Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Feb. 27, 2015 | Jun. 27, 2014 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 28-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | COKE | ||
Entity Registrant Name | COCA COLA BOTTLING CO CONSOLIDATED /DE/ | ||
Entity Central Index Key | 317540 | ||
Current Fiscal Year End Date | -16 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 7,141,447 | ||
Entity Public Float | $347,312,260 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,129,862 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Net sales | $1,746,369 | $1,641,331 | $1,614,433 |
Cost of sales | 1,041,130 | 982,691 | 960,124 |
Gross margin | 705,239 | 658,640 | 654,309 |
Selling, delivery and administrative expenses | 619,272 | 584,993 | 565,623 |
Income from operations | 85,967 | 73,647 | 88,686 |
Interest expense, net | 29,272 | 29,403 | 35,338 |
Other income (expense), net | -1,077 | 0 | 0 |
Income before taxes | 55,618 | 44,244 | 53,348 |
Income tax expense | 19,536 | 12,142 | 21,889 |
Net income | 36,082 | 32,102 | 31,459 |
Less: Net income attributable to noncontrolling interest | 4,728 | 4,427 | 4,242 |
Net income attributable to Coca-Cola Bottling Co. Consolidated | $31,354 | $27,675 | $27,217 |
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||
Common Stock | $3.38 | $2.99 | $2.95 |
Weighted average number of Common Stock shares outstanding | 7,141 | 7,141 | 7,141 |
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||
Common Stock | $3.37 | $2.98 | $2.94 |
Weighted average number of Common Stock shares outstanding - assuming dilution | 9,307 | 9,286 | 9,266 |
Class B Common Stock [Member] | |||
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||
Common Stock | $3.38 | $2.99 | $2.95 |
Weighted average number of Common Stock shares outstanding | 2,126 | 2,105 | 2,085 |
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||
Common Stock | $3.35 | $2.97 | $2.92 |
Weighted average number of Common Stock shares outstanding - assuming dilution | 2,166 | 2,145 | 2,125 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income | $36,082 | $32,102 | $31,459 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | -5 | -1 | -1 |
Defined benefit plans: | |||
Actuarial gain (loss) | -31,839 | 33,379 | -11,618 |
Prior service costs | 22 | -88 | 11 |
Postretirement benefits plan: | |||
Actuarial gain (loss) | -4,318 | 3,984 | -1,181 |
Prior service costs | 4,402 | -924 | -917 |
Other comprehensive income (loss), net of tax | -31,738 | 36,350 | -13,706 |
Comprehensive income | 4,344 | 68,452 | 17,753 |
Less: Comprehensive income attributable to noncontrolling interest | 4,728 | 4,427 | 4,242 |
Comprehensive income (loss) attributable to Coca-Cola Bottling Co. Consolidated | ($384) | $64,025 | $13,511 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $9,095 | $11,761 |
Accounts receivable, trade, less allowance for doubtful accounts of $1,330 and $1,401, respectively | 125,726 | 105,610 |
Accounts receivable from The Coca-Cola Company | 22,741 | 17,849 |
Accounts receivable, other | 14,531 | 15,136 |
Inventories | 70,740 | 61,987 |
Prepaid expenses and other current assets | 44,168 | 26,872 |
Total current assets | 287,001 | 239,215 |
Property, plant and equipment, net | 358,232 | 302,998 |
Leased property under capital leases, net | 42,971 | 48,981 |
Other assets | 60,832 | 58,560 |
Franchise rights | 520,672 | 520,672 |
Goodwill | 106,220 | 102,049 |
Other identifiable intangible assets, net | 57,148 | 3,681 |
Total assets | 1,433,076 | 1,276,156 |
Current liabilities: | ||
Current portion of debt | 0 | 20,000 |
Current portion of obligations under capital leases | 6,446 | 5,939 |
Accounts payable, trade | 58,640 | 43,579 |
Accounts payable to The Coca-Cola Company | 51,227 | 25,869 |
Other accrued liabilities | 68,775 | 77,622 |
Accrued compensation | 38,677 | 31,753 |
Accrued interest payable | 3,655 | 4,054 |
Total current liabilities | 227,420 | 208,816 |
Deferred income taxes | 140,000 | 153,408 |
Pension and postretirement benefit obligations | 134,100 | 90,599 |
Other liabilities | 177,250 | 125,791 |
Obligations under capital leases | 52,604 | 59,050 |
Long-term debt | 444,759 | 378,566 |
Total liabilities | 1,176,133 | 1,016,230 |
Commitments and Contingencies (Note 14) | ||
Equity: | ||
Preferred Stock | 0 | 0 |
Common Stock | 10,204 | 10,204 |
Capital in excess of par value | 110,860 | 108,942 |
Retained earnings | 210,957 | 188,869 |
Accumulated other comprehensive loss | -89,914 | -58,176 |
Total equity before treasury stock | 244,863 | 252,574 |
Less-Treasury stock, at cost: | ||
Treasury stock | 60,845 | 60,845 |
Total equity of Coca-Cola Bottling Co. Consolidated | 183,609 | 191,320 |
Noncontrolling interest | 73,334 | 68,606 |
Total equity | 256,943 | 259,926 |
Total liabilities and equity | 1,433,076 | 1,276,156 |
Convertible Preferred Stock [Member] | ||
Equity: | ||
Preferred Stock | 0 | 0 |
Nonconvertible Preferred Stock [Member] | ||
Equity: | ||
Preferred Stock | 0 | 0 |
Class B Common Stock [Member] | ||
Equity: | ||
Common Stock | 2,756 | 2,735 |
Less-Treasury stock, at cost: | ||
Treasury stock | 409 | 409 |
Class C Common Stock [Member] | ||
Equity: | ||
Common Stock | $0 | $0 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $1,330 | $1,401 |
Preferred Stock, par value | $0.01 | $0.01 |
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 10,203,821 | 10,203,821 |
Treasury stock, shares | 3,062,374 | 3,062,374 |
Convertible Preferred Stock [Member] | ||
Preferred Stock, par value | $100 | $100 |
Preferred Stock, shares authorized | 50,000 | 50,000 |
Preferred Stock, shares issued | 0 | 0 |
Nonconvertible Preferred Stock [Member] | ||
Preferred Stock, par value | $100 | $100 |
Preferred Stock, shares authorized | 50,000 | 50,000 |
Preferred Stock, shares issued | 0 | 0 |
Class B Common Stock [Member] | ||
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 2,757,976 | 2,737,076 |
Treasury stock, shares | 628,114 | 628,114 |
Class C Common Stock [Member] | ||
Common stock, par value | $1 | $1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 0 | 0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Cash Flows from Operating Activities | |||
Net income | $36,082 | $32,102 | $31,459 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense | 60,397 | 58,338 | 61,168 |
Amortization of intangibles | 733 | 333 | 416 |
Deferred income taxes | 4,220 | -10,017 | 7,138 |
Loss on sale of property, plant and equipment | 677 | 46 | 633 |
Impairment of property, plant and equipment | 0 | 0 | 275 |
Amortization of debt costs | 1,938 | 1,933 | 2,242 |
Stock compensation expense | 3,542 | 2,919 | 2,623 |
Amortization of deferred gains related to terminated interest rate agreements | -561 | -549 | -1,145 |
Loss on voluntary pension settlement | 0 | 12,014 | 0 |
Fair value adjustment of acquisition-related contingent consideration | 1,077 | 0 | 0 |
(Increase) decrease in current assets less current liabilities (exclusive of acquisitions) | -16,331 | 843 | -288 |
Increase in other noncurrent assets (exclusive of acquisitions) | -3,195 | -3,170 | -5,087 |
Increase (decrease) in other noncurrent liabilities (exclusive of acquisitions) | 3,333 | 1,569 | -16,261 |
Other | -9 | 13 | -1 |
Total adjustments | 55,821 | 64,272 | 51,713 |
Net cash provided by operating activities | 91,903 | 96,374 | 83,172 |
Cash Flows from Investing Activities | |||
Additions to property, plant and equipment | -84,364 | -61,432 | -53,271 |
Proceeds from the sale of property, plant and equipment | 1,701 | 6,136 | 701 |
Acquisition of new territories, net of cash acquired | -41,588 | 0 | 0 |
Change in restricted cash | 0 | 0 | 3,000 |
Net cash used in investing activities | -124,251 | -55,296 | -49,570 |
Cash Flows from Financing Activities | |||
Proceeds from lines of credit | 0 | 0 | 20,000 |
Borrowing under revolving credit facility | 191,624 | 60,000 | 30,000 |
Payment on revolving credit facility | -125,624 | -85,000 | 0 |
Payment of debt | 0 | 0 | -150,000 |
Repayment of lines of credit | -20,000 | 0 | 0 |
Cash dividends paid | -9,266 | -9,245 | -9,224 |
Excess tax expense/(benefit) from stock-based compensation | 176 | -17 | 81 |
Payment on acquisition related contingent consideration | -212 | 0 | 0 |
Principal payments on capital lease obligations | -5,939 | -5,307 | -4,682 |
Debt issuance costs (revolving credit facility) | -853 | 0 | 0 |
Other | -224 | -147 | -136 |
Net cash provided by (used in) financing activities | 29,682 | -39,716 | -113,961 |
Net increase (decrease) in cash | -2,666 | 1,362 | -80,359 |
Cash at beginning of year | 11,761 | 10,399 | 90,758 |
Cash at end of year | 9,095 | 11,761 | 10,399 |
Significant noncash investing and financing activities | |||
Issuance of Class B Common Stock in connection with stock award | 1,763 | 1,298 | 1,421 |
Capital lease obligations incurred | 0 | 714 | 209 |
Additions to property, plant and equipment accrued and recorded in accounts payable, trade | $9,185 | $7,175 | $14,433 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Class B Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total Equity of CCBCC [Member] | Total Equity of CCBCC [Member] | Noncontrolling Interest [Member] | Common Stock [Member] | Common Stock [Member] |
In Thousands | Class B Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | |||||||||
Beginning Balance at Jan. 01, 2012 | $189,407 | $106,201 | $152,446 | ($80,820) | ($61,254) | $129,470 | $59,937 | $10,204 | $2,693 | |||
Net income | 31,459 | 27,217 | 27,217 | 4,242 | ||||||||
Other comprehensive income (loss), net of tax | -13,706 | -13,706 | -13,706 | |||||||||
Cash dividends paid Common ($1.00 per share) | -7,141 | -2,083 | -7,141 | -2,083 | -7,141 | -2,083 | ||||||
Issuance of 20,120 shares of Class B Common Stock | 1,421 | 1,399 | 1,421 | 22 | ||||||||
Stock compensation adjustment | 81 | 81 | 81 | |||||||||
Ending Balance at Dec. 30, 2012 | 199,438 | 107,681 | 170,439 | -94,526 | -61,254 | 135,259 | 64,179 | 10,204 | 2,715 | |||
Net income | 32,102 | 27,675 | 27,675 | 4,427 | ||||||||
Other comprehensive income (loss), net of tax | 36,350 | 36,350 | 36,350 | |||||||||
Cash dividends paid Common ($1.00 per share) | -7,141 | -2,104 | -7,141 | -2,104 | -7,141 | -2,104 | ||||||
Issuance of 20,120 shares of Class B Common Stock | 1,298 | 1,278 | 1,298 | 20 | ||||||||
Stock compensation adjustment | -17 | -17 | -17 | |||||||||
Ending Balance at Dec. 29, 2013 | 259,926 | 108,942 | 188,869 | -58,176 | -61,254 | 191,320 | 68,606 | 10,204 | 2,735 | |||
Net income | 36,082 | 31,354 | 31,354 | 4,728 | ||||||||
Other comprehensive income (loss), net of tax | -31,738 | -31,738 | -31,738 | |||||||||
Cash dividends paid Common ($1.00 per share) | -7,141 | -2,125 | -7,141 | -2,125 | -7,141 | -2,125 | ||||||
Issuance of 20,120 shares of Class B Common Stock | 1,763 | 1,742 | 1,763 | 21 | ||||||||
Stock compensation adjustment | 176 | 176 | 176 | |||||||||
Ending Balance at Dec. 28, 2014 | $256,943 | $110,860 | $210,957 | ($89,914) | ($61,254) | $183,609 | $73,334 | $10,204 | $2,756 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Cash dividend per share | $1 | $1 | $1 |
Retained Earnings [Member] | |||
Cash dividend per share | $1 | $1 | $1 |
Total Equity of CCBCC [Member] | |||
Cash dividend per share | $1 | $1 | $1 |
Class B Common Stock [Member] | |||
Cash dividend per share | $1 | $1 | $1 |
Class B common stock shares issued | 20,900 | 20,120 | 22,320 |
Class B Common Stock [Member] | Retained Earnings [Member] | |||
Cash dividend per share | $1 | $1 | $1 |
Class B Common Stock [Member] | Total Equity of CCBCC [Member] | |||
Cash dividend per share | $1 | $1 | $1 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Dec. 28, 2014 | ||||
Accounting Policies [Abstract] | ||||
Significant Accounting Policies | 1. Significant Accounting Policies | |||
General | ||||
Coca-Cola Bottling Co. Consolidated (the “Company”) produces, markets and distributes nonalcoholic beverages, primarily products of The Coca-Cola Company. The Company operates principally in the southeastern region of the United States. | ||||
The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | ||||
The preparation of consolidated financial statements in conformity with United States generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||
The fiscal years presented are the 52-week periods ended December 28, 2014 (“2014”), December 29, 2013 (“2013”) and December 30, 2012 (“2012”). The Company’s fiscal year ends on the Sunday closest to December 31 of each year. | ||||
Piedmont Coca-Cola Bottling Partnership (“Piedmont”) is the Company’s only subsidiary that has a significant noncontrolling interest. Noncontrolling interest income of $4.7 million in 2014, $4.4 million in 2013 and $4.2 million in 2012 are included in net income on the Company’s consolidated statements of operations. In addition, the amount of consolidated net income attributable to both the Company and noncontrolling interest are shown on the Company’s consolidated statements of operations. Noncontrolling interest primarily related to Piedmont totaled $73.3 million, $68.6 million and $64.2 million at December 28, 2014, December 29, 2013 and December 30, 2012, respectively. These amounts are shown as noncontrolling interest in the equity section of the Company’s consolidated balance sheets. | ||||
Certain prior year amounts have been reclassified to conform with current classifications. | ||||
Cash and Cash Equivalents | ||||
Cash and cash equivalents include cash on hand, cash in banks and cash equivalents, which are highly liquid debt instruments with maturities of less than 90 days. The Company maintains cash deposits with major banks which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes that the risk of any loss is minimal. | ||||
Credit Risk of Trade Accounts Receivable | ||||
The Company sells its products to supermarkets, convenience stores and other customers and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company’s trade accounts receivable are typically collected within approximately 30 days from the date of sale. The Company monitors its exposure to losses on trade accounts receivable and maintains an allowance for potential losses or adjustments. Past due trade accounts receivable balances are written off when the Company’s collection efforts have been unsuccessful in collecting the amount due. | ||||
Allowance for Doubtful Accounts | ||||
The Company evaluates the collectibility of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s recent past loss history and an overall assessment of past due trade accounts receivable outstanding. | ||||
The Company’s review of potential bad debts considers the specific industry in which a particular customer operates, such as supermarket retailers, convenience stores and mass merchandise retailers, and the general economic conditions that currently exist in that specific industry. The Company then considers the effects of concentration of credit risk in a specific industry and for specific customers within that industry. | ||||
Inventories | ||||
Inventories are stated at the lower of cost or market. Cost is determined on the first-in, first-out method for finished products and manufacturing materials and on the average cost method for plastic shells, plastic pallets and other inventories. | ||||
Property, Plant and Equipment | ||||
Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements on operating leases are depreciated over the shorter of the estimated useful lives or the term of the lease, including renewal options the Company determines are reasonably assured. Additions and major replacements or betterments are added to the assets at cost. Maintenance and repair costs and minor replacements are charged to expense when incurred. When assets are replaced or otherwise disposed, the cost and accumulated depreciation are removed from the accounts and the gains or losses, if any, are reflected in the statement of operations. Gains or losses on the disposal of manufacturing equipment and manufacturing facilities are included in cost of sales. Gains or losses on the disposal of all other property, plant and equipment are included in selling, delivery and administrative (“S,D&A”) expenses. | ||||
The Company evaluates the recoverability of the carrying amount of its property, plant and equipment when events or circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. These evaluations are performed at a level where independent cash flows may be attributed to either an asset or an asset group. If the Company determines that the carrying amount of an asset or asset group is not recoverable based upon the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair value of the long-lived assets. | ||||
Leased Property Under Capital Leases | ||||
Leased property under capital leases is depreciated using the straight-line method over the lease term. | ||||
Internal Use Software | ||||
The Company capitalizes costs incurred in the development or acquisition of internal use software. The Company expenses costs incurred in the preliminary project planning stage. Costs, such as maintenance and training, are also expensed as incurred. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Amortization expense, which is included in depreciation expense, for internal-use software was $7.6 million, $7.5 million and $7.3 million in 2014, 2013 and 2012, respectively. | ||||
Franchise Rights and Goodwill | ||||
Under the provisions of generally accepted accounting principles (GAAP), all business combinations are accounted for using the acquisition method and goodwill and intangible assets with indefinite useful lives are not amortized but instead are tested for impairment annually, or more frequently if facts and circumstances indicate such assets may be impaired. The only intangible assets the Company classifies as indefinite lived are franchise rights and goodwill. The Company performs its annual impairment test as of the first day of the fourth quarter of each year. For both franchise rights and goodwill, when appropriate, the Company performs a qualitative assessment to determine whether it is more likely than not that the fair value of the franchise rights or goodwill is below its carrying value. | ||||
When a quantitative analysis is considered necessary for the annual impairment analysis of franchise rights, the Company utilizes the Greenfield Method to estimate the fair value. The Greenfield Method assumes the Company is starting new, owning only franchise rights, and makes investments required to build an operation comparable to the Company’s current operations. The Company estimates the cash flows required to build a comparable operation and the available future cash flows from these operations. The cash flows are then discounted using an appropriate discount rate. The estimated fair value based upon the discounted cash flows is then compared to the carrying value on an aggregated basis. | ||||
The Company has determined that it has one reporting unit for purposes of assessing goodwill for potential impairment. When a quantitative analysis is considered necessary for the annual impairment analysis of goodwill, the Company develops an estimated fair value for the reporting unit considering three different approaches: | ||||
• | market value, using the Company’s stock price plus outstanding debt; | |||
• | discounted cash flow analysis; and | |||
• | multiple of earnings before interest, taxes, depreciation and amortization based upon relevant industry data. | |||
The estimated fair value of the reporting unit is then compared to its carrying amount including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is considered not impaired, and the second step of the impairment test is not necessary. If the carrying amount including goodwill exceeds its estimated fair value, the second step of the impairment test is performed to measure the amount of the impairment, if any. In the second step, a comparison is made between book value of goodwill to the implied fair value of goodwill. Implied fair value of goodwill is determined by comparing the fair value of the reporting unit to the book value of its net identifiable assets excluding goodwill. If the implied fair value of goodwill is below the book value of goodwill, an impairment loss would be recognized for the difference. | ||||
The Company uses its overall market capitalization as part of its estimate of fair value of the reporting unit and in assessing the reasonableness of the Company’s internal estimates of fair value. | ||||
To the extent that actual and projected cash flows decline in the future, or if market conditions deteriorate significantly, the Company may be required to perform an interim impairment analysis that could result in an impairment of franchise rights or goodwill. | ||||
Other Identifiable Intangible Assets | ||||
Other identifiable intangible assets primarily represent customer relationships and distribution rights and are amortized on a straight-line basis over their estimated useful lives. | ||||
Acquisition Related Contingent Consideration Liability | ||||
The acquisition related contingent consideration liability consists of the estimated amounts due to The Coca-Cola Company under the Comprehensive Beverage Agreements (“CBAs”) over the remaining useful life of the related distribution rights intangible assets. Under the CBAs, the Company is required to make quarterly sub-bottling payments on a continuing basis for the grant of exclusive rights to distribute, promote, market and sell specified covered beverages and related products, as defined in the agreement, in certain acquired territories. The quarterly sub-bottling payment is based on sales of certain beverages and beverage products sold under the same trademarks that identify a covered beverage, related product or certain cross-licensed brands (as defined in the CBAs). | ||||
At each reporting period, the Company evaluates future cash flows associated with its acquired territories and the associated discount rate to determine the fair value of the contingent consideration. These cash flows represent the Company’s best estimate of the amounts which will be paid to The Coca-Cola Company under the CBA over the remaining life of certain distribution rights intangible assets. The discount rate represents the Company’s weighted average cost of capital at the reporting date the fair value calculation is being performed. Changes in the fair value of the acquisition related contingent consideration is included in “Other income (expense)” on the Consolidated Statement of Operations. | ||||
Pension and Postretirement Benefit Plans | ||||
The Company has a noncontributory pension plan covering certain nonunion employees and one noncontributory pension plan covering certain union employees. Costs of the plans are charged to current operations and consist of several components of net periodic pension cost based on various actuarial assumptions regarding future experience of the plans. In addition, certain other union employees are covered by plans provided by their respective union organizations and the Company expenses amounts as paid in accordance with union agreements. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. | ||||
Amounts recorded for benefit plans reflect estimates related to interest rates, investment returns, employee turnover and health care costs. The discount rate assumptions used to determine the pension and postretirement benefit obligations are based on yield rates available on double-A bonds as of each plan’s measurement date. | ||||
Income Taxes | ||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating loss and tax credit carryforwards as well as differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||
A valuation allowance will be provided against deferred tax assets, if the Company determines it is more likely than not such assets will not ultimately be realized. | ||||
The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50 percent likely to be realized. The Company records interest and penalties related to uncertain tax positions in income tax expense. | ||||
Revenue Recognition | ||||
Revenues are recognized when finished products are delivered to customers and both title and the risks and benefits of ownership are transferred, price is fixed and determinable, collection is reasonably assured and, in the case of full service vending, when cash is collected from the vending machines. Appropriate provision is made for uncollectible accounts. | ||||
The Company receives service fees from The Coca-Cola Company related to the delivery of fountain syrup products to The Coca-Cola Company’s fountain customers. In addition, the Company receives service fees from The Coca-Cola Company related to the repair of fountain equipment owned by The Coca-Cola Company. The fees received from The Coca-Cola Company for the delivery of fountain syrup products to their customers and the repair of their fountain equipment are recognized as revenue when the respective services are completed. Service revenue represents approximately 1% of net sales, and is presented within the Nonalcoholic Beverages segment. | ||||
The Company performs freight hauling and brokerage for third parties in addition to delivering its own products. The freight charges are recognized as revenues when the delivery is complete. Freight revenue from third parties represents approximately 2% of net sales, and is presented within the All Other segment. | ||||
Revenues do not include sales or other taxes collected from customers. | ||||
Marketing Programs and Sales Incentives | ||||
The Company participates in various marketing and sales programs with The Coca-Cola Company and other beverage companies and arrangements with customers to increase the sale of its products by its customers. Among the programs negotiated with customers are arrangements under which allowances can be earned for attaining agreed-upon sales levels and/or for participating in specific marketing programs. | ||||
Coupon programs are also developed on a territory-specific basis. The cost of these various marketing programs and sales incentives with The Coca-Cola Company and other beverage companies, included as deductions to net sales, totaled $61.7 million, $57.1 million and $58.1 million in 2014, 2013 and 2012, respectively. | ||||
Marketing Funding Support | ||||
The Company receives marketing funding support payments in cash from The Coca-Cola Company and other beverage companies. Payments to the Company for marketing programs to promote the sale of bottle/can volume and fountain syrup volume are recognized in earnings primarily on a per unit basis over the year as product is sold. Payments for periodic programs are recognized in the periods for which they are earned. | ||||
Under GAAP, cash consideration received by a customer from a vendor is presumed to be a reduction of the prices of the vendor’s products or services and is, therefore, to be accounted for as a reduction of cost of sales in the statements of operations unless those payments are specific reimbursements of costs or payments for services. Payments the Company receives from The Coca-Cola Company and other beverage companies for marketing funding support are classified as reductions of cost of sales. | ||||
Derivative Financial Instruments | ||||
The Company uses derivative financial instruments to manage its exposure to movements in interest rates and certain commodity prices. The use of these financial instruments modifies the Company’s exposure to these risks with the intent of reducing risk over time. The Company does not use financial instruments for trading purposes, nor does it use leveraged financial instruments. Credit risk related to the derivative financial instruments is managed by requiring high credit standards for its counterparties and periodic settlements. The Company records all derivative instruments in the financial statements at fair value. | ||||
Commodity Hedges | ||||
The Company may use derivative instruments to hedge some or all of the Company’s projected diesel fuel and unleaded gasoline purchases (used in the Company’s delivery fleet and other vehicles) and aluminum purchases. The Company generally pays a fee for these instruments which is amortized over the corresponding period of the instrument. The Company accounts for its commodity hedges on a mark-to-market basis with any expense or income reflected as an adjustment of related costs which are included in either cost of sales or S,D&A expenses. | ||||
Risk Management Programs | ||||
The Company uses various insurance structures to manage its workers’ compensation, auto liability, medical and other insurable risks. These structures consist of retentions, deductibles, limits and a diverse group of insurers that serve to strategically transfer and mitigate the financial impact of losses. The Company uses commercial insurance for claims as a risk reduction strategy to minimize catastrophic losses. Losses are accrued using assumptions and procedures followed in the insurance industry, adjusted for company-specific history and expectations. | ||||
Cost of Sales | ||||
Cost of sales includes the following: raw material costs, manufacturing labor, manufacturing overhead including depreciation expense, manufacturing warehousing costs and shipping and handling costs related to the movement of finished goods from manufacturing locations to sales distribution centers. | ||||
Selling, Delivery and Administrative Expenses | ||||
S,D&A expenses include the following: sales management labor costs, distribution costs from sales distribution centers to customer locations, sales distribution center warehouse costs, depreciation expense related to sales centers, delivery vehicles and cold drink equipment, point-of-sale expenses, advertising expenses, cold drink equipment repair costs, amortization of intangibles and administrative support labor and operating costs such as treasury, legal, information services, accounting, internal control services, human resources and executive management costs. | ||||
Shipping and Handling Costs | ||||
Shipping and handling costs related to the movement of finished goods from manufacturing locations to sales distribution centers are included in cost of sales. Shipping and handling costs related to the movement of finished goods from sales distribution centers to customer locations are included in S,D&A expenses and were $211.6 million, $201.0 million and $200.0 million in 2014, 2013 and 2012, respectively. | ||||
The Company recorded delivery fees in net sales of $6.2 million, $6.3 million and $7.0 million in 2014, 2013 and 2012, respectively, and are presented within the Nonalcoholic Beverages segment. These fees are used to offset a portion of the Company’s delivery and handling costs. | ||||
Stock Compensation with Contingent Vesting | ||||
On April 29, 2008, the stockholders of the Company approved a Performance Unit Award Agreement for J. Frank Harrison, III, the Company’s Chairman of the Board of Directors and Chief Executive Officer, consisting of 400,000 performance units (“Units”). Each Unit represents the right to receive one share of the Company’s Class B Common Stock, subject to certain terms and conditions. The Units are subject to vesting in annual increments over a ten-year period starting in fiscal year 2009. The number of Units that vest each year will equal the product of 40,000 multiplied by the overall goal achievement factor (not to exceed 100%) under the Company’s Annual Bonus Plan. | ||||
Each annual 40,000 unit tranche has an independent performance requirement, as it is not established until the Company’s Annual Bonus Plan targets are approved each year by the Compensation Committee of the Board of Directors. As a result, each 40,000 unit tranche is considered to have its own service inception date, grant-date and requisite service period. The Company’s Annual Bonus Plan targets, which establish the performance requirements for the Performance Unit Award Agreement, are approved by the Compensation Committee of the Board of Directors in the first quarter of each year. The Performance Unit Award Agreement does not entitle Mr. Harrison, to participate in dividends or voting rights until each installment has vested and the shares are issued. Mr. Harrison may satisfy tax withholding requirements in whole or in part by requiring the Company to settle in cash such number of units otherwise payable in Class B Common Stock to meet the maximum statutory tax withholding requirements. The Company recognizes compensation expense over the requisite service period (one fiscal year) based on the Company’s stock price at the end of each accounting period, unless the achievement of the performance requirement for the fiscal year is considered unlikely. | ||||
See Note 17 to the consolidated financial statements for additional information on Mr. Harrison’s stock compensation program. | ||||
Net Income Per Share | ||||
The Company applies the two-class method for calculating and presenting net income per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under this method: | ||||
(a) | Income from continuing operations (“net income”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period. | |||
(b) | The remaining earnings (“undistributed earnings”) are allocated to Common Stock and Class B Common Stock to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. The total earnings allocated to each security is determined by adding together the amount allocated for dividends and the amount allocated for a participation feature. | |||
(c) | The total earnings allocated to each security is then divided by the number of outstanding shares of the security to which the earnings are allocated to determine the earnings per share for the security. | |||
(d) | Basic and diluted earnings per share (“EPS”) data are presented for each class of common stock. | |||
In applying the two-class method, the Company determined that undistributed earnings should be allocated equally on a per share basis between the Common Stock and Class B Common Stock due to the aggregate participation rights of the Class B Common Stock (i.e., the voting and conversion rights) and the Company’s history of paying dividends equally on a per share basis on the Common Stock and Class B Common Stock. | ||||
Under the Company’s certificate of incorporation, the Board of Directors may declare dividends on Common Stock without declaring equal or any dividends on the Class B Common Stock. Notwithstanding this provision, Class B Common Stock has voting and conversion rights that allow the Class B Common Stock to participate equally on a per share basis with the Common Stock. | ||||
The Class B Common Stock is entitled to 20 votes per share and the Common Stock is entitled to one vote per share with respect to each matter to be voted upon by the stockholders of the Company. Except as otherwise required by law, the holders of the Class B Common Stock and Common Stock vote together as a single class on all matters submitted to the Company’s stockholders, including the election of the Board of Directors. As a result, the holders of the Class B Common Stock control approximately 86% of the total voting power of the stockholders of the Company and control the election of the Board of Directors. The Board of Directors has declared and the Company has paid dividends on the Class B Common Stock and Common Stock and each class of common stock has participated equally in all dividends declared by the Board of Directors and paid by the Company since 1994. | ||||
The Class B Common Stock conversion rights allow the Class B Common Stock to participate in dividends equally with the Common Stock. The Class B Common Stock is convertible into Common Stock on a one-for-one per share basis at any time at the option of the holder. Accordingly, the holders of the Class B Common Stock can participate equally in any dividends declared on the Common Stock by exercising their conversion rights. | ||||
As a result of the Class B Common Stock’s aggregated participation rights, the Company has determined that undistributed earnings should be allocated equally on a per share basis to the Common Stock and Class B Common Stock under the two-class method. | ||||
Basic EPS excludes potential common shares that were dilutive and is computed by dividing net income available for common stockholders by the weighted average number of Common and Class B Common shares outstanding. Diluted EPS for Common Stock and Class B Common Stock gives effect to all securities representing potential common shares that were dilutive and outstanding during the period. | ||||
Recently Adopted Pronouncements | ||||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued new guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The provisions of the new guidance were effective for fiscal years beginning after December 15, 2013. The requirements of this new guidance did not have a material impact on the Company’s consolidated financial statements. | ||||
Recently Issued Pronouncements | ||||
In April 2014, the FASB issued new guidance which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The new guidance is effective for annual and interim periods beginning after December 15, 2014. The impact on the Company of adopting the new guidance will depend on the nature, terms and size of business disposals completed after the effective date. | ||||
In May 2014, the FASB issued new guidance on accounting for revenue from contracts with customers. The new guidance is effective for annual and interim periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of the new guidance on the Company’s consolidated financial statements. | ||||
In February 2015, the FASB issued new guidance which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The new guidance is effective for annual and interim periods beginning after December 15, 2015. The Company is in the process of evaluating the impact of the new guidance on the Company’s consolidated financial statements. |
Piedmont_CocaCola_Bottling_Par
Piedmont Coca-Cola Bottling Partnership | 12 Months Ended |
Dec. 28, 2014 | |
Noncontrolling Interest [Abstract] | |
Piedmont Coca-Cola Bottling Partnership | 2. Piedmont Coca-Cola Bottling Partnership |
On July 2, 1993, the Company and The Coca-Cola Company formed Piedmont to distribute and market nonalcoholic beverages primarily in portions of North Carolina and South Carolina. The Company provides a portion of the nonalcoholic beverage products to Piedmont at cost and receives a fee for managing the operations of Piedmont pursuant to a management agreement. These intercompany transactions are eliminated in the consolidated financial statements. | |
