UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2018
Commission File Number 0-9286
COCA‑COLA BOTTLING CO. CONSOLIDATED
(Exact name of registrant as specified in its charter)
|
Delaware |
|
56-0950585 |
|
(State or other jurisdiction of |
|
(I.R.S. Employer |
4100 Coca‑Cola Plaza
Charlotte, North Carolina 28211
(Address of principal executive offices) (Zip Code)
(704) 557-4400
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
☒ |
|
Accelerated filer |
☐ |
|
Non-accelerated filer |
☐ |
|
Smaller reporting company |
☐ |
|
|
|
|
Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
|
Class |
Outstanding at October 28, 2018 |
|
Common Stock, $1.00 Par Value |
7,141,447 |
|
Class B Common Stock, $1.00 Par Value |
2,213,018 |
COCA‑COLA BOTTLING CO. CONSOLIDATED
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018
INDEX
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Page |
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Item 1. |
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2 |
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3 |
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4 |
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5 |
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6 |
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7 |
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Item 2. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
34 |
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Item 3. |
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54 |
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Item 4. |
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54 |
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Item 1. |
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55 |
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Item 1A. |
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55 |
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Item 6. |
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56 |
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57 |
PART I - FINANCIAL INFORMATION
COCA‑COLA BOTTLING CO. CONSOLIDATED
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Third Quarter |
|
|
First Three Quarters |
|
||||||||||
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(in thousands, except per share data) |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
||||
|
Net sales |
|
$ |
1,211,661 |
|
|
$ |
1,162,526 |
|
|
$ |
3,510,997 |
|
|
$ |
3,197,519 |
|
|
Cost of sales |
|
|
791,317 |
|
|
|
752,202 |
|
|
|
2,313,728 |
|
|
|
2,039,996 |
|
|
Gross profit |
|
|
420,344 |
|
|
|
410,324 |
|
|
|
1,197,269 |
|
|
|
1,157,523 |
|
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Selling, delivery and administrative expenses |
|
|
375,940 |
|
|
|
372,852 |
|
|
|
1,152,183 |
|
|
|
1,056,446 |
|
|
Income from operations |
|
|
44,404 |
|
|
|
37,472 |
|
|
|
45,086 |
|
|
|
101,077 |
|
|
Interest expense, net |
|
|
12,827 |
|
|
|
10,697 |
|
|
|
37,617 |
|
|
|
30,607 |
|
|
Other income (expense), net |
|
|
1,696 |
|
|
|
3,884 |
|
|
|
(3,612 |
) |
|
|
(36,595 |
) |
|
Gain on exchange transactions |
|
|
10,170 |
|
|
|
- |
|
|
|
10,170 |
|
|
|
- |
|
|
Income before income taxes |
|
|
43,443 |
|
|
|
30,659 |
|
|
|
14,027 |
|
|
|
33,875 |
|
|
Income tax expense |
|
|
16,493 |
|
|
|
11,748 |
|
|
|
3,387 |
|
|
|
11,800 |
|
|
Net income |
|
|
26,950 |
|
|
|
18,911 |
|
|
|
10,640 |
|
|
|
22,075 |
|
|
Less: Net income attributable to noncontrolling interest |
|
|
1,786 |
|
|
|
1,595 |
|
|
|
3,594 |
|
|
|
3,462 |
|
|
Net income attributable to Coca-Cola Bottling Co. Consolidated |
|
$ |
25,164 |
|
|
$ |
17,316 |
|
|
$ |
7,046 |
|
|
$ |
18,613 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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Basic net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
$ |
2.69 |
|
|
$ |
1.86 |
|
|
$ |
0.75 |
|
|
$ |
2.00 |
|
|
Weighted average number of Common Stock shares outstanding |
|
|
7,141 |
|
|
|
7,141 |
|
|
|
7,141 |
|
|
|
