currency translation adjustment	13.5											13.7	(0.2)
Pension benefit plan, net of tax	(0.1)	[1]										(0.1)
Unrealized loss on derivative instruments, net of tax	(0.3)	[2]										(0.3)
Net income	48.9										45.5		3.4
Balance at Sep. 29, 2012	630.1			395.7			(2.1)	46.1			189.5	(11.4)	12.3
Balance, shares at Sep. 29, 2012				95,162,000			674,000
Balance at Dec. 29, 2012	622.9			397.8				40.4			186.0	(12.4)	11.1
Balance, shares at Dec. 29, 2012				95,371,000
Common shares issued - Directors' share award			0.8						0.8
Common shares issued - Directors' share award, shares					87,000
Common shares repurchased and cancelled	(10.0)			(5.2)							(4.8)
Common shares repurchased and cancelled, shares				(1,248,000)
Common shares issued - Time-based RSUs						0.1				(0.1)
Common shares issued - Time-based RSUs, shares						16,000
Share-based compensation	2.8							2.8
Dividend payment	(16.7)										(16.7)
Distributions to non-controlling interests	(5.0)												(5.0)
Comprehensive income
Currency translation adjustment	(4.8)											(4.8)
Pension benefit plan, net of tax	0.3	[1]										0.3
Unrealized loss on derivative instruments, net of tax	(0.1)	[2]										(0.1)
Net income	32.4										28.5		3.9
Balance at Sep. 28, 2013	$ 622.6			$ 392.7				$ 43.9			$ 193.0	$ (17.0)	$ 10.0
Balance, shares at Sep. 28, 2013				94,226,000

[1] Net of the effect of nil and $0.2 million tax expense for the three and nine months ended September 28, 2013, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and nine months ended September 29, 2012, respectively.

[2] Net of the effect of nil tax benefit for the three and nine months ended September 28, 2013, respectively, and net of the effect of a nil and $0.1 million tax benefit for the three and nine months ended September 29, 2012, respectively.

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Restructuring

9 Months Ended

Sep. 28, 2013

Restructuring And Related Activities [Abstract]

Restructuring

Note 3 – Restructuring

We implement restructuring programs from time to time that are designed to improve operating effectiveness and lower costs. When we implement these programs, we incur various charges, including severance and other employment related costs. During June 2013, we implemented one such program (the “2013 Restructuring Plan”), which consisted primarily of headcount reductions. For the nine months ended September 28, 2013, we incurred charges of approximately $2.0 million related primarily to employee redundancy costs.

The following table summarizes restructuring charges for the nine-month period ended September 28, 2013:

(in millions of U.S. dollars)	September 28, 2013
North America	$	1.0
United Kingdom		0.7
Mexico		0.3
Total	$	2.0

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Hedging Transactions and Derivative Financial Instruments - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012	Dec. 29, 2012
Derivative [Line Items]
Fair value of derivative instruments					$ 0.1
Derivative instruments, charge to cost of sales	478.2	510.6	1,414.4	1,504.5
Gains and Losses on Derivative Instruments [Member]
Derivative [Line Items]
Derivative instruments, charge to cost of sales	(0.1)	0.3	(0.5)	0.4
Cash Flow Hedging [Member]
Derivative [Line Items]
Notional value of foreign currency cash flow hedges	$ 5.5		$ 5.5

XML

Business and Recent Accounting Pronouncements

9 Months Ended

Sep. 28, 2013

Accounting Policies [Abstract]

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 producers of beverages on behalf of retailers, brand owners and distributors. Our product lines include carbonated soft drinks (“CSDs”), 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy products, sports products, new age beverages and ready-to-drink teas, as well as alcoholic beverages for brand owners.

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 29, 2012. 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

Update ASU 2013-02 – Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income

In February 2013, the Financial Accounting Standards Board (“FASB”) amended its guidance regarding the information provided in relation to the amounts reclassified out of accumulated other comprehensive income. The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012. We have adopted this guidance, and the required disclosure is set forth in Note 11.

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Acquisitions - Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) In Millions, unless otherwise specified	Sep. 28, 2013	Dec. 29, 2012
Business Acquisition [Line Items]
Goodwill	$ 140.4	$ 130.3
Scenario, Previously Reported [Member]
Business Acquisition [Line Items]
Cash	0.5
Accounts receivable	15.1
Inventory	7.5
Prepaid expenses and other assets	0.6
Property, plant and equipment	9.7
Goodwill	10.5
Intangibles and other assets	14.8
Accounts payable and accrued liabilities	(14.1)
Shareholder loans	(1.6)
Deferred tax liabilities	(4.7)
Other long-term liabilities	(26.2)
Total	$ 12.1

XML

Restructuring (Tables)

9 Months Ended

Sep. 28, 2013

Restructuring And Related Activities [Abstract]

Summary of Restructuring Charges

The following table summarizes restructuring charges for the nine-month period ended September 28, 2013:

(in millions of U.S. dollars)	September 28, 2013
North America	$	1.0
United Kingdom		0.7
Mexico		0.3
Total	$	2.0

XML

Inventories (Tables)

9 Months Ended

Sep. 28, 2013

Inventory Disclosure [Abstract]

Summary of Inventories

The following table summarizes inventories as of September 28, 2013 and December 29, 2012:

(in millions of U.S. dollars)	September 28, 2013		December 29, 2012
Raw materials	$	78.4	$	93.4
Finished goods		115.5		111.6
Other		21.5		19.8
Total	$	215.4	$	224.8

XML

Commitments and Contingencies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified			12 Months Ended		12 Months Ended	1 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Dec. 31, 2011 Cliffstar [Member]	Aug. 17, 2010 Cliffstar [Member]	Dec. 31, 2011 Cliffstar [Member] Pending Arbitration [Member]	Feb. 28, 2013 Cliffstar [Member] Arbitration Outcome [Member]
Operating Leased Assets [Line Items]
Acquisition, contingent consideration payable upon achievement of milestones				$ 15.0
Acquisition, contingent consideration				55.0
Interim payments to the seller			29.6
Refund for seller's objections to contingent consideration			4.7
Settlement of seller's objections to contingent consideration			0.9
Additional contingent consideration sought for business acquisition					12.1
Consideration payment						0.6
Standby letters of credit outstanding	$ 7.5	$ 11.0

XML

Guarantor Subsidiaries (Tables)

9 Months Ended

Sep. 28, 2013

Text Block [Abstract]

Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	42.5		$	197.6		$	271.5		$	37.4		$	(5.8	)	$	543.2
Cost of sales		39.2			170.5			241.3			33.0			(5.8	)		478.2
Gross profit		3.3			27.1			30.2			4.4			—			65.0
Selling, general and administrative expenses		6.8			14.9			13.2			3.0			—			37.9
Loss on disposal of property, plant & equipment		0.1			0.4			0.6			—			—			1.1
Operating (loss) income		(3.6	)		11.8			16.4			1.4			—			26.0
Other income, net		(0.1	)		—			(0.6	)		—			—			(0.7	)
Intercompany interest (income) expense, net		—			(3.0	)		3.0			—			—			—
Interest (income) expense, net		(0.1	)		13.1			0.2			0.1			—			13.3
(Loss) income before income tax (benefit) expense and equity income (loss)		(3.4	)		1.7			13.8			1.3			—			13.4
Income tax (benefit) expense		(2.8	)		3.9			(1.2	)		0.2			—			0.1
Equity income (loss)		12.6			1.3			(0.3	)		—			(13.6	)		—
Net income (loss)	$	12.0		$	(0.9	)	$	14.7		$	1.1		$	(13.6	)	$	13.3
Less: Net income attributable to non-controlling interests		—			—			—			1.3			—			1.3
Net income (loss) attributed to Cott Corporation	$	12.0		$	(0.9	)	$	14.7		$	(0.2	)	$	(13.6	)	$	12.0
Comprehensive income attributed to Cott Corporation	$	23.8		$	28.9		$	30.6		$	—		$	(59.5	)	$	23.8

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Elimination Entries			Consolidated
Revenue, net	$	131.9		$	605.5		$	777.4		$	116.0	$	(18.4	)	$	1,612.4
Cost of sales		114.5			520.1			695.9			102.3		(18.4	)		1,414.4
Gross profit		17.4			85.4			81.5			13.7		—			198.0
Selling, general and administrative expenses		22.3			53.8			37.7			7.1		—			120.9
Loss on disposal of property, plant & equipment		0.1			0.7			0.6			—		—			1.4
Restructuring		0.5			0.5			0.7			0.3		—			2.0
Operating (loss) income		(5.5	)		30.4			42.5			6.3		—			73.7
Other (income), net		(0.1	)		—			(0.3	)		—		—			(0.4	)
Intercompany interest (income) expense, net		—			(8.7	)		8.7			—		—			—
Interest (income) expense, net		(0.2	)		39.1			0.4			0.1		—			39.4
(Loss) income before income tax expense (benefit) and equity income (loss)		(5.2	)		—			33.7			6.2		—			34.7
Income tax (benefit) expense		(2.1	)		5.5			(1.5	)		0.4		—			2.3
Equity income (loss)		31.6			3.9			(0.9	)		—		(34.6	)		—
Net income (loss)	$	28.5		$	(1.6	)	$	34.3		$	5.8	$	(34.6	)	$	32.4
Less: Net income attributable to non-controlling interests		—			—			—			3.9		—			3.9
Net income (loss) attributed to Cott Corporation	$	28.5		$	(1.6	)	$	34.3		$	1.9	$	(34.6	)	$	28.5
Comprehensive income (loss) attributed to Cott Corporation	$	23.9		$	(2.1	)	$	33.3		$	4.1	$	(35.3	)	$	23.9

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	52.6		$	220.2		$	271.6		$	46.9		$	(7.5	)	$	583.8
Cost of sales		42.1			187.2			246.7			42.1			(7.5	)		510.6
Gross profit		10.5			33.0			24.9			4.8			—			73.2
Selling, general and administrative expenses		8.1			18.3			15.1			2.3			—			43.8
Loss on disposal of property, plant & equipment		—			0.2			0.1			0.5			—			0.8
Operating income		2.4			14.5			9.7			2.0			—			28.6
Other (income) expense, net		(0.4	)		(1.1	)		0.1			(0.1	)		—			(1.5	)
Intercompany interest (income) expense, net		—			(3.5	)		3.5			—			—			—
Interest expense, net		—			12.8			0.2			0.1			—			13.1
Income before income tax expense (benefit) and equity income		2.8			6.3			5.9			2.0			—			17.0
Income tax expense (benefit)		0.9			1.2			(1.0	)		0.1			—			1.2
Equity income		12.6			1.5			6.5			—			(20.6	)		—
Net income	$	14.5		$	6.6		$	13.4		$	1.9		$	(20.6	)	$	15.8
Less: Net income attributable to non-controlling interests		—			—			—			1.3			—			1.3
Net income attributed to Cott Corporation	$	14.5		$	6.6		$	13.4		$	0.6		$	(20.6	)	$	14.5
Comprehensive income (loss) attributed to Cott Corporation	$	27.2		$	26.8		$	24.0		$	9.6		$	(60.4	)	$	27.2