Noncontrolling interest as of December 28, 2014, December 29, 2013 and December 30, 2012 primarily represents the portion of Piedmont which is owned by The Coca-Cola Company. The Coca-Cola Company’s interest in Piedmont was 22.7% in all periods reported. | |
The Company currently provides financing to Piedmont under an agreement that expires on December 31, 2015. Piedmont pays the Company interest on its borrowings at the Company’s average cost of funds plus 0.50%. There were no amounts outstanding under this agreement at December 28, 2014 and December 29, 2013. |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Acquisitions | 3. Acquisitions | ||||||||
In April 2013, the Company announced that it had signed a non-binding letter of intent with The Coca-Cola Company to expand the Company’s franchise territory to include distribution rights in parts of Tennessee, Kentucky and Indiana served by Coca-Cola Refreshments USA, Inc. (“CCR”), a wholly owned subsidiary of The Coca-Cola Company. | |||||||||
Johnson City and Morristown, Tennessee Territory Acquisitions | |||||||||
On May 7, 2014, the Company and CCR entered into an asset purchase agreement (the “May Asset Purchase Agreement”) relating to the territory served by CCR through CCR’s facilities and equipment located in Johnson City and Morristown, Tennessee (the “May Expansion Territory”). The closing of this transaction occurred on May 23, 2014 for a cash purchase price of $12.2 million, which will remain subject to adjustment until July 2, 2015, at the latest as specified in the May Asset Purchase Agreement. | |||||||||
The Company has preliminarily allocated the purchase price for the May Expansion Territory to the individual acquired assets and assumed liabilities. The valuations are subject to adjustment as additional information is obtained, but any adjustments are not expected to be material. The fair values of identifiable intangible assets and acquisition related contingent consideration are final. | |||||||||
The fair values of acquired assets and assumed liabilities as of the acquisition date are summarized as follows: | |||||||||
In Thousands | Fair Value | ||||||||
Cash | $ | 46 | |||||||
Inventories | 1,361 | ||||||||
Prepaid expenses and other current assets | 333 | ||||||||
Property, plant and equipment | 8,495 | ||||||||
Other assets (including deferred taxes) | 473 | ||||||||
Goodwill | 782 | ||||||||
Other identifiable intangible assets | 13,800 | ||||||||
Total acquired assets | $ | 25,290 | |||||||
Current liabilities (acquisition related contingent consideration) | $ | 1,005 | |||||||
Other accrued liabilities | 81 | ||||||||
Other liabilities (acquisition related contingent consideration) | 11,995 | ||||||||
Total assumed liabilities | $ | 13,081 | |||||||
The fair value of acquired identifiable intangible assets is as follows: | |||||||||
In Thousands | Fair Value | Estimated | |||||||
Useful Life | |||||||||
Distribution agreements | $ | 13,200 | 40 years | ||||||
Customer lists | 600 | 12 years | |||||||
Total | $ | 13,800 | |||||||
The goodwill of $0.8 million is primarily attributed to the workforce of the May Expansion Territory. Goodwill of $0.1 million is expected to be deductible for tax purposes. | |||||||||
Knoxville, Tennessee Territory Acquisition | |||||||||
On August 28, 2014, the Company and CCR entered into an asset purchase agreement (the “August Asset Purchase Agreement”) related to the territory served by CCR through CCR’s facilities and equipment located in Knoxville, Tennessee (the “October Expansion Territory”). The closing of this transaction occurred on October 24, 2014, for a cash purchase price of $29.5 million, which will remain subject to adjustment until December 3, 2015, at the latest as specified in the August Asset Purchase Agreement. | |||||||||
The Company has preliminarily allocated the purchase price of the October Expansion Territory to the individual acquired assets and assumed liabilities. The valuations are subject to adjustment as additional information is obtained, but any adjustments are not expected to be material. The fair values of identifiable intangible assets and acquisition related contingent consideration are final. | |||||||||
The fair values of acquired assets and assumed liabilities as of the acquisition date are summarized as follows: | |||||||||
In Thousands | Fair Value | ||||||||
Cash | $ | 108 | |||||||
Inventories | 2,084 | ||||||||
Prepaid expenses and other current assets | 1,796 | ||||||||
Property, plant and equipment | 17,152 | ||||||||
Other assets (including deferred taxes) | 1,106 | ||||||||
Goodwill | 3,389 | ||||||||
Other identifiable intangible assets | 40,400 | ||||||||
Total acquired assets | $ | 66,035 | |||||||
Current liabilities (acquisition related contingent consideration) | $ | 2,426 | |||||||
Accounts payable to The Coca-Cola Company | 242 | ||||||||
Other liabilities (including deferred taxes) | 3,060 | ||||||||
Other liabilities (acquisition related contingent consideration) | 30,774 | ||||||||
Total assumed liabilities | $ | 36,502 | |||||||
The fair value of acquired identifiable intangible assets is as follows: | |||||||||
In Thousands | Fair Value | Estimated | |||||||
Useful Life | |||||||||
Distribution agreements | $ | 39,400 | 40 years | ||||||
Customer lists | 1,000 | 12 years | |||||||
Total | $ | 40,400 | |||||||
The goodwill of $3.4 million is primarily attributed to the workforce of the October Expansion Territory. Goodwill of $2.8 million is expected to be deductible for tax purposes. | |||||||||
The financial results of both Expansion Territories have been included in the Company’s consolidated financial statements from their acquisition date. These territories contributed $45.1 million in net sales and $3.4 million in operating income during 2014. | |||||||||
At closing of both the May and the October Asset Purchase Agreements, the Company signed a Comprehensive Beverage Agreement (“CBA”) which has a term of ten years and is renewable by the Company indefinitely for successive additional terms of ten years each unless the CBAs are earlier terminated as provided therein. Under the CBAs, the Company will make a quarterly sub-bottling payment to CCR on a continuing basis for the grant of exclusive rights to distribute, promote, market and sell specified covered beverages and related products, as defined in the agreement, in the acquired territories. The quarterly sub-bottling payment, which is accounted for as contingent consideration, will be based on sales of certain beverages and beverage products that are sold under the same trademarks that identify a covered beverage, related product or certain cross-licensed brands (as defined in the CBAs). The CBA imposes certain obligations on the Company with respect to serving the Expansion Territory that failure to meet could result in termination of the CBA if the Company fails to take corrective measures within a specified time frame. | |||||||||
The anticipated range of undiscounted amounts the Company could pay annually under the contingent consideration arrangements are between $3.1 million and $5.2 million. As of December 28, 2014, the Company has recorded a liability of $46.9 million to reflect the estimated fair value of the contingent consideration related to the future sub-bottling payments. The contingent consideration was valued using a probability weighted discounted cash flow model based on internal forecasts and the weighted average cost of capital derived from market data. The contingent consideration will be reassessed and adjusted to fair value each quarter through other income or expense. During 2014, the Company recorded a fair value adjustment to the contingent consideration liability of $1.1 million, primarily due to a change in discount rates subsequent to the acquisitions. During 2014, the Company made sub-bottling payments of $0.2 million to CCR related to the CBAs for the May and October Expansion Territories. | |||||||||
See Note 26 to the consolidated financial statements for territory acquisitions completed with CCR and a signed agreement for an additional territory expansion with CCR which occurred subsequent to December 28, 2014. Also see Note 26 for terms of an asset exchange agreement with CCR which is expected to close in the first half of 2015. |
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 4. Inventories | ||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||
2014 | 2013 | ||||||||
Finished products | $ | 42,526 | $ | 35,360 | |||||
Manufacturing materials | 10,133 | 9,127 | |||||||
Plastic shells, plastic pallets and other inventories | 18,081 | 17,500 | |||||||
Total inventories | $ | 70,740 | $ | 61,987 |
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Property, Plant and Equipment | 5. Property, Plant and Equipment | ||||||||||||
The principal categories and estimated useful lives of property, plant and equipment were as follows: | |||||||||||||
In Thousands | Dec. 28, | Dec. 29, | Estimated | ||||||||||
2014 | 2013 | Useful Lives | |||||||||||
Land | $ | 14,762 | $ | 12,307 | |||||||||
Buildings | 120,533 | 113,864 | 8-50 years | ||||||||||
Machinery and equipment | 154,897 | 144,662 | 5-20 years | ||||||||||
Transportation equipment | 190,216 | 164,403 | 4-20 years | ||||||||||
Furniture and fixtures | 45,623 | 42,605 | 3-10 years | ||||||||||
Cold drink dispensing equipment | 345,391 | 317,143 | 5-17 years | ||||||||||
Leasehold and land improvements | 75,104 | 73,742 | 5-20 years | ||||||||||
Software for internal use | 91,156 | 81,718 | 3-10 years | ||||||||||
Construction in progress | 6,528 | 7,204 | |||||||||||
Total property, plant and equipment, at cost | 1,044,210 | 957,648 | |||||||||||
Less: Accumulated depreciation and amortization | 685,978 | 654,650 | |||||||||||
Property, plant and equipment, net | $ | 358,232 | $ | 302,998 | |||||||||
Depreciation and amortization expense was $60.4 million, $58.3 million and $61.2 million in 2014, 2013, and 2012, respectively. These amounts included amortization expense for leased property under capital leases. | |||||||||||||
In 2013, the Company changed the useful lives of certain cold drink dispensing equipment to reflect the estimated remaining useful lives. The change in useful lives reduced depreciation expense in 2013 by $1.7 million ($0.11 per basic and diluted Common Stock and $0.11 per basic and diluted Class B Common Stock.) | |||||||||||||
During 2014, 2013, and 2012, the Company performed periodic reviews of property, plant and equipment and determined no material impairment existed. |
Leased_Property_Under_Capital_
Leased Property Under Capital Leases | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Leased Property Under Capital Leases | 6. Leased Property Under Capital Leases | ||||||||||||
In Thousands | Dec. 28, | Dec. 29, | Estimated | ||||||||||
2014 | 2013 | Useful Lives | |||||||||||
Leased property under capital leases | $ | 94,793 | $ | 94,889 | 3-20 years | ||||||||
Less: Accumulated amortization | 51,822 | 45,908 | |||||||||||
Leased property under capital leases, net | $ | 42,971 | $ | 48,981 | |||||||||
As of December 28, 2014, real estate represented $42.5 million of the leased property under capital leases, net and $28.0 million of this real estate is leased from related parties as described in Note 19 to the consolidated financial statements. The Company’s outstanding lease obligations for capital leases were $59.0 million and $65.0 million as of December 28, 2014 and December 29, 2013. |
Franchise_Rights_and_Goodwill
Franchise Rights and Goodwill | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Franchise Rights and Goodwill | 7. Franchise Rights and Goodwill | ||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||
2014 | 2013 | ||||||||
Franchise rights | $ | 520,672 | $ | 520,672 | |||||
Goodwill | 106,220 | 102,049 | |||||||
Total franchise rights and goodwill | $ | 626,892 | $ | 622,721 | |||||
The Company’s goodwill resides entirely within the Nonalcoholic Beverages segment. The Company performed its annual impairment test of franchise rights and goodwill as of the first day of the fourth quarter of 2014, 2013 and 2012 and determined there was no impairment of the carrying value of these assets. There has been no impairment of franchise rights or goodwill since acquisition. | |||||||||
During 2014, the Company acquired $4.2 million of goodwill related to territory acquisitions. There was no activity for franchise rights or goodwill in 2013 or 2012. |
Other_Identifiable_Intangible_
Other Identifiable Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Other Identifiable Intangible Assets | 8. Other Identifiable Intangible Assets | ||||||||||||
In Thousands | Dec. 28, | Dec. 29, | Estimated | ||||||||||
2014 | 2013 | Useful Lives | |||||||||||
Distribution agreements | $ | 54,909 | $ | 2,309 | 20-40 years | ||||||||
Customer lists and other identifiable intangible assets | 7,438 | 6,238 | 12-20 years | ||||||||||
Total other identifiable intangible assets, at cost | 62,347 | 8,547 | |||||||||||
Less: Accumulated amortization | 5,199 | 4,866 | |||||||||||
Other identifiable intangible assets, net | $ | 57,148 | $ | 3,681 | |||||||||
During 2014, the Company acquired $52.6 million of distribution agreement intangible assets and $1.6 million of customer lists intangible assets related to the May and October Expansion Territories. | |||||||||||||
Other identifiable intangible assets are amortized on a straight line basis. Amortization expense related to other identifiable intangible assets was $0.7 million, $0.3 million and $0.4 million for 2014, 2013 and 2012, respectively. Assuming no impairment of these other identifiable intangible assets, amortization expense in future years based upon recorded amounts as of December 28, 2014 will be $1.8 million each year for 2015 through 2019. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Other Accrued Liabilities | 9. Other Accrued Liabilities | ||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||
2014 | 2013 | ||||||||
Accrued marketing costs | $ | 16,141 | $ | 13,613 | |||||
Accrued insurance costs | 21,055 | 21,132 | |||||||
Accrued taxes (other than income taxes) | 2,430 | 1,207 | |||||||
Employee benefit plan accruals | 12,517 | 17,643 | |||||||
Checks and transfers yet to be presented for payment from zero balance cash accounts | 2,324 | 11,237 | |||||||
Accrued income taxes | 0 | 2,515 | |||||||
All other accrued expenses | 14,308 | 10,275 | |||||||
Total other accrued liabilities | $ | 68,775 | $ | 77,622 |
Debt
Debt | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt | 10. Debt | ||||||||||||||||
In Thousands | Maturity | Interest | Interest Paid | Dec. 28, | Dec. 29, | ||||||||||||
Rate | 2014 | 2013 | |||||||||||||||
Revolving credit facility | 2019 | Variable | Varies | $ | 71,000 | $ | 5,000 | ||||||||||
Line of credit | 2014 | Variable | Varies | 0 | 20,000 | ||||||||||||
Senior Notes | 2015 | 5.30% | Semi-annually | 100,000 | 100,000 | ||||||||||||
Senior Notes | 2016 | 5.00% | Semi-annually | 164,757 | 164,757 | ||||||||||||
Senior Notes | 2019 | 7.00% | Semi-annually | 110,000 | 110,000 | ||||||||||||
Unamortized discount on Senior Notes | 2019 | (998 | ) | (1,191 | ) | ||||||||||||
444,759 | 398,566 | ||||||||||||||||
Less: Current portion of debt | 0 | 20,000 | |||||||||||||||
Long-term debt | $ | 444,759 | $ | 378,566 | |||||||||||||
The principal maturities of debt outstanding on December 28, 2014 were as follows: | |||||||||||||||||
In Thousands | |||||||||||||||||
2015 | $ | 100,000 | |||||||||||||||
2016 | 164,757 | ||||||||||||||||
2017 | 0 | ||||||||||||||||
2018 | 0 | ||||||||||||||||
2019 | 180,002 | ||||||||||||||||
Thereafter | 0 | ||||||||||||||||
Total debt | $ | 444,759 | |||||||||||||||
The Company has obtained the majority of its long-term debt financing, other than capital leases, from the public markets. As of December 28, 2014, the Company’s total outstanding balance of debt and capital lease obligations was $503.8 million of which $373.8 million was financed through publicly offered debt. The Company had capital lease obligations of $59.0 million as of December 28, 2014. The Company mitigates its financing risk by using multiple financial institutions and enters into credit arrangements only with institutions with investment grade credit ratings. The Company monitors counterparty credit ratings on an ongoing basis. | |||||||||||||||||
On October 16, 2014, the Company entered into a $350 million five-year unsecured revolving credit facility (“$350 million facility”) which amended and restated the Company’s existing $200 million five-year unsecured revolving credit agreement dated as of September 21, 2011 (“$200 million facility”). The $350 million facility has a scheduled maturity date of October 16, 2019 and up to $50 million is available for the issuance of letters of credit. Subject to obtaining commitments from the lenders and satisfying other conditions specified in the credit agreement, the Company may increase the aggregate availability under the facility to $450 million. Borrowings under the agreement bear interest at a floating base rate or a floating Eurodollar rate plus an applicable margin, dependent on the Company’s credit rating at the time of borrowing. At the Company’s current credit ratings, the Company must pay an annual facility fee of .15% of the lenders’ aggregate commitments under the facility. The $350 million facility includes two financial covenants: a cash flow/fixed charges ratio (“fixed charges coverage ratio”) and a funded indebtedness/cash flow ratio (“operating cash flow ratio”), each as defined in the credit agreement. The Company was in compliance with these covenants under the $350 million facility at December 28, 2014. These covenants do not currently, and the Company does not anticipate they will, restrict its liquidity or capital resources. | |||||||||||||||||
On December 28, 2014, the Company had $71.0 million of outstanding borrowings on the $350 million facility and had $279.0 million available to meet its cash requirements. On December 29, 2013, the Company had $5.0 million of outstanding borrowings on the $200 million facility. | |||||||||||||||||
The Company has $100 million of senior notes which mature in April 2015. The Company currently expects to use borrowings under the $350 million facility to repay the notes when due and, accordingly, has classified the $100 million Senior Notes due April 2015 as long-term. | |||||||||||||||||
On December 29, 2013, the Company had $20.0 million outstanding on an uncommitted line of credit at a weighted average interest rate of .88%. On October 31, 2014, the Company terminated this uncommitted line of credit and refinanced the outstanding balance with additional borrowings under the $350 million facility. | |||||||||||||||||
As of December 28, 2014 and December 29, 2013, the Company had a weighted average interest rate of 5.8% and 6.2%, respectively, for its outstanding debt and capital lease obligations. The Company’s overall weighted average interest rate on its debt and capital lease obligations was 5.7%, 5.8% and 6.1% for 2014, 2013 and 2012, respectively. As of December 28, 2014, $71.0 million of the Company’s debt and capital lease obligations of $503.8 million were subject to changes in short-term interest rates. | |||||||||||||||||
The indentures under which the Company’s public debt was issued do not include financial covenants but do limit the incurrence of certain liens and encumbrances as well as the incurrence of indebtedness by the Company’s subsidiaries in excess of certain amounts. | |||||||||||||||||
All of the outstanding long-term debt has been issued by the Company with none being issued by any of the Company’s subsidiaries. There are no guarantees of the Company’s debt. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||
Dec. 28, 2014 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Derivative Financial Instruments | 11. Derivative Financial Instruments | ||||||||||||||
The Company is subject to the risk of increased costs arising from adverse changes in certain commodity prices. In the normal course of business, the Company manages these risks through a variety of strategies, including the use of derivative instruments. The Company does not use derivative instruments for trading or speculative purposes. All derivative instruments are recorded at fair value as either assets or liabilities in the Company’s consolidated balance sheets. These derivative instruments are not designated as hedging instruments under GAAP and are used as “economic hedges” to manage certain commodity price risk. Derivative instruments held are marked to market on a monthly basis and recognized in earnings consistent with the expense classification of the underlying hedged item. Settlements of derivative agreements are included in cash flows from operating activities on the Company’s consolidated statements of cash flows. | |||||||||||||||
The Company uses several different financial institutions for commodity derivative instruments to minimize the concentration of credit risk. While the Company is exposed to credit loss in the event of nonperformance by these counterparties, the Company does not anticipate nonperformance by these parties. | |||||||||||||||
The following summarizes 2014, 2013 and 2012 pre-tax changes in the fair value of the Company’s commodity derivative financial instruments and the classification of such changes in the consolidated statements of operations. | |||||||||||||||
Fiscal Year | |||||||||||||||
In Thousands | Classification of Gain (Loss) | 2014 | 2013 | 2012 | |||||||||||
Commodity hedges | Cost of sales | $ | 0 | $ | (500 | ) | $ | 500 | |||||||
Total | $ | 0 | $ | (500 | ) | $ | 500 | ||||||||
Subsequent to December 28, 2014, the Company entered into agreements to hedge certain commodity costs for 2015. The notional amount of these agreements was $22.3 million. |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Values of Financial Instruments | 12. Fair Values of Financial Instruments | ||||||||||||||||||||
The following methods and assumptions were used by the Company in estimating the fair values of its financial instruments: | |||||||||||||||||||||
Instrument | Method and Assumptions | ||||||||||||||||||||
Cash and Cash Equivalents, Accounts Receivable and Accounts Payable | The fair values of cash and cash equivalents, accounts receivable and accounts payable approximate carrying values due to the short maturity of these items. | ||||||||||||||||||||
Public Debt Securities | The fair values of the Company’s public debt securities are based on estimated current market prices. | ||||||||||||||||||||
Non-Public Variable Rate Debt | The carrying amounts of the Company’s variable rate borrowings approximate their fair values due to variable interest rates with short reset periods. | ||||||||||||||||||||
Deferred Compensation Plan Assets/Liabilities | The fair values of deferred compensation plan assets and liabilities, which are held in mutual funds, are based upon the quoted market value of the securities held within the mutual funds. | ||||||||||||||||||||
Acquisition Related Contingent Consideration | The fair values of acquisition related contingent consideration are based on internal forecasts and the weighted average cost of capital derived from market data. | ||||||||||||||||||||
The carrying amounts and fair values of the Company’s debt, deferred compensation plan assets and liabilities and acquisition related contingent consideration were as follows: | |||||||||||||||||||||
Dec. 28, 2014 | Dec. 29, 2013 | ||||||||||||||||||||
In Thousands | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||
Public debt securities | $ | (373,759 | ) | $ | (404,400 | ) | $ | (373,566 | ) | $ | (409,434 | ) | |||||||||
Non-public variable rate debt | (71,000 | ) | (71,000 | ) | (25,000 | ) | (25,000 | ) | |||||||||||||
Deferred compensation plan assets | 18,580 | 18,580 | 17,098 | 17,098 | |||||||||||||||||
Deferred compensation plan liabilities | (18,580 | ) | (18,580 | ) | (17,098 | ) | (17,098 | ) | |||||||||||||
Acquisition related contingent consideration | (46,850 | ) | (46,850 | ) | 0 | 0 | |||||||||||||||
GAAP requires that assets and liabilities carried at fair value be classified and disclosed in one of the following categories: | |||||||||||||||||||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | |||||||||||||||||||||
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data. | |||||||||||||||||||||
Level 3: Unobservable inputs that are not corroborated by market data. | |||||||||||||||||||||
The following table summarizes, by assets and liabilities, the valuation of the Company’s deferred compensation plan and acquisition related contingent consideration: | |||||||||||||||||||||
Dec. 28, 2014 | Dec. 29, 2013 | ||||||||||||||||||||
In Thousands | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||||||
Deferred compensation plan assets | $ | 18,580 | $ | 17,098 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Deferred compensation plan liabilities | 18,580 | 17,098 | |||||||||||||||||||
Acquisition related contingent consideration | $ | 46,850 | $ | 0 | |||||||||||||||||
The fair value estimates of the Company’s debt are classified as Level 2. Public debt securities are valued using quoted market prices of the debt or debt with similar characteristics. | |||||||||||||||||||||
The Company maintains a non-qualified deferred compensation plan for certain executives and other highly compensated employees. The investment assets are held in mutual funds. The fair value of the mutual funds is based on the quoted market value of the securities held within the funds (Level 1). The related deferred compensation liability represents the fair value of the investment assets. | |||||||||||||||||||||
As part of the 2014 territory acquisitions, the Company will make a quarterly sub-bottling payment to CCR on a continuing basis for the grant of exclusive rights to distribute, promote, market and sell the Covered Beverages and Related Products in the Territories. This contingent consideration is valued using a probability weighted discounted cash flow model based on internal forecasts and the weighted average cost of capital derived from market data, which are considered Level 3 inputs. Significant changes in any Level 3 input or assumption in isolation will result in increases or decreases to the fair value measurement for the acquisition related contingent consideration. | |||||||||||||||||||||
The acquisition related contingent consideration is the Company’s only Level 3 asset or liability. A reconciliation of the activity is as follows: | |||||||||||||||||||||
In Thousands | 2014 | ||||||||||||||||||||
Opening balance | $ | 0 | |||||||||||||||||||
Increase due to the Johnson City and Morristown purchase | 13,000 | ||||||||||||||||||||
Increase due to the Knoxville purchase | 33,200 | ||||||||||||||||||||
Payments made | (212 | ) | |||||||||||||||||||
Accrual of fourth quarter payment | (215 | ) | |||||||||||||||||||
Fair value adjustment | 1,077 | ||||||||||||||||||||
Ending balance | $ | 46,850 | |||||||||||||||||||
The fair value adjustment of the acquisition related contingent consideration is recorded in other income (expense) on the Company’s consolidation statements of operations. | |||||||||||||||||||||
There were no transfers of assets or liabilities between Levels for 2014, 2013 or 2012. |
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Other Liabilities | 13. Other Liabilities | ||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||
2014 | 2013 | ||||||||
Accruals for executive benefit plans | $ | 117,965 | $ | 109,386 | |||||
Acquisition related contingent consideration | 43,850 | 0 | |||||||
Other | 15,435 | 16,405 | |||||||
Total other liabilities | $ | 177,250 | $ | 125,791 | |||||
The accruals for executive benefit plans relate to certain benefit programs for eligible executives of the Company. These benefit programs are primarily the Supplemental Savings Incentive Plan (“Supplemental Savings Plan”), the Officer Retention Plan (“Retention Plan”) and a Long-Term Performance Plan (“Performance Plan”). | |||||||||
Pursuant to the Supplemental Savings Plan, as amended, eligible participants may elect to defer a portion of their annual salary and bonus. Participants are immediately vested in all deferred contributions they make and become fully vested in Company contributions upon completion of five years of service, termination of employment due to death, retirement or a change in control. Participant deferrals and Company contributions made in years prior to 2006 are deemed invested in either a fixed benefit option or certain investment funds specified by the Company. Beginning in 2010, the Company may elect at its discretion to match up to 50% of the first 6% of salary (excluding bonuses) deferred by the participant. During 2014, 2013 and 2012, the Company matched up to 50% of the first 6% of salary (excluding bonus) deferred by the participant. The Company may also make discretionary contributions to participants’ accounts. The long-term liability under this plan was $68.7 million and $65.1 million as of December 28, 2014 and December 29, 2013, respectively. The current liability under this plan was $5.5 million and $5.7 million as of December 28, 2014 and December 29, 2013, respectively. | |||||||||
Under the Retention Plan, as amended effective January 1, 2007, eligible participants may elect to receive an annuity payable in equal monthly installments over a 10, 15 or 20-year period commencing at retirement or, in certain instances, upon termination of employment. The benefits under the Retention Plan increase with each year of participation as set forth in an agreement between the participant and the Company. Benefits under the Retention Plan are 50% vested until age 50. After age 50, the vesting percentage increases by an additional 5% each year until the benefits are fully vested at age 60. The long-term liability under this plan was $43.9 million and $40.0 million as of December 28, 2014 and December 29, 2013, respectively. The current liability under this plan was $1.7 million as of both December 28, 2014 and December 29, 2013. | |||||||||
Under the Performance Plan, adopted as of January 1, 2007, the Compensation Committee of the Company’s Board of Directors establishes dollar amounts to which a participant shall be entitled upon attainment of the applicable performance measures. Bonus awards under the Performance Plan are made based on the relative achievement of performance measures in terms of the Company-sponsored objectives or objectives related to the performance of the individual participants or of the subsidiary, division, department, region or function in which the participant is employed. The long-term liability under this plan was $4.5 million and $3.4 million as of December 28, 2014 and December 29, 2013, respectively. The current liability under this plan was $3.9 million and $3.3 million as of December 28, 2014 and December 29, 2013, respectively. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Commitments and Contingencies | 14. Commitments and Contingencies | ||||||||||||
Rental expense incurred for noncancellable operating leases was $7.6 million, $7.1 million and $5.9 million during 2014, 2013 and 2012, respectively. See Note 6 and Note 19 to the consolidated financial statements for additional information regarding leased property under capital leases. | |||||||||||||
The Company leases office and warehouse space, machinery and other equipment under noncancellable operating lease agreements which expire at various dates through 2030. These leases generally contain scheduled rent increases or escalation clauses, renewal options, or in some cases, purchase options. The Company leases certain warehouse space and other equipment under capital lease agreements which expire at various dates through 2026. These leases contain scheduled rent increases or escalation clauses. Amortization of assets recorded under capital leases is included in depreciation expense. | |||||||||||||
The following is a summary of future minimum lease payments for all capital leases and noncancellable operating leases as of December 28, 2014. | |||||||||||||
In Thousands | Capital | Operating | Total | ||||||||||
Leases | Leases | ||||||||||||
2015 | $ | 10,783 | $ | 5,665 | $ | 16,448 | |||||||
2016 | 10,323 | 5,919 | 16,242 | ||||||||||
2017 | 10,292 | 5,047 | 15,339 | ||||||||||
2018 | 10,138 | 4,374 | 14,512 | ||||||||||
2019 | 9,860 | 4,209 | 14,069 | ||||||||||
Thereafter | 24,847 | 28,485 | 53,332 | ||||||||||
Total minimum lease payments | 76,243 | $ | 53,699 | $ | 129,942 | ||||||||
Less: Amounts representing interest | 17,193 | ||||||||||||
Present value of minimum lease payments | 59,050 | ||||||||||||
Less: Current portion of obligations under capital leases | 6,446 | ||||||||||||
Long-term portion of obligations under capital leases | $ | 52,604 | |||||||||||
Future minimum lease payments for noncancellable operating leases in the preceding table include renewal options the Company has determined to be reasonably assured. | |||||||||||||
The Company is a member of South Atlantic Canners, Inc. (“SAC”), a manufacturing cooperative from which it is obligated to purchase 17.5 million cases of finished product on an annual basis through June 2024. The Company is also a member of Southeastern Container (“Southeastern”), a plastic bottle manufacturing cooperative, from which it is obligated to purchase at least 80% of its requirements of plastic bottles for certain designated territories. See Note 19 to the consolidated financial statements for additional information concerning SAC and Southeastern. | |||||||||||||
The Company guarantees a portion of SAC’s and Southeastern’s debt. The amounts guaranteed were $30.9 million and $29.3 million as of December 28, 2014 and December 29, 2013, respectively. The Company holds no assets as collateral against these guarantees, the fair value of which was immaterial. The guarantees relate to debt of SAC and Southeastern, which resulted primarily from the purchase of production equipment and facilities. These guarantees expire at various times through 2023. The members of both cooperatives consist solely of Coca-Cola bottlers. The Company does not anticipate either of these cooperatives will fail to fulfill their commitments. The Company further believes each of these cooperatives has sufficient assets, including production equipment, facilities and working capital, and the ability to adjust selling prices of its products to adequately mitigate the risk of material loss from the Company’s guarantees. In the event either of these cooperatives fail to fulfill their commitments under the related debt, the Company would be responsible for payments to the lenders up to the level of the guarantees. If these cooperatives had borrowed up to their aggregate borrowing capacity, the Company’s maximum exposure under these guarantees on December 28, 2014 would have been $23.9 million for SAC and $25.3 million for Southeastern and the Company’s maximum total exposure, including its equity investment, would have been $28.1 million for SAC and $43.7 million for Southeastern. | |||||||||||||
The Company has been purchasing plastic bottles from Southeastern and finished products from SAC for more than ten years and has never had to pay against these guarantees. | |||||||||||||
The Company has an equity ownership in each of the entities in addition to the guarantees of certain indebtedness and records its investment in each under the equity method. As of December 28, 2014, SAC had total assets of approximately $40 million and total debt of approximately $21 million. SAC had total revenues for 2014 of approximately $181 million. As of December 28, 2014, Southeastern had total assets of approximately $308 million and total debt of approximately $123 million. Southeastern had total revenue for 2014 of approximately $665 million. | |||||||||||||
The Company has standby letters of credit, primarily related to its property and casualty insurance programs. On December 28, 2014, these letters of credit totaled $23.4 million. | |||||||||||||
The Company participates in long-term marketing contractual arrangements with certain prestige properties, athletic venues and other locations. The future payments related to these contractual arrangements as of December 28, 2014 amounted to $41.4 million and expire at various dates through 2023. | |||||||||||||
The Company is involved in various claims and legal proceedings which have arisen in the ordinary course of its business. Although it is difficult to predict the ultimate outcome of these claims and legal proceedings, management believes the ultimate disposition of these matters will not have a material adverse effect on the financial condition, cash flows or results of operations of the Company. No material amount of loss in excess of recorded amounts is believed to be reasonably possible as a result of these claims and legal proceedings. | |||||||||||||
The Company is subject to audit by tax authorities in jurisdictions where it conducts business. These audits may result in assessments that are subsequently resolved with the authorities or potentially through the courts. Management believes the Company has adequately provided for any assessments that are likely to result from these audits; however, final assessments, if any, could be different than the amounts recorded in the consolidated financial statements. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 15. Income Taxes | ||||||||||||
The current income tax provision represents the estimated amount of income taxes paid or payable for the year, as well as changes in estimates from prior years. The deferred income tax provision represents the change in deferred tax liabilities and assets. The following table presents the significant components of the provision for income taxes for 2014, 2013 and 2012. | |||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 13,153 | $ | 18,938 | $ | 12,871 | |||||||
State | 2,163 | 3,221 | 1,880 | ||||||||||
Total current provision | $ | 15,316 | $ | 22,159 | $ | 14,751 | |||||||
Deferred: | |||||||||||||
Federal | $ | 3,638 | $ | (7,701 | ) | $ | 5,667 | ||||||
State | 582 | (2,316 | ) | 1,471 | |||||||||
Total deferred provision (benefit) | $ | 4,220 | $ | (10,017 | ) | $ | 7,138 | ||||||
Income tax expense | $ | 19,536 | $ | 12,142 | $ | 21,889 | |||||||
The Company’s effective income tax rate, as calculated by dividing income tax expense by income before income taxes, for 2014, 2013 and 2012 was 35.1%, 27.4% and 41.0%, respectively. The Company’s effective tax rate, as calculated by dividing income tax expense by income before income taxes less net income attributable to noncontrolling interest, for 2014, 2013 and 2012 was 38.4%, 30.5% and 44.6%, respectively. The following table provides a reconciliation of income tax expense at the statutory federal rate to actual income tax expense. | |||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Statutory expense | $ | 19,474 | $ | 15,485 | $ | 18,672 | |||||||