7,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Class B Common Stock |
|
$ |
2.69 |
|
|
$ |
1.86 |
|
|
$ |
0.75 |
|
|
$ |
2.00 |
|
|
Weighted average number of Class B Common Stock shares outstanding |
|
|
2,213 |
|
|
|
2,193 |
|
|
|
2,208 |
|
|
|
2,188 |
|
|
|
|
|
|
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|
|
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|
|
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Diluted net income per share based on net income attributable to Coca-Cola Bottling Co. Consolidated: |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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Common Stock |
|
$ |
2.69 |
|
|
$ |
1.85 |
|
|
$ |
0.75 |
|
|
$ |
1.99 |
|
|
Weighted average number of Common Stock shares outstanding – assuming dilution |
|
|
9,405 |
|
|
|
9,374 |
|
|
|
9,400 |
|
|
|
9,369 |
|
|
|
|
|
|
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|
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Class B Common Stock |
|
$ |
2.68 |
|
|
$ |
1.84 |
|
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$ |
0.74 |
|
|
$ |
1.97 |
|
|
Weighted average number of Class B Common Stock shares outstanding – assuming dilution |
|
|
2,264 |
|
|
|
2,233 |
|
|
|
2,259 |
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|
2,228 |
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Cash dividends per share: |
|
|
|
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|
|
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|
|
|
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Common Stock |
|
$ |
0.25 |
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$ |
0.25 |
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$ |
0.75 |
|
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$ |
0.75 |
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Class B Common Stock |
|
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.75 |
|
|
$ |
0.75 |
|
See accompanying notes to consolidated condensed financial statements.
2
COCA‑COLA BOTTLING CO. CONSOLIDATED
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
|
|
Third Quarter |
|
|
First Three Quarters |
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||||||||||
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(in thousands) |
|
2018 |
|
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2017 |
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2018 |
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|
2017 |
|
||||
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Net income |
|
$ |
26,950 |
|
|
$ |
18,911 |
|
|
$ |
10,640 |
|
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$ |
22,075 |
|
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|
|
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|
|
|
|
|
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Other comprehensive income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defined benefit plans reclassification including pension costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Actuarial gains |
|
|
703 |
|
|
|
496 |
|
|
|
2,109 |
|
|
|
1,487 |
|
|
Prior service benefits |
|
|
4 |
|
|
|
4 |
|
|
|
13 |
|
|
|
13 |
|
|
Postretirement benefits reclassification included in benefits costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial gains |
|
|
376 |
|
|
|
398 |
|
|
|
1,128 |
|
|
|
1,194 |
|
|
Prior service costs |
|
|
(348 |
) |
|
|
(458 |
) |
|
|
(1,044 |
) |
|
|
(1,374 |
) |
|
Foreign currency translation adjustment |
|
|
(1 |
) |
|
|
7 |
|
|
|
(7 |
) |
|
|
23 |
|
|
Other comprehensive income, net of tax |
|
|
734 |
|
|
|
447 |
|
|
|
2,199 |
|
|
|
1,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
|
27,684 |
|
|
|
19,358 |
|
|
|
12,839 |
|
|
|
23,418 |
|
|
Less: Comprehensive income attributable to noncontrolling interest |
|
|
1,786 |
|
|
|
1,595 |
|
|
|
3,594 |
|
|
|
3,462 |
|
|
Comprehensive income attributable to Coca-Cola Bottling Co. Consolidated |
|
$ |
25,898 |
|
|
$ |
17,763 |
|
|
$ |
9,245 |
|
|
$ |
19,956 |
|
See accompanying notes to consolidated condensed financial statements.
