Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 29, 2013 | Nov. 11, 2013 | |
Document And Entity Information [Abstract] [Abstract] | ' | ' |
Entity Registrant Name | 'Pinnacle Foods Inc. | ' |
Entity Central Index Key | '0001564822 | ' |
Current Fiscal Year End Date | '--12-29 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 117,218,996 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $572,455 | $567,905 | $1,754,480 | $1,773,425 |
Cost of products sold | 415,052 | 438,564 | 1,297,808 | 1,376,251 |
Gross profit | 157,403 | 129,341 | 456,672 | 397,174 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 40,866 | 38,336 | 134,002 | 130,540 |
Administrative expenses | 25,304 | 21,349 | 93,189 | 66,089 |
Research and development expenses | 2,709 | 2,677 | 7,825 | 8,211 |
Other expense (income), net | 3,606 | 7,084 | 45,096 | 25,280 |
Total operating expenses | 72,485 | 69,446 | 280,112 | 230,120 |
Earnings before interest and taxes | 84,918 | 59,895 | 176,560 | 167,054 |
Interest expense | 19,595 | 44,462 | 107,878 | 154,601 |
Interest income | 23 | 4 | 68 | 105 |
Earnings (loss) before income taxes | 65,346 | 15,437 | 68,750 | 12,558 |
Provision (benefit) for income taxes | 24,661 | 5,559 | 35,108 | 3,701 |
Net loss | $40,685 | $9,878 | $33,642 | $8,857 |
Net loss per share | ' | ' | ' | ' |
Basic (in dollars per share) | $0.35 | $0.12 | $0.32 | $0.11 |
Weighted average shares outstanding- basic (in shares) | 115,590,396 | 81,218,162 | 103,921,211 | 81,237,056 |
Diluted (in dollars per share) | $0.35 | $0.11 | $0.32 | $0.10 |
Weighted average shares outstanding- diluted (in shares) | 116,347,508 | 86,444,890 | 105,978,368 | 86,460,856 |
Dividends per share | $0.18 | $0 | $0.36 | $0 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Net loss | $40,685 | $9,878 | $33,642 | $8,857 |
Other comprehensive earnings (loss) | ' | ' | ' | ' |
Foreign currency translation | 179 | 118 | -4 | 341 |
Net gain (loss) on financial instrument contracts | -4,709 | -2,622 | 25,627 | -8,168 |
Loss on pension actuarial assumption adjustments | 0 | 0 | 0 | -76 |
Reclassifications into earnings: | ' | ' | ' | ' |
Financial instrument contracts | -439 | 1,174 | 2,825 | 8,854 |
Amortization of deferred mark-to-market adjustment on terminated swaps | 0 | 0 | 0 | 445 |
Loss on pension actuarial assumption adjustments | 353 | 0 | 1,072 | 0 |
Tax provision on other comprehensive earnings | 1,663 | 393 | -2,481 | -792 |
Total other comprehensive earnings - net of tax | -2,953 | -937 | 27,039 | 604 |
Total comprehensive (loss) earnings | $37,732 | $8,941 | $60,681 | $9,461 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $110,403 | $92,281 |
Accounts receivable, net of allowances of $5,346 and $5,149, respectively | 168,916 | 143,884 |
Inventories | 394,328 | 358,051 |
Other current assets | 7,266 | 11,862 |
Deferred tax assets | 121,181 | 99,199 |
Total current assets | 802,094 | 705,277 |
Plant assets, net of accumulated depreciation of $272,734 and $244,694, respectively | 512,351 | 493,666 |
Tradenames | 1,603,992 | 1,603,992 |
Other assets, net | 161,423 | 155,558 |
Goodwill | 1,441,495 | 1,441,495 |
Total assets | 4,521,355 | 4,399,988 |
Current liabilities: | ' | ' |
Short-term borrowings | 1,065 | 2,139 |
Current portion of long-term obligations | 19,436 | 30,419 |
Accounts payable | 180,055 | 137,326 |
Accrued trade marketing expense | 38,920 | 44,571 |
Accrued liabilities | 106,675 | 119,269 |
Dividends payable | 21,354 | 0 |
Total current liabilities | 367,505 | 333,724 |
Long-term debt (includes $52,119 and $63,097 owed to related parties, respectively) | 1,968,907 | 2,576,386 |
Pension and other postretirement benefits | 93,090 | 100,918 |
Other long-term liabilities | 24,802 | 28,705 |
Deferred tax liabilities | 530,148 | 471,529 |
Total liabilities | 2,984,452 | 3,511,262 |
Commitments and contingencies (Note 12) | ' | ' |
Shareholders' equity: | ' | ' |
Pinnacle preferred stock: $.01 per share, 50,000,000 shares authorized, none issued | ' | ' |
Pinnacle common stock: par value $.01 per share, 200,000,000 shares authorized; issued and outstanding 117,145,313 and 81,210,672, respectively | 1,172 | 812 |
Additional paid-in-capital | 1,325,835 | 696,512 |
Retained earnings | 244,410 | 252,955 |
Accumulated other comprehensive loss | -34,514 | -61,553 |
Total shareholders' equity | 1,536,903 | 888,726 |
Total liabilities and shareholders' equity | $4,521,355 | $4,399,988 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance (in dollars) | $5,707 | $5,149 |
Plant assets, accumulated depreciation (in dollars) | 283,426 | 244,694 |
Long-term debt, owed to related parties (in dollars) | $48,004 | $63,097 |
Preferred stock, par value (dollars per share) | $0.01 | ' |
Preferred stock, shares authorized (shares) | 50,000,000 | ' |
Preferred stock, shares issued (shares) | 0 | ' |
Preferred stock, shares outstanding (shares) | 0 | ' |
Common stock, par value (dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (shares) | 117,220,795 | 81,210,672 |
Common stock, shares outstanding (shares) | 117,220,795 | 81,210,672 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
Sep. 29, 2013 | Sep. 23, 2012 | |
Cash flows from operating activities | ' | ' |
Net loss | $33,642,000 | $8,857,000 |
Non-cash charges (credits) to net earnings | ' | ' |
Depreciation and amortization | 57,683,000 | 68,542,000 |
Amortization of discount on term loan | 720,000 | 669,000 |
Amortization of debt acquisition costs | 3,378,000 | 6,745,000 |
Call premium on note redemptions | 34,180,000 | 14,255,000 |
Refinancing costs and write off of debt issuance costs | 19,668,000 | 17,482,000 |
Amortization of deferred mark-to-market adjustment on terminated swaps | 0 | 444,000 |
Change in value of financial instruments | -192,000 | -2,002,000 |
Equity-based compensation charge | 5,616,000 | 725,000 |
Pension expense, net of contributions | -6,756,000 | -8,924,000 |
Gain on sale of assets held for sale | -3,627,000 | 0 |
Other long-term liabilities | -494,000 | 3,210,000 |
Other long-term assets | 0 | -601,000 |
Deferred income taxes | 33,226,000 | 2,637,000 |
Changes in working capital | ' | ' |
Accounts receivable | -25,275,000 | -5,974,000 |
Inventories | -36,160,000 | -66,822,000 |
Accrued trade marketing expense | -5,556,000 | 3,853,000 |
Accounts payable | 41,746,000 | 14,198,000 |
Accrued liabilities | -10,464,000 | 4,340,000 |
Other current assets | 392,000 | 750,000 |
Net cash provided by operating activities | 141,727,000 | 62,384,000 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -62,722,000 | -49,796,000 |
Proceeds from sale of plant assets | 6,853,000 | 570,000 |
Net cash used in investing activities | -55,869,000 | -49,226,000 |
Cash flows from financing activities | ' | ' |
Net proceeds from issuance of common stock | 624,258,000 | 0 |
Proceeds from bank term loans | 1,625,925,000 | 842,625,000 |
Proceeds from bond offerings | 350,000,000 | 0 |
Repayments of long-term obligations | -1,732,071,000 | -625,172,000 |
Repurchase of notes | 899,180,000 | 373,255,000 |
Proceeds from short-term borrowings | 2,408,000 | 1,216,000 |
Repayments of short-term borrowings | -3,481,000 | -2,364,000 |
Repayment of capital lease obligations | -2,320,000 | -2,803,000 |
Repurchases of equity | -191,000 | -846,000 |
Dividends paid | -20,831,000 | 0 |
Debt acquisition costs | 12,491,000 | 17,414,000 |
Net cash used in financing activities | -67,974,000 | -158,686,000 |
Effect of exchange rate changes on cash | 238,000 | 388,000 |
Net change in cash and cash equivalents | 18,122,000 | -145,140,000 |
Cash and cash equivalents - beginning of period | 92,281,000 | 151,031,000 |
Cash and cash equivalents - end of period | 110,403,000 | 5,891,000 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 91,577,000 | 138,622,000 |
Interest received | 69,000 | 105,000 |
Income taxes paid | 2,998,000 | 1,933,000 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 2,030,000 | 1,549,000 |
Dividends payable | 21,354,000 | 0 |
Change in bank overdrafts | $0 | ($19,327,000) |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholder's Equity (USD $) | Total | Common Stock Number of Shares [Member] | Common Stock [Member] | Additional Paid In Capital | Retained earnings | Accumulated Other Comprehensive Loss |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance, beginning at Dec. 25, 2011 | $845,352 | ' | $813 | $696,539 | $200,436 | ($52,436) |
Balance ending (shares) at Dec. 25, 2011 | ' | 81,272,578 | ' | ' | ' | ' |
Equity contribution: | ' | ' | ' | ' | ' | ' |
Shares repurchased (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 beginning (shares) at Sep. 23, 2012 | ' | 81,211,864 | ' | ' | ' | ' |
Balance, beginning at Dec. 30, 2012 | 888,726 | ' | 812 | 696,512 | 252,955 | -61,553 |
Balance ending (shares) at Dec. 30, 2012 | 81,210,672 | 81,210,672 | ' | ' | ' | ' |
Equity contribution: | ' | ' | ' | ' | ' | ' |
Share issuance (shares) | ' | 36,153,849 | ' | ' | ' | ' |
Share issuance | 624,258 | ' | 361 | 623,897 | ' | ' |
Shares repurchased (shares) | ' | -8,319 | ' | ' | ' | ' |
Shares repurchased | -191 | ' | 0 | -191 | ' | ' |
Shares forfeited (shares) | ' | -135,407 | ' | ' | ' | ' |
Shares forfeited | 0 | ' | -1 | 1 | ' | ' |
Equity related compensation | 5,616 | ' | ' | 5,616 | ' | ' |
Dividends ($0.18 per share) | -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 beginning (shares) at Sep. 29, 2013 | 117,220,795 | 117,220,795 | ' | ' | ' | ' |
Consolidated_Statements_Of_Sto1
Consolidated Statements Of Stockholder's Equity (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Dividends per share | $0.18 | $0 | $0.36 | $0 |
Summary_Of_Business_Activities
Summary Of Business Activities | 9 Months Ended |
Sep. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Summary Of Business Activities | ' |
Summary of Business Activities | |
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. | |
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. | |
Significant transactions affecting comparability | |
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). | |
History and Current Ownership | |
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. |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended |
Sep. 29, 2013 | |
Interim Financial Statements [Abstract] | ' |
Interim Financial Statements | ' |
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. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
Fair Value Measurements [Text Block] | ' | ||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
as of | Using Fair Value Hierarchy | as of | Using Fair Value Hierarchy | ||||||||||||||||||||||||||||||
29-Sep-13 | Level 1 | Level 2 | Level 3 | 30-Dec-12 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 25,065 | $ | — | $ | 25,065 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Foreign currency derivatives | 573 | — | 573 | — | 638 | — | 638 | — | |||||||||||||||||||||||||
Commodity derivatives | 133 | — | 133 | — | 525 | — | 525 | — | |||||||||||||||||||||||||
Total assets at fair value | $ | 25,771 | $ | — | $ | 25,771 | $ | — | $ | 1,163 | $ | — | $ | 1,163 | $ | — | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 1,342 | $ | — | $ | 1,342 | $ | — | $ | 3,807 | $ | — | $ | 3,807 | $ | — | |||||||||||||||||
Commodity derivatives | — | — | — | — | 682 | — | 682 | — | |||||||||||||||||||||||||
Total liabilities at fair value | $ | 1,342 | $ | — | $ | 1,342 | $ | — | $ | 4,489 | $ | — | $ | 4,489 | $ | — | |||||||||||||||||
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. | |||||||||||||||||||||||||||||||||
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. |
Other_Expense_Income_Net
Other Expense (Income), Net | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Other Expense (Income), Net | ' | |||||||||||||||
Other Expense (Income), net | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Other expense (income), net consists of: | ||||||||||||||||
Amortization of intangibles/other assets | $ | 3,872 | $ | 3,879 | $ | 11,616 | $ | 11,647 | ||||||||
Redemption premiums on the early extinguishment of debt | — | 3,470 | 34,180 | 14,255 | ||||||||||||
Royalty income and other | (266 | ) | (265 | ) | (700 | ) | (622 | ) | ||||||||
Total other expense (income), net | $ | 3,606 | $ | 7,084 | $ | 45,096 | $ | 25,280 | ||||||||
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. |
Stockholders_Equity_EquityBase
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share | 9 Months Ended | |||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||
Disclosure of Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share [Abstract] | ' | |||||||||||||||||
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share | ' | |||||||||||||||||
older's Equity, Equity-Based Compensation Expense and Earnings Per Share | ||||||||||||||||||
Equity-based Compensation | ||||||||||||||||||
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. | ||||||||||||||||||
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. | ||||||||||||||||||
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: | ||||||||||||||||||
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 | ||||||||||||||||
Expected volatility of Pinnacle Foods Inc. stock | 35 | % | 55 | % | ||||||||||||||
Expected dividend yield on Pinnacle Foods Inc. stock | 3.55 | % | 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. | ||||||||||||||||||
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. | ||||||||||||||||||
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, 2013 | September 23, 2012 | September 29, 2013 | September 23, 2012 | |||||||||||||||
Cost of products sold | $ | 81 | $ | 16 | $ | 389 | $ | 96 | ||||||||||
Marketing and selling expenses | 56 | 51 | 991 | 291 | ||||||||||||||
Administrative expenses | 2,069 | 54 | 4,082 | 316 | ||||||||||||||
Research and development expenses | 85 | 3 | 154 | 22 | ||||||||||||||
Pre-tax equity-based compensation expense | 2,291 | 124 | 5,616 | 725 | ||||||||||||||
Income tax benefit | (698 | ) | (39 | ) | (1,378 | ) | (53 | ) | ||||||||||
Net equity-based compensation expense | $ | 1,593 | $ | 85 | $ | 4,238 | $ | 672 | ||||||||||
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 | ||||||||||||||||||
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. | ||||||||||||||||||
The following table summarizes the equity option transactions under the 2007 Stock Incentive Plan: | ||||||||||||||||||
Number of | Weighted Average Exercise Price | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Life | Aggregate Intrinsic Value (000's) | ||||||||||||||
Shares | ||||||||||||||||||
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 | ||||||||||
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. | ||||||||||||||||||
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. | ||||||||||||||||||
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. | ||||||||||||||||||
The following table summarizes the equity option transactions under the 2013 Omnibus Plan: | ||||||||||||||||||
Number of | Weighted Average Exercise Price | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Life | Aggregate Intrinsic Value (000's) | ||||||||||||||
Options | ||||||||||||||||||
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 | $ | — | ||||||||||
The following table summarizes the changes in non-vested shares. | ||||||||||||||||||
Number of | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Life | Aggregate Intrinsic Value (000's) | |||||||||||||||
Shares | ||||||||||||||||||
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 | ||||||||||||
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 | |||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||
Details about Accumulated Other Comprehensive Earnings Components | September 29, 2013 | September 29, 2013 | Reclassified from AOCL to: | |||||||||||||||
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 | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | 29-Sep-13 | 23-Sep-12 | |||||||||||||||
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. |
Balance_Sheet_Information
Balance Sheet Information | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Balance Sheet Information [Abstract] | ' | |||||||
Balance Sheet Information | ' | |||||||
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: | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Customers | $ | 168,106 | $ | 137,950 | ||||
Allowances for cash discounts, bad debts and returns | (5,707 | ) | (5,149 | ) | ||||
Subtotal | 162,399 | 132,801 | ||||||
Other receivables | 6,517 | 11,083 | ||||||
Total | $ | 168,916 | $ | 143,884 | ||||
Inventories. Inventories are as follows: | ||||||||
September 29, | December 30, | |||||||
2013 | 2012 | |||||||
Raw materials, containers and supplies | $ | 61,504 | $ | 50,919 | ||||
Finished product | 332,824 | 307,132 | ||||||
Total | $ | 394,328 | $ | 358,051 | ||||
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: | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Prepaid expenses | $ | 3,590 | $ | 5,954 | ||||
Prepaid income taxes | 2,120 | 578 | ||||||
Assets held for sale | 1,556 | 5,330 | ||||||
Total | $ | 7,266 | $ | 11,862 | ||||
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. | ||||||||
Plant Assets. Plant assets are as follows: | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Land | $ | 14,061 | $ | 14,061 | ||||
Buildings | 190,487 | 178,300 | ||||||
Machinery and equipment | 556,180 | 513,339 | ||||||
Projects in progress | 35,049 | 32,660 | ||||||
Subtotal | 795,777 | 738,360 | ||||||
Accumulated depreciation | (283,426 | ) | (244,694 | ) | ||||
Total | $ | 512,351 | $ | 493,666 | ||||
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. | ||||||||
Accrued Liabilities. Accrued liabilities are as follows: | ||||||||
September 29, | December 30, | |||||||
2013 | 2012 | |||||||
Employee compensation and benefits | $ | 61,626 | $ | 53,373 | ||||
Interest payable | 17,034 | 28,116 | ||||||
Consumer coupons | 2,812 | 3,346 | ||||||
Accrued restructuring charges (see Note 8) | 2,210 | 10,480 | ||||||
Accrued financial instrument contracts (see Note 11) | 1,341 | 682 | ||||||
Other | 21,652 | 23,272 | ||||||
Total | $ | 106,675 | $ | 119,269 | ||||
Other Long-Term Liabilities. Other long-term liabilities are as follows: | ||||||||
September 29, | December 30, | |||||||
2013 | 2012 | |||||||
Employee compensation and benefits | $ | 9,324 | $ | 9,340 | ||||
Long-term rent liability and deferred rent allowances | 9,609 | 10,217 | ||||||
Liability for uncertain tax positions | 1,622 | 1,614 | ||||||
Accrued financial instrument contracts (see Note 11) | — | 3,807 | ||||||
Other | 4,247 | 3,727 | ||||||
Total | $ | 24,802 | $ | 28,705 | ||||
Goodwill_Tradename_And_Other_A
Goodwill, Tradename And Other Assets | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Goodwill And Other Assets | ' | |||||||||||||||
Goodwill, Tradenames and Other Assets | ||||||||||||||||
Goodwill | ||||||||||||||||
Goodwill by segment is as follows: | ||||||||||||||||
Birds Eye | Duncan | Specialty | Total | |||||||||||||
Frozen | Hines | Foods | ||||||||||||||
Grocery | ||||||||||||||||
Balance, December 30, 2012 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | ||||||||
Balance, September 29, 2013 | $ | 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. | ||||||||||||||||
Tradenames | ||||||||||||||||
Tradenames by segment are as follows: | ||||||||||||||||
Birds Eye | Duncan Hines | Specialty | ||||||||||||||
Frozen | Grocery | Foods | Total | |||||||||||||
Balance, December 30, 2012 | $ | 796,680 | $ | 771,312 | $ | 36,000 | $ | 1,603,992 | ||||||||
Balance, September 29, 2013 | $ | 796,680 | $ | 771,312 | $ | 36,000 | $ | 1,603,992 | ||||||||
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 | ||||||||||||||||
September 29, 2013 | ||||||||||||||||
Weighted | Gross | Accumulated | Net | |||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||
Amount | ||||||||||||||||
Amortizable intangibles | ||||||||||||||||
Recipes | 10 | $ | 52,810 | $ | (34,326 | ) | $ | 18,484 | ||||||||
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 | |||||||||||
License | 7 | 4,875 | (2,812 | ) | 2,063 | |||||||||||
Total amortizable intangibles | $ | 228,788 | $ | (113,437 | ) | $ | 115,351 | |||||||||
Deferred financing costs | 35,988 | (20,181 | ) | 15,807 | ||||||||||||
Financial instruments | 25,065 | — | 25,065 | |||||||||||||
Other (1) | 5,200 | — | 5,200 | |||||||||||||
Total other assets, net | $ | 161,423 | ||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||
Birds Eye Frozen | $ | 64,884 | ||||||||||||||
Duncan Hines Grocery | 45,034 | |||||||||||||||
Specialty Foods | 5,433 | |||||||||||||||
$ | 115,351 | |||||||||||||||
December 30, 2012 | ||||||||||||||||
Weighted | Gross | Accumulated | Net | |||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||
Amount | ||||||||||||||||
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 | |||||||||||
Customer relationships - Private Label | 7 | 9,214 | (8,533 | ) | 681 | |||||||||||
License | 7 | 4,875 | (2,250 | ) | 2,625 | |||||||||||
Total amortizable intangibles | $ | 228,788 | $ | (101,821 | ) | $ | 126,967 | |||||||||
Deferred financing costs | 59,486 | (35,306 | ) | 24,180 | ||||||||||||
Other (1) | 4,411 | — | 4,411 | |||||||||||||
Total other assets, net | $ | 155,558 | ||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||
Birds Eye Frozen | $ | 69,581 | ||||||||||||||
Duncan Hines Grocery | 48,806 | |||||||||||||||
Specialty Foods | 8,580 | |||||||||||||||
$ | 126,967 | |||||||||||||||
(1) As of September 29, 2013 and December 30, 2012, Other primarily consists of security deposits. | ||||||||||||||||
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. | ||||||||||||||||
Deferred Financing Costs | ||||||||||||||||
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. | ||||||||||||||||
The following summarizes deferred financing cost activity: | ||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||
Carrying | Amortization | |||||||||||||||
Amount | ||||||||||||||||
Balance, December 30, 2012 | $ | 59,486 | $ | (35,306 | ) | $ | 24,180 | |||||||||
2013 - Additions | 7,730 | — | 7,730 | |||||||||||||
Amortization | — | (3,378 | ) | (3,378 | ) | |||||||||||
Write off | (31,228 | ) | 18,503 | (12,725 | ) | |||||||||||
Balance, September 29, 2013 | $ | 35,988 | $ | (20,181 | ) | $ | 15,807 | |||||||||
Restructuring_Charges
Restructuring Charges | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||||||
Restructuring Charges | ' | ||||||||||||||||
Restructuring Charges | |||||||||||||||||
Pickle supply chain | |||||||||||||||||
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. | |||||||||||||||||
Millsboro, DE plant closure | |||||||||||||||||
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. | |||||||||||||||||
Exit low-margin un-branded business | |||||||||||||||||
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. | |||||||||||||||||
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. | |||||||||||||||||
Fulton, NY Plant | |||||||||||||||||
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. | |||||||||||||||||
Tacoma, WA 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. | |||||||||||||||||
The following table summarizes total restructuring charges accrued as of September 29, 2013. | |||||||||||||||||
Description | Balance, December 30, 2012 | Expense | Payments | Balance, September 29, 2013 | |||||||||||||
Facility shutdowns | $ | 2,796 | $ | — | $ | (1,030 | ) | $ | 1,766 | ||||||||
Contract termination and other fees | 5,833 | — | (5,833 | ) | — | ||||||||||||
Employee severance | 1,851 | — | (1,407 | ) | 444 | ||||||||||||
Total | $ | 10,480 | $ | — | $ | (8,270 | ) | $ | 2,210 | ||||||||