Condensed Consolidating Statements of Operations

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 29, 2012
	Cott Corporation		Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Revenue, net	$	157.6	$	669.9		$	799.1		$	131.5		$	(24.7	)	$	1,733.4
Cost of sales		126.7		564.4			719.4			118.7			(24.7	)		1,504.5
Gross profit		30.9		105.5			79.7			12.8			—			228.9
Selling, general and administrative expenses		23.4		58.0			45.1			7.9			—			134.4
Loss on disposal of property, plant & equipment		—		0.6			0.6			0.5			—			1.7
Operating income		7.5		46.9			34.0			4.4			—			92.8
Other expense (income), net		0.1		(1.0	)		(0.8	)		(0.5	)		—			(2.2	)
Intercompany interest (income) expense, net		—		(8.2	)		8.2			—			—			—
Interest expense, net		0.2		39.8			0.5			0.1			—			40.6
Income before income tax expense (benefit) and equity income		7.2		16.3			26.1			4.8			—			54.4
Income tax expense (benefit)		4.1		1.8			(0.4	)		—			—			5.5
Equity income		42.4		3.8			18.3			—			(64.5	)		—
Net income	$	45.5	$	18.3		$	44.8		$	4.8		$	(64.5	)	$	48.9
Less: Net income attributable to non-controlling interests		—		—			—			3.4			—			3.4
Net income attributed to Cott Corporation	$	45.5	$	18.3		$	44.8		$	1.4		$	(64.5	)	$	45.5
Comprehensive income (loss) attributed to Cott Corporation	$	58.8	$	44.2		$	(38.0	)	$	55.2		$	(61.4	)	$	58.8

Consolidating Balance Sheets

Consolidating Balance Sheets

(in millions of U.S. dollars)

Unaudited

	As of September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	23.2		$	41.9		$	55.4		$	5.3		$	—		$	125.8
Accounts receivable, net of allowance		22.0			123.5			206.2			14.9			(112.0	)		254.6
Income taxes recoverable		—			0.5			0.2			—			—			0.7
Inventories		19.0			79.2			109.6			7.6			—			215.4
Prepaid expenses and other assets		1.7			15.1			6.2			0.1			—			23.1
Total current assets		65.9			260.2			377.6			27.9			(112.0	)		619.6
Property, plant & equipment, net		50.3			191.9			237.4			10.5			—			490.1
Goodwill		26.6			4.5			109.3			—			—			140.4
Intangibles and other assets, net		1.3			90.9			199.8			11.6			—			303.6
Deferred income taxes		4.9			—			—			0.6			—			5.5
Other tax receivable		0.5			0.1			0.6			—			—			1.2
Due from affiliates		39.6			174.8			78.0			41.9			(334.3	)		—
Investments in subsidiaries		496.9			390.7			824.9			(0.1	)		(1,712.4	)		—
Total assets	$	686.0		$	1,113.1		$	1,827.6		$	92.4		$	(2,158.7	)	$	1,560.4
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	2.5		$	0.5		$	0.9		$	—		$	3.9
Accounts payable and accrued liabilities		30.0			139.1			195.8			6.8			(112.0	)		259.7
Total current liabilities		30.0			141.6			196.3			7.7			(112.0	)		263.6
Long-term debt		0.1			598.4			2.3			1.6			—			602.4
Deferred income taxes		—			35.6			11.4			1.1			—			48.1
Other long-term liabilities		0.1			3.4			20.2			—			—			23.7
Due to affiliates		43.2			76.7			177.3			37.1			(334.3	)		—
Total liabilities		73.4			855.7			407.5			47.5			(446.3	)		937.8
Equity
Capital stock, no par		392.7			574.5			1,728.9			82.5			(2,385.9	)		392.7
Additional paid-in-capital		43.9			—			—			—			—			43.9
Retained earnings (deficit)		193.0			(329.8	)		(317.2	)		(49.0	)		696.0			193.0
Accumulated other comprehensive (loss) income		(17.0	)		12.7			8.4			1.4			(22.5	)		(17.0	)
Total Cott Corporation equity		612.6			257.4			1,420.1			34.9			(1,712.4	)		612.6
Non-controlling interests		—			—			—			10.0			—			10.0
Total equity		612.6			257.4			1,420.1			44.9			(1,712.4	)		622.6
Total liabilities and equity	$	686.0		$	1,113.1		$	1,827.6		$	92.4		$	(2,158.7	)	$	1,560.4

Consolidating Balance Sheets

(in millions of U.S. dollars)

	As of December 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
ASSETS
Current assets
Cash & cash equivalents	$	39.8		$	37.5		$	96.4		$	5.7		$	—		$	179.4
Accounts receivable, net of allowance		18.4			111.5			122.3			16.2			(69.0	)		199.4
Income taxes recoverable		—			0.9			0.2			0.1			—			1.2
Inventories		21.1			65.9			130.8			7.0			—			224.8
Prepaid expenses and other assets		2.5			13.4			4.3			0.1			—			20.3
Total current assets		81.8			229.2			354.0			29.1			(69.0	)		625.1
Property, plant & equipment, net		50.7			188.4			242.0			9.8			—			490.9
Goodwill		27.5			4.5			98.3			—			—			130.3
Intangibles and other assets, net		1.0			101.4			198.4			14.6			—			315.4
Deferred income taxes		2.9			—			—			0.4			—			3.3
Other tax receivable		0.2			0.1			0.6			—			—			0.9
Due from affiliates		40.0			175.2			78.0			41.9			(335.1	)		—
Investments in subsidiaries		487.5			389.7			820.0			—			(1,697.2	)		—
Total assets	$	691.6		$	1,088.5		$	1,791.3		$	95.8		$	(2,101.3	)	$	1,565.9
LIABILITIES AND EQUITY
Current liabilities
Current maturities of long-term debt	$	—		$	1.3		$	0.2		$	0.4		$	—		$	1.9
Accounts payable and accrued liabilities		36.2			119.5			193.1			7.9			(69.0	)		287.7
Total current liabilities		36.2			120.8			193.3			8.3			(69.0	)		289.6
Long-term debt		0.2			598.7			1.5			1.4			—			601.8
Deferred income taxes		—			30.3			7.9			0.9			—			39.1
Other long-term liabilities		0.2			4.0			8.3			—			—			12.5
Due to affiliates		43.2			76.7			177.8			37.4			(335.1	)		—
Total liabilities		79.8			830.5			388.8			48.0			(404.1	)		943.0
Equity
Capital stock, no par		397.8			574.5			1,724.3			83.6			(2,382.4	)		397.8
Additional paid-in-capital		40.4			—			—			—			—			40.4
Retained earnings (deficit)		186.0			(329.7	)		(331.2	)		(46.1	)		707.0			186.0
Accumulated other comprehensive (loss) income		(12.4	)		13.2			9.4			(0.8	)		(21.8	)		(12.4	)
Total Cott Corporation equity		611.8			258.0			1,402.5			36.7			(1,697.2	)		611.8
Non-controlling interests		—			—			—			11.1			—			11.1
Total equity		611.8			258.0			1,402.5			47.8			(1,697.2	)		622.9
Total liabilities and equity	$	691.6		$	1,088.5		$	1,791.3		$	95.8		$	(2,101.3	)	$	1,565.9

Consolidating Statements of Condensed Cash Flows

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	12.0		$	(0.9	)	$	14.7		$	1.1		$	(13.6	)	$	13.3
Depreciation & amortization		1.6			9.6			12.3			1.6			—			25.1
Amortization of financing fees		—			0.7			—			—			—			0.7
Share-based compensation expense		0.3			0.7			0.1			—			—			1.1
(Decrease) increase in deferred income taxes		(2.5	)		3.4			(0.5	)		(0.1	)		—			0.3
Loss on disposal of property, plant & equipment		0.1			0.4			0.6			—			—			1.1
Equity (income) loss, net of distributions		(12.6	)		(1.3	)		0.3			—			13.6			—
Intercompany transactions		2.2			2.4			—			—			(4.6	)		—
Other non-cash items		0.2			(0.2	)		—			—			—			—
Net change in operating assets and liabilities, net of acquisition		(0.4	)		28.3			15.8			(2.5	)		4.6			45.8
Net cash provided by operating activities		0.9			43.1			43.3			0.1			—			87.4
Investing Activities
Acquisition, net of cash acquired		—			(4.7	)		—			—			—			(4.7	)
Additions to property, plant & equipment		(1.1	)		(7.9	)		(1.2	)		—			—			(10.2	)
Additions to intangibles and other assets		—			(2.1	)		—			—			—			(2.1	)
Proceeds from sale of property, plant & equipment		—			—			—			0.2			—			0.2
Advances to affiliates		—			—			—			0.3			(0.3	)		—
Net cash (used in) provided by investing activities		(1.1	)		(14.7	)		(1.2	)		0.5			(0.3	)		(16.8	)
Financing Activities
Payments of long-term debt		—			—			(0.1	)		(0.5	)		—			(0.6	)
Advances from affiliates		(0.3	)		—			—			—			0.3			—
Distributions to non-controlling interests		—			—			—			(2.2	)		—			(2.2	)
Common shares repurchased and cancelled		(4.5	)		—			—			—			—			(4.5	)
Financing fees		(0.1	)		—			—			—			—			(0.1	)
Dividends to shareholders		(5.5	)		—			—			—			—			(5.5	)
Net cash (used in) provided by financing activities		(10.4	)		—			(0.1	)		(2.7	)		0.3			(12.9	)
Effect of exchange rate changes on cash		0.5			—			0.8			—			—			1.3
Net (decrease) increase in cash & cash equivalents		(10.1	)		28.4			42.8			(2.1	)		—			59.0
Cash & cash equivalents, beginning of period		33.3			13.5			12.6			7.4			—			66.8
Cash & cash equivalents, end of period	$	23.2		$	41.9		$	55.4		$	5.3		$	—		$	125.8

