Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 29, 2014 | Aug. 10, 2014 | |
Document And Entity Information [Abstract] [Abstract] | ' | ' |
Entity Registrant Name | 'Pinnacle Foods Inc. | ' |
Entity Central Index Key | '0001564822 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 29-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 117,285,307 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $617,800 | $569,044 | $1,261,839 | $1,182,025 |
Cost of products sold | 455,583 | 424,616 | 932,961 | 882,756 |
Gross profit | 162,217 | 144,428 | 328,878 | 299,269 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 47,970 | 47,508 | 92,098 | 93,136 |
Administrative expenses | 24,618 | 45,327 | 50,595 | 67,885 |
Research and development expenses | 2,876 | 2,789 | 5,358 | 5,116 |
Other expense (income), net | 4,843 | 37,833 | 8,826 | 41,490 |
Total operating expenses | 80,307 | 133,457 | 156,877 | 207,627 |
Earnings before interest and taxes | 81,910 | 10,971 | 172,001 | 91,642 |
Interest expense | 24,524 | 47,627 | 48,891 | 88,283 |
Interest income | 32 | 42 | 58 | 45 |
Earnings (loss) before income taxes | 57,418 | -36,614 | 123,168 | 3,404 |
Provision (benefit) for income taxes | 21,834 | -4,775 | 46,836 | 10,447 |
Net earnings (loss) | $35,584 | ($31,839) | $76,332 | ($7,043) |
Net loss per share | ' | ' | ' | ' |
Basic (in dollars per share) | $0.31 | ($0.28) | $0.66 | ($0.07) |
Weighted average shares outstanding- basic (in shares) | 115,690,050 | 114,909,243 | 115,641,174 | 98,079,574 |
Diluted (in dollars per share) | $0.30 | ($0.28) | $0.65 | ($0.07) |
Weighted average shares outstanding- diluted (in shares) | 116,900,606 | 114,909,243 | 116,793,753 | 98,079,574 |
Dividends per share | $0.21 | $0.18 | $0.42 | $0.18 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Net earnings (loss) | $35,584 | ($31,839) | $76,332 | ($7,043) |
Other comprehensive earnings (loss) | ' | ' | ' | ' |
Foreign currency translation | 235 | -179 | -239 | -181 |
Net (loss) gain on financial instrument contracts | -12,481 | 29,731 | -20,222 | 30,335 |
Reclassifications into earnings: | ' | ' | ' | ' |
Financial instrument contracts | -183 | 2,603 | -555 | 3,263 |
Gain on pension actuarial assumption adjustments | 32 | 263 | 175 | 719 |
Tax benefit (provision) on other comprehensive earnings | 4,665 | -3,549 | 8,028 | -4,144 |
Total other comprehensive earnings (loss) - net of tax | -7,732 | 28,869 | -12,813 | 29,992 |
Total comprehensive earnings (loss) | $27,852 | ($2,970) | $63,519 | $22,949 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $170,834 | $116,739 |
Accounts receivable, net of allowances of $6,234 and $5,849, respectively | 173,120 | 164,664 |
Inventories | 339,218 | 361,872 |
Other current assets | 9,078 | 7,892 |
Deferred tax assets | 150,029 | 141,142 |
Total current assets | 842,279 | 792,309 |
Plant assets, net of accumulated depreciation of $326,694 and $297,103, respectively | 552,947 | 523,270 |
Tradenames | 1,951,392 | 1,951,392 |
Other assets, net | 161,207 | 186,125 |
Goodwill | 1,637,645 | 1,628,095 |
Total assets | 5,145,470 | 5,081,191 |
Current liabilities: | ' | ' |
Short-term borrowings | 1,998 | 2,437 |
Current portion of long-term obligations | 28,082 | 24,580 |
Accounts payable | 157,765 | 142,353 |
Accrued trade marketing expense | 31,930 | 37,060 |
Accrued liabilities | 92,346 | 99,755 |
Dividends payable | 25,746 | 25,119 |
Total current liabilities | 337,867 | 331,304 |
Long-term debt (includes $54,376 and $63,796 owed to related parties, respectively) | 2,475,975 | 2,476,167 |
Pension and other postretirement benefits | 44,400 | 49,847 |
Other long-term liabilities | 26,969 | 24,560 |
Deferred tax liabilities | 645,666 | 601,272 |
Total liabilities | 3,530,877 | 3,483,150 |
Commitments and contingencies (Note 12) | ' | ' |
Shareholders' equity: | ' | ' |
Pinnacle preferred stock: $.01 per share, 50,000,000 shares authorized, none issued | 0 | 0 |
Pinnacle common stock: par value $.01 per share, 500,000,000 shares authorized; issued and outstanding 117,303,176 and 117,231,853, respectively | 1,173 | 1,172 |
Additional paid-in-capital | 1,331,185 | 1,328,847 |
Retained earnings | 302,545 | 275,519 |
Accumulated other comprehensive loss | -20,310 | -7,497 |
Total shareholders' equity | 1,614,593 | 1,598,041 |
Total liabilities and shareholders' equity | $5,145,470 | $5,081,191 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance (in dollars) | $6,234 | $5,849 |
Plant assets, accumulated depreciation (in dollars) | 326,694 | 297,103 |
Long-term debt, owed to related parties (in dollars) | $54,376 | $63,796 |
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 | 500,000,000 | 200,000,000 |
Common stock, shares issued (shares) | 117,303,176 | 117,231,853 |
Common stock, shares outstanding (shares) | 117,303,176 | 117,231,853 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Cash flows from operating activities | ' | ' |
Net earnings (loss) | $76,332 | ($7,043) |
Non-cash charges (credits) to net earnings | ' | ' |
Depreciation and amortization | 39,958 | 38,025 |
Amortization of discount on term loan | 1,267 | 410 |
Amortization of debt acquisition costs | 2,056 | 2,755 |
Call premium on note redemptions | 0 | 34,180 |
Refinancing costs and write off of debt issuance costs | ' | 19,668 |
Change in value of financial instruments | 497 | 52 |
Equity-based compensation charge | 4,448 | 3,325 |
Pension expense, net of contributions | -5,622 | -3,115 |
Gain on sale of assets held for sale | 0 | -701 |
Other long-term liabilities | -10 | -1,218 |
Deferred income taxes | 45,438 | 8,953 |
Changes in working capital | ' | ' |
Accounts receivable | -8,367 | -5,378 |
Inventories | 33,252 | 69,120 |
Accrued trade marketing expense | -5,177 | -7,959 |
Accounts payable | 13,840 | -21,144 |
Accrued liabilities | -9,477 | -13,163 |
Other current assets | -1,881 | -4,650 |
Net cash provided by operating activities | 186,554 | 112,117 |
Cash flows from investing activities | ' | ' |
Payments for business acquisition | -11,769 | 0 |
Capital expenditures | -56,210 | -43,823 |
Proceeds from sale of plant assets | 0 | 1,775 |
Net cash used in investing activities | -67,979 | -42,048 |
Cash flows from financing activities | ' | ' |
Net proceeds from initial public offering | 0 | 623,929 |
Net proceeds from issuance of common stock | 165 | 217 |
Repurchases of equity | 0 | 191 |
Excess tax benefits on equity-based compensation | 786 | 0 |
Taxes paid related to net share settlement of equity awards | -3,061 | 0 |
Proceeds from bank term loans | 0 | 1,625,925 |
Proceeds from bond offerings | 0 | 350,000 |
Repayments of long-term obligations | -11,360 | -1,732,071 |
Repurchase of notes | 0 | 899,180 |
Proceeds from short-term borrowings | 1,773 | 1,935 |
Repayments of short-term borrowings | -2,185 | -2,732 |
Repayment of capital lease obligations | -1,755 | -1,377 |
Dividends paid | -48,635 | 0 |
Debt acquisition costs | 214 | 12,491 |
Net cash used in financing activities | -64,486 | -46,036 |
Effect of exchange rate changes on cash | 6 | 212 |
Net change in cash and cash equivalents | 54,095 | 24,245 |
Cash and cash equivalents - beginning of period | 116,739 | 92,281 |
Cash and cash equivalents - end of period | 170,834 | ' |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 45,375 | 77,734 |
Interest received | 58 | 45 |
Income taxes paid | 3,656 | 2,144 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 282 | 6,461 |
Dividends payable | $25,746 | $21,107 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholder's Equity (USD $) | Total | Common Stock | Additional Paid In Capital | Retained earnings | Accumulated Other Comprehensive Loss | |
In Thousands, except Share data, unless otherwise specified | ||||||
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 | ' | ' | ' | |
Equity contribution: | ' | ' | ' | ' | ' | |
Share issuance (shares) | ' | 35,968,042 | ' | ' | ' | |
Share issuance | 623,924 | 360 | 623,564 | ' | ' | |
Shares repurchased (shares) | ' | 8,319 | ' | ' | ' | |
Shares repurchased | -191 | 0 | -191 | ' | ' | |
Equity-based compensation plans (shares) | ' | -25,082 | ' | ' | ' | |
Equity-based compensation plans | 3,547 | -1 | 3,548 | ' | ' | |
Dividends (FY 2014 - $0.21 and FY 2013 - $0.18) | -21,108 | ' | ' | -21,108 | ' | |
Comprehensive earnings | 22,949 | ' | ' | -7,043 | 29,992 | |
Balance, ending at Jun. 30, 2013 | ' | ' | ' | ' | ' | |
Balance, beginning at Dec. 29, 2013 | 1,598,041 | 1,172 | 1,328,847 | 275,519 | -7,497 | |
Balance ending (shares) at Dec. 29, 2013 | 117,231,853 | 117,231,853 | ' | ' | ' | |
Equity contribution: | ' | ' | ' | ' | ' | |
Equity-based compensation plans (shares) | ' | -71,323 | ' | ' | ' | |
Equity-based compensation plans | 2,339 | 1 | 2,338 | ' | ' | |
Dividends (FY 2014 - $0.21 and FY 2013 - $0.18) | -49,306 | ' | ' | -49,306 | [1] | ' |
Comprehensive earnings | 63,519 | ' | ' | 76,332 | -12,813 | |
Balance, ending at Jun. 29, 2014 | $1,614,593 | $1,173 | $1,331,185 | $302,545 | ($20,310) | |
Balance beginning (shares) at Jun. 29, 2014 | 117,303,176 | 117,303,176 | ' | ' | ' | |
[1] | $0.21 per share quarterly, declared February 2014 and May 2014 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholder's Equity (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' |
Dividends per share | $0.21 | $0.18 | $0.42 | $0.18 |
Summary_of_Business_Activities
Summary of Business Activities | 6 Months Ended |
Jun. 29, 2014 | |
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 and 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), liquid and dry-mix salad dressings (Wish-Bone and Western), table syrups (Mrs. Butterworth’s and Log Cabin), canned meat (Armour, Nalley and Brooks), pie and pastry fillings (Duncan Hines Comstock and Wilderness), barbecue sauces (Open Pit) 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. | |
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 27, 2013, the U.S. Securities and Exchange Commission ("SEC") declared effective the Company's registration statement on Form S-1 related to its initial public offering ("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 the Company 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. 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. | |
On December 11, 2013, the SEC declared effective the Company's registration statement on Form S-1 related to a secondary offering. In connection with this offering, Blackstone sold 19,550,000 shares which reduced their ownership to approximately 51%. The Company did not receive any proceeds from the sale. |
Interim_Financial_Statements
Interim Financial Statements | 6 Months Ended |
Jun. 29, 2014 | |
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 June 29, 2014, the results of operations for the three and six months ended June 29, 2014 and June 30, 2013, and the cash flows for the six months ended June 29, 2014 and June 30, 2013. 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 29, 2013. |
Acquisitions
Acquisitions | 6 Months Ended | |||
Jun. 29, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
The Company accounts for business combinations by using the acquisition method of accounting. This provides that goodwill and other intangible assets with indefinite lives are not to be amortized, but tested for impairment on an annual basis. Acquisition costs are expensed as incurred. Both of the following acquisitions have been accounted for in accordance with these standards. | ||||
Acquisition of the Wish-Bone and Western Salad Dressings Business | ||||
On October 1, 2013, the Company acquired substantially all of the assets (the "Wish-Bone acquisition") of the Wish-Bone and Western Salad Dressings Business ("Wish-Bone") from Conopco Inc. and affiliates (“Unilever”), which are subsidiaries of Unilever PLC. The acquired portfolio includes a broad range of liquid and dry-mix salad dressing flavors under the Wish-Bone and Western brand names that are highly complementary to the Company's existing product offerings. | ||||
The cost of the Wish-Bone acquisition was $575,164. The following table summarizes the allocation of the total cost of the acquisition to the assets acquired: | ||||
Assets acquired: | ||||
Inventories | $ | 20,029 | ||
Plant assets | 5,871 | |||
Tradenames | 347,400 | |||
Distributor relationships and other agreements | 14,700 | |||
Deferred tax assets | 564 | |||
Goodwill | 186,600 | |||
$ | 575,164 | |||
Based upon the allocation, the value assigned to intangible assets and goodwill totaled $548.7 million at the valuation date. The goodwill was generated primarily as a result of expected synergies to be achieved in the acquisition. Distributor relationships are being amortized on an accelerated basis over 30 years. This useful life was based on an attrition rate based on industry experience, which management believes is appropriate in the Company's circumstances. The Company has also assigned $347.4 million to the value of the tradenames acquired, which are not subject to amortization but are reviewed annually for impairment. Goodwill, which is also not subject to amortization, totaled $186.6 million (tax deductible goodwill of $185.7 million). The entire acquisition was allocated to the Duncan Hines Grocery segment. | ||||
The acquisition was financed through borrowings of $525.0 million in term loans (“Tranche H Term Loans”), $75.3 million of cash on hand, less transaction costs of $6.1 million in the fiscal year ended December 29, 2013 and deferred financing costs of $10.5 million. Included in the transaction costs of $6.1 million for the fiscal year ended December 29, 2013 are: $4.3 million in merger, acquisition and advisory fees and $1.8 million in legal, accounting and other professional fees. The Company also incurred $8.5 million in original issue discount in connection with the Tranche H Term Loans. This was recorded in Long-term debt on the Consolidated Balance Sheets and is being amortized over the life of the loan using the effective interest method. For more information, see Note 9 to the Consolidated Financial Statements, Debt and Interest Expense. | ||||
Pro forma Information | ||||
The following unaudited pro forma summary presents the Company's consolidated results of operations as if Wish-Bone had been acquired on December 31, 2012. These amounts adjusted Wish-Bone's historical results to reflect the additional depreciation and amortization that would have been charged assuming the fair value adjustments to plant assets and intangible assets had been applied from December 31, 2012, together with the consequential tax effects. These adjustments also reflect the additional interest expense incurred on the debt to finance the purchase. The pro forma financial information presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition and borrowings undertaken to finance the acquisition had taken place at the beginning of 2013. | ||||
Amounts in millions: | ||||
Six months ended June 30, 2013 (unaudited) | ||||
Net sales | $ | 1,288.20 | ||
Net earnings | $ | 4.7 | ||
Acquisition of the Duncan Hines manufacturing business (the "Gilster acquisition") | ||||
On March 31, 2014, the Company acquired the Duncan Hines manufacturing business located in Centralia, Illinois, from Gilster Mary Lee Corporation (“Gilster”), the Company's primary co-packer of Duncan Hines products. The cost of the acquisition was $26.6 million, $11.7 million of which was paid in cash, with the balance due under a $14.9 million four-year note. For more information, see Note 9 to the Consolidated Financial Statements, Debt and Interest Expense. Goodwill, which is not subject to amortization, totaled $9.6 million (tax deductible goodwill of $7.5 million). The entire acquisition was allocated to the Duncan Hines Grocery segment. Other operating costs of approximately $0.3 million incurred in connection with the transaction were expensed as incurred and recorded in Cost of Products Sold in the Consolidated Statements of Operations. | ||||
The following table summarizes the allocation of the total cost of the acquisition to the assets acquired and liabilities assumed: | ||||
Assets acquired: | ||||
Inventories | $ | 10,188 | ||
Building and land | 3,480 | |||
Plant assets | 2,302 | |||
Deferred tax assets | 1,278 | |||
Goodwill | 9,550 | |||
Fair value of assets acquired | 26,798 | |||
Liabilities assumed | ||||
Accrued liabilities | 178 | |||
Total cost of acquisition | $ | 26,620 | ||
Unaudited pro forma revenue and net earnings related to the acquisition are not presented because the pro forma impact is not material. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||||||||||
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-Jun-14 | Level 1 | Level 2 | Level 3 | 29-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 12,570 | $ | — | $ | 12,570 | $ | — | $ | 29,518 | $ | — | $ | 29,518 | $ | — | |||||||||||||||||
Foreign currency derivatives | — | — | — | — | 307 | — | 307 | — | |||||||||||||||||||||||||
Commodity derivatives | 388 | — | 388 | — | 543 | — | 543 | — | |||||||||||||||||||||||||
Total assets at fair value | $ | 12,958 | $ | — | $ | 12,958 | $ | — | $ | 30,368 | $ | — | $ | 30,368 | $ | — | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 4,436 | $ | — | $ | 4,436 | $ | — | $ | 1,904 | $ | — | $ | 1,904 | $ | — | |||||||||||||||||
Foreign currency derivatives | 299 | — | 299 | — | — | — | — | — | |||||||||||||||||||||||||
Commodity derivatives | 100 | — | 100 | — | — | — | — | — | |||||||||||||||||||||||||
Total liabilities at fair value | $ | 4,835 | $ | — | $ | 4,835 | $ | — | $ | 1,904 | $ | — | $ | 1,904 | $ | — | |||||||||||||||||
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 June 29, 2014 or December 29, 2013. | |||||||||||||||||||||||||||||||||
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. |
Other_Expense_Income_Net
Other Expense (Income), Net | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Other Expense (Income), Net | ' | |||||||||||||||
Other Expense (Income), net | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 29, | June 30, | June 29, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other expense (income), net consists of: | ||||||||||||||||
Amortization of intangibles/other assets | $ | 3,186 | $ | 3,872 | $ | 7,361 | $ | 7,744 | ||||||||
Termination costs associated with the Hillshire merger agreement | 2,085 | — | 2,085 | — | ||||||||||||
Redemption premiums on the early extinguishment of debt | — | 34,180 | — | 34,180 | ||||||||||||
Royalty income and other | (428 | ) | (219 | ) | (620 | ) | (434 | ) | ||||||||
Total other expense (income), net | $ | 4,843 | $ | 37,833 | $ | 8,826 | $ | 41,490 | ||||||||
Hillshire merger agreement. Primarily represents professional fees incurred related to the terminated merger agreement previously in place with The Hillshire Brands Company ("Hillshire"). See Note 18 for further details. | ||||||||||||||||
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. |
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 | 6 Months Ended | ||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||
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 | ' | ||||||||||||||||||
olders' 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 Holdings, the former parent of the Company also had the 2007 Unit Plan, which was terminated in connection with the Company's 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. | |||||||||||||||||||
Expense Information | |||||||||||||||||||
The following table summarizes equity-based compensation expense which was allocated as follows: | |||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||
June 29, 2014 | June 30, 2013 | June 29, 2014 | June 30, 2013 | ||||||||||||||||
Cost of products sold | $ | 274 | $ | 285 | $ | 471 | $ | 308 | |||||||||||
Marketing and selling expenses | 657 | 864 | 928 | 935 | |||||||||||||||
Administrative expenses | 1,330 | 1,937 | 2,933 | 2,013 | |||||||||||||||
Research and development expenses | 75 | 64 | 116 | 69 | |||||||||||||||
Pre-tax equity-based compensation expense | 2,336 | 3,150 | 4,448 | 3,325 | |||||||||||||||
Income tax benefit | (768 | ) | (674 | ) | (1,466 | ) | (680 | ) | |||||||||||
Net equity-based compensation expense | $ | 1,568 | $ | 2,476 | $ | 2,982 | $ | 2,645 | |||||||||||
As of June 29, 2014, cumulative unrecognized equity compensation expense of the unvested portion of shares for the Company's two long-term incentive programs was $54,729. The weighted average period over which vesting will occur is approximately 4.8 | |||||||||||||||||||
years for the 2007 Stock Incentive Plan and 2.8 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 through the granting of nonqualified stock options. For options granted pursuant to the 2007 Stock Incentive Plan 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 Adjusted EBITDA targets, as defined, are met (Performance Options). The final 25% of the options vest upon a liquidity event, if a 12% annual internal rate of return is attained by Blackstone (Exit Options). 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, essentially, 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 29, 2013 | 314,396 | $ | 10.22 | $ | 6.13 | 5.51 | $ | 5,352 | |||||||||||
Granted | — | — | — | ||||||||||||||||
Exercised | (17,391 | ) | 9.46 | 4.23 | |||||||||||||||
Forfeitures | (10,637 | ) | 11.29 | 7.31 | |||||||||||||||
Outstanding, June 29, 2014 | 286,368 | 10.22 | $ | 6.2 | 5.01 | 6,499 | |||||||||||||
Exercisable, June 29, 2014 | 108,152 | $ | 9.87 | $ | 4.25 | 4.62 | $ | 2,493 | |||||||||||
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 invested in Class A-2 Units of Peak Holdings LLC was awarded profit interests in Peak Holdings LLC 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 are met (“Class B-2 Units”). The final 25% of the PIUs granted vested either on a liquidity event that returns a 12% annual internal rate of return to 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 essentially the same vesting provisions as stated above, including the provisions that if there was a liquidity event and if a 12% annual internal rate of return was attained by Blackstone, then all the Class B-2 units also vested and became 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. Awards granted subsequent to the IPO include equity options, non-vested shares, restricted stock units (RSU's) and total shareholder return performance share units (PSU's). Under the program, awards of PSU's will be earned by comparing the company's total shareholder return during a three-year period to the respective total shareholder returns of companies in a performance peer group. Based upon the company's ranking in the performance peer group, a recipient of PSU's may earn a total award ranging from 0% to 200% of the initial grant. 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, subject to his continued service through April 3, 2014. On April 3, 2014, net of tax withholdings, 96,300 shares were issued to Mr. Gamgort. 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. On December 2, 2013, 30,626 options were issued that vest in full at the end of three years. On January 2, 2014, 9,135 non-vested shares and 30,447 options were issued. Both the non-vested shares and the options vest in full at the end of three years. On April 1, 2014, 243,446 PSU's, 811,540 options and 129,453 RSU's were issued that will vest in full at the end of three years. On June 10, 2014, 12,712 RSU's were issued that vest in full after one year. | |||||||||||||||||||
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 29, 2013 | 2,330,491 | $ | 20.47 | $ | 4.82 | 9.27 | 15,782 | ||||||||||||
Granted | 841,987 | 29.21 | 8.43 | ||||||||||||||||
Exercised | — | — | — | ||||||||||||||||
Forfeitures | (80,730 | ) | 20.2 | 4.71 | |||||||||||||||
Outstanding, June 29, 2014 | 3,091,748 | 22.86 | $ | 5.81 | 9.04 | $ | 31,115 | ||||||||||||
None were exercisable as of June 29, 2014. | |||||||||||||||||||
The Company currently uses the Black-Scholes pricing model as its method of valuation for equity option awards. The fair value of the options granted during the six months ended June 29, 2014 and June 30, 2013, respectively, was estimated on the date of the grant with the following weighted average assumptions: | |||||||||||||||||||
June 29, 2014 | June 30, 2013 | ||||||||||||||||||
Risk-free interest rate | 2.2 | % | 1.1 | % | |||||||||||||||
Expected time to option exercise | 6.50 years | 6.50 years | |||||||||||||||||
Expected volatility of Pinnacle Foods Inc. stock | 37 | % | 35 | % | |||||||||||||||
Expected dividend yield on Pinnacle Foods Inc. stock | 2.9 | % | 3.6 | % | * | ||||||||||||||
* Dividend yield is based on the weighted average of the expected yield at the time of each grant, 3.6% in 2013, resulting from options granted at the IPO price of $20.00 a share. | |||||||||||||||||||
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. | |||||||||||||||||||
The following table summarizes the changes in non-vested shares and Restricted Stock Units ("RSU's"). | |||||||||||||||||||
Number of | Weighted Average Fair Value at Grant Date | Aggregate Intrinsic Value (000's) | |||||||||||||||||
Shares | |||||||||||||||||||
Outstanding, December 29, 2013 | 1,645,718 | $ | 20.34 | $ | 44,829 | ||||||||||||||
Granted | 151,300 | 29.35 | |||||||||||||||||
Forfeitures | (53,069 | ) | 20.27 | ||||||||||||||||
Vested | (239,463 | ) | 20 | ||||||||||||||||
Outstanding, June 29, 2014 | 1,504,486 | $ | 21.31 | $ | 49,528 | ||||||||||||||
The fair value of the non-vested shares and RSU's is determined based on the quoted price of the company's stock at the date of grant. | |||||||||||||||||||
The following table summarizes the changes in Performance Share Units ("PSU's"). | |||||||||||||||||||
Number of | Weighted Average Fair Value at Grant Date | Aggregate Intrinsic Value (000's) | |||||||||||||||||
Shares | |||||||||||||||||||
Outstanding, December 29, 2013 | — | $ | — | $ | — | ||||||||||||||
Granted | 243,446 | 37.6 | |||||||||||||||||
Forfeitures | — | — | |||||||||||||||||
Vested | — | — | |||||||||||||||||
Outstanding, June 29, 2014 | 243,446 | $ | 37.6 | $ | 8,014 | ||||||||||||||
The Company estimated the fair value of PSU's at the date of grant using a Monte Carlo simulation. The fair value of the PSU's granted during the six months ended June 29, 2014, was estimated on the date of the grant with the following assumptions: | |||||||||||||||||||
June 29, 2014 | |||||||||||||||||||
Risk-free interest rate | 0.9 | % | |||||||||||||||||
Expected term | 3.00 years | ||||||||||||||||||
Expected volatility | 35 | % | |||||||||||||||||
Expected dividend yield | 2.8 | % | |||||||||||||||||
Other Comprehensive Earnings | |||||||||||||||||||
The following table presents amounts reclassified out of Accumulated Other Comprehensive Loss ("AOCL") and into Net earnings for the three and six months ended June 29, 2014 and June 30, 2013. | |||||||||||||||||||
Gain/(Loss) | Amounts Reclassified from AOCL | ||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||
Details about Accumulated Other Comprehensive Earnings Components | June 29, 2014 | June 30, 2013 | June 29, 2014 | June 30, 2013 | Reclassified from AOCL to: | ||||||||||||||
Gains and losses on financial instrument contracts | |||||||||||||||||||
Interest rate contracts | $ | (204 | ) | $ | (3,093 | ) | $ | (245 | ) | $ | (3,945 | ) | Interest expense | ||||||
Foreign exchange contracts | 387 | 490 | 800 | 682 | Cost of products sold | ||||||||||||||
Total pre-tax | 183 | (2,603 | ) | 555 | (3,263 | ) | |||||||||||||
Tax (expense) benefit | (130 | ) | 945 | (337 | ) | 1,174 | Provision for income taxes | ||||||||||||
Deferred tax expense | — | (9,070 | ) | — | (9,070 | ) | (a) | Provision for income taxes | |||||||||||
Net of tax | 53 | (10,728 | ) | 218 | (11,159 | ) | |||||||||||||
Pension actuarial assumption adjustments | |||||||||||||||||||
Amortization of actuarial loss | (32 | ) | (263 | ) | (175 | ) | (719 | ) | (b) | Cost of products sold | |||||||||
Tax benefit | 12 | 101 | 67 | 277 | Provision for income taxes | ||||||||||||||
Net of tax | (20 | ) | (162 | ) | (108 | ) | (442 | ) | |||||||||||
Net reclassifications into net earnings | $ | 33 | $ | (10,890 | ) | $ | 110 | $ | (11,601 | ) | |||||||||
(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 | Six months ended | ||||||||||||||||||
29-Jun-14 | 30-Jun-13 | 29-Jun-14 | 30-Jun-13 | ||||||||||||||||
