Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'THS | ' | ' |
Entity Registrant Name | 'TREEHOUSE FOODS, INC. | ' | ' |
Entity Central Index Key | '0001320695 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 36,493,358 | ' |
Entity Public Float | ' | ' | $2,308,215,640 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $46,475 | $94,407 |
Investments | 8,680 | ' |
Receivables, net of allowance for doubtful accounts of $405 and $305 | 152,763 | 124,648 |
Inventories, net | 405,698 | 347,353 |
Deferred income taxes | 21,909 | 7,998 |
Prepaid expenses and other current assets | 14,164 | 14,005 |
Total current assets | 649,689 | 588,411 |
Property, plant and equipment, net | 462,275 | 425,307 |
Goodwill | 1,119,204 | 1,073,191 |
Intangible assets, net | 475,756 | 417,561 |
Other assets, net | 14,130 | 21,403 |
Total assets | 2,721,054 | 2,525,873 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 238,813 | 185,086 |
Current portion of long-term debt | 1,551 | 1,944 |
Total current liabilities | 240,364 | 187,030 |
Long-term debt | 938,945 | 898,100 |
Deferred income taxes | 228,569 | 212,461 |
Other long-term liabilities | 40,058 | 49,027 |
Total liabilities | 1,447,936 | 1,346,618 |
Commitments and contingencies (Note 18) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, par value $.01 per share, 10,000 shares authorized, none issued | ' | ' |
Common stock, par value $.01 per share, 90,000 shares authorized, 36,493 and 36,197 shares issued and outstanding, respectively | 365 | 362 |
Additional paid-in-capital | 748,577 | 726,582 |
Retained earnings | 555,939 | 468,951 |
Accumulated other comprehensive loss | -31,763 | -16,640 |
Total stockholders' equity | 1,273,118 | 1,179,255 |
Total liabilities and stockholders' equity | $2,721,054 | $2,525,873 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Receivables, allowance for doubtful accounts | $405 | $305 |
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 | 36,493 | 36,197 |
Common stock, shares outstanding | 36,493 | 36,197 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net sales | $2,293,927 | $2,182,125 | $2,049,985 |
Cost of sales | 1,818,378 | 1,728,215 | 1,576,688 |
Gross profit | 475,549 | 453,910 | 473,297 |
Operating expenses: | ' | ' | ' |
Selling and distribution | 134,998 | 136,779 | 142,341 |
General and administrative | 121,065 | 102,973 | 101,817 |
Amortization expense | 35,375 | 33,546 | 34,402 |
Other operating expense, net | 5,947 | 3,785 | 6,462 |
Total operating expenses | 297,385 | 277,083 | 285,022 |
Operating (loss) income | 178,164 | 176,827 | 188,275 |
Other expense (income): | ' | ' | ' |
Interest expense | 49,304 | 51,609 | 53,071 |
Interest income | -2,185 | -643 | -48 |
Loss (gain) on foreign currency exchange | 2,890 | 358 | -3,510 |
Other expense (income), net | 3,245 | 1,294 | -1,036 |
Total other expense | 53,254 | 52,618 | 48,477 |
(Loss) income before income taxes | 124,910 | 124,209 | 139,798 |
Income taxes | 37,922 | 35,846 | 45,391 |
Net income | $86,988 | $88,363 | $94,407 |
Net earnings per basic share | $2.39 | $2.44 | $2.64 |
Net earnings per diluted share | $2.33 | $2.38 | $2.56 |
Weighted average shares - basic | 36,418 | 36,155 | 35,805 |
Weighted average shares - diluted | 37,396 | 37,118 | 36,950 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Net income | $22,784 | $22,665 | $18,565 | $22,974 | $25,224 | $21,554 | $19,511 | $22,074 | $86,988 | $88,363 | $94,407 | |||
Other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -22,682 | 8,261 | -6,489 | |||
Pension and post-retirement reclassification adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 7,451 | [1] | -2,700 | [1] | -4,000 | [1] |
Derivative reclassification adjustment | ' | ' | ' | ' | ' | ' | ' | ' | 108 | [2] | 161 | [2] | 161 | [2] |
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -15,123 | 5,722 | -10,328 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $71,865 | $94,085 | $84,079 | |||
[1] | Net of tax of $4,592, ($1,626) and ($2,527) for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
[2] | Net of tax of $68 for the year ended December 31, 2013, and $101 for the years ended December 31, 2012 and 2011, respectively. |
Consolidated_Statements_Of_Com1
Consolidated Statements Of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension and post-retirement reclassification adjustment, tax | $4,592 | ($1,626) | ($2,527) |
Derivative reclassification adjustment, tax | $68 | $101 | $101 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2010 | $977,966 | $354 | $703,465 | $286,181 | ($12,034) |
Balance (in shares) at Dec. 31, 2010 | ' | 35,440,000 | ' | ' | ' |
Net income | 94,407 | ' | ' | 94,407 | ' |
Other comprehensive (loss) income | -10,328 | ' | ' | ' | -10,328 |
Comprehensive income | 84,079 | ' | ' | ' | ' |
Equity awards exercised (in shares) | ' | 481,000 | ' | ' | ' |
Equity awards exercised | -3,834 | 5 | -3,839 | ' | ' |
Stock-based compensation | 15,306 | ' | 15,306 | ' | ' |
Balance at Dec. 31, 2011 | 1,073,517 | 359 | 714,932 | 380,588 | -22,362 |
Balance (in shares) at Dec. 31, 2011 | ' | 35,921,000 | ' | ' | ' |
Net income | 88,363 | ' | ' | 88,363 | ' |
Other comprehensive (loss) income | 5,722 | ' | ' | ' | 5,722 |
Comprehensive income | 94,085 | ' | ' | ' | ' |
Equity awards exercised (in shares) | ' | 276,000 | ' | ' | ' |
Equity awards exercised | -1,210 | 3 | -1,213 | ' | ' |
Stock-based compensation | 12,863 | ' | 12,863 | ' | ' |
Balance at Dec. 31, 2012 | 1,179,255 | 362 | 726,582 | 468,951 | -16,640 |
Balance (in shares) at Dec. 31, 2012 | ' | 36,197,000 | ' | ' | ' |
Net income | 86,988 | ' | ' | 86,988 | ' |
Other comprehensive (loss) income | -15,123 | ' | ' | ' | -15,123 |
Comprehensive income | 71,865 | ' | ' | ' | ' |
Equity awards exercised (in shares) | ' | 296,000 | ' | ' | ' |
Equity awards exercised | 5,863 | 3 | 5,860 | ' | ' |
Stock-based compensation | 16,135 | ' | 16,135 | ' | ' |
Balance at Dec. 31, 2013 | $1,273,118 | $365 | $748,577 | $555,939 | ($31,763) |
Balance (in shares) at Dec. 31, 2013 | ' | 36,493,000 | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $86,988 | $88,363 | $94,407 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation | 73,267 | 64,669 | 48,616 |
Amortization | 35,375 | 33,546 | 34,402 |
Stock-based compensation | 16,118 | 12,824 | 15,107 |
Mark to market (gain) loss on derivative contracts | -937 | 1,092 | -861 |
Mark to market gain on investments | -1,240 | ' | ' |
Loss on disposition of assets | 1,118 | 3,786 | 1,681 |
Write-down of tangible assets | 1,531 | ' | 2,864 |
Deferred income taxes | -11,894 | 5,724 | 15,114 |
Excess tax benefits from stock-based compensation | -4,372 | -2,657 | -4,473 |
Other | 9,043 | 1,324 | 206 |
Changes in operating assets and liabilities, net of acquisitions: | ' | ' | ' |
Receivables | -9,270 | -2,640 | 7,812 |
Inventories | -11,387 | -8,263 | -43,039 |
Prepaid expenses and other assets | 2,656 | 5,508 | 3,742 |
Accounts payable, accrued expenses and other liabilities | 29,694 | 1,283 | -19,507 |
Net cash provided by operating activities | 216,690 | 204,559 | 156,071 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of investments | -8,140 | ' | ' |
Additions to property, plant and equipment | -74,780 | -70,277 | -68,523 |
Additions to intangible assets | -6,403 | -9,243 | -9,273 |
Acquisitions, less cash acquired | -218,652 | -29,955 | 3,243 |
Proceeds from sale of investments | 165 | ' | ' |
Proceeds from sale of fixed assets | 960 | 113 | 251 |
Net cash used in investing activities | -306,850 | -109,362 | -74,302 |
Cash flows from financing activities: | ' | ' | ' |
Borrowings under revolving credit facility | 517,250 | 320,700 | 263,100 |
Payments under revolving credit facility | -375,250 | -323,500 | -339,900 |
Payments on senior notes | -100,000 | ' | ' |
Payments on capitalized lease obligations | -1,945 | -1,943 | -1,417 |
Payments of deferred financing costs | ' | ' | -1,518 |
Net proceeds (payments) related to stock-based award activities | 1,291 | -3,879 | -8,278 |
Excess tax benefits from stock-based compensation | 4,372 | 2,657 | 4,473 |
Net cash provided by (used in) financing activities | 45,718 | -5,965 | -83,540 |
Effect of exchange rate changes on cash and cash equivalents | -3,490 | 1,896 | -1,273 |
(Decrease) increase in cash and cash equivalents | -47,932 | 91,128 | -3,044 |
Cash and cash equivalents, beginning of year | 94,407 | 3,279 | 6,323 |
Cash and cash equivalents, end of year | $46,475 | $94,407 | $3,279 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Summary of Significant Accounting Policies | ' | ||
1 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Basis of Consolidation — The Consolidated Financial Statements include the accounts of TreeHouse Foods, Inc. and its 100% owned subsidiaries (“Company,” “we,” “us,” or “our”). All intercompany balances and transactions are eliminated in consolidation. In 2013, as a result of the Associated Brands acquisition, the Company updated our product categories as presented in Note 21. These changes did not require prior period adjustments. See Note 21 for more information. In the 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 for prior years, 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 Consolidated Balance Sheets, the Company reclassified the “Assets held for sale” line as presented in the Company’s Annual Report on Form 10-K for prior years, into the “Prepaid expenses and other current assets” line, as the amounts are not material. | |||
Use of Estimates — The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to use 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 Consolidated Financial Statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from these estimates. | |||
Cash Equivalents — We consider temporary cash investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2013 and 2012, $19.3 million and $94.1 million, respectively, represents cash held in Canada, in local currency, and is convertible into other currencies. The cash held in Canada is expected to be used for general corporate purposes in Canada, including capital projects and acquisitions. | |||
Inventories — Inventories are stated at the lower of cost or market. Pickle inventories are valued using the last-in, first-out (“LIFO”) method, while all of our other inventories are valued using the first-in, first-out (“FIFO”) method. The costs of finished goods inventories include raw materials, labor, and overhead costs. | |||
Property, Plant and Equipment — Property, plant, and equipment are stated at acquisition cost, plus capitalized interest on borrowings during the actual construction period of major capital projects. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows: | |||
Asset | Useful Life | ||
Buildings and improvements | 12-40 years | ||
Machinery and equipment | 3-15 years | ||
Office furniture and equipment | 3-12 years | ||
We perform impairment tests when circumstances indicate that the carrying value may not be recoverable. Capitalized leases are amortized over the shorter of their lease term or their estimated useful lives, and amortization expense is included in depreciation expense. Expenditures for repairs and maintenance, which do not improve or extend the life of the assets, are expensed as incurred. | |||
Intangible and Other Assets — Identifiable intangible assets with finite lives are amortized over their estimated useful lives as follows: | |||
Asset | Useful Life | ||
Customer relationships | Straight-line method over 5 to 20 years | ||
Trademarks | Straight-line method over 10 to 20 years | ||
Non-competition agreements | Straight-line method over the terms of the agreements | ||
Deferred financing costs | Straight-line method over the terms of the related debt | ||
Formulas/recipes | Straight-line method over 5 to 7 years | ||
Computer software | Straight-line method over 2 to 7 years | ||
Indefinite lived trademarks are evaluated for impairment annually in the fourth quarter or more frequently, if events or changes in circumstances indicate that the asset might be impaired. Indefinite lived trademarks impairment is indicated when their book value exceeds fair value. If the fair value of an evaluated asset is less than its book value, the asset is written down to fair value, which is generally based on its discounted future cash flows. | |||
Amortizable intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an evaluation of the undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value, which is generally based on discounted future cash flows. | |||
Goodwill is evaluated annually in the fourth quarter or more frequently, if events or changes in circumstances require an interim assessment. We assess goodwill for impairment at the reporting unit level using a market and income approach, employing significant assumptions regarding growth, discount rates, and profitability at each reporting unit. The market approach uses a market multiple methodology employing revenues and earnings before interest, taxes, depreciation and amortization (“EBITDA”) and applies a range of multiples to those amounts in determining the indicated fair value. In determining the multiples used in this approach, we obtain the multiples for selected peer companies using the most recent publically available information. Our estimates under the income approach are determined based on a discounted cash flow model. In determining the indicated fair value of each reporting unit, the Company weighs both the market and income approach results, with each approach given equal weighting. The final value is then compared to the carrying value of each reporting unit. Goodwill impairment has occurred if the book value of the reporting unit exceeds its fair value, and goodwill is written down to fair value. | |||
Stock-Based Compensation — We measure compensation expense for our equity awards at their grant date fair value. The resulting expense is recognized over the relevant service period. See Note 13. | |||
Sales Recognition — Sales are recognized when persuasive evidence of an arrangement exists, the price is fixed or determinable, title and risk of loss transfer to customers, and there is a reasonable assurance of collection of the sales proceeds. Product is shipped FOB shipping point or FOB destination, depending on our agreement with the customer. Sales are reduced by certain sales incentives, some of which are recorded by estimating expense based on our historical experience. | |||
Accounts Receivable — We provide credit terms to customers ranging up to 60 days, perform ongoing credit evaluations of our customers, and maintain allowances for potential credit losses based on historical experience. Customer balances are written off after all collection efforts are exhausted. Estimated product returns, which have not been material, are deducted from sales at the time of shipment. | |||
Income Taxes — The provision for income taxes includes federal, foreign, state, and local income taxes currently payable, and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using enacted tax rates. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. | |||
Foreign Currency Translation and Transactions — The functional currency of the Company’s foreign operations is the applicable local currency. The functional currency is translated into U.S. dollars for balance sheet accounts using currency exchange rates in effect as of the balance sheet date, and for revenue and expense accounts using a weighted-average exchange rate during the fiscal year. The translation adjustments are deferred as a separate component of Stockholders’ equity in Accumulated other comprehensive loss. Gains or losses resulting from transactions denominated in foreign currencies are included in Other expense (income), net in the Consolidated Statements of Income. | |||
Shipping and Handling Fees — Our shipping and handling costs are included in both cost of sales and selling and distribution expense, depending on the nature of such costs. Shipping and handling costs included in cost of sales reflect inventory warehouse costs, product loading and handling costs, and costs associated with transporting finished products from our manufacturing facilities to distribution warehouses. Shipping and handling costs included in selling and distribution expense consist primarily of the cost of shipping products to customers through third party carriers. Shipping and handling costs recorded as a component of selling and distribution expense were approximately $55.3 million, $61.5 million, and $70.1 million, for years ended 2013, 2012 and 2011, respectively. | |||
Derivative Financial Instruments — From time to time, we utilize derivative financial instruments including interest rate and commodity swaps, foreign currency contracts, and forward purchase contracts to manage our exposure to interest rate, foreign currency, and commodity price risks. We do not hold or issue financial instruments for speculative or trading purposes. The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. Derivatives that are not designated as hedges according to GAAP must be adjusted to fair value through earnings. For derivative instruments that are designated as cash flow hedges, the effective portion of the gain or loss is reported as Accumulated other comprehensive loss and reclassified into earnings in the same period when the hedged transaction affects earnings. The ineffective gain or loss is recognized in current earnings. Commodity forward contracts generally qualify for the normal purchases and normal sales scope exception underthe guidance for derivative instruments and hedging activities, and therefore are not subject to its provisions. For further information about our derivative instruments see Note 19. | |||
Capital Lease Obligations — Capital lease obligations represent machinery and equipment financing obligations, which are generally payable in monthly installments of principal and interest, and are collateralized by the related assets financed. | |||
Insurance Accruals — We retain selected levels of property and casualty risks, primarily related to employee health care, workers’ compensation claims, and other casualty losses. Many of these potential losses are covered under conventional insurance programs with third party carriers having high deductible limits. In other areas, we are self-insured with stop-loss coverage. Accrued liabilities for incurred but not reported losses related to these retained risks are calculated based upon loss development factors which contemplate a number of factors, including claims history and expected trends. These accruals are developed by us in consultation with external insurance brokers and actuaries. | |||
Facility Closing and Reorganization Costs — We periodically record facility closing and reorganization charges, when we have identified a facility for closure or other reorganization opportunity, developed a plan, and notified the affected employees. These charges are incurred as a component of operating income. See Note 3 for more information. | |||
Research and Development Costs — We record research and development charges to expense as they are incurred and are reported in the General and administrative line of our Consolidated Statements of Income. Expenditures totaled $17.5 million, $11.1 million, and $10.1 million, for years ended 2013, 2012 and 2011, respectively. | |||
Advertising Costs — Advertising costs are expensed as incurred and reported in the Selling and distribution line of our Consolidated Statements of Income. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 12 Months Ended | |
Dec. 31, 2013 | ||
Recently Issued Accounting Pronouncements | ' | |
2 | RECENTLY ISSUED 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 | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 $27.2 million as detailed below, of which $4.6 million is expected to be in cash. Expenses associated with the restructuring were primarily aggregated in the Other operating expense, net line of the Consolidated Statements of Income, with the exception of accelerated depreciation, which was 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 facility was primarily related to the North American Retail Grocery segment and ended 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 $13.5 million as detailed below, of which $6.5 million is expected to be in cash. Expenses incurred associated with the facility closure were primarily aggregated in the Other operating expense, net line of the Consolidated Statements of Income. Certain costs, primarily accelerated depreciation, were recorded in Cost of sales. | |||||||||||||||||
During 2012, and concurrent with the restructurings as noted above, the Company reviewed the 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 $18.5 million and $10.7 million of accelerated depreciation being recorded in 2013 and 2012, respectively. This equates to approximately $0.35 and $0.21 per basic share, and $0.34 and $0.21 per fully diluted share, of accelerated depreciation being recorded in 2013 and 2012, respectively. We expect to incur an insignificant amount of accelerated depreciation through the first quarter of 2014. The weighted average useful life of the soup assets before and after the analysis was approximately eleven years and seven years, respectively. The Seaforth assets had a weighted average useful life before and after the analysis of approximately eleven years and nine months, respectively. | |||||||||||||||||
Below is a summary of the restructuring costs: | |||||||||||||||||
Soup Restructuring | |||||||||||||||||
Year Ended | Year Ended | Cumulative Costs | Total Expected | ||||||||||||||
December 31, 2013 | December 31, 2012 | To Date | Costs | ||||||||||||||
(In thousands) | |||||||||||||||||
Accelerated depreciation | $ | 15,887 | $ | 6,703 | $ | 22,590 | $ | 22,590 | |||||||||
Severance and outplacement | 12 | 757 | 769 | 769 | |||||||||||||
Other closure costs | 1,091 | 580 | 1,671 | 3,845 | |||||||||||||
Total | $ | 16,990 | $ | 8,040 | $ | 25,030 | $ | 27,204 | |||||||||
Seaforth Closure | |||||||||||||||||
Year Ended | Year Ended | Cumulative Costs | Total Expected | ||||||||||||||
31-Dec-13 | 31-Dec-12 | To Date | Costs | ||||||||||||||
(In thousands) | |||||||||||||||||
Accelerated depreciation | $ | 2,574 | $ | 4,008 | $ | 6,582 | $ | 6,582 | |||||||||
Severance and outplacement | 635 | 2,249 | 2,884 | 2,884 | |||||||||||||
Other closure costs | 3,250 | 478 | 3,728 | 4,047 | |||||||||||||
Total | $ | 6,459 | $ | 6,735 | $ | 13,194 | $ | 13,513 | |||||||||
As disclosed in Note 4, the Company acquired substantially all of the assets of Naturally Fresh, Inc. (“Naturally Fresh”) in 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. This action resulted in approximately $0.1 million and $0.4 million of severance costs that were recorded in the Other operating expense, net line of the Consolidated Statements of Income for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||
Liabilities recorded as of December 31, 2013 associated with the restructurings related to severance were included in the Accounts payable and accrued expenses line of the Consolidated Balance Sheets. The table below presents a reconciliation of the severance liability as of December 31, 2013. The adjustments in the table below relate to refined estimates. | |||||||||||||||||
Severance Liability | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance as of January 1, 2012 | $ | — | |||||||||||||||
Expense | $ | 4,007 | |||||||||||||||
Payments | (640 | ) | |||||||||||||||
Adjustments | (681 | ) | |||||||||||||||
Balance as of December 31, 2012 | 2,686 | ||||||||||||||||
Expense | 559 | ||||||||||||||||
Payments | (2,624 | ) | |||||||||||||||
Foreign exchange | (92 | ) | |||||||||||||||
Adjustments | (50 | ) | |||||||||||||||
Balance as of December 31,2013 | $ | 479 | |||||||||||||||
Acquisitions
Acquisitions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Acquisitions | ' | ||||||||
4 | ACQUISITIONS | ||||||||
On October 8, 2013, the Company completed its acquisition of 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 private label manufacturer of powdered drinks, specialty teas, and sweeteners. The purchase price was approximately CAD $187 million, subject to an adjustment for working capital. The acquisition was financed through cash on hand and borrowings under the Company’s existing $750 million credit facility. The acquisition of Associated Brands strengthened the Company’s retail presence in private label dry grocery and introduced a line of specialty tea products to complement its single serve coffee business. | |||||||||
The Associated Brands 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 Consolidated Statements of Income are Associated Brands’ net sales of approximately $48.0 million and operating loss of approximately $7.3 million from the date of acquisition through December 31, 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 and expect the allocation to be finalized during 2014: | |||||||||
(In thousands) | |||||||||
Cash | $ | 4,422 | |||||||
Receivables | 17,107 | ||||||||
Inventory | 39,835 | ||||||||
Property plant and equipment | 30,908 | ||||||||
Customer relationships | 68,781 | ||||||||
Trade names | 2,332 | ||||||||
Formulas | 1,496 | ||||||||
Other intangible assets | 1,581 | ||||||||
Other assets | 2,796 | ||||||||
Goodwill | 46,712 | ||||||||
Fair value of assets acquired | 215,970 | ||||||||
Accounts payable and accruals | (19,921 | ) | |||||||
Income taxes | (8,403 | ) | |||||||
Unfavorable leaseholds | (677 | ) | |||||||
Other long term liabilities | (666 | ) | |||||||
Fair value of liabilities assumed | (29,667 | ) | |||||||
Total purchase price | $ | 186,303 | |||||||
The Company allocated $68.8 million to customer relationships that have an estimated life of fifteen years, $2.3 million to trade names that have an estimated life of ten years, $1.5 million to formulas that have an estimated life of seven years, $1.6 million to other intangible assets that have a weighted average estimated useful life of 6 years, and ($0.7) million to unfavorable leases that have an estimated life of nine years. The Company has allocated $41.0 million of goodwill to the North American Retail Grocery segment, $0.9 million of goodwill to the Food Away From Home segment, and $4.8 million of goodwill to the Industrial and Export segment. Goodwill arises principally as a result of expansion opportunities. The Company incurred approximately $4.1 million in acquisition related costs. These costs are included in the General and administrative expense line of the Consolidated Statements of Income. | |||||||||
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 Consolidated Statements of Income are Cains’ net sales of approximately $40.2 million and operating income of approximately $0.9 million from the date of acquisition through December 31, 2013. At the date of acquisition, the purchase price was allocated to the assets and liabilities acquired based upon fair market values. We have made all allocations 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 | ||||||||
Contractual agreements | 200 | ||||||||
Formulas | 400 | ||||||||
Other assets | 434 | ||||||||
Goodwill | 6,029 | ||||||||
Fair value of assets acquired | 46,633 | ||||||||
Accounts payable and accruals | (5,209 | ) | |||||||
Deferred tax liabilities | (4,180 | ) | |||||||
Fair value of liabilities assumed | (9,389 | ) | |||||||
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 contractual 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 $4.3 million of goodwill to the North American Retail Grocery segment, $1.2 million of goodwill to the Food Away From Home segment, and $0.5 million of goodwill to the Industrial and Export segment. Goodwill arises principally as a result of expansion opportunities. The Company incurred approximately $0.6 million in acquisition related costs. These costs are included in the General and administrative expense line of the Consolidated Statements of Income. | |||||||||
The following unaudited pro forma information shows the results of operations for the Company as if the 2013 acquisitions of Associated Brands and Cains had been completed as of January 1, 2012. Adjustments have been made for the pro forma effects of amortization of intangible assets recognized as part of the business combination, interest expense related to the financing of the business combinations, and related income taxes. These pro forma results may not necessarily reflect the actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations. | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands, except per share data) | |||||||||
Pro forma net sales | $ | 2,486,058 | $ | 2,442,605 | |||||
Pro forma net income | $ | 93,910 | $ | 95,797 | |||||
Pro forma basic earnings per common share | $ | 2.58 | $ | 2.65 | |||||
Pro forma diluted earnings per common share | $ | 2.51 | $ | 2.58 | |||||
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 | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Investments | ' | ||||
5 | INVESTMENTS | ||||
December 31, 2013 | |||||
(In thousands) | |||||
U.S. equity | $ | 5,254 | |||
Non-U.S. equity | 1,669 | ||||
Fixed income | 1,757 | ||||
Total investments | $ | 8,680 | |||
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 Consolidated Statements of Income. Cash flows from purchases, sales and maturities of trading securities are included in cash flows from investing activities in the 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 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 December 31, 2013 and December 31, 2012, $19.3 million and $94.1 million, respectively, represents cash and equivalents held in Canada in local currency. 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 year ended December 31, 2013, we recognized a net unrealized gain on investments totaling $1.2 million that was included in the Interest income line of the Consolidated Statements of Income. Additionally, for the year ended December 31, 2013, we recognized a realized gain on investments totaling $0.2 million that was included in the Interest income line of the Consolidated Statements of Income. In 2013, we sold fixed income securities for net proceeds of $0.2 million and an insignificant realized loss. When securities are sold, their cost is determined based on the first-in, first-out method. | |||||
Inventories
Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories | ' | ||||||||
6 | INVENTORIES | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Raw materials and supplies | $ | 162,751 | $ | 128,186 | |||||
Finished goods | 264,829 | 238,575 | |||||||
LIFO reserve | (21,882 | ) | (19,408 | ) | |||||
Total inventories | $ | 405,698 | $ | 347,353 | |||||
Approximately $84.6 million and $77.7 million of our inventory was accounted for under the LIFO method of accounting at December 31, 2013 and 2012, respectively. The LIFO reserve reflects the excess of the current cost of LIFO inventories at December 31, 2013 and 2012, over the amount at which these inventories were valued on the consolidated balance sheets. No LIFO inventory liquidation occurred in 2013 or 2012. | |||||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
7 | PROPERTY, PLANT AND EQUIPMENT | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Land | $ | 26,492 | $ | 25,517 | |||||
Buildings and improvements | 194,439 | 177,824 | |||||||
Machinery and equipment | 536,256 | 478,394 | |||||||
Construction in progress | 43,146 | 31,335 | |||||||
Total | 800,333 | 713,070 | |||||||
Less accumulated depreciation | (338,058 | ) | (287,763 | ) | |||||
Property, plant and equipment, net | $ | 462,275 | $ | 425,307 | |||||
The increase in fixed assets is due to capital expenditures and the acquisitions of Cains and Associated Brands, partially offset by accelerated depreciation of approximately $18.5 million in 2013. Depreciation expense was $73.3 million, $64.7 million, and $48.6 million in 2013, 2012, and 2011, respectively. | |||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||||||||
8 | GOODWILL AND INTANGIBLE ASSETS | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
North American | Food Away | Industrial | Total | ||||||||||||||||||||||
Retail Grocery | From Home | and Export | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 842,801 | $ | 92,036 | $ | 133,582 | $ | 1,068,419 | |||||||||||||||||
Acquisition | — | 2,011 | — | 2,011 | |||||||||||||||||||||
Foreign currency exchange adjustment | 2,415 | 346 | — | 2,761 | |||||||||||||||||||||
Balance at December 31, 2012 | 845,216 | 94,393 | 133,582 | 1,073,191 | |||||||||||||||||||||
Acquisitions | 46,968 | 2,135 | 5,391 | 54,494 | |||||||||||||||||||||
Foreign currency exchange adjustment | (7,416 | ) | (956 | ) | (109 | ) | (8,481 | ) | |||||||||||||||||
Balance at December 31, 2013 | $ | 884,768 | $ | 95,572 | $ | 138,864 | $ | 1,119,204 | |||||||||||||||||
