Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'THS | ' |
Entity Registrant Name | 'TreeHouse Foods, Inc. | ' |
Entity Central Index Key | '0001320695 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 36,414,439 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $108,052 | $94,407 |
Investments | 8,273 | ' |
Receivables, net | 133,945 | 124,648 |
Inventories, net | 423,340 | 347,353 |
Deferred income taxes | 8,429 | 7,998 |
Prepaid expenses and other current assets | 17,164 | 14,005 |
Total current assets | 699,203 | 588,411 |
Property, plant and equipment, net | 424,572 | 425,307 |
Goodwill | 1,071,108 | 1,073,191 |
Intangible assets, net | 412,407 | 417,561 |
Other assets, net | 19,179 | 21,403 |
Total assets | 2,626,469 | 2,525,873 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 214,177 | 185,086 |
Current portion of long-term debt | 1,527 | 1,944 |
Total current liabilities | 215,704 | 187,030 |
Long-term debt | 908,514 | 898,100 |
Deferred income taxes | 216,226 | 212,461 |
Other long-term liabilities | 40,174 | 49,027 |
Total liabilities | 1,380,618 | 1,346,618 |
Commitments and contingencies (Note 18) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, par value $0.01 per share, 10,000 shares authorized, none issued | ' | ' |
Common stock, par value $0.01 per share, 90,000 shares authorized, 36,394 and 36,197 shares issued and outstanding, respectively | 364 | 362 |
Additional paid-in capital | 740,147 | 726,582 |
Retained earnings | 533,154 | 468,951 |
Accumulated other comprehensive loss | -27,814 | -16,640 |
Total stockholders' equity | 1,245,851 | 1,179,255 |
Total liabilities and shareholders' equity | $2,626,469 | $2,525,873 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, shares issued | 36,394 | 36,197 |
Common stock, shares outstanding | 36,394 | 36,197 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $567,150 | $538,112 | $1,633,606 | $1,589,344 |
Cost of sales | 451,887 | 424,903 | 1,294,603 | 1,254,612 |
Gross profit | 115,263 | 113,209 | 339,003 | 334,732 |
Operating expenses: | ' | ' | ' | ' |
Selling and distribution | 33,437 | 32,546 | 97,233 | 100,698 |
General and administrative | 31,222 | 27,929 | 87,801 | 77,237 |
Other operating expense, net | 861 | 3,541 | 2,143 | 3,952 |
Amortization expense | 8,583 | 7,848 | 25,309 | 24,735 |
Total operating expenses | 74,103 | 71,864 | 212,486 | 206,622 |
Operating (loss) income | 41,160 | 41,345 | 126,517 | 128,110 |
Other expense (income): | ' | ' | ' | ' |
Interest expense | 12,598 | 13,099 | 37,606 | 38,763 |
Interest income | -509 | -339 | -1,509 | -353 |
Loss on foreign currency exchange | 127 | 237 | 607 | 643 |
Other (income) expense, net | -428 | -614 | -796 | 895 |
Total other expense | 11,788 | 12,383 | 35,908 | 39,948 |
(Loss) income before income taxes | 29,372 | 28,962 | 90,609 | 88,162 |
Income taxes | 6,707 | 7,408 | 26,405 | 25,023 |
Net income | $22,665 | $21,554 | $64,204 | $63,139 |
Net earnings per common share: | ' | ' | ' | ' |
Basic | $0.62 | $0.60 | $1.76 | $1.75 |
Diluted | $0.61 | $0.58 | $1.72 | $1.70 |
Weighted average common shares: | ' | ' | ' | ' |
Basic | 36,482 | 36,149 | 36,378 | 36,116 |
Diluted | 37,438 | 37,074 | 37,353 | 37,116 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Net income | $22,665 | $21,554 | $64,204 | $63,139 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | 7,077 | 14,085 | -12,390 | 12,301 | ||||
Pension and post-retirement reclassification adjustment | 349 | [1] | 280 | [1] | 1,108 | [1] | 841 | [1] |
Derivative reclassification adjustment | 27 | [2] | 40 | [2] | 108 | [2] | 121 | [2] |
Other comprehensive (loss) income | 7,453 | 14,405 | -11,174 | 13,263 | ||||
Comprehensive income | $30,118 | $35,959 | $53,030 | $76,402 | ||||
[1] | Net of tax of $217 thousand and $178 thousand for the three months ended September 30, 2013 and 2012, respectively, and $652 thousand and $530 thousand for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[2] | Net of tax of $17 thousand and $25 thousand for the three months ended September 30, 2013 and 2012, respectively, and $68 thousand and $76 thousand for the nine months ended September 30, 2013 and 2012, respectively. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension and post-retirement reclassification adjustment, tax | $217 | $178 | $652 | $530 |
Derivative reclassification adjustment, tax | $17 | $25 | $68 | $76 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $64,204 | $63,139 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 54,889 | 42,088 |
Amortization | 25,309 | 24,735 |
Mark to market (gain) loss on derivative contracts | -942 | 972 |
Mark to market gain on investments | -642 | ' |
Excess tax benefits from stock-based compensation | -3,679 | -2,540 |
Stock-based compensation | 11,701 | 9,112 |
Loss on disposition of assets | 220 | 2,572 |
Deferred income taxes | 1,152 | 8,248 |
Other | 719 | 1,139 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' |
Receivables | -5,843 | -5,928 |
Inventories | -67,310 | -51,593 |
Prepaid expenses and other assets | -662 | 1,313 |
Accounts payable, accrued expenses and other liabilities | 22,770 | 11,313 |
Net cash provided by operating activities | 101,886 | 104,570 |
Cash flows from investing activities: | ' | ' |
Purchase of investments | -7,893 | ' |
Additions to property, plant and equipment | -52,371 | -44,539 |
Additions to other intangible assets | -3,800 | -6,812 |
Acquisition of business, net of cash acquired | -34,610 | -25,000 |
Proceeds from sale of fixed assets | 1,883 | 42 |
Net cash used in investing activities | -96,791 | -76,309 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving credit facility | 397,300 | 276,600 |
Payments under revolving credit facility | -285,700 | -224,400 |
Payment on senior notes | -100,000 | ' |
Payments on capitalized lease obligations | -1,597 | -1,491 |
Net payments related to stock-based award activities | -2,051 | -3,812 |
Excess tax benefits from stock-based compensation | 3,679 | 2,540 |
Net cash provided by (used in) financing activities | 11,631 | 49,437 |
Effect of exchange rate changes on cash and cash equivalents | -3,081 | 2,820 |
Net increase in cash and cash equivalents | 13,645 | 80,518 |
Cash and cash equivalents, beginning of period | 94,407 | 3,279 |
Cash and cash equivalents, end of period | $108,052 | $83,797 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation | ' |
1. Basis of Presentation | |
The unaudited Condensed Consolidated Financial Statements included herein have been prepared by TreeHouse Foods, Inc. (the “Company,” “we,” “us,” or “our”), pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) applicable to quarterly reporting on Form 10-Q. In our opinion, these statements include all adjustments necessary for a fair presentation of the results of all interim periods reported herein. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted as permitted by such rules and regulations. The Condensed Consolidated Financial Statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. Results of operations for interim periods are not necessarily indicative of annual results. In the Condensed Consolidated Statements of Cash Flows, the Company reclassified the “loss (gain) on foreign currency exchange” line as presented in the Company’s Annual Report on Form 10-K, into the “other” line in cash flows from operating activities, as the amounts are not material and this change will result in a presentation format that is consistent with others in our industry. This reclassification had no effect on operating cash flows, or total cash flows for the periods presented. In the Condensed Consolidated Balance Sheets, the Company reclassified the “Assets held for sale” line as presented in the Company’s Annual Report on Form 10-K, into the “Prepaid expenses and other current assets” line, as the amounts are not material. As a result of investing our excess cash in interest bearing accounts in 2013, we are earning interest income, and as a result, we have presented interest income as a separate line item in our Condensed Consolidated Statements of Income in 2013. To be consistent with the current year presentation, we have reclassified interest income, which had previously been presented net of interest expense. These reclassifications had no effect on reported net income, total assets, or cash flows. | |
On July 1, 2013, the Company completed its acquisition of all of the outstanding shares of Cains Foods, L.P. (“Cains”), a privately owned Ayer, Massachusetts based manufacturer of shelf stable mayonnaise, dressings and sauces; the results of operations are included in our financial statements from the date of acquisition and are included in each of our segments. | |
The preparation of our Condensed Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires us to use our judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from these estimates. | |
A detailed description of the Company’s significant accounting policies can be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements | ' |
2. Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date, clarifying how entities are required to measure obligations resulting from joint and several liability arrangements and outlining the required disclosures around these liabilities. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company’s joint and several guarantees of indebtedness as discussed in Note 11, Long-Term Debt, are guaranteed by our 100 percent owned subsidiaries. The Company does not believe this ASU will have a significant impact on the Company’s financial statements. | |
In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). This ASU expands the disclosure requirements by requiring an entity to disaggregate the total change of each component of other comprehensive income (“OCI”) and present separately any reclassification adjustments and current period OCI. This ASU also requires disclosure of the individual income statement line items affected by the amounts reclassified out of AOCI. The ASU is effective for fiscal years, and interim periods within those years, beginning after December 15, 2012. This ASU does not change the accounting for AOCI, and only requires new disclosures. See Note 14 for the required disclosures. |
Restructuring
Restructuring | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Restructuring | ' | ||||||||||||||||
3. Restructuring | |||||||||||||||||
Soup restructuring - On August 7, 2012, following a strategic review of the soup category, the Company announced a restructuring plan that included the closure of its Mendota, Illinois soup plant. Subsequently, the Company amended the plan to include reductions to the cost structure of its Pittsburgh, Pennsylvania facility by reorganizing and simplifying the soup business at the Pittsburgh facility. The restructuring is expected to reduce manufacturing costs by streamlining operations and transferring production from the Mendota plant to the Company’s Pittsburgh, Pennsylvania soup plant. Production at the Mendota facility was primarily related to the North American Retail Grocery segment. Production ended as of December 31, 2012, with full plant closure in the second quarter of 2013. Total costs are expected to be approximately $26.5 million as detailed below, of which $4.6 million is expected to be in cash. The total expected costs decreased from $26.7 million as of June 30, 2013, as estimates were refined. Expenses associated with the restructuring are primarily aggregated in the Other operating expense, net line of the Condensed Consolidated Statements of Income, with the exception of accelerated depreciation, which is recorded in Cost of sales. | |||||||||||||||||
Seaforth, Ontario, Canada - On August 7, 2012, the Company announced the closure of its salad dressing plant in Seaforth, Ontario, Canada and the transfer of production to facilities where the Company has lower production costs. Production at the Seaforth, Ontario facility is primarily related to the North American Retail Grocery segment and is expected to end in the fourth quarter of 2013, with full plant closure expected in the first quarter of 2014. Total costs to close the Seaforth facility are expected to be approximately $13.1 million as detailed below, of which $6.3 million is expected to be in cash. The total expected costs increased from $12.3 million, as of June 30, 2013, as estimates were refined. Expenses incurred associated with the facility closure are primarily aggregated in the Other operating expense, net line of the Condensed Consolidated Statements of Income. Certain costs, primarily accelerated depreciation, are recorded in Cost of sales. | |||||||||||||||||
During the third quarter of 2012, and concurrent with the restructurings noted above, the Company reviewed fixed assets for impairment at the product category level and no impairment was indicated. During the review, the useful lives of the related assets were reassessed and shortened to be consistent with the dates that production at the facilities were expected to end. The change in estimated useful lives related to the restructurings resulted in accelerated depreciation of $3.6 million and $16.3 million for the three and nine months ended September 30, 2013, respectively. For the three and nine months ended September 30, 2012, the Company recognized $2.6 million of accelerated depreciation. | |||||||||||||||||
Below is a summary of the restructuring costs: | |||||||||||||||||
Soup Restructuring | |||||||||||||||||
Three Months | Nine Months | Cumulative | Total | ||||||||||||||
Ended | Ended | Costs | Expected | ||||||||||||||
September 30, 2013 | September 30, 2013 | To Date | Costs | ||||||||||||||
(In thousands) | |||||||||||||||||
Accelerated depreciation | $ | 3,605 | $ | 13,586 | $ | 20,289 | $ | 21,845 | |||||||||
Severance and outplacement | — | (12 | ) | 745 | 816 | ||||||||||||
Other closure costs | 648 | 866 | 1,446 | 3,789 | |||||||||||||
Total | $ | 4,253 | $ | 14,440 | $ | 22,480 | $ | 26,450 | |||||||||
Seaforth Closure | |||||||||||||||||
Three Months | Nine Months | Cumulative | Total | ||||||||||||||
Ended | Ended | Costs | Expected | ||||||||||||||
30-Sep-13 | 30-Sep-13 | To Date | Costs | ||||||||||||||
(In thousands) | |||||||||||||||||
Accelerated depreciation | $ | (29 | ) | $ | 2,687 | $ | 6,695 | $ | 6,695 | ||||||||
Severance and outplacement | 12 | 508 | 2,757 | 2,853 | |||||||||||||
Other closure costs | 1,261 | 2,608 | 3,086 | 3,569 | |||||||||||||
Total | $ | 1,244 | $ | 5,803 | $ | 12,538 | $ | 13,117 | |||||||||
Naturally Fresh restructuring - As disclosed in Note 4, the Company acquired substantially all of the assets of Naturally Fresh, Inc. (“Naturally Fresh”) in the second quarter of 2012. Subsequent to the acquisition, during the third quarter of 2012, the Company closed the trucking operations of Naturally Fresh that were acquired in the purchase. | |||||||||||||||||
Liabilities recorded as of September 30, 2013 associated with the restructurings relate to severance and are included in the Accounts payable and accrued expenses line of the Condensed Consolidated Balance Sheets. The table below presents a reconciliation of the severance liability as of September 30, 2013. | |||||||||||||||||
Severance Liability | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance as of January 1, 2013 | $ | 2,686 | |||||||||||||||
Expense | 485 | ||||||||||||||||
Payments | (2,471 | ) | |||||||||||||||
Foreign exchange | (77 | ) | |||||||||||||||
Adjustments | (50 | ) | |||||||||||||||
Balance as of September 30, 2013 | $ | 573 | |||||||||||||||
Acquisitions
Acquisitions | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Acquisitions | ' | ||||
4. Acquisitions | |||||
On August 8, 2013, the Company announced it had entered into a definitive agreement to acquire all of the outstanding equity interests of Associated Brands Management Holdings Inc., Associated Brands Holdings Limited Partnership, Associated Brands GP Corporation and 6726607 Canada Ltd. (collectively, “Associated Brands”) from TorQuest Partners LLC and other shareholders. Associated Brands is a privately owned Canadian company and a leading private label manufacturer of powdered drinks, specialty teas and sweeteners. The Company agreed to pay CAD $187 million in cash for the business, subject to an adjustment for working capital. The acquisition of Associated Brands is expected to strengthen the Company’s retail presence in private label dry grocery and will introduce a line of specialty tea products to complement its fast growing single serve coffee business. The transaction closed on October 8, 2013 and was financed through cash on hand and borrowings under the Company’s existing $750 million credit facility. The acquisition will be accounted for under the acquisition method of accounting. The required disclosures have not been provided as the initial accounting for the business combination was not complete prior to the issuance of these financial statements. | |||||
On July 1, 2013, the Company completed its acquisition of all of the outstanding shares of Cains Foods, L.P. (“Cains”), a privately owned Ayer, Massachusetts based manufacturer of shelf stable mayonnaise, dressings and sauces. The Cains product portfolio offers retail and foodservice customers a wide array of packaging sizes, sold as private label and branded products. The purchase price was approximately $35 million, net of acquired cash, subject to an adjustment for working capital and taxes. The acquisition was financed through borrowings under the Company’s existing $750 million credit facility. The acquisition expanded the Company’s footprint in the Northeast United States, enhanced its foodservice presence, and enriched its packaging capabilities. | |||||
The Cains acquisition is being accounted for under the acquisition method of accounting and the results of operations are included in our financial statements from the date of acquisition and are in each of our segments. Included in the Company’s Condensed Consolidated Statements of Income are Cains’ net sales of approximately $22 million and operating loss of approximately $0.1 million from the date of acquisition through September 30, 2013. At the date of acquisition, the purchase price was allocated to the assets and liabilities acquired based upon fair market values, and is subject to adjustments, primarily for taxes. We have made a preliminary allocation to net tangible and intangible assets acquired and liabilities assumed as follows: | |||||
(In thousands) | |||||
Cash | $ | 2,634 | |||
Receivables | 4,191 | ||||
Inventory | 8,773 | ||||
Property plant and equipment | 7,072 | ||||
Customer relationships | 13,500 | ||||
Trade names | 3,400 | ||||
Non-compete agreement | 200 | ||||
Formulas | 400 | ||||
Other assets | 462 | ||||
Goodwill | 1,821 | ||||
Fair value of assets acquired | 42,453 | ||||
Assumed liabilities | (5,209 | ) | |||
Total purchase price | $ | 37,244 | |||
The Company allocated $13.5 million to customer relationships that have an estimated life of fifteen years, $3.4 million to trade names that have an estimated life of fifteen years, $0.2 million to a non-compete agreement with an estimated life of five years, and $0.4 million to formulas with an estimated life of five years. The Company has allocated $1.3 million of goodwill to the North American Retail Grocery segment, $0.3 million of goodwill to the Food Away From Home segment, and $0.2 million of goodwill to the Industrial and Export segment. Goodwill arises principally as a result of expansion opportunities. The Company incurred approximately $0.5 million in acquisition related costs. These costs are included in the General and administrative expense line of the Condensed Consolidated Statements of Income. Pro forma disclosures related to the transaction are not included since they are not considered material. | |||||
On November 30, 2012, the Company completed the acquisition of selected assets of the aseptic cheese and pudding business from Associated Milk Producers Inc. (“AMPI”), a dairy marketing cooperative based in New Ulm, Minnesota. The business was integrated into the Company’s existing aseptic operations within its Food Away From Home segment, and increased the Company’s presence in the aseptic category. The purchase price was $4 million. The acquisition was financed through borrowings under the Company’s existing $750 million credit facility. Components of the acquisition include fixed assets and intangible assets such as customer lists, formulas and goodwill. The acquisition was accounted for under the acquisition method of accounting and the results of operations are included in our financial statements from the date of acquisition. There were no acquisition costs. Due to the size and timing of this acquisition, it did not have a material impact on the Company’s financial statements. As such, the Company has not presented pro forma disclosures. There have been no changes to the purchase price allocation in 2013. | |||||