Weighted-average common shares | 115,690,050 | 114,909,243 | 115,641,174 | 98,079,574 | |||||||||||||||
Effect of dilutive securities: | 1,210,556 | — | 1,152,579 | — | |||||||||||||||
Dilutive potential common shares | 116,900,606 | 114,909,243 | 116,793,753 | 98,079,574 | |||||||||||||||
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 six months ended June 29, 2014, conversion of stock options, non-vested shares, RSU's and PSU's totaling 1,224,851 and 798,741, respectively, into common share equivalents were excluded from this calculation as their effect would have been anti-dilutive. For the three and six months ended June 30, 2013, conversion of warrants, stock options and non-vested shares totaling 410,132 and 2,638,639, respectively, into common share equivalents were excluded from this calculation because they were anti-dilutive, due to the net loss recorded in each of the periods. |
Balance_Sheet_Information
Balance Sheet Information | 6 Months Ended | |||||||
Jun. 29, 2014 | ||||||||
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: | ||||||||
June 29, 2014 | December 29, 2013 | |||||||
Customers | $ | 174,189 | $ | 160,704 | ||||
Allowances for cash discounts, bad debts and returns | (6,234 | ) | (5,849 | ) | ||||
Subtotal | 167,955 | 154,855 | ||||||
Other receivables | 5,165 | 9,809 | ||||||
Total | $ | 173,120 | $ | 164,664 | ||||
Inventories. Inventories are as follows: | ||||||||
June 29, | December 29, | |||||||
2014 | 2013 | |||||||
Raw materials, containers and supplies | $ | 94,963 | $ | 53,779 | ||||
Finished product | 244,255 | 308,093 | ||||||
Total | $ | 339,218 | $ | 361,872 | ||||
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: | ||||||||
June 29, 2014 | December 29, 2013 | |||||||
Prepaid expenses | $ | 4,438 | $ | 5,560 | ||||
Prepaid income taxes | 3,084 | 776 | ||||||
Assets held for sale | 1,556 | 1,556 | ||||||
Total | $ | 9,078 | $ | 7,892 | ||||
Assets held for sale is comprised of our closed plant in Millsboro, DE. | ||||||||
Plant Assets. Plant assets are as follows: | ||||||||
June 29, 2014 | December 29, 2013 | |||||||
Land | $ | 14,212 | $ | 14,061 | ||||
Buildings | 202,747 | 196,206 | ||||||
Machinery and equipment | 598,383 | 576,156 | ||||||
Projects in progress | 64,299 | 33,950 | ||||||
Subtotal | 879,641 | 820,373 | ||||||
Accumulated depreciation | (326,694 | ) | (297,103 | ) | ||||
Total | $ | 552,947 | $ | 523,270 | ||||
Depreciation was $16,392 and $32,597 and during the three and six months ended June 29, 2014, respectively. Depreciation was $14,883 and $30,281 during the three and six months ended June 30, 2013, respectively. As of June 29, 2014 and December 29, 2013, Machinery and equipment included assets under capital lease with a book value of $19,667 and $19,168 (net of accumulated depreciation of $11,035 and $9,425), respectively. | ||||||||
Accrued Liabilities. Accrued liabilities are as follows: | ||||||||
June 29, | December 29, | |||||||
2014 | 2013 | |||||||
Employee compensation and benefits | $ | 51,717 | $ | 59,871 | ||||
Interest payable | 14,366 | 14,108 | ||||||
Consumer coupons | 2,950 | 1,445 | ||||||
Accrued restructuring charges | 1,608 | 1,938 | ||||||
Accrued financial instrument contracts (see Note 11) | 1,280 | 768 | ||||||
Other | 20,425 | 21,625 | ||||||
Total | $ | 92,346 | $ | 99,755 | ||||
Other Long-Term Liabilities. Other long-term liabilities are as follows: | ||||||||
June 29, | December 29, | |||||||
2014 | 2013 | |||||||
Employee compensation and benefits | $ | 9,297 | $ | 8,434 | ||||
Long-term rent liability and deferred rent allowances | 8,933 | 9,401 | ||||||
Liability for uncertain tax positions | 708 | 727 | ||||||
Accrued financial instrument contracts (see Note 11) | 3,555 | 1,136 | ||||||
Other | 4,476 | 4,862 | ||||||
Total | $ | 26,969 | $ | 24,560 | ||||
Goodwill_Tradename_and_Other_A
Goodwill, Tradename and Other Assets | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
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 29, 2013 | $ | 527,069 | $ | 927,065 | $ | 173,961 | $ | 1,628,095 | ||||||||
Gilster acquisition (Note 3) | — | 9,550 | — | 9,550 | ||||||||||||
Balance, June 29, 2014 | $ | 527,069 | $ | 936,615 | $ | 173,961 | $ | 1,637,645 | ||||||||
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 29, 2013, which indicated no impairment. | ||||||||||||||||
The Gilster acquisition was accounted for in accordance with the authoritative guidance for business combinations and resulted in $9,550 in goodwill, as of June 29, 2014. | ||||||||||||||||
Tradenames | ||||||||||||||||
Tradenames by segment are as follows: | ||||||||||||||||
Birds Eye | Duncan Hines | Specialty | ||||||||||||||
Frozen | Grocery | Foods | Total | |||||||||||||
Balance, December 29, 2013 | $ | 796,680 | $ | 1,118,712 | $ | 36,000 | $ | 1,951,392 | ||||||||
Balance, June 29, 2014 | $ | 796,680 | $ | 1,118,712 | $ | 36,000 | $ | 1,951,392 | ||||||||
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. The Company completed its annual testing as of December 29, 2013, which indicated no impairment. | ||||||||||||||||
Other Assets | ||||||||||||||||
June 29, 2014 | ||||||||||||||||
Weighted | Gross | Accumulated | Net | |||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||
Amount | ||||||||||||||||
Amortizable intangibles | ||||||||||||||||
Recipes | 10 | $ | 52,810 | $ | (38,286 | ) | $ | 14,524 | ||||||||
Customer relationships - Distributors | 36 | 139,146 | (37,549 | ) | 101,597 | |||||||||||
Customer relationships - Food Service | 7 | 36,143 | (36,143 | ) | — | |||||||||||
Customer relationships - Private Label | 7 | 9,214 | (9,214 | ) | — | |||||||||||
License | 7 | 6,175 | (3,863 | ) | 2,312 | |||||||||||
Total amortizable intangibles | $ | 243,488 | $ | (125,055 | ) | $ | 118,433 | |||||||||
Deferred financing costs | 46,852 | (23,254 | ) | 23,598 | ||||||||||||
Financial instruments (see note 11) | 12,570 | — | 12,570 | |||||||||||||
Other (1) | 6,606 | — | 6,606 | |||||||||||||
Total other assets, net | $ | 161,207 | ||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||
Birds Eye Frozen | $ | 60,286 | ||||||||||||||
Duncan Hines Grocery | 54,864 | |||||||||||||||
Specialty Foods | 3,283 | |||||||||||||||
$ | 118,433 | |||||||||||||||
December 29, 2013 | ||||||||||||||||
Weighted | Gross | Accumulated | Net | |||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||
Amount | ||||||||||||||||
Amortizable intangibles | ||||||||||||||||
Recipes | 10 | $ | 52,810 | $ | (35,645 | ) | $ | 17,165 | ||||||||
Customer relationships - Distributors | 36 | 139,146 | (34,518 | ) | 104,628 | |||||||||||
Customer relationships - Food Service | 7 | 36,143 | (35,291 | ) | 852 | |||||||||||
Customer relationships - Private Label | 7 | 9,214 | (9,078 | ) | 136 | |||||||||||
License | 7 | 6,175 | (3,162 | ) | 3,013 | |||||||||||
Total amortizable intangibles | $ | 243,488 | $ | (117,694 | ) | $ | 125,794 | |||||||||
Deferred financing costs | 46,638 | (21,198 | ) | 25,440 | ||||||||||||
Financial instruments (see note 11) | 29,518 | — | 29,518 | |||||||||||||
Other (1) | 5,373 | — | 5,373 | |||||||||||||
Total other assets, net | $ | 186,125 | ||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||
Birds Eye Frozen | $ | 63,319 | ||||||||||||||
Duncan Hines Grocery | 58,090 | |||||||||||||||
Specialty Foods | 4,385 | |||||||||||||||
$ | 125,794 | |||||||||||||||
(1) As of June 29, 2014 and December 29, 2013, Other primarily consists of security deposits and supplemental savings plan investments. | ||||||||||||||||
Amortization of intangible assets was $3,186 and $7,361 for the three and six months ended June 29, 2014, respectively. Amortization of intangible assets was $3,872 and $7,744 for the three and six months ended June 30, 2013, respectively. Estimated amortization expense for each of the next five years and thereafter is as follows: remainder of 2014 - $6,400; 2015 - $12,200; 2016 - $11,000; 2017 - $6,400; 2018 - $4,700 and thereafter - $77,700. As of June 29, 2014, Food Service and Private Label customer relationships were fully amortized. | ||||||||||||||||
Deferred Financing Costs | ||||||||||||||||
All deferred financing costs, which relate to the Senior Secured Credit Facility and Senior Notes are amortized into interest expense over the life of the related debt using the effective interest method. Amortization of deferred financing costs was $1,032 and $2,056 during the three and six months ended June 29, 2014, respectively. Amortization of deferred financing costs was $1,042 and $2,755 during the three and six months ended June 30, 2013, respectively. In addition, 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. The April 2013 Refinancing is described in further detail in Note 9 of the Consolidated Financial Statements "Debt and Interest Expense". | ||||||||||||||||
The following summarizes deferred financing cost activity: | ||||||||||||||||
Gross | Accumulated | Net | ||||||||||||||
Carrying | Amortization | |||||||||||||||
Amount | ||||||||||||||||
Balance, December 29, 2013 | $ | 46,638 | $ | (21,198 | ) | $ | 25,440 | |||||||||
2014 - Additions | 214 | — | 214 | |||||||||||||
Amortization | — | (2,056 | ) | (2,056 | ) | |||||||||||
Balance, June 29, 2014 | $ | 46,852 | $ | (23,254 | ) | $ | 23,598 | |||||||||
Debt_and_Interest_Expense
Debt and Interest Expense | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Debt And Interest Expense | ' | |||||||||||||||
Debt and Interest Expense | ||||||||||||||||
June 29, | December 29, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Short-term borrowings | ||||||||||||||||
- Notes payable | $ | 1,998 | $ | 2,437 | ||||||||||||
Total short-term borrowings | $ | 1,998 | $ | 2,437 | ||||||||||||
Long-term debt | ||||||||||||||||
- Senior Secured Credit Facility - Tranche G Term Loans due 2020 | 1,613,700 | 1,621,850 | ||||||||||||||
- Senior Secured Credit Facility - Tranche H Term Loans due 2020 | 522,375 | 525,000 | ||||||||||||||
- 4.875% Senior Notes due 2021 | 350,000 | 350,000 | ||||||||||||||
- 3.0% Note payable to Gilster Mary Lee Corporation due 2018 | 14,266 | — | ||||||||||||||
- Unamortized discount on long term debt | (14,818 | ) | (16,085 | ) | ||||||||||||
- Capital lease obligations | 18,534 | 19,982 | ||||||||||||||
2,504,057 | 2,500,747 | |||||||||||||||
Less: current portion of long-term obligations | 28,082 | 24,580 | ||||||||||||||
Total long-term debt | $ | 2,475,975 | $ | 2,476,167 | ||||||||||||
Interest expense | Three months ended | Six months ended | ||||||||||||||
June 29, | June 30, | June 29, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense, third party | $ | 22,764 | $ | 23,657 | $ | 45,560 | $ | 61,179 | ||||||||
Related party interest expense (Note 13) | 509 | 347 | 1,025 | 926 | ||||||||||||
Amortization of debt acquisition costs (Note 8) | 1,032 | 1,042 | 2,056 | 2,755 | ||||||||||||
Write-off of debt acquisition costs (Note 8) | — | 12,725 | — | 12,725 | ||||||||||||
Write-off of loan discount | — | 2,182 | — | 2,182 | ||||||||||||
Financing costs (Note 8) | — | 4,762 | — | 4,762 | ||||||||||||
Interest rate swap losses (Note 11) | 219 | 2,912 | 250 | 3,754 | ||||||||||||
Total interest expense | $ | 24,524 | $ | 47,627 | $ | 48,891 | $ | 88,283 | ||||||||
Senior Secured Credit Facility | ||||||||||||||||
To partially fund the Wish-Bone acquisition, on October 1, 2013 as described in Note 3, Pinnacle Foods Finance entered into an amendment to the Second Amended and Restated Senior Secured Credit Facility (the “Amendment”) in the form of incremental term loans in the amount of $525.0 million (the “Tranche H Term Loans”). In connection with Tranche H Term Loans, Pinnacle Foods Finance incurred $8.5 million of original issue discount and deferred financing fees of $10.5 million. | ||||||||||||||||
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 and Other Notes.” The remaining net proceeds, together with cash on hand, was used to repay $202.0 million. | ||||||||||||||||
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 8 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 the Tranche H Term 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 and Tranche H 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 and Tranche H 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 wholly-owned domestic subsidiaries (collectively, the “Guarantors”) and by the Company effective with the April 2013 refinancing. In addition, subject to certain exceptions and qualifications, 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 material subsidiary of Pinnacle Foods Finance and 65% of the capital stock of, or other equity interests in, each direct material "first tier" foreign subsidiary of Pinnacle Foods Finance 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 June 29, 2014 and December 29, 2013, was $54,376 and $63,796, respectively. | ||||||||||||||||
A commitment fee of 0.375% per annum based on current leverage ratios is applied to the unused portion of the revolving credit facility. There were no revolver borrowings made during fiscal 2013 or 2014, except in respect of letters of credit as set forth below. As of June 29, 2014 and December 29, 2013, the eurocurrency rate would have been 2.65% and 2.67% as of such dates. For the three and six months ended June 29, 2014, the weighted average interest rate on the term loan components of the Senior Secured Credit Facility was 3.25% and 3.25%, respectively. For the three and six months ended June 30, 2013, the weighted average interest rate on the term loan components of the Senior Secured Credit Facility was 3.55% and 3.82%, respectively. As of June 29, 2014 and December 29, 2013 the eurocurrency interest rate on the term loan facilities was 3.25% and 3.25%, 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 June 29, 2014 and December 29, 2013, Pinnacle Foods Finance had utilized $30,716 and $32,923, respectively of the revolving credit facility for letters of credit. As of June 29, 2014 and December 29, 2013, respectively, there was $119,284 and $117,077 of borrowing capacity under the revolving credit facility, of which $19,284 and $17,077 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 net leverage ratio of between 4.50 and 5.49 and to 0% at a total net leverage ratio below 4.50). As of June 29, 2014, Pinnacle Foods Finance had a total net leverage ratio of 4.61 (proforma adjusted for the Wish-Bone acquisition in compliance with the terms of the Senior Secured Credit Facility). 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 2013 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 2014, Pinnacle Foods Finance will determine if amounts are due under the Excess Cash Flow requirements of the Senior Secured Credit Facility for the 2014 reporting year. | ||||||||||||||||
The term loans under the Senior Secured Credit Facility amortize in quarterly installments of 0.25% of their aggregate funded total principal amount. The scheduled principal payments of the Tranche G Term Loans outstanding as of June 29, 2014 are $8.2 million in the remainder of 2014, $16.3 million in 2015, $16.3 million in 2016, $20.4 million in 2017, $12.2 million in 2018 and $1,540.4 million thereafter. The scheduled principal payments of the Tranche H Term Loans outstanding as of June 29, 2014 are $2.6 million in the remainder of 2014, $5.3 million in 2015, $5.3 million in 2016, $6.6 million in 2017, $3.9 million in 2018 and $498.7 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 Covenant Compliance 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 Covenant Compliance EBITDA described above), in the case of the Senior Secured Credit Facility, or to the ratio of Covenant Compliance 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 June 29, 2014 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 and other Notes | ||||||||||||||||
To partially fund the Gilster acquisition, on March 31, 2104 as described in Note 3, PFG LLC entered into a $14.9 million note payable to Gilster Mary Lee Corporation. The note has a four-year term with a maturity date of March 31, 2018 and bears interest at 3.0% per annum. | ||||||||||||||||
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 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 Pinnacle Foods Finance’s wholly-owned domestic subsidiaries that guarantee other indebtedness of Pinnacle Foods Finance and by the Company. 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 June 29, 2014, is as follows: | ||||||||||||||||
June 29, 2014 | ||||||||||||||||
Issue | Face Value | Fair Value | ||||||||||||||
Senior Secured Credit Facility - Tranche G Term Loans | 1,613,700 | 1,603,614 | ||||||||||||||
Senior Secured Credit Facility - Tranche H Term Loans | 522,375 | 519,110 | ||||||||||||||
3.0% Notes payable to Gilster Mary Lee Corporation due 2018 | 14,266 | 14,266 | ||||||||||||||
4.875% Senior Notes | 350,000 | 341,250 | ||||||||||||||
$ | 2,500,341 | $ | 2,478,240 | |||||||||||||
The estimated fair value of the Company’s long-term debt, including the current portion, as of December 29, 2013, is as follows: | ||||||||||||||||
December 29, 2013 | ||||||||||||||||
Issue | Face Value | Fair Value | ||||||||||||||
Senior Secured Credit Facility - Tranche G Term Loans | 1,621,850 | 1,619,823 | ||||||||||||||
Senior Secured Credit Facility - Tranche H Term Loans | 525,000 | 524,344 | ||||||||||||||
4.875% Senior Notes | 350,000 | 329,000 | ||||||||||||||
$ | 2,496,850 | $ | 2,473,167 | |||||||||||||
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 | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
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 plan that coincides with its year end. | ||||||||||||||||
On December 31, 2013, the Pinnacle Foods Pension Plan merged into the Birds Eye Foods Pension Plan in order to achieve administrative, operational and cost efficiencies. The merged plan was renamed the Pinnacle Foods Group LLC Pension Plan (the "PFG Plan"). The Company has one defined benefit plan which is frozen for future benefit accruals, two qualified 401(k) plans, two non-qualified supplemental savings plans and participates in a multi-employer defined benefit plan. | ||||||||||||||||
Pinnacle Foods Group LLC Pension Plan | ||||||||||||||||
The Company maintains a non-contributory defined benefit 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 PFG 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: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
Pension Benefits | June 29, | June 30, | June 29, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | 2,902 | 2,660 | 5,803 | 5,499 | ||||||||||||
Expected return on assets | (3,292 | ) | (3,373 | ) | (6,584 | ) | (6,747 | ) | ||||||||
Amortization of: | ||||||||||||||||
Actuarial loss | 32 | 275 | 64 | 731 | ||||||||||||
Net periodic benefit | $ | (358 | ) | $ | (438 | ) | $ | (717 | ) | $ | (517 | ) | ||||
Cash Flows | ||||||||||||||||
Contributions. In fiscal 2014, the Company expects to make contributions of $10.6 million to the PFG Plan, of which minimum required payments of $2.3 million and $4.4 million were made in the three and six months ended June 29, 2014, respectively. The Company made contributions to the pension plan totaling $8.3 million in fiscal 2013, of which $0.7 million and $0.8 million were made in the three and six months ended June 30, 2013, 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. | ||||||||||||||||
For the three and six months ended June 29, 2014, contributions to the UFCW Plan were $191 and $384, respectively. For the three and six months ended June 30, 2013, contributions to the UFCW Plan were $246 and $435, 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 | 6 Months Ended | ||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||
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 six months ended June 29, 2014 and June 30, 2013, 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 were recorded directly in earnings prior to their maturity in April 2014. As of June 29, 2014, all of the Company's interest rate swaps have been designated as cash flow hedges. | |||||||||||||||||||
As of June 29, 2014, 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 | 16 | $ | 1,637,450 | 0.76% - 2.97% | USD-LIBOR-BBA | April 2013 - October 2013 | November 2014 - April 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 $2,022 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 ("CAD"). 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 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 June 29, 2014, 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 | 12 | $ | 24,400 | $ | 22,522 | 1.073 - 1.102 | December 2013 - April 2014 | August 2014 - December 2014 | |||||||||||
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 June 29, 2014, 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 | 8 | 3,697,733 Gallons | $3.85 - $4.02 per Gallon | October 2013 - June 2014 | July 2014 - December 2014 | ||||||||||||||
Natural Gas Contracts | 2 | 1,004,608 MMBTU’s | $4.396 - 4.405 per MMBTU | May 2014 - June 2014 | December 2014 - December 2015 | ||||||||||||||
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 June 29, 2014 and December 29, 2013. | |||||||||||||||||||
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-Jun-14 | 29-Jun-14 | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Other assets, net | $ | 12,570 | Accrued liabilities | $ | 881 | |||||||||||||
Other long-term liabilities | 3,555 | ||||||||||||||||||
Foreign Exchange Contracts | Accrued liabilities | 299 | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | 12,570 | $ | 4,735 | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Commodity Contracts | Other current assets | $ | 388 | Accrued liabilities | 100 | ||||||||||||||
Total derivatives not designated as hedging instruments | $ | 388 | $ | 100 | |||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
as of | as of | ||||||||||||||||||
29-Dec-13 | 29-Dec-13 | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Accrued liabilities | $ | 70 | ||||||||||||||||
Other assets, net | $ | 29,518 | Other long-term liabilities | 1,136 | |||||||||||||||
Foreign Exchange Contracts | Other current assets | 307 | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | 29,825 | $ | 1,206 | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Accrued liabilities | $ | 698 | ||||||||||||||||
Commodity Contracts | Other current assets | $ | 543 | ||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 543 | $ | 698 | |||||||||||||||
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 six months ended June 29, 2014 and June 30, 2013. | |||||||||||||||||||
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 | $ | (11,691 | ) | Interest expense | $ | (204 | ) | Interest expense | $ | — | |||||||||
Foreign Exchange Contracts | (790 | ) | Cost of products sold | 387 | Cost of products sold | (11 | ) | ||||||||||||
Three months ended June 29, 2014 | $ | (12,481 | ) | $ | 183 | $ | (11 | ) | |||||||||||
Interest Rate Contracts | $ | (20,423 | ) | Interest expense | $ | (245 | ) | Interest expense | $ | — | |||||||||
Foreign Exchange Contracts | 201 | Cost of products sold | 800 | Cost of products sold | (8 | ) | |||||||||||||
Six months ended June 29, 2014 | $ | (20,222 | ) | $ | 555 | $ | (8 | ) | |||||||||||
Interest Rate Contracts | $ | 28,837 | Interest expense | $ | (3,093 | ) | (a) | Interest expense | $ | 16 | |||||||||
Foreign Exchange Contracts | 894 | Cost of products sold | 490 | Cost of products sold | 6 | ||||||||||||||
Three months ended June 30, 2013 | $ | 29,731 | $ | (2,603 | ) | $ | 22 | ||||||||||||
Interest Rate Contracts | $ | 28,706 | Interest expense | $ | (3,945 | ) | (a) | Interest expense | $ | 26 | |||||||||
Foreign Exchange Contracts | 1,629 | Cost of products sold | 682 | Cost of products sold | 7 | ||||||||||||||
Six months ended June 30, 2013 | $ | 30,335 | $ | (3,263 | ) | $ | 33 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Recognized in Earnings in: | Recognized in | |||||||||||||||||
Earnings on | |||||||||||||||||||
Derivative | |||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 309 | ||||||||||||||||
Interest Rate Contracts | Interest expense | (15 | ) | ||||||||||||||||
Three months ended June 29, 2014 | $ | 294 | |||||||||||||||||
Commodity Contracts | Cost of products sold | $ | (44 | ) | |||||||||||||||
Interest Rate Contracts | Interest expense | (5 | ) | ||||||||||||||||
Six months ended June 29, 2014 | $ | (49 | ) | ||||||||||||||||
Commodity Contracts | Cost of products sold | $ | (302 | ) | |||||||||||||||
Interest Rate Contracts | Interest expense | $ | 165 | ||||||||||||||||
Three months ended June 30, 2013 | $ | (137 | ) | ||||||||||||||||
Commodity Contracts | Cost of products sold | $ | (97 | ) | |||||||||||||||
Interest Rate Contracts | Interest expense | $ | 165 | ||||||||||||||||
Six months ended June 30, 2013 | $ | 68 | |||||||||||||||||
(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 June 29, 2014, the Company has not posted any collateral related to these agreements. If the Company had breached this provision at June 29, 2014, 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 June 29, 2014 and December 29, 2013. | |||||||||||||||||||
June 29, 2014 | |||||||||||||||||||
Asset/(Liability) | |||||||||||||||||||
Counterparty | Contract | Termination | Performance | Accrued | Fair Value | ||||||||||||||
Type | Value | Risk | Interest | (excluding | |||||||||||||||
Adjustment | interest) | ||||||||||||||||||
Barclays | Interest Rate Contracts | $ | 3,525 | $ | 552 | $ | (91 | ) | $ | 4,168 | |||||||||
Commodity Contracts | 53 | — | — | 53 | |||||||||||||||
Bank of America | Interest Rate Contracts | 5,190 | 412 | — | 5,602 | ||||||||||||||
Foreign Exchange Contracts | (220 | ) | 2 | — | (218 | ) | |||||||||||||
Credit Suisse | Interest Rate Contracts | 245 | 89 | (91 | ) | 425 | |||||||||||||
Foreign Exchange Contracts | (82 | ) | 1 | — | (81 | ) | |||||||||||||
Macquarie | Interest Rate Contracts | (2,170 | ) | 104 | (4 | ) | (2,062 | ) | |||||||||||
Commodity Contracts | 235 | — | — | 235 | |||||||||||||||
Total | $ | 6,776 | $ | 1,160 | $ | (186 | ) | $ | 8,122 | ||||||||||
December 29, 2013 | |||||||||||||||||||
Asset/(Liability) | |||||||||||||||||||
Counterparty | Contract | Termination | Performance | Accrued | Fair Value | ||||||||||||||
Type | Value | Risk | Interest | (excluding | |||||||||||||||
Adjustment | interest) | ||||||||||||||||||
Barclays | Interest Rate Contracts | $ | 12,303 | $ | (12 | ) | $ | (155 | ) | $ | 12,446 | ||||||||
Commodity Contracts | 543 | — | — | 543 | |||||||||||||||
Bank of America | Interest Rate Contracts | 12,930 | (124 | ) | — | 12,806 | |||||||||||||
Credit Suisse | Interest Rate Contracts | 2,634 | 62 | (75 | ) | 2,771 | |||||||||||||
Foreign Exchange Contracts | 300 | 6 | — | 306 | |||||||||||||||
Macquarie | Interest Rate Contracts | (506 | ) | 93 | (3 | ) | (410 | ) | |||||||||||
Total | $ | 28,204 | $ | 25 | $ | (233 | ) | $ | 28,462 | ||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 29, 2014 | |
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. | |
No single item individually, nor are all of them in the aggregate, is material. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended |
Jun. 29, 2014 | |
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). Expenses relating to the management fee were $0 and $1,148 in the three and six months ended June 30, 2013, respectively. The Company reimbursed Blackstone for out-of-pocket expenses totaling $450 in the three and six months ending June 29, 2014. | |
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 in the second quarter of 2013. | |
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 $1,133 and $2,208 in the three and six months ended June 29, 2014, respectively. Sales to Performance Food Group Company were $935 and $2,079 in the three and six months ended June 30, 2013, respectively. As of June 29, 2014 and December 29, 2013, amounts due from Performance Food Group Company were $106 and $57, respectively, and were recorded on the Accounts receivable, net of allowances line in the Consolidated Balance Sheets. | |
Interest Expense | |