State income taxes, net of federal benefit | 2,133 | 1,811 | 2,191 | ||||||||||
Noncontrolling interest — Piedmont | (1,835 | ) | (1,674 | ) | (1,694 | ) | |||||||
Adjustment for uncertain tax positions | 30 | (167 | ) | 761 | |||||||||
Adjustment for state tax legislation | 0 | (2,261 | ) | 0 | |||||||||
Valuation allowance change | 1,203 | 321 | 1,767 | ||||||||||
Capital loss carryover | (854 | ) | 0 | 0 | |||||||||
Manufacturing deduction benefit | (1,470 | ) | (1,995 | ) | (1,330 | ) | |||||||
Meals and entertainment | 1,204 | 1,127 | 1,184 | ||||||||||
Other, net | (349 | ) | (505 | ) | 338 | ||||||||
Income tax expense | $ | 19,536 | $ | 12,142 | $ | 21,889 | |||||||
As of December 28, 2014, the Company had $2.9 million of uncertain tax positions, including accrued interest, all of which would affect the Company’s effective tax rate if recognized. As of December 29, 2013, the Company had $2.8 million of uncertain tax positions, including accrued interest, all of which would affect the Company’s effective rate if recognized. While it is expected that the amount of uncertain tax positions may change in the next 12 months, the Company does not expect such change would have a significant impact on the consolidated financial statements. | |||||||||||||
A reconciliation of the beginning and ending balances of the total amounts of uncertain tax positions (excluding accrued interest) is as follows: | |||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Gross uncertain tax positions at the beginning of the year | $ | 2,630 | $ | 4,950 | $ | 4,281 | |||||||
Increase as a result of tax positions taken during a prior period | 0 | 55 | 315 | ||||||||||
Decrease as a result of tax positions taken during a prior period | 0 | (33 | ) | 0 | |||||||||
Increase as a result of tax positions taken in the current period | 498 | 578 | 538 | ||||||||||
Reduction as a result of the expiration of the applicable statute of limitations | (508 | ) | (2,920 | ) | (184 | ) | |||||||
Gross uncertain tax positions at the end of the year | $ | 2,620 | $ | 2,630 | $ | 4,950 | |||||||
The Company records liabilities for uncertain tax positions related to certain income tax positions. These liabilities reflect the Company’s best estimate of the ultimate income tax liability based on currently known facts and information. Material changes in facts or information as well as the expiration of statute and/or settlements with individual tax jurisdictions may result in material adjustments to these estimates in the future. | |||||||||||||
The Company recognizes potential interest and penalties related to uncertain tax positions in income tax expense. During 2014, 2013 and 2012, the interest and penalties related to uncertain tax positions recognized in income tax expense were not material. In addition, the amount of interest and penalties accrued at December 28, 2014 and December 29, 2013 were not material. | |||||||||||||
In the third quarter of 2014, 2013 and 2012, the Company reduced its liability for uncertain tax positions by $0.6 million, $3.4 million and $0.2 million, respectively. The net effect of the adjustments was a decrease to income tax expense in 2014, 2013 and 2012 of $0.6 million, $0.9 million and $0.2 million, respectively. The reduction of the liability for uncertain tax positions during these years was primarily due to the expiration of the applicable statute of limitations. | |||||||||||||
The American Taxpayer Relief Act (“Act”) was signed into law on January 2, 2013. The Act approved a retroactive extension of certain favorable business and energy tax provisions that had expired at the end of 2011 that are applicable to the Company. The Company recorded a reduction to income tax expense totaling $0.4 million related to the Act in 2013, which is included in the other, net line of the reconciliation of income tax expense at the statutory federal rate to actual income tax expense table. | |||||||||||||
During 2013, state tax legislation was enacted that reduced the corporate tax rate in that state from 6.9% to 6.0% effective January 1, 2014. A further reduction to the corporate tax rate from 6.0% to 5.0% will become effective January 1, 2015. This reduction in the corporate tax rate decreased the Company’s income tax expense by approximately $2.3 million in 2013 due to the impact on the Company’s net deferred tax liabilities. | |||||||||||||
Prior tax years beginning in 2011 remain open to examination by the Internal Revenue Service, and various tax years beginning in year 1997 remain open to examination by certain state tax jurisdictions to which the Company is subject due to loss carryforwards. | |||||||||||||
As of December 28, 2014, the Company had $3.3 million and $71.3 million of federal net operating losses and state net operating losses, respectively, available to reduce future income taxes. The federal net operating losses would expire in varying amounts through 2032. The state net operating losses would expire in varying amounts through 2033. | |||||||||||||
The Company’s income tax assets and liabilities are subject to adjustment in future periods based on the Company’s ongoing evaluations of such assets and liabilities and new information that becomes available to the Company. | |||||||||||||
Deferred income taxes are recorded based upon temporary differences between the financial statement and tax bases of assets and liabilities and available net operating loss and tax credit carryforwards. Temporary differences and carryforwards that comprised deferred income tax assets and liabilities were as follows: | |||||||||||||
In Thousands | Dec. 28, 2014 | Dec. 29, 2013 | |||||||||||
Intangible assets | $ | 139,744 | $ | 122,608 | |||||||||
Depreciation | 77,311 | 69,905 | |||||||||||
Investment in Piedmont | 42,271 | 42,071 | |||||||||||
Inventory | 10,777 | 10,082 | |||||||||||
Prepaid expenses | 4,237 | 4,357 | |||||||||||
Patronage dividend | 4,361 | 4,046 | |||||||||||
Debt exchange premium | 634 | 1,085 | |||||||||||
Other | 161 | 446 | |||||||||||
Deferred income tax liabilities | 279,496 | 254,600 | |||||||||||
Deferred compensation | (42,990 | ) | (40,152 | ) | |||||||||
Postretirement benefits | (26,783 | ) | (25,892 | ) | |||||||||
Pension (nonunion) | (25,951 | ) | (9,919 | ) | |||||||||
Sub-bottling liability | (18,084 | ) | 0 | ||||||||||
Accrued liabilities | (16,049 | ) | (13,451 | ) | |||||||||
Capital lease agreements | (6,265 | ) | (6,201 | ) | |||||||||
Net operating loss carryforwards | (4,075 | ) | (5,372 | ) | |||||||||
Transactional costs | (3,584 | ) | (1,157 | ) | |||||||||
Pension (union) | (3,472 | ) | (3,606 | ) | |||||||||
Other | (54 | ) | (2 | ) | |||||||||
Deferred income tax assets | (147,307 | ) | (105,752 | ) | |||||||||
Valuation allowance for deferred tax assets | 3,640 | 3,553 | |||||||||||
Net current deferred income tax asset | (4,171 | ) | (1,007 | ) | |||||||||
Net noncurrent deferred income tax liability | $ | 140,000 | $ | 153,408 | |||||||||
Note: | Net current income tax asset from the table is included in prepaid expenses and other current assets on the consolidated balance sheets. | ||||||||||||
Valuation allowances are recognized on deferred tax assets if the Company believes that it is more likely than not that some or all of the deferred tax assets will not be realized. The Company believes the majority of the deferred tax assets will be realized due to the reversal of certain significant temporary differences and anticipated future taxable income from operations. | |||||||||||||
The valuation allowance of $3.6 million, of which $0.2 million was included with the net current deferred income tax asset, as of December 28, 2014 and $3.5 million, of which $0.2 million was included with the net current income tax asset, as of December 29, 2013, respectively, was established primarily for certain loss carryforwards which expire in varying amounts through 2033. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | 16. Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||
Accumulated other comprehensive loss is comprised of adjustments relative to the Company’s pension and postretirement medical benefit plans and foreign currency translation adjustments required for a subsidiary of the Company that performs data analysis and provides consulting services outside the United States. | |||||||||||||||||||||||||
A summary of accumulated other comprehensive loss is as follows: | |||||||||||||||||||||||||
Gains (Losses) | Reclassification | ||||||||||||||||||||||||
During the Period | to Income | ||||||||||||||||||||||||
In Thousands | Dec. 29, | Pre-tax | Tax | Pre-tax | Tax | Dec. 28, | |||||||||||||||||||
2013 | Activity | Effect | Activity | Effect | 2014 | ||||||||||||||||||||
Net pension activity: | |||||||||||||||||||||||||
Actuarial loss | $ | (43,028 | ) | $ | (53,597 | ) | $ | 20,688 | $ | 1,743 | $ | (673 | ) | $ | (74,867 | ) | |||||||||
Prior service costs | (121 | ) | 0 | 0 | 36 | (14 | ) | (99 | ) | ||||||||||||||||
Net postretirement benefits activity: | |||||||||||||||||||||||||
Actuarial loss | (18,441 | ) | (9,324 | ) | 3,598 | 2,293 | (885 | ) | (22,759 | ) | |||||||||||||||
Prior service costs | 3,410 | 8,682 | (3,351 | ) | (1,513 | ) | 584 | 7,812 | |||||||||||||||||
Foreign currency translation adjustment | 4 | (9 | ) | 4 | 0 | 0 | (1 | ) | |||||||||||||||||
Total | $ | (58,176 | ) | $ | (54,248 | ) | $ | 20,939 | $ | 2,559 | $ | (988 | ) | $ | (89,914 | ) | |||||||||
Gains (Losses) | Reclassification | ||||||||||||||||||||||||
During the Period | to Income | ||||||||||||||||||||||||
In Thousands | Dec. 30, | Pre-tax | Tax | Pre-tax | Tax | Dec. 29, | |||||||||||||||||||
2012 | Activity | Effect | Activity | Effect | 2013 | ||||||||||||||||||||
Net pension activity: | |||||||||||||||||||||||||
Actuarial loss | $ | (76,407 | ) | $ | 39,337 | $ | (15,183 | ) | $ | 15,041 | (1) | $ | (5,816 | ) | $ | (43,028 | ) | ||||||||
Prior service costs | (33 | ) | (171 | ) | 66 | 28 | (11 | ) | (121 | ) | |||||||||||||||
Net postretirement benefits activity: | |||||||||||||||||||||||||
Actuarial loss | (22,425 | ) | 3,560 | (1,374 | ) | 2,943 | (1,145 | ) | (18,441 | ) | |||||||||||||||
Prior service costs | 4,334 | 0 | 0 | (1,513 | ) | 589 | 3,410 | ||||||||||||||||||
Foreign currency translation adjustment | 5 | (1 | ) | 0 | 0 | 0 | 4 | ||||||||||||||||||
Total | $ | (94,526 | ) | $ | 42,725 | $ | (16,491 | ) | $ | 16,499 | $ | (6,383 | ) | $ | (58,176 | ) | |||||||||
-1 | Includes the $12.0 million noncash charge for voluntary lump-sum pension settlement. | ||||||||||||||||||||||||
Gains (Losses) | Reclassification | ||||||||||||||||||||||||
During the Period | to Income | ||||||||||||||||||||||||
In Thousands | Jan. 1, | Pre-tax | Tax | Pre-tax | Tax | Dec. 30, | |||||||||||||||||||
2012 | Activity | Effect | Activity | Effect | 2012 | ||||||||||||||||||||
Net pension activity: | |||||||||||||||||||||||||
Actuarial loss | $ | (64,789 | ) | $ | (21,979 | ) | $ | 8,651 | $ | 2,822 | $ | (1,112 | ) | $ | (76,407 | ) | |||||||||
Prior service costs | (44 | ) | 0 | 0 | 17 | (6 | ) | (33 | ) | ||||||||||||||||
Net postretirement benefits activity: | |||||||||||||||||||||||||
Actuarial loss | (21,244 | ) | (4,287 | ) | 1,687 | 2,339 | (920 | ) | (22,425 | ) | |||||||||||||||
Prior service costs | 5,251 | 0 | 0 | (1,513 | ) | 596 | 4,334 | ||||||||||||||||||
Foreign currency translation adjustment | 6 | (1 | ) | 0 | 0 | 0 | 5 | ||||||||||||||||||
Total | $ | (80,820 | ) | $ | (26,267 | ) | $ | 10,338 | $ | 3,665 | $ | (1,442 | ) | $ | (94,526 | ) | |||||||||
A summary of the impact on the income statement line items is as follows: | |||||||||||||||||||||||||
In Thousands | Net Pension | Net Postretirement | Total | ||||||||||||||||||||||
Activity | Benefits Activity | ||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Cost of sales | $ | 356 | $ | 101 | $ | 457 | |||||||||||||||||||
S,D&A expenses | 1,423 | 679 | 2,102 | ||||||||||||||||||||||
Subtotal pre-tax | 1,779 | 780 | 2,559 | ||||||||||||||||||||||
Income tax expense | 687 | 301 | 988 | ||||||||||||||||||||||
Total after tax effect | $ | 1,092 | $ | 479 | $ | 1,571 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Cost of sales | $ | 1,356 | $ | 172 | $ | 1,528 | |||||||||||||||||||
S,D&A expenses | 13,713 | 1,258 | 14,971 | ||||||||||||||||||||||
Subtotal pre-tax | 15,069 | 1,430 | 16,499 | ||||||||||||||||||||||
Income tax expense | 5,827 | 556 | 6,383 | ||||||||||||||||||||||
Total after tax effect | $ | 9,242 | $ | 874 | $ | 10,116 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Cost of sales | $ | 312 | $ | 99 | $ | 411 | |||||||||||||||||||
S,D&A expenses | 2,527 | 727 | 3,254 | ||||||||||||||||||||||
Subtotal pre-tax | 2,839 | 826 | 3,665 | ||||||||||||||||||||||
Income tax expense | 1,118 | 324 | 1,442 | ||||||||||||||||||||||
Total after tax effect | $ | 1,721 | $ | 502 | $ | 2,223 | |||||||||||||||||||
Capital_Transactions
Capital Transactions | 12 Months Ended |
Dec. 28, 2014 | |
Equity [Abstract] | |
Capital Transactions | 17. Capital Transactions |
The Company has two classes of common stock outstanding, Common Stock and Class B Common Stock. The Common Stock is traded on the NASDAQ Global Select Marketsm under the symbol COKE. There is no established public trading market for the Class B Common Stock. Shares of the Class B Common Stock are convertible on a share-for-share basis into shares of Common Stock at any time at the option of the holders of Class B Common Stock. | |
No cash dividend or dividend of property or stock other than stock of the Company, as specifically described in the Company’s certificate of incorporation, may be declared and paid on the Class B Common Stock unless an equal or greater dividend is declared and paid on the Common Stock. During 2014, 2013 and 2012, dividends of $1.00 per share were declared and paid on both Common Stock and Class B Common Stock. Total cash dividends paid in 2014, 2013 and 2012 were $9.3 million, $9.2 million, and $9.2 million, respectively. | |
Each share of Common Stock is entitled to one vote per share and each share of Class B Common Stock is entitled to 20 votes per share at all meetings of shareholders. Except as otherwise required by law, holders of the Common Stock and Class B Common Stock vote together as a single class on all matters brought before the Company’s stockholders. In the event of liquidation, there is no preference between the two classes of common stock. | |
Compensation expense for the Performance Unit Award Agreement recognized in 2014 was $3.5 million which was based upon a share price of $88.55 on December 26, 2014 (the last trading date prior to December 28, 2014). Compensation expense for the Performance Unit Award Agreement recognized in 2013 was $2.9 million which was based upon a share price of $72.98 on December 27, 2013. Compensation expense for the Performance Unit Award Agreement recognized in 2012 was $2.6 million, which was based upon a share price of $65.58 on December 28, 2012. | |
On March 3, 2015, March 4, 2014 and March 5, 2013, the Compensation Committee determined that 40,000 shares of the Company’s Class B Common Stock should be issued in each year pursuant to a Performance Unit Award Agreement to J. Frank Harrison, III, in connection with his services in 2014, 2013 and 2012, respectively, as Chairman of the Board of Directors and Chief Executive Officer of the Company. As permitted under the terms of the Performance Unit Award Agreement, 19,080, 19,100 and 19,880 of such shares were settled in cash in 2015, 2014 and 2013, respectively, to satisfy tax withholding obligations in connection with the vesting of the performance units. | |
The increase in the number of shares outstanding in 2014, 2013 and 2012 was due to the issuance of 20,900, 20,120 and 22,320 shares of Class B Common Stock related to the Performance Unit Award Agreement in each year, respectively. |
Benefit_Plans
Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||
Benefit Plans | 18. Benefit Plans | ||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||
All benefits under the primary Company-sponsored pension plan were frozen as of June 30, 2006 and no benefits have accrued to participants after this date. The Company also sponsors a pension plan for certain employees under collective bargaining agreements. Benefits under the pension plan for collectively bargained employees are determined in accordance with negotiated formulas for the respective participants. Contributions to the plans are based on actuarial determined amounts and are limited to the amounts currently deductible for income tax purposes. | |||||||||||||||||||||||||||||
During 2014, the Company updated its mortality assumptions used in the calculation of its pension liability as of December 28, 2014. The Society of Actuaries released new mortality tables in 2014, which reflect the increase in longevity in the U.S. | |||||||||||||||||||||||||||||
In the third quarter of 2013, the Company offered a limited Lump Sum Window distribution of present valued pension benefits to terminated plan participants meeting certain criteria. Benefit distributions were made during the fourth quarter of 2013. Based upon the number of plan participants electing to take the lump-sum distribution and the total amount of such distributions, the Company incurred a noncash charge of $12.0 million in the fourth quarter of 2013 when the distributions were made in accordance with the relevant accounting standards. The reduction in the number of plan participants and the reduction of plan assets reduced the cost of administering the pension plan. | |||||||||||||||||||||||||||||
The following tables set forth pertinent information for the two Company-sponsored pension plans: | |||||||||||||||||||||||||||||
Changes in Projected Benefit Obligation | |||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
In Thousands | 2014 | 2013 | |||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 226,265 | $ | 280,099 | |||||||||||||||||||||||||
Service cost | 109 | 121 | |||||||||||||||||||||||||||
Interest cost | 11,603 | 12,014 | |||||||||||||||||||||||||||
Actuarial (gain)/loss | 49,500 | (29,862 | ) | ||||||||||||||||||||||||||
Benefits paid | (7,808 | ) | (43,499 | ) | |||||||||||||||||||||||||
Voluntary pension settlement | 0 | 7,221 | |||||||||||||||||||||||||||
Change in plan amendments | 0 | 171 | |||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 279,669 | $ | 226,265 | |||||||||||||||||||||||||
The Company recognized an actuarial loss of $51.9 million in 2014 primarily due to a change in the discount rate from 5.21% in 2013 to 4.32% in 2014. The actuarial loss, net of tax, was also recorded in other comprehensive loss. The Company recognized an actuarial gain of $54.4 million in 2013 primarily due to a change in the discount rate from 4.47% in 2012 to 5.21% in 2013. The actuarial gain, net of tax, was recorded in other comprehensive loss. | |||||||||||||||||||||||||||||
The projected benefit obligations and accumulated benefit obligations for both of the Company’s pension plans were in excess of plan assets at December 28, 2014 and December 29, 2013. The accumulated benefit obligation was $279.7 million and $226.3 million at December 28, 2014 and December 29, 2013, respectively. | |||||||||||||||||||||||||||||
Change in Plan Assets | |||||||||||||||||||||||||||||
In Thousands | 2014 | 2013 | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 200,824 | $ | 206,555 | |||||||||||||||||||||||||
Actual return on plan assets | 9,676 | 30,493 | |||||||||||||||||||||||||||
Employer contributions | 10,000 | 7,275 | |||||||||||||||||||||||||||
Benefits paid | (7,808 | ) | (43,499 | ) | |||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 212,692 | $ | 200,824 | |||||||||||||||||||||||||
Funded Status | |||||||||||||||||||||||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Projected benefit obligation | $ | (279,669 | ) | $ | (226,265 | ) | |||||||||||||||||||||||
Plan assets at fair value | 212,692 | 200,824 | |||||||||||||||||||||||||||
Net funded status | $ | (66,977 | ) | $ | (25,441 | ) | |||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Current liabilities | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Noncurrent liabilities | (66,977 | ) | (25,441 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (66,977 | ) | $ | (25,441 | ) | |||||||||||||||||||||||
Net Periodic Pension Cost (Benefit) | |||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Service cost | $ | 109 | $ | 121 | $ | 105 | |||||||||||||||||||||||
Interest cost | 11,603 | 12,014 | 12,451 | ||||||||||||||||||||||||||
Expected return on plan assets | (13,775 | ) | (13,797 | ) | (12,462 | ) | |||||||||||||||||||||||
Loss on voluntary pension settlement | 0 | 12,014 | 0 | ||||||||||||||||||||||||||
Amortization of prior service cost | 36 | 28 | 17 | ||||||||||||||||||||||||||
Recognized net actuarial loss | 1,743 | 3,027 | 2,822 | ||||||||||||||||||||||||||
Net periodic pension cost (benefit) | $ | (284 | ) | $ | 13,407 | $ | 2,933 | ||||||||||||||||||||||
Significant Assumptions Used | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Projected benefit obligation at the measurement date: | |||||||||||||||||||||||||||||
Discount rate | 4.32 | % | 5.21 | % | 4.47 | % | |||||||||||||||||||||||
Weighted average rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||||||
Net periodic pension cost for the fiscal year: | |||||||||||||||||||||||||||||
Discount rate | 5.21 | % | 4.47 | % | 5.18 | % | |||||||||||||||||||||||
Weighted average expected long-term rate of return on plan assets | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||
Weighted average rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||||||
In Thousands | |||||||||||||||||||||||||||||
Anticipated future pension benefit payments for the fiscal years: | |||||||||||||||||||||||||||||
2015 | $ | 8,763 | |||||||||||||||||||||||||||
2016 | 9,219 | ||||||||||||||||||||||||||||
2017 | 9,749 | ||||||||||||||||||||||||||||
2018 | 10,425 | ||||||||||||||||||||||||||||
2019 | 11,033 | ||||||||||||||||||||||||||||
2020 — 2024 | 65,333 | ||||||||||||||||||||||||||||
Anticipated contributions for the two Company-sponsored pension plans will be in the range of $7 million to $10 million in 2015. | |||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||
The Company’s pension plans target asset allocation for 2015, actual asset allocation at December 28, 2014 and December 29, 2013 and the expected weighted average long-term rate of return by asset category were as follows: | |||||||||||||||||||||||||||||
Target | Percentage | Weighted | |||||||||||||||||||||||||||
Allocation | of Plan | Average | |||||||||||||||||||||||||||
2015 | Assets at | Expected | |||||||||||||||||||||||||||
Fiscal Year- | Long-Term | ||||||||||||||||||||||||||||
End | Rate of Return - 2014 | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
U.S. large capitalization equity securities | 40 | % | 41 | % | 40 | % | 3.5 | % | |||||||||||||||||||||
U.S. small/mid-capitalization equity securities | 5 | % | 5 | % | 5 | % | 0.4 | % | |||||||||||||||||||||
International equity securities | 15 | % | 14 | % | 15 | % | 1.4 | % | |||||||||||||||||||||
Debt securities | 40 | % | 40 | % | 40 | % | 1.7 | % | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 7 | % | |||||||||||||||||||||
All of the assets in the Company’s pension plans include investments in institutional investment funds managed by professional investment advisors which hold U.S. equities, international equities and debt securities. The objective of the Company’s investment philosophy is to earn the plans’ targeted rate of return over longer periods without assuming excess investment risk. The general guidelines for plan investments include 30% - 50% in large capitalization equity securities, 0% - 20% in U.S. small and mid-capitalization equity securities, 0% - 20% in international equity securities and 10% - 50% in debt securities. The Company currently has 60% of its plan investments in equity securities and 40% in debt securities. | |||||||||||||||||||||||||||||
U.S. large capitalization equity securities include domestic based companies that are generally included in common market indices such as the S&P 500™ and the Russell 1000™. U.S. small and mid-capitalization equity securities include small domestic equities as represented by the Russell 2000™ index. International equity securities include companies from developed markets outside of the United States. Debt securities at December 28, 2014 are comprised of investments in two institutional bond funds with a weighted average duration of approximately three years. | |||||||||||||||||||||||||||||
The weighted average expected long-term rate of return of plan assets of 7% was used in determining net periodic pension cost in both 2014 and 2013. This rate reflects an estimate of long-term future returns for the pension plan assets. This estimate is primarily a function of the asset classes (equities versus fixed income) in which the pension plan assets are invested and the analysis of past performance of these asset classes over a long period of time. This analysis includes expected long-term inflation and the risk premiums associated with equity investments and fixed income investments. | |||||||||||||||||||||||||||||
The following table summarizes the Company’s pension plan assets measured at fair value on a recurring basis (at least annually) at December 28, 2014: | |||||||||||||||||||||||||||||
In Thousands | Quoted Prices in | Significant Other | Total | ||||||||||||||||||||||||||
Active Market for | Observable Input | ||||||||||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Common/collective trust funds(1) | $ | 0 | $ | 127,311 | $ | 127,311 | |||||||||||||||||||||||
Other | 619 | 23 | 642 | ||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||
Common/collective trust funds(1) | 0 | 84,739 | 84,739 | ||||||||||||||||||||||||||
Total | $ | 619 | $ | 212,073 | $ | 212,692 | |||||||||||||||||||||||
-1 | The underlying investments held in common/collective trust funds are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||||||||
The following table summarizes the Company’s pension plan assets measured at fair value on a recurring basis (at least annually) at December 29, 2013: | |||||||||||||||||||||||||||||
In Thousands | Quoted Prices in | Significant Other | Total | ||||||||||||||||||||||||||
Active Market for | Observable Input | ||||||||||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Cash equivalents(1) | |||||||||||||||||||||||||||||
Common/collective trust funds | $ | 0 | $ | 196 | $ | 196 | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Common/collective trust funds(2) | 0 | 120,044 | 120,044 | ||||||||||||||||||||||||||
Other | 624 | 0 | 624 | ||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||
Common/collective trust funds(2) | 0 | 79,960 | 79,960 | ||||||||||||||||||||||||||
Total | $ | 624 | $ | 200,200 | $ | 200,824 | |||||||||||||||||||||||
-1 | Cash equivalents are valued at their net asset value which approximates fair value. | ||||||||||||||||||||||||||||
-2 | The underlying investments held in common/collective trust funds are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||||||||
The Company does not have any unobservable inputs (Level 3) pension plan assets. | |||||||||||||||||||||||||||||
401(k) Savings Plan | |||||||||||||||||||||||||||||
The Company provides a 401(k) Savings Plan for substantially all of its employees who are not part of collective bargaining agreements. | |||||||||||||||||||||||||||||
During the first quarter of 2012, the Company changed the Company’s matching contribution from fixed to discretionary maintaining the option to make matching contributions for eligible participants of up to 5% based on the Company’s financial results for 2012 and future years. The 5% matching contribution was accrued during 2013 and 2012. Based on the Company’s financial results, the Company decided to make matching contributions of 5% of participants’ contributions for the years of 2013 and 2012. The Company made these contribution payments for 2013 and 2012 in the first quarter of 2014 and 2013, respectively. During 2014, the Company matched the first 3.5% of participants’ contributions, or $6.7 million, while maintaining the option to increase the matching contributions an additional 1.5%, for a total of 5%, for the Company’s employees based on the financial results for 2014. Based on the Company’s financial results, the Company decided to make the additional matching contribution of 1.5%. The Company made this contribution payment in the first quarter of 2015. The total expense for this benefit was $8.8 million, $8.3 million and $8.2 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||
The Company provides postretirement benefits for a portion of its current employees. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. The Company does not pre-fund these benefits and has the right to modify or terminate certain of these benefits in the future. | |||||||||||||||||||||||||||||
The following tables set forth a reconciliation of the beginning and ending balances of the benefit obligation, a reconciliation of the beginning and ending balances of the fair value of plan assets and funded status of the Company’s postretirement benefit plan: | |||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
In Thousands | 2014 | 2013 | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 67,840 | $ | 69,828 | |||||||||||||||||||||||||
Service cost | 1,445 | 1,626 | |||||||||||||||||||||||||||
Interest cost | 3,255 | 2,877 | |||||||||||||||||||||||||||
Plan amendments | (8,681 | ) | 0 | ||||||||||||||||||||||||||
Plan participants’ contributions | 586 | 569 | |||||||||||||||||||||||||||
Actuarial (gain)/loss | 9,323 | (3,560 | ) | ||||||||||||||||||||||||||
Benefits paid | (3,685 | ) | (3,611 | ) | |||||||||||||||||||||||||
Medicare Part D subsidy reimbursement | 38 | 111 | |||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 70,121 | $ | 67,840 | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Employer contributions | 3,061 | 2,931 | |||||||||||||||||||||||||||
Plan participants’ contributions | 586 | 569 | |||||||||||||||||||||||||||
Benefits paid | (3,685 | ) | (3,611 | ) | |||||||||||||||||||||||||
Medicare Part D subsidy reimbursement | 38 | 111 | |||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 0 | $ | 0 | |||||||||||||||||||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Current liabilities | $ | (2,998 | ) | $ | (2,682 | ) | |||||||||||||||||||||||
Noncurrent liabilities | (67,123 | ) | (65,158 | ) | |||||||||||||||||||||||||
Accrued liability at end of year | $ | (70,121 | ) | $ | (67,840 | ) | |||||||||||||||||||||||
The components of net periodic postretirement benefit cost were as follows: | |||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Service cost | $ | 1,445 | $ | 1,626 | $ | 1,256 | |||||||||||||||||||||||
Interest cost | 3,255 | 2,877 | 2,981 | ||||||||||||||||||||||||||
Recognized net actuarial loss | 2,293 | 2,943 | 2,339 | ||||||||||||||||||||||||||
Amortization of prior service cost | (1,513 | ) | (1,513 | ) | (1,513 | ) | |||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | 5,480 | $ | 5,933 | $ | 5,063 | |||||||||||||||||||||||
Significant Assumptions Used | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Benefit obligation at the measurement date: | |||||||||||||||||||||||||||||
Discount rate | 4.13 | % | 4.96 | % | 4.11 | % | |||||||||||||||||||||||
Net periodic postretirement benefit cost for the fiscal year: | |||||||||||||||||||||||||||||
Discount rate | 4.96 | % | 4.11 | % | 4.94 | % | |||||||||||||||||||||||
The weighted average health care cost trend used in measuring the postretirement benefit expense in 2014 for pre-Medicare was 8.0% graded down to an ultimate rate of 5.0% in 2021, and for post-Medicare was 7.5% graded down to an ultimate rate of 5.0% in 2021. The weighted average health care cost trend used in measuring the postretirement benefit expense in 2013 was 8.0% graded down to an ultimate rate of 5.0% by 2019. The weighted average health care cost trend used in measuring the postretirement benefit expense in 2012 was 8.5% graded down to an ultimate rate of 5.0% by 2019. | |||||||||||||||||||||||||||||
A 1% increase or decrease in this annual health care cost trend would have impacted the postretirement benefit obligation and service cost and interest cost of the Company’s postretirement benefit plan as follows: | |||||||||||||||||||||||||||||
In Thousands | 1% | 1% | |||||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||||||
Increase (decrease) in: | |||||||||||||||||||||||||||||
Postretirement benefit obligation at December 28, 2014 | $ | 8,036 | $ | (7,495 | ) | ||||||||||||||||||||||||
Service cost and interest cost in 2014 | 563 | (515 | ) | ||||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||||||
In Thousands | |||||||||||||||||||||||||||||
Anticipated future postretirement benefit payments reflecting expected future service for the fiscal years: | |||||||||||||||||||||||||||||
2015 | $ | 2,998 | |||||||||||||||||||||||||||
2016 | 3,193 | ||||||||||||||||||||||||||||
2017 | 3,440 | ||||||||||||||||||||||||||||
2018 | 3,802 | ||||||||||||||||||||||||||||
2019 | 4,096 | ||||||||||||||||||||||||||||
2020 — 2024 | 22,522 | ||||||||||||||||||||||||||||
Anticipated future postretirement benefit payments are shown net of Medicare Part D subsidy reimbursements, which are not material. | |||||||||||||||||||||||||||||
The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 29, 2013, the activity during 2014, and the balances at December 28, 2014 are as follows: | |||||||||||||||||||||||||||||
In Thousands | Dec. 29, | Actuarial | Reclassification | Dec. 28, | |||||||||||||||||||||||||
2013 | Gain | Adjustments | 2014 | ||||||||||||||||||||||||||
(Loss) | |||||||||||||||||||||||||||||
Pension Plans: | |||||||||||||||||||||||||||||
Actuarial (loss) | $ | (71,787 | ) | $ | (53,597 | ) | $ | 1,743 | $ | (123,641 | ) | ||||||||||||||||||
Prior service (cost) credit | (199 | ) | 0 | 36 | (163 | ) | |||||||||||||||||||||||
Postretirement Medical: | |||||||||||||||||||||||||||||
Actuarial (loss) | (31,268 | ) | (9,324 | ) | 2,293 | (38,299 | ) | ||||||||||||||||||||||
Prior service (cost) credit | 5,674 | 8,682 | (1,513 | ) | 12,843 | ||||||||||||||||||||||||
$ | (97,580 | ) | $ | (54,239 | ) | $ | 2,559 | $ | (149,260 | ) | |||||||||||||||||||
The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic cost during 2015 are as follows: | |||||||||||||||||||||||||||||
In Thousands | Pension | Postretirement | Total | ||||||||||||||||||||||||||
Plans | Medical | ||||||||||||||||||||||||||||
Actuarial loss | $ | 3,182 | $ | 2,870 | $ | 6,052 | |||||||||||||||||||||||
Prior service cost (credit) | 35 | (3,360 | ) | (3,325 | ) | ||||||||||||||||||||||||
$ | 3,217 | $ | (490 | ) | $ | 2,727 | |||||||||||||||||||||||
Multi-Employer Benefits | |||||||||||||||||||||||||||||
The Company currently participates in one multi-employer defined benefit pension plan covering certain employees whose employment is covered under collective bargaining agreements. The risks of participating in this multi-employer plan are different from single-employer plans in that assets contributed are pooled and may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If the Company chooses to stop participating in the multi-employer plan, the Company could be required to pay the plan a withdrawal liability based on the underfunded status of the plan. The Company stopped participation in one multi-employer defined pension plan in 2008. | |||||||||||||||||||||||||||||
Certain employees of the Company participate in a multi-employer pension plan, the Employers-Teamsters Local Union Nos. 175 and 505 Pension Fund (“the Plan”), to which the Company makes monthly contributions on behalf of such employees. The Plan was certified by the Plan’s actuary as being in “critical” status for the plan year beginning January 1, 2013. As a result, the Plan adopted a “Rehabilitation Plan” effective January 1, 2015. The Company agreed and incorporated such agreement in the renewal of the collective bargaining agreement with the union, effective April 28, 2014, to participate in the Rehabilitation Plan. The Company will increase the contribution rates to the Plan effective January 2015 with additional increases occurring annually to support the Rehabilitation Plan. | |||||||||||||||||||||||||||||
There would likely be a withdrawal liability in the event the Company withdraws from its participation in the Plan. The Company’s withdrawal liability was reported by the Plan’s actuary as of April 2014 to be approximately $4.5 million. The Company does not currently anticipate withdrawing from the Plan. | |||||||||||||||||||||||||||||
The Company’s participation in the plan is outlined in the table below. The most recent Pension Protection Act (“PPA”) zone status available in 2014 and 2013 is for the plan’s years ending at December 31, 2013 and 2012, respectively. The plan is in the red zone which represents below 80% funded and does require a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”). | |||||||||||||||||||||||||||||
Pension Protection | FIP/RP Status | Contribution | Surcharge | ||||||||||||||||||||||||||
Act Zone Status | Pending/ | (In Thousands) | Imposed | ||||||||||||||||||||||||||
Pension Fund | 2014 | 2013 | Implemented | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund (EIN/Pension Plan | Red | Green | Yes | $ | 655 | $ | 640 | $ | 606 | Yes | |||||||||||||||||||
No. 55-6021850) | |||||||||||||||||||||||||||||
For the plan year ended December 31, 2013, 2012 and 2011, respectively, the Company was not listed in Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund Forms 5500 as providing more than 5% of the total contributions for the plan. At the date these financial statements were issued, Forms 5500 were not available for the plan year ending December 31, 2014. | |||||||||||||||||||||||||||||
The collective bargaining agreements covering the Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund will expire on April 29, 2017 and July 26, 2015. | |||||||||||||||||||||||||||||
The Company currently has a liability to a multi-employer pension plan related to the Company’s exit from the plan in 2008. As of December 28, 2014, the Company had a liability of $8.9 million recorded. The Company is required to make payments of approximately $1 million each year through 2028 to this multi-employer pension plan. | |||||||||||||||||||||||||||||