Debt_And_Interest_Expense
Debt And Interest Expense | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Debt And Interest Expense | ' | |||||||||||||||
Debt and Interest Expense | ||||||||||||||||
September 29, | December 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Short-term borrowings | ||||||||||||||||
- Notes payable | $ | 1,065 | $ | 2,139 | ||||||||||||
Total short-term borrowings | $ | 1,065 | $ | 2,139 | ||||||||||||
Long-term debt | ||||||||||||||||
- Senior Secured Credit Facility - Tranche B Non Extended Term Loans due 2014 | $ | — | $ | 243,264 | ||||||||||||
- 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 F Term Loans due 2018 | — | 448,875 | ||||||||||||||
- Senior Secured Credit Facility - Tranche G Term Loans due 2020 | 1,625,925 | — | ||||||||||||||
- 4.875% Senior Notes due 2021 | 350,000 | — | ||||||||||||||
- 9.25% Senior Notes due 2015 | — | 465,000 | ||||||||||||||
- 8.25% Senior Notes due 2017 | — | 400,000 | ||||||||||||||
- Unamortized discount on long term debt | (8,188 | ) | (7,230 | ) | ||||||||||||
- Capital lease obligations | 20,606 | 20,990 | ||||||||||||||
1,988,343 | 2,606,805 | |||||||||||||||
Less: current portion of long-term obligations | 19,436 | 30,419 | ||||||||||||||
Total long-term debt | $ | 1,968,907 | $ | 2,576,386 | ||||||||||||
Interest expense | Three months ended | Nine months ended | ||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest expense, third party | $ | 18,318 | $ | 37,972 | $ | 79,497 | $ | 118,021 | ||||||||
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 | ||||||||||||
Write-off of debt acquisition costs (Note 7) | — | 2,641 | 12,725 | 8,091 | ||||||||||||
Write-off of loan discount | — | — | 2,182 | 1,864 | ||||||||||||
Financing costs (Note 7) | — | — | 4,762 | 7,526 | ||||||||||||
Amortization of deferred mark-to-market adjustment on terminated swaps (Note 11) | — | — | — | 444 | ||||||||||||
Interest rate swap losses (Note 11) | 243 | 1,274 | 3,997 | 9,159 | ||||||||||||
Total interest expense | $ | 19,595 | $ | 44,462 | $ | 107,878 | $ | 154,601 | ||||||||
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 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. | ||||||||||||||||
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 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 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. | ||||||||||||||||
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. | ||||||||||||||||
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. | ||||||||||||||||
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. | ||||||||||||||||
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 Note 18 and the Liquidity and capital resources section of Management's Discussion and Analysis 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. | ||||||||||||||||
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. | ||||||||||||||||
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. | ||||||||||||||||
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%. | ||||||||||||||||
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%. | ||||||||||||||||
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. | ||||||||||||||||
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: | ||||||||||||||||
4.875% Senior Notes | ||||||||||||||||
Year | Percentage | |||||||||||||||
2016 | 103.66% | |||||||||||||||
2017 | 102.44% | |||||||||||||||
2018 | 101.22% | |||||||||||||||
2019 and thereafter | 100.00% | |||||||||||||||
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. | ||||||||||||||||
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. | ||||||||||||||||
The estimated fair value of the Company’s long-term debt, including the current portion, as of September 29, 2013, is as follows: | ||||||||||||||||
September 29, 2013 | ||||||||||||||||
Issue | Face Value | Fair Value | ||||||||||||||
Senior Secured Credit Facility - Tranche G Term Loans | 1,625,925 | 1,611,698 | ||||||||||||||
4.875% Senior Notes | 350,000 | 325,500 | ||||||||||||||
$ | 1,975,925 | $ | 1,937,198 | |||||||||||||
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 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 | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||
Pension And Retirement Plans | ' | |||||||||||||||
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 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. | ||||||||||||||||
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 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. | ||||||||||||||||
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 | ||||||||
Cash Flows | ||||||||||||||||
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. | ||||||||||||||||
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. | ||||||||||||||||
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. | ||||||||||||||||
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 | ) | ||||
Cash Flows | ||||||||||||||||
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. | ||||||||||||||||
Multi-employer Plans | ||||||||||||||||
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. | ||||||||||||||||
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. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||
Financial Instruments | |||||||||||||||||||
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 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. | |||||||||||||||||||
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. | |||||||||||||||||||
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 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 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 | Current | Fixed Rate Range | Index | Trade Dates | Maturity | |||||||||||||
Instruments | Notional | Dates | |||||||||||||||||
Amount | |||||||||||||||||||
Interest Rate Swaps | 14 | $ | 1,333,000 | 0.76% - 2.97% | USD-LIBOR-BBA | Apr-13 | Apr 2014 - Apr 2020 | ||||||||||||
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. | |||||||||||||||||||
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 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 | |||||||||||||
Instruments | Aggregate in ("CAD") | Purchased in | Exchange | Dates | |||||||||||||||
Aggregate in ("USD") | Rates | ||||||||||||||||||
CAD Forward | 4 | $ | 14,600 | $ | 14,729 | 0.990 - 0.993 | Sep-12 | 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. | |||||||||||||||||||
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. | |||||||||||||||||||
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 | ||||||||||||||
Instruments | Dates | ||||||||||||||||||
Diesel Fuel Contracts | 2 | 2,016,158 Gallons | $3.75 - $3.93 per Gallon | Apr-13 | Dec-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. | |||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
as of | as of | ||||||||||||||||||
29-Sep-13 | 29-Sep-13 | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Other assets, net | $ | 25,065 | Accrued liabilities | $ | 62 | |||||||||||||
Foreign Exchange Contracts | Other current assets | 573 | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | 25,638 | $ | 62 | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Accrued liabilities | $ | 1,280 | ||||||||||||||||
Commodity Contracts | Other current assets | 133 | |||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 133 | $ | 1,280 | |||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
as of | as of | ||||||||||||||||||
30-Dec-12 | 30-Dec-12 | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Other long-term liabilities | $ | 3,807 | ||||||||||||||||
Foreign Exchange Contracts | Other current assets | $ | 605 | ||||||||||||||||
Other assets, net | 33 | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 638 | $ | 3,807 | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Commodity Contracts | Other current assets | $ | 525 | Accrued liabilities | $ | 682 | |||||||||||||
Total derivatives not designated as hedging instruments | $ | 525 | $ | 682 | |||||||||||||||
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 | |||||||||||||||||||
Gain/(Loss) | |||||||||||||||||||
Derivatives in Cash Flow Hedging | Recognized in | Effective portion | Reclassified | Ineffective portion | Recognized in | ||||||||||||||
Relationships | AOCL on | reclassified from AOCL to: | from AOCL | recognized in Earnings in: | Earnings on | ||||||||||||||
Derivative | into Earnings | Derivative | |||||||||||||||||
(Effective | (Effective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||
Interest Rate Contracts | $ | (4,158 | ) | Interest expense | $ | (15 | ) | (a) | Interest expense | $ | (18 | ) | |||||||
Foreign Exchange Contracts | (551 | ) | Cost of products sold | 454 | Cost of products sold | (15 | ) | ||||||||||||
Three months ended September 29, 2013 | $ | (4,709 | ) | $ | 439 | $ | (33 | ) | |||||||||||
Interest Rate Contracts | $ | 24,548 | Interest expense | $ | (3,961 | ) | (a) | Interest expense | $ | 8 | |||||||||
Foreign Exchange Contracts | 1,079 | Cost of products sold | 1,136 | Cost of products sold | (8 | ) | |||||||||||||
Nine months ended September 29, 2013 | $ | 25,627 | $ | (2,825 | ) | $ | — | ||||||||||||
Interest Rate Contracts | $ | (1,445 | ) | Interest expense | $ | (1,067 | ) | Interest expense | $ | (207 | ) | ||||||||
Foreign Exchange Contracts | (1,177 | ) | Cost of products sold | (107 | ) | Cost of products sold | 19 | ||||||||||||
Three months ended September 23, 2012 | $ | (2,622 | ) | $ | (1,174 | ) | $ | (188 | ) | ||||||||||
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 | ) | ||||||||||||
Nine months ended September 23, 2012 | $ | (8,168 | ) | $ | (9,299 | ) | $ | (216 | ) | ||||||||||
Derivatives Not Designated as Hedging Instruments | Recognized in Earnings in: | Recognized in | |||||||||||||||||
Earnings on | |||||||||||||||||||
Derivative | |||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 304 | ||||||||||||||||
Interest Rate Contracts | Interest expense | (209 | ) | ||||||||||||||||
Three months ended September 29, 2013 | $ | 95 | |||||||||||||||||
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. | |||||||||||||||||||
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 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 | |||||||||||||||||||
Asset/(Liability) | |||||||||||||||||||
Counterparty | Contract | Termination | Performance | Accrued | Fair Value | ||||||||||||||
Type | Value | Risk | Interest | (excluding | |||||||||||||||
Adjustment | interest) | ||||||||||||||||||
Barclays | Interest Rate Contracts | $ | 10,054 | $ | 232 | $ | (146 | ) | $ | 10,432 | |||||||||
Commodity Contracts | 133 | — | — | 133 | |||||||||||||||
Bank of America | Interest Rate Contracts | 9,916 | 99 | — | 10,015 | ||||||||||||||
Credit Suisse | Interest Rate Contracts | 3,105 | 101 | (71 | ) | 3,277 | |||||||||||||
Foreign Exchange Contracts | 574 | — | — | 574 | |||||||||||||||
Total | $ | 23,782 | $ | 432 | $ | (217 | ) | $ | 24,431 | ||||||||||
December 30, 2012 | |||||||||||||||||||
Asset/(Liability) | |||||||||||||||||||
Counterparty | Contract | Termination | Performance | Accrued | Fair Value | ||||||||||||||
Type | 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 |
Sep. 29, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments And Contingencies | ' |
Commitments and Contingencies | |
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. | |
Aunt Jemima Breakfast Product Recall | |
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. | |
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. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 29, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
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. | |
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. | |
Customer Purchases | |
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. | |
Interest Expense | |
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. |
Segments
Segments | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segments | ' | |||||||||||||||
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 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 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 Company refers to the sum of the Birds Eye Frozen Division and the Duncan Hines Grocery Division as the North America retail businesses. | ||||||||||||||||
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. | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
SEGMENT INFORMATION | September 29, | September 23, | September 29, | September 23, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | ||||||||||||||||
Birds Eye Frozen | $ | 257,973 | $ | 255,950 | $ | 794,464 | $ | 787,603 | ||||||||
Duncan Hines Grocery | 224,214 | 215,637 | 690,243 | 687,225 | ||||||||||||
Specialty Foods | 90,268 | 96,318 | 269,773 | 298,597 | ||||||||||||
Total | $ | 572,455 | $ | 567,905 | $ | 1,754,480 | $ | 1,773,425 | ||||||||
Earnings before interest and taxes | ||||||||||||||||
Birds Eye Frozen | $ | 45,009 | $ | 42,356 | $ | 130,462 | $ | 109,509 | ||||||||
Duncan Hines Grocery | 38,265 | 26,347 | 97,399 | 77,136 | ||||||||||||
Specialty Foods | 8,026 | 539 | 21,087 | 12,680 | ||||||||||||
Unallocated corporate expenses | (6,382 | ) | (9,347 | ) | (72,388 | ) | (32,271 | ) | ||||||||
Total | $ | 84,918 | $ | 59,895 | $ | 176,560 | $ | 167,054 | ||||||||
Depreciation and amortization | ||||||||||||||||
Birds Eye Frozen | $ | 9,917 | $ | 9,114 | $ | 28,544 | $ | 28,437 | ||||||||
Duncan Hines Grocery | 4,815 | 12,125 | 16,131 | 26,683 | ||||||||||||
Specialty Foods | 4,926 | 5,248 | 13,008 | 13,422 | ||||||||||||
Total | $ | 19,658 | $ | 26,487 | $ | 57,683 | $ | 68,542 | ||||||||
Capital expenditures* | ||||||||||||||||
Birds Eye Frozen | $ | 4,853 | $ | 8,301 | $ | 29,866 | $ | 29,690 | ||||||||
Duncan Hines Grocery | 4,968 | 4,339 | 24,136 | 14,502 | ||||||||||||
Specialty Foods | 2,554 | 2,458 | 8,663 | 7,153 | ||||||||||||
Total | $ | 12,375 | $ | 15,098 | $ | 62,665 | $ | 51,345 | ||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||
Net sales | ||||||||||||||||
United States | $ | 568,340 | $ | 564,304 | $ | 1,737,413 | $ | 1,759,479 | ||||||||
Canada | 19,569 | 19,771 | 62,117 | 59,151 | ||||||||||||
Intercompany | (15,454 | ) | (16,170 | ) | (45,050 | ) | (45,205 | ) | ||||||||
Total | $ | 572,455 | $ | 567,905 | $ | 1,754,480 | $ | 1,773,425 | ||||||||
*Includes new capital leases. | ||||||||||||||||
SEGMENT INFORMATION | September 29, | December 30, | ||||||||||||||
2013 | 2012 | |||||||||||||||
Total assets | ||||||||||||||||
Birds Eye Frozen | $ | 2,037,405 | $ | 1,978,668 | ||||||||||||
Duncan Hines Grocery | 1,996,435 | 1,965,002 | ||||||||||||||
Specialty Foods | 364,426 | 356,722 | ||||||||||||||
Corporate | 123,089 | 99,596 | ||||||||||||||
Total | $ | 4,521,355 | $ | 4,399,988 | ||||||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||
Long-lived assets | ||||||||||||||||
United States | $ | 513,648 | $ | 493,640 | ||||||||||||
Canada | 23 | 26 | ||||||||||||||
Total | $ | 512,351 | $ | 493,666 | ||||||||||||
Taxes_on_Earnings
Taxes on Earnings | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
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: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
Provision for Income Taxes | September 29, | September 23, | September 29, | September 23, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Current | $ | 388 | $ | 906 | $ | 1,882 | $ | 1,064 | ||||||||
Deferred | 24,273 | 4,653 | 33,226 | 2,637 | ||||||||||||
Total | $ | 24,661 | $ | 5,559 | $ | 35,108 | $ | 3,701 | ||||||||
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. | ||||||||||||||||
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. | ||||||||||||||||
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. | ||||||||||||||||
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. | ||||||||||||||||
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. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 9 Months Ended |
Sep. 29, 2013 | |
Recently Issued Accounting Pronouncements [Abstract] | ' |
Recently Issued Accounting Pronouncements | ' |
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. |
Guarantor_And_Nonguarantor_Sta
Guarantor And Nonguarantor Statements | 9 Months Ended | |||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||
Guarantor And Nonguarantor Statements [Abstract] | ' | |||||||||||||||||||||||
Guarantor And Nonguarantor Statements | ' | |||||||||||||||||||||||
Guarantor and Nonguarantor Statements | ||||||||||||||||||||||||
The 4.875% Senior Notes are general senior 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 the Company and Pinnacle Foods Finance's 100% owned domestic subsidiaries that guarantee other indebtedness of the Company. | ||||||||||||||||||||||||
The following condensed consolidating financial information presents: | ||||||||||||||||||||||||
-1 | (a) Condensed consolidating balance sheets as of September 29, 2013 and December 30, 2012. | |||||||||||||||||||||||
(b) The related condensed consolidating statements of operations and comprehensive earnings for the Company, Pinnacle Foods Finance, all guarantor subsidiaries and the non-guarantor subsidiaries for the following: | ||||||||||||||||||||||||
i. Three and nine months ended September 29, 2013; and | ||||||||||||||||||||||||
ii. Three and nine months ended September 23, 2012. | ||||||||||||||||||||||||
(c) The related condensed consolidating statements of cash flows for the Company, Pinnacle Foods Finance, all guarantor subsidiaries and the non-guarantor subsidiaries for the following: | ||||||||||||||||||||||||
i. Nine months ended September 29, 2013; and | ||||||||||||||||||||||||
ii. Nine months ended September 23, 2012. | ||||||||||||||||||||||||
-2 | Elimination entries necessary to consolidate the Company, Pinnacle Foods Finance with its guarantor subsidiaries and non-guarantor subsidiaries. | |||||||||||||||||||||||
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. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
29-Sep-13 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 100,424 | $ | 9,979 | $ | — | $ | 110,403 | ||||||||||||
Accounts receivable, net | — | — | 159,031 | 9,885 | — | 168,916 | ||||||||||||||||||
Intercompany accounts receivable | 21,337 | — | 242,928 | — | (264,265 | ) | — | |||||||||||||||||
Inventories, net | — | — | 386,774 | 7,554 | — | 394,328 | ||||||||||||||||||
Other current assets | — | 707 | 6,495 | 64 | — | 7,266 | ||||||||||||||||||
Deferred tax assets | — | 585 | 120,384 | 212 | — | 121,181 | ||||||||||||||||||
Total current assets | 21,337 | 1,292 | 1,016,036 | 27,694 | (264,265 | ) | 802,094 | |||||||||||||||||
Plant assets, net | — | — | 512,328 | 23 | — | 512,351 | ||||||||||||||||||
Investment in subsidiaries | 1,536,903 | 1,949,305 | 12,533 | — | (3,498,741 | ) | — | |||||||||||||||||
Intercompany note receivable | — | 1,520,991 | 7,270 | 9,800 | (1,538,061 | ) | — | |||||||||||||||||
Tradenames | — | — | 1,603,992 | — | — | 1,603,992 | ||||||||||||||||||
Other assets, net | — | 40,420 | 120,865 | 138 | — | 161,423 | ||||||||||||||||||
Deferred tax assets | — | 281,141 | — | — | (281,141 | ) | — | |||||||||||||||||
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 | |||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 1,065 | $ | — | $ | — | $ | 1,065 | ||||||||||||
Current portion of long-term obligations | — | 16,300 | 3,136 | — | — | 19,436 | ||||||||||||||||||
Accounts payable | (17 | ) | 83 | 178,369 | 1,620 | — | 180,055 | |||||||||||||||||
Intercompany accounts payable | — | 256,640 | — | 7,625 | (264,265 | ) | — | |||||||||||||||||
Accrued trade marketing expense | — | — | 34,612 | 4,308 | — | 38,920 | ||||||||||||||||||
Accrued liabilities | — | 18,802 | 87,176 | 697 | — | 106,675 | ||||||||||||||||||
Dividends payable | 21,354 | — | — | — | — | 21,354 | ||||||||||||||||||
Total current liabilities | 21,337 | 291,825 | 304,358 | 14,250 | (264,265 | ) | 367,505 | |||||||||||||||||
Long-term debt | — | 1,951,437 | 17,470 | — | — | 1,968,907 | ||||||||||||||||||
Intercompany note payable | — | — | 1,530,260 | 7,801 | (1,538,061 | ) | — | |||||||||||||||||
Pension and other postretirement benefits | — | — | 93,090 | — | — | 93,090 | ||||||||||||||||||
Other long-term liabilities | — | — | 22,072 | 2,730 | — | 24,802 | ||||||||||||||||||
Deferred tax liabilities | — | 12,984 | 797,964 | 341 | (281,141 | ) | 530,148 | |||||||||||||||||
Total liabilities | 21,337 | 2,256,246 | 2,765,214 | 25,122 | (2,083,467 | ) | 2,984,452 | |||||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||
Pinnacle common stock | 1,172 | — | — | — | — | 1,172 | ||||||||||||||||||
Additional paid-in-capital | 1,325,835 | 1,327,007 | 1,284,776 | 2,324 | (2,614,107 | ) | 1,325,835 | |||||||||||||||||
Retained earnings | 244,410 | 244,410 | 716,730 | 9,850 | (970,990 | ) | 244,410 | |||||||||||||||||
Accumulated other comprehensive loss | (34,514 | ) | (34,514 | ) | (52,201 | ) | 359 | 86,356 | (34,514 | ) | ||||||||||||||
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 | $ | 1,558,240 | $ | 3,793,149 | $ | 4,714,519 | $ | 37,655 | $ | (5,582,208 | ) | $ | 4,521,355 | |||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
30-Dec-12 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 83,123 | $ | 9,158 | $ | — | $ | 92,281 | ||||||||||||
Accounts receivable, net | — | — | 135,791 | 8,093 | — | 143,884 | ||||||||||||||||||
Intercompany accounts receivable | — | — | 73,769 | — | (73,769 | ) | — | |||||||||||||||||
Inventories, net | — | — | 350,922 | 7,129 | — | 358,051 | ||||||||||||||||||
Other current assets | — | 1,130 | 10,546 | 186 | — | 11,862 | ||||||||||||||||||
Deferred tax assets | — | — | 100,245 | 74 | (1,120 | ) | 99,199 | |||||||||||||||||
Total current assets | — | 1,130 | 754,396 | 24,640 | (74,889 | ) | 705,277 | |||||||||||||||||
Plant assets, net | — | — | 493,640 | 26 | — | 493,666 | ||||||||||||||||||
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 | ) | — | |||||||||||||||||
Tradenames | — | — | 1,603,992 | — | — | 1,603,992 | ||||||||||||||||||
Other assets, net | — | 23,691 | 131,707 | 160 | — | 155,558 | ||||||||||||||||||
Deferred tax assets | — | 239,347 | — | — | (239,347 | ) | — | |||||||||||||||||
Goodwill | — | — | 1,441,495 | — | — | 1,441,495 | ||||||||||||||||||
Total assets | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | |||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 2,139 | $ | — | $ | — | $ | 2,139 | ||||||||||||
Current portion of long-term obligations | — | 27,411 | 3,008 | — | — | 30,419 | ||||||||||||||||||
Accounts payable | — | 37 | 136,220 | 1,069 | — | 137,326 | ||||||||||||||||||
Intercompany accounts payable | — | 65,888 | — | 7,881 | (73,769 | ) | — | |||||||||||||||||
Accrued trade marketing expense | — | — | 41,396 | 3,175 | — | 44,571 | ||||||||||||||||||
Accrued liabilities | — | 29,662 | 90,000 | 727 | (1,120 | ) | 119,269 | |||||||||||||||||
Total current liabilities | — | 122,998 | 272,763 | 12,852 | (74,889 | ) | 333,724 | |||||||||||||||||
Long-term debt | — | 2,558,404 | 17,982 | — | — | 2,576,386 | ||||||||||||||||||
Intercompany note payable | — | — | 1,478,593 | 7,612 | (1,486,205 | ) | — | |||||||||||||||||
Pension and other postretirement benefits | — | — | 100,918 | — | — | 100,918 | ||||||||||||||||||
Other long-term liabilities | — | 3,807 | 22,168 | 2,730 | — | 28,705 | ||||||||||||||||||
Deferred tax liabilities | — | — | 710,666 | 210 | (239,347 | ) | 471,529 | |||||||||||||||||
Total liabilities | — | 2,685,209 | 2,603,090 | 23,404 | (1,800,441 | ) | 3,511,262 | |||||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||