For the three and six months ended June 29, 2014, fees and interest expense recognized in the Consolidated Statements of Operations for debt owed to affiliates of Blackstone Advisors L.P. totaled $509 and $1,025, respectively. For the three and six months ended June 30, 2013, fees and interest expense recognized in the Consolidated Statements of Operations for debt owed to affiliates of Blackstone Advisors L.P. totaled $347 and $926, respectively. As of June 29, 2014 and December 29, 2013, debt owed to related parties was $54,376 and $63,796, respectively and was recorded on the Long-term debt line in the Consolidated Balance Sheets. As of June 29, 2014 and December 29, 2013, interest accrued on debt owed to related parties was $274 and $319, respectively, and was recorded on the Accrued liabilities line in the Consolidated Balance Sheets. |
Segments
Segments | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segments | ' | |||||||||||||||
Segments | ||||||||||||||||
The Company is a leading manufacturer, 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), liquid and dry-mix salad dressings (Wish-Bone and Western), 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 (Duncan Hines 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 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, IPO and refinancing related charges and costs incurred related to the terminated merger agreement previously in place with Hillshire. | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
SEGMENT INFORMATION | June 29, | June 30, | June 29, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | ||||||||||||||||
Birds Eye Frozen | $ | 246,188 | $ | 244,040 | $ | 540,466 | $ | 536,491 | ||||||||
Duncan Hines Grocery | 289,963 | 238,821 | 554,867 | 466,029 | ||||||||||||
Specialty Foods | 81,649 | 86,183 | 166,506 | 179,505 | ||||||||||||
Total | $ | 617,800 | $ | 569,044 | $ | 1,261,839 | $ | 1,182,025 | ||||||||
Earnings before interest and taxes | ||||||||||||||||
Birds Eye Frozen | $ | 37,068 | $ | 36,527 | $ | 83,796 | $ | 85,453 | ||||||||
Duncan Hines Grocery | 46,349 | 29,702 | 89,022 | 59,134 | ||||||||||||
Specialty Foods | 6,348 | 4,875 | 13,420 | 13,061 | ||||||||||||
Unallocated corporate expenses | (7,855 | ) | (60,133 | ) | (14,237 | ) | (66,006 | ) | ||||||||
Total | $ | 81,910 | $ | 10,971 | $ | 172,001 | $ | 91,642 | ||||||||
Depreciation and amortization | ||||||||||||||||
Birds Eye Frozen | $ | 9,714 | $ | 9,339 | $ | 19,663 | $ | 18,627 | ||||||||
Duncan Hines Grocery | 6,901 | 5,489 | 13,363 | 11,316 | ||||||||||||
Specialty Foods | 2,962 | 3,927 | 6,932 | 8,082 | ||||||||||||
Total | $ | 19,577 | $ | 18,755 | $ | 39,958 | $ | 38,025 | ||||||||
Capital expenditures (1) | ||||||||||||||||
Birds Eye Frozen | $ | 11,374 | $ | 14,901 | $ | 17,355 | $ | 25,011 | ||||||||
Duncan Hines Grocery | 19,268 | 8,557 | 34,008 | 19,166 | ||||||||||||
Specialty Foods | 3,162 | 3,916 | 5,129 | 6,107 | ||||||||||||
Total | $ | 33,804 | $ | 27,374 | $ | 56,492 | $ | 50,284 | ||||||||
NET SALES BY PRODUCT TYPE | ||||||||||||||||
Net sales | ||||||||||||||||
Frozen | $ | 283,597 | $ | 284,617 | $ | 620,831 | $ | 622,642 | ||||||||
Meals and Meal Enhancers (2) | 233,125 | 182,290 | 443,825 | 356,779 | ||||||||||||
Desserts | 73,951 | 75,917 | 144,672 | 151,875 | ||||||||||||
Snacks | 27,127 | 26,220 | 52,511 | 50,729 | ||||||||||||
Total | $ | 617,800 | $ | 569,044 | $ | 1,261,839 | $ | 1,182,025 | ||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||
Net sales | ||||||||||||||||
United States | $ | 612,793 | $ | 562,492 | $ | 1,252,610 | $ | 1,169,073 | ||||||||
Canada | 17,661 | 21,932 | 37,852 | 42,548 | ||||||||||||
Intercompany | (12,654 | ) | (15,380 | ) | (28,623 | ) | (29,596 | ) | ||||||||
Total | $ | 617,800 | $ | 569,044 | $ | 1,261,839 | $ | 1,182,025 | ||||||||
-1 | Includes new capital leases. | |||||||||||||||
-2 | The Wish-Bone and Western salad dressing business was acquired on October 1, 2013 and will add approximately $190 million of annual sales to Meals & Meal Enhancers. | |||||||||||||||
SEGMENT INFORMATION | June 29, | December 29, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Total assets | ||||||||||||||||
Birds Eye Frozen | $ | 2,009,527 | $ | 2,004,250 | ||||||||||||
Duncan Hines Grocery | 2,623,148 | 2,577,093 | ||||||||||||||
Specialty Foods | 360,992 | 358,198 | ||||||||||||||
Corporate | 151,803 | 141,650 | ||||||||||||||
Total | $ | 5,145,470 | $ | 5,081,191 | ||||||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||
Long-lived assets | ||||||||||||||||
United States | $ | 552,925 | $ | 523,250 | ||||||||||||
Canada | 22 | 20 | ||||||||||||||
Total | $ | 552,947 | $ | 523,270 | ||||||||||||
Provision_for_Income_Taxes
Provision for Income Taxes | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Provision for Income Taxes | ' | |||||||||||||||
Provision for Income Taxes | ||||||||||||||||
The provision (benefit) for income taxes and related effective tax rates for the three and six months ended June 29, 2014 and June 30, 2013, respectively, were as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
Provision (benefit) for Income Taxes | June 29, | June 30, | June 29, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Current | $ | 748 | $ | 774 | $ | 1,398 | $ | 1,494 | ||||||||
Deferred | 21,086 | (5,549 | ) | 45,438 | 8,953 | |||||||||||
Total | $ | 21,834 | $ | (4,775 | ) | $ | 46,836 | $ | 10,447 | |||||||
Effective tax rate | 38 | % | 13 | % | 38 | % | 306.9 | % | ||||||||
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 three and six months ended June 29, 2014, state legislation was enacted which resulted in benefits of $0.5 million and $1.1 million, respectively, to the provision for income taxes. During the three and six months ended June 30, 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 non-cash deferred tax expense in the provision for income taxes through the consolidated statement of operations. | ||||||||||||||||
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 June 29, 2014 and June 30, 2013, the Company maintained a valuation allowance for certain state net operating loss (“NOL”) carryovers, state tax credit carryovers and foreign loss carryovers. There was no change in the valuation allowance for either of the three and six month reporting periods ended June 29, 2014. For the three and six months ended June 30, 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. | ||||||||||||||||
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 adoption of the final regulations did not result in a material impact on the Company. |
Guarantor_and_Nonguarantor_Sta
Guarantor and Nonguarantor Statements | 6 Months Ended | |||||||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||||||
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 June 29, 2014 and December 29, 2013. | |||||||||||||||||||||||
(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 six months ended June 29, 2014; and | ||||||||||||||||||||||||
ii. Three and six months ended June 30, 2013. | ||||||||||||||||||||||||
(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. Six months ended June 29, 2014; and | ||||||||||||||||||||||||
ii. Six months ended June 30, 2013. | ||||||||||||||||||||||||
-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-Jun-14 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 161,699 | $ | 9,135 | $ | — | $ | 170,834 | ||||||||||||
Accounts receivable, net | — | — | 165,921 | 7,199 | — | 173,120 | ||||||||||||||||||
Intercompany accounts receivable | 25,746 | — | 250,007 | — | (275,753 | ) | — | |||||||||||||||||
Inventories, net | — | — | 334,008 | 5,210 | — | 339,218 | ||||||||||||||||||
Other current assets | — | 388 | 7,948 | 742 | — | 9,078 | ||||||||||||||||||
Deferred tax assets | — | (2,982 | ) | 152,305 | 706 | — | 150,029 | |||||||||||||||||
Total current assets | 25,746 | (2,594 | ) | 1,071,888 | 22,992 | (275,753 | ) | 842,279 | ||||||||||||||||
Plant assets, net | — | — | 552,925 | 22 | — | 552,947 | ||||||||||||||||||
Investment in subsidiaries | 1,614,593 | 2,116,084 | 10,398 | — | (3,741,075 | ) | — | |||||||||||||||||
Intercompany note receivable | — | 1,972,980 | 7,270 | 9,800 | (1,990,050 | ) | — | |||||||||||||||||
Tradenames | — | — | 1,951,392 | — | — | 1,951,392 | ||||||||||||||||||
Other assets, net | — | 35,786 | 125,304 | 117 | — | 161,207 | ||||||||||||||||||
Deferred tax assets | — | 295,511 | — | — | (295,511 | ) | — | |||||||||||||||||
Goodwill | — | — | 1,637,645 | — | — | 1,637,645 | ||||||||||||||||||
Total assets | $ | 1,640,339 | $ | 4,417,767 | $ | 5,356,822 | $ | 32,931 | $ | (6,302,389 | ) | $ | 5,145,470 | |||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 1,998 | $ | — | $ | — | $ | 1,998 | ||||||||||||
Current portion of long-term obligations | — | 21,550 | 6,532 | — | — | 28,082 | ||||||||||||||||||
Accounts payable | — | 164 | 155,518 | 2,083 | — | 157,765 | ||||||||||||||||||
Intercompany accounts payable | — | 270,571 | — | 5,182 | (275,753 | ) | — | |||||||||||||||||
Accrued trade marketing expense | — | — | 28,143 | 3,787 | — | 31,930 | ||||||||||||||||||
Accrued liabilities | — | 15,268 | 76,695 | 383 | — | 92,346 | ||||||||||||||||||
Dividends payable | 25,746 | — | — | — | — | 25,746 | ||||||||||||||||||
Total current liabilities | 25,746 | 307,553 | 268,886 | 11,435 | (275,753 | ) | 337,867 | |||||||||||||||||
Long-term debt | — | 2,449,707 | 26,268 | — | — | 2,475,975 | ||||||||||||||||||
Intercompany note payable | — | — | 1,982,054 | 7,996 | (1,990,050 | ) | — | |||||||||||||||||
Pension and other postretirement benefits | — | — | 44,400 | — | — | 44,400 | ||||||||||||||||||
Other long-term liabilities | — | 3,555 | 20,684 | 2,730 | — | 26,969 | ||||||||||||||||||
Deferred tax liabilities | — | 42,359 | 898,446 | 372 | (295,511 | ) | 645,666 | |||||||||||||||||
Total liabilities | 25,746 | 2,803,174 | 3,240,738 | 22,533 | (2,561,314 | ) | 3,530,877 | |||||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||
Pinnacle common stock | 1,173 | — | — | — | — | 1,173 | ||||||||||||||||||
Additional paid-in-capital | 1,331,185 | 1,332,358 | 1,285,870 | 2,324 | (2,620,552 | ) | 1,331,185 | |||||||||||||||||
Retained earnings | 302,545 | 302,545 | 856,822 | 8,790 | (1,168,157 | ) | 302,545 | |||||||||||||||||
Accumulated other comprehensive loss | (20,310 | ) | (20,310 | ) | (26,608 | ) | (716 | ) | 47,634 | (20,310 | ) | |||||||||||||
Total Shareholders' equity | 1,614,593 | 1,614,593 | 2,116,084 | 10,398 | (3,741,075 | ) | 1,614,593 | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,640,339 | $ | 4,417,767 | $ | 5,356,822 | $ | 32,931 | $ | (6,302,389 | ) | $ | 5,145,470 | |||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
29-Dec-13 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 104,345 | $ | 12,394 | $ | — | $ | 116,739 | ||||||||||||
Accounts receivable, net | — | — | 156,417 | 8,247 | — | 164,664 | ||||||||||||||||||
Intercompany accounts receivable | 25,119 | — | 188,941 | — | (214,060 | ) | — | |||||||||||||||||
Inventories, net | — | — | 355,685 | 6,187 | — | 361,872 | ||||||||||||||||||
Other current assets | — | 850 | 6,931 | 111 | — | 7,892 | ||||||||||||||||||
Deferred tax assets | — | — | 141,162 | (20 | ) | — | 141,142 | |||||||||||||||||
Total current assets | 25,119 | 850 | 953,481 | 26,919 | (214,060 | ) | 792,309 | |||||||||||||||||
Plant assets, net | — | — | 523,250 | 20 | — | 523,270 | ||||||||||||||||||
Investment in subsidiaries | 1,598,041 | 2,027,337 | 12,453 | — | (3,637,831 | ) | — | |||||||||||||||||
Intercompany note receivable | — | 1,984,956 | 7,270 | 9,800 | (2,002,026 | ) | — | |||||||||||||||||
Tradenames | — | — | 1,951,392 | — | — | 1,951,392 | ||||||||||||||||||
Other assets, net | — | 54,530 | 131,464 | 131 | — | 186,125 | ||||||||||||||||||
Deferred tax assets | — | 284,606 | — | — | (284,606 | ) | — | |||||||||||||||||
Goodwill | — | — | 1,628,095 | — | — | 1,628,095 | ||||||||||||||||||
Total assets | $ | 1,623,160 | $ | 4,352,279 | $ | 5,207,405 | $ | 36,870 | $ | (6,138,523 | ) | $ | 5,081,191 | |||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 2,437 | $ | — | $ | — | $ | 2,437 | ||||||||||||
Current portion of long-term obligations | — | 21,550 | 3,030 | — | — | 24,580 | ||||||||||||||||||
Accounts payable | — | 158 | 140,694 | 1,501 | — | 142,353 | ||||||||||||||||||
Intercompany accounts payable | — | 207,123 | — | 6,937 | (214,060 | ) | — | |||||||||||||||||
Accrued trade marketing expense | — | — | 32,627 | 4,433 | — | 37,060 | ||||||||||||||||||
Accrued liabilities | — | 15,306 | 83,667 | 782 | — | 99,755 | ||||||||||||||||||
Dividends payable | 25,119 | — | — | — | — | 25,119 | ||||||||||||||||||
Total current liabilities | 25,119 | 244,137 | 262,455 | 13,653 | (214,060 | ) | 331,304 | |||||||||||||||||
Long-term debt | — | 2,459,215 | 16,952 | — | — | 2,476,167 | ||||||||||||||||||
Intercompany note payable | — | — | 1,994,163 | 7,863 | (2,002,026 | ) | — | |||||||||||||||||
Pension and other postretirement benefits | — | — | 49,847 | — | — | 49,847 | ||||||||||||||||||
Other long-term liabilities | — | 1,136 | 20,694 | 2,730 | — | 24,560 | ||||||||||||||||||
Deferred tax liabilities | — | 49,750 | 835,957 | 171 | (284,606 | ) | 601,272 | |||||||||||||||||
Total liabilities | 25,119 | 2,754,238 | 3,180,068 | 24,417 | (2,500,692 | ) | 3,483,150 | |||||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||
Pinnacle common stock | 1,172 | — | — | — | — | 1,172 | ||||||||||||||||||
Additional paid-in-capital | 1,328,847 | 1,330,019 | 1,285,084 | 2,324 | (2,617,427 | ) | 1,328,847 | |||||||||||||||||
Retained earnings | 275,519 | 275,519 | 768,718 | 10,504 | (1,054,741 | ) | 275,519 | |||||||||||||||||
Accumulated other comprehensive loss | (7,497 | ) | (7,497 | ) | (26,465 | ) | (375 | ) | 34,337 | (7,497 | ) | |||||||||||||
Total Shareholders' equity | 1,598,041 | 1,598,041 | 2,027,337 | 12,453 | (3,637,831 | ) | 1,598,041 | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,623,160 | $ | 4,352,279 | $ | 5,207,405 | $ | 36,870 | $ | (6,138,523 | ) | $ | 5,081,191 | |||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the three months ended June 29, 2014 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 612,793 | $ | 17,661 | $ | (12,654 | ) | $ | 617,800 | |||||||||||
Cost of products sold | — | 285 | 452,115 | 15,558 | (12,375 | ) | 455,583 | |||||||||||||||||
Gross profit | — | (285 | ) | 160,678 | 2,103 | (279 | ) | 162,217 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 657 | 45,603 | 1,710 | — | 47,970 | ||||||||||||||||||
Administrative expenses | — | 1,655 | 22,063 | 900 | — | 24,618 | ||||||||||||||||||
Research and development expenses | — | 75 | 2,801 | — | — | 2,876 | ||||||||||||||||||
Intercompany royalties | — | — | — | 9 | (9 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 270 | (270 | ) | — | |||||||||||||||||
Other expense (income), net | — | 250 | 4,593 | — | — | 4,843 | ||||||||||||||||||
Equity in (earnings) loss of investees | (35,584 | ) | (41,701 | ) | 625 | — | 76,660 | — | ||||||||||||||||
Total operating expenses | (35,584 | ) | (39,064 | ) | 75,685 | 2,889 | 76,381 | 80,307 | ||||||||||||||||
Earnings before interest and taxes | 35,584 | 38,779 | 84,993 | (786 | ) | (76,660 | ) | 81,910 | ||||||||||||||||
Intercompany interest (income) expense | — | (16,891 | ) | 16,855 | 36 | — | — | |||||||||||||||||
Interest expense | — | 23,980 | 537 | 7 | — | 24,524 | ||||||||||||||||||
Interest income | — | — | 17 | 15 | — | 32 | ||||||||||||||||||
Earnings (loss) before income taxes | 35,584 | 31,690 | 67,618 | (814 | ) | (76,660 | ) | 57,418 | ||||||||||||||||
Provision (benefit) for income taxes | — | (3,894 | ) | 25,917 | (189 | ) | — | 21,834 | ||||||||||||||||
Net earnings (loss) | $ | 35,584 | $ | 35,584 | $ | 41,701 | $ | (625 | ) | $ | (76,660 | ) | $ | 35,584 | ||||||||||
Total comprehensive earnings (loss) | $ | 27,852 | $ | 27,852 | $ | 40,987 | $ | (1,358 | ) | $ | (67,481 | ) | $ | 27,852 | ||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the three months ended June 30, 2013 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 562,492 | $ | 21,932 | $ | (15,380 | ) | $ | 569,044 | |||||||||||
Cost of products sold | — | 289 | 421,143 | 18,317 | (15,133 | ) | 424,616 | |||||||||||||||||
Gross profit | — | (289 | ) | 141,349 | 3,615 | (247 | ) | 144,428 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 865 | 44,468 | 2,175 | — | 47,508 | ||||||||||||||||||
Administrative expenses | — | 13,887 | 30,571 | 869 | — | 45,327 | ||||||||||||||||||
Research and development expenses | — | 64 | 2,725 | — | — | 2,789 | ||||||||||||||||||
Intercompany royalties | — | — | — | 19 | (19 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 228 | (228 | ) | — | |||||||||||||||||
Other expense (income), net | — | 34,180 | 3,653 | — | — | 37,833 | ||||||||||||||||||
Equity in (earnings) loss of investees | 31,839 | (27,046 | ) | (169 | ) | — | (4,624 | ) | — | |||||||||||||||
Total operating expenses | 31,839 | 21,950 | 81,248 | 3,291 | (4,871 | ) | 133,457 | |||||||||||||||||
Earnings before interest and taxes | (31,839 | ) | (22,239 | ) | 60,101 | 324 | 4,624 | 10,971 | ||||||||||||||||
Intercompany interest (income) expense | — | (15,261 | ) | 15,220 | 41 | — | — | |||||||||||||||||
Interest expense | — | 47,137 | 483 | 7 | — | 47,627 | ||||||||||||||||||
Interest income | — | — | 31 | 11 | — | 42 | ||||||||||||||||||
Earnings (loss) before income taxes | (31,839 | ) | (54,115 | ) | 44,429 | 287 | 4,624 | (36,614 | ) | |||||||||||||||
Provision (benefit) for income taxes | — | (22,276 | ) | 17,383 | 118 | — | (4,775 | ) | ||||||||||||||||
Net (loss) earnings | $ | (31,839 | ) | $ | (31,839 | ) | $ | 27,046 | $ | 169 | $ | 4,624 | $ | (31,839 | ) | |||||||||
Total comprehensive earnings (loss) | $ | (2,970 | ) | $ | (2,970 | ) | $ | 27,399 | $ | 361 | $ | (24,790 | ) | $ | (2,970 | ) | ||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the six months ended June 29, 2014 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,252,610 | $ | 37,852 | $ | (28,623 | ) | $ | 1,261,839 | |||||||||||
Cost of products sold | — | 479 | 926,060 | 34,487 | (28,065 | ) | 932,961 | |||||||||||||||||
Gross profit | — | (479 | ) | 326,550 | 3,365 | (558 | ) | 328,878 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 928 | 88,244 | 2,926 | — | 92,098 | ||||||||||||||||||
Administrative expenses | — | 3,351 | 45,168 | 2,076 | — | 50,595 | ||||||||||||||||||
Research and development expenses | — | 116 | 5,242 | — | — | 5,358 | ||||||||||||||||||
Intercompany royalties | — | — | — | 18 | (18 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 540 | (540 | ) | — | |||||||||||||||||
Other expense (income), net | — | 250 | 8,576 | — | — | 8,826 | ||||||||||||||||||
Equity in (earnings) loss of investees | (76,332 | ) | (88,104 | ) | 1,714 | — | 162,722 | — | ||||||||||||||||
Total operating expenses | (76,332 | ) | (83,459 | ) | 148,944 | 5,560 | 162,164 | 156,877 | ||||||||||||||||
Earnings before interest and taxes | 76,332 | 82,980 | 177,606 | (2,195 | ) | (162,722 | ) | 172,001 | ||||||||||||||||
Intercompany interest (income) expense | — | (33,781 | ) | 33,710 | 71 | — | — | |||||||||||||||||
Interest expense | — | 47,892 | 984 | 15 | — | 48,891 | ||||||||||||||||||
Interest income | — | — | 28 | 30 | — | 58 | ||||||||||||||||||
Earnings (loss) before income taxes | 76,332 | 68,869 | 142,940 | (2,251 | ) | (162,722 | ) | 123,168 | ||||||||||||||||
Provision (benefit) for income taxes | — | (7,463 | ) | 54,836 | (537 | ) | — | 46,836 | ||||||||||||||||
Net earnings (loss) | $ | 76,332 | $ | 76,332 | $ | 88,104 | $ | (1,714 | ) | $ | (162,722 | ) | $ | 76,332 | ||||||||||
Total comprehensive earnings (loss) | $ | 63,519 | $ | 63,519 | $ | 87,620 | $ | (2,306 | ) | $ | (148,833 | ) | $ | 63,519 | ||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,169,073 | $ | 42,548 | $ | (29,596 | ) | $ | 1,182,025 | |||||||||||
Cost of products sold | — | 301 | 875,626 | 35,882 | (29,053 | ) | 882,756 | |||||||||||||||||
Gross profit | — | (301 | ) | 293,447 | 6,666 | (543 | ) | 299,269 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 935 | 88,369 | 3,832 | — | 93,136 | ||||||||||||||||||
Administrative expenses | — | 14,465 | 51,634 | 1,786 | — | 67,885 | ||||||||||||||||||
Research and development expenses | — | 69 | 5,047 | — | — | 5,116 | ||||||||||||||||||
Intercompany royalties | — | — | — | 28 | (28 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 515 | (515 | ) | — | |||||||||||||||||
Other expense (income), net | — | 34,180 | 7,310 | — | — | 41,490 | ||||||||||||||||||
Equity in (earnings) loss of investees | 7,043 | (62,471 | ) | (258 | ) | — | 55,686 | — | ||||||||||||||||
Total operating expenses | 7,043 | (12,822 | ) | 152,102 | 6,161 | 55,143 | 207,627 | |||||||||||||||||
Earnings before interest and taxes | (7,043 | ) | 12,521 | 141,345 | 505 | (55,686 | ) | 91,642 | ||||||||||||||||
Intercompany interest (income) expense | — | (38,551 | ) | 38,478 | 73 | — | — | |||||||||||||||||
Interest expense | — | 87,217 | 1,052 | 14 | — | 88,283 | ||||||||||||||||||
Interest income | — | — | 33 | 12 | — | 45 | ||||||||||||||||||
Earnings (loss) before income taxes | (7,043 | ) | (36,145 | ) | 101,848 | 430 | (55,686 | ) | 3,404 | |||||||||||||||
Provision (benefit) for income taxes | — | (29,102 | ) | 39,377 | 172 | — | 10,447 | |||||||||||||||||
Net (loss) earnings | $ | (7,043 | ) | $ | (7,043 | ) | $ | 62,471 | $ | 258 | $ | (55,686 | ) | $ | (7,043 | ) | ||||||||
Total comprehensive earnings (loss) | $ | 22,949 | $ | 22,949 | $ | 63,508 | $ | 854 | $ | (87,311 | ) | $ | 22,949 | |||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the six months ended June 29, 2014 | ||||||||||||||||||||||||
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 | $ | — | $ | (16,554 | ) | $ | 206,373 | $ | (3,265 | ) | $ | — | $ | 186,554 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Payments for business acquisition | — | — | (11,769 | ) | — | — | (11,769 | ) | ||||||||||||||||
Intercompany accounts receivable/payable | — | — | — | — | — | — | ||||||||||||||||||
Repayments of intercompany loans | — | 45,717 | — | (45,717 | ) | — | ||||||||||||||||||
Investment in Subsidiary | 50,745 | — | — | — | (50,745 | ) | — | |||||||||||||||||
Capital expenditures | — | — | (56,210 | ) | — | — | (56,210 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | 50,745 | 45,717 | (67,979 | ) | — | (96,462 | ) | (67,979 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from issuance of common stock | 165 | — | — | — | — | 165 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | 786 | — | — | — | — | 786 | ||||||||||||||||||
Taxes paid related to net share settlement of equity awards | (3,061 | ) | — | — | — | — | (3,061 | ) | ||||||||||||||||
Dividends paid | (48,635 | ) | — | — | — | — | (48,635 | ) | ||||||||||||||||
Repayments of long-term obligations | — | (10,775 | ) | (585 | ) | — | — | (11,360 | ) | |||||||||||||||
Proceeds from short-term borrowing | — | — | 1,773 | — | — | 1,773 | ||||||||||||||||||
Repayments of short-term borrowing | — | — | (2,185 | ) | — | — | (2,185 | ) | ||||||||||||||||
Intercompany accounts receivable/payable | — | (16,278 | ) | 16,278 | — | — | ||||||||||||||||||
Parent investment | — | (2,110 | ) | (48,635 | ) | — | 50,745 | — | ||||||||||||||||
Repayments of intercompany loans | — | — | (45,717 | ) | — | 45,717 | — | |||||||||||||||||
Repayment of capital lease obligations | — | — | (1,755 | ) | — | — | (1,755 | ) | ||||||||||||||||
Debt acquisition costs | — | — | (214 | ) | — | — | (214 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | (50,745 | ) | (29,163 | ) | (81,040 | ) | — | 96,462 | (64,486 | ) | ||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 6 | — | 6 | ||||||||||||||||||
Net change in cash and cash equivalents | — | — | 57,354 | (3,259 | ) | — | 54,095 | |||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | 104,345 | 12,394 | — | 116,739 | ||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | 161,699 | $ | 9,135 | $ | — | $ | 170,834 | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||
Interest paid | $ | — | $ | 44,423 | $ | 952 | $ | — | $ | — | $ | 45,375 | ||||||||||||
Interest received | — | 30 | 28 | — | — | 58 | ||||||||||||||||||
Income taxes paid | — | — | 3,124 | 532 | — | 3,656 | ||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||
New capital leases | — | — | 282 | — | — | 282 | ||||||||||||||||||
Dividends payable | 25,746 | — | — | — | — | 25,746 | ||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the six months ended June 30, 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 | $ | — | $ | (55,886 | ) | $ | 165,264 | $ | 2,739 | $ | — | $ | 112,117 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | 99,748 | — | — | (99,748 | ) | — | |||||||||||||||||
Investment in subsidiaries | (624,146 | ) | — | — | — | 624,146 | — | |||||||||||||||||
Capital expenditures | — | — | (43,823 | ) | — | — | (43,823 | ) | ||||||||||||||||
Sale of plant assets | — | — | 1,775 | — | — | 1,775 | ||||||||||||||||||
Net cash (used in) provided by investing activities | (624,146 | ) | 99,748 | (42,048 | ) | — | 524,398 | (42,048 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from the issuance of initial public offering | 623,929 | — | — | — | — | 623,929 | ||||||||||||||||||
Proceeds from the issuance of common stock | 217 | — | — | — | — | 217 | ||||||||||||||||||
Proceeds from bond offering | — | 350,000 | — | — | — | 350,000 | ||||||||||||||||||
Proceeds from bank term loan | — | 1,625,925 | — | — | — | 1,625,925 | ||||||||||||||||||
Repayments of long-term obligations | — | (1,732,071 | ) | — | — | — | (1,732,071 | ) | ||||||||||||||||
Repurchase of notes | — | (899,180 | ) | — | — | — | (899,180 | ) | ||||||||||||||||
Proceeds from short-term borrowing | — | — | 1,935 | — | — | 1,935 | ||||||||||||||||||
Repayments of short-term borrowing | — | — | (2,732 | ) | — | — | (2,732 | ) | ||||||||||||||||
Intercompany accounts receivable/payable | — | — | (99,748 | ) | 99,748 | — | ||||||||||||||||||
Repayment of capital lease obligations | — | — | (1,377 | ) | — | — | (1,377 | ) | ||||||||||||||||
Investment from parent | — | 624,146 | — | — | (624,146 | ) | — | |||||||||||||||||
Debt acquisition costs | — | (12,491 | ) | — | — | — | (12,491 | ) | ||||||||||||||||
Parent reduction in investment in subsidiary | 191 | (191 | ) | — | — | — | — | |||||||||||||||||
Repurchases of equity | (191 | ) | — | — | — | — | (191 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | 624,146 | (43,862 | ) | (101,922 | ) | — | (524,398 | ) | (46,036 | ) | ||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 212 | — | 212 | ||||||||||||||||||
Net change in cash and cash equivalents | — | — | 21,294 | 2,951 | — | 24,245 | ||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | 83,123 | 9,158 | — | 92,281 | ||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | 104,417 | $ | 12,109 | $ | — | $ | 116,526 | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||
Interest paid | $ | — | $ | 76,725 | $ | 1,009 | $ | — | $ | — | $ | 77,734 | ||||||||||||
Interest received | — | — | 34 | 11 | — | 45 | ||||||||||||||||||
Income taxes (refunded) paid | — | — | 1,939 | 205 | — | 2,144 | ||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||
New capital leases | — | — | 6,461 | — | — | 6,461 | ||||||||||||||||||
Dividends payable | 21,107 | — | — | — | — | 21,107 | ||||||||||||||||||
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 29, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On May 12, 2014 the Company entered into a definite merger agreement for the sale of the Company to The Hillshire Brands Company ("Hillshire"). Subsequently, Hillshire received an offer from Tyson Foods, Inc. ("Tyson") to acquire all of its outstanding common shares. On June 16, 2014, in light of the Tyson offer, Hillshire's board of directors withdrew its recommendation of the pending acquisition of Pinnacle. Under the terms of the merger agreement, as a result of the change in recommendation, the Company had the right to terminate its merger agreement with Hillshire, which it did on June 30, 2014. As a result of the termination, on July 2, 2014, the Company received a merger termination fee payment of $163.0 million from Tyson, on behalf of Hillshire, which will be recorded in the third quarter of 2014. One-time fees and expenses associated with the merger agreement, including external advisors and employee incentives are expected to total approximately $20 million. These fees and expenses are expected to impact the Company's earnings statements by the following approximate amounts: second quarter 2014 $2.1 million, third quarter 2014 $12 million, fourth quarter 2014 $4 million and first quarter 2015 $2 million. The termination fee payment net of one-time fees and expenses, as well as income taxes, is expected to add approximately $87 million to earnings on an after-tax basis. | |
