Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 29, 2013 | |
Document Information [Line Items] | ' |
Document Type | 'S-4 |
Amendment Flag | 'false |
Document Period End Date | 29-Sep-13 |
Trading Symbol | 'PF |
Entity Registrant Name | 'Pinnacle Foods Inc. |
Entity Central Index Key | '0001564822 |
Entity Filer Category | 'Non-accelerated Filer |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | 29-May-13 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |||||
Net sales | $572,455 | $705,060 | $567,905 | $588,595 | $616,925 | $686,482 | $574,746 | $602,023 | $606,311 | ' | $1,754,480 | $1,773,425 | $2,478,485 | $2,469,562 | $2,436,703 | |||||
Cost of products sold | 415,052 | 517,685 | 438,564 | 456,439 | 481,248 | 500,938 | 440,496 | 460,346 | 452,916 | ' | 1,297,808 | 1,376,251 | 1,893,936 | 1,854,696 | 1,834,375 | |||||
Gross profit | 157,403 | 187,375 | 129,341 | 132,156 | 135,677 | 185,544 | 134,250 | 141,677 | 153,395 | ' | 456,672 | 397,174 | 584,549 | 614,866 | 602,328 | |||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Marketing and selling expenses | 40,866 | ' | 38,336 | ' | ' | ' | ' | ' | ' | ' | 134,002 | 130,540 | 169,736 | 171,641 | 172,344 | |||||
Administrative expenses | 25,304 | ' | 21,349 | ' | ' | ' | ' | ' | ' | ' | 93,189 | 66,089 | 89,414 | 80,460 | 109,950 | |||||
Research and development expenses | 2,709 | ' | 2,677 | ' | ' | ' | ' | ' | ' | ' | 7,825 | 8,211 | 12,031 | 8,021 | 9,387 | |||||
Goodwill impairment charge | ' | ' | ' | ' | ' | 122,900 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' | ' | 122,900 | [1] | ' |
Other expense (income), net | 3,606 | ' | 7,084 | ' | ' | ' | ' | ' | ' | ' | 45,096 | 25,280 | 29,774 | 48,578 | 45,495 | |||||
Total operating expenses | 72,485 | ' | 69,446 | ' | ' | ' | ' | ' | ' | ' | 280,112 | 230,120 | 300,955 | 431,600 | 337,176 | |||||
Earnings before interest and taxes | 84,918 | ' | 59,895 | ' | ' | ' | ' | ' | ' | ' | 176,560 | 167,054 | 283,594 | 183,266 | 265,152 | |||||
Interest expense | 19,595 | ' | 44,462 | ' | ' | ' | ' | ' | ' | ' | 107,878 | 154,601 | 198,484 | 208,319 | 236,004 | |||||
Interest income | 23 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | 68 | 105 | 110 | 242 | 288 | |||||
Earnings (loss) before income taxes | 65,346 | ' | 15,437 | ' | ' | ' | ' | ' | ' | ' | 68,750 | 12,558 | 85,220 | -24,811 | 29,436 | |||||
Provision (benefit) for income taxes | 24,661 | ' | 5,559 | ' | ' | ' | ' | ' | ' | ' | 35,108 | 3,701 | 32,701 | 22,103 | 7,399 | |||||
Net earnings (loss) | $40,685 | $43,662 | $9,878 | ($10,560) | $9,539 | ($87,524) | $12,777 | $7,581 | $20,252 | ' | $33,642 | $8,857 | $52,519 | ($46,914) | $22,037 | |||||
Net earnings (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Basic | $0.35 | $0.54 | $0.12 | ($0.13) | $0.12 | ($1.08) | $0.16 | $0.09 | $0.25 | ' | $0.32 | $0.11 | $0.65 | ($0.58) | $0.32 | |||||
Weighted average shares outstanding-basic | 115,590,396 | 80,202,000 | 81,218,162 | 82,235,000 | 81,267,000 | 81,273,000 | 81,296,000 | 81,338,000 | 81,357,000 | ' | 103,921,211 | 81,237,056 | 81,230,630 | 81,315,848 | 68,434,982 | |||||
Diluted | $0.35 | $0.51 | $0.11 | ($0.13) | $0.11 | ($1.08) | $0.15 | $0.09 | $0.23 | ' | $0.32 | $0.10 | $0.61 | ($0.58) | $0.30 | |||||
Weighted average shares outstanding-diluted | 116,347,508 | 85,482,000 | 86,444,890 | 87,559,000 | 86,492,000 | 81,273,000 | 86,489,000 | 86,582,000 | 86,621,000 | ' | 105,978,368 | 86,460,856 | 86,494,546 | 81,315,848 | 73,638,195 | |||||
Dividends per share | $0.18 | ' | $0 | ' | ' | ' | ' | ' | ' | $0.18 | $0.36 | $0 | ' | ' | ' | |||||
[1] | Goodwill impairment charges consist of the following: • Fourth quarter 2011-Goodwill Impairment charges of $51,700, $49,700 and $21,500 on the Frozen Breakfast, Private Label and Foodservice reporting units, respectively. |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Net earnings (loss) | $40,685 | $9,878 | $33,642 | $8,857 | $52,519 | ($46,914) | $22,037 |
Other comprehensive (loss) earnings | ' | ' | ' | ' | ' | ' | ' |
Foreign currency translation | 179 | 118 | -4 | 341 | 275 | 285 | 367 |
Swaps mark to market adjustments | ' | ' | ' | ' | 2,533 | 21,738 | -3,428 |
Net gain (loss) on financial instrument contracts | -4,709 | -2,622 | 25,627 | -8,168 | ' | ' | ' |
Loss on pension actuarial assumption adjustments | ' | ' | ' | -76 | -17,765 | -28,169 | -4,098 |
Financial instrument contracts | -439 | 1,174 | 2,825 | 8,854 | ' | ' | ' |
Amortization of deferred mark-to-market adjustment on terminated swaps | ' | ' | ' | 445 | 445 | 2,119 | 3,296 |
Loss on pension actuarial assumption adjustments | 353 | ' | 1,072 | ' | ' | ' | ' |
Tax benefit (provision) on other comprehensive earnings | 1,663 | 393 | -2,481 | -792 | 5,395 | 1,123 | -2,078 |
Total other comprehensive (loss) earnings-net of tax | -2,953 | -937 | 27,039 | 604 | -9,117 | -2,904 | -5,941 |
Total comprehensive (loss) earnings | $37,732 | $8,941 | $60,681 | $9,461 | $43,402 | ($49,818) | $16,096 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $110,403 | $92,281 | $151,031 |
Accounts receivable, net of allowances | 168,916 | 143,884 | 159,981 |
Inventories | 394,328 | 358,051 | 335,812 |
Other current assets | 7,266 | 11,862 | 7,549 |
Deferred tax assets | 121,181 | 99,199 | 71,109 |
Total current assets | 802,094 | 705,277 | 725,482 |
Plant assets, net of accumulated depreciation | 512,351 | 493,666 | 501,283 |
Tradenames | 1,603,992 | 1,603,992 | 1,604,512 |
Other assets, net | 161,423 | 155,558 | 178,849 |
Goodwill | 1,441,495 | 1,441,495 | 1,441,495 |
Total assets | 4,521,355 | 4,399,988 | 4,451,621 |
Current liabilities: | ' | ' | ' |
Short-term borrowings | 1,065 | 2,139 | 1,708 |
Current portion of long-term obligations | 19,436 | 30,419 | 15,661 |
Accounts payable | 180,055 | 137,326 | 152,869 |
Accrued trade marketing expense | 38,920 | 44,571 | 35,125 |
Accrued liabilities | 106,675 | 119,269 | 128,785 |
Dividends payable | 21,354 | 0 | ' |
Total current liabilities | 367,505 | 333,724 | 334,148 |
Long-term debt | 1,968,907 | 2,576,386 | 2,738,650 |
Pension and other postretirement benefits | 93,090 | 100,918 | 93,406 |
Other long-term liabilities | 24,802 | 28,705 | 22,099 |
Deferred tax liabilities | 530,148 | 471,529 | 417,966 |
Total liabilities | 2,984,452 | 3,511,262 | 3,606,269 |
Commitments and contingencies (Note 12) | ' | ' | ' |
Shareholders' equity: | ' | ' | ' |
Pinnacle preferred stock, value | ' | ' | ' |
Common stock, value | 1,172 | 812 | 813 |
Additional paid-in-capital | 1,325,835 | 696,512 | 696,539 |
Retained earnings | 244,410 | 252,955 | 200,436 |
Accumulated other comprehensive loss | -34,514 | -61,553 | -52,436 |
Total Shareholders' equity | 1,536,903 | 888,726 | 845,352 |
Total liabilities and shareholders' equity | $4,521,355 | $4,399,988 | $4,451,621 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 29, 2013 | Dec. 25, 2011 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance | $5,707 | $5,440 |
Accumulated depreciation | 283,426 | 205,281 |
Long-term debt, owed to related parties | 48,004 | ' |
Debt owed to related parties | ' | $121,992 |
Preferred stock, par value | $0.01 | ' |
Preferred stock, shares authorized | 50,000,000 | ' |
Preferred stock, shares issued | 0 | ' |
Preferred stock, shares outstanding | 0 | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 117,220,795 | 81,272,593 |
Common stock, shares outstanding | 117,220,795 | ' |
Scenario, Previously Reported [Member] | ' | ' |
Common stock, shares outstanding | ' | 81,272,593 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Cash flows from operating activities | ' | ' | ' | ' | ' |
Net earnings | $33,642 | $8,857 | $52,519 | ($46,914) | $22,037 |
Non-cash charges (credits) to net earnings | ' | ' | ' | ' | ' |
Depreciation and amortization | 57,683 | 68,542 | 98,123 | 88,476 | 78,049 |
Goodwill and intangible asset impairment charge | ' | ' | 520 | 148,200 | 29,000 |
Plant asset impairment charge | ' | ' | ' | 1,286 | ' |
Amortization of discount on term loan | 720 | 669 | 994 | 1,205 | 2,157 |
Amortization of debt acquisition costs | 3,378 | 6,745 | 8,585 | 11,062 | 13,541 |
Call premium on note redemptions | 34,180 | 14,255 | 14,255 | 0 | 0 |
Refinancing costs and write off of debt issuance costs | 19,668 | 17,482 | 17,482 | ' | 17,281 |
Amortization of deferred mark-to-market adjustment on terminated swaps | ' | 444 | 444 | 2,119 | 3,295 |
Change in value of financial instruments | -192 | -2,002 | -1,185 | 1,617 | 1,043 |
Equity-based compensation charge | 5,616 | 725 | 850 | 1,151 | 4,727 |
Pension expense, net of contributions | -6,756 | -8,924 | -10,391 | -13,543 | -8,096 |
Gain on sale of assets held for sale | -3,627 | ' | ' | ' | ' |
Other long-term liabilities | -494 | 3,210 | 2,799 | 113 | -1,398 |
Other long-term assets | ' | -601 | ' | 169 | 447 |
Deferred income taxes | 33,226 | 2,637 | 30,929 | 20,524 | 4,382 |
Changes in working capital | ' | ' | ' | ' | ' |
Accounts receivable | -25,275 | -5,974 | 16,259 | -10,952 | 12,958 |
Inventories | -36,160 | -66,822 | -22,027 | -5,785 | 60,578 |
Accrued trade marketing expense | -5,556 | 3,853 | 9,383 | -12,111 | -1,899 |
Accounts payable | 41,746 | 14,198 | -16,333 | 38,201 | -548 |
Accrued liabilities | -10,464 | 4,340 | -1,432 | -23,490 | 14,424 |
Other current assets | 392 | 750 | 1,079 | 2,884 | 5,000 |
Net cash provided by operating activities | 141,727 | 62,384 | 202,853 | 204,212 | 256,978 |
Cash flows from investing activities | ' | ' | ' | ' | ' |
Capital expenditures | -62,722 | -49,796 | -78,279 | -117,306 | -81,272 |
Proceeds from sale of plant assets | 6,853 | 570 | 570 | 7,900 | ' |
Net cash (used in) provided by investing activities | -55,869 | -49,226 | -77,709 | -109,406 | -81,272 |
Cash flows from financing activities | ' | ' | ' | ' | ' |
Proceeds from bond offerings | ' | ' | ' | ' | 400,000 |
Proceeds from bank term loans | 1,625,925 | 842,625 | 842,625 | ' | 442,300 |
Repayments of long-term obligations | -1,732,071 | -625,172 | -632,025 | -57,547 | -946,558 |
Repurchase of notes | -899,180 | -373,255 | -373,255 | ' | ' |
Proceeds from short-term borrowings | 2,408 | 1,216 | 4,294 | 3,070 | 3,409 |
Repayments of short-term borrowings | -3,481 | -2,364 | -3,864 | -2,954 | -3,049 |
Borrowings under revolving credit facility | ' | 5,000 | 40,000 | ' | ' |
Repayments of revolving credit facility | ' | -5,000 | -40,000 | ' | ' |
Repayment of capital lease obligations | -2,320 | -2,803 | -3,511 | -2,543 | -2,658 |
Equity contributions | 624,258 | 842,625 | 842,625 | 558 | 626 |
Repurchases of equity | -191 | -846 | -877 | -1,624 | -1,282 |
Collection of notes receivable from officers | ' | ' | ' | ' | 565 |
Dividends paid | -20,831 | ' | ' | ' | ' |
Proceeds from notes offerings | 350,000 | ' | ' | ' | ' |
Debt acquisition costs | -12,491 | -17,414 | -17,498 | -721 | -13,370 |
Change in bank overdrafts | ' | 19,327 | ' | ' | -14,304 |
Other financing | ' | ' | ' | 2,730 | ' |
Net cash (used in) provided by financing activities | -67,974 | -158,686 | -184,111 | -59,031 | -134,321 |
Effect of exchange rate changes on cash | 238 | 388 | 217 | -30 | 27 |
Net change in cash and cash equivalents | 18,122 | -145,140 | -58,750 | 35,745 | 41,412 |
Cash and cash equivalents-beginning of period | 92,281 | 151,031 | 151,031 | 115,286 | 73,874 |
Cash and cash equivalents-end of period | 110,403 | 5,891 | 92,281 | 151,031 | 115,286 |
Supplemental disclosures of cash flow information: | ' | ' | ' | ' | ' |
Interest paid | 91,577 | 138,622 | 179,427 | 196,339 | 179,766 |
Interest received | 69 | 105 | 110 | 241 | 271 |
Income taxes paid | 2,998 | 1,933 | 1,981 | -1,954 | 6,998 |
Non-cash investing and financing activities: | ' | ' | ' | ' | ' |
New capital leases | 2,030 | 1,549 | 1,548 | 11,240 | 13,587 |
Dividends payable | $21,354 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Notes Receivable [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |
In Thousands, except Share data, unless otherwise specified | |||||||
Balance, beginning at Dec. 27, 2009 | $874,353 | $496 | $692,700 | ($565) | $225,313 | ($43,591) | |
Balance beginning (in shares) at Dec. 27, 2009 | ' | 49,647,260 | ' | ' | ' | ' | |
Equity contributions: | ' | ' | ' | ' | ' | ' | |
Share issuance (in Shares) | ' | 31,774,830 | ' | ' | ' | ' | |
Share issuance | ' | 318 | -318 | ' | ' | ' | |
Shares purchased (in shares) | ' | 62,188 | ' | ' | ' | ' | |
Shares purchased | 626 | ' | 626 | ' | ' | ' | |
Shares repurchased (in shares) | ' | -127,605 | ' | ' | ' | ' | |
Shares repurchased | -1,282 | ' | -1,282 | ' | ' | ' | |
Equity related compensation | 4,727 | ' | 4,727 | ' | ' | ' | |
Notes receivable from officers | 565 | ' | ' | 565 | ' | ' | |
Comprehensive earnings | 16,096 | ' | ' | ' | 22,037 | -5,941 | |
Balance, ending at Dec. 26, 2010 | 895,085 | 814 | 696,453 | ' | 247,350 | -49,532 | |
Balance ending (in shares) at Dec. 26, 2010 | ' | 81,356,673 | ' | ' | ' | ' | |
Equity contributions: | ' | ' | ' | ' | ' | ' | |
Shares purchased (in shares) | ' | 44,794 | ' | ' | ' | ' | |
Shares purchased | 558 | ' | 558 | ' | ' | ' | |
Shares repurchased (in shares) | ' | -128,874 | ' | ' | ' | ' | |
Shares repurchased | -1,624 | -1 | -1,623 | ' | ' | ' | |
Equity related compensation | 1,151 | ' | 1,151 | ' | ' | ' | |
Comprehensive earnings | -49,818 | ' | ' | ' | -46,914 | -2,904 | |
Balance, ending at Dec. 25, 2011 | 845,352 | 813 | 696,539 | ' | 200,436 | -52,436 | |
Balance ending (in shares) at Dec. 25, 2011 (Scenario, Previously Reported [Member]) | 81,272,593 | 81,272,593 | ' | ' | ' | ' | |
Balance ending (in shares) at Dec. 25, 2011 | ' | 81,272,578 | ' | ' | ' | ' | |
Equity contributions: | ' | ' | ' | ' | ' | ' | |
Shares repurchased (in shares) | ' | -60,714 | ' | ' | ' | ' | |
Shares repurchased | -846 | -1 | -845 | ' | ' | ' | |
Equity related compensation | 725 | ' | 725 | ' | ' | ' | |
Comprehensive earnings | 9,461 | ' | ' | ' | 8,857 | 604 | |
Balance, ending at Sep. 23, 2012 | 854,692 | 812 | 696,419 | ' | 209,293 | -51,832 | |
Balance ending (in shares) at Sep. 23, 2012 | ' | 81,211,864 | ' | ' | ' | ' | |
Balance, beginning at Dec. 25, 2011 | 845,352 | 813 | 696,539 | ' | 200,436 | -52,436 | |
Balance beginning (in shares) at Dec. 25, 2011 (Scenario, Previously Reported [Member]) | 81,272,593 | 81,272,593 | ' | ' | ' | ' | |
Balance beginning (in shares) at Dec. 25, 2011 | ' | 81,272,578 | ' | ' | ' | ' | |
Equity contributions: | ' | ' | ' | ' | ' | ' | |
Shares repurchased (in shares) | ' | -61,921 | ' | ' | ' | ' | |
Shares repurchased | -878 | -1 | -877 | ' | ' | ' | |
Equity related compensation | 850 | ' | 850 | ' | ' | ' | |
Comprehensive earnings | 43,402 | ' | ' | ' | 52,519 | -9,117 | |
Balance, ending at Dec. 30, 2012 | 888,726 | 812 | 696,512 | ' | 252,955 | -61,553 | |
Balance ending (in shares) at Dec. 30, 2012 | 81,210,672 | 81,210,672 | ' | ' | ' | ' | |
Equity contributions: | ' | ' | ' | ' | ' | ' | |
Share issuance (in Shares) | ' | 36,153,849 | ' | ' | ' | ' | |
Share issuance | 624,258 | 361 | 623,897 | ' | ' | ' | |
Shares repurchased (in shares) | ' | -8,319 | ' | ' | ' | ' | |
Shares repurchased | -191 | ' | -191 | ' | ' | ' | |
Shares forfeited(in Shares) | ' | -135,407 | ' | ' | ' | ' | |
Shares forfeited | ' | -1 | 1 | ' | ' | ' | |
Equity related compensation | 5,616 | ' | 5,616 | ' | ' | ' | |
Dividends ($0.36 per shares) | [1] | -42,187 | ' | ' | ' | -42,187 | ' |
Comprehensive earnings | 60,681 | ' | ' | ' | 33,642 | 27,039 | |
Balance, ending at Sep. 29, 2013 | $1,536,903 | $1,172 | $1,325,835 | ' | $244,410 | ($34,514) | |
Balance ending (in shares) at Sep. 29, 2013 | 117,220,795 | 117,220,795 | ' | ' | ' | ' | |
[1] | $0.18 per share quarterly, declared May 2013 and September 2013 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | 29-May-13 | Sep. 29, 2013 | Sep. 23, 2012 | |
Dividends per share | $0.18 | $0 | $0.18 | $0.36 | $0 |
Summary_of_Business_Activities
Summary of Business Activities | 9 Months Ended | 12 Months Ended |
Sep. 29, 2013 | Dec. 30, 2012 | |
Summary of Business Activities | ' | ' |
1. Summary of Business Activities | 1. Summary of Business Activities | |
Business Overview | Business Overview | |
Pinnacle Foods Inc. (hereafter referred to as “Pinnacle” or the “Company”), formerly known as Crunch Holding Corp., is a holding company whose sole asset is 100% ownership of Peak Finance Holdings LLC (“PFH”). PFH is a holding company whose sole asset is 100% ownership of Pinnacle Foods Finance LLC (“Pinnacle Foods Finance”). The Company is majority owned by affiliates of The Blackstone Group L.P. (“Blackstone”). In October 2013, approximately 30.7 million shares previously owned by certain Blackstone Funds were transferred to BCPV Pinnacle Holdings LLC. The transfer of these shares did not result in any change in beneficial ownership for any of the Blackstone Funds. | Pinnacle Foods Inc. (hereafter referred to as “Pinnacle” or the “Company”), formerly known as Crunch Holding Corp., is a holding company whose sole asset is 100% ownership of Peak Finance Holdings LLC (“PFH”). PFH is a holding company whose sole asset is 100% ownership of Pinnacle Foods Finance LLC (“PFF”). | |
The Company is a leading manufacturer, marketer and distributor of high quality, branded convenience food products, the products and operations of which are managed and reported in three operating segments: (i) Birds Eye Frozen, (ii) Duncan Hines Grocery and (iii) Specialty Foods. The Company’s United States retail frozen vegetables (Birds Eye), frozen complete bagged meals (Birds Eye Voila!), frozen seafood (Van de Kamp’s, Mrs. Paul’s), full-calorie single-serve frozen dinners and entrées (Hungry-Man), frozen breakfast (Aunt Jemima), frozen and refrigerated bagels (Lender’s), and frozen pizza for one (Celeste) are reported in the Birds Eye Frozen Division. The Company’s baking mixes and frostings (Duncan Hines), shelf-stable pickles (Vlasic), table syrups (Mrs. Butterworth’s and Log Cabin), canned meat (Armour, Nalley and Brooks), pie and pastry fillings (Comstock and Wilderness), barbecue sauces (Open Pit), salad dressing (Bernstein’s) and all Canadian operations are reported in the Duncan Hines Grocery Division. The Specialty Foods Division consists of snack products (Tim’s Cascade and Snyder of Berlin) and the Company’s food service and private label businesses. | PFF is a leading manufacturer, marketer and distributor of high quality, branded convenience food products, the products and operations of which are managed and reported in three operating segments: (i) Birds Eye Frozen, (ii) Duncan Hines Grocery and (iii) Specialty Foods. The Company’s United States retail frozen vegetables (Birds Eye), frozen complete bagged meals (Birds Eye Voila!), frozen seafood (Van de Kamp’s, Mrs. Paul’s), full-calorie single-serve frozen dinners and entrées (Hungry-Man), frozen breakfast (Aunt Jemima), frozen and refrigerated bagels (Lender’s), and frozen pizza for one (Celeste) are reported in the Birds Eye Frozen Division. The Company’s baking mixes and frostings (Duncan Hines), shelf-stable pickles (Vlasic), table syrups (Mrs. Butterworth’s and Log Cabin), canned meat (Armour, Nalley, Brooks), pie and pastry fillings (Comstock, Wilderness), barbecue sauces (Open Pit), salad dressing (Bernstein’s) and all Canadian operations are reported in the Duncan Hines Grocery Division. The Specialty Foods Division consists of snack products (Tim’s Cascade and Snyder of Berlin) and the Company’s food service and private label businesses. | |
Significant transactions affecting comparability | History and Current Ownership | |
The results of operations in the nine months ended September 29, 2013 and September 23, 2012 are impacted by our April 2013 initial public offering (the “IPO”) and the April 2013 and 2012 refinancings which significantly affected Administrative expenses, Other expense, Interest expense and Provision for income taxes. See Management’s Discussion and Analysis (pages 50-78). | Since 2001, the Company and its predecessors have been involved in several business combinations to acquire certain assets and liabilities related to the brands discussed above. | |
History and Current Ownership | On December 23, 2009, Pinnacle Foods Group LLC (“PFG LLC”), an entity wholly owned by PFF, purchased Birds Eye Foods, Inc. (the “Birds Eye Acquisition”). | |
Since 2001, the Company and its predecessors have been involved in several business combinations to acquire certain assets and liabilities related to the brands discussed above. | ||
On December 23, 2009, Pinnacle Foods Group LLC (“PFG LLC”), an entity wholly owned by Pinnacle Foods Finance, purchased Birds Eye Foods, Inc. (the “Birds Eye Acquisition”). | ||
On March 12, 2013, the Company’s board of directors authorized a 55.2444 for 1 split of the common stock. The split became effective on the date of approval. The Company retained the par value of $0.01 per share for all shares of common stock. All references to numbers of common shares and per-share data in the accompanying financial statements have been adjusted to reflect the stock split on a retroactive basis. Shareholders’ equity reflects the stock split by reclassifying from “Additional paid-in capital” to “Common stock” an amount equal to the par value of the additional shares arising from the split. | ||
On March 28, 2013, the U.S. Securities and Exchange Commission (“SEC”) declared effective the Company’s registration statement on Form S-1 related to the IPO. The Company’s common stock began trading on the New York Stock Exchange (“NYSE”), under the ticker symbol PF, on March 28, 2013. In connection with the IPO, 2,618,307 additional shares were issued through the exercise of a warrant agreement by Peak Holdings LLC (“Peak Holdings”) which was the majority owner of Pinnacle Foods Finance prior to the IPO. Immediately thereafter, the warrant agreement was terminated and Peak Holdings was liquidated. On April 3, 2013, the IPO closed in which the Company issued and sold 33,350,000 shares of common stock for cash consideration of $20.00 per share ($18.80 per share net of underwriting discounts). None of Blackstone, Directors or management of the Company sold any shares as part of the IPO. The Company received approximately $623.9 million in net proceeds ($667.0 million of gross proceeds net of $43.1 million of underwriting discounts and other fees) from the offering, which were used to pay down debt. See Note 9 of the Consolidated Financial Statements “Debt and Interest Expense” for further details. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Summary of Significant Accounting Policies | ' | ||||||||
2. Summary of Significant Accounting Policies | |||||||||
Consolidation. The Consolidated Financial Statements include the accounts of Pinnacle Foods Inc. and its wholly-owned subsidiaries. The results of companies acquired during the year are included in the Consolidated Financial Statements from the effective date of the acquisition. Intercompany transactions have been eliminated in consolidation. | |||||||||
During the third quarter of 2011, PFF entered into a transaction with U.S. Bancorp Community Development Corporation and Iowa Community Development LC in connection with our participation in the federal government’s New Markets Tax Credit Program. Under the terms of the transaction, PFF received proceeds of $2.7 million, which was used to expand the Ft. Madison, Iowa manufacturing facility. PFF must maintain its status as a qualified entity for a period of seven years from the closing date in order to earn the $2.7 million benefit received. The assets acquired with the proceeds of the transaction, as well as certain other assets of PFF are pledged to secure PFF’s continued qualification under the New Markets Tax Credit Program. The $2.7 million is recorded in Other long-term liabilities on the Consolidated Balance Sheet. | |||||||||
The transaction resulted in the creation of two new entities, ICD XIII LLC and Pinnacle Foods Investment Fund LLC. Pinnacle has no legal equity interest in these entities. However, since the primary purpose of this transaction is to facilitate benefits for PFF under the New Markets Tax Credit Program and PFF provides a guaranty of its status as a qualified entity, the consolidation analysis determined that PFF is the primary beneficiary and the two new entities should be, and are, consolidated in our Consolidated Financial Statements. | |||||||||
Foreign Currency Translation. Foreign-currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of Accumulated other comprehensive loss within shareholder’s equity. The Company translates the results of operations of its foreign subsidiary at the average exchange rates during the respective periods. Gains and losses resulting from foreign currency transactions are included in Cost of products sold on the Consolidated Statements of Operations and were a $344 loss in the year ended December 30, 2012, $1,537 loss in the year ended December 25, 2011 and a $3,388 loss in the year ended December 26, 2010. These amounts include the mark to market and realized gains and losses on our foreign currency swaps as discussed in Note 11 to our Consolidated Financial Statements. | |||||||||
Fiscal Year. The Company’s fiscal year ends on the last Sunday in December resulting in a fifty-three-week fiscal year for 2012 and fifty-two-week fiscal years for 2011 and 2010. | |||||||||
Cash and Cash Equivalents. The Company considers investments in all highly liquid debt instruments with an initial maturity of three months or less to be cash equivalents. Cash equivalents are measured at fair value and are Level 1 assets. | |||||||||
Inventories. Substantially all inventories are valued at the lower of average cost or net realizable value. The type of costs included in inventory are ingredients, containers, packaging, other raw materials, direct manufacturing labor and fully absorbed manufacturing overheads. When necessary, the Company provides allowances to adjust the carrying value of its inventories to the lower of cost or net realizable value, including any costs to sell or dispose and consideration for obsolescence, excessive inventory levels, product deterioration and other factors in evaluating net realizable value. | |||||||||
Plant Assets. Plant assets are stated at historical cost, and depreciation is computed using the straight-line method over the lives of the assets. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 15 years, respectively. The weighted average estimated remaining useful lives are approximately 12 years for buildings and 6 years for machinery and equipment. When assets are retired, sold, or otherwise disposed of, their gross carrying value and related accumulated depreciation are removed from the accounts and included in determining gain or loss on such disposals. Costs of assets acquired in a business combination are based on the estimated fair value at the date of acquisition. | |||||||||
Goodwill and Indefinite-lived Intangible Assets. The Company evaluates the carrying amount of goodwill and indefinite-lived tradenames for impairment on at least an annual basis and when events occur or circumstances change that an impairment might exist. The Company performs goodwill impairment testing for each business which constitutes a component of the Company’s operating segments, known as reporting units. The Company performs quantitative testing by calculating the fair value of each reporting unit. The Company compares the fair value of these reporting units with their carrying values inclusive of goodwill. If the carrying amount of the reporting unit exceeds its fair value, the Company compares the implied fair value of the reporting unit’s goodwill to its carrying amount and any shortfall is charged to earnings. In estimating the implied fair value of the goodwill, the Company estimates the fair value of the reporting unit’s tangible and intangible assets (other than goodwill). In estimating the fair value of our reporting units, the Company primarily uses the income approach, which utilizes forecasted discounted cash flows to estimate the fair value for each reporting unit. The income approach utilizes management’s business plans and projections as the basis for expected future cash flows for five years plus a terminal year. It requires significant assumptions including projected sales growth rates and operating margins and the weighted average cost of capital. In the most recent impairment tests, the Company forecasted cash flows for five years plus a terminal year and assumed a weighted average cost of capital of 8.5%. These projections assume sales growth rates for the next five years and the terminal year that generally average between 1.0% and 3.0% and operating margins which increase moderately from historical levels over time as a result of planned capital improvements in our plants and manufacturing efficiency projects. These assumptions are determined based upon management’s expectations for each of the individual reporting units. | |||||||||
For indefinite-lived tradename intangible assets, the Company determines recoverability by comparing the carrying value to its fair value estimated based on discounted cash flows attributable to the tradename and charges the shortfall, if any, to earnings. In estimating the fair value of trade names, the Company primarily uses the relief from royalty method. The relief from royalty method involves discounted cash flow techniques, which require management to make significant assumptions regarding the weighted average cost of capital, and sales growth trends. | |||||||||
Assumptions underlying fair value estimates referred to above are subject to risks and uncertainties. These measurements would be considered level 3 under the fair value hierarchy as described in Note 3 to the Consolidated Financial Statements. For more information on goodwill and indefinite-lived intangible assets, please refer to Note 7 to the Consolidated Financial Statements. | |||||||||
Valuation of Long-Lived Assets. The carrying value of long-lived assets held and used, other than goodwill and indefinite-lived intangibles, is evaluated at the asset group level when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using the projected cash flows from the asset group discounted at a rate commensurate with the risk involved. Losses on long-lived asset groups held for sale, other than goodwill, are determined in a similar manner, except that fair market values are reduced for disposal costs. | |||||||||
Revenue Recognition and Trade Marketing. Revenue from product sales is recognized upon shipment to the customers as terms are free on board (FOB) shipping point, at which point title and risk of loss is transferred and the selling price is fixed or determinable. This completes the revenue-earning process specifically that an arrangement exists, delivery has occurred, ownership has transferred, the price is fixed and collectability is reasonably assured. A provision for payment discounts and product return allowances, which is estimated based upon the Company’s historical performance, management’s experience and current economic trends, is recorded as a reduction of sales in the same period that the revenue is recognized. | |||||||||
Trade promotions, consisting primarily of customer pricing allowances and merchandising funds, and consumer coupons are offered through various programs to customers and consumers. Sales are recorded net of estimated trade promotion spending, which is recognized as incurred at the time of sale. Certain retailers require the payment of slotting fees in order to obtain space for the Company’s products on the retailer’s store shelves. The fees are recognized as reductions of revenue on the date a liability to the retailer is created. These amounts are included in the determination of net sales. Accruals for expected payouts under these programs are included as accrued trade marketing expense in the Consolidated Balance Sheet. Coupon redemption costs are also recognized as reductions of net sales when the coupons are issued. Estimates of trade promotion expense and coupon redemption costs are based upon programs offered, timing of those offers, estimated redemption/usage rates from historical performance, management’s experience and current economic trends. | |||||||||
Trade marketing expense is comprised of amounts paid to retailers for programs designed to promote our products. These costs include standard introductory allowances for new products (slotting fees). They also include the cost of in-store product displays, feature pricing in retailers’ advertisements and other temporary price reductions. These programs are offered to our customers both in fixed and variable (rate per case) amounts. The ultimate cost of these programs depends on retailer performance and is the subject of significant management estimates. The Company records as expense the estimated ultimate cost of the program in the period during which the program occurs. In accordance with the authoritative guidance for revenue recognition, these trade marketing expenses are classified in the Consolidated Statements of Operations as a reduction of net sales. Also, in accordance with the guidance, coupon redemption costs are also recognized as reductions of net sales when issued. | |||||||||
Advertising. Advertising costs include the cost of working media (advertising on television, radio or in print), the cost of producing advertising, and the cost of coupon insertion and distribution. Working media and coupon insertion and distribution costs are expensed in the period the advertising is run or the coupons are distributed. The cost of producing advertising is expensed as of the first date the advertisement takes place. Advertising included in the Company’s marketing and selling expenses were $37,260 for fiscal year ended December 30, 2012, $50,106 for fiscal year ended December 25, 2011 and $40,725 for fiscal year ended December 26, 2010. | |||||||||
Shipping and Handling Costs. In accordance with the authoritative guidance for revenue recognition, costs related to shipping and handling of products shipped to customers are classified as Cost of products sold. | |||||||||
Stock Based Compensation. Grant-date fair value of stock options is estimated using the Black-Scholes option-pricing model. Compensation expense is reduced based on estimated forfeitures with adjustments to actual expense recorded at the time of vesting. Forfeitures are estimated based on historical experience. The majority of our equity options have a five-year vesting period. For those options that have a performance condition, compensation expense is based upon the number of shares expected to vest after assessing the probability that the performance criteria will be met. We recognize compensation cost for awards over the vesting period, adjusted for any changes in our probability assessment. | |||||||||
Insurance reserves. The Company is self-insured under its worker’s compensation insurance policy. The Company utilizes a stop loss policy issued by an insurance company to fund claims in excess of $250. The Company estimates the outstanding retained-insurance liabilities by projecting incurred losses to their ultimate liability and subtracting amounts paid-to-date to obtain the remaining liabilities. The Company bases actuarial estimates of ultimate liability on actual incurred losses, estimates of incurred but not yet reported losses and the projected costs to resolve these losses. | |||||||||
Income Taxes. Income taxes are accounted for in accordance with the authoritative guidance for accounting for income taxes under which deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company continually reviews its deferred tax assets for recovery. A valuation allowance is established when the Company believes that it is more likely than not that some portion of its deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. | |||||||||
Financial Instruments. The Company uses financial instruments to manage its exposure to movements in interest rates, certain commodity prices and foreign currencies. The use of these financial instruments modifies the exposure of these risks with the intent to reduce the risk or cost to the Company. The Company does not use derivatives for trading purposes and is not a party to leveraged derivatives. The authoritative guidance for derivative and hedge accounting requires that all derivatives be recognized as either assets or liabilities at fair value. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. The cash flows associated with the financial instruments are included in the cash flow from operating activities. | |||||||||
Deferred financing costs. Deferred financing costs are amortized over the life of the related debt using the effective interest rate method. If debt is prepaid or retired early, the related unamortized deferred financing costs are written off in the period the debt is retired. | |||||||||
Capitalized Internal Use Software Costs. The Company capitalizes the cost of internal-use software that has a useful life in excess of one year. These costs consist of payments made to third parties and the salaries of employees working on such software development. Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Capitalized internal use software costs are amortized using the straight-line method over their estimated useful lives, generally 2 1⁄2 to 3 years. The Company amortized $4,723 for fiscal year ended December 30, 2012, $4,221 for fiscal year ended December 25, 2011 and $5,030 for fiscal year ended December 26, 2010. Additionally, as of December 30, 2012 and December 25, 2011, the net book value of capitalized internal use software totaled $11,276 and $9,503, respectively and is included in Plant assets, net on the Consolidated Balance Sheets. | |||||||||
Accumulated other comprehensive loss. Accumulated other comprehensive loss includes loss on financial instruments, foreign currency translation adjustments, net gains or (losses) on pension actuarial assumptions and the related tax provisions or benefits that are currently presented as a component of shareholder’s equity. The components of Accumulated other comprehensive loss at year end were as follows: | |||||||||
December 30, 2012 | December 25, 2011 | ||||||||
Swaps mark to market adjustments | (2,878 | ) | (5,856 | ) | |||||
Foreign currency translation | (369 | ) | (644 | ) | |||||
Loss on pension actuarial assumptions | (69,374 | ) | (51,608 | ) | |||||
Tax benefit | 11,068 | 5,672 | |||||||
Accumulated other comprehensive loss | (61,553 | ) | (52,436 | ) | |||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||
Recently Issued Accounting Pronouncements | |||||||||
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” (“ASU 2013-02”). This new guidance requires that we present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. This guidance only impacts disclosures within our consolidated financial statements and notes to the consolidated financial statements and does not result in a change to the accounting treatment of Accumulated Other Comprehensive Income. We will be required to adopt this guidance beginning with our March 31, 2013 interim reporting on Form 10-Q. | |||||||||
In July 2012, the FASB issued Accounting Standards Update No. 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment,” (“ASU 2012-02”). In accordance with the amendments in ASU 2012-02, an entity has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If the entity determines that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than the carrying value, the entity will be required to perform the quantitative test. The amendments in ASU 2012-02 are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. However, early adoption is permitted. We are in the process of evaluating this guidance; however, do not expect it will have a material effect on the consolidated financial statements upon adoption. | |||||||||
In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” (“ASU 2011-05”). ASU 2011-05 eliminates the option to report other comprehensive income and its components in the statement of changes in equity. ASU 2011-05 requires that all non-owner changes in stockholders’ equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. This guidance became effective in the first quarter of 2012. Upon adoption of this guidance we have decided to present comprehensive income in a separate but consecutive statement. See the Consolidated Statements of Comprehensive Earnings as part of our financial statements for the new presentation. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3. Fair Value Measurements | 3. Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The authoritative guidance for financial assets and liabilities discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | The authoritative guidance for financial assets and liabilities discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1: | Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | Level 1: | Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 2: | Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | Level 2: | Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3: | Unobservable inputs that reflect the Company’s assumptions. | Level 3: | Unobservable inputs that reflect the Company’s assumptions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s financial assets and liabilities subject to recurring fair value measurements and the required disclosures are as follows: | The Company’s financial assets and liabilities subject to recurring fair value measurements and the required disclosures are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements | Fair Value | Fair Value Measurements | Fair Value | Fair Value Measurements | Fair Value | Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as of | Using Fair Value Hierarchy | as of | Using Fair Value Hierarchy | as of | Using Fair Value Hierarchy | as of | Using Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | 2012 | Level 1 | Level 2 | Level 3 | 2012 | Level 1 | Level 2 | Level 3 | 2011 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 25,065 | $ | — | $ | 25,065 | $ | — | $ | — | $ | — | $ | — | $ | — | Interest rate derivatives | $ | — | $ | — | $ | — | $ | — | $ | 1,335 | $ | — | $ | 1,335 | $ | — | |||||||||||||||||||||||||||||||||
Foreign currency derivatives | 573 | — | 573 | — | 638 | — | 638 | — | Foreign currency derivatives | 638 | — | 638 | — | 931 | — | 931 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | 133 | — | 133 | — | 525 | — | 525 | — | Commodity derivatives | 525 | — | 525 | — | 142 | — | 142 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 25,771 | $ | — | $ | 25,771 | $ | — | $ | 1,163 | $ | — | $ | 1,163 | $ | — | Total assets at fair value | $ | 1,163 | $ | — | $ | 1,163 | $ | — | $ | 2,408 | $ | — | $ | 2,408 | $ | — | |||||||||||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 1,342 | $ | — | $ | 1,342 | $ | — | $ | 3,807 | $ | — | $ | 3,807 | $ | — | Interest rate derivatives | $ | 3,807 | $ | — | $ | 3,807 | $ | — | $ | 7,836 | $ | — | $ | 7,836 | $ | — | |||||||||||||||||||||||||||||||||
Commodity derivatives | — | — | — | — | 682 | — | 682 | — | Commodity derivatives | 682 | — | 682 | — | 1,615 | — | 1,615 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 1,342 | $ | — | $ | 1,342 | $ | — | $ | 4,489 | $ | — | $ | 4,489 | $ | — | Total liabilities at fair value | $ | 4,489 | $ | — | $ | 4,489 | $ | — | $ | 9,451 | $ | — | $ | 9,451 | $ | — | |||||||||||||||||||||||||||||||||
The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. The primary risks managed by using derivative instruments are interest rate risk, foreign currency exchange risk and commodity price risk. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. The primary risks managed by using derivative instruments are interest rate risk, foreign currency exchange risk and commodity price risk. | The valuations of these instruments are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate, commodity, and foreign exchange forward curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash receipts (or payments) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of the authoritative guidance for fair value disclosure, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The Company had no fair value measurements associated with financial assets and liabilities based upon significant unobservable inputs (Level 3) as of December 30, 2012 or December 25, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The valuations of these instruments are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate, commodity, and foreign exchange forward curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash receipts (or payments) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of the authoritative guidance for fair value disclosure, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The Company had no fair value measurements based upon significant unobservable inputs (Level 3) as of September 29, 2013 or December 30, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In addition to the instruments named above, the Company also makes fair value measurements in connection with its annual goodwill and trade name impairment testing. These measurements would fall into Level 3 of the fair value hierarchy. | In addition to the instruments named above, the Company also makes fair value measurements in connection with its annual goodwill and trade name impairment testing. These measurements would fall into Level 3 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In December 2011, the Company adopted the provisions of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements,” (“ASU 2011-04”). For purposes of calculating fair value of financial instruments, we manage the portfolio of financial assets and financial liabilities on the basis of the Company’s net exposure to credit risk. The Company has elected to apply the portfolio exception in ASU 2011-04 with respect to measuring counterparty credit risk for all of its derivative transactions subject to master netting arrangements on a net basis by counterparty portfolio. | In December 2011, the Company adopted the provisions of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements,” (“ASU 2011-04”). For purposes of calculating fair value of financial instruments, we manage the portfolio of financial assets and financial liabilities on the basis of the Company’s net exposure to credit risk. The Company has elected to apply the portfolio exception in ASU 2011-04 with respect to measuring counterparty credit risk for all of its derivative transactions subject to master netting arrangements on a net basis by counterparty portfolio. |
Shareholders_Equity_and_Equity
Shareholder's Equity, and Equity-Based Compensation Expense and Earnings Per Share | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Shareholder's Equity, and Equity-Based Compensation Expense and Earnings Per Share | ' | ' | ||||||||||||||||||||||||||||||||||||||||
5. Shareholder’s Equity, Equity-Based Compensation Expense and Earnings Per Share | 4. Shareholder’s Equity, and Equity-Based Compensation Expense and Earnings Per Share | |||||||||||||||||||||||||||||||||||||||||
Equity-based Compensation | Shareholder’s Equity | |||||||||||||||||||||||||||||||||||||||||
The Company has two long-term incentive programs: The 2007 Stock Incentive Plan and the 2013 Omnibus Incentive Plan. Prior to March 28, 2013, Peak Finance Holdings LLC (“Peak Holdings”), the former parent of the Company also had the 2007 Unit Plan, which was terminated in connection with the Company’s recent IPO. Equity-based compensation expense recognized during the period is based on the value of the portion of equity-based payment awards that is ultimately expected to vest during the period. As equity-based compensation expense recognized in the Consolidated Statements of Operations is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. The authoritative guidance for equity compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | In connection with the capital contributions at the time of the Birds Eye Acquisition on December 23, 2009, certain members of the Board of Directors and management purchased ownership units of Peak Holdings. To fund these purchases, certain members of management signed 30 day notes receivable at a market interest rate. The total of the notes receivable were $565 and were fully paid in January 2010. | |||||||||||||||||||||||||||||||||||||||||
The Company currently uses the Black-Scholes option-pricing model as its method of valuation for equity-based awards. Prior to March 28, 2013, since the underlying equity was not publicly traded, the determination of fair value of equity-based payment awards on the date of grant using an option-pricing model was based upon estimates of enterprise value as well as assumptions regarding a number of highly complex and subjective variables. The estimated enterprise value was based upon forecasted cash flows for five years plus a terminal year and an assumed discount rate. The other variables used to determine fair value of equity-based payment awards include, but are not limited to, the expected stock price volatility of a group of industry comparable companies over the term of the awards, and actual and projected employee equity option exercise behaviors. | Equity-based Compensation | |||||||||||||||||||||||||||||||||||||||||
The fair value of the options granted during the nine months ended September 29, 2013 and September 23, 2012, respectively, was estimated on the date of the grant using the Black-Scholes model with the following weighted average assumptions: | The Company has two long-term incentive programs: The 2007 Stock Incentive Plan and the 2007 Unit Plan. Equity-based compensation expense recognized during the period is based on the value of the portion of equity-based payment awards that is ultimately expected to vest during the period. As equity-based compensation expense recognized in the Consolidated Statements of Operations is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. The authoritative guidance for equity compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||||||||||||||||||||||||||||||
The Company currently uses the Black-Scholes option-pricing model as its method of valuation for equity-based awards. Since the underlying equity is not publicly traded, the determination of fair value of equity-based payment awards on the date of grant using an option-pricing model is based upon estimates of enterprise value as well as assumptions regarding a number of highly complex and subjective variables. The estimated enterprise value is based upon forecasted cash flows for five years plus a terminal year and an assumed discount rate. The other variables used to determine fair value of equity-based payment awards include, but are not limited to, the expected stock price volatility of a group of industry comparable companies over the term of the awards, and actual and projected employee equity option exercise behaviors. | ||||||||||||||||||||||||||||||||||||||||||
The fair value of the options granted during the fiscal year ended December 30, 2012 was estimated on the date of the grant using the Black-Scholes model with the following weighted average assumptions: | ||||||||||||||||||||||||||||||||||||||||||
September 29, 2013 | * | September 23, 2012 | ||||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.16 | % | 0.64 | % | ||||||||||||||||||||||||||||||||||||||
Expected time to option exercise | 6.50 years | 1.93 years | Fiscal year ended | |||||||||||||||||||||||||||||||||||||||
Expected volatility of Pinnacle Foods Inc. stock | 35 | % | 55 | % | December 30, 2012 | December 25, 2011 | December 26, 2010 | |||||||||||||||||||||||||||||||||||
Expected dividend yield on Pinnacle Foods Inc. stock | 3.55 | % | 0 | % | Risk-free interest rate | 0.34 | % | 0.64 | % | 1.52 | % | |||||||||||||||||||||||||||||||
Expected time to option exercise | 3.50 years | 1.93 years | 2.93 years | |||||||||||||||||||||||||||||||||||||||
* | all of the options issued in the first half of 2013 were valued using an IPO price of $20.00 a share. No dividend was in effect in 2012. | Expected volatility of Pinnacle Foods Inc. stock | 40 | % | 55 | % | 70 | % | ||||||||||||||||||||||||||||||||||
Volatility was based on the average volatility of a group of publicly traded food companies. The Company estimates the annual forfeiture rates to be approximately 10% under its long-term incentive plans. | Expected dividend yield on Pinnacle Foods Inc. stock | 2% – 4 | % | 0 | % | 0 | % | |||||||||||||||||||||||||||||||||||
Volatility was based on the average volatility of a group of publicly traded food companies. The Company estimates the annual forfeiture rates to be 7.6% for the 2007 Stock Incentive Plan and 6.4% for the 2007 Unit Plan. | ||||||||||||||||||||||||||||||||||||||||||
Expense Information | ||||||||||||||||||||||||||||||||||||||||||
The following table summarizes equity-based compensation expense related to employee equity options and employee equity units under the authoritative guidance for equity compensation which was allocated as follows: | The expected dividend yield for fiscal 2012 was based on the fact that the annual dividend yields in the food industry typically range between 2% and 4%, and that following the IPO, PF plans on paying a dividend in line with that range. | |||||||||||||||||||||||||||||||||||||||||
Expense Information | ||||||||||||||||||||||||||||||||||||||||||
The following table summarizes equity-based compensation expense related to employee equity options and employee equity units under the authoritative guidance for equity compensation which was allocated as follows: | ||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Fiscal year ended | ||||||||||||||||||||||||||||||||||||||
Cost of products sold | $ | 81 | $ | 16 | $ | 389 | $ | 96 | December 30, 2012 | December 25, 2011 | December 26, 2010 | |||||||||||||||||||||||||||||||
Marketing and selling expenses | 56 | 51 | 991 | 291 | Cost of products sold | $ | 113 | $ | 152 | $ | 394 | |||||||||||||||||||||||||||||||
Administrative expenses | 2,069 | 54 | 4,082 | 316 | Marketing and selling expenses | 342 | 463 | 1,936 | ||||||||||||||||||||||||||||||||||
Research and development expenses | 85 | 3 | 154 | 22 | Administrative expenses | 370 | 502 | 2,184 | ||||||||||||||||||||||||||||||||||
Research and development expenses | 25 | 34 | 213 | |||||||||||||||||||||||||||||||||||||||
Pre-tax equity-based compensation expense | 2,291 | 124 | 5,616 | 725 | ||||||||||||||||||||||||||||||||||||||
Income tax benefit | (698 | ) | (39 | ) | (1,378 | ) | (53 | ) | Pre-Tax Equity-Based Compensation Expense | 850 | 1,151 | 4,727 | ||||||||||||||||||||||||||||||
Income Tax Benefit | 30 | 33 | 141 | |||||||||||||||||||||||||||||||||||||||
Net equity-based compensation expense | $ | 1,593 | $ | 85 | $ | 4,238 | $ | 672 | ||||||||||||||||||||||||||||||||||
Net Equity-Based Compensation Expense | $ | 820 | $ | 1,118 | $ | 4,586 | ||||||||||||||||||||||||||||||||||||
As of September 29, 2013, cumulative unrecognized equity compensation expense of the unvested portion of shares for the Company’s two long-term incentive programs was $43,029. The weighted average period over which vesting will occur is approximately 5.5 years for the 2007 Stock Incentive Plan and 2.5 years for the 2013 Omnibus Plan. Options under the plans have a termination date of 10 years from the date of issuance. | ||||||||||||||||||||||||||||||||||||||||||
2007 Stock Incentive Plan | As of December 30, 2012, cumulative unrecognized equity compensation expense of the unvested portion of shares and units for the Company’s two long-term incentive programs was $9,108. The weighted average period over which vesting will occur is approximately 7.0 years for the 2007 Stock Incentive Plan and 7.1 years for the 2007 Unit Plan. The Company did not meet the Management EBITDA target in 2012 or in 2011 for awards issued in 2011 and prior and, as a result, the Performance Options and units did not vest. For grants made in 2012, the Company did meet the Management EBITDA target. The Company met the 2010 and 2009 Management EBITDA targets and as a result all previously issued Performance Options and units vested during 2010, thus resulting in an additional $1.7 million in equity-based compensation expense for the year. Options and units under the plans have a termination date of 10 years from the date of issuance. | |||||||||||||||||||||||||||||||||||||||||
The Company adopted an equity option plan (the “2007 Stock Incentive Plan”) providing for the issuance of up to 1,104,888 shares of the Company’s common stock. Pursuant to the 2007 Stock Incentive Plan, certain officers, employees, managers, directors and other persons were eligible to receive grants of nonqualified stock options, as permitted by applicable law. For options granted from 2007 to 2009, generally 25% of the options will vest ratably over five years (“Time-Vested Options”), subject to full acceleration upon a change of control. Fifty percent of the options vest ratably over five years if annual or cumulative Management EBITDA targets, as defined, are met (“Performance Options”). The final 25% of the options vest either on a change of control or liquidity event, if a 12% annual internal rate of return is attained by Blackstone. In addition, the plan was also revised to provide that if the EBITDA target is achieved in any two consecutive fiscal years (excluding 2007 and 2008) during the employee’s continued employment, then that year’s and all prior years’ performance options will vest and become exercisable, and if the exit options vest and become exercisable during the employee’s continued employment, then all the performance options will also vest and become exercisable. Subsequent to 2009, the Company awarded options in the form of Time Vested Options (25%) and Performance Options (75%) to certain employees. The options have the same vesting provisions as stated above, including the provisions that if there is a change of control or liquidity event and if a 12% annual internal rate of return is attained by Blackstone, then all the Performance Options will also vest and become exercisable. Prior to March 1, 2013, this annual internal rate of return target was 20%, but the Compensation Committee of the Board of Directors reduced the target for vesting purposes on that date from 20% to 12% to reflect changes in the food industry environment since the plan was adopted. Subsequent to the adoption of the 2013 Omnibus Incentive Plan (as further described below), there will be no more grants under this plan. | 2007 Stock Incentive Plan | |||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc., adopted an equity option plan (the “2007 Stock Incentive Plan”) providing for the issuance of up to 1,104,888 shares of Pinnacle Foods Inc.’s common stock. Pursuant to the option plan, certain officers, employees, managers, directors and other persons are eligible to receive grants of nonqualified stock options, as permitted by applicable law. For options granted from 2007 to 2009, generally 25% of the options will vest ratably over five years (“Time-Vested Options”), subject to full acceleration upon a change of control. Fifty percent of the options vest ratably over five years if annual or cumulative Management EBITDA targets, as defined, are met (“Performance Options”). The final 25% of the options vest either on a change of control or liquidity event (defined as when Blackstone sells more than 50% of its holdings), if a 12% annual internal rate of return is attained by Blackstone (“Exit Options”). In addition, the plan was also revised to provide that if the EBITDA target is achieved in any two consecutive fiscal years (excluding 2007 and 2008) during the employee’s continued employment, then that year’s and all prior years’ Performance Options will vest and become exercisable, and if the Exit Options vest and become exercisable during the employee’s continued employment, then all the Performance Options will also vest and become exercisable. Subsequent to 2009, the Company awarded options in the form of Time Vested Options (25%) and Performance Options (75%) to certain employees. The options have the same vesting provisions as stated above, including the provisions that if there is a change of control or liquidity event and if a 12% annual internal rate of return is attained by Blackstone, then all the Performance Options will also vest and become exercisable. Prior to March 1, 2013, this annual internal rate of return target was 20% but the Compensation Committee of the Board of Directors reduced the target for vesting purposes on that date from 20% to 12% to reflect changes in the food industry environment since the plan was adopted. | ||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the equity option transactions under the 2007 Stock Incentive Plan: | ||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the equity option transactions under the 2007 Stock Incentive Plan: | ||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||||||||||||||||
Shares | Average | Average Fair | Average | Intrinsic | Number of | Weighted | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||||||||||
Exercise | Value at | Remaining | Value (000’s) | Shares | Average | Average Fair | Average | Intrinsic | ||||||||||||||||||||||||||||||||||
Price | Grant Date | Life | Exercise | Value at Grant | Remaining | Value (000’s) | ||||||||||||||||||||||||||||||||||||
Outstanding, December 30, 2012 | 436,486 | $ | 9.99 | $ | 3.97 | 6.22 | $ | 1,642 | Price | Date | Life | |||||||||||||||||||||||||||||||
Granted | — | — | — | Outstanding, December 25, 2011 | 463,887 | $ | 9.28 | $ | 3.98 | 6.96 | 939 | |||||||||||||||||||||||||||||||
Exercised | (43,053 | ) | 8.94 | 4.98 | Granted | 42,207 | 16.98 | 4.07 | ||||||||||||||||||||||||||||||||||
Forfeitures | (30,918 | ) | 10.61 | 6.93 | Exercised | (11,104 | ) | 8.62 | 3.99 | |||||||||||||||||||||||||||||||||
Forfeitures | (58,504 | ) | 9.82 | 3.47 | ||||||||||||||||||||||||||||||||||||||
Outstanding, September 29, 2013 | 362,515 | 10.06 | $ | 5.89 | 5.58 | 5,803 | ||||||||||||||||||||||||||||||||||||
Outstanding, December 30, 2012 | 436,486 | $ | 9.99 | $ | 3.97 | 6.22 | 1,642 | |||||||||||||||||||||||||||||||||||
Exercisable, September 29, 2013 | 156,848 | $ | 9.2 | $ | 4.06 | 4.8 | $ | 2,645 | ||||||||||||||||||||||||||||||||||
Exercisable, December 30, 2012 | 186,781 | $ | 9 | $ | 4.04 | 5.19 | $ | 3,407 | ||||||||||||||||||||||||||||||||||
2007 Unit Plan | ||||||||||||||||||||||||||||||||||||||||||
Peak Holdings, the former parent of Pinnacle Foods Inc., adopted an equity plan (the “2007 Unit Plan”) providing for the issuance of profit interest units (“PIUs”) in Peak Holdings. Certain employees had been given the opportunity to invest in Peak Holdings through the purchase of Peak Holding’s Class A-2 Units. In addition, from 2007 to 2009, each manager who so invested was awarded profit interests in Peak Holdings in the form of Class B-1, Class B-2 and Class B-3 Units. Generally 25% of the PIUs vested ratably over five years (“Class B-1 Units”), subject to full acceleration upon a change of control. Fifty percent of the PIUs vested ratably over five years depending on whether annual or cumulative EBITDA targets were met (“Class B-2 Units”). The plan also provides that, if the Adjusted EBITDA target was achieved in any two consecutive fiscal years during the employee’s continued employment, then that year’s and all prior years’ Class B-2 Units vested, and if there was a change of control or liquidity event, (defined as when Blackstone sells more than 50% of its holdings and a certain annual internal rate of return is attained by Blackstone), then all the Class B-2 units also vested, and if the Class B-3 Units vested during the employee’s continued employment (as described below) then all the Class B-2 Units also vested. The final 25% of the PIUs granted vested either on a change of control or liquidity event, if a 12% annual internal rate of return was attained by Blackstone (“Class B-3 Units”). Subsequent to 2009, the Company awarded PIUs to certain employees in the form of Class B-1 Units (25%) and Class B-2 Units (75%). The Class B-1 Units and Class B-2 Units had the same vesting provisions as stated above, including the provisions that if there was a change of control or liquidity event and if a 12% annual internal rate of return was attained by Blackstone, then all the Class B-2 units would also vest and become exercisable. Prior to March 1, 2013, this annual internal rate of return target was 20%, but the Compensation Committee of the Board of Directors reduced the target for vesting purposes on that date from 20% to 12% to reflect changes in the food industry environment since the plan was adopted. | 2007 Unit Plan | |||||||||||||||||||||||||||||||||||||||||
In connection with the Company’s IPO, Peak Holdings was dissolved resulting in the termination of the 2007 Unit Plan and the adoption of the 2013 Omnibus Incentive Plan (as further described below). As a result of the dissolution, the holders of units of Peak Holdings were distributed the assets of Peak Holdings. As the sole assets of Peak Holdings were shares of the Company’s common stock, units were converted into shares of common stock. The number of shares of common stock delivered to the equity holder as a result of the conversion had the same intrinsic value as the Class A-2 Units held by the equity holder prior to such conversion. Additionally, in connection with the dissolution, all PIUs were converted into shares or restricted shares of the Company’s common stock. Vested PIUs were converted into shares of common stock and unvested PIUs were converted into unvested restricted shares of our common stock, which are subject to vesting terms substantially similar to those applicable to the unvested PIU immediately prior to the conversion. The number of shares delivered under the 2013 Omnibus Incentive Plan, 1,546,355, have the same intrinsic value as the PIUs immediately prior to such conversion. | Peak Holdings, the parent of Pinnacle Foods Inc., adopted an equity plan (the “2007 Unit Plan”) providing for the issuance of profit interest units (PIUs) in Peak Holdings. Certain employees have been given the opportunity to invest in Peak Holdings through the purchase of Peak Holding’s Class A-2 Units. In addition, from 2007 to 2009, each manager who so invested was awarded profit interests in Peak Holdings in the form of Class B-1, Class B-2 and Class B-3 Units. Generally 25% of the PIUs will vest ratably over five years (“Class B-1 Units”), subject to full acceleration upon a change of control. Fifty percent of the PIUs vest ratably over five years depending on whether annual or cumulative EBITDA targets are met (“Class B-2 Units”). The plan also provides that, if the Adjusted EBITDA target is achieved in any two consecutive fiscal years during the employee’s continued employment, then that year’s and all prior years’ Class B-2 Units will vest, and if there is a change of control or liquidity event (defined as when Blackstone sells more than 50% of its holdings) and a certain annual internal rate of return is attained by Blackstone, then all the Class B-2 units will also vest, and if the Class B-3 Units vest during the employee’s continued employment (as described below), then all the Class B-2 Units will also vest. The final 25% of the PIUs granted vest either on a change of control or liquidity event, if a 12% annual internal rate of return is attained by Blackstone (“Class B-3 Units”). Subsequent to 2009, the Company awarded PIUs to certain employees in the form of Class B-1 Units (25%) and Class B-2 Units (75%). The Class B-1 Units and Class B-2 Units have the same vesting provisions as stated above, including the provisions that if there is a change of control or liquidity event and if a 12% annual internal rate of return is attained by Blackstone, then all the Class B-2 units will also vest and become exercisable. Prior to March 1, 2013, this annual internal rate of return target was 20% but the Compensation Committee of the Board of Directors reduced the target for vesting purposes on that date from 20% to 12% to reflect changes in the food industry environment since the plan was adopted. | |||||||||||||||||||||||||||||||||||||||||
The PIUs align the interest of management and the members by providing certain members of management an interest in the overall return earned by Blackstone upon the exit of their investment. The intrinsic value of the PIU’s is based upon the enterprise value of the Company. The following table summarizes the activities under the 2007 Unit Plan: | ||||||||||||||||||||||||||||||||||||||||||
2013 Omnibus Incentive Plan | ||||||||||||||||||||||||||||||||||||||||||
In connection with the IPO, the Company adopted an equity incentive plan (the “2013 Omnibus Incentive Plan”) providing for the issuance of up to 11,300,000 shares of the Company’s common stock which will be reserved for issuance under (1) equity awards granted as a result of the conversion of unvested PIUs into restricted common stock of the Company, (2) stock options and other equity awards granted in connection with the completion of the IPO, and (3) awards granted by the Company under the 2013 Omnibus Plan following the completion of the IPO. Pursuant to the 2013 Omnibus Plan, certain officers, employees, managers, directors and other persons are eligible to receive grants of equity based awards, as permitted by applicable law. | ||||||||||||||||||||||||||||||||||||||||||
On March 27, 2013, in connection with the IPO, the Company issued 2,310,000 “Founders Grants” options under the 2013 Omnibus Plan. The options vest in full at the end of three years. Additionally, 82,460 non-vested shares were issued which also vest in full at the end of three years. Pursuant to his employment agreement, on April 3, 2013, Robert J. Gamgort, the Chief Executive Officer, became entitled to 200,000 shares of common stock, which will be issued on April 3, 2014, subject to Mr. Gamgort’s continued service through that date. On August 1, 2013, an additional 66,042 non-vested shares and 155,575 options were issued to various employees. The non-vested shares vest in full at the end of four years while the options vest in full at the end of three years. | Number of | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||||||||||||||||
The following table summarizes the equity option transactions under the 2013 Omnibus Plan: | Units | Average Fair | Average | Intrinsic | ||||||||||||||||||||||||||||||||||||||
Value at Grant | Remaining | Value (000’s) | ||||||||||||||||||||||||||||||||||||||||
Date | Life | |||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Weighted | Aggregate | Outstanding, December 25, 2011 | 10,738 | $ | 2,227.82 | 6.91 | 10,607 | ||||||||||||||||||||||||||||||||
Options | Average | Average Fair | Average | Intrinsic | Granted | 1,131 | 131 | |||||||||||||||||||||||||||||||||||
Exercise | Value at Grant | Remaining | Value (000’s) | Exercised | (184 | ) | 2,334.81 | |||||||||||||||||||||||||||||||||||
Price | Date | Life | Forfeitures | (632 | ) | 2,430.18 | ||||||||||||||||||||||||||||||||||||
Outstanding, December 30, 2012 | — | $ | — | $ | — | 0 | — | |||||||||||||||||||||||||||||||||||
Granted | 2,465,575 | 20.35 | 4.78 | Outstanding, December 30, 2012 | 11,053 | $ | 1,999.93 | 6.23 | 19,276 | |||||||||||||||||||||||||||||||||
Exercised | — | — | — | |||||||||||||||||||||||||||||||||||||||
Forfeitures | (125,310 | ) | 20 | 4.63 | Vested, December 30, 2012 | 4,489 | $ | 2,198.68 | 4.95 | $ | 41,485 | |||||||||||||||||||||||||||||||
Outstanding, September 29, 2013 | 2,340,265 | 20.37 | $ | 4.79 | 9.51 | $ | 13,336 | |||||||||||||||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||||||||||||||||
Exercisable, September 29, 2013 | — | $ | — | $ | — | 0 | $ | — | Basic earnings (loss) per common share is computed by dividing net earnings or loss for common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net earnings by weighted-average common shares outstanding during the period plus dilutive potential common shares, which are determined as follows: | |||||||||||||||||||||||||||||||||
The following table summarizes the changes in non-vested shares. | ||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||
Weighted-average common shares | 81,230,630 | 81,315,848 | 68,434,982 | |||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Shares | Average Fair | Average | Intrinsic | Warrants | 5,192,974 | — | 5,192,974 | |||||||||||||||||||||||||||||||||||
Value at Grant | Remaining Life | Value (000’s) | Options to purchase common stock | 70,942 | — | 10,239 | ||||||||||||||||||||||||||||||||||||
Date | ||||||||||||||||||||||||||||||||||||||||||
Non-vested shares at December 30, 2012 | — | $ | — | 0 | $ | — | Dilutive potential common shares | 86,494,546 | 81,315,848 | 73,638,195 | ||||||||||||||||||||||||||||||||
Converted PIUs | 1,546,355 | 20 | ||||||||||||||||||||||||||||||||||||||||
Granted | 348,502 | 21.06 | Dilutive potential common shares are calculated in accordance with the treasury stock method, which assumes that proceeds from the exercise of all warrants and options are used to repurchase common stock at market value. The amount of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. Basic loss per share excludes potentially dilutive securities. | |||||||||||||||||||||||||||||||||||||||
Forfeitures | (135,407 | ) | 20 | In 2011, 5,192,974 warrants and 29,823 options to purchase common stock were not included in the computation of diluted net earnings per share as their effect would have been antidilutive. | ||||||||||||||||||||||||||||||||||||||
Vested | (80,252 | ) | 20 | |||||||||||||||||||||||||||||||||||||||
Non-vested shares at September 29, 2013 | 1,679,198 | $ | 20.34 | 6.63 | $ | 43,777 | ||||||||||||||||||||||||||||||||||||
Other Comprehensive Earnings | ||||||||||||||||||||||||||||||||||||||||||
The following table presents amounts reclassified out of Accumulated Other Comprehensive Loss (“AOCL”) and into Net earnings for the three and nine months ended September 29, 2013. | ||||||||||||||||||||||||||||||||||||||||||
Gain/(Loss) | Amounts Reclassified from AOCL | |||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive Earnings Components | Three months ended | Nine months ended | Reclassified from AOCL to: | |||||||||||||||||||||||||||||||||||||||
September 29, 2013 | September 29, 2013 | |||||||||||||||||||||||||||||||||||||||||
Gains and losses on financial instrument contracts | ||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (15 | ) | $ | (3,961 | ) | Interest expense | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 454 | 1,136 | Cost of products sold | |||||||||||||||||||||||||||||||||||||||
Total before tax | 439 | (2,825 | ) | |||||||||||||||||||||||||||||||||||||||
Tax benefit (expense) | (239 | ) | 935 | Provision for income taxes | ||||||||||||||||||||||||||||||||||||||
Deferred tax expense | — | (9,070 | )(a) | Provision for income taxes | ||||||||||||||||||||||||||||||||||||||
Net of tax | 200 | (10,960 | ) | |||||||||||||||||||||||||||||||||||||||
Pension actuarial assumption adjustments | ||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | (353 | ) | (1,072 | )(b) | Cost of products sold | |||||||||||||||||||||||||||||||||||||
Tax benefit | 136 | 413 | Provision for income taxes | |||||||||||||||||||||||||||||||||||||||
Net of tax | (217 | ) | (659 | ) | ||||||||||||||||||||||||||||||||||||||
Net reclassifications into net earnings | $ | (17 | ) | $ | (11,619 | ) | ||||||||||||||||||||||||||||||||||||
(a) | See Notes 11 and 15 for additional details. | |||||||||||||||||||||||||||||||||||||||||
(b) | This is included in the computation of net periodic pension cost (see Note 10 for additional details). | |||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | ||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share is computed by dividing net earnings or loss for common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share are calculated by dividing net earnings by weighted-average common shares outstanding during the period plus dilutive potential common shares, which are determined as follows: | ||||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Weighted-average common shares | 115,590,396 | 81,218,162 | 103,921,211 | 81,237,056 | ||||||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | 757,112 | 5,226,728 | 2,057,157 | 5,223,800 | ||||||||||||||||||||||||||||||||||||||
Dilutive potential common shares | 116,347,508 | 86,444,890 | 105,978,368 | 86,460,856 | ||||||||||||||||||||||||||||||||||||||
Dilutive potential common shares are calculated in accordance with the treasury stock method, which assumes that proceeds from the exercise of all warrants and options are used to repurchase common stock at market value. The amount of shares remaining after the proceeds are exhausted represents the potentially dilutive effect of the securities. For the three and nine months ended September 29, 2013 conversion of stock options and non-vested shares totaling 180,297 and 2,454,101, respectively, into common share equivalents were excluded from this calculation as their effect would have been anti-dilutive. For the three and nine months ended September 23, 2012, conversion of stock options and non-vested shares totaling 80,622 and 82,891, respectively, into common share equivalents were excluded from this calculation as their effect would have been anti-dilutive. |
Other_Expense_Income_net
Other Expense (Income), net | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||
Other Expense (Income), net | ' | ' | ||||||||||||||||||||||||||||
4. Other Expense (Income), net | 5. Other Expense (Income), net | |||||||||||||||||||||||||||||
Three months ended | Nine months ended | Fiscal year | ||||||||||||||||||||||||||||
September 29, | September 23, | September 29, | September 23, | December 30, | December 25, | December 26, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||
Other expense (income), net consists of: | Other expense (income), net consists of: | |||||||||||||||||||||||||||||
Amortization of intangibles/other assets | $ | 3,872 | $ | 3,879 | $ | 11,616 | $ | 11,647 | Amortization of intangibles/other assets | $ | 15,828 | $ | 16,175 | $ | 17,170 | |||||||||||||||
Redemption premiums on the early extinguishment of debt | — | 3,470 | 34,180 | 14,255 | Tradename impairment charges | 520 | 25,300 | 29,000 | ||||||||||||||||||||||
Royalty income and other | (266 | ) | (265 | ) | (700 | ) | (622 | ) | Redemption premium on the early extinguishment of debt | 14,255 | — | — | ||||||||||||||||||
Lehman Brothers Specialty Financing settlement | — | 8,500 | — | |||||||||||||||||||||||||||
Total other expense (income), net | $ | 3,606 | $ | 7,084 | $ | 45,096 | $ | 25,280 | Gain on sale of the Watsonville, CA facility | — | (391 | ) | — | |||||||||||||||||
Royalty income and other | (829 | ) | (1,006 | ) | (675 | ) | ||||||||||||||||||||||||
Redemption premium on the early extinguishment of debt. On May 10, 2013, as part of a debt refinancing (the “April 2013 Refinancing”) the Company redeemed all $400.0 million of its outstanding 8.25% Senior Notes at a redemption price of 108.5% of the aggregate principal amount at a premium of $34.2 million. On April 19, 2012, as part of a debt refinancing (the “April 2012 Refinancing”) the Company redeemed all $199.0 million of its outstanding 10.625% Senior Subordinated Notes at a redemption price of 105.313% of the aggregate principal amount at a premium of $10.6 million. On June 5, 2012, the Company repurchased and retired $10.0 million of 9.25% Senior Notes at a price of 102.125% of the aggregate principal amount at a premium of $0.2 million. On September 20, 2012, as part of a debt refinancing (the “September 2012 Refinancing”) the Company redeemed $150.0 million of its outstanding 9.25% Senior Subordinated Notes at a redemption price of 102.313% of the aggregate principal amount at a premium of $3.5 million. | ||||||||||||||||||||||||||||||
Total other expense (income), net | $ | 29,774 | $ | 48,578 | $ | 45,495 | ||||||||||||||||||||||||
Tradename impairment charges. In fiscal 2012, the Company recorded a tradename impairments of $0.5 million on Bernstein’s. In fiscal 2011, the Company recorded tradename impairments of $23.7 million on Aunt Jemima breakfast, $1.2 million on Lender’s and $0.4 million on Bernstein’s. In fiscal 2010, the Company recorded an impairment of $29.0 million on the Hungry-Man tradename. | ||||||||||||||||||||||||||||||
Redemption premium on the early extinguishment of debt. On April 19, 2012, as part of a debt refinancing (the “April 2012 Refinancing”) the Company redeemed all $199.0 million of its outstanding 10.625% Senior Subordinated Notes at a redemption price of 105.313% of the aggregate principal amount. In addition, on June 5, 2012, the Company repurchased and retired $10.0 million of 9.25% Senior Notes at a price of 102.125% of the aggregate principal amount. On September 20, 2012, as part of a debt refinancing (the “September 2012 Refinancing”) the Company redeemed $150.0 million of its outstanding 9.25% Senior Subordinated Notes at a redemption price of 102.313% of the aggregate principal amount. For more information on debt refinancing see Note 9 to the Consolidated Financial Statements for Debt and Interest Expense. | ||||||||||||||||||||||||||||||
Lehman Brothers Specialty Financing settlement. On June 4, 2010, Lehman Brothers Special Financing (LBSF) initiated a claim against the Company in LBSF’s bankruptcy proceeding for an additional payment from the Company of $19.7 million, related to certain derivatives contracts which the Company had earlier terminated due to LBSF’s default as a result of its bankruptcy filing in 2008. On May 31, 2011, the Company and LBSF agreed to a settlement of LBSF’s June 4, 2010 claim. Under the terms of the settlement, the Company made payment of $8.5 million during the third quarter of 2011 in return for LBSF’s full release of its claim. | ||||||||||||||||||||||||||||||