Pinnacle common stock | 812 | — | — | — | — | 812 | ||||||||||||||||||
Additional paid-in-capital | 696,512 | 697,324 | 1,284,155 | 2,324 | (1,983,803 | ) | 696,512 | |||||||||||||||||
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 Shareholders' equity | 888,726 | 888,726 | 1,840,632 | 11,222 | (2,740,580 | ) | 888,726 | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | |||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the three months ended September 29, 2013 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 568,340 | $ | 19,569 | $ | (15,454 | ) | $ | 572,455 | |||||||||||
Cost of products sold | — | 96 | 413,857 | 16,305 | (15,206 | ) | 415,052 | |||||||||||||||||
Gross profit | — | (96 | ) | 154,483 | 3,264 | (248 | ) | 157,403 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 56 | 39,876 | 934 | — | 40,866 | ||||||||||||||||||
Administrative expenses | — | 2,064 | 22,264 | 976 | — | 25,304 | ||||||||||||||||||
Research and development expenses | — | 85 | 2,624 | — | — | 2,709 | ||||||||||||||||||
Intercompany royalties | — | — | — | 8 | (8 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 240 | (240 | ) | — | |||||||||||||||||
Other expense (income), net | — | — | 3,606 | — | — | 3,606 | ||||||||||||||||||
Equity in (earnings) loss of investees | (40,685 | ) | (45,471 | ) | (750 | ) | — | 86,906 | — | |||||||||||||||
Total operating expenses | (40,685 | ) | (43,266 | ) | 67,620 | 2,158 | 86,658 | 72,485 | ||||||||||||||||
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 | — | — | |||||||||||||||||
Interest expense | — | 19,154 | 433 | 8 | — | 19,595 | ||||||||||||||||||
Interest income | — | — | 10 | 13 | — | 23 | ||||||||||||||||||
Earnings before income taxes | 40,685 | 37,196 | 73,286 | 1,085 | (86,906 | ) | 65,346 | |||||||||||||||||
Provision (benefit) for income taxes | — | (3,489 | ) | 27,815 | 335 | — | 24,661 | |||||||||||||||||
Net earnings | $ | 40,685 | $ | 40,685 | $ | 45,471 | $ | 750 | $ | (86,906 | ) | $ | 40,685 | |||||||||||
Total comprehensive earnings (loss) | $ | 37,732 | $ | 37,732 | $ | 45,046 | $ | 108 | $ | (82,886 | ) | $ | 37,732 | |||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the three months ended September 23, 2012 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 564,304 | $ | 19,771 | $ | (16,170 | ) | $ | 567,905 | |||||||||||
Cost of products sold | — | (2 | ) | 437,301 | 17,157 | (15,892 | ) | 438,564 | ||||||||||||||||
Gross profit | — | 2 | 127,003 | 2,614 | (278 | ) | 129,341 | |||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 50 | 37,182 | 1,104 | — | 38,336 | ||||||||||||||||||
Administrative expenses | — | 828 | 19,650 | 871 | — | 21,349 | ||||||||||||||||||
Research and development expenses | — | 3 | 2,674 | — | — | 2,677 | ||||||||||||||||||
Intercompany royalties | — | — | — | 12 | (12 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 266 | (266 | ) | — | |||||||||||||||||
Other expense (income), net | — | 3,470 | 3,614 | — | — | 7,084 | ||||||||||||||||||
Equity in (earnings) loss of investees | (9,878 | ) | (25,053 | ) | (207 | ) | — | 35,138 | — | |||||||||||||||
Total operating expenses | (9,878 | ) | (20,702 | ) | 62,913 | 2,253 | 34,860 | 69,446 | ||||||||||||||||
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 | — | — | |||||||||||||||||
Interest expense | — | 43,959 | 491 | 12 | — | 44,462 | ||||||||||||||||||
Interest income | — | 4 | — | — | — | 4 | ||||||||||||||||||
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 | |||||||||||||||||
Net earnings | $ | 9,878 | $ | 9,878 | $ | 25,053 | $ | 207 | $ | (35,138 | ) | $ | 9,878 | |||||||||||
Total comprehensive earnings (loss) | $ | 8,941 | $ | 8,941 | $ | 24,333 | $ | (513 | ) | $ | (32,761 | ) | $ | 8,941 | ||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the nine months ended September 29, 2013 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
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 | |||||||||||||||||
Gross profit | — | (397 | ) | 447,930 | 9,930 | (791 | ) | 456,672 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 991 | 128,245 | 4,766 | — | 134,002 | ||||||||||||||||||
Administrative expenses | — | 16,529 | 73,898 | 2,762 | — | 93,189 | ||||||||||||||||||
Research and development expenses | — | 154 | 7,671 | — | — | 7,825 | ||||||||||||||||||
Intercompany royalties | — | — | — | 36 | (36 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 755 | (755 | ) | — | |||||||||||||||||
Other expense (income), net | — | 34,180 | 10,916 | — | — | 45,096 | ||||||||||||||||||
Equity in (earnings) loss of investees | (33,642 | ) | (107,942 | ) | (1,008 | ) | — | 142,592 | — | |||||||||||||||
Total operating expenses | (33,642 | ) | (56,088 | ) | 219,722 | 8,319 | 141,801 | 280,112 | ||||||||||||||||
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 | — | — | |||||||||||||||||
Interest expense | — | 106,371 | 1,485 | 22 | — | 107,878 | ||||||||||||||||||
Interest income | — | — | 43 | 25 | — | 68 | ||||||||||||||||||
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 | |||||||||||||||||
Net earnings | $ | 33,642 | $ | 33,642 | $ | 107,942 | $ | 1,008 | $ | (142,592 | ) | $ | 33,642 | |||||||||||
Total comprehensive earnings (loss) | $ | 60,681 | $ | 60,681 | $ | 108,554 | $ | 962 | $ | (170,197 | ) | $ | 60,681 | |||||||||||
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 | ||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the nine months ended September 29, 2013 | ||||||||||||||||||||||||
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 | $ | — | $ | (58,855 | ) | $ | 199,999 | $ | 583 | $ | — | $ | 141,727 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | 123,197 | — | — | (123,197 | ) | — | |||||||||||||||||
Investment in subsidiaries | — | |||||||||||||||||||||||
Capital expenditures | — | — | (62,722 | ) | — | — | (62,722 | ) | ||||||||||||||||
Sale of plant assets | — | — | 6,853 | — | — | 6,853 | ||||||||||||||||||
Net cash (used in) provided by investing activities | — | 123,197 | (55,869 | ) | — | (123,197 | ) | (55,869 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from issuance of common stock | — | 624,193 | 65 | — | — | 624,258 | ||||||||||||||||||
Parent reduction in investment in subsidiary | 126 | (126 | ) | — | — | — | — | |||||||||||||||||
Repurchases of equity | (126 | ) | — | (65 | ) | — | — | (191 | ) | |||||||||||||||
Dividends paid | — | (20,831 | ) | — | — | — | (20,831 | ) | ||||||||||||||||
Proceeds from notes offering | — | 350,000 | — | — | — | 350,000 | ||||||||||||||||||
Proceeds from bank term loans | — | 1,625,925 | — | — | — | 1,625,925 | ||||||||||||||||||
Repayments of long-term obligations | — | (1,731,832 | ) | (239 | ) | — | — | (1,732,071 | ) | |||||||||||||||
Repurchase of notes | — | (899,180 | ) | — | — | — | (899,180 | ) | ||||||||||||||||
Proceeds from short-term borrowing | — | — | 2,408 | — | — | 2,408 | ||||||||||||||||||
Repayments of short-term borrowing | — | — | (3,481 | ) | — | — | (3,481 | ) | ||||||||||||||||
Intercompany accounts receivable/payable | — | — | (123,197 | ) | 123,197 | — | ||||||||||||||||||
Repayment of capital lease obligations | — | — | (2,320 | ) | — | — | (2,320 | ) | ||||||||||||||||
Debt acquisition costs | — | (12,491 | ) | — | — | — | (12,491 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | — | (64,342 | ) | (126,829 | ) | — | 123,197 | (67,974 | ) | |||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 238 | — | 238 | ||||||||||||||||||
Net change in cash and cash equivalents | — | — | 17,301 | 821 | — | 18,122 | ||||||||||||||||||
Cash and cash equivalents - beginning 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: | ||||||||||||||||||||||||
Interest paid | $ | — | $ | 90,143 | $ | 1,434 | $ | — | $ | — | $ | 91,577 | ||||||||||||
Interest received | — | — | 44 | 25 | — | 69 | ||||||||||||||||||
Income taxes paid | — | — | 2,783 | 215 | — | 2,998 | ||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||
New capital leases | — | — | 2,030 | — | — | 2,030 | ||||||||||||||||||
Dividends payable | 21,354 | — | — | — | — | 21,354 | ||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
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 | |||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||
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 | — | 196,332 | — | — | (196,332 | ) | — | |||||||||||||||||
Repayments of intercompany loans | — | 49,338 | — | — | (49,338 | ) | — | |||||||||||||||||
Capital expenditures | — | — | (49,796 | ) | — | — | (49,796 | ) | ||||||||||||||||
Sale of plant assets | — | — | 570 | — | — | 570 | ||||||||||||||||||
Net cash (used in) provided by investing activities | — | 245,670 | (49,226 | ) | — | (245,670 | ) | (49,226 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from bank term loan | — | 842,625 | — | — | — | 842,625 | ||||||||||||||||||
Repayments of long-term obligations | — | (625,172 | ) | — | — | — | (625,172 | ) | ||||||||||||||||
Repurchase of notes | — | (373,255 | ) | — | — | — | (373,255 | ) | ||||||||||||||||
Proceeds from short-term borrowing | — | — | 1,216 | — | — | 1,216 | ||||||||||||||||||
Repayments of short-term borrowing | — | — | (2,364 | ) | — | — | (2,364 | ) | ||||||||||||||||
Borrowings under revolving credit facility | — | 5,000 | — | — | — | 5,000 | ||||||||||||||||||
Repayments of revolving credit facility | — | (5,000 | ) | — | — | — | (5,000 | ) | ||||||||||||||||
Intercompany accounts receivable/payable | — | — | (196,332 | ) | — | 196,332 | — | |||||||||||||||||
Repayments of intercompany loans | — | — | (49,338 | ) | — | 49,338 | — | |||||||||||||||||
Repayment of capital lease obligations | — | — | (2,803 | ) | — | — | (2,803 | ) | ||||||||||||||||
Debt acquisition costs | — | (17,414 | ) | — | — | — | (17,414 | ) | ||||||||||||||||
Parent reduction in investment in subsidiary | 846 | (846 | ) | — | ||||||||||||||||||||
Repurchases of equity | (846 | ) | — | — | — | — | (846 | ) | ||||||||||||||||
Changes in bank overdrafts | — | — | 19,327 | — | — | 19,327 | ||||||||||||||||||
Net cash (used in) provided by financing activities | — | (174,062 | ) | (230,294 | ) | — | 245,670 | (158,686 | ) | |||||||||||||||
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 - beginning of period | — | — | 150,493 | 538 | — | 151,031 | ||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | 946 | $ | 4,945 | $ | — | $ | 5,891 | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||
Interest paid | $ | — | $ | 136,975 | $ | 1,647 | $ | — | $ | — | $ | 138,622 | ||||||||||||
Interest received | — | 4 | 101 | — | — | 105 | ||||||||||||||||||
Income taxes (refunded) paid | — | — | 1,723 | 210 | — | 1,933 | ||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||
New capital leases | — | — | 1,549 | — | — | 1,549 | ||||||||||||||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Sep. 29, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
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_Business_Activities1
Summary Of Business Activities Policies (Policies) | 9 Months Ended |
Sep. 29, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
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. | |
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. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||
Fair Value | Fair Value Measurements | Fair Value | Fair Value Measurements | ||||||||||||||||||||||||||||||
as of | Using Fair Value Hierarchy | as of | Using Fair Value Hierarchy | ||||||||||||||||||||||||||||||
29-Sep-13 | Level 1 | Level 2 | Level 3 | 30-Dec-12 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 25,065 | $ | — | $ | 25,065 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Foreign currency derivatives | 573 | — | 573 | — | 638 | — | 638 | — | |||||||||||||||||||||||||
Commodity derivatives | 133 | — | 133 | — | 525 | — | 525 | — | |||||||||||||||||||||||||
Total assets at fair value | $ | 25,771 | $ | — | $ | 25,771 | $ | — | $ | 1,163 | $ | — | $ | 1,163 | $ | — | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 1,342 | $ | — | $ | 1,342 | $ | — | $ | 3,807 | $ | — | $ | 3,807 | $ | — | |||||||||||||||||
Commodity derivatives | — | — | — | — | 682 | — | 682 | — | |||||||||||||||||||||||||
Total liabilities at fair value | $ | 1,342 | $ | — | $ | 1,342 | $ | — | $ | 4,489 | $ | — | $ | 4,489 | $ | — | |||||||||||||||||
Other_Expense_Income_Net_Table
Other Expense (Income), Net (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Schedule of Other Expense (Income), net | ' | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Other expense (income), net consists of: | ||||||||||||||||
Amortization of intangibles/other assets | $ | 3,872 | $ | 3,879 | $ | 11,616 | $ | 11,647 | ||||||||
Redemption premiums on the early extinguishment of debt | — | 3,470 | 34,180 | 14,255 | ||||||||||||
Royalty income and other | (266 | ) | (265 | ) | (700 | ) | (622 | ) | ||||||||
Total other expense (income), net | $ | 3,606 | $ | 7,084 | $ | 45,096 | $ | 25,280 | ||||||||
Stockholders_Equity_EquityBase1
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||
Disclosure of Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share [Abstract] | ' | |||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | |||||||||||||||||
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, 2013 | September 23, 2012 | September 29, 2013 | September 23, 2012 | |||||||||||||||
Cost of products sold | $ | 81 | $ | 16 | $ | 389 | $ | 96 | ||||||||||
Marketing and selling expenses | 56 | 51 | 991 | 291 | ||||||||||||||
Administrative expenses | 2,069 | 54 | 4,082 | 316 | ||||||||||||||
Research and development expenses | 85 | 3 | 154 | 22 | ||||||||||||||
Pre-tax equity-based compensation expense | 2,291 | 124 | 5,616 | 725 | ||||||||||||||
Income tax benefit | (698 | ) | (39 | ) | (1,378 | ) | (53 | ) | ||||||||||
Net equity-based compensation expense | $ | 1,593 | $ | 85 | $ | 4,238 | $ | 672 | ||||||||||
Schedule of Stock Option Activity | ' | |||||||||||||||||
The following table summarizes the equity option transactions under the 2007 Stock Incentive Plan: | ||||||||||||||||||
Number of | Weighted Average Exercise Price | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Life | Aggregate Intrinsic Value (000's) | ||||||||||||||
Shares | ||||||||||||||||||
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 Average Exercise Price | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Life | Aggregate Intrinsic Value (000's) | ||||||||||||||
Options | ||||||||||||||||||
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 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: | ||||||||||||||||||
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 | ||||||||||||||||
Expected volatility of Pinnacle Foods Inc. stock | 35 | % | 55 | % | ||||||||||||||
Expected dividend yield on Pinnacle Foods Inc. stock | 3.55 | % | 0 | % | ||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | |||||||||||||||||
The following table summarizes the changes in non-vested shares. | ||||||||||||||||||
Number of | Weighted Average Fair Value at Grant Date | Weighted Average Remaining Life | Aggregate Intrinsic Value (000's) | |||||||||||||||
Shares | ||||||||||||||||||
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 | |||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||
Details about Accumulated Other Comprehensive Earnings Components | September 29, 2013 | September 29, 2013 | Reclassified from AOCL to: | |||||||||||||||
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 | ) | ||||||||||||
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: | ||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||
29-Sep-13 | 23-Sep-12 | 29-Sep-13 | 23-Sep-12 | |||||||||||||||
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 | ||||||||||||||
Balance_Sheet_Information_Tabl
Balance Sheet Information (Tables) | 9 Months Ended | |||||||
Sep. 29, 2013 | ||||||||
Balance Sheet Information [Abstract] | ' | |||||||
Schedule of Accounts Receivable | ' | |||||||
Accounts receivable are as follows: | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Customers | $ | 168,106 | $ | 137,950 | ||||
Allowances for cash discounts, bad debts and returns | (5,707 | ) | (5,149 | ) | ||||
Subtotal | 162,399 | 132,801 | ||||||
Other receivables | 6,517 | 11,083 | ||||||
Total | $ | 168,916 | $ | 143,884 | ||||
Schedule of Inventories | ' | |||||||
Inventories are as follows: | ||||||||
September 29, | December 30, | |||||||
2013 | 2012 | |||||||
Raw materials, containers and supplies | $ | 61,504 | $ | 50,919 | ||||
Finished product | 332,824 | 307,132 | ||||||
Total | $ | 394,328 | $ | 358,051 | ||||
Schedule of Other Current Assets | ' | |||||||
Other Current Assets are as follows: | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Prepaid expenses | $ | 3,590 | $ | 5,954 | ||||
Prepaid income taxes | 2,120 | 578 | ||||||
Assets held for sale | 1,556 | 5,330 | ||||||
Total | $ | 7,266 | $ | 11,862 | ||||
Schedule of Plant Assets | ' | |||||||
Plant assets are as follows: | ||||||||
September 29, 2013 | December 30, 2012 | |||||||
Land | $ | 14,061 | $ | 14,061 | ||||
Buildings | 190,487 | 178,300 | ||||||
Machinery and equipment | 556,180 | 513,339 | ||||||
Projects in progress | 35,049 | 32,660 | ||||||
Subtotal | 795,777 | 738,360 | ||||||
Accumulated depreciation | (283,426 | ) | (244,694 | ) | ||||
Total | $ | 512,351 | $ | 493,666 | ||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued liabilities are as follows: | ||||||||
September 29, | December 30, | |||||||
2013 | 2012 | |||||||
Employee compensation and benefits | $ | 61,626 | $ | 53,373 | ||||
Interest payable | 17,034 | 28,116 | ||||||
Consumer coupons | 2,812 | 3,346 | ||||||
Accrued restructuring charges (see Note 8) | 2,210 | 10,480 | ||||||
Accrued financial instrument contracts (see Note 11) | 1,341 | 682 | ||||||
Other | 21,652 | 23,272 | ||||||
Total | $ | 106,675 | $ | 119,269 | ||||
Schedule Of Other Long-Term Liabilities | ' | |||||||
Other long-term liabilities are as follows: | ||||||||
September 29, | December 30, | |||||||
2013 | 2012 | |||||||
Employee compensation and benefits | $ | 9,324 | $ | 9,340 | ||||
Long-term rent liability and deferred rent allowances | 9,609 | 10,217 | ||||||
Liability for uncertain tax positions | 1,622 | 1,614 | ||||||
Accrued financial instrument contracts (see Note 11) | — | 3,807 | ||||||
Other | 4,247 | 3,727 | ||||||
Total | $ | 24,802 | $ | 28,705 | ||||
Goodwill_Tradenames_And_Other_
Goodwill Tradenames And Other Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Goodwill by segment | ' | |||||||||||||||
Goodwill by segment is as follows: | ||||||||||||||||
Birds Eye | Duncan | Specialty | Total | |||||||||||||
Frozen | Hines | Foods | ||||||||||||||
Grocery | ||||||||||||||||
Balance, December 30, 2012 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | ||||||||
Balance, September 29, 2013 | $ | 527,069 | $ | 740,465 | $ | 173,961 | $ | 1,441,495 | ||||||||
Schedule of Tradenames by segment | ' | |||||||||||||||
Tradenames by segment are as follows: | ||||||||||||||||
Birds Eye | Duncan Hines | Specialty | ||||||||||||||
Frozen | Grocery | Foods | Total | |||||||||||||
Balance, December 30, 2012 | $ | 796,680 | $ | 771,312 | $ | 36,000 | $ | 1,603,992 | ||||||||
Balance, September 29, 2013 | $ | 796,680 | $ | 771,312 | $ | 36,000 | $ | 1,603,992 | ||||||||
Schedule of Other Assets | ' | |||||||||||||||
Other Assets | ||||||||||||||||
September 29, 2013 | ||||||||||||||||
Weighted | Gross | Accumulated | Net | |||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||
Amount | ||||||||||||||||
Amortizable intangibles | ||||||||||||||||
Recipes | 10 | $ | 52,810 | $ | (34,326 | ) | $ | 18,484 | ||||||||
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 | |||||||||||
License | 7 | 4,875 | (2,812 | ) | 2,063 | |||||||||||
Total amortizable intangibles | $ | 228,788 | $ | (113,437 | ) | $ | 115,351 | |||||||||
Deferred financing costs | 35,988 | (20,181 | ) | 15,807 | ||||||||||||
Financial instruments | 25,065 | — | 25,065 | |||||||||||||
Other (1) | 5,200 | — | 5,200 | |||||||||||||
Total other assets, net | $ | 161,423 | ||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||
Birds Eye Frozen | $ | 64,884 | ||||||||||||||
Duncan Hines Grocery | 45,034 | |||||||||||||||
Specialty Foods | 5,433 | |||||||||||||||
$ | 115,351 | |||||||||||||||
December 30, 2012 | ||||||||||||||||
Weighted | Gross | Accumulated | Net | |||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||
Amount | ||||||||||||||||
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 | |||||||||||
Customer relationships - Private Label | 7 | 9,214 | (8,533 | ) | 681 | |||||||||||
License | 7 | 4,875 | (2,250 | ) | 2,625 | |||||||||||
Total amortizable intangibles | $ | 228,788 | $ | (101,821 | ) | $ | 126,967 | |||||||||
Deferred financing costs | 59,486 | (35,306 | ) | 24,180 | ||||||||||||
Other (1) | 4,411 | — | 4,411 | |||||||||||||
Total other assets, net | $ | 155,558 | ||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||
Birds Eye Frozen | $ | 69,581 | ||||||||||||||
Duncan Hines Grocery | 48,806 | |||||||||||||||
Specialty Foods | 8,580 | |||||||||||||||
$ | 126,967 | |||||||||||||||
(1) As of September 29, 2013 and December 30, 2012, Other primarily consists of security deposits | ||||||||||||||||
Schedule of Deferred Financing Cost Activity | ' | |||||||||||||||
The following summarizes deferred financing cost activity: | ||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||
Carrying | Amortization | |||||||||||||||
Amount | ||||||||||||||||
Balance, December 30, 2012 | $ | 59,486 | $ | (35,306 | ) | $ | 24,180 | |||||||||
2013 - Additions | 7,730 | — | 7,730 | |||||||||||||
Amortization | — | (3,378 | ) | (3,378 | ) | |||||||||||
Write off | (31,228 | ) | 18,503 | (12,725 | ) | |||||||||||
Balance, September 29, 2013 | $ | 35,988 | $ | (20,181 | ) | $ | 15,807 | |||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Schedule of restructuring charges accrued | ' | ||||||||||||||||
The following table summarizes total restructuring charges accrued as of September 29, 2013. | |||||||||||||||||
Description | Balance, December 30, 2012 | Expense | Payments | Balance, September 29, 2013 | |||||||||||||
Facility shutdowns | $ | 2,796 | $ | — | $ | (1,030 | ) | $ | 1,766 | ||||||||
Contract termination and other fees | 5,833 | — | (5,833 | ) | — | ||||||||||||
Employee severance | 1,851 | — | (1,407 | ) | 444 | ||||||||||||
Total | $ | 10,480 | $ | — | $ | (8,270 | ) | $ | 2,210 | ||||||||
Debt_And_Interest_Expense_Tabl
Debt And Interest Expense (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Long-term and Short-term Debt Instruments | ' | |||||||||||||||
September 29, | December 30, | |||||||||||||||
2013 | 2012 | |||||||||||||||
Short-term borrowings | ||||||||||||||||
- Notes payable | $ | 1,065 | $ | 2,139 | ||||||||||||
Total short-term borrowings | $ | 1,065 | $ | 2,139 | ||||||||||||
Long-term debt | ||||||||||||||||
- Senior Secured Credit Facility - Tranche B Non Extended Term Loans due 2014 | $ | — | $ | 243,264 | ||||||||||||
- 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 F Term Loans due 2018 | — | 448,875 | ||||||||||||||
- Senior Secured Credit Facility - Tranche G Term Loans due 2020 | 1,625,925 | — | ||||||||||||||
- 4.875% Senior Notes due 2021 | 350,000 | — | ||||||||||||||
- 9.25% Senior Notes due 2015 | — | 465,000 | ||||||||||||||
- 8.25% Senior Notes due 2017 | — | 400,000 | ||||||||||||||
- Unamortized discount on long term debt | (8,188 | ) | (7,230 | ) | ||||||||||||
- Capital lease obligations | 20,606 | 20,990 | ||||||||||||||
1,988,343 | 2,606,805 | |||||||||||||||
Less: current portion of long-term obligations | 19,436 | 30,419 | ||||||||||||||