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 28, 2013
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income (loss)	$	28.5		$	(1.6	)	$	34.3		$	5.8		$	(34.6	)	$	32.4
Depreciation & amortization		4.7			29.0			36.4			4.6			—			74.7
Amortization of financing fees		0.1			2.0			0.1			—			—			2.2
Share-based compensation expense		1.1			2.2			0.3			—			—			3.6
(Decrease) increase in deferred income taxes		(2.0	)		5.2			(1.2	)		(0.1	)		—			1.9
Loss on disposal of property, plant & equipment		0.1			0.7			0.6			—			—			1.4
Equity (income) loss, net of distributions		(31.6	)		(3.9	)		0.9			—			34.6			—
Intercompany transactions		24.7			5.3			—			—			(30.0	)		—
Other non-cash items		0.2			—			—			—			—			0.2
Net change in operating assets and liabilities, net of acquisition		(4.8	)		2.4			(76.9	)		(4.2	)		30.0			(53.5	)
Net cash provided by (used in) operating activities		21.0			41.3			(5.5	)		6.1			—			62.9
Investing Activities
Acquisition, net of cash acquired		—			(4.7	)		(6.5	)		—			—			(11.2	)
Additions to property, plant & equipment		(6.0	)		(27.9	)		(9.5	)		(1.3	)		—			(44.7	)
Additions to intangibles and other assets		—			(4.0	)		—			—			—			(4.0	)
Proceeds from sale of property, plant & equipment		—			—			—			0.2			—			0.2
Proceeds from insurance recoveries		—			0.4			—			—			—			0.4
Advances to affiliates		—			—			—			0.4			(0.4	)		—
Net cash used in investing activities		(6.0	)		(36.2	)		(16.0	)		(0.7	)		(0.4	)		(59.3	)
Financing Activities
Payments of long-term debt		(0.1	)		(0.7	)		(18.6	)		(0.8	)		—			(20.2	)
Advances from affiliates		(0.4	)		—			—			—			0.4			—
Distributions to non-controlling interests		—			—			—			(5.0	)		—			(5.0	)
Common shares repurchased and cancelled		(12.9	)		—			—			—			—			(12.9	)
Financing fees		(0.1	)		—			—			—			—			(0.1	)
Dividends to shareholders		(16.7	)		—			—			—			—			(16.7	)
Net cash used in financing activities		(30.2	)		(0.7	)		(18.6	)		(5.8	)		0.4			(54.9	)
Effect of exchange rate changes on cash		(1.4	)		—			(0.9	)		—			—			(2.3	)
Net (decrease) increase in cash & cash equivalents		(16.6	)		4.4			(41.0	)		(0.4	)		—			(53.6	)
Cash & cash equivalents, beginning of period		39.8			37.5			96.4			5.7			—			179.4
Cash & cash equivalents, end of period	$	23.2		$	41.9		$	55.4		$	5.3		$	—		$	125.8

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Three Months Ended September 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	14.5		$	6.6		$	13.4		$	1.9		$	(20.6	)	$	15.8
Depreciation & amortization		1.6			9.4			12.1			1.6			—			24.7
Amortization of financing fees		0.1			0.6			0.1			—			—			0.8
Share-based compensation expense		0.2			0.9			0.3			(0.1	)		—			1.3
Increase (decrease) in deferred income taxes		0.6			1.2			(1.3	)		0.1			—			0.6
Loss on disposal of property, plant & equipment		—			0.2			0.1			0.5			—			0.8
Equity (loss) income, net of distributions		(12.6	)		(1.5	)		(6.5	)		—			20.6			—
Intercompany transactions		2.1			2.1			—			—			(4.2	)		—
Other non-cash items		(0.4	)		(1.0	)		—			—			—			(1.4	)
Net change in operating assets and liabilities		16.4			0.9			(3.4	)		(2.7	)		4.2			15.4
Net cash provided by operating activities		22.5			19.4			14.8			1.3			—			58.0
Investing Activities
Acquisition		—			(4.7	)		—			—			—			(4.7	)
Additions to property, plant & equipment		(1.2	)		(9.0	)		(1.7	)		(1.3	)		—			(13.2	)
Additions to intangibles and other assets		(0.5	)		(1.1	)		0.6			—			—			(1.0	)
Proceeds from sale of assets held for sale		—			—			—			1.3			—			1.3
Proceeds from insurance recoveries		—			1.7			—			—			—			1.7
Advances to affiliates		—			—			—			(1.6	)		1.6			—
Net cash used in investing activities		(1.7	)		(13.1	)		(1.1	)		(1.6	)		1.6			(15.9	)
Financing Activities
Payments of long-term debt		0.1			(0.2	)		—			(0.1	)		—			(0.2	)
Advances from affiliates		1.6			—			—			—			(1.6	)		—
Distributions to non-controlling interests		—			—			—			(1.9	)		—			(1.9	)
Financing fees		—			(1.2	)		—			—			—			(1.2	)
Net cash provided by (used in) financing activities		1.7			(1.4	)		—			(2.0	)		(1.6	)		(3.3	)
Effect of exchange rate changes on cash		1.2			—			0.8			0.2			—			2.2
Net increase (decrease) in cash & cash equivalents		23.7			4.9			14.5			(2.1	)		—			41.0
Cash & cash equivalents, beginning of period		16.8			3.2			18.8			8.3			—			47.1
Cash & cash equivalents, end of period	$	40.5		$	8.1		$	33.3		$	6.2		$	—		$	88.1

Consolidating Statements of Condensed Cash Flows

(in millions of U.S. dollars)

Unaudited

	For the Nine Months Ended September 29, 2012
	Cott Corporation			Cott Beverages Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Elimination Entries			Consolidated
Operating Activities
Net income	$	45.5		$	18.3		$	44.8		$	4.8		$	(64.5	)	$	48.9
Depreciation & amortization		4.7			27.1			36.0			4.4			—			72.2
Amortization of financing fees		0.2			2.5			0.2			—			—			2.9
Share-based compensation expense		1.0			1.7			0.8			—			—			3.5
Increase (decrease) in deferred income taxes		1.7			3.7			(0.7	)		(0.1	)		—			4.6
Gain on bargain purchase		—			—			(0.9	)		—			—			(0.9	)
Loss on disposal of property, plant & equipment		—			0.6			0.6			0.5			—			1.7
Equity (loss) income, net of distributions		(42.4	)		(3.8	)		(18.3	)		—			64.5			—
Intercompany transactions		18.3			3.5			—			—			(21.8	)		—
Other non-cash items		—			(0.8	)		—			—			—			(0.8	)
Net change in operating assets and liabilities, net of acquisition		(2.3	)		(20.1	)		(76.2	)		(2.3	)		21.8			(79.1	)
Net cash provided by (used in) operating activities		26.7			32.7			(13.7	)		7.3			—			53.0
Investing Activities
Acquisition		—			(4.7	)		(5.0	)		—			—			(9.7	)
Additions to property, plant & equipment		(5.4	)		(33.8	)		(9.8	)		(1.6	)		—			(50.6	)
Additions to intangibles and other assets		(0.5	)		(4.7	)		0.5			—			—			(4.7	)
Proceeds from sale of property, plant & equipment		—			—			1.0			1.3			—			2.3
Proceeds from insurance recoveries		—			1.7			—			—			—			1.7
Advances to affiliates		—			—			—			(5.1	)		5.1			—
Net cash used in investing activities		(5.9	)		(41.5	)		(13.3	)		(5.4	)		5.1			(61.0	)
Financing Activities
Payments of long-term debt		0.1			(2.6	)		—			(0.3	)		—			(2.8	)
Borrowings under ABL		—			24.5			—			—			—			24.5
Payments under ABL		—			(24.5	)		—			—			—			(24.5	)
Advances from affiliates		5.1			—			—			—			(5.1	)		—
Distributions to non-controlling interests		—			—			—			(3.3	)		—			(3.3	)
Common share repurchase		(0.3	)		—			—			—			—			(0.3	)
Financing Fees		—			(1.2	)		—			—			—			(1.2	)
Net cash provided by (used in) financing activities		4.9			(3.8	)		—			(3.6	)		(5.1	)		(7.6	)
Effect of exchange rate changes on cash		1.1			—			1.4			0.3			—			2.8
Net increase (decrease) in cash & cash equivalents		26.8			(12.6	)		(25.6	)		(1.4	)		—			(12.8	)
Cash & cash equivalents, beginning of period		13.7			20.7			58.9			7.6			—			100.9
Cash & cash equivalents, end of period	$	40.5		$	8.1		$	33.3		$	6.2		$	—		$	88.1

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Accumulated Other Comprehensive (Loss) Income - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ 478.2	$ 510.6	$ 1,414.4	$ 1,504.5
Total before taxes			34.7	54.4
Tax (expense) or benefit	(0.1)	(1.2)	(2.3)	(5.5)
Net income	13.3	15.8	32.4	48.9
Gains and Losses on Derivative Instruments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	(0.1)	0.3	(0.5)	0.4
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net income	0.2		(0.3)
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | Gains and Losses on Derivative Instruments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Total before taxes	0.1		0.3
Tax (expense) or benefit
Net income	0.1		0.3
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | Pension Benefit Plan Items [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Prior-service costs	0.1		(0.2)
Actuarial adjustments			(0.1)
Actuarial gains/(losses)			(0.1)
Total before taxes	0.1		(0.4)
Tax (expense) or benefit			(0.2)
Net income	0.1		(0.6)
Reclassification Out of Accumulated Other Comprehensive (Loss) Income [Member] | Foreign Currency Hedges [Member] | Gains and Losses on Derivative Instruments [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of sales	$ 0.1		$ 0.3

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Segment Reporting - Additional Information (Detail)	9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012
Revenue, Major Customer [Line Items]
Number of reporting segments	5
Sales [Member] | Walmart [Member]
Revenue, Major Customer [Line Items]
Sales to major customer, percentage	29.90%	31.30%
Sales [Member] | Walmart [Member] | North America [Member]
Revenue, Major Customer [Line Items]
Sales to major customer, percentage	35.90%	36.30%
Sales [Member] | Walmart [Member] | United Kingdom [Member]
Revenue, Major Customer [Line Items]
Sales to major customer, percentage	14.10%	15.40%
Sales [Member] | Walmart [Member] | Mexico [Member]
Revenue, Major Customer [Line Items]
Sales to major customer, percentage	9.50%	21.70%

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Share-Based Compensation - Additional Information (Detail) (2010 Equity Incentive Plan [Member])	Feb. 14, 2013
2010 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares authorized under plan	12,000,000
Number of shares available for issuance for each share issued	2.0

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Restructuring - Summary of Restructuring Charges (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 28, 2013
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 2.0
North America [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	1.0
United Kingdom [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	0.7
Mexico [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Charges	$ 0.3

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Condensed Consolidated Statements of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended				9 Months Ended
	Sep. 28, 2013		Sep. 29, 2012		Sep. 28, 2013		Sep. 29, 2012
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 13.3		$ 15.8		$ 32.4		$ 48.9
Other comprehensive income (loss):
Currency translation adjustment	12.0		12.5		(4.8)		13.5
Pension benefit plan, net of tax	(0.1)	[1]	0.1	[1]	0.3	[1]	(0.1)	[1]
Unrealized loss on derivative instruments, net of tax	(0.1)	[2]			(0.1)	[2]	(0.3)	[2]
Total other comprehensive income (loss)	11.8		12.6		(4.6)		13.1
Comprehensive income	25.1		28.4		27.8		62.0
Less: Comprehensive income attributable to non-controlling interests	1.3		1.2		3.9		3.2
Comprehensive income attributed to Cott Corporation	$ 23.8		$ 27.2		$ 23.9		$ 58.8

[1] Net of the effect of nil and $0.2 million tax expense for the three and nine months ended September 28, 2013, respectively, and net of the effect of $0.1 million and $0.2 million tax expense for the three and nine months ended September 29, 2012, respectively.