Sale of the Watsonville, CA facility. On June 24, 2011, the Company completed the sale of its Watsonville, CA facility which had been recorded as an asset held for sale. The proceeds of the sale were $7.9 million and resulted in a $0.4 million gain recorded in Other Expense (Income), net in the fiscal year ended December 25, 2011. |
Balance_Sheet_Information
Balance Sheet Information | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||
Balance Sheet Information | ' | ' | ||||||||||||||||||||||||
6. Balance Sheet Information | 6. Balance Sheet Information | |||||||||||||||||||||||||
Accounts Receivable. Customer accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for cash discounts, returns and bad debts is the Company’s best estimate of the amount of uncollectible amounts in its existing accounts receivable. The Company determines the allowance based on historical discounts taken and write-off experience. The Company reviews its allowance for doubtful accounts quarterly. Account balances are charged off against the allowance when the Company concludes it is probable the receivable will not be recovered. The Company does not have any off-balance sheet credit exposure related to its customers. Accounts receivable are as follows: | Accounts Receivable. Customer accounts receivable are recorded at the invoiced amount and do not bear interest. The allowance for cash discounts, returns and bad debts is the Company’s best estimate of the amount of uncollectible amounts in its existing accounts receivable. The Company determines the allowance based on historical discounts taken and write-off experience. The Company reviews its allowance for doubtful accounts quarterly. Account balances are charged off against the allowance when the Company concludes it is probable the receivable will not be recovered. The Company does not have any off-balance sheet credit exposure related to its customers. Accounts receivable are as follows: | |||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||||||||||
Customers | $ | 168,106 | $ | 137,950 | Customers | $ | 137,950 | $ | 154,949 | |||||||||||||||||
Allowances for cash discounts, bad debts and returns | (5,707 | ) | (5,149 | ) | Allowances for cash discounts, bad debts and returns | (5,149 | ) | (5,440 | ) | |||||||||||||||||
Subtotal | 162,399 | 132,801 | Subtotal | 132,801 | 149,509 | |||||||||||||||||||||
Other receivables | 6,517 | 11,083 | Other receivables | 11,083 | 10,472 | |||||||||||||||||||||
Total | $ | 168,916 | $ | 143,884 | Total | $ | 143,884 | $ | 159,981 | |||||||||||||||||
Inventories. Inventories are as follows: | Following are the changes in the allowance for cash discounts, bad debts, and returns: | |||||||||||||||||||||||||
September 29, | December 30, | Beginning | Revenue Reductions | Deductions | Ending | |||||||||||||||||||||
2013 | 2012 | Balance | Balance | |||||||||||||||||||||||
Raw materials, containers and supplies | $ | 61,504 | $ | 50,919 | Fiscal 2012 | $ | 5,440 | $ | 90,598 | $ | (90,889 | ) | $ | 5,149 | ||||||||||||
Finished product | 332,824 | 307,132 | Fiscal 2011 | 5,214 | 86,158 | (85,932 | ) | 5,440 | ||||||||||||||||||
Fiscal 2010 | 3,826 | 84,618 | (83,230 | ) | 5,214 | |||||||||||||||||||||
Total | $ | 394,328 | $ | 358,051 | Inventories. Inventories are as follows: | |||||||||||||||||||||
The Company has various purchase commitments for raw materials, containers, supplies and certain finished products incident to the ordinary course of business. Such commitments are not at prices in excess of current market. | ||||||||||||||||||||||||||
Other Current Assets. Other Current Assets are as follows: | December 30, | December 25, | ||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||
Raw materials, containers and supplies | $ | 50,919 | $ | 66,247 | ||||||||||||||||||||||
September 29, | December 30, | Finished product | 307,132 | 269,565 | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Prepaid expenses | $ | 3,590 | $ | 5,954 | Total | $ | 358,051 | $ | 335,812 | |||||||||||||||||
Prepaid income taxes | 2,120 | 578 | ||||||||||||||||||||||||
Assets held for sale | 1,556 | 5,330 | The Company has various purchase commitments for raw materials, containers, supplies and certain finished products incident to the ordinary course of business. Such commitments are not at prices in excess of current market. | |||||||||||||||||||||||
Total | $ | 7,266 | $ | 11,862 | Other Current Assets. Other Current Assets are as follows: | |||||||||||||||||||||
Assets held for sale is comprised of our closed plant in Millsboro, DE. Our Fulton, NY location, which was previously held for sale, was sold in January 2013 for total net proceeds of $874. Our Tacoma, WA location, which was previously held for sale, was sold in July 2013 for total net proceeds of $5,077. | ||||||||||||||||||||||||||
December 30, | December 25, | |||||||||||||||||||||||||
Plant Assets. Plant assets are as follows: | 2012 | 2011 | ||||||||||||||||||||||||
Prepaid expenses | $ | 5,954 | $ | 6,540 | ||||||||||||||||||||||
Prepaid income taxes | 578 | 1,009 | ||||||||||||||||||||||||
September 29, | December 30, | Assets held for sale | 5,330 | — | ||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Land | $ | 14,061 | $ | 14,061 | Total | $ | 11,862 | $ | 7,549 | |||||||||||||||||
Buildings | 190,487 | 178,300 | ||||||||||||||||||||||||
Machinery and equipment | 556,180 | 513,339 | Assets held for sale include our closed plants in Tacoma, Washington, Fulton, New York and Millsboro, Delaware. | |||||||||||||||||||||||
Projects in progress | 35,049 | 32,660 | Plant Assets. Plant assets are as follows: | |||||||||||||||||||||||
Subtotal | 795,777 | 738,360 | ||||||||||||||||||||||||
Accumulated depreciation | (283,426 | ) | (244,694 | ) | December 30, | December 25, | ||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||
Total | $ | 512,351 | $ | 493,666 | Land | $ | 14,061 | $ | 18,001 | |||||||||||||||||
Buildings | 178,300 | 163,397 | ||||||||||||||||||||||||
Depreciation was $15,786 and $46,067 during the three and nine months ended September 29, 2013, respectively. Depreciation was $22,607 and $56,895 during the three and nine months ended September 23, 2012, respectively which included $7,677 and $12,231, respectively, of accelerated depreciation resulting from restructuring activities. As of September 29, 2013 and December 30, 2012, Plant Assets included assets under capital lease with a book value of $19,924 and $22,030 (net of accumulated depreciation of $8,668 and $8,246), respectively. | Machinery and equipment | 513,339 | 474,556 | |||||||||||||||||||||||
Accrued Liabilities. Accrued liabilities are as follows: | Projects in progress | 32,660 | 50,610 | |||||||||||||||||||||||
Subtotal | 738,360 | 706,564 | ||||||||||||||||||||||||
September 29, | December 30, | Accumulated depreciation | (244,694 | ) | (205,281 | ) | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||
Employee compensation and benefits | $ | 61,626 | $ | 53,373 | Total | $ | 493,666 | $ | 501,283 | |||||||||||||||||
Interest payable | 17,034 | 28,116 | ||||||||||||||||||||||||
Consumer coupons | 2,812 | 3,346 | Depreciation was $82,295, $72,299 and $60,879 during the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010, respectively. As of December 30, 2012 and December 25, 2011, Plant Assets included assets under capital lease with a book value of $22,030 and $17,614 (net of accumulated depreciation of $8,246 and $5,257), respectively. | |||||||||||||||||||||||
Accrued restructuring charges (see Note 8) | 2,210 | 10,480 | Accrued Liabilities. Accrued liabilities are as follows: | |||||||||||||||||||||||
Accrued financial instrument contracts (see Note 11) | 1,341 | 682 | ||||||||||||||||||||||||
Other | 21,652 | 23,272 | ||||||||||||||||||||||||
December 30, | December 25, | |||||||||||||||||||||||||
Total | $ | 106,675 | $ | 119,269 | 2012 | 2011 | ||||||||||||||||||||
Employee compensation and benefits | $ | 53,373 | $ | 50,891 | ||||||||||||||||||||||
Other Long-Term Liabilities. Other long-term liabilities are as follows: | Interest payable | 28,116 | 36,840 | |||||||||||||||||||||||
Consumer coupons | 3,346 | 3,170 | ||||||||||||||||||||||||
Accrued restructuring charges (see note 8) | 10,480 | 4,076 | ||||||||||||||||||||||||
September 29, | December 30, | Accrued financial instrument contracts (see note 11) | 682 | 9,451 | ||||||||||||||||||||||
2013 | 2012 | Other | 23,272 | 24,357 | ||||||||||||||||||||||
Employee compensation and benefits | $ | 9,324 | $ | 9,340 | ||||||||||||||||||||||
Long-term rent liability and deferred rent allowances | 9,609 | 10,217 | Total | $ | 119,269 | $ | 128,785 | |||||||||||||||||||
Liability for uncertain tax positions | 1,622 | 1,614 | ||||||||||||||||||||||||
Accrued financial instrument contracts (see Note 11) | — | 3,807 | Other Long-Term Liabilities. Other long-term liabilities are as follows: | |||||||||||||||||||||||
Other | 4,247 | 3,727 | ||||||||||||||||||||||||
Total | $ | 24,802 | $ | 28,705 | December 30, | December 25, | ||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||
Employee compensation and benefits | $ | 9,340 | $ | 9,589 | ||||||||||||||||||||||
Long-term rent liability and deferred rent allowances | 10,217 | 6,594 | ||||||||||||||||||||||||
Liability for uncertain tax positions | 1,614 | 1,788 | ||||||||||||||||||||||||
Accrued financial instrument contracts (see note 11) | 3,807 | — | ||||||||||||||||||||||||
Other | 3,727 | 4,128 | ||||||||||||||||||||||||
Total | $ | 28,705 | $ | 22,099 | ||||||||||||||||||||||
Goodwill_Tradenames_and_Other_
Goodwill, Tradenames and Other Assets | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||
Goodwill, Tradenames and Other Assets | ' | ' | ||||||||||||||||||||||||||||||||
7. Goodwill, Tradenames and Other Assets | 7. Goodwill, Tradenames and Other Assets | |||||||||||||||||||||||||||||||||
Goodwill | Goodwill | |||||||||||||||||||||||||||||||||
Goodwill by segment is as follows: | Goodwill by segment is as follows: | |||||||||||||||||||||||||||||||||
Birds Eye | Duncan Hines | Specialty | Total | Birds Eye | Duncan Hines | Specialty | Total | |||||||||||||||||||||||||||
Frozen | Grocery | Foods | Frozen | Grocery | Foods | |||||||||||||||||||||||||||||
Balance, December 30, 2012 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | Balance, December 26, 2010 | $ | 578,769 | $ | 740,465 | $ | 245,161 | $ | 1,564,395 | |||||||||||||||||
Impairments | (51,700 | ) | — | (71,200 | ) | (122,900 | ) | |||||||||||||||||||||||||||
Balance, September 29, 2013 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | ||||||||||||||||||||||||||
Balance, December 25, 2011 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | ||||||||||||||||||||||||||
The authoritative guidance for business combinations requires that all business combinations be accounted for at fair value under the acquisition method of accounting. The authoritative guidance for goodwill provides that goodwill will not be amortized, but will be tested for impairment on an annual basis or more often when events indicate. The Company completed its annual testing as of December 30, 2012, which indicated no impairment. | Balance, December 30, 2012 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | |||||||||||||||||||||||||
Tradenames | ||||||||||||||||||||||||||||||||||
Tradenames by segment are as follows: | The authoritative guidance for business combinations requires that all business combinations be accounted for at fair value under the acquisition method of accounting. The authoritative guidance for goodwill provides that goodwill will not be amortized, but will be tested for impairment on an annual basis or more often when events indicate. The Company completed its annual testing as of December 30, 2012, resulting in no impairment. As a result of the testing in 2011, the Company recognized goodwill impairments of $122.9 million in our Frozen Breakfast, Private label, and Foodservice reporting units. The impairment of $51.7 million in our Frozen Breakfast reporting unit was driven by our strategic decision, during our annual planning cycle which occurs during the fourth quarter each year, to discontinue substantial portions of our low margin products on a prospective basis, and the aggressive re-entry of a key competitor into the market. This impairment is reported in the Birds Eye Frozen segment. The impairments of $49.7 million and $21.5 million in our Private Label and Foodservice reporting units, respectively, were driven by the loss of a large customer account during the fourth quarter of 2011, compressed operating margins resulting from higher ingredient costs, as well as our strategic decision to discontinue various lower margin products during our annual planning cycle which occurs during the fourth quarter each year. These charges are reported in the Specialty Foods Segment. All goodwill impairments are recorded in the Goodwill impairment charge line in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||
Tradenames | ||||||||||||||||||||||||||||||||||
Tradenames by segment are as follows: | ||||||||||||||||||||||||||||||||||
Birds Eye | Duncan Hines | Specialty | Total | |||||||||||||||||||||||||||||||
Frozen | Grocery | Foods | ||||||||||||||||||||||||||||||||
Balance, December 30, 2012 | $ | 796,680 | $ | 771,312 | $ | 36,000 | $ | 1,603,992 | Birds Eye | Duncan Hines | Specialty | Total | ||||||||||||||||||||||
Frozen | Grocery | Foods | ||||||||||||||||||||||||||||||||
Balance, September 29, 2013 | $ | 796,680 | $ | 771,312 | $ | 36,000 | $ | 1,603,992 | Balance, December 26, 2010 | $ | 821,580 | $ | 772,232 | $ | 36,000 | $ | 1,629,812 | |||||||||||||||||
Impairments | (24,900 | ) | (400 | ) | — | (25,300 | ) | |||||||||||||||||||||||||||
The authoritative guidance for indefinite-lived assets provides that indefinite-lived assets will not be amortized, but will be tested for impairment on an annual basis or more often when events indicate. As a result of its annual testing of indefinite-lived assets in December 2012, the Company recorded impairment charges totaling $0.5 million in its Bernstein’s tradename during the year ended December 30, 2012. | ||||||||||||||||||||||||||||||||||
Other Assets | Balance, December 25, 2011 | $ | 796,680 | $ | 771,832 | $ | 36,000 | $ | 1,604,512 | |||||||||||||||||||||||||
Impairments | — | (520 | ) | — | (520 | ) | ||||||||||||||||||||||||||||
September 29, 2013 | ||||||||||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Balance, December 30, 2012 | $ | 796,680 | $ | 771,312 | $ | 36,000 | $ | 1,603,992 | ||||||||||||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||||||||||||||||||||
Amount | The authoritative guidance for indefinite-lived assets provides that indefinite-lived assets will not be amortized, but will be tested for impairment on an annual basis or more often when events indicate. As a result of its annual testing of indefinite-lived assets as of December 30, 2012, the Company recorded impairment charges totaling $0.5 million for its Bernstein’s tradename which is reported in the Duncan Hines Grocery segment In December 2011, the Company recorded an impairment charge of $23.7 million for its Aunt Jemima breakfast tradename and $1.2 million of its Lender’s tradename all of which is reported in the Birds Eye Frozen segment. In December 2011, the Company also recorded an impairment charge of $0.4 million for its Bernstein’s tradename which is reported in the Duncan Hines Grocery segment. All impairment charges were the result of the Company’s reassessment of the longterm sales projections for its branded products during our annual planning cycle which occurs during the fourth quarter each year. These costs were recorded in Other expense (income), net on the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||
Amortizable intangibles | ||||||||||||||||||||||||||||||||||
Recipes | 10 | $ | 52,810 | $ | (34,326 | ) | $ | 18,484 | Other Assets | |||||||||||||||||||||||||
Customer relationships—Distributors | 36 | 125,746 | (32,919 | ) | 92,827 | |||||||||||||||||||||||||||||
Customer relationships—Food Service | 7 | 36,143 | (34,438 | ) | 1,705 | |||||||||||||||||||||||||||||
Customer relationships—Private Label | 7 | 9,214 | (8,942 | ) | 272 | December 30, 2012 | ||||||||||||||||||||||||||||
License | 7 | 4,875 | (2,812 | ) | 2,063 | Weighted | Gross | Accumulated | Net | |||||||||||||||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||||||||||||||||||||
Total amortizable intangibles | $ | 228,788 | $ | (113,437 | ) | $ | 115,351 | Amount | ||||||||||||||||||||||||||
Deferred financing costs | 35,988 | (20,181 | ) | 15,807 | Amortizable intangibles | |||||||||||||||||||||||||||||
Financial instruments | 25,065 | — | 25,065 | Recipes | 10 | $ | 52,810 | $ | (30,365 | ) | $ | 22,445 | ||||||||||||||||||||||
Other (1) | 5,200 | — | 5,200 | Customer relationships—Distributors | 36 | 125,746 | (28,791 | ) | 96,955 | |||||||||||||||||||||||||
Customer relationships—Foodservice | 7 | 36,143 | (31,882 | ) | 4,261 | |||||||||||||||||||||||||||||
Total other assets, net | $ | 161,423 | Customer relationships—Private Label | 7 | 9,214 | (8,533 | ) | 681 | ||||||||||||||||||||||||||
License | 7 | 4,875 | (2,250 | ) | 2,625 | |||||||||||||||||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||||||||||||||||||||
Birds Eye Frozen | $ | 64,884 | Total amortizable intangibles | $ | 228,788 | $ | (101,821 | ) | $ | 126,967 | ||||||||||||||||||||||||
Duncan Hines Grocery | 45,034 | Deferred financing costs | 59,486 | (35,306 | ) | 24,180 | ||||||||||||||||||||||||||||
Specialty Foods | 5,433 | Other (1) | 4,411 | — | 4,411 | |||||||||||||||||||||||||||||
$ | 115,351 | Total other assets, net | $ | 155,558 | ||||||||||||||||||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||||||||||||||||||||
Birds Eye Frozen | $ | 69,581 | ||||||||||||||||||||||||||||||||
December 30, 2012 | Duncan Hines Grocery | 48,806 | ||||||||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Specialty Foods | 8,580 | |||||||||||||||||||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||||||||||||||||||||
Amount | $ | 126,967 | ||||||||||||||||||||||||||||||||
Amortizable intangibles | ||||||||||||||||||||||||||||||||||
Recipes | 10 | $ | 52,810 | $ | (30,365 | ) | $ | 22,445 | ||||||||||||||||||||||||||
Customer relationships—Distributors | 36 | 125,746 | (28,791 | ) | 96,955 | |||||||||||||||||||||||||||||
Customer relationships—Food Service | 7 | 36,143 | (31,882 | ) | 4,261 | December 25, 2011 | ||||||||||||||||||||||||||||
Customer relationships—Private Label | 7 | 9,214 | (8,533 | ) | 681 | Weighted | Gross | Accumulated | Net | |||||||||||||||||||||||||
License | 7 | 4,875 | (2,250 | ) | 2,625 | Avg Life | Carrying | Amortization | ||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||
Total amortizable intangibles | $ | 228,788 | $ | (101,821 | ) | $ | 126,967 | Amortizable intangibles | ||||||||||||||||||||||||||
Deferred financing costs | 59,486 | (35,306 | ) | 24,180 | Recipes | 10 | $ | 52,810 | $ | (25,084 | ) | $ | 27,726 | |||||||||||||||||||||
Other (1) | 4,411 | — | 4,411 | Customer relationships—Distributors | 36 | 125,746 | (22,947 | ) | 102,799 | |||||||||||||||||||||||||
Customer relationships—Foodservice | 7 | 36,143 | (28,472 | ) | 7,671 | |||||||||||||||||||||||||||||
Total other assets, net | $ | 155,558 | Customer relationships—Private Label | 7 | 9,214 | (7,989 | ) | 1,225 | ||||||||||||||||||||||||||
License | 7 | 4,875 | (1,500 | ) | 3,375 | |||||||||||||||||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||||||||||||||||||||
Birds Eye Frozen | $ | 69,581 | Total amortizable intangibles | $ | 228,788 | $ | (85,992 | ) | $ | 142,796 | ||||||||||||||||||||||||
Duncan Hines Grocery | 48,806 | Deferred financing costs | 77,112 | (46,228 | ) | 30,884 | ||||||||||||||||||||||||||||
Specialty Foods | 8,580 | Financial instruments (see note 11) | 1,335 | — | 1,335 | |||||||||||||||||||||||||||||
Other (1) | 3,834 | — | 3,834 | |||||||||||||||||||||||||||||||
$ | 126,967 | |||||||||||||||||||||||||||||||||
Total other assets, net | $ | 178,849 | ||||||||||||||||||||||||||||||||
-1 | As of September 29, 2013 and December 30, 2012, Other primarily consists of security deposits. | Amortizable intangibles by segment | ||||||||||||||||||||||||||||||||
Amortization of intangible assets was $3,872 and $11,616 for the three and nine months ended September 29, 2013, respectively. Amortization of intangible assets was $3,879 and $11,647 for the three and nine months ended September 23, 2012, respectively. Estimated amortization expense for each of the next five years and thereafter is as follows: remainder of 2013 -$3,900; 2014—$12,200; 2015—$10,900; 2016—$10,300; 2017—$5,700 and thereafter—$72,400. | Birds Eye Frozen | $ | 76,054 | |||||||||||||||||||||||||||||||
Deferred Financing Costs | Duncan Hines Grocery | 53,948 | ||||||||||||||||||||||||||||||||
All deferred financing costs, which relate to the Senior Secured Credit Facility, Senior Subordinated Notes and Senior Notes are amortized into interest expense over the life of the related debt using the effective interest method. As part of the April 2013 Refinancing and debt repayments including usage of the proceeds from the IPO, the Company expensed financing costs of $4,762 and wrote off deferred financing costs of $12,725. In addition, amortization of deferred financing costs was $623 and $3,378 during the three and nine months ended September 29, 2013, respectively. In 2012, as part of the April and September Refinancings, the Company expensed financing costs of $7,526 and wrote off deferred financing costs of $8,091. In addition, amortization of deferred financing costs was $1,910 and $6,745 during the three and nine months ended September 23, 2012, respectively. | Specialty Foods | 12,794 | ||||||||||||||||||||||||||||||||
The following summarizes deferred financing cost activity: | ||||||||||||||||||||||||||||||||||
$ | 142,796 | |||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||||||||||||||||||||
Carrying | Amortization | -1 | As of December 30, 2012 and December 25, 2011, Other consists of security deposits. | |||||||||||||||||||||||||||||||
Amount | Amortization of intangible assets was $15,828, $16,175 and $17,170 during the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010, respectively. Estimated amortization expense for each of the next five years and thereafter is as follows: 2013—$15,500; 2014—$12,200; 2015—$10,900; 2016—$10,300; 2017—$5,700 and thereafter—$72,400. | |||||||||||||||||||||||||||||||||
Balance, December 30, 2012 | $ | 59,486 | $ | (35,306 | ) | $ | 24,180 | |||||||||||||||||||||||||||
2013—Additions | 7,730 | — | 7,730 | Deferred Financing Costs | ||||||||||||||||||||||||||||||
Amortization | — | (3,378 | ) | (3,378 | ) | All deferred financing costs, which relate to the Senior Secured Credit Facility and Senior Notes are amortized into interest expense over the life of the related debt facility using the effective interest method. On April 17, 2012, as part the April 2012 Refinancing, the Company expensed financing costs of $7,526 and wrote off deferred financing costs of $5,450. On August 30, 2012, as part of the September 2012 Refinancing, The Company wrote off deferred financing costs of $2,641. The Company capitalized costs of $9,972 for the fiscal year ended December 30, 2012. These costs primarily consisted of arrangement and legal fees. In addition, amortization of deferred financing costs was $8,585, $11,062 and $13,541 during the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010, respectively. For more information on debt refinancings, see Note 9 to the Consolidated Financial Statements for Debt and Interest Expense. | ||||||||||||||||||||||||||||
Write off | (31,228 | ) | 18,503 | (12,725 | ) | The following summarizes deferred financing cost activity: | ||||||||||||||||||||||||||||
Balance, September 29, 2013 | $ | 35,988 | $ | (20,181 | ) | $ | 15,807 | |||||||||||||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||||||||||||||||||||
Carrying | Amortization | |||||||||||||||||||||||||||||||||
Amount | ||||||||||||||||||||||||||||||||||
Balance, December 25, 2011 | $ | 77,112 | $ | (46,228 | ) | $ | 30,884 | |||||||||||||||||||||||||||
2012—Additions | 9,972 | — | 9,972 | |||||||||||||||||||||||||||||||
—Amortization | — | (8,585 | ) | (8,585 | ) | |||||||||||||||||||||||||||||
—Write Off | (27,598 | ) | 19,507 | (8,091 | ) | |||||||||||||||||||||||||||||
Balance, December 30, 2012 | $ | 59,486 | $ | (35,306 | ) | $ | 24,180 |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||
Restructuring Charges | ' | ' | ||||||||||||||||||||||||||||||||||||
8. Restructuring Charges | 8. Restructuring Charges | |||||||||||||||||||||||||||||||||||||
Pickle supply chain | Pickle supply chain improvements | |||||||||||||||||||||||||||||||||||||
On May 25, 2012, the Company announced plans to further improve the efficiency of its supply chain by consolidating its Vlasic pickle production into one plant in Imlay City, MI. The Company’s decision to focus on its branded Vlasic business and de-emphasize its lower-margin, un-branded pickle business was the catalyst for this consolidation. | On May 25, 2012, the Company announced plans to further improve the efficiency of its supply chain by consolidating its Vlasic pickle production into one plant in Imlay City, Michigan. The Company’s decision to focus on its branded Vlasic business and de-emphasize its lower-margin, un-branded pickle business was the catalyst for this consolidation. | |||||||||||||||||||||||||||||||||||||
Millsboro, DE plant closure | Millsboro, Delaware plant closure related charges | |||||||||||||||||||||||||||||||||||||
The Company’s pickle production plant, located in Millsboro, DE ended production at year-end 2012. The Company recorded employee termination costs of $150 and $1,472 in the three and nine months ended September 23, 2012, respectively. The Company recorded asset retirement obligation charges of $0 and $750 in the three and nine months ended September 23, 2012, respectively. In addition, the Company recorded accelerated depreciation charges of $6,631 and $8,367 in the three and nine months ended September 23, 2012, respectively. All restructuring charges related to the closure of the Millsboro, DE plant are recorded in the Duncan Hines Grocery Division and in the Cost of products sold line in the Consolidated Statements of Operations. | The Company’s pickle production plant, located in Millsboro, Delaware ended production at year-end 2012. The Company recorded employee termination costs of $1,726 in the fiscal year ended December 30, 2012. The Company recorded asset retirement obligation charges of $750 in the fiscal year ended December 30, 2012. In addition, the Company recorded accelerated depreciation charges of $16,547 in the fiscal year ended December 30, 2012. All restructuring charges related to the consolidation of the Company’s pickle production are recorded in the Duncan Hines Grocery segment and in the Cost of products sold line in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||
Exit low-margin un-branded business | Exit lower-margin un-branded business charge | |||||||||||||||||||||||||||||||||||||
As a result of exiting the lower-margin un-branded pickle business, the Company terminated the use of a third party ingredients storage facility in the third quarter of 2012. In doing so, the Company accrued contract termination and other fees of $6,483 in both the three and nine months ended September 23, 2012, which was subsequently paid in July 2013. In addition, the Company recorded accelerated depreciation charges at its Imlay City, MI plant for assets used in the low-margin un-branded pickle business. These charges were $814 in both the three and nine months ended September 23, 2012. All restructuring charges related to exiting the low-margin un-branded pickle business are recorded in the Specialty foods segment and in the Cost of products sold line in the Consolidated Statements of Operations. | As a result of exiting the lower-margin un-branded pickle business, the Company terminated the use of a third party ingredients storage facility in the third quarter of 2012. In doing so, the Company recorded contract termination and other fees of $6,483 in the fiscal year ended December 30, 2012. In addition, the Company recorded accelerated depreciation charges at its Imlay City, Michigan plant for assets used in the lower-margin un-branded pickle business. These charges were $1,587 in the fiscal year ended December 30, 2012. All restructuring charges related to exiting the lower-margin un-branded pickle business are recorded in the Specialty foods segment and in the Cost of products sold line in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||
Green Bay, WI Research Facility | ||||||||||||||||||||||||||||||||||||||
On May 15, 2012, the Company announced plans to relocate the Birds Eye Frozen Division Research and Development team from Green Bay, WI to its new facility at its Parsippany, NJ headquarters. The Company believes that the relocation will allow for seamless collaboration between marketing, sales, procurement and R&D that will drive improved brand innovation, marketing and productivity. The Company closed its Green Bay, WI research facility in December 2012. The Company recorded employee termination costs of $233 and $960 in the three and nine months ended September 23, 2012, respectively. In addition, the Company recorded accelerated depreciation charges of $232 and $419 in the three and nine months ended September 23, 2012, respectively. All restructuring charges related to the closure of the Green Bay, WI research facility are recorded in the Birds Eye Frozen Division and in the Research and development line in the Consolidated Statements of Operations. | Green Bay, Wisconsin Research Facility | |||||||||||||||||||||||||||||||||||||
Fulton, NY Plant | On May 15, 2012, the Company announced plans to relocate the Birds Eye Frozen Division Research and Development team from Green Bay, Wisconsin to its new facility at its Parsippany, New Jersey headquarters. The Company believes that the relocation will allow for seamless collaboration between marketing, sales, procurement and R&D that will drive superior brand innovation, marketing and productivity. We closed our Green Bay, Wisconsin research facility in December 2012. The Company recorded employee termination costs of $960 in the fiscal year ended December 30, 2012. The Company recorded facility shutdown costs of $958 in the fiscal year ended December 30, 2012. In addition, the Company recorded accelerated depreciation charges of $878 in the fiscal year ended December 30, 2012. All restructuring charges related to the closure of the Green Bay, Wisconsin research facility are recorded in the Birds Eye Frozen segment and in the Research and development line in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||
On April 15, 2011, the Company announced plans to consolidate the Birds Eye Frozen Division’s Fulton, NY plant operations into its Darien, WI and Waseca, MN facilities in order to locate vegetable processing closer to the crop-growing region and thus reduce the related freight costs. In connection with this project, the Company made significant capital investments in its Darien, WI and Waseca, MN plants. The Company recorded accelerated depreciation costs of $0 and $2,324 in the three and nine months ended September 23, 2012, respectively. All restructuring charges related to the closure of the Fulton, NY plant were recorded in the Birds Eye Frozen Division and in the Cost of products sold line in the Consolidated Statements of Operations. Severance costs were accrued in the second quarter of 2011 and payments were substantially completed in the third quarter of 2012. On January 9, 2013, the sale of the Fulton location was finalized for total net proceeds of $874. | Fulton, New York Plant | |||||||||||||||||||||||||||||||||||||
On April 15, 2011, the Company announced plans to consolidate the Birds Eye Frozen segment’s Fulton, New York plant operations into its Darien, Wisconsin and Waseca, Minnesota facilities in order to locate vegetable processing closer to the crop-growing region and thus reduce the related freight costs. In connection with this project, the Company made significant capital investments in its Darien, Wisconsin and Waseca, Minnesota plants. The Company recorded termination costs of $1,680 in the fiscal year ended December 25, 2011. In addition, the Company recorded accelerated depreciation costs of $2,550 and $9,295 in the fiscal years ended December 30, 2012 and December 25, 2011, respectively. All restructuring charges related to the closure of the Fulton, New York plant are recorded in the Birds Eye Frozen segment and in the Cost of products sold line in the Consolidated Statements of Operations. Severance payments were substantially completed in the third quarter of 2012. The Fulton facility was sold in January 2013. | ||||||||||||||||||||||||||||||||||||||
Tacoma, WA Plant | Tacoma, Washington Plant | |||||||||||||||||||||||||||||||||||||
On December 3, 2010, in an effort to improve its supply chain operations, the Company announced the closure of the Tacoma, WA plant and the consolidation of production into its Fort Madison, IA plant. The Company recorded accelerated depreciation costs of $0 and $307 in the three and nine months ended September 23, 2012, respectively. All restructuring charges related to the closure of the Tacoma, WA plant were recorded in the Duncan Hines Grocery Division and in the Cost of products sold line in the Consolidated Statements of Operations. Severance costs were accrued in the fourth quarter of 2010 and payments were substantially completed in the second quarter of 2012. The Company’s Tacoma, WA location was sold in July 2013 for total net proceeds of $5.1 million. | On December 3, 2010, in an effort to improve its supply chain operations, the Company announced the closure of the Tacoma, Washington plant and the consolidation of production into its Fort Madison, Iowa plant. The Company recorded termination costs of $30 and $1,533 in the fiscal years ended and December 25, 2011 and December 26, 2010, respectively. In addition to termination benefits, the Company recorded asset retirement obligations of $1,026 at Tacoma in the fiscal year ended December 26, 2010, which were capitalized and depreciated over the remaining useful life of the plant. In the fiscal year ended December 25, 2011, the Company recorded additional asset retirement obligation expenses of $523, which were expensed immediately. The Company recorded asset impairment charges of $1,286 in the fiscal year ended December 25, 2011 upon ceasing use of the facility at the end of the second quarter of 2011. The Company recorded accelerated depreciation costs of $307 and $4,782 in the fiscal years ended December 30, 2012 and December 25, 2011, respectively. All restructuring charges related to the closure of the Tacoma, Washington plant are recorded in the Duncan Hines Grocery segment and in the Cost of products sold line in the Consolidated Statements of Operations. Severance payments were substantially completed in the second quarter of 2012. | |||||||||||||||||||||||||||||||||||||
The following table summarizes total restructuring charges accrued as of September 29, 2013. | Rochester, New York Office | |||||||||||||||||||||||||||||||||||||
The Rochester, New York office was the former headquarters of Birds Eye Foods, Inc., which was acquired by the Company on December 23, 2009. In connection with the consolidation of activities into the Company’s New Jersey offices, the Rochester office was closed in December 2010. Notification letters under the Worker Adjustment and Retraining Notification Act of 1988 were issued in the first quarter of 2010. Activities related to the closure of the Rochester office began in the second quarter of 2010 and resulted in the elimination of approximately 200 positions. In addition, the Company recognized lease termination costs in 2010 due to the discontinuation of use of the Birds Eye Foods’ corporate headquarters. | ||||||||||||||||||||||||||||||||||||||
Description | Balance, | Expense | Payments | Balance, | The total cost of termination benefits recorded in the Administrative expenses line on the Consolidated Statements of Operations for the fiscal year ended December 26, 2010 was $11,393 and was recorded in the segments as follows: $8,052 in the Birds Eye Frozen segment, $2,076 in the Duncan Hines Grocery segment and $1,265 in the Specialty Foods segment. | |||||||||||||||||||||||||||||||||
December 30, | September 29, | In addition to the termination benefits, the Company recorded net lease termination costs of $1,206 for the fiscal year ended December 26, 2010 related to vacating the Birds Eye Foods’ Corporate headquarters prior to the expiration of the lease. | ||||||||||||||||||||||||||||||||||||
2012 | 2013 | The following table summarizes total restructuring charges accrued as of December 30, 2012. | ||||||||||||||||||||||||||||||||||||
Facility shutdowns | $ | 2,796 | $ | — | $ | (1,030 | ) | $ | 1,766 | |||||||||||||||||||||||||||||
Contract termination and other fees | 5,833 | — | (5,833 | ) | — | |||||||||||||||||||||||||||||||||
Employee severance | 1,851 | — | (1,407 | ) | 444 | Description | Balance, | Expense | Other | Payments | Balance, | |||||||||||||||||||||||||||
December 26, | increases | December 25, | ||||||||||||||||||||||||||||||||||||
Total | $ | 10,480 | $ | — | $ | (8,270 | ) | $ | 2,210 | 2010 | 2011 | |||||||||||||||||||||||||||
Facility shutdowns | $ | 1,851 | $ | 523 | $ | — | $ | (1,173 | ) | $ | 1,201 | |||||||||||||||||||||||||||
Employee severance | 6,096 | 1,710 | — | (4,931 | ) | 2,875 | ||||||||||||||||||||||||||||||||
Total | $ | 7,947 | $ | 2,233 | $ | — | $ | (6,104 | ) | $ | 4,076 | |||||||||||||||||||||||||||
Description | Balance, | Expense | Other | Payments | Balance, | |||||||||||||||||||||||||||||||||
December 25, | increases | December 30, | ||||||||||||||||||||||||||||||||||||
2011 | 2012 | |||||||||||||||||||||||||||||||||||||
Facility shutdowns | $ | 1,201 | $ | 958 | $ | 776 | (1) | $ | (139 | ) | $ | 2,796 | ||||||||||||||||||||||||||
Contract termination and other fees | — | 6,483 | — | (650 | ) | 5,833 | ||||||||||||||||||||||||||||||||
Employee severance | 2,875 | 2,687 | — | (3,711 | ) | 1,851 | ||||||||||||||||||||||||||||||||
Total | $ | 4,076 | $ | 10,128 | $ | 776 | $ | (4,500 | ) | $ | 10,480 | |||||||||||||||||||||||||||
-1 | Consists of asset retirement obligations primarily at the Millsboro, Delaware plant. |
Debt_and_Interest_Expense
Debt and Interest Expense | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Debt and Interest Expense | ' | ' | ||||||||||||||||||||||||||||||||||||||||
9. Debt and Interest Expense | 9. Debt and Interest Expense | |||||||||||||||||||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | |||||||||||||||||||||||||||||||||||||||||
—Notes payable | $ | 1,065 | $ | 2,139 | —Notes payable | $ | 2,139 | $ | 1,708 | |||||||||||||||||||||||||||||||||
Total short-term borrowings | $ | 1,065 | $ | 2,139 | Total short-term borrowings | $ | 2,139 | $ | 1,708 | |||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | |||||||||||||||||||||||||||||||||||||||||
—Senior Secured Credit Facility—Tranche B Non Extended Term Loans due 2014 | $ | — | $ | 243,264 | —Senior Secured Credit Facility—Tranche B Non Extended Term Loans due 2014 | $ | 243,264 | $ | 1,196,875 | |||||||||||||||||||||||||||||||||
—Senior Secured Credit Facility—Tranche B Extended Term Loans due 2016 | — | 637,906 | —Senior Secured Credit Facility—Tranche B Extended Term Loans due 2016 | 637,906 | — | |||||||||||||||||||||||||||||||||||||
—Senior Secured Credit Facility—Tranche E Term Loans due 2018 | — | 398,000 | —Senior Secured Credit Facility—Tranche D Term Loans due 2014 | — | 313,194 | |||||||||||||||||||||||||||||||||||||
—Senior Secured Credit Facility—Tranche F Term Loans due 2018 | — | 448,875 | —Senior Secured Credit Facility—Tranche E Term Loans due 2018 | 398,000 | — | |||||||||||||||||||||||||||||||||||||
—Senior Secured Credit Facility—Tranche G Term Loans due 2020 | 1,625,925 | — | —Senior Secured Credit Facility—Tranche F Term Loans due 2018 | 448,875 | — | |||||||||||||||||||||||||||||||||||||
—4.875% Senior Notes due 2021 | 350,000 | — | —9.25% Senior Notes due 2015 | 465,000 | 625,000 | |||||||||||||||||||||||||||||||||||||
—9.25% Senior Notes due 2015 | — | 465,000 | —8.25% Senior Notes due 2017 | 400,000 | 400,000 | |||||||||||||||||||||||||||||||||||||
—8.25% Senior Notes due 2017 | — | 400,000 | —10.625% Senior Subordinated Notes due 2017 | — | 199,000 | |||||||||||||||||||||||||||||||||||||
—Unamortized discount on long term debt | (8,188 | ) | (7,230 | ) | —Unamortized discount on long term debt | (7,230 | ) | (2,712 | ) | |||||||||||||||||||||||||||||||||
—Capital lease obligations | 20,606 | 20,990 | —Capital lease obligations | 20,990 | 22,954 | |||||||||||||||||||||||||||||||||||||
1,988,343 | 2,606,805 | 2,606,805 | 2,754,311 | |||||||||||||||||||||||||||||||||||||||
Less: current portion of long-term obligations | 19,436 | 30,419 | Less: current portion of long-term obligations | 30,419 | 15,661 | |||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 1,968,907 | $ | 2,576,386 | Total long-term debt | $ | 2,576,386 | $ | 2,738,650 | |||||||||||||||||||||||||||||||||
Interest expense | Three months ended | Nine months ended | Fiscal year | |||||||||||||||||||||||||||||||||||||||
September 29, | September 23, | September 29, | September 23, | Interest expense | December 30, | December 25, | December 26, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||
Interest expense, third party | $ | 18,318 | $ | 37,972 | $ | 79,497 | $ | 118,021 | Interest expense, third party | $ | 158,557 | $ | 165,611 | $ | 179,209 | |||||||||||||||||||||||||||
Related party interest expense (Note 13) | 411 | 665 | 1,337 | 2,751 | Related party interest expense (Note 13) | 3,330 | 6,172 | 4,996 | ||||||||||||||||||||||||||||||||||
Amortization of debt acquisition costs (Note 7) | 623 | 1,910 | 3,378 | 6,745 | Amortization of debt acquisition costs (Note 7) | 8,585 | 11,062 | 13,541 | ||||||||||||||||||||||||||||||||||
Write-off of debt acquisition costs (Note 7) | — | 2,641 | 12,725 | 8,091 | Write-off of debt acquisition costs (Note 7) | 8,091 | — | 11,633 | ||||||||||||||||||||||||||||||||||
Write-off of loan discount | — | — | 2,182 | 1,864 | Write-off of loan discount | 1,864 | — | 5,648 | ||||||||||||||||||||||||||||||||||
Financing costs (Note 7) | — | — | 4,762 | 7,526 | Financing costs (Note 7) | 7,526 | — | — | ||||||||||||||||||||||||||||||||||
Amortization of deferred mark-to-market adjustment on terminated swaps (Note 11) | — | — | — | 444 | Amortization of deferred mark-to-market adjustment on terminated swaps (Note 11) | 444 | 2,119 | 3,295 | ||||||||||||||||||||||||||||||||||
Interest rate swap losses (Note 11) | 243 | 1,274 | 3,997 | 9,159 | Interest rate swap losses (Note 11) | 10,087 | 23,355 | 17,682 | ||||||||||||||||||||||||||||||||||
Total interest expense | $ | 19,595 | $ | 44,462 | $ | 107,878 | $ | 154,601 | Total interest expense | $ | 198,484 | $ | 208,319 | $ | 236,004 | |||||||||||||||||||||||||||
Senior Secured Credit Facility | Senior Secured Credit Facility | |||||||||||||||||||||||||||||||||||||||||
On April 3, 2013, the Company completed its IPO which is further described in Note 1. A portion of the proceeds was used to redeem the entire $465.0 million in aggregate principal amount of Pinnacle Foods Finance’s 9.25% Senior Notes at a redemption price of 100.0%. This is explained in greater detail under the section titled, “Senior Notes and Senior Subordinated Notes.” The remaining net proceeds, together with cash on hand, was used to repay $202.0 million of the Tranche B Non-Extended Term Loans. | On August 30, 2012, as part of the September 2012 Refinancing, PFF, an indirect subsiary of the Company, entered into the first amendment to the amended and restated Senior Secured Credit Facility (as amended, the “Senior Secured Credit Facility”), which provided for incremental term loans in the amount of $450.0 million (the “Tranche F Term Loans”). PFF used proceeds from the Tranche F Term Loans to pay off $300.0 million of the aggregate principle amount of Tranche B Non Extended Term Loans due 2014. | |||||||||||||||||||||||||||||||||||||||||
On April 29, 2013, (the “April 2013 Refinancing”), Pinnacle Foods Finance, entered into the second amendment to the amended and restated Senior Secured Credit Facility, which provided for a seven year term loan facility in the amount of $1,630.0 million (the “Tranche G Term Loans”) and replaced the existing revolving credit facility with a new five year $150.0 million revolving credit facility. Additionally, Pinnacle Foods Finance issued $350.0 million aggregate principal amount of 4.875% Senior Notes (the “4.875% Senior Notes”) due 2021. | On September 20, 2012 PFF redeemed $150.0 million aggregate principle amount of its 9.25% Senior Notes due 2015 using proceeds from the Tranche F Term Loans. This is explained in greater detail under the section titled, “Senior Notes and Senior Subordinated Notes.” | |||||||||||||||||||||||||||||||||||||||||
As a result of the April 2013 Refinancing, Pinnacle Foods Finance used a portion of the proceeds from the Tranche G Term Loans and the 4.875% Senior Notes issuance to (i) repay all existing indebtedness outstanding under the then existing Senior Secured Credit Facility, consisting of (a) $38.1 million of Tranche B Non-Extended Term Loans, (b) $634.7 million of Tranche B Extended Term Loans, (c) $396.0 million of Tranche E Term Loans and (d) $446.6 million of Tranche F Term Loans and (ii) redeem $400.0 million in aggregate principal amount of Pinnacle Foods Finance’s 8.25% Senior Notes due 2017 at a redemption price of 108.5%. | In connection with the refinancing, the Company incurred deferred financing fees which are explained in detail in Note 7 to the Consolidated Financial Statements, “Goodwill, Tradenames and Other Assets.” Also, the Company incurred $3.4 million of original issue discount on its new Tranche F Term Loans. | |||||||||||||||||||||||||||||||||||||||||
In connection with the April 2013 Refinancing, Pinnacle Foods Finance incurred deferred financing fees which are detailed in Note 7 to the Consolidated Financial Statements, “Goodwill, Tradenames and Other Assets.” Also, Pinnacle Foods Finance incurred $4,075 of original issue discount on the new Tranche G Term Loans, and wrote off $2,182 of existing original issue discount. | The stated maturity date of the Tranche F Term Loans is October 17, 2018. However, the maturity date would be accelerated as follows: | |||||||||||||||||||||||||||||||||||||||||
The stated maturity dates are: April 29, 2020 for the Tranche G Loans, and April 29, 2018 for the revolving credit facility. | ||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Finance’s borrowings under the Senior Secured Credit Facility, bear interest at a floating rate and are maintained as base rate loans or as eurocurrency rate loans. Base rate loans bear interest at the base rate plus the applicable base rate margin, as described in the Senior Secured Credit Facility. The base rate is defined as the highest of (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus 1/2 of 1% and (iii) the eurocurrency rate that would be payable on such day for a eurocurrency rate loan with a one-month interest period plus 1%. Eurocurrency rate loans bear interest at the adjusted eurocurrency rate plus the applicable eurocurrency rate margin, as described in the Senior Secured Credit Facility. The eurocurrency rate is determined by reference to the British Bankers Association “BBA” LIBOR rate for the interest period relevant to such borrowing. With respect to Tranche G Term Loans, the eurocurrency rate shall be no less than 0.75% per annum and the base rate shall be no less than 1.75% per annum. The interest rate margin for Tranche G Term Loans under the Senior Secured Credit Facility is 1.50%, in the case of the base rate loans and 2.50%, in the case of eurocurrency rate loans. The margin is subject to a 25 basis point step down upon achievement by Pinnacle Foods Finance of a total net leverage ratio of less than 4.25:1.0. | • | if more than $150.0 million of the 9.25% Senior Notes are outstanding on December 31, 2014, then the maturity date of the Tranche F Term Loans would be December 31, 2014; or | ||||||||||||||||||||||||||||||||||||||||
The obligations under the Senior Secured Credit Facility are unconditionally and irrevocably guaranteed by Peak Finance Holdings LLC, any subsidiary of Peak Finance Holdings LLC that directly or indirectly owns 100% of the issued and outstanding equity interests of Pinnacle Foods Finance, subject to certain exceptions, each of Pinnacle Foods Finance’s direct or indirect material domestic subsidiaries (collectively, the “Guarantors”) and by the Company effective with the April 2013 refinancing. In addition, subject to certain exceptions, borrowings under the Senior Secured Credit Facility are secured by first priority or equivalent security interests in (i) all the capital stock of, or other equity interests in, each direct or indirect domestic subsidiary of Pinnacle Foods Finance and 65% of the capital stock of, or other equity interests in, each direct foreign subsidiary of Pinnacle Foods Finance, or any of its material domestic wholly-owned subsidiaries and (ii) certain tangible and intangible assets of Pinnacle Foods Finance and those of the Guarantors (subject to certain exceptions and qualifications). | ||||||||||||||||||||||||||||||||||||||||||
The total combined amount of the Senior Secured Credit Facility Loans that were owed to affiliates of Blackstone as of September 29, 2013 and December 30, 2012, was $48,004 and $63,097, respectively. | • | if more than $150.0 million of the 8.25% Senior Notes are outstanding on June 2, 2017, then the maturity date of the Tranche F Term Loans would be June 2, 2017. | ||||||||||||||||||||||||||||||||||||||||
As of September 29, 2013 and December 30, 2012 there were no borrowings outstanding under the revolving credit facility, except in respect of letters of credit as set forth below, however, the eurocurrency rate would have been 2.68% and 3.71% as of such dates. For the three and nine months ended September 29, 2013, the weighted average interest rate on the term loan components of the Senior Secured Credit Facility was 3.25% and 3.63%, respectively. For the three and nine months ended September 23, 2012, the weighted average interest rate on the term loan components of the Senior Secured Credit Facility was 3.75% and 3.63%, respectively. As of September 29, 2013 and December 30, 2012 the eurocurrency interest rate on the term loan facilities was 3.25% and 4.08%, respectively. | On April 17, 2012, as part of the April 2012 Refinancing, PFF entered into an amendment and restatement of the Senior Secured Credit Facility. The Senior Secured Credit Facility provides for (i) an extension of the maturity date of a portion of the existing term loan B facility (the “Tranche B Extended Term Loans”) in the initial amount of $641.1 million, while a portion of the existing term loan B facility (the “Tranche B Non Extended Term Loans”) in the initial amount of $550.0 million retained their original terms, (ii) the issuance of a new term loan E facility (the “Tranche E Term Loans”) in the initial amount of $400.0 million, and (iii) the replacement of the existing revolving credit facility with a new $150.0 million revolving credit facility (the “Revolving Credit Facility”). The Senior Secured Credit Facility, as well as the indentures covering the various notes referenced below, subject the Company to various financial and non-financial covenants. The Company used proceeds from the Tranche E Term Loans to pay off all of its outstanding balance of $313.2 million aggregate principal amount of Tranche D Term Loans. | |||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Finance pays a fee for all outstanding letters of credit drawn against the revolving credit facility at an annual rate equivalent to the applicable eurocurrency rate margin then in effect under the revolving credit facility, plus the fronting fee payable in respect of the applicable letter of credit. The fronting fee is equal to 0.125% per annum of the daily maximum amount then available to be drawn under such letter of credit. The fronting fees are computed on a quarterly basis in arrears. Total letters of credit issued under the revolving credit facility cannot exceed $50,000. As of September 29, 2013 and December 30, 2012, Pinnacle Foods Finance had utilized $29,030 and $33,453, respectively of the revolving credit facility for letters of credit. As of September 29, 2013 and December 30, 2012, respectively, there was $120,970 and $116,547 of borrowing capacity under the revolving credit facility, of which $20,970 and $16,547 was available to be used for letters of credit. | On April 19, 2012, PFF redeemed all $199.0 million aggregate principal amount of its outstanding 10.625% Senior Subordinated Notes using proceeds from the Tranche E Term Loans along with available cash. This is explained in greater detail under the section titled, “Senior Notes and Senior Subordinated Notes.” | |||||||||||||||||||||||||||||||||||||||||
Under the terms of the Senior Secured Credit Facility, Pinnacle Foods Finance is required to use 50% of its “Excess Cash Flow” to prepay the term loans under the Senior Secured Credit Facility (which percentage will be reduced to 25% at a total leverage ratio of between 4.50 and 5.49 and to 0% at a total leverage ratio below 4.50). As of September 29, 2013, Pinnacle Foods Finance had a total leverage ratio of 4.75 (proforma adjusted for the Wish-Bone acquisition in compliance with the terms of the Senior Secured Credit Facility). See the “Liquidity and Capital Resources” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations for further details. Excess Cash Flow is defined as consolidated net income (as defined), as adjusted for certain items, including (1) all non-cash charges and credits included in arriving at consolidated net income, (2) changes in working capital, (3) capital expenditures (to the extent they were not financed with debt), (4) the aggregate amount of principal payments on indebtedness and (5) certain other items defined in the Senior Secured Credit Facility. For the 2012 reporting year, Pinnacle Foods Finance determined that there were no amounts due under the Excess Cash Flow requirements of the Senior Secured Credit Facility. In December 2013, Pinnacle Foods Finance will determine if amounts are due under the Excess Cash Flow requirements of the Senior Secured Credit Facility for the 2013 reporting year. | ||||||||||||||||||||||||||||||||||||||||||
In connection with the refinancing, the Company incurred deferred financing fees which are explained in detail in Note 7 to the Consolidated Financial Statements, “Goodwill, Tradenames and Other Assets.” Also, the Company incurred $4.0 million of original issue discount on its new Tranche E Term Loans. | ||||||||||||||||||||||||||||||||||||||||||
The term loans under the Senior Secured Credit Facility mature in quarterly installments of 0.25% of their aggregate funded total principal amount. The aggregate maturities of the Tranche G Term Loans outstanding as of September 29, 2013 are $4.1 million in the remainder of 2013, $16.3 million in 2014, $16.3 million in 2015, $16.3 million in 2016, $20.4 million in 2017 and $1,552.6 million thereafter. | The stated maturity dates are: April 2, 2014 for the Tranche B Non Extended Term Loans, October 2, 2016 for the Tranche B Extended Term Loans, October 17, 2018 for the Tranche E Term Loans, and April 17, 2017 for the Revolving Credit Facility. | |||||||||||||||||||||||||||||||||||||||||
Pursuant to the terms of the Senior Secured Credit Facility, Pinnacle Foods Finance is required to maintain a ratio of Net First Lien Secured Debt to Adjusted EBITDA of no greater than 5.75 to 1.00. Net First Lien Secured Debt is defined as aggregate consolidated secured indebtedness, less the aggregate amount of all unrestricted cash and cash equivalents. In addition, under the Senior Secured Credit Facility and the indenture governing the Senior Notes, Pinnacle Foods Finance’s ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to the Senior Secured Leverage Ratio (which is currently the same as the ratio of Net First Lien Secured Debt to Adjusted EBITDA described above), in the case of the Senior Secured Credit Facility, or to the ratio of Adjusted EBITDA to fixed charges for the most recently concluded four consecutive fiscal quarters, in the case of the Senior Notes. The Senior Secured Credit Facility also permits restricted payments up to an aggregate amount of (together with certain other amounts) the greater of $50 million and 2% of Pinnacle Foods Finance’s consolidated total assets, so long as no default has occurred and is continuing and its pro forma Senior Secured Leverage Ratio would be no greater than 4.25 to 1.00. As of September 29, 2013 the Company is in compliance with all covenants and other obligations under the Senior Secured Credit Facility and the indenture governing the Senior Notes. | However, the maturity dates would be accelerated as follows: | |||||||||||||||||||||||||||||||||||||||||
Senior Notes and Senior Subordinated Notes | ||||||||||||||||||||||||||||||||||||||||||
On April 3, 2013, the Company completed its IPO which is further described in Note 1. A portion of the proceeds was used to redeem the entire $465.0 million in aggregate principal amount of Pinnacle Foods Finance’s 9.25% Senior Notes at a redemption price of 100.0%. | • | if more than $150.0 million of the Tranche B Non Extended Term Loans are outstanding on January 3, 2014, the Revolving Credit Facility would expire January 3, 2014; | ||||||||||||||||||||||||||||||||||||||||
On April 29, 2013, as part of the April 2013 Refinancing, Pinnacle Foods Finance, an indirect subsidiary of the Company, issued $350.0 million aggregate principal amount of 4.875% Senior Notes (the “4.875% Senior Notes”) due 2021. | ||||||||||||||||||||||||||||||||||||||||||
As a result of the April 2013 Refinancing, Pinnacle Foods Finance used a portion of the proceeds from the Tranche G Term Loans and the 4.875% Senior Notes issuance to redeem $400.0 million in aggregate principal amount of Pinnacle Foods Finance’s 8.25% Senior Notes due 2017 at a redemption price of 108.5%. | • | if more than $150.0 million of the 9.25% Senior Notes are outstanding on December 31, 2014, then the maturity dates of the Tranche B Extended Term Loans, the Tranche E Term Loans and the Revolving Credit Facility would be December 31, 2014; | ||||||||||||||||||||||||||||||||||||||||
The 4.875% Senior Notes are general unsecured obligations of Pinnacle Foods Finance, effectively subordinated in right of payment to all existing and future senior secured indebtedness of Pinnacle Foods Finance and guaranteed on a full, unconditional, joint and several basis by Pinnacle Foods Finance’s wholly-owned domestic subsidiaries that guarantee other indebtedness of Pinnacle Foods Finance. See Note 17 for the condensed Consolidated Financial Statements for Guarantor and Nonguarantor Financial Statements. | ||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Finance may redeem some or all of the 4.875% Senior Notes at any time prior to May 1, 2016 at a price equal to 100% of the principal amount of notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date, subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date. The “Applicable Premium” is defined as the greater of (1) 1.0% of the principal amount of such note and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of such 4.875% Senior Notes at May 1, 2016, plus (ii) all required interest payments due on such 4.875% Senior Notes through May 1, 2016 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the treasury rate plus 50 basis points over (b) the principal amount of such note. | • | if more than $150.0 million of the Tranche B Extended Term Loans are outstanding on July 3, 2016, the Revolving Credit Facility would expire July 3, 2016; or | ||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Finance may redeem the 4.875% Senior Notes at the redemption prices listed below, if redeemed during the twelve-month period beginning on May 1st of each of the years indicated below: | • | if more than $150.0 million of the 8.25% Senior Notes are outstanding on June 2, 2017, then the maturity dates of the Tranche E Term Loans and the Revolving Credit Facility would be June 2, 2017. | ||||||||||||||||||||||||||||||||||||||||
There were no borrowings outstanding under the Revolving Credit Facility as of December 30, 2012 and December 25, 2011. | ||||||||||||||||||||||||||||||||||||||||||
The total combined amount of the Senior Secured Credit Facility Loans that were owed to affiliates of Blackstone as of December 30, 2012 and December 25, 2011, was $63,097 and $121,992, respectively. | ||||||||||||||||||||||||||||||||||||||||||
4.875% Senior Notes | The Company’s borrowings under the Senior Secured Credit Facility, bear interest at a floating rate and are maintained as base rate loans or as Eurocurrency rate loans. Base rate loans bear interest at the base rate plus the applicable base rate margin, as defined in the Senior Secured Credit Facility. The base rate is defined as the highest of (i) the prime rate (ii) the Federal Reserve reported overnight funds rate plus 1/2 of 1% and the Eurocurrency rate that would be payable on such day for a Eurocurrency rate loan with a one-month interest period plus 1.0%. Eurocurrency rate loans bear interest at the adjusted Eurocurrency rate, as described in the Senior Secured Credit Facility, plus the applicable Eurocurrency rate margin. With respect to Tranche E Term Loans and Tranche F Term Loans, the Eurocurrency rate shall be no less than 1.25% per annum and the base rate shall be no less than 2.25% per annum. | |||||||||||||||||||||||||||||||||||||||||
Year | Percentage | The applicable margins with respect to the Company’s Senior Secured Credit Facility vary from time to time in accordance with the terms thereof and agreed upon pricing grids based on the Company’s leverage ratio as defined in the credit agreement. The applicable margins with respect to the Senior Secured Credit Facility as of December 30, 2012 were: | ||||||||||||||||||||||||||||||||||||||||
2016 | 103.656 | % | Applicable Margin (per annum) | |||||||||||||||||||||||||||||||||||||||
2017 | 102.438 | % | ||||||||||||||||||||||||||||||||||||||||
2018 | 101.219 | % | ||||||||||||||||||||||||||||||||||||||||
2019 and thereafter | 100 | % | Revolving Credit Facility and Letters of Credit | Tranche B Non Extended Term Loans | Tranche B Extended Term Loans | |||||||||||||||||||||||||||||||||||||
In addition, until May 1, 2016, Pinnacle Foods Finance may redeem up to 35% of the aggregate principal amount of the 4.875% Senior Notes at a redemption price equal to 104.875% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, subject to the right of holders of the 4.875% Senior Notes of record on the relevant record date to receive interest due on the relevant interest payment date, with the net cash proceeds received by Pinnacle Foods Finance from one or more equity offerings; provided that (i) at least 50% of the aggregate principal amount of the 4.875% Senior Notes originally issued under the indenture remains outstanding immediately after the occurrence of each such redemption and (ii) each such redemption occurs within 120 days of the date of closing of each such equity offering. | Eurocurrency Rate | Base Rate | Commitment Fees | Eurocurrency Rate | Base Rate | Eurocurrency Rate | Base Rate | |||||||||||||||||||||||||||||||||||
As market conditions warrant, Pinnacle Foods Finance and its subsidiaries, affiliates or significant equity holders (including Blackstone and its affiliates) may from time to time, in its or their sole discretion, purchase, repay, redeem or retire any of Pinnacle Foods Finance’s outstanding debt or equity securities (including any publicly issued debt or equity securities), in privately negotiated or open market transactions, by tender offer, exchange offer or otherwise. | Rate | |||||||||||||||||||||||||||||||||||||||||
The estimated fair value of the Company’s long-term debt, including the current portion, as of September 29, 2013, is as follows: | 3.50% | 2.5 | % | 0.5 | % | 2.5 | % | 1.5 | % | 3.5 | % | 2.5 | % | |||||||||||||||||||||||||||||
Tranche E Term Loans | Tranche F Term Loans | |||||||||||||||||||||||||||||||||||||||||
September 29, 2013 | Eurocurrency Rate | Base Rate | Eurocurrency Rate | Base Rate | ||||||||||||||||||||||||||||||||||||||
Issue | Face Value | Fair Value | 3.5 | % | 2.5 | % | 3.5 | % | 2.5 | % | ||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche G Term Loans | 1,625,925 | 1,611,698 | ||||||||||||||||||||||||||||||||||||||||
4.875% Senior Notes | 350,000 | 325,500 | The obligations under the Senior Secured Credit Facility are unconditionally and irrevocably guaranteed by each of PFF’s direct or indirect material wholly-owned domestic subsidiaries (collectively, the “Guarantors”). In addition, the Senior Secured Credit Facility is collateralized by first priority or equivalent security interests in (i) all the capital stock of, or other equity interests in, each direct or indirect domestic subsidiary of PFF and 65% of the capital stock of, or other equity interests in, each material direct foreign subsidiary of PFF, or any of its domestic subsidiaries and (ii) certain tangible and intangible assets of PFF and those of the Guarantors (subject to certain exceptions and qualifications). | |||||||||||||||||||||||||||||||||||||||
A commitment fee of 0.50% per annum based on current leverage ratios is applied to the unused portion of the Revolving Credit Facility. There were revolver borrowings made during fiscal 2012, however, there were no revolver borrowings outstanding as of December 30, 2012 or during fiscal 2011 and fiscal 2010. As of December 30, 2012 and December 25, 2011, the Eurocurrency interest rate on the revolving credit facility would have been 3.71% and 2.79%, respectively. For the fiscal year ending December 30, 2012, the weighted average interest rate on the revolving credit facility calculated on the base rate was 3.72%. | ||||||||||||||||||||||||||||||||||||||||||
For the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010, the weighted average interest rate on the term loan components of the Senior Credit Facility were 3.76%, 3.51% and 4.44%, respectively. As of December 30, 2012 and December 25, 2011 the Eurocurrency interest rate on the term loan facilities was 4.08% and 3.46%, respectively. | ||||||||||||||||||||||||||||||||||||||||||
$1,975,925 | $ | 1,937,198 | The Company pays a fee for all outstanding letters of credit drawn against the Revolving Credit Facility at an annual rate equivalent to the Applicable Margin then in effect with respect to Eurodollar loans under the Revolving Credit Facility, less the fronting fee payable in respect of the applicable letter of credit. The fronting fee is equal to 0.125% per annum of the daily maximum amount then available to be drawn under such letter of credit. The fronting fees are computed on a quarterly basis in arrears. Total letters of credit issued under the Revolving Credit Facility cannot exceed $50,000. As of December 30, 2012 and December 25, 2011, the Company had utilized $33,453 and $33,568, respectively of the Revolving Credit Facility for letters of credit. As of December 30, 2012 and December 25, 2011, there were no borrowings under the Revolving Credit Facility. As of December 30, 2012 and December 25, 2011, respectively, there was $116,547 and $116,432 of borrowing capacity under the Revolving Credit Facility, of which $16,547 and $16,432 was available to be used for letters of credit. | |||||||||||||||||||||||||||||||||||||||
Under the terms of the Senior Secured Credit Facility, the Company is required to use 50% of its “Excess Cash Flow” to prepay the Senior Secured Credit Facility loans (which percentage will be reduced to 25% at a total leverage ratio of 4.50 to 5.49 and to 0% at a total leverage ratio below 4.50). Excess Cash Flow is defined as consolidated net income (as defined), as adjusted for certain items, including (1) all non-cash charges and credits included in arriving at consolidated net income, (2) changes in working capital, (3) capital expenditures (to the extent they were not financed with debt), (4) the aggregate amount of principal payments on indebtedness and (5) certain other items defined in the Senior Secured Credit Facility. In December 2011, the Company made voluntary prepayments on its Senior Secured Credit Facility of $55.0 million. As a result of this prepayment, no payment was due under the Excess Cash Flow requirements of Senior Secured Credit Facility for the 2011 reporting year. For the 2012 reporting year the Company determined that there are no amounts due under the Excess Cash Flow requirements of the Senior Secured Credit Facility. | ||||||||||||||||||||||||||||||||||||||||||
The estimated fair value of the Company’s long-term debt, including the current portion, as of December 30, 2012, is as follows: | The Senior Secured Credit Facility loans mature in quarterly 0.25% installments. The aggregate maturities of the Tranche B Non Extended Term Loans outstanding as of December 30, 2012 are $12.5 million in 2013 and $230.8 million in 2014. The aggregate maturities of the Tranche B Extended Term Loans outstanding as of December 30, 2012 are $6.4 million in 2013, $6.4 million in 2014, $6.4 million in 2015 and $618.6 million in 2016. The aggregate maturities of the Tranche E Term Loans outstanding as of December 30, 2012 are $4.0 million in 2013, $4.0 million in 2014, $4.0 million in 2015, $4.0 million in 2016, $5.0 million in 2017 and $377.0 million thereafter. The aggregate maturities of the Tranche F Term Loans outstanding as of December 30, 2012 are $4.5 million in 2013, $4.5 million in 2014, $4.5 million in 2015, $4.5 million in 2016, $5.6 million in 2017 and $425.3 million thereafter. | |||||||||||||||||||||||||||||||||||||||||
Pursuant to the terms of the Senior Secured Credit Facility, the Company is required to maintain a ratio of Net First Lien Secured Debt to Adjusted EBITDA of no greater than 5.25 to 1.00. Net First Lien Secured Debt is defined as aggregate consolidated secured indebtedness, less the aggregate amount of all unrestricted cash and cash equivalents. In addition, under the Senior Secured Credit Facility and the indentures governing the Senior Notes, the Company’s ability to engage in activities such as incurring additional indebtedness, making investments and paying dividends is tied to the Senior Secured Leverage Ratio (which is currently the same as the Net First Lien Secured Debt Ratio above), in the case of the Senior Secured Credit Facility, or to the ratio of Adjusted EBITDA to fixed charges for the most recently concluded four consecutive fiscal quarters, in the case of the Senior Notes. The Senior Secured Credit Facility also permits restricted payments up to an aggregate amount of (together with certain other amounts) the greater of $50 million and 2% of the Company’s consolidated total assets, so long as no default has occurred and is continuing and its senior secured leverage ratio would be no greater than 4.25 to 1.00. As of December 30, 2012 the Company is in compliance with all covenants and other obligations under the Senior Secured Credit Facility and the Senior Notes. | ||||||||||||||||||||||||||||||||||||||||||
December 30, 2012 | Senior Notes and Senior Subordinated Notes | |||||||||||||||||||||||||||||||||||||||||
Issue | Face Value | Fair Value | On April 2, 2007, PFF issued in the initial aggregate principal amounts of $325.0 million of 9.25% Senior Notes (the “Senior Notes”) due 2015, and $250.0 million of 10.625% Senior Subordinated Notes (the “Senior Subordinated Notes”) due 2017. On December 23, 2009, as part of the Birds Eye Foods Acquisition, PFF issued an additional $300.0 million of 9.25% Senior Notes due 2015 (the “Additional Senior Notes”). The Senior Notes and the Additional Senior Notes are collectively referred to herein as the 9.25% Senior Notes. On August 17, 2010, PFF issued $400.0 million of 8.25% Senior Notes due 2017 (the “8.25% Senior Notes”). | |||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche B Non Extended Term Loans | 243,264 | 244,480 | The 9.25% Senior Notes and the 8.25% Senior Notes are general unsecured obligations of PFF, effectively subordinated in right of payment to all existing and future senior secured indebtedness of PFF and guaranteed on a full, unconditional, joint and several basis by PFF’s wholly-owned domestic subsidiaries that guarantee other indebtedness of PFF. | |||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche B Extended Term Loans | 637,906 | 641,095 | On April 19, 2012, PFF redeemed all $199.0 million aggregate principal amount of its outstanding 10.625% Senior Subordinated Notes at a redemption price equal to 105.313% of the aggregate principal amount plus accrued and unpaid interest to the redemption date. The total redemption price was approximately $210.6 million, including accrued interest of $1.0 million. The premium of $10.6 million was recorded in Other expense (income) during the second quarter. The redemption was effected in accordance with the indenture governing the Senior Subordinated Notes pursuant to a notice dated March 20, 2012. PFF funded the redemption price for the Senior Subordinated Notes with the net proceeds of $82.8 million from the Tranche E Term Loans along with $127.8 million of available cash. | |||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche E Term Loans | 398,000 | 400,985 | On September 20, 2012, PFF redeemed $150.0 million aggregate principal amount of its outstanding 9.25% Senior Notes at a redemption price equal to 102.313% of the aggregate principal amount plus accrued and unpaid interest to the redemption date. The total redemption price was approximately $160.0 million, including accrued interest of $6.5 million. The premium of $3.5 million was recorded in Other expense (income) during the third quarter of 2012. The redemption was effected in accordance with the indenture governing the Senior Subordinated Notes pursuant to a notice dated August 21, 2012. PFF funded the redemption price for the Senior Subordinated Notes fully with the net proceeds from the Tranche F Term Loans. | |||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche F Term Loans | 448,875 | 452,242 | PFF may redeem some or all of the 8.25% Senior Notes at any time prior to September 1, 2013 at a price equal to 100% of the principal amount of notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date, subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date. The “Applicable Premium” is defined as the greater of (1) 1.0% of the principal amount of such note and (2) the excess, if any, of (a) the present value at such redemption date of (i) the redemption price of such 8.25% Senior Note at September 1, 2013, plus (ii) all required interest payments due on such 8.25% Senior Note through September 1, 2013 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the treasury rate plus 50 basis points over (b) the principal amount of such note. | |||||||||||||||||||||||||||||||||||||||
9.25% Senior Notes | 465,000 | 471,975 | ||||||||||||||||||||||||||||||||||||||||
8.25% Senior Notes | 400,000 | 427,000 | PFF currently may redeem the 9.25% Senior Notes, and in the future may redeem the 8.25% Senior Notes or the Senior Subordinated Notes, at the redemption prices listed below, if redeemed during the twelve-month periods of each of the years indicated below: | |||||||||||||||||||||||||||||||||||||||
$ | 2,593,045 | $ | 2,637,777 | |||||||||||||||||||||||||||||||||||||||
9.25% Senior Notes | 8.25% Senior Notes | |||||||||||||||||||||||||||||||||||||||||
The estimated fair values of the Company’s long-term debt are classified as Level 2 in the fair value hierarchy. The fair value is based on the quoted market price for such notes and borrowing rates currently available to the Company for loans with similar terms and maturities. | Year | Percentage | Year | Percentage | ||||||||||||||||||||||||||||||||||||||
1-Apr-12 | 102.313 | % | 1-Sep-13 | 106.188 | % | |||||||||||||||||||||||||||||||||||||
April 1, 2013 and thereafter | 100 | % | 1-Sep-14 | 104.125 | % | |||||||||||||||||||||||||||||||||||||
1-Sep-15 | 102.063 | % | ||||||||||||||||||||||||||||||||||||||||
September 1, 2016 and thereafter | 100 | % | ||||||||||||||||||||||||||||||||||||||||
In addition, until September 1, 2013, PFF may redeem up to 35% of the aggregate principal amount of the 8.25% Senior Notes at a redemption price equal to 108.25% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date, subject to the right of holders of the 8.25% Senior Notes of record on the relevant record date to receive interest due on the relevant interest payment date, with the net cash proceeds received by PFF from one or more equity offerings; provided that (i) at least 50% of the aggregate principal amount of the 8.25% Senior Notes originally issued under the indenture remains outstanding immediately after the occurrence of each such redemption and (ii) each such redemption occurs within 90 days of the date of closing of each such equity offering. | ||||||||||||||||||||||||||||||||||||||||||
As market conditions warrant, the Company and its subsidiaries, affiliates or significant equity holders (including Blackstone and its affiliates) may from time to time, in its or their sole discretion, purchase, repay, redeem or retire any of the Company’s outstanding debt or equity securities (including any publicly issued debt or equity securities), in privately negotiated or open market transactions, by tender offer, exchange offer or otherwise. | ||||||||||||||||||||||||||||||||||||||||||
The estimated fair value of the Company’s long-term debt, including the current portion, as of December 30, 2012, is as follows: | ||||||||||||||||||||||||||||||||||||||||||
December 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Issue | Face Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche B Non Extended Term Loans | $ | 243,264 | $ | 244,480 | ||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche B Extended Term Loans | 637,906 | 641,095 | ||||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche E Term Loans | 398,000 | 400,985 | ||||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche F Term Loans | 448,875 | 452,242 | ||||||||||||||||||||||||||||||||||||||||
9.25% Senior Notes | 465,000 | 471,975 | ||||||||||||||||||||||||||||||||||||||||
8.25% Senior Notes | 400,000 | 427,000 | ||||||||||||||||||||||||||||||||||||||||
$ | 2,593,045 | $ | 2,637,777 | |||||||||||||||||||||||||||||||||||||||
The estimated fair value of the Company’s long-term debt, including the current portion, as of December 25, 2011, is as follows: | ||||||||||||||||||||||||||||||||||||||||||
December 25, 2011 | ||||||||||||||||||||||||||||||||||||||||||
Issue | Face Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche B Term Loans | $ | 1,196,875 | $ | 1,169,945 | ||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche D Term Loans | 313,194 | 313,977 | ||||||||||||||||||||||||||||||||||||||||
9.25% Senior Notes | 625,000 | 642,188 | ||||||||||||||||||||||||||||||||||||||||
8.25% Senior Notes | 400,000 | 416,000 | ||||||||||||||||||||||||||||||||||||||||
10.625% Senior Subordinated Notes | 199,000 | 209,448 | ||||||||||||||||||||||||||||||||||||||||
$ | 2,734,069 | $ | 2,751,558 | |||||||||||||||||||||||||||||||||||||||
The estimated fair values of the Company’s long-term debt are classified as Level 2 in the fair value hierarchy. The fair value is based on the quoted market price for such notes and borrowing rates currently available to the Company for loans with similar terms and maturities. |
Pension_and_Retirement_Plans
Pension and Retirement Plans | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||
Pension and Retirement Plans | ' | ' | ||||||||||||||||||||||||||||||||
10. Pension and Retirement Plans | 10. Pension and Retirement Plans | |||||||||||||||||||||||||||||||||
The Company accounts for pension and retirement plans in accordance with the authoritative guidance for retirement benefit compensation. This guidance requires recognition of the funded status of a benefit plan in the statement of financial position. The guidance also requires recognition in accumulated other comprehensive earnings of certain gains and losses that arise during the period but are deferred under pension accounting rules. | The Company accounts for pension and retirement plans in accordance with the authoritative guidance for retirement benefit compensation. This guidance requires recognition of the funded status of a benefit plan in the statement of financial position. The guidance also requires recognition in accumulated other comprehensive earnings of certain gains and losses that arise during the period but are deferred under pension accounting rules. | |||||||||||||||||||||||||||||||||
The Company uses a measurement date for the pension benefit plans that coincides with its year end. | The Company uses a measurement date for the pension benefit plans that coincides with its year end. | |||||||||||||||||||||||||||||||||
The Company has two defined benefit plans (Pinnacle Foods Pension Plan and the Birds Eye Foods Pension Plan, both of which are frozen for future benefit accruals as of December 30, 2012), two qualified 401(k) plans, two non-qualified 40l(k) plans and participates in a multi-employer defined benefit plan. | The Company has two defined benefit plans (Pinnacle Foods Pension Plan and the Birds Eye Foods Pension Plan), which only cover union employees at our manufacturing locations and both of which are frozen for future benefit accruals as of December 30, 2012, two qualified 401(k) plans, two non-qualified 40l(k) plans and participates in a multi-employer defined benefit plan. | |||||||||||||||||||||||||||||||||