The Company has not incurred any goodwill impairments since its inception. | |||||||||||||||||||||||||
Approximately $277.4 million of goodwill is deductible for tax purposes. | |||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of our intangible assets other than goodwill as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Intangible assets with indefinite lives: | |||||||||||||||||||||||||
Trademarks | $ | 31,067 | $ | — | $ | 31,067 | $ | 32,805 | $ | — | $ | 32,805 | |||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||||
Customer-related | 525,820 | (133,063 | ) | 392,757 | 448,825 | (107,761 | ) | 341,064 | |||||||||||||||||
Contractual agreements | 1,249 | (87 | ) | 1,162 | 120 | (18 | ) | 102 | |||||||||||||||||
Trademarks | 26,466 | (7,164 | ) | 19,302 | 20,810 | (5,722 | ) | 15,088 | |||||||||||||||||
Formulas/recipes | 8,882 | (5,708 | ) | 3,174 | 7,017 | (4,631 | ) | 2,386 | |||||||||||||||||
Computer software | 51,087 | (22,793 | ) | 28,294 | 43,339 | (17,223 | ) | 26,116 | |||||||||||||||||
Total other intangibles | $ | 644,571 | $ | (168,815 | ) | $ | 475,756 | $ | 552,916 | $ | (135,355 | ) | $ | 417,561 | |||||||||||
As of December 31, 2013, the weighted average remaining useful lives for the amortizable intangible assets are (1) customer-related at 14.4 years, (2) trademarks at 11.8 years, (3) formulas/recipes at 4.3 years, (4) computer software at 4.5 years and (5) contractual agreements at 7.7 years. The weighted average remaining useful life in total for all amortizable intangible assets is 13.6 years as of December 31, 2013. | |||||||||||||||||||||||||
Amortization expense on intangible assets was $35.4 million, $33.5 million, and $34.4 million, for the years ended December 31, 2013, 2012, and 2011, respectively. Estimated intangible asset amortization expense for the next five years is as follows: | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2014 | $ | 40,235 | |||||||||||||||||||||||
2015 | $ | 38,590 | |||||||||||||||||||||||
2016 | $ | 38,376 | |||||||||||||||||||||||
2017 | $ | 37,763 | |||||||||||||||||||||||
2018 | $ | 32,407 | |||||||||||||||||||||||
Our 2013 and 2012 impairment review of indefinite life intangible assets resulted in no impairments. | |||||||||||||||||||||||||
Considerable management judgment is necessary to evaluate the impact of operating changes and to estimate future cash flows. Assumptions used in our impairment evaluations, such as forecasted growth rates and our cost of capital, are consistent with our internal projections and operating plans. | |||||||||||||||||||||||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
9 | ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Accounts payable | $ | 154,378 | $ | 121,404 | |||||
Payroll and benefits | 40,155 | 26,661 | |||||||
Interest and taxes | 22,190 | 16,205 | |||||||
Health insurance, workers’ compensation and other insurance costs | 8,164 | 6,879 | |||||||
Marketing expenses | 7,568 | 7,180 | |||||||
Other accrued liabilities | 6,358 | 6,757 | |||||||
Total | $ | 238,813 | $ | 185,086 | |||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
10 | INCOME TAXES | ||||||||||||
Components of Income from continuing operations, before income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Domestic source | $ | 128,685 | $ | 112,872 | $ | 118,681 | |||||||
Foreign source | (3,775 | ) | 11,337 | 21,117 | |||||||||
Income before income taxes | $ | 124,910 | $ | 124,209 | $ | 139,798 | |||||||
The following table presents the components of the 2013, 2012, and 2011 provision for income taxes: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 41,161 | $ | 23,616 | $ | 20,435 | |||||||
State | 8,185 | 2,141 | 3,225 | ||||||||||
Foreign | 470 | 4,365 | 6,617 | ||||||||||
Total current | 49,816 | 30,122 | 30,277 | ||||||||||
Deferred: | |||||||||||||
Federal | (8,236 | ) | 7,197 | 13,982 | |||||||||
State | (3,404 | ) | (193 | ) | 1,789 | ||||||||
Foreign | (254 | ) | (1,280 | ) | (657 | ) | |||||||
Total deferred | (11,894 | ) | 5,724 | 15,114 | |||||||||
Total income tax expense | $ | 37,922 | $ | 35,846 | $ | 45,391 | |||||||
The following is a reconciliation of income tax expense computed at the U.S. federal statutory tax rate to the income tax expense reported in the Consolidated Statements of Income: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Tax at statutory rate | $ | 43,719 | $ | 43,473 | $ | 48,929 | |||||||
State income taxes | 3,108 | 1,266 | 3,259 | ||||||||||
Tax benefit of cross-border intercompany financing structure | (4,909 | ) | (5,079 | ) | (4,960 | ) | |||||||
Other, net | (3,996 | ) | (3,814 | ) | (1,837 | ) | |||||||
Total provision for income taxes | $ | 37,922 | $ | 35,846 | $ | 45,391 | |||||||
The tax effects of temporary differences giving rise to deferred income tax assets and liabilities were: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Pension and postretirement benefits | $ | 3,912 | $ | 8,339 | |||||||||
Accrued liabilities | 19,256 | 12,283 | |||||||||||
Stock compensation | 14,600 | 12,918 | |||||||||||
Unrealized foreign exchange loss | 570 | 723 | |||||||||||
Other | 10,646 | 8,231 | |||||||||||
Total deferred tax assets | 48,984 | 42,494 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (253,111 | ) | (246,957 | ) | |||||||||
Other | (2,533 | ) | — | ||||||||||
Total deferred tax liabilities | (255,644 | ) | (246,957 | ) | |||||||||
Net deferred income tax liability | $ | (206,660 | ) | $ | (204,463 | ) | |||||||
Classification of net deferred tax assets (liabilities) in the Consolidated Balance Sheets is as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Current assets | $ | 21,909 | $ | 7,998 | |||||||||
Non-current liabilities | (228,569 | ) | (212,461 | ) | |||||||||
Total net deferred tax liabilities | $ | (206,660 | ) | $ | (204,463 | ) | |||||||
The Company or one of its subsidiaries files income tax returns in the U.S. federal, Canada and various U.S. state jurisdictions. In the U.S. federal jurisdiction, the Company is open to examination for the tax year ended December 31, 2011 and forward; for Canadian purposes, the Company is open to examination for the tax year ended December 31, 2008 and forward and for the various U.S. state jurisdictions the Company is generally open to examination for the tax year ended December 31, 2009 and forward. | |||||||||||||
During the third quarter of 2013, the Company settled an Internal Revenue Service (“IRS”) examination of TreeHouse Foods’ 2010 tax year, resulting in a small refund to the Company. In addition, in the fourth quarter of 2012, the Company settled an IRS examination of the S.T. Specialty Foods pre-acquisition tax year ended October 28, 2010. The Company did not incur any material adjustments as a result of this examination. | |||||||||||||
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 IRS and CRA examinations are expected to be completed in 2014 or 2015. The Company has examinations in process with various state taxing authorities, which are expected to be completed in 2014. | |||||||||||||
Management estimates that it is reasonably possible that the total amount of unrecognized tax benefits could decrease by as much as $11.1 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. | |||||||||||||
During the year, the Company recorded adjustments to its unrecognized tax benefits. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Unrecognized tax benefits beginning balance | $ | 9,528 | $ | 11,396 | $ | 6,854 | |||||||
Additions based on tax positions related to the current year | 8,834 | 283 | 2,625 | ||||||||||
Additions based on tax positions of prior years | 1,001 | 61 | 1,118 | ||||||||||
Additions resulting from acquisitions | — | — | 1,364 | ||||||||||
Reductions for tax positions of prior years | (6,350 | ) | (1,698 | ) | (565 | ) | |||||||
Payments | (514 | ) | (514 | ) | — | ||||||||
Unrecognized tax benefits ending balance | $ | 12,499 | $ | 9,528 | $ | 11,396 | |||||||
Unrecognized tax benefits are included in Other long-term liabilities in our Consolidated Balance Sheets. Included in the balance at December 31, 2013 are amounts that are offset by deferred taxes (i.e., temporary differences) or amounts that would be offset by refunds in other taxing jurisdictions (i.e., corollary adjustments). Of the amount accrued at December 31, 2013 and December 31, 2012, $2.3 million and $5.8 million, respectively, would impact the effective tax rate if reversed. | |||||||||||||
The Company recognizes interest (income) expense and penalties related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2013, 2012, and 2011, the Company recognized ($0.2) million, ($0.1) million, and $0.1 million of interest and penalties in income tax expense, respectively. The Company has accrued approximately $0.2 million and $0.4 million for the payment of interest and penalties at December 31, 2013 and 2012, respectively. | |||||||||||||
As of December 31, 2013, approximately $95.2 million of undistributed earnings of the Company’s foreign subsidiaries were deemed to be indefinitely reinvested and, accordingly, any applicable U.S. federal income taxes and foreign withholding taxes have not been provided on these earnings. If these earnings had not been indefinitely reinvested, deferred taxes of approximately $33.1 million would have been recognized. | |||||||||||||
During the first quarter of 2008, the Company entered into an intercompany financing structure that results in the recognition of foreign earnings subject to a low effective tax rate. As the foreign earnings are permanently reinvested, U.S. income taxes have not been provided. For the years ended December 31, 2013 and 2012, the Company recognized a tax benefit of approximately $4.9 million and $5.1 million, respectively, related to this item. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-Term Debt | ' | ||||||||
11 | LONG-TERM DEBT | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Amount | Amount | ||||||||
Outstanding | Outstanding | ||||||||
(In thousands) | |||||||||
Revolving credit facility | $ | 535,000 | $ | 393,000 | |||||
High yield notes | 400,000 | 400,000 | |||||||
Senior notes | — | 100,000 | |||||||
Tax increment financing and other debt | 5,496 | 7,044 | |||||||
Total outstanding debt | 940,496 | 900,044 | |||||||
Less current portion | (1,551 | ) | (1,944 | ) | |||||
Total long-term debt | $ | 938,945 | $ | 898,100 | |||||
The scheduled maturities of outstanding debt, at December 31, 2013, are as follows (in thousands): | |||||||||
2014 | $ | 1,551 | |||||||
2015 | 1,644 | ||||||||
2016 | 536,052 | ||||||||
2017 | 370 | ||||||||
2018 | 400,384 | ||||||||
Thereafter | 495 | ||||||||
Total outstanding debt | $ | 940,496 | |||||||
Revolving Credit Facility — The Company is party to an unsecured revolving credit facility (the “Credit Agreement”) with an aggregate commitment of $750 million, with Bank of America, N.A., as administrative agent, and a group of other participating lenders. The Credit Agreement matures September 23, 2016. The interest rates under the Credit Agreement are based on the Company’s consolidated leverage ratio, and are determined by either LIBOR plus a margin ranging from 1.00% to 1.60%, or a base rate (as defined in the Credit Agreement) plus a margin ranging from 0.00% to 0.60%. In addition, a facility fee ranging from 0.25% to 0.40% is due quarterly on the aggregate commitment under the Credit Agreement. Of the Company’s aggregate commitment under the Credit Agreement of $750 million, $204.2 million was available as of December 31, 2013. As of December 31, 2013, there were $10.8 million in letters of credit under the Credit Agreement that were issued but undrawn. The Credit Agreement 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’s average interest rate on debt outstanding under the Credit Agreement for the year ended December 31, 2013 was 1.49%. Interest is payable quarterly or at the end of the applicable interest period. | |||||||||
The Credit Agreement contains limitations on liens, investments, the incurrence of subsidiary indebtedness, mergers, dispositions of assets, acquisitions, material lines of business, and transactions with affiliates. The Credit Agreement prohibits certain agreements restricting the ability of our subsidiaries to make certain payments or to guarantee our obligations under the Credit Agreement. Under the terms of the revolving credit facility, the Company is allowed to issue dividends, under the terms of the revolving credit facility, provided that the Company is not in default at the time of the declaration and payment of such dividends. Furthermore, the declaration and payment of dividends must not result in default by the Company. Our revolving credit facility requires that we maintain a certain level of available liquidity (as defined) before and after dividends are declared and paid. | |||||||||
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 by our 100 percent owned subsidiary Bay Valley Foods, LLC (“Bay Valley”) and Bay Valley’s 100 percent owned subsidiaries EDS Holdings, LLC; Sturm; S.T. Specialty Foods and certain other of our subsidiaries that may become guarantors from time to time in accordance with the applicable Indenture and may fully, jointly, severally and unconditionally guarantee our payment obligations under any series of debt securities offered. The indenture (the “Indenture”) governing the High Yield Notes provides, among other things, that the High Yield Notes will be senior unsecured obligations of the Company. Interest is paid semi-annually on March 1 and September 1. The Indenture contains restrictive covenants that, among other things, limit the ability of the Company and the guarantors to: (i) pay dividends or make other restricted payments, (ii) make certain investments, (iii) incur additional indebtedness or issue preferred stock, (iv) create liens, (v) allow restrictions on the ability of certain of its subsidiaries to pay dividends or make other payments to the Company or the guarantors, (vi) merge or consolidate with other entities or sell substantially all of its assets, (vii) enter into transactions with affiliates and (viii) engage in certain sale and leaseback transactions. The foregoing limitations are only subject to the limitation that the above actions are not permitted if the Company is in default or the above actions would result in default of the Indenture. The High Yield Notes are callable beginning March 1, 2014, subject to the call premium set forth in the Indenture. | |||||||||
Senior Notes — During 2013, the Company’s $100 million in aggregate principal of 6.03% senior notes matured. These Senior notes were paid in full on their maturity date, September 30, 2013, using the Company’s existing $750 million revolving credit facility. | |||||||||
In July 2006, the Company entered into a forward interest rate swap transaction for a notional amount of $100 million, as a hedge of the forecasted private placement of $100 million senior notes. The interest rate swap transaction was terminated on August 31, 2006, which resulted in a pre-tax loss of $1.8 million. The unamortized loss is reflected, net of tax, in Accumulated Other Comprehensive Loss in the Consolidated Balance Sheets. The total loss was reclassified ratably to the Consolidated Statements of Income as an increase to interest expense over the term of the senior notes, providing an effective interest rate of 6.29% over the term of the senior notes. The loss was taken into interest expense in the amount of $0.2 million, $0.3 million, and $0.3 million for 2013, 2012, and 2011, respectively. Consistent with the maturity and repayment of the senior notes, the entire loss has been reclassified into interest expense as of December 31, 2013. | |||||||||
Tax Increment Financing — On December 15, 2001, the Urban Redevelopment Authority of Pittsburgh (“URA”) issued $4.0 million of redevelopment bonds, pursuant to a “Tax Increment Financing Plan” to assist with certain aspects of the development and construction of the Company’s Pittsburgh, Pennsylvania facilities. The agreement was transferred to the Company as part of the acquisition of the Soup and Infant Feeding Business. The Company has agreed to make certain payments with respect to the principal amount of the URA’s redevelopment bonds through May 2019. As of December 31, 2013, $1.8 million remains outstanding. Interest accrues at an annual rate of 7.16% for the $1.8 million tranche that matures May 1, 2019. | |||||||||
Capital Lease Obligations and Other — Capital lease obligations represent machinery and equipment financing obligations, which are payable in monthly installments of principal and interest, and are collateralized by the related assets financed. |
Stockholders_Equity_And_Earnin
Stockholders' Equity And Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity And Earnings Per Share | ' | ||||||||||||
12 | STOCKHOLDERS’ EQUITY AND EARNINGS PER SHARE | ||||||||||||
Common stock — The Company has authorized 90 million shares of common stock with a par value of $0.01 per share and 10 million shares of preferred stock with a par value of $0.01 per share. No preferred stock has been issued. No dividends have been declared or paid. | |||||||||||||
As of December 31, 2013, there were 36,493,203 shares of common stock issued and outstanding. There is no treasury stock. | |||||||||||||
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 outstanding options, restricted stock, restricted stock units, and performance units. | |||||||||||||
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: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Weighted average common shares outstanding | 36,418 | 36,155 | 35,805 | ||||||||||
Assumed exercise/vesting of equity awards (1) | 978 | 963 | 1,145 | ||||||||||
Weighted average diluted common shares outstanding | 37,396 | 37,118 | 36,950 | ||||||||||
-1 | Stock options, restricted stock, restricted stock units, and performance units excluded from our computation of diluted earnings per share, because they were anti-dilutive, were 0.5 million, 0.4 million, and 0.2 million for the years ended December 31, 2013, 2012, and 2011, respectively. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
13 | STOCK-BASED COMPENSATION | ||||||||||||||||||||
The Board of Directors adopted and the stockholders approved the “TreeHouse Foods, Inc. Equity and Incentive Plan” (the “Plan”). Effective February 9, 2012, the Plan was amended and restated to increase the number of shares available for issuance under the Plan. The Plan is administered by our Compensation Committee, which consists entirely of independent directors. The Compensation Committee determines specific awards for our executive officers. For all other employees, if the committee designates, our Chief Executive Officer or such other officers will, from time to time, determine specific persons to whom awards under the Plan will be granted and the extent of, and the terms and conditions of each award. The Compensation Committee or its designee, pursuant to the terms of the Plan, also will make all other necessary decisions and interpretations under the Plan. | |||||||||||||||||||||
Under the Plan, the Compensation Committee may grant awards of various types of equity-based compensation, including stock options, restricted stock, restricted stock units, performance shares, performance units, other types of stock-based awards, and other cash-based compensation. The maximum number of shares that are available to be awarded under the Plan is approximately 9.3 million, of which approximately 2.2 million remain available at December 31, 2013. | |||||||||||||||||||||
Income from continuing operations before tax, for the years ended December 31, 2013, 2012, and 2011 includes stock-based compensation expense for employees and directors of $16.1 million, $12.8 million, and $15.1 million, respectively. The tax benefit recognized related to the compensation cost of these share-based awards was approximately $5.9 million, $4.7 million, and $5.8 million for 2013, 2012, and 2011, respectively. | |||||||||||||||||||||
The Company estimates that certain employees and all our directors will complete the required service conditions associated with their awards. For all other employees, the Company estimates forfeitures, as not all employees are expected to complete the required service conditions. The expected service period is the longer of the derived service period, as determined from the output of the valuation models, and the service period based on the term of the awards. | |||||||||||||||||||||
Options were granted under the Plan and in certain cases pursuant to employment agreements. Options were also granted to our non-employee directors. Stock options generally have a three year vesting schedule and vest one-third on each of the first three anniversaries of the grant date. Stock options expire ten years from the grant date. | |||||||||||||||||||||
The following table summarizes stock option activity during 2013: | |||||||||||||||||||||
Employee | Director | Weighted | Weighted | Aggregate | |||||||||||||||||
Options | Options | Average | Average | Intrinsic | |||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Term (yrs.) | |||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Outstanding, at January 1, 2013 | 2,468 | 72 | $ | 33.19 | 4.4 | $ | 50,809 | ||||||||||||||
Granted | 291 | — | $ | 66.02 | |||||||||||||||||
Forfeited | (24 | ) | — | $ | 62.63 | ||||||||||||||||
Exercised | (165 | ) | (8 | ) | $ | 30.68 | |||||||||||||||
Outstanding, at December 31, 2013 | 2,570 | 64 | $ | 36.71 | 4.1 | $ | 84,840 | ||||||||||||||
Vested/expect to vest, at December 31, 2013 | 2,505 | 64 | $ | 35.99 | 4 | $ | 84,592 | ||||||||||||||
Exercisable, at December 31, 2013 | 2,085 | 64 | $ | 30.68 | 3 | $ | 82,177 | ||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the intrinsic value of stock options exercised was approximately $6.4 million, $2.1 million, and $3.7 million, respectively. The tax benefit recognized from stock option exercises in 2013, 2012, and 2011 was approximately $2.7 million, $0.8 million and $1.4 million, respectively. Compensation expense related to unvested options totaled $6.6 million at December 31, 2013 and will be recognized over the remaining vesting period of the grants, which averages 2.0 years. The average grant date fair value of options granted in 2013, 2012, and 2011 was $20.47, $20.70, and $20.36, respectively. | |||||||||||||||||||||
In addition to stock options, the Company may also grant restricted stock units and performance unit awards. These awards are granted under the Plan. Employee restricted stock unit awards generally vest based on the passage of time. These awards generally vest one-third on each anniversary of the grant date. Director restricted stock units vest, generally, on the first anniversary of the grant date of the award. Certain directors have deferred receipt of their awards until either their departure from the Board of Directors or a specified date. The following table summarizes the restricted stock unit activity during the year ended December 31, 2013: | |||||||||||||||||||||
Employee | Weighted | Director | Weighted | ||||||||||||||||||
Restricted | Average | Restricted | Average | ||||||||||||||||||
Stock Units | Grant Date | Stock Units | Grant Date | ||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Outstanding, at January 1, 2013 | 353 | $ | 53.62 | 78 | $ | 39.88 | |||||||||||||||
Granted | 138 | $ | 66.18 | 19 | $ | 65.97 | |||||||||||||||
Vested | (147 | ) | $ | 52.69 | (4 | ) | $ | 58.37 | |||||||||||||
Forfeited | (27 | ) | $ | 60.04 | — | $ | — | ||||||||||||||
Outstanding, at December 31, 2013 | 317 | $ | 58.98 | 93 | $ | 44.06 | |||||||||||||||
Compensation expense for all restricted stock units totaled $8.9 million in 2013, $9.3 million in 2012, and $11.0 million in 2011. The restricted stock units vested during 2013, 2012, and 2011 had a fair value of $9.8 million, $12.0 million, and $23.1 million, respectively. | |||||||||||||||||||||
Future compensation costs for restricted stock units is approximately $11.5 million as of December 31, 2013 and will be recognized on a weighted average basis over the next 1.8 years. | |||||||||||||||||||||
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 twelve months ended December 31, 2013: | |||||||||||||||||||||
Performance | Weighted | ||||||||||||||||||||
Units | Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Unvested, at January 1, 2013 | 165 | $ | 56.57 | ||||||||||||||||||
Granted | 91 | $ | 65.69 | ||||||||||||||||||
Vested | (34 | ) | $ | 46.2 | |||||||||||||||||
Forfeited | (6 | ) | $ | 55.85 | |||||||||||||||||
Unvested, at December 31, 2013 | 216 | $ | 62.03 | ||||||||||||||||||
Future compensation cost related to the performance units is estimated to be approximately $13.3 million as of December 31, 2013 and is expected to be recognized over the next 2.2 years. The grant date fair value of the awards is equal to the Company’s closing stock price on the date of grant. The fair value of performance units vested in 2013 and 2012 was $2.0 million and $6.2 million, respectively. | |||||||||||||||||||||
The fair value of stock options, restricted stock, restricted stock unit awards, and performance units is determined on the date of grant using the assumptions noted in the following table or the market price of the Company’s stock on the date of grant. Stock options are valued using the Black Scholes model. Performance units, restricted stock, and restricted stock unit awards are valued using the closing price of the Company’s stock on the date of grant. Expected volatilities for 2013, 2012, and 2011 are based on historical volatilities of the Company’s stock price. The risk-free interest rate for periods within the contractual life of the stock options is based on the U.S. Treasury yield curve in effect at the time of the grant. As the Company began operations in 2005, we do not have significant history to determine the expected term of our awards based on our experience alone. As such, we based our expected term on that of comparable companies. The assumptions used to calculate the value of the stock option awards granted in 2013, 2012, and 2011 are presented as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected volatility | 30.21 | % | 32.85 | % | 33.35 | % | |||||||||||||||
Expected dividends | 0 | % | 0 | % | 0 | % | |||||||||||||||
Risk-free interest rate | 0.995 | % | 1.15 | % | 2.57 | % | |||||||||||||||
Expected term | 6.0 years | 6.0 years | 6.0 years | ||||||||||||||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||||||
Dec. 31, 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: | |||||||||||||||||
Foreign | Unrecognized | Derivative | Accumulated | ||||||||||||||
Currency | Pension and | Financial | Other | ||||||||||||||
Translation (1) | Postretirement | Instrument (3) | Comprehensive | ||||||||||||||
Benefits (2) | Loss | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at January 1, 2011 | $ | (3,779 | ) | $ | (7,825 | ) | $ | (430 | ) | $ | (12,034 | ) | |||||
Other comprehensive loss | (6,489 | ) | — | — | (6,489 | ) | |||||||||||
Reclassifications from accumulated other comprehensive loss | — | (4,000 | ) | 161 | (3,839 | ) | |||||||||||
Other comprehensive (loss) income | (6,489 | ) | (4,000 | ) | 161 | (10,328 | ) | ||||||||||
Balance at December 31, 2011 | (10,268 | ) | (11,825 | ) | (269 | ) | (22,362 | ) | |||||||||
Other comprehensive income | 8,261 | — | — | 8,261 | |||||||||||||
Reclassifications from accumulated other comprehensive loss | — | (2,700 | ) | 161 | (2,539 | ) | |||||||||||
Other comprehensive income (loss) | 8,261 | (2,700 | ) | 161 | 5,722 | ||||||||||||
Balance at December 31, 2012 | (2,007 | ) | (14,525 | ) | (108 | ) | (16,640 | ) | |||||||||
Other comprehensive loss | (22,682 | ) | — | — | (22,682 | ) | |||||||||||
Reclassifications from accumulated other comprehensive loss | — | 7,451 | 108 | 7,559 | |||||||||||||
Other comprehensive (loss) income | (22,682 | ) | 7,451 | 108 | (15,123 | ) | |||||||||||
Balance at December 31, 2013 | $ | (24,689 | ) | $ | (7,074 | ) | $ | — | $ | (31,763 | ) | ||||||
-1 | The foreign currency translation adjustment is not net of tax, as it pertains to the Company’s permanent investment in its Canadian subsidiaries, E.D. Smith and Associated Brands. | ||||||||||||||||
-2 | The unrecognized pension and post-retirement benefits reclassification is presented net of tax of $4,592 thousand, ($1,626) thousand, and ($2,527) thousand for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
-3 | The derivative financial instrument reclassification is presented net of tax of $68 thousand for the year ended December 31, 2013, and $101 thousand for the years ended December 31, 2012 and 2011, respectively. | ||||||||||||||||
Reclassifications from Accumulated | Affected Line in | ||||||||||||||||
Other Comprehensive Loss | The Consolidated | ||||||||||||||||
Statements of Income | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Derivative financial instrument | $ | 176 | $ | 262 | $ | 262 | Interest expense | ||||||||||
Income taxes | 68 | 101 | 101 | Income taxes | |||||||||||||
Net of tax | $ | 108 | $ | 161 | $ | 161 | |||||||||||
Amortization of defined benefit pension items: | |||||||||||||||||
Prior service costs | $ | 385 | $ | 535 | $ | 535 | (a) | ||||||||||
Unrecognized net loss | 1,880 | 1,561 | 628 | (a) | |||||||||||||
Other | 61 | (61 | ) | (66 | ) | ||||||||||||
Actuarial Adjustment | 9,717 | (6,361 | ) | (7,624 | ) | (b) | |||||||||||
Total before tax | 12,043 | (4,326 | ) | (6,527 | ) | ||||||||||||
Income taxes | (4,592 | ) | 1,626 | 2,527 | Income taxes | ||||||||||||
Net of tax | $ | 7,451 | $ | (2,700 | ) | $ | (4,000 | ) | |||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 15 for additional details. | ||||||||||||||||
(b) | Represents the actuarial adjustment needed to adjust the Accumulated other comprehensive loss balance to actual. | ||||||||||||||||
Employee_Pension_and_Postretir
Employee Pension and Postretirement Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Employee Pension and Postretirement Benefit Plans | ' | ||||||||||||||||||||||||||||
15 | EMPLOYEE PENSION AND POSTRETIREMENT BENEFIT PLANS | ||||||||||||||||||||||||||||
Pension and Postretirement Benefits — Certain of our employees and retirees participate in pension and other postretirement benefit plans. Employee benefit plan obligations and expenses included in the 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. | |||||||||||||||||||||||||||||
Defined Contribution Plans — Certain of our non-union employees participate in savings and profit sharing plans. These plans generally provide for salary reduction contributions to the plans on behalf of the participants of between 1% and 80% of a participant’s annual compensation and provide for employer matching and profit sharing contributions. The Company established a tax-qualified defined contribution plan to manage the assets. For 2013, 2012, and 2011, the Company made matching contributions to the plan of $4.9 million, $4.5 million, and $4.3 million, respectively. | |||||||||||||||||||||||||||||
Multiemployer Pension Plans — The Company contributes to several multiemployer pension plans on behalf of employees covered by collective bargaining agreements. These plans are administered jointly by management and union representatives and cover substantially all full-time and certain part-time union employees who are not covered by other plans. The risks of participating in multiemployer plans are different from single-employer plans in the following aspects: (1) assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers, (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and (3) if the Company chooses to stop participating in a multiemployer plan, we could, under certain circumstances, be liable for unfunded vested benefits or other expenses of jointly administered union/management plans. The Company withdrew from the Western Conference of Teamsters Pension Trust Plan as a result of the closure of our Portland pickle facility. The Company is liable for a share of the Plan’s unfunded vested benefits. As of December 31, 2013, a withdrawal liability in the amount of $0.9 million was included the Accounts payable and accrued expenses line of the Consolidated Balance Sheets. No additional liabilities were established as withdrawal from the remaining plans is not probable. In 2013, 2012, and 2011, the contributions to these plans, were $1.4 million, $1.5 million, and $1.6 million, respectively. | |||||||||||||||||||||||||||||
The Company’s participation in multiemployer pension plans is outlined in the table below. The EIN column provides the Employer Identification Number (“EIN”) of each plan. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2013 and 2012 is for the plan’s year ended December 31, 2012, and 2011, respectively. The zone status is based on information that the Company received from the plan, and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP” column indicates plans for which a financial improvement plan “(“FIP”) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. There have been no significant changes in the number of Company employees covered by the multiemployer plans or other significant events that would impact the comparability of contributions to the plans. | |||||||||||||||||||||||||||||