3
COCA‑COLA BOTTLING CO. CONSOLIDATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
|
(in thousands, except share data) |
|
September 30, 2018 |
|
|
December 31, 2017 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,337 |
|
|
$ |
16,902 |
|
|
Accounts receivable, trade |
|
|
432,384 |
|
|
|
396,022 |
|
|
Allowance for doubtful accounts |
|
|
(9,069 |
) |
|
|
(7,606 |
) |
|
Accounts receivable from The Coca-Cola Company |
|
|
62,541 |
|
|
|
65,996 |
|
|
Accounts receivable, other |
|
|
28,632 |
|
|
|
38,960 |
|
|
Inventories |
|
|
229,892 |
|
|
|
183,618 |
|
|
Prepaid expenses and other current assets |
|
|
91,514 |
|
|
|
100,646 |
|
|
Total current assets |
|
|
845,231 |
|
|
|
794,538 |
|
|
Property, plant and equipment, net |
|
|
998,117 |
|
|
|
1,031,388 |
|
|
Leased property under capital leases, net |
|
|
25,208 |
|
|
|
29,837 |
|
|
Other assets |
|
|
119,193 |
|
|
|
116,209 |
|
|
Goodwill |
|
|
165,903 |
|
|
|
169,316 |
|
|
Distribution agreements, net |
|
|
901,831 |
|
|
|
913,352 |
|
|
Customer lists and other identifiable intangible assets, net |
|
|
16,941 |
|
|
|
18,320 |
|
|
Total assets |
|
$ |
3,072,424 |
|
|
$ |
3,072,960 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
Current portion of obligations under capital leases |
|
$ |
8,438 |
|
|
$ |
8,221 |
|
|
Accounts payable, trade |
|
|
186,706 |
|
|
|
197,049 |
|
|
Accounts payable to The Coca-Cola Company |
|
|
142,849 |
|
|
|
171,042 |
|
|
Other accrued liabilities |
|
|
153,609 |
|
|
|
185,530 |
|
|
Accrued compensation |
|
|
57,651 |
|
|
|
72,484 |
|
|
Accrued interest payable |
|
|
9,363 |
|
|
|
5,126 |
|
|
Total current liabilities |
|
|
558,616 |
|
|
|
639,452 |
|
|
Deferred income taxes |
|
|
123,248 |
|
|
|
112,364 |
|
|
Pension and postretirement benefit obligations |
|
|
98,738 |
|
|
|
118,392 |
|
|
Other liabilities |
|
|
600,310 |
|
|
|
620,579 |
|
|
Obligations under capital leases |
|
|
28,840 |
|
|
|
35,248 |
|
|
Long-term debt |
|
|
1,194,109 |
|
|
|
1,088,018 |
|
|
Total liabilities |
|
|
2,603,861 |
|
|
|
2,614,053 |
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
Common Stock, $1.00 par value: 30,000,000 shares authorized; 10,203,821 shares issued |
|
|
10,204 |
|
|
|
10,204 |
|
|
Class B Common Stock, $1.00 par value: 10,000,000 shares authorized; 2,841,132 and 2,820,836 shares issued, respectively |
|
|
2,839 |
|
|
|
2,819 |
|
|
Capital in excess of par value |
|
|
124,228 |
|
|
|
120,417 |
|
|
Retained earnings |
|
|
388,750 |
|
|
|
388,718 |
|
|
Accumulated other comprehensive loss |
|
|
(92,003 |
) |
|
|
(94,202 |
) |
|
Treasury stock, at cost: Common Stock – 3,062,374 shares |
|
|
(60,845 |
) |
|
|
(60,845 |
) |
|
Treasury stock, at cost: Class B Common Stock – 628,114 shares |
|
|
(409 |
) |
|
|
(409 |
) |
|
Total equity of Coca-Cola Bottling Co. Consolidated |
|
|
372,764 |
|
|
|
366,702 |
|
|
Noncontrolling interest |
|
|
95,799 |
|
|
|
92,205 |
|
|
Total equity |
|
|
468,563 |
|
|
|
458,907 |
|
|
Total liabilities and equity |
|
$ |
3,072,424 |
|
|
$ |
3,072,960 |
|
See accompanying notes to consolidated condensed financial statements.