Pinnacle Foods Pension Plan | With reference to the two non-qualified 401(k) plans, one is the Birds Eye Foods non-qualified 401 (k) plan which was closed to new contributions on April 1, 2010. The second plan is the Pinnacle Foods Supplemental Savings Plan which was approved by the Compensation Committee of the Board of Directors on September 11, 2012 to become effective in 2013 and was adopted for the purpose of allowing all Company employees, regardless of compensation level, the opportunity to receive the same 3% match on total compensation (base salary plus bonus). | |||||||||||||||||||||||||||||||||
The Company maintains a non-contributory defined benefit pension plan (the “Pinnacle Foods Pension Plan”) that covers eligible union employees and provides benefits generally based on years of service and employees’ compensation. The plan is frozen for future benefits. The Pinnacle Foods Pension Plan is funded in conformity with the funding requirements of applicable government regulations. Plan assets consist principally of cash equivalents, equity and fixed income common collective trusts. Plan assets do not include any of the Company’s own equity or debt securities. | During fiscal 2012, the Company changed investment managers for the Pinnacle Foods Pension Plan and the Birds Eye Pension Plan to Mercer Investment Management, Inc. Funds under the control of the previous investment managers were liquidated successfully and invested in Mercer common and collective trust funds. | |||||||||||||||||||||||||||||||||
The following represents the components of net periodic (benefit) cost: | Pinnacle Foods Pension Plan | |||||||||||||||||||||||||||||||||
The Company maintains a non-contributory defined benefit pension plan (the “Pinnacle Foods Pension Plan”) that covers eligible union employees and provides benefits generally based on years of service and employees’ compensation. The Pinnacle Foods Pension Plan is funded in conformity with the funding requirements of applicable government regulations. Plan assets consist principally of cash equivalents, equity and fixed income common collective trusts. Plan assets do not include any of the Company’s own equity or debt securities. | ||||||||||||||||||||||||||||||||||
We recorded a curtailment gain of $3,310 in the fiscal year ending December 30, 2012 which decreased Accrued pension benefits and Accumulated other comprehensive income that was the result of a new collective bargaining agreement at our Fayetteville, Arkansas plant and the closure of our Millsboro, Delaware plant. In 2010, pension benefits at our Imlay City, Michigan location were frozen and this resulted in a curtailment gain of $2,646 that was recognized in accumulated other comprehensive income during the second quarter of 2010 and a related $992 curtailment loss that was recognized in Cost of products sold. As of December 30, 2012, the Pinnacle Foods Pension Plan is frozen. | ||||||||||||||||||||||||||||||||||
Pinnacle Foods Pension Plan | ||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | The following table reconciles the changes in our benefit obligation: | ||||||||||||||||||||||||||||||||
Pension Benefits | September 29, | September 23, | September 29, | September 23, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Service cost | $ | 52 | $ | 277 | $ | 52 | $ | 832 | Pinnacle Foods Pension | |||||||||||||||||||||||||
Interest cost | 1,092 | 1,028 | 3,006 | 3,085 | Plan Pension Benefits | |||||||||||||||||||||||||||||
Expected return on assets | (1,084 | ) | (1,089 | ) | (3,334 | ) | (3,267 | ) | Fiscal year ended | |||||||||||||||||||||||||
Amortization of: | December 30, 2012 | December 25, 2011 | December 26, 2010 | |||||||||||||||||||||||||||||||
Prior service cost | — | 10 | — | 31 | Change in Benefit Obligation | |||||||||||||||||||||||||||||
Actuarial loss | 181 | 447 | 542 | 1,340 | Net benefit obligation at beginning of the period | $ | 91,660 | $ | 83,814 | $ | 78,740 | |||||||||||||||||||||||
Service cost | 786 | 893 | 1,228 | |||||||||||||||||||||||||||||||
Net periodic cost | $ | 241 | $ | 673 | $ | 266 | $ | 2,021 | Interest cost | 4,081 | 4,263 | 4,558 | ||||||||||||||||||||||
Actuarial loss | 9,460 | 7,388 | 6,173 | |||||||||||||||||||||||||||||||
Cash Flows | Gross benefits paid | (4,922 | ) | (4,698 | ) | (4,239 | ) | |||||||||||||||||||||||||||
Contributions. Due to changes in Federal laws passed in July 2012 governing pension funding requirements, our required payments for pension funding are lower in fiscal 2013 than they were in fiscal 2012. In fiscal 2013, the Company expects to make contributions of $2.7 million to the Pinnacle Foods Pension Plan, of which minimum required payments of $1.2 million and $2.0 million were made in the three and nine months ended September 29, 2013, respectively. The Company made contributions to the pension plan totaling $4.1 million in fiscal 2012, of which $1.7 million and $3.6 million were made in the three and nine months ended September 23, 2012, respectively. | Curtailment gain | (3,310 | ) | — | (2,646 | ) | ||||||||||||||||||||||||||||
Birds Eye Foods Pension Plan | ||||||||||||||||||||||||||||||||||
The Company’s Birds Eye Foods Pension Plan (the “Birds Eye Foods Pension Plan”) consists of hourly and salaried employees and has primarily non-contributory defined-benefit schedules. The plan is frozen for future benefits. | Net benefit obligation at end of the period | 97,755 | 91,660 | 83,814 | ||||||||||||||||||||||||||||||
The Company acquired an Excess Benefit Retirement Plan from Birds Eye Foods (“EBRP”), which serves to provide employees with the same retirement benefit they would have received from Birds Eye’s retirement plan under the career average base pay formula. Benefits for this plan are frozen. Also, the Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) which provides additional retirement benefits to two prior executives of Birds Eye Foods who retired prior to November 4, 1994. Expenses and liabilities for the EBRP and the SERP plan are grouped with those of the Birds Eye Pension Plan in all disclosures listed herein. | ||||||||||||||||||||||||||||||||||
The benefits for these plans are based primarily on years of service and employees’ pay near retirement. The Company’s funding policy is consistent with the funding requirements of Federal laws and regulations. Plan assets consist principally of cash equivalents, equity and fixed income common collective trusts. Plan assets do not include any of the Company’s own equity or debt securities. | Change in Plan Assets | |||||||||||||||||||||||||||||||||
The following represents the components of net periodic (benefit) cost: | Fair value of plan assets at beginning of the period | 57,802 | 55,226 | 45,948 | ||||||||||||||||||||||||||||||
Employer contributions | 4,141 | 6,829 | 8,881 | |||||||||||||||||||||||||||||||
Actual return on plan assets | 7,209 | 445 | 4,636 | |||||||||||||||||||||||||||||||
Birds Eye Foods Pension Plan | Gross benefits paid | (4,922 | ) | (4,698 | ) | (4,239 | ) | |||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||
Pension Benefits | September 29, | September 23, | September 29, | September 23, | Fair value of plan assets at end of the period | 64,230 | 57,802 | 55,226 | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 52 | $ | — | $ | 157 | Funded status at end of the year | $ | (33,525 | ) | $ | (33,858 | ) | $ | (28,588 | ) | ||||||||||||||||
Interest cost | 1,612 | 1,928 | 5,198 | 5,784 | ||||||||||||||||||||||||||||||
Expected return on assets | (2,209 | ) | (2,086 | ) | (6,706 | ) | (6,258 | ) | Amounts recognized in the Consolidated Balance Sheets | |||||||||||||||||||||||||
Amortization of actuarial loss | 185 | 87 | 555 | 261 | Accrued pension benefits | $ | (33,525 | ) | $ | (33,858 | ) | $ | (28,588 | ) | ||||||||||||||||||||
Net periodic (benefit) cost | $ | (412 | ) | $ | (19 | ) | $ | (953 | ) | $ | (56 | ) | Net amount recognized at end of the period | $ | (33,525 | ) | $ | (33,858 | ) | $ | (28,588 | ) | ||||||||||||
Cash Flows | Amounts recognized in Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||
Contributions. Due to changes in Federal laws passed in July 2012 governing pension funding requirements, our required payments for pension funding are lower in fiscal 2013 than they were in fiscal 2012. In fiscal 2013, the Company expects to make contributions of $5.2 million to the Birds Eye Foods Pension Plan, of which minimum required payments of $2.2 million and $3.8 million were made in the three and nine months ended September 29, 2013, respectively. The Company made contributions to the pension plan totaling $8.4 million in fiscal 2012, of which $3.1 million and $6.9 million were made in the three and nine months ended September 23, 2012, respectively. | Net loss / (gain) | $ | 32,283 | $ | 30,802 | $ | 20,339 | |||||||||||||||||||||||||||
Multi-employer Plans | Prior service cost | — | 345 | 386 | ||||||||||||||||||||||||||||||
Pinnacle contributes to the United Food and Commercial Workers International Union Industry Pension Fund (EIN 51-6055922) (the “UFCW Plan”) under the terms of the collective-bargaining agreement with its Fort Madison employees. On February 14, 2013, a new four year collective bargaining agreement, effective through September 2016, was ratified by our 450 Fort Madison union employees. | ||||||||||||||||||||||||||||||||||
For the three and nine months ended September 29, 2013, contributions to the UFCW Plan were $126 and $561, respectively. For the three and nine months and September 23, 2012, contributions to the UFCW Plan were $187 and $558, respectively. The contributions to this plan are paid monthly based upon the number of employees. They represent less than 5% of the total contributions received by this plan during the most recent plan year. | Net amount recognized at end of the period | $ | 32,283 | $ | 31,147 | $ | 20,725 | |||||||||||||||||||||||||||
The risks of participating in multi-employer plans are different from single-employer plans in the following aspects: (a) assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (b) if a participating employer stops contributing to the multi-employer plan, the unfunded obligations of the plan may be borne by the remaining participating employers and (c) if the Company chooses to stop participating in the plan, the Company may be required to pay a withdrawal liability based on the underfunded status of the plan. | ||||||||||||||||||||||||||||||||||
The UFCW Plan received a Pension Protection Act “green” zone status for the plan year ending June 30, 2013. The zone status is based on information the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded. The UFCW Plan did not utilize any extended amortization provisions that effect its placement in the “green” zone. The UFCW Plan has never been required to implement a funding improvement plan nor is one pending at this time. | Accumulated benefit obligation | 97,755 | 88,196 | 79,753 | ||||||||||||||||||||||||||||||
Weighted average assumptions | ||||||||||||||||||||||||||||||||||
Discount rate | 3.98 | % | 4.59 | % | 5.45 | % | ||||||||||||||||||||||||||||
Expected return on plan assets | 7 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||||||||||||
Rate of compensation increase | N/A | 3 | % | 3 | % | |||||||||||||||||||||||||||||
The following represents the components of net periodic cost: | ||||||||||||||||||||||||||||||||||
Pension Benefits | Pinnacle Foods Pension Plan | |||||||||||||||||||||||||||||||||
Fiscal year | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | December 26, | ||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Service cost | $ | 786 | $ | 893 | $ | 1,228 | ||||||||||||||||||||||||||||
Interest cost | 4,081 | 4,263 | 4,558 | |||||||||||||||||||||||||||||||
Expected return on assets | (4,463 | ) | (4,244 | ) | (3,611 | ) | ||||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||
prior service cost | 42 | 42 | 77 | |||||||||||||||||||||||||||||||
actuarial loss | 1,923 | 724 | 819 | |||||||||||||||||||||||||||||||
Curtailment loss | 303 | 992 | ||||||||||||||||||||||||||||||||
Net periodic cost | $ | 2,672 | $ | 1,678 | $ | 4,063 | ||||||||||||||||||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||||||||||||
Discount rate | 4.43 | % | 5.45 | % | 5.87 | % | ||||||||||||||||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | ||||||||||||||||||||||||||||
The discount rate used to calculate the present value of the projected benefit obligation is set based on long-term high quality bonds that match the expected benefit payments. The projected return of plan assets assumption is based on projected long-term market returns for the various asset classes in which the plans are invested, weighted by the target asset allocations. The rate of compensation increase represents the long-term assumption for expected increases to salaries for pay-related plans. | ||||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||
The Company’s pension plan weighted-average asset allocations at December 30, 2012 and December 25, 2011, by asset category, are as follows: | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | |||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||
Asset category | ||||||||||||||||||||||||||||||||||
Equity securities | 60 | % | 59 | % | ||||||||||||||||||||||||||||||
Debt securities | 40 | % | 36 | % | ||||||||||||||||||||||||||||||
Cash | 0 | % | 5 | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
The Company adopted a new investment policy in fiscal 2012 for the Pinnacle Pension Plan. The Plan’s investments in equity or debt securities are based on a glide path strategy where the investment in debt securities increases as the Plan’s funded status becomes smaller. Based on the current funded status, the policy is to invest approximately 60% of plan assets in equity securities and 40% in fixed income securities. Periodically, the plan assets are rebalanced to maintain these allocation percentages and the investment policy is reviewed. Within each investment category, assets are allocated to various investment styles. Professional managers manage all assets and a consultant is engaged to assist in evaluating these activities. The expected long-term rate of return on assets was determined by assessing the rates of return on each targeted asset class, return premiums generated by portfolio management and by comparison of rates utilized by other companies. | ||||||||||||||||||||||||||||||||||
The following table summarizes the Pinnacle Foods Pension Plan’s investments measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||
Level 1: | Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||
Level 2: | Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||||||||||||||||||||
Level 3: | Unobservable inputs that reflect the Company’s assumptions. | |||||||||||||||||||||||||||||||||
Fair Value as | Fair Value Measurements | |||||||||||||||||||||||||||||||||
of December 30, | Using Fair Value Hierarchy | |||||||||||||||||||||||||||||||||
2012 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||
Short-term Investment Fund | $ | 259 | $ | — | $ | 259 | $ | — | ||||||||||||||||||||||||||
Equity Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Small/Mid Capitalization Fund | 5,273 | — | 5,273 | — | ||||||||||||||||||||||||||||||
Large Capitalization Equity Fund | 19,647 | — | 19,647 | — | ||||||||||||||||||||||||||||||
International Fund | 13,715 | — | 13,715 | — | ||||||||||||||||||||||||||||||
Fixed Income Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Fixed Income Fund | 25,336 | — | 25,336 | — | ||||||||||||||||||||||||||||||
Total assets at fair value | $ | 64,230 | $ | — | $ | 64,230 | $ | — | ||||||||||||||||||||||||||
Fair Value as | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
of | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||
December 25, | ||||||||||||||||||||||||||||||||||
2011 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||
Short-term Investment Fund | $ | 2,827 | $ | 2,827 | $ | — | $ | — | ||||||||||||||||||||||||||
Equity Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Small Capitalization Fund | 1,142 | — | 1,142 | — | ||||||||||||||||||||||||||||||
Large Capitalization Equity Fund | 7,883 | — | 7,883 | — | ||||||||||||||||||||||||||||||
International Fund | 9,436 | — | 9,436 | — | ||||||||||||||||||||||||||||||
Growth Fund | 5,652 | — | 5,652 | — | ||||||||||||||||||||||||||||||
U.S. Value Fund | 9,646 | — | 9,646 | — | ||||||||||||||||||||||||||||||
Fixed Income Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Fixed Income Fund | 20,832 | — | 20,832 | — | ||||||||||||||||||||||||||||||
Total assets at fair value | $ | 57,418 | $ | 2,827 | $ | 54,591 | $ | — | ||||||||||||||||||||||||||
The plan had $64,230 and $54,591 of investments in common and collective trusts which are reported at fair value and categorized as level 2 in the above tables as of December 30, 2012 and December 25, 2011, respectively. The plan has concluded that net asset value (“NAV”) reported by the underlying funds approximates fair market value of these investments. The investments are redeemable with the fund at NAV under the original terms of the agreements of trust and/or subscription and adoption agreements and the operations of the underlying funds. However, it is possible that a portion of any redemption may be withheld to secure the payment of compensation or expenses due or to become due in accordance with the agreements of trust. | ||||||||||||||||||||||||||||||||||
As of December 25, 2011, total assets at fair value of $57,418 do not include a $384 receivable from broker that is included in total assets of the plan of $57,802. | ||||||||||||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||||||||||||
Contributions. The Company made contributions to the Pinnacle Foods Pension Plan totaling $4.1 million in fiscal 2012, $6.8 million in fiscal 2011 and $8.9 million in fiscal 2010. In fiscal 2013, the Company expects to make contributions of approximately $3.0 million. | ||||||||||||||||||||||||||||||||||
Birds Eye Foods Pension Plan | ||||||||||||||||||||||||||||||||||
The Company’s Birds Eye Foods Pension Plan (the “Birds Eye Foods Pension Plan”) consists of hourly and salaried employees and has primarily non-contributory defined-benefit schedules. Benefits for the salaried employees have been frozen since the plan was acquired. | ||||||||||||||||||||||||||||||||||
The Company acquired an Excess Benefit Retirement Plan from Birds Eye Foods (“EBRP”), which serves to provide employees with the same retirement benefit they would have received from Birds Eye’s retirement plan under the career average base pay formula. Benefits for this plan are frozen. Also, the Company maintains a non-qualified Supplemental Executive Retirement Plan (“SERP”) which provides additional retirement benefits to two prior executives of Birds Eye Foods who retired prior to November 4, 1994. Expenses and liabilities for the EBRP and the SERP plan are grouped with those of the Birds Eye Pension Plan in all disclosures listed herein. | ||||||||||||||||||||||||||||||||||
The benefits for these plans are based primarily on years of service and employees’ pay near retirement. The Company’s funding policy is consistent with the funding requirements of Federal laws and regulations. Plan assets consist principally of cash equivalents, equity and fixed income common collective trusts. Plan assets do not include any of the Company’s own equity or debt securities. | ||||||||||||||||||||||||||||||||||
In fiscal 2012, various pension plan benefits for certain locations were frozen resulting in an plan curtailment of $806 which decreased Accrued pension benefits and Accumulated other comprehensive income. In connection with the plant closure of our Tacoma, Washington location in 2011 we recorded a plan curtailment which decreased Accrued pension benefits and Accumulated other comprehensive income by $4,975. In 2010, the pension plan benefits for certain locations were frozen. The curtailment gain recorded in Cost of products sold during the fiscal year ended December 26, 2010 was $588. As of December 30, 2012, the Birds Eye Foods Pension Plan is frozen. | ||||||||||||||||||||||||||||||||||
The following table reconciles the changes in our benefit obligation: | ||||||||||||||||||||||||||||||||||
Birds Eye Foods Pension Plan | ||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
Fiscal year ended | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | December 26, | ||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||
Net benefit obligation at beginning of the period | $ | 175,057 | $ | 155,854 | $ | 148,890 | ||||||||||||||||||||||||||||
Service cost | 102 | 537 | 2,086 | |||||||||||||||||||||||||||||||
Interest cost | 7,439 | 8,200 | 8,221 | |||||||||||||||||||||||||||||||
Participant contributions | — | 22 | 14 | |||||||||||||||||||||||||||||||
Actuarial loss | 24,561 | 27,567 | 7,564 | |||||||||||||||||||||||||||||||
Gross benefits paid | (11,818 | ) | (12,148 | ) | (10,333 | ) | ||||||||||||||||||||||||||||
Curtailment gain | (806 | ) | (4,975 | ) | (588 | ) | ||||||||||||||||||||||||||||
Net benefit obligation at end of the period | 194,535 | 175,057 | 155,854 | |||||||||||||||||||||||||||||||
Birds Eye Foods Pension Plan | ||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
Fiscal year ended | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | December 26, | ||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of the period | 118,666 | 108,446 | 101,710 | |||||||||||||||||||||||||||||||
Employer contributions | 8,373 | 9,471 | 4,741 | |||||||||||||||||||||||||||||||
Participant contributions | — | 22 | 14 | |||||||||||||||||||||||||||||||
Actual return on plan assets | 14,714 | 12,875 | 12,314 | |||||||||||||||||||||||||||||||
Gross benefits paid | (11,818 | ) | (12,148 | ) | (10,333 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets at end of the period | 129,935 | 118,666 | 108,446 | |||||||||||||||||||||||||||||||
Funded status at end of the year | $ | (64,600 | ) | $ | (56,391 | ) | $ | (47,408 | ) | |||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||
Accrued pension benefits | $ | (64,179 | ) | $ | (55,892 | ) | $ | (46,953 | ) | |||||||||||||||||||||||||
Accrued pension benefits (part of accrued liabilities) | (421 | ) | (499 | ) | (455 | ) | ||||||||||||||||||||||||||||
Net amount recognized at end of the period | $ | (64,600 | ) | $ | (56,391 | ) | $ | (47,408 | ) | |||||||||||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||
Net loss | $ | 37,955 | $ | 20,797 | $ | 3,455 | ||||||||||||||||||||||||||||
Net amount recognized at end of the period | $ | 37,955 | $ | 20,797 | $ | 3,455 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 194,536 | 174,399 | 152,202 | |||||||||||||||||||||||||||||||
Weighted average assumptions | ||||||||||||||||||||||||||||||||||
Discount rate | 3.83 | % | 4.51 | % | 5.27 | % | ||||||||||||||||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | ||||||||||||||||||||||||||||
Rate of compensation increase | N/A | 3 | % | 3 | % | |||||||||||||||||||||||||||||
The following represents the components of net periodic (benefit) cost: | ||||||||||||||||||||||||||||||||||
Pension Benefits | Birds Eye Foods Pension Plan | |||||||||||||||||||||||||||||||||
Fiscal year | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | December 26, | ||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Service cost | $ | 102 | $ | 537 | $ | 2,086 | ||||||||||||||||||||||||||||
Interest cost | 7,439 | 8,200 | 8,221 | |||||||||||||||||||||||||||||||
Expected return on assets | (8,574 | ) | (7,634 | ) | (8,205 | ) | ||||||||||||||||||||||||||||
Amortization of actuarial loss | 489 | 9 | ||||||||||||||||||||||||||||||||
Curtailment gain | (588 | ) | ||||||||||||||||||||||||||||||||
Net periodic (benefit) cost | $ | (544 | ) | $ | 1,112 | $ | 1,514 | |||||||||||||||||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||||||||||||
Discount rate | 4.17 | % | 5.31 | % | 5.67 | % | ||||||||||||||||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 8 | % | ||||||||||||||||||||||||||||
Rate of compensation increase (1) | 1.78 | % | 3 | % | 3.8 | % | ||||||||||||||||||||||||||||
-1 | In fiscal 2012, this represents 3% for the seven months when the employees earned service credits. | |||||||||||||||||||||||||||||||||
To develop the expected long-term rate of return on assets assumption, the Company considered the current level of expected returns on risk-free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio is invested and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the target asset allocation to develop the expected long-term rate of return on assets assumption. | ||||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||
The following table sets forth the weighted-average asset allocations of the Company’s pension plans by asset category: | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | |||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||
Asset category | ||||||||||||||||||||||||||||||||||
Equity securities | 60 | % | 39 | % | ||||||||||||||||||||||||||||||
Debt securities | 40 | % | 59 | % | ||||||||||||||||||||||||||||||
Cash | 0 | % | 2 | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
The Company adopted a new investment policy in fiscal 2012 for the Birds Eye Pension Plan. The Plan’s investments in equity or debt securities is based on a glide path strategy where the investment in debt securities increases as the Plan’s funded status becomes smaller. Based on the current funded status, the policy is to invest approximately 60% of plan assets in equity securities and 40% in fixed income securities. Periodically, the plan assets are rebalanced to maintain these allocation percentages and the investment policy is reviewed. Within each investment category, assets are allocated to various investment styles. Professional managers manage all assets and a consultant is engaged to assist in evaluating these activities. The expected long-term rate of return on assets was determined by assessing the rates of return on each targeted asset class, return premiums generated by portfolio management and by comparison of rates utilized by other companies. | ||||||||||||||||||||||||||||||||||
The following table summarizes the Birds Eye Food Pension Plan’s investments measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||
Level 1: | Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||
Level 2: | Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||||||||||||||||||||
Level 3: | Unobservable inputs that reflect the Company’s assumptions. | |||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements | |||||||||||||||||||||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||||||||||||||||||||
December 30, | ||||||||||||||||||||||||||||||||||
2012 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||
Short-term Investment Fund | $ | 525 | $ | — | $ | 525 | $ | — | ||||||||||||||||||||||||||
Equity Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Small/Mid Capitalization Fund | 10,697 | 10,697 | ||||||||||||||||||||||||||||||||
Large Capitalization Equity Fund | 40,661 | 40,661 | ||||||||||||||||||||||||||||||||
International Fund | 26,579 | 26,579 | ||||||||||||||||||||||||||||||||
Fixed Income Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Fixed Income Fund | 51,474 | — | 51,474 | — | ||||||||||||||||||||||||||||||
Total assets at fair value | $ | 129,936 | $ | — | $ | 129,936 | $ | — | ||||||||||||||||||||||||||
Fair Value | Fair Value Measurements | |||||||||||||||||||||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||||||||||||||||||||
December 25, | ||||||||||||||||||||||||||||||||||
2011 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||
Short-term Investment Fund | $ | 2,593 | $ | 2,593 | $ | — | $ | — | ||||||||||||||||||||||||||
Equity Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Extended Index Fund | 8,755 | — | 8,755 | — | ||||||||||||||||||||||||||||||
Collective S&P 500 Index Fund | 29,352 | — | 29,352 | — | ||||||||||||||||||||||||||||||
Equity Mutual Funds: | ||||||||||||||||||||||||||||||||||
Euro Pacific Growth Fund | 8,300 | 8,300 | — | — | ||||||||||||||||||||||||||||||
Fixed Income Mutual Funds: | ||||||||||||||||||||||||||||||||||
Fixed Income Fund | 69,838 | 69,838 | — | — | ||||||||||||||||||||||||||||||
Debt Securities | — | — | — | — | ||||||||||||||||||||||||||||||
Total assets at fair value | $ | 118,838 | $ | 80,731 | $ | 38,107 | $ | — | ||||||||||||||||||||||||||
The plan had $129,936 and $38,107 of investments in common and collective trusts which are reported at fair value and categorized as level 2 in the above tables as of December 30, 2012 and December 25, 2011, respectively. The plan has concluded that net asset value (“NAV”) reported by the underlying funds approximates fair market value of these investments. The investments are redeemable with the fund at NAV under the original terms of the agreements of trust and/or subscription and adoption agreements and the operations of the underlying funds. However, it is possible that a portion of any redemption may be withheld to secure the payment of compensation or expenses due or to become due in accordance with the agreements of trust. | ||||||||||||||||||||||||||||||||||
As of December 25, 2011, total assets at fair value of $118,838 do not include certain broker payables of $172 that are included in total assets of the plan of $118,666. | ||||||||||||||||||||||||||||||||||
Cash Flows | ||||||||||||||||||||||||||||||||||
Contributions. The Company made contributions to the Birds Eye Pension Plan totaling $8.4 million in fiscal 2012, $9.5 million in fiscal 2011 and $4.7 million in fiscal 2010. In fiscal 2013, the Company expects to make contributions of approximately $5.0 million. | ||||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments for all Plans | ||||||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||||||||||||||||
Pinnacle Foods | Birds Eye Foods | |||||||||||||||||||||||||||||||||
Pension Plan ($) | Pension Plan ($) | |||||||||||||||||||||||||||||||||
2013 | 4,398 | 9,382 | ||||||||||||||||||||||||||||||||
2014 | 4,200 | 9,755 | ||||||||||||||||||||||||||||||||
2015 | 3,972 | 9,551 | ||||||||||||||||||||||||||||||||
2016 | 4,015 | 9,739 | ||||||||||||||||||||||||||||||||
2017 | 4,012 | 10,065 | ||||||||||||||||||||||||||||||||
2018-2022 | 21,274 | 54,973 | ||||||||||||||||||||||||||||||||
Savings Plans | ||||||||||||||||||||||||||||||||||
Employees participate in 401(k) plans. Pinnacle matches 50% of employee contributions up to five percent of compensation for union employees after one year of continuous service and six percent of compensation for salaried employees and it is our current intent to continue the match at these levels. Employer contributions made by the Company relating to this plan were $4,228 for fiscal 2012, $4,249 for fiscal 2011 and $4,269 for fiscal 2010. | ||||||||||||||||||||||||||||||||||
In addition, the Company acquired a Non-Qualified 401(k) Plan from Birds Eye Foods. Under the Non-Qualified 401(k) Plan, the Company allocates matching contributions for the benefit of “highly compensated employees” as defined under Section 414(q) of the Internal Revenue Code. The plan ceased accepting future contributions on April 1, 2010. | ||||||||||||||||||||||||||||||||||
Multi-employer Plan | ||||||||||||||||||||||||||||||||||
The Company contributes to the United Food and Commercial Workers International Union Industry Pension Fund (EIN 51-6055922) (the “UFCW Plan”) under the terms of the collective-bargaining agreement with its Fort Madison employees. In September 2012, the collective bargaining agreement expired for 450 of our union employees in Fort Madison, Iowa. On February 14, 2013 a new collective bargaining agreement, effective through September 2016, was ratified by our Fort Madison union employees. | ||||||||||||||||||||||||||||||||||
For the fiscal years ended December 30, 2012 and December 25, 2011 contributions to the UFCW Plan were $744 and $642, respectively. The contributions to this plan are paid monthly based upon the number of employees. They represent less than 5% of the total contributions received by this plan during the most recent plan year. | ||||||||||||||||||||||||||||||||||
The risks of participating in multi-employer plans are different from single-employer plans in the following aspects: (a) assets contributed to a multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (b) if a participating employer stops contributing to the multi-employer plan, the unfunded obligations of the plan may be borne by the remaining participating employers and (c) if the Company chooses to stop participating in the plan, the Company may be required to pay a withdraw liability based on the underfunded status of the plan. | ||||||||||||||||||||||||||||||||||
The UFCW Plan received a Pension Protection Act “green” zone status for the plan year ending June 30, 2012. The zone status is based on information the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the green zone are at least 80 percent funded. The UFCW Plan did not utilize any extended amortization provisions that effect its placement in the “green” zone. The UFCW Plan has never been required to implement a funding improvement plan nor is one pending at this time. |
Financial_Instruments
Financial Instruments | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
11. Financial Instruments | 11. Financial Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Risk Management Objective of Using Derivatives | Risk Management Objective of Using Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. The primary risks managed by using derivative instruments are interest rate risk, foreign currency exchange risk and commodity price risk. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates, foreign exchange rates or commodity prices. | The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. The primary risks managed by using derivative instruments are interest rate risk, foreign currency exchange risk and commodity price risk. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates, foreign exchange rates or commodity prices. | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company manages interest rate risk based on the varying circumstances of anticipated borrowings and existing variable and fixed rate debt, including the Company’s revolving credit facility. Examples of interest rate management strategies include capping interest rates using targeted interest cost benchmarks, hedging portions of the total amount of debt, or hedging a period of months and not always hedging to maturity, and at other times locking in rates to fix interests costs. | The Company manages interest rate risk based on the varying circumstances of anticipated borrowings and existing variable and fixed rate debt, including the Company’s revolving credit facility. Examples of interest rate management strategies include capping interest rates using targeted interest cost benchmarks, hedging portions of the total amount of debt, or hedging a period of months and not always hedging to maturity, and at other times locking in rates to fix interests costs. | |||||||||||||||||||||||||||||||||||||||||||||||||
Certain parts of the Company’s foreign operations in Canada expose the Company to fluctuations in foreign exchange rates. The Company’s goal is to reduce its exposure to such foreign exchange risks on its foreign currency cash flows and fair value fluctuations on recognized foreign currency denominated assets, liabilities and unrecognized firm commitments to acceptable levels primarily through the use of foreign exchange-related derivative financial instruments. The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency. The Company does not enter into these transactions for non-hedging purposes. | Certain parts of the Company’s foreign operations in Canada expose the Company to fluctuations in foreign exchange rates. The Company’s goal is to reduce its exposure to such foreign exchange risks on its foreign currency cash flows and fair value fluctuations on recognized foreign currency denominated assets, liabilities and unrecognized firm commitments to acceptable levels primarily through the use of foreign exchange-related derivative financial instruments. The Company enters into derivative financial instruments to protect the value or fix the amount of certain obligations in terms of its functional currency. The Company does not enter into these transactions for non-hedging purposes. | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company purchases raw materials in quantities expected to be used in a reasonable period of time in the normal course of business. The Company generally enters into agreements for either spot market delivery or forward delivery. The prices paid in the forward delivery contracts are generally fixed, but may also be variable within a capped or collared price range. Forward derivative contracts on certain commodities are entered into to manage the price risk associated with forecasted purchases of materials used in the Company’s manufacturing processes. | The Company purchases raw materials in quantities expected to be used in a reasonable period of time in the normal course of business. The Company generally enters into agreements for either spot market delivery or forward delivery. The prices paid in the forward delivery contracts are generally fixed, but may also be variable within a capped or collared price range. Forward derivative contracts on certain commodities are entered into to manage the price risk associated with forecasted purchases of materials used in the Company’s manufacturing process. | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges of Interest Rate Risk | Cash Flow Hedges of Interest Rate Risk | |||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During the three and nine months ended September 29, 2013 and September 23, 2012, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. | The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010 such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. | |||||||||||||||||||||||||||||||||||||||||||||||||
The second quarter 2013 IPO (Note 1) and debt refinancings (Note 9) resulted in significant changes to the Company’s debt profile. For the two $650 million interest rate swaps in place at the time that were scheduled to mature April 2014, it became probable that the associated original forecasted transactions would not occur. As such, the Company discontinued hedge accounting and accelerated the reclassification of amounts in AOCL to earnings as a result of the hedged forecasted transactions becoming probable not to occur. In the second quarter 2013, these accelerated amounts resulted in a $2.8 million charge to interest expense ($1.7 million, net of tax benefits) and a $9.1 million non-cash charge to the provision for income tax expenses related to the release of deferred tax charges recorded in Other comprehensive income (see Note 15 for additional details). Prospective changes in the fair value of these derivatives no longer designated in hedging relationships are recorded directly in earnings. | As of December 30, 2012, the Company had the following interest rate swaps that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||||||||||||||||||||||
As of September 29, 2013, the Company had the following interest rate swaps that were designated as cash flow hedges of interest rate risk: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Product | Number of | Notional | Fixed Rate Range | Index | Trade Dates | Maturity | ||||||||||||||||||||||||||||||||||||||||||||
Product | Number of | Current | Fixed Rate | Index | Trade | Maturity | Instruments | Amount | Dates | |||||||||||||||||||||||||||||||||||||||||
Instruments | Notional | Range | Dates | Dates | Interest Rate Swaps | 2 | $ | 900,000 | 0.58 | % | USD-LIBOR-BBA | Aug 2011 | Apr 2014 | |||||||||||||||||||||||||||||||||||||
Amount | The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive loss (“AOCL”) in the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts reported in AOCL related to derivatives will be reclassified to Interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $2,908 will be reclassified as an increase to Interest expense. | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | 14 | $ | 1,333,000 | 0.76% – 2.97% | USD-LIBOR-BBA | Apr 2013 | Apr 2014 – Apr 2020 | Cash Flow Hedges of Foreign Exchange Risk | ||||||||||||||||||||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive loss (“AOCL”) in the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts reported in AOCL related to derivatives will be reclassified to Interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $518 will be reclassified as an increase to Interest expense. | The Company’s operations in Canada expose the Company to changes in the U.S. Dollar—Canadian Dollar (“USD-CAD”) foreign exchange rate. From time to time, the Company’s Canadian subsidiary purchases inventory denominated in U.S. Dollars (“USD”), a currency other than its functional currency. The subsidiary sells that inventory in Canadian dollars. The subsidiary uses currency forward and collar agreements to manage its exposure to fluctuations in the USD-CAD exchange rate. Currency forward agreements involve fixing the USD-CAD exchange rate for delivery of a specified amount of foreign currency on a specified date. Currency collar agreements involve the sale of Canadian Dollar (“CAD”) currency in exchange for receiving U.S. dollars if exchange rates rise above an agreed upon rate and purchase of USD currency in exchange for paying CAD currency if exchange rates fall below an agreed upon rate at specified dates. | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash Flow Hedges of Foreign Exchange Risk | ||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s operations in Canada expose the Company to changes in the U.S. Dollar – Canadian Dollar (“USD-CAD”) foreign exchange rate. From time to time, the Company’s Canadian subsidiary purchases inventory denominated in U.S. Dollars (“USD”), a currency other than its functional currency. The subsidiary sells that inventory in Canadian dollars. The subsidiary uses currency forward and collar agreements to manage its exposure to fluctuations in the USD-CAD exchange rate. Currency forward agreements involve fixing the USD-CAD exchange rate for delivery of a specified amount of foreign currency on a specified date. Currency collar agreements involve the sale of Canadian Dollar (“CAD”) currency in exchange for receiving U.S. dollars if exchange rates rise above an agreed upon rate and purchase of USD currency in exchange for paying CAD currency if exchange rates fall below an agreed upon rate at specified dates. | As of December 30, 2012, the Company had the following foreign currency exchange contracts (in aggregate) that were designated as cash flow hedges of foreign exchange risk: | |||||||||||||||||||||||||||||||||||||||||||||||||
As of September 29, 2013, the Company had the following foreign currency exchange contracts (in aggregate) that were designated as cash flow hedges of foreign exchange risk: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Product | Number of | Notional Sold in | Notional | USD to CAD | Trade Date | Maturity | ||||||||||||||||||||||||||||||||||||||||||||
Product | Number of | Notional Sold in | Notional | USD to CAD | Trade Date | Maturity | Instruments | Aggregate in | Purchased in | Exchange | Dates | |||||||||||||||||||||||||||||||||||||||
Instruments | Aggregate in | Purchased in | Exchange | Dates | (“CAD”) | Aggregate | Rates | |||||||||||||||||||||||||||||||||||||||||||
(“CAD”) | Aggregate in | Rates | in (“USD”) | |||||||||||||||||||||||||||||||||||||||||||||||
(“USD”) | CAD Forward | 12 | $ | 45,550 | $ | 46,136 | 0.982—0.993 | Sep 2012 | Feb 2013—Dec 2013 | |||||||||||||||||||||||||||||||||||||||||
CAD Forward | 4 | $ | 14,600 | $ | 14,729 | 0.990 – 0.993 | Sep 2012 | Oct 2013 – Dec 2013 | The effective portion of changes in the fair value of derivatives designated that qualify as cash flow hedges of foreign exchange risk is recorded in AOCL in the Consolidated Balance Sheets and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portions of the change in fair value of the derivative, as well as amounts excluded from the assessment of hedge effectiveness, are recognized directly in Cost of products sold in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated that qualify as cash flow hedges of foreign exchange risk is recorded in AOCL in the Consolidated Balance Sheets and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portions of the change in fair value of the derivative, as well as amounts excluded from the assessment of hedge effectiveness, are recognized directly in Cost of products sold in the Consolidated Statements of Operations. | Non-designated Hedges of Commodity Risk | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-designated Hedges of Commodity Risk | Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to commodity price risk but do not meet the authoritative guidance for hedge accounting. From time to time, the Company enters into commodity forward contracts to fix the price of natural gas, diesel fuel, corn, wheat and soybean oil purchases and other commodities at a future delivery date. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in Cost of products sold in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to commodity price risk but do not meet the authoritative guidance for hedge accounting. From time to time, the Company enters into commodity forward contracts to fix the price of natural gas, diesel fuel, corn, wheat and soybean oil purchases and other commodities at a future delivery date. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in Cost of products sold in the Consolidated Statements of Operations. | As of December 30, 2012, the Company had the following derivative instruments that were not designated in qualifying hedging relationships: | |||||||||||||||||||||||||||||||||||||||||||||||||
As of September 29, 2013, the Company had the following derivative instruments that were not designated in qualifying hedging relationships: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Number of | Notional Amount | Price/Index | Trade Dates | Maturity | |||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Number of | Notional Amount | Price/Index | Trade Dates | Maturity | Instruments | Dates | |||||||||||||||||||||||||||||||||||||||||||
Instruments | Dates | Diesel Fuel Contracts | 4 | 8,712,304 | $ | 3.64—$4.09 | Sep 2011— | Jan 2013— | ||||||||||||||||||||||||||||||||||||||||||
Diesel Fuel Contracts | 2 | 2,016,158 Gallons | $ | 3.75 – $3.93 per Gallon | April 2013 | December 2013 | Gallons | per Gallon | June 2012 | Jun-13 | ||||||||||||||||||||||||||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Balance Sheets as of September 29, 2013 and December 30, 2012. | Corn Contracts | 2 | 765,000 | $ | 7.82—$7.85 | Sep-12 | Feb 2013— | |||||||||||||||||||||||||||||||||||||||||||
Bushels | per Bushel | Apr-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Balance Sheets as of December 30, 2012 and December 25, 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet | Fair Value | Tabular Disclosure of Fair Values of Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||||||||
as of | Location | as of | Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||
September 29, | September 29, | Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | Location | as of | Location | as of | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | December 30, | December 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | Other assets, net | $ | 25,065 | Accrued liabilities | $ | 62 | 2012 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | Other current assets | 573 | Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | — | Other long-term liabilities | $ | 3,807 | |||||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 25,638 | $ | 62 | Foreign Exchange Contracts | Other current assets | 605 | — | ||||||||||||||||||||||||||||||||||||||||||
Other assets, net | 33 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | Accrued liabilities | $ | 1,280 | Total derivatives designated as hedging instruments | $ | 638 | $ | 3,807 | ||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Other current assets | 133 | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 133 | $ | 1,280 | Commodity Contracts | Other current assets | 525 | Accrued liabilities | 682 | |||||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 525 | $ | 682 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||
as of | Location | as of | ||||||||||||||||||||||||||||||||||||||||||||||||
December 30, | December 30, | Balance Sheet | Fair Value | Balance Sheet | Fair Value as of | |||||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | Location | as of | Location | December 25, 2011 | |||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | December 25, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | Other long-term liabilities | $ | 3,807 | Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | Other current assets | $ | 605 | Interest Rate Contracts | Other assets, net | $ | 1,335 | Accrued liabilities | $ | 7,836 | ||||||||||||||||||||||||||||||||||||||||
Other assets, net | 33 | Foreign Exchange Contracts | Other current assets | 931 | — | |||||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 638 | $ | 3,807 | Total derivatives designated as hedging instruments | $ | 2,266 | $ | 7,836 | |||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Other current assets | $ | 525 | Accrued liabilities | $ | 682 | Commodity Contracts | Other current assets | $ | 142 | Accrued liabilities | $ | 1,615 | |||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 525 | $ | 682 | Total derivatives not designated as hedging instruments | $ | 142 | $ | 1,615 | |||||||||||||||||||||||||||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and Accumulated other comprehensive loss (“AOCL”) for the fiscal years ended December 30, 2012 and December 25, 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and Accumulated other comprehensive loss (“AOCL”) for the three and nine months ended September 29, 2013 and September 23, 2012. | Tabular Disclosure of the Effect of Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain/(Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gain/(Loss) | Derivatives in Cash Flow Hedging | Recognized in | Effective portion | Reclassified | Ineffective portion | Recognized in | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow | Recognized in | Effective portion | Reclassified | Ineffective portion | Recognized in | Relationships | AOCL on | reclassified from AOCL to: | from AOCL | recognized in Earnings in: | Earnings on | |||||||||||||||||||||||||||||||||||||||
Hedging Relationships | AOCL on | reclassified from | from AOCL | recognized in Earnings in: | Earnings on | Derivative | into Earnings | Derivative | ||||||||||||||||||||||||||||||||||||||||||
Derivative | AOCL to: | into Earnings | Derivative | (Effective | (Effective | (Ineffective | ||||||||||||||||||||||||||||||||||||||||||||
(Effective | (Effective | (Ineffective | Portion) | Portion) | Portion) | |||||||||||||||||||||||||||||||||||||||||||||
Portion) | Portion) | Portion) | Interest Rate Contracts | $ | (7,028 | ) | Interest expense | $ | (10,290 | ) | Interest expense | $ | (241 | ) | ||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | (4,158 | ) | Interest expense | $ | (15 | )(a) | Interest expense | $ | (18 | ) | Foreign Exchange Contracts | (289 | ) | Cost of products sold | (4 | ) | Cost of products sold | (8 | ) | ||||||||||||||||||||||||||||||
Foreign Exchange Contracts | (551 | ) | Cost of products sold | 454 | Cost of products sold | (15 | ) | |||||||||||||||||||||||||||||||||||||||||||
Fiscal year ended December 30, 2012 | $ | (7,317 | ) | $ | (10,294 | ) | $ | (249 | ) | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 29, 2013 | $ | (4,709 | ) | $ | 439 | $ | (33 | ) | ||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | (3,364 | ) | Interest expense | $ | (25,465 | ) | Interest expense | $ | (9 | ) | |||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | 24,548 | Interest expense | $ | (3,961 | )(a) | Interest expense | $ | 8 | Foreign Exchange Contracts | (24 | ) | Cost of products sold | (1,781 | ) | Cost of products sold | 274 | |||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | 1,079 | Cost of products sold | 1,136 | Cost of products sold | (8 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Fiscal year ended December 25, 2011 | $ | (3,388 | ) | $ | (27,246 | ) | $ | 265 | ||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 29, 2013 | $ | 25,627 | $ | (2,825 | ) | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | (22,773 | ) | Interest expense | $ | (20,409 | ) | Interest expense | $ | (568 | ) | |||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | (1,445 | ) | Interest expense | $ | (1,067 | ) | Interest expense | $ | (207 | ) | Foreign Exchange Contracts | (1,792 | ) | Cost of products sold | (3,214 | ) | Cost of products sold | (238 | ) | ||||||||||||||||||||||||||||||
Foreign Exchange Contracts | (1,177 | ) | Cost of products sold | (107 | ) | Cost of products sold | 19 | |||||||||||||||||||||||||||||||||||||||||||
Fiscal year ended December 26, 2010 | $ | (24,565 | ) | $ | (23,623 | ) | $ | (806 | ) | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 23, 2012 | $ | (2,622 | ) | $ | (1,174 | ) | $ | (188 | ) | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | (6,822 | ) | Interest expense | $ | (9,394 | ) | Interest expense | $ | (208 | ) | Derivatives Not Designated as | Recognized in Earnings in: | Recognized in | ||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | (1,346 | ) | Cost of products sold | 95 | Cost of products sold | (8 | ) | Hedging Instruments | Earnings | |||||||||||||||||||||||||||||||||||||||||
on Derivative | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 23, 2012 | $ | (8,168 | ) | $ | (9,299 | ) | $ | (216 | ) | Commodity Contracts | Cost of products sold | $ | (97 | ) | ||||||||||||||||||||||||||||||||||||
Fiscal year ended December 30, 2012 | $ | (97 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging | Recognized in Earnings | Recognized in | Commodity Contracts | Cost of products sold | $ | (1,337 | ) | |||||||||||||||||||||||||||||||||||||||||||
Instruments | in: | Earnings on | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivative | Fiscal year ended December 25, 2011 | $ | (1,337 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 304 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | Interest expense | (209 | ) | Commodity Contracts | Cost of products sold | $ | (1,215 | ) | ||||||||||||||||||||||||||||||||||||||||||
Three months ended September 29, 2013 | $ | 95 | Fiscal year ended December 26, 2010 | $ | (1,215 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 208 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | Interest expense | (44 | ) | Credit risk-related Contingent Features | ||||||||||||||||||||||||||||||||||||||||||||||
The Company has agreements with certain counterparties that contain a provision whereby the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of December 30, 2012, the Company has not posted any collateral related to these agreements. If the Company had breached this provision at December 30, 2012, it could have been required to settle its obligations under the agreements at their termination value, which differs from the recorded fair value. The table below summarizes the aggregate fair values of those derivatives that contain credit risk-related contingent features as of December 30, 2012 and December 25, 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 29, 2013 | $ | 164 | December 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 2,785 | |||||||||||||||||||||||||||||||||||||||||||||||
Asset/(Liability) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 23, 2012 | $ | 2,785 | Counterparty | Contract | Termination | Performance | Accrued | Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Type | Value | Risk | Interest | (excluding | ||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 419 | Adjustment | interest) | |||||||||||||||||||||||||||||||||||||||||||||
Barclays | Interest Rate Contracts | $ | (2,063 | ) | $ | 31 | $ | (128 | ) | $ | (1,904 | ) | ||||||||||||||||||||||||||||||||||||||
Nine months ended September 23, 2012 | $ | 419 | Foreign Exchange Contracts | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | (158 | ) | — | — | (158 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Credit Suisse | Interest Rate Contracts | (2,063 | ) | 32 | (128 | ) | (1,903 | ) | ||||||||||||||||||||||||||||||||||||||||||
(a) | Includes $2.8 million of accelerated reclassifications out of AOCL. | Foreign Exchange Contracts | 636 | 3 | — | 639 | ||||||||||||||||||||||||||||||||||||||||||||
Credit risk-related contingent features | Total | $ | (3,648 | ) | $ | 66 | $ | (256 | ) | $ | (3,326 | ) | ||||||||||||||||||||||||||||||||||||||
The Company has agreements with certain counterparties that contain a provision whereby the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of September 29, 2013, the Company has not posted any collateral related to these agreements. If the Company had breached this provision at September 29, 2013, it could have been required to settle its obligations under the agreements at their termination value, which differs from the recorded fair value. The table below summarizes the aggregate fair values of those derivatives that contain credit risk-related contingent features as of September 29, 2013 and December 30, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 29, 2013 | December 25, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset/(Liability) | Asset/(Liability) | |||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Contract Type | Termination | Performance | Accrued | Fair Value | Counterparty | Contract | Termination | Performance | Accrued | Fair Value | |||||||||||||||||||||||||||||||||||||||
Value | Risk | Interest | (excluding | Type | Value | Risk | Interest | (excluding | ||||||||||||||||||||||||||||||||||||||||||
Adjustment | interest) | Adjustment | interest) | |||||||||||||||||||||||||||||||||||||||||||||||
Barclays | Interest Rate Contracts | $ | 10,054 | $ | 232 | $ | (146 | ) | $ | 10,432 | Barclays | Interest Rate Contracts | $ | (7,766 | ) | $ | 65 | $ | (1,600 | ) | $ | (6,101 | ) | |||||||||||||||||||||||||||
Commodity Contracts | 133 | — | — | 133 | Foreign Exchange Contracts | 754 | 1 | — | 755 | |||||||||||||||||||||||||||||||||||||||||
Bank of America | Interest Rate Contracts | 9,916 | 99 | — | 10,015 | Commodity Contracts | (1,473 | ) | — | — | (1,473 | ) | ||||||||||||||||||||||||||||||||||||||
Credit Suisse | Interest Rate Contracts | 3,105 | 101 | (71 | ) | 3,277 | Credit Suisse | Interest Rate Contracts | (784 | ) | 38 | (346 | ) | (400 | ) | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | 574 | — | — | 574 | Foreign Exchange Contracts | 176 | — | — | 176 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 23,782 | $ | 432 | $ | (217 | ) | $ | 24,431 | Total | $ | (9,093 | ) | $ | 104 | $ | (1,946 | ) | $ | (7,043 | ) | |||||||||||||||||||||||||||||
December 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Asset/(Liability) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Contract Type | Termination | Performance | Accrued | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||
Value | Risk | Interest | (excluding | |||||||||||||||||||||||||||||||||||||||||||||||
Adjustment | interest) | |||||||||||||||||||||||||||||||||||||||||||||||||
Barclays | Interest Rate Contracts | $ | (2,063 | ) | $ | 31 | $ | (128 | ) | $ | (1,904 | ) | ||||||||||||||||||||||||||||||||||||||
Commodity Contracts | (158 | ) | — | — | (158 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Credit Suisse | Interest Rate Contracts | (2,063 | ) | 32 | (128 | ) | (1,903 | ) | ||||||||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | 636 | 3 | — | 639 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (3,648 | ) | $ | 66 | $ | (256 | ) | $ | (3,326 | ) | |||||||||||||||||||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||
Commitments and Contingencies | ' | ' | ||||||||||||||||||||||||
12. Commitments and Contingencies | 12. Commitments and Contingencies | |||||||||||||||||||||||||
General | General | |||||||||||||||||||||||||
From time to time, the Company and its operations are parties to, or targets of, lawsuits, claims, investigations, and proceedings, which are being handled and defended in the ordinary course of business. Although the outcome of such items cannot be determined with certainty, the Company’s general counsel and management are of the opinion that the final outcome of these matters will not have a material effect on the Company’s financial condition, results of operations or cash flows. | From time to time, the Company and its operations are parties to, or targets of, lawsuits, claims, investigations, and proceedings, which are being handled and defended in the ordinary course of business. Although the outcome of such items cannot be determined with certainty, the Company’s general counsel and management are of the opinion that the final outcome of these matters will not have a material effect on the Company’s financial condition, results of operations or cash flows. | |||||||||||||||||||||||||
Aunt Jemima Breakfast Product Recall | Lehman Brothers Special Financing | |||||||||||||||||||||||||
On January 27, 2012, the Company issued a voluntary product recall for certain Aunt Jemima frozen pancakes due to potential cross contamination. The net cost of retrieving and destroying the product covered by the product recall for the three and nine months ended September 23, 2012, was $0.0 million and $3.3 million, respectively. | On June 4, 2010, Lehman Brothers Special Financing (LBSF) initiated a claim against the Company in LBSF’s bankruptcy proceeding for an additional payment from the Company of $19.7 million, related to certain derivative contracts which the Company had earlier terminated due to LBSF’s default as a result of its bankruptcy filing in 2008. On May 31, 2011, the Company and LBSF agreed to a settlement of LBSF’s June 4, 2010 claim. Under the terms of the settlement, the Company made a payment of $8.5 million during the third quarter of 2011 in return for LBSF’s full release of its claim. | |||||||||||||||||||||||||
In order to mitigate the adverse impact of the product recall on the Aunt Jemima brand business continuity, trade promotions and other consumer marketing expenditures were increased in 2012 above normal ongoing levels (market rehabilitation expenses). In August 2013, the Company collected an insurance recovery of $3.2 million related to these market rehabilitation expenses, of which $2.3 million was recorded as a reduction of trade promotions (a component of Net Sales) and $0.9 million as a reduction to Marketing and selling expenses in the three and nine months ended September 29, 2013. The Birds Eye Frozen Division recorded $2.7 million of the recovery while $0.5 million was recorded in the Duncan Hines Grocery Division related to the Aunt Jemima business in Canada. | Product Recall | |||||||||||||||||||||||||
On January 27, 2012, the Company issued a voluntary recall for certain Aunt Jemima frozen pancakes due to potential cross contamination with soy protein which may cause an allergic reaction in people who have a soy allergy. The cost impact of this recall net of insurance recoveries was $3.2 million, of which $1.1 million was recorded as an inventory write down in Cost of products sold in the Consolidated Statements of Operations in 2011. For the fiscal year ended December 30, 2012 costs pertaining to the recall, net of insurance recoveries, was $2.1 million and was primarily recorded as a reduction of Net Sales on the Consolidated Statement of Operations. These costs are reported in the Birds Eye Frozen segment. As of December 30, 2012, the reserves related to the recall remaining on the Company’s Consolidated Balance Sheets is $0.1 million in Accounts receivable reserves. | ||||||||||||||||||||||||||
We have insurance coverage that is designed to protect us against this type of losses. This recall did not have a material adverse effect on our financial condition, operating results or our business. We do not expect this recall to have a lasting impact on the Aunt Jemima brand. | ||||||||||||||||||||||||||
Minimum Contractual Payments | ||||||||||||||||||||||||||
As of December 30, 2012, the Company had entered into non-cancellable lease and purchase contracts, with terms in excess of one year, requiring the following minimum payments: | ||||||||||||||||||||||||||
Description | 2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | ||||||||||||||||||||
Operating leases | $ | 13,035 | $ | 10,599 | $ | 8,113 | $ | 7,009 | $ | 6,874 | $ | 27,754 | ||||||||||||||
Capital leases | 4,666 | 4,230 | 3,724 | 3,063 | 1,206 | 11,026 | ||||||||||||||||||||
Purchase Commitments (1) | 592,084 | 59,095 | 17,092 | 6,010 | 5,750 | 55,450 | ||||||||||||||||||||
-1 | The amounts indicated in this line primarily reflect future contractual payments, including certain take-or-pay arrangements entered into as part of the normal course of business. The amounts do not include obligations related to other contractual purchase obligations that are not take-or-pay arrangements. Such contractual purchase obligations are primarily purchase orders at fair value that are part of normal operations and are reflected in historical operating cash flow trends. Purchase obligations also include trade and consumer promotion and advertising commitments. | |||||||||||||||||||||||||
Rent expense under our operating leases was $13,861, $11,313 and $12,336 during the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010, respectively. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 29, 2013 | Dec. 30, 2012 | |
Related Party Transactions | ' | ' |
13. Related Party Transactions | 13. Related Party Transactions | |
At the closing of its acquisition by Blackstone, the Company entered into an advisory agreement with an affiliate of Blackstone pursuant to which such entity or its affiliates provided certain strategic and structuring advice and assistance to the Company. In addition, under this agreement, affiliates of Blackstone provided certain monitoring, advisory and consulting services to the Company for an aggregate annual management fee equal to the greater of $2,500 or 1.0% of Covenant Compliance EBITDA (as defined in the credit agreement governing the Company’s Senior Secured Credit Facility). Affiliates of Blackstone also received reimbursement for out-of-pocket expenses. Expenses relating to the management fee, which were recorded in Administrative expenses, were $0 and $1,148 in the three and nine months ended September 29, 2013, respectively. Expenses relating to the management fee were $1,188 and $3,409 in the three and nine months ended September 23, 2012, respectively. There were no out-of-pocket expenses reimbursed to Blackstone in the three and nine months ended September 29, 2013. The Company reimbursed Blackstone for out-of-pocket expenses totaling $0 and $123 in three and nine months ended September 23, 2012, respectively. | At the closing of its acquisition by Blackstone, the Company entered into an advisory agreement with an affiliate of Blackstone pursuant to which such entity or its affiliates provide certain strategic and structuring advice and assistance to the Company. In addition, under this agreement, affiliates of Blackstone provide certain monitoring, advisory and consulting services to the Company for an aggregate annual management fee equal to the greater of $2,500 or 1.0% of Covenant Compliance EBITDA (as defined in the credit agreement governing the Company’s Senior Secured Credit Facility). Affiliates of Blackstone also receive reimbursement for out-of-pocket expenses. Expenses relating to the management fee were $4,650, $4,600 and $4,500 in the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010, respectively. Management fee expenses were recorded in administrative expenses in the Consolidated Statements of Operations. The Company reimbursed Blackstone for out-of-pocket expenses totaling $160 and $55 in the fiscal years ended December 30, 2012 and December 26, 2010. There were no out-of-pocket expenses reimbursed to Blackstone in the fiscal year ended December 25, 2011. | |
On April 3, 2013, the advisory agreement was terminated in accordance with its terms for a fee paid of $15,100. In addition, prepaid expenses for related party management fees of $3,345 that were recorded to Other current assets were expensed. | Supplier Costs | |
Customer Purchases | Graham Packaging, which was formerly controlled by affiliates of Blackstone, supplies packaging for some of the Company’s products. Purchases from Graham Packaging were $7,813 and $6,601 in the fiscal years ended December 25, 2011 and December 26, 2010, respectively. On September 8, 2011, Graham Packaging announced the completion of its acquisition by Reynolds Group Holdings Limited, and thus ceased to be a related party. | |
Performance Food Group Company, which is controlled by affiliates of Blackstone, is a foodservice supplier that purchases products from the Company. Sales to Performance Food Group Company were $961 and $3,040 in the three and nine months ended September 29, 2013, respectively. Sales to Performance Food Group Company were $992 and $3,351 in the three and nine months ended September 23, 2012, respectively. As of September 29, 2013 and December 30, 2012, amounts due from Performance Food Group Company were $42 and $68, respectively, and were recorded on the Accounts receivable, net of allowances line in the Consolidated Balance Sheets. | Customer Purchases | |
Interest Expense | Performance Food Group Company, which is controlled by affiliates of Blackstone, is a foodservice supplier that purchases products from the Company. Sales to Performance Food Group Company were $5,672, $4,768 and $5,885 in the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010, respectively. As of December 30, 2012 and December 25, 2011 amounts due from Performance Food Group Company were $68 and $113, respectively and were recorded on the Accounts receivable, net of allowances line in the Consolidated Balance Sheets. | |
For the three and nine months ended September 29, 2013, fees and interest expense recognized in the Consolidated Statements of Operations for debt owed to affiliates of Blackstone Advisors L.P. totaled $411 and $1,337, respectively. For the three and nine months ended September 23, 2012, fees and interest expense recognized in the Consolidated Statements of Operations for debt to affiliates of Blackstone Advisors L.P. totaled $665 and $2,751, respectively. As of September 29, 2013 and December 30, 2012, debt owed to related parties was $48,004 and $63,097, respectively and was recorded on the Long-term debt in the Consolidated Balance Sheets. As of September 29, 2013 and December 30, 2012, interest accrued on debt owed to related parties was $269 and $173, respectively, and was recorded on the Accrued liabilities line in the Consolidated Balance Sheets. | Interest Expense | |
For the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010, fees and interest expense recognized in the Consolidated Statements of Operations for debt to affiliates of Blackstone Advisors L.P. totaled $3,330, $6,172 and $4,996, respectively. As of December 30, 2012 and December 25, 2011, interest accrued on debt to related parties was $173 and $410, respectively and was recorded on the Accrued liabilities line in the Consolidated Balance Sheets. |
Segments
Segments | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||
Segments | ' | ' | ||||||||||||||||||||||||||||
14. Segments | 14. Segments | |||||||||||||||||||||||||||||
The Company is a leading producer, marketer and distributor of high quality, branded food products in North America. The Company manages the business in three operating segments: Birds Eye Frozen, Duncan Hines Grocery and Specialty Foods. | The Company is a leading producer, marketer and distributor of high quality, branded food products in North America. The Company manages the business in three operating segments: Birds Eye Frozen, Duncan Hines Grocery and Specialty Foods. | |||||||||||||||||||||||||||||
The Birds Eye Frozen Division manages its Leadership Brands in the United States retail frozen vegetables (Birds Eye), frozen complete bagged meals (Birds Eye Voila!), and frozen prepared seafood (Van de Kamp’s and Mrs. Paul’s) categories, as well as its Foundation Brands in the full-calorie single-serve frozen dinners and entrées (Hungry-Man), frozen pancakes / waffles / French toast (Aunt Jemima), frozen and refrigerated bagels (Lender’s) and frozen pizza for one (Celeste) categories. | ||||||||||||||||||||||||||||||
The Birds Eye Frozen Division manages its Leadership Brands in the United States retail frozen vegetables (Birds Eye), frozen complete bagged meals (Birds Eye Voila!), and frozen seafood (Van de Kamp’s and Mrs. Paul’s) categories, as well as its Foundation Brands in the frozen and refrigerated bagels (Lender’s), frozen pizza for one (Celeste), full-calorie single-serve frozen dinners and entrées (Hungry-Man), and frozen breakfast (Aunt Jemima) categories. | The Duncan Hines Grocery Division manages its Leadership Brands in the cake / brownie mixes and frostings (Duncan Hines), shelf-stable pickles (Vlasic), and table syrups (Mrs. Butterworth’s and Log Cabin) categories, and its Foundation Brands in the canned meat (Armour, Nalley, Brooks), pie and pastry fruit fillings (Comstock, Wilderness), barbecue sauces (Open Pit) and salad dressing (Bernstein’s) categories as well as all Canadian operations. We refer to the sum of the Birds Eye Frozen segment and the Duncan Hines Grocery segment as the North American retail businesses. | |||||||||||||||||||||||||||||
The Duncan Hines Grocery Division manages its Leadership Brands in the baking mixes and frostings (Duncan Hines), shelf-stable pickles (Vlasic), and table syrups (Mrs. Butterworth’s and Log Cabin) categories, and its Foundation Brands in the canned meat (Armour, Nalley and Brooks), pie and pastry fillings (Comstock and Wilderness), barbecue sauces (Open Pit) and salad dressing (Bernstein’s) categories as well as all Canadian operations. | The Specialty Foods Division consists of snack products (Tim’s Cascade and Snyder of Berlin) and the foodservice and private label businesses. | |||||||||||||||||||||||||||||
The Company refers to the sum of the Birds Eye Frozen Division and the Duncan Hines Grocery Division as the North America retail businesses. | Segment performance is evaluated by the Company’s Chief Operating Decision Maker and is based on earnings before interest and taxes. Transfers between segments and geographic areas are recorded at cost plus markup or at market. Identifiable assets are those assets, including goodwill, which are identified with the operations in each segment or geographic region. Corporate assets consist of prepaid and deferred tax assets. Unallocated corporate expenses consist of corporate overhead such as executive management and finance and legal functions. | |||||||||||||||||||||||||||||
The Specialty Foods Division consists of snack products (Tim’s Cascade and Snyder of Berlin) and the foodservice and private label businesses. | ||||||||||||||||||||||||||||||
Segment performance is evaluated by the Company’s Chief Operating Decision Maker and is based on earnings before interest and taxes. Transfers between segments and geographic areas are recorded at cost plus markup or at market. Identifiable assets are those assets, including goodwill, which are identified with the operations in each segment or geographic region. Corporate assets consist of prepaid and deferred tax assets. Unallocated corporate expenses consist of corporate overhead such as executive management, finance and legal functions and IPO and refinancing related charges. | Fiscal year | |||||||||||||||||||||||||||||
SEGMENT INFORMATION | December 30, | December 25, | December 26, | |||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||
SEGMENT INFORMATION | Three months ended | Nine months ended | 53 weeks | 52 weeks | 52 weeks | |||||||||||||||||||||||||
September 29, | September 23, | September 29, | September 23, | Net sales | ||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Birds Eye Frozen | $ | 1,103,093 | $ | 1,100,751 | $ | 1,065,860 | ||||||||||||||||||||
Net sales | Duncan Hines Grocery | 978,615 | 966,068 | 958,045 | ||||||||||||||||||||||||||
Birds Eye Frozen | $ | 257,973 | $ | 255,950 | $ | 794,464 | $ | 787,603 | Specialty Foods | 396,777 | 402,743 | 412,798 | ||||||||||||||||||
Duncan Hines Grocery | 224,214 | 215,637 | 690,243 | 687,225 | ||||||||||||||||||||||||||
Specialty Foods | 90,268 | 96,318 | 269,773 | 298,597 | Total | $ | 2,478,485 | $ | 2,469,562 | $ | 2,436,703 | |||||||||||||||||||
Total | $ | 572,455 | $ | 567,905 | $ | 1,754,480 | $ | 1,773,425 | Earnings (loss) before interest and taxes | |||||||||||||||||||||
Birds Eye Frozen | $ | 178,184 | $ | 97,155 | $ | 114,459 | ||||||||||||||||||||||||
Earnings before interest and taxes | Duncan Hines Grocery | 120,746 | 157,316 | 158,819 | ||||||||||||||||||||||||||
Birds Eye Frozen | $ | 45,009 | $ | 42,356 | $ | 130,462 | $ | 109,509 | Specialty Foods | 23,503 | (40,317 | ) | 27,098 | |||||||||||||||||
Duncan Hines Grocery | 38,265 | 26,347 | 97,399 | 77,136 | Unallocated corporate expenses | (38,839 | ) | (30,888 | ) | (35,224 | ) | |||||||||||||||||||
Specialty Foods | 8,026 | 539 | 21,087 | 12,680 | ||||||||||||||||||||||||||
Unallocated corporate expenses | (6,382 | ) | (9,347 | ) | (72,388 | ) | (32,271 | ) | Total | $ | 283,594 | $ | 183,266 | $ | 265,152 | |||||||||||||||
Total | $ | 84,918 | $ | 59,895 | $ | 176,560 | $ | 167,054 | Depreciation and amortization | |||||||||||||||||||||
Birds Eye Frozen | $ | 38,667 | $ | 42,130 | $ | 34,149 | ||||||||||||||||||||||||
Depreciation and amortization | Duncan Hines Grocery | 41,400 | 29,268 | 24,177 | ||||||||||||||||||||||||||
Birds Eye Frozen | $ | 9,917 | $ | 9,114 | $ | 28,544 | $ | 28,437 | Specialty Foods | 18,056 | 17,078 | 19,723 | ||||||||||||||||||
Duncan Hines Grocery | 4,815 | 12,125 | 16,131 | 26,683 | ||||||||||||||||||||||||||
Specialty Foods | 4,926 | 5,248 | 13,008 | 13,422 | Total | $ | 98,123 | $ | 88,476 | $ | 78,049 | |||||||||||||||||||
Total | $ | 19,658 | $ | 26,487 | $ | 57,683 | $ | 68,542 | Capital expenditures* | |||||||||||||||||||||
Birds Eye Frozen | $ | 41,885 | $ | 80,884 | $ | 48,291 | ||||||||||||||||||||||||
Capital expenditures* | Duncan Hines Grocery | 25,729 | 31,171 | 35,315 | ||||||||||||||||||||||||||
Birds Eye Frozen | $ | 4,853 | $ | 8,301 | $ | 29,866 | $ | 29,690 | Specialty Foods | 12,213 | 16,491 | 11,253 | ||||||||||||||||||
Duncan Hines Grocery | 4,968 | 4,339 | 24,136 | 14,502 | ||||||||||||||||||||||||||
Specialty Foods | 2,554 | 2,458 | 8,663 | 7,153 | Total | $ | 79,827 | $ | 128,546 | $ | 94,859 | |||||||||||||||||||
Total | $ | 12,375 | $ | 15,098 | $ | 62,665 | $ | 51,345 | GEOGRAPHIC INFORMATION | |||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||||||
GEOGRAPHIC INFORMATION | United States | $ | 2,454,737 | $ | 2,442,540 | $ | 2,409,548 | |||||||||||||||||||||||
Net sales | Canada | 84,708 | 84,832 | 82,870 | ||||||||||||||||||||||||||
United States | $ | 568,340 | $ | 564,304 | $ | 1,737,413 | $ | 1,759,479 | Intercompany | (60,960 | ) | (57,810 | ) | (55,715 | ) | |||||||||||||||
Canada | 19,569 | 19,771 | 62,117 | 59,151 | ||||||||||||||||||||||||||
Intercompany | (15,454 | ) | (16,170 | ) | (45,050 | ) | (45,205 | ) | Total | $ | 2,478,485 | $ | 2,469,562 | $ | 2,436,703 | |||||||||||||||
Total | $ | 572,455 | $ | 567,905 | $ | 1,754,480 | $ | 1,773,425 | ||||||||||||||||||||||
* | Includes new capital leases. | |||||||||||||||||||||||||||||
* | Includes new capital leases. | |||||||||||||||||||||||||||||
SEGMENT INFORMATION | December 30, | December 25, | ||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||
SEGMENT INFORMATION | September 29, | December 30, | Total assets | |||||||||||||||||||||||||||
2013 | 2012 | Birds Eye Frozen | $ | 1,978,668 | $ | 2,028,104 | ||||||||||||||||||||||||
Total assets | Duncan Hines Grocery | 1,965,002 | 1,978,813 | |||||||||||||||||||||||||||
Birds Eye Frozen | $ | 2,037,405 | $ | 1,978,668 | Specialty Foods | 356,722 | 372,786 | |||||||||||||||||||||||
Duncan Hines Grocery | 1,996,435 | 1,965,002 | Corporate | 99,596 | 71,918 | |||||||||||||||||||||||||
Specialty Foods | 364,426 | 356,722 | ||||||||||||||||||||||||||||
Corporate | 123,089 | 99,596 | Total | $ | 4,399,988 | $ | 4,451,621 | |||||||||||||||||||||||
Total | $ | 4,521,355 | $ | 4,399,988 | GEOGRAPHIC INFORMATION | |||||||||||||||||||||||||
Long-lived assets | ||||||||||||||||||||||||||||||
GEOGRAPHIC INFORMATION | United States | $ | 493,640 | $ | 501,245 | |||||||||||||||||||||||||
Long-lived assets | Canada | 26 | 38 | |||||||||||||||||||||||||||
United States | $ | 513,648 | $ | 493,640 | ||||||||||||||||||||||||||
Canada | 23 | 26 | Total | $ | 493,666 | $ | 501,283 | |||||||||||||||||||||||
Total | $ | 512,351 | $ | 493,666 | ||||||||||||||||||||||||||
Provision_for_Income_Taxes
Provision for Income Taxes | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||
Provision for Income Taxes | ' | ' | ||||||||||||||||||||||||||||||||||||
15. Provision for Income Taxes | 15. Taxes on Earnings | |||||||||||||||||||||||||||||||||||||
The provision for income taxes and related effective tax rates for the three and nine months ended September 29, 2013 and September 23, 2012, respectively, were as follows: | The components of the provision (benefit) for income taxes are as follows: | |||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | Provision (benefit) for income taxes | Fiscal year ended | |||||||||||||||||||||||||||||||||||