[2] Net of the effect of nil tax benefit for the three and nine months ended September 28, 2013, respectively, and net of the effect of a nil and $0.1 million tax benefit for the three and nine months ended September 29, 2012, respectively.

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Net Income Per Common Share

9 Months Ended

Sep. 28, 2013

Earnings Per Share [Abstract]

Net Income Per Common Share

Note 6 – 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 Nine Months Ended
(in thousands of shares)	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
Weighted average number of shares outstanding – basic		94,235		94,488		94,922		94,461
Dilutive effect of Stock options		53		32		53		32
Dilutive effect of Performance-based RSUs		167		51		283		43
Dilutive effect of Time-based RSUs		317		1,027		497		1,055
Adjusted weighted average number of shares outstanding – diluted		94,772		95,598		95,755		95,591

At September 28, 2013, we excluded 442,131 (September 29, 2012 – 392,479) 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 treasury shares held in various trusts in the calculation of basic and diluted earnings per share for the nine months ended September 29, 2012.

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Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Sep. 28, 2013	Jun. 29, 2013	Dec. 29, 2012	Sep. 29, 2012	Jun. 30, 2012	Dec. 31, 2011
Current assets
Cash & cash equivalents	$ 125.8	$ 66.8	$ 179.4	$ 88.1	$ 47.1	$ 100.9
Accounts receivable, net of allowance of $5.1 ($6.8 as of December 29, 2012)	254.6		199.4
Income taxes recoverable	0.7		1.2
Inventories	215.4		224.8
Prepaid expenses and other assets	23.1		20.3
Total current assets	619.6		625.1
Property, plant & equipment, net	490.1		490.9
Goodwill	140.4		130.3
Intangibles and other assets, net	303.6		315.4
Deferred income taxes	5.5		3.3
Other tax receivable	1.2		0.9
Total assets	1,560.4		1,565.9
Current liabilities
Current maturities of long-term debt	3.9		1.9
Accounts payable and accrued liabilities	259.7		287.7
Total current liabilities	263.6		289.6
Long-term debt	602.4		601.8
Deferred income taxes	48.1		39.1
Other long-term liabilities	23.7		12.5
Total liabilities	937.8		943.0
Equity
Capital stock, no par - 94,226,045 (December 29, 2012 - 95,371,484) shares issued	392.7		397.8
Additional paid-in-capital	43.9		40.4
Retained earnings	193.0		186.0
Accumulated other comprehensive loss	(17.0)		(12.4)
Total Cott Corporation equity	612.6		611.8
Non-controlling interests	10.0		11.1
Total equity	622.6		622.9	630.1		568.2
Total liabilities and equity	$ 1,560.4		$ 1,565.9

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Segment Reporting - Revenues by Geographic Area (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Segment Reporting Information [Line Items]
Revenue, net	$ 543.2	$ 583.8	$ 1,612.4	$ 1,733.4
Operating Segments [Member] | United States [Member]
Segment Reporting Information [Line Items]
Revenue, net	344.3	388.0	1,066.9	1,169.0
Operating Segments [Member] | Canada [Member]
Segment Reporting Information [Line Items]
Revenue, net	50.2	63.2	159.8	190.3
Operating Segments [Member] | United Kingdom [Member]
Segment Reporting Information [Line Items]
Revenue, net	142.9	125.5	368.2	356.2
Operating Segments [Member] | Mexico [Member]
Segment Reporting Information [Line Items]
Revenue, net	7.5	9.7	22.6	29.0
Operating Segments [Member] | RCI [Member]
Segment Reporting Information [Line Items]
Revenue, net	9.5	9.3	27.0	25.1
Elimination [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ (11.2)	$ (11.9)	$ (32.1)	$ (36.2)

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Consolidated Statements of Operations (USD $) In Millions, except Share data in Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Income Statement [Abstract]
Revenue, net	$ 543.2	$ 583.8	$ 1,612.4	$ 1,733.4
Cost of sales	478.2	510.6	1,414.4	1,504.5
Gross profit	65.0	73.2	198.0	228.9
Selling, general and administrative expenses	37.9	43.8	120.9	134.4
Loss on disposal of property, plant & equipment	1.1	0.8	1.4	1.7
Restructuring			2.0
Operating income	26.0	28.6	73.7	92.8
Other income, net	(0.7)	(1.5)	(0.4)	(2.2)
Interest expense, net	13.3	13.1	39.4	40.6
Income before income taxes	13.4	17.0	34.7	54.4
Income tax expense	0.1	1.2	2.3	5.5
Net income	13.3	15.8	32.4	48.9
Less: Net income attributable to non-controlling interests	1.3	1.3	3.9	3.4
Net income attributed to Cott Corporation	$ 12.0	$ 14.5	$ 28.5	$ 45.5
Net income per common share attributed to Cott Corporation
Basic	$ 0.13	$ 0.15	$ 0.30	$ 0.48
Diluted	$ 0.13	$ 0.15	$ 0.30	$ 0.48
Weighted average outstanding shares (thousands) attributed to Cott Corporation
Basic	94,235	94,488	94,922	94,461
Diluted	94,772	95,598	95,755	95,591
Dividends declared per share	$ 0.06		$ 0.18

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Share-Based Compensation - Average U.S. Dollar Exchange Rate (Detail)	Sep. 28, 2013
Debt Disclosure [Abstract]
Average exchange rate	0.978

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Guarantor Subsidiaries - Consolidating Balance Sheets (Detail) (USD $) In Millions, unless otherwise specified	Sep. 28, 2013	Jun. 29, 2013	Dec. 29, 2012	Sep. 29, 2012	Jun. 30, 2012	Dec. 31, 2011
Current assets
Cash & cash equivalents	$ 125.8	$ 66.8	$ 179.4	$ 88.1	$ 47.1	$ 100.9
Accounts receivable, net of allowance	254.6		199.4
Income taxes recoverable	0.7		1.2
Inventories	215.4		224.8
Prepaid expenses and other assets	23.1		20.3
Total current assets	619.6		625.1
Property, plant & equipment, net	490.1		490.9
Goodwill	140.4		130.3
Intangibles and other assets, net	303.6		315.4
Deferred income taxes	5.5		3.3
Other tax receivable	1.2		0.9
Total assets	1,560.4		1,565.9
Current liabilities
Current maturities of long-term debt	3.9		1.9
Accounts payable and accrued liabilities	259.7		287.7
Total current liabilities	263.6		289.6
Long-term debt	602.4		601.8
Deferred income taxes	48.1		39.1
Other long-term liabilities	23.7		12.5
Total liabilities	937.8		943.0
Equity
Capital stock, no par	392.7		397.8
Additional paid-in-capital	43.9		40.4
Retained earnings (deficit)	193.0		186.0
Accumulated other comprehensive (loss) income	(17.0)		(12.4)
Total Cott Corporation equity	612.6		611.8
Non-controlling interests	10.0		11.1
Total equity	622.6		622.9	630.1		568.2
Total liabilities and equity	1,560.4		1,565.9
Cott Corporation [Member]
Current assets
Cash & cash equivalents	23.2	33.3	39.8	40.5	16.8	13.7
Accounts receivable, net of allowance	22.0		18.4
Inventories	19.0		21.1
Prepaid expenses and other assets	1.7		2.5
Total current assets	65.9		81.8
Property, plant & equipment, net	50.3		50.7
Goodwill	26.6		27.5
Intangibles and other assets, net	1.3		1.0
Deferred income taxes	4.9		2.9
Other tax receivable	0.5		0.2
Due from affiliates	39.6		40.0
Investments in subsidiaries	496.9		487.5
Total assets	686.0		691.6
Current liabilities
Accounts payable and accrued liabilities	30.0		36.2
Total current liabilities	30.0		36.2
Long-term debt	0.1		0.2
Other long-term liabilities	0.1		0.2
Due to affiliates	43.2		43.2
Total liabilities	73.4		79.8
Equity
Capital stock, no par	392.7		397.8
Additional paid-in-capital	43.9		40.4
Retained earnings (deficit)	193.0		186.0
Accumulated other comprehensive (loss) income	(17.0)		(12.4)
Total Cott Corporation equity	612.6		611.8
Total equity	612.6		611.8
Total liabilities and equity	686.0		691.6
Cott Beverages Inc. [Member]
Current assets
Cash & cash equivalents	41.9	13.5	37.5	8.1	3.2	20.7
Accounts receivable, net of allowance	123.5		111.5
Income taxes recoverable	0.5		0.9
Inventories	79.2		65.9
Prepaid expenses and other assets	15.1		13.4
Total current assets	260.2		229.2
Property, plant & equipment, net	191.9		188.4
Goodwill	4.5		4.5
Intangibles and other assets, net	90.9		101.4
Other tax receivable	0.1		0.1
Due from affiliates	174.8		175.2
Investments in subsidiaries	390.7		389.7
Total assets	1,113.1		1,088.5
Current liabilities
Current maturities of long-term debt	2.5		1.3
Accounts payable and accrued liabilities	139.1		119.5
Total current liabilities	141.6		120.8
Long-term debt	598.4		598.7
Deferred income taxes	35.6		30.3
Other long-term liabilities	3.4		4.0
Due to affiliates	76.7		76.7
Total liabilities	855.7		830.5
Equity
Capital stock, no par	574.5		574.5
Retained earnings (deficit)	(329.8)		(329.7)
Accumulated other comprehensive (loss) income	12.7		13.2
Total Cott Corporation equity	257.4		258.0
Total equity	257.4		258.0
Total liabilities and equity	1,113.1		1,088.5
Guarantor Subsidiaries [Member]
Current assets
Cash & cash equivalents	55.4	12.6	96.4	33.3	18.8	58.9
Accounts receivable, net of allowance	206.2		122.3
Income taxes recoverable	0.2		0.2
Inventories	109.6		130.8
Prepaid expenses and other assets	6.2		4.3
Total current assets	377.6		354.0
Property, plant & equipment, net	237.4		242.0
Goodwill	109.3		98.3
Intangibles and other assets, net	199.8		198.4
Other tax receivable	0.6		0.6
Due from affiliates	78.0		78.0
Investments in subsidiaries	824.9		820.0
Total assets	1,827.6		1,791.3
Current liabilities
Current maturities of long-term debt	0.5		0.2
Accounts payable and accrued liabilities	195.8		193.1
Total current liabilities	196.3		193.3
Long-term debt	2.3		1.5
Deferred income taxes	11.4		7.9
Other long-term liabilities	20.2		8.3
Due to affiliates	177.3		177.8
Total liabilities	407.5		388.8
Equity
Capital stock, no par	1,728.9		1,724.3
Retained earnings (deficit)	(317.2)		(331.2)
Accumulated other comprehensive (loss) income	8.4		9.4
Total Cott Corporation equity	1,420.1		1,402.5
Total equity	1,420.1		1,402.5
Total liabilities and equity	1,827.6		1,791.3
Non-Guarantor Subsidiaries [Member]
Current assets
Cash & cash equivalents	5.3	7.4	5.7	6.2	8.3	7.6
Accounts receivable, net of allowance	14.9		16.2
Income taxes recoverable			0.1
Inventories	7.6		7.0
Prepaid expenses and other assets	0.1		0.1
Total current assets	27.9		29.1
Property, plant & equipment, net	10.5		9.8
Intangibles and other assets, net	11.6		14.6
Deferred income taxes	0.6		0.4
Due from affiliates	41.9		41.9
Investments in subsidiaries	(0.1)
Total assets	92.4		95.8
Current liabilities
Current maturities of long-term debt	0.9		0.4
Accounts payable and accrued liabilities	6.8		7.9
Total current liabilities	7.7		8.3
Long-term debt	1.6		1.4
Deferred income taxes	1.1		0.9
Due to affiliates	37.1		37.4
Total liabilities	47.5		48.0
Equity
Capital stock, no par	82.5		83.6
Retained earnings (deficit)	(49.0)		(46.1)
Accumulated other comprehensive (loss) income	1.4		(0.8)
Total Cott Corporation equity	34.9		36.7
Non-controlling interests	10.0		11.1
Total equity	44.9		47.8
Total liabilities and equity	92.4		95.8
Elimination Entries [Member]
Current assets
Accounts receivable, net of allowance	(112.0)		(69.0)
Total current assets	(112.0)		(69.0)
Due from affiliates	(334.3)		(335.1)
Investments in subsidiaries	(1,712.4)		(1,697.2)
Total assets	(2,158.7)		(2,101.3)
Current liabilities
Accounts payable and accrued liabilities	(112.0)		(69.0)
Total current liabilities	(112.0)		(69.0)
Due to affiliates	(334.3)		(335.1)
Total liabilities	(446.3)		(404.1)
Equity
Capital stock, no par	(2,385.9)		(2,382.4)
Retained earnings (deficit)	696.0		707.0
Accumulated other comprehensive (loss) income	(22.5)		(21.8)
Total Cott Corporation equity	(1,712.4)		(1,697.2)
Total equity	(1,712.4)		(1,697.2)
Total liabilities and equity	$ (2,158.7)		$ (2,101.3)