On April 13, 2012, the Company completed its acquisition of substantially all the assets of Naturally Fresh, a privately owned Atlanta, Georgia based manufacturer of refrigerated dressings, sauces, marinades, dips and specialty items sold within each of our segments. The purchase price was approximately $26 million, net of cash. The acquisition was financed through borrowings under the Company’s existing $750 million credit facility. The acquisition expanded the Company’s refrigerated manufacturing and packaging capabilities, broadened its distribution footprint and further developed its presence within the growing category of fresh foods. Naturally Fresh’s Atlanta facility, coupled with the Company’s existing West Coast and Chicago based refrigerated food plants, is expected to allow the Company to more efficiently service customers from coast to coast. The acquisition was accounted for under the acquisition method of accounting and the results of operations are included in our financial statements from the date of acquisition and are in each of our segments. Pro forma disclosures related to the transaction are not included since they are not considered material. There have been no changes to the purchase price allocation in 2013. |
Investments
Investments | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Investments | ' | |||||
5. Investments | ||||||
September 30, 2013 | ||||||
(In thousands) | ||||||
U.S. equity | $ | 4,774 | ||||
Non-U.S. equity | 1,564 | |||||
Fixed income | 1,935 | |||||
Total investments | $ | 8,273 | ||||
We determine the appropriate classification of our investments at the time of purchase and reevaluate such designation as of each balance sheet date. The Company accounts for investments in debt and marketable equity securities as held-to-maturity, available-for-sale, or trading, depending on their classification. The investments held by the Company are classified as trading securities and are stated at fair value, with changes in fair value recorded as a component of the Interest income line on the Condensed Consolidated Statements of Income. Cash flows from purchases, sales and maturities of trading securities are included in cash flows from investing activities in the Condensed Consolidated Statements of Cash Flows based on the nature and purpose for which the securities were acquired. | ||||||
Our investments are considered trading securities and include U.S. equity, non-U.S. equity and fixed income securities that are classified as short-term investments and carried at fair value on the Condensed Consolidated Balance Sheets. The U.S. equity, non-U.S. equity, and fixed income securities are classified as short-term investments as they have characteristics of other current assets and are actively managed. | ||||||
We consider temporary cash investments with an original maturity of three months or less to be cash equivalents. As of September 30, 2013 and December 31, 2012, $101.9 million and $94.1 million, respectively, represents cash and equivalents held in Canada in local currency, and is convertible into other currencies. The cash and equivalents held in Canada are expected to be used for general corporate purposes in Canada, including capital projects and acquisitions. On October 8, 2013, the Company completed its acquisition of Associated Brands and used cash on hand in Canada and borrowings under its $750 million credit facility to fund the acquisition. | ||||||
For the three and nine months ended September 30, 2013, we recognized net unrealized gains on investments totaling $0.3 million and $0.6 million, respectively, that were included in the Interest income line of the Condensed Consolidated Statements of Income. Additionally, for the three and nine months ended September 30, 2013, we recognized realized gains on investments totaling $0.1 million that were included in the Interest income line of the Condensed Consolidated Statements of Income. When securities are sold, their cost is determined based on the first-in, first-out method. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories | ' | ||||||||
6. Inventories | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Raw materials and supplies | $ | 153,790 | $ | 128,186 | |||||
Finished goods | 290,945 | 238,575 | |||||||
LIFO reserve | (21,395 | ) | (19,408 | ) | |||||
Total | $ | 423,340 | $ | 347,353 | |||||
Approximately $80.8 million and $77.7 million of our inventory was accounted for under the Last-in, First-out (“LIFO”) method of accounting at September 30, 2013 and December 31, 2012, respectively. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
7. Property, Plant and Equipment | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Land | $ | 26,281 | $ | 25,517 | |||||
Buildings and improvements | 187,093 | 177,824 | |||||||
Machinery and equipment | 511,730 | 478,394 | |||||||
Construction in progress | 26,522 | 31,335 | |||||||
Total | 751,626 | 713,070 | |||||||
Less accumulated depreciation | (327,054 | ) | (287,763 | ) | |||||
Property, plant and equipment, net | $ | 424,572 | $ | 425,307 | |||||
Depreciation expense was $16.5 million and $16.0 million for the three months ended September 30, 2013 and 2012, respectively, and $54.9 million and $42.1 million for the nine months ended September 30, 2013 and 2012, respectively. Included in depreciation expense for the three and nine months ended September 30, 2013 is $3.6 million and $16.3 million of accelerated depreciation, respectively. For the three and nine months ended September 30, 2012, $2.6 million of accelerated depreciation was included in depreciation expense. |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||||
8. Goodwill and Intangible Assets | |||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the nine months ended September 30, 2013 are as follows: | |||||||||||||||||||||||||
North American | Food Away | Industrial | |||||||||||||||||||||||
Retail Grocery | From Home | and Export | Total | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 845,216 | $ | 94,393 | $ | 133,582 | $ | 1,073,191 | |||||||||||||||||
Acquisition | 1,309 | 355 | 157 | 1,821 | |||||||||||||||||||||
Currency exchange adjustment | (3,415 | ) | (489 | ) | — | (3,904 | ) | ||||||||||||||||||
Balance at September 30, 2013 | $ | 843,110 | $ | 94,259 | $ | 133,739 | $ | 1,071,108 | |||||||||||||||||
The Company has not incurred any goodwill impairments since its inception. | |||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of intangible assets other than goodwill as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Intangible assets with indefinite lives: | |||||||||||||||||||||||||
Trademarks | $ | 31,886 | $ | — | $ | 31,886 | $ | 32,805 | $ | — | $ | 32,805 | |||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||||
Customer-related | 460,464 | (126,392 | ) | 334,072 | 448,825 | (107,761 | ) | 341,064 | |||||||||||||||||
Non-compete agreements | 320 | (46 | ) | 274 | 120 | (18 | ) | 102 | |||||||||||||||||
Trademarks | 24,210 | (6,734 | ) | 17,476 | 20,810 | (5,722 | ) | 15,088 | |||||||||||||||||
Formulas/recipes | 7,371 | (5,407 | ) | 1,964 | 7,017 | (4,631 | ) | 2,386 | |||||||||||||||||
Computer software | 47,860 | (21,125 | ) | 26,735 | 43,339 | (17,223 | ) | 26,116 | |||||||||||||||||
Total | $ | 572,111 | $ | (159,704 | ) | $ | 412,407 | $ | 552,916 | $ | (135,355 | ) | $ | 417,561 | |||||||||||
Amortization expense on intangible assets for the three months ended September 30, 2013 and 2012 was $8.6 million and $7.8 million, respectively, and $25.3 million and $24.7 million for the nine months ended September 30, 2013 and 2012, respectively. Estimated amortization expense on intangible assets for 2013 and the next four years is as follows: | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | $ | 35,530 | |||||||||||||||||||||||
2014 | $ | 35,644 | |||||||||||||||||||||||
2015 | $ | 34,462 | |||||||||||||||||||||||
2016 | $ | 34,069 | |||||||||||||||||||||||
2017 | $ | 32,457 |
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
9. Accounts Payable and Accrued Expenses | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Accounts payable | $ | 154,639 | $ | 121,404 | |||||
Payroll and benefits | 32,442 | 26,661 | |||||||
Interest and taxes | 6,334 | 16,205 | |||||||
Health insurance, workers’ compensation and other insurance costs | 7,510 | 6,879 | |||||||
Marketing expenses | 6,552 | 7,180 | |||||||
Other accrued liabilities | 6,700 | 6,757 | |||||||
Total | $ | 214,177 | $ | 185,086 | |||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
10. Income Taxes | |
Income tax expense was recorded at an effective rate of 22.8% and 29.1% for the three and nine months ended September 30, 2013, respectively, compared to 25.6% and 28.4% for the three and nine months ended September 30, 2012, respectively. The Company’s effective tax rate is favorably impacted by an intercompany financing structure entered into in conjunction with the E.D. Smith Foods, Ltd. (“E.D. Smith”) acquisition in 2007. The decrease in the effective tax rate for the three months ended September 30, 2013 as compared to 2012 is attributable to the settlement of unrecognized tax benefits due to expiration of the statute of limitations and the resolution of the Company’s 2010 examination by the United States Internal Revenue Service (“IRS”). The increase in the effective tax rate for the nine months ended September 30, 2013 as compared to 2012 is attributable to an increase in state tax expense and the tax impact of a shift in revenues between jurisdictions. | |
During the second quarter of 2012, the IRS initiated an examination of TreeHouse Foods’ 2010 tax year which was closed during the third quarter of 2013, resulting in a small refund to the Company. In the second quarter of 2012, the Canadian Revenue Agency (“CRA”) initiated an examination of the E.D. Smith 2008, 2009, and 2010 tax years. During the second quarter of 2013, the IRS initiated an examination of TreeHouse Foods’ 2011 tax year. The TreeHouse Foods and E.D. Smith examinations are expected to be completed in 2013 or 2014. The Company also has examinations in process with various state taxing authorities, which are expected to be completed in 2013 or 2014. | |
Management estimates that it is reasonably possible that the total amount of unrecognized tax benefits could decrease by as much as $3.8 million within the next 12 months, primarily as a result of the resolution of audits currently in progress and the lapsing of statutes of limitations. |
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-Term Debt | ' | ||||||||
11. Long-Term Debt | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Revolving credit facility | $ | 504,600 | $ | 393,000 | |||||
High Yield Notes | 400,000 | 400,000 | |||||||
Senior notes | — | 100,000 | |||||||
Tax increment financing and other debt | 5,441 | 7,044 | |||||||
Total debt outstanding | 910,041 | 900,044 | |||||||
Less current portion | (1,527 | ) | (1,944 | ) | |||||
Total long-term debt | $ | 908,514 | $ | 898,100 | |||||
Revolving Credit Facility — The Company is party to an unsecured revolving credit facility with an aggregate commitment of $750 million, of which $234.6 million was available as of September 30, 2013. The revolving credit facility matures September 23, 2016. In addition, as of September 30, 2013, there were $10.8 million in letters of credit under the revolving credit facility that were issued but undrawn. Our revolving credit facility contains various financial and other restrictive covenants and requires that the Company maintains certain financial ratios, including a leverage and interest coverage ratio. The Company is in compliance with all applicable covenants as of September 30, 2013. The Company’s average interest rate on debt outstanding under its revolving credit facility for the three and nine months ended September 30, 2013 was 1.43% and 1.54%, respectively. | |||||||||
High Yield Notes — The Company’s 7.75% High Yield Notes in aggregate principal amount of $400 million are due March 1, 2018 (the “High Yield Notes”). The High Yield Notes are guaranteed, jointly and severally, by the Company’s 100 percent owned subsidiary Bay Valley Foods, LLC (“Bay Valley”) and Bay Valley’s 100 percent owned subsidiaries EDS Holdings, LLC; Sturm Foods, Inc. (“Sturm Foods”); and S.T. Specialty Foods. In addition, certain other of the Company’s subsidiaries may become guarantors from time to time in accordance with the applicable Indenture and may fully, jointly, severally and unconditionally guarantee the Company’s payment obligations under any series of debt securities offered. The Indenture governing the High Yield Notes provides, among other things, that the High Yield Notes will be senior unsecured obligations of the Company. The Indenture contains various restrictive covenants with which the Company is in compliance as of September 30, 2013. | |||||||||
Senior Notes — During the third quarter of 2013, the Company repaid $100 million in aggregate principal amount of 6.03% senior notes using the Company’s existing $750 million revolving credit facility. These senior notes were paid in full on their maturity date, September 30, 2013. | |||||||||
Tax Increment Financing —The Company owes $1.8 million related to redevelopment bonds pursuant to a Tax Increment Financing Plan and has agreed to make certain payments with respect to the principal amount of the bonds through May 2019. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
12. Earnings Per Share | |||||||||||||||||
Basic earnings per share is computed by dividing net income by the number of weighted average common shares outstanding during the reporting period. The weighted average number of common shares used in the diluted earnings per share calculation is determined using the treasury stock method and includes the incremental effect related to the Company’s outstanding stock-based compensation awards. | |||||||||||||||||
The following table summarizes the effect of the share-based compensation awards on the weighted average number of shares outstanding used in calculating diluted earnings per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Weighted average common shares outstanding | 36,482 | 36,149 | 36,378 | 36,116 | |||||||||||||
Assumed exercise/vesting of equity awards (1) | 956 | 925 | 975 | 1,000 | |||||||||||||
Weighted average diluted common shares outstanding | 37,438 | 37,074 | 37,353 | 37,116 | |||||||||||||
-1 | Incremental shares from stock-based compensation awards (equity awards) are computed by the treasury stock method. Equity awards, excluded from our computation of diluted earnings per share because they were anti-dilutive, were 0.5 million for the three and nine months ended September 30, 2013, and 0.4 million and 0.6 million for the three and nine months ended September 30, 2012, respectively. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
13. Stock-Based Compensation | |||||||||||||||||||||
Income before income taxes for the three and nine month periods ended September 30, 2013 includes share-based compensation expense of $4.6 million and $11.7 million, respectively. Share-based compensation expense for the three and nine month periods ended September 30, 2012 was $3.4 million and $9.1 million, respectively. The tax benefit recognized related to the compensation cost of these share-based awards was approximately $1.7 million and $4.3 million for the three and nine month periods ended September 30, 2013, respectively, and $1.3 million and $3.1 million for the three and nine month periods ended September 30, 2012, respectively. | |||||||||||||||||||||
The following table summarizes stock option activity during the nine months ended September 30, 2013. Stock options are granted under our long-term incentive plan, and generally have a three year vesting schedule, which vest one-third on each of the first three anniversaries of the grant date. Stock options expire ten years from the grant date. | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
Weighted | Average | ||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||
Employee | Director | Exercise | Contractual | Intrinsic | |||||||||||||||||
Options | Options | Price | Term (yrs) | Value | |||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Outstanding, December 31, 2012 | 2,468 | 72 | $ | 33.19 | 4.4 | $ | 50,809 | ||||||||||||||
Granted | 280 | — | $ | 65.96 | |||||||||||||||||
Forfeited | (23 | ) | — | $ | 62.52 | ||||||||||||||||
Exercised | (72 | ) | (1 | ) | $ | 26.54 | |||||||||||||||
Outstanding, September 30, 2013 | 2,653 | 71 | $ | 36.5 | 4.2 | $ | 82,615 | ||||||||||||||
Vested/expected to vest, at September 30, 2013 | 2,581 | 71 | $ | 35.72 | 4.1 | $ | 82,490 | ||||||||||||||
Exercisable, September 30, 2013 | 2,177 | 71 | $ | 30.81 | 3.2 | $ | 80,957 | ||||||||||||||
Compensation costs related to unvested options totaled $7.3 million at September 30, 2013 and will be recognized over the remaining vesting period of the grants, which averages 2.2 years. The Company uses the Black-Scholes option pricing model to value its stock option awards. The assumptions used to calculate the fair value of stock options issued in 2013 include the following: expected volatility of 30.21%, expected term of six years, risk free rate of 0.995% and no dividends. The average grant date fair value of stock options granted in the nine months ended September 30, 2013 was $20.46. Stock options issued during the nine months ended September 30, 2013 totaled 280 thousand. The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2013 and 2012 was approximately $2.9 million and $1.8 million, respectively. The tax benefit recognized from stock option exercises was $1.1 million and $0.7 million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||
In addition to stock options, the Company also has outstanding restricted stock units and performance unit awards. These awards are granted under our long-term incentive plan. Employee restricted stock unit awards vest based on the passage of time, and generally vest one-third on each anniversary of the grant date. Director restricted stock units generally vest on the first anniversary of the grant date. Certain directors have deferred receipt of their awards until their departure from the Board of Directors, or a specified date. The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2013. | |||||||||||||||||||||
Employee | Weighted Average | Director | Weighted Average | ||||||||||||||||||
Restricted | Grant Date | Restricted | Grant Date | ||||||||||||||||||
Stock Units | Fair Value | Stock Units | Fair Value | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Outstanding, at December 31, 2012 | 353 | $ | 53.62 | 78 | $ | 39.88 | |||||||||||||||
Granted | 126 | $ | 66.01 | 19 | $ | 65.97 | |||||||||||||||
Vested | (147 | ) | $ | 52.66 | (4 | ) | $ | 58.37 | |||||||||||||
Forfeited | (22 | ) | $ | 59.43 | — | $ | — | ||||||||||||||
Outstanding, at September 30, 2013 | 310 | $ | 58.68 | 93 | $ | 44.06 | |||||||||||||||
Future compensation costs related to restricted stock units is approximately $12.9 million as of September 30, 2013, and will be recognized on a weighted average basis over the next 2.0 years. The grant date fair value of the awards granted in 2013 is equal to the Company’s closing stock price on the grant date. Vested awards during the nine months ended September 30, 2013 and 2012 had a fair value on the vest date of $9.8 million and $11.1 million, respectively. | |||||||||||||||||||||
Performance unit awards are granted to certain members of management. These awards contain service and performance conditions. For each of the three performance periods, one third of the units will accrue, multiplied by a predefined percentage between 0% and 200%, depending on the achievement of certain operating performance measures. Additionally, for the cumulative performance period, a number of units will accrue, equal to the number of units granted, multiplied by a predefined percentage between 0% and 200%, depending on the achievement of certain operating performance measures, less any units previously accrued. Accrued units will be converted to stock or cash, at the discretion of the Compensation Committee, generally, on the third anniversary of the grant date. The Company intends to settle these awards in stock and has the shares available to do so. On March 2, 2013, based on achievement of operating performance measures, 1,225 performance units were converted into 2,450 shares of stock, a two to one conversion ratio. On June 28, 2013, based on achievement of operating performance measures, 32,371 performance units were converted into 28,308 shares of stock, an average conversion ratio of 0.87 shares for each performance unit. On August 31, 2013, based on achievement of operating performance measures, 870 performance units were converted into 755 shares of stock, an average conversion ratio of 0.87 shares for each performance unit. The following table summarizes the performance unit activity during the nine months ended September 30, 2013: | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
