Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 03, 2016 | Mar. 04, 2016 | Jun. 26, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jan. 3, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | COKE | ||
Entity Registrant Name | COCA COLA BOTTLING CO CONSOLIDATED /DE/ | ||
Entity Central Index Key | 317,540 | ||
Current Fiscal Year End Date | --01-03 | ||
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 | $ 693,972,379 | ||
Class B Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,150,782 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Net sales | $ 2,306,458 | $ 1,746,369 | $ 1,641,331 |
Cost of sales | 1,405,426 | 1,041,130 | 982,691 |
Gross margin | 901,032 | 705,239 | 658,640 |
Selling, delivery and administrative expenses | 802,888 | 619,272 | 584,993 |
Income from operations | 98,144 | 85,967 | 73,647 |
Interest expense, net | 28,915 | 29,272 | 29,403 |
Other income (expense), net | (3,576) | (1,077) | 0 |
Gain on exchange of franchise territory | 8,807 | 0 | 0 |
Gain on sale of business | 22,651 | 0 | 0 |
Bargain purchase gain, net of tax of $1,265 | 2,011 | 0 | 0 |
Income before taxes | 99,122 | 55,618 | 44,244 |
Income tax expense | 34,078 | 19,536 | 12,142 |
Net income | 65,044 | 36,082 | 32,102 |
Less: Net income attributable to noncontrolling interest | 6,042 | 4,728 | 4,427 |
Net income attributable to Coca-Cola Bottling Co. Consolidated | $ 59,002 | $ 31,354 | $ 27,675 |
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||
Common Stock | $ 6.35 | $ 3.38 | $ 2.99 |
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 | $ 6.33 | $ 3.37 | $ 2.98 |
Weighted average number of Common Stock shares outstanding – assuming dilution | 9,328 | 9,307 | 9,286 |
Class B Common Stock [Member] | |||
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||
Common Stock | $ 6.35 | $ 3.38 | $ 2.99 |
Weighted average number of Common Stock shares outstanding | 2,147 | 2,126 | 2,105 |
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||
Common Stock | $ 6.31 | $ 3.35 | $ 2.97 |
Weighted average number of Common Stock shares outstanding – assuming dilution | 2,187 | 2,166 | 2,145 |
Consolidated Statements of Ope3
Consolidated Statements of Operations (Parenthetical) $ in Thousands | 12 Months Ended |
Jan. 03, 2016USD ($) | |
Income Statement [Abstract] | |
Bargain purchase gain, tax | $ 1,265 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 65,044 | $ 36,082 | $ 32,102 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustment | (4) | (5) | (1) |
Defined benefit plans: | |||
Actuarial gain (loss) | 6,624 | (31,839) | 33,379 |
Prior service costs | 21 | 22 | (88) |
Postretirement benefits plan: | |||
Actuarial gain (loss) | 2,934 | (4,318) | 3,984 |
Prior service costs | (2,068) | 4,402 | (924) |
Other comprehensive income (loss), net of tax | 7,507 | (31,738) | 36,350 |
Comprehensive income | 72,551 | 4,344 | 68,452 |
Less: Comprehensive income attributable to noncontrolling interest | 6,042 | 4,728 | 4,427 |
Comprehensive income (loss) attributable to Coca-Cola Bottling Co. Consolidated | $ 66,509 | $ (384) | $ 64,025 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 55,498 | $ 9,095 |
Accounts receivable, trade, less allowance for doubtful accounts of $0 and $1,330 respectively | 184,009 | 125,726 |
Accounts receivable from The Coca-Cola Company | 28,564 | 22,741 |
Accounts receivable, other | 24,047 | 14,531 |
Inventories | 89,464 | 70,740 |
Prepaid expenses and other current assets | 54,440 | 44,168 |
Total current assets | 436,022 | 287,001 |
Property, plant and equipment, net | 525,820 | 358,232 |
Leased property under capital leases, net | 40,145 | 42,971 |
Other assets | 66,887 | 60,832 |
Franchise rights | 527,540 | 520,672 |
Goodwill | 117,954 | 106,220 |
Other identifiable intangible assets, net | 136,448 | 57,148 |
Total assets | 1,850,816 | 1,433,076 |
Current liabilities: | ||
Current portion of obligations under capital leases | 7,063 | 6,446 |
Accounts payable, trade | 82,937 | 58,640 |
Accounts payable to The Coca-Cola Company | 79,065 | 51,227 |
Other accrued liabilities | 104,168 | 68,775 |
Accrued compensation | 49,839 | 38,677 |
Accrued interest payable | 3,481 | 3,655 |
Total current liabilities | 326,553 | 227,420 |
Deferred income taxes | 146,944 | 140,000 |
Pension and postretirement benefit obligations | 115,197 | 134,100 |
Other liabilities | 267,090 | 177,250 |
Obligations under capital leases | 48,721 | 52,604 |
Long-term debt | 623,879 | 444,759 |
Total liabilities | $ 1,528,384 | $ 1,176,133 |
Commitments and Contingencies (Note 14) | ||
Equity: | ||
Capital in excess of par value | $ 113,064 | $ 110,860 |
Retained earnings | 260,672 | 210,957 |
Accumulated other comprehensive loss | (82,407) | (89,914) |
Total equity before treasury stock | 304,310 | 244,863 |
Less-Treasury stock, at cost: | ||
Total equity of Coca-Cola Bottling Co. Consolidated | 243,056 | 183,609 |
Noncontrolling interest | 79,376 | 73,334 |
Total equity | 322,432 | 256,943 |
Total liabilities and equity | 1,850,816 | 1,433,076 |
Convertible Preferred Stock [Member] | ||
Equity: | ||
Preferred Stock | 0 | 0 |
Nonconvertible Preferred Stock [Member] | ||
Equity: | ||
Preferred Stock | 0 | 0 |
Preferred Stock [Member] | ||
Equity: | ||
Preferred Stock | 0 | 0 |
Common Stock [Member] | ||
Equity: | ||
Common Stock | 10,204 | 10,204 |
Less-Treasury stock, at cost: | ||
Treasury stock | 60,845 | 60,845 |
Class B Common Stock [Member] | ||
Equity: | ||
Common Stock | 2,777 | 2,756 |
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 ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Allowance for doubtful accounts | $ 2,117 | $ 1,330 |
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 |
Preferred Stock [Member] | ||
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 [Member] | ||
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 |
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 | 2,778,896 | 2,757,976 |
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 Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Cash Flows from Operating Activities | |||
Net income | $ 65,044 | $ 36,082 | $ 32,102 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation expense | 78,096 | 60,397 | 58,338 |
Amortization of intangibles | 2,800 | 733 | 333 |
Deferred income taxes | 10,408 | 4,220 | (10,017) |
Loss on sale of property, plant and equipment | 1,268 | 677 | 46 |
Impairment of property, plant and equipment | 148 | 0 | 0 |
Gain on exchange of franchise territory | (8,807) | 0 | 0 |
Gain on sale of business | (22,651) | 0 | 0 |
Bargain purchase gain | (2,011) | 0 | 0 |
Amortization of debt costs | 2,011 | 1,938 | 1,933 |
Stock compensation expense | 7,300 | 3,542 | 2,919 |
Amortization of deferred gains related to terminated interest rate agreements | (116) | (561) | (549) |
Loss on voluntary pension settlement | 0 | 0 | 12,014 |
Fair value adjustment of acquisition related contingent consideration | 3,576 | 1,077 | 0 |
Change in current assets less current liabilities (exclusive of acquisitions) | (18,262) | (16,331) | 843 |
Change in other noncurrent assets (exclusive of acquisitions) | (4,292) | (3,195) | (3,170) |
Change in other noncurrent liabilities (exclusive of acquisitions) | (6,214) | 3,333 | 1,569 |
Other | (8) | (9) | 13 |
Total adjustments | 43,246 | 55,821 | 64,272 |
Net cash provided by operating activities | 108,290 | 91,903 | 96,374 |
Cash Flows from Investing Activities | |||
Additions to property, plant and equipment (exclusive of acquisitions) | (163,887) | (84,364) | (61,432) |
Proceeds from the sale of property, plant and equipment | 1,891 | 1,701 | 6,136 |
Proceeds from the sale of BYB Brands, Inc. | 26,360 | 0 | 0 |
Acquisition of new territories, net of cash acquired | (81,707) | (41,588) | 0 |
Net cash used in investing activities | (217,343) | (124,251) | (55,296) |
Cash Flows from Financing Activities | |||
Proceeds from issuance of long-term debt, net of discount | 349,913 | 0 | 0 |
Borrowing under revolving credit facility | 334,000 | 191,624 | 60,000 |
Payment on revolving credit facility | (405,000) | (125,624) | (85,000) |
Payment of senior notes | (100,000) | 0 | 0 |
Repayment of lines of credit | 0 | (20,000) | 0 |
Cash dividends paid | (9,287) | (9,266) | (9,245) |
Excess tax expense/(benefit) from stock-based compensation | 0 | 176 | (17) |
Payment of acquisition related contingent consideration | (4,039) | (212) | 0 |
Principal payments on capital lease obligations | (6,555) | (5,939) | (5,307) |
Debt issuance costs | (3,392) | (853) | 0 |
Other | (184) | (224) | (147) |
Net cash provided by (used in) financing activities | 155,456 | 29,682 | (39,716) |
Net increase (decrease) in cash | 46,403 | (2,666) | 1,362 |
Cash at beginning of year | 9,095 | 11,761 | 10,399 |
Cash at end of year | 55,498 | 9,095 | 11,761 |
Significant noncash investing and financing activities | |||
Issuance of Class B Common Stock in connection with stock award | 2,225 | 1,763 | 1,298 |
Capital lease obligations incurred | 3,361 | 0 | 714 |
Additions to property, plant and equipment accrued and recorded in accounts payable, trade | $ 14,006 | $ 9,185 | $ 7,175 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Class B Common Stock [Member] | Common Stock [Member] | Common Stock [Member]Class B Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Retained Earnings [Member]Class B Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock [Member] | Total Equity of CCBCC [Member] | Total Equity of CCBCC [Member]Class B Common Stock [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 30, 2012 | $ 199,438 | $ 10,204 | $ 2,715 | $ 107,681 | $ 170,439 | $ (94,526) | $ (61,254) | $ 135,259 | $ 64,179 | |||
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 shares of Class B Common Stock | 1,298 | 20 | 1,278 | 1,298 | ||||||||
Stock compensation adjustment | (17) | (17) | (17) | |||||||||
Ending Balance at Dec. 29, 2013 | 259,926 | 10,204 | 2,735 | 108,942 | 188,869 | (58,176) | (61,254) | 191,320 | 68,606 | |||
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 shares of Class B Common Stock | 1,763 | 21 | 1,742 | 1,763 | ||||||||
Stock compensation adjustment | 176 | 176 | 176 | |||||||||
Ending Balance at Dec. 28, 2014 | 256,943 | 10,204 | 2,756 | 110,860 | 210,957 | (89,914) | (61,254) | 183,609 | 73,334 | |||
Net income | 65,044 | 59,002 | 59,002 | 6,042 | ||||||||
Other comprehensive income (loss), net of tax | 7,507 | 7,507 | 7,507 | |||||||||
Cash dividends paid Common ($1.00 per share) | (7,141) | $ (2,146) | (7,141) | $ (2,146) | (7,141) | $ (2,146) | ||||||
Issuance of shares of Class B Common Stock | 2,225 | 21 | 2,204 | 2,225 | ||||||||
Ending Balance at Jan. 03, 2016 | $ 322,432 | $ 10,204 | $ 2,777 | $ 113,064 | $ 260,672 | $ (82,407) | $ (61,254) | $ 243,056 | $ 79,376 |
Consolidated Statements of Cha9
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Cash dividend per share | $ 1 | $ 1 | $ 1 |
Class B common stock shares issued | 20,920 | 20,900 | 20,120 |
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 | 20,920 | 20,900 | 20,120 |
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 Policies
Significant Accounting Policies | 12 Months Ended |
Jan. 03, 2016 | |
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 U.S. 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 53-week period ended January 3, 2016 (“2015”) and the 52-week periods ended December 28, 2014 (“2014”) and December 29, 2013 (“2013”). 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 $6.0 million in 2015, $4.7 million in 2014 and $4.4 million in 2013 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 $79.4 million, $73.3 million and $68.6 million at January 3, 2016, December 28, 2014 and December 29, 2013, respectively. These amounts are shown as noncontrolling interest in the equity section of the Company’s consolidated balance sheets. 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 $9.3 million, $7.6 million and $7.5 million in 2015, 2014 and 2013, respectively. Franchise Rights and Goodwill Under the provisions of 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. In estimating the implied fair value of goodwill for a reporting unit, we assign the fair value to the assets and liabilities associated with the reporting unit as if the reporting unit had been acquired in a business combination. Any excess of the carrying value of goodwill of the reporting unit over its implied fair value is recorded as an impairment. 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 CBAs 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 losses 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 $71.4 million, $61.7 million and $57.1 million in 2015, 2014 and 2013, 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 may use 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 $222.9 million, $211.6 million and $201.0 million in 2015, 2014 and 2013, respectively. The Company recorded delivery fees in net sales of $6.3 million, $6.2 million and $6.3 million in 2015, 2014 and 2013, 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 April 2014, the Financial Accounting Standards Board (“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 was effective for annual and interim periods beginning after December 15, 2014. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. In September 2015, the FASB issued new guidance that requires an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The new guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Company elected to early-adopt this new accounting guidance in the third quarter of 2015. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In November 2015, the FASB issued new guidance on the balance sheet classification of deferred taxes. The new guidance requires an entity to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. The new guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. The Company elected to early-adopt this new accounting guidance prospectively beginning with the Consolidated Balance Sheet at January 3, 2016. Prior periods were not retrospectively adjusted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. Recently Issued Pronouncements In May 2014, the FASB issued new guidance on accounting for revenue from contracts with customers. The new guidance was to be effective for annual and interim periods beginning after December 15, 2016. In July 2015, the FASB deferred the effective date to annual and interim periods beginning after December 15, 2017. The Company is in the process of evaluating the impact of the new guidance on the Company’s consolidated financial statements. In August 2014, the FASB issued new guidance that specifies the responsibility that an entity’s management has to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern. The new guidance is effective for annual and interim periods beginning after December 15, 2016. The Company does not expect the new guidance to have a material impact 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. In April 2015, the FASB issued new guidance on accounting for debt issuance costs. The new guidance requires that all cost incurred to issue debt be presented in the balance sheet as a direct reduction from the carrying value of the debt. In August 2015, the FASB issued additional guidance which clarified that an entity can present debt issuance costs of a line-of-credit arrangement as an asset regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The new guidance is effective for annual and interim periods beginning after December 15, 2015. The Company does not expect the new guidance to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued new guidance on whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the arrangement should be accounted for consistent with the acquisition of other software licenses, otherwise, the arrangement should be accounted for consistent with other service contracts. 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. In May 2015, the FASB issued new guidance which removes the requirement to categorize investments for which fair value is measured using fair value per share in the fair value hierarchy and limits certain required disclosures to those for which fair value is being measured using the net asset value per share practical expedient. 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. In July 2015, the FASB issued new guidance on accounting for inventory. The new guidance requires entities to measure most inventory “at lower of cost and net realizable value” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. 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 2016, the FASB issued new guidance on accounting for leases. The new guidance requires lessees to recognize a right-to-use asset and a lease liabil |
Piedmont Coca-Cola Bottling Par
Piedmont Coca-Cola Bottling Partnership | 12 Months Ended |
Jan. 03, 2016 | |
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 January 3, 2016, December 28, 2014 and December 29, 2013 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, 2017. 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 January 3, 2016 and December 28, 2014. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Jan. 03, 2016 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 3. Acquisitions and Divestitures During 2015, the Company completed its acquisitions of distribution territories announced as part of the April 2013 letter of intent signed with The Coca-Cola Company which included distribution territory in parts of Tennessee, Kentucky and Indiana served by Coca-Cola Refreshments USA, Inc. (“CCR”), a wholly owned subsidiary of The Coca-Cola Company. On May 12, 2015, the Company and The Coca-Cola Company entered into a non-binding letter of intent (the “May 2015 LOI”) pursuant to which CCR would grant the Company in two phases certain exclusive rights for the distribution, promotion, marketing and sale of The Coca-Cola Company-owned and -licensed products in additional territories currently served by CCR. The major markets that would be served as part of the expansion contemplated by the May 2015 LOI include: Baltimore, Alexandria, Norfolk, Richmond, Washington, DC, Cincinnati, Columbus, Dayton and Indianapolis. On September 23, 2015, the Company and CCR entered into an asset purchase agreement for the first phase of this additional distribution territory contemplated by the May 2015 LOI (the “September 2015 APA”) including: (i) eastern and northern Virginia, (ii) the entire state of Maryland, (iii) the District of Columbia, and (iv) parts of Delaware, North Carolina, Pennsylvania and West Virginia (the “Next Phase Territories”). The first closing for the series of Next Phase Territories transactions (the “Next Phase Territories Transactions”) occurred on October 30, 2015 for Norfolk, Fredericksburg and Staunton in Virginia and Elizabeth City in North Carolina. The second closing for the series of Next Phase Territories Transactions occurred on January 29, 2016 for Easton and Salisbury, Maryland and Richmond and Yorktown, Virginia. The closings for the remainder of the Next Phase Territories Transactions are expected to occur in the first half of 2016. At the closings of each of the Expansion Territories (excluding the Lexington-for-Jackson exchange described below), the Company signed a Comprehensive Beverage Agreement (“CBA”) for each of the territories which has a term of ten years and is automatically renewed for successive additional terms of ten years unless we give notice to terminate at least one year prior to the expiration of a ten year term or unless 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 agreements. The quarterly sub-bottling payment, which is accounted for as contingent consideration, is 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 territories that failure to meet could result in termination of a CBA if the Company fails to take corrective measures within a specified time frame. 2014 Expansion Territories On May 23, 2014, the Company acquired the Johnson City and Morristown, Tennessee distribution territory and related assets, and on October 24, 2014, the Company acquired the Knoxville, Tennessee distribution territory and related assets (“2014 Expansion Territories”) from CCR. The fair values of acquired assets and assumed liabilities as of the acquisition dates are summarized as follows: Johnson City/ Morristown Knoxville In Thousands Territory Territory Cash $ 46 $ 108 Inventories 1,150 2,100 Prepaid expenses and other current assets 315 1,893 Accounts receivable from The Coca-Cola Company 482 0 Property, plant and equipment 8,495 17,229 Other assets 361 221 Goodwill 571 4,698 Other identifiable intangible assets 13,800 37,400 Total acquired assets $ 25,220 $ 63,649 Current liabilities (acquisition related contingent consideration) $ 1,005 $ 2,426 Other current liabilities 23 2,351 Accounts payable to The Coca-Cola Company 0 105 Other liabilities (including deferred taxes) 473 0 Other liabilities (acquisition related contingent consideration) 11,564 27,834 Total assumed liabilities $ 13,065 $ 32,716 The fair value of the acquired identifiable intangible assets is as follows: Johnson City/ Morristown Knoxville Estimated In Thousands Territory Territory Useful Lives Distribution agreements $ 13,200 $ 36,400 40 years Customer lists 600 1,000 12 years Total $ 13,800 $ 37,400 The goodwill of $0.6 million and $4.7 million for the Johnson City/Morristown and Knoxville transactions, respectively, is primarily attributed to the workforce. Goodwill of $0.1 million and $4.5 million for the Johnson City/Morristown and Knoxville Territories, respectively, is expected to be deductible for tax purposes. During the third quarter of 2015 (“Q3 2015”), the Company made certain measurement period adjustments as a result of purchase price changes to reflect the revised opening balance sheets for the Johnson City/Morristown and Knoxville, Tennessee territories. The effect on the Company’s consolidated financial statements of these measurement period adjustments was immaterial. These adjustments are included in the opening balance sheets presented above. 2015 Expansion Territories During 2015, the Company closed on the expansion of the following distribution territories and related assets: Cleveland and Cookeville, Tennessee; Louisville, Kentucky and Evansville, Indiana; Paducah and Pikeville, Kentucky; Norfolk, Fredericksburg and Staunton, Virginia; and Elizabeth City, North Carolina (the “2015 Expansion Territories”). The Company also acquired a make-ready center in Annapolis, Maryland in 2015. During the fourth quarter of 2015, the Company made certain measurement period adjustments as a result of purchase price changes to reflect the revised opening balance sheets for the Cleveland and Cookeville Tennessee and Louisville, Kentucky and Evansville, Indiana territories. The details of the transactions are included below. Cleveland and Cookeville, Tennessee Territory Acquisitions On December 5, 2014, the Company and CCR entered into an asset purchase agreement (the “Initial December 2014 APA”) relating to the territory served by CCR through CCR’s facilities and equipment located in Cleveland and Cookeville, Tennessee (the “January Expansion Territory”). The closing of this transaction occurred on January 30, 2015 for a cash purchase price of $13.2 million, which will remain subject to adjustment until March 13, 2016 in accordance with the terms and conditions of the Initial December 2014 APA. Louisville, Kentucky and Evansville, Indiana Territory Acquisitions On December 17, 2014, the Company and CCR entered into an asset purchase agreement (the “Additional December 2014 APA”) related to the territory served by CCR through CCR’s facilities and equipment located in Louisville, Kentucky and Evansville, Indiana (the “February Expansion Territory”). The closing of this transaction occurred on February 27, 2015, for a cash purchase price of $18.0 million, which will remain subject to adjustment until April 11, 2016 in accordance with the terms and conditions of the Additional December 2014 APA. Paducah and Pikeville, Kentucky Territory Acquisitions On February 13, 2015, the Company and CCR entered into an asset purchase agreement (the “February 2015 APA”) related to the territory served by CCR through CCR’s facilities and equipment located in Paducah and Pikeville, Kentucky (the “May Expansion Territory”). The closing of this transaction occurred on May 1, 2015, for a cash purchase price of $7.5 million, which will remain subject to adjustment until June 12, 2016 in accordance with the terms and conditions of the February 2015 APA. Norfolk, Fredericksburg and Staunton, Virginia; and Elizabeth City, North Carolina Territory Acquisitions On September 23, 2015, the Company and CCR entered into an asset purchase agreement (the “September 2015 APA”) related to the territory served by CCR through CCR’s facilities and equipment located in Norfolk, Fredericksburg and Staunton, Virginia, and Elizabeth City, North Carolina (the “October Expansion Territory”). The closing of this transactions occurred on October 30, 2015, for a cash purchase price of $26.1 million, which will remain subject to adjustment until December 8, 2016 in accordance with the terms and conditions of the September 2015 APA. Annapolis, Maryland Make-Ready Center Acquisition As a part of the Expansion Transactions, on October 30, 2015 the Company acquired from CCR a “make-ready center” in Annapolis, Maryland for approximately $5.3 million, subject to a final post-closing adjustment. The Company recorded a bargain purchase gain of approximately $2.0 million on this transaction after applying a deferred tax liability of approximately $1.3 million. The Company uses the make-ready center to deploy and refurbish vending and other sales equipment for use in the marketplace. The fair values of acquired assets and assumed liabilities of the January, February, May and October Expansion Territories and the Annapolis, Maryland make-ready center are summarized as follows: In Thousands January Expansion Territory February Expansion Territory May Expansion Territory October Expansion Territory Annapolis MRC Cash $ 59 $ 105 $ 45 $ 160 $ 0 Inventories 1,238 1,268 1,045 2,564 109 Prepaid expenses and other current assets 714 1,108 224 1,110 0 Property, plant and equipment 6,722 16,604 6,584 25,933 8,493 Other assets (including deferred taxes) 336 1,147 510 4,170 0 Goodwill 1,280 1,523 942 6,574 0 Other identifiable intangible assets 12,950 20,350 1,700 49,100 0 Total acquired assets $ 23,299 $ 42,105 $ 11,050 $ 89,611 $ 8,602 Current liabilities (acquisition related contingent consideration) $ 843 $ 1,659 $ 281 $ 547 $ 0 Other current liabilities 125 974 494 4,005 0 Other liabilities 0 823 10 0 1,265 Other liabilities (acquisition related contingent consideration) 9,131 20,625 2,748 58,925 0 Total assumed liabilities $ 10,099 $ 24,081 $ 3,533 $ 63,477 $ 1,265 The fair value of the acquired identifiable intangible assets as of the January, February, May and October Expansion Territories are as follows: In Thousands January Expansion Territory February Expansion Territory May Expansion Territory October Expansion Territory Estimated Useful Distribution agreements $ 12,400 $ 19,200 $ 1,500 $ 47,900 40 years Customer lists 550 1,150 200 1,200 12 years Total $ 12,950 $ 20,350 $ 1,700 $ 49,100 The goodwill of $1.3 million, $1.5 million, $0.9 million and $6.6 million for the 2015 Expansion Territories, respectively, is primarily attributed to the workforce. Goodwill of $1.0 million, $0.3 million and $0.1 million is expected to be deductible for tax purposes for the January Expansion Territory, February Expansion Territory and May Expansion Territory, respectively. No goodwill is expected to be deductible for tax purposes for the October Expansion Territory. The Company has preliminarily allocated the purchase price of the 2014 Expansion Territories and 2015 Expansion Territories 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 anticipated range of amounts the Company could pay annually under the acquisition related contingent consideration arrangements for the 2014 Expansion Territories and the 2015 Expansion Territories is between $9 million and $16 million. As of January 3, 2016, the Company has recorded a liability of $136.6 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 is reassessed and adjusted to fair value each quarter through other income (expense). During 2015, the Company recorded an unfavorable fair value adjustment to the contingent consideration liability of $3.6 million. 