4
COCA‑COLA BOTTLING CO. CONSOLIDATED
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
|
(in thousands, except share data) |
|
Common Stock |
|
|
Class B Common Stock |
|
|
Capital in Excess of Par Value |
|
|
Retained Earnings |
|
|
Accumulated Other Comprehensive Loss |
|
|
Treasury Stock - Common Stock |
|
|
Treasury Stock - Class B Common Stock |
|
|
Total Equity of Coca-Cola Bottling Co. Consolidated |
|
|
Non- controlling Interest |
|
|
Total Equity |
|
||||||||||
|
Balance on December 31, 2017 |
|
$ |
10,204 |
|
|
$ |
2,819 |
|
|
$ |
120,417 |
|
|
$ |
388,718 |
|
|
$ |
(94,202 |
) |
|
$ |
(60,845 |
) |
|
$ |
(409 |
) |
|
$ |
366,702 |
|
|
$ |
92,205 |
|
|
$ |
458,907 |
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,046 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,046 |
|
|
|
3,594 |
|
|
|
10,640 |
|
|
Other comprehensive income, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,199 |
|
|
|
- |
|
|
|
- |
|
|
|
2,199 |
|
|
|
- |
|
|
|
2,199 |
|
|
Cash dividends paid: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock ($0.75 per share) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,357 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,357 |
) |
|
|
- |
|
|
|
(5,357 |
) |
|
Class B Common Stock ($0.75 per share) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,657 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,657 |
) |
|
|
- |
|
|
|
(1,657 |
) |
|
Issuance of 20,296 shares of Class B Common Stock |
|
|
- |
|
|
|
20 |
|
|
|
3,811 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,831 |
|
|
|
- |
|
|
|
3,831 |
|
|
Balance on September 30, 2018 |
|
$ |
10,204 |
|
|
$ |
2,839 |
|
|
$ |
124,228 |
|
|
$ |
388,750 |
|
|
$ |
(92,003 |
) |
|
$ |
(60,845 |
) |
|
$ |
(409 |
) |
|
$ |
372,764 |
|
|
$ |
95,799 |
|
|
$ |
468,563 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance on January 1, 2017 |
|
$ |
10,204 |
|
|
$ |
2,798 |
|
|
$ |
116,769 |
|
|
$ |
301,511 |
|
|
$ |
(92,897 |
) |
|
$ |
(60,845 |
) |
|
$ |
(409 |
) |
|
$ |
277,131 |
|
|
$ |
85,893 |
|
|
$ |
363,024 |
|
|
Net income |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18,613 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
18,613 |
|
|
|
3,462 |
|
|
|
22,075 |
|
|
Other comprehensive income, net of tax |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,343 |
|
|
|
- |
|
|
|
- |
|
|
|
1,343 |
|
|
|
- |
|
|
|
1,343 |
|
|
Cash dividends paid: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock ($0.75 per share) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,356 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,356 |
) |
|
|
- |
|
|
|
(5,356 |
) |
|
Class B Common Stock ($0.75 per share) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,639 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,639 |
) |
|
|
- |
|
|
|
(1,639 |
) |
|
Issuance of 21,020 shares of Class B Common Stock |
|
|
- |
|
|
|
21 |
|
|
|
3,648 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,669 |
|
|
|
- |
|
|
|
3,669 |
|
|
Balance on October 1, 2017 |
|
$ |
10,204 |
|
|
$ |
2,819 |
|
|
$ |
120,417 |
|
|
$ |
313,129 |
|
|
$ |
(91,554 |
) |
|
$ |
(60,845 |
) |
|
$ |
(409 |
) |
|
$ |
293,761 |
|
|
$ |
89,355 |
|
|
$ |
383,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to consolidated condensed financial statements.