Average | |||||||||||||||||||||
Performance | Grant Date | ||||||||||||||||||||
Units | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Unvested, at December 31, 2012 | 165 | $ | 56.57 | ||||||||||||||||||
Granted | 91 | $ | 65.65 | ||||||||||||||||||
Vested | (34 | ) | $ | 46.2 | |||||||||||||||||
Forfeited | (6 | ) | $ | 55.85 | |||||||||||||||||
Unvested, at September 30, 2013 | 216 | $ | 62 | ||||||||||||||||||
Future compensation costs related to the performance units is estimated to be approximately $14.1 million as of September 30, 2013, and is expected to be recognized over the next 2.5 years. The grant date fair value of the awards is equal to the Company’s closing stock price on the date of grant. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||
14. Accumulated Other Comprehensive Loss | |||||||||||||||||||
Accumulated Other Comprehensive Loss consists of the following components, all of which are net of tax, except for the foreign currency translation adjustment: | |||||||||||||||||||
Unrecognized | Accumulated | ||||||||||||||||||
Foreign | Pension and | Derivative | Other | ||||||||||||||||
Currency | Postretirement | Financial | Comprehensive | ||||||||||||||||
Translation (1) | Benefits (2) | Instrument (3) | Loss | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Balance at December 31, 2012 | $ | (2,007 | ) | $ | (14,525 | ) | $ | (108 | ) | $ | (16,640 | ) | |||||||
Other comprehensive loss | (12,390 | ) | — | — | (12,390 | ) | |||||||||||||
Reclassifications from accumulated other comprehensive loss | — | 1,108 | 108 | 1,216 | |||||||||||||||
Other comprehensive (loss) income | (12,390 | ) | 1,108 | 108 | (11,174 | ) | |||||||||||||
Balance at September 30, 2013 | $ | (14,397 | ) | $ | (13,417 | ) | $ | — | $ | (27,814 | ) | ||||||||
Balance at December 31, 2011 | $ | (10,268 | ) | $ | (11,825 | ) | $ | (269 | ) | $ | (22,362 | ) | |||||||
Other comprehensive income | 12,301 | — | — | 12,301 | |||||||||||||||
Reclassifications from accumulated other comprehensive loss | — | 841 | 121 | 962 | |||||||||||||||
Other comprehensive income | 12,301 | 841 | 121 | 13,263 | |||||||||||||||
Balance at September 30, 2012 | $ | 2,033 | $ | (10,984 | ) | $ | (148 | ) | $ | (9,099 | ) | ||||||||
-1 | The foreign currency translation adjustment is not net of tax, as it pertains to the Company’s permanent investment in its Canadian subsidiary, E.D. Smith. | ||||||||||||||||||
-2 | The unrecognized pension and post-retirement benefits reclassification is presented net of tax of $652 thousand and $530 thousand for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||
-3 | The derivative financial instrument reclassification is presented net of tax of $68 thousand and $76 thousand for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||
The Condensed Consolidated Statements of Income lines impacted by reclassifications out of Accumulated Other Comprehensive Loss are outlined below: | |||||||||||||||||||
Reclassifications from Accumulated | Affected line in | ||||||||||||||||||
Other Comprehensive Loss | The Condensed Consolidated | ||||||||||||||||||
Statements of Income | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Derivative financial instrument | $ | 44 | $ | 65 | $ | 176 | $ | 197 | Interest expense | ||||||||||
Income taxes | 17 | 25 | 68 | 76 | Income taxes | ||||||||||||||
Net of tax | $ | 27 | $ | 40 | $ | 108 | $ | 121 | |||||||||||
Amortization of defined benefit pension | |||||||||||||||||||
Prior service costs | $ | 96 | $ | 134 | $ | 289 | $ | 402 | (a) | ||||||||||
Unrecognized net loss | 470 | 324 | 1,410 | 969 | (a) | ||||||||||||||
Other | — | — | 61 | — | |||||||||||||||
Total before tax | 566 | 458 | 1,760 | 1,371 | |||||||||||||||
Income taxes | 217 | 178 | 652 | 530 | Income taxes | ||||||||||||||
Net of tax | $ | 349 | $ | 280 | $ | 1,108 | $ | 841 | |||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 15 for additional details. |
Employee_Retirement_and_Postre
Employee Retirement and Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Employee Retirement and Postretirement Benefits | ' | ||||||||||||||||
15. Employee Retirement and Postretirement Benefits | |||||||||||||||||
Pension, Profit Sharing and Postretirement Benefits — Certain employees and retirees participate in pension and other postretirement benefit plans. Employee benefit plan obligations and expenses included in the Condensed Consolidated Financial Statements are determined based on plan assumptions, employee demographic data, including years of service and compensation, benefits and claims paid, and employer contributions. | |||||||||||||||||
Components of net periodic pension expense are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Service cost | $ | 648 | $ | 525 | $ | 1,943 | $ | 1,790 | |||||||||
Interest cost | 628 | 643 | 1,883 | 1,827 | |||||||||||||
Expected return on plan assets | (730 | ) | (582 | ) | (2,015 | ) | (1,745 | ) | |||||||||
Amortization of prior service costs | 114 | 151 | 342 | 453 | |||||||||||||
Amortization of unrecognized net loss | 459 | 459 | 1,376 | 1,077 | |||||||||||||
Net periodic pension cost | $ | 1,119 | $ | 1,196 | $ | 3,529 | $ | 3,402 | |||||||||
The Company contributed $4.9 million to the pension plans in the first nine months of 2013. The Company expects to make additional contributions to the plans of $0.4 million in 2013. | |||||||||||||||||
Components of net periodic postretirement expense are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Service cost | $ | 5 | $ | 8 | $ | 15 | $ | 23 | |||||||||
Interest cost | 37 | 39 | 109 | 116 | |||||||||||||
Amortization of prior service costs | (18 | ) | (18 | ) | (53 | ) | (53 | ) | |||||||||
Amortization of unrecognized net loss | 11 | 14 | 34 | 41 | |||||||||||||
Net periodic postretirement cost | $ | 35 | $ | 43 | $ | 105 | $ | 127 | |||||||||
The Company expects to contribute approximately $0.2 million to the postretirement health plans during 2013. | |||||||||||||||||
Net periodic pension costs are recorded in the Cost of sales and General and administrative lines of the Condensed Consolidated Statements of Income. |
Other_Operating_Expense_Net
Other Operating Expense, Net | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Operating Expense, Net | ' | ||||||||||||||||
16. Other Operating Expense, Net | |||||||||||||||||
The Company incurred other operating expense for the three and nine months ended September 30, 2013 and 2012, which consisted of the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Restructuring | $ | 861 | $ | 3,541 | $ | 2,143 | $ | 4,095 | |||||||||
Other income | — | — | — | (143 | ) | ||||||||||||
Total other operating expense, net | $ | 861 | $ | 3,541 | $ | 2,143 | $ | 3,952 | |||||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Information | ' | ||||||||
17. Supplemental Cash Flow Information | |||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Interest paid | $ | 43,780 | $ | 42,323 | |||||
Income taxes paid | $ | 30,963 | $ | 25,274 | |||||
Accrued purchase of property and equipment | $ | 2,751 | $ | 5,211 | |||||
Accrued other intangible assets | $ | 1,658 | $ | 1,553 | |||||
Accrued purchase price | $ | — | $ | 956 | |||||
Non-cash financing activities for the nine months ended September 30, 2013 and 2012 include the settlement of 182,063 shares and 153,436 shares, respectively, of restricted stock, restricted stock units and performance units, where shares were withheld to satisfy the minimum statutory tax withholding requirements. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies | ' |
18. Commitments and Contingencies | |
Litigation, Investigations and Audits — The Company is party in the ordinary course of business to certain claims, litigation, audits and investigations. The Company believes that it has established adequate reserves to satisfy any liability that may be incurred in connection with any such currently pending or threatened matters, none of which are significant. The settlement of any such currently pending or threatened matters is not expected to have a material impact on our financial position, annual results of operations or cash flows. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||
19. Derivative Instruments | |||||||||||||||||||
The Company is exposed to certain risks relating to its ongoing business operations. The primary risks managed by derivative instruments include interest rate risk, foreign currency risk and commodity price risk. Derivative contracts are entered into for periods consistent with the related underlying exposure and do not constitute positions independent of those exposures. | |||||||||||||||||||
The Company manages its exposure to changes in interest rates by optimizing the use of variable-rate and fixed-rate debt and by utilizing interest rate swaps to hedge our exposure to changes in interest rates, to reduce the volatility of our financing costs, and to achieve a desired proportion of fixed versus floating-rate debt, based on current and projected market conditions, with a bias toward fixed-rate debt. | |||||||||||||||||||
Due to the Company’s operations in Canada, we are exposed to foreign currency risks. The Company enters into foreign currency contracts to manage the risk associated with foreign currency cash flows. The Company’s objective in using foreign currency contracts is to establish a fixed foreign currency exchange rate for the net cash flow requirements for purchases that are denominated in U.S. dollars. These contracts do not qualify for hedge accounting and changes in their fair value are recorded in the Condensed Consolidated Statements of Income, with their fair value recorded on the Condensed Consolidated Balance Sheets. As of September 30, 2013, the Company did not have any foreign currency contracts outstanding. As of September 30, 2012, the Company had three foreign currency contracts for the purchase of U.S. dollars, all of which expired in the fourth quarter of 2012. The total contracted U.S. dollar amount as of September 30, 2012 was $18 million. | |||||||||||||||||||
Certain commodities we use in the production and distribution of our products are exposed to market price risk. The Company utilizes derivative contracts to manage commodity price risk. The majority of commodity forward contracts are not derivatives, and those that are, generally qualify for the normal purchases and normal sales scope exception under the guidance for derivative instruments and hedging activities, and therefore are not subject to its provisions. For derivative commodity contracts that do not qualify for the normal purchases and normal sales scope exception, the Company records their fair value on the Company’s Condensed Consolidated Balance Sheets, with changes in value being recorded in the Condensed Consolidated Statements of Income. | |||||||||||||||||||
The Company’s derivative commodity contracts may include contracts for diesel, oil, plastics, natural gas, electricity, and other commodity contracts that do not meet the requirements for the normal purchases and normal sales scope exception. | |||||||||||||||||||
The Company’s diesel contracts are used to manage the Company’s risk associated with the underlying cost of diesel fuel used to deliver products. The contracts for oil and plastics are used to manage the Company’s risk associated with the underlying commodity cost of a significant component used in packaging materials. Contracts for natural gas and electricity are used to manage the Company’s risk associated with the utility costs of its manufacturing facilities, and commodity contracts that are derivatives that do not meet the normal purchases and normal sales scope exception are used to manage the price risk associated with raw material costs. As of September 30, 2013, the Company had outstanding contracts for the purchase of 9,727 megawatts of electricity, expiring in the fourth quarter of 2013, and outstanding contracts for the purchase of 39,886 megawatts of electricity, expiring throughout 2014. In addition, as of September 30, 2013, the Company had outstanding contracts for the purchase of 464,059 dekatherms of natural gas, expiring in the fourth quarter of 2013, and 1.5 million gallons of outstanding diesel fuel contracts that expire in the fourth quarter of 2013. | |||||||||||||||||||
The following table identifies the derivative, its fair value, and location on the Condensed Consolidated Balance Sheet: | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Balance Sheet Location | September 30, 2013 | December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Asset Derivative: | |||||||||||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | 298 | $ | — | ||||||||||||||
$ | 298 | $ | — | ||||||||||||||||
Fair Value | |||||||||||||||||||
Balance Sheet Location | September 30, 2013 | December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Liability Derivative: | |||||||||||||||||||
Commodity contracts | Accounts payable and accrued expenses | $ | 285 | $ | 929 | ||||||||||||||
$ | 285 | $ | 929 | ||||||||||||||||
We recorded the following gains and losses on our derivative contracts in the Condensed Consolidated Statements of Income: | |||||||||||||||||||
Location of Gain (Loss) | Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Recognized in Income | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Mark to market unrealized gain (loss): | |||||||||||||||||||
Foreign currency contracts | Loss on foreign currency exchange | $ | — | $ | (40 | ) | $ | — | $ | (40 | ) | ||||||||
Commodity contracts | Other (income) expense, net | 443 | 649 | 942 | (932 | ) | |||||||||||||
Total unrealized gain (loss) | 443 | 609 | 942 | (972 | ) | ||||||||||||||
Realized (loss) gain: | |||||||||||||||||||
Commodity contracts | Cost of sales | — | (688 | ) | — | (660 | ) | ||||||||||||
Commodity contracts | Selling and distribution | (37 | ) | 278 | (166 | ) | 351 | ||||||||||||
Total realized loss | (37 | ) | (410 | ) | (166 | ) | (309 | ) | |||||||||||
Total gain (loss) | $ | 406 | $ | 199 | $ | 776 | $ | (1,281 | ) | ||||||||||
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value | ' | ||||||||||||||||||
20. Fair Value | |||||||||||||||||||
The following table presents the carrying value and fair value of our financial instruments as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Carrying | Fair | Carrying | Fair | Level | |||||||||||||||
Value | Value | Value | Value | ||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Not recorded at fair value (liability): | |||||||||||||||||||
Revolving credit facility | $ | (504,600 | ) | $ | (502,417 | ) | $ | (393,000 | ) | $ | (393,353 | ) | 2 | ||||||
Senior notes | $ | — | $ | — | $ | (100,000 | ) | $ | (102,341 | ) | 2 | ||||||||
High Yield Notes | $ | (400,000 | ) | $ | (423,000 | ) | $ | (400,000 | ) | $ | (433,500 | ) | 2 | ||||||
Recorded on a recurring basis at fair value asset (liability): | |||||||||||||||||||
Commodity contracts | $ | 13 | $ | 13 | $ | (929 | ) | $ | (929 | ) | 2 | ||||||||
Investments | $ | 8,273 | $ | 8,273 | $ | — | $ | — | 1 | ||||||||||
Cash and cash equivalents and accounts receivable are financial assets with carrying values that approximate fair value. Accounts payable are financial liabilities with carrying values that approximate fair value. | |||||||||||||||||||
The fair value of the revolving credit facility, senior notes, High Yield Notes and commodity contracts were determined using Level 2 inputs. Level 2 inputs are inputs other than quoted market prices that are observable for an asset or liability, either directly or indirectly. The fair value of the revolving credit facility and senior notes were estimated using present value techniques and market based interest rates and credit spreads. The fair value of the Company’s High Yield Notes was estimated based on quoted market prices for similar instruments, where the inputs are considered Level 2, due to their infrequent trading volume. | |||||||||||||||||||
The fair value of the commodity contracts was based on an analysis comparing the contract rates to the forward curve rates throughout the term of the contracts. The commodity contracts are recorded at fair value on the Condensed Consolidated Balance Sheets. | |||||||||||||||||||
The fair value of the investments was determined using Level 1 inputs. Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement dates. The investments are recorded at fair value on the Condensed Consolidated Balance Sheets. |
Segment_and_Geographic_Informa
Segment and Geographic Information and Major Customers | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Segment and Geographic Information and Major Customers | ' | ||||||||||||||||
21. Segment and Geographic Information and Major Customers | |||||||||||||||||
The Company manages operations on a company-wide basis, thereby making determinations as to the allocation of resources in total rather than on a segment-level basis. The Company has designated reportable segments based on how management views its business. The Company does not segregate assets between segments for internal reporting. Therefore, asset-related information has not been presented. The reportable segments, as presented below, are consistent with the manner in which the Company reports its results to the chief operating decision maker. | |||||||||||||||||
The Company evaluates the performance of its segments based on net sales dollars and direct operating income (gross profit less freight out, sales commissions and direct selling and marketing expenses). The amounts in the following tables are obtained from reports used by senior management and do not include income taxes. Other expenses not allocated include unallocated selling and distribution expenses, unallocated costs of sales and unallocated corporate expenses. The accounting policies of the Company’s segments are the same as those described in the summary of significant accounting policies set forth in Note 1 to the Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2012. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Net sales to external customers: | |||||||||||||||||
North American Retail Grocery | $ | 401,907 | $ | 384,663 | $ | 1,163,733 | $ | 1,135,204 | |||||||||
Food Away From Home | 96,869 | 89,827 | 264,357 | 253,061 | |||||||||||||
Industrial and Export | 68,374 | 63,622 | 205,516 | 201,079 | |||||||||||||
Total | $ | 567,150 | $ | 538,112 | $ | 1,633,606 | $ | 1,589,344 | |||||||||
Direct operating income: | |||||||||||||||||
North American Retail Grocery | $ | 62,314 | $ | 60,331 | $ | 188,705 | $ | 176,835 | |||||||||
Food Away From Home | 13,027 | 12,568 | 35,888 | 32,844 | |||||||||||||
Industrial and Export | 12,125 | 11,197 | 38,038 | 30,497 | |||||||||||||
Total | 87,466 | 84,096 | 262,631 | 240,176 | |||||||||||||
Unallocated selling and distribution expenses | (1,286 | ) | (811 | ) | (3,969 | ) | (3,520 | ) | |||||||||
Unallocated costs of sales (1) | (4,354 | ) | (2,622 | ) | (16,892 | ) | (2,622 | ) | |||||||||
Unallocated corporate expense | (40,666 | ) | (39,318 | ) | (115,253 | ) | (105,924 | ) | |||||||||
Operating income | 41,160 | 41,345 | 126,517 | 128,110 | |||||||||||||
Other expense | (11,788 | ) | (12,383 | ) | (35,908 | ) | (39,948 | ) | |||||||||
Income before income taxes | $ | 29,372 | $ | 28,962 | $ | 90,609 | $ | 88,162 | |||||||||
-1 | Primarily related to accelerated depreciation and other charges related to restructurings. | ||||||||||||||||
Geographic Information — The Company had revenues to customers outside of the United States of approximately 13.0% and 13.3% of total consolidated net sales in the nine months ended September 30, 2013 and 2012, respectively, with 11.9% and 12.3% going to Canada, respectively. | |||||||||||||||||
Major Customers — Wal-Mart Stores, Inc. and affiliates accounted for approximately 19.4% and 20.5% of consolidated net sales in the nine months ended September 30, 2013 and 2012, respectively. No other customer accounted for more than 10% of our consolidated net sales. | |||||||||||||||||