Total long-term debt | $ | 1,968,907 | $ | 2,576,386 | ||||||||||||
Schedule of Interest expense | ' | |||||||||||||||
Interest expense | Three months ended | Nine months ended | ||||||||||||||
September 29, | September 23, | September 29, | September 23, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Interest expense, third party | $ | 18,318 | $ | 37,972 | $ | 79,497 | $ | 118,021 | ||||||||
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 | ||||||||||||
Write-off of debt acquisition costs (Note 7) | — | 2,641 | 12,725 | 8,091 | ||||||||||||
Write-off of loan discount | — | — | 2,182 | 1,864 | ||||||||||||
Financing costs (Note 7) | — | — | 4,762 | 7,526 | ||||||||||||
Amortization of deferred mark-to-market adjustment on terminated swaps (Note 11) | — | — | — | 444 | ||||||||||||
Interest rate swap losses (Note 11) | 243 | 1,274 | 3,997 | 9,159 | ||||||||||||
Total interest expense | $ | 19,595 | $ | 44,462 | $ | 107,878 | $ | 154,601 | ||||||||
Schedule of Early Redemption Prices Of Long-term Debt Instruments | ' | |||||||||||||||
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: | ||||||||||||||||
4.875% Senior Notes | ||||||||||||||||
Year | Percentage | |||||||||||||||
2016 | 103.66% | |||||||||||||||
2017 | 102.44% | |||||||||||||||
2018 | 101.22% | |||||||||||||||
2019 and thereafter | 100.00% | |||||||||||||||
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: | ||||||||||||||||
September 29, 2013 | ||||||||||||||||
Issue | Face Value | Fair Value | ||||||||||||||
Senior Secured Credit Facility - Tranche G Term Loans | 1,625,925 | 1,611,698 | ||||||||||||||
4.875% Senior Notes | 350,000 | 325,500 | ||||||||||||||
$ | 1,975,925 | $ | 1,937,198 | |||||||||||||
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 | |||||||||||||
Pension_And_Retirement_Plans_T
Pension And Retirement Plans (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | |||||||||||||||
Schedule of net periodic benefit cost | ' | |||||||||||||||
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 | ) | ||||
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 | ||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
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: | |||||||||||||||||||
Product | Number of | Current | Fixed Rate Range | Index | Trade Dates | Maturity | |||||||||||||
Instruments | Notional | Dates | |||||||||||||||||
Amount | |||||||||||||||||||
Interest Rate Swaps | 14 | $ | 1,333,000 | 0.76% - 2.97% | USD-LIBOR-BBA | Apr-13 | 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: | |||||||||||||||||||
Product | Number of | Notional Sold in | Notional | USD to CAD | Trade Date | Maturity | |||||||||||||
Instruments | Aggregate in ("CAD") | Purchased in | Exchange | Dates | |||||||||||||||
Aggregate in ("USD") | Rates | ||||||||||||||||||
CAD Forward | 4 | $ | 14,600 | $ | 14,729 | 0.990 - 0.993 | Sep-12 | Oct 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: | |||||||||||||||||||
Commodity Contracts | Number of | Notional Amount | Price/Index | Trade Dates | Maturity | ||||||||||||||
Instruments | Dates | ||||||||||||||||||
Diesel Fuel Contracts | 2 | 2,016,158 Gallons | $3.75 - $3.93 per Gallon | Apr-13 | Dec-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. | |||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments | |||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
as of | as of | ||||||||||||||||||
29-Sep-13 | 29-Sep-13 | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Other assets, net | $ | 25,065 | Accrued liabilities | $ | 62 | |||||||||||||
Foreign Exchange Contracts | Other current assets | 573 | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | 25,638 | $ | 62 | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Accrued liabilities | $ | 1,280 | ||||||||||||||||
Commodity Contracts | Other current assets | 133 | |||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 133 | $ | 1,280 | |||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
as of | as of | ||||||||||||||||||
30-Dec-12 | 30-Dec-12 | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Other long-term liabilities | $ | 3,807 | ||||||||||||||||
Foreign Exchange Contracts | Other current assets | $ | 605 | ||||||||||||||||
Other assets, net | 33 | ||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 638 | $ | 3,807 | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Commodity Contracts | Other current assets | $ | 525 | Accrued liabilities | $ | 682 | |||||||||||||
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. | |||||||||||||||||||
Tabular Disclosure of the Effect of Derivative Instruments | |||||||||||||||||||
Gain/(Loss) | |||||||||||||||||||
Derivatives in Cash Flow Hedging | Recognized in | Effective portion | Reclassified | Ineffective portion | Recognized in | ||||||||||||||
Relationships | AOCL on | reclassified from AOCL to: | from AOCL | recognized in Earnings in: | Earnings on | ||||||||||||||
Derivative | into Earnings | Derivative | |||||||||||||||||
(Effective | (Effective | (Ineffective | |||||||||||||||||
Portion) | Portion) | Portion) | |||||||||||||||||
Interest Rate Contracts | $ | (4,158 | ) | Interest expense | $ | (15 | ) | (a) | Interest expense | $ | (18 | ) | |||||||
Foreign Exchange Contracts | (551 | ) | Cost of products sold | 454 | Cost of products sold | (15 | ) | ||||||||||||
Three months ended September 29, 2013 | $ | (4,709 | ) | $ | 439 | $ | (33 | ) | |||||||||||
Interest Rate Contracts | $ | 24,548 | Interest expense | $ | (3,961 | ) | (a) | Interest expense | $ | 8 | |||||||||
Foreign Exchange Contracts | 1,079 | Cost of products sold | 1,136 | Cost of products sold | (8 | ) | |||||||||||||
Nine months ended September 29, 2013 | $ | 25,627 | $ | (2,825 | ) | $ | — | ||||||||||||
Interest Rate Contracts | $ | (1,445 | ) | Interest expense | $ | (1,067 | ) | Interest expense | $ | (207 | ) | ||||||||
Foreign Exchange Contracts | (1,177 | ) | Cost of products sold | (107 | ) | Cost of products sold | 19 | ||||||||||||
Three months ended September 23, 2012 | $ | (2,622 | ) | $ | (1,174 | ) | $ | (188 | ) | ||||||||||
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 | ) | ||||||||||||
Nine months ended September 23, 2012 | $ | (8,168 | ) | $ | (9,299 | ) | $ | (216 | ) | ||||||||||
Derivatives Not Designated as Hedging Instruments | Recognized in Earnings in: | Recognized in | |||||||||||||||||
Earnings on | |||||||||||||||||||
Derivative | |||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 304 | ||||||||||||||||
Interest Rate Contracts | Interest expense | (209 | ) | ||||||||||||||||
Three months ended September 29, 2013 | $ | 95 | |||||||||||||||||
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 | |||||||||||||||||
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. | |||||||||||||||||||
September 29, 2013 | |||||||||||||||||||
Asset/(Liability) | |||||||||||||||||||
Counterparty | Contract | Termination | Performance | Accrued | Fair Value | ||||||||||||||
Type | Value | Risk | Interest | (excluding | |||||||||||||||
Adjustment | interest) | ||||||||||||||||||
Barclays | Interest Rate Contracts | $ | 10,054 | $ | 232 | $ | (146 | ) | $ | 10,432 | |||||||||
Commodity Contracts | 133 | — | — | 133 | |||||||||||||||
Bank of America | Interest Rate Contracts | 9,916 | 99 | — | 10,015 | ||||||||||||||
Credit Suisse | Interest Rate Contracts | 3,105 | 101 | (71 | ) | 3,277 | |||||||||||||
Foreign Exchange Contracts | 574 | — | — | 574 | |||||||||||||||
Total | $ | 23,782 | $ | 432 | $ | (217 | ) | $ | 24,431 | ||||||||||
December 30, 2012 | |||||||||||||||||||
Asset/(Liability) | |||||||||||||||||||
Counterparty | Contract | Termination | Performance | Accrued | Fair Value | ||||||||||||||
Type | 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 | ) | ||||||||
Segments_Tables
Segments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
SEGMENT INFORMATION | September 29, | September 23, | September 29, | September 23, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | ||||||||||||||||
Birds Eye Frozen | $ | 257,973 | $ | 255,950 | $ | 794,464 | $ | 787,603 | ||||||||
Duncan Hines Grocery | 224,214 | 215,637 | 690,243 | 687,225 | ||||||||||||
Specialty Foods | 90,268 | 96,318 | 269,773 | 298,597 | ||||||||||||
Total | $ | 572,455 | $ | 567,905 | $ | 1,754,480 | $ | 1,773,425 | ||||||||
Earnings before interest and taxes | ||||||||||||||||
Birds Eye Frozen | $ | 45,009 | $ | 42,356 | $ | 130,462 | $ | 109,509 | ||||||||
Duncan Hines Grocery | 38,265 | 26,347 | 97,399 | 77,136 | ||||||||||||
Specialty Foods | 8,026 | 539 | 21,087 | 12,680 | ||||||||||||
Unallocated corporate expenses | (6,382 | ) | (9,347 | ) | (72,388 | ) | (32,271 | ) | ||||||||
Total | $ | 84,918 | $ | 59,895 | $ | 176,560 | $ | 167,054 | ||||||||
Depreciation and amortization | ||||||||||||||||
Birds Eye Frozen | $ | 9,917 | $ | 9,114 | $ | 28,544 | $ | 28,437 | ||||||||
Duncan Hines Grocery | 4,815 | 12,125 | 16,131 | 26,683 | ||||||||||||
Specialty Foods | 4,926 | 5,248 | 13,008 | 13,422 | ||||||||||||
Total | $ | 19,658 | $ | 26,487 | $ | 57,683 | $ | 68,542 | ||||||||
Capital expenditures* | ||||||||||||||||
Birds Eye Frozen | $ | 4,853 | $ | 8,301 | $ | 29,866 | $ | 29,690 | ||||||||
Duncan Hines Grocery | 4,968 | 4,339 | 24,136 | 14,502 | ||||||||||||
Specialty Foods | 2,554 | 2,458 | 8,663 | 7,153 | ||||||||||||
Total | $ | 12,375 | $ | 15,098 | $ | 62,665 | $ | 51,345 | ||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||
Net sales | ||||||||||||||||
United States | $ | 568,340 | $ | 564,304 | $ | 1,737,413 | $ | 1,759,479 | ||||||||
Canada | 19,569 | 19,771 | 62,117 | 59,151 | ||||||||||||
Intercompany | (15,454 | ) | (16,170 | ) | (45,050 | ) | (45,205 | ) | ||||||||
Total | $ | 572,455 | $ | 567,905 | $ | 1,754,480 | $ | 1,773,425 | ||||||||
*Includes new capital leases. | ||||||||||||||||
SEGMENT INFORMATION | September 29, | December 30, | ||||||||||||||
2013 | 2012 | |||||||||||||||
Total assets | ||||||||||||||||
Birds Eye Frozen | $ | 2,037,405 | $ | 1,978,668 | ||||||||||||
Duncan Hines Grocery | 1,996,435 | 1,965,002 | ||||||||||||||
Specialty Foods | 364,426 | 356,722 | ||||||||||||||
Corporate | 123,089 | 99,596 | ||||||||||||||
Total | $ | 4,521,355 | $ | 4,399,988 | ||||||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||
Long-lived assets | ||||||||||||||||
United States | $ | 513,648 | $ | 493,640 | ||||||||||||
Canada | 23 | 26 | ||||||||||||||
Total | $ | 512,351 | $ | 493,666 | ||||||||||||
Taxes_on_Earnings_Tables
Taxes on Earnings (Tables) | 9 Months Ended | |||||||||||||||
Sep. 29, 2013 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
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: | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
Provision for Income Taxes | September 29, | September 23, | September 29, | September 23, | ||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Current | $ | 388 | $ | 906 | $ | 1,882 | $ | 1,064 | ||||||||
Deferred | 24,273 | 4,653 | 33,226 | 2,637 | ||||||||||||
Total | $ | 24,661 | $ | 5,559 | $ | 35,108 | $ | 3,701 | ||||||||
Effective tax rate | 37.7 | % | 36 | % | 51.1 | % | 29.5 | % |
Guarantor_And_Nonguarantor_Sta1
Guarantor And Nonguarantor Statements (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 29, 2013 | ||||||||||||||||||||||||
Guarantor And Nonguarantor Statements [Abstract] | ' | |||||||||||||||||||||||
Guarantor And Nonguarantor Statements, Balance Sheets | ' | |||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
29-Sep-13 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 100,424 | $ | 9,979 | $ | — | $ | 110,403 | ||||||||||||
Accounts receivable, net | — | — | 159,031 | 9,885 | — | 168,916 | ||||||||||||||||||
Intercompany accounts receivable | 21,337 | — | 242,928 | — | (264,265 | ) | — | |||||||||||||||||
Inventories, net | — | — | 386,774 | 7,554 | — | 394,328 | ||||||||||||||||||
Other current assets | — | 707 | 6,495 | 64 | — | 7,266 | ||||||||||||||||||
Deferred tax assets | — | 585 | 120,384 | 212 | — | 121,181 | ||||||||||||||||||
Total current assets | 21,337 | 1,292 | 1,016,036 | 27,694 | (264,265 | ) | 802,094 | |||||||||||||||||
Plant assets, net | — | — | 512,328 | 23 | — | 512,351 | ||||||||||||||||||
Investment in subsidiaries | 1,536,903 | 1,949,305 | 12,533 | — | (3,498,741 | ) | — | |||||||||||||||||
Intercompany note receivable | — | 1,520,991 | 7,270 | 9,800 | (1,538,061 | ) | — | |||||||||||||||||
Tradenames | — | — | 1,603,992 | — | — | 1,603,992 | ||||||||||||||||||
Other assets, net | — | 40,420 | 120,865 | 138 | — | 161,423 | ||||||||||||||||||
Deferred tax assets | — | 281,141 | — | — | (281,141 | ) | — | |||||||||||||||||
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 | |||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 1,065 | $ | — | $ | — | $ | 1,065 | ||||||||||||
Current portion of long-term obligations | — | 16,300 | 3,136 | — | — | 19,436 | ||||||||||||||||||
Accounts payable | (17 | ) | 83 | 178,369 | 1,620 | — | 180,055 | |||||||||||||||||
Intercompany accounts payable | — | 256,640 | — | 7,625 | (264,265 | ) | — | |||||||||||||||||
Accrued trade marketing expense | — | — | 34,612 | 4,308 | — | 38,920 | ||||||||||||||||||
Accrued liabilities | — | 18,802 | 87,176 | 697 | — | 106,675 | ||||||||||||||||||
Dividends payable | 21,354 | — | — | — | — | 21,354 | ||||||||||||||||||
Total current liabilities | 21,337 | 291,825 | 304,358 | 14,250 | (264,265 | ) | 367,505 | |||||||||||||||||
Long-term debt | — | 1,951,437 | 17,470 | — | — | 1,968,907 | ||||||||||||||||||
Intercompany note payable | — | — | 1,530,260 | 7,801 | (1,538,061 | ) | — | |||||||||||||||||
Pension and other postretirement benefits | — | — | 93,090 | — | — | 93,090 | ||||||||||||||||||
Other long-term liabilities | — | — | 22,072 | 2,730 | — | 24,802 | ||||||||||||||||||
Deferred tax liabilities | — | 12,984 | 797,964 | 341 | (281,141 | ) | 530,148 | |||||||||||||||||
Total liabilities | 21,337 | 2,256,246 | 2,765,214 | 25,122 | (2,083,467 | ) | 2,984,452 | |||||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||
Pinnacle common stock | 1,172 | — | — | — | — | 1,172 | ||||||||||||||||||
Additional paid-in-capital | 1,325,835 | 1,327,007 | 1,284,776 | 2,324 | (2,614,107 | ) | 1,325,835 | |||||||||||||||||
Retained earnings | 244,410 | 244,410 | 716,730 | 9,850 | (970,990 | ) | 244,410 | |||||||||||||||||
Accumulated other comprehensive loss | (34,514 | ) | (34,514 | ) | (52,201 | ) | 359 | 86,356 | (34,514 | ) | ||||||||||||||
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 | $ | 1,558,240 | $ | 3,793,149 | $ | 4,714,519 | $ | 37,655 | $ | (5,582,208 | ) | $ | 4,521,355 | |||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
30-Dec-12 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 83,123 | $ | 9,158 | $ | — | $ | 92,281 | ||||||||||||
Accounts receivable, net | — | — | 135,791 | 8,093 | — | 143,884 | ||||||||||||||||||
Intercompany accounts receivable | — | — | 73,769 | — | (73,769 | ) | — | |||||||||||||||||
Inventories, net | — | — | 350,922 | 7,129 | — | 358,051 | ||||||||||||||||||
Other current assets | — | 1,130 | 10,546 | 186 | — | 11,862 | ||||||||||||||||||
Deferred tax assets | — | — | 100,245 | 74 | (1,120 | ) | 99,199 | |||||||||||||||||
Total current assets | — | 1,130 | 754,396 | 24,640 | (74,889 | ) | 705,277 | |||||||||||||||||
Plant assets, net | — | — | 493,640 | 26 | — | 493,666 | ||||||||||||||||||
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 | ) | — | |||||||||||||||||
Tradenames | — | — | 1,603,992 | — | — | 1,603,992 | ||||||||||||||||||
Other assets, net | — | 23,691 | 131,707 | 160 | — | 155,558 | ||||||||||||||||||
Deferred tax assets | — | 239,347 | — | — | (239,347 | ) | — | |||||||||||||||||
Goodwill | — | — | 1,441,495 | — | — | 1,441,495 | ||||||||||||||||||
Total assets | $ | 888,726 | $ | 3,573,935 | $ | 4,443,722 | $ | 34,626 | $ | (4,541,021 | ) | $ | 4,399,988 | |||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 2,139 | $ | — | $ | — | $ | 2,139 | ||||||||||||
Current portion of long-term obligations | — | 27,411 | 3,008 | — | — | 30,419 | ||||||||||||||||||
Accounts payable | — | 37 | 136,220 | 1,069 | — | 137,326 | ||||||||||||||||||
Intercompany accounts payable | — | 65,888 | — | 7,881 | (73,769 | ) | — | |||||||||||||||||
Accrued trade marketing expense | — | — | 41,396 | 3,175 | — | 44,571 | ||||||||||||||||||
Accrued liabilities | — | 29,662 | 90,000 | 727 | (1,120 | ) | 119,269 | |||||||||||||||||
Total current liabilities | — | 122,998 | 272,763 | 12,852 | (74,889 | ) | 333,724 | |||||||||||||||||
Long-term debt | — | 2,558,404 | 17,982 | — | — | 2,576,386 | ||||||||||||||||||
Intercompany note payable | — | — | 1,478,593 | 7,612 | (1,486,205 | ) | — | |||||||||||||||||
Pension and other postretirement benefits | — | — | 100,918 | — | — | 100,918 | ||||||||||||||||||
Other long-term liabilities | — | 3,807 | 22,168 | 2,730 | — | 28,705 | ||||||||||||||||||
Deferred tax liabilities | — | — | 710,666 | 210 | (239,347 | ) | 471,529 | |||||||||||||||||
Total liabilities | — | 2,685,209 | 2,603,090 | 23,404 | (1,800,441 | ) | 3,511,262 | |||||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||
Pinnacle common stock | 812 | — | — | — | — | 812 | ||||||||||||||||||
Additional paid-in-capital | 696,512 | 697,324 | 1,284,155 | 2,324 | (1,983,803 | ) | 696,512 | |||||||||||||||||
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 Shareholders' equity | 888,726 | 888,726 | 1,840,632 | 11,222 | (2,740,580 | ) | 888,726 | |||||||||||||||||
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. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the three months ended September 29, 2013 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 568,340 | $ | 19,569 | $ | (15,454 | ) | $ | 572,455 | |||||||||||
Cost of products sold | — | 96 | 413,857 | 16,305 | (15,206 | ) | 415,052 | |||||||||||||||||
Gross profit | — | (96 | ) | 154,483 | 3,264 | (248 | ) | 157,403 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 56 | 39,876 | 934 | — | 40,866 | ||||||||||||||||||
Administrative expenses | — | 2,064 | 22,264 | 976 | — | 25,304 | ||||||||||||||||||
Research and development expenses | — | 85 | 2,624 | — | — | 2,709 | ||||||||||||||||||
Intercompany royalties | — | — | — | 8 | (8 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 240 | (240 | ) | — | |||||||||||||||||
Other expense (income), net | — | — | 3,606 | — | — | 3,606 | ||||||||||||||||||
Equity in (earnings) loss of investees | (40,685 | ) | (45,471 | ) | (750 | ) | — | 86,906 | — | |||||||||||||||
Total operating expenses | (40,685 | ) | (43,266 | ) | 67,620 | 2,158 | 86,658 | 72,485 | ||||||||||||||||
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 | — | — | |||||||||||||||||
Interest expense | — | 19,154 | 433 | 8 | — | 19,595 | ||||||||||||||||||
Interest income | — | — | 10 | 13 | — | 23 | ||||||||||||||||||
Earnings before income taxes | 40,685 | 37,196 | 73,286 | 1,085 | (86,906 | ) | 65,346 | |||||||||||||||||
Provision (benefit) for income taxes | — | (3,489 | ) | 27,815 | 335 | — | 24,661 | |||||||||||||||||
Net earnings | $ | 40,685 | $ | 40,685 | $ | 45,471 | $ | 750 | $ | (86,906 | ) | $ | 40,685 | |||||||||||
Total comprehensive earnings (loss) | $ | 37,732 | $ | 37,732 | $ | 45,046 | $ | 108 | $ | (82,886 | ) | $ | 37,732 | |||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the three months ended September 23, 2012 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 564,304 | $ | 19,771 | $ | (16,170 | ) | $ | 567,905 | |||||||||||
Cost of products sold | — | (2 | ) | 437,301 | 17,157 | (15,892 | ) | 438,564 | ||||||||||||||||
Gross profit | — | 2 | 127,003 | 2,614 | (278 | ) | 129,341 | |||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 50 | 37,182 | 1,104 | — | 38,336 | ||||||||||||||||||
Administrative expenses | — | 828 | 19,650 | 871 | — | 21,349 | ||||||||||||||||||
Research and development expenses | — | 3 | 2,674 | — | — | 2,677 | ||||||||||||||||||
Intercompany royalties | — | — | — | 12 | (12 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 266 | (266 | ) | — | |||||||||||||||||
Other expense (income), net | — | 3,470 | 3,614 | — | — | 7,084 | ||||||||||||||||||
Equity in (earnings) loss of investees | (9,878 | ) | (25,053 | ) | (207 | ) | — | 35,138 | — | |||||||||||||||
Total operating expenses | (9,878 | ) | (20,702 | ) | 62,913 | 2,253 | 34,860 | 69,446 | ||||||||||||||||
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 | — | — | |||||||||||||||||
Interest expense | — | 43,959 | 491 | 12 | — | 44,462 | ||||||||||||||||||
Interest income | — | 4 | — | — | — | 4 | ||||||||||||||||||
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 | |||||||||||||||||
Net earnings | $ | 9,878 | $ | 9,878 | $ | 25,053 | $ | 207 | $ | (35,138 | ) | $ | 9,878 | |||||||||||
Total comprehensive earnings (loss) | $ | 8,941 | $ | 8,941 | $ | 24,333 | $ | (513 | ) | $ | (32,761 | ) | $ | 8,941 | ||||||||||
Guarantor And Nonguarantor Statements, Statements of Cash Flows | ' | |||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the nine months ended September 29, 2013 | ||||||||||||||||||||||||
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 | $ | — | $ | (58,855 | ) | $ | 199,999 | $ | 583 | $ | — | $ | 141,727 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | 123,197 | — | — | (123,197 | ) | — | |||||||||||||||||
Investment in subsidiaries | — | |||||||||||||||||||||||
Capital expenditures | — | — | (62,722 | ) | — | — | (62,722 | ) | ||||||||||||||||
Sale of plant assets | — | — | 6,853 | — | — | 6,853 | ||||||||||||||||||
Net cash (used in) provided by investing activities | — | 123,197 | (55,869 | ) | — | (123,197 | ) | (55,869 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from issuance of common stock | — | 624,193 | 65 | — | — | 624,258 | ||||||||||||||||||
Parent reduction in investment in subsidiary | 126 | (126 | ) | — | — | — | — | |||||||||||||||||
Repurchases of equity | (126 | ) | — | (65 | ) | — | — | (191 | ) | |||||||||||||||
Dividends paid | — | (20,831 | ) | — | — | — | (20,831 | ) | ||||||||||||||||
Proceeds from notes offering | — | 350,000 | — | — | — | 350,000 | ||||||||||||||||||
Proceeds from bank term loans | — | 1,625,925 | — | — | — | 1,625,925 | ||||||||||||||||||
Repayments of long-term obligations | — | (1,731,832 | ) | (239 | ) | — | — | (1,732,071 | ) | |||||||||||||||
Repurchase of notes | — | (899,180 | ) | — | — | — | (899,180 | ) | ||||||||||||||||
Proceeds from short-term borrowing | — | — | 2,408 | — | — | 2,408 | ||||||||||||||||||
Repayments of short-term borrowing | — | — | (3,481 | ) | — | — | (3,481 | ) | ||||||||||||||||
Intercompany accounts receivable/payable | — | — | (123,197 | ) | 123,197 | — | ||||||||||||||||||
Repayment of capital lease obligations | — | — | (2,320 | ) | — | — | (2,320 | ) | ||||||||||||||||
Debt acquisition costs | — | (12,491 | ) | — | — | — | (12,491 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | — | (64,342 | ) | (126,829 | ) | — | 123,197 | (67,974 | ) | |||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 238 | — | 238 | ||||||||||||||||||
Net change in cash and cash equivalents | — | — | 17,301 | 821 | — | 18,122 | ||||||||||||||||||
Cash and cash equivalents - beginning 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: | ||||||||||||||||||||||||
Interest paid | $ | — | $ | 90,143 | $ | 1,434 | $ | — | $ | — | $ | 91,577 | ||||||||||||
Interest received | — | — | 44 | 25 | — | 69 | ||||||||||||||||||
Income taxes paid | — | — | 2,783 | 215 | — | 2,998 | ||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||
New capital leases | — | — | 2,030 | — | — | 2,030 | ||||||||||||||||||