2015 Asset Exchange Agreement On October 17, 2014, the Company and CCR entered into an agreement (the “Asset Exchange Agreement”) pursuant to which CCR 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 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 served by the Company’s facilities and equipment located in Jackson, Tennessee, including the rights to produce such beverages in that territory. The Company and CCR closed the Asset Exchange Transaction on May 1, 2015. The net assets received in the exchange, after deducting the value of certain retained assets and retained liabilities, was approximately $10.5 million, which was paid at closing. The value of the net assets exchanged remain subject to adjustment until June 12, 2016 in accordance with the terms and conditions of the Asset Exchange Agreement. The fair value of acquired assets and assumed liabilities related to the Lexington Expansion Territory as of the exchange date are summarized as follows: Lexington Expansion In Thousands Territory Cash $ 56 Inventories 2,712 Prepaid expenses and other current assets 442 Property, plant and equipment 12,682 Other assets 48 Franchise rights 18,200 Goodwill 2,537 Other identifiable intangible assets 1,000 Total acquired assets $ 37,677 Current liabilities $ 926 Total assumed liabilities $ 926 The fair value of the acquired identifiable intangible assets is as follows: Lexington Expansion Estimated In Thousands Territory Useful Lives Franchise rights $ 18,200 Indefinite Distribution agreements 200 40 years Customer lists 800 12 years Total $ 19,200 The goodwill related to the Lexington Expansion Territory is primarily attributed to the workforce of the territories. Goodwill of $2.5 million is expected to be deductible for tax purposes. The Company has preliminarily allocated the purchase price for the Lexington 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 carrying value of assets exchanged related to the Jackson territory was $17.5 million, resulting in a gain on the exchange of $8.8 million. This gain was recorded in the Consolidated Statements of Operations in the line item titled “Gain on exchange of franchise territory”. This amount is subject to change upon completion of the final determination value of the net assets exchanged in the transaction. The amount of goodwill and franchise rights allocated to the Jackson territory was determined using a relative fair value approach comparing the fair value of the Jackson territory to the fair value of the overall Nonalcoholic Beverages reporting unit. The financial results of the 2014 and 2015 Expansion Territories have been included in the Company’s consolidated financial statements from their respective acquisition dates. These territories contributed $437.0 million in net sales and $6.9 million in operating income during 2015. Pro-Forma Financial Information The following table represents the unaudited pro forma net sales for the Company assuming the 2015 Expansion Territory acquisitions had occurred on December 29, 2014. The pro forma combined net sales does not necessarily reflect what the combined Company’s net sales would have been had the acquisition occurred on the dates indicated. It also may not be useful in predicting the future financial results of the combined company. The actual results may differ significantly from the pro forma amounts reflected herein due to a variety of factors. 2015 Net Sales Pro Forma Adjustments Pro Forma As Reported (Unaudited) (Unaudited) $ 2,306,458 $ 170,743 $ 2,477,201 Sale of BYB Brands, Inc. On August 24, 2015, the Company sold BYB Brands, Inc. (“BYB”), a wholly owned subsidiary of the Company to The Coca-Cola Company. Pursuant to the stock purchase agreement dated July 22, 2015, the Company sold all of the issued and outstanding shares of capital stock of BYB for a cash purchase price of $26.4 million, subject to a final post-closing adjustment. As a result of the sale, the Company recognized a gain of $22.7 million in Q3 2015, which was recorded in the Consolidated Statements of Operations in the line item titled “Gain on sale of business.” BYB contributed $23.9 million, $34.1 million and $34.2 million in net sales in 2015, 2014 and 2013, respectively. BYB contributed $1.8 million in operating income, $0.4 million in operating loss and $0.9 million in operating income in 2015, 2014 and 2013, respectively. |
Inventories
Inventories | 12 Months Ended |
Jan. 03, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Jan. 3, Dec. 28, In Thousands 2016 2014 Finished products $ 56,252 $ 42,526 Manufacturing materials 12,277 10,133 Plastic shells, plastic pallets and other inventories 20,935 18,081 Total inventories $ 89,464 $ 70,740 The growth in the inventory balances at January 3, 2016 as compared to December 28, 2014 is primarily due to inventory acquired through the acquisitions of the 2015 Expansion Territories. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jan. 03, 2016 | |
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: Jan. 3 Dec. 28, Estimated In Thousands 2016 2014 Useful Lives Land $ 24,731 $ 14,762 Buildings 134,496 120,533 8-50 years Machinery and equipment 165,733 154,897 5-20 years Transportation equipment 251,712 190,216 4-20 years Furniture and fixtures 59,500 45,623 3-10 years Cold drink dispensing equipment 398,867 345,391 5-17 years Leasehold and land improvements 94,208 75,104 5-20 years Software for internal use 97,760 91,156 3-10 years Construction in progress 24,632 6,528 Total property, plant and equipment, at cost 1,251,639 1,044,210 Less: Accumulated depreciation and amortization 725,819 685,978 Property, plant and equipment, net $ 525,820 $ 358,232 Depreciation and amortization expense was $78.1 million, $60.4 million and $58.3 million in 2015, 2014, and 2013, 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 2015, 2014, and 2013, the Company performed periodic reviews of property, plant and equipment and determined no material impairment existed. |
Leased Property Under Capital L
Leased Property Under Capital Leases | 12 Months Ended |
Jan. 03, 2016 | |
Leases [Abstract] | |
Leased Property Under Capital Leases | 6. Leased Property Under Capital Leases Jan. 3, Dec. 28, Estimated In Thousands 2016 2014 Useful Lives Leased property under capital leases $ 98,001 $ 94,793 3-20 years Less: Accumulated amortization 57,856 51,822 Leased property under capital leases, net $ 40,145 $ 42,971 As of January 3, 2016, real estate represented $40.0 million of the leased property under capital leases, net and $23.7 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 $55.8 million and $59.0 million as of January 3, 2016 and December 28, 2014. |
Franchise Rights and Goodwill
Franchise Rights and Goodwill | 12 Months Ended |
Jan. 03, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Franchise Rights and Goodwill | 7. Franchise Rights and Goodwill Jan. 3, Dec. 28, In Thousands 2016 2014 Franchise rights $ 527,540 $ 520,672 Goodwill 117,954 106,220 Total franchise rights and goodwill $ 645,494 $ 626,892 A reconciliation of the activity for franchise rights and goodwill for 2014 and 2015 follows: In Thousands Franchise rights Goodwill Total Balance on December 29, 2013 $ 520,672 $ 102,049 $ 622,721 2014 Expansion Territories 0 4,171 4,171 Balance on December 28, 2014 $ 520,672 $ 106,220 $ 626,892 2015 Expansion Territories 0 11,418 11,418 2015 Asset Exchange 6,868 316 7,184 Balance on January 3, 2016 $ 527,540 $ 117,954 $ 645,494 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 2015, 2014 and 2013 and determined there was no impairment of the carrying value of these assets. There has been no impairment of franchise rights or goodwill. |
Other Identifiable Intangible A
Other Identifiable Intangible Assets | 12 Months Ended |
Jan. 03, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Other Identifiable Intangible Assets | 8. Other Identifiable Intangible Assets Jan. 3, 2016 Dec. 28, 2014 In Thousands Cost Accumulated Amortization Total, net Cost Accumulated Amortization Total, net Estimated Useful Lives Distribution agreements $ 133,109 $ 3,323 $ 129,786 $ 54,909 $ 1,068 $ 53,841 20-40 years Customer lists and other identifiable intangible assets 11,338 4,676 6,662 7,438 4,131 3,307 12-20 years Total other identifiable intangible assets $ 144,447 $ 7,999 $ 136,448 $ 62,347 $ 5,199 $ 57,148 During 2015, the Company acquired $81.0 million of distribution agreement intangible assets and $3.1 million of customer lists intangible assets related to the 2015 Expansion Territories. Additionally, during 2015 the Company recorded measurement period adjustments reducing distribution agreement intangible assets $3.0 million and $14.0 million related to the 2014 Expansion Territories and the 2015 Expansion Territories, respectively. During 2015, as a result of the Lexington-for-Jackson exchange, the Company also acquired distribution agreement intangible assets of $0.2 million and customer lists intangible assets of $0.8 million related to the Lexington Expansion Territory. 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 2014 Expansion Territories. Other identifiable intangible assets are amortized on a straight line basis. Amortization expense related to other identifiable intangible assets was $2.8 million, $0.7 million and $0.3 million for 2015, 2014 and 2013, respectively. Assuming no impairment of these other identifiable intangible assets, amortization expense in future years based upon recorded amounts as of January 3, 2016 will be $4.1 million each year for 2016 through 2020. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Jan. 03, 2016 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | 9. Other Accrued Liabilities Jan. 3, Dec. 28, In Thousands 2016 2014 Accrued marketing costs $ 24,959 $ 16,141 Accrued insurance costs 24,353 21,055 Accrued taxes (other than income taxes) 1,721 2,430 Employee benefit plan accruals 13,963 12,517 Checks and transfers yet to be presented for payment from zero balance cash accounts 8,980 2,324 Acquisition related contingent consideration 7,902 3,000 Commodity hedges mark-to-market accrual 3,442 0 All other accrued expenses 18,848 11,308 Total other accrued liabilities $ 104,168 $ 68,775 |
Debt
Debt | 12 Months Ended |
Jan. 03, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 10. Debt Interest Interest Jan. 3, Dec. 28, In Thousands Maturity Rate Paid 2016 2014 Revolving credit facility 2019 Variable Varies $ 0 $ 71,000 Senior Notes 2015 5.30 % Semi-annually 0 100,000 Senior Notes 2016 5.00 % Semi-annually 164,757 164,757 Senior Notes 2019 7.00 % Semi-annually 110,000 110,000 Senior Notes 2025 3.80 % Semi-annually 350,000 0 Unamortized discount on Senior Notes 2019 (792 ) (998 ) Unamortized discount on Senior Notes 2025 (86 ) 0 623,879 444,759 Less: Current portion of debt 0 0 Long-term debt $ 623,879 $ 444,759 The principal maturities of debt outstanding on January 3, 2016 were as follows: In Thousands 2016 $ 164,757 2017 0 2018 0 2019 109,208 2020 0 Thereafter 349,914 Total debt $ 623,879 The Company has obtained the majority of its long-term debt financing, other than capital leases, from the public markets. As of January 3, 2016, the Company’s total outstanding balance of debt and capital lease obligations was $679.7 million of which $623.9 million was financed through publicly offered debt. The Company had capital lease obligations of $55.8 million as of January 3, 2016. 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 (the “Revolving Credit Facility”) which amended and restated the Company’s existing $200 million five-year unsecured revolving credit agreement. On April 27, 2015, the Company exercised the accordion feature of the Revolving Credit Facility, thereby increasing the aggregate availability by $100 million to $450 million. The Revolving Credit Facility has a scheduled maturity date of October 16, 2019 and up to $50 million is available for the issuance of letters of credit. Borrowings under the Revolving Credit Facility 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 Revolving Credit Facility. The Revolving Credit 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 agreement. The Company was in compliance with these covenants at January 3, 2016. These covenants do not currently, and the Company does not anticipate they will, restrict its liquidity or capital resources. On January 3, 2016, the Company had no outstanding borrowings on the Revolving Credit Facility and had $450 million available to meet its cash requirements. On December 28, 2014, the Company had $71.0 million of outstanding borrowings on the Revolving Credit Facility and had $279 million available to meet its cash requirements. In November 2015, the Company issued $350 million of unsecured 3.8% Senior Notes due 2025. The notes were issued at 99.975% of par, which resulted in a discount on the notes of approximately $0.1 million. Total debt issuance costs for these notes totaled $3.2 million. The proceeds plus cash on hand were used to repay outstanding borrowings under the Revolving Credit Facility. The Company refinanced its $100 million of senior notes, which matured in April 2015, with borrowings under the Company’s Revolving Credit Facility. The Company has $164.8 million of senior notes maturing in June 2016. The Company expects to use borrowings under the Revolving Credit Facility to repay the note when due and, accordingly, has classified the $164.8 million of senior notes due in June 2016 as long-term. As of January 3, 2016 and December 28, 2014, the Company had a weighted average interest rate of 5.5% and 5.8%, 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 4.7% and 5.7% and for 2015 and 2014, respectively. As of January 3, 2016, none of the Company’s debt and none of its capital lease obligations 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 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 Instrument
Derivative Financial Instruments | 12 Months Ended |
Jan. 03, 2016 | |
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 2015, 2014 and 2013 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) 2015 2014 2013 Commodity hedges Cost of sales $ (2,354 ) $ 0 $ (500 ) Commodity hedges Selling, delivery and administrative expenses (1,085 ) 0 0 Total $ (3,439 ) $ 0 $ (500 ) The following table summarizes the fair values and classification in the consolidated balance sheets of derivative instruments held by the Company. Jan. 3, Dec. 28, In Thousands Balance Sheet Classification 2016 2014 Assets Commodity hedges at fair market value Other assets $ 3 $ 0 Total assets $ 3 $ 0 Liabilities Commodity hedges at fair market value Other accrued liabilities $ 3,442 $ 0 Total liabilities $ 3,442 $ 0 The Company has master agreements with the counterparties to its derivative financial agreements that provide for net settlement of derivative transactions. Accordingly, the net amounts of derivative assets are recognized in other assets in the consolidated balance sheet at January 3, 2016 and the net amounts of derivative liabilities are recognized in other accrued liabilities in the consolidated balance sheet at January 3, 2016. The Company had gross derivative assets of $0.2 million and gross derivative liabilities of $3.6 million as of January 3, 2016. The Company did not have any outstanding derivative transactions at December 28, 2014. The Company’s outstanding commodity derivative agreements as of January 3, 2016 had a notional amount of $64.9 million and a latest maturity date of December 2017. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Jan. 03, 2016 | |
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. Derivative Financial Instruments The fair values for the Company's commodity hedging agreements are based on current values at each balance sheet date. The fair values of the commodity hedging agreements at each balance sheet date represent the estimated amounts the Company would have received or paid upon termination of these agreements. Credit risk related to the derivative financial instruments is managed by requiring high standards for its counterparties and periodic settlements. The Company considers nonperformance risk in determining the fair value of derivative financial instruments. The carrying amounts and fair values of the Company’s debt, deferred compensation plan assets and liabilities, commodity hedging agreements and acquisition related contingent consideration were as follows. Jan. 3, 2016 Dec. 28, 2014 Carrying Fair Carrying Fair In Thousands Amount Value Amount Value Public debt securities $ (623,879 ) $ (645,400 ) $ (373,759 ) $ (404,400 ) Non-public variable rate debt 0 0 (71,000 ) (71,000 ) Deferred compensation plan assets 20,755 20,755 18,580 18,580 Deferred compensation plan liabilities (20,755 ) (20,755 ) (18,580 ) (18,580 ) Commodity hedging agreements - assets 3 3 0 0 Commodity hedging agreements - liabilities (3,442 ) (3,442 ) 0 0 Acquisition related contingent consideration (136,570 ) (136,750 ) (46,850 ) (46,850 ) 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, commodity hedging agreements and acquisition related contingent consideration. Jan. 3, 2016 Dec. 28, 2014 In Thousands Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Deferred compensation plan assets $ 20,755 $ 18,580 Commodity hedging agreements $ 3 $ 0 Liabilities Deferred compensation plan liabilities 20,755 18,580 Commodity hedging agreements 3,442 0 Acquisition related contingent consideration $ 136,570 $ 46,850 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. The fair values of the Company’s commodity hedging agreements are based upon rates from public commodity exchanges that are observable and quoted periodically over the full term of the agreement and are considered Level 2 items. Under the CBAs the Company entered into in 2015 and 2014, 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 beverage products in the acquired territories. This acquisition related contingent consideration is valued using a probability weighted discounted cash flow model based on internal forecasts and the weighted average cost of capital (“WACC”) derived from market data, which are considered Level 3 inputs. Each reporting period, the Company adjusts its contingent consideration liability related to the territory expansion to fair value by discounting future expected sub-bottling payments required under the CBAs using the Company’s estimated WACC. These future expected sub-bottling payments extend through the life of the related distribution assets acquired in each expansion territory, which is generally 40 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 2015 2014 Opening balance $ 46,850 $ 0 Increase due to acquisitions 109,784 46,200 Decrease due to measurement period adjustments (18,396 ) 0 Payment/accruals (5,244 ) (427 ) Fair value adjustment - (income) expense 3,576 1,077 Ending balance $ 136,570 $ 46,850 The unfavorable fair value adjustment of the acquisition related contingent consideration for both 2015 and 2014, which was primarily due to a change in the risk-free interest rate used to estimate the Company’s WACC, is recorded in other income (expense) on the Company’s consolidated statements of operations. There were no transfers of assets or liabilities between Levels in any period presented. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Jan. 03, 2016 | |
Payables And Accruals [Abstract] | |
Other Liabilities | 13. Other Liabilities Jan. 3, Dec. 28, In Thousands 2016 2014 Accruals for executive benefit plans $ 122,077 $ 117,965 Acquisition related contingent consideration 128,668 43,850 Other 16,345 15,435 Total other liabilities $ 267,090 $ 177,250 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 2015, 2014 and 2013, 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 $70.5 million and $68.7 million as of January 3, 2016 and December 28, 2014, respectively. The current liability under this plan was $6.4 million and $5.5 million as of January 3, 2016 and December 28, 2014, respectively. Under the Retention Plan, as amended effective January 1, 2007, eli g 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 $5.6 million and $4.5 million as of January 3, 2016 and December 28, 2014, respectively. The current liability under this plan was $5.0 million and $3.9 million as of January 3, 2016 and December 28, 2014, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jan. 03, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Rental expense incurred for noncancellable operating leases was $8.9 million, $7.6 million and $7.1 million during 2015, 2014 and 2013, 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 2030. 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 January 3, 2016. In Thousands Capital Operating Leases Total 2016 $ 11,176 $ 8,008 $ 19,184 2017 10,569 7,337 17,906 2018 10,421 6,357 16,778 2019 10,149 5,577 15,726 2020 10,329 5,471 15,800 Thereafter 18,013 28,761 46,774 Total minimum lease payments 70,657 $ 61,511 $ 132,168 Less: Amounts representing interest 14,873 Present value of minimum lease payments 55,784 Less: Current portion of obligations under capital leases 7,063 Long-term portion of obligations under capital leases $ 48,721 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 $30.6 million and $30.9 million as of January 3, 2016 and December 28, 2014, 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 January 3, 2016 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 $28.0 million for SAC and $43.6 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 January 3, 2016, SAC had total assets of approximately $45 million and total debt of approximately $19 million. SAC had total revenues for 2015 of approximately $195 million. As of January 3, 2016, Southeastern had total assets of approximately $296 million and total debt of approximately $137 million. Southeastern had total revenue for 2015 of approximately $599 million. The Company has standby letters of credit, primarily related to its property and casualty insurance programs. On January 3, 2016, these letters of credit totaled $26.9 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 January 3, 2016 amounted to $47.4 million and expire at various dates through 2026. 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 audits 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 |
Jan. 03, 2016 | |
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 2015, 2014 and 2013. Fiscal Year In Thousands 2015 2014 2013 Current: Federal $ 20,107 $ 13,153 $ 18,938 State 3,563 2,163 3,221 Total current provision $ 23,670 $ 15,316 $ 22,159 Deferred: Federal $ 10,638 $ 3,638 $ (7,701 ) State (230 ) 582 (2,316 ) Total deferred provision (benefit) $ 10,408 $ 4,220 $ (10,017 ) Income tax expense $ 34,078 $ 19,536 $ 12,142 The Company’s effective income tax rate, as calculated by dividing income tax expense by income before income taxes, for 2015, 2014 and 2013 was 34.4%, 35.1% and 27.40%, 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 2015, 2014 and 2013 was 36.6%, 38.4% and 30.5%, 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 2015 2014 2013 Statutory expense $ 34,692 $ 19,474 $ 15,485 State income taxes, net of federal benefit 3,496 2,133 1,811 Noncontrolling interest – Piedmont (2,261 ) (1,835 ) (1,674 ) Adjustment for uncertain tax positions 51 30 (167 ) Adjustment for state tax legislation (1,145 ) 0 (2,261 ) Valuation allowance change (1,332 ) 1,203 321 Bargain purchase gain (704 ) 0 0 Capital loss carryover 0 (854 ) 0 Manufacturing deduction benefit (1,330 ) (1,470 ) (1,995 ) Meals and entertainment 1,666 1,204 1,127 Other, net 945 (349 ) (505 ) Income tax expense $ 34,078 $ 19,536 $ 12,142 As of January 3, 2016 and 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. 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 2015 2014 2013 Gross uncertain tax positions at the beginning of the year $ 2,620 $ 2,630 $ 4,950 Increase as a result of tax positions taken during a prior period 0 0 55 Decrease as a result of tax positions taken during a prior period 0 0 (33 ) Increase as a result of tax positions taken in the current period 547 498 578 Reduction as a result of the expiration of the applicable statute of limitations (534 ) (508 ) (2,920 ) Gross uncertain tax positions at the end of the year $ 2,633 $ 2,620 $ 2,630 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 2015, 2014 and 2013, 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 January 3, 2016 and December 28, 2014 were not material. The Company reduced its liability for uncertain tax positions by $0.6 million in the third quarter of both 2015 and 2014 and $3.4 million in the third quarter of 2013. The net effect of the adjustments was a decrease to income tax expense of $0.6 million for both 2015 and 2014 and $0.9 million for 2013. 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% became 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. During 2015, a target was met that caused a reduction to the corporate tax rate in that state from 5% to 4% effective January 1, 2016 based on the same legislation enacted in 2013 described above. This reduction in the state corporate tax rate decreased the Company’s income tax expense by approximately $1.1 million in 2015 due to the impact on the Company’s net deferred tax liabilities and valuation allowance. The gain on the exchange of franchise territory and the sale of BYB did not have a significant impact on the effective income tax rate for 2015. Prior tax years beginning in 2012 remain open to examination by the Internal Revenue Service, and various tax years beginning in year 1998 remain open to examination by certain state tax jurisdictions to which the Company is subject due to loss carryforwards. As of January 3, 2016, the Company had $2.5 million and $54.9 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 2034. 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. In November 2015, the FASB issued new accounting guidance which simplified the presentation of deferred income taxes. This guidance requires that deferred tax assets and deferred tax liabilities be classified and presented as noncurrent on the balance sheet. The Company elected to early adopt this new accounting guidance effective January 3, 2016 on a prospective basis. Adoption of this accounting guidance resulted in a reclassification of the Company’s net current deferred tax asset to the net noncurrent deferred tax liability on the Company’s consolidated financial statements as of January 3, 2016. No prior periods were retrospectively adjusted. 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: Jan. 3, Dec. 28, In Thousands 2016 2014 Intangible assets $ 169,338 $ 139,744 Depreciation 95,262 77,311 Investment in Piedmont 43,109 42,271 Inventory 9,928 10,777 Prepaid expenses 4,615 4,237 Patronage dividend 4,046 4,361 Debt exchange premium 204 634 Other 434 161 Deferred income tax liabilities 326,936 279,496 Deferred compensation (44,402 ) (42,990 ) Postretirement benefits (27,086 ) (26,783 ) Pension (nonunion) (18,257 ) (25,951 ) Sub-bottling liability (52,306 ) (18,084 ) Accrued liabilities (21,853 ) (16,049 ) Capital lease agreements (6,105 ) (6,265 ) Net operating loss carryforwards (3,121 ) (4,075 ) Transactional costs (5,879 ) (3,584 ) Pension (union) (3,290 ) (3,472 ) Other 0 (54 ) Deferred income tax assets (182,299 ) (147,307 ) Valuation allowance for deferred tax assets 2,307 3,640 Net current deferred income tax asset 0 (4,171 ) Net noncurrent deferred income tax liability $ 146,944 $ 140,000 Note: Net current income tax asset from the table for December 28, 2014 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 $2.3 million, as of January 3, 2016, and $3.6 million, of which $0.2 million was included with the net current income tax asset, as of December 28, 2014, was established primarily for certain loss carryforwards which expire in varying amounts through 2034. The reduction in the valuation allowance as of January 3, 2016, was due to the Company’s assessment of its ability to use certain loss carryforwards primarily related to the sale of BYB. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jan. 03, 2016 | |