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Fair Value Measurements - Carrying Value and Estimated Fair Values of Outstanding Debt (Detail) (USD $) In Millions, unless otherwise specified	Sep. 28, 2013	Dec. 29, 2012
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	$ 631.1	$ 649.2
Estimate of Fair Value, Fair Value Disclosure [Member] | 8.375% Senior Notes Due in 2017 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	225.2	234.4
Estimate of Fair Value, Fair Value Disclosure [Member] | 8.125% Senior Notes Due in 2018 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	405.9	414.8
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	590.0	590.0
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 8.375% Senior Notes Due in 2017 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	215.0	215.0
Carrying (Reported) Amount, Fair Value Disclosure [Member] | 8.125% Senior Notes Due in 2018 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Outstanding debt	$ 375.0	$ 375.0

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Share-Based Compensation (Tables)

9 Months Ended

Sep. 28, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation Expense

The table below summarizes the share-based compensation expense for the three and nine months ended September 28, 2013 and September 29, 2012, respectively: 

	For the Three Months Ended				For the Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
Stock options	$	0.2	$	0.1	$	0.6	$	0.3
Directors’ share award		—		—		0.8		0.7
Performance-based RSUs		0.3		0.2		0.7		0.4
Time-based RSUs		0.6		1.0		1.5		2.1
Total	$	1.1	$	1.3	$	3.6	$	3.5

Unrecognized Share-Based Compensation Expense

As of September 28, 2013, 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 September  28, 2013		Weighted average years expected to recognize compensation
Stock options	$	1.9		2.0
Performance-based RSUs		2.8		1.9
Time-based RSUs		4.1		1.9
Total	$	8.8

Stock Option Activity

Stock option activity for the nine months ended September 28, 2013 was as follows:

			Weighted average
	Shares		exercise price
	(in thousands)		(Canadian $)
Balance at December 29, 2012		468	$	7.28
Awarded		392		9.36
Exercised		—		—
Forfeited or expired		—		—
Outstanding at September 28, 2013		860	$	8.23
Exercisable at September 28, 2013		125	$	9.49

Performance-Based RSU and Time-Based RSU Activity

During the nine months ended September 28, 2013, 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 29, 2012		825			529
Awarded		247			382
Issued		—			(15	)
Forfeited		(26	)		(37	)
Outstanding at September 28, 2013		1,046			859

Average U.S. Dollar Exchange Rate

The table below represents the average Canadian dollar to U.S. dollar exchange rate for the nine months ended September 28, 2013:

	For the Nine Months Ended
	September 28, 2013
Average exchange rate	$	0.978

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Fair Value Measurements

9 Months Ended

Sep. 28, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 15 – 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.

	September 28, 2013
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Fair Value Measurements
Assets
Money market	$	10.0	$	—	$	—	$	10.0
Total Assets	$	10.0	$	—	$	—	$	10.0
	December 29, 2012
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Fair Value Measurements
Assets
Derivatives	$	—	$	0.1	$	—	$	0.1
Total Assets	$	—	$	0.1	$	—	$	0.1

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 September 28, 2013 and December 29, 2012 were as follows:

	September 28, 2013				December 29, 2012
(in millions of U.S. dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
8.375% senior notes due in 20171	$	215.0		225.2	$	215.0		234.4
8.125% senior notes due in 20181		375.0		405.9		375.0		414.8
Total	$	590.0	$	631.1	$	590.0	$	649.2

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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Restructuring - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 28, 2013
Restructuring And Related Activities [Abstract]
Charges related primarily to employee redundancy costs	$ 2.0

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Guarantor Subsidiaries - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 28, 2013 Segment
Percentage owned in subsidiary	100.00%
Non-Guarantor Subsidiaries [Member]
Business operations	0
Operating assets	$ 0

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Net Income Per Common Share - Additional Information (Detail)	9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012
Earnings Per Share [Line Items]
Treasury shares excluded from computation of earnings per share amount		674,397
Stock Options [Member]
Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted net earnings per share	442,131	392,479

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Intangibles and Other Assets - Estimated Amortization Expenses for Intangible and Other Assets (Detail) (USD $) In Millions, unless otherwise specified	Sep. 28, 2013
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2013	$ 10.0
2014	30.8
2015	28.4
2016	25.0
2017	21.1
Thereafter	129.1
Intangibles Assets- Net	$ 244.4

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Acquisitions - Business Combination Transfer Consideration (Detail) (Calypso Soft Drinks [Member], USD $) In Millions, unless otherwise specified	1 Months Ended	9 Months Ended
	Jun. 29, 2013	Sep. 28, 2013
Calypso Soft Drinks [Member]
Business Acquisition [Line Items]
Cash	$ 7.0	$ 7.0
Deferred consideration		5.1
Total consideration	$ 12.1	$ 12.1

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Accumulated Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 28, 2013

Equity [Abstract]

Changes in Accumulated Other Comprehensive (Loss) Income by Component

Changes in accumulated other comprehensive (loss) income by component¹ for the nine months ended September 28, 2013 were as follows:

(in millions of U.S. dollars)	September 28, 2013
	Gains and Losses on Derivative Instruments			Pension Benefit Plan Items			Currency Translation Adjustment Items			Total
Beginning balance December 29, 2012	$	0.2		$	(9.1	)	$	(3.5	)	$	(12.4	)
OCI before reclassifications		0.2			(0.3	)		(4.8	)		(4.9	)
Amounts reclassified from AOCI		(0.3	)		0.6			—			0.3
Net current-period OCI		(0.1	)		0.3			(4.8	)		(4.6	)
Ending balance September 28, 2013	$	0.1		$	(8.8	)	$	(8.3	)	$	(17.0	)

¹  All amounts are net of tax. Amounts in parentheses indicate debits.

Reclassifications Out of Accumulated Other Comprehensive (Loss) Income

The following table summarizes the amounts reclassified from accumulated other comprehensive (loss) income¹ for the three and nine months ended September 28, 2013.

(in millions of U.S. dollars)	Amounts Reclassified From AOCI
Details About AOCI Components	For the Three Months Ended September 28, 2013		For the Nine Months Ended September 28, 2013			Affected Line Item in the Statement Where Net Income Is Presented
Gains and losses on derivative instruments
Foreign currency hedges	$	0.1	$	0.3		Cost of sales
	$	0.1	$	0.3		Total before taxes
		—		—		Tax (expense) or benefit
	$	0.1	$	0.3		Net of tax
Amortization of pension benefit plan items
Prior-service costs2	$	0.1	$	(0.2	)
Actuarial adjustments2		—		(0.1	)
Actuarial gains/(losses)2		—		(0.1	)
		0.1		(0.4	)	Total before tax
		—		(0.2	)	Tax (expense) or benefit
	$	0.1	$	(0.6	)	Net of tax
Total reclassifications for the period	$	0.2	$	(0.3	)	Net of tax

¹  Amounts in parentheses indicate debits.

²  These AOCI components are included in the computation of net periodic pension cost.

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 28, 2013

Fair Value Disclosures [Abstract]

Assets and Liabilities Recorded 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.

	September 28, 2013
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Fair Value Measurements
Assets
Money market	$	10.0	$	—	$	—	$	10.0
Total Assets	$	10.0	$	—	$	—	$	10.0
	December 29, 2012
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Fair Value Measurements
Assets
Derivatives	$	—	$	0.1	$	—	$	0.1
Total Assets	$	—	$	0.1	$	—	$	0.1

Carrying Value and Estimated Fair Values of Outstanding Debt

The carrying values and estimated fair values of our significant outstanding debt as of September 28, 2013 and December 29, 2012 were as follows:

	September 28, 2013				December 29, 2012
(in millions of U.S. dollars)	Carrying Value		Fair Value		Carrying Value		Fair Value
8.375% senior notes due in 20171	$	215.0		225.2	$	215.0		234.4
8.125% senior notes due in 20181		375.0		405.9		375.0		414.8
Total	$	590.0	$	631.1	$	590.0	$	649.2

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Income Taxes

9 Months Ended

Sep. 28, 2013

Income Tax Disclosure [Abstract]

Income Taxes

Note 5 – Income Taxes

Income tax expense was $2.3 million on pretax income of $34.7 million for the nine months ended September 28, 2013, as compared to income tax expense of $5.5 million on pretax income of $54.4 million for the nine months ended September 29, 2012. The year to date income tax expense was reduced as a result of lower pretax income relative to the comparable prior year period.