On July 8, 2014, the Company paid down $200.0 million of the Tranche G Term Loans with a combination of the merger termination fee payment and cash on hand. |
Summary_of_Business_Activities1
Summary of Business Activities Policies (Policies) | 6 Months Ended |
Jun. 29, 2014 | |
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 June 29, 2014 or December 29, 2013. | |
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. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 29, 2014 | |
Recently Issued Accounting Pronouncements [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” (“ASU 2014-09”). The new guidance establishes principals regarding the nature, timing, and uncertainty of revenue from contracts with customers. It removes inconsistencies in existing revenue requirements, provides a more robust framework for addressing revenue issues and improves comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. The updated guidance will be effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is in the process of evaluating this guidance; however, it is not expected to have a material effect on the consolidated financial statements upon adoption. | |
In June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments when the terms of an award provide that a performance target could be achieved after the requisite service period,” (“ASU 2014-12”). Current U.S. GAAP does not contain explicit guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period is treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. The updated guidance will be effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted. The Company is in the process of evaluating this guidance; however, it is not expected to have a material effect on the consolidated financial statements upon adoption. |
Acquisitions_Tables
Acquisitions (Tables) | 6 Months Ended | |||
Jun. 29, 2014 | ||||
Business Acquisition [Line Items] | ' | |||
Schedule of pro forma information | ' | |||
Amounts in millions: | ||||
Six months ended June 30, 2013 (unaudited) | ||||
Net sales | $ | 1,288.20 | ||
Net earnings | $ | 4.7 | ||
Wish-Bone [Member] | ' | |||
Business Acquisition [Line Items] | ' | |||
Summary of the allocation of the total cost of the acquisition to assets acquired | ' | |||
The cost of the Wish-Bone acquisition was $575,164. The following table summarizes the allocation of the total cost of the acquisition to the assets acquired: | ||||
Assets acquired: | ||||
Inventories | $ | 20,029 | ||
Plant assets | 5,871 | |||
Tradenames | 347,400 | |||
Distributor relationships and other agreements | 14,700 | |||
Deferred tax assets | 564 | |||
Goodwill | 186,600 | |||
$ | 575,164 | |||
Duncan Hines Grocery [Member] | ' | |||
Business Acquisition [Line Items] | ' | |||
Summary of the allocation of the total cost of the acquisition to assets acquired | ' | |||
The following table summarizes the allocation of the total cost of the acquisition to the assets acquired and liabilities assumed: | ||||
Assets acquired: | ||||
Inventories | $ | 10,188 | ||
Building and land | 3,480 | |||
Plant assets | 2,302 | |||
Deferred tax assets | 1,278 | |||
Goodwill | 9,550 | |||
Fair value of assets acquired | 26,798 | |||
Liabilities assumed | ||||
Accrued liabilities | 178 | |||
Total cost of acquisition | $ | 26,620 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||||||||||||||||
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-Jun-14 | Level 1 | Level 2 | Level 3 | 29-Dec-13 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 12,570 | $ | — | $ | 12,570 | $ | — | $ | 29,518 | $ | — | $ | 29,518 | $ | — | |||||||||||||||||
Foreign currency derivatives | — | — | — | — | 307 | — | 307 | — | |||||||||||||||||||||||||
Commodity derivatives | 388 | — | 388 | — | 543 | — | 543 | — | |||||||||||||||||||||||||
Total assets at fair value | $ | 12,958 | $ | — | $ | 12,958 | $ | — | $ | 30,368 | $ | — | $ | 30,368 | $ | — | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 4,436 | $ | — | $ | 4,436 | $ | — | $ | 1,904 | $ | — | $ | 1,904 | $ | — | |||||||||||||||||
Foreign currency derivatives | 299 | — | 299 | — | — | — | — | — | |||||||||||||||||||||||||
Commodity derivatives | 100 | — | 100 | — | — | — | — | — | |||||||||||||||||||||||||
Total liabilities at fair value | $ | 4,835 | $ | — | $ | 4,835 | $ | — | $ | 1,904 | $ | — | $ | 1,904 | $ | — | |||||||||||||||||
Other_Expense_Income_Net_Table
Other Expense (Income), Net (Tables) | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||||
Schedule of Other Expense (Income), net | ' | |||||||||||||||
Three months ended | Six months ended | |||||||||||||||
June 29, | June 30, | June 29, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Other expense (income), net consists of: | ||||||||||||||||
Amortization of intangibles/other assets | $ | 3,186 | $ | 3,872 | $ | 7,361 | $ | 7,744 | ||||||||
Termination costs associated with the Hillshire merger agreement | 2,085 | — | 2,085 | — | ||||||||||||
Redemption premiums on the early extinguishment of debt | — | 34,180 | — | 34,180 | ||||||||||||
Royalty income and other | (428 | ) | (219 | ) | (620 | ) | (434 | ) | ||||||||
Total other expense (income), net | $ | 4,843 | $ | 37,833 | $ | 8,826 | $ | 41,490 | ||||||||
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) | 6 Months Ended | ||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||
Schedule of Employee Service Share-based Compensation | ' | ||||||||||||||||||
The following table summarizes equity-based compensation expense which was allocated as follows: | |||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||
June 29, 2014 | June 30, 2013 | June 29, 2014 | June 30, 2013 | ||||||||||||||||
Cost of products sold | $ | 274 | $ | 285 | $ | 471 | $ | 308 | |||||||||||
Marketing and selling expenses | 657 | 864 | 928 | 935 | |||||||||||||||
Administrative expenses | 1,330 | 1,937 | 2,933 | 2,013 | |||||||||||||||
Research and development expenses | 75 | 64 | 116 | 69 | |||||||||||||||
Pre-tax equity-based compensation expense | 2,336 | 3,150 | 4,448 | 3,325 | |||||||||||||||
Income tax benefit | (768 | ) | (674 | ) | (1,466 | ) | (680 | ) | |||||||||||
Net equity-based compensation expense | $ | 1,568 | $ | 2,476 | $ | 2,982 | $ | 2,645 | |||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||||
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 29, 2013 | 2,330,491 | $ | 20.47 | $ | 4.82 | 9.27 | 15,782 | ||||||||||||
Granted | 841,987 | 29.21 | 8.43 | ||||||||||||||||
Exercised | — | — | — | ||||||||||||||||
Forfeitures | (80,730 | ) | 20.2 | 4.71 | |||||||||||||||
Outstanding, June 29, 2014 | 3,091,748 | 22.86 | $ | 5.81 | 9.04 | $ | 31,115 | ||||||||||||
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 29, 2013 | 314,396 | $ | 10.22 | $ | 6.13 | 5.51 | $ | 5,352 | |||||||||||
Granted | — | — | — | ||||||||||||||||
Exercised | (17,391 | ) | 9.46 | 4.23 | |||||||||||||||
Forfeitures | (10,637 | ) | 11.29 | 7.31 | |||||||||||||||
Outstanding, June 29, 2014 | 286,368 | 10.22 | $ | 6.2 | 5.01 | 6,499 | |||||||||||||
Exercisable, June 29, 2014 | 108,152 | $ | 9.87 | $ | 4.25 | 4.62 | $ | 2,493 | |||||||||||
Schedule of Weighted Average Assumptions | ' | ||||||||||||||||||
The Company currently uses the Black-Scholes pricing model as its method of valuation for equity option awards. The fair value of the options granted during the six months ended June 29, 2014 and June 30, 2013, respectively, was estimated on the date of the grant with the following weighted average assumptions: | |||||||||||||||||||
June 29, 2014 | June 30, 2013 | ||||||||||||||||||
Risk-free interest rate | 2.2 | % | 1.1 | % | |||||||||||||||
Expected time to option exercise | 6.50 years | 6.50 years | |||||||||||||||||
Expected volatility of Pinnacle Foods Inc. stock | 37 | % | 35 | % | |||||||||||||||
Expected dividend yield on Pinnacle Foods Inc. stock | 2.9 | % | 3.6 | % | * | ||||||||||||||
Schedule of Restricted Stock Units Award Activity | ' | ||||||||||||||||||
The following table summarizes the changes in non-vested shares and Restricted Stock Units ("RSU's"). | |||||||||||||||||||
Number of | Weighted Average Fair Value at Grant Date | Aggregate Intrinsic Value (000's) | |||||||||||||||||
Shares | |||||||||||||||||||
Outstanding, December 29, 2013 | 1,645,718 | $ | 20.34 | $ | 44,829 | ||||||||||||||
Granted | 151,300 | 29.35 | |||||||||||||||||
Forfeitures | (53,069 | ) | 20.27 | ||||||||||||||||
Vested | (239,463 | ) | 20 | ||||||||||||||||
Outstanding, June 29, 2014 | 1,504,486 | $ | 21.31 | $ | 49,528 | ||||||||||||||
Schedule of Performance-based Units Activity | ' | ||||||||||||||||||
The following table summarizes the changes in Performance Share Units ("PSU's"). | |||||||||||||||||||
Number of | Weighted Average Fair Value at Grant Date | Aggregate Intrinsic Value (000's) | |||||||||||||||||
Shares | |||||||||||||||||||
Outstanding, December 29, 2013 | — | $ | — | $ | — | ||||||||||||||
Granted | 243,446 | 37.6 | |||||||||||||||||
Forfeitures | — | — | |||||||||||||||||
Vested | — | — | |||||||||||||||||
Outstanding, June 29, 2014 | 243,446 | $ | 37.6 | $ | 8,014 | ||||||||||||||
Schedule of Performance Shares Award Valuation Assumptions | ' | ||||||||||||||||||
The Company estimated the fair value of PSU's at the date of grant using a Monte Carlo simulation. The fair value of the PSU's granted during the six months ended June 29, 2014, was estimated on the date of the grant with the following assumptions: | |||||||||||||||||||
June 29, 2014 | |||||||||||||||||||
Risk-free interest rate | 0.9 | % | |||||||||||||||||
Expected term | 3.00 years | ||||||||||||||||||
Expected volatility | 35 | % | |||||||||||||||||
Expected dividend yield | 2.8 | % | |||||||||||||||||
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 six months ended June 29, 2014 and June 30, 2013. | |||||||||||||||||||
Gain/(Loss) | Amounts Reclassified from AOCL | ||||||||||||||||||
Three months ended | Six months ended | ||||||||||||||||||
Details about Accumulated Other Comprehensive Earnings Components | June 29, 2014 | June 30, 2013 | June 29, 2014 | June 30, 2013 | Reclassified from AOCL to: | ||||||||||||||
Gains and losses on financial instrument contracts | |||||||||||||||||||
Interest rate contracts | $ | (204 | ) | $ | (3,093 | ) | $ | (245 | ) | $ | (3,945 | ) | Interest expense | ||||||
Foreign exchange contracts | 387 | 490 | 800 | 682 | Cost of products sold | ||||||||||||||
Total pre-tax | 183 | (2,603 | ) | 555 | (3,263 | ) | |||||||||||||
Tax (expense) benefit | (130 | ) | 945 | (337 | ) | 1,174 | Provision for income taxes | ||||||||||||
Deferred tax expense | — | (9,070 | ) | — | (9,070 | ) | (a) | Provision for income taxes | |||||||||||
Net of tax | 53 | (10,728 | ) | 218 | (11,159 | ) | |||||||||||||
Pension actuarial assumption adjustments | |||||||||||||||||||
Amortization of actuarial loss | (32 | ) | (263 | ) | (175 | ) | (719 | ) | (b) | Cost of products sold | |||||||||
Tax benefit | 12 | 101 | 67 | 277 | Provision for income taxes | ||||||||||||||
Net of tax | (20 | ) | (162 | ) | (108 | ) | (442 | ) | |||||||||||
Net reclassifications into net earnings | $ | 33 | $ | (10,890 | ) | $ | 110 | $ | (11,601 | ) | |||||||||
(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). | |||||||||||||||||||
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 | Six months ended | ||||||||||||||||||
29-Jun-14 | 30-Jun-13 | 29-Jun-14 | 30-Jun-13 | ||||||||||||||||
Weighted-average common shares | 115,690,050 | 114,909,243 | 115,641,174 | 98,079,574 | |||||||||||||||
Effect of dilutive securities: | 1,210,556 | — | 1,152,579 | — | |||||||||||||||
Dilutive potential common shares | 116,900,606 | 114,909,243 | 116,793,753 | 98,079,574 | |||||||||||||||
Balance_Sheet_Information_Tabl
Balance Sheet Information (Tables) | 6 Months Ended | |||||||
Jun. 29, 2014 | ||||||||
Balance Sheet Information [Abstract] | ' | |||||||
Schedule of Accounts Receivable | ' | |||||||
Accounts receivable are as follows: | ||||||||
June 29, 2014 | December 29, 2013 | |||||||
Customers | $ | 174,189 | $ | 160,704 | ||||
Allowances for cash discounts, bad debts and returns | (6,234 | ) | (5,849 | ) | ||||
Subtotal | 167,955 | 154,855 | ||||||
Other receivables | 5,165 | 9,809 | ||||||
Total | $ | 173,120 | $ | 164,664 | ||||
Schedule of Inventories | ' | |||||||
Inventories are as follows: | ||||||||
June 29, | December 29, | |||||||
2014 | 2013 | |||||||
Raw materials, containers and supplies | $ | 94,963 | $ | 53,779 | ||||
Finished product | 244,255 | 308,093 | ||||||
Total | $ | 339,218 | $ | 361,872 | ||||
Schedule of Other Current Assets | ' | |||||||
Other Current Assets are as follows: | ||||||||
June 29, 2014 | December 29, 2013 | |||||||
Prepaid expenses | $ | 4,438 | $ | 5,560 | ||||
Prepaid income taxes | 3,084 | 776 | ||||||
Assets held for sale | 1,556 | 1,556 | ||||||
Total | $ | 9,078 | $ | 7,892 | ||||
Schedule of Plant Assets | ' | |||||||
Plant assets are as follows: | ||||||||
June 29, 2014 | December 29, 2013 | |||||||
Land | $ | 14,212 | $ | 14,061 | ||||
Buildings | 202,747 | 196,206 | ||||||
Machinery and equipment | 598,383 | 576,156 | ||||||
Projects in progress | 64,299 | 33,950 | ||||||
Subtotal | 879,641 | 820,373 | ||||||
Accumulated depreciation | (326,694 | ) | (297,103 | ) | ||||
Total | $ | 552,947 | $ | 523,270 | ||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued liabilities are as follows: | ||||||||
June 29, | December 29, | |||||||
2014 | 2013 | |||||||
Employee compensation and benefits | $ | 51,717 | $ | 59,871 | ||||
Interest payable | 14,366 | 14,108 | ||||||
Consumer coupons | 2,950 | 1,445 | ||||||
Accrued restructuring charges | 1,608 | 1,938 | ||||||
Accrued financial instrument contracts (see Note 11) | 1,280 | 768 | ||||||
Other | 20,425 | 21,625 | ||||||
Total | $ | 92,346 | $ | 99,755 | ||||
Schedule Of Other Long-Term Liabilities | ' | |||||||
Other long-term liabilities are as follows: | ||||||||
June 29, | December 29, | |||||||
2014 | 2013 | |||||||
Employee compensation and benefits | $ | 9,297 | $ | 8,434 | ||||
Long-term rent liability and deferred rent allowances | 8,933 | 9,401 | ||||||
Liability for uncertain tax positions | 708 | 727 | ||||||
Accrued financial instrument contracts (see Note 11) | 3,555 | 1,136 | ||||||
Other | 4,476 | 4,862 | ||||||
Total | $ | 26,969 | $ | 24,560 | ||||
Goodwill_Tradenames_and_Other_
Goodwill Tradenames and Other Assets (Tables) | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
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 29, 2013 | $ | 527,069 | $ | 927,065 | $ | 173,961 | $ | 1,628,095 | ||||||||
Gilster acquisition (Note 3) | — | 9,550 | — | 9,550 | ||||||||||||
Balance, June 29, 2014 | $ | 527,069 | $ | 936,615 | $ | 173,961 | $ | 1,637,645 | ||||||||
Schedule of Tradenames by segment | ' | |||||||||||||||
Tradenames by segment are as follows: | ||||||||||||||||
Birds Eye | Duncan Hines | Specialty | ||||||||||||||
Frozen | Grocery | Foods | Total | |||||||||||||
Balance, December 29, 2013 | $ | 796,680 | $ | 1,118,712 | $ | 36,000 | $ | 1,951,392 | ||||||||
Balance, June 29, 2014 | $ | 796,680 | $ | 1,118,712 | $ | 36,000 | $ | 1,951,392 | ||||||||
Schedule of Other Assets | ' | |||||||||||||||
Other Assets | ||||||||||||||||
June 29, 2014 | ||||||||||||||||
Weighted | Gross | Accumulated | Net | |||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||
Amount | ||||||||||||||||
Amortizable intangibles | ||||||||||||||||
Recipes | 10 | $ | 52,810 | $ | (38,286 | ) | $ | 14,524 | ||||||||
Customer relationships - Distributors | 36 | 139,146 | (37,549 | ) | 101,597 | |||||||||||
Customer relationships - Food Service | 7 | 36,143 | (36,143 | ) | — | |||||||||||
Customer relationships - Private Label | 7 | 9,214 | (9,214 | ) | — | |||||||||||
License | 7 | 6,175 | (3,863 | ) | 2,312 | |||||||||||
Total amortizable intangibles | $ | 243,488 | $ | (125,055 | ) | $ | 118,433 | |||||||||
Deferred financing costs | 46,852 | (23,254 | ) | 23,598 | ||||||||||||
Financial instruments (see note 11) | 12,570 | — | 12,570 | |||||||||||||
Other (1) | 6,606 | — | 6,606 | |||||||||||||
Total other assets, net | $ | 161,207 | ||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||
Birds Eye Frozen | $ | 60,286 | ||||||||||||||
Duncan Hines Grocery | 54,864 | |||||||||||||||
Specialty Foods | 3,283 | |||||||||||||||
$ | 118,433 | |||||||||||||||
December 29, 2013 | ||||||||||||||||
Weighted | Gross | Accumulated | Net | |||||||||||||
Avg Life | Carrying | Amortization | ||||||||||||||
Amount | ||||||||||||||||
Amortizable intangibles | ||||||||||||||||
Recipes | 10 | $ | 52,810 | $ | (35,645 | ) | $ | 17,165 | ||||||||
Customer relationships - Distributors | 36 | 139,146 | (34,518 | ) | 104,628 | |||||||||||
Customer relationships - Food Service | 7 | 36,143 | (35,291 | ) | 852 | |||||||||||
Customer relationships - Private Label | 7 | 9,214 | (9,078 | ) | 136 | |||||||||||
License | 7 | 6,175 | (3,162 | ) | 3,013 | |||||||||||
Total amortizable intangibles | $ | 243,488 | $ | (117,694 | ) | $ | 125,794 | |||||||||
Deferred financing costs | 46,638 | (21,198 | ) | 25,440 | ||||||||||||
Financial instruments (see note 11) | 29,518 | — | 29,518 | |||||||||||||
Other (1) | 5,373 | — | 5,373 | |||||||||||||
Total other assets, net | $ | 186,125 | ||||||||||||||
Amortizable intangibles by segment | ||||||||||||||||
Birds Eye Frozen | $ | 63,319 | ||||||||||||||
Duncan Hines Grocery | 58,090 | |||||||||||||||
Specialty Foods | 4,385 | |||||||||||||||
$ | 125,794 | |||||||||||||||
(1) As of June 29, 2014 and December 29, 2013, 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 29, 2013 | $ | 46,638 | $ | (21,198 | ) | $ | 25,440 | |||||||||
2014 - Additions | 214 | — | 214 | |||||||||||||
Amortization | — | (2,056 | ) | (2,056 | ) | |||||||||||
Balance, June 29, 2014 | $ | 46,852 | $ | (23,254 | ) | $ | 23,598 | |||||||||
Debt_and_Interest_Expense_Tabl
Debt and Interest Expense (Tables) | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Long-term and Short-term Debt Instruments | ' | |||||||||||||||
June 29, | December 29, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Short-term borrowings | ||||||||||||||||
- Notes payable | $ | 1,998 | $ | 2,437 | ||||||||||||
Total short-term borrowings | $ | 1,998 | $ | 2,437 | ||||||||||||
Long-term debt | ||||||||||||||||
- Senior Secured Credit Facility - Tranche G Term Loans due 2020 | 1,613,700 | 1,621,850 | ||||||||||||||
- Senior Secured Credit Facility - Tranche H Term Loans due 2020 | 522,375 | 525,000 | ||||||||||||||
- 4.875% Senior Notes due 2021 | 350,000 | 350,000 | ||||||||||||||
- 3.0% Note payable to Gilster Mary Lee Corporation due 2018 | 14,266 | — | ||||||||||||||
- Unamortized discount on long term debt | (14,818 | ) | (16,085 | ) | ||||||||||||
- Capital lease obligations | 18,534 | 19,982 | ||||||||||||||
2,504,057 | 2,500,747 | |||||||||||||||
Less: current portion of long-term obligations | 28,082 | 24,580 | ||||||||||||||
Total long-term debt | $ | 2,475,975 | $ | 2,476,167 | ||||||||||||
Schedule of Interest expense | ' | |||||||||||||||
Interest expense | Three months ended | Six months ended | ||||||||||||||
June 29, | June 30, | June 29, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest expense, third party | $ | 22,764 | $ | 23,657 | $ | 45,560 | $ | 61,179 | ||||||||
Related party interest expense (Note 13) | 509 | 347 | 1,025 | 926 | ||||||||||||
Amortization of debt acquisition costs (Note 8) | 1,032 | 1,042 | 2,056 | 2,755 | ||||||||||||
Write-off of debt acquisition costs (Note 8) | — | 12,725 | — | 12,725 | ||||||||||||
Write-off of loan discount | — | 2,182 | — | 2,182 | ||||||||||||
Financing costs (Note 8) | — | 4,762 | — | 4,762 | ||||||||||||
Interest rate swap losses (Note 11) | 219 | 2,912 | 250 | 3,754 | ||||||||||||
Total interest expense | $ | 24,524 | $ | 47,627 | $ | 48,891 | $ | 88,283 | ||||||||
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 June 29, 2014, is as follows: | ||||||||||||||||
June 29, 2014 | ||||||||||||||||
Issue | Face Value | Fair Value | ||||||||||||||
Senior Secured Credit Facility - Tranche G Term Loans | 1,613,700 | 1,603,614 | ||||||||||||||
Senior Secured Credit Facility - Tranche H Term Loans | 522,375 | 519,110 | ||||||||||||||
3.0% Notes payable to Gilster Mary Lee Corporation due 2018 | 14,266 | 14,266 | ||||||||||||||
4.875% Senior Notes | 350,000 | 341,250 | ||||||||||||||
$ | 2,500,341 | $ | 2,478,240 | |||||||||||||
The estimated fair value of the Company’s long-term debt, including the current portion, as of December 29, 2013, is as follows: | ||||||||||||||||
December 29, 2013 | ||||||||||||||||
Issue | Face Value | Fair Value | ||||||||||||||
Senior Secured Credit Facility - Tranche G Term Loans | 1,621,850 | 1,619,823 | ||||||||||||||
Senior Secured Credit Facility - Tranche H Term Loans | 525,000 | 524,344 | ||||||||||||||
4.875% Senior Notes | 350,000 | 329,000 | ||||||||||||||
$ | 2,496,850 | $ | 2,473,167 | |||||||||||||
Pension_and_Retirement_Plans_T
Pension and Retirement Plans (Tables) | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
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: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
Pension Benefits | June 29, | June 30, | June 29, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Interest cost | 2,902 | 2,660 | 5,803 | 5,499 | ||||||||||||
Expected return on assets | (3,292 | ) | (3,373 | ) | (6,584 | ) | (6,747 | ) | ||||||||
Amortization of: | ||||||||||||||||
Actuarial loss | 32 | 275 | 64 | 731 | ||||||||||||
Net periodic benefit | $ | (358 | ) | $ | (438 | ) | $ | (717 | ) | $ | (517 | ) |
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 29, 2014 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Schedule of Interest Rate Swaps | ' | ||||||||||||||||||
As of June 29, 2014, 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 | 16 | $ | 1,637,450 | 0.76% - 2.97% | USD-LIBOR-BBA | April 2013 - October 2013 | November 2014 - April 2020 | ||||||||||||
Schedule of Foreign Currency Exchange Contracts | ' | ||||||||||||||||||
As of June 29, 2014, 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 | 12 | $ | 24,400 | $ | 22,522 | 1.073 - 1.102 | December 2013 - April 2014 | August 2014 - December 2014 | |||||||||||
Schedule of derivative instruments not designated in qualifying hedging relationships | ' | ||||||||||||||||||
As of June 29, 2014, 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 | 8 | 3,697,733 Gallons | $3.85 - $4.02 per Gallon | October 2013 - June 2014 | July 2014 - December 2014 | ||||||||||||||
Natural Gas Contracts | 2 | 1,004,608 MMBTU’s | $4.396 - 4.405 per MMBTU | May 2014 - June 2014 | December 2014 - December 2015 | ||||||||||||||
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 June 29, 2014 and December 29, 2013. | |||||||||||||||||||
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-Jun-14 | 29-Jun-14 | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Other assets, net | $ | 12,570 | Accrued liabilities | $ | 881 | |||||||||||||
Other long-term liabilities | 3,555 | ||||||||||||||||||
Foreign Exchange Contracts | Accrued liabilities | 299 | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | 12,570 | $ | 4,735 | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Commodity Contracts | Other current assets | $ | 388 | Accrued liabilities | 100 | ||||||||||||||
Total derivatives not designated as hedging instruments | $ | 388 | $ | 100 | |||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
as of | as of | ||||||||||||||||||
29-Dec-13 | 29-Dec-13 | ||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Accrued liabilities | $ | 70 | ||||||||||||||||
Other assets, net | $ | 29,518 | Other long-term liabilities | 1,136 | |||||||||||||||
Foreign Exchange Contracts | Other current assets | 307 | |||||||||||||||||
Total derivatives designated as hedging instruments | $ | 29,825 | $ | 1,206 | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||
Interest Rate Contracts | Accrued liabilities | $ | 698 | ||||||||||||||||
Commodity Contracts | Other current assets | $ | 543 | ||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 543 | $ | 698 | |||||||||||||||
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 six months ended June 29, 2014 and June 30, 2013. | |||||||||||||||||||
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 | $ | (11,691 | ) | Interest expense | $ | (204 | ) | Interest expense | $ | — | |||||||||
Foreign Exchange Contracts | (790 | ) | Cost of products sold | 387 | Cost of products sold | (11 | ) | ||||||||||||
Three months ended June 29, 2014 | $ | (12,481 | ) | $ | 183 | $ | (11 | ) | |||||||||||
Interest Rate Contracts | $ | (20,423 | ) | Interest expense | $ | (245 | ) | Interest expense | $ | — | |||||||||
Foreign Exchange Contracts | 201 | Cost of products sold | 800 | Cost of products sold | (8 | ) | |||||||||||||
Six months ended June 29, 2014 | $ | (20,222 | ) | $ | 555 | $ | (8 | ) | |||||||||||
Interest Rate Contracts | $ | 28,837 | Interest expense | $ | (3,093 | ) | (a) | Interest expense | $ | 16 | |||||||||
Foreign Exchange Contracts | 894 | Cost of products sold | 490 | Cost of products sold | 6 | ||||||||||||||
Three months ended June 30, 2013 | $ | 29,731 | $ | (2,603 | ) | $ | 22 | ||||||||||||
Interest Rate Contracts | $ | 28,706 | Interest expense | $ | (3,945 | ) | (a) | Interest expense | $ | 26 | |||||||||
Foreign Exchange Contracts | 1,629 | Cost of products sold | 682 | Cost of products sold | 7 | ||||||||||||||
Six months ended June 30, 2013 | $ | 30,335 | $ | (3,263 | ) | $ | 33 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | Recognized in Earnings in: | Recognized in | |||||||||||||||||
Earnings on | |||||||||||||||||||
Derivative | |||||||||||||||||||
Commodity Contracts | Cost of products sold | $ | 309 | ||||||||||||||||
Interest Rate Contracts | Interest expense | (15 | ) | ||||||||||||||||
Three months ended June 29, 2014 | $ | 294 | |||||||||||||||||
Commodity Contracts | Cost of products sold | $ | (44 | ) | |||||||||||||||
Interest Rate Contracts | Interest expense | (5 | ) | ||||||||||||||||
Six months ended June 29, 2014 | $ | (49 | ) | ||||||||||||||||
Commodity Contracts | Cost of products sold | $ | (302 | ) | |||||||||||||||
Interest Rate Contracts | Interest expense | $ | 165 | ||||||||||||||||
Three months ended June 30, 2013 | $ | (137 | ) | ||||||||||||||||
Commodity Contracts | Cost of products sold | $ | (97 | ) | |||||||||||||||
Interest Rate Contracts | Interest expense | $ | 165 | ||||||||||||||||
Six months ended June 30, 2013 | $ | 68 | |||||||||||||||||
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 June 29, 2014 and December 29, 2013. | |||||||||||||||||||
June 29, 2014 | |||||||||||||||||||
Asset/(Liability) | |||||||||||||||||||
Counterparty | Contract | Termination | Performance | Accrued | Fair Value | ||||||||||||||
Type | Value | Risk | Interest | (excluding | |||||||||||||||
Adjustment | interest) | ||||||||||||||||||
Barclays | Interest Rate Contracts | $ | 3,525 | $ | 552 | $ | (91 | ) | $ | 4,168 | |||||||||
Commodity Contracts | 53 | — | — | 53 | |||||||||||||||
Bank of America | Interest Rate Contracts | 5,190 | 412 | — | 5,602 | ||||||||||||||
Foreign Exchange Contracts | (220 | ) | 2 | — | (218 | ) | |||||||||||||
Credit Suisse | Interest Rate Contracts | 245 | 89 | (91 | ) | 425 | |||||||||||||
Foreign Exchange Contracts | (82 | ) | 1 | — | (81 | ) | |||||||||||||
Macquarie | Interest Rate Contracts | (2,170 | ) | 104 | (4 | ) | (2,062 | ) | |||||||||||
Commodity Contracts | 235 | — | — | 235 | |||||||||||||||
Total | $ | 6,776 | $ | 1,160 | $ | (186 | ) | $ | 8,122 | ||||||||||
December 29, 2013 | |||||||||||||||||||
Asset/(Liability) | |||||||||||||||||||
Counterparty | Contract | Termination | Performance | Accrued | Fair Value | ||||||||||||||
Type | Value | Risk | Interest | (excluding | |||||||||||||||
Adjustment | interest) | ||||||||||||||||||
Barclays | Interest Rate Contracts | $ | 12,303 | $ | (12 | ) | $ | (155 | ) | $ | 12,446 | ||||||||
Commodity Contracts | 543 | — | — | 543 | |||||||||||||||
Bank of America | Interest Rate Contracts | 12,930 | (124 | ) | — | 12,806 | |||||||||||||
Credit Suisse | Interest Rate Contracts | 2,634 | 62 | (75 | ) | 2,771 | |||||||||||||
Foreign Exchange Contracts | 300 | 6 | — | 306 | |||||||||||||||