The Company also made contributions of $0.5 million, $0.4 million and $0.3 million to multi-employer defined contribution plans in 2014, 2013 and 2012, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related Party Transactions | 19. Related Party Transactions | ||||||||||||
The Company’s business consists primarily of the production, marketing and distribution of nonalcoholic beverages of The Coca-Cola Company, which is the sole owner of the secret formulas under which the primary components (either concentrate or syrup) of its soft drink products are manufactured. As of December 28, 2014, The Coca-Cola Company had a 34.8% interest in the Company’s outstanding Common Stock, representing 5.0% of the total voting power of the Company’s Common Stock and Class B Common Stock voting together as a single class. As long as The Coca-Cola Company holds the number of shares of Common Stock that it currently owns, it has the right to have its designee proposed by the Company for the nomination to the Company’s Board of Directors, and J. Frank Harrison, III, the Chairman of the Board and the Chief Executive Officer of the Company, and trustees of certain trusts established for the benefit of certain relatives of J. Frank Harrison, Jr., have agreed to vote their share of the Company’s Class B Common Stock which they control in favor of such designee. The Coca-Cola Company does not own any shares of Class B Common Stock of the Company. | |||||||||||||
The following table summarizes the significant transactions between the Company and The Coca-Cola Company: | |||||||||||||
Fiscal Year | |||||||||||||
In Millions | 2014 | 2013 | 2012 | ||||||||||
Payments by the Company for concentrate, syrup, sweetener and other purchases | $ | 424 | $ | 410.6 | $ | 406.2 | |||||||
Marketing funding support payments to the Company | 46.5 | 43.5 | 43.2 | ||||||||||
Payments by the Company net of marketing funding support | $ | 377.5 | $ | 367.1 | $ | 363 | |||||||
Payments by the Company for customer marketing programs | $ | 61.1 | $ | 56.4 | $ | 56.8 | |||||||
Payments by the Company for cold drink equipment parts | 7.7 | 9.3 | 9.2 | ||||||||||
Fountain delivery and equipment repair fees paid to the Company | 13.5 | 12.7 | 11.9 | ||||||||||
Presence marketing support provided by The Coca-Cola Company on the Company’s behalf | 5.9 | 5.4 | 3.5 | ||||||||||
Payments to the Company to facilitate the distribution of certain brands and packages to other Coca-Cola bottlers | 3.9 | 4 | 2.6 | ||||||||||
The Company has a production arrangement with Coca-Cola Refreshments USA, Inc. (“CCR”) to buy and sell finished products at cost. CCR is a wholly-owned subsidiary of The Coca-Cola Company. Sales to CCR under this arrangement were $53.5 million, $60.2 million and $64.6 million in 2014, 2013 and 2012, respectively. Purchases from CCR under this arrangement were $68.8 million, $46.7 million and $31.3 million in 2014, 2013 and 2012, respectively. In addition, CCR distributes one of the Company’s own brands (Tum-E Yummies). Total sales to CCR for this brand were $22.0 million, $23.8 million and $22.8 million in 2014, 2013 and 2012, respectively. In addition, the Company transports product for CCR to the Company’s and other Coca-Cola bottlers’ locations. Total sales to CCR for transporting CCR’s product were $2.9 million, $0.9 million, and $0.9 million in 2014, 2013, and 2012, respectively. | |||||||||||||
On May 7, 2014, the Company and CCR entered into the May Asset Purchase Agreement relating to the territory served by CCR through CCR’s facilities and equipment located in Johnson City and Morristown, Tennessee. The closing of the transaction contemplated by the May Asset Purchase Agreement occurred on May 23, 2014. On August 28, 2014, the Company and CCR entered into the August Asset Purchase Agreement relating to the territory served by CCR through CCR’s facilities and equipment located in Knoxville, Tennessee. The closing of the transaction contemplated by the August Asset Purchase Agreement occurred on October 24, 2014. As part of the asset purchase agreements, the Company signed CBAs which have terms of ten years and are renewable by the Company indefinitely for successive additional terms of ten years each unless the CBAs are earlier terminated as provided therein. Under the CBAs, the Company will make a quarterly sub-bottling payment to CCR on a continuing basis for the grant of exclusive rights to distribute, promote, market and sell the authorized brands of The Coca-Cola Company and related products in the Expansion Territories. The quarterly sub-bottling payment will be based on sales of certain beverages and beverage products that are sold under the same trademarks that identify a Covered Beverage, Related Product or certain cross-licensed brands. As of December 28, 2014, the Company has recorded a liability of $46.9 million to reflect the estimated fair value of the contingent consideration related to the future sub-bottling payments. Total payments to CCR under the CBAs for the May and October Expansion Territories were $0.2 million during 2014. | |||||||||||||
See Note 26 to the consolidated financial statements for territory acquisitions completed with CCR and a signed agreement for an additional territory expansion with CCR which occurred subsequent to December 28, 2014. Also see Note 26 for terms of an asset exchange agreement with CCR which is expected to close in the first half of 2015. | |||||||||||||
Along with all the other Coca-Cola bottlers in the United States, the Company is a member in Coca-Cola Bottlers’ Sales and Services Company, LLC (“CCBSS”), which was formed in 2003 for the purposes of facilitating various procurement functions and distributing certain specified beverage products of The Coca-Cola Company with the intention of enhancing the efficiency and competitiveness of the Coca-Cola bottling system in the United States. CCBSS negotiates the procurement for the majority of the Company’s raw materials (excluding concentrate). The Company pays an administrative fee to CCBSS for its services. Administrative fees to CCBSS for its services were $0.5 million in each year 2014, 2013 and 2012. Amounts due from CCBSS for rebates on raw material purchases were $4.5 million and $5.1 million as of December 28, 2014 and December 29, 2013, respectively. CCR is also a member of CCBSS. | |||||||||||||
The Company is a member of SAC, a manufacturing cooperative. SAC sells finished products to the Company and Piedmont at cost. Purchases from SAC by the Company and Piedmont for finished products were $132 million, $137 million and $141 million in 2014, 2013 and 2012, respectively. In addition, the Company transports product for SAC to the Company’s and other Coca-Cola bottlers’ locations. Total sales to SAC for transporting SAC’s product were $7.7 million, $7.6 million, and $7.6 million in 2014, 2013, and 2012, respectively. The Company also manages the operations of SAC pursuant to a management agreement. Management fees earned from SAC were $1.8 million, $1.6 million and $1.5 million in 2014, 2013 and 2012, respectively. The Company has also guaranteed a portion of debt for SAC. Such guarantee amounted to $20.8 million as of December 28, 2014. The Company’s equity investment in SAC was $4.1 million as of both December 28, 2014 and December 29, 2013. | |||||||||||||
The Company is a shareholder in two entities from which it purchases substantially all of its requirements for plastic bottles. Net purchases from these entities were $78.4 million, $79.1 million and $82.3 million in 2014, 2013 and 2012, respectively. In conjunction with the Company’s participation in one of these entities, Southeastern, the Company has guaranteed a portion of the entity’s debt. Such guarantee amounted to $10.1 million as of December 28, 2014. The Company’s equity investment in Southeastern was $18.4 million and $17.6 million as of December 28, 2014 and December 29, 2013, respectively, and was recorded in other assets on the Company’s consolidated balance sheets. | |||||||||||||
The Company holds no assets as collateral against the SAC or Southeastern guarantees, the fair value of which is immaterial. | |||||||||||||
The Company monitors its investments in SAC and Southeastern and would be required to write down its investment if an impairment is identified and the Company determined it to be other than temporary. No impairment of the Company’s investments in SAC or Southeastern has been identified as of December 28, 2014 nor was there any impairment in 2014, 2013 and 2012. | |||||||||||||
The Company leases from Harrison Limited Partnership One (“HLP”) the Snyder Production Center (“SPC”) and an adjacent sales facility, which are located in Charlotte, North Carolina. HLP is directly and indirectly owned by trusts of which J. Frank Harrison, III, Chairman of the Board of Directors and Chief Executive Officer of the Company, and Deborah H. Everhart, a director of the Company, are trustees and beneficiaries. Morgan H. Everett, a director of the Company, is a permissible, discretionary beneficiary of the trusts that directly or indirectly own HLP. The lease expires on December 31, 2020. The annual base rent the Company is obligated to pay under the lease is subject to an adjustment for an inflation factor. The principal balance outstanding under this capital lease as of December 28, 2014 was $20.0 million. Rental payments related to this lease were $3.7 million, $3.6 million and $3.5 million in 2014, 2013 and 2012, respectively. | |||||||||||||
The Company leases from Beacon Investment Corporation (“Beacon”) the Company’s headquarters office facility and an adjacent office facility. The lease expires on December 31, 2021. Beacon’s majority shareholder is J. Frank Harrison, III, and Morgan H. Everett, his daughter and a member of the Company’s Board of Directors, is a minority shareholder. The principal balance outstanding under this capital lease as of December 28, 2014 was $20.6 million. The annual base rent the Company is obligated to pay under the lease is subject to adjustment for increases in the Consumer Price Index. | |||||||||||||
The minimum rentals and contingent rental payments that relate to this lease were as follows: | |||||||||||||
Fiscal Year | |||||||||||||
In Millions | 2014 | 2013 | 2012 | ||||||||||
Minimum rentals | $ | 3.5 | $ | 3.5 | $ | 3.5 | |||||||
Contingent rentals | 0.6 | 0.6 | 0.5 | ||||||||||
Total rental payments | $ | 4.1 | $ | 4.1 | $ | 4 | |||||||
The contingent rentals in 2014, 2013 and 2012 are a result of changes in the Consumer Price Index. Increases or decreases in lease payments that result from changes in the Consumer Price Index were recorded as adjustments to interest expense. |
Net_Sales_by_Product_Category
Net Sales by Product Category | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Net Sales by Product Category | 20. Net Sales by Product Category | ||||||||||||
Net sales in the last three fiscal years by product category were as follows: | |||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Bottle/can sales: | |||||||||||||
Sparkling beverages (including energy products) | $ | 1,124,802 | $ | 1,063,154 | $ | 1,073,071 | |||||||
Still beverages | 279,138 | 247,561 | 233,895 | ||||||||||
Total bottle/can sales | 1,403,940 | 1,310,715 | 1,306,966 | ||||||||||
Other sales: | |||||||||||||
Sales to other Coca-Cola bottlers | 162,346 | 166,476 | 152,401 | ||||||||||
Post-mix and other | 180,083 | 164,140 | 155,066 | ||||||||||
Total other sales | 342,429 | 330,616 | 307,467 | ||||||||||
Total net sales | $ | 1,746,369 | $ | 1,641,331 | $ | 1,614,433 | |||||||
Sparkling beverages are carbonated beverages, including energy products, while still beverages are noncarbonated beverages. |
Net_Income_Per_Share
Net Income Per Share | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Income Per Share | 21. Net Income Per Share | ||||||||||||
The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method. See Note 1 to the consolidated financial statements for additional information related to net income per share. | |||||||||||||
Fiscal Year | |||||||||||||
In Thousands (Except Per Share Data) | 2014 | 2013 | 2012 | ||||||||||
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: | |||||||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | $ | 31,354 | $ | 27,675 | $ | 27,217 | |||||||
Less dividends: | |||||||||||||
Common Stock | 7,141 | 7,141 | 7,141 | ||||||||||
Class B Common Stock | 2,125 | 2,104 | 2,083 | ||||||||||
Total undistributed earnings | $ | 22,088 | $ | 18,430 | $ | 17,993 | |||||||
Common Stock undistributed earnings — basic | $ | 17,021 | $ | 14,234 | $ | 13,927 | |||||||
Class B Common Stock undistributed earnings — basic | 5,067 | 4,196 | 4,066 | ||||||||||
Total undistributed earnings | $ | 22,088 | $ | 18,430 | $ | 17,993 | |||||||
Common Stock undistributed earnings — diluted | $ | 16,948 | $ | 14,173 | $ | 13,867 | |||||||
Class B Common Stock undistributed earnings — diluted | 5,140 | 4,257 | 4,126 | ||||||||||
Total undistributed earnings — diluted | $ | 22,088 | $ | 18,430 | $ | 17,993 | |||||||
Numerator for basic net income per Common Stock share: | |||||||||||||
Dividends on Common Stock | $ | 7,141 | $ | 7,141 | $ | 7,141 | |||||||
Common Stock undistributed earnings — basic | 17,021 | 14,234 | 13,927 | ||||||||||
Numerator for basic net income per Common Stock share | $ | 24,162 | $ | 21,375 | $ | 21,068 | |||||||
Numerator for basic net income per Class B Common Stock share: | |||||||||||||
Dividends on Class B Common Stock | $ | 2,125 | $ | 2,104 | $ | 2,083 | |||||||
Class B Common Stock undistributed earnings — basic | 5,067 | 4,196 | 4,066 | ||||||||||
Numerator for basic net income per Class B Common Stock share | $ | 7,192 | $ | 6,300 | $ | 6,149 | |||||||
Numerator for diluted net income per Common Stock share: | |||||||||||||
Dividends on Common Stock | $ | 7,141 | $ | 7,141 | $ | 7,141 | |||||||
Dividends on Class B Common Stock assumed converted to Common Stock | 2,125 | 2,104 | 2,083 | ||||||||||
Common Stock undistributed earnings — diluted | 22,088 | 18,430 | 17,993 | ||||||||||
Numerator for diluted net income per Common Stock share | $ | 31,354 | $ | 27,675 | $ | 27,217 | |||||||
Fiscal Year | |||||||||||||
In Thousands (Except Per Share Data) | 2014 | 2013 | 2012 | ||||||||||
Numerator for diluted net income per Class B Common Stock share: | |||||||||||||
Dividends on Class B Common Stock | $ | 2,125 | $ | 2,104 | $ | 2,083 | |||||||
Class B Common Stock undistributed earnings — diluted | 5,140 | 4,257 | 4,126 | ||||||||||
Numerator for diluted net income per Class B Common Stock share | $ | 7,265 | $ | 6,361 | $ | 6,209 | |||||||
Denominator for basic net income per Common Stock and Class B Common Stock share: | |||||||||||||
Common Stock weighted average shares outstanding — basic | 7,141 | 7,141 | 7,141 | ||||||||||
Class B Common Stock weighted average shares outstanding — basic | 2,126 | 2,105 | 2,085 | ||||||||||
Denominator for diluted net income per Common Stock and Class B Common Stock share: | |||||||||||||
Common Stock weighted average shares outstanding — diluted (assumes conversion of Class B Common Stock to Common Stock) | 9,307 | 9,286 | 9,266 | ||||||||||
Class B Common Stock weighted average shares outstanding — diluted | 2,166 | 2,145 | 2,125 | ||||||||||
Basic net income per share: | |||||||||||||
Common Stock | $ | 3.38 | $ | 2.99 | $ | 2.95 | |||||||
Class B Common Stock | $ | 3.38 | $ | 2.99 | $ | 2.95 | |||||||
Diluted net income per share: | |||||||||||||
Common Stock | $ | 3.37 | $ | 2.98 | $ | 2.94 | |||||||
Class B Common Stock | $ | 3.35 | $ | 2.97 | $ | 2.92 | |||||||
NOTES TO TABLE | |||||||||||||
-1 | For purposes of the diluted net income per share computation for Common Stock, shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock. | ||||||||||||
-2 | For purposes of the diluted net income per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted. | ||||||||||||
-3 | Denominator for diluted net income per share for Common Stock and Class B Common Stock includes the diluted effect of shares relative to the Performance Unit Award. |
Risks_and_Uncertainties
Risks and Uncertainties | 12 Months Ended |
Dec. 28, 2014 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | 22. Risks and Uncertainties |
Approximately 88% of the Company’s 2014 bottle/can volume to retail customers consists of products of The Coca-Cola Company, which is the sole supplier of these products or of the concentrates or syrups required to manufacture these products. The remaining 12% of the Company’s 2014 bottle/can volume to retail customers consists of products of other beverage companies or those owned by the Company. The Company has beverage agreements with The Coca-Cola Company and other beverage companies under which it has various requirements to meet. Failure to meet the requirements of these beverage agreements could result in the loss of distribution rights for the respective products. | |
The Company’s products are sold and distributed directly by its employees to retail stores and other outlets. During 2014, approximately 68% of the Company’s bottle/can volume to retail customers was sold for future consumption, while the remaining bottle/can volume to retail customers of approximately 32% was sold for immediate consumption. The Company’s largest customers, Wal-Mart Stores, Inc. and Food Lion, LLC, accounted for approximately 22% and 9%, respectively, of the Company’s total bottle/can volume to retail customers during 2014; accounted for approximately 21% and 8%, respectively, of the Company’s total bottle/can volume to retail customers during 2013; and accounted for approximately 22% and 8%, respectively, of the Company’s total bottle/can volume to retail customers during 2012. Wal-Mart Stores, Inc. accounted for approximately 15% of the Company’s total net sales during each year 2014, 2013 and 2012. No other customer represented greater than 10% of the Company’s total net sales for any years presented. | |
The Company obtains all of its aluminum cans from two domestic suppliers. The Company currently obtains all of its plastic bottles from two domestic entities. See Note 14 and Note 19 of the consolidated financial statements for additional information. | |
The Company is exposed to price risk on such commodities as aluminum, corn and resin which affects the cost of raw materials used in the production of finished products. The Company both produces and procures these finished products. Examples of the raw materials affected are aluminum cans and plastic bottles used for packaging and high fructose corn syrup used as a product ingredient. Further, the Company is exposed to commodity price risk on crude oil which impacts the Company’s cost of fuel used in the movement and delivery of the Company’s products. The Company participates in commodity hedging and risk mitigation programs administered both by CCBSS and by the Company. In addition, there is no limit on the price The Coca-Cola Company and other beverage companies can charge for concentrate. | |
Certain liabilities of the Company are subject to risk of changes in both long-term and short-term interest rates. These liabilities include floating rate debt, retirement benefit obligations and the Company’s pension liability. | |
The Company’s contingent consideration liability resulting from the acquisition of the May and October Expansion Territories is subject to risk due to changes in the Company’s probability weighted discounted cash flow model that is based on internal forecasts and changes in the Company’s weighted average cost of capital, which is derived from market data. | |
Approximately 6% of the Company’s labor force is covered by collective bargaining agreements. Two collective bargaining agreements covering approximately 5% of the Company’s employees expired during 2014 and the Company entered into new agreements in 2014. One collective bargaining agreement covering approximately .3% of the Company’s employees will expire during 2015. |
Supplemental_Disclosures_of_Ca
Supplemental Disclosures of Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Supplemental Disclosures of Cash Flow Information | 23. Supplemental Disclosures of Cash Flow Information | ||||||||||||
Changes in current assets and current liabilities affecting cash were as follows: | |||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Accounts receivable, trade, net | $ | (20,116 | ) | $ | (2,086 | ) | $ | 1,991 | |||||
Accounts receivable from The Coca-Cola Company | (4,892 | ) | (2,328 | ) | (6,221 | ) | |||||||
Accounts receivable, other | 605 | (2,260 | ) | 2,998 | |||||||||
Inventories | (5,287 | ) | 3,937 | 234 | |||||||||
Prepaid expenses and other current assets | (15,155 | ) | 6,148 | (1,785 | ) | ||||||||
Accounts payable, trade | 13,051 | (814 | ) | 1,259 | |||||||||
Accounts payable to The Coca-Cola Company | 25,116 | (1,961 | ) | (6,320 | ) | ||||||||
Other accrued liabilities | (14,399 | ) | 2,509 | 6,936 | |||||||||
Accrued compensation | 5,145 | (2,296 | ) | 2,008 | |||||||||
Accrued interest payable | (399 | ) | (6 | ) | (1,388 | ) | |||||||
(Increase) decrease in current assets less current liabilities | $ | (16,331 | ) | $ | 843 | $ | (288 | ) | |||||
Noncash activity | |||||||||||||
Additions to property, plant and equipment of $9.2 million, $7.2 million and $14.4 million have been accrued but not paid and are recorded in accounts payable, trade as of December 28, 2014, December 29, 2013 and December 30, 2012, respectively. | |||||||||||||
Cash payments for interest and income taxes were as follows: | |||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Interest | $ | 28,021 | $ | 28,209 | $ | 35,149 | |||||||
Income taxes | 31,009 | 15,906 | 14,119 |
Segments
Segments | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segments | 24. Segments | ||||||||||||
The Company evaluates segment reporting in accordance with ASC 280, Segment Reporting each reporting period, including evaluating the reporting package reviewed by the Chief Operating Decision Maker (“CODM”). The Company has concluded the Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer, as a group, represent the CODM. The Company believes five operating segments exist. Two operating segments, Franchised Nonalcoholic Beverages and Internally-Developed Nonalcoholic Beverages, have been aggregated due to their similar economic characteristics as well as the similarity of products, production processes, types of customers, methods of distribution, and nature of the regulatory environment. This combined segment, Nonalcoholic Beverages, represents the vast majority of the Company’s consolidated revenues, operating income, and assets. The remaining three operating segments do not meet the quantitative thresholds for separate reporting, either individually or in the aggregate. As a result, these three operating segments have been combined into an “All Other” reportable segment. | |||||||||||||
During 2014, the Company acquired distribution businesses and exclusive distribution rights in new territories in eastern Tennessee. With the expansion into these territories as well as the prospects for future territory expansion to occur in 2015, the Company changed the manner in which it manages its business and allocates resources in the fourth quarter of 2014, specifically with regard to potential opportunities to provide transportation services to both related and unrelated third parties in these new geographic areas. As a result, the Company determined its transportation services constituted a separate operating segment and is included in the “All Other” segment. | |||||||||||||
The Company’s segment results are as follows: | |||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Net Sales: | |||||||||||||
Nonalcoholic Beverages | $ | 1,710,040 | $ | 1,613,309 | $ | 1,592,289 | |||||||
All Other | 123,194 | 108,224 | 99,516 | ||||||||||
Eliminations* | (86,865 | ) | (80,202 | ) | (77,372 | ) | |||||||
Consolidated | $ | 1,746,369 | $ | 1,641,331 | $ | 1,614,433 | |||||||
Operating Income: | |||||||||||||
Nonalcoholic Beverages | $ | 82,297 | $ | 66,084 | $ | 81,333 | |||||||
All Other | 3,670 | 7,563 | 7,353 | ||||||||||
Consolidated | $ | 85,967 | $ | 73,647 | $ | 88,686 | |||||||
Depreciation and Amortization: | |||||||||||||
Nonalcoholic Beverages | $ | 58,103 | $ | 56,266 | $ | 58,797 | |||||||
All Other | 3,027 | 2,405 | 2,787 | ||||||||||
Consolidated | $ | 61,130 | $ | 58,671 | $ | 61,584 | |||||||
Capital Expenditures: | |||||||||||||
Nonalcoholic Beverages | $ | 69,635 | $ | 47,241 | $ | 57,421 | |||||||
All Other | 16,739 | 6,923 | 4,049 | ||||||||||
Consolidated | $ | 86,374 | $ | 54,164 | $ | 61,470 | |||||||
Total Assets: | |||||||||||||
Nonalcoholic Beverages | $ | 1,399,057 | $ | 1,252,286 | |||||||||
All Other | 44,629 | 36,671 | |||||||||||
Eliminations | (10,610 | ) | (12,801 | ) | |||||||||
Consolidated | $ | 1,433,076 | $ | 1,276,156 | |||||||||
* | NOTE - The entire net sales elimination for each year presented represent net sales from the All Other segment to the Nonalcoholic Beverages segment. Sales between these segments are either recognized at fair market value or cost depending on the nature of the transaction. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Data (Unaudited) | 25. Quarterly Financial Data (Unaudited) | ||||||||||||||||
Set forth below are unaudited quarterly financial data for the fiscal years ended December 28, 2014 and December 29, 2013. Net sales in the third and fourth quarters of fiscal year ended December 28, 2014 include the sales in the May and October Expansion Territories. | |||||||||||||||||
In Thousands (except per share data) | Quarter | ||||||||||||||||
Year Ended December 28, 2014 | 1(1) | 2(2)(3) | 3(3)(4) | 4(3)(5)(6) | |||||||||||||
Net sales | $ | 388,582 | $ | 459,473 | $ | 457,676 | $ | 440,638 | |||||||||
Gross margin | 156,333 | 185,520 | 184,942 | 178,444 | |||||||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | 2,449 | 13,783 | 12,132 | 2,990 | |||||||||||||
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||||||||
Common Stock | $ | 0.26 | $ | 1.49 | $ | 1.31 | $ | 0.32 | |||||||||
Class B Common Stock | $ | 0.26 | $ | 1.49 | $ | 1.31 | $ | 0.32 | |||||||||
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||||||||
Common Stock | $ | 0.26 | $ | 1.48 | $ | 1.3 | $ | 0.32 | |||||||||
Class B Common Stock | $ | 0.26 | $ | 1.48 | $ | 1.3 | $ | 0.32 | |||||||||
In Thousands (except per share data) | Quarter | ||||||||||||||||
Year Ended December 29, 2013 | 1 | 2(7) | 3(8)(9)(10) | 4(11)(12) | |||||||||||||
Net sales | $ | 383,551 | $ | 428,979 | $ | 434,464 | $ | 394,337 | |||||||||
Gross margin | 153,699 | 170,315 | 176,112 | 158,514 | |||||||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | 4,862 | 11,229 | 16,169 | (4,585 | ) | ||||||||||||
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||||||||
Common Stock | $ | 0.53 | $ | 1.21 | $ | 1.75 | $ | (.50 | ) | ||||||||
Class B Common Stock | $ | 0.53 | $ | 1.21 | $ | 1.75 | $ | (.50 | ) | ||||||||
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||||||||
Common Stock | $ | 0.52 | $ | 1.21 | $ | 1.74 | $ | (.50 | ) | ||||||||
Class B Common Stock | $ | 0.52 | $ | 1.21 | $ | 1.74 | $ | (.50 | ) | ||||||||
The unvested performance units granted to Mr. Harrison in 2013 were excluded from the computation of diluted net earnings per share from the fourth quarter 2013 calculation, because their effect would have been anti-dilutive. | |||||||||||||||||
Sales are seasonal with the highest sales volume occurring in the second and third quarters. | |||||||||||||||||
-1 | Net income in the first quarter of 2014 included $2.0 million ($1.2 million, net of tax, or $.13 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-2 | Net income in the second quarter of 2014 included $3.1 million ($1.9 million, net of tax, or $.20 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-3 | Net sales for the second, third, and fourth quarters of 2014 included $4.3 million, $11.8 million and $29.0 million, respectively, of sales related to the Expansion Territories. | ||||||||||||||||
-4 | Net income in the third quarter of 2014 included $2.6 million ($1.6 million, net of tax, or $.17 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-5 | Net income in the fourth quarter of 2014 included $5.2 million ($3.2 million, net of tax, or $.34 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-6 | Net income in the fourth quarter of 2014 included $1.1 million ($0.7 million, net of tax, or $0.07 per basic common share) expense related to the fair value adjustment for the acquisition related contingent consideration. | ||||||||||||||||
-7 | Net income in the second quarter of 2013 included $1.1 million ($0.6 million, net of tax, or $.07 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-8 | Net income in the third quarter of 2013 included $1.6 million ($1.0 million, net of tax, or $.11 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-9 | Net income in the third quarter of 2013 included a $3.1 million ($1.9 million, net of tax, or $0.20 per basic common share) credit related to a refund of 2012 cooperative trade marketing funds paid by the Company to The Coca-Cola Company that were not spent in 2012. | ||||||||||||||||
-10 | Net income in the third quarter of 2013 included a $2.3 million reduction to income tax expense ($0.24 per basic common share) related to state tax legislation enacted during 2013. | ||||||||||||||||
-11 | Net income in the fourth quarter of 2013 included $1.7 million, ($1.1 million net of tax, or $.12 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-12 | Net income in the fourth quarter of 2013 included a $12.0 million ($7.3 million, net of tax, or $0.79 per basic common share) noncash settlement charge related to a voluntary lump-sum pension distribution. |
Subsequent_Events
Subsequent Events | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Subsequent Events [Abstract] | |||||||||
Subsequent Events | 26. Subsequent Events | ||||||||
Completed Expansion Territory Transactions | |||||||||
On December 5, 2014, the Company and CCR entered into an asset purchase agreement (the “December Asset Purchase Agreement”) related to the territory served by CCR through CCR’s facilities and equipment located in Cleveland and Cookeville, Tennessee (the “January 2015 Acquisition Territory”). The closing of this transaction occurred on January 30, 2015, for a cash purchase price of $13.8 million, which will remain subject to adjustment until March 13, 2016, at the latest. | |||||||||
The Company has preliminarily allocated the purchase price to the individual acquired assets and assumed liabilities. The valuations are subject to adjustment as additional information is obtained, but any adjustments are not expected to be material. | |||||||||
The fair values of acquired assets and assumed liabilities as of the acquisition date are summarized as follows: | |||||||||
In Thousands | Fair Value | ||||||||
Cash | $ | 59 | |||||||
Inventories | 1,237 | ||||||||
Prepaid expense and other current assets (including deferred taxes) | 1,001 | ||||||||
Property, plant and equipment | 6,717 | ||||||||
Other assets (including deferred taxes) | 433 | ||||||||
Goodwill | 1,145 | ||||||||
Other identifiable intangible assets | 17,750 | ||||||||
Total acquired assets | $ | 28,342 | |||||||
Current liabilities (acquisition related contingent consideration) | $ | 844 | |||||||
Other liabilities (acquisition related contingent consideration) | 13,729 | ||||||||
Total assumed liabilities | $ | 14,573 | |||||||
The fair value of the preliminary purchase price allocation to the identifiable intangible assets is as follows: | |||||||||
In Thousands | Fair | Estimated | |||||||
Value | Useful Life | ||||||||
Distribution agreements | $ | 17,200 | 40 years | ||||||
Customer lists | 550 | 12 years | |||||||
Total | $ | 17,750 | |||||||
The goodwill of $1.1 million is primarily attributed to the workforce of the acquired business. None of the goodwill recorded is expected to be deductible for tax purposes. | |||||||||
The preliminary purchase price allocation and the financial results of the acquisition territory have not been included in the Company’s consolidated financial statements as of December 28, 2014 because the acquisition occurred in the first quarter of 2015. | |||||||||
On December 18, 2014, the Company signed an asset purchase agreement with CCR relating to the territory currently served by CCR through CCR’s facilities and equipment located in Louisville, Kentucky and Evansville, Indiana (the “Louisville and Evansville Expansion Territory”). The asset purchase agreement, together with the CBA the Company entered into with CCR at the closing of this transaction, which occurred on February 27, 2015, grant the Company certain exclusive rights in the Louisville and Evansville Expansion Territory and obligate the Company to make a quarterly sub-bottling payment to CCR on a continuing basis for the grant of such rights are described in a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on December 18, 2014. The aggregate purchase price paid by the Company in cash at the closing for the transferred assets, after deducting the value of certain retained assets and retained liabilities, was approximately $19.8 million. The amount paid remains subject to adjustment post-closing. The Company has not completed the preliminary allocation of the purchase price to the individual acquired assets and assumed liabilities. The transaction will be accounted for as a business combination under FASB Accounting Standards Codification 805. | |||||||||
Monster Energy Distribution Agreement | |||||||||
In August 2014, Monster Energy Corporation and The Coca-Cola Company announced that they had entered into definitive agreements providing for a long-term strategic partnership in the global energy drink category. As part of their agreements to form a long-term strategic partnership, Monster Energy Corporation, through its operating subsidiary Monster Energy Company (“MEC”), and The Coca-Cola Company have agreed that, upon the closing of the transactions contemplated by such agreements, they will enter into an Amended and Restated Distribution Coordination Agreement (as such agreement may become final and definitive, the “Coordination Agreement”) that would provide for expanded distribution of certain MEC products (the “MEC Products”) by licensed bottlers of The Coca-Cola Company’s products in the territories in which these bottlers distribute products of The Coca-Cola Company upon execution of mutually agreed upon distribution agreements between MEC and these licensed bottlers. On December 17, 2014, the Company entered into an agreement (the “MEC Products Consent Agreement”) with The Coca-Cola Company (acting through its Coca-Cola North America Division) whereby The Coca-Cola Company has consented to the Company distributing MEC Products in that portion of the territories the Company serves where the Company does not currently distribute MEC Products pursuant to a distribution agreement the Company and MEC are currently negotiating. In exchange for giving its consent to the Company’s proposed MEC Distribution Agreement, the Company has agreed to pay The Coca-Cola Company an amount based on the number of standard physical cases of MEC Products sold by the current distributor of such products in the Additional MEC Products Territory during the twelve-month period immediately preceding the date that the Company begins distributing MEC Products in the Additional MEC Products Territory. The Company would make the payment, which is expected to be between $25 million and $30 million, when the Company begins distributing MEC Products pursuant to the MEC Distribution Agreement. The details of the MEC Products Consent Agreement are described in a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on December 19, 2014. The MEC Distribution Agreement has not been executed yet, and, consequently, the payment required to be made to The Coca-Cola Company under the MEC Products Consent Agreement has not been made as of the date the Company is filing this Form 10-K. | |||||||||
Announced But Uncompleted Expansion Territory Transactions | |||||||||
On February 13, 2015, the Company signed an asset purchase agreement with CCR relating to the territory currently served by CCR through CCR’s facilities and equipment located in Paducah and Pikeville, Kentucky (the “Paducah and Pikeville Expansion Territory”). The asset purchase agreement, together with the CBA the Company expects to enter into at the closing of this transaction with CCR, would grant the Company certain exclusive rights in the Paducah and Pikeville Expansion Territory and obligate the Company to make a quarterly sub-bottling payment to CCR on a continuing basis for the grant of such rights, are described in a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on February 18, 2015. The transaction will be accounted for as a business combination under FASB Accounting Standards Codification 805. The Company anticipates the closing will occur in the second quarter of 2015. | |||||||||
Asset Exchange Agreement | |||||||||
On October 17, 2014, the Company and CCR entered into an agreement (the “Asset Exchange Agreement”) pursuant to which CCR has agreed to exchange certain assets of CCR relating to the marketing, promotion, distribution and sale of Coca-Cola and other beverage products in the territory currently served by CCR’s facilities and equipment located in Lexington, Kentucky (the “Lexington Expansion Territory”), including the rights to produce such beverages in the Lexington Expansion Territory in exchange for certain assets of the Company relating to the marketing, promotion, distribution and sale of Coca-Cola and other beverage products in the territory currently served by the Company’s facilities and equipment located in Jackson, Tennessee, including the rights to produce such beverages in that territory. The Company filed a Current Report on Form 8-K with the Securities and Exchange Commission (“SEC”) on October 20, 2014, which includes a summary description of the Asset Exchange Agreement. The Company anticipates the closing of the transactions for the Lexington Expansion Territory will occur in the first half of 2015. |
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||
Valuation and Qualifying Accounts and Reserves | Schedule II | ||||||||||||
COCA-COLA BOTTLING CO. CONSOLIDATED | |||||||||||||
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | |||||||||||||
(In thousands) | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||||