Product Information — The following table presents the Company’s net sales by major product for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Products | |||||||||||||||||
Non-dairy creamer | $ | 82,387 | $ | 84,109 | $ | 253,524 | $ | 257,006 | |||||||||
Salad dressings | 92,178 | 73,248 | 246,460 | 213,894 | |||||||||||||
Pickles | 72,583 | 77,032 | 228,959 | 236,532 | |||||||||||||
Powdered drinks | 85,971 | 54,579 | 226,085 | 160,252 | |||||||||||||
Mexican and other sauces | 61,290 | 58,208 | 182,695 | 173,277 | |||||||||||||
Soup and infant feeding | 49,578 | 70,248 | 141,582 | 194,871 | |||||||||||||
Hot cereals | 37,108 | 37,466 | 118,878 | 114,435 | |||||||||||||
Dry dinners | 33,189 | 34,537 | 90,969 | 95,901 | |||||||||||||
Aseptic products | 25,243 | 22,390 | 72,925 | 71,076 | |||||||||||||
Jams | 15,921 | 14,330 | 45,042 | 45,874 | |||||||||||||
Other products | 11,702 | 11,965 | 26,487 | 26,226 | |||||||||||||
Total net sales | $ | 567,150 | $ | 538,112 | $ | 1,633,606 | $ | 1,589,344 | |||||||||
Guarantor_and_NonGuarantor_Fin
Guarantor and Non-Guarantor Financial Information | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Guarantor and Non-Guarantor Financial Information | ' | ||||||||||||||||||||
22. Guarantor and Non-Guarantor Financial Information | |||||||||||||||||||||
The Company’s High Yield Notes are guaranteed by its 100 percent owned subsidiary Bay Valley and Bay Valley’s 100 percent owned subsidiaries EDS Holdings, LLC, Sturm Foods and S.T. Specialty Foods. There are no significant restrictions on the ability of the parent company or any guarantor to obtain funds from its subsidiaries by dividend or loan. The following condensed supplemental consolidating financial information presents the results of operations, financial position and cash flows of the parent company, its guarantor subsidiaries, its non-guarantor subsidiaries and the eliminations necessary to arrive at the information for the Company on a consolidated basis as of September 30, 2013 and 2012, and for the three and nine months ended September 30, 2013, and 2012. The equity method has been used with respect to investments in subsidiaries. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. | |||||||||||||||||||||
Condensed Supplemental Consolidating Balance Sheet | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 681 | $ | 107,371 | $ | — | $ | 108,052 | |||||||||||
Investments | — | — | 8,273 | — | 8,273 | ||||||||||||||||
Receivables, net | 383 | 108,289 | 25,273 | — | 133,945 | ||||||||||||||||
Inventories, net | — | 366,636 | 56,704 | — | 423,340 | ||||||||||||||||
Deferred income taxes | — | 8,296 | 133 | — | 8,429 | ||||||||||||||||
Prepaid expenses and other current assets | 32,182 | 12,099 | 1,388 | (28,505 | ) | 17,164 | |||||||||||||||
Total current assets | 32,565 | 496,001 | 199,142 | (28,505 | ) | 699,203 | |||||||||||||||
Property, plant and equipment, net | 13,836 | 371,388 | 39,348 | — | 424,572 | ||||||||||||||||
Goodwill | — | 959,440 | 111,668 | — | 1,071,108 | ||||||||||||||||
Investment in subsidiaries | 1,849,197 | 208,367 | — | (2,057,564 | ) | — | |||||||||||||||
Intercompany accounts receivable (payable), net | 248,292 | (52,501 | ) | (195,791 | ) | — | — | ||||||||||||||
Deferred income taxes | 14,446 | — | — | (14,446 | ) | — | |||||||||||||||
Identifiable intangible and other assets, net | 46,835 | 298,541 | 86,210 | — | 431,586 | ||||||||||||||||
Total assets | $ | 2,205,171 | $ | 2,281,236 | $ | 240,577 | $ | (2,100,515 | ) | $ | 2,626,469 | ||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 44,327 | $ | 180,599 | $ | 17,756 | $ | (28,505 | ) | $ | 214,177 | ||||||||||
Current portion of long-term debt | — | 1,526 | 1 | — | 1,527 | ||||||||||||||||
Total current liabilities | 44,327 | 182,125 | 17,757 | (28,505 | ) | 215,704 | |||||||||||||||
Long-term debt | 904,600 | 3,894 | 20 | — | 908,514 | ||||||||||||||||
Deferred income taxes | 2,066 | 214,173 | 14,433 | (14,446 | ) | 216,226 | |||||||||||||||
Other long-term liabilities | 8,327 | 31,847 | — | — | 40,174 | ||||||||||||||||
Stockholders’ equity | 1,245,851 | 1,849,197 | 208,367 | (2,057,564 | ) | 1,245,851 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,205,171 | $ | 2,281,236 | $ | 240,577 | $ | (2,100,515 | ) | $ | 2,626,469 | ||||||||||
Condensed Supplemental Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 269 | $ | 94,138 | $ | — | $ | 94,407 | |||||||||||
Accounts receivable, net | 113 | 104,622 | 19,913 | — | 124,648 | ||||||||||||||||
Inventories, net | — | 301,286 | 46,067 | — | 347,353 | ||||||||||||||||
Deferred income taxes | — | 7,860 | 138 | — | 7,998 | ||||||||||||||||
Prepaid expenses and other current assets | 1,276 | 11,857 | 872 | — | 14,005 | ||||||||||||||||
Total current assets | 1,389 | 425,894 | 161,128 | — | 588,411 | ||||||||||||||||
Property, plant and equipment, net | 14,427 | 374,215 | 36,665 | — | 425,307 | ||||||||||||||||
Goodwill | — | 959,440 | 113,751 | — | 1,073,191 | ||||||||||||||||
Investment in subsidiaries | 1,740,451 | 209,833 | — | (1,950,284 | ) | — | |||||||||||||||
Intercompany accounts receivable (payable), net | 267,016 | (118,778 | ) | (148,238 | ) | — | — | ||||||||||||||
Deferred income taxes | 13,275 | — | — | (13,275 | ) | — | |||||||||||||||
Identifiable intangible and other assets, net | 48,797 | 315,258 | 74,909 | — | 438,964 | ||||||||||||||||
Total assets | $ | 2,085,355 | $ | 2,165,862 | $ | 238,215 | $ | (1,963,559 | ) | $ | 2,525,873 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | (3,579 | ) | $ | 175,139 | $ | 13,526 | $ | — | $ | 185,086 | ||||||||||
Current portion of long-term debt | — | 1,938 | 6 | — | 1,944 | ||||||||||||||||
Total current liabilities | (3,579 | ) | 177,077 | 13,532 | — | 187,030 | |||||||||||||||
Long-term debt | 893,000 | 5,079 | 21 | — | 898,100 | ||||||||||||||||
Deferred income taxes | 2,413 | 208,494 | 14,829 | (13,275 | ) | 212,461 | |||||||||||||||
Other long-term liabilities | 14,266 | 34,761 | — | — | 49,027 | ||||||||||||||||
Shareholders’ equity | 1,179,255 | 1,740,451 | 209,833 | (1,950,284 | ) | 1,179,255 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,085,355 | $ | 2,165,862 | $ | 238,215 | $ | (1,963,559 | ) | $ | 2,525,873 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 496,225 | $ | 94,729 | $ | (23,804 | ) | $ | 567,150 | ||||||||||
Cost of sales | — | 397,981 | 77,710 | (23,804 | ) | 451,887 | |||||||||||||||
Gross profit | — | 98,244 | 17,019 | — | 115,263 | ||||||||||||||||
Selling, general and administrative expense | 16,078 | 40,672 | 7,909 | — | 64,659 | ||||||||||||||||
Amortization | 1,387 | 5,750 | 1,446 | — | 8,583 | ||||||||||||||||
Other operating expense, net | — | 294 | 567 | — | 861 | ||||||||||||||||
Operating (loss) income | (17,465 | ) | 51,528 | 7,097 | — | 41,160 | |||||||||||||||
Interest expense | 12,361 | 261 | 3,477 | (3,501 | ) | 12,598 | |||||||||||||||
Interest income | — | (3,501 | ) | (509 | ) | 3,501 | (509 | ) | |||||||||||||
Other expense (income), net | 1 | (580 | ) | 278 | — | (301 | ) | ||||||||||||||
(Loss) income before income taxes | (29,827 | ) | 55,348 | 3,851 | — | 29,372 | |||||||||||||||
Income taxes (benefit) | 25,854 | (20,189 | ) | 1,042 | — | 6,707 | |||||||||||||||
Equity in net income of subsidiaries | 78,346 | 2,809 | — | (81,155 | ) | — | |||||||||||||||
Net income | $ | 22,665 | $ | 78,346 | $ | 2,809 | $ | (81,155 | ) | $ | 22,665 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 477,105 | $ | 73,261 | $ | (12,254 | ) | $ | 538,112 | ||||||||||
Cost of sales | — | 378,134 | 59,023 | (12,254 | ) | 424,903 | |||||||||||||||
Gross profit | — | 98,971 | 14,238 | — | 113,209 | ||||||||||||||||
Selling, general and administrative expense | 10,252 | 44,414 | 5,809 | — | 60,475 | ||||||||||||||||
Amortization | 1,089 | 5,510 | 1,249 | — | 7,848 | ||||||||||||||||
Other operating expense, net | 859 | 506 | 2,176 | — | 3,541 | ||||||||||||||||
Operating (loss) income | (12,200 | ) | 48,541 | 5,004 | — | 41,345 | |||||||||||||||
Interest expense | 12,814 | 286 | 3,645 | (3,646 | ) | 13,099 | |||||||||||||||
Interest income | — | (3,646 | ) | (339 | ) | 3,646 | (339 | ) | |||||||||||||
Other (income) expense, net | (36 | ) | (965 | ) | 624 | — | (377 | ) | |||||||||||||
(Loss) income before income taxes | (24,978 | ) | 52,866 | 1,074 | — | 28,962 | |||||||||||||||
Income taxes (benefit) | (4,069 | ) | 10,749 | 728 | — | 7,408 | |||||||||||||||
Equity in net income of subsidiaries | 42,463 | 346 | — | (42,809 | ) | — | |||||||||||||||
Net income | $ | 21,554 | $ | 42,463 | $ | 346 | $ | (42,809 | ) | $ | 21,554 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | — | $ | 1,453,297 | $ | 242,162 | $ | (61,853 | ) | $ | 1,633,606 | ||||||||||
Cost of sales | — | 1,157,269 | 199,187 | (61,853 | ) | 1,294,603 | |||||||||||||||
Gross profit | — | 296,028 | 42,975 | — | 339,003 | ||||||||||||||||
Selling, general and administrative expense | 40,695 | 123,823 | 20,516 | — | 185,034 | ||||||||||||||||
Amortization | 3,986 | 17,558 | 3,765 | — | 25,309 | ||||||||||||||||
Other operating expense, net | — | 713 | 1,430 | — | 2,143 | ||||||||||||||||
Operating (loss) income | (44,681 | ) | 153,934 | 17,264 | — | 126,517 | |||||||||||||||
Interest expense | 36,940 | 699 | 10,522 | (10,555 | ) | 37,606 | |||||||||||||||
Interest income | — | (10,555 | ) | (1,509 | ) | 10,555 | (1,509 | ) | |||||||||||||
Other (income) expense, net | (1 | ) | (726 | ) | 538 | — | (189 | ) | |||||||||||||
(Loss) income before income taxes | (81,620 | ) | 164,516 | 7,713 | — | 90,609 | |||||||||||||||
Income taxes (benefit) | (3,350 | ) | 27,619 | 2,136 | — | 26,405 | |||||||||||||||
Equity in net income of subsidiaries | 142,474 | 5,577 | — | (148,051 | ) | — | |||||||||||||||
Net income | $ | 64,204 | $ | 142,474 | $ | 5,577 | $ | (148,051 | ) | $ | 64,204 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | — | $ | 1,404,696 | $ | 219,848 | $ | (35,200 | ) | $ | 1,589,344 | ||||||||||
Cost of sales | — | 1,116,318 | 173,494 | (35,200 | ) | 1,254,612 | |||||||||||||||
Gross profit | — | 288,378 | 46,354 | — | 334,732 | ||||||||||||||||
Selling, general and administrative expense | 34,895 | 124,700 | 18,340 | — | 177,935 | ||||||||||||||||
Amortization | 3,315 | 17,697 | 3,723 | — | 24,735 | ||||||||||||||||
Other operating expense, net | 859 | 917 | 2,176 | — | 3,952 | ||||||||||||||||
Operating (loss) income | (39,069 | ) | 145,064 | 22,115 | — | 128,110 | |||||||||||||||
Interest expense | 38,140 | 618 | 10,777 | (10,772 | ) | 38,763 | |||||||||||||||
Interest income | — | (10,772 | ) | (353 | ) | 10,772 | (353 | ) | |||||||||||||
Other (income) expense, net | (36 | ) | 570 | 1,004 | — | 1,538 | |||||||||||||||
(Loss) income before income taxes | (77,173 | ) | 154,648 | 10,687 | — | 88,162 | |||||||||||||||
Income taxes (benefit) | (23,930 | ) | 45,704 | 3,249 | — | 25,023 | |||||||||||||||
Equity in net income of subsidiaries | 116,382 | 7,438 | — | (123,820 | ) | — | |||||||||||||||
Net income | $ | 63,139 | $ | 116,382 | $ | 7,438 | $ | (123,820 | ) | $ | 63,139 | ||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income | $ | 22,665 | $ | 78,346 | $ | 2,809 | $ | (81,155 | ) | $ | 22,665 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | 2,940 | 4,137 | — | 7,077 | ||||||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | 349 | — | — | 349 | ||||||||||||||||
Derivative reclassification adjustment, net of tax | 27 | — | — | — | 27 | ||||||||||||||||
Other comprehensive income | 27 | 3,289 | 4,137 | — | 7,453 | ||||||||||||||||
Equity in other comprehensive income of subsidiaries | 7,426 | 4,137 | — | (11,563 | ) | — | |||||||||||||||
Comprehensive income | $ | 30,118 | $ | 85,772 | $ | 6,946 | $ | (92,718 | ) | $ | 30,118 | ||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income | $ | 21,554 | $ | 42,463 | $ | 346 | $ | (42,809 | ) | $ | 21,554 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | 6,165 | 7,920 | — | 14,085 | ||||||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | 280 | — | — | 280 | ||||||||||||||||
Derivative reclassification adjustment, net of tax | 40 | — | — | — | 40 | ||||||||||||||||
Other comprehensive income | 40 | 6,445 | 7,920 | — | 14,405 | ||||||||||||||||
Equity in other comprehensive income of subsidiaries | 14,365 | 7,920 | — | (22,285 | ) | — | |||||||||||||||
Comprehensive income | $ | 35,959 | $ | 56,828 | $ | 8,266 | $ | (65,094 | ) | $ | 35,959 | ||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income | $ | 64,204 | $ | 142,474 | $ | 5,577 | $ | (148,051 | ) | $ | 64,204 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | — | (5,175 | ) | (7,215 | ) | — | (12,390 | ) | |||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | 1,108 | — | — | 1,108 | ||||||||||||||||
Derivative reclassification adjustment, net of tax | 108 | — | — | — | 108 | ||||||||||||||||
Other comprehensive income (loss) | 108 | (4,067 | ) | (7,215 | ) | — | (11,174 | ) | |||||||||||||
Equity in other comprehensive income of subsidiaries | (11,282 | ) | (7,215 | ) | — | 18,497 | — | ||||||||||||||
Comprehensive income | $ | 53,030 | $ | 131,192 | $ | (1,638 | ) | $ | (129,554 | ) | $ | 53,030 | |||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income | $ | 63,139 | $ | 116,382 | $ | 7,438 | $ | (123,820 | ) | $ | 63,139 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | 5,430 | 6,871 | — | 12,301 | ||||||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | 841 | — | — | 841 | ||||||||||||||||
Derivative reclassification adjustment, net of tax | 121 | — | — | — | 121 | ||||||||||||||||
Other comprehensive income | 121 | 6,271 | 6,871 | — | 13,263 | ||||||||||||||||
Equity in other comprehensive income of subsidiaries | 13,142 | 6,871 | — | (20,013 | ) | — | |||||||||||||||
Comprehensive income | $ | 76,402 | $ | 129,524 | $ | 14,309 | $ | (143,833 | ) | $ | 76,402 | ||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | |||||||||||||||||||
Guarantor | |||||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | (49,403 | ) | $ | 124,835 | $ | 26,454 | $ | — | $ | 101,886 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Purchase of investments | — | — | (7,893 | ) | — | (7,893 | ) | ||||||||||||||
Additions to property, plant and equipment | (186 | ) | (46,336 | ) | (5,849 | ) | — | (52,371 | ) | ||||||||||||
Additions to other intangible assets | (2,819 | ) | (981 | ) | — | — | (3,800 | ) | |||||||||||||
Acquisition of business, net of cash acquired | — | (37,244 | ) | 2,634 | — | (34,610 | ) | ||||||||||||||
Proceeds from sale of fixed assets | — | 915 | 968 | — | 1,883 | ||||||||||||||||
Net cash used in investing activities | (3,005 | ) | (83,646 | ) | (10,140 | ) | — | (96,791 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Borrowings under revolving credit facility | 397,300 | — | — | — | 397,300 | ||||||||||||||||
Payments under revolving credit facility | (285,700 | ) | — | — | — | (285,700 | ) | ||||||||||||||
Payment on senior notes | (100,000 | ) | — | — | — | (100,000 | ) | ||||||||||||||
Payments on capitalized lease obligations | — | (1,597 | ) | — | — | (1,597 | ) | ||||||||||||||
Intercompany transfer | 39,180 | (39,180 | ) | — | — | — | |||||||||||||||
Net payments related to stock-based award activities | (2,051 | ) | — | — | — | (2,051 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 3,679 | — | — | — | 3,679 | ||||||||||||||||
Net cash provided by (used in) financing activities | 52,408 | (40,777 | ) | — | — | 11,631 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,081 | ) | — | (3,081 | ) | ||||||||||||||
Net increase in cash and cash equivalents | — | 412 | 13,233 | — | 13,645 | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | 269 | 94,138 | — | 94,407 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 681 | $ | 107,371 | $ | — | $ | 108,052 | |||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | |||||||||||||||||||
Guarantor | |||||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | (54,507 | ) | $ | 77,427 | $ | 81,650 | $ | — | $ | 104,570 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | 55 | (36,970 | ) | (7,624 | ) | — | (44,539 | ) | |||||||||||||
Additions to other intangible assets | (6,268 | ) | (544 | ) | — | — | (6,812 | ) | |||||||||||||
Acquisition of business, net of cash acquired | — | (25,000 | ) | — | — | (25,000 | ) | ||||||||||||||
Proceeds from sale of fixed assets | — | 42 | — | — | 42 | ||||||||||||||||
Net cash used in investing activities | (6,213 | ) | (62,472 | ) | (7,624 | ) | — | (76,309 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Borrowings under revolving credit facility | 276,600 | — | — | — | 276,600 | ||||||||||||||||
Payments under revolving credit facility | (224,400 | ) | — | — | — | (224,400 | ) | ||||||||||||||
Payments on capitalized lease obligations | — | (1,491 | ) | — | — | (1,491 | ) | ||||||||||||||
Intercompany transfer | 9,792 | (9,792 | ) | — | — | — | |||||||||||||||
Net payments related to stock-based award activities | (3,812 | ) | — | — | — | (3,812 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 2,540 | — | — | — | 2,540 | ||||||||||||||||
Net cash provided by (used in) financing activities | 60,720 | (11,283 | ) | — | — | 49,437 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2,820 | — | 2,820 | ||||||||||||||||
Net increase in cash and cash equivalents | — | 3,672 | 76,846 | — | 80,518 | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | 6 | 3,273 | — | 3,279 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 3,678 | $ | 80,119 | $ | — | $ | 83,797 | |||||||||||
Restructuring_Tables
Restructuring (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Aggregate Expenses Incurred Associated with Facility Closure | ' | ||||||||||||||||
Below is a summary of the restructuring costs: | |||||||||||||||||
Soup Restructuring | |||||||||||||||||
Three Months | Nine Months | Cumulative | Total | ||||||||||||||
Ended | Ended | Costs | Expected | ||||||||||||||
September 30, 2013 | September 30, 2013 | To Date | Costs | ||||||||||||||
(In thousands) | |||||||||||||||||
Accelerated depreciation | $ | 3,605 | $ | 13,586 | $ | 20,289 | $ | 21,845 | |||||||||
Severance and outplacement | — | (12 | ) | 745 | 816 | ||||||||||||
Other closure costs | 648 | 866 | 1,446 | 3,789 | |||||||||||||
Total | $ | 4,253 | $ | 14,440 | $ | 22,480 | $ | 26,450 | |||||||||
Seaforth Closure | |||||||||||||||||
Three Months | Nine Months | Cumulative | Total | ||||||||||||||
Ended | Ended | Costs | Expected | ||||||||||||||
30-Sep-13 | 30-Sep-13 | To Date | Costs | ||||||||||||||
(In thousands) | |||||||||||||||||
Accelerated depreciation | $ | (29 | ) | $ | 2,687 | $ | 6,695 | $ | 6,695 | ||||||||
Severance and outplacement | 12 | 508 | 2,757 | 2,853 | |||||||||||||
Other closure costs | 1,261 | 2,608 | 3,086 | 3,569 | |||||||||||||
Total | $ | 1,244 | $ | 5,803 | $ | 12,538 | $ | 13,117 | |||||||||
Reconciliation of Severance Liability | ' | ||||||||||||||||
The table below presents a reconciliation of the severance liability as of September 30, 2013. | |||||||||||||||||
Severance Liability | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance as of January 1, 2013 | $ | 2,686 | |||||||||||||||
Expense | 485 | ||||||||||||||||
Payments | (2,471 | ) | |||||||||||||||
Foreign exchange | (77 | ) | |||||||||||||||
Adjustments | (50 | ) | |||||||||||||||
Balance as of September 30, 2013 | $ | 573 | |||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Purchase Price Allocation to Net Tangible and Intangible Assets Acquired and Liabilities Assumed | ' | ||||
We have made a preliminary allocation to net tangible and intangible assets acquired and liabilities assumed as follows: | |||||
(In thousands) | |||||
Cash | $ | 2,634 | |||
Receivables | 4,191 | ||||
Inventory | 8,773 | ||||
Property plant and equipment | 7,072 | ||||
Customer relationships | 13,500 | ||||
Trade names | 3,400 | ||||
Non-compete agreement | 200 | ||||
Formulas | 400 | ||||
Other assets | 462 | ||||
Goodwill | 1,821 | ||||
Fair value of assets acquired | 42,453 | ||||
Assumed liabilities | (5,209 | ) | |||
Total purchase price | $ | 37,244 | |||
Investments_Tables
Investments (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Investments | ' | |||||
September 30, 2013 | ||||||
(In thousands) | ||||||
U.S. equity | $ | 4,774 | ||||
Non-U.S. equity | 1,564 | |||||
Fixed income | 1,935 | |||||
Total investments | $ | 8,273 | ||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventories | ' | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Raw materials and supplies | $ | 153,790 | $ | 128,186 | |||||
Finished goods | 290,945 | 238,575 | |||||||