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 Dec. 28, Pre-tax Tax Pre-tax Tax Jan. 3, In Thousands 2014 Activity Effect Activity Effect 2016 Net pension activity: Actuarial loss $ (74,867 ) $ 7,513 $ (2,877 ) $ 3,230 $ (1,242 ) $ (68,243 ) Prior service costs (99 ) 0 0 35 (14 ) $ (78 ) Net postretirement benefits activity: Actuarial loss (22,759 ) 1,599 (613 ) 3,164 (1,216 ) $ (19,825 ) Prior service costs 7,812 0 0 (3,360 ) 1,292 $ 5,744 Foreign currency translation adjustment (1 ) (8 ) 4 0 0 $ (5 ) Total $ (89,914 ) $ 9,104 $ (3,486 ) $ 3,069 $ (1,180 ) $ (82,407 ) Gains (Losses) Reclassification During the Period to Income Dec. 29, Pre-tax Tax Pre-tax Tax Dec. 28, In Thousands 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 Dec. 30, Pre-tax Tax Pre-tax Tax Dec. 29, In Thousands 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) A summary of the impact on the income statement line items is as follows: Net Pension Net Postretirement In Thousands Activity Benefits Activity Total 2015 Cost of sales $ 359 $ (27 ) $ 332 S,D&A expenses 2,906 (169 ) 2,737 Subtotal pre-tax 3,265 (196 ) 3,069 Income tax expense 1,256 (76 ) 1,180 Total after tax effect $ 2,009 $ (120 ) $ 1,889 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 |
Capital Transactions
Capital Transactions | 12 Months Ended |
Jan. 03, 2016 | |
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 Market sm 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 2015, 2014 and 2013, dividends of $1.00 per share were declared and paid on both Common Stock and Class B Common Stock. Total cash dividends paid in 2015, 2014 and 2013 were $9.3 million, $9.3 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 2015 was $7.3 million which was based upon a share price of $182.51 on December 31, 2015 (the last trading date prior to January 3, 2016). 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. 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. On March 8, 2016, March 3, 2015 and March 4, 2014, 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 2015, 2014 and 2013, 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, 19,080 and 19,100 of such shares were settled in cash in 2016, 2015 and 2014, respectively, to satisfy tax withholding obligations in connection with the vesting of the performance units. The increase in the number of shares outstanding in 2015, 2014 and 2013 was due to the issuance of 20,920, 20,900 and 20,120 shares of Class B Common Stock related to the Performance Unit Award Agreement in each year, respectively. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Jan. 03, 2016 | |
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. The Society of Actuaries released new mortality tables in 2014, which reflect the increase in longevity in the United States. During 2015, the Company further updated its mortality assumptions based on an updated mortality projection scale released by the Society of Actuaries in 2015, which reflects lower increases in longevity than previously assumed. 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 2015 2014 Projected benefit obligation at beginning of year $ 279,669 $ 226,265 Service cost 116 109 Interest cost 11,875 11,603 Actuarial (gain)/loss (21,883 ) 49,500 Benefits paid (8,308 ) (7,808 ) Projected benefit obligation at end of year $ 261,469 $ 279,669 The Company recognized an actuarial gain of $10.8 million in 2015 primarily due to a change in the discount rate from 4.32% in 2014 to 4.72% in 2015. The actuarial gain, net of tax, was recorded in other comprehensive loss. 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 projected benefit obligations and accumulated benefit obligations for both of the Company’s pension plans were in excess of plan assets at January 3, 2016 and December 28, 2014. The accumulated benefit obligation was $261.5 million and $279.7 million at January 3, 2016 and December 28, 2014, respectively. Change in Plan Assets Fiscal Year In Thousands 2015 2014 Fair value of plan assets at beginning of year $ 212,692 $ 200,824 Actual return on plan assets (829 ) 9,676 Employer contributions 10,500 10,000 Benefits paid (8,308 ) (7,808 ) Fair value of plan assets at end of year $ 214,055 $ 212,692 Funded Status Jan. 3, Dec. 28, In Thousands 2016 2014 Projected benefit obligation $ (261,469 ) $ (279,669 ) Plan assets at fair value 214,055 212,692 Net funded status $ (47,414 ) $ (66,977 ) Amounts Recognized in the Consolidated Balance Sheets Jan. 3, Dec. 28, In Thousands 2016 2014 Current liabilities $ 0 $ 0 Noncurrent liabilities (47,414 ) (66,977 ) Net amount recognized $ (47,414 ) $ (66,977 ) Net Periodic Pension Cost (Benefit) Fiscal Year In Thousands 2015 2014 2013 Service cost $ 116 $ 109 $ 121 Interest cost 11,875 11,603 12,014 Expected return on plan assets (13,541 ) (13,775 ) (13,797 ) Loss on voluntary pension settlement 0 0 12,014 Amortization of prior service cost 35 36 28 Recognized net actuarial loss 3,230 1,743 3,027 Net periodic pension cost (benefit) $ 1,715 $ (284 ) $ 13,407 Significant Assumptions Used 2015 2014 2013 Projected benefit obligation at the measurement date: Discount rate 4.72 % 4.32 % 5.21 % Weighted average rate of compensation increase N/A N/A N/A Net periodic pension cost for the fiscal year: Discount rate 4.32 % 5.21 % 4.47 % Weighted average expected long-term rate of return on plan assets 6.50 % 7.00 % 7.00 % 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: 2016 $ 9,337 2017 9,882 2018 10,543 2019 11,142 2020 11,802 2021 – 2025 68,708 Anticipated contributions for the two Company-sponsored pension plans will be in the range of $10 million to $12 million in 2016. Plan Assets The Company’s pension plans target asset allocation for 2016, actual asset allocation at January 3, 2016 and December 28, 2014 and the expected weighted average long-term rate of return by asset category were as follows: Target Percentage of Plan Weighted Average Allocation Assets at Fiscal Year-End Expected Long-Term 2016 2015 2014 Rate of Return - 2015 U.S. large capitalization equity securities 40 % 40 % 41 % 3.3 % U.S. small/mid-capitalization equity securities 5 % 5 % 5 % 0.4 % International equity securities 15 % 15 % 14 % 1.4 % Debt securities 40 % 40 % 40 % 1.4 % Total 100 % 100 % 100 % 6.5 % 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% - 45% in large capitalization equity securities, 0% - 20% in U.S. small and mid-capitalization equity securities, 0% - 10% 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 January 3, 2016 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 6.5% and 7% was used in determining net periodic pension cost in 2015 and 2014, respectively. This rate reflects an estimate of long-term future returns for the pension plan assets net of expenses. 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 January 3, 2016: Quoted Prices in Active Market for Significant Other Identical Assets Observable Input In Thousands (Level 1) (Level 2) Total Equity securities Common/collective trust funds (1) $ 0 $ 128,220 $ 128,220 Other 677 0 677 Fixed income Common/collective trust funds (1) 0 85,158 85,158 Total $ 677 $ 213,378 $ 214,055 (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 28, 2014: Quoted Prices in Active Market for Significant Other Identical Assets Observable Input In Thousands (Level 1) (Level 2) Total 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 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. In 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 future years. The 5% matching contribution was accrued during 2013. Based on the Company’s financial results, the Company decided to make matching contributions of 5% of participants’ contributions for 2013. The Company made these contribution payments for 2013 in the first quarter of 2014. During 2015 and 2014, the Company matched the first 3.5% of participants’ contributions, or $8.3 million and $6.7 million, respectively, 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 2015 and 2014. Based on the Company’s financial results, the Company decided to make the additional matching contribution of 1.5%. The Company made these contribution payments in the first quarter of 2016 and 2015, respectively. The total expense for this benefit was $10.7 million, $8.8 million and $8.3 million in 2015, 2014 and 2013, 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 2015 2014 Benefit obligation at beginning of year $ 70,121 $ 67,840 Service cost 1,118 1,445 Interest cost 2,878 3,255 Plan amendments 0 (8,681 ) Plan participants’ contributions 594 586 Actuarial (gain)/loss (1,600 ) 9,323 Benefits paid (2,886 ) (3,685 ) Medicare Part D subsidy reimbursement 136 38 Benefit obligation at end of year $ 70,361 $ 70,121 Fiscal Year In Thousands 2015 2014 Fair value of plan assets at beginning of year $ 0 $ 0 Employer contributions 2,156 3,061 Plan participants’ contributions 594 586 Benefits paid (2,886 ) (3,685 ) Medicare Part D subsidy reimbursement 136 38 Fair value of plan assets at end of year $ 0 $ 0 Jan. 3, Dec. 28, In Thousands 2016 2014 Current liabilities $ (3,401 ) $ (2,998 ) Noncurrent liabilities (66,960 ) (67,123 ) Accrued liability at end of year $ (70,361 ) $ (70,121 ) The components of net periodic postretirement benefit cost were as follows: Fiscal Year In Thousands 2015 2014 2013 Service cost $ 1,118 $ 1,445 $ 1,626 Interest cost 2,878 3,255 2,877 Recognized net actuarial loss 3,164 2,293 2,943 Amortization of prior service cost (3,360 ) (1,513 ) (1,513 ) Net periodic postretirement benefit cost $ 3,800 $ 5,480 $ 5,933 Significant Assumptions Used 2015 2014 2013 Benefit obligation at the measurement date: Discount rate 4.53 % 4.13 % 4.96 % Net periodic postretirement benefit cost for the fiscal year: Discount rate 4.13 % 4.96 % 4.11 % The weighted average health care cost trend rate used in measuring the postretirement benefit expense in 2015 for pre-Medicare was 7.5% graded down to an ultimate rate of 5.0% in 2021, and for post-Medicare was 7.0% 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 2014 for pre-Medicare was 8.0% graded down to an ultimate rate of 5.0% by 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 as 8.0% 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% Increase 1% Decrease Increase (decrease) in: Postretirement benefit obligation at January 3, 2016 $ 7,894 $ (7,343 ) Service cost and interest cost in 2015 451 (433 ) Cash Flows In Thousands Anticipated future postretirement benefit payments reflecting expected future service for the fiscal years: 2016 $ 3,401 2017 3,605 2018 3,898 2019 4,146 2020 4,286 2021 – 2025 23,726 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 28, 2014, the activity during 2015, and the balances at January 3, 2016 are as follows: In Thousands Dec. 28, 2014 Actuarial Gain (Loss) Reclassification Adjustments Jan. 3, 2016 Pension Plans: Actuarial (loss) $ (123,641 ) $ 7,513 $ 3,230 $ (112,898 ) Prior service (cost) credit (163 ) 0 35 (128 ) Postretirement Medical: Actuarial (loss) (38,299 ) 1,599 3,164 (33,536 ) Prior service (cost) credit 12,843 0 (3,360 ) 9,483 $ (149,260 ) $ 9,112 $ 3,069 $ (137,079 ) The amounts in accumulated other comprehensive loss that are expected to be recognized as components of net periodic cost during 2016 are as follows: In Thousands Pension Plans Postretirement Medical Total Actuarial loss $ 2,962 $ 2,350 $ 5,312 Prior service cost (credit) 28 (3,360 ) (3,332 ) $ 2,990 $ (1,010 ) $ 1,980 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 increased 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 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 2015 and 2014 is for the plan’s years ending at December 31, 2014 and 2013, 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 Act Zone Status FIP/RP Status Pending/ Contribution (In Thousands) Surcharge Pension Fund 2015 2014 Implemented 2015 2014 2013 Imposed Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund (EIN/Pension Plan No.55-6021850) Red Red Yes $ 692 $ 655 $ 640 Yes For the plan year ended December 31, 2014, 2013 and 2012, 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, 2015. The collective bargaining agreements covering the Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund will expire on April 29, 2017 and July 26, 2018. 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 January 3, 2016, the Company had a liability of $8.5 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, $0.5 million and $0.4 million to multi-employer defined contribution plans in 2015, 2014 and 2013, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 03, 2016 | |
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 January 3, 2016, The Coca-Cola Company had a 34.8% interest in the Company’s outstanding Common Stock, representing approximately 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 2015 2014 2013 Payments by the Company for concentrate, syrup, sweetener and other purchases $ 482.7 $ 424.0 $ 410.6 Marketing funding support payments to the Company 56.3 46.5 43.5 Payments by the Company net of marketing funding support $ 426.4 $ 377.5 $ 367.1 Payments by the Company for customer marketing programs $ 70.8 $ 61.1 $ 56.4 Payments by the Company for cold drink equipment parts 16.3 7.7 9.3 Fountain delivery and equipment repair fees paid to the Company 17.4 13.5 12.7 Presence marketing support provided by The Coca-Cola Company on the Company’s behalf 2.4 5.9 5.4 Payments to the Company to facilitate the distribution of certain brands and packages to other Coca-Cola bottlers 4.7 3.9 4.0 The Company has a production arrangement with CCR to buy and sell finished products at cost. Sales to CCR under this arrangement were $30.5 million, $53.5 million and $60.2 million in 2015, 2014 and 2013, respectively. Purchases from CCR under this arrangement were $230.0 million, $68.8 million and $46.7 million in 2015, 2014 and 2013, respectively. Prior to the sale of BYB to The Coca-Cola Company, CCR distributed one of the Company’s own brands (Tum-E Yummies). Total sales to CCR for this brand were $14.8 million, $22.0 million and $23.8 million in 2015, 2014 and 2013, respectively. During the third quarter of 2015, the Company sold BYB, the subsidiary that owned and distributed the Company’s brand (Tum-E Yummies), to The Coca-Cola Company and recorded a gain of $22.7 million on the sale. The Company continues to distribute Tum-E Yummies following the sale. 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 $16.5 million, $2.9 million, and $0.9 million in 2015, 2014, and 2013, respectively. The Company and CCR have entered into, and closed the following asset purchase agreements relating to certain territories previously served by CCR’s facilities and equipment located in these territories: Asset Agreement Acquisition Closing Territory Date Date Johnson City and Morristown, Tennessee May 7, 2014 May 23, 2014 Knoxville, Tennessee August 28, 2014 October 24, 2014 Cleveland and Cookeville, Tennessee December 5, 2014 January 30, 2015 Louisville, Kentucky and Evansville, Indiana December 17, 2014 February 27, 2015 Paducah and Pikeville, Kentucky February 13, 2015 May 1, 2015 Norfolk, Fredericksburg and Staunton, Virginia and Elizabeth City, North Carolina September 23, 2015 October 30, 2015 As part of the asset purchase agreements, the Company signed CBAs which have terms of ten years and are automatically renewed for successive additional terms of ten years each unless the Company gives notice to terminate at least one year prior to the expiration of a ten year term or unless 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, beverage product or certain cross-licensed brands. As of January 3, 2016, the Company had recorded a liability of $136.6 million to reflect the estimated fair value of the contingent consideration related to the future sub-bottling payments. Payments to CCR under the CBAs were $4.0 million and $0.2 million during 2015 and 2014, respectively. On October 17, 2014, the Company entered into an asset exchange agreement with CCR, pursuant to which the Company exchanged its facilities and equipment located in Jackson, Tennessee for territory previously served by CCR’s facilities and equipment located in Lexington, Kentucky. This transaction closed on May 1, 2015. As part of the Expansion Transactions, on October 30, 2015 the Company acquired from CCR a “make-ready center” in Annapolis, Maryland for approximately $5.3 million, subject to a final post-closing adjustment. The Company recorded a bargain purchase gain of $2.0 million on this transaction after applying a deferred tax liability of approximately $1.3 million. The Company uses the make-ready center to deploy and refurbish vending and other sales equipment for use in the marketplace. 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 $0.7 million, $0.5 million and $0.5 million in 2015, 2014 and 2013, respectively. Amounts due from CCBSS for rebates on raw material purchases were $5.9 million and $4.5 million as of January 3, 2016 and December 28, 2014, 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 $145 million, $132 million and $137 million in 2015, 2014 and 2013, 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 $8.3 million, $7.7 million, and $7.6 million in 2015, 2014, and 2013, respectively. The Company also manages the operations of SAC pursuant to a management agreement. Management fees earned from SAC were $1.9 million, $1.8 million and $1.6 million in 2015, 2014 and 2013, respectively. The Company has also guaranteed a portion of debt for SAC. Such guarantee amounted to $19.1 million as of January 3, 2016. The Company’s equity investment in SAC was $4.1 million as of both January 3, 2016 and December 28, 2014. 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 $73.0 million, $78.4 million and $79.1 million in 2015, 2014 and 2013, 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 $11.5 million as of January 3, 2016. The Company’s equity investment in Southeastern was $18.3 million and $18.4 million as of January 3, 2016 and December 28, 2014, 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 January 3, 2016 nor was there any impairment in 2015, 2014 and 2013. 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 January 3, 2016 was $17.5 million. Rental payments related to this lease were $3.8 million, $3.7 million and $3.6 million in 2015, 2014 and 2013, 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 January 3, 2016 was $18.1 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 2015 2014 2013 Minimum rentals $ 3.5 $ 3.5 $ 3.5 Contingent rentals 0.7 0.6 0.6 Total rental payments $ 4.2 $ 4.1 $ 4.1 The contingent rentals in 2015, 2014 and 2013 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 Income Per Share
Net Income Per Share | 12 Months Ended |
Jan. 03, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 20. 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) 2015 2014 2013 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 $ 59,002 $ 31,354 $ 27,675 Less dividends: Common Stock 7,141 7,141 7,141 Class B Common Stock 2,146 2,125 2,104 Total undistributed earnings $ 49,715 $ 22,088 $ 18,430 Common Stock undistributed earnings – basic $ 38,223 $ 17,021 $ 14,234 Class B Common Stock undistributed earnings – basic 11,492 5,067 4,196 Total undistributed earnings $ 49,715 $ 22,088 $ 18,430 Common Stock undistributed earnings – diluted $ 38,059 $ 16,948 $ 14,173 Class B Common Stock undistributed earnings – diluted 11,656 5,140 4,257 Total undistributed earnings – diluted $ 49,715 $ 22,088 $ 18,430 Numerator for basic net income per Common Stock share: Dividends on Common Stock $ 7,141 $ 7,141 $ 7,141 Common Stock undistributed earnings – basic 38,223 17,021 14,234 Numerator for basic net income per Common Stock share $ 45,364 $ 24,162 $ 21,375 Numerator for basic net income per Class B Common Stock share: Dividends on Class B Common Stock $ 2,146 $ 2,125 $ 2,104 Class B Common Stock undistributed earnings – basic 11,492 5,067 4,196 Numerator for basic net income per Class B Common Stock share $ 13,638 $ 7,192 $ 6,300 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 2,146 2,125 2,104 Common Stock undistributed earnings – diluted 49,715 22,088 18,430 Numerator for diluted net income per Common Stock share $ 59,002 $ 31,354 $ 27,675 Fiscal Year In Thousands (Except Per Share Data) 2015 2014 2013 Numerator for diluted net income per Class B Common Stock share: Dividends on Class B Common Stock $ 2,146 $ 2,125 $ 2,104 Class B Common Stock undistributed earnings – diluted 11,656 5,140 4,257 Numerator for diluted net income per Class B Common Stock share $ 13,802 $ 7,265 $ 6,361 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 2,147 2,126 2,105 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) 9,328 9,307 9,286 Class B Common Stock weighted average shares outstanding – diluted 2,187 2,166 2,145 Basic net income per share: Common Stock $ 6.35 $ 3.38 $ 2.99 Class B Common Stock $ 6.35 $ 3.38 $ 2.99 Diluted net income per share: Common Stock $ 6.33 $ 3.37 $ 2.98 Class B Common Stock $ 6.31 $ 3.35 $ 2.97 (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 |
Jan. 03, 2016 | |
Risks And Uncertainties [Abstract] | |
Risks and Uncertainties | 21. Risks and Uncertainties Approximately 87% of the Company’s 2015 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 13% of the Company’s 2015 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 2015, 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 7%, respectively, of the Company’s total bottle/can volume to retail customers during 2015; accounted for approximately 22% and 9%, respectively, of the Company’s total bottle/can volume to retail customers during 2014; and accounted for approximately 21% and 8%, respectively, of the Company’s total bottle/can volume to retail customers during 2013. Wal-Mart Stores, Inc. accounted for approximately 15% of the Company’s total net sales during each year 2015, 2014 and 2013. 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 2015 and 2014 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 WAAC, which is derived from market data. Approximately 5% of the Company’s labor force is covered by collective bargaining agreements. One collective bargaining agreement covering approximately 25 of the Company’s employees expired during 2015 and the Company entered into new agreements in 2015. Three collective bargaining agreements covering approximately 65 of the Company’s employees will expire during 2016. |
Supplemental Disclosures of Cas
Supplemental Disclosures of Cash Flow Information | 12 Months Ended |
Jan. 03, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | 22. Supplemental Disclosures of Cash Flow Information Changes in current assets and current liabilities affecting cash were as follows: Fiscal Year In Thousands 2015 2014 2013 Accounts receivable, trade, net $ (62,542 ) $ (20,116 ) $ (2,086 ) Accounts receivable from The Coca-Cola Company (5,258 ) (4,892 ) (2,328 ) Accounts receivable, other (9,543 ) 605 (2,260 ) Inventories (13,849 ) (5,287 ) 3,937 Prepaid expenses and other current assets (6,264 ) (15,155 ) 6,148 Accounts payable, trade 21,728 13,051 (814 ) Accounts payable to The Coca-Cola Company 26,769 25,116 (1,961 ) Other accrued liabilities 24,784 (14,399 ) 2,509 Accrued compensation 6,087 5,145 (2,296 ) Accrued interest payable (174 ) (399 ) (6 ) Change in current assets less current liabilities $ (18,262 ) $ (16,331 ) $ 843 Noncash activity Additions to property, plant and equipment of $14.0 million, $9.2 million and $7.2 million have been accrued but not paid and are recorded in accounts payable, trade as of January 3, 2016, December 28, 2014 and December 29, 2013, respectively. Cash payments for interest and income taxes were as follows: Fiscal Year In Thousands 2015 2014 2013 Interest $ 27,391 $ 28,021 $ 28,209 Income taxes 31,782 31,009 15,906 |
Segments
Segments | 12 Months Ended |
Jan. 03, 2016 | |
Segment Reporting [Abstract] | |