Pension Protection | FIP | TreeHouse Foods | Surcharge | Expiration | |||||||||||||||||||||||||
Act | Implemented | Contributions | Imposed | Date | |||||||||||||||||||||||||
Zone Status | (yes or no) | (In thousands) | (yes or no) | Of Collective | |||||||||||||||||||||||||
Plan Name: | EIN | Plan | Plan Year Ended | Bargaining | |||||||||||||||||||||||||
Number | Number | Agreement | |||||||||||||||||||||||||||
December, 31 | |||||||||||||||||||||||||||||
2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Central States Southeast and Southwest Areas Pension Fund | 36-2154936 | 1 | Red | Red | Yes | $ | 592 | $ | 602 | $ | 621 | No | 12/28/13 | * | |||||||||||||||
Rockford Area Dairy Industry Local 754, Intl. Brotherhood of Teamsters Retirement Pension Plan | 36-6067654 | 1 | Green | Green | No | $ | 384 | $ | 413 | $ | 423 | No | 4/30/17 | ||||||||||||||||
Western Conference of Teamsters Pension Fund | 91-6145047 | 1 | Green | Green | No | $ | 361 | $ | 379 | $ | 315 | No | 2/28/15 | ||||||||||||||||
* | Currently in negotiations to renew the collective bargaining agreement. | ||||||||||||||||||||||||||||
The Company was listed in the plan’s Form 5500 as providing more than 5% of the total contributions for the following plan and plan years: | |||||||||||||||||||||||||||||
Plan Name: | Year Contributions to Plan | ||||||||||||||||||||||||||||
Exceeded More Than 5% of total | |||||||||||||||||||||||||||||
Contributions (as of December 31 | |||||||||||||||||||||||||||||
Of the Plan’s Year-End) | |||||||||||||||||||||||||||||
Rockford Area Dairy Industry Local 754, Intl. Brotherhood of Teamsters Retirement Pension Plan | 2013, 2012, and 2011 | ||||||||||||||||||||||||||||
Defined Benefit Pension Plans —The Company established a tax-qualified pension plan and master trust to manage the portion of the pension plan assets related to eligible salaried, non-union, and union employees not covered by a multiemployer pension plan. We also retain investment consultants to assist our Investment Committee with formulating a long-term investment policy for the master trust. The expected long term rate of return on assets is based on projecting long-term market returns for the various asset classes in which the plan’s assets are invested, weighted by the target asset allocations. The estimated ranges are primarily based on observations of historical asset returns and their historical volatility. In determining the expected returns, we also consider consensus forecasts of certain market and economic factors that influence returns, such as inflation, gross domestic product trends, and dividend yields. Active management of the plan assets may result in adjustments to the historical returns. The rate of return assumption is reviewed annually. | |||||||||||||||||||||||||||||
The Company’s overall investment strategy is to provide a regular and reliable source of income to meet the liquidity needs of the pension plans and minimize reliance on plan sponsor contributions as a source of benefit security. The Company’s investment policy includes various guidelines and procedures designed to ensure assets are invested in a manner necessary to meet expected future benefits earned by participants. Central to the policy are target allocation ranges by major asset classes. The objective of the target allocations are to ensure the assets are invested with the intent to protect pension plan assets so that such assets are preserved for the provision of benefits to participants and their beneficiaries and such long-term growth as may maximize the amounts available to provide such benefits without undue risk. Additionally, we consider the weighted average return of a capital markets model and historical returns on comparable equity, debt, and other investments. Our current asset mix guidelines, under the investment policy, target equities at 55% to 65% of the portfolio and fixed income at 35% to 45%. At December 31, 2013, our master trust was invested as follows: equity securities of 62.3%, fixed income securities of 37.6% and cash and cash equivalents of 0.1%. Equity securities primarily include investments in collective equity funds that invest in domestic and international securities, with a primary focus on domestic securities. Fixed income securities primarily include investments in collective funds that invest in corporate bonds of companies from diversified industries. Other investments are short term in nature, including certificates of deposit, investments in a collective bond fund that invests in commercial paper, time deposits, fixed rate notes and bonds and others. | |||||||||||||||||||||||||||||
The fair value of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category is as follows: | |||||||||||||||||||||||||||||
Level (h) | Pension Plan Assets | ||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Measurements at | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Short Term Investment Fund (a) | 2 | $ | 54 | ||||||||||||||||||||||||||
Aggregate Bond Index Fund (b) | 2 | 9,674 | |||||||||||||||||||||||||||
U.S. Market Cap Equity Index Fund (c) | 2 | 24,797 | |||||||||||||||||||||||||||
International All Country World Index Fund (d) | 2 | 4,113 | |||||||||||||||||||||||||||
Collective Daily 1-5 year credit bond fund (e) | 2 | 6,799 | |||||||||||||||||||||||||||
Emerging Markets Index Fund (f) | 2 | 1,479 | |||||||||||||||||||||||||||
Daily High Yield Fixed Income Fund (g) | 2 | 1,845 | |||||||||||||||||||||||||||
$ | 48,761 | ||||||||||||||||||||||||||||
Level (h) | Pension Plan Assets | ||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Measurements at | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Short Term Investment Fund (a) | 2 | $ | 839 | ||||||||||||||||||||||||||
Aggregate Bond Index Fund (b) | 2 | 9,820 | |||||||||||||||||||||||||||
U.S. Market Cap Equity Index Fund (c) | 2 | 20,125 | |||||||||||||||||||||||||||
International All Country World Index Fund (d) | 2 | 3,665 | |||||||||||||||||||||||||||
Collective Daily 1-5 year Credit Bond Fund (e) | 2 | 4,938 | |||||||||||||||||||||||||||
$ | 39,387 | ||||||||||||||||||||||||||||
(a) | This fund is an investment vehicle for cash reserves, which seeks to offer a competitive rate of return through a portfolio of high-grade, short term, and money market instruments. Principal preservation is the primary objective of this fund. | ||||||||||||||||||||||||||||
(b) | The primary objective of this fund is to hold a portfolio representative of the overall United States bond and debt market, as characterized by the Barclays Capital Aggregate Bond Index. | ||||||||||||||||||||||||||||
(c) | The primary objective of this fund is to approximate the risk and return characteristics of the Dow Jones U.S. ex-LP’s Total Stock Market Index. | ||||||||||||||||||||||||||||
(d) | The primary objective of this fund is to approximate the risk and return characteristics of the Morgan Stanley All Country World ex-US (MSCI ACWI ex-US) ND Index. This fund is commonly used to represent the non-U.S. equity in developed and emerging markets. | ||||||||||||||||||||||||||||
(e) | The primary objective of this fund is to hold a portfolio representative of the intermediate credit securities portion of the United States bond and debt markets, as characterized by the Barclays Capital U.S. 1-5 year Credit Bond Index. | ||||||||||||||||||||||||||||
(f) | The primary objective of this fund is to provide investment results that replicate the overall performance of the MSCI Emerging Markets Index. The Fund may make limited use of futures and/or options for the purpose of maintaining equity exposure. | ||||||||||||||||||||||||||||
(g) | The primary objective of this fund is to outperform the Barclay’s Capital High Yield Index over a market cycle while maintaining a similar level of volatility and credit quality as the index. This Fund can serve as a core bond investment position providing exposure to the U.S. Fixed Income market. | ||||||||||||||||||||||||||||
(h) | Level 2 inputs are inputs other than quoted prices that are observable for an asset or liability, either directly or indirectly. | ||||||||||||||||||||||||||||
Pension benefits for eligible salaried and non-union employees were frozen in 2002 for years of creditable service. For these employees, incremental pension benefits are only earned for changes in compensation effecting final average pay. Pension benefits earned by union employees covered by collective bargaining agreements, but not participating in multiemployer pension plans, are earned based on creditable years of service and the specified benefit amounts negotiated as part of the collective bargaining agreements. The Company’s funding policy provides that annual contributions to the pension plan master trust will be at least equal to the minimum amounts required by Employee Retirement Security Act of 1974, as amended. The Company estimates that its 2014 contributions to its pension plans will be $3.2 million. The measurement date for the defined benefit pension plans is December 31. | |||||||||||||||||||||||||||||
Other Postretirement Benefits — Certain employees participate in benefit programs which provide certain health care and life insurance benefits for retired employees and their eligible dependents. The plans are unfunded. The Company estimates that its 2014 contributions to its postretirement benefit plans will be $0.2 million. The measurement date for the other postretirement benefit plans is December 31. | |||||||||||||||||||||||||||||
The Company contributes to certain multiemployer postretirement benefit plans other than pensions on behalf of employees covered by collective bargaining agreements. These plans are administered jointly by management and union representatives and covers all eligible retirees. These plans are primarily health and welfare funds and carry the same multiemployer risks as identified at the beginning of this Note. Total contributions to these plans were $2.2 million, $1.8 million, and $1.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. The increase in contributions is due to the transfer of the postretirement union retiree medical plan at our Dixon facility to the Central States multiemployer plan. | |||||||||||||||||||||||||||||
The following table summarizes information about our pension and postretirement benefit plans for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||
Benefit obligation, at beginning of year | $ | 59,942 | $ | 50,832 | $ | 3,391 | $ | 3,228 | |||||||||||||||||||||
Service cost | 2,407 | 2,289 | 22 | 24 | |||||||||||||||||||||||||
Interest cost | 2,466 | 2,451 | 138 | 149 | |||||||||||||||||||||||||
Actuarial (gains) losses | (5,826 | ) | 7,364 | (285 | ) | 92 | |||||||||||||||||||||||
Benefits paid | (2,317 | ) | (2,994 | ) | (111 | ) | (102 | ) | |||||||||||||||||||||
Benefit obligation, at end of year | $ | 56,672 | $ | 59,942 | $ | 3,155 | $ | 3,391 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||
Fair value of plan assets, at beginning of year | $ | 39,387 | $ | 34,777 | $ | — | $ | — | |||||||||||||||||||||
Actual return on plan assets | 6,431 | 3,424 | — | — | |||||||||||||||||||||||||
Company contributions | 5,260 | 4,180 | 111 | 102 | |||||||||||||||||||||||||
Benefits paid | (2,317 | ) | (2,994 | ) | (111 | ) | (102 | ) | |||||||||||||||||||||
Fair value of plan assets, at year end | $ | 48,761 | $ | 39,387 | $ | — | $ | — | |||||||||||||||||||||
Funded status of the plan | $ | (7,911 | ) | $ | (20,555 | ) | $ | (3,155 | ) | $ | (3,391 | ) | |||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||||
Current liability | $ | — | $ | — | $ | (173 | ) | $ | (149 | ) | |||||||||||||||||||
Non-current liability | (7,911 | ) | (20,555 | ) | (2,982 | ) | (3,242 | ) | |||||||||||||||||||||
Net amount recognized | $ | (7,911 | ) | $ | (20,555 | ) | $ | (3,155 | ) | $ | (3,391 | ) | |||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss: | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 9,675 | $ | 21,000 | $ | 459 | $ | 790 | |||||||||||||||||||||
Prior service cost | 1,788 | 2,243 | (304 | ) | (372 | ) | |||||||||||||||||||||||
Total, before tax effect | $ | 11,463 | $ | 23,243 | $ | 155 | $ | 418 | |||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 54,688 | $ | 57,048 | |||||||||||||||||||||||||
Weighted average assumptions used to determine the pension benefit obligations: | |||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | |||||||||||||||||||||||||
Rate of compensation increases | 3.00% - 4.00 | % | 3.00% - 4.00 | % | |||||||||||||||||||||||||
The key actuarial assumptions used to determine the postretirement benefit obligations as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Pre-65 | Post 65 | Pre-65 | Post 65 | ||||||||||||||||||||||||||
Health care cost trend rates: | |||||||||||||||||||||||||||||
Health care cost trend rate for next year | 8 | % | 7.5 | % | 7.5 | % | 7 | % | |||||||||||||||||||||
Ultimate rate | 5 | % | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Discount rate | 5 | % | 5 | % | 4.25 | % | 4.25 | % | |||||||||||||||||||||
Year ultimate rate achieved | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
The following table summarizes the net periodic cost of our pension plans and postretirement plans, for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||
Components of net periodic costs: | |||||||||||||||||||||||||||||
Service cost | $ | 2,407 | $ | 2,289 | $ | 2,199 | $ | 22 | $ | 24 | $ | 30 | |||||||||||||||||
Interest cost | 2,466 | 2,451 | 2,219 | 138 | 149 | 118 | |||||||||||||||||||||||
Expected return on plan assets | (2,665 | ) | (2,321 | ) | (2,356 | ) | — | — | — | ||||||||||||||||||||
Amortization of unrecognized prior service cost | 455 | 603 | 603 | (68 | ) | (68 | ) | (68 | ) | ||||||||||||||||||||
Amortization of unrecognized net loss (gain) | 1,733 | 1,510 | 640 | 46 | 51 | (12 | ) | ||||||||||||||||||||||
Net periodic cost | $ | 4,396 | $ | 4,532 | $ | 3,305 | $ | 138 | $ | 156 | $ | 68 | |||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Weighted average assumptions used to determine the periodic benefit costs: | |||||||||||||||||||||||||||||
Discount rate | 4.25 | % | 4.75 | % | 5.25 | % | 4.25 | % | 4.75 | % | 5.25 | % | |||||||||||||||||
Rate of compensation increases | 3.00% - 4.00 | % | 4 | % | 4 | % | — | — | — | ||||||||||||||||||||
Expected return on plan assets | 6.5 | % | 6.5 | % | 7.2 | % | — | — | — | ||||||||||||||||||||
The estimated amount that will be amortized from accumulated other comprehensive income into net pension cost in 2014 is as follows: | |||||||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 505 | $ | 19 | |||||||||||||||||||||||||
Prior service cost | $ | 207 | $ | (68 | ) | ||||||||||||||||||||||||
Estimated future pension and postretirement benefit payments from the plans are as follows: | |||||||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||||||
Benefit | Benefit | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
2014 | $ | 3,189 | $ | 173 | |||||||||||||||||||||||||
2015 | $ | 3,264 | $ | 176 | |||||||||||||||||||||||||
2016 | $ | 3,386 | $ | 178 | |||||||||||||||||||||||||
2017 | $ | 3,446 | $ | 174 | |||||||||||||||||||||||||
2018 | $ | 3,889 | $ | 178 | |||||||||||||||||||||||||
2019-2023 | $ | 18,146 | $ | 943 | |||||||||||||||||||||||||
The effect of a 1% change in health care trend rates would have the following effects on the postretirement benefit plan: | |||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
1% Increase: | |||||||||||||||||||||||||||||
Benefit obligation, end of year | $ | 329 | |||||||||||||||||||||||||||
Service cost plus interest cost for the year | $ | 17 | |||||||||||||||||||||||||||
1% Decrease: | |||||||||||||||||||||||||||||
Benefit obligation, end of year | $ | (275 | ) | ||||||||||||||||||||||||||
Service cost plus interest cost for the year | $ | (15 | ) | ||||||||||||||||||||||||||
Most of our employees are not eligible for postretirement medical benefits and of those that are, the majority are covered by a multi-employer plan in which expenses are paid as incurred. The effect on those covered by plans for which we maintain a liability was not significant. |
Other_Operating_Expense_Net
Other Operating Expense, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Operating Expense, Net | ' | ||||||||||||
16 | OTHER OPERATING EXPENSE, NET | ||||||||||||
We incurred Other operating expense, net of $5.9 million, $3.8 million, and $6.5 million, for the years ended December 31, 2013, 2012, and 2011, respectively. Other operating expenses (income), net consisted of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Restructuring | $ | 5,947 | $ | 5,178 | $ | 6,349 | |||||||
Other | — | (1,393 | ) | 113 | |||||||||
Total other operating expense, net | $ | 5,947 | $ | 3,785 | $ | 6,462 | |||||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
17 | SUPPLEMENTAL CASH FLOW INFORMATION | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Interest paid | $ | 45,998 | $ | 48,098 | $ | 50,531 | |||||||
Income taxes paid | $ | 38,533 | $ | 33,300 | $ | 27,078 | |||||||
Accrued purchase of property and equipment | $ | 8,824 | $ | 4,777 | $ | 4,181 | |||||||
Accrued other intangible assets | $ | 1,664 | $ | 431 | $ | 1,865 | |||||||
Non-cash financing activities for the twelve months ended December 31, 2013, 2012, and 2011 included the settlement of 0.2 million, 0.3 million, and 0.6 million shares, respectively, of restricted stock, restricted stock units, and performance stock units, where shares were withheld to satisfy the minimum statuary tax withholding requirements. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Commitments and Contingencies | ' | ||||||||||||
18 | COMMITMENTS AND CONTINGENCIES | ||||||||||||
We lease certain property, plant, equipment, and distribution warehouses used in our operations under both capital and operating lease agreements. These leases have terms ranging from one to seventeen years. Rent expense under operating lease commitments was $22.8 million, $21.6 million and $22.7 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
The composition of capital leases which are reflected as Property, plant and equipment in the Consolidated Balance Sheets are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Machinery and equipment | $ | 6,999 | $ | 8,465 | |||||||||
Less accumulated amortization | (2,890 | ) | (3,198 | ) | |||||||||
Total | $ | 4,109 | $ | 5,267 | |||||||||
Future minimum payments at December 31, 2013, under non-cancelable capital leases, operating leases and purchase obligations, including input costs such as raw materials, ingredients, and packaging, are summarized as follows: | |||||||||||||
Capital | Operating | Purchase | |||||||||||
Leases | Leases | Obligations | |||||||||||
(In thousands) | |||||||||||||
2014 | $ | 1,558 | $ | 21,732 | $ | 317,339 | |||||||
2015 | 1,514 | 19,726 | 31,437 | ||||||||||
2016 | 781 | 17,681 | 16,753 | ||||||||||
2017 | 53 | 14,099 | 4,691 | ||||||||||
2018 | 47 | 12,061 | 4,785 | ||||||||||
Thereafter | 191 | 45,521 | 4,929 | ||||||||||
Total minimum payments | 4,144 | $ | 130,820 | $ | 379,934 | ||||||||
Less amount representing interest | (458 | ) | |||||||||||
Present value of capital lease obligations | $ | 3,686 | |||||||||||
Litigation, Investigations and Audits — We are party in the conduct of our business to certain claims, litigation, audits and investigations. We believe we have adequate reserves for any liability we may incur in connection with any such currently pending or threatened matter. In our opinion, the settlement of any such currently pending or threatened matter is not expected to have a material impact on our financial position, results of operations, or cash flows. | |||||||||||||
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||
Dec. 31, 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 are 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 does not enter into derivative instruments for trading or speculative purposes. | |||||||||||
Interest Rate Risk — 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 marked conditions, with a bias toward fixed-rate debt. | |||||||||||
Foreign Currency Risk — 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 Consolidated Statements of Income, with their fair value recorded on the Consolidated Balance Sheets. There were no contracts outstanding as of December 31, 2013. The Company had three foreign currency contracts for the purchase of U.S. dollars during 2012 that expired before the end of the year. | |||||||||||
Commodity Risk — Certain commodities we use in the production and distribution of our products are exposed to market price risk. The Company uses derivative contracts to manage this risk. Commodity forward contracts that are derivatives, generally qualify for the normal purchases and normal sales scope exception under the guidance for derivatives 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 Consolidated Balance Sheets, with changes in value being recorded in the Consolidated Statements of Income. | |||||||||||
The Company’s forward purchase commodity contracts include contracts for diesel, oil, plastics, natural gas, electricity, and certain soybean oil contracts that do not meet the requirements for the normal purchases and normal sales scope and 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. The contracts for natural gas and electricity are used to manage the Company’s risk associated with the utility costs of its manufacturing facilities, and the soybean oil contracts are used to manage the price risk associated with raw material costs. As of December 31, 2013, the Company had outstanding contracts for the purchase of 39,886 megawatts of electricity, expiring throughout 2014 and outstanding contracts for the purchase of 749,941 dekatherms of natural gas, expiring throughout 2014. | |||||||||||
The following table identifies the derivative, its fair value, and location on the Consolidated Balance Sheets: | |||||||||||
Fair Value | |||||||||||
Balance Sheet Location | December 31, 2013 | December 31, 2012 | |||||||||
(In thousands) | |||||||||||
Asset Derivatives: | |||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | 8 | $ | — | ||||||
$ | 8 | $ | — | ||||||||
Liability Derivatives: | |||||||||||
Commodity contracts | Accounts payable and accrued expenses | $ | — | $ | 929 | ||||||
$ | — | $ | 929 | ||||||||
We recorded the following gains and losses on our derivative contracts in the Consolidated Statements of Income: | |||||||||||
Year Ended | |||||||||||
December 31, | |||||||||||
Location of Gain (Loss) | 2013 | 2012 | |||||||||
Recognized in Income | (In thousands) | ||||||||||
Mark to market unrealized gain (loss): | |||||||||||
Commodity contracts | Other income, net | $ | 937 | (1,092 | ) | ||||||
Total unrealized gain (loss) | 937 | (1,092 | ) | ||||||||
Realized gain (loss): | |||||||||||
Foreign currency contract | Cost of sales | — | (1,222 | ) | |||||||
Commodity contracts | Manufacturing related to cost of sales and transportation related to selling and distribution | (374 | ) | (482 | ) | ||||||
Total realized gain (loss) | (374 | ) | (1,704 | ) | |||||||
Total gain (loss) | $ | 563 | $ | (2,796 | ) | ||||||
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value | ' | ||||||||||||||||||||
20 | FAIR VALUE | ||||||||||||||||||||
The following table presents the carrying value and fair value of our financial instruments as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | Level | |||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Not recorded at fair value (liability): | |||||||||||||||||||||
Revolving credit facility | $ | (535,000 | ) | $ | (532,226 | ) | $ | (393,000 | ) | $ | (393,353 | ) | 2 | ||||||||
Senior notes | $ | — | $ | — | $ | (100,000 | ) | $ | (102,341 | ) | 2 | ||||||||||
High yield notes | $ | (400,000 | ) | $ | (435,520 | ) | $ | (400,000 | ) | $ | (433,500 | ) | 2 | ||||||||
Recorded on a recurring basis at fair value (liability) asset: | |||||||||||||||||||||
Commodity contracts | $ | 8 | $ | 8 | $ | (929 | ) | $ | (929 | ) | 2 | ||||||||||
Investments | $ | 8,680 | $ | 8,680 | $ | — | $ | — | 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 are 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 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 were recorded at fair value on the Consolidated Balance Sheets. |
Segment_and_Geographic_Informa
Segment and Geographic Information and Major Customers | 12 Months Ended | ||||||||||||
Dec. 31, 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, making determinations as to the allocation of resources in total rather than on a segment-level basis. We have designated our reportable segments based on how management views our business. We do not segregate assets between segments for internal reporting. Therefore, asset-related information has not been presented. The Company’s reportable segments, as presented below, are consistent with the manner in which the Company reports its results to the chief operating decision maker. | |||||||||||||
Our North American Retail Grocery segment sells branded and private label products to customers within the United States and Canada. These products include non-dairy powdered creamers; sweeteners; condensed, ready to serve, and powdered soups, broths and gravies; refrigerated and shelf stable salad dressings and sauces; pickles and related products; Mexican sauces; jams and pie fillings; aseptic products; liquid non-dairy creamer; powdered drinks; single serve hot beverages; specialty teas; hot and cold cereals; baking and mix powders; macaroni and cheese; and skillet dinners. | |||||||||||||
Our Food Away From Home segment sells non-dairy powdered creamers; powdered sweeteners; pickles and related products; Mexican sauces; refrigerated and shelf stable dressings; aseptic products; hot and cold cereals; powdered drinks; and single serve hot beverages to foodservice customers, including restaurant chains and food distribution companies, within the United States and Canada. | |||||||||||||
Our Industrial and Export segment includes the Company’s co-pack business and non-dairy powdered creamer sales to industrial customers for use in industrial applications, including products for repackaging in portion control packages and for use as ingredients by other food manufacturers. The most common products sold in this segment include non-dairy powdered creamer; baking and mix powders; pickles and related products; refrigerated and shelf stable salad dressings; Mexican sauces; soup and infant feeding products; hot cereal; powdered drinks; single serve hot beverages; and specialty teas. Export sales are primarily to industrial customers outside of North America. | |||||||||||||
The Company evaluates the performance of 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 our Chief Operating Decision Maker and do not include income taxes. Other expenses not allocated include warehouse start-up costs, restructuring costs, unallocated selling and distribution expenses, and corporate expenses which consist of general and administrative expenses, amortization expense, other operating (income) expense, and other expense (income). The accounting policies of our segments are the same as those described in the summary of significant accounting policies set forth in Note 1 “Summary of Significant Accounting Policies”. | |||||||||||||
Financial information relating to the Company’s reportable segments is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Net sales: | |||||||||||||
North American Retail Grocery | $ | 1,642,190 | $ | 1,568,014 | $ | 1,456,213 | |||||||
Food Away From Home | 360,868 | 338,357 | 307,819 | ||||||||||
Industrial and Export | 290,869 | 275,754 | 285,953 | ||||||||||
Total | $ | 2,293,927 | $ | 2,182,125 | $ | 2,049,985 | |||||||
Direct operating income: | |||||||||||||
North American Retail Grocery | $ | 258,699 | $ | 244,736 | $ | 243,744 | |||||||
Food Away From Home | 50,110 | 43,913 | 44,808 | ||||||||||
Industrial and Export | 55,754 | 44,663 | 48,268 | ||||||||||
Total | 364,563 | 333,312 | 336,820 | ||||||||||
Unallocated selling and distribution expenses | (5,284 | ) | (5,231 | ) | (5,864 | ) | |||||||
Unallocated cost of sales (1) | (18,728 | ) | (10,950 | ) | — | ||||||||
Unallocated corporate expense | (162,387 | ) | (140,304 | ) | (142,681 | ) | |||||||
Operating income | 178,164 | 176,827 | 188,275 | ||||||||||
Other expense | (53,254 | ) | (52,618 | ) | (48,477 | ) | |||||||
Income before income taxes | $ | 124,910 | $ | 124,209 | $ | 139,798 | |||||||
Depreciation: | |||||||||||||
North American Retail Grocery | $ | 35,962 | $ | 36,301 | $ | 33,343 | |||||||
Food Away From Home | 9,327 | 7,451 | 6,484 | ||||||||||
Industrial and Export | 5,379 | 7,810 | 6,714 | ||||||||||
Corporate office (2) | 22,599 | 13,107 | 2,075 | ||||||||||
Total | $ | 73,267 | $ | 64,669 | $ | 48,616 | |||||||
-1 | Primarily related to accelerated depreciation and other charges related to restructurings. | ||||||||||||
-2 | Includes accelerated depreciation related to restructurings. | ||||||||||||
Geographic Information — The Company had revenues to customers outside of the United States of approximately 13.2%, 13.0% and 13.2% of total consolidated net sales in 2013, 2012, and 2011, respectively, with 12.2%, 12.1%, and 11.7% going to Canada in 2013, 2012 and 2011, respectively. Sales are determined based on the customer destination where the products are shipped. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Long-lived assets: | |||||||||||||
United States | $ | 416,170 | $ | 388,642 | $ | 370,857 | |||||||
Canada | 46,105 | 36,665 | 35,701 | ||||||||||
Total | $ | 462,275 | $ | 425,307 | $ | 406,558 | |||||||
Long-lived assets consist of net property, plant and equipment. | |||||||||||||
Major Customers — Wal-Mart Stores, Inc. and affiliates accounted for approximately 19.0%, 20.7% and 19.1% of our consolidated net sales in 2013, 2012, and 2011, respectively. Sales to Wal-Mart Stores, Inc. and affiliates are included in our North American Retail Grocery segment. No other customer accounted for more than 10% of our consolidated net sales. | |||||||||||||
Total trade receivables with Wal-Mart Stores, Inc. and affiliates represented approximately 24.8% and 30.1% of our total trade receivables as of December 31, 2013 and 2012, respectively. | |||||||||||||
Product Information — The following table presents the Company’s net sales by major products. In 2013, as a result of the Associated Brands acquisition, the Company updated the product categories. Non-dairy creamer was changed to Beverage enhancers to include sweeteners from Associated Brands. Powdered drinks was renamed Beverages and now includes the specialty teas and related products from Associated Brands. Hot cereals was renamed Cereals, as cold cereals are sold by Associated Brands. These changes did not require prior period adjustments. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Products: | |||||||||||||
Beverage enhancers | $ | 361,290 | $ | 362,238 | $ | 359,860 | |||||||
Beverages | 341,547 | 234,430 | 219,932 | ||||||||||
Salad Dressings | 334,577 | 284,027 | 220,359 | ||||||||||
Pickles | 297,904 | 308,228 | 300,414 | ||||||||||
Mexican and other sauces | 245,171 | 232,025 | 195,233 | ||||||||||
Soup and infant feeding | 219,404 | 281,827 | 299,042 | ||||||||||
Cereals | 169,843 | 162,952 | 150,364 | ||||||||||
Dry dinners | 124,075 | 126,804 | 115,627 | ||||||||||
Aseptic products | 96,136 | 91,585 | 92,981 | ||||||||||
Jams | 57,330 | 61,436 | 64,686 | ||||||||||
Other products | 46,650 | 36,573 | 31,487 | ||||||||||
Total net sales | $ | 2,293,927 | $ | 2,182,125 | $ | 2,049,985 | |||||||
Quarterly_Results_of_Operation
Quarterly Results of Operations | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Results of Operations | ' | ||||||||||||||||
22 | QUARTERLY RESULTS OF OPERATIONS (unaudited) | ||||||||||||||||
The following is a summary of our unaudited quarterly results of operations for 2013 and 2012: | |||||||||||||||||
Quarter | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Fiscal 2013 | |||||||||||||||||
Net sales | $ | 540,110 | $ | 526,346 | $ | 567,150 | $ | 660,321 | |||||||||
Gross profit | 114,172 | 109,568 | 115,263 | 136,546 | |||||||||||||
Income before income taxes | 33,354 | 27,883 | 29,372 | 34,301 | |||||||||||||
Net income | 22,974 | 18,565 | 22,665 | 22,784 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic (1) | 0.63 | 0.51 | 0.62 | 0.62 | |||||||||||||
Diluted (1) | 0.62 | 0.5 | 0.61 | 0.61 | |||||||||||||
Fiscal 2012 | |||||||||||||||||