Provision for Income Taxes | September 29, | September 23, | September 29, | September 23, | December 30, 2012 | December 25, 2011 | December 26, 2010 | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Current | ||||||||||||||||||||||||||||||||||
Current | $ | 388 | $ | 906 | $ | 1,882 | $ | 1,064 | Federal | $ | (635 | ) | $ | (1,186 | ) | $ | 215 | |||||||||||||||||||||
Deferred | 24,273 | 4,653 | 33,226 | 2,637 | State | 1,940 | 2,339 | 2,065 | ||||||||||||||||||||||||||||||
Non-U.S. | 467 | 426 | 737 | |||||||||||||||||||||||||||||||||||
Total | $ | 24,661 | $ | 5,559 | $ | 35,108 | $ | 3,701 | ||||||||||||||||||||||||||||||
1,772 | 1,579 | 3,017 | ||||||||||||||||||||||||||||||||||||
Effective tax rate | 37.7 | % | 36 | % | 51.1 | % | 29.5 | % | ||||||||||||||||||||||||||||||
Income taxes are accounted for in accordance with the authoritative guidance for accounting for income taxes under which deferred tax assets and liabilities are determined based on the difference between their financial statement basis and tax basis, using enacted tax rates in effect for the year in which the differences are expected to reverse. | Deferred | |||||||||||||||||||||||||||||||||||||
During the nine months ended September 29, 2013, the Company refinanced all of its outstanding debt (Note 9) and the Company discontinued hedge accounting for interest rate swaps in effect at that time (Note 11). Effective with the swap termination, deferred tax expense of $9.1 million, which was recorded in Accumulated Other Comprehensive Loss through the swap termination date, was reclassified as a non-cash deferred tax expense in the provision for income taxes through the consolidated statement of operations. During the nine months ended September 23, 2012, the Company announced restructuring plans (Note 8) that were projected to decrease our future state effective tax rate, resulting in a net benefit of $2.1 million to the tax provision and a corresponding decrease to our net deferred tax liabilities. | Federal | 28,433 | 23,911 | 9,318 | ||||||||||||||||||||||||||||||||||
The Company regularly evaluates its deferred tax assets for future realization. A valuation allowance is established when the Company believes that it is more likely than not that some portion of its deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. | State | 2,520 | (3,377 | ) | (4,936 | ) | ||||||||||||||||||||||||||||||||
As of September 29, 2013 and September 23, 2012, the Company maintained a valuation allowance for certain state net operating loss (“NOL”) carryovers, state tax credit carryovers and foreign loss carryovers. For the nine months ended September 29, 2013 a benefit of $1.5 million was recognized to the income tax provision for reduction of the valuation allowance for state NOL carryovers and state credits attributable to a projected decrease of interest expense from the IPO and the April 2013 refinancing. For the nine months ended September 23, 2012, a charge of $1.9 million was recognized to the income tax provision, principally related to the realizability of state NOL carryovers and state credits due to the aforementioned restructuring plans. | Non-U.S. | (24 | ) | (10 | ) | — | ||||||||||||||||||||||||||||||||
On September 13, 2013 the IRS issued final and proposed Tangible Property Regulations. The final regulations are generally effective for taxable years beginning on or after January 1, 2014. The Company is in the process of evaluating and analyzing the financial accounting implications of adopting the final regulations. At this time the Company does not anticipate that there will be a material impact to the financial statements. | ||||||||||||||||||||||||||||||||||||||
30,929 | 20,524 | 4,382 | ||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | $ | 32,701 | $ | 22,103 | $ | 7,399 | ||||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | ||||||||||||||||||||||||||||||||||||||
United States | 83,677 | $ | (26,558 | ) | $ | 27,253 | ||||||||||||||||||||||||||||||||
Non-U.S. | 1,543 | 1,747 | 2,183 | |||||||||||||||||||||||||||||||||||
Total | $ | 85,220 | $ | (24,811 | ) | $ | 29,436 | |||||||||||||||||||||||||||||||
The effective tax rate differs from the federal statutory income tax rate as explained below: | ||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate | Fiscal year ended | |||||||||||||||||||||||||||||||||||||
December 30, 2012 | December 25, 2011 | December 26, 2010 | ||||||||||||||||||||||||||||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||||||||||||||||||||||||||||
State income taxes (net of federal benefit) | 3.4 | % | 8.4 | % | (3.7 | )% | ||||||||||||||||||||||||||||||||
Tax effect resulting from international activities | 0.4 | % | (0.5 | )% | 1.8 | % | ||||||||||||||||||||||||||||||||
Change in deferred tax valuation allowance | — | % | (8.0 | )% | — | % | ||||||||||||||||||||||||||||||||
Non-deductible expenses | 0.8 | % | (1.5 | )% | 6.8 | % | ||||||||||||||||||||||||||||||||
Goodwill and other long-lived intangibles impairment | — | (141.4 | )% | — | ||||||||||||||||||||||||||||||||||
Tax credits | 0.2 | % | 1.2 | % | (2.0 | )% | ||||||||||||||||||||||||||||||||
Uncertain tax positions | (1.5 | )% | 15.9 | % | 2.6 | % | ||||||||||||||||||||||||||||||||
Out of period adjustment | — | — | % | (14.4 | )% | |||||||||||||||||||||||||||||||||
Other | 0.1 | % | 1.8 | % | (1.0 | )% | ||||||||||||||||||||||||||||||||
Effective income tax rate | 38.4 | % | (89.1 | )% | 25.1 | % | ||||||||||||||||||||||||||||||||
Deferred Tax Assets and Liabilities | ||||||||||||||||||||||||||||||||||||||
December 30, | December 25, | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Accrued liabilities | $ | 18,298 | $ | 11,468 | ||||||||||||||||||||||||||||||||||
Inventories | 12,173 | 15,447 | ||||||||||||||||||||||||||||||||||||
Benefits and compensation | 18,645 | 19,135 | ||||||||||||||||||||||||||||||||||||
Hedges | 1,362 | 3,933 | ||||||||||||||||||||||||||||||||||||
Assets held for sale | 3,738 | — | ||||||||||||||||||||||||||||||||||||
Net operating loss carryforwards | 326,667 | 338,718 | ||||||||||||||||||||||||||||||||||||
Federal & state tax credits | 10,529 | 12,101 | ||||||||||||||||||||||||||||||||||||
Postretirement benefits | 37,881 | 33,160 | ||||||||||||||||||||||||||||||||||||
Alternative minimum tax | 1,901 | 1,901 | ||||||||||||||||||||||||||||||||||||
Other | 2,815 | 1,398 | ||||||||||||||||||||||||||||||||||||
Subtotal | 434,009 | 437,261 | ||||||||||||||||||||||||||||||||||||
Valuation allowance | (13,354 | ) | (14,202 | ) | ||||||||||||||||||||||||||||||||||
Total net deferred tax assets | 420,655 | 423,059 | ||||||||||||||||||||||||||||||||||||
Other intangible assets | (697,043 | ) | (677,393 | ) | ||||||||||||||||||||||||||||||||||
Partnership interest | (8,902 | ) | (8,885 | ) | ||||||||||||||||||||||||||||||||||
Plant assets | (82,992 | ) | (80,767 | ) | ||||||||||||||||||||||||||||||||||
Unremitted earnings | (2,560 | ) | (2,240 | ) | ||||||||||||||||||||||||||||||||||
Other | (1,488 | ) | (631 | ) | ||||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (792,985 | ) | (769,916 | ) | ||||||||||||||||||||||||||||||||||
Net deferred tax asset (liability) | $ | (372,330 | ) | $ | (346,857 | ) | ||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||
Current net deferred tax assets | 99,199 | $ | 71,109 | |||||||||||||||||||||||||||||||||||
Long-term net deferred tax liability | (471,529 | ) | (417,966 | ) | ||||||||||||||||||||||||||||||||||
Net deferred tax liability | $ | (372,330 | ) | $ | (346,857 | ) | ||||||||||||||||||||||||||||||||
Pursuant to a tax sharing agreement among Pinnacle Foods, Inc (“PF”), and other members of the PF affiliated group, each member is liable for its share of the federal income tax liability of the consolidated group. | ||||||||||||||||||||||||||||||||||||||
Income taxes are accounted for in accordance with the authoritative guidance for accounting for income taxes under which deferred tax assets and liabilities are determined based on the difference between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. For the fiscal years ended December 30, 2012 and December 25, 2011, the Company recorded a $0.7 million charge and $2.6 million benefit, respectively, to the state income tax provision reflecting a change in the effective tax rate as a result of changes to our manufacturing footprint and state legislative changes enacted during the respective fiscal years. For the year ended December 26, 2010, the Company recorded a $2.2 million benefit to the state income tax provision reflecting a change in the effective tax rate as a result of restructuring following the Birds Eye integration. | ||||||||||||||||||||||||||||||||||||||
The authoritative guidance for accounting for income taxes requires that a valuation allowance be established when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. The Company regularly evaluates its deferred tax assets for future realization. A review of all available positive and negative evidence must be considered, including a company’s performance, the market environment in which the company operates, the utilization of past tax credits, length of carryback and carryforward periods, and existing contracts or sales backlog that will result in future profits. Based on a review of both the positive and negative evidence, it was determined that the Company had sufficient positive evidence to outweigh any negative evidence and support that it was more likely that not that substantially all of the deferred tax assets would be realized. | ||||||||||||||||||||||||||||||||||||||
The Company recognizes investment tax credits under the flow through method. For the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010, a net charge of $1.3 million, and net benefits of $1.2 million and $0.1 million, respectively, were recorded in the Provision for income taxes line of the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||
For the fiscal year ended December 26, 2010, the Company recorded an out of period adjustment of $4.2 million to correct errors related to the reversal of the Company’s income tax valuation allowance as of December 27, 2009. Since this adjustment was not material to prior years’ financial statements, the Company recorded the adjustment in the financial statements for the fiscal year ended December 26, 2010. | ||||||||||||||||||||||||||||||||||||||
PF, is a loss corporation as defined by Internal Revenue Code Section 382. Section 382 places an annual limitation on PF’s ability to utilize a portion of our Net Operating Loss Carryovers (NOLCs) and other attributes to reduce future taxable income. As of December 30, 2012, PF has federal NOLCs of $1,099.0 million, of which $237.2 million of the carryovers exceed the estimated available Section 382 limitation. PF reduced its deferred tax assets for this limitation. Of the remaining $861.8 million of NOLCs, $636.1 million are subject to the various Section 382 limitations which will limit the amount of NOLCs that can be utilized in any given year. It is expected that PF’s annual Section 382 limitation going forward will approximate $17.0 million to $23.0 million, adjusted for certain built in gain recognition items (as defined in Section 382) and pending resolution of certain tax matters. Approximately $225 million of the NOLCs are not subject to Section 382 limitations. PF’s NOLCs and certain other tax attributes generated prior to December 23, 2009 may not be utilized to offset Birds Eye income from recognized built in gains that existed at the acquisition date, through December 2014, pursuant to Internal Revenue Code Section 384. | ||||||||||||||||||||||||||||||||||||||
PF’s federal NOLCs have expiration periods from 2017 through 2031. PF and its subsidiaries also have state tax NOLCs that are limited and vary in amount by jurisdiction. State net operating losses are approximately $592.0 million with expiration periods beginning in 2013 through 2032. State tax credits total $9.3 million of which $3.4 million expire on or before 2028. The remaining $5.9 million of state credits do not expire, except upon the occurrence of specific events. The Company’s foreign net operating losses of $0.9 million expire on or before December 2021. | ||||||||||||||||||||||||||||||||||||||
As of December 30, 2012 our valuation allowance for state NOLCs and credits is $12.5 million and the foreign valuation allowance is $0.9 million. | ||||||||||||||||||||||||||||||||||||||
Following are the changes in the deferred tax valuation allowance: | ||||||||||||||||||||||||||||||||||||||
Beginning | Additions | Acquisitions | Deductions | Ending | ||||||||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||||||
Fiscal year ended December 30, 2012 | $ | 14,202 | $ | 474 | $ | — | $ | (1,322 | ) | $ | 13,354 | |||||||||||||||||||||||||||
Fiscal year ended December 25, 2011 | 8,284 | 6,187 | — | (269 | ) | 14,202 | ||||||||||||||||||||||||||||||||
Fiscal year ended December 26, 2010 | 14,792 | — | (5,721 | ) | (787 | ) | 8,284 | |||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax positions is as follows: | ||||||||||||||||||||||||||||||||||||||
Fiscal year ended | ||||||||||||||||||||||||||||||||||||||
December 30, | December 25, | December 26, | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||
Gross unrecognized tax positions at beginning of year | $ | 9,764 | $ | 13,515 | $ | 3,410 | ||||||||||||||||||||||||||||||||
Increase for tax positions related to prior periods | 199 | 646 | 9,722 | |||||||||||||||||||||||||||||||||||
Decrease for tax positions related to prior periods | (509 | ) | (4,133 | ) | — | |||||||||||||||||||||||||||||||||
Increase for tax positions related to the current period | 679 | 558 | 630 | |||||||||||||||||||||||||||||||||||
Decrease related to settlement with tax authorities | (1,580 | ) | (822 | ) | (163 | ) | ||||||||||||||||||||||||||||||||
Reductions due to lapse of applicable statutes of limitations | (46 | ) | — | (84 | ) | |||||||||||||||||||||||||||||||||
Gross unrecognized tax positions at end of year | $ | 8,507 | $ | 9,764 | $ | 13,515 | ||||||||||||||||||||||||||||||||
The Company’s liability for unrecognized tax positions as of December 30, 2012 was $8,507, reflecting a net decrease of $1,257 principally for settlement of uncertainties related to federal and foreign tax matters. A benefit of $1,435 was recognized in the provision for income taxes resulting from the settlement of tax examinations. The amount that, if recognized, would impact the effective tax rate as of December 30, 2012 was $1,986. From time to time, various taxing authorities may audit the Company’s tax returns. It is reasonably possible that a decrease in the uncertain tax positions of approximately $699 may occur within the next twelve months due to the lapse of certain statute of limitations or resolution of uncertainties. | ||||||||||||||||||||||||||||||||||||||
The Company recorded interest and penalties associated with uncertain tax positions as a benefit of $157 and $743, and a charge of $266 to the provision for income taxes for the fiscal years ended December 30, 2012, December 25, 2011 and December 26, 2010, respectively. The Company’s liability includes accrued interest and penalties of $332 and $489 as of December 30, 2012 and December 25, 2011, respectively. | ||||||||||||||||||||||||||||||||||||||
The Company files income tax returns with the U.S. federal government and various state and international jurisdictions. With few exceptions, as noted below, the Company’s 1999 and subsequent federal and state tax years remain open by statute, principally relating to NOLCs. With limited exception for certain states, Federal and state tax years for pre-acquisition periods (2009 and earlier) of Birds Eye Food Inc. are either closed by statute or by completed tax examinations. International jurisdictions remain open for the fiscal 2006, fiscal 2010 and subsequent periods. As a matter of course, from time to time various taxing authorities may audit the Company’s tax returns and the ultimate resolution of such audits could result in adjustments to amounts recognized by the Company. Audits of the Company’s federal income tax returns were completed in 2012 by the Canada Revenue Agency for the fiscal years ended December 28, 2008 and December 27, 2009, and the IRS for the fiscal years ended December 27, 2009 and December 26, 2010, respectively. The Company is currently under audit by various state tax jurisdictions. At this time, an estimate of the range of reasonably possible outcomes cannot be made. We do not anticipate these possible outcomes will have a significant impact on the results of operations, our financial position or our cash flows. |
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Dec. 30, 2012 | |||||||||||||||||||||
Quarterly Results (Unaudited) | ' | ||||||||||||||||||||
16. Quarterly Results (Unaudited) | |||||||||||||||||||||
Summarized quarterly financial data is presented below | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 2012 | June | September | December | Fiscal | |||||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||||||
Net sales | $ | 616,925 | $ | 588,595 | $ | 567,905 | $ | 705,060 | $ | 2,478,485 | |||||||||||
Cost of products sold | 481,248 | 456,439 | 438,564 | 517,685 | 1,893,936 | ||||||||||||||||
Gross profit | 135,677 | 132,156 | 129,341 | 187,375 | 584,549 | ||||||||||||||||
Net earnings (loss) | 9,539 | (10,560 | ) | 9,878 | 43,662 | 52,519 | |||||||||||||||
Net earnings per share | |||||||||||||||||||||
Basic | $ | 0.12 | (0.13 | ) | 0.12 | 0.54 | 0.65 | ||||||||||||||
Weighted average shares outstanding—basic | 81,267 | 82,235 | 81,218 | 80,202 | 81,231 | ||||||||||||||||
Diluted | $ | 0.11 | (0.13 | ) | 0.11 | 0.51 | 0.61 | ||||||||||||||
Weighted average shares outstanding—diluted | 86,492 | 87,559 | 86,445 | 85,482 | 86,495 | ||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 2011 | June | September | December | Fiscal | |||||||||||||||||
2011 | 2011 | 2011 | 2011 | ||||||||||||||||||
Net sales | $ | 606,311 | $ | 602,023 | $ | 574,746 | $ | 686,482 | $ | 2,469,562 | |||||||||||
Cost of products sold | 452,916 | 460,346 | 440,496 | 500,938 | 1,854,696 | ||||||||||||||||
Gross profit | 153,395 | 141,677 | 134,250 | 185,544 | 614,866 | ||||||||||||||||
Net earnings (loss) | 20,252 | 7,581 | 12,777 | (87,524 | ) | (46,914 | ) | ||||||||||||||
Net earnings per share | |||||||||||||||||||||
Basic | $ | 0.25 | 0.09 | 0.16 | (1.08 | ) | (0.58 | ) | |||||||||||||
Weighted average shares outstanding—basic | 81,357 | 81,338 | 81,296 | 81,273 | 81,316 | ||||||||||||||||
Diluted | 0.23 | 0.09 | 0.15 | (1.08 | ) | (0.58 | ) | ||||||||||||||
Weighted average shares outstanding—diluted | 86,621 | 86,582 | 86,489 | 81,273 | 81,316 | ||||||||||||||||
Net earnings during fiscal 2012 and fiscal 2011 were affected by the following charges (credits): | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 2012 | June | September | December | Fiscal | |||||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||||||
Cost of products sold | |||||||||||||||||||||
Restructuring charges (see note 8) | $ | 2,152 | $ | 3,537 | $ | 14,078 | $ | 9,432 | $ | 29,199 | |||||||||||
Restructuring related expenses (a) | 1,327 | 1,513 | 2,082 | 3,074 | 7,996 | ||||||||||||||||
Aunt Jemima product recall (b) | 3,722 | (500 | ) | — | (1,150 | ) | 2,072 | ||||||||||||||
Research and development expenses | |||||||||||||||||||||
Restructuring charges (see note 8) | — | 914 | 465 | 1,417 | 2,796 | ||||||||||||||||
Other expense (income), net | |||||||||||||||||||||
Tradename Impairment charges (c) | — | — | — | 520 | 520 | ||||||||||||||||
Redemption premium on the early extinguishment of debt (see Note 5) | — | 10,785 | 3,470 | — | 14,255 | ||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 2011 | June | September | December | Fiscal | |||||||||||||||||
2011 | 2011 | 2011 | 2011 | ||||||||||||||||||
Cost of products sold | |||||||||||||||||||||
Restructuring charges (see note 8) | $ | 2,865 | $ | 7,567 | $ | 3,280 | $ | 3,884 | $ | 17,596 | |||||||||||
Aunt Jemima product recall (b) | — | — | — | 1,145 | 1,145 | ||||||||||||||||
Goodwill impairment charge | |||||||||||||||||||||
Impairment charges (c) | — | — | — | 122,900 | 122,900 | ||||||||||||||||
Other expense (income), net | |||||||||||||||||||||
Tradename Impairment charges (d) | — | — | — | 25,300 | 25,300 | ||||||||||||||||
Lehman Brothers Specialty Financing settlement (see Note 5) | — | 8,500 | — | — | 8,500 | ||||||||||||||||
Interest expense | |||||||||||||||||||||
Amortization of deferred mark-to-market on terminated swap (see Note 11) | 705 | 507 | 473 | 434 | 2,119 | ||||||||||||||||
(a) | Restructuring related expenses include plant enhancement expenses, removal and transfer of equipment and consulting and engineering costs for restructuring projects. | ||||||||||||||||||||
(b) | On January 27, 2012 we issued a voluntary recall for certain Aunt Jemima frozen pancakes due to potential cross contamination with soy protein which may cause allergic reaction for people who have a soy allergy (See Note 12 for additional information). | ||||||||||||||||||||
(c) | Goodwill impairment charges consist of the following: | ||||||||||||||||||||
• | Fourth quarter 2011—Goodwill Impairment charges of $51,700, $49,700 and $21,500 on the Frozen Breakfast, Private Label and Foodservice reporting units, respectively. | ||||||||||||||||||||
(d) | Tradename impairment charges consist of the following: | ||||||||||||||||||||
• | Fourth quarter 2012—$520 on Bernstein’s. | ||||||||||||||||||||
• | Fourth quarter 2011—$23,700, $1,200 and $400 on the Aunt Jemima breakfast, Lender’s and Bernstein’s tradenames, respectively. |
Guarantor_and_Nonguarantor_Sta
Guarantor and Nonguarantor Statements | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor and Nonguarantor Statements | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
17. Guarantor and Nonguarantor Statements | 17. Guarantor and Nonguarantor Statements | |||||||||||||||||||||||||||||||||||||||||||||||||
On April 29, 2013, Pinnacle Foods Finance (“PFF”) issued 4.875% Senior Notes. The 4.875% Senior Notes are general senior unsecured obligations of PFF, effectively subordinated in right of payment to all existing and future senior secured indebtedness of PFF and guaranteed on a full, unconditional, joint and several basis by the Company and PFF’s 100% owned domestic subsidiaries that guarantee other indebtedness of the Company. | On April 29, 2013, Pinnacle Foods Finance (“PFF”) issued 4.875% Senior Notes. The 4.875% Senior Notes are general senior unsecured obligations of PFF, effectively subordinated in right of payment to all existing and future senior secured indebtedness of PFF and guaranteed on a full, unconditional, joint and several basis by the Company and PFF’s 100% owned domestic subsidiaries that guarantee other indebtedness of the Company. | |||||||||||||||||||||||||||||||||||||||||||||||||
The following condensed consolidating financial information presents: | The following condensed consolidating financial information presents: | |||||||||||||||||||||||||||||||||||||||||||||||||
(1)(a) | Condensed consolidating balance sheets as of September 29, 2013 and December 30, 2012. | (1)(a) | Condensed consolidating balance sheets as of December 30, 2012 and December 25, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||
(b) | The related condensed consolidating statements of operations and comprehensive earnings for the Company, PFF, all guarantor subsidiaries and the non-guarantor subsidiaries for the following: | (b) | The related condensed consolidating statements of operations and comprehensive earnings for the Company, PFF, all guarantor subsidiaries and the non-guarantor subsidiaries for the following: | |||||||||||||||||||||||||||||||||||||||||||||||
i. | Three and nine months ended September 29, 2013; and | i. | Fiscal year ended December 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
ii. | Three and nine months ended September 23, 2012. | ii. | Fiscal year ended December 25, 2011; and | |||||||||||||||||||||||||||||||||||||||||||||||
(c) | The related condensed consolidating statements of cash flows for the Company, PFF, all guarantor subsidiaries and the non-guarantor subsidiaries for the following: | iii. | Fiscal year ended December 26, 2010. | |||||||||||||||||||||||||||||||||||||||||||||||
i. | Nine months ended September 29, 2013; and | (c) | The related condensed consolidating statements of cash flows for the Company, PFF, all guarantor subsidiaries and the non-guarantor subsidiaries for the following: | |||||||||||||||||||||||||||||||||||||||||||||||
ii. | Nine months ended September 23, 2012. | i. | Fiscal year ended December 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
-2 | Elimination entries necessary to consolidate the Company, PFF with its guarantor subsidiaries and non-guarantor subsidiaries. | ii. | Fiscal year ended December 25, 2011; and | |||||||||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries are accounted for by the parent using the equity method of accounting. The guarantor subsidiaries are presented on a combined basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions and include a reclassification entry of net non-current deferred tax assets to non-current deferred tax liabilities. | ||||||||||||||||||||||||||||||||||||||||||||||||||
iii. | Fiscal year ended December 26, 2010. | |||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | -2 | Elimination entries necessary to consolidate the Company, PFF, with its guarantor subsidiaries and non-guarantor subsidiaries. | ||||||||||||||||||||||||||||||||||||||||||||||||
September 29, 2013 | Investments in subsidiaries are accounted for by the parent using the equity method of accounting. The guarantor subsidiaries are presented on a combined basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions and include a reclassification entry of net non-current deferred tax assets to non-current deferred tax liabilities. | |||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||
Foods Inc. | Foods | Subsidiaries | Subsidiaries | and | Total | December 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Finance LLC | Reclassifications | |||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 100,424 | $ | 9,979 | $ | — | $ | 110,403 | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 159,031 | 9,885 | — | 168,916 | Foods | Foods | Subsidiaries | Subsidiaries | and | Total | ||||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable | 21,337 | — | 242,928 | — | (264,265 | ) | — | Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||||||||||||||||||||
Inventories, net | — | — | 386,774 | 7,554 | — | 394,328 | Current assets: | |||||||||||||||||||||||||||||||||||||||||||
Other current assets | — | 707 | 6,495 | 64 | — | 7,266 | Cash and cash equivalents | $ | — | $ | — | $ | 83,123 | $ | 9,158 | $ | — | $ | 92,281 | |||||||||||||||||||||||||||||||
Deferred tax assets | — | 585 | 120,384 | 212 | — | 121,181 | Accounts receivable, net | — | — | 135,791 | 8,093 | — | 143,884 | |||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable | — | — | 73,769 | — | (73,769 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total current assets | 21,337 | 1,292 | 1,016,036 | 27,694 | (264,265 | ) | 802,094 | Inventories, net | — | — | 350,922 | 7,129 | — | 358,051 | ||||||||||||||||||||||||||||||||||||
Plant assets, net | — | — | 512,328 | 23 | — | 512,351 | Other current assets | — | 1,130 | 10,546 | 186 | — | 11,862 | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,536,903 | 1,949,305 | 12,533 | — | (3,498,741 | ) | — | Deferred tax assets | — | — | 100,245 | 74 | (1,120 | ) | 99,199 | |||||||||||||||||||||||||||||||||||
Intercompany note receivable | — | 1,520,991 | 7,270 | 9,800 | (1,538,061 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Tradenames | — | — | 1,603,992 | — | — | 1,603,992 | Total current assets | — | 1,130 | 754,396 | 24,640 | (74,889 | ) | 705,277 | ||||||||||||||||||||||||||||||||||||
Other assets, net | — | 40,420 | 120,865 | 138 | — | 161,423 | Plant assets, net | — | — | 493,640 | 26 | — | 493,666 | |||||||||||||||||||||||||||||||||||||
Deferred tax assets | — | 281,141 | — | — | (281,141 | ) | — | Investment in subsidiaries | 888,726 | 1,840,632 | 11,222 | — | (2,740,580 | ) | — | |||||||||||||||||||||||||||||||||||
Goodwill | — | — | 1,441,495 | — | — | 1,441,495 | Intercompany note receivable | — | 1,469,135 | 7,270 | 9,800 | (1,486,205 | ) | — | ||||||||||||||||||||||||||||||||||||
Tradenames | — | — | 1,603,992 | — | — | 1,603,992 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,558,240 | $ | 3,793,149 | $ | 4,714,519 | $ | 37,655 | $ | (5,582,208 | ) | $ | 4,521,355 | Other assets, net | — | 23,691 | 131,707 | 160 | — | 155,558 | ||||||||||||||||||||||||||||||
Deferred tax assets | — | 239,347 | — | — | (239,347 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Goodwill | — | — | 1,441,495 | — | — | 1,441,495 | |||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 1,065 | $ | — | $ | — | $ | 1,065 | ||||||||||||||||||||||||||||||||||||||
Current portion of long-term obligations | — | 16,300 | 3,136 | — | — | 19,436 | Total assets | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | ||||||||||||||||||||||||||||||
Accounts payable | (17 | ) | 83 | 178,369 | 1,620 | — | 180,055 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany accounts payable | — | 256,640 | — | 7,625 | (264,265 | ) | — | Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||
Accrued trade marketing expense | — | — | 34,612 | 4,308 | — | 38,920 | Short-term borrowings | $ | — | $ | — | $ | 2,139 | $ | — | $ | — | $ | 2,139 | |||||||||||||||||||||||||||||||
Accrued liabilities | — | 18,802 | 87,176 | 697 | — | 106,675 | Current portion of long-term obligations | — | 27,411 | 3,008 | — | — | 30,419 | |||||||||||||||||||||||||||||||||||||
Dividends payable | 21,354 | — | — | — | — | 21,354 | Accounts payable | — | 37 | 136,220 | 1,069 | — | 137,326 | |||||||||||||||||||||||||||||||||||||
Intercompany accounts payable | — | 65,888 | — | 7,881 | (73,769 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 21,337 | 291,825 | 304,358 | 14,250 | (264,265 | ) | 367,505 | Accrued trade marketing expense | — | — | 41,396 | 3,175 | — | 44,571 | ||||||||||||||||||||||||||||||||||||
Long-term debt | — | 1,951,437 | 17,470 | — | — | 1,968,907 | Accrued liabilities | — | 29,662 | 90,000 | 727 | (1,120 | ) | 119,269 | ||||||||||||||||||||||||||||||||||||
Intercompany note payable | — | — | 1,530,260 | 7,801 | (1,538,061 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefits | — | — | 93,090 | — | — | 93,090 | Total current liabilities | — | 122,998 | 272,763 | 12,852 | (74,889 | ) | 333,724 | ||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | — | 22,072 | 2,730 | — | 24,802 | Long-term debt | — | 2,558,404 | 17,982 | — | — | 2,576,386 | |||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | — | 12,984 | 797,964 | 341 | (281,141 | ) | 530,148 | Intercompany note payable | — | — | 1,478,593 | 7,612 | (1,486,205 | ) | — | |||||||||||||||||||||||||||||||||||
Pension and other postretirement benefits | — | — | 100,918 | — | — | 100,918 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 21,337 | 2,256,246 | 2,765,214 | 25,122 | (2,083,467 | ) | 2,984,452 | Other long-term liabilities | — | 3,807 | 22,168 | 2,730 | — | 28,705 | ||||||||||||||||||||||||||||||||||||
Commitments and contingencies (Note 12) | Deferred tax liabilities | — | — | 710,666 | 210 | (239,347 | ) | 471,529 | ||||||||||||||||||||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle common stock | 1,172 | — | — | — | — | 1,172 | Total liabilities | — | 2,685,209 | 2,603,090 | 23,404 | (1,800,441 | ) | 3,511,262 | ||||||||||||||||||||||||||||||||||||
Additional paid-in-capital | 1,325,835 | 1,327,007 | 1,284,776 | 2,324 | (2,614,107 | ) | 1,325,835 | Commitments and contingencies (Note 12) | ||||||||||||||||||||||||||||||||||||||||||
Retained earnings | 244,410 | 244,410 | 716,730 | 9,850 | (970,990 | ) | 244,410 | Shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (34,514 | ) | (34,514 | ) | (52,201 | ) | 359 | 86,356 | (34,514 | ) | Pinnacle Common Stock | $ | 812 | $ | — | $ | — | $ | — | $ | — | 812 | ||||||||||||||||||||||||||||
Additional paid-in-capital | 696,512 | 697,324 | 1,284,155 | 2,324 | (1,983,803 | ) | 696,512 | |||||||||||||||||||||||||||||||||||||||||||
Total Shareholders’ equity | 1,536,903 | 1,536,903 | 1,949,305 | 12,533 | (3,498,741 | ) | 1,536,903 | Retained earnings | 252,955 | 252,955 | 608,788 | 8,842 | (870,585 | ) | 252,955 | |||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (61,553 | ) | (61,553 | ) | (52,311 | ) | 56 | 113,808 | (61,553 | ) | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,558,240 | $ | 3,793,149 | $ | 4,714,519 | $ | 37,655 | $ | (5,582,208 | ) | $ | 4,521,355 | |||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 888,726 | 888,726 | 1,840,632 | 11,222 | (2,740,580 | ) | 888,726 | |||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | Total liabilities and shareholders’ equity | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||||
December 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | December 25, 2011 | ||||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 83,123 | $ | 9,158 | $ | — | $ | 92,281 | Foods | Foods | Subsidiaries | Subsidiaries | and | Total | ||||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 135,791 | 8,093 | — | 143,884 | Inc. | Finance LLC | Reclassifications | |||||||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable | — | — | 73,769 | — | (73,769 | ) | — | Current assets: | ||||||||||||||||||||||||||||||||||||||||||
Inventories, net | — | — | 350,922 | 7,129 | — | 358,051 | Cash and cash equivalents | $ | — | $ | — | $ | 150,493 | $ | 538 | $ | — | $ | 151,031 | |||||||||||||||||||||||||||||||
Other current assets | — | 1,130 | 10,546 | 186 | — | 11,862 | Accounts receivable, net | — | — | 152,041 | 7,940 | — | 159,981 | |||||||||||||||||||||||||||||||||||||
Deferred tax assets | — | — | 100,245 | 74 | (1,120 | ) | 99,199 | Intercompany accounts receivable | — | 129,142 | — | 947 | (130,089 | ) | — | |||||||||||||||||||||||||||||||||||
Inventories, net | — | — | 330,136 | 5,676 | — | 335,812 | ||||||||||||||||||||||||||||||||||||||||||||
Total current assets | — | 1,130 | 754,396 | 24,640 | (74,889 | ) | 705,277 | Other current assets | — | 1,072 | 6,189 | 288 | — | 7,549 | ||||||||||||||||||||||||||||||||||||
Plant assets, net | — | — | 493,640 | 26 | — | 493,666 | Deferred tax assets | — | 1,563 | 69,575 | (29 | ) | — | 71,109 | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 888,726 | 1,840,632 | 11,222 | — | (2,740,580 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Intercompany note receivable | — | 1,469,135 | 7,270 | 9,800 | (1,486,205 | ) | — | Total current assets | — | 131,777 | 708,434 | 15,360 | (130,089 | ) | 725,482 | |||||||||||||||||||||||||||||||||||
Tradenames | — | — | 1,603,992 | — | — | 1,603,992 | Plant assets, net | — | — | 501,245 | 38 | — | 501,283 | |||||||||||||||||||||||||||||||||||||
Other assets, net | — | 23,691 | 131,707 | 160 | — | 155,558 | Investment in subsidiaries | 845,352 | 1,726,711 | 10,438 | — | (2,582,501 | ) | — | ||||||||||||||||||||||||||||||||||||
Deferred tax assets | — | 239,347 | — | — | (239,347 | ) | — | Intercompany note receivable | — | 1,541,341 | 7,270 | 9,800 | (1,558,411 | ) | — | |||||||||||||||||||||||||||||||||||
Goodwill | — | — | 1,441,495 | — | — | 1,441,495 | Tradenames | — | — | 1,604,512 | — | — | 1,604,512 | |||||||||||||||||||||||||||||||||||||
Other assets, net | — | 31,604 | 147,057 | 188 | — | 178,849 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | Deferred tax assets | — | 191,289 | — | — | (191,289 | ) | — | |||||||||||||||||||||||||||||
Goodwill | — | — | 1,441,495 | — | — | 1,441,495 | ||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 2,139 | $ | — | $ | — | $ | 2,139 | Total assets | $ | 845,352 | $ | 3,622,722 | $ | 4,420,451 | $ | 25,386 | $ | (4,462,290 | ) | $ | 4,451,621 | ||||||||||||||||||||||||
Current portion of long-term obligations | — | 27,411 | 3,008 | — | — | 30,419 | ||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | — | 37 | 136,220 | 1,069 | — | 137,326 | Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||
Intercompany accounts payable | — | 65,888 | — | 7,881 | (73,769 | ) | — | Short-term borrowings | $ | — | $ | — | $ | 1,708 | $ | — | $ | — | $ | 1,708 | ||||||||||||||||||||||||||||||
Accrued trade marketing expense | — | — | 41,396 | 3,175 | — | 44,571 | Current portion of long-term obligations | — | 12,500 | 3,161 | — | — | 15,661 | |||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 29,662 | 90,000 | 727 | (1,120 | ) | 119,269 | Accounts payable | — | — | 151,693 | 1,176 | — | 152,869 | ||||||||||||||||||||||||||||||||||||
Intercompany accounts payable | — | — | 130,089 | — | (130,089 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | — | 122,998 | 272,763 | 12,852 | (74,889 | ) | 333,724 | Accrued trade marketing expense | — | — | 32,020 | 3,105 | — | 35,125 | ||||||||||||||||||||||||||||||||||||
Long-term debt | — | 2,558,404 | 17,982 | — | — | 2,576,386 | Accrued liabilities | — | 46,012 | 82,312 | 461 | — | 128,785 | |||||||||||||||||||||||||||||||||||||
Intercompany note payable | — | — | 1,478,593 | 7,612 | (1,486,205 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefits | — | — | 100,918 | — | — | 100,918 | Total current liabilities | — | 58,512 | 400,983 | 4,742 | (130,089 | ) | 334,148 | ||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | 3,807 | 22,168 | 2,730 | — | 28,705 | Long-term debt | — | 2,718,858 | 19,792 | — | — | 2,738,650 | |||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | — | — | 710,666 | 210 | (239,347 | ) | 471,529 | Intercompany note payable | — | — | 1,551,141 | 7,270 | (1,558,411 | ) | — | |||||||||||||||||||||||||||||||||||
Pension and other postretirement benefits | — | — | 93,406 | — | — | 93,406 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 2,685,209 | 2,603,090 | 23,404 | (1,800,441 | ) | 3,511,262 | Other long-term liabilities | — | — | 19,369 | 2,730 | — | 22,099 | ||||||||||||||||||||||||||||||||||||
Commitments and contingencies (Note 12) | Deferred tax liabilities | — | — | 609,049 | 206 | (191,289 | ) | 417,966 | ||||||||||||||||||||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle common stock | 812 | — | — | — | — | 812 | Total liabilities | — | 2,777,370 | 2,693,740 | 14,948 | (1,879,789 | ) | 3,606,269 | ||||||||||||||||||||||||||||||||||||
Additional paid-in-capital | 696,512 | 697,324 | 1,284,155 | 2,324 | (1,983,803 | ) | 696,512 | Commitments and contingencies (Note 12) | ||||||||||||||||||||||||||||||||||||||||||
Retained earnings | 252,955 | 252,955 | 608,788 | 8,842 | (870,585 | ) | 252,955 | Shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (61,553 | ) | (61,553 | ) | (52,311 | ) | 56 | 113,808 | (61,553 | ) | Pinnacle Common Stock | $ | 813 | $ | — | $ | — | $ | — | $ | — | 813 | ||||||||||||||||||||||||||||
Additional paid-in-capital | 696,539 | 697,352 | 1,284,155 | 2,324 | (1,983,831 | ) | 696,539 | |||||||||||||||||||||||||||||||||||||||||||
Total Shareholders’ equity | 888,726 | 888,726 | 1,840,632 | 11,222 | (2,740,580 | ) | 888,726 | Retained earnings | 200,436 | 200,436 | 483,821 | 8,011 | (692,268 | ) | 200,436 | |||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (52,436 | ) | (52,436 | ) | (41,265 | ) | 103 | 93,598 | (52,436 | ) | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | |||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 845,352 | 845,352 | 1,726,711 | 10,438 | (2,582,501 | ) | 845,352 | |||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | Total liabilities and shareholders’ equity | $ | 845,352 | $ | 3,622,722 | $ | 4,420,451 | $ | 25,386 | $ | (4,462,290 | ) | $ | 4,451,621 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 29, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | For the fiscal year ended December 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 568,340 | $ | 19,569 | $ | (15,454 | ) | $ | 572,455 | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Cost of products sold | — | 96 | 413,857 | 16,305 | (15,206 | ) | 415,052 | Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | (96 | ) | 154,483 | 3,264 | (248 | ) | 157,403 | Net sales | $ | — | $ | — | $ | 2,454,737 | $ | 84,708 | $ | (60,960 | ) | $ | 2,478,485 | ||||||||||||||||||||||||||||
Operating expenses | Cost of products sold | — | 120 | 1,880,692 | 73,090 | (59,966 | ) | 1,893,936 | ||||||||||||||||||||||||||||||||||||||||||
Marketing and selling expenses | — | 56 | 39,876 | 934 | — | 40,866 | ||||||||||||||||||||||||||||||||||||||||||||
Administrative expenses | — | 2,064 | 22,264 | 976 | — | 25,304 | Gross profit | — | (120 | ) | 574,045 | 11,618 | (994 | ) | 584,549 | |||||||||||||||||||||||||||||||||||
Research and development expenses | — | 85 | 2,624 | — | — | 2,709 | Operating expenses | |||||||||||||||||||||||||||||||||||||||||||
Intercompany royalties | — | — | — | 8 | (8 | ) | — | Marketing and selling expenses | — | 342 | 163,567 | 5,827 | — | 169,736 | ||||||||||||||||||||||||||||||||||||
Intercompany technical service fees | — | — | — | 240 | (240 | ) | — | Administrative expenses | — | 3,415 | 82,643 | 3,356 | — | 89,414 | ||||||||||||||||||||||||||||||||||||
Other expense (income), net | — | — | 3,606 | — | — | 3,606 | Research and development expenses | — | 25 | 12,006 | — | — | 12,031 | |||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of investees | (40,685 | ) | (45,471 | ) | (750 | ) | — | 86,906 | — | Intercompany royalties | — | — | — | 77 | (77 | ) | — | |||||||||||||||||||||||||||||||||
Intercompany technical service fees | — | — | — | 917 | (917 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (40,685 | ) | (43,266 | ) | 67,620 | 2,158 | 86,658 | 72,485 | Other expense (income), net | — | 14,255 | 15,519 | — | — | 29,774 | |||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of investees | (52,519 | ) | (124,967 | ) | (831 | ) | — | 178,317 | — | |||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | 40,685 | 43,170 | 86,863 | 1,106 | (86,906 | ) | 84,918 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany interest (income) expense | — | (13,180 | ) | 13,154 | 26 | — | — | Total operating expenses | (52,519 | ) | (106,930 | ) | 272,904 | 10,177 | 177,323 | 300,955 | ||||||||||||||||||||||||||||||||||
Interest expense | — | 19,154 | 433 | 8 | — | 19,595 | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | — | — | 10 | 13 | — | 23 | Earnings (loss) before interest and taxes | 52,519 | 106,810 | 301,141 | 1,441 | (178,317 | ) | 283,594 | ||||||||||||||||||||||||||||||||||||
Intercompany interest (income) expense | — | (95,285 | ) | 95,162 | 123 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | 40,685 | 37,196 | 73,286 | 1,085 | (86,906 | ) | 65,346 | Interest expense | — | 196,240 | 2,200 | 44 | — | 198,484 | ||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (3,489 | ) | 27,815 | 335 | — | 24,661 | Interest income | — | — | 110 | — | — | 110 | ||||||||||||||||||||||||||||||||||||
Net earnings | $ | 40,685 | $ | 40,685 | $ | 45,471 | $ | 750 | $ | (86,906 | ) | $ | 40,685 | Earnings (loss) before income taxes | 52,519 | 5,855 | 203,889 | 1,274 | (178,317 | ) | 85,220 | |||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (46,664 | ) | 78,922 | 443 | — | 32,701 | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive earnings (loss) | $ | 37,732 | $ | 37,732 | $ | 45,046 | $ | 108 | $ | (82,886 | ) | $ | 37,732 | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) | $ | 52,519 | $ | 52,519 | $ | 124,967 | $ | 831 | $ | (178,317 | ) | $ | 52,519 | |||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | Total comprehensive earnings | $ | 43,402 | $ | 43,402 | $ | 113,923 | $ | 787 | $ | (158,112 | ) | $ | 43,402 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 23, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | For the fiscal year ended December 25, 2011 | ||||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 564,304 | $ | 19,771 | $ | (16,170 | ) | $ | 567,905 | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||
Cost of products sold | — | (2 | ) | 437,301 | 17,157 | (15,892 | ) | 438,564 | Foods | Foods | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | 2 | 127,003 | 2,614 | (278 | ) | 129,341 | Net sales | $ | — | $ | — | $ | 2,442,540 | $ | 84,832 | $ | (57,810 | ) | $ | 2,469,562 | |||||||||||||||||||||||||||||
Operating expenses | Cost of products sold | — | (148 | ) | 1,839,000 | 72,716 | (56,872 | ) | 1,854,696 | |||||||||||||||||||||||||||||||||||||||||
Marketing and selling expenses | — | 50 | 37,182 | 1,104 | — | 38,336 | ||||||||||||||||||||||||||||||||||||||||||||
Administrative expenses | — | 828 | 19,650 | 871 | — | 21,349 | Gross profit | — | 148 | 603,540 | 12,116 | (938 | ) | 614,866 | ||||||||||||||||||||||||||||||||||||
Research and development expenses | — | 3 | 2,674 | — | — | 2,677 | Operating expenses | |||||||||||||||||||||||||||||||||||||||||||
Intercompany royalties | — | — | — | 12 | (12 | ) | — | Marketing and selling expenses | — | 463 | 165,172 | 6,006 | — | 171,641 | ||||||||||||||||||||||||||||||||||||
Intercompany technical service fees | — | — | — | 266 | (266 | ) | — | Administrative expenses | — | 3,463 | 73,522 | 3,475 | — | 80,460 | ||||||||||||||||||||||||||||||||||||
Other expense (income), net | — | 3,470 | 3,614 | — | — | 7,084 | Research and development expenses | — | 34 | 7,987 | — | — | 8,021 | |||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of investees | (9,878 | ) | (25,053 | ) | (207 | ) | — | 35,138 | — | Intercompany royalties | — | — | — | 70 | (70 | ) | — | |||||||||||||||||||||||||||||||||
Intercompany technical service fees | — | — | — | 868 | (868 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (9,878 | ) | (20,702 | ) | 62,913 | 2,253 | 34,860 | 69,446 | Goodwill impairment charge | — | — | 122,900 | — | — | 122,900 | |||||||||||||||||||||||||||||||||||
Other expense (income), net | — | — | 48,578 | — | — | 48,578 | ||||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | 9,878 | 20,704 | 64,090 | 361 | (35,138 | ) | 59,895 | Equity in (earnings) loss of investees | 46,914 | (12,566 | ) | (1,227 | ) | — | (33,121 | ) | — | |||||||||||||||||||||||||||||||||
Intercompany interest (income) expense | — | (23,365 | ) | 23,334 | 31 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | 43,959 | 491 | 12 | — | 44,462 | Total operating expenses | 46,914 | (8,606 | ) | 416,932 | 10,419 | (34,059 | ) | 431,600 | |||||||||||||||||||||||||||||||||||
Interest income | — | 4 | — | — | — | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | (46,914 | ) | 8,754 | 186,608 | 1,697 | 33,121 | 183,266 | |||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | 9,878 | 114 | 40,265 | 318 | (35,138 | ) | 15,437 | Intercompany interest (income) expense | — | (111,919 | ) | 111,874 | 45 | — | — | |||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (9,764 | ) | 15,212 | 111 | — | 5,559 | Interest expense | — | 206,581 | 1,726 | 12 | — | 208,319 | ||||||||||||||||||||||||||||||||||||
Interest income | — | — | 241 | 1 | — | 242 | ||||||||||||||||||||||||||||||||||||||||||||
Net earnings | $ | 9,878 | $ | 9,878 | $ | 25,053 | $ | 207 | $ | (35,138 | ) | $ | 9,878 | |||||||||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | (46,914 | ) | (85,908 | ) | 73,249 | 1,641 | 33,121 | (24,811 | ) | |||||||||||||||||||||||||||||||||||||||||
Total comprehensive earnings (loss) | $ | 8,941 | $ | 8,941 | $ | 24,333 | $ | (513 | ) | $ | (32,761 | ) | $ | 8,941 | Provision (benefit) for income taxes | — | (38,994 | ) | 60,683 | 414 | — | 22,103 | ||||||||||||||||||||||||||||
Net earnings (loss) | $ | (46,914 | ) | $ | (46,914 | ) | $ | 12,566 | $ | 1,227 | $ | 33,121 | $ | (46,914 | ) | |||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | Total comprehensive earnings (loss) | $ | (49,818 | ) | $ | (49,818 | ) | $ | (3,446 | ) | $ | 2,663 | $ | 50,601 | $ | (49,818 | ) | |||||||||||||||||||||||||||||||||
For the nine months ended September 29, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | Condensed Consolidating Statement of Operations and Comprehensive Earnings (Loss) | ||||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | For the fiscal year ended December 26, 2010 | |||||||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,737,413 | $ | 62,117 | $ | (45,050 | ) | $ | 1,754,480 | |||||||||||||||||||||||||||||||||||||
Cost of products sold | — | 397 | 1,289,483 | 52,187 | (44,259 | ) | 1,297,808 | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | (397 | ) | 447,930 | 9,930 | (791 | ) | 456,672 | Inc. | Finance LLC | ||||||||||||||||||||||||||||||||||||||||
Operating expenses | Net sales | $ | — | $ | — | $ | 2,409,548 | $ | 82,870 | $ | (55,715 | ) | $ | 2,436,703 | ||||||||||||||||||||||||||||||||||||
Marketing and selling expenses | — | 991 | 128,245 | 4,766 | — | 134,002 | Cost of products sold | — | 624 | 1,817,475 | 71,197 | (54,921 | ) | 1,834,375 | ||||||||||||||||||||||||||||||||||||
Administrative expenses | — | 16,529 | 73,898 | 2,762 | — | 93,189 | ||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | — | 154 | 7,671 | — | — | 7,825 | Gross profit | — | (624 | ) | 592,073 | 11,673 | (794 | ) | 602,328 | |||||||||||||||||||||||||||||||||||
Intercompany royalties | — | — | — | 36 | (36 | ) | — | Operating expenses | ||||||||||||||||||||||||||||||||||||||||||
Intercompany technical service fees | — | — | — | 755 | (755 | ) | — | Marketing and selling expenses | — | 1,902 | 164,712 | 5,730 | — | 172,344 | ||||||||||||||||||||||||||||||||||||
Other expense (income), net | — | 34,180 | 10,916 | — | — | 45,096 | Administrative expenses | — | 5,199 | 101,786 | 2,965 | — | 109,950 | |||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of investees | (33,642 | ) | (107,942 | ) | (1,008 | ) | — | 142,592 | — | Research and development expenses | — | 210 | 9,177 | — | — | 9,387 | ||||||||||||||||||||||||||||||||||
Intercompany royalties | — | — | — | 83 | (83 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (33,642 | ) | (56,088 | ) | 219,722 | 8,319 | 141,801 | 280,112 | Intercompany technical service fees | — | — | — | 711 | (711 | ) | — | ||||||||||||||||||||||||||||||||||
Other expense (income), net | — | — | 45,495 | — | — | 45,495 | ||||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | 33,642 | 55,691 | 228,208 | 1,611 | (142,592 | ) | 176,560 | Equity in earnings of investees | (22,037 | ) | (92,447 | ) | (1,447 | ) | — | 115,931 | — | |||||||||||||||||||||||||||||||||
Intercompany interest (income) expense | — | (51,731 | ) | 51,632 | 99 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | 106,371 | 1,485 | 22 | — | 107,878 | Total operating expenses | (22,037 | ) | (85,136 | ) | 319,723 | 9,489 | 115,137 | 337,176 | |||||||||||||||||||||||||||||||||||
Interest income | — | — | 43 | 25 | — | 68 | ||||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | 22,037 | 84,512 | 272,350 | 2,184 | (115,931 | ) | 265,152 | |||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | 33,642 | 1,051 | 175,134 | 1,515 | (142,592 | ) | 68,750 | Intercompany interest (income) expense | — | (121,371 | ) | 121,371 | — | — | — | |||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (32,591 | ) | 67,192 | 507 | — | 35,108 | Interest expense | — | 234,759 | 1,245 | — | — | 236,004 | ||||||||||||||||||||||||||||||||||||
Interest income | — | 20 | 268 | — | — | 288 | ||||||||||||||||||||||||||||||||||||||||||||
Net earnings | $ | 33,642 | $ | 33,642 | $ | 107,942 | $ | 1,008 | $ | (142,592 | ) | $ | 33,642 | |||||||||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | 22,037 | (28,856 | ) | 150,002 | 2,184 | (115,931 | ) | 29,436 | ||||||||||||||||||||||||||||||||||||||||||
Total comprehensive earnings (loss) | $ | 60,681 | $ | 60,681 | $ | 108,554 | $ | 962 | $ | (170,197 | ) | $ | 60,681 | Provision (benefit) for income taxes | — | (50,893 | ) | 57,555 | 737 | — | 7,399 | |||||||||||||||||||||||||||||
Net earnings | $ | 22,037 | $ | 22,037 | $ | 92,447 | $ | 1,447 | $ | (115,931 | ) | $ | 22,037 | |||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | Total comprehensive earnings | $ | 16,096 | $ | 16,096 | $ | 89,334 | $ | 3,113 | $ | (108,543 | ) | $ | 16,096 | ||||||||||||||||||||||||||||||||||||
For the nine months ended September 23, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | For the fiscal year ended December 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,759,479 | $ | 59,151 | $ | (45,205 | ) | $ | 1,773,425 | |||||||||||||||||||||||||||||||||||||
Cost of products sold | — | 104 | 1,367,858 | 52,747 | (44,458 | ) | 1,376,251 | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | (104 | ) | 391,621 | 6,404 | (747 | ) | 397,174 | Inc. | Finance LLC | Reclassifications | |||||||||||||||||||||||||||||||||||||||
Operating expenses | Cash flows from operating activities | |||||||||||||||||||||||||||||||||||||||||||||||||
Marketing and selling expenses | — | 291 | 125,681 | 4,568 | — | 130,540 | Net cash provided by (used in) operating activities | $ | — | $ | (87,051 | ) | $ | 281,501 | $ | 8,403 | $ | — | $ | 202,853 | ||||||||||||||||||||||||||||||
Administrative expenses | — | 2,648 | 60,991 | 2,450 | — | 66,089 | ||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | — | 21 | 8,190 | — | — | 8,211 | Cash flows from investing activities | |||||||||||||||||||||||||||||||||||||||||||
Intercompany royalties | — | — | — | 40 | (40 | ) | — | Intercompany accounts receivable/payable | — | 100,589 | — | — | (100,589 | ) | — | |||||||||||||||||||||||||||||||||||
Intercompany technical service fees | — | — | — | 707 | (707 | ) | — | Repayments of intercompany loans | — | 167,492 | — | (167,492 | ) | — | ||||||||||||||||||||||||||||||||||||
Other expense (income), net | — | 14,255 | 11,025 | — | — | 25,280 | Capital expenditures | — | — | (78,279 | ) | — | — | (78,279 | ) | |||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of investees | (8,857 | ) | (69,619 | ) | 1,152 | — | 77,324 | — | Sale of plant assets | — | — | 570 | — | — | 570 | |||||||||||||||||||||||||||||||||||
Total operating expenses | (8,857 | ) | (52,404 | ) | 207,039 | 7,765 | 76,577 | 230,120 | Net cash (used in) provided by investing activities | — | 268,081 | (77,709 | ) | — | (268,081 | ) | (77,709 | ) | ||||||||||||||||||||||||||||||||
Earnings before interest and taxes | 8,857 | 52,300 | 184,582 | (1,361 | ) | (77,324 | ) | 167,054 | Cash flows from financing activities | |||||||||||||||||||||||||||||||||||||||||
Intercompany interest (income) expense | — | (70,199 | ) | 70,108 | 91 | — | — | Proceeds from bank term loans | — | 842,625 | — | — | — | 842,625 | ||||||||||||||||||||||||||||||||||||
Interest expense | — | 152,875 | 1,700 | 26 | — | 154,601 | Repayments of long-term obligations | — | (632,025 | ) | — | — | — | (632,025 | ) | |||||||||||||||||||||||||||||||||||
Interest income | — | 4 | 101 | — | — | 105 | Repurchase of notes | — | (373,255 | ) | — | — | — | (373,255 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from short-term borrowing | — | — | 4,294 | — | — | 4,294 | ||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | 8,857 | (30,372 | ) | 112,875 | (1,478 | ) | (77,324 | ) | 12,558 | Repayments of short-term borrowing | — | — | (3,864 | ) | — | — | (3,864 | ) | ||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (39,229 | ) | 43,256 | (326 | ) | — | 3,701 | Borrowings under revolving credit facility | — | 40,000 | — | — | — | 40,000 | |||||||||||||||||||||||||||||||||||
Repayments of revolving credit facility | — | (40,000 | ) | — | — | — | (40,000 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net earnings | $ | 8,857 | $ | 8,857 | $ | 69,619 | $ | (1,152 | ) | $ | (77,324 | ) | $ | 8,857 | Intercompany accounts receivable/payable | — | — | (100,589 | ) | 100,589 | — | |||||||||||||||||||||||||||||
Repayments of intercompany loans | — | — | (167,492 | ) | — | 167,492 | — | |||||||||||||||||||||||||||||||||||||||||||
Total comprehensive earnings (loss) | $ | 9,461 | $ | 9,461 | $ | 68,714 | $ | (2,010 | ) | $ | (76,165 | ) | $ | 9,461 | Repayment of capital lease obligations | — | — | (3,511 | ) | — | — | (3,511 | ) | |||||||||||||||||||||||||||
Parent reduction in investment in subsidiary | 877 | (877 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Repurchases of equity | (877 | ) | — | — | — | — | (877 | ) | ||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | Debt acquisition costs | — | (17,498 | ) | — | — | — | (17,498 | ) | |||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Net cash (used in) provided by financing activities | — | (181,030 | ) | (271,162 | ) | — | 268,081 | (184,111 | ) | ||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 29, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 217 | — | 217 | ||||||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (67,370 | ) | 8,620 | — | (58,750 | ) | ||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | Cash and cash equivalents—beginning of period | — | — | 150,493 | 538 | — | 151,031 | ||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | Reclassifications | Cash and cash equivalents—end of period | $ | — | $ | — | $ | 83,123 | $ | 9,158 | $ | — | $ | 92,281 | |||||||||||||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (58,855 | ) | $ | 199,999 | $ | 583 | $ | — | $ | 141,727 | Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||||||||||||||
Interest paid | $ | — | $ | 177,296 | $ | 2,131 | $ | — | $ | — | $ | 179,427 | ||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities | Interest received | — | 1 | 109 | — | — | 110 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | 123,197 | — | — | (123,197 | ) | — | Income taxes paid | — | — | 1,638 | 343 | — | 1,981 | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | — | Non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (62,722 | ) | — | — | (62,722 | ) | New capital leases | — | — | 1,548 | — | — | 1,548 | |||||||||||||||||||||||||||||||||||
Sale of plant assets | — | — | 6,853 | — | — | 6,853 | ||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | 123,197 | (55,869 | ) | — | (123,197 | ) | (55,869 | ) | Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||
For the fiscal year ended December 25, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | — | 624,193 | 65 | — | — | 624,258 | ||||||||||||||||||||||||||||||||||||||||||||
Parent reduction in investment in subsidiary | 126 | (126 | ) | — | — | — | — | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||
Repurchases of equity | (126 | ) | — | (65 | ) | — | — | (191 | ) | Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||||||||||||||||||
Dividends paid | — | (20,831 | ) | — | — | — | (20,831 | ) | Inc. | Finance LLC | Reclassifications | |||||||||||||||||||||||||||||||||||||||
Proceeds from notes offering | — | 350,000 | — | — | — | 350,000 | Cash flows from operating activities | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from bank term loans | — | 1,625,925 | — | — | — | 1,625,925 | Net cash provided by (used in) operating activities | $ | — | $ | (90,347 | ) | $ | 299,953 | $ | (5,394 | ) | $ | — | $ | 204,212 | |||||||||||||||||||||||||||||
Repayments of long-term obligations | — | (1,731,832 | ) | (239 | ) | — | — | (1,732,071 | ) | |||||||||||||||||||||||||||||||||||||||||
Repurchase of notes | — | (899,180 | ) | — | — | — | (899,180 | ) | Cash flows from investing activities | |||||||||||||||||||||||||||||||||||||||||
Proceeds from short-term borrowing | — | — | 2,408 | — | — | 2,408 | Intercompany accounts receivable/payable | — | (291,525 | ) | — | — | 291,525 | — | ||||||||||||||||||||||||||||||||||||
Repayments of short-term borrowing | — | — | (3,481 | ) | — | — | (3,481 | ) | Intercompany loans | — | — | (7,270 | ) | (9,800 | ) | 17,070 | — | |||||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | — | (123,197 | ) | 123,197 | — | Repayments of intercompany loans | — | 440,552 | — | (440,552 | ) | — | |||||||||||||||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | (2,320 | ) | — | — | (2,320 | ) | Capital expenditures | — | — | (117,306 | ) | — | — | (117,306 | ) | |||||||||||||||||||||||||||||||||
Debt acquisition costs | — | (12,491 | ) | — | — | — | (12,491 | ) | Sale of plant assets held for sale | — | — | 7,900 | — | — | 7,900 | |||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | (64,342 | ) | (126,829 | ) | — | 123,197 | (67,974 | ) | Net cash (used in) provided by investing activities | — | 149,027 | (116,676 | ) | (9,800 | ) | (131,957 | ) | (109,406 | ) | ||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 238 | — | 238 | Cash flows from financing activities | |||||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 17,301 | 821 | — | 18,122 | Repayments of long-term obligations | — | (57,547 | ) | — | — | — | (57,547 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | — | 83,123 | 9,158 | — | 92,281 | Proceeds from short-term borrowing | — | — | 3,070 | — | — | 3,070 | |||||||||||||||||||||||||||||||||||||
Repayments of short-term borrowing | — | — | (2,954 | ) | — | — | (2,954 | ) | ||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | — | $ | 100,424 | $ | 9,979 | $ | — | $ | 110,403 | Intercompany accounts receivable/payable | — | — | 291,525 | (291,525 | ) | — | |||||||||||||||||||||||||||||||
Proceeds from Intercompany loans | — | — | 9,800 | 7,270 | (17,070 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | Repayments of intercompany loans | — | — | (440,552 | ) | — | 440,552 | — | ||||||||||||||||||||||||||||||||||||||||||
Interest paid | $ | — | $ | 90,143 | $ | 1,434 | $ | — | $ | — | $ | 91,577 | Repayment of capital lease obligations | — | — | (2,543 | ) | — | — | (2,543 | ) | |||||||||||||||||||||||||||||
Interest received | — | — | 44 | 25 | — | 69 | Debt acquisition costs | — | (67 | ) | (454 | ) | (200 | ) | — | (721 | ) | |||||||||||||||||||||||||||||||||
Income taxes paid | — | — | 2,783 | 215 | — | 2,998 | Equity contributions | — | 558 | — | — | — | 558 | |||||||||||||||||||||||||||||||||||||
Non-cash investing and financing activities: | Parent reduction in investment in subsidiary | 1,624 | (1,624 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
New capital leases | — | — | 2,030 | — | — | 2,030 | Repurchases of equity | (1,624 | ) | — | — | — | — | (1,624 | ) | |||||||||||||||||||||||||||||||||||
Dividends payable | 21,354 | — | — | — | — | 21,354 | Other Financing | — | — | — | 2,730 | — | 2,730 | |||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | Net cash (used in) provided by financing activities | — | (58,680 | ) | (142,108 | ) | 9,800 | 131,957 | (59,031 | ) | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 23, 2012 | Effect of exchange rate changes on cash | — | — | — | (30 | ) | — | (30 | ) | |||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 41,169 | (5,424 | ) | — | 35,745 | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | — | 109,324 | 5,962 | — | 115,286 | ||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | Cash and cash equivalents—end of period | $ | — | $ | — | $ | 150,493 | $ | 538 | $ | — | $ | 151,031 | ||||||||||||||||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | Supplemental disclosures of cash flow information: | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (71,608 | ) | $ | 129,973 | $ | 4,019 | $ | — | $ | 62,384 | Interest paid | $ | — | $ | 194,644 | $ | 1,695 | $ | — | $ | — | $ | 196,339 | ||||||||||||||||||||||||
Interest received | — | — | 240 | 1 | — | 241 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities | Income taxes paid (refunded) | — | — | (2,849 | ) | 895 | — | (1,954 | ) | |||||||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | 196,332 | — | — | (196,332 | ) | — | Non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||||||||||
Repayments of intercompany loans | — | 49,338 | — | — | (49,338 | ) | — | New capital leases | — | — | 11,240 | — | — | 11,240 | ||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (49,796 | ) | — | — | (49,796 | ) | ||||||||||||||||||||||||||||||||||||||||||
Sale of plant assets | — | — | 570 | — | — | 570 | Pinnacle Foods Finance LLC | |||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | 245,670 | (49,226 | ) | — | (245,670 | ) | (49,226 | ) | For the fiscal year ended December 26, 2010 | ||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from bank term loan | — | 842,625 | — | — | — | 842,625 | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||
Repayments of long-term obligations | — | (625,172 | ) | — | — | — | (625,172 | ) | Foods | Foods | Subsidiaries | Subsidiaries | and | Total | ||||||||||||||||||||||||||||||||||||
Repurchase of notes | — | (373,255 | ) | — | — | — | (373,255 | ) | Inc. | Finance LLC | Reclassifications | |||||||||||||||||||||||||||||||||||||||
Proceeds from short-term borrowing | — | — | 1,216 | — | — | 1,216 | Cash flows from operating activities | |||||||||||||||||||||||||||||||||||||||||||
Repayments of short-term borrowing | — | — | (2,364 | ) | — | — | (2,364 | ) | Net cash provided by (used in) operating activities | $ | — | $ | (58,465 | ) | $ | 315,133 | $ | 310 | $ | — | $ | 256,978 | ||||||||||||||||||||||||||||
Borrowings under revolving credit facility | — | 5,000 | — | — | — | 5,000 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments of revolving credit facility | — | (5,000 | ) | — | — | — | (5,000 | ) | Cash flows from investing activities | |||||||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | — | (196,332 | ) | — | 196,332 | — | Intercompany accounts receivable/payable | — | 16,986 | — | — | (16,986 | ) | — | |||||||||||||||||||||||||||||||||||
Repayments of intercompany loans | — | — | (49,338 | ) | — | 49,338 | — | Repayments of intercompany loans | — | 159,198 | — | — | (159,198 | ) | — | |||||||||||||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | (2,803 | ) | — | — | (2,803 | ) | Capital expenditures | — | — | (81,272 | ) | — | — | (81,272 | ) | |||||||||||||||||||||||||||||||||
Debt acquisition costs | — | (17,414 | ) | — | — | — | (17,414 | ) | ||||||||||||||||||||||||||||||||||||||||||
Parent reduction in investment in subsidiary | 846 | (846 | ) | — | Net cash (used in) provided by investing activities | — | 176,184 | (81,272 | ) | — | (176,184 | ) | (81,272 | ) | ||||||||||||||||||||||||||||||||||||
Repurchases of equity | (846 | ) | — | — | — | — | (846 | ) | ||||||||||||||||||||||||||||||||||||||||||
Changes in bank overdrafts | — | — | 19,327 | — | — | 19,327 | Cash flows from financing activities | |||||||||||||||||||||||||||||||||||||||||||
Proceeds from bond offering | — | 400,000 | — | — | — | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | (174,062 | ) | (230,294 | ) | — | 245,670 | (158,686 | ) | Proceeds from bank term loans | — | 442,300 | — | — | — | 442,300 | ||||||||||||||||||||||||||||||||||
Repayments of long-term obligations | — | (946,558 | ) | — | — | — | (946,558 | ) | ||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 388 | — | 388 | Proceeds from short-term borrowing | — | — | 3,409 | — | — | 3,409 | |||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (149,547 | ) | 4,407 | — | (145,140 | ) | Repayments of short-term borrowing | — | — | (3,049 | ) | — | — | (3,049 | ) | |||||||||||||||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | — | 150,493 | 538 | — | 151,031 | Intercompany accounts receivable/payable | — | — | (16,986 | ) | — | 16,986 | — | ||||||||||||||||||||||||||||||||||||
Repayments of intercompany loans | — | — | (159,198 | ) | — | 159,198 | — | |||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | — | $ | 946 | $ | 4,945 | $ | — | $ | 5,891 | Repayment of capital lease obligations | — | — | (2,658 | ) | — | — | (2,658 | ) | |||||||||||||||||||||||||||||
Equity contributions | — | 626 | — | — | — | 626 | ||||||||||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | Parent reduction in investment in subsidiary | 1,282 | (1,282 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Interest paid | $ | — | $ | 136,975 | $ | 1,647 | $ | — | $ | — | $ | 138,622 | Repurchases of equity | (1,282 | ) | — | — | — | — | (1,282 | ) | |||||||||||||||||||||||||||||
Interest received | — | 4 | 101 | — | — | 105 | Repayment of notes receivable from officers | — | 565 | — | — | — | 565 | |||||||||||||||||||||||||||||||||||||
Income taxes (refunded) paid | — | — | 1,723 | 210 | — | 1,933 | Debt acquisition costs | — | (13,370 | ) | — | — | — | (13,370 | ) | |||||||||||||||||||||||||||||||||||
Non-cash investing and financing activities: | Changes in bank overdrafts | — | — | (14,304 | ) | — | — | (14,304 | ) | |||||||||||||||||||||||||||||||||||||||||
New capital leases | — | — | 1,549 | — | — | 1,549 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | (117,719 | ) | (192,786 | ) | — | 176,184 | (134,321 | ) | |||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 27 | — | 27 | ||||||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 41,075 | 337 | — | 41,412 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | — | 68,249 | 5,625 | — | 73,874 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | — | $ | 109,324 | $ | 5,962 | $ | — | $ | 115,286 | ||||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest paid | $ | — | $ | 178,530 | $ | 1,236 | $ | — | $ | — | $ | 179,766 | ||||||||||||||||||||||||||||||||||||||
Interest received | — | 20 | 251 | — | — | 271 | ||||||||||||||||||||||||||||||||||||||||||||
Income taxes paid | — | — | 6,989 | 9 | — | 6,998 | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New capital leases | — | — | 13,587 | — | — | 13,587 |
Stock_Split
Stock Split | 12 Months Ended |
Dec. 30, 2012 | |
Stock Split | ' |
18. Stock Split | |
On March 12, 2013, the Company’s board of directors authorized a 55.2444 for 1 split of the common stock. The split became effective on the date of approval. The Company retained the current par value of $0.01 per share for all shares of common stock. All references to numbers of common shares and per-share data in the accompanying financial statements have been adjusted to reflect the stock split on a retroactive basis. Stockholders’ equity reflects the stock split by reclassifying from “Additional paid-in capital” to “Common stock” an amount equal to the par value of the additional shares arising from the split. | |
On March 12, 2013, immediately prior to the stock split described above, 2,679,353 of additional shares were issued through the exercise of the warrant agreement described in Note 1. Immediately thereafter, the warrant agreement was terminated. |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended |
Sep. 29, 2013 | |
Interim Financial Statements | ' |
2. Interim Financial Statements | |
In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments (consisting primarily of normal recurring adjustments) necessary for a fair statement of the Company’s financial position as of September 29, 2013, the results of operations for the three and nine months ended September 29, 2013 and September 23, 2012, and the cash flows for the nine months ended September 29, 2013 and September 23, 2012. The results of operations are not necessarily indicative of the results to be expected for the full fiscal year. The accompanying unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto for the fiscal year ended December 30, 2012. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 29, 2013 | |
Recently Issued Accounting Pronouncements | ' |
16. Recently Issued Accounting Pronouncements | |
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” (“ASU 2013-02”). This new guidance requires that the Company present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. This guidance only impacts disclosures within the consolidated financial statements and notes to the consolidated financial statements and does not result in a change to the accounting treatment of Accumulated Other Comprehensive Income. The Company adopted this standard during the three month period ended March 31, 2013. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” (“ASU 2013-11”). The update provides guidance on financial statement presentation of an unrecognized tax benefit when a net operating loss (“NOL”) carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU applies to all entities with unrecognized tax benefits that also have tax loss or tax credit carryforwards in the same tax jurisdiction as of the reporting date. The Company will adopt this standard in December 2013. The Company anticipates that adoption of the standard will not have a material impact on its Consolidated Financial Statements. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 29, 2013 | |
Subsequent Events | ' |
18. Subsequent Events | |
Completion of Acquisition | |
On October 1, 2013 the Company acquired the Wish-Bone® salad dressing business from Unilever PLC for cash consideration of $575.0 million, subject to a post-closing adjustment based upon inventory levels at closing. The acquired portfolio includes a broad range of liquid and dry-mix salad dressing flavors under the Wish-Bone® and Western® brand names. The purchase price was funded using a combination of cash on hand and a new $525.0 million Term Loan H. | |
Amendment to Credit Agreement | |
Concurrently with the closing of the acquisition, Pinnacle Foods Finance entered into the First Amendment to Second Amended and Restated Credit Agreement. The amendment provided for the new $525.0 million Term Loan H to fund a portion of the acquisition. The new Term Loan H has terms consistent with Pinnacle Foods Finance’s Term Loan G. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||
Consolidation | ' | ' | ||||||||
Consolidation. The Consolidated Financial Statements include the accounts of Pinnacle Foods Inc. and its wholly-owned subsidiaries. The results of companies acquired during the year are included in the Consolidated Financial Statements from the effective date of the acquisition. Intercompany transactions have been eliminated in consolidation. | ||||||||||
During the third quarter of 2011, PFF entered into a transaction with U.S. Bancorp Community Development Corporation and Iowa Community Development LC in connection with our participation in the federal government’s New Markets Tax Credit Program. Under the terms of the transaction, PFF received proceeds of $2.7 million, which was used to expand the Ft. Madison, Iowa manufacturing facility. PFF must maintain its status as a qualified entity for a period of seven years from the closing date in order to earn the $2.7 million benefit received. The assets acquired with the proceeds of the transaction, as well as certain other assets of PFF are pledged to secure PFF’s continued qualification under the New Markets Tax Credit Program. The $2.7 million is recorded in Other long-term liabilities on the Consolidated Balance Sheet. | ||||||||||
The transaction resulted in the creation of two new entities, ICD XIII LLC and Pinnacle Foods Investment Fund LLC. Pinnacle has no legal equity interest in these entities. However, since the primary purpose of this transaction is to facilitate benefits for PFF under the New Markets Tax Credit Program and PFF provides a guaranty of its status as a qualified entity, the consolidation analysis determined that PFF is the primary beneficiary and the two new entities should be, and are, consolidated in our Consolidated Financial Statements. | ||||||||||
Foreign Currency Transaction | ' | ' | ||||||||
Foreign Currency Translation. Foreign-currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Translation adjustments resulting from fluctuations in exchange rates are recorded as a separate component of Accumulated other comprehensive loss within shareholder’s equity. The Company translates the results of operations of its foreign subsidiary at the average exchange rates during the respective periods. Gains and losses resulting from foreign currency transactions are included in Cost of products sold on the Consolidated Statements of Operations and were a $344 loss in the year ended December 30, 2012, $1,537 loss in the year ended December 25, 2011 and a $3,388 loss in the year ended December 26, 2010. These amounts include the mark to market and realized gains and losses on our foreign currency swaps as discussed in Note 11 to our Consolidated Financial Statements. | ||||||||||
Fiscal Year | ' | ' | ||||||||
Fiscal Year. The Company’s fiscal year ends on the last Sunday in December resulting in a fifty-three-week fiscal year for 2012 and fifty-two-week fiscal years for 2011 and 2010. | ||||||||||
Cash and Cash Equivalents | ' | ' | ||||||||
Cash and Cash Equivalents. The Company considers investments in all highly liquid debt instruments with an initial maturity of three months or less to be cash equivalents. Cash equivalents are measured at fair value and are Level 1 assets. | ||||||||||
Inventories | ' | ' | ||||||||
Inventories. Substantially all inventories are valued at the lower of average cost or net realizable value. The type of costs included in inventory are ingredients, containers, packaging, other raw materials, direct manufacturing labor and fully absorbed manufacturing overheads. When necessary, the Company provides allowances to adjust the carrying value of its inventories to the lower of cost or net realizable value, including any costs to sell or dispose and consideration for obsolescence, excessive inventory levels, product deterioration and other factors in evaluating net realizable value. | ||||||||||
Plant Assets | ' | ' | ||||||||
Plant Assets. Plant assets are stated at historical cost, and depreciation is computed using the straight-line method over the lives of the assets. Buildings and machinery and equipment are depreciated over periods not exceeding 45 years and 15 years, respectively. The weighted average estimated remaining useful lives are approximately 12 years for buildings and 6 years for machinery and equipment. When assets are retired, sold, or otherwise disposed of, their gross carrying value and related accumulated depreciation are removed from the accounts and included in determining gain or loss on such disposals. Costs of assets acquired in a business combination are based on the estimated fair value at the date of acquisition. | ||||||||||
Goodwill and Indefinite-lived Intangible Assets | ' | ' | ||||||||
Goodwill and Indefinite-lived Intangible Assets. The Company evaluates the carrying amount of goodwill and indefinite-lived tradenames for impairment on at least an annual basis and when events occur or circumstances change that an impairment might exist. The Company performs goodwill impairment testing for each business which constitutes a component of the Company’s operating segments, known as reporting units. The Company performs quantitative testing by calculating the fair value of each reporting unit. The Company compares the fair value of these reporting units with their carrying values inclusive of goodwill. If the carrying amount of the reporting unit exceeds its fair value, the Company compares the implied fair value of the reporting unit’s goodwill to its carrying amount and any shortfall is charged to earnings. In estimating the implied fair value of the goodwill, the Company estimates the fair value of the reporting unit’s tangible and intangible assets (other than goodwill). In estimating the fair value of our reporting units, the Company primarily uses the income approach, which utilizes forecasted discounted cash flows to estimate the fair value for each reporting unit. The income approach utilizes management’s business plans and projections as the basis for expected future cash flows for five years plus a terminal year. It requires significant assumptions including projected sales growth rates and operating margins and the weighted average cost of capital. In the most recent impairment tests, the Company forecasted cash flows for five years plus a terminal year and assumed a weighted average cost of capital of 8.5%. These projections assume sales growth rates for the next five years and the terminal year that generally average between 1.0% and 3.0% and operating margins which increase moderately from historical levels over time as a result of planned capital improvements in our plants and manufacturing efficiency projects. These assumptions are determined based upon management’s expectations for each of the individual reporting units. | ||||||||||
For indefinite-lived tradename intangible assets, the Company determines recoverability by comparing the carrying value to its fair value estimated based on discounted cash flows attributable to the tradename and charges the shortfall, if any, to earnings. In estimating the fair value of trade names, the Company primarily uses the relief from royalty method. The relief from royalty method involves discounted cash flow techniques, which require management to make significant assumptions regarding the weighted average cost of capital, and sales growth trends. | ||||||||||
Assumptions underlying fair value estimates referred to above are subject to risks and uncertainties. These measurements would be considered level 3 under the fair value hierarchy as described in Note 3 to the Consolidated Financial Statements. For more information on goodwill and indefinite-lived intangible assets, please refer to Note 7 to the Consolidated Financial Statements. | ||||||||||
Valuation of Long-Lived Assets | ' | ' | ||||||||
Valuation of Long-Lived Assets. The carrying value of long-lived assets held and used, other than goodwill and indefinite-lived intangibles, is evaluated at the asset group level when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from such asset group are less than the carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair market value of the long-lived asset group. Fair market value is determined primarily using the projected cash flows from the asset group discounted at a rate commensurate with the risk involved. Losses on long-lived asset groups held for sale, other than goodwill, are determined in a similar manner, except that fair market values are reduced for disposal costs. | ||||||||||
Revenue Recognition - Product Sales | ' | ' | ||||||||