LIFO reserve | (21,395 | ) | (19,408 | ) | |||||
Total | $ | 423,340 | $ | 347,353 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Land | $ | 26,281 | $ | 25,517 | |||||
Buildings and improvements | 187,093 | 177,824 | |||||||
Machinery and equipment | 511,730 | 478,394 | |||||||
Construction in progress | 26,522 | 31,335 | |||||||
Total | 751,626 | 713,070 | |||||||
Less accumulated depreciation | (327,054 | ) | (287,763 | ) | |||||
Property, plant and equipment, net | $ | 424,572 | $ | 425,307 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the nine months ended September 30, 2013 are as follows: | |||||||||||||||||||||||||
North American | Food Away | Industrial | |||||||||||||||||||||||
Retail Grocery | From Home | and Export | Total | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 845,216 | $ | 94,393 | $ | 133,582 | $ | 1,073,191 | |||||||||||||||||
Acquisition | 1,309 | 355 | 157 | 1,821 | |||||||||||||||||||||
Currency exchange adjustment | (3,415 | ) | (489 | ) | — | (3,904 | ) | ||||||||||||||||||
Balance at September 30, 2013 | $ | 843,110 | $ | 94,259 | $ | 133,739 | $ | 1,071,108 | |||||||||||||||||
Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill | ' | ||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of intangible assets other than goodwill as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||
Intangible assets with indefinite lives: | |||||||||||||||||||||||||
Trademarks | $ | 31,886 | $ | — | $ | 31,886 | $ | 32,805 | $ | — | $ | 32,805 | |||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||||
Customer-related | 460,464 | (126,392 | ) | 334,072 | 448,825 | (107,761 | ) | 341,064 | |||||||||||||||||
Non-compete agreements | 320 | (46 | ) | 274 | 120 | (18 | ) | 102 | |||||||||||||||||
Trademarks | 24,210 | (6,734 | ) | 17,476 | 20,810 | (5,722 | ) | 15,088 | |||||||||||||||||
Formulas/recipes | 7,371 | (5,407 | ) | 1,964 | 7,017 | (4,631 | ) | 2,386 | |||||||||||||||||
Computer software | 47,860 | (21,125 | ) | 26,735 | 43,339 | (17,223 | ) | 26,116 | |||||||||||||||||
Total | $ | 572,111 | $ | (159,704 | ) | $ | 412,407 | $ | 552,916 | $ | (135,355 | ) | $ | 417,561 | |||||||||||
Estimated Amortization Expense on Intangible Assets | ' | ||||||||||||||||||||||||
Estimated amortization expense on intangible assets for 2013 and the next four years is as follows: | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2013 | $ | 35,530 | |||||||||||||||||||||||
2014 | $ | 35,644 | |||||||||||||||||||||||
2015 | $ | 34,462 | |||||||||||||||||||||||
2016 | $ | 34,069 | |||||||||||||||||||||||
2017 | $ | 32,457 |
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Accounts payable | $ | 154,639 | $ | 121,404 | |||||
Payroll and benefits | 32,442 | 26,661 | |||||||
Interest and taxes | 6,334 | 16,205 | |||||||
Health insurance, workers’ compensation and other insurance costs | 7,510 | 6,879 | |||||||
Marketing expenses | 6,552 | 7,180 | |||||||
Other accrued liabilities | 6,700 | 6,757 | |||||||
Total | $ | 214,177 | $ | 185,086 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Long-Term Debt | ' | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Revolving credit facility | $ | 504,600 | $ | 393,000 | |||||
High Yield Notes | 400,000 | 400,000 | |||||||
Senior notes | — | 100,000 | |||||||
Tax increment financing and other debt | 5,441 | 7,044 | |||||||
Total debt outstanding | 910,041 | 900,044 | |||||||
Less current portion | (1,527 | ) | (1,944 | ) | |||||
Total long-term debt | $ | 908,514 | $ | 898,100 | |||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Effect of Share-Based Compensation Awards on Weighted Average Number of Shares Outstanding Used in Calculating Diluted Earnings Per Share | ' | ||||||||||||||||
The following table summarizes the effect of the share-based compensation awards on the weighted average number of shares outstanding used in calculating diluted earnings per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Weighted average common shares outstanding | 36,482 | 36,149 | 36,378 | 36,116 | |||||||||||||
Assumed exercise/vesting of equity awards (1) | 956 | 925 | 975 | 1,000 | |||||||||||||
Weighted average diluted common shares outstanding | 37,438 | 37,074 | 37,353 | 37,116 | |||||||||||||
-1 | Incremental shares from stock-based compensation awards (equity awards) are computed by the treasury stock method. Equity awards, excluded from our computation of diluted earnings per share because they were anti-dilutive, were 0.5 million for the three and nine months ended September 30, 2013, and 0.4 million and 0.6 million for the three and nine months ended September 30, 2012, respectively. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||||||
The following table summarizes stock option activity during the nine months ended September 30, 2013. Stock options are granted under our long-term incentive plan, and generally have a three year vesting schedule, which vest one-third on each of the first three anniversaries of the grant date. Stock options expire ten years from the grant date. | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
Weighted | Average | ||||||||||||||||||||
Average | Remaining | Aggregate | |||||||||||||||||||
Employee | Director | Exercise | Contractual | Intrinsic | |||||||||||||||||
Options | Options | Price | Term (yrs) | Value | |||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Outstanding, December 31, 2012 | 2,468 | 72 | $ | 33.19 | 4.4 | $ | 50,809 | ||||||||||||||
Granted | 280 | — | $ | 65.96 | |||||||||||||||||
Forfeited | (23 | ) | — | $ | 62.52 | ||||||||||||||||
Exercised | (72 | ) | (1 | ) | $ | 26.54 | |||||||||||||||
Outstanding, September 30, 2013 | 2,653 | 71 | $ | 36.5 | 4.2 | $ | 82,615 | ||||||||||||||
Vested/expected to vest, at September 30, 2013 | 2,581 | 71 | $ | 35.72 | 4.1 | $ | 82,490 | ||||||||||||||
Exercisable, September 30, 2013 | 2,177 | 71 | $ | 30.81 | 3.2 | $ | 80,957 | ||||||||||||||
Summary of Restricted Stock Unit Activity | ' | ||||||||||||||||||||
The following table summarizes the restricted stock unit activity during the nine months ended September 30, 2013. | |||||||||||||||||||||
Employee | Weighted Average | Director | Weighted Average | ||||||||||||||||||
Restricted | Grant Date | Restricted | Grant Date | ||||||||||||||||||
Stock Units | Fair Value | Stock Units | Fair Value | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Outstanding, at December 31, 2012 | 353 | $ | 53.62 | 78 | $ | 39.88 | |||||||||||||||
Granted | 126 | $ | 66.01 | 19 | $ | 65.97 | |||||||||||||||
Vested | (147 | ) | $ | 52.66 | (4 | ) | $ | 58.37 | |||||||||||||
Forfeited | (22 | ) | $ | 59.43 | — | $ | — | ||||||||||||||
Outstanding, at September 30, 2013 | 310 | $ | 58.68 | 93 | $ | 44.06 | |||||||||||||||
Summary of Performance Unit Activity | ' | ||||||||||||||||||||
The following table summarizes the performance unit activity during the nine months ended September 30, 2013: | |||||||||||||||||||||
Weighted | |||||||||||||||||||||
Average | |||||||||||||||||||||
Performance | Grant Date | ||||||||||||||||||||
Units | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Unvested, at December 31, 2012 | 165 | $ | 56.57 | ||||||||||||||||||
Granted | 91 | $ | 65.65 | ||||||||||||||||||
Vested | (34 | ) | $ | 46.2 | |||||||||||||||||
Forfeited | (6 | ) | $ | 55.85 | |||||||||||||||||
Unvested, at September 30, 2013 | 216 | $ | 62 | ||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Components of Accumulated Other Comprehensive Loss Net of Tax Except for Foreign Currency Translation Adjustment | ' | ||||||||||||||||||
Accumulated Other Comprehensive Loss consists of the following components, all of which are net of tax, except for the foreign currency translation adjustment: | |||||||||||||||||||
Unrecognized | Accumulated | ||||||||||||||||||
Foreign | Pension and | Derivative | Other | ||||||||||||||||
Currency | Postretirement | Financial | Comprehensive | ||||||||||||||||
Translation (1) | Benefits (2) | Instrument (3) | Loss | ||||||||||||||||
(In thousands) | |||||||||||||||||||
Balance at December 31, 2012 | $ | (2,007 | ) | $ | (14,525 | ) | $ | (108 | ) | $ | (16,640 | ) | |||||||
Other comprehensive loss | (12,390 | ) | — | — | (12,390 | ) | |||||||||||||
Reclassifications from accumulated other comprehensive loss | — | 1,108 | 108 | 1,216 | |||||||||||||||
Other comprehensive (loss) income | (12,390 | ) | 1,108 | 108 | (11,174 | ) | |||||||||||||
Balance at September 30, 2013 | $ | (14,397 | ) | $ | (13,417 | ) | $ | — | $ | (27,814 | ) | ||||||||
Balance at December 31, 2011 | $ | (10,268 | ) | $ | (11,825 | ) | $ | (269 | ) | $ | (22,362 | ) | |||||||
Other comprehensive income | 12,301 | — | — | 12,301 | |||||||||||||||
Reclassifications from accumulated other comprehensive loss | — | 841 | 121 | 962 | |||||||||||||||
Other comprehensive income | 12,301 | 841 | 121 | 13,263 | |||||||||||||||
Balance at September 30, 2012 | $ | 2,033 | $ | (10,984 | ) | $ | (148 | ) | $ | (9,099 | ) | ||||||||
-1 | The foreign currency translation adjustment is not net of tax, as it pertains to the Company’s permanent investment in its Canadian subsidiary, E.D. Smith. | ||||||||||||||||||
-2 | The unrecognized pension and post-retirement benefits reclassification is presented net of tax of $652 thousand and $530 thousand for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||
-3 | The derivative financial instrument reclassification is presented net of tax of $68 thousand and $76 thousand for the nine months ended September 30, 2013 and 2012, respectively. | ||||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Income | ' | ||||||||||||||||||
The Condensed Consolidated Statements of Income lines impacted by reclassifications out of Accumulated Other Comprehensive Loss are outlined below: | |||||||||||||||||||
Reclassifications from Accumulated | Affected line in | ||||||||||||||||||
Other Comprehensive Loss | The Condensed Consolidated | ||||||||||||||||||
Statements of Income | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Derivative financial instrument | $ | 44 | $ | 65 | $ | 176 | $ | 197 | Interest expense | ||||||||||
Income taxes | 17 | 25 | 68 | 76 | Income taxes | ||||||||||||||
Net of tax | $ | 27 | $ | 40 | $ | 108 | $ | 121 | |||||||||||
Amortization of defined benefit pension | |||||||||||||||||||
Prior service costs | $ | 96 | $ | 134 | $ | 289 | $ | 402 | (a) | ||||||||||
Unrecognized net loss | 470 | 324 | 1,410 | 969 | (a) | ||||||||||||||
Other | — | — | 61 | — | |||||||||||||||
Total before tax | 566 | 458 | 1,760 | 1,371 | |||||||||||||||
Income taxes | 217 | 178 | 652 | 530 | Income taxes | ||||||||||||||
Net of tax | $ | 349 | $ | 280 | $ | 1,108 | $ | 841 | |||||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 15 for additional details. |
Employee_Retirement_and_Postre1
Employee Retirement and Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net periodic pension expense | ' | ||||||||||||||||
Components of Net Periodic Costs | ' | ||||||||||||||||
Components of net periodic pension expense are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Service cost | $ | 648 | $ | 525 | $ | 1,943 | $ | 1,790 | |||||||||
Interest cost | 628 | 643 | 1,883 | 1,827 | |||||||||||||
Expected return on plan assets | (730 | ) | (582 | ) | (2,015 | ) | (1,745 | ) | |||||||||
Amortization of prior service costs | 114 | 151 | 342 | 453 | |||||||||||||
Amortization of unrecognized net loss | 459 | 459 | 1,376 | 1,077 | |||||||||||||
Net periodic pension cost | $ | 1,119 | $ | 1,196 | $ | 3,529 | $ | 3,402 | |||||||||
Net periodic postretirement expense | ' | ||||||||||||||||
Components of Net Periodic Costs | ' | ||||||||||||||||
Components of net periodic postretirement expense are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Service cost | $ | 5 | $ | 8 | $ | 15 | $ | 23 | |||||||||
Interest cost | 37 | 39 | 109 | 116 | |||||||||||||
Amortization of prior service costs | (18 | ) | (18 | ) | (53 | ) | (53 | ) | |||||||||
Amortization of unrecognized net loss | 11 | 14 | 34 | 41 | |||||||||||||
Net periodic postretirement cost | $ | 35 | $ | 43 | $ | 105 | $ | 127 | |||||||||
Other_Operating_Expense_Net_Ta
Other Operating Expense, Net (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Other Operating Expense, Net | ' | ||||||||||||||||
The Company incurred other operating expense for the three and nine months ended September 30, 2013 and 2012, which consisted of the following: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Restructuring | $ | 861 | $ | 3,541 | $ | 2,143 | $ | 4,095 | |||||||||
Other income | — | — | — | (143 | ) | ||||||||||||
Total other operating expense, net | $ | 861 | $ | 3,541 | $ | 2,143 | $ | 3,952 | |||||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Supplemental Cash Flow Information | ' | ||||||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Interest paid | $ | 43,780 | $ | 42,323 | |||||
Income taxes paid | $ | 30,963 | $ | 25,274 | |||||
Accrued purchase of property and equipment | $ | 2,751 | $ | 5,211 | |||||
Accrued other intangible assets | $ | 1,658 | $ | 1,553 | |||||
Accrued purchase price | $ | — | $ | 956 |
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Derivative, Fair Value, and Location on Condensed Consolidated Balance Sheet | ' | ||||||||||||||||||
The following table identifies the derivative, its fair value, and location on the Condensed Consolidated Balance Sheet: | |||||||||||||||||||
Fair Value | |||||||||||||||||||
Balance Sheet Location | September 30, 2013 | December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Asset Derivative: | |||||||||||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | 298 | $ | — | ||||||||||||||
$ | 298 | $ | — | ||||||||||||||||
Fair Value | |||||||||||||||||||
Balance Sheet Location | September 30, 2013 | December 31, 2012 | |||||||||||||||||
(In thousands) | |||||||||||||||||||
Liability Derivative: | |||||||||||||||||||
Commodity contracts | Accounts payable and accrued expenses | $ | 285 | $ | 929 | ||||||||||||||
$ | 285 | $ | 929 | ||||||||||||||||
Gains and Losses on Derivative Contracts | ' | ||||||||||||||||||
We recorded the following gains and losses on our derivative contracts in the Condensed Consolidated Statements of Income: | |||||||||||||||||||
Location of Gain (Loss) | Three Months Ended | Nine Months Ended | |||||||||||||||||
September 30, | September 30, | ||||||||||||||||||
Recognized in Income | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Mark to market unrealized gain (loss): | |||||||||||||||||||
Foreign currency contracts | Loss on foreign currency exchange | $ | — | $ | (40 | ) | $ | — | $ | (40 | ) | ||||||||
Commodity contracts | Other (income) expense, net | 443 | 649 | 942 | (932 | ) | |||||||||||||
Total unrealized gain (loss) | 443 | 609 | 942 | (972 | ) | ||||||||||||||
Realized (loss) gain: | |||||||||||||||||||
Commodity contracts | Cost of sales | — | (688 | ) | — | (660 | ) | ||||||||||||
Commodity contracts | Selling and distribution | (37 | ) | 278 | (166 | ) | 351 | ||||||||||||
Total realized loss | (37 | ) | (410 | ) | (166 | ) | (309 | ) | |||||||||||
Total gain (loss) | $ | 406 | $ | 199 | $ | 776 | $ | (1,281 | ) | ||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Carrying Value and Fair Value of Financial Instruments | ' | ||||||||||||||||||
The following table presents the carrying value and fair value of our financial instruments as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Carrying | Fair | Carrying | Fair | Level | |||||||||||||||
Value | Value | Value | Value | ||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||
Not recorded at fair value (liability): | |||||||||||||||||||
Revolving credit facility | $ | (504,600 | ) | $ | (502,417 | ) | $ | (393,000 | ) | $ | (393,353 | ) | 2 | ||||||
Senior notes | $ | — | $ | — | $ | (100,000 | ) | $ | (102,341 | ) | 2 | ||||||||
High Yield Notes | $ | (400,000 | ) | $ | (423,000 | ) | $ | (400,000 | ) | $ | (433,500 | ) | 2 | ||||||
Recorded on a recurring basis at fair value asset (liability): | |||||||||||||||||||
Commodity contracts | $ | 13 | $ | 13 | $ | (929 | ) | $ | (929 | ) | 2 | ||||||||
Investments | $ | 8,273 | $ | 8,273 | $ | — | $ | — | 1 |
Segment_and_Geographic_Informa1
Segment and Geographic Information and Major Customers (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Financial Information Relating to Reportable Segments | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Net sales to external customers: | |||||||||||||||||
North American Retail Grocery | $ | 401,907 | $ | 384,663 | $ | 1,163,733 | $ | 1,135,204 | |||||||||
Food Away From Home | 96,869 | 89,827 | 264,357 | 253,061 | |||||||||||||
Industrial and Export | 68,374 | 63,622 | 205,516 | 201,079 | |||||||||||||
Total | $ | 567,150 | $ | 538,112 | $ | 1,633,606 | $ | 1,589,344 | |||||||||
Direct operating income: | |||||||||||||||||
North American Retail Grocery | $ | 62,314 | $ | 60,331 | $ | 188,705 | $ | 176,835 | |||||||||
Food Away From Home | 13,027 | 12,568 | 35,888 | 32,844 | |||||||||||||
Industrial and Export | 12,125 | 11,197 | 38,038 | 30,497 | |||||||||||||
Total | 87,466 | 84,096 | 262,631 | 240,176 | |||||||||||||
Unallocated selling and distribution expenses | (1,286 | ) | (811 | ) | (3,969 | ) | (3,520 | ) | |||||||||
Unallocated costs of sales (1) | (4,354 | ) | (2,622 | ) | (16,892 | ) | (2,622 | ) | |||||||||
Unallocated corporate expense | (40,666 | ) | (39,318 | ) | (115,253 | ) | (105,924 | ) | |||||||||
Operating income | 41,160 | 41,345 | 126,517 | 128,110 | |||||||||||||
Other expense | (11,788 | ) | (12,383 | ) | (35,908 | ) | (39,948 | ) | |||||||||
Income before income taxes | $ | 29,372 | $ | 28,962 | $ | 90,609 | $ | 88,162 | |||||||||
-1 | Primarily related to accelerated depreciation and other charges related to restructurings. | ||||||||||||||||
Net Sales by Major Products | ' | ||||||||||||||||
The following table presents the Company’s net sales by major product for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||
Products | |||||||||||||||||
Non-dairy creamer | $ | 82,387 | $ | 84,109 | $ | 253,524 | $ | 257,006 | |||||||||
Salad dressings | 92,178 | 73,248 | 246,460 | 213,894 | |||||||||||||
Pickles | 72,583 | 77,032 | 228,959 | 236,532 | |||||||||||||
Powdered drinks | 85,971 | 54,579 | 226,085 | 160,252 | |||||||||||||
Mexican and other sauces | 61,290 | 58,208 | 182,695 | 173,277 | |||||||||||||
Soup and infant feeding | 49,578 | 70,248 | 141,582 | 194,871 | |||||||||||||
Hot cereals | 37,108 | 37,466 | 118,878 | 114,435 | |||||||||||||
Dry dinners | 33,189 | 34,537 | 90,969 | 95,901 | |||||||||||||
Aseptic products | 25,243 | 22,390 | 72,925 | 71,076 | |||||||||||||
Jams | 15,921 | 14,330 | 45,042 | 45,874 | |||||||||||||
Other products | 11,702 | 11,965 | 26,487 | 26,226 | |||||||||||||
Total net sales | $ | 567,150 | $ | 538,112 | $ | 1,633,606 | $ | 1,589,344 | |||||||||
Guarantor_and_NonGuarantor_Fin1
Guarantor and Non-Guarantor Financial Information (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Condensed Supplemental Consolidating Balance Sheet | ' | ||||||||||||||||||||
Condensed Supplemental Consolidating Balance Sheet | |||||||||||||||||||||
September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Guarantor | |||||||||||||||||||
Subsidiaries | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 681 | $ | 107,371 | $ | — | $ | 108,052 | |||||||||||
Investments | — | — | 8,273 | — | 8,273 | ||||||||||||||||
Receivables, net | 383 | 108,289 | 25,273 | — | 133,945 | ||||||||||||||||
Inventories, net | — | 366,636 | 56,704 | — | 423,340 | ||||||||||||||||
Deferred income taxes | — | 8,296 | 133 | — | 8,429 | ||||||||||||||||
Prepaid expenses and other current assets | 32,182 | 12,099 | 1,388 | (28,505 | ) | 17,164 | |||||||||||||||
Total current assets | 32,565 | 496,001 | 199,142 | (28,505 | ) | 699,203 | |||||||||||||||
Property, plant and equipment, net | 13,836 | 371,388 | 39,348 | — | 424,572 | ||||||||||||||||
Goodwill | — | 959,440 | 111,668 | — | 1,071,108 | ||||||||||||||||
Investment in subsidiaries | 1,849,197 | 208,367 | — | (2,057,564 | ) | — | |||||||||||||||
Intercompany accounts receivable (payable), net | 248,292 | (52,501 | ) | (195,791 | ) | — | — | ||||||||||||||
Deferred income taxes | 14,446 | — | — | (14,446 | ) | — | |||||||||||||||
Identifiable intangible and other assets, net | 46,835 | 298,541 | 86,210 | — | 431,586 | ||||||||||||||||
Total assets | $ | 2,205,171 | $ | 2,281,236 | $ | 240,577 | $ | (2,100,515 | ) | $ | 2,626,469 | ||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 44,327 | $ | 180,599 | $ | 17,756 | $ | (28,505 | ) | $ | 214,177 | ||||||||||
Current portion of long-term debt | — | 1,526 | 1 | — | 1,527 | ||||||||||||||||
