Bravo! Brands
In July 2007, we terminated our master distribution agreement (“MDA”) with Bravo! Brands (“Bravo”), a producer and distributor of branded, shelf-stable, flavored milk products. The MDA commenced on October 31, 2005 and was scheduled to continue through August 15, 2015. In
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Coca-Cola Enterprises Inc.
Notes to Consolidated Financial Statements—(Continued)
conjunction with the execution of the MDA, we received from Bravo a warrant to purchase up to 30 million shares of Bravo common stock at $0.36 per share. The estimated fair value of the warrant on the date received was approximately $14 million. We attributed the value of the warrant received to the MDA and were recognizing the amount on a straight-line basis as a reduction to cost of sales over the term of the MDA. The warrant, which was written-off to other nonoperating expense during the first quarter of 2007, was canceled in connection with the termination of the MDA. As a result, we recognized the remaining deferred amount of $12 million in other nonoperating income on our Consolidated Statement of Operations during the third quarter of 2007.
Bravo! Brands
STYLE="margin-top:0px;margin-bottom:-6px">
In July 2007, we terminated our master distribution agreement (“MDA”) with
Bravo! Brands (“Bravo”), a producer and distributor of branded, shelf-stable, flavored milk products. The MDA commenced on October 31, 2005 and was scheduled to continue through August 15, 2015. In
114
--------------------------------------------------------------------------------
Table of Contents
Coca-Cola Enterprises Inc.
Notes to Consolidated Financial Statements—(Continued)
SIZE="1">
conjunction with the execution of the MDA, we received from Bravo a warrant to purchase up to 30 million shares of Bravo common stock at $0.36 per share. The
estimated fair value of the warrant on the date received was approximately $14 million. We attributed the value of the warrant received to the MDA and were recognizing the amount on a straight-line basis as a reduction to cost of sales over the term
of the MDA. The warrant, which was written-off to other nonoperating expense during the first quarter of 2007, was canceled in connection with the termination of the MDA. As a result, we recognized the remaining deferred amount of $12 million in
other nonoperating income on our Consolidated Statement of Operations during the third quarter of 2007.
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