Revenue Recognition and Trade Marketing. Revenue from product sales is recognized upon shipment to the customers as terms are free on board (FOB) shipping point, at which point title and risk of loss is transferred and the selling price is fixed or determinable. This completes the revenue-earning process specifically that an arrangement exists, delivery has occurred, ownership has transferred, the price is fixed and collectability is reasonably assured. A provision for payment discounts and product return allowances, which is estimated based upon the Company’s historical performance, management’s experience and current economic trends, is recorded as a reduction of sales in the same period that the revenue is recognized. | ||||||||||
Revenue Recognition - Trade Promotions | ' | ' | ||||||||
Trade promotions, consisting primarily of customer pricing allowances and merchandising funds, and consumer coupons are offered through various programs to customers and consumers. Sales are recorded net of estimated trade promotion spending, which is recognized as incurred at the time of sale. Certain retailers require the payment of slotting fees in order to obtain space for the Company’s products on the retailer’s store shelves. The fees are recognized as reductions of revenue on the date a liability to the retailer is created. These amounts are included in the determination of net sales. Accruals for expected payouts under these programs are included as accrued trade marketing expense in the Consolidated Balance Sheet. Coupon redemption costs are also recognized as reductions of net sales when the coupons are issued. Estimates of trade promotion expense and coupon redemption costs are based upon programs offered, timing of those offers, estimated redemption/usage rates from historical performance, management’s experience and current economic trends. | ||||||||||
Trade marketing expense is comprised of amounts paid to retailers for programs designed to promote our products. These costs include standard introductory allowances for new products (slotting fees). They also include the cost of in-store product displays, feature pricing in retailers’ advertisements and other temporary price reductions. These programs are offered to our customers both in fixed and variable (rate per case) amounts. The ultimate cost of these programs depends on retailer performance and is the subject of significant management estimates. The Company records as expense the estimated ultimate cost of the program in the period during which the program occurs. In accordance with the authoritative guidance for revenue recognition, these trade marketing expenses are classified in the Consolidated Statements of Operations as a reduction of net sales. Also, in accordance with the guidance, coupon redemption costs are also recognized as reductions of net sales when issued. | ||||||||||
Advertising | ' | ' | ||||||||
Advertising. Advertising costs include the cost of working media (advertising on television, radio or in print), the cost of producing advertising, and the cost of coupon insertion and distribution. Working media and coupon insertion and distribution costs are expensed in the period the advertising is run or the coupons are distributed. The cost of producing advertising is expensed as of the first date the advertisement takes place. Advertising included in the Company’s marketing and selling expenses were $37,260 for fiscal year ended December 30, 2012, $50,106 for fiscal year ended December 25, 2011 and $40,725 for fiscal year ended December 26, 2010. | ||||||||||
Shipping and Handling Costs | ' | ' | ||||||||
Shipping and Handling Costs. In accordance with the authoritative guidance for revenue recognition, costs related to shipping and handling of products shipped to customers are classified as Cost of products sold. | ||||||||||
Stock Based Compensation | ' | ' | ||||||||
Stock Based Compensation. Grant-date fair value of stock options is estimated using the Black-Scholes option-pricing model. Compensation expense is reduced based on estimated forfeitures with adjustments to actual expense recorded at the time of vesting. Forfeitures are estimated based on historical experience. The majority of our equity options have a five-year vesting period. For those options that have a performance condition, compensation expense is based upon the number of shares expected to vest after assessing the probability that the performance criteria will be met. We recognize compensation cost for awards over the vesting period, adjusted for any changes in our probability assessment. | ||||||||||
Insurance reserves | ' | ' | ||||||||
Insurance reserves. The Company is self-insured under its worker’s compensation insurance policy. The Company utilizes a stop loss policy issued by an insurance company to fund claims in excess of $250. The Company estimates the outstanding retained-insurance liabilities by projecting incurred losses to their ultimate liability and subtracting amounts paid-to-date to obtain the remaining liabilities. The Company bases actuarial estimates of ultimate liability on actual incurred losses, estimates of incurred but not yet reported losses and the projected costs to resolve these losses. | ||||||||||
Income Taxes | ' | ' | ||||||||
Income Taxes. Income taxes are accounted for in accordance with the authoritative guidance for accounting for income taxes under which deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company continually reviews its deferred tax assets for recovery. A valuation allowance is established when the Company believes that it is more likely than not that some portion of its deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the Company’s tax provision in the period of change. | ||||||||||
Financial Instruments | ' | ' | ||||||||
Financial Instruments. The Company uses financial instruments to manage its exposure to movements in interest rates, certain commodity prices and foreign currencies. The use of these financial instruments modifies the exposure of these risks with the intent to reduce the risk or cost to the Company. The Company does not use derivatives for trading purposes and is not a party to leveraged derivatives. The authoritative guidance for derivative and hedge accounting requires that all derivatives be recognized as either assets or liabilities at fair value. Changes in the fair value of derivatives not designated as hedging instruments are recognized in earnings. The cash flows associated with the financial instruments are included in the cash flow from operating activities. | ||||||||||
Deferred financing costs | ' | ' | ||||||||
Deferred financing costs. Deferred financing costs are amortized over the life of the related debt using the effective interest rate method. If debt is prepaid or retired early, the related unamortized deferred financing costs are written off in the period the debt is retired. | ||||||||||
Capitalized Internal Use Software Costs | ' | ' | ||||||||
Capitalized Internal Use Software Costs. The Company capitalizes the cost of internal-use software that has a useful life in excess of one year. These costs consist of payments made to third parties and the salaries of employees working on such software development. Subsequent additions, modifications or upgrades to internal-use software are capitalized only to the extent that they allow the software to perform a task it previously did not perform. Capitalized internal use software costs are amortized using the straight-line method over their estimated useful lives, generally 2 1⁄2 to 3 years. The Company amortized $4,723 for fiscal year ended December 30, 2012, $4,221 for fiscal year ended December 25, 2011 and $5,030 for fiscal year ended December 26, 2010. Additionally, as of December 30, 2012 and December 25, 2011, the net book value of capitalized internal use software totaled $11,276 and $9,503, respectively and is included in Plant assets, net on the Consolidated Balance Sheets. | ||||||||||
Accumulated other comprehensive loss | ' | ' | ||||||||
Accumulated other comprehensive loss. Accumulated other comprehensive loss includes loss on financial instruments, foreign currency translation adjustments, net gains or (losses) on pension actuarial assumptions and the related tax provisions or benefits that are currently presented as a component of shareholder’s equity. The components of Accumulated other comprehensive loss at year end were as follows: | ||||||||||
December 30, 2012 | December 25, 2011 | |||||||||
Swaps mark to market adjustments | (2,878 | ) | (5,856 | ) | ||||||
Foreign currency translation | (369 | ) | (644 | ) | ||||||
Loss on pension actuarial assumptions | (69,374 | ) | (51,608 | ) | ||||||
Tax benefit | 11,068 | 5,672 | ||||||||
Accumulated other comprehensive loss | (61,553 | ) | (52,436 | ) | ||||||
Use of Estimates | ' | ' | ||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||
New Accounting Pronouncements, Policy | ' | ' | ||||||||
In December 2011, the Company adopted the provisions of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Update No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements,” (“ASU 2011-04”). For purposes of calculating fair value of financial instruments, we manage the portfolio of financial assets and financial liabilities on the basis of the Company’s net exposure to credit risk. The Company has elected to apply the portfolio exception in ASU 2011-04 with respect to measuring counterparty credit risk for all of its derivative transactions subject to master netting arrangements on a net basis by counterparty portfolio. | Recently Issued Accounting Pronouncements | |||||||||
In February 2013, the FASB issued Accounting Standards Update No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” (“ASU 2013-02”). This new guidance requires that we present either in a single note or parenthetically on the face of the financial statements, the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. This guidance only impacts disclosures within our consolidated financial statements and notes to the consolidated financial statements and does not result in a change to the accounting treatment of Accumulated Other Comprehensive Income. We will be required to adopt this guidance beginning with our March 31, 2013 interim reporting on Form 10-Q. | ||||||||||
In July 2012, the FASB issued Accounting Standards Update No. 2012-02, “Intangibles—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment,” (“ASU 2012-02”). In accordance with the amendments in ASU 2012-02, an entity has the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount. If the entity determines that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than the carrying value, the entity will be required to perform the quantitative test. The amendments in ASU 2012-02 are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. However, early adoption is permitted. We are in the process of evaluating this guidance; however, do not expect it will have a material effect on the consolidated financial statements upon adoption. | ||||||||||
In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2011-05, “Comprehensive Income (Topic 220): Presentation of Comprehensive Income,” (“ASU 2011-05”). ASU 2011-05 eliminates the option to report other comprehensive income and its components in the statement of changes in equity. ASU 2011-05 requires that all non-owner changes in stockholders’ equity be presented in either a single continuous statement of comprehensive income or in two separate but consecutive statements. This guidance became effective in the first quarter of 2012. Upon adoption of this guidance we have decided to present comprehensive income in a separate but consecutive statement. See the Consolidated Statements of Comprehensive Earnings as part of our financial statements for the new presentation. | ||||||||||
Fair Value of Financial Instruments, Policy | ' | ' | ||||||||
The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and the use of derivative financial instruments. The primary risks managed by using derivative instruments are interest rate risk, foreign currency exchange risk and commodity price risk. | ||||||||||
The valuations of these instruments are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate, commodity, and foreign exchange forward curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The variable cash receipts (or payments) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of the authoritative guidance for fair value disclosure, the Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. The Company had no fair value measurements based upon significant unobservable inputs (Level 3) as of September 29, 2013 or December 30, 2012. | ||||||||||
In addition to the instruments named above, the Company also makes fair value measurements in connection with its annual goodwill and trade name impairment testing. These measurements would fall into Level 3 of the fair value hierarchy. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 30, 2012 | |||||||||
Components of Accumulated other comprehensive loss | ' | ||||||||
The components of Accumulated other comprehensive loss at year end were as follows: | |||||||||
December 30, 2012 | December 25, 2011 | ||||||||
Swaps mark to market adjustments | (2,878 | ) | (5,856 | ) | |||||
Foreign currency translation | (369 | ) | (644 | ) | |||||
Loss on pension actuarial assumptions | (69,374 | ) | (51,608 | ) | |||||
Tax benefit | 11,068 | 5,672 | |||||||
Accumulated other comprehensive loss | (61,553 | ) | (52,436 | ) | |||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets and Liabilities Subject to Recurring Fair Value | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s financial assets and liabilities subject to recurring fair value measurements and the required disclosures are as follows: | The Company’s financial assets and liabilities subject to recurring fair value measurements and the required disclosures are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements | Fair Value | Fair Value Measurements | Fair Value | Fair Value Measurements | Fair Value | Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as of | Using Fair Value Hierarchy | as of | Using Fair Value Hierarchy | as of | Using Fair Value Hierarchy | as of | Using Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | Level 1 | Level 2 | Level 3 | 2012 | Level 1 | Level 2 | Level 3 | 2012 | Level 1 | Level 2 | Level 3 | 2011 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 25,065 | $ | — | $ | 25,065 | $ | — | $ | — | $ | — | $ | — | $ | — | Interest rate derivatives | $ | — | $ | — | $ | — | $ | — | $ | 1,335 | $ | — | $ | 1,335 | $ | — | |||||||||||||||||||||||||||||||||
Foreign currency derivatives | 573 | — | 573 | — | 638 | — | 638 | — | Foreign currency derivatives | 638 | — | 638 | — | 931 | — | 931 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivatives | 133 | — | 133 | — | 525 | — | 525 | — | Commodity derivatives | 525 | — | 525 | — | 142 | — | 142 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | 25,771 | $ | — | $ | 25,771 | $ | — | $ | 1,163 | $ | — | $ | 1,163 | $ | — | Total assets at fair value | $ | 1,163 | $ | — | $ | 1,163 | $ | — | $ | 2,408 | $ | — | $ | 2,408 | $ | — | |||||||||||||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 1,342 | $ | — | $ | 1,342 | $ | — | $ | 3,807 | $ | — | $ | 3,807 | $ | — | Interest rate derivatives | $ | 3,807 | $ | — | $ | 3,807 | $ | — | $ | 7,836 | $ | — | $ | 7,836 | $ | — | |||||||||||||||||||||||||||||||||
Commodity derivatives | — | — | — | — | 682 | — | 682 | — | Commodity derivatives | 682 | — | 682 | — | 1,615 | — | 1,615 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | 1,342 | $ | — | $ | 1,342 | $ | — | $ | 4,489 | $ | — | $ | 4,489 | $ | — | Total liabilities at fair value | $ | 4,489 | $ | — | $ | 4,489 | $ | — | $ | 9,451 | $ | — | $ | 9,451 | $ | — | |||||||||||||||||||||||||||||||||
Shareholders_Equity_and_Equity1
Shareholder's Equity, and Equity-Based Compensation Expense and Earnings Per Share (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Assumptions | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The fair value of the options granted during the nine months ended September 29, 2013 and September 23, 2012, respectively, was estimated on the date of the grant using the Black-Scholes model with the following weighted average assumptions: | The fair value of the options granted during the fiscal year ended December 30, 2012 was estimated on the date of the grant using the Black-Scholes model with the following weighted average assumptions: | |||||||||||||||||||||||||||||||||||||||||
September 29, 2013 | * | September 23, 2012 | Fiscal year ended | |||||||||||||||||||||||||||||||||||||||
Risk-free interest rate | 1.16 | % | 0.64 | % | December 30, 2012 | December 25, 2011 | December 26, 2010 | |||||||||||||||||||||||||||||||||||
Expected time to option exercise | 6.50 years | 1.93 years | Risk-free interest rate | 0.34 | % | 0.64 | % | 1.52 | % | |||||||||||||||||||||||||||||||||
Expected volatility of Pinnacle Foods Inc. stock | 35 | % | 55 | % | Expected time to option exercise | 3.50 years | 1.93 years | 2.93 years | ||||||||||||||||||||||||||||||||||
Expected dividend yield on Pinnacle Foods Inc. stock | 3.55 | % | 0 | % | Expected volatility of Pinnacle Foods Inc. stock | 40 | % | 55 | % | 70 | % | |||||||||||||||||||||||||||||||
Expected dividend yield on Pinnacle Foods Inc. stock | 2% – 4 | % | 0 | % | 0 | % | ||||||||||||||||||||||||||||||||||||
* | all of the options issued in the first half of 2013 were valued using an IPO price of $20.00 a share. No dividend was in effect in 2012. | |||||||||||||||||||||||||||||||||||||||||
Schedule of Equity-based Compensation Expense | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes equity-based compensation expense related to employee equity options and employee equity units under the authoritative guidance for equity compensation which was allocated as follows: | The following table summarizes equity-based compensation expense related to employee equity options and employee equity units under the authoritative guidance for equity compensation which was allocated as follows: | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | Fiscal year ended | ||||||||||||||||||||||||||||||||||||||||
September 29, | September 23, | September 29, | September 23, | December 30, 2012 | December 25, 2011 | December 26, 2010 | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Cost of products sold | $ | 113 | $ | 152 | $ | 394 | ||||||||||||||||||||||||||||||||
Cost of products sold | $ | 81 | $ | 16 | $ | 389 | $ | 96 | Marketing and selling expenses | 342 | 463 | 1,936 | ||||||||||||||||||||||||||||||
Marketing and selling expenses | 56 | 51 | 991 | 291 | Administrative expenses | 370 | 502 | 2,184 | ||||||||||||||||||||||||||||||||||
Administrative expenses | 2,069 | 54 | 4,082 | 316 | Research and development expenses | 25 | 34 | 213 | ||||||||||||||||||||||||||||||||||
Research and development expenses | 85 | 3 | 154 | 22 | ||||||||||||||||||||||||||||||||||||||
Pre-Tax Equity-Based Compensation Expense | 850 | 1,151 | 4,727 | |||||||||||||||||||||||||||||||||||||||
Pre-tax equity-based compensation expense | 2,291 | 124 | 5,616 | 725 | Income Tax Benefit | 30 | 33 | 141 | ||||||||||||||||||||||||||||||||||
Income tax benefit | (698 | ) | (39 | ) | (1,378 | ) | (53 | ) | ||||||||||||||||||||||||||||||||||
Net Equity-Based Compensation Expense | $ | 820 | $ | 1,118 | $ | 4,586 | ||||||||||||||||||||||||||||||||||||
Net equity-based compensation expense | $ | 1,593 | $ | 85 | $ | 4,238 | $ | 672 | ||||||||||||||||||||||||||||||||||
Summary of Equity Option Transactions | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the equity option transactions under the 2007 Stock Incentive Plan: | ||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||||||||||||||||
Shares | Average | Average Fair | Average | Intrinsic | ||||||||||||||||||||||||||||||||||||||
Exercise | Value at Grant | Remaining | Value (000’s) | |||||||||||||||||||||||||||||||||||||||
Price | Date | Life | ||||||||||||||||||||||||||||||||||||||||
Outstanding, December 25, 2011 | 463,887 | $ | 9.28 | $ | 3.98 | 6.96 | 939 | |||||||||||||||||||||||||||||||||||
Granted | 42,207 | 16.98 | 4.07 | |||||||||||||||||||||||||||||||||||||||
Exercised | (11,104 | ) | 8.62 | 3.99 | ||||||||||||||||||||||||||||||||||||||
Forfeitures | (58,504 | ) | 9.82 | 3.47 | ||||||||||||||||||||||||||||||||||||||
Outstanding, December 30, 2012 | 436,486 | $ | 9.99 | $ | 3.97 | 6.22 | 1,642 | |||||||||||||||||||||||||||||||||||
Exercisable, December 30, 2012 | 186,781 | $ | 9 | $ | 4.04 | 5.19 | $ | 3,407 | ||||||||||||||||||||||||||||||||||
Schedule of Profit Interest Unit Activity | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The intrinsic value of the PIU’s is based upon the enterprise value of the Company. The following table summarizes the activities under the 2007 Unit Plan: | ||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||||||||||||||||
Units | Average Fair | Average | Intrinsic | |||||||||||||||||||||||||||||||||||||||
Value at Grant | Remaining | Value (000’s) | ||||||||||||||||||||||||||||||||||||||||
Date | Life | |||||||||||||||||||||||||||||||||||||||||
Outstanding, December 25, 2011 | 10,738 | $ | 2,227.82 | 6.91 | 10,607 | |||||||||||||||||||||||||||||||||||||
Granted | 1,131 | 131 | ||||||||||||||||||||||||||||||||||||||||
Exercised | (184 | ) | 2,334.81 | |||||||||||||||||||||||||||||||||||||||
Forfeitures | (632 | ) | 2,430.18 | |||||||||||||||||||||||||||||||||||||||
Outstanding, December 30, 2012 | 11,053 | $ | 1,999.93 | 6.23 | 19,276 | |||||||||||||||||||||||||||||||||||||
Vested, December 30, 2012 | 4,489 | $ | 2,198.68 | 4.95 | $ | 41,485 | ||||||||||||||||||||||||||||||||||||
Schedule of Weighted Average Number of Shares | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share are calculated by dividing net earnings by weighted-average common shares outstanding during the period plus dilutive potential common shares, which are determined as follows: | Diluted earnings per common share are calculated by dividing net earnings by weighted-average common shares outstanding during the period plus dilutive potential common shares, which are determined as follows: | |||||||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||
September 29, | September 23, | September 29, | September 23, | Weighted-average common shares | 81,230,630 | 81,315,848 | 68,434,982 | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Effect of dilutive securities: | ||||||||||||||||||||||||||||||||||||||
Weighted-average common shares | 115,590,396 | 81,218,162 | 103,921,211 | 81,237,056 | Warrants | 5,192,974 | — | 5,192,974 | ||||||||||||||||||||||||||||||||||
Effect of dilutive securities: | 757,112 | 5,226,728 | 2,057,157 | 5,223,800 | Options to purchase common stock | 70,942 | — | 10,239 | ||||||||||||||||||||||||||||||||||
Dilutive potential common shares | 116,347,508 | 86,444,890 | 105,978,368 | 86,460,856 | Dilutive potential common shares | 86,494,546 | 81,315,848 | 73,638,195 | ||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the equity option transactions under the 2007 Stock Incentive Plan: | ||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||||||||||||||||
Shares | Average | Average Fair | Average | Intrinsic | ||||||||||||||||||||||||||||||||||||||
Exercise | Value at | Remaining | Value (000’s) | |||||||||||||||||||||||||||||||||||||||
Price | Grant Date | Life | ||||||||||||||||||||||||||||||||||||||||
Outstanding, December 30, 2012 | 436,486 | $ | 9.99 | $ | 3.97 | 6.22 | $ | 1,642 | ||||||||||||||||||||||||||||||||||
Granted | — | — | — | |||||||||||||||||||||||||||||||||||||||
Exercised | (43,053 | ) | 8.94 | 4.98 | ||||||||||||||||||||||||||||||||||||||
Forfeitures | (30,918 | ) | 10.61 | 6.93 | ||||||||||||||||||||||||||||||||||||||
Outstanding, September 29, 2013 | 362,515 | 10.06 | $ | 5.89 | 5.58 | 5,803 | ||||||||||||||||||||||||||||||||||||
Exercisable, September 29, 2013 | 156,848 | $ | 9.2 | $ | 4.06 | 4.8 | $ | 2,645 | ||||||||||||||||||||||||||||||||||
The following table summarizes the equity option transactions under the 2013 Omnibus Plan: | ||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Weighted | Aggregate | ||||||||||||||||||||||||||||||||||||||
Options | Average | Average Fair | Average | Intrinsic | ||||||||||||||||||||||||||||||||||||||
Exercise | Value at Grant | Remaining | Value (000’s) | |||||||||||||||||||||||||||||||||||||||
Price | Date | Life | ||||||||||||||||||||||||||||||||||||||||
Outstanding, December 30, 2012 | — | $ | — | $ | — | 0 | — | |||||||||||||||||||||||||||||||||||
Granted | 2,465,575 | 20.35 | 4.78 | |||||||||||||||||||||||||||||||||||||||
Exercised | — | — | — | |||||||||||||||||||||||||||||||||||||||
Forfeitures | (125,310 | ) | 20 | 4.63 | ||||||||||||||||||||||||||||||||||||||
Outstanding, September 29, 2013 | 2,340,265 | 20.37 | $ | 4.79 | 9.51 | $ | 13,336 | |||||||||||||||||||||||||||||||||||
Exercisable, September 29, 2013 | — | $ | — | $ | — | 0 | $ | — | ||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the changes in non-vested shares. | ||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||||||||||||||||||||||||||||||
Shares | Average Fair | Average | Intrinsic | |||||||||||||||||||||||||||||||||||||||
Value at Grant | Remaining Life | Value (000’s) | ||||||||||||||||||||||||||||||||||||||||
Date | ||||||||||||||||||||||||||||||||||||||||||
Non-vested shares at December 30, 2012 | — | $ | — | 0 | $ | — | ||||||||||||||||||||||||||||||||||||
Converted PIUs | 1,546,355 | 20 | ||||||||||||||||||||||||||||||||||||||||
Granted | 348,502 | 21.06 | ||||||||||||||||||||||||||||||||||||||||
Forfeitures | (135,407 | ) | 20 | |||||||||||||||||||||||||||||||||||||||
Vested | (80,252 | ) | 20 | |||||||||||||||||||||||||||||||||||||||
Non-vested shares at September 29, 2013 | 1,679,198 | $ | 20.34 | 6.63 | $ | 43,777 | ||||||||||||||||||||||||||||||||||||
Reclassification out of Accumulated Other Comprehensive Income | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The following table presents amounts reclassified out of Accumulated Other Comprehensive Loss (“AOCL”) and into Net earnings for the three and nine months ended September 29, 2013. | ||||||||||||||||||||||||||||||||||||||||||
Gain/(Loss) | Amounts Reclassified from AOCL | |||||||||||||||||||||||||||||||||||||||||
Details about Accumulated Other | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive Earnings Components | Three months ended | Nine months ended | Reclassified from AOCL to: | |||||||||||||||||||||||||||||||||||||||
September 29, 2013 | September 29, 2013 | |||||||||||||||||||||||||||||||||||||||||
Gains and losses on financial instrument contracts | ||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | (15 | ) | $ | (3,961 | ) | Interest expense | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 454 | 1,136 | Cost of products sold | |||||||||||||||||||||||||||||||||||||||
Total before tax | 439 | (2,825 | ) | |||||||||||||||||||||||||||||||||||||||
Tax benefit (expense) | (239 | ) | 935 | Provision for income taxes | ||||||||||||||||||||||||||||||||||||||
Deferred tax expense | — | (9,070 | )(a) | Provision for income taxes | ||||||||||||||||||||||||||||||||||||||
Net of tax | 200 | (10,960 | ) | |||||||||||||||||||||||||||||||||||||||
Pension actuarial assumption adjustments | ||||||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | (353 | ) | (1,072 | )(b) | Cost of products sold | |||||||||||||||||||||||||||||||||||||
Tax benefit | 136 | 413 | Provision for income taxes | |||||||||||||||||||||||||||||||||||||||
Net of tax | (217 | ) | (659 | ) | ||||||||||||||||||||||||||||||||||||||
Net reclassifications into net earnings | $ | (17 | ) | $ | (11,619 | ) | ||||||||||||||||||||||||||||||||||||
(a) | See Notes 11 and 15 for additional details. | |||||||||||||||||||||||||||||||||||||||||
(b) | This is included in the computation of net periodic pension cost (see Note 10 for additional details). |
Other_Expense_Income_net_Table
Other Expense (Income), net (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||
Schedule of Other Expense (Income), net | ' | ' | ||||||||||||||||||||||||||||
Three months ended | Nine months ended | Fiscal year | ||||||||||||||||||||||||||||
September 29, | September 23, | September 29, | September 23, | December 30, | December 25, | December 26, | ||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||
Other expense (income), net consists of: | Other expense (income), net consists of: | |||||||||||||||||||||||||||||
Amortization of intangibles/other assets | $ | 3,872 | $ | 3,879 | $ | 11,616 | $ | 11,647 | Amortization of intangibles/other assets | $ | 15,828 | $ | 16,175 | $ | 17,170 | |||||||||||||||
Redemption premiums on the early extinguishment of debt | — | 3,470 | 34,180 | 14,255 | Tradename impairment charges | 520 | 25,300 | 29,000 | ||||||||||||||||||||||
Royalty income and other | (266 | ) | (265 | ) | (700 | ) | (622 | ) | Redemption premium on the early extinguishment of debt | 14,255 | — | — | ||||||||||||||||||
Lehman Brothers Specialty Financing settlement | — | 8,500 | — | |||||||||||||||||||||||||||
Total other expense (income), net | $ | 3,606 | $ | 7,084 | $ | 45,096 | $ | 25,280 | Gain on sale of the Watsonville, CA facility | — | (391 | ) | — | |||||||||||||||||
Royalty income and other | (829 | ) | (1,006 | ) | (675 | ) | ||||||||||||||||||||||||
Total other expense (income), net | $ | 29,774 | $ | 48,578 | $ | 45,495 | ||||||||||||||||||||||||
Balance_Sheet_Information_Tabl
Balance Sheet Information (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||
Schedule of Accounts Receivable | ' | ' | ||||||||||||||||||||||||
Accounts receivable are as follows: | exposure related to its customers. Accounts receivable are as follows: | |||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||||||||||
Customers | $ | 168,106 | $ | 137,950 | Customers | $ | 137,950 | $ | 154,949 | |||||||||||||||||
Allowances for cash discounts, bad debts and returns | (5,707 | ) | (5,149 | ) | Allowances for cash discounts, bad debts and returns | (5,149 | ) | (5,440 | ) | |||||||||||||||||
Subtotal | 162,399 | 132,801 | Subtotal | 132,801 | 149,509 | |||||||||||||||||||||
Other receivables | 6,517 | 11,083 | Other receivables | 11,083 | 10,472 | |||||||||||||||||||||
Total | $ | 168,916 | $ | 143,884 | Total | $ | 143,884 | $ | 159,981 | |||||||||||||||||
Schedule of the Changes in the Allowance for Cash Discounts, Bad Debts and Returns | ' | ' | ||||||||||||||||||||||||
Following are the changes in the allowance for cash discounts, bad debts, and returns: | ||||||||||||||||||||||||||
Beginning | Revenue Reductions | Deductions | Ending | |||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||
Fiscal 2012 | $ | 5,440 | $ | 90,598 | $ | (90,889 | ) | $ | 5,149 | |||||||||||||||||
Fiscal 2011 | 5,214 | 86,158 | (85,932 | ) | 5,440 | |||||||||||||||||||||
Fiscal 2010 | 3,826 | 84,618 | (83,230 | ) | 5,214 | |||||||||||||||||||||
Schedule of Inventories | ' | ' | ||||||||||||||||||||||||
Inventories. Inventories are as follows: | Inventories. Inventories are as follows: | |||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||||||||||
Raw materials, containers and supplies | $ | 61,504 | $ | 50,919 | Raw materials, containers and supplies | $ | 50,919 | $ | 66,247 | |||||||||||||||||
Finished product | 332,824 | 307,132 | Finished product | 307,132 | 269,565 | |||||||||||||||||||||
Total | $ | 394,328 | $ | 358,051 | Total | $ | 358,051 | $ | 335,812 | |||||||||||||||||
Schedule of Other Current Assets | ' | ' | ||||||||||||||||||||||||
Other Current Assets are as follows: | Other Current Assets. Other Current Assets are as follows: | |||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||||||||||
Prepaid expenses | $ | 3,590 | $ | 5,954 | Prepaid expenses | $ | 5,954 | $ | 6,540 | |||||||||||||||||
Prepaid income taxes | 2,120 | 578 | Prepaid income taxes | 578 | 1,009 | |||||||||||||||||||||
Assets held for sale | 1,556 | 5,330 | Assets held for sale | 5,330 | — | |||||||||||||||||||||
Total | $ | 7,266 | $ | 11,862 | Total | $ | 11,862 | $ | 7,549 | |||||||||||||||||
Schedule of Plant Assets | ' | ' | ||||||||||||||||||||||||
Plant assets are as follows: | Plant Assets. Plant assets are as follows: | |||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||||||||||
Land | $ | 14,061 | $ | 14,061 | Land | $ | 14,061 | $ | 18,001 | |||||||||||||||||
Buildings | 190,487 | 178,300 | Buildings | 178,300 | 163,397 | |||||||||||||||||||||
Machinery and equipment | 556,180 | 513,339 | Machinery and equipment | 513,339 | 474,556 | |||||||||||||||||||||
Projects in progress | 35,049 | 32,660 | Projects in progress | 32,660 | 50,610 | |||||||||||||||||||||
Subtotal | 795,777 | 738,360 | Subtotal | 738,360 | 706,564 | |||||||||||||||||||||
Accumulated depreciation | (283,426 | ) | (244,694 | ) | Accumulated depreciation | (244,694 | ) | (205,281 | ) | |||||||||||||||||
Total | $ | 512,351 | $ | 493,666 | Total | $ | 493,666 | $ | 501,283 | |||||||||||||||||
Schedule of Accrued Liabilities | ' | ' | ||||||||||||||||||||||||
Accrued liabilities are as follows: | Accrued Liabilities. Accrued liabilities are as follows: | |||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||||||||||
Employee compensation and benefits | $ | 61,626 | $ | 53,373 | Employee compensation and benefits | $ | 53,373 | $ | 50,891 | |||||||||||||||||
Interest payable | 17,034 | 28,116 | Interest payable | 28,116 | 36,840 | |||||||||||||||||||||
Consumer coupons | 2,812 | 3,346 | Consumer coupons | 3,346 | 3,170 | |||||||||||||||||||||
Accrued restructuring charges (see Note 8) | 2,210 | 10,480 | Accrued restructuring charges (see note 8) | 10,480 | 4,076 | |||||||||||||||||||||
Accrued financial instrument contracts (see Note 11) | 1,341 | 682 | Accrued financial instrument contracts (see note 11) | 682 | 9,451 | |||||||||||||||||||||
Other | 21,652 | 23,272 | Other | 23,272 | 24,357 | |||||||||||||||||||||
Total | $ | 106,675 | $ | 119,269 | Total | $ | 119,269 | $ | 128,785 | |||||||||||||||||
Schedule Of Other Long-Term Liabilities | ' | ' | ||||||||||||||||||||||||
Other long-term liabilities are as follows: | Other Long-Term Liabilities. Other long-term liabilities are as follows: | |||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||||||||||
Employee compensation and benefits | $ | 9,324 | $ | 9,340 | Employee compensation and benefits | $ | 9,340 | $ | 9,589 | |||||||||||||||||
Long-term rent liability and deferred rent allowances | 9,609 | 10,217 | Long-term rent liability and deferred rent allowances | 10,217 | 6,594 | |||||||||||||||||||||
Liability for uncertain tax positions | 1,622 | 1,614 | Liability for uncertain tax positions | 1,614 | 1,788 | |||||||||||||||||||||
Accrued financial instrument contracts (see Note 11) | — | 3,807 | Accrued financial instrument contracts (see note 11) | 3,807 | — | |||||||||||||||||||||
Other | 4,247 | 3,727 | Other | 3,727 | 4,128 | |||||||||||||||||||||
Total | $ | 24,802 | $ | 28,705 | Total | $ | 28,705 | $ | 22,099 | |||||||||||||||||
Goodwill_Tradenames_and_Other_1
Goodwill, Tradenames and Other Assets (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||
Schedule of Goodwill by Segment | ' | ' | ||||||||||||||||||||||||||||||||
Goodwill by segment is as follows: | Goodwill by segment is as follows: | |||||||||||||||||||||||||||||||||
Birds Eye | Duncan Hines | Specialty | Total | Birds Eye | Duncan Hines | Specialty | Total | |||||||||||||||||||||||||||
Frozen | Grocery | Foods | Frozen | Grocery | Foods | |||||||||||||||||||||||||||||
Balance, December 30, 2012 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | Balance, December 26, 2010 | $ | 578,769 | $ | 740,465 | $ | 245,161 | $ | 1,564,395 | |||||||||||||||||
Impairments | (51,700 | ) | — | (71,200 | ) | (122,900 | ) | |||||||||||||||||||||||||||
Balance, September 29, 2013 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | ||||||||||||||||||||||||||
Balance, December 25, 2011 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | ||||||||||||||||||||||||||
Balance, December 30, 2012 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | ||||||||||||||||||||||||||
Schedule of Tradenames by segment | ' | ' | ||||||||||||||||||||||||||||||||
Tradenames by segment are as follows: | Tradenames by segment are as follows: | |||||||||||||||||||||||||||||||||
Birds Eye | Duncan Hines | Specialty | Total | Birds Eye | Duncan Hines | Specialty | Total | |||||||||||||||||||||||||||
Frozen | Grocery | Foods | Frozen | Grocery | Foods | |||||||||||||||||||||||||||||
Balance, December 30, 2012 | $ | 796,680 | $ | 771,312 | $ | 36,000 | $ | 1,603,992 | Balance, December 26, 2010 | $ | 821,580 | $ | 772,232 | $ | 36,000 | $ | 1,629,812 | |||||||||||||||||
Impairments | (24,900 | ) | (400 | ) | — | (25,300 | ) | |||||||||||||||||||||||||||
Balance, September 29, 2013 | $ | 796,680 | $ | 771,312 | $ | 36,000 | $ | 1,603,992 | ||||||||||||||||||||||||||
Balance, December 25, 2011 | $ | 796,680 | $ | 771,832 | $ | 36,000 | $ | 1,604,512 | ||||||||||||||||||||||||||
Impairments | — | (520 | ) | — | (520 | ) | ||||||||||||||||||||||||||||
Balance, December 30, 2012 | $ | 796,680 | $ | 771,312 | $ | 36,000 | $ | 1,603,992 | ||||||||||||||||||||||||||
Schedule of Other Assets | ' | ' | ||||||||||||||||||||||||||||||||
Other Assets | Other Assets | |||||||||||||||||||||||||||||||||
September 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | |||||||||||||||||||||||||||
Avg Life | Carrying | Amortization | Avg Life | Carrying | Amortization | |||||||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||||||||
Amortizable intangibles | Amortizable intangibles | |||||||||||||||||||||||||||||||||
Recipes | 10 | $ | 52,810 | $ | (34,326 | ) | $ | 18,484 | Recipes | 10 | $ | 52,810 | $ | (30,365 | ) | $ | 22,445 | |||||||||||||||||
Customer relationships—Distributors | 36 | 125,746 | (32,919 | ) | 92,827 | Customer relationships—Distributors | 36 | 125,746 | (28,791 | ) | 96,955 | |||||||||||||||||||||||
Customer relationships—Food Service | 7 | 36,143 | (34,438 | ) | 1,705 | Customer relationships—Foodservice | 7 | 36,143 | (31,882 | ) | 4,261 | |||||||||||||||||||||||
Customer relationships—Private Label | 7 | 9,214 | (8,942 | ) | 272 | Customer relationships—Private Label | 7 | 9,214 | (8,533 | ) | 681 | |||||||||||||||||||||||
License | 7 | 4,875 | (2,812 | ) | 2,063 | License | 7 | 4,875 | (2,250 | ) | 2,625 | |||||||||||||||||||||||
Total amortizable intangibles | $ | 228,788 | $ | (113,437 | ) | $ | 115,351 | Total amortizable intangibles | $ | 228,788 | $ | (101,821 | ) | $ | 126,967 | |||||||||||||||||||
Deferred financing costs | 35,988 | (20,181 | ) | 15,807 | Deferred financing costs | 59,486 | (35,306 | ) | 24,180 | |||||||||||||||||||||||||
Financial instruments | 25,065 | — | 25,065 | Other (1) | 4,411 | — | 4,411 | |||||||||||||||||||||||||||
Other (1) | 5,200 | — | 5,200 | |||||||||||||||||||||||||||||||
Total other assets, net | $ | 155,558 | ||||||||||||||||||||||||||||||||
Total other assets, net | $ | 161,423 | ||||||||||||||||||||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||||||||||||||||||||
Amortizable intangibles by segment | Birds Eye Frozen | $ | 69,581 | |||||||||||||||||||||||||||||||
Birds Eye Frozen | $ | 64,884 | Duncan Hines Grocery | 48,806 | ||||||||||||||||||||||||||||||
Duncan Hines Grocery | 45,034 | Specialty Foods | 8,580 | |||||||||||||||||||||||||||||||
Specialty Foods | 5,433 | |||||||||||||||||||||||||||||||||
$ | 126,967 | |||||||||||||||||||||||||||||||||
$ | 115,351 | |||||||||||||||||||||||||||||||||
December 25, 2011 | ||||||||||||||||||||||||||||||||||
December 30, 2012 | Weighted | Gross | Accumulated | Net | ||||||||||||||||||||||||||||||
Weighted | Gross | Accumulated | Net | Avg Life | Carrying | Amortization | ||||||||||||||||||||||||||||
Avg Life | Carrying | Amortization | Amount | |||||||||||||||||||||||||||||||
Amount | Amortizable intangibles | |||||||||||||||||||||||||||||||||
Amortizable intangibles | Recipes | 10 | $ | 52,810 | $ | (25,084 | ) | $ | 27,726 | |||||||||||||||||||||||||
Recipes | 10 | $ | 52,810 | $ | (30,365 | ) | $ | 22,445 | Customer relationships—Distributors | 36 | 125,746 | (22,947 | ) | 102,799 | ||||||||||||||||||||
Customer relationships—Distributors | 36 | 125,746 | (28,791 | ) | 96,955 | Customer relationships—Foodservice | 7 | 36,143 | (28,472 | ) | 7,671 | |||||||||||||||||||||||
Customer relationships—Food Service | 7 | 36,143 | (31,882 | ) | 4,261 | Customer relationships—Private Label | 7 | 9,214 | (7,989 | ) | 1,225 | |||||||||||||||||||||||
Customer relationships—Private Label | 7 | 9,214 | (8,533 | ) | 681 | License | 7 | 4,875 | (1,500 | ) | 3,375 | |||||||||||||||||||||||
License | 7 | 4,875 | (2,250 | ) | 2,625 | |||||||||||||||||||||||||||||
Total amortizable intangibles | $ | 228,788 | $ | (85,992 | ) | $ | 142,796 | |||||||||||||||||||||||||||
Total amortizable intangibles | $ | 228,788 | $ | (101,821 | ) | $ | 126,967 | Deferred financing costs | 77,112 | (46,228 | ) | 30,884 | ||||||||||||||||||||||
Deferred financing costs | 59,486 | (35,306 | ) | 24,180 | Financial instruments (see note 11) | 1,335 | — | 1,335 | ||||||||||||||||||||||||||
Other (1) | 4,411 | — | 4,411 | Other (1) | 3,834 | — | 3,834 | |||||||||||||||||||||||||||
Total other assets, net | $ | 155,558 | Total other assets, net | $ | 178,849 | |||||||||||||||||||||||||||||
Amortizable intangibles by segment | Amortizable intangibles by segment | |||||||||||||||||||||||||||||||||
Birds Eye Frozen | $ | 69,581 | Birds Eye Frozen | $ | 76,054 | |||||||||||||||||||||||||||||
Duncan Hines Grocery | 48,806 | Duncan Hines Grocery | 53,948 | |||||||||||||||||||||||||||||||
Specialty Foods | 8,580 | Specialty Foods | 12,794 | |||||||||||||||||||||||||||||||
$ | 126,967 | $ | 142,796 | |||||||||||||||||||||||||||||||
-1 | As of September 29, 2013 and December 30, 2012, Other primarily consists of security deposits. | -1 | As of December 30, 2012 and December 25, 2011, Other consists of security deposits. | |||||||||||||||||||||||||||||||
Schedule of Deferred Financing Cost Activity | ' | ' | ||||||||||||||||||||||||||||||||
The following summarizes deferred financing cost activity: | The following summarizes deferred financing cost activity: | |||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||||||||||
Balance, December 30, 2012 | $ | 59,486 | $ | (35,306 | ) | $ | 24,180 | Balance, December 25, 2011 | $ | 77,112 | $ | (46,228 | ) | $ | 30,884 | |||||||||||||||||||
2013—Additions | 7,730 | — | 7,730 | 2012—Additions | 9,972 | — | 9,972 | |||||||||||||||||||||||||||
Amortization | — | (3,378 | ) | (3,378 | ) | —Amortization | — | (8,585 | ) | (8,585 | ) | |||||||||||||||||||||||
Write off | (31,228 | ) | 18,503 | (12,725 | ) | —Write Off | (27,598 | ) | 19,507 | (8,091 | ) | |||||||||||||||||||||||
Balance, September 29, 2013 | $ | 35,988 | $ | (20,181 | ) | $ | 15,807 | Balance, December 30, 2012 | $ | 59,486 | $ | (35,306 | ) | $ | 24,180 | |||||||||||||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||
Schedule of restructuring charges accrued | ' | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes total restructuring charges accrued as of September 29, 2013. | The following table summarizes total restructuring charges accrued as of December 30, 2012. | |||||||||||||||||||||||||||||||||||||
Description | Balance, | Expense | Payments | Balance, | Description | Balance, | Expense | Other | Payments | Balance, | ||||||||||||||||||||||||||||
December 30, | September 29, | December 26, | increases | December 25, | ||||||||||||||||||||||||||||||||||
2012 | 2013 | 2010 | 2011 | |||||||||||||||||||||||||||||||||||
Facility shutdowns | $ | 2,796 | $ | — | $ | (1,030 | ) | $ | 1,766 | Facility shutdowns | $ | 1,851 | $ | 523 | $ | — | $ | (1,173 | ) | $ | 1,201 | |||||||||||||||||
Contract termination and other fees | 5,833 | — | (5,833 | ) | — | Employee severance | 6,096 | 1,710 | — | (4,931 | ) | 2,875 | ||||||||||||||||||||||||||
Employee severance | 1,851 | — | (1,407 | ) | 444 | |||||||||||||||||||||||||||||||||
Total | $ | 7,947 | $ | 2,233 | $ | — | $ | (6,104 | ) | $ | 4,076 | |||||||||||||||||||||||||||
Total | $ | 10,480 | $ | — | $ | (8,270 | ) | $ | 2,210 | |||||||||||||||||||||||||||||
Description | Balance, | Expense | Other | Payments | Balance, | |||||||||||||||||||||||||||||||||
December 25, | increases | December 30, | ||||||||||||||||||||||||||||||||||||
2011 | 2012 | |||||||||||||||||||||||||||||||||||||
Facility shutdowns | $ | 1,201 | $ | 958 | $ | 776 | (1) | $ | (139 | ) | $ | 2,796 | ||||||||||||||||||||||||||
Contract termination and other fees | — | 6,483 | — | (650 | ) | 5,833 | ||||||||||||||||||||||||||||||||
Employee severance | 2,875 | 2,687 | — | (3,711 | ) | 1,851 | ||||||||||||||||||||||||||||||||
Total | $ | 4,076 | $ | 10,128 | $ | 776 | $ | (4,500 | ) | $ | 10,480 | |||||||||||||||||||||||||||
-1 | Consists of asset retirement obligations primarily at the Millsboro, Delaware plant. |
Debt_and_Interest_Expense_Tabl
Debt and Interest Expense (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term and Short-term Debt Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||||||
September 29, | December 30, | December 30, | December 25, | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | |||||||||||||||||||||||||||||||||||||||||
—Notes payable | $ | 1,065 | $ | 2,139 | —Notes payable | $ | 2,139 | $ | 1,708 | |||||||||||||||||||||||||||||||||
Total short-term borrowings | $ | 1,065 | $ | 2,139 | Total short-term borrowings | $ | 2,139 | $ | 1,708 | |||||||||||||||||||||||||||||||||
Long-term debt | Long-term debt | |||||||||||||||||||||||||||||||||||||||||
—Senior Secured Credit Facility—Tranche B Non Extended Term Loans due 2014 | $ | — | $ | 243,264 | —Senior Secured Credit Facility—Tranche B Non Extended Term Loans due 2014 | $ | 243,264 | $ | 1,196,875 | |||||||||||||||||||||||||||||||||
—Senior Secured Credit Facility—Tranche B Extended Term Loans due 2016 | — | 637,906 | —Senior Secured Credit Facility—Tranche B Extended Term Loans due 2016 | 637,906 | — | |||||||||||||||||||||||||||||||||||||
—Senior Secured Credit Facility—Tranche E Term Loans due 2018 | — | 398,000 | —Senior Secured Credit Facility—Tranche D Term Loans due 2014 | — | 313,194 | |||||||||||||||||||||||||||||||||||||
—Senior Secured Credit Facility—Tranche F Term Loans due 2018 | — | 448,875 | —Senior Secured Credit Facility—Tranche E Term Loans due 2018 | 398,000 | — | |||||||||||||||||||||||||||||||||||||
—Senior Secured Credit Facility—Tranche G Term Loans due 2020 | 1,625,925 | — | —Senior Secured Credit Facility—Tranche F Term Loans due 2018 | 448,875 | — | |||||||||||||||||||||||||||||||||||||
—4.875% Senior Notes due 2021 | 350,000 | — | —9.25% Senior Notes due 2015 | 465,000 | 625,000 | |||||||||||||||||||||||||||||||||||||
—9.25% Senior Notes due 2015 | — | 465,000 | —8.25% Senior Notes due 2017 | 400,000 | 400,000 | |||||||||||||||||||||||||||||||||||||
—8.25% Senior Notes due 2017 | — | 400,000 | —10.625% Senior Subordinated Notes due 2017 | — | 199,000 | |||||||||||||||||||||||||||||||||||||
—Unamortized discount on long term debt | (8,188 | ) | (7,230 | ) | —Unamortized discount on long term debt | (7,230 | ) | (2,712 | ) | |||||||||||||||||||||||||||||||||
—Capital lease obligations | 20,606 | 20,990 | —Capital lease obligations | 20,990 | 22,954 | |||||||||||||||||||||||||||||||||||||
1,988,343 | 2,606,805 | 2,606,805 | 2,754,311 | |||||||||||||||||||||||||||||||||||||||
Less: current portion of long-term obligations | 19,436 | 30,419 | Less: current portion of long-term obligations | 30,419 | 15,661 | |||||||||||||||||||||||||||||||||||||
Total long-term debt | $ | 1,968,907 | $ | 2,576,386 | Total long-term debt | $ | 2,576,386 | $ | 2,738,650 | |||||||||||||||||||||||||||||||||
Schedule of Interest Expense | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Interest expense | Three months ended | Nine months ended | Fiscal year | |||||||||||||||||||||||||||||||||||||||
September 29, | September 23, | September 29, | September 23, | Interest expense | December 30, | December 25, | December 26, | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||
Interest expense, third party | $ | 18,318 | $ | 37,972 | $ | 79,497 | $ | 118,021 | Interest expense, third party | $ | 158,557 | $ | 165,611 | $ | 179,209 | |||||||||||||||||||||||||||
Related party interest expense (Note 13) | 411 | 665 | 1,337 | 2,751 | Related party interest expense (Note 13) | 3,330 | 6,172 | 4,996 | ||||||||||||||||||||||||||||||||||
Amortization of debt acquisition costs (Note 7) | 623 | 1,910 | 3,378 | 6,745 | Amortization of debt acquisition costs (Note 7) | 8,585 | 11,062 | 13,541 | ||||||||||||||||||||||||||||||||||
Write-off of debt acquisition costs (Note 7) | — | 2,641 | 12,725 | 8,091 | Write-off of debt acquisition costs (Note 7) | 8,091 | — | 11,633 | ||||||||||||||||||||||||||||||||||
Write-off of loan discount | — | — | 2,182 | 1,864 | Write-off of loan discount | 1,864 | — | 5,648 | ||||||||||||||||||||||||||||||||||
Financing costs (Note 7) | — | — | 4,762 | 7,526 | Financing costs (Note 7) | 7,526 | — | — | ||||||||||||||||||||||||||||||||||
Amortization of deferred mark-to-market adjustment on terminated swaps (Note 11) | — | — | — | 444 | Amortization of deferred mark-to-market adjustment on terminated swaps (Note 11) | 444 | 2,119 | 3,295 | ||||||||||||||||||||||||||||||||||
Interest rate swap losses (Note 11) | 243 | 1,274 | 3,997 | 9,159 | Interest rate swap losses (Note 11) | 10,087 | 23,355 | 17,682 | ||||||||||||||||||||||||||||||||||
Total interest expense | $ | 19,595 | $ | 44,462 | $ | 107,878 | $ | 154,601 | Total interest expense | $ | 198,484 | $ | 208,319 | $ | 236,004 | |||||||||||||||||||||||||||
Schedule of applicable margins with respect to the Senior Secured Credit Facility | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The applicable margins with respect to the Senior Secured Credit Facility as of December 30, 2012 were: | ||||||||||||||||||||||||||||||||||||||||||
Applicable Margin (per annum) | ||||||||||||||||||||||||||||||||||||||||||
Revolving Credit Facility and Letters of Credit | Tranche B Non Extended Term Loans | Tranche B Extended Term Loans | ||||||||||||||||||||||||||||||||||||||||
Eurocurrency Rate | Base Rate | Commitment Fees | Eurocurrency Rate | Base Rate | Eurocurrency Rate | Base Rate | ||||||||||||||||||||||||||||||||||||
Rate | ||||||||||||||||||||||||||||||||||||||||||
3.50% | 2.5 | % | 0.5 | % | 2.5 | % | 1.5 | % | 3.5 | % | 2.5 | % | ||||||||||||||||||||||||||||||
Tranche E Term Loans | Tranche F Term Loans | |||||||||||||||||||||||||||||||||||||||||
Eurocurrency Rate | Base Rate | Eurocurrency Rate | Base Rate | |||||||||||||||||||||||||||||||||||||||
3.5 | % | 2.5 | % | 3.5 | % | 2.5 | % | |||||||||||||||||||||||||||||||||||
Schedule of Early Redemption Prices Of Long-term Debt Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Finance may redeem the 4.875% Senior Notes at the redemption prices listed below, if redeemed during the twelve-month period beginning on May 1st of each of the years indicated below: | PFF currently may redeem the 9.25% Senior Notes, and in the future may redeem the 8.25% Senior Notes or the Senior Subordinated Notes, at the redemption prices listed below, if redeemed during the twelve-month periods of each of the years indicated below: | |||||||||||||||||||||||||||||||||||||||||
4.875% Senior Notes | 9.25% Senior Notes | 8.25% Senior Notes | ||||||||||||||||||||||||||||||||||||||||
Year | Percentage | Year | Percentage | Year | Percentage | |||||||||||||||||||||||||||||||||||||
2016 | 103.656 | % | 1-Apr-12 | 102.313 | % | 1-Sep-13 | 106.188 | % | ||||||||||||||||||||||||||||||||||
2017 | 102.438 | % | April 1, 2013 and thereafter | 100 | % | 1-Sep-14 | 104.125 | % | ||||||||||||||||||||||||||||||||||
2018 | 101.219 | % | 1-Sep-15 | 102.063 | % | |||||||||||||||||||||||||||||||||||||
2019 and thereafter | 100 | % | September 1, 2016 and thereafter | 100 | % | |||||||||||||||||||||||||||||||||||||
Schedule of the estimated fair value of the Company's long-erm debt, including the current portion | ' | ' | ||||||||||||||||||||||||||||||||||||||||
The estimated fair value of the Company’s long-term debt, including the current portion, as of September 29, 2013, is as follows: | The estimated fair value of the Company’s long-term debt, including the current portion, as of December 30, 2012, is as follows: | |||||||||||||||||||||||||||||||||||||||||
September 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||||||||||||||
Issue | Face Value | Fair Value | Issue | Face Value | Fair Value | |||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche G Term Loans | 1,625,925 | 1,611,698 | Senior Secured Credit Facility—Tranche B Non Extended Term Loans | $ | 243,264 | $ | 244,480 | |||||||||||||||||||||||||||||||||||
4.875% Senior Notes | 350,000 | 325,500 | Senior Secured Credit Facility—Tranche B Extended Term Loans | 637,906 | 641,095 | |||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche E Term Loans | 398,000 | 400,985 | ||||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche F Term Loans | 448,875 | 452,242 | ||||||||||||||||||||||||||||||||||||||||
$1,975,925 | $ | 1,937,198 | 9.25% Senior Notes | 465,000 | 471,975 | |||||||||||||||||||||||||||||||||||||
8.25% Senior Notes | 400,000 | 427,000 | ||||||||||||||||||||||||||||||||||||||||
The estimated fair value of the Company’s long-term debt, including the current portion, as of December 30, 2012, is as follows: | ||||||||||||||||||||||||||||||||||||||||||
$ | 2,593,045 | $ | 2,637,777 | |||||||||||||||||||||||||||||||||||||||
December 30, 2012 | The estimated fair value of the Company’s long-term debt, including the current portion, as of December 25, 2011, is as follows: | |||||||||||||||||||||||||||||||||||||||||
Issue | Face Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche B Non Extended Term Loans | 243,264 | 244,480 | ||||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche B Extended Term Loans | 637,906 | 641,095 | December 25, 2011 | |||||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche E Term Loans | 398,000 | 400,985 | Issue | Face Value | Fair Value | |||||||||||||||||||||||||||||||||||||
Senior Secured Credit Facility—Tranche F Term Loans | 448,875 | 452,242 | Senior Secured Credit Facility—Tranche B Term Loans | $ | 1,196,875 | $ | 1,169,945 | |||||||||||||||||||||||||||||||||||
9.25% Senior Notes | 465,000 | 471,975 | Senior Secured Credit Facility—Tranche D Term Loans | 313,194 | 313,977 | |||||||||||||||||||||||||||||||||||||
8.25% Senior Notes | 400,000 | 427,000 | 9.25% Senior Notes | 625,000 | 642,188 | |||||||||||||||||||||||||||||||||||||
8.25% Senior Notes | 400,000 | 416,000 | ||||||||||||||||||||||||||||||||||||||||
$ | 2,593,045 | $ | 2,637,777 | 10.625% Senior Subordinated Notes | 199,000 | 209,448 | ||||||||||||||||||||||||||||||||||||
$ | 2,734,069 | $ | 2,751,558 | |||||||||||||||||||||||||||||||||||||||
Pension_and_Retirement_Plans_T
Pension and Retirement Plans (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||
Schedule of expected benefit payments | ' | ' | ||||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: | ||||||||||||||||||||||||||||||||||
Pinnacle Foods | Birds Eye Foods | |||||||||||||||||||||||||||||||||
Pension Plan ($) | Pension Plan ($) | |||||||||||||||||||||||||||||||||
2013 | 4,398 | 9,382 | ||||||||||||||||||||||||||||||||
2014 | 4,200 | 9,755 | ||||||||||||||||||||||||||||||||
2015 | 3,972 | 9,551 | ||||||||||||||||||||||||||||||||
2016 | 4,015 | 9,739 | ||||||||||||||||||||||||||||||||
2017 | 4,012 | 10,065 | ||||||||||||||||||||||||||||||||
2018-2022 | 21,274 | 54,973 | ||||||||||||||||||||||||||||||||
Schedule of net periodic benefit cost | ' | ' | ||||||||||||||||||||||||||||||||
The following represents the components of net periodic (benefit) cost: | ||||||||||||||||||||||||||||||||||
Pinnacle Foods Pension Plan | ||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||
Pension Benefits | September 29, | September 23, | September 29, | September 23, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Service cost | $ | 52 | $ | 277 | $ | 52 | $ | 832 | ||||||||||||||||||||||||||
Interest cost | 1,092 | 1,028 | 3,006 | 3,085 | ||||||||||||||||||||||||||||||
Expected return on assets | (1,084 | ) | (1,089 | ) | (3,334 | ) | (3,267 | ) | ||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||
Prior service cost | — | 10 | — | 31 | ||||||||||||||||||||||||||||||
Actuarial loss | 181 | 447 | 542 | 1,340 | ||||||||||||||||||||||||||||||
Net periodic cost | $ | 241 | $ | 673 | $ | 266 | $ | 2,021 | ||||||||||||||||||||||||||
The following represents the components of net periodic (benefit) cost: | ||||||||||||||||||||||||||||||||||
Birds Eye Foods Pension Plan | ||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||
Pension Benefits | September 29, | September 23, | September 29, | September 23, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 52 | $ | — | $ | 157 | ||||||||||||||||||||||||||
Interest cost | 1,612 | 1,928 | 5,198 | 5,784 | ||||||||||||||||||||||||||||||
Expected return on assets | (2,209 | ) | (2,086 | ) | (6,706 | ) | (6,258 | ) | ||||||||||||||||||||||||||
Amortization of actuarial loss | 185 | 87 | 555 | 261 | ||||||||||||||||||||||||||||||
Net periodic (benefit) cost | $ | (412 | ) | $ | (19 | ) | $ | (953 | ) | $ | (56 | ) | ||||||||||||||||||||||
Pinnacle Foods Pension Plan [Member] | ' | ' | ||||||||||||||||||||||||||||||||
Reconciliation of the changes in benefit obligation | ' | ' | ||||||||||||||||||||||||||||||||
The following table reconciles the changes in our benefit obligation: | ||||||||||||||||||||||||||||||||||
Pinnacle Foods Pension | ||||||||||||||||||||||||||||||||||
Plan Pension Benefits | ||||||||||||||||||||||||||||||||||
Fiscal year ended | ||||||||||||||||||||||||||||||||||
December 30, 2012 | December 25, 2011 | December 26, 2010 | ||||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||
Net benefit obligation at beginning of the period | $ | 91,660 | $ | 83,814 | $ | 78,740 | ||||||||||||||||||||||||||||
Service cost | 786 | 893 | 1,228 | |||||||||||||||||||||||||||||||
Interest cost | 4,081 | 4,263 | 4,558 | |||||||||||||||||||||||||||||||
Actuarial loss | 9,460 | 7,388 | 6,173 | |||||||||||||||||||||||||||||||
Gross benefits paid | (4,922 | ) | (4,698 | ) | (4,239 | ) | ||||||||||||||||||||||||||||
Curtailment gain | (3,310 | ) | — | (2,646 | ) | |||||||||||||||||||||||||||||
Net benefit obligation at end of the period | 97,755 | 91,660 | 83,814 | |||||||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of the period | 57,802 | 55,226 | 45,948 | |||||||||||||||||||||||||||||||
Employer contributions | 4,141 | 6,829 | 8,881 | |||||||||||||||||||||||||||||||
Actual return on plan assets | 7,209 | 445 | 4,636 | |||||||||||||||||||||||||||||||
Gross benefits paid | (4,922 | ) | (4,698 | ) | (4,239 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets at end of the period | 64,230 | 57,802 | 55,226 | |||||||||||||||||||||||||||||||
Funded status at end of the year | $ | (33,525 | ) | $ | (33,858 | ) | $ | (28,588 | ) | |||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||
Accrued pension benefits | $ | (33,525 | ) | $ | (33,858 | ) | $ | (28,588 | ) | |||||||||||||||||||||||||
Net amount recognized at end of the period | $ | (33,525 | ) | $ | (33,858 | ) | $ | (28,588 | ) | |||||||||||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||
Net loss / (gain) | $ | 32,283 | $ | 30,802 | $ | 20,339 | ||||||||||||||||||||||||||||
Prior service cost | — | 345 | 386 | |||||||||||||||||||||||||||||||
Net amount recognized at end of the period | $ | 32,283 | $ | 31,147 | $ | 20,725 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 97,755 | 88,196 | 79,753 | |||||||||||||||||||||||||||||||
Weighted average assumptions | ||||||||||||||||||||||||||||||||||
Discount rate | 3.98 | % | 4.59 | % | 5.45 | % | ||||||||||||||||||||||||||||
Expected return on plan assets | 7 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||||||||||||
Rate of compensation increase | N/A | 3 | % | 3 | % | |||||||||||||||||||||||||||||
Schedule of the components of net periodic (benefit) cost | ' | ' | ||||||||||||||||||||||||||||||||
The following represents the components of net periodic cost: | ||||||||||||||||||||||||||||||||||
Pension Benefits | Pinnacle Foods Pension Plan | |||||||||||||||||||||||||||||||||
Fiscal year | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | December 26, | ||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Service cost | $ | 786 | $ | 893 | $ | 1,228 | ||||||||||||||||||||||||||||
Interest cost | 4,081 | 4,263 | 4,558 | |||||||||||||||||||||||||||||||
Expected return on assets | (4,463 | ) | (4,244 | ) | (3,611 | ) | ||||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||||
prior service cost | 42 | 42 | 77 | |||||||||||||||||||||||||||||||
actuarial loss | 1,923 | 724 | 819 | |||||||||||||||||||||||||||||||
Curtailment loss | 303 | 992 | ||||||||||||||||||||||||||||||||
Net periodic cost | $ | 2,672 | $ | 1,678 | $ | 4,063 | ||||||||||||||||||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||||||||||||
Discount rate | 4.43 | % | 5.45 | % | 5.87 | % | ||||||||||||||||||||||||||||
Expected return on plan assets | 7.5 | % | 7.5 | % | 7.5 | % | ||||||||||||||||||||||||||||
Rate of compensation increase | 3 | % | 3 | % | 3 | % | ||||||||||||||||||||||||||||
Schedule of the weighted-average asset allocations and fair value hierarchy | ' | ' | ||||||||||||||||||||||||||||||||
The Company’s pension plan weighted-average asset allocations at December 30, 2012 and December 25, 2011, by asset category, are as follows: | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | |||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||
Asset category | ||||||||||||||||||||||||||||||||||
Equity securities | 60 | % | 59 | % | ||||||||||||||||||||||||||||||
Debt securities | 40 | % | 36 | % | ||||||||||||||||||||||||||||||
Cash | 0 | % | 5 | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
The Company adopted a new investment policy in fiscal 2012 for the Pinnacle Pension Plan. The Plan’s investments in equity or debt securities are based on a glide path strategy where the investment in debt securities increases as the Plan’s funded status becomes smaller. Based on the current funded status, the policy is to invest approximately 60% of plan assets in equity securities and 40% in fixed income securities. Periodically, the plan assets are rebalanced to maintain these allocation percentages and the investment policy is reviewed. Within each investment category, assets are allocated to various investment styles. Professional managers manage all assets and a consultant is engaged to assist in evaluating these activities. The expected long-term rate of return on assets was determined by assessing the rates of return on each targeted asset class, return premiums generated by portfolio management and by comparison of rates utilized by other companies. | ||||||||||||||||||||||||||||||||||
The following table summarizes the Pinnacle Foods Pension Plan’s investments measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||
Level 1: | Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||
Level 2: | Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||||||||||||||||||||
Level 3: | Unobservable inputs that reflect the Company’s assumptions. | |||||||||||||||||||||||||||||||||
Fair Value as | Fair Value Measurements | |||||||||||||||||||||||||||||||||
of December 30, | Using Fair Value Hierarchy | |||||||||||||||||||||||||||||||||
2012 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||
Short-term Investment Fund | $ | 259 | $ | — | $ | 259 | $ | — | ||||||||||||||||||||||||||
Equity Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Small/Mid Capitalization Fund | 5,273 | — | 5,273 | — | ||||||||||||||||||||||||||||||
Large Capitalization Equity Fund | 19,647 | — | 19,647 | — | ||||||||||||||||||||||||||||||
International Fund | 13,715 | — | 13,715 | — | ||||||||||||||||||||||||||||||
Fixed Income Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Fixed Income Fund | 25,336 | — | 25,336 | — | ||||||||||||||||||||||||||||||
Total assets at fair value | $ | 64,230 | $ | — | $ | 64,230 | $ | — | ||||||||||||||||||||||||||
Fair Value as | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
of | Fair Value Hierarchy | |||||||||||||||||||||||||||||||||
December 25, | ||||||||||||||||||||||||||||||||||
2011 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||
Short-term Investment Fund | $ | 2,827 | $ | 2,827 | $ | — | $ | — | ||||||||||||||||||||||||||
Equity Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Small Capitalization Fund | 1,142 | — | 1,142 | — | ||||||||||||||||||||||||||||||
Large Capitalization Equity Fund | 7,883 | — | 7,883 | — | ||||||||||||||||||||||||||||||
International Fund | 9,436 | — | 9,436 | — | ||||||||||||||||||||||||||||||
Growth Fund | 5,652 | — | 5,652 | — | ||||||||||||||||||||||||||||||
U.S. Value Fund | 9,646 | — | 9,646 | — | ||||||||||||||||||||||||||||||
Fixed Income Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Fixed Income Fund | 20,832 | — | 20,832 | — | ||||||||||||||||||||||||||||||
Total assets at fair value | $ | 57,418 | $ | 2,827 | $ | 54,591 | $ | — | ||||||||||||||||||||||||||
Birds Eye Foods Pension Plan [Member] | ' | ' | ||||||||||||||||||||||||||||||||
Reconciliation of the changes in benefit obligation | ' | ' | ||||||||||||||||||||||||||||||||
The following table reconciles the changes in our benefit obligation: | ||||||||||||||||||||||||||||||||||
Birds Eye Foods Pension Plan | ||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
Fiscal year ended | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | December 26, | ||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Change in Benefit Obligation | ||||||||||||||||||||||||||||||||||
Net benefit obligation at beginning of the period | $ | 175,057 | $ | 155,854 | $ | 148,890 | ||||||||||||||||||||||||||||
Service cost | 102 | 537 | 2,086 | |||||||||||||||||||||||||||||||
Interest cost | 7,439 | 8,200 | 8,221 | |||||||||||||||||||||||||||||||
Participant contributions | — | 22 | 14 | |||||||||||||||||||||||||||||||
Actuarial loss | 24,561 | 27,567 | 7,564 | |||||||||||||||||||||||||||||||
Gross benefits paid | (11,818 | ) | (12,148 | ) | (10,333 | ) | ||||||||||||||||||||||||||||
Curtailment gain | (806 | ) | (4,975 | ) | (588 | ) | ||||||||||||||||||||||||||||
Net benefit obligation at end of the period | 194,535 | 175,057 | 155,854 | |||||||||||||||||||||||||||||||
Birds Eye Foods Pension Plan | ||||||||||||||||||||||||||||||||||
Pension Benefits | ||||||||||||||||||||||||||||||||||
Fiscal year ended | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | December 26, | ||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Change in Plan Assets | ||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of the period | 118,666 | 108,446 | 101,710 | |||||||||||||||||||||||||||||||
Employer contributions | 8,373 | 9,471 | 4,741 | |||||||||||||||||||||||||||||||
Participant contributions | — | 22 | 14 | |||||||||||||||||||||||||||||||
Actual return on plan assets | 14,714 | 12,875 | 12,314 | |||||||||||||||||||||||||||||||
Gross benefits paid | (11,818 | ) | (12,148 | ) | (10,333 | ) | ||||||||||||||||||||||||||||
Fair value of plan assets at end of the period | 129,935 | 118,666 | 108,446 | |||||||||||||||||||||||||||||||
Funded status at end of the year | $ | (64,600 | ) | $ | (56,391 | ) | $ | (47,408 | ) | |||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||
Accrued pension benefits | $ | (64,179 | ) | $ | (55,892 | ) | $ | (46,953 | ) | |||||||||||||||||||||||||
Accrued pension benefits (part of accrued liabilities) | (421 | ) | (499 | ) | (455 | ) | ||||||||||||||||||||||||||||
Net amount recognized at end of the period | $ | (64,600 | ) | $ | (56,391 | ) | $ | (47,408 | ) | |||||||||||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||
Net loss | $ | 37,955 | $ | 20,797 | $ | 3,455 | ||||||||||||||||||||||||||||
Net amount recognized at end of the period | $ | 37,955 | $ | 20,797 | $ | 3,455 | ||||||||||||||||||||||||||||
Accumulated benefit obligation | 194,536 | 174,399 | 152,202 | |||||||||||||||||||||||||||||||
Weighted average assumptions | ||||||||||||||||||||||||||||||||||
Discount rate | 3.83 | % | 4.51 | % | 5.27 | % | ||||||||||||||||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 7 | % | ||||||||||||||||||||||||||||
Rate of compensation increase | N/A | 3 | % | 3 | % | |||||||||||||||||||||||||||||
Schedule of the components of net periodic (benefit) cost | ' | ' | ||||||||||||||||||||||||||||||||
The following represents the components of net periodic (benefit) cost: | ||||||||||||||||||||||||||||||||||
Pension Benefits | Birds Eye Foods Pension Plan | |||||||||||||||||||||||||||||||||
Fiscal year | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | December 26, | ||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Service cost | $ | 102 | $ | 537 | $ | 2,086 | ||||||||||||||||||||||||||||
Interest cost | 7,439 | 8,200 | 8,221 | |||||||||||||||||||||||||||||||
Expected return on assets | (8,574 | ) | (7,634 | ) | (8,205 | ) | ||||||||||||||||||||||||||||
Amortization of actuarial loss | 489 | 9 | ||||||||||||||||||||||||||||||||
Curtailment gain | (588 | ) | ||||||||||||||||||||||||||||||||
Net periodic (benefit) cost | $ | (544 | ) | $ | 1,112 | $ | 1,514 | |||||||||||||||||||||||||||
Weighted average assumptions: | ||||||||||||||||||||||||||||||||||
Discount rate | 4.17 | % | 5.31 | % | 5.67 | % | ||||||||||||||||||||||||||||
Expected return on plan assets | 7 | % | 7 | % | 8 | % | ||||||||||||||||||||||||||||
Rate of compensation increase (1) | 1.78 | % | 3 | % | 3.8 | % | ||||||||||||||||||||||||||||
-1 | In fiscal 2012, this represents 3% for the seven months when the employees earned service credits. | |||||||||||||||||||||||||||||||||
Schedule of the weighted-average asset allocations and fair value hierarchy | ' | ' | ||||||||||||||||||||||||||||||||
The following table sets forth the weighted-average asset allocations of the Company’s pension plans by asset category: | ||||||||||||||||||||||||||||||||||
December 30, | December 25, | |||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||
Asset category | ||||||||||||||||||||||||||||||||||
Equity securities | 60 | % | 39 | % | ||||||||||||||||||||||||||||||
Debt securities | 40 | % | 59 | % | ||||||||||||||||||||||||||||||
Cash | 0 | % | 2 | % | ||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||||
The Company adopted a new investment policy in fiscal 2012 for the Birds Eye Pension Plan. The Plan’s investments in equity or debt securities is based on a glide path strategy where the investment in debt securities increases as the Plan’s funded status becomes smaller. Based on the current funded status, the policy is to invest approximately 60% of plan assets in equity securities and 40% in fixed income securities. Periodically, the plan assets are rebalanced to maintain these allocation percentages and the investment policy is reviewed. Within each investment category, assets are allocated to various investment styles. Professional managers manage all assets and a consultant is engaged to assist in evaluating these activities. The expected long-term rate of return on assets was determined by assessing the rates of return on each targeted asset class, return premiums generated by portfolio management and by comparison of rates utilized by other companies. | ||||||||||||||||||||||||||||||||||
The following table summarizes the Birds Eye Food Pension Plan’s investments measured at fair value on a recurring basis: | ||||||||||||||||||||||||||||||||||
Level 1: | Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. | |||||||||||||||||||||||||||||||||
Level 2: | Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. | |||||||||||||||||||||||||||||||||
Level 3: | Unobservable inputs that reflect the Company’s assumptions. | |||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements | |||||||||||||||||||||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||||||||||||||||||||
December 30, | ||||||||||||||||||||||||||||||||||
2012 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||
Short-term Investment Fund | $ | 525 | $ | — | $ | 525 | $ | — | ||||||||||||||||||||||||||
Equity Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Small/Mid Capitalization Fund | 10,697 | 10,697 | ||||||||||||||||||||||||||||||||
Large Capitalization Equity Fund | 40,661 | 40,661 | ||||||||||||||||||||||||||||||||
International Fund | 26,579 | 26,579 | ||||||||||||||||||||||||||||||||
Fixed Income Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Fixed Income Fund | 51,474 | — | 51,474 | — | ||||||||||||||||||||||||||||||
Total assets at fair value | $ | 129,936 | $ | — | $ | 129,936 | $ | — | ||||||||||||||||||||||||||
Fair Value | Fair Value Measurements | |||||||||||||||||||||||||||||||||
as of | Using Fair Value Hierarchy | |||||||||||||||||||||||||||||||||
December 25, | ||||||||||||||||||||||||||||||||||
2011 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||
Short-term investments: | ||||||||||||||||||||||||||||||||||
Short-term Investment Fund | $ | 2,593 | $ | 2,593 | $ | — | $ | — | ||||||||||||||||||||||||||
Equity Common/collective trusts: | ||||||||||||||||||||||||||||||||||
Extended Index Fund | 8,755 | — | 8,755 | — | ||||||||||||||||||||||||||||||
Collective S&P 500 Index Fund | 29,352 | — | 29,352 | — | ||||||||||||||||||||||||||||||
Equity Mutual Funds: | ||||||||||||||||||||||||||||||||||
Euro Pacific Growth Fund | 8,300 | 8,300 | — | — | ||||||||||||||||||||||||||||||
Fixed Income Mutual Funds: | ||||||||||||||||||||||||||||||||||
Fixed Income Fund | 69,838 | 69,838 | — | — | ||||||||||||||||||||||||||||||
Debt Securities | — | — | — | — | ||||||||||||||||||||||||||||||
Total assets at fair value | $ | 118,838 | $ | 80,731 | $ | 38,107 | $ | — | ||||||||||||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Interest Rate Swaps | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
As of September 29, 2013, the Company had the following interest rate swaps that were designated as cash flow hedges of interest rate risk: | As of December 30, 2012, the Company had the following interest rate swaps that were designated as cash flow hedges of interest rate risk: | |||||||||||||||||||||||||||||||||||||||||||||||||
Product | Number of | Current | Fixed Rate | Index | Trade | Maturity | Product | Number of | Notional | Fixed Rate Range | Index | Trade Dates | Maturity | |||||||||||||||||||||||||||||||||||||
Instruments | Notional | Range | Dates | Dates | Instruments | Amount | Dates | |||||||||||||||||||||||||||||||||||||||||||
Amount | Interest Rate Swaps | 2 | $ | 900,000 | 0.58 | % | USD-LIBOR-BBA | Aug 2011 | Apr 2014 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | 14 | $ | 1,333,000 | 0.76% – 2.97% | USD-LIBOR-BBA | Apr 2013 | Apr 2014 – Apr 2020 | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Foreign Currency Exchange Contracts | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
As of September 29, 2013, the Company had the following foreign currency exchange contracts (in aggregate) that were designated as cash flow hedges of foreign exchange risk: | As of December 30, 2012, the Company had the following foreign currency exchange contracts (in aggregate) that were designated as cash flow hedges of foreign exchange risk: | |||||||||||||||||||||||||||||||||||||||||||||||||
Product | Number of | Notional Sold in | Notional | USD to CAD | Trade Date | Maturity | Product | Number of | Notional Sold in | Notional | USD to CAD | Trade Date | Maturity | |||||||||||||||||||||||||||||||||||||
Instruments | Aggregate in | Purchased in | Exchange | Dates | Instruments | Aggregate in | Purchased in | Exchange | Dates | |||||||||||||||||||||||||||||||||||||||||
(“CAD”) | Aggregate in | Rates | (“CAD”) | Aggregate | Rates | |||||||||||||||||||||||||||||||||||||||||||||
(“USD”) | in (“USD”) | |||||||||||||||||||||||||||||||||||||||||||||||||
CAD Forward | 4 | $ | 14,600 | $ | 14,729 | 0.990 – 0.993 | Sep 2012 | Oct 2013 – Dec 2013 | CAD Forward | 12 | $ | 45,550 | $ | 46,136 | 0.982—0.993 | Sep 2012 | Feb 2013—Dec 2013 | |||||||||||||||||||||||||||||||||
Schedule of derivative instruments not designated in qualifying hedging relationships | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
As of September 29, 2013, the Company had the following derivative instruments that were not designated in qualifying hedging relationships: | As of December 30, 2012, the Company had the following derivative instruments that were not designated in qualifying hedging relationships: | |||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Number of | Notional Amount | Price/Index | Trade Dates | Maturity | Commodity Contracts | Number of | Notional Amount | Price/Index | Trade Dates | Maturity | |||||||||||||||||||||||||||||||||||||||
Instruments | Dates | Instruments | Dates | |||||||||||||||||||||||||||||||||||||||||||||||
Diesel Fuel Contracts | 2 | 2,016,158 Gallons | $ | 3.75 – $3.93 per Gallon | April 2013 | December 2013 | Diesel Fuel Contracts | 4 | 8,712,304 | $ | 3.64—$4.09 | Sep 2011— | Jan 2013— | |||||||||||||||||||||||||||||||||||||
Gallons | per Gallon | June 2012 | Jun-13 | |||||||||||||||||||||||||||||||||||||||||||||||
Corn Contracts | 2 | 765,000 | $ | 7.82—$7.85 | Sep-12 | Feb 2013— | ||||||||||||||||||||||||||||||||||||||||||||
Bushels | per Bushel | Apr-13 | ||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the fair value of derivatives financial instruments as well as their Consolidated Balance Sheets classification | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Balance Sheets as of September 29, 2013 and December 30, 2012. | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Balance Sheets as of December 30, 2012 and December 25, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments | Tabular Disclosure of Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | |||||||||||||||||||||||||||||||||||||||||||
as of | Location | as of | Location | as of | Location | as of | ||||||||||||||||||||||||||||||||||||||||||||
September 29, | September 29, | December 30, | December 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2013 | 2012 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Derivatives designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | Other assets, net | $ | 25,065 | Accrued liabilities | $ | 62 | Interest Rate Contracts | $ | — | Other long-term liabilities | $ | 3,807 | ||||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | Other current assets | 573 | Foreign Exchange Contracts | Other current assets | 605 | — | ||||||||||||||||||||||||||||||||||||||||||||
Other assets, net | 33 | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 25,638 | $ | 62 | ||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 638 | $ | 3,807 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | Accrued liabilities | $ | 1,280 | Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Other current assets | 133 | Commodity Contracts | Other current assets | 525 | Accrued liabilities | 682 | |||||||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 133 | $ | 1,280 | Total derivatives not designated as hedging instruments | $ | 525 | $ | 682 | |||||||||||||||||||||||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value | Balance Sheet | Fair Value as of | |||||||||||||||||||||||||||||||||||||||||||
as of | Location | as of | Location | as of | Location | December 25, 2011 | ||||||||||||||||||||||||||||||||||||||||||||
December 30, | December 30, | December 25, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2012 | Derivatives designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments | Interest Rate Contracts | Other assets, net | $ | 1,335 | Accrued liabilities | $ | 7,836 | |||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | Other long-term liabilities | $ | 3,807 | Foreign Exchange Contracts | Other current assets | 931 | — | |||||||||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | Other current assets | $ | 605 | |||||||||||||||||||||||||||||||||||||||||||||||
Other assets, net | 33 | Total derivatives designated as hedging instruments | $ | 2,266 | $ | 7,836 | ||||||||||||||||||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 638 | $ | 3,807 | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Other current assets | $ | 142 | Accrued liabilities | $ | 1,615 | ||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Other current assets | $ | 525 | Accrued liabilities | $ | 682 | Total derivatives not designated as hedging instruments | $ | 142 | $ | 1,615 | |||||||||||||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 525 | $ | 682 | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of derivative financial instruments on the Consolidated Statements of Operations and Accumulated other comprehensive (loss) earnings | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The table below presents the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and Accumulated other comprehensive loss (“AOCL”) for the three and nine months ended September 29, 2013 and September 23, 2012. | The table below presents the effect of the Company’s derivative financial instruments in the Consolidated Statements of Operations and Accumulated other comprehensive loss (“AOCL”) for the fiscal years ended December 30, 2012 and December 25, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments | Tabular Disclosure of the Effect of Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||
Gain/(Loss) | Gain/(Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow | Recognized in | Effective portion | Reclassified | Ineffective portion | Recognized in | Derivatives in Cash Flow Hedging | Recognized in | Effective portion | Reclassified | Ineffective portion | Recognized in | |||||||||||||||||||||||||||||||||||||||
Hedging Relationships | AOCL on | reclassified from | from AOCL | recognized in Earnings in: | Earnings on | Relationships | AOCL on | reclassified from AOCL to: | from AOCL | recognized in Earnings in: | Earnings on | |||||||||||||||||||||||||||||||||||||||
Derivative | AOCL to: | into Earnings | Derivative | Derivative | into Earnings | Derivative | ||||||||||||||||||||||||||||||||||||||||||||
(Effective | (Effective | (Ineffective | (Effective | (Effective | (Ineffective | |||||||||||||||||||||||||||||||||||||||||||||