Segments | 23. Segments The Company evaluates segment reporting in accordance with the FASB ASC 280, Segment Reporting each reporting period, including evaluating the reporting package reviewed by the Chief Operation Decision Maker (“CODM”). The Company has concluded the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, as a group, represent the CODM. Prior to the sale of BYB, the Company believed five operating segments existed. Two operating segments, Franchised Nonalcoholic Beverages and Internally-Developed Nonalcoholic Beverages (made up entirely of BYB), 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. After the sale of BYB, the Company believes four operating segments exist. 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. The Company’s segment results are as follows: In Thousands 2015 2014 2013 Net Sales: Nonalcoholic Beverages $ 2,245,836 $ 1,710,040 $ 1,613,309 All Other 160,191 123,194 108,224 Eliminations* (99,569 ) (86,865 ) (80,202 ) Consolidated $ 2,306,458 $ 1,746,369 $ 1,641,331 Operating Income: Nonalcoholic Beverages $ 92,921 $ 82,297 $ 66,084 All Other 5,223 3,670 7,563 Consolidated $ 98,144 $ 85,967 $ 73,647 Depreciation and Amortization: Nonalcoholic Beverages $ 76,127 $ 58,103 $ 56,266 All Other 4,769 3,027 2,405 Consolidated $ 80,896 $ 61,130 $ 58,671 Capital Expenditures: Nonalcoholic Beverages $ 141,080 $ 69,635 $ 47,241 All Other 27,627 16,739 6,923 Consolidated $ 168,707 $ 86,374 $ 54,164 Total Assets: Nonalcoholic Beverages $ 1,808,335 $ 1,399,057 $ 1,252,286 All Other 75,842 44,629 36,671 Eliminations (33,361 ) (10,610 ) (12,801 ) Consolidated $ 1,850,816 $ 1,433,076 $ 1,276,156 * NOTE - The entire 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. Net sales in 2015, 2014 and 2013 by product category were as follows: Fiscal Year In Thousands 2015 2014 2013 Bottle/can sales: Sparkling beverages (including energy products) $ 1,503,683 $ 1,124,802 $ 1,063,154 Still beverages 397,901 279,138 247,561 Total bottle/can sales 1,901,584 1,403,940 1,310,715 Other sales: Sales to other Coca-Cola bottlers 178,777 162,346 166,476 Post-mix and other 226,097 180,083 164,140 Total other sales 404,874 342,429 330,616 Total net sales $ 2,306,458 $ 1,746,369 $ 1,641,331 Sparkling beverages are carbonated beverages and energy products while still beverages are noncarbonated beverages. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Jan. 03, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 24. Quarterly Financial Data (Unaudited) Set forth below are unaudited quarterly financial data for the fiscal years ended January 3, 2016 and December 28, 2014. Net sales in the fiscal year ended January 3, 2016 and in the second, third and fourth quarters of fiscal year ended December 28, 2014 include the sales in the 2015 Expansion Territories and the 2014 Expansion Territories. In Thousands (except per share data) Quarter Year Ended January 3, 2016 1 (1)(2) 2 (3)(4)(5)(6) 3 (3)(7)(8)(9)(10) 4 (3)(11)(12)(13)(14) Net sales $ 453,253 $ 614,683 $ 618,806 $ 619,716 Gross margin 184,373 237,317 238,536 240,806 Net income attributable to Coca-Cola Bottling Co. Consolidated 2,224 26,934 25,553 4,291 Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: Common Stock $ 0.24 $ 2.90 $ 2.75 $ 0.46 Class B Common Stock $ 0.24 $ 2.90 $ 2.75 $ 0.46 Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: Common Stock $ 0.24 $ 2.89 $ 2.74 $ 0.46 Class B Common Stock $ 0.23 $ 2.88 $ 2.73 $ 0.46 In Thousands (except per share data) Quarter Year Ended December 28, 2014 1 (15) 2 (16)(17) 3 (17)(18) 4 (17)(19)(20) 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 $ 1.30 $ 0.32 Class B Common Stock $ 0.26 $ 1.48 $ 1.30 $ 0.32 Sales are seasonal with the highest sales volume occurring in the second and third quarters. (1) Net income in the first quarter of 2015 included $3.0 million ($1.8 million, net of tax, or $0.20 per basic common share) in expenses related to the Company’s Expansion Transactions. (2) (3) (4) Net income in the second quarter of 2015 included $4.3 million ($2.6 million, net of tax, or $0.28 per basic common share) of expenses related to the Company’s Expansion Transactions. (5) Net income in the second quarter of 2015 included $6.1 million ($3.7 million, net of tax, or $0.40 per basic common share) of income related to the fair value adjustment for the acquisition related contingent consideration. (6) (7) Net income in the third quarter of 2015 included $6.9 million ($4.2 million, net of tax, or $0.46 per basic common share) of expenses related to the Company’s Expansion Transactions. (8) Net income in the third quarter of 2015 included a $2.1 million ($1.3 million, net of tax, or $0.14 per basic common share) expense related to a mark-to-market adjustment related to the Company’s commodity hedging program. (9) Net income in the third quarter of 2015 included a $4.0 million ($2.5 million, net of tax, or $0.26 per basic common share) expense related to the fair value adjustment for the acquisition related contingent consideration. (10) (11) The fourth quarter of 2015 included a $2.4 million favorable pre-tax correction related to the calculation of certain state gross receipts taxes. This correction was not material to any other quarter and the impact on full year 2015 and 2014 financial results was not material. (12) Net income in the fourth quarter of 2015 included $5.8 million ($3.6 million, net of tax, or $0.38 per basic common share) expenses related to the Company’s Expansion Transactions. (13) Net income in the fourth quarter of 2015 included $1.2 million ($0.7 million, net of tax, or $0.08 per basic common share) debit related to a mark-to-market adjustment related to the Company’s commodity hedging program. (14) (15) Net income in the first quarter of 2014 included $2.0 million ($1.2 million, net of tax, or $.13 per basic common share) of expenses related to the Company’s Expansion Transactions. (16) Net income in the second quarter of 2014 included $3.1 million ($1.9 million, net of tax, or $.20 per basic common share) of expenses related to the Company’s Expansion Transactions. (17) Net income in 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 2014 Expansion Territories. (18) Net income in the third quarter of 2014 included $2.6 million ($1.6 million, net of tax, or $.17 per basic common share) of expenses related to the Company’s Expansion Transactions. (19) Net income in the fourth quarter of 2014 included $5.2 million ($3.2 million, net of tax, or $.34 per basic common share) of expenses related to the Company’s Expansion Transactions. (20) Net income in the fourth quarter of 2014 included a $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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 03, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events Expansion Transactions On January 29, 2016, the Company completed the second territory expansion transaction contemplated by the September 2015 APA at which the Company acquired from CCR distribution assets and working capital related to the distribution territories in Easton and Salisbury, Maryland and Richmond and Yorktown, Virginia. At closing, the Company paid a cash purchase price of $23.1 million, which will remain subject to adjustment, and executed an Initial CBA providing the Company with exclusive rights for the distribution, promotion, marketing and sale of products owned and licensed by The Coca-Cola Company in such territories. On January 29, 2016, the Company also completed the initial regional manufacturing facility acquisition contemplated by the October 2015 APA, at which the Company acquired from CCR a manufacturing facility located in Sandston, Virginia and related manufacturing assets. At closing, the Company paid a cash purchase price of $47.4 million, which will remain subject to adjustment, and executed an Initial RMA providing the Company with rights to manufacture, produce and package at the Sandston facility certain beverages that are sold under trademarks owned by The Coca-Cola Company in accordance with the terms thereof. The Company has not completed the preliminary allocation of the purchase price to the individual acquired assets and assumed liabilities for the purchases described above. The transactions will be accounted for as a business combination under the FASB Accounting Standards Codification 805. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Jan. 03, 2016 | |
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 Jan. 3, 2016 Dec. 28, 2014 Dec. 29, 2013 Balance at beginning of year $ 1,330 $ 1,401 $ 1,490 Additions charged to costs and expenses 1,234 550 151 Deductions 447 621 240 Balance at end of year $ 2,117 $ 1,330 $ 1,401 Deferred Income Tax Valuation Allowance Fiscal Year Fiscal Year Fiscal Year Ended Ended Ended Jan. 3, 2016 Dec. 28, 2014 Dec. 29, 2013 Balance at beginning of year $ 3,640 $ 3,553 $ 3,231 Additions charged to costs and expenses 28 1,203 398 Additions charged to other 0 7 0 Deductions credited to expense 1,361 0 74 Deductions not credited to expense 0 1,123 2 Balance at end of year $ 2,307 $ 3,640 $ 3,553 |
Significant Accounting Polici36
Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 03, 2016 | |
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 U.S. 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 53-week period ended January 3, 2016 (“2015”) and the 52-week periods ended December 28, 2014 (“2014”) and December 29, 2013 (“2013”). 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 $6.0 million in 2015, $4.7 million in 2014 and $4.4 million in 2013 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 $79.4 million, $73.3 million and $68.6 million at January 3, 2016, December 28, 2014 and December 29, 2013, respectively. These amounts are shown as noncontrolling interest in the equity section of the Company’s consolidated balance sheets. |
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 $9.3 million, $7.6 million and $7.5 million in 2015, 2014 and 2013, respectively. |
Franchise Rights and Goodwill | Franchise Rights and Goodwill Under the provisions of 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. In estimating the implied fair value of goodwill for a reporting unit, we assign the fair value to the assets and liabilities associated with the reporting unit as if the reporting unit had been acquired in a business combination. Any excess of the carrying value of goodwill of the reporting unit over its implied fair value is recorded as an impairment. 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 CBAs 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 losses 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 $71.4 million, $61.7 million and $57.1 million in 2015, 2014 and 2013, 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 may use 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 $222.9 million, $211.6 million and $201.0 million in 2015, 2014 and 2013, respectively. The Company recorded delivery fees in net sales of $6.3 million, $6.2 million and $6.3 million in 2015, 2014 and 2013, 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 April 2014, the Financial Accounting Standards Board (“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 was effective for annual and interim periods beginning after December 15, 2014. The adoption of this guidance did not have a significant impact on the Company’s consolidated financial statements. In September 2015, the FASB issued new guidance that requires an acquirer in a business combination recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The new guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The Company elected to early-adopt this new accounting guidance in the third quarter of 2015. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In November 2015, the FASB issued new guidance on the balance sheet classification of deferred taxes. The new guidance requires an entity to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. The new guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. The Company elected to early-adopt this new accounting guidance prospectively beginning with the Consolidated Balance Sheet at January 3, 2016. Prior periods were not retrospectively adjusted. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. |
Recently Issued Pronouncements | Recently Issued Pronouncements In May 2014, the FASB issued new guidance on accounting for revenue from contracts with customers. The new guidance was to be effective for annual and interim periods beginning after December 15, 2016. In July 2015, the FASB deferred the effective date to annual and interim periods beginning after December 15, 2017. The Company is in the process of evaluating the impact of the new guidance on the Company’s consolidated financial statements. In August 2014, the FASB issued new guidance that specifies the responsibility that an entity’s management has to evaluate whether there is substantial doubt about the entity’s ability to continue as a going concern. The new guidance is effective for annual and interim periods beginning after December 15, 2016. The Company does not expect the new guidance to have a material impact 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. In April 2015, the FASB issued new guidance on accounting for debt issuance costs. The new guidance requires that all cost incurred to issue debt be presented in the balance sheet as a direct reduction from the carrying value of the debt. In August 2015, the FASB issued additional guidance which clarified that an entity can present debt issuance costs of a line-of-credit arrangement as an asset regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The new guidance is effective for annual and interim periods beginning after December 15, 2015. The Company does not expect the new guidance to have a material impact on the Company’s consolidated financial statements. In April 2015, the FASB issued new guidance on whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, the arrangement should be accounted for consistent with the acquisition of other software licenses, otherwise, the arrangement should be accounted for consistent with other service contracts. 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. In May 2015, the FASB issued new guidance which removes the requirement to categorize investments for which fair value is measured using fair value per share in the fair value hierarchy and limits certain required disclosures to those for which fair value is being measured using the net asset value per share practical expedient. 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. In July 2015, the FASB issued new guidance on accounting for inventory. The new guidance requires entities to measure most inventory “at lower of cost and net realizable value” thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. 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 2016, the FASB issued new guidance on accounting for leases. The new guidance requires lessees to recognize a right-to-use asset and a lease liability for virtually all leases (other than leases that meet the definition of a short-term lease). The new guidance is effective for fiscal years beginning after December 15, 2019 and interim periods beginning the following year. The Company is in the process of evaluating the impact of the new guidance on the Company’s consolidated financial statements. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Schedule of Unaudited Pro Forma Net Sales | The following table represents the unaudited pro forma net sales for the Company assuming the 2015 Expansion Territory acquisitions had occurred on December 29, 2014. The pro forma combined net sales does not necessarily reflect what the combined Company’s net sales would have been had the acquisition occurred on the dates indicated. It also may not be useful in predicting the future financial results of the combined company. The actual results may differ significantly from the pro forma amounts reflected herein due to a variety of factors. 2015 Net Sales Pro Forma Adjustments Pro Forma As Reported (Unaudited) (Unaudited) $ 2,306,458 $ 170,743 $ 2,477,201 |
2014 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 dates are summarized as follows: Johnson City/ Morristown Knoxville In Thousands Territory Territory Cash $ 46 $ 108 Inventories 1,150 2,100 Prepaid expenses and other current assets 315 1,893 Accounts receivable from The Coca-Cola Company 482 0 Property, plant and equipment 8,495 17,229 Other assets 361 221 Goodwill 571 4,698 Other identifiable intangible assets 13,800 37,400 Total acquired assets $ 25,220 $ 63,649 Current liabilities (acquisition related contingent consideration) $ 1,005 $ 2,426 Other current liabilities 23 2,351 Accounts payable to The Coca-Cola Company 0 105 Other liabilities (including deferred taxes) 473 0 Other liabilities (acquisition related contingent consideration) 11,564 27,834 Total assumed liabilities $ 13,065 $ 32,716 |
Summary of Fair Value Acquired Identifiable Intangible Assets | The fair value of the acquired identifiable intangible assets is as follows: Johnson City/ Morristown Knoxville Estimated In Thousands Territory Territory Useful Lives Distribution agreements $ 13,200 $ 36,400 40 years Customer lists 600 1,000 12 years Total $ 13,800 $ 37,400 |
2015 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 of the January, February, May and October Expansion Territories and the Annapolis, Maryland make-ready center are summarized as follows: In Thousands January Expansion Territory February Expansion Territory May Expansion Territory October Expansion Territory Annapolis MRC Cash $ 59 $ 105 $ 45 $ 160 $ 0 Inventories 1,238 1,268 1,045 2,564 109 Prepaid expenses and other current assets 714 1,108 224 1,110 0 Property, plant and equipment 6,722 16,604 6,584 25,933 8,493 Other assets (including deferred taxes) 336 1,147 510 4,170 0 Goodwill 1,280 1,523 942 6,574 0 Other identifiable intangible assets 12,950 20,350 1,700 49,100 0 Total acquired assets $ 23,299 $ 42,105 $ 11,050 $ 89,611 $ 8,602 Current liabilities (acquisition related contingent consideration) $ 843 $ 1,659 $ 281 $ 547 $ 0 Other current liabilities 125 974 494 4,005 0 Other liabilities 0 823 10 0 1,265 Other liabilities (acquisition related contingent consideration) 9,131 20,625 2,748 58,925 0 Total assumed liabilities $ 10,099 $ 24,081 $ 3,533 $ 63,477 $ 1,265 |
Summary of Fair Value Acquired Identifiable Intangible Assets | The fair value of the acquired identifiable intangible assets as of the January, February, May and October Expansion Territories are as follows: In Thousands January Expansion Territory February Expansion Territory May Expansion Territory October Expansion Territory Estimated Useful Distribution agreements $ 12,400 $ 19,200 $ 1,500 $ 47,900 40 years Customer lists 550 1,150 200 1,200 12 years Total $ 12,950 $ 20,350 $ 1,700 $ 49,100 |
Lexington Expansion [Member] | |
Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date | The fair value of acquired assets and assumed liabilities related to the Lexington Expansion Territory as of the exchange date are summarized as follows: Lexington Expansion In Thousands Territory Cash $ 56 Inventories 2,712 Prepaid expenses and other current assets 442 Property, plant and equipment 12,682 Other assets 48 Franchise rights 18,200 Goodwill 2,537 Other identifiable intangible assets 1,000 Total acquired assets $ 37,677 Current liabilities $ 926 Total assumed liabilities $ 926 |
Summary of Fair Value Acquired Identifiable Intangible Assets | The fair value of the acquired identifiable intangible assets is as follows: Lexington Expansion Estimated In Thousands Territory Useful Lives Franchise rights $ 18,200 Indefinite Distribution agreements 200 40 years Customer lists 800 12 years Total $ 19,200 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Jan. 3, Dec. 28, In Thousands 2016 2014 Finished products $ 56,252 $ 42,526 Manufacturing materials 12,277 10,133 Plastic shells, plastic pallets and other inventories 20,935 18,081 Total inventories $ 89,464 $ 70,740 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
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: Jan. 3 Dec. 28, Estimated In Thousands 2016 2014 Useful Lives Land $ 24,731 $ 14,762 Buildings 134,496 120,533 8-50 years Machinery and equipment 165,733 154,897 5-20 years Transportation equipment 251,712 190,216 4-20 years Furniture and fixtures 59,500 45,623 3-10 years Cold drink dispensing equipment 398,867 345,391 5-17 years Leasehold and land improvements 94,208 75,104 5-20 years Software for internal use 97,760 91,156 3-10 years Construction in progress 24,632 6,528 Total property, plant and equipment, at cost 1,251,639 1,044,210 Less: Accumulated depreciation and amortization 725,819 685,978 Property, plant and equipment, net $ 525,820 $ 358,232 |
Leased Property Under Capital40
Leased Property Under Capital Leases (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Leases [Abstract] | |
Leased Property Under Capital Leases | Jan. 3, Dec. 28, Estimated In Thousands 2016 2014 Useful Lives Leased property under capital leases $ 98,001 $ 94,793 3-20 years Less: Accumulated amortization 57,856 51,822 Leased property under capital leases, net $ 40,145 $ 42,971 |
Franchise Rights and Goodwill (
Franchise Rights and Goodwill (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Franchise Rights and Goodwill | Jan. 3, Dec. 28, In Thousands 2016 2014 Franchise rights $ 527,540 $ 520,672 Goodwill 117,954 106,220 Total franchise rights and goodwill $ 645,494 $ 626,892 |
Reconciliation of Activity for Franchise Rights and Goodwill | A reconciliation of the activity for franchise rights and goodwill for 2014 and 2015 follows: In Thousands Franchise rights Goodwill Total Balance on December 29, 2013 $ 520,672 $ 102,049 $ 622,721 2014 Expansion Territories 0 4,171 4,171 Balance on December 28, 2014 $ 520,672 $ 106,220 $ 626,892 2015 Expansion Territories 0 11,418 11,418 2015 Asset Exchange 6,868 316 7,184 Balance on January 3, 2016 $ 527,540 $ 117,954 $ 645,494 |
Other Identifiable Intangible42
Other Identifiable Intangible Assets (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Other Identifiable Intangible Assets | Jan. 3, 2016 Dec. 28, 2014 In Thousands Cost Accumulated Amortization Total, net Cost Accumulated Amortization Total, net Estimated Useful Lives Distribution agreements $ 133,109 $ 3,323 $ 129,786 $ 54,909 $ 1,068 $ 53,841 20-40 years Customer lists and other identifiable intangible assets 11,338 4,676 6,662 7,438 4,131 3,307 12-20 years Total other identifiable intangible assets $ 144,447 $ 7,999 $ 136,448 $ 62,347 $ 5,199 $ 57,148 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Payables And Accruals [Abstract] | |
Summary of Other Accrued Liabilities | Jan. 3, Dec. 28, In Thousands 2016 2014 Accrued marketing costs $ 24,959 $ 16,141 Accrued insurance costs 24,353 21,055 Accrued taxes (other than income taxes) 1,721 2,430 Employee benefit plan accruals 13,963 12,517 Checks and transfers yet to be presented for payment from zero balance cash accounts 8,980 2,324 Acquisition related contingent consideration 7,902 3,000 Commodity hedges mark-to-market accrual 3,442 0 All other accrued expenses 18,848 11,308 Total other accrued liabilities $ 104,168 $ 68,775 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Interest Interest Jan. 3, Dec. 28, In Thousands Maturity Rate Paid 2016 2014 Revolving credit facility 2019 Variable Varies $ 0 $ 71,000 Senior Notes 2015 5.30 % Semi-annually 0 100,000 Senior Notes 2016 5.00 % Semi-annually 164,757 164,757 Senior Notes 2019 7.00 % Semi-annually 110,000 110,000 Senior Notes 2025 3.80 % Semi-annually 350,000 0 Unamortized discount on Senior Notes 2019 (792 ) (998 ) Unamortized discount on Senior Notes 2025 (86 ) 0 623,879 444,759 Less: Current portion of debt 0 0 Long-term debt $ 623,879 $ 444,759 |
Principal Maturities of Debt Outstanding | The principal maturities of debt outstanding on January 3, 2016 were as follows: In Thousands 2016 $ 164,757 2017 0 2018 0 2019 109,208 2020 0 Thereafter 349,914 Total debt $ 623,879 |
Derivative Financial Instrume45
Derivative Financial Instruments (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Pre-Tax Changes in Fair Value | The following summarizes 2015, 2014 and 2013 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) 2015 2014 2013 Commodity hedges Cost of sales $ (2,354 ) $ 0 $ (500 ) Commodity hedges Selling, delivery and administrative expenses (1,085 ) 0 0 Total $ (3,439 ) $ 0 $ (500 ) |
Summary of Fair Values and Classification in Consolidated Balance Sheets of Derivative Instruments | The following table summarizes the fair values and classification in the consolidated balance sheets of derivative instruments held by the Company. Jan. 3, Dec. 28, In Thousands Balance Sheet Classification 2016 2014 Assets Commodity hedges at fair market value Other assets $ 3 $ 0 Total assets $ 3 $ 0 Liabilities Commodity hedges at fair market value Other accrued liabilities $ 3,442 $ 0 Total liabilities $ 3,442 $ 0 |
Fair Values of Financial Inst46
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Fair Value Disclosures [Abstract] | |
Debt, Deferred Compensation Plan Assets and Liabilities Commodity Hedging Agreements and Acquisition Related Contingent Consideration | The carrying amounts and fair values of the Company’s debt, deferred compensation plan assets and liabilities, commodity hedging agreements and acquisition related contingent consideration were as follows. Jan. 3, 2016 Dec. 28, 2014 Carrying Fair Carrying Fair In Thousands Amount Value Amount Value Public debt securities $ (623,879 ) $ (645,400 ) $ (373,759 ) $ (404,400 ) Non-public variable rate debt 0 0 (71,000 ) (71,000 ) Deferred compensation plan assets 20,755 20,755 18,580 18,580 Deferred compensation plan liabilities (20,755 ) (20,755 ) (18,580 ) (18,580 ) Commodity hedging agreements - assets 3 3 0 0 Commodity hedging agreements - liabilities (3,442 ) (3,442 ) 0 0 Acquisition related contingent consideration (136,570 ) (136,750 ) (46,850 ) (46,850 ) |
Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration | The following table summarizes, by assets and liabilities, the valuation of the Company’s deferred compensation plan, commodity hedging agreements and acquisition related contingent consideration. Jan. 3, 2016 Dec. 28, 2014 In Thousands Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Deferred compensation plan assets $ 20,755 $ 18,580 Commodity hedging agreements $ 3 $ 0 Liabilities Deferred compensation plan liabilities 20,755 18,580 Commodity hedging agreements 3,442 0 Acquisition related contingent consideration $ 136,570 $ 46,850 |
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 2015 2014 Opening balance $ 46,850 $ 0 Increase due to acquisitions 109,784 46,200 Decrease due to measurement period adjustments (18,396 ) 0 Payment/accruals (5,244 ) (427 ) Fair value adjustment - (income) expense 3,576 1,077 Ending balance $ 136,570 $ 46,850 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Payables And Accruals [Abstract] | |
Summary of Other Liabilities | Jan. 3, Dec. 28, In Thousands 2016 2014 Accruals for executive benefit plans $ 122,077 $ 117,965 Acquisition related contingent consideration 128,668 43,850 Other 16,345 15,435 Total other liabilities $ 267,090 $ 177,250 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
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 January 3, 2016. In Thousands Capital Operating Leases Total 2016 $ 11,176 $ 8,008 $ 19,184 2017 10,569 7,337 17,906 2018 10,421 6,357 16,778 2019 10,149 5,577 15,726 2020 10,329 5,471 15,800 Thereafter 18,013 28,761 46,774 Total minimum lease payments 70,657 $ 61,511 $ 132,168 Less: Amounts representing interest 14,873 Present value of minimum lease payments 55,784 Less: Current portion of obligations under capital leases 7,063 Long-term portion of obligations under capital leases $ 48,721 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
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 2015, 2014 and 2013. Fiscal Year In Thousands 2015 2014 2013 Current: Federal $ 20,107 $ 13,153 $ 18,938 State 3,563 2,163 3,221 Total current provision $ 23,670 $ 15,316 $ 22,159 Deferred: Federal $ 10,638 $ 3,638 $ (7,701 ) State (230 ) 582 (2,316 ) Total deferred provision (benefit) $ 10,408 $ 4,220 $ (10,017 ) Income tax expense $ 34,078 $ 19,536 $ 12,142 |