Ended | Ended | Ended | |||||||||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |||||||||||
Balance at beginning of year | $ | 1,401 | $ | 1,490 | $ | 1,521 | |||||||
Additions charged to costs and expenses | 550 | 151 | 257 | ||||||||||
Deductions | 621 | 240 | 288 | ||||||||||
Balance at end of year | $ | 1,330 | $ | 1,401 | $ | 1,490 | |||||||
Deferred Income Tax Valuation Allowance | |||||||||||||
Fiscal Year | Fiscal Year | Fiscal Year | |||||||||||
Ended | Ended | Ended | |||||||||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |||||||||||
Balance at beginning of year | $ | 3,553 | $ | 3,231 | $ | 1,464 | |||||||
Additions charged to costs and expenses | 1,203 | 398 | 1,513 | ||||||||||
Additions charged to other | 7 | 0 | 569 | ||||||||||
Deductions credited to expense | 0 | 74 | 0 | ||||||||||
Deductions not credited to expense | 1,123 | 2 | 315 | ||||||||||
Balance at end of year | $ | 3,640 | $ | 3,553 | $ | 3,231 | |||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 28, 2014 | ||||
Accounting Policies [Abstract] | ||||
General | General | |||
Coca-Cola Bottling Co. Consolidated (the “Company”) produces, markets and distributes nonalcoholic beverages, primarily products of The Coca-Cola Company. The Company operates principally in the southeastern region of the United States. | ||||
The consolidated financial statements include the accounts of the Company and its majority owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | ||||
The preparation of consolidated financial statements in conformity with United States generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||
The fiscal years presented are the 52-week periods ended December 28, 2014 (“2014”), December 29, 2013 (“2013”) and December 30, 2012 (“2012”). The Company’s fiscal year ends on the Sunday closest to December 31 of each year. | ||||
Piedmont Coca-Cola Bottling Partnership (“Piedmont”) is the Company’s only subsidiary that has a significant noncontrolling interest. Noncontrolling interest income of $4.7 million in 2014, $4.4 million in 2013 and $4.2 million in 2012 are included in net income on the Company’s consolidated statements of operations. In addition, the amount of consolidated net income attributable to both the Company and noncontrolling interest are shown on the Company’s consolidated statements of operations. Noncontrolling interest primarily related to Piedmont totaled $73.3 million, $68.6 million and $64.2 million at December 28, 2014, December 29, 2013 and December 30, 2012, respectively. These amounts are shown as noncontrolling interest in the equity section of the Company’s consolidated balance sheets. | ||||
Certain prior year amounts have been reclassified to conform with current classifications. | ||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||
Cash and cash equivalents include cash on hand, cash in banks and cash equivalents, which are highly liquid debt instruments with maturities of less than 90 days. The Company maintains cash deposits with major banks which from time to time may exceed federally insured limits. The Company periodically assesses the financial condition of the institutions and believes that the risk of any loss is minimal. | ||||
Credit Risk of Trade Accounts Receivable | Credit Risk of Trade Accounts Receivable | |||
The Company sells its products to supermarkets, convenience stores and other customers and extends credit, generally without requiring collateral, based on an ongoing evaluation of the customer’s business prospects and financial condition. The Company’s trade accounts receivable are typically collected within approximately 30 days from the date of sale. The Company monitors its exposure to losses on trade accounts receivable and maintains an allowance for potential losses or adjustments. Past due trade accounts receivable balances are written off when the Company’s collection efforts have been unsuccessful in collecting the amount due. | ||||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts | |||
The Company evaluates the collectibility of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s recent past loss history and an overall assessment of past due trade accounts receivable outstanding. | ||||
The Company’s review of potential bad debts considers the specific industry in which a particular customer operates, such as supermarket retailers, convenience stores and mass merchandise retailers, and the general economic conditions that currently exist in that specific industry. The Company then considers the effects of concentration of credit risk in a specific industry and for specific customers within that industry. | ||||
Inventories | Inventories | |||
Inventories are stated at the lower of cost or market. Cost is determined on the first-in, first-out method for finished products and manufacturing materials and on the average cost method for plastic shells, plastic pallets and other inventories. | ||||
Property, Plant and Equipment | Property, Plant and Equipment | |||
Property, plant and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold improvements on operating leases are depreciated over the shorter of the estimated useful lives or the term of the lease, including renewal options the Company determines are reasonably assured. Additions and major replacements or betterments are added to the assets at cost. Maintenance and repair costs and minor replacements are charged to expense when incurred. When assets are replaced or otherwise disposed, the cost and accumulated depreciation are removed from the accounts and the gains or losses, if any, are reflected in the statement of operations. Gains or losses on the disposal of manufacturing equipment and manufacturing facilities are included in cost of sales. Gains or losses on the disposal of all other property, plant and equipment are included in selling, delivery and administrative (“S,D&A”) expenses. | ||||
The Company evaluates the recoverability of the carrying amount of its property, plant and equipment when events or circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. These evaluations are performed at a level where independent cash flows may be attributed to either an asset or an asset group. If the Company determines that the carrying amount of an asset or asset group is not recoverable based upon the expected undiscounted future cash flows of the asset or asset group, an impairment loss is recorded equal to the excess of the carrying amounts over the estimated fair value of the long-lived assets. | ||||
Leased Property Under Capital Leases | Leased Property Under Capital Leases | |||
Leased property under capital leases is depreciated using the straight-line method over the lease term. | ||||
Internal Use Software | Internal Use Software | |||
The Company capitalizes costs incurred in the development or acquisition of internal use software. The Company expenses costs incurred in the preliminary project planning stage. Costs, such as maintenance and training, are also expensed as incurred. Capitalized costs are amortized over their estimated useful lives using the straight-line method. Amortization expense, which is included in depreciation expense, for internal-use software was $7.6 million, $7.5 million and $7.3 million in 2014, 2013 and 2012, respectively. | ||||
Franchise Rights and Goodwill | Franchise Rights and Goodwill | |||
Under the provisions of generally accepted accounting principles (GAAP), all business combinations are accounted for using the acquisition method and goodwill and intangible assets with indefinite useful lives are not amortized but instead are tested for impairment annually, or more frequently if facts and circumstances indicate such assets may be impaired. The only intangible assets the Company classifies as indefinite lived are franchise rights and goodwill. The Company performs its annual impairment test as of the first day of the fourth quarter of each year. For both franchise rights and goodwill, when appropriate, the Company performs a qualitative assessment to determine whether it is more likely than not that the fair value of the franchise rights or goodwill is below its carrying value. | ||||
When a quantitative analysis is considered necessary for the annual impairment analysis of franchise rights, the Company utilizes the Greenfield Method to estimate the fair value. The Greenfield Method assumes the Company is starting new, owning only franchise rights, and makes investments required to build an operation comparable to the Company’s current operations. The Company estimates the cash flows required to build a comparable operation and the available future cash flows from these operations. The cash flows are then discounted using an appropriate discount rate. The estimated fair value based upon the discounted cash flows is then compared to the carrying value on an aggregated basis. | ||||
The Company has determined that it has one reporting unit for purposes of assessing goodwill for potential impairment. When a quantitative analysis is considered necessary for the annual impairment analysis of goodwill, the Company develops an estimated fair value for the reporting unit considering three different approaches: | ||||
• | market value, using the Company’s stock price plus outstanding debt; | |||
• | discounted cash flow analysis; and | |||
• | multiple of earnings before interest, taxes, depreciation and amortization based upon relevant industry data. | |||
The estimated fair value of the reporting unit is then compared to its carrying amount including goodwill. If the estimated fair value exceeds the carrying amount, goodwill is considered not impaired, and the second step of the impairment test is not necessary. If the carrying amount including goodwill exceeds its estimated fair value, the second step of the impairment test is performed to measure the amount of the impairment, if any. In the second step, a comparison is made between book value of goodwill to the implied fair value of goodwill. Implied fair value of goodwill is determined by comparing the fair value of the reporting unit to the book value of its net identifiable assets excluding goodwill. If the implied fair value of goodwill is below the book value of goodwill, an impairment loss would be recognized for the difference. | ||||
The Company uses its overall market capitalization as part of its estimate of fair value of the reporting unit and in assessing the reasonableness of the Company’s internal estimates of fair value. | ||||
To the extent that actual and projected cash flows decline in the future, or if market conditions deteriorate significantly, the Company may be required to perform an interim impairment analysis that could result in an impairment of franchise rights or goodwill. | ||||
Other Identifiable Intangible Assets | Other Identifiable Intangible Assets | |||
Other identifiable intangible assets primarily represent customer relationships and distribution rights and are amortized on a straight-line basis over their estimated useful lives. | ||||
Acquisition Related Contingent Consideration Liability | Acquisition Related Contingent Consideration Liability | |||
The acquisition related contingent consideration liability consists of the estimated amounts due to The Coca-Cola Company under the Comprehensive Beverage Agreements (“CBAs”) over the remaining useful life of the related distribution rights intangible assets. Under the CBAs, the Company is required to make quarterly sub-bottling payments on a continuing basis for the grant of exclusive rights to distribute, promote, market and sell specified covered beverages and related products, as defined in the agreement, in certain acquired territories. The quarterly sub-bottling payment is based on sales of certain beverages and beverage products sold under the same trademarks that identify a covered beverage, related product or certain cross-licensed brands (as defined in the CBAs). | ||||
At each reporting period, the Company evaluates future cash flows associated with its acquired territories and the associated discount rate to determine the fair value of the contingent consideration. These cash flows represent the Company’s best estimate of the amounts which will be paid to The Coca-Cola Company under the CBA over the remaining life of certain distribution rights intangible assets. The discount rate represents the Company’s weighted average cost of capital at the reporting date the fair value calculation is being performed. Changes in the fair value of the acquisition related contingent consideration is included in “Other income (expense)” on the Consolidated Statement of Operations. | ||||
Pension and Postretirement Benefit Plans | Pension and Postretirement Benefit Plans | |||
The Company has a noncontributory pension plan covering certain nonunion employees and one noncontributory pension plan covering certain union employees. Costs of the plans are charged to current operations and consist of several components of net periodic pension cost based on various actuarial assumptions regarding future experience of the plans. In addition, certain other union employees are covered by plans provided by their respective union organizations and the Company expenses amounts as paid in accordance with union agreements. The Company recognizes the cost of postretirement benefits, which consist principally of medical benefits, during employees’ periods of active service. | ||||
Amounts recorded for benefit plans reflect estimates related to interest rates, investment returns, employee turnover and health care costs. The discount rate assumptions used to determine the pension and postretirement benefit obligations are based on yield rates available on double-A bonds as of each plan’s measurement date. | ||||
Income Taxes | Income Taxes | |||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to operating loss and tax credit carryforwards as well as differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | ||||
A valuation allowance will be provided against deferred tax assets, if the Company determines it is more likely than not such assets will not ultimately be realized. | ||||
The Company does not recognize a tax benefit unless it concludes that it is more likely than not that the benefit will be sustained on audit by the taxing authority based solely on the technical merits of the associated tax position. If the recognition threshold is met, the Company recognizes a tax benefit measured at the largest amount of the tax benefit that, in the Company’s judgment, is greater than 50 percent likely to be realized. The Company records interest and penalties related to uncertain tax positions in income tax expense. | ||||
Revenue Recognition | Revenue Recognition | |||
Revenues are recognized when finished products are delivered to customers and both title and the risks and benefits of ownership are transferred, price is fixed and determinable, collection is reasonably assured and, in the case of full service vending, when cash is collected from the vending machines. Appropriate provision is made for uncollectible accounts. | ||||
The Company receives service fees from The Coca-Cola Company related to the delivery of fountain syrup products to The Coca-Cola Company’s fountain customers. In addition, the Company receives service fees from The Coca-Cola Company related to the repair of fountain equipment owned by The Coca-Cola Company. The fees received from The Coca-Cola Company for the delivery of fountain syrup products to their customers and the repair of their fountain equipment are recognized as revenue when the respective services are completed. Service revenue represents approximately 1% of net sales, and is presented within the Nonalcoholic Beverages segment. | ||||
The Company performs freight hauling and brokerage for third parties in addition to delivering its own products. The freight charges are recognized as revenues when the delivery is complete. Freight revenue from third parties represents approximately 2% of net sales, and is presented within the All Other segment. | ||||
Revenues do not include sales or other taxes collected from customers. | ||||
Marketing Programs and Sales Incentives | Marketing Programs and Sales Incentives | |||
The Company participates in various marketing and sales programs with The Coca-Cola Company and other beverage companies and arrangements with customers to increase the sale of its products by its customers. Among the programs negotiated with customers are arrangements under which allowances can be earned for attaining agreed-upon sales levels and/or for participating in specific marketing programs. | ||||
Coupon programs are also developed on a territory-specific basis. The cost of these various marketing programs and sales incentives with The Coca-Cola Company and other beverage companies, included as deductions to net sales, totaled $61.7 million, $57.1 million and $58.1 million in 2014, 2013 and 2012, respectively. | ||||
Marketing Funding Support | Marketing Funding Support | |||
The Company receives marketing funding support payments in cash from The Coca-Cola Company and other beverage companies. Payments to the Company for marketing programs to promote the sale of bottle/can volume and fountain syrup volume are recognized in earnings primarily on a per unit basis over the year as product is sold. Payments for periodic programs are recognized in the periods for which they are earned. | ||||
Under GAAP, cash consideration received by a customer from a vendor is presumed to be a reduction of the prices of the vendor’s products or services and is, therefore, to be accounted for as a reduction of cost of sales in the statements of operations unless those payments are specific reimbursements of costs or payments for services. Payments the Company receives from The Coca-Cola Company and other beverage companies for marketing funding support are classified as reductions of cost of sales. | ||||
Derivative Financial Instruments | Derivative Financial Instruments | |||
The Company uses derivative financial instruments to manage its exposure to movements in interest rates and certain commodity prices. The use of these financial instruments modifies the Company’s exposure to these risks with the intent of reducing risk over time. The Company does not use financial instruments for trading purposes, nor does it use leveraged financial instruments. Credit risk related to the derivative financial instruments is managed by requiring high credit standards for its counterparties and periodic settlements. The Company records all derivative instruments in the financial statements at fair value. | ||||
Commodity Hedges | ||||
The Company may use derivative instruments to hedge some or all of the Company’s projected diesel fuel and unleaded gasoline purchases (used in the Company’s delivery fleet and other vehicles) and aluminum purchases. The Company generally pays a fee for these instruments which is amortized over the corresponding period of the instrument. The Company accounts for its commodity hedges on a mark-to-market basis with any expense or income reflected as an adjustment of related costs which are included in either cost of sales or S,D&A expenses. | ||||
Risk Management Programs | Risk Management Programs | |||
The Company uses various insurance structures to manage its workers’ compensation, auto liability, medical and other insurable risks. These structures consist of retentions, deductibles, limits and a diverse group of insurers that serve to strategically transfer and mitigate the financial impact of losses. The Company uses commercial insurance for claims as a risk reduction strategy to minimize catastrophic losses. Losses are accrued using assumptions and procedures followed in the insurance industry, adjusted for company-specific history and expectations. | ||||
Cost of Sales | Cost of Sales | |||
Cost of sales includes the following: raw material costs, manufacturing labor, manufacturing overhead including depreciation expense, manufacturing warehousing costs and shipping and handling costs related to the movement of finished goods from manufacturing locations to sales distribution centers. | ||||
Selling, Delivery and Administrative Expenses | Selling, Delivery and Administrative Expenses | |||
S,D&A expenses include the following: sales management labor costs, distribution costs from sales distribution centers to customer locations, sales distribution center warehouse costs, depreciation expense related to sales centers, delivery vehicles and cold drink equipment, point-of-sale expenses, advertising expenses, cold drink equipment repair costs, amortization of intangibles and administrative support labor and operating costs such as treasury, legal, information services, accounting, internal control services, human resources and executive management costs. | ||||
Shipping and Handling Costs | Shipping and Handling Costs | |||
Shipping and handling costs related to the movement of finished goods from manufacturing locations to sales distribution centers are included in cost of sales. Shipping and handling costs related to the movement of finished goods from sales distribution centers to customer locations are included in S,D&A expenses and were $211.6 million, $201.0 million and $200.0 million in 2014, 2013 and 2012, respectively. | ||||
The Company recorded delivery fees in net sales of $6.2 million, $6.3 million and $7.0 million in 2014, 2013 and 2012, respectively, and are presented within the Nonalcoholic Beverages segment. These fees are used to offset a portion of the Company’s delivery and handling costs. | ||||
Stock Compensation with Contingent Vesting | Stock Compensation with Contingent Vesting | |||
On April 29, 2008, the stockholders of the Company approved a Performance Unit Award Agreement for J. Frank Harrison, III, the Company’s Chairman of the Board of Directors and Chief Executive Officer, consisting of 400,000 performance units (“Units”). Each Unit represents the right to receive one share of the Company’s Class B Common Stock, subject to certain terms and conditions. The Units are subject to vesting in annual increments over a ten-year period starting in fiscal year 2009. The number of Units that vest each year will equal the product of 40,000 multiplied by the overall goal achievement factor (not to exceed 100%) under the Company’s Annual Bonus Plan. | ||||
Each annual 40,000 unit tranche has an independent performance requirement, as it is not established until the Company’s Annual Bonus Plan targets are approved each year by the Compensation Committee of the Board of Directors. As a result, each 40,000 unit tranche is considered to have its own service inception date, grant-date and requisite service period. The Company’s Annual Bonus Plan targets, which establish the performance requirements for the Performance Unit Award Agreement, are approved by the Compensation Committee of the Board of Directors in the first quarter of each year. The Performance Unit Award Agreement does not entitle Mr. Harrison, to participate in dividends or voting rights until each installment has vested and the shares are issued. Mr. Harrison may satisfy tax withholding requirements in whole or in part by requiring the Company to settle in cash such number of units otherwise payable in Class B Common Stock to meet the maximum statutory tax withholding requirements. The Company recognizes compensation expense over the requisite service period (one fiscal year) based on the Company’s stock price at the end of each accounting period, unless the achievement of the performance requirement for the fiscal year is considered unlikely. | ||||
See Note 17 to the consolidated financial statements for additional information on Mr. Harrison’s stock compensation program. | ||||
Net Income Per Share | Net Income Per Share | |||
The Company applies the two-class method for calculating and presenting net income per share. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under this method: | ||||
(a) | Income from continuing operations (“net income”) is reduced by the amount of dividends declared in the current period for each class of stock and by the contractual amount of dividends that must be paid for the current period. | |||
(b) | The remaining earnings (“undistributed earnings”) are allocated to Common Stock and Class B Common Stock to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. The total earnings allocated to each security is determined by adding together the amount allocated for dividends and the amount allocated for a participation feature. | |||
(c) | The total earnings allocated to each security is then divided by the number of outstanding shares of the security to which the earnings are allocated to determine the earnings per share for the security. | |||
(d) | Basic and diluted earnings per share (“EPS”) data are presented for each class of common stock. | |||
In applying the two-class method, the Company determined that undistributed earnings should be allocated equally on a per share basis between the Common Stock and Class B Common Stock due to the aggregate participation rights of the Class B Common Stock (i.e., the voting and conversion rights) and the Company’s history of paying dividends equally on a per share basis on the Common Stock and Class B Common Stock. | ||||
Under the Company’s certificate of incorporation, the Board of Directors may declare dividends on Common Stock without declaring equal or any dividends on the Class B Common Stock. Notwithstanding this provision, Class B Common Stock has voting and conversion rights that allow the Class B Common Stock to participate equally on a per share basis with the Common Stock. | ||||
The Class B Common Stock is entitled to 20 votes per share and the Common Stock is entitled to one vote per share with respect to each matter to be voted upon by the stockholders of the Company. Except as otherwise required by law, the holders of the Class B Common Stock and Common Stock vote together as a single class on all matters submitted to the Company’s stockholders, including the election of the Board of Directors. As a result, the holders of the Class B Common Stock control approximately 86% of the total voting power of the stockholders of the Company and control the election of the Board of Directors. The Board of Directors has declared and the Company has paid dividends on the Class B Common Stock and Common Stock and each class of common stock has participated equally in all dividends declared by the Board of Directors and paid by the Company since 1994. | ||||
The Class B Common Stock conversion rights allow the Class B Common Stock to participate in dividends equally with the Common Stock. The Class B Common Stock is convertible into Common Stock on a one-for-one per share basis at any time at the option of the holder. Accordingly, the holders of the Class B Common Stock can participate equally in any dividends declared on the Common Stock by exercising their conversion rights. | ||||
As a result of the Class B Common Stock’s aggregated participation rights, the Company has determined that undistributed earnings should be allocated equally on a per share basis to the Common Stock and Class B Common Stock under the two-class method. | ||||
Basic EPS excludes potential common shares that were dilutive and is computed by dividing net income available for common stockholders by the weighted average number of Common and Class B Common shares outstanding. Diluted EPS for Common Stock and Class B Common Stock gives effect to all securities representing potential common shares that were dilutive and outstanding during the period. | ||||
Recently Adopted Pronouncements | Recently Adopted Pronouncements | |||
In July 2013, the Financial Accounting Standards Board (“FASB”) issued new guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The provisions of the new guidance were effective for fiscal years beginning after December 15, 2013. The requirements of this new guidance did not have a material impact on the Company’s consolidated financial statements. | ||||
Recently Issued Pronouncements | Recently Issued Pronouncements | |||
In April 2014, the FASB issued new guidance which changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The new guidance is effective for annual and interim periods beginning after December 15, 2014. The impact on the Company of adopting the new guidance will depend on the nature, terms and size of business disposals completed after the effective date. | ||||
In May 2014, the FASB issued new guidance on accounting for revenue from contracts with customers. The new guidance is effective for annual and interim periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of the new guidance on the Company’s consolidated financial statements. | ||||
In February 2015, the FASB issued new guidance which changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The new guidance is effective for annual and interim periods beginning after December 15, 2015. The Company is in the process of evaluating the impact of the new guidance on the Company’s consolidated financial statements. |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Johnson City And Morristown Territory Acquisition [Member] | |||||||||
Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date | The fair values of acquired assets and assumed liabilities as of the acquisition date are summarized as follows: | ||||||||
In Thousands | Fair Value | ||||||||
Cash | $ | 46 | |||||||
Inventories | 1,361 | ||||||||
Prepaid expenses and other current assets | 333 | ||||||||
Property, plant and equipment | 8,495 | ||||||||
Other assets (including deferred taxes) | 473 | ||||||||
Goodwill | 782 | ||||||||
Other identifiable intangible assets | 13,800 | ||||||||
Total acquired assets | $ | 25,290 | |||||||
Current liabilities (acquisition related contingent consideration) | $ | 1,005 | |||||||
Other accrued liabilities | 81 | ||||||||
Other liabilities (acquisition related contingent consideration) | 11,995 | ||||||||
Total assumed liabilities | $ | 13,081 | |||||||
Summary of Fair Value Acquired Identifiable Intangible Assets | The fair value of acquired identifiable intangible assets is as follows: | ||||||||
In Thousands | Fair Value | Estimated | |||||||
Useful Life | |||||||||
Distribution agreements | $ | 13,200 | 40 years | ||||||
Customer lists | 600 | 12 years | |||||||
Total | $ | 13,800 | |||||||
Knoxville Tennessee Territory Acquisition [Member] | |||||||||
Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date | The fair values of acquired assets and assumed liabilities as of the acquisition date are summarized as follows: | ||||||||
In Thousands | Fair Value | ||||||||
Cash | $ | 108 | |||||||
Inventories | 2,084 | ||||||||
Prepaid expenses and other current assets | 1,796 | ||||||||
Property, plant and equipment | 17,152 | ||||||||
Other assets (including deferred taxes) | 1,106 | ||||||||
Goodwill | 3,389 | ||||||||
Other identifiable intangible assets | 40,400 | ||||||||
Total acquired assets | $ | 66,035 | |||||||
Current liabilities (acquisition related contingent consideration) | $ | 2,426 | |||||||
Accounts payable to The Coca-Cola Company | 242 | ||||||||
Other liabilities (including deferred taxes) | 3,060 | ||||||||
Other liabilities (acquisition related contingent consideration) | 30,774 | ||||||||
Total assumed liabilities | $ | 36,502 | |||||||
Summary of Fair Value Acquired Identifiable Intangible Assets | The fair value of the preliminary purchase price allocation to the identifiable intangible assets is as follows: | ||||||||
In Thousands | Fair Value | Estimated | |||||||
Useful Life | |||||||||
Distribution agreements | $ | 39,400 | 40 years | ||||||
Customer lists | 1,000 | 12 years | |||||||
Total | $ | 40,400 | |||||||
Cleveland And Cookeville Territory Acquisition [Member] | |||||||||
Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date | The fair values of acquired assets and assumed liabilities as of the acquisition date are summarized as follows: | ||||||||
In Thousands | Fair Value | ||||||||
Cash | $ | 59 | |||||||
Inventories | 1,237 | ||||||||
Prepaid expense and other current assets (including deferred taxes) | 1,001 | ||||||||
Property, plant and equipment | 6,717 | ||||||||
Other assets (including deferred taxes) | 433 | ||||||||
Goodwill | 1,145 | ||||||||
Other identifiable intangible assets | 17,750 | ||||||||
Total acquired assets | $ | 28,342 | |||||||
Current liabilities (acquisition related contingent consideration) | $ | 844 | |||||||
Other liabilities (acquisition related contingent consideration) | 13,729 | ||||||||
Total assumed liabilities | $ | 14,573 | |||||||
Summary of Fair Value Acquired Identifiable Intangible Assets | The fair value of the preliminary purchase price allocation to the identifiable intangible assets is as follows: | ||||||||
In Thousands | Fair | Estimated | |||||||
Value | Useful Life | ||||||||
Distribution agreements | $ | 17,200 | 40 years | ||||||
Customer lists | 550 | 12 years | |||||||
Total | $ | 17,750 | |||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Summary of Inventories | |||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||
2014 | 2013 | ||||||||
Finished products | $ | 42,526 | $ | 35,360 | |||||
Manufacturing materials | 10,133 | 9,127 | |||||||
Plastic shells, plastic pallets and other inventories | 18,081 | 17,500 | |||||||
Total inventories | $ | 70,740 | $ | 61,987 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||
Principal Categories and Estimated Useful Lives of Property, Plant and Equipment | The principal categories and estimated useful lives of property, plant and equipment were as follows: | ||||||||||||
In Thousands | Dec. 28, | Dec. 29, | Estimated | ||||||||||
2014 | 2013 | Useful Lives | |||||||||||
Land | $ | 14,762 | $ | 12,307 | |||||||||
Buildings | 120,533 | 113,864 | 8-50 years | ||||||||||
Machinery and equipment | 154,897 | 144,662 | 5-20 years | ||||||||||
Transportation equipment | 190,216 | 164,403 | 4-20 years | ||||||||||
Furniture and fixtures | 45,623 | 42,605 | 3-10 years | ||||||||||
Cold drink dispensing equipment | 345,391 | 317,143 | 5-17 years | ||||||||||
Leasehold and land improvements | 75,104 | 73,742 | 5-20 years | ||||||||||
Software for internal use | 91,156 | 81,718 | 3-10 years | ||||||||||
Construction in progress | 6,528 | 7,204 | |||||||||||
Total property, plant and equipment, at cost | 1,044,210 | 957,648 | |||||||||||
Less: Accumulated depreciation and amortization | 685,978 | 654,650 | |||||||||||
Property, plant and equipment, net | $ | 358,232 | $ | 302,998 |
Leased_Property_Under_Capital_1
Leased Property Under Capital Leases (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Leases [Abstract] | |||||||||||||
Leased Property Under Capital Leases | |||||||||||||
In Thousands | Dec. 28, | Dec. 29, | Estimated | ||||||||||
2014 | 2013 | Useful Lives | |||||||||||
Leased property under capital leases | $ | 94,793 | $ | 94,889 | 3-20 years | ||||||||
Less: Accumulated amortization | 51,822 | 45,908 | |||||||||||
Leased property under capital leases, net | $ | 42,971 | $ | 48,981 |
Franchise_Rights_and_Goodwill_
Franchise Rights and Goodwill (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||
Summary of Franchise Rights and Goodwill | |||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||
2014 | 2013 | ||||||||
Franchise rights | $ | 520,672 | $ | 520,672 | |||||
Goodwill | 106,220 | 102,049 | |||||||
Total franchise rights and goodwill | $ | 626,892 | $ | 622,721 |
Other_Identifiable_Intangible_1
Other Identifiable Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Other Identifiable Intangible Assets | |||||||||||||
In Thousands | Dec. 28, | Dec. 29, | Estimated | ||||||||||
2014 | 2013 | Useful Lives | |||||||||||
Distribution agreements | $ | 54,909 | $ | 2,309 | 20-40 years | ||||||||
Customer lists and other identifiable intangible assets | 7,438 | 6,238 | 12-20 years | ||||||||||
Total other identifiable intangible assets, at cost | 62,347 | 8,547 | |||||||||||
Less: Accumulated amortization | 5,199 | 4,866 | |||||||||||
Other identifiable intangible assets, net | $ | 57,148 | $ | 3,681 |
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Summary of Other Accrued Liabilities | In Thousands | Dec. 28, | Dec. 29, | ||||||
2014 | 2013 | ||||||||
Accrued marketing costs | $ | 16,141 | $ | 13,613 | |||||
Accrued insurance costs | 21,055 | 21,132 | |||||||
Accrued taxes (other than income taxes) | 2,430 | 1,207 | |||||||
Employee benefit plan accruals | 12,517 | 17,643 | |||||||
Checks and transfers yet to be presented for payment from zero balance cash accounts | 2,324 | 11,237 | |||||||
Accrued income taxes | 0 | 2,515 | |||||||
All other accrued expenses | 14,308 | 10,275 | |||||||
Total other accrued liabilities | $ | 68,775 | $ | 77,622 |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Summary of Debt | |||||||||||||||||
In Thousands | Maturity | Interest | Interest Paid | Dec. 28, | Dec. 29, | ||||||||||||
Rate | 2014 | 2013 | |||||||||||||||
Revolving credit facility | 2019 | Variable | Varies | $ | 71,000 | $ | 5,000 | ||||||||||
Line of credit | 2014 | Variable | Varies | 0 | 20,000 | ||||||||||||
Senior Notes | 2015 | 5.30% | Semi-annually | 100,000 | 100,000 | ||||||||||||
Senior Notes | 2016 | 5.00% | Semi-annually | 164,757 | 164,757 | ||||||||||||
Senior Notes | 2019 | 7.00% | Semi-annually | 110,000 | 110,000 | ||||||||||||
Unamortized discount on Senior Notes | 2019 | (998 | ) | (1,191 | ) | ||||||||||||
444,759 | 398,566 | ||||||||||||||||
Less: Current portion of debt | 0 | 20,000 | |||||||||||||||
Long-term debt | $ | 444,759 | $ | 378,566 | |||||||||||||
Principal Maturities of Debt Outstanding | The principal maturities of debt outstanding on December 28, 2014 were as follows: | ||||||||||||||||
In Thousands | |||||||||||||||||
2015 | $ | 100,000 | |||||||||||||||
2016 | 164,757 | ||||||||||||||||
2017 | 0 | ||||||||||||||||
2018 | 0 | ||||||||||||||||
2019 | 180,002 | ||||||||||||||||
Thereafter | 0 | ||||||||||||||||
Total debt | $ | 444,759 | |||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||
Dec. 28, 2014 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Summary of Pre-Tax Changes in Fair Value | The following summarizes 2014, 2013 and 2012 pre-tax changes in the fair value of the Company’s commodity derivative financial instruments and the classification of such changes in the consolidated statements of operations. | ||||||||||||||
Fiscal Year | |||||||||||||||
In Thousands | Classification of Gain (Loss) | 2014 | 2013 | 2012 | |||||||||||
Commodity hedges | Cost of sales | $ | 0 | $ | (500 | ) | $ | 500 | |||||||
Total | $ | 0 | $ | (500 | ) | $ | 500 | ||||||||
