Fair Value Measurements (Tables)

3 Months Ended

Apr. 02, 2016

Carrying Value and Estimated Fair Values of Outstanding Debt

The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, 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 April 2, 2016 and January 2, 2016 were as follows:


	April 2, 2016				January 2, 2016
	Carrying		Fair		Carrying		Fair
(in millions of U.S. dollars)	Value		Value		Value		Value
6.750% senior notes due in 2020^1,3	$	613.7	$	657.0	$	613.0	$	641.4
10.000% senior notes due in 2021^1,2		388.6		395.9		390.1		397.3
5.375% senior notes due in 2022^1,3		517.0		534.2		516.8		522.4

Total	$	1,519.3	$	1,587.1	$	1,519.9	$	1,561.1

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

^2.

The outstanding aggregate principal amount of $350.0 million of our 10.000% senior secured notes (“DSS Notes”) was assumed by Cott at a fair value of $406.0 million in connection with Cott’s acquisition of DSS. The premium of $56.0 million is being amortized as an adjustment to interest expense using the effective interest method over the remaining contractual term of the DSS Notes.

^3.	The carrying value of our significant outstanding debt is net of unamortized debt issuance costs of $19.6 million and $20.6 million as of April 2, 2016 and January 2, 2016, respectively.

Schedule of Business Acquisitions, Reconciliation of Fair Value of Contingent Consideration

The following tables provide a reconciliation of the beginning and ending balances of this liability.


	For the Three Months Ended
(in millions of U.S. dollars)	April 2, 2016			April 4, 2015
Fair value at beginning of period	$	16.4		$	16.5
Foreign exchange gain		(0.5	)		(0.7	)

Fair value at end of period	$	15.9		$	15.8