Dividends payable | 21,354 | — | — | — | — | 21,354 | ||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
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 | |||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||
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 | — | 196,332 | — | — | (196,332 | ) | — | |||||||||||||||||
Repayments of intercompany loans | — | 49,338 | — | — | (49,338 | ) | — | |||||||||||||||||
Capital expenditures | — | — | (49,796 | ) | — | — | (49,796 | ) | ||||||||||||||||
Sale of plant assets | — | — | 570 | — | — | 570 | ||||||||||||||||||
Net cash (used in) provided by investing activities | — | 245,670 | (49,226 | ) | — | (245,670 | ) | (49,226 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from bank term loan | — | 842,625 | — | — | — | 842,625 | ||||||||||||||||||
Repayments of long-term obligations | — | (625,172 | ) | — | — | — | (625,172 | ) | ||||||||||||||||
Repurchase of notes | — | (373,255 | ) | — | — | — | (373,255 | ) | ||||||||||||||||
Proceeds from short-term borrowing | — | — | 1,216 | — | — | 1,216 | ||||||||||||||||||
Repayments of short-term borrowing | — | — | (2,364 | ) | — | — | (2,364 | ) | ||||||||||||||||
Borrowings under revolving credit facility | — | 5,000 | — | — | — | 5,000 | ||||||||||||||||||
Repayments of revolving credit facility | — | (5,000 | ) | — | — | — | (5,000 | ) | ||||||||||||||||
Intercompany accounts receivable/payable | — | — | (196,332 | ) | — | 196,332 | — | |||||||||||||||||
Repayments of intercompany loans | — | — | (49,338 | ) | — | 49,338 | — | |||||||||||||||||
Repayment of capital lease obligations | — | — | (2,803 | ) | — | — | (2,803 | ) | ||||||||||||||||
Debt acquisition costs | — | (17,414 | ) | — | — | — | (17,414 | ) | ||||||||||||||||
Parent reduction in investment in subsidiary | 846 | (846 | ) | — | ||||||||||||||||||||
Repurchases of equity | (846 | ) | — | — | — | — | (846 | ) | ||||||||||||||||
Changes in bank overdrafts | — | — | 19,327 | — | — | 19,327 | ||||||||||||||||||
Net cash (used in) provided by financing activities | — | (174,062 | ) | (230,294 | ) | — | 245,670 | (158,686 | ) | |||||||||||||||
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 - beginning of period | — | — | 150,493 | 538 | — | 151,031 | ||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | 946 | $ | 4,945 | $ | — | $ | 5,891 | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||
Interest paid | $ | — | $ | 136,975 | $ | 1,647 | $ | — | $ | — | $ | 138,622 | ||||||||||||
Interest received | — | 4 | 101 | — | — | 105 | ||||||||||||||||||
Income taxes (refunded) paid | — | — | 1,723 | 210 | — | 1,933 | ||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||
New capital leases | — | — | 1,549 | — | — | 1,549 | ||||||||||||||||||
Summary_Of_Business_Activities2
Summary Of Business Activities Narrative (Details) (USD $) | 0 Months Ended | 1 Months Ended | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Apr. 03, 2013 | Oct. 31, 2013 | Sep. 29, 2013 | Mar. 13, 2013 | Dec. 30, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' |
Percent of Peak Finance Holdings LLC owned by Pinnacle Foods Inc | ' | ' | 100.00% | ' | ' |
Percent of Pinnacle Foods Finance owned by Peak Finance Holdings LLC | ' | ' | 100.00% | ' | ' |
Ownership Transfer Among Related Owners | ' | 30,700,000 | ' | ' | ' |
Number of Operating Segments | ' | ' | 3 | ' | ' |
Common Stock Split | ' | ' | ' | 55.2444 | ' |
Common stock par value | ' | ' | $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 | ' | ' | ' | ' |
Fair_Value_Measurements_Financ
Fair Value Measurements Financial Assets and Liabilities Subject to Recurring Fair Value (Details) (Fair Value, Measurements, Recurring, USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value as of | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Total assets at fair value | $25,771 | $1,163 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Total liabilities at fair value | 1,342 | 4,489 |
Fair Value Measurements Using Fair Value Hierarchy Level 1 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Total assets at fair value | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Total liabilities at fair value | 0 | 0 |
Fair Value Measurements Using Fair Value Hierarchy Level 2 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Total assets at fair value | 25,771 | 1,163 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Total liabilities at fair value | 1,342 | 4,489 |
Fair Value Measurements Using Fair Value Hierarchy Level 3 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Total assets at fair value | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Total liabilities at fair value | 0 | 0 |
Interest Rate Contracts | Fair Value as of | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 25,065 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 1,342 | 3,807 |
Interest Rate Contracts | Fair Value Measurements Using Fair Value Hierarchy Level 1 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 0 | 0 |
Interest Rate Contracts | Fair Value Measurements Using Fair Value Hierarchy Level 2 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 25,065 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 1,342 | 3,807 |
Interest Rate Contracts | Fair Value Measurements Using Fair Value Hierarchy Level 3 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 0 | 0 |
Foreign Exchange Contracts | Fair Value as of | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 573 | 638 |
Foreign Exchange Contracts | Fair Value Measurements Using Fair Value Hierarchy Level 1 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 0 | 0 |
Foreign Exchange Contracts | Fair Value Measurements Using Fair Value Hierarchy Level 2 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 573 | 638 |
Foreign Exchange Contracts | Fair Value Measurements Using Fair Value Hierarchy Level 3 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 0 | 0 |
Commodity Contract | Fair Value as of | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 133 | 525 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 0 | 682 |
Commodity Contract | Fair Value Measurements Using Fair Value Hierarchy Level 1 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 0 | 0 |
Commodity Contract | Fair Value Measurements Using Fair Value Hierarchy Level 2 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 133 | 525 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 0 | 682 |
Commodity Contract | Fair Value Measurements Using Fair Value Hierarchy Level 3 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 0 | 0 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | $0 | $0 |
Other_Expense_Income_Net_Sched
Other Expense (Income), Net Schedule of Other Expense (Income), net (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | 10-May-13 | 19-May-13 | Apr. 29, 2013 | Aug. 17, 2010 | Apr. 19, 2012 | 19-May-13 | Apr. 03, 2013 | Sep. 21, 2012 | Jun. 04, 2012 | Mar. 31, 2013 | Jun. 05, 2012 | Apr. 02, 2007 | 10-May-13 | |
Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Remaining Of Current Year [Member] | |||||
8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 10.625% Senior Subordinated Notes due 2017 | 10.625% Senior Subordinated Notes due 2017 | 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 | Senior Notes | |||||
10.625% Senior Subordinated Notes due 2017 | |||||||||||||||||
Component of Operating Other Cost and Expense [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt redeemed | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | $199,000,000 | ' | $465,000,000 | $150,000,000 | $10,000,000 | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | 8.25% | 10.63% | 8.25% | ' | 9.25% | ' | ' | ' | 9.25% | ' |
Redemption prices, percent of outstanding principal | ' | ' | ' | ' | ' | 108.50% | 108.50% | ' | 105.31% | ' | ' | 102.31% | ' | 100.00% | ' | 100.00% | ' |
Debt Instrument, Repurchase Price, Percent of Outstanding Pincipal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.13% | ' | ' |
Amortization of intangibles/other | 3,872,000 | 3,879,000 | 11,616,000 | 11,647,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Call premium on note redemptions | 0 | 3,470,000 | 34,180,000 | 14,255,000 | ' | ' | ' | ' | 10,600,000 | ' | ' | 3,500,000 | 200,000 | ' | ' | ' | 34,200,000 |
Royalty income and other | -266,000 | -265,000 | -700,000 | -622,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other expense (income), net | $3,606,000 | $7,084,000 | $45,096,000 | $25,280,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_EquityBase2
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Equity Based Compensation Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 29, 2013 |
long-term_incentive_program | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Sale of Stock, Price Per Share | $20 | ' |
Number of Long-Term Incentive Plans | ' | 2 |
Basis for expected future cash flows, period | ' | '5 years |
Unrecognized Equity Compensation Expense | $43,029 | $43,029 |
Option Life | ' | '10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Estimated Forfeiture Rate | ' | 10.00% |
Two Thousand and Seven Stock Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting Period | ' | '5 years 6 months 0 days |
Two Thousand and Thirteen Omnibus Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting Period | ' | '2 years 6 months 1 day |
Stockholders_Equity_EquityBase3
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Schedule of Weighted Average Assumption (Details) (USD $) | 3 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | ||
Disclosure of Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share [Abstract] | ' | ' | |
Sale of Stock, Price Per Share | $20 | ' | |
Risk Free Interest Rate | 1.16% | [1] | 0.64% |
Expected Time to Option Exercise | '6 years 6 months | [1] | '1 year 11 months 5 days |
Expected Volatility of Pinnacle Foods Inc Stock | 35.00% | [1] | 55.00% |
Expected Dividend of Pinnacle Foods Inc Stock | 3.55% | [1] | 0.00% |
[1] | all of the options issued in the first half of 2013 were valued using an IPO price of $20.00 a share |
Stockholders_Equity_EquityBase4
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Schedule of Equity-based Compensation Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Pre-Tax Equity Based Compensation Expense | $2,291 | $124 | $5,616 | $725 |
Income Tax Benefit | -698 | -39 | -1,378 | -53 |
Net Equity Based Compensation Expense | 1,593 | 85 | 4,238 | 672 |
Cost of products sold [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Pre-Tax Equity Based Compensation Expense | 81 | 16 | 389 | 96 |
Selling and Marketing Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Pre-Tax Equity Based Compensation Expense | 56 | 51 | 991 | 291 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Pre-Tax Equity Based Compensation Expense | 2,069 | 54 | 4,082 | 316 |
Research and development expenses [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Pre-Tax Equity Based Compensation Expense | $85 | $3 | $154 | $22 |
Stockholders_Equity_EquityBase5
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share 2007 Incentive Plan (Details) | 0 Months Ended | 2 Months Ended | 9 Months Ended |
Mar. 02, 2013 | Feb. 28, 2013 | Sep. 29, 2013 | |
Two Thousand and Seven Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Period | ' | ' | '5 years 6 months 0 days |
Number of Shares Authorized | ' | ' | 1,104,888 |
Number of Consecutive Years for EBITDA Target | ' | ' | '2 years |
Two Thousand and Seven Unit Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Internal Rate of Return | 12.00% | 20.00% | 20.00% |
Number of Consecutive Years for EBITDA Target | ' | ' | '2 years |
Scenario 1 [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Period | ' | ' | '5 years |
Percent Vested | ' | ' | 25.00% |
Scenario 2 [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Period | ' | ' | '5 years |
Percent Vested | ' | ' | 50.00% |
Scenario 3 [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percent Vested | ' | ' | 25.00% |
Internal Rate of Return | ' | ' | 12.00% |
Time Vested Options [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Type Percentage | ' | ' | 25.00% |
Performance Shares [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Type Percentage | ' | ' | 75.00% |
Subsequent Event [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Internal Rate of Return | 12.00% | 20.00% | 20.00% |
Stockholders_Equity_EquityBase6
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Summary of Equity Option Transactions (Details) (Two Thousand and Seven Stock Incentive Plan [Member], USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 |
Two Thousand and Seven Stock Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of Shares, Outstanding, Beginning balance | 436,486 | ' |
Weighted Average Exercise Price, Outstanding, Beginning balance | $9.99 | ' |
Weighted Average Fair Value at Grant Date, Outstanding, Beginning balance | $5.89 | $3.97 |
Weighted Average Remaining Life, Outstanding, Beginning balance | '5 years 6 months 30 days | '6 years 2 months 19 days |
Aggregate Intrinsic Value, Outstanding, Beginning balance | $1,642 | ' |
Number of Shares Granted | 0 | ' |
Weighted Average Exercise Price of Grants | $0 | ' |
Weighted Average Fair Value of Grants | $0 | ' |
Number of Shares Exercised | -43,053 | ' |
Weighted Average Exercise Price of Exercised Grants | $8.94 | ' |
Weighted Average Fair Value of Exercised Grants | $4.98 | ' |
Number of Shares Forfeited | -30,918 | ' |
Weighted Average Exercise Price of Forfeited Grants | $10.61 | ' |
Weighted Average Fair Value of Forfeited Grants | $6.93 | ' |
Number of Shares, Outstanding, Ending Balance | 362,515 | 436,486 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $10.06 | $9.99 |
Weighted Average Fair Value at Grant Date, Outstanding, Ending balance | $5.89 | $3.97 |
Weighted Average Remaining Life, Outstanding, Ending balance | '5 years 6 months 30 days | '6 years 2 months 19 days |
Aggregate Intrinsic Value, Outstanding,Ending balance | 5,803 | 1,642 |
Number of Shares, Exercisable, Ending Balance | 156,848 | ' |
Weighted Average Exercise Price, Exercisable, Ending Balance | $9.20 | ' |
Weighted Average Fair Value at Grant Date, Exercisable, Ending Balance | $4.06 | ' |
Weighted Average Remaining Life, Exercisable, Ending Balance | '4 years 9 months 19 days | ' |
Aggregate Intrinsic Value, Exercisable, Ending Balance | $2,645 | ' |
Stockholders_Equity_EquityBase7
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share 2007 Unit Plan (Details) (Two Thousand and Seven Unit Plan [Member]) | 0 Months Ended | 2 Months Ended | 9 Months Ended |
Mar. 02, 2013 | Feb. 28, 2013 | Sep. 29, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Consecutive Years for EBITDA Target | ' | ' | '2 years |
Change in Control or Liquidity Event, Percent | ' | ' | 50.00% |
Internal Rate of Return | 12.00% | 20.00% | 20.00% |
Profit Interest Units (PIUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Internal Rate of Return | ' | ' | 12.00% |
Awards delivered | ' | ' | 1,546,355 |
B-1 Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Type Percentage | ' | ' | 25.00% |
B-2 Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Award Type Percentage | ' | ' | 75.00% |
Scenario 1 [Member] | Profit Interest Units (PIUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percent Vested | ' | ' | 25.00% |
Vesting Period | ' | ' | '5 years |
Scenario 2 [Member] | Profit Interest Units (PIUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percent Vested | ' | ' | 50.00% |
Vesting Period | ' | ' | '5 years |
Scenario 3 [Member] | Profit Interest Units (PIUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percent Vested | ' | ' | 25.00% |
Internal Rate of Return | ' | ' | 12.00% |
Stockholders_Equity_EquityBase8
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share 2013 Omnibus Plan Narrative (Details) (2013 Omnibus Plan [Member]) | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||
Aug. 02, 2013 | Mar. 27, 2013 | Mar. 27, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Apr. 04, 2013 | |
Stock Options [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Shares Authorized | ' | 11,300,000 | ' | ' | ' | ' |
Number of Shares Granted | 155,575 | ' | 2,310,000 | 2,465,575 | ' | ' |
Vesting Period | ' | '3 years | ' | ' | ' | ' |
Awards delivered | 66,042 | 82,460 | ' | ' | 348,502 | 200,000 |
Stockholders_Equity_EquityBase9
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share 2013 Omnibus Plan Stock Option Transactions (Details) (USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 02, 2013 | Mar. 27, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Mar. 27, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 |
2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Awards delivered | 66,042 | 82,460 | 348,502 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' | ' | $20.37 | $0 | $10.06 | $9.99 |
Number of Shares, Outstanding, Beginning balance | ' | ' | ' | ' | ' | 0 | ' | 436,486 | ' |
Weighted Average Fair Value at Grant Date, Outstanding, Beginning balance | ' | ' | ' | ' | ' | $4.79 | $0 | $5.89 | $3.97 |
Aggregate Intrinsic Value, Outstanding, Beginning balance | ' | ' | ' | ' | ' | $0 | ' | $1,642 | ' |
Number of Shares Granted | 155,575 | ' | ' | ' | 2,310,000 | 2,465,575 | ' | 0 | ' |
Weighted Average Exercise Price of Grants | ' | ' | ' | ' | ' | $20.35 | ' | $0 | ' |
Weighted Average Fair Value of Grants | ' | ' | ' | ' | ' | $4.78 | ' | $0 | ' |
Number of Shares Exercised | ' | ' | ' | ' | ' | 0 | ' | -43,053 | ' |
Weighted Average Exercise Price of Exercised Grants | ' | ' | ' | ' | ' | $0 | ' | $8.94 | ' |
Weighted Average Fair Value of Exercised Grants | ' | ' | ' | ' | ' | $0 | ' | $4.98 | ' |
Number of Shares Forfeited | ' | ' | ' | ' | ' | -125,310 | ' | -30,918 | ' |
Weighted Average Exercise Price of Forfeited Grants | ' | ' | ' | ' | ' | $20 | ' | $10.61 | ' |
Weighted Average Fair Value of Forfeited Grants | ' | ' | ' | ' | ' | $4.63 | ' | $6.93 | ' |
Number of Shares, Outstanding, Ending Balance | ' | ' | ' | ' | ' | 2,340,265 | 0 | 362,515 | 436,486 |
Weighted Average Fair Value at Grant Date, Outstanding, Ending balance | ' | ' | ' | ' | ' | $4.79 | $0 | $5.89 | $3.97 |
Weighted Average Remaining Life, Outstanding, Ending balance | ' | ' | '6 years 7 months 17 days | '0 years | ' | '9 years 6 months 5 days | '0 years | '5 years 6 months 30 days | '6 years 2 months 19 days |
Aggregate Intrinsic Value, Outstanding,Ending balance | ' | ' | ' | ' | ' | 13,336 | 0 | 5,803 | 1,642 |
Number of Shares, Exercisable, Ending Balance | ' | ' | ' | ' | ' | 0 | ' | 156,848 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | ' | ' | ' | ' | ' | $0 | ' | $9.20 | ' |
Weighted Average Fair Value at Grant Date, Exercisable, Ending Balance | ' | ' | ' | ' | ' | $0 | ' | $4.06 | ' |
Weighted Average Remaining Life, Exercisable, Ending Balance | ' | ' | ' | ' | ' | '0 years | ' | '4 years 9 months 19 days | ' |
Aggregate Intrinsic Value, Exercisable, Ending Balance | ' | ' | ' | ' | ' | $0 | ' | $2,645 | ' |
Recovered_Sheet1
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share 2013 Omnibus Plan RSU Transactions (Details) (USD $) | 3 Months Ended | 0 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Aug. 02, 2013 | Mar. 27, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | |
2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | ||
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | '6 years 7 months 17 days | '0 years |
Number of RSUs, Outstanding, Beginning Balance | ' | ' | ' | 0 | ' |
Weighted Average Fair Value at Grant Date, Outstanding, Beginning Balance | ' | ' | ' | $0 | ' |
Aggregate Intrinsic Value, Oustanding, Beginning Balance | ' | ' | ' | $0 | ' |
Number of PIUs Converted into RSUs | ' | ' | ' | 1,546,355 | ' |
Weighted Average Fair Value of PIUs Converted into RSUs | $20 | ' | ' | $20 | ' |
Number of RSUs Granted | ' | 66,042 | 82,460 | 348,502 | ' |
Weighted Average Fair Value of RSUs Granted | ' | ' | ' | $21.06 | ' |
Number of RSUs Exercised | ' | ' | ' | -80,252 | ' |
Weighted Average Fair Value of RSUs Vested | ' | ' | ' | $20 | ' |
Number of RSUs Forfeited | ' | ' | ' | -135,407 | ' |
Weighted Average Fair Value of RSUs Forfeited | ' | ' | ' | $20 | ' |
Number of RSUs, Outstanding, Ending Balance | ' | ' | ' | 1,679,198 | ' |
Weighted Average Fair Value at Grant Date, Outstanding, Ending Balance | ' | ' | ' | $20.34 | ' |
Aggregate Intrinsic Value, Oustanding, Ending Balance | ' | ' | ' | $43,777,000 | ' |
Recovered_Sheet2
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Reclassification out of Accumulated Other Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ||
Interest expense | $19,595 | ' | $44,462 | $107,878 | $154,601 | ||
Cost of products sold | 415,052 | ' | 438,564 | 1,297,808 | 1,376,251 | ||
Earnings (loss) before income taxes | 65,346 | ' | 15,437 | 68,750 | 12,558 | ||
Provision (benefit) for income taxes | 24,661 | ' | 5,559 | 35,108 | 3,701 | ||
Deferred income taxes | 24,273 | 9,070 | 4,653 | 33,226 | 2,637 | ||
Net of tax | 40,685 | ' | 9,878 | 33,642 | 8,857 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ||
Net of tax | -17 | ' | ' | -11,619 | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Gains and losses on swaps [Member] | ' | ' | ' | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ||
Interest expense | -15 | ' | ' | -3,961 | ' | ||
Cost of products sold | 454 | ' | ' | 1,136 | ' | ||
Earnings (loss) before income taxes | 439 | ' | ' | -2,825 | ' | ||
Provision (benefit) for income taxes | -239 | ' | ' | 935 | ' | ||
Deferred income taxes | 0 | [1] | ' | ' | -9,070 | [1] | ' |
Net of tax | 200 | ' | ' | -10,960 | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Pension actuarial asumption adjustments [Member] | ' | ' | ' | ' | ' | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ||
Cost of products sold | -353 | [2] | ' | ' | -1,072 | [2] | ' |
Provision (benefit) for income taxes | 136 | ' | ' | 413 | ' | ||
Net of tax | ($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). |
Recovered_Sheet3
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Schedule of Weighted Average Number of Shares (Details) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 03, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Share issuance (shares) | 2,618,307 | ' | ' | ' | ' |
Weighted-average common shares | ' | 115,590,396 | 81,218,162 | 103,921,211 | 81,237,056 |
Dilutive potential common shares | ' | 116,347,508 | 86,444,890 | 105,978,368 | 86,460,856 |
Antidilutive shares excluded from the computation | ' | 180,297 | 80,622 | 2,454,101 | 82,891 |
Weighted Average Number Diluted Shares Outstanding Adjustment | ' | 757,112 | 5,226,728 | 2,057,157 | 5,223,800 |
Balance_Sheet_Information_Sche
Balance Sheet Information Schedule of Accounts Receivable (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net, Current [Abstract] | ' | ' |
Customers | $168,106 | $137,950 |
Allowances for cash discounts, bad debts and returns | -5,707 | -5,149 |
Subtotal | 162,399 | 132,801 |
Other receivables | 6,517 | 11,083 |
Total | $168,916 | $143,884 |
Balance_Sheet_Information_Sche1
Balance Sheet Information Schedule of Inventories (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials, containers and supplies | $61,504 | $50,919 |
Finished product | 332,824 | 307,132 |
Total | $394,328 | $358,051 |
Balance_Sheet_Information_Sche2
Balance Sheet Information Schedule of Other Current Assets (Details) (USD $) | 1 Months Ended | |||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jan. 31, 2013 | Sep. 29, 2013 | Dec. 30, 2012 |