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Debt, Deferred Compensation Plan Assets and Liabilities and Acquisition Related Contingent Consideration | The carrying amounts and fair values of the Company’s debt, deferred compensation plan assets and liabilities and acquisition related contingent consideration were as follows: | ||||||||||||||||||||
Dec. 28, 2014 | Dec. 29, 2013 | ||||||||||||||||||||
In Thousands | Carrying | Fair | Carrying | Fair | |||||||||||||||||
Amount | Value | Amount | Value | ||||||||||||||||||
Public debt securities | $ | (373,759 | ) | $ | (404,400 | ) | $ | (373,566 | ) | $ | (409,434 | ) | |||||||||
Non-public variable rate debt | (71,000 | ) | (71,000 | ) | (25,000 | ) | (25,000 | ) | |||||||||||||
Deferred compensation plan assets | 18,580 | 18,580 | 17,098 | 17,098 | |||||||||||||||||
Deferred compensation plan liabilities | (18,580 | ) | (18,580 | ) | (17,098 | ) | (17,098 | ) | |||||||||||||
Acquisition related contingent consideration | (46,850 | ) | (46,850 | ) | 0 | 0 | |||||||||||||||
Deferred Compensation Plan and Acquisition Related Contingent Consideration | The following table summarizes, by assets and liabilities, the valuation of the Company’s deferred compensation plan and acquisition related contingent consideration: | ||||||||||||||||||||
Dec. 28, 2014 | Dec. 29, 2013 | ||||||||||||||||||||
In Thousands | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||
Assets | |||||||||||||||||||||
Deferred compensation plan assets | $ | 18,580 | $ | 17,098 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Deferred compensation plan liabilities | 18,580 | 17,098 | |||||||||||||||||||
Acquisition related contingent consideration | $ | 46,850 | $ | 0 | |||||||||||||||||
Summary of Reconciliation of Acquisition Related Contingent Consideration | The acquisition related contingent consideration is the Company’s only Level 3 asset or liability. A reconciliation of the activity is as follows: | ||||||||||||||||||||
In Thousands | 2014 | ||||||||||||||||||||
Opening balance | $ | 0 | |||||||||||||||||||
Increase due to the Johnson City and Morristown purchase | 13,000 | ||||||||||||||||||||
Increase due to the Knoxville purchase | 33,200 | ||||||||||||||||||||
Payments made | (212 | ) | |||||||||||||||||||
Accrual of fourth quarter payment | (215 | ) | |||||||||||||||||||
Fair value adjustment | 1,077 | ||||||||||||||||||||
Ending balance | $ | 46,850 | |||||||||||||||||||
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Summary of Other Liabilities | |||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||
2014 | 2013 | ||||||||
Accruals for executive benefit plans | $ | 117,965 | $ | 109,386 | |||||
Acquisition related contingent consideration | 43,850 | 0 | |||||||
Other | 15,435 | 16,405 | |||||||
Total other liabilities | $ | 177,250 | $ | 125,791 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Summary of Future Minimum Lease Payments for all Capital Leases and Noncancellable Operating Leases | The following is a summary of future minimum lease payments for all capital leases and noncancellable operating leases as of December 28, 2014. | ||||||||||||
In Thousands | Capital | Operating | Total | ||||||||||
Leases | Leases | ||||||||||||
2015 | $ | 10,783 | $ | 5,665 | $ | 16,448 | |||||||
2016 | 10,323 | 5,919 | 16,242 | ||||||||||
2017 | 10,292 | 5,047 | 15,339 | ||||||||||
2018 | 10,138 | 4,374 | 14,512 | ||||||||||
2019 | 9,860 | 4,209 | 14,069 | ||||||||||
Thereafter | 24,847 | 28,485 | 53,332 | ||||||||||
Total minimum lease payments | 76,243 | $ | 53,699 | $ | 129,942 | ||||||||
Less: Amounts representing interest | 17,193 | ||||||||||||
Present value of minimum lease payments | 59,050 | ||||||||||||
Less: Current portion of obligations under capital leases | 6,446 | ||||||||||||
Long-term portion of obligations under capital leases | $ | 52,604 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Significant Components of the Provision for Income Taxes | The following table presents the significant components of the provision for income taxes for 2014, 2013 and 2012. | ||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Current: | |||||||||||||
Federal | $ | 13,153 | $ | 18,938 | $ | 12,871 | |||||||
State | 2,163 | 3,221 | 1,880 | ||||||||||
Total current provision | $ | 15,316 | $ | 22,159 | $ | 14,751 | |||||||
Deferred: | |||||||||||||
Federal | $ | 3,638 | $ | (7,701 | ) | $ | 5,667 | ||||||
State | 582 | (2,316 | ) | 1,471 | |||||||||
Total deferred provision (benefit) | $ | 4,220 | $ | (10,017 | ) | $ | 7,138 | ||||||
Income tax expense | $ | 19,536 | $ | 12,142 | $ | 21,889 | |||||||
Reconciliation of Income Tax Expense at Statutory Federal Rate to Actual Income Tax Expense | The following table provides a reconciliation of income tax expense at the statutory federal rate to actual income tax expense. | ||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Statutory expense | $ | 19,474 | $ | 15,485 | $ | 18,672 | |||||||
State income taxes, net of federal benefit | 2,133 | 1,811 | 2,191 | ||||||||||
Noncontrolling interest — Piedmont | (1,835 | ) | (1,674 | ) | (1,694 | ) | |||||||
Adjustment for uncertain tax positions | 30 | (167 | ) | 761 | |||||||||
Adjustment for state tax legislation | 0 | (2,261 | ) | 0 | |||||||||
Valuation allowance change | 1,203 | 321 | 1,767 | ||||||||||
Capital loss carryover | (854 | ) | 0 | 0 | |||||||||
Manufacturing deduction benefit | (1,470 | ) | (1,995 | ) | (1,330 | ) | |||||||
Meals and entertainment | 1,204 | 1,127 | 1,184 | ||||||||||
Other, net | (349 | ) | (505 | ) | 338 | ||||||||
Income tax expense | $ | 19,536 | $ | 12,142 | $ | 21,889 | |||||||
Reconciliation of the Beginning and Ending Balances of the Total Amounts of Uncertain Tax Positions | A reconciliation of the beginning and ending balances of the total amounts of uncertain tax positions (excluding accrued interest) is as follows: | ||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Gross uncertain tax positions at the beginning of the year | $ | 2,630 | $ | 4,950 | $ | 4,281 | |||||||
Increase as a result of tax positions taken during a prior period | 0 | 55 | 315 | ||||||||||
Decrease as a result of tax positions taken during a prior period | 0 | (33 | ) | 0 | |||||||||
Increase as a result of tax positions taken in the current period | 498 | 578 | 538 | ||||||||||
Reduction as a result of the expiration of the applicable statute of limitations | (508 | ) | (2,920 | ) | (184 | ) | |||||||
Gross uncertain tax positions at the end of the year | $ | 2,620 | $ | 2,630 | $ | 4,950 | |||||||
Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities | Temporary differences and carryforwards that comprised deferred income tax assets and liabilities were as follows: | ||||||||||||
In Thousands | Dec. 28, 2014 | Dec. 29, 2013 | |||||||||||
Intangible assets | $ | 139,744 | $ | 122,608 | |||||||||
Depreciation | 77,311 | 69,905 | |||||||||||
Investment in Piedmont | 42,271 | 42,071 | |||||||||||
Inventory | 10,777 | 10,082 | |||||||||||
Prepaid expenses | 4,237 | 4,357 | |||||||||||
Patronage dividend | 4,361 | 4,046 | |||||||||||
Debt exchange premium | 634 | 1,085 | |||||||||||
Other | 161 | 446 | |||||||||||
Deferred income tax liabilities | 279,496 | 254,600 | |||||||||||
Deferred compensation | (42,990 | ) | (40,152 | ) | |||||||||
Postretirement benefits | (26,783 | ) | (25,892 | ) | |||||||||
Pension (nonunion) | (25,951 | ) | (9,919 | ) | |||||||||
Sub-bottling liability | (18,084 | ) | 0 | ||||||||||
Accrued liabilities | (16,049 | ) | (13,451 | ) | |||||||||
Capital lease agreements | (6,265 | ) | (6,201 | ) | |||||||||
Net operating loss carryforwards | (4,075 | ) | (5,372 | ) | |||||||||
Transactional costs | (3,584 | ) | (1,157 | ) | |||||||||
Pension (union) | (3,472 | ) | (3,606 | ) | |||||||||
Other | (54 | ) | (2 | ) | |||||||||
Deferred income tax assets | (147,307 | ) | (105,752 | ) | |||||||||
Valuation allowance for deferred tax assets | 3,640 | 3,553 | |||||||||||
Net current deferred income tax asset | (4,171 | ) | (1,007 | ) | |||||||||
Net noncurrent deferred income tax liability | $ | 140,000 | $ | 153,408 | |||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Summary of Accumulated Other Comprehensive Loss | A summary of accumulated other comprehensive loss is as follows: | ||||||||||||||||||||||||
Gains (Losses) | Reclassification | ||||||||||||||||||||||||
During the Period | to Income | ||||||||||||||||||||||||
In Thousands | Dec. 29, | Pre-tax | Tax | Pre-tax | Tax | Dec. 28, | |||||||||||||||||||
2013 | Activity | Effect | Activity | Effect | 2014 | ||||||||||||||||||||
Net pension activity: | |||||||||||||||||||||||||
Actuarial loss | $ | (43,028 | ) | $ | (53,597 | ) | $ | 20,688 | $ | 1,743 | $ | (673 | ) | $ | (74,867 | ) | |||||||||
Prior service costs | (121 | ) | 0 | 0 | 36 | (14 | ) | (99 | ) | ||||||||||||||||
Net postretirement benefits activity: | |||||||||||||||||||||||||
Actuarial loss | (18,441 | ) | (9,324 | ) | 3,598 | 2,293 | (885 | ) | (22,759 | ) | |||||||||||||||
Prior service costs | 3,410 | 8,682 | (3,351 | ) | (1,513 | ) | 584 | 7,812 | |||||||||||||||||
Foreign currency translation adjustment | 4 | (9 | ) | 4 | 0 | 0 | (1 | ) | |||||||||||||||||
Total | $ | (58,176 | ) | $ | (54,248 | ) | $ | 20,939 | $ | 2,559 | $ | (988 | ) | $ | (89,914 | ) | |||||||||
Gains (Losses) | Reclassification | ||||||||||||||||||||||||
During the Period | to Income | ||||||||||||||||||||||||
In Thousands | Dec. 30, | Pre-tax | Tax | Pre-tax | Tax | Dec. 29, | |||||||||||||||||||
2012 | Activity | Effect | Activity | Effect | 2013 | ||||||||||||||||||||
Net pension activity: | |||||||||||||||||||||||||
Actuarial loss | $ | (76,407 | ) | $ | 39,337 | $ | (15,183 | ) | $ | 15,041 | (1) | $ | (5,816 | ) | $ | (43,028 | ) | ||||||||
Prior service costs | (33 | ) | (171 | ) | 66 | 28 | (11 | ) | (121 | ) | |||||||||||||||
Net postretirement benefits activity: | |||||||||||||||||||||||||
Actuarial loss | (22,425 | ) | 3,560 | (1,374 | ) | 2,943 | (1,145 | ) | (18,441 | ) | |||||||||||||||
Prior service costs | 4,334 | 0 | 0 | (1,513 | ) | 589 | 3,410 | ||||||||||||||||||
Foreign currency translation adjustment | 5 | (1 | ) | 0 | 0 | 0 | 4 | ||||||||||||||||||
Total | $ | (94,526 | ) | $ | 42,725 | $ | (16,491 | ) | $ | 16,499 | $ | (6,383 | ) | $ | (58,176 | ) | |||||||||
-1 | Includes the $12.0 million noncash charge for voluntary lump-sum pension settlement. | ||||||||||||||||||||||||
Gains (Losses) | Reclassification | ||||||||||||||||||||||||
During the Period | to Income | ||||||||||||||||||||||||
In Thousands | Jan. 1, | Pre-tax | Tax | Pre-tax | Tax | Dec. 30, | |||||||||||||||||||
2012 | Activity | Effect | Activity | Effect | 2012 | ||||||||||||||||||||
Net pension activity: | |||||||||||||||||||||||||
Actuarial loss | $ | (64,789 | ) | $ | (21,979 | ) | $ | 8,651 | $ | 2,822 | $ | (1,112 | ) | $ | (76,407 | ) | |||||||||
Prior service costs | (44 | ) | 0 | 0 | 17 | (6 | ) | (33 | ) | ||||||||||||||||
Net postretirement benefits activity: | |||||||||||||||||||||||||
Actuarial loss | (21,244 | ) | (4,287 | ) | 1,687 | 2,339 | (920 | ) | (22,425 | ) | |||||||||||||||
Prior service costs | 5,251 | 0 | 0 | (1,513 | ) | 596 | 4,334 | ||||||||||||||||||
Foreign currency translation adjustment | 6 | (1 | ) | 0 | 0 | 0 | 5 | ||||||||||||||||||
Total | $ | (80,820 | ) | $ | (26,267 | ) | $ | 10,338 | $ | 3,665 | $ | (1,442 | ) | $ | (94,526 | ) | |||||||||
Summary of Impact of Accumulated Other Comprehensive Income (Loss) on Income Statement | A summary of the impact on the income statement line items is as follows: | ||||||||||||||||||||||||
In Thousands | Net Pension | Net Postretirement | Total | ||||||||||||||||||||||
Activity | Benefits Activity | ||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Cost of sales | $ | 356 | $ | 101 | $ | 457 | |||||||||||||||||||
S,D&A expenses | 1,423 | 679 | 2,102 | ||||||||||||||||||||||
Subtotal pre-tax | 1,779 | 780 | 2,559 | ||||||||||||||||||||||
Income tax expense | 687 | 301 | 988 | ||||||||||||||||||||||
Total after tax effect | $ | 1,092 | $ | 479 | $ | 1,571 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Cost of sales | $ | 1,356 | $ | 172 | $ | 1,528 | |||||||||||||||||||
S,D&A expenses | 13,713 | 1,258 | 14,971 | ||||||||||||||||||||||
Subtotal pre-tax | 15,069 | 1,430 | 16,499 | ||||||||||||||||||||||
Income tax expense | 5,827 | 556 | 6,383 | ||||||||||||||||||||||
Total after tax effect | $ | 9,242 | $ | 874 | $ | 10,116 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Cost of sales | $ | 312 | $ | 99 | $ | 411 | |||||||||||||||||||
S,D&A expenses | 2,527 | 727 | 3,254 | ||||||||||||||||||||||
Subtotal pre-tax | 2,839 | 826 | 3,665 | ||||||||||||||||||||||
Income tax expense | 1,118 | 324 | 1,442 | ||||||||||||||||||||||
Total after tax effect | $ | 1,721 | $ | 502 | $ | 2,223 | |||||||||||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||||||||||||||
Changes in Projected Benefit Obligation | The following tables set forth pertinent information for the two Company-sponsored pension plans: | ||||||||||||||||||||||||||||
Changes in Projected Benefit Obligation | |||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
In Thousands | 2014 | 2013 | |||||||||||||||||||||||||||
Projected benefit obligation at beginning of year | $ | 226,265 | $ | 280,099 | |||||||||||||||||||||||||
Service cost | 109 | 121 | |||||||||||||||||||||||||||
Interest cost | 11,603 | 12,014 | |||||||||||||||||||||||||||
Actuarial (gain)/loss | 49,500 | (29,862 | ) | ||||||||||||||||||||||||||
Benefits paid | (7,808 | ) | (43,499 | ) | |||||||||||||||||||||||||
Voluntary pension settlement | 0 | 7,221 | |||||||||||||||||||||||||||
Change in plan amendments | 0 | 171 | |||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | 279,669 | $ | 226,265 | |||||||||||||||||||||||||
Change in Plan Assets | Change in Plan Assets | ||||||||||||||||||||||||||||
In Thousands | 2014 | 2013 | |||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 200,824 | $ | 206,555 | |||||||||||||||||||||||||
Actual return on plan assets | 9,676 | 30,493 | |||||||||||||||||||||||||||
Employer contributions | 10,000 | 7,275 | |||||||||||||||||||||||||||
Benefits paid | (7,808 | ) | (43,499 | ) | |||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 212,692 | $ | 200,824 | |||||||||||||||||||||||||
Funded Status | Funded Status | ||||||||||||||||||||||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Projected benefit obligation | $ | (279,669 | ) | $ | (226,265 | ) | |||||||||||||||||||||||
Plan assets at fair value | 212,692 | 200,824 | |||||||||||||||||||||||||||
Net funded status | $ | (66,977 | ) | $ | (25,441 | ) | |||||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheet | Amounts Recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||
In Thousands | Dec. 28, | Dec. 29, | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Current liabilities | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Noncurrent liabilities | (66,977 | ) | (25,441 | ) | |||||||||||||||||||||||||
Net amount recognized | $ | (66,977 | ) | $ | (25,441 | ) | |||||||||||||||||||||||
Net Periodic Pension Cost (Benefit) | Net Periodic Pension Cost (Benefit) | ||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Service cost | $ | 109 | $ | 121 | $ | 105 | |||||||||||||||||||||||
Interest cost | 11,603 | 12,014 | 12,451 | ||||||||||||||||||||||||||
Expected return on plan assets | (13,775 | ) | (13,797 | ) | (12,462 | ) | |||||||||||||||||||||||
Loss on voluntary pension settlement | 0 | 12,014 | 0 | ||||||||||||||||||||||||||
Amortization of prior service cost | 36 | 28 | 17 | ||||||||||||||||||||||||||
Recognized net actuarial loss | 1,743 | 3,027 | 2,822 | ||||||||||||||||||||||||||
Net periodic pension cost (benefit) | $ | (284 | ) | $ | 13,407 | $ | 2,933 | ||||||||||||||||||||||
Significant Assumptions Used | |||||||||||||||||||||||||||||
Significant Assumptions Used | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Projected benefit obligation at the measurement date: | |||||||||||||||||||||||||||||
Discount rate | 4.32 | % | 5.21 | % | 4.47 | % | |||||||||||||||||||||||
Weighted average rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||||||
Net periodic pension cost for the fiscal year: | |||||||||||||||||||||||||||||
Discount rate | 5.21 | % | 4.47 | % | 5.18 | % | |||||||||||||||||||||||
Weighted average expected long-term rate of return on plan assets | 7 | % | 7 | % | 7 | % | |||||||||||||||||||||||
Weighted average rate of compensation increase | N/A | N/A | N/A | ||||||||||||||||||||||||||
Expected Weighted Average Long-Term Rate of Return | The Company’s pension plans target asset allocation for 2015, actual asset allocation at December 28, 2014 and December 29, 2013 and the expected weighted average long-term rate of return by asset category were as follows: | ||||||||||||||||||||||||||||
Target | Percentage | Weighted | |||||||||||||||||||||||||||
Allocation | of Plan | Average | |||||||||||||||||||||||||||
2015 | Assets at | Expected | |||||||||||||||||||||||||||
Fiscal Year- | Long-Term | ||||||||||||||||||||||||||||
End | Rate of Return - 2014 | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
U.S. large capitalization equity securities | 40 | % | 41 | % | 40 | % | 3.5 | % | |||||||||||||||||||||
U.S. small/mid-capitalization equity securities | 5 | % | 5 | % | 5 | % | 0.4 | % | |||||||||||||||||||||
International equity securities | 15 | % | 14 | % | 15 | % | 1.4 | % | |||||||||||||||||||||
Debt securities | 40 | % | 40 | % | 40 | % | 1.7 | % | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 7 | % | |||||||||||||||||||||
Pension Plan Assets Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s pension plan assets measured at fair value on a recurring basis (at least annually) at December 28, 2014: | ||||||||||||||||||||||||||||
In Thousands | Quoted Prices in | Significant Other | Total | ||||||||||||||||||||||||||
Active Market for | Observable Input | ||||||||||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Common/collective trust funds(1) | $ | 0 | $ | 127,311 | $ | 127,311 | |||||||||||||||||||||||
Other | 619 | 23 | 642 | ||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||
Common/collective trust funds(1) | 0 | 84,739 | 84,739 | ||||||||||||||||||||||||||
Total | $ | 619 | $ | 212,073 | $ | 212,692 | |||||||||||||||||||||||
-1 | The underlying investments held in common/collective trust funds are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||||||||
The following table summarizes the Company’s pension plan assets measured at fair value on a recurring basis (at least annually) at December 29, 2013: | |||||||||||||||||||||||||||||
In Thousands | Quoted Prices in | Significant Other | Total | ||||||||||||||||||||||||||
Active Market for | Observable Input | ||||||||||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||||||||||
(Level 1) | |||||||||||||||||||||||||||||
Cash equivalents(1) | |||||||||||||||||||||||||||||
Common/collective trust funds | $ | 0 | $ | 196 | $ | 196 | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
Common/collective trust funds(2) | 0 | 120,044 | 120,044 | ||||||||||||||||||||||||||
Other | 624 | 0 | 624 | ||||||||||||||||||||||||||
Fixed income | |||||||||||||||||||||||||||||
Common/collective trust funds(2) | 0 | 79,960 | 79,960 | ||||||||||||||||||||||||||
Total | $ | 624 | $ | 200,200 | $ | 200,824 | |||||||||||||||||||||||
-1 | Cash equivalents are valued at their net asset value which approximates fair value. | ||||||||||||||||||||||||||||
-2 | The underlying investments held in common/collective trust funds are actively managed equity securities and fixed income investment vehicles that are valued at the net asset value per share multiplied by the number of shares held as of the measurement date. | ||||||||||||||||||||||||||||
Reconciliation of Beginning and Ending Balances of Benefit Obligation | |||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
In Thousands | 2014 | 2013 | |||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 67,840 | $ | 69,828 | |||||||||||||||||||||||||
Service cost | 1,445 | 1,626 | |||||||||||||||||||||||||||
Interest cost | 3,255 | 2,877 | |||||||||||||||||||||||||||
Plan amendments | (8,681 | ) | 0 | ||||||||||||||||||||||||||
Plan participants’ contributions | 586 | 569 | |||||||||||||||||||||||||||
Actuarial (gain)/loss | 9,323 | (3,560 | ) | ||||||||||||||||||||||||||
Benefits paid | (3,685 | ) | (3,611 | ) | |||||||||||||||||||||||||
Medicare Part D subsidy reimbursement | 38 | 111 | |||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 70,121 | $ | 67,840 | |||||||||||||||||||||||||
Reconciliation of Beginning and Ending Balances of Fair Value of Plan Assets | Fair value of plan assets at beginning of year | $ | 0 | $ | 0 | ||||||||||||||||||||||||
Employer contributions | 3,061 | 2,931 | |||||||||||||||||||||||||||
Plan participants’ contributions | 586 | 569 | |||||||||||||||||||||||||||
Benefits paid | (3,685 | ) | (3,611 | ) | |||||||||||||||||||||||||
Medicare Part D subsidy reimbursement | 38 | 111 | |||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 0 | $ | 0 | |||||||||||||||||||||||||
Reconciliation of Beginning and Ending Balances of Accrued Liability | In Thousands | Dec. 28, | Dec. 29, | ||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
Current liabilities | $ | (2,998 | ) | $ | (2,682 | ) | |||||||||||||||||||||||
Noncurrent liabilities | (67,123 | ) | (65,158 | ) | |||||||||||||||||||||||||
Accrued liability at end of year | $ | (70,121 | ) | $ | (67,840 | ) | |||||||||||||||||||||||
Components of Net Periodic Postretirement Benefit Cost | The components of net periodic postretirement benefit cost were as follows: | ||||||||||||||||||||||||||||
Fiscal Year | |||||||||||||||||||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Service cost | $ | 1,445 | $ | 1,626 | $ | 1,256 | |||||||||||||||||||||||
Interest cost | 3,255 | 2,877 | 2,981 | ||||||||||||||||||||||||||
Recognized net actuarial loss | 2,293 | 2,943 | 2,339 | ||||||||||||||||||||||||||
Amortization of prior service cost | (1,513 | ) | (1,513 | ) | (1,513 | ) | |||||||||||||||||||||||
Net periodic postretirement benefit cost | $ | 5,480 | $ | 5,933 | $ | 5,063 | |||||||||||||||||||||||
Significant Assumptions Used | |||||||||||||||||||||||||||||
Significant Assumptions Used | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
Benefit obligation at the measurement date: | |||||||||||||||||||||||||||||
Discount rate | 4.13 | % | 4.96 | % | 4.11 | % | |||||||||||||||||||||||
Net periodic postretirement benefit cost for the fiscal year: | |||||||||||||||||||||||||||||
Discount rate | 4.96 | % | 4.11 | % | 4.94 | % | |||||||||||||||||||||||
A 1% Increase or Decrease in Annual Health Care Cost | A 1% increase or decrease in this annual health care cost trend would have impacted the postretirement benefit obligation and service cost and interest cost of the Company’s postretirement benefit plan as follows: | ||||||||||||||||||||||||||||
In Thousands | 1% | 1% | |||||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||||||
Increase (decrease) in: | |||||||||||||||||||||||||||||
Postretirement benefit obligation at December 28, 2014 | $ | 8,036 | $ | (7,495 | ) | ||||||||||||||||||||||||
Service cost and interest cost in 2014 | 563 | (515 | ) | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost | The amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 29, 2013, the activity during 2014, and the balances at December 28, 2014 are as follows: | ||||||||||||||||||||||||||||
In Thousands | Dec. 29, | Actuarial | Reclassification | Dec. 28, | |||||||||||||||||||||||||
2013 | Gain | Adjustments | 2014 | ||||||||||||||||||||||||||
(Loss) | |||||||||||||||||||||||||||||
Pension Plans: | |||||||||||||||||||||||||||||
Actuarial (loss) | $ | (71,787 | ) | $ | (53,597 | ) | $ | 1,743 | $ | (123,641 | ) | ||||||||||||||||||
Prior service (cost) credit | (199 | ) | 0 | 36 | (163 | ) | |||||||||||||||||||||||
Postretirement Medical: | |||||||||||||||||||||||||||||
Actuarial (loss) | (31,268 | ) | (9,324 | ) | 2,293 | (38,299 | ) | ||||||||||||||||||||||
Prior service (cost) credit | 5,674 | 8,682 | (1,513 | ) | 12,843 | ||||||||||||||||||||||||
$ | (97,580 | ) | $ | (54,239 | ) | $ | 2,559 | $ | (149,260 | ) | |||||||||||||||||||
Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Pension Costs or Postretirement Benefits Costs in 2015 | The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic cost during 2015 are as follows: | ||||||||||||||||||||||||||||
In Thousands | Pension | Postretirement | Total | ||||||||||||||||||||||||||
Plans | Medical | ||||||||||||||||||||||||||||
Actuarial loss | $ | 3,182 | $ | 2,870 | $ | 6,052 | |||||||||||||||||||||||
Prior service cost (credit) | 35 | (3,360 | ) | (3,325 | ) | ||||||||||||||||||||||||
$ | 3,217 | $ | (490 | ) | $ | 2,727 | |||||||||||||||||||||||
Multi-Employer Plans | The Company’s participation in the plan is outlined in the table below. The most recent Pension Protection Act (“PPA”) zone status available in 2014 and 2013 is for the plan’s years ending at December 31, 2013 and 2012, respectively. The plan is in the red zone which represents below 80% funded and does require a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”). | ||||||||||||||||||||||||||||
Pension Protection | FIP/RP Status | Contribution | Surcharge | ||||||||||||||||||||||||||
Act Zone Status | Pending/ | (In Thousands) | Imposed | ||||||||||||||||||||||||||
Pension Fund | 2014 | 2013 | Implemented | 2014 | 2013 | 2012 | |||||||||||||||||||||||
Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund (EIN/Pension Plan | Red | Green | Yes | $ | 655 | $ | 640 | $ | 606 | Yes | |||||||||||||||||||
No. 55-6021850) | |||||||||||||||||||||||||||||
Pension Plans [Member] | |||||||||||||||||||||||||||||
Anticipated Future Pension Benefit Payments | Cash Flows | ||||||||||||||||||||||||||||
In Thousands | |||||||||||||||||||||||||||||
Anticipated future pension benefit payments for the fiscal years: | |||||||||||||||||||||||||||||
2015 | $ | 8,763 | |||||||||||||||||||||||||||
2016 | 9,219 | ||||||||||||||||||||||||||||
2017 | 9,749 | ||||||||||||||||||||||||||||
2018 | 10,425 | ||||||||||||||||||||||||||||
2019 | 11,033 | ||||||||||||||||||||||||||||
2020 — 2024 | 65,333 | ||||||||||||||||||||||||||||
Postretirement Benefits [Member] | |||||||||||||||||||||||||||||
Anticipated Future Pension Benefit Payments | Cash Flows | ||||||||||||||||||||||||||||
In Thousands | |||||||||||||||||||||||||||||
Anticipated future postretirement benefit payments reflecting expected future service for the fiscal years: | |||||||||||||||||||||||||||||
2015 | $ | 2,998 | |||||||||||||||||||||||||||
2016 | 3,193 | ||||||||||||||||||||||||||||
2017 | 3,440 | ||||||||||||||||||||||||||||
2018 | 3,802 | ||||||||||||||||||||||||||||
2019 | 4,096 | ||||||||||||||||||||||||||||
2020 — 2024 | 22,522 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Summary of Significant Transactions between Company and The Coca-Cola Company | The following table summarizes the significant transactions between the Company and The Coca-Cola Company: | ||||||||||||
Fiscal Year | |||||||||||||
In Millions | 2014 | 2013 | 2012 | ||||||||||
Payments by the Company for concentrate, syrup, sweetener and other purchases | $ | 424 | $ | 410.6 | $ | 406.2 | |||||||
Marketing funding support payments to the Company | 46.5 | 43.5 | 43.2 | ||||||||||
Payments by the Company net of marketing funding support | $ | 377.5 | $ | 367.1 | $ | 363 | |||||||
Payments by the Company for customer marketing programs | $ | 61.1 | $ | 56.4 | $ | 56.8 | |||||||
Payments by the Company for cold drink equipment parts | 7.7 | 9.3 | 9.2 | ||||||||||
Fountain delivery and equipment repair fees paid to the Company | 13.5 | 12.7 | 11.9 | ||||||||||
Presence marketing support provided by The Coca-Cola Company on the Company’s behalf | 5.9 | 5.4 | 3.5 | ||||||||||
Payments to the Company to facilitate the distribution of certain brands and packages to other Coca-Cola bottlers | 3.9 | 4 | 2.6 | ||||||||||
Beacon [Member] | |||||||||||||
Minimum Rentals and Contingent Rental Payments | The minimum rentals and contingent rental payments that relate to this lease were as follows: | ||||||||||||
Fiscal Year | |||||||||||||
In Millions | 2014 | 2013 | 2012 | ||||||||||
Minimum rentals | $ | 3.5 | $ | 3.5 | $ | 3.5 | |||||||
Contingent rentals | 0.6 | 0.6 | 0.5 | ||||||||||
Total rental payments | $ | 4.1 | $ | 4.1 | $ | 4 | |||||||
Net_Sales_by_Product_Category_
Net Sales by Product Category (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Text Block [Abstract] | |||||||||||||
Net Sales by Product Category | Net sales in the last three fiscal years by product category were as follows: | ||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Bottle/can sales: | |||||||||||||
Sparkling beverages (including energy products) | $ | 1,124,802 | $ | 1,063,154 | $ | 1,073,071 | |||||||
Still beverages | 279,138 | 247,561 | 233,895 | ||||||||||
Total bottle/can sales | 1,403,940 | 1,310,715 | 1,306,966 | ||||||||||
Other sales: | |||||||||||||
Sales to other Coca-Cola bottlers | 162,346 | 166,476 | 152,401 | ||||||||||
Post-mix and other | 180,083 | 164,140 | 155,066 | ||||||||||
Total other sales | 342,429 | 330,616 | 307,467 | ||||||||||
Total net sales | $ | 1,746,369 | $ | 1,641,331 | $ | 1,614,433 | |||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of Basic Net Income Per Share and Diluted Net Income Per Share | The following table sets forth the computation of basic net income per share and diluted net income per share under the two-class method. See Note 1 to the consolidated financial statements for additional information related to net income per share. | ||||||||||||
Fiscal Year | |||||||||||||
In Thousands (Except Per Share Data) | 2014 | 2013 | 2012 | ||||||||||
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: | |||||||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | $ | 31,354 | $ | 27,675 | $ | 27,217 | |||||||
Less dividends: | |||||||||||||
Common Stock | 7,141 | 7,141 | 7,141 | ||||||||||
Class B Common Stock | 2,125 | 2,104 | 2,083 | ||||||||||
Total undistributed earnings | $ | 22,088 | $ | 18,430 | $ | 17,993 | |||||||
Common Stock undistributed earnings — basic | $ | 17,021 | $ | 14,234 | $ | 13,927 | |||||||
Class B Common Stock undistributed earnings — basic | 5,067 | 4,196 | 4,066 | ||||||||||
Total undistributed earnings | $ | 22,088 | $ | 18,430 | $ | 17,993 | |||||||
Common Stock undistributed earnings — diluted | $ | 16,948 | $ | 14,173 | $ | 13,867 | |||||||
Class B Common Stock undistributed earnings — diluted | 5,140 | 4,257 | 4,126 | ||||||||||
Total undistributed earnings — diluted | $ | 22,088 | $ | 18,430 | $ | 17,993 | |||||||
Numerator for basic net income per Common Stock share: | |||||||||||||
Dividends on Common Stock | $ | 7,141 | $ | 7,141 | $ | 7,141 | |||||||
Common Stock undistributed earnings — basic | 17,021 | 14,234 | 13,927 | ||||||||||
Numerator for basic net income per Common Stock share | $ | 24,162 | $ | 21,375 | $ | 21,068 | |||||||
Numerator for basic net income per Class B Common Stock share: | |||||||||||||
Dividends on Class B Common Stock | $ | 2,125 | $ | 2,104 | $ | 2,083 | |||||||
Class B Common Stock undistributed earnings — basic | 5,067 | 4,196 | 4,066 | ||||||||||
Numerator for basic net income per Class B Common Stock share | $ | 7,192 | $ | 6,300 | $ | 6,149 | |||||||
Numerator for diluted net income per Common Stock share: | |||||||||||||
Dividends on Common Stock | $ | 7,141 | $ | 7,141 | $ | 7,141 | |||||||
Dividends on Class B Common Stock assumed converted to Common Stock | 2,125 | 2,104 | 2,083 | ||||||||||
Common Stock undistributed earnings — diluted | 22,088 | 18,430 | 17,993 | ||||||||||
Numerator for diluted net income per Common Stock share | $ | 31,354 | $ | 27,675 | $ | 27,217 | |||||||
Fiscal Year | |||||||||||||
In Thousands (Except Per Share Data) | 2014 | 2013 | 2012 | ||||||||||
Numerator for diluted net income per Class B Common Stock share: | |||||||||||||
Dividends on Class B Common Stock | $ | 2,125 | $ | 2,104 | $ | 2,083 | |||||||
Class B Common Stock undistributed earnings — diluted | 5,140 | 4,257 | 4,126 | ||||||||||
Numerator for diluted net income per Class B Common Stock share | $ | 7,265 | $ | 6,361 | $ | 6,209 | |||||||
Denominator for basic net income per Common Stock and Class B Common Stock share: | |||||||||||||
Common Stock weighted average shares outstanding — basic | 7,141 | 7,141 | 7,141 | ||||||||||
Class B Common Stock weighted average shares outstanding — basic | 2,126 | 2,105 | 2,085 | ||||||||||
Denominator for diluted net income per Common Stock and Class B Common Stock share: | |||||||||||||
Common Stock weighted average shares outstanding — diluted (assumes conversion of Class B Common Stock to Common Stock) | 9,307 | 9,286 | 9,266 | ||||||||||
Class B Common Stock weighted average shares outstanding — diluted | 2,166 | 2,145 | 2,125 | ||||||||||
Basic net income per share: | |||||||||||||
Common Stock | $ | 3.38 | $ | 2.99 | $ | 2.95 | |||||||
Class B Common Stock | $ | 3.38 | $ | 2.99 | $ | 2.95 | |||||||
Diluted net income per share: | |||||||||||||
Common Stock | $ | 3.37 | $ | 2.98 | $ | 2.94 | |||||||
Class B Common Stock | $ | 3.35 | $ | 2.97 | $ | 2.92 | |||||||
NOTES TO TABLE | |||||||||||||
-1 | For purposes of the diluted net income per share computation for Common Stock, shares of Class B Common Stock are assumed to be converted; therefore, 100% of undistributed earnings is allocated to Common Stock. | ||||||||||||
-2 | For purposes of the diluted net income per share computation for Class B Common Stock, weighted average shares of Class B Common Stock are assumed to be outstanding for the entire period and not converted. | ||||||||||||
-3 | Denominator for diluted net income per share for Common Stock and Class B Common Stock includes the diluted effect of shares relative to the Performance Unit Award. |
Supplemental_Disclosures_of_Ca1
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | |||||||||||||
Summary of Changes in Current Assets and Current Liabilities Affecting Cash Flows | Changes in current assets and current liabilities affecting cash were as follows: | ||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Accounts receivable, trade, net | $ | (20,116 | ) | $ | (2,086 | ) | $ | 1,991 | |||||
Accounts receivable from The Coca-Cola Company | (4,892 | ) | (2,328 | ) | (6,221 | ) | |||||||
Accounts receivable, other | 605 | (2,260 | ) | 2,998 | |||||||||
Inventories | (5,287 | ) | 3,937 | 234 | |||||||||
Prepaid expenses and other current assets | (15,155 | ) | 6,148 | (1,785 | ) | ||||||||
Accounts payable, trade | 13,051 | (814 | ) | 1,259 | |||||||||
Accounts payable to The Coca-Cola Company | 25,116 | (1,961 | ) | (6,320 | ) | ||||||||
Other accrued liabilities | (14,399 | ) | 2,509 | 6,936 | |||||||||
Accrued compensation | 5,145 | (2,296 | ) | 2,008 | |||||||||
Accrued interest payable | (399 | ) | (6 | ) | (1,388 | ) | |||||||
(Increase) decrease in current assets less current liabilities | $ | (16,331 | ) | $ | 843 | $ | (288 | ) | |||||
Cash Payments for Interest and Income Taxes | Cash payments for interest and income taxes were as follows: | ||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Interest | $ | 28,021 | $ | 28,209 | $ | 35,149 | |||||||
Income taxes | 31,009 | 15,906 | 14,119 |
Segments_Tables
Segments (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Summary of Financial Information by Reportable Segment | The Company’s segment results are as follows: | ||||||||||||
Fiscal Year | |||||||||||||
In Thousands | 2014 | 2013 | 2012 | ||||||||||
Net Sales: | |||||||||||||
Nonalcoholic Beverages | $ | 1,710,040 | $ | 1,613,309 | $ | 1,592,289 | |||||||
All Other | 123,194 | 108,224 | 99,516 | ||||||||||
Eliminations* | (86,865 | ) | (80,202 | ) | (77,372 | ) | |||||||
Consolidated | $ | 1,746,369 | $ | 1,641,331 | $ | 1,614,433 | |||||||
Operating Income: | |||||||||||||
Nonalcoholic Beverages | $ | 82,297 | $ | 66,084 | $ | 81,333 | |||||||
All Other | 3,670 | 7,563 | 7,353 | ||||||||||
Consolidated | $ | 85,967 | $ | 73,647 | $ | 88,686 | |||||||
Depreciation and Amortization: | |||||||||||||
Nonalcoholic Beverages | $ | 58,103 | $ | 56,266 | $ | 58,797 | |||||||
All Other | 3,027 | 2,405 | 2,787 | ||||||||||
Consolidated | $ | 61,130 | $ | 58,671 | $ | 61,584 | |||||||
Capital Expenditures: | |||||||||||||
Nonalcoholic Beverages | $ | 69,635 | $ | 47,241 | $ | 57,421 | |||||||
All Other | 16,739 | 6,923 | 4,049 | ||||||||||
Consolidated | $ | 86,374 | $ | 54,164 | $ | 61,470 | |||||||
Total Assets: | |||||||||||||
Nonalcoholic Beverages | $ | 1,399,057 | $ | 1,252,286 | |||||||||
All Other | 44,629 | 36,671 | |||||||||||
Eliminations | (10,610 | ) | (12,801 | ) | |||||||||
Consolidated | $ | 1,433,076 | $ | 1,276,156 | |||||||||
* | NOTE - The entire net sales elimination for each year presented represent net sales from the All Other segment to the Nonalcoholic Beverages segment. Sales between these segments are either recognized at fair market value or cost depending on the nature of the transaction. |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Data | Set forth below are unaudited quarterly financial data for the fiscal years ended December 28, 2014 and December 29, 2013. Net sales in the third and fourth quarters of fiscal year ended December 28, 2014 include the sales in the May and October Expansion Territories. | ||||||||||||||||
In Thousands (except per share data) | Quarter | ||||||||||||||||
Year Ended December 28, 2014 | 1(1) | 2(2)(3) | 3(3)(4) | 4(3)(5)(6) | |||||||||||||
Net sales | $ | 388,582 | $ | 459,473 | $ | 457,676 | $ | 440,638 | |||||||||
Gross margin | 156,333 | 185,520 | 184,942 | 178,444 | |||||||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | 2,449 | 13,783 | 12,132 | 2,990 | |||||||||||||
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||||||||
Common Stock | $ | 0.26 | $ | 1.49 | $ | 1.31 | $ | 0.32 | |||||||||
Class B Common Stock | $ | 0.26 | $ | 1.49 | $ | 1.31 | $ | 0.32 | |||||||||
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||||||||
Common Stock | $ | 0.26 | $ | 1.48 | $ | 1.3 | $ | 0.32 | |||||||||
Class B Common Stock | $ | 0.26 | $ | 1.48 | $ | 1.3 | $ | 0.32 | |||||||||
In Thousands (except per share data) | Quarter | ||||||||||||||||
Year Ended December 29, 2013 | 1 | 2(7) | 3(8)(9)(10) | 4(11)(12) | |||||||||||||
Net sales | $ | 383,551 | $ | 428,979 | $ | 434,464 | $ | 394,337 | |||||||||
Gross margin | 153,699 | 170,315 | 176,112 | 158,514 | |||||||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | 4,862 | 11,229 | 16,169 | (4,585 | ) | ||||||||||||
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||||||||
Common Stock | $ | 0.53 | $ | 1.21 | $ | 1.75 | $ | (.50 | ) | ||||||||
Class B Common Stock | $ | 0.53 | $ | 1.21 | $ | 1.75 | $ | (.50 | ) | ||||||||