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 2015 2014 2013 Statutory expense $ 34,692 $ 19,474 $ 15,485 State income taxes, net of federal benefit 3,496 2,133 1,811 Noncontrolling interest – Piedmont (2,261 ) (1,835 ) (1,674 ) Adjustment for uncertain tax positions 51 30 (167 ) Adjustment for state tax legislation (1,145 ) 0 (2,261 ) Valuation allowance change (1,332 ) 1,203 321 Bargain purchase gain (704 ) 0 0 Capital loss carryover 0 (854 ) 0 Manufacturing deduction benefit (1,330 ) (1,470 ) (1,995 ) Meals and entertainment 1,666 1,204 1,127 Other, net 945 (349 ) (505 ) Income tax expense $ 34,078 $ 19,536 $ 12,142 |
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 2015 2014 2013 Gross uncertain tax positions at the beginning of the year $ 2,620 $ 2,630 $ 4,950 Increase as a result of tax positions taken during a prior period 0 0 55 Decrease as a result of tax positions taken during a prior period 0 0 (33 ) Increase as a result of tax positions taken in the current period 547 498 578 Reduction as a result of the expiration of the applicable statute of limitations (534 ) (508 ) (2,920 ) Gross uncertain tax positions at the end of the year $ 2,633 $ 2,620 $ 2,630 |
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: Jan. 3, Dec. 28, In Thousands 2016 2014 Intangible assets $ 169,338 $ 139,744 Depreciation 95,262 77,311 Investment in Piedmont 43,109 42,271 Inventory 9,928 10,777 Prepaid expenses 4,615 4,237 Patronage dividend 4,046 4,361 Debt exchange premium 204 634 Other 434 161 Deferred income tax liabilities 326,936 279,496 Deferred compensation (44,402 ) (42,990 ) Postretirement benefits (27,086 ) (26,783 ) Pension (nonunion) (18,257 ) (25,951 ) Sub-bottling liability (52,306 ) (18,084 ) Accrued liabilities (21,853 ) (16,049 ) Capital lease agreements (6,105 ) (6,265 ) Net operating loss carryforwards (3,121 ) (4,075 ) Transactional costs (5,879 ) (3,584 ) Pension (union) (3,290 ) (3,472 ) Other 0 (54 ) Deferred income tax assets (182,299 ) (147,307 ) Valuation allowance for deferred tax assets 2,307 3,640 Net current deferred income tax asset 0 (4,171 ) Net noncurrent deferred income tax liability $ 146,944 $ 140,000 |
Accumulated Other Comprehensi50
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
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 Dec. 28, Pre-tax Tax Pre-tax Tax Jan. 3, In Thousands 2014 Activity Effect Activity Effect 2016 Net pension activity: Actuarial loss $ (74,867 ) $ 7,513 $ (2,877 ) $ 3,230 $ (1,242 ) $ (68,243 ) Prior service costs (99 ) 0 0 35 (14 ) $ (78 ) Net postretirement benefits activity: Actuarial loss (22,759 ) 1,599 (613 ) 3,164 (1,216 ) $ (19,825 ) Prior service costs 7,812 0 0 (3,360 ) 1,292 $ 5,744 Foreign currency translation adjustment (1 ) (8 ) 4 0 0 $ (5 ) Total $ (89,914 ) $ 9,104 $ (3,486 ) $ 3,069 $ (1,180 ) $ (82,407 ) Gains (Losses) Reclassification During the Period to Income Dec. 29, Pre-tax Tax Pre-tax Tax Dec. 28, In Thousands 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 Dec. 30, Pre-tax Tax Pre-tax Tax Dec. 29, In Thousands 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) |
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: Net Pension Net Postretirement In Thousands Activity Benefits Activity Total 2015 Cost of sales $ 359 $ (27 ) $ 332 S,D&A expenses 2,906 (169 ) 2,737 Subtotal pre-tax 3,265 (196 ) 3,069 Income tax expense 1,256 (76 ) 1,180 Total after tax effect $ 2,009 $ (120 ) $ 1,889 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 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
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 2015 2014 Projected benefit obligation at beginning of year $ 279,669 $ 226,265 Service cost 116 109 Interest cost 11,875 11,603 Actuarial (gain)/loss (21,883 ) 49,500 Benefits paid (8,308 ) (7,808 ) Projected benefit obligation at end of year $ 261,469 $ 279,669 |
Change in Plan Assets | Change in Plan Assets Fiscal Year In Thousands 2015 2014 Fair value of plan assets at beginning of year $ 212,692 $ 200,824 Actual return on plan assets (829 ) 9,676 Employer contributions 10,500 10,000 Benefits paid (8,308 ) (7,808 ) Fair value of plan assets at end of year $ 214,055 $ 212,692 |
Funded Status | Funded Status Jan. 3, Dec. 28, In Thousands 2016 2014 Projected benefit obligation $ (261,469 ) $ (279,669 ) Plan assets at fair value 214,055 212,692 Net funded status $ (47,414 ) $ (66,977 ) |
Amounts Recognized in the Consolidated Balance Sheet | Amounts Recognized in the Consolidated Balance Sheets Jan. 3, Dec. 28, In Thousands 2016 2014 Current liabilities $ 0 $ 0 Noncurrent liabilities (47,414 ) (66,977 ) Net amount recognized $ (47,414 ) $ (66,977 ) |
Net Periodic Pension Cost (Benefit) | Net Periodic Pension Cost (Benefit) Fiscal Year In Thousands 2015 2014 2013 Service cost $ 116 $ 109 $ 121 Interest cost 11,875 11,603 12,014 Expected return on plan assets (13,541 ) (13,775 ) (13,797 ) Loss on voluntary pension settlement 0 0 12,014 Amortization of prior service cost 35 36 28 Recognized net actuarial loss 3,230 1,743 3,027 Net periodic pension cost (benefit) $ 1,715 $ (284 ) $ 13,407 |
Significant Assumptions Used | Significant Assumptions Used 2015 2014 2013 Projected benefit obligation at the measurement date: Discount rate 4.72 % 4.32 % 5.21 % Weighted average rate of compensation increase N/A N/A N/A Net periodic pension cost for the fiscal year: Discount rate 4.32 % 5.21 % 4.47 % Weighted average expected long-term rate of return on plan assets 6.50 % 7.00 % 7.00 % 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 2016, actual asset allocation at January 3, 2016 and December 28, 2014 and the expected weighted average long-term rate of return by asset category were as follows: Target Percentage of Plan Weighted Average Allocation Assets at Fiscal Year-End Expected Long-Term 2016 2015 2014 Rate of Return - 2015 U.S. large capitalization equity securities 40 % 40 % 41 % 3.3 % U.S. small/mid-capitalization equity securities 5 % 5 % 5 % 0.4 % International equity securities 15 % 15 % 14 % 1.4 % Debt securities 40 % 40 % 40 % 1.4 % Total 100 % 100 % 100 % 6.5 % |
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 January 3, 2016: Quoted Prices in Active Market for Significant Other Identical Assets Observable Input In Thousands (Level 1) (Level 2) Total Equity securities Common/collective trust funds (1) $ 0 $ 128,220 $ 128,220 Other 677 0 677 Fixed income Common/collective trust funds (1) 0 85,158 85,158 Total $ 677 $ 213,378 $ 214,055 (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 28, 2014: Quoted Prices in Active Market for Significant Other Identical Assets Observable Input In Thousands (Level 1) (Level 2) Total 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. |
Reconciliation of Beginning and Ending Balances of Benefit Obligation | Fiscal Year In Thousands 2015 2014 Benefit obligation at beginning of year $ 70,121 $ 67,840 Service cost 1,118 1,445 Interest cost 2,878 3,255 Plan amendments 0 (8,681 ) Plan participants’ contributions 594 586 Actuarial (gain)/loss (1,600 ) 9,323 Benefits paid (2,886 ) (3,685 ) Medicare Part D subsidy reimbursement 136 38 Benefit obligation at end of year $ 70,361 $ 70,121 |
Reconciliation of Beginning and Ending Balances of Fair Value of Plan Assets | Fiscal Year In Thousands 2015 2014 Fair value of plan assets at beginning of year $ 0 $ 0 Employer contributions 2,156 3,061 Plan participants’ contributions 594 586 Benefits paid (2,886 ) (3,685 ) Medicare Part D subsidy reimbursement 136 38 Fair value of plan assets at end of year $ 0 $ 0 |
Reconciliation of Beginning and Ending Balances of Accrued Liability | Jan. 3, Dec. 28, In Thousands 2016 2014 Current liabilities $ (3,401 ) $ (2,998 ) Noncurrent liabilities (66,960 ) (67,123 ) Accrued liability at end of year $ (70,361 ) $ (70,121 ) |
Components of Net Periodic Postretirement Benefit Cost | The components of net periodic postretirement benefit cost were as follows: Fiscal Year In Thousands 2015 2014 2013 Service cost $ 1,118 $ 1,445 $ 1,626 Interest cost 2,878 3,255 2,877 Recognized net actuarial loss 3,164 2,293 2,943 Amortization of prior service cost (3,360 ) (1,513 ) (1,513 ) Net periodic postretirement benefit cost $ 3,800 $ 5,480 $ 5,933 |
Significant Assumptions Used | Significant Assumptions Used 2015 2014 2013 Benefit obligation at the measurement date: Discount rate 4.53 % 4.13 % 4.96 % Net periodic postretirement benefit cost for the fiscal year: Discount rate 4.13 % 4.96 % 4.11 % |
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% Increase 1% Decrease Increase (decrease) in: Postretirement benefit obligation at January 3, 2016 $ 7,894 $ (7,343 ) Service cost and interest cost in 2015 451 (433 ) |
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 28, 2014, the activity during 2015, and the balances at January 3, 2016 are as follows: In Thousands Dec. 28, 2014 Actuarial Gain (Loss) Reclassification Adjustments Jan. 3, 2016 Pension Plans: Actuarial (loss) $ (123,641 ) $ 7,513 $ 3,230 $ (112,898 ) Prior service (cost) credit (163 ) 0 35 (128 ) Postretirement Medical: Actuarial (loss) (38,299 ) 1,599 3,164 (33,536 ) Prior service (cost) credit 12,843 0 (3,360 ) 9,483 $ (149,260 ) $ 9,112 $ 3,069 $ (137,079 ) |
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 2016 are as follows: In Thousands Pension Plans Postretirement Medical Total Actuarial loss $ 2,962 $ 2,350 $ 5,312 Prior service cost (credit) 28 (3,360 ) (3,332 ) $ 2,990 $ (1,010 ) $ 1,980 |
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 2015 and 2014 is for the plan’s years ending at December 31, 2014 and 2013, 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 Act Zone Status FIP/RP Status Pending/ Contribution (In Thousands) Surcharge Pension Fund 2015 2014 Implemented 2015 2014 2013 Imposed Employer-Teamsters Local Nos. 175 & 505 Pension Trust Fund (EIN/Pension Plan No.55-6021850) Red Red Yes $ 692 $ 655 $ 640 Yes |
Pension Plans [Member] | |
Anticipated Future Pension Benefit Payments | Cash Flows In Thousands Anticipated future pension benefit payments for the fiscal years: 2016 $ 9,337 2017 9,882 2018 10,543 2019 11,142 2020 11,802 2021 – 2025 68,708 |
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: 2016 $ 3,401 2017 3,605 2018 3,898 2019 4,146 2020 4,286 2021 – 2025 23,726 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
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 2015 2014 2013 Payments by the Company for concentrate, syrup, sweetener and other purchases $ 482.7 $ 424.0 $ 410.6 Marketing funding support payments to the Company 56.3 46.5 43.5 Payments by the Company net of marketing funding support $ 426.4 $ 377.5 $ 367.1 Payments by the Company for customer marketing programs $ 70.8 $ 61.1 $ 56.4 Payments by the Company for cold drink equipment parts 16.3 7.7 9.3 Fountain delivery and equipment repair fees paid to the Company 17.4 13.5 12.7 Presence marketing support provided by The Coca-Cola Company on the Company’s behalf 2.4 5.9 5.4 Payments to the Company to facilitate the distribution of certain brands and packages to other Coca-Cola bottlers 4.7 3.9 4.0 |
Schedule of Asset Purchase Agreement Relating to the Territories | The Company and CCR have entered into, and closed the following asset purchase agreements relating to certain territories previously served by CCR’s facilities and equipment located in these territories: Asset Agreement Acquisition Closing Territory Date Date Johnson City and Morristown, Tennessee May 7, 2014 May 23, 2014 Knoxville, Tennessee August 28, 2014 October 24, 2014 Cleveland and Cookeville, Tennessee December 5, 2014 January 30, 2015 Louisville, Kentucky and Evansville, Indiana December 17, 2014 February 27, 2015 Paducah and Pikeville, Kentucky February 13, 2015 May 1, 2015 Norfolk, Fredericksburg and Staunton, Virginia and Elizabeth City, North Carolina September 23, 2015 October 30, 2015 |
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 2015 2014 2013 Minimum rentals $ 3.5 $ 3.5 $ 3.5 Contingent rentals 0.7 0.6 0.6 Total rental payments $ 4.2 $ 4.1 $ 4.1 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
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) 2015 2014 2013 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 $ 59,002 $ 31,354 $ 27,675 Less dividends: Common Stock 7,141 7,141 7,141 Class B Common Stock 2,146 2,125 2,104 Total undistributed earnings $ 49,715 $ 22,088 $ 18,430 Common Stock undistributed earnings – basic $ 38,223 $ 17,021 $ 14,234 Class B Common Stock undistributed earnings – basic 11,492 5,067 4,196 Total undistributed earnings $ 49,715 $ 22,088 $ 18,430 Common Stock undistributed earnings – diluted $ 38,059 $ 16,948 $ 14,173 Class B Common Stock undistributed earnings – diluted 11,656 5,140 4,257 Total undistributed earnings – diluted $ 49,715 $ 22,088 $ 18,430 Numerator for basic net income per Common Stock share: Dividends on Common Stock $ 7,141 $ 7,141 $ 7,141 Common Stock undistributed earnings – basic 38,223 17,021 14,234 Numerator for basic net income per Common Stock share $ 45,364 $ 24,162 $ 21,375 Numerator for basic net income per Class B Common Stock share: Dividends on Class B Common Stock $ 2,146 $ 2,125 $ 2,104 Class B Common Stock undistributed earnings – basic 11,492 5,067 4,196 Numerator for basic net income per Class B Common Stock share $ 13,638 $ 7,192 $ 6,300 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 2,146 2,125 2,104 Common Stock undistributed earnings – diluted 49,715 22,088 18,430 Numerator for diluted net income per Common Stock share $ 59,002 $ 31,354 $ 27,675 Fiscal Year In Thousands (Except Per Share Data) 2015 2014 2013 Numerator for diluted net income per Class B Common Stock share: Dividends on Class B Common Stock $ 2,146 $ 2,125 $ 2,104 Class B Common Stock undistributed earnings – diluted 11,656 5,140 4,257 Numerator for diluted net income per Class B Common Stock share $ 13,802 $ 7,265 $ 6,361 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 2,147 2,126 2,105 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) 9,328 9,307 9,286 Class B Common Stock weighted average shares outstanding – diluted 2,187 2,166 2,145 Basic net income per share: Common Stock $ 6.35 $ 3.38 $ 2.99 Class B Common Stock $ 6.35 $ 3.38 $ 2.99 Diluted net income per share: Common Stock $ 6.33 $ 3.37 $ 2.98 Class B Common Stock $ 6.31 $ 3.35 $ 2.97 (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 C54
Supplemental Disclosures of Cash Flow Information (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
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 2015 2014 2013 Accounts receivable, trade, net $ (62,542 ) $ (20,116 ) $ (2,086 ) Accounts receivable from The Coca-Cola Company (5,258 ) (4,892 ) (2,328 ) Accounts receivable, other (9,543 ) 605 (2,260 ) Inventories (13,849 ) (5,287 ) 3,937 Prepaid expenses and other current assets (6,264 ) (15,155 ) 6,148 Accounts payable, trade 21,728 13,051 (814 ) Accounts payable to The Coca-Cola Company 26,769 25,116 (1,961 ) Other accrued liabilities 24,784 (14,399 ) 2,509 Accrued compensation 6,087 5,145 (2,296 ) Accrued interest payable (174 ) (399 ) (6 ) Change in current assets less current liabilities $ (18,262 ) $ (16,331 ) $ 843 |
Cash Payments for Interest and Income Taxes | Cash payments for interest and income taxes were as follows: Fiscal Year In Thousands 2015 2014 2013 Interest $ 27,391 $ 28,021 $ 28,209 Income taxes 31,782 31,009 15,906 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | The Company’s segment results are as follows: In Thousands 2015 2014 2013 Net Sales: Nonalcoholic Beverages $ 2,245,836 $ 1,710,040 $ 1,613,309 All Other 160,191 123,194 108,224 Eliminations* (99,569 ) (86,865 ) (80,202 ) Consolidated $ 2,306,458 $ 1,746,369 $ 1,641,331 Operating Income: Nonalcoholic Beverages $ 92,921 $ 82,297 $ 66,084 All Other 5,223 3,670 7,563 Consolidated $ 98,144 $ 85,967 $ 73,647 Depreciation and Amortization: Nonalcoholic Beverages $ 76,127 $ 58,103 $ 56,266 All Other 4,769 3,027 2,405 Consolidated $ 80,896 $ 61,130 $ 58,671 Capital Expenditures: Nonalcoholic Beverages $ 141,080 $ 69,635 $ 47,241 All Other 27,627 16,739 6,923 Consolidated $ 168,707 $ 86,374 $ 54,164 Total Assets: Nonalcoholic Beverages $ 1,808,335 $ 1,399,057 $ 1,252,286 All Other 75,842 44,629 36,671 Eliminations (33,361 ) (10,610 ) (12,801 ) Consolidated $ 1,850,816 $ 1,433,076 $ 1,276,156 * NOTE - The entire 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. |
Net Sales by Product Category | Net sales in 2015, 2014 and 2013 by product category were as follows: Fiscal Year In Thousands 2015 2014 2013 Bottle/can sales: Sparkling beverages (including energy products) $ 1,503,683 $ 1,124,802 $ 1,063,154 Still beverages 397,901 279,138 247,561 Total bottle/can sales 1,901,584 1,403,940 1,310,715 Other sales: Sales to other Coca-Cola bottlers 178,777 162,346 166,476 Post-mix and other 226,097 180,083 164,140 Total other sales 404,874 342,429 330,616 Total net sales $ 2,306,458 $ 1,746,369 $ 1,641,331 |
Quarterly Financial Data (Una56
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Jan. 03, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | Set forth below are unaudited quarterly financial data for the fiscal years ended January 3, 2016 and December 28, 2014. Net sales in the fiscal year ended January 3, 2016 and in the second, third and fourth quarters of fiscal year ended December 28, 2014 include the sales in the 2015 Expansion Territories and the 2014 Expansion Territories. In Thousands (except per share data) Quarter Year Ended January 3, 2016 1 (1)(2) 2 (3)(4)(5)(6) 3 (3)(7)(8)(9)(10) 4 (3)(11)(12)(13)(14) Net sales $ 453,253 $ 614,683 $ 618,806 $ 619,716 Gross margin 184,373 237,317 238,536 240,806 Net income attributable to Coca-Cola Bottling Co. Consolidated 2,224 26,934 25,553 4,291 Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: Common Stock $ 0.24 $ 2.90 $ 2.75 $ 0.46 Class B Common Stock $ 0.24 $ 2.90 $ 2.75 $ 0.46 Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: Common Stock $ 0.24 $ 2.89 $ 2.74 $ 0.46 Class B Common Stock $ 0.23 $ 2.88 $ 2.73 $ 0.46 In Thousands (except per share data) Quarter Year Ended December 28, 2014 1 (15) 2 (16)(17) 3 (17)(18) 4 (17)(19)(20) 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 $ 1.30 $ 0.32 Class B Common Stock $ 0.26 $ 1.48 $ 1.30 $ 0.32 Sales are seasonal with the highest sales volume occurring in the second and third quarters. (1) Net income in the first quarter of 2015 included $3.0 million ($1.8 million, net of tax, or $0.20 per basic common share) in expenses related to the Company’s Expansion Transactions. (2) (3) (4) Net income in the second quarter of 2015 included $4.3 million ($2.6 million, net of tax, or $0.28 per basic common share) of expenses related to the Company’s Expansion Transactions. (5) Net income in the second quarter of 2015 included $6.1 million ($3.7 million, net of tax, or $0.40 per basic common share) of income related to the fair value adjustment for the acquisition related contingent consideration. (6) (7) Net income in the third quarter of 2015 included $6.9 million ($4.2 million, net of tax, or $0.46 per basic common share) of expenses related to the Company’s Expansion Transactions. (8) Net income in the third quarter of 2015 included a $2.1 million ($1.3 million, net of tax, or $0.14 per basic common share) expense related to a mark-to-market adjustment related to the Company’s commodity hedging program. (9) Net income in the third quarter of 2015 included a $4.0 million ($2.5 million, net of tax, or $0.26 per basic common share) expense related to the fair value adjustment for the acquisition related contingent consideration. (10) (11) The fourth quarter of 2015 included a $2.4 million favorable pre-tax correction related to the calculation of certain state gross receipts taxes. This correction was not material to any other quarter and the impact on full year 2015 and 2014 financial results was not material. (12) Net income in the fourth quarter of 2015 included $5.8 million ($3.6 million, net of tax, or $0.38 per basic common share) expenses related to the Company’s Expansion Transactions. (13) Net income in the fourth quarter of 2015 included $1.2 million ($0.7 million, net of tax, or $0.08 per basic common share) debit related to a mark-to-market adjustment related to the Company’s commodity hedging program. (14) (15) Net income in the first quarter of 2014 included $2.0 million ($1.2 million, net of tax, or $.13 per basic common share) of expenses related to the Company’s Expansion Transactions. (16) Net income in the second quarter of 2014 included $3.1 million ($1.9 million, net of tax, or $.20 per basic common share) of expenses related to the Company’s Expansion Transactions. (17) Net income in 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 2014 Expansion Territories. (18) Net income in the third quarter of 2014 included $2.6 million ($1.6 million, net of tax, or $.17 per basic common share) of expenses related to the Company’s Expansion Transactions. (19) Net income in the fourth quarter of 2014 included $5.2 million ($3.2 million, net of tax, or $.34 per basic common share) of expenses related to the Company’s Expansion Transactions. (20) Net income in the fourth quarter of 2014 included a $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. |
Significant Accounting Polici57
Significant Accounting Policies - Additional Information (Detail) $ in Thousands | Apr. 29, 2008shares | Jan. 03, 2016USD ($)Pension_PlanVote | Dec. 28, 2014USD ($) | Dec. 29, 2013USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net income attributable to noncontrolling interest | $ 6,042 | $ 4,728 | $ 4,427 | |
Noncontrolling interest | $ 79,376 | 73,334 | 68,600 | |
Period of collection of trade account receivable | 30 days | |||
Amortization expenses of internal-use software | $ 9,300 | 7,600 | 7,500 | |
Number of nonunion noncontributory pension plans | Pension_Plan | 1 | |||
Number of union noncontributory pension plans | Pension_Plan | 1 | |||
Percentage of maximum tax benefit | 50.00% | |||
Cost of marketing programs and sales incentives | $ 71,400 | 61,700 | 57,100 | |
Shipping and handling costs | $ 222,900 | 211,600 | 201,000 | |
Number of votes per share | Vote | 1 | |||
Percentage control of total voting power | 86.00% | |||
Class B Common Stock is convertible into Common Stock Ratio | one-for-one per share | |||
Class B Common Stock [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Performance units authorized | shares | 400,000 | |||
Common B stock per performance unit | shares | 1 | |||
Term of performance unit award agreement | 10 years | |||
Maximum overall goal achievement factor | 100.00% | |||
Annual performance units granted | shares | 40,000 | |||
Number of votes per share | Vote | 20 | |||
Nonalcoholic Beverages [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Percentage of service revenue | 1.00% | |||
Delivery fees in net sales | $ 6,300 | $ 6,200 | $ 6,300 | |
All Other [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Percentage of third party freight revenue | 2.00% |
Piedmont Coca-Cola Bottling P58
Piedmont Coca-Cola Bottling Partnership - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Minority Interest [Line Items] | |||
Subsidiary's intercompany interest rate over the Company's average rate | 0.50% | ||
Amounts outstanding under financing agreement with subsidiary | $ 0 | $ 0 | |
Piedmont [Member] | |||
Minority Interest [Line Items] | |||
Minority interest | 22.70% | 22.70% | 22.70% |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) - USD ($) | Oct. 30, 2015 | Aug. 24, 2015 | May. 01, 2015 | Feb. 27, 2015 | Jan. 30, 2015 | Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | Oct. 24, 2014 | May. 23, 2014 |
Business Acquisition [Line Items] | ||||||||||||||||||
Goodwill | $ 117,954,000 | $ 106,220,000 | $ 117,954,000 | $ 106,220,000 | $ 102,049,000 | |||||||||||||
Cash purchase | 81,707,000 | 41,588,000 | 0 | |||||||||||||||
Bargain purchase gain | 2,011,000 | 0 | 0 | |||||||||||||||
Unfavorable fair value adjustment to contingent consideration liability | 3,576,000 | 1,077,000 | 0 | |||||||||||||||
Gain on exchange of franchise territory | 8,807,000 | 0 | 0 | |||||||||||||||
Net sales | 619,716,000 | $ 618,806,000 | $ 614,683,000 | $ 453,253,000 | $ 440,638,000 | $ 457,676,000 | $ 459,473,000 | $ 388,582,000 | 2,306,458,000 | 1,746,369,000 | 1,641,331,000 | |||||||
Operating Income (loss) | 98,144,000 | 85,967,000 | 73,647,000 | |||||||||||||||
Gain on sale of business | $ 22,700,000 | 22,651,000 | 0 | 0 | ||||||||||||||
Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Exchange [Member] | Jackson Territory [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Carrying value of assets exchanged | $ 17,500,000 | |||||||||||||||||
Gain on exchange of franchise territory | 8,800,000 | |||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | BYB Brands Inc [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Net sales | 23,900,000 | 34,100,000 | 34,200,000 | |||||||||||||||
Operating Income (loss) | $ 1,800,000 | $ (400,000) | $ 900,000 | |||||||||||||||
Cash purchase price on sale of brands | $ 26,400,000 | |||||||||||||||||
Gain on sale of business | $ 22,700,000 | |||||||||||||||||
Johnson City And Morristown Territory Acquisition [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Effective date of business acquisition | May 23, 2014 | |||||||||||||||||
Goodwill | $ 571,000 | |||||||||||||||||
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 | Oct. 24, 2014 | |||||||||||||||||
Goodwill | $ 4,698,000 | |||||||||||||||||
Goodwill recognized, expected to be deductible for tax purposes | $ 4,500,000 | |||||||||||||||||
Cleveland and Cookeville, Tennessee Territory Acquisitions [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Effective date of business acquisition | Jan. 30, 2015 | |||||||||||||||||
Goodwill | $ 1,280,000 | |||||||||||||||||
Goodwill recognized, expected to be deductible for tax purposes | 1,000,000 | |||||||||||||||||
Cash purchase | $ 13,200,000 | |||||||||||||||||
Louisville, Kentucky and Evansville, Indiana [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Effective date of business acquisition | Feb. 27, 2015 | |||||||||||||||||
Goodwill | $ 1,523,000 | |||||||||||||||||
Goodwill recognized, expected to be deductible for tax purposes | 300,000 | |||||||||||||||||
Cash purchase | $ 18,000,000 | |||||||||||||||||
Paducah And Pikeville Kentucky Territory Acquisitions [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Effective date of business acquisition | May 1, 2015 | |||||||||||||||||
Goodwill | 942,000 | |||||||||||||||||
Goodwill recognized, expected to be deductible for tax purposes | 100,000 | |||||||||||||||||
Cash purchase | 7,500,000 | |||||||||||||||||
Norfolk, Fredericksburg and Staunton, Virginia; and Elizabeth City, North Carolina Territory Acquisitions [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Effective date of business acquisition | Oct. 30, 2015 | |||||||||||||||||
Goodwill | $ 6,574,000 | |||||||||||||||||
Goodwill recognized, expected to be deductible for tax purposes | 0 | |||||||||||||||||
Cash purchase | 26,100,000 | |||||||||||||||||
Annapolis, Maryland Make Ready Center Acquisition [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Effective date of business acquisition | Oct. 30, 2015 | |||||||||||||||||