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Inventories - Summary of Inventories (Detail) (USD $) In Millions, unless otherwise specified	Sep. 28, 2013	Dec. 29, 2012
Inventory Disclosure [Abstract]
Raw materials	$ 78.4	$ 93.4
Finished goods	115.5	111.6
Other	21.5	19.8
Total	$ 215.4	$ 224.8

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Net Income Per Common Share (Tables)

9 Months Ended

Sep. 28, 2013

Earnings Per Share [Abstract]

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 Nine Months Ended
(in thousands of shares)	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
Weighted average number of shares outstanding – basic		94,235		94,488		94,922		94,461
Dilutive effect of Stock options		53		32		53		32
Dilutive effect of Performance-based RSUs		167		51		283		43
Dilutive effect of Time-based RSUs		317		1,027		497		1,055
Adjusted weighted average number of shares outstanding – diluted		94,772		95,598		95,755		95,591

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Acquisitions - Components of Identified Intangible Assets Associated with Calypso Soft Drinks Acquisition and their Estimated Weighted Average Useful Lives (Detail) (Calypso Soft Drinks [Member], USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 28, 2013
Loans At Acquisition Date [Line Items]
Estimated Fair Market Value	$ 14.8
Customer Relationships [Member]
Loans At Acquisition Date [Line Items]
Estimated Fair Market Value	10.5
Estimated Useful Life	15 years
Trademarks and Trade Names [Member]
Loans At Acquisition Date [Line Items]
Estimated Fair Market Value	3.0
Estimated Useful Life	20 years
Non-Competition Agreements [Member]
Loans At Acquisition Date [Line Items]
Estimated Fair Market Value	$ 1.3
Estimated Useful Life	5 years

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Inventories

9 Months Ended

Sep. 28, 2013

Inventory Disclosure [Abstract]

Inventories

Note 8 – Inventories

The following table summarizes inventories as of September 28, 2013 and December 29, 2012:

(in millions of U.S. dollars)	September 28, 2013		December 29, 2012
Raw materials	$	78.4	$	93.4
Finished goods		115.5		111.6
Other		21.5		19.8
Total	$	215.4	$	224.8

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Fair Value Measurements - Assets and Liabilities Recorded at Fair Value on Recurring Basis (Detail) (USD $) In Millions, unless otherwise specified	Sep. 28, 2013	Dec. 29, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market	$ 10.0
Derivatives		0.1
Total Assets	10.0	0.1
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market	10.0
Derivatives
Total Assets	10.0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market
Derivatives		0.1
Total Assets		0.1
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market
Derivatives
Total Assets

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Share-Based Compensation

9 Months Ended

Sep. 28, 2013

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share-Based Compensation

Note 4 – Share-Based Compensation

The table below summarizes the share-based compensation expense for the three and nine months ended September 28, 2013 and September 29, 2012, 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”) or Amended and Restated Equity Incentive Plan (as defined below), as the case may be, (ii) “Time-based RSUs” mean restricted share units with time-based vesting granted under the 2010 Equity Incentive Plan or Amended and Restated Equity Incentive Plan, as the case may be, (iii) “Stock options” mean non-qualified stock options granted under the Amended and Restated Equity Incentive Plan, the 2010 Equity Incentive Plan, or the Restated 1986 Common Share Option Plan (the “1986 Option Plan”), as the case may be, and (iv) “Directors’ share award” means common shares issued in consideration of the annual board retainer fee to non-management members of our board of directors under the 2010 Equity Incentive Plan or Amended and Restated Equity Incentive Plan, as the case may be.

	For the Three Months Ended				For the Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
Stock options	$	0.2	$	0.1	$	0.6	$	0.3
Directors’ share award		—		—		0.8		0.7
Performance-based RSUs		0.3		0.2		0.7		0.4
Time-based RSUs		0.6		1.0		1.5		2.1
Total	$	1.1	$	1.3	$	3.6	$	3.5

As of September 28, 2013, 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 September  28, 2013		Weighted average years expected to recognize compensation
Stock options	$	1.9		2.0
Performance-based RSUs		2.8		1.9
Time-based RSUs		4.1		1.9
Total	$	8.8

Stock option activity for the nine months ended September 28, 2013 was as follows:

			Weighted average
	Shares		exercise price
	(in thousands)		(Canadian $)
Balance at December 29, 2012		468	$	7.28
Awarded		392		9.36
Exercised		—		—
Forfeited or expired		—		—
Outstanding at September 28, 2013		860	$	8.23
Exercisable at September 28, 2013		125	$	9.49

During the nine months ended September 28, 2013, 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 29, 2012		825			529
Awarded		247			382
Issued		—			(15	)
Forfeited		(26	)		(37	)
Outstanding at September 28, 2013		1,046			859

On February 14, 2013, our board of directors adopted an amendment and restatement of the 2010 Equity Incentive Plan (the “Amended and Restated Equity Plan”), pursuant to which the 2010 Equity Incentive Plan was amended and restated to, among other things, increase the number of shares that may be issued under the plan to 12,000,000 shares and to provide that the number of shares available for issuance will be reduced 2.0 shares for each share issued pursuant to a “full-value” award (i.e. an award other than an option or stock appreciation right) after the effective date of the amendment and restatement. The Amended and Restated Equity Plan was approved by Cott’s shareowners on April 30, 2013.

Certain outstanding stock options were granted under the 1986 Option Plan. Our board of directors terminated the 1986 Option Plan 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 Nine Months Ended September 28, 2013

The weighted-average exercise prices for options in this Note 4 are disclosed in Canadian dollars. The table below represents the average Canadian dollar to U.S. dollar exchange rate for the nine months ended September 28, 2013:

	For the Nine Months Ended
	September 28, 2013
Average exchange rate	$	0.978

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Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Operating Activities
Net income	$ 13.3	$ 15.8	$ 32.4	$ 48.9
Depreciation & amortization	25.1	24.7	74.7	72.2
Amortization of financing fees	0.7	0.8	2.2	2.9
Share-based compensation expense	1.1	1.3	3.6	3.5
Increase in deferred income taxes	0.3	0.6	1.9	4.6
Gain on bargain purchase				(0.9)
Loss on disposal of property, plant & equipment	1.1	0.8	1.4	1.7
Other non-cash items		(1.4)	0.2	(0.8)
Change in operating assets and liabilities, net of acquisition:
Accounts receivable	19.0	15.0	(38.8)	(36.8)
Inventories	26.6	17.1	15.8	(5.9)
Prepaid expenses and other assets		0.4	(2.0)	(5.5)
Other assets	6.1	(0.2)	6.0	0.7
Accounts payable and accrued liabilities	(6.0)	(22.1)	(34.9)	(38.4)
Income taxes recoverable	0.1	5.2	0.4	6.8
Net cash provided by operating activities	87.4	58.0	62.9	53.0
Investing Activities
Acquisition, net of cash acquired	(4.7)	(4.7)	(11.2)	(9.7)
Additions to property, plant & equipment	(10.2)	(13.2)	(44.7)	(50.6)
Additions to intangibles and other assets	(2.1)	(1.0)	(4.0)	(4.7)
Proceeds from sale of property, plant & equipment	0.2	1.3	0.2	2.3
Proceeds from insurance recoveries		1.7	0.4	1.7
Net cash used in investing activities	(16.8)	(15.9)	(59.3)	(61.0)
Financing Activities
Payments of long-term debt	(0.6)	(0.2)	(20.2)	(2.8)
Borrowings under ABL				24.5
Payments under ABL				(24.5)
Distributions to non-controlling interests	(2.2)	(1.9)	(5.0)	(3.3)
Common shares repurchased and cancelled	(4.5)		(12.9)	(0.3)
Financing fees	(0.1)	(1.2)	(0.1)	(1.2)
Dividends to shareholders	(5.5)		(16.7)
Net cash used in financing activities	(12.9)	(3.3)	(54.9)	(7.6)
Effect of exchange rate changes on cash	1.3	2.2	(2.3)	2.8
Net increase (decrease) in cash & cash equivalents	59.0	41.0	(53.6)	(12.8)
Cash & cash equivalents, beginning of period	66.8	47.1	179.4	100.9
Cash & cash equivalents, end of period	125.8	88.1	125.8	88.1
Supplemental Disclosures of Cash Flow information:
Cash paid for interest	15.9	15.8	41.0	41.3
Cash (received) paid for income taxes, net	(0.2)	0.5	0.1	0.9
Supplemental Non-cash Investing and Financing Activities:
Deferred consideration	$ 5.1		$ 5.1

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Income Taxes - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Income Tax Disclosure [Abstract]
Income tax expense	$ 0.1	$ 1.2	$ 2.3	$ 5.5
Pretax income			$ 34.7	$ 54.4

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Share-Based Compensation - Unrecognized Share-Based Compensation Expense (Detail) (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 28, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 8.8
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	1.9
Weighted average years expected to recognize compensation	2 years
Performance-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	2.8
Weighted average years expected to recognize compensation	1 year 10 months 24 days
Time-Based RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized share-based compensation expense	$ 4.1
Weighted average years expected to recognize compensation	1 year 10 months 24 days

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Intangibles and Other Assets (Tables)

9 Months Ended

Sep. 28, 2013

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangibles and Other Assets

The following table summarizes intangibles and other assets as of September 28, 2013:

	September 28, 2013
(in millions of U.S. dollars)	Cost		Accumulated Amortization		Net
Intangibles
Not subject to amortization
Rights	$	45.0	$	—	$	45.0
Subject to amortization
Customer relationships	$	378.5	$	160.8	$	217.7
Trademarks		32.4		24.9		7.5
Information technology		49.1		32.7		16.4
Other		13.2		10.4		2.8
		473.2		228.8		244.4
		518.2		228.8		289.4
Other Assets
Financing costs	$	25.7	$	13.2	$	12.5
Deposits		1.1		—		1.1
Other		0.9		0.3		0.6
		27.7		13.5		14.2
Total Intangibles & Other Assets	$	545.9	$	242.3	$	303.6

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 2013	$	10.0
2014		30.8
2015		28.4
2016		25.0
2017		21.1
Thereafter		129.1
	$	244.4