Balance Sheet Information [Abstract] | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | $5,100 | $874 | ' | ' |
Prepaid Expense and Other Assets, Current [Abstract] | ' | ' | ' | ' |
Prepaid expenses | ' | ' | 3,590 | 5,954 |
Prepaid income taxes | ' | ' | 2,120 | 578 |
Assets held for sale | ' | ' | 1,556 | 5,330 |
Total | ' | ' | $7,266 | $11,862 |
Balance_Sheet_Information_Sche3
Balance Sheet Information Schedule of Plant Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Plant Assets, Gross | $795,777 | ' | $795,777 | ' | $738,360 |
Accumulated depreciation | -283,426 | ' | -283,426 | ' | -244,694 |
Total | 512,351 | ' | 512,351 | ' | 493,666 |
Depreciation | 15,786 | 22,607 | 46,067 | 56,895 | ' |
Accelerated depreciation costs | ' | 8 | ' | 12 | ' |
Land | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Plant Assets, Gross | 14,061 | ' | 14,061 | ' | 14,061 |
Buildings | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Plant Assets, Gross | 190,487 | ' | 190,487 | ' | 178,300 |
Machinery and equipment | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Plant Assets, Gross | 556,180 | ' | 556,180 | ' | 513,339 |
Projects in progress | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Plant Assets, Gross | 35,049 | ' | 35,049 | ' | 32,660 |
Assets under capital lease | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Accumulated depreciation | -8,668 | ' | -8,668 | ' | -8,246 |
Total | $19,924 | ' | $19,924 | ' | $22,030 |
Balance_Sheet_Information_Sche4
Balance Sheet Information Schedule of Accrued Liabilities (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 |
In Thousands, unless otherwise specified | |||
Accrued Liabilities, Current [Abstract] | ' | ' | ' |
Employee compensation and benefits | $61,626 | $53,373 | ' |
Dividends payable | 21,354 | ' | 0 |
Interest payable | 17,034 | 28,116 | ' |
Customer Coupons | 2,812 | 3,346 | ' |
Accrued restructuring charges (see note 7) | 2,210 | 10,480 | ' |
Accrued financial instrument contracts (see note 10) | 1,341 | 682 | ' |
Other | 21,652 | 23,272 | ' |
Total | $106,675 | $119,269 | ' |
Balance_Sheet_Information_Sche5
Balance Sheet Information Schedule of Other Long-Term Liabilities (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Liabilities, Noncurrent [Abstract] | ' | ' |
Employee compensation and benefits | $9,324 | $9,340 |
Long-term rent liability and deferred rent allowances | 9,609 | 10,217 |
Liability for uncertain tax positions | 1,622 | 1,614 |
Accrued financial instrument contracts (see note 10) | 0 | 3,807 |
Other | 4,247 | 3,727 |
Total | $24,802 | $28,705 |
Balance_Sheet_Information_Sche6
Balance Sheet Information Schedule of Accounts Payable (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Information [Abstract] | ' | ' |
Accounts payable | $180,055 | $137,326 |
Goodwill_Tradenames_And_Other_1
Goodwill Tradenames And Other Assets Schedule of Goodwill by Segment (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill [Roll Forward] | ' | ' |
Goodwill | $1,441,495 | $1,441,495 |
Birds Eye Frozen | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 527,069 | 527,069 |
Duncan Hines Grocery | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | 740,465 | 740,465 |
Specialty Foods | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill | $173,961 | $173,961 |
Goodwill_Tradenames_And_Other_2
Goodwill Tradenames And Other Assets Schedule of Tradenames by Segment (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Dec. 30, 2012 |
Birds Eye Frozen | Birds Eye Frozen | Duncan Hines Grocery | Duncan Hines Grocery | Specialty Foods | Specialty Foods | Bernstein's [Member] | |||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Intangible Assets (Excluding Goodwill) | ' | ' | ' | ' | ' | ' | ' | ' | $500,000 |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tradenames | $1,603,992,000 | $1,603,992,000 | $796,680,000 | $796,680,000 | $771,312,000 | $771,312,000 | $36,000,000 | $36,000,000 | ' |
Goodwill_Tradenames_And_Other_3
Goodwill Tradenames And Other Assets Schedule of Other Assets (Details) (USD $) | 3 Months Ended | 9 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 | 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 | Sep. 29, 2013 | Dec. 25, 2011 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 25, 2011 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 25, 2011 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 25, 2011 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 25, 2011 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | |||
Recipes | Recipes | Recipes | Customer relationships - Distributors | Customer relationships - Distributors | Customer relationships - Distributors | Customer relationships - Food Service | Customer relationships - Food Service | Customer relationships - Food Service | Customer relationships - Private Label | Customer relationships - Private Label | Customer relationships - Private Label | License | License | License | Birds Eye Frozen | Birds Eye Frozen | Duncan Hines Grocery | Duncan Hines Grocery | Specialty Foods | Specialty Foods | |||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Weighted Avg Life | ' | ' | ' | ' | ' | '10 years | '10 years | ' | '36 years | '36 years | ' | '7 years | '7 years | ' | '7 years | '7 years | ' | '7 years | '7 years | ' | ' | ' | ' | ' | ' | ' | |||
Gross Carrying Amount | $228,788 | ' | $228,788 | ' | $228,788 | $52,810 | ' | $52,810 | $125,746 | ' | $125,746 | $36,143 | ' | $36,143 | $9,214 | ' | $9,214 | $4,875 | ' | $4,875 | ' | ' | ' | ' | ' | ' | |||
Accumulated Amortization | -113,437 | ' | -113,437 | ' | -101,821 | -34,326 | ' | -30,365 | -32,919 | ' | -28,791 | -34,438 | ' | -31,882 | -8,942 | ' | -8,533 | -2,812 | ' | -2,250 | ' | ' | ' | ' | ' | ' | |||
Net | 115,351 | ' | 115,351 | ' | 126,967 | 18,484 | ' | 22,445 | 92,827 | ' | 96,955 | 1,705 | ' | 4,261 | 272 | ' | 681 | 2,063 | ' | 2,625 | 64,884 | 69,581 | 45,034 | 48,806 | 5,433 | 8,580 | |||
Deferred financing costs, Gross Carrying Amount | 35,988 | ' | 35,988 | ' | 59,486 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred financing costs, Accumulated Amortization | -20,181 | ' | -20,181 | ' | -35,306 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred financing costs, Net | 15,807 | ' | 15,807 | ' | 24,180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Derivative Assets, Noncurrent | 25,065 | ' | 25,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other | 5,200 | [1] | ' | 5,200 | [1] | ' | 4,411 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other assets, net | 161,423 | ' | 161,423 | ' | 155,558 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization of intangible assets | 3,872 | 3,879 | 11,616 | 11,647 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, remainder of 2012 | 3,900 | ' | 3,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, 2013 | 12,200 | ' | 12,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, 2014 | 10,900 | ' | 10,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, 2015 | 10,300 | ' | 10,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, 2016 | 5,700 | ' | 5,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, thereafter | $72,400 | ' | $72,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | As of SeptemberB 29, 2013 and DecemberB 30, 2012, Other primarily consists of security deposits |
Goodwill_Tradenames_And_Other_4
Goodwill Tradenames And Other Assets Schedule of Deferred Financing Cost Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Financing costs (Note 7) | $0 | $0 | $4,762 | $7,526 |
Write off of Deferred Debt Issuance Cost, Gross | ' | ' | -31,228 | ' |
Write off of Deferred Debt Issuance Cost, Accumulated Amortization | ' | ' | 18,503 | ' |
Write off, net | 0 | -2,641 | -12,725 | -8,091 |
Deferred Financing Cost Activity [Roll Forward] | ' | ' | ' | ' |
Deferred financing costs, Gross Carrying Amount, Beginning Balance | ' | ' | 59,486 | ' |
Deferred financing costs, Accumulated Amortization, Beginning Balance | ' | ' | -35,306 | ' |
Deferred financing costs, Net, Beginning Balance | ' | ' | 24,180 | ' |
Deferred financing costs, Additions | ' | ' | 7,730 | ' |
Amortization of debt acquisition costs | ' | ' | -3,378 | ' |
Deferred financing costs, Gross Carrying Amount, Ending Balance | 35,988 | ' | 35,988 | ' |
Deferred financing costs, Accumulated Amortization, Ending Balance | -20,181 | ' | -20,181 | ' |
Deferred financing costs, Net, Ending Balance | 15,807 | ' | 15,807 | ' |
Amortization of debt acquisition costs | $623 | $1,910 | $3,378 | $6,745 |
Restructuring_Charges_Narrativ
Restructuring Charges Narrative (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2013 | Jan. 31, 2013 | Sep. 23, 2012 | Sep. 23, 2012 | 25-May-12 |
plant | |||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Number of Plants | ' | ' | ' | ' | 1 |
Accelerated depreciation costs | ' | ' | $8 | $12 | ' |
Proceeds from Sale of Property, Plant, and Equipment | 5,100 | 874 | ' | ' | ' |
Birds Eye Frozen | Fulton, NY Plan | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Accelerated depreciation costs | ' | ' | 0 | 2,324 | ' |
Birds Eye Frozen | Facility Closing At Green Bay, WI Research Facility [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Accelerated depreciation costs | ' | ' | 232 | 419 | ' |
Business Exit Costs | ' | ' | 233 | 960 | ' |
Specialty Foods | Millsboro, DE Plant | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Accelerated depreciation costs | ' | ' | 814 | 814 | ' |
Loss on Contract Termination | ' | ' | 6,483 | 6,483 | ' |
Duncan Hines Grocery | Millsboro, DE Plant | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Accelerated depreciation costs | ' | ' | 6,631 | 8,367 | ' |
Business Exit Costs | ' | ' | 150 | 1,472 | ' |
Asset Retirement Obligation, Liabilities Settled | ' | ' | 0 | 750 | ' |
Duncan Hines Grocery | Tacoma, WA Plant | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Accelerated depreciation costs | ' | ' | $0 | $307 | ' |
Restructuring_Charges_Schedule
Restructuring Charges Schedule of restructuring charges accrued (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | |
Restructuring Reserve [Roll Forward] | ' | |
Accrued restructuring charges, Beginning balance | $10,480 | |
Expense | 0 | |
Payments | -8,270 | |
Accrued restructuring charges, Ending balance | 2,210 | |
Facility shutdowns | ' | |
Restructuring Reserve [Roll Forward] | ' | |
Accrued restructuring charges, Beginning balance | 2,796 | |
Expense | 0 | |
Payments | 1,030 | |
Accrued restructuring charges, Ending balance | 1,766 | |
Contract Termination [Member] | ' | |
Restructuring Reserve [Roll Forward] | ' | |
Accrued restructuring charges, Beginning balance | 5,833 | |
Expense | 0 | |
Payments | 5,833 | |
Accrued restructuring charges, Ending balance | 0 | [1] |
Employee severance | ' | |
Restructuring Reserve [Roll Forward] | ' | |
Accrued restructuring charges, Beginning balance | 1,851 | |
Expense | 0 | |
Payments | 1,407 | |
Accrued restructuring charges, Ending balance | $444 | |
[1] | Text selection found with no content. |
Debt_And_Interest_Expense_Sche
Debt And Interest Expense Schedule of Long-term and Short-term Debt Instruments (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Short-term Debt [Abstract] | ' | ' |
Short-term borrowings | $1,065 | $2,139 |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Unamortized discount on long term debt | -8,188 | -7,230 |
Capital lease obligations | 20,606 | 20,990 |
Long-term Debt, including capital lease obligations less unamortized discount on long term debt | 1,988,343 | 2,606,805 |
Less: current portion of long-term obligations | 19,436 | 30,419 |
Long-term debt | 1,968,907 | 2,576,386 |
Senior Notes | 4.875% Senior Notes Due 2021 | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Senior Notes | 350,000 | 0 |
Senior Notes | 9.25% Senior Notes due 2015 | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Senior Notes | 0 | 465,000 |
Senior Notes | 8.25% Senior Notes due 2017 | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Senior Notes | 0 | 400,000 |
Secured Debt [Member] | Tranche B Non Extended Term Loans due 2014 | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Senior Secured Credit Facility | 0 | 243,264 |
Secured Debt [Member] | Tranche B Extended term Loans due 2016 | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Senior Secured Credit Facility | 0 | 637,906 |
Secured Debt [Member] | Tranche E Term Loan Due 2018 | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Senior Secured Credit Facility | 0 | 398,000 |
Secured Debt [Member] | Tranche F Term Loan due 2018 | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Senior Secured Credit Facility | 0 | 448,875 |
Secured Debt [Member] | Tranche G Term Loan due 2020 | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' |
Senior Secured Credit Facility | $1,625,925 | $0 |
Debt_And_Interest_Expense_Sche1
Debt And Interest Expense Schedule of Interest expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Apr. 29, 2013 |
Majority Shareholder | Majority Shareholder | Majority Shareholder | Majority Shareholder | Tranche G Term Loan due 2020 | ||||||
April 2013 Refinancing | ||||||||||
Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | $8,188 | ' | $8,188 | ' | $7,230 | ' | ' | ' | ' | $0 |
Interest expense, third party | 18,318 | 37,972 | 79,497 | 118,021 | ' | ' | ' | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' |
Write-off of debt acquisition costs (Note 7) | 0 | 2,641 | 12,725 | 8,091 | ' | ' | ' | ' | ' | ' |
Write-off of loan discount | 0 | 0 | 2,182 | 1,864 | ' | ' | ' | ' | ' | ' |
Financing costs (Note 7) | 0 | 0 | 4,762 | 7,526 | ' | ' | ' | ' | ' | ' |
Amortization of deferred mark-to-market adjustment on terminated swaps (Note 11) | 0 | 0 | 0 | 444 | ' | ' | ' | ' | ' | ' |
Interest rate swap losses (Note 11) | 243 | 1,274 | 3,997 | 9,159 | ' | ' | ' | ' | ' | ' |
Total interest expense | $19,595 | $44,462 | $107,878 | $154,601 | ' | ' | ' | ' | ' | ' |
Debt_And_Interest_Expense_Seni
Debt And Interest Expense Senior Secured Credit Facility (Details) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Apr. 29, 2013 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 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 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Sep. 23, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Apr. 03, 2013 | Sep. 21, 2012 | Jun. 04, 2012 | Mar. 31, 2013 | Apr. 02, 2007 | 10-May-13 | 19-May-13 | Apr. 29, 2013 | Aug. 17, 2010 | Apr. 02, 2007 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Apr. 03, 2013 | Apr. 03, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Sep. 29, 2013 | Apr. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | |
Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Revolving Credit Facility and Letters of Credit | Revolving Credit Facility and Letters of Credit | Letters of Credit | Letters of Credit | Majority Shareholder | Majority Shareholder | Net First Lien | Restricted Payments | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Reduction Criteria 1 [Member] | Reduction Criteria 2 [Member] | Minimum [Member] | Maximum [Member] | April 2013 Initial Public Offering | April 2013 Initial Public Offering | 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 | Federal Funds Effective Rate | Eurodollar [Member] | Base Rate [Member] | ||||
quarter | 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 E Term Loan Due 2018 | Tranche E Term Loan Due 2018 | Tranche F Term Loan due 2018 | Tranche F Term Loan due 2018 | Revolving Credit Facility and Letters of Credit | Revolving Credit Facility and Letters of Credit | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | 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] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [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 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 8.25% Senior Notes due 2017 | 4.875% Senior Notes Due 2021 | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Senior Notes | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | New Revolving Credit Facility (2013) [Member] [Member] | Senior Notes | Senior Notes | Senior Notes | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | ||||||||||
Tranche G Term Loan due 2020 | Tranche B Extended, B Non Extended E and F Term Loans [Member] | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | Tranche B Non Extended Term Loans due 2014 | 9.25% Senior Notes due 2015 | Tranche B Non Extended Term Loans due 2014 | Tranche B Extended term Loans due 2016 | Tranche E Term Loan Due 2018 | Tranche F Term Loan due 2018 | Tranche G Term Loan due 2020 | 8.25% Senior Notes due 2017 | 4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | |||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Amount of debt redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $465,000,000 | $150,000,000 | $10,000,000 | ' | ' | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $465,000,000 | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.25% | ' | ' | 9.25% | ' | ' | ' | 8.25% | 4.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.88% | ' | ' | ' |
Redemption prices, percent of outstanding principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102.31% | ' | 100.00% | 100.00% | ' | 108.50% | 108.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total redemption price of the Term Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 202,000,000 | ' | 38,100,000 | 634,700,000 | 396,000,000 | 446,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' |
Amount extended as part of the refinancing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,630,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Term | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total letter of credit issued under the Revolving Credit Facility cannot exceed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | 350,000,000 | ' | ' | ' |
Due to Related Parties, Noncurrent | ' | 48,004,000 | 63,097,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 48,004,000 | 63,097,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points added to the Federal Reserve overnight funds rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | 0.50% | 2.50% | 1.50% |
Eurocurrency rate, minimum per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' |
Base rate, minimum per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% |
Percent of collateralized capital stock of, or other equity interests in, each direct foreign subsidiaries, or any domestic subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.68% | 3.71% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.63% | ' | 3.75% | 3.63% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eurocurrency rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | ' | ' | ' | 4.08% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fronting fee, per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount on Revolving Credit Facility for letters of credit | ' | ' | ' | ' | 0 | 243,264,000 | 0 | 637,906,000 | 0 | 398,000,000 | 0 | 448,875,000 | ' | ' | 1,625,925,000 | 1,625,925,000 | 0 | ' | ' | ' | ' | ' | 29,030,000 | 33,453,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 120,970,000 | 116,547,000 | 20,970,000 | 16,547,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Excess Cash Flow required to prepay Tranche B and Tranche D Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Leverage Ratio | ' | 4.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | 5.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of Peak Finance Holdings LLC owned by Pinnacle Foods Inc | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Sceured Credit Facility loans mature in quarterly installments, percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in the remainder of year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300,000 | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300,000 | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300,000 | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,400,000 | 20,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,552,600,000 | 1,552,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt to EBITDA for the most recently concluded four consecutive fiscal quarters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.75 | 4.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Debt Covenant, Consecutive Fiscal Quarters | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of restricted payments for specified activities greater of amount or percent of consolidated total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percent of restricted payments for specified activities greater of amount or percent of consolidated total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_And_Interest_Expense_Seni1
Debt And Interest Expense Senior Notes and Senior Subordinated Notes (Details) (Senior Notes, USD $) | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||
In Millions, unless otherwise specified | Apr. 03, 2013 | Sep. 21, 2012 | Jun. 04, 2012 | Mar. 31, 2013 | Apr. 02, 2007 | Sep. 29, 2013 | Apr. 02, 2007 | 10-May-13 | Sep. 29, 2013 | 19-May-13 | Apr. 29, 2013 | Aug. 17, 2010 | Apr. 03, 2013 | Apr. 29, 2013 | Sep. 29, 2013 | Apr. 29, 2013 |
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 | 4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | 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 | April 2013 Initial Public Offering | April 2013 Refinancing | April 2013 Refinancing | April 2013 Refinancing | |
9.25% Senior Notes due 2015 | 4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | 8.25% Senior Notes due 2017 | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt redeemed | $465 | $150 | $10 | ' | ' | ' | ' | $400 | ' | ' | ' | ' | $465 | ' | ' | $400 |
Fixed interest rate | ' | 9.25% | ' | ' | 9.25% | ' | 4.88% | ' | ' | ' | ' | 8.25% | ' | 4.88% | ' | ' |
Redemption prices, percent of outstanding principal | ' | 102.31% | ' | 100.00% | 100.00% | ' | ' | ' | ' | 108.50% | 108.50% | ' | ' | ' | ' | ' |
Proceeds from Issuance of Unsecured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $350 | ' | ' |
Early redemption percent of principal amount plus the applicable premium as of, and accrued and unpaid interest to, the redemption date | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Applicable Premium, Percentage of Principal Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Early redemption percent the Company may redeem up to the aggregate principal amount through September 1, 2013 | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Early redemption percent of principal amount plus accrued and unpaid interest if any to redeem until September 1, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 104.88% | ' | ' | ' | ' | ' | ' | ' |
Early redemption percent of principal amount of note required to be outstanding immediately after the occurence of each such redemption | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points added to the interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' |
Period each redemption is required to occur after the closing of each such equity offering | ' | ' | ' | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_And_Interest_Expense_Sche2
Debt And Interest Expense Schedule of early redemption prices of long-term debt instruments (Details) (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% |
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 (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Senior Notes | 4.875% Senior Notes Due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $350,000 | $0 |
Senior Notes | 9.25% Senior Notes due 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 0 | 465,000 |