Goodwill | 0 | |||||||||||||||||
Business combination, consideration transferred | 5,300,000 | |||||||||||||||||
Bargain purchase gain | 2,000,000 | |||||||||||||||||
Deferred tax liability, bargain purchase gain | $ 1,300,000 | |||||||||||||||||
Asset Purchase Agreements [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Contingent consideration liability range, low | 9,000,000 | $ 9,000,000 | ||||||||||||||||
Contingent consideration liability range, high | 16,000,000 | 16,000,000 | ||||||||||||||||
Contingent consideration liability | $ 136,600,000 | 136,600,000 | ||||||||||||||||
Unfavorable fair value adjustment to contingent consideration liability | $ 3,600,000 | |||||||||||||||||
Lexington Exchange Transaction [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Effective date of business acquisition | May 1, 2015 | |||||||||||||||||
Goodwill recognized, expected to be deductible for tax purposes | 2,500,000 | |||||||||||||||||
Net asset value after deducting retained assets and liabilities | $ 10,500,000 | |||||||||||||||||
2014 and 2015 Acquisitions [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Net sales | $ 437,000,000 | |||||||||||||||||
Operating Income (loss) | $ 6,900,000 |
Acquisitions and Divestitures60
Acquisitions and Divestitures - Summary of Fair Values of Acquired Assets and Assumed Liabilities as of Acquisition Date (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Oct. 30, 2015 | May. 01, 2015 | Feb. 27, 2015 | Jan. 30, 2015 | Dec. 28, 2014 | Oct. 24, 2014 | May. 23, 2014 | Dec. 29, 2013 |
Business Acquisition [Line Items] | |||||||||
Accounts receivable from The Coca-Cola Company | $ 28,564 | $ 22,741 | |||||||
Franchise rights | 527,540 | 520,672 | $ 520,672 | ||||||
Goodwill | 117,954 | 106,220 | $ 102,049 | ||||||
Accounts payable to The Coca-Cola Company | 79,065 | 51,227 | |||||||
Other liabilities (acquisition related contingent consideration) | $ 128,668 | $ 43,850 | |||||||
Johnson City And Morristown Territory Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 46 | ||||||||
Inventories | 1,150 | ||||||||
Prepaid expenses and other current assets | 315 | ||||||||
Accounts receivable from The Coca-Cola Company | 482 | ||||||||
Property, plant and equipment | 8,495 | ||||||||
Other assets | 361 | ||||||||
Goodwill | 571 | ||||||||
Other identifiable intangible assets | 13,800 | ||||||||
Total acquired assets | 25,220 | ||||||||
Current liabilities (acquisition related contingent consideration) | 1,005 | ||||||||
Other current liabilities | 23 | ||||||||
Accounts payable to The Coca-Cola Company | 0 | ||||||||
Other liabilities | 473 | ||||||||
Other liabilities (acquisition related contingent consideration) | 11,564 | ||||||||
Total assumed liabilities | $ 13,065 | ||||||||
Knoxville Tennessee Territory Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 108 | ||||||||
Inventories | 2,100 | ||||||||
Prepaid expenses and other current assets | 1,893 | ||||||||
Accounts receivable from The Coca-Cola Company | 0 | ||||||||
Property, plant and equipment | 17,229 | ||||||||
Other assets | 221 | ||||||||
Goodwill | 4,698 | ||||||||
Other identifiable intangible assets | 37,400 | ||||||||
Total acquired assets | 63,649 | ||||||||
Current liabilities (acquisition related contingent consideration) | 2,426 | ||||||||
Other current liabilities | 2,351 | ||||||||
Accounts payable to The Coca-Cola Company | 105 | ||||||||
Other liabilities | 0 | ||||||||
Other liabilities (acquisition related contingent consideration) | 27,834 | ||||||||
Total assumed liabilities | $ 32,716 | ||||||||
Cleveland and Cookeville, Tennessee Territory Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 59 | ||||||||
Inventories | 1,238 | ||||||||
Prepaid expenses and other current assets | 714 | ||||||||
Property, plant and equipment | 6,722 | ||||||||
Other assets | 336 | ||||||||
Goodwill | 1,280 | ||||||||
Other identifiable intangible assets | 12,950 | ||||||||
Total acquired assets | 23,299 | ||||||||
Current liabilities (acquisition related contingent consideration) | 843 | ||||||||
Other current liabilities | 125 | ||||||||
Other liabilities | 0 | ||||||||
Other liabilities (acquisition related contingent consideration) | 9,131 | ||||||||
Total assumed liabilities | $ 10,099 | ||||||||
Louisville, Kentucky and Evansville, Indiana [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 105 | ||||||||
Inventories | 1,268 | ||||||||
Prepaid expenses and other current assets | 1,108 | ||||||||
Property, plant and equipment | 16,604 | ||||||||
Other assets | 1,147 | ||||||||
Goodwill | 1,523 | ||||||||
Other identifiable intangible assets | 20,350 | ||||||||
Total acquired assets | 42,105 | ||||||||
Current liabilities (acquisition related contingent consideration) | 1,659 | ||||||||
Other current liabilities | 974 | ||||||||
Other liabilities | 823 | ||||||||
Other liabilities (acquisition related contingent consideration) | 20,625 | ||||||||
Total assumed liabilities | $ 24,081 | ||||||||
Paducah And Pikeville Kentucky Territory Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 45 | ||||||||
Inventories | 1,045 | ||||||||
Prepaid expenses and other current assets | 224 | ||||||||
Property, plant and equipment | 6,584 | ||||||||
Other assets | 510 | ||||||||
Goodwill | 942 | ||||||||
Other identifiable intangible assets | 1,700 | ||||||||
Total acquired assets | 11,050 | ||||||||
Current liabilities (acquisition related contingent consideration) | 281 | ||||||||
Other current liabilities | 494 | ||||||||
Other liabilities | 10 | ||||||||
Other liabilities (acquisition related contingent consideration) | 2,748 | ||||||||
Total assumed liabilities | 3,533 | ||||||||
Norfolk, Fredericksburg and Staunton, Virginia; and Elizabeth City, North Carolina Territory Acquisitions [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | $ 160 | ||||||||
Inventories | 2,564 | ||||||||
Prepaid expenses and other current assets | 1,110 | ||||||||
Property, plant and equipment | 25,933 | ||||||||
Other assets | 4,170 | ||||||||
Goodwill | 6,574 | ||||||||
Other identifiable intangible assets | 49,100 | ||||||||
Total acquired assets | 89,611 | ||||||||
Current liabilities (acquisition related contingent consideration) | 547 | ||||||||
Other current liabilities | 4,005 | ||||||||
Other liabilities | 0 | ||||||||
Other liabilities (acquisition related contingent consideration) | 58,925 | ||||||||
Total assumed liabilities | 63,477 | ||||||||
Annapolis, Maryland Make Ready Center Acquisition [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | 0 | ||||||||
Inventories | 109 | ||||||||
Prepaid expenses and other current assets | 0 | ||||||||
Property, plant and equipment | 8,493 | ||||||||
Other assets | 0 | ||||||||
Goodwill | 0 | ||||||||
Other identifiable intangible assets | 0 | ||||||||
Total acquired assets | 8,602 | ||||||||
Current liabilities (acquisition related contingent consideration) | 0 | ||||||||
Other current liabilities | 0 | ||||||||
Other liabilities | 1,265 | ||||||||
Other liabilities (acquisition related contingent consideration) | 0 | ||||||||
Total assumed liabilities | $ 1,265 | ||||||||
Lexington Expansion [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash | 56 | ||||||||
Inventories | 2,712 | ||||||||
Prepaid expenses and other current assets | 442 | ||||||||
Property, plant and equipment | 12,682 | ||||||||
Other assets | 48 | ||||||||
Franchise rights | 18,200 | ||||||||
Goodwill | 2,537 | ||||||||
Other identifiable intangible assets | 1,000 | ||||||||
Total acquired assets | 37,677 | ||||||||
Current liabilities | 926 | ||||||||
Total assumed liabilities | $ 926 |
Acquisitions and Divestitures61
Acquisitions and Divestitures - Summary of Fair Value Acquired Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 30, 2015 | May. 01, 2015 | Feb. 27, 2015 | Jan. 30, 2015 | Oct. 24, 2014 | May. 23, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 |
Acquired Intangible Assets [Line Items] | |||||||||
Franchise rights | $ 527,540 | $ 520,672 | $ 520,672 | ||||||
Johnson City And Morristown Territory Acquisition [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 13,800 | ||||||||
Knoxville Tennessee Territory Acquisition [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 37,400 | ||||||||
Cleveland and Cookeville, Tennessee Territory Acquisitions [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 12,950 | ||||||||
Louisville, Kentucky and Evansville, Indiana [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 20,350 | ||||||||
Paducah And Pikeville Kentucky Territory Acquisitions [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 1,700 | ||||||||
Norfolk, Fredericksburg and Staunton, Virginia; and Elizabeth City, North Carolina Territory Acquisitions [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 49,100 | ||||||||
Lexington Expansion [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | 1,000 | ||||||||
Franchise rights | 18,200 | ||||||||
Total | 19,200 | ||||||||
Distribution Agreements [Member] | Johnson City And Morristown Territory Acquisition [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 13,200 | ||||||||
Estimated useful life | 40 years | ||||||||
Distribution Agreements [Member] | Knoxville Tennessee Territory Acquisition [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 36,400 | ||||||||
Estimated useful life | 40 years | ||||||||
Distribution Agreements [Member] | Cleveland and Cookeville, Tennessee Territory Acquisitions [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 12,400 | ||||||||
Estimated useful life | 40 years | ||||||||
Distribution Agreements [Member] | Louisville, Kentucky and Evansville, Indiana [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 19,200 | ||||||||
Estimated useful life | 40 years | ||||||||
Distribution Agreements [Member] | Paducah And Pikeville Kentucky Territory Acquisitions [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 1,500 | ||||||||
Estimated useful life | 40 years | ||||||||
Distribution Agreements [Member] | Norfolk, Fredericksburg and Staunton, Virginia; and Elizabeth City, North Carolina Territory Acquisitions [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 47,900 | ||||||||
Estimated useful life | 40 years | ||||||||
Distribution Agreements [Member] | Lexington Expansion [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 200 | $ 200 | |||||||
Estimated useful life | 40 years | ||||||||
Customer Lists [Member] | Johnson City And Morristown Territory Acquisition [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 600 | ||||||||
Estimated useful life | 12 years | ||||||||
Customer Lists [Member] | Knoxville Tennessee Territory Acquisition [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 1,000 | ||||||||
Estimated useful life | 12 years | ||||||||
Customer Lists [Member] | Cleveland and Cookeville, Tennessee Territory Acquisitions [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 550 | ||||||||
Estimated useful life | 12 years | ||||||||
Customer Lists [Member] | Louisville, Kentucky and Evansville, Indiana [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 1,150 | ||||||||
Estimated useful life | 12 years | ||||||||
Customer Lists [Member] | Paducah And Pikeville Kentucky Territory Acquisitions [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 200 | ||||||||
Estimated useful life | 12 years | ||||||||
Customer Lists [Member] | Norfolk, Fredericksburg and Staunton, Virginia; and Elizabeth City, North Carolina Territory Acquisitions [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 1,200 | ||||||||
Estimated useful life | 12 years | ||||||||
Customer Lists [Member] | Lexington Expansion [Member] | |||||||||
Acquired Intangible Assets [Line Items] | |||||||||
Additions to other identifiable intangible related to acquisition | $ 800 | ||||||||
Estimated useful life | 12 years |
Acquisitions and Divestitures62
Acquisitions and Divestitures - Schedule of Unaudited Pro Forma Net Sales (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Business Combinations [Abstract] | |||||||||||
As Reported | $ 619,716 | $ 618,806 | $ 614,683 | $ 453,253 | $ 440,638 | $ 457,676 | $ 459,473 | $ 388,582 | $ 2,306,458 | $ 1,746,369 | $ 1,641,331 |
Pro Forma Adjustments (Unaudited) | 170,743 | ||||||||||
Pro Forma (Unaudited) | $ 2,477,201 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 56,252 | $ 42,526 |
Manufacturing materials | 12,277 | 10,133 |
Plastic shells, plastic pallets and other inventories | 20,935 | 18,081 |
Total inventories | $ 89,464 | $ 70,740 |
Property, Plant and Equipment -
Property, Plant and Equipment - Principal Categories and Estimated Useful Lives of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 1,251,639 | $ 1,044,210 |
Less: Accumulated depreciation and amortization | 725,819 | 685,978 |
Property, plant and equipment, net | 525,820 | 358,232 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | 24,731 | 14,762 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 134,496 | 120,533 |
Buildings [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 8 years | |
Buildings [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 50 years | |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 165,733 | 154,897 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 20 years | |
Transportation Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 251,712 | 190,216 |
Transportation Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 4 years | |
Transportation Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 20 years | |
Furniture and Fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 59,500 | 45,623 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 10 years | |
Cold Drink Dispensing Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 398,867 | 345,391 |
Cold Drink Dispensing Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Cold Drink Dispensing Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 17 years | |
Leasehold and Land Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 94,208 | 75,104 |
Leasehold and Land Improvements [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 5 years | |
Leasehold and Land Improvements [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 20 years | |
Software for Internal Use [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 97,760 | 91,156 |
Software for Internal Use [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 3 years | |
Software for Internal Use [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, estimated useful lives | 10 years | |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total property, plant and equipment, at cost | $ 24,632 | $ 6,528 |
Property, Plant and Equipment65
Property, Plant and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization expense | $ 78,096,000 | $ 60,397,000 | $ 58,338,000 |
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 Capital66
Leased Property Under Capital Leases - Leased Property Under Capital Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Capital Leased Assets [Line Items] | ||
Leased property under capital leases | $ 98,001 | $ 94,793 |
Less: Accumulated amortization | 57,856 | 51,822 |
Leased property under capital leases, net | $ 40,145 | $ 42,971 |
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 Capital67
Leased Property Under Capital Leases - Additional Information (Detail) - USD ($) $ in Millions | Jan. 03, 2016 | Dec. 28, 2014 |
Leases [Abstract] | ||
Real estate leased under capital leases | $ 40 | |
Real estate leased from related parties | 23.7 | |
Company's outstanding obligations for capital leases | $ 55.8 | $ 59 |
Franchise Rights and Goodwill -
Franchise Rights and Goodwill - Summary of Franchise Rights and Goodwill (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Franchise rights | $ 527,540 | $ 520,672 | $ 520,672 |
Goodwill | 117,954 | 106,220 | 102,049 |
Total franchise rights and goodwill | $ 645,494 | $ 626,892 | $ 622,721 |
Franchise Rights and Goodwill69
Franchise Rights and Goodwill - Reconciliation of Activity for Franchise Rights and Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Franchise rights, Beginning Balance | $ 520,672 | $ 520,672 |
Franchise rights, Expansion Territories | 0 | 0 |
Franchise rights, Asset Exchange | 6,868 | |
Franchise rights, Ending Balance | 527,540 | 520,672 |
Goodwill, Beginning Balance | 106,220 | 102,049 |
Goodwill, Expansion Territories | 11,418 | 4,171 |
Goodwill, Asset Exchange | 316 | |
Goodwill, Ending Balance | 117,954 | 106,220 |
Franchise rights and goodwill, Beginning Balance | 626,892 | 622,721 |
Franchise rights and goodwill, Expansion Territories | 11,418 | 4,171 |
Franchise rights and goodwill, Asset Exchange | 7,184 | |
Franchise rights and goodwill, Ending Balance | $ 645,494 | $ 626,892 |
Franchise Rights and Goodwill70
Franchise Rights and Goodwill - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Intangible Assets Net Including Goodwill [Abstract] | |||
Impairment of the carrying value of franchise rights and goodwill | $ 0 | $ 0 | $ 0 |
Other Identifiable Intangible71
Other Identifiable Intangible Assets - Other Identifiable Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Finite Lived Intangible Assets [Line Items] | ||
Other identifiable intangible assets, cost | $ 144,447 | $ 62,347 |
Accumulated amortization | 7,999 | 5,199 |
Total other identifiable intangible assets, net | 136,448 | 57,148 |
Distribution Agreements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Other identifiable intangible assets, cost | 133,109 | 54,909 |
Accumulated amortization | 3,323 | 1,068 |
Total other identifiable intangible assets, net | $ 129,786 | 53,841 |
Distribution Agreements [Member] | Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life | 20 years | |
Distribution Agreements [Member] | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life | 40 years | |
Customer Lists and Other Identifiable Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Other identifiable intangible assets, cost | $ 11,338 | 7,438 |
Accumulated amortization | 4,676 | 4,131 |
Total other identifiable intangible assets, net | $ 6,662 | $ 3,307 |
Customer Lists and Other Identifiable Intangible Assets [Member] | Minimum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life | 12 years | |
Customer Lists and Other Identifiable Intangible Assets [Member] | Maximum [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Estimated useful life | 20 years |
Other Identifiable Intangible72
Other Identifiable Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | May. 01, 2015 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 2,800,000 | $ 733,000 | $ 333,000 | |
Impairment of finite-lived identifiable intangible assets | 0 | |||
Amortization expense for 2016 | 4,100,000 | |||
Amortization expense for 2017 | 4,100,000 | |||
Amortization expense for 2018 | 4,100,000 | |||
Amortization expense for 2019 | 4,100,000 | |||
Amortization expense for 2020 | 4,100,000 | |||
Distribution Agreements [Member] | 2015 Expansion [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Additions to other identifiable intangible related to acquisition | 81,000,000 | |||
Decrease due to measurement period adjustments | (14,000,000) | |||
Distribution Agreements [Member] | 2014 Expansion [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Additions to other identifiable intangible related to acquisition | 52,600,000 | |||
Decrease due to measurement period adjustments | (3,000,000) | |||
Customer Lists and Other Identifiable Intangible Assets [Member] | 2015 Expansion [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Additions to other identifiable intangible related to acquisition | 3,100,000 | |||
Customer Lists and Other Identifiable Intangible Assets [Member] | 2014 Expansion [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Additions to other identifiable intangible related to acquisition | $ 1,600,000 | |||
Lexington Expansion [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Additions to other identifiable intangible related to acquisition | $ 1,000,000 | |||
Lexington Expansion [Member] | Distribution Agreements [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Additions to other identifiable intangible related to acquisition | 200,000 | $ 200,000 | ||
Lexington Expansion [Member] | Customer Lists and Other Identifiable Intangible Assets [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Additions to other identifiable intangible related to acquisition | $ 800,000 |
Other Accrued Liabilities - Sum
Other Accrued Liabilities - Summary of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Accrued marketing costs | $ 24,959 | $ 16,141 |
Accrued insurance costs | 24,353 | 21,055 |
Accrued taxes (other than income taxes) | 1,721 | 2,430 |
Employee benefit plan accruals | 13,963 | 12,517 |
Checks and transfers yet to be presented for payment from zero balance cash accounts | 8,980 | 2,324 |
Acquisition related contingent consideration | 7,902 | 3,000 |
Commodity hedges mark-to-market accrual | 3,442 | 0 |
All other accrued expenses | 18,848 | 11,308 |
Total other accrued liabilities | $ 104,168 | $ 68,775 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2015 | Jan. 03, 2016 | Dec. 28, 2014 | |
Debt Instrument [Line Items] | |||
Total debt | $ 623,879 | $ 444,759 | |
Less: Current portion of debt | 0 | 0 | |
Long-term debt | $ 623,879 | 444,759 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity | 2,019 | ||
Interest Rate, Term | Variable | ||
Interest Paid | Varies | ||
Line of credit | $ 0 | 71,000 | |
5.30% Senior Notes 2015 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity | 2,015 | ||
Interest Rate | 5.30% | ||
Interest Paid | Semi-annually | ||
Senior Notes | $ 0 | 100,000 | |
5.00% Senior Notes 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity | 2,016 | ||
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 | 2,019 | ||
Interest Rate | 7.00% | ||
Interest Paid | Semi-annually | ||
Senior Notes | $ 110,000 | 110,000 | |
Unamortized discount on Senior Notes | $ (792) | (998) | |
3.80% Senior Notes 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Maturity | 2,025 | 2,025 | |
Interest Rate | 3.80% | 3.80% | |
Interest Paid | Semi-annually | ||
Senior Notes | $ 350,000 | 0 | |
Unamortized discount on Senior Notes | $ (100) | $ (86) | $ 0 |
Debt - Principal Maturities of
Debt - Principal Maturities of Debt Outstanding (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 164,757 | |
2,017 | 0 | |
2,018 | 0 | |
2,019 | 109,208 | |
2,020 | 0 | |
Thereafter | 349,914 | |
Total debt | $ 623,879 | $ 444,759 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2015 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | Apr. 27, 2015 | |
Debt Instrument [Line Items] | |||||
Debt and capital lease obligations | $ 679,700,000 | ||||
Debt and capital lease obligations financed through publicly offered debt | 623,900,000 | ||||
Company's outstanding obligations for capital leases | 55,800,000 | $ 59,000,000 | |||
Refinanced under revolving credit facility | $ 100,000,000 | $ 0 | $ 0 | ||
Weighted average interest rate on debt and capital lease obligations spot rate | 5.50% | 5.80% | |||
Overall weighted average interest rate on debt and capital lease obligations | 4.70% | 5.70% | |||
Debt subject to changes in short-term interest rates | $ 0 | ||||
Capital lease obligations subject to changes in short-term interest rates | 0 | ||||
Debt issued by subsidiaries | 0 | ||||
Guarantees of company debt | $ 0 | ||||
3.80% Unsecured Senior Notes 2025 [Member] | |||||
Debt Instrument [Line Items] | |||||
Senior notes, face amount | $ 350,000,000 | ||||
Senior notes, issued date | Nov. 30, 2015 | ||||
Senior notes, interest rate during period | 3.80% | 3.80% | |||
Senior notes, maturity year | 2,025 | 2,025 | |||
Senior notes, issued at par percentage | 99.975% | ||||
Senior notes, discount | $ 100,000 | $ 86,000 | $ 0 | ||
Senior notes, issuance cost | $ 3,200,000 | ||||
Senior notes, amount | $ 350,000,000 | 0 | |||
5.30% Senior Notes 2015 [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date of debt instruments | Apr. 1, 2015 | ||||
Senior notes, interest rate during period | 5.30% | ||||
Senior notes, maturity year | 2,015 | ||||
Refinanced under revolving credit facility | $ 100,000,000 | ||||
Senior notes, amount | $ 0 | 100,000,000 | |||
5.00% Senior Notes 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Maturity date of debt instruments | Jun. 1, 2016 | ||||
Senior notes, interest rate during period | 5.00% | ||||
Senior notes, maturity year | 2,016 | ||||
Senior notes, amount | $ 164,757,000 | 164,757,000 | |||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured revolving credit agreement maximum borrowing capacity | $ 450,000,000 | 350,000,000 | $ 200,000,000 | ||
Increase in maximum borrowing capacity | $ 100,000,000 | ||||
Period of unsecured revolving credit agreement | 5 years | ||||
Maturity date of debt instruments | Oct. 16, 2019 | ||||
Letters of credit | $ 50,000,000 | ||||
Annual facility fee, percentage | 0.15% | ||||
Outstanding borrowing on uncommitted line of credit | $ 0 | 71,000,000 | |||
Amount available to meet cash requirements under the revolving credit facility | $ 450,000,000 | $ 279,000,000 |
Derivative Financial Instrume77
Derivative Financial Instruments - Summary of Pre-Tax Changes in Fair Value (Detail) - Commodity Contract [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total | $ (3,439) | $ 0 | $ (500) |
Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total | (2,354) | 0 | (500) |
Selling, Delivery and Administrative Expenses [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total | $ (1,085) | $ 0 | $ 0 |
Derivative Financial Instrume78
Derivative Financial Instruments - Summary of Fair Values and Classification in Consolidated Balance Sheets of Derivative Instruments (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Assets | ||
Total assets | $ 3 | $ 0 |
Liabilities | ||
Total liabilities | 3,442 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instruments [Member] | Other Assets [Member] | ||
Assets | ||
Total assets | 3 | 0 |
Commodity Contract [Member] | Not Designated as Hedging Instruments [Member] | Other Accrued Liabilities [Member] | ||
Liabilities | ||
Total liabilities | $ 3,442 | $ 0 |
Derivative Financial Instrume79
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended | |
Jan. 03, 2016USD ($) | Dec. 28, 2014Agreement | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Derivative assets, gross | $ 200,000 | |
Derivative liabilities, gross | 3,600,000 | |
Number of outstanding derivative transactions | Agreement | 0 | |
Commodity Hedging Agreements [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | $ 64,900,000 | |
Latest Maturity | 2017-12 |
Fair Values of Financial Inst80
Fair Values of Financial Instruments - Debt, Deferred Compensation Plan Assets and Liabilities Commodity Hedging Agreements and Acquisition Related Contingent Consideration (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Commodity hedging agreements - assets | $ 3 | $ 0 |
Commodity hedging agreements - liabilities | (3,442) | 0 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Public debt securities | (623,879) | (373,759) |
Non-public variable rate debt | 0 | (71,000) |