Total current liabilities | 44,327 | 182,125 | 17,757 | (28,505 | ) | 215,704 | |||||||||||||||
Long-term debt | 904,600 | 3,894 | 20 | — | 908,514 | ||||||||||||||||
Deferred income taxes | 2,066 | 214,173 | 14,433 | (14,446 | ) | 216,226 | |||||||||||||||
Other long-term liabilities | 8,327 | 31,847 | — | — | 40,174 | ||||||||||||||||
Stockholders’ equity | 1,245,851 | 1,849,197 | 208,367 | (2,057,564 | ) | 1,245,851 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,205,171 | $ | 2,281,236 | $ | 240,577 | $ | (2,100,515 | ) | $ | 2,626,469 | ||||||||||
Condensed Supplemental Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 269 | $ | 94,138 | $ | — | $ | 94,407 | |||||||||||
Accounts receivable, net | 113 | 104,622 | 19,913 | — | 124,648 | ||||||||||||||||
Inventories, net | — | 301,286 | 46,067 | — | 347,353 | ||||||||||||||||
Deferred income taxes | — | 7,860 | 138 | — | 7,998 | ||||||||||||||||
Prepaid expenses and other current assets | 1,276 | 11,857 | 872 | — | 14,005 | ||||||||||||||||
Total current assets | 1,389 | 425,894 | 161,128 | — | 588,411 | ||||||||||||||||
Property, plant and equipment, net | 14,427 | 374,215 | 36,665 | — | 425,307 | ||||||||||||||||
Goodwill | — | 959,440 | 113,751 | — | 1,073,191 | ||||||||||||||||
Investment in subsidiaries | 1,740,451 | 209,833 | — | (1,950,284 | ) | — | |||||||||||||||
Intercompany accounts receivable (payable), net | 267,016 | (118,778 | ) | (148,238 | ) | — | — | ||||||||||||||
Deferred income taxes | 13,275 | — | — | (13,275 | ) | — | |||||||||||||||
Identifiable intangible and other assets, net | 48,797 | 315,258 | 74,909 | — | 438,964 | ||||||||||||||||
Total assets | $ | 2,085,355 | $ | 2,165,862 | $ | 238,215 | $ | (1,963,559 | ) | $ | 2,525,873 | ||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | (3,579 | ) | $ | 175,139 | $ | 13,526 | $ | — | $ | 185,086 | ||||||||||
Current portion of long-term debt | — | 1,938 | 6 | — | 1,944 | ||||||||||||||||
Total current liabilities | (3,579 | ) | 177,077 | 13,532 | — | 187,030 | |||||||||||||||
Long-term debt | 893,000 | 5,079 | 21 | — | 898,100 | ||||||||||||||||
Deferred income taxes | 2,413 | 208,494 | 14,829 | (13,275 | ) | 212,461 | |||||||||||||||
Other long-term liabilities | 14,266 | 34,761 | — | — | 49,027 | ||||||||||||||||
Shareholders’ equity | 1,179,255 | 1,740,451 | 209,833 | (1,950,284 | ) | 1,179,255 | |||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,085,355 | $ | 2,165,862 | $ | 238,215 | $ | (1,963,559 | ) | $ | 2,525,873 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | ' | ||||||||||||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 496,225 | $ | 94,729 | $ | (23,804 | ) | $ | 567,150 | ||||||||||
Cost of sales | — | 397,981 | 77,710 | (23,804 | ) | 451,887 | |||||||||||||||
Gross profit | — | 98,244 | 17,019 | — | 115,263 | ||||||||||||||||
Selling, general and administrative expense | 16,078 | 40,672 | 7,909 | — | 64,659 | ||||||||||||||||
Amortization | 1,387 | 5,750 | 1,446 | — | 8,583 | ||||||||||||||||
Other operating expense, net | — | 294 | 567 | — | 861 | ||||||||||||||||
Operating (loss) income | (17,465 | ) | 51,528 | 7,097 | — | 41,160 | |||||||||||||||
Interest expense | 12,361 | 261 | 3,477 | (3,501 | ) | 12,598 | |||||||||||||||
Interest income | — | (3,501 | ) | (509 | ) | 3,501 | (509 | ) | |||||||||||||
Other expense (income), net | 1 | (580 | ) | 278 | — | (301 | ) | ||||||||||||||
(Loss) income before income taxes | (29,827 | ) | 55,348 | 3,851 | — | 29,372 | |||||||||||||||
Income taxes (benefit) | 25,854 | (20,189 | ) | 1,042 | — | 6,707 | |||||||||||||||
Equity in net income of subsidiaries | 78,346 | 2,809 | — | (81,155 | ) | — | |||||||||||||||
Net income | $ | 22,665 | $ | 78,346 | $ | 2,809 | $ | (81,155 | ) | $ | 22,665 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 477,105 | $ | 73,261 | $ | (12,254 | ) | $ | 538,112 | ||||||||||
Cost of sales | — | 378,134 | 59,023 | (12,254 | ) | 424,903 | |||||||||||||||
Gross profit | — | 98,971 | 14,238 | — | 113,209 | ||||||||||||||||
Selling, general and administrative expense | 10,252 | 44,414 | 5,809 | — | 60,475 | ||||||||||||||||
Amortization | 1,089 | 5,510 | 1,249 | — | 7,848 | ||||||||||||||||
Other operating expense, net | 859 | 506 | 2,176 | — | 3,541 | ||||||||||||||||
Operating (loss) income | (12,200 | ) | 48,541 | 5,004 | — | 41,345 | |||||||||||||||
Interest expense | 12,814 | 286 | 3,645 | (3,646 | ) | 13,099 | |||||||||||||||
Interest income | — | (3,646 | ) | (339 | ) | 3,646 | (339 | ) | |||||||||||||
Other (income) expense, net | (36 | ) | (965 | ) | 624 | — | (377 | ) | |||||||||||||
(Loss) income before income taxes | (24,978 | ) | 52,866 | 1,074 | — | 28,962 | |||||||||||||||
Income taxes (benefit) | (4,069 | ) | 10,749 | 728 | — | 7,408 | |||||||||||||||
Equity in net income of subsidiaries | 42,463 | 346 | — | (42,809 | ) | — | |||||||||||||||
Net income | $ | 21,554 | $ | 42,463 | $ | 346 | $ | (42,809 | ) | $ | 21,554 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | — | $ | 1,453,297 | $ | 242,162 | $ | (61,853 | ) | $ | 1,633,606 | ||||||||||
Cost of sales | — | 1,157,269 | 199,187 | (61,853 | ) | 1,294,603 | |||||||||||||||
Gross profit | — | 296,028 | 42,975 | — | 339,003 | ||||||||||||||||
Selling, general and administrative expense | 40,695 | 123,823 | 20,516 | — | 185,034 | ||||||||||||||||
Amortization | 3,986 | 17,558 | 3,765 | — | 25,309 | ||||||||||||||||
Other operating expense, net | — | 713 | 1,430 | — | 2,143 | ||||||||||||||||
Operating (loss) income | (44,681 | ) | 153,934 | 17,264 | — | 126,517 | |||||||||||||||
Interest expense | 36,940 | 699 | 10,522 | (10,555 | ) | 37,606 | |||||||||||||||
Interest income | — | (10,555 | ) | (1,509 | ) | 10,555 | (1,509 | ) | |||||||||||||
Other (income) expense, net | (1 | ) | (726 | ) | 538 | — | (189 | ) | |||||||||||||
(Loss) income before income taxes | (81,620 | ) | 164,516 | 7,713 | — | 90,609 | |||||||||||||||
Income taxes (benefit) | (3,350 | ) | 27,619 | 2,136 | — | 26,405 | |||||||||||||||
Equity in net income of subsidiaries | 142,474 | 5,577 | — | (148,051 | ) | — | |||||||||||||||
Net income | $ | 64,204 | $ | 142,474 | $ | 5,577 | $ | (148,051 | ) | $ | 64,204 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net sales | $ | — | $ | 1,404,696 | $ | 219,848 | $ | (35,200 | ) | $ | 1,589,344 | ||||||||||
Cost of sales | — | 1,116,318 | 173,494 | (35,200 | ) | 1,254,612 | |||||||||||||||
Gross profit | — | 288,378 | 46,354 | — | 334,732 | ||||||||||||||||
Selling, general and administrative expense | 34,895 | 124,700 | 18,340 | — | 177,935 | ||||||||||||||||
Amortization | 3,315 | 17,697 | 3,723 | — | 24,735 | ||||||||||||||||
Other operating expense, net | 859 | 917 | 2,176 | — | 3,952 | ||||||||||||||||
Operating (loss) income | (39,069 | ) | 145,064 | 22,115 | — | 128,110 | |||||||||||||||
Interest expense | 38,140 | 618 | 10,777 | (10,772 | ) | 38,763 | |||||||||||||||
Interest income | — | (10,772 | ) | (353 | ) | 10,772 | (353 | ) | |||||||||||||
Other (income) expense, net | (36 | ) | 570 | 1,004 | — | 1,538 | |||||||||||||||
(Loss) income before income taxes | (77,173 | ) | 154,648 | 10,687 | — | 88,162 | |||||||||||||||
Income taxes (benefit) | (23,930 | ) | 45,704 | 3,249 | — | 25,023 | |||||||||||||||
Equity in net income of subsidiaries | 116,382 | 7,438 | — | (123,820 | ) | — | |||||||||||||||
Net income | $ | 63,139 | $ | 116,382 | $ | 7,438 | $ | (123,820 | ) | $ | 63,139 | ||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | ' | ||||||||||||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Three Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income | $ | 22,665 | $ | 78,346 | $ | 2,809 | $ | (81,155 | ) | $ | 22,665 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | 2,940 | 4,137 | — | 7,077 | ||||||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | 349 | — | — | 349 | ||||||||||||||||
Derivative reclassification adjustment, net of tax | 27 | — | — | — | 27 | ||||||||||||||||
Other comprehensive income | 27 | 3,289 | 4,137 | — | 7,453 | ||||||||||||||||
Equity in other comprehensive income of subsidiaries | 7,426 | 4,137 | — | (11,563 | ) | — | |||||||||||||||
Comprehensive income | $ | 30,118 | $ | 85,772 | $ | 6,946 | $ | (92,718 | ) | $ | 30,118 | ||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Three Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income | $ | 21,554 | $ | 42,463 | $ | 346 | $ | (42,809 | ) | $ | 21,554 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | 6,165 | 7,920 | — | 14,085 | ||||||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | 280 | — | — | 280 | ||||||||||||||||
Derivative reclassification adjustment, net of tax | 40 | — | — | — | 40 | ||||||||||||||||
Other comprehensive income | 40 | 6,445 | 7,920 | — | 14,405 | ||||||||||||||||
Equity in other comprehensive income of subsidiaries | 14,365 | 7,920 | — | (22,285 | ) | — | |||||||||||||||
Comprehensive income | $ | 35,959 | $ | 56,828 | $ | 8,266 | $ | (65,094 | ) | $ | 35,959 | ||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income | $ | 64,204 | $ | 142,474 | $ | 5,577 | $ | (148,051 | ) | $ | 64,204 | ||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||
Foreign currency translation adjustments | — | (5,175 | ) | (7,215 | ) | — | (12,390 | ) | |||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | 1,108 | — | — | 1,108 | ||||||||||||||||
Derivative reclassification adjustment, net of tax | 108 | — | — | — | 108 | ||||||||||||||||
Other comprehensive income (loss) | 108 | (4,067 | ) | (7,215 | ) | — | (11,174 | ) | |||||||||||||
Equity in other comprehensive income of subsidiaries | (11,282 | ) | (7,215 | ) | — | 18,497 | — | ||||||||||||||
Comprehensive income | $ | 53,030 | $ | 131,192 | $ | (1,638 | ) | $ | (129,554 | ) | $ | 53,030 | |||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | |||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income | $ | 63,139 | $ | 116,382 | $ | 7,438 | $ | (123,820 | ) | $ | 63,139 | ||||||||||
Other comprehensive income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | 5,430 | 6,871 | — | 12,301 | ||||||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | 841 | — | — | 841 | ||||||||||||||||
Derivative reclassification adjustment, net of tax | 121 | — | — | — | 121 | ||||||||||||||||
Other comprehensive income | 121 | 6,271 | 6,871 | — | 13,263 | ||||||||||||||||
Equity in other comprehensive income of subsidiaries | 13,142 | 6,871 | — | (20,013 | ) | — | |||||||||||||||
Comprehensive income | $ | 76,402 | $ | 129,524 | $ | 14,309 | $ | (143,833 | ) | $ | 76,402 | ||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | |||||||||||||||||||
Guarantor | |||||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | (49,403 | ) | $ | 124,835 | $ | 26,454 | $ | — | $ | 101,886 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Purchase of investments | — | — | (7,893 | ) | — | (7,893 | ) | ||||||||||||||
Additions to property, plant and equipment | (186 | ) | (46,336 | ) | (5,849 | ) | — | (52,371 | ) | ||||||||||||
Additions to other intangible assets | (2,819 | ) | (981 | ) | — | — | (3,800 | ) | |||||||||||||
Acquisition of business, net of cash acquired | — | (37,244 | ) | 2,634 | — | (34,610 | ) | ||||||||||||||
Proceeds from sale of fixed assets | — | 915 | 968 | — | 1,883 | ||||||||||||||||
Net cash used in investing activities | (3,005 | ) | (83,646 | ) | (10,140 | ) | — | (96,791 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Borrowings under revolving credit facility | 397,300 | — | — | — | 397,300 | ||||||||||||||||
Payments under revolving credit facility | (285,700 | ) | — | — | — | (285,700 | ) | ||||||||||||||
Payment on senior notes | (100,000 | ) | — | — | — | (100,000 | ) | ||||||||||||||
Payments on capitalized lease obligations | — | (1,597 | ) | — | — | (1,597 | ) | ||||||||||||||
Intercompany transfer | 39,180 | (39,180 | ) | — | — | — | |||||||||||||||
Net payments related to stock-based award activities | (2,051 | ) | — | — | — | (2,051 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 3,679 | — | — | — | 3,679 | ||||||||||||||||
Net cash provided by (used in) financing activities | 52,408 | (40,777 | ) | — | — | 11,631 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,081 | ) | — | (3,081 | ) | ||||||||||||||
Net increase in cash and cash equivalents | — | 412 | 13,233 | — | 13,645 | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | 269 | 94,138 | — | 94,407 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 681 | $ | 107,371 | $ | — | $ | 108,052 | |||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | |||||||||||||||||||||
Nine Months Ended September 30, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non- | |||||||||||||||||||
Guarantor | |||||||||||||||||||||
Company | Subsidiaries | Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | (54,507 | ) | $ | 77,427 | $ | 81,650 | $ | — | $ | 104,570 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | 55 | (36,970 | ) | (7,624 | ) | — | (44,539 | ) | |||||||||||||
Additions to other intangible assets | (6,268 | ) | (544 | ) | — | — | (6,812 | ) | |||||||||||||
Acquisition of business, net of cash acquired | — | (25,000 | ) | — | — | (25,000 | ) | ||||||||||||||
Proceeds from sale of fixed assets | — | 42 | — | — | 42 | ||||||||||||||||
Net cash used in investing activities | (6,213 | ) | (62,472 | ) | (7,624 | ) | — | (76,309 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Borrowings under revolving credit facility | 276,600 | — | — | — | 276,600 | ||||||||||||||||
Payments under revolving credit facility | (224,400 | ) | — | — | — | (224,400 | ) | ||||||||||||||
Payments on capitalized lease obligations | — | (1,491 | ) | — | — | (1,491 | ) | ||||||||||||||
Intercompany transfer | 9,792 | (9,792 | ) | — | — | — | |||||||||||||||
Net payments related to stock-based award activities | (3,812 | ) | — | — | — | (3,812 | ) | ||||||||||||||
Excess tax benefits from stock-based compensation | 2,540 | — | — | — | 2,540 | ||||||||||||||||
Net cash provided by (used in) financing activities | 60,720 | (11,283 | ) | — | — | 49,437 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2,820 | — | 2,820 | ||||||||||||||||
Net increase in cash and cash equivalents | — | 3,672 | 76,846 | — | 80,518 | ||||||||||||||||
Cash and cash equivalents, beginning of period | — | 6 | 3,273 | — | 3,279 | ||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 3,678 | $ | 80,119 | $ | — | $ | 83,797 | |||||||||||
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 14 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 14 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Change in Accounting Method Accounted for as Change in Estimate | Change in Accounting Method Accounted for as Change in Estimate | Change in Accounting Method Accounted for as Change in Estimate | Change in Accounting Method Accounted for as Change in Estimate | Mendota, Illinois soup plant | Mendota, Illinois soup plant | Mendota, Illinois soup plant | Mendota, Illinois soup plant | Mendota, Illinois soup plant | Salad dressing plant in Seaforth, Ontario, Canada | Salad dressing plant in Seaforth, Ontario, Canada | Salad dressing plant in Seaforth, Ontario, Canada | Salad dressing plant in Seaforth, Ontario, Canada | Salad dressing plant in Seaforth, Ontario, Canada | |||||
Cash | Cash | |||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Plant closure expected costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,700 | $26,450 | $26,450 | $4,600 | ' | $12,300 | $13,117 | $13,117 | $6,300 |
Accelerated depreciation | $3,600 | $2,600 | $16,300 | $2,600 | $3,600 | $2,600 | $16,300 | $2,600 | $3,605 | ' | $13,586 | ' | ' | ($29) | ' | $2,687 | ' | ' |
Aggregate_Expenses_Incurred_As
Aggregate Expenses Incurred Associated with Facility Closure (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 14 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 14 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Employee Severance | Mendota, Illinois soup plant | Mendota, Illinois soup plant | Mendota, Illinois soup plant | Mendota, Illinois soup plant | Mendota, Illinois soup plant | Mendota, Illinois soup plant | Mendota, Illinois soup plant | Salad dressing plant in Seaforth, Ontario, Canada | Salad dressing plant in Seaforth, Ontario, Canada | Salad dressing plant in Seaforth, Ontario, Canada | Salad dressing plant in Seaforth, Ontario, Canada | Salad dressing plant in Seaforth, Ontario, Canada | Salad dressing plant in Seaforth, Ontario, Canada | Salad dressing plant in Seaforth, Ontario, Canada | |||||
Accelerated Depreciation | Employee Severance | Other Restructuring | Accelerated Depreciation | Employee Severance | Other Restructuring | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accelerated depreciation | $3,600 | $2,600 | $16,300 | $2,600 | ' | $3,605 | ' | $13,586 | ' | ' | ' | ' | ($29) | ' | $2,687 | ' | ' | ' | ' |
Severance and outplacement | 861 | 3,541 | 2,143 | 4,095 | ' | ' | ' | -12 | ' | ' | ' | ' | 12 | ' | 508 | ' | ' | ' | ' |
Other closure costs | ' | ' | ' | ' | ' | 648 | ' | 866 | ' | ' | ' | ' | 1,261 | ' | 2,608 | ' | ' | ' | ' |
Total | ' | ' | ' | ' | 485 | 4,253 | ' | 14,440 | ' | ' | ' | ' | 1,244 | ' | 5,803 | ' | ' | ' | ' |
Cumulative costs to date, Total | ' | ' | ' | ' | ' | ' | ' | ' | 22,480 | 20,289 | 745 | 1,446 | ' | ' | ' | 12,538 | 6,695 | 2,757 | 3,086 |
Total expected costs | ' | ' | ' | ' | ' | ' | $26,700 | $26,450 | $26,450 | $21,845 | $816 | $3,789 | ' | $12,300 | $13,117 | $13,117 | $6,695 | $2,853 | $3,569 |
Reconciliation_of_Severance_Li
Reconciliation of Severance Liability (Detail) (Employee Severance, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Employee Severance | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Balance as of January 1, 2013 | $2,686 |
Expense | 485 |
Payments | -2,471 |
Foreign exchange | -77 |
Adjustments | -50 |
Balance as of September 30, 2013 | $573 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 13, 2012 | Nov. 30, 2012 | Sep. 30, 2013 | Jul. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 08, 2013 |
USD ($) | USD ($) | North American Retail Grocery | North American Retail Grocery | Food Away From Home | Food Away From Home | Industrial and Export | Industrial and Export | Naturally Fresh | Associated Milk Producers Inc | Cains Foods, Lp | Cains Foods, Lp | Cains Foods, Lp | Cains Foods, Lp | Cains Foods, Lp | Cains Foods, Lp | Cains Foods, Lp | Cains Foods, Lp | Cains Foods, Lp | Associated Brands | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | North American Retail Grocery | Food Away From Home | Industrial and Export | Customer relationships | TradeNames | Non-compete agreement | Formulae | Subsequent Event | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | CAD | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment in cash for business | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 187,000,000 |
Business acquisition, cost of acquired entity, purchase price, net of cash | ' | ' | ' | ' | ' | ' | ' | ' | 26,000,000 | ' | ' | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Payment in cash for business financed through credit facility | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | 3,400,000 | 200,000 | 400,000 | ' |
Finite-lived intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '15 years | '5 years | '5 years | ' |
Goodwill | 1,071,108,000 | 1,073,191,000 | 843,110,000 | 845,216,000 | 94,259,000 | 94,393,000 | 133,739,000 | 133,582,000 | ' | ' | 1,821,000 | ' | 1,300,000 | 300,000 | 200,000 | ' | ' | ' | ' | ' |
Business acquisition related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cost of acquired entity, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase_Price_Allocation_to_N
Purchase Price Allocation to Net Tangible and Intangible Assets Acquired and Liabilities Assumed (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $1,071,108 | $1,073,191 |
Cains Foods, Lp | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash | 2,634 | ' |
Receivables | 4,191 | ' |
Inventory | 8,773 | ' |
Property plant and equipment | 7,072 | ' |
Other assets | 462 | ' |
Goodwill | 1,821 | ' |
Fair value of assets acquired | 42,453 | ' |
Assumed liabilities | -5,209 | ' |
Total purchase price | 37,244 | ' |
Cains Foods, Lp | Customer relationships | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible asset | 13,500 | ' |
Cains Foods, Lp | TradeNames | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible asset | 3,400 | ' |
Cains Foods, Lp | Non-compete agreement | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible asset | 200 | ' |
Cains Foods, Lp | Formulae | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Intangible asset | $400 | ' |
Investments_Detail