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||||||||
Common Stock | $ | 0.52 | $ | 1.21 | $ | 1.74 | $ | (.50 | ) | ||||||||
Class B Common Stock | $ | 0.52 | $ | 1.21 | $ | 1.74 | $ | (.50 | ) | ||||||||
The unvested performance units granted to Mr. Harrison in 2013 were excluded from the computation of diluted net earnings per share from the fourth quarter 2013 calculation, because their effect would have been anti-dilutive. | |||||||||||||||||
Sales are seasonal with the highest sales volume occurring in the second and third quarters. | |||||||||||||||||
-1 | Net income in the first quarter of 2014 included $2.0 million ($1.2 million, net of tax, or $.13 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-2 | Net income in the second quarter of 2014 included $3.1 million ($1.9 million, net of tax, or $.20 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-3 | Net sales for the second, third, and fourth quarters of 2014 included $4.3 million, $11.8 million and $29.0 million, respectively, of sales related to the Expansion Territories. | ||||||||||||||||
-4 | Net income in the third quarter of 2014 included $2.6 million ($1.6 million, net of tax, or $.17 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-5 | Net income in the fourth quarter of 2014 included $5.2 million ($3.2 million, net of tax, or $.34 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-6 | Net income in the fourth quarter of 2014 included $1.1 million ($0.7 million, net of tax, or $0.07 per basic common share) expense related to the fair value adjustment for the acquisition related contingent consideration. | ||||||||||||||||
-7 | Net income in the second quarter of 2013 included $1.1 million ($0.6 million, net of tax, or $.07 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-8 | Net income in the third quarter of 2013 included $1.6 million ($1.0 million, net of tax, or $.11 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-9 | Net income in the third quarter of 2013 included a $3.1 million ($1.9 million, net of tax, or $0.20 per basic common share) credit related to a refund of 2012 cooperative trade marketing funds paid by the Company to The Coca-Cola Company that were not spent in 2012. | ||||||||||||||||
-10 | Net income in the third quarter of 2013 included a $2.3 million reduction to income tax expense ($0.24 per basic common share) related to state tax legislation enacted during 2013. | ||||||||||||||||
-11 | Net income in the fourth quarter of 2013 included $1.7 million, ($1.1 million net of tax, or $.12 per basic common share) expenses related to the Company’s franchise territory expansion. | ||||||||||||||||
-12 | Net income in the fourth quarter of 2013 included a $12.0 million ($7.3 million, net of tax, or $0.79 per basic common share) noncash settlement charge related to a voluntary lump-sum pension distribution. |
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Apr. 29, 2008 | |
Vote | ||||
Pension_Plan | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net income attributable to noncontrolling interest | $4,728,000 | $4,427,000 | $4,242,000 | |
Noncontrolling interest | 73,334,000 | 68,606,000 | 64,200,000 | |
Period of collection of trade account receivable | 30 days | |||
Amortization expenses of internal-use software | 7,600,000 | 7,500,000 | 7,300,000 | |
Number of nonunion noncontributory pension plans | 1 | |||
Number of union noncontributory pension plans | 1 | |||
Percentage of maximum tax benefit | 50.00% | |||
Cost of marketing programs and sales incentives | 61,700,000 | 57,100,000 | 58,100,000 | |
Shipping and handling costs | 211,600,000 | 201,000,000 | 200,000,000 | |
Number of votes per share | 1 | |||
Percentage control of total voting power | 86.00% | |||
Class B Common Stock is convertible into Common Stock Ratio | One-for-one per share | |||
Nonalcoholic Beverages [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Percentage of service revenue | 1.00% | |||
Delivery fees in net sales | $6,200,000 | $6,300,000 | $7,000,000 | |
All Other [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Percentage of third party freight revenue | 2.00% | |||
Class B Common Stock [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Performance units authorized | 400,000 | |||
Term of performance unit award agreement | 10 years | |||
Common B stock per performance unit | 1 | |||
Annual performance units granted | 40,000 | |||
Maximum overall goal achievement factor | 100.00% | |||
Number of votes per share | 20 |
Piedmont_CocaCola_Bottling_Par1
Piedmont Coca-Cola Bottling Partnership - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Noncontrolling Interest [Abstract] | |||
Minority interest | 22.70% | 22.70% | 22.70% |
Subsidiary's intercompany interest rate over the Company's average rate | 0.50% | ||
Amounts outstanding under financing agreement with subsidiary | $0 | $0 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | 23-May-14 | Oct. 24, 2014 | |
Business Acquisition [Line Items] | |||||||||||||
Cash purchase | $41,588,000 | $0 | $0 | ||||||||||
Goodwill | 106,220,000 | 102,049,000 | 106,220,000 | 102,049,000 | |||||||||
Net sales | 440,638,000 | 457,676,000 | 459,473,000 | 388,582,000 | 394,337,000 | 434,464,000 | 428,979,000 | 383,551,000 | 1,746,369,000 | 1,641,331,000 | 1,614,433,000 | ||
Operating Income | 85,967,000 | 73,647,000 | 88,686,000 | ||||||||||
Contingent consideration liability | 46,850,000 | 0 | 46,850,000 | 0 | |||||||||
Fair value adjustment to contingent consideration liability | 1,077,000 | 0 | 0 | ||||||||||
Johnson City And Morristown Territory Acquisition [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Effective date of business acquisition | 23-May-14 | ||||||||||||
Cash purchase | 12,200,000 | ||||||||||||
Goodwill | 782,000 | ||||||||||||
Goodwill recognized, expected to be deductible for tax purposes | 100,000 | ||||||||||||
Knoxville Tennessee Territory Acquisition [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Effective date of business acquisition | 24-Oct-14 | ||||||||||||
Cash purchase | 29,500,000 | ||||||||||||
Goodwill | 3,389,000 | ||||||||||||
Goodwill recognized, expected to be deductible for tax purposes | 2,800,000 | 2,800,000 | 2,800,000 | ||||||||||
Net sales | 45,100,000 | ||||||||||||
Operating Income | 3,400,000 | ||||||||||||
Asset Purchase Agreements [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contingent consideration liability | 46,900,000 | 46,900,000 | |||||||||||
Contingent consideration liability range, low | 3,100,000 | 3,100,000 | |||||||||||
Contingent consideration liability range, high | 5,200,000 | 5,200,000 | |||||||||||
Fair value adjustment to contingent consideration liability | 1,077,000 | ||||||||||||
Sub-bottling payments | $200,000 |
Acquisitions_Summary_of_Fair_V
Acquisitions - Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | 23-May-14 | Oct. 24, 2014 |
In Thousands, unless otherwise specified | ||||
Business Acquisition [Line Items] | ||||
Goodwill | $106,220 | $102,049 | ||
Johnson City And Morristown Territory Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 46 | |||
Inventories | 1,361 | |||
Prepaid expenses and other current assets | 333 | |||
Property, plant and equipment | 8,495 | |||
Other assets (including deferred taxes) | 473 | |||
Goodwill | 782 | |||
Other identifiable intangible assets | 13,800 | |||
Total acquired assets | 25,290 | |||
Current liabilities (acquisition related contingent consideration) | 1,005 | |||
Other accrued liabilities (including deferred taxes) | 81 | |||
Other liabilities (acquisition related contingent consideration) | 11,995 | |||
Total assumed liabilities | 13,081 | |||
Knoxville Tennessee Territory Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 108 | |||
Inventories | 2,084 | |||
Prepaid expenses and other current assets | 1,796 | |||
Property, plant and equipment | 17,152 | |||
Other assets (including deferred taxes) | 1,106 | |||
Goodwill | 3,389 | |||
Other identifiable intangible assets | 40,400 | |||
Total acquired assets | 66,035 | |||
Current liabilities (acquisition related contingent consideration) | 2,426 | |||
Accounts payable to The Coca-Cola Company | 242 | |||
Other accrued liabilities (including deferred taxes) | 3,060 | |||
Other liabilities (acquisition related contingent consideration) | 30,774 | |||
Total assumed liabilities | $36,502 |
Acquisitions_Summary_of_Fair_V1
Acquisitions - Summary of Fair Value Acquired Identifiable Intangible Assets (Detail) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | 23-May-14 | Oct. 24, 2014 | Dec. 28, 2014 |
Distribution Agreements [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Additions to other identifiable intangible related to acquisition | $52,600 | ||
Johnson City And Morristown Territory Acquisition [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Additions to other identifiable intangible related to acquisition | 13,800 | ||
Johnson City And Morristown Territory Acquisition [Member] | Distribution Agreements [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Additions to other identifiable intangible related to acquisition | 13,200 | ||
Estimated useful life | 40 years | ||
Johnson City And Morristown Territory Acquisition [Member] | Customer Lists [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Additions to other identifiable intangible related to acquisition | 600 | ||
Estimated useful life | 12 years | ||
Knoxville Tennessee Territory Acquisition [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Additions to other identifiable intangible related to acquisition | 40,400 | ||
Knoxville Tennessee Territory Acquisition [Member] | Distribution Agreements [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Additions to other identifiable intangible related to acquisition | 39,400 | ||
Estimated useful life | 40 years | ||
Knoxville Tennessee Territory Acquisition [Member] | Customer Lists [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Additions to other identifiable intangible related to acquisition | $1,000 | ||
Estimated useful life | 12 years |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Finished products | $42,526 | $35,360 |
Manufacturing materials | 10,133 | 9,127 |
Plastic shells, plastic pallets and other inventories | 18,081 | 17,500 |
Total inventories | $70,740 | $61,987 |
Property_Plant_and_Equipment_P
Property, Plant and Equipment - Principal Categories and Estimated Useful Lives of Property, Plant and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 1,044,210 | $957,648 |
Less: Accumulated depreciation and amortization | 685,978 | 654,650 |
Property, plant and equipment, net | 358,232 | 302,998 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 120,533 | 113,864 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 154,897 | 144,662 |
Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 190,216 | 164,403 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 45,623 | 42,605 |
Cold Drink Dispensing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 345,391 | 317,143 |
Leasehold and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 75,104 | 73,742 |
Software for Internal Use [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 91,156 | 81,718 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 14,762 | 12,307 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 6,528 | $7,204 |
Minimum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 8 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Minimum [Member] | Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 4 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 3 years | |
Minimum [Member] | Cold Drink Dispensing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Minimum [Member] | Leasehold and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Minimum [Member] | Software for Internal Use [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 3 years | |
Maximum [Member] | Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 50 years | |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 20 years | |
Maximum [Member] | Transportation Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 20 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 10 years | |
Maximum [Member] | Cold Drink Dispensing Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 17 years | |
Maximum [Member] | Leasehold and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 20 years | |
Maximum [Member] | Software for Internal Use [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 10 years |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $60,397,000 | $58,338,000 | $61,168,000 |
Depreciation expense reduction due to change in useful lives | 1,700,000 | ||
Change to earnings per share basic for depreciation expense reduction from change in useful lives | $0.11 | ||
Change to earnings per share diluted for depreciation expense reduction from change in useful lives | $0.11 | ||
Impairment expense | $0 | $0 | $0 |
Class B Common Stock [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Change to earnings per share basic for depreciation expense reduction from change in useful lives | $0.11 | ||
Change to earnings per share diluted for depreciation expense reduction from change in useful lives | $0.11 |
Leased_Property_Under_Capital_2
Leased Property Under Capital Leases - Leased Property Under Capital Leases (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Capital Leased Assets [Line Items] | ||
Leased property under capital leases | 94,793 | $94,889 |
Less: Accumulated amortization | 51,822 | 45,908 |
Leased property under capital leases, net | 42,971 | $48,981 |
Minimum [Member] | Assets Held under Capital Leases [Member] | ||
Capital Leased Assets [Line Items] | ||
Leased property under capital leases, Estimated Useful Lives | 3 years | |
Maximum [Member] | Assets Held under Capital Leases [Member] | ||
Capital Leased Assets [Line Items] | ||
Leased property under capital leases, Estimated Useful Lives | 20 years |
Leased_Property_Under_Capital_3
Leased Property Under Capital Leases - Additional Information (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Millions, unless otherwise specified | ||
Leases [Abstract] | ||
Real estate leased under capital leases | $42.50 | |
Real estate leased from related parties | 28 | |
Company's outstanding obligations for capital leases | $59 | $65 |
Franchise_Rights_and_Goodwill_1
Franchise Rights and Goodwill - Summary of Franchise Rights and Goodwill (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Franchise rights | $520,672 | $520,672 |
Goodwill | 106,220 | 102,049 |
Total franchise rights and goodwill | $626,892 | $622,721 |
Franchise_Rights_and_Goodwill_2
Franchise Rights and Goodwill - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Impairment of the carrying value of franchise rights and goodwill | $0 | $0 | $0 |
Goodwill acquired during the period | 4,200,000 | ||
Activity for franchise rights or goodwill | $0 | $0 |
Other_Identifiable_Intangible_2
Other Identifiable Intangible Assets - Other Identifiable Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Finite-Lived Intangible Assets [Line Items] | ||
Total other identifiable intangible assets, at cost | 62,347 | $8,547 |
Less: Accumulated amortization | 5,199 | 4,866 |
Other identifiable intangible assets, net | 57,148 | 3,681 |
Distribution Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other identifiable intangible assets, at cost | 54,909 | 2,309 |
Customer lists and other identifiable intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other identifiable intangible assets, at cost | 7,438 | $6,238 |
Minimum [Member] | Distribution Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer lists and other identifiable intangible assets, Estimated Useful Lives | 20 years | |
Minimum [Member] | Customer lists and other identifiable intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer lists and other identifiable intangible assets, Estimated Useful Lives | 12 years | |
Maximum [Member] | Distribution Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer lists and other identifiable intangible assets, Estimated Useful Lives | 40 years | |
Maximum [Member] | Customer lists and other identifiable intangible assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Customer lists and other identifiable intangible assets, Estimated Useful Lives | 20 years |
Other_Identifiable_Intangible_3
Other Identifiable Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Amortization of intangibles | $733,000 | $333,000 | $416,000 |
Impairment of finite-lived identifiable intangible assets | 0 | ||
Amortization expense for 2015 | 1,800,000 | ||
Amortization expense for 2016 | 1,800,000 | ||
Amortization expense for 2017 | 1,800,000 | ||
Amortization expense for 2018 | 1,800,000 | ||
Amortization expense for 2019 | 1,800,000 | ||
Distribution Agreements [Member] | |||
Acquisition of intangible assets | 52,600,000 | ||
Customer lists and other identifiable intangible assets [Member] | |||
Acquisition of intangible assets | $1,600,000 |
Other_Accrued_Liabilities_Summ
Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accrued marketing costs | $16,141 | $13,613 |
Accrued insurance costs | 21,055 | 21,132 |
Accrued taxes (other than income taxes) | 2,430 | 1,207 |
Employee benefit plan accruals | 12,517 | 17,643 |
Checks and transfers yet to be presented for payment from zero balance cash accounts | 2,324 | 11,237 |
Accrued income taxes | 0 | 2,515 |
All other accrued expenses | 14,308 | 10,275 |
Total other accrued liabilities | $68,775 | $77,622 |
Debt_Summary_of_Debt_Detail
Debt - Summary of Debt (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Debt Instrument [Line Items] | ||
Total debt | $444,759 | $398,566 |
Total debt | 444,759 | 398,566 |
Less: Current portion of debt | 0 | 20,000 |
Long-term debt | 444,759 | 378,566 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2019 | |
Interest Rate, Term | Variable | |
Interest Paid | Varies | |
Line of credit | 71,000 | 5,000 |
Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2014 | |
Interest Rate, Term | Variable | |
Interest Paid | Varies | |
Line of credit | 0 | 20,000 |
5.30% Senior Notes 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2015 | |
Interest Rate | 5.30% | |
Interest Paid | Semi-annually | |
Senior Notes | 100,000 | 100,000 |
5.00% Senior Notes 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2016 | |
Interest Rate | 5.00% | |
Interest Paid | Semi-annually | |
Senior Notes | 164,757 | 164,757 |
7.00% Senior Notes 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity | 2019 | |
Interest Rate | 7.00% | |
Interest Paid | Semi-annually | |
Senior Notes | 110,000 | 110,000 |
Unamortized discount on Senior Notes | ($998) | ($1,191) |
Debt_Principal_Maturities_of_D
Debt - Principal Maturities of Debt Outstanding (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $100,000 | |
2016 | 164,757 | |
2017 | 0 | |
2018 | 0 | |
2019 | 180,002 | |
Thereafter | 0 | |
Total debt | $444,759 | $398,566 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Oct. 16, 2014 | |
Debt Instrument [Line Items] | ||||
Debt and capital lease obligations | $503,800,000 | |||
Debt and capital lease obligations financed through publicly offered debt | 373,800,000 | |||
Company's outstanding obligations for capital leases | 59,000,000 | 65,000,000 | ||
Unsecured revolving credit agreement | 350,000,000 | 200,000,000 | 200,000,000 | |
Unsecured revolving credit agreement, maximum borrowing capacity | 450,000,000 | |||
Weighted average interest rate on debt and capital lease obligations spot rate | 5.80% | 6.20% | ||
Overall weighted average interest rate on debt and capital lease obligations | 5.70% | 5.80% | 6.10% | |
Debt and capital lease obligations subject to changes in short-term interest rates | 71,000,000 | |||
Debt issued by subsidiaries | 0 | |||
Guarantees of company debt | 0 | |||
350 Million Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Unsecured revolving credit agreement | 350,000,000 | |||
Period of unsecured revolving credit agreement | 5 years | |||
Maturity date of debt instruments | 16-Oct-19 | |||
Letters of credit | 50,000,000 | |||
Annual facility fee, percentage | 0.15% | |||
Outstanding borrowing on uncommitted line of credit | 71,000,000 | |||
Amount available to meet cash requirements under the revolving credit facility | 279,000,000 | |||
200 Million Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowing on uncommitted line of credit | 5,000,000 | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowing on uncommitted line of credit | 0 | 20,000,000 | ||
Uncommitted line of credit, weighted average interest rate | 0.88% | |||
5.30% Senior Notes 2015 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date of debt instruments | 30-Apr-15 | |||
Senior notes, amount | $100,000,000 | $100,000,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Summary of Pre-Tax Changes in Fair Value (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total | $0 | ($500) | $500 |
Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total | $0 | ($500) | $500 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Additional Information (Detail) (Commodity Hedging Agreements [Member], USD $) | Dec. 28, 2014 |
In Millions, unless otherwise specified | |
Commodity Hedging Agreements [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional amount for hedging commodity costs | $22.30 |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments - Debt, Deferred Compensation Plan Assets and Liabilities and Acquisition Related Contingent Consideration (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Acquisition related contingent consideration | ($46,850) | $0 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Public debt securities | -404,400 | -409,434 |
Non-public variable rate debt | -71,000 | -25,000 |
Deferred compensation plan assets | 18,580 | 17,098 |
Deferred compensation plan liabilities | -18,580 | -17,098 |
Acquisition related contingent consideration | -46,850 | 0 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Public debt securities | -373,759 | -373,566 |
Non-public variable rate debt | -71,000 | -25,000 |
Deferred compensation plan assets | 18,580 | 17,098 |
Deferred compensation plan liabilities | -18,580 | -17,098 |
Acquisition related contingent consideration | ($46,850) | $0 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments - Deferred Compensation Plan and Acquisition Related Contingent Consideration (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||
Acquisition related contingent consideration | $46,850 | $0 |
Level 1 [Member] | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||
Deferred compensation plan assets | 18,580 | 17,098 |
Deferred compensation plan liabilities | 18,580 | 17,098 |
Level 2 [Member] | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||
Deferred compensation plan assets | ||
Deferred compensation plan liabilities | ||
Acquisition related contingent consideration | ||
Level 3 [Member] | ||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | ||
Acquisition related contingent consideration | $46,850 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Summary of Reconciliation of Acquisition Related Contingent Consideration (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Opening balance | $0 | ||
Payments made | -212 | ||
Accrual of fourth quarter payment | -215 | ||
Fair value adjustment | 1,077 | 0 | 0 |
Ending balance | 46,850 | 0 | |
Johnson City And Morristown Territory Acquisition [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Increase due to the purchase | 13,000 | ||
Knoxville Tennessee Territory Acquisition [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Increase due to the purchase | $33,200 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Fair Value Disclosures [Abstract] | |||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $0 | $0 | $0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $0 | $0 | $0 |
Other_Liabilities_Summary_of_O
Other Liabilities - Summary of Other Liabilities (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Accruals for executive benefit plans | $117,965 | $109,386 |
Acquisition related contingent consideration | 43,850 | 0 |
Other | 15,435 | 16,405 |
Total other liabilities | $177,250 | $125,791 |
Other_Liabilities_Additional_I
Other Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term liability under plan | $117,965 | $109,386 | |
Current liability under plan | 12,517 | 17,643 | |
Supplemental Savings Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contributions vesting period | 5 years | ||
Company maximum contribution percentage under plan | 50.00% | 50.00% | 50.00% |
Company actual contribution percentage under plan | 50.00% | 50.00% | 50.00% |
Participant contributions percentage under plan | 6.00% | 6.00% | 6.00% |
Long-term liability under plan | 68,700 | 65,100 | |
Current liability under plan | 5,500 | 5,700 | |
Retention Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term liability under plan | 43,900 | 40,000 | |
Current liability under plan | 1,700 | 1,700 | |
Annuity to eligible participants installment payment period one | 10 years | ||
Annuity to eligible participants installment payment period two | 15 years | ||
Annuity to eligible participants installment payment period three | 20 years | ||
Vested percentage until age 50 under plan | 50.00% | ||
Age vesting percentage increases | 50 years | ||
Annual vested percentage increase under plan after age 50 | 5.00% | ||
Fully vested age | 60 years | ||
Performance Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term liability under plan | 4,500 | 3,400 | |
Current liability under plan | $3,900 | $3,300 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Loss Contingencies [Line Items] | |||
Rental expense for noncancellable operating leases | $7.60 | $7.10 | $5.90 |
Letters of credit totaled | 23.4 | ||
Long-term marketing contractual arrangements | 41.4 | ||
Southeastern [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase requirements of plastic bottles | 80.00% | ||
Maximum aggregate exposure of debt guarantees | 25.3 | ||
Maximum aggregate exposure of debt guarantees and equity investment | 43.7 | ||
Number of years reporting entity purchasing plastic bottles | More than ten years | ||
Assets of guarantee | 308 | ||
Debt of guarantee | 123 | ||
Revenues of guarantee | 665 | ||
SAC [Member] | |||
Loss Contingencies [Line Items] | |||
Cases of finished product obligated to purchase on an annual basis | 17,500,000 | ||
Maximum aggregate exposure of debt guarantees | 23.9 | ||
Maximum aggregate exposure of debt guarantees and equity investment | 28.1 | ||
Number of years reporting entity purchasing finished products | More than ten years | ||
Assets of guarantee | 40 | ||
Debt of guarantee | 21 | ||
Revenues of guarantee | 181 | ||
SAC and Southeastern [Member] | |||
Loss Contingencies [Line Items] | |||
Related party debt guarantee | $30.90 | $29.30 | |
Guaranteed portion of SAC's and Southeastern's debt, collateral held | The Company holds no assets as collateral against the SAC or Southeastern guarantees |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments for all Capital Leases and Noncancellable Operating Leases (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Capital Leases, 2015 | $10,783 | |
Capital Leases, 2016 | 10,323 | |
Capital Leases, 2017 | 10,292 | |
Capital Leases, 2018 | 10,138 | |
Capital Leases, 2019 | 9,860 | |
Capital Leases, Thereafter | 24,847 | |
Total Capital Leases | 76,243 | |
Less: Amounts representing interest | 17,193 | |
Present value of minimum lease payments | 59,050 | |
Less: Current portion of obligations under capital leases | 6,446 | 5,939 |
Long-term portion of obligations under capital leases | 52,604 | 59,050 |
Operating Leases, 2015 | 5,665 | |
Operating Leases, 2016 | 5,919 | |
Operating Leases, 2017 | 5,047 | |
Operating Leases, 2018 | 4,374 | |
Operating Leases, 2019 | 4,209 | |
Operating Leases, Thereafter | 28,485 | |
Total Operating Leases | 53,699 | |
Total Capital And Operating Leases [Member] | ||
Total future minimum payments due in 2015 | 16,448 | |
Total future minimum payments due in 2016 | 16,242 | |
Total future minimum payments due in 2017 | 15,339 | |
Total future minimum payments due in 2018 | 14,512 | |
Total future minimum payments due in 2019 | 14,069 | |
Total future minimum payments due, in Thereafter | 53,332 | |
Total minimum lease payments | $129,942 |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of the Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Current: | |||
Federal | $13,153 | $18,938 | $12,871 |
State | 2,163 | 3,221 | 1,880 |
Total current provision | 15,316 | 22,159 | 14,751 |
Deferred: | |||
Federal | 3,638 | -7,701 | 5,667 |
State | 582 | -2,316 | 1,471 |
Total deferred provision (benefit) | 4,220 | -10,017 | 7,138 |
Income tax expense | $19,536 | $12,142 | $21,889 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Income Tax [Line Items] | ||||||
Tax rate | 35.10% | 27.40% | 41.00% | |||
Effective income tax rate with noncontrolling interest | 38.40% | 30.50% | 44.60% | |||
Uncertain tax positions | $2,900,000 | $2,800,000 | ||||
Uncertain tax positions that would affect tax rate | 2,900,000 | 2,800,000 | ||||
Time period that uncertain tax positions not expected to materially change | 12 months | |||||
Reduction of liability for uncertain tax positions | 600,000 | 3,400,000 | 200,000 | |||
Decrease in income tax expense | 600,000 | 900,000 | 200,000 | |||
Credit to income tax expense | 400,000 | |||||
Decrease in corporate income tax expense due to state tax rate change | 2,300,000 | |||||
Net operating loss carryforwards expiration ending year | 2033 | |||||
Valuation allowance for deferred tax assets | 3,640,000 | 3,553,000 | ||||
Valuation allowance included in net current income tax assets | 200,000 | 200,000 | ||||
State Tax Legislation [Member] | ||||||
Income Tax [Line Items] | ||||||
Federal net operating losses | 71,300,000 | |||||
Net operating loss carryforwards expiration ending year | 2033 | |||||
Domestic Tax Authority [Member] | ||||||
Income Tax [Line Items] | ||||||
Federal net operating losses | $3,300,000 | |||||
Net operating loss carryforwards expiration ending year | 2032 | |||||
Earliest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Income Tax [Line Items] | ||||||
Tax year open for examination | 2011 | |||||
Earliest Tax Year [Member] | State Tax Legislation [Member] | ||||||
Income Tax [Line Items] | ||||||
Tax year open for examination | 1997 | |||||
State [Member] | ||||||
Income Tax [Line Items] | ||||||
State tax rate | 6.00% | 6.90% | ||||
Tax rate after future reduction | 5.00% |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Expense at Statutory Federal Rate to Actual Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Income Tax Disclosure [Abstract] | |||
Statutory expense | $19,474 | $15,485 | $18,672 |
State income taxes, net of federal benefit | 2,133 | 1,811 | 2,191 |
Noncontrolling interest - Piedmont | -1,835 | -1,674 | -1,694 |
Adjustment for uncertain tax positions | 30 | -167 | 761 |
Adjustment for state tax legislation | 0 | -2,261 | 0 |
Valuation allowance change | 1,203 | 321 | 1,767 |
Capital loss carryover | -854 | 0 | 0 |
Manufacturing deduction benefit | -1,470 | -1,995 | -1,330 |
Meals and entertainment | 1,204 | 1,127 | 1,184 |
Other, net | -349 | -505 | 338 |
Income tax expense | $19,536 | $12,142 | $21,889 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of the Beginning and Ending Balances of the Total Amounts of Uncertain Tax Positions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Income Tax Disclosure [Abstract] | |||
Gross uncertain tax positions at the beginning of the year | $2,630 | $4,950 | $4,281 |
Increase as a result of tax positions taken during a prior period | 0 | 55 | 315 |
Decrease as a result of tax positions taken during a prior period | 0 | -33 | 0 |
Increase as a result of tax positions taken in the current period | 498 | 578 | 538 |
Reduction as a result of the expiration of the applicable statute of limitations | -508 | -2,920 | -184 |
Gross uncertain tax positions at the end of the year | $2,620 | $2,630 | $4,950 |
Income_Taxes_Temporary_Differe
Income Taxes - Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Intangible assets | $139,744 | $122,608 |
Depreciation | 77,311 | 69,905 |
Investment in Piedmont | 42,271 | 42,071 |
Inventory | 10,777 | 10,082 |
Prepaid expenses | 4,237 | 4,357 |
Patronage dividend | 4,361 | 4,046 |
Debt exchange premium | 634 | 1,085 |
Other | 161 | 446 |
Deferred income tax liabilities | 279,496 | 254,600 |
Deferred compensation | -42,990 | -40,152 |
Postretirement benefits | -26,783 | -25,892 |
Pension (nonunion) | -25,951 | -9,919 |
Sub-bottling liability | -18,084 | 0 |
Accrued liabilities | -16,049 | -13,451 |
Capital lease agreements | -6,265 | -6,201 |
Net operating loss carryforwards | -4,075 | -5,372 |
Transactional costs | -3,584 | -1,157 |
Pension (union) | -3,472 | -3,606 |
Other | -54 | -2 |
Deferred income tax assets | -147,307 | -105,752 |
Valuation allowance for deferred tax assets | 3,640 | 3,553 |
Net current deferred income tax asset | -4,171 | -1,007 |
Net noncurrent deferred income tax liability | $140,000 | $153,408 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | ($58,176) | ($94,526) | ($80,820) |
Gains (Losses) During the Period, Pre-tax Activity | -54,248 | 42,725 | -26,267 |
Gains (Losses) During the Period, Tax Effect | 20,939 | -16,491 | 10,338 |
Reclassification to income, Pre-tax Activity | 2,559 | 16,499 | 3,665 |
Reclassification to income, Tax Effect | -988 | -6,383 | -1,442 |
Ending, balance | -89,914 | -58,176 | -94,526 |
Net Pension Activity [Member] | Actuarial Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | -43,028 | -76,407 | -64,789 |
Gains (Losses) During the Period, Pre-tax Activity | -53,597 | 39,337 | -21,979 |
Gains (Losses) During the Period, Tax Effect | 20,688 | -15,183 | 8,651 |
Reclassification to income, Pre-tax Activity | 1,743 | 15,041 | 2,822 |
Reclassification to income, Tax Effect | -673 | -5,816 | -1,112 |
Ending, balance | -74,867 | -43,028 | -76,407 |
Net Pension Activity [Member] | Prior Service Costs [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | -121 | -33 | -44 |
Gains (Losses) During the Period, Pre-tax Activity | 0 | -171 | 0 |
Gains (Losses) During the Period, Tax Effect | 0 | 66 | 0 |
Reclassification to income, Pre-tax Activity | 36 | 28 | 17 |
Reclassification to income, Tax Effect | -14 | -11 | -6 |
Ending, balance | -99 | -121 | -33 |
Net Postretirement Benefits Activity [Member] | Actuarial Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | -18,441 | -22,425 | -21,244 |
Gains (Losses) During the Period, Pre-tax Activity | -9,324 | 3,560 | -4,287 |
Gains (Losses) During the Period, Tax Effect | 3,598 | -1,374 | 1,687 |
Reclassification to income, Pre-tax Activity | 2,293 | 2,943 | 2,339 |
Reclassification to income, Tax Effect | -885 | -1,145 | -920 |
Ending, balance | -22,759 | -18,441 | -22,425 |
Net Postretirement Benefits Activity [Member] | Prior Service Costs [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | 3,410 | 4,334 | 5,251 |
Gains (Losses) During the Period, Pre-tax Activity | 8,682 | 0 | 0 |
Gains (Losses) During the Period, Tax Effect | -3,351 | 0 | 0 |
Reclassification to income, Pre-tax Activity | -1,513 | -1,513 | -1,513 |
Reclassification to income, Tax Effect | 584 | 589 | 596 |
Ending, balance | 7,812 | 3,410 | 4,334 |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | 4 | 5 | 6 |
Gains (Losses) During the Period, Pre-tax Activity | -9 | -1 | -1 |
Gains (Losses) During the Period, Tax Effect | 4 | 0 | 0 |
Reclassification to income, Pre-tax Activity | 0 | 0 | 0 |
Reclassification to income, Tax Effect | 0 | 0 | 0 |
Ending, balance | ($1) | $4 | $5 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Summary of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (Actuarial Loss [Member], Net Pension Activity [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 29, 2013 |
Actuarial Loss [Member] | Net Pension Activity [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Noncash charge for voluntary lump sum pension | $12 |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Loss - Summary of Impact of Accumulated Other Comprehensive Income (Loss) on Income Statement (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Reclassification to income, Pre-tax Activity | $2,559 | $16,499 | $3,665 |
Reclassification to income, Tax Effect | 988 | 6,383 | 1,442 |
Reclassification to income, Net of Tax | 1,571 | 10,116 | 2,223 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Reclassification to income, Pre-tax Activity | 1,779 | 15,069 | 2,839 |
Reclassification to income, Tax Effect | 687 | 5,827 | 1,118 |
Reclassification to income, Net of Tax | 1,092 | 9,242 | 1,721 |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Reclassification to income, Pre-tax Activity | 780 | 1,430 | 826 |
Reclassification to income, Tax Effect | 301 | 556 | 324 |
Reclassification to income, Net of Tax | 479 | 874 | 502 |
Cost of Sales [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Reclassification to income, Pre-tax Activity | 457 | 1,528 | 411 |
Cost of Sales [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Reclassification to income, Pre-tax Activity | 356 | 1,356 | 312 |
Cost of Sales [Member] | Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Reclassification to income, Pre-tax Activity | 101 | 172 | 99 |
S,D&A Expenses [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Reclassification to income, Pre-tax Activity | 2,102 | 14,971 | 3,254 |
S,D&A Expenses [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Reclassification to income, Pre-tax Activity | 1,423 | 13,713 | 2,527 |
S,D&A Expenses [Member] | Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Reclassification to income, Pre-tax Activity | $679 | $1,258 | $727 |
Capital_Transactions_Additiona
Capital Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 04, 2014 | Mar. 05, 2013 | Mar. 03, 2015 | Dec. 27, 2015 | Dec. 26, 2014 | Dec. 27, 2013 | Dec. 28, 2012 | |
Vote | ||||||||||
Stock | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Number of classes of common stock outstanding | 2 | |||||||||
Dividend is declared and paid on the Common Stock | $1 | $1 | $1 | |||||||
Payment of dividend | $9,266,000 | $9,245,000 | $9,224,000 | |||||||
Number of votes per share | 1 | |||||||||
Performance Unit Award Agreement expense recognized | $3,500,000 | $2,900,000 | $2,600,000 | |||||||
Share price | $88.55 | $72.98 | $65.58 | |||||||
Class B Common Stock [Member] | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Dividend is declared and paid on the Common Stock | $1 | $1 | $1 | |||||||
Number of votes per share | 20 | |||||||||