Net sales | $ | 523,811 | $ | 527,421 | $ | 538,112 | $ | 592,781 | |||||||||
Gross profit | 114,932 | 106,591 | 113,209 | 119,178 | |||||||||||||
Income before income taxes | 31,704 | 27,496 | 28,962 | 36,047 | |||||||||||||
Net income | 22,074 | 19,511 | 21,554 | 25,224 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic (1) | 0.61 | 0.54 | 0.6 | 0.7 | |||||||||||||
Diluted (1) | 0.6 | 0.53 | 0.58 | 0.68 | |||||||||||||
-1 | Due to rounding, the sum of the four quarters may not be the same as the total for the year. |
Guarantor_and_NonGuarantor_Fin
Guarantor and Non-Guarantor Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Guarantor and Non-Guarantor Financial Information | ' | ||||||||||||||||||||
23 | 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, 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 supplemental consolidating financial information presents the results of operations, financial position and cash flows of TreeHouse, its guarantor subsidiaries, its non-guarantor subsidiaries and the eliminations necessary to arrive at the information for TreeHouse on a consolidated basis as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011. 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 | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 23,268 | 43 | 23,164 | — | 46,475 | |||||||||||||||
Investments | — | — | 8,680 | — | 8,680 | ||||||||||||||||
Accounts receivable, net | 258 | 116,464 | 36,041 | — | 152,763 | ||||||||||||||||
Inventories, net | — | 314,912 | 90,786 | — | 405,698 | ||||||||||||||||
Deferred income taxes | — | 18,534 | 3,375 | — | 21,909 | ||||||||||||||||
Prepaid expenses and other current assets | 27,890 | 12,593 | 758 | (27,077 | ) | 14,164 | |||||||||||||||
Total current assets | 51,416 | 462,546 | 162,804 | (27,077 | ) | 649,689 | |||||||||||||||
Property, plant and equipment, net | 13,426 | 379,380 | 69,469 | — | 462,275 | ||||||||||||||||
Goodwill | — | 959,440 | 159,764 | — | 1,119,204 | ||||||||||||||||
Investment in subsidiaries | 1,970,351 | 258,305 | — | (2,228,656 | ) | — | |||||||||||||||
Intercompany accounts receivable (payable), net | 154,742 | 68,407 | (223,149 | ) | — | — | |||||||||||||||
Deferred income taxes | 13,545 | — | — | (13,545 | ) | — | |||||||||||||||
Intangible and other assets, net | 46,943 | 288,873 | 154,070 | — | 489,886 | ||||||||||||||||
Total assets | $ | 2,250,423 | 2,416,951 | 322,958 | (2,269,278 | ) | 2,721,054 | ||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 26,127 | 204,920 | 34,843 | (27,077 | ) | 238,813 | ||||||||||||||
Current portion of long-term debt | — | 1,498 | 53 | — | 1,551 | ||||||||||||||||
Total current liabilities | 26,127 | 206,418 | 34,896 | (27,077 | ) | 240,364 | |||||||||||||||
Long-term debt | 935,000 | 3,580 | 365 | — | 938,945 | ||||||||||||||||
Deferred income taxes | 206 | 213,219 | 28,689 | (13,545 | ) | 228,569 | |||||||||||||||
Other long-term liabilities | 15,972 | 23,383 | 703 | — | 40,058 | ||||||||||||||||
Stockholders’ equity | 1,273,118 | 1,970,351 | 258,305 | (2,228,656 | ) | 1,273,118 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,250,423 | 2,416,951 | 322,958 | (2,269,278 | ) | 2,721,054 | ||||||||||||||
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 | ) | — | |||||||||||||||
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 Stockholders’ 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 | ||||||||||||||||
Stockholders’ equity | 1,179,255 | 1,740,451 | 209,833 | (1,950,284 | ) | 1,179,255 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,085,355 | $ | 2,165,862 | $ | 238,215 | $ | (1,963,559 | ) | $ | 2,525,873 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | 2,011,944 | 379,143 | (97,160 | ) | 2,293,927 | ||||||||||||||
Cost of sales | — | 1,593,404 | 322,134 | (97,160 | ) | 1,818,378 | |||||||||||||||
Gross profit | — | 418,540 | 57,009 | — | 475,549 | ||||||||||||||||
Selling, general and administrative expense | 52,951 | 166,849 | 36,263 | — | 256,063 | ||||||||||||||||
Amortization | 5,445 | 23,320 | 6,610 | — | 35,375 | ||||||||||||||||
Other operating expense, net | — | 3,741 | 2,206 | — | 5,947 | ||||||||||||||||
Operating (loss) income | (58,396 | ) | 224,630 | 11,930 | — | 178,164 | |||||||||||||||
Interest expense | 48,358 | 967 | 14,642 | (14,663 | ) | 49,304 | |||||||||||||||
Interest income | — | (14,675 | ) | (2,173 | ) | 14,663 | (2,185 | ) | |||||||||||||
Other (income) expense, net | (3 | ) | (19,811 | ) | 25,949 | — | 6,135 | ||||||||||||||
(Loss) income from continuing operations, before income taxes | (106,751 | ) | 258,149 | (26,488 | ) | — | 124,910 | ||||||||||||||
Income taxes (benefit) | (42,438 | ) | 90,175 | (9,815 | ) | — | 37,922 | ||||||||||||||
Equity in net income of subsidiaries | 151,301 | (16,673 | ) | — | (134,628 | ) | — | ||||||||||||||
Net income | $ | 86,988 | 151,301 | (16,673 | ) | (134,628 | ) | 86,988 | |||||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 1,936,149 | $ | 295,267 | $ | (49,291 | ) | $ | 2,182,125 | ||||||||||
Cost of sales | — | 1,541,642 | 235,864 | (49,291 | ) | 1,728,215 | |||||||||||||||
Gross profit | — | 394,507 | 59,403 | — | 453,910 | ||||||||||||||||
Selling, general and administrative expense | 46,216 | 168,050 | 25,486 | — | 239,752 | ||||||||||||||||
Amortization | 4,556 | 24,068 | 4,922 | — | 33,546 | ||||||||||||||||
Other operating (income) expense, net | (218 | ) | 1,564 | 2,439 | — | 3,785 | |||||||||||||||
Operating (loss) income | (50,554 | ) | 200,825 | 26,556 | — | 176,827 | |||||||||||||||
Interest expense | 50,762 | 847 | 14,434 | (14,434 | ) | 51,609 | |||||||||||||||
Interest income | — | (14,434 | ) | (643 | ) | 14,434 | (643 | ) | |||||||||||||
Other expense, net | — | 1,133 | 519 | — | 1,652 | ||||||||||||||||
(Loss) income before income taxes | (101,316 | ) | 213,279 | 12,246 | — | 124,209 | |||||||||||||||
Income taxes (benefit) | (38,590 | ) | 71,130 | 3,306 | — | 35,846 | |||||||||||||||
Equity in net income of subsidiaries | 151,089 | 8,940 | — | (160,029 | ) | — | |||||||||||||||
Net income | $ | 88,363 | $ | 151,089 | $ | 8,940 | $ | (160,029 | ) | $ | 88,363 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 1,812,068 | $ | 272,270 | $ | (34,353 | ) | $ | 2,049,985 | ||||||||||
Cost of sales | — | 1,400,394 | 210,647 | (34,353 | ) | 1,576,688 | |||||||||||||||
Gross profit | — | 411,674 | 61,623 | — | 473,297 | ||||||||||||||||
Selling, general and administrative expense | 49,030 | 171,150 | 23,978 | — | 244,158 | ||||||||||||||||
Amortization | 3,155 | 26,213 | 5,034 | — | 34,402 | ||||||||||||||||
Other operating income, net | — | 6,462 | — | — | 6,462 | ||||||||||||||||
Operating (loss) income | (52,185 | ) | 207,849 | 32,611 | — | 188,275 | |||||||||||||||
Interest expense | 52,500 | 1,995 | 14,198 | (15,622 | ) | 53,071 | |||||||||||||||
Interest income | (1,563 | ) | (14,107 | ) | — | 15,622 | (48 | ) | |||||||||||||
Other income, net | (927 | ) | (44 | ) | (3,575 | ) | — | (4,546 | ) | ||||||||||||
(Loss) income before income taxes | (102,194 | ) | 220,004 | 21,988 | — | 139,798 | |||||||||||||||
Income taxes (benefit) | (38,533 | ) | 77,905 | 6,019 | — | 45,391 | |||||||||||||||
Equity in net income of subsidiaries | 158,068 | 15,969 | — | (174,037 | ) | — | |||||||||||||||
Net income (loss) | $ | 94,407 | $ | 158,068 | $ | 15,969 | $ | (174,037 | ) | $ | 94,407 | ||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income | $ | 86,988 | $ | 151,301 | $ | (16,673 | ) | $ | (134,628 | ) | $ | 86,988 | |||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | (9,780 | ) | (12,902 | ) | — | (22,682 | ) | |||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | 7,451 | — | — | 7,451 | ||||||||||||||||
Derivative reclassification adjustment, net of tax | 108 | — | — | — | 108 | ||||||||||||||||
Other comprehensive (loss) income | 108 | (2,329 | ) | (12,902 | ) | — | (15,123 | ) | |||||||||||||
Equity in other comprehensive income of subsidiaries | (15,231 | ) | (12,902 | ) | — | 28,133 | — | ||||||||||||||
Comprehensive income | $ | 71,865 | $ | 136,070 | $ | (29,575 | ) | $ | (106,495 | ) | $ | 71,865 | |||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income | $ | 88,363 | $ | 151,089 | $ | 8,940 | $ | (160,029 | ) | $ | 88,363 | ||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | 3,660 | 4,601 | — | 8,261 | ||||||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | (2,700 | ) | — | — | (2,700 | ) | ||||||||||||||
Derivative reclassification adjustment, net of tax | 161 | — | — | — | 161 | ||||||||||||||||
Other comprehensive (loss) income | 161 | 960 | 4,601 | — | 5,722 | ||||||||||||||||
Equity in other comprehensive income of subsidiaries | 5,561 | 4,601 | — | (10,162 | ) | — | |||||||||||||||
Comprehensive income | $ | 94,085 | $ | 156,650 | $ | 13,541 | $ | (170,191 | ) | $ | 94,085 | ||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income | $ | 94,407 | $ | 158,068 | $ | 15,969 | $ | (174,037 | ) | $ | 94,407 | ||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | (2,910 | ) | (3,579 | ) | — | (6,489 | ) | |||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | (4,000 | ) | — | — | (4,000 | ) | ||||||||||||||
Derivative reclassification adjustment, net of tax | 161 | — | — | — | 161 | ||||||||||||||||
Other comprehensive (loss) income | 161 | (6,910 | ) | (3,579 | ) | — | (10,328 | ) | |||||||||||||
Equity in other comprehensive income of subsidiaries | (10,489 | ) | (3,579 | ) | — | 14,068 | — | ||||||||||||||
Comprehensive income | $ | 84,079 | $ | 147,579 | $ | 12,390 | $ | (159,969 | ) | $ | 84,079 | ||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | |||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (45,540 | ) | 224,654 | 37,576 | — | 216,690 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (48 | ) | (66,878 | ) | (7,854 | ) | — | (74,780 | ) | ||||||||||||
Additions to intangible assets | (4,923 | ) | (1,480 | ) | — | — | (6,403 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | (129,382 | ) | (89,270 | ) | — | (218,652 | ) | |||||||||||||
Purchase of investments | — | — | (8,140 | ) | — | (8,140 | ) | ||||||||||||||
Proceeds from sale of investments | — | — | 165 | — | 165 | ||||||||||||||||
Proceeds from sale of fixed assets | — | 915 | 45 | — | 960 | ||||||||||||||||
Net cash used in investing activities | (4,971 | ) | (196,825 | ) | (105,054 | ) | — | (306,850 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net repayment of debt | 42,000 | (1,939 | ) | (6 | ) | — | 40,055 | ||||||||||||||
Intercompany transfer | 26,116 | (26,116 | ) | — | — | — | |||||||||||||||
Net payments related to stock-based award activities | 1,291 | — | — | — | 1,291 | ||||||||||||||||
Excess tax benefits from stock-based payment arrangements | 4,372 | — | — | — | 4,372 | ||||||||||||||||
Net cash provided by (used in) financing activities | 73,779 | (28,055 | ) | (6 | ) | — | 45,718 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,490 | ) | — | (3,490 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 23,268 | (226 | ) | (70,974 | ) | — | (47,932 | ) | |||||||||||||
Cash and cash equivalents, beginning of year | — | 269 | 94,138 | — | 94,407 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 23,268 | 43 | 23,164 | — | 46,475 | |||||||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | |||||||||||||||||||||
Fiscal Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (62,153 | ) | $ | 182,684 | $ | 84,028 | $ | — | $ | 204,559 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (223 | ) | (60,416 | ) | (9,638 | ) | — | (70,277 | ) | ||||||||||||
Additions to intangible assets | (8,216 | ) | (1,027 | ) | — | — | (9,243 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | (44,467 | ) | 14,512 | — | (29,955 | ) | ||||||||||||||
Proceeds from sale of fixed assets | — | 67 | 46 | — | 113 | ||||||||||||||||
Net cash (used in) provided by investing activities | (8,439 | ) | (105,843 | ) | 4,920 | — | (109,362 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net repayment of debt | (2,800 | ) | (1,964 | ) | 21 | — | (4,743 | ) | |||||||||||||
Intercompany transfer | 74,614 | (74,614 | ) | — | — | — | |||||||||||||||
Net payments related to stock-based award activities | (3,879 | ) | — | — | — | (3,879 | ) | ||||||||||||||
Excess tax benefits from stock-based payment arrangements | 2,657 | — | — | — | 2,657 | ||||||||||||||||
Net cash provided by (used in) financing activities | 70,592 | (76,578 | ) | 21 | — | (5,965 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,896 | — | 1,896 | ||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | 263 | 90,865 | — | 91,128 | ||||||||||||||||
Cash and cash equivalents, beginning of year | — | 6 | 3,273 | — | 3,279 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 269 | $ | 94,138 | $ | — | $ | 94,407 | |||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | |||||||||||||||||||||
Fiscal Year Ended December 31, 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (73,426 | ) | $ | 226,570 | $ | 2,927 | $ | — | $ | 156,071 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (3,317 | ) | (60,486 | ) | (4,720 | ) | — | (68,523 | ) | ||||||||||||
Additions to intangible assets | (6,689 | ) | (2,584 | ) | — | — | (9,273 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | 3,243 | — | — | 3,243 | ||||||||||||||||
Proceeds from sale of fixed assets | — | 229 | 22 | — | 251 | ||||||||||||||||
Net cash used in investing activities | (10,006 | ) | (59,598 | ) | (4,698 | ) | — | (74,302 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net repayment of debt | (76,800 | ) | (1,417 | ) | — | — | (78,217 | ) | |||||||||||||
Intercompany transfer | 165,555 | (165,555 | ) | — | — | — | |||||||||||||||
Payment of deferred financing costs | (1,518 | ) | — | — | — | (1,518 | ) | ||||||||||||||
Net payments related to stock-based award activities | (8,278 | ) | — | — | — | (8,278 | ) | ||||||||||||||
Excess tax benefits from stock-based payment arrangements | 4,473 | — | — | — | 4,473 | ||||||||||||||||
Net cash provided by (used in) financing activities | 83,432 | (166,972 | ) | — | — | (83,540 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1,273 | ) | — | (1,273 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | — | — | (3,044 | ) | — | (3,044 | ) | ||||||||||||||
Cash and cash equivalents, beginning of year | — | 6 | 6,317 | — | 6,323 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 6 | $ | 3,273 | $ | — | $ | 3,279 | |||||||||||
Valuation_And_Qualifying_Accou
Valuation And Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Valuation And Qualifying Accounts | ' | ||||||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||||||
TREEEHOUSE FOODS, INC. | |||||||||||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||||||||||
December 31, 2013, 2012 and 2011 | |||||||||||||||||||||||||
Allowance for doubtful accounts deducted from accounts receivable: | |||||||||||||||||||||||||
Year | Balance | Change | Acquisitions | Write-Off of | Recoveries | Balance | |||||||||||||||||||
Beginning | to | Uncollectible | End of Year | ||||||||||||||||||||||
of Year | Allowance | Accounts | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2011 | $ | 750 | $ | (221 | ) | $ | — | $ | (15 | ) | $ | 3 | $ | 517 | |||||||||||
2012 | $ | 517 | $ | (273 | ) | $ | 91 | $ | (30 | ) | $ | — | $ | 305 | |||||||||||
2013 | $ | 305 | $ | (98 | ) | $ | 255 | $ | (57 | ) | $ | — | $ | 405 |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Basis of Consolidation | ' | ||
Basis of Consolidation — The Consolidated Financial Statements include the accounts of TreeHouse Foods, Inc. and its 100% owned subsidiaries (“Company,” “we,” “us,” or “our”). All intercompany balances and transactions are eliminated in consolidation. In 2013, as a result of the Associated Brands acquisition, the Company updated our product categories as presented in Note 21. These changes did not require prior period adjustments. See Note 21 for more information. In the 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 for prior years, 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 Consolidated Balance Sheets, the Company reclassified the “Assets held for sale” line as presented in the Company’s Annual Report on Form 10-K for prior years, into the “Prepaid expenses and other current assets” line, as the amounts are not material. | |||
Use of Estimates | ' | ||
Use of Estimates — The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to use 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 Consolidated Financial Statements and the reported amounts of net sales and expenses during the reporting period. Actual results could differ from these estimates. | |||
Cash Equivalents | ' | ||
Cash Equivalents — We consider temporary cash investments with an original maturity of three months or less to be cash equivalents. As of December 31, 2013 and 2012, $19.3 million and $94.1 million, respectively, represents cash held in Canada, in local currency, and is convertible into other currencies. The cash held in Canada is expected to be used for general corporate purposes in Canada, including capital projects and acquisitions. | |||
Inventories | ' | ||
Inventories — Inventories are stated at the lower of cost or market. Pickle inventories are valued using the last-in, first-out (“LIFO”) method, while all of our other inventories are valued using the first-in, first-out (“FIFO”) method. The costs of finished goods inventories include raw materials, labor, and overhead costs. | |||
Property, Plant and Equipment | ' | ||
Property, Plant and Equipment — Property, plant, and equipment are stated at acquisition cost, plus capitalized interest on borrowings during the actual construction period of major capital projects. Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows: | |||
Asset | Useful Life | ||
Buildings and improvements | 12-40 years | ||
Machinery and equipment | 3-15 years | ||
Office furniture and equipment | 3-12 years | ||
We perform impairment tests when circumstances indicate that the carrying value may not be recoverable. Capitalized leases are amortized over the shorter of their lease term or their estimated useful lives, and amortization expense is included in depreciation expense. Expenditures for repairs and maintenance, which do not improve or extend the life of the assets, are expensed as incurred. | |||
Intangible and Other Assets | ' | ||
Intangible and Other Assets — Identifiable intangible assets with finite lives are amortized over their estimated useful lives as follows: | |||
Asset | Useful Life | ||
Customer relationships | Straight-line method over 5 to 20 years | ||
Trademarks | Straight-line method over 10 to 20 years | ||
Non-competition agreements | Straight-line method over the terms of the agreements | ||
Deferred financing costs | Straight-line method over the terms of the related debt | ||
Formulas/recipes | Straight-line method over 5 to 7 years | ||
Computer software | Straight-line method over 2 to 7 years | ||
Indefinite lived trademarks are evaluated for impairment annually in the fourth quarter or more frequently, if events or changes in circumstances indicate that the asset might be impaired. Indefinite lived trademarks impairment is indicated when their book value exceeds fair value. If the fair value of an evaluated asset is less than its book value, the asset is written down to fair value, which is generally based on its discounted future cash flows. | |||
Amortizable intangible assets are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If an evaluation of the undiscounted cash flows indicates impairment, the asset is written down to its estimated fair value, which is generally based on discounted future cash flows. | |||
Goodwill is evaluated annually in the fourth quarter or more frequently, if events or changes in circumstances require an interim assessment. We assess goodwill for impairment at the reporting unit level using a market and income approach, employing significant assumptions regarding growth, discount rates, and profitability at each reporting unit. The market approach uses a market multiple methodology employing revenues and earnings before interest, taxes, depreciation and amortization (“EBITDA”) and applies a range of multiples to those amounts in determining the indicated fair value. In determining the multiples used in this approach, we obtain the multiples for selected peer companies using the most recent publically available information. Our estimates under the income approach are determined based on a discounted cash flow model. In determining the indicated fair value of each reporting unit, the Company weighs both the market and income approach results, with each approach given equal weighting. The final value is then compared to the carrying value of each reporting unit. Goodwill impairment has occurred if the book value of the reporting unit exceeds its fair value, and goodwill is written down to fair value. | |||
Stock-Based Compensation | ' | ||
Stock-Based Compensation — We measure compensation expense for our equity awards at their grant date fair value. The resulting expense is recognized over the relevant service period. See Note 13. | |||
Sales Recognition | ' | ||
Sales Recognition — Sales are recognized when persuasive evidence of an arrangement exists, the price is fixed or determinable, title and risk of loss transfer to customers, and there is a reasonable assurance of collection of the sales proceeds. Product is shipped FOB shipping point or FOB destination, depending on our agreement with the customer. Sales are reduced by certain sales incentives, some of which are recorded by estimating expense based on our historical experience. | |||
Accounts Receivable | ' | ||
Accounts Receivable — We provide credit terms to customers ranging up to 60 days, perform ongoing credit evaluations of our customers, and maintain allowances for potential credit losses based on historical experience. Customer balances are written off after all collection efforts are exhausted. Estimated product returns, which have not been material, are deducted from sales at the time of shipment. | |||
Income Taxes | ' | ||
Income Taxes — The provision for income taxes includes federal, foreign, state, and local income taxes currently payable, and those deferred because of temporary differences between the financial statement and tax bases of assets and liabilities. Deferred tax assets or liabilities are computed based on the difference between the financial statement and income tax bases of assets and liabilities using enacted tax rates. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Deferred income tax expenses or credits are based on the changes in the asset or liability from period to period. | |||
Foreign Currency Translation and Transactions | ' | ||
Foreign Currency Translation and Transactions — The functional currency of the Company’s foreign operations is the applicable local currency. The functional currency is translated into U.S. dollars for balance sheet accounts using currency exchange rates in effect as of the balance sheet date, and for revenue and expense accounts using a weighted-average exchange rate during the fiscal year. The translation adjustments are deferred as a separate component of Stockholders’ equity in Accumulated other comprehensive loss. Gains or losses resulting from transactions denominated in foreign currencies are included in Other expense (income), net in the Consolidated Statements of Income. | |||
Shipping and Handling Fees | ' | ||
Shipping and Handling Fees — Our shipping and handling costs are included in both cost of sales and selling and distribution expense, depending on the nature of such costs. Shipping and handling costs included in cost of sales reflect inventory warehouse costs, product loading and handling costs, and costs associated with transporting finished products from our manufacturing facilities to distribution warehouses. Shipping and handling costs included in selling and distribution expense consist primarily of the cost of shipping products to customers through third party carriers. Shipping and handling costs recorded as a component of selling and distribution expense were approximately $55.3 million, $61.5 million, and $70.1 million, for years ended 2013, 2012 and 2011, respectively. | |||
Derivative Financial Instruments | ' | ||
Derivative Financial Instruments — From time to time, we utilize derivative financial instruments including interest rate and commodity swaps, foreign currency contracts, and forward purchase contracts to manage our exposure to interest rate, foreign currency, and commodity price risks. We do not hold or issue financial instruments for speculative or trading purposes. The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. Derivatives that are not designated as hedges according to GAAP must be adjusted to fair value through earnings. For derivative instruments that are designated as cash flow hedges, the effective portion of the gain or loss is reported as Accumulated other comprehensive loss and reclassified into earnings in the same period when the hedged transaction affects earnings. The ineffective gain or loss is recognized in current earnings. Commodity forward contracts generally qualify for the normal purchases and normal sales scope exception underthe guidance for derivative instruments and hedging activities, and therefore are not subject to its provisions. For further information about our derivative instruments see Note 19. | |||
Capital Lease Obligations | ' | ||
Capital Lease Obligations — Capital lease obligations represent machinery and equipment financing obligations, which are generally payable in monthly installments of principal and interest, and are collateralized by the related assets financed. | |||
Insurance Accruals | ' | ||
Insurance Accruals — We retain selected levels of property and casualty risks, primarily related to employee health care, workers’ compensation claims, and other casualty losses. Many of these potential losses are covered under conventional insurance programs with third party carriers having high deductible limits. In other areas, we are self-insured with stop-loss coverage. Accrued liabilities for incurred but not reported losses related to these retained risks are calculated based upon loss development factors which contemplate a number of factors, including claims history and expected trends. These accruals are developed by us in consultation with external insurance brokers and actuaries. | |||
Facility Closing and Reorganization Costs | ' | ||
Facility Closing and Reorganization Costs — We periodically record facility closing and reorganization charges, when we have identified a facility for closure or other reorganization opportunity, developed a plan, and notified the affected employees. These charges are incurred as a component of operating income. See Note 3 for more information. | |||
Research and Development Costs | ' | ||
Research and Development Costs — We record research and development charges to expense as they are incurred and are reported in the General and administrative line of our Consolidated Statements of Income. Expenditures totaled $17.5 million, $11.1 million, and $10.1 million, for years ended 2013, 2012 and 2011, respectively. | |||
Advertising Costs | ' | ||
Advertising Costs — Advertising costs are expensed as incurred and reported in the Selling and distribution line of our Consolidated Statements of Income. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Estimated Useful Lives Of Assets | ' | ||
Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows: | |||
Asset | Useful Life | ||
Buildings and improvements | 12-40 years | ||
Machinery and equipment | 3-15 years | ||
Office furniture and equipment | 3-12 years | ||
Estimated Useful Lives of Intangible Assets | ' | ||
Identifiable intangible assets with finite lives are amortized over their estimated useful lives as follows: | |||
Asset | Useful Life | ||
Customer relationships | Straight-line method over 5 to 20 years | ||
Trademarks | Straight-line method over 10 to 20 years | ||
Non-competition agreements | Straight-line method over the terms of the agreements | ||
Deferred financing costs | Straight-line method over the terms of the related debt | ||
Formulas/recipes | Straight-line method over 5 to 7 years | ||
Computer software | Straight-line method over 2 to 7 years |
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Aggregate Expenses Incurred Associated with Facility Closure | ' | ||||||||||||||||
Below is a summary of the restructuring costs: | |||||||||||||||||
Soup Restructuring | |||||||||||||||||
Year Ended | Year Ended | Cumulative Costs | Total Expected | ||||||||||||||
December 31, 2013 | December 31, 2012 | To Date | Costs | ||||||||||||||
(In thousands) | |||||||||||||||||
Accelerated depreciation | $ | 15,887 | $ | 6,703 | $ | 22,590 | $ | 22,590 | |||||||||
Severance and outplacement | 12 | 757 | 769 | 769 | |||||||||||||
Other closure costs | 1,091 | 580 | 1,671 | 3,845 | |||||||||||||
Total | $ | 16,990 | $ | 8,040 | $ | 25,030 | $ | 27,204 | |||||||||
Seaforth Closure | |||||||||||||||||
Year Ended | Year Ended | Cumulative Costs | Total Expected | ||||||||||||||
31-Dec-13 | 31-Dec-12 | To Date | Costs | ||||||||||||||
(In thousands) | |||||||||||||||||
Accelerated depreciation | $ | 2,574 | $ | 4,008 | $ | 6,582 | $ | 6,582 | |||||||||
Severance and outplacement | 635 | 2,249 | 2,884 | 2,884 | |||||||||||||
Other closure costs | 3,250 | 478 | 3,728 | 4,047 | |||||||||||||
Total | $ | 6,459 | $ | 6,735 | $ | 13,194 | $ | 13,513 | |||||||||
Reconciliation of Severance Liability | ' | ||||||||||||||||
The adjustments in the table below relate to refined estimates. | |||||||||||||||||
Severance Liability | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance as of January 1, 2012 | $ | — | |||||||||||||||
Expense | $ | 4,007 | |||||||||||||||
Payments | (640 | ) | |||||||||||||||
Adjustments | (681 | ) | |||||||||||||||
Balance as of December 31, 2012 | 2,686 | ||||||||||||||||
Expense | 559 | ||||||||||||||||
Payments | (2,624 | ) | |||||||||||||||
Foreign exchange | (92 | ) | |||||||||||||||
Adjustments | (50 | ) | |||||||||||||||
Balance as of December 31,2013 | $ | 479 | |||||||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Business Acquisition Proforma Information | ' | ||||||||
These pro forma results may not necessarily reflect the actual results of operations that would have been achieved, nor are they necessarily indicative of future results of operations. | |||||||||
Year Ended | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands, except per share data) | |||||||||
Pro forma net sales | $ | 2,486,058 | $ | 2,442,605 | |||||
Pro forma net income | $ | 93,910 | $ | 95,797 | |||||
Pro forma basic earnings per common share | $ | 2.58 | $ | 2.65 | |||||
Pro forma diluted earnings per common share | $ | 2.51 | $ | 2.58 | |||||
Associated Brands | ' | ||||||||
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 and expect the allocation to be finalized during 2014: | |||||||||
(In thousands) | |||||||||
Cash | $ | 4,422 | |||||||
Receivables | 17,107 | ||||||||
Inventory | 39,835 | ||||||||
Property plant and equipment | 30,908 | ||||||||
Customer relationships | 68,781 | ||||||||
Trade names | 2,332 | ||||||||
Formulas | 1,496 | ||||||||
Other intangible assets | 1,581 | ||||||||
Other assets | 2,796 | ||||||||
Goodwill | 46,712 | ||||||||
Fair value of assets acquired | 215,970 | ||||||||
Accounts payable and accruals | (19,921 | ) | |||||||
Income taxes | (8,403 | ) | |||||||
Unfavorable leaseholds | (677 | ) | |||||||
Other long term liabilities | (666 | ) | |||||||
Fair value of liabilities assumed | (29,667 | ) | |||||||
Total purchase price | $ | 186,303 | |||||||
Cains Foods, Lp | ' | ||||||||
Purchase Price Allocation to Net Tangible and Intangible Assets Acquired and Liabilities Assumed | ' | ||||||||
We have made all allocations 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 | ||||||||
Contractual agreements | 200 | ||||||||
Formulas | 400 | ||||||||
Other assets | 434 | ||||||||
Goodwill | 6,029 | ||||||||
Fair value of assets acquired | 46,633 | ||||||||
Accounts payable and accruals | (5,209 | ) | |||||||
Deferred tax liabilities | (4,180 | ) | |||||||
Fair value of liabilities assumed | (9,389 | ) | |||||||
Total purchase price | $ | 37,244 | |||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Investments | ' | ||||
December 31, 2013 | |||||
(In thousands) | |||||
U.S. equity | $ | 5,254 | |||
Non-U.S. equity | 1,669 | ||||
Fixed income | 1,757 | ||||
Total investments | $ | 8,680 | |||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Inventories | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Raw materials and supplies | $ | 162,751 | $ | 128,186 | |||||
Finished goods | 264,829 | 238,575 | |||||||
LIFO reserve | (21,882 | ) | (19,408 | ) | |||||
Total inventories | $ | 405,698 | $ | 347,353 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Land | $ | 26,492 | $ | 25,517 | |||||