Senior Notes | 8.25% Senior Notes due 2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 0 | 400,000 |
Secured Debt [Member] | Tranche G Term Loan due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | 1,625,925 | 0 |
Secured Debt [Member] | Tranche B Non Extended Term Loans due 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | 0 | 243,264 |
Secured Debt [Member] | Tranche B Extended term Loans due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | 0 | 637,906 |
Secured Debt [Member] | Tranche F Term Loan due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | 0 | 448,875 |
Secured Debt [Member] | Tranche E Term Loan Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | 0 | 398,000 |
Face Value | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Fair Value | 1,975,925 | 2,593,045 |
Face Value | Senior Notes | 4.875% Senior Notes Due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 350,000 | ' |
Face Value | Senior Notes | 9.25% Senior Notes due 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | ' | 465,000 |
Face Value | Senior Notes | 8.25% Senior Notes due 2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | ' | 400,000 |
Face Value | Secured Debt [Member] | Tranche G Term Loan due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | 1,625,925 | ' |
Face Value | Secured Debt [Member] | Tranche B Non Extended Term Loans due 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | ' | 243,264 |
Face Value | Secured Debt [Member] | Tranche B Extended term Loans due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | ' | 637,906 |
Face Value | Secured Debt [Member] | Tranche F Term Loan due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | ' | 448,875 |
Face Value | Secured Debt [Member] | Tranche E Term Loan Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | ' | 398,000 |
Fair Value | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Fair Value | 1,937,198 | 2,637,777 |
Fair Value | Senior Notes | 4.875% Senior Notes Due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes, Fair value | 325,500 | ' |
Fair Value | Senior Notes | 9.25% Senior Notes due 2015 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes, Fair value | ' | 471,975 |
Fair Value | Senior Notes | 8.25% Senior Notes due 2017 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes, Fair value | ' | 427,000 |
Fair Value | Secured Debt [Member] | Tranche G Term Loan due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility, Fair Value | 1,611,698 | ' |
Fair Value | Secured Debt [Member] | Tranche B Non Extended Term Loans due 2014 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility, Fair Value | ' | 244,480 |
Fair Value | Secured Debt [Member] | Tranche B Extended term Loans due 2016 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility, Fair Value | ' | 641,095 |
Fair Value | Secured Debt [Member] | Tranche F Term Loan due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility, Fair Value | ' | 452,242 |
Fair Value | Secured Debt [Member] | Tranche E Term Loan Due 2018 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility, Fair Value | ' | $400,985 |
Pension_And_Retirement_Plans_N
Pension And Retirement Plans Narrative (Details) | 9 Months Ended |
Sep. 29, 2013 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' |
Number of defined benefit plans | 2 |
Number of qualified 401(k) plans | 2 |
Pension_And_Retirement_Plans_S
Pension And Retirement Plans Schedule of net periodic benefit cost, Pinnacle Foods (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | |
Defined Benefit Plans and Other Postretirement Benefit Plans, Pinnacle Foods | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | $52,000 | $277,000 | $52,000 | $832,000 | ' |
Interest cost | 1,092,000 | 1,028,000 | 3,006,000 | 3,085,000 | ' |
Expected return on assets | -1,084,000 | -1,089,000 | -3,334,000 | -3,267,000 | ' |
Amortization of prior service cost | 0 | 10,000 | 0 | 31,000 | ' |
Amortization of actuarial loss | 181,000 | 447,000 | 542,000 | 1,340,000 | ' |
Net periodic cost | 241,000 | 673,000 | 266,000 | 2,021,000 | ' |
Expected future contributions | 2,700,000 | ' | 2,700,000 | ' | ' |
Company contributions | 1,200,000 | 1,700,000 | 2,000,000 | 3,600,000 | 4,100,000 |
Defined Benefit Plans and Other Postretirement Benefit Plans, Birds Eye Foods | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | 0 | 52,000 | 0 | 157,000 | ' |
Interest cost | 1,612,000 | 1,928,000 | 5,198,000 | 5,784,000 | ' |
Expected return on assets | -2,209,000 | -2,086,000 | -6,706,000 | -6,258,000 | ' |
Amortization of actuarial loss | 185,000 | 87,000 | 555,000 | 261,000 | ' |
Net periodic cost | -412,000 | -19,000 | -953,000 | -56,000 | ' |
Expected future contributions | 5,200,000 | ' | 5,200,000 | ' | ' |
Company contributions | 2,200,000 | 3,100,000 | 3,800,000 | 6,900,000 | 8,400,000 |
Defined Benefit Plans and Other Postretirement Benefit Plans, Multi-employer Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Employer contributions | $126,000 | $187,000 | $561,000 | $558,000 | ' |
Pension_And_Retirement_Plans_M
Pension And Retirement Plans Mutli-employer Plans (Details) (USD $) | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Feb. 14, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
employee | 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] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' | ' | ' |
Multiemployer Plans, Number of Employees | 450 | ' | ' | ' | ' | ' |
Multiemployer Plan, Collective Bargaining Agreement Period | '4 years | ' | ' | ' | ' | ' |
Employer contributions | ' | ' | $126 | $187 | $561 | $558 |
Multiemployer Plans, Contributions By Employer Represent Less Than Percent | ' | 5.00% | ' | ' | ' | ' |
Funded status | ' | 'At least 80 percent | ' | ' | ' | ' |
Certified zone status | ' | 'Green | ' | ' | ' | ' |
Financial_Instruments_Schedule
Financial Instruments Schedule of Interest Rate Swaps (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 29, 2013 | Jun. 30, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Apr. 04, 2013 | |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
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 | ' |
Notional Amount | ' | ' | ' | ' | ' | 650,000,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Instruments | 14 | ' | ' | 14 | ' | ' |
Notional Amount | 1,333,000,000 | ' | ' | 1,333,000,000 | ' | ' |
Interest Rate Swaps, Fixed Rate Range, Lower | 0.76% | ' | ' | 0.76% | ' | ' |
Interest Rate Swaps, Fixed Rate Range, Upper | 2.97% | ' | ' | 2.97% | ' | ' |
Ineffective portion of the change in fair value recognized directly in earning, estimated for next twelve months | ' | ' | ' | $518,000 | ' | ' |
Financial_Instruments_Schedule1
Financial Instruments Schedule of Foreign Currency Exchange Contracts (Details) (Cash Flow Hedging, Designated as Hedging Instrument, CAD Forward, USD $) | Sep. 29, 2013 |
In Thousands, unless otherwise specified | |
Cash Flow Hedging | Designated as Hedging Instrument | CAD Forward | ' |
Derivative [Line Items] | ' |
Number of Instruments | 4 |
Notional Sold in Aggregate in (CAD) | $14,600 |
Notional Purchased in Aggregate in (USD) | $14,729 |
Derivative, Exchange Rate Floor | 0.99 |
Derivative, Exchange Rate Cap | 0.993 |
Financial_Instruments_Schedule2
Financial Instruments Schedule of derivative instruments not designated in qualifying hedging relationships (Details) (Not Designated as Hedging Instrument, Diesel Fuel Contracts) | Sep. 29, 2013 |
gal | |
Not Designated as Hedging Instrument | Diesel Fuel Contracts | ' |
Derivative [Line Items] | ' |
Number of Instruments | 2 |
Notional Amount | 2,016,158 |
Price/Index, Floor Price | 3.75 |
Price/Index, Cap Price | 3.93 |
Financial_Instruments_Schedule3
Financial Instruments Schedule of the fair value of derivatives financial instruments as well as their Consolidated Balance Sheets classification (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $133 | $525 |
Derivative Liabilities | 1,280 | 682 |
Accrued Liabilities [Member] | Interest Rate Contracts | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 1,280 | ' |
Accrued Liabilities [Member] | Commodity Contract | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | ' | 682 |
Other curent assets | Commodity Contract | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | ' | 525 |
Derivative Liabilities | 133 | ' |
Cash Flow Hedging | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 25,638 | 638 |
Derivative Liabilities | 62 | 3,807 |
Cash Flow Hedging | Accrued Liabilities [Member] | Interest Rate Contracts | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 62 | ' |
Cash Flow Hedging | Other curent assets | Foreign Exchange Contracts | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 573 | 605 |
Cash Flow Hedging | Other assets, net | Interest Rate Contracts | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 25,065 | ' |
Cash Flow Hedging | Other assets, net | Foreign Exchange Contracts | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | ' | 33 |
Cash Flow Hedging | Other long-term liabilities | Interest Rate Contracts | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | ' | $3,807 |
Financial_Instruments_Schedue_
Financial Instruments Schedue of derivative financial instruments on the Consolidated Statements of Operations and Accumulated other comprehensive (loss) earnings (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Net gain (loss) on financial instrument contracts | ($4,709) | ($2,622) | $25,627 | ($8,168) | ||
Recognized in Earnings on Derivative | 95 | 2,785 | 164 | 419 | ||
Not Designated as Hedging Instrument | Interest Rate Contracts | Interest expense | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Recognized in Earnings on Derivative | -209 | ' | -44 | ' | ||
Not Designated as Hedging Instrument | Commodity Contract | Cost of products sold [Member] | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Recognized in Earnings on Derivative | 304 | 2,785 | 208 | 419 | ||
Cash Flow Hedging | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Net gain (loss) on financial instrument contracts | -4,709 | -2,622 | 25,627 | -8,168 | ||
Reclassified from AOCE into Earnings (Effective Portion) | 439 | -1,174 | -2,825 | -9,299 | ||
Recognized in Earnings on Derivative (Ineffective Portion) | -33 | -188 | 0 | -216 | ||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Contracts | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Net gain (loss) on financial instrument contracts | -4,158 | -1,445 | 24,548 | -6,822 | ||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Contracts | Interest expense | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Reclassified from AOCE into Earnings (Effective Portion) | -15 | [1] | -1,067 | -3,961 | [1] | -9,394 |
Recognized in Earnings on Derivative (Ineffective Portion) | -18 | -207 | 8 | -208 | ||
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contracts | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Net gain (loss) on financial instrument contracts | -551 | -1,177 | 1,079 | -1,346 | ||
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contracts | Cost of products sold [Member] | ' | ' | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||
Reclassified from AOCE into Earnings (Effective Portion) | 454 | -107 | 1,136 | 95 | ||
Recognized in Earnings on Derivative (Ineffective Portion) | ($15) | $19 | ($8) | ($8) | ||
[1] | Includes $2.8 million of accelerated reclassifications out of AOCL. |
Financial_Instruments_Schedule4
Financial Instruments Schedule of aggregate fair values of derivatives that contain credit risk-related contingent features (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||
Credit Derivatives [Line Items] | ' | ' |
Termination Value | $23,782 | ($3,648) |
Performance Risk Adjustment | 432 | 66 |
Accrued Interest | -217 | -256 |
Fair Value (excluding interest) | 24,431 | -3,326 |
Barclays | Commodity Contract | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | -133 | 158 |
Performance Risk Adjustment | 0 | 0 |
Accrued Interest | 0 | 0 |
Fair Value (excluding interest) | 133 | -158 |
Cash Flow Hedging | Barclays | Interest Rate Contracts | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | -10,054 | 2,063 |
Performance Risk Adjustment | 232 | 31 |
Accrued Interest | 146 | 128 |
Fair Value (excluding interest) | 10,432 | -1,904 |
Cash Flow Hedging | Bank of America [Member] | Interest Rate Contracts | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | -9,916 | ' |
Performance Risk Adjustment | 99 | ' |
Accrued Interest | 0 | ' |
Fair Value (excluding interest) | 10,015 | ' |
Cash Flow Hedging | Credit Suisse | Interest Rate Contracts | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | -3,105 | 2,063 |
Performance Risk Adjustment | 101 | 32 |
Accrued Interest | 71 | 128 |
Fair Value (excluding interest) | 3,277 | -1,903 |
Cash Flow Hedging | Credit Suisse | Foreign Exchange Contracts | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | -574 | -636 |
Performance Risk Adjustment | 0 | 3 |
Accrued Interest | 0 | 0 |
Fair Value (excluding interest) | $574 | $639 |
Commitments_And_Contingencies_
Commitments And Contingencies Aunt Jemima Breakfast Recall (Details) (Aunt Jemima Frozen Pancakes, USD $) | 3 Months Ended | 9 Months Ended |
Sep. 23, 2012 | Sep. 23, 2012 | |
Product Liability Contingency [Line Items] | ' | ' |
Product Liability Accrual, Period Expense | $0 | ($3,300,000) |
Proceeds from Insurance Settlement, Operating Activities | ' | 3,200,000 |
Sales [Member] | ' | ' |
Product Liability Contingency [Line Items] | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | 2,300,000 |
Marketing and Selling Expenses [Member] | ' | ' |
Product Liability Contingency [Line Items] | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | $900,000 |
Related_Party_Transactions_Nar
Related Party Transactions Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Apr. 03, 2013 | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Noncurrent | ' | $48,004,000 | ' | $48,004,000 | ' | $63,097,000 |
Majority Shareholder | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Annual management fee greater of amount | ' | ' | ' | 2,500 | ' | ' |
Greater of percent of covenant compliance EBITDA | ' | ' | ' | 1.00% | ' | ' |
Management fee expenses | ' | 0 | 1,188,000 | 1,148,000 | 3,409,000 | ' |
Related Party Transaction, Reimbursement Of Related Party Out-Of-Pocket Expenses | ' | 0 | 0 | 0 | 123,000 | ' |
Termination fee for advisory agreement | 15,100,000 | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | 3,345,000 | ' | ' | ' | ' | ' |
Interest expense and fees recognized to a related party | ' | 411,000 | 665,000 | 1,337,000 | 2,751,000 | ' |
Accrued Liabilities Related Party | ' | 269,000 | ' | 269,000 | ' | 173,000 |
Performance Food Group Company | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Sales to a related party | ' | 961,000 | 992,000 | 3,040,000 | 3,351,000 | ' |
Accounts receivable due from a related party | ' | 42,000 | ' | 42,000 | ' | 68,000 |
Tranche G Term Loan due 2020 | Secured Debt [Member] | Majority Shareholder | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Noncurrent | ' | 48,004,000 | ' | 48,004,000 | ' | ' |
Tranche B Extended, B Non Extended E and F Term Loans [Member] | Secured Debt [Member] | Majority Shareholder | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Noncurrent | ' | ' | ' | ' | ' | $63,097,000 |
Segments_Schedule_of_Segment_R
Segments Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 | Dec. 30, 2012 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Number of Operating Segments | ' | ' | 3 | ' | ' | ||||
Net sales | $572,455 | $567,905 | $1,754,480 | $1,773,425 | ' | ||||
Earnings before interest and taxes | 84,918 | 59,895 | 176,560 | 167,054 | ' | ||||
Depreciation and amortization | 19,658 | 26,487 | 57,683 | 68,542 | ' | ||||
Capital expenditures | 12,375 | [1] | 15,098 | [1] | 62,665 | [1] | 51,345 | [1] | ' |
Total assets | 4,521,355 | ' | 4,521,355 | ' | 4,399,988 | ||||
Plant assets, net | 512,351 | ' | 512,351 | ' | 493,666 | ||||
Birds Eye Frozen | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 257,973 | 255,950 | 794,464 | 787,603 | ' | ||||
Earnings before interest and taxes | 45,009 | 42,356 | 130,462 | 109,509 | ' | ||||
Depreciation and amortization | 9,917 | 9,114 | 28,544 | 28,437 | ' | ||||
Capital expenditures | 4,853 | 8,301 | 29,866 | 29,690 | ' | ||||
Total assets | 2,037,405 | ' | 2,037,405 | ' | 1,978,668 | ||||
Duncan Hines Grocery | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 224,214 | 215,637 | 690,243 | 687,225 | ' | ||||
Earnings before interest and taxes | 38,265 | 26,347 | 97,399 | 77,136 | ' | ||||
Depreciation and amortization | 4,815 | 12,125 | 16,131 | 26,683 | ' | ||||
Capital expenditures | 4,968 | 4,339 | 24,136 | 14,502 | ' | ||||
Total assets | 1,996,435 | ' | 1,996,435 | ' | 1,965,002 | ||||
Specialty Foods | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 90,268 | 96,318 | 269,773 | 298,597 | ' | ||||
Earnings before interest and taxes | 8,026 | 539 | 21,087 | 12,680 | ' | ||||
Depreciation and amortization | 4,926 | 5,248 | 13,008 | 13,422 | ' | ||||
Capital expenditures | 2,554 | 2,458 | 8,663 | 7,153 | ' | ||||
Total assets | 364,426 | ' | 364,426 | ' | 356,722 | ||||
Unallocated corporate expenses | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Earnings before interest and taxes | -6,382 | -9,347 | -72,388 | -32,271 | ' | ||||
Corporate | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Total assets | 123,089 | ' | 123,089 | ' | 99,596 | ||||
UNITED STATES | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 568,340 | 564,304 | 1,737,413 | 1,759,479 | ' | ||||
Plant assets, net | 513,648 | ' | 513,648 | ' | 493,640 | ||||
CANADA | ' | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||||
Net sales | 19,569 | 19,771 | 62,117 | 59,151 | ' | ||||
Plant assets, net | 23 | ' | 23 | ' | 26 | ||||
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 (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Jun. 30, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Provision for Income Taxes | ' | ' | ' | ' | ' |
Current | $388 | ' | $906 | $1,882 | $1,064 |
Deferred | 24,273 | 9,070 | 4,653 | 33,226 | 2,637 |
Total | $24,661 | ' | $5,559 | $35,108 | $3,701 |
Effective tax rate | 37.70% | ' | 36.00% | 51.10% | 29.50% |
Taxes_on_Earnings_Narrative_De
Taxes on Earnings Narrative (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Deferred tax expense, reclassification from AOCI to provision for income taxes | $0 | ' | $9.10 | ' |
Tax impact of change in enacted tax rate | 0 | ' | 2.1 | ' |
Decrease in deferred tax liability, due to change in enacted tax rate | 0 | ' | 2.1 | ' |
State and Local Jurisdiction [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Benefit from change in valuation allowance | 0 | ' | 1.5 | ' |
Additional recognition or release of valuation allowance | ' | $0 | ' | $1.90 |
Guarantor_And_Nonguarantor_Sta2
Guarantor And Nonguarantor Statements Narrative (Details) | 9 Months Ended | |
Sep. 29, 2013 | Apr. 02, 2007 | |
Senior Notes | ||
4.875% Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ' | ' |
Fixed interest rate | ' | 4.88% |
Percent owned domestic subsidiaries that guarantee other indebtedness of the Company | 100.00% | ' |
Guarantor_And_Nonguarantor_Sta3
Guarantor And Nonguarantor Statements Balance Sheets (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 23, 2012 | Dec. 25, 2011 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $110,403 | $92,281 | $5,891 | $151,031 |
Accounts receivable, net | 168,916 | 143,884 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | ' |
Inventories, net | 394,328 | 358,051 | ' | ' |
Other current assets | 7,266 | 11,862 | ' | ' |
Deferred tax assets | 121,181 | 99,199 | ' | ' |
Total current assets | 802,094 | 705,277 | ' | ' |
Plant assets, net | 512,351 | 493,666 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany note receivable | 0 | 0 | ' | ' |
Tradenames | 1,603,992 | 1,603,992 | ' | ' |
Other assets, net | 161,423 | 155,558 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Goodwill | 1,441,495 | 1,441,495 | ' | ' |
Total assets | 4,521,355 | 4,399,988 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 1,065 | 2,139 | ' | ' |
Current portion of long-term obligations | 19,436 | 30,419 | ' | ' |
Accounts payable | 180,055 | 137,326 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | ' |
Accrued trade marketing expense | 38,920 | 44,571 | ' | ' |
Accrued liabilities | 106,675 | 119,269 | ' | ' |
Dividends payable | 21,354 | 0 | ' | ' |
Total current liabilities | 367,505 | 333,724 | ' | ' |
Long-term debt | 1,968,907 | 2,576,386 | ' | ' |
Intercompany note payable | 0 | 0 | ' | ' |
Pension and other postretirement benefits | 93,090 | 100,918 | ' | ' |
Other long-term liabilities | 24,802 | 28,705 | ' | ' |
Deferred tax liabilities | 530,148 | 471,529 | ' | ' |
Total liabilities | 2,984,452 | 3,511,262 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 1,172 | 812 | ' | ' |
Additional paid-in-capital | 1,325,835 | 696,512 | ' | ' |
Retained earnings | 244,410 | 252,955 | ' | ' |
Accumulated other comprehensive (loss) earnings | -34,514 | -61,553 | ' | ' |
Total shareholders' equity | 1,536,903 | 888,726 | 854,692 | 845,352 |
Total liabilities and shareholders' equity | 4,521,355 | 4,399,988 | ' | ' |
Pinnacle Foods Finance LLC | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Intercompany accounts receivable | 21,337 | 0 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Total current assets | 21,337 | 0 | ' | ' |
Plant assets, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 1,536,903 | 888,726 | ' | ' |
Intercompany note receivable | 0 | 0 | ' | ' |
Tradenames | 0 | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | 1,558,240 | 888,726 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Current portion of long-term obligations | 0 | 0 | ' | ' |
Accounts payable | -17 | 0 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | ' |
Accrued trade marketing expense | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Dividends payable | 21,354 | ' | ' | ' |
Total current liabilities | 21,337 | 0 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Intercompany note payable | 0 | 0 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Deferred tax liabilities | 0 | 0 | ' | ' |
Total liabilities | 21,337 | 0 | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 1,172 | 812 | ' | ' |
Additional paid-in-capital | 1,325,835 | 696,512 | ' | ' |
Retained earnings | 244,410 | 252,955 | ' | ' |
Accumulated other comprehensive (loss) earnings | -34,514 | -61,553 | ' | ' |
Total shareholders' equity | 1,536,903 | 888,726 | ' | ' |
Total liabilities and shareholders' equity | 1,558,240 | 888,726 | ' | ' |
Debt Issuing Company [Member] | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Other current assets | 707 | 1,130 | ' | ' |
Deferred tax assets | 585 | 0 | ' | ' |
Total current assets | 1,292 | 1,130 | ' | ' |
Plant assets, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 1,949,305 | 1,840,632 | ' | ' |
Intercompany note receivable | 1,520,991 | 1,469,135 | ' | ' |
Tradenames | 0 | 0 | ' | ' |
Other assets, net | 40,420 | 23,691 | ' | ' |
Deferred tax assets | 281,141 | 239,347 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | 3,793,149 | 3,573,935 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Current portion of long-term obligations | 16,300 | 27,411 | ' | ' |
Accounts payable | 83 | 37 | ' | ' |
Intercompany accounts payable | 256,640 | 65,888 | ' | ' |
Accrued trade marketing expense | 0 | 0 | ' | ' |