Macquarie | Interest Rate Contracts | (506 | ) | 93 | (3 | ) | (410 | ) | |||||||||||
Total | $ | 28,204 | $ | 25 | $ | (233 | ) | $ | 28,462 | ||||||||||
Segments_Tables
Segments (Tables) | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | |||||||||||||||
Three months ended | Six months ended | |||||||||||||||
SEGMENT INFORMATION | June 29, | June 30, | June 29, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net sales | ||||||||||||||||
Birds Eye Frozen | $ | 246,188 | $ | 244,040 | $ | 540,466 | $ | 536,491 | ||||||||
Duncan Hines Grocery | 289,963 | 238,821 | 554,867 | 466,029 | ||||||||||||
Specialty Foods | 81,649 | 86,183 | 166,506 | 179,505 | ||||||||||||
Total | $ | 617,800 | $ | 569,044 | $ | 1,261,839 | $ | 1,182,025 | ||||||||
Earnings before interest and taxes | ||||||||||||||||
Birds Eye Frozen | $ | 37,068 | $ | 36,527 | $ | 83,796 | $ | 85,453 | ||||||||
Duncan Hines Grocery | 46,349 | 29,702 | 89,022 | 59,134 | ||||||||||||
Specialty Foods | 6,348 | 4,875 | 13,420 | 13,061 | ||||||||||||
Unallocated corporate expenses | (7,855 | ) | (60,133 | ) | (14,237 | ) | (66,006 | ) | ||||||||
Total | $ | 81,910 | $ | 10,971 | $ | 172,001 | $ | 91,642 | ||||||||
Depreciation and amortization | ||||||||||||||||
Birds Eye Frozen | $ | 9,714 | $ | 9,339 | $ | 19,663 | $ | 18,627 | ||||||||
Duncan Hines Grocery | 6,901 | 5,489 | 13,363 | 11,316 | ||||||||||||
Specialty Foods | 2,962 | 3,927 | 6,932 | 8,082 | ||||||||||||
Total | $ | 19,577 | $ | 18,755 | $ | 39,958 | $ | 38,025 | ||||||||
Capital expenditures (1) | ||||||||||||||||
Birds Eye Frozen | $ | 11,374 | $ | 14,901 | $ | 17,355 | $ | 25,011 | ||||||||
Duncan Hines Grocery | 19,268 | 8,557 | 34,008 | 19,166 | ||||||||||||
Specialty Foods | 3,162 | 3,916 | 5,129 | 6,107 | ||||||||||||
Total | $ | 33,804 | $ | 27,374 | $ | 56,492 | $ | 50,284 | ||||||||
NET SALES BY PRODUCT TYPE | ||||||||||||||||
Net sales | ||||||||||||||||
Frozen | $ | 283,597 | $ | 284,617 | $ | 620,831 | $ | 622,642 | ||||||||
Meals and Meal Enhancers (2) | 233,125 | 182,290 | 443,825 | 356,779 | ||||||||||||
Desserts | 73,951 | 75,917 | 144,672 | 151,875 | ||||||||||||
Snacks | 27,127 | 26,220 | 52,511 | 50,729 | ||||||||||||
Total | $ | 617,800 | $ | 569,044 | $ | 1,261,839 | $ | 1,182,025 | ||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||
Net sales | ||||||||||||||||
United States | $ | 612,793 | $ | 562,492 | $ | 1,252,610 | $ | 1,169,073 | ||||||||
Canada | 17,661 | 21,932 | 37,852 | 42,548 | ||||||||||||
Intercompany | (12,654 | ) | (15,380 | ) | (28,623 | ) | (29,596 | ) | ||||||||
Total | $ | 617,800 | $ | 569,044 | $ | 1,261,839 | $ | 1,182,025 | ||||||||
-1 | Includes new capital leases. | |||||||||||||||
-2 | The Wish-Bone and Western salad dressing business was acquired on October 1, 2013 and will add approximately $190 million of annual sales to Meals & Meal Enhancers. | |||||||||||||||
SEGMENT INFORMATION | June 29, | December 29, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Total assets | ||||||||||||||||
Birds Eye Frozen | $ | 2,009,527 | $ | 2,004,250 | ||||||||||||
Duncan Hines Grocery | 2,623,148 | 2,577,093 | ||||||||||||||
Specialty Foods | 360,992 | 358,198 | ||||||||||||||
Corporate | 151,803 | 141,650 | ||||||||||||||
Total | $ | 5,145,470 | $ | 5,081,191 | ||||||||||||
GEOGRAPHIC INFORMATION | ||||||||||||||||
Long-lived assets | ||||||||||||||||
United States | $ | 552,925 | $ | 523,250 | ||||||||||||
Canada | 22 | 20 | ||||||||||||||
Total | $ | 552,947 | $ | 523,270 | ||||||||||||
Provision_for_Income_Taxes_Tab
Provision for Income Taxes (Tables) | 6 Months Ended | |||||||||||||||
Jun. 29, 2014 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Schedule of the provision for income taxes | ' | |||||||||||||||
The provision (benefit) for income taxes and related effective tax rates for the three and six months ended June 29, 2014 and June 30, 2013, respectively, were as follows: | ||||||||||||||||
Three months ended | Six months ended | |||||||||||||||
Provision (benefit) for Income Taxes | June 29, | June 30, | June 29, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Current | $ | 748 | $ | 774 | $ | 1,398 | $ | 1,494 | ||||||||
Deferred | 21,086 | (5,549 | ) | 45,438 | 8,953 | |||||||||||
Total | $ | 21,834 | $ | (4,775 | ) | $ | 46,836 | $ | 10,447 | |||||||
Effective tax rate | 38 | % | 13 | % | 38 | % | 306.9 | % |
Guarantor_and_Nonguarantor_Sta1
Guarantor and Nonguarantor Statements (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 29, 2014 | ||||||||||||||||||||||||
Guarantor And Nonguarantor Statements [Abstract] | ' | |||||||||||||||||||||||
Guarantor And Nonguarantor Statements, Balance Sheets | ' | |||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
29-Jun-14 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 161,699 | $ | 9,135 | $ | — | $ | 170,834 | ||||||||||||
Accounts receivable, net | — | — | 165,921 | 7,199 | — | 173,120 | ||||||||||||||||||
Intercompany accounts receivable | 25,746 | — | 250,007 | — | (275,753 | ) | — | |||||||||||||||||
Inventories, net | — | — | 334,008 | 5,210 | — | 339,218 | ||||||||||||||||||
Other current assets | — | 388 | 7,948 | 742 | — | 9,078 | ||||||||||||||||||
Deferred tax assets | — | (2,982 | ) | 152,305 | 706 | — | 150,029 | |||||||||||||||||
Total current assets | 25,746 | (2,594 | ) | 1,071,888 | 22,992 | (275,753 | ) | 842,279 | ||||||||||||||||
Plant assets, net | — | — | 552,925 | 22 | — | 552,947 | ||||||||||||||||||
Investment in subsidiaries | 1,614,593 | 2,116,084 | 10,398 | — | (3,741,075 | ) | — | |||||||||||||||||
Intercompany note receivable | — | 1,972,980 | 7,270 | 9,800 | (1,990,050 | ) | — | |||||||||||||||||
Tradenames | — | — | 1,951,392 | — | — | 1,951,392 | ||||||||||||||||||
Other assets, net | — | 35,786 | 125,304 | 117 | — | 161,207 | ||||||||||||||||||
Deferred tax assets | — | 295,511 | — | — | (295,511 | ) | — | |||||||||||||||||
Goodwill | — | — | 1,637,645 | — | — | 1,637,645 | ||||||||||||||||||
Total assets | $ | 1,640,339 | $ | 4,417,767 | $ | 5,356,822 | $ | 32,931 | $ | (6,302,389 | ) | $ | 5,145,470 | |||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 1,998 | $ | — | $ | — | $ | 1,998 | ||||||||||||
Current portion of long-term obligations | — | 21,550 | 6,532 | — | — | 28,082 | ||||||||||||||||||
Accounts payable | — | 164 | 155,518 | 2,083 | — | 157,765 | ||||||||||||||||||
Intercompany accounts payable | — | 270,571 | — | 5,182 | (275,753 | ) | — | |||||||||||||||||
Accrued trade marketing expense | — | — | 28,143 | 3,787 | — | 31,930 | ||||||||||||||||||
Accrued liabilities | — | 15,268 | 76,695 | 383 | — | 92,346 | ||||||||||||||||||
Dividends payable | 25,746 | — | — | — | — | 25,746 | ||||||||||||||||||
Total current liabilities | 25,746 | 307,553 | 268,886 | 11,435 | (275,753 | ) | 337,867 | |||||||||||||||||
Long-term debt | — | 2,449,707 | 26,268 | — | — | 2,475,975 | ||||||||||||||||||
Intercompany note payable | — | — | 1,982,054 | 7,996 | (1,990,050 | ) | — | |||||||||||||||||
Pension and other postretirement benefits | — | — | 44,400 | — | — | 44,400 | ||||||||||||||||||
Other long-term liabilities | — | 3,555 | 20,684 | 2,730 | — | 26,969 | ||||||||||||||||||
Deferred tax liabilities | — | 42,359 | 898,446 | 372 | (295,511 | ) | 645,666 | |||||||||||||||||
Total liabilities | 25,746 | 2,803,174 | 3,240,738 | 22,533 | (2,561,314 | ) | 3,530,877 | |||||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||
Pinnacle common stock | 1,173 | — | — | — | — | 1,173 | ||||||||||||||||||
Additional paid-in-capital | 1,331,185 | 1,332,358 | 1,285,870 | 2,324 | (2,620,552 | ) | 1,331,185 | |||||||||||||||||
Retained earnings | 302,545 | 302,545 | 856,822 | 8,790 | (1,168,157 | ) | 302,545 | |||||||||||||||||
Accumulated other comprehensive loss | (20,310 | ) | (20,310 | ) | (26,608 | ) | (716 | ) | 47,634 | (20,310 | ) | |||||||||||||
Total Shareholders' equity | 1,614,593 | 1,614,593 | 2,116,084 | 10,398 | (3,741,075 | ) | 1,614,593 | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,640,339 | $ | 4,417,767 | $ | 5,356,822 | $ | 32,931 | $ | (6,302,389 | ) | $ | 5,145,470 | |||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
29-Dec-13 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |||||||||||||||||||
Inc. | Finance LLC | Reclassifications | ||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | — | $ | 104,345 | $ | 12,394 | $ | — | $ | 116,739 | ||||||||||||
Accounts receivable, net | — | — | 156,417 | 8,247 | — | 164,664 | ||||||||||||||||||
Intercompany accounts receivable | 25,119 | — | 188,941 | — | (214,060 | ) | — | |||||||||||||||||
Inventories, net | — | — | 355,685 | 6,187 | — | 361,872 | ||||||||||||||||||
Other current assets | — | 850 | 6,931 | 111 | — | 7,892 | ||||||||||||||||||
Deferred tax assets | — | — | 141,162 | (20 | ) | — | 141,142 | |||||||||||||||||
Total current assets | 25,119 | 850 | 953,481 | 26,919 | (214,060 | ) | 792,309 | |||||||||||||||||
Plant assets, net | — | — | 523,250 | 20 | — | 523,270 | ||||||||||||||||||
Investment in subsidiaries | 1,598,041 | 2,027,337 | 12,453 | — | (3,637,831 | ) | — | |||||||||||||||||
Intercompany note receivable | — | 1,984,956 | 7,270 | 9,800 | (2,002,026 | ) | — | |||||||||||||||||
Tradenames | — | — | 1,951,392 | — | — | 1,951,392 | ||||||||||||||||||
Other assets, net | — | 54,530 | 131,464 | 131 | — | 186,125 | ||||||||||||||||||
Deferred tax assets | — | 284,606 | — | — | (284,606 | ) | — | |||||||||||||||||
Goodwill | — | — | 1,628,095 | — | — | 1,628,095 | ||||||||||||||||||
Total assets | $ | 1,623,160 | $ | 4,352,279 | $ | 5,207,405 | $ | 36,870 | $ | (6,138,523 | ) | $ | 5,081,191 | |||||||||||
Current liabilities: | ||||||||||||||||||||||||
Short-term borrowings | $ | — | $ | — | $ | 2,437 | $ | — | $ | — | $ | 2,437 | ||||||||||||
Current portion of long-term obligations | — | 21,550 | 3,030 | — | — | 24,580 | ||||||||||||||||||
Accounts payable | — | 158 | 140,694 | 1,501 | — | 142,353 | ||||||||||||||||||
Intercompany accounts payable | — | 207,123 | — | 6,937 | (214,060 | ) | — | |||||||||||||||||
Accrued trade marketing expense | — | — | 32,627 | 4,433 | — | 37,060 | ||||||||||||||||||
Accrued liabilities | — | 15,306 | 83,667 | 782 | — | 99,755 | ||||||||||||||||||
Dividends payable | 25,119 | — | — | — | — | 25,119 | ||||||||||||||||||
Total current liabilities | 25,119 | 244,137 | 262,455 | 13,653 | (214,060 | ) | 331,304 | |||||||||||||||||
Long-term debt | — | 2,459,215 | 16,952 | — | — | 2,476,167 | ||||||||||||||||||
Intercompany note payable | — | — | 1,994,163 | 7,863 | (2,002,026 | ) | — | |||||||||||||||||
Pension and other postretirement benefits | — | — | 49,847 | — | — | 49,847 | ||||||||||||||||||
Other long-term liabilities | — | 1,136 | 20,694 | 2,730 | — | 24,560 | ||||||||||||||||||
Deferred tax liabilities | — | 49,750 | 835,957 | 171 | (284,606 | ) | 601,272 | |||||||||||||||||
Total liabilities | 25,119 | 2,754,238 | 3,180,068 | 24,417 | (2,500,692 | ) | 3,483,150 | |||||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||
Pinnacle common stock | 1,172 | — | — | — | — | 1,172 | ||||||||||||||||||
Additional paid-in-capital | 1,328,847 | 1,330,019 | 1,285,084 | 2,324 | (2,617,427 | ) | 1,328,847 | |||||||||||||||||
Retained earnings | 275,519 | 275,519 | 768,718 | 10,504 | (1,054,741 | ) | 275,519 | |||||||||||||||||
Accumulated other comprehensive loss | (7,497 | ) | (7,497 | ) | (26,465 | ) | (375 | ) | 34,337 | (7,497 | ) | |||||||||||||
Total Shareholders' equity | 1,598,041 | 1,598,041 | 2,027,337 | 12,453 | (3,637,831 | ) | 1,598,041 | |||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,623,160 | $ | 4,352,279 | $ | 5,207,405 | $ | 36,870 | $ | (6,138,523 | ) | $ | 5,081,191 | |||||||||||
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 June 29, 2014 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 612,793 | $ | 17,661 | $ | (12,654 | ) | $ | 617,800 | |||||||||||
Cost of products sold | — | 285 | 452,115 | 15,558 | (12,375 | ) | 455,583 | |||||||||||||||||
Gross profit | — | (285 | ) | 160,678 | 2,103 | (279 | ) | 162,217 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 657 | 45,603 | 1,710 | — | 47,970 | ||||||||||||||||||
Administrative expenses | — | 1,655 | 22,063 | 900 | — | 24,618 | ||||||||||||||||||
Research and development expenses | — | 75 | 2,801 | — | — | 2,876 | ||||||||||||||||||
Intercompany royalties | — | — | — | 9 | (9 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 270 | (270 | ) | — | |||||||||||||||||
Other expense (income), net | — | 250 | 4,593 | — | — | 4,843 | ||||||||||||||||||
Equity in (earnings) loss of investees | (35,584 | ) | (41,701 | ) | 625 | — | 76,660 | — | ||||||||||||||||
Total operating expenses | (35,584 | ) | (39,064 | ) | 75,685 | 2,889 | 76,381 | 80,307 | ||||||||||||||||
Earnings before interest and taxes | 35,584 | 38,779 | 84,993 | (786 | ) | (76,660 | ) | 81,910 | ||||||||||||||||
Intercompany interest (income) expense | — | (16,891 | ) | 16,855 | 36 | — | — | |||||||||||||||||
Interest expense | — | 23,980 | 537 | 7 | — | 24,524 | ||||||||||||||||||
Interest income | — | — | 17 | 15 | — | 32 | ||||||||||||||||||
Earnings (loss) before income taxes | 35,584 | 31,690 | 67,618 | (814 | ) | (76,660 | ) | 57,418 | ||||||||||||||||
Provision (benefit) for income taxes | — | (3,894 | ) | 25,917 | (189 | ) | — | 21,834 | ||||||||||||||||
Net earnings (loss) | $ | 35,584 | $ | 35,584 | $ | 41,701 | $ | (625 | ) | $ | (76,660 | ) | $ | 35,584 | ||||||||||
Total comprehensive earnings (loss) | $ | 27,852 | $ | 27,852 | $ | 40,987 | $ | (1,358 | ) | $ | (67,481 | ) | $ | 27,852 | ||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the three months ended June 30, 2013 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 562,492 | $ | 21,932 | $ | (15,380 | ) | $ | 569,044 | |||||||||||
Cost of products sold | — | 289 | 421,143 | 18,317 | (15,133 | ) | 424,616 | |||||||||||||||||
Gross profit | — | (289 | ) | 141,349 | 3,615 | (247 | ) | 144,428 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 865 | 44,468 | 2,175 | — | 47,508 | ||||||||||||||||||
Administrative expenses | — | 13,887 | 30,571 | 869 | — | 45,327 | ||||||||||||||||||
Research and development expenses | — | 64 | 2,725 | — | — | 2,789 | ||||||||||||||||||
Intercompany royalties | — | — | — | 19 | (19 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 228 | (228 | ) | — | |||||||||||||||||
Other expense (income), net | — | 34,180 | 3,653 | — | — | 37,833 | ||||||||||||||||||
Equity in (earnings) loss of investees | 31,839 | (27,046 | ) | (169 | ) | — | (4,624 | ) | — | |||||||||||||||
Total operating expenses | 31,839 | 21,950 | 81,248 | 3,291 | (4,871 | ) | 133,457 | |||||||||||||||||
Earnings before interest and taxes | (31,839 | ) | (22,239 | ) | 60,101 | 324 | 4,624 | 10,971 | ||||||||||||||||
Intercompany interest (income) expense | — | (15,261 | ) | 15,220 | 41 | — | — | |||||||||||||||||
Interest expense | — | 47,137 | 483 | 7 | — | 47,627 | ||||||||||||||||||
Interest income | — | — | 31 | 11 | — | 42 | ||||||||||||||||||
Earnings (loss) before income taxes | (31,839 | ) | (54,115 | ) | 44,429 | 287 | 4,624 | (36,614 | ) | |||||||||||||||
Provision (benefit) for income taxes | — | (22,276 | ) | 17,383 | 118 | — | (4,775 | ) | ||||||||||||||||
Net (loss) earnings | $ | (31,839 | ) | $ | (31,839 | ) | $ | 27,046 | $ | 169 | $ | 4,624 | $ | (31,839 | ) | |||||||||
Total comprehensive earnings (loss) | $ | (2,970 | ) | $ | (2,970 | ) | $ | 27,399 | $ | 361 | $ | (24,790 | ) | $ | (2,970 | ) | ||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the six months ended June 29, 2014 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,252,610 | $ | 37,852 | $ | (28,623 | ) | $ | 1,261,839 | |||||||||||
Cost of products sold | — | 479 | 926,060 | 34,487 | (28,065 | ) | 932,961 | |||||||||||||||||
Gross profit | — | (479 | ) | 326,550 | 3,365 | (558 | ) | 328,878 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 928 | 88,244 | 2,926 | — | 92,098 | ||||||||||||||||||
Administrative expenses | — | 3,351 | 45,168 | 2,076 | — | 50,595 | ||||||||||||||||||
Research and development expenses | — | 116 | 5,242 | — | — | 5,358 | ||||||||||||||||||
Intercompany royalties | — | — | — | 18 | (18 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 540 | (540 | ) | — | |||||||||||||||||
Other expense (income), net | — | 250 | 8,576 | — | — | 8,826 | ||||||||||||||||||
Equity in (earnings) loss of investees | (76,332 | ) | (88,104 | ) | 1,714 | — | 162,722 | — | ||||||||||||||||
Total operating expenses | (76,332 | ) | (83,459 | ) | 148,944 | 5,560 | 162,164 | 156,877 | ||||||||||||||||
Earnings before interest and taxes | 76,332 | 82,980 | 177,606 | (2,195 | ) | (162,722 | ) | 172,001 | ||||||||||||||||
Intercompany interest (income) expense | — | (33,781 | ) | 33,710 | 71 | — | — | |||||||||||||||||
Interest expense | — | 47,892 | 984 | 15 | — | 48,891 | ||||||||||||||||||
Interest income | — | — | 28 | 30 | — | 58 | ||||||||||||||||||
Earnings (loss) before income taxes | 76,332 | 68,869 | 142,940 | (2,251 | ) | (162,722 | ) | 123,168 | ||||||||||||||||
Provision (benefit) for income taxes | — | (7,463 | ) | 54,836 | (537 | ) | — | 46,836 | ||||||||||||||||
Net earnings (loss) | $ | 76,332 | $ | 76,332 | $ | 88,104 | $ | (1,714 | ) | $ | (162,722 | ) | $ | 76,332 | ||||||||||
Total comprehensive earnings (loss) | $ | 63,519 | $ | 63,519 | $ | 87,620 | $ | (2,306 | ) | $ | (148,833 | ) | $ | 63,519 | ||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and Comprehensive Earnings | ||||||||||||||||||||||||
For the six months ended June 30, 2013 | ||||||||||||||||||||||||
Pinnacle | Pinnacle | Guarantor | Nonguarantor | Eliminations | Consolidated | |||||||||||||||||||
Foods | Foods | Subsidiaries | Subsidiaries | Total | ||||||||||||||||||||
Inc. | Finance LLC | |||||||||||||||||||||||
Net sales | $ | — | $ | — | $ | 1,169,073 | $ | 42,548 | $ | (29,596 | ) | $ | 1,182,025 | |||||||||||
Cost of products sold | — | 301 | 875,626 | 35,882 | (29,053 | ) | 882,756 | |||||||||||||||||
Gross profit | — | (301 | ) | 293,447 | 6,666 | (543 | ) | 299,269 | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||
Marketing and selling expenses | — | 935 | 88,369 | 3,832 | — | 93,136 | ||||||||||||||||||
Administrative expenses | — | 14,465 | 51,634 | 1,786 | — | 67,885 | ||||||||||||||||||
Research and development expenses | — | 69 | 5,047 | — | — | 5,116 | ||||||||||||||||||
Intercompany royalties | — | — | — | 28 | (28 | ) | — | |||||||||||||||||
Intercompany technical service fees | — | — | — | 515 | (515 | ) | — | |||||||||||||||||
Other expense (income), net | — | 34,180 | 7,310 | — | — | 41,490 | ||||||||||||||||||
Equity in (earnings) loss of investees | 7,043 | (62,471 | ) | (258 | ) | — | 55,686 | — | ||||||||||||||||
Total operating expenses | 7,043 | (12,822 | ) | 152,102 | 6,161 | 55,143 | 207,627 | |||||||||||||||||
Earnings before interest and taxes | (7,043 | ) | 12,521 | 141,345 | 505 | (55,686 | ) | 91,642 | ||||||||||||||||
Intercompany interest (income) expense | — | (38,551 | ) | 38,478 | 73 | — | — | |||||||||||||||||
Interest expense | — | 87,217 | 1,052 | 14 | — | 88,283 | ||||||||||||||||||
Interest income | — | — | 33 | 12 | — | 45 | ||||||||||||||||||
Earnings (loss) before income taxes | (7,043 | ) | (36,145 | ) | 101,848 | 430 | (55,686 | ) | 3,404 | |||||||||||||||
Provision (benefit) for income taxes | — | (29,102 | ) | 39,377 | 172 | — | 10,447 | |||||||||||||||||
Net (loss) earnings | $ | (7,043 | ) | $ | (7,043 | ) | $ | 62,471 | $ | 258 | $ | (55,686 | ) | $ | (7,043 | ) | ||||||||
Total comprehensive earnings (loss) | $ | 22,949 | $ | 22,949 | $ | 63,508 | $ | 854 | $ | (87,311 | ) | $ | 22,949 | |||||||||||
Guarantor And Nonguarantor Statements, Statements of Cash Flows | ' | |||||||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the six months ended June 29, 2014 | ||||||||||||||||||||||||
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 | $ | — | $ | (16,554 | ) | $ | 206,373 | $ | (3,265 | ) | $ | — | $ | 186,554 | ||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Payments for business acquisition | — | — | (11,769 | ) | — | — | (11,769 | ) | ||||||||||||||||
Intercompany accounts receivable/payable | — | — | — | — | — | — | ||||||||||||||||||
Repayments of intercompany loans | — | 45,717 | — | (45,717 | ) | — | ||||||||||||||||||
Investment in Subsidiary | 50,745 | — | — | — | (50,745 | ) | — | |||||||||||||||||
Capital expenditures | — | — | (56,210 | ) | — | — | (56,210 | ) | ||||||||||||||||
Net cash (used in) provided by investing activities | 50,745 | 45,717 | (67,979 | ) | — | (96,462 | ) | (67,979 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from issuance of common stock | 165 | — | — | — | — | 165 | ||||||||||||||||||
Excess tax benefits on stock-based compensation | 786 | — | — | — | — | 786 | ||||||||||||||||||
Taxes paid related to net share settlement of equity awards | (3,061 | ) | — | — | — | — | (3,061 | ) | ||||||||||||||||
Dividends paid | (48,635 | ) | — | — | — | — | (48,635 | ) | ||||||||||||||||
Repayments of long-term obligations | — | (10,775 | ) | (585 | ) | — | — | (11,360 | ) | |||||||||||||||
Proceeds from short-term borrowing | — | — | 1,773 | — | — | 1,773 | ||||||||||||||||||
Repayments of short-term borrowing | — | — | (2,185 | ) | — | — | (2,185 | ) | ||||||||||||||||
Intercompany accounts receivable/payable | — | (16,278 | ) | 16,278 | — | — | ||||||||||||||||||
Parent investment | — | (2,110 | ) | (48,635 | ) | — | 50,745 | — | ||||||||||||||||
Repayments of intercompany loans | — | — | (45,717 | ) | — | 45,717 | — | |||||||||||||||||
Repayment of capital lease obligations | — | — | (1,755 | ) | — | — | (1,755 | ) | ||||||||||||||||
Debt acquisition costs | — | — | (214 | ) | — | — | (214 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | (50,745 | ) | (29,163 | ) | (81,040 | ) | — | 96,462 | (64,486 | ) | ||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 6 | — | 6 | ||||||||||||||||||
Net change in cash and cash equivalents | — | — | 57,354 | (3,259 | ) | — | 54,095 | |||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | 104,345 | 12,394 | — | 116,739 | ||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | 161,699 | $ | 9,135 | $ | — | $ | 170,834 | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||
Interest paid | $ | — | $ | 44,423 | $ | 952 | $ | — | $ | — | $ | 45,375 | ||||||||||||
Interest received | — | 30 | 28 | — | — | 58 | ||||||||||||||||||
Income taxes paid | — | — | 3,124 | 532 | — | 3,656 | ||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||
New capital leases | — | — | 282 | — | — | 282 | ||||||||||||||||||
Dividends payable | 25,746 | — | — | — | — | 25,746 | ||||||||||||||||||
Pinnacle Foods Inc. | ||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||
For the six months ended June 30, 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 | $ | — | $ | (55,886 | ) | $ | 165,264 | $ | 2,739 | $ | — | $ | 112,117 | |||||||||||
Cash flows from investing activities | ||||||||||||||||||||||||
Intercompany accounts receivable/payable | — | 99,748 | — | — | (99,748 | ) | — | |||||||||||||||||
Investment in subsidiaries | (624,146 | ) | — | — | — | 624,146 | — | |||||||||||||||||
Capital expenditures | — | — | (43,823 | ) | — | — | (43,823 | ) | ||||||||||||||||
Sale of plant assets | — | — | 1,775 | — | — | 1,775 | ||||||||||||||||||
Net cash (used in) provided by investing activities | (624,146 | ) | 99,748 | (42,048 | ) | — | 524,398 | (42,048 | ) | |||||||||||||||
Cash flows from financing activities | ||||||||||||||||||||||||
Proceeds from the issuance of initial public offering | 623,929 | — | — | — | — | 623,929 | ||||||||||||||||||
Proceeds from the issuance of common stock | 217 | — | — | — | — | 217 | ||||||||||||||||||
Proceeds from bond offering | — | 350,000 | — | — | — | 350,000 | ||||||||||||||||||
Proceeds from bank term loan | — | 1,625,925 | — | — | — | 1,625,925 | ||||||||||||||||||
Repayments of long-term obligations | — | (1,732,071 | ) | — | — | — | (1,732,071 | ) | ||||||||||||||||
Repurchase of notes | — | (899,180 | ) | — | — | — | (899,180 | ) | ||||||||||||||||
Proceeds from short-term borrowing | — | — | 1,935 | — | — | 1,935 | ||||||||||||||||||
Repayments of short-term borrowing | — | — | (2,732 | ) | — | — | (2,732 | ) | ||||||||||||||||
Intercompany accounts receivable/payable | — | — | (99,748 | ) | 99,748 | — | ||||||||||||||||||
Repayment of capital lease obligations | — | — | (1,377 | ) | — | — | (1,377 | ) | ||||||||||||||||
Investment from parent | — | 624,146 | — | — | (624,146 | ) | — | |||||||||||||||||
Debt acquisition costs | — | (12,491 | ) | — | — | — | (12,491 | ) | ||||||||||||||||
Parent reduction in investment in subsidiary | 191 | (191 | ) | — | — | — | — | |||||||||||||||||
Repurchases of equity | (191 | ) | — | — | — | — | (191 | ) | ||||||||||||||||
Net cash (used in) provided by financing activities | 624,146 | (43,862 | ) | (101,922 | ) | — | (524,398 | ) | (46,036 | ) | ||||||||||||||
Effect of exchange rate changes on cash | — | — | — | 212 | — | 212 | ||||||||||||||||||
Net change in cash and cash equivalents | — | — | 21,294 | 2,951 | — | 24,245 | ||||||||||||||||||
Cash and cash equivalents - beginning of period | — | — | 83,123 | 9,158 | — | 92,281 | ||||||||||||||||||
Cash and cash equivalents - end of period | $ | — | $ | — | $ | 104,417 | $ | 12,109 | $ | — | $ | 116,526 | ||||||||||||
Supplemental disclosures of cash flow information: | ||||||||||||||||||||||||
Interest paid | $ | — | $ | 76,725 | $ | 1,009 | $ | — | $ | — | $ | 77,734 | ||||||||||||
Interest received | — | — | 34 | 11 | — | 45 | ||||||||||||||||||
Income taxes (refunded) paid | — | — | 1,939 | 205 | — | 2,144 | ||||||||||||||||||
Non-cash investing and financing activities: | ||||||||||||||||||||||||
New capital leases | — | — | 6,461 | — | — | 6,461 | ||||||||||||||||||
Dividends payable | 21,107 | — | — | — | — | 21,107 | ||||||||||||||||||
Summary_of_Business_Activities2
Summary of Business Activities Narrative (Details) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | |||||
Apr. 03, 2013 | Apr. 03, 2013 | Oct. 31, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Dec. 11, 2013 | Mar. 13, 2013 | |
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 | ' | ' | ' | ' | ' | ' |
Net proceeds from initial public offering | $623,900,000 | ' | ' | $0 | $623,929,000 | ' | ' | ' |
Proceeds from the issuance of intial public offering gross of underwriter expense | 667,000,000 | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs | $43,100,000 | ' | ' | ' | ' | ' | ' | ' |
Shares Sold by Majority Owner in Secondary Offering | ' | ' | ' | ' | ' | ' | 19,550,000 | ' |
Percentage of Ownership by Majority Owner | ' | ' | ' | ' | ' | ' | 51.00% | ' |
Acquisitions_Summary_of_the_Al
Acquisitions Summary of the Allocation of the Total Cost of the Acquisition to Assets Acquired (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 | Mar. 31, 2014 | Oct. 02, 2013 |
In Thousands, unless otherwise specified | Gilster Duncan Hines Facility Acquisition [Member] | Wish-Bone [Member] | ||
Assets acquired: | ' | ' | ' | ' |
Inventories | ' | ' | $10,188 | $20,029 |
Building and land | ' | ' | 3,480 | ' |
Plant assets | ' | ' | 2,302 | 5,871 |
Tradenames | ' | ' | ' | 347,400 |
Distributor relationships and other agreements | ' | ' | ' | 14,700 |
Deferred tax assets | ' | ' | 1,278 | 564 |
Goodwill | 1,637,645 | 1,628,095 | 9,550 | 186,600 |
Fair value of assets acquired | ' | ' | 26,798 | ' |
Accrued liabilities | ' | ' | 178 | ' |
Total cost of acquisition | ' | ' | $26,620 | $575,164 |
Acquisitions_Narrative_Details
Acquisitions Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Oct. 02, 2013 | Dec. 29, 2013 | Oct. 02, 2013 | Dec. 29, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Apr. 01, 2014 | Mar. 31, 2014 | Apr. 01, 2014 | Jul. 03, 2014 | Dec. 29, 2014 | Sep. 29, 2014 | Jul. 02, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Wish-Bone [Member] | Wish-Bone [Member] | Wish-Bone [Member] | Wish-Bone [Member] | Wish-Bone [Member] | Wish-Bone [Member] | Wish-Bone [Member] | Gilster Duncan Hines Facility Acquisition [Member] | Gilster Duncan Hines Facility Acquisition [Member] | Notes Payable, Other Payables [Member] | Hillshire Merger Termination [Member] | Hillshire Merger Termination [Member] | Hillshire Merger Termination [Member] | Hillshire Merger Termination [Member] | Hillshire Merger Termination [Member] | Hillshire Merger Termination [Member] | ||||||
