Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations in Financial Statements

The major components of net income from discontinued operations, net of income taxes in the consolidated statements of operations include the following:

	For the Three Months Ended					For the Nine Months Ended
(in millions of U.S. dollars)	September 30, 2017			October 1, 2016		September 30, 2017			October 1, 2016
Revenue, net	$	425.6		$	419.3	$	1,244.7		$	1,282.7
Cost of sales		371.3			361.3		1,093.4			1,102.0
Operating income from discontinued operations		13.9			21.0		33.6			67.1
Income (loss) from discontinued operations, before income taxes		12.1			4.5		(27.5	)		9.5
Income tax (benefit) expense1		(30.9	)		1.6		(28.5	)		(2.5	)
Net income from discontinued operations, net of income taxes		43.0			2.9		1.0			12.0
Less: Net income attributable to non-controlling interests		2.1			1.5		6.4			4.4
Net income (loss) attributable to Cott Corporation – discontinued operations	$	40.9		$	1.4	$	(5.4	)	$	7.6

^1.  The pending transaction with Refresco is anticipated to result in a gain on sale which led to certain U.S. deferred tax liabilities being considered as a source of future taxable income. As a result, we recognized a tax benefit of approximately $26.9 million related to a corresponding U.S. valuation allowance release.

Assets and liabilities of discontinued operations presented in the consolidated balance sheets as of September 30, 2017 and December 31, 2016 include the following:

(in millions of U.S. dollars)	September 30, 2017		December 31, 2016
ASSETS
Cash & cash equivalents	$	66.2	$	40.0
Accounts receivable, net		165.2		127.2
Inventories		184.7		176.8
Prepaid expenses and other current assets		10.4		7.7
Current assets of discontinued operations		426.5		351.7
Property, plant & equipment, net		341.9		348.1
Goodwill		136.9		127.1
Intangible assets, net		175.7		180.7
Other long-term assets, net		19.1		17.5
Long-term assets of discontinued operations	$	673.6	$	673.4
LIABILITIES
Short-term borrowings		247.6		207.0
Current maturities of long-term debt		2.9		2.8
Accounts payable and accrued liabilities		268.6		229.4
Current liabilities of discontinued operations		519.1		439.2
Long-term debt		519.8		1,136.6
Deferred tax liabilities		0.8		2.8
Other long-term liabilities		45.9		34.6
Long-term liabilities of discontinued operations	$	566.5	$	1,174.0