Investments (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Investment [Line Items] | ' |
Total investments | $8,273 |
U.S. Equity | ' |
Investment [Line Items] | ' |
Total investments | 4,774 |
Non-U.S. Equity | ' |
Investment [Line Items] | ' |
Total investments | 1,564 |
Fixed Income | ' |
Investment [Line Items] | ' |
Total investments | $1,935 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $108,052,000 | $83,797,000 | $108,052,000 | $83,797,000 | $94,407,000 | $3,279,000 |
Borrowing under revolving credit facility to fund business acquisition | 750,000,000 | ' | 750,000,000 | ' | ' | ' |
Net unrealized investment gain | 300,000 | ' | 642,000 | ' | ' | ' |
Realized gain loss on investments | 509,000 | 339,000 | 1,509,000 | 353,000 | ' | ' |
Trading Securities | ' | ' | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Realized gain loss on investments | 100,000 | ' | 100,000 | ' | ' | ' |
Canada | ' | ' | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $101,900,000 | ' | $101,900,000 | ' | $94,100,000 | ' |
Canada | Associated Brands | ' | ' | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' | ' | ' |
Date of acquisition | ' | ' | 8-Oct-13 | ' | ' | ' |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and supplies | $153,790 | $128,186 |
Finished goods | 290,945 | 238,575 |
LIFO reserve | -21,395 | -19,408 |
Total | $423,340 | $347,353 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
LIFO inventory | $80.80 | $77.70 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Land | $26,281 | $25,517 |
Buildings and improvements | 187,093 | 177,824 |
Machinery and equipment | 511,730 | 478,394 |
Construction in progress | 26,522 | 31,335 |
Total | 751,626 | 713,070 |
Less accumulated depreciation | -327,054 | -287,763 |
Property, plant and equipment, net | $424,572 | $425,307 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation expense | $16,500,000 | $16,000,000 | $54,889,000 | $42,088,000 |
Accelerated depreciation | $3,600,000 | $2,600,000 | $16,300,000 | $2,600,000 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Goodwill [Line Items] | ' |
Beginning Balance | $1,073,191 |
Acquisition | 1,821 |
Currency exchange adjustment | -3,904 |
Ending Balance | 1,071,108 |
North American Retail Grocery | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 845,216 |
Acquisition | 1,309 |
Currency exchange adjustment | -3,415 |
Ending Balance | 843,110 |
Food Away From Home | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 94,393 |
Acquisition | 355 |
Currency exchange adjustment | -489 |
Ending Balance | 94,259 |
Industrial and Export | ' |
Goodwill [Line Items] | ' |
Beginning Balance | 133,582 |
Acquisition | 157 |
Ending Balance | $133,739 |
Gross_Carrying_Amount_and_Accu
Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | $572,111 | $552,916 |
Accumulated Amortization | -159,704 | -135,355 |
Net Carrying Amount | 412,407 | 417,561 |
Trademarks | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | 31,886 | 32,805 |
Net Carrying Amount | 31,886 | 32,805 |
Gross Carrying Amount | 24,210 | 20,810 |
Accumulated Amortization | -6,734 | -5,722 |
Net Carrying Amount | 17,476 | 15,088 |
Customer related | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | 460,464 | 448,825 |
Accumulated Amortization | -126,392 | -107,761 |
Net Carrying Amount | 334,072 | 341,064 |
Non-compete agreement | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | 320 | 120 |
Accumulated Amortization | -46 | -18 |
Net Carrying Amount | 274 | 102 |
Formulas/recipes | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | 7,371 | 7,017 |
Accumulated Amortization | -5,407 | -4,631 |
Net Carrying Amount | 1,964 | 2,386 |
Computer software | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | 47,860 | 43,339 |
Accumulated Amortization | -21,125 | -17,223 |
Net Carrying Amount | $26,735 | $26,116 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' |
Amortization expense | $8,583 | $7,848 | $25,309 | $24,735 |
Estimated_Amortization_Expense
Estimated Amortization Expense on Intangible Assets (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
2013 | $35,530 |
2014 | 35,644 |
2015 | 34,462 |
2016 | 34,069 |
2017 | $32,457 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' |
Accounts payable | $154,639 | $121,404 |
Payroll and benefits | 32,442 | 26,661 |
Interest and taxes | 6,334 | 16,205 |
Health insurance, workers' compensation and other insurance costs | 7,510 | 6,879 |
Marketing expenses | 6,552 | 7,180 |
Other accrued liabilities | 6,700 | 6,757 |
Total | $214,177 | $185,086 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Line Items] | ' | ' | ' | ' |
Effective income tax rate | 22.80% | 25.60% | 29.10% | 28.40% |
Decrease in total amount of unrecognized tax benefits within the next 12 months | $3.80 | ' | $3.80 | ' |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Revolving credit facility | $504,600 | $393,000 |
High Yield Notes | 400,000 | 400,000 |
Senior notes | ' | 100,000 |
Tax increment financing and other debt | 5,441 | 7,044 |
Total debt outstanding | 910,041 | 900,044 |
Less current portion | -1,527 | -1,944 |
Total long-term debt | $908,514 | $898,100 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured revolving credit facility, aggregate commitment | $750,000,000 | $750,000,000 | ' |
Revolving credit facility available | 234,600,000 | 234,600,000 | ' |
Letters of credit facility issued but undrawn | 10,800,000 | 10,800,000 | ' |
Average interest rate on debt outstanding under revolving credit facility | 1.43% | 1.54% | ' |
Revolving credit facility maturity date | ' | 23-Sep-16 | ' |
Aggregate principal amount of high yield notes | 400,000,000 | 400,000,000 | 400,000,000 |
Senior notes, refinanced | ' | 100,000,000 | ' |
Bay Valley Foods, LLC | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Percentage of ownership interests | 100.00% | 100.00% | ' |
EDS Holdings, LLC; Sturm Foods, Inc.; and S.T. Specialty Foods | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Percentage of ownership interests | 100.00% | 100.00% | ' |
High Yield Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated debt interest rate | 7.75% | 7.75% | ' |
Debt, maturity date | ' | 1-Mar-18 | ' |
Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Stated debt interest rate | 6.03% | 6.03% | ' |
Debt, maturity date | ' | 30-Sep-13 | ' |
Tax Increment Financing | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Redevelopment bonds issued | $1,800,000 | $1,800,000 | ' |
Maturity Date | '2019-05 | '2019-05 | ' |
Summary_of_Effect_of_ShareBase
Summary of Effect of Share-Based Compensation Awards on Weighted Average Number of Shares Outstanding Used in Calculating Diluted Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' | ' | ' | ||||
Weighted average common shares outstanding | 36,482 | 36,149 | 36,378 | 36,116 | ||||
Assumed exercise/vesting of equity awards | 956 | [1] | 925 | [1] | 975 | [1] | 1,000 | [1] |
Weighted average diluted common shares outstanding | 37,438 | 37,074 | 37,353 | 37,116 | ||||
[1] | Incremental shares from stock-based compensation awards (equity awards) are computed by the treasury stock method. Equity awards, excluded from our computation of diluted earnings per share because they were anti-dilutive, were 0.5 million for the three and nine months ended September 30, 2013, and 0.4 million and 0.6 million for the three and nine months ended September 30, 2012, respectively. |
Summary_of_Effect_of_ShareBase1
Summary of Effect of Share-Based Compensation Awards on Weighted Average Number of Shares Outstanding Used in Calculating Diluted Earnings Per Share (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' | ' | ' |
Equity awards, excluded from computation of diluted earnings | 0.5 | 0.4 | 0.5 | 0.6 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Aug. 31, 2013 | Jun. 28, 2013 | Mar. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jun. 28, 2013 | Mar. 02, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Restricted Stock Units | Performance Units | Performance Units | Performance Units | Performance Units | Each of the three performance periods | Each of the three performance periods | Cumulative performance period | Cumulative performance period | ||||||||
Maximum | Performance Units | Performance Units | Performance Units | Performance Units | |||||||||||||||||
Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | $4,600,000 | $3,400,000 | $11,701,000 | $9,112,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized related to the compensation cost of share-based awards | 1,700,000 | 1,300,000 | 4,300,000 | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' |
Share based compensation arrangement, award vesting percentage year one | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, award vesting percentage year two | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, award vesting percentage year three | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, award expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation costs, unrecognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | ' | ' | 12,900,000 | ' | ' | ' | 14,100,000 | ' | ' | ' | ' |
Compensation costs, recognition weighted average remaining period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 2 months 12 days | ' | ' | '2 years | ' | ' | ' | '2 years 6 months | ' | ' | ' | ' |
Expected volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.46 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of stock options exercised during the period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized from stock option exercises | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, award vesting percentage year one | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, award vesting percentage year two | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, award vesting percentage year three | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of share based compensation arrangement units vested | ' | ' | ' | ' | ' | ' | ' | $9,800,000 | $11,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Predefined percentage for calculation of performance unit awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 200.00% | 0.00% | 200.00% |
Share based compensation arrangement, award accruing percentage year one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' |
Share based compensation arrangement, award accruing percentage year two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' |
Share based compensation arrangement, award accruing percentage year three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' |
Performance units converted into stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 870 | 32,371 | 1,225 | ' | ' | ' | ' | ' |
Shares of stock converted from performance units | ' | ' | ' | ' | 755 | 28,308 | 2,450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio of awards vesting | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.87 | 0.87 | 2 | ' | ' | ' | ' | ' |
Summary_of_Stock_Option_Activi
Summary of Stock Option Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Weighted Average Exercise Price | ' |
Outstanding, Beginning Balance | $33.19 |
Granted | $65.96 |
Forfeited | $62.52 |
Exercised | $26.54 |
Outstanding, Ending Balance | $36.50 |
Vested/expected to vest, at September 30, 2013 | $35.72 |
Exercisable, September 30, 2013 | $30.81 |
Weighted Average Remaining Contractual Term (yrs) | ' |
Outstanding, Beginning Balance | '4 years 4 months 24 days |
Outstanding, Ending Balance | '4 years 2 months 12 days |
Vested/expected to vest, at September 30, 2013 | '4 years 1 month 6 days |
Exercisable, September 30, 2013 | '3 years 2 months 12 days |
Aggregate Intrinsic Value | ' |
Outstanding, Beginning Balance | $50,809 |
Outstanding, Ending Balance | 82,615 |
Vested/expected to vest, at September 30, 2013 | 82,490 |
Exercisable, September 30, 2013 | $80,957 |
Employee Stock Option | ' |
Options | ' |
Outstanding, Beginning Balance | 2,468 |
Granted | 280 |
Forfeited | -23 |
Exercised | -72 |
Outstanding, Ending Balance | 2,653 |
Vested/expected to vest, at September 30, 2013 | 2,581 |
Exercisable, September 30, 2013 | 2,177 |
Director Options | ' |
Options | ' |
Outstanding, Beginning Balance | 72 |
Exercised | -1 |
Outstanding, Ending Balance | 71 |
Vested/expected to vest, at September 30, 2013 | 71 |
Exercisable, September 30, 2013 | 71 |
Summary_of_Restricted_Stock_Un
Summary of Restricted Stock Unit Activity (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Employee Restricted Stock Units | ' |
Number of Units | ' |
Beginning Balance | 353 |
Granted | 126 |
Vested | -147 |
Forfeited | -22 |
Ending Balance | 310 |
Weighted Average Grant Date Fair Value | ' |
Beginning Balance | $53.62 |
Granted | $66.01 |
Vested | $52.66 |
Forfeited | $59.43 |
Ending Balance | $58.68 |
Director Restricted Stock Units | ' |
Number of Units | ' |
Beginning Balance | 78 |
Granted | 19 |
Vested | -4 |
Ending Balance | 93 |
Weighted Average Grant Date Fair Value | ' |
Beginning Balance | $39.88 |
Granted | $65.97 |
Vested | $58.37 |
Ending Balance | $44.06 |
Summary_of_Performance_Unit_Ac
Summary of Performance Unit Activity (Detail) (Performance Units, USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Performance Units | ' |
Performance Units | ' |
Beginning Balance | 165 |
Granted | 91 |
Vested | -34 |
Forfeited | -6 |
Ending Balance | 216 |
Weighted Average Grant Date Fair Value | ' |
Beginning Balance | $56.57 |
Granted | $65.65 |
Vested | $46.20 |
Forfeited | $55.85 |
Ending Balance | $62 |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss Net of Tax Except for Foreign Currency Translation Adjustment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | ($16,640) | ($22,362) | ||||
Other comprehensive (loss) income | ' | ' | -12,390 | 12,301 | ||||
Reclassifications from accumulated other comprehensive loss | ' | ' | 1,216 | 962 | ||||
Other comprehensive (loss) income | 7,453 | 14,405 | -11,174 | 13,263 | ||||
Ending Balance | -27,814 | -9,099 | -27,814 | -9,099 | ||||
Foreign Currency Translation | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | -2,007 | [1] | -10,268 | [1] | ||
Other comprehensive (loss) income | ' | ' | -12,390 | [1] | 12,301 | [1] | ||
Other comprehensive (loss) income | ' | ' | -12,390 | [1] | 12,301 | [1] | ||
Ending Balance | -14,397 | [1] | 2,033 | [1] | -14,397 | [1] | 2,033 | [1] |
Unrecognized Pension and Postretirement Benefits | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | -14,525 | [2] | -11,825 | [2] | ||
Reclassifications from accumulated other comprehensive loss | ' | ' | 1,108 | [2] | 841 | [2] | ||
Other comprehensive (loss) income | ' | ' | 1,108 | [2] | 841 | [2] | ||
Ending Balance | -13,417 | [2] | -10,984 | [2] | -13,417 | [2] | -10,984 | [2] |
Derivative Financial Instrument | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Beginning Balance | ' | ' | -108 | [3] | -269 | [3] | ||
Reclassifications from accumulated other comprehensive loss | ' | ' | 108 | [3] | 121 | [3] | ||
Other comprehensive (loss) income | ' | ' | 108 | [3] | 121 | [3] | ||
Ending Balance | ' | ($148) | [3] | ' | ($148) | [3] | ||
[1] | The foreign currency translation adjustment is not net of tax, as it pertains to the Company's permanent investment in its Canadian subsidiary, E.D. Smith. | |||||||
[2] | The unrecognized pension and post-retirement benefits reclassification is presented net of tax of $652 thousand and $530 thousand for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[3] | The derivative financial instrument reclassification is presented net of tax of $68 thousand and $76 thousand for the nine months ended September 30, 2013 and 2012, respectively. |
Components_of_Accumulated_Othe1
Components of Accumulated Other Comprehensive Loss Net of Tax Except for Foreign Currency Translation Adjustment (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Pension and post-retirement reclassification adjustment, tax | $217 | $178 | $652 | $530 |
Derivative reclassification adjustment, tax | $17 | $25 | $68 | $76 |
Reclassifications_from_Accumul
Reclassifications from Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Interest expense | ($12,598) | ($13,099) | ($37,606) | ($38,763) | ||||
(Loss) income before income taxes | 29,372 | 28,962 | 90,609 | 88,162 | ||||
Income taxes | 6,707 | 7,408 | 26,405 | 25,023 | ||||
Net income | 22,665 | 21,554 | 64,204 | 63,139 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Derivative Financial Instrument | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Interest expense | 44 | 65 | 176 | 197 | ||||
Income taxes | 17 | 25 | 68 | 76 | ||||
Net income | 27 | 40 | 108 | 121 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Benefits | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Prior service costs | 96 | [1] | 134 | [1] | 289 | [1] | 402 | [1] |
Unrecognized net loss | 470 | [1] | 324 | [1] | 1,410 | [1] | 969 | [1] |
Other | ' | ' | 61 | ' | ||||
(Loss) income before income taxes | 566 | 458 | 1,760 | 1,371 | ||||
Income taxes | 217 | 178 | 652 | 530 | ||||
Net income | $349 | $280 | $1,108 | $841 | ||||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 15 for additional details. |
Components_of_Net_Periodic_Cos
Components of Net Periodic Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net periodic pension expense | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $648 | $525 | $1,943 | $1,790 |
Interest cost | 628 | 643 | 1,883 | 1,827 |
Expected return on plan assets | -730 | -582 | -2,015 | -1,745 |
Amortization of prior service costs | 114 | 151 | 342 | 453 |
Amortization of unrecognized net loss | 459 | 459 | 1,376 | 1,077 |
Net periodic pension cost | 1,119 | 1,196 | 3,529 | 3,402 |
Net periodic postretirement expense | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 5 | 8 | 15 | 23 |
Interest cost | 37 | 39 | 109 | 116 |
Amortization of prior service costs | -18 | -18 | -53 | -53 |
Amortization of unrecognized net loss | 11 | 14 | 34 | 41 |
Net periodic pension cost | $35 | $43 | $105 | $127 |
Employee_Retirement_and_Postre2
Employee Retirement and Postretirement Benefits - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Net periodic pension expense | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Contribution to benefit plans | $4.90 |
Additional Contribution to benefit plans | 0.4 |
Net periodic postretirement expense | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Expected contribution for benefit plans in the current fiscal year | $0.20 |
Other_Operating_Expense_Net_De
Other Operating Expense, Net (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Component Of Operating Cost And Expense [Line Items] | ' | ' | ' | ' |
Restructuring | $861 | $3,541 | $2,143 | $4,095 |
Other income | ' | ' | ' | -143 |
Total other operating expense, net | $861 | $3,541 | $2,143 | $3,952 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Cash Flow, Supplemental [Line Items] | ' | ' |
Interest paid | $43,780 | $42,323 |
Income taxes paid | 30,963 | 25,274 |
Accrued purchase of property and equipment | 2,751 | 5,211 |
Accrued other intangible assets | 1,658 | 1,553 |
Accrued purchase price | ' | $956 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Schedule of Cash Flow, Supplemental [Line Items] | ' | ' |
Restricted stock, restricted stock units and performance units, vesting shares | 182,063 | 153,436 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Electricity Contract | Electricity Contract | Natural Gas Contracts | Diesel Fuel | Foreign currency contract | |
Contract, One | Contract, Two | DTH | gal | ||
MW | MW | ||||
Derivative [Line Items] | ' | ' | ' | ' | ' |
Derivative notional amount | ' | ' | ' | ' | $18 |
Derivative, expiration period | 'In the fourth quarter of 2013 | 'Throughout 2014 | 'In the fourth quarter of 2013 | 'In the fourth quarter of 2013 | 'In the fourth quarter of 2012. |
Notional amount outstanding | 9,727 | 39,886 | 464,059 | 1,500,000 | ' |
Derivative_Fair_Value_and_Loca
Derivative, Fair Value, and Location on Condensed Consolidated Balance Sheets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivative, fair value | $298 | ' |
Liability derivative, fair value | 285 | 929 |
Commodity contracts | Prepaid expenses and other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivative, fair value | 298 | ' |
Commodity contracts | Accounts payable and accrued expenses | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivative, fair value | $285 | $929 |
Gains_and_Losses_on_Derivative
Gains and Losses on Derivative Contracts (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total unrealized gain (loss) | $443 | $609 | $942 | ($972) |
Total realized gain (loss) | -37 | -410 | -166 | -309 |