Buildings and improvements | 194,439 | 177,824 | |||||||
Machinery and equipment | 536,256 | 478,394 | |||||||
Construction in progress | 43,146 | 31,335 | |||||||
Total | 800,333 | 713,070 | |||||||
Less accumulated depreciation | (338,058 | ) | (287,763 | ) | |||||
Property, plant and equipment, net | $ | 462,275 | $ | 425,307 | |||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
North American | Food Away | Industrial | Total | ||||||||||||||||||||||
Retail Grocery | From Home | and Export | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 842,801 | $ | 92,036 | $ | 133,582 | $ | 1,068,419 | |||||||||||||||||
Acquisition | — | 2,011 | — | 2,011 | |||||||||||||||||||||
Foreign currency exchange adjustment | 2,415 | 346 | — | 2,761 | |||||||||||||||||||||
Balance at December 31, 2012 | 845,216 | 94,393 | 133,582 | 1,073,191 | |||||||||||||||||||||
Acquisitions | 46,968 | 2,135 | 5,391 | 54,494 | |||||||||||||||||||||
Foreign currency exchange adjustment | (7,416 | ) | (956 | ) | (109 | ) | (8,481 | ) | |||||||||||||||||
Balance at December 31, 2013 | $ | 884,768 | $ | 95,572 | $ | 138,864 | $ | 1,119,204 | |||||||||||||||||
Gross Carrying Amount and Accumulated Amortization of Indefinite Lives Intangible Assets Other Than Goodwill | ' | ||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of our intangible assets other than goodwill as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Intangible assets with indefinite lives: | |||||||||||||||||||||||||
Trademarks | $ | 31,067 | $ | — | $ | 31,067 | $ | 32,805 | $ | — | $ | 32,805 | |||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||||
Customer-related | 525,820 | (133,063 | ) | 392,757 | 448,825 | (107,761 | ) | 341,064 | |||||||||||||||||
Contractual agreements | 1,249 | (87 | ) | 1,162 | 120 | (18 | ) | 102 | |||||||||||||||||
Trademarks | 26,466 | (7,164 | ) | 19,302 | 20,810 | (5,722 | ) | 15,088 | |||||||||||||||||
Formulas/recipes | 8,882 | (5,708 | ) | 3,174 | 7,017 | (4,631 | ) | 2,386 | |||||||||||||||||
Computer software | 51,087 | (22,793 | ) | 28,294 | 43,339 | (17,223 | ) | 26,116 | |||||||||||||||||
Total other intangibles | $ | 644,571 | $ | (168,815 | ) | $ | 475,756 | $ | 552,916 | $ | (135,355 | ) | $ | 417,561 | |||||||||||
Gross Carrying Amount and Accumulated Amortization of Finite Lives Intangible Assets Other Than Goodwill | ' | ||||||||||||||||||||||||
The gross carrying amount and accumulated amortization of our intangible assets other than goodwill as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Intangible assets with indefinite lives: | |||||||||||||||||||||||||
Trademarks | $ | 31,067 | $ | — | $ | 31,067 | $ | 32,805 | $ | — | $ | 32,805 | |||||||||||||
Intangible assets with finite lives: | |||||||||||||||||||||||||
Customer-related | 525,820 | (133,063 | ) | 392,757 | 448,825 | (107,761 | ) | 341,064 | |||||||||||||||||
Contractual agreements | 1,249 | (87 | ) | 1,162 | 120 | (18 | ) | 102 | |||||||||||||||||
Trademarks | 26,466 | (7,164 | ) | 19,302 | 20,810 | (5,722 | ) | 15,088 | |||||||||||||||||
Formulas/recipes | 8,882 | (5,708 | ) | 3,174 | 7,017 | (4,631 | ) | 2,386 | |||||||||||||||||
Computer software | 51,087 | (22,793 | ) | 28,294 | 43,339 | (17,223 | ) | 26,116 | |||||||||||||||||
Total other intangibles | $ | 644,571 | $ | (168,815 | ) | $ | 475,756 | $ | 552,916 | $ | (135,355 | ) | $ | 417,561 | |||||||||||
Estimated Amortization Expense on Intangible Assets | ' | ||||||||||||||||||||||||
Estimated intangible asset amortization expense for the next five years is as follows: | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2014 | $ | 40,235 | |||||||||||||||||||||||
2015 | $ | 38,590 | |||||||||||||||||||||||
2016 | $ | 38,376 | |||||||||||||||||||||||
2017 | $ | 37,763 | |||||||||||||||||||||||
2018 | $ | 32,407 |
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
(In thousands) | |||||||||
Accounts payable | $ | 154,378 | $ | 121,404 | |||||
Payroll and benefits | 40,155 | 26,661 | |||||||
Interest and taxes | 22,190 | 16,205 | |||||||
Health insurance, workers’ compensation and other insurance costs | 8,164 | 6,879 | |||||||
Marketing expenses | 7,568 | 7,180 | |||||||
Other accrued liabilities | 6,358 | 6,757 | |||||||
Total | $ | 238,813 | $ | 185,086 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Income from Continuing Operations, Before Income Taxes | ' | ||||||||||||
Components of Income from continuing operations, before income taxes are as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Domestic source | $ | 128,685 | $ | 112,872 | $ | 118,681 | |||||||
Foreign source | (3,775 | ) | 11,337 | 21,117 | |||||||||
Income before income taxes | $ | 124,910 | $ | 124,209 | $ | 139,798 | |||||||
Components of Provision for Income Taxes | ' | ||||||||||||
The following table presents the components of the 2013, 2012, and 2011 provision for income taxes: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 41,161 | $ | 23,616 | $ | 20,435 | |||||||
State | 8,185 | 2,141 | 3,225 | ||||||||||
Foreign | 470 | 4,365 | 6,617 | ||||||||||
Total current | 49,816 | 30,122 | 30,277 | ||||||||||
Deferred: | |||||||||||||
Federal | (8,236 | ) | 7,197 | 13,982 | |||||||||
State | (3,404 | ) | (193 | ) | 1,789 | ||||||||
Foreign | (254 | ) | (1,280 | ) | (657 | ) | |||||||
Total deferred | (11,894 | ) | 5,724 | 15,114 | |||||||||
Total income tax expense | $ | 37,922 | $ | 35,846 | $ | 45,391 | |||||||
Reconciliation of Income Tax Expense Computed at U.S. Federal Statutory Tax Rate to Income Tax Expense | ' | ||||||||||||
The following is a reconciliation of income tax expense computed at the U.S. federal statutory tax rate to the income tax expense reported in the Consolidated Statements of Income: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Tax at statutory rate | $ | 43,719 | $ | 43,473 | $ | 48,929 | |||||||
State income taxes | 3,108 | 1,266 | 3,259 | ||||||||||
Tax benefit of cross-border intercompany financing structure | (4,909 | ) | (5,079 | ) | (4,960 | ) | |||||||
Other, net | (3,996 | ) | (3,814 | ) | (1,837 | ) | |||||||
Total provision for income taxes | $ | 37,922 | $ | 35,846 | $ | 45,391 | |||||||
Tax Effects of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities | ' | ||||||||||||
The tax effects of temporary differences giving rise to deferred income tax assets and liabilities were: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Deferred tax assets: | |||||||||||||
Pension and postretirement benefits | $ | 3,912 | $ | 8,339 | |||||||||
Accrued liabilities | 19,256 | 12,283 | |||||||||||
Stock compensation | 14,600 | 12,918 | |||||||||||
Unrealized foreign exchange loss | 570 | 723 | |||||||||||
Other | 10,646 | 8,231 | |||||||||||
Total deferred tax assets | 48,984 | 42,494 | |||||||||||
Deferred tax liabilities: | |||||||||||||
Depreciation and amortization | (253,111 | ) | (246,957 | ) | |||||||||
Other | (2,533 | ) | — | ||||||||||
Total deferred tax liabilities | (255,644 | ) | (246,957 | ) | |||||||||
Net deferred income tax liability | $ | (206,660 | ) | $ | (204,463 | ) | |||||||
Classification of Net Deferred Tax Assets (Liabilities) in Consolidated Balance Sheets | ' | ||||||||||||
Classification of net deferred tax assets (liabilities) in the Consolidated Balance Sheets is as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Current assets | $ | 21,909 | $ | 7,998 | |||||||||
Non-current liabilities | (228,569 | ) | (212,461 | ) | |||||||||
Total net deferred tax liabilities | $ | (206,660 | ) | $ | (204,463 | ) | |||||||
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Unrecognized tax benefits beginning balance | $ | 9,528 | $ | 11,396 | $ | 6,854 | |||||||
Additions based on tax positions related to the current year | 8,834 | 283 | 2,625 | ||||||||||
Additions based on tax positions of prior years | 1,001 | 61 | 1,118 | ||||||||||
Additions resulting from acquisitions | — | — | 1,364 | ||||||||||
Reductions for tax positions of prior years | (6,350 | ) | (1,698 | ) | (565 | ) | |||||||
Payments | (514 | ) | (514 | ) | — | ||||||||
Unrecognized tax benefits ending balance | $ | 12,499 | $ | 9,528 | $ | 11,396 | |||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Long-Term Debt | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Amount | Amount | ||||||||
Outstanding | Outstanding | ||||||||
(In thousands) | |||||||||
Revolving credit facility | $ | 535,000 | $ | 393,000 | |||||
High yield notes | 400,000 | 400,000 | |||||||
Senior notes | — | 100,000 | |||||||
Tax increment financing and other debt | 5,496 | 7,044 | |||||||
Total outstanding debt | 940,496 | 900,044 | |||||||
Less current portion | (1,551 | ) | (1,944 | ) | |||||
Total long-term debt | $ | 938,945 | $ | 898,100 | |||||
Scheduled Maturities of Outstanding Debt | ' | ||||||||
The scheduled maturities of outstanding debt, at December 31, 2013, are as follows (in thousands): | |||||||||
2014 | $ | 1,551 | |||||||
2015 | 1,644 | ||||||||
2016 | 536,052 | ||||||||
2017 | 370 | ||||||||
2018 | 400,384 | ||||||||
Thereafter | 495 | ||||||||
Total outstanding debt | $ | 940,496 | |||||||
Stockholders_Equity_And_Earnin1
Stockholders' Equity And Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 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: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Weighted average common shares outstanding | 36,418 | 36,155 | 35,805 | ||||||||||
Assumed exercise/vesting of equity awards (1) | 978 | 963 | 1,145 | ||||||||||
Weighted average diluted common shares outstanding | 37,396 | 37,118 | 36,950 | ||||||||||
-1 | Stock options, restricted stock, restricted stock units, and performance units excluded from our computation of diluted earnings per share, because they were anti-dilutive, were 0.5 million, 0.4 million, and 0.2 million for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||||||
The following table summarizes stock option activity during 2013: | |||||||||||||||||||||
Employee | Director | Weighted | Weighted | Aggregate | |||||||||||||||||
Options | Options | Average | Average | Intrinsic | |||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Term (yrs.) | |||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Outstanding, at January 1, 2013 | 2,468 | 72 | $ | 33.19 | 4.4 | $ | 50,809 | ||||||||||||||
Granted | 291 | — | $ | 66.02 | |||||||||||||||||
Forfeited | (24 | ) | — | $ | 62.63 | ||||||||||||||||
Exercised | (165 | ) | (8 | ) | $ | 30.68 | |||||||||||||||
Outstanding, at December 31, 2013 | 2,570 | 64 | $ | 36.71 | 4.1 | $ | 84,840 | ||||||||||||||
Vested/expect to vest, at December 31, 2013 | 2,505 | 64 | $ | 35.99 | 4 | $ | 84,592 | ||||||||||||||
Exercisable, at December 31, 2013 | 2,085 | 64 | $ | 30.68 | 3 | $ | 82,177 | ||||||||||||||
Summary of Restricted Stock Unit Activity | ' | ||||||||||||||||||||
The following table summarizes the restricted stock unit activity during the year ended December 31, 2013: | |||||||||||||||||||||
Employee | Weighted | Director | Weighted | ||||||||||||||||||
Restricted | Average | Restricted | Average | ||||||||||||||||||
Stock Units | Grant Date | Stock Units | Grant Date | ||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Outstanding, at January 1, 2013 | 353 | $ | 53.62 | 78 | $ | 39.88 | |||||||||||||||
Granted | 138 | $ | 66.18 | 19 | $ | 65.97 | |||||||||||||||
Vested | (147 | ) | $ | 52.69 | (4 | ) | $ | 58.37 | |||||||||||||
Forfeited | (27 | ) | $ | 60.04 | — | $ | — | ||||||||||||||
Outstanding, at December 31, 2013 | 317 | $ | 58.98 | 93 | $ | 44.06 | |||||||||||||||
Summary of Performance Unit Activity | ' | ||||||||||||||||||||
The following table summarizes the performance unit activity during the twelve months ended December 31, 2013: | |||||||||||||||||||||
Performance | Weighted | ||||||||||||||||||||
Units | Average | ||||||||||||||||||||
Grant Date | |||||||||||||||||||||
Fair Value | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Unvested, at January 1, 2013 | 165 | $ | 56.57 | ||||||||||||||||||
Granted | 91 | $ | 65.69 | ||||||||||||||||||
Vested | (34 | ) | $ | 46.2 | |||||||||||||||||
Forfeited | (6 | ) | $ | 55.85 | |||||||||||||||||
Unvested, at December 31, 2013 | 216 | $ | 62.03 | ||||||||||||||||||
Assumptions Used to Calculate Value of Option Awards Granted | ' | ||||||||||||||||||||
The assumptions used to calculate the value of the stock option awards granted in 2013, 2012, and 2011 are presented as follows: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Expected volatility | 30.21 | % | 32.85 | % | 33.35 | % | |||||||||||||||
Expected dividends | 0 | % | 0 | % | 0 | % | |||||||||||||||
Risk-free interest rate | 0.995 | % | 1.15 | % | 2.57 | % | |||||||||||||||
Expected term | 6.0 years | 6.0 years | 6.0 years | ||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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: | |||||||||||||||||
Foreign | Unrecognized | Derivative | Accumulated | ||||||||||||||
Currency | Pension and | Financial | Other | ||||||||||||||
Translation (1) | Postretirement | Instrument (3) | Comprehensive | ||||||||||||||
Benefits (2) | Loss | ||||||||||||||||
(In thousands) | |||||||||||||||||
Balance at January 1, 2011 | $ | (3,779 | ) | $ | (7,825 | ) | $ | (430 | ) | $ | (12,034 | ) | |||||
Other comprehensive loss | (6,489 | ) | — | — | (6,489 | ) | |||||||||||
Reclassifications from accumulated other comprehensive loss | — | (4,000 | ) | 161 | (3,839 | ) | |||||||||||
Other comprehensive (loss) income | (6,489 | ) | (4,000 | ) | 161 | (10,328 | ) | ||||||||||
Balance at December 31, 2011 | (10,268 | ) | (11,825 | ) | (269 | ) | (22,362 | ) | |||||||||
Other comprehensive income | 8,261 | — | — | 8,261 | |||||||||||||
Reclassifications from accumulated other comprehensive loss | — | (2,700 | ) | 161 | (2,539 | ) | |||||||||||
Other comprehensive income (loss) | 8,261 | (2,700 | ) | 161 | 5,722 | ||||||||||||
Balance at December 31, 2012 | (2,007 | ) | (14,525 | ) | (108 | ) | (16,640 | ) | |||||||||
Other comprehensive loss | (22,682 | ) | — | — | (22,682 | ) | |||||||||||
Reclassifications from accumulated other comprehensive loss | — | 7,451 | 108 | 7,559 | |||||||||||||
Other comprehensive (loss) income | (22,682 | ) | 7,451 | 108 | (15,123 | ) | |||||||||||
Balance at December 31, 2013 | $ | (24,689 | ) | $ | (7,074 | ) | $ | — | $ | (31,763 | ) | ||||||
-1 | The foreign currency translation adjustment is not net of tax, as it pertains to the Company’s permanent investment in its Canadian subsidiaries, E.D. Smith and Associated Brands. | ||||||||||||||||
-2 | The unrecognized pension and post-retirement benefits reclassification is presented net of tax of $4,592 thousand, ($1,626) thousand, and ($2,527) thousand for the years ended December 31, 2013, 2012, and 2011, respectively. | ||||||||||||||||
-3 | The derivative financial instrument reclassification is presented net of tax of $68 thousand for the year ended December 31, 2013, and $101 thousand for the years ended December 31, 2012 and 2011, respectively. | ||||||||||||||||
Reclassifications from Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Reclassifications from Accumulated | Affected Line in | ||||||||||||||||
Other Comprehensive Loss | The Consolidated | ||||||||||||||||
Statements of Income | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
(In thousands) | |||||||||||||||||
Derivative financial instrument | $ | 176 | $ | 262 | $ | 262 | Interest expense | ||||||||||
Income taxes | 68 | 101 | 101 | Income taxes | |||||||||||||
Net of tax | $ | 108 | $ | 161 | $ | 161 | |||||||||||
Amortization of defined benefit pension items: | |||||||||||||||||
Prior service costs | $ | 385 | $ | 535 | $ | 535 | (a) | ||||||||||
Unrecognized net loss | 1,880 | 1,561 | 628 | (a) | |||||||||||||
Other | 61 | (61 | ) | (66 | ) | ||||||||||||
Actuarial Adjustment | 9,717 | (6,361 | ) | (7,624 | ) | (b) | |||||||||||
Total before tax | 12,043 | (4,326 | ) | (6,527 | ) | ||||||||||||
Income taxes | (4,592 | ) | 1,626 | 2,527 | Income taxes | ||||||||||||
Net of tax | $ | 7,451 | $ | (2,700 | ) | $ | (4,000 | ) | |||||||||
(a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 15 for additional details. | ||||||||||||||||
(b) | Represents the actuarial adjustment needed to adjust the Accumulated other comprehensive loss balance to actual. |
Employee_Pension_and_Postretir1
Employee Pension and Postretirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Multiemployer Pension Plans | ' | ||||||||||||||||||||||||||||
There have been no significant changes in the number of Company employees covered by the multiemployer plans or other significant events that would impact the comparability of contributions to the plans. | |||||||||||||||||||||||||||||
Pension Protection | FIP | TreeHouse Foods | Surcharge | Expiration | |||||||||||||||||||||||||
Act | Implemented | Contributions | Imposed | Date | |||||||||||||||||||||||||
Zone Status | (yes or no) | (In thousands) | (yes or no) | Of Collective | |||||||||||||||||||||||||
Plan Name: | EIN | Plan | Plan Year Ended | Bargaining | |||||||||||||||||||||||||
Number | Number | December, 31 | Agreement | ||||||||||||||||||||||||||
2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Central States Southeast and Southwest Areas Pension Fund | 36-2154936 | 1 | Red | Red | Yes | $ | 592 | $ | 602 | $ | 621 | No | 12/28/13 | * | |||||||||||||||
Rockford Area Dairy Industry Local 754, Intl. Brotherhood of Teamsters Retirement Pension Plan | 36-6067654 | 1 | Green | Green | No | $ | 384 | $ | 413 | $ | 423 | No | 4/30/17 | ||||||||||||||||
Western Conference of Teamsters Pension Fund | 91-6145047 | 1 | Green | Green | No | $ | 361 | $ | 379 | $ | 315 | No | 2/28/15 | ||||||||||||||||
* | Currently in negotiations to renew the collective bargaining agreement. | ||||||||||||||||||||||||||||
Multiemployer Plans Providing More Than Five Percent of Total Contributions For Following Plan and Plan Years | ' | ||||||||||||||||||||||||||||
The Company was listed in the plan’s Form 5500 as providing more than 5% of the total contributions for the following plan and plan years: | |||||||||||||||||||||||||||||
Plan Name: | Year Contributions to Plan | ||||||||||||||||||||||||||||
Exceeded More Than 5% of total | |||||||||||||||||||||||||||||
Contributions (as of December 31 | |||||||||||||||||||||||||||||
Of the Plan’s Year-End) | |||||||||||||||||||||||||||||
Rockford Area Dairy Industry Local 754, Intl. Brotherhood of Teamsters Retirement Pension Plan | 2013, 2012, and 2011 | ||||||||||||||||||||||||||||
Fair Value of Pension Plan Assets, by Asset Category | ' | ||||||||||||||||||||||||||||
The fair value of the Company’s pension plan assets at December 31, 2013 and 2012, by asset category is as follows: | |||||||||||||||||||||||||||||
Level (h) | Pension Plan Assets | ||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Measurements at | |||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Short Term Investment Fund (a) | 2 | $ | 54 | ||||||||||||||||||||||||||
Aggregate Bond Index Fund (b) | 2 | 9,674 | |||||||||||||||||||||||||||
U.S. Market Cap Equity Index Fund (c) | 2 | 24,797 | |||||||||||||||||||||||||||
International All Country World Index Fund (d) | 2 | 4,113 | |||||||||||||||||||||||||||
Collective Daily 1-5 year credit bond fund (e) | 2 | 6,799 | |||||||||||||||||||||||||||
Emerging Markets Index Fund (f) | 2 | 1,479 | |||||||||||||||||||||||||||
Daily High Yield Fixed Income Fund (g) | 2 | 1,845 | |||||||||||||||||||||||||||
$ | 48,761 | ||||||||||||||||||||||||||||
Level (h) | Pension Plan Assets | ||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Measurements at | |||||||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Short Term Investment Fund (a) | 2 | $ | 839 | ||||||||||||||||||||||||||
Aggregate Bond Index Fund (b) | 2 | 9,820 | |||||||||||||||||||||||||||
U.S. Market Cap Equity Index Fund (c) | 2 | 20,125 | |||||||||||||||||||||||||||
International All Country World Index Fund (d) | 2 | 3,665 | |||||||||||||||||||||||||||
Collective Daily 1-5 year Credit Bond Fund (e) | 2 | 4,938 | |||||||||||||||||||||||||||
$ | 39,387 | ||||||||||||||||||||||||||||
(a) | This fund is an investment vehicle for cash reserves, which seeks to offer a competitive rate of return through a portfolio of high-grade, short term, and money market instruments. Principal preservation is the primary objective of this fund. | ||||||||||||||||||||||||||||
(b) | The primary objective of this fund is to hold a portfolio representative of the overall United States bond and debt market, as characterized by the Barclays Capital Aggregate Bond Index. | ||||||||||||||||||||||||||||
(c) | The primary objective of this fund is to approximate the risk and return characteristics of the Dow Jones U.S. ex-LP’s Total Stock Market Index. | ||||||||||||||||||||||||||||
(d) | The primary objective of this fund is to approximate the risk and return characteristics of the Morgan Stanley All Country World ex-US (MSCI ACWI ex-US) ND Index. This fund is commonly used to represent the non-U.S. equity in developed and emerging markets. | ||||||||||||||||||||||||||||
(e) | The primary objective of this fund is to hold a portfolio representative of the intermediate credit securities portion of the United States bond and debt markets, as characterized by the Barclays Capital U.S. 1-5 year Credit Bond Index. | ||||||||||||||||||||||||||||
(f) | The primary objective of this fund is to provide investment results that replicate the overall performance of the MSCI Emerging Markets Index. The Fund may make limited use of futures and/or options for the purpose of maintaining equity exposure. | ||||||||||||||||||||||||||||
(g) | The primary objective of this fund is to outperform the Barclay’s Capital High Yield Index over a market cycle while maintaining a similar level of volatility and credit quality as the index. This Fund can serve as a core bond investment position providing exposure to the U.S. Fixed Income market. | ||||||||||||||||||||||||||||
(h) | Level 2 inputs are inputs other than quoted prices that are observable for an asset or liability, either directly or indirectly. | ||||||||||||||||||||||||||||
Summarized Information about Pension and Postretirement Benefit Plans | ' | ||||||||||||||||||||||||||||
The following table summarizes information about our pension and postretirement benefit plans for the years ended December 31, 2013 and 2012: | |||||||||||||||||||||||||||||
Pension Benefits | Postretirement | ||||||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||
Benefit obligation, at beginning of year | $ | 59,942 | $ | 50,832 | $ | 3,391 | $ | 3,228 | |||||||||||||||||||||
Service cost | 2,407 | 2,289 | 22 | 24 | |||||||||||||||||||||||||
Interest cost | 2,466 | 2,451 | 138 | 149 | |||||||||||||||||||||||||
Actuarial (gains) losses | (5,826 | ) | 7,364 | (285 | ) | 92 | |||||||||||||||||||||||
Benefits paid | (2,317 | ) | (2,994 | ) | (111 | ) | (102 | ) | |||||||||||||||||||||
Benefit obligation, at end of year | $ | 56,672 | $ | 59,942 | $ | 3,155 | $ | 3,391 | |||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||
Fair value of plan assets, at beginning of year | $ | 39,387 | $ | 34,777 | $ | — | $ | — | |||||||||||||||||||||
Actual return on plan assets | 6,431 | 3,424 | — | — | |||||||||||||||||||||||||
Company contributions | 5,260 | 4,180 | 111 | 102 | |||||||||||||||||||||||||
Benefits paid | (2,317 | ) | (2,994 | ) | (111 | ) | (102 | ) | |||||||||||||||||||||
Fair value of plan assets, at year end | $ | 48,761 | $ | 39,387 | $ | — | $ | — | |||||||||||||||||||||
Funded status of the plan | $ | (7,911 | ) | $ | (20,555 | ) | $ | (3,155 | ) | $ | (3,391 | ) | |||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets: | |||||||||||||||||||||||||||||
Current liability | $ | — | $ | — | $ | (173 | ) | $ | (149 | ) | |||||||||||||||||||
Non-current liability | (7,911 | ) | (20,555 | ) | (2,982 | ) | (3,242 | ) | |||||||||||||||||||||
Net amount recognized | $ | (7,911 | ) | $ | (20,555 | ) | $ | (3,155 | ) | $ | (3,391 | ) | |||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss: | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 9,675 | $ | 21,000 | $ | 459 | $ | 790 | |||||||||||||||||||||
Prior service cost | 1,788 | 2,243 | (304 | ) | (372 | ) | |||||||||||||||||||||||
Total, before tax effect | $ | 11,463 | $ | 23,243 | $ | 155 | $ | 418 | |||||||||||||||||||||
Accumulated Benefit Obligation | ' | ||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Accumulated benefit obligation | $ | 54,688 | $ | 57,048 | |||||||||||||||||||||||||
Weighted Average Assumptions Used | ' | ||||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
Weighted average assumptions used to determine the periodic benefit costs: | |||||||||||||||||||||||||||||
Discount rate | 4.25 | % | 4.75 | % | 5.25 | % | 4.25 | % | 4.75 | % | 5.25 | % | |||||||||||||||||
Rate of compensation increases | 3.00% - 4.00 | % | 4 | % | 4 | % | — | — | — | ||||||||||||||||||||
Expected return on plan assets | 6.5 | % | 6.5 | % | 7.2 | % | — | — | — | ||||||||||||||||||||
Key Actuarial Assumptions Used to Determine Postretirement Benefit Obligations | ' | ||||||||||||||||||||||||||||
The key actuarial assumptions used to determine the postretirement benefit obligations as of December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
Pre-65 | Post 65 | Pre-65 | Post 65 | ||||||||||||||||||||||||||
Health care cost trend rates: | |||||||||||||||||||||||||||||
Health care cost trend rate for next year | 8 | % | 7.5 | % | 7.5 | % | 7 | % | |||||||||||||||||||||
Ultimate rate | 5 | % | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||
Discount rate | 5 | % | 5 | % | 4.25 | % | 4.25 | % | |||||||||||||||||||||
Year ultimate rate achieved | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||||||
Summary of Net Periodic Cost of Pension Plans and Postretirement Plans | ' | ||||||||||||||||||||||||||||
The following table summarizes the net periodic cost of our pension plans and postretirement plans, for the years ended December 31, 2013, 2012, and 2011: | |||||||||||||||||||||||||||||
Pension Benefits | Postretirement Benefits | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||||||||||
Components of net periodic costs: | |||||||||||||||||||||||||||||
Service cost | $ | 2,407 | $ | 2,289 | $ | 2,199 | $ | 22 | $ | 24 | $ | 30 | |||||||||||||||||
Interest cost | 2,466 | 2,451 | 2,219 | 138 | 149 | 118 | |||||||||||||||||||||||
Expected return on plan assets | (2,665 | ) | (2,321 | ) | (2,356 | ) | — | — | — | ||||||||||||||||||||
Amortization of unrecognized prior service cost | 455 | 603 | 603 | (68 | ) | (68 | ) | (68 | ) | ||||||||||||||||||||
Amortization of unrecognized net loss (gain) | 1,733 | 1,510 | 640 | 46 | 51 | (12 | ) | ||||||||||||||||||||||
Net periodic cost | $ | 4,396 | $ | 4,532 | $ | 3,305 | $ | 138 | $ | 156 | $ | 68 | |||||||||||||||||
Estimated Amount That Will be Amortized From Accumulated Other Comprehensive Income Into Net Pension Cost | ' | ||||||||||||||||||||||||||||
The estimated amount that will be amortized from accumulated other comprehensive income into net pension cost in 2014 is as follows: | |||||||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Net actuarial loss | $ | 505 | $ | 19 | |||||||||||||||||||||||||
Prior service cost | $ | 207 | $ | (68 | ) | ||||||||||||||||||||||||
Estimated Future Pension and Postretirement Benefit Payments | ' | ||||||||||||||||||||||||||||
Estimated future pension and postretirement benefit payments from the plans are as follows: | |||||||||||||||||||||||||||||
Pension | Postretirement | ||||||||||||||||||||||||||||
Benefit | Benefit | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
2014 | $ | 3,189 | $ | 173 | |||||||||||||||||||||||||
2015 | $ | 3,264 | $ | 176 | |||||||||||||||||||||||||
2016 | $ | 3,386 | $ | 178 | |||||||||||||||||||||||||
2017 | $ | 3,446 | $ | 174 | |||||||||||||||||||||||||
2018 | $ | 3,889 | $ | 178 | |||||||||||||||||||||||||
2019-2023 | $ | 18,146 | $ | 943 | |||||||||||||||||||||||||
Effect of One Percent Change in Health Care Trend Rates on Postretirement Benefit Plan | ' | ||||||||||||||||||||||||||||
The effect of a 1% change in health care trend rates would have the following effects on the postretirement benefit plan: | |||||||||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
1% Increase: | |||||||||||||||||||||||||||||
Benefit obligation, end of year | $ | 329 | |||||||||||||||||||||||||||
Service cost plus interest cost for the year | $ | 17 | |||||||||||||||||||||||||||
1% Decrease: | |||||||||||||||||||||||||||||
Benefit obligation, end of year | $ | (275 | ) | ||||||||||||||||||||||||||
Service cost plus interest cost for the year | $ | (15 | ) | ||||||||||||||||||||||||||
Pension Benefits | ' | ||||||||||||||||||||||||||||
Weighted Average Assumptions Used | ' | ||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Weighted average assumptions used to determine the pension benefit obligations: | |||||||||||||||||||||||||||||
Discount rate | 5 | % | 4.25 | % | |||||||||||||||||||||||||
Rate of compensation increases | 3.00% - 4.00 | % | 3.00% - 4.00 | % |
Other_Operating_Expense_Net_Ta
Other Operating Expense, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Other Operating (Income) Expenses | ' | ||||||||||||
Other operating expenses (income), net consisted of the following: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Restructuring | $ | 5,947 | $ | 5,178 | $ | 6,349 | |||||||
Other | — | (1,393 | ) | 113 | |||||||||
Total other operating expense, net | $ | 5,947 | $ | 3,785 | $ | 6,462 | |||||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Interest paid | $ | 45,998 | $ | 48,098 | $ | 50,531 | |||||||
Income taxes paid | $ | 38,533 | $ | 33,300 | $ | 27,078 | |||||||
Accrued purchase of property and equipment | $ | 8,824 | $ | 4,777 | $ | 4,181 | |||||||
Accrued other intangible assets | $ | 1,664 | $ | 431 | $ | 1,865 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Composition of Capital Leases Reflected As Property, Plant And Equipment in Consolidated Balance Sheets | ' | ||||||||||||
The composition of capital leases which are reflected as Property, plant and equipment in the Consolidated Balance Sheets are as follows: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||
Machinery and equipment | $ | 6,999 | $ | 8,465 | |||||||||
Less accumulated amortization | (2,890 | ) | (3,198 | ) | |||||||||
Total | $ | 4,109 | $ | 5,267 | |||||||||
Future Minimum Payments under Non-Cancelable Capital Leases, Operating Leases and Purchase Obligations | ' | ||||||||||||
Future minimum payments at December 31, 2013, under non-cancelable capital leases, operating leases and purchase obligations, including input costs such as raw materials, ingredients, and packaging, are summarized as follows: | |||||||||||||
Capital | Operating | Purchase | |||||||||||
Leases | Leases | Obligations | |||||||||||
(In thousands) | |||||||||||||
2014 | $ | 1,558 | $ | 21,732 | $ | 317,339 | |||||||
2015 | 1,514 | 19,726 | 31,437 | ||||||||||
2016 | 781 | 17,681 | 16,753 | ||||||||||
2017 | 53 | 14,099 | 4,691 | ||||||||||
2018 | 47 | 12,061 | 4,785 | ||||||||||
Thereafter | 191 | 45,521 | 4,929 | ||||||||||
Total minimum payments | 4,144 | $ | 130,820 | $ | 379,934 | ||||||||
Less amount representing interest | (458 | ) | |||||||||||
Present value of capital lease obligations | $ | 3,686 | |||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivative, Fair Value, and Location on Condensed Consolidated Balance Sheet | ' | ||||||||||
The following table identifies the derivative, its fair value, and location on the Consolidated Balance Sheets: | |||||||||||
Fair Value | |||||||||||
Balance Sheet Location | December 31, 2013 | December 31, 2012 | |||||||||
(In thousands) | |||||||||||
Asset Derivatives: | |||||||||||
Commodity contracts | Prepaid expenses and other current assets | $ | 8 | $ | — | ||||||
$ | 8 | $ | — | ||||||||
Liability Derivatives: | |||||||||||
Commodity contracts | Accounts payable and accrued expenses | $ | — | $ | 929 | ||||||
$ | — | $ | 929 | ||||||||
Gains and Losses on Derivative Contracts | ' | ||||||||||
We recorded the following gains and losses on our derivative contracts in the Consolidated Statements of Income: | |||||||||||
Year Ended | |||||||||||
December 31, | |||||||||||
Location of Gain (Loss) | 2013 | 2012 | |||||||||
Recognized in Income | (In thousands) | ||||||||||
Mark to market unrealized gain (loss): | |||||||||||
Commodity contracts | Other income, net | $ | 937 | (1,092 | ) | ||||||
Total unrealized gain (loss) | 937 | (1,092 | ) | ||||||||
Realized gain (loss): | |||||||||||
Foreign currency contract | Cost of sales | — | (1,222 | ) | |||||||
Commodity contracts | Manufacturing related to cost of sales and transportation related to selling and distribution | (374 | ) | (482 | ) | ||||||
Total realized gain (loss) | (374 | ) | (1,704 | ) | |||||||