Portion) | Portion) | Portion) | Portion) | Portion) | Portion) | |||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | (4,158 | ) | Interest expense | $ | (15 | )(a) | Interest expense | $ | (18 | ) | Interest Rate Contracts | $ | (7,028 | ) | Interest expense | $ | (10,290 | ) | Interest expense | $ | (241 | ) | |||||||||||||||||||||||||||
Foreign Exchange Contracts | (551 | ) | Cost of products sold | 454 | Cost of products sold | (15 | ) | Foreign Exchange Contracts | (289 | ) | Cost of products sold | (4 | ) | Cost of products sold | (8 | ) | ||||||||||||||||||||||||||||||||||
Three months ended September 29, 2013 | $ | (4,709 | ) | $ | 439 | $ | (33 | ) | Fiscal year ended December 30, 2012 | $ | (7,317 | ) | $ | (10,294 | ) | $ | (249 | ) | ||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | 24,548 | Interest expense | $ | (3,961 | )(a) | Interest expense | $ | 8 | Interest Rate Contracts | $ | (3,364 | ) | Interest expense | $ | (25,465 | ) | Interest expense | $ | (9 | ) | |||||||||||||||||||||||||||||
Foreign Exchange Contracts | 1,079 | Cost of products sold | 1,136 | Cost of products sold | (8 | ) | Foreign Exchange Contracts | (24 | ) | Cost of products sold | (1,781 | ) | Cost of products sold | 274 | ||||||||||||||||||||||||||||||||||||
Nine months ended September 29, 2013 | $ | 25,627 | $ | (2,825 | ) | $ | — | Fiscal year ended December 25, 2011 | $ | (3,388 | ) | $ | (27,246 | ) | $ | 265 | ||||||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | (1,445 | ) | Interest expense | $ | (1,067 | ) | Interest expense | $ | (207 | ) | Interest Rate Contracts | $ | (22,773 | ) | Interest expense | $ | (20,409 | ) | Interest expense | $ | (568 | ) | |||||||||||||||||||||||||||
Foreign Exchange Contracts | (1,177 | ) | Cost of products sold | (107 | ) | Cost of products sold | 19 | Foreign Exchange Contracts | (1,792 | ) | Cost of products sold | (3,214 | ) | Cost of products sold | (238 | ) | ||||||||||||||||||||||||||||||||||
Three months ended September 23, 2012 | $ | (2,622 | ) | $ | (1,174 | ) | $ | (188 | ) | Fiscal year ended December 26, 2010 | $ | (24,565 | ) | $ | (23,623 | ) | $ | (806 | ) | |||||||||||||||||||||||||||||||
Interest Rate Contracts | $ | (6,822 | ) | Interest expense | $ | (9,394 | ) | Interest expense | $ | (208 | ) | |||||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | (1,346 | ) | Cost of products sold | 95 | Cost of products sold | (8 | ) | Derivatives Not Designated as | Recognized in Earnings in: | Recognized in | ||||||||||||||||||||||||||||||||||||||||
Hedging Instruments | Earnings | |||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 23, 2012 | $ | (8,168 | ) | $ | (9,299 | ) | $ | (216 | ) | on Derivative | ||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | (97 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Fiscal year ended December 30, 2012 | $ | (97 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging | Recognized in Earnings | Recognized in | ||||||||||||||||||||||||||||||||||||||||||||||||
Instruments | in: | Earnings on | Commodity Contracts | Cost of products sold | $ | (1,337 | ) | |||||||||||||||||||||||||||||||||||||||||||
Derivative | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 304 | Fiscal year ended December 25, 2011 | $ | (1,337 | ) | |||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | Interest expense | (209 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | (1,215 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 29, 2013 | $ | 95 | ||||||||||||||||||||||||||||||||||||||||||||||||
Fiscal year ended December 26, 2010 | $ | (1,215 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 208 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Contracts | Interest expense | (44 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 29, 2013 | $ | 164 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 2,785 | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 23, 2012 | $ | 2,785 | ||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 419 | |||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 23, 2012 | $ | 419 | ||||||||||||||||||||||||||||||||||||||||||||||||
(a) | Includes $2.8 million of accelerated reclassifications out of AOCL. | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of aggregate fair values of derivatives that contain credit risk-related contingent features | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
The table below summarizes the aggregate fair values of those derivatives that contain credit risk-related contingent features as of September 29, 2013 and December 30, 2012. | The table below summarizes the aggregate fair values of those derivatives that contain credit risk-related contingent features as of December 30, 2012 and December 25, 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||
September 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset/(Liability) | Asset/(Liability) | |||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Contract Type | Termination | Performance | Accrued | Fair Value | Counterparty | Contract | Termination | Performance | Accrued | Fair Value | |||||||||||||||||||||||||||||||||||||||
Value | Risk | Interest | (excluding | Type | Value | Risk | Interest | (excluding | ||||||||||||||||||||||||||||||||||||||||||
Adjustment | interest) | Adjustment | interest) | |||||||||||||||||||||||||||||||||||||||||||||||
Barclays | Interest Rate Contracts | $ | 10,054 | $ | 232 | $ | (146 | ) | $ | 10,432 | Barclays | Interest Rate Contracts | $ | (2,063 | ) | $ | 31 | $ | (128 | ) | $ | (1,904 | ) | |||||||||||||||||||||||||||
Commodity Contracts | 133 | — | — | 133 | Foreign Exchange Contracts | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Bank of America | Interest Rate Contracts | 9,916 | 99 | — | 10,015 | Commodity Contracts | (158 | ) | — | — | (158 | ) | ||||||||||||||||||||||||||||||||||||||
Credit Suisse | Interest Rate Contracts | 3,105 | 101 | (71 | ) | 3,277 | Credit Suisse | Interest Rate Contracts | (2,063 | ) | 32 | (128 | ) | (1,903 | ) | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | 574 | — | — | 574 | Foreign Exchange Contracts | 636 | 3 | — | 639 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 23,782 | $ | 432 | $ | (217 | ) | $ | 24,431 | Total | $ | (3,648 | ) | $ | 66 | $ | (256 | ) | $ | (3,326 | ) | |||||||||||||||||||||||||||||
December 30, 2012 | December 25, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Asset/(Liability) | Asset/(Liability) | |||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty | Contract Type | Termination | Performance | Accrued | Fair Value | Counterparty | Contract | Termination | Performance | Accrued | Fair Value | |||||||||||||||||||||||||||||||||||||||
Value | Risk | Interest | (excluding | Type | Value | Risk | Interest | (excluding | ||||||||||||||||||||||||||||||||||||||||||
Adjustment | interest) | Adjustment | interest) | |||||||||||||||||||||||||||||||||||||||||||||||
Barclays | Interest Rate Contracts | $ | (2,063 | ) | $ | 31 | $ | (128 | ) | $ | (1,904 | ) | Barclays | Interest Rate Contracts | $ | (7,766 | ) | $ | 65 | $ | (1,600 | ) | $ | (6,101 | ) | |||||||||||||||||||||||||
Commodity Contracts | (158 | ) | — | — | (158 | ) | Foreign Exchange Contracts | 754 | 1 | — | 755 | |||||||||||||||||||||||||||||||||||||||
Credit Suisse | Interest Rate Contracts | (2,063 | ) | 32 | (128 | ) | (1,903 | ) | Commodity Contracts | (1,473 | ) | — | — | (1,473 | ) | |||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | 636 | 3 | — | 639 | Credit Suisse | Interest Rate Contracts | (784 | ) | 38 | (346 | ) | (400 | ) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange Contracts | 176 | — | — | 176 | ||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (3,648 | ) | $ | 66 | $ | (256 | ) | $ | (3,326 | ) | |||||||||||||||||||||||||||||||||||||||
Total | $ | (9,093 | ) | $ | 104 | $ | (1,946 | ) | $ | (7,043 | ) | |||||||||||||||||||||||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 30, 2012 | |||||||||||||||||||||||||
Schedule of Operating Leases, Capital Leases and Purchase Commitments | ' | ||||||||||||||||||||||||
As of December 30, 2012, the Company had entered into non-cancellable lease and purchase contracts, with terms in excess of one year, requiring the following minimum payments: | |||||||||||||||||||||||||
Description | 2013 | 2014 | 2015 | 2016 | 2017 | Thereafter | |||||||||||||||||||
Operating leases | $ | 13,035 | $ | 10,599 | $ | 8,113 | $ | 7,009 | $ | 6,874 | $ | 27,754 | |||||||||||||
Capital leases | 4,666 | 4,230 | 3,724 | 3,063 | 1,206 | 11,026 | |||||||||||||||||||
Purchase Commitments (1) | 592,084 | 59,095 | 17,092 | 6,010 | 5,750 | 55,450 | |||||||||||||||||||
-1 | The amounts indicated in this line primarily reflect future contractual payments, including certain take-or-pay arrangements entered into as part of the normal course of business. The amounts do not include obligations related to other contractual purchase obligations that are not take-or-pay arrangements. Such contractual purchase obligations are primarily purchase orders at fair value that are part of normal operations and are reflected in historical operating cash flow trends. Purchase obligations also include trade and consumer promotion and advertising commitments. |
Segments_Tables
Segments (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ' | ||||||||||||||||||||||||||||
SEGMENT INFORMATION | Three months ended | Nine months ended | Fiscal year | |||||||||||||||||||||||||||
September 29, | September 23, | September 29, | September 23, | SEGMENT INFORMATION | December 30, | December 25, | December 26, | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||
Net sales | 53 weeks | 52 weeks | 52 weeks | |||||||||||||||||||||||||||
Birds Eye Frozen | $ | 257,973 | $ | 255,950 | $ | 794,464 | $ | 787,603 | Net sales | |||||||||||||||||||||
Duncan Hines Grocery | 224,214 | 215,637 | 690,243 | 687,225 | Birds Eye Frozen | $ | 1,103,093 | $ | 1,100,751 | $ | 1,065,860 | |||||||||||||||||||
Specialty Foods | 90,268 | 96,318 | 269,773 | 298,597 | Duncan Hines Grocery | 978,615 | 966,068 | 958,045 | ||||||||||||||||||||||
Specialty Foods | 396,777 | 402,743 | 412,798 | |||||||||||||||||||||||||||
Total | $ | 572,455 | $ | 567,905 | $ | 1,754,480 | $ | 1,773,425 | ||||||||||||||||||||||
Total | $ | 2,478,485 | $ | 2,469,562 | $ | 2,436,703 | ||||||||||||||||||||||||
Earnings before interest and taxes | ||||||||||||||||||||||||||||||
Birds Eye Frozen | $ | 45,009 | $ | 42,356 | $ | 130,462 | $ | 109,509 | Earnings (loss) before interest and taxes | |||||||||||||||||||||
Duncan Hines Grocery | 38,265 | 26,347 | 97,399 | 77,136 | Birds Eye Frozen | $ | 178,184 | $ | 97,155 | $ | 114,459 | |||||||||||||||||||
Specialty Foods | 8,026 | 539 | 21,087 | 12,680 | Duncan Hines Grocery | 120,746 | 157,316 | 158,819 | ||||||||||||||||||||||
Unallocated corporate expenses | (6,382 | ) | (9,347 | ) | (72,388 | ) | (32,271 | ) | Specialty Foods | 23,503 | (40,317 | ) | 27,098 | |||||||||||||||||
Unallocated corporate expenses | (38,839 | ) | (30,888 | ) | (35,224 | ) | ||||||||||||||||||||||||
Total | $ | 84,918 | $ | 59,895 | $ | 176,560 | $ | 167,054 | ||||||||||||||||||||||
Total | $ | 283,594 | $ | 183,266 | $ | 265,152 | ||||||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||||||||||||
Birds Eye Frozen | $ | 9,917 | $ | 9,114 | $ | 28,544 | $ | 28,437 | Depreciation and amortization | |||||||||||||||||||||
Duncan Hines Grocery | 4,815 | 12,125 | 16,131 | 26,683 | Birds Eye Frozen | $ | 38,667 | $ | 42,130 | $ | 34,149 | |||||||||||||||||||
Specialty Foods | 4,926 | 5,248 | 13,008 | 13,422 | Duncan Hines Grocery | 41,400 | 29,268 | 24,177 | ||||||||||||||||||||||
Specialty Foods | 18,056 | 17,078 | 19,723 | |||||||||||||||||||||||||||
Total | $ | 19,658 | $ | 26,487 | $ | 57,683 | $ | 68,542 | ||||||||||||||||||||||
Total | $ | 98,123 | $ | 88,476 | $ | 78,049 | ||||||||||||||||||||||||
Capital expenditures* | ||||||||||||||||||||||||||||||
Birds Eye Frozen | $ | 4,853 | $ | 8,301 | $ | 29,866 | $ | 29,690 | Capital expenditures* | |||||||||||||||||||||
Duncan Hines Grocery | 4,968 | 4,339 | 24,136 | 14,502 | Birds Eye Frozen | $ | 41,885 | $ | 80,884 | $ | 48,291 | |||||||||||||||||||
Specialty Foods | 2,554 | 2,458 | 8,663 | 7,153 | Duncan Hines Grocery | 25,729 | 31,171 | 35,315 | ||||||||||||||||||||||
Specialty Foods | 12,213 | 16,491 | 11,253 | |||||||||||||||||||||||||||
Total | $ | 12,375 | $ | 15,098 | $ | 62,665 | $ | 51,345 | ||||||||||||||||||||||
Total | $ | 79,827 | $ | 128,546 | $ | 94,859 | ||||||||||||||||||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||||||||||||||||
Net sales | GEOGRAPHIC INFORMATION | |||||||||||||||||||||||||||||
United States | $ | 568,340 | $ | 564,304 | $ | 1,737,413 | $ | 1,759,479 | Net sales | |||||||||||||||||||||
Canada | 19,569 | 19,771 | 62,117 | 59,151 | United States | $ | 2,454,737 | $ | 2,442,540 | $ | 2,409,548 | |||||||||||||||||||
Intercompany | (15,454 | ) | (16,170 | ) | (45,050 | ) | (45,205 | ) | Canada | 84,708 | 84,832 | 82,870 | ||||||||||||||||||
Intercompany | (60,960 | ) | (57,810 | ) | (55,715 | ) | ||||||||||||||||||||||||
Total | $ | 572,455 | $ | 567,905 | $ | 1,754,480 | $ | 1,773,425 | ||||||||||||||||||||||
Total | $ | 2,478,485 | $ | 2,469,562 | $ | 2,436,703 | ||||||||||||||||||||||||
* | Includes new capital leases. | |||||||||||||||||||||||||||||
* | Includes new capital leases. | |||||||||||||||||||||||||||||
SEGMENT INFORMATION | September 29, | December 30, | ||||||||||||||||||||||||||||
2013 | 2012 | SEGMENT INFORMATION | December 30, | December 25, | ||||||||||||||||||||||||||
Total assets | 2012 | 2011 | ||||||||||||||||||||||||||||
Birds Eye Frozen | $ | 2,037,405 | $ | 1,978,668 | Total assets | |||||||||||||||||||||||||
Duncan Hines Grocery | 1,996,435 | 1,965,002 | Birds Eye Frozen | $ | 1,978,668 | $ | 2,028,104 | |||||||||||||||||||||||
Specialty Foods | 364,426 | 356,722 | Duncan Hines Grocery | 1,965,002 | 1,978,813 | |||||||||||||||||||||||||
Corporate | 123,089 | 99,596 | Specialty Foods | 356,722 | 372,786 | |||||||||||||||||||||||||
Corporate | 99,596 | 71,918 | ||||||||||||||||||||||||||||
Total | $ | 4,521,355 | $ | 4,399,988 | ||||||||||||||||||||||||||
Total | $ | 4,399,988 | $ | 4,451,621 | ||||||||||||||||||||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||||||||||||||||
Long-lived assets | GEOGRAPHIC INFORMATION | |||||||||||||||||||||||||||||
United States | $ | 513,648 | $ | 493,640 | Long-lived assets | |||||||||||||||||||||||||
Canada | 23 | 26 | United States | $ | 493,640 | $ | 501,245 | |||||||||||||||||||||||
Canada | 26 | 38 | ||||||||||||||||||||||||||||
Total | $ | 512,351 | $ | 493,666 | ||||||||||||||||||||||||||
Total | $ | 493,666 | $ | 501,283 | ||||||||||||||||||||||||||
Provision_for_Income_Taxes_Tab
Provision for Income Taxes (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||
Schedule of the provision for income taxes | ' | ' | ||||||||||||||||||||||||||||||||||||
The provision for income taxes and related effective tax rates for the three and nine months ended September 29, 2013 and September 23, 2012, respectively, were as follows: | The components of the provision (benefit) for income taxes are as follows: | |||||||||||||||||||||||||||||||||||||
Three months ended | Nine months ended | Provision (benefit) for income taxes | Fiscal year ended | |||||||||||||||||||||||||||||||||||
Provision for Income Taxes | September 29, | September 23, | September 29, | September 23, | December 30, 2012 | December 25, 2011 | December 26, 2010 | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | Current | ||||||||||||||||||||||||||||||||||
Current | $ | 388 | $ | 906 | $ | 1,882 | $ | 1,064 | Federal | $ | (635 | ) | $ | (1,186 | ) | $ | 215 | |||||||||||||||||||||
Deferred | 24,273 | 4,653 | 33,226 | 2,637 | State | 1,940 | 2,339 | 2,065 | ||||||||||||||||||||||||||||||
Non-U.S. | 467 | 426 | 737 | |||||||||||||||||||||||||||||||||||
Total | $ | 24,661 | $ | 5,559 | $ | 35,108 | $ | 3,701 | ||||||||||||||||||||||||||||||
1,772 | 1,579 | 3,017 | ||||||||||||||||||||||||||||||||||||
Effective tax rate | 37.7 | % | 36 | % | 51.1 | % | 29.5 | % | ||||||||||||||||||||||||||||||
Deferred | ||||||||||||||||||||||||||||||||||||||
Federal | 28,433 | 23,911 | 9,318 | |||||||||||||||||||||||||||||||||||
State | 2,520 | (3,377 | ) | (4,936 | ) | |||||||||||||||||||||||||||||||||
Non-U.S. | (24 | ) | (10 | ) | — | |||||||||||||||||||||||||||||||||
30,929 | 20,524 | 4,382 | ||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | $ | 32,701 | $ | 22,103 | $ | 7,399 | ||||||||||||||||||||||||||||||||
Earnings (loss) before income taxes | ||||||||||||||||||||||||||||||||||||||
United States | 83,677 | $ | (26,558 | ) | $ | 27,253 | ||||||||||||||||||||||||||||||||
Non-U.S. | 1,543 | 1,747 | 2,183 | |||||||||||||||||||||||||||||||||||
Total | $ | 85,220 | $ | (24,811 | ) | $ | 29,436 | |||||||||||||||||||||||||||||||
The effective tax rate differs from the federal statutory income tax rate as explained below: | ||||||||||||||||||||||||||||||||||||||
Effective Income Tax Rate | Fiscal year ended | |||||||||||||||||||||||||||||||||||||
December 30, 2012 | December 25, 2011 | December 26, 2010 | ||||||||||||||||||||||||||||||||||||
Federal statutory income tax rate | 35 | % | 35 | % | 35 | % | ||||||||||||||||||||||||||||||||
State income taxes (net of federal benefit) | 3.4 | % | 8.4 | % | (3.7 | )% | ||||||||||||||||||||||||||||||||
Tax effect resulting from international activities | 0.4 | % | (0.5 | )% | 1.8 | % | ||||||||||||||||||||||||||||||||
Change in deferred tax valuation allowance | — | % | (8.0 | )% | — | % | ||||||||||||||||||||||||||||||||
Non-deductible expenses | 0.8 | % | (1.5 | )% | 6.8 | % | ||||||||||||||||||||||||||||||||
Goodwill and other long-lived intangibles impairment | — | (141.4 | )% | — | ||||||||||||||||||||||||||||||||||
Tax credits | 0.2 | % | 1.2 | % | (2.0 | )% | ||||||||||||||||||||||||||||||||
Uncertain tax positions | (1.5 | )% | 15.9 | % | 2.6 | % | ||||||||||||||||||||||||||||||||
Out of period adjustment | — | — | % | (14.4 | )% | |||||||||||||||||||||||||||||||||
Other | 0.1 | % | 1.8 | % | (1.0 | )% | ||||||||||||||||||||||||||||||||
Effective income tax rate | 38.4 | % | (89.1 | )% | 25.1 | % | ||||||||||||||||||||||||||||||||
Schedule of deferred tax assets and liabilities | ' | ' | ||||||||||||||||||||||||||||||||||||
Deferred Tax Assets and Liabilities | ||||||||||||||||||||||||||||||||||||||
December 30, | December 25, | |||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||
Accrued liabilities | $ | 18,298 | $ | 11,468 | ||||||||||||||||||||||||||||||||||
Inventories | 12,173 | 15,447 | ||||||||||||||||||||||||||||||||||||
Benefits and compensation | 18,645 | 19,135 | ||||||||||||||||||||||||||||||||||||
Hedges | 1,362 | 3,933 | ||||||||||||||||||||||||||||||||||||
Assets held for sale | 3,738 | — | ||||||||||||||||||||||||||||||||||||
Net operating loss carryforwards | 326,667 | 338,718 | ||||||||||||||||||||||||||||||||||||
Federal & state tax credits | 10,529 | 12,101 | ||||||||||||||||||||||||||||||||||||
Postretirement benefits | 37,881 | 33,160 | ||||||||||||||||||||||||||||||||||||
Alternative minimum tax | 1,901 | 1,901 | ||||||||||||||||||||||||||||||||||||
Other | 2,815 | 1,398 | ||||||||||||||||||||||||||||||||||||
Subtotal | 434,009 | 437,261 | ||||||||||||||||||||||||||||||||||||
Valuation allowance | (13,354 | ) | (14,202 | ) | ||||||||||||||||||||||||||||||||||
Total net deferred tax assets | 420,655 | 423,059 | ||||||||||||||||||||||||||||||||||||
Other intangible assets | (697,043 | ) | (677,393 | ) | ||||||||||||||||||||||||||||||||||
Partnership interest | (8,902 | ) | (8,885 | ) | ||||||||||||||||||||||||||||||||||
Plant assets | (82,992 | ) | (80,767 | ) | ||||||||||||||||||||||||||||||||||
Unremitted earnings | (2,560 | ) | (2,240 | ) | ||||||||||||||||||||||||||||||||||
Other | (1,488 | ) | (631 | ) | ||||||||||||||||||||||||||||||||||
Total deferred tax liabilities | (792,985 | ) | (769,916 | ) | ||||||||||||||||||||||||||||||||||
Net deferred tax asset (liability) | $ | (372,330 | ) | $ | (346,857 | ) | ||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||
Current net deferred tax assets | 99,199 | $ | 71,109 | |||||||||||||||||||||||||||||||||||
Long-term net deferred tax liability | (471,529 | ) | (417,966 | ) | ||||||||||||||||||||||||||||||||||
Net deferred tax liability | $ | (372,330 | ) | $ | (346,857 | ) | ||||||||||||||||||||||||||||||||
Summary of Valuation Allowance | ' | ' | ||||||||||||||||||||||||||||||||||||
Following are the changes in the deferred tax valuation allowance: | ||||||||||||||||||||||||||||||||||||||
Beginning | Additions | Acquisitions | Deductions | Ending | ||||||||||||||||||||||||||||||||||
Balance | Balance | |||||||||||||||||||||||||||||||||||||
Fiscal year ended December 30, 2012 | $ | 14,202 | $ | 474 | $ | — | $ | (1,322 | ) | $ | 13,354 | |||||||||||||||||||||||||||
Fiscal year ended December 25, 2011 | 8,284 | 6,187 | — | (269 | ) | 14,202 | ||||||||||||||||||||||||||||||||
Fiscal year ended December 26, 2010 | 14,792 | — | (5,721 | ) | (787 | ) | 8,284 | |||||||||||||||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | ' | ' | ||||||||||||||||||||||||||||||||||||
A reconciliation of the beginning and ending amount of gross unrecognized tax positions is as follows: | ||||||||||||||||||||||||||||||||||||||
Fiscal year ended | ||||||||||||||||||||||||||||||||||||||
December 30, | December 25, | December 26, | ||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||
Gross unrecognized tax positions at beginning of year | $ | 9,764 | $ | 13,515 | $ | 3,410 | ||||||||||||||||||||||||||||||||
Increase for tax positions related to prior periods | 199 | 646 | 9,722 | |||||||||||||||||||||||||||||||||||
Decrease for tax positions related to prior periods | (509 | ) | (4,133 | ) | — | |||||||||||||||||||||||||||||||||
Increase for tax positions related to the current period | 679 | 558 | 630 | |||||||||||||||||||||||||||||||||||
Decrease related to settlement with tax authorities | (1,580 | ) | (822 | ) | (163 | ) | ||||||||||||||||||||||||||||||||
Reductions due to lapse of applicable statutes of limitations | (46 | ) | — | (84 | ) | |||||||||||||||||||||||||||||||||
Gross unrecognized tax positions at end of year | $ | 8,507 | $ | 9,764 | $ | 13,515 | ||||||||||||||||||||||||||||||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 30, 2012 | |||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||
Summarized quarterly financial data is presented below | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 2012 | June | September | December | Fiscal | |||||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||||||
Net sales | $ | 616,925 | $ | 588,595 | $ | 567,905 | $ | 705,060 | $ | 2,478,485 | |||||||||||
Cost of products sold | 481,248 | 456,439 | 438,564 | 517,685 | 1,893,936 | ||||||||||||||||
Gross profit | 135,677 | 132,156 | 129,341 | 187,375 | 584,549 | ||||||||||||||||
Net earnings (loss) | 9,539 | (10,560 | ) | 9,878 | 43,662 | 52,519 | |||||||||||||||
Net earnings per share | |||||||||||||||||||||
Basic | $ | 0.12 | (0.13 | ) | 0.12 | 0.54 | 0.65 | ||||||||||||||
Weighted average shares outstanding—basic | 81,267 | 82,235 | 81,218 | 80,202 | 81,231 | ||||||||||||||||
Diluted | $ | 0.11 | (0.13 | ) | 0.11 | 0.51 | 0.61 | ||||||||||||||
Weighted average shares outstanding—diluted | 86,492 | 87,559 | 86,445 | 85,482 | 86,495 | ||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 2011 | June | September | December | Fiscal | |||||||||||||||||
2011 | 2011 | 2011 | 2011 | ||||||||||||||||||
Net sales | $ | 606,311 | $ | 602,023 | $ | 574,746 | $ | 686,482 | $ | 2,469,562 | |||||||||||
Cost of products sold | 452,916 | 460,346 | 440,496 | 500,938 | 1,854,696 | ||||||||||||||||
Gross profit | 153,395 | 141,677 | 134,250 | 185,544 | 614,866 | ||||||||||||||||
Net earnings (loss) | 20,252 | 7,581 | 12,777 | (87,524 | ) | (46,914 | ) | ||||||||||||||
Net earnings per share | |||||||||||||||||||||
Basic | $ | 0.25 | 0.09 | 0.16 | (1.08 | ) | (0.58 | ) | |||||||||||||
Weighted average shares outstanding—basic | 81,357 | 81,338 | 81,296 | 81,273 | 81,316 | ||||||||||||||||
Diluted | 0.23 | 0.09 | 0.15 | (1.08 | ) | (0.58 | ) | ||||||||||||||
Weighted average shares outstanding—diluted | 86,621 | 86,582 | 86,489 | 81,273 | 81,316 | ||||||||||||||||
Net earnings during fiscal 2012 and fiscal 2011 were affected by the following charges (credits): | |||||||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 2012 | June | September | December | Fiscal | |||||||||||||||||
2012 | 2012 | 2012 | 2012 | ||||||||||||||||||
Cost of products sold | |||||||||||||||||||||
Restructuring charges (see note 8) | $ | 2,152 | $ | 3,537 | $ | 14,078 | $ | 9,432 | $ | 29,199 | |||||||||||
Restructuring related expenses (a) | 1,327 | 1,513 | 2,082 | 3,074 | 7,996 | ||||||||||||||||
Aunt Jemima product recall (b) | 3,722 | (500 | ) | — | (1,150 | ) | 2,072 | ||||||||||||||
Research and development expenses | |||||||||||||||||||||
Restructuring charges (see note 8) | — | 914 | 465 | 1,417 | 2,796 | ||||||||||||||||
Other expense (income), net | |||||||||||||||||||||
Tradename Impairment charges (c) | — | — | — | 520 | 520 | ||||||||||||||||
Redemption premium on the early extinguishment of debt (see Note 5) | — | 10,785 | 3,470 | — | 14,255 | ||||||||||||||||
Quarter Ended | |||||||||||||||||||||
March 2011 | June | September | December | Fiscal | |||||||||||||||||
2011 | 2011 | 2011 | 2011 | ||||||||||||||||||
Cost of products sold | |||||||||||||||||||||
Restructuring charges (see note 8) | $ | 2,865 | $ | 7,567 | $ | 3,280 | $ | 3,884 | $ | 17,596 | |||||||||||
Aunt Jemima product recall (b) | — | — | — | 1,145 | 1,145 | ||||||||||||||||
Goodwill impairment charge | |||||||||||||||||||||
Impairment charges (c) | — | — | — | 122,900 | 122,900 | ||||||||||||||||
Other expense (income), net | |||||||||||||||||||||
Tradename Impairment charges (d) | — | — | — | 25,300 | 25,300 | ||||||||||||||||
Lehman Brothers Specialty Financing settlement (see Note 5) | — | 8,500 | — | — | 8,500 | ||||||||||||||||
Interest expense | |||||||||||||||||||||
Amortization of deferred mark-to-market on terminated swap (see Note 11) | 705 | 507 | 473 | 434 | 2,119 | ||||||||||||||||
(a) | Restructuring related expenses include plant enhancement expenses, removal and transfer of equipment and consulting and engineering costs for restructuring projects. | ||||||||||||||||||||
(b) | On January 27, 2012 we issued a voluntary recall for certain Aunt Jemima frozen pancakes due to potential cross contamination with soy protein which may cause allergic reaction for people who have a soy allergy (See Note 12 for additional information). | ||||||||||||||||||||
(c) | Goodwill impairment charges consist of the following: | ||||||||||||||||||||
• | Fourth quarter 2011—Goodwill Impairment charges of $51,700, $49,700 and $21,500 on the Frozen Breakfast, Private Label and Foodservice reporting units, respectively. | ||||||||||||||||||||
(d) | Tradename impairment charges consist of the following: | ||||||||||||||||||||
• | Fourth quarter 2012—$520 on Bernstein’s. | ||||||||||||||||||||
• | Fourth quarter 2011—$23,700, $1,200 and $400 on the Aunt Jemima breakfast, Lender’s and Bernstein’s tradenames, respectively. |
Guarantor_and_Nonguarantor_Sta1
Guarantor and Nonguarantor Statements (Tables) | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Guarantor And Nonguarantor Statements, Balance Sheets | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | Pinnacle Foods Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||
September 29, 2013 | December 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Foods Inc. | Foods | Subsidiaries | Subsidiaries | and | Total | Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||||||||||||||||||||||
Finance LLC | Reclassifications | Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 100,424 | $ | 9,979 | $ | — | $ | 110,403 | Cash and cash equivalents | $ | — | $ | — | $ | 83,123 | $ | 9,158 | $ | — | $ | 92,281 | |||||||||||||||||||||||||
Accounts receivable, net | — | — | 159,031 | 9,885 | — | 168,916 | Accounts receivable, net | — | — | 135,791 | 8,093 | — | 143,884 | |||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable | 21,337 | — | 242,928 | — | (264,265 | ) | — | Intercompany accounts receivable | — | — | 73,769 | — | (73,769 | ) | — | |||||||||||||||||||||||||||||||||||
Inventories, net | — | — | 386,774 | 7,554 | — | 394,328 | Inventories, net | — | — | 350,922 | 7,129 | — | 358,051 | |||||||||||||||||||||||||||||||||||||
Other current assets | — | 707 | 6,495 | 64 | — | 7,266 | Other current assets | — | 1,130 | 10,546 | 186 | — | 11,862 | |||||||||||||||||||||||||||||||||||||
Deferred tax assets | — | 585 | 120,384 | 212 | — | 121,181 | Deferred tax assets | — | — | 100,245 | 74 | (1,120 | ) | 99,199 | ||||||||||||||||||||||||||||||||||||
Total current assets | 21,337 | 1,292 | 1,016,036 | 27,694 | (264,265 | ) | 802,094 | Total current assets | — | 1,130 | 754,396 | 24,640 | (74,889 | ) | 705,277 | |||||||||||||||||||||||||||||||||||
Plant assets, net | — | — | 512,328 | 23 | — | 512,351 | Plant assets, net | — | — | 493,640 | 26 | — | 493,666 | |||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 1,536,903 | 1,949,305 | 12,533 | — | (3,498,741 | ) | — | Investment in subsidiaries | 888,726 | 1,840,632 | 11,222 | — | (2,740,580 | ) | — | |||||||||||||||||||||||||||||||||||
Intercompany note receivable | — | 1,520,991 | 7,270 | 9,800 | (1,538,061 | ) | — | Intercompany note receivable | — | 1,469,135 | 7,270 | 9,800 | (1,486,205 | ) | — | |||||||||||||||||||||||||||||||||||
Tradenames | — | — | 1,603,992 | — | — | 1,603,992 | Tradenames | — | — | 1,603,992 | — | — | 1,603,992 | |||||||||||||||||||||||||||||||||||||
Other assets, net | — | 40,420 | 120,865 | 138 | — | 161,423 | Other assets, net | — | 23,691 | 131,707 | 160 | — | 155,558 | |||||||||||||||||||||||||||||||||||||
Deferred tax assets | — | 281,141 | — | — | (281,141 | ) | — | Deferred tax assets | — | 239,347 | — | — | (239,347 | ) | — | |||||||||||||||||||||||||||||||||||
Goodwill | — | — | 1,441,495 | — | — | 1,441,495 | Goodwill | — | — | 1,441,495 | — | — | 1,441,495 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 1,558,240 | $ | 3,793,149 | $ | 4,714,519 | $ | 37,655 | $ | (5,582,208 | ) | $ | 4,521,355 | Total assets | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | |||||||||||||||||||||||
Current liabilities: | Current liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 1,065 | $ | — | $ | — | $ | 1,065 | Short-term borrowings | $ | — | $ | — | $ | 2,139 | $ | — | $ | — | $ | 2,139 | |||||||||||||||||||||||||
Current portion of long-term obligations | — | 16,300 | 3,136 | — | — | 19,436 | Current portion of long-term obligations | — | 27,411 | 3,008 | — | — | 30,419 | |||||||||||||||||||||||||||||||||||||
Accounts payable | (17 | ) | 83 | 178,369 | 1,620 | — | 180,055 | Accounts payable | — | 37 | 136,220 | 1,069 | — | 137,326 | ||||||||||||||||||||||||||||||||||||
Intercompany accounts payable | — | 256,640 | — | 7,625 | (264,265 | ) | — | Intercompany accounts payable | — | 65,888 | — | 7,881 | (73,769 | ) | — | |||||||||||||||||||||||||||||||||||
Accrued trade marketing expense | — | — | 34,612 | 4,308 | — | 38,920 | Accrued trade marketing expense | — | — | 41,396 | 3,175 | — | 44,571 | |||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 18,802 | 87,176 | 697 | — | 106,675 | Accrued liabilities | — | 29,662 | 90,000 | 727 | (1,120 | ) | 119,269 | ||||||||||||||||||||||||||||||||||||
Dividends payable | 21,354 | — | — | — | — | 21,354 | ||||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | — | 122,998 | 272,763 | 12,852 | (74,889 | ) | 333,724 | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | 21,337 | 291,825 | 304,358 | 14,250 | (264,265 | ) | 367,505 | Long-term debt | — | 2,558,404 | 17,982 | — | — | 2,576,386 | ||||||||||||||||||||||||||||||||||||
Long-term debt | — | 1,951,437 | 17,470 | — | — | 1,968,907 | Intercompany note payable | — | — | 1,478,593 | 7,612 | (1,486,205 | ) | — | ||||||||||||||||||||||||||||||||||||
Intercompany note payable | — | — | 1,530,260 | 7,801 | (1,538,061 | ) | — | Pension and other postretirement benefits | — | — | 100,918 | — | — | 100,918 | ||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefits | — | — | 93,090 | — | — | 93,090 | Other long-term liabilities | — | 3,807 | 22,168 | 2,730 | — | 28,705 | |||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | — | 22,072 | 2,730 | — | 24,802 | Deferred tax liabilities | — | — | 710,666 | 210 | (239,347 | ) | 471,529 | ||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | — | 12,984 | 797,964 | 341 | (281,141 | ) | 530,148 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 2,685,209 | 2,603,090 | 23,404 | (1,800,441 | ) | 3,511,262 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 21,337 | 2,256,246 | 2,765,214 | 25,122 | (2,083,467 | ) | 2,984,452 | Commitments and contingencies (Note 12) | ||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies (Note 12) | Shareholder’s equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder’s equity: | Pinnacle Common Stock | $ | 812 | $ | — | $ | — | $ | — | $ | — | 812 | ||||||||||||||||||||||||||||||||||||||
Pinnacle common stock | 1,172 | — | — | — | — | 1,172 | Additional paid-in-capital | 696,512 | 697,324 | 1,284,155 | 2,324 | (1,983,803 | ) | 696,512 | ||||||||||||||||||||||||||||||||||||
Additional paid-in-capital | 1,325,835 | 1,327,007 | 1,284,776 | 2,324 | (2,614,107 | ) | 1,325,835 | Retained earnings | 252,955 | 252,955 | 608,788 | 8,842 | (870,585 | ) | 252,955 | |||||||||||||||||||||||||||||||||||
Retained earnings | 244,410 | 244,410 | 716,730 | 9,850 | (970,990 | ) | 244,410 | Accumulated other comprehensive loss | (61,553 | ) | (61,553 | ) | (52,311 | ) | 56 | 113,808 | (61,553 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (34,514 | ) | (34,514 | ) | (52,201 | ) | 359 | 86,356 | (34,514 | ) | ||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 888,726 | 888,726 | 1,840,632 | 11,222 | (2,740,580 | ) | 888,726 | |||||||||||||||||||||||||||||||||||||||||||
Total Shareholders’ equity | 1,536,903 | 1,536,903 | 1,949,305 | 12,533 | (3,498,741 | ) | 1,536,903 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | |||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,558,240 | $ | 3,793,149 | $ | 4,714,519 | $ | 37,655 | $ | (5,582,208 | ) | $ | 4,521,355 | |||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | Condensed Consolidating Balance Sheet | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | December 25, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
December 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | Reclassifications | Current assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Current assets: | Cash and cash equivalents | $ | — | $ | — | $ | 150,493 | $ | 538 | $ | — | $ | 151,031 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 83,123 | $ | 9,158 | $ | — | $ | 92,281 | Accounts receivable, net | — | — | 152,041 | 7,940 | — | 159,981 | |||||||||||||||||||||||||||||||
Accounts receivable, net | — | — | 135,791 | 8,093 | — | 143,884 | Intercompany accounts receivable | — | 129,142 | — | 947 | (130,089 | ) | — | ||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable | — | — | 73,769 | — | (73,769 | ) | — | Inventories, net | — | — | 330,136 | 5,676 | — | 335,812 | ||||||||||||||||||||||||||||||||||||
Inventories, net | — | — | 350,922 | 7,129 | — | 358,051 | Other current assets | — | 1,072 | 6,189 | 288 | — | 7,549 | |||||||||||||||||||||||||||||||||||||
Other current assets | — | 1,130 | 10,546 | 186 | — | 11,862 | Deferred tax assets | — | 1,563 | 69,575 | (29 | ) | — | 71,109 | ||||||||||||||||||||||||||||||||||||
Deferred tax assets | — | — | 100,245 | 74 | (1,120 | ) | 99,199 | |||||||||||||||||||||||||||||||||||||||||||
Total current assets | — | 131,777 | 708,434 | 15,360 | (130,089 | ) | 725,482 | |||||||||||||||||||||||||||||||||||||||||||
Total current assets | — | 1,130 | 754,396 | 24,640 | (74,889 | ) | 705,277 | Plant assets, net | — | — | 501,245 | 38 | — | 501,283 | ||||||||||||||||||||||||||||||||||||
Plant assets, net | — | — | 493,640 | 26 | — | 493,666 | Investment in subsidiaries | 845,352 | 1,726,711 | 10,438 | — | (2,582,501 | ) | — | ||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 888,726 | 1,840,632 | 11,222 | — | (2,740,580 | ) | — | Intercompany note receivable | — | 1,541,341 | 7,270 | 9,800 | (1,558,411 | ) | — | |||||||||||||||||||||||||||||||||||
Intercompany note receivable | — | 1,469,135 | 7,270 | 9,800 | (1,486,205 | ) | — | Tradenames | — | — | 1,604,512 | — | — | 1,604,512 | ||||||||||||||||||||||||||||||||||||
Tradenames | — | — | 1,603,992 | — | — | 1,603,992 | Other assets, net | — | 31,604 | 147,057 | 188 | — | 178,849 | |||||||||||||||||||||||||||||||||||||
Other assets, net | — | 23,691 | 131,707 | 160 | — | 155,558 | Deferred tax assets | — | 191,289 | — | — | (191,289 | ) | — | ||||||||||||||||||||||||||||||||||||
Deferred tax assets | — | 239,347 | — | — | (239,347 | ) | — | Goodwill | — | — | 1,441,495 | — | — | 1,441,495 | ||||||||||||||||||||||||||||||||||||
Goodwill | — | — | 1,441,495 | — | — | 1,441,495 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 845,352 | $ | 3,622,722 | $ | 4,420,451 | $ | 25,386 | $ | (4,462,290 | ) | $ | 4,451,621 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | |||||||||||||||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities: | Short-term borrowings | $ | — | $ | — | $ | 1,708 | $ | — | $ | — | $ | 1,708 | |||||||||||||||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 2,139 | $ | — | $ | — | $ | 2,139 | Current portion of long-term obligations | — | 12,500 | 3,161 | — | — | 15,661 | |||||||||||||||||||||||||||||||
Current portion of long-term obligations | — | 27,411 | 3,008 | — | — | 30,419 | Accounts payable | — | — | 151,693 | 1,176 | — | 152,869 | |||||||||||||||||||||||||||||||||||||
Accounts payable | — | 37 | 136,220 | 1,069 | — | 137,326 | Intercompany accounts payable | — | — | 130,089 | — | (130,089 | ) | — | ||||||||||||||||||||||||||||||||||||
Intercompany accounts payable | — | 65,888 | — | 7,881 | (73,769 | ) | — | Accrued trade marketing expense | — | — | 32,020 | 3,105 | — | 35,125 | ||||||||||||||||||||||||||||||||||||
Accrued trade marketing expense | — | — | 41,396 | 3,175 | — | 44,571 | Accrued liabilities | — | 46,012 | 82,312 | 461 | — | 128,785 | |||||||||||||||||||||||||||||||||||||
Accrued liabilities | — | 29,662 | 90,000 | 727 | (1,120 | ) | 119,269 | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | — | 58,512 | 400,983 | 4,742 | (130,089 | ) | 334,148 | |||||||||||||||||||||||||||||||||||||||||||
Total current liabilities | — | 122,998 | 272,763 | 12,852 | (74,889 | ) | 333,724 | Long-term debt | — | 2,718,858 | 19,792 | — | — | 2,738,650 | ||||||||||||||||||||||||||||||||||||
Long-term debt | — | 2,558,404 | 17,982 | — | — | 2,576,386 | Intercompany note payable | — | — | 1,551,141 | 7,270 | (1,558,411 | ) | — | ||||||||||||||||||||||||||||||||||||
Intercompany note payable | — | — | 1,478,593 | 7,612 | (1,486,205 | ) | — | Pension and other postretirement benefits | — | — | 93,406 | — | — | 93,406 | ||||||||||||||||||||||||||||||||||||
Pension and other postretirement benefits | — | — | 100,918 | — | — | 100,918 | Other long-term liabilities | — | — | 19,369 | 2,730 | — | 22,099 | |||||||||||||||||||||||||||||||||||||
Other long-term liabilities | — | 3,807 | 22,168 | 2,730 | — | 28,705 | Deferred tax liabilities | — | — | 609,049 | 206 | (191,289 | ) | 417,966 | ||||||||||||||||||||||||||||||||||||
Deferred tax liabilities | — | — | 710,666 | 210 | (239,347 | ) | 471,529 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 2,777,370 | 2,693,740 | 14,948 | (1,879,789 | ) | 3,606,269 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities | — | 2,685,209 | 2,603,090 | 23,404 | (1,800,441 | ) | 3,511,262 | Commitments and contingencies (Note 12) | ||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies (Note 12) | Shareholder’s equity: | |||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder’s equity: | Pinnacle Common Stock | $ | 813 | $ | — | $ | — | $ | — | $ | — | 813 | ||||||||||||||||||||||||||||||||||||||
Pinnacle common stock | 812 | — | — | — | — | 812 | Additional paid-in-capital | 696,539 | 697,352 | 1,284,155 | 2,324 | (1,983,831 | ) | 696,539 | ||||||||||||||||||||||||||||||||||||
Additional paid-in-capital | 696,512 | 697,324 | 1,284,155 | 2,324 | (1,983,803 | ) | 696,512 | Retained earnings | 200,436 | 200,436 | 483,821 | 8,011 | (692,268 | ) | 200,436 | |||||||||||||||||||||||||||||||||||
Retained earnings | 252,955 | 252,955 | 608,788 | 8,842 | (870,585 | ) | 252,955 | Accumulated other comprehensive loss | (52,436 | ) | (52,436 | ) | (41,265 | ) | 103 | 93,598 | (52,436 | ) | ||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss | (61,553 | ) | (61,553 | ) | (52,311 | ) | 56 | 113,808 | (61,553 | ) | ||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 845,352 | 845,352 | 1,726,711 | 10,438 | (2,582,501 | ) | 845,352 | |||||||||||||||||||||||||||||||||||||||||||
Total Shareholders’ equity | 888,726 | 888,726 | 1,840,632 | 11,222 | (2,740,580 | ) | 888,726 | |||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 845,352 | $ | 3,622,722 | $ | 4,420,451 | $ | 25,386 | $ | (4,462,290 | ) | $ | 4,451,621 | |||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | |||||||||||||||||||||||||||||||||||||
Guarantor And NonGuarantor Statements, Statements Of Operations And Comprehensive Income | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | Pinnacle Foods Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | Condensed Consolidating Statement of Operations and Comprehensive Earnings (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 29, 2013 | For the fiscal year ended December 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | Foods | Foods | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | Inc. | Finance LLC | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 568,340 | $ | 19,569 | $ | (15,454 | ) | $ | 572,455 | Net sales | $ | — | $ | — | $ | 2,454,737 | $ | 84,708 | $ | (60,960 | ) | $ | 2,478,485 | |||||||||||||||||||||||
Cost of products sold | — | 96 | 413,857 | 16,305 | (15,206 | ) | 415,052 | Cost of products sold | — | 120 | 1,880,692 | 73,090 | (59,966 | ) | 1,893,936 | |||||||||||||||||||||||||||||||||||
Gross profit | — | (96 | ) | 154,483 | 3,264 | (248 | ) | 157,403 | Gross profit | — | (120 | ) | 574,045 | 11,618 | (994 | ) | 584,549 | |||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Marketing and selling expenses | — | 56 | 39,876 | 934 | — | 40,866 | Marketing and selling expenses | — | 342 | 163,567 | 5,827 | — | 169,736 | |||||||||||||||||||||||||||||||||||||
Administrative expenses | — | 2,064 | 22,264 | 976 | — | 25,304 | Administrative expenses | — | 3,415 | 82,643 | 3,356 | — | 89,414 | |||||||||||||||||||||||||||||||||||||
Research and development expenses | — | 85 | 2,624 | — | — | 2,709 | Research and development expenses | — | 25 | 12,006 | — | — | 12,031 | |||||||||||||||||||||||||||||||||||||
Intercompany royalties | — | — | — | 8 | (8 | ) | — | Intercompany royalties | — | — | — | 77 | (77 | ) | — | |||||||||||||||||||||||||||||||||||
Intercompany technical service fees | — | — | — | 240 | (240 | ) | — | Intercompany technical service fees | — | — | — | 917 | (917 | ) | — | |||||||||||||||||||||||||||||||||||
Other expense (income), net | — | — | 3,606 | — | — | 3,606 | Other expense (income), net | — | 14,255 | 15,519 | — | — | 29,774 | |||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of investees | (40,685 | ) | (45,471 | ) | (750 | ) | — | 86,906 | — | Equity in (earnings) loss of investees | (52,519 | ) | (124,967 | ) | (831 | ) | — | 178,317 | — | |||||||||||||||||||||||||||||||
Total operating expenses | (40,685 | ) | (43,266 | ) | 67,620 | 2,158 | 86,658 | 72,485 | Total operating expenses | (52,519 | ) | (106,930 | ) | 272,904 | 10,177 | 177,323 | 300,955 | |||||||||||||||||||||||||||||||||
Earnings before interest and taxes | 40,685 | 43,170 | 86,863 | 1,106 | (86,906 | ) | 84,918 | Earnings (loss) before interest and taxes | 52,519 | 106,810 | 301,141 | 1,441 | (178,317 | ) | 283,594 | |||||||||||||||||||||||||||||||||||
Intercompany interest (income) expense | — | (13,180 | ) | 13,154 | 26 | — | — | Intercompany interest (income) expense | — | (95,285 | ) | 95,162 | 123 | — | — | |||||||||||||||||||||||||||||||||||
Interest expense | — | 19,154 | 433 | 8 | — | 19,595 | Interest expense | — | 196,240 | 2,200 | 44 | — | 198,484 | |||||||||||||||||||||||||||||||||||||
Interest income | — | — | 10 | 13 | — | 23 | Interest income | — | — | 110 | — | — | 110 | |||||||||||||||||||||||||||||||||||||
Earnings before income taxes | 40,685 | 37,196 | 73,286 | 1,085 | (86,906 | ) | 65,346 | Earnings (loss) before income taxes | 52,519 | 5,855 | 203,889 | 1,274 | (178,317 | ) | 85,220 | |||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (3,489 | ) | 27,815 | 335 | — | 24,661 | Provision (benefit) for income taxes | — | (46,664 | ) | 78,922 | 443 | — | 32,701 | |||||||||||||||||||||||||||||||||||
Net earnings | $ | 40,685 | $ | 40,685 | $ | 45,471 | $ | 750 | $ | (86,906 | ) | $ | 40,685 | Net earnings (loss) | $ | 52,519 | $ | 52,519 | $ | 124,967 | $ | 831 | $ | (178,317 | ) | $ | 52,519 | |||||||||||||||||||||||
Total comprehensive earnings (loss) | $ | 37,732 | $ | 37,732 | $ | 45,046 | $ | 108 | $ | (82,886 | ) | $ | 37,732 | Total comprehensive earnings | $ | 43,402 | $ | 43,402 | $ | 113,923 | $ | 787 | $ | (158,112 | ) | $ | 43,402 | |||||||||||||||||||||||
Pinnacle Foods Inc. | Pinnacle Foods Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | Condensed Consolidating Statement of Operations and Comprehensive Earnings (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 23, 2012 | For the fiscal year ended December 25, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | Foods | Foods | Subsidiaries | Subsidiaries | Total | |||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | Inc. | Finance LLC | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 564,304 | $ | 19,771 | $ | (16,170 | ) | $ | 567,905 | Net sales | $ | — | $ | — | $ | 2,442,540 | $ | 84,832 | $ | (57,810 | ) | $ | 2,469,562 | |||||||||||||||||||||||
Cost of products sold | — | (2 | ) | 437,301 | 17,157 | (15,892 | ) | 438,564 | Cost of products sold | — | (148 | ) | 1,839,000 | 72,716 | (56,872 | ) | 1,854,696 | |||||||||||||||||||||||||||||||||
Gross profit | — | 2 | 127,003 | 2,614 | (278 | ) | 129,341 | Gross profit | — | 148 | 603,540 | 12,116 | (938 | ) | 614,866 | |||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | |||||||||||||||||||||||||||||||||||||||||||||||||
Marketing and selling expenses | — | 50 | 37,182 | 1,104 | — | 38,336 | Marketing and selling expenses | — | 463 | 165,172 | 6,006 | — | 171,641 | |||||||||||||||||||||||||||||||||||||
Administrative expenses | — | 828 | 19,650 | 871 | — | 21,349 | Administrative expenses | — | 3,463 | 73,522 | 3,475 | — | 80,460 | |||||||||||||||||||||||||||||||||||||
Research and development expenses | — | 3 | 2,674 | — | — | 2,677 | Research and development expenses | — | 34 | 7,987 | — | — | 8,021 | |||||||||||||||||||||||||||||||||||||
Intercompany royalties | — | — | — | 12 | (12 | ) | — | Intercompany royalties | — | — | — | 70 | (70 | ) | — | |||||||||||||||||||||||||||||||||||
Intercompany technical service fees | — | — | — | 266 | (266 | ) | — | Intercompany technical service fees | — | — | — | 868 | (868 | ) | — | |||||||||||||||||||||||||||||||||||
Other expense (income), net | — | 3,470 | 3,614 | — | — | 7,084 | Goodwill impairment charge | — | — | 122,900 | — | — | 122,900 | |||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of investees | (9,878 | ) | (25,053 | ) | (207 | ) | — | 35,138 | — | Other expense (income), net | — | — | 48,578 | — | — | 48,578 | ||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of investees | 46,914 | (12,566 | ) | (1,227 | ) | — | (33,121 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (9,878 | ) | (20,702 | ) | 62,913 | 2,253 | 34,860 | 69,446 | ||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 46,914 | (8,606 | ) | 416,932 | 10,419 | (34,059 | ) | 431,600 | ||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | 9,878 | 20,704 | 64,090 | 361 | (35,138 | ) | 59,895 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany interest (income) expense | — | (23,365 | ) | 23,334 | 31 | — | — | Earnings before interest and taxes | (46,914 | ) | 8,754 | 186,608 | 1,697 | 33,121 | 183,266 | |||||||||||||||||||||||||||||||||||
Interest expense | — | 43,959 | 491 | 12 | — | 44,462 | Intercompany interest (income) expense | — | (111,919 | ) | 111,874 | 45 | — | — | ||||||||||||||||||||||||||||||||||||
Interest income | — | 4 | — | — | — | 4 | Interest expense | — | 206,581 | 1,726 | 12 | — | 208,319 | |||||||||||||||||||||||||||||||||||||
Interest income | — | — | 241 | 1 | — | 242 | ||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | 9,878 | 114 | 40,265 | 318 | (35,138 | ) | 15,437 | |||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (9,764 | ) | 15,212 | 111 | — | 5,559 | Earnings (loss) before income taxes | (46,914 | ) | (85,908 | ) | 73,249 | 1,641 | 33,121 | (24,811 | ) | |||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (38,994 | ) | 60,683 | 414 | — | 22,103 | |||||||||||||||||||||||||||||||||||||||||||
Net earnings | $ | 9,878 | $ | 9,878 | $ | 25,053 | $ | 207 | $ | (35,138 | ) | $ | 9,878 | |||||||||||||||||||||||||||||||||||||
Net earnings (loss) | $ | (46,914 | ) | $ | (46,914 | ) | $ | 12,566 | $ | 1,227 | $ | 33,121 | $ | (46,914 | ) | |||||||||||||||||||||||||||||||||||
Total comprehensive earnings (loss) | $ | 8,941 | $ | 8,941 | $ | 24,333 | $ | (513 | ) | $ | (32,761 | ) | $ | 8,941 | ||||||||||||||||||||||||||||||||||||
Total comprehensive earnings (loss) | $ | (49,818 | ) | $ | (49,818 | ) | $ | (3,446 | ) | $ | 2,663 | $ | 50,601 | $ | (49,818 | ) | ||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | Pinnacle Foods Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 29, 2013 | Condensed Consolidating Statement of Operations and Comprehensive Earnings (Loss) | |||||||||||||||||||||||||||||||||||||||||||||||||
For the fiscal year ended December 26, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,737,413 | $ | 62,117 | $ | (45,050 | ) | $ | 1,754,480 | Inc. | Finance LLC | |||||||||||||||||||||||||||||||||||
Cost of products sold | — | 397 | 1,289,483 | 52,187 | (44,259 | ) | 1,297,808 | Net sales | $ | — | $ | — | $ | 2,409,548 | $ | 82,870 | $ | (55,715 | ) | $ | 2,436,703 | |||||||||||||||||||||||||||||
Cost of products sold | — | 624 | 1,817,475 | 71,197 | (54,921 | ) | 1,834,375 | |||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | (397 | ) | 447,930 | 9,930 | (791 | ) | 456,672 | ||||||||||||||||||||||||||||||||||||||||||
Operating expenses | Gross profit | — | (624 | ) | 592,073 | 11,673 | (794 | ) | 602,328 | |||||||||||||||||||||||||||||||||||||||||
Marketing and selling expenses | — | 991 | 128,245 | 4,766 | — | 134,002 | Operating expenses | |||||||||||||||||||||||||||||||||||||||||||
Administrative expenses | — | 16,529 | 73,898 | 2,762 | — | 93,189 | Marketing and selling expenses | — | 1,902 | 164,712 | 5,730 | — | 172,344 | |||||||||||||||||||||||||||||||||||||
Research and development expenses | — | 154 | 7,671 | — | — | 7,825 | Administrative expenses | — | 5,199 | 101,786 | 2,965 | — | 109,950 | |||||||||||||||||||||||||||||||||||||
Intercompany royalties | — | — | — | 36 | (36 | ) | — | Research and development expenses | — | 210 | 9,177 | — | — | 9,387 | ||||||||||||||||||||||||||||||||||||
Intercompany technical service fees | — | — | — | 755 | (755 | ) | — | Intercompany royalties | — | — | — | 83 | (83 | ) | — | |||||||||||||||||||||||||||||||||||
Other expense (income), net | — | 34,180 | 10,916 | — | — | 45,096 | Intercompany technical service fees | — | — | — | 711 | (711 | ) | — | ||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of investees | (33,642 | ) | (107,942 | ) | (1,008 | ) | — | 142,592 | — | Other expense (income), net | — | — | 45,495 | — | — | 45,495 | ||||||||||||||||||||||||||||||||||
Equity in earnings of investees | (22,037 | ) | (92,447 | ) | (1,447 | ) | — | 115,931 | — | |||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (33,642 | ) | (56,088 | ) | 219,722 | 8,319 | 141,801 | 280,112 | ||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (22,037 | ) | (85,136 | ) | 319,723 | 9,489 | 115,137 | 337,176 | ||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | 33,642 | 55,691 | 228,208 | 1,611 | (142,592 | ) | 176,560 | |||||||||||||||||||||||||||||||||||||||||||
Intercompany interest (income) expense | — | (51,731 | ) | 51,632 | 99 | — | — | Earnings before interest and taxes | 22,037 | 84,512 | 272,350 | 2,184 | (115,931 | ) | 265,152 | |||||||||||||||||||||||||||||||||||
Interest expense | — | 106,371 | 1,485 | 22 | — | 107,878 | Intercompany interest (income) expense | — | (121,371 | ) | 121,371 | — | — | — | ||||||||||||||||||||||||||||||||||||
Interest income | — | — | 43 | 25 | — | 68 | Interest expense | — | 234,759 | 1,245 | — | — | 236,004 | |||||||||||||||||||||||||||||||||||||
Interest income | — | 20 | 268 | — | — | 288 | ||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | 33,642 | 1,051 | 175,134 | 1,515 | (142,592 | ) | 68,750 | |||||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (32,591 | ) | 67,192 | 507 | — | 35,108 | Earnings (loss) before income taxes | 22,037 | (28,856 | ) | 150,002 | 2,184 | (115,931 | ) | 29,436 | ||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (50,893 | ) | 57,555 | 737 | — | 7,399 | |||||||||||||||||||||||||||||||||||||||||||
Net earnings | $ | 33,642 | $ | 33,642 | $ | 107,942 | $ | 1,008 | $ | (142,592 | ) | $ | 33,642 | |||||||||||||||||||||||||||||||||||||
Net earnings | $ | 22,037 | $ | 22,037 | $ | 92,447 | $ | 1,447 | $ | (115,931 | ) | $ | 22,037 | |||||||||||||||||||||||||||||||||||||
Total comprehensive earnings (loss) | $ | 60,681 | $ | 60,681 | $ | 108,554 | $ | 962 | $ | (170,197 | ) | $ | 60,681 | |||||||||||||||||||||||||||||||||||||
Total comprehensive earnings | $ | 16,096 | $ | 16,096 | $ | 89,334 | $ | 3,113 | $ | (108,543 | ) | $ | 16,096 | |||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 23, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,759,479 | $ | 59,151 | $ | (45,205 | ) | $ | 1,773,425 | |||||||||||||||||||||||||||||||||||||
Cost of products sold | — | 104 | 1,367,858 | 52,747 | (44,458 | ) | 1,376,251 | |||||||||||||||||||||||||||||||||||||||||||
Gross profit | — | (104 | ) | 391,621 | 6,404 | (747 | ) | 397,174 | ||||||||||||||||||||||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing and selling expenses | — | 291 | 125,681 | 4,568 | — | 130,540 | ||||||||||||||||||||||||||||||||||||||||||||
Administrative expenses | — | 2,648 | 60,991 | 2,450 | — | 66,089 | ||||||||||||||||||||||||||||||||||||||||||||
Research and development expenses | — | 21 | 8,190 | — | — | 8,211 | ||||||||||||||||||||||||||||||||||||||||||||
Intercompany royalties | — | — | — | 40 | (40 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Intercompany technical service fees | — | — | — | 707 | (707 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Other expense (income), net | — | 14,255 | 11,025 | — | — | 25,280 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in (earnings) loss of investees | (8,857 | ) | (69,619 | ) | 1,152 | — | 77,324 | — | ||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | (8,857 | ) | (52,404 | ) | 207,039 | 7,765 | 76,577 | 230,120 | ||||||||||||||||||||||||||||||||||||||||||
Earnings before interest and taxes | 8,857 | 52,300 | 184,582 | (1,361 | ) | (77,324 | ) | 167,054 | ||||||||||||||||||||||||||||||||||||||||||
Intercompany interest (income) expense | — | (70,199 | ) | 70,108 | 91 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | 152,875 | 1,700 | 26 | — | 154,601 | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | — | 4 | 101 | — | — | 105 | ||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | 8,857 | (30,372 | ) | 112,875 | (1,478 | ) | (77,324 | ) | 12,558 | |||||||||||||||||||||||||||||||||||||||||
Provision (benefit) for income taxes | — | (39,229 | ) | 43,256 | (326 | ) | — | 3,701 | ||||||||||||||||||||||||||||||||||||||||||
Net earnings | $ | 8,857 | $ | 8,857 | $ | 69,619 | $ | (1,152 | ) | $ | (77,324 | ) | $ | 8,857 | ||||||||||||||||||||||||||||||||||||
Total comprehensive earnings (loss) | $ | 9,461 | $ | 9,461 | $ | 68,714 | $ | (2,010 | ) | $ | (76,165 | ) | $ | 9,461 | ||||||||||||||||||||||||||||||||||||
Guarantor And Nonguarantor Statements, Statements of Cash Flows | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | Pinnacle Foods Inc. | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 29, 2013 | For the fiscal year ended December 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | Reclassifications | Inc. | Finance LLC | Reclassifications | |||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | Cash flows from operating activities | |||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (58,855 | ) | $ | 199,999 | $ | 583 | $ | — | $ | 141,727 | Net cash provided by (used in) operating activities | $ | — | $ | (87,051 | ) | $ | 281,501 | $ | 8,403 | $ | — | $ | 202,853 | |||||||||||||||||||||||
Cash flows from investing activities | Cash flows from investing activities | |||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | 123,197 | — | — | (123,197 | ) | — | Intercompany accounts receivable/payable | — | 100,589 | — | — | (100,589 | ) | — | |||||||||||||||||||||||||||||||||||
Investment in subsidiaries | — | Repayments of intercompany loans | — | 167,492 | — | (167,492 | ) | — | ||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (62,722 | ) | — | — | (62,722 | ) | Capital expenditures | — | — | (78,279 | ) | — | — | (78,279 | ) | |||||||||||||||||||||||||||||||||
Sale of plant assets | — | — | 6,853 | — | — | 6,853 | Sale of plant assets | — | — | 570 | — | — | 570 | |||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | 123,197 | (55,869 | ) | — | (123,197 | ) | (55,869 | ) | Net cash (used in) provided by investing activities | — | 268,081 | (77,709 | ) | — | (268,081 | ) | (77,709 | ) | |||||||||||||||||||||||||||||||
Cash flows from financing activities | Cash flows from financing activities | |||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock | — | 624,193 | 65 | — | — | 624,258 | Proceeds from bank term loans | — | 842,625 | — | — | — | 842,625 | |||||||||||||||||||||||||||||||||||||
Parent reduction in investment in subsidiary | 126 | (126 | ) | — | — | — | — | Repayments of long-term obligations | — | (632,025 | ) | — | — | — | (632,025 | ) | ||||||||||||||||||||||||||||||||||
Repurchases of equity | (126 | ) | — | (65 | ) | — | — | (191 | ) | Repurchase of notes | — | (373,255 | ) | — | — | — | (373,255 | ) | ||||||||||||||||||||||||||||||||
Dividends paid | — | (20,831 | ) | — | — | — | (20,831 | ) | Proceeds from short-term borrowing | — | — | 4,294 | — | — | 4,294 | |||||||||||||||||||||||||||||||||||
Proceeds from notes offering | — | 350,000 | — | — | — | 350,000 | Repayments of short-term borrowing | — | — | (3,864 | ) | — | — | (3,864 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from bank term loans | — | 1,625,925 | — | — | — | 1,625,925 | Borrowings under revolving credit facility | — | 40,000 | — | — | — | 40,000 | |||||||||||||||||||||||||||||||||||||
Repayments of long-term obligations | — | (1,731,832 | ) | (239 | ) | — | — | (1,732,071 | ) | Repayments of revolving credit facility | — | (40,000 | ) | — | — | — | (40,000 | ) | ||||||||||||||||||||||||||||||||
Repurchase of notes | — | (899,180 | ) | — | — | — | (899,180 | ) | Intercompany accounts receivable/payable | — | — | (100,589 | ) | 100,589 | — | |||||||||||||||||||||||||||||||||||
Proceeds from short-term borrowing | — | — | 2,408 | — | — | 2,408 | Repayments of intercompany loans | — | — | (167,492 | ) | — | 167,492 | — | ||||||||||||||||||||||||||||||||||||
Repayments of short-term borrowing | — | — | (3,481 | ) | — | — | (3,481 | ) | Repayment of capital lease obligations | — | — | (3,511 | ) | — | — | (3,511 | ) | |||||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | — | (123,197 | ) | 123,197 | — | Parent reduction in investment in subsidiary | 877 | (877 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | (2,320 | ) | — | — | (2,320 | ) | Repurchases of equity | (877 | ) | — | — | — | — | (877 | ) | |||||||||||||||||||||||||||||||||
Debt acquisition costs | — | (12,491 | ) | — | — | — | (12,491 | ) | Debt acquisition costs | — | (17,498 | ) | — | — | — | (17,498 | ) | |||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | (181,030 | ) | (271,162 | ) | — | 268,081 | (184,111 | ) | |||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | (64,342 | ) | (126,829 | ) | — | 123,197 | (67,974 | ) | |||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 217 | — | 217 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 238 | — | 238 | Net change in cash and cash equivalents | — | — | (67,370 | ) | 8,620 | — | (58,750 | ) | |||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 17,301 | 821 | — | 18,122 | Cash and cash equivalents—beginning of period | — | — | 150,493 | 538 | — | 151,031 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | — | 83,123 | 9,158 | — | 92,281 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | — | $ | 83,123 | $ | 9,158 | $ | — | $ | 92,281 | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | — | $ | 100,424 | $ | 9,979 | $ | — | $ | 110,403 | ||||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | Interest paid | $ | — | $ | 177,296 | $ | 2,131 | $ | — | $ | — | $ | 179,427 | |||||||||||||||||||||||||||||||||||||
Interest paid | $ | — | $ | 90,143 | $ | 1,434 | $ | — | $ | — | $ | 91,577 | Interest received | — | 1 | 109 | — | — | 110 | |||||||||||||||||||||||||||||||
Interest received | — | — | 44 | 25 | — | 69 | Income taxes paid | — | — | 1,638 | 343 | — | 1,981 | |||||||||||||||||||||||||||||||||||||
Income taxes paid | — | — | 2,783 | 215 | — | 2,998 | Non-cash investing and financing activities: | |||||||||||||||||||||||||||||||||||||||||||
Non-cash investing and financing activities: | New capital leases | — | — | 1,548 | — | — | 1,548 | |||||||||||||||||||||||||||||||||||||||||||
New capital leases | — | — | 2,030 | — | — | 2,030 | ||||||||||||||||||||||||||||||||||||||||||||
Dividends payable | 21,354 | — | — | — | — | 21,354 | Pinnacle Foods Inc. | |||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle Foods Inc. | For the fiscal year ended December 25, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||
For the nine months ended September 23, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | Cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | Reclassifications | Net cash provided by (used in) operating activities | $ | — | $ | (90,347 | ) | $ | 299,953 | $ | (5,394 | ) | $ | — | $ | 204,212 | |||||||||||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (71,608 | ) | $ | 129,973 | $ | 4,019 | $ | — | $ | 62,384 | Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | (291,525 | ) | — | — | 291,525 | — | |||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities | Intercompany loans | — | — | (7,270 | ) | (9,800 | ) | 17,070 | — | |||||||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | 196,332 | — | — | (196,332 | ) | — | Repayments of intercompany loans | — | 440,552 | — | (440,552 | ) | — | ||||||||||||||||||||||||||||||||||||
Repayments of intercompany loans | — | 49,338 | — | — | (49,338 | ) | — | Capital expenditures | — | — | (117,306 | ) | — | — | (117,306 | ) | ||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (49,796 | ) | — | — | (49,796 | ) | Sale of plant assets held for sale | — | — | 7,900 | — | — | 7,900 | |||||||||||||||||||||||||||||||||||
Sale of plant assets | — | — | 570 | — | — | 570 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | 149,027 | (116,676 | ) | (9,800 | ) | (131,957 | ) | (109,406 | ) | ||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | 245,670 | (49,226 | ) | — | (245,670 | ) | (49,226 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | Repayments of long-term obligations | — | (57,547 | ) | — | — | — | (57,547 | ) | |||||||||||||||||||||||||||||||||||||||||
Proceeds from bank term loan | — | 842,625 | — | — | — | 842,625 | Proceeds from short-term borrowing | — | — | 3,070 | — | — | 3,070 | |||||||||||||||||||||||||||||||||||||
Repayments of long-term obligations | — | (625,172 | ) | — | — | — | (625,172 | ) | Repayments of short-term borrowing | — | — | (2,954 | ) | — | — | (2,954 | ) | |||||||||||||||||||||||||||||||||
Repurchase of notes | — | (373,255 | ) | — | — | — | (373,255 | ) | Intercompany accounts receivable/payable | — | — | 291,525 | (291,525 | ) | — | |||||||||||||||||||||||||||||||||||
Proceeds from short-term borrowing | — | — | 1,216 | — | — | 1,216 | Proceeds from Intercompany loans | — | — | 9,800 | 7,270 | (17,070 | ) | — | ||||||||||||||||||||||||||||||||||||
Repayments of short-term borrowing | — | — | (2,364 | ) | — | — | (2,364 | ) | Repayments of intercompany loans | — | — | (440,552 | ) | — | 440,552 | — | ||||||||||||||||||||||||||||||||||
Borrowings under revolving credit facility | — | 5,000 | — | — | — | 5,000 | Repayment of capital lease obligations | — | — | (2,543 | ) | — | — | (2,543 | ) | |||||||||||||||||||||||||||||||||||
Repayments of revolving credit facility | — | (5,000 | ) | — | — | — | (5,000 | ) | Debt acquisition costs | — | (67 | ) | (454 | ) | (200 | ) | — | (721 | ) | |||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | — | (196,332 | ) | — | 196,332 | — | Equity contributions | — | 558 | — | — | — | 558 | ||||||||||||||||||||||||||||||||||||
Repayments of intercompany loans | — | — | (49,338 | ) | — | 49,338 | — | Parent reduction in investment in subsidiary | 1,624 | (1,624 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | (2,803 | ) | — | — | (2,803 | ) | Repurchases of equity | (1,624 | ) | — | — | — | — | (1,624 | ) | |||||||||||||||||||||||||||||||||
Debt acquisition costs | — | (17,414 | ) | — | — | — | (17,414 | ) | Other Financing | — | — | — | 2,730 | — | 2,730 | |||||||||||||||||||||||||||||||||||
Parent reduction in investment in subsidiary | 846 | (846 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchases of equity | (846 | ) | — | — | — | — | (846 | ) | Net cash (used in) provided by financing activities | — | (58,680 | ) | (142,108 | ) | 9,800 | 131,957 | (59,031 | ) | ||||||||||||||||||||||||||||||||
Changes in bank overdrafts | — | — | 19,327 | — | — | 19,327 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | (30 | ) | — | (30 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | (174,062 | ) | (230,294 | ) | — | 245,670 | (158,686 | ) | Net change in cash and cash equivalents | — | — | 41,169 | (5,424 | ) | — | 35,745 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | — | 109,324 | 5,962 | — | 115,286 | ||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 388 | — | 388 | ||||||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | (149,547 | ) | 4,407 | — | (145,140 | ) | Cash and cash equivalents—end of period | $ | — | $ | — | $ | 150,493 | $ | 538 | $ | — | $ | 151,031 | |||||||||||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | — | 150,493 | 538 | — | 151,031 | ||||||||||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | — | $ | 946 | $ | 4,945 | $ | — | $ | 5,891 | Interest paid | $ | — | $ | 194,644 | $ | 1,695 | $ | — | $ | — | $ | 196,339 | |||||||||||||||||||||||||
Interest received | — | — | 240 | 1 | — | 241 | ||||||||||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | Income taxes paid (refunded) | — | — | (2,849 | ) | 895 | — | (1,954 | ) | |||||||||||||||||||||||||||||||||||||||||
Interest paid | $ | — | $ | 136,975 | $ | 1,647 | $ | — | $ | — | $ | 138,622 | Non-cash investing and financing activities: | |||||||||||||||||||||||||||||||||||||
Interest received | — | 4 | 101 | — | — | 105 | New capital leases | — | — | 11,240 | — | — | 11,240 | |||||||||||||||||||||||||||||||||||||
Income taxes (refunded) paid | — | — | 1,723 | 210 | — | 1,933 | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash investing and financing activities: | Pinnacle Foods Finance LLC | |||||||||||||||||||||||||||||||||||||||||||||||||
New capital leases | — | — | 1,549 | — | — | 1,549 | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||||||
For the fiscal year ended December 26, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||||||||||||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from operating activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | (58,465 | ) | $ | 315,133 | $ | 310 | $ | — | $ | 256,978 | |||||||||||||||||||||||||||||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | 16,986 | — | — | (16,986 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Repayments of intercompany loans | — | 159,198 | — | — | (159,198 | ) | — | |||||||||||||||||||||||||||||||||||||||||||
Capital expenditures | — | — | (81,272 | ) | — | — | (81,272 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | — | 176,184 | (81,272 | ) | — | (176,184 | ) | (81,272 | ) | |||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from bond offering | — | 400,000 | — | — | — | 400,000 | ||||||||||||||||||||||||||||||||||||||||||||
Proceeds from bank term loans | — | 442,300 | — | — | — | 442,300 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments of long-term obligations | — | (946,558 | ) | — | — | — | (946,558 | ) | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from short-term borrowing | — | — | 3,409 | — | — | 3,409 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments of short-term borrowing | — | — | (3,049 | ) | — | — | (3,049 | ) | ||||||||||||||||||||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | — | (16,986 | ) | — | 16,986 | — | |||||||||||||||||||||||||||||||||||||||||||
Repayments of intercompany loans | — | — | (159,198 | ) | — | 159,198 | — | |||||||||||||||||||||||||||||||||||||||||||
Repayment of capital lease obligations | — | — | (2,658 | ) | — | — | (2,658 | ) | ||||||||||||||||||||||||||||||||||||||||||
Equity contributions | — | 626 | — | — | — | 626 | ||||||||||||||||||||||||||||||||||||||||||||
Parent reduction in investment in subsidiary | 1,282 | (1,282 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||
Repurchases of equity | (1,282 | ) | — | — | — | — | (1,282 | ) | ||||||||||||||||||||||||||||||||||||||||||
Repayment of notes receivable from officers | — | 565 | — | — | — | 565 | ||||||||||||||||||||||||||||||||||||||||||||
Debt acquisition costs | — | (13,370 | ) | — | — | — | (13,370 | ) | ||||||||||||||||||||||||||||||||||||||||||
Changes in bank overdrafts | — | — | (14,304 | ) | — | — | (14,304 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | — | (117,719 | ) | (192,786 | ) | — | 176,184 | (134,321 | ) | |||||||||||||||||||||||||||||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 27 | — | 27 | ||||||||||||||||||||||||||||||||||||||||||||
Net change in cash and cash equivalents | — | — | 41,075 | 337 | — | 41,412 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—beginning of period | — | — | 68,249 | 5,625 | — | 73,874 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents—end of period | $ | — | $ | — | $ | 109,324 | $ | 5,962 | $ | — | $ | 115,286 | ||||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest paid | $ | — | $ | 178,530 | $ | 1,236 | $ | — | $ | — | $ | 179,766 | ||||||||||||||||||||||||||||||||||||||
Interest received | — | 20 | 251 | — | — | 271 | ||||||||||||||||||||||||||||||||||||||||||||
Income taxes paid | — | — | 6,989 | 9 | — | 6,998 | ||||||||||||||||||||||||||||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
New capital leases | — | — | 13,587 | — | — | 13,587 |
Recovered_Sheet1
Summary Of Business Activities - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Apr. 03, 2013 | Oct. 31, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Mar. 12, 2013 |
Segment | Common Stock [Member] | |||||
Organization and Summary of Significant Accounting Policies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Percent of Peak Finance Holdings LLC owned by Pinnacle Foods Inc | ' | ' | 100.00% | 100.00% | ' | ' |
Percent of Pinnacle Foods Finance owned by Peak Finance Holdings LLC | ' | ' | 100.00% | 100.00% | ' | ' |
Number of Operating Segments | ' | ' | 3 | 3 | ' | ' |
Ownership Transfer Among Related Owners | ' | 30,700,000 | ' | ' | ' | ' |
Stock split ratio | ' | ' | ' | ' | ' | 55.2444 |
Common stock par value | ' | ' | $0.01 | $0.01 | $0.01 | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 2,618,307 | ' | ' | ' | ' | ' |
Initial Public Offering, Issued, Shares | 33,350,000 | ' | ' | ' | ' | ' |
Share Price | $20 | ' | ' | ' | ' | ' |
Share Price, Net of Underwriting Discounts | $18.80 | ' | ' | ' | ' | ' |
Net proceeds from initial public offering | $623.90 | ' | ' | ' | ' | ' |
Proceeds from the issuance of intial public offering gross of underwriter expense | 667 | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | $43.10 | ' | ' | ' | ' | ' |
Recovered_Sheet2
Summary Of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 25, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |
Entity | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from conditional liability | ' | ' | $2,700,000 | ' | ' | ' | ' | ' |
Number of years to maintain qualified status | ' | ' | '7 years | ' | ' | ' | ' | ' |
Conditional liability | ' | ' | 2,700,000 | ' | ' | ' | ' | ' |
Number of new entities created | ' | ' | 2 | ' | ' | ' | ' | ' |
Basis for expected future cash flows, period | ' | ' | ' | '5 years | ' | '5 years | ' | ' |
Assumed weighted average cost of capital | ' | ' | ' | ' | ' | 8.50% | ' | ' |
Sales growth rate projection, period | ' | ' | ' | ' | ' | '5 years | ' | ' |
Advertising Expense | ' | ' | ' | ' | ' | 37,260,000 | 50,106,000 | 40,725,000 |
Vesting period | ' | ' | ' | '5 years | ' | '5 years | ' | ' |
Insurance stop loss limit | ' | ' | ' | ' | ' | 250,000 | ' | ' |
Amortization | 3,872,000 | 3,879,000 | ' | 11,616,000 | 11,647,000 | 15,828,000 | 16,175,000 | 17,170,000 |
Capitalized internal use software net book value | 115,351,000 | ' | ' | 115,351,000 | ' | 126,967,000 | 142,796,000 | ' |
Building [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Plant assets weighted average estimated remaining useful lives | ' | ' | ' | ' | ' | '12 years | ' | ' |
Machinery and Equipment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Plant assets weighted average estimated remaining useful lives | ' | ' | ' | ' | ' | '6 years | ' | ' |
Software and Software Development Costs [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization | ' | ' | ' | ' | ' | 4,723,000 | 4,221,000 | 5,030,000 |
Capitalized internal use software net book value | ' | ' | ' | ' | ' | 11,276,000 | 9,503,000 | ' |
Useful life threshold to capitalize | ' | ' | ' | ' | ' | '1 year | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Projected sale growth rate | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Maximum [Member] | Building [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Plant assets useful life | ' | ' | ' | ' | ' | '45 years | ' | ' |
Maximum [Member] | Machinery and Equipment [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Plant assets useful life | ' | ' | ' | ' | ' | '15 years | ' | ' |
Maximum [Member] | Software and Software Development Costs [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible asset useful life | ' | ' | ' | ' | ' | '3 years | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Projected sale growth rate | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Minimum [Member] | Software and Software Development Costs [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible asset useful life | ' | ' | ' | ' | ' | '2 years 6 months | ' | ' |
Cost of products sold | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) from foreign currency transactions | ' | ' | ' | ' | ' | 344,000 | 1,537,000 | 3,388,000 |
Other Long Term Liabilities [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Conditional liability | ' | ' | $2,700,000 | ' | ' | ' | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Swaps mark to market adjustments | ' | ($2,878) | ($5,856) |
Foreign currency translation | ' | -369 | -644 |
Loss on pension actuarial assumptions | ' | -69,374 | -51,608 |
Tax benefit | ' | 11,068 | 5,672 |
Accumulated other comprehensive loss | ($34,514) | ($61,553) | ($52,436) |
Fair_Value_Measurements_Financ
Fair Value Measurements Financial Assets and Liabilities Subject to Recurring Fair Value (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Total assets at fair value | $25,771 | $1,163 | $2,408 |
Liabilities | ' | ' | ' |
Total liabilities at fair value | 1,342 | 4,489 | 9,451 |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Total assets at fair value | 25,771 | 1,163 | 2,408 |
Liabilities | ' | ' | ' |
Total liabilities at fair value | 1,342 | 4,489 | 9,451 |
Interest Rate Contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Derivative assets | 25,065 | ' | 1,335 |
Liabilities | ' | ' | ' |
Derivative liabilities | 1,342 | 3,807 | 7,836 |
Interest Rate Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Derivative assets | 25,065 | ' | 1,335 |
Liabilities | ' | ' | ' |
Derivative liabilities | 1,342 | 3,807 | 7,836 |
Foreign Exchange Contracts [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Derivative assets | 573 | 638 | 931 |
Foreign Exchange Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Derivative assets | 573 | 638 | 931 |
Commodity Contract [Member] | Estimate of Fair Value Measurement [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Derivative assets | 133 | 525 | 142 |
Liabilities | ' | ' | ' |
Derivative liabilities | ' | 682 | 1,615 |
Commodity Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' |
Assets | ' | ' | ' |
Derivative assets | 133 | 525 | 142 |
Liabilities | ' | ' | ' |
Derivative liabilities | ' | $682 | $1,615 |
Stockholders_Equity_EquityBase
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 1 Months Ended | 2 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 23, 2009 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Dec. 25, 2011 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 30, 2012 | Mar. 02, 2013 | Feb. 28, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Mar. 02, 2013 | Feb. 28, 2013 | Mar. 02, 2013 | Feb. 28, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Mar. 02, 2013 | Feb. 28, 2013 | Dec. 26, 2010 | Sep. 29, 2013 | Aug. 02, 2013 | Mar. 27, 2013 | Mar. 27, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Apr. 04, 2013 |
CompensationPlan | CompensationPlan | Warrant [Member] | Options to purchase common stock [Member] | Minimum [Member] | Maximum [Member] | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Stock Incentive Plan | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | 2007 Unit Plan [Member] | A2007 Stock Incentive And Unit Plan [Member] | Two Thousand And Thirteen Omnibus Plan [Member] | Omnibus Plan 2013 [Member] | Omnibus Plan 2013 [Member] | Omnibus Plan 2013 [Member] | Omnibus Plan 2013 [Member] | Omnibus Plan 2013 [Member] | Omnibus Plan 2013 [Member] | |||||||
Time Vested Options [Member] | Time Vested Options [Member] | Performance Shares [Member] | Performance Shares [Member] | Scenario 1 [Member] | Scenario 1 [Member] | Scenario 3 [Member] | Scenario 3 [Member] | Scenario 2 [Member] | Scenario 2 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Profit Interest Units (PIUs) [Member] | Profit Interest Units (PIUs) [Member] | B 1 Units [Member] | B 2 Units [Member] | Scenario 1 [Member] | Scenario 3 [Member] | Scenario 2 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Stock Options | Stock Options | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||||||||||||
Profit Interest Units (PIUs) [Member] | Profit Interest Units (PIUs) [Member] | Profit Interest Units (PIUs) [Member] | Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable period | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total notes receivable issued | $565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Long-Term Incentive Plans | ' | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis for expected future cash flows, period | ' | ' | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated annual forfeiture rate | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected dividend yield on Pinnacle Foods Inc. stock | ' | ' | ' | 3.55% | 0.00% | ' | 0.00% | 0.00% | ' | ' | 2.00% | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized Equity Compensation Expense | ' | 43,029 | ' | 43,029 | ' | 9,108 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | '5 years | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | '5 years 6 months | '7 years | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | '7 years 1 month 6 days | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | '2 years 6 months | ' | '3 years | ' | ' | ' | ' |
Equity-based compensation expense | ' | $2,291 | $124 | $5,616 | $725 | $850 | $1,151 | $4,727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,700 | ' | ' | ' | ' | ' | ' | ' |
Option life | ' | ' | ' | '10 years | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 200,000,000 | ' | 200,000,000 | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,104,888 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent Vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | ' | 25.00% | 25.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Internal rate of return | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | 12.00% | 12.00% | 20.00% | 12.00% | 20.00% | 20.00% | ' | 12.00% | ' | ' | ' | ' | 12.00% | ' | 20.00% | 12.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of consecutive fiscal years | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award type percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | 75.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive securities | ' | 180,297 | 80,622 | 2,454,101 | 82,891 | ' | ' | ' | 5,192,974 | 29,823 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | ' | 1.16% | 0.64% | 0.34% | 0.64% | 1.52% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected time to option exercise | ' | ' | ' | '6 years 6 months | '1 year 11 months 5 days | '3 years 6 months | '1 year 11 months 5 days | '2 years 11 months 5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility of Pinnacle Foods Inc. stock | ' | ' | ' | 35.00% | 55.00% | 40.00% | 55.00% | 70.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20 | ' |
Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,104,888 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,300,000 | ' | ' | ' | ' |
Change in Control or Liquidity Event, Percent | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards delivered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,546,355 | 1,131 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,042 | 82,460 | ' | ' | 348,502 | 200,000 |
Number of Shares Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,207 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 155,575 | ' | 2,310,000 | 2,465,575 | ' | ' |
Stockholders_Equity_EquityBase1
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Schedule of Weighted Average Assumption (Detail) | 9 Months Ended | 12 Months Ended | |||
Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |
Schedule Of Weighted Average Assumptions [Line Items] | ' | ' | ' | ' | ' |
Risk-free interest rate | 1.16% | 0.64% | 0.34% | 0.64% | 1.52% |
Expected time to option exercise | '6 years 6 months | '1 year 11 months 5 days | '3 years 6 months | '1 year 11 months 5 days | '2 years 11 months 5 days |
Expected volatility of Pinnacle Foods Inc. stock | 35.00% | 55.00% | 40.00% | 55.00% | 70.00% |
Expected dividend yield on Pinnacle Foods Inc. stock | 3.55% | 0.00% | ' | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' | ' | ' |
Schedule Of Weighted Average Assumptions [Line Items] | ' | ' | ' | ' | ' |
Expected dividend yield on Pinnacle Foods Inc. stock | ' | ' | 2.00% | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Schedule Of Weighted Average Assumptions [Line Items] | ' | ' | ' | ' | ' |
Expected dividend yield on Pinnacle Foods Inc. stock | ' | ' | 4.00% | ' | ' |
Stockholders_Equity_EquityBase2
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Schedule of Equity-based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pre-Tax Equity-Based Compensation Expense | $2,291 | $124 | $5,616 | $725 | $850 | $1,151 | $4,727 |
Income tax benefit | -698 | -39 | -1,378 | -53 | 30 | 33 | 141 |
Net Equity-Based Compensation Expense | 1,593 | 85 | 4,238 | 672 | 820 | 1,118 | 4,586 |
Cost of products sold | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pre-Tax Equity-Based Compensation Expense | 81 | 16 | 389 | 96 | 113 | 152 | 394 |
Marketing and selling expenses | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pre-Tax Equity-Based Compensation Expense | 56 | 51 | 991 | 291 | 342 | 463 | 1,936 |
Administrative expenses | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pre-Tax Equity-Based Compensation Expense | 2,069 | 54 | 4,082 | 316 | 370 | 502 | 2,184 |
Research and development expenses | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pre-Tax Equity-Based Compensation Expense | $85 | $3 | $154 | $22 | $25 | $34 | $213 |
Stockholders_Equity_EquityBase3
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Summary of Equity Option Transactions (Detail) (2007 Stock Incentive Plan, USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
2007 Stock Incentive Plan | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, Exercisable, Ending Balance | 156,848 | 186,781 | ' |
Weighted Average Exercise Price, Exercisable, Ending Balance | $9.20 | $9 | ' |
Weighted Average Fair Value at Grant Date, Exercisable, Ending Balance | $4.06 | $4.04 | ' |
Weighted Average Remaining Life, Exercisable, Ending Balance | '4 years 9 months 18 days | '5 years 2 months 9 days | ' |
Aggregate Intrinsic Value, Exercisable, Ending Balance | $2,645 | $3,407 | ' |
Number of Shares, Outstanding, Beginning balance | 436,486 | 463,887 | ' |
Number of Shares, Granted | ' | 42,207 | ' |
Number of Shares, Exercised | -43,053 | -11,104 | ' |
Number of Shares, Forfeitures | -30,918 | -58,504 | ' |
Number of Shares, Outstanding, Ending Balance | 362,515 | 436,486 | 463,887 |
Weighted Average Exercise Price, Outstanding, Beginning balance | $9.99 | $9.28 | ' |
Weighted Average Remaining Life | '5 years 6 months 29 days | '6 years 2 months 19 days | '6 years 11 months 27 days |
Weighted Average Exercise Price, Granted | ' | $16.98 | ' |
Weighted Average Exercise Price, Exercised | $8.94 | $8.62 | ' |
Weighted Average Exercise Price, Forfeitures | $10.61 | $9.82 | ' |
Weighted Average Exercise Price, Outstanding, Ending balance | $10.06 | $9.99 | $9.28 |
Weighted Average Fair Value at Grant Date, Outstanding, Beginning balance | $3.97 | $3.98 | ' |
Weighted Average Fair Value at Grant Date, Granted | ' | $4.07 | ' |
Weighted Average Fair Value at Grant Date, Exercised | $4.98 | $3.99 | ' |
Weighted Average Fair value at Grant Date, Forfeitures | $6.93 | $3.47 | ' |
Weighted Average Fair Value at Grant Date, Outstanding, Ending balance | $5.89 | $3.97 | $3.98 |
Aggregate Intrinsic Value, Outstanding, Beginning balance | 1,642 | 939 | ' |
Aggregate Intrinsic Value, Outstanding, Ending balance | $5,803 | $1,642 | $939 |
Shareholders_Equity_and_Equity2
Shareholders' Equity, and Equity-Based Compensation Expense and Earnings Per Share Schedule of Profit Interest Unit Activity (Detail) (Profit Interest Units (PIUs) [Member], 2007 Unit Plan [Member], USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
Profit Interest Units (PIUs) [Member] | 2007 Unit Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of RSUs, Outstanding, Beginning Balance | 11,053 | 10,738 | ' |
Number of Units, Granted | 1,546,355 | 1,131 | ' |
Number of Shares, Exercised | ' | -184 | ' |
Number of Units, Forfeitures | ' | -632 | ' |
Number of RSUs, Outstanding, Ending Balance | ' | 11,053 | 10,738 |
Number of RSUs, Outstanding, Beginning Balance | $1,999.93 | $2,227.82 | ' |
Weighted Average Fair Value at Grant Date, Granted | ' | $131 | ' |
Weighted Average Fair Value at Grant Date, Exercised | ' | $2,334.81 | ' |
Weighted Average Fair Vaue at Grant Date, Forfeitures | ' | $2,430.18 | ' |
Weighted Average Fair Value at Grant Date, Oustanding, Ending balance | ' | $1,999.93 | $2,227.82 |
Weighted Average Remaining Life, Outstanding, Beginning balance | ' | '6 years 2 months 23 days | '6 years 10 months 28 days |
Aggregate Intrinsic Value, Outstanding, Ending balance | ' | $19,276 | $10,607 |
Number of Units, Exercisable, End of Year | ' | 4,489 | ' |
Weighted Average Fair Value at Grant Date, Vested, End of year | ' | $2,198.68 | ' |
Weighted Average Remaining Life, Vested, End of year | ' | '4 years 11 months 12 days | ' |
Aggregate Intrinsic Value, Vested, End of year | ' | $41,485 | ' |
Stockholders_Equity_EquityBase4
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share 2007 Incentive Plan (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average common shares | 115,590,396 | 80,202,000 | 81,218,162 | 82,235,000 | 81,267,000 | 81,273,000 | 81,296,000 | 81,338,000 | 81,357,000 | 103,921,211 | 81,237,056 | 81,230,630 | 81,315,848 | 68,434,982 |
Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,192,974 | 0 | 5,192,974 |
Effect of dilutive securities: | 757,112 | ' | 5,226,728 | ' | ' | ' | ' | ' | ' | 2,057,157 | 5,223,800 | ' | ' | ' |
Options to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70,942 | 0 | 10,239 |
Dilutive potential common shares | 116,347,508 | 85,482,000 | 86,444,890 | 87,559,000 | 86,492,000 | 81,273,000 | 86,489,000 | 86,582,000 | 86,621,000 | 105,978,368 | 86,460,856 | 86,494,546 | 81,315,848 | 73,638,195 |
Other_Expense_Income_Net_Sched
Other Expense (Income), Net Schedule of Other Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Jun. 24, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Component Of Other Operating Income And Expense [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangibles/other assets | $3,872 | $3,879 | ' | ' | ' | ' | ' | $11,616 | $11,647 | $15,828 | $16,175 | $17,170 |
Tradename impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 520 | 25,300 | 29,000 |
Redemption premium on the early extinguishment of debt | ' | 3,470 | 10,785 | ' | ' | ' | ' | 34,180 | 14,255 | 14,255 | 0 | 0 |
Lehman Brothers Specialty Financing settlement | ' | ' | ' | 0 | 0 | 8,500 | 0 | ' | ' | 0 | 8,500 | 0 |
Gain on sale of the Watsonville, CA facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -391 | 0 |
Royalty income and other | -266 | -265 | ' | ' | ' | ' | ' | -700 | -622 | -829 | -1,006 | -675 |
Total other expense (income), net | $3,606 | $7,084 | ' | ' | ' | ' | ' | $45,096 | $25,280 | $29,774 | $48,578 | $45,495 |
Other_Expense_Income_Net_Addit
Other Expense (Income), Net - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Jul. 31, 2013 | Jan. 31, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Jun. 04, 2010 | Sep. 25, 2011 | Dec. 25, 2011 | Sep. 20, 2012 | Apr. 19, 2012 | Dec. 30, 2012 | 19-May-13 | Dec. 25, 2011 | Apr. 02, 2007 | 10-May-13 | Apr. 03, 2013 | Sep. 20, 2012 | Jun. 04, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Apr. 02, 2007 | Dec. 30, 2012 | Sep. 20, 2012 | Jun. 05, 2012 | 10-May-13 | Sep. 29, 2013 | 19-May-13 | Apr. 29, 2013 | Dec. 30, 2012 | Aug. 17, 2010 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 25, 2011 | Dec. 25, 2011 | Dec. 26, 2010 | ||||||
Settled [Member] | Settled [Member] | Watsonville Ca Facility [Member] | Senior Notes | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | Bernsteins [Member] | Bernsteins [Member] | Aunt Jemima Frozen Pancakes [Member] | Lenders [Member] | Hungry Man [Member] | ||||||||||||||||||||
Contract Termination Derivatives [Member] | Contract Termination Derivatives [Member] | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | |||||||||||||||||||||||||||
2012 [Member] | 2012 [Member] | 2012 [Member] | 2012 [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Component Of Other Operating Income And Expense [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment of Intangible Assets (Excluding Goodwill) | ' | ' | $520,000 | ' | ' | $25,300,000 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | ' | ' | $520,000 | $25,300,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 | $400,000 | $23,700,000 | $1,200,000 | $29,000,000 |
Amount of debt redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,000,000 | 199,000,000 | ' | ' | ' | ' | 465,000,000 | 150,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.25% | 10.63% | 10.63% | 8.25% | 10.63% | 10.63% | ' | 9.25% | 9.25% | ' | 9.25% | 9.25% | 9.25% | ' | ' | ' | ' | 8.25% | ' | ' | 8.25% | 8.25% | ' | ' | ' | ' | ' | |||||
Redemption prices, percent of outstanding principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.31% | ' | ' | ' | ' | ' | 100.00% | 102.31% | ' | ' | ' | ' | 102.31% | 102.31% | ' | ' | ' | 108.50% | 108.50% | ' | ' | ' | ' | ' | ' | ' | |||||
Debt Instrument, Repurchase Price, Percent of Outstanding Pincipal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105.31% | ' | ' | ' | ' | ' | ' | 102.13% | ' | ' | ' | ' | ' | ' | 102.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Payments for Legal Settlements | ' | ' | ' | ' | ' | 0 | 0 | -8,500,000 | 0 | ' | ' | 0 | -8,500,000 | 0 | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Proceeds from Sale of Property, Plant, and Equipment | 5,077,000 | 874,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gain (Loss) on Sale of Property Plant Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 391,000 | 0 | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Call premium on note redemptions | ' | ' | ' | $3,470,000 | $10,785,000 | ' | ' | ' | ' | $34,180,000 | $14,255,000 | $14,255,000 | $0 | $0 | ' | ' | ' | ' | $10,600,000 | ' | ' | ' | ' | $34,200,000 | ' | $3,500,000 | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | Tradename impairment charges consist of the following: b" Fourth quarter 2012-$520 on Bernstein's. b" Fourth quarter 2011-$23,700, $1,200 and $400 on the Aunt Jemima breakfast, Lender's and Bernstein's tradenames, respectively. |
Balance_Sheet_Information_Sche
Balance Sheet Information Schedule of Accounts Receivable (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Dec. 27, 2009 |
In Thousands, unless otherwise specified | |||||
Accounts Receivable, Net, Current [Abstract] | ' | ' | ' | ' | ' |
Customers | $168,106 | $137,950 | $154,949 | ' | ' |
Allowances for cash discounts, bad debts and returns | -5,707 | -5,149 | -5,440 | -5,214 | -3,826 |
Subtotal | 162,399 | 132,801 | 149,509 | ' | ' |
Other receivables | 6,517 | 11,083 | 10,472 | ' | ' |
Total | $168,916 | $143,884 | $159,981 | ' | ' |
Balance_Sheet_Information_Sche1
Balance Sheet Information Schedule of the Changes in the Allowance for Cash Discounts, Bad Debts and Returns (Detail) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Sep. 29, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Beginning Balance | $5,440 | $5,214 | $3,826 | $5,707 |
Revenue Reductions | 90,598 | 86,158 | 84,618 | ' |
Deductions | -90,889 | -85,932 | -83,230 | ' |
Ending Balance | $5,149 | $5,440 | $5,214 | $5,707 |
Balance_Sheet_Information_Sche2
Balance Sheet Information Schedule of Inventories (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Inventory, Net [Abstract] | ' | ' | ' |
Raw materials, containers and supplies | $61,504 | $50,919 | $66,247 |
Finished product | 332,824 | 307,132 | 269,565 |
Total | $394,328 | $358,051 | $335,812 |
Balance_Sheet_Information_Sche3
Balance Sheet Information Schedule of Other Current Assets (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Prepaid Expense and Other Assets, Current [Abstract] | ' | ' | ' |
Prepaid expenses | $3,590 | $5,954 | $6,540 |
Prepaid income taxes | 2,120 | 578 | 1,009 |
Assets held for sale | 1,556 | 5,330 | ' |
Total | $7,266 | $11,862 | $7,549 |
Balance_Sheet_Information_Sche4
Balance Sheet Information Schedule of Plant Assets (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant Assets, Gross | $795,777 | $738,360 | $706,564 |
Accumulated depreciation | -283,426 | -244,694 | -205,281 |
Total | 512,351 | 493,666 | 501,283 |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant Assets, Gross | 14,061 | 14,061 | 18,001 |
Building [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant Assets, Gross | 190,487 | 178,300 | 163,397 |
Machinery and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant Assets, Gross | 556,180 | 513,339 | 474,556 |
Project in Progress | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Plant Assets, Gross | $35,049 | $32,660 | $50,610 |
Balance_Sheet_Information_Addi
Balance Sheet Information - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jan. 31, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Supplemental Balance Sheet Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation | ' | ' | $15,786 | $22,607 | $46,067 | $56,895 | $82,295 | $72,299 | $60,879 |
Total | ' | ' | 512,351 | ' | 512,351 | ' | 493,666 | 501,283 | ' |
Accumulated depreciation | ' | ' | 283,426 | ' | 283,426 | ' | 244,694 | 205,281 | ' |
Proceeds from Sale of Property, Plant, and Equipment | 5,077 | 874 | ' | ' | ' | ' | ' | ' | ' |
Accelerated depreciation costs | ' | ' | ' | 7,677 | ' | 12,231 | ' | ' | ' |
Assets under Capital Leases [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Balance Sheet Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | 19,924 | ' | 19,924 | ' | 22,030 | 17,614 | ' |
Accumulated depreciation | ' | ' | $8,668 | ' | $8,668 | ' | $8,246 | $5,257 | ' |
Balance_Sheet_Information_Sche5
Balance Sheet Information Schedule of Accrued Liabilities (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
In Thousands, unless otherwise specified | ||||
Accrued Liabilities, Current [Abstract] | ' | ' | ' | ' |
Employee compensation and benefits | $61,626 | $53,373 | $50,891 | ' |
Interest payable | 17,034 | 28,116 | 36,840 | ' |
Consumer coupons | 2,812 | 3,346 | 3,170 | ' |
Accrued restructuring charges | 2,210 | 10,480 | 4,076 | 7,947 |
Accrued financial instrument contracts | 1,341 | 682 | 9,451 | ' |
Other | 21,652 | 23,272 | 24,357 | ' |
Total | $106,675 | $119,269 | $128,785 | ' |
Balance_Sheet_Information_Sche6
Balance Sheet Information Schedule of Other Long-Term Liabilities (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Liabilities, Noncurrent [Abstract] | ' | ' | ' |
Employee compensation and benefits | $9,324 | $9,340 | $9,589 |
Long-term rent liability and deferred rent allowances | 9,609 | 10,217 | 6,594 |
Liability for uncertain tax positions | 1,622 | 1,614 | 1,788 |
Accrued financial instrument contracts | 0 | 3,807 | 0 |
Other | 4,247 | 3,727 | 4,128 |
Total | $24,802 | $28,705 | $22,099 |
Recovered_Sheet3
Goodwill Tradenames And Other Assets Schedule of Goodwill by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Dec. 25, 2011 | Sep. 29, 2013 | Dec. 30, 2012 | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill, Beginning Balance | ' | ' | ' | $1,564,395 | $1,564,395 | $1,441,495 | $1,441,495 | |||||
Impairments | -122,900 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -122,900 | [1] | ' | ' |
Goodwill, Ending Balance | 1,441,495 | ' | ' | ' | 1,441,495 | 1,441,495 | 1,441,495 | |||||
Goodwill, Ending Balance | 1,441,495 | ' | ' | ' | 1,441,495 | 1,441,495 | 1,441,495 | |||||
Birds Eye Frozen | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill, Beginning Balance | ' | ' | ' | 578,769 | 578,769 | 527,069 | 527,069 | |||||
Impairments | ' | ' | ' | ' | -51,700 | ' | ' | |||||
Goodwill, Ending Balance | 527,069 | ' | ' | ' | 527,069 | 527,069 | 527,069 | |||||
Goodwill, Ending Balance | 527,069 | ' | ' | ' | 527,069 | 527,069 | 527,069 | |||||
Duncan Hines Grocery | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill, Beginning Balance | ' | ' | ' | 740,465 | 740,465 | 740,465 | 740,465 | |||||
Impairments | ' | ' | ' | ' | 0 | ' | ' | |||||
Goodwill, Ending Balance | 740,465 | ' | ' | ' | 740,465 | 740,465 | 740,465 | |||||
Goodwill, Ending Balance | 740,465 | ' | ' | ' | 740,465 | 740,465 | 740,465 | |||||
Specialty Foods | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | |||||
Goodwill, Beginning Balance | ' | ' | ' | 245,161 | 245,161 | 173,961 | 173,961 | |||||
Impairments | ' | ' | ' | ' | -71,200 | ' | ' | |||||
Goodwill, Ending Balance | 173,961 | ' | ' | ' | 173,961 | 173,961 | 173,961 | |||||
Goodwill, Ending Balance | $173,961 | ' | ' | ' | $173,961 | $173,961 | $173,961 | |||||
[1] | Goodwill impairment charges consist of the following: b" Fourth quarter 2011-Goodwill Impairment charges of $51,700, $49,700 and $21,500 on the Frozen Breakfast, Private Label and Foodservice reporting units, respectively. |
Goodwill_Trade_names_And_Other
Goodwill Trade names And Other Assets - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Aug. 31, 2012 | Apr. 17, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairments | ' | ' | ' | ' | ' | $122,900 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | ' | ' | ' | $122,900 | [1] | ' |
Impairment of Intangible Assets (Excluding Goodwill) | ' | ' | ' | 520 | ' | 25,300 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ' | ' | 520 | 25,300 | [2] | ' |
Amortization of intangible assets | ' | ' | 3,872 | ' | 3,879 | ' | ' | ' | ' | 11,616 | 11,647 | 15,828 | 16,175 | 17,170 | |||||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Estimated amortization expense, 2013 | ' | ' | ' | 15,500 | ' | ' | ' | ' | ' | ' | ' | 15,500 | ' | ' | |||||
Estimated amortization expense, 2014 | ' | ' | 12,200 | 12,200 | ' | ' | ' | ' | ' | 12,200 | ' | 12,200 | ' | ' | |||||
Estimated amortization expense, 2015 | ' | ' | 10,900 | 10,900 | ' | ' | ' | ' | ' | 10,900 | ' | 10,900 | ' | ' | |||||
Estimated amortization expense, 2016 | ' | ' | 10,300 | 10,300 | ' | ' | ' | ' | ' | 10,300 | ' | 10,300 | ' | ' | |||||
Estimated amortization expense, 2017 | ' | ' | 5,700 | 5,700 | ' | ' | ' | ' | ' | 5,700 | ' | 5,700 | ' | ' | |||||
Estimated amortization expense, thereafter | ' | ' | 72,400 | 72,400 | ' | ' | ' | ' | ' | 72,400 | ' | 72,400 | ' | ' | |||||
Estimated amortization expense, remainder of 2013 | ' | ' | 3,900 | ' | ' | ' | ' | ' | ' | 3,900 | ' | ' | ' | ' | |||||
Write Off, Net | 2,641 | 5,450 | 0 | ' | 2,641 | ' | ' | ' | ' | 12,725 | 8,091 | 8,091 | ' | 11,633 | |||||
Deferred finance costs not capitalized | ' | 7,526 | 0 | ' | 0 | ' | ' | ' | ' | 4,762 | 7,526 | 7,526 | ' | ' | |||||
Deferred financing costs, Additions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,730 | ' | 9,972 | ' | ' | |||||
Amortization of debt acquisition costs | ' | ' | 623 | ' | 1,910 | ' | ' | ' | ' | 3,378 | 6,745 | 8,585 | 11,062 | 13,541 | |||||
Breakfast Reporting Unit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairments | ' | ' | ' | ' | ' | 51,700 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Private Label Reporting Unit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairments | ' | ' | ' | ' | ' | 49,700 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Food Service Reporting Unit [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairments | ' | ' | ' | ' | ' | 21,500 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Bernsteins [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment of Intangible Assets (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500 | 400 | ' | |||||
Aunt Jemima Frozen Pancakes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment of Intangible Assets (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,700 | ' | |||||
Lenders [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment of Intangible Assets (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,200 | ' | |||||
[1] | Goodwill impairment charges consist of the following: b" Fourth quarter 2011-Goodwill Impairment charges of $51,700, $49,700 and $21,500 on the Frozen Breakfast, Private Label and Foodservice reporting units, respectively. | ||||||||||||||||||
[2] | Tradename impairment charges consist of the following: b" Fourth quarter 2012-$520 on Bernstein's. b" Fourth quarter 2011-$23,700, $1,200 and $400 on the Aunt Jemima breakfast, Lender's and Bernstein's tradenames, respectively. |
Recovered_Sheet4
Goodwill Tradenames And Other Assets Schedule of Tradenames by Segment (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Dec. 30, 2012 | Dec. 25, 2011 | Sep. 29, 2013 | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Tradenames, Beginning Balance | ' | $1,629,812 | ' | ' | ' | ' | $1,629,812 | ' | |||||
Impairments | -520 | -25,300 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | -520 | -25,300 | [1] | ' |
Tradenames, Ending Balance | 1,603,992 | 1,604,512 | ' | ' | ' | 1,603,992 | 1,604,512 | 1,603,992 | |||||
Birds Eye Frozen | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Tradenames, Beginning Balance | ' | 821,580 | ' | ' | ' | ' | 821,580 | ' | |||||
Impairments | ' | ' | ' | ' | ' | ' | -24,900 | ' | |||||
Tradenames, Ending Balance | 796,680 | 796,680 | ' | ' | ' | 796,680 | 796,680 | 796,680 | |||||
Duncan Hines Grocery | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Tradenames, Beginning Balance | ' | 772,232 | ' | ' | ' | ' | 772,232 | ' | |||||
Impairments | ' | ' | ' | ' | ' | -520 | -400 | ' | |||||
Tradenames, Ending Balance | 771,312 | 771,832 | ' | ' | ' | 771,312 | 771,832 | 771,312 | |||||
Specialty Foods | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Tradenames, Beginning Balance | ' | 36,000 | ' | ' | ' | ' | 36,000 | ' | |||||
Tradenames, Ending Balance | $36,000 | $36,000 | ' | ' | ' | $36,000 | $36,000 | $36,000 | |||||
[1] | Tradename impairment charges consist of the following: b" Fourth quarter 2012-$520 on Bernstein's. b" Fourth quarter 2011-$23,700, $1,200 and $400 on the Aunt Jemima breakfast, Lender's and Bernstein's tradenames, respectively. |
Goodwill_Tradenames_And_Other_2
Goodwill Tradenames And Other Assets Schedule of Other Assets (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ' | ' | ' | |||
Financial instruments (see note 11) | ' | ' | $1,335 | |||
Gross Carrying Amount | 228,788 | 228,788 | 228,788 | |||
Deferred financing costs, Gross Carrying Amount | 35,988 | 59,486 | 77,112 | |||
Accumulated Amortization | -113,437 | -101,821 | -85,992 | |||
Deferred financing costs, Accumulated Amortization | -20,181 | -35,306 | -46,228 | |||
Net | 115,351 | 126,967 | 142,796 | |||
Deferred financing costs | 15,807 | 24,180 | 30,884 | |||
Derivative Assets, Noncurrent | 25,065 | ' | ' | |||
Other | 5,200 | [1] | 4,411 | [2] | 3,834 | [2] |
Total other assets, net | 161,423 | 155,558 | 178,849 | |||
Birds Eye Frozen | ' | ' | ' | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ' | ' | ' | |||
Net | 64,884 | 69,581 | 76,054 | |||
Duncan Hines Grocery | ' | ' | ' | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ' | ' | ' | |||
Net | 45,034 | 48,806 | 53,948 | |||
Specialty Foods | ' | ' | ' | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ' | ' | ' | |||
Net | 5,433 | 8,580 | 12,794 | |||
Recipes | ' | ' | ' | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ' | ' | ' | |||
Weighted Avg Life | '10 years | '10 years | '10 years | |||
Gross Carrying Amount | 52,810 | 52,810 | 52,810 | |||
Accumulated Amortization | -34,326 | -30,365 | -25,084 | |||
Net | 18,484 | 22,445 | 27,726 | |||
Customer relationships - Distributors [Member] | ' | ' | ' | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ' | ' | ' | |||
Weighted Avg Life | '36 years | '36 years | '36 years | |||
Gross Carrying Amount | 125,746 | 125,746 | 125,746 | |||
Accumulated Amortization | -32,919 | -28,791 | -22,947 | |||
Net | 92,827 | 96,955 | 102,799 | |||
Customer relationships - Food Service [Member] | ' | ' | ' | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ' | ' | ' | |||
Weighted Avg Life | '7 years | '7 years | '7 years | |||
Gross Carrying Amount | 36,143 | 36,143 | 36,143 | |||
Accumulated Amortization | -34,438 | -31,882 | -28,472 | |||
Net | 1,705 | 4,261 | 7,671 | |||
Customer relationships - Private Label [Member] | ' | ' | ' | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ' | ' | ' | |||
Weighted Avg Life | '7 years | '7 years | '7 years | |||
Gross Carrying Amount | 9,214 | 9,214 | 9,214 | |||
Accumulated Amortization | -8,942 | -8,533 | -7,989 | |||
Net | 272 | 681 | 1,225 | |||
License [Member] | ' | ' | ' | |||
Finite-Lived Intangible Assets And Liabilities [Line Items] | ' | ' | ' | |||
Weighted Avg Life | '7 years | '7 years | '7 years | |||
Gross Carrying Amount | 4,875 | 4,875 | 4,875 | |||
Accumulated Amortization | -2,812 | -2,250 | -1,500 | |||
Net | $2,063 | $2,625 | $3,375 | |||
[1] | As of September 29, 2013 and December 30, 2012, Other primarily consists of security deposits. | |||||
[2] | As of December 30, 2012 and December 25, 2011, Other consists of security deposits. |
Goodwill_Tradenames_And_Other_3
Goodwill Tradenames And Other Assets Schedule of Deferred Financing Cost Activity (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Aug. 31, 2012 | Apr. 17, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Finite-Lived Intangible Assets And Liabilities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, Net, Beginning Balance | ' | ' | ' | ' | $24,180 | $30,884 | $30,884 | ' | ' |
Deferred financing costs, Additions | ' | ' | ' | ' | 7,730 | ' | 9,972 | ' | ' |
Amortization of debt acquisition costs | ' | ' | -623 | -1,910 | -3,378 | -6,745 | -8,585 | -11,062 | -13,541 |
Write off, net | -2,641 | -5,450 | 0 | -2,641 | -12,725 | -8,091 | -8,091 | ' | -11,633 |
Deferred financing costs, Net, Ending Balance | ' | ' | 15,807 | ' | 15,807 | ' | 24,180 | 30,884 | ' |
Deferred financing costs, Accumulated Amortization, Beginning Balance | ' | ' | ' | ' | -35,306 | -46,228 | -46,228 | ' | ' |
Write off of Deferred Debt Issuance Cost, Accumulated Amortization | ' | ' | ' | ' | 18,503 | ' | 19,507 | ' | ' |
Deferred financing costs, Accumulated Amortization, Ending Balance | ' | ' | -20,181 | ' | -20,181 | ' | -35,306 | -46,228 | ' |
Deferred financing costs, Gross Carrying Amount, Beginning Balance | ' | ' | ' | ' | 59,486 | 77,112 | 77,112 | ' | ' |
Deferred financing costs, Additions | ' | ' | ' | ' | 7,730 | ' | 9,972 | ' | ' |
Write off of Deferred Debt Issuance Cost, Gross | ' | ' | ' | ' | -31,228 | ' | -27,598 | ' | ' |
Deferred financing costs, Gross Carrying Amount, Ending Balance | ' | ' | $35,988 | ' | $35,988 | ' | $59,486 | $77,112 | ' |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jan. 31, 2013 | 25-May-12 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Sep. 23, 2012 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Sep. 23, 2012 | Sep. 23, 2012 | Sep. 23, 2012 | Sep. 23, 2012 | Dec. 30, 2012 | Sep. 23, 2012 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Jan. 27, 2010 | Sep. 23, 2012 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Dec. 26, 2010 | Dec. 26, 2010 | Dec. 26, 2010 | Dec. 26, 2010 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 26, 2010 |
Property | Millsboro, DE Plant | Millsboro, DE Plant | Millsboro, DE Plant | Millsboro, DE Plant | Millsboro, DE Plant | Millsboro, DE Plant | Millsboro, DE Plant | Facility Closing At Green Bay Wi Research Facility | Facility Closing At Green Bay Wi Research Facility | Facility Closing At Green Bay Wi Research Facility | Fulton NY Plant | Fulton NY Plant | Fulton NY Plant | Fulton NY Plant | Tacoma WA Plant | Tacoma WA Plant | Tacoma WA Plant | Tacoma WA Plant | Tacoma WA Plant | Tacoma WA Plant | One-time Termination Benefits [Member] | One-time Termination Benefits [Member] | One-time Termination Benefits [Member] | One-time Termination Benefits [Member] | Contract Termination [Member] | Contract Termination [Member] | Contract Termination [Member] | ||||||||
Duncan Hines Grocery | Duncan Hines Grocery | Duncan Hines Grocery | Specialty Foods | Specialty Foods | Specialty Foods | Birds Eye Frozen | Birds Eye Frozen | Birds Eye Frozen | Birds Eye Frozen | Birds Eye Frozen | Birds Eye Frozen | Birds Eye Frozen | Person | Duncan Hines Grocery | Duncan Hines Grocery | Duncan Hines Grocery | Duncan Hines Grocery | Duncan Hines Grocery | Administrative expenses | Administrative expenses | Administrative expenses | Administrative expenses | Birds Eye Frozen | ||||||||||||
Duncan Hines Grocery | Specialty Foods | Birds Eye Frozen | |||||||||||||||||||||||||||||||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Plants | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Exit Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | $150 | $1,472 | $1,726 | $6,483 | ' | ' | $233 | $960 | $960 | ' | ' | ' | $1,680 | ' | ' | ' | ' | $30 | $1,533 | $11,393 | $2,076 | $1,265 | $8,052 | ' | ' | $1,206 |
Asset retirement obligation charges | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 750 | 750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 523 | 1,026 | ' | ' | ' | ' | ' | ' | ' |
Accelerated depreciation costs | ' | ' | ' | 7,677 | ' | 12,231 | ' | ' | 1,587 | 6,631 | 8,367 | 16,547 | ' | 814 | 814 | 232 | 419 | 878 | 0 | 2,324 | 2,550 | 9,295 | ' | 0 | 307 | 307 | 4,782 | ' | ' | ' | ' | ' | ' | ' | ' |
Facility shutdown costs | ' | ' | ' | ' | 0 | ' | -10,128 | -2,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 958 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -6,483 | ' |
Asset impairment charges | ' | ' | ' | ' | ' | ' | ' | 1,286 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,286 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of positions eliminated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on Contract Termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,483 | 6,483 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | $5,077 | $874 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring_Charges_Schedule
Restructuring Charges Schedule of restructuring charges accrued (Detail) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Accrued restructuring charges, Beginning balance | $10,480 | $4,076 | $7,947 | |
Expense | 0 | 10,128 | 2,233 | |
Other increases | ' | 776 | 0 | |
Payments | -8,270 | -4,500 | -6,104 | |
Accrued restructuring charges, Ending balance | 2,210 | 10,480 | 4,076 | |
Facility shutdowns [Member] | ' | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Accrued restructuring charges, Beginning balance | 2,796 | 1,201 | 1,851 | |
Expense | 0 | 958 | 523 | |
Other increases | ' | 776 | [1] | 0 |
Payments | -1,030 | -139 | -1,173 | |
Accrued restructuring charges, Ending balance | 1,766 | 2,796 | 1,201 | |
Employee Severance [Member] | ' | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Accrued restructuring charges, Beginning balance | 1,851 | 2,875 | 6,096 | |
Expense | 0 | 2,687 | 1,710 | |
Other increases | ' | 0 | 0 | |
Payments | -1,407 | -3,711 | -4,931 | |
Accrued restructuring charges, Ending balance | 444 | 1,851 | 2,875 | |
Contract Termination [Member] | ' | ' | ' | |
Restructuring Reserve [Roll Forward] | ' | ' | ' | |
Accrued restructuring charges, Beginning balance | 5,833 | 0 | ' | |
Expense | 0 | 6,483 | ' | |
Other increases | ' | 0 | ' | |
Payments | -5,833 | -650 | ' | |
Accrued restructuring charges, Ending balance | $0 | $5,833 | ' | |
[1] | Consists of asset retirement obligations primarily at the Millsboro, Delaware plant. |
Debt_And_Interest_Expense_Sche
Debt And Interest Expense Schedule of Long-term and Short-term Debt Instruments (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Short-term borrowings | ' | ' | ' |
Notes payable | $1,065 | $2,139 | $1,708 |
Long-term debt | ' | ' | ' |
Unamortized discount on long term debt | -8,188 | -7,230 | -2,712 |
Capital lease obligations | 20,606 | 20,990 | 22,954 |
Long-term Debt, including capital lease obligations less unamortized discount on long term debt | 1,988,343 | 2,606,805 | 2,754,311 |
Less: current portion of long-term obligations | 19,436 | 30,419 | 15,661 |
Total long-term debt | 1,968,907 | 2,576,386 | 2,738,650 |
Current portion of long-term obligations | 19,436 | 30,419 | 15,661 |
Long-term debt | 1,968,907 | 2,576,386 | 2,738,650 |
4.875% Senior Notes Due 2021 | Senior Notes | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Notes | 350,000 | ' | ' |
9.25% Senior Notes due 2015 | Senior Notes | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Notes | ' | 465,000 | ' |
8.25% Senior Notes due 2017 | Senior Notes | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Notes | ' | 400,000 | 400,000 |
Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Senior Notes | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Subordinated Notes | ' | ' | 199,000 |
Secured Debt | Tranche B Non Extended Term Loans due 2014 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Secured Credit Facility | ' | 243,264 | 1,196,875 |
Secured Debt | Tranche B Extended term Loans due 2016 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Secured Credit Facility | ' | 637,906 | 1,196,875 |
Secured Debt | Tranche E Term Loan Due 2018 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Secured Credit Facility | ' | 398,000 | ' |
Secured Debt | Tranche F Term Loan due 2018 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Secured Credit Facility | ' | 448,875 | ' |
Secured Debt | Tranche G Term Loan due 2020 | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Secured Credit Facility | 1,625,925 | ' | ' |
Secured Debt | Debt Instrument Tranche D Term Loans Due 2014 [Member] | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Secured Credit Facility | ' | ' | 313,194 |
9.25% Senior Notes due 2015 | Senior Notes | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Notes | ' | 465,000 | 625,000 |
8.25% Senior Notes due 2017 | Senior Notes | ' | ' | ' |
Long-term debt | ' | ' | ' |
Senior Notes | ' | $400,000 | $400,000 |
Debt_And_Interest_Expense_Sche1
Debt And Interest Expense Schedule of Long-term and Short-term Debt Instruments (Parenthetical) (Detail) (Senior Notes) | Sep. 20, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Apr. 02, 2007 | Sep. 29, 2013 | Apr. 03, 2013 | Dec. 30, 2012 | Sep. 20, 2012 | Apr. 02, 2007 | Sep. 29, 2013 | Dec. 30, 2012 | Aug. 17, 2010 | 19-May-13 | Dec. 30, 2012 | Apr. 19, 2012 | Dec. 25, 2011 | Apr. 02, 2007 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 25, 2011 |
4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | ||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | 9.25% | 4.88% | 4.88% | 4.88% | 9.25% | 9.25% | 9.25% | 9.25% | 9.25% | 8.25% | 8.25% | 8.25% | 8.25% | 10.63% | 10.63% | 10.63% | 10.63% | 9.25% | 9.25% | 8.25% | 8.25% |
Debt_And_Interest_Expense_Sche2
Debt And Interest Expense Schedule of Interest expense (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Aug. 31, 2012 | Apr. 17, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense, third party | ' | ' | $18,318 | $37,972 | ' | ' | ' | ' | $79,497 | $118,021 | $158,557 | $165,611 | $179,209 |
Related party interest expense (Note 13) | ' | ' | 411 | 665 | ' | ' | ' | ' | 1,337 | 2,751 | ' | ' | ' |
Amortization of debt acquisition costs (Note 7) | ' | ' | 623 | 1,910 | ' | ' | ' | ' | 3,378 | 6,745 | 8,585 | 11,062 | 13,541 |
Write-off of debt acquisition costs (Note 7) | 2,641 | 5,450 | 0 | 2,641 | ' | ' | ' | ' | 12,725 | 8,091 | 8,091 | ' | 11,633 |
Write-off of loan discount | ' | ' | 0 | 0 | ' | ' | ' | ' | 2,182 | 1,864 | 1,864 | ' | 5,648 |
Financing costs (Note 7) | ' | 7,526 | 0 | 0 | ' | ' | ' | ' | 4,762 | 7,526 | 7,526 | ' | ' |
Amortization of deferred mark-to-market adjustment on terminated swaps (Note 11) | ' | ' | 0 | 0 | 434 | 473 | 507 | 705 | 0 | 444 | 444 | 2,119 | 3,295 |
Interest rate swap losses (Note 11) | ' | ' | 243 | 1,274 | ' | ' | ' | ' | 3,997 | 9,159 | 10,087 | 23,355 | 17,682 |
Total interest expense | ' | ' | 19,595 | 44,462 | ' | ' | ' | ' | 107,878 | 154,601 | 198,484 | 208,319 | 236,004 |
Majority Shareholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party interest expense (Note 13) | ' | ' | $411 | $665 | ' | ' | ' | ' | $1,337 | $2,751 | $3,330 | $6,172 | $4,996 |
Debt_And_Interest_Expense_Seni
Debt And Interest Expense Senior Secured Credit Facility - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 26, 2010 | Dec. 25, 2011 | Sep. 20, 2012 | Apr. 03, 2013 | Sep. 20, 2012 | Jun. 04, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 23, 2009 | Apr. 02, 2007 | 10-May-13 | Sep. 29, 2013 | Dec. 30, 2012 | 19-May-13 | Apr. 29, 2013 | Aug. 17, 2010 | Dec. 30, 2012 | Sep. 20, 2012 | Apr. 19, 2012 | Dec. 30, 2012 | 19-May-13 | Dec. 25, 2011 | Apr. 02, 2007 | Sep. 29, 2013 | Dec. 30, 2012 | Apr. 02, 2007 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Sep. 29, 2013 | Sep. 20, 2012 | Dec. 30, 2012 | Aug. 30, 2012 | Aug. 30, 2012 | Dec. 30, 2012 | Apr. 17, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Apr. 17, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Apr. 17, 2012 | Apr. 17, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Apr. 17, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 25, 2011 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Sep. 29, 2013 | Apr. 29, 2013 | Apr. 03, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Apr. 29, 2013 | Sep. 29, 2013 | Apr. 29, 2013 | Apr. 03, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | |
Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | New Revolving Credit Facility [Member] | Revolving Credit Facility and Letters of Credit [Member] | Revolving Credit Facility and Letters of Credit [Member] | Revolving Credit Facility and Letters of Credit [Member] | Revolving Credit Facility and Letters of Credit [Member] | Revolving Credit Facility and Letters of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Letter of Credit [Member] | Majority Shareholder | Majority Shareholder | Majority Shareholder | Majority Shareholder | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | ||||||||
9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | Tranche E Term Loan Due 2018 | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | 4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | Item | Tranche F Term Loan due 2018 | Tranche F Term Loan due 2018 | Tranche F Term Loan due 2018 | Tranche B Non Extended Term Loans due 2014 | Tranche B Non Extended Term Loans due 2014 | Tranche B Non Extended Term Loans due 2014 | Tranche B Non Extended Term Loans due 2014 | Tranche B Extended term Loans due 2016 | Tranche B Extended term Loans due 2016 | Tranche B Extended term Loans due 2016 | Tranche E Term Loan Due 2018 | Tranche E Term Loan Due 2018 | Debt Instrument Tranche D Term Loans Due 2014 [Member] | Debt Instrument Tranche D Term Loans Due 2014 [Member] | Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | TrancheB And ETerm loans [Member] | TrancheB And ETerm loans [Member] | TrancheB And ETerm loans [Member] | Tranche B Extended B Non Extended E And F Term Loans [Member] | Tranche B Extended B Non Extended E And F Term Loans [Member] | Tranche B Extended B Non Extended E And F Term Loans [Member] | Tranche B Extended B Non Extended E And F Term Loans [Member] | Tranche B Extended B Non Extended E And F Term Loans [Member] | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | Revolving Credit Facility and Letters of Credit [Member] | Revolving Credit Facility and Letters of Credit [Member] | Federal Funds Purchased [Member] | Net First Lien [Member] | Net First Lien [Member] | Restricted Payments [Member] | Restricted Payments [Member] | Federal Funds Purchased [Member] | Eurodollar [Member] | Base Rate [Member] | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | 9.25% Senior Notes due 2015 | Tranche G Term Loan due 2020 | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | Secured Debt | New Revolving Credit Facility 2013 Member [Member] | ||||||||||||||||||||||
Offering | Reduction Criteria 1 [Member] | Reduction Criteria 2 [Member] | Tranche G Term Loan due 2020 | TrancheB And ETerm loans [Member] | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | TrancheB And ETerm loans [Member] | TrancheB And ETerm loans [Member] | Tranche B Extended B Non Extended E And F Term Loans [Member] | Tranche G Term Loan due 2020 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | Tranche F Term Loan due 2018 | Tranche B Non Extended Term Loans due 2014 | Tranche B Non Extended Term Loans due 2014 | Tranche B Extended term Loans due 2016 | Tranche E Term Loan Due 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount extended as part of the refinancing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $450,000,000 | ' | ' | ' | ' | ' | $641,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,630,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total redemption price of the Senior Subordinated Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 160,000,000 | 210,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 313,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | 446,600,000 | 202,000,000 | 38,100,000 | 634,700,000 | 396,000,000 | ' |
Amount of debt redeemed | ' | ' | ' | ' | ' | ' | ' | ' | 465,000,000 | 150,000,000 | 10,000,000 | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | 199,000,000 | 199,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 465,000,000 | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | 9.25% | 9.25% | 9.25% | ' | 9.25% | 9.25% | ' | 9.25% | ' | 8.25% | 8.25% | ' | ' | 8.25% | ' | ' | 10.63% | 10.63% | 8.25% | 10.63% | 10.63% | 4.88% | 4.88% | 4.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | 4.88% | 4.88% | ' | ' | ' | ' | ' | ' | ' |
Original issue discount on the Tranche E Term Loan in connection with the refinancing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount required to accelerate maturity dates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of loan that retained their original terms as part of the refinancing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial aggregate amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total letter of credit issued under the Revolving Credit Facility cannot exceed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | 350,000,000 | ' | ' | ' | ' | ' | ' | 150,000,000 |
Debt owed to related parties | ' | ' | ' | ' | 63,097,000 | ' | 121,992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,097,000 | 121,992,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eurocurrency rate, minimum per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rate, minimum per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of collateralized capital stock of, or other equity interests in, each direct foreign subsidiaries, or any domestic subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.68% | 3.71% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.71% | 2.79% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.72% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.75% | 3.63% | 3.76% | 3.51% | 4.44% | 3.25% | 3.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eurocurrency rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | 2.50% | ' | ' | 3.50% | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.08% | 3.46% | ' | 3.25% | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fronting fee, per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount on Revolving Credit Facility for letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 448,875,000 | ' | ' | 243,264,000 | ' | 1,196,875,000 | 637,906,000 | ' | 1,196,875,000 | 398,000,000 | ' | ' | 313,194,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,625,925,000 | 1,625,925,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,030,000 | 33,453,000 | 33,568,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 116,547,000 | 120,970,000 | 116,432,000 | ' | ' | 20,970,000 | 16,547,000 | 16,432,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Excess Cash Flow required to prepay Tranche B and Tranche D Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 25.00% | 0.00% | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Leverage Ratio | 4.75 | ' | 4.75 | ' | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | 4.5 | 5.49 | 5.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25 | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Sceured Credit Facility loans mature in quarterly installments, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | 12,500,000 | ' | ' | 6,400,000 | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | 230,800,000 | ' | ' | 6,400,000 | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300,000 | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | 6,400,000 | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300,000 | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | 618,600,000 | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300,000 | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,400,000 | 20,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | 377,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,552,600,000 | 1,552,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt to EBITDA for the most recently concluded four consecutive fiscal quarters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75 | 5.25 | 4.25 | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of restricted payments for specified activities greater of amount or percent of consolidated total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of restricted payments for specified activities greater of amount or percent of consolidated total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional borrowings issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption prices, percent of outstanding principal | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 102.31% | ' | ' | ' | ' | ' | ' | ' | ' | 108.50% | 108.50% | ' | ' | ' | 105.31% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued interest paid as part of the Senior Subordinated Notes redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Make whole premium paid as part of the Senior Subordinated Notes redemption | ' | ' | ' | ' | 127,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early redemption percent of principal amount plus the applicable premium as of, and accrued and unpaid interest to, the redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early redemption applicable premuim percent of principal amount of note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points added to the Federal Reserve overnight funds rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.50% | ' | ' | ' | ' | 0.50% | 2.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early redemption percent the Company may redeem up to the aggregate principal amount through September 1, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early redemption percent of principal amount plus accrued and unpaid interest if any to redeem until September 1, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 104.88% | 108.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equity offerings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early redemption percent of principal amount of note required to be outstanding immediately after the occurence of each such redemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount on loan | 8,188,000 | ' | 8,188,000 | ' | 7,230,000 | ' | 2,712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,075,000 | ' | ' | ' | ' | ' | ' |
Write-off of loan discount | 0 | 0 | 2,182,000 | 1,864,000 | 1,864,000 | 5,648,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Peak Finance Holdings LLC owned by Pinnacle Foods Inc | ' | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Noncurrent | 48,004,000 | ' | 48,004,000 | ' | 63,097,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,097,000 | 48,004,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in the remainder of year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,100,000 | $4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Debt Covenant, Consecutive Fiscal Quarters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period each redemption is required to occur after the closing of each such equity offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest_Rate_Applicable_Margi
Interest Rate - Applicable Margin (Detail) | 12 Months Ended |
Dec. 30, 2012 | |
Revolving Credit Facility and Letters of Credit [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Eurocurrency rate | 3.50% |
Base Rate | 2.50% |
Commitment Fees Rate | 0.50% |
Tranche B Extended term Loans due 2016 | Secured Debt | ' |
Line of Credit Facility [Line Items] | ' |
Eurocurrency rate | 3.50% |
Base Rate | 2.50% |
Tranche F Term Loan due 2018 | Secured Debt | ' |
Line of Credit Facility [Line Items] | ' |
Eurocurrency rate | 3.50% |
Base Rate | 2.50% |
Tranche B Non Extended Term Loans due 2014 | Secured Debt | ' |
Line of Credit Facility [Line Items] | ' |
Eurocurrency rate | 2.50% |
Base Rate | 1.50% |
Tranche E Term Loan Due 2018 | Secured Debt | ' |
Line of Credit Facility [Line Items] | ' |
Eurocurrency rate | 3.50% |
Base Rate | 2.50% |
Senior_Notes_And_Subordinated_
Senior Notes And Subordinated Notes Redeemable (Detail) (Senior Notes) | 19-May-13 | Apr. 29, 2013 | Apr. 03, 2013 | Sep. 20, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 | Sep. 20, 2012 |
8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | 2013 [Member] | 2013 [Member] | 2014 [Member] | 2016 | 2017 | 2012 [Member] | 2012 [Member] | |
8.25% Senior Notes due 2017 | 9.25% Senior Notes due 2015 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 9.25% Senior Notes due 2015 | 9.25% Senior Notes due 2015 | |||||
Senior Secured Notes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption prices, percent of outstaniding principal | 108.50% | 108.50% | 100.00% | 102.31% | 106.19% | 100.00% | 104.13% | 102.06% | 100.00% | 102.31% | 102.31% |
Debt_And_Interest_Expense_Sche3
Debt And Interest Expense Schedule of the estimated fair value of the Company's long-term debt, including the current portion (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Fair Value | $1,937,198 | $2,637,777 | $2,751,558 |
Face Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Long-term Debt, Fair Value | 1,975,925 | 2,593,045 | 2,734,069 |
Tranche G Term Loan due 2020 | Secured Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility | 1,625,925 | ' | ' |
Tranche G Term Loan due 2020 | Secured Debt | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility, Fair Value | 1,611,698 | ' | ' |
4.875% Senior Notes Due 2021 | Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | 350,000 | ' | ' |
4.875% Senior Notes Due 2021 | Senior Notes | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes, Fair value | 325,500 | ' | ' |
4.875% Senior Notes Due 2021 | Senior Notes | Face Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | 350,000 | ' | ' |
Tranche B Non Extended Term Loans due 2014 | Secured Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility | ' | 243,264 | 1,196,875 |
Tranche B Non Extended Term Loans due 2014 | Secured Debt | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility, Fair Value | ' | 244,480 | ' |
Tranche B Non Extended Term Loans due 2014 | Secured Debt | Face Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility | 1,625,925 | 243,264 | ' |
Tranche B Extended term Loans due 2016 | Secured Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility | ' | 637,906 | 1,196,875 |
Tranche B Extended term Loans due 2016 | Secured Debt | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility, Fair Value | ' | 641,095 | ' |
Tranche B Extended term Loans due 2016 | Secured Debt | Face Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility | ' | 637,906 | ' |
Tranche E Term Loan Due 2018 | Secured Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility | ' | 398,000 | ' |
Tranche E Term Loan Due 2018 | Secured Debt | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility, Fair Value | ' | 400,985 | ' |
Tranche E Term Loan Due 2018 | Secured Debt | Face Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility | ' | 398,000 | ' |
Tranche F Term Loan due 2018 | Secured Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility | ' | 448,875 | ' |
Tranche F Term Loan due 2018 | Secured Debt | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility, Fair Value | ' | 452,242 | ' |
Tranche F Term Loan due 2018 | Secured Debt | Face Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility | ' | 448,875 | ' |
9.25% Senior Notes due 2015 | Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | ' | 465,000 | ' |
9.25% Senior Notes due 2015 | Senior Notes | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes, Fair value | ' | 471,975 | 642,188 |
9.25% Senior Notes due 2015 | Senior Notes | Face Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | ' | 465,000 | 625,000 |
8.25% Senior Notes due 2017 | Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | ' | 400,000 | 400,000 |
8.25% Senior Notes due 2017 | Senior Notes | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes, Fair value | ' | 427,000 | 416,000 |
8.25% Senior Notes due 2017 | Senior Notes | Face Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Notes | ' | 400,000 | ' |
Debt Instrument Tranche bTerm Loans Due 2014 [Member] | Secured Debt | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility, Fair Value | ' | ' | 1,169,945 |
Debt Instrument Tranche ETerm Loan Due 2014 [Member] | Secured Debt | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility, Fair Value | ' | ' | 313,977 |
Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Senior Notes | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Subordinated Debt | ' | ' | 199,000 |
Debt Instrument 10.625% Senior Subordinated Notes Due 2017 [Member] | Senior Notes | Fair Value | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Subordinated Notes, Fair Value | ' | ' | 209,448 |
Debt Instrument Tranche D Term Loans Due 2014 [Member] | Secured Debt | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Senior Secured Credit Facility | ' | ' | $313,194 |
Pension_And_Retirement_Plans_A
Pension And Retirement Plans - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||
Sep. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Dec. 27, 2009 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Dec. 27, 2009 | Dec. 25, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 30, 2012 | Dec. 30, 2012 | Jun. 27, 2010 | Dec. 30, 2012 | Jun. 27, 2010 | |
Employee | Item | Item | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Defined Benefit Plans And Other Postretirement Benefit Plans Multi Employer Plans [Member] | Defined Benefit Plans And Other Postretirement Benefit Plans Multi Employer Plans [Member] | Defined Benefit Plans And Other Postretirement Benefit Plans Multi Employer Plans [Member] | Defined Benefit Plans And Other Postretirement Benefit Plans Multi Employer Plans [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Union Employee [Member] | Salaried Employee [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Cost of products sold | |||
Equity Securities [Member] | Debt Securities [Member] | Equity Common Collective Trusts [Member] | Equity Common Collective Trusts [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Birds Eye Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | Pinnacle Foods Pension Plan [Member] | ||||||||||||||||||||||||||||
Equity Common Collective Trusts [Member] | Equity Common Collective Trusts [Member] | Equity Common Collective Trusts [Member] | Equity Common Collective Trusts [Member] | |||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of defined benefit plans | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of qualified 401(k) plans | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of non-qualified 401(k) plans | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum annual contribution per employee percent | ' | ' | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 6.00% | ' | ' | ' |
Curtailment (gain) loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,310,000 | ' | $2,646,000 | ' | ' | ' | ' | ' | ' | ' | ' | $806,000 | $4,975,000 | $588,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($2,646,000) | ($3,310,000) | $992,000 |
Target plan assets allocations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets, net of receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,230,000 | 57,418,000 | ' | ' | ' | ' | 57,418,000 | ' | ' | ' | ' | 129,936,000 | 118,838,000 | ' | ' | 118,838,000 | ' | ' | ' | ' | 64,230,000 | 54,591,000 | 64,230,000 | 54,591,000 | 129,936,000 | 38,107,000 | 129,936,000 | 38,107,000 | ' | ' | ' | ' | ' |
Fair value of receivable from broker | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 384,000 | ' | ' | ' | ' | ' | ' | ' | ' | 172,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,230,000 | 57,802,000 | 55,226,000 | 45,948,000 | ' | ' | 57,802,000 | ' | ' | ' | ' | 129,935,000 | 118,666,000 | 108,446,000 | 101,710,000 | 118,666,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company contributions | ' | ' | ' | ' | ' | 1,200,000 | 1,700,000 | 2,000,000 | 3,600,000 | 4,141,000 | 6,829,000 | 8,881,000 | ' | ' | ' | ' | 2,200,000 | 3,100,000 | 3,800,000 | 6,900,000 | 8,373,000 | 9,471,000 | 4,741,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected employer contributions in next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected employer contributions in next fiscal year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer matching contribution percent | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employment period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' |
Employer contributions | ' | ' | 4,228,000 | 4,249,000 | 4,269,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of employees | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employer contributions | ' | ' | 744,000 | 642,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,000 | 187,000 | 561,000 | 558,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions by employer represent less than percent | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funded status | ' | ' | ' | 'At least 80 percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Certified zone status | ' | ' | ' | 'Green | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected future contributions | ' | ' | ' | ' | ' | ' | ' | $2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reconciliation_Of_Change_In_Be
Reconciliation Of Change In Benefit Obligation - Pinnacle Foods (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Amounts recognized in the Consolidated Balance Sheets | ' | ' | ' | ' | ' | ' | ' |
Accrued pension benefits | ($93,090) | ' | ($93,090) | ' | ($100,918) | ($93,406) | ' |
Pinnacle Foods Pension Plan [Member] | ' | ' | ' | ' | ' | ' | ' |
Change in Benefit Obligation | ' | ' | ' | ' | ' | ' | ' |
Net benefit obligation at beginning of the period | ' | ' | 97,755 | 91,660 | 91,660 | 83,814 | 78,740 |
Service cost | 52 | 277 | 52 | 832 | 786 | 893 | 1,228 |
Interest cost | 1,092 | 1,028 | 3,006 | 3,085 | 4,081 | 4,263 | 4,558 |
Actuarial loss | ' | ' | ' | ' | 9,460 | 7,388 | 6,173 |
Gross benefits paid | ' | ' | ' | ' | -4,922 | -4,698 | -4,239 |
Curtailment gain | ' | ' | ' | ' | -3,310 | ' | -2,646 |
Net benefit obligation at end of the period | ' | ' | ' | ' | 97,755 | 91,660 | 83,814 |
Change in Plan Assets | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of the period | ' | ' | 64,230 | 57,802 | 57,802 | 55,226 | 45,948 |
Employer contributions | 1,200 | 1,700 | 2,000 | 3,600 | 4,141 | 6,829 | 8,881 |
Actual return on plan assets | ' | ' | ' | ' | 7,209 | 445 | 4,636 |
Gross benefits paid | ' | ' | ' | ' | -4,922 | -4,698 | -4,239 |
Fair value of plan assets at end of the period | ' | ' | ' | ' | 64,230 | 57,802 | 55,226 |
Funded status at end of the year | ' | ' | ' | ' | -33,525 | -33,858 | -28,588 |
Amounts recognized in the Consolidated Balance Sheets | ' | ' | ' | ' | ' | ' | ' |
Accrued pension benefits | ' | ' | ' | ' | -33,525 | -33,858 | -28,588 |
Net amount recognized at end of the period | ' | ' | ' | ' | -33,525 | -33,858 | -28,588 |
Amounts recognized in Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' | ' | ' |
Net loss / (gain) | ' | ' | ' | ' | 32,283 | 30,802 | 20,339 |
Prior service cost | ' | ' | ' | ' | ' | 345 | 386 |
Net amount recognized at end of the period | ' | ' | ' | ' | 32,283 | 31,147 | 20,725 |
Accumulated benefit obligation | ' | ' | ' | ' | $97,755 | $88,196 | $79,753 |
Weighted average assumptions | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | ' | 3.98% | 4.59% | 5.45% |
Expected return on plan assets | ' | ' | ' | ' | 7.00% | 7.50% | 7.50% |
Rate of compensation increase | ' | ' | ' | ' | ' | 3.00% | 3.00% |
Pension_And_Retirement_Plans_S
Pension And Retirement Plans Schedule of net periodic benefit cost, Pinnacle Foods (Detail) (Pinnacle Foods Pension Plan [Member], USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Pinnacle Foods Pension Plan [Member] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Service cost | $52 | $277 | $52 | $832 | $786 | $893 | $1,228 |
Interest cost | 1,092 | 1,028 | 3,006 | 3,085 | 4,081 | 4,263 | 4,558 |
Expected return on assets | -1,084 | -1,089 | -3,334 | -3,267 | -4,463 | -4,244 | -3,611 |
Amortization of prior service cost | ' | 10 | ' | 31 | 42 | 42 | 77 |
actuarial loss | 181 | 447 | 542 | 1,340 | 1,923 | 724 | 819 |
Curtailment loss | ' | ' | ' | ' | 303 | ' | 992 |
Net periodic (benefit) cost | $241 | $673 | $266 | $2,021 | $2,672 | $1,678 | $4,063 |
Weighted average assumptions: | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | ' | 4.43% | 5.45% | 5.87% |
Expected return on plan assets | ' | ' | ' | ' | 7.50% | 7.50% | 7.50% |
Rate of compensation increase | ' | ' | ' | ' | 3.00% | 3.00% | 3.00% |
Weighted_Average_Asset_Allocat
Weighted Average Asset Allocation Of Pension Plan - Pinnacle Foods (Detail) | Dec. 30, 2012 | Dec. 25, 2011 |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' | ' |
Actual plan asset allocations | 100.00% | 100.00% |
Pinnacle Foods Pension Plan [Member] | Equity Securities [Member] | ' | ' |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' | ' |
Actual plan asset allocations | 60.00% | 59.00% |
Pinnacle Foods Pension Plan [Member] | Debt Securities [Member] | ' | ' |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' | ' |
Actual plan asset allocations | 40.00% | 36.00% |
Pinnacle Foods Pension Plan [Member] | Cash [Member] | ' | ' |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' | ' |
Actual plan asset allocations | 0.00% | 5.00% |
Fair_Value_Of_Pension_Plant_In
Fair Value Of Pension Plant Investment At recurring Basis - Pinnacle Foods (Detail) (Pinnacle Foods Pension Plan [Member], USD $) | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | $64,230 | $57,418 |
Short Term Investment Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 259 | 2,827 |
Small Mid Capitalization Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 5,273 | ' |
Large Capitalization Structure Equity Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 19,647 | 7,883 |
International Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 13,715 | 9,436 |
Fixed Income Funds [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 25,336 | 20,832 |
Small Capitalization Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 1,142 |
Growth Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 5,652 |
US Value Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 9,646 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | 2,827 |
Fair Value, Inputs, Level 1 [Member] | Short Term Investment Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | 2,827 |
Fair Value, Inputs, Level 1 [Member] | Small Mid Capitalization Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | ' |
Fair Value, Inputs, Level 1 [Member] | Large Capitalization Structure Equity Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | International Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Small Capitalization Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 0 |
Fair Value, Inputs, Level 1 [Member] | Growth Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 0 |
Fair Value, Inputs, Level 1 [Member] | US Value Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 64,230 | 54,591 |
Fair Value, Inputs, Level 2 [Member] | Short Term Investment Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 259 | 0 |
Fair Value, Inputs, Level 2 [Member] | Small Mid Capitalization Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 5,273 | ' |
Fair Value, Inputs, Level 2 [Member] | Large Capitalization Structure Equity Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 19,647 | 7,883 |
Fair Value, Inputs, Level 2 [Member] | International Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 13,715 | 9,436 |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 25,336 | 20,832 |
Fair Value, Inputs, Level 2 [Member] | Small Capitalization Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 1,142 |
Fair Value, Inputs, Level 2 [Member] | Growth Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 5,652 |
Fair Value, Inputs, Level 2 [Member] | US Value Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 9,646 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Short Term Investment Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Small Mid Capitalization Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | Large Capitalization Structure Equity Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | International Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Funds [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Small Capitalization Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 0 |
Fair Value, Inputs, Level 3 [Member] | Growth Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 0 |
Fair Value, Inputs, Level 3 [Member] | US Value Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | $0 |
Reconciliation_Of_Change_In_Be1
Reconciliation Of Change In Benefit Obligation - Birds Eye Foods (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |||
Amounts recognized in the Consolidated Balance Sheets | ' | ' | ' | ' | ' | ' | ' | |||
Accrued pension benefits | ($93,090) | ' | ($93,090) | ' | ($100,918) | ($93,406) | ' | |||
Birds Eye Foods Pension Plan [Member] | ' | ' | ' | ' | ' | ' | ' | |||
Change in Benefit Obligation | ' | ' | ' | ' | ' | ' | ' | |||
Net benefit obligation at beginning of the period | ' | ' | 194,535 | 175,057 | 175,057 | 155,854 | 148,890 | |||
Service cost | ' | 52 | ' | 157 | 102 | 537 | 2,086 | |||
Interest cost | 1,612 | 1,928 | 5,198 | 5,784 | 7,439 | 8,200 | 8,221 | |||
Participant contributions | ' | ' | ' | ' | ' | 22 | 14 | |||
Actuarial loss | ' | ' | ' | ' | 24,561 | 27,567 | 7,564 | |||
Gross benefits paid | ' | ' | ' | ' | -11,818 | -12,148 | -10,333 | |||
Curtailment gain | ' | ' | ' | ' | -806 | -4,975 | -588 | |||
Net benefit obligation at end of the period | ' | ' | ' | ' | 194,535 | 175,057 | 155,854 | |||
Change in Plan Assets | ' | ' | ' | ' | ' | ' | ' | |||
Fair value of plan assets at beginning of the period | ' | ' | 129,935 | 118,666 | 118,666 | 108,446 | 101,710 | |||
Employer contributions | 2,200 | 3,100 | 3,800 | 6,900 | 8,373 | 9,471 | 4,741 | |||
Participant contributions | ' | ' | ' | ' | ' | 22 | 14 | |||
Actual return on plan assets | ' | ' | ' | ' | 14,714 | 12,875 | 12,314 | |||
Gross benefits paid | ' | ' | ' | ' | -11,818 | -12,148 | -10,333 | |||
Fair value of plan assets at end of the period | ' | ' | ' | ' | 129,935 | 118,666 | 108,446 | |||
Funded status at end of the year | ' | ' | ' | ' | -64,600 | -56,391 | -47,408 | |||
Amounts recognized in the Consolidated Balance Sheets | ' | ' | ' | ' | ' | ' | ' | |||
Accrued pension benefits | ' | ' | ' | ' | -64,179 | -55,892 | -46,953 | |||
Accrued pension benefits (part of accrued liabilities) | ' | ' | ' | ' | -421 | -499 | -455 | |||
Net amount recognized at end of the period | ' | ' | ' | ' | -64,600 | -56,391 | -47,408 | |||
Amounts recognized in Accumulated Other Comprehensive Loss | ' | ' | ' | ' | ' | ' | ' | |||
Net loss | ' | ' | ' | ' | 37,955 | 20,797 | 3,455 | |||
Net amount recognized at end of the period | ' | ' | ' | ' | 37,955 | 20,797 | 3,455 | |||
Accumulated benefit obligation | ' | ' | ' | ' | 194,536 | 174,399 | 152,202 | |||
Weighted average assumptions | ' | ' | ' | ' | ' | ' | ' | |||
Discount rate | ' | ' | ' | ' | 3.83% | 4.51% | 5.27% | |||
Expected return on plan assets | ' | ' | ' | ' | 7.00% | 7.00% | 7.00% | |||
Rate of compensation increase | ' | ' | ' | ' | ' | 3.00% | 3.00% | |||
Service cost | ' | 52 | ' | 157 | 102 | 537 | 2,086 | |||
Interest cost | 1,612 | 1,928 | 5,198 | 5,784 | 7,439 | 8,200 | 8,221 | |||
Expected return on assets | 2,209 | 2,086 | 6,706 | 6,258 | -8,574 | -7,634 | -8,205 | |||
Amortization of actuarial loss | -185 | -87 | -555 | -261 | 489 | 9 | ' | |||
Curtailment gain | ' | ' | ' | ' | ' | ' | -588 | |||
Net periodic (benefit) cost | ($412) | ($19) | ($953) | ($56) | ($544) | $1,112 | $1,514 | |||
Weighted average assumptions: | ' | ' | ' | ' | ' | ' | ' | |||
Discount rate | ' | ' | ' | ' | 4.17% | 5.31% | 5.67% | |||
Expected return on plan assets | ' | ' | ' | ' | 7.00% | 7.00% | 8.00% | |||
Rate of compensation increase partial period | ' | ' | ' | ' | 1.78% | [1] | 3.00% | [1] | 3.80% | [1] |
[1] | In fiscal 2012, this represents 3% for the seven months when the employees earned service credits. |
Reconciliation_Of_Change_In_Be2
Reconciliation Of Change In Benefit Obligation - Birds Eye Foods (Parenthetical) (Detail) | 12 Months Ended |
Dec. 30, 2012 | |
Schedule Of Defined Contribution Pension And Other Postretirement Plans Disclosure [Line Items] | ' |
Rate of compensation increase partial period | 3.00% |
Weighted_Average_Asset_Allocat1
Weighted Average Asset Allocation Of Pension Plan - Birds Eye Foods (Detail) | Dec. 30, 2012 | Dec. 25, 2011 |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Actual plan asset allocations | 100.00% | 100.00% |
Birds Eye Foods Pension Plan [Member] | Equity Securities [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Actual plan asset allocations | 60.00% | 39.00% |
Birds Eye Foods Pension Plan [Member] | Debt Securities [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Actual plan asset allocations | 40.00% | 59.00% |
Birds Eye Foods Pension Plan [Member] | Cash [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Actual plan asset allocations | 0.00% | 2.00% |
Fair_Value_Of_Pension_Plant_In1
Fair Value Of Pension Plant Investment At recurring Basis - Birds Eye Foods (Detail) (Birds Eye Foods Pension Plan [Member], USD $) | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | ||
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | $129,936 | $118,838 |
Short Term Investment Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 525 | 2,593 |
Small Mid Capitalization Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 10,697 | ' |
Collective SAnd P500 Index Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 40,661 | 29,352 |
International Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 26,579 | ' |
Fixed Income Funds [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 51,474 | 69,838 |
Extended Index Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 8,755 |
Euro Pacific Growth Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 8,300 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 80,731 |
Fair Value, Inputs, Level 1 [Member] | Short Term Investment Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 2,593 |
Fair Value, Inputs, Level 1 [Member] | Fixed Income Funds [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 69,838 |
Fair Value, Inputs, Level 1 [Member] | Euro Pacific Growth Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | 8,300 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 129,936 | 38,107 |
Fair Value, Inputs, Level 2 [Member] | Short Term Investment Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 525 | ' |
Fair Value, Inputs, Level 2 [Member] | Small Mid Capitalization Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 10,697 | ' |
Fair Value, Inputs, Level 2 [Member] | Collective SAnd P500 Index Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 40,661 | 29,352 |
Fair Value, Inputs, Level 2 [Member] | International Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 26,579 | ' |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | 51,474 | ' |
Fair Value, Inputs, Level 2 [Member] | Extended Index Fund [Member] | ' | ' |
Schedule of Pension and Other Postretirment Plan Assets by Fair Value [Line Items] | ' | ' |
Fair value of plan assets, net of receivable | ' | $8,755 |
Estimated_Future_Benefit_Payme
Estimated Future Benefit Payments For All Plans (Detail) (USD $) | Dec. 30, 2012 |
Pinnacle Foods Pension Plan [Member] | ' |
Schedule of Postemployment Benefits [Line Items] | ' |
2013 | $4,398 |
2014 | 4,200 |
2015 | 3,972 |
2016 | 4,015 |
2017 | 4,012 |
2018-2022 | 21,274 |
Birds Eye Foods Pension Plan [Member] | ' |
Schedule of Postemployment Benefits [Line Items] | ' |
2013 | 9,382 |
2014 | 9,755 |
2015 | 9,551 |
2016 | 9,739 |
2017 | 10,065 |
2018-2022 | $54,973 |
Schedule_of_Interest_Rate_Swap
Schedule of Interest Rate Swaps (Detail) (Interest Rate Contracts [Member], Designated as Hedging Instrument [Member], Cash Flow Hedging, USD $) | Sep. 29, 2013 | Apr. 04, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | Derivative | Derivative | |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging | ' | ' | ' |
Financial Instrument [Line Items] | ' | ' | ' |
Number of Instruments | 14 | ' | 2 |
Notional amount | $1,333,000 | $650,000 | $900,000 |
Fixed Rate Range | 0.76% | ' | 0.58% |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 29, 2013 | Jun. 30, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Sep. 29, 2013 | Dec. 30, 2012 | Apr. 04, 2013 | |
Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | Interest Rate Contracts [Member] | |||||||||
Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | |||||||||
Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | |||||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ineffective portion of the change in fair value recognized directly in earning, estimated for next twelve months | ' | ' | ' | ' | ' | ' | ' | ' | $518,000 | $2,908,000 | ' |
Notional amount | ' | ' | ' | ' | ' | ' | ' | ' | 1,333,000,000 | 900,000,000 | 650,000,000 |
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probably of Not Occurring, Pretax | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Discontinuation of Interest Rate Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes | $24,273,000 | $9,070,000 | $4,653,000 | $33,226,000 | $2,637,000 | $30,929,000 | $20,524,000 | $4,382,000 | ' | ' | ' |
Schedule_of_Foreign_Currency_E
Schedule of Foreign Currency Exchange Contracts (Detail) (Foreign Exchange Contracts [Member], Designated as Hedging Instrument [Member], Cash Flow Hedging) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | Derivative | Derivative | Derivatives Purchased [Member] | Derivatives Sold [Member] |
CAD | USD ($) | |||
Financial Instrument [Line Items] | ' | ' | ' | ' |
Number of Instruments | 4 | 12 | ' | ' |
Notional amount | ' | ' | 45,550 | $46,136 |
Derivative, Exchange Rate Floor | 0.99 | 0.982 | ' | ' |
Derivative, Exchange Rate Cap | 0.993 | 0.993 | ' | ' |
Schedule_of_derivative_instrum
Schedule of derivative instruments not designated in qualifying hedging relationships (Detail) (Not Designated as Hedging Instrument [Member]) | Sep. 29, 2013 | Dec. 30, 2012 |
gal | gal | |
Derivative | ||
Commodity Contracts Corn [Member] | ' | ' |
Financial Instrument [Line Items] | ' | ' |
Number of Instruments | ' | 2 |
Notional Amount | ' | 765,000 |
Price/Index, Floor Price | ' | 7.82 |
Price/Index, Cap Price | ' | 7.85 |
Diesel Fuel Contracts [Member] | ' | ' |
Financial Instrument [Line Items] | ' | ' |
Number of Instruments | 2 | 4 |
Notional Amount | 2,016,158 | 8,712,304 |
Price/Index, Floor Price | 3.75 | 3.64 |
Price/Index, Cap Price | 3.93 | 4.09 |
Financial_Instruments_Schedule
Financial Instruments Schedule of the fair value of derivatives financial instruments as well as their Consolidated Balance Sheets classification (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Designated as Hedging Instrument [Member] | Cash Flow Hedging | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Asset Derivatives | $25,638 | $638 | $2,266 |
Derivative Liabilities | 62 | 3,807 | 7,836 |
Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Asset Derivatives | 133 | 525 | 142 |
Derivative Liabilities | 1,280 | 682 | 1,615 |
Other Long Term Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Cash Flow Hedging | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liabilities | ' | 3,807 | ' |
Accrued Liabilities [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Cash Flow Hedging | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liabilities | 62 | ' | 7,836 |
Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liabilities | 1,280 | ' | ' |
Accrued Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Derivative Liabilities | ' | 682 | 1,615 |
Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | Cash Flow Hedging | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Asset Derivatives | ' | 605 | 931 |
Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Asset Derivatives | 133 | 525 | 142 |
Other Assets Net [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contracts [Member] | Cash Flow Hedging | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Asset Derivatives | 25,065 | ' | 1,335 |
Other Assets Net [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member] | Cash Flow Hedging | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Asset Derivatives | $573 | $33 | ' |
Financial_Instruments_Schedule1
Financial Instruments Schedule of derivative financial instruments on the Consolidated Statements of Operations and Accumulated other comprehensive (loss) earnings (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Net gain (loss) on financial instrument contracts | ($4,709) | ($2,622) | $25,627 | ($8,168) | ' | ' | ' | ||
Commodity Contracts | 95 | 2,785 | 164 | 419 | -97 | -1,337 | -1,215 | ||
Termination Value | 23,782 | ' | 23,782 | ' | -3,648 | -9,093 | ' | ||
Performance Risk Adjustment | 432 | ' | 432 | ' | 66 | 104 | ' | ||
Accrued Interest | -217 | ' | -217 | ' | -256 | -1,946 | ' | ||
Fair Value (excluding interest) | 24,431 | ' | 24,431 | ' | -3,326 | -7,043 | ' | ||
Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Net gain (loss) on financial instrument contracts | -4,709 | -2,622 | 25,627 | -8,168 | -7,317 | -3,388 | -24,565 | ||
Fiscal year ended December 25, 2011 | 439 | -1,174 | -2,825 | -9,299 | -10,294 | -27,246 | -23,623 | ||
Foreign Exchange Contracts | -33 | -188 | ' | -216 | -249 | 265 | -806 | ||
Interest Rate Contracts [Member] | Barclays | Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Termination Value | 10,054 | ' | 10,054 | ' | -2,063 | -7,766 | ' | ||
Performance Risk Adjustment | 232 | ' | 232 | ' | 31 | 65 | ' | ||
Accrued Interest | -146 | ' | -146 | ' | -128 | -1,600 | ' | ||
Fair Value (excluding interest) | 10,432 | ' | 10,432 | ' | -1,904 | -6,101 | ' | ||
Interest Rate Contracts [Member] | Bank of America | Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Termination Value | 9,916 | ' | 9,916 | ' | ' | ' | ' | ||
Performance Risk Adjustment | 99 | ' | 99 | ' | ' | ' | ' | ||
Fair Value (excluding interest) | 10,015 | ' | 10,015 | ' | ' | ' | ' | ||
Interest Rate Contracts [Member] | Credit Suisse | Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Termination Value | 3,105 | ' | 3,105 | ' | -2,063 | -784 | ' | ||
Performance Risk Adjustment | 101 | ' | 101 | ' | 32 | 38 | ' | ||
Accrued Interest | -71 | ' | -71 | ' | -128 | -346 | ' | ||
Fair Value (excluding interest) | 3,277 | ' | 3,277 | ' | -1,903 | -400 | ' | ||
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Net gain (loss) on financial instrument contracts | -4,158 | -1,177 | 24,548 | -6,822 | -7,028 | -3,364 | -22,773 | ||
Foreign Exchange Contracts [Member] | Barclays | Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Termination Value | ' | ' | ' | ' | ' | 754 | ' | ||
Performance Risk Adjustment | ' | ' | ' | ' | ' | 1 | ' | ||
Fair Value (excluding interest) | ' | ' | ' | ' | ' | 755 | ' | ||
Foreign Exchange Contracts [Member] | Credit Suisse | Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Termination Value | 574 | ' | 574 | ' | 636 | 176 | ' | ||
Performance Risk Adjustment | ' | ' | ' | ' | 3 | ' | ' | ||