Accrued liabilities | 18,802 | 29,662 | ' | ' |
Dividends payable | 0 | ' | ' | ' |
Total current liabilities | 291,825 | 122,998 | ' | ' |
Long-term debt | 1,951,437 | 2,558,404 | ' | ' |
Intercompany note payable | 0 | 0 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 3,807 | ' | ' |
Deferred tax liabilities | 12,984 | 0 | ' | ' |
Total liabilities | 2,256,246 | 2,685,209 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | ' |
Additional paid-in-capital | 1,327,007 | 697,324 | ' | ' |
Retained earnings | 244,410 | 252,955 | ' | ' |
Accumulated other comprehensive (loss) earnings | -34,514 | -61,553 | ' | ' |
Total shareholders' equity | 1,536,903 | 888,726 | ' | ' |
Total liabilities and shareholders' equity | 3,793,149 | 3,573,935 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 100,424 | 83,123 | 946 | 150,493 |
Accounts receivable, net | 159,031 | 135,791 | ' | ' |
Intercompany accounts receivable | 242,928 | 73,769 | ' | ' |
Inventories, net | 386,774 | 350,922 | ' | ' |
Other current assets | 6,495 | 10,546 | ' | ' |
Deferred tax assets | 120,384 | 100,245 | ' | ' |
Total current assets | 1,016,036 | 754,396 | ' | ' |
Plant assets, net | 512,328 | 493,640 | ' | ' |
Investment in subsidiaries | 12,533 | 11,222 | ' | ' |
Intercompany note receivable | 7,270 | 7,270 | ' | ' |
Tradenames | 1,603,992 | 1,603,992 | ' | ' |
Other assets, net | 120,865 | 131,707 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Goodwill | 1,441,495 | 1,441,495 | ' | ' |
Total assets | 4,714,519 | 4,443,722 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 1,065 | 2,139 | ' | ' |
Current portion of long-term obligations | 3,136 | 3,008 | ' | ' |
Accounts payable | 178,369 | 136,220 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | ' |
Accrued trade marketing expense | 34,612 | 41,396 | ' | ' |
Accrued liabilities | 87,176 | 90,000 | ' | ' |
Dividends payable | 0 | ' | ' | ' |
Total current liabilities | 304,358 | 272,763 | ' | ' |
Long-term debt | 17,470 | 17,982 | ' | ' |
Intercompany note payable | 1,530,260 | 1,478,593 | ' | ' |
Pension and other postretirement benefits | 93,090 | 100,918 | ' | ' |
Other long-term liabilities | 22,072 | 22,168 | ' | ' |
Deferred tax liabilities | 797,964 | 710,666 | ' | ' |
Total liabilities | 2,765,214 | 2,603,090 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | ' |
Additional paid-in-capital | 1,284,776 | 1,284,155 | ' | ' |
Retained earnings | 716,730 | 608,788 | ' | ' |
Accumulated other comprehensive (loss) earnings | -52,201 | -52,311 | ' | ' |
Total shareholders' equity | 1,949,305 | 1,840,632 | ' | ' |
Total liabilities and shareholders' equity | 4,714,519 | 4,443,722 | ' | ' |
Nonguarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 9,979 | 9,158 | 4,945 | 538 |
Accounts receivable, net | 9,885 | 8,093 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | ' |
Inventories, net | 7,554 | 7,129 | ' | ' |
Other current assets | 64 | 186 | ' | ' |
Deferred tax assets | 212 | 74 | ' | ' |
Total current assets | 27,694 | 24,640 | ' | ' |
Plant assets, net | 23 | 26 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany note receivable | 9,800 | 9,800 | ' | ' |
Tradenames | 0 | 0 | ' | ' |
Other assets, net | 138 | 160 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | 37,655 | 34,626 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Current portion of long-term obligations | 0 | 0 | ' | ' |
Accounts payable | 1,620 | 1,069 | ' | ' |
Intercompany accounts payable | 7,625 | 7,881 | ' | ' |
Accrued trade marketing expense | 4,308 | 3,175 | ' | ' |
Accrued liabilities | 697 | 727 | ' | ' |
Dividends payable | 0 | ' | ' | ' |
Total current liabilities | 14,250 | 12,852 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Intercompany note payable | 7,801 | 7,612 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 2,730 | 2,730 | ' | ' |
Deferred tax liabilities | 341 | 210 | ' | ' |
Total liabilities | 25,122 | 23,404 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | ' |
Additional paid-in-capital | 2,324 | 2,324 | ' | ' |
Retained earnings | 9,850 | 8,842 | ' | ' |
Accumulated other comprehensive (loss) earnings | 359 | 56 | ' | ' |
Total shareholders' equity | 12,533 | 11,222 | ' | ' |
Total liabilities and shareholders' equity | 37,655 | 34,626 | ' | ' |
Eliminations and Reclassifications | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Intercompany accounts receivable | -264,265 | -73,769 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | -1,120 | ' | ' |
Total current assets | -264,265 | -74,889 | ' | ' |
Plant assets, net | 0 | 0 | ' | ' |
Investment in subsidiaries | -3,498,741 | -2,740,580 | ' | ' |
Intercompany note receivable | -1,538,061 | -1,486,205 | ' | ' |
Tradenames | 0 | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Deferred tax assets | -281,141 | -239,347 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | -5,582,208 | -4,541,021 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Current portion of long-term obligations | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Intercompany accounts payable | -264,265 | -73,769 | ' | ' |
Accrued trade marketing expense | 0 | 0 | ' | ' |
Accrued liabilities | 0 | -1,120 | ' | ' |
Dividends payable | 0 | ' | ' | ' |
Total current liabilities | -264,265 | -74,889 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Intercompany note payable | -1,538,061 | -1,486,205 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Deferred tax liabilities | -281,141 | -239,347 | ' | ' |
Total liabilities | -2,083,467 | -1,800,441 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | ' |
Additional paid-in-capital | -2,614,107 | -1,983,803 | ' | ' |
Retained earnings | -970,990 | -870,585 | ' | ' |
Accumulated other comprehensive (loss) earnings | 86,356 | 113,808 | ' | ' |
Total shareholders' equity | -3,498,741 | -2,740,580 | ' | ' |
Total liabilities and shareholders' equity | ($5,582,208) | ($4,541,021) | ' | ' |
Guarantor_And_Nonguarantor_Sta4
Guarantor And Nonguarantor Statements Statements Of Operations And Comprehensive Income (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 23, 2012 | Sep. 29, 2013 | Sep. 23, 2012 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $572,455 | $567,905 | $1,754,480 | $1,773,425 |
Cost of products sold | 415,052 | 438,564 | 1,297,808 | 1,376,251 |
Gross profit | 157,403 | 129,341 | 456,672 | 397,174 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 40,866 | 38,336 | 134,002 | 130,540 |
Administrative expenses | 25,304 | 21,349 | 93,189 | 66,089 |
Research and development expenses | 2,709 | 2,677 | 7,825 | 8,211 |
Intercompany royalties | 0 | 0 | 0 | 0 |
Intercompany technical service fees | 0 | 0 | 0 | 0 |
Other expense (income), net | 3,606 | 7,084 | 45,096 | 25,280 |
Equity in (earnings) loss of investees | 0 | 0 | 0 | 0 |
Total operating expenses | 72,485 | 69,446 | 280,112 | 230,120 |
Earnings (loss) before interest and taxes | 84,918 | 59,895 | 176,560 | 167,054 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
Interest expense | 19,595 | 44,462 | 107,878 | 154,601 |
Interest income | 23 | 4 | 68 | 105 |
Earnings (loss) before income taxes | 65,346 | 15,437 | 68,750 | 12,558 |
Provision (benefit) for income taxes | 24,661 | 5,559 | 35,108 | 3,701 |
Net loss | 40,685 | 9,878 | 33,642 | 8,857 |
Total comprehensive earnings (loss) | 37,732 | 8,941 | 60,681 | 9,461 |
Pinnacle Foods Finance LLC | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of products sold | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 0 | 0 | 0 | 0 |
Administrative expenses | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Intercompany royalties | 0 | 0 | 0 | 0 |
Intercompany technical service fees | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 0 | 0 | 0 |
Equity in (earnings) loss of investees | -40,685 | -9,878 | -33,642 | -8,857 |
Total operating expenses | -40,685 | -9,878 | -33,642 | -8,857 |
Earnings (loss) before interest and taxes | 40,685 | 9,878 | 33,642 | 8,857 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Earnings (loss) before income taxes | 40,685 | 9,878 | 33,642 | 8,857 |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net loss | 40,685 | 9,878 | 33,642 | 8,857 |
Total comprehensive earnings (loss) | 37,732 | 8,941 | 60,681 | 9,461 |
Debt Issuing Company [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of products sold | 96 | -2 | 397 | 104 |
Gross profit | -96 | 2 | -397 | -104 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 56 | 50 | 991 | 291 |
Administrative expenses | 2,064 | 828 | 16,529 | 2,648 |
Research and development expenses | 85 | 3 | 154 | 21 |
Intercompany royalties | 0 | 0 | 0 | 0 |
Intercompany technical service fees | 0 | 0 | 0 | 0 |
Other expense (income), net | 0 | 3,470 | 34,180 | 14,255 |
Equity in (earnings) loss of investees | -45,471 | -25,053 | -107,942 | -69,619 |
Total operating expenses | -43,266 | -20,702 | -56,088 | -52,404 |
Earnings (loss) before interest and taxes | 43,170 | 20,704 | 55,691 | 52,300 |
Intercompany interest (income) expense | -13,180 | -23,365 | -51,731 | -70,199 |
Interest expense | 19,154 | 43,959 | 106,371 | 152,875 |
Interest income | 0 | 4 | 0 | 4 |
Earnings (loss) before income taxes | 37,196 | 114 | 1,051 | -30,372 |
Provision (benefit) for income taxes | -3,489 | -9,764 | -32,591 | -39,229 |
Net loss | 40,685 | 9,878 | 33,642 | 8,857 |
Total comprehensive earnings (loss) | 37,732 | 8,941 | 60,681 | 9,461 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 568,340 | 564,304 | 1,737,413 | 1,759,479 |
Cost of products sold | 413,857 | 437,301 | 1,289,483 | 1,367,858 |
Gross profit | 154,483 | 127,003 | 447,930 | 391,621 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 39,876 | 37,182 | 128,245 | 125,681 |
Administrative expenses | 22,264 | 19,650 | 73,898 | 60,991 |
Research and development expenses | 2,624 | 2,674 | 7,671 | 8,190 |
Intercompany royalties | 0 | 0 | 0 | 0 |
Intercompany technical service fees | 0 | 0 | 0 | 0 |
Other expense (income), net | 3,606 | 3,614 | 10,916 | 11,025 |
Equity in (earnings) loss of investees | -750 | -207 | -1,008 | 1,152 |
Total operating expenses | 67,620 | 62,913 | 219,722 | 207,039 |
Earnings (loss) before interest and taxes | 86,863 | 64,090 | 228,208 | 184,582 |
Intercompany interest (income) expense | 13,154 | 23,334 | 51,632 | 70,108 |
Interest expense | 433 | 491 | 1,485 | 1,700 |
Interest income | 10 | 0 | 43 | 101 |
Earnings (loss) before income taxes | 73,286 | 40,265 | 175,134 | 112,875 |
Provision (benefit) for income taxes | 27,815 | 15,212 | 67,192 | 43,256 |
Net loss | 45,471 | 25,053 | 107,942 | 69,619 |
Total comprehensive earnings (loss) | 45,046 | 24,333 | 108,554 | 68,714 |
Nonguarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 19,569 | 19,771 | 62,117 | 59,151 |
Cost of products sold | 16,305 | 17,157 | 52,187 | 52,747 |
Gross profit | 3,264 | 2,614 | 9,930 | 6,404 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 934 | 1,104 | 4,766 | 4,568 |
Administrative expenses | 976 | 871 | 2,762 | 2,450 |
Research and development expenses | 0 | 0 | 0 | 0 |
Intercompany royalties | 8 | 12 | 36 | 40 |
Intercompany technical service fees | 240 | 266 | 755 | 707 |
Other expense (income), net | 0 | 0 | 0 | 0 |
Equity in (earnings) loss of investees | 0 | 0 | 0 | 0 |
Total operating expenses | 2,158 | 2,253 | 8,319 | 7,765 |
Earnings (loss) before interest and taxes | 1,106 | 361 | 1,611 | -1,361 |
Intercompany interest (income) expense | 26 | 31 | 99 | 91 |
Interest expense | 8 | 12 | 22 | 26 |
Interest income | 13 | 0 | 25 | 0 |
Earnings (loss) before income taxes | 1,085 | 318 | 1,515 | -1,478 |
Provision (benefit) for income taxes | 335 | 111 | 507 | -326 |
Net loss | 750 | 207 | 1,008 | -1,152 |
Total comprehensive earnings (loss) | 108 | -513 | 962 | -2,010 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -15,454 | -16,170 | -45,050 | -45,205 |
Cost of products sold | -15,206 | -15,892 | -44,259 | -44,458 |
Gross profit | -248 | -278 | -791 | -747 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 0 | 0 | 0 | 0 |
Administrative expenses | 0 | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 | 0 |
Intercompany royalties | -8 | -12 | -36 | -40 |
Intercompany technical service fees | -240 | -266 | -755 | -707 |
Other expense (income), net | 0 | 0 | 0 | 0 |
Equity in (earnings) loss of investees | 86,906 | 35,138 | 142,592 | 77,324 |
Total operating expenses | 86,658 | 34,860 | 141,801 | 76,577 |
Earnings (loss) before interest and taxes | -86,906 | -35,138 | -142,592 | -77,324 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 0 |
Earnings (loss) before income taxes | -86,906 | -35,138 | -142,592 | -77,324 |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net loss | -86,906 | -35,138 | -142,592 | -77,324 |
Total comprehensive earnings (loss) | ($82,886) | ($32,761) | ($170,197) | ($76,165) |
Guarantor_And_Nonguarantor_Sta5
Guarantor And Nonguarantor Statements Statements of Cash Flows (Details) (USD $) | 9 Months Ended | |
Sep. 29, 2013 | Sep. 23, 2012 | |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Repayments of intercompany loans | ' | $0 |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | 141,727,000 | 62,384,000 |
Cash flows from investing activities | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 |
Repayments of intercompany loans | ' | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | 0 | ' |
Capital expenditures | -62,722,000 | -49,796,000 |
Sale of plant assets held for sale | 6,853,000 | 570,000 |
Net cash used in investing activities | -55,869,000 | -49,226,000 |
Cash flows from financing activities | ' | ' |
Repayments of long-term obligations | -1,732,071,000 | -625,172,000 |
Repurchase of notes | -899,180,000 | -373,255,000 |
Proceeds from short-term borrowing | 2,408,000 | 1,216,000 |
Intercompany accounts receivable/payable | 0 | 0 |
Repayment of capital lease obligations | -2,320,000 | -2,803,000 |
Parent reduction in investment in subsidiary | 0 | 0 |
Equity contributions | 624,258,000 | 0 |
Repurchases of equity | -191,000 | -846,000 |
Changes in bank overdrafts | 0 | 19,327,000 |
Net cash used in financing activities | -67,974,000 | -158,686,000 |
Dividends paid | -20,831,000 | 0 |
Effect of exchange rate changes on cash | 238,000 | 388,000 |
Net change in cash and cash equivalents | 18,122,000 | -145,140,000 |
Cash and cash equivalents - beginning of period | 92,281,000 | 151,031,000 |
Cash and cash equivalents - end of period | 110,403,000 | 5,891,000 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 91,577,000 | 138,622,000 |
Interest received | 69,000 | 105,000 |
Income taxes paid (refunded) | 2,998,000 | 1,933,000 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 2,030,000 | 1,549,000 |
Repayments of short-term borrowings | -3,481,000 | -2,364,000 |
Borrowings under revolving credit facility | 0 | 5,000,000 |
Repayments of revolving credit facility | 0 | -5,000,000 |
Proceeds from bond offerings | 350,000,000 | 0 |
Proceeds from bank term loans | 1,625,925,000 | 842,625,000 |
Debt acquisition costs | -12,491,000 | -17,414,000 |
Dividends payable | 21,354,000 | ' |
Pinnacle Foods Finance LLC | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Repayments of intercompany loans | ' | 0 |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 |
Cash flows from investing activities | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 |
Repayments of intercompany loans | ' | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | ' |
Capital expenditures | 0 | 0 |
Sale of plant assets held for sale | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ' | ' |
Repayments of long-term obligations | 0 | 0 |
Repurchase of notes | 0 | 0 |
Proceeds from short-term borrowing | 0 | 0 |
Intercompany accounts receivable/payable | 0 | 0 |
Repayment of capital lease obligations | 0 | 0 |
Parent reduction in investment in subsidiary | 126,000 | 846,000 |
Equity contributions | 0 | ' |
Repurchases of equity | -126,000 | -846,000 |
Changes in bank overdrafts | ' | 0 |
Net cash used in financing activities | 0 | 0 |
Dividends paid | 0 | ' |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 0 | 0 |
Interest received | 0 | 0 |
Income taxes paid (refunded) | 0 | 0 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Borrowings under revolving credit facility | ' | 0 |
Repayments of revolving credit facility | ' | 0 |
Proceeds from bond offerings | 0 | ' |
Proceeds from bank term loans | 0 | 0 |
Debt acquisition costs | 0 | 0 |
Dividends payable | 21,354,000 | ' |
Debt Issuing Company [Member] | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Repayments of intercompany loans | ' | 0 |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | -58,855,000 | -71,608,000 |
Cash flows from investing activities | ' | ' |
Intercompany accounts receivable/payable | 123,197,000 | 196,332,000 |
Repayments of intercompany loans | ' | 49,338,000 |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | ' |
Capital expenditures | 0 | 0 |
Sale of plant assets held for sale | 0 | 0 |
Net cash used in investing activities | 123,197,000 | 245,670,000 |
Cash flows from financing activities | ' | ' |
Repayments of long-term obligations | -1,731,832,000 | -625,172,000 |
Repurchase of notes | -899,180,000 | -373,255,000 |
Proceeds from short-term borrowing | 0 | 0 |
Intercompany accounts receivable/payable | 0 | 0 |
Repayment of capital lease obligations | 0 | 0 |
Parent reduction in investment in subsidiary | -126,000 | -846,000 |
Equity contributions | 624,193,000 | ' |
Repurchases of equity | 0 | 0 |
Changes in bank overdrafts | ' | 0 |
Net cash used in financing activities | -64,342,000 | -174,062,000 |
Dividends paid | -20,831,000 | ' |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 90,143,000 | 136,975,000 |
Interest received | 0 | 4,000 |
Income taxes paid (refunded) | 0 | 0 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 0 | ' |
Repayments of short-term borrowings | 0 | 0 |
Borrowings under revolving credit facility | ' | -5,000,000 |
Repayments of revolving credit facility | ' | -5,000,000 |
Proceeds from bond offerings | 350,000,000 | ' |
Proceeds from bank term loans | 1,625,925,000 | 842,625,000 |
Debt acquisition costs | -12,491,000 | -17,414,000 |
Dividends payable | 0 | ' |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Repayments of intercompany loans | ' | -49,338,000 |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | 199,999,000 | 129,973,000 |
Cash flows from investing activities | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 |
Repayments of intercompany loans | ' | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | ' |
Capital expenditures | -62,722,000 | -49,796,000 |
Sale of plant assets held for sale | 6,853,000 | 570,000 |
Net cash used in investing activities | -55,869,000 | -49,226,000 |
Cash flows from financing activities | ' | ' |
Repayments of long-term obligations | -239,000 | 0 |
Repurchase of notes | 0 | 0 |
Proceeds from short-term borrowing | 2,408,000 | 1,216,000 |
Intercompany accounts receivable/payable | -123,197,000 | -196,332,000 |
Repayment of capital lease obligations | -2,320,000 | -2,803,000 |
Parent reduction in investment in subsidiary | 0 | ' |
Equity contributions | 65,000 | ' |
Repurchases of equity | -65,000 | 0 |
Changes in bank overdrafts | ' | 19,327,000 |
Net cash used in financing activities | -126,829,000 | -230,294,000 |
Dividends paid | 0 | ' |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | 17,301,000 | -149,547,000 |
Cash and cash equivalents - beginning of period | 83,123,000 | 150,493,000 |
Cash and cash equivalents - end of period | 100,424,000 | 946,000 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 1,434,000 | 1,647,000 |
Interest received | 44,000 | 101,000 |
Income taxes paid (refunded) | 2,783,000 | 1,723,000 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 2,030,000 | 1,549,000 |
Repayments of short-term borrowings | -3,481,000 | -2,364,000 |
Borrowings under revolving credit facility | ' | 0 |
Repayments of revolving credit facility | ' | 0 |
Proceeds from bond offerings | 0 | ' |
Proceeds from bank term loans | 0 | 0 |
Debt acquisition costs | 0 | 0 |
Dividends payable | 0 | ' |
Nonguarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Repayments of intercompany loans | ' | 0 |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | 583,000 | 4,019,000 |
Cash flows from investing activities | ' | ' |
Intercompany accounts receivable/payable | 0 | 0 |
Repayments of intercompany loans | ' | 0 |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | ' |
Capital expenditures | 0 | 0 |
Sale of plant assets held for sale | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ' | ' |
Repayments of long-term obligations | 0 | 0 |
Repurchase of notes | 0 | 0 |
Proceeds from short-term borrowing | 0 | 0 |
Intercompany accounts receivable/payable | ' | 0 |
Repayment of capital lease obligations | 0 | 0 |
Parent reduction in investment in subsidiary | 0 | ' |
Equity contributions | 0 | ' |
Repurchases of equity | 0 | 0 |
Changes in bank overdrafts | ' | 0 |
Net cash used in financing activities | 0 | 0 |
Dividends paid | 0 | ' |
Effect of exchange rate changes on cash | 238,000 | 388,000 |
Net change in cash and cash equivalents | 821,000 | 4,407,000 |
Cash and cash equivalents - beginning of period | 9,158,000 | 538,000 |
Cash and cash equivalents - end of period | 9,979,000 | 4,945,000 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 0 | 0 |
Interest received | 25,000 | 0 |
Income taxes paid (refunded) | 215,000 | 210,000 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Borrowings under revolving credit facility | ' | 0 |
Repayments of revolving credit facility | ' | 0 |
Proceeds from bond offerings | 0 | ' |
Proceeds from bank term loans | 0 | 0 |
Debt acquisition costs | 0 | 0 |
Dividends payable | 0 | ' |
Eliminations and Reclassifications | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Repayments of intercompany loans | ' | 49,338,000 |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 |
Cash flows from investing activities | ' | ' |
Intercompany accounts receivable/payable | -123,197,000 | -196,332,000 |
Repayments of intercompany loans | ' | -49,338,000 |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | ' |
Capital expenditures | 0 | 0 |
Sale of plant assets held for sale | 0 | 0 |
Net cash used in investing activities | -123,197,000 | -245,670,000 |
Cash flows from financing activities | ' | ' |
Repayments of long-term obligations | 0 | 0 |
Repurchase of notes | 0 | 0 |
Proceeds from short-term borrowing | 0 | 0 |
Intercompany accounts receivable/payable | 123,197,000 | 196,332,000 |
Repayment of capital lease obligations | 0 | 0 |
Parent reduction in investment in subsidiary | 0 | ' |
Equity contributions | 0 | ' |
Repurchases of equity | 0 | 0 |
Changes in bank overdrafts | ' | 0 |
Net cash used in financing activities | 123,197,000 | 245,670,000 |
Dividends paid | 0 | ' |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 0 | 0 |
Interest received | 0 | 0 |
Income taxes paid (refunded) | 0 | 0 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Borrowings under revolving credit facility | ' | 0 |
Repayments of revolving credit facility | ' | 0 |
Proceeds from bond offerings | 0 | ' |
Proceeds from bank term loans | 0 | 0 |
Debt acquisition costs | 0 | 0 |
Dividends payable | $0 | ' |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], Wish Bone Acquisition [Member], USD $) | Aug. 11, 2013 |
Subsequent Event [Line Items] | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | $575,000,000 |
Secured Debt [Member] | ' |
Subsequent Event [Line Items] | ' |
Senior Secured Credit Facility | $525,000,000 |