Total gain (loss) | $ | 563 | $ | (2,796 | ) | ||||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 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 December 31, 2013 and December 31, 2012: | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | Level | |||||||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||||||
Value | Value | Value | Value | ||||||||||||||||||
(In thousands) | (In thousands) | ||||||||||||||||||||
Not recorded at fair value (liability): | |||||||||||||||||||||
Revolving credit facility | $ | (535,000 | ) | $ | (532,226 | ) | $ | (393,000 | ) | $ | (393,353 | ) | 2 | ||||||||
Senior notes | $ | — | $ | — | $ | (100,000 | ) | $ | (102,341 | ) | 2 | ||||||||||
High yield notes | $ | (400,000 | ) | $ | (435,520 | ) | $ | (400,000 | ) | $ | (433,500 | ) | 2 | ||||||||
Recorded on a recurring basis at fair value (liability) asset: | |||||||||||||||||||||
Commodity contracts | $ | 8 | $ | 8 | $ | (929 | ) | $ | (929 | ) | 2 | ||||||||||
Investments | $ | 8,680 | $ | 8,680 | $ | — | $ | — | 1 |
Segment_and_Geographic_Informa1
Segment and Geographic Information and Major Customers (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Financial Information Relating to Reportable Segments | ' | ||||||||||||
Financial information relating to the Company’s reportable segments is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Net sales: | |||||||||||||
North American Retail Grocery | $ | 1,642,190 | $ | 1,568,014 | $ | 1,456,213 | |||||||
Food Away From Home | 360,868 | 338,357 | 307,819 | ||||||||||
Industrial and Export | 290,869 | 275,754 | 285,953 | ||||||||||
Total | $ | 2,293,927 | $ | 2,182,125 | $ | 2,049,985 | |||||||
Direct operating income: | |||||||||||||
North American Retail Grocery | $ | 258,699 | $ | 244,736 | $ | 243,744 | |||||||
Food Away From Home | 50,110 | 43,913 | 44,808 | ||||||||||
Industrial and Export | 55,754 | 44,663 | 48,268 | ||||||||||
Total | 364,563 | 333,312 | 336,820 | ||||||||||
Unallocated selling and distribution expenses | (5,284 | ) | (5,231 | ) | (5,864 | ) | |||||||
Unallocated cost of sales (1) | (18,728 | ) | (10,950 | ) | — | ||||||||
Unallocated corporate expense | (162,387 | ) | (140,304 | ) | (142,681 | ) | |||||||
Operating income | 178,164 | 176,827 | 188,275 | ||||||||||
Other expense | (53,254 | ) | (52,618 | ) | (48,477 | ) | |||||||
Income before income taxes | $ | 124,910 | $ | 124,209 | $ | 139,798 | |||||||
Depreciation: | |||||||||||||
North American Retail Grocery | $ | 35,962 | $ | 36,301 | $ | 33,343 | |||||||
Food Away From Home | 9,327 | 7,451 | 6,484 | ||||||||||
Industrial and Export | 5,379 | 7,810 | 6,714 | ||||||||||
Corporate office (2) | 22,599 | 13,107 | 2,075 | ||||||||||
Total | $ | 73,267 | $ | 64,669 | $ | 48,616 | |||||||
-1 | Primarily related to accelerated depreciation and other charges related to restructurings. | ||||||||||||
-2 | Includes accelerated depreciation related to restructurings. | ||||||||||||
Long-Lived Assets by Geographic Region | ' | ||||||||||||
Sales are determined based on the customer destination where the products are shipped. | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Long-lived assets: | |||||||||||||
United States | $ | 416,170 | $ | 388,642 | $ | 370,857 | |||||||
Canada | 46,105 | 36,665 | 35,701 | ||||||||||
Total | $ | 462,275 | $ | 425,307 | $ | 406,558 | |||||||
Net Sales by Major Products | ' | ||||||||||||
The following table presents the Company’s net sales by major products. In 2013, as a result of the Associated Brands acquisition, the Company updated the product categories. Non-dairy creamer was changed to Beverage enhancers to include sweeteners from Associated Brands. Powdered drinks was renamed Beverages and now includes the specialty teas and related products from Associated Brands. Hot cereals was renamed Cereals, as cold cereals are sold by Associated Brands. These changes did not require prior period adjustments. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
(In thousands) | |||||||||||||
Products: | |||||||||||||
Beverage enhancers | $ | 361,290 | $ | 362,238 | $ | 359,860 | |||||||
Beverages | 341,547 | 234,430 | 219,932 | ||||||||||
Salad Dressings | 334,577 | 284,027 | 220,359 | ||||||||||
Pickles | 297,904 | 308,228 | 300,414 | ||||||||||
Mexican and other sauces | 245,171 | 232,025 | 195,233 | ||||||||||
Soup and infant feeding | 219,404 | 281,827 | 299,042 | ||||||||||
Cereals | 169,843 | 162,952 | 150,364 | ||||||||||
Dry dinners | 124,075 | 126,804 | 115,627 | ||||||||||
Aseptic products | 96,136 | 91,585 | 92,981 | ||||||||||
Jams | 57,330 | 61,436 | 64,686 | ||||||||||
Other products | 46,650 | 36,573 | 31,487 | ||||||||||
Total net sales | $ | 2,293,927 | $ | 2,182,125 | $ | 2,049,985 | |||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Unaudited Quarterly Results of Operations | ' | ||||||||||||||||
The following is a summary of our unaudited quarterly results of operations for 2013 and 2012: | |||||||||||||||||
Quarter | |||||||||||||||||
First | Second | Third | Fourth | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Fiscal 2013 | |||||||||||||||||
Net sales | $ | 540,110 | $ | 526,346 | $ | 567,150 | $ | 660,321 | |||||||||
Gross profit | 114,172 | 109,568 | 115,263 | 136,546 | |||||||||||||
Income before income taxes | 33,354 | 27,883 | 29,372 | 34,301 | |||||||||||||
Net income | 22,974 | 18,565 | 22,665 | 22,784 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic (1) | 0.63 | 0.51 | 0.62 | 0.62 | |||||||||||||
Diluted (1) | 0.62 | 0.5 | 0.61 | 0.61 | |||||||||||||
Fiscal 2012 | |||||||||||||||||
Net sales | $ | 523,811 | $ | 527,421 | $ | 538,112 | $ | 592,781 | |||||||||
Gross profit | 114,932 | 106,591 | 113,209 | 119,178 | |||||||||||||
Income before income taxes | 31,704 | 27,496 | 28,962 | 36,047 | |||||||||||||
Net income | 22,074 | 19,511 | 21,554 | 25,224 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic (1) | 0.61 | 0.54 | 0.6 | 0.7 | |||||||||||||
Diluted (1) | 0.6 | 0.53 | 0.58 | 0.68 | |||||||||||||
-1 | Due to rounding, the sum of the four quarters may not be the same as the total for the year. |
Guarantor_and_NonGuarantor_Fin1
Guarantor and Non-Guarantor Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Condensed Supplemental Consolidating Balance Sheet | ' | ||||||||||||||||||||
Condensed Supplemental Consolidating Balance Sheet | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Assets | |||||||||||||||||||||
Current assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 23,268 | 43 | 23,164 | — | 46,475 | |||||||||||||||
Investments | — | — | 8,680 | — | 8,680 | ||||||||||||||||
Accounts receivable, net | 258 | 116,464 | 36,041 | — | 152,763 | ||||||||||||||||
Inventories, net | — | 314,912 | 90,786 | — | 405,698 | ||||||||||||||||
Deferred income taxes | — | 18,534 | 3,375 | — | 21,909 | ||||||||||||||||
Prepaid expenses and other current assets | 27,890 | 12,593 | 758 | (27,077 | ) | 14,164 | |||||||||||||||
Total current assets | 51,416 | 462,546 | 162,804 | (27,077 | ) | 649,689 | |||||||||||||||
Property, plant and equipment, net | 13,426 | 379,380 | 69,469 | — | 462,275 | ||||||||||||||||
Goodwill | — | 959,440 | 159,764 | — | 1,119,204 | ||||||||||||||||
Investment in subsidiaries | 1,970,351 | 258,305 | — | (2,228,656 | ) | — | |||||||||||||||
Intercompany accounts receivable (payable), net | 154,742 | 68,407 | (223,149 | ) | — | — | |||||||||||||||
Deferred income taxes | 13,545 | — | — | (13,545 | ) | — | |||||||||||||||
Intangible and other assets, net | 46,943 | 288,873 | 154,070 | — | 489,886 | ||||||||||||||||
Total assets | $ | 2,250,423 | 2,416,951 | 322,958 | (2,269,278 | ) | 2,721,054 | ||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||
Accounts payable and accrued expenses | $ | 26,127 | 204,920 | 34,843 | (27,077 | ) | 238,813 | ||||||||||||||
Current portion of long-term debt | — | 1,498 | 53 | — | 1,551 | ||||||||||||||||
Total current liabilities | 26,127 | 206,418 | 34,896 | (27,077 | ) | 240,364 | |||||||||||||||
Long-term debt | 935,000 | 3,580 | 365 | — | 938,945 | ||||||||||||||||
Deferred income taxes | 206 | 213,219 | 28,689 | (13,545 | ) | 228,569 | |||||||||||||||
Other long-term liabilities | 15,972 | 23,383 | 703 | — | 40,058 | ||||||||||||||||
Stockholders’ equity | 1,273,118 | 1,970,351 | 258,305 | (2,228,656 | ) | 1,273,118 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 2,250,423 | 2,416,951 | 322,958 | (2,269,278 | ) | 2,721,054 | ||||||||||||||
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 | ) | — | |||||||||||||||
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 Stockholders’ 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 | ||||||||||||||||
Stockholders’ equity | 1,179,255 | 1,740,451 | 209,833 | (1,950,284 | ) | 1,179,255 | |||||||||||||||
Total liabilities and stockholders’ 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 | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | 2,011,944 | 379,143 | (97,160 | ) | 2,293,927 | ||||||||||||||
Cost of sales | — | 1,593,404 | 322,134 | (97,160 | ) | 1,818,378 | |||||||||||||||
Gross profit | — | 418,540 | 57,009 | — | 475,549 | ||||||||||||||||
Selling, general and administrative expense | 52,951 | 166,849 | 36,263 | — | 256,063 | ||||||||||||||||
Amortization | 5,445 | 23,320 | 6,610 | — | 35,375 | ||||||||||||||||
Other operating expense, net | — | 3,741 | 2,206 | — | 5,947 | ||||||||||||||||
Operating (loss) income | (58,396 | ) | 224,630 | 11,930 | — | 178,164 | |||||||||||||||
Interest expense | 48,358 | 967 | 14,642 | (14,663 | ) | 49,304 | |||||||||||||||
Interest income | — | (14,675 | ) | (2,173 | ) | 14,663 | (2,185 | ) | |||||||||||||
Other (income) expense, net | (3 | ) | (19,811 | ) | 25,949 | — | 6,135 | ||||||||||||||
(Loss) income from continuing operations, before income taxes | (106,751 | ) | 258,149 | (26,488 | ) | — | 124,910 | ||||||||||||||
Income taxes (benefit) | (42,438 | ) | 90,175 | (9,815 | ) | — | 37,922 | ||||||||||||||
Equity in net income of subsidiaries | 151,301 | (16,673 | ) | — | (134,628 | ) | — | ||||||||||||||
Net income | $ | 86,988 | 151,301 | (16,673 | ) | (134,628 | ) | 86,988 | |||||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 1,936,149 | $ | 295,267 | $ | (49,291 | ) | $ | 2,182,125 | ||||||||||
Cost of sales | — | 1,541,642 | 235,864 | (49,291 | ) | 1,728,215 | |||||||||||||||
Gross profit | — | 394,507 | 59,403 | — | 453,910 | ||||||||||||||||
Selling, general and administrative expense | 46,216 | 168,050 | 25,486 | — | 239,752 | ||||||||||||||||
Amortization | 4,556 | 24,068 | 4,922 | — | 33,546 | ||||||||||||||||
Other operating (income) expense, net | (218 | ) | 1,564 | 2,439 | — | 3,785 | |||||||||||||||
Operating (loss) income | (50,554 | ) | 200,825 | 26,556 | — | 176,827 | |||||||||||||||
Interest expense | 50,762 | 847 | 14,434 | (14,434 | ) | 51,609 | |||||||||||||||
Interest income | — | (14,434 | ) | (643 | ) | 14,434 | (643 | ) | |||||||||||||
Other expense, net | — | 1,133 | 519 | — | 1,652 | ||||||||||||||||
(Loss) income before income taxes | (101,316 | ) | 213,279 | 12,246 | — | 124,209 | |||||||||||||||
Income taxes (benefit) | (38,590 | ) | 71,130 | 3,306 | — | 35,846 | |||||||||||||||
Equity in net income of subsidiaries | 151,089 | 8,940 | — | (160,029 | ) | — | |||||||||||||||
Net income | $ | 88,363 | $ | 151,089 | $ | 8,940 | $ | (160,029 | ) | $ | 88,363 | ||||||||||
Condensed Supplemental Consolidating Statement of Income | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net sales | $ | — | $ | 1,812,068 | $ | 272,270 | $ | (34,353 | ) | $ | 2,049,985 | ||||||||||
Cost of sales | — | 1,400,394 | 210,647 | (34,353 | ) | 1,576,688 | |||||||||||||||
Gross profit | — | 411,674 | 61,623 | — | 473,297 | ||||||||||||||||
Selling, general and administrative expense | 49,030 | 171,150 | 23,978 | — | 244,158 | ||||||||||||||||
Amortization | 3,155 | 26,213 | 5,034 | — | 34,402 | ||||||||||||||||
Other operating income, net | — | 6,462 | — | — | 6,462 | ||||||||||||||||
Operating (loss) income | (52,185 | ) | 207,849 | 32,611 | — | 188,275 | |||||||||||||||
Interest expense | 52,500 | 1,995 | 14,198 | (15,622 | ) | 53,071 | |||||||||||||||
Interest income | (1,563 | ) | (14,107 | ) | — | 15,622 | (48 | ) | |||||||||||||
Other income, net | (927 | ) | (44 | ) | (3,575 | ) | — | (4,546 | ) | ||||||||||||
(Loss) income before income taxes | (102,194 | ) | 220,004 | 21,988 | — | 139,798 | |||||||||||||||
Income taxes (benefit) | (38,533 | ) | 77,905 | 6,019 | — | 45,391 | |||||||||||||||
Equity in net income of subsidiaries | 158,068 | 15,969 | — | (174,037 | ) | — | |||||||||||||||
Net income (loss) | $ | 94,407 | $ | 158,068 | $ | 15,969 | $ | (174,037 | ) | $ | 94,407 | ||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | ' | ||||||||||||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income | $ | 86,988 | $ | 151,301 | $ | (16,673 | ) | $ | (134,628 | ) | $ | 86,988 | |||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | (9,780 | ) | (12,902 | ) | — | (22,682 | ) | |||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | 7,451 | — | — | 7,451 | ||||||||||||||||
Derivative reclassification adjustment, net of tax | 108 | — | — | — | 108 | ||||||||||||||||
Other comprehensive (loss) income | 108 | (2,329 | ) | (12,902 | ) | — | (15,123 | ) | |||||||||||||
Equity in other comprehensive income of subsidiaries | (15,231 | ) | (12,902 | ) | — | 28,133 | — | ||||||||||||||
Comprehensive income | $ | 71,865 | $ | 136,070 | $ | (29,575 | ) | $ | (106,495 | ) | $ | 71,865 | |||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income | $ | 88,363 | $ | 151,089 | $ | 8,940 | $ | (160,029 | ) | $ | 88,363 | ||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | 3,660 | 4,601 | — | 8,261 | ||||||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | (2,700 | ) | — | — | (2,700 | ) | ||||||||||||||
Derivative reclassification adjustment, net of tax | 161 | — | — | — | 161 | ||||||||||||||||
Other comprehensive (loss) income | 161 | 960 | 4,601 | — | 5,722 | ||||||||||||||||
Equity in other comprehensive income of subsidiaries | 5,561 | 4,601 | — | (10,162 | ) | — | |||||||||||||||
Comprehensive income | $ | 94,085 | $ | 156,650 | $ | 13,541 | $ | (170,191 | ) | $ | 94,085 | ||||||||||
Condensed Supplemental Consolidating Statement of Comprehensive Income | |||||||||||||||||||||
Year Ended December 31, 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net income | $ | 94,407 | $ | 158,068 | $ | 15,969 | $ | (174,037 | ) | $ | 94,407 | ||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||
Foreign currency translation adjustments | — | (2,910 | ) | (3,579 | ) | — | (6,489 | ) | |||||||||||||
Pension and post-retirement reclassification adjustment, net of tax | — | (4,000 | ) | — | — | (4,000 | ) | ||||||||||||||
Derivative reclassification adjustment, net of tax | 161 | — | — | — | 161 | ||||||||||||||||
Other comprehensive (loss) income | 161 | (6,910 | ) | (3,579 | ) | — | (10,328 | ) | |||||||||||||
Equity in other comprehensive income of subsidiaries | (10,489 | ) | (3,579 | ) | — | 14,068 | — | ||||||||||||||
Comprehensive income | $ | 84,079 | $ | 147,579 | $ | 12,390 | $ | (159,969 | ) | $ | 84,079 | ||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | ' | ||||||||||||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | |||||||||||||||||||||
Fiscal Year Ended December 31, 2013 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (45,540 | ) | 224,654 | 37,576 | — | 216,690 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (48 | ) | (66,878 | ) | (7,854 | ) | — | (74,780 | ) | ||||||||||||
Additions to intangible assets | (4,923 | ) | (1,480 | ) | — | — | (6,403 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | (129,382 | ) | (89,270 | ) | — | (218,652 | ) | |||||||||||||
Purchase of investments | — | — | (8,140 | ) | — | (8,140 | ) | ||||||||||||||
Proceeds from sale of investments | — | — | 165 | — | 165 | ||||||||||||||||
Proceeds from sale of fixed assets | — | 915 | 45 | — | 960 | ||||||||||||||||
Net cash used in investing activities | (4,971 | ) | (196,825 | ) | (105,054 | ) | — | (306,850 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net repayment of debt | 42,000 | (1,939 | ) | (6 | ) | — | 40,055 | ||||||||||||||
Intercompany transfer | 26,116 | (26,116 | ) | — | — | — | |||||||||||||||
Net payments related to stock-based award activities | 1,291 | — | — | — | 1,291 | ||||||||||||||||
Excess tax benefits from stock-based payment arrangements | 4,372 | — | — | — | 4,372 | ||||||||||||||||
Net cash provided by (used in) financing activities | 73,779 | (28,055 | ) | (6 | ) | — | 45,718 | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3,490 | ) | — | (3,490 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | 23,268 | (226 | ) | (70,974 | ) | — | (47,932 | ) | |||||||||||||
Cash and cash equivalents, beginning of year | — | 269 | 94,138 | — | 94,407 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | 23,268 | 43 | 23,164 | — | 46,475 | |||||||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | |||||||||||||||||||||
Fiscal Year Ended December 31, 2012 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (62,153 | ) | $ | 182,684 | $ | 84,028 | $ | — | $ | 204,559 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (223 | ) | (60,416 | ) | (9,638 | ) | — | (70,277 | ) | ||||||||||||
Additions to intangible assets | (8,216 | ) | (1,027 | ) | — | — | (9,243 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | (44,467 | ) | 14,512 | — | (29,955 | ) | ||||||||||||||
Proceeds from sale of fixed assets | — | 67 | 46 | — | 113 | ||||||||||||||||
Net cash (used in) provided by investing activities | (8,439 | ) | (105,843 | ) | 4,920 | — | (109,362 | ) | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net repayment of debt | (2,800 | ) | (1,964 | ) | 21 | — | (4,743 | ) | |||||||||||||
Intercompany transfer | 74,614 | (74,614 | ) | — | — | — | |||||||||||||||
Net payments related to stock-based award activities | (3,879 | ) | — | — | — | (3,879 | ) | ||||||||||||||
Excess tax benefits from stock-based payment arrangements | 2,657 | — | — | — | 2,657 | ||||||||||||||||
Net cash provided by (used in) financing activities | 70,592 | (76,578 | ) | 21 | — | (5,965 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1,896 | — | 1,896 | ||||||||||||||||
Increase (decrease) in cash and cash equivalents | — | 263 | 90,865 | — | 91,128 | ||||||||||||||||
Cash and cash equivalents, beginning of year | — | 6 | 3,273 | — | 3,279 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 269 | $ | 94,138 | $ | — | $ | 94,407 | |||||||||||
Condensed Supplemental Consolidating Statement of Cash Flows | |||||||||||||||||||||
Fiscal Year Ended December 31, 2011 | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Parent | Guarantor | Non-Guarantor | Eliminations | Consolidated | |||||||||||||||||
Company | Subsidiaries | Subsidiaries | |||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (73,426 | ) | $ | 226,570 | $ | 2,927 | $ | — | $ | 156,071 | ||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Additions to property, plant and equipment | (3,317 | ) | (60,486 | ) | (4,720 | ) | — | (68,523 | ) | ||||||||||||
Additions to intangible assets | (6,689 | ) | (2,584 | ) | — | — | (9,273 | ) | |||||||||||||
Acquisitions, net of cash acquired | — | 3,243 | — | — | 3,243 | ||||||||||||||||
Proceeds from sale of fixed assets | — | 229 | 22 | — | 251 | ||||||||||||||||
Net cash used in investing activities | (10,006 | ) | (59,598 | ) | (4,698 | ) | — | (74,302 | ) | ||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Net repayment of debt | (76,800 | ) | (1,417 | ) | — | — | (78,217 | ) | |||||||||||||
Intercompany transfer | 165,555 | (165,555 | ) | — | — | — | |||||||||||||||
Payment of deferred financing costs | (1,518 | ) | — | — | — | (1,518 | ) | ||||||||||||||
Net payments related to stock-based award activities | (8,278 | ) | — | — | — | (8,278 | ) | ||||||||||||||
Excess tax benefits from stock-based payment arrangements | 4,473 | — | — | — | 4,473 | ||||||||||||||||
Net cash provided by (used in) financing activities | 83,432 | (166,972 | ) | — | — | (83,540 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1,273 | ) | — | (1,273 | ) | ||||||||||||||
Increase (decrease) in cash and cash equivalents | — | — | (3,044 | ) | — | (3,044 | ) | ||||||||||||||
Cash and cash equivalents, beginning of year | — | 6 | 6,317 | — | 6,323 | ||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 6 | $ | 3,273 | $ | — | $ | 3,279 | |||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Cash | $19.30 | $94.10 | ' |
Shipping and handling costs | 55.3 | 61.5 | 70.1 |
Research and development charges | $17.50 | $11.10 | $10.10 |
Maximum | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Credit terms to customers | '60 days | ' | ' |
Estimated_Useful_Lives_of_Asse
Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum | Buildings and improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Life | '12 years |
Minimum | Machinery and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Life | '3 years |
Minimum | Office furniture and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Life | '3 years |
Maximum | Buildings and improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Life | '40 years |
Maximum | Machinery and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Life | '15 years |
Maximum | Office furniture and equipment | ' |
Property, Plant and Equipment [Line Items] | ' |
Useful Life | '12 years |
Estimated_Useful_Lives_of_Inta
Estimated Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Customer relationships | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | 'Straight-line method over 5 to 20 years |
Trademarks | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | 'Straight-line method over 10 to 20 years |
Non-compete agreement | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | 'Straight-line method over the terms of the agreements |
Deferred financing costs | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | 'Straight-line method over the terms of the related debt |
Formulas/recipes | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | 'Straight-line method over 5 to 7 years |
Computer software | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | 'Straight-line method over 2 to 7 years |
Minimum | Customer relationships | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '5 years |
Minimum | Trademarks | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '10 years |
Minimum | Formulas/recipes | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '5 years |
Minimum | Computer software | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '2 years |
Maximum | Customer relationships | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '20 years |
Maximum | Trademarks | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '20 years |
Maximum | Formulas/recipes | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '7 years |
Maximum | Computer software | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Useful Life | '7 years |
Restructuring_Additional_Infor
Restructuring - Additional Information (Detail) (USD $) | 12 Months Ended | 17 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Accelerated depreciation | $18,500,000 | ' | ' |
Change in Accounting Method Accounted for as Change in Estimate | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Accelerated depreciation | 18,500,000 | 10,700,000 | ' |
Basic per share amount of accelerated depreciation | $0.35 | $0.21 | ' |
Diluted per share amount of accelerated depreciation | $0.34 | $0.21 | ' |
Mendota, Illinois soup plant | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Plant closure expected costs | 27,200,000 | ' | 27,204,000 |
Accelerated depreciation | 15,887,000 | 6,703,000 | ' |
Mendota, Illinois soup plant | Before Restructuring | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Weighted average useful life of the assets, after analysis | '11 years | ' | ' |
Mendota, Illinois soup plant | Change in Accounting Method Accounted for as Change in Estimate | After Restructuring | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Weighted average useful life of the assets, after analysis | '7 years | ' | ' |
Salad dressing plant in Seaforth, Ontario, Canada | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Plant closure expected costs | 13,500,000 | ' | 13,513,000 |
Accelerated depreciation | 2,574,000 | 4,008,000 | ' |
Salad dressing plant in Seaforth, Ontario, Canada | Before Restructuring | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Weighted average useful life of the assets, after analysis | '11 years | ' | ' |
Salad dressing plant in Seaforth, Ontario, Canada | Change in Accounting Method Accounted for as Change in Estimate | After Restructuring | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Weighted average useful life of the assets, after analysis | '9 months | ' | ' |
Naturally Fresh | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Severance costs | 100,000 | 400,000 | ' |
Cash | Mendota, Illinois soup plant | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Plant closure expected costs | 4,600,000 | ' | ' |
Cash | Salad dressing plant in Seaforth, Ontario, Canada | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' |
Plant closure expected costs | $6,500,000 | ' | ' |
Aggregate_Expenses_Incurred_As
Aggregate Expenses Incurred Associated with Facility Closure (Detail) (USD $) | 12 Months Ended | 17 Months Ended | 12 Months Ended | 17 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Employee Severance | 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 | 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 | $18,500 | ' | ' | ' | ' | $15,887 | $6,703 | ' | ' | ' | ' | $2,574 | $4,008 | ' | ' | ' | ' |
Severance and outplacement | 5,947 | 5,178 | 6,349 | ' | ' | 12 | 757 | ' | ' | ' | ' | 635 | 2,249 | ' | ' | ' | ' |
Other closure costs | ' | ' | ' | ' | ' | 1,091 | 580 | ' | ' | ' | ' | 3,250 | 478 | ' | ' | ' | ' |
Total | ' | ' | ' | 559 | 4,007 | 16,990 | 8,040 | ' | ' | ' | ' | 6,459 | 6,735 | ' | ' | ' | ' |
Cumulative costs to date, Total | ' | ' | ' | ' | ' | ' | ' | 25,030 | 22,590 | 769 | 1,671 | ' | ' | 13,194 | 6,582 | 2,884 | 3,728 |
Total expected costs | ' | ' | ' | ' | ' | $27,200 | ' | $27,204 | $22,590 | $769 | $3,845 | $13,500 | ' | $13,513 | $6,582 | $2,884 | $4,047 |
Reconciliation_of_Severance_Li
Reconciliation of Severance Liability (Detail) (Employee Severance, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Severance | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Beginning Balance | $2,686 | ' |
Expense | 559 | 4,007 |
Payments | -2,624 | -640 |
Foreign exchange | -92 | ' |
Adjustments | -50 | -681 |
Ending Balance | $479 | $2,686 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 02, 2013 | Dec. 31, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Dec. 31, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Apr. 13, 2012 | Nov. 30, 2012 | |
USD ($) | USD ($) | USD ($) | North American Retail Grocery | North American Retail Grocery | North American Retail Grocery | Food Away From Home | Food Away From Home | Food Away From Home | Industrial and Export | Industrial and Export | Industrial and Export | 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 | Associated Brands | Associated Brands | Associated Brands | Associated Brands | Associated Brands | Associated Brands | Associated Brands | Associated Brands | Associated Brands | Associated Brands | Naturally Fresh | Associated Milk Producers Inc | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | North American Retail Grocery | Food Away From Home | Industrial and Export | Customer relationships | Trade Names | Formulas | Contractual agreements | USD ($) | CAD | USD ($) | North American Retail Grocery | Food Away From Home | Industrial and Export | Customer relationships | Trade Names | Formulas | Other intangible assets | Unfavorable leaseholds | USD ($) | USD ($) | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cost of acquired entity, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 187,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,000,000 |
Payment in cash for business financed through credit facility | 750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -7,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible asset | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | 3,400,000 | 400,000 | 200,000 | ' | ' | ' | ' | ' | ' | 68,781,000 | 2,332,000 | 1,496,000 | 1,581,000 | -677,000 | ' | ' |
Finite-lived intangible assets, useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | '15 years | '5 years | '5 years | ' | ' | ' | ' | ' | ' | '15 years | '10 years | '7 years | '6 years | '9 years | ' | ' |
Goodwill | 1,119,204,000 | 1,073,191,000 | 1,068,419,000 | 884,768,000 | 845,216,000 | 842,801,000 | 95,572,000 | 94,393,000 | 92,036,000 | 138,864,000 | 133,582,000 | 133,582,000 | 6,029,000 | ' | 4,300,000 | 1,200,000 | 500,000 | ' | ' | ' | ' | 46,712,000 | ' | ' | 41,000,000 | 900,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cost of acquired entity, purchase price, net of cash | $218,652,000 | $29,955,000 | ($3,243,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26,000,000 | ' |
Purchase_Price_Allocation_to_N
Purchase Price Allocation to Net Tangible and Intangible Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 08, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Oct. 08, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 | Jul. 02, 2013 |
In Thousands, unless otherwise specified | Associated Brands | Associated Brands | Associated Brands | Associated Brands | Associated Brands | Associated Brands | Cains Foods, Lp | Cains Foods, Lp | Cains Foods, Lp | Cains Foods, Lp | Cains Foods, Lp | |||
Customer relationships | Trade Names | Formulas | Other intangible assets | Unfavorable leaseholds | Customer relationships | Trade Names | Formulas | Contractual agreements | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | $4,422 | ' | ' | ' | ' | ' | $2,634 | ' | ' | ' | ' |
Receivables | ' | ' | ' | 17,107 | ' | ' | ' | ' | ' | 4,191 | ' | ' | ' | ' |
Inventory | ' | ' | ' | 39,835 | ' | ' | ' | ' | ' | 8,773 | ' | ' | ' | ' |
Property plant and equipment | ' | ' | ' | 30,908 | ' | ' | ' | ' | ' | 7,072 | ' | ' | ' | ' |
Intangible asset | ' | ' | ' | ' | 68,781 | 2,332 | 1,496 | 1,581 | -677 | ' | 13,500 | 3,400 | 400 | 200 |
Other assets | ' | ' | ' | 2,796 | ' | ' | ' | ' | ' | 434 | ' | ' | ' | ' |
Goodwill | 1,119,204 | 1,073,191 | 1,068,419 | 46,712 | ' | ' | ' | ' | ' | 6,029 | ' | ' | ' | ' |
Fair value of assets acquired | ' | ' | ' | 215,970 | ' | ' | ' | ' | ' | 46,633 | ' | ' | ' | ' |
Accounts payable and accruals | ' | ' | ' | -19,921 | ' | ' | ' | ' | ' | -5,209 | ' | ' | ' | ' |
Deferred tax liabilities | ' | ' | ' | -8,403 | ' | ' | ' | ' | ' | -4,180 | ' | ' | ' | ' |
Fair value of liabilities assumed | ' | ' | ' | -29,667 | ' | ' | ' | ' | ' | -9,389 | ' | ' | ' | ' |
Total purchase price | ' | ' | ' | 186,303 | ' | ' | ' | ' | ' | 37,244 | ' | ' | ' | ' |
Other long term liabilities | ' | ' | ' | ($666) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Acquisition_Proforma_
Business Acquisition Proforma Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' |
Pro forma net sales | $2,486,058 | $2,442,605 |
Pro forma net income | $93,910 | $95,797 |
Pro forma basic earnings per common share | $2.58 | $2.65 |
Pro forma diluted earnings per common share | $2.51 | $2.58 |
Investments_Detail
Investments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Investment [Line Items] | ' |
Total investments | $8,680 |
U.S. Equity | ' |
Investment [Line Items] | ' |
Total investments | 5,254 |
Non-U.S. Equity | ' |
Investment [Line Items] | ' |
Total investments | 1,669 |
Fixed Income | ' |
Investment [Line Items] | ' |
Total investments | $1,757 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $46,475,000 | $94,407,000 | $3,279,000 | $6,323,000 |
Borrowing under revolving credit facility to fund business acquisition | 750,000,000 | ' | ' | ' |
Net unrealized investment gain | 1,240,000 | ' | ' | ' |
Realized gain loss on investments | 200,000 | ' | ' | ' |
Net proceeds from sales of securities | 165,000 | ' | ' | ' |
Fixed Income Securities | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Net proceeds from sales of securities | 200,000 | ' | ' | ' |
Canada | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $19,300,000 | $94,100,000 | ' | ' |
Canada | Associated Brands | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Date of acquisition | 8-Oct-13 | ' | ' | ' |
Inventories_Detail
Inventories (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Raw materials and supplies | $162,751 | $128,186 |
Finished goods | 264,829 | 238,575 |
LIFO reserve | -21,882 | -19,408 |
Total | $405,698 | $347,353 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
LIFO inventory | $84.60 | $77.70 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Land | $26,492 | $25,517 | ' |
Buildings and improvements | 194,439 | 177,824 | ' |
Machinery and equipment | 536,256 | 478,394 | ' |
Construction in progress | 43,146 | 31,335 | ' |