Fair Value (excluding interest) | 574 | ' | 574 | ' | 639 | 176 | ' | ||
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Net gain (loss) on financial instrument contracts | -551 | -1,445 | 1,079 | -1,346 | -289 | -24 | -1,792 | ||
Commodity Contract [Member] | Barclays | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Termination Value | 133 | ' | 133 | ' | -158 | ' | ' | ||
Fair Value (excluding interest) | 133 | ' | 133 | ' | -158 | ' | ' | ||
Commodity Contract [Member] | Barclays | Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Termination Value | ' | ' | ' | ' | -158 | -1,473 | ' | ||
Fair Value (excluding interest) | ' | ' | ' | ' | -158 | -1,473 | ' | ||
Interest Expense [Member] | Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Fiscal year ended December 25, 2011 | -15 | [1] | -1,067 | -3,961 | [1] | -9,394 | -10,290 | -25,465 | -20,409 |
Foreign Exchange Contracts | -18 | -207 | 8 | -208 | -241 | -9 | -568 | ||
Interest Expense [Member] | Interest Rate Contracts [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Commodity Contracts | -209 | ' | -44 | ' | ' | ' | ' | ||
Cost of products sold | Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Fiscal year ended December 25, 2011 | 454 | -107 | 1,136 | 95 | -4 | -1,781 | -3,214 | ||
Foreign Exchange Contracts | -15 | 19 | -8 | -8 | -8 | 274 | -238 | ||
Cost of products sold | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ||
Commodity Contracts | $304 | $2,785 | $208 | $419 | ($97) | ($1,337) | ($1,215) | ||
[1] | Includes $2.8 million of accelerated reclassifications out of AOCL. |
Financial_Instruments_Schedule2
Financial Instruments Schedule of aggregate fair values of derivatives that contain credit risk-related contingent features (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Credit Derivatives [Line Items] | ' | ' | ' |
Termination Value | $23,782 | ($3,648) | ($9,093) |
Performance Risk Adjustment | 432 | 66 | 104 |
Accrued Interest | -217 | -256 | -1,946 |
Fair Value (excluding interest) | 24,431 | -3,326 | -7,043 |
Interest Rate Contracts [Member] | Barclays | Cash Flow Hedging | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Termination Value | 10,054 | -2,063 | -7,766 |
Performance Risk Adjustment | 232 | 31 | 65 |
Accrued Interest | -146 | -128 | -1,600 |
Fair Value (excluding interest) | 10,432 | -1,904 | -6,101 |
Interest Rate Contracts [Member] | Credit Suisse | Cash Flow Hedging | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Termination Value | 3,105 | -2,063 | -784 |
Performance Risk Adjustment | 101 | 32 | 38 |
Accrued Interest | -71 | -128 | -346 |
Fair Value (excluding interest) | 3,277 | -1,903 | -400 |
Foreign Exchange Contracts [Member] | Barclays | Cash Flow Hedging | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Termination Value | ' | ' | 754 |
Performance Risk Adjustment | ' | ' | 1 |
Fair Value (excluding interest) | ' | ' | 755 |
Foreign Exchange Contracts [Member] | Credit Suisse | Cash Flow Hedging | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Termination Value | 574 | 636 | 176 |
Performance Risk Adjustment | ' | 3 | ' |
Fair Value (excluding interest) | 574 | 639 | 176 |
Commodity Contract [Member] | Barclays | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Termination Value | 133 | -158 | ' |
Fair Value (excluding interest) | 133 | -158 | ' |
Commodity Contract [Member] | Barclays | Cash Flow Hedging | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Termination Value | ' | -158 | -1,473 |
Fair Value (excluding interest) | ' | ($158) | ($1,473) |
Recovered_Sheet5
Commitments And Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||
Sep. 29, 2013 | Sep. 23, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Dec. 25, 2011 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Sep. 29, 2013 | Sep. 29, 2013 | Jun. 04, 2010 | Sep. 25, 2011 | |
Aunt Jemima Frozen Pancakes [Member] | Aunt Jemima Frozen Pancakes [Member] | Aunt Jemima Frozen Pancakes [Member] | Aunt Jemima Frozen Pancakes [Member] | Aunt Jemima Frozen Pancakes [Member] | Aunt Jemima Frozen Pancakes [Member] | Aunt Jemima Frozen Pancakes [Member] | Aunt Jemima Frozen Pancakes [Member] | Aunt Jemima Frozen Pancakes [Member] | Aunt Jemima Frozen Pancakes [Member] | Contract Termination Derivatives [Member] | Contract Termination Derivatives [Member] | ||||||||||||
Birds Eye Frozen | Duncan Hines Grocery | Allowance for Doubtful Accounts [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Cost of products sold | Marketing Activities [Member] | Marketing Activities [Member] | Settled [Member] | Settled [Member] | |||||||||||||
Product Liability Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Damages Sought, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19,700,000 | ' |
Lehman Brothers Specialty Financing settlement (see Note 5) | ' | ' | 0 | 0 | -8,500,000 | 0 | ' | ' | 0 | -8,500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 |
Cost impact of recall | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Liability Accrual, Period Expense | ' | 0 | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | 1,100,000 | ' | ' | ' | ' |
Product Liability Accrual, Component Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense | ' | ' | ' | ' | ' | ' | ' | ' | 13,861,000 | 11,313,000 | 12,336,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | $3,200,000 | ' | ' | ' | ' | ' | $3,200,000 | ' | ' | ' | ' | ' | $2,700,000 | $500,000 | ' | $2,300,000 | $2,300,000 | ' | ' | $900,000 | $900,000 | ' | ' |
Schedule_of_Operating_Leases_C
Schedule of Operating Leases, Capital Leases and Purchase Commitments (Detail) (USD $) | Dec. 30, 2012 | |
In Thousands, unless otherwise specified | ||
Product Liability Contingency [Line Items] | ' | |
Purchase Commitments, 2013 | $592,084 | [1] |
Purchase Commitments, 2014 | 59,095 | [1] |
Purchase Commitments, 2015 | 17,092 | [1] |
Purchase Commitments, 2016 | 6,010 | [1] |
Purchase Commitments, 2017 | 5,750 | [1] |
Purchase Commitments, Thereafter | 55,450 | [1] |
Capital Leases, 2013 | 4,666 | |
Capital Leases, 2014 | 4,230 | |
Capital Leases, 2015 | 3,724 | |
Capital Leases, 2016 | 3,063 | |
Capital Leases, 2017 | 1,206 | |
Capital Leases, Thereafter | 11,026 | |
Operating Leases, 2013 | 13,035 | |
Operating Leases, 2014 | 10,599 | |
Operating Leases, 2015 x | 8,113 | |
Operating Leases, 2016 z | 7,009 | |
Operating Leases, 2017 D | 6,874 | |
Operating Leases, Thereafter | $27,754 | |
[1] | The amounts indicated in this line primarily reflect future contractual payments, including certain take-or-pay arrangements entered into as part of the normal course of business. The amounts do not include obligations related to other contractual purchase obligations that are not take-or-pay arrangements. Such contractual purchase obligations are primarily purchase orders at fair value that are part of normal operations and are reflected in historical operating cash flow trends. Purchase obligations also include trade and consumer promotion and advertising commitments. |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Apr. 03, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Supplies purchased from a related party | ' | ' | ' | ' | ' | ' | $7,813 | $6,601 |
Interest expense and fees recognized to a related party | ' | 411 | 665 | 1,337 | 2,751 | ' | ' | ' |
Due to Related Parties, Noncurrent | ' | 48,004 | ' | 48,004 | ' | 63,097 | ' | ' |
Majority Shareholder | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Annual management fee greater of amount | ' | ' | ' | 2,500 | ' | 2,500 | ' | ' |
Greater of percent of covenant compliance EBITDA | ' | ' | ' | 1.00% | ' | 1.00% | ' | ' |
Management fee expenses | ' | 0 | 1,188 | 1,148 | 3,409 | 4,650 | 4,600 | 4,500 |
Reimbusrement of a related parties out-of-pocket expenses | ' | 0 | 0 | 0 | 123 | 160 | 0 | 55 |
Interest expense and fees recognized to a related party | ' | 411 | 665 | 1,337 | 2,751 | 3,330 | 6,172 | 4,996 |
Accrued Liabilities Related Party | ' | 269 | ' | 269 | ' | 173 | 410 | ' |
Termination fee for advisory agreement | 15,100 | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 3,345 | ' | ' | ' | ' | ' | ' | ' |
Majority Shareholder | Tranche G Term Loan due 2020 | Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Noncurrent | ' | 48,004 | ' | 48,004 | ' | ' | ' | ' |
Majority Shareholder | Tranche B Extended B Non Extended E And F Term Loans [Member] | Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Noncurrent | ' | ' | ' | ' | ' | 63,097 | ' | ' |
Performance Food Group Company | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Sales to a related party | ' | 961 | 992 | 3,040 | 3,351 | 5,672 | 4,768 | 5,885 |
Accounts receivable due from a related party | ' | $42 | ' | $42 | ' | $68 | $113 | ' |
Segments_Additional_Informatio
Segments - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 29, 2013 | Dec. 30, 2012 | |
Segment | ||
Segment Reporting Information [Line Items] | ' | ' |
Number of Operating Segments | 3 | 3 |
Segments_Schedule_of_Segment_R
Segments Schedule of Segment Reporting Information, by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net sales | $572,455 | $705,060 | $567,905 | $588,595 | $616,925 | $686,482 | $574,746 | $602,023 | $606,311 | $1,754,480 | $1,773,425 | $2,478,485 | $2,469,562 | $2,436,703 | |||||||
Earnings (loss) before interest and taxes | 84,918 | ' | 59,895 | ' | ' | ' | ' | ' | ' | 176,560 | 167,054 | 283,594 | 183,266 | 265,152 | |||||||
Total assets | 4,521,355 | 4,399,988 | ' | ' | ' | 4,451,621 | ' | ' | ' | 4,521,355 | ' | 4,399,988 | 4,451,621 | ' | |||||||
Depreciation and amortization | 19,658 | ' | 26,487 | ' | ' | ' | ' | ' | ' | 57,683 | 68,542 | 98,123 | 88,476 | 78,049 | |||||||
Plant assets, net | 512,351 | 493,666 | ' | ' | ' | 501,283 | ' | ' | ' | 512,351 | ' | 493,666 | 501,283 | ' | |||||||
Capital expenditures | 12,375 | [1] | ' | 15,098 | [1] | ' | ' | ' | ' | ' | ' | 62,665 | [1] | 51,345 | [1] | 79,827 | [1] | 128,546 | [1] | 94,859 | [1] |
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Plant assets, net | ' | 493,640 | ' | ' | ' | 501,245 | ' | ' | ' | ' | ' | 493,640 | 501,245 | ' | |||||||
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Plant assets, net | ' | 26 | ' | ' | ' | 38 | ' | ' | ' | ' | ' | 26 | 38 | ' | |||||||
Birds Eye Frozen | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net sales | 257,973 | ' | 255,950 | ' | ' | ' | ' | ' | ' | 794,464 | 787,603 | 1,103,093 | 1,100,751 | 1,065,860 | |||||||
Earnings (loss) before interest and taxes | 45,009 | ' | 42,356 | ' | ' | ' | ' | ' | ' | 130,462 | 109,509 | 178,184 | 97,155 | 114,459 | |||||||
Total assets | 2,037,405 | 1,978,668 | ' | ' | ' | 2,028,104 | ' | ' | ' | 2,037,405 | ' | 1,978,668 | 2,028,104 | ' | |||||||
Depreciation and amortization | 9,917 | ' | 9,114 | ' | ' | ' | ' | ' | ' | 28,544 | 28,437 | 38,667 | 42,130 | 34,149 | |||||||
Capital expenditures | 4,853 | [1] | ' | 8,301 | [1] | ' | ' | ' | ' | ' | ' | 29,866 | [1] | 29,690 | [1] | 41,885 | [1] | 80,884 | [1] | 48,291 | [1] |
Duncan Hines Grocery | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net sales | 224,214 | ' | 215,637 | ' | ' | ' | ' | ' | ' | 690,243 | 687,225 | 978,615 | 966,068 | 958,045 | |||||||
Earnings (loss) before interest and taxes | 38,265 | ' | 26,347 | ' | ' | ' | ' | ' | ' | 97,399 | 77,136 | 120,746 | 157,316 | 158,819 | |||||||
Total assets | 1,996,435 | 1,965,002 | ' | ' | ' | 1,978,813 | ' | ' | ' | 1,996,435 | ' | 1,965,002 | 1,978,813 | ' | |||||||
Depreciation and amortization | 4,815 | ' | 12,125 | ' | ' | ' | ' | ' | ' | 16,131 | 26,683 | 41,400 | 29,268 | 24,177 | |||||||
Capital expenditures | 4,968 | [1] | ' | 4,339 | [1] | ' | ' | ' | ' | ' | ' | 24,136 | [1] | 14,502 | [1] | 25,729 | [1] | 31,171 | [1] | 35,315 | [1] |
Specialty Foods | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net sales | 90,268 | ' | 96,318 | ' | ' | ' | ' | ' | ' | 269,773 | 298,597 | 396,777 | 402,743 | 412,798 | |||||||
Earnings (loss) before interest and taxes | 8,026 | ' | 539 | ' | ' | ' | ' | ' | ' | 21,087 | 12,680 | 23,503 | -40,317 | 27,098 | |||||||
Total assets | 364,426 | 356,722 | ' | ' | ' | 372,786 | ' | ' | ' | 364,426 | ' | 356,722 | 372,786 | ' | |||||||
Depreciation and amortization | 4,926 | ' | 5,248 | ' | ' | ' | ' | ' | ' | 13,008 | 13,422 | 18,056 | 17,078 | 19,723 | |||||||
Capital expenditures | 2,554 | [1] | ' | 2,458 | [1] | ' | ' | ' | ' | ' | ' | 8,663 | [1] | 7,153 | [1] | 12,213 | [1] | 16,491 | [1] | 11,253 | [1] |
Unallocated Amount To Segment Other Corporate Items [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Earnings (loss) before interest and taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -38,839 | -30,888 | -35,224 | |||||||
UNITED STATES | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net sales | 568,340 | ' | 564,304 | ' | ' | ' | ' | ' | ' | 1,737,413 | 1,759,479 | 2,454,737 | 2,442,540 | 2,409,548 | |||||||
Plant assets, net | 513,648 | 493,640 | ' | ' | ' | ' | ' | ' | ' | 513,648 | ' | 493,640 | ' | ' | |||||||
CANADA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net sales | 19,569 | ' | 19,771 | ' | ' | ' | ' | ' | ' | 62,117 | 59,151 | 84,708 | 84,832 | 82,870 | |||||||
Plant assets, net | 23 | 26 | ' | ' | ' | ' | ' | ' | ' | 23 | ' | 26 | ' | ' | |||||||
Geography Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -60,960 | -57,810 | -55,715 | |||||||
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Total assets | 123,089 | 99,596 | ' | ' | ' | 71,918 | ' | ' | ' | 123,089 | ' | 99,596 | 71,918 | ' | |||||||
Unallocated corporate expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Earnings (loss) before interest and taxes | -6,382 | ' | -9,347 | ' | ' | ' | ' | ' | ' | -72,388 | -32,271 | ' | ' | ' | |||||||
Intercompany | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||
Net sales | ($15,454) | ' | ($16,170) | ' | ' | ' | ' | ' | ' | ($45,050) | ($45,205) | ' | ' | ' | |||||||
[1] | Includes new capital leases. |
Taxes_on_Earnings_Schedule_of_
Taxes on Earnings Schedule of the provision for income taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Current | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ($635) | ($1,186) | $215 |
State | ' | ' | ' | ' | ' | 1,940 | 2,339 | 2,065 |
Non-U.S. | ' | ' | ' | ' | ' | 467 | 426 | 737 |
Total Current | 388 | ' | 906 | 1,882 | 1,064 | 1,772 | 1,579 | 3,017 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | 28,433 | 23,911 | 9,318 |
State | ' | ' | ' | ' | ' | 2,520 | -3,377 | -4,936 |
Non-U.S. | ' | ' | ' | ' | ' | -24 | -10 | ' |
Total Deferred | 24,273 | 9,070 | 4,653 | 33,226 | 2,637 | 30,929 | 20,524 | 4,382 |
Provision (benefit) for income taxes | 24,661 | ' | 5,559 | 35,108 | 3,701 | 32,701 | 22,103 | 7,399 |
Earnings (loss) before income taxes | ' | ' | ' | ' | ' | ' | ' | ' |
United States | ' | ' | ' | ' | ' | 83,677 | -26,558 | 27,253 |
Non-U.S. | ' | ' | ' | ' | ' | 1,543 | 1,747 | 2,183 |
Earnings (loss) before income taxes | $65,346 | ' | $15,437 | $68,750 | $12,558 | $85,220 | ($24,811) | $29,436 |
Effective Income Tax Rate | ' | ' | ' | ' | ' | ' | ' | ' |
Federal statutory income tax rate | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
State income taxes (net of federal benefit) | ' | ' | ' | ' | ' | 3.40% | 8.40% | -3.70% |
Tax effect resulting from international activities | ' | ' | ' | ' | ' | 0.40% | -0.50% | 1.80% |
Change in deferred tax valuation allowance | ' | ' | ' | ' | ' | ' | -8.00% | ' |
Non-deductible expenses | ' | ' | ' | ' | ' | 0.80% | -1.50% | 6.80% |
Goodwill and other long-lived intangibles impairment | ' | ' | ' | ' | ' | ' | -141.40% | ' |
Tax credits | ' | ' | ' | ' | ' | 0.20% | 1.20% | -2.00% |
Uncertain tax positions | ' | ' | ' | ' | ' | -1.50% | 15.90% | 2.60% |
Out of period adjustment | ' | ' | ' | ' | ' | ' | ' | -14.40% |
Other | ' | ' | ' | ' | ' | 0.10% | 1.80% | -1.00% |
Effective income tax rate | 37.70% | ' | 36.00% | 51.10% | 29.50% | 38.40% | -89.10% | 25.10% |
Taxes_on_Earnings_Schedule_of_1
Taxes on Earnings Schedule of deferred tax assets and liabilities (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | |||
Deferred Tax Assets, Gross | ' | ' | ' |
Accrued liabilities | ' | $18,298 | $11,468 |
Inventories | ' | 12,173 | 15,447 |
Benefits and compensation | ' | 18,645 | 19,135 |
Hedges | ' | 1,362 | 3,933 |
Assets held for sale | ' | 3,738 | ' |
Net operating loss carryforwards | ' | 326,667 | 338,718 |
Federal & state tax credits | ' | 10,529 | 12,101 |
Postretirement benefits | ' | 37,881 | 33,160 |
Alternative minimum tax | ' | 1,901 | 1,901 |
Other | ' | 2,815 | 1,398 |
Subtotal | ' | 434,009 | 437,261 |
Valuation allowance | ' | -13,354 | -14,202 |
Total net deferred tax assets | ' | 420,655 | 423,059 |
Other intangible assets | ' | -697,043 | -677,393 |
Partnership interest | ' | -8,902 | -8,885 |
Plant assets | ' | -82,992 | -80,767 |
Unremitted earnings | ' | -2,560 | -2,240 |
Other | ' | -1,488 | -631 |
Total deferred tax liabilities | ' | -792,985 | -769,916 |
Net deferred tax asset (liability) | ' | -372,330 | -346,857 |
Amounts recognized in the Consolidated Balance Sheets | ' | ' | ' |
Current net deferred tax assets | 121,181 | 99,199 | 71,109 |
Long-term net deferred tax liability | -530,148 | -471,529 | -417,966 |
Net deferred tax asset (liability) | ' | ($372,330) | ($346,857) |
Taxes_on_Earnings_Narrative_De
Taxes on Earnings Narrative (Detail) (USD $) | 12 Months Ended | |||
Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Dec. 27, 2009 | |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Charge (benefit) recorded to the tax provision | $700,000 | $2,600,000 | ' | ' |
Investment tax credit | 1,300,000 | ' | ' | ' |
Investment tax benefit | ' | 1,200,000 | 100,000 | ' |
Out of period adjustment | ' | ' | 4,200,000 | ' |
Net operating losses | 1,099,000,000 | ' | ' | ' |
Unrecognized Tax Benefits | 8,507,000 | 9,764,000 | 13,515,000 | 3,410,000 |
Decrease related to settlement with tax authorities | 1,580,000 | 822,000 | 163,000 | ' |
Increase resulting from the settlement of tax examinations | 1,435,000 | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 1,986,000 | ' | ' | ' |
Potential decrease in incertain tax positions in next twelve months | 699,000 | ' | ' | ' |
Interest and penalty income associated with uncertain tax positions | 157,000 | 743,000 | ' | ' |
Interest and penalty expenses associated with uncertain tax positions | ' | ' | 266,000 | ' |
Accrued interest and penalties | 332,000 | 489,000 | ' | ' |
State and Local Jurisdiction | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Net operating losses | 592,000,000 | ' | ' | ' |
Tax credits | 9,300,000 | ' | ' | ' |
Valuation allowance | 12,500,000 | ' | ' | ' |
Foreign Tax Authority [Member] | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Valuation allowance | 900,000 | ' | ' | ' |
Domestic And Foreign Tax Authority [Member] | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Decrease related to settlement with tax authorities | 1,257,000 | ' | ' | ' |
On or Before 2028 [Member] | State and Local Jurisdiction | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Tax credits | 3,400,000 | ' | ' | ' |
Do Not Expire [Member] | State and Local Jurisdiction | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Tax credits | 5,900,000 | ' | ' | ' |
On or Before 2021 [Member] | Foreign Tax Authority [Member] | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Net operating losses | 900,000 | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Section 382 limitation | 17,000,000 | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Section 382 limitation | 23,000,000 | ' | ' | ' |
Exceeds Limitation [Member] | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Net operating losses | 237,200,000 | ' | ' | ' |
Remaining Amount [Member] | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Net operating losses | 861,800,000 | ' | ' | ' |
Subject To Various Limitations [Member] | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Net operating losses | 636,100,000 | ' | ' | ' |
Not Subject To Limitation [Member] | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Net operating losses | 225,000,000 | ' | ' | ' |
Birds Eye Frozen | ' | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' |
Charge (benefit) recorded to the tax provision | ' | ' | $2,200,000 | ' |
Summary_of_Valuation_Allowance
Summary of Valuation Allowance (Detail) (Valuation Allowance of Deferred Tax Assets [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' |
Deferred tax valuation allowance, Beginning balance | $14,202 | $8,284 | $14,792 |
Additions | 474 | 6,187 | ' |
Acquisitions | ' | ' | -5,721 |
Deductions | -1,322 | -269 | -787 |
Ending Balance | $13,354 | $14,202 | $8,284 |
Schedule_of_Unrecognized_Tax_B
Schedule of Unrecognized Tax Benefits Roll Forward (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Gross unrecognized tax positions at beginning of year | $9,764 | $13,515 | $3,410 |
Increase for tax positions related to prior periods | 199 | 646 | 9,722 |
Decrease for tax positions related to prior periods | -509 | -4,133 | ' |
Increase for tax positions related to the current period | 679 | 558 | 630 |
Decrease related to settlement with tax authorities | -1,580 | -822 | -163 |
Reductions due to lapse of applicable statutes of limitations | -46 | ' | -84 |
Gross unrecognized tax positions at end of year | $8,507 | $9,764 | $13,515 |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | ||||||||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Net sales | $572,455 | $705,060 | $567,905 | $588,595 | $616,925 | $686,482 | $574,746 | $602,023 | $606,311 | $1,754,480 | $1,773,425 | $2,478,485 | $2,469,562 | $2,436,703 | ||||||||||
Cost of products sold | 415,052 | 517,685 | 438,564 | 456,439 | 481,248 | 500,938 | 440,496 | 460,346 | 452,916 | 1,297,808 | 1,376,251 | 1,893,936 | 1,854,696 | 1,834,375 | ||||||||||
Gross profit | 157,403 | 187,375 | 129,341 | 132,156 | 135,677 | 185,544 | 134,250 | 141,677 | 153,395 | 456,672 | 397,174 | 584,549 | 614,866 | 602,328 | ||||||||||
Net earnings (loss) | 40,685 | 43,662 | 9,878 | -10,560 | 9,539 | -87,524 | 12,777 | 7,581 | 20,252 | 33,642 | 8,857 | 52,519 | -46,914 | 22,037 | ||||||||||
Net earnings per share Basic | $0.35 | $0.54 | $0.12 | ($0.13) | $0.12 | ($1.08) | $0.16 | $0.09 | $0.25 | $0.32 | $0.11 | $0.65 | ($0.58) | $0.32 | ||||||||||
Weighted average shares outstanding-basic | 115,590,396 | 80,202,000 | 81,218,162 | 82,235,000 | 81,267,000 | 81,273,000 | 81,296,000 | 81,338,000 | 81,357,000 | 103,921,211 | 81,237,056 | 81,230,630 | 81,315,848 | 68,434,982 | ||||||||||
Diluted | $0.35 | $0.51 | $0.11 | ($0.13) | $0.11 | ($1.08) | $0.15 | $0.09 | $0.23 | $0.32 | $0.10 | $0.61 | ($0.58) | $0.30 | ||||||||||
Weighted average shares outstanding-diluted | 116,347,508 | 85,482,000 | 86,444,890 | 87,559,000 | 86,492,000 | 81,273,000 | 86,489,000 | 86,582,000 | 86,621,000 | 105,978,368 | 86,460,856 | 86,494,546 | 81,315,848 | 73,638,195 | ||||||||||
Restructuring charges (see note 8) | 2,709 | ' | 2,677 | ' | ' | ' | ' | ' | ' | 7,825 | 8,211 | 12,031 | 8,021 | 9,387 | ||||||||||
Goodwill impairment charge Impairment charges | ' | ' | ' | ' | ' | 122,900 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' | 122,900 | [1] | ' | |||||
Redemption premium on the early extinguishment of debt | ' | ' | 3,470 | 10,785 | ' | ' | ' | ' | ' | 34,180 | 14,255 | 14,255 | 0 | 0 | ||||||||||
Other expense (income), net Tradename Impairment charges | ' | 520 | ' | ' | ' | 25,300 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | ' | ' | 520 | 25,300 | [2] | ' | |||||
Lehman Brothers Specialty Financing settlement (see Note 5) | ' | ' | ' | ' | ' | 0 | 0 | 8,500 | 0 | ' | ' | 0 | 8,500 | 0 | ||||||||||
Amortization of deferred mark-to-market on terminated swap (see Note 11) | 0 | ' | 0 | ' | ' | 434 | 473 | 507 | 705 | 0 | 444 | 444 | 2,119 | 3,295 | ||||||||||
Restructuring Charges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Cost of products sold | ' | 9,432 | 14,078 | 3,537 | 2,152 | 3,884 | 3,280 | 7,567 | 2,865 | ' | ' | 29,199 | 17,596 | ' | ||||||||||
Restructuring charges (see note 8) | ' | 1,417 | 465 | 914 | ' | ' | ' | ' | ' | ' | ' | 2,796 | ' | ' | ||||||||||
Other Restructuring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Cost of products sold | ' | 3,074 | [3] | 2,082 | [3] | 1,513 | [3] | 1,327 | [3] | ' | ' | ' | ' | ' | ' | 7,996 | [3] | ' | ' | |||||
Other expense (income), net Tradename Impairment charges | ' | 520 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 520 | [1] | ' | ' | ||||||||
Aunt Jemima Product Recall [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||
Cost of products sold | ' | ($1,150) | [4] | ' | ($500) | [4] | $3,722 | [4] | $1,145 | [4] | $0 | [4] | $0 | [4] | $0 | [4] | ' | ' | $2,072 | [4] | $1,145 | [4] | ' | |
[1] | Goodwill impairment charges consist of the following: b" Fourth quarter 2011-Goodwill Impairment charges of $51,700, $49,700 and $21,500 on the Frozen Breakfast, Private Label and Foodservice reporting units, respectively. | |||||||||||||||||||||||
[2] | Tradename impairment charges consist of the following: b" Fourth quarter 2012-$520 on Bernstein's. b" Fourth quarter 2011-$23,700, $1,200 and $400 on the Aunt Jemima breakfast, Lender's and Bernstein's tradenames, respectively. | |||||||||||||||||||||||
[3] | Restructuring related expenses include plant enhancement expenses, removal and transfer of equipment and consulting and engineering costs for restructuring projects. | |||||||||||||||||||||||
[4] | On January 27, 2012 we issued a voluntary recall for certain Aunt Jemima frozen pancakes due to potential cross contamination with soy protein which may cause allergic reaction for people who have a soy allergy (See Note 12 for additional information). |
Quarterly_Results_Unaudited_Pa
Quarterly Results (Unaudited) (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 30, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Dec. 30, 2012 | Dec. 25, 2011 | |||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment charges | ' | $122,900 | [1] | $0 | [1] | $0 | [1] | $0 | [1] | ' | $122,900 | [1] |
Tradename Impairment charges | 520 | 25,300 | [2] | 0 | [2] | 0 | [2] | 0 | [2] | 520 | 25,300 | [2] |
Aunt Jemima Frozen Pancakes [Member] | ' | ' | ' | ' | ' | ' | ' | |||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||||
Tradename Impairment charges | ' | ' | ' | ' | ' | ' | 23,700 | |||||
Lenders [Member] | ' | ' | ' | ' | ' | ' | ' | |||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||||
Tradename Impairment charges | ' | ' | ' | ' | ' | ' | 1,200 | |||||
Bernsteins [Member] | ' | ' | ' | ' | ' | ' | ' | |||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||||
Tradename Impairment charges | ' | ' | ' | ' | ' | 500 | 400 | |||||
Breakfast Reporting Unit [Member] | ' | ' | ' | ' | ' | ' | ' | |||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment charges | ' | 51,700 | ' | ' | ' | ' | ' | |||||
Private Label Reporting Unit [Member] | ' | ' | ' | ' | ' | ' | ' | |||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment charges | ' | 49,700 | ' | ' | ' | ' | ' | |||||
Food Service Reporting Unit [Member] | ' | ' | ' | ' | ' | ' | ' | |||||
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||||
Impairment charges | ' | $21,500 | ' | ' | ' | ' | ' | |||||
[1] | Goodwill impairment charges consist of the following: b" Fourth quarter 2011-Goodwill Impairment charges of $51,700, $49,700 and $21,500 on the Frozen Breakfast, Private Label and Foodservice reporting units, respectively. | |||||||||||
[2] | Tradename impairment charges consist of the following: b" Fourth quarter 2012-$520 on Bernstein's. b" Fourth quarter 2011-$23,700, $1,200 and $400 on the Aunt Jemima breakfast, Lender's and Bernstein's tradenames, respectively. |
Recovered_Sheet6
Guarantor And Nonguarantor Statements - Additional Information (Detail) | 9 Months Ended | 12 Months Ended | ||||
Sep. 29, 2013 | Dec. 30, 2012 | Sep. 20, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Apr. 02, 2007 | |
Senior Notes | Senior Notes | Senior Notes | Senior Notes | |||
4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | 9.25% | 4.88% | 4.88% | 4.88% |
Percent owned domestic subsidiaries that guarantee other indebtedness of the Company | 100.00% | 100.00% | ' | ' | ' | ' |
Recovered_Sheet7
Guarantor And Nonguarantor Statements Balance Sheets (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | Dec. 27, 2009 |
In Thousands, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $110,403 | $92,281 | $5,891 | $151,031 | $115,286 | $73,874 |
Accounts receivable, net | 168,916 | 143,884 | ' | 159,981 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | 0 | ' | ' |
Inventories, net | 394,328 | 358,051 | ' | 335,812 | ' | ' |
Other current assets | 7,266 | 11,862 | ' | 7,549 | ' | ' |
Deferred tax assets | 121,181 | 99,199 | ' | 71,109 | ' | ' |
Total current assets | 802,094 | 705,277 | ' | 725,482 | ' | ' |
Plant assets, net | 512,351 | 493,666 | ' | 501,283 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | 0 | ' | ' |
Intercompany note receivable | 0 | 0 | ' | 0 | ' | ' |
Tradenames | 1,603,992 | 1,603,992 | ' | 1,604,512 | ' | ' |
Other assets, net | 161,423 | 155,558 | ' | 178,849 | ' | ' |
Deferred tax assets | 0 | 0 | ' | 0 | ' | ' |
Goodwill | 1,441,495 | 1,441,495 | ' | 1,441,495 | 1,564,395 | ' |
Total assets | 4,521,355 | 4,399,988 | ' | 4,451,621 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 1,065 | 2,139 | ' | 1,708 | ' | ' |
Current portion of long-term obligations | 19,436 | 30,419 | ' | 15,661 | ' | ' |
Accounts payable | 180,055 | 137,326 | ' | 152,869 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | 0 | ' | ' |
Accrued trade marketing expense | 38,920 | 44,571 | ' | 35,125 | ' | ' |
Accrued liabilities | 106,675 | 119,269 | ' | 128,785 | ' | ' |
Dividends payable | 21,354 | 0 | ' | ' | ' | ' |
Total current liabilities | 367,505 | 333,724 | ' | 334,148 | ' | ' |
Long-term debt | 1,968,907 | 2,576,386 | ' | 2,738,650 | ' | ' |
Intercompany note payable | 0 | 0 | ' | 0 | ' | ' |
Pension and other postretirement benefits | 93,090 | 100,918 | ' | 93,406 | ' | ' |
Other long-term liabilities | 24,802 | 28,705 | ' | 22,099 | ' | ' |
Deferred tax liabilities | 530,148 | 471,529 | ' | 417,966 | ' | ' |
Total liabilities | 2,984,452 | 3,511,262 | ' | 3,606,269 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' | ' | ' |
Shareholder's equity: | ' | ' | ' | ' | ' | ' |
Pinnacle common stock | 1,172 | 812 | ' | 813 | ' | ' |
Additional paid-in-capital | 1,325,835 | 696,512 | ' | 696,539 | ' | ' |
Retained earnings | 244,410 | 252,955 | ' | 200,436 | ' | ' |
Accumulated other comprehensive loss | -34,514 | -61,553 | ' | -52,436 | ' | ' |
Total Shareholders' equity | 1,536,903 | 888,726 | 854,692 | 845,352 | 895,085 | 874,353 |
Total liabilities and shareholders' equity | 4,521,355 | 4,399,988 | ' | 4,451,621 | ' | ' |
Pinnacle Foods Inc. | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | 0 | ' | ' |
Intercompany accounts receivable | 21,337 | 0 | ' | 0 | ' | ' |
Inventories, net | 0 | 0 | ' | 0 | ' | ' |
Other current assets | 0 | 0 | ' | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | 0 | ' | ' |
Total current assets | 21,337 | 0 | ' | 0 | ' | ' |
Plant assets, net | 0 | 0 | ' | 0 | ' | ' |
Investment in subsidiaries | 1,536,903 | 888,726 | ' | 845,352 | ' | ' |
Intercompany note receivable | 0 | 0 | ' | 0 | ' | ' |
Tradenames | 0 | 0 | ' | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | 0 | ' | ' |
Goodwill | 0 | 0 | ' | 0 | ' | ' |
Total assets | 1,558,240 | 888,726 | ' | 845,352 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | 0 | ' | ' |
Current portion of long-term obligations | 0 | 0 | ' | 0 | ' | ' |
Accounts payable | -17 | 0 | ' | 0 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | 0 | ' | ' |
Accrued trade marketing expense | 0 | 0 | ' | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | 0 | ' | ' |
Dividends payable | 21,354 | ' | ' | ' | ' | ' |
Total current liabilities | 21,337 | 0 | ' | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | 0 | ' | ' |
Intercompany note payable | 0 | 0 | ' | 0 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | 0 | ' | ' |
Total liabilities | 21,337 | 0 | ' | 0 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' | ' | ' |
Shareholder's equity: | ' | ' | ' | ' | ' | ' |
Pinnacle common stock | 1,172 | 812 | ' | 813 | ' | ' |
Additional paid-in-capital | 1,325,835 | 696,512 | ' | 696,539 | ' | ' |
Retained earnings | 244,410 | 252,955 | ' | 200,436 | ' | ' |
Accumulated other comprehensive loss | -34,514 | -61,553 | ' | -52,436 | ' | ' |
Total Shareholders' equity | 1,536,903 | 888,726 | ' | 845,352 | ' | ' |
Total liabilities and shareholders' equity | 1,558,240 | 888,726 | ' | 845,352 | ' | ' |
Pinnacle Foods Finance LLC | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | 0 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | 129,142 | ' | ' |
Inventories, net | 0 | 0 | ' | 0 | ' | ' |
Other current assets | 707 | 1,130 | ' | 1,072 | ' | ' |
Deferred tax assets | 585 | 0 | ' | 1,563 | ' | ' |
Total current assets | 1,292 | 1,130 | ' | 131,777 | ' | ' |
Plant assets, net | 0 | 0 | ' | 0 | ' | ' |
Investment in subsidiaries | 1,949,305 | 1,840,632 | ' | 1,726,711 | ' | ' |
Intercompany note receivable | 1,520,991 | 1,469,135 | ' | 1,541,341 | ' | ' |
Tradenames | 0 | 0 | ' | 0 | ' | ' |
Other assets, net | 40,420 | 23,691 | ' | 31,604 | ' | ' |
Deferred tax assets | 281,141 | 239,347 | ' | 191,289 | ' | ' |
Goodwill | 0 | 0 | ' | 0 | ' | ' |
Total assets | 3,793,149 | 3,573,935 | ' | 3,622,722 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | 0 | ' | ' |
Current portion of long-term obligations | 16,300 | 27,411 | ' | 12,500 | ' | ' |
Accounts payable | 83 | 37 | ' | 0 | ' | ' |
Intercompany accounts payable | 256,640 | 65,888 | ' | 0 | ' | ' |
Accrued trade marketing expense | 0 | 0 | ' | 0 | ' | ' |
Accrued liabilities | 18,802 | 29,662 | ' | 46,012 | ' | ' |
Dividends payable | 0 | ' | ' | ' | ' | ' |
Total current liabilities | 291,825 | 122,998 | ' | 58,512 | ' | ' |
Long-term debt | 1,951,437 | 2,558,404 | ' | 2,718,858 | ' | ' |
Intercompany note payable | 0 | 0 | ' | 0 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | 0 | ' | ' |
Other long-term liabilities | 0 | 3,807 | ' | 0 | ' | ' |
Deferred tax liabilities | 12,984 | ' | ' | 0 | ' | ' |
Total liabilities | 2,256,246 | 2,685,209 | ' | 2,777,370 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' | ' | ' |
Shareholder's equity: | ' | ' | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | 0 | ' | ' |
Additional paid-in-capital | 1,327,007 | 697,324 | ' | 697,352 | ' | ' |
Retained earnings | 244,410 | 252,955 | ' | 200,436 | ' | ' |
Accumulated other comprehensive loss | -34,514 | -61,553 | ' | -52,436 | ' | ' |
Total Shareholders' equity | 1,536,903 | 888,726 | ' | 845,352 | ' | ' |
Total liabilities and shareholders' equity | 3,793,149 | 3,573,935 | ' | 3,622,722 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 100,424 | 83,123 | 946 | 150,493 | 109,324 | 68,249 |
Accounts receivable, net | 159,031 | 135,791 | ' | 152,041 | ' | ' |
Intercompany accounts receivable | 242,928 | 73,769 | ' | 0 | ' | ' |
Inventories, net | 386,774 | 350,922 | ' | 330,136 | ' | ' |
Other current assets | 6,495 | 10,546 | ' | 6,189 | ' | ' |
Deferred tax assets | 120,384 | 100,245 | ' | 69,575 | ' | ' |
Total current assets | 1,016,036 | 754,396 | ' | 708,434 | ' | ' |
Plant assets, net | 512,328 | 493,640 | ' | 501,245 | ' | ' |
Investment in subsidiaries | 12,533 | 11,222 | ' | 10,438 | ' | ' |
Intercompany note receivable | 7,270 | 7,270 | ' | 7,270 | ' | ' |
Tradenames | 1,603,992 | 1,603,992 | ' | 1,604,512 | ' | ' |
Other assets, net | 120,865 | 131,707 | ' | 147,057 | ' | ' |
Deferred tax assets | 0 | 0 | ' | 0 | ' | ' |
Goodwill | 1,441,495 | 1,441,495 | ' | 1,441,495 | ' | ' |
Total assets | 4,714,519 | 4,443,722 | ' | 4,420,451 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 1,065 | 2,139 | ' | 1,708 | ' | ' |
Current portion of long-term obligations | 3,136 | 3,008 | ' | 3,161 | ' | ' |
Accounts payable | 178,369 | 136,220 | ' | 151,693 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | 130,089 | ' | ' |
Accrued trade marketing expense | 34,612 | 41,396 | ' | 32,020 | ' | ' |
Accrued liabilities | 87,176 | 90,000 | ' | 82,312 | ' | ' |
Dividends payable | 0 | ' | ' | ' | ' | ' |
Total current liabilities | 304,358 | 272,763 | ' | 400,983 | ' | ' |
Long-term debt | 17,470 | 17,982 | ' | 19,792 | ' | ' |
Intercompany note payable | 1,530,260 | 1,478,593 | ' | 1,551,141 | ' | ' |
Pension and other postretirement benefits | 93,090 | 100,918 | ' | 93,406 | ' | ' |
Other long-term liabilities | 22,072 | 22,168 | ' | 19,369 | ' | ' |
Deferred tax liabilities | 797,964 | 710,666 | ' | 609,049 | ' | ' |
Total liabilities | 2,765,214 | 2,603,090 | ' | 2,693,740 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' | ' | ' |
Shareholder's equity: | ' | ' | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | 0 | ' | ' |
Additional paid-in-capital | 1,284,776 | 1,284,155 | ' | 1,284,155 | ' | ' |
Retained earnings | 716,730 | 608,788 | ' | 483,821 | ' | ' |
Accumulated other comprehensive loss | -52,201 | -52,311 | ' | -41,265 | ' | ' |
Total Shareholders' equity | 1,949,305 | 1,840,632 | ' | 1,726,711 | ' | ' |
Total liabilities and shareholders' equity | 4,714,519 | 4,443,722 | ' | 4,420,451 | ' | ' |
Nonguarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 9,979 | 9,158 | 4,945 | 538 | 5,962 | 5,625 |
Accounts receivable, net | 9,885 | 8,093 | ' | 7,940 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | 947 | ' | ' |
Inventories, net | 7,554 | 7,129 | ' | 5,676 | ' | ' |
Other current assets | 64 | 186 | ' | 288 | ' | ' |
Deferred tax assets | 212 | 74 | ' | -29 | ' | ' |
Total current assets | 27,694 | 24,640 | ' | 15,360 | ' | ' |
Plant assets, net | 23 | 26 | ' | 38 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | 0 | ' | ' |
Intercompany note receivable | 9,800 | 9,800 | ' | 9,800 | ' | ' |
Tradenames | 0 | 0 | ' | 0 | ' | ' |
Other assets, net | 138 | 160 | ' | 188 | ' | ' |
Deferred tax assets | 0 | 0 | ' | 0 | ' | ' |
Goodwill | 0 | 0 | ' | 0 | ' | ' |
Total assets | 37,655 | 34,626 | ' | 25,386 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | 0 | ' | ' |
Current portion of long-term obligations | 0 | 0 | ' | 0 | ' | ' |
Accounts payable | 1,620 | 1,069 | ' | 1,176 | ' | ' |
Intercompany accounts payable | 7,625 | 7,881 | ' | 0 | ' | ' |
Accrued trade marketing expense | 4,308 | 3,175 | ' | 3,105 | ' | ' |
Accrued liabilities | 697 | 727 | ' | 461 | ' | ' |
Dividends payable | 0 | ' | ' | ' | ' | ' |
Total current liabilities | 14,250 | 12,852 | ' | 4,742 | ' | ' |
Long-term debt | 0 | 0 | ' | 0 | ' | ' |
Intercompany note payable | 7,801 | 7,612 | ' | 7,270 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | 0 | ' | ' |
Other long-term liabilities | 2,730 | 2,730 | ' | 2,730 | ' | ' |
Deferred tax liabilities | 341 | 210 | ' | 206 | ' | ' |
Total liabilities | 25,122 | 23,404 | ' | 14,948 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' | ' | ' |
Shareholder's equity: | ' | ' | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | 0 | ' | ' |
Additional paid-in-capital | 2,324 | 2,324 | ' | 2,324 | ' | ' |
Retained earnings | 9,850 | 8,842 | ' | 8,011 | ' | ' |
Accumulated other comprehensive loss | 359 | 56 | ' | 103 | ' | ' |
Total Shareholders' equity | 12,533 | 11,222 | ' | 10,438 | ' | ' |
Total liabilities and shareholders' equity | 37,655 | 34,626 | ' | 25,386 | ' | ' |
Eliminations and Reclassifications | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | 0 | ' | ' |
Intercompany accounts receivable | -264,265 | -73,769 | ' | -130,089 | ' | ' |
Inventories, net | 0 | 0 | ' | 0 | ' | ' |
Other current assets | 0 | 0 | ' | 0 | ' | ' |
Deferred tax assets | 0 | -1,120 | ' | 0 | ' | ' |
Total current assets | -264,265 | -74,889 | ' | -130,089 | ' | ' |
Plant assets, net | 0 | 0 | ' | 0 | ' | ' |
Investment in subsidiaries | -3,498,741 | -2,740,580 | ' | -2,582,501 | ' | ' |
Intercompany note receivable | -1,538,061 | -1,486,205 | ' | -1,558,411 | ' | ' |
Tradenames | 0 | 0 | ' | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | 0 | ' | ' |
Deferred tax assets | -281,141 | -239,347 | ' | -191,289 | ' | ' |
Goodwill | 0 | 0 | ' | 0 | ' | ' |
Total assets | -5,582,208 | -4,541,021 | ' | -4,462,290 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | 0 | ' | ' |
Current portion of long-term obligations | 0 | 0 | ' | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | 0 | ' | ' |
Intercompany accounts payable | -264,265 | -73,769 | ' | -130,089 | ' | ' |
Accrued trade marketing expense | 0 | 0 | ' | 0 | ' | ' |
Accrued liabilities | 0 | -1,120 | ' | 0 | ' | ' |
Dividends payable | 0 | ' | ' | ' | ' | ' |
Total current liabilities | -264,265 | -74,889 | ' | -130,089 | ' | ' |
Long-term debt | 0 | 0 | ' | 0 | ' | ' |
Intercompany note payable | -1,538,061 | -1,486,205 | ' | -1,558,411 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | 0 | ' | ' |
Deferred tax liabilities | -281,141 | -239,347 | ' | -191,289 | ' | ' |
Total liabilities | -2,083,467 | -1,800,441 | ' | -1,879,789 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' | ' | ' |
Shareholder's equity: | ' | ' | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | 0 | ' | ' |
Additional paid-in-capital | -2,614,107 | -1,983,803 | ' | -1,983,831 | ' | ' |
Retained earnings | -970,990 | -870,585 | ' | -692,268 | ' | ' |
Accumulated other comprehensive loss | 86,356 | 113,808 | ' | 93,598 | ' | ' |
Total Shareholders' equity | -3,498,741 | -2,740,580 | ' | -2,582,501 | ' | ' |
Total liabilities and shareholders' equity | ($5,582,208) | ($4,541,021) | ' | ($4,462,290) | ' | ' |
Guarantor_And_Nonguarantor_Sta2
Guarantor And Nonguarantor Statements Statements Of Operations And Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | $572,455 | $705,060 | $567,905 | $588,595 | $616,925 | $686,482 | $574,746 | $602,023 | $606,311 | $1,754,480 | $1,773,425 | $2,478,485 | $2,469,562 | $2,436,703 | |||||
Cost of products sold | 415,052 | 517,685 | 438,564 | 456,439 | 481,248 | 500,938 | 440,496 | 460,346 | 452,916 | 1,297,808 | 1,376,251 | 1,893,936 | 1,854,696 | 1,834,375 | |||||
Gross profit | 157,403 | 187,375 | 129,341 | 132,156 | 135,677 | 185,544 | 134,250 | 141,677 | 153,395 | 456,672 | 397,174 | 584,549 | 614,866 | 602,328 | |||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Marketing and selling expenses | 40,866 | ' | 38,336 | ' | ' | ' | ' | ' | ' | 134,002 | 130,540 | 169,736 | 171,641 | 172,344 | |||||
Administrative expenses | 25,304 | ' | 21,349 | ' | ' | ' | ' | ' | ' | 93,189 | 66,089 | 89,414 | 80,460 | 109,950 | |||||
Research and development expenses | 2,709 | ' | 2,677 | ' | ' | ' | ' | ' | ' | 7,825 | 8,211 | 12,031 | 8,021 | 9,387 | |||||
Intercompany royalties | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Intercompany technical service fees | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Goodwill impairment charge | ' | ' | ' | ' | ' | 122,900 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ' | ' | ' | 122,900 | [1] | ' |
Other expense (income), net | 3,606 | ' | 7,084 | ' | ' | ' | ' | ' | ' | 45,096 | 25,280 | 29,774 | 48,578 | 45,495 | |||||
Equity in (earnings) loss of investees | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Total operating expenses | 72,485 | ' | 69,446 | ' | ' | ' | ' | ' | ' | 280,112 | 230,120 | 300,955 | 431,600 | 337,176 | |||||
Earnings (loss) before interest and taxes | 84,918 | ' | 59,895 | ' | ' | ' | ' | ' | ' | 176,560 | 167,054 | 283,594 | 183,266 | 265,152 | |||||
Intercompany interest (income) expense | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Interest expense | 19,595 | ' | 44,462 | ' | ' | ' | ' | ' | ' | 107,878 | 154,601 | 198,484 | 208,319 | 236,004 | |||||
Interest income | 23 | ' | 4 | ' | ' | ' | ' | ' | ' | 68 | 105 | 110 | 242 | 288 | |||||
Earnings (loss) before income taxes | 65,346 | ' | 15,437 | ' | ' | ' | ' | ' | ' | 68,750 | 12,558 | 85,220 | -24,811 | 29,436 | |||||
Provision (benefit) for income taxes | 24,661 | ' | 5,559 | ' | ' | ' | ' | ' | ' | 35,108 | 3,701 | 32,701 | 22,103 | 7,399 | |||||
Net earnings | 40,685 | 43,662 | 9,878 | -10,560 | 9,539 | -87,524 | 12,777 | 7,581 | 20,252 | 33,642 | 8,857 | 52,519 | -46,914 | 22,037 | |||||
Total comprehensive earnings | 37,732 | ' | 8,941 | ' | ' | ' | ' | ' | ' | 60,681 | 9,461 | 43,402 | -49,818 | 16,096 | |||||
Pinnacle Foods Inc. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Cost of products sold | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Gross profit | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Marketing and selling expenses | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Administrative expenses | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Research and development expenses | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Intercompany royalties | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Intercompany technical service fees | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||||
Other expense (income), net | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Equity in (earnings) loss of investees | -40,685 | ' | -9,878 | ' | ' | ' | ' | ' | ' | -33,642 | -8,857 | -52,519 | 46,914 | -22,037 | |||||
Total operating expenses | -40,685 | ' | -9,878 | ' | ' | ' | ' | ' | ' | -33,642 | -8,857 | -52,519 | 46,914 | -22,037 | |||||
Earnings (loss) before interest and taxes | 40,685 | ' | 9,878 | ' | ' | ' | ' | ' | ' | 33,642 | 8,857 | 52,519 | -46,914 | 22,037 | |||||
Intercompany interest (income) expense | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Interest expense | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Interest income | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Earnings (loss) before income taxes | 40,685 | ' | 9,878 | ' | ' | ' | ' | ' | ' | 33,642 | 8,857 | 52,519 | -46,914 | 22,037 | |||||
Provision (benefit) for income taxes | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Net earnings | 40,685 | ' | 9,878 | ' | ' | ' | ' | ' | ' | 33,642 | 8,857 | 52,519 | -46,914 | 22,037 | |||||
Total comprehensive earnings | 37,732 | ' | 8,941 | ' | ' | ' | ' | ' | ' | 60,681 | 9,461 | 43,402 | -49,818 | 16,096 | |||||
Pinnacle Foods Finance LLC | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Cost of products sold | 96 | ' | -2 | ' | ' | ' | ' | ' | ' | 397 | 104 | 120 | -148 | 624 | |||||
Gross profit | -96 | ' | 2 | ' | ' | ' | ' | ' | ' | -397 | -104 | -120 | 148 | -624 | |||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Marketing and selling expenses | 56 | ' | 50 | ' | ' | ' | ' | ' | ' | 991 | 291 | 342 | 463 | 1,902 | |||||
Administrative expenses | 2,064 | ' | 828 | ' | ' | ' | ' | ' | ' | 16,529 | 2,648 | 3,415 | 3,463 | 5,199 | |||||
Research and development expenses | 85 | ' | 3 | ' | ' | ' | ' | ' | ' | 154 | 21 | 25 | 34 | 210 | |||||
Intercompany royalties | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Intercompany technical service fees | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||||
Other expense (income), net | 0 | ' | 3,470 | ' | ' | ' | ' | ' | ' | 34,180 | 14,255 | 14,255 | 0 | 0 | |||||
Equity in (earnings) loss of investees | -45,471 | ' | -25,053 | ' | ' | ' | ' | ' | ' | -107,942 | -69,619 | -124,967 | -12,566 | -92,447 | |||||
Total operating expenses | -43,266 | ' | -20,702 | ' | ' | ' | ' | ' | ' | -56,088 | -52,404 | -106,930 | -8,606 | -85,136 | |||||
Earnings (loss) before interest and taxes | 43,170 | ' | 20,704 | ' | ' | ' | ' | ' | ' | 55,691 | 52,300 | 106,810 | 8,754 | 84,512 | |||||
Intercompany interest (income) expense | -13,180 | ' | -23,365 | ' | ' | ' | ' | ' | ' | -51,731 | -70,199 | -95,285 | -111,919 | -121,371 | |||||
Interest expense | 19,154 | ' | 43,959 | ' | ' | ' | ' | ' | ' | 106,371 | 152,875 | 196,240 | 206,581 | 234,759 | |||||
Interest income | 0 | ' | 4 | ' | ' | ' | ' | ' | ' | 0 | 4 | 0 | 0 | 20 | |||||
Earnings (loss) before income taxes | 37,196 | ' | 114 | ' | ' | ' | ' | ' | ' | 1,051 | -30,372 | 5,855 | -85,908 | -28,856 | |||||
Provision (benefit) for income taxes | -3,489 | ' | -9,764 | ' | ' | ' | ' | ' | ' | -32,591 | -39,229 | -46,664 | -38,994 | -50,893 | |||||
Net earnings | 40,685 | ' | 9,878 | ' | ' | ' | ' | ' | ' | 33,642 | 8,857 | 52,519 | -46,914 | 22,037 | |||||
Total comprehensive earnings | 37,732 | ' | 8,941 | ' | ' | ' | ' | ' | ' | 60,681 | 9,461 | 43,402 | -49,818 | 16,096 | |||||
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | 568,340 | ' | 564,304 | ' | ' | ' | ' | ' | ' | 1,737,413 | 1,759,479 | 2,454,737 | 2,442,540 | 2,409,548 | |||||
Cost of products sold | 413,857 | ' | 437,301 | ' | ' | ' | ' | ' | ' | 1,289,483 | 1,367,858 | 1,880,692 | 1,839,000 | 1,817,475 | |||||
Gross profit | 154,483 | ' | 127,003 | ' | ' | ' | ' | ' | ' | 447,930 | 391,621 | 574,045 | 603,540 | 592,073 | |||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Marketing and selling expenses | 39,876 | ' | 37,182 | ' | ' | ' | ' | ' | ' | 128,245 | 125,681 | 163,567 | 165,172 | 164,712 | |||||
Administrative expenses | 22,264 | ' | 19,650 | ' | ' | ' | ' | ' | ' | 73,898 | 60,991 | 82,643 | 73,522 | 101,786 | |||||
Research and development expenses | 2,624 | ' | 2,674 | ' | ' | ' | ' | ' | ' | 7,671 | 8,190 | 12,006 | 7,987 | 9,177 | |||||
Intercompany royalties | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Intercompany technical service fees | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,900 | ' | |||||
Other expense (income), net | 3,606 | ' | 3,614 | ' | ' | ' | ' | ' | ' | 10,916 | 11,025 | 15,519 | 48,578 | 45,495 | |||||
Equity in (earnings) loss of investees | -750 | ' | -207 | ' | ' | ' | ' | ' | ' | -1,008 | 1,152 | -831 | -1,227 | -1,447 | |||||
Total operating expenses | 67,620 | ' | 62,913 | ' | ' | ' | ' | ' | ' | 219,722 | 207,039 | 272,904 | 416,932 | 319,723 | |||||
Earnings (loss) before interest and taxes | 86,863 | ' | 64,090 | ' | ' | ' | ' | ' | ' | 228,208 | 184,582 | 301,141 | 186,608 | 272,350 | |||||
Intercompany interest (income) expense | 13,154 | ' | 23,334 | ' | ' | ' | ' | ' | ' | 51,632 | 70,108 | 95,162 | 111,874 | 121,371 | |||||
Interest expense | 433 | ' | 491 | ' | ' | ' | ' | ' | ' | 1,485 | 1,700 | 2,200 | 1,726 | 1,245 | |||||
Interest income | 10 | ' | 0 | ' | ' | ' | ' | ' | ' | 43 | 101 | 110 | 241 | 268 | |||||
Earnings (loss) before income taxes | 73,286 | ' | 40,265 | ' | ' | ' | ' | ' | ' | 175,134 | 112,875 | 203,889 | 73,249 | 150,002 | |||||
Provision (benefit) for income taxes | 27,815 | ' | 15,212 | ' | ' | ' | ' | ' | ' | 67,192 | 43,256 | 78,922 | 60,683 | 57,555 | |||||
Net earnings | 45,471 | ' | 25,053 | ' | ' | ' | ' | ' | ' | 107,942 | 69,619 | 124,967 | 12,566 | 92,447 | |||||
Total comprehensive earnings | 45,046 | ' | 24,333 | ' | ' | ' | ' | ' | ' | 108,554 | 68,714 | 113,923 | -3,446 | 89,334 | |||||
Nonguarantor Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | 19,569 | ' | 19,771 | ' | ' | ' | ' | ' | ' | 62,117 | 59,151 | 84,708 | 84,832 | 82,870 | |||||
Cost of products sold | 16,305 | ' | 17,157 | ' | ' | ' | ' | ' | ' | 52,187 | 52,747 | 73,090 | 72,716 | 71,197 | |||||
Gross profit | 3,264 | ' | 2,614 | ' | ' | ' | ' | ' | ' | 9,930 | 6,404 | 11,618 | 12,116 | 11,673 | |||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Marketing and selling expenses | 934 | ' | 1,104 | ' | ' | ' | ' | ' | ' | 4,766 | 4,568 | 5,827 | 6,006 | 5,730 | |||||
Administrative expenses | 976 | ' | 871 | ' | ' | ' | ' | ' | ' | 2,762 | 2,450 | 3,356 | 3,475 | 2,965 | |||||
Research and development expenses | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Intercompany royalties | 8 | ' | 12 | ' | ' | ' | ' | ' | ' | 36 | 40 | 77 | 70 | 83 | |||||
Intercompany technical service fees | 240 | ' | 266 | ' | ' | ' | ' | ' | ' | 755 | 707 | 917 | 868 | 711 | |||||
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||||
Other expense (income), net | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Equity in (earnings) loss of investees | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Total operating expenses | 2,158 | ' | 2,253 | ' | ' | ' | ' | ' | ' | 8,319 | 7,765 | 10,177 | 10,419 | 9,489 | |||||
Earnings (loss) before interest and taxes | 1,106 | ' | 361 | ' | ' | ' | ' | ' | ' | 1,611 | -1,361 | 1,441 | 1,697 | 2,184 | |||||
Intercompany interest (income) expense | 26 | ' | 31 | ' | ' | ' | ' | ' | ' | 99 | 91 | 123 | 45 | 0 | |||||
Interest expense | 8 | ' | 12 | ' | ' | ' | ' | ' | ' | 22 | 26 | 44 | 12 | 0 | |||||
Interest income | 13 | ' | 0 | ' | ' | ' | ' | ' | ' | 25 | 0 | 0 | 1 | 0 | |||||
Earnings (loss) before income taxes | 1,085 | ' | 318 | ' | ' | ' | ' | ' | ' | 1,515 | -1,478 | 1,274 | 1,641 | 2,184 | |||||
Provision (benefit) for income taxes | 335 | ' | 111 | ' | ' | ' | ' | ' | ' | 507 | -326 | 443 | 414 | 737 | |||||
Net earnings | 750 | ' | 207 | ' | ' | ' | ' | ' | ' | 1,008 | -1,152 | 831 | 1,227 | 1,447 | |||||
Total comprehensive earnings | 108 | ' | -513 | ' | ' | ' | ' | ' | ' | 962 | -2,010 | 787 | 2,663 | 3,113 | |||||
Eliminations and Reclassifications | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Net sales | -15,454 | ' | -16,170 | ' | ' | ' | ' | ' | ' | -45,050 | -45,205 | -60,960 | -57,810 | -55,715 | |||||
Cost of products sold | -15,206 | ' | -15,892 | ' | ' | ' | ' | ' | ' | -44,259 | -44,458 | -59,966 | -56,872 | -54,921 | |||||
Gross profit | -248 | ' | -278 | ' | ' | ' | ' | ' | ' | -791 | -747 | -994 | -938 | -794 | |||||
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Marketing and selling expenses | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Administrative expenses | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Research and development expenses | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Intercompany royalties | -8 | ' | -12 | ' | ' | ' | ' | ' | ' | -36 | -40 | -77 | -70 | -83 | |||||
Intercompany technical service fees | -240 | ' | -266 | ' | ' | ' | ' | ' | ' | -755 | -707 | -917 | -868 | -711 | |||||
Goodwill impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | |||||
Other expense (income), net | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Equity in (earnings) loss of investees | 86,906 | ' | 35,138 | ' | ' | ' | ' | ' | ' | 142,592 | 77,324 | 178,317 | -33,121 | 115,931 | |||||
Total operating expenses | 86,658 | ' | 34,860 | ' | ' | ' | ' | ' | ' | 141,801 | 76,577 | 177,323 | -34,059 | 115,137 | |||||
Earnings (loss) before interest and taxes | -86,906 | ' | -35,138 | ' | ' | ' | ' | ' | ' | -142,592 | -77,324 | -178,317 | 33,121 | -115,931 | |||||
Intercompany interest (income) expense | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Interest expense | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Interest income | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Earnings (loss) before income taxes | -86,906 | ' | -35,138 | ' | ' | ' | ' | ' | ' | -142,592 | -77,324 | -178,317 | 33,121 | -115,931 | |||||
Provision (benefit) for income taxes | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | |||||
Net earnings | -86,906 | ' | -35,138 | ' | ' | ' | ' | ' | ' | -142,592 | -77,324 | -178,317 | 33,121 | -115,931 | |||||
Total comprehensive earnings | ($82,886) | ' | ($32,761) | ' | ' | ' | ' | ' | ' | ($170,197) | ($76,165) | ($158,112) | $50,601 | ($108,543) | |||||
[1] | Goodwill impairment charges consist of the following: b" Fourth quarter 2011-Goodwill Impairment charges of $51,700, $49,700 and $21,500 on the Frozen Breakfast, Private Label and Foodservice reporting units, respectively. |
Guarantor_And_Nonguarantor_Sta3
Guarantor And Nonguarantor Statements Statements of Cash Flows (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Cash flows from operating activities | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | $141,727 | $62,384 | $202,853 | $204,212 | $256,978 |
Cash flows from investing activities | ' | ' | ' | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 | 0 | 0 | 0 |
Investment in subsidiaries | 0 | 0 | ' | ' | ' |
Intercompany loans | ' | ' | ' | 0 | ' |
Repayments of intercompany loans | ' | ' | 0 | 0 | 0 |
Capital expenditures | -62,722 | -49,796 | -78,279 | -117,306 | -81,272 |
Sale of plant assets | 6,853 | 570 | 570 | 7,900 | ' |
Net cash (used in) provided by investing activities | -55,869 | -49,226 | -77,709 | -109,406 | -81,272 |
Cash flows from financing activities | ' | ' | ' | ' | ' |
Equity contributions | 624,258 | 842,625 | 842,625 | 558 | 626 |
Proceeds from bond offering | ' | ' | ' | ' | 400,000 |
Parent reduction in investment in subsidiary | 0 | 0 | 0 | 0 | 0 |
Repurchases of equity | -191 | -846 | -877 | -1,624 | -1,282 |
Dividends paid | -20,831 | ' | ' | ' | ' |
Proceeds from notes offering | 350,000 | ' | ' | ' | ' |
Proceeds from bank term loans | 1,625,925 | 842,625 | 842,625 | ' | 442,300 |
Repayments of long-term obligations | -1,732,071 | -625,172 | -632,025 | -57,547 | -946,558 |
Repurchase of notes | -899,180 | -373,255 | -373,255 | ' | ' |
Proceeds from short-term borrowing | 2,408 | 1,216 | 4,294 | 3,070 | 3,409 |
Repayments of short-term borrowing | -3,481 | -2,364 | -3,864 | -2,954 | -3,049 |
Borrowings under revolving credit facility | ' | 5,000 | 40,000 | ' | ' |
Repayments of revolving credit facility | ' | -5,000 | -40,000 | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 | 0 | 0 | 0 |
Proceeds from Intercompany loans | ' | ' | ' | 0 | ' |
Repayments of intercompany loans | ' | 0 | 0 | 0 | 0 |
Repayment of capital lease obligations | -2,320 | -2,803 | -3,511 | -2,543 | -2,658 |
Debt acquisition costs | -12,491 | -17,414 | -17,498 | -721 | -13,370 |
Repayment of notes receivable from officers | ' | ' | ' | ' | 565 |
Other financing | ' | ' | ' | 2,730 | ' |
Changes in bank overdrafts | ' | 19,327 | ' | ' | -14,304 |
Net cash (used in) provided by financing activities | -67,974 | -158,686 | -184,111 | -59,031 | -134,321 |
Effect of exchange rate changes on cash | 238 | 388 | 217 | -30 | 27 |
Net change in cash and cash equivalents | 18,122 | -145,140 | -58,750 | 35,745 | 41,412 |
Cash and cash equivalents-beginning of period | 92,281 | 151,031 | 151,031 | 115,286 | 73,874 |
Cash and cash equivalents-end of period | 110,403 | 5,891 | 92,281 | 151,031 | 115,286 |
Supplemental disclosures of cash flow information: | ' | ' | ' | ' | ' |
Interest paid | 91,577 | 138,622 | 179,427 | 196,339 | 179,766 |
Interest paid | ' | ' | 179,427 | ' | ' |
Interest received | 69 | 105 | 110 | 241 | 271 |
Income taxes (refunded) paid | 2,998 | 1,933 | 1,981 | -1,954 | 6,998 |
Non-cash investing and financing activities: | ' | ' | ' | ' | ' |
New capital leases | 2,030 | 1,549 | 1,548 | 11,240 | 13,587 |
Dividends payable | 21,354 | ' | ' | ' | ' |
Pinnacle Foods Inc. | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 | 0 | 0 | 0 |
Cash flows from investing activities | ' | ' | ' | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 | 0 | 0 | 0 |
Investment in subsidiaries | ' | 0 | ' | ' | ' |
Intercompany loans | ' | ' | ' | 0 | ' |
Repayments of intercompany loans | ' | ' | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 | 0 | 0 |
Sale of plant assets | 0 | 0 | 0 | 0 | ' |
Net cash (used in) provided by investing activities | 0 | 0 | 0 | 0 | 0 |
Cash flows from financing activities | ' | ' | ' | ' | ' |
Equity contributions | 0 | 0 | 0 | 0 | 0 |
Proceeds from bond offering | ' | ' | ' | ' | 0 |
Parent reduction in investment in subsidiary | 126 | 846 | 877 | 1,624 | 1,282 |
Repurchases of equity | -126 | -846 | -877 | -1,624 | -1,282 |
Dividends paid | 0 | ' | ' | ' | ' |
Proceeds from notes offering | 0 | ' | ' | ' | ' |
Proceeds from bank term loans | 0 | ' | ' | ' | 0 |
Repayments of long-term obligations | 0 | 0 | 0 | 0 | 0 |
Repurchase of notes | 0 | 0 | 0 | ' | ' |
Proceeds from short-term borrowing | 0 | 0 | 0 | 0 | 0 |
Repayments of short-term borrowing | 0 | 0 | 0 | 0 | 0 |
Borrowings under revolving credit facility | ' | 0 | 0 | ' | ' |
Repayments of revolving credit facility | ' | 0 | 0 | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 | 0 | 0 | 0 |
Proceeds from Intercompany loans | ' | ' | ' | 0 | ' |
Repayments of intercompany loans | ' | 0 | 0 | 0 | 0 |
Repayment of capital lease obligations | 0 | 0 | 0 | 0 | 0 |
Debt acquisition costs | 0 | 0 | 0 | 0 | 0 |
Repayment of notes receivable from officers | ' | ' | ' | ' | 0 |
Other financing | ' | ' | ' | 0 | ' |
Changes in bank overdrafts | ' | 0 | ' | ' | 0 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 | 0 | 0 |
Effect of exchange rate changes on cash | 0 | 0 | 0 | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents-beginning of period | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents-end of period | 0 | 0 | 0 | 0 | 0 |
Supplemental disclosures of cash flow information: | ' | ' | ' | ' | ' |
Interest paid | 0 | 0 | ' | 0 | 0 |
Interest paid | ' | ' | 0 | ' | ' |
Interest received | 0 | 0 | 0 | 0 | 0 |
Income taxes (refunded) paid | 0 | 0 | 0 | 0 | 0 |
Non-cash investing and financing activities: | ' | ' | ' | ' | ' |
New capital leases | 0 | 0 | 0 | 0 | 0 |
Dividends payable | 21,354 | ' | ' | ' | ' |
Pinnacle Foods Finance LLC | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | -58,855 | -71,608 | -87,051 | -90,347 | -58,465 |
Cash flows from investing activities | ' | ' | ' | ' | ' |
Intercompany accounts receivable/payable | 123,197 | 196,332 | 100,589 | -291,525 | 16,986 |
Investment in subsidiaries | ' | 49,338 | ' | ' | ' |
Intercompany loans | ' | ' | ' | 0 | ' |
Repayments of intercompany loans | ' | ' | 167,492 | 440,552 | 159,198 |
Capital expenditures | 0 | 0 | 0 | 0 | 0 |
Sale of plant assets | 0 | 0 | 0 | 0 | ' |
Net cash (used in) provided by investing activities | 123,197 | 245,670 | 268,081 | 149,027 | 176,184 |
Cash flows from financing activities | ' | ' | ' | ' | ' |
Equity contributions | 624,193 | 842,625 | 842,625 | 558 | 626 |
Proceeds from bond offering | ' | ' | ' | ' | 400,000 |
Parent reduction in investment in subsidiary | -126 | -846 | -877 | -1,624 | -1,282 |
Repurchases of equity | 0 | 0 | 0 | 0 | 0 |
Dividends paid | -20,831 | ' | ' | ' | ' |
Proceeds from notes offering | 350,000 | ' | ' | ' | ' |
Proceeds from bank term loans | 1,625,925 | ' | ' | ' | 442,300 |
Repayments of long-term obligations | -1,731,832 | -625,172 | -632,025 | -57,547 | -946,558 |
Repurchase of notes | -899,180 | -373,255 | -373,255 | ' | ' |
Proceeds from short-term borrowing | 0 | 0 | 0 | 0 | 0 |
Repayments of short-term borrowing | 0 | 0 | 0 | 0 | 0 |
Borrowings under revolving credit facility | ' | 5,000 | 40,000 | ' | ' |
Repayments of revolving credit facility | ' | -5,000 | -40,000 | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 | 0 | 0 | 0 |
Proceeds from Intercompany loans | ' | ' | ' | 0 | ' |
Repayments of intercompany loans | ' | 0 | 0 | 0 | 0 |
Repayment of capital lease obligations | 0 | 0 | 0 | 0 | 0 |
Debt acquisition costs | -12,491 | -17,414 | -17,498 | -67 | -13,370 |
Repayment of notes receivable from officers | ' | ' | ' | ' | 565 |
Other financing | ' | ' | ' | 0 | ' |
Changes in bank overdrafts | ' | 0 | ' | ' | 0 |
Net cash (used in) provided by financing activities | -64,342 | -174,062 | -181,030 | -58,680 | -117,719 |
Effect of exchange rate changes on cash | 0 | 0 | 0 | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents-beginning of period | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents-end of period | 0 | 0 | 0 | 0 | 0 |
Supplemental disclosures of cash flow information: | ' | ' | ' | ' | ' |
Interest paid | 90,143 | 136,975 | ' | 194,644 | 178,530 |
Interest paid | ' | ' | 177,296 | ' | ' |
Interest received | 0 | 4 | 1 | 0 | 20 |
Income taxes (refunded) paid | 0 | 0 | 0 | 0 | 0 |
Non-cash investing and financing activities: | ' | ' | ' | ' | ' |
New capital leases | 0 | 0 | 0 | 0 | 0 |
Dividends payable | 0 | ' | ' | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 199,999 | 129,973 | 281,501 | 299,953 | 315,133 |
Cash flows from investing activities | ' | ' | ' | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 | 0 | 0 | 0 |
Investment in subsidiaries | ' | 0 | ' | ' | ' |
Intercompany loans | ' | ' | ' | -7,270 | ' |
Repayments of intercompany loans | ' | ' | 0 | 0 | 0 |
Capital expenditures | -62,722 | -49,796 | -78,279 | -117,306 | -81,272 |
Sale of plant assets | 6,853 | 570 | 570 | 7,900 | ' |
Net cash (used in) provided by investing activities | -55,869 | -49,226 | -77,709 | -116,676 | -81,272 |
Cash flows from financing activities | ' | ' | ' | ' | ' |
Equity contributions | 65 | 0 | 0 | 0 | 0 |
Proceeds from bond offering | ' | ' | ' | ' | 0 |
Parent reduction in investment in subsidiary | 0 | 0 | 0 | 0 | 0 |
Repurchases of equity | -65 | 0 | 0 | 0 | 0 |
Dividends paid | 0 | ' | ' | ' | ' |
Proceeds from notes offering | 0 | ' | ' | ' | ' |
Proceeds from bank term loans | 0 | ' | ' | ' | 0 |
Repayments of long-term obligations | -239 | 0 | 0 | 0 | 0 |
Repurchase of notes | 0 | 0 | 0 | ' | ' |
Proceeds from short-term borrowing | 2,408 | 1,216 | 4,294 | 3,070 | 3,409 |
Repayments of short-term borrowing | -3,481 | -2,364 | -3,864 | -2,954 | -3,049 |
Borrowings under revolving credit facility | ' | 0 | 0 | ' | ' |
Repayments of revolving credit facility | ' | 0 | 0 | ' | ' |
Intercompany accounts receivable/payable | -123,197 | -196,332 | -100,589 | 291,525 | -16,986 |
Proceeds from Intercompany loans | ' | ' | ' | 9,800 | ' |
Repayments of intercompany loans | ' | -49,338 | -167,492 | -440,552 | -159,198 |
Repayment of capital lease obligations | -2,320 | -2,803 | -3,511 | -2,543 | -2,658 |
Debt acquisition costs | 0 | 0 | 0 | -454 | 0 |
Repayment of notes receivable from officers | ' | ' | ' | ' | 0 |
Other financing | ' | ' | ' | 0 | ' |
Changes in bank overdrafts | ' | 19,327 | ' | ' | -14,304 |
Net cash (used in) provided by financing activities | -126,829 | -230,294 | -271,162 | -142,108 | -192,786 |
Effect of exchange rate changes on cash | 0 | 0 | 0 | 0 | 0 |
Net change in cash and cash equivalents | 17,301 | -149,547 | -67,370 | 41,169 | 41,075 |
Cash and cash equivalents-beginning of period | 83,123 | 150,493 | 150,493 | 109,324 | 68,249 |
Cash and cash equivalents-end of period | 100,424 | 946 | 83,123 | 150,493 | 109,324 |
Supplemental disclosures of cash flow information: | ' | ' | ' | ' | ' |
Interest paid | 1,434 | 1,647 | ' | 1,695 | 1,236 |
Interest paid | ' | ' | 2,131 | ' | ' |
Interest received | 44 | 101 | 109 | 240 | 251 |
Income taxes (refunded) paid | 2,783 | 1,723 | 1,638 | -2,849 | 6,989 |
Non-cash investing and financing activities: | ' | ' | ' | ' | ' |
New capital leases | 2,030 | 1,549 | 1,548 | 11,240 | 13,587 |
Dividends payable | 0 | ' | ' | ' | ' |
Nonguarantor Subsidiaries | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 583 | 4,019 | 8,403 | -5,394 | 310 |
Cash flows from investing activities | ' | ' | ' | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 | 0 | 0 | 0 |
Investment in subsidiaries | ' | 0 | ' | ' | ' |
Intercompany loans | ' | ' | ' | -9,800 | ' |
Repayments of intercompany loans | ' | ' | ' | 0 | 0 |
Capital expenditures | 0 | 0 | 0 | 0 | 0 |
Sale of plant assets | 0 | 0 | 0 | 0 | ' |
Net cash (used in) provided by investing activities | 0 | 0 | 0 | -9,800 | 0 |
Cash flows from financing activities | ' | ' | ' | ' | ' |
Equity contributions | 0 | 0 | 0 | 0 | 0 |
Proceeds from bond offering | ' | ' | ' | ' | 0 |
Parent reduction in investment in subsidiary | 0 | 0 | 0 | 0 | 0 |
Repurchases of equity | 0 | 0 | 0 | 0 | 0 |
Dividends paid | 0 | ' | ' | ' | ' |
Proceeds from notes offering | 0 | ' | ' | ' | ' |
Proceeds from bank term loans | 0 | ' | ' | ' | 0 |
Repayments of long-term obligations | 0 | 0 | 0 | 0 | 0 |
Repurchase of notes | 0 | 0 | 0 | ' | ' |
Proceeds from short-term borrowing | 0 | 0 | 0 | 0 | 0 |
Repayments of short-term borrowing | 0 | 0 | 0 | 0 | 0 |
Borrowings under revolving credit facility | ' | 0 | 0 | ' | ' |
Repayments of revolving credit facility | ' | 0 | 0 | ' | ' |
Intercompany accounts receivable/payable | ' | 0 | 0 | 0 | 0 |
Proceeds from Intercompany loans | ' | ' | ' | 7,270 | ' |
Repayments of intercompany loans | ' | 0 | 0 | 0 | 0 |
Repayment of capital lease obligations | 0 | 0 | 0 | 0 | 0 |
Debt acquisition costs | 0 | 0 | 0 | -200 | 0 |
Repayment of notes receivable from officers | ' | ' | ' | ' | 0 |
Other financing | ' | ' | ' | 2,730 | ' |
Changes in bank overdrafts | ' | 0 | ' | ' | 0 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 | 9,800 | 0 |
Effect of exchange rate changes on cash | 238 | 388 | 217 | -30 | 27 |
Net change in cash and cash equivalents | 821 | 4,407 | 8,620 | -5,424 | 337 |
Cash and cash equivalents-beginning of period | 9,158 | 538 | 538 | 5,962 | 5,625 |
Cash and cash equivalents-end of period | 9,979 | 4,945 | 9,158 | 538 | 5,962 |
Supplemental disclosures of cash flow information: | ' | ' | ' | ' | ' |
Interest paid | 0 | 0 | ' | 0 | 0 |
Interest paid | ' | ' | 0 | ' | ' |
Interest received | 25 | 0 | 0 | 1 | 0 |
Income taxes (refunded) paid | 215 | 210 | 343 | 895 | 9 |
Non-cash investing and financing activities: | ' | ' | ' | ' | ' |
New capital leases | 0 | 0 | 0 | 0 | 0 |
Dividends payable | 0 | ' | ' | ' | ' |
Eliminations and Reclassifications | ' | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 | 0 | 0 | 0 |
Cash flows from investing activities | ' | ' | ' | ' | ' |
Intercompany accounts receivable/payable | -123,197 | -196,332 | -100,589 | 291,525 | -16,986 |
Investment in subsidiaries | ' | -49,338 | ' | ' | ' |
Intercompany loans | ' | ' | ' | 17,070 | ' |
Repayments of intercompany loans | ' | ' | -167,492 | -440,552 | -159,198 |
Capital expenditures | 0 | 0 | 0 | 0 | 0 |
Sale of plant assets | 0 | 0 | 0 | 0 | ' |
Net cash (used in) provided by investing activities | -123,197 | -245,670 | -268,081 | -131,957 | -176,184 |
Cash flows from financing activities | ' | ' | ' | ' | ' |
Equity contributions | 0 | 0 | 0 | 0 | 0 |
Proceeds from bond offering | ' | ' | ' | ' | 0 |
Parent reduction in investment in subsidiary | 0 | 0 | 0 | 0 | 0 |
Repurchases of equity | 0 | 0 | 0 | 0 | 0 |
Dividends paid | 0 | ' | ' | ' | ' |
Proceeds from notes offering | 0 | ' | ' | ' | ' |
Proceeds from bank term loans | 0 | ' | ' | ' | 0 |
Repayments of long-term obligations | 0 | 0 | 0 | 0 | 0 |
Repurchase of notes | 0 | 0 | 0 | ' | ' |
Proceeds from short-term borrowing | 0 | 0 | 0 | 0 | 0 |
Repayments of short-term borrowing | 0 | 0 | 0 | 0 | 0 |
Borrowings under revolving credit facility | ' | 0 | 0 | ' | ' |
Repayments of revolving credit facility | ' | 0 | 0 | ' | ' |
Intercompany accounts receivable/payable | 123,197 | 196,332 | 100,589 | -291,525 | 16,986 |
Proceeds from Intercompany loans | ' | ' | ' | -17,070 | ' |
Repayments of intercompany loans | ' | 49,338 | 167,492 | 440,552 | 159,198 |
Repayment of capital lease obligations | 0 | 0 | 0 | 0 | 0 |
Debt acquisition costs | 0 | 0 | 0 | 0 | 0 |
Repayment of notes receivable from officers | ' | ' | ' | ' | 0 |
Other financing | ' | ' | ' | 0 | ' |
Changes in bank overdrafts | ' | 0 | ' | ' | 0 |
Net cash (used in) provided by financing activities | 123,197 | 245,670 | 268,081 | 131,957 | 176,184 |
Effect of exchange rate changes on cash | 0 | 0 | 0 | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents-beginning of period | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents-end of period | 0 | 0 | 0 | 0 | 0 |
Supplemental disclosures of cash flow information: | ' | ' | ' | ' | ' |
Interest paid | 0 | 0 | ' | 0 | 0 |
Interest paid | ' | ' | 0 | ' | ' |
Interest received | 0 | 0 | 0 | 0 | 0 |
Income taxes (refunded) paid | 0 | 0 | 0 | 0 | 0 |
Non-cash investing and financing activities: | ' | ' | ' | ' | ' |
New capital leases | 0 | 0 | 0 | 0 | 0 |
Dividends payable | $0 | ' | ' | ' | ' |
Stock_Split_Additional_Informa
Stock Split - Additional Information (Detail) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 25, 2011 | Mar. 12, 2013 | Mar. 12, 2013 |
Common Stock [Member] | Subsequent Event [Member] | ||||
Common Stock [Member] | |||||
Schedule Of Stockholders Equity [Line Items] | ' | ' | ' | ' | ' |
Stock split ratio | ' | ' | ' | 55.2444 | 55.2444 |
Par value | $0.01 | $0.01 | $0.01 | ' | $0.01 |
Common stock, shares issued | 117,220,795 | 81,210,672 | 81,272,593 | ' | 2,679,353 |
Stockholders_Equity_EquityBase5
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share 2013 Omnibus Plan RSU Transactions (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Aug. 02, 2013 | Mar. 27, 2013 | Mar. 27, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
Omnibus Plan 2013 [Member] | Omnibus Plan 2013 [Member] | Stock Options | Stock Options | Restricted Stock Units (RSUs) [Member] | ||
Omnibus Plan 2013 [Member] | Omnibus Plan 2013 [Member] | Omnibus Plan 2013 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Aggregate Intrinsic Value, Outstanding, Ending balance | ' | ' | ' | ' | $13,336 | ' |
Aggregate Intrinsic Value, Exercisable, Ending Balance | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | '9 years 6 months 5 days | '6 years 7 months 17 days |
Weighted Average Remaining Life, Exercisable, Ending Balance | ' | ' | ' | ' | '0 years | ' |
Weighted Average Fair Value of Grants | ' | ' | ' | ' | $4.78 | ' |
Weighted Average Fair Value of Exercised Grants | ' | ' | ' | ' | ' | ' |
Weighted Average Fair Value of Forfeited Grants | ' | ' | ' | ' | $4.63 | ' |
Weighted Average Fair Value at Grant Date, Outstanding, Ending balance | ' | ' | ' | ' | $4.79 | ' |
Weighted Average Fair Value at Grant Date, Exercisable, Ending Balance | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price of Grants | ' | ' | ' | ' | $20.35 | ' |
Weighted Average Exercise Price of Exercised Grants | ' | ' | ' | ' | ' | ' |
Weighted Average Exercise Price of Forfeited Grants | ' | ' | ' | ' | $20 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' | $20.37 | ' |
Number of Shares Granted | ' | 155,575 | ' | 2,310,000 | 2,465,575 | ' |
Number of Shares Exercised | ' | ' | ' | ' | ' | ' |
Number of Shares Forfeited | ' | ' | ' | ' | -125,310 | ' |
Number of Shares, Outstanding, Ending Balance | ' | ' | ' | ' | 2,340,265 | ' |
Number of Shares, Exercisable, Ending Balance | ' | ' | ' | ' | ' | ' |
Number of PIUs Converted into RSUs | ' | ' | ' | ' | ' | 1,546,355 |
Number of RSUs Granted | ' | 66,042 | 82,460 | ' | ' | 348,502 |
Number of RSUs Forfeited | ' | ' | ' | ' | ' | -135,407 |
Number of RSUs Exercised | ' | ' | ' | ' | ' | -80,252 |
Number of RSUs, Outstanding, Ending Balance | ' | ' | ' | ' | ' | 1,679,198 |
Weighted Average Fair Value of PIUs Converted into RSUs | $20 | ' | ' | ' | ' | $20 |
Weighted Average Fair Value of RSUs Granted | ' | ' | ' | ' | ' | $21.06 |
Weighted Average Fair Value of RSUs Vested | ' | ' | ' | ' | ' | $20 |
Weighted Average Fair Value of RSUs Forfeited | ' | ' | ' | ' | ' | $20 |
Weighted Average Fair Value at Grant Date, Oustanding, Ending balance | ' | ' | ' | ' | ' | $20.34 |
Aggregate Intrinsic Value, Oustanding, Ending Balance | ' | ' | ' | ' | ' | $43,777 |
Stockholders_Equity_EquityBase6
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Reclassification out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Jun. 24, 2012 | Mar. 25, 2012 | Dec. 25, 2011 | Sep. 25, 2011 | Jun. 26, 2011 | Mar. 27, 2011 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate contracts | ($19,595) | ' | ' | ($44,462) | ' | ' | ' | ' | ' | ' | ($107,878) | ($154,601) | ($198,484) | ($208,319) | ($236,004) | |
Cost of products sold | -415,052 | ' | -517,685 | -438,564 | -456,439 | -481,248 | -500,938 | -440,496 | -460,346 | -452,916 | -1,297,808 | -1,376,251 | -1,893,936 | -1,854,696 | -1,834,375 | |
Earnings (loss) before income taxes | 65,346 | ' | ' | 15,437 | ' | ' | ' | ' | ' | ' | 68,750 | 12,558 | 85,220 | -24,811 | 29,436 | |
Tax benefit | -24,661 | ' | ' | -5,559 | ' | ' | ' | ' | ' | ' | -35,108 | -3,701 | -32,701 | -22,103 | -7,399 | |
Deferred tax expense | -24,273 | -9,070 | ' | -4,653 | ' | ' | ' | ' | ' | ' | -33,226 | -2,637 | -30,929 | -20,524 | -4,382 | |
Net earnings (loss) | 40,685 | ' | 43,662 | 9,878 | -10,560 | 9,539 | -87,524 | 12,777 | 7,581 | 20,252 | 33,642 | 8,857 | 52,519 | -46,914 | 22,037 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net earnings (loss) | -17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,619 | ' | ' | ' | ' | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Interest rate contracts | -15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,961 | ' | ' | ' | ' | |
Cost of products sold | 454 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,136 | ' | ' | ' | ' | |
Earnings (loss) before income taxes | 439 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,825 | ' | ' | ' | ' | |
Tax benefit | -239 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 935 | ' | ' | ' | ' | |
Deferred tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,070 | [1] | ' | ' | ' | ' |
Net earnings (loss) | 200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -10,960 | ' | ' | ' | ' | |
Pension actuarial asumption adjustments | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cost of products sold | -353 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,072 | [2] | ' | ' | ' | ' |
Tax benefit | 136 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 413 | ' | ' | ' | ' | |
Net earnings (loss) | ($217) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($659) | ' | ' | ' | ' | |
[1] | See Notes 11 and 15 for additional details. | |||||||||||||||
[2] | This is included in the computation of net periodic pension cost (see Note 10 for additional details). |
Stockholders_Equity_EquityBase7
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Schedule of Weighted Average Number of Shares - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive shares excluded from the computation | 180,297 | 80,622 | 2,454,101 | 82,891 |
Debt_And_Interest_Expense_Sche4
Debt And Interest Expense Schedule of early redemption prices of long-term debt instruments (Detail) (Senior Notes, 4.875% Senior Notes Due 2021) | Sep. 29, 2013 |
2016 | ' |
Debt Instrument [Line Items] | ' |
Redemption prices, percent of outstanding principal | 103.66% |
2017 | ' |
Debt Instrument [Line Items] | ' |
Redemption prices, percent of outstanding principal | 102.44% |
2018 | ' |
Debt Instrument [Line Items] | ' |
Redemption prices, percent of outstanding principal | 101.22% |
2019 and thereafter | ' |
Debt Instrument [Line Items] | ' |
Redemption prices, percent of outstanding principal | 100.00% |
Pension_And_Retirement_Plans_S1
Pension And Retirement Plans Schedule of net periodic benefit cost, Birds Eye Foods (Detail) (Birds Eye Foods Pension Plan [Member], USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Birds Eye Foods Pension Plan [Member] | ' | ' | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | $52 | ' | $157 | $102 | $537 | $2,086 |
Interest cost | 1,612 | 1,928 | 5,198 | 5,784 | 7,439 | 8,200 | 8,221 |
Expected return on assets | -2,209 | -2,086 | -6,706 | -6,258 | 8,574 | 7,634 | 8,205 |
Amortization of actuarial loss | 185 | 87 | 555 | 261 | -489 | -9 | ' |
Net periodic (benefit) cost | ($412) | ($19) | ($953) | ($56) | ($544) | $1,112 | $1,514 |
Financial_Instruments_Schedule3
Financial Instruments Schedule of Interest Rate Swaps (Detail) (Interest Rate Contracts [Member], Designated as Hedging Instrument [Member], Cash Flow Hedging, USD $) | Sep. 29, 2013 | Apr. 04, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | Derivative | Derivative | |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Number of Instruments | 14 | ' | 2 |
Notional amount | $1,333,000 | $650,000 | $900,000 |
Interest Rate Swaps, Fixed Rate Range, Lower | 0.76% | ' | 0.58% |
Interest Rate Swaps, Fixed Rate Range, Upper | 2.97% | ' | ' |
Financial_Instruments_Schedule4
Financial Instruments Schedule of Foreign Currency Exchange Contracts (Detail) (Designated as Hedging Instrument [Member], Foreign Exchange Contracts [Member], Cash Flow Hedging) | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | Derivative | Derivative | Derivatives Sold [Member] | Derivatives Purchased [Member] |
CAD | USD ($) | |||
Derivative [Line Items] | ' | ' | ' | ' |
Number of Instruments | 4 | 12 | ' | ' |
Notional amount | ' | ' | 14,600 | ' |
Notional amount | ' | ' | ' | $14,729 |
Derivative, Exchange Rate Floor | 0.99 | 0.982 | ' | ' |
Derivative, Exchange Rate Cap | 0.993 | 0.993 | ' | ' |
Financial_Instruments_Schedule5
Financial Instruments Schedule of derivative instruments not designated in qualifying hedging relationships (Detail) (Not Designated as Hedging Instrument [Member], Diesel Fuel Contracts [Member]) | Sep. 29, 2013 | Dec. 30, 2012 |
gal | Derivative | |
gal | ||
Not Designated as Hedging Instrument [Member] | Diesel Fuel Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Number of Instruments | 2 | 4 |
Notional Amount | 2,016,158 | 8,712,304 |
Price/Index, Floor Price | 3.75 | 3.64 |
Price/Index, Cap Price | 3.93 | 4.09 |
Schedule_of_the_provision_for_
Schedule of the provision for income taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Dec. 25, 2011 | Dec. 26, 2010 |
Provision for Income Taxes | ' | ' | ' | ' | ' | ' | ' | ' |
Current | $388 | ' | $906 | $1,882 | $1,064 | $1,772 | $1,579 | $3,017 |
Deferred | 24,273 | 9,070 | 4,653 | 33,226 | 2,637 | 30,929 | 20,524 | 4,382 |
Total | $24,661 | ' | $5,559 | $35,108 | $3,701 | $32,701 | $22,103 | $7,399 |
Effective tax rate | 37.70% | ' | 36.00% | 51.10% | 29.50% | 38.40% | -89.10% | 25.10% |
Taxes_on_Earnings_Additional_I
Taxes on Earnings - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 |
Income Tax Disclosure [Line Items] | ' | ' |
Deferred tax expense, reclassification from AOCI to provision for income taxes | $9.10 | ' |
Tax impact of change in enacted tax rate | -2.1 | ' |
Decrease in deferred tax liability, due to change in enacted tax rate Deferred?Tax?Liabilities?Increase?Decrease?Due?To?Rate?Changes (2.1) | -2.1 | ' |
State and Local Jurisdiction | ' | ' |
Income Tax Disclosure [Line Items] | ' | ' |
Benefit from change in valuation allowance | 1.5 | ' |
Additional recognition or release of valuation allowance | ' | $1.90 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Event [Member], Wish Bone Acquisition [Member], USD $) | 0 Months Ended |
Oct. 01, 2013 | |
Subsequent Event [Line Items] | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | $575,000,000 |
Secured Debt | ' |
Subsequent Event [Line Items] | ' |
Senior Secured Credit Facility | $525,000,000 |