Other expense (income) [Member] | Tranche G Term Loans [Member] | Fair Value Adjustment to Inventory [Member] | Trade Names [Member] | Distributor Relationships [Member] | Gilster Duncan Hines Facility Acquisition [Member] | ||||||||||||||||
Transaction Costs [Member] | Debt Instrument, 3% Notes Payable Due 2018 [Member] | ||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets acquired | ' | ' | ' | ' | ' | ' | $575,164,000 | ' | ' | ' | ' | ' | ' | $26,620,000 | ' | ' | ' | ' | ' | ' | ' |
Intangible assets and goodwill | ' | ' | ' | ' | ' | ' | 548,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tradenames | ' | ' | ' | ' | ' | ' | 347,400,000 | ' | ' | ' | 347,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 1,637,645,000 | ' | 1,637,645,000 | ' | 1,628,095,000 | ' | 186,600,000 | ' | ' | ' | ' | ' | ' | 9,550,000 | ' | ' | ' | ' | ' | ' | ' |
Tax deductible goodwill | ' | ' | ' | ' | ' | ' | 185,700,000 | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' |
Net sales | 617,800,000 | 569,044,000 | 1,261,839,000 | 1,182,025,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net earnings (loss) | 35,584,000 | -31,839,000 | 76,332,000 | -7,043,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 87,000,000 | ' | ' | ' | ' | ' |
Earnings (loss) before income taxes | 57,418,000 | -36,614,000 | 123,168,000 | 3,404,000 | ' | ' | ' | ' | ' | 6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of products sold | 455,583,000 | 424,616,000 | 932,961,000 | 882,756,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | 525,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for business acquisition | ' | ' | 11,769,000 | 0 | ' | 75,300,000 | ' | ' | ' | ' | ' | ' | 11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of financing costs | ' | ' | ' | ' | ' | 10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs - merger, acquisition and advisory fees | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction costs - accounting and other professional fees | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount | 14,818,000 | ' | 14,818,000 | ' | 16,085,000 | ' | ' | ' | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Transaction Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' | 2,000,000 | 4,000,000 | 20,000,000 | 12,000,000 | 2,100,000 |
Notes Payable Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,900,000 | ' | ' | ' | ' | ' | ' |
Acquisitions_Schedule_of_Pro_F
Acquisitions Schedule of Pro Forma Information (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 29, 2014 |
Business Combinations [Abstract] | ' |
Net sales | $1,288.20 |
Net earnings | $4.70 |
Fair_Value_Measurements_Financ
Fair Value Measurements Financial Assets and Liabilities Subject to Recurring Fair Value (Details) (Fair Value, Measurements, Recurring, USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value as of | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Total assets at fair value | $12,958 | $30,368 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Total liabilities at fair value | 4,835 | 1,904 |
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 | 12,958 | 30,368 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Total liabilities at fair value | 4,835 | 1,904 |
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 | 12,570 | 29,518 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 4,436 | 1,904 |
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 | 12,570 | 29,518 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 4,436 | 1,904 |
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 | 0 | 307 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 299 | 0 |
Foreign Exchange 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 |
Foreign Exchange Contracts | Fair Value Measurements Using Fair Value Hierarchy Level 2 | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 0 | 307 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 299 | 0 |
Foreign Exchange 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 |
Commodity Contract | Fair Value as of | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' |
Derivative assets | 388 | 543 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 100 | 0 |
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 | 388 | 543 |
Liabilities, Fair Value Disclosure [Abstract] | ' | ' |
Derivative liabilities | 100 | 0 |
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 | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Apr. 03, 2013 | Mar. 31, 2013 | Apr. 02, 2007 | 10-May-13 | Apr. 29, 2013 | 19-May-13 | Aug. 17, 2010 | 19-May-13 | 10-May-13 | |
Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Remaining Of Current Year [Member] | |||||
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 | 10.625% Senior Subordinated Notes due 2017 | Senior Notes | |||||
10.625% Senior Subordinated Notes due 2017 | |||||||||||||
Other Income and Expenses [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of debt acquisition costs | $1,032,000 | $1,042,000 | $2,056,000 | $2,755,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing costs (Note 8) | 0 | 4,762,000 | 0 | 4,762,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of debt redeemed | ' | ' | ' | ' | 465,000,000 | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | 9.25% | ' | ' | ' | 8.25% | 825.00% | ' |
Redemption prices, percent of outstanding principal | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | 108.50% | 10850.00% | ' | ' | ' |
Amortization of intangibles/other | 3,186,000 | 3,872,000 | 7,361,000 | 7,744,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Acquisition Related Costs | 2,085,000 | 0 | 2,085,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Call premium on note redemptions | 0 | 34,180,000 | 0 | 34,180,000 | ' | ' | ' | ' | ' | ' | ' | ' | 34,200,000 |
Royalty income and other | -428,000 | -219,000 | -620,000 | -434,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other expense (income), net | 4,843,000 | 37,833,000 | 8,826,000 | 41,490,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of debt acquisition costs (Note 8) | $0 | $12,725,000 | $0 | $12,725,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_EquityBase2
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Equity Based Compensation Narrative (Details) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 29, 2014 |
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 |
Unrecognized Equity Compensation Expense | $54,729 |
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 | '4 years 9 months 30 days |
Two Thousand and Thirteen Omnibus Plan [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Vesting Period | '2 years 9 months 0 days |
Stockholders_Equity_EquityBase3
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share Schedule of Weighted Average Assumption (Details) (USD $) | 6 Months Ended | 3 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | |
Omnibus Plan 2013 [Member] | Omnibus Plan 2013 [Member] | |||
Employee Stock Option [Member] | Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Sale of Stock, Price Per Share | $20 | ' | ' | ' |
Risk Free Interest Rate | ' | ' | 2.18% | 1.10% |
Expected Time to Option Exercise | ' | ' | '6 years 6 months | '6 years 6 months |
Expected Volatility of Pinnacle Foods Inc Stock | ' | ' | 36.93% | 35.00% |
Expected Dividend of Pinnacle Foods Inc Stock | ' | 3.60% | 2.88% | 3.60% |
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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Pre-Tax Equity Based Compensation Expense | $2,336 | $3,150 | $4,448 | $3,325 |
Income Tax Benefit | -768 | -674 | -1,466 | -680 |
Net Equity Based Compensation Expense | 1,568 | 2,476 | 2,982 | 2,645 |
Cost of products sold [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Pre-Tax Equity Based Compensation Expense | 274 | 285 | 471 | 308 |
Selling and Marketing Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Pre-Tax Equity Based Compensation Expense | 657 | 864 | 928 | 935 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Pre-Tax Equity Based Compensation Expense | 1,330 | 1,937 | 2,933 | 2,013 |
Research and development expenses [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Pre-Tax Equity Based Compensation Expense | $75 | $64 | $116 | $69 |
Stockholders_Equity_EquityBase5
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share 2007 Incentive Plan (Details) | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Mar. 02, 2013 | Feb. 28, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Mar. 02, 2013 | Feb. 28, 2013 | Jun. 29, 2014 |
Two Thousand and Seven Stock Incentive Plan [Member] | Two Thousand and Seven Unit Plan [Member] | Two Thousand and Seven Unit Plan [Member] | Two Thousand and Seven Unit Plan [Member] | Scenario 1 [Member] | Scenario 2 [Member] | Scenario 3 [Member] | Time Vested Options [Member] | Performance share units [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
Two Thousand and Seven Stock Incentive Plan [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | Two Thousand and Seven Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 500,000,000 | 200,000,000 | 1,104,888 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting Period | ' | ' | '4 years 9 months 30 days | ' | ' | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' |
Percent Vested | ' | ' | ' | ' | ' | ' | 25.00% | 50.00% | 25.00% | ' | ' | ' | ' | ' |
Internal Rate of Return | ' | ' | ' | 12.00% | 20.00% | 20.00% | ' | ' | 12.00% | ' | ' | 12.00% | 20.00% | 20.00% |
Award Type Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 75.00% | ' | ' | ' |
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 $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 29, 2014 | Dec. 29, 2013 |
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 | 314,396 | ' |
Weighted Average Exercise Price, Outstanding, Beginning balance | $10.22 | ' |
Weighted Average Fair Value at Grant Date, Outstanding, Beginning balance | $6.20 | $6.13 |
Weighted Average Remaining Life, Outstanding, Beginning balance | '4 years 12 months 5 days | '5 years 6 months 5 days |
Aggregate Intrinsic Value, Outstanding, Beginning balance | $5,352 | ' |
Number of Shares Granted | 0 | ' |
Weighted Average Exercise Price of Grants | $0 | ' |
Weighted Average Fair Value of Grants | $0 | ' |
Number of Shares Exercised | -17,391 | ' |
Weighted Average Exercise Price of Exercised Grants | $9.46 | ' |
Weighted Average Fair Value of Exercised Grants | $4.23 | ' |
Number of Shares Forfeited | -10,637 | ' |
Weighted Average Exercise Price of Forfeited Grants | $11.29 | ' |
Weighted Average Fair Value of Forfeited Grants | $7.31 | ' |
Number of Shares, Outstanding, Ending Balance | 286,368 | 314,396 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $10.22 | $10.22 |
Weighted Average Fair Value at Grant Date, Outstanding, Ending balance | ' | $6.20 |
Weighted Average Remaining Life, Outstanding, Ending balance | '4 years 12 months 5 days | '5 years 6 months 5 days |
Aggregate Intrinsic Value, Outstanding,Ending balance | 6,499 | 5,352 |
Number of Shares, Exercisable, Ending Balance | 108,152 | ' |
Weighted Average Exercise Price, Exercisable, Ending Balance | $9.87 | ' |
Weighted Average Fair Value at Grant Date, Exercisable, Ending Balance | $4.25 | ' |
Weighted Average Remaining Life, Exercisable, Ending Balance | '4 years 7 months 12 days | ' |
Aggregate Intrinsic Value, Exercisable, Ending Balance | $2,493 | ' |
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 | 6 Months Ended |
Mar. 02, 2013 | Feb. 28, 2013 | Jun. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
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) | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||
Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Apr. 01, 2014 | Jan. 03, 2014 | Dec. 03, 2013 | Aug. 02, 2013 | Mar. 27, 2013 | Mar. 27, 2013 | Jun. 29, 2014 | Jun. 10, 2014 | Apr. 01, 2014 | Jun. 29, 2014 | Apr. 01, 2014 | Apr. 03, 2014 | Apr. 03, 2013 | |
Performance share units [Member] | Performance share units [Member] | Performance share units [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] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | |
Minimum [Member] | Maximum [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Performance share units [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] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total award percentage of initial grant | ' | 0.00% | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Granted | ' | ' | ' | 811,540 | 30,447 | 30,626 | 155,575 | ' | 2,310,000 | 841,987 | ' | ' | ' | ' | ' | ' |
Vesting Period | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants Entitled To | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 |
Awards delivered | 243,446 | ' | ' | ' | 9,135 | ' | 66,042 | 82,460 | ' | ' | 12,712 | 129,453 | 151,300 | 243,446 | 96,300 | ' |
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 | 6 Months Ended | 0 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Apr. 01, 2014 | Jan. 03, 2014 | Dec. 03, 2013 | Aug. 02, 2013 | Mar. 27, 2013 | Jun. 10, 2014 | Apr. 01, 2014 | Jun. 29, 2014 | Mar. 27, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 |
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] | 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] | 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 | ' | 9,135 | ' | 66,042 | 82,460 | 12,712 | 129,453 | 151,300 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.86 | $20.47 | $10.22 | $10.22 |
Number of Shares, Outstanding, Beginning balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,330,491 | ' | 314,396 | ' |
Weighted Average Fair Value at Grant Date, Outstanding, Beginning balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.81 | $4.82 | $6.20 | $6.13 |
Aggregate Intrinsic Value, Outstanding, Beginning balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15,782 | ' | $5,352 | ' |
Number of Shares Granted | 811,540 | 30,447 | 30,626 | 155,575 | ' | ' | ' | ' | 2,310,000 | 841,987 | ' | 0 | ' |
Weighted Average Exercise Price of Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29.21 | ' | $0 | ' |
Weighted Average Fair Value of Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.43 | ' | $0 | ' |
Number of Shares Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | -17,391 | ' |
Weighted Average Exercise Price of Exercised Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $9.46 | ' |
Weighted Average Fair Value of Exercised Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $4.23 | ' |
Number of Shares Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | -80,730 | ' | -10,637 | ' |
Weighted Average Exercise Price of Forfeited Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20.20 | ' | $11.29 | ' |
Weighted Average Fair Value of Forfeited Grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.71 | ' | $7.31 | ' |
Number of Shares, Outstanding, Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,091,748 | 2,330,491 | 286,368 | 314,396 |
Weighted Average Fair Value at Grant Date, Outstanding, Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.81 | ' | $6.20 |
Weighted Average Remaining Life, Outstanding, Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years 0 months 13 days | '9 years 3 months 7 days | '4 years 12 months 5 days | '5 years 6 months 5 days |
Aggregate Intrinsic Value, Outstanding,Ending balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,115 | 15,782 | 6,499 | 5,352 |
Number of Shares, Exercisable, Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,152 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.87 | ' |
Weighted Average Fair Value at Grant Date, Exercisable, Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.25 | ' |
Weighted Average Remaining Life, Exercisable, Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 7 months 12 days | ' |
Aggregate Intrinsic Value, Exercisable, Ending Balance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,493 | ' |
Recovered_Sheet1
Stockholder's Equity, Equity-Based Compensation Expense and Earnings Per Share 2013 Omnibus Plan RSU Transactions (Details) (USD $) | 6 Months Ended | 0 Months Ended | 6 Months Ended | ||||
Jun. 29, 2014 | Jan. 03, 2014 | Aug. 02, 2013 | Mar. 27, 2013 | Jun. 10, 2014 | Apr. 01, 2014 | Jun. 29, 2014 | |
2013 Omnibus Plan [Member] | 2013 Omnibus Plan [Member] | 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] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Units, Outstanding, Beginning Balance | ' | ' | ' | ' | ' | ' | 1,645,718 |
Weighted Average Fair Value at Grant Date, Outstanding, Beginning Balance | ' | ' | ' | ' | ' | ' | $20.34 |
Aggregate Intrinsic Value, Oustanding, Beginning Balance | ' | ' | ' | ' | ' | ' | $44,829,000 |
Weighted Average Fair Value of PIUs Converted into RSUs | $20 | ' | ' | ' | ' | ' | ' |
Number of Units Granted | ' | 9,135 | 66,042 | 82,460 | 12,712 | 129,453 | 151,300 |
Weighted Average Fair Value of Units Granted | ' | ' | ' | ' | ' | ' | $29.35 |
Number of Units Exercised | ' | ' | ' | ' | ' | ' | -239,463 |
Weighted Average Fair Value of Units Vested | ' | ' | ' | ' | ' | ' | $20 |
Number of Units Forfeited | ' | ' | ' | ' | ' | ' | -53,069 |
Weighted Average Fair Value of Units Forfeited | ' | ' | ' | ' | ' | ' | $20.27 |
Number of Units, Outstanding, Ending Balance | ' | ' | ' | ' | ' | ' | 1,504,486 |
Weighted Average Fair Value at Grant Date, Outstanding, Ending Balance | ' | ' | ' | ' | ' | ' | $21.31 |
Aggregate Intrinsic Value, Oustanding, Ending Balance | ' | ' | ' | ' | ' | ' | $49,528,000 |
Summary_of_Performance_Share_U
Summary of Performance Share Units (Details) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 |
Performance share units [Member] | Performance share units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Number of Units, Outstanding, Beginning Balance | ' | ' | 0 |
Number of Units Granted | ' | ' | 243,446 |
Number of Units Forfeited | ' | ' | 0 |
Number of Units Exercised | ' | ' | 0 |
Number of Units, Outstanding, Ending Balance | ' | 243,446 | 243,446 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' | ' |
Weighted Average Fair Value at Grant Date, Outstanding, Beginning Balance | ' | ' | $0 |
Weighted Average Fair Value of Units Granted | ' | ' | $37.60 |
Weighted Average Fair Value of Units Forfeited | ' | ' | $0 |
Weighted Average Fair Value of Units Vested | ' | ' | $0 |
Weighted Average Fair Value at Grant Date, Outstanding, Ending Balance | ' | $37.60 | $37.60 |
Aggregate Intrinsic Value, Beginning Balance | ' | ' | $0 |
Aggregate Intrinsic Value, Ending Balance | ' | $8,014 | $8,014 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk-free interest rate | ' | 0.90% | ' |
Expected term | ' | '3 years 0 months | ' |
Expected volatility | ' | 35.00% | ' |
Expected dividend yield | 3.60% | 2.80% | ' |
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 | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ||||
Interest expense | $24,524 | ' | $47,627 | $48,891 | $88,283 | ||||
Cost of products sold | 455,583 | ' | 424,616 | 932,961 | 882,756 | ||||
Earnings (loss) before income taxes | 57,418 | ' | -36,614 | 123,168 | 3,404 | ||||
Provision (benefit) for income taxes | 21,834 | ' | -4,775 | 46,836 | 10,447 | ||||
Deferred income taxes | 21,086 | 9,100 | -5,549 | 45,438 | 8,953 | ||||
Net of tax | 35,584 | ' | -31,839 | 76,332 | -7,043 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' | ' | ||||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ' | ||||
Net of tax | 33 | ' | -10,890 | 110 | -11,601 | ||||
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 | -204 | ' | -3,093 | -245 | -3,945 | ||||
Cost of products sold | 387 | ' | 490 | 800 | 682 | ||||
Earnings (loss) before income taxes | 183 | ' | -2,603 | 555 | -3,263 | ||||
Provision (benefit) for income taxes | -130 | ' | 945 | -337 | 1,174 | ||||
Deferred income taxes | 0 | [1] | ' | -9,070 | 0 | [1] | -9,070 | [1] | |
Net of tax | 53 | ' | -10,728 | 218 | -11,159 | ||||
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 | -32 | [2] | ' | -263 | [2] | -175 | [2] | -719 | [2] |
Provision (benefit) for income taxes | 12 | ' | 101 | 67 | 277 | ||||
Net of tax | ($20) | ' | ($162) | ($108) | ($442) | ||||
[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 | 6 Months Ended | ||
Apr. 03, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' |
Share issuance (shares) | 2,618,307 | ' | ' | ' | ' |
Weighted-average common shares | ' | 115,690,050 | 114,909,243 | 115,641,174 | 98,079,574 |
Dilutive potential common shares | ' | 116,900,606 | 114,909,243 | 116,793,753 | 98,079,574 |
Antidilutive shares excluded from the computation | ' | 1,224,851 | 410,132 | 798,741 | 2,638,639 |
Weighted Average Number Diluted Shares Outstanding Adjustment | ' | 1,210,556 | 0 | 1,152,579 | 0 |
Balance_Sheet_Information_Sche
Balance Sheet Information Schedule of Accounts Receivable (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Receivable, Net, Current [Abstract] | ' | ' |
Customers | $174,189 | $160,704 |
Allowances for cash discounts, bad debts and returns | -6,234 | -5,849 |
Subtotal | 167,955 | 154,855 |
Other receivables | 5,165 | 9,809 |
Total | $173,120 | $164,664 |
Balance_Sheet_Information_Sche1
Balance Sheet Information Schedule of Inventories (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Raw materials, containers and supplies | $94,963 | $53,779 |
Finished product | 244,255 | 308,093 |
Total | $339,218 | $361,872 |
Balance_Sheet_Information_Sche2
Balance Sheet Information Schedule of Other Current Assets (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 | ||
In Thousands, unless otherwise specified | ||||
Prepaid Expense and Other Assets, Current [Abstract] | ' | ' | ||
Prepaid expenses | $4,438 | $5,560 | ||
Prepaid income taxes | 3,084 | 776 | ||
Assets held for sale | 1,556 | [1] | 1,556 | [1] |
Total | $9,078 | $7,892 | ||
[1] | Assets held for sale is comprised of our closed plant in Millsboro, DE. |
Balance_Sheet_Information_Sche3
Balance Sheet Information Schedule of Plant Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Plant Assets, Gross | $879,641 | ' | $879,641 | ' | $820,373 |
Accumulated depreciation | -326,694 | ' | -326,694 | ' | -297,103 |
Total | 552,947 | ' | 552,947 | ' | 523,270 |
Depreciation | 16,392 | 14,883 | 32,597 | 30,281 | ' |
Land | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Plant Assets, Gross | 14,212 | ' | 14,212 | ' | 14,061 |
Buildings | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Plant Assets, Gross | 202,747 | ' | 202,747 | ' | 196,206 |
Machinery and equipment | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Plant Assets, Gross | 598,383 | ' | 598,383 | ' | 576,156 |
Projects in progress | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Plant Assets, Gross | 64,299 | ' | 64,299 | ' | 33,950 |
Assets under capital lease | ' | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Accumulated depreciation | -11,035 | ' | -11,035 | ' | -9,425 |
Total | $19,667 | ' | $19,667 | ' | $19,168 |
Balance_Sheet_Information_Sche4
Balance Sheet Information Schedule of Accrued Liabilities (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Accrued Liabilities, Current [Abstract] | ' | ' | ' | ' |
Employee compensation and benefits | $51,717 | $59,871 | ' | ' |
Dividends payable | 25,746 | ' | 21,107 | 21,107 |
Interest payable | 14,366 | 14,108 | ' | ' |
Customer Coupons | 2,950 | 1,445 | ' | ' |
Accrued restructuring charges (see note 7) | 1,608 | 1,938 | ' | ' |
Accrued financial instrument contracts (see note 10) | 1,280 | 768 | ' | ' |
Other | 20,425 | 21,625 | ' | ' |
Total | $92,346 | $99,755 | ' | ' |
Balance_Sheet_Information_Sche5
Balance Sheet Information Schedule of Other Long-Term Liabilities (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities, Noncurrent [Abstract] | ' | ' |
Employee compensation and benefits | $9,297 | $8,434 |
Long-term rent liability and deferred rent allowances | 8,933 | 9,401 |
Liability for uncertain tax positions | 708 | 727 |
Accrued financial instrument contracts (see note 10) | 3,555 | 1,136 |
Other | 4,476 | 4,862 |
Total | $26,969 | $24,560 |
Balance_Sheet_Information_Sche6
Balance Sheet Information Schedule of Accounts Payable (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Balance Sheet Information [Abstract] | ' | ' |
Accounts payable | $157,765 | $142,353 |
Goodwill_Tradenames_and_Other_1
Goodwill Tradenames and Other Assets Schedule of Goodwill by Segment (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 29, 2014 |
Goodwill [Roll Forward] | ' |
Goodwill | $1,628,095 |
Gilster acquisition | 9,550 |
Goodwill | 1,637,645 |
Birds Eye Frozen | ' |
Goodwill [Roll Forward] | ' |
Goodwill | 527,069 |
Gilster acquisition | 0 |
Goodwill | 527,069 |
Duncan Hines Grocery [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill | 927,065 |
Gilster acquisition | 9,550 |
Goodwill | 936,615 |
Specialty Foods | ' |
Goodwill [Roll Forward] | ' |
Goodwill | 173,961 |
Gilster acquisition | 0 |
Goodwill | 173,961 |
Duncan Hines Grocery [Member] | ' |
Goodwill [Roll Forward] | ' |
Goodwill | $9,550 |
Goodwill_Tradenames_and_Other_2
Goodwill Tradenames and Other Assets Schedule of Tradenames by Segment (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' |
Tradenames | $1,951,392 | $1,951,392 |
Birds Eye Frozen | ' | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' |
Tradenames | 796,680 | 796,680 |
Duncan Hines Grocery [Member] | ' | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' |
Tradenames | 1,118,712 | 1,118,712 |
Specialty Foods | ' | ' |
Indefinite-lived Intangible Assets [Roll Forward] | ' | ' |
Tradenames | $36,000 | $36,000 |
Goodwill_Tradenames_and_Other_3
Goodwill Tradenames and Other Assets Schedule of Other Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | |||
Recipes | Recipes | Customer relationships - Distributors | Customer relationships - Distributors | Customer relationships - Food Service | Customer relationships - Food Service | Customer relationships - Private Label | Customer relationships - Private Label | License | License | Birds Eye Frozen | Birds Eye Frozen | Duncan Hines Grocery [Member] | Duncan Hines Grocery [Member] | 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 | $243,488 | ' | $243,488 | ' | $243,488 | $52,810 | $52,810 | $139,146 | $139,146 | $36,143 | $36,143 | $9,214 | $9,214 | $6,175 | $6,175 | ' | ' | ' | ' | ' | ' | |||
Accumulated Amortization | -125,055 | ' | -125,055 | ' | -117,694 | -38,286 | -35,645 | -37,549 | -34,518 | -36,143 | -35,291 | -9,214 | -9,078 | -3,863 | -3,162 | ' | ' | ' | ' | ' | ' | |||
Net | 118,433 | ' | 118,433 | ' | 125,794 | 14,524 | 17,165 | 101,597 | 104,628 | 0 | 852 | 0 | 136 | 2,312 | 3,013 | 60,286 | 63,319 | 54,864 | 58,090 | 3,283 | 4,385 | |||
Deferred financing costs, Gross Carrying Amount | 46,852 | ' | 46,852 | ' | 46,638 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred financing costs, Accumulated Amortization | -23,254 | ' | -23,254 | ' | -21,198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Deferred financing costs, Net | 23,598 | ' | 23,598 | ' | 25,440 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest Rate Derivative Assets, at Fair Value | ' | ' | ' | ' | 29,518 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Derivative Assets, Noncurrent | 12,570 | ' | 12,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other | 6,606 | [1] | ' | 6,606 | [1] | ' | 5,373 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total other assets, net | 161,207 | ' | 161,207 | ' | 186,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization of intangible assets | 3,186 | 3,872 | 7,361 | 7,744 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, remainder of 2012 | 6,400 | ' | 6,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, 2013 | 12,200 | ' | 12,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, 2014 | 11,000 | ' | 11,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, 2015 | 6,400 | ' | 6,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, 2016 | 4,700 | ' | 4,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Estimated amortization expense, thereafter | 77,700 | ' | 77,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Amortization of debt acquisition costs | $1,032 | $1,042 | $2,056 | $2,755 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | As of JuneB 29, 2014 and DecemberB 29, 2013, 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 | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Financing costs (Note 8) | $0 | $4,762 | $0 | $4,762 |