Performance units awarded | 40,000 | 40,000 | ||||||||
Performance units awards settled in cash | 19,100 | 19,880 | ||||||||
Increase in total number of shares outstanding | 20,900 | 20,120 | 22,320 | |||||||
Class B Common Stock [Member] | Scenario, Forecast [Member] | ||||||||||
Schedule of Capitalization, Equity [Line Items] | ||||||||||
Performance units awarded | 40,000 | |||||||||
Performance units awards settled in cash | 19,080 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 29, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Apr. 30, 2014 | |
Security | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Non-cash charge due to lump sum distribution | $12,000,000 | ||||
Benefit pension plan, actuarial gain (loss), due to change in discount rate and lower return on investment | 51,900,000 | -54,400,000 | |||
Benefit pension plans, benefit obligation, discount rate | 5.21% | 4.32% | 5.21% | 4.47% | |
Accumulated benefit obligation | 226,300,000 | 279,700,000 | 226,300,000 | ||
Defined benefit plan investment allocation | 100.00% | 100.00% | 100.00% | ||
Debt securities comprised number of institutional bond | 2 | ||||
Weighted average duration of institutional bond | 3 years | ||||
Weighted average expected long-term rate of return on plan assets | 7.00% | ||||
Total | 200,824,000 | 212,692,000 | 200,824,000 | ||
Benefit plans, weighted average health care trend rate used in measurement of postretirement benefit expense | 8.00% | 8.50% | |||
Benefit plans, ultimate weighted average health care cost trend | 5.00% | 5.00% | |||
Benefit plans, year that rate reaches ultimate trend rate | 2019 | ||||
Likely withdrawal liability if Company withdraws from multi-employer pension plan | 4,500,000 | ||||
Multi-employer plans status green zone minimum funded percentage | 80.00% | ||||
Multi-employer plans listing in pension funds minimum contribution reckoning percent | 5.00% | ||||
Multi-employer pension plan exit liability recorded | 8,900,000 | ||||
Multi-employer pension plan exit annual payment amount | 1,000,000 | ||||
Multi employer defined contribution plans | 500,000 | 400,000 | 300,000 | ||
U.S. Large Capitalization Equity Securities [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Weighted average asset allocation as per guidelines, minimum | 30.00% | ||||
Weighted average asset allocation as per guidelines, maximum | 50.00% | ||||
Defined benefit plan investment allocation | 40.00% | 41.00% | 40.00% | ||
Weighted average expected long-term rate of return on plan assets | 3.50% | ||||
U.S. Small/Mid-Capitalization Equity Securities [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Weighted average asset allocation as per guidelines, minimum | 0.00% | ||||
Weighted average asset allocation as per guidelines, maximum | 20.00% | ||||
Defined benefit plan investment allocation | 5.00% | 5.00% | 5.00% | ||
Weighted average expected long-term rate of return on plan assets | 0.40% | ||||
International Equity Securities [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Weighted average asset allocation as per guidelines, minimum | 0.00% | ||||
Weighted average asset allocation as per guidelines, maximum | 20.00% | ||||
Defined benefit plan investment allocation | 15.00% | 14.00% | 15.00% | ||
Weighted average expected long-term rate of return on plan assets | 1.40% | ||||
Debt Securities [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Weighted average asset allocation as per guidelines, minimum | 10.00% | ||||
Weighted average asset allocation as per guidelines, maximum | 50.00% | ||||
Defined benefit plan investment allocation | 40.00% | 40.00% | 40.00% | ||
Weighted average expected long-term rate of return on plan assets | 1.70% | ||||
Equity Securities [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Defined benefit plan investment allocation | 60.00% | ||||
Level 3 [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Total | 0 | 0 | 0 | 0 | |
Rehabilitation Plan [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Multi-employer pension plan Rehabilitation Plan adoption effective date | 1-Jan-15 | ||||
Collective bargaining agreement, effective date | 28-Apr-14 | ||||
Employer-Teamsters and Pension Trust Fund [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Multi-employer plans collective bargaining arrangements, expiration date | 29-Apr-17 | ||||
Other Multi-Employer Plans [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Multi-employer plans collective bargaining arrangements, expiration date | 26-Jul-15 | ||||
Pension Plans [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Benefit pension plans, benefit obligation, discount rate | 5.21% | 4.32% | 5.21% | 4.47% | |
Benefit pension plan, anticipated contribution for future year | 8,763,000 | ||||
Weighted average expected long-term rate of return on plan assets | 7.00% | 7.00% | 7.00% | ||
Total | 200,824,000 | 212,692,000 | 200,824,000 | 206,555,000 | |
401(k) Savings Plan [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Company matching contribution percentage | 5.00% | 5.00% | 5.00% | ||
Defined contribution plan matching contribution percentage accrued | 5.00% | 5.00% | 5.00% | ||
Defined contribution plan contribution amount | 6,700,000 | ||||
Defined contribution percentage portion of participants contribution first matched by Company | 3.50% | ||||
Defined contribution percentage portion of additional contribution increase per option of company | 1.50% | ||||
Cost recognized | 8,800,000 | 8,300,000 | 8,200,000 | ||
Pre Medicare [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Benefit plans, weighted average health care trend rate used in measurement of postretirement benefit expense | 8.00% | ||||
Benefit plans, ultimate weighted average health care cost trend | 5.00% | ||||
Benefit plans, year that rate reaches ultimate trend rate | 2021 | ||||
Post Medicare [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Benefit plans, weighted average health care trend rate used in measurement of postretirement benefit expense | 7.50% | ||||
Benefit plans, ultimate weighted average health care cost trend | 5.00% | ||||
Benefit plans, year that rate reaches ultimate trend rate | 2021 | ||||
Minimum [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Benefit pension plan, anticipated contribution for future year | 7,000,000 | ||||
Maximum [Member] | |||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | |||||
Benefit pension plan, anticipated contribution for future year | $10,000,000 |
Benefit_Plans_Changes_in_Proje
Benefit Plans - Changes in Projected Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at end of year | $279,669 | $226,265 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 226,265 | 280,099 | |
Service cost | 109 | 121 | 105 |
Interest cost | 11,603 | 12,014 | 12,451 |
Actuarial (gain)/loss | 49,500 | -29,862 | |
Benefits paid | -7,808 | -43,499 | |
Voluntary pension settlement | 0 | 7,221 | |
Change in plan amendments | 0 | 171 | |
Benefit obligation at end of year | $279,669 | $226,265 | $280,099 |
Benefit_Plans_Change_in_Plan_A
Benefit Plans - Change in Plan Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $212,692 | $200,824 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 200,824 | 206,555 |
Actual return on plan assets | 9,676 | 30,493 |
Employer contributions | 10,000 | 7,275 |
Benefits paid | -7,808 | -43,499 |
Fair value of plan assets at end of year | $212,692 | $200,824 |
Benefit_Plans_Funded_Status_De
Benefit Plans - Funded Status (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Compensation and Retirement Disclosure [Abstract] | ||
Projected benefit obligation | ($279,669) | ($226,265) |
Plan assets at fair value | 212,692 | 200,824 |
Net funded status | ($66,977) | ($25,441) |
Benefit_Plans_Amounts_Recogniz
Benefit Plans - Amounts Recognized in the Consolidated Balance Sheet (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | ($134,100) | ($90,599) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 0 | 0 |
Noncurrent liabilities | -66,977 | -25,441 |
Net amount recognized | ($66,977) | ($25,441) |
Benefit_Plans_Net_Periodic_Pen
Benefit Plans - Net Periodic Pension Cost (Benefit) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Loss on voluntary pension settlement | $0 | $12,014 | $0 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 109 | 121 | 105 |
Interest cost | 11,603 | 12,014 | 12,451 |
Expected return on plan assets | -13,775 | -13,797 | -12,462 |
Loss on voluntary pension settlement | 0 | 12,014 | 0 |
Amortization of prior service cost | 36 | 28 | 17 |
Recognized net actuarial loss | 1,743 | 3,027 | 2,822 |
Net periodic pension cost (benefit) | ($284) | $13,407 | $2,933 |
Benefit_Plans_Significant_Assu
Benefit Plans - Significant Assumptions Used (Detail) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Benefit obligation at the measurement date: | |||
Discount rate | 4.32% | 5.21% | 4.47% |
Net periodic pension cost for the fiscal year: | |||
Weighted average expected long-term rate of return on plan assets | 7.00% | ||
Pension Plans [Member] | |||
Benefit obligation at the measurement date: | |||
Discount rate | 4.32% | 5.21% | 4.47% |
Weighted average rate of compensation increase | 0.00% | 0.00% | 0.00% |
Net periodic pension cost for the fiscal year: | |||
Discount rate | 5.21% | 4.47% | 5.18% |
Weighted average expected long-term rate of return on plan assets | 7.00% | 7.00% | 7.00% |
Weighted average rate of compensation increase | 0.00% | 0.00% | 0.00% |
Postretirement Benefits [Member] | |||
Benefit obligation at the measurement date: | |||
Discount rate | 4.13% | 4.96% | 4.11% |
Net periodic pension cost for the fiscal year: | |||
Discount rate | 4.96% | 4.11% | 4.94% |
Benefit_Plans_Anticipated_Futu
Benefit Plans - Anticipated Future Pension Benefit Payments (Detail) (USD $) | Dec. 28, 2014 |
In Thousands, unless otherwise specified | |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $8,763 |
2016 | 9,219 |
2017 | 9,749 |
2018 | 10,425 |
2019 | 11,033 |
2020 - 2024 | 65,333 |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 2,998 |
2016 | 3,193 |
2017 | 3,440 |
2018 | 3,802 |
2019 | 4,096 |
2020 - 2024 | $22,522 |
Benefit_Plans_Expected_Weighte
Benefit Plans - Expected Weighted Average Long-Term Rate of Return (Detail) | 12 Months Ended | |
Dec. 28, 2014 | Dec. 29, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2015 | 100.00% | |
Percentage of Plan Assets at Fiscal Year-End | 100.00% | 100.00% |
Weighted Average Expected Long-Term Rate of Return - 2014 | 7.00% | |
U.S. Large Capitalization Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2015 | 40.00% | |
Percentage of Plan Assets at Fiscal Year-End | 41.00% | 40.00% |
Weighted Average Expected Long-Term Rate of Return - 2014 | 3.50% | |
U.S. Small/Mid-Capitalization Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2015 | 5.00% | |
Percentage of Plan Assets at Fiscal Year-End | 5.00% | 5.00% |
Weighted Average Expected Long-Term Rate of Return - 2014 | 0.40% | |
International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2015 | 15.00% | |
Percentage of Plan Assets at Fiscal Year-End | 14.00% | 15.00% |
Weighted Average Expected Long-Term Rate of Return - 2014 | 1.40% | |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2015 | 40.00% | |
Percentage of Plan Assets at Fiscal Year-End | 40.00% | 40.00% |
Weighted Average Expected Long-Term Rate of Return - 2014 | 1.70% |
Benefit_Plans_Pension_Plan_Ass
Benefit Plans - Pension Plan Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $212,692 | $200,824 |
Common/Collective Trust Funds Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 127,311 | 120,044 |
Equity Securities, Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 642 | 624 |
Common/Collective Trust Funds Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 84,739 | 79,960 |
Common/Collective Trust Funds Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 196 | |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 619 | 624 |
Level 1 [Member] | Common/Collective Trust Funds Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | 0 |
Level 1 [Member] | Equity Securities, Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 619 | 624 |
Level 1 [Member] | Common/Collective Trust Funds Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | 0 |
Level 1 [Member] | Common/Collective Trust Funds Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 212,073 | 200,200 |
Level 2 [Member] | Common/Collective Trust Funds Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 127,311 | 120,044 |
Level 2 [Member] | Equity Securities, Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 23 | 0 |
Level 2 [Member] | Common/Collective Trust Funds Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 84,739 | 79,960 |
Level 2 [Member] | Common/Collective Trust Funds Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $196 |
Benefit_Plans_Reconciliation_o
Benefit Plans - Reconciliation of Beginning and Ending Balances of Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at end of year | $279,669 | $226,265 | |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 67,840 | 69,828 | |
Service cost | 1,445 | 1,626 | 1,256 |
Interest cost | 3,255 | 2,877 | 2,981 |
Plan amendments | -8,681 | 0 | |
Plan participants' contributions | 586 | 569 | |
Actuarial (gain)/loss | 9,323 | -3,560 | |
Benefits paid | -3,685 | -3,611 | |
Medicare Part D subsidy reimbursement | 38 | 111 | |
Benefit obligation at end of year | $70,121 | $67,840 | $69,828 |
Benefit_Plans_Reconciliation_o1
Benefit Plans - Reconciliation of Beginning and Ending Balances of Fair Value of Plan Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at end of year | $212,692 | $200,824 |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Employer contributions | 3,061 | 2,931 |
Plan participants' contributions | 586 | 569 |
Benefits paid | -3,685 | -3,611 |
Medicare Part D subsidy reimbursement | 38 | 111 |
Fair value of plan assets at end of year | $0 | $0 |
Benefit_Plans_Reconciliation_o2
Benefit Plans - Reconciliation of Beginning and Ending Balances of Accrued Liability (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | ($134,100) | ($90,599) |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | -2,998 | -2,682 |
Noncurrent liabilities | -67,123 | -65,158 |
Accrued liability at end of year | ($70,121) | ($67,840) |
Benefit_Plans_Components_of_Ne
Benefit Plans - Components of Net Periodic Postretirement Benefit Cost (Detail) (Postretirement Benefits [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $1,445 | $1,626 | $1,256 |
Interest cost | 3,255 | 2,877 | 2,981 |
Recognized net actuarial loss | 2,293 | 2,943 | 2,339 |
Amortization of prior service cost | -1,513 | -1,513 | -1,513 |
Net periodic pension cost (benefit) | $5,480 | $5,933 | $5,063 |
Benefit_Plans_A_1_Increase_or_
Benefit Plans - A 1% Increase or Decrease in Annual Health Care Cost (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2014 |
Compensation and Retirement Disclosure [Abstract] | |
Postretirement benefit obligation 1% Increase | $8,036 |
Postretirement benefit obligation 1% Decrease | -7,495 |
Service cost and interest cost 1% Increase | 563 |
Service cost and interest cost 1% Decrease | ($515) |
Benefit_Plans_Accumulated_Othe
Benefit Plans - Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |
Net periodic benefit cost, beginning balance | ($97,580) |
Actuarial Gain (Loss), Net periodic benefit cost | -54,239 |
Reclassification Adjustments, Net periodic benefit cost | 2,559 |
Net periodic benefit cost, ending balance | -149,260 |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss, beginning balance | -71,787 |
Actuarial gain (loss) | -53,597 |
Reclassification Adjustments, Actuarial loss | 1,743 |
Actuarial loss, ending balance | -123,641 |
Prior service cost (credit), beginning balance | -199 |
Actuarial Gain (Loss), Prior service cost (credit) | 0 |
Reclassification Adjustments, Prior service cost (credit) | 36 |
Prior service cost (credit), ending balance | -163 |
Postretirement Medical [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss, beginning balance | -31,268 |
Actuarial gain (loss) | -9,324 |
Reclassification Adjustments, Actuarial loss | 2,293 |
Actuarial loss, ending balance | -38,299 |
Prior service cost (credit), beginning balance | 5,674 |
Actuarial Gain (Loss), Prior service cost (credit) | 8,682 |
Reclassification Adjustments, Prior service cost (credit) | -1,513 |
Prior service cost (credit), ending balance | $12,843 |
Benefit_Plans_Amounts_in_Accum
Benefit Plans - Amounts in Accumulated Other Comprehensive Loss Expected to be Recognized as Components of Net Periodic Pension Costs or Postretirement Benefits Costs in 2015 (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2014 |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | $6,052 |
Prior service cost (credit) | -3,325 |
Net periodic benefit expected to be recognized | 2,727 |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | 3,182 |
Prior service cost (credit) | 35 |
Net periodic benefit expected to be recognized | 3,217 |
Postretirement Medical [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | 2,870 |
Prior service cost (credit) | -3,360 |
Net periodic benefit expected to be recognized | ($490) |
Benefit_Plans_MultiEmployer_Pl
Benefit Plans - Multi-Employer Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Multiemployer Plans [Line Items] | |||
Pension trust fund, Contribution | $655 | $640 | $606 |
Employer-Teamsters and Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Pension Trust Fund | Red | Green | |
Pension trust fund FIP/RP Status pending/implemented | Implemented | ||
Pension trust fund, Surcharge imposed | Yes |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Entity | |||
Related Party Transaction [Line Items] | |||
Percentage of interest held in outstanding common stock by The Coca-Cola Company | 34.80% | ||
Voting power of stock held by The Coca-Cola Company | 5.00% | ||
Purchases from related party | $424,000,000 | $410,600,000 | $406,200,000 |
Contingent consideration liability | 46,850,000 | 0 | |
Accounts receivable related party | 22,741,000 | 17,849,000 | |
Number of entities in which reporting entity is shareholder and purchases majority plastic bottles | 2 | ||
Principal balance outstanding under capital lease | 59,000,000 | 65,000,000 | |
CCR [Member] | Tum-E Yummies [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | 22,000,000 | 23,800,000 | 22,800,000 |
CCR [Member] | Transportation [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | 2,900,000 | 900,000 | 900,000 |
CCBSS [Member] | |||
Related Party Transaction [Line Items] | |||
Payments to CCBSS as administration fees for its services | 500,000 | 500,000 | 500,000 |
Accounts receivable related party | 4,500,000 | 5,100,000 | |
SAC [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | 7,700,000 | 7,600,000 | 7,600,000 |
Purchases from related party | 132,000,000 | 137,000,000 | 141,000,000 |
Management fees earned from SAC | 1,800,000 | 1,600,000 | 1,500,000 |
Amount of debt portion guaranteed | 20,800,000 | ||
Equity investment | 4,100,000 | 4,100,000 | |
Southeastern [Member] | |||
Related Party Transaction [Line Items] | |||
Purchases from related party | 78,400,000 | 79,100,000 | 82,300,000 |
Amount of debt portion guaranteed | 10,100,000 | ||
Equity investment | 18,400,000 | 17,600,000 | |
HLP, SPC & Adjacent Sales Facility [Member] | |||
Related Party Transaction [Line Items] | |||
Lease expiration date | 31-Dec-20 | ||
Principal balance outstanding under capital lease | 20,000,000 | ||
Rental payments related to the lease | 3,700,000 | 3,600,000 | 3,500,000 |
Beacon [Member] | |||
Related Party Transaction [Line Items] | |||
Lease expiration date | 31-Dec-21 | ||
Principal balance outstanding under capital lease | 20,600,000 | ||
Comprehensive Beverage Agreement [Member] | CCR [Member] | |||
Related Party Transaction [Line Items] | |||
Contingent consideration liability | 46,900,000 | ||
Payments to related party | 200,000 | ||
Production Agreement [Member] | CCR [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related parties | 53,500,000 | 60,200,000 | 64,600,000 |
Purchases from related party | 68,800,000 | 46,700,000 | 31,300,000 |
SAC and Southeastern [Member] | |||
Related Party Transaction [Line Items] | |||
Collateral assets held against Southeastern or SAC guarantees | 0 | ||
Impairment of investments | $0 | $0 | $0 |
Related_Party_Transactions_Sum
Related Party Transactions - Summary of Significant Transactions between Company and The Coca-Cola Company (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Related Party Transactions [Abstract] | |||
Payments by the Company for concentrate, syrup, sweetener and other purchases | $424 | $410.60 | $406.20 |
Marketing funding support payments to the Company | 46.5 | 43.5 | 43.2 |
Payments by the Company net of marketing funding support | 377.5 | 367.1 | 363 |
Payments by the Company for customer marketing programs | 61.1 | 56.4 | 56.8 |
Payments by the Company for cold drink equipment parts | 7.7 | 9.3 | 9.2 |
Fountain delivery and equipment repair fees paid to the Company | 13.5 | 12.7 | 11.9 |
Presence marketing support provided by The Coca-Cola Company on the Company's behalf | 5.9 | 5.4 | 3.5 |
Payments to the Company to facilitate the distribution of certain brands and packages to other Coca-Cola bottlers | $3.90 | $4 | $2.60 |
Related_Party_Transactions_Min
Related Party Transactions - Minimum Rentals and Contingent Rental Payments (Detail) (Beacon [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Beacon [Member] | |||
Related Party Transaction [Line Items] | |||
Minimum rentals | $3.50 | $3.50 | $3.50 |
Contingent rentals | 0.6 | 0.6 | 0.5 |
Total rental payments | $4.10 | $4.10 | $4 |
Net_Sales_by_Product_Category_1
Net Sales by Product Category - Net Sales by Product Category (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Product Information [Line Items] | |||||||||||
Net sales | $440,638 | $457,676 | $459,473 | $388,582 | $394,337 | $434,464 | $428,979 | $383,551 | $1,746,369 | $1,641,331 | $1,614,433 |
Sparkling Beverages (Including Energy Products) [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,124,802 | 1,063,154 | 1,073,071 | ||||||||
Still Beverages [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 279,138 | 247,561 | 233,895 | ||||||||
Bottle/Can Sales [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,403,940 | 1,310,715 | 1,306,966 | ||||||||
Sales to Other Coca-Cola Bottlers [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 162,346 | 166,476 | 152,401 | ||||||||
Post-Mix and Other [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 180,083 | 164,140 | 155,066 | ||||||||
Other Sales [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | $342,429 | $330,616 | $307,467 |
Net_Income_Per_Share_Computati
Net Income Per Share - Computation of Basic Net Income Per Share and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Numerator for basic and diluted net income per Common Stock and Class B Common Stock share: | |||||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | $2,990 | $12,132 | $13,783 | $2,449 | ($4,585) | $16,169 | $11,229 | $4,862 | $31,354 | $27,675 | $27,217 |
Less dividends: | |||||||||||
Dividends on Common Stock | 7,141 | 7,141 | 7,141 | ||||||||
Undistributed earnings allocated to Common Stock, Basic | 22,088 | 18,430 | 17,993 | ||||||||
Undistributed earnings allocated to Common Stock, Basic | 22,088 | 18,430 | 17,993 | ||||||||
Total undistributed earnings - diluted | 22,088 | 18,430 | 17,993 | ||||||||
Numerator for basic net income per Common Stock share: | |||||||||||
Numerator for basic net income per Common Stock share | 24,162 | 21,375 | 21,068 | ||||||||
Numerator for diluted net income per Common Stock share: | |||||||||||
Numerator for diluted net income per Common Stock share | 31,354 | 27,675 | 27,217 | ||||||||
Denominator for basic net income per common share: | |||||||||||
Weighted average number of Common Stock shares outstanding | 7,141 | 7,141 | 7,141 | ||||||||
Denominator for diluted net income per common share: | |||||||||||
Weighted average number of Common Stock shares outstanding - assuming dilution | 9,307 | 9,286 | 9,266 | ||||||||
Basic net income per share: | |||||||||||
Common Stock | $0.32 | $1.31 | $1.49 | $0.26 | ($0.50) | $1.75 | $1.21 | $0.53 | $3.38 | $2.99 | $2.95 |
Diluted net income per share: | |||||||||||
Common Stock | $0.32 | $1.30 | $1.48 | $0.26 | ($0.50) | $1.74 | $1.21 | $0.52 | $3.37 | $2.98 | $2.94 |
Class B Common Stock [Member] | |||||||||||
Less dividends: | |||||||||||
Dividends on Common Stock | 2,125 | 2,104 | 2,083 | ||||||||
Undistributed earnings allocated to Common Stock, Basic | 5,067 | 4,196 | 4,066 | ||||||||
Undistributed earnings allocated to Common Stock, Basic | 5,067 | 4,196 | 4,066 | ||||||||
Total undistributed earnings - diluted | 5,140 | 4,257 | 4,126 | ||||||||
Numerator for basic net income per Common Stock share: | |||||||||||
Numerator for basic net income per Common Stock share | 7,192 | 6,300 | 6,149 | ||||||||
Numerator for diluted net income per Common Stock share: | |||||||||||
Numerator for diluted net income per Common Stock share | 7,265 | 6,361 | 6,209 | ||||||||
Denominator for basic net income per common share: | |||||||||||
Weighted average number of Common Stock shares outstanding | 2,126 | 2,105 | 2,085 | ||||||||
Denominator for diluted net income per common share: | |||||||||||
Weighted average number of Common Stock shares outstanding - assuming dilution | 2,166 | 2,145 | 2,125 | ||||||||
Basic net income per share: | |||||||||||
Common Stock | $0.32 | $1.31 | $1.49 | $0.26 | ($0.50) | $1.75 | $1.21 | $0.53 | $3.38 | $2.99 | $2.95 |
Diluted net income per share: | |||||||||||
Common Stock | $0.32 | $1.30 | $1.48 | $0.26 | ($0.50) | $1.74 | $1.21 | $0.52 | $3.35 | $2.97 | $2.92 |
Common Stock [Member] | |||||||||||
Less dividends: | |||||||||||
Undistributed earnings allocated to Common Stock, Basic | 17,021 | 14,234 | 13,927 | ||||||||
Undistributed earnings allocated to Common Stock, Basic | 17,021 | 14,234 | 13,927 | ||||||||
Total undistributed earnings - diluted | $16,948 | $14,173 | $13,867 |
Net_Income_Per_Share_Computati1
Net Income Per Share - Computation of Basic Net Income Per Share and Diluted Net Income Per Share (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Earnings Per Share [Abstract] | |||
Percentage undistributed earnings allocated to common stock diluted | 100.00% | 100.00% | 100.00% |
Risks_and_Uncertainties_Additi
Risks and Uncertainties - Additional Information (Detail) | 12 Months Ended | ||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Concentration Risk [Line Items] | |||
Concentration risk percentage of related party products volume to customers | 88.00% | ||
Concentration risk percentage of other beverage companies | 12.00% | ||
Number of domestic supplier of aluminum cans | 2 | ||
Number of entities in which reporting entity is shareholder and purchases all plastic bottles | 2 | ||
Labor Force Concentration Risk [Member] | Collective Bargaining Agreements [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 6.00% | ||
Labor Force Concentration Risk [Member] | Collective Bargaining Arrangements Expired in 2014 [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 5.00% | ||
Concentration of risk number of collective bargaining agreements that expired during the fiscal year and new agreements entered into during the fiscal year | 2 | ||
Labor Force Concentration Risk [Member] | Collective Bargaining Arrangements Expire In 2015 [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 0.30% | ||
Concentration of risk number of collective bargaining agreements that will expire during the next fiscal year | 1 | ||
Sales Volume, Product Line [Member] | Product Concentration Risk [Member] | Future Consumption [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 68.00% | ||
Sales Volume, Product Line [Member] | Product Concentration Risk [Member] | Immediate Consumption [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 32.00% | ||
Sales Volume, Product Line [Member] | Wal-Mart [Member] | Product Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 22.00% | 21.00% | 22.00% |
Sales Volume, Product Line [Member] | Food Lion [Member] | Product Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 9.00% | 8.00% | 8.00% |
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Number of other concentration risk major customers representing more than ten percent of sales | 0 | 0 | 0 |
Sales Revenue, Net [Member] | Wal-Mart [Member] | Product Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 15.00% | 15.00% | 15.00% |
Supplemental_Disclosures_of_Ca2
Supplemental Disclosures of Cash Flow Information - Summary of Changes in Current Assets and Current Liabilities Affecting Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable, trade, net | ($20,116) | ($2,086) | $1,991 |
Accounts receivable from The Coca-Cola Company | -4,892 | -2,328 | -6,221 |
Accounts receivable, other | 605 | -2,260 | 2,998 |
Inventories | -5,287 | 3,937 | 234 |
Prepaid expenses and other current assets | -15,155 | 6,148 | -1,785 |
Accounts payable, trade | 13,051 | -814 | 1,259 |
Accounts payable to The Coca-Cola Company | 25,116 | -1,961 | -6,320 |
Other accrued liabilities | -14,399 | 2,509 | 6,936 |
Accrued compensation | 5,145 | -2,296 | 2,008 |
Accrued interest payable | -399 | -6 | -1,388 |
(Increase) decrease in current assets less current liabilities | ($16,331) | $843 | ($288) |
Supplemental_Disclosures_of_Ca3
Supplemental Disclosures of Cash Flow Information - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | |||
Additions to property, plant and equipment accrued and recorded in accounts payable, trade | $9,185 | $7,175 | $14,433 |
Supplemental_Disclosures_of_Ca4
Supplemental Disclosures of Cash Flow Information - Cash Payments for Interest and Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | |||
Interest | $28,021 | $28,209 | $35,149 |
Income taxes | $31,009 | $15,906 | $14,119 |
Segment_Reporting_Additional_I
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 28, 2014 | |
Segment | |
Sales Information [Line Items] | |
Number of reportable segment reported | 5 |
Franchised Nonalcoholic Beverages and Internally-Developed Nonalcoholic Beverages Segments Aggregated [Member] | |
Sales Information [Line Items] | |
Number of reportable segment reported | 2 |
All Other [Member] | |
Sales Information [Line Items] | |
Number of reportable segment reported | 3 |
Segments_Summary_of_Financial_
Segments - Summary of Financial Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Net Sales: | |||||||||||
Net sales | $440,638 | $457,676 | $459,473 | $388,582 | $394,337 | $434,464 | $428,979 | $383,551 | $1,746,369 | $1,641,331 | $1,614,433 |
Operating Income: | |||||||||||
Operating Income | 85,967 | 73,647 | 88,686 | ||||||||
Depreciation and Amortization | |||||||||||
Depreciation and Amortization | 61,130 | 58,671 | 61,584 | ||||||||
Capital Expenditures: | |||||||||||
Capital Expenditures | 86,374 | 54,164 | 61,470 | ||||||||
Total Assets: | |||||||||||
Total Assets | 1,433,076 | 1,276,156 | 1,433,076 | 1,276,156 | |||||||
Nonalcoholic Beverages [Member] | |||||||||||
Net Sales: | |||||||||||
Net sales | 1,710,040 | 1,613,309 | 1,592,289 | ||||||||
Operating Income: | |||||||||||
Operating Income | 82,297 | 66,084 | 81,333 | ||||||||
Depreciation and Amortization | |||||||||||
Depreciation and Amortization | 58,103 | 56,266 | 58,797 | ||||||||
Capital Expenditures: | |||||||||||
Capital Expenditures | 69,635 | 47,241 | 57,421 | ||||||||
Total Assets: | |||||||||||
Total Assets | 1,399,057 | 1,252,286 | 1,399,057 | 1,252,286 | |||||||
All Other [Member] | |||||||||||
Net Sales: | |||||||||||
Net sales | 123,194 | 108,224 | 99,516 | ||||||||
Operating Income: | |||||||||||
Operating Income | 3,670 | 7,563 | 7,353 | ||||||||
Depreciation and Amortization | |||||||||||
Depreciation and Amortization | 3,027 | 2,405 | 2,787 | ||||||||
Capital Expenditures: | |||||||||||
Capital Expenditures | 16,739 | 6,923 | 4,049 | ||||||||
Total Assets: | |||||||||||
Total Assets | 44,629 | 36,671 | 44,629 | 36,671 | |||||||
Eliminations [Member] | |||||||||||
Net Sales: | |||||||||||
Net sales | -86,865 | -80,202 | -77,372 | ||||||||
Total Assets: | |||||||||||
Total Assets | ($10,610) | ($12,801) | ($10,610) | ($12,801) |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Net sales | $440,638 | $457,676 | $459,473 | $388,582 | $394,337 | $434,464 | $428,979 | $383,551 | $1,746,369 | $1,641,331 | $1,614,433 |
Gross margin | 178,444 | 184,942 | 185,520 | 156,333 | 158,514 | 176,112 | 170,315 | 153,699 | 705,239 | 658,640 | 654,309 |
Net income attributable to Coca-Cola Bottling Co. Consolidated | $2,990 | $12,132 | $13,783 | $2,449 | ($4,585) | $16,169 | $11,229 | $4,862 | $31,354 | $27,675 | $27,217 |
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | $0.32 | $1.31 | $1.49 | $0.26 | ($0.50) | $1.75 | $1.21 | $0.53 | $3.38 | $2.99 | $2.95 |
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | $0.32 | $1.30 | $1.48 | $0.26 | ($0.50) | $1.74 | $1.21 | $0.52 | $3.37 | $2.98 | $2.94 |
Class B Common Stock [Member] | |||||||||||
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | $0.32 | $1.31 | $1.49 | $0.26 | ($0.50) | $1.75 | $1.21 | $0.53 | $3.38 | $2.99 | $2.95 |
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | $0.32 | $1.30 | $1.48 | $0.26 | ($0.50) | $1.74 | $1.21 | $0.52 | $3.35 | $2.97 | $2.92 |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Dec. 29, 2013 | Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | |
Income tax expense | $19,536,000 | $12,142,000 | $21,889,000 | ||||||||
Net sales | 440,638,000 | 457,676,000 | 459,473,000 | 388,582,000 | 394,337,000 | 434,464,000 | 428,979,000 | 383,551,000 | 1,746,369,000 | 1,641,331,000 | 1,614,433,000 |
Net income | 3,100,000 | ||||||||||
Net income, net of tax | 1,900,000 | ||||||||||
Earnings per share | $0.20 | ||||||||||
State Tax Legislation [Member] | |||||||||||
Income tax expense | -2,300,000 | ||||||||||
Earning per basic common share | $0.24 | ||||||||||
Franchise Territory Expansion [Member] | |||||||||||
Net income, profit | 5,200,000 | 2,600,000 | 3,100,000 | 2,000,000 | 1,700,000 | 1,600,000 | 1,100,000 | ||||
Net income, net of tax | 3,200,000 | 1,600,000 | 1,900,000 | 1,200,000 | 1,100,000 | 1,000,000 | 600,000 | ||||
Earning per basic common share | $0.34 | $0.17 | $0.20 | $0.13 | $0.12 | $0.11 | $0.07 | ||||
Net sales | 29,000,000 | 11,800,000 | 4,300,000 | ||||||||
Lump Sum Pension Distribution [Member] | |||||||||||
Net income, profit | 12,000,000 | ||||||||||
Net income, net of tax | 7,300,000 | ||||||||||
Earning per basic common share | $0.79 | ||||||||||
Business Acquisition Contingent Consideration [Member] | |||||||||||
Net income, profit | 1,100,000 | ||||||||||
Net income, net of tax | $700,000 | ||||||||||
Earning per basic common share | $0.07 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||||
Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 17, 2014 | Dec. 28, 2014 | Jan. 30, 2015 | Feb. 28, 2015 | |
Subsequent Events [Line Items] | |||||||
Cash purchase | $41,588,000 | $0 | $0 | ||||
Goodwill | 106,220,000 | 102,049,000 | 106,220,000 | ||||
Minimum [Member] | |||||||
Subsequent Events [Line Items] | |||||||
Payment on distribution agreement | 25,000,000 | ||||||
Maximum [Member] | |||||||
Subsequent Events [Line Items] | |||||||
Payment on distribution agreement | 30,000,000 | ||||||
Cleveland And Cookeville Territory Acquisition [Member] | |||||||
Subsequent Events [Line Items] | |||||||
Effective date of business acquisition | 30-Jan-15 | ||||||
Subsequent Event [Member] | |||||||
Subsequent Events [Line Items] | |||||||
Business combination, aggregate purchase price | 13,800,000 | 19,800,000 | |||||
Goodwill | 1,100,000 | ||||||
Subsequent Event [Member] | Cleveland And Cookeville Territory Acquisition [Member] | |||||||
Subsequent Events [Line Items] | |||||||
Cash purchase | 13,800,000 | ||||||
Goodwill | 1,145,000 | ||||||
Goodwill recognized, expected to be deductible for tax purposes | $0 |
Subsequent_Events_Summary_of_F
Subsequent Events - Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date (Detail) (USD $) | Dec. 28, 2014 | Dec. 29, 2013 | Jan. 30, 2015 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $106,220 | $102,049 | |
Subsequent Event [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 1,100 | ||
Cleveland And Cookeville Territory Acquisition [Member] | Subsequent Event [Member] | |||
Business Acquisition [Line Items] | |||
Cash | 59 | ||
Inventories | 1,237 | ||
Prepaid expense and other current assets (including deferred taxes) | 1,001 | ||
Property, plant and equipment | 6,717 | ||
Other assets (including deferred taxes) | 433 | ||
Goodwill | 1,145 | ||
Other identifiable intangible assets | 17,750 | ||
Total acquired assets | 28,342 | ||
Current liabilities (acquisition related contingent consideration) | 844 | ||
Other liabilities (acquisition related contingent consideration) | 13,729 | ||
Total assumed liabilities | $14,573 |
Subsequent_Events_Summary_of_P
Subsequent Events - Summary of Preliminary Purchase Price Allocation to Identifiable Intangible Assets (Detail) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jan. 30, 2015 | Dec. 28, 2014 |
Distribution Agreements [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Additions to other identifiable intangible related to acquisition | $52,600 | |
Cleveland And Cookeville Territory Acquisition [Member] | Subsequent Event [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Additions to other identifiable intangible related to acquisition | 17,750 | |
Cleveland And Cookeville Territory Acquisition [Member] | Distribution Agreements [Member] | Subsequent Event [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Additions to other identifiable intangible related to acquisition | 17,200 | |
Estimated useful life | 40 years | |
Cleveland And Cookeville Territory Acquisition [Member] | Customer Lists [Member] | Subsequent Event [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Additions to other identifiable intangible related to acquisition | $550 | |
Estimated useful life | 12 years |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2014 | Dec. 29, 2013 | Dec. 30, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $1,401 | $1,490 | $1,521 |
Additions charged to costs and expenses | 550 | 151 | 257 |
Deductions | 621 | 240 | 288 |
Balance at end of year | 1,330 | 1,401 | 1,490 |
Deferred Income Tax Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 3,553 | 3,231 | 1,464 |
Additions charged to costs and expenses | 1,203 | 398 | 1,513 |
Additions charged to other | 7 | 0 | 569 |
Deductions credited to expense | 0 | 74 | 0 |
Deductions | 1,123 | 2 | 315 |
Balance at end of year | $3,640 | $3,553 | $3,231 |