Discontinued Operations (Tables)

12 Months Ended

Dec. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Summary of Discontinued Operations in Financial Statements

The major components of net income (loss) from discontinued operations, net of income taxes in the accompanying Consolidated Statements of Operations include the following:

	For the Year Ended
	December 30, 2017			December 31, 2016			January 2, 2016
(in millions of U.S. dollars)
Revenue, net	$	1,637.1		$	1,658.6		$	1,799.6
Cost of sales		1,428.4			1,434.5			1,554.6
Operating income from discontinued operations		49.9			72.7			81.5
Loss from discontinued operations, before income taxes		(20.5	)		(6.8	)		(2.7	)
Income tax (benefit) expense 1		(31.2	)		4.4			(7.6	)
Net income (loss) from discontinued operations, net of income taxes		10.7			(11.2	)		4.9
Less: Net income attributable to non-controlling interests		8.5			6.3			6.1
Net income (loss) attributable to Cott Corporation – discontinued operations 2	$	2.2		$	(17.5	)	$	(1.2	)

^1. The Transaction 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.

^2.  Net income (loss) attributable to Cott Corporation - discontinued operations is inclusive of interest expense on short-term borrowings and debt required to be repaid or extinguished as part of divestiture of $49.5 million for the year ended December 30, 2017 (December 31, 2016 - $81.2 million; January 2, 2016 - $80.9 million).

Assets and liabilities of discontinued operations presented in the accompanying Consolidated Balance Sheets as of December 30, 2017 and December 31, 2016 include the following:

(in millions of U.S. dollars)	December 30, 2017		December 31, 2016
ASSETS
Cash & cash equivalents	$	66.0	$	40.0
Accounts receivable, net		143.2		127.2
Inventories		191.2		176.8
Prepaid expenses and other current assets		8.3		7.7
Current assets of discontinued operations		408.7		351.7
Property, plant & equipment, net		350.7		348.1
Goodwill		136.8		127.1
Intangible assets, net		176.2		180.7
Other long-term assets, net		13.8		11.0
Long-term assets of discontinued operations	$	677.5	$	666.9
LIABILITIES
Current maturities of long-term debt		0.5		0.5
Accounts payable and accrued liabilities		294.6		229.4
Current liabilities of discontinued operations		295.1		229.9
Long-term debt		0.9		1.2
Deferred tax liabilities		1.0		2.8
Other long-term liabilities		43.9		34.6
Long-term liabilities of discontinued operations	$	45.8	$	38.6