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Subsequent Events - Additional Information (Detail) In Millions, except Per Share data, unless otherwise specified			1 Months Ended	9 Months Ended		1 Months Ended
	Jul. 19, 2012 ABL Facility [Member] USD ($)	Aug. 17, 2010 ABL Facility [Member] USD ($)	Sep. 30, 2013 Subsequent Event [Member] USD ($)	Sep. 30, 2013 Subsequent Event [Member] USD ($)	Dec. 02, 2013 Subsequent Event [Member] CAD	Oct. 22, 2013 Subsequent Event [Member] ABL Facility [Member] USD ($)	Sep. 30, 2013 Subsequent Event [Member] 2017 Notes [Member] USD ($)
Subsequent Event [Line Items]
Aggregate principal amount of debt to be redeemed			$ 200.0	$ 200.0
Redemption price of note as a percentage of par			104.118%
Premium Payment Liability							8
Deferred financing fee and discount charges			4	4
Borrowing capacity, increase in lender's commitment under credit facility						300
Borrowing capacity, accordion feature						350
Financing fees	$ 1.2	$ 5.4				$ 0.6
Amendment in credit facility						On October 22, 2013, we amended the ABL facility to, among other things, (1) provide for an increase in the lenders’ commitments under the ABL facility to $300 million, as well an increase to the accordion feature, which permits us to increase the lenders’ commitments under the ABL facility to $350 million, subject to certain conditions, (2) extend the maturity date to the earliest of (i) October 22, 2018, (ii) May 15, 2017, if we have not redeemed, repurchased or refinanced the 2017 Notes by May 1, 2017, or (iii) March 1, 2018, if we have not redeemed, repurchased or refinanced the 2018 Notes by February 15, 2018, and (3) provide for greater flexibility under certain covenants.
Dividend per Common share					0.06
Dividend declared date				Oct. 29, 2013
Dividend declared payable				Dec. 12, 2013
Dividend shareholders date of record				Dec. 02, 2013

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Debt - Components of Debt (Detail) (USD $) In Millions, unless otherwise specified	Sep. 28, 2013	Dec. 29, 2012	Nov. 13, 2009
Debt Instrument [Line Items]
Total debt	$ 608.1	$ 605.8
Current maturities	3.9	1.9
Long-term debt before discount	604.2	603.9
Total long-term debt	602.4	601.8
8.375% Senior Notes Due in 2017 [Member]
Debt Instrument [Line Items]
Total debt	215.0	215.0
Less discount on 8.375% notes	(1.8)	(2.1)	(3.1)
8.125% Senior Notes Due in 2018 [Member]
Debt Instrument [Line Items]
Total debt	375.0	375.0
GE Obligation [Member]
Debt Instrument [Line Items]
Total debt	10.7	9.9
Current maturities	1.9	0.9
Other Capital Leases [Member]
Debt Instrument [Line Items]
Total debt	5.6	4.6
Current maturities	1.4	0.8
Other Debt [Member]
Debt Instrument [Line Items]
Total debt	1.8	1.3
Current maturities	$ 0.6	$ 0.2

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Segment Reporting - Revenues by Geographic Area (Parenthetical) (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Segment Reporting Information [Line Items]
Revenue, net	$ 543.2	$ 583.8	$ 1,612.4	$ 1,733.4
Elimination [Member]
Segment Reporting Information [Line Items]
Revenue, net	(11.2)	(11.9)	(32.1)	(36.2)
North America [Member] | Elimination [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 5.6	$ 4.9	$ 14.8	$ 13.0

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Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 28, 2013

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income

Note 11 – Accumulated Other Comprehensive (Loss) Income

Changes in accumulated other comprehensive (loss) income by component¹ for the nine months ended September 28, 2013 were as follows:

(in millions of U.S. dollars)	September 28, 2013
	Gains and Losses on Derivative Instruments			Pension Benefit Plan Items			Currency Translation Adjustment Items			Total
Beginning balance December 29, 2012	$	0.2		$	(9.1	)	$	(3.5	)	$	(12.4	)
OCI before reclassifications		0.2			(0.3	)		(4.8	)		(4.9	)
Amounts reclassified from AOCI		(0.3	)		0.6			—			0.3
Net current-period OCI		(0.1	)		0.3			(4.8	)		(4.6	)
Ending balance September 28, 2013	$	0.1		$	(8.8	)	$	(8.3	)	$	(17.0	)

¹  All amounts are net of tax. Amounts in parentheses indicate debits.

The following table summarizes the amounts reclassified from accumulated other comprehensive (loss) income¹ for the three and nine months ended September 28, 2013.

(in millions of U.S. dollars)	Amounts Reclassified From AOCI
Details About AOCI Components	For the Three Months Ended September 28, 2013		For the Nine Months Ended September 28, 2013			Affected Line Item in the Statement Where Net Income Is Presented
Gains and losses on derivative instruments
Foreign currency hedges	$	0.1	$	0.3		Cost of sales
	$	0.1	$	0.3		Total before taxes
		—		—		Tax (expense) or benefit
	$	0.1	$	0.3		Net of tax
Amortization of pension benefit plan items
Prior-service costs2	$	0.1	$	(0.2	)
Actuarial adjustments2		—		(0.1	)
Actuarial gains/(losses)2		—		(0.1	)
		0.1		(0.4	)	Total before tax
		—		(0.2	)	Tax (expense) or benefit
	$	0.1	$	(0.6	)	Net of tax
Total reclassifications for the period	$	0.2	$	(0.3	)	Net of tax

¹  Amounts in parentheses indicate debits.

²  These AOCI components are included in the computation of net periodic pension cost.

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Segment Reporting

9 Months Ended

Sep. 28, 2013

Segment Reporting [Abstract]

Segment Reporting

Note 7 – Segment Reporting

Our product lines include CSDs, 100% shelf stable juice and juice-based products, clear, still and sparkling flavored waters, energy products, sports products, new age beverages, and ready-to-drink teas, as well as alcoholic beverages for brand owners. Our business operates through five reporting segments: North America (which includes our U.S. operating segment and 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. The primary measures used in evaluating our reporting segments are revenues, operating income (loss), and additions to property, plant and equipment, which have been included as part of our segment disclosures listed below.

(in millions of U.S. dollars)	North America		United Kingdom		Mexico			RCI		All Other		Total
For the Three Months Ended September 28, 2013
External revenue1		$   383.3		$142.9		$  7.5			$  9.5		$  —		$   543.2
Depreciation and amortization		20.8		3.8		0.5			—		—		25.1
Operating income (loss)		14.6		9.5		(1.2	)		3.1		—		26.0
Additions to property, plant & equipment		9.0		1.2		—			—		—		10.2
For the Nine Months Ended September 28, 2013
External revenue1		$1,194.6		$368.2		$22.6			$27.0		$  —		$1,612.4
Depreciation and amortization		62.9		10.3		1.5			—		—		74.7
Operating income (loss)		49.3		18.6		(1.6	)		7.4		—		73.7
Additions to property, plant & equipment		33.9		9.5		1.3			—		—		44.7
As of September 28, 2013
Property, plant & equipment		$   371.5		$108.7		$  9.9			$ —		$  —		$  490.1
Goodwill		124.9		11.0		—			4.5		—		140.4
Intangibles and other assets		275.8		27.5		—			0.3		—		303.6
Total assets2		1,195.9		323.3		25.2			15.1		0.9		1,560.4

¹  Intersegment revenue between North America and the other reporting segments was $5.6 million and $14.8 million for the three and nine months ended September 28, 2013, 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 September 29, 2012
External revenue1		$   439.3		$125.5		$  9.7			$  9.3		$  —		$   583.8
Depreciation and amortization		21.1		3.2		0.4			—		—		24.7
Operating income (loss)		18.9		7.8		(1.0	)		2.9		—		28.6
Additions to property, plant & equipment		10.0		1.7		1.5			—		—		13.2
For the Nine Months Ended September 29, 2012
External revenue1		$1,323.1		$356.2		$29.0			$25.1		$  —		$1,733.4
Depreciation and amortization		61.3		9.6		1.3			—		—		72.2
Operating income (loss)		67.4		21.5		(3.2	)		7.1		—		92.8
Additions to property, plant & equipment		39.0		9.8		1.8			—		—		50.6
As of December 29, 2012
Property, plant & equipment		$   382.1		$  99.5		$  9.3			$ —		$  —		$  490.9
Goodwill		125.8		—		—			4.5		—		130.3
Intangibles and other assets		301.1		13.9		0.4			—		—		315.4
Total assets2		1,246.7		273.8		28.1			14.1		3.2		1,565.9

¹  Intersegment revenue between North America and the other reporting segments was $4.9 million and $13.0 million for the three and nine months ended September 29, 2012, respectively.

²  Excludes intersegment receivables, investments and notes receivable.

A significant portion of our revenue is concentrated in a small number of customers. For the nine months ended September 28, 2013, sales to Walmart accounted for 29.9% of our total revenues (September 29, 2012 – 31.3%), 35.9% of our North America reporting segment revenues (September 29, 2012 – 36.3%), 14.1% of our U.K. reporting segment revenues (September 29, 2012 – 15.4%), and 9.5% of our Mexico reporting segment revenues (September 29, 2012 – 21.7%).

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 Nine Months Ended
(in millions of U.S. dollars)	September 28, 2013			September 29, 2012			September 28, 2013			September 29, 2012
United States	$	344.3		$	388.0		$	1,066.9		$	1,169.0
Canada		50.2			63.2			159.8			190.3
United Kingdom		142.9			125.5			368.2			356.2
Mexico		7.5			9.7			22.6			29.0
RCI		9.5			9.3			27.0			25.1
Elimination1		(11.2	)		(11.9	)		(32.1	)		(36.2	)
	$	543.2		$	583.8		$	1,612.4		$	1,733.4

1 Represents intersegment revenue among our operating segments, of which $5.6 million and $14.8 million represents intersegment revenue between the North America reporting segment and our other operating segments for the three and nine months ended September 28, 2013, respectively, compared to $4.9 million and $13.0 million for the three and nine months ended September 29, 2012, respectively.