Deferred compensation plan assets | 20,755 | 18,580 |
Deferred compensation plan liabilities | (20,755) | (18,580) |
Commodity hedging agreements - assets | 3 | 0 |
Commodity hedging agreements - liabilities | (3,442) | 0 |
Acquisition related contingent consideration | (136,570) | (46,850) |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Public debt securities | (645,400) | (404,400) |
Non-public variable rate debt | 0 | (71,000) |
Deferred compensation plan assets | 20,755 | 18,580 |
Deferred compensation plan liabilities | (20,755) | (18,580) |
Commodity hedging agreements - assets | 3 | 0 |
Commodity hedging agreements - liabilities | (3,442) | 0 |
Acquisition related contingent consideration | $ (136,750) | $ (46,850) |
Fair Values of Financial Inst81
Fair Values of Financial Instruments - Deferred Compensation Plan Commodity Hedging Agreements and Acquisition Related Contingent Consideration (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 |
Assets | |||
Commodity hedging agreements | $ 3 | $ 0 | |
Liabilities | |||
Commodity hedging agreements | 3,442 | 0 | |
Level 1 [Member] | |||
Assets | |||
Deferred compensation plan assets | 20,755 | 18,580 | |
Liabilities | |||
Deferred compensation plan liabilities | 20,755 | 18,580 | |
Level 2 [Member] | Commodity Contract [Member] | |||
Assets | |||
Commodity hedging agreements | 3 | 0 | |
Liabilities | |||
Commodity hedging agreements | 3,442 | 0 | |
Level 3 [Member] | |||
Liabilities | |||
Contingent consideration liability | $ 136,570 | $ 46,850 | $ 0 |
Fair Values of Financial Inst82
Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 | $ 0 |
Distribution Agreements [Member] | Maximum [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Estimated useful life | 40 years |
Fair Values of Financial Inst83
Fair Values of Financial Instruments - Summary of Reconciliation of Acquisition Related Contingent Consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Fair value adjustment - (income) expense | $ 3,576 | $ 1,077 | $ 0 |
Level 3 [Member] | |||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Opening balance | 46,850 | 0 | |
Increase due to acquisitions | 109,784 | 46,200 | |
Decrease due to measurement period adjustments | (18,396) | 0 | |
Payment/accruals | (5,244) | (427) | |
Fair value adjustment - (income) expense | 3,576 | 1,077 | |
Ending balance | $ 136,570 | $ 46,850 | $ 0 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Accruals for executive benefit plans | $ 122,077 | $ 117,965 |
Acquisition related contingent consideration | 128,668 | 43,850 |
Other | 16,345 | 15,435 |
Total other liabilities | $ 267,090 | $ 177,250 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term liability under plan | $ 122,077 | $ 117,965 | |
Current liability under plan | $ 13,963 | $ 12,517 | |
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 | $ 70,500 | $ 68,700 | |
Current liability under plan | 6,400 | 5,500 | |
Retention Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Long-term liability under plan | 45,100 | 43,900 | |
Current liability under plan | $ 2,400 | 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 | $ 5,600 | 4,500 | |
Current liability under plan | $ 5,000 | $ 3,900 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Jan. 03, 2016USD ($)Product | Dec. 28, 2014USD ($) | Dec. 29, 2013USD ($) | |
Loss Contingencies [Line Items] | |||
Rental expense for noncancellable operating leases | $ 8,900,000 | $ 7,600,000 | $ 7,100,000 |
Letters of credit totaled | 26,900,000 | ||
Long-term marketing contractual arrangements | $ 47,400,000 | ||
SAC [Member] | |||
Loss Contingencies [Line Items] | |||
Cases of finished product obligated to purchase on an annual basis | Product | 17,500,000 | ||
Related party debt guarantee | $ 19,100,000 | ||
Maximum aggregate exposure of debt guarantees | 23,900,000 | ||
Maximum aggregate exposure of debt guarantees and equity investment | $ 28,000,000 | ||
Number of years reporting entity purchasing finished products | More than ten years | ||
Assets of guarantee | $ 45,000,000 | ||
Debt of guarantee | 19,000,000 | ||
Revenues of guarantee | $ 195,000,000 | ||
Southeastern [Member] | |||
Loss Contingencies [Line Items] | |||
Purchase requirements of plastic bottles | 80.00% | ||
Related party debt guarantee | $ 11,500,000 | ||
Maximum aggregate exposure of debt guarantees | 25,300,000 | ||
Maximum aggregate exposure of debt guarantees and equity investment | $ 43,600,000 | ||
Number of years reporting entity purchasing plastic bottles | More than ten years | ||
Assets of guarantee | $ 296,000,000 | ||
Debt of guarantee | 137,000,000 | ||
Revenues of guarantee | 599,000,000 | ||
SAC and Southeastern [Member] | |||
Loss Contingencies [Line Items] | |||
Related party debt guarantee | $ 30,600,000 | $ 30,900,000 | |
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 Contingencies87
Commitments and Contingencies - Summary of Future Minimum Lease Payments for all Capital Leases and Noncancellable Operating Leases (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Capital Leases, 2016 | $ 11,176 | |
Capital Leases, 2017 | 10,569 | |
Capital Leases, 2018 | 10,421 | |
Capital Leases, 2019 | 10,149 | |
Capital Leases, 2020 | 10,329 | |
Capital Leases, Thereafter | 18,013 | |
Total Capital Leases | 70,657 | |
Less: Amounts representing interest | 14,873 | |
Present value of minimum lease payments | 55,784 | |
Less: Current portion of obligations under capital leases | 7,063 | $ 6,446 |
Long-term portion of obligations under capital leases | 48,721 | $ 52,604 |
Operating Leases, 2016 | 8,008 | |
Operating Leases, 2017 | 7,337 | |
Operating Leases, 2018 | 6,357 | |
Operating Leases, 2019 | 5,577 | |
Operating Leases, 2020 | 5,471 | |
Operating Leases, Thereafter | 28,761 | |
Total Operating Leases | 61,511 | |
Total Capital And Operating Leases [Member] | ||
Total future minimum payments due in 2016 | 19,184 | |
Total future minimum payments due in 2017 | 17,906 | |
Total future minimum payments due in 2018 | 16,778 | |
Total future minimum payments due in 2019 | 15,726 | |
Total future minimum payments due in 2020 | 15,800 | |
Total future minimum payments due, in Thereafter | 46,774 | |
Total minimum lease payments | $ 132,168 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of the Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Current: | |||
Federal | $ 20,107 | $ 13,153 | $ 18,938 |
State | 3,563 | 2,163 | 3,221 |
Total current provision | 23,670 | 15,316 | 22,159 |
Deferred: | |||
Federal | 10,638 | 3,638 | (7,701) |
State | (230) | 582 | (2,316) |
Total deferred provision (benefit) | 10,408 | 4,220 | (10,017) |
Income tax expense | $ 34,078 | $ 19,536 | $ 12,142 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 27, 2015 | Sep. 28, 2014 | Sep. 29, 2013 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Income Tax [Line Items] | ||||||
Tax rate | 34.40% | 35.10% | 27.40% | |||
Effective income tax rate with noncontrolling interest | 36.60% | 38.40% | 30.50% | |||
Uncertain tax positions | $ 2,900,000 | $ 2,900,000 | ||||
Uncertain tax positions that would affect tax rate | 2,900,000 | 2,900,000 | ||||
Change in uncertain tax positions, expected material impact on consolidated financial statements | 0 | |||||
Reduction of liability for uncertain tax positions | $ 600,000 | $ 600,000 | $ 3,400,000 | |||
Decrease in income tax expense | 600,000 | 600,000 | $ 900,000 | |||
Credit to income tax expense | 400,000 | |||||
Decrease in corporate income tax expense due to state tax rate change | 1,100,000 | $ 2,300,000 | ||||
Valuation allowance for deferred tax assets | 2,307,000 | 3,640,000 | ||||
Valuation allowance included in net current income tax assets | $ 200,000 | |||||
Certain State Tax Jurisdictions [Member] | ||||||
Income Tax [Line Items] | ||||||
Federal net operating losses | $ 54,900,000 | |||||
Net operating loss carryforwards expiration ending year | 2,034 | |||||
Domestic Tax Authority [Member] | ||||||
Income Tax [Line Items] | ||||||
Federal net operating losses | $ 2,500,000 | |||||
Net operating loss carryforwards expiration ending year | 2,032 | |||||
Earliest Tax Year [Member] | Internal Revenue Service (IRS) [Member] | ||||||
Income Tax [Line Items] | ||||||
Tax year open for examination | 2,012 | |||||
Earliest Tax Year [Member] | Certain State Tax Jurisdictions [Member] | ||||||
Income Tax [Line Items] | ||||||
Tax year open for examination | 1,998 | |||||
State [Member] | ||||||
Income Tax [Line Items] | ||||||
State tax rate | 5.00% | 6.00% | 6.90% | |||
Tax rate after future reduction | 4.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense at Statutory Federal Rate to Actual Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Income Tax Disclosure [Abstract] | |||
Statutory expense | $ 34,692 | $ 19,474 | $ 15,485 |
State income taxes, net of federal benefit | 3,496 | 2,133 | 1,811 |
Noncontrolling interest – Piedmont | (2,261) | (1,835) | (1,674) |
Adjustment for uncertain tax positions | 51 | 30 | (167) |
Adjustment for state tax legislation | (1,145) | 0 | (2,261) |
Valuation allowance change | (1,332) | 1,203 | 321 |
Bargain purchase gain | (704) | 0 | 0 |
Capital loss carryover | 0 | (854) | 0 |
Manufacturing deduction benefit | (1,330) | (1,470) | (1,995) |
Meals and entertainment | 1,666 | 1,204 | 1,127 |
Other, net | 945 | (349) | (505) |
Income tax expense | $ 34,078 | $ 19,536 | $ 12,142 |
Income Taxes - Reconciliation91
Income Taxes - Reconciliation of the Beginning and Ending Balances of the Total Amounts of Uncertain Tax Positions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Income Tax Disclosure [Abstract] | |||
Gross uncertain tax positions at the beginning of the year | $ 2,620 | $ 2,630 | $ 4,950 |
Increase as a result of tax positions taken during a prior period | 0 | 0 | 55 |
Decrease as a result of tax positions taken during a prior period | 0 | 0 | (33) |
Increase as a result of tax positions taken in the current period | 547 | 498 | 578 |
Reduction as a result of the expiration of the applicable statute of limitations | (534) | (508) | (2,920) |
Gross uncertain tax positions at the end of the year | $ 2,633 | $ 2,620 | $ 2,630 |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences and Carryforwards that Comprised Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Income Tax Disclosure [Abstract] | ||
Intangible assets | $ 169,338 | $ 139,744 |
Depreciation | 95,262 | 77,311 |
Investment in Piedmont | 43,109 | 42,271 |
Inventory | 9,928 | 10,777 |
Prepaid expenses | 4,615 | 4,237 |
Patronage dividend | 4,046 | 4,361 |
Debt exchange premium | 204 | 634 |
Other | 434 | 161 |
Deferred income tax liabilities | 326,936 | 279,496 |
Deferred compensation | (44,402) | (42,990) |
Postretirement benefits | (27,086) | (26,783) |
Pension (nonunion) | (18,257) | (25,951) |
Sub-bottling liability | (52,306) | (18,084) |
Accrued liabilities | (21,853) | (16,049) |
Capital lease agreements | (6,105) | (6,265) |
Net operating loss carryforwards | (3,121) | (4,075) |
Transactional costs | (5,879) | (3,584) |
Pension (union) | (3,290) | (3,472) |
Other | 0 | (54) |
Deferred income tax assets | (182,299) | (147,307) |
Valuation allowance for deferred tax assets | 2,307 | 3,640 |
Net current deferred income tax asset | 0 | |
Net current deferred income tax liability | (4,171) | |
Net noncurrent deferred income tax liability | $ 146,944 | $ 140,000 |
Accumulated Other Comprehensi93
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | $ (89,914) | $ (58,176) | $ (94,526) |
Gains (Losses) During the Period, Pre-tax Activity | 9,104 | (54,248) | 42,725 |
Gains (Losses) During the Period, Tax Effect | (3,486) | 20,939 | (16,491) |
Reclassification to income, Pre-tax Activity | 3,069 | 2,559 | 16,499 |
Reclassification to income, Tax Effect | (1,180) | (988) | (6,383) |
Ending, balance | (82,407) | (89,914) | (58,176) |
Foreign Currency Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | (1) | 4 | 5 |
Gains (Losses) During the Period, Pre-tax Activity | (8) | (9) | (1) |
Gains (Losses) During the Period, Tax Effect | 4 | 4 | 0 |
Reclassification to income, Pre-tax Activity | 0 | 0 | 0 |
Reclassification to income, Tax Effect | 0 | 0 | 0 |
Ending, balance | (5) | (1) | 4 |
Net Pension Activity [Member] | Actuarial Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | (74,867) | (43,028) | (76,407) |
Gains (Losses) During the Period, Pre-tax Activity | 7,513 | (53,597) | 39,337 |
Gains (Losses) During the Period, Tax Effect | (2,877) | 20,688 | (15,183) |
Reclassification to income, Pre-tax Activity | 3,230 | 1,743 | 15,041 |
Reclassification to income, Tax Effect | (1,242) | (673) | (5,816) |
Ending, balance | (68,243) | (74,867) | (43,028) |
Net Pension Activity [Member] | Prior Service Costs [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | (99) | (121) | (33) |
Gains (Losses) During the Period, Pre-tax Activity | 0 | 0 | (171) |
Gains (Losses) During the Period, Tax Effect | 0 | 0 | 66 |
Reclassification to income, Pre-tax Activity | 35 | 36 | 28 |
Reclassification to income, Tax Effect | (14) | (14) | (11) |
Ending, balance | (78) | (99) | (121) |
Postretirement Benefits [Member] | Actuarial Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | (22,759) | (18,441) | (22,425) |
Gains (Losses) During the Period, Pre-tax Activity | 1,599 | (9,324) | 3,560 |
Gains (Losses) During the Period, Tax Effect | (613) | 3,598 | (1,374) |
Reclassification to income, Pre-tax Activity | 3,164 | 2,293 | 2,943 |
Reclassification to income, Tax Effect | (1,216) | (885) | (1,145) |
Ending, balance | (19,825) | (22,759) | (18,441) |
Postretirement Benefits [Member] | Prior Service Costs [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning, balance | 7,812 | 3,410 | 4,334 |
Gains (Losses) During the Period, Pre-tax Activity | 0 | 8,682 | 0 |
Gains (Losses) During the Period, Tax Effect | 0 | (3,351) | 0 |
Reclassification to income, Pre-tax Activity | (3,360) | (1,513) | (1,513) |
Reclassification to income, Tax Effect | 1,292 | 584 | 589 |
Ending, balance | $ 5,744 | $ 7,812 | $ 3,410 |
Accumulated Other Comprehensi94
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 29, 2013USD ($) | |
Actuarial Loss [Member] | Net Pension Activity [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Noncash charge for voluntary lump sum pension | $ 12 |
Accumulated Other Comprehensi95
Accumulated Other Comprehensive Income (Loss) - Summary of Impact of Accumulated Other Comprehensive Income (Loss) on Income Statement (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | $ 1,405,426 | $ 1,041,130 | $ 982,691 | ||||||||
S,D&A expenses | 802,888 | 619,272 | 584,993 | ||||||||
Subtotal pre-tax | 99,122 | 55,618 | 44,244 | ||||||||
Income tax expense | 34,078 | 19,536 | 12,142 | ||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | $ 4,291 | $ 25,553 | $ 26,934 | $ 2,224 | $ 2,990 | $ 12,132 | $ 13,783 | $ 2,449 | 59,002 | 31,354 | 27,675 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | 332 | 457 | 1,528 | ||||||||
S,D&A expenses | 2,737 | 2,102 | 14,971 | ||||||||
Subtotal pre-tax | 3,069 | 2,559 | 16,499 | ||||||||
Income tax expense | 1,180 | 988 | 6,383 | ||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | 1,889 | 1,571 | 10,116 | ||||||||
Pension Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | 359 | 356 | 1,356 | ||||||||
S,D&A expenses | 2,906 | 1,423 | 13,713 | ||||||||
Subtotal pre-tax | 3,265 | 1,779 | 15,069 | ||||||||
Income tax expense | 1,256 | 687 | 5,827 | ||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | 2,009 | 1,092 | 9,242 | ||||||||
Postretirement Benefits [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||||||||||
Cost of sales | (27) | 101 | 172 | ||||||||
S,D&A expenses | (169) | 679 | 1,258 | ||||||||
Subtotal pre-tax | (196) | 780 | 1,430 | ||||||||
Income tax expense | (76) | 301 | 556 | ||||||||
Net income attributable to Coca-Cola Bottling Co. Consolidated | $ (120) | $ 479 | $ 874 |
Capital Transactions - Addition
Capital Transactions - Additional Information (Detail) $ / shares in Units, $ in Thousands | Mar. 08, 2016shares | Mar. 03, 2015shares | Mar. 04, 2014shares | Jan. 03, 2016USD ($)VoteStock$ / sharesshares | Dec. 28, 2014USD ($)$ / sharesshares | Dec. 29, 2013USD ($)$ / sharesshares | Dec. 31, 2015$ / shares | Dec. 26, 2014$ / shares | Dec. 27, 2013$ / shares |
Schedule of Capitalization, Equity [Line Items] | |||||||||
Number of classes of common stock outstanding | Stock | 2 | ||||||||
Dividend is declared and paid on the Common Stock | $ / shares | $ 1 | $ 1 | $ 1 | ||||||
Payment of dividend | $ | $ 9,287 | $ 9,266 | $ 9,245 | ||||||
Number of votes per share | Vote | 1 | ||||||||
Performance Unit Award Agreement expense recognized | $ | $ 7,300 | $ 3,542 | $ 2,919 | ||||||
Share price | $ / shares | $ 182.51 | $ 88.55 | $ 72.98 | ||||||
Increase in total number of shares outstanding | 20,920 | 20,900 | 20,120 | ||||||
Class B Common Stock [Member] | |||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||
Dividend is declared and paid on the Common Stock | $ / shares | $ 1 | $ 1 | $ 1 | ||||||
Number of votes per share | Vote | 20 | ||||||||
Performance units awarded | 40,000 | 40,000 | |||||||
Performance units awards settled in cash | 19,080 | 19,100 | |||||||
Increase in total number of shares outstanding | 20,920 | 20,900 | 20,120 | ||||||
Class B Common Stock [Member] | Subsequent Event [Member] | |||||||||
Schedule of Capitalization, Equity [Line Items] | |||||||||
Performance units awarded | 40,000 | ||||||||
Performance units awards settled in cash | 19,080 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 29, 2013USD ($) | Jan. 03, 2016USD ($)Security | Dec. 28, 2014USD ($) | Dec. 29, 2013USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Non-cash charge due to lump sum distribution | $ 12,000 | |||
Benefit pension plan, actuarial gain (loss), due to change in discount rate and lower return on investment | $ 10,800 | $ (51,900) | ||
Benefit pension plans, benefit obligation, discount rate | 5.21% | 4.72% | 4.32% | 5.21% |
Accumulated benefit obligation | $ 261,500 | $ 279,700 | ||
Defined benefit plan investment allocation | 100.00% | 100.00% | ||
Debt securities comprised number of institutional bond | Security | 2 | |||
Weighted average duration of institutional bond | 3 years | |||
Weighted average expected long-term rate of return on plan assets | 6.50% | |||
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 | 2,019 | 2,019 | ||
Likely withdrawal liability if Company withdraws from multi-employer pension plan | $ 4,500 | |||
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 | $ 8,500 | |||
Multi-employer pension plan exit annual payment amount | 1,000 | |||
Multi employer defined contribution plans | $ 500 | $ 500 | $ 400 | |
Rehabilitation Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multi-employer pension plan Rehabilitation Plan adoption effective date | Jan. 1, 2015 | |||
Collective bargaining agreement, effective date | Apr. 28, 2014 | |||
U.S. Large Capitalization Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average asset allocation as per guidelines, minimum | 30.00% | |||
Weighted average asset allocation as per guidelines, maximum | 45.00% | |||
Defined benefit plan investment allocation | 40.00% | 41.00% | ||
Weighted average expected long-term rate of return on plan assets | 3.30% | |||
U.S. Small/Mid-Capitalization Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [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% | ||
Weighted average expected long-term rate of return on plan assets | 0.40% | |||
International Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average asset allocation as per guidelines, minimum | 0.00% | |||
Weighted average asset allocation as per guidelines, maximum | 10.00% | |||
Defined benefit plan investment allocation | 15.00% | 14.00% | ||
Weighted average expected long-term rate of return on plan assets | 1.40% | |||
Debt Securities [Member] | ||||
Defined Benefit Plan Disclosure [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% | ||
Weighted average expected long-term rate of return on plan assets | 1.40% | |||
Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan investment allocation | 60.00% | |||
Minimum [Member] | Employer-Teamsters and Pension Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multi-employer plans collective bargaining arrangements, expiration date | Apr. 29, 2017 | |||
Maximum [Member] | Employer-Teamsters and Pension Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Multi-employer plans collective bargaining arrangements, expiration date | Jul. 26, 2018 | |||
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit pension plans, benefit obligation, discount rate | 5.21% | 4.72% | 4.32% | 5.21% |
Benefit pension plan, anticipated contribution | $ 9,337 | |||
Weighted average expected long-term rate of return on plan assets | 6.50% | 7.00% | 7.00% | |
Pension Plans [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit pension plan, anticipated contribution | $ 10,000 | |||
Pension Plans [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit pension plan, anticipated contribution | $ 12,000 | |||
401(k) Savings Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company maximum contribution percentage under plan | 5.00% | 5.00% | 5.00% | |
Defined contribution plan matching contribution percentage accrued | 5.00% | 5.00% | 5.00% | |
Defined contribution plan contribution amount | $ 8,300 | $ 6,700 | ||
Defined contribution percentage portion of participants contribution first matched by Company | 3.50% | 3.50% | ||
Defined contribution percentage portion of additional contribution increase per option of company | 1.50% | 1.50% | ||
Cost recognized | $ 10,700 | $ 8,800 | $ 8,300 | |
Pre Medicare [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit plans, weighted average health care trend rate used in measurement of postretirement benefit expense | 7.50% | 8.00% | ||
Benefit plans, ultimate weighted average health care cost trend | 5.00% | 5.00% | ||
Benefit plans, year that rate reaches ultimate trend rate | 2,021 | 2,021 | ||
Post Medicare [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Benefit plans, weighted average health care trend rate used in measurement of postretirement benefit expense | 7.00% | 7.50% | ||
Benefit plans, ultimate weighted average health care cost trend | 5.00% | 5.00% | ||
Benefit plans, year that rate reaches ultimate trend rate | 2,021 | 2,021 |
Benefit Plans - Changes in Proj
Benefit Plans - Changes in Projected Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 279,669 | ||
Benefit obligation at end of year | 261,469 | $ 279,669 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 279,669 | 226,265 | |
Service cost | 116 | 109 | $ 121 |
Interest cost | 11,875 | 11,603 | 12,014 |
Actuarial (gain)/loss | (21,883) | 49,500 | |
Benefits paid | (8,308) | (7,808) | |
Benefit obligation at end of year | $ 261,469 | $ 279,669 | $ 226,265 |
Benefit Plans - Change in Plan
Benefit Plans - Change in Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 212,692 | |
Fair value of plan assets at end of year | 214,055 | $ 212,692 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 212,692 | 200,824 |
Actual return on plan assets | (829) | 9,676 |
Employer contributions | 10,500 | 10,000 |
Benefits paid | (8,308) | (7,808) |
Fair value of plan assets at end of year | $ 214,055 | $ 212,692 |
Benefit Plans - Funded Status (
Benefit Plans - Funded Status (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Compensation And Retirement Disclosure [Abstract] | ||
Projected benefit obligation | $ (261,469) | $ (279,669) |
Plan assets at fair value | 214,055 | 212,692 |
Net funded status | $ (47,414) | $ (66,977) |
Benefit Plans - Amounts Recogni
Benefit Plans - Amounts Recognized in the Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (115,197) | $ (134,100) |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | 0 | 0 |
Noncurrent liabilities | (47,414) | (66,977) |
Net amount recognized | $ (47,414) | $ (66,977) |
Benefit Plans - Net Periodic Pe
Benefit Plans - Net Periodic Pension Cost (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Loss on voluntary pension settlement | $ 0 | $ 0 | $ 12,014 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 116 | 109 | 121 |
Interest cost | 11,875 | 11,603 | 12,014 |
Expected return on plan assets | (13,541) | (13,775) | (13,797) |
Loss on voluntary pension settlement | 0 | 0 | 12,014 |
Amortization of prior service cost | 35 | 36 | 28 |
Recognized net actuarial loss | 3,230 | 1,743 | 3,027 |
Net periodic pension cost (benefit) | $ 1,715 | $ (284) | $ 13,407 |
Benefit Plans - Significant Ass
Benefit Plans - Significant Assumptions Used (Detail) | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Benefit obligation at the measurement date: | |||
Discount rate | 4.72% | 4.32% | 5.21% |
Net periodic pension cost for the fiscal year: | |||
Weighted average expected long-term rate of return on plan assets | 6.50% | ||
Pension Plans [Member] | |||
Benefit obligation at the measurement date: | |||
Discount rate | 4.72% | 4.32% | 5.21% |
Weighted average rate of compensation increase | 0.00% | 0.00% | 0.00% |
Net periodic pension cost for the fiscal year: | |||
Discount rate | 4.32% | 5.21% | 4.47% |
Weighted average expected long-term rate of return on plan assets | 6.50% | 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 | 4.53% | 4.13% | 4.96% |
Net periodic pension cost for the fiscal year: | |||
Discount rate | 4.13% | 4.96% | 4.11% |
Benefit Plans - Anticipated Fut
Benefit Plans - Anticipated Future Pension Benefit Payments (Detail) $ in Thousands | Jan. 03, 2016USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | $ 9,337 |
2,017 | 9,882 |
2,018 | 10,543 |
2,019 | 11,142 |
2,020 | 11,802 |
2021 – 2025 | 68,708 |
Postretirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,016 | 3,401 |
2,017 | 3,605 |
2,018 | 3,898 |
2,019 | 4,146 |
2,020 | 4,286 |
2021 – 2025 | $ 23,726 |
Benefit Plans - Expected Weight
Benefit Plans - Expected Weighted Average Long-Term Rate of Return (Detail) | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2016 | 100.00% | |
Percentage of Plan Assets at Fiscal Year-End | 100.00% | 100.00% |
Weighted Average Expected Long-Term Rate of Return - 2015 | 6.50% | |
U.S. Large Capitalization Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2016 | 40.00% | |
Percentage of Plan Assets at Fiscal Year-End | 40.00% | 41.00% |
Weighted Average Expected Long-Term Rate of Return - 2015 | 3.30% | |
U.S. Small/Mid-Capitalization Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2016 | 5.00% | |
Percentage of Plan Assets at Fiscal Year-End | 5.00% | 5.00% |
Weighted Average Expected Long-Term Rate of Return - 2015 | 0.40% | |
International Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2016 | 15.00% | |
Percentage of Plan Assets at Fiscal Year-End | 15.00% | 14.00% |
Weighted Average Expected Long-Term Rate of Return - 2015 | 1.40% | |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation 2016 | 40.00% | |
Percentage of Plan Assets at Fiscal Year-End | 40.00% | 40.00% |
Weighted Average Expected Long-Term Rate of Return - 2015 | 1.40% |
Benefit Plans - Pension Plan As
Benefit Plans - Pension Plan Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $ 214,055 | $ 212,692 |