5
COCA‑COLA BOTTLING CO. CONSOLIDATED
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
First Three Quarters |
|
|||||
|
(in thousands) |
|
2018 |
|
|
2017 |
|
||
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
10,640 |
|
|
$ |
22,075 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation expense |
|
|
123,542 |
|
|
|
108,697 |
|
|
Amortization of intangible assets and deferred proceeds, net |
|
|
16,954 |
|
|
|
11,596 |
|
|
Deferred income taxes |
|
|
9,903 |
|
|
|
(24,741 |
) |
|
Gain on exchange transactions |
|
|
(10,170 |
) |
|
|
- |
|
|
Loss on sale of property, plant and equipment |
|
|
6,123 |
|
|
|
3,420 |
|
|
Impairment of property, plant and equipment |
|
|
299 |
|
|
|
- |
|
|
Fair value adjustment of acquisition related contingent consideration |
|
|
1,584 |
|
|
|
23,140 |
|
|
Stock compensation expense |
|
|
4,494 |
|
|
|
6,473 |
|
|
Amortization of debt costs |
|
|
1,103 |
|
|
|
806 |
|
|
Proceeds from Territory Conversion Fee |
|
|
- |
|
|
|
87,066 |
|
|
Change in current assets less current liabilities (exclusive of acquisitions) |
|
|
(120,421 |
) |
|
|
(19,036 |
) |
|
Change in other noncurrent assets (exclusive of acquisitions) |
|
|
724 |
|
|
|
(13,391 |
) |
|
Change in other noncurrent liabilities (exclusive of acquisitions) |
|
|
(18,762 |
) |
|
|
(3,746 |
) |
|
Other |
|
|
17 |
|
|
|
66 |
|
|
Total adjustments |
|
|
15,390 |
|
|
|
180,350 |
|
|
Net cash provided by operating activities |
|
$ |
26,030 |
|
|
$ |
202,425 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment (exclusive of acquisitions) |
|
$ |
(113,104 |
) |
|
$ |
(114,953 |
) |
|
Investment in CONA Services LLC |
|
|
(2,098 |
) |
|
|
(1,976 |
) |
|
Acquisition of distribution territories and regional manufacturing facilities, net of cash acquired and purchase price settlements |
|
|
1,811 |
|
|
|
(227,769 |
) |
|
Proceeds from cold drink equipment |
|
|
3,789 |
|
|
|
8,400 |
|
|
Proceeds from the sale of property, plant and equipment |
|
|
3,555 |
|
|
|
493 |
|
|
Glacéau distribution agreement consideration |
|
|
- |
|
|
|
(15,598 |
) |
|
Prepayment of funds for October 2017 Expansion Transactions |
|
|
- |
|
|
|
(56,498 |
) |
|
Net cash used in investing activities |
|
$ |
(106,047 |
) |
|
$ |
(407,901 |
) |
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
Payments on Revolving Credit Facility |
|
$ |
(322,000 |
) |
|
$ |
(238,000 |
) |
|
Borrowings under Revolving Credit Facility |
|
|
285,000 |
|
|
|
333,000 |
|
|
Proceeds from issuance of Senior Notes |
|
|
150,000 |
|
|
|
125,000 |
|
|
Payment of acquisition related contingent consideration |
|
|
(18,312 |
) |
|
|
(11,650 |
) |
|
Payment on Term Loan Facility |
|
|
(7,500 |
) |
|
|
- |
|
|
Cash dividends paid |
|
|
(7,014 |
) |
|
|
(6,995 |
) |
|
Principal payments on capital lease obligations |
|
|
(6,191 |
) |
|
|
(5,594 |
) |
|
Debt issuance fees |
|
|
(1,531 |
) |
|
|
(213 |
) |
|
Net cash provided by financing activities |
|
$ |
72,452 |
|
|
$ |
195,548 |
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in cash |
|
$ |
(7,565 |
) |
|
$ |
(9,928 |
) |
|
Cash at beginning of period |
|
|
16,902 |
|
|
|
21,850 |
|
|
Cash at end of period |
|
$ |
9,337 |
|
|
$ |
11,922 |
|
|
|
|
|
|
|
|
|
|
|
|
Significant noncash investing and financing activities: |
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment accrued and recorded in accounts payable, trade |
|
$ |
4,081 |
|
|
$ |
13,724 |
|
|
Issuance of Class B Common Stock in connection with stock award |
|
|
3,831 |
|
|
|
3,669 |
|
See accompanying notes to consolidated condensed financial statements.
6
COCA‑COLA BOTTLING CO. CONSOLIDATED
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1.Significant Accounting Policies and New Accounting Pronouncements
The consolidated condensed financial statements include the accounts of Coca‑Cola Bottling Co. Consolidated and its majority-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated. The consolidated condensed financial statements reflect all adjustments, including normal, recurring accruals, which, in the opinion of management, are necessary for a fair statement of the results for the interim periods presented:
|
|
• |
The financial position as of September 30, 2018 and December 31, 2017. |
|
|
• |
The results of operations and comprehensive income for the 13 week periods ended September 30, 2018 (“third quarte |