Total | 800,333 | 713,070 | ' |
Less accumulated depreciation | -338,058 | -287,763 | ' |
Property, plant and equipment, net | $462,275 | $425,307 | $406,558 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Accelerated depreciation | $18,500,000 | ' | ' |
Depreciation expense | $73,267,000 | $64,669,000 | $48,616,000 |
Changes_in_Carrying_Amount_of_
Changes in Carrying Amount of Goodwill (Detail) (USD $) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2011 |
North American Retail Grocery | North American Retail Grocery | Food Away From Home | Food Away From Home | Industrial and Export | Industrial and Export | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | $1,073,191 | $1,068,419 | $845,216 | $842,801 | $94,393 | $92,036 | $133,582 | $133,582 |
Acquisition | 54,494 | 2,011 | 46,968 | ' | 2,135 | 2,011 | 5,391 | ' |
Foreign currency exchange adjustment | -8,481 | 2,761 | -7,416 | 2,415 | -956 | 346 | -109 | ' |
Ending Balance | $1,119,204 | $1,073,191 | $884,768 | $845,216 | $95,572 | $94,393 | $138,864 | $133,582 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Goodwill deductible for tax purposes | $277,400,000 | ' | ' |
Amortization expense | $35,375,000 | $33,546,000 | $34,402,000 |
Weighted Average | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Remaining useful life for amortizable intangible assets | '13 years 7 months 6 days | ' | ' |
Customer-Related Intangible Assets | Weighted Average | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Remaining useful life for amortizable intangible assets | '14 years 4 months 24 days | ' | ' |
Trademarks | Weighted Average | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Remaining useful life for amortizable intangible assets | '11 years 9 months 18 days | ' | ' |
Formulas/recipes | Weighted Average | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Remaining useful life for amortizable intangible assets | '4 years 3 months 18 days | ' | ' |
Computer software | Weighted Average | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Remaining useful life for amortizable intangible assets | '4 years 6 months | ' | ' |
Contractual agreements | Weighted Average | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Remaining useful life for amortizable intangible assets | '7 years 8 months 12 days | ' | ' |
Gross_Carrying_Amount_and_Accu
Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | $644,571 | $552,916 |
Accumulated Amortization | -168,815 | -135,355 |
Net Carrying Amount | 475,756 | 417,561 |
Customer-Related Intangible Assets | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | 525,820 | 448,825 |
Accumulated Amortization | -133,063 | -107,761 |
Net Carrying Amount | 392,757 | 341,064 |
Contractual agreements | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | 1,249 | 120 |
Accumulated Amortization | -87 | -18 |
Net Carrying Amount | 1,162 | 102 |
Trademarks | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | 31,067 | 32,805 |
Net Carrying Amount | 31,067 | 32,805 |
Gross Carrying Amount | 26,466 | 20,810 |
Accumulated Amortization | -7,164 | -5,722 |
Net Carrying Amount | 19,302 | 15,088 |
Formulas/recipes | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | 8,882 | 7,017 |
Accumulated Amortization | -5,708 | -4,631 |
Net Carrying Amount | 3,174 | 2,386 |
Computer software | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Amount | 51,087 | 43,339 |
Accumulated Amortization | -22,793 | -17,223 |
Net Carrying Amount | $28,294 | $26,116 |
Estimated_Amortization_Expense
Estimated Amortization Expense on Intangible Assets (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
2014 | $40,235 |
2015 | 38,590 |
2016 | 38,376 |
2017 | 37,763 |
2018 | $32,407 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Line Items] | ' | ' |
Accounts payable | $154,378 | $121,404 |
Payroll and benefits | 40,155 | 26,661 |
Interest and taxes | 22,190 | 16,205 |
Health insurance, workers' compensation and other insurance costs | 8,164 | 6,879 |
Marketing expenses | 7,568 | 7,180 |
Other accrued liabilities | 6,358 | 6,757 |
Total | $238,813 | $185,086 |
Components_of_Income_from_Cont
Components of Income from Continuing Operations, Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Components of Income Before Income Tax Expense (Benefit) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic source | ' | ' | ' | ' | ' | ' | ' | ' | $128,685 | $112,872 | $118,681 |
Foreign source | ' | ' | ' | ' | ' | ' | ' | ' | -3,775 | 11,337 | 21,117 |
(Loss) income before income taxes | $34,301 | $29,372 | $27,883 | $33,354 | $36,047 | $28,962 | $27,496 | $31,704 | $124,910 | $124,209 | $139,798 |
Components_of_Provision_for_In
Components of Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $41,161 | $23,616 | $20,435 |
State | 8,185 | 2,141 | 3,225 |
Foreign | 470 | 4,365 | 6,617 |
Total current | 49,816 | 30,122 | 30,277 |
Deferred: | ' | ' | ' |
Federal | -8,236 | 7,197 | 13,982 |
State | -3,404 | -193 | 1,789 |
Foreign | -254 | -1,280 | -657 |
Total deferred | -11,894 | 5,724 | 15,114 |
Total income tax expense | $37,922 | $35,846 | $45,391 |
Reconciliation_of_Income_Tax_E
Reconciliation of Income Tax Expense Computed at U.S. Federal Statutory Tax Rate to Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Provision of Income Taxes [Line Items] | ' | ' | ' |
Tax at statutory rate | $43,719 | $43,473 | $48,929 |
State income taxes | 3,108 | 1,266 | 3,259 |
Tax benefit of cross-border intercompany financing structure | -4,909 | -5,079 | -4,960 |
Other, net | -3,996 | -3,814 | -1,837 |
Total income tax expense | $37,922 | $35,846 | $45,391 |
Tax_Effects_of_Temporary_Diffe
Tax Effects of Temporary Differences Giving Rise to Deferred Income Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Pension and postretirement benefits | $3,912 | $8,339 |
Accrued liabilities | 19,256 | 12,283 |
Stock compensation | 14,600 | 12,918 |
Unrealized foreign exchange loss | 570 | 723 |
Other | 10,646 | 8,231 |
Total deferred tax assets | 48,984 | 42,494 |
Deferred tax liabilities: | ' | ' |
Depreciation and amortization | -253,111 | -246,957 |
Other | -2,533 | ' |
Total deferred tax liabilities | -255,644 | -246,957 |
Net deferred income tax liability | ($206,660) | ($204,463) |
Classification_of_Net_Deferred
Classification of Net Deferred Tax Assets (Liabilities) in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Deferred Income Tax Assets and Liabilities [Line Items] | ' | ' |
Current assets | $21,909 | $7,998 |
Non-current liabilities | -228,569 | -212,461 |
Net deferred income tax liability | ($206,660) | ($204,463) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Decrease in total amount of unrecognized tax benefits within the next 12 months | $11.10 | ' | ' |
Unrecognized tax benefits that would impact the effective tax rate, if reversed | 2.3 | 5.8 | ' |
Unrecognized tax benefits, recognized interest and penalties in income tax expense | -0.2 | -0.1 | 0.1 |
Unrecognized tax benefits, accrued payment of interest and penalties | 0.2 | 0.4 | ' |
Undistributed earnings, foreign subsidiaries | 95.2 | ' | ' |
Amount of unrecognized U.S. federal income tax liabilities | 33.1 | ' | ' |
Tax benefit related to foreign earnings | $4.90 | $5.10 | ' |
Reconciliation_of_Beginning_an
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Unrecognized tax benefits beginning balance | $9,528 | $11,396 | $6,854 |
Additions based on tax positions related to the current year | 8,834 | 283 | 2,625 |
Additions based on tax positions of prior years | 1,001 | 61 | 1,118 |
Additions resulting from acquisitions | ' | ' | 1,364 |
Reductions for tax positions of prior years | -6,350 | -1,698 | -565 |
Payments | -514 | -514 | ' |
Unrecognized tax benefits ending balance | $12,499 | $9,528 | $11,396 |
LongTerm_Debt_Detail
Long-Term Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Revolving credit facility | $535,000 | $393,000 |
High yield notes | 400,000 | 400,000 |
Senior notes | ' | 100,000 |
Tax increment financing and other debt | 5,496 | 7,044 |
Total outstanding debt | 940,496 | 900,044 |
Less current portion | -1,551 | -1,944 |
Total long-term debt | $938,945 | $898,100 |
Scheduled_of_Maturities_of_Out
Scheduled of Maturities of Outstanding Debt (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $1,551 | ' |
2015 | 1,644 | ' |
2016 | 536,052 | ' |
2017 | 370 | ' |
2018 | 400,384 | ' |
Thereafter | 495 | ' |
Total outstanding debt | $940,496 | $900,044 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 01, 2006 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 15, 2001 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Bay Valley Foods, LLC | EDS Holdings, LLC; Sturm Foods, Inc.; and S.T. Specialty Foods | Minimum | Maximum | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Base Rate Margin | Base Rate Margin | Tax Increment Financing | Tax Increment Financing | Tax Increment Financing | High Yield Notes | High Yield Notes | High Yield Notes | Senior Notes | ||||
Minimum | Maximum | Minimum | Maximum | Bonds 7.16 Percent Due May 1, 2019 | Semi Annual Payment, First Payment | Semi Annual Payment, Second Payment | |||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit facility, aggregate commitment | $750,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility maturity date | 23-Sep-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.60% | 0.00% | 0.60% | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, commitment fee | ' | ' | ' | ' | ' | 0.25% | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility available | 204,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit facility issued but undrawn | 10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average interest rate on debt outstanding under revolving credit facility | 1.49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated debt interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.16% | 7.75% | ' | ' | 6.03% |
Aggregate principal amount of high yield notes | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interests | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-May-19 | 1-Mar-18 | ' | ' | 30-Sep-13 |
Debt instrument, interest payment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '--03-01 | '--09-01 | ' |
Debt Instrument, call date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Mar-14 | ' | ' | ' |
Payments on senior notes | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of forward interest rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax loss from termination of interest rate swap transaction | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate of senior notes | ' | ' | ' | ' | ' | ' | ' | 6.29% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap, loss reclassified to interest expense | 49,304,000 | 51,609,000 | 53,071,000 | ' | ' | ' | ' | ' | 200,000 | 300,000 | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redevelopment bonds issued by Urban Redevelopment Authority of Pittsburgh | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' |
Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2019-05 | ' | ' | ' | ' | ' |
Outstanding amount of redevelopment bonds | $5,496,000 | $7,044,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,800,000 | ' | $1,800,000 | ' | ' | ' | ' |
Recovered_Sheet1
Stockholders' Equity and Earnings Per Share - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Stockholders Equity Note [Line Items] | ' | ' |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 36,493 | 36,197 |
Common stock, shares outstanding | 36,493 | 36,197 |
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) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' | ' | |||
Weighted average common shares outstanding | 36,418 | 36,155 | 35,805 | |||
Assumed exercise/vesting of equity awards | 978 | [1] | 963 | [1] | 1,145 | [1] |
Weighted average diluted common shares outstanding | 37,396 | 37,118 | 36,950 | |||
[1] | Stock options, restricted stock, restricted stock units, and performance units excluded from our computation of diluted earnings per share, because they were anti-dilutive, were 0.5 million, 0.4 million, and 0.2 million for the years ended December 31, 2013, 2012, and 2011, 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) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Weighted Average Number of Diluted Shares Outstanding [Line Items] | ' | ' | ' |
Stock options, restricted stock, restricted stock units, and performance units excluded from computation of diluted earnings | 0.5 | 0.4 | 0.2 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Aug. 31, 2013 | Jun. 28, 2013 | Mar. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Aug. 31, 2013 | Jun. 28, 2013 | Mar. 02, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
TreeHouse Foods, Inc. Equity and Incentive Plan | TreeHouse Foods, Inc. Equity and Incentive Plan | Employee Stock Option | Employee Stock Option | Employee Stock Option | Employee Stock Option | Performance Units | Performance Units | Performance Units | Performance Units | Performance Units | Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | Employee Restricted Stock Units | Year One | Year One | Year One | Year Two | Year Two | Year Two | Year Three | Year Three | Year Three | Each of the three performance periods | Each of the three performance periods | Cumulative performance period | Cumulative performance period | |||||||
Maximum | Employee Stock Option | Performance Units | Restricted Stock and Restricted Stock Units | Employee Stock Option | Performance Units | Restricted Stock and Restricted Stock Units | Employee Stock Option | Performance Units | Restricted Stock and Restricted Stock Units | Performance Units | Performance Units | Performance Units | Performance Units | |||||||||||||||||||||
Maximum | Minimum | Maximum | Minimum | |||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares available to be awarded | ' | ' | ' | ' | ' | ' | ' | 9,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available at year end | ' | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | ' | ' | $16,118,000 | $12,824,000 | $15,107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,900,000 | $9,300,000 | $11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized related to the compensation cost of share-based awards | ' | ' | ' | 5,900,000 | 4,700,000 | 5,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, award vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation arrangement, award vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.33% | 33.33% | 33.33% | 0.33% | 33.33% | 33.33% | 0.33% | 33.33% | 33.33% | ' | ' | ' | ' |
Share based compensation arrangement, award expiration period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of stock options exercised during the period | ' | ' | ' | ' | ' | ' | ' | ' | 6,400,000 | 2,100,000 | 3,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized from stock option exercises | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | 800,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation costs, unrecognized | ' | ' | ' | ' | ' | ' | ' | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | 13,300,000 | ' | ' | ' | ' | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation costs, recognition weighted average remaining period (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | '2 years 2 months 12 days | ' | ' | ' | ' | '1 year 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair | ' | ' | ' | ' | ' | ' | ' | ' | $20.47 | $20.70 | $20.36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value share based compensation arrangement units vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | $6,200,000 | $9,800,000 | $12,000,000 | $23,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Predefined percentage for calculation of performance unit awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200.00% | 0.00% | 200.00% | 0.00% |
Performance units converted into stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 870 | 32,371 | 1,225 | 34,000 | ' | ' | ' | ' | 147,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Weighted Average Exercise Price | ' |
Outstanding, Beginning Balance | $33.19 |
Granted | $66.02 |
Forfeited | $62.63 |
Exercised | $30.68 |
Outstanding, Ending Balance | $36.71 |
Vested/expect to vest, at December 31, 2013 | $35.99 |
Exercisable, at December 31, 2013 | $30.68 |
Weighted Average Remaining Contractual Term (yrs) | ' |
Outstanding, Beginning Balance | '4 years 4 months 24 days |
Outstanding, Ending Balance | '4 years 1 month 6 days |
Vested/expect to vest, at December 31, 2013 | '4 years |
Exercisable, at December 31, 2013 | '3 years |
Aggregate Intrinsic Value | ' |
Outstanding, Beginning Balance | $50,809 |
Outstanding, Ending Balance | 84,840 |
Vested/expect to vest, at December 31, 2013 | 84,592 |
Exercisable, at December 31, 2013 | $82,177 |
Employee Stock Option | ' |
Options | ' |
Outstanding, Beginning Balance | 2,468 |
Granted | 291 |
Forfeited | -24 |
Exercised | -165 |
Outstanding, Ending Balance | 2,570 |
Vested/expect to vest, at December 31, 2013 | 2,505 |
Exercisable, at December 31, 2013 | 2,085 |
Director Options | ' |
Options | ' |
Outstanding, Beginning Balance | 72 |
Exercised | -8 |
Outstanding, Ending Balance | 64 |
Vested/expect to vest, at December 31, 2013 | 64 |
Exercisable, at December 31, 2013 | 64 |
Summary_of_Restricted_Stock_an
Summary of Restricted Stock and Restricted Stock Unit Activity (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Employee Restricted Stock Units | ' |
Number of Units | ' |
Beginning Balance | 353,000 |
Granted | 138,000 |
Vested | -147,000 |
Forfeited | -27,000 |
Ending Balance | 317,000 |
Weighted Average Grant Date Fair Value | ' |
Beginning Balance | $53.62 |
Granted | $66.18 |
Vested | $52.69 |
Forfeited | $60.04 |
Ending Balance | $58.98 |
Director Restricted Stock Units | ' |
Number of Units | ' |
Beginning Balance | 78,000 |
Granted | 19,000 |
Vested | -4,000 |
Ending Balance | 93,000 |
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 $) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2013 | Jun. 28, 2013 | Mar. 02, 2013 | Dec. 31, 2013 | |
Performance Units | ' | ' | ' | ' |
Performance Units | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | 165,000 |
Granted | ' | ' | ' | 91,000 |
Vested | -870 | -32,371 | -1,225 | -34,000 |
Forfeited | ' | ' | ' | -6,000 |
Ending Balance | ' | ' | ' | 216,000 |
Weighted Average Grant Date Fair Value | ' | ' | ' | ' |
Beginning Balance | ' | ' | ' | $56.57 |
Granted | ' | ' | ' | $65.69 |
Vested | ' | ' | ' | $46.20 |
Forfeited | ' | ' | ' | $55.85 |
Ending Balance | ' | ' | ' | $62.03 |
Assumptions_Used_to_Calculate_
Assumptions Used to Calculate Value of Option Awards Granted (Detail) (Employee Stock Option) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected volatility | 30.21% | 32.85% | 33.35% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 1.00% | 1.15% | 2.57% |
Expected term | '6 years | '6 years | '6 years |
Components_of_Accumulated_Othe
Components of Accumulated Other Comprehensive Loss Net of Tax Except for Foreign Currency Translation Adjustment (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Beginning Balance | ($16,640) | ($22,362) | ($12,034) | |||
Other comprehensive (loss) income | -22,682 | 8,261 | -6,489 | |||
Reclassifications from accumulated other comprehensive loss | 7,559 | -2,539 | -3,839 | |||
Other comprehensive (loss) income | -15,123 | 5,722 | -10,328 | |||
Ending Balance | -31,763 | -16,640 | -22,362 | |||
Foreign Currency Translation | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Beginning Balance | -2,007 | [1] | -10,268 | [1] | -3,779 | [1] |
Other comprehensive (loss) income | -22,682 | [1] | 8,261 | [1] | -6,489 | [1] |
Other comprehensive (loss) income | -22,682 | [1] | 8,261 | [1] | -6,489 | [1] |
Ending Balance | -24,689 | [1] | -2,007 | [1] | -10,268 | [1] |
Unrecognized Pension and Postretirement Benefits | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Beginning Balance | -14,525 | [2] | -11,825 | [2] | -7,825 | [2] |
Reclassifications from accumulated other comprehensive loss | 7,451 | [2] | -2,700 | [2] | -4,000 | [2] |
Other comprehensive (loss) income | 7,451 | [2] | -2,700 | [2] | -4,000 | [2] |
Ending Balance | -7,074 | [2] | -14,525 | [2] | -11,825 | [2] |
Derivative Financial Instrument | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | |||
Beginning Balance | -108 | [3] | -269 | [3] | -430 | [3] |
Reclassifications from accumulated other comprehensive loss | 108 | [3] | 161 | [3] | 161 | [3] |
Other comprehensive (loss) income | 108 | [3] | 161 | [3] | 161 | [3] |
Ending Balance | ' | ($108) | [3] | ($269) | [3] | |
[1] | The foreign currency translation adjustment is not net of tax, as it pertains to the Company's permanent investment in its Canadian subsidiaries, E.D. Smith and Associated Brands. | |||||
[2] | The unrecognized pension and post-retirement benefits reclassification is presented net of tax of $4,592 thousand, ($1,626) thousand, and ($2,527) thousand for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||
[3] | The derivative financial instrument reclassification is presented net of tax of $68 thousand for the year ended December 31, 2013, and $101 thousand for the years ended December 31, 2012 and 2011, respectively. |
Components_of_Accumulated_Othe1
Components of Accumulated Other Comprehensive Loss Net of Tax Except for Foreign Currency Translation Adjustment (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Pension and post-retirement reclassification adjustment, tax | $4,592 | ($1,626) | ($2,527) |
Derivative reclassification adjustment, tax | $68 | $101 | $101 |
Reclassifications_from_Accumul
Reclassifications from Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ($49,304) | ($51,609) | ($53,071) | |||||
Total before tax | 34,301 | 29,372 | 27,883 | 33,354 | 36,047 | 28,962 | 27,496 | 31,704 | 124,910 | 124,209 | 139,798 | |||||
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 37,922 | 35,846 | 45,391 | |||||
Net income | 22,784 | 22,665 | 18,565 | 22,974 | 25,224 | 21,554 | 19,511 | 22,074 | 86,988 | 88,363 | 94,407 | |||||
Reclassification out of Accumulated Other Comprehensive Income | Derivative Financial Instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 176 | 262 | 262 | |||||
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 68 | 101 | 101 | |||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 108 | 161 | 161 | |||||
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 | ' | ' | ' | ' | ' | ' | ' | ' | 385 | [1] | 535 | [1] | 535 | [1] | ||
Unrecognized net loss | ' | ' | ' | ' | ' | ' | ' | ' | 1,880 | [1] | 1,561 | [1] | 628 | [1] | ||
Other | ' | ' | ' | ' | ' | ' | ' | ' | 61 | -61 | -66 | |||||
Actuarial Adjustment | 9,717 | [2] | ' | ' | ' | -6,361 | [2] | ' | ' | ' | 9,717 | [2] | -6,361 | [2] | -7,624 | [2] |
Total before tax | ' | ' | ' | ' | ' | ' | ' | ' | 12,043 | -4,326 | -6,527 | |||||
Income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -4,592 | 1,626 | 2,527 | |||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $7,451 | ($2,700) | ($4,000) | |||||
[1] | These accumulated other comprehensive income components are included in the computation of net periodic pension cost. See Note 15 for additional details. | |||||||||||||||
[2] | Represents the actuarial adjustment needed to adjust the Accumulated other comprehensive loss balance to actual. |
Recovered_Sheet2
Employee Pension And Postretirement Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Contribution made by the company | $4,900,000 | $4,500,000 | $4,300,000 |
Pension Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Contribution made by the company | 5,260,000 | 4,180,000 | ' |
Targeted equities percentage under investment policy, minimum | 55.00% | ' | ' |
Targeted equities percentage under investment policy, maximum | 65.00% | ' | ' |
Estimated employer contribution for 2014 | 3,200,000 | ' | ' |
Pension Benefits | Fixed Income Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Targeted equities percentage under investment policy, minimum | 35.00% | ' | ' |
Targeted equities percentage under investment policy, maximum | 45.00% | ' | ' |
Percentage of plan asset allocation | 37.60% | ' | ' |
Pension Benefits | Equity Securities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of plan asset allocation | 62.30% | ' | ' |
Pension Benefits | Cash and Cash Equivalents | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of plan asset allocation | 0.10% | ' | ' |
Postretirement Benefits | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Contribution made by the company | 111,000 | 102,000 | ' |
Estimated employer contribution for 2014 | 200,000 | ' | ' |
Multiemployer Plans, Pension | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Multiemployer plans contribution | 1,400,000 | 1,500,000 | 1,600,000 |
Withdrawal liability | 900,000 | ' | ' |
Multiemployer Plans, Postretirement Benefit | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Multiemployer plans contribution | $2,200,000 | $1,800,000 | $1,400,000 |
Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of participant's annual compensation for employer matching and profit sharing contributions | 1.00% | ' | ' |
Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Percentage of participant's annual compensation for employer matching and profit sharing contributions | 80.00% | ' | ' |
Multiemployer_Pension_Plans_De
Multiemployer Pension Plans (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Central States Southeast and Southwest Areas Pension Fund | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
EIN Number | '362154936 | ' | ' | |
Plan Number | '001 | ' | ' | |
Pension Protection Act Zone Status Plan | ' | 'Red | 'Red | |
FIP Implemented (yes or no) | 'Implemented | ' | ' | |
TreeHouse Foods Contributions | $592 | $602 | $621 | |
Surcharge Imposed (yes or no) | 'No | ' | ' | |
Expiration Date Of Collective Bargaining Agreement | 28-Dec-13 | [1] | ' | ' |
Rockford Area Dairy Industry Local 754, Intl. Brotherhood of Teamsters Retirement Pension Plan | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
EIN Number | '366067654 | ' | ' | |
Plan Number | '001 | ' | ' | |
Pension Protection Act Zone Status Plan | ' | 'Green | 'Green | |
FIP Implemented (yes or no) | 'No | ' | ' | |
TreeHouse Foods Contributions | 384 | 413 | 423 | |
Surcharge Imposed (yes or no) | 'No | ' | ' | |
Expiration Date Of Collective Bargaining Agreement | 30-Apr-17 | ' | ' | |
Western Conference Of Teamsters Pension Fund | ' | ' | ' | |
Multiemployer Plans [Line Items] | ' | ' | ' | |
EIN Number | '916145047 | ' | ' | |
Plan Number | '001 | ' | ' | |
Pension Protection Act Zone Status Plan | ' | 'Green | 'Green | |
FIP Implemented (yes or no) | 'No | ' | ' | |
TreeHouse Foods Contributions | $361 | $379 | $315 | |
Surcharge Imposed (yes or no) | 'No | ' | ' | |
Expiration Date Of Collective Bargaining Agreement | 28-Feb-15 | ' | ' | |
[1] | Currently in negotiations to renew the collective bargaining agreement. |
Multiemployer_Plans_Providing_
Multiemployer Plans Providing More Than Five Percent of Total Contributions For Following Plan and Plan Years (Detail) (Rockford Area Dairy Industry Local 754, Intl. Brotherhood of Teamsters Retirement Pension Plan) | 12 Months Ended |
Dec. 31, 2013 | |
Rockford Area Dairy Industry Local 754, Intl. Brotherhood of Teamsters Retirement Pension Plan | ' |
Multiemployer Plans [Line Items] | ' |
Year Contributions to Plan Exceeded More Than 5% of total Contributions | '2013, 2012, and 2011 |
Fair_Value_of_Pension_Plan_Ass
Fair Value of Pension Plan Assets, by Asset Category (Detail) (Pension Benefits, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Thousands, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $48,761 | [1] | $39,387 | [1] | $34,777 |
Fair Value, Inputs, Level 2 | Short Term Investment Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 54 | [2] | 839 | [2] | ' |
Fair Value, Inputs, Level 2 | Aggregate Bond Index Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 9,674 | [3] | 9,820 | [3] | ' |
Fair Value, Inputs, Level 2 | US Market Cap Equity Index Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 24,797 | [4] | 20,125 | [4] | ' |
Fair Value, Inputs, Level 2 | International All Country World Index Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 4,113 | [5] | 3,665 | [5] | ' |
Fair Value, Inputs, Level 2 | Collective Daily 1-5 year Credit Bond Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 6,799 | [6] | 4,938 | [6] | ' |
Fair Value, Inputs, Level 2 | Emerging Markets Index Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | 1,479 | [7] | ' | ' | |
Fair Value, Inputs, Level 2 | Daily High Yield Fixed Income Fund | ' | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ||
Fair value of plan assets | $1,845 | [8] | ' | ' | |
[1] | Level 2 inputs are inputs other than quoted prices that are observable for an asset or liability, either directly or indirectly. | ||||
[2] | This fund is an investment vehicle for cash reserves, which seeks to offer a competitive rate of return through a portfolio of high-grade, short term, and money market instruments. Principal preservation is the primary objective of this fund. | ||||
[3] | The primary objective of this fund is to hold a portfolio representative of the overall United States bond and debt market, as characterized by the Barclays Capital Aggregate Bond Index. | ||||
[4] | The primary objective of this fund is to approximate the risk and return characteristics of the Dow Jones U.S. ex-LP's Total Stock Market Index. | ||||
[5] | The primary objective of this fund is to approximate the risk and return characteristics of the Morgan Stanley All Country World ex-US (MSCI ACWI ex-US) ND Index. This fund is commonly used to represent the non-U.S. equity in developed and emerging markets. | ||||
[6] | The primary objective of this fund is to hold a portfolio representative of the intermediate credit securities portion of the United States bond and debt markets, as characterized by the Barclays Capital U.S. 1-5 year Credit Bond Index. | ||||
[7] | The primary objective of this fund is to provide investment results that replicate the overall performance of the MSCI Emerging Markets Index. The Fund may make limited use of futures and/or options for the purpose of maintaining equity exposure. | ||||
[8] | The primary objective of this fund is to outperform the Barclay's Capital High Yield Index over a market cycle while maintaining a similar level of volatility and credit quality as the index. This Fund can serve as a core bond investment position providing exposure to the U.S. Fixed Income market. |
Summarized_Information_about_P
Summarized Information about Pension and Postretirement Benefit Plans (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Change in plan assets: | ' | ' | ' | ||
Company contributions | $4,900 | $4,500 | $4,300 | ||
Pension Benefits | ' | ' | ' | ||
Change in benefit obligation: | ' | ' | ' | ||
Benefit obligation, at beginning of year | 59,942 | 50,832 | ' | ||
Service cost | 2,407 | 2,289 | 2,199 | ||
Interest cost | 2,466 | 2,451 | 2,219 | ||
Actuarial (gains) losses | -5,826 | 7,364 | ' | ||
Benefits paid | -2,317 | -2,994 | ' | ||
Benefit obligation, at end of year | 56,672 | 59,942 | 50,832 | ||
Change in plan assets: | ' | ' | ' | ||
Fair value of plan assets, at beginning of year | 39,387 | [1] | 34,777 | ' | |
Actual return on plan assets | 6,431 | 3,424 | ' | ||
Company contributions | 5,260 | 4,180 | ' | ||
Benefits paid | -2,317 | -2,994 | ' | ||
Fair value of plan assets, at year end | 48,761 | [1] | 39,387 | [1] | 34,777 |
Funded status of the plan | -7,911 | -20,555 | ' | ||
Amounts recognized in the Consolidated Balance Sheets: | ' | ' | ' | ||
Non-current liability | -7,911 | -20,555 | ' | ||
Net amount recognized | -7,911 | -20,555 | ' | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ' | ' | ' | ||
Net actuarial loss | 9,675 | 21,000 | ' | ||
Prior service cost | 1,788 | 2,243 | ' | ||
Total, before tax effect | 11,463 | 23,243 | ' | ||
Postretirement Benefits | ' | ' | ' | ||
Change in benefit obligation: | ' | ' | ' | ||
Benefit obligation, at beginning of year | 3,391 | 3,228 | ' | ||
Service cost | 22 | 24 | 30 | ||
Interest cost | 138 | 149 | 118 | ||
Actuarial (gains) losses | -285 | 92 | ' | ||
Benefits paid | -111 | -102 | ' | ||
Benefit obligation, at end of year | 3,155 | 3,391 | 3,228 | ||
Change in plan assets: | ' | ' | ' | ||
Company contributions | 111 | 102 | ' | ||
Benefits paid | -111 | -102 | ' | ||
Funded status of the plan | -3,155 | -3,391 | ' | ||
Amounts recognized in the Consolidated Balance Sheets: | ' | ' | ' | ||
Current liability | -173 | -149 | ' | ||
Non-current liability | -2,982 | -3,242 | ' | ||
Net amount recognized | -3,155 | -3,391 | ' | ||
Amounts recognized in Accumulated Other Comprehensive Loss: | ' | ' | ' | ||
Net actuarial loss | 459 | 790 | ' | ||
Prior service cost | -304 | -372 | ' | ||
Total, before tax effect | $155 | $418 | ' | ||