Common/Collective Trust Funds Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 128,220 | 127,311 |
Equity Securities, Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 677 | 642 |
Common/Collective Trust Funds Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 85,158 | 84,739 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 677 | 619 |
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 | 677 | 619 |
Level 1 [Member] | Common/Collective Trust Funds Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | 0 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 213,378 | 212,073 |
Level 2 [Member] | Common/Collective Trust Funds Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 128,220 | 127,311 |
Level 2 [Member] | Equity Securities, Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0 | 23 |
Level 2 [Member] | Common/Collective Trust Funds Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | $ 85,158 | $ 84,739 |
Benefit Plans - Reconciliation
Benefit Plans - Reconciliation of Beginning and Ending Balances of Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 279,669 | ||
Benefit obligation at end of year | 261,469 | $ 279,669 | |
Postretirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 70,121 | 67,840 | |
Service cost | 1,118 | 1,445 | $ 1,626 |
Interest cost | 2,878 | 3,255 | 2,877 |
Plan amendments | 0 | (8,681) | |
Plan participants’ contributions | 594 | 586 | |
Actuarial (gain)/loss | (1,600) | 9,323 | |
Benefits paid | (2,886) | (3,685) | |
Medicare Part D subsidy reimbursement | 136 | 38 | |
Benefit obligation at end of year | $ 70,361 | $ 70,121 | $ 67,840 |
Benefit Plans - Reconciliati108
Benefit Plans - Reconciliation of Beginning and Ending Balances of Fair Value of Plan Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | $ 212,692 | |
Fair value of plan assets at end of year | 214,055 | $ 212,692 |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets at beginning of year | 0 | 0 |
Employer contributions | 2,156 | 3,061 |
Plan participants’ contributions | 594 | 586 |
Benefits paid | (2,886) | (3,685) |
Medicare Part D subsidy reimbursement | 136 | 38 |
Fair value of plan assets at end of year | $ 0 | $ 0 |
Benefit Plans - Reconciliati109
Benefit Plans - Reconciliation of Beginning and Ending Balances of Accrued Liability (Detail) - USD ($) $ in Thousands | Jan. 03, 2016 | Dec. 28, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Noncurrent liabilities | $ (115,197) | $ (134,100) |
Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Current liabilities | (3,401) | (2,998) |
Noncurrent liabilities | (66,960) | (67,123) |
Accrued liability at end of year | $ (70,361) | $ (70,121) |
Benefit Plans - Components of N
Benefit Plans - Components of Net Periodic Postretirement Benefit Cost (Detail) - Postretirement Benefits [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,118 | $ 1,445 | $ 1,626 |
Interest cost | 2,878 | 3,255 | 2,877 |
Recognized net actuarial loss | 3,164 | 2,293 | 2,943 |
Amortization of prior service cost | (3,360) | (1,513) | (1,513) |
Net periodic pension cost (benefit) | $ 3,800 | $ 5,480 | $ 5,933 |
Benefit Plans - A 1% Increase o
Benefit Plans - A 1% Increase or Decrease in Annual Health Care Cost (Detail) $ in Thousands | 12 Months Ended |
Jan. 03, 2016USD ($) | |
Compensation And Retirement Disclosure [Abstract] | |
Postretirement benefit obligation 1% Increase | $ 7,894 |
Postretirement benefit obligation 1% Decrease | (7,343) |
Service cost and interest cost 1% Increase | 451 |
Service cost and interest cost 1% Decrease | $ (433) |
Benefit Plans - Accumulated Oth
Benefit Plans - Accumulated Other Comprehensive Loss That Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost (Detail) $ in Thousands | 12 Months Ended |
Jan. 03, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Net periodic benefit cost, beginning balance | $ (149,260) |
Actuarial Gain (Loss), Net periodic benefit cost | 9,112 |
Reclassification Adjustments, Net periodic benefit cost | 3,069 |
Net periodic benefit cost, ending balance | (137,079) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss, beginning balance | (123,641) |
Actuarial gain (loss) | 7,513 |
Reclassification Adjustments, Actuarial loss | 3,230 |
Actuarial loss, ending balance | (112,898) |
Prior service cost (credit), beginning balance | (163) |
Actuarial Gain (Loss), Prior service cost (credit) | 0 |
Reclassification Adjustments, Prior service cost (credit) | 35 |
Prior service cost (credit), ending balance | (128) |
Postretirement Medical [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss, beginning balance | (38,299) |
Actuarial gain (loss) | 1,599 |
Reclassification Adjustments, Actuarial loss | 3,164 |
Actuarial loss, ending balance | (33,536) |
Prior service cost (credit), beginning balance | 12,843 |
Actuarial Gain (Loss), Prior service cost (credit) | 0 |
Reclassification Adjustments, Prior service cost (credit) | (3,360) |
Prior service cost (credit), ending balance | $ 9,483 |
Benefit Plans - Amounts in Accu
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) $ in Thousands | 12 Months Ended |
Jan. 03, 2016USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | $ 5,312 |
Prior service cost (credit) | (3,332) |
Net periodic benefit expected to be recognized | 1,980 |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | 2,962 |
Prior service cost (credit) | 28 |
Net periodic benefit expected to be recognized | 2,990 |
Postretirement Medical [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Actuarial loss | 2,350 |
Prior service cost (credit) | (3,360) |
Net periodic benefit expected to be recognized | $ (1,010) |
Benefit Plans - Multi-Employer
Benefit Plans - Multi-Employer Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Multiemployer Plans [Line Items] | |||
Pension trust fund, Contribution | $ 692 | $ 655 | $ 640 |
Employer-Teamsters and Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Pension Trust Fund | Red | Red | |
Pension trust fund FIP/RP Status pending/implemented | Implemented | ||
Pension trust fund, Surcharge imposed | Yes |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Oct. 30, 2015USD ($) | Sep. 27, 2015USD ($) | Jan. 03, 2016USD ($)Entity | Dec. 28, 2014USD ($) | Dec. 29, 2013USD ($) |
Related Party Transaction [Line Items] | |||||
Gain on sale of business | $ 22,700,000 | $ 22,651,000 | $ 0 | $ 0 | |
Bargain purchase gain | 2,011,000 | 0 | 0 | ||
Accounts receivable from related party | $ 28,564,000 | 22,741,000 | |||
Number of entities in which reporting entity is shareholder and purchases all plastic bottles | Entity | 2 | ||||
Principal balance outstanding under capital lease | $ 55,800,000 | 59,000,000 | |||
The Coca-Cola Company [Member] | |||||
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 | $ 482,700,000 | 424,000,000 | 410,600,000 | ||
CCR [Member] | |||||
Related Party Transaction [Line Items] | |||||
Business combination, consideration transferred | $ 5,300,000 | ||||
Bargain purchase gain | 2,000,000 | ||||
Deferred tax liability, bargain purchase gain | $ 1,300,000 | ||||
CCR [Member] | Tum-E Yummies [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sales to related parties | 14,800,000 | 22,000,000 | 23,800,000 | ||
CCR [Member] | Transportation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sales to related parties | 16,500,000 | 2,900,000 | 900,000 | ||
CCR [Member] | Production Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sales to related parties | 30,500,000 | 53,500,000 | 60,200,000 | ||
Purchases from related party | 230,000,000 | 68,800,000 | 46,700,000 | ||
CCR [Member] | Comprehensive Beverage Agreement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Contingent consideration liability | 136,600,000 | ||||
Payments to related party | 4,000,000 | 200,000 | |||
CCBSS [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments to CCBSS as administration fees for its services | 700,000 | 500,000 | 500,000 | ||
Accounts receivable from related party | 5,900,000 | 4,500,000 | |||
SAC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Sales to related parties | 8,300,000 | 7,700,000 | 7,600,000 | ||
Purchases from related party | 145,000,000 | 132,000,000 | 137,000,000 | ||
Management fees earned from SAC | 1,900,000 | 1,800,000 | 1,600,000 | ||
Related party debt guarantee | 19,100,000 | ||||
Equity investment | 4,100,000 | 4,100,000 | |||
Southeastern [Member] | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related party | 73,000,000 | 78,400,000 | 79,100,000 | ||
Related party debt guarantee | 11,500,000 | ||||
Equity investment | 18,300,000 | 18,400,000 | |||
SAC and Southeastern [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party debt guarantee | 30,600,000 | 30,900,000 | |||
Collateral assets held against Southeastern or SAC guarantees | 0 | ||||
Impairment of investments | $ 0 | 0 | 0 | ||
HLP, SPC & Adjacent Sales Facility [Member] | |||||
Related Party Transaction [Line Items] | |||||
Lease expiration date | Dec. 31, 2020 | ||||
Principal balance outstanding under capital lease | $ 17,500,000 | ||||
Rental payments related to the lease | $ 3,800,000 | $ 3,700,000 | $ 3,600,000 | ||
Beacon [Member] | |||||
Related Party Transaction [Line Items] | |||||
Lease expiration date | Dec. 31, 2021 | ||||
Principal balance outstanding under capital lease | $ 18,100,000 |
Related Party Transactions - Su
Related Party Transactions - Summary of Significant Transactions between Company and The Coca-Cola Company (Detail) - The Coca-Cola Company [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Related Party Transaction [Line Items] | |||
Payments by the Company for concentrate, syrup, sweetener and other purchases | $ 482.7 | $ 424 | $ 410.6 |
Marketing funding support payments to the Company | 56.3 | 46.5 | 43.5 |
Payments by the Company net of marketing funding support | 426.4 | 377.5 | 367.1 |
Payments by the Company for customer marketing programs | 70.8 | 61.1 | 56.4 |
Payments by the Company for cold drink equipment parts | 16.3 | 7.7 | 9.3 |
Fountain delivery and equipment repair fees paid to the Company | 17.4 | 13.5 | 12.7 |
Presence marketing support provided by The Coca-Cola Company on the Company’s behalf | 2.4 | 5.9 | 5.4 |
Payments to the Company to facilitate the distribution of certain brands and packages to other Coca-Cola bottlers | $ 4.7 | $ 3.9 | $ 4 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Asset Purchase Agreement Relating to the Territories (Detail) | 12 Months Ended | |
Jan. 03, 2016 | Dec. 28, 2014 | |
Johnson City and Morristown Tennessee [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Closing Date | May 23, 2014 | |
Knoxville, Tennessee [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Closing Date | Oct. 24, 2014 | |
Louisville, Kentucky and Evansville, Indiana [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Closing Date | Feb. 27, 2015 | |
Paducah and Pikeville, Kentucky [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Closing Date | May 1, 2015 | |
CCR [Member] | Johnson City and Morristown Tennessee [Member] | ||
Business Acquisition [Line Items] | ||
Asset Agreement Date | May 7, 2014 | |
Acquisition Closing Date | May 23, 2014 | |
CCR [Member] | Knoxville, Tennessee [Member] | ||
Business Acquisition [Line Items] | ||
Asset Agreement Date | Aug. 28, 2014 | |
Acquisition Closing Date | Oct. 24, 2014 | |
CCR [Member] | Cleveland and Cookeville Tennessee [Member] | ||
Business Acquisition [Line Items] | ||
Asset Agreement Date | Dec. 5, 2014 | |
Acquisition Closing Date | Jan. 30, 2015 | |
CCR [Member] | Louisville, Kentucky and Evansville, Indiana [Member] | ||
Business Acquisition [Line Items] | ||
Asset Agreement Date | Dec. 17, 2014 | |
Acquisition Closing Date | Feb. 27, 2015 | |
CCR [Member] | Paducah and Pikeville, Kentucky [Member] | ||
Business Acquisition [Line Items] | ||
Asset Agreement Date | Feb. 13, 2015 | |
Acquisition Closing Date | May 1, 2015 | |
CCR [Member] | Norfolk, Fredericksburg and Staunton, Virginia and Elizabeth City, North Carolina [Member] | ||
Business Acquisition [Line Items] | ||
Asset Agreement Date | Sep. 23, 2015 | |
Acquisition Closing Date | Oct. 30, 2015 |
Related Party Transactions - Mi
Related Party Transactions - Minimum Rentals and Contingent Rental Payments (Detail) - Beacon [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Related Party Transaction [Line Items] | |||
Minimum rentals | $ 3.5 | $ 3.5 | $ 3.5 |
Contingent rentals | 0.7 | 0.6 | 0.6 |
Total rental payments | $ 4.2 | $ 4.1 | $ 4.1 |
Net Income Per Share - Computat
Net Income Per Share - Computation of Basic Net Income Per Share and Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
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 | $ 4,291 | $ 25,553 | $ 26,934 | $ 2,224 | $ 2,990 | $ 12,132 | $ 13,783 | $ 2,449 | $ 59,002 | $ 31,354 | $ 27,675 |
Less dividends: | |||||||||||
Dividends on Common Stock | 7,141 | 7,141 | 7,141 | ||||||||
Total undistributed earnings – basic | 49,715 | 22,088 | 18,430 | ||||||||
Total undistributed earnings - diluted | 49,715 | 22,088 | 18,430 | ||||||||
Numerator for basic net income per Common Stock share: | |||||||||||
Numerator for basic net income per Common Stock share | 45,364 | 24,162 | 21,375 | ||||||||
Numerator for diluted net income per Common Stock share: | |||||||||||
Numerator for diluted net income per Common Stock share | $ 59,002 | $ 31,354 | $ 27,675 | ||||||||
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 | 9,328 | 9,307 | 9,286 | ||||||||
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | $ 0.46 | $ 2.75 | $ 2.90 | $ 0.24 | $ 0.32 | $ 1.31 | $ 1.49 | $ 0.26 | $ 6.35 | $ 3.38 | $ 2.99 |
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | 0.46 | 2.74 | 2.89 | 0.24 | 0.32 | 1.30 | 1.48 | 0.26 | $ 6.33 | $ 3.37 | $ 2.98 |
Class B Common Stock [Member] | |||||||||||
Less dividends: | |||||||||||
Dividends on Common Stock | $ 2,146 | $ 2,125 | $ 2,104 | ||||||||
Total undistributed earnings – basic | 11,492 | 5,067 | 4,196 | ||||||||
Total undistributed earnings - diluted | 11,656 | 5,140 | 4,257 | ||||||||
Numerator for basic net income per Common Stock share: | |||||||||||
Numerator for basic net income per Common Stock share | 13,638 | 7,192 | 6,300 | ||||||||
Numerator for diluted net income per Common Stock share: | |||||||||||
Numerator for diluted net income per Common Stock share | $ 13,802 | $ 7,265 | $ 6,361 | ||||||||
Denominator for basic net income per common share: | |||||||||||
Weighted average number of Common Stock shares outstanding | 2,147 | 2,126 | 2,105 | ||||||||
Denominator for diluted net income per common share: | |||||||||||
Weighted average number of Common Stock shares outstanding – assuming dilution | 2,187 | 2,166 | 2,145 | ||||||||
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | 0.46 | 2.75 | 2.90 | 0.24 | 0.32 | 1.31 | 1.49 | 0.26 | $ 6.35 | $ 3.38 | $ 2.99 |
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | $ 0.46 | $ 2.73 | $ 2.88 | $ 0.23 | $ 0.32 | $ 1.30 | $ 1.48 | $ 0.26 | $ 6.31 | $ 3.35 | $ 2.97 |
Common Stock [Member] | |||||||||||
Less dividends: | |||||||||||
Total undistributed earnings – basic | $ 38,223 | $ 17,021 | $ 14,234 | ||||||||
Total undistributed earnings - diluted | $ 38,059 | $ 16,948 | $ 14,173 |
Net Income Per Share - Compu120
Net Income Per Share - Computation of Basic Net Income Per Share and Diluted Net Income Per Share (Parenthetical) (Detail) | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Earnings Per Share [Abstract] | |||
Percentage undistributed earnings allocated to common stock diluted | 100.00% | 100.00% | 100.00% |
Risks and Uncertainties - Addit
Risks and Uncertainties - Additional Information (Detail) | 12 Months Ended | ||
Jan. 03, 2016AgreementEntityCustomerSupplierEmployee | Dec. 28, 2014Customer | Dec. 29, 2013Customer | |
Concentration Risk [Line Items] | |||
Concentration risk percentage of related party products volume to customers | 87.00% | ||
Concentration risk percentage of other beverage companies | 13.00% | ||
Number of domestic supplier of aluminum cans | Supplier | 2 | ||
Number of entities in which reporting entity is shareholder and purchases all plastic bottles | Entity | 2 | ||
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% | ||
Coke Bottle Can Sales Volume Product [Member] | Wal-Mart [Member] | Product Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 22.00% | 22.00% | 21.00% |
Coke Bottle Can Sales Volume Product [Member] | Food Lion [Member] | Product Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 7.00% | 9.00% | 8.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Number of other concentration risk major customers representing more than ten percent of sales | Customer | 0 | 0 | 0 |
Sales Revenue, Net [Member] | Wal-Mart [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 15.00% | 15.00% | 15.00% |
Collective Bargaining Agreements [Member] | Labor Force Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 5.00% | ||
Collective Bargaining Arrangements Expire In 2015 [Member] | Labor Force Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration of risk number of collective bargaining agreements that expired during the fiscal year and new agreements entered into during the fiscal year | Agreement | 1 | ||
Concentration of risk number of employees covered by collective bargaining agreements that expired during the fiscal year and new agreement entered into during the fiscal year | Employee | 25 | ||
Collective Bargaining Arrangements Expire In 2016 [Member] | Labor Force Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration of risk number of collective bargaining agreements that will expire during the next fiscal year | Agreement | 3 | ||
Concentration of risk number of employees covered by collective bargaining agreements that will expire during the next fiscal year | Employee | 65 |
Supplemental Disclosures of 122
Supplemental Disclosures of Cash Flow Information - Summary of Changes in Current Assets and Current Liabilities Affecting Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Accounts receivable, trade, net | $ (62,542) | $ (20,116) | $ (2,086) |
Accounts receivable from The Coca-Cola Company | (5,258) | (4,892) | (2,328) |
Accounts receivable, other | (9,543) | 605 | (2,260) |
Inventories | (13,849) | (5,287) | 3,937 |
Prepaid expenses and other current assets | (6,264) | (15,155) | 6,148 |
Accounts payable, trade | 21,728 | 13,051 | (814) |
Accounts payable to The Coca-Cola Company | 26,769 | 25,116 | (1,961) |
Other accrued liabilities | 24,784 | (14,399) | 2,509 |
Accrued compensation | 6,087 | 5,145 | (2,296) |
Accrued interest payable | (174) | (399) | (6) |
Change in current assets less current liabilities | $ (18,262) | $ (16,331) | $ 843 |
Supplemental Disclosures of 123
Supplemental Disclosures of Cash Flow Information - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Additions to property, plant and equipment accrued and recorded in accounts payable, trade | $ 14,006 | $ 9,185 | $ 7,175 |
Supplemental Disclosures of 124
Supplemental Disclosures of Cash Flow Information - Cash Payments for Interest and Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest | $ 27,391 | $ 28,021 | $ 28,209 |
Income taxes | $ 31,782 | $ 31,009 | $ 15,906 |
Segments - Additional Informati
Segments - Additional Information (Detail) - Segment | Aug. 24, 2015 | Jan. 03, 2016 |
Segment Reporting Information [Line Items] | ||
Number of reportable segment reported | 5 | 4 |
Nonalcoholic Beverages [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of reportable segment reported | 2 | |
All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of reportable segment reported | 3 |
Segments - Summary of Financial
Segments - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Net Sales: | |||||||||||
Net sales | $ 619,716 | $ 618,806 | $ 614,683 | $ 453,253 | $ 440,638 | $ 457,676 | $ 459,473 | $ 388,582 | $ 2,306,458 | $ 1,746,369 | $ 1,641,331 |
Operating Income: | |||||||||||
Operating Income | 98,144 | 85,967 | 73,647 | ||||||||
Depreciation and Amortization: | |||||||||||
Depreciation and Amortization | 80,896 | 61,130 | 58,671 | ||||||||
Capital Expenditures: | |||||||||||
Capital Expenditures | 168,707 | 86,374 | 54,164 | ||||||||
Total Assets: | |||||||||||
Total Assets | 1,850,816 | 1,433,076 | 1,850,816 | 1,433,076 | 1,276,156 | ||||||
Operating Segments [Member] | Nonalcoholic Beverages [Member] | |||||||||||
Net Sales: | |||||||||||
Net sales | 2,245,836 | 1,710,040 | 1,613,309 | ||||||||
Operating Income: | |||||||||||
Operating Income | 92,921 | 82,297 | 66,084 | ||||||||
Depreciation and Amortization: | |||||||||||
Depreciation and Amortization | 76,127 | 58,103 | 56,266 | ||||||||
Capital Expenditures: | |||||||||||
Capital Expenditures | 141,080 | 69,635 | 47,241 | ||||||||
Total Assets: | |||||||||||
Total Assets | 1,808,335 | 1,399,057 | 1,808,335 | 1,399,057 | 1,252,286 | ||||||
Operating Segments [Member] | All Other [Member] | |||||||||||
Net Sales: | |||||||||||
Net sales | 160,191 | 123,194 | 108,224 | ||||||||
Operating Income: | |||||||||||
Operating Income | 5,223 | 3,670 | 7,563 | ||||||||
Depreciation and Amortization: | |||||||||||
Depreciation and Amortization | 4,769 | 3,027 | 2,405 | ||||||||
Capital Expenditures: | |||||||||||
Capital Expenditures | 27,627 | 16,739 | 6,923 | ||||||||
Total Assets: | |||||||||||
Total Assets | 75,842 | 44,629 | 75,842 | 44,629 | 36,671 | ||||||
Eliminations [Member] | |||||||||||
Net Sales: | |||||||||||
Net sales | (99,569) | (86,865) | (80,202) | ||||||||
Total Assets: | |||||||||||
Total Assets | $ (33,361) | $ (10,610) | $ (33,361) | $ (10,610) | $ (12,801) |
Segments - Net Sales by Product
Segments - Net Sales by Product Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Product Information [Line Items] | |||||||||||
Net sales | $ 619,716 | $ 618,806 | $ 614,683 | $ 453,253 | $ 440,638 | $ 457,676 | $ 459,473 | $ 388,582 | $ 2,306,458 | $ 1,746,369 | $ 1,641,331 |
Sparkling Beverages (Including Energy Products) [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,503,683 | 1,124,802 | 1,063,154 | ||||||||
Still Beverages [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 397,901 | 279,138 | 247,561 | ||||||||
Bottle/Can Sales [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 1,901,584 | 1,403,940 | 1,310,715 | ||||||||
Sales to Other Coca-Cola Bottlers [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 178,777 | 162,346 | 166,476 | ||||||||
Post-Mix and Other [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | 226,097 | 180,083 | 164,140 | ||||||||
Other Sales [Member] | |||||||||||
Product Information [Line Items] | |||||||||||
Net sales | $ 404,874 | $ 342,429 | $ 330,616 |
Quarterly Financial Data (Un128
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Net sales | $ 619,716 | $ 618,806 | $ 614,683 | $ 453,253 | $ 440,638 | $ 457,676 | $ 459,473 | $ 388,582 | $ 2,306,458 | $ 1,746,369 | $ 1,641,331 |
Gross margin | 240,806 | 238,536 | 237,317 | 184,373 | 178,444 | 184,942 | 185,520 | 156,333 | 901,032 | 705,239 | 658,640 |
Net income attributable to Coca-Cola Bottling Co. Consolidated | $ 4,291 | $ 25,553 | $ 26,934 | $ 2,224 | $ 2,990 | $ 12,132 | $ 13,783 | $ 2,449 | $ 59,002 | $ 31,354 | $ 27,675 |
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | $ 0.46 | $ 2.75 | $ 2.90 | $ 0.24 | $ 0.32 | $ 1.31 | $ 1.49 | $ 0.26 | $ 6.35 | $ 3.38 | $ 2.99 |
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | 0.46 | 2.74 | 2.89 | 0.24 | 0.32 | 1.30 | 1.48 | 0.26 | 6.33 | 3.37 | 2.98 |
Class B Common Stock [Member] | |||||||||||
Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | 0.46 | 2.75 | 2.90 | 0.24 | 0.32 | 1.31 | 1.49 | 0.26 | 6.35 | 3.38 | 2.99 |
Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: | |||||||||||
Common Stock | $ 0.46 | $ 2.73 | $ 2.88 | $ 0.23 | $ 0.32 | $ 1.30 | $ 1.48 | $ 0.26 | $ 6.31 | $ 3.35 | $ 2.97 |
Quarterly Financial Data (Un129
Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 03, 2016 | Sep. 27, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Dec. 28, 2014 | Sep. 28, 2014 | Jun. 29, 2014 | Mar. 30, 2014 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Net sales | $ 619,716 | $ 618,806 | $ 614,683 | $ 453,253 | $ 440,638 | $ 457,676 | $ 459,473 | $ 388,582 | $ 2,306,458 | $ 1,746,369 | $ 1,641,331 |
Annapolis Make Ready Center [Member] | |||||||||||
Net income, profit | 3,300 | ||||||||||
Net income, net of tax | $ 2,000 | ||||||||||
Earning per basic common share | $ 0.22 | ||||||||||
Tennessee Gross Receipts [Member] | |||||||||||
Net income, favorable pre-tax adjustment | $ 2,400 | ||||||||||
BYB Brands Inc [Member] | |||||||||||
Net income, profit | 22,700 | ||||||||||
Net income, net of tax | $ 13,900 | ||||||||||
Earning per basic common share | $ 1.50 | ||||||||||
Commodity Hedging Program [Member] | |||||||||||
Net income, profit | 1,200 | $ 2,100 | |||||||||
Net income, net of tax | $ 700 | $ 1,300 | |||||||||
Earning per basic common share | $ 0.08 | $ 0.14 | |||||||||
Asset Exchange Transaction [Member] | |||||||||||
Net income, profit | 8,800 | ||||||||||
Net income, net of tax | $ 5,400 | ||||||||||
Earning per basic common share | $ 0.58 | ||||||||||
Business Acquisition Contingent Consideration [Member] | |||||||||||
Net income, profit | $ 4,000 | $ 6,100 | 5,100 | 1,100 | |||||||
Net income, net of tax | $ 2,500 | $ 3,700 | $ 3,100 | $ 700 | |||||||
Earning per basic common share | $ 0.26 | $ 0.40 | $ 0.34 | $ 0.07 | |||||||
Expansion Transactions [Member] | |||||||||||
Net income, profit | $ 5,800 | $ 6,900 | $ 4,300 | $ 3,000 | $ 5,200 | 2,600 | 3,100 | 2,000 | |||
Net income, net of tax | $ 3,600 | $ 4,200 | $ 2,600 | $ 1,800 | $ 3,200 | $ 1,600 | $ 1,900 | $ 1,200 | |||
Earning per basic common share | $ 0.38 | $ 0.46 | $ 0.28 | $ 0.20 | $ 0.34 | $ 0.17 | $ 0.20 | $ 13 | |||
2015 Expansion Territories and the 2014 Expansion Territories [Member] | |||||||||||
Net sales | $ 143,200 | $ 126,500 | $ 114,000 | $ 53,300 | $ 29,000 | $ 11,800 | $ 4,300 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 29, 2016 | Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 |
Subsequent Events [Line Items] | ||||
Cash purchase | $ 81,707 | $ 41,588 | $ 0 | |
Subsequent Event [Member] | CCR [Member] | Manufacturing Facility [Member] | ||||
Subsequent Events [Line Items] | ||||
Cash purchase | $ 47,400 | |||
Effective date of business acquisition | Jan. 29, 2016 | |||
Subsequent Event [Member] | CCR [Member] | Distribution Assets and Working Capital [Member] | ||||
Subsequent Events [Line Items] | ||||
Cash purchase | $ 23,100 | |||
Effective date of business acquisition | Jan. 29, 2016 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jan. 03, 2016 | Dec. 28, 2014 | Dec. 29, 2013 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | $ 1,330 | $ 1,401 | $ 1,490 |
Additions charged to costs and expenses | 1,234 | 550 | 151 |
Deductions | 447 | 621 | 240 |
Balance at end of year | 2,117 | 1,330 | 1,401 |
Deferred Income Tax Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of year | 3,640 | 3,553 | 3,231 |
Additions charged to costs and expenses | 28 | 1,203 | 398 |
Additions charged to other | 0 | 7 | 0 |
Deductions credited to expense | 1,361 | 0 | 74 |
Deductions | 0 | 1,123 | 2 |
Balance at end of year | $ 2,307 | $ 3,640 | $ 3,553 |