Revenues by product category were as follows:

For the Three Months Ended September 28, 2013
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	148.1	$	46.7	$	2.4	$	—	$	197.2
Juice		117.4		11.2		0.1		0.5		129.2
Concentrate		2.9		0.5		—		7.1		10.5
All other products		114.9		84.5		5.0		1.9		206.3
Total	$	383.3	$	142.9	$	7.5	$	9.5	$	543.2

For the Nine Months Ended September 28, 2013
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	456.6	$	119.4	$	9.6	$	0.2	$	585.8
Juice		376.8		19.9		0.1		1.9		398.7
Concentrate		8.8		1.7		—		21.2		31.7
All other products		352.4		227.2		12.9		3.7		596.2
Total	$	1,194.6	$	368.2	$	22.6	$	27.0	$	1,612.4

For the Three Months Ended September 29, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	182.3	$	43.1	$	5.1	$	0.3	$	230.8
Juice		133.7		3.7		0.3		0.4		138.1
Concentrate		3.3		0.5		—		8.5		12.3
All other products		120.0		78.2		4.3		0.1		202.6
Total	$	439.3	$	125.5	$	9.7	$	9.3	$	583.8

For the Nine Months Ended September 29, 2012
(in millions of U.S. dollars)	North America		United Kingdom		Mexico		RCI		Total
Revenue
Carbonated soft drinks	$	533.3	$	121.8	$	16.4	$	0.3	$	671.8
Juice		406.9		10.5		0.7		1.1		419.2
Concentrate		9.6		1.8		—		23.6		35.0
All other products		373.3		222.1		11.9		0.1		607.4
Total	$	1,323.1	$	356.2	$	29.0	$	25.1	$	1,733.4

Property, plant and equipment, net by operating segment as of September 28, 2013 and December 29, 2012 was as follows:

(in millions of U.S. dollars)	September 28, 2013		December 29, 2012
United States	$	324.8	$	333.7
Canada		46.7		48.4
United Kingdom		108.7		99.5
Mexico		9.9		9.3
Total	$	490.1	$	490.9

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Debt - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified				1 Months Ended			0 Months Ended	9 Months Ended						9 Months Ended			0 Months Ended	9 Months Ended
	Sep. 28, 2013	Dec. 29, 2012	Sep. 29, 2012	Sep. 30, 2013 Subsequent Event [Member]	Sep. 30, 2013 Subsequent Event [Member] 2017 Notes [Member]	Sep. 28, 2013 GE Obligation [Member]	Aug. 17, 2010 8.125% Senior Notes Due in 2018 [Member]	Sep. 28, 2013 8.125% Senior Notes Due in 2018 [Member]	Dec. 29, 2012 8.125% Senior Notes Due in 2018 [Member]	Sep. 28, 2013 ABL Facility [Member]	Jul. 19, 2012 ABL Facility [Member]	Aug. 17, 2010 ABL Facility [Member]	Oct. 22, 2013 ABL Facility [Member] Subsequent Event [Member]	Sep. 28, 2013 ABL Facility [Member] Debt Instrument Redemption Period One [Member]	Sep. 28, 2013 ABL Facility [Member] Debt Instrument Redemption Period Two [Member]	Sep. 28, 2013 ABL Facility [Member] Debt Instrument Redemption Period Three [Member]	Nov. 13, 2009 8.375% Senior Notes Due in 2017 [Member]	Sep. 28, 2013 8.375% Senior Notes Due in 2017 [Member]	Dec. 29, 2012 8.375% Senior Notes Due in 2017 [Member]
Debt Instrument [Line Items]
Senior notes issued							$ 375.0
Interest on financing						5.23%	8.125%	8.125%	8.125%								8.375%	8.375%	8.375%
Debt instrument maturity date								Sep. 01, 2018		Jul. 19, 2017				Oct. 22, 2018	May 15, 2017	Mar. 01, 2018
Common stock shares, issued	94,226,045	95,371,484										13,340,000
Common stock shares, issued value per share												$ 5.67
Credit facility, available borrowing capacity												275.0
Financing fees							8.6				1.2	5.4	0.6				5.1
Borrowing capacity, increase in lender's commitment under credit facility													300
Borrowing capacity, accordion feature													350
Commitment fee, percentage										0.375%
Standby letters of credit outstanding	7.5		11.0							7.5
Outstanding borrowings										0
Commitment fee, amount										239.0
Debt instrument maturity year								2018	2018									2017	2017
Discount on notes issued																	3.1	1.8	2.1
Debt instrument semi annual interest payment description							Interest on the 2018 Notes is payable semi-annually on March 1st and September 1st of each year											Interest on the 2017 Notes is payable semi-annually on May 15th and November 15th of each year
Amortization period of financing fees (years)							8 years										8 years
Aggregate principal amount of debt to be redeemed				200.0
Indenture issue date				Nov. 13, 2009
Redemption price of note as a percentage of par				104.118%
Premium Payment Liability					8
Deferred financing fee and discount charges				4
Finance lease agreement						$ 10.7

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Hedging Transactions and Derivative Financial Instruments

9 Months Ended

Sep. 28, 2013

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Hedging Transactions and Derivative Financial Instruments

Note 14 – 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.

All derivatives are carried at fair value in the Consolidated Balance Sheets in the line item other receivables or other payables. 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 15). 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 straight-forward 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 nine months ended September 28, 2013. 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. The total notional value of derivatives that have been designated and qualify for our foreign currency cash flow hedging program as of September 28, 2013 was approximately $5.5 million.

The fair value of the Company’s derivative instruments was nil and $0.1 million as of September 28, 2013 and December 29, 2012, respectively.

The settlement of our derivative instruments resulted in a credit to cost of sales of approximately $0.1 million and $0.5 million for the three and nine months ended September 28, 2013, respectively, compared to a charge to cost of sales of $0.3 million and $0.4 million for the comparable prior year periods.

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Commitments and Contingencies

9 Months Ended

Sep. 28, 2013

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 12 – 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.

On August 17, 2010, we completed the Cliffstar Acquisition which included contingent consideration of up to $55.0 million. The first $15.0 million of the contingent consideration was paid upon the achievement of milestones in certain expansion projects in 2010. The remainder of the contingent consideration was to be calculated based on the achievement of certain performance measures during the fiscal year ended January 1, 2011. During 2011, Cott made interim payments to the seller equal to $29.6 million, which was net of a $4.7 million refund due to Cott and included $0.9 million in settlement of certain of the seller’s objections to the calculation of the contingent consideration. In 2011, the seller of Cliffstar then raised certain objections to the performance measures used to calculate the contingent consideration, and the parties commenced the dispute resolution mechanism provided for in the asset purchase agreement. The seller’s claims for an additional $12.1 million in contingent consideration were submitted to binding arbitration pursuant to the asset purchase agreement and favorably resolved by payment by Cott in February 2013 of approximately $0.6 million.

We had $7.5 million in standby letters of credit outstanding as of September 28, 2013 (September 29, 2012 – $11.0 million).

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Document and Entity Information	9 Months Ended
	Sep. 28, 2013	Oct. 28, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 28, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Entity Registrant Name	COTT CORP /CN/
Entity Central Index Key	0000884713
Current Fiscal Year End Date	--12-28
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		94,226,045

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

9 Months Ended

Sep. 28, 2013

Equity [Abstract]

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

Note 13 – Shares Held in Trust Treated as Treasury Shares and Share Repurchase Program

In May 2008, an independent trustee acting on behalf of 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 and the Restated Executive Incentive Share Purchase Plan. During the year ended December 29, 2012, we distributed the remaining 0.7 million shares from the trust to satisfy certain 2010 Equity Incentive Plan obligations that had vested during the last quarter of 2012. As of December 29, 2012, there were no shares held in trust that were accounted for as treasury shares.

On May 1, 2012, our board of directors authorized the repurchase of up to $35.0 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.

On April 30, 2013, our board of directors renewed our share repurchase program for up to 5% of Cott’s outstanding common shares over a 12-month period commencing upon the expiration of the prior share repurchase program on May 21, 2013. We repurchased 554,769 shares of common stock for approximately $4.5 million during the third quarter ended September 28, 2013 under the share repurchase program through open market transactions. We are unable to predict the number of shares that ultimately 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.

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Segment Reporting - Property, Plant and Equipment by Operating Segment (Detail) (USD $) In Millions, unless otherwise specified	Sep. 28, 2013	Dec. 29, 2012
Segment Reporting Information [Line Items]
Property, plant and equipment, Total	$ 490.1	$ 490.9
United States [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, Total	324.8	333.7
Canada [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, Total	46.7	48.4
United Kingdom [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, Total	108.7	99.5
Mexico [Member]
Segment Reporting Information [Line Items]
Property, plant and equipment, Total	$ 9.9	$ 9.3

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Segment Reporting - Revenues by Product Category (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 28, 2013	Sep. 29, 2012	Sep. 28, 2013	Sep. 29, 2012
Segment Reporting Information [Line Items]
Revenue, net	$ 543.2	$ 583.8	$ 1,612.4	$ 1,733.4
Carbonated Soft Drinks [Member]
Segment Reporting Information [Line Items]
Revenue, net	197.2	230.8	585.8	671.8
Juice [Member]
Segment Reporting Information [Line Items]
Revenue, net	129.2	138.1	398.7	419.2
Concentrate [Member]
Segment Reporting Information [Line Items]
Revenue, net	10.5	12.3	31.7	35.0
All Other Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	206.3	202.6	596.2	607.4
North America [Member]
Segment Reporting Information [Line Items]
Revenue, net	383.3	439.3	1,194.6	1,323.1
North America [Member] | Carbonated Soft Drinks [Member]
Segment Reporting Information [Line Items]
Revenue, net	148.1	182.3	456.6	533.3
North America [Member] | Juice [Member]
Segment Reporting Information [Line Items]
Revenue, net	117.4	133.7	376.8	406.9
North America [Member] | Concentrate [Member]
Segment Reporting Information [Line Items]
Revenue, net	2.9	3.3	8.8	9.6
North America [Member] | All Other Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	114.9	120.0	352.4	373.3
United Kingdom [Member]
Segment Reporting Information [Line Items]
Revenue, net	142.9	125.5	368.2	356.2
United Kingdom [Member] | Carbonated Soft Drinks [Member]
Segment Reporting Information [Line Items]
Revenue, net	46.7	43.1	119.4	121.8
United Kingdom [Member] | Juice [Member]
Segment Reporting Information [Line Items]
Revenue, net	11.2	3.7	19.9	10.5
United Kingdom [Member] | Concentrate [Member]
Segment Reporting Information [Line Items]
Revenue, net	0.5	0.5	1.7	1.8
United Kingdom [Member] | All Other Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	84.5	78.2	227.2	222.1
Mexico [Member]
Segment Reporting Information [Line Items]
Revenue, net	7.5	9.7	22.6	29.0
Mexico [Member] | Carbonated Soft Drinks [Member]
Segment Reporting Information [Line Items]
Revenue, net	2.4	5.1	9.6	16.4
Mexico [Member] | Juice [Member]
Segment Reporting Information [Line Items]
Revenue, net	0.1	0.3	0.1	0.7
Mexico [Member] | Concentrate [Member]
Segment Reporting Information [Line Items]
Revenue, net
Mexico [Member] | All Other Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	5.0	4.3	12.9	11.9
RCI [Member]
Segment Reporting Information [Line Items]
Revenue, net	9.5	9.3	27.0	25.1
RCI [Member] | Carbonated Soft Drinks [Member]
Segment Reporting Information [Line Items]
Revenue, net		0.3	0.2	0.3
RCI [Member] | Juice [Member]
Segment Reporting Information [Line Items]
Revenue, net	0.5	0.4	1.9	1.1
RCI [Member] | Concentrate [Member]
Segment Reporting Information [Line Items]
Revenue, net	7.1	8.5	21.2	23.6
RCI [Member] | All Other Products [Member]
Segment Reporting Information [Line Items]
Revenue, net	$ 1.9	$ 0.1	$ 3.7	$ 0.1