[1] | Level 2 inputs are inputs other than quoted prices that are observable for an asset or liability, either directly or indirectly. |
Accumulated_Benefit_Obligation
Accumulated Benefit Obligation (Detail) (Pension Benefits, USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Pension Benefits | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Accumulated benefit obligation | $54,688 | $57,048 |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used to Determine Pension Benefit Obligations (Detail) | Dec. 31, 2013 | Dec. 31, 2012 |
Weighted average assumptions used to determine the pension benefit obligations: | ' | ' |
Discount rate | 5.00% | 4.25% |
Maximum | ' | ' |
Weighted average assumptions used to determine the pension benefit obligations: | ' | ' |
Rate of compensation increases | 4.00% | 4.00% |
Minimum | ' | ' |
Weighted average assumptions used to determine the pension benefit obligations: | ' | ' |
Rate of compensation increases | 3.00% | 3.00% |
Key_Actuarial_Assumptions_Used
Key Actuarial Assumptions Used to Determine Postretirement Benefit Obligations (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Health care cost trend rates: | ' | ' |
Discount rate | 5.00% | 4.25% |
Pre-65 | ' | ' |
Health care cost trend rates: | ' | ' |
Health care cost trend rate for next year | 8.00% | 7.50% |
Ultimate rate | 5.00% | 5.00% |
Discount rate | 5.00% | 4.25% |
Year ultimate rate achieved | '2020 | '2018 |
Post 65 | ' | ' |
Health care cost trend rates: | ' | ' |
Health care cost trend rate for next year | 7.50% | 7.00% |
Ultimate rate | 5.00% | 5.00% |
Discount rate | 5.00% | 4.25% |
Year ultimate rate achieved | '2019 | '2017 |
Summary_of_Net_Periodic_Cost_o
Summary of Net Periodic Cost of Pension Plans and Postretirement Plans (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension Benefits | ' | ' | ' |
Components of net periodic costs: | ' | ' | ' |
Service cost | $2,407 | $2,289 | $2,199 |
Interest cost | 2,466 | 2,451 | 2,219 |
Expected return on plan assets | -2,665 | -2,321 | -2,356 |
Amortization of unrecognized prior service cost | 455 | 603 | 603 |
Amortization of unrecognized net loss (gain) | 1,733 | 1,510 | 640 |
Net periodic cost | 4,396 | 4,532 | 3,305 |
Postretirement Benefits | ' | ' | ' |
Components of net periodic costs: | ' | ' | ' |
Service cost | 22 | 24 | 30 |
Interest cost | 138 | 149 | 118 |
Amortization of unrecognized prior service cost | -68 | -68 | -68 |
Amortization of unrecognized net loss (gain) | 46 | 51 | -12 |
Net periodic cost | $138 | $156 | $68 |
Weighted_Average_Assumptions_U1
Weighted Average Assumptions Used to Determine Pension Benefit Costs (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension Benefits | ' | ' | ' |
Weighted average assumptions used to determine the periodic benefit costs: | ' | ' | ' |
Discount rate | 4.25% | 4.75% | 5.25% |
Expected return on plan assets | 6.50% | 6.50% | 7.20% |
Pension Benefits | Maximum | ' | ' | ' |
Weighted average assumptions used to determine the periodic benefit costs: | ' | ' | ' |
Rate of compensation increases | 4.00% | 4.00% | 4.00% |
Pension Benefits | Minimum | ' | ' | ' |
Weighted average assumptions used to determine the periodic benefit costs: | ' | ' | ' |
Rate of compensation increases | 3.00% | ' | ' |
Postretirement Benefits | ' | ' | ' |
Weighted average assumptions used to determine the periodic benefit costs: | ' | ' | ' |
Discount rate | 4.25% | 4.75% | 5.25% |
Estimated_Amount_That_Will_be_
Estimated Amount That Will be Amortized From Accumulated Other Comprehensive Income Into Net Pension Cost (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss | $505 |
Prior service cost | 207 |
Postretirement Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Net actuarial loss | 19 |
Prior service cost | ($68) |
Estimated_Future_Pension_and_P
Estimated Future Pension and Postretirement Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Pension Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | $3,189 |
2015 | 3,264 |
2016 | 3,386 |
2017 | 3,446 |
2018 | 3,889 |
2019-2023 | 18,146 |
Postretirement Benefits | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
2014 | 173 |
2015 | 176 |
2016 | 178 |
2017 | 174 |
2018 | 178 |
2019-2023 | $943 |
Effect_of_One_Percent_Change_i
Effect of One Percent Change in Health Care Trend Rates on Postretirement Benefit Plan (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' |
Benefit obligation, end of year | $329 |
Service cost plus interest cost for the year | 17 |
Benefit obligation, end of year | -275 |
Service cost plus interest cost for the year | ($15) |
Other_Operating_Expense_Net_Ad
Other Operating Expense, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' |
Other operating expense, net | $5,947 | $3,785 | $6,462 |
Other_Operating_Expense_Income
Other Operating Expense (Income), Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Component of Operating Other Cost and Expense [Abstract] | ' | ' | ' |
Restructuring | $5,947 | $5,178 | $6,349 |
Other | ' | -1,393 | 113 |
Total other operating expense, net | $5,947 | $3,785 | $6,462 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Cash Flow, Supplemental [Line Items] | ' | ' | ' |
Interest paid | $45,998 | $48,098 | $50,531 |
Income taxes paid | 38,533 | 33,300 | 27,078 |
Accrued purchase of property and equipment | 8,824 | 4,777 | 4,181 |
Accrued other intangible assets | $1,664 | $431 | $1,865 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information - Additional Information (Detail) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Cash Flow, Supplemental [Line Items] | ' | ' | ' |
Restricted stock, restricted stock units and performance units, vesting shares | 0.2 | 0.3 | 0.6 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Rent expense | $22.80 | $21.60 | $22.70 |
Minimum | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Lease term | '1 year | ' | ' |
Maximum | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' |
Lease term | '17 years | ' | ' |
Composition_of_Capital_Leases_
Composition of Capital Leases Reflected As Property, Plant And Equipment in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitment And Contingencies [Line Items] | ' | ' |
Machinery and equipment | $6,999 | $8,465 |
Less accumulated amortization | -2,890 | -3,198 |
Total | $4,109 | $5,267 |
Future_Minimum_Payments_under_
Future Minimum Payments under Non-Cancelable Capital Leases, Operating Leases and Purchase Obligations (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Capital leases | ' |
2014 | $1,558 |
2015 | 1,514 |
2016 | 781 |
2017 | 53 |
2018 | 47 |
Thereafter | 191 |
Total minimum payments | 4,144 |
Less amount representing interest | -458 |
Present value of capital lease obligations | 3,686 |
Operating leases | ' |
2014 | 21,732 |
2015 | 19,726 |
2016 | 17,681 |
2017 | 14,099 |
2018 | 12,061 |
Thereafter | 45,521 |
Total minimum payments | 130,820 |
Purchase obligations | ' |
2014 | 317,339 |
2015 | 31,437 |
2016 | 16,753 |
2017 | 4,691 |
2018 | 4,785 |
Thereafter | 4,929 |
Total minimum payments | $379,934 |
Derivative_Instruments_Additio
Derivative Instruments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
MW | |
Electricity Contract | ' |
Derivative [Line Items] | ' |
Notional amount outstanding | 39,886 |
Derivative, expiration period | 'Throughout 2014 |
Natural Gas Contracts | ' |
Derivative [Line Items] | ' |
Notional amount outstanding | 749,941 |
Derivative, expiration period | 'Throughout 2014 |
Derivative_Fair_Value_and_Loca
Derivative, Fair Value, and Location on Condensed Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivative, fair value | $8 | ' |
Liability derivative, fair value | ' | 929 |
Commodity contracts | Prepaid expenses and other current assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset derivative, fair value | 8 | ' |
Commodity contracts | Accounts payable and accrued expenses | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability derivative, fair value | ' | $929 |
Gains_and_Losses_on_Derivative
Gains and Losses on Derivative Contracts (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Mark to market unrealized gain (loss) | $937 | ($1,092) |
Realized gain (loss) | -374 | -1,704 |
Total gain (loss) | 563 | -2,796 |
Foreign currency contract | Cost of sales | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Realized gain (loss) | ' | -1,222 |
Commodity contracts | Other income, net | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Mark to market unrealized gain (loss) | 937 | -1,092 |
Commodity contracts | Selling and distribution | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Realized gain (loss) | ($374) | ($482) |
Carrying_Value_and_Fair_Value_
Carrying Value and Fair Value of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Commodity contracts, liability | ' | ($929) |
Commodity contracts, assets | 8 | ' |
Carrying Value | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Revolving credit facility | -535,000 | -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 | 8,680 | ' |
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 | 8 | -929 |
Commodity contracts, assets | ' | ' |
Fair Value | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Revolving credit facility | -532,226 | -393,353 |
Senior notes | ' | -102,341 |
High yield notes | -435,520 | -433,500 |
Fair Value | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Investments | 8,680 | ' |
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 | 8 | -929 |
Commodity contracts, assets | ' | ' |
Financial_Information_Relating
Financial Information Relating to Reportable Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | $660,321 | $567,150 | $526,346 | $540,110 | $592,781 | $538,112 | $527,421 | $523,811 | $2,293,927 | $2,182,125 | $2,049,985 | |||
Direct operating income | ' | ' | ' | ' | ' | ' | ' | ' | 364,563 | 333,312 | 336,820 | |||
Selling and distribution expenses | ' | ' | ' | ' | ' | ' | ' | ' | -134,998 | -136,779 | -142,341 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -1,818,378 | -1,728,215 | -1,576,688 | |||
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 178,164 | 176,827 | 188,275 | |||
Other expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -53,254 | -52,618 | -48,477 | |||
(Loss) income before income taxes | 34,301 | 29,372 | 27,883 | 33,354 | 36,047 | 28,962 | 27,496 | 31,704 | 124,910 | 124,209 | 139,798 | |||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 73,267 | 64,669 | 48,616 | |||
North American Retail Grocery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,642,190 | 1,568,014 | 1,456,213 | |||
Direct operating income | ' | ' | ' | ' | ' | ' | ' | ' | 258,699 | 244,736 | 243,744 | |||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 35,962 | 36,301 | 33,343 | |||
Food Away From Home | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 360,868 | 338,357 | 307,819 | |||
Direct operating income | ' | ' | ' | ' | ' | ' | ' | ' | 50,110 | 43,913 | 44,808 | |||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 9,327 | 7,451 | 6,484 | |||
Industrial and Export | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 290,869 | 275,754 | 285,953 | |||
Direct operating income | ' | ' | ' | ' | ' | ' | ' | ' | 55,754 | 44,663 | 48,268 | |||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 5,379 | 7,810 | 6,714 | |||
Unallocated Amount to Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Selling and distribution expenses | ' | ' | ' | ' | ' | ' | ' | ' | -5,284 | -5,231 | -5,864 | |||
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -18,728 | [1] | -10,950 | [1] | ' | |
Corporate expense | ' | ' | ' | ' | ' | ' | ' | ' | -162,387 | -140,304 | -142,681 | |||
Corporate office | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | $22,599 | [2] | $13,107 | [2] | $2,075 | [2] |
[1] | Primarily related to accelerated depreciation and other charges related to restructurings. | |||||||||||||
[2] | Includes accelerated depreciation related to restructurings. |
Segment_and_Geographic_Informa2
Segment and Geographic Information and Major Customers - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Wal-Mart Stores, Inc. and affiliates | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of total consolidated net sales | 19.00% | 20.70% | 19.10% |
Percentage of total trade receivables | 24.80% | 30.10% | ' |
Outside of the United States | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of total consolidated net sales | 13.20% | 13.00% | 13.20% |
Canada | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Percentage of total consolidated net sales | 12.20% | 12.10% | 11.70% |
LongLived_Assets_by_Geographic
Long-Lived Assets by Geographic Region (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, plant and equipment, net | $462,275 | $425,307 | $406,558 |
United States | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, plant and equipment, net | 416,170 | 388,642 | 370,857 |
Canada | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Property, plant and equipment, net | $46,105 | $36,665 | $35,701 |
Net_Sale_by_Major_Products_Det
Net Sale by Major Products (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $660,321 | $567,150 | $526,346 | $540,110 | $592,781 | $538,112 | $527,421 | $523,811 | $2,293,927 | $2,182,125 | $2,049,985 |
Beverages Enhancers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 361,290 | 362,238 | 359,860 |
Beverages | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 341,547 | 234,430 | 219,932 |
Salad Dressings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 334,577 | 284,027 | 220,359 |
Pickles | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 297,904 | 308,228 | 300,414 |
Mexican and other sauces | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 245,171 | 232,025 | 195,233 |
Soup and infant feeding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 219,404 | 281,827 | 299,042 |
Cereals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 169,843 | 162,952 | 150,364 |
Dry dinners | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 124,075 | 126,804 | 115,627 |
Aseptic products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 96,136 | 91,585 | 92,981 |
Jams | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 57,330 | 61,436 | 64,686 |
Other products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | $46,650 | $36,573 | $31,487 |
Summary_of_Unaudited_Quarterly
Summary of Unaudited Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||||||
Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | $660,321 | $567,150 | $526,346 | $540,110 | $592,781 | $538,112 | $527,421 | $523,811 | $2,293,927 | $2,182,125 | $2,049,985 | ||||||||
Gross profit | 136,546 | 115,263 | 109,568 | 114,172 | 119,178 | 113,209 | 106,591 | 114,932 | 475,549 | 453,910 | 473,297 | ||||||||
Income before income taxes | 34,301 | 29,372 | 27,883 | 33,354 | 36,047 | 28,962 | 27,496 | 31,704 | 124,910 | 124,209 | 139,798 | ||||||||
Net income | $22,784 | $22,665 | $18,565 | $22,974 | $25,224 | $21,554 | $19,511 | $22,074 | $86,988 | $88,363 | $94,407 | ||||||||
Net income per common share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Basic | $0.62 | [1] | $0.62 | [1] | $0.51 | [1] | $0.63 | [1] | $0.70 | [1] | $0.60 | [1] | $0.54 | [1] | $0.61 | [1] | $2.39 | $2.44 | $2.64 |
Diluted | $0.61 | [1] | $0.61 | [1] | $0.50 | [1] | $0.62 | [1] | $0.68 | [1] | $0.58 | [1] | $0.53 | [1] | $0.60 | [1] | $2.33 | $2.38 | $2.56 |
[1] | Due to rounding, the sum of the four quarters may not be the same as the total for the year. |
Guarantor_and_NonGuarantor_Fin2
Guarantor and Non-Guarantor Financial Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $46,475 | $94,407 | $3,279 | $6,323 |
Investments | 8,680 | ' | ' | ' |
Accounts receivable, net | 152,763 | 124,648 | ' | ' |
Inventories, net | 405,698 | 347,353 | ' | ' |
Deferred income taxes | 21,909 | 7,998 | ' | ' |
Prepaid expenses and other current assets | 14,164 | 14,005 | ' | ' |
Total current assets | 649,689 | 588,411 | ' | ' |
Property, plant and equipment, net | 462,275 | 425,307 | 406,558 | ' |
Goodwill | 1,119,204 | 1,073,191 | 1,068,419 | ' |
Intangible and other assets, net | 489,886 | 438,964 | ' | ' |
Total assets | 2,721,054 | 2,525,873 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 238,813 | 185,086 | ' | ' |
Current portion of long-term debt | 1,551 | 1,944 | ' | ' |
Total current liabilities | 240,364 | 187,030 | ' | ' |
Long-term debt | 938,945 | 898,100 | ' | ' |
Deferred income taxes | 228,569 | 212,461 | ' | ' |
Other long-term liabilities | 40,058 | 49,027 | ' | ' |
Stockholders' equity | 1,273,118 | 1,179,255 | 1,073,517 | 977,966 |
Total liabilities and stockholders' equity | 2,721,054 | 2,525,873 | ' | ' |
Parent Company | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 23,268 | ' | ' | ' |
Accounts receivable, net | 258 | 113 | ' | ' |
Prepaid expenses and other current assets | 27,890 | 1,276 | ' | ' |
Total current assets | 51,416 | 1,389 | ' | ' |
Property, plant and equipment, net | 13,426 | 14,427 | ' | ' |
Investment in subsidiaries | 1,970,351 | 1,740,451 | ' | ' |
Intercompany accounts receivable (payable), net | 154,742 | 267,016 | ' | ' |
Deferred income taxes | 13,545 | 13,275 | ' | ' |
Intangible and other assets, net | 46,943 | 48,797 | ' | ' |
Total assets | 2,250,423 | 2,085,355 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 26,127 | -3,579 | ' | ' |
Total current liabilities | 26,127 | -3,579 | ' | ' |
Long-term debt | 935,000 | 893,000 | ' | ' |
Deferred income taxes | 206 | 2,413 | ' | ' |
Other long-term liabilities | 15,972 | 14,266 | ' | ' |
Stockholders' equity | 1,273,118 | 1,179,255 | ' | ' |
Total liabilities and stockholders' equity | 2,250,423 | 2,085,355 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 43 | 269 | 6 | 6 |
Accounts receivable, net | 116,464 | 104,622 | ' | ' |
Inventories, net | 314,912 | 301,286 | ' | ' |
Deferred income taxes | 18,534 | 7,860 | ' | ' |
Prepaid expenses and other current assets | 12,593 | 11,857 | ' | ' |
Total current assets | 462,546 | 425,894 | ' | ' |
Property, plant and equipment, net | 379,380 | 374,215 | ' | ' |
Goodwill | 959,440 | 959,440 | ' | ' |
Investment in subsidiaries | 258,305 | 209,833 | ' | ' |
Intercompany accounts receivable (payable), net | 68,407 | -118,778 | ' | ' |
Intangible and other assets, net | 288,873 | 315,258 | ' | ' |
Total assets | 2,416,951 | 2,165,862 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 204,920 | 175,139 | ' | ' |
Current portion of long-term debt | 1,498 | 1,938 | ' | ' |
Total current liabilities | 206,418 | 177,077 | ' | ' |
Long-term debt | 3,580 | 5,079 | ' | ' |
Deferred income taxes | 213,219 | 208,494 | ' | ' |
Other long-term liabilities | 23,383 | 34,761 | ' | ' |
Stockholders' equity | 1,970,351 | 1,740,451 | ' | ' |
Total liabilities and stockholders' equity | 2,416,951 | 2,165,862 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 23,164 | 94,138 | 3,273 | 6,317 |
Investments | 8,680 | ' | ' | ' |
Accounts receivable, net | 36,041 | 19,913 | ' | ' |
Inventories, net | 90,786 | 46,067 | ' | ' |
Deferred income taxes | 3,375 | 138 | ' | ' |
Prepaid expenses and other current assets | 758 | 872 | ' | ' |
Total current assets | 162,804 | 161,128 | ' | ' |
Property, plant and equipment, net | 69,469 | 36,665 | ' | ' |
Goodwill | 159,764 | 113,751 | ' | ' |
Intercompany accounts receivable (payable), net | -223,149 | -148,238 | ' | ' |
Intangible and other assets, net | 154,070 | 74,909 | ' | ' |
Total assets | 322,958 | 238,215 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | 34,843 | 13,526 | ' | ' |
Current portion of long-term debt | 53 | 6 | ' | ' |
Total current liabilities | 34,896 | 13,532 | ' | ' |
Long-term debt | 365 | 21 | ' | ' |
Deferred income taxes | 28,689 | 14,829 | ' | ' |
Other long-term liabilities | 703 | ' | ' | ' |
Stockholders' equity | 258,305 | 209,833 | ' | ' |
Total liabilities and stockholders' equity | 322,958 | 238,215 | ' | ' |
Eliminations | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Prepaid expenses and other current assets | -27,077 | ' | ' | ' |
Total current assets | -27,077 | ' | ' | ' |
Investment in subsidiaries | -2,228,656 | -1,950,284 | ' | ' |
Deferred income taxes | -13,545 | -13,275 | ' | ' |
Total assets | -2,269,278 | -1,963,559 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Accounts payable and accrued expenses | -27,077 | ' | ' | ' |
Total current liabilities | -27,077 | ' | ' | ' |
Deferred income taxes | -13,545 | -13,275 | ' | ' |
Stockholders' equity | -2,228,656 | -1,950,284 | ' | ' |
Total liabilities and stockholders' equity | ($2,269,278) | ($1,963,559) | ' | ' |
Condensed_Supplemental_Consoli1
Condensed Supplemental Consolidating Statement of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $660,321 | $567,150 | $526,346 | $540,110 | $592,781 | $538,112 | $527,421 | $523,811 | $2,293,927 | $2,182,125 | $2,049,985 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,818,378 | 1,728,215 | 1,576,688 |
Gross profit | 136,546 | 115,263 | 109,568 | 114,172 | 119,178 | 113,209 | 106,591 | 114,932 | 475,549 | 453,910 | 473,297 |
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 256,063 | 239,752 | 244,158 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 35,375 | 33,546 | 34,402 |
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 5,947 | 3,785 | 6,462 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 178,164 | 176,827 | 188,275 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 49,304 | 51,609 | 53,071 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -2,185 | -643 | -48 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 6,135 | 1,652 | -4,546 |
(Loss) income before income taxes | 34,301 | 29,372 | 27,883 | 33,354 | 36,047 | 28,962 | 27,496 | 31,704 | 124,910 | 124,209 | 139,798 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 37,922 | 35,846 | 45,391 |
Net income | 22,784 | 22,665 | 18,565 | 22,974 | 25,224 | 21,554 | 19,511 | 22,074 | 86,988 | 88,363 | 94,407 |
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 52,951 | 46,216 | 49,030 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 5,445 | 4,556 | 3,155 |
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -218 | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -58,396 | -50,554 | -52,185 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 48,358 | 50,762 | 52,500 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,563 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | -927 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -106,751 | -101,316 | -102,194 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -42,438 | -38,590 | -38,533 |
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 151,301 | 151,089 | 158,068 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 86,988 | 88,363 | 94,407 |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,011,944 | 1,936,149 | 1,812,068 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,593,404 | 1,541,642 | 1,400,394 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 418,540 | 394,507 | 411,674 |
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 166,849 | 168,050 | 171,150 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 23,320 | 24,068 | 26,213 |
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 3,741 | 1,564 | 6,462 |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 224,630 | 200,825 | 207,849 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 967 | 847 | 1,995 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -14,675 | -14,434 | -14,107 |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -19,811 | 1,133 | -44 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 258,149 | 213,279 | 220,004 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 90,175 | 71,130 | 77,905 |
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -16,673 | 8,940 | 15,969 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 151,301 | 151,089 | 158,068 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 379,143 | 295,267 | 272,270 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | 322,134 | 235,864 | 210,647 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 57,009 | 59,403 | 61,623 |
Selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 36,263 | 25,486 | 23,978 |
Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 6,610 | 4,922 | 5,034 |
Other operating (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 2,206 | 2,439 | ' |
Operating (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 11,930 | 26,556 | 32,611 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 14,642 | 14,434 | 14,198 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -2,173 | -643 | ' |
Other (income) expense, net | ' | ' | ' | ' | ' | ' | ' | ' | 25,949 | 519 | -3,575 |
(Loss) income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -26,488 | 12,246 | 21,988 |
Income taxes (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | -9,815 | 3,306 | 6,019 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -16,673 | 8,940 | 15,969 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | -97,160 | -49,291 | -34,353 |
Cost of sales | ' | ' | ' | ' | ' | ' | ' | ' | -97,160 | -49,291 | -34,353 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -14,663 | -14,434 | -15,622 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 14,663 | 14,434 | 15,622 |
Equity in net income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -134,628 | -160,029 | -174,037 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ($134,628) | ($160,029) | ($174,037) |
Condensed_Supplemental_Consoli2
Condensed Supplemental Consolidating Statement of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | $22,784 | $22,665 | $18,565 | $22,974 | $25,224 | $21,554 | $19,511 | $22,074 | $86,988 | $88,363 | $94,407 | |||
Other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -22,682 | 8,261 | -6,489 | |||
Pension and post-retirement reclassification adjustment, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 7,451 | [1] | -2,700 | [1] | -4,000 | [1] |
Derivative reclassification adjustment, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 108 | [2] | 161 | [2] | 161 | [2] |
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -15,123 | 5,722 | -10,328 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 71,865 | 94,085 | 84,079 | |||
Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 86,988 | 88,363 | 94,407 | |||
Other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Derivative reclassification adjustment, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 108 | 161 | 161 | |||
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | 108 | 161 | 161 | |||
Equity in other comprehensive income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -15,231 | 5,561 | -10,489 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 71,865 | 94,085 | 84,079 | |||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 151,301 | 151,089 | 158,068 | |||
Other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -9,780 | 3,660 | -2,910 | |||
Pension and post-retirement reclassification adjustment, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 7,451 | -2,700 | -4,000 | |||
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -2,329 | 960 | -6,910 | |||
Equity in other comprehensive income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | -12,902 | 4,601 | -3,579 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 136,070 | 156,650 | 147,579 | |||
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -16,673 | 8,940 | 15,969 | |||
Other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Foreign currency translation adjustments | ' | ' | ' | ' | ' | ' | ' | ' | -12,902 | 4,601 | -3,579 | |||
Other comprehensive (loss) income | ' | ' | ' | ' | ' | ' | ' | ' | -12,902 | 4,601 | -3,579 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | -29,575 | 13,541 | 12,390 | |||
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -134,628 | -160,029 | -174,037 | |||
Other comprehensive (loss) income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Equity in other comprehensive income of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 28,133 | -10,162 | 14,068 | |||
Comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | ($106,495) | ($170,191) | ($159,969) | |||
[1] | Net of tax of $4,592, ($1,626) and ($2,527) for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||
[2] | Net of tax of $68 for the year ended December 31, 2013, and $101 for the years ended December 31, 2012 and 2011, respectively. |
Condensed_Supplemental_Consoli3
Condensed Supplemental Consolidating Statement of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | $216,690 | $204,559 | $156,071 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -74,780 | -70,277 | -68,523 |
Additions to intangible assets | -6,403 | -9,243 | -9,273 |
Acquisitions, net of cash acquired | -218,652 | -29,955 | 3,243 |
Purchase of investments | -8,140 | ' | ' |
Proceeds from sale of investments | 165 | ' | ' |
Proceeds from sale of fixed assets | 960 | 113 | 251 |
Net cash (used in) provided by investing activities | -306,850 | -109,362 | -74,302 |
Cash flows from financing activities: | ' | ' | ' |
Net borrowing (repayment) of debt | 40,055 | -4,743 | -78,217 |
Payment of deferred financing costs | ' | ' | -1,518 |
Net payments related to stock-based award activities | 1,291 | -3,879 | -8,278 |
Excess tax benefit from stock based compensation | 4,372 | 2,657 | 4,473 |
Net cash provided by (used in) financing activities | 45,718 | -5,965 | -83,540 |
Effect of exchange rate changes on cash and cash equivalents | -3,490 | 1,896 | -1,273 |
Increase (decrease) in cash and cash equivalents | -47,932 | 91,128 | -3,044 |
Cash and cash equivalents, beginning of year | 94,407 | 3,279 | 6,323 |
Cash and cash equivalents, end of year | 46,475 | 94,407 | 3,279 |
Parent Company | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | -45,540 | -62,153 | -73,426 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -48 | -223 | -3,317 |
Additions to intangible assets | -4,923 | -8,216 | -6,689 |
Net cash (used in) provided by investing activities | -4,971 | -8,439 | -10,006 |
Cash flows from financing activities: | ' | ' | ' |
Net borrowing (repayment) of debt | 42,000 | -2,800 | -76,800 |
Intercompany transfer | 26,116 | 74,614 | 165,555 |
Payment of deferred financing costs | ' | ' | -1,518 |
Net payments related to stock-based award activities | 1,291 | -3,879 | -8,278 |
Excess tax benefit from stock based compensation | 4,372 | 2,657 | 4,473 |
Net cash provided by (used in) financing activities | 73,779 | 70,592 | 83,432 |
Increase (decrease) in cash and cash equivalents | 23,268 | ' | ' |
Cash and cash equivalents, end of year | 23,268 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | 224,654 | 182,684 | 226,570 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -66,878 | -60,416 | -60,486 |
Additions to intangible assets | -1,480 | -1,027 | -2,584 |
Acquisitions, net of cash acquired | -129,382 | -44,467 | 3,243 |
Proceeds from sale of fixed assets | 915 | 67 | 229 |
Net cash (used in) provided by investing activities | -196,825 | -105,843 | -59,598 |
Cash flows from financing activities: | ' | ' | ' |
Net borrowing (repayment) of debt | -1,939 | -1,964 | -1,417 |
Intercompany transfer | -26,116 | -74,614 | -165,555 |
Net cash provided by (used in) financing activities | -28,055 | -76,578 | -166,972 |
Increase (decrease) in cash and cash equivalents | -226 | 263 | ' |
Cash and cash equivalents, beginning of year | 269 | 6 | 6 |
Cash and cash equivalents, end of year | 43 | 269 | 6 |
Non-Guarantor Subsidiaries | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' |
Net cash (used in) provided by operating activities | 37,576 | 84,028 | 2,927 |
Cash flows from investing activities: | ' | ' | ' |
Additions to property, plant and equipment | -7,854 | -9,638 | -4,720 |
Acquisitions, net of cash acquired | -89,270 | 14,512 | ' |
Purchase of investments | -8,140 | ' | ' |
Proceeds from sale of investments | 165 | ' | ' |
Proceeds from sale of fixed assets | 45 | 46 | 22 |
Net cash (used in) provided by investing activities | -105,054 | 4,920 | -4,698 |
Cash flows from financing activities: | ' | ' | ' |
Net borrowing (repayment) of debt | -6 | 21 | ' |
Net cash provided by (used in) financing activities | -6 | 21 | ' |
Effect of exchange rate changes on cash and cash equivalents | -3,490 | 1,896 | -1,273 |
Increase (decrease) in cash and cash equivalents | -70,974 | 90,865 | -3,044 |
Cash and cash equivalents, beginning of year | 94,138 | 3,273 | 6,317 |
Cash and cash equivalents, end of year | $23,164 | $94,138 | $3,273 |
Recovered_Sheet3
Valuation and Qualifying Accounts (Detail) (Allowance for Doubtful Accounts, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance Beginning of Year | $305 | $517 | $750 |
Change to Allowance | -98 | -273 | -221 |
Acquisitions | 255 | 91 | ' |
Write-Off of Uncollectible Accounts | -57 | -30 | -15 |
Recoveries | ' | ' | 3 |
Balance End of Year | $405 | $305 | $517 |