Total gain (loss) | 406 | 199 | 776 | -1,281 |
Foreign currency contract | Loss on foreign currency exchange | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total unrealized gain (loss) | ' | -40 | ' | -40 |
Commodity contracts | Other (income) expense, net | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total unrealized gain (loss) | 443 | 649 | 942 | -932 |
Commodity contracts | Cost of sales | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total realized gain (loss) | ' | -688 | ' | -660 |
Commodity contracts | Selling and distribution | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Total realized gain (loss) | ($37) | $278 | ($166) | $351 |
Carrying_Value_and_Fair_Value_
Carrying Value and Fair Value of Financial Instruments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Commodity contracts, liability | ($285) | ($929) |
Commodity contracts, assets | 298 | ' |
Carrying Value | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Revolving credit facility | -504,600 | -393,000 |
Senior notes | ' | -100,000 |
High Yield Notes | -400,000 | -400,000 |
Carrying Value | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 8,273 | ' |
Carrying Value | Fair Value, Measurements, Recurring | Commodity contracts | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Commodity contracts, liability | ' | -929 |
Commodity contracts, assets | 13 | ' |
Fair Value | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Revolving credit facility | -502,417 | -393,353 |
Senior notes | ' | -102,341 |
High Yield Notes | -423,000 | -433,500 |
Fair Value | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 8,273 | ' |
Fair Value | Fair Value, Measurements, Recurring | Commodity contracts | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Commodity contracts, liability | ' | -929 |
Commodity contracts, assets | $13 | ' |
Financial_Information_Relating
Financial Information Relating to Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | $567,150 | $538,112 | $1,633,606 | $1,589,344 | ||||
Direct operating income | 87,466 | 84,096 | 262,631 | 240,176 | ||||
Selling and distribution expenses | -33,437 | -32,546 | -97,233 | -100,698 | ||||
Cost of sales | -451,887 | -424,903 | -1,294,603 | -1,254,612 | ||||
Operating income | 41,160 | 41,345 | 126,517 | 128,110 | ||||
Other expense | -11,788 | -12,383 | -35,908 | -39,948 | ||||
Income before income taxes | 29,372 | 28,962 | 90,609 | 88,162 | ||||
North American Retail Grocery | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 401,907 | 384,663 | 1,163,733 | 1,135,204 | ||||
Direct operating income | 62,314 | 60,331 | 188,705 | 176,835 | ||||
Food Away From Home | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 96,869 | 89,827 | 264,357 | 253,061 | ||||
Direct operating income | 13,027 | 12,568 | 35,888 | 32,844 | ||||
Industrial and Export | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Net sales | 68,374 | 63,622 | 205,516 | 201,079 | ||||
Direct operating income | 12,125 | 11,197 | 38,038 | 30,497 | ||||
Unallocated Amount to Segment | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Selling and distribution expenses | -1,286 | -811 | -3,969 | -3,520 | ||||
Cost of sales | -4,354 | [1] | -2,622 | [1] | -16,892 | [1] | -2,622 | [1] |
Corporate expense | ($40,666) | ($39,318) | ($115,253) | ($105,924) | ||||
[1] | Primarily related to accelerated depreciation and other charges related to restructurings. |
Segment_and_Geographic_Informa2
Segment and Geographic Information and Major Customers - Additional Information (Detail) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Wal-Mart Stores, Inc. and affiliates | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percentage of total consolidated net sales | 19.40% | 20.50% |
Outside of the United States | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percentage of total consolidated net sales | 13.00% | 13.30% |
Canada | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Percentage of total consolidated net sales | 11.90% | 12.30% |
Net_Sale_by_Major_Products_Det
Net Sale by Major Products (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $567,150 | $538,112 | $1,633,606 | $1,589,344 |
Non-dairy creamer | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 82,387 | 84,109 | 253,524 | 257,006 |
Salad dressings | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 92,178 | 73,248 | 246,460 | 213,894 |
Pickles | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 72,583 | 77,032 | 228,959 | 236,532 |
Powdered drinks | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 85,971 | 54,579 | 226,085 | 160,252 |
Mexican and other sauces | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 61,290 | 58,208 | 182,695 | 173,277 |
Soup and infant feeding | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 49,578 | 70,248 | 141,582 | 194,871 |
Hot cereals | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 37,108 | 37,466 | 118,878 | 114,435 |
Dry dinners | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 33,189 | 34,537 | 90,969 | 95,901 |
Aseptic products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 25,243 | 22,390 | 72,925 | 71,076 |
Jams | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 15,921 | 14,330 | 45,042 | 45,874 |
Other products | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $11,702 | $11,965 | $26,487 | $26,226 |
Guarantor_and_NonGuarantor_Fin2
Guarantor and Non-Guarantor Financial Information - Additional Information (Detail) | Sep. 30, 2013 |
Bay Valley Foods, LLC | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Percentage of ownership interests | 100.00% |
EDS Holdings, LLC; Sturm Foods, Inc.; and S.T. Specialty Foods | ' |
Condensed Financial Statements, Captions [Line Items] | ' |
Percentage of ownership interests | 100.00% |
Condensed_Supplemental_Consoli
Condensed Supplemental Consolidating Balance Sheet (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $108,052 | $94,407 | $83,797 | $3,279 |
Investments | 8,273 | ' | ' | ' |
Accounts receivable, net | 133,945 | 124,648 | ' | ' |
Inventories, net | 423,340 | 347,353 | ' | ' |
Deferred income taxes | 8,429 | 7,998 | ' | ' |
Prepaid expenses and other current assets | 17,164 | 14,005 | ' | ' |
Total current assets | 699,203 | 588,411 | ' | ' |
Property, plant and equipment, net | 424,572 | 425,307 | ' | ' |
Goodwill | 1,071,108 | 1,073,191 | ' | ' |
Identifiable intangible and other assets, net | 431,586 | 438,964 | ' | ' |
Total assets | 2,626,469 | 2,525,873 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 214,177 | 185,086 | ' | ' |
Current portion of long-term debt | 1,527 | 1,944 | ' | ' |
Total current liabilities | 215,704 | 187,030 | ' | ' |
Long-term debt | 908,514 | 898,100 | ' | ' |
Deferred income taxes | 216,226 | 212,461 | ' | ' |
Other long-term liabilities | 40,174 | 49,027 | ' | ' |
Shareholders' equity | 1,245,851 | 1,179,255 | ' | ' |
Total liabilities and shareholders' equity | 2,626,469 | 2,525,873 | ' | ' |
Parent Company | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Accounts receivable, net | 383 | 113 | ' | ' |
Prepaid expenses and other current assets | 32,182 | 1,276 | ' | ' |
Total current assets | 32,565 | 1,389 | ' | ' |
Property, plant and equipment, net | 13,836 | 14,427 | ' | ' |
Investment in subsidiaries | 1,849,197 | 1,740,451 | ' | ' |
Intercompany accounts receivable (payable), net | 248,292 | 267,016 | ' | ' |
Deferred income taxes | 14,446 | 13,275 | ' | ' |
Identifiable intangible and other assets, net | 46,835 | 48,797 | ' | ' |
Total assets | 2,205,171 | 2,085,355 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 44,327 | -3,579 | ' | ' |
Total current liabilities | 44,327 | -3,579 | ' | ' |
Long-term debt | 904,600 | 893,000 | ' | ' |
Deferred income taxes | 2,066 | 2,413 | ' | ' |
Other long-term liabilities | 8,327 | 14,266 | ' | ' |
Shareholders' equity | 1,245,851 | 1,179,255 | ' | ' |
Total liabilities and shareholders' equity | 2,205,171 | 2,085,355 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 681 | 269 | 3,678 | 6 |
Accounts receivable, net | 108,289 | 104,622 | ' | ' |
Inventories, net | 366,636 | 301,286 | ' | ' |
Deferred income taxes | 8,296 | 7,860 | ' | ' |
Prepaid expenses and other current assets | 12,099 | 11,857 | ' | ' |
Total current assets | 496,001 | 425,894 | ' | ' |
Property, plant and equipment, net | 371,388 | 374,215 | ' | ' |
Goodwill | 959,440 | 959,440 | ' | ' |
Investment in subsidiaries | 208,367 | 209,833 | ' | ' |
Intercompany accounts receivable (payable), net | -52,501 | -118,778 | ' | ' |
Identifiable intangible and other assets, net | 298,541 | 315,258 | ' | ' |
Total assets | 2,281,236 | 2,165,862 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 180,599 | 175,139 | ' | ' |
Current portion of long-term debt | 1,526 | 1,938 | ' | ' |
Total current liabilities | 182,125 | 177,077 | ' | ' |
Long-term debt | 3,894 | 5,079 | ' | ' |
Deferred income taxes | 214,173 | 208,494 | ' | ' |
Other long-term liabilities | 31,847 | 34,761 | ' | ' |
Shareholders' equity | 1,849,197 | 1,740,451 | ' | ' |
Total liabilities and shareholders' equity | 2,281,236 | 2,165,862 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 107,371 | 94,138 | 80,119 | 3,273 |
Investments | 8,273 | ' | ' | ' |
Accounts receivable, net | 25,273 | 19,913 | ' | ' |
Inventories, net | 56,704 | 46,067 | ' | ' |
Deferred income taxes | 133 | 138 | ' | ' |
Prepaid expenses and other current assets | 1,388 | 872 | ' | ' |
Total current assets | 199,142 | 161,128 | ' | ' |
Property, plant and equipment, net | 39,348 | 36,665 | ' | ' |
Goodwill | 111,668 | 113,751 | ' | ' |
Intercompany accounts receivable (payable), net | -195,791 | -148,238 | ' | ' |
Identifiable intangible and other assets, net | 86,210 | 74,909 | ' | ' |
Total assets | 240,577 | 238,215 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 17,756 | 13,526 | ' | ' |
Current portion of long-term debt | 1 | 6 | ' | ' |
Total current liabilities | 17,757 | 13,532 | ' | ' |
Long-term debt | 20 | 21 | ' | ' |
Deferred income taxes | 14,433 | 14,829 | ' | ' |
Shareholders' equity | 208,367 | 209,833 | ' | ' |
Total liabilities and shareholders' equity | 240,577 | 238,215 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Prepaid expenses and other current assets | -28,505 | ' | ' | ' |
Total current assets | -28,505 | ' | ' | ' |
Investment in subsidiaries | -2,057,564 | -1,950,284 | ' | ' |
Deferred income taxes | -14,446 | -13,275 | ' | ' |
Total assets | -2,100,515 | -1,963,559 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | -28,505 | ' | ' | ' |
Total current liabilities | -28,505 | ' | ' | ' |
Deferred income taxes | -14,446 | -13,275 | ' | ' |
Shareholders' equity | -2,057,564 | -1,950,284 | ' | ' |
Total liabilities and shareholders' equity | ($2,100,515) | ($1,963,559) | ' | ' |
Condensed_Supplemental_Consoli1
Condensed Supplemental Consolidating Statement of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $567,150 | $538,112 | $1,633,606 | $1,589,344 |
Cost of sales | 451,887 | 424,903 | 1,294,603 | 1,254,612 |
Gross profit | 115,263 | 113,209 | 339,003 | 334,732 |
Selling, general and administrative expense | 64,659 | 60,475 | 185,034 | 177,935 |
Amortization | 8,583 | 7,848 | 25,309 | 24,735 |
Other operating expense, net | 861 | 3,541 | 2,143 | 3,952 |
Operating (loss) income | 41,160 | 41,345 | 126,517 | 128,110 |
Interest expense | 12,598 | 13,099 | 37,606 | 38,763 |
Interest income | -509 | -339 | -1,509 | -353 |
Other (income) expense, net | -301 | -377 | -189 | 1,538 |
(Loss) income before income taxes | 29,372 | 28,962 | 90,609 | 88,162 |
Income taxes (benefit) | 6,707 | 7,408 | 26,405 | 25,023 |
Net income | 22,665 | 21,554 | 64,204 | 63,139 |
Parent Company | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expense | 16,078 | 10,252 | 40,695 | 34,895 |
Amortization | 1,387 | 1,089 | 3,986 | 3,315 |
Other operating expense, net | ' | 859 | ' | 859 |
Operating (loss) income | -17,465 | -12,200 | -44,681 | -39,069 |
Interest expense | 12,361 | 12,814 | 36,940 | 38,140 |
Other (income) expense, net | 1 | -36 | -1 | -36 |
(Loss) income before income taxes | -29,827 | -24,978 | -81,620 | -77,173 |
Income taxes (benefit) | 25,854 | -4,069 | -3,350 | -23,930 |
Equity in net income of subsidiaries | 78,346 | 42,463 | 142,474 | 116,382 |
Net income | 22,665 | 21,554 | 64,204 | 63,139 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 496,225 | 477,105 | 1,453,297 | 1,404,696 |
Cost of sales | 397,981 | 378,134 | 1,157,269 | 1,116,318 |
Gross profit | 98,244 | 98,971 | 296,028 | 288,378 |
Selling, general and administrative expense | 40,672 | 44,414 | 123,823 | 124,700 |
Amortization | 5,750 | 5,510 | 17,558 | 17,697 |
Other operating expense, net | 294 | 506 | 713 | 917 |
Operating (loss) income | 51,528 | 48,541 | 153,934 | 145,064 |
Interest expense | 261 | 286 | 699 | 618 |
Interest income | -3,501 | -3,646 | -10,555 | -10,772 |
Other (income) expense, net | -580 | -965 | -726 | 570 |
(Loss) income before income taxes | 55,348 | 52,866 | 164,516 | 154,648 |
Income taxes (benefit) | -20,189 | 10,749 | 27,619 | 45,704 |
Equity in net income of subsidiaries | 2,809 | 346 | 5,577 | 7,438 |
Net income | 78,346 | 42,463 | 142,474 | 116,382 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 94,729 | 73,261 | 242,162 | 219,848 |
Cost of sales | 77,710 | 59,023 | 199,187 | 173,494 |
Gross profit | 17,019 | 14,238 | 42,975 | 46,354 |
Selling, general and administrative expense | 7,909 | 5,809 | 20,516 | 18,340 |
Amortization | 1,446 | 1,249 | 3,765 | 3,723 |
Other operating expense, net | 567 | 2,176 | 1,430 | 2,176 |
Operating (loss) income | 7,097 | 5,004 | 17,264 | 22,115 |
Interest expense | 3,477 | 3,645 | 10,522 | 10,777 |
Interest income | -509 | -339 | -1,509 | -353 |
Other (income) expense, net | 278 | 624 | 538 | 1,004 |
(Loss) income before income taxes | 3,851 | 1,074 | 7,713 | 10,687 |
Income taxes (benefit) | 1,042 | 728 | 2,136 | 3,249 |
Net income | 2,809 | 346 | 5,577 | 7,438 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -23,804 | -12,254 | -61,853 | -35,200 |
Cost of sales | -23,804 | -12,254 | -61,853 | -35,200 |
Interest expense | -3,501 | -3,646 | -10,555 | -10,772 |
Interest income | 3,501 | 3,646 | 10,555 | 10,772 |
Equity in net income of subsidiaries | -81,155 | -42,809 | -148,051 | -123,820 |
Net income | ($81,155) | ($42,809) | ($148,051) | ($123,820) |
Condensed_Supplemental_Consoli2
Condensed Supplemental Consolidating Statements of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | $22,665 | $21,554 | $64,204 | $63,139 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | 7,077 | 14,085 | -12,390 | 12,301 | ||||
Pension and post-retirement reclassification adjustment, net of tax | 349 | [1] | 280 | [1] | 1,108 | [1] | 841 | [1] |
Derivative reclassification adjustment, net of tax | 27 | [2] | 40 | [2] | 108 | [2] | 121 | [2] |
Other comprehensive income (loss) | 7,453 | 14,405 | -11,174 | 13,263 | ||||
Comprehensive income | 30,118 | 35,959 | 53,030 | 76,402 | ||||
Parent Company | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 22,665 | 21,554 | 64,204 | 63,139 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Derivative reclassification adjustment, net of tax | 27 | 40 | 108 | 121 | ||||
Other comprehensive income (loss) | 27 | 40 | 108 | 121 | ||||
Equity in other comprehensive income of subsidiaries | 7,426 | 14,365 | -11,282 | 13,142 | ||||
Comprehensive income | 30,118 | 35,959 | 53,030 | 76,402 | ||||
Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 78,346 | 42,463 | 142,474 | 116,382 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | 2,940 | 6,165 | -5,175 | 5,430 | ||||
Pension and post-retirement reclassification adjustment, net of tax | 349 | 280 | 1,108 | 841 | ||||
Other comprehensive income (loss) | 3,289 | 6,445 | -4,067 | 6,271 | ||||
Equity in other comprehensive income of subsidiaries | 4,137 | 7,920 | -7,215 | 6,871 | ||||
Comprehensive income | 85,772 | 56,828 | 131,192 | 129,524 | ||||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | 2,809 | 346 | 5,577 | 7,438 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | 4,137 | 7,920 | -7,215 | 6,871 | ||||
Other comprehensive income (loss) | 4,137 | 7,920 | -7,215 | 6,871 | ||||
Comprehensive income | 6,946 | 8,266 | -1,638 | 14,309 | ||||
Eliminations | ' | ' | ' | ' | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ||||
Net income | -81,155 | -42,809 | -148,051 | -123,820 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Equity in other comprehensive income of subsidiaries | -11,563 | -22,285 | 18,497 | -20,013 | ||||
Comprehensive income | ($92,718) | ($65,094) | ($129,554) | ($143,833) | ||||
[1] | Net of tax of $217 thousand and $178 thousand for the three months ended September 30, 2013 and 2012, respectively, and $652 thousand and $530 thousand for the nine months ended September 30, 2013 and 2012, respectively. | |||||||
[2] | Net of tax of $17 thousand and $25 thousand for the three months ended September 30, 2013 and 2012, respectively, and $68 thousand and $76 thousand for the nine months ended September 30, 2013 and 2012, respectively. |
Condensed_Supplemental_Consoli3
Condensed Supplemental Consolidating Statement of Cash Flows (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | $101,886 | $104,570 |
Cash flows from investing activities: | ' | ' |
Purchase of investments | -7,893 | ' |
Additions to property, plant and equipment | -52,371 | -44,539 |
Additions to other intangible assets | -3,800 | -6,812 |
Acquisition of business, net of cash acquired | -34,610 | -25,000 |
Proceeds from sale of fixed assets | 1,883 | 42 |
Net cash used in investing activities | -96,791 | -76,309 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving credit facility | 397,300 | 276,600 |
Payments under revolving credit facility | -285,700 | -224,400 |
Payment on senior notes | -100,000 | ' |
Payments on capitalized lease obligations | -1,597 | -1,491 |
Net payments related to stock-based award activities | -2,051 | -3,812 |
Excess tax benefits from stock-based compensation | 3,679 | 2,540 |
Net cash provided by (used in) financing activities | 11,631 | 49,437 |
Effect of exchange rate changes on cash and cash equivalents | -3,081 | 2,820 |
Net increase in cash and cash equivalents | 13,645 | 80,518 |
Cash and cash equivalents, beginning of period | 94,407 | 3,279 |
Cash and cash equivalents, end of period | 108,052 | 83,797 |
Parent Company | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | -49,403 | -54,507 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -186 | 55 |
Additions to other intangible assets | -2,819 | -6,268 |
Net cash used in investing activities | -3,005 | -6,213 |
Cash flows from financing activities: | ' | ' |
Borrowings under revolving credit facility | 397,300 | 276,600 |
Payments under revolving credit facility | -285,700 | -224,400 |
Payment on senior notes | -100,000 | ' |
Intercompany transfer | 39,180 | 9,792 |
Net payments related to stock-based award activities | -2,051 | -3,812 |
Excess tax benefits from stock-based compensation | 3,679 | 2,540 |
Net cash provided by (used in) financing activities | 52,408 | 60,720 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | 124,835 | 77,427 |
Cash flows from investing activities: | ' | ' |
Additions to property, plant and equipment | -46,336 | -36,970 |
Additions to other intangible assets | -981 | -544 |
Acquisition of business, net of cash acquired | -37,244 | -25,000 |
Proceeds from sale of fixed assets | 915 | 42 |
Net cash used in investing activities | -83,646 | -62,472 |
Cash flows from financing activities: | ' | ' |
Payments on capitalized lease obligations | -1,597 | -1,491 |
Intercompany transfer | -39,180 | -9,792 |
Net cash provided by (used in) financing activities | -40,777 | -11,283 |
Net increase in cash and cash equivalents | 412 | 3,672 |
Cash and cash equivalents, beginning of period | 269 | 6 |
Cash and cash equivalents, end of period | 681 | 3,678 |
Non-Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Net cash (used in) provided by operating activities | 26,454 | 81,650 |
Cash flows from investing activities: | ' | ' |
Purchase of investments | -7,893 | ' |
Additions to property, plant and equipment | -5,849 | -7,624 |
Acquisition of business, net of cash acquired | 2,634 | ' |
Proceeds from sale of fixed assets | 968 | ' |
Net cash used in investing activities | -10,140 | -7,624 |
Cash flows from financing activities: | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | -3,081 | 2,820 |
Net increase in cash and cash equivalents | 13,233 | 76,846 |
Cash and cash equivalents, beginning of period | 94,138 | 3,273 |
Cash and cash equivalents, end of period | $107,371 | $80,119 |