Write off, net | 0 | -12,725 | 0 | -12,725 |
Deferred Financing Cost Activity [Roll Forward] | ' | ' | ' | ' |
Deferred financing costs, Gross Carrying Amount, Beginning Balance | ' | ' | 46,638 | ' |
Deferred financing costs, Accumulated Amortization, Beginning Balance | ' | ' | -21,198 | ' |
Deferred financing costs, Net, Beginning Balance | ' | ' | 25,440 | ' |
Deferred financing costs, Additions | ' | ' | 214 | ' |
Amortization of debt acquisition costs | ' | ' | -2,056 | ' |
Deferred financing costs, Gross Carrying Amount, Ending Balance | 46,852 | ' | 46,852 | ' |
Deferred financing costs, Accumulated Amortization, Ending Balance | -23,254 | ' | -23,254 | ' |
Deferred financing costs, Net, Ending Balance | 23,598 | ' | 23,598 | ' |
Amortization of debt acquisition costs | $1,032 | $1,042 | $2,056 | $2,755 |
Debt_and_Interest_Expense_Sche
Debt and Interest Expense Schedule of Long-term and Short-term Debt Instruments (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 | Oct. 02, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Apr. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | Debt Instrument, Tranche H Extended Term Loans Due 2020 [Member] | Senior Notes | Senior Notes | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | Secured Debt [Member] | ||
4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | Debt Instrument, 3% Notes Payable Due 2018 [Member] | Debt Instrument, 3% Notes Payable Due 2018 [Member] | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | Debt Instrument, Tranche H Extended Term Loans Due 2020 [Member] | Debt Instrument, Tranche H Extended Term Loans Due 2020 [Member] | ||||
Short-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings | $1,998 | $2,437 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current and Noncurrent [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Secured Credit Facility | ' | ' | ' | ' | ' | ' | ' | 1,613,700 | 1,621,850 | ' | 522,375 | 525,000 |
Senior Notes | ' | ' | ' | 350,000 | 350,000 | ' | ' | ' | ' | ' | ' | ' |
Notes Payable, Noncurrent | ' | ' | ' | ' | ' | 14,266 | 0 | ' | ' | ' | ' | ' |
Unamortized discount on long term debt | -14,818 | -16,085 | -8,500 | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Capital lease obligations | 18,534 | 19,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, including capital lease obligations less unamortized discount on long term debt | 2,504,057 | 2,500,747 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: current portion of long-term obligations | 28,082 | 24,580 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | $2,475,975 | $2,476,167 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Interest_Expense_Sche1
Debt and Interest Expense Schedule of Interest Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Apr. 29, 2013 |
Majority Shareholder | Majority Shareholder | Majority Shareholder | Majority Shareholder | Tranche G Term Loan due 2020 | ||||||
Secured Debt [Member] | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Unamortized Discount | $14,818 | ' | $14,818 | ' | $16,085 | ' | ' | ' | ' | $0 |
Interest expense, third party | 22,764 | 23,657 | 45,560 | 61,179 | ' | ' | ' | ' | ' | ' |
Related party interest expense (Note 13) | ' | ' | ' | ' | ' | 509 | 347 | 1,025 | 926 | ' |
Amortization of debt acquisition costs (Note 8) | 1,032 | 1,042 | 2,056 | 2,755 | ' | ' | ' | ' | ' | ' |
Write-off of debt acquisition costs (Note 8) | 0 | 12,725 | 0 | 12,725 | ' | ' | ' | ' | ' | ' |
Write-off of loan discount | 0 | 2,182 | 0 | 2,182 | ' | ' | ' | ' | ' | ' |
Financing costs (Note 8) | 0 | 4,762 | 0 | 4,762 | ' | ' | ' | ' | ' | ' |
Interest rate swap losses (Note 11) | 219 | 2,912 | 250 | 3,754 | ' | ' | ' | ' | ' | ' |
Total interest expense | $24,524 | $47,627 | $48,891 | $88,283 | ' | ' | ' | ' | ' | ' |
Debt_and_Interest_Expense_Seni
Debt and Interest Expense Senior Secured Credit Facility (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||
Apr. 29, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Oct. 02, 2013 | Jun. 29, 2014 | Apr. 29, 2013 | Apr. 03, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Apr. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Apr. 29, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Oct. 02, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 29, 2013 | Apr. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Jun. 29, 2014 | Apr. 03, 2013 | Mar. 31, 2013 | Apr. 02, 2007 | 10-May-13 | Apr. 29, 2013 | 19-May-13 | Aug. 17, 2010 | Apr. 29, 2013 | Apr. 02, 2007 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | Jun. 29, 2014 | |
Debt Instrument, Tranche H Extended Term Loans Due 2020 [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] | Secured Debt [Member] | Secured Debt [Member] | New Revolving Credit Facility (2013) [Member] [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 | Reduction Criteria 1 [Member] | Reduction Criteria 2 [Member] | Minimum [Member] | Maximum [Member] | 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 E 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 G Term Loan due 2020 | Debt Instrument, Tranche H Extended Term Loans Due 2020 [Member] | Debt Instrument, Tranche H Extended Term Loans Due 2020 [Member] | Debt Instrument, Tranche H Extended Term Loans Due 2020 [Member] | Tranche B Extended, B Non Extended E and F Term Loans [Member] | Tranche B Extended, B Non Extended E and F Term Loans [Member] | Tranche B Extended, B Non Extended E and F Term Loans [Member] | 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 | 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 | 4.875% Senior Notes Due 2021 | Secured Debt [Member] | Secured Debt [Member] | 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 G Term Loan due 2020 | Tranche G Term Loan due 2020 | Tranche G Term Loan due 2020 | |||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $525,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Amount of debt redeemed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 465,000,000 | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.25% | ' | ' | ' | 8.25% | 4.88% | 4.88% | ' | ' | ' | ' | ' | ' | ' |
Redemption prices, percent of outstanding principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | ' | 108.50% | 10850.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total redemption price of the Term Loans | ' | ' | ' | ' | ' | ' | ' | ' | 38,100,000 | 202,000,000 | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Noncurrent | ' | 54,376,000 | ' | 54,376,000 | ' | 63,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,376,000 | 63,796,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points added to the Federal Reserve overnight funds rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.65% | 2.67% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | ' | ' | ' | ' | 3.55% | 3.82% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Eurocurrency rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | 3.25% | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fronting fee, per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding amount on Revolving Credit Facility for letters of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,613,700,000 | 1,613,700,000 | 1,621,850,000 | 522,375,000 | 525,000,000 | ' | ' | ' | ' | ' | ' | ' | 30,716,000 | 32,923,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 119,284,000 | 117,077,000 | 19,284,000 | 17,077,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Excess Cash Flow required to prepay Tranche B and Tranche D Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 0.00% | ' | ' | ' | ' | ' |
Debt Instrument, Leverage Ratio | ' | ' | ' | 4.61 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000 | 8,200,000 | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300,000 | 16,300,000 | ' | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,300,000 | 16,300,000 | ' | 5,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,400,000 | 20,400,000 | ' | 6,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities due in 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,200,000 | 12,200,000 | ' | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maturities thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,540,400,000 | 1,540,400,000 | ' | 498,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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 Instrument, Unamortized Discount | ' | 14,818,000 | ' | 14,818,000 | ' | 16,085,000 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of loan discount | ' | 0 | 2,182,000 | 0 | 2,182,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing costs, Additions | ' | ' | ' | $214,000 | ' | ' | $10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_and_Interest_Expense_Seni1
Debt and Interest Expense Senior Notes and Senior Subordinated Notes (Details) (USD $) | 0 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | |||||||
Apr. 03, 2013 | Mar. 31, 2013 | Apr. 02, 2007 | Apr. 29, 2013 | Jun. 29, 2014 | Apr. 02, 2007 | 10-May-13 | Apr. 29, 2013 | Jun. 29, 2014 | 19-May-13 | Aug. 17, 2010 | Apr. 01, 2014 | Mar. 31, 2014 | |
Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Notes Payable, Other Payables [Member] | Notes Payable, Other Payables [Member] | |
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 | 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 | Debt Instrument, 3% Notes Payable Due 2018 [Member] | Debt Instrument, 3% Notes Payable Due 2018 [Member] | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes Payable Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,900,000 |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' |
Amount of debt redeemed | 465,000,000 | ' | ' | ' | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | 9.25% | 4.88% | ' | 4.88% | ' | ' | ' | ' | 8.25% | ' | 3.00% |
Redemption prices, percent of outstanding principal | ' | 100.00% | 100.00% | ' | ' | ' | ' | 108.50% | ' | 10850.00% | ' | ' | ' |
Proceeds from Issuance of Unsecured Debt | ' | ' | ' | $350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' |
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) | Jun. 29, 2014 |
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 $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Fair Value | $2,478,240 | $2,473,167 |
Notes Payable, Other Payables [Member] | Debt Instrument, 3% Notes Payable Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes Payable, Noncurrent | 14,266 | 0 |
Senior Notes | 4.875% Senior Notes Due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 350,000 | 350,000 |
Senior Notes, Fair value | 341,250 | 329,000 |
Secured Debt [Member] | Tranche G Term Loan due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | 1,613,700 | 1,621,850 |
Senior Secured Credit Facility, Fair Value | 1,603,614 | 1,619,823 |
Secured Debt [Member] | Debt Instrument, Tranche H Extended Term Loans Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | 522,375 | 525,000 |
Senior Secured Credit Facility, Fair Value | 519,110 | 524,344 |
Face Value | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Fair Value | 2,500,341 | 2,496,850 |
Face Value | Notes Payable, Other Payables [Member] | Debt Instrument, 3% Notes Payable Due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Notes Payable, Noncurrent | 14,266 | ' |
Face Value | Senior Notes | 4.875% Senior Notes Due 2021 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 350,000 | 350,000 |
Face Value | Secured Debt [Member] | Tranche G Term Loan due 2020 | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | 1,613,700 | 1,621,850 |
Face Value | Secured Debt [Member] | Debt Instrument, Tranche H Extended Term Loans Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Secured Credit Facility | $522,375 | $525,000 |
Pension_and_Retirement_Plans_N
Pension and Retirement Plans Narrative (Details) | 6 Months Ended |
Jun. 29, 2014 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' |
Number of defined benefit plans | 1 |
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans, Pinnacle Foods | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Interest cost | $2,902,000 | $2,660,000 | $5,803,000 | $5,499,000 | ' |
Expected return on assets | -3,292,000 | -3,373,000 | -6,584,000 | -6,747,000 | ' |
Amortization of actuarial loss | 32,000 | 275,000 | 64,000 | 731,000 | ' |
Net periodic cost | -358,000 | -438,000 | -717,000 | -517,000 | ' |
Expected future contributions | ' | ' | 10,600,000 | ' | ' |
Company contributions | 2,300,000 | 700,000 | 4,400,000 | 800,000 | 8,300,000 |
Defined Benefit Plans and Other Postretirement Benefit Plans, Multi-employer Plans [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Employer contributions | $191,000 | $246,000 | $384,000 | $435,000 | ' |
Pension_and_Retirement_Plans_M
Pension and Retirement Plans Mutli-employer Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Multiemployer Plans, Contributions By Employer Represent Less Than Percent | 5.00% | ' | 5.00% | ' |
Funded status | ' | ' | 'At least 80 percent | ' |
Certified zone status | ' | ' | 'Green | ' |
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] | ' | ' | ' | ' |
Employer contributions | $191 | $246 | $384 | $435 |
Financial_Instruments_Schedule
Financial Instruments Schedule of Interest Rate Swaps (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | 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 | $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 | 1,700,000 | ' | ' | ' |
Deferred income taxes | 21,086,000 | 9,100,000 | -5,549,000 | 45,438,000 | 8,953,000 | ' |
Notional Amount | ' | ' | ' | ' | ' | 650,000,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Instruments | 16 | ' | ' | 16 | ' | ' |
Notional Amount | 1,637,450,000 | ' | ' | 1,637,450,000 | ' | ' |
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 | ' | ' | ' | $2,022,000 | ' | ' |
Financial_Instruments_Schedule1
Financial Instruments Schedule of Foreign Currency Exchange Contracts (Details) | Apr. 04, 2013 | Jun. 29, 2014 | Jun. 29, 2014 |
In Thousands, unless otherwise specified | USD ($) | Cash Flow Hedging | Cash Flow Hedging |
Designated as Hedging Instrument | Designated as Hedging Instrument | ||
CAD Forward | CAD Forward | ||
USD ($) | CAD | ||
Derivative [Line Items] | ' | ' | ' |
Number of Instruments | ' | 12 | 12 |
Notional Sold in Aggregate in (CAD) | $650,000 | $22,522 | 24,400 |
Derivative, Exchange Rate Floor | ' | 1.073 | 1.073 |
Derivative, Exchange Rate Cap | ' | 1.102 | 1.102 |
Financial_Instruments_Schedule2
Financial Instruments Schedule of Derivative Instruments Not Designated in Qualifying Hedging Relationships (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 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 | $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 | 1,700,000 | ' | ' |
Deferred income taxes | $21,086,000 | $9,100,000 | ($5,549,000) | $45,438,000 | $8,953,000 |
Not Designated as Hedging Instrument | Commodity Contracts, Natural Gas [Member] | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Number of Instruments | 2 | ' | ' | 2 | ' |
Notional Amount | 3,349,496 | ' | ' | 3,349,496 | ' |
Price/Index, Floor Price | 4.396 | ' | ' | 4.396 | ' |
Price/Index, Cap Price | 4.405 | ' | ' | 4.405 | ' |
Not Designated as Hedging Instrument | Diesel Fuel Contracts | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' |
Number of Instruments | 8 | ' | ' | 8 | ' |
Notional Amount | 1,878,209 | ' | ' | 1,878,209 | ' |
Price/Index, Floor Price | 3.85 | ' | ' | 3.85 | ' |
Price/Index, Cap Price | 4.02 | ' | ' | 4.02 | ' |
Financial_Instruments_Schedule3
Financial Instruments Schedule of the Fair Value of Derivative Financial Instruments as well as Their Consolidated Balance Sheets Classification (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $388 | $543 |
Derivative Liabilities | 100 | 698 |
Accrued Liabilities [Member] | Interest Rate Contracts | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | ' | 698 |
Accrued Liabilities [Member] | Commodity Contract | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 100 | ' |
Other curent assets | Commodity Contract | Not Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | ' | 543 |
Derivative Liabilities | 388 | ' |
Cash Flow Hedging | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 12,570 | 29,825 |
Derivative Liabilities | 4,735 | 1,206 |
Cash Flow Hedging | Accrued Liabilities [Member] | Interest Rate Contracts | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 881 | 70 |
Cash Flow Hedging | Accrued Liabilities [Member] | Foreign Exchange Contracts | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 299 | ' |
Cash Flow Hedging | Other curent assets | Foreign Exchange Contracts | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | ' | 307 |
Cash Flow Hedging | Other assets, net | Interest Rate Contracts | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 12,570 | 29,518 |
Cash Flow Hedging | Other long-term liabilities | Interest Rate Contracts | Designated as Hedging Instrument | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | $3,555 | $1,136 |
Financial_Instruments_Schedule4
Financial Instruments Schedule of Derivative Financial Instruments on the Consolidated Statements of Operations and Accumulated Other Comprehensive (Loss) Earnings (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net (loss) gain on financial instrument contracts | ($12,481,000) | $29,731,000 | ($20,222,000) | $30,335,000 |
Recognized in Earnings on Derivative | 294,000 | -137,000 | -49,000 | 68,000 |
Accelerated reclassifications out of Accumulated Other Comprehensive Loss | ' | ' | 2,800,000 | ' |
Not Designated as Hedging Instrument | Interest Rate Contracts | Interest expense | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Recognized in Earnings on Derivative | -15,000 | 165,000 | -5,000 | 165,000 |
Not Designated as Hedging Instrument | Commodity Contract | Cost of products sold [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Recognized in Earnings on Derivative | 309,000 | -302,000 | -44,000 | -97,000 |
Cash Flow Hedging | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net (loss) gain on financial instrument contracts | -12,481,000 | 29,731,000 | -20,222,000 | 30,335,000 |
Reclassified from AOCE into Earnings (Effective Portion) | 183,000 | -2,603,000 | 555,000 | -3,263,000 |
Recognized in Earnings on Derivative (Ineffective Portion) | -11,000 | 22,000 | -8,000 | 33,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net (loss) gain on financial instrument contracts | -11,691,000 | 28,837,000 | -20,423,000 | 28,706,000 |
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) | -204,000 | -3,093,000 | -245,000 | -3,945,000 |
Recognized in Earnings on Derivative (Ineffective Portion) | 0 | 16,000 | 0 | 26,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Foreign Exchange Contracts | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Net (loss) gain on financial instrument contracts | -790,000 | 894,000 | 201,000 | 1,629,000 |
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) | 387,000 | 490,000 | 800,000 | 682,000 |
Recognized in Earnings on Derivative (Ineffective Portion) | ($11,000) | $6,000 | ($8,000) | $7,000 |
Financial_Instruments_Schedule5
Financial Instruments Schedule of Aggregate Fair Values of Derivatives that Contain Credit Risk-related Contingent Features (Details) (USD $) | Jun. 29, 2014 | Dec. 29, 2013 |
In Thousands, unless otherwise specified | ||
Credit Derivatives [Line Items] | ' | ' |
Termination Value | $6,776 | $28,204 |
Performance Risk Adjustment | 1,160 | 25 |
Accrued Interest | -186 | -233 |
Fair Value (excluding interest) | 8,122 | 28,462 |
Barclays | Commodity Contract | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | -53 | -543 |
Performance Risk Adjustment | 0 | 0 |
Accrued Interest | 0 | 0 |
Fair Value (excluding interest) | 53 | 543 |
Macquarie Bank [Member] | Commodity Contract | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | -235 | ' |
Performance Risk Adjustment | 0 | ' |
Accrued Interest | 0 | ' |
Fair Value (excluding interest) | 235 | ' |
Cash Flow Hedging | Barclays | Interest Rate Contracts | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | -3,525 | -12,303 |
Performance Risk Adjustment | 552 | -12 |
Accrued Interest | 91 | 155 |
Fair Value (excluding interest) | 4,168 | 12,446 |
Cash Flow Hedging | Bank of America [Member] | Interest Rate Contracts | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | -5,190 | -12,930 |
Performance Risk Adjustment | 412 | -124 |
Accrued Interest | 0 | 0 |
Fair Value (excluding interest) | 5,602 | 12,806 |
Cash Flow Hedging | Bank of America [Member] | Foreign Exchange Contracts | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | 220 | ' |
Performance Risk Adjustment | 2 | ' |
Accrued Interest | 0 | ' |
Fair Value (excluding interest) | -218 | ' |
Cash Flow Hedging | Credit Suisse | Interest Rate Contracts | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | -245 | -2,634 |
Performance Risk Adjustment | 89 | 62 |
Accrued Interest | 91 | 75 |
Fair Value (excluding interest) | 425 | 2,771 |
Cash Flow Hedging | Credit Suisse | Foreign Exchange Contracts | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | 82 | -300 |
Performance Risk Adjustment | 1 | 6 |
Accrued Interest | 0 | 0 |
Fair Value (excluding interest) | -81 | 306 |
Cash Flow Hedging | Macquarie Bank [Member] | Interest Rate Contracts | ' | ' |
Credit Derivatives [Line Items] | ' | ' |
Termination Value | 2,170 | 506 |
Performance Risk Adjustment | 104 | 93 |
Accrued Interest | 4 | 3 |
Fair Value (excluding interest) | ($2,062) | ($410) |
Related_Party_Transactions_Nar
Related Party Transactions Narrative (Details) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 03, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Noncurrent | ' | $54,376,000 | ' | $54,376,000 | ' | $63,796,000 |
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 | ' | 1,148,000 | ' |
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 | ' | 509,000 | 347,000 | 1,025,000 | 926,000 | ' |
Accrued Liabilities Related Party | ' | 274,000 | ' | 274,000 | ' | 319,000 |
Performance Food Group Company | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Sales to a related party | ' | 1,133,000 | 935,000 | 2,208,000 | 2,079,000 | ' |
Accounts receivable due from a related party | ' | 106,000 | ' | 106,000 | ' | 57,000 |
Blackstone [Member] | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | ' | 450,000 | ' | 121,000 | ' | ' |
Tranche G Term Loan due 2020 | Secured Debt [Member] | Majority Shareholder | ' | ' | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Noncurrent | ' | 54,376,000 | ' | 54,376,000 | ' | ' |
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 | ' | ' | ' | ' | ' | $63,796,000 |
Segments_Schedule_of_Segment_R
Segments Schedule of Segment Reporting Information, by Segment (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Dec. 29, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Dec. 29, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Oct. 02, 2013 | |||||||||
Birds Eye Frozen | Birds Eye Frozen | Birds Eye Frozen | Birds Eye Frozen | Birds Eye Frozen | Duncan Hines Grocery [Member] | Duncan Hines Grocery [Member] | Duncan Hines Grocery [Member] | Duncan Hines Grocery [Member] | Duncan Hines Grocery [Member] | Specialty Foods | Specialty Foods | Specialty Foods | Specialty Foods | Specialty Foods | Unallocated corporate expenses | Unallocated corporate expenses | Unallocated corporate expenses | Unallocated corporate expenses | Corporate | Corporate | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | UNITED STATES | CANADA | CANADA | CANADA | CANADA | CANADA | Intercompany | Intercompany | Intercompany | Intercompany | Frozen [Member] | Frozen [Member] | Frozen [Member] | Frozen [Member] | Meals and Meal Enhancers [Member] | Meals and Meal Enhancers [Member] | Meals and Meal Enhancers [Member] | Meals and Meal Enhancers [Member] | Desserts [Member] | Desserts [Member] | Desserts [Member] | Desserts [Member] | Snacks [Member] | Snacks [Member] | Snacks [Member] | Snacks [Member] | Wish-Bone [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Business Acquisition, Revenue Reported by Acquired Entity for Last Annual Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $190,000,000 | ||||||||
Number of Operating Segments | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Net sales | 617,800,000 | 569,044,000 | 1,261,839,000 | 1,182,025,000 | ' | 246,188,000 | 244,040,000 | 540,466,000 | 536,491,000 | ' | 289,963,000 | 238,821,000 | 554,867,000 | 466,029,000 | ' | 81,649,000 | 86,183,000 | 166,506,000 | 179,505,000 | ' | ' | ' | ' | ' | ' | ' | 612,793,000 | 562,492,000 | 1,252,610,000 | 1,169,073,000 | ' | 17,661,000 | 21,932,000 | 37,852,000 | 42,548,000 | ' | -12,654,000 | -15,380,000 | -28,623,000 | -29,596,000 | 283,597,000 | 284,617,000 | 620,831,000 | 622,642,000 | 233,125,000 | [1] | 182,290,000 | [1] | 443,825,000 | [1] | 356,779,000 | [1] | 73,951,000 | 75,917,000 | 144,672,000 | 151,875,000 | 27,127,000 | 26,220,000 | 52,511,000 | 50,729,000 | ' | ||||
Earnings before interest and taxes | 81,910,000 | 10,971,000 | 172,001,000 | 91,642,000 | ' | 37,068,000 | 36,527,000 | 83,796,000 | 85,453,000 | ' | 46,349,000 | 29,702,000 | 89,022,000 | 59,134,000 | ' | 6,348,000 | 4,875,000 | 13,420,000 | 13,061,000 | ' | -7,855,000 | -60,133,000 | -14,237,000 | -66,006,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Depreciation and amortization | 19,577,000 | 18,755,000 | 39,958,000 | 38,025,000 | ' | 9,714,000 | 9,339,000 | 19,663,000 | 18,627,000 | ' | 6,901,000 | 5,489,000 | 13,363,000 | 11,316,000 | ' | 2,962,000 | 3,927,000 | 6,932,000 | 8,082,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Capital Expenditures Including Capital Leases | 33,804,000 | [2] | 27,374,000 | [2] | 56,492,000 | [2] | 50,284,000 | [2] | ' | 11,374,000 | 14,901,000 | 17,355,000 | 25,011,000 | ' | 19,268,000 | 8,557,000 | 34,008,000 | 19,166,000 | ' | 3,162,000 | 3,916,000 | 5,129,000 | 6,107,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total assets | 5,145,470,000 | ' | 5,145,470,000 | ' | 5,081,191,000 | 2,009,527,000 | ' | 2,009,527,000 | ' | 2,004,250,000 | 2,623,148,000 | ' | 2,623,148,000 | ' | 2,577,093,000 | 360,992,000 | ' | 360,992,000 | ' | 358,198,000 | ' | ' | ' | ' | 151,803,000 | 141,650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Plant assets, net | $552,947,000 | ' | $552,947,000 | ' | $523,270,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $552,925,000 | ' | $552,925,000 | ' | $523,250,000 | $22,000 | ' | $22,000 | ' | $20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | The Wish-Bone and Western salad dressing business was acquired on October 1, 2013 and will add approximately $190 million of annual sales to Meals & Meal Enhancers. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Includes new capital leases. |
Provision_for_Income_Taxes_Sch
Provision for Income Taxes Schedule of the Provision for Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Provision (benefit) for Income Taxes | ' | ' | ' | ' | ' |
Current | $748 | ' | $774 | $1,398 | $1,494 |
Deferred | 21,086 | 9,100 | -5,549 | 45,438 | 8,953 |
Total | $21,834 | ' | ($4,775) | $46,836 | $10,447 |
Effective tax rate | 38.00% | ' | 13.00% | 38.00% | 306.90% |
Provision_for_Income_Taxes_Nar
Provision for Income Taxes Narrative (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 29, 2014 |
State and Local Jurisdiction [Member] | State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' | ' |
Income tax benefit | ' | ' | ' | $0.50 | $1.10 |
Amount reclassified to provision for income taxes | ' | 9.1 | ' | ' | ' |
Benefit from change in valuation allowance | ($1.50) | ' | ($1.50) | ' | ' |
Guarantor_and_Nonguarantor_Sta2
Guarantor and Nonguarantor Statements Narrative (Details) | 6 Months Ended | ||
Jun. 29, 2014 | Apr. 29, 2013 | Apr. 02, 2007 | |
Senior Notes | Senior Notes | ||
4.875% Senior Notes Due 2021 | 4.875% Senior Notes Due 2021 | ||
Debt Instrument [Line Items] | ' | ' | ' |
Fixed interest rate | ' | 4.88% | 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 $) | Jun. 29, 2014 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | ||||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $170,834 | $116,739 | $116,526 | $92,281 |
Accounts receivable, net | 173,120 | 164,664 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | ' |
Inventories, net | 339,218 | 361,872 | ' | ' |
Other current assets | 9,078 | 7,892 | ' | ' |
Deferred tax assets | 150,029 | 141,142 | ' | ' |
Total current assets | 842,279 | 792,309 | ' | ' |
Plant assets, net | 552,947 | 523,270 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany note receivable | 0 | 0 | ' | ' |
Tradenames | 1,951,392 | 1,951,392 | ' | ' |
Other assets, net | 161,207 | 186,125 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Goodwill | 1,637,645 | 1,628,095 | ' | ' |
Total assets | 5,145,470 | 5,081,191 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 1,998 | 2,437 | ' | ' |
Current portion of long-term obligations | 28,082 | 24,580 | ' | ' |
Accounts payable | 157,765 | 142,353 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | ' |
Accrued trade marketing expense | 31,930 | 37,060 | ' | ' |
Accrued liabilities | 92,346 | 99,755 | ' | ' |
Dividends payable | 25,746 | 25,119 | ' | ' |
Total current liabilities | 337,867 | 331,304 | ' | ' |
Long-term debt | 2,475,975 | 2,476,167 | ' | ' |
Intercompany note payable | 0 | 0 | ' | ' |
Pension and other postretirement benefits | 44,400 | 49,847 | ' | ' |
Other long-term liabilities | 26,969 | 24,560 | ' | ' |
Deferred tax liabilities | 645,666 | 601,272 | ' | ' |
Total liabilities | 3,530,877 | 3,483,150 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 1,173 | 1,172 | ' | ' |
Additional paid-in-capital | 1,331,185 | 1,328,847 | ' | ' |
Retained earnings | 302,545 | 275,519 | ' | ' |
Accumulated other comprehensive (loss) earnings | -20,310 | -7,497 | ' | ' |
Total shareholders' equity | 1,614,593 | 1,598,041 | 1,517,847 | 888,726 |
Total liabilities and shareholders' equity | 5,145,470 | 5,081,191 | ' | ' |
Pinnacle Foods Finance LLC | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Intercompany accounts receivable | 25,746 | 25,119 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Total current assets | 25,746 | 25,119 | ' | ' |
Plant assets, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 1,614,593 | 1,598,041 | ' | ' |
Intercompany note receivable | 0 | 0 | ' | ' |
Tradenames | 0 | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | 1,640,339 | 1,623,160 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Current portion of long-term obligations | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | ' |
Accrued trade marketing expense | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Dividends payable | 25,746 | 25,119 | ' | ' |
Total current liabilities | 25,746 | 25,119 | ' | ' |
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 | 25,746 | 25,119 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 1,173 | 1,172 | ' | ' |
Additional paid-in-capital | 1,331,185 | 1,328,847 | ' | ' |
Retained earnings | 302,545 | 275,519 | ' | ' |
Accumulated other comprehensive (loss) earnings | -20,310 | -7,497 | ' | ' |
Total shareholders' equity | 1,614,593 | 1,598,041 | ' | ' |
Total liabilities and shareholders' equity | 1,640,339 | 1,623,160 | ' | ' |
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 | 388 | 850 | ' | ' |
Deferred tax assets | -2,982 | 0 | ' | ' |
Total current assets | -2,594 | 850 | ' | ' |
Plant assets, net | 0 | 0 | ' | ' |
Investment in subsidiaries | 2,116,084 | 2,027,337 | ' | ' |
Intercompany note receivable | 1,972,980 | 1,984,956 | ' | ' |
Tradenames | 0 | 0 | ' | ' |
Other assets, net | 35,786 | 54,530 | ' | ' |
Deferred tax assets | 295,511 | 284,606 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | 4,417,767 | 4,352,279 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Current portion of long-term obligations | 21,550 | 21,550 | ' | ' |
Accounts payable | 164 | 158 | ' | ' |
Intercompany accounts payable | 270,571 | 207,123 | ' | ' |
Accrued trade marketing expense | 0 | 0 | ' | ' |
Accrued liabilities | 15,268 | 15,306 | ' | ' |
Dividends payable | 0 | 0 | ' | ' |
Total current liabilities | 307,553 | 244,137 | ' | ' |
Long-term debt | 2,449,707 | 2,459,215 | ' | ' |
Intercompany note payable | 0 | 0 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 3,555 | 1,136 | ' | ' |
Deferred tax liabilities | 42,359 | 49,750 | ' | ' |
Total liabilities | 2,803,174 | 2,754,238 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | ' |
Additional paid-in-capital | 1,332,358 | 1,330,019 | ' | ' |
Retained earnings | 302,545 | 275,519 | ' | ' |
Accumulated other comprehensive (loss) earnings | -20,310 | -7,497 | ' | ' |
Total shareholders' equity | 1,614,593 | 1,598,041 | ' | ' |
Total liabilities and shareholders' equity | 4,417,767 | 4,352,279 | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 161,699 | 104,345 | 104,417 | 83,123 |
Accounts receivable, net | 165,921 | 156,417 | ' | ' |
Intercompany accounts receivable | 250,007 | 188,941 | ' | ' |
Inventories, net | 334,008 | 355,685 | ' | ' |
Other current assets | 7,948 | 6,931 | ' | ' |
Deferred tax assets | 152,305 | 141,162 | ' | ' |
Total current assets | 1,071,888 | 953,481 | ' | ' |
Plant assets, net | 552,925 | 523,250 | ' | ' |
Investment in subsidiaries | 10,398 | 12,453 | ' | ' |
Intercompany note receivable | 7,270 | 7,270 | ' | ' |
Tradenames | 1,951,392 | 1,951,392 | ' | ' |
Other assets, net | 125,304 | 131,464 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Goodwill | 1,637,645 | 1,628,095 | ' | ' |
Total assets | 5,356,822 | 5,207,405 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 1,998 | 2,437 | ' | ' |
Current portion of long-term obligations | 6,532 | 3,030 | ' | ' |
Accounts payable | 155,518 | 140,694 | ' | ' |
Intercompany accounts payable | 0 | 0 | ' | ' |
Accrued trade marketing expense | 28,143 | 32,627 | ' | ' |
Accrued liabilities | 76,695 | 83,667 | ' | ' |
Dividends payable | 0 | 0 | ' | ' |
Total current liabilities | 268,886 | 262,455 | ' | ' |
Long-term debt | 26,268 | 16,952 | ' | ' |
Intercompany note payable | 1,982,054 | 1,994,163 | ' | ' |
Pension and other postretirement benefits | 44,400 | 49,847 | ' | ' |
Other long-term liabilities | 20,684 | 20,694 | ' | ' |
Deferred tax liabilities | 898,446 | 835,957 | ' | ' |
Total liabilities | 3,240,738 | 3,180,068 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | ' |
Additional paid-in-capital | 1,285,870 | 1,285,084 | ' | ' |
Retained earnings | 856,822 | 768,718 | ' | ' |
Accumulated other comprehensive (loss) earnings | -26,608 | -26,465 | ' | ' |
Total shareholders' equity | 2,116,084 | 2,027,337 | ' | ' |
Total liabilities and shareholders' equity | 5,356,822 | 5,207,405 | ' | ' |
Nonguarantor Subsidiaries | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 9,135 | 12,394 | 12,109 | 9,158 |
Accounts receivable, net | 7,199 | 8,247 | ' | ' |
Intercompany accounts receivable | 0 | 0 | ' | ' |
Inventories, net | 5,210 | 6,187 | ' | ' |
Other current assets | 742 | 111 | ' | ' |
Deferred tax assets | 706 | -20 | ' | ' |
Total current assets | 22,992 | 26,919 | ' | ' |
Plant assets, net | 22 | 20 | ' | ' |
Investment in subsidiaries | 0 | 0 | ' | ' |
Intercompany note receivable | 9,800 | 9,800 | ' | ' |
Tradenames | 0 | 0 | ' | ' |
Other assets, net | 117 | 131 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | 32,931 | 36,870 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Current portion of long-term obligations | 0 | 0 | ' | ' |
Accounts payable | 2,083 | 1,501 | ' | ' |
Intercompany accounts payable | 5,182 | 6,937 | ' | ' |
Accrued trade marketing expense | 3,787 | 4,433 | ' | ' |
Accrued liabilities | 383 | 782 | ' | ' |
Dividends payable | 0 | 0 | ' | ' |
Total current liabilities | 11,435 | 13,653 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Intercompany note payable | 7,996 | 7,863 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 2,730 | 2,730 | ' | ' |
Deferred tax liabilities | 372 | 171 | ' | ' |
Total liabilities | 22,533 | 24,417 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | ' |
Additional paid-in-capital | 2,324 | 2,324 | ' | ' |
Retained earnings | 8,790 | 10,504 | ' | ' |
Accumulated other comprehensive (loss) earnings | -716 | -375 | ' | ' |
Total shareholders' equity | 10,398 | 12,453 | ' | ' |
Total liabilities and shareholders' equity | 32,931 | 36,870 | ' | ' |
Eliminations and Reclassifications | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | ' | ' |
Intercompany accounts receivable | -275,753 | -214,060 | ' | ' |
Inventories, net | 0 | 0 | ' | ' |
Other current assets | 0 | 0 | ' | ' |
Deferred tax assets | 0 | 0 | ' | ' |
Total current assets | -275,753 | -214,060 | ' | ' |
Plant assets, net | 0 | 0 | ' | ' |
Investment in subsidiaries | -3,741,075 | -3,637,831 | ' | ' |
Intercompany note receivable | -1,990,050 | -2,002,026 | ' | ' |
Tradenames | 0 | 0 | ' | ' |
Other assets, net | 0 | 0 | ' | ' |
Deferred tax assets | -295,511 | -284,606 | ' | ' |
Goodwill | 0 | 0 | ' | ' |
Total assets | -6,302,389 | -6,138,523 | ' | ' |
Current liabilities: | ' | ' | ' | ' |
Short-term borrowings | 0 | 0 | ' | ' |
Current portion of long-term obligations | 0 | 0 | ' | ' |
Accounts payable | 0 | 0 | ' | ' |
Intercompany accounts payable | -275,753 | -214,060 | ' | ' |
Accrued trade marketing expense | 0 | 0 | ' | ' |
Accrued liabilities | 0 | 0 | ' | ' |
Dividends payable | 0 | 0 | ' | ' |
Total current liabilities | -275,753 | -214,060 | ' | ' |
Long-term debt | 0 | 0 | ' | ' |
Intercompany note payable | -1,990,050 | -2,002,026 | ' | ' |
Pension and other postretirement benefits | 0 | 0 | ' | ' |
Other long-term liabilities | 0 | 0 | ' | ' |
Deferred tax liabilities | -295,511 | -284,606 | ' | ' |
Total liabilities | -2,561,314 | -2,500,692 | ' | ' |
Commitments and contingencies (Note 12) | ' | ' | ' | ' |
Memberbs equity: | ' | ' | ' | ' |
Pinnacle common stock | 0 | 0 | ' | ' |
Additional paid-in-capital | -2,620,552 | -2,617,427 | ' | ' |
Retained earnings | -1,168,157 | -1,054,741 | ' | ' |
Accumulated other comprehensive (loss) earnings | 47,634 | 34,337 | ' | ' |
Total shareholders' equity | -3,741,075 | -3,637,831 | ' | ' |
Total liabilities and shareholders' equity | ($6,302,389) | ($6,138,523) | ' | ' |
Guarantor_and_Nonguarantor_Sta4
Guarantor and Nonguarantor Statements Statements of Operations and Comprehensive Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 | Jun. 29, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | $617,800 | $569,044 | $1,261,839 | $1,182,025 |
Cost of products sold | 455,583 | 424,616 | 932,961 | 882,756 |
Gross profit | 162,217 | 144,428 | 328,878 | 299,269 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 47,970 | 47,508 | 92,098 | 93,136 |
Administrative expenses | 24,618 | 45,327 | 50,595 | 67,885 |
Research and development expenses | 2,876 | 2,789 | 5,358 | 5,116 |
Intercompany royalties | 0 | 0 | 0 | 0 |
Intercompany technical service fees | 0 | 0 | 0 | 0 |
Other expense (income), net | 4,843 | 37,833 | 8,826 | 41,490 |
Equity in (earnings) loss of investees | 0 | 0 | 0 | 0 |
Total operating expenses | 80,307 | 133,457 | 156,877 | 207,627 |
Earnings (loss) before interest and taxes | 81,910 | 10,971 | 172,001 | 91,642 |
Intercompany interest (income) expense | 0 | 0 | 0 | 0 |
Interest expense | 24,524 | 47,627 | 48,891 | 88,283 |
Interest income | 32 | 42 | 58 | 45 |
Earnings (loss) before income taxes | 57,418 | -36,614 | 123,168 | 3,404 |
Provision (benefit) for income taxes | 21,834 | -4,775 | 46,836 | 10,447 |
Net earnings (loss) | 35,584 | -31,839 | 76,332 | -7,043 |
Total comprehensive earnings (loss) | 27,852 | -2,970 | 63,519 | 22,949 |
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 | -35,584 | 31,839 | -76,332 | 7,043 |
Total operating expenses | -35,584 | 31,839 | -76,332 | 7,043 |
Earnings (loss) before interest and taxes | 35,584 | -31,839 | 76,332 | -7,043 |
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 | 35,584 | -31,839 | 76,332 | -7,043 |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net earnings (loss) | 35,584 | -31,839 | 76,332 | -7,043 |
Total comprehensive earnings (loss) | 27,852 | -2,970 | 63,519 | 22,949 |
Debt Issuing Company [Member] | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 0 | 0 | 0 | 0 |
Cost of products sold | 285 | 289 | 479 | 301 |
Gross profit | -285 | -289 | -479 | -301 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 657 | 865 | 928 | 935 |
Administrative expenses | 1,655 | 13,887 | 3,351 | 14,465 |
Research and development expenses | 75 | 64 | 116 | 69 |
Intercompany royalties | 0 | 0 | 0 | 0 |
Intercompany technical service fees | 0 | 0 | 0 | 0 |
Other expense (income), net | 250 | 34,180 | 250 | 34,180 |
Equity in (earnings) loss of investees | -41,701 | -27,046 | -88,104 | -62,471 |
Total operating expenses | -39,064 | 21,950 | -83,459 | -12,822 |
Earnings (loss) before interest and taxes | 38,779 | -22,239 | 82,980 | 12,521 |
Intercompany interest (income) expense | -16,891 | -15,261 | -33,781 | -38,551 |
Interest expense | 23,980 | 47,137 | 47,892 | 87,217 |
Interest income | 0 | 0 | 0 | 0 |
Earnings (loss) before income taxes | 31,690 | -54,115 | 68,869 | -36,145 |
Provision (benefit) for income taxes | -3,894 | -22,276 | -7,463 | -29,102 |
Net earnings (loss) | 35,584 | -31,839 | 76,332 | -7,043 |
Total comprehensive earnings (loss) | 27,852 | -2,970 | 63,519 | 22,949 |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 612,793 | 562,492 | 1,252,610 | 1,169,073 |
Cost of products sold | 452,115 | 421,143 | 926,060 | 875,626 |
Gross profit | 160,678 | 141,349 | 326,550 | 293,447 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 45,603 | 44,468 | 88,244 | 88,369 |
Administrative expenses | 22,063 | 30,571 | 45,168 | 51,634 |
Research and development expenses | 2,801 | 2,725 | 5,242 | 5,047 |
Intercompany royalties | 0 | 0 | 0 | 0 |
Intercompany technical service fees | 0 | 0 | 0 | 0 |
Other expense (income), net | 4,593 | 3,653 | 8,576 | 7,310 |
Equity in (earnings) loss of investees | 625 | -169 | 1,714 | -258 |
Total operating expenses | 75,685 | 81,248 | 148,944 | 152,102 |
Earnings (loss) before interest and taxes | 84,993 | 60,101 | 177,606 | 141,345 |
Intercompany interest (income) expense | 16,855 | 15,220 | 33,710 | 38,478 |
Interest expense | 537 | 483 | 984 | 1,052 |
Interest income | 17 | 31 | 28 | 33 |
Earnings (loss) before income taxes | 67,618 | 44,429 | 142,940 | 101,848 |
Provision (benefit) for income taxes | 25,917 | 17,383 | 54,836 | 39,377 |
Net earnings (loss) | 41,701 | 27,046 | 88,104 | 62,471 |
Total comprehensive earnings (loss) | 40,987 | 27,399 | 87,620 | 63,508 |
Nonguarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | 17,661 | 21,932 | 37,852 | 42,548 |
Cost of products sold | 15,558 | 18,317 | 34,487 | 35,882 |
Gross profit | 2,103 | 3,615 | 3,365 | 6,666 |
Operating expenses | ' | ' | ' | ' |
Marketing and selling expenses | 1,710 | 2,175 | 2,926 | 3,832 |
Administrative expenses | 900 | 869 | 2,076 | 1,786 |
Research and development expenses | 0 | 0 | 0 | 0 |
Intercompany royalties | 9 | 19 | 18 | 28 |
Intercompany technical service fees | 270 | 228 | 540 | 515 |
Other expense (income), net | 0 | 0 | 0 | 0 |
Equity in (earnings) loss of investees | 0 | 0 | 0 | 0 |
Total operating expenses | 2,889 | 3,291 | 5,560 | 6,161 |
Earnings (loss) before interest and taxes | -786 | 324 | -2,195 | 505 |
Intercompany interest (income) expense | 36 | 41 | 71 | 73 |
Interest expense | 7 | 7 | 15 | 14 |
Interest income | 15 | 11 | 30 | 12 |
Earnings (loss) before income taxes | -814 | 287 | -2,251 | 430 |
Provision (benefit) for income taxes | -189 | 118 | -537 | 172 |
Net earnings (loss) | -625 | 169 | -1,714 | 258 |
Total comprehensive earnings (loss) | -1,358 | 361 | -2,306 | 854 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net sales | -12,654 | -15,380 | -28,623 | -29,596 |
Cost of products sold | -12,375 | -15,133 | -28,065 | -29,053 |
Gross profit | -279 | -247 | -558 | -543 |
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 | -9 | -19 | -18 | -28 |
Intercompany technical service fees | -270 | -228 | -540 | -515 |
Other expense (income), net | 0 | 0 | 0 | 0 |
Equity in (earnings) loss of investees | 76,660 | -4,624 | 162,722 | 55,686 |
Total operating expenses | 76,381 | -4,871 | 162,164 | 55,143 |
Earnings (loss) before interest and taxes | -76,660 | 4,624 | -162,722 | -55,686 |
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 | -76,660 | 4,624 | -162,722 | -55,686 |
Provision (benefit) for income taxes | 0 | 0 | 0 | 0 |
Net earnings (loss) | -76,660 | 4,624 | -162,722 | -55,686 |
Total comprehensive earnings (loss) | ($67,481) | ($24,790) | ($148,833) | ($87,311) |
Guarantor_and_Nonguarantor_Sta5
Guarantor and Nonguarantor Statements Statements of Cash Flows (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Repayments of intercompany loans | $0 | ' |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | 186,554 | 112,117 |
Cash flows from investing activities | ' | ' |
Payments for business acquisition | -11,769 | 0 |
Intercompany accounts receivable/payable | 0 | 0 |
Repayments of intercompany loans | 0 | ' |
Investment in Subsidiary | ' | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | 0 |
Capital expenditures | -56,210 | -43,823 |
Sale of plant assets held for sale | 0 | 1,775 |
Net cash used in investing activities | -67,979 | -42,048 |
Cash flows from financing activities | ' | ' |
Net proceeds from initial public offering | 0 | 623,929 |
Repayments of long-term obligations | -11,360 | -1,732,071 |
Repurchase of notes | 0 | -899,180 |
Proceeds from short-term borrowing | 1,773 | 1,935 |
Intercompany accounts receivable/payable | 0 | 0 |
Repayment of capital lease obligations | -1,755 | -1,377 |
Proceeds from Contributions from Parent | 0 | 0 |
Parent reduction in investment in subsidiary | ' | 0 |
Equity contributions | 165 | 217 |
Repurchases of equity | 0 | -191 |
Net cash used in financing activities | -64,486 | -46,036 |
Excess tax benefits on equity-based compensation | 786 | 0 |
Taxes paid related to net share settlement of equity awards | -3,061 | 0 |
Dividends paid | -48,635 | 0 |
Effect of exchange rate changes on cash | 6 | 212 |
Net change in cash and cash equivalents | 54,095 | 24,245 |
Cash and cash equivalents - beginning of period | 116,739 | 92,281 |
Cash and cash equivalents - end of period | 170,834 | ' |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 45,375 | 77,734 |
Interest received | 58 | 45 |
Income taxes paid (refunded) | 3,656 | 2,144 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 282 | 6,461 |
Repayments of short-term borrowings | -2,185 | -2,732 |
Proceeds from bond offerings | 0 | 350,000 |
Proceeds from bank term loans | 0 | 1,625,925 |
Debt acquisition costs | -214 | -12,491 |
Dividends payable | 25,746 | 21,107 |
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 | ' | ' |
Payments for business acquisition | 0 | ' |
Intercompany accounts receivable/payable | 0 | 0 |
Repayments of intercompany loans | 0 | ' |
Investment in Subsidiary | 50,745 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | -624,146 |
Capital expenditures | 0 | 0 |
Sale of plant assets held for sale | ' | 0 |
Net cash used in investing activities | 50,745 | -624,146 |
Cash flows from financing activities | ' | ' |
Net proceeds from initial public offering | ' | 623,929 |
Repayments of long-term obligations | 0 | 0 |
Repurchase of notes | ' | 0 |
Proceeds from short-term borrowing | 0 | 0 |
Intercompany accounts receivable/payable | 0 | 0 |
Repayment of capital lease obligations | 0 | 0 |
Proceeds from Contributions from Parent | 0 | 0 |
Parent reduction in investment in subsidiary | ' | 191 |
Equity contributions | 165 | 217 |
Repurchases of equity | ' | -191 |
Net cash used in financing activities | -50,745 | 624,146 |
Excess tax benefits on equity-based compensation | 786 | ' |
Taxes paid related to net share settlement of equity awards | -3,061 | ' |
Dividends paid | -48,635 | ' |
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 | ' |
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 |
Proceeds from bond offerings | ' | 0 |
Proceeds from bank term loans | ' | 0 |
Debt acquisition costs | 0 | 0 |
Dividends payable | 25,746 | 21,107 |
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 | -16,554 | -55,886 |
Cash flows from investing activities | ' | ' |
Payments for business acquisition | 0 | ' |
Intercompany accounts receivable/payable | 0 | 99,748 |
Repayments of intercompany loans | 45,717 | ' |
Investment in Subsidiary | ' | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | 0 |
Capital expenditures | 0 | 0 |
Sale of plant assets held for sale | ' | 0 |
Net cash used in investing activities | 45,717 | 99,748 |
Cash flows from financing activities | ' | ' |
Net proceeds from initial public offering | ' | 0 |
Repayments of long-term obligations | -10,775 | -1,732,071 |
Repurchase of notes | ' | -899,180 |
Proceeds from short-term borrowing | 0 | 0 |
Intercompany accounts receivable/payable | -16,278 | 0 |
Repayment of capital lease obligations | 0 | 0 |
Proceeds from Contributions from Parent | -2,110 | 624,146 |
Parent reduction in investment in subsidiary | ' | -191 |
Equity contributions | 0 | 0 |
Repurchases of equity | ' | 0 |
Net cash used in financing activities | -29,163 | -43,862 |
Excess tax benefits on equity-based compensation | 0 | ' |
Taxes paid related to net share settlement of equity awards | 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 | ' |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 44,423 | 76,725 |
Interest received | 30 | 0 |
Income taxes paid (refunded) | 0 | 0 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 0 | ' |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from bond offerings | ' | 350,000 |
Proceeds from bank term loans | ' | 1,625,925 |
Debt acquisition costs | 0 | -12,491 |
Dividends payable | 0 | 0 |
Guarantor Subsidiaries | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Repayments of intercompany loans | -45,717 | ' |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | 206,373 | 165,264 |
Cash flows from investing activities | ' | ' |
Payments for business acquisition | -11,769 | ' |
Intercompany accounts receivable/payable | 0 | 0 |
Repayments of intercompany loans | 0 | ' |
Investment in Subsidiary | ' | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | 0 |
Capital expenditures | -56,210 | -43,823 |
Sale of plant assets held for sale | ' | 1,775 |
Net cash used in investing activities | -67,979 | -42,048 |
Cash flows from financing activities | ' | ' |
Net proceeds from initial public offering | ' | 0 |
Repayments of long-term obligations | -585 | 0 |
Repurchase of notes | ' | 0 |
Proceeds from short-term borrowing | 1,773 | 1,935 |
Intercompany accounts receivable/payable | 16,278 | -99,748 |
Repayment of capital lease obligations | -1,755 | -1,377 |
Proceeds from Contributions from Parent | -48,635 | 0 |
Parent reduction in investment in subsidiary | ' | 0 |
Equity contributions | 0 | 0 |
Repurchases of equity | ' | 0 |
Net cash used in financing activities | -81,040 | -101,922 |
Excess tax benefits on equity-based compensation | 0 | ' |
Taxes paid related to net share settlement of equity awards | 0 | ' |
Dividends paid | 0 | ' |
Effect of exchange rate changes on cash | 0 | 0 |
Net change in cash and cash equivalents | 57,354 | 21,294 |
Cash and cash equivalents - beginning of period | 104,345 | 83,123 |
Cash and cash equivalents - end of period | 161,699 | ' |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 952 | 1,009 |
Interest received | 28 | 34 |
Income taxes paid (refunded) | 3,124 | 1,939 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 282 | 6,461 |
Repayments of short-term borrowings | -2,185 | -2,732 |
Proceeds from bond offerings | ' | 0 |
Proceeds from bank term loans | ' | 0 |
Debt acquisition costs | -214 | 0 |
Dividends payable | 0 | 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 | -3,265 | 2,739 |
Cash flows from investing activities | ' | ' |
Payments for business acquisition | 0 | ' |
Intercompany accounts receivable/payable | 0 | 0 |
Repayments of intercompany loans | ' | ' |
Investment in Subsidiary | ' | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | 0 |
Capital expenditures | 0 | 0 |
Sale of plant assets held for sale | ' | 0 |
Net cash used in investing activities | 0 | 0 |
Cash flows from financing activities | ' | ' |
Net proceeds from initial public offering | ' | 0 |
Repayments of long-term obligations | 0 | 0 |
Repurchase of notes | ' | 0 |
Proceeds from short-term borrowing | 0 | 0 |
Intercompany accounts receivable/payable | ' | ' |
Repayment of capital lease obligations | 0 | 0 |
Proceeds from Contributions from Parent | 0 | 0 |
Parent reduction in investment in subsidiary | ' | 0 |
Equity contributions | 0 | 0 |
Repurchases of equity | ' | 0 |
Net cash used in financing activities | 0 | 0 |
Excess tax benefits on equity-based compensation | 0 | ' |
Taxes paid related to net share settlement of equity awards | 0 | ' |
Dividends paid | 0 | ' |
Effect of exchange rate changes on cash | 6 | 212 |
Net change in cash and cash equivalents | -3,259 | 2,951 |
Cash and cash equivalents - beginning of period | 12,394 | 9,158 |
Cash and cash equivalents - end of period | 9,135 | ' |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 0 | 0 |
Interest received | 0 | 11 |
Income taxes paid (refunded) | 532 | 205 |
Non-cash investing and financing activities: | ' | ' |
New capital leases | 0 | 0 |
Repayments of short-term borrowings | 0 | 0 |
Proceeds from bond offerings | ' | 0 |
Proceeds from bank term loans | ' | 0 |
Debt acquisition costs | 0 | 0 |
Dividends payable | 0 | 0 |
Eliminations and Reclassifications | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' |
Repayments of intercompany loans | 45,717 | ' |
Cash flows from operating activities | ' | ' |
Net cash provided by (used in) operating activities | 0 | 0 |
Cash flows from investing activities | ' | ' |
Payments for business acquisition | 0 | ' |
Intercompany accounts receivable/payable | 0 | -99,748 |
Repayments of intercompany loans | -45,717 | ' |
Investment in Subsidiary | -50,745 | ' |
Payments to Acquire Interest in Subsidiaries and Affiliates | ' | 624,146 |
Capital expenditures | 0 | 0 |
Sale of plant assets held for sale | ' | 0 |
Net cash used in investing activities | -96,462 | 524,398 |
Cash flows from financing activities | ' | ' |
Net proceeds from initial public offering | ' | 0 |
Repayments of long-term obligations | 0 | 0 |
Repurchase of notes | ' | 0 |
Proceeds from short-term borrowing | 0 | 0 |
Intercompany accounts receivable/payable | 0 | 99,748 |
Repayment of capital lease obligations | 0 | 0 |
Proceeds from Contributions from Parent | 50,745 | -624,146 |
Parent reduction in investment in subsidiary | ' | 0 |
Equity contributions | 0 | 0 |
Repurchases of equity | ' | 0 |
Net cash used in financing activities | 96,462 | -524,398 |
Excess tax benefits on equity-based compensation | 0 | ' |
Taxes paid related to net share settlement of equity awards | 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 | ' |
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 |
Proceeds from bond offerings | ' | 0 |
Proceeds from bank term loans | ' | 0 |
Debt acquisition costs | 0 | 0 |
Dividends payable | $0 | $0 |
Subsequent_Events_Duncan_Hines
Subsequent Events Duncan Hines Co-manufacturing Business Acquisition Narrative (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 29, 2014 | Jun. 30, 2013 |
Subsequent Event [Line Items] | ' | ' |
Payments for business acquisition | $11,769 | $0 |
Subsequent_Events_Hillshire_Tr
Subsequent Events Hillshire Transaction Narrative (Details) (USD $) | 6 Months Ended | 0 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 29, 2014 | Dec. 11, 2013 | Dec. 29, 2014 | Sep. 29, 2014 | Jul. 02, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jul. 09, 2014 |
Hillshire Merger Termination [Member] | Hillshire Merger Termination [Member] | Hillshire Merger Termination [Member] | Hillshire Merger Termination [Member] | Hillshire Merger Termination [Member] | Tranche G Term Loan due 2020 | |||
Secured Debt [Member] | ||||||||
Hillshire Merger Termination [Member] | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment of Debt, Amount | ' | ' | ' | ' | ' | ' | ' | $200 |
Cash Received From Merger Termination | ' | ' | ' | ' | 163 | ' | ' | ' |
Pro forma revenue | 1,288.20 | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership by majority owner | ' | 51.00% | ' | ' | ' | ' | ' | ' |
Business Acquisition, Transaction Costs | ' | ' | $2 | $4 | $20 | $